MML Series Investment Fund

N-CSR 1 d667834dncsr.htm MML SERIES INVESTMENT FUND MML Series Investment Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-02224

MML Series Investment Fund

(Exact name of registrant as specified in charter)


100 Bright Meadow Blvd., Enfield, CT 06082
(Address of principal executive offices)		(Zip code)
Tina Wilson
100 Bright Meadow Blvd., Enfield, CT 06082
(Name and address of agent for service)


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



Date of fiscal year end: 12/31/2018

Date of reporting period: 12/31/2018

Item 1. Reports to Stockholders.

LOGO

Table of Contents



President’s Letter to Shareholders (Unaudited)			1

Economic and Market Review (Unaudited)			3

Portfolio Manager Report (Unaudited)			5

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

Statements of Assets and Liabilities			32

Statements of Operations			36

Statements of Changes in Net Assets			38

Financial Highlights			42

Notes to Financial Statements			50

Report of Independent Registered Public Accounting Firm			66

Trustees and Officers (Unaudited)			67

Federal Tax Information (Unaudited)			71

Other Information (Unaudited)
Proxy Voting			72
Quarterly Reporting			72
Fund Expenses			73

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

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

To Our Shareholders

LOGO

Tina Wilson

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

December 31, 2018

Despite the intense volatility, markets remained strong overall

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

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

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

Suggestions for retirement investors under any market conditions

Save as much as possible

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

Invest continually

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

Invest for the long run

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

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

(Continued)

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

Monitor your asset allocation regularly – and diversify

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

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

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

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

•

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

•

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

•

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

Why we do what we do

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

Sincerely,

LOGO

Tina Wilson

President

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

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

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

December 31, 2018

Market Highlights

•

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

•

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

•

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

•

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

Market Environment

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

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

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

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

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

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

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

year. (In September, the Global Industry Classification Standard (GICS) renamed the telecommunications sector and added media companies and internet services companies to the reconfigured communication services sector.)

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

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

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

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

MML Allocation Series – Portfolio Manager Report (Unaudited)

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

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

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

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

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

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

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

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

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

•

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

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

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

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


	Fund’s Initial Class Return	Custom Index Return	Russell 3000 Index Return	MSCI ACWI ex USA Return	Bloomberg Barclays U.S. Aggregate Bond Index Return
MML Conservative Allocation Fund	-3.50%	-2.71%	-5.24%	-14.20%	0.01%*

MML Balanced Allocation Fund	-4.47%	-3.45%	-5.24%*	-14.20%	0.01%

MML Moderate Allocation Fund	-5.48%	-4.21%	-5.24%*	-14.20%	0.01%

MML Growth Allocation Fund	-6.90%	-5.40%	-5.24%*	-14.20%	0.01%

MML Aggressive Allocation Fund	-8.12%	-6.63%	-5.24%*	-14.20%	0.01%

* Benchmark return

Each of the MML Allocation Series Funds underperformed its respective Custom Index and the Bloomberg Barclays U.S. Aggregate Bond Index, and outperformed the MSCI ACWI ex USA Index for the full year. The MML Conservative Allocation Fund and the MML Balanced Allocation Fund both outperformed the Russell 3000 Index, whereas the MML Moderate Allocation Fund, the MML Growth Allocation Fund, and the MML Aggressive Allocation Fund all underperformed the Russell 3000 Index.

MML Allocation Fund Series Custom Indexes

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

•

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

•

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

•

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

•

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

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

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

For the year ended December 31, 2018, the Series Funds delivered negative returns, as stocks underperformed fixed-income investments in 2018. Consequently, those Series Funds with higher fixed-income allocations outperformed their Series counterparts with higher equity allocations.

Stock markets across the globe were down significantly for the year as were the more credit- and interest rate-sensitive fixed-income markets. Allocations across various asset classes intended to diversify risks in the Funds delivered mixed results. The allocation to alternative asset classes in favor of stocks benefited performance, as these investments outperformed the global stock market. The allocation to international and emerging-market stocks hurt performance as non-U.S. stocks underperformed U.S. stocks in the face of a weakening global economy and a strengthening U.S. dollar.

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

Underlying Fund selection detracted from overall performance in 2018. The results of MML International Equity Fund and Oppenheimer Global Multi-Alternatives Fund were significant drivers of underperformance. Strong performance by MML Blue Chip Growth Fund, MML Focused Equity Fund, and MML Mid Cap Growth Fund helped overall performance.

Investment adviser outlook

As 2019 begins, MML Advisers regards stock market valuations to be high relative to market history, despite the recent stock market correction. Although the economy continues to grow modestly, Fund management expects that growth will settle back down again in 2019 and beyond. In our opinion, several factors support these views, including that we are late in a typical economic growth cycle, the U.S. Federal Reserve has been reducing stimulus through higher interest rates and by tapering their balance sheet, there are diminishing tailwinds from a declining unemployment rate, company profit margins remain above long-term trends, and corporate debt levels are back near all-time highs. Against this backdrop, Fund management believes that diversification across global assets may be a smart approach for what could be a bumpy ride throughout 2019.

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



MML Conservative Allocation Fund Asset Allocation (% of Net Assets) on 12/31/18

Fixed Income Funds	61.0	%
Equity Funds	39.1	%

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

Net Assets	100.0	%



MML Balanced Allocation Fund Asset Allocation (% of Net Assets) on 12/31/18

Fixed Income Funds	51.3	%
Equity Funds	48.8	%

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

Net Assets	100.0	%



MML Moderate Allocation Fund Asset Allocation (% of Net Assets) on 12/31/18

Equity Funds	59.1	%
Fixed Income Funds	41.0	%

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

Net Assets	100.0	%



MML Growth Allocation Fund Asset Allocation (% of Net Assets) on 12/31/18

Equity Funds	74.4	%
Fixed Income Funds	25.7	%

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

Net Assets	100.0	%



MML Aggressive Allocation Fund Asset Allocation (% of Net Assets) on 12/31/18

Equity Funds	90.2	%
Fixed Income Funds	9.9	%

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

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-3.50%		3.22%		7.29%
Service Class		-3.70%		2.96%		7.02%
Bloomberg Barclays U.S. Aggregate Bond Index*		0.01%		2.52%		3.48%
Russell 3000 Index		-5.24%		7.91%		13.18%
MSCI ACWI ex USA		-14.20%		0.68%		6.57%
Custom MML Conservative Allocation Index		-2.71%		4.09%		6.97%

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

LOGO

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

* Benchmark

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

Investors should note that the Fund is a professionally managed mutual fund, while the Bloomberg Barclays U.S. Aggregate Bond Index, the Russell 3000 Index, the MSCI ACWI ex USA, and the Custom MML Conservative Allocation Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-4.47%		3.48%		8.02%
Service Class		-4.76%		3.20%		7.74%
Russell 3000 Index*		-5.24%		7.91%		13.18%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		2.52%		3.48%
MSCI ACWI ex USA		-14.20%		0.68%		6.57%
Custom MML Balanced Allocation Index		-3.45%		4.46%		7.80%

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

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Balanced Allocation Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-5.48%		3.74%		8.72%
Service Class		-5.70%		3.48%		8.44%
Russell 3000 Index*		-5.24%		7.91%		13.18%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		2.52%		3.48%
MSCI ACWI ex USA		-14.20%		0.68%		6.57%
Custom MML Moderate Allocation Index		-4.21%		4.81%		8.60%

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

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Moderate Allocation Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-6.90%		4.07%		9.78%
Service Class		-7.10%		3.82%		9.51%
Russell 3000 Index*		-5.24%		7.91%		13.18%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		2.52%		3.48%
MSCI ACWI ex USA		-14.20%		0.68%		6.57%
Custom MML Growth Allocation Index		-5.40%		5.32%		9.76%

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

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Growth Allocation Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-8.12%		4.45%		10.84%
Service Class		-8.44%		4.17%		10.56%
Russell 3000 Index*		-5.24%		7.91%		13.18%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		2.52%		3.48%
MSCI ACWI ex USA		-14.20%		0.68%		6.57%
Custom MML Aggressive Allocation Index		-6.63%		5.81%		10.86%

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

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Aggressive Allocation Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

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

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

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

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

The Fund returned -0.65%, outperforming the -4.38% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market. The Fund outperformed the -1.51% return of the Russell 1000^® Growth Index, which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

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

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

In 2018, U.S. equities declined for the first calendar year since 2008, as concerns over trade conflicts, slowing global growth, and high valuations contributed to persistent volatility. In this environment, energy and materials companies were further pressured by falling commodity prices. While growth-oriented stocks performed better than defensive stocks, many companies’ share prices experienced wild swings throughout the year.

For the year ended December 31, 2018, Fund holdings in the information technology and consumer discretionary sectors boosted performance. Amazon (consumer discretionary) and ServiceNow (information technology) were among the Fund’s top contributors to returns, posting double-digit gains. Amazon (which focuses on e-commerce, cloud computing, and artificial intelligence) reported strong third-quarter earnings that beat analyst estimates, thanks to its cloud and advertising segments. ServiceNow, a cloud computing company, benefited from increased demand for its cloud services.

The Fund’s exposure to the energy sector detracted from full-year results, as oil prices plummeted on concerns of excess supply.

Capital Research’s outlook

Although U.S. economic growth remained strong, with gross domestic product (GDP) growing at an annualized pace of 3.4% in the third quarter, Fund management is keeping a close watch on the impact of interest rate hikes on economic activity and the outlook for U.S. corporate profit growth. Fund management continues to favor well-positioned, growth-oriented companies that are capable of generating free cash flow in multiple economic environments.

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



MML American Funds Growth Fund Asset Allocation (% of Net Assets) on 12/31/18

Equity Funds	100.1	%

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

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Service Class I		-0.65%		9.72%		14.22%
S&P 500 Index*		-4.38%		8.49%		13.12%
Russell 1000 Growth Index		-1.51%		10.40%		15.29%

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

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index and the Russell 1000 Growth Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

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

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

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

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

The Fund returned -13.52%, outperforming the -14.20% return of the MSCI All Country World Index (ACWI) ex USA (the “benchmark”), which measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets. The Fund outperformed the -13.79% return of the MSCI EAFE Index, which measures the performance of the large- and mid-cap segments of developed markets, excluding U.S. and Canada equity securities.

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

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

For the year ended December 31, 2018, the Fund outperformed the benchmark. Global stocks, as measured by the benchmark, ended the year in negative territory, hindered by slowing economic growth, increased volatility, and higher interest rates in the U.S.

Ongoing turmoil over the United Kingdom’s Brexit strategy weighed on European stocks and a combination of a stronger U.S. dollar and heightened U.S.-China trade frictions impacted emerging-market equities. (“Brexit” – an abbreviation for “British exit” – refers to the United Kingdom’s referendum to leave the European Union.) Cyclical stocks posted the biggest losses during the year, underscored by double-digit declines in the financials, industrials, and materials sectors. However, Fund holdings within the financials sector generated the highest relative returns for the Fund. Within the sector, HDFC Bank reported profit growth in the second quarter, and AIA Group, the largest publicly listed pan-Asian life insurance group, reported strong earnings for the first half of the year.

Fund holdings within the consumer staples sector detracted from the Fund’s relative performance. Most notably, British American Tobacco hindered performance amid pressure from competition and regulation.

Capital Research’s outlook

Fund management continues to monitor key indicators in developed countries as they seek the flexibility to pivot to areas of investment opportunity. These indicators range from wage growth and inflation dynamics to the impact of technology and demographics on productivity.

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



MML American Funds International Fund Asset Allocation (% of Net Assets) on 12/31/18

Mutual Funds	100.2	%

Total Long-Term Investments	100.2	%
Other Assets and Liabilities	(0.2	)%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Service Class I		-13.52%		1.55%		7.19%
MSCI ACWI ex USA*		-14.20%		0.68%		6.57%
MSCI EAFE Index		-13.79%		0.53%		6.32%

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

LOGO

* Benchmark

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

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

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

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

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

The Fund returned -4.84%, underperforming the -4.38% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market. The Fund outperformed the -14.20% return of the MSCI All Country World Index (ACWI) ex USA, which measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets. The Fund underperformed the 0.01% return of the Bloomberg Barclays U.S. Aggregate Bond Index, which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). Finally, the Fund’s -4.84% return underperformed the -3.55% return of the Custom MML Core Allocation Index, which comprises the benchmark (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the MSCI ACWI ex USA (10%).

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

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

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

The American Funds Insurance Series – Bond Fund (the “Bond Fund”) underperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”) for the year, as rising yields made for mixed results across bond sectors and the 10-year U.S. Treasury yield rose 0.22%. The Federal Reserve Board (the Fed) hiked the federal funds target rate – the Fed’s overnight bank lending rate – four times in 2018 on the back of a strong labor market and solid economic growth. For the year ended December 31, 2018, bond investments across a mix of issuers and sectors exposed the Fund to idiosyncratic risks, and an underweight position, relative to the Index, in U.S. Treasuries detracted from results. The Bond Fund’s exposure to higher-yielding securities contributed to returns.

The American Funds Insurance Series – Blue Chip Income and Growth Fund (the “Income and Growth Fund”) underperformed the benchmark in 2018, as domestic equities suffered their first full-year decline since 2008. Concerns over trade conflicts, slowing global growth, and high valuations contributed to persistent volatility. Energy and materials companies were further pressured by falling commodity prices. While growth-oriented stocks performed better than defensive stocks, many companies’ share prices experienced wild swings throughout the year. For the year ended December 31, 2018, the Income and Growth Fund’s holdings in health care and industrials hampered performance, as did its investments within the less-cyclical consumer staples sector. In particular, tobacco companies were hurt by concerns about nicotine regulation in the U.S., as well as competition from

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

vaping and heat-not-burn products. The Income and Growth Fund’s performance was also hindered by its lower allocations to select domestic growth stocks. Stock selection in the materials sector marginally helped boost relative returns.

The American Funds Insurance Series – Growth-Income Fund (the “Growth-Income Fund”) outperformed the benchmark for the year. The Growth-Income Fund’s holdings in the consumer discretionary sector contributed the most to benchmark-relative returns. Among its investments in the consumer discretionary sector, Amazon reported strong third-quarter earnings that beat analyst estimates, thanks to its cloud and advertising segments. On the downside, the Growth-Income Fund’s holdings in the energy sector, such as EOG Resources and Schlumberger, detracted from full-year results, as oil prices plummeted on concerns of a glut in supply.

The American Funds Insurance Series – International Fund (the “International Fund”) outperformed the MSCI ACWI ex USA (the “MSCI Index”) for the year. Global stocks, as measured by the MSCI Index, ended the year in negative territory, hurt by slowing economic growth, increased volatility, and higher interest rates in the U.S. Ongoing turmoil over the United Kingdom’s Brexit strategy weighed on European stocks and a combination of a stronger U.S. dollar and heightened U.S.-China trade frictions impacted emerging-market equities. (“Brexit” – an abbreviation for “British exit” – refers to the United Kingdom’s referendum to leave the European Union.) Cyclical stocks posted the biggest losses during the year, underscored by double-digit declines in the financials, industrials, and materials sectors. However, the International Fund’s holdings in the financials sector generated the highest relative returns. Within the sector, HDFC Bank reported profit growth in the second quarter, and AIA Group, the largest publicly listed pan-Asian life insurance group, reported strong earnings for the first half of the year. The International Fund’s holdings within the consumer staples sector hampered its full-year results. Most notably, British American Tobacco hindered performance amid pressure from competition and regulation.

Capital Research’s outlook

On the whole, Capital Research believes that the U.S. economy appears to be in good shape – and has the potential to grow at a moderate pace. The Fed is well ahead of its peers on its path to monetary policy normalization, which Fund management believes may help contribute to a more stable environment for interest rate hikes in 2019. Fund management is optimistic about total returns against such a backdrop and for investing in a spectrum of U.S. fixed-income securities. With respect to domestic equities, Fund management continues to favor more stable, high-dividend-paying companies that they believe have the potential to hold up better in weak markets, while providing consistent income.

On the international stage, Fund management continues to monitor key indicators in advanced countries as they seek the flexibility to pivot to areas of investment opportunity. These indicators range from wage growth and inflation dynamics to the impact of technology and demographics on productivity.

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



MML American Funds Core Allocation Fund Asset Allocation (% of Net Assets) on 12/31/18

Equity Funds	63.5	%
Fixed Income Funds	36.6	%

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

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Service Class I		-4.84%		4.95%		8.61%
S&P 500 Index*		-4.38%		8.49%		13.12%
MSCI ACWI ex USA		-14.20%		0.68%		6.57%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		2.52%		3.48%
Custom MML Core Allocation Index		-3.55%		5.74%		9.33%

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

LOGO

* Benchmark

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

MML Conservative Allocation Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 39.1%
MML Blue Chip Growth Fund, Initial Class (a)		591,764	$	8,639,754
MML Equity Income Fund, Initial Class (a)		1,121,418		11,259,033
MML Equity Index Fund, Class III (a)		423,585		11,881,555
MML Focused Equity Fund, Class II (a)		452,043		2,409,391
MML Foreign Fund, Initial Class (a)		876,625		8,108,780
MML Fundamental Growth Fund, Class II (a)		667,641		6,255,798
MML Fundamental Value Fund, Class II (a)		687,802		8,514,994
MML Global Fund, Class I (a)		1,008,564		10,337,781
MML Income & Growth Fund, Initial Class (a)		1,440,426		12,229,220
MML International Equity Fund, Class II (a)		757,333		6,747,836
MML Large Cap Growth Fund, Initial Class (a)		268,525		2,599,324
MML Mid Cap Growth Fund, Initial Class (a)		486,261		6,778,479
MML Mid Cap Value Fund, Initial Class (a)		832,656		7,785,334
MML Small Cap Growth Equity Fund, Initial Class (a)		112,493		1,441,789
MML Small Company Value Fund, Class II (a)		263,619		3,653,765
MML Small/Mid Cap Value Fund, Initial Class (a)		157,604		1,673,757
MML Strategic Emerging Markets Fund, Class II (a)		49,456		500,495
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		35,609		2,444,532
Oppenheimer Global Fund/VA, Non-Service Shares (a)		158,291		6,015,043
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		2,799,131		26,563,757
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		2,584,425		5,246,382
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		156,697		4,201,052

				155,287,851

Fixed Income Funds — 61.0%
MML Dynamic Bond Fund, Class II (a)		6,559,519		63,036,979
MML High Yield Fund, Class II (a)		1,302,330		11,812,135


	Number of Shares		Value
MML Inflation-Protected and Income Fund, Initial Class (a)		1,698,449	$	16,508,925
MML Managed Bond Fund, Initial Class (a)		6,641,562		79,263,697
MML Short-Duration Bond Fund, Class II (a)		2,095,159		20,092,579
MML Total Return Bond Fund, Class II (a)		5,058,351		51,392,846

				242,107,161


TOTAL MUTUAL FUNDS (Cost $426,960,872)				397,395,012


TOTAL LONG-TERM INVESTMENTS (Cost $426,960,872)				397,395,012


TOTAL INVESTMENTS — 100.1% (Cost $426,960,872) (b)				397,395,012

Other Assets/(Liabilities) — (0.1)%				(367,709	)


NET ASSETS — 100.0%			$	397,027,303

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

MML Balanced Allocation Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 48.8%
MML Blue Chip Growth Fund, Initial Class (a)		980,796	$	14,319,625
MML Equity Income Fund, Initial Class (a)		1,659,966		16,666,058
MML Equity Index Fund, Class III (a)		559,453		15,692,671
MML Focused Equity Fund, Class II (a)		504,233		2,687,561
MML Foreign Fund, Initial Class (a)		1,532,575		14,176,316
MML Fundamental Growth Fund, Class II (a)		991,405		9,289,466
MML Fundamental Value Fund, Class II (a)		1,222,513		15,134,714
MML Global Fund, Class I (a)		1,559,956		15,989,551
MML Income & Growth Fund, Initial Class (a)		2,056,291		17,457,908
MML International Equity Fund, Class II (a)		1,398,642		12,461,899
MML Large Cap Growth Fund, Initial Class (a)		614,785		5,951,119
MML Mid Cap Growth Fund, Initial Class (a)		898,344		12,522,921
MML Mid Cap Value Fund, Initial Class (a)		1,449,346		13,551,381
MML Small Cap Growth Equity Fund, Initial Class (a)		249,129		3,193,020
MML Small Company Value Fund, Class II (a)		404,658		5,608,566
MML Small/Mid Cap Value Fund, Initial Class (a)		334,063		3,547,754
MML Strategic Emerging Markets Fund, Class II (a)		59,347		600,594
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		63,076		4,330,133
Oppenheimer Global Fund/VA, Non-Service Shares (a)		232,307		8,827,673
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		3,817,702		36,229,988
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		5,458,097		11,079,936
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		309,515		8,298,100

				247,616,954

Fixed Income Funds — 51.3%
MML Dynamic Bond Fund, Class II (a)		6,633,988		63,752,628


	Number of Shares		Value
MML High Yield Fund, Class II (a)		1,481,538	$	13,437,551
MML Inflation-Protected and Income Fund, Initial Class (a)		1,914,469		18,608,638
MML Managed Bond Fund, Initial Class (a)		7,240,997		86,417,649
MML Short-Duration Bond Fund, Class II (a)		2,488,666		23,866,311
MML Total Return Bond Fund, Class II (a)		5,330,667		54,159,581

				260,242,358


TOTAL MUTUAL FUNDS (Cost $552,858,810)				507,859,312


TOTAL LONG-TERM INVESTMENTS (Cost $552,858,810)				507,859,312


TOTAL INVESTMENTS — 100.1% (Cost $552,858,810) (b)				507,859,312

Other Assets/(Liabilities) — (0.1)%				(451,799	)


NET ASSETS — 100.0%			$	507,407,513

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

MML Moderate Allocation Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 59.1%
MML Blue Chip Growth Fund, Initial Class (a)		4,746,218	$	69,294,777
MML Equity Income Fund, Initial Class (a)		8,176,312		82,090,173
MML Equity Index Fund, Class III (a)		2,729,938		76,574,751
MML Focused Equity Fund, Class II (a)		3,937,331		20,985,975
MML Foreign Fund, Initial Class (a)		7,368,538		68,158,972
MML Fundamental Growth Fund, Class II (a)		4,274,213		40,049,374
MML Fundamental Value Fund, Class II (a)		5,834,021		72,225,183
MML Global Fund, Class I (a)		7,186,853		73,665,241
MML Income & Growth Fund, Initial Class (a)		9,589,024		81,410,810
MML International Equity Fund, Class II (a)		7,392,388		65,866,175
MML Large Cap Growth Fund, Initial Class (a)		2,282,303		22,092,695
MML Mid Cap Growth Fund, Initial Class (a)		4,907,136		68,405,477
MML Mid Cap Value Fund, Initial Class (a)		7,393,216		69,126,568
MML Small Cap Growth Equity Fund, Initial Class (a)		1,003,383		12,860,106
MML Small Company Value Fund, Class II (a)		2,008,483		27,837,569
MML Small/Mid Cap Value Fund, Initial Class (a)		2,088,260		22,177,322
MML Strategic Emerging Markets Fund, Class II (a)		5,227,340		52,900,676
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		330,447		22,685,185
Oppenheimer Global Fund/VA, Non-Service Shares (a)		991,201		37,665,635
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		16,694,106		158,427,061
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		17,397,621		35,317,171
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		957,638		25,674,274

				1,205,491,170


	Number of Shares		Value
Fixed Income Funds — 41.0%
MML Dynamic Bond Fund, Class II (a)		21,833,522	$	209,820,148
MML High Yield Fund, Class II (a)		4,693,484		42,569,900
MML Inflation-Protected and Income Fund, Initial Class (a)		6,453,760		62,730,545
MML Managed Bond Fund, Initial Class (a)		21,942,305		261,870,348
MML Short-Duration Bond Fund, Class II (a)		8,773,364		84,136,565
MML Total Return Bond Fund, Class II (a)		17,228,580		175,042,376

				836,169,882


TOTAL MUTUAL FUNDS (Cost $2,237,529,423)				2,041,661,052


TOTAL LONG-TERM INVESTMENTS (Cost $2,237,529,423)				2,041,661,052


TOTAL INVESTMENTS — 100.1% (Cost $2,237,529,423) (b)				2,041,661,052

Other Assets/(Liabilities) — (0.1)%				(1,726,529	)


NET ASSETS — 100.0%			$	2,039,934,523

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

MML Growth Allocation Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 74.4%
MML Blue Chip Growth Fund, Initial Class (a)		4,234,287	$	61,820,595
MML Equity Income Fund, Initial Class (a)		7,318,164		73,474,363
MML Equity Index Fund, Class III (a)		2,464,377		69,125,769
MML Focused Equity Fund, Class II (a)		3,602,548		19,201,581
MML Foreign Fund, Initial Class (a)		6,802,602		62,924,066
MML Fundamental Growth Fund, Class II (a)		3,288,727		30,815,375
MML Fundamental Value Fund, Class II (a)		5,239,977		64,870,915
MML Global Fund, Class I (a)		6,546,281		67,099,378
MML Income & Growth Fund, Initial Class (a)		8,674,465		73,646,206
MML International Equity Fund, Class II (a)		6,885,828		61,352,726
MML Large Cap Growth Fund, Initial Class (a)		2,149,863		20,810,674
MML Mid Cap Growth Fund, Initial Class (a)		4,700,509		65,525,098
MML Mid Cap Value Fund, Initial Class (a)		6,916,903		64,673,041
MML Small Cap Growth Equity Fund, Initial Class (a)		927,630		11,889,198
MML Small Company Value Fund, Class II (a)		1,919,528		26,604,654
MML Small/Mid Cap Value Fund, Initial Class (a)		2,051,317		21,784,982
MML Strategic Emerging Markets Fund, Class II (a)		5,082,566		51,435,567
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		292,360		20,070,503
Oppenheimer Global Fund/VA, Non-Service Shares (a)		846,330		32,160,543
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		13,055,229		123,894,119
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		15,714,158		31,899,741
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		918,499		24,624,971

				1,079,704,065


	Number of Shares		Value
Fixed Income Funds — 25.7%
MML Dynamic Bond Fund, Class II (a)		8,478,825	$	81,481,511
MML High Yield Fund, Class II (a)		1,284,053		11,646,363
MML Inflation-Protected and Income Fund, Initial Class (a)		5,949,770		57,831,762
MML Managed Bond Fund, Initial Class (a)		9,199,247		109,788,382
MML Short-Duration Bond Fund, Class II (a)		4,334,342		41,566,339
MML Total Return Bond Fund, Class II (a)		7,002,234		71,142,702

				373,457,059


TOTAL MUTUAL FUNDS (Cost $1,600,256,773)				1,453,161,124


TOTAL LONG-TERM INVESTMENTS (Cost $1,600,256,773)				1,453,161,124


TOTAL INVESTMENTS — 100.1% (Cost $1,600,256,773) (b)				1,453,161,124

Other Assets/(Liabilities) — (0.1)%				(1,076,506	)


NET ASSETS — 100.0%			$	1,452,084,618

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

MML Aggressive Allocation Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 90.2%
MML Blue Chip Growth Fund, Initial Class (a)		513,193	$	7,492,621
MML Equity Income Fund, Initial Class (a)		810,531		8,137,735
MML Equity Index Fund, Class III (a)		231,443		6,491,985
MML Focused Equity Fund, Class II (a)		554,290		2,954,365
MML Foreign Fund, Initial Class (a)		766,198		7,087,331
MML Fundamental Growth Fund, Class II (a)		387,536		3,631,211
MML Fundamental Value Fund, Class II (a)		616,944		7,637,762
MML Global Fund, Class I (a)		764,937		7,840,600
MML Income & Growth Fund, Initial Class (a)		939,311		7,974,747
MML International Equity Fund, Class II (a)		912,930		8,134,205
MML Large Cap Growth Fund, Initial Class (a)		286,153		2,769,962
MML Mid Cap Growth Fund, Initial Class (a)		575,661		8,024,717
MML Mid Cap Value Fund, Initial Class (a)		803,013		7,508,175
MML Small Cap Growth Equity Fund, Initial Class (a)		108,412		1,389,492
MML Small Company Value Fund, Class II (a)		236,268		3,274,681
MML Small/Mid Cap Value Fund, Initial Class (a)		228,601		2,427,738
MML Strategic Emerging Markets Fund, Class II (a)		668,050		6,760,669
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		37,169		2,551,637
Oppenheimer Global Fund/VA, Non-Service Shares (a)		88,999		3,381,972
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		1,348,186		12,794,289
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		1,787,030		3,627,672
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		141,339		3,789,298

				125,682,864

Fixed Income Funds — 9.9%
MML Dynamic Bond Fund, Class II (a)		219,584		2,110,207


	Number of Shares		Value
MML Inflation-Protected and Income Fund, Initial Class (a)		376,392	$	3,658,525
MML Managed Bond Fund, Initial Class (a)		275,857		3,292,209
MML Short-Duration Bond Fund, Class II (a)		304,947		2,924,442
MML Total Return Bond Fund, Class II (a)		185,344		1,883,099

				13,868,482


TOTAL MUTUAL FUNDS (Cost $157,195,791)				139,551,346


TOTAL LONG-TERM INVESTMENTS (Cost $157,195,791)				139,551,346


TOTAL INVESTMENTS — 100.1% (Cost $157,195,791) (b)				139,551,346

Other Assets/(Liabilities) — (0.1)%				(144,008	)


NET ASSETS — 100.0%			$	139,407,338

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

MML American Funds Growth Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds Growth Fund, Class 1		2,324,067	$	162,591,713


TOTAL MUTUAL FUNDS (Cost $164,690,451)				162,591,713


TOTAL LONG-TERM INVESTMENTS (Cost $164,690,451)				162,591,713


TOTAL INVESTMENTS — 100.1% (Cost $164,690,451) (a)				162,591,713

Other Assets/(Liabilities) — (0.1)%				(231,829	)


NET ASSETS — 100.0%			$	162,359,884

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

MML American Funds International Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
MUTUAL FUNDS — 100.2%
Equity Funds — 100.2%
American Funds International Fund, Class 1		3,216,782	$	56,808,366


TOTAL MUTUAL FUNDS (Cost $59,951,316)				56,808,366


TOTAL LONG-TERM INVESTMENTS (Cost $59,951,316)				56,808,366


TOTAL INVESTMENTS — 100.2% (Cost $59,951,316) (a)				56,808,366

Other Assets/(Liabilities) — (0.2)%				(96,119	)


NET ASSETS — 100.0%			$	56,712,247

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

MML American Funds Core Allocation Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 63.5%
American Funds Blue Chip Income and Growth Fund, Class 1		18,852,146	$	233,389,568
American Funds Growth-Income Fund, Class 1		5,553,347		252,066,409
American Funds International Fund, Class 1		6,921,033		122,225,446

				607,681,423

Fixed Income Funds — 36.6%
American Funds Bond Fund, Class 1		33,386,669		349,558,423


TOTAL MUTUAL FUNDS (Cost $1,012,508,598)				957,239,846


TOTAL LONG-TERM INVESTMENTS (Cost $1,012,508,598)				957,239,846


TOTAL INVESTMENTS — 100.1% (Cost $1,012,508,598) (a)				957,239,846

Other Assets/(Liabilities) — (0.1)%				(1,188,803	)


NET ASSETS — 100.0%			$	956,051,043

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

MML Series Investment Fund – Financial Statements

Statements of Assets and Liabilities

December 31, 2018


	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)		397,395,012			507,859,312

Total investments		397,395,012			507,859,312

Cash		-			-
Receivables from:
Investments sold		514,112			425,398
Investment adviser (Note 3)		-			-
Fund shares sold		240,337			112,491

Total assets		398,149,461			508,397,201

Liabilities:
Payables for:
Investments purchased		-			-
Fund shares repurchased		759,377			544,141
Trustees’ fees and expenses (Note 3)		64,956			79,467
Affiliates (Note 3):
Investment advisory fees		34,124			43,510
Administration fees		-			-
Service fees		205,142			262,677
Accrued expense and other liabilities		58,559			59,893

Total liabilities		1,122,158			989,688

Net assets	$	397,027,303		$	507,407,513

Net assets consist of:
Paid-in capital	$	408,989,868		$	522,701,088
Accumulated Gain (Loss)		(11,962,565	)		(15,293,575	)

Net assets	$	397,027,303		$	507,407,513


(a) Cost of investments — unaffiliated issuers:	$	-		$	-
(b) Cost of investments — affiliated issuers:	$	426,960,872		$	552,858,810

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


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

$	-		$	-		$	-		$	162,591,713	$	56,808,366	$	957,239,846
	2,041,661,052			1,453,161,124			139,551,346			-		-		-

	2,041,661,052			1,453,161,124			139,551,346			162,591,713		56,808,366		957,239,846

	-			-			-			-		-		6

	1,050,293			525,957			-			-		-		403,658
	-			-			-			-		6,065		-
	289,929			60,385			28,271			1,801,945		1,393,458		121,101

	2,043,001,274			1,453,747,466			139,579,617			164,393,658		58,207,889		957,764,611



	-			-			15,435			1,801,022		1,392,699		-
	1,365,068			604,069			14,691			9,822		3,320		538,238
	295,198			238,967			17,649			18,105		8,235		117,057

	176,539			125,974			12,026			20,902		7,150		160,603
	-			-			-			34,837		11,916		206,683
	1,150,298			621,403			55,964			109,900		37,344		647,489
	79,648			72,435			56,514			39,186		34,978		43,498


	3,066,751			1,662,848			172,279			2,033,774		1,495,642		1,713,568

$	2,039,934,523		$	1,452,084,618		$	139,407,338		$	162,359,884	$	56,712,247	$	956,051,043


$	2,083,003,805		$	1,453,593,145		$	142,873,548		$	140,372,179	$	55,151,592	$	919,120,315
	(43,069,282	)		(1,508,527	)		(3,466,210	)		21,987,705		1,560,655		36,930,728

$	2,039,934,523		$	1,452,084,618		$	139,407,338		$	162,359,884	$	56,712,247	$	956,051,043


$	-		$	-		$	-		$	164,690,451	$	59,951,316	$	1,012,508,598
$	2,237,529,423		$	1,600,256,773		$	157,195,791		$	-	$	-	$	-

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2018


	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Initial Class shares:
Net assets	$	90,797,421	$	116,177,073

Shares outstanding (a)		9,838,336		12,743,879

Net asset value, offering price and redemption price per share	$	9.23	$	9.12

Service Class shares:
Net assets	$	306,229,882	$	391,230,440

Shares outstanding (a)		33,532,959		43,313,145

Net asset value, offering price and redemption price per share	$	9.13	$	9.03

Service Class I shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

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

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

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


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

$	349,719,451	$	536,766,846	$	56,195,079	$	-	$	-	$	-

	36,010,229		64,262,009		6,110,330		-		-		-

$	9.71	$	8.35	$	9.20	$	-	$	-	$	-


$	1,690,215,072	$	915,317,772	$	83,212,259	$	-	$	-	$	-

	176,031,988		110,539,538		9,181,923		-		-		-

$	9.60	$	8.28	$	9.06	$	-	$	-	$	-


$	-	$	-	$	-	$	162,359,884	$	56,712,247	$	956,051,043

	-		-		-		12,779,350		6,256,063		87,089,093

$	-	$	-	$	-	$	12.70	$	9.07	$	10.98

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2018


	MML Conservative Allocation Fund			MML Balanced Allocation Fund
Investment income (Note 2):
Dividends — unaffiliated issuers	$	-		$	-
Dividends — affiliated issuers (Note 7)		10,355,788			12,125,825
Interest		-			-

Total investment income		10,355,788			12,125,825

Expenses (Note 3):
Investment advisory fees		445,740			569,082
Custody fees		23,214			23,223
Audit fees		31,558			31,652
Legal fees		11,894			15,141
Proxy fees		1,293			1,293
Shareholder reporting fees		13,849			16,252
Trustees’ fees		26,635			33,975

		554,183			690,618
Administration fees:
Service Class I		-			-
Service fees:
Service Class		859,603			1,091,648
Service Class I		-			-

Total expenses		1,413,786			1,782,266
Expenses waived (Note 3):
Service Class I fees reimbursed by adviser		-			-

Net expenses:		1,413,786			1,782,266

Net investment income (loss)		8,942,002			10,343,559

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions — unaffiliated issuers		-			-
Investment transactions — affiliated issuers (Note 7)		(1,704,469	)		(2,695,282	)
Realized gain distributions — unaffiliated issuers		-			-
Realized gain distributions — affiliated issuers (Note 7)		16,355,071			25,961,757

Net realized gain (loss)		14,650,602			23,266,475

Net change in unrealized appreciation (depreciation) on:
Investment transactions — unaffiliated issuers		-			-
Investment transactions — affiliated issuers (Note 7)		(38,676,162	)		(58,352,656	)

Net change in unrealized appreciation (depreciation)		(38,676,162	)		(58,352,656	)

Net realized gain (loss) and change in unrealized appreciation (depreciation)		(24,025,560	)		(35,086,181	)

Net increase (decrease) in net assets resulting from operations	$	(15,083,558	)	$	(24,742,622	)

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


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

$	-		$	-		$	-		$	1,222,766		$	1,224,863		$	22,531,468
	44,302,170			26,173,938			1,949,505			-			-			-
	-			-			-			-			-			72

	44,302,170			26,173,938			1,949,505			1,222,766			1,224,863			22,531,540


	2,322,866			1,648,404			154,083			264,129			94,927			2,048,863
	24,191			24,228			24,228			2,215			2,215			6,671
	33,026			32,498			31,327			31,346			31,168			32,037
	61,890			43,716			4,049			11,433			5,065			29,512
	1,293			1,293			1,293			1,293			1,293			1,293
	48,562			36,208			8,655			10,039			7,474			22,048
	138,538			98,290			9,153			10,507			3,781			63,382

	2,630,366			1,884,637			232,788			330,962			145,923			2,203,806

	-			-			-			440,215			158,212			2,659,090

	4,819,409			2,586,336			225,013			-			-			-
	-			-			-			440,215			158,212			2,659,090

	7,449,775			4,470,973			457,801			1,211,392			462,347			7,521,986

	-			-			-			-			(19,354	)		-

	7,449,775			4,470,973			457,801			1,211,392			442,993			7,521,986

	36,852,395			21,702,965			1,491,704			11,374			781,870			15,009,554



	-			-			-			6,670,701			950,759			30,963,928
	(2,158,781	)		16,457,831			833,897			-			-			-
	-			-			-			17,418,686			3,016,061			46,324,879
	128,916,616			114,288,144			13,309,454			-			-			-

	126,757,835			130,745,975			14,143,351			24,089,387			3,966,820			77,288,807


	-			-			-			(24,719,323	)		(13,493,195	)		(140,549,710	)
	(286,045,480	)		(260,669,321	)		(28,171,514	)		-			-			-

	(286,045,480	)		(260,669,321	)		(28,171,514	)		(24,719,323	)		(13,493,195	)		(140,549,710	)

	(159,287,645	)		(129,923,346	)		(14,028,163	)		(629,936	)		(9,526,375	)		(63,260,903	)

$	(122,435,250	)	$	(108,220,381	)	$	(12,536,459	)	$	(618,562	)	$	(8,744,505	)	$	(48,251,349	)

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Conservative Allocation Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	8,942,002		$	9,690,939
Net realized gain (loss)		14,650,602			8,140,970
Net change in unrealized appreciation (depreciation)		(38,676,162	)		24,561,837

Net increase (decrease) in net assets resulting from operations		(15,083,558	)		42,393,746

Distributions to shareholders (Note 2):
Initial Class		(4,578,931	)		(5,675,530	)*
Service Class		(14,533,651	)		(18,039,455	)*

Total distributions		(19,112,582	)		(23,714,985	)

Net fund share transactions (Note 5):
Initial Class		(8,677,685	)		(10,157,811	)
Service Class		(36,235,951	)		(9,736,334	)

Increase (decrease) in net assets from fund share transactions		(44,913,636	)		(19,894,145	)

Total increase (decrease) in net assets		(79,109,776	)		(1,215,384	)
Net assets*
Beginning of year		476,137,079			477,352,463

End of year	$	397,027,303		$	476,137,079

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

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


MML Balanced Allocation Fund						MML Moderate Allocation Fund						MML Growth Allocation Fund
Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017


$	10,343,559		$	11,133,150		$	36,852,395		$	40,088,892		$	21,702,965		$	22,982,948
	23,266,475			20,711,594			126,757,835			105,205,677			130,745,975			105,441,880
	(58,352,656	)		30,903,077			(286,045,480	)		153,753,242			(260,669,321	)		117,606,564

	(24,742,622	)		62,747,821			(122,435,250	)		299,047,811			(108,220,381	)		246,031,392


	(8,016,875	)		(8,430,852	)*		(26,266,683	)		(27,061,575	)*		(49,457,550	)		(52,625,520	)*
	(25,727,972	)		(26,996,788	)*		(124,671,100	)		(128,725,025	)*		(81,733,948	)		(85,130,486	)*

	(33,744,847	)		(35,427,640	)		(150,937,783	)		(155,786,600	)		(131,191,498	)		(137,756,006	)


	(10,129,837	)		(1,415,170	)		(21,673,573	)		(19,031,337	)		(22,368,057	)		(442,345	)
	(23,329,001	)		(263,281	)		(129,890,525	)		(40,068,539	)		(14,476,181	)		11,701,041

	(33,458,838	)		(1,678,451	)		(151,564,098	)		(59,099,876	)		(36,844,238	)		11,258,696

	(91,946,307	)		25,641,730			(424,937,131	)		84,161,335			(276,256,117	)		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

$	507,407,513		$	599,353,820		$	2,039,934,523		$	2,464,871,654		$	1,452,084,618		$	1,728,340,735

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Aggressive Allocation Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,491,704		$	1,537,148
Net realized gain (loss)		14,143,351			7,674,076
Net change in unrealized appreciation (depreciation)		(28,171,514	)		15,652,492

Net increase (decrease) in net assets resulting from operations		(12,536,459	)		24,863,716

Distributions to shareholders (Note 2):
Initial Class		(4,023,507	)		(4,398,813	)*
Service Class		(5,643,220	)		(5,976,807	)*
Service Class I		-			-

Total distributions		(9,666,727	)		(10,375,620	)

Net fund share transactions (Note 5):
Initial Class		(1,349,671	)		1,722,871
Service Class		6,197,083			8,497,216
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		4,847,412			10,220,087

Total increase (decrease) in net assets		(17,355,774	)		24,708,183
Net assets*
Beginning of year		156,763,112			132,054,929

End of year	$	139,407,338		$	156,763,112

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

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


MML American Funds Growth Fund						MML American Funds International Fund						MML American Funds Core Allocation Fund
Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017


$	11,374		$	110,310		$	781,870		$	496,676		$	15,009,554		$	12,957,792
	24,089,387			20,411,936			3,966,820			2,109,074			77,288,807			78,116,274
	(24,719,323	)		17,691,154			(13,493,195	)		14,131,377			(140,549,710	)		51,746,035

	(618,562	)		38,213,400			(8,744,505	)		16,737,127			(48,251,349	)		142,820,101


	-			-			-			-			-			-
	-			-			-			-			-			-
	(20,518,506	)		(14,706,856	)*		(2,601,370	)		(5,667,785	)*		(91,047,579	)		(85,660,450	)*

	(20,518,506	)		(14,706,856	)		(2,601,370	)		(5,667,785	)		(91,047,579	)		(85,660,450	)


	-			-			-			-			-			-
	-			-			-			-			-			-
	11,600,753			8,548,926			1,126,970			1,889,945			1,076,141			95,664,276

	11,600,753			8,548,926			1,126,970			1,889,945			1,076,141			95,664,276

	(9,536,315	)		32,055,470			(10,218,905	)		12,959,287			(138,222,787	)		152,823,927

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

$	162,359,884		$	171,896,199		$	56,712,247		$	66,931,152		$	956,051,043		$	1,094,273,830

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Conservative Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets^w		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	10.01	$	0.22	$	(0.55	)	$	(0.33	)	$	(0.25	)	$	(0.20	)	$	(0.45	)	$	9.23		(3.50%	)	$	90,797		0.12%		2.22%
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%
Service Class
12/31/18	$	9.90	$	0.19	$	(0.53	)	$	(0.34	)	$	(0.23	)	$	(0.20	)	$	(0.43	)	$	9.13		(3.70%	)	$	306,230		0.37%		1.94%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate^x		18	%		14	%		24	%		29	%		33	%

c	Per share amount calculated on the average shares method.

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

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

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

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Balanced Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets^w		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	10.16	$	0.20	$	(0.61	)	$	(0.41	)	$	(0.24	)	$	(0.39	)	$	(0.63	)	$	9.12		(4.47%	)	$	116,177		0.12%		2.00%
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%
Service Class
12/31/18	$	10.07	$	0.17	$	(0.61	)	$	(0.44	)	$	(0.21	)	$	(0.39	)	$	(0.60	)	$	9.03		(4.76%	)	$	391,230		0.37%		1.76%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate^x		17	%		15	%		18	%		26	%		23	%

c	Per share amount calculated on the average shares method.

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

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

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

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Moderate Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets^w		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	11.00	$	0.19	$	(0.73	)	$	(0.54	)	$	(0.24	)	$	(0.51	)	$	(0.75	)	$	9.71		(5.48%	)	$	349,719		0.11%		1.79%
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%
Service Class
12/31/18	$	10.88	$	0.16	$	(0.72	)	$	(0.56	)	$	(0.21	)	$	(0.51	)	$	(0.72	)	$	9.60		(5.70%	)	$	1,690,215		0.36%		1.54%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate^x		15	%		13	%		14	%		19	%		19	%

c	Per share amount calculated on the average shares method.

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

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

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

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Growth Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets^w		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	9.75	$	0.14	$	(0.73	)	$	(0.59	)	$	(0.18	)	$	(0.63	)	$	(0.81	)	$	8.35		(6.90%	)	$	536,767		0.11%		1.47%
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%
Service Class
12/31/18	$	9.67	$	0.12	$	(0.73	)	$	(0.61	)	$	(0.15	)	$	(0.63	)	$	(0.78	)	$	8.28		(7.10%	)	$	915,318		0.36%		1.22%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate^x		17	%		16	%		17	%		22	%		25	%

c	Per share amount calculated on the average shares method.

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

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

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

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Aggressive Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets^w		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	10.68	$	0.12	$	(0.90	)	$	(0.78	)	$	(0.15	)	$	(0.55	)	$	(0.70	)	$	9.20		(8.12%	)	$	56,195		0.15%		1.10%
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%		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%		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%		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%		0.98%
Service Class
12/31/18	$	10.54	$	0.09	$	(0.90	)	$	(0.81	)	$	(0.12	)	$	(0.55	)	$	(0.67	)	$	9.06		(8.44%	)	$	83,212		0.40%		0.87%
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%		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%		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%		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%		0.77%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate^x		19	%		20	%		19	%		22	%		31	%

c	Per share amount calculated on the average shares method.

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

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

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

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds Growth Fund


			Income (loss) from investment operations							Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)^c,j			Net realized and unrealized gain (loss) on investments		Total income (loss) from investment operations		From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^u		Ratio of expenses to average daily net assets after expense waivers^u,j			Net investment income (loss) to average daily net assets
Service Class I
12/31/18	$	14.37	$	0.00	^d	$	0.15	$	0.15	$	(0.04	)	$	(1.78	)	$	(1.82	)	$	12.70		(0.73%	)	$	162,360		0.69%		0.69%	^l		0.01%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate^x		12	%		11	%		8	%		7	%		4	%

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.

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

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

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds International Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)^c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^u		Ratio of expenses to average daily net assets after expense waivers^u,j		Net investment income (loss) to average daily net assets
Service Class I
12/31/18	$	10.93	$	0.13	$	(1.55	)	$	(1.42	)	$	(0.09	)	$	(0.35	)	$	(0.44	)	$	9.07		(13.52%	)	$	56,712		0.73%		0.70%		1.24%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate^x		11	%		9	%		12	%		4	%		6	%

c	Per share amount calculated on the average shares method.

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

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

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

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

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds Core Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets^w		Net investment income (loss) to average daily net assets
Service Class I
12/31/18	$	12.60	$	0.17	$	(0.69	)	$	(0.52	)	$	(0.22	)	$	(0.88	)	$	(1.10	)	$	10.98		(4.84%	)	$	956,051		0.71%		1.41%
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%		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%		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%		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%		1.71%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate^x		15	%		16	%		7	%		3	%		3	%

c	Per share amount calculated on the average shares method.

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

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

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

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

Notes to Financial Statements

The Funds

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

MML Conservative Allocation Fund (“Conservative Allocation Fund”)

MML Balanced Allocation Fund (“Balanced Allocation Fund”)

MML Moderate Allocation Fund (“Moderate Allocation Fund”)

MML Growth Allocation Fund (“Growth Allocation Fund”)

MML Aggressive Allocation Fund (“Aggressive Allocation Fund”)

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

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

MML American Funds Core Allocation Fund (“MML American Funds Core Allocation Fund”)

The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company (“MassMutual”) and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, and C.M. Life Insurance Company are the record owners of all of the outstanding shares of the Funds.

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 (advised by MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of MassMutual), Oppenheimer Funds (advised by OFI Global Asset Management, Inc. (“OFI Global Asset Management”), 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.

MML American Funds Growth Fund and MML American Funds International Fund (each a “Feeder Fund,” collectively the “Feeder Funds”) invest all of their assets in Class 1 shares of the Growth and International Funds, respectively, each a series of the American Funds Insurance Series (each a “Master Fund,” collectively the “Master Funds”). Each Master Fund is an open-end investment company and organized as a Massachusetts business trust. Each Feeder Fund has an investment objective that is consistent with its corresponding Master Fund. Each Master Fund intends to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its taxable income and capital gains to shareholders, which includes the applicable Feeder Fund, to qualify as a regulated investment company. The performance of the Feeder Funds is directly affected by the performance of the Master Funds. The financial statements of the Master Funds, including the Summary Investment Portfolios, are provided separately and should be read in conjunction with the Feeder Funds’ financial statements. As of December 31, 2018, the MML American Funds Growth Fund and MML American Funds International Fund owned 69% and 63% of the Growth and International Master Funds, respectively. The MML American Funds Core Allocation Fund invests all of its investable assets in shares of various series of American Funds Insurance Series, which are managed by Capital Research and Management Company (together, the “American Underlying Funds” and collectively with the MML Underlying Funds, the “Underlying Funds”).

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

Notes to Financial Statements (Continued)

Significant Accounting Policies

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

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

New Disclosure Requirements

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

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


	Conservative Allocation Fund			Balanced Allocation Fund			Moderate Allocation Fund			Growth Allocation Fund
Distributions to shareholders
From net investment income:
Initial Class	$	(2,403,173	)	$	(2,662,293	)	$	(7,462,860	)	$	(9,408,950	)
Service Class		(7,118,539	)		(7,790,707	)		(31,997,619	)		(13,200,957	)

Total distributions from net investment income		(9,521,712	)		(10,453,000	)		(39,460,479	)		(22,609,907	)

From net realized gains:
Initial Class		(3,272,357	)		(5,768,559	)		(19,598,715	)		(43,216,570	)
Service Class		(10,920,916	)		(19,206,081	)		(96,727,406	)		(71,929,529	)

Total distributions from net realized gains		(14,193,273	)		(24,974,640	)		(116,326,121	)		(115,146,099	)

Accumulated undistributed (distributions in excess of) net investment income at end of year	$	10,268,085		$	11,989,816		$	44,411,862		$	26,448,630


	Aggressive Allocation Fund			MML American Funds Growth Fund			MML American Funds International Fund			MML American Funds Core Allocation Fund
Distributions to shareholders
From net investment income:
Initial Class	$	(703,424	)	$	-		$	-		$	-
Service Class		(810,785	)		-			-			-
Service Class I		-			(471,539	)		(507,482	)		(14,606,463	)

Total distributions from net investment income		(1,514,209	)		(471,539	)		(507,482	)		(14,606,463	)

From net realized gains:
Initial Class		(3,695,389	)		-			-			-
Service Class		(5,166,022	)		-			-			-
Service Class I		-			(14,235,317	)		(5,160,303	)		(71,053,987	)

Total distributions from net realized gains		(8,861,411	)		(14,235,317	)		(5,160,303	)		(71,053,987	)

Accumulated undistributed (distributions in excess of) net investment income at end of year	$	1,903,413		$	476,348		$	512,758		$	18,092,335

Notes to Financial Statements (Continued)

Investment Valuation

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

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

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

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

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

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

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

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

Each Fund characterized all investments at Level 1, as of December 31, 2018. For each Fund, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The Funds had no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the year ended December 31, 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

Notes to Financial Statements (Continued)

dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

Allocation of Operating Activity

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

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

Foreign Securities

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

Federal Income Tax

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

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

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

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

Notes to Financial Statements (Continued)

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.

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

Notes to Financial Statements (Continued)

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.

Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investments in Underlying Funds or Master Funds (excluding short-term investments) for the year ended December 31, 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	$	-	$	78,761,547	$	-	$	117,483,087
Balanced Allocation Fund		-		96,926,057		-		127,815,645
Moderate Allocation Fund		-		351,187,597		-		488,003,753
Growth Allocation Fund		-		285,791,721		-		317,837,246
Aggressive Allocation Fund		-		39,059,757		-		29,042,833
MML American Funds Growth Fund		-		29,441,324		-		20,895,009
MML American Funds International Fund		-		9,624,056		-		7,290,900
MML American Funds Core Allocation Fund		-		161,100,789		-		189,771,269

Notes to Financial Statements (Continued)

Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:


	Year Ended December 31, 2018						Year Ended December 31, 2017


	Shares			Amount			Shares			Amount
Conservative Allocation Fund Initial Class
Sold		1,216,359		$	12,019,373			1,066,692		$	10,625,566
Issued as reinvestment of dividends		470,116			4,578,931			582,703			5,675,530
Redeemed		(2,572,001	)		(25,275,989	)		(2,661,802	)		(26,458,907	)

Net increase (decrease)		(885,526	)	$	(8,677,685	)		(1,012,407	)	$	(10,157,811	)

Conservative Allocation Fund Service Class
Sold		3,680,576		$	35,883,005			3,521,990		$	34,679,532
Issued as reinvestment of dividends		1,506,078			14,533,651			1,869,374			18,039,455
Redeemed		(8,898,513	)		(86,652,607	)		(6,363,380	)		(62,455,321	)

Net increase (decrease)		(3,711,859	)	$	(36,235,951	)		(972,016	)	$	(9,736,334	)

Balanced Allocation Fund Initial Class
Sold		622,909		$	6,214,916			1,315,628		$	13,246,040
Issued as reinvestment of dividends		820,560			8,016,875			858,539			8,430,852
Redeemed		(2,461,785	)		(24,361,628	)		(2,295,300	)		(23,092,062	)

Net increase (decrease)		(1,018,316	)	$	(10,129,837	)		(121,133	)	$	(1,415,170	)

Balanced Allocation Fund Service Class
Sold		3,628,825		$	35,792,065			3,679,064		$	36,764,859
Issued as reinvestment of dividends		2,655,105			25,727,972			2,771,744			26,996,788
Redeemed		(8,622,192	)		(84,849,038	)		(6,410,824	)		(64,024,928	)

Net increase (decrease)		(2,338,262	)	$	(23,329,001	)		39,984		$	(263,281	)

Moderate Allocation Fund Initial Class
Sold		965,226		$	10,462,004			1,364,854		$	14,884,724
Issued as reinvestment of dividends		2,489,733			26,266,683			2,562,649			27,061,575
Redeemed		(5,423,874	)		(58,402,260	)		(5,613,792	)		(60,977,636	)

Net increase (decrease)		(1,968,915	)	$	(21,673,573	)		(1,686,289	)	$	(19,031,337	)

Moderate Allocation Fund Service Class
Sold		5,179,339		$	55,525,490			5,979,714		$	64,293,602
Issued as reinvestment of dividends		11,941,676			124,671,100			12,318,184			128,725,025
Redeemed		(29,262,401	)		(310,087,115	)		(21,716,011	)		(233,087,166	)

Net increase (decrease)		(12,141,386	)	$	(129,890,525	)		(3,418,113	)	$	(40,068,539	)

Growth Allocation Fund Initial Class
Sold		1,618,107		$	15,066,584			1,513,269		$	14,544,847
Issued as reinvestment of dividends		5,329,477			49,457,550			5,683,102			52,625,520
Redeemed		(9,127,446	)		(86,892,191	)		(7,026,762	)		(67,612,712	)

Net increase (decrease)		(2,179,862	)	$	(22,368,057	)		169,609		$	(442,345	)

Growth Allocation Fund Service Class
Sold		4,096,589		$	38,454,566			3,035,792		$	28,983,498
Issued as reinvestment of dividends		8,874,479			81,733,948			9,263,382			85,130,486
Redeemed		(14,209,662	)		(134,664,695	)		(10,675,133	)		(102,412,943	)

Net increase (decrease)		(1,238,594	)	$	(14,476,181	)		1,624,041		$	11,701,041

Notes to Financial Statements (Continued)


	Year Ended December 31, 2018						Year Ended December 31, 2017


	Shares			Amount			Shares			Amount
Aggressive Allocation Fund Initial Class
Sold		586,179		$	6,224,912			577,723		$	6,004,822
Issued as reinvestment of dividends		385,393			4,023,507			437,693			4,398,813
Redeemed		(1,086,527	)		(11,598,090	)		(831,073	)		(8,680,764	)

Net increase (decrease)		(114,955	)	$	(1,349,671	)		184,343		$	1,722,871

Aggressive Allocation Fund Service Class
Sold		1,017,849		$	10,420,943			1,138,147		$	11,593,094
Issued as reinvestment of dividends		547,886			5,643,220			602,501			5,976,807
Redeemed		(945,718	)		(9,867,080	)		(881,981	)		(9,072,685	)

Net increase (decrease)		620,017		$	6,197,083			858,667		$	8,497,216

MML American Funds Growth Fund Service Class I
Sold		1,459,874		$	21,236,847			1,304,886		$	17,982,588
Issued as reinvestment of dividends		1,383,581			20,518,506			1,108,278			14,706,856
Redeemed		(2,025,375	)		(30,154,600	)		(1,755,361	)		(24,140,518	)

Net increase (decrease)		818,080		$	11,600,753			657,803		$	8,548,926

MML American Funds International Fund Service Class I
Sold		780,190		$	8,044,044			576,856		$	5,835,785
Issued as reinvestment of dividends		249,412			2,601,370			555,665			5,667,785
Redeemed		(897,346	)		(9,518,444	)		(923,562	)		(9,613,625	)

Net increase (decrease)		132,256		$	1,126,970			208,959		$	1,889,945

MML American Funds Core Allocation Fund Service Class I
Sold		3,821,495		$	46,993,936			8,498,879		$	105,750,324
Issued as reinvestment of dividends		7,619,044			91,047,579			7,210,476			85,660,450
Redeemed		(11,227,591	)		(136,965,374	)		(7,681,655	)		(95,746,498	)

Net increase (decrease)		212,948		$	1,076,141			8,027,700		$	95,664,276

6. Federal Income Tax Information

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


	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Conservative Allocation Fund	$	435,096,205	$	333,075	$	(38,034,268	)	$	(37,701,193	)
Balanced Allocation Fund		560,194,541		380,984		(52,716,213	)		(52,335,229	)
Moderate Allocation Fund		2,260,035,653		1,798,171		(220,172,772	)		(218,374,601	)
Growth Allocation Fund		1,612,964,876		2,641,226		(162,444,978	)		(159,803,752	)
Aggressive Allocation Fund		159,419,128		189,615		(20,057,397	)		(19,867,782	)
MML American Funds Growth Fund		164,690,451		-		(2,098,738	)		(2,098,738	)
MML American Funds International Fund		60,021,230		-		(3,212,864	)		(3,212,864	)
MML American Funds Core Allocation Fund		1,013,928,933		-		(56,689,087	)		(56,689,087	)

Notes to Financial Statements (Continued)

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

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

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

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


	Ordinary Income		Long Term Capital Gain
Conservative Allocation Fund	$	10,334,933	$	8,777,649
Balanced Allocation Fund		12,058,721		21,686,126
Moderate Allocation Fund		44,660,932		106,276,851
Growth Allocation Fund		27,277,596		103,913,902
Aggressive Allocation Fund		1,917,769		7,748,958
MML American Funds Growth Fund		490,445		20,028,061
MML American Funds International Fund		519,756		2,081,614
MML American Funds Core Allocation Fund		18,186,189		72,861,390

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
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, 2018:


	Amount
Conservative Allocation Fund	$	39,135
Balanced Allocation Fund		69,094
Moderate Allocation Fund		423,464
Growth Allocation Fund		390,805
Aggressive Allocation Fund		45,168
MML American Funds International Fund		92,674
MML American Funds Core Allocation Fund		204,018

Notes to Financial Statements (Continued)

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


	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)		Other Temporary Differences			Unrealized Appreciation (Depreciation)
Conservative Allocation Fund	$	10,342,992	$	15,457,653	$	(62,017	)	$	(37,701,193	)
Balanced Allocation Fund		12,564,822		24,552,520		(75,688	)		(52,335,229	)
Moderate Allocation Fund		48,785,866		126,799,289		(279,836	)		(218,374,601	)
Growth Allocation Fund		32,280,327		126,242,935		(228,037	)		(159,803,752	)
Aggressive Allocation Fund		2,782,163		13,636,022		(16,613	)		(19,867,782	)
MML American Funds Growth Fund		581,641		23,521,702		(16,900	)		(2,098,738	)
MML American Funds International Fund		1,681,466		3,099,871		(7,818	)		(3,212,864	)
MML American Funds Core Allocation Fund		23,619,076		70,110,677		(109,938	)		(56,689,087	)

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


	Paid-in Capital		Accumulated Net Realized Gain (Loss) on Investments			Undistributed Net Investment Income (Loss)
Conservative Allocation Fund	$	491	$	(1,396,475	)	$	1,395,984
Balanced Allocation Fund		593		(2,215,073	)		2,214,480
Moderate Allocation Fund		2,154		(11,904,860	)		11,902,706
Growth Allocation Fund		1,796		(10,560,538	)		10,558,742
Aggressive Allocation Fund		124		(1,288,326	)		1,288,202
MML American Funds Growth Fund		123		(567,587	)		567,464
MML American Funds International Fund		60		(898,836	)		898,776
MML American Funds Core Allocation Fund		816		(8,594,254	)		8,593,438

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

Notes to Financial Statements (Continued)

Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the year ended December 31, 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 12/31/18		Number of Shares Held as of 12/31/18		Dividend Income		Realized Gains Distributions
Conservative Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	11,453,863	$	4,340,914	$	(5,835,235	)	$	(2,408,029	)	$	1,088,241		$	8,639,754		591,764	$	-	$	1,906,692
MML Dynamic Bond Fund, Class II		67,820,671		3,519,333		(6,000,000	)		(2,139,022	)		(164,003	)		63,036,979		6,559,519		2,204,333		-
MML Equity Income Fund, Initial Class		12,975,913		5,157,269		(4,539,178	)		(2,363,761	)		28,790			11,259,033		1,121,418		222,008		1,147,269
MML Equity Index Fund, Class III		13,611,967		705,540		(1,200,000	)		(1,435,072	)		199,120			11,881,555		423,585		240,922		464,618
MML Focused Equity Fund, Class II		2,381,942		2,500,897		(1,170,613	)		(863,578	)		(439,257	)		2,409,391		452,043		59,833		1,270,815
MML Foreign Fund, Initial Class		9,891,708		1,921,258		(2,017,087	)		(1,818,199	)		131,100			8,108,780		876,625		207,224		-
MML Fundamental Growth Fund, Class II		8,502,554		3,937,665		(4,333,121	)		(2,128,842	)		277,542			6,255,798		667,641		77,323		2,081,991
MML Fundamental Value Fund, Class II		12,563,957		3,187,592		(5,072,827	)		(2,074,740	)		(88,988	)		8,514,994		687,802		183,613		1,025,439
MML Global Fund, Class I		12,177,458		3,124,306		(2,414,181	)		(2,541,487	)		(8,315	)		10,337,781		1,008,564		127,089		1,397,115
MML High Yield Fund, Class II		14,332,217		848,348		(2,099,999	)		(999,733	)		(268,698	)		11,812,135		1,302,330		848,348		-
MML Income & Growth Fund, Initial Class		13,587,795		6,579,157		(3,395,987	)		(4,604,419	)		62,674			12,229,220		1,440,426		215,433		2,866,560
MML Inflation-Protected and Income Fund, Initial Class		20,240,785		2,028,727		(4,923,907	)		(535,354	)		(301,326	)		16,508,925		1,698,449		577,116		-
MML International Equity Fund, Class II		7,597,510		2,798,969		(1,791,351	)		(2,126,471	)		269,179			6,747,836		757,333		110,409		53,262
MML Large Cap Growth Fund, Initial Class		3,952,062		2,164,066		(3,343,789	)		(169,229	)		(3,786	)		2,599,324		268,525		18,672		210,939
MML Managed Bond Fund, Initial Class		100,563,014		14,298,041		(31,857,391	)		(2,099,953	)		(1,640,014	)		79,263,697		6,641,562		3,109,900		-
MML Mid Cap Growth Fund, Initial Class		7,962,302		1,699,782		(1,874,400	)		(1,090,763	)		81,558			6,778,479		486,261		-		955,449
MML Mid Cap Value Fund, Initial Class		10,285,049		2,049,254		(2,334,944	)		(2,013,734	)		(200,291	)		7,785,334		832,656		140,913		965,626
MML Short-Duration Bond Fund, Class II		25,435,499		3,224,323		(8,247,669	)		(164,098	)		(155,476	)		20,092,579		2,095,159		670,090		-
MML Small Cap Growth Equity Fund, Initial Class		2,374,588		626,962		(1,311,908	)		(262,371	)		14,518			1,441,789		112,493		-		243,946
MML Small Company Value Fund, Class II		4,815,407		734,960		(1,076,963	)		(784,557	)		(35,082	)		3,653,765		263,619		15,197		272,989
MML Small/Mid Cap Value Fund, Initial Class		2,496,808		387,305		(673,122	)		(499,612	)		(37,622	)		1,673,757		157,604		10,477		236,733
MML Strategic Emerging Markets Fund, Class II		-		500,000		-			495			-			500,495		49,456		-		-
MML Total Return Bond Fund, Class II		60,022,275		6,517,807		(13,918,003	)		(790,505	)		(438,728	)		51,392,846		5,058,351		1,048,854		-
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		2,673,680		828,235		(575,652	)		(535,371	)		53,640			2,444,532		35,609		-		370,178
Oppenheimer Global Fund/VA, Non-Service Shares*		7,978,470		1,540,017		(2,081,563	)		(1,635,841	)		213,960			6,015,043		158,291		73,494		519,596
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		31,262,882		109,221		(3,800,000	)		(633,163	)		(375,183	)		26,563,757		2,799,131		109,221		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		6,713,523		1,451,604		(1,594,197	)		(1,356,526	)		31,978			5,246,382		2,584,425		52,462		118,716
Oppenheimer Main Street Fund/VA, Non-Service Shares*		2,823,284		1,979,995		-			(602,227	)		-			4,201,052		156,697		32,857		247,138

	$	476,497,183	$	78,761,547	$	(117,483,087	)	$	(38,676,162	)	$	(1,704,469	)	$	397,395,012			$	10,355,788	$	16,355,071

Notes to Financial Statements (Continued)


	Beginning Value as of 12/31/17		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/18		Number of Shares Held as of 12/31/18		Dividend Income		Realized Gains Distributions
Balanced Allocation Fund

MML Blue Chip Growth Fund, Initial Class	$	17,958,778	$	5,421,035	$	(6,776,934	)	$	(3,022,427	)	$	739,173		$	14,319,625		980,796	$	-	$	3,085,799

MML Dynamic Bond Fund, Class II		67,836,306		5,093,045		(6,850,000	)		(2,138,509	)		(188,214	)		63,752,628		6,633,988		2,238,047		-

MML Equity Income Fund, Initial Class		20,130,705		5,184,763		(4,792,049	)		(3,859,608	)		2,247			16,666,058		1,659,966		361,089		1,865,995

MML Equity Index Fund, Class III		19,550,073		931,849		(3,200,000	)		(2,134,448	)		545,197			15,692,671		559,453		318,200		613,649

MML Focused Equity Fund, Class II		3,567,797		3,100,214		(2,298,268	)		(727,328	)		(954,854	)		2,687,561		504,233		79,490		1,688,305

MML Foreign Fund, Initial Class		17,196,665		3,165,621		(3,200,014	)		(3,296,087	)		310,131			14,176,316		1,532,575		369,571		-

MML Fundamental Growth Fund, Class II		13,726,720		4,936,053		(6,757,191	)		(2,444,527	)		(171,589	)		9,289,466		991,405		112,009		3,015,940

MML Fundamental Value Fund, Class II		20,094,654		3,708,293		(4,998,190	)		(3,862,554	)		192,511			15,134,714		1,222,513		301,227		1,682,291

MML Global Fund, Class I		18,151,487		4,553,258		(2,831,373	)		(4,095,028	)		211,207			15,989,551		1,559,956		192,004		2,110,730

MML High Yield Fund, Class II		16,078,587		957,246		(2,165,000	)		(1,162,533	)		(270,749	)		13,437,551		1,481,538		957,246		-

MML Income & Growth Fund, Initial Class		20,435,340		8,440,086		(4,524,136	)		(7,151,432	)		258,050			17,457,908		2,056,291		330,390		4,396,181

MML Inflation-Protected and Income Fund, Initial Class		22,060,179		2,119,485		(4,641,405	)		(634,556	)		(295,065	)		18,608,638		1,914,469		642,281		-

MML International Equity Fund, Class II		14,177,648		4,740,635		(2,935,541	)		(3,766,746	)		245,903			12,461,899		1,398,642		209,834		101,225

MML Large Cap Growth Fund, Initial Class		5,973,075		3,638,557		(3,191,080	)		(393,989	)		(75,444	)		5,951,119		614,785		35,094		396,469

MML Managed Bond Fund, Initial Class		104,252,244		12,457,010		(26,318,185	)		(2,391,519	)		(1,581,901	)		86,417,649		7,240,997		3,339,728		-

MML Mid Cap Growth Fund, Initial Class		14,599,661		2,613,948		(2,765,962	)		(2,242,677	)		317,951			12,522,921		898,344		-		1,786,392

MML Mid Cap Value Fund, Initial Class		17,315,093		2,788,769		(2,639,900	)		(3,621,450	)		(291,131	)		13,551,381		1,449,346		245,741		1,683,977

MML Short-Duration Bond Fund, Class II		29,806,611		2,500,871		(8,061,197	)		(155,350	)		(224,624	)		23,866,311		2,488,666		788,564		-

MML Small Cap Growth Equity Fund, Initial Class		4,237,103		1,029,923		(1,504,050	)		(329,328	)		(240,628	)		3,193,020		249,129		-		478,599

MML Small Company Value Fund, Class II		7,215,190		779,025		(1,129,301	)		(867,245	)		(389,103	)		5,608,566		404,658		22,987		412,929

MML Small/Mid Cap Value Fund, Initial Class		4,882,327		643,801		(847,137	)		(1,140,256	)		9,019			3,547,754		334,063		21,676		489,760

MML Strategic Emerging Markets Fund, Class II		-		600,001		-			593			-			600,594		59,347		-		-

MML Total Return Bond Fund, Class II		62,750,547		6,903,663		(14,168,163	)		(355,179	)		(971,287	)		54,159,581		5,330,667		1,130,660		-

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		4,986,388		1,099,124		(857,902	)		(1,023,505	)		126,028			4,330,133		63,076		-		682,016

Oppenheimer Global Fund/VA, Non-Service Shares*		11,706,652		2,216,609		(3,012,461	)		(2,408,538	)		325,411			8,827,673		232,307		108,743		768,812

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		42,205,693		149,383		(4,730,000	)		(902,722	)		(492,366	)		36,229,988		3,817,702		149,383		-

Oppenheimer International Growth Fund/VA, Non-Service Shares*		14,392,028		2,205,318		(2,620,206	)		(3,066,049	)		168,845			11,079,936		5,458,097		112,192		253,884

Oppenheimer Main Street Fund/VA, Non-Service Shares*		4,509,287		4,948,472		-			(1,159,659	)		-			8,298,100		309,515		59,669		448,804


	$	599,796,838	$	96,926,057	$	(127,815,645	)	$	(58,352,656	)	$	(2,695,282	)	$	507,859,312			$	12,125,825	$	25,961,757

Notes to Financial Statements (Continued)


	Beginning Value as of 12/31/17		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/18		Number of Shares Held as of 12/31/18		Dividend Income		Realized Gains Distributions
Moderate Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	86,457,565	$	22,863,159	$	(29,490,707	)	$	(12,555,708	)	$	2,020,468		$	69,294,777		4,746,218	$	-	$	14,227,483
MML Dynamic Bond Fund, Class II		221,108,920		12,646,556		(16,300,000	)		(7,132,691	)		(502,637	)		209,820,148		21,833,522		7,351,556		-
MML Equity Income Fund, Initial Class		98,746,858		21,380,622		(18,968,838	)		(21,398,697	)		2,330,228			82,090,173		8,176,312		1,762,982		9,110,548
MML Equity Index Fund, Class III		92,386,239		4,547,095		(12,500,000	)		(9,960,753	)		2,102,170			76,574,751		2,729,938		1,552,703		2,994,393
MML Focused Equity Fund, Class II		25,490,301		20,192,611		(11,080,715	)		(9,687,659	)		(3,928,563	)		20,985,975		3,937,331		633,930		13,464,258
MML Foreign Fund, Initial Class		92,788,041		7,612,162		(18,156,686	)		(16,349,522	)		2,264,977			68,158,972		7,368,538		1,735,279		-
MML Fundamental Growth Fund, Class II		53,241,410		18,678,147		(20,357,847	)		(9,805,797	)		(1,706,539	)		40,049,374		4,274,213		465,768		12,541,175
MML Fundamental Value Fund, Class II		99,428,806		10,061,568		(19,652,616	)		(19,953,002	)		2,340,427			72,225,183		5,834,021		1,423,835		7,951,812
MML Global Fund, Class I		86,476,962		19,933,256		(13,922,439	)		(19,152,937	)		330,399			73,665,241		7,186,853		943,645		10,373,657
MML High Yield Fund, Class II		51,621,220		3,060,553		(7,500,000	)		(3,611,634	)		(1,000,239	)		42,569,900		4,693,484		3,060,553		-
MML Income & Growth Fund, Initial Class		99,150,642		33,341,448		(17,198,263	)		(36,985,430	)		3,102,413			81,410,810		9,589,024		1,635,302		21,759,368
MML Inflation-Protected and Income Fund, Initial Class		77,574,907		6,532,874		(18,049,053	)		(1,805,532	)		(1,522,651	)		62,730,545		6,453,760		2,284,032		-
MML International Equity Fund, Class II		82,008,958		14,043,045		(9,427,502	)		(21,708,857	)		950,531			65,866,175		7,392,388		1,194,911		576,436
MML Large Cap Growth Fund, Initial Class		31,513,216		6,692,576		(14,231,603	)		(1,408,544	)		(472,950	)		22,092,695		2,282,303		155,533		1,757,082
MML Managed Bond Fund, Initial Class		336,695,620		24,380,475		(86,391,620	)		(5,905,725	)		(6,908,402	)		261,870,348		21,942,305		10,536,631		-
MML Mid Cap Growth Fund, Initial Class		79,918,423		14,081,615		(15,020,326	)		(13,715,929	)		3,141,694			68,405,477		4,907,136		-		9,772,460
MML Mid Cap Value Fund, Initial Class		88,761,637		13,773,641		(14,060,866	)		(18,704,831	)		(643,013	)		69,126,568		7,393,216		1,206,478		8,267,554
MML Short-Duration Bond Fund, Class II		104,664,844		8,736,639		(27,925,149	)		(426,590	)		(913,179	)		84,136,565		8,773,364		2,782,223		-
MML Small Cap Growth Equity Fund, Initial Class		21,201,651		2,932,124		(9,274,458	)		(526,393	)		(1,472,818	)		12,860,106		1,003,383		-		2,008,190
MML Small Company Value Fund, Class II		39,141,100		2,220,325		(7,304,764	)		(3,693,935	)		(2,525,157	)		27,837,569		2,008,483		114,757		2,061,433
MML Small/Mid Cap Value Fund, Initial Class		23,909,426		8,754,557		(3,686,360	)		(6,773,098	)		(27,203	)		22,177,322		2,088,260		123,273		2,785,344
MML Strategic Emerging Markets Fund, Class II		43,484,577		23,776,763		(7,161,784	)		(7,985,507	)		786,627			52,900,676		5,227,340		81,946		-
MML Total Return Bond Fund, Class II		202,044,395		14,860,399		(37,668,200	)		(2,022,256	)		(2,171,962	)		175,042,376		17,228,580		3,573,904		-
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		24,970,974		8,144,716		(5,760,952	)		(5,222,827	)		553,274			22,685,185		330,447		-		3,479,149
Oppenheimer Global Fund/VA, Non-Service Shares*		56,206,012		5,232,776		(14,883,540	)		(10,871,673	)		1,982,060			37,665,635		991,201		461,598		3,263,477
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		185,916,498		647,943		(22,005,001	)		(5,728,326	)		(404,053	)		158,427,061		16,694,106		647,943		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		47,235,197		7,034,445		(10,024,464	)		(9,063,324	)		135,317			35,317,171		17,397,621		340,393		770,287
Oppenheimer Main Street Fund/VA, Non-Service Shares*		14,537,070		15,025,507		-			(3,888,303	)		-			25,674,274		957,638		232,995		1,752,510

	$	2,466,681,469	$	351,187,597	$	(488,003,753	)	$	(286,045,480	)	$	(2,158,781	)	$	2,041,661,052			$	44,302,170	$	128,916,616

Notes to Financial Statements (Continued)


	Beginning Value as of 12/31/17		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/18		Number of Shares Held as of 12/31/18		Dividend Income		Realized Gains Distributions
Growth Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	75,223,853	$	18,234,310	$	(21,919,658	)	$	(12,738,325	)	$	3,020,415		$	61,820,595		4,234,287	$	-	$	12,691,514
MML Dynamic Bond Fund, Class II		87,950,370		7,683,768		(11,070,001	)		(2,833,452	)		(249,174	)		81,481,511		8,478,825		2,943,768		-
MML Equity Income Fund, Initial Class		84,372,793		19,537,843		(13,653,198	)		(20,813,718	)		4,030,643			73,474,363		7,318,164		1,537,460		7,945,118
MML Equity Index Fund, Class III		81,664,763		4,104,767		(9,499,999	)		(8,754,599	)		1,610,837			69,125,769		2,464,377		1,401,660		2,703,107
MML Focused Equity Fund, Class II		23,386,361		16,899,468		(9,404,209	)		(9,302,793	)		(2,377,246	)		19,201,581		3,602,548		543,773		11,549,375
MML Foreign Fund, Initial Class		81,855,412		6,838,091		(12,747,387	)		(15,018,297	)		1,996,247			62,924,066		6,802,602		1,595,000		-
MML Fundamental Growth Fund, Class II		41,115,243		13,453,583		(14,748,529	)		(8,627,292	)		(377,630	)		30,815,375		3,288,727		364,555		9,815,941
MML Fundamental Value Fund, Class II		84,761,589		9,947,020		(14,350,973	)		(19,424,017	)		3,937,296			64,870,915		5,239,977		1,238,306		6,915,674
MML Global Fund, Class I		74,762,688		20,973,466		(11,244,268	)		(17,892,762	)		500,254			67,099,378		6,546,281		864,210		9,500,399
MML High Yield Fund, Class II		13,516,018		815,967		(1,465,000	)		(1,035,133	)		(185,489	)		11,646,363		1,284,053		815,967		-
MML Income & Growth Fund, Initial Class		85,307,296		29,968,941		(11,812,372	)		(32,242,020	)		2,424,361			73,646,206		8,674,465		1,428,991		19,014,168
MML Inflation-Protected and Income Fund, Initial Class		68,539,428		8,019,976		(15,714,015	)		(1,900,956	)		(1,112,671	)		57,831,762		5,949,770		2,087,954		-
MML International Equity Fund, Class II		75,344,818		13,287,284		(8,248,110	)		(20,120,479	)		1,089,213			61,352,726		6,885,828		1,092,970		527,259
MML Large Cap Growth Fund, Initial Class		28,068,081		5,906,718		(11,394,987	)		(1,351,915	)		(417,223	)		20,810,674		2,149,863		142,892		1,614,280
MML Managed Bond Fund, Initial Class		134,827,992		15,348,365		(35,113,942	)		(2,172,558	)		(3,101,475	)		109,788,382		9,199,247		4,406,260		-
MML Mid Cap Growth Fund, Initial Class		75,328,139		12,459,119		(12,177,697	)		(13,161,927	)		3,077,464			65,525,098		4,700,509		-		9,221,757
MML Mid Cap Value Fund, Initial Class		76,751,221		14,719,975		(8,519,056	)		(19,896,435	)		1,617,336			64,673,041		6,916,903		1,123,828		7,701,187
MML Short-Duration Bond Fund, Class II		50,354,773		4,272,396		(12,399,120	)		(248,589	)		(413,121	)		41,566,339		4,334,342		1,369,713		-
MML Small Cap Growth Equity Fund, Initial Class		18,042,210		2,909,431		(7,087,589	)		(821,597	)		(1,153,257	)		11,889,198		927,630		-		1,831,993
MML Small Company Value Fund, Class II		34,064,429		3,167,442		(4,705,446	)		(5,383,435	)		(538,336	)		26,604,654		1,919,528		106,437		1,911,980
MML Small/Mid Cap Value Fund, Initial Class		27,820,094		5,575,872		(5,182,446	)		(6,657,031	)		228,493			21,784,982		2,051,317		117,760		2,660,787
MML Strategic Emerging Markets Fund, Class II		45,975,823		18,246,081		(5,974,264	)		(7,526,834	)		714,761			51,435,567		5,082,566		78,315		-
MML Total Return Bond Fund, Class II		81,018,266		8,468,036		(16,660,245	)		(1,260,959	)		(422,396	)		71,142,702		7,002,234		1,463,171		-
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		24,440,830		5,129,646		(5,046,249	)		(4,901,922	)		448,198			20,070,503		292,360		-		3,361,011
Oppenheimer Global Fund/VA, Non-Service Shares*		48,538,580		4,045,345		(12,838,507	)		(8,859,566	)		1,274,691			32,160,543		846,330		393,065		2,778,956
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		142,332,587		2,811,250		(16,400,000	)		(4,537,234	)		(312,484	)		123,894,119		13,055,229		501,250		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		43,073,829		5,236,840		(8,459,979	)		(9,099,073	)		1,148,124			31,899,741		15,714,158		312,463		707,086
Oppenheimer Main Street Fund/VA, Non-Service Shares*		20,980,653		7,730,721		-			(4,086,403	)		-			24,624,971		918,499		244,170		1,836,552

	$	1,729,418,139	$	285,791,721	$	(317,837,246	)	$	(260,669,321	)	$	16,457,831		$	1,453,161,124			$	26,173,938	$	114,288,144

Notes to Financial Statements (Continued)


	Beginning Value as of 12/31/17		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/18		Number of Shares Held as of 12/31/18		Dividend Income		Realized Gains Distributions
Aggressive Allocation Fund

MML Blue Chip Growth Fund, Initial Class	$	8,363,872	$	3,385,761	$	(3,124,922	)	$	(1,489,065	)	$	356,975		$	7,492,621		513,193	$	-	$	1,419,812

MML Dynamic Bond Fund, Class II		2,438,947		355,523		(600,000	)		(72,734	)		(11,529	)		2,110,207		219,584		81,248		-

MML Equity Income Fund, Initial Class		8,931,817		2,570,192		(1,466,540	)		(1,871,982	)		(25,752	)		8,137,735		810,531		174,215		900,289

MML Equity Index Fund, Class III		7,774,745		385,501		(999,999	)		(838,495	)		170,233			6,491,985		231,443		131,637		253,864

MML Focused Equity Fund, Class II		2,547,743		2,964,962		(973,093	)		(1,425,825	)		(159,422	)		2,954,365		554,290		71,900		1,527,112

MML Foreign Fund, Initial Class		8,917,658		899,015		(1,268,171	)		(1,615,421	)		154,250			7,087,331		766,198		175,041		-

MML Fundamental Growth Fund, Class II		4,064,203		2,017,766		(1,359,685	)		(1,203,503	)		112,430			3,631,211		387,536		41,607		1,120,310

MML Fundamental Value Fund, Class II		8,907,887		1,757,330		(1,244,150	)		(1,759,341	)		(23,964	)		7,637,762		616,944		138,755		774,915

MML Global Fund, Class I		8,649,029		2,288,968		(1,116,799	)		(2,022,090	)		41,492			7,840,600		764,937		97,219		1,068,747

MML Income & Growth Fund, Initial Class		9,037,523		3,627,970		(1,348,335	)		(3,393,238	)		50,827			7,974,747		939,311		161,592		2,150,145

MML Inflation-Protected and Income Fund, Initial Class		4,111,211		718,469		(981,367	)		(116,094	)		(73,694	)		3,658,525		376,392		131,855		-

MML International Equity Fund, Class II		8,025,233		3,227,883		(913,302	)		(2,326,679	)		121,070			8,134,205		912,930		125,592		60,586

MML Large Cap Growth Fund, Initial Class		3,082,620		1,111,662		(1,168,171	)		(232,655	)		(23,494	)		2,769,962		286,153		17,246		194,839

MML Managed Bond Fund, Initial Class		3,765,799		781,416		(1,108,887	)		(87,590	)		(58,529	)		3,292,209		275,857		125,849		-

MML Mid Cap Growth Fund, Initial Class		8,854,279		1,730,348		(1,324,776	)		(1,468,718	)		233,584			8,024,717		575,661		-		1,099,126

MML Mid Cap Value Fund, Initial Class		8,793,658		1,828,617		(973,572	)		(2,018,528	)		(122,000	)		7,508,175		803,013		130,444		893,881

MML Short-Duration Bond Fund, Class II		3,323,519		554,856		(905,093	)		(22,371	)		(26,469	)		2,924,442		304,947		100,744		-

MML Small Cap Growth Equity Fund, Initial Class		2,347,009		524,577		(1,224,030	)		(172,241	)		(85,823	)		1,389,492		108,412		-		231,840

MML Small Company Value Fund, Class II		4,005,568		603,011		(620,285	)		(502,304	)		(211,309	)		3,274,681		236,268		12,504		224,620

MML Small/Mid Cap Value Fund, Initial Class		3,100,389		548,422		(480,276	)		(762,643	)		21,846			2,427,738		228,601		13,689		309,297

MML Strategic Emerging Markets Fund, Class II		5,766,400		2,600,548		(675,238	)		(1,020,266	)		89,225			6,760,669		668,050		10,233		-

MML Total Return Bond Fund, Class II		2,295,000		454,794		(817,430	)		(25,753	)		(23,512	)		1,883,099		185,344		41,719		-

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		3,037,934		624,550		(570,277	)		(620,196	)		79,626			2,551,637		37,169		-		399,114

Oppenheimer Global Fund/VA, Non-Service Shares*		5,224,658		624,817		(1,681,819	)		(1,048,008	)		262,324			3,381,972		88,999		40,510		286,402

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		14,019,162		700,451		(1,415,000	)		(478,052	)		(32,272	)		12,794,289		1,348,186		50,451		-

Oppenheimer International Growth Fund/VA, Non-Service Shares*		4,266,387		922,177		(681,616	)		(897,060	)		17,784			3,627,672		1,787,030		32,896		74,443

Oppenheimer Main Street Fund/VA, Non-Service Shares*		3,219,789		1,250,171		-			(680,662	)		-			3,789,298		141,339		42,559		320,112


	$	156,872,039	$	39,059,757	$	(29,042,833	)	$	(28,171,514	)	$	833,897		$	139,551,346			$	1,949,505	$	13,309,454

*	Fund advised by OFI Global Asset Management.

Notes to Financial Statements (Continued)

Indemnifications

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

New Accounting Pronouncements

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

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

Basis for Opinion

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

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

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

Deloitte & Touche LLP

Boston, Massachusetts

February 22, 2019

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

Trustees and Officers (Unaudited)

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

Disinterested Trustees


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Allan W. Blair Age: 70	Trustee	Since 2003	Retired; President and Chief Executive Officer (1996-2014), Economic Development Council of Western Massachusetts (non-profit development company); President and Chief Executive Officer (1984-2014), Westover Metropolitan Development Corporation (quasi-public development company).	111	Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Nabil N. El-Hage Age: 60	Trustee	Since 2012	Founder and CEO (since 2018), AEE International LLC (a Puerto Rico LLC); Founder and sole member (2016-2018), PR Academy of Executive Education LLC (a Puerto Rico LLC); Chairman (2011-2016), Academy of Executive Education, LLC (a Massachusetts LLC).	111	Director (2011-2015), Argo Group International Holdings, Ltd. (underwriter of specialty insurance and reinsurance products); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2005), Chairman (2006-2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company).

Maria D. Furman Age: 64	Trustee	Since 2012	Retired.	111	Trustee (since 2011), GMO Series Trust (open-end investment company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).

R. Alan Hunter, Jr. Age: 72	Chairperson Trustee	Since 2016 Since 2003	Retired.	111	Director (2007-2018), Actuant Corporation (diversified industrial company); Chairperson (since 2016), Trustee (since 2003), MassMutual Select Funds (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Trustees and Officers (Unaudited) (Continued)


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

Susan B. Sweeney Age: 66	Trustee	Since 2009	Retired; Senior Vice President and Chief Investment Officer (2010-2014), Selective Insurance Group (property and casualty company).	113^	Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Trustee (since 2009), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Interested Trustees


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Teresa Hassara^^ Age: 56	Trustee	Since 2017	Head of Workplace Solutions (since 2017), MassMutual; President of Institutional Retirement (2009-2016), TIAA-CREF.	111	Director (since 2017), MML Advisers; Trustee (since 2017), MassMutual Select Funds (open-end investment company); Trustee (since 2017), MML Series Investment Fund II (open-end investment company); Trustee (since 2017), MassMutual Premier Funds (open-end investment company).

Robert E. Joyal^^^ Age: 73	Trustee	Since 2003	Retired.	113^	Director (since 2018), Jeffries Financial Group Inc. (holding company); Director (2013-2018), Leucadia National Corporation (holding company); Director (2012-2017), Ormat Technology, Inc. (provider of alternative energy technology); Director (2006-2014), Jefferies Group LLC (investment bank); Trustee (since 2003), Barings Corporate Investors (closed-end investment company); Trustee (since 2003), Barings Participation Investors (closed-end investment company); Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Trustees and Officers (Unaudited) (Continued)

Principal Officers who are Not Trustees


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Joseph Fallon Age: 43	Vice President Assistant Vice President	Since 2017 2015- 2017	Investment Director (since 2014), MML Advisers; Head of Investment Consulting (since 2018), Head of Investment Consulting & Strategy (2017-2018), Investment Director (2006-2017), MassMutual; Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Select Funds (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MML Series Investment Fund II (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Premier Funds (open-end investment company).	111

Andrew M. Goldberg Age: 52	Vice President, Secretary, and Chief Legal Officer Assistant Secretary	Since 2008 2001- 2008	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2004-2018), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company).	111

Renee Hitchcock Age: 48	Chief Financial Officer and Treasurer Assistant Treasurer	Since 2016 2007- 2016	Head of Mutual Fund Administration (since 2018), Assistant Vice President (2015-2018), Director (2007-2015), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Select Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund II (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company).	111

Jill Nareau Robert Age: 46	Vice President and Assistant Secretary Assistant Secretary	Since 2017 2008- 2017	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2009-2018), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MML Series Investment Fund II (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MassMutual Premier Funds (open-end investment company).	111

Douglas Steele Age: 43	Vice President	Since 2016	Vice President and Head of Investment Management (since 2017), Head of Investment Due Diligence (2016-2017), MML Advisers; Head of Investment Management (since 2017), Assistant Vice President (2013-2017), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund II (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	111

Trustees and Officers (Unaudited) (Continued)


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Philip S. Wellman Age: 54	Vice President and Chief Compliance Officer	Since 2007	Vice President and Chief Compliance Officer (since 2013), MML Advisers; Head of Mutual Funds and RIA Compliance (since 2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (2014-2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds and Investment Advisory) (2008-2014), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund II (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company).	111

Eric H. Wietsma Age: 52	Vice President	Since 2006	Vice President (since 2018), Director (since 2013), and President (2013-2018), MML Advisers; Head of Workplace Operations (since 2018), Senior Vice President (2010-2018), MassMutual; President (since 2008), Vice President (2006-2008), MassMutual Select Funds (open-end investment company); Vice President (since 2006), MML Series Investment Fund II (open-end investment company); President (since 2008) Vice President (2006-2008), MassMutual Premier Funds (open-end investment company).	111

Tina Wilson Age: 48	President Vice President	Since 2017 2016- 2017	President (since 2018), Head of Investments (since 2016), and Vice President (2016-2018), MML Advisers; Head of Investment Solutions Innovation, Product Management (since 2018), Senior Vice President (2014-2018), Vice President (2009-2014), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); President (since 2017), Vice President (2016-2017), MML Series Investment Fund II (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	111

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

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

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

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

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

^^^

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

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

Federal Tax Information (Unaudited)

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



	Dividends Received Deductions
Conservative Allocation Fund		13.86%
Balanced Allocation Fund		20.36%
Moderate Allocation Fund		24.25%
Growth Allocation Fund		33.04%
Aggressive Allocation Fund		94.50%
MML American Funds Growth Fund		100.00%
MML American Funds International Fund		0.47%
MML American Funds Core Allocation Fund		84.01%

For the year ended December 31, 2018, the following Fund(s) earned the following foreign sources of income:



	Amount
Conservative Allocation Fund	$	483,389
Balanced Allocation Fund		851,059
Moderate Allocation Fund		5,113,406
Growth Allocation Fund		4,717,239
Aggressive Allocation Fund		543,558
MML American Funds International Fund		1,622,926
MML American Funds Core Allocation Fund		3,582,147

Other Information (Unaudited)

Proxy Voting

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

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

Quarterly Reporting

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

Other Information (Unaudited) (Continued)

Fund Expenses December 31, 2018

Expense Examples:

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

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

Actual Expenses:

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

Hypothetical Example for Comparison Purposes:

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

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


	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Conservative Allocation Fund
Initial Class	$	1,000		0.13	%	$	967.00	$	0.65	$	1,024.70	$	0.67
Service Class		1,000		0.38	%		966.00		1.89		1,023.40		1.95
Balanced Allocation Fund
Initial Class		1,000		0.12	%		955.30		0.59		1,024.70		0.62
Service Class		1,000		0.37	%		953.30		1.83		1,023.50		1.90
Moderate Allocation Fund
Initial Class		1,000		0.12	%		944.30		0.59		1,024.70		0.62
Service Class		1,000		0.37	%		943.00		1.82		1,023.50		1.90
Growth Allocation Fund
Initial Class		1,000		0.12	%		928.10		0.59		1,024.70		0.62
Service Class		1,000		0.37	%		927.10		1.81		1,023.50		1.90

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		0.16	%	$	912.80	$	0.78	$	1,024.50	$	0.82
Service Class		1,000		0.41	%		911.20		1.99		1,023.30		2.10
MML American Funds Growth Fund
Service Class I**		1,000		1.04	%		906.40		5.02		1,020.10		5.32
MML American Funds International Fund
Service Class I**		1,000		1.23	%		867.90		5.82		1,019.10		6.29
MML American Funds Core Allocation Fund
Service Class I		1,000		0.71	%		941.90		3.49		1,021.70		3.64

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

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

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, CT 06082-1981

LOGO

RS-45238-01

LOGO

Table of Contents



President’s Letter to Shareholders (Unaudited)			1

Economic and Market Review (Unaudited)			3

Portfolio Manager Report (Unaudited)			5

Portfolio of Investments
MML Blue Chip Growth Fund			62
MML Equity Income Fund			65
MML Equity Index Fund			69
MML Focused Equity Fund			77
MML Foreign Fund			79
MML Fundamental Growth Fund			81
MML Fundamental Value Fund			83
MML Global Fund			85
MML Growth & Income Fund			87
MML Income & Growth Fund			90
MML International Equity Fund			93
MML Large Cap Growth Fund			95
MML Managed Volatility Fund			97
MML Mid Cap Growth Fund			106
MML Mid Cap Value Fund			110
MML Small Cap Growth Equity Fund			113
MML Small Company Value Fund			117
MML Small/Mid Cap Value Fund			121
MML Total Return Bond Fund			124

Statements of Assets and Liabilities			136

Statements of Operations			148

Statements of Changes in Net Assets			154

Financial Highlights			167

Notes to Financial Statements			186

Report of Independent Registered Public Accounting Firm			223

Trustees and Officers (Unaudited)			225

Federal Tax Information (Unaudited)			229

Other Information (Unaudited)
Proxy Voting			230
Quarterly Reporting			230
Trustees’ Approval of Investment Advisory Contracts			230
Fund Expenses			232

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

To Our

Shareholders

LOGO

Tina Wilson

December 31, 2018

Despite the intense volatility, markets remained strong overall

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

Suggestions for retirement investors under any market conditions

Save as much as possible

Invest continually

Invest for the long run

(Continued)

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

Monitor your asset allocation regularly – and diversify

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

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

•

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

•

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

•

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

Why we do what we do

Sincerely,

LOGO

Tina Wilson

President

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

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

December 31, 2018

Market Highlights

•

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

•

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

•

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

Market Environment

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

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

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

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

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

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

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

The Fund’s Initial Class shares returned 1.88%, outperforming the -1.51% return of the Russell 1000^® Growth Index (the “benchmark”), which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. In addition, the Fund substantially outperformed the -4.38% return of the S&P 500^®Index, which measures the performance of 500 widely held stocks in the U.S. equity market.

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

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

For the year ended December 31, 2018, stock selection was the primary driver of relative outperformance; group weighting was also notably positive. From a sector perspective, information technology, health care, and industrials were the key drivers of the Fund’s outperformance. Financials and communication services were the largest detractors.

The information technology sector was the leading relative outperformer due to stock selection. Below-benchmark exposure to Fund holding Apple was a key contributor, as shares sold off due to softer-than-expected demand for the latest iPhone, particularly among consumers in China. The Fund held an underweight position, relative to the benchmark, due in part to concerns over saturation and elongation of replacement cycles for smartphones. Fund holding ServiceNow, a cloud computing company, climbed higher, driven by strong demand for its portfolio of products. Health care also contributed on a relative basis, due to both stock selection and a favorable overweight in the sector. Accelerated growth in the number of global procedures being performed by da Vinci, Intuitive Surgical’s robotic surgical system, drove share prices of this Fund holding higher. The industrials sector also bolstered relative results, on both stock selection and below-benchmark exposure. Fund holding Boeing’s shares appreciated as operating margins continued to expand thanks to favorable delivery volume and the mix of commercial aircraft ordered and sold. Better-than-expected revenue growth from defense and services also helped.

In contrast, the financials sector, which declined for the period, weighed on the Fund’s relative performance. This was due to stock choices and an overweight position in the sector. Shares of Fund holding investment bank and financial services company Morgan Stanley came under pressure due to investor concerns over decelerating transaction revenue and compression of advisory fees, impacting the results of its wealth management division. Shares were weighed down further at year end as growing fears of recession in 2019 caused bank stocks to sell off. The communication services sector also detracted from the Fund’s relative returns, driven by both above-benchmark exposure and stock choices within the sector.

Subadviser outlook

Although the fourth-quarter market sell-off was painful, Fund management was not surprised to see a downturn, given the length of the bull market and the third-quarter rally that pushed some equity valuations to overly elevated levels. Entering 2019, their expectations were more muted than they were a year ago, although Fund management does not believe a near-term recession is likely. Rather, their view is that corporate earnings and economic growth are likely to increase at a slower pace than in 2018, while remaining positive. They are concerned about the effects of the U.S./China trade dispute, although they do believe that a resolution to the standoff may boost markets.

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



MML Blue Chip Growth Fund Largest Holdings (% of Net Assets) on 12/31/18

Amazon.com, Inc.	10.0	%
Microsoft Corp.	5.8	%
Alphabet, Inc. Class C	4.4	%
The Boeing Co.	3.9	%
Facebook, Inc. Class A	3.9	%
Visa, Inc. Class A	3.5	%
UnitedHealth Group, Inc.	3.2	%
Booking Holdings, Inc.	3.0	%
Alibaba Group Holding Ltd. Sponsored ADR	3.0	%
Mastercard, Inc. Class A	2.9	%

	43.6	%



MML Blue Chip Growth Fund Sector Table (% of Net Assets) on 12/31/18

Communications	29.7	%
Consumer, Non-cyclical	24.6	%
Technology	16.9	%
Financial	12.5	%
Industrial	7.8	%
Consumer, Cyclical	7.6	%
Basic Materials	0.3	%
Utilities	0.1	%

Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		1.88%		11.17%		16.88%
Service Class		1.68%		10.89%		16.58%
Russell 1000 Growth Index*		-1.51%		10.40%		15.29%
S&P 500 Index		-4.38%		8.49%		13.12%

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

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Growth Index and the S&P 500 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

MML Equity Income Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks dividend income and long-term capital growth by investing primarily in common stocks, with an emphasis on large-capitalization companies that have a strong track record of paying dividends or that the Fund’s subadviser believes to be undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

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

The Fund’s Initial Class shares returned -9.36%, underperforming the -4.38% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market. In addition, the Fund underperformed the -8.27% return of the Russell 1000^® Value Index, which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

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

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

For the year ended December 31, 2018, sector allocation weighed on the Fund’s relative returns, as financials, consumer staples, and utilities were the largest relative detractors. The industrials and energy sectors were the largest relative contributors.

Financials was the primary relative detractor from Fund performance due to stock selection. Shares of Fund holding Brighthouse Financial suffered due to higher-than-expected operating costs related to the company’s spin-off from MetLife and net outflows in its variable annuities segment. Fund holdings in the consumer staples sector also weighed on relative performance. Tyson Foods declined due to the unexpected resignation of its CEO, as well as heightened trade tensions with China – which drove an increase in the domestic supply of chicken, beef, and pork, thereby weighing on chicken prices.

Stock selection in the industrials sector contributed to relative performance. Fund holding Boeing benefited from strong demand for its commercial aircraft, increased defense spending, and lower production costs due to automation. Fund holdings in the energy sector also contributed to relative performance. Despite falling oil prices, integrated oil company Total outperformed the broader energy sector due to strong production growth, expense discipline, and a rise in demand for liquefied natural gas.

Subadviser outlook

In 2018, U.S. equities experienced their worst losses in a decade, as monetary policy developments, trade tensions, worries about slowing global growth, and macroeconomic concerns sparked volatility in the previously sanguine markets and drove stretches of sharp declines. Continued trade disputes between the U.S. and China periodically depressed equities and raised the level of uncertainty in the markets.

The Fund management believes the recent market volatility has the potential to persist until there is more clarity into how the U.S.-China trade situation will be resolved. In the meantime, they are concerned that global trade policy uncertainty could further dampen business capital spending and other growth-driving efforts. They also remain mindful of potential headwinds from increased political tensions in the U.S. and rising interest rates. That said, Fund management believes that the U.S. economy, although slowing, remains reasonably strong.

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


MML Equity Income Fund Largest Holdings (% of Net Assets) on 12/31/18

JP Morgan Chase & Co.	3.4	%
Wells Fargo & Co.	3.2	%
Twenty-First Century Fox, Inc. Class B	2.5	%
Exxon Mobil Corp.	2.5	%
Verizon Communications, Inc.	2.2	%
Pfizer, Inc.	2.1	%
DowDuPont, Inc.	2.1	%
Total SA	2.1	%
Johnson & Johnson	2.1	%
The Southern Co.	2.0	%

	24.2	%


MML Equity Income Fund Sector Table (% of Net Assets) on 12/31/18

Financial	26.2	%
Consumer, Non-cyclical	20.8	%
Communications	9.7	%
Energy	9.2	%
Industrial	8.9	%
Utilities	7.6	%
Technology	5.7	%
Consumer, Cyclical	5.5	%
Basic Materials	4.6	%
Mutual Funds	0.4	%

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

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-9.36%		4.62%		10.55%
Service Class		-9.60%		4.35%		10.27%
S&P 500 Index*		-4.38%		8.49%		13.12%
Russell 1000 Value Index		-8.27%		5.95%		11.18%

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

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index and the Russell 1000 Value Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

MML Equity Index Fund – Portfolio Manager Report (Unaudited)

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

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

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

The Fund’s Class I shares returned -4.80%, underperforming the -4.38% return of the Index, which measures the performance of 500 widely held stocks in the U.S. equity market.

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

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

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

For the year ended December 31, 2018, health care and utilities were the strongest-performing sectors within the Index, returning 6.03% and 4.11%, respectively. The energy and materials sectors exhibited the worst performance, returning -18.33% and -15.34%, respectively.

Domestic equities started 2018 off on a strong note, extending the exuberance from the late-2017 passage of tax reform. Markets climbed to new highs in early 2018 before volatility came back into the markets due to continued trade war speculation. This caused investors to pull back after disappointing jobs numbers in early 2018, leading to markets posting their first negative return in the first quarter since 2015.

Throughout the rest of 2018, talk of tariffs and trade wars with America’s main trading partners, China and Europe, dominated the headlines, leading to speculation of a global growth slowdown. Despite the global growth concerns, corporate earnings remained strong throughout the second and third quarters of the year, resulting in market advances, while oil took a volatile path throughout 2018.

Accompanying the strength in economic data and corporate earnings, the Federal Reserve Board (the Fed) continued with four quarterly rate hikes throughout 2018. In the third quarter, the U.S. markets hit new all-time highs, while yields edged higher and the U.S. dollar showed sustained strength. In September, however, ongoing geopolitical issues started to weigh on markets, leading to a significant decline in equities over the fourth quarter.

With the Fed’s continued rate hikes, the short end of the yield curve increased, while the long end remained relatively unchanged through the first part of the year. (The yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates.) The economic turmoil in the fourth quarter inverted the medium term of the yield curve, while investors interpreted the final Fed minutes release for 2018 to imply a decrease in the number of rate increases for 2019. On the trade war front, despite initial positive reports coming out of the G20 Summit, investors questioned whether additional progress would be made before the March 1st deadline.

Subadviser outlook

Fund management believes that numerous forces will continue to influence the direction that the markets will take as we head into 2019, including central bank policy in both the United States and throughout the world, geopolitical tensions and trade war rhetoric, as well as the tense political discourse in the U.S. Fund management believes, however, that the Fund continues to be positioned to pursue returns that are consistent with those of the Index.

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

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


MML Equity Index Fund Largest Holdings (% of Net Assets) on 12/31/18

Microsoft Corp.	3.6	%
Apple, Inc.	3.3	%
Amazon.com, Inc.	2.9	%
Berkshire Hathaway, Inc. Class B	1.8	%
Johnson & Johnson	1.6	%
JP Morgan Chase & Co.	1.5	%
Alphabet, Inc. Class C	1.5	%
Facebook, Inc. Class A	1.5	%
Alphabet, Inc. Class A	1.4	%
Exxon Mobil Corp.	1.3	%

	20.4	%


MML Equity Index Fund Sector Table (% of Net Assets) on 12/31/18

Consumer, Non-cyclical	22.7	%
Financial	17.5	%
Technology	15.5	%
Communications	14.2	%
Industrial	8.8	%
Consumer, Cyclical	8.2	%
Energy	5.2	%
Utilities	3.3	%
Basic Materials	2.2	%
Mutual Funds	0.0	%

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

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Class I		-4.80%		8.04%		12.66%
Class II		-4.63%		8.20%		12.83%
Class III		-4.52%		8.34%		12.99%
Service Class I		-5.04%		7.77%		12.37%
S&P 500 Index		-4.38%		8.49%		13.12%

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

LOGO

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

MML Focused Equity Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks growth of capital over the long-term by investing primarily in equity securities of U.S. companies that the Fund’s subadviser believes are financially sound, valued conservatively by the market, and have improving prospects. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

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

The Fund’s Class II shares returned 1.18%, outperforming, by a wide margin, the -4.78% return of the Russell 1000^® Index (the “benchmark”), which measures the performance of the large-cap segment of U.S. equity securities. It is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.

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

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

Strong security selection within the consumer discretionary, consumer staples, industrials, and information technology sectors drove the Fund’s relative outperformance for the year ended December 31, 2018 – while less-than-favorable stock selection in the health care sector partially offset the positive results. Sector allocation, which is a residual of the Fund’s bottom-up stock selection process, was weak and detracted from relative performance. The Fund’s underweight allocation, relative to the benchmark, to the information technology sector and overweight to the industrials sector weighed on relative results.

Fund holdings that were top relative contributors for the period included TJX Companies (consumer discretionary) and Nike (consumer discretionary). Shares of TJX Companies, an off-price apparel and home goods retailer, rose following solid earnings and strong same-store sales, along with adjusted earnings per share. Its competitive advantage is how TJX Companies buys clothing: It purchases overages and acquires inventory at extremely favorable price points. In addition, the company is unique in large caps, as it has potential to outperform in both offensive and defensive macroeconomic environments. We view the company as a high-quality, cash-generative, dominant value creator and distributor. Nike, a provider of athletic footwear, apparel, and accessories, reported strong earnings and announced that sales were accelerating across all regions and channels and that prior inventory issues had been resolved, causing its shares to advance.

Fund holdings that were among the top relative detractors for the period were Colgate-Palmolive (consumer staples) and PNC Financial (financials). The share price of Colgate-Palmolive, one of the world’s largest consumer product companies, has been weak, similar to the experience of other consumer packaging goods companies. Although company revenue grew over the period, organic revenue fell below management and shareholder expectations. Cost savings continued to be an area of strength. The company has strong competitive advantages given its size and global scale, but a key reason for its success is that it has dominant market share (well above 50%) in many of its markets. The company has expansive geographic reach, with nearly 80% of sales generated from outside the U.S., with 50% of total sales coming from emerging markets. Despite reporting solid earnings results, shares of PNC Financial, a diversified financial services company, fell as the company faced headwinds from the market, including the flattening yield curve. (The yield curve is a graphical representation of bond yields with very short maturities to the longest available, with the curve indicating whether short-term rates are higher or lower than long-term rates. If the yield curve is flattening, that means the yield spread between long-term and short-term rates is decreasing.) Not owning benchmark constituent Amazon (a U.S.-based global leader in e-commerce retail), which performed well during the period, also weighed on relative results. McKesson (health care) was the top detractor in the poorly performing health care sector.

Subadviser outlook

Overall, Fund management remains highly cautious in their investment posture. They continue to believe in the power of compounding and in a growing dividend as the tool through which this power is expressed. Fund management believes a long-term outlook characterized by patience and low turnover is the best recipe for managing the portfolio.

At the end of the period, the Fund was most overweight in the consumer staples and industrials sectors, and most underweight in the information technology and communication services sectors.

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


MML Focused Equity Fund Largest Holdings (% of Net Assets) on 12/31/18

Medtronic PLC	4.5	%
McDonald’s Corp.	4.5	%
The Coca-Cola Co.	4.5	%
PepsiCo, Inc.	4.3	%
American Tower Corp.	4.2	%
The TJX Cos., Inc.	4.1	%
Bristol-Myers Squibb Co.	4.0	%
NIKE, Inc. Class B	4.0	%
American Express Co.	4.0	%
Chubb Ltd.	4.0	%

	42.1	%


MML Focused Equity Fund Sector Table (% of Net Assets) on 12/31/18

Consumer, Non-cyclical	31.6	%
Financial	25.5	%
Industrial	17.2	%
Consumer, Cyclical	14.9	%
Technology	6.3	%
Basic Materials	2.7	%

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

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Since Inception Average Annual 12/8/11 - 12/31/18
Class II		1.18%		8.28%		13.78%
Russell 1000 Index		-4.78%		8.21%		12.82%

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Since Inception Average Annual 5/1/12 - 12/31/18
Service Class I		0.99%		8.02%		11.92%
Russell 1000 Index		-4.78%		8.21%		11.26%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

MML Foreign Fund – Portfolio Manager Report (Unaudited)

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

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

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

The Fund’s Initial Class shares returned -15.90%, underperforming the -14.20% return of the MSCI All Country World Index (ACWI) ex USA (the “benchmark”), which measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets.

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

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

For the year ended December 31, 2018, stock selection, particularly in Europe, hindered the Fund’s performance relative to the benchmark. Within the region, Fund holdings in France and Sweden hurt results, while an overweighting in Germany also hampered performance. Additionally, stock selection in Japan and South Korea weighed on the Fund’s overall results in Asia.

From a sector perspective, Fund holdings in the financials, materials, and information technology sectors detracted from the Fund’s relative performance. In financials, French banking and financial services firm BNP Paribas significantly hindered results. In materials, German specialty chemicals company LANXESS was a notable detractor, while electronics company OMRON (Japan) weighed on results in information technology. Other major detractors included pharmaceuticals and life sciences company Bayer (Germany) in the health care sector, telecommunications services provider Vodafone Group (U.K.) in the communication services sector, and home improvement retailer Kingfisher (U.K.) in the consumer discretionary sector.

During the period, the U.S. dollar rose in value against most foreign currencies, which hurt the Fund’s performance because investments in securities with non-U.S. currency exposure lost value as the U.S. dollar rose.

In contrast, an underweighted allocation in North America benefited the Fund’s relative results. Additionally, Fund holdings in China, Luxembourg, and Denmark contributed to relative performance, while the Fund’s overweighted allocations, relative to the benchmark, in the U.K. and Singapore also boosted results.

From a sector perspective, greater-than-benchmark stakes in the health care and energy sectors benefited relative results, while stock selection in the communication services sector also contributed. Medical devices manufacturer LivaNova (U.K.) boosted the Fund’s performance in the health care sector, Chinese wireless and mobile services provider China Telecom was a contributor in the communication services sector, and British integrated oil and gas company BP supported the Fund’s full-year returns in the energy sector.

Subadviser outlook

Fund management believes that one counterintuitive characteristic of financial markets is that the better things seem, the riskier they actually may be. Risks appear elevated to Fund management at this point in the cycle since central bank policy makers have begun raising interest rates against a backdrop of broadly high asset prices and historically low volatility. At Templeton, Fund management is resolved to avoid complacency and remain mindful of their privileged roles as stewards of client capital. However, the Fund will also remain invested in equity markets, with a focus, in the words of the firm’s founder, Sir John Templeton, on “those stocks having the lowest prices in relation to possible earning power of future years.”

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



MML Foreign Fund Largest Holdings (% of Net Assets) on 12/31/18

Shire PLC	3.1	%
Samsung Electronics Co. Ltd.	2.7	%
BP PLC	2.7	%
Royal Dutch Shell PLC Class B	2.7	%
Standard Chartered PLC	2.5	%
Roche Holding AG	2.2	%
Sanofi	2.1	%
BNP Paribas SA	2.0	%
Suntory Beverage & Food Ltd.	1.9	%
UBS Group AG Registered	1.9	%

	23.8	%



MML Foreign Fund Sector Table (% of Net Assets) on 12/31/18

Financial	22.5	%
Consumer, Non-cyclical	20.6	%
Energy	12.3	%
Communications	10.7	%
Technology	7.5	%
Industrial	7.1	%
Basic Materials	5.2	%
Consumer, Cyclical	4.8	%
Utilities	3.1	%
Diversified	1.5	%
Mutual Funds	0.5	%

Total Long-Term Investments	95.8	%
Short-Term Investments and Other Assets and Liabilities	4.2	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-15.90%		-1.53%		4.97%
Service Class		-16.03%		-1.74%		4.73%
MSCI ACWI ex USA		-14.20%		0.68%		6.57%

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

LOGO

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

MML Fundamental Growth Fund – Portfolio Manager Report (Unaudited)

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

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

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

The Fund’s Class II shares returned 0.80%, outperforming the -1.51% return of the Russell 1000^® Growth Index (the “benchmark”), which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

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

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

Security selection within the consumer discretionary and energy sectors was the primary driver behind the Fund’s outperformance of its benchmark for the year ended December 31, 2018. Weak selection within the industrials, financials, and information technology sectors detracted from relative performance. The Fund also benefited from its overweight exposure, relative to the benchmark, to the information technology sector and its underweight exposure to the consumer staples sector, although this was partially offset by an underweight to the consumer discretionary sector.

Fund holdings that were top contributors to benchmark-relative returns were McDonald’s (consumer discretionary) and TJX (consumer discretionary). Shares of McDonald’s, a fast food franchiser, rose during the period as the company benefited from strong same-store sales due to the increased use of technology, a revamped “value” menu, and an upgraded design for its restaurants. TJX – the largest global off-price apparel and home goods retailer, which operates the TJ Maxx, Marshalls, and Home Goods brands – also contributed to the Fund’s relative returns. During the year, its shares rose after management reported strong consecutive quarterly earnings on the heels of strong same-store sales and better-than-expected 2018 guidance.

Fund holdings that were top detractors from relative performance included Caterpillar (industrials), Apple (information technology), and Citigroup (financials). Caterpillar, the world’s largest construction and mining manufacturer, underperformed, as rising material costs and fears of a slowdown of global growth drove down shares during the year. Apple designs, manufactures, and markets communication and media devices, and sells software, services, and accessories. Apple underperformed as the company began to face a maturing iPhone market. Shares fell as investors became concerned that a trade war between the United States and China could dim global growth prospects and decrease sales. Citigroup was the top underperformer in the lagging financials sector.

Subadviser outlook

In Fund management’s conversations with the management teams of the Funds’ portfolio companies, they are finding that most companies are focused on seeking ways to reduce costs, particularly by employing technology tools that promote productivity gain. Another secular trend Fund management continues to see is a focus on cyber security. Cyber breaches appear to be accelerating and the targets are getting much bigger. Companies are therefore seeking ways to quickly detect, mitigate, and localize any threats. The Fund owns several companies that Fund management believes have the potential to benefit from both of these trends.

As of the end of the period, the Fund’s largest overweight positions, relative to the benchmark, were in the information technology and consumer discretionary sectors and its largest underweight positions were in the industrials and consumer staples sectors.

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



MML Fundamental Growth Fund Largest Holdings (% of Net Assets) on 12/31/18

Microsoft Corp.	8.0	%
Alphabet, Inc. Class C	6.1	%
Apple, Inc.	4.1	%
Amazon.com, Inc.	4.0	%
Visa, Inc. Class A	3.1	%
Mastercard, Inc. Class A	2.5	%
The Procter & Gamble Co.	2.3	%
The Home Depot, Inc.	2.2	%
Amgen, Inc.	2.1	%
salesforce.com, Inc.	2.1	%

	36.5	%



MML Fundamental Growth Fund Sector Table (% of Net Assets) on 12/31/18

Consumer, Non-cyclical	24.6	%
Technology	24.4	%
Communications	16.7	%
Financial	11.9	%
Consumer, Cyclical	11.5	%
Industrial	5.2	%
Energy	1.2	%
Basic Materials	1.0	%

Total Long-Term Investments	96.5	%
Short-Term Investments and Other Assets and Liabilities	3.5	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Since Inception Average Annual 12/8/11 - 12/31/18
Class II		0.80%		9.51%		12.82%
Russell 1000 Growth Index		-1.51%		10.40%		14.16%

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Since Inception Average Annual 5/1/12 - 12/31/18
Service Class I		0.66%		9.26%		11.01%
Russell 1000 Growth Index		-1.51%		10.40%		12.53%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

MML Fundamental Value Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term total return by investing primarily in equity securities of issuers that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities, with a focus on companies with large market capitalizations (which the subadviser believes are generally above $2 billion). The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

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

The Fund’s Class II shares returned -10.34%, underperforming the -8.27% return of the Russell 1000^® Value Index (the “benchmark”), which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

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

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

Weak security selection was the primary driver of the Fund’s relative underperformance for the year ended December 31, 2018. Stock selection within the consumer staples, financials, and consumer discretionary sectors detracted from relative results, while strong stock choices in the information technology, communication services, and health care sectors partially offset the negative returns. Sector allocation, a residual of the Fund’s bottom-up stock selection process, marginally detracted from relative performance. The Fund’s overweight allocation, relative to the benchmark, to the energy sector and its underweight stake in the utilities sector weighed on performance, but was partially offset by an underweight allocation to the consumer staples sector and an overweight to the information technology sector.

Fund holdings that were top detractors from relative performance included Invesco (financials) and Halliburton (energy). Invesco, a U.S.-based investment management company, was hurt by broad market weakness and weak fund flows. Shares of Halliburton, a U.S.-based oil field services company, decreased over 40%. The energy sector experienced the steepest decline within the benchmark (-17.6%), primarily resulting from Organization of Petroleum Exporting Countries (OPEC) oversupplies and a related drop in oil prices. British-American Tobacco (consumer staples) was the top detractor in the poorly performing consumer staples sector. Not owning benchmark constituent Pfizer (health care), which performed well during the period, also detracted from the Fund’s relative results for the year.

Fund holdings that were top contributors to relative results for the year included Eli Lilly (health care) and XL Group (financials). Eli Lilly, a U.S.-based global pharmaceuticals company, returned over 47% during the period, as the company reported strong third-quarter results and released positive data on its diabetes franchise. Shares of XL Group, a global insurance and reinsurance company, rose sharply after the company agreed to be acquired by France-based insurer AXA. Since the share price of this Fund holding had reached its perceived value, Fund management eliminated the Fund’s position in this Fund holding during the period.

Subadviser outlook

Given the increase in economic uncertainty, Fund management is carefully monitoring business confidence for potential negative impact on 2019 spending plans. Fund management expects continued volatility in the near term, and they are evaluating new opportunities in companies where stock prices appear currently undervalued, offering what they believe to be attractive valuations in multiple economic scenarios.

The Fund ended the period with its largest overweight allocations to the information technology and energy sectors. The real estate and utilities sectors were the Fund’s largest underweight positions.

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


MML Fundamental Value Fund Largest Holdings (% of Net Assets) on 12/31/18

JP Morgan Chase & Co.	4.3	%
Bank of America Corp.	3.1	%
Chevron Corp.	2.9	%
Verizon Communications, Inc.	2.9	%
Comcast Corp. Class A	2.7	%
Cisco Systems, Inc.	2.7	%
Merck & Co., Inc.	2.6	%
Intel Corp.	2.5	%
Citigroup, Inc.	2.3	%
Wells Fargo & Co.	2.3	%

	28.3	%


MML Fundamental Value Fund Sector Table (% of Net Assets) on 12/31/18

Financial	26.6	%
Consumer, Non-cyclical	22.6	%
Energy	10.6	%
Communications	10.1	%
Industrial	9.2	%
Technology	8.1	%
Utilities	4.6	%
Consumer, Cyclical	4.2	%
Basic Materials	3.0	%

Total Long-Term Investments	99.0	%
Short-Term Investments and Other Assets and Liabilities	1.0	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Since Inception Average Annual 8/10/10 - 12/31/18
Class II		-10.34%		4.76%		9.29%
Russell 1000 Value Index		-8.27%		5.95%		10.67%

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Since Inception Average Annual 5/1/12 - 12/31/18
Service Class I		-10.56%		4.52%		8.20%
Russell 1000 Value Index		-8.27%		5.95%		9.89%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

MML Global Fund – Portfolio Manager Report (Unaudited)

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

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

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

The Fund’s Class I shares returned -9.53%, underperforming the -8.71% return of the MSCI World Index (the “benchmark”), which measures the performance of the large- and mid-cap segments of world equity securities.

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

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

For the year ended December 31, 2018, security selection and, to a lesser extent, an overweight position in the consumer staples sector were primary factors that detracted from the Fund’s performance relative to the benchmark. Within this sector, the Fund’s overweight position, relative to the benchmark, in American beauty products company Coty weighed on relative returns, as the stock underperformed the benchmark over the reporting period. An overweight position in the industrials sector also weakened relative returns, led by the Fund’s overweight stake in poorly performing Adecco (Switzerland), the largest temp staffing firm in the world. Not holding any positions in the strongly performing utilities sector further detracted from the Fund’s relative performance.

With respect to other Fund holdings, the Fund’s overweight positions in pharmaceutical company Bayer (Germany), custody bank State Street (U.S.), advertising and marketing firm WPP Group (U.K.), investment management and banking firm UBS (Switzerland), and two American companies – financial services firm Goldman Sachs and oil field services company Schlumberger – detracted from relative results. Additionally, not holding shares of two strongly performing American companies – software giant Microsoft and internet retailer Amazon – hurt relative performance.

During the reporting period, the Fund’s relative currency exposure, resulting primarily from differences between the Fund’s and the benchmark’s exposures to holdings of securities denominated in foreign currencies, was a detractor from relative performance.

Security selection in the materials sector was a primary factor that lifted the Fund’s relative performance. Within this sector, an overweight position in German industrial gas supplier Linde aided relative returns. An underweight position in the poorly performing financials sector further supported relative results, although no Fund holdings within this sector were among the top relative contributors during the reporting period. The Fund’s overweight position in the health care sector also benefited relative performance. Within this sector, with respect to specific Fund holdings, overweight positions in American life sciences supply company Thermo Fisher Scientific and medical equipment companies Medtronic (Ireland-based), Abbott Laboratories, Cooper Companies, and Stryker (all U.S.-based) contributed positively to relative returns. The Fund’s relative performance was also supported by overweight positions in global payments technology company Visa (U.S.), French beverage company Pernod Ricard, luxury goods company LVMH (France), as well as not holding shares of the poorly performing American social media company Facebook.

Subadviser outlook

Fund management believes that, under more challenging market conditions (a scenario they view as fairly likely in 2019), companies that have become less competitive in a digital economy will no longer benefit from leniency on the part of credit rating agencies. These companies may develop a pressing need for credit at a time when the bond market is experiencing challenges. In such an environment, they believe asset selection will be critical and that differentiating between those companies with sustainable margins and those without will likely have a greater impact on Fund returns than it has in recent years. Longer term, Fund management believes markets will decelerate from the above-average returns experienced over the last three decades. Their 10-year capital market expectations currently forecast materially lower returns compared with what investors have experienced for the prior 10 years. Fund management forecasts potential returns for a global balanced portfolio (60/40 global equity/bond) at slightly above 4% (in U.S. dollar terms) before inflation.

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


MML Global Fund Largest Holdings (% of Net Assets) on 12/31/18

Visa, Inc. Class A	3.0	%
Medtronic PLC	3.0	%
Thermo Fisher Scientific, Inc.	3.0	%
Comcast Corp. Class A	2.8	%
Nestle SA Registered	2.6	%
Accenture PLC Class A	2.4	%
Honeywell International, Inc.	2.3	%
Essity AB Class B	2.2	%
Reckitt Benckiser Group PLC	2.2	%
Diageo PLC	2.2	%

	25.7	%


MML Global Fund Sector Table (% of Net Assets) on 12/31/18

Consumer, Non-cyclical	37.1	%
Industrial	18.1	%
Financial	12.6	%
Communications	8.2	%
Technology	7.5	%
Consumer, Cyclical	7.5	%
Basic Materials	6.1	%
Energy	0.7	%
Mutual Funds	0.4	%

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

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Class I		-9.53%		4.38%		10.83%
Class II		-9.57%		4.40%		10.89%
Service Class I		-9.84%		4.09%		10.55%
MSCI World Index		-8.71%		4.56%		9.67%

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

LOGO

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

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

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

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

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

The Fund’s Initial Class shares returned -5.20%, underperforming the -4.38% return of the S&P 500^®Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market.

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

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

For the year ended December 31, 2018, security selection in the information technology sector hurt performance relative to the benchmark. Within this sector, the Fund’s underweight position, relative to the benchmark, in software giant Microsoft hurt relative performance. The Fund’s overweight position in information technology company DXC Technology also held back relative returns. The timing of the Fund’s investment in broadband communications and networking services company Broadcom further hampered relative results. (The Fund sold Broadcom before the end of the reporting period.) Stock selection in the consumer discretionary sector also detracted from relative performance. Specifically, not owning shares of internet retailer Amazon negatively impacted the Fund’s relative returns. An overweight position in commercial products manufacturer Newell Brands further detracted from the Fund’s relative results.

In other sectors, the Fund’s overweight positions in oil field services company Schlumberger, financial services firm Goldman Sachs Group, and beauty products company Coty (which the Fund exited before year-end) weighed on relative performance. The Fund’s holdings of consumer goods packaging products manufacturer Crown Holdings (not held by the benchmark) detracted from relative results. Additionally, not owning shares of strongly performing pharmaceutical company Merck further held back relative returns.

The Fund’s holdings in the health care and real estate sectors contributed to the Fund’s full-year relative performance. Within the health care sector, the Fund’s overweight positions in life sciences supply company Thermo Fisher Scientific, medical device maker Medtronic, industrial and health care tools company Danaher, and pharmaceuticals company Eli Lilly aided relative returns. Within the real estate sector, an overweight position in broadcast and communication tower management firm American Tower bolstered relative performance.

Elsewhere, the Fund’s overweight holdings of global payments technology company Visa, debit and credit transaction processing company Mastercard, global provider of banking and payment technologies Fidelity National Information Services, and coffee and tea company Starbucks buoyed relative returns. Avoiding shares of diversified industrial conglomerate General Electric boosted the Fund’s relative returns as the stock price underperformed during the year.

Subadviser outlook

Fund management believes that, under more challenging market conditions (a scenario which they view as fairly likely in 2019), companies that have become less competitive in a digital economy will no longer benefit from leniency on the part of credit rating agencies. These companies may develop a pressing need for credit at a time when the bond market is experiencing challenges. In such an environment, Fund management believes asset selection will be critical. They believe that differentiating between those companies with sustainable margins and those without will likely have a greater impact on Fund returns than it has in recent years.

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



MML Growth & Income Fund Largest Holdings (% of Net Assets) on 12/31/18

Alphabet, Inc. Class A	3.4	%
Visa, Inc. Class A	3.2	%
Johnson & Johnson	3.1	%
JP Morgan Chase & Co.	3.1	%
American Tower Corp.	2.9	%
Danaher Corp.	2.6	%
Medtronic PLC	2.6	%
Bank of America Corp.	2.4	%
Thermo Fisher Scientific, Inc.	2.4	%
Fidelity National Information Services, Inc.	2.2	%

	27.9	%



MML Growth & Income Fund Sector Table (% of Net Assets) on 12/31/18

Consumer, Non-cyclical	24.6	%
Financial	21.6	%
Technology	16.1	%
Consumer, Cyclical	10.3	%
Communications	9.9	%
Industrial	8.9	%
Energy	4.7	%
Basic Materials	2.5	%
Utilities	0.5	%
Mutual Funds	0.0	%

Total Long-Term Investments	99.1	%
Short-Term Investments and Other Assets and Liabilities	0.9	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-5.20%		7.34%		12.17%
Service Class		-5.46%		7.07%		11.89%
S&P 500 Index		-4.38%		8.49%		13.12%

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

LOGO

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

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

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

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

The Fund’s Initial Class shares returned -11.68%, underperforming the -8.27% return of the Russell 1000^® Value Index (the “benchmark”), which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

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

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

For the year ended December 31, 2018, against a backdrop of extreme fear centering on trade issues and Federal Reserve policies, the only sectors in the benchmark that posted positive returns were utilities (a “bond-proxy” sector) and health care. Some of the areas in which the Fund found more value opportunities than in the benchmark (such as industrials and energy) did not fare well in the sell-off. Additionally, the stocks within the benchmark with the highest price tags outperformed their cheaper counterparts during the reporting period. (The Fund is more heavily concentrated in the lowest-priced stocks within the benchmark.) Consequently, the Fund lagged the benchmark for the year.

The Fund’s allocation to, and stock selection within, the industrials sector detracted from benchmark-relative performance for the year. Specifically, General Electric Co. (GE) underperformed due to poorly received third-quarter earnings. Operating income for GE’s Power business turned negative, leading new CEO Larry Culp to remove earnings and cash flow guidance for the year. The company also did little to define several uncertain liabilities, particularly those related to the long-term care insurance business. GE likely brought in Culp to significantly accelerate the restructuring of the Power business and reduce its leverage.

Turning to the positive, the Fund’s stock selection within the financials sector added to relative performance. Fund holding XL Group Ltd. (XL), a global insurance company, generated approximately 70% of its earnings primarily from insurance and 30% from reinsurance. XL was a meaningful contributor to performance during the year, as the French insurance conglomerate AXA acquired the company. Whereas XL entered 2018 trading at approximately $34 per share, the take-out offer was for $57.60, nearly a 70% premium. With the takeover deal having closed, XL is no longer a Fund holding.

Subadviser outlook

The fourth-quarter market rout was a reminder that the market is a discounting mechanism. In Fund management’s view, swift downturn has the potential to imply an end to the longest bull market in recent history. Just as sentiment and returns for equity markets can shift rapidly, so, too, can investors’ preference for growth or value styles of investing. After many quarters and years of dominance by growth stocks, 2018 ended with better performance from value stocks, as the value benchmark outperformed its growth counterpart by more than 8% from the end of the third quarter through late November. The growth and value pendulum may be finally swinging toward value after the longest growth run in 90 years. With sharp corrections come opportunities, and while the market continues to be volatile, Fund management is patiently and methodically executing the Fund’s value process.

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



MML Income & Growth Fund Largest Holdings (% of Net Assets) on 12/31/18

JP Morgan Chase & Co.	2.7	%
Exelon Corp.	2.6	%
Pfizer, Inc.	2.6	%
ConocoPhillips	2.5	%
Wells Fargo & Co.	2.5	%
Dominion Energy, Inc.	2.5	%
American Express Co.	2.4	%
CVS Health Corp.	2.4	%
Phillips 66	2.3	%
Stanley Black & Decker, Inc.	2.3	%

	24.8	%



MML Income & Growth Fund Sector Table (% of Net Assets) on 12/31/18

Financial	22.7	%
Consumer, Non-cyclical	19.3	%
Energy	13.4	%
Industrial	10.0	%
Consumer, Cyclical	9.0	%
Technology	8.0	%
Utilities	6.8	%
Basic Materials	5.9	%
Communications	3.3	%
Mutual Funds	0.7	%

Total Long-Term Investments	99.1	%
Short-Term Investments and Other Assets and Liabilities	0.9	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-11.68%		5.67%		9.85%
Service Class		-11.94%		5.41%		9.57%
Russell 1000 Value Index		-8.27%		5.95%		11.18%

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

LOGO

MML International Equity Fund – Portfolio Manager Report (Unaudited)

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

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

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

The Fund’s Class II shares returned -23.79%, underperforming, by a wide margin, the -14.09% return of the MSCI World Index ex USA (the “benchmark”), which measures the performance of the large- and mid-cap segments of world, excluding U.S. equity securities.

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

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

For the year ended December 31, 2018, the Fund holding that was the most significant detractor from performance was banking firm BNP Paribas (France). The top individual contributor for the 12-month period was aerospace/defense company Safran (France).

As the Fund uses a bottom-up approach in selecting stocks, country and sector allocations are a result of the Fund’s stock selection process. With respect to country and sector performance relative to the benchmark, stock selection drove the Fund’s underperformance.

During the year, from a geographic perspective, the Fund’s positions in the U.K., Germany, and France detracted the most from relative performance. These three regions were also the largest detractors from the Fund’s absolute return, as 14 of its 15 U.K.-based holdings, all six of its Germany-based holdings, and seven of its 10 France-based holdings declined for the year. From a sector perspective, consumer discretionary detracted the most from relative results, chiefly due to stock selection, as nine of the Fund’s 11 consumer discretionary holdings supplied negative absolute returns. The largest declines came from French global automotive supplier Valeo (-60%) and American auto parts company Continental (-48%). Financials was the largest detractor from the Fund’s absolute return, as 10 of 12 underlying holdings lost value for the year.

A larger-than-benchmark weighting in the U.S. and Fund holdings in India produced the best relative performance for the year. In addition, both the U.S. and India contributed to the Fund’s collective return for the period, as all underlying Fund holdings gained value. U.S.-traded (U.K.-headquartered) insurance company Willis Towers Watson and India-based software and services firm Infosys were the Fund holdings that were the top absolute performers in those two regions. The best relative performance for 2018 came from Fund holdings in the technology sector, and even though the sector’s absolute collective return was negative, software and services firm Infosys generated a positive absolute return. Consumer staples was the only sector that contributed to the Fund’s absolute return, due to food and retail company Alimentation Couche-Tard (Canada), which advanced 20%, and French spirits producer Pernod Ricard, which gained 5%.

As of year-end 2018, the Fund held hedges on the Swiss franc. Approximately 23% of the Fund’s exposure to the franc was hedged, on Fund management’s belief that the currency had appreciated above the range of its intrinsic value as measured by purchasing power parity and other economic fundamentals. Currency hedges contributed to the Fund’s performance for the year. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both.

Subadviser outlook

Market volatility prevailed throughout 2018, due to a combination of trade wars, faltering Brexit negotiations, a reversal of economic growth in Japan, and decelerating growth in China. (“Brexit” – an abbreviation for “British exit” – refers to the United Kingdom’s referendum to leave the European Union.) Geopolitical headlines shook global markets and pressured equity prices, especially in the fourth quarter of 2018. As seasoned investors, Fund management knows that geopolitical events will always be part of the investing climate and can generate short-term impacts on stock prices. However, they believe that underlying business values are largely unaffected by macro events. Fund management remains focused on fundamental factors and utilizes discipline to take advantage of the market’s volatility and investors’ impatience. They believe that market declines offer ripe opportunities for them to identify extraordinary investment candidates that they believe have the potential to create long-term value for the Fund’s investors.

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


MML International Equity Fund Largest Holdings (% of Net Assets) on 12/31/18

BNP Paribas SA	3.8	%
Daimler AG Registered	3.7	%
Lloyds Banking Group PLC	3.6	%
Intesa Sanpaolo SpA	3.6	%
Credit Suisse Group AG Registered	3.4	%
Continental AG	3.2	%
CNH Industrial NV	3.1	%
Bayerische Motoren Werke AG	2.9	%
Glencore PLC	2.9	%
Naspers Ltd.	2.8	%

	33.0	%


MML International Equity Fund Sector Table (% of Net Assets) on 12/31/18

Financial	27.9	%
Consumer, Cyclical	24.0	%
Industrial	11.9	%
Communications	11.8	%
Consumer, Non-cyclical	10.7	%
Basic Materials	5.0	%
Technology	4.3	%
Energy	1.3	%

Total Long-Term Investments	96.9	%
Short-Term Investments and Other Assets and Liabilities	3.1	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Since Inception Average Annual 1/7/14 - 12/31/18
Class II		-23.79%		-0.48%
MSCI World Index ex USA		-14.09%		0.56%

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Since Inception Average Annual 5/1/14 - 12/31/18
Service Class I		-24.04%		-1.37%
MSCI World Index ex USA		-14.09%		-0.20%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

MML Large Cap Growth Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in large-capitalization companies that the Fund’s subadviser believes offer the potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the common stocks of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 1000^® Growth Index. The Fund’s subadviser is Loomis, Sayles & Company, L.P. (Loomis Sayles).

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

The Fund’s Initial Class shares returned -2.26%, underperforming the -1.51% return of the Russell 1000 Growth Index (the “benchmark”), which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

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

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

For the year ended December 31, 2018, stock selection in the information technology, financials, consumer staples, health care, and energy sectors – as well as the Fund’s allocation to the energy, consumer discretionary, and consumer staples sectors – detracted from relative performance. Fund holdings Facebook and Schlumberger were the largest detractors. A strategic holding since its initial public offering (IPO) in 2012, Facebook reported solid overall growth and market share gains versus the prior-year period. However, investors reacted negatively to management’s mid-year guidance for a near-term deceleration in revenue growth, coupled with a multi-year acceleration in investments. The company noted that revenue in the second half of 2018 would be negatively impacted by its decisions to provide users more choices around privacy and to increase focus on Instagram and FB Stories, two “experience” products that the company believes will drive improved engagement, but where monetization is lower. Facebook announced a substantial increase in investments for 2018 and 2019, targeting core product development, safety and security, virtual reality, marketing, and content acquisition. As a result, Facebook expects expenses will increase faster than revenue over the near term, pressuring margins. Schlumberger, the world’s leading oil field services company, reported global sales that rose 12% compared with the year-ago period. Nevertheless, stocks in the oil services sector came under pressure on short-term concerns over slowing activity in North America, where stronger-than-expected production, coupled with insufficient takeaway capacity in the Permian basin, has led operators to delay well completions. More recently, concerns over global demand growth have contributed to falling oil prices, impacting expectations for global service activity in 2019.

Stock selection in the consumer discretionary, industrials, and communication services sectors – as well as the Fund’s allocation to the industrials, information technology, and communication services sectors – contributed positively to relative returns for the year. With respect to individual Fund holdings, Amazon and Visa were the largest contributors to performance. E-commerce giant Amazon reported healthy fundamentals and strong revenue growth during the period. Visa is the largest payments technology company in the world, with a comprehensive offering of digital payment products. During the reporting period, Visa reported revenue and earnings that were strong and in line with or better than market expectations.

Subadviser outlook

The Fund’s investment process is characterized by bottom-up, fundamental research and a long-term investment time horizon. The nature of the process can lead to a lower turnover portfolio, where sector positioning is the result of stock selection. At year-end, the Fund was overweight, relative to the benchmark, in the consumer staples, consumer discretionary, health care, energy, and financials sectors – and underweight in the information technology, industrials, and communication services sectors. The Fund held no positions in the materials, real estate, telecommunications services, or utilities sectors. Fund management remains committed to its long-term investment approach to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value.

MML Large Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)


MML Large Cap Growth Fund Largest Holdings (% of Net Assets) on 12/31/18

Amazon.com, Inc.	6.5	%
Visa, Inc. Class A	6.4	%
Alibaba Group Holding Ltd. Sponsored ADR	5.1	%
Oracle Corp.	4.9	%
Facebook, Inc. Class A	4.9	%
Autodesk, Inc.	4.1	%
Regeneron Pharmaceuticals, Inc.	3.7	%
Microsoft Corp.	3.4	%
Starbucks Corp.	3.3	%
Monster Beverage Corp.	3.3	%

	45.6	%


MML Large Cap Growth Fund Sector Table (% of Net Assets) on 12/31/18

Consumer, Non-cyclical	28.6	%
Communications	27.2	%
Technology	17.5	%
Financial	9.6	%
Industrial	6.8	%
Consumer, Cyclical	6.7	%
Energy	1.7	%

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

Net Assets	100.0	%

MML Large Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Large Cap Growth Fund Initial Class, Service Class, and the Russell 1000 Growth Index.



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-2.26%		8.39%		13.32%
Service Class		-2.46%		8.12%		13.02%
Russell 1000 Growth Index		-1.51%		10.40%		15.29%

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

LOGO

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

MML Managed Volatility Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. Under normal circumstances, the Fund invests in a broadly diversified portfolio of common stocks, while also selling index call options and purchasing index put options. The Fund’s stock portfolio will have approximately 500 stocks, and seeks to duplicate the investment composition and return of the S&P 500^® Index* (the “Index”) by holding each stock included in the Index in approximately the same proportion as each stock’s relative weighting in the Index. The Fund’s subadviser is Gateway Investment Advisers, LLC (Gateway).

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

The Fund’s Initial Class shares returned -4.69%, underperforming the -4.38% return of the Index, which measures the performance of 500 widely held stocks in the U.S. equity market. The Index is the Fund’s benchmark. The Fund underperformed the 0.01% return of the Bloomberg Barclays U.S. Aggregate Bond Index, which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).

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

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

Throughout 2018, the Fund’s two-part option strategy delivered equity market participation during market advances, while mitigating losses during market declines. Specifically, the Fund returned 1.54% through January 26, lagging the Index as expected in a period when the market advanced at an above-average rate with low implied volatility. The Fund subsequently delivered downside protection by declining 4.73% from January 26 through February 8, less than half the loss of the Index over the same time period.

The Fund ended the first quarter with a return of -2.36%, lessening the underperformance gap that was created in January, but not by enough to achieve a better return than the Index for the quarter. From March 31 through September 30, the Fund returned 5.53%, capturing slightly less than half the return of its benchmark over the same period. In the fourth quarter, the Fund returned -7.50%, offsetting nearly half the loss of its benchmark despite smaller-than-expected gains from Index put option positions due to the muted and delayed implied volatility response to the market’s decline.

The Fund’s equity portfolio returned -4.01% for the year, a performance differential of +0.37% versus the Index. Consistent with its investment objective, the Fund’s measured risk was low relative to the U.S. equity market, as its standard deviation for 2018 was 8.78% versus 17.06% for the Index.

Subadviser outlook

Fund management’s investment philosophy is informed by its long history and maintains that the U.S. equity market is the most reliable source of attractive long-term returns, despite its high volatility relative to other asset classes and tendency to periodically deliver significant short-term losses. Fund management’s investment philosophy also holds that consistency is key to long-term success and that generating cash flow, rather than seeking to forecast the market, can be a lower-risk means to participate in equity markets. By staying true to this philosophy and continuing to manage the Fund consistently with the firm’s historical approach, Fund management assists Fund shareholders in managing risk while pursuing long-term returns in an uncertain environment.

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



MML Managed Volatility Fund Largest Holdings (% of Net Assets) on 12/31/18

Microsoft Corp.	3.8	%
Apple, Inc.	3.4	%
Amazon.com, Inc.	3.0	%
Berkshire Hathaway, Inc. Class B	1.9	%
Johnson & Johnson	1.7	%
JP Morgan Chase & Co.	1.5	%
Alphabet, Inc. Class C	1.5	%
Facebook, Inc. Class A	1.5	%
Alphabet, Inc. Class A	1.5	%
Exxon Mobil Corp.	1.4	%

	21.2	%



MML Managed Volatility Fund Sector Table (% of Net Assets) on 12/31/18

Consumer, Non-cyclical	23.4	%
Financial	18.6	%
Technology	16.0	%
Communications	14.6	%
Industrial	9.1	%
Consumer, Cyclical	8.5	%
Energy	5.3	%
Utilities	3.4	%
Basic Materials	2.2	%
Mutual Funds	0.0	%

Total Long-Term Investments	101.1	%
Short-Term Investments and Other Assets and Liabilities	(1.1	)%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

Hypothetical Investments in MML Managed Volatility Fund Initial Class, Service Class, the S&P 500 Index, and the Bloomberg Barclays U.S. Aggregate Bond Index.



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-4.69%		2.99%		8.10%
Service Class		-4.93%		2.73%		7.83%
S&P 500 Index*		-4.38%		8.49%		13.12%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		2.52%		3.48%

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

LOGO

* Benchmark

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

MML Mid Cap Growth Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities of mid-capitalization companies that the Fund’s subadviser believes offer the potential for above-average earnings growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the subadviser expects to grow at a faster rate than the average company. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

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

The Fund’s Initial Class shares returned -2.17%, outperforming the -4.75% return of the Russell Midcap^® Growth Index (the “benchmark”), which measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The Fund’s -2.17% return outperformed, by a wide margin, the -11.08% return of the S&P MidCap 400^® Index, which measures the performance of mid-sized U.S. companies, reflecting the distinctive risk and return characteristics of this market segment. It comprises stocks in the middle capitalization range, covering approximately 7% of the U.S. equity market.

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

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

Broadly speaking, stock selection contributed to relative performance for the year ended December 31, 2018, while sector allocation detracted. At the sector level, materials, communication services, information technology, and financials benefited relative performance, while health care hindered relative results.

The materials sector contributed to the Fund’s relative performance, due to stock selection. Fund holding Ball, a leading global manufacturer of metal food and beverage packaging products, benefited results. Its shares rose after Ball announced a joint venture project and closed a smaller Brazilian plant. Another Fund holding, coatings company RPM, saw its share price jump in late June 2018 – and remain elevated – following the announcement that an activist investor had taken a sizable position in the company. Shares of industrial gas company Air Products & Chemicals were volatile, but this Fund holding nevertheless outperformed the broader materials industry.

In the communication services sector, security selection and an underweight position, relative to the benchmark, aided relative performance. Shares of Fund holding IAC/InterActiveCorp, a media and internet services holding company, rose after strong second-quarter results alleviated concerns following a difficult first quarter. The information technology sector also boosted relative performance, due to stock selection. There, Fund holding and electronic design and test solutions provider Keysight Technologies helped to drive the Fund’s full-year results. Security selection in financials was another benefit to the Fund’s relative performance. Shares of property and casualty insurer Willis Towers Watson were volatile, sinking after this Fund holding’s disappointing second-quarter results – before jumping back up on the heels of its strong third-quarter results.

Despite a beneficial overweight position in health care, the sector hindered the Fund’s relative performance due to security selection. The share price of specialty pharmaceutical company Alkermes stumbled amid uncertainty around this Fund holding’s drug pipeline. Elsewhere, in the consumer staples sector, shares of food conglomerate Conagra Brands traded within a modest range for much of the period, until mediocre third-quarter results pressured the price of this Fund holding’s stock.

Subadviser outlook

Fund management moved to a more defensive position in recent quarters, given the worrisome echoes with past periods of exuberance – in particular, the dot-com bubble of the late 1990s, although valuations in 2018 never reached those extremes. In recent years, Fund management warned that companies were gorging on nearly cost-free financing due to the Federal Reserve’s extraordinary monetary easing. Consequently, they are closely monitoring how individual companies are faring as interest rates have begun to rise.

MML Mid Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)



*MML Mid Cap Growth Fund* Largest Holdings (% of Net Assets) on 12/31/18

Teleflex, Inc.	2.6	%
The Cooper Cos., Inc.	2.1	%
Microchip Technology, Inc.	2.0	%
Keysight Technologies, Inc.	1.9	%
Hologic, Inc.	1.9	%
Willis Towers Watson PLC	1.7	%
Textron, Inc.	1.7	%
Agilent Technologies, Inc.	1.7	%
Harris Corp.	1.6	%
IAC/InterActiveCorp	1.5	%

	18.7	%



MML Mid Cap Growth Fund Sector Table (% of Net Assets) on 12/31/18

Consumer, Non-cyclical	25.6	%
Industrial	21.8	%
Consumer, Cyclical	16.3	%
Technology	13.1	%
Financial	8.1	%
Basic Materials	3.0	%
Communications	2.9	%
Energy	2.1	%
Mutual Funds	1.8	%
Utilities	1.1	%

Total Long-Term Investments	95.8	%
Short-Term Investments and Other Assets and Liabilities	4.2	%

Net Assets	100.0	%

MML Mid Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Mid Cap Growth Fund Initial Class, Service Class, the Russell Midcap Growth Index, and the S&P MidCap 400 Index.



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-2.17%		9.44%		16.20%
Service Class		-2.45%		9.15%		15.90%
Russell Midcap Growth Index *		-4.75%		7.42%		15.12%
S&P MidCap 400 Index		-11.08%		6.03%		13.68%

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

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell Midcap Growth Index and the S&P MidCap 400 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

MML Mid Cap Value Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term capital growth. Income is a secondary objective. The Fund invests primarily in equity securities of mid-capitalization companies that the Fund’s subadviser believes offer prospects for long-term capital growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-size companies. The Fund’s subadviser is American Century Investment Management, Inc. (American Century).

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

The Fund’s Initial Class shares returned -12.99%, underperforming the -12.29% return of the Russell Midcap^® Value Index (the “benchmark”), which measures the performance of the mid-cap value segment of the U.S. equity universe. It includes Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.

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

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

For the year ended December 31, 2018, equity markets declined. Broad U.S. equity markets fell considerably due to concerns about slowing global economic and earnings growth, less accommodative monetary policy, falling oil prices, trade tensions, and a partial U.S. government shutdown in late December. The energy sector was particularly weak, given the decline in oil prices, while the more defensive utilities sector held up best during this period of volatility.

During the year, value underperformed and quality outperformed. According to the FTSE Russell indices, growth outperformed value by a meaningful margin for the year. Additionally, large-cap stocks outperformed their mid-cap counterparts for the year, and both categories outperformed small-caps. Furthermore, higher-quality stocks (rated B+ or better) generally outperformed their lower-quality competitors (rated B or lower).

The real estate sector was a key detractor for the year. The Fund’s underweight allocation, relative to the benchmark, to real estate and its position in Weyerhaeuser, one of the world’s largest private owners of timberlands, weighed on performance. Weyerhaeuser’s stock was pressured by a decline in timber pricing. The Fund maintained its sizable underweight in the real estate sector because Fund management’s metrics showed that valuations in the sector generally remained inflated.

The energy sector was another detractor during the year, as several of the Fund’s holdings within the sector declined and weighed on relative performance. These included Fund holdings Cimarex Energy, a higher-quality energy exploration and production company; and EQT, a natural gas exploration and pipeline company.

On the positive side, the consumer discretionary sector contributed and was an area of strength for the Fund. More specifically, automotive parts retailer Advance Auto Parts’ stock rose on solid quarterly results and guidance. The Fund’s health care holdings also outperformed – including hospital company LifePoint Health, which is being acquired for a significant premium by Apollo Global Management, a private equity firm.

Subadviser outlook

The Fund continues to invest in companies where Fund management believes the valuation does not reflect the quality and normal earnings power of the company. Their process is based on individual security selection, but broad themes have emerged. At year-end, the Fund held an overweight stake in the health care sector. The Fund also had a lower allocation to the consumer staples sector, and no investments in the communication services sector. As bottom-up investors, Fund management generally finds securities in the new communication services sector to have relatively volatile business models and more leveraged balance sheets. As a result, the Fund had no exposure to the sector as of the end of the year.

MML Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)



MML Mid Cap Value Fund Largest Holdings (% of Net Assets) on 12/31/18

Zimmer Biomet Holdings, Inc.	3.4	%
Northern Trust Corp.	2.7	%
Hubbell, Inc.	2.5	%
BB&T Corp.	2.2	%
Xcel Energy, Inc.	1.9	%
Weyerhaeuser Co.	1.8	%
iShares Russell Mid-Cap Value ETF	1.8	%
Invesco Ltd.	1.6	%
NorthWestern Corp.	1.6	%
Johnson Controls International PLC	1.6	%

	21.1	%



MML Mid Cap Value Fund Sector Table (% of Net Assets) on 12/31/18

Financial	27.7	%
Industrial	18.2	%
Consumer, Non-cyclical	15.6	%
Consumer, Cyclical	11.1	%
Utilities	8.7	%
Energy	7.6	%
Technology	5.8	%
Mutual Funds	1.8	%

Total Long-Term Investments	96.5	%
Short-Term Investments and Other Assets and Liabilities	3.5	%

Net Assets	100.0	%

MML Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Mid Cap Value Fund Initial Class, Service Class, and the Russell Midcap Value Index.



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-12.99%		6.61%		12.54%
Service Class		-13.31%		6.33%		12.26%
Russell Midcap Value Index		-12.29%		5.44%		13.03%

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

LOGO

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

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

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities of smaller companies that the Fund’s subadviser believes offer potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

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

The Fund’s Initial Class shares returned -4.87%, outperforming the -9.31% return of the Russell 2000 Growth Index (the “benchmark”), which measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Fund’s -4.87% return outperformed, by a wide margin, the -11.01% return of the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

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

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

For the year ended December 31, 2018, strong security selection was the main driver of the Fund’s relative outperformance. Selection was particularly positive within the health care, industrials, and information technology sectors. This was offset by weaker selection within the financials and consumer discretionary sectors, and underweight exposure, relative to the benchmark, to the health care sector. Sector allocation is a residual of the Fund’s bottom-up stock selection process.

Fund holdings that were top individual contributors to relative performance during the period included The Trade Desk and Zebra Technologies (both in the information technology sector), and DexCom (health care). The Trade Desk, a digital advertising platform for media buyers, exceeded market expectations as more ad dollars continued to shift to the digital platform. The Fund trimmed its position into strength throughout the period, but remained overweight at the end of the year. Zebra Technologies, a barcode scanning and radio frequency identification company, was another top contributor in the information technology sector. DexCom was the standout Fund holding in the well-performing health care sector.

Fund holdings that detracted most from relative returns during the period included Floor & Décor and Marriott Vacations Worldwide (both in the consumer discretionary sector), and Texas Capital Bank (financials). Floor & Décor, which sells hard-surface flooring, reported disappointing sales and lowered guidance. The Fund modestly trimmed its position, but continued to hold the stock. Marriott Vacations Worldwide, a global hotel operator and franchisor, was a detractor as near-term performance and conservative management of a recent acquisition created headwinds for the stock. Texas Capital Bank was the standout detractor in the poorly performing financials sector.

Subadviser outlook

Domestic small-cap equities suffered their largest quarterly loss in the fourth quarter since the third quarter of 2011. Volatility was elevated, as markets contended with a confluence of moderating economic growth, tighter liquidity and monetary policy, trade uncertainty, and political turmoil. These investor concerns more than offset the continued favorable corporate earnings growth cycle. While Fund management believes the U.S. economy continues to be solid, albeit growing more slowly than in the first half of 2018, they remain watchful for potential downside risks to both the general economy and financial markets that could disrupt the U.S. economic growth outlook.

As of the end of the year, the Fund was most overweight in the industrials, materials, and consumer discretionary sectors – and most underweight in the health care, consumer discretionary, and communication services sectors.

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



MML Small Cap Growth Equity Fund Largest Holdings (% of Net Assets) on 12/31/18

Insulet Corp.	2.0	%
Performance Food Group Co.	1.4	%
Haemonetics Corp.	1.2	%
iShares Russell 2000 Index Fund	1.2	%
Omnicell, Inc.	1.2	%
TriNet Group, Inc.	1.2	%
Entegris, Inc.	1.1	%
EnerSys	1.1	%
Actuant Corp. Class A	1.1	%
Carpenter Technology Corp.	1.1	%

	12.6	%



MML Small Cap Growth Equity Fund Sector Table (% of Net Assets) on 12/31/18

Consumer, Non-cyclical	24.9	%
Financial	18.8	%
Consumer, Cyclical	14.1	%
Technology	11.1	%
Industrial	10.1	%
Communications	6.7	%
Basic Materials	4.4	%
Mutual Funds	3.5	%
Energy	3.0	%
Utilities	0.6	%

Total Long-Term Investments	97.2	%
Short-Term Investments and Other Assets and Liabilities	2.8	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-4.87%		5.77%		13.59%
Service Class		-5.11%		5.51%		13.31%
Russell 2000 Growth Index *		-9.31%		5.13%		13.52%
Russell 2000 Index		-11.01%		4.41%		11.97%

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

LOGO

* Benchmark

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

MML Small Company Value Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

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

The Fund’s Class II shares returned -12.94%, underperforming the -12.86% return of the Russell 2000 Value Index (the “benchmark”), which measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Fund underperformed the -11.01% return of the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

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

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

For the year ended December 31, 2018, Fund holdings within the industrials, financials, and consumer discretionary sectors hurt the Fund’s performance. Stock selection aided the Fund’s relative outperformance, although sector allocation offset most of those results. The health care and consumer staples sectors both helped relative results, primarily due to stock selection.

Stock selection in the industrials sector weighed on the Fund’s relative performance for the year. Fund holding Triumph Group is a global supplier of aerospace components and systems. The company’s aerostructures division continued to churn through a financially difficult transition, as old programs wound down and new programs began to ramp up.

Additionally, Fund holdings in both the financials and consumer discretionary sectors detracted from relative results, due to less-than-favorable stock selection. Within the consumer discretionary sector, a notable detractor from full-year returns was Fund holding Lumber Liquidators. The stock price of the company suffered as investors focused on the competitive threat from big-box retailers offering a more varied selection of inventory, and the significant exposure that the firm has to the potential tariffs imposed on Chinese-sourced products.

On the other side of the ledger, the health care sector was the top relative performer for the year, due to stock selection. There, one notable Fund holding was the Ensign Group, which provides a broad range of skilled nursing and assisted living services. The firm recently reported a healthy quarter exhibiting organic growth, and it has been a consistent and stable grower historically. Additionally, Atrion – a Fund holding that develops and manufactures proprietary components for medical devices – is a quality company that generates regular cash flow, benefiting from tax reform more than many in its space, while holding up well in the generally challenged health care sector.

The consumer staples sector was also a relative contributor to performance during the period, due to stock choices. Post Holdings has proven to be an aggregator of attractive assets and a value creator with an impressive track record under Bill Stiritz, now non-executive chairman of the company. In recent years, while the packaged foods space has been undergoing significant consolidation, this Fund holding has acquired a number of companies that have piqued investor interest. The firm recently announced plans to separate and launch an initial public offering (IPO) of its active nutrition business.

The Fund held warrants at various points during the period. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both.

Subadviser outlook

While Fund management believes that overall global growth has the potential to slow in 2019, they generally do not anticipate a recession in the U.S. – and they expect some rebound in European and Chinese growth. Their view is that the Federal Reserve has completed most of its anticipated tightening, making further rate hikes less of a challenge for investors. The auto and housing sectors in the U.S. have slowed as interest rates have risen, but the types of distortions that are typically apparent at the end of a market cycle are conspicuously absent in their view. As a result, Fund management does not expect a boom being followed by a bust. They observe that the current environment has not seen a widespread misallocation of capital and euphoria in certain sectors, such as what occurred in the telecommunications infrastructure in 1999, and in housing in the mid-2000s.

MML Small Company Value Fund – Portfolio Manager Report (Unaudited) (Continued)



MML Small Company Value Fund Largest Holdings (% of Net Assets) on 12/31/18

Green Dot Corp. Class A	1.7	%
Littelfuse, Inc.	1.6	%
Home BancShares, Inc.	1.5	%
Atrion Corp.	1.5	%
ONE Gas, Inc.	1.3	%
Belden, Inc.	1.3	%
Nomad Foods Ltd.	1.2	%
Landstar System, Inc.	1.2	%
Chesapeake Utilities Corp.	1.2	%
Quidel Corp.	1.2	%

	13.7	%



MML Small Company Value Fund Sector Table (% of Net Assets) on 12/31/18

Financial	33.5	%
Consumer, Non-cyclical	18.1	%
Industrial	14.1	%
Consumer, Cyclical	8.6	%
Utilities	6.9	%
Energy	4.8	%
Technology	4.1	%
Communications	3.4	%
Basic Materials	2.5	%
Mutual Funds	1.9	%

Total Long-Term Investments	97.9	%
Short-Term Investments and Other Assets and Liabilities	2.1	%

Net Assets	100.0	%

MML Small Company Value Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Small Company Value Fund Class II, Service Class I, the Russell 2000 Value Index, and the Russell 2000 Index.



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Since Inception Average Annual 2/27/09 - 12/31/18
Class II		-12.94%		4.14%		13.82%
Service Class I		-13.19%		3.87%		13.53%
Russell 2000 Value Index*		-12.86%		3.61%		14.04%
Russell 2000 Index		-11.01%		4.41%		15.04%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

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

MML Small/Mid Cap Value Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term total return by investing primarily in securities that the Fund’s subadviser believes to be undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of small- and mid-cap companies. The Fund’s subadviser is AllianceBernstein L.P. (AllianceBernstein).

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

The Fund’s Initial Class Shares returned -14.92%, underperforming the -12.36% return of the Russell 2500^TM Value Index (the “benchmark”), which measures the performance of the small- to mid-cap value segment of the U.S. equity universe. It includes Russell 2500 Index companies with lower price-to-book and lower forecasted growth values.

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

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

For the year ended December 31, 2018, overall stock selection detracted from the Fund’s performance, primarily owing to Fund holdings in the consumer discretionary, financials, and industrials sectors. The Fund’s underweight position, relative to the benchmark, in the utilities sector and overweight allocation to the energy sector also detracted. An overweight position to and stock selection within the technology sector contributed, as did stock selection in the health care and real estate sectors.

Fund holdings that detracted from performance during the year included Cooper Standard, Texas Capital Bancshares, and Alcoa. The shares of Cooper Standard, a global auto parts supplier, traded down after management meaningfully reduced revenue and profit guidance. The company’s outlook was negatively impacted by a slowdown in Chinese and European auto sales, as well as by cost pressures from both rising input costs and trade tariffs. Texas Capital Bancshares, a Dallas-based regional bank, also underperformed. The bank reported weaker-than-expected earnings due to slowing loan growth and rising deposit costs, the result of increased competition. Shares of aluminum producer Alcoa detracted amid tariff and broader global supply concerns.

Two Fund holdings, Mellanox Technologies and Finisar, benefited the Fund’s performance due to strong company-specific catalysts. Mellanox, a supplier of high-speed storage and network connectivity computer chips, rose after the company delivered stronger-than-expected earnings. Mellanox surpassed growth expectations for its new ethernet products and significantly expanded its profit margins through internal cost-containment efforts. Finisar, a manufacturer of components used in data centers and telecommunications infrastructure, also outperformed. The company announced that it had reached a deal to be acquired at a significant premium by one of its competitors. Another Fund holding, Molina Healthcare, a managed-care company providing health care services for Medicaid, advanced; its shares rose sharply after it reported significantly better-than-expected profitability. Under its new CEO, Molina showed meaningful improvement in reducing its medical and overhead costs.

Subadviser outlook

As we enter 2019, Fund management believes that investors are faced with a world that is sharply different from that of just one year ago. The economy is still supported by the solid foundation of strong employment and high-capacity utilization, but vulnerability began to emerge in 2018, as the impact of Federal Reserve Board rate hikes and trade frictions sapped investor confidence. Markets reacted to the increased fragility of the economy by selling risk assets and creating a significant opportunity in value stocks.

While Fund management shares some of the market’s concerns about the state of the economy, their view is that many companies are entering this period of heightened risk on sounder footing relative to a decade ago. They have reduced fixed costs, strengthened balance sheets and improved free-cash-flow generation. The size and breadth of this opportunity makes it fertile ground for active managers. Not every company will emerge from a possible pullback unscathed. Consequently, Fund management’s view is that focusing on the companies with the best competitive positions and strongest balance sheets and cash flow will be more crucial than ever.

MML Small/Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)



MML Small/Mid Cap Value Fund Largest Holdings (% of Net Assets) on 12/31/18

Everest Re Group Ltd.	2.0	%
Reinsurance Group of America, Inc.	2.0	%
Zions Bancorp NA	1.6	%
Camden Property Trust	1.6	%
US Foods Holding Corp.	1.6	%
Finisar Corp.	1.6	%
American Campus Communities, Inc.	1.5	%
CubeSmart	1.5	%
Sun Communities, Inc.	1.5	%
Alliant Energy Corp.	1.5	%

	16.4	%



MML Small/Mid Cap Value Fund Sector Table (% of Net Assets) on 12/31/18

Financial	32.9	%
Consumer, Cyclical	12.4	%
Consumer, Non-cyclical	11.5	%
Industrial	11.3	%
Technology	10.7	%
Energy	6.8	%
Utilities	5.6	%
Communications	3.9	%
Basic Materials	1.8	%
Mutual Funds	0.0	%

Total Long-Term Investments	96.9	%
Short-Term Investments and Other Assets and Liabilities	3.1	%

Net Assets	100.0	%

MML Small/Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Small/Mid Cap Value Fund Initial Class, Service Class, and the Russell 2500 Value Index.



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-14.92%		4.54%		13.15%
Service Class		-15.12%		4.27%		12.86%
Russell 2500 Value Index		-12.36%		4.16%		11.62%

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

LOGO

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2500 Value Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

MML Total Return Bond Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s, BBB- or higher by Fitch, or A-2 by S&P, P-2 by Moody’s, or F-2 by Fitch for short-term debt obligations, or, if unrated, determined by the Fund’s subadviser to be of comparable quality). The Fund’s subadviser is Metropolitan West Asset Management, LLC (MetWest).

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

The Fund’s Class II shares returned -0.07%, underperforming the 0.01% return of the Bloomberg Barclays U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).

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

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

The year ended in whirlwind fashion, as markets whipsawed over concerns regarding slowing global growth, trade deterioration, and policy uncertainty. Heightened volatility dampened the mood of investors, who faced a liquidity-constrained environment at year-end. Overall, 2018 was one of repriced expectations as the defining feature of this cycle – central bank support – continued to be withdrawn. While the Federal Reserve Board’s (the Fed) December hike was largely anticipated, market volatility and concerns about the economic outlook led many investors to expect the Fed to pause rate hikes in 2019, even as the Fed itself maintained a tightening bias. This mismatch in expectations may increase the possibility for a policy misstep, adding to numerous downside risks facing the economy. Meanwhile, the yield curve flattened considerably, as inflation expectations collapsed, and inverted between 2- and 5-year maturities in mid-December. (The yield curve is a graphical representation of bond yields with very short maturities to the longest available, with the curve indicating whether short-term rates are higher or lower than long-term rates. Yield curve inversion occurs when yields on longer-term bonds drop below yields of shorter-term bonds.) Whether this inversion was a classic recession signal or just a short-term aberration, it serves as a warning flag as the impact of tax cuts and deregulation fade.

For the year ended December 31, 2018, the Fund underperformed the benchmark by a small margin. An overweight allocation, relative to the benchmark, to securitized products slightly detracted from full-year returns, as mortgage- and asset-backed spreads widened in sympathy with broader markets.

The Fund’s duration positioning boosted returns. As interest rates marched higher in 2018, the duration of the Fund was extended in a disciplined fashion, from 0.3 years short the benchmark at the start of the year to 0.2 years long at the end on better yield compensation. (Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall.)

The Fund also benefited from an underweight to non-U.S. sovereigns and emerging-market debt, which were among the worst performers in fixed income as the dollar strengthened and investors migrated into safer assets amid volatility. Finally, the Fund continued to see small contributions from its position in Japanese Government issued T-bills, with the yen exposure fully hedged out using a dollar-yen cross-currency swap.

During the year, the Fund utilized derivatives to manage duration and yield curve, which had no material impact on performance. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both.

Subadviser outlook

Vulnerabilities were exposed during the year as weakening flows and tight liquidity conditions proved to be challenges for broad swaths of the market. Fund management believes that this environment has the potential to continue, with global monetary policy possibly being less accommodative in 2019, coinciding with a general expectation for a deceleration in growth. In the U.S., it is possible that the Fed will be forced to pause its rate hikes, with the direction of policy a key source of uncertainty. Even with the spread widening and recalibration of investor sentiment over the year, Fund management believes that valuations may not have fully priced in long-term fundamental risks. As such, Fund positioning remains defensive, with corporate credit emphasizing regulated and defensive sectors, while Fund management continues to look for opportunities to add exposure as spreads widen toward median levels.

MML Total Return Bond Fund – Portfolio Manager Report (Unaudited) (Continued)


MML Total Return Bond Fund Portfolio Characteristics (% of Net Assets) on 12/31/18

Corporate Debt	34.0	%
U.S. Government Agency Obligations and Instrumentalities	32.7	%
U.S. Treasury Obligations	17.7	%
Non-U.S. Government Agency Obligations	15.8	%
Municipal Obligations	1.2	%
Mutual Funds	0.3	%
Bank Loans	0.2	%
Sovereign Debt Obligations	0.1	%

Total Long-Term Investments	102.0	%
Short-Term Investments and Other Assets and Liabilities	(2.0	)%

Net Assets	100.0	%

MML Total Return Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Total Return Bond Fund Class II and the Bloomberg Barclays U.S. Aggregate Bond Index.



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Since Inception Average Annual 8/10/10 - 12/31/18
Class II		-0.07%		2.06%		2.38%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		2.52%		2.63%

Hypothetical Investments in MML Total Return Bond Fund Service Class I and the Bloomberg Barclays U.S. Aggregate Bond Index.



TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Since Inception Average Annual 5/1/12 - 12/31/18
Service Class I		-0.35%		1.80%		1.79%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		2.52%		2.01%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

MML Blue Chip Growth Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 99.5%

COMMON STOCK — 99.5%
Basic Materials — 0.3%
Chemicals — 0.3%
Air Products & Chemicals, Inc.		1,643	$	262,962
DowDuPont, Inc.		1,300		69,524
The Sherwin-Williams Co.		1,930		759,378

				1,091,864

Communications — 29.7%
Internet — 29.6%
Alibaba Group Holding Ltd. Sponsored ADR (a)		76,209		10,445,968
Alphabet, Inc. Class A (a)		5,614		5,866,406
Alphabet, Inc. Class C (a)		15,097		15,634,604
Amazon.com, Inc. (a)		23,562		35,389,417
Booking Holdings, Inc. (a)		6,162		10,613,552
Ctrip.com International Ltd. ADR (a)		1,540		41,672
Facebook, Inc. Class A (a)		103,880		13,617,629
IAC/InterActiveCorp (a)		4,621		845,828
Netflix, Inc. (a)		16,688		4,466,710
Tencent Holdings Ltd.		196,200		7,777,177

				104,698,963

Telecommunications — 0.1%
Motorola Solutions, Inc.		1,600		184,064

				104,883,027

Consumer, Cyclical — 7.6%
Airlines — 1.2%
Alaska Air Group, Inc.		6,885		418,952
American Airlines Group, Inc.		14,967		480,590
Delta Air Lines, Inc.		31,203		1,557,030
United Continental Holdings, Inc. (a)		21,380		1,790,148

				4,246,720

Auto Manufacturers — 1.3%
Ferrari NV		3,395		337,599
Tesla, Inc. (a)		12,477		4,152,345

				4,489,944

Auto Parts & Equipment — 0.5%
Aptiv PLC		27,367		1,684,986

Leisure Time — 0.5%
Norwegian Cruise Line Holdings Ltd. (a)		7,547		319,917
Royal Caribbean Cruises Ltd.		16,972		1,659,692

				1,979,609

Lodging — 1.0%
Hilton Worldwide Holdings, Inc.		17,789		1,277,250


	Number of Shares		Value
Marriott International, Inc. Class A		19,534	$	2,120,611
Wynn Resorts Ltd.		451		44,609

				3,442,470

Retail — 3.1%
Dollar General Corp.		33,131		3,580,798
McDonald’s Corp.		9,289		1,649,448
Restaurant Brands International, Inc.		18,206		952,174
Ross Stores, Inc.		37,710		3,137,472
Ulta Salon Cosmetics & Fragrance, Inc. (a)		600		146,904
Yum! Brands, Inc.		16,870		1,550,690

				11,017,486

				26,861,215

Consumer, Non-cyclical — 24.6%
Agriculture — 0.0%
Philip Morris International, Inc.		500		33,380

Beverages — 0.1%
Constellation Brands, Inc. Class A		800		128,656

Biotechnology — 2.4%
Alexion Pharmaceuticals, Inc. (a)		21,123		2,056,535
Biogen, Inc. (a)		66		19,861
Celgene Corp. (a)		285		18,266
Illumina, Inc. (a)		1,343		402,806
Vertex Pharmaceuticals, Inc. (a)		36,503		6,048,912

				8,546,380

Commercial Services — 4.2%
Ant International Co., Ltd. Class C (Acquired 6/07/18, Cost $775,038) (a) (b) (c) (d)		138,153		775,038
Automatic Data Processing, Inc.		2,400		314,688
Cintas Corp.		2,104		353,451
CoStar Group, Inc. (a)		681		229,729
FleetCor Technologies, Inc. (a)		3,082		572,389
Global Payments, Inc.		38,181		3,937,606
IHS Markit Ltd. (a)		1,148		55,070
PayPal Holdings, Inc. (a)		72,666		6,110,484
S&P Global, Inc.		5,635		957,612
Worldpay, Inc. Class A (a)		22,484		1,718,452

				15,024,519

Health Care – Products — 8.1%
Abbott Laboratories		15,416		1,115,039
Becton, Dickinson & Co.		31,534		7,105,241
Danaher Corp.		36,052		3,717,682
Intuitive Surgical, Inc. (a)		12,542		6,006,615
Stryker Corp.		43,732		6,854,991
Thermo Fisher Scientific, Inc.		17,347		3,882,085

				28,681,653

Health Care – Services — 6.7%
Anthem, Inc.		20,624		5,416,481
Centene Corp. (a)		17,293		1,993,883

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

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


	Number of Shares		Value
HCA Healthcare, Inc.		7,160	$	891,062
Humana, Inc.		7,964		2,281,527
UnitedHealth Group, Inc.		45,882		11,430,124
WellCare Health Plans, Inc. (a)		7,550		1,782,479

				23,795,556

Pharmaceuticals — 3.1%
Cigna Corp. (a)		32,564		6,184,555
Eli Lilly & Co.		23,311		2,697,549
Merck & Co., Inc.		19,194		1,466,613
Pfizer, Inc.		9,100		397,215
Zoetis, Inc.		2,900		248,066

				10,993,998

				87,204,142


Financial — 12.5%
Banks — 1.5%
Citigroup, Inc.		1,700		88,502
The Goldman Sachs Group, Inc.		100		16,705
JP Morgan Chase & Co.		12,272		1,197,992
Morgan Stanley		93,618		3,711,954
Northern Trust Corp.		500		41,795
State Street Corp.		3,798		239,540

				5,296,488

Diversified Financial Services — 9.6%
Ameriprise Financial, Inc.		400		41,748
The Charles Schwab Corp.		65,956		2,739,153
Intercontinental Exchange, Inc.		35,014		2,637,605
Mastercard, Inc. Class A		54,649		10,309,534
Raymond James Financial, Inc.		4,740		352,703
TD Ameritrade Holding Corp.		110,357		5,403,079
Visa, Inc. Class A		94,292		12,440,886

				33,924,708

Insurance — 1.4%
American International Group, Inc.		12,902		508,468
Chubb Ltd.		4,700		607,146
Marsh & McLennan Cos., Inc.		6,861		547,165
The Progressive Corp.		6,588		397,454
Willis Towers Watson PLC		18,353		2,787,086

				4,847,319

Real Estate Investment Trusts (REITS) — 0.0%
American Tower Corp.		543		85,897

				44,154,412

Industrial — 7.8%
Aerospace & Defense — 4.9%
The Boeing Co.		42,251		13,625,948
Harris Corp.		10,021		1,349,328
L3 Technologies, Inc.		261		45,325
Northrop Grumman Corp.		9,999		2,448,755

				17,469,356


	Number of Shares		Value
Electronics — 1.0%
Agilent Technologies, Inc.		4,000	$	269,840
Corning, Inc.		2,372		71,658
Fortive Corp.		18,644		1,261,453
Honeywell International, Inc.		15,849		2,093,970

				3,696,921

Machinery – Diversified — 0.8%
Roper Technologies, Inc.		9,694		2,583,645
Xylem, Inc.		2,200		146,784

				2,730,429

Packaging & Containers — 0.2%
Ball Corp.		12,301		565,600

Transportation — 0.9%
Canadian Pacific Railway Ltd.		5,169		918,118
CSX Corp.		23,173		1,439,738
Kansas City Southern		888		84,760
Norfolk Southern Corp.		1,534		229,394
Union Pacific Corp.		4,000		552,920

				3,224,930

				27,687,236

Technology — 16.9%
Computers — 0.5%
Apple, Inc.		10,899		1,719,208

Semiconductors — 1.6%
Broadcom, Inc.		1,212		308,187
Lam Research Corp.		400		54,468
Maxim Integrated Products, Inc.		31,741		1,614,030
Microchip Technology, Inc.		668		48,043
NVIDIA Corp.		7,442		993,507
Texas Instruments, Inc.		19,299		1,823,756
Xilinx, Inc.		8,136		692,943

				5,534,934

Software — 14.8%
Activision Blizzard, Inc.		11,868		552,693
Electronic Arts, Inc. (a)		3,298		260,245
Fidelity National Information Services, Inc.		18,373		1,884,151
Fiserv, Inc. (a)		33,983		2,497,411
Intuit, Inc.		29,318		5,771,248
Microsoft Corp.		200,202		20,334,517
Red Hat, Inc. (a)		3,570		627,035
salesforce.com, Inc. (a)		53,350		7,307,350
ServiceNow, Inc. (a)		33,158		5,903,782
Splunk, Inc. (a)		15,219		1,595,712
VMware, Inc. Class A		11,631		1,594,959
Workday, Inc. Class A (a)		25,886		4,133,476

				52,462,579

				59,716,721

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

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


	Number of Shares		Value
Utilities — 0.1%
Electric — 0.1%
NextEra Energy, Inc.		200	$	34,764
Sempra Energy		3,774		408,309

				443,073


TOTAL COMMON STOCK (Cost $234,949,245)				352,041,690


TOTAL EQUITIES (Cost $234,949,245)				352,041,690


TOTAL LONG-TERM INVESTMENTS (Cost $234,949,245)				352,041,690


SHORT-TERM INVESTMENTS — 2.0%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund, 0.010%, due 9/19/34		1,047		1,047


	Principal Amount
Repurchase Agreement — 2.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (e)	$	6,952,415		6,952,415


TOTAL SHORT-TERM INVESTMENTS (Cost $6,953,462)				6,953,462


TOTAL INVESTMENTS — 101.5% (Cost $241,902,707) (f)				358,995,152

Other Assets/(Liabilities) — (1.5)%				(5,477,371	)


NET ASSETS — 100.0%			$	353,517,781

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Investment was valued using significant unobservable inputs.

(c)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2018, these securities amounted to a value of $775,038 or 0.22% of net assets.

(d)	Restricted security. Certain securities are restricted as to resale. At December 31, 2018, these securities amounted to a value of $775,038 or 0.22% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e)	Maturity value of $6,952,898. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $7,092,483.

(f)	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	5.2	%
Ireland	0.8	%
Canada	0.5	%
United Kingdom	0.5	%
Liberia	0.5	%
Switzerland	0.2	%
Bermuda	0.1	%
Netherlands	0.1	%

Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%

Net Assets	100.0	%

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

MML Equity Income Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 97.7%

COMMON STOCK — 95.1%
Basic Materials — 4.6%
Chemicals — 3.4%
Akzo Nobel NV		10,696	$	859,772
CF Industries Holdings, Inc.		97,300		4,233,524
DowDuPont, Inc.		172,415		9,220,754
PPG Industries, Inc.		5,000		511,150

				14,825,200

Forest Products & Paper — 0.9%
International Paper Co.		96,300		3,886,668

Iron & Steel — 0.3%
Nucor Corp.		24,300		1,258,983

				19,970,851

Communications — 9.7%
Media — 4.6%
Comcast Corp. Class A		136,795		4,657,870
News Corp. Class A		261,286		2,965,596
Twenty-First Century Fox, Inc. Class B		224,500		10,726,610
The Walt Disney Co.		14,600		1,600,890

				19,950,966

Telecommunications — 5.1%
AT&T, Inc.		70,048		1,999,170
CenturyLink, Inc.		51,205		775,755
Cisco Systems, Inc.		165,900		7,188,447
Telefonica SA		326,157		2,752,846
Verizon Communications, Inc.		171,835		9,660,563

				22,376,781

				42,327,747

Consumer, Cyclical — 5.2%
Airlines — 1.4%
Alaska Air Group, Inc.		42,200		2,567,870
Delta Air Lines, Inc.		39,400		1,966,060
Southwest Airlines Co.		33,200		1,543,136

				6,077,066

Auto Manufacturers — 0.3%
PACCAR, Inc.		19,800		1,131,372

Auto Parts & Equipment — 0.1%
Adient PLC		32,481		489,164

Lodging — 0.9%
Las Vegas Sands Corp.		76,700		3,992,235

Retail — 2.1%
Kohl’s Corp.		35,100		2,328,534
L Brands, Inc.		69,000		1,771,230
Walmart, Inc.		52,100		4,853,115

				8,952,879


	Number of Shares		Value
Toys, Games & Hobbies — 0.4%
Mattel, Inc. (a) (b)		173,700	$	1,735,263

				22,377,979

Consumer, Non-cyclical — 19.9%
Agriculture — 1.6%
Archer-Daniels-Midland Co.		51,200		2,097,664
Philip Morris International, Inc.		70,800		4,726,608

				6,824,272

Beverages — 0.5%
PepsiCo, Inc.		19,300		2,132,264

Biotechnology — 1.2%
Gilead Sciences, Inc.		85,600		5,354,280

Commercial Services — 0.9%
Nielsen Holdings PLC		171,154		3,993,022

Cosmetics & Personal Care — 0.1%
Coty, Inc. Class A		76,073		499,039

Foods — 1.9%
Conagra Brands, Inc.		97,839		2,089,841
Kellogg Co.		15,000		855,150
Tyson Foods, Inc. Class A		101,800		5,436,120

				8,381,111

Health Care – Products — 1.9%
Becton, Dickinson & Co.		6,900		1,554,708
Medtronic PLC		68,449		6,226,121
Zimmer Biomet Holdings, Inc.		4,000		414,880

				8,195,709

Health Care – Services — 1.9%
Anthem, Inc.		31,500		8,272,845

Household Products & Wares — 1.7%
Kimberly-Clark Corp.		63,800		7,269,372

Pharmaceuticals — 8.2%
Bristol-Myers Squibb Co.		53,000		2,754,940
CVS Health Corp.		64,703		4,239,341
GlaxoSmithKline PLC Sponsored ADR		38,800		1,482,548
GlaxoSmithKline PLC		160,687		3,049,783
Johnson & Johnson		69,300		8,943,165
Merck & Co., Inc.		77,100		5,891,211
Pfizer, Inc.		211,354		9,225,602

				35,586,590

				86,508,504

Energy — 9.2%
Oil & Gas — 7.7%
Apache Corp.		64,986		1,705,883
Chevron Corp.		37,800		4,112,262
EQT Corp.		11,280		213,079
Exxon Mobil Corp.		156,242		10,654,142
Hess Corp.		85,200		3,450,600

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

MML Equity Income Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Occidental Petroleum Corp.		69,500	$	4,265,910
Total SA		172,226		9,098,358

				33,500,234

Pipelines — 1.5%
Equitrans Midstream Corp. (a)		25,124		502,983
TransCanada Corp.		168,300		6,008,310

				6,511,293

				40,011,527

Financial — 26.0%
Banks — 15.4%
Bank of America Corp.		13,977		344,393
The Bank of New York Mellon Corp.		63,800		3,003,066
Citigroup, Inc.		63,076		3,283,737
Fifth Third Bancorp		231,900		5,456,607
JP Morgan Chase & Co.		152,170		14,854,835
KeyCorp		99,466		1,470,108
Morgan Stanley		178,000		7,057,700
Northern Trust Corp.		14,700		1,228,773
The PNC Financial Services Group, Inc.		37,200		4,349,052
State Street Corp.		85,600		5,398,792
US Bancorp		136,300		6,228,910
Wells Fargo & Co.		305,800		14,091,264

				66,767,237

Diversified Financial Services — 1.1%
Ameriprise Financial, Inc.		7,200		751,464
Franklin Resources, Inc.		131,600		3,903,256

				4,654,720

Insurance — 6.9%
American International Group, Inc.		133,495		5,261,038
Brighthouse Financial, Inc. (a)		70,826		2,158,776
Chubb Ltd.		57,371		7,411,186
Loews Corp.		108,863		4,955,444
Marsh & McLennan Cos., Inc.		23,400		1,866,150
MetLife, Inc.		144,300		5,924,958
Willis Towers Watson PLC		16,041		2,435,986

				30,013,538

Real Estate Investment Trusts (REITS) — 2.6%
Equity Residential		60,500		3,993,605
Rayonier, Inc.		89,441		2,476,621
SL Green Realty Corp.		30,621		2,421,509
Weyerhaeuser Co.		115,871		2,532,940

				11,424,675

				112,860,170

Industrial — 8.9%
Aerospace & Defense — 3.4%
The Boeing Co.		24,700		7,965,750
Harris Corp.		48,935		6,589,098
Northrop Grumman Corp.		1,500		367,350

				14,922,198


	Number of Shares		Value
Building Materials — 1.9%
Johnson Controls International PLC		206,199	$	6,113,800
Vulcan Materials Co.		21,300		2,104,440

				8,218,240

Electrical Components & Equipment — 0.6%
Emerson Electric Co.		42,400		2,533,400

Electronics — 0.3%
nVent Electric PLC		34,900		783,854
TE Connectivity Ltd.		8,800		665,544

				1,449,398

Environmental Controls — 0.6%
Pentair PLC		27,600		1,042,728
Stericycle, Inc. (a)		48,702		1,786,877

				2,829,605

Machinery – Diversified — 0.1%
Flowserve Corp.		6,164		234,355

Miscellaneous – Manufacturing — 0.7%
General Electric Co.		326,200		2,469,334
Illinois Tool Works, Inc.		5,200		658,788

				3,128,122

Transportation — 1.3%
United Parcel Service, Inc. Class B		56,432		5,503,813

				38,819,131

Technology — 5.7%
Computers — 0.3%
Hewlett Packard Enterprise Co.		59,100		780,711
Western Digital Corp.		17,800		658,066

				1,438,777

Semiconductors — 3.4%
Applied Materials, Inc.		66,300		2,170,662
NXP Semiconductor NV		10,600		776,768
QUALCOMM, Inc.		149,400		8,502,354
Texas Instruments, Inc.		33,973		3,210,448

				14,660,232

Software — 2.0%
Microsoft Corp.		84,400		8,572,508

				24,671,517

Utilities — 5.9%
Electric — 4.4%
Duke Energy Corp.		29,200		2,519,960
Edison International		52,350		2,971,909
Evergy, Inc.		38,600		2,191,322
PG&E Corp. (a)		67,804		1,610,345
Sempra Energy		10,640		1,151,142
The Southern Co.		201,427		8,846,674

				19,291,352

Gas — 1.5%
NiSource, Inc. (c)		20,142		510,600

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

MML Equity Income Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
NiSource, Inc.		228,980	$	5,804,643

				6,315,243

				25,606,595


TOTAL COMMON STOCK (Cost $387,277,871)				413,154,021


PREFERRED STOCK — 2.6%
Consumer, Non-cyclical — 0.9%
Health Care – Products — 0.9%
Becton Dickinson and Co. Convertible 6.125%		63,549		3,664,871

Utilities — 1.7%
Electric — 1.7%
DTE Energy Co. Convertible 6.500%		15,505		800,988
NextEra Energy, Inc. Convertible 6.123%		66,353		3,824,587
Sempra Energy Convertible 6.000%		22,022		2,094,512
Sempra Energy Convertible 6.750%		6,848		660,421

				7,380,508


TOTAL PREFERRED STOCK (Cost $10,100,774)				11,045,379


TOTAL EQUITIES (Cost $397,378,645)				424,199,400


	Principal Amount
BONDS & NOTES — 0.5%

CORPORATE DEBT — 0.5%
Insurance — 0.2%
AXA SA Convertible 7.250% 5/15/21 (d)	$	895,000		780,378

Toys, Games & Hobbies — 0.3%
Mattel, Inc. 6.750% 12/31/25 (d)		1,687,000		1,505,125


TOTAL CORPORATE DEBT (Cost $2,554,236)				2,285,503


TOTAL BONDS & NOTES (Cost $2,554,236)				2,285,503



	Number of Shares		Value
MUTUAL FUNDS — 0.4%
Diversified Financial Services — 0.4%
State Street Navigator Securities Lending Prime Portfolio (e)		1,762,621	$	1,762,621


TOTAL MUTUAL FUNDS (Cost $1,762,621)				1,762,621


TOTAL LONG-TERM INVESTMENTS (Cost $401,695,502)				428,247,524


SHORT-TERM INVESTMENTS — 1.2%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,047		1,047


	Principal Amount
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (f)	$	4,970,050		4,970,050


TOTAL SHORT-TERM INVESTMENTS (Cost $4,971,097)				4,971,097


TOTAL INVESTMENTS — 99.8% (Cost $406,666,599) (g)				433,218,621

Other Assets/(Liabilities) — 0.2%				1,062,915


NET ASSETS — 100.0%			$	434,281,536

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $1,717,910 or 0.40% 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)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2018, these securities amounted to a value of $510,600 or 0.12% of net assets.

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

MML Equity Income Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

(d)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, these securities amounted to a value of $2,285,503 or 0.53% of net assets.

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

(f)	Maturity value of $4,970,395. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $5,069,609.

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

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

MML Equity Index Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 97.6%

COMMON STOCK — 97.6%
Basic Materials — 2.2%
Chemicals — 1.9%
Air Products & Chemicals, Inc.		6,542	$	1,047,047
Albemarle Corp.		3,179		245,006
Celanese Corp.		3,995		359,430
CF Industries Holdings, Inc.		6,902		300,306
DowDuPont, Inc.		68,452		3,660,813
Eastman Chemical Co.		4,223		308,744
FMC Corp.		3,979		294,287
International Flavors & Fragrances, Inc.		3,008		403,884
Linde PLC		16,471		2,570,135
LyondellBasell Industries NV Class A		9,388		780,706
The Mosaic Co.		10,692		312,313
PPG Industries, Inc.		7,193		735,340
The Sherwin-Williams Co.		2,467		970,666

				11,988,677

Forest Products & Paper — 0.1%
International Paper Co.		12,061		486,782

Iron & Steel — 0.1%
Nucor Corp.		9,409		487,480

Mining — 0.1%
Freeport-McMoRan, Inc.		43,098		444,340
Newmont Mining Corp.		15,778		546,708

				991,048

				13,953,987

Communications — 14.2%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		11,403		235,244
Omnicom Group, Inc.		6,722		492,319

				727,563

Internet — 8.6%
Alphabet, Inc. Class A (a)		8,931		9,332,538
Alphabet, Inc. Class C (a)		9,191		9,518,292
Amazon.com, Inc. (a)		12,270		18,429,172
Booking Holdings, Inc. (a)		1,384		2,383,829
eBay, Inc. (a)		27,060		759,574
Expedia Group, Inc.		3,575		402,724
F5 Networks, Inc. (a)		1,808		292,950
Facebook, Inc. Class A (a)		71,772		9,408,591
Netflix, Inc. (a)		13,031		3,487,877
Symantec Corp.		19,114		361,159
TripAdvisor, Inc. (a)		2,973		160,364
Twitter, Inc. (a)		21,700		623,658
VeriSign, Inc. (a)		3,195		473,787

				55,634,515


	Number of Shares		Value
Media — 2.3%
CBS Corp. Class B		10,100	$	441,572
Charter Communications, Inc. Class A (a)		5,274		1,502,932
Comcast Corp. Class A		135,545		4,615,307
Discovery, Inc. Class A (a)		4,616		114,200
Discovery, Inc. Class C (a)		10,700		246,956
DISH Network Corp. Class A (a)		6,772		169,097
News Corp. Class A		11,337		128,675
News Corp. Class B		3,597		41,545
Twenty-First Century Fox, Inc. Class A		31,605		1,520,833
Twenty-First Century Fox, Inc. Class B		14,477		691,711
Viacom, Inc. Class B		10,440		268,308
The Walt Disney Co.		44,512		4,880,741

				14,621,877

Telecommunications — 3.2%
Arista Networks, Inc. (a)		1,537		323,846
AT&T, Inc.		217,493		6,207,250
CenturyLink, Inc.		28,259		428,124
Cisco Systems, Inc.		134,369		5,822,209
Juniper Networks, Inc.		10,327		277,899
Motorola Solutions, Inc.		4,891		562,661
Verizon Communications, Inc.		123,465		6,941,202

				20,563,191

				91,547,146

Consumer, Cyclical — 8.2%
Airlines — 0.4%
Alaska Air Group, Inc.		3,646		221,859
American Airlines Group, Inc.		12,377		397,425
Delta Air Lines, Inc.		18,734		934,827
Southwest Airlines Co.		15,089		701,337
United Continental Holdings, Inc. (a)		6,816		570,704

				2,826,152

Apparel — 0.7%
Hanesbrands, Inc.		10,659		133,557
Michael Kors Holdings Ltd. (a)		4,433		168,099
NIKE, Inc. Class B		38,065		2,822,139
PVH Corp.		2,279		211,833
Ralph Lauren Corp.		1,647		170,399
Under Armour, Inc. Class A (a)		5,501		97,203
Under Armour, Inc. Class C (a)		5,571		90,083
VF Corp.		9,684		690,857

				4,384,170

Auto Manufacturers — 0.4%
Ford Motor Co.		116,807		893,573
General Motors Co.		39,282		1,313,983
PACCAR, Inc.		10,406		594,599

				2,802,155

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Auto Parts & Equipment — 0.1%
Aptiv PLC		7,831	$	482,155
BorgWarner, Inc.		6,225		216,256
The Goodyear Tire & Rubber Co.		7,094		144,789

				843,200

Distribution & Wholesale — 0.2%
Fastenal Co.		8,508		444,883
LKQ Corp. (a)		9,486		225,103
W.W. Grainger, Inc.		1,351		381,468

				1,051,454

Home Builders — 0.1%
D.R. Horton, Inc.		10,158		352,076
Lennar Corp. Class A		8,696		340,449
PulteGroup, Inc.		7,769		201,916

				894,441

Home Furnishing — 0.1%
Leggett & Platt, Inc.		3,883		139,167
Whirlpool Corp.		1,908		203,908

				343,075

Housewares — 0.0%
Newell Brands, Inc.		12,934		240,443

Leisure Time — 0.2%
Carnival Corp.		12,008		591,994
Harley-Davidson, Inc.		4,923		167,973
Norwegian Cruise Line Holdings Ltd. (a)		6,528		276,722
Royal Caribbean Cruises Ltd.		5,095		498,240

				1,534,929

Lodging — 0.4%
Hilton Worldwide Holdings, Inc.		8,867		636,650
Marriott International, Inc. Class A		8,469		919,395
MGM Resorts International		14,811		359,315
Wynn Resorts Ltd.		2,907		287,531

				2,202,891

Retail — 5.5%
Advance Auto Parts, Inc.		2,190		344,837
AutoZone, Inc. (a)		752		630,432
Best Buy Co., Inc.		6,993		370,349
CarMax, Inc. (a)		5,267		330,399
Chipotle Mexican Grill, Inc. (a)		723		312,184
Copart, Inc. (a)		6,133		293,035
Costco Wholesale Corp.		13,092		2,666,971
Darden Restaurants, Inc.		3,758		375,274
Dollar General Corp.		7,798		842,808
Dollar Tree, Inc. (a)		7,149		645,698
Foot Locker, Inc.		3,494		185,881
The Gap, Inc.		6,418		165,328
Genuine Parts Co.		4,340		416,727
The Home Depot, Inc.		33,728		5,795,145
Kohl’s Corp.		4,976		330,108


	Number of Shares		Value
L Brands, Inc.		6,792	$	174,351
Lowe’s Cos., Inc.		23,979		2,214,700
Macy’s, Inc.		9,061		269,837
McDonald’s Corp.		23,055		4,093,876
Nordstrom, Inc.		3,474		161,923
O’Reilly Automotive, Inc. (a)		2,394		824,326
Ross Stores, Inc.		11,199		931,757
Starbucks Corp.		37,066		2,387,050
Tapestry, Inc.		8,801		297,034
Target Corp.		15,643		1,033,846
Tiffany & Co.		3,241		260,933
The TJX Cos., Inc.		36,925		1,652,024
Tractor Supply Co.		3,610		301,218
Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,691		414,024
Walgreens Boots Alliance, Inc.		24,024		1,641,560
Walmart, Inc.		42,530		3,961,669
Yum! Brands, Inc.		9,318		856,511

				35,181,815

Textiles — 0.0%
Mohawk Industries, Inc. (a)		1,875		219,300

Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		3,480		282,750
Mattel, Inc. (a) (b)		10,174		101,638

				384,388

				52,908,413

Consumer, Non-cyclical — 22.7%
Agriculture — 1.0%
Altria Group, Inc.		56,176		2,774,533
Archer-Daniels-Midland Co.		16,740		685,838
Philip Morris International, Inc.		46,429		3,099,600

				6,559,971

Beverages — 1.9%
Brown-Forman Corp. Class B		5,021		238,899
The Coca-Cola Co.		114,404		5,417,029
Constellation Brands, Inc. Class A		4,969		799,115
Molson Coors Brewing Co. Class B		5,630		316,181
Monster Beverage Corp. (a)		11,839		582,716
PepsiCo, Inc.		42,161		4,657,947

				12,011,887

Biotechnology — 2.1%
Alexion Pharmaceuticals, Inc. (a)		6,664		648,807
Amgen, Inc.		19,055		3,709,437
Biogen, Inc. (a)		6,026		1,813,344
Celgene Corp. (a)		20,906		1,339,865
Gilead Sciences, Inc.		38,594		2,414,055
Illumina, Inc. (a)		4,376		1,312,494
Incyte Corp. (a)		5,204		330,922
Regeneron Pharmaceuticals, Inc. (a)		2,314		864,279
Vertex Pharmaceuticals, Inc. (a)		7,654		1,268,344

				13,701,547

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Commercial Services — 2.0%
Automatic Data Processing, Inc.		13,106	$	1,718,459
Cintas Corp.		2,617		439,630
Ecolab, Inc.		7,619		1,122,660
Equifax, Inc.		3,558		331,356
FleetCor Technologies, Inc. (a)		2,651		492,344
Gartner, Inc. (a)		2,699		345,040
Global Payments, Inc.		4,719		486,670
H&R Block, Inc.		6,148		155,975
IHS Markit Ltd. (a)		10,741		515,246
Moody’s Corp.		5,008		701,320
Nielsen Holdings PLC		10,599		247,275
PayPal Holdings, Inc. (a)		35,184		2,958,622
Quanta Services, Inc.		4,426		133,222
Robert Half International, Inc.		3,655		209,066
Rollins, Inc.		4,377		158,010
S&P Global, Inc.		7,480		1,271,151
Total System Services, Inc.		5,009		407,182
United Rentals, Inc. (a)		2,473		253,557
Verisk Analytics, Inc. (a)		4,901		534,405
The Western Union Co.		13,089		223,298

				12,704,488

Cosmetics & Personal Care — 1.4%
Colgate-Palmolive Co.		25,961		1,545,199
Coty, Inc. Class A		13,187		86,507
The Estee Lauder Cos., Inc. Class A		6,574		855,277
The Procter & Gamble Co.		74,405		6,839,307

				9,326,290

Foods — 1.2%
Campbell Soup Co. (b)		5,691		187,746
Conagra Brands, Inc.		14,546		310,703
General Mills, Inc.		17,763		691,691
The Hershey Co.		4,229		453,264
Hormel Foods Corp.		8,219		350,787
The J.M. Smucker Co.		3,360		314,126
Kellogg Co.		7,543		430,026
The Kraft Heinz Co.		18,499		796,197
The Kroger Co.		23,688		651,420
Lamb Weston Holdings, Inc.		4,352		320,133
McCormick & Co., Inc.		3,656		509,062
Mondelez International, Inc. Class A		43,391		1,736,942
Sysco Corp.		14,333		898,106
Tyson Foods, Inc. Class A		8,802		470,027

				8,120,230

Health Care – Products — 3.8%
Abbott Laboratories		52,481		3,795,951
ABIOMED, Inc. (a)		1,334		433,603
Align Technology, Inc. (a)		2,173		455,091
Baxter International, Inc.		14,775		972,491
Becton, Dickinson & Co.		8,016		1,806,165
Boston Scientific Corp. (a)		41,401		1,463,111


	Number of Shares		Value
The Cooper Cos., Inc.		1,490	$	379,205
Danaher Corp.		18,434		1,900,914
DENTSPLY SIRONA, Inc.		6,727		250,312
Edwards Lifesciences Corp. (a)		6,234		954,862
Henry Schein, Inc. (a)		4,556		357,737
Hologic, Inc. (a)		8,075		331,883
IDEXX Laboratories, Inc. (a)		2,569		477,885
Intuitive Surgical, Inc. (a)		3,415		1,635,512
Medtronic PLC		40,157		3,652,681
ResMed, Inc.		4,222		480,759
Stryker Corp.		9,289		1,456,051
Thermo Fisher Scientific, Inc.		12,037		2,693,760
Varian Medical Systems, Inc. (a)		2,706		306,617
Zimmer Biomet Holdings, Inc.		6,107		633,418

				24,438,008

Health Care – Services — 2.2%
Anthem, Inc.		7,727		2,029,342
Centene Corp. (a)		6,152		709,326
DaVita, Inc. (a)		3,778		194,416
HCA Healthcare, Inc.		8,023		998,462
Humana, Inc.		4,102		1,175,141
IQVIA Holdings, Inc. (a)		4,700		545,999
Laboratory Corp. of America Holdings (a)		3,026		382,365
Quest Diagnostics, Inc.		4,017		334,495
UnitedHealth Group, Inc.		28,731		7,157,467
Universal Health Services, Inc. Class B		2,578		300,492
WellCare Health Plans, Inc. (a)		1,490		351,774

				14,179,279

Household Products & Wares — 0.4%
Avery Dennison Corp.		2,604		233,917
Church & Dwight Co., Inc.		7,391		486,032
The Clorox Co.		3,831		590,511
Kimberly-Clark Corp.		10,332		1,177,228

				2,487,688

Pharmaceuticals — 6.7%
AbbVie, Inc.		44,880		4,137,487
Allergan PLC		9,483		1,267,498
AmerisourceBergen Corp.		4,680		348,192
Bristol-Myers Squibb Co.		48,777		2,535,429
Cardinal Health, Inc.		8,909		397,341
Cigna Corp. (a)		11,366		2,158,708
CVS Health Corp.		38,633		2,531,234
Eli Lilly & Co.		28,169		3,259,717
Johnson & Johnson		80,127		10,340,389
McKesson Corp.		5,809		641,720
Merck & Co., Inc.		77,695		5,936,675
Mylan NV (a)		15,246		417,740
Nektar Therapeutics (a)		5,126		168,492
Perrigo Co. PLC		3,809		147,599

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Pfizer, Inc.		172,711	$	7,538,835
Zoetis, Inc.		14,311		1,224,163

				43,051,219

				146,580,607

Energy — 5.2%
Oil & Gas — 4.3%
Anadarko Petroleum Corp.		15,023		658,608
Apache Corp.		11,303		296,704
Cabot Oil & Gas Corp.		12,891		288,114
Chevron Corp.		57,085		6,210,277
Cimarex Energy Co.		2,823		174,038
Concho Resources, Inc. (a)		5,954		612,012
ConocoPhillips		34,474		2,149,454
Devon Energy Corp.		13,917		313,689
Diamondback Energy, Inc.		4,622		428,459
EOG Resources, Inc.		17,336		1,511,872
Exxon Mobil Corp.		126,482		8,624,808
Helmerich & Payne, Inc.		3,220		154,367
Hess Corp.		7,491		303,385
HollyFrontier Corp.		4,818		246,296
Marathon Oil Corp.		24,533		351,803
Marathon Petroleum Corp.		20,646		1,218,320
Newfield Exploration Co. (a)		5,908		86,611
Noble Energy, Inc.		14,329		268,812
Occidental Petroleum Corp.		22,565		1,385,040
Phillips 66		12,691		1,093,330
Pioneer Natural Resources Co.		5,117		672,988
Valero Energy Corp.		12,745		955,493

				28,004,480

Oil & Gas Services — 0.5%
Baker Hughes a GE Co.		15,582		335,013
Halliburton Co.		26,169		695,572
National Oilwell Varco, Inc.		11,299		290,384
Schlumberger Ltd.		41,404		1,493,857
TechnipFMC PLC		12,838		251,368

				3,066,194

Pipelines — 0.4%
Kinder Morgan, Inc.		56,667		871,539
ONEOK, Inc.		12,303		663,747
The Williams Cos., Inc.		35,947		792,631

				2,327,917

				33,398,591

Financial — 17.5%
Banks — 6.4%
Bank of America Corp.		272,681		6,718,860
The Bank of New York Mellon Corp.		27,110		1,276,068
BB&T Corp.		23,064		999,132
Citigroup, Inc.		72,977		3,799,183
Citizens Financial Group, Inc.		14,086		418,777


	Number of Shares		Value
Comerica, Inc.		4,807	$	330,193
Fifth Third Bancorp		19,417		456,882
First Republic Bank		4,892		425,115
The Goldman Sachs Group, Inc.		10,344		1,727,965
Huntington Bancshares, Inc.		31,817		379,259
JP Morgan Chase & Co.		99,347		9,698,254
KeyCorp		30,725		454,116
M&T Bank Corp.		4,196		600,573
Morgan Stanley		39,117		1,550,989
Northern Trust Corp.		6,632		554,369
The PNC Financial Services Group, Inc.		13,801		1,613,475
Regions Financial Corp.		30,730		411,167
State Street Corp.		11,435		721,205
SunTrust Banks, Inc.		13,438		677,813
SVB Financial Group (a)		1,620		307,670
US Bancorp		45,295		2,069,981
Wells Fargo & Co.		126,574		5,832,530
Zions Bancorp NA		5,831		237,555

				41,261,131

Diversified Financial Services — 4.0%
Affiliated Managers Group, Inc.		1,607		156,586
Alliance Data Systems Corp.		1,426		214,014
American Express Co.		20,886		1,990,854
Ameriprise Financial, Inc.		4,117		429,691
BlackRock, Inc.		3,622		1,422,794
Capital One Financial Corp.		14,219		1,074,814
Cboe Global Markets, Inc.		3,327		325,481
The Charles Schwab Corp.		35,980		1,494,249
CME Group, Inc.		10,690		2,011,003
Discover Financial Services		10,026		591,334
E*TRADE Financial Corp.		7,576		332,435
Franklin Resources, Inc.		8,755		259,673
Intercontinental Exchange, Inc.		17,004		1,280,911
Invesco Ltd.		12,149		203,374
Jefferies Financial Group, Inc.		8,536		148,185
Mastercard, Inc. Class A		27,171		5,125,809
Nasdaq, Inc.		3,457		281,988
Raymond James Financial, Inc.		3,812		283,651
Synchrony Financial		19,821		465,001
T. Rowe Price Group, Inc.		7,144		659,534
Visa, Inc. Class A		52,498		6,926,586

				25,677,967

Insurance — 4.2%
Aflac, Inc.		22,673		1,032,982
The Allstate Corp.		10,269		848,527
American International Group, Inc.		26,365		1,039,045
Aon PLC		7,165		1,041,504
Arthur J Gallagher & Co.		5,535		407,930
Assurant, Inc.		1,567		140,152
Berkshire Hathaway, Inc. Class B (a)		58,122		11,867,350
Brighthouse Financial, Inc. (a)		3,543		107,991

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Chubb Ltd.		13,777	$	1,779,713
Cincinnati Financial Corp.		4,547		352,029
Everest Re Group Ltd.		1,212		263,925
The Hartford Financial Services Group, Inc.		10,593		470,859
Lincoln National Corp.		6,469		331,924
Loews Corp.		8,208		373,628
Marsh & McLennan Cos., Inc.		15,007		1,196,808
MetLife, Inc.		29,530		1,212,502
Principal Financial Group, Inc.		7,878		347,971
The Progressive Corp.		17,369		1,047,872
Prudential Financial, Inc.		12,301		1,003,147
Torchmark Corp.		3,125		232,906
The Travelers Cos., Inc.		7,917		948,061
Unum Group		6,543		192,233
Willis Towers Watson PLC		3,900		592,254

				26,831,313

Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		9,405		376,576

Real Estate Investment Trusts (REITS) — 2.8%
Alexandria Real Estate Equities, Inc.		3,226		371,764
American Tower Corp.		13,130		2,077,035
Apartment Investment & Management Co. Class A		4,642		203,691
AvalonBay Communities, Inc.		4,137		720,045
Boston Properties, Inc.		4,646		522,907
Crown Castle International Corp.		12,357		1,342,341
Digital Realty Trust, Inc.		6,182		658,692
Duke Realty Corp.		10,546		273,141
Equinix, Inc.		2,403		847,202
Equity Residential		11,029		728,024
Essex Property Trust, Inc.		1,991		488,213
Extra Space Storage, Inc.		3,834		346,900
Federal Realty Investment Trust		2,243		264,764
HCP, Inc.		14,311		399,706
Host Hotels & Resorts, Inc.		21,918		365,373
Iron Mountain, Inc.		8,603		278,823
Kimco Realty Corp.		12,560		184,004
The Macerich Co.		3,209		138,886
Mid-America Apartment Communities, Inc.		3,360		321,552
Prologis, Inc.		18,758		1,101,470
Public Storage		4,479		906,594
Realty Income Corp.		8,836		557,022
Regency Centers Corp.		5,020		294,574
SBA Communications Corp. (a)		3,406		551,397
Simon Property Group, Inc.		9,213		1,547,692
SL Green Realty Corp.		2,495		197,305
UDR, Inc.		8,298		328,767
Ventas, Inc.		10,697		626,737
Vornado Realty Trust		5,113		317,159
Welltower, Inc.		11,231		779,544


	Number of Shares		Value
Weyerhaeuser Co.		22,254	$	486,472

				18,227,796

Savings & Loans — 0.0%
People’s United Financial, Inc.		11,079		159,870

				112,534,653

Industrial — 8.8%
Aerospace & Defense — 2.3%
Arconic, Inc.		13,104		220,933
The Boeing Co.		15,783		5,090,017
General Dynamics Corp.		8,341		1,311,289
Harris Corp.		3,512		472,891
L3 Technologies, Inc.		2,375		412,442
Lockheed Martin Corp.		7,376		1,931,332
Northrop Grumman Corp.		5,189		1,270,786
Raytheon Co.		8,496		1,302,862
TransDigm Group, Inc. (a)		1,442		490,367
United Technologies Corp.		24,272		2,584,483

				15,087,402

Building Materials — 0.3%
Fortune Brands Home & Security, Inc.		4,316		163,965
Johnson Controls International PLC		27,710		821,601
Martin Marietta Materials, Inc.		1,862		320,022
Masco Corp.		9,183		268,511
Vulcan Materials Co.		3,909		386,209

				1,960,308

Electrical Components & Equipment — 0.2%
AMETEK, Inc.		6,996		473,629
Emerson Electric Co.		18,807		1,123,718

				1,597,347

Electronics — 1.3%
Agilent Technologies, Inc.		9,610		648,291
Allegion PLC		2,809		223,905
Amphenol Corp. Class A		9,039		732,340
Corning, Inc.		24,107		728,272
FLIR Systems, Inc.		4,059		176,729
Fortive Corp.		8,834		597,708
Garmin Ltd.		3,604		228,205
Honeywell International, Inc.		22,092		2,918,795
Keysight Technologies, Inc. (a)		5,570		345,786
Mettler-Toledo International, Inc. (a)		751		424,751
PerkinElmer, Inc.		3,272		257,016
TE Connectivity Ltd.		10,219		772,863
Waters Corp. (a)		2,263		426,915

				8,481,576

Engineering & Construction — 0.1%
Fluor Corp.		4,159		133,920
Jacobs Engineering Group, Inc.		3,565		208,410

				342,330

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Environmental Controls — 0.3%
Pentair PLC		4,801	$	181,382
Republic Services, Inc.		6,463		465,918
Waste Management, Inc.		11,766		1,047,056

				1,694,356

Hand & Machine Tools — 0.1%
Snap-on, Inc.		1,674		243,215
Stanley Black & Decker, Inc.		4,481		536,555

				779,770

Machinery – Construction & Mining — 0.3%
Caterpillar, Inc.		17,604		2,236,940

Machinery – Diversified — 0.7%
Cummins, Inc.		4,384		585,878
Deere & Co.		9,631		1,436,656
Dover Corp.		4,386		311,187
Flowserve Corp.		3,870		147,137
Rockwell Automation, Inc.		3,596		541,126
Roper Technologies, Inc.		3,083		821,681
Xylem, Inc.		5,322		355,084

				4,198,749

Miscellaneous – Manufacturing — 1.4%
3M Co.		17,374		3,310,442
A.O. Smith Corp.		4,291		183,226
Eaton Corp. PLC		12,934		888,048
General Electric Co.		259,929		1,967,662
Illinois Tool Works, Inc.		9,159		1,160,354
Ingersoll-Rand PLC		7,334		669,081
Parker-Hannifin Corp.		3,933		586,568
Textron, Inc.		7,176		330,024

				9,095,405

Packaging & Containers — 0.2%
Ball Corp.		10,115		465,088
Packaging Corp. of America		2,791		232,937
Sealed Air Corp.		4,766		166,047
WestRock Co.		7,585		286,410

				1,150,482

Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		1,277		243,026

Transportation — 1.6%
C.H. Robinson Worldwide, Inc.		4,118		346,282
CSX Corp.		23,998		1,490,996
Expeditors International of Washington, Inc.		5,166		351,753
FedEx Corp.		7,230		1,166,416
J.B. Hunt Transport Services, Inc.		2,615		243,299
Kansas City Southern		3,035		289,691
Norfolk Southern Corp.		8,148		1,218,452
Union Pacific Corp.		21,981		3,038,434
United Parcel Service, Inc. Class B		20,772		2,025,893

				10,171,216

				57,038,907


	Number of Shares		Value
Technology — 15.5%
Computers — 4.9%
Accenture PLC Class A		19,021	$	2,682,151
Apple, Inc.		134,674		21,243,477
Cognizant Technology Solutions Corp. Class A		17,354		1,101,632
DXC Technology Co.		8,315		442,109
Fortinet, Inc. (a)		4,273		300,947
Hewlett Packard Enterprise Co.		42,521		561,702
HP, Inc.		47,492		971,686
International Business Machines Corp.		27,127		3,083,526
NetApp, Inc.		7,530		449,315
Seagate Technology PLC		7,769		299,806
Western Digital Corp.		8,664		320,308

				31,456,659

Office & Business Equipment — 0.0%
Xerox Corp.		6,162		121,761

Semiconductors — 3.7%
Advanced Micro Devices, Inc. (a)		26,286		485,240
Analog Devices, Inc.		11,079		950,911
Applied Materials, Inc.		29,229		956,957
Broadcom, Inc.		12,352		3,140,867
Intel Corp.		136,341		6,398,483
IPG Photonics Corp. (a)		1,049		118,841
KLA-Tencor Corp.		4,610		412,549
Lam Research Corp.		4,615		628,425
Maxim Integrated Products, Inc.		8,257		419,868
Microchip Technology, Inc.		7,091		509,985
Micron Technology, Inc. (a)		33,479		1,062,289
NVIDIA Corp.		18,227		2,433,304
Qorvo, Inc. (a)		3,741		227,191
QUALCOMM, Inc.		36,211		2,060,768
Skyworks Solutions, Inc.		5,270		353,195
Texas Instruments, Inc.		28,694		2,711,583
Xilinx, Inc.		7,607		647,888

				23,518,344

Software — 6.9%
Activision Blizzard, Inc.		22,888		1,065,894
Adobe, Inc. (a)		14,566		3,295,412
Akamai Technologies, Inc. (a)		4,877		297,887
ANSYS, Inc. (a)		2,485		355,206
Autodesk, Inc. (a)		6,558		843,424
Broadridge Financial Solutions, Inc.		3,487		335,624
Cadence Design Systems, Inc. (a)		8,339		362,580
Cerner Corp. (a)		9,795		513,650
Citrix Systems, Inc.		3,808		390,168
Electronic Arts, Inc. (a)		9,075		716,108
Fidelity National Information Services, Inc.		9,790		1,003,964
Fiserv, Inc. (a)		11,848		870,709
Intuit, Inc.		7,762		1,527,950

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Jack Henry & Associates, Inc.		2,294	$	290,237
Microsoft Corp.		230,900		23,452,513
MSCI, Inc.		2,633		388,183
Oracle Corp.		76,124		3,436,999
Paychex, Inc.		9,613		626,287
Red Hat, Inc. (a)		5,312		933,000
salesforce.com, Inc. (a)		22,863		3,131,545
Synopsys, Inc. (a)		4,408		371,330
Take-Two Interactive Software, Inc. (a)		3,383		348,246

				44,556,916

				99,653,680

Utilities — 3.3%
Electric — 3.1%
AES Corp.		19,562		282,867
Alliant Energy Corp.		7,077		299,003
Ameren Corp.		7,355		479,767
American Electric Power Co., Inc.		14,736		1,101,369
CenterPoint Energy, Inc.		14,979		422,857
CMS Energy Corp.		8,549		424,458
Consolidated Edison, Inc.		9,315		712,225
Dominion Energy, Inc.		19,592		1,400,044
DTE Energy Co.		5,455		601,687
Duke Energy Corp.		21,229		1,832,063
Edison International		9,811		556,970
Entergy Corp.		5,462		470,114
Evergy, Inc.		7,812		443,487
Eversource Energy		9,522		619,311
Exelon Corp.		28,780		1,297,978
FirstEnergy Corp.		14,513		544,963
NextEra Energy, Inc.		14,262		2,479,021
NRG Energy, Inc.		8,684		343,886
PG&E Corp. (a)		15,709		373,089
Pinnacle West Capital Corp.		3,311		282,097
PPL Corp.		21,525		609,803
Public Service Enterprise Group, Inc.		15,131		787,569
SCANA Corp.		4,219		201,584
Sempra Energy		8,144		881,099
The Southern Co.		30,704		1,348,520
WEC Energy Group, Inc.		9,472		656,031
Xcel Energy, Inc.		15,287		753,190

				20,205,052

Gas — 0.1%
NiSource, Inc.		10,907		276,492

Water — 0.1%
American Water Works Co., Inc.		5,383		488,615

				20,970,159


TOTAL COMMON STOCK (Cost $414,719,691)				628,586,143


TOTAL EQUITIES (Cost $414,719,691)				628,586,143


	Number of Shares		Value

MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (c)		293,386	$	293,386


TOTAL MUTUAL FUNDS (Cost $293,386)				293,386


TOTAL LONG-TERM INVESTMENTS (Cost $415,013,077)				628,879,529


	Principal Amount
SHORT-TERM INVESTMENTS — 2.3%
Repurchase Agreement — 2.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (d)	$	13,640,791		13,640,791

U.S. Treasury Bill — 0.2%
U.S. Treasury Bill 0.000% 1/10/19 (e)		1,085,000		1,084,457


TOTAL SHORT-TERM INVESTMENTS (Cost $14,725,223)				14,725,248


TOTAL INVESTMENTS — 99.9% (Cost $429,738,300) (f)				643,604,777


Other Assets/(Liabilities) — 0.1%				744,153


NET ASSETS — 100.0%			$	644,348,930

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $286,485 or 0.04% 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 $13,641,739. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $13,916,574.

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

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

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

MML Equity Index Fund – Portfolio of Investments (Continued)

Futures contracts at December 31, 2018:


	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
S&P 500 E-Mini Index		3/15/19		122	$	15,862,590	$	(580,870	)

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

MML Focused Equity Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 98.2%

COMMON STOCK — 98.2%
Basic Materials — 2.7%
Chemicals — 2.7%
Linde PLC		10,376	$	1,619,071

Consumer, Cyclical — 14.9%
Apparel — 4.0%
NIKE, Inc. Class B		32,218		2,388,642

Retail — 10.9%
Costco Wholesale Corp.		6,590		1,342,449
McDonald’s Corp.		15,098		2,680,952
The TJX Cos., Inc.		53,889		2,410,994

				6,434,395

				8,823,037

Consumer, Non-cyclical — 31.6%
Beverages — 12.8%
The Coca-Cola Co.		55,932		2,648,380
Diageo PLC		66,710		2,371,108
PepsiCo, Inc.		22,866		2,526,236

				7,545,724

Cosmetics & Personal Care — 3.7%
Colgate-Palmolive Co.		37,052		2,205,335

Health Care – Products — 6.8%
Danaher Corp.		12,920		1,332,311
Medtronic PLC		29,592		2,691,688

				4,023,999

Health Care – Services — 2.0%
UnitedHealth Group, Inc.		4,796		1,194,779

Pharmaceuticals — 6.3%
Bristol-Myers Squibb Co.		46,118		2,397,214
Johnson & Johnson		10,440		1,347,282

				3,744,496

				18,714,333

Financial — 25.5%
Banks — 3.8%
The PNC Financial Services Group, Inc.		19,060		2,228,305

Diversified Financial Services — 7.0%
American Express Co.		24,972		2,380,331
Visa, Inc. Class A		13,490		1,779,871

				4,160,202

Insurance — 6.8%
Chubb Ltd.		18,395		2,376,266
Marsh & McLennan Cos., Inc.		20,554		1,639,181

				4,015,447


	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 7.9%
American Tower Corp.		15,804	$	2,500,035
Public Storage		10,913		2,208,900

				4,708,935

				15,112,889

Industrial — 17.2%
Aerospace & Defense — 5.2%
General Dynamics Corp.		10,418		1,637,814
Lockheed Martin Corp.		5,613		1,469,708

				3,107,522

Miscellaneous – Manufacturing — 2.2%
3M Co.		6,968		1,327,683

Transportation — 9.8%
Canadian National Railway Co.		31,950		2,366,294
Union Pacific Corp.		16,138		2,230,756
United Parcel Service, Inc. Class B		12,150		1,184,989

				5,782,039

				10,217,244

Technology — 6.3%
Computers — 3.3%
Accenture PLC Class A		13,697		1,931,414

Software — 3.0%
Microsoft Corp.		17,587		1,786,311

				3,717,725


TOTAL COMMON STOCK (Cost $57,013,440)				58,204,299


TOTAL EQUITIES (Cost $57,013,440)				58,204,299


TOTAL LONG-TERM INVESTMENTS (Cost $57,013,440)				58,204,299


	Principal Amount
SHORT-TERM INVESTMENTS — 2.8%
Repurchase Agreement — 2.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (a)	$	1,658,198		1,658,198


TOTAL SHORT-TERM INVESTMENTS (Cost $1,658,198)				1,658,198


TOTAL INVESTMENTS — 101.0% (Cost $58,671,638) (b)				59,862,497

Other Assets/(Liabilities) — (1.0)%				(606,576	)


NET ASSETS — 100.0%			$	59,255,921

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

MML Focused Equity Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Maturity value of $1,658,313. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $1,694,840.

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

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


United States	75.7	%
Ireland	10.5	%
Switzerland	4.0	%
United Kingdom	4.0	%
Canada	4.0	%

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

Net Assets	100.0	%

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

MML Foreign Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 95.4%

COMMON STOCK — 95.4%
Canada — 1.7%
Alamos Gold, Inc. Class A (a)		306,210	$	1,102,356
Husky Energy, Inc.		207,400		2,143,579
Wheaton Precious Metals Corp.		96,200		1,877,915

				5,123,850

Cayman Islands — 4.2%
Baidu, Inc. Sponsored ADR (b)		20,070		3,183,102
CK Asset Holdings Ltd.		452,254		3,288,684
CK Hutchison Holdings Ltd.		487,254		4,656,341
NetEase, Inc. ADR		7,300		1,718,201

				12,846,328

China — 3.7%
China Life Insurance Co. Ltd. Class H		1,467,000		3,102,160
China Telecom Corp. Ltd. Class H		11,037,643		5,616,485
Sinopharm Group Co. Ltd. Class H		568,800		2,381,684

				11,100,329

Denmark — 1.7%
Vestas Wind Systems A/S		66,972		5,085,122

France — 10.6%
AXA SA		181,650		3,913,761
BNP Paribas SA		137,593		6,196,940
Cie de Saint-Gobain		84,080		2,798,631
Cie Generale des Etablissements Michelin SCA		27,433		2,712,279
Credit Agricole SA		112,057		1,205,295
Sanofi		74,190		6,411,428
Total SA		84,719		4,475,537
Veolia Environnement SA		223,170		4,577,656

				32,291,527

Germany — 10.9%
Bayer AG Registered		60,663		4,206,442
E.ON SE		486,062		4,805,460
HeidelbergCement AG		46,022		2,814,613
Infineon Technologies AG		241,765		4,810,811
LANXESS AG		59,730		2,751,145
Merck KGaA		50,900		5,251,795
Siemens AG Registered		42,985		4,794,085
Telefonica Deutschland Holding AG		930,975		3,642,697

				33,077,048

Hong Kong — 2.8%
AIA Group Ltd.		485,200		3,991,381
China Mobile Ltd.		480,000		4,625,864

				8,617,245

Ireland — 2.3%
Bank of Ireland Group PLC		572,268		3,176,085


	Number of Shares		Value
CRH PLC		141,012	$	3,717,143

				6,893,228

Israel — 1.5%
Teva Pharmaceutical Industries Ltd. Sponsored ADR		295,568		4,557,659

Italy — 2.4%
Eni SpA		350,704		5,522,937
UniCredit SpA		160,689		1,822,844

				7,345,781

Japan — 10.8%
Astellas Pharma, Inc.		356,700		4,539,409
IHI Corp.		45,800		1,257,162
Mitsui Fudosan Co. Ltd.		173,300		3,839,874
Omron Corp.		61,600		2,220,255
Panasonic Corp.		345,400		3,099,164
Ryohin Keikaku Co. Ltd.		7,400		1,800,935
Seven & i Holdings Co. Ltd.		92,500		4,027,671
SoftBank Group Corp.		19,500		1,285,338
Sumitomo Metal Mining Co. Ltd.		44,200		1,175,586
Sumitomo Mitsui Financial Group, Inc.		67,000		2,209,448
Sumitomo Rubber Industries Ltd.		121,700		1,448,372
Suntory Beverage & Food Ltd.		129,100		5,827,002

				32,730,216

Luxembourg — 1.6%
SES SA		246,017		4,712,175

Netherlands — 5.9%
Akzo Nobel NV		32,182		2,586,872
ING Groep NV		405,315		4,343,690
NN Group NV		63,590		2,526,093
NXP Semiconductor NV		45,500		3,334,240
QIAGEN NV (b)		81,562		2,781,124
SBM Offshore NV		159,233		2,357,389

				17,929,408

Norway — 1.0%
Yara International ASA		77,872		2,989,014

Republic of Korea — 4.7%
Hana Financial Group, Inc.		79,353		2,575,063
KB Financial Group, Inc. ADR (a) (b)		88,116		3,699,110
Samsung Electronics Co. Ltd.		235,300		8,141,538

				14,415,711

Singapore — 1.6%
Singapore Telecommunications Ltd.		2,216,600		4,754,568

Sweden — 0.4%
Getinge AB Class B		146,444		1,328,229

Switzerland — 6.3%
Landis+Gyr Group AG (a)		25,523		1,436,056

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

MML Foreign Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Novartis AG Registered		59,896	$	5,129,995
Roche Holding AG		27,562		6,815,373
UBS Group AG Registered		457,256		5,707,909

				19,089,333

Taiwan — 1.5%
Taiwan Semiconductor Manufacturing Co. Ltd.		641,275		4,655,193

Thailand — 1.5%
Bangkok Bank PCL Foreign Registered		709,700		4,517,788

United Kingdom — 18.3%
BAE Systems PLC		321,284		1,875,181
BP PLC		1,281,535		8,085,746
Cobham PLC (b)		1,698,528		2,108,518
HSBC Holdings PLC		578,800		4,770,173
Johnson Matthey PLC		96,470		3,441,947
Kingfisher PLC		1,267,063		3,352,139
Royal Dutch Shell PLC Class A		2,397		70,353
Royal Dutch Shell PLC Class B		270,523		8,049,890
Shire PLC		162,615		9,450,362
Standard Chartered PLC		981,823		7,589,172
Travis Perkins PLC		149,165		2,023,982
Vodafone Group PLC Sponsored ADR		236,983		4,569,032

				55,386,495


TOTAL COMMON STOCK (Cost $301,990,325)				289,446,247


TOTAL EQUITIES (Cost $301,990,325)				289,446,247

MUTUAL FUNDS — 0.4%
United States — 0.4%
State Street Navigator Securities Lending Prime Portfolio (c)		1,400,448		1,400,448


TOTAL MUTUAL FUNDS (Cost $1,400,448)				1,400,448


TOTAL LONG-TERM INVESTMENTS (Cost $303,390,773)				290,846,695



	Principal Amount		Value
SHORT-TERM INVESTMENTS — 4.2%
Repurchase Agreement — 4.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (d)	$	12,665,502	$	12,665,502


TOTAL SHORT-TERM INVESTMENTS (Cost $12,665,502)				12,665,502


TOTAL INVESTMENTS — 100.0% (Cost $316,056,275) (e)				303,512,197

Other Assets/(Liabilities) — (0.0)%				(151,396	)


NET ASSETS — 100.0%			$	303,360,801

Abbreviation Legend

ADR	American Depositary Receipt

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 December 31, 2018, was $1,346,978 or 0.44% 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).

(b)	Non-income producing security.

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

(d)	Maturity value of $12,666,382. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $12,922,533.

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

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


Financial	22.5	%
Consumer, Non-cyclical	20.6	%
Energy	12.3	%
Communications	10.7	%
Technology	7.5	%
Industrial	7.1	%
Basic Materials	5.2	%
Consumer, Cyclical	4.8	%
Utilities	3.1	%
Diversified	1.5	%
Mutual Funds	0.5	%

Total Long-Term Investments	95.8	%
Short-Term Investments and Other Assets and Liabilities	4.2	%

Net Assets	100.0	%

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

MML Fundamental Growth Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 96.5%

COMMON STOCK — 96.5%
Basic Materials — 1.0%
Chemicals — 1.0%
CF Industries Holdings, Inc.		22,556	$	981,412

Communications — 16.7%
Internet — 13.1%
Alphabet, Inc. Class C (a)		5,897		6,106,992
Amazon.com, Inc. (a)		2,708		4,067,335
Booking Holdings, Inc. (a)		859		1,479,559
Facebook, Inc. Class A (a)		1,801		236,093
VeriSign, Inc. (a)		8,611		1,276,925

				13,166,904

Media — 0.3%
FactSet Research Systems, Inc.		1,735		347,226

Telecommunications — 3.3%
Cisco Systems, Inc.		30,789		1,334,087
Verizon Communications, Inc.		34,581		1,944,144

				3,278,231

				16,792,361

Consumer, Cyclical — 11.5%
Apparel — 1.3%
NIKE, Inc. Class B		17,964		1,331,851

Retail — 10.2%
AutoZone, Inc. (a)		1,745		1,462,903
The Home Depot, Inc.		12,783		2,196,375
Lowe’s Cos., Inc.		12,499		1,154,408
McDonald’s Corp.		11,775		2,090,887
O’Reilly Automotive, Inc. (a)		3,609		1,242,687
Ross Stores, Inc.		11,939		993,325
The TJX Cos., Inc.		24,380		1,090,761

				10,231,346

				11,563,197

Consumer, Non-cyclical — 24.6%
Beverages — 0.4%
Monster Beverage Corp. (a)		9,212		453,415

Biotechnology — 4.9%
Amgen, Inc.		11,056		2,152,271
Biogen, Inc. (a)		4,868		1,464,879
Gilead Sciences, Inc.		20,898		1,307,170

				4,924,320

Commercial Services — 7.8%
Experian PLC		29,117		707,681
FleetCor Technologies, Inc. (a)		6,249		1,160,564
Gartner, Inc. (a)		2,354		300,935
Global Payments, Inc.		13,683		1,411,128
IHS Markit Ltd. (a)		21,990		1,054,860


	Number of Shares		Value
PayPal Holdings, Inc. (a)		16,570	$	1,393,371
S&P Global, Inc.		6,235		1,059,576
Worldpay, Inc. Class A (a)		9,871		754,441

				7,842,556

Cosmetics & Personal Care — 2.3%
The Procter & Gamble Co.		24,824		2,281,822

Health Care – Products — 4.6%
Baxter International, Inc.		17,271		1,136,777
Danaher Corp.		11,197		1,154,635
Edwards Lifesciences Corp. (a)		6,783		1,038,952
Thermo Fisher Scientific, Inc.		5,851		1,309,395

				4,639,759

Health Care – Services — 2.5%
Anthem, Inc.		6,117		1,606,508
ICON PLC (a)		7,205		930,958

				2,537,466

Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.		22,851		1,187,795
CVS Health Corp.		13,362		875,478

				2,063,273

				24,742,611

Energy — 1.2%
Oil & Gas — 1.2%
BP PLC Sponsored ADR		11,799		447,418
Chevron Corp.		7,250		788,727

				1,236,145

Financial — 11.9%
Diversified Financial Services — 9.8%
American Express Co.		15,501		1,477,555
Intercontinental Exchange, Inc.		21,313		1,605,508
Mastercard, Inc. Class A		13,517		2,549,982
TD Ameritrade Holding Corp.		21,877		1,071,098
Visa, Inc. Class A		23,987		3,164,845

				9,868,988

Real Estate Investment Trusts (REITS) — 2.1%
American Tower Corp.		13,472		2,131,136

				12,000,124

Industrial — 5.2%
Aerospace & Defense — 1.0%
Raytheon Co.		6,533		1,001,836

Electrical Components & Equipment — 0.7%
Emerson Electric Co.		11,803		705,229

Electronics — 0.7%
Fortive Corp.		10,609		717,805

Machinery – Diversified — 1.1%
Roper Technologies, Inc.		4,244		1,131,111

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

MML Fundamental Growth Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Transportation — 1.7%
Expeditors International of Washington, Inc.		7,558	$	514,624
Norfolk Southern Corp.		7,728		1,155,645

				1,670,269

				5,226,250

Technology — 24.4%
Computers — 7.5%
Apple, Inc.		25,869		4,080,576
Check Point Software Technologies Ltd. (a)		15,678		1,609,347
Fortinet, Inc. (a)		9,184		646,829
NetApp, Inc.		19,233		1,147,633

				7,484,385

Software — 16.9%
Adobe, Inc. (a)		7,109		1,608,340
Electronic Arts, Inc. (a)		6,821		538,245
Fiserv, Inc. (a)		8,072		593,211
Guidewire Software, Inc. (a)		4,436		355,900
Intuit, Inc.		6,943		1,366,730
Microsoft Corp.		79,264		8,050,845
salesforce.com, Inc. (a)		15,646		2,143,033
ServiceNow, Inc. (a)		2,806		499,608
SS&C Technologies Holdings, Inc		18,175		819,874
VMware, Inc. Class A		7,677		1,052,747

				17,028,533

				24,512,918


TOTAL COMMON STOCK (Cost $88,281,696)				97,055,018


TOTAL EQUITIES (Cost $88,281,696)				97,055,018


TOTAL LONG-TERM INVESTMENTS (Cost $88,281,696)				97,055,018



	Principal Amount		Value
SHORT-TERM INVESTMENTS — 4.2%
Repurchase Agreement — 4.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (b)	$	4,245,256	$	4,245,256


TOTAL SHORT-TERM INVESTMENTS (Cost $4,245,256)				4,245,256


TOTAL INVESTMENTS — 100.7% (Cost $92,526,952) (c)				101,300,274

Other Assets/(Liabilities) — (0.7)%				(753,692	)


NET ASSETS — 100.0%			$	100,546,582

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 $4,245,551. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $4,334,019.

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

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

MML Fundamental Value Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 99.0%

COMMON STOCK — 99.0%
Basic Materials — 3.0%
Chemicals — 3.0%
DowDuPont, Inc.		60,060	$	3,212,009
FMC Corp.		29,570		2,186,997

				5,399,006

Communications — 10.1%
Media — 3.3%
Comcast Corp. Class A		145,160		4,942,698
Viacom, Inc. Class B		43,110		1,107,927

				6,050,625

Telecommunications — 6.8%
Cisco Systems, Inc.		112,810		4,888,058
Nokia OYJ Sponsored ADR		374,710		2,180,812
Verizon Communications, Inc.		93,600		5,262,192

				12,331,062

				18,381,687

Consumer, Cyclical — 4.2%
Apparel — 0.4%
Skechers U.S.A., Inc. Class A (a)		33,360		763,610

Housewares — 0.5%
Newell Brands, Inc.		49,900		927,641

Lodging — 1.1%
Hilton Worldwide Holdings, Inc.		27,690		1,988,142

Retail — 2.2%
The Home Depot, Inc.		11,660		2,003,421
Qurate Retail, Inc. (a)		99,840		1,948,877

				3,952,298

				7,631,691

Consumer, Non-cyclical — 22.6%
Agriculture — 1.7%
Philip Morris International, Inc.		46,310		3,091,656

Cosmetics & Personal Care — 1.1%
Unilever NV NY Shares		36,690		1,973,922

Foods — 3.4%
The Kraft Heinz Co.		47,866		2,060,153
Mondelez International, Inc. Class A		53,120		2,126,393
US Foods Holding Corp. (a)		63,750		2,017,050

				6,203,596

Health Care – Products — 4.2%
Koninklijke Philips NV Sponsored ADR		59,570		2,091,503
Medtronic PLC		38,129		3,468,214
Zimmer Biomet Holdings, Inc.		19,030		1,973,791

				7,533,508


	Number of Shares		Value
Health Care – Services — 2.8%
Anthem, Inc.		11,100	$	2,915,193
UnitedHealth Group, Inc.		8,850		2,204,712

				5,119,905

Pharmaceuticals — 9.4%
Allergan PLC		13,440		1,796,390
AstraZeneca PLC Sponsored ADR		61,030		2,317,919
Bristol-Myers Squibb Co.		45,720		2,376,526
Eli Lilly & Co.		26,960		3,119,811
Merck & Co., Inc.		61,240		4,679,349
Roche Holding AG		11,531		2,851,319

				17,141,314

				41,063,901

Energy — 10.6%
Oil & Gas — 9.7%
Canadian Natural Resources Ltd.		80,390		1,939,810
Chevron Corp.		48,980		5,328,534
Concho Resources, Inc. (a)		17,630		1,812,188
EOG Resources, Inc.		31,680		2,762,813
Exxon Mobil Corp.		31,110		2,121,391
Occidental Petroleum Corp.		34,340		2,107,789
Pioneer Natural Resources Co.		12,040		1,583,501

				17,656,026

Oil & Gas Services — 0.9%
Halliburton Co.		56,630		1,505,226

				19,161,252

Financial — 26.6%
Banks — 15.4%
Bank of America Corp.		229,990		5,666,954
Citigroup, Inc.		79,920		4,160,635
JP Morgan Chase & Co.		79,630		7,773,481
M&T Bank Corp.		16,110		2,305,824
The PNC Financial Services Group, Inc.		33,060		3,865,045
Wells Fargo & Co.		90,140		4,153,651

				27,925,590

Diversified Financial Services — 2.2%
BlackRock, Inc.		6,030		2,368,704
Invesco Ltd.		103,390		1,730,749

				4,099,453

Insurance — 5.9%
American International Group, Inc.		37,420		1,474,722
Chubb Ltd.		24,665		3,186,225
Intact Financial Corp.		27,250		1,979,877
Marsh & McLennan Cos., Inc.		29,370		2,342,257
MetLife, Inc.		41,900		1,720,414

				10,703,495

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

MML Fundamental Value Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 3.1%
Brixmor Property Group, Inc.		70,610	$	1,037,261
Crown Castle International Corp.		27,110		2,944,959
Park Hotels & Resorts, Inc.		66,220		1,720,396

				5,702,616

				48,431,154

Industrial — 9.2%
Aerospace & Defense — 2.5%
Lockheed Martin Corp.		7,320		1,916,669
United Technologies Corp.		23,860		2,540,613

				4,457,282

Building Materials — 1.0%
Fortune Brands Home & Security, Inc.		48,470		1,841,375

Machinery – Construction & Mining — 1.4%
Caterpillar, Inc.		20,540		2,610,018

Miscellaneous – Manufacturing — 2.3%
Eaton Corp. PLC		32,030		2,199,180
Ingersoll-Rand PLC		21,220		1,935,900

				4,135,080

Packaging & Containers — 0.8%
Sealed Air Corp.		42,300		1,473,732

Transportation — 1.2%
Union Pacific Corp.		15,410		2,130,124

				16,647,611

Technology — 8.1%
Computers — 0.9%
NetApp, Inc.		28,480		1,699,402

Semiconductors — 7.2%
Analog Devices, Inc.		28,050		2,407,531
Intel Corp.		95,530		4,483,223
KLA-Tencor Corp.		15,790		1,413,047
Maxim Integrated Products, Inc.		42,500		2,161,125
QUALCOMM, Inc.		45,570		2,593,389

				13,058,315

				14,757,717

Utilities — 4.6%
Electric — 4.6%
Dominion Energy, Inc.		35,550		2,540,403
Edison International		28,800		1,634,976
Eversource Energy		38,060		2,475,422
Sempra Energy		16,410		1,775,398

				8,426,199


TOTAL COMMON STOCK (Cost $165,121,706)				179,900,218


TOTAL EQUITIES (Cost $165,121,706)				179,900,218


TOTAL LONG-TERM INVESTMENTS (Cost $165,121,706)				179,900,218



	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (b)	$	1,847,206	$	1,847,206


TOTAL SHORT-TERM INVESTMENTS (Cost $1,847,206)				1,847,206


TOTAL INVESTMENTS — 100.0% (Cost $166,968,912) (c)				181,747,424

Other Assets/(Liabilities) — 0.0%				55,585


NET ASSETS — 100.0%			$	181,803,009

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $1,847,335. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $1,888,678.

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

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


United States	82.6	%
Ireland	5.2	%
Switzerland	3.3	%
Netherlands	2.2	%
Canada	2.2	%
United Kingdom	1.3	%
Finland	1.2	%
Bermuda	1.0	%

Total Long-Term Investments	99.0	%
Short-Term Investments and Other Assets and Liabilities	1.0	%

Net Assets	100.0	%

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

MML Global Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 97.8%

COMMON STOCK — 97.8%
Austria — 0.4%
Erste Group Bank AG		22,728	$	757,304

Brazil — 0.3%
Ambev SA		176,131		698,225

Canada — 1.8%
Canadian National Railway Co.		50,393		3,734,625

Cayman Islands — 0.2%
Sands China Ltd.		91,600		396,676

Denmark — 0.7%
Carlsberg A/S Class B		13,149		1,398,903

France — 10.1%
Air Liquide SA		18,146		2,246,572
Danone SA		52,227		3,680,929
Hermes International		832		460,135
Legrand SA		32,794		1,845,764
LVMH Moet Hennessy Louis Vuitton SE		15,519		4,560,192
Pernod Ricard SA		25,641		4,210,186
Schneider Electric SE		61,253		4,168,696

				21,172,474

Germany — 4.4%
Bayer AG Registered		61,345		4,253,733
Brenntag AG		23,245		1,003,235
Deutsche Boerse AG		7,333		881,847
Merck KGaA		16,562		1,708,845
MTU Aero Engines AG		7,327		1,330,813

				9,178,473

Ireland — 7.4%
Accenture PLC Class A		35,110		4,950,861
Linde PLC		6,061		945,758
Linde PLC (a)		20,686		3,284,667
Medtronic PLC		69,399		6,312,533

				15,493,819

Israel — 1.3%
Check Point Software Technologies Ltd. (a)		26,506		2,720,841

Japan — 2.6%
Hoya Corp.		24,600		1,503,608
Kubota Corp.		161,100		2,268,421
Olympus Corp.		52,400		1,602,296

				5,374,325

Mexico — 0.3%
Grupo Financiero Banorte SAB de CV Class O		117,158		571,907


	Number of Shares		Value
Netherlands — 2.8%
Akzo Nobel NV		36,836	$	2,960,973
Heineken NV		21,525		1,897,156
Schlumberger Ltd.		24,794		894,567

				5,752,696

Republic of Korea — 0.8%
Samsung Electronics Co. Ltd.		47,938		1,658,687

Spain — 1.2%
Aena SME SA (b)		15,980		2,477,651

Sweden — 2.2%
Essity AB Class B		190,671		4,685,579

Switzerland — 7.5%
Adecco Group AG Registered		20,977		982,372
Cie Financiere Richemont SA Registered		30,242		1,943,576
Julius Baer Group Ltd.		22,303		796,970
Nestle SA Registered		67,616		5,497,238
Roche Holding AG		14,649		3,622,320
Sonova Holding AG Registered		4,174		680,577
UBS Group AG Registered		175,614		2,192,183

				15,715,236

Thailand — 0.2%
Kasikornbank PCL		80,700		457,928

United Kingdom — 9.4%
Aon PLC		15,601		2,267,762
Aptiv PLC		14,432		888,578
Burberry Group PLC		51,040		1,122,937
Compass Group PLC		111,151		2,333,580
Diageo PLC		130,506		4,638,642
Reckitt Benckiser Group PLC		60,770		4,640,762
Whitbread PLC		24,152		1,405,939
WPP PLC		207,644		2,230,157

				19,528,357

United States — 44.2%
3M Co.		18,510		3,526,895
Abbott Laboratories		46,869		3,390,035
American Express Co.		30,250		2,883,430
Amphenol Corp. Class A		13,890		1,125,368
AutoZone, Inc. (a)		1,076		902,054
The Bank of New York Mellon Corp.		71,365		3,359,151
Cisco Systems, Inc.		44,095		1,910,636
Cognizant Technology Solutions Corp. Class A		36,061		2,289,152
Colgate-Palmolive Co.		39,557		2,354,433
Comcast Corp. Class A		171,035		5,823,742
The Cooper Cos., Inc.		10,230		2,603,535
Coty, Inc. Class A		134,614		883,068
eBay, Inc. (a)		55,009		1,544,103
Franklin Resources, Inc.		25,128		745,296

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

MML Global Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
The Goldman Sachs Group, Inc.		10,761	$	1,797,625
Harley-Davidson, Inc.		19,527		666,261
Honeywell International, Inc.		35,846		4,735,973
Johnson & Johnson		6,799		877,411
Kansas City Southern		38,002		3,627,291
Kellogg Co.		33,226		1,894,214
Microchip Technology, Inc. (c)		11,352		816,436
National Oilwell Varco, Inc.		17,023		437,491
NOW, Inc. (a)		9,951		115,830
Omnicom Group, Inc.		16,371		1,199,012
Oracle Corp.		72,333		3,265,835
PayPal Holdings, Inc. (a)		16,244		1,365,958
PPG Industries, Inc.		23,402		2,392,386
Resideo Technologies, Inc. (a)		6,106		125,478
Sally Beauty Holdings, Inc. (a)		31,616		539,053
State Street Corp.		50,810		3,204,587
Stryker Corp.		23,485		3,681,274
Thermo Fisher Scientific, Inc.		28,072		6,282,233
United Parcel Service, Inc. Class B		34,434		3,358,348
United Technologies Corp.		18,997		2,022,801
Visa, Inc. Class A		47,854		6,313,857
The Walt Disney Co.		40,319		4,420,978
Waters Corp. (a)		9,851		1,858,391
Wynn Resorts Ltd.		3,639		359,933
Zimmer Biomet Holdings, Inc.		35,855		3,718,881

				92,418,435


TOTAL COMMON STOCK (Cost $187,966,131)				204,192,141


TOTAL EQUITIES (Cost $187,966,131)				204,192,141

MUTUAL FUNDS — 0.4%
United States — 0.4%
State Street Navigator Securities Lending Prime Portfolio (d)		825,993		825,993


TOTAL MUTUAL FUNDS (Cost $825,993)				825,993


TOTAL LONG-TERM INVESTMENTS (Cost $188,792,124)				205,018,134


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.0%
Repurchase Agreement — 2.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (e)	$	4,240,369	$	4,240,369


TOTAL SHORT-TERM INVESTMENTS (Cost $4,240,369)				4,240,369


TOTAL INVESTMENTS — 100.2% (Cost $193,032,493) (f)				209,258,503

Other Assets/(Liabilities) — (0.2)%				(346,438	)


NET ASSETS — 100.0%			$	208,912,065

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, these securities amounted to a value of $2,477,651 or 1.19% of net assets.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $808,237 or 0.39% 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 $4,240,663. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $4,329,049.

(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	37.1	%
Industrial	18.1	%
Financial	12.6	%
Communications	8.2	%
Technology	7.5	%
Consumer, Cyclical	7.5	%
Basic Materials	6.1	%
Energy	0.7	%
Mutual Funds	0.4	%

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

Net Assets	100.0	%

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

MML Growth & Income Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 99.1%

COMMON STOCK — 99.1%
Basic Materials — 2.5%
Chemicals — 2.5%
PPG Industries, Inc.		12,678	$	1,296,072
The Sherwin-Williams Co.		4,646		1,828,015

				3,124,087

Communications — 9.9%
Internet — 6.0%
Alphabet, Inc. Class A (a)		4,117		4,302,100
Alphabet, Inc. Class C (a)		1,633		1,691,151
Facebook, Inc. Class A (a)		12,910		1,692,372

				7,685,623

Media — 2.8%
Comcast Corp. Class A		79,741		2,715,181
The Walt Disney Co.		7,244		794,305

				3,509,486

Telecommunications — 1.1%
Cisco Systems, Inc.		31,178		1,350,943

				12,546,052

Consumer, Cyclical — 10.3%
Apparel — 2.3%
LVMH Moet Hennessy Louis Vuitton SE		4,671		1,372,554
NIKE, Inc. Class B		20,871		1,547,376

				2,919,930

Food Services — 0.6%
Aramark		26,294		761,737

Housewares — 0.9%
Newell Brands, Inc.		64,419		1,197,549

Retail — 6.5%
Costco Wholesale Corp.		7,130		1,452,452
Dollar Tree, Inc. (a)		9,421		850,905
Ross Stores, Inc.		20,396		1,696,947
Starbucks Corp.		36,961		2,380,289
Tractor Supply Co.		21,969		1,833,093

				8,213,686

				13,092,902

Consumer, Non-cyclical — 24.6%
Beverages — 2.4%
Diageo PLC		34,702		1,233,431
Pernod Ricard SA		11,325		1,859,536

				3,092,967

Biotechnology — 1.1%
Biogen, Inc. (a)		4,602		1,384,834


	Number of Shares		Value
Cosmetics & Personal Care — 1.9%
Colgate-Palmolive Co.		26,585	$	1,582,339
The Estee Lauder Cos., Inc. Class A		5,933		771,883

				2,354,222

Foods — 3.3%
Danone SA		25,005		1,762,338
Mondelez International, Inc. Class A		58,783		2,353,084

				4,115,422

Health Care – Products — 8.7%
Abbott Laboratories		19,301		1,396,041
Danaher Corp.		32,198		3,320,258
Medtronic PLC		36,162		3,289,295
Thermo Fisher Scientific, Inc.		13,567		3,036,159

				11,041,753

Household Products & Wares — 0.9%
Kimberly-Clark Corp.		9,718		1,107,269

Pharmaceuticals — 6.3%
Elanco Animal Health, Inc. (a) (b)		1,834		57,826
Eli Lilly & Co.		14,860		1,719,599
Johnson & Johnson		30,842		3,980,160
McKesson Corp.		9,888		1,092,328
Zoetis, Inc.		13,822		1,182,334

				8,032,247

				31,128,714

Energy — 4.7%
Oil & Gas — 1.7%
EOG Resources, Inc.		24,615		2,146,674

Oil & Gas Services — 1.5%
Core Laboratories NV		6,213		370,668
Schlumberger Ltd.		41,982		1,514,710

				1,885,378

Pipelines — 1.5%
Enterprise Products Partners LP (c)		78,444		1,928,938

				5,960,990

Financial — 21.6%
Banks — 9.2%
Bank of America Corp.		125,872		3,101,486
The Goldman Sachs Group, Inc.		9,989		1,668,662
JP Morgan Chase & Co.		40,630		3,966,301
Morgan Stanley		37,983		1,506,026
US Bancorp		30,271		1,383,385

				11,625,860

Diversified Financial Services — 7.5%
Mastercard, Inc. Class A		14,263		2,690,715
Nasdaq, Inc.		23,667		1,930,517
TD Ameritrade Holding Corp.		15,801		773,617
Visa, Inc. Class A		30,785		4,061,773

				9,456,622

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

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


	Number of Shares		Value
Insurance — 1.2%
Chubb Ltd.		11,619	$	1,500,942

Private Equity — 0.8%
The Blackstone Group LP (c)		35,691		1,063,949

Real Estate Investment Trusts (REITS) — 2.9%
American Tower Corp.		23,055		3,647,070

				27,294,443

Industrial — 8.9%
Aerospace & Defense — 1.3%
United Technologies Corp.		15,973		1,700,805

Electrical Components & Equipment — 1.0%
AMETEK, Inc.		19,597		1,326,717

Electronics — 3.4%
Fortive Corp.		13,696		926,671
Honeywell International, Inc.		17,334		2,290,168
TE Connectivity Ltd.		15,066		1,139,442

				4,356,281

Engineering & Construction — 0.4%
Fluor Corp.		15,693		505,315

Packaging & Containers — 1.1%
Crown Holdings, Inc. (a)		32,051		1,332,360

Transportation — 1.7%
Canadian National Railway Co.		28,356		2,101,463

				11,322,941

Technology — 16.1%
Computers — 7.0%
Accenture PLC Class A		15,777		2,224,715
Amdocs Ltd.		28,804		1,687,338
Apple, Inc.		8,547		1,348,204
Cognizant Technology Solutions Corp. Class A		35,636		2,262,173
DXC Technology Co.		24,629		1,309,524

				8,831,954

Semiconductors — 2.5%
Analog Devices, Inc.		13,151		1,128,750
Texas Instruments, Inc.		21,771		2,057,360

				3,186,110

Software — 6.6%
Adobe, Inc. (a)		7,178		1,623,951
Electronic Arts, Inc. (a)		15,846		1,250,408
Fidelity National Information Services, Inc.		26,890		2,757,569
Microsoft Corp.		18,769		1,906,367
salesforce.com, Inc. (a)		6,013		823,601

				8,361,896

				20,379,960


	Number of Shares		Value
Utilities — 0.5%
Electric — 0.5%
American Electric Power Co., Inc.		9,048	$	676,247


TOTAL COMMON STOCK (Cost $93,682,685)				125,526,336


TOTAL EQUITIES (Cost $93,682,685)				125,526,336

MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (d)		58,534		58,534


TOTAL MUTUAL FUNDS (Cost $58,534)				58,534


TOTAL LONG-TERM INVESTMENTS (Cost $93,741,219)				125,584,870


	Principal Amount
SHORT-TERM INVESTMENTS — 0.9%
Repurchase Agreement — 0.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (e)	$	1,091,439		1,091,439


TOTAL SHORT-TERM INVESTMENTS (Cost $1,091,439)				1,091,439


TOTAL INVESTMENTS — 100.0% (Cost $94,832,658) (f)				126,676,309

Other Assets/(Liabilities) — 0.0%				37,653


NET ASSETS — 100.0%			$	126,713,962

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $57,227 or 0.05% 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)	Security is a Master Limited Partnership.

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

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

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

Notes to Portfolio of Investments (Continued)

(e)	Maturity value of $1,091,514. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $1,113,326.

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

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

MML Income & Growth Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 98.4%

COMMON STOCK — 98.4%
Basic Materials — 5.9%
Chemicals — 5.9%
Air Products & Chemicals, Inc.		14,859	$	2,378,183
DowDuPont, Inc.		112,214		6,001,205
Linde PLC		37,025		5,777,381
LyondellBasell Industries NV Class A		14,376		1,195,508
Versum Materials, Inc.		12,873		356,839

				15,709,116

Communications — 3.3%
Media — 0.9%
Comcast Corp. Class A		69,260		2,358,303

Telecommunications — 2.4%
AT&T, Inc.		92,018		2,626,194
Verizon Communications, Inc.		67,674		3,804,632

				6,430,826

				8,789,129

Consumer, Cyclical — 9.0%
Airlines — 1.0%
Southwest Airlines Co.		54,598		2,537,715

Apparel — 0.3%
Hanesbrands, Inc.		65,319		818,447

Auto Parts & Equipment — 0.0%
Adient PLC		6,257		94,230

Food Services — 0.5%
Aramark		43,297		1,254,314

Home Builders — 0.4%
Lennar Corp. Class A		28,625		1,120,669

Home Furnishing — 0.5%
Whirlpool Corp.		12,517		1,337,692

Leisure Time — 1.4%
Norwegian Cruise Line Holdings Ltd. (a)		42,893		1,818,234
Royal Caribbean Cruises Ltd.		20,487		2,003,424

				3,821,658

Lodging — 0.3%
MGM Resorts International		31,049		753,249

Retail — 4.6%
Advance Auto Parts, Inc.		13,049		2,054,696
Dollar General Corp.		26,995		2,917,620
Lowe’s Cos., Inc.		43,531		4,020,523
O’Reilly Automotive, Inc. (a)		3,200		1,101,856
Walmart, Inc.		22,616		2,106,680

				12,201,375

				23,939,349


	Number of Shares		Value
Consumer, Non-cyclical — 19.3%
Agriculture — 3.1%
Altria Group, Inc.		84,144	$	4,155,872
Philip Morris International, Inc.		58,750		3,922,150

				8,078,022

Beverages — 0.8%
Coca-Cola European Partners PLC (a)		44,203		2,026,708

Commercial Services — 1.1%
AMERCO		4,892		1,605,114
Nielsen Holdings PLC		58,371		1,361,795

				2,966,909

Foods — 0.5%
Tyson Foods, Inc. Class A		25,643		1,369,336

Health Care – Products — 1.0%
Medtronic PLC		28,675		2,608,278

Health Care – Services — 2.4%
Anthem, Inc.		11,902		3,125,822
UnitedHealth Group, Inc.		12,663		3,154,607

				6,280,429

Pharmaceuticals — 10.4%
Cardinal Health, Inc.		39,260		1,750,996
Cigna Corp. (a)		15,866		3,013,248
CVS Health Corp.		95,782		6,275,637
Johnson & Johnson		24,676		3,184,438
Merck & Co., Inc.		18,779		1,434,903
Pfizer, Inc.		156,868		6,847,288
Sanofi ADR		103,172		4,478,697
Teva Pharmaceutical Industries Ltd. Sponsored ADR		43,850		676,167

				27,661,374

				50,991,056

Energy — 13.4%
Oil & Gas — 12.3%
BP PLC Sponsored ADR		110,784		4,200,929
Chevron Corp.		50,500		5,493,895
ConocoPhillips		107,779		6,720,021
Hess Corp.		41,652		1,686,906
Kosmos Energy Ltd. (a)		200,231		814,940
Occidental Petroleum Corp.		62,789		3,853,989
Parsley Energy, Inc. Class A (a)		61,617		984,640
Phillips 66		71,361		6,147,750
Valero Energy Corp.		16,381		1,228,083
Vermilion Energy, Inc. (b)		67,038		1,412,491

				32,543,644

Oil & Gas Services — 1.1%
Schlumberger Ltd.		81,674		2,946,798

				35,490,442

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

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


	Number of Shares		Value
Financial — 22.7%
Banks — 12.2%
Bank of America Corp.		155,603	$	3,834,058
The Bank of New York Mellon Corp.		46,285		2,178,635
JP Morgan Chase & Co.		74,186		7,242,037
KeyCorp		104,202		1,540,105
State Street Corp.		87,795		5,537,231
US Bancorp		116,931		5,343,747
Wells Fargo & Co.		145,088		6,685,655

				32,361,468

Diversified Financial Services — 4.2%
American Express Co.		67,606		6,444,204
E*TRADE Financial Corp.		38,565		1,692,232
Navient Corp.		93,882		827,101
SLM Corp. (a)		255,027		2,119,274

				11,082,811

Insurance — 3.3%
Berkshire Hathaway, Inc. Class B (a)		11,953		2,440,564
Fidelity National Financial, Inc.		37,650		1,183,716
Loews Corp.		61,374		2,793,744
Willis Towers Watson PLC		15,110		2,294,605

				8,712,629

Real Estate Investment Trusts (REITS) — 2.5%
HCP, Inc.		134,071		3,744,603
Liberty Property Trust		34,877		1,460,649
MGM Growth Properties LLC Class A		51,684		1,364,974

				6,570,226

Savings & Loans — 0.5%
New York Community Bancorp, Inc.		140,512		1,322,218

				60,049,352

Industrial — 10.0%
Aerospace & Defense — 2.9%
Spirit AeroSystems Holdings, Inc. Class A		28,045		2,021,764
United Technologies Corp.		52,205		5,558,789

				7,580,553

Building Materials — 2.4%
Johnson Controls International PLC		172,670		5,119,665
Owens Corning		28,415		1,249,692

				6,369,357

Hand & Machine Tools — 2.3%
Stanley Black & Decker, Inc.		51,339		6,147,332

Machinery - Diversified — 0.5%
Wabtec Corp. (b)		19,997		1,404,789

Miscellaneous - Manufacturing — 1.9%
General Electric Co.		662,625		5,016,071

				26,518,102


	Number of Shares		Value
Technology — 8.0%
Computers — 1.4%
Hewlett Packard Enterprise Co.		74,169	$	979,772
International Business Machines Corp.		23,707		2,694,775

				3,674,547

Semiconductors — 4.0%
Broadcom, Inc.		9,020		2,293,606
Microchip Technology, Inc.		22,520		1,619,638
QUALCOMM, Inc.		79,472		4,522,752
Texas Instruments, Inc.		20,922		1,977,129

				10,413,125

Software — 2.6%
Microsoft Corp.		21,942		2,228,649
Oracle Corp.		105,000		4,740,750

				6,969,399

				21,057,071

Utilities — 6.8%
Electric — 6.8%
Dominion Energy, Inc.		90,877		6,494,070
Entergy Corp.		53,620		4,615,073
Exelon Corp.		154,196		6,954,240

				18,063,383


TOTAL COMMON STOCK (Cost $285,106,883)				260,607,000


TOTAL EQUITIES (Cost $285,106,883)				260,607,000


MUTUAL FUNDS — 0.7%
Diversified Financial Services — 0.7%
State Street Navigator Securities Lending Prime Portfolio (c)		1,934,285		1,934,285


TOTAL MUTUAL FUNDS (Cost $1,934,285)				1,934,285


TOTAL LONG-TERM INVESTMENTS (Cost $287,041,168)				262,541,285

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

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



	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.5%
Repurchase Agreement — 1.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (d)	$	3,897,784	$	3,897,784


TOTAL SHORT-TERM INVESTMENTS (Cost $3,897,784)				3,897,784


TOTAL INVESTMENTS — 100.6% (Cost $290,938,952) (e)				266,439,069

Other Assets/(Liabilities) — (0.6)%				(1,542,958	)


NET ASSETS — 100.0%			$	264,896,111

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $1,894,312 or 0.72% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(d)	Maturity value of $3,898,055. Collateralized by U.S. Government Agency obligations with rates ranging from 0.375% - 1.500%, maturity dates ranging from 8/15/26 - 1/15/27, and an aggregate market value, including accrued interest, of $3,982,170.

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

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


United States	84.4	%
Ireland	5.9	%
United Kingdom	2.9	%
France	1.7	%
Netherlands	1.6	%
Bermuda	1.0	%
Liberia	0.8	%
Canada	0.5	%
Israel	0.3	%

Total Long-Term Investments	99.1	%
Short-Term Investments and Other Assets and Liabilities	0.9	%

Net Assets	100.0	%

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

MML International Equity Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 96.9%

COMMON STOCK — 96.9%
Australia — 2.5%
AMP Ltd.		832,394	$	1,436,818
Brambles Ltd.		38,000		271,655
Orica Ltd.		182,167		2,213,169

				3,921,642

Canada — 1.7%
Alimentation Couche-Tard, Inc. Class B		12,400		616,821
Cenovus Energy, Inc.		290,915		2,045,696

				2,662,517

Cayman Islands — 1.0%
Baidu, Inc. Sponsored ADR (a)		8,865		1,405,989
Ctrip.com International Ltd. ADR (a)		5,500		148,830

				1,554,819

France — 10.5%
Accor SA		56,800		2,408,763
BNP Paribas SA		133,835		6,027,687
Bureau Veritas SA		72,200		1,466,430
Danone SA		13,291		936,742
Pernod Ricard SA		2,705		444,154
Publicis Groupe SA		53,602		3,067,726
Valeo SA		80,610		2,337,434

				16,688,936

Germany — 16.5%
Allianz SE Registered		20,990		4,211,988
Bayer AG Registered		56,394		3,910,425
Bayerische Motoren Werke AG		57,750		4,677,004
Continental AG		36,310		5,020,885
Daimler AG Registered		110,703		5,820,392
thyssenkrupp AG		155,700		2,672,357

				26,313,051

India — 0.8%
Axis Bank Ltd. (a)		144,142		1,282,333

Indonesia — 1.8%
Bank Mandiri Persero Tbk PT		5,612,000		2,877,007

Ireland — 3.2%
Ryanair Holdings PLC Sponsored ADR (a)		45,985		3,280,570
Willis Towers Watson PLC		11,599		1,761,424

				5,041,994

Italy — 3.6%
Intesa Sanpaolo SpA		2,585,700		5,730,623

Japan — 4.9%
Komatsu Ltd.		109,600		2,334,665
Olympus Corp.		64,500		1,972,292


	Number of Shares		Value
Omron Corp.		17,400	$	627,150
Toyota Motor Corp.		50,300		2,921,463

				7,855,570

Mexico — 1.1%
Grupo Televisa SAB Sponsored ADR		132,800		1,670,624

Netherlands — 7.0%
Akzo Nobel NV		7,561		607,773
ASML Holding NV		15,125		2,359,907
CNH Industrial NV		547,808		4,928,350
EXOR NV		61,400		3,317,893

				11,213,923

Republic of Korea — 2.4%
NAVER Corp.		16,240		1,769,474
Samsung Electronics Co. Ltd.		60,150		2,081,230

				3,850,704

South Africa — 2.8%
Naspers Ltd.		22,655		4,500,130

Sweden — 5.6%
Hennes & Mauritz AB Class B		300,418		4,267,008
SKF AB Class B		139,300		2,121,158
Volvo AB Class B		187,970		2,471,563

				8,859,729

Switzerland — 8.9%
Cie Financiere Richemont SA Registered		39,140		2,515,427
Credit Suisse Group AG Registered		491,623		5,417,756
Kuehne & Nagel International AG Registered		13,080		1,686,174
LafargeHolcim Ltd. Registered		76,380		3,156,192
Nestle SA Registered		17,330		1,408,944

				14,184,493

Taiwan — 1.5%
Taiwan Semiconductor Manufacturing Co. Ltd.		337,000		2,446,377

United Kingdom — 21.1%
Ashtead Group PLC		131,759		2,729,834
Diageo PLC		30,900		1,098,295
Experian PLC		30,900		751,016
Ferguson PLC		30,033		1,923,491
G4S PLC		537,200		1,344,432
Glencore PLC		1,250,300		4,611,557
Liberty Global PLC Series A (a)		60,400		1,288,936
Liberty Global PLC Series C (a)		111,400		2,299,296
Lloyds Banking Group PLC		8,725,600		5,765,662
Meggitt PLC		69,838		417,786
Reckitt Benckiser Group PLC		8,200		626,201
Royal Bank of Scotland Group PLC		1,163,800		3,199,949
Schroders PLC		109,100		3,383,564

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

MML International Equity Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Smiths Group PLC		86,200	$	1,492,444
WPP PLC		250,800		2,693,665

				33,626,128


TOTAL COMMON STOCK (Cost $184,689,951)				154,280,600


TOTAL EQUITIES (Cost $184,689,951)				154,280,600


TOTAL LONG-TERM INVESTMENTS (Cost $184,689,951)				154,280,600


	Principal Amount
SHORT-TERM INVESTMENTS — 3.8%
Repurchase Agreement — 3.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (b)	$	6,121,815		6,121,815


TOTAL SHORT-TERM INVESTMENTS (Cost $6,121,815)				6,121,815


TOTAL INVESTMENTS — 100.7% (Cost $190,811,766) (c)				160,402,415

Other Assets/(Liabilities) — (0.7)%				(1,095,696	)


NET ASSETS — 100.0%			$	159,306,719

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 $6,122,240. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $6,247,548.

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

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


Financial	27.9	%
Consumer, Cyclical	24.0	%
Industrial	11.9	%
Communications	11.8	%
Consumer, Non-cyclical	10.7	%
Basic Materials	5.0	%
Technology	4.3	%
Energy	1.3	%

Total Long-Term Investments	96.9	%
Short-Term Investments and Other Assets and Liabilities	3.1	%

Net Assets	100.0	%

Forward contracts at December 31, 2018:

Counterparty

Settlement
Date

In Exchange for

Unrealized
Appreciation/
(Depreciation)

Contract to Deliver

CHF

3,135,000

State Street Bank and Trust Co.*

6/19/19

3,318,198

77,015

*	Contracts are subject to a Master Netting Agreement.

Currency Legend

CHF	Swiss Franc

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

MML Large Cap Growth Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 98.1%

COMMON STOCK — 98.1%
Communications — 27.2%
Internet — 22.5%
Alibaba Group Holding Ltd. Sponsored ADR (a)		35,033	$	4,801,973
Alphabet, Inc. Class A (a)		2,694		2,815,122
Alphabet, Inc. Class C (a)		2,701		2,797,183
Amazon.com, Inc. (a)		4,082		6,131,042
Facebook, Inc. Class A (a)		34,876		4,571,895

				21,117,215

Media — 1.8%
FactSet Research Systems, Inc.		8,281		1,657,276

Telecommunications — 2.9%
Cisco Systems, Inc.		64,172		2,780,573

				25,555,064

Consumer, Cyclical — 6.7%
Retail — 6.7%
Starbucks Corp.		48,643		3,132,609
Yum China Holdings, Inc.		36,918		1,237,861
Yum! Brands, Inc.		20,284		1,864,505

				6,234,975

Consumer, Non-cyclical — 28.6%
Beverages — 6.1%
The Coca-Cola Co.		55,244		2,615,804
Monster Beverage Corp. (a)		62,156		3,059,318

				5,675,122

Biotechnology — 5.6%
Amgen, Inc.		9,534		1,855,984
Regeneron Pharmaceuticals, Inc. (a)		9,174		3,426,489

				5,282,473

Commercial Services — 1.0%
Automatic Data Processing, Inc.		6,920		907,350

Cosmetics & Personal Care — 5.2%
Colgate-Palmolive Co.		32,272		1,920,829
The Procter & Gamble Co.		32,415		2,979,587

				4,900,416

Foods — 2.8%
Danone SA Sponsored ADR		188,581		2,636,362

Health Care – Products — 1.8%
Varian Medical Systems, Inc. (a)		14,981		1,697,497

Pharmaceuticals — 6.1%
Merck & Co., Inc.		16,302		1,245,636
Novartis AG Sponsored ADR		20,284		1,740,570
Novo Nordisk A/S Sponsored ADR		59,394		2,736,282

				5,722,488

				26,821,708


	Number of Shares		Value
Energy — 1.7%
Oil & Gas Services — 1.7%
Schlumberger Ltd.		45,023	$	1,624,430

Financial — 9.6%
Diversified Financial Services — 9.6%
American Express Co.		11,030		1,051,380
SEI Investments Co.		43,148		1,993,437
Visa, Inc. Class A		45,273		5,973,320

				9,018,137

Industrial — 6.8%
Machinery – Diversified — 2.8%
Deere & Co.		17,876		2,666,563

Transportation — 4.0%
Expeditors International of Washington, Inc.		41,603		2,832,748
United Parcel Service, Inc. Class B		9,096		887,133

				3,719,881

				6,386,444

Technology — 17.5%
Semiconductors — 2.9%
QUALCOMM, Inc.		47,042		2,677,160

Software — 14.6%
Autodesk, Inc. (a)		29,904		3,845,953
Cerner Corp. (a)		38,786		2,033,938
Microsoft Corp.		31,829		3,232,871
Oracle Corp.		102,218		4,615,143

				13,727,905

				16,405,065


TOTAL COMMON STOCK (Cost $73,468,107)				92,045,823


TOTAL EQUITIES (Cost $73,468,107)				92,045,823


TOTAL LONG-TERM INVESTMENTS (Cost $73,468,107)				92,045,823

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

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


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.7%
Repurchase Agreement — 3.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (b)	$	3,488,875	$	3,488,875


TOTAL SHORT-TERM INVESTMENTS (Cost $3,488,875)				3,488,875


TOTAL INVESTMENTS — 101.8% (Cost $76,956,982) (c)				95,534,698

Other Assets/(Liabilities) — (1.8)%				(1,733,200	)


NET ASSETS — 100.0%			$	93,801,498

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $3,489,117. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 2/15/27, and an aggregate market value, including accrued interest, of $3,561,608.

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

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


United States	83.7	%
Cayman Islands	5.1	%
Denmark	2.9	%
France	2.8	%
Switzerland	1.9	%
Netherlands	1.7	%

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

Net Assets	100.0	%

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

MML Managed Volatility Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 100.4%

COMMON STOCK — 100.4%
Basic Materials — 2.2%
Chemicals — 1.9%
Air Products & Chemicals, Inc. (a)		1,545	$	247,276
Albemarle Corp. (a)		780		60,115
Celanese Corp. (a)		1,025		92,219
CF Industries Holdings, Inc. (a)		1,644		71,531
DowDuPont, Inc. (a)		16,576		886,485
Eastman Chemical Co. (a)		1,005		73,476
FMC Corp. (a)		947		70,040
International Flavors & Fragrances, Inc. (a)		678		91,035
Linde PLC (a)		3,984		621,663
LyondellBasell Industries NV Class A (a)		2,265		188,357
The Mosaic Co. (a)		2,471		72,178
PPG Industries, Inc. (a)		1,804		184,423
The Sherwin-Williams Co. (a)		583		229,387

				2,888,185

Forest Products & Paper — 0.1%
International Paper Co. (a)		2,922		117,932

Iron & Steel — 0.1%
Nucor Corp. (a)		2,239		116,003

Mining — 0.1%
Freeport-McMoRan, Inc. (a)		10,834		111,698
Newmont Mining Corp. (a)		3,763		130,388

				242,086

				3,364,206

Communications — 14.6%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. (a)		2,717		56,051
Omnicom Group, Inc. (a)		1,603		117,404

				173,455

Internet — 8.9%
Alphabet, Inc. Class A (a) (b)		2,153		2,249,799
Alphabet, Inc. Class C (a) (b)		2,211		2,289,734
Amazon.com, Inc. (a) (b)		2,959		4,444,329
Booking Holdings, Inc. (a) (b)		329		566,676
eBay, Inc. (a) (b)		6,511		182,764
Expedia Group, Inc. (a)		855		96,316
F5 Networks, Inc. (a) (b)		431		69,835
Facebook, Inc. Class A (a) (b)		17,312		2,269,430
Netflix, Inc. (a) (b)		3,153		843,932
Symantec Corp. (a)		4,375		82,666
TripAdvisor, Inc. (a) (b)		787		42,451
Twitter, Inc. (a) (b)		4,975		142,981
VeriSign, Inc. (a) (b)		825		122,339

				13,403,252


	Number of Shares		Value
Media — 2.3%
CBS Corp. Class B (a)		2,407	$	105,234
Charter Communications, Inc. Class A (a) (b)		1,282		365,331
Comcast Corp. Class A (a)		32,691		1,113,129
Discovery, Inc. Class A (a) (b)		1,098		27,164
Discovery, Inc. Class C (a) (b)		2,410		55,623
DISH Network Corp. Class A (a) (b)		1,613		40,277
News Corp. Class A (a)		2,786		31,621
News Corp. Class B (a)		778		8,986
Twenty-First Century Fox, Inc. Class A (a)		7,682		369,658
Twenty-First Century Fox, Inc. Class B (a)		3,452		164,937
Viacom, Inc. Class B (a)		2,489		63,967
The Walt Disney Co. (a)		10,717		1,175,119

				3,521,046

Telecommunications — 3.3%
Arista Networks, Inc. (a) (b)		396		83,437
AT&T, Inc. (a)		52,313		1,493,013
CenturyLink, Inc. (a)		6,918		104,808
Cisco Systems, Inc. (a)		32,381		1,403,069
Juniper Networks, Inc. (a)		2,465		66,333
Motorola Solutions, Inc. (a)		1,135		130,570
Verizon Communications, Inc. (a)		29,728		1,671,308

				4,952,538

				22,050,291

Consumer, Cyclical — 8.5%
Airlines — 0.5%
Alaska Air Group, Inc. (a)		869		52,879
American Airlines Group, Inc. (a)		2,937		94,307
Delta Air Lines, Inc. (a)		4,608		229,939
Southwest Airlines Co. (a)		3,530		164,075
United Continental Holdings, Inc. (a) (b)		1,662		139,159

				680,359

Apparel — 0.7%
Hanesbrands, Inc. (a)		2,536		31,776
Michael Kors Holdings Ltd. (a) (b)		1,057		40,081
NIKE, Inc. Class B (a)		9,258		686,388
PVH Corp. (a)		535		49,728
Ralph Lauren Corp. (a)		392		40,556
Under Armour, Inc. Class A (a) (b)		1,341		23,696
Under Armour, Inc. Class C (a) (b)		1,292		20,892
VF Corp. (a)		2,309		164,724

				1,057,841

Auto Manufacturers — 0.5%
Ford Motor Co. (a)		27,699		211,897
General Motors Co. (a)		9,604		321,254

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
PACCAR, Inc. (a)		2,476	$	141,479

				674,630

Auto Parts & Equipment — 0.1%
Aptiv PLC (a)		1,876		115,505
BorgWarner, Inc. (a)		1,381		47,976
The Goodyear Tire & Rubber Co. (a)		1,678		34,248

				197,729

Distribution & Wholesale — 0.2%
Fastenal Co. (a)		2,024		105,835
LKQ Corp. (a) (b)		2,179		51,707
W.W. Grainger, Inc. (a)		305		86,120

				243,662

Home Builders — 0.1%
D.R. Horton, Inc. (a)		2,420		83,877
Lennar Corp. Class A (a)		2,268		88,792
PulteGroup, Inc. (a)		1,867		48,524

				221,193

Home Furnishing — 0.1%
Leggett & Platt, Inc. (a)		920		32,973
Whirlpool Corp. (a)		454		48,519

				81,492

Housewares — 0.0%
Newell Brands, Inc. (a)		2,884		53,614

Leisure Time — 0.2%
Carnival Corp. (a)		2,879		141,935
Harley-Davidson, Inc. (a)		1,169		39,886
Norwegian Cruise Line Holdings Ltd. (a) (b)		1,454		61,635
Royal Caribbean Cruises Ltd. (a)		1,200		117,348

				360,804

Lodging — 0.4%
Hilton Worldwide Holdings, Inc. (a)		2,251		161,622
Marriott International, Inc. Class A (a)		1,989		215,926
MGM Resorts International (a)		3,525		85,517
Wynn Resorts Ltd. (a)		751		74,281

				537,346

Retail — 5.6%
Advance Auto Parts, Inc. (a)		520		81,879
AutoZone, Inc. (a) (b)		187		156,770
Best Buy Co., Inc. (a)		1,737		91,992
CarMax, Inc. (a) (b)		1,272		79,793
Chipotle Mexican Grill, Inc. (a) (b)		172		74,268
Copart, Inc. (a) (b)		1,421		67,895
Costco Wholesale Corp. (a)		3,169		645,557
Darden Restaurants, Inc. (a)		872		87,078
Dollar General Corp. (a)		1,938		209,459
Dollar Tree, Inc. (a) (b)		1,678		151,557
Foot Locker, Inc. (a)		832		44,262
The Gap, Inc. (a)		1,532		39,464


	Number of Shares		Value
Genuine Parts Co. (a)		1,033	$	99,189
The Home Depot, Inc. (a)		8,105		1,392,601
Kohl’s Corp. (a)		1,184		78,547
L Brands, Inc. (a)		1,710		43,896
Lowe’s Cos., Inc. (a)		5,789		534,672
Macy’s, Inc. (a)		2,157		64,235
McDonald’s Corp. (a)		5,545		984,626
Nordstrom, Inc. (a)		827		38,546
O’Reilly Automotive, Inc. (a) (b)		584		201,089
Ross Stores, Inc. (a)		2,761		229,715
Starbucks Corp. (a)		8,951		576,444
Tapestry, Inc. (a)		2,029		68,479
Target Corp. (a)		3,813		252,001
Tiffany & Co. (a)		719		57,887
The TJX Cos., Inc. (a)		8,842		395,591
Tractor Supply Co. (a)		846		70,590
Ulta Salon Cosmetics & Fragrance, Inc. (a) (b)		403		98,670
Walgreens Boots Alliance, Inc. (a)		5,819		397,612
Walmart, Inc. (a)		10,238		953,670
Yum! Brands, Inc. (a)		2,285		210,037

				8,478,071

Textiles — 0.0%
Mohawk Industries, Inc. (a) (b)		445		52,047

Toys, Games & Hobbies — 0.1%
Hasbro, Inc. (a)		802		65,162
Mattel, Inc. (a) (b) (c)		2,425		24,226

				89,388

				12,728,176

Consumer, Non-cyclical — 23.4%
Agriculture — 1.0%
Altria Group, Inc. (a)		13,572		670,321
Archer-Daniels-Midland Co. (a)		3,944		161,586
Philip Morris International, Inc. (a)		11,223		749,247

				1,581,154

Beverages — 1.9%
Brown-Forman Corp. Class B (a)		1,119		53,242
The Coca-Cola Co. (a)		27,539		1,303,972
Constellation Brands, Inc. Class A (a)		1,183		190,250
Molson Coors Brewing Co. Class B (a)		1,303		73,176
Monster Beverage Corp. (a) (b)		2,948		145,101
PepsiCo, Inc. (a)		10,158		1,122,256

				2,887,997

Biotechnology — 2.2%
Alexion Pharmaceuticals, Inc. (a) (b)		1,567		152,563
Amgen, Inc. (a)		4,609		897,234
Biogen, Inc. (a) (b)		1,465		440,848
Celgene Corp. (a) (b)		5,095		326,539
Gilead Sciences, Inc. (a)		9,365		585,781

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Illumina, Inc. (a) (b)		1,036	$	310,727
Incyte Corp. (a) (b)		1,239		78,788
Regeneron Pharmaceuticals, Inc. (a) (b)		545		203,558
Vertex Pharmaceuticals, Inc. (a) (b)		1,795		297,449

				3,293,487

Commercial Services — 2.0%
Automatic Data Processing, Inc. (a)		3,170		415,650
Cintas Corp. (a)		609		102,306
Ecolab, Inc. (a)		1,843		271,566
Equifax, Inc. (a)		853		79,440
FleetCor Technologies, Inc. (a) (b)		633		117,561
Gartner, Inc. (a) (b)		643		82,201
Global Payments, Inc. (a)		1,121		115,609
H&R Block, Inc. (a)		1,471		37,319
IHS Markit Ltd. (a) (b)		2,498		119,829
Moody’s Corp. (a)		1,176		164,687
Nielsen Holdings PLC (a)		2,358		55,012
PayPal Holdings, Inc. (a) (b)		8,514		715,942
Quanta Services, Inc. (a)		1,053		31,695
Robert Half International, Inc. (a)		870		49,764
Rollins, Inc. (a)		1,057		38,158
S&P Global, Inc. (a)		1,771		300,964
Total System Services, Inc. (a)		1,168		94,947
United Rentals, Inc. (a) (b)		589		60,390
Verisk Analytics, Inc. (a) (b)		1,254		136,736
The Western Union Co. (a)		3,244		55,343

				3,045,119

Cosmetics & Personal Care — 1.5%
Colgate-Palmolive Co. (a)		6,302		375,095
Coty, Inc. Class A (a)		3,329		21,838
The Estee Lauder Cos., Inc. Class A (a)		1,578		205,298
The Procter & Gamble Co. (a)		17,921		1,647,299

				2,249,530

Foods — 1.3%
Campbell Soup Co. (a)		1,341		44,239
Conagra Brands, Inc. (a)		3,741		79,908
General Mills, Inc. (a)		4,184		162,925
The Hershey Co. (a)		983		105,358
Hormel Foods Corp. (a)		1,910		81,519
The J.M. Smucker Co. (a)		788		73,670
Kellogg Co. (a)		1,761		100,395
The Kraft Heinz Co. (a)		4,574		196,865
The Kroger Co. (a)		5,769		158,647
Lamb Weston Holdings, Inc. (a)		1,100		80,916
McCormick & Co., Inc. (a)		849		118,215
Mondelez International, Inc. Class A (a)		10,543		422,036
Sysco Corp. (a)		3,376		211,540
Tyson Foods, Inc. Class A (a)		2,099		112,087

				1,948,320


	Number of Shares		Value
Health Care - Products — 3.9%
Abbott Laboratories (a)		12,661	$	915,770
ABIOMED, Inc. (a) (b)		297		96,537
Align Technology, Inc. (a) (b)		512		107,228
Baxter International, Inc. (a)		3,470		228,395
Becton, Dickinson & Co. (a)		1,947		438,698
Boston Scientific Corp. (a) (b)		10,081		356,263
The Cooper Cos., Inc. (a)		344		87,548
Danaher Corp. (a)		4,472		461,153
DENTSPLY SIRONA, Inc. (a)		1,600		59,536
Edwards Lifesciences Corp. (a) (b)		1,485		227,458
Henry Schein, Inc. (a) (b)		1,070		84,016
Hologic, Inc. (a) (b)		1,921		78,953
IDEXX Laboratories, Inc. (a) (b)		612		113,844
Intuitive Surgical, Inc. (a) (b)		836		400,377
Medtronic PLC (a)		9,667		879,310
ResMed, Inc. (a)		1,005		114,439
Stryker Corp. (a)		2,254		353,315
Thermo Fisher Scientific, Inc. (a)		2,912		651,677
Varian Medical Systems, Inc. (a) (b)		640		72,518
Zimmer Biomet Holdings, Inc. (a)		1,432		148,527

				5,875,562

Health Care - Services — 2.3%
Anthem, Inc. (a)		1,882		494,270
Centene Corp. (a) (b)		1,445		166,608
DaVita, Inc. (a) (b)		807		41,528
HCA Healthcare, Inc. (a)		1,957		243,549
Humana, Inc. (a)		970		277,886
IQVIA Holdings, Inc. (a) (b)		1,149		133,479
Laboratory Corp. of America Holdings (a) (b)		721		91,105
Quest Diagnostics, Inc. (a)		954		79,440
UnitedHealth Group, Inc. (a)		6,926		1,725,405
Universal Health Services, Inc. Class B (a)		612		71,335
WellCare Health Plans, Inc. (a) (b)		347		81,923

				3,406,528

Household Products & Wares — 0.4%
Avery Dennison Corp. (a)		620		55,695
Church & Dwight Co., Inc. (a)		1,723		113,304
The Clorox Co. (a)		912		140,576
Kimberly-Clark Corp. (a)		2,462		280,520

				590,095

Pharmaceuticals — 6.9%
AbbVie, Inc. (a)		10,840		999,340
Allergan PLC (a)		2,304		307,953
AmerisourceBergen Corp. (a)		1,152		85,709
Bristol-Myers Squibb Co. (a)		11,784		612,532
Cardinal Health, Inc. (a)		2,189		97,629
Cigna Corp. (a)		2,767		525,488
CVS Health Corp. (a)		9,331		611,367

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Eli Lilly & Co. (a)		6,813	$	788,400
Johnson & Johnson (a)		19,306		2,491,439
McKesson Corp. (a)		1,442		159,298
Merck & Co., Inc. (a)		18,715		1,430,013
Mylan NV (a) (b)		3,631		99,489
Nektar Therapeutics (a) (b)		1,135		37,308
Perrigo Co. PLC (a)		907		35,146
Pfizer, Inc. (a)		41,618		1,816,626
Zoetis, Inc. (a)		3,409		291,606

				10,389,343

				35,267,135

Energy — 5.3%
Oil & Gas — 4.5%
Anadarko Petroleum Corp. (a)		3,629		159,095
Apache Corp. (a)		2,693		70,691
Cabot Oil & Gas Corp. (a)		3,181		71,095
Chevron Corp. (a)		13,735		1,494,231
Cimarex Energy Co. (a)		665		40,997
Concho Resources, Inc. (a) (b)		1,476		151,718
ConocoPhillips (a)		8,285		516,570
Devon Energy Corp. (a)		3,368		75,915
Diamondback Energy, Inc. (a)		1,153		106,883
EOG Resources, Inc. (a)		4,204		366,631
Exxon Mobil Corp. (a)		30,439		2,075,635
Helmerich & Payne, Inc. (a)		778		37,297
Hess Corp. (a)		1,660		67,230
HollyFrontier Corp. (a)		1,080		55,210
Marathon Oil Corp. (a)		6,008		86,155
Marathon Petroleum Corp. (a)		5,042		297,528
Newfield Exploration Co. (a) (b)		1,405		20,597
Noble Energy, Inc. (a)		3,426		64,272
Occidental Petroleum Corp. (a)		5,397		331,268
Phillips 66 (a)		3,117		268,530
Pioneer Natural Resources Co. (a)		1,201		157,956
Valero Energy Corp. (a)		3,036		227,609

				6,743,113

Oil & Gas Services — 0.5%
Baker Hughes a GE Co. (a)		3,842		82,603
Halliburton Co. (a)		6,174		164,105
National Oilwell Varco, Inc. (a)		2,689		69,107
Schlumberger Ltd. (a)		10,087		363,939
TechnipFMC PLC (a)		3,054		59,797

				739,551

Pipelines — 0.3%
Kinder Morgan, Inc. (a)		13,375		205,708
ONEOK, Inc. (a)		2,897		156,293
The Williams Cos., Inc. (a)		8,949		197,325

				559,326

				8,041,990


	Number of Shares		Value
Financial — 17.9%
Banks — 6.5%
Bank of America Corp. (a)		65,484	$	1,613,526
The Bank of New York Mellon Corp. (a)		6,524		307,085
BB&T Corp. (a)		5,587		242,029
Citigroup, Inc. (a)		17,524		912,299
Citizens Financial Group, Inc. (a)		3,415		101,528
Comerica, Inc. (a)		1,274		87,511
Fifth Third Bancorp (a)		4,943		116,309
The Goldman Sachs Group, Inc. (a)		2,501		417,792
Huntington Bancshares, Inc. (a)		7,779		92,726
JP Morgan Chase & Co. (a)		23,845		2,327,749
KeyCorp (a)		7,479		110,540
M&T Bank Corp. (a)		961		137,548
Morgan Stanley (a)		9,464		375,247
Northern Trust Corp. (a)		1,661		138,843
The PNC Financial Services Group, Inc. (a)		3,311		387,089
Regions Financial Corp. (a)		7,307		97,768
State Street Corp. (a)		2,792		176,091
SunTrust Banks, Inc. (a)		3,276		165,241
SVB Financial Group (a) (b)		374		71,030
US Bancorp (a)		10,909		498,541
Wells Fargo & Co. (a)		30,425		1,401,984
Zions Bancorp NA (a)		1,363		55,529

				9,834,005

Diversified Financial Services — 4.1%
Affiliated Managers Group, Inc. (a)		383		37,320
Alliance Data Systems Corp. (a)		339		50,877
American Express Co. (a)		5,048		481,175
Ameriprise Financial, Inc. (a)		1,027		107,188
BlackRock, Inc. (a)		869		341,361
Capital One Financial Corp. (a)		3,449		260,710
Cboe Global Markets, Inc. (a)		792		77,481
The Charles Schwab Corp. (a)		8,459		351,302
CME Group, Inc. (a)		2,583		485,914
Discover Financial Services (a)		2,323		137,011
E*TRADE Financial Corp. (a)		1,856		81,441
Franklin Resources, Inc. (a)		2,350		69,701
Intercontinental Exchange, Inc. (a)		4,143		312,092
Invesco Ltd. (a)		2,841		47,558
Jefferies Financial Group, Inc. (a)		2,137		37,098
Mastercard, Inc. Class A (a)		6,541		1,233,960
Nasdaq, Inc. (a)		823		67,132
Raymond James Financial, Inc. (a)		909		67,639
Synchrony Financial (a)		4,630		108,620
T. Rowe Price Group, Inc. (a)		1,705		157,406
Visa, Inc. Class A (a)		12,630		1,666,402

				6,179,388

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

100

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Insurance — 4.3%
Aflac, Inc. (a)		5,460	$	248,758
The Allstate Corp. (a)		2,498		206,410
American International Group, Inc. (a)		6,329		249,426
Aon PLC (a)		1,723		250,455
Arthur J Gallagher & Co. (a)		1,286		94,778
Assurant, Inc. (a)		369		33,003
Berkshire Hathaway, Inc. Class B (a) (b)		13,977		2,853,824
Brighthouse Financial, Inc. (a) (b)		843		25,695
Chubb Ltd. (a)		3,321		429,007
Cincinnati Financial Corp. (a)		1,053		81,523
Everest Re Group Ltd. (a)		288		62,715
The Hartford Financial Services Group, Inc. (a)		2,524		112,192
Lincoln National Corp. (a)		1,526		78,299
Loews Corp. (a)		2,096		95,410
Marsh & McLennan Cos., Inc. (a)		3,650		291,087
MetLife, Inc. (a)		7,125		292,552
Principal Financial Group, Inc. (a)		1,875		82,819
The Progressive Corp. (a)		4,104		247,594
Prudential Financial, Inc. (a)		2,979		242,937
Torchmark Corp. (a)		745		55,525
The Travelers Cos., Inc. (a)		1,905		228,124
Unum Group (a)		1,555		45,686
Willis Towers Watson PLC (a)		965		146,545

				6,454,364

Real Estate — 0.1%
CBRE Group, Inc. Class A (a) (b)		2,130		85,285

Real Estate Investment Trusts (REITS) — 2.9%
Alexandria Real Estate Equities, Inc. (a)		873		100,605
American Tower Corp. (a)		3,181		503,202
Apartment Investment & Management Co. Class A (a)		1,111		48,751
AvalonBay Communities, Inc. (a)		1,049		182,578
Boston Properties, Inc. (a)		1,088		122,454
Crown Castle International Corp. (a)		2,924		317,634
Digital Realty Trust, Inc. (a)		1,466		156,202
Duke Realty Corp. (a)		2,511		65,035
Equinix, Inc. (a)		560		197,434
Equity Residential (a)		2,596		171,362
Essex Property Trust, Inc. (a)		465		114,023
Extra Space Storage, Inc. (a)		889		80,437
Federal Realty Investment Trust (a)		517		61,027
HCP, Inc. (a)		3,316		92,616
Host Hotels & Resorts, Inc. (a)		5,224		87,084
Iron Mountain, Inc. (a)		1,984		64,301
Kimco Realty Corp. (a)		2,944		43,130
The Macerich Co. (a)		765		33,109
Mid-America Apartment Communities, Inc. (a)		794		75,986


	Number of Shares		Value
Prologis, Inc. (a)		4,434	$	260,364
Public Storage (a)		1,056		213,745
Realty Income Corp. (a)		2,251		141,903
Regency Centers Corp. (a)		1,368		80,274
SBA Communications Corp. (a) (b)		812		131,455
Simon Property Group, Inc. (a)		2,236		375,626
SL Green Realty Corp. (a)		623		49,267
UDR, Inc. (a)		2,282		90,413
Ventas, Inc. (a)		2,511		147,119
Vornado Realty Trust (a)		1,220		75,677
Welltower, Inc. (a)		2,785		193,307
Weyerhaeuser Co. (a)		5,383		117,672

				4,393,792

Savings & Loans — 0.0%
People’s United Financial, Inc. (a)		3,670		52,958

				26,999,792

Industrial — 9.1%
Aerospace & Defense — 2.4%
Arconic, Inc. (a)		2,993		50,462
The Boeing Co. (a)		3,801		1,225,822
General Dynamics Corp. (a)		1,947		306,088
Harris Corp. (a)		837		112,702
L3 Technologies, Inc. (a)		550		95,513
Lockheed Martin Corp. (a)		1,796		470,265
Northrop Grumman Corp. (a)		1,268		310,533
Raytheon Co. (a)		2,077		318,508
TransDigm Group, Inc. (a) (b)		343		116,641
United Technologies Corp. (a)		5,857		623,653

				3,630,187

Building Materials — 0.3%
Fortune Brands Home & Security, Inc. (a)		1,021		38,788
Johnson Controls International PLC (a)		6,522		193,377
Martin Marietta Materials, Inc. (a)		444		76,310
Masco Corp. (a)		2,501		73,129
Vulcan Materials Co. (a)		932		92,082

				473,686

Electrical Components & Equipment — 0.2%
AMETEK, Inc. (a)		1,630		110,351
Emerson Electric Co. (a)		4,438		265,171

				375,522

Electronics — 1.4%
Agilent Technologies, Inc. (a)		2,252		151,920
Allegion PLC (a)		667		53,167
Amphenol Corp. Class A (a)		2,127		172,330
Corning, Inc. (a)		5,934		179,266
FLIR Systems, Inc. (a)		966		42,060
Fortive Corp. (a)		2,172		146,957
Garmin Ltd. (a)		950		60,154

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

101

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Honeywell International, Inc. (a)		5,315	$	702,218
Keysight Technologies, Inc. (a) (b)		1,327		82,380
Mettler-Toledo International, Inc. (a) (b)		179		101,239
PerkinElmer, Inc. (a)		777		61,033
TE Connectivity Ltd. (a)		2,558		193,461
Waters Corp. (a) (b)		556		104,889

				2,051,074

Engineering & Construction — 0.1%
Fluor Corp. (a)		990		31,878
Jacobs Engineering Group, Inc. (a)		848		49,574

				81,452

Environmental Controls — 0.3%
Pentair PLC (a)		1,140		43,069
Republic Services, Inc. (a)		1,626		117,218
Waste Management, Inc. (a)		2,853		253,889

				414,176

Hand & Machine Tools — 0.1%
Snap-on, Inc. (a)		398		57,825
Stanley Black & Decker, Inc. (a)		1,083		129,679

				187,504

Machinery – Construction & Mining — 0.4%
Caterpillar, Inc. (a)		4,282		544,114

Machinery – Diversified — 0.7%
Cummins, Inc. (a)		1,023		136,714
Deere & Co. (a)		2,348		350,251
Dover Corp. (a)		1,157		82,089
Flowserve Corp. (a)		900		34,218
Rockwell Automation, Inc. (a)		830		124,898
Roper Technologies, Inc. (a)		732		195,093
Xylem, Inc. (a)		1,266		84,468

				1,007,731

Miscellaneous – Manufacturing — 1.4%
3M Co. (a)		4,185		797,410
A.O. Smith Corp. (a)		1,016		43,383
Eaton Corp. PLC (a)		3,241		222,527
General Electric Co. (a)		62,956		476,577
Illinois Tool Works, Inc. (a)		2,147		272,003
Ingersoll-Rand PLC (a)		1,746		159,288
Parker-Hannifin Corp. (a)		938		139,893
Textron, Inc. (a)		1,804		82,966

				2,194,047

Packaging & Containers — 0.2%
Ball Corp. (a)		2,460		113,111
Packaging Corp. of America (a)		664		55,417
Sealed Air Corp. (a)		1,110		38,672
WestRock Co. (a)		1,805		68,157

				275,357


	Number of Shares		Value
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. (a)		317	$	60,328

Transportation — 1.6%
C.H. Robinson Worldwide, Inc. (a)		990		83,249
CSX Corp. (a)		5,630		349,792
Expeditors International of Washington, Inc. (a)		1,227		83,546
FedEx Corp. (a)		1,775		286,361
J.B. Hunt Transport Services, Inc. (a)		597		55,545
Kansas City Southern (a)		738		70,442
Norfolk Southern Corp. (a)		1,990		297,585
Union Pacific Corp. (a)		5,327		736,351
United Parcel Service, Inc. Class B (a)		5,013		488,918

				2,451,789

				13,746,967

Technology — 16.0%
Computers — 5.1%
Accenture PLC Class A (a)		4,582		646,108
Apple, Inc. (a)		32,438		5,116,770
Cognizant Technology Solutions Corp. Class A (a)		4,129		262,109
DXC Technology Co. (a)		2,006		106,659
Fortinet, Inc. (a) (b)		1,149		80,924
Hewlett Packard Enterprise Co. (a)		10,073		133,064
HP, Inc. (a)		11,512		235,535
International Business Machines Corp. (a)		6,540		743,402
NetApp, Inc. (a)		1,891		112,836
Seagate Technology PLC (a)		1,765		68,111
Western Digital Corp. (a)		2,108		77,933

				7,583,451

Office & Business Equipment — 0.0%
Xerox Corp. (a)		1,505		29,739

Semiconductors — 3.8%
Advanced Micro Devices, Inc. (a) (b)		5,804		107,142
Analog Devices, Inc. (a)		2,613		224,274
Applied Materials, Inc. (a)		7,293		238,773
Broadcom, Inc. (a)		2,997		762,077
Intel Corp. (a)		32,832		1,540,806
IPG Photonics Corp. (a) (b)		264		29,909
KLA-Tencor Corp. (a)		1,096		98,081
Lam Research Corp. (a)		1,079		146,927
Maxim Integrated Products, Inc. (a)		2,122		107,904
Microchip Technology, Inc. (a)		1,654		118,956
Micron Technology, Inc. (a) (b)		8,171		259,266
NVIDIA Corp. (a)		4,415		589,402
Qorvo, Inc. (a) (b)		891		54,110
QUALCOMM, Inc. (a)		8,739		497,336
Skyworks Solutions, Inc. (a)		1,294		86,724
Texas Instruments, Inc. (a)		6,928		654,696

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

102

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Xilinx, Inc. (a)		1,784	$	151,943

				5,668,326

Software — 7.1%
Activision Blizzard, Inc. (a)		5,363		249,755
Adobe, Inc. (a) (b)		3,536		799,985
Akamai Technologies, Inc. (a) (b)		1,202		73,418
ANSYS, Inc. (a) (b)		592		84,620
Autodesk, Inc. (a) (b)		1,553		199,731
Broadridge Financial Solutions, Inc. (a)		821		79,021
Cadence Design Systems, Inc. (a) (b)		1,986		86,351
Cerner Corp. (a) (b)		2,450		128,478
Citrix Systems, Inc. (a)		907		92,931
Electronic Arts, Inc. (a) (b)		2,161		170,525
Fidelity National Information Services, Inc. (a)		2,394		245,505
Fiserv, Inc. (a) (b)		2,931		215,399
Intuit, Inc. (a)		1,894		372,834
Jack Henry & Associates, Inc. (a)		537		67,941
Microsoft Corp. (a)		55,611		5,648,409
MSCI, Inc. (a)		630		92,881
Oracle Corp. (a)		18,346		828,322
Paychex, Inc. (a)		2,253		146,783
Red Hat, Inc. (a) (b)		1,256		220,604
salesforce.com, Inc. (a) (b)		5,578		764,019
Synopsys, Inc. (a) (b)		1,049		88,368
Take-Two Interactive Software, Inc. (a) (b)		805		82,867

				10,738,747

				24,020,263

Utilities — 3.4%
Electric — 3.2%
AES Corp. (a)		4,650		67,239
Alliant Energy Corp. (a)		1,977		83,528
Ameren Corp. (a)		1,724		112,457
American Electric Power Co., Inc. (a)		3,470		259,348
CenterPoint Energy, Inc. (a)		3,657		103,237
CMS Energy Corp. (a)		2,231		110,769
Consolidated Edison, Inc. (a)		2,187		167,218
Dominion Energy, Inc. (a)		4,757		339,935
DTE Energy Co. (a)		1,284		141,625
Duke Energy Corp. (a)		5,090		439,267
Edison International (a)		2,302		130,685
Entergy Corp. (a)		1,270		109,309
Evergy, Inc. (a)		1,905		108,147
Eversource Energy (a)		2,232		145,169
Exelon Corp. (a)		6,801		306,725
FirstEnergy Corp. (a)		3,624		136,081
NextEra Energy, Inc. (a)		3,428		595,855
NRG Energy, Inc. (a)		2,106		83,398
PG&E Corp. (a) (b)		3,639		86,426
Pinnacle West Capital Corp. (a)		786		66,967


	Number of Shares		Value
PPL Corp. (a)		5,344	$	151,396
Public Service Enterprise Group, Inc. (a)		3,588		186,755
SCANA Corp. (a)		970		46,347
Sempra Energy (a)		1,997		216,055
The Southern Co. (a)		7,378		324,042
WEC Energy Group, Inc. (a)		2,244		155,419
Xcel Energy, Inc. (a)		3,807		187,571

				4,860,970

Gas — 0.1%
NiSource, Inc. (a)		2,926		74,174

Water — 0.1%
American Water Works Co., Inc. (a)		1,251		113,554

				5,048,698


TOTAL COMMON STOCK (Cost $117,006,713)				151,267,518


TOTAL EQUITIES (Cost $117,006,713)				151,267,518


	Principal Amount
BONDS & NOTES — 0.0%

CORPORATE DEBT — 0.0%
Forest Products & Paper — 0.0%
Sino Forest Corp. 5.000% 8/01/49 (d) (e)	$	359,000		—


TOTAL CORPORATE DEBT (Cost $0)				—


TOTAL BONDS & NOTES (Cost $0)				—


	Number of Shares
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (f)		8,989		8,989


TOTAL MUTUAL FUNDS (Cost $8,989)				8,989


TOTAL PURCHASED OPTIONS (#) — 0.7% (Cost $1,518,575)				1,039,310


TOTAL LONG-TERM INVESTMENTS (Cost $118,534,277)				152,315,817

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

103

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 4.2%
Repurchase Agreement — 4.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (g)	$	6,278,177	$	6,278,177


TOTAL SHORT-TERM INVESTMENTS (Cost $6,278,177)				6,278,177


TOTAL INVESTMENTS — 105.3% (Cost $124,812,454) (h)				158,593,994


Other Assets/(Liabilities) — (5.3)%				(7,995,971	)


NET ASSETS — 100.0%			$	150,598,023

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)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $8,761 or 0.01% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(d)	Investment was valued using significant unobservable inputs.

(e)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2018, these securities amounted to a value of $0 or 0.00% of net assets.

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

(g)	Maturity value of $6,278,613. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $6,406,594.

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

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


	Units		Notional Amount			Expiration Date		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Put
		85		USD	18,912,500		1/18/19	S&P 500 Index, Strike 2,225	$	80,113	$	35,275	$	(44,838	)

		78		USD	16,575,000		2/15/19	S&P 500 Index, Strike 2,125		248,307		66,300		(182,007	)

		85		USD	19,125,000		2/15/19	S&P 500 Index, Strike 2,250		224,293		150,025		(74,268	)

		64		USD	14,880,000		2/15/19	S&P 500 Index, Strike 2,325		179,360		195,840		16,480

		69		USD	16,387,500		2/15/19	S&P 500 Index, Strike 2,375		255,472		262,890		7,418

		78		USD	17,160,000		3/15/19	S&P 500 Index, Strike 2,200		347,295		179,400		(167,895	)

		54		USD	12,150,000		3/15/19	S&P 500 Index, Strike 2,250		183,735		149,580		(34,155	)

										1,518,575		1,039,310		(479,265	)

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

104

MML Managed Volatility Fund – Portfolio of Investments (Continued)

Written Options contracts at December 31, 2018:


	Units		Notional Amount			Expiration Date		Description	Premiums Received			Value			Unrealized Appreciation/ (Depreciation)
Call
		65		USD	16,412,500		1/11/19	S&P 500 Index, Strike 2,525	$	(291,038	)	$	(208,650	)	$	82,388

		68		USD	16,830,000		1/18/19	S&P 500 Index, Strike 2,475		(315,350	)		(497,080	)		(181,730	)

		69		USD	17,250,000		1/18/19	S&P 500 Index, Strike 2,500		(381,219	)		(401,580	)		(20,361	)

		68		USD	17,170,000		1/18/19	S&P 500 Index, Strike 2,525		(299,662	)		(261,800	)		37,862

		70		USD	18,025,000		1/18/19	S&P 500 Index, Strike 2,575		(373,173	)		(151,900	)		221,273

		71		USD	17,217,500		1/25/19	S&P 500 Index, Strike 2,425		(432,530	)		(785,970	)		(353,440	)

		65		USD	16,412,500		2/15/19	S&P 500 Index, Strike 2,525		(478,350	)		(468,000	)		10,350

		60		USD	15,600,000		2/15/19	S&P 500 Index, Strike 2,600		(457,650	)		(196,800	)		260,850

		65		USD	17,062,500		2/15/19	S&P 500 Index, Strike 2,625		(502,678	)		(157,950	)		344,728

										(3,531,650	)		(3,129,730	)		401,920

Currency Legend

USD	U.S. Dollar

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

105

MML Mid Cap Growth Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 94.0%

COMMON STOCK — 93.2%
Basic Materials — 3.0%
Chemicals — 2.5%
Air Products & Chemicals, Inc.		30,000	$	4,801,500
RPM International, Inc.		61,000		3,585,580
Valvoline, Inc.		104,000		2,012,400

				10,399,480

Mining — 0.5%
Franco-Nevada Corp. (a)		30,000		2,105,100

				12,504,580

Communications — 2.7%
Internet — 2.6%
IAC/InterActiveCorp (b)		35,000		6,406,400
Shopify, Inc. Class A (b)		5,000		692,250
Symantec Corp.		159,000		3,004,305
Zillow Group, Inc. Class A (b)		7,000		220,010
Zillow Group, Inc. Class C (a) (b)		24,000		757,920

				11,080,885

Telecommunications — 0.1%
Maxar Technologies Ltd.		28,000		334,880

				11,415,765

Consumer, Cyclical — 16.3%
Airlines — 0.9%
Alaska Air Group, Inc.		19,000		1,156,150
United Continental Holdings, Inc. (b)		30,000		2,511,900

				3,668,050

Auto Manufacturers — 0.1%
Ferrari NV (a)		4,000		397,760

Auto Parts & Equipment — 1.1%
Aptiv PLC		57,000		3,509,490
Visteon Corp. (b)		16,000		964,480

				4,473,970

Distribution & Wholesale — 1.0%
HD Supply Holdings, Inc. (b)		30,000		1,125,600
KAR Auction Services, Inc.		60,000		2,863,200

				3,988,800

Entertainment — 0.9%
Vail Resorts, Inc.		18,000		3,794,760

Food Services — 0.5%
Aramark		73,000		2,114,810

Leisure Time — 1.3%
Norwegian Cruise Line Holdings Ltd. (b)		129,000		5,468,310

Lodging — 2.4%
Hilton Worldwide Holdings, Inc.		38,000		2,728,400


	Number of Shares		Value
Marriott International, Inc. Class A		30,000	$	3,256,800
MGM Resorts International		173,000		4,196,980

				10,182,180

Retail — 8.1%
Burlington Stores, Inc. (b)		21,000		3,416,070
CarMax, Inc. (b)		42,000		2,634,660
Casey’s General Stores, Inc.		29,000		3,716,060
Darden Restaurants, Inc.		13,000		1,298,180
Dollar General Corp.		48,000		5,187,840
Dollar Tree, Inc. (b)		41,000		3,703,120
Dunkin’ Brands Group, Inc.		38,000		2,436,560
The Michaels Cos., Inc. (b)		60,000		812,400
O’Reilly Automotive, Inc. (b)		8,000		2,754,640
Tapestry, Inc.		181,000		6,108,750
Ulta Salon Cosmetics & Fragrance, Inc. (b)		8,000		1,958,720

				34,027,000

				68,115,640

Consumer, Non-cyclical — 25.1%
Biotechnology — 1.7%
Alnylam Pharmaceuticals, Inc. (b)		19,000		1,385,290
Exact Sciences Corp. (b)		26,000		1,640,600
Incyte Corp. (b)		31,000		1,971,290
Sage Therapeutics, Inc. (b)		7,000		670,530
Seattle Genetics, Inc. (b)		26,000		1,473,160

				7,140,870

Commercial Services — 8.7%
CoreLogic, Inc. (b)		91,000		3,041,220
CoStar Group, Inc. (b)		7,500		2,530,050
Equifax, Inc.		23,000		2,141,990
FleetCor Technologies, Inc. (b)		19,000		3,528,680
Gartner, Inc. (b)		15,000		1,917,600
Global Payments, Inc.		19,000		1,959,470
IHS Markit Ltd. (b)		57,000		2,734,290
MarketAxess Holdings, Inc.		7,000		1,479,170
ServiceMaster Global Holdings, Inc. (b)		61,000		2,241,140
TransUnion		60,000		3,408,000
Verisk Analytics, Inc. (b)		45,000		4,906,800
WeWork Companies, Inc. Class A (b) (c) (d)		8,764		454,063
Worldpay, Inc. Class A (b)		79,000		6,037,970

				36,380,443

Foods — 2.1%
Conagra Brands, Inc.		75,000		1,602,000
The Kroger Co.		86,000		2,365,000
Sprouts Farmers Market, Inc. (b)		90,000		2,115,900
TreeHouse Foods, Inc. (b)		53,000		2,687,630

				8,770,530

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

106

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


	Number of Shares		Value
Health Care – Products — 8.8%
Bruker Corp.		140,246	$	4,175,123
The Cooper Cos., Inc.		34,000		8,653,000
Hologic, Inc. (b)		193,000		7,932,300
ICU Medical, Inc. (b)		8,000		1,837,040
IDEXX Laboratories, Inc. (b)		6,000		1,116,120
Teleflex, Inc.		42,000		10,856,160
West Pharmaceutical Services, Inc.		23,000		2,254,690

				36,824,433

Health Care – Services — 2.0%
Acadia Healthcare Co., Inc. (a) (b)		56,000		1,439,760
Catalent, Inc. (b)		117,000		3,648,060
IQVIA Holdings, Inc. (b)		15,000		1,742,550
MEDNAX, Inc. (b)		45,000		1,485,000

				8,315,370

Household Products & Wares — 0.3%
Avery Dennison Corp.		15,000		1,347,450

Pharmaceuticals — 1.5%
Alkermes PLC (b)		91,000		2,685,410
Amneal Pharmaceuticals, Inc. (b)		109,000		1,474,770
Elanco Animal Health, Inc. (a) (b)		12,000		378,360
Perrigo Co. PLC		38,000		1,472,500

				6,011,040

				104,790,136

Energy — 2.1%
Oil & Gas — 2.1%
Cabot Oil & Gas Corp.		106,000		2,369,100
Centennial Resource Development, Inc. Class A (a) (b)		74,000		815,480
Concho Resources, Inc. (b)		30,000		3,083,700
Continental Resources, Inc. (b)		38,000		1,527,220
Venture Global LNG, Inc. Series B (b) (c) (d)		21		109,200
Venture Global LNG, Inc. Series C (b) (c) (d)		144		748,800

				8,653,500

Financial — 8.1%
Banks — 1.0%
Fifth Third Bancorp		122,000		2,870,660
Webster Financial Corp.		27,000		1,330,830

				4,201,490

Diversified Financial Services — 2.6%
Cboe Global Markets, Inc.		38,000		3,717,540
SLM Corp. (b)		137,000		1,138,470
TD Ameritrade Holding Corp.		125,000		6,120,000

				10,976,010

Insurance — 4.1%
Assurant, Inc.		24,000		2,146,560
Axis Capital Holdings Ltd.		26,000		1,342,640


	Number of Shares		Value
Fidelity National Financial, Inc.		136,000	$	4,275,840
The Progressive Corp.		30,000		1,809,900
Willis Towers Watson PLC		48,000		7,289,280

				16,864,220

Private Equity — 0.4%
KKR & Co., Inc. Class A		91,000		1,786,330

				33,828,050

Industrial — 21.8%
Aerospace & Defense — 2.0%
Harris Corp.		51,000		6,867,150
L3 Technologies, Inc.		8,000		1,389,280

				8,256,430

Building Materials — 0.4%
Martin Marietta Materials, Inc.		11,000		1,890,570

Electronics — 8.6%
Agilent Technologies, Inc.		106,000		7,150,760
Allegion PLC		37,000		2,949,270
Coherent, Inc. (b)		9,000		951,390
Corning, Inc.		151,000		4,561,710
Fortive Corp.		64,000		4,330,240
Keysight Technologies, Inc. (b)		128,000		7,946,240
National Instruments Corp.		34,000		1,542,920
Sensata Technologies Holding PLC (b)		142,000		6,367,280

				35,799,810

Engineering & Construction — 0.2%
frontdoor, Inc. (b)		37,000		984,570

Environmental Controls — 0.7%
Waste Connections, Inc.		41,000		3,044,250

Machinery – Construction & Mining — 0.4%
BWX Technologies, Inc.		48,000		1,835,040

Machinery – Diversified — 4.1%
Gardner Denver Holdings, Inc. (b)		131,000		2,678,950
IDEX Corp.		44,000		5,555,440
Roper Technologies, Inc.		19,000		5,063,880
Xylem, Inc.		57,000		3,803,040

				17,101,310

Miscellaneous – Manufacturing — 2.2%
Colfax Corp. (b)		90,000		1,881,000
Textron, Inc.		156,000		7,174,440

				9,055,440

Packaging & Containers — 2.2%
Ardagh Group SA		9,000		99,720
Ball Corp.		139,000		6,391,220
Sealed Air Corp.		74,000		2,578,160

				9,069,100

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

107

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


	Number of Shares		Value
Transportation — 1.0%
J.B. Hunt Transport Services, Inc.		13,000	$	1,209,520
Kansas City Southern		30,000		2,863,500

				4,073,020

				91,109,540

Technology — 13.0%
Semiconductors — 4.7%
Marvell Technology Group Ltd.		174,000		2,817,060
Maxim Integrated Products, Inc.		57,000		2,898,450
Microchip Technology, Inc. (a)		114,000		8,198,880
Skyworks Solutions, Inc.		34,000		2,278,680
Xilinx, Inc.		38,000		3,236,460

				19,429,530

Software — 8.3%
athenahealth, Inc. (b)		4,000		527,720
Atlassian Corp. PLC Class A (b)		38,000		3,381,240
Black Knight, Inc. (b)		68,000		3,064,080
CDK Global, Inc.		28,000		1,340,640
Ceridian HCM Holding, Inc. (a) (b)		12,000		413,880
DocuSign, Inc. (a) (b)		18,999		761,480
Electronic Arts, Inc. (b)		6,000		473,460
Fidelity National Information Services, Inc.		30,000		3,076,500
Fiserv, Inc. (b)		60,000		4,409,400
Guidewire Software, Inc. (b)		10,000		802,300
Red Hat, Inc. (b)		19,000		3,337,160
Splunk, Inc. (b)		19,000		1,992,150
SS&C Technologies Holdings, Inc		41,000		1,849,510
Tableau Software, Inc. Class A (b)		26,000		3,120,000
Workday, Inc. Class A (b)		38,000		6,067,840

				34,617,360

				54,046,890

Utilities — 1.1%
Electric — 0.8%
Sempra Energy		30,000		3,245,700

Gas — 0.3%
Atmos Energy Corp.		16,000		1,483,521

				4,729,221


TOTAL COMMON STOCK (Cost $318,757,017)				389,193,322


PREFERRED STOCK — 0.8%
Communications — 0.2%
Internet — 0.2%
Roofoods Ltd. Series F (b) (c) (d)		1,915		976,516


	Number of Shares		Value
Consumer, Non-cyclical — 0.5%
Commercial Services — 0.5%
WeWork Companies, Inc. Series D 1 (b) (c) (d)		22,197	$	1,150,027
WeWork Companies, Inc. Series D 2 (b) (c) (d)		17,440		903,566

				2,053,593

Technology — 0.1%
Software — 0.1%
Slack Technologies, Inc. Series H (b) (c) (d)		26,680		317,633


TOTAL PREFERRED STOCK (Cost $1,654,723)				3,347,742


TOTAL EQUITIES (Cost $320,411,740)				392,541,064


MUTUAL FUNDS — 1.8%
Diversified Financial Services — 1.8%
State Street Navigator Securities Lending Prime Portfolio (e)		7,672,886		7,672,886


TOTAL MUTUAL FUNDS (Cost $7,672,886)				7,672,886


TOTAL LONG-TERM INVESTMENTS (Cost $328,084,626)				400,213,950


SHORT-TERM INVESTMENTS — 6.7%
Mutual Fund — 2.9%
T. Rowe Price Government Reserve Investment Fund,		12,025,868		12,025,868


	Principal Amount
Repurchase Agreement — 3.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (f)	$	16,035,413		16,035,413


TOTAL SHORT-TERM INVESTMENTS (Cost $28,061,281)				28,061,281


TOTAL INVESTMENTS — 102.5% (Cost $356,145,907) (g)				428,275,231

Other Assets/(Liabilities) — (2.5)%				(10,607,964	)


NET ASSETS — 100.0%			$	417,667,267

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

108

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

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 December 31, 2018, was $7,509,625 or 1.80% 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).

(b)	Non-income producing security.

(c)	Investment was valued using significant unobservable inputs.

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2018, these securities amounted to a value of $4,659,805 or 1.12% of net assets.

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

(f)	Maturity value of $16,036,526. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $16,356,945.

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

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

109

MML Mid Cap Value Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 94.7%

COMMON STOCK — 94.7%
Consumer, Cyclical — 11.1%
Airlines — 1.3%
Southwest Airlines Co.		107,300	$	4,987,304

Auto Manufacturers — 1.5%
Honda Motor Co. Ltd. Sponsored ADR		130,286		3,446,065
PACCAR, Inc.		42,298		2,416,908

				5,862,973

Auto Parts & Equipment — 1.0%
Aptiv PLC		13,145		809,338
BorgWarner, Inc.		95,975		3,334,171

				4,143,509

Food Services — 0.9%
Sodexo SA		34,858		3,565,063

Home Builders — 1.8%
PulteGroup, Inc.		173,066		4,497,985
Thor Industries, Inc.		46,370		2,411,240

				6,909,225

Leisure Time — 0.7%
Carnival Corp.		52,799		2,602,991

Retail — 3.9%
Advance Auto Parts, Inc.		25,258		3,977,124
Genuine Parts Co.		33,945		3,259,399
MSC Industrial Direct Co., Inc. Class A		68,838		5,295,019
Target Corp.		38,419		2,539,112

				15,070,654

				43,141,719

Consumer, Non-cyclical — 15.6%
Beverages — 0.5%
Molson Coors Brewing Co. Class B		34,431		1,933,645

Foods — 5.8%
Conagra Brands, Inc.		187,609		4,007,328
The J.M. Smucker Co.		21,250		1,986,662
Kellogg Co.		39,758		2,266,604
Mondelez International, Inc. Class A		120,153		4,809,725
Orkla ASA		708,259		5,569,373
Sysco Corp.		60,711		3,804,151

				22,443,843

Health Care – Products — 4.5%
Hologic, Inc. (a)		62,348		2,562,503
Siemens Healthineers AG (a) (b)		45,345		1,898,574
Zimmer Biomet Holdings, Inc.		125,800		13,047,976

				17,509,053


	Number of Shares		Value
Health Care – Services — 1.2%
Quest Diagnostics, Inc.		54,081	$	4,503,325

Household Products & Wares — 1.1%
Kimberly-Clark Corp.		36,531		4,162,342

Pharmaceuticals — 2.5%
Cardinal Health, Inc.		126,114		5,624,684
McKesson Corp.		38,225		4,222,716

				9,847,400

				60,399,608

Energy — 7.6%
Anadarko Petroleum Corp.		62,878		2,756,572
Baker Hughes a GE Co.		198,625		4,270,437
Cimarex Energy Co.		50,777		3,130,402
Devon Energy Corp.		156,977		3,538,262
EQT Corp.		152,654		2,883,634
Equitrans Midstream Corp. (a)		122,123		2,444,902
Halliburton Co.		104,623		2,780,879
Imperial Oil Ltd.		66,232		1,678,117
National Oilwell Varco, Inc.		86,583		2,225,183
Noble Energy, Inc.		204,659		3,839,403

				29,547,791

Financial — 27.7%
Banks — 14.0%
Bank of Hawaii Corp.		15,062		1,013,974
BB&T Corp.		194,601		8,430,115
Comerica, Inc.		17,491		1,201,457
Commerce Bancshares, Inc.		74,565		4,203,229
First Hawaiian, Inc.		194,320		4,374,143
M&T Bank Corp.		36,935		5,286,507
Northern Trust Corp.		125,053		10,453,180
Prosperity Bancshares, Inc.		33,042		2,058,517
State Street Corp.		48,917		3,085,195
SunTrust Banks, Inc.		82,731		4,172,952
UMB Financial Corp.		87,756		5,350,483
Westamerica Bancorp.		79,237		4,411,916

				54,041,668

Diversified Financial Services — 3.0%
Ameriprise Financial, Inc.		51,072		5,330,385
Invesco Ltd.		367,386		6,150,041

				11,480,426

Insurance — 5.3%
Aflac, Inc.		54,498		2,482,929
Arthur J Gallagher & Co.		22,198		1,635,993
Brown & Brown, Inc.		81,472		2,245,368
Chubb Ltd.		45,054		5,820,076
ProAssurance Corp.		47,963		1,945,379
Reinsurance Group of America, Inc.		27,308		3,829,401
Torchmark Corp.		17,294		1,288,922

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

110

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


	Number of Shares		Value
The Travelers Cos., Inc.		9,652	$	1,155,827

				20,403,895

Real Estate Investment Trusts (REITS) — 4.4%
American Tower Corp.		9,636		1,524,319
Empire State Realty Trust, Inc. Class A		109,448		1,557,445
MGM Growth Properties LLC Class A		144,921		3,827,364
Piedmont Office Realty Trust, Inc. Class A		186,781		3,182,748
Weyerhaeuser Co.		314,219		6,868,827

				16,960,703

Savings & Loans — 1.0%
Capitol Federal Financial, Inc.		318,423		4,066,262

				106,952,954

Industrial — 18.2%
Building Materials — 1.5%
Johnson Controls International PLC		203,332		6,028,794

Electrical Components & Equipment — 4.2%
Emerson Electric Co.		56,588		3,381,133
Hubbell, Inc.		96,615		9,597,734
Schneider Electric SE		46,388		3,157,028

				16,135,895

Electronics — 1.8%
nVent Electric PLC		124,816		2,803,368
TE Connectivity Ltd.		53,194		4,023,062

				6,826,430

Environmental Controls — 0.6%
Republic Services, Inc.		34,776		2,507,002

Machinery – Construction & Mining — 0.8%
Atlas Copco AB Class B		143,333		3,142,586

Machinery – Diversified — 1.3%
Cummins, Inc.		36,900		4,931,316

Miscellaneous – Manufacturing — 2.7%
Eaton Corp. PLC		54,719		3,757,007
IMI PLC		344,073		4,127,315
Ingersoll-Rand PLC		10,971		1,000,884
Textron, Inc.		32,366		1,488,512

				10,373,718

Packaging & Containers — 4.2%
Graphic Packaging Holding Co.		500,610		5,326,490
Sonoco Products Co.		101,787		5,407,943
WestRock Co.		145,381		5,489,587

				16,224,020

Transportation — 1.1%
Heartland Express, Inc.		224,017		4,099,511

				70,269,272


	Number of Shares		Value
Technology — 5.8%
Computers — 0.7%
HP, Inc.		131,401	$	2,688,464

Semiconductors — 4.3%
Applied Materials, Inc.		72,246		2,365,334
Lam Research Corp.		22,634		3,082,072
Maxim Integrated Products, Inc.		105,231		5,350,996
Microchip Technology, Inc.		54,376		3,910,722
Teradyne, Inc.		62,415		1,958,583

				16,667,707

Software — 0.8%
Cerner Corp. (a)		57,198		2,999,463

				22,355,634

Utilities — 8.7%
Electric — 7.2%
Ameren Corp.		64,715		4,221,359
Edison International		47,813		2,714,344
Eversource Energy		38,206		2,484,918
NorthWestern Corp.		102,704		6,104,726
Pinnacle West Capital Corp.		57,443		4,894,144
Xcel Energy, Inc.		149,992		7,390,106

				27,809,597

Gas — 1.5%
Atmos Energy Corp.		30,489		2,826,940
Spire, Inc.		40,496		2,999,944

				5,826,884

				33,636,481


TOTAL COMMON STOCK (Cost $404,995,038)				366,303,459


TOTAL EQUITIES (Cost $404,995,038)				366,303,459


MUTUAL FUNDS — 1.8%
Diversified Financial Services — 1.8%
iShares Russell Mid-Cap Value ETF		89,853		6,860,276


TOTAL MUTUAL FUNDS (Cost $7,841,721)				6,860,276


TOTAL LONG-TERM INVESTMENTS (Cost $412,836,759)				373,163,735

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

111

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


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.4%
Repurchase Agreement — 3.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (c)	$	13,258,394	$	13,258,394


TOTAL SHORT-TERM INVESTMENTS (Cost $13,258,394)				13,258,394


TOTAL INVESTMENTS — 99.9% (Cost $426,095,153) (d)				386,422,129

Other Assets/(Liabilities) — 0.1%				285,381


NET ASSETS — 100.0%			$	386,707,510

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 December 31, 2018, these securities amounted to a value of $1,898,574 or 0.49% of net assets.

(c)	Maturity value of $13,259,314. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $13,523,928.

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

Forward contracts at December 31, 2018:


		Counterparty	Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Contracts to Buy
JPY	8,430,943	Bank of America N.A.*	3/29/19	$	76,906	$	525

NOK	1,372,029	Goldman Sachs & Co.*	3/29/19		157,958		1,321
SEK	612,091	Goldman Sachs & Co.*	3/29/19		68,112		1,428

					226,070		2,749

CAD	87,824	Morgan Stanley & Co. LLC*	3/29/19		64,687		(229	)

				$	367,663	$	3,045


Contracts to Deliver
JPY	230,222,167	Bank of America N.A.*	3/29/19	$	2,061,559	$	(52,852	)

EUR	6,235,808	Credit Suisse International*	3/29/19		7,175,053		(21,528	)

NOK	41,639,936	Goldman Sachs & Co.*	3/29/19		4,780,705		(53,261	)
SEK	24,164,857	Goldman Sachs & Co.*	3/29/19		2,687,063		(58,316	)

					7,467,768		(111,577	)

GBP	2,760,842	JP Morgan Chase Bank N.A.*	3/29/19		3,511,176		(22,465	)

CAD	2,043,588	Morgan Stanley & Co. LLC*	3/29/19		1,524,602		24,714

				$	21,740,158	$	(183,708	)

*	Contracts are subject to a Master Netting Agreement.

Currency Legend

CAD	Canadian Dollar

EUR

Euro

GBP	British Pound

JPY	Japanese Yen

NOK	Norwegian Krone

SEK	Swedish Krona

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

112

MML Small Cap Growth Equity Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 93.7%

COMMON STOCK — 93.5%
Basic Materials — 4.4%
Chemicals — 3.3%
Cabot Corp.		23,558	$	1,011,581
Ferro Corp. (a)		94,537		1,482,340
Ingevity Corp. (a)		7,511		628,596
Methanex Corp.		10,845		522,404
Minerals Technologies, Inc.		12,866		660,540
Orion Engineered Carbons SA		35,641		901,004
PolyOne Corp.		16,537		472,958

				5,679,423

Iron & Steel — 1.1%
Carpenter Technology Corp.		53,259		1,896,553

				7,575,976

Communications — 6.6%
Advertising — 0.4%
The Trade Desk, Inc. Class A (a)		5,760		668,506

Internet — 4.2%
Boingo Wireless, Inc. (a)		29,297		602,639
DraftKings Inc. (a) (b) (c)		78,904		201,170
Etsy, Inc. (a)		19,991		950,972
Mimecast Ltd. (a)		33,885		1,139,553
TrueCar, Inc. (a)		63,948		579,369
Veracode, Inc. (Escrow Shares) (a) (b) (c)		10,688		5,814
Wayfair, Inc. Class A (a)		11,099		999,798
Wix.com Ltd. (a)		18,295		1,652,770
Zendesk, Inc. (a)		19,014		1,109,847

				7,241,932

Media — 0.6%
The New York Times Co. Class A		43,427		967,988

Telecommunications — 1.4%
Acacia Communications, Inc. (a)		13,899		528,162
Ciena Corp. (a)		23,610		800,615
Vonage Holdings Corp. (a)		119,441		1,042,720

				2,371,497

				11,249,923

Consumer, Cyclical — 14.1%
Airlines — 0.7%
JetBlue Airways Corp. (a)		21,428		344,134
Spirit Airlines, Inc. (a)		14,482		838,797

				1,182,931

Apparel — 2.1%
Carter’s, Inc.		16,485		1,345,506
Deckers Outdoor Corp. (a)		6,729		860,976
Skechers U.S.A., Inc. Class A (a)		18,672		427,402
Under Armour, Inc. Class A (a)		4,494		79,409


	Number of Shares		Value
Under Armour, Inc. Class C (a)		55,773	$	901,849

				3,615,142

Auto Parts & Equipment — 0.4%
Tenneco, Inc.		23,459		642,542

Entertainment — 1.4%
Cinemark Holdings, Inc.		32,055		1,147,569
Marriott Vacations Worldwide Corp.		18,623		1,313,108

				2,460,677

Home Builders — 1.2%
Skyline Champion Corp.		85,303		1,253,101
TRI Pointe Group, Inc. (a)		72,508		792,513

				2,045,614

Home Furnishing — 0.9%
iRobot Corp. (a)		10,517		880,693
Sleep Number Corp. (a)		19,660		623,812

				1,504,505

Leisure Time — 2.2%
Acushnet Holdings Corp.		44,193		931,147
Lindblad Expeditions Holdings, Inc. (a)		75,403		1,014,924
Planet Fitness, Inc. Class A (a)		33,531		1,797,932

				3,744,003

Lodging — 0.4%
Boyd Gaming Corp.		34,757		722,250

Retail — 4.8%
BMC Stock Holdings, Inc. (a)		45,222		700,037
The Cheesecake Factory, Inc. (d)		16,976		738,626
Chico’s FAS, Inc.		96,070		539,913
The Children’s Place, Inc.		7,927		714,143
FirstCash, Inc.		13,767		996,043
Five Below, Inc. (a)		10,428		1,066,993
Floor & Decor Holdings, Inc. Class A (a) (d)		17,919		464,102
La-Z-Boy, Inc.		32,970		913,599
Nu Skin Enterprises, Inc. Class A		15,104		926,328
RH (a)		5,643		676,144
Wingstop, Inc.		6,272		402,600

				8,138,528

				24,056,192

Consumer, Non-cyclical — 24.9%
Beverages — 0.5%
MGP Ingredients, Inc. (d)		15,595		889,695

Biotechnology — 3.1%
Abeona Therapeutics, Inc. (a) (d)		33,290		237,691
Aduro Biotech, Inc. (a)		19,479		51,425
Amicus Therapeutics, Inc. (a) (d)		47,018		450,432
Arena Pharmaceuticals, Inc. (a)		15,074		587,132

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

113

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


	Number of Shares		Value
Blueprint Medicines Corp. (a)		7,423	$	400,174
CRISPR Therapeutics AG (a) (d)		7,671		219,160
CytomX Therapeutics, Inc. (a)		7,390		111,589
Exact Sciences Corp. (a)		15,218		960,256
Karyopharm Therapeutics, Inc. (a)		30,500		285,785
Loxo Oncology, Inc. (a)		4,838		677,659
Nightstar Therapeutics PLC ADR (a)		29,655		341,626
REGENXBIO, Inc. (a)		8,177		343,025
Sangamo Therapeutics, Inc. (a)		30,226		346,994
Spark Therapeutics, Inc. (a)		5,285		206,855

				5,219,803

Commercial Services — 6.6%
2U, Inc. (a)		29,368		1,460,177
The Brink’s Co.		21,608		1,396,957
Cardtronics PLC Class A (a)		31,449		817,674
CoStar Group, Inc. (a)		2,146		723,932
Grand Canyon Education, Inc. (a)		8,711		837,475
Green Dot Corp. Class A (a)		10,978		872,971
HMS Holdings Corp. (a)		63,953		1,798,998
Liveramp Holdings, Inc. (a)		13,904		537,111
TriNet Group, Inc. (a)		47,427		1,989,563
TrueBlue, Inc. (a)		40,348		897,743

				11,332,601

Foods — 1.4%
Performance Food Group Co. (a)		73,990		2,387,657

Health Care – Products — 6.7%
Avanos Medical, Inc. (a)		9,900		443,421
Globus Medical, Inc. Class A (a)		42,433		1,836,500
Haemonetics Corp. (a)		20,885		2,089,544
Hill-Rom Holdings, Inc.		13,863		1,227,569
Insulet Corp. (a)		43,364		3,439,633
Merit Medical Systems, Inc. (a)		26,619		1,485,606
Penumbra, Inc. (a)		8,016		979,555

				11,501,828

Health Care – Services — 3.5%
Amedisys, Inc. (a)		15,825		1,853,266
LHC Group, Inc. (a)		9,752		915,518
Molina Healthcare, Inc. (a)		14,867		1,727,842
Syneos Health, Inc. (a)		21,528		847,127
Teladoc Health, Inc. (a) (d)		12,794		634,198

				5,977,951

Pharmaceuticals — 3.1%
Aerie Pharmaceuticals, Inc. (a)		13,849		499,949
DexCom, Inc. (a)		3,554		425,769
G1 Therapeutics, Inc. (a)		30,399		582,141
Galapagos NV Sponsored ADR (a)		6,226		571,173
Heron Therapeutics, Inc. (a)		18,122		470,085
MyoKardia, Inc. (a)		11,355		554,805
Portola Pharmaceuticals, Inc. (a) (d)		12,284		239,784
PRA Health Sciences, Inc. (a)		9,521		875,551


	Number of Shares		Value
Ra Pharmaceuticals, Inc. (a)		22,231	$	404,604
Revance Therapeutics, Inc. (a)		9,824		197,757
Rhythm Pharmaceuticals, Inc. (a)		17,221		462,901

				5,284,519

				42,594,054

Energy — 3.0%
Energy – Alternate Sources — 1.2%
First Solar, Inc. (a)		23,108		981,050
Pattern Energy Group, Inc. Class A		51,855		965,540

				1,946,590

Oil & Gas — 1.8%
Callon Petroleum Co. (a)		94,463		613,065
Centennial Resource Development, Inc. Class A (a)		51,938		572,357
Delek US Holdings, Inc.		16,956		551,239
Viper Energy Partners LP		52,092		1,356,476

				3,093,137

				5,039,727

Financial — 18.8%
Banks — 5.2%
BancorpSouth Bank		61,025		1,595,193
CenterState Bank Corp.		24,389		513,144
First Financial Bancorp		32,394		768,386
First Interstate BancSystem, Inc. Class A		22,323		816,129
National Bank Holdings Corp. Class A		26,984		832,996
Seacoast Banking Corp. of Florida (a)		39,182		1,019,516
South State Corp.		12,267		735,407
Texas Capital Bancshares, Inc. (a)		22,651		1,157,240
Union Bankshares Corp.		52,658		1,486,535

				8,924,546

Diversified Financial Services — 2.0%
Air Lease Corp.		25,815		779,871
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		92,196		1,756,334
PRA Group, Inc. (a)		33,706		821,415

				3,357,620

Insurance — 3.8%
Assured Guaranty Ltd.		30,381		1,162,985
eHealth, Inc. (a)		28,481		1,094,240
Horace Mann Educators Corp.		19,179		718,254
James River Group Holdings Ltd.		23,812		870,090
Kemper Corp.		12,901		856,368
MGIC Investment Corp. (a)		80,661		843,714
NMI Holdings, Inc. Class A (a)		53,182		949,299

				6,494,950

Private Equity — 1.0%
Kennedy-Wilson Holdings, Inc.		98,186		1,784,040

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

114

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


	Number of Shares		Value
Real Estate — 0.5%
McGrath RentCorp		16,200	$	833,976

Real Estate Investment Trusts (REITS) — 5.3%
Agree Realty Corp.		19,427		1,148,524
Life Storage, Inc.		9,267		861,738
MFA Financial, Inc.		101,850		680,358
NexPoint Residential Trust, Inc.		40,996		1,436,910
PotlatchDeltic Corp.		22,769		720,411
PS Business Parks, Inc.		7,409		970,579
Redwood Trust, Inc.		57,897		872,508
Rexford Industrial Realty, Inc.		31,566		930,250
Xenia Hotels & Resorts, Inc.		85,361		1,468,209

				9,089,487

Savings & Loans — 1.0%
Sterling Bancorp		106,129		1,752,190

				32,236,809

Industrial — 10.1%
Aerospace & Defense — 0.5%
Aerojet Rocketdyne Holdings, Inc. (a)		25,632		903,015

Electrical Components & Equipment — 1.1%
EnerSys		24,783		1,923,409

Electronics — 0.5%
Watts Water Technologies, Inc. Class A		12,254		790,751

Engineering & Construction — 1.0%
Argan, Inc.		45,219		1,711,087

Environmental Controls — 0.4%
Clean Harbors, Inc. (a)		15,984		788,810

Machinery – Diversified — 1.0%
Chart Industries, Inc. (a)		16,335		1,062,265
SPX FLOW, Inc. (a)		21,280		647,338

				1,709,603

Metal Fabricate & Hardware — 1.2%
Advanced Drainage Systems, Inc.		40,757		988,357
Rexnord Corp. (a)		45,574		1,045,924

				2,034,281

Miscellaneous – Manufacturing — 2.9%
Actuant Corp. Class A		91,022		1,910,552
Ambarella, Inc. (a) (d)		12,921		451,976
Axon Enterprise, Inc. (a)		10,601		463,794
ITT, Inc.		30,056		1,450,803
John Bean Technologies Corp.		10,496		753,718

				5,030,843

Packaging & Containers — 0.5%
Graphic Packaging Holding Co.		77,649		826,185

Transportation — 0.6%
Kirby Corp. (a)		14,684		989,114


	Number of Shares		Value
Trucking & Leasing — 0.4%
GATX Corp.		8,900	$	630,209

				17,337,307

Technology — 11.0%
Computers — 1.3%
EPAM Systems, Inc. (a)		6,354		737,127
Globant SA (a)		25,193		1,418,870

				2,155,997

Office & Business Equipment — 0.8%
Zebra Technologies Corp. Class A (a)		8,882		1,414,281

Semiconductors — 2.3%
Cohu, Inc.		48,805		784,296
Entegris, Inc.		69,782		1,946,569
MKS Instruments, Inc.		300		19,383
Tower Semiconductor Ltd. (a)		77,537		1,142,896

				3,893,144

Software — 6.6%
Castlight Health, Inc. Class B (a)		110,900		240,653
Cloudera, Inc. (a)		62,795		694,513
Docusign, Inc. (Escrow Shares) (a) (b) (c)		2,601		5,852
Everbridge, Inc. (a)		15,058		854,692
Fair Isaac Corp. (a)		5,083		950,521
Five9, Inc. (a)		26,734		1,168,811
Guidewire Software, Inc. (a)		8,704		698,322
HubSpot, Inc. (a)		13,266		1,667,934
ManTech International Corp. Class A		15,544		812,873
Omnicell, Inc. (a)		32,814		2,009,529
Pivotal Software, Inc. Class A (a)		33,997		555,851
SailPoint Technologies Holding, Inc. (a)		30,359		713,133
Veeva Systems, Inc. Class A (a)		11,089		990,470

				11,363,154

				18,826,576

Utilities — 0.6%
Electric — 0.6%
Black Hills Corp.		16,677		1,046,982


TOTAL COMMON STOCK (Cost $159,379,185)				159,963,546


PREFERRED STOCK — 0.2%
Communications — 0.1%
Internet — 0.1%
The Honest Company, Inc. Series D (a) (b) (c)		4,027		147,952

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

115

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


	Number of Shares		Value
Technology — 0.1%
Software — 0.1%
MarkLogic Corp. Series F (a) (b) (c)		22,966	$	229,660


TOTAL PREFERRED STOCK (Cost $450,987)				377,612


TOTAL EQUITIES (Cost $159,830,172)				160,341,158


MUTUAL FUNDS — 3.5%
Diversified Financial Services — 3.5%
iShares Russell 2000 Index Fund		15,478		2,072,504
State Street Navigator Securities Lending Prime Portfolio (e)		3,923,260		3,923,260

				5,995,764


TOTAL MUTUAL FUNDS (Cost $5,924,295)				5,995,764


TOTAL LONG-TERM INVESTMENTS (Cost $165,754,467)				166,336,922


	Principal Amount
SHORT-TERM INVESTMENTS — 3.0%
Repurchase Agreement — 3.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (f)	$	5,141,313		5,141,313


TOTAL SHORT-TERM INVESTMENTS (Cost $5,141,313)				5,141,313


TOTAL INVESTMENTS — 100.2% (Cost $170,895,780) (g)				171,478,235

Other Assets/(Liabilities) — (0.2)%				(343,643	)


NET ASSETS — 100.0%			$	171,134,592

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Investment was valued using significant unobservable inputs.

(c)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2018, these securities amounted to a value of $590,448 or 0.35% of net assets.

(d)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $3,820,925 or 2.23% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(f)	Maturity value of $5,141,670. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $5,248,536.

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

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

116

MML Small Company Value Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 96.0%

COMMON STOCK — 96.0%
Basic Materials — 2.5%
Chemicals — 0.9%
American Vanguard Corp.		18,200	$	276,458
Minerals Technologies, Inc.		9,100		467,194

				743,652

Forest Products & Paper — 0.2%
Clearwater Paper Corp. (a)		7,800		190,086

Iron & Steel — 1.0%
Carpenter Technology Corp.		15,400		548,394
Reliance Steel & Aluminum Co.		4,900		348,733

				897,127

Mining — 0.4%
Constellium NV Class A (a)		35,500		248,145
New Gold, Inc. (a)		110,400		83,551

				331,696

				2,162,561

Communications — 3.4%
Internet — 0.9%
Q2 Holdings, Inc. (a)		7,200		356,760
Upwork, Inc. (a) (b)		2,068		37,452
Zendesk, Inc. (a)		6,800		396,916

				791,128

Media — 1.4%
Cable One, Inc.		1,064		872,586
Scholastic Corp.		8,500		342,210

				1,214,796

Telecommunications — 1.1%
GTT Communications, Inc. (a) (b)		14,000		331,240
Harmonic, Inc. (a)		129,731		612,330

				943,570

				2,949,494

Consumer, Cyclical — 8.6%
Apparel — 1.0%
Crocs, Inc. (a)		7,200		187,056
Steven Madden Ltd.		21,750		658,155

				845,211

Auto Manufacturers — 0.3%
Blue Bird Corp. (a) (b)		15,900		289,221

Auto Parts & Equipment — 0.9%
Garrett Motion, Inc. (a) (b)		30,200		372,668
Methode Electronics, Inc.		7,500		174,675
Visteon Corp. (a)		3,200		192,896

				740,239


	Number of Shares		Value
Distribution & Wholesale — 2.1%
Dorman Products, Inc. (a)		9,900	$	891,198
Pool Corp.		6,100		906,765

				1,797,963

Entertainment — 0.3%
Marriott Vacations Worldwide Corp.		3,432		241,990

Home Builders — 1.2%
Cavco Industries, Inc. (a)		4,900		638,862
LCI Industries		6,500		434,200

				1,073,062

Lodging — 0.4%
The St. Joe Co. (a)		28,100		370,077

Retail — 2.1%
Beacon Roofing Supply, Inc. (a)		9,400		298,168
BJ’s Wholesale Club Holdings, Inc. (a)		8,557		189,623
Boot Barn Holdings, Inc. (a)		6,060		103,202
Express, Inc. (a)		28,300		144,613
Lumber Liquidators Holdings, Inc. (a) (b)		27,756		264,237
Party City Holdco, Inc. (a) (b)		29,755		296,955
PriceSmart, Inc.		5,700		336,870
Red Robin Gourmet Burgers, Inc. (a)		6,500		173,680

				1,807,348

Textiles — 0.3%
Culp, Inc.		14,800		279,720

				7,444,831

Consumer, Non-cyclical — 18.1%
Commercial Services — 7.2%
Aaron’s, Inc.		22,600		950,330
American Public Education, Inc. (a)		16,218		461,564
The Brink’s Co.		3,500		226,275
FTI Consulting, Inc. (a)		12,500		833,000
Green Dot Corp. Class A (a)		18,980		1,509,290
Huron Consulting Group, Inc. (a)		4,100		210,371
I3 Verticals, Inc. Class A (a)		13,500		325,350
Matthews International Corp. Class A		4,900		199,038
Monro, Inc.		4,300		295,625
Navigant Consulting, Inc.		13,100		315,055
Strategic Education, Inc.		8,131		922,218

				6,248,116

Foods — 2.9%
Nomad Foods Ltd. (a)		64,300		1,075,096
Post Holdings, Inc. (a)		7,500		668,475
The Simply Good Foods Co. (a)		25,110		474,579
SpartanNash Co.		16,109		276,753

				2,494,903

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

117

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


	Number of Shares		Value
Health Care – Products — 4.7%
Atrion Corp.		1,750	$	1,296,890
Avanos Medical, Inc. (a)		19,100		855,489
Haemonetics Corp. (a)		1,600		160,080
Patterson Cos., Inc.		12,700		249,682
Quidel Corp. (a)		20,987		1,024,585
West Pharmaceutical Services, Inc.		4,900		480,347

				4,067,073

Health Care – Services — 2.6%
The Ensign Group, Inc.		23,400		907,686
Molina Healthcare, Inc. (a)		7,100		825,162
Select Medical Holdings Corp. (a)		38,200		586,370

				2,319,218

Household Products & Wares — 0.5%
CSS Industries, Inc.		12,293		110,268
Rosetta Stone, Inc. (a)		20,300		332,920

				443,188

Pharmaceuticals — 0.2%
Momenta Pharmaceuticals, Inc. (a)		17,107		188,861

				15,761,359

Energy — 4.8%
Oil & Gas — 2.7%
Centennial Resource Development, Inc. Class A (a)		55,100		607,202
Jagged Peak Energy, Inc. (a) (b)		33,442		304,991
Kosmos Energy Ltd. (a)		43,600		177,452
Matador Resources Co. (a)		35,700		554,421
WPX Energy, Inc. (a)		59,300		673,055

				2,317,121

Oil & Gas Services — 2.1%
Frank’s International NV (a) (b)		100,500		524,610
Keane Group, Inc. (a)		58,285		476,771
Oceaneering International, Inc. (a)		25,000		302,500
TETRA Technologies, Inc. (a)		140,400		235,872
Thermon Group Holdings, Inc. (a)		16,200		328,536

				1,868,289

				4,185,410

Financial — 33.5%
Banks — 15.9%
Atlantic Capital Bancshares, Inc. (a)		18,622		304,842
BankUnited, Inc.		30,200		904,188
BOK Financial Corp.		6,375		467,479
Columbia Banking System, Inc.		25,800		936,282
East West Bancorp, Inc.		12,026		523,492
FB Financial Corp.		15,350		537,557
Glacier Bancorp, Inc.		22,100		875,602
Heritage Commerce Corp.		22,800		258,552
Heritage Financial Corp.		16,047		476,917
Home BancShares, Inc.		79,450		1,298,213


	Number of Shares		Value
Hope Bancorp, Inc.		31,800	$	377,148
Howard Bancorp, Inc. (a)		16,742		239,410
Live Oak Bancshares, Inc.		12,922		191,375
National Bank Holdings Corp. Class A		23,700		731,619
Origin Bancorp, Inc.		8,300		282,864
PCSB Financial Corp.		18,813		367,982
Pinnacle Financial Partners, Inc.		8,600		396,460
Ponce de Leon Federal Bank (a)		18,784		239,308
Popular, Inc.		15,900		750,798
Prosperity Bancshares, Inc.		11,800		735,140
Sterling Bancorp, Inc.		21,422		148,883
SVB Financial Group (a)		1,200		227,904
Texas Capital Bancshares, Inc. (a)		9,300		475,137
Towne Bank		31,900		764,005
Webster Financial Corp.		13,475		664,183
Wintrust Financial Corp.		10,000		664,900

				13,840,240

Diversified Financial Services — 1.6%
Cboe Global Markets, Inc.		2,821		275,978
Focus Financial Partners, Inc. Class A (a)		2,982		78,516
Houlihan Lokey, Inc.		10,526		387,357
PennyMac Financial Services, Inc.		18,200		386,932
Virtus Investment Partners, Inc.		3,200		254,176

				1,382,959

Insurance — 3.3%
Assured Guaranty Ltd.		6,782		259,615
Employers Holdings, Inc.		10,700		449,079
ProAssurance Corp.		15,700		636,792
Radian Group, Inc.		36,800		602,048
Safety Insurance Group, Inc.		4,900		400,869
State Auto Financial Corp.		14,600		496,984

				2,845,387

Real Estate — 0.7%
McGrath RentCorp		11,399		586,820

Real Estate Investment Trusts (REITS) — 9.8%
Acadia Realty Trust		16,500		392,040
American Campus Communities, Inc.		12,500		517,375
Cedar Realty Trust, Inc.		153,212		481,086
Douglas Emmett, Inc.		12,300		419,799
EastGroup Properties, Inc.		9,800		898,954
Healthcare Realty Trust, Inc.		27,200		773,568
JBG SMITH Properties		17,327		603,153
Kilroy Realty Corp.		7,600		477,888
PotlatchDeltic Corp.		15,372		486,370
PS Business Parks, Inc.		5,300		694,300
Retail Opportunity Investments Corp.		20,100		319,188
Saul Centers, Inc.		10,300		486,366
Sunstone Hotel Investors, Inc.		50,900		662,209
Terreno Realty Corp.		24,400		858,148

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

118

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


	Number of Shares		Value
Washington Real Estate Investment Trust		19,300	$	443,900

				8,514,344

Savings & Loans — 2.2%
Beneficial Bancorp, Inc.		37,523		536,204
Meridian Bancorp, Inc.		30,600		438,192
United Financial Bancorp, Inc.		36,100		530,670
WSFS Financial Corp.		12,200		462,502

				1,967,568

				29,137,318

Industrial — 14.1%
Aerospace & Defense — 1.1%
MSA Safety, Inc.		4,900		461,923
Triumph Group, Inc.		44,450		511,175

				973,098

Building Materials — 0.6%
Universal Forest Products, Inc.		18,900		490,644

Electrical Components & Equipment — 2.9%
Belden, Inc.		27,260		1,138,650
Littelfuse, Inc.		8,100		1,388,988

				2,527,638

Electronics — 1.8%
Brady Corp. Class A		10,000		434,600
Knowles Corp. (a)		43,500		578,985
Mesa Laboratories, Inc.		2,400		500,136

				1,513,721

Engineering & Construction — 0.6%
Aegion Corp. (a)		33,600		548,352

Environmental Controls — 0.2%
Stericycle, Inc. (a)		4,600		168,774

Metal Fabricate & Hardware — 1.4%
CIRCOR International, Inc.		16,149		343,974
RBC Bearings, Inc. (a)		3,900		511,290
Sun Hydraulics Corp.		11,949		396,587

				1,251,851

Miscellaneous – Manufacturing — 2.2%
ESCO Technologies, Inc.		12,200		804,590
Hillenbrand, Inc.		9,130		346,301
Lydall, Inc. (a)		8,500		172,635
Myers Industries, Inc.		40,294		608,843

				1,932,369

Transportation — 3.3%
Genesee & Wyoming, Inc. Class A (a)		8,950		662,479
International Seaways, Inc. (a)		26,300		442,892
Kirby Corp. (a)		5,550		373,848
Landstar System, Inc.		11,200		1,071,504


	Number of Shares		Value
Universal Logistics Holdings, Inc.		14,900	$	269,541

				2,820,264

				12,226,711

Technology — 4.1%
Computers — 1.3%
Conduent, Inc. (a)		43,200		459,216
Cubic Corp.		12,809		688,356

				1,147,572

Semiconductors — 1.5%
Cabot Microelectronics Corp.		6,816		649,905
MaxLinear, Inc. (a)		20,900		367,840
Rudolph Technologies, Inc. (a)		11,200		229,264

				1,247,009

Software — 1.3%
Ceridian HCM Holding, Inc. (a)		10,091		348,039
Cision Ltd. (a)		39,565		462,910
RealPage, Inc. (a)		6,100		293,959
SVMK, Inc. (a) (b)		1,817		22,295

				1,127,203

				3,521,784

Utilities — 6.9%
Electric — 3.0%
MGE Energy, Inc.		5,200		311,792
NorthWestern Corp.		12,900		766,776
PNM Resources, Inc.		23,600		969,724
Portland General Electric Co.		11,600		531,860

				2,580,152

Gas — 3.3%
Atmos Energy Corp.		4,900		454,328
Chesapeake Utilities Corp.		13,100		1,065,030
ONE Gas, Inc.		14,400		1,146,240
RGC Resources, Inc.		4,064		121,758
South Jersey Industries, Inc.		3,665		101,887

				2,889,243

Water — 0.6%
California Water Service Group		11,500		548,090

				6,017,485


TOTAL COMMON STOCK (Cost $75,600,087)				83,406,953


TOTAL EQUITIES (Cost $75,600,087)				83,406,953

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

119

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


	Number of Shares		Value
MUTUAL FUNDS — 1.9%
Diversified Financial Services — 1.9%
State Street Navigator Securities Lending Prime Portfolio (c)		1,649,486	$	1,649,486


TOTAL MUTUAL FUNDS (Cost $1,649,486)				1,649,486


TOTAL LONG-TERM INVESTMENTS (Cost $77,249,573)				85,056,439


SHORT-TERM INVESTMENTS — 3.8%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,037		1,037


	Principal Amount
Repurchase Agreement — 3.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (d)	$	3,299,179		3,299,179


TOTAL SHORT-TERM INVESTMENTS (Cost $3,300,216)				3,300,216


TOTAL INVESTMENTS — 101.7% (Cost $80,549,789) (e)				88,356,655

Other Assets/(Liabilities) — (1.7)%				(1,519,346	)


NET ASSETS — 100.0%			$	86,837,309

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $1,600,822 or 1.84% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(d)	Maturity value of $3,299,408. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $3,369,799.

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

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

120

MML Small/Mid Cap Value Fund – Portfolio of Investments

December 31, 2018


	Number of Shares		Value
EQUITIES — 96.9%

COMMON STOCK — 96.9%
Basic Materials — 1.8%
Chemicals — 0.9%
Orion Engineered Carbons SA		63,067	$	1,594,334

Mining — 0.9%
Alcoa Corp. (a)		63,420		1,685,703

				3,280,037

Communications — 3.9%
Internet — 0.9%
CDW Corp.		8,720		706,756
Criteo SA (a)		44,690		1,015,357

				1,722,113

Media — 1.4%
Houghton Mifflin Harcourt Co. (a)		157,480		1,395,273
Scholastic Corp.		28,170		1,134,124

				2,529,397

Telecommunications — 1.6%
Finisar Corp. (a)		131,330		2,836,728

				7,088,238

Consumer, Cyclical — 12.4%
Airlines — 3.3%
Alaska Air Group, Inc.		41,530		2,527,101
Hawaiian Holdings, Inc.		57,180		1,510,124
SkyWest, Inc.		46,120		2,050,956

				6,088,181

Apparel — 0.9%
Skechers U.S.A., Inc. Class A (a)		68,321		1,563,868

Auto Parts & Equipment — 1.6%
Cooper-Standard Holding, Inc. (a)		22,215		1,379,996
Lear Corp.		12,028		1,477,760

				2,857,756

Distribution & Wholesale — 0.3%
Anixter International, Inc. (a)		11,248		610,879

Home Builders — 1.9%
Lennar Corp. Class A		47,284		1,851,168
Taylor Morrison Home Corp. Class A (a)		101,950		1,621,005

				3,472,173

Office Furnishings — 0.8%
Steelcase, Inc. Class A		103,364		1,532,888

Retail — 3.6%
Bloomin’ Brands, Inc.		126,730		2,267,200
BMC Stock Holdings, Inc. (a)		78,469		1,214,700
The Michaels Cos., Inc. (a)		120,610		1,633,059
Signet Jewelers Ltd.		43,120		1,369,922

				6,484,881

				22,610,626


	Number of Shares		Value
Consumer, Non-cyclical — 11.5%
Beverages — 1.2%
Cott Corp.		152,614	$	2,127,439

Commercial Services — 3.3%
Booz Allen Hamilton Holding Corp.		46,258		2,084,848
Quanta Services, Inc.		68,188		2,052,459
Sotheby’s (a)		50,167		1,993,636

				6,130,943

Foods — 3.8%
Ingredion, Inc.		21,069		1,925,707
Nomad Foods Ltd. (a)		129,590		2,166,745
US Foods Holding Corp. (a)		91,040		2,880,505

				6,972,957

Health Care – Services — 3.2%
ICON PLC (a)		19,682		2,543,111
Molina Healthcare, Inc. (a)		16,222		1,885,321
WellCare Health Plans, Inc. (a)		5,852		1,381,599

				5,810,031

				21,041,370

Energy — 6.8%
Oil & Gas — 3.9%
HollyFrontier Corp.		22,670		1,158,890
Oasis Petroleum, Inc. (a)		222,350		1,229,596
Patterson-UTI Energy, Inc.		120,960		1,251,936
QEP Resources, Inc. (a)		278,989		1,570,708
SM Energy Co.		94,840		1,468,123
SRC Energy, Inc. (a)		112,220		527,434

				7,206,687

Oil & Gas Services — 2.9%
Dril-Quip, Inc. (a)		35,734		1,073,092
Helix Energy Solutions Group, Inc. (a)		95,970		519,198
MRC Global, Inc. (a)		104,520		1,278,280
Oil States International, Inc. (a)		79,540		1,135,831
RPC, Inc. (b)		128,237		1,265,699

				5,272,100

				12,478,787

Financial — 32.9%
Banks — 9.9%
Associated Banc-Corp.		88,137		1,744,231
BankUnited, Inc.		77,734		2,327,356
Comerica, Inc.		29,620		2,034,598
Huntington Bancshares, Inc.		105,848		1,261,708
Synovus Financial Corp.		54,460		1,742,175
Texas Capital Bancshares, Inc. (a)		39,294		2,007,531
Umpqua Holdings Corp.		135,698		2,157,598
Webster Financial Corp.		36,783		1,813,034
Zions Bancorp NA		73,201		2,982,209

				18,070,440

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

121

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


	Number of Shares		Value
Diversified Financial Services — 0.7%
OneMain Holdings, Inc. (a)		51,970	$	1,262,352

Insurance — 10.2%
American Financial Group, Inc.		22,021		1,993,561
Essent Group Ltd. (a)		61,920		2,116,426
Everest Re Group Ltd.		16,940		3,688,854
First American Financial Corp.		49,910		2,227,982
The Hanover Insurance Group, Inc.		12,280		1,433,936
Kemper Corp.		4,160		276,141
Old Republic International Corp.		87,903		1,808,165
Reinsurance Group of America, Inc.		26,010		3,647,382
Selective Insurance Group, Inc.		24,367		1,484,925

				18,677,372

Real Estate Investment Trusts (REITS) — 10.9%
American Campus Communities, Inc.		68,148		2,820,646
Camden Property Trust		32,942		2,900,543
CubeSmart		95,240		2,732,435
Empire State Realty Trust, Inc. Class A		165,694		2,357,825
MGM Growth Properties LLC Class A		66,926		1,767,516
Park Hotels & Resorts, Inc.		83,514		2,169,694
STAG Industrial, Inc.		100,300		2,495,464
Sun Communities, Inc.		26,377		2,682,805

				19,926,928

Savings & Loans — 1.2%
Sterling Bancorp		134,620		2,222,576

				60,159,668

Industrial — 11.3%
Aerospace & Defense — 0.3%
AAR Corp.		15,438		576,455

Electrical Components & Equipment — 1.0%
EnerSys		22,759		1,766,326

Electronics — 1.6%
Avnet, Inc.		61,980		2,237,478
Sanmina Corp. (a)		26,310		633,019

				2,870,497

Engineering & Construction — 2.4%
AECOM (a)		54,693		1,449,365
Granite Construction, Inc.		37,980		1,529,834
Tutor Perini Corp. (a)		87,080		1,390,668

				4,369,867

Hand & Machine Tools — 1.2%
Regal Beloit Corp.		30,408		2,130,080

Machinery – Construction & Mining — 1.7%
Oshkosh Corp.		32,560		1,996,254
Terex Corp.		43,020		1,186,061

				3,182,315


	Number of Shares		Value
Machinery – Diversified — 0.4%
SPX FLOW, Inc. (a)		24,545	$	746,659

Miscellaneous – Manufacturing — 1.0%
Trinseo SA		40,930		1,873,775

Packaging & Containers — 1.1%
Graphic Packaging Holding Co.		170,197		1,810,896
Sealed Air Corp.		7,743		269,766

				2,080,662

Transportation — 0.6%
Atlas Air Worldwide Holdings, Inc. (a)		23,660		998,215

				20,594,851

Technology — 10.7%
Computers — 5.0%
Amdocs Ltd.		33,598		1,968,171
Genpact Ltd.		96,807		2,612,821
NCR Corp. (a)		108,619		2,506,927
NetScout Systems, Inc. (a)		83,250		1,967,197

				9,055,116

Semiconductors — 2.6%
Cypress Semiconductor Corp.		146,010		1,857,247
Kulicke & Soffa Industries, Inc.		29,450		596,951
MaxLinear, Inc. (a)		81,896		1,441,370
Mellanox Technologies Ltd. (a)		9,950		919,181

				4,814,749

Software — 3.1%
CommVault Systems, Inc. (a)		20,356		1,202,836
Nuance Communications, Inc. (a)		155,157		2,052,727
Verint Systems, Inc. (a)		56,605		2,394,958

				5,650,521

				19,520,386

Utilities — 5.6%
Electric — 4.6%
Alliant Energy Corp.		63,054		2,664,032
Black Hills Corp.		26,477		1,662,226
PNM Resources, Inc.		46,163		1,896,838
Portland General Electric Co.		47,897		2,196,077

				8,419,173

Gas — 1.0%
Southwest Gas Holdings, Inc.		24,160		1,848,240

				10,267,413


TOTAL COMMON STOCK (Cost $187,737,243)				177,041,376


TOTAL EQUITIES (Cost $187,737,243)				177,041,376

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

122

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


	Number of Shares		Value
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (c)		205	$	205


TOTAL MUTUAL FUNDS (Cost $205)				205


TOTAL LONG-TERM INVESTMENTS (Cost $187,737,448)				177,041,581


	Principal Amount
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (d)	$	1,149,375		1,149,375


TOTAL SHORT-TERM INVESTMENTS (Cost $1,149,375)				1,149,375


TOTAL INVESTMENTS — 97.5% (Cost $188,886,823) (e)				178,190,956

Other Assets/(Liabilities) — 2.5%				4,605,247


NET ASSETS — 100.0%			$	182,796,203

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $197 or 0.00% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(d)	Maturity value of $1,149,455. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $1,172,968.

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

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


United States	83.6	%
Bermuda	5.4	%
Luxembourg	1.9	%
Ireland	1.4	%
British Virgin Islands	1.2	%
Canada	1.2	%
United Kingdom	1.1	%
France	0.6	%
Israel	0.5	%

Total Long-Term Investments	96.9	%
Short-Term Investments and Other Assets and Liabilities	3.1	%

Net Assets	100.0	%

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

123

MML Total Return Bond Fund – Portfolio of Investments

December 31, 2018


	Principal Amount		Value
BONDS & NOTES — 101.7%

BANK LOANS — 0.2%
Advertising — 0.0%
Lamar Media Corp., 2018 Term Loan B, 1 mo. LIBOR + 1.750% 2.563% VRN 3/14/25	$	99,250	$	96,356

Diversified Financial Services — 0.2%
Delos Finance Sarl, 2018 Term Loan B, 3 mo. LIBOR + 1.750% 2.803% VRN 10/06/23		591,000		573,565


TOTAL BANK LOANS (Cost $690,140)				669,921


CORPORATE DEBT — 34.0%
Advertising — 0.0%
Clear Channel International BV 8.750% 12/15/20 (a)		80,000		80,600

Aerospace & Defense — 0.3%
L3 Technologies, Inc. 4.400% 6/15/28		640,000		639,858
Northrop Grumman Corp. 3.250% 1/15/28		640,000		597,121

				1,236,979

Agriculture — 0.1%
Reynolds American, Inc. 4.450% 6/12/25		195,000		188,026

Airlines — 0.5%
Continental Airlines Pass-Through Trust 7.250% 5/10/21		1,536,112		1,577,433
Northwest Airlines Pass-Through Trust 7.041% 10/01/23		348,718		374,555

				1,951,988

Auto Manufacturers — 0.7%
Ford Motor Credit Co. LLC 2.425% 6/12/20		575,000		559,891
3.305% FRN 10/12/21 (b)		405,000		388,663
8.125% 1/15/20		805,000		835,733
General Motors Financial Co., Inc. 2.350% 10/04/19		500,000		495,644
2.400% 5/09/19		505,000		503,102

				2,783,033

Banks — 9.9%
Bank of America Corp. 3 mo. USD LIBOR + .660% 2.369% VRN 7/21/21		515,000		505,784
2.738% VRN 1/23/22 (b)		1,085,000		1,068,535
3.004% VRN 12/20/23 (b)		1,274,000		1,238,339
3.093% VRN 10/01/25 (b)		860,000		815,444
4.271% VRN 7/23/29 (b)		1,750,000		1,741,786


	Principal Amount		Value
The Bank of New York Mellon Corp. 3.250% 9/11/24	$	195,000	$	192,475
Citibank NA 3.050% 5/01/20		2,205,000		2,202,201
3.400% 7/23/21		250,000		250,318
Citigroup, Inc. 2.450% 1/10/20		1,000,000		991,970
3.142% VRN 1/24/23 (b)		750,000		736,688
8.500% 5/22/19		1,200,000		1,224,488
Cooperatieve Rabobank UA 3.125% 4/26/21		850,000		846,890
Goldman Sachs Bank 3.200% 6/05/20		1,000,000		998,191
The Goldman Sachs Group, Inc. 2.550% 10/23/19		2,000,000		1,987,366
3.272% VRN 9/29/25 (b)		645,000		604,605
3.814% VRN 4/23/29 (b)		650,000		606,856
4.223% VRN 5/01/29 (b)		195,000		187,666
JP Morgan Chase & Co. 2.950% 10/01/26		895,000		826,558
3 mo. USD LIBOR + 1.380% 3.540% VRN 5/01/28		845,000		805,611
3 mo. USD LIBOR + 1.337% 3.782% VRN 2/01/28		500,000		485,360
4.023% VRN 12/05/24 (b)		970,000		977,718
JP Morgan Chase Bank NA 2.604% VRN 2/01/21 (b)		2,215,000		2,197,409
2.868% FRN 2/13/20 (b)		1,765,000		1,762,662
3.086% VRN 4/26/21 (b)		485,000		483,040
Lloyds Banking Group PLC 2.907% VRN 11/07/23 (b)		430,000		407,181
Macquarie Bank Ltd. 2.600% 6/24/19 (a)		750,000		747,756
Morgan Stanley 3 mo. USD LIBOR + .930% 3.399% FRN 7/22/22		510,000		502,842
3 mo. USD LIBOR + .800% 3.414% FRN 2/14/20		3,395,000		3,395,088
5.500% 7/24/20		250,000		257,719
5.625% 9/23/19		500,000		507,399
PNC Bank NA 2.500% 1/22/21		1,090,000		1,075,548
Santander UK Group Holdings PLC 3.373% VRN 1/05/24 (b)		645,000		611,994
Santander UK PLC 3.400% 6/01/21		1,250,000		1,243,901
State Street Corp. 3.776% VRN 12/03/24 (b)		195,000		195,464
Wells Fargo & Co. 2.625% 7/22/22		195,000		188,031
3.000% 4/22/26		475,000		442,624
3.000% 10/23/26		845,000		782,237

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

124

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


	Principal Amount		Value
3.550% 9/29/25	$	725,000	$	702,435
3 mo. USD LIBOR + 1.310% 3.584% VRN 5/22/28		565,000		542,443
Wells Fargo Bank NA 2.400% 1/15/20		1,500,000		1,487,241
3.325% VRN 7/23/21 (b)		760,000		759,259

				37,587,122

Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc. 4.900% 2/01/46 (a)		600,000		556,431
Anheuser-Busch InBev Worldwide, Inc. 4.000% 4/13/28		435,000		416,092
Bacardi Ltd. 4.700% 5/15/28 (a)		195,000		187,392
5.300% 5/15/48 (a)		210,000		189,581
Constellation Brands, Inc. 3.875% 11/15/19		500,000		501,859

				1,851,355

Biotechnology — 0.8%
Amgen, Inc. 2.125% 5/01/20		200,000		197,335
4.400% 5/01/45		500,000		467,594
Baxalta, Inc. 2.875% 6/23/20		216,000		214,070
Celgene Corp. 3.900% 2/20/28		440,000		412,710
5.000% 8/15/45		750,000		693,512
Gilead Sciences, Inc. 3.650% 3/01/26		525,000		514,605
4.150% 3/01/47		445,000		409,908

				2,909,734

Chemicals — 0.1%
Axalta Coating Systems LLC 4.875% 8/15/24 (a)		150,000		141,750
Valvoline, Inc. 5.500% 7/15/24		200,000		195,500

				337,250

Commercial Services — 0.2%
IHS Markit Ltd. 4.000% 3/01/26 (a)		253,000		235,290
4.750% 8/01/28		385,000		376,988
Matthews International Corp. 5.250% 12/01/25 (a)		120,000		111,600

				723,878

Computers — 0.3%
Apple, Inc. 4.650% 2/23/46		850,000		899,758
Dell International LLC/EMC Corp. 3.480% 6/01/19 (a)		400,000		398,818

				1,298,576


	Principal Amount		Value
Cosmetics & Personal Care — 0.0%
First Quality Finance Co., Inc. 5.000% 7/01/25 (a)	$	174,000	$	155,730

Diversified Financial Services — 1.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.500% 5/15/21		490,000		491,414
Air Lease Corp. 3.500% 1/15/22		575,000		565,854
4.750% 3/01/20		855,000		866,780
GE Capital International Funding Co. Unlimited Co. 2.342% 11/15/20		725,000		699,665
4.418% 11/15/35		780,000		653,302
Raymond James Financial, Inc. 4.950% 7/15/46		400,000		384,301

				3,661,316

Electric — 2.8%
AEP Transmission Co. LLC 3.100% 12/01/26		855,000		826,102
Duke Energy Carolinas LLC 4.000% 9/30/42		1,000,000		960,748
Duquesne Light Holdings, Inc. 6.400% 9/15/20 (a)		1,000,000		1,042,884
Emera US Finance LP 2.150% 6/15/19		1,068,000		1,059,268
Jersey Central Power & Light Co. 4.700% 4/01/24 (a)		800,000		832,905
6.400% 5/15/36		425,000		495,098
Kansas City Power & Light Co. 3.150% 3/15/23		500,000		494,612
LG&E & KU Energy LLC 4.375% 10/01/21		1,200,000		1,219,482
MidAmerican Energy Co. 4.800% 9/15/43		1,400,000		1,532,577
NextEra Energy Capital Holdings, Inc. 3.062% FRN 5/04/21 (b)		2,000,000		1,980,541
NextEra Energy Operating Partners LP 4.500% 9/15/27 (a)		177,000		157,530

				10,601,747

Electronics — 0.0%
Itron, Inc. 5.000% 1/15/26 (a)		108,000		98,820

Foods — 1.4%
Campbell Soup Co. 3.300% 3/15/21		650,000		646,621
Chobani LLC/Chobani Finance Corp., Inc. 7.500% 4/15/25 (a)		139,000		109,463
General Mills, Inc. 4.200% 4/17/28 (c)		630,000		617,346

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

125

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


	Principal Amount		Value
Kraft Heinz Foods Co. 3.021% FRN 8/09/19 (b)	$	750,000	$	748,074
3.950% 7/15/25		500,000		483,878
4.625% 1/30/29		1,020,000		1,008,493
Mondelez International Holdings Netherlands BV 1.625% 10/28/19 (a)		1,195,000		1,178,360
Pilgrim’s Pride Corp. 5.875% 9/30/27 (a)		152,000		137,940
Post Holdings, Inc. 5.000% 8/15/26 (a)		36,000		32,760
5.625% 1/15/28 (a)		175,000		161,000
5.750% 3/01/27 (a)		40,000		37,500

				5,161,435

Gas — 0.2%
CenterPoint Energy Resources Corp. 6.250% 2/01/37		595,000		672,257
Southern Co. Gas Capital Corp. 2.450% 10/01/23		100,000		95,318

				767,575

Health Care – Products — 0.6%
Becton Dickinson & Co. 2.404% 6/05/20		440,000		433,133
Becton Dickinson and Co. 2.894% 6/06/22		400,000		387,408
Boston Scientific Corp. 6.000% 1/15/20		650,000		666,422
Hologic, Inc. 4.625% 2/01/28 (a)		160,000		144,000
Teleflex, Inc. 4.625% 11/15/27		107,000		99,242
Zimmer Biomet Holdings, Inc. 3.554% FRN 3/19/21 (b)		655,000		648,867

				2,379,072

Health Care – Services — 1.4%
Aetna, Inc. 2.800% 6/15/23		485,000		461,239
Anthem, Inc. 3.125% 5/15/22		500,000		492,653
3.300% 1/15/23		530,000		521,505
Catalent Pharma Solutions, Inc. 4.875% 1/15/26 (a)		80,000		75,800
Centene Corp. 5.625% 2/15/21		422,000		423,055
CHS/Community Health Systems, Inc. 8.625% 1/15/24 (a) (c)		60,000		59,250
Cigna Holding Co. 3.050% 10/15/27		945,000		864,424
Fresenius Medical Care US Finance II, Inc. 5.625% 7/31/19 (a)		485,000		490,462


	Principal Amount		Value
HCA, Inc. 5.000% 3/15/24	$	371,000	$	367,290
6.500% 2/15/20		196,000		200,900
Molina Healthcare, Inc. 5.375% STEP 11/15/22		225,000		217,125
Providence St. Joseph Health Obligated Group 2.746% 10/01/26		845,000		786,392
Tenet Healthcare Corp. 4.500% 4/01/21		26,000		25,285
4.625% 7/15/24		184,000		171,120
WellCare Health Plans, Inc. 5.250% 4/01/25		75,000		72,187
5.375% 8/15/26 (a)		40,000		38,600

				5,267,287

Household Products & Wares — 0.1%
Central Garden & Pet Co. 6.125% 11/15/23		36,000		35,910
5.125% 2/01/28		243,000		217,485
Spectrum Brands, Inc. 5.750% 7/15/25		245,000		232,677

				486,072

Insurance — 0.6%
Berkshire Hathaway Finance Corp. 4.300% 5/15/43		500,000		507,811
4.400% 5/15/42		750,000		764,964
Farmers Exchange Capital III 3 mo. USD LIBOR + 3.454% 5.454% VRN 10/15/54 (a)		970,000		938,668

				2,211,443

Internet — 0.0%
Zayo Group LLC/Zayo Capital, Inc. 5.750% 1/15/27 (a)		113,000		100,853

Media — 0.8%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/01/27 (a)		122,000		113,631
Charter Communications Operating LLC/Charter Communications Operating Capital 3.750% 2/15/28		950,000		859,385
6.484% 10/23/45		200,000		205,588
Comcast Corp. 4.700% 10/15/48		1,020,000		1,031,098
CSC Holdings LLC 5.375% 2/01/28 (a)		200,000		183,936
5.500% 5/15/26 (a)		200,000		188,500
8.625% 2/15/19		100,000		100,250
DISH DBS Corp. 5.875% 7/15/22		100,000		92,000
Sirius XM Radio, Inc. 3.875% 8/01/22 (a)		220,000		209,000

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

126

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


	Principal Amount		Value
Virgin Media Secured Finance PLC 5.250% 1/15/26 (a)	$	200,000	$	183,250

				3,166,638

Mining — 0.1%
Indonesia Asahan Aluminium Persero PT 6.530% 11/15/28 (a)		200,000		209,776

Miscellaneous – Manufacturing — 1.0%
General Electric Co. 5.500% 1/08/20		875,000		885,308
4.625% 1/07/21		1,020,000		1,022,634
4.650% 10/17/21		370,000		371,110
5.550% 1/05/26		580,000		567,304
5.875% 1/14/38		244,000		233,286
Siemens Financieringsmaatschappij NV 2.000% 9/15/23 (a)		550,000		513,001

				3,592,643

Oil & Gas — 0.7%
Antero Resources Corp. 5.125% 12/01/22		125,000		117,500
Canadian Natural Resources Ltd. 3.850% 6/01/27		171,000		161,308
Diamondback Energy, Inc. 4.750% 11/01/24 (a)		16,000		15,440
4.750% 11/01/24		104,000		100,360
Gulfport Energy Corp. 6.375% 5/15/25		47,000		41,595
KazMunayGas National Co. JSC 5.375% 4/24/30 (d)		200,000		196,305
Matador Resources Co. 5.875% 9/15/26		105,000		96,600
Noble Energy, Inc. 5.250% 11/15/43		140,000		124,268
Parsley Energy LLC / Parsley Finance Corp. 5.375% 1/15/25 (a)		210,000		193,200
Petrobras Global Finance BV 5.750% 2/01/29		200,000		185,000
Petroleos Mexicanos 6.500% 1/23/29		400,000		373,000
Range Resources Corp. 4.875% 5/15/25		125,000		102,500
5.000% 3/15/23 (c)		75,000		66,000
Shell International Finance BV 4.375% 5/11/45		415,000		425,539
Transocean Guardian Ltd. 5.875% 1/15/24 (a)		152,000		145,540
Transocean Pontus Ltd. 6.125% 8/01/25 (a)		138,000		133,170

				2,477,325

Oil & Gas Services — 0.0%
Transocean Proteus Ltd. 6.250% 12/01/24 (a)		66,400		63,578


	Principal Amount		Value
Packaging & Containers — 0.7%
Amcor Finance USA, Inc. 3.625% 4/28/26 (a)	$	650,000	$	615,527
Ball Corp. 4.375% 12/15/20		350,000		351,312
Graphic Packaging International LLC 4.125% 8/15/24		200,000		188,000
Multi-Color Corp. 4.875% 11/01/25 (a)		130,000		111,800
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.750% 10/15/20		397,334		396,341
Sealed Air Corp. 5.500% 9/15/25 (a)		190,000		187,625
Silgan Holdings, Inc. 4.750% 3/15/25		250,000		233,125
Westrock Co. 4.900% 3/15/29 (a)		385,000		395,715

				2,479,445

Pharmaceuticals — 1.3%
AbbVie, Inc. 3.600% 5/14/25		500,000		479,592
Bausch Health Cos., Inc. 5.500% 3/01/23 (a)		138,000		126,270
5.500% 11/01/25 (a)		117,000		109,103
Bayer US Finance Il LLC 4.375% 12/15/28 (a)		850,000		811,539
Bayer US Finance LLC 2.375% 10/08/19 (a)		850,000		843,206
Cigna Corp. 4.125% 11/15/25 (a)		800,000		798,873
CVS Health Corp. 5.050% 3/25/48		1,090,000		1,060,145
Shire Acquisitions Investments Ireland DAC 1.900% 9/23/19		500,000		492,993
Teva Pharmaceutical Finance Netherlands III BV 1.700% 7/19/19		277,000		272,700

				4,994,421

Pipelines — 1.9%
Energy Transfer LP 5.500% 6/01/27		254,000		247,650
Energy Transfer Operating LP 5.150% 3/15/45		400,000		346,040
Energy Transfer Partners LP 5.875% 1/15/24		400,000		407,000
Florida Gas Transmission Co. LLC 7.900% 5/15/19 (a)		1,000,000		1,015,024
Kinder Morgan, Inc. 4.300% 3/01/28		500,000		489,369

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

127

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


	Principal Amount		Value
Plains All American Pipeline LP/PAA Finance Corp. 4.650% 10/15/25	$	600,000	$	590,065
Rockies Express Pipeline LLC 5.625% 4/15/20 (a)		381,000		381,000
6.000% 1/15/19 (a)		228,000		228,000
Ruby Pipeline LLC 6.000% 4/01/22 (a)		630,682		653,276
Sabine Pass Liquefaction LLC, Series WI, 5.750% 5/15/24		290,000		302,574
Sunoco Logistics Partners Operations LP 5.400% 10/01/47		644,000		583,597
TC PipeLines LP 3.900% 5/25/27		500,000		477,299
TransMontaigne Partners LP/TLP Finance Corp. 6.125% 2/15/26		130,000		116,350
Williams Cos., Inc. 3.600% 3/15/22		683,000		670,166
4.500% 11/15/23		570,000		573,002

				7,080,412

Real Estate Investment Trusts (REITS) — 3.1%
Alexandria Real Estate Equities, Inc. 3.450% 4/30/25		450,000		433,146
American Campus Communities Operating Partnership LP 3.350% 10/01/20		500,000		498,288
3.750% 4/15/23		650,000		645,306
American Tower Corp. 3.000% 6/15/23		430,000		413,713
Boston Properties LP 3.200% 1/15/25		430,000		410,596
Crown Castle International Corp. 3.200% 9/01/24		625,000		592,941
Duke Realty LP 3.875% 2/15/21		1,000,000		1,008,319
GLP Capital LP/GLP Financing II, Inc. 5.250% 6/01/25		190,000		188,655
5.300% 1/15/29		310,000		303,189
5.375% 4/15/26		695,000		687,362
HCP, Inc. 2.625% 2/01/20		500,000		496,438
3.875% 8/15/24		500,000		492,080
4.250% 11/15/23		500,000		500,763
Healthcare Realty Trust, Inc. 3.750% 4/15/23		235,000		231,390
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.500% 1/15/28		80,000		70,000
5.625% 5/01/24		100,000		99,000


	Principal Amount		Value
SBA Communications Corp. 4.875% 9/01/24	$	98,000	$	92,120
SL Green Operating Partnership LP 3.250% 10/15/22		500,000		483,099
Ventas Realty LP 3.500% 2/01/25		1,500,000		1,435,899
WEA Finance LLC/Westfield UK & Europe Finance PLC 2.700% 9/17/19 (a)		500,000		497,786
3.250% 10/05/20 (a)		700,000		699,028
Welltower, Inc. 4.000% 6/01/25		830,000		819,146
4.125% 4/01/19		750,000		750,210

				11,848,474

Retail — 0.7%
1011778 BC ULC/New Red Finance, Inc. 4.250% 5/15/24 (a) (c)		299,000		275,080
Alimentation Couche-Tard, Inc. 2.700% 7/26/22 (a)		195,000		188,171
The Home Depot, Inc. 3.900% 12/06/28		215,000		220,215
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.750% 6/01/27 (a)		210,000		195,300
Rite Aid Corp. 6.125% 4/01/23 (a)		321,000		253,590
Walgreens Boots Alliance, Inc. 3.800% 11/18/24		400,000		393,917
4.800% 11/18/44		275,000		250,380
Walmart, Inc. 3.550% 6/26/25		930,000		940,256

				2,716,909

Semiconductors — 0.2%
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.375% 1/15/20		750,000		740,633
NXP BV/NXP Funding LLC 4.125% 6/01/21 (a)		200,000		197,500

				938,133

Software — 0.1%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. 5.750% 3/01/25 (a)		122,000		113,765
IQVIA, Inc. 5.000% 10/15/26 (a)		200,000		191,000

				304,765

Telecommunications — 1.8%
AT&T, Inc. 3.950% 1/15/25		160,000		156,457
4.350% 6/15/45		250,000		211,267

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

128

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


	Principal Amount		Value
4.800% 6/15/44	$	1,300,000	$	1,165,208
5.150% 11/15/46		530,000		492,521
5.250% 3/01/37		425,000		417,447
Intelsat Jackson Holdings SA 5.500% 8/01/23		56,000		48,720
8.500% 10/15/24 (a)		114,000		110,580
9.750% 7/15/25 (a)		223,000		223,624
Level 3 Financing, Inc. 5.250% 3/15/26		85,000		77,775
5.375% 5/01/25		160,000		150,000
Sprint Capital Corp. 6.875% 11/15/28		71,000		67,095
Sprint Corp. 7.125% 6/15/24		21,000		20,797
7.625% 2/15/25		49,000		49,000
7.625% 3/01/26		169,000		166,887
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 3.360% STEP 3/20/23 (a)		443,438		437,895
4.738% 3/20/25 (a)		870,000		853,687
T-Mobile USA, Inc. 4.500% 2/01/26		104,000		95,420
4.750% 2/01/28		269,000		243,445
Verizon Communications, Inc. 4.125% 8/15/46		340,000		299,974
4.329% 9/21/28		300,000		301,233
5.250% 3/16/37		630,000		656,250
Vodafone Group PLC 4.375% 5/30/28		420,000		407,429

				6,652,711

Transportation — 0.1%
Union Pacific Corp. 3.950% 9/10/28		425,000		424,420


TOTAL CORPORATE DEBT (Cost $132,109,505)				128,789,541


MUNICIPAL OBLIGATIONS — 1.2%
City of New York NY 5.206% 10/01/31		750,000		850,350
Jersey City Municipal Utilities Authority 5.470% 5/15/27		850,000		938,247
Los Angeles Unified School District 5.755% 7/01/29		1,000,000		1,157,250
New York State Dormitory Authority 5.289% 3/15/33		750,000		857,160
State of California 7.950% 3/01/36		850,000		897,396

				4,700,403


TOTAL MUNICIPAL OBLIGATIONS (Cost $4,946,955)				4,700,403


	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 15.8%
Commercial MBS — 1.7%
BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A, 4.091% VRN 8/10/38 (a) (b)	$	620,000	$	643,982
CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A 3.369% 3/13/35 (a)		420,000		420,426
Citigroup Commercial Mortgage Trust, Series 2013-375P, Class A 3.251% 5/10/35 (a)		340,000		338,847
COMM Mortgage Trust Series 2016-787S, Class A, 3.545% 2/10/36 (a)		340,000		336,095
Series 2013-300P, Class A1, 4.353% 8/10/30 (a)		325,000		340,147
Core Industrial Trust, Series 2015-CALW, Class A 3.040% 2/10/34 (a)		412,672		409,781
Core Industrial Trust 2015-TEXW, Series 2015-TEXW, Class A 3.077% 2/10/34 (a)		416,849		413,654
GS Mortgage Securities Corp Trust, Series 2012-ALOH, Class A 3.551% 4/10/34 (a)		370,000		371,470
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4 2.858% 11/15/45		1,582,829		1,560,561
Morgan Stanley Capital I Trust, Series 2015-420, Class A 3.727% 10/12/50 (a)		400,000		402,656
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A, 3.834% VRN 1/13/32 (a) (b)		330,000		331,699
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1, 3.872% VRN 1/05/43 (a) (b)		370,000		335,463
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2 4.393% 11/15/43 (a)		500,000		507,138

				6,411,919

Home Equity ABS — 1.0%
Bear Stearns I Trust, Series 2006-HE1, Class 1M1, 1 mo. USD LIBOR + .410% 2.916% FRN 12/25/35		275,902		277,030
Citigroup Mortgage Loan Trust, Inc., Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .290% 2.796% FRN 8/25/36		2,400,000		2,307,161

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

129

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


	Principal Amount		Value
Wells Fargo Home Equity Trust, Series 2004-2, Class M3, 1 mo. USD LIBOR + 1.050% 3.556% FRN 10/25/34	$	1,135,123	$	1,128,926

				3,713,117

Other ABS — 2.0%
AIMCO CLO, Series 2014-AA, Class AR, 3 mo. USD LIBOR + 1.100% 3.569% FRN 7/20/26 (a)		304,319		303,040
Countrywide Asset-Backed Certificates, Series 2006-15, Class A3, 4.700% VRN 10/25/46 (b)		1,005,032		966,411
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 3.336% FRN 4/15/29 (a) (b)		975,000		957,225
First Frankin Mortgage Loan Trust, Series 2005-FF7, Class M2, 1 mo. USD LIBOR + .470% 2.976% FRN 7/25/35		196,571		196,401
LCM XXI LP, Series 21A, Class AR, 3.349% FRN 4/20/28 (a) (b)		740,000		727,991
Magnetite VII Ltd., Series 2012-7A, Class A1R2, 3.236% FRN 1/15/28 (a) (b)		1,000,000		984,583
Saxon Asset Securities Trust Series 2007-2, Class A2C, 1 mo. USD LIBOR + .240% 2.746% FRN 5/25/47		2,326,744		1,788,930
Series 2005-1, Class M1, 1 mo. USD LIBOR + .690% 3.005% FRN 5/25/35		721,414		709,993
Voya CLO Ltd., Series 2014-3A, Class A1R, 3.210% FRN 7/25/26 (a) (b)		895,806		891,354

				7,525,928

Student Loans ABS — 6.0%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700% 3.206% FRN 7/25/56 (a)		689,816		689,610
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 3 mo. USD LIBOR + .200% 3.013% FRN 3/28/35		1,500,000		1,445,401
Navient Student Loan Trust Series 2015-1, Class A2, 1 mo. USD LIBOR + .600% 3.106% FRN 4/25/40		1,024,490		1,018,516
Series 2018-3A, Class A3, 3.306% FRN 3/25/67 (a) (b)		630,000		622,205
Series 2017-3A, Class A3, 1 mo. USD LIBOR + 1.050% 3.556% FRN 7/26/66 (a)		1,100,000		1,111,116


	Principal Amount		Value
Nelnet Student Loan Trust Series 2015-1A, Class A, 1 mo. USD LIBOR + .590% 3.096% FRN 4/25/46 (a)	$	1,238,873	$	1,227,741
Series 2015-3A, Class A2, 1 mo. USD LIBOR + .600% 3.106% FRN 2/27/51 (a)		1,443,532		1,438,320
Pennsylvania Higher Education Assistance Agency, Series 2013-3A, Class A, 1 mo. USD LIBOR + .750% 3.256% FRN 11/25/42 (a)		1,101,215		1,105,935
SLC Student Loan Trust, Series 2006-2, Class A6, 3 mo. USD LIBOR + .160% 2.948% FRN 9/15/39		2,300,000		2,238,529
SLM Student Loan Trust Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550% 3.040% FRN 10/25/64 (a)		1,100,000		1,084,853
Series 2008-1, Class A4, 3 mo. USD LIBOR + .650% 3.140% FRN 1/25/22		923,455		916,881
Series 2012-7, Class A3, 1 mo. USD LIBOR + .650% 3.156% FRN 5/26/26		970,035		958,316
Series 2012-2, Class A, 1 mo. USD LIBOR + .700% 3.206% FRN 1/25/29		1,111,954		1,105,075
Series 2012-1, Class A3, 1 mo. USD LIBOR + .950% 3.456% FRN 9/25/28		948,679		950,149
Series 2008-6, Class A4, 3 mo. USD LIBOR + 1.100% 3.590% FRN 7/25/23		1,441,170		1,450,672
Series 2008-9, Class A, 3 mo. USD LIBOR + 1.500% 3.990% FRN 4/25/23		2,001,735		2,022,260
Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850% 4.340% FRN 7/25/73		700,000		715,456
Series 2008-9, Class B, 3 mo. USD LIBOR + 2.250% 4.740% FRN 10/25/83		1,430,000		1,483,536
SLM Student Loan Trust 2007-7, Series 2007-7, Class A4, 3 mo. USD LIBOR + .330% 2.820% FRN 1/25/22		994,718		976,779

				22,561,350

WL Collateral CMO — 5.1%
American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 6 mo. USD LIBOR + 2.000% 4.886% FRN 6/25/45		1,426,235		1,411,985

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

130

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


	Principal Amount		Value
Banc of America Funding Trust, Series 2016-R1, Class A1, 2.500% VRN 3/25/40 (a) (b)	$	1,104,909	$	1,075,476
Chase Mortgage Finance Trust, Series 2007-A1, Class 11A4, 3.786% VRN 3/25/37 (b)		561,977		539,601
Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 1 year CMT + 2.400% 4.820% FRN 10/25/35		526,054		533,039
CSMC 2018-RPL9 Trust, Series 2018-RPL9, Class A, 3.850% VRN 9/25/57 (a) (b)		1,948,638		1,972,321
First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1, 4.695% VRN 11/25/35 (b)		711,625		671,114
GS Mortgage-Backed Securities Trust 2018-RPL1, Series 2018-RPL1, Class A1A 3.750% 10/25/57 (a)		1,782,019		1,751,896
HarborView Mortgage Loan Trust, Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200% 2.670% FRN 11/19/36		2,041,422		1,750,128
Impac CMB Trust, Series 2005-1, Class 1A1, 1 mo. USD LIBOR + .520% 3.026% FRN 4/25/35		1,229,566		1,162,334
IndyMac Index Mortgage Loan Trust Series 2006-AR27, Class 1A3, 1 mo. USD LIBOR + .270% 2.776% FRN 10/25/36		1,971,548		1,294,973
Series 2005-AR19, Class A1, 3.755% VRN 10/25/35 (b)		1,087,151		899,804
Morgan Stanley Resecuritization Trust, Series 2014-R9, Class 3A, 12 mo. MTA + .840% 2.893% FRN 11/26/46 (a)		860,844		840,214
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class M1, 1 mo. LIBOR + 1.070% 3.576% FRN 2/25/35		1,778,234		1,749,016
Nomura Resecuritization Trust, Series 2015-1R, Class 6A1, 1 mo. USD LIBOR + .210% 2.511% FRN 5/26/47 (a)		174,683		173,952
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR13, Class A1A1, 1 mo. USD LIBOR + .290% 2.796% FRN 10/25/45		953,166		906,590


	Principal Amount		Value
Series 2005-AR2, Class 2A21, 1 mo. USD LIBOR + .330% 2.836% FRN 1/25/45	$	940,775	$	905,053
Series 2006-1 Class 3A2, 5.750% 2/25/36		963,919		901,676
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR8, Class 3A1, 4.662% VRN 4/25/36 (b)		756,422		755,200
Series 2004-DD, Class 2A6, 4.717% VRN 1/25/35 (b)		169,114		168,243

				19,462,615


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $59,272,401)				59,674,929


SOVEREIGN DEBT OBLIGATIONS — 0.1%
Oman Government International Bond 5.625% 1/17/28 (a)		200,000		176,075
Russian Foreign Bond 4.750% 5/27/26 (d)		200,000		198,002

				374,077


TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $385,300)				374,077


U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 32.7%
Collateralized Mortgage Obligations — 2.5%
Federal Home Loan Mortgage Corp. Series 4818, Class CA 3.000% 4/15/48		1,014,331		996,538
Series S8FX, Class A2 3.291% 3/25/27		1,775,000		1,761,512
Series K158, Class A3, 3.900% 10/25/33		785,000		806,488
Series 4846, Class PA, 4.000% 6/15/47		1,129,545		1,166,664
Federal Home Loan Mortgage Corp. REMICS Series 4639, Class HZ 2.750% 4/15/53		1,420,657		1,340,933
Federal National Mortgage Association Series 2017-M11, Class FA, 2.771% FRN 9/25/24 (b)		677,925		671,588
Series 2018-57, Class QA, 3.500% 5/25/46		1,291,148		1,309,339
Series 2018-55, Class PA, 3.500% 1/25/47		747,025		757,749
Government National Mortgage Association Series 2018-124, Class NW 3.500% 9/20/48		831,638		837,921

				9,648,732

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

131

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


	Principal Amount		Value
Pass-Through Securities — 30.2%
Federal Home Loan Mortgage Corp. Pool #V61427 2.500% 12/01/31	$	421,938	$	412,527
Pool #G18592 3.000% 3/01/31		555,986		555,291
Pool #G18627 3.000% 1/01/32		1,660,584		1,656,433
Pool #G08710 3.000% 6/01/46		381,464		372,434
Pool #G08715 3.000% 8/01/46		2,919,699		2,850,584
Pool #G08726 3.000% 10/01/46		2,790,040		2,723,994
Pool #G08732 3.000% 11/01/46		981,942		958,697
Pool #G08737 3.000% 12/01/46		353,905		345,417
Pool #G08741 3.000% 1/01/47		2,456,139		2,397,230
Pool #G08791 3.000% 12/01/47		941,685		918,805
Pool #G08795 3.000% 1/01/48		741,276		723,266
Pool #G07848 3.500% 4/01/44		2,449,389		2,465,750
Pool #G60023 3.500% 4/01/45		2,523,547		2,536,460
Pool #G08711 3.500% 6/01/46		1,496,209		1,498,255
Pool #G08716 3.500% 8/01/46		2,077,137		2,079,977
Pool #G67700 3.500% 8/01/46		1,399,749		1,404,724
Pool #G08722 3.500% 9/01/46		359,785		360,276
Pool #G08742 3.500% 1/01/47		1,465,085		1,466,173
Pool #G08757 3.500% 4/01/47		516,067		516,450
Pool #G67703 3.500% 4/01/47		2,007,201		2,013,709
Pool #G67706 3.500% 12/01/47		1,896,444		1,901,408
Pool #G67707 3.500% 1/01/48		4,441,358		4,458,533
Pool #G08800 3.500% 2/01/48		188,215		188,178
Pool #G67708 3.500% 3/01/48		4,137,750		4,142,114
Pool #G67710 3.500% 3/01/48		2,914,111		2,915,818
Pool #G08816 3.500% 6/01/48		2,304,075		2,303,625
Pool #G60344 4.000% 12/01/45		1,639,670		1,684,120
Pool #G67711 4.000% 3/01/48		1,855,010		1,901,530
Pool #G67713 4.000% 6/01/48 (e)		1,906,494		1,952,518
Pool #G08843 4.500% 10/01/48		983,677		1,018,605
Pool #G08833 5.000% 7/01/48		562,094		588,552
Pool #G08844 5.000% 10/01/48		592,776		620,678
Federal Home Loan Mortgage Corp. TBA Pool #2830 3.500% 11/01/33 (e)		625,000		632,666
Pool #4200 4.000% 12/01/48 (e)		215,000		219,107
Pool #6222 4.500% 12/01/48 (e)		2,000,000		2,069,375
Federal National Mortgage Association Pool #AM0359 2.310% 8/01/22		500,000		490,488
Pool #AM0827 2.600% 11/01/22		954,993		945,683
Pool #AM2808 2.700% 3/01/23		375,000		372,018
Pool #AL6829 2.964% 5/01/27		1,118,984		1,088,125
Pool #MA1607 3.000% 10/01/33		687,595		685,903
Pool #AM9188 3.120% 6/01/35		780,000		727,097
Pool #FN0039 3.201% 9/01/27		807,735		804,724
Pool #AN7345 3.210% 11/01/37		1,025,506		971,646
Pool #AN4431 3.220% 1/01/27		805,000		802,569
Pool #AM9623 3.340% 7/01/30		755,000		743,003
Pool #AB4262 3.500% 1/01/32		695,094		705,765
Pool #MA1512 3.500% 7/01/33		323,434		328,197
Pool #MA1148 3.500% 8/01/42		2,260,692		2,274,909
Pool #MA3210 3.500% 12/01/47		831,447		831,479
Pool #CA0996 3.500% 1/01/48		363,133		363,601


	Principal Amount		Value
Pool #MA3305 3.500% 3/01/48	$	418,368	$	418,384
Pool #MA3332 3.500% 4/01/48		4,177,401		4,177,564
Pool #BL1132 3.730% 1/01/29		920,000		942,505
Pool #BL0242 3.820% 11/01/30		1,000,000		1,021,971
Pool #466960 3.890% 12/01/20		1,090,660		1,108,275
Pool #466919 3.930% 1/01/21		1,426,602		1,452,445
Pool #AM4236 3.940% 8/01/25		609,387		635,320
Pool #AS9830 4.000% 6/01/47		1,154,011		1,178,669
Pool #MA3027 4.000% 6/01/47		1,136,227		1,160,149
Pool #AS9972 4.000% 7/01/47		1,006,961		1,028,476
Pool #MA3088 4.000% 8/01/47		1,618,947		1,653,034
Pool #MA3333 4.000% 4/01/48		1,004,972		1,025,190
Pool #931504 4.500% 7/01/39		97,122		101,553
Pool #CA1710 4.500% 5/01/48		2,534,581		2,625,667
Pool #CA1711 4.500% 5/01/48		842,955		873,249
Pool #CA2208 4.500% 8/01/48		1,637,829		1,696,689
Pool #MA3444 4.500% 8/01/48		1,859,102		1,925,914
Pool #986268 5.000% 7/01/38		1,573		1,670
Pool #AD6374 5.000% 5/01/40		27,908		29,613
Pool #AI2733 5.000% 5/01/41		211,080		223,844
Pool #977014 5.500% 5/01/38		38,246		41,149
Pool #985524 5.500% 6/01/38		29,465		31,701
Pool #988578 5.500% 8/01/38		165,807		178,378
Pool #995482 5.500% 1/01/39		142,291		153,101
Federal National Mortgage Association TBA Pool #1312 3.000% 12/01/33 (e)		50,000		49,906
Pool #1963 3.500% 12/01/48 (e)		1,925,000		1,924,098
Pool #9174 4.000% 12/01/48 (e)		1,910,000		1,946,857
Government National Mortgage Association Pool #MA4719 3.500% 9/20/47		544,845		549,059
Pool #MA4838 4.000% 11/20/47		953,420		977,553
Pool #MA3666 5.000% 5/20/46		272,109		284,003
Pool #MA4199 5.000% 1/20/47		292,623		305,413
Pool #MA4722 5.000% 9/20/47		805,263		841,971
Government National Mortgage Association II Pool #MA4126 3.000% 12/20/46		2,399,948		2,366,105
Pool #MA4718 3.000% 9/20/47		275,625		271,652
Pool #MA4836 3.000% 11/20/47		2,188,973		2,156,737
Pool #MA3521 3.500% 3/20/46		963,136		971,789
Pool #MA3597 3.500% 4/20/46		299,344		302,033
Pool #MA3663 3.500% 5/20/46		451,016		455,068
Pool #MA3937 3.500% 9/20/46		362,387		365,530
Pool #MA4127 3.500% 12/20/46		1,223,044		1,233,268
Pool #MA4262 3.500% 2/20/47		1,452,714		1,464,858
Pool #MA4382 3.500% 4/20/47		405,254		408,642
Pool #MA4837 3.500% 11/20/47		524,812		528,871
Pool #MA4454 5.000% 5/20/47		590,356		615,792
Government National Mortgage Association II TBA Pool #232 4.000% 11/01/48 (e)		1,015,000		1,039,344
Pool #872 4.500% 11/01/48 (e)		4,465,000		4,617,787

				114,349,332

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

132

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


	Principal Amount		Value

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $126,099,036)			$	123,998,064


U.S. TREASURY OBLIGATIONS — 17.7%
U.S. Treasury Bonds & Notes — 17.7%
U.S. Treasury Bond 3.000% 8/15/48	$	925,000		920,760
3.375% 11/15/48		20,050,000		21,440,447
U.S. Treasury Inflation Index 0.000% 7/15/25		895,348		863,148
0.000% 2/15/48		2,522,258		2,390,201
0.125% 7/15/24		1,017,037		975,264
0.750% 7/15/28		2,951,653		2,889,045
U.S. Treasury Note 2.625% 12/31/23		3,025,000		3,041,070
2.875% 9/30/23		3,375,000		3,429,976
2.875% 10/31/23		21,045,000		21,395,751
3.125% 11/15/28		9,520,000		9,875,265

				67,220,927


TOTAL U.S. TREASURY OBLIGATIONS (Cost $65,604,195)				67,220,927


TOTAL BONDS & NOTES (Cost $389,107,532)				385,427,862


	Number of Shares
MUTUAL FUNDS — 0.3%
Diversified Financial Services — 0.3%
State Street Navigator Securities Lending Prime Portfolio (f)		1,042,865		1,042,865


TOTAL MUTUAL FUNDS (Cost $1,042,865)				1,042,865


TOTAL LONG-TERM INVESTMENTS (Cost $390,150,397)				386,470,727

	Principal Amount
SHORT-TERM INVESTMENTS — 1.3%
Commercial Paper — 0.2%
Ford Motor Credit Co. 3.181% 4/04/19 (a)		815,000		807,886

Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (g)		2,589,412		2,589,412


	Principal Amount		Value
U.S. Treasury Bill — 0.4%
U.S. Treasury Bill 0.000% 3/28/19 (h)	$	531,000	$	528,027
0.000% 4/18/19		1,040,000		1,032,669

				1,560,696


TOTAL SHORT-TERM INVESTMENTS (Cost $4,958,476)				4,957,994


TOTAL INVESTMENTS — 103.3% (Cost $395,108,873) (i)				391,428,721

Other Assets/(Liabilities) — (3.3)%				(12,324,370	)


NET ASSETS — 100.0%			$	379,104,351

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)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, these securities amounted to a value of $43,900,880 or 11.58% of net assets.

(b)

Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2018.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $1,020,755 or 0.27% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(d)

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2018, these securities amounted to a value of $394,307 or 0.10% of net assets.

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

133

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

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

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

(g)	Maturity value of $2,589,592. Collateralized by U.S. Government Agency obligations with a rate of 0.375%,

maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $2,644,149.

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

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

Futures contracts at December 31, 2018:


	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Note 2 Year		3/29/19		130	$	27,418,183		$	182,442
U.S. Treasury Note 5 Year		3/29/19		457		51,566,970			845,218

								$	1,027,660

Short
Euro-BOBL		3/07/19		64	$	(9,690,928	)	$	(26,496	)

Swap agreements at December 31, 2018:


Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Payments Made by Fund	Payments Received by Fund	Unrealized Appreciation (Depreciation)			Premium Received (Paid)		Value
Interest Rate Swaps
Centrally Cleared Swaps

	USD		20,975,000		11/21/21	Quarterly/ Semi-Annually	3-Month USD -LIBOR- BBA	Fixed 3.071%	$	222,518		$	-	$	222,518

	USD		8,620,000		11/21/24	Semi-Annually/ Quarterly	Fixed 3.082%	3-Month USD -LIBOR- BBA		(203,114	)		-		(203,114	)


										19,404			-		19,404

Collateral for swap agreements held by Citibank N.A. amounted to $72,977 in cash at December 31, 2018.

Currency Legend

USD	U.S. Dollar

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

134

THIS PAGE INTENTIONALLY LEFT BLANK

135

MML Series Investment Fund – Financial Statements

Statements of Assets and Liabilities

December 31, 2018


	MML Blue Chip Growth Fund		MML Equity Income Fund
Assets:
Investments, at value (Note 2) (a)	$	352,041,690	$	428,247,524
Repurchase agreements, at value (Note 2) (b)		6,952,415		4,970,050
Other short-term investments, at value (Note 2) (c)		1,047		1,047

Total investments (d)		358,995,152		433,218,621

Cash		290,148		107
Foreign currency, at value (e)		-		-
Receivables from:
Investments sold		-		-
Fund shares sold		288,577		2,449,185
Variation margin on open derivative instruments (Note 2)		-		-
Interest and dividends		116,347		1,140,767
Foreign taxes withheld		-		2,990

Total assets		359,690,224		436,811,670

Liabilities:
Payables for:
Investments purchased		5,345,418		2
Fund shares repurchased		364,529		231,564
Securities on loan (Note 2)		-		1,762,621
Trustees’ fees and expenses (Note 3)		62,068		91,028
Affiliates (Note 3):
Investment advisory fees		227,023		285,305
Administration fees		-		-
Service fees		66,177		51,472
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		107,228		108,142

Total liabilities		6,172,443		2,530,134

Net assets	$	353,517,781	$	434,281,536

Net assets consist of:
Paid-in capital	$	184,824,965	$	356,071,961
Accumulated Gain (Loss)		168,692,816		78,209,575

Net assets	$	353,517,781	$	434,281,536

(a) Cost of investments:	$	234,949,245	$	401,695,502
(b) Cost of repurchase agreements:	$	6,952,415	$	4,970,050
(c) Cost of other short-term investments:	$	1,047	$	1,047
(d) Securities on loan with market value of:	$	-	$	1,717,910
(e) Cost of foreign currency:	$	-	$	-

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

136


MML Equity Index Fund		MML Focused Equity Fund		MML Foreign Fund			MML Fundamental Growth Fund		MML Fundamental Value Fund

$	628,879,529	$	58,204,299	$	290,846,695		$	97,055,018	$	179,900,218
	13,640,791		1,658,198		12,665,502			4,245,256		1,847,206
	1,084,457		-		-			-		-

	643,604,777		59,862,497		303,512,197			101,300,274		181,747,424

	3,887		-		-			81,540		11,390
	-		-		15			-		11,877

	190,222		524,794		-			499,702		-
	833,962		98,683		1,075,843			143,445		39,821
	120,255		-		-			-		-
	729,376		72,328		442,050			27,613		332,118
	-		-		500,243			-		57,035

	645,482,479		60,558,302		305,530,348			102,052,574		182,199,665



	425,107		1,079,276		-			1,205,005		-
	28,261		107,645		99,440			148,233		167,919
	293,386		-		1,400,448			-		-
	119,364		16,460		65,631			23,132		31,600

	53,415		35,527		232,188			52,695		96,276
	45,063		7,613		-			12,749		24,069
	28,171		7,143		6,299			6,673		9,135
	-		-		-			-		-
	140,782		48,717		365,541			57,505		67,657

	1,133,549		1,302,381		2,169,547			1,505,992		396,656

$	644,348,930	$	59,255,921	$	303,360,801		$	100,546,582	$	181,803,009


$	374,166,087	$	51,253,106	$	306,219,037		$	70,031,318	$	141,822,954
	270,182,843		8,002,815		(2,858,236	)		30,515,264		39,980,055

$	644,348,930	$	59,255,921	$	303,360,801		$	100,546,582	$	181,803,009

$	415,013,077	$	57,013,440	$	303,390,773		$	88,281,696	$	165,121,706
$	13,640,791	$	1,658,198	$	12,665,502		$	4,245,256	$	1,847,206
$	1,084,432	$	-	$	-		$	-	$	-
$	286,485	$	-	$	1,346,978		$	-	$	-
$	-	$	-	$	15		$	-	$	11,871

137

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2018


	MML Blue Chip Growth Fund		MML Equity Income Fund
Initial Class shares:
Net assets	$	254,049,966	$	358,946,567

Shares outstanding (a)		17,398,511		35,757,230

Net asset value, offering price and redemption price per share	$	14.60	$	10.04

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	$	99,467,815	$	75,334,969

Shares outstanding (a)		7,089,686		7,594,774

Net asset value, offering price and redemption price per share	$	14.03	$	9.92

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.

138


MML Equity Index Fund		MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Growth Fund		MML Fundamental Value Fund

$	-	$	-	$	294,036,968	$	-	$	-

	-		-		31,773,015		-		-

$	-	$	-	$	9.25	$	-	$	-


$	51,997,760	$	-	$	-	$	-	$	-

	1,851,262		-		-		-		-

$	28.09	$	-	$	-	$	-	$	-


$	159,637,585	$	48,276,158	$	-	$	90,145,481	$	168,519,597

	5,681,940		9,054,615		-		9,615,616		13,610,276

$	28.10	$	5.33	$	-	$	9.37	$	12.38


$	391,891,259	$	-	$	-	$	-	$	-

	13,971,360		-		-		-		-

$	28.05	$	-	$	-	$	-	$	-


$	-	$	-	$	9,323,833	$	-	$	-

	-		-		1,013,890		-		-

$	-	$	-	$	9.20	$	-	$	-


$	40,822,326	$	10,979,763	$	-	$	10,401,101	$	13,283,412

	1,498,727		2,132,435		-		1,137,251		1,091,468

$	27.24	$	5.15	$	-	$	9.15	$	12.17

139

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2018


	MML Global Fund		MML Growth & Income Fund
Assets:
Investments, at value (Note 2) (a)	$	205,018,134	$	125,584,870
Repurchase agreements, at value (Note 2) (b)		4,240,369		1,091,439
Other short-term investments, at value (Note 2) (c)		-		-

Total investments (d)		209,258,503		126,676,309

Cash		1		3
Foreign currency, at value (e)		109		55
Receivables from:
Investments sold		-		-
Open forward contracts (Note 2)		-		-
Investment adviser (Note 3)		-		-
Fund shares sold		294,740		146,114
Interest and dividends		232,237		155,768
Foreign taxes withheld		426,429		-

Total assets		210,212,019		126,978,249

Liabilities:
Payables for:
Investments purchased		-		-
Written options outstanding, at value (Note 2) (f)		-		-
Fund shares repurchased		136,276		34,255
Securities on loan (Note 2)		825,993		58,534
Trustees’ fees and expenses (Note 3)		31,648		30,387
Affiliates (Note 3):
Investment advisory fees		108,164		55,383
Administration fees		27,041		-
Service fees		9,379		22,939
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		161,453		62,789

Total liabilities		1,299,954		264,287

Net assets	$	208,912,065	$	126,713,962

Net assets consist of:
Paid-in capital	$	177,090,171	$	80,484,924
Accumulated Gain (Loss)		31,821,894		46,229,038

Net assets	$	208,912,065	$	126,713,962

(a) Cost of investments:	$	188,792,124	$	93,741,219
(b) Cost of repurchase agreements:	$	4,240,369	$	1,091,439
(c) Cost of other short-term investments:	$	-	$	-
(d) Securities on loan with market value of:	$	808,237	$	57,227
(e) Cost of foreign currency:	$	109	$	54
(f) Premiums on written options:	$	-	$	-

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

140


MML Income & Growth Fund			MML International Equity Fund			MML Large Cap Growth Fund		MML Managed Volatility Fund		MML Mid Cap Growth Fund

$	262,541,285		$	154,280,600		$	92,045,823	$	152,315,817	$	400,213,950
	3,897,784			6,121,815			3,488,875		6,278,177		16,035,413
	-			-			-		-		12,025,868

	266,439,069			160,402,415			95,534,698		158,593,994		428,275,231

	2			-			6		925		7,494
	-			303			-		25,037		2,033

	17,084			189,484			-		-		27,716
	-			77,015			-		-		-
	-			29,223			-		-		-
	284,921			43,361			39,939		9,663		378,693
	532,105			88,886			64,087		172,312		216,801
	-			405,652			24,833		-		-

	267,273,181			161,236,339			95,663,563		158,801,931		428,907,968



	-			1,453,027			1,563,226		-		2,699,599
	-			-			-		3,129,730		-
	136,285			71,696			158,535		4,576,728		336,956
	1,934,285			-			-		8,989		7,672,886
	41,507			17,671			26,528		49,901		72,646

	151,486			103,681			52,408		100,657		278,633
	-			19,440			-		-		-
	16,922			3,145			6,859		19,599		60,711
	-			-			-		-		-
	96,585			260,960			54,509		318,304		119,270

	2,377,070			1,929,620			1,862,065		8,203,908		11,240,701

$	264,896,111		$	159,306,719		$	93,801,498	$	150,598,023	$	417,667,267


$	273,872,239		$	177,063,198		$	62,291,582	$	120,176,960	$	280,369,541
	(8,976,128	)		(17,756,479	)		31,509,916		30,421,063		137,297,726

$	264,896,111		$	159,306,719		$	93,801,498	$	150,598,023	$	417,667,267

$	287,041,168		$	184,689,951		$	73,468,107	$	118,534,277	$	328,084,626
$	3,897,784		$	6,121,815		$	3,488,875	$	6,278,177	$	16,035,413
$	-		$	-		$	-	$	-	$	12,025,868
$	1,894,312		$	-		$	-	$	8,761	$	7,509,625
$	-		$	300		$	-	$	26,049	$	1,993
$	-		$	-		$	-	$	3,531,650	$	-

141

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2018


	MML Global Fund		MML Growth & Income Fund
Initial Class shares:
Net assets	$	-	$	92,892,713

Shares outstanding (a)		-		5,682,154

Net asset value, offering price and redemption price per share	$	-	$	16.35

Class I shares:
Net assets	$	179,973,261	$	-

Shares outstanding (a)		17,562,352		-

Net asset value, offering price and redemption price per share	$	10.25	$	-

Class II shares:
Net assets	$	14,950,161	$	-

Shares outstanding (a)		1,427,009		-

Net asset value, offering price and redemption price per share	$	10.48	$	-

Service Class shares:
Net assets	$	-	$	33,821,249

Shares outstanding (a)		-		2,084,662

Net asset value, offering price and redemption price per share	$	-	$	16.22

Service Class I shares:
Net assets	$	13,988,643	$	-

Shares outstanding (a)		1,383,341		-

Net asset value, offering price and redemption price per share	$	10.11	$	-

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

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

142


MML Income & Growth Fund		MML International Equity Fund		MML Large Cap Growth Fund		MML Managed Volatility Fund		MML Mid Cap Growth Fund

$	240,456,275	$	-	$	83,210,508	$	121,634,665	$	328,715,098

	28,319,804		-		8,595,896		10,222,623		23,588,631

$	8.49	$	-	$	9.68	$	11.90	$	13.94


$	-	$	-	$	-	$	-	$	-

	-		-		-		-		-

$	-	$	-	$	-	$	-	$	-


$	-	$	154,539,906	$	-	$	-	$	-

	-		17,349,520		-		-		-

$	-	$	8.91	$	-	$	-	$	-


$	24,439,836	$	-	$	10,590,990	$	28,963,358	$	88,952,169

	2,922,935		-		1,131,161		2,454,662		6,652,000

$	8.36	$	-	$	9.36	$	11.80	$	13.37


$	-	$	4,766,813	$	-	$	-	$	-

	-		539,271		-		-		-

$	-	$	8.84	$	-	$	-	$	-

143

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2018


	MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund
Assets:
Investments, at value (Note 2) (a)	$	373,163,735	$	166,336,922
Repurchase agreements, at value (Note 2) (b)		13,258,394		5,141,313
Other short-term investments, at value (Note 2) (c)		-		-

Total investments (d)		386,422,129		171,478,235

Cash		10,004		3,544
Foreign currency, at value (e)		1		11
Receivables from:
Investments sold		895,625		525,111
Open forward contracts (Note 2)		27,988		-
Investment adviser (Note 3)		-		-
Fund shares sold		3,785,734		5,813,527
Collateral pledged for open swaps agreements (Note 2)		-		-
Variation margin on open derivative instruments (Note 2)		-		-
Interest and dividends		902,763		171,005

Total assets		392,044,244		177,991,433

Liabilities:
Payables for:
Investments purchased		4,434,673		2,589,784
Open forward contracts (Note 2)		208,651		-
Investments purchased on a when-issued basis (Note 2)		-		-
Fund shares repurchased		168,388		53,622
Securities on loan (Note 2)		-		3,923,260
Trustees’ fees and expenses (Note 3)		83,356		49,986
Affiliates (Note 3):
Investment advisory fees		282,856		150,291
Administration fees		-		-
Service fees		29,796		13,216
Due to custodian		-		-
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		129,014		76,682

Total liabilities		5,336,734		6,856,841

Net assets	$	386,707,510	$	171,134,592

Net assets consist of:
Paid-in capital	$	382,342,097	$	137,688,791
Accumulated Gain (Loss)		4,365,413		33,445,801

Net assets	$	386,707,510	$	171,134,592

(a) Cost of investments:	$	412,836,759	$	165,754,467
(b) Cost of repurchase agreements:	$	13,258,394	$	5,141,313
(c) Cost of other short-term investments:	$	-	$	-
(d) Securities on loan with market value of:	$	-	$	3,820,925
(e) Cost of foreign currency:	$	1	$	11

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

144


MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund

$	85,056,439	$	177,041,581	$	386,470,727
	3,299,179		1,149,375		2,589,412
	1,037		-		2,368,582

	88,356,655		178,190,956		391,428,721

	2		-		-
	-		-		1

	-		323,254		589,308
	-		-		-
	1		-		-
	219,550		4,490,823		106,373
	-		-		72,977
	-		-		171,968
	121,244		382,771		2,258,054

	88,697,452		183,387,804		394,627,402



	2		303,162		1,268,692
	-		-		-
	-		-		12,436,726
	54,089		50,784		294,271
	1,649,486		205		1,042,865
	16,347		39,968		55,203

	61,444		119,052		131,253
	11,521		-		49,220
	13,916		13,429		16,046
	-		-		38,785
	-		-		-
	53,338		65,001		189,990

	1,860,143		591,601		15,523,051

$	86,837,309	$	182,796,203	$	379,104,351


$	65,318,236	$	169,162,873	$	382,118,969
	21,519,073		13,633,330		(3,014,618	)

$	86,837,309	$	182,796,203	$	379,104,351

$	77,249,573	$	187,737,448	$	390,150,397
$	3,299,179	$	1,149,375	$	2,589,412
$	1,037	$	-	$	2,369,064
$	1,600,822	$	197	$	1,020,755
$	-	$	-	$	1

145

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2018


	MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund
Initial Class shares:
Net assets	$	343,432,297	$	151,853,826

Shares outstanding (a)		36,732,659		11,848,024

Net asset value, offering price and redemption price per share	$	9.35	$	12.82

Class II shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

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

Service Class shares:
Net assets	$	43,275,213	$	19,280,766

Shares outstanding (a)		4,711,687		1,592,349

Net asset value, offering price and redemption price per share	$	9.18	$	12.11

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.

146


MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund

$	-	$	163,607,374	$	-

	-		15,414,208		-

$	-	$	10.61	$	-


$	66,976,363	$	-	$	353,571,290

	4,833,724		-		34,810,416

$	13.86	$	-	$	10.16


$	-	$	19,188,829	$	-

	-		1,828,080		-

$	-	$	10.50	$	-


$	19,860,946	$	-	$	25,533,061

	1,478,422		-		2,538,434

$	13.43	$	-	$	10.06

147

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2018


	MML Blue Chip Growth Fund			MML Equity Income Fund
Investment income (Note 2):
Dividends (a)	$	2,966,531		$	14,300,228
Interest		14,200			228,884
Securities lending net income		204			599

Total investment income		2,980,935			14,529,711

Expenses (Note 3):
Investment advisory fees		2,904,482			3,719,558
Custody fees		41,287			57,213
Audit fees		41,230			36,407
Legal fees		3,683			5,179
Proxy fees		1,293			1,293
Shareholder reporting fees		48,695			60,082
Trustees’ fees		22,934			29,620

		3,063,604			3,909,352
Administration fees:
Class I		-			-
Class II		-			-
Service Class I		-			-
Service fees:
Service Class		238,869			209,934
Service Class I		-			-

Total expenses		3,302,473			4,119,286
Expenses waived:
Initial Class advisory fees waived		-			(123,707	)
Class II advisory fees waived		-			-
Service Class advisory fees waived		-			(25,196	)
Service Class I advisory fees waived		-			-

Net expenses:		3,302,473			3,970,383

Net investment income (loss)		(321,538	)		10,559,328

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		52,073,682			41,613,819
Futures contracts		-			-
Foreign currency transactions		213			3,810

Net realized gain (loss)		52,073,895			41,617,629

Net change in unrealized appreciation (depreciation) on:
Investment transactions		(41,246,962	)		(95,794,221	)
Futures contracts		-			-
Translation of assets and liabilities in foreign currencies		(3	)		(3,178	)

Net change in unrealized appreciation (depreciation)		(41,246,965	)		(95,797,399	)

Net realized gain (loss) and change in unrealized appreciation (depreciation)		10,826,930			(54,179,770	)

Net increase (decrease) in net assets resulting from operations	$	10,505,392		$	(43,620,442	)


(a) Net of foreign withholding tax of:	$	4,621		$	142,234
* Net of net increase (decrease) in accrued foreign capital gains tax of:	$	-		$	-

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

148


MML Equity Index Fund			MML Focused Equity Fund			MML Foreign Fund			MML Fundamental Growth Fund			MML Fundamental Value Fund

$	14,359,681		$	1,328,059		$	9,660,272		$	1,514,283		$	5,509,185
	96,787			8,020			80,562			10,686			28,695
	195			-			115,503			-			-

	14,456,663			1,336,079			9,856,337			1,524,969			5,537,880


	679,076			441,719			3,152,049			709,303			1,308,639
	64,143			13,380			211,485			12,024			22,667
	37,239			36,068			41,351			36,107			36,187
	7,485			524			3,835			1,331			2,232
	1,293			1,293			1,293			1,293			1,293
	93,810			9,525			49,498			16,768			29,460
	42,989			3,230			21,072			6,588			13,155

	926,035			505,739			3,480,583			783,414			1,413,633

	190,495			-			-			-			-
	261,903			78,705			-			158,332			305,733
	140,378			15,949			-			13,274			21,427

	-			-			26,809			-			-
	116,981			26,582			-			22,123			35,712

	1,635,792			626,975			3,507,392			977,143			1,776,505

	-			-			(31,261	)		-			-
	-			(44,093	)		-			-			(40,761	)
	-			-			(984	)		-			-
	-			(8,926	)		-			-			(2,860	)

	1,635,792			573,956			3,475,147			977,143			1,732,884

	12,820,871			762,123			6,381,190			547,826			3,804,996



	51,813,543			6,192,420			16,155,184			21,377,219			21,506,939
	(1,157,059	)		-			-			-			-
	-			(679	)		(378	)		(351	)		(3,085	)

	50,656,484			6,191,741			16,154,806			21,376,868			21,503,854


	(91,631,047	)		(5,823,916	)		(78,979,691	)*		(18,532,549	)		(45,954,923	)
	(700,199	)		-			-			-			-
	-			(77	)		(3,986	)		-			(1,840	)

	(92,331,246	)		(5,823,993	)		(78,983,677	)		(18,532,549	)		(45,956,763	)

	(41,674,762	)		367,748			(62,828,871	)		2,844,319			(24,452,909	)

$	(28,853,891	)	$	1,129,871		$	(56,447,681	)	$	3,392,145		$	(20,647,913	)


$	-		$	7,156		$	947,625		$	-		$	63,377
$	-		$	-		$	52,686		$	-		$	-

149

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2018


	MML Global Fund			MML Growth & Income Fund
Investment income (Note 2):
Dividends (a)	$	4,616,276		$	2,265,141
Interest		13,911			16,264
Securities lending net income		31,675			211
Non cash income		102,015			46,295

Total investment income		4,763,877			2,327,911

Expenses (Note 3):
Investment advisory fees		1,402,275			710,954
Custody fees		90,048			17,659
Audit fees		44,030			36,130
Legal fees		2,390			1,389
Proxy fees		1,293			1,293
Shareholder reporting fees		33,847			24,337
Trustees’ fees		13,886			8,452

		1,587,769			800,214
Administration fees:
Class I		301,339			-
Class II		25,848			-
Service Class I		23,382			-
Service fees:
Service Class		-			85,841
Service Class I		38,970			-

Total expenses		1,977,308			886,055
Expenses waived:
Class II fees reimbursed by adviser		-			-
Service Class I fees reimbursed by adviser		-			-

Net expenses:		1,977,308			886,055

Net investment income (loss)		2,786,569			1,441,856

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		13,162,500			12,938,823
Written options		-			-
Foreign currency transactions		(20,444	)		994
Forward contracts		-			-

Net realized gain (loss)		13,142,056			12,939,817

Net change in unrealized appreciation (depreciation) on:
Investment transactions		(37,600,860	)*		(21,180,132	)
Written options		-			-
Translation of assets and liabilities in foreign currencies		(2,888	)		1
Forward contracts		-			-

Net change in unrealized appreciation (depreciation)		(37,603,748	)		(21,180,131	)

Net realized gain (loss) and change in unrealized appreciation (depreciation)		(24,461,692	)		(8,240,314	)

Net increase (decrease) in net assets resulting from operations	$	(21,675,123	)	$	(6,798,458	)


(a) Net of foreign withholding tax of:	$	278,788		$	24,383
* Net of net increase (decrease) in accrued foreign capital gains tax of:	$	21,205		$	-

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

150


MML Income & Growth Fund			MML International Equity Fund			MML Large Cap Growth Fund			MML Managed Volatility Fund			MML Mid Cap Growth Fund

$	7,551,274		$	4,629,591		$	1,264,476		$	3,369,819		$	3,678,003
	60,417			40,656			11,901			35,367			385,065
	141			95,502			-			3			68,972
	-			367,579			82,758			-			-

	7,611,832			5,133,328			1,359,135			3,405,189			4,132,040


	1,933,114			1,409,628			693,007			1,310,202			3,633,999
	33,856			192,952			11,453			285,170			51,892
	36,909			66,008			36,102			36,152			37,043
	3,023			1,831			1,128			1,823			4,669
	1,293			1,293			1,293			1,293			1,293
	53,902			25,800			13,178			24,820			57,709
	17,572			10,535			6,369			10,410			28,118

	2,079,669			1,708,047			762,530			1,669,870			3,814,723

	-			-			-			-			-
	-			257,035			-			-			-
	-			7,270			-			-			-

	68,402			-			24,388			80,200			239,409
	-			12,116			-			-			-

	2,148,071			1,984,468			786,918			1,750,070			4,054,132

	-			(204,356	)		-			-			-
	-			(5,961	)		-			-			-

	2,148,071			1,774,151			786,918			1,750,070			4,054,132

	5,463,761			3,359,177			572,217			1,655,119			77,908



	10,299,450			11,484,076			12,394,030			12,333,710			65,559,459
	-			-			-			(4,156,580	)		-
	(423	)		(51,873	)		-			-			211
	-			140,330			-			-			-

	10,299,027			11,572,533			12,394,030			8,177,130			65,559,670


	(49,997,079	)		(59,720,485	)*		(13,787,226	)		(18,669,824	)		(72,246,480	)
	-			-			-			1,102,504			-
	(25	)		(9,238	)		-			(1,690	)		(68	)
	-			14,443			-			-			-

	(49,997,104	)		(59,715,280	)		(13,787,226	)		(17,569,010	)		(72,246,548	)

	(39,698,077	)		(48,142,747	)		(1,393,196	)		(9,391,880	)		(6,686,878	)

$	(34,234,316	)	$	(44,783,570	)	$	(820,979	)	$	(7,736,761	)	$	(6,608,970	)


$	33,504		$	539,362		$	33,437		$	-		$	18,737
$	-		$	36,493		$	-		$	-		$	-

151

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2018


	MML Mid Cap Value Fund			MML Small Cap Growth Equity Fund
Investment income (Note 2):
Dividends (a)	$	9,866,091		$	1,736,702
Interest		97,871			23,697
Securities lending net income		2,455			125,941

Total investment income		9,966,417			1,886,340

Expenses (Note 3):
Investment advisory fees		3,838,306			2,172,894
Custody fees		68,913			29,065
Audit fees		37,030			38,803
Legal fees		4,692			2,120
Proxy fees		1,293			1,293
Shareholder reporting fees		54,512			30,200
Trustees’ fees		27,357			12,645

		4,032,103			2,287,020
Administration fees:
Class II		-			-
Service Class I		-			-
Service fees:
Service Class		122,224			48,478
Service Class I		-			-

Total expenses		4,154,327			2,335,498
Expenses waived:
Initial Class advisory fees waived		-			(38,007	)
Class II advisory fees waived		-			-
Service Class advisory fees waived		-			(3,884	)
Service Class I advisory fees waived		-			-

Net expenses:		4,154,327			2,293,607

Net investment income (loss)		5,812,090			(407,267	)

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		41,496,060			33,594,694
Futures contracts		-			-
Foreign currency transactions		(1,060	)		118
Forward contracts		1,017,006			-

Net realized gain (loss)		42,512,006			33,594,812

Net change in unrealized appreciation (depreciation) on:
Investment transactions		(105,139,209	)		(38,364,498	)
Futures contracts		-			-
Swap agreements		-			-
Translation of assets and liabilities in foreign currencies		(848	)		-
Forward contracts		68,071			-

Net change in unrealized appreciation (depreciation)		(105,071,986	)		(38,364,498	)

Net realized gain (loss) and change in unrealized appreciation (depreciation)		(62,559,980	)		(4,769,686	)

Net increase (decrease) in net assets resulting from operations	$	(56,747,890	)	$	(5,176,953	)


(a) Net of foreign withholding tax of:	$	59,614		$	7,755

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

152


MML Small Company Value Fund			MML Small/Mid Cap Value Fund			MML Total Return Bond Fund

$	1,309,964		$	3,105,449		$	-
	16,354			29,665			12,949,980
	23,026			87			652

	1,349,344			3,135,201			12,950,632


	848,279			1,643,875			1,663,853
	14,787			18,197			92,006
	36,756			36,191			25,166
	1,062			2,224			5,396
	1,293			1,293			1,293
	17,789			29,704			59,343
	6,383			13,213			24,670

	926,349			1,744,697			1,871,727

	126,284			-			588,442
	32,769			-			35,503

	-			55,482			-
	54,615			-			59,172

	1,140,017			1,800,179			2,554,844

	-			-			-
	(42,087	)		-			-
	-			-			-
	(10,930	)		-			-

	1,087,000			1,800,179			2,554,844

	262,344			1,335,022			10,395,788



	13,598,498			23,331,127			(6,147,250	)
	-			-			(1,097,580	)
	-			-			45,412
	-			-			(215,621	)

	13,598,498			23,331,127			(7,415,039	)


	(26,684,365	)		(55,718,558	)		(5,394,125	)
	-			-			1,093,556
	-			-			19,404
	-			-			-
	-			-			(83,538	)

	(26,684,365	)		(55,718,558	)		(4,364,703	)

	(13,085,867	)		(32,387,431	)		(11,779,742	)

$	(12,823,523	)	$	(31,052,409	)	$	(1,383,954	)


$	2,250		$	11,120		$	-

153

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Blue Chip Growth Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(321,538	)	$	(139,233	)
Net realized gain (loss)		52,073,895			72,878,500
Net change in unrealized appreciation (depreciation)		(41,246,965	)		42,058,422

Net increase (decrease) in net assets resulting from operations		10,505,392			114,797,689

Distributions to shareholders (Note 2):
Initial Class		(52,821,553	)		(25,612,496	)*
Class I		-			-
Class II		-			-
Class III		-			-
Service Class		(19,580,121	)		(5,770,103	)*
Service Class I		-			-

Total distributions		(72,401,674	)		(31,382,599	)

Net fund share transactions (Note 5):
Initial Class		(5,467,464	)		(102,659,338	)
Class I		-			-
Class II		-			-
Class III		-			-
Service Class		42,736,063			17,290,881
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		37,268,599			(85,368,457	)

Total increase (decrease) in net assets		(24,627,683	)		(1,953,367	)
Net assets*
Beginning of year		378,145,464			380,098,831

End of year	$	353,517,781		$	378,145,464

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

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

154


MML Equity Income Fund						MML Equity Index Fund
Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017


$	10,559,328		$	9,468,368		$	12,820,871		$	12,249,288
	41,617,629			49,566,468			50,656,484			25,743,864
	(95,797,399	)		17,116,051			(92,331,246	)		96,421,876

	(43,620,442	)		76,150,887			(28,853,891	)		134,415,028


	(48,263,863	)		(37,160,987	)*		-			-
	-			-			(3,197,013	)		(2,327,832	)*
	-			-			(9,207,167	)		(7,414,887	)*
	-			-			(23,328,843	)		(16,125,159	)*
	(9,835,943	)		(6,848,988	)*		-			-
	-			-			(2,351,504	)		(1,642,992	)*

	(58,099,806	)		(44,009,975	)		(38,084,527	)		(27,510,870	)


	2,490,166			304,296			-			-
	-			-			(9,079,134	)		(10,341,658	)
	-			-			(10,657,696	)		(18,748,239	)
	-			-			(7,296,991	)		100,677,105
	6,711,055			3,404,774			-			-
	-			-			(3,680,668	)		(464,084	)

	9,201,221			3,709,070			(30,714,489	)		71,123,124

	(92,519,027	)		35,849,982			(97,652,907	)		178,027,282

	526,800,563			490,950,581			742,001,837			563,974,555

$	434,281,536		$	526,800,563		$	644,348,930		$	742,001,837

155

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Focused Equity Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	762,123		$	1,683,292
Net realized gain (loss)		6,191,741			35,907,288
Net change in unrealized appreciation (depreciation)		(5,823,993	)		(19,195,108	)

Net increase (decrease) in net assets resulting from operations		1,129,871			18,395,472

Distributions to shareholders (Note 2):
Initial Class		-			-
Class II		(30,902,335	)		(12,328,298	)*
Service Class		-			-
Service Class I		(6,784,266	)		(1,901,369	)*

Total distributions		(37,686,601	)		(14,229,667	)

Net fund share transactions (Note 5):
Initial Class		-			-
Class II		20,746,796			(76,022,756	)
Service Class		-			-
Service Class I		7,702,980			3,401,694

Increase (decrease) in net assets from fund share transactions		28,449,776			(72,621,062	)

Total increase (decrease) in net assets		(8,106,954	)		(68,455,257	)
Net assets*
Beginning of year		67,362,875			135,818,132

End of year	$	59,255,921		$	67,362,875

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

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

156


MML Foreign Fund						MML Fundamental Growth Fund
Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017


$	6,381,190		$	6,873,114		$	547,826		$	1,243,943
	16,154,806			4,425,136			21,376,868			31,281,201
	(78,983,677	)		63,838,925			(18,532,549	)		4,712,494

	(56,447,681	)		75,137,175			3,392,145			37,237,638


	(7,662,312	)		(7,849,280	)*		-			-
	-			-			(29,655,294	)		(14,966,176	)*
	(214,292	)		(200,743	)*		-			-
	-			-			(2,890,500	)		(655,646	)*

	(7,876,604	)		(8,050,023	)		(32,545,794	)		(15,621,822	)


	(26,429,265	)		(31,216,352	)		-			-
	-			-			(4,513,200	)		(65,501,533	)
	(186,364	)		(637,618	)		-			-
	-			-			6,672,694			1,980,177

	(26,615,629	)		(31,853,970	)		2,159,494			(63,521,356	)

	(90,939,914	)		35,233,182			(26,994,155	)		(41,905,540	)

	394,300,715			359,067,533			127,540,737			169,446,277

$	303,360,801		$	394,300,715		$	100,546,582		$	127,540,737

157

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Fundamental Value Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,804,996		$	3,712,430
Net realized gain (loss)		21,503,854			19,464,426
Net change in unrealized appreciation (depreciation)		(45,956,763	)		9,100,650

Net increase (decrease) in net assets resulting from operations		(20,647,913	)		32,277,506

Distributions to shareholders (Note 2):
Initial Class		-			-
Class I		-			-
Class II		(21,649,257	)		(19,195,489	)*
Service Class		-			-
Service Class I		(1,585,954	)		(1,029,891	)*

Total distributions		(23,235,211	)		(20,225,380	)

Net fund share transactions (Note 5):
Initial Class		-			-
Class I		-			-
Class II		(16,638,818	)		(9,424,599	)
Service Class		-			-
Service Class I		3,230,591			3,346,211

Increase (decrease) in net assets from fund share transactions		(13,408,227	)		(6,078,388	)

Total increase (decrease) in net assets		(57,291,351	)		5,973,738
Net assets*
Beginning of year		239,094,360			233,120,622

End of year	$	181,803,009		$	239,094,360

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

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

158


MML Global Fund						MML Growth & Income Fund
Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017


$	2,786,569		$	2,650,161		$	1,441,856		$	1,305,226
	13,142,056			28,855,545			12,939,817			9,536,242
	(37,603,748	)		21,870,966			(21,180,131	)		17,668,759

	(21,675,123	)		53,376,672			(6,798,458	)		28,510,227


	-			-			(922,933	)		(991,174	)*
	(27,480,281	)		(18,143,851	)*		-			-
	(2,282,278	)		(1,521,236	)*		-			-
	-			-			(242,772	)		(208,011	)*
	(2,109,930	)		(1,327,217	)*		-			-

	(31,872,489	)		(20,992,304	)		(1,165,705	)		(1,199,185	)


	-			-			(13,338,083	)		(12,980,668	)
	19,251,978			(40,436,076	)		-			-
	745,727			175,037			-			-
	-			-			5,575,818			2,055,683
	1,595,733			2,159,339			-			-

	21,593,438			(38,101,700	)		(7,762,265	)		(10,924,985	)

	(31,954,174	)		(5,717,332	)		(15,726,428	)		16,386,057

	240,866,239			246,583,571			142,440,390			126,054,333

$	208,912,065		$	240,866,239		$	126,713,962		$	142,440,390

159

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Income & Growth Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	5,463,761		$	5,273,219
Net realized gain (loss)		10,299,027			69,871,476
Net change in unrealized appreciation (depreciation)		(49,997,104	)		(27,080,685	)

Net increase (decrease) in net assets resulting from operations		(34,234,316	)		48,064,010

Distributions to shareholders (Note 2):
Initial Class		(68,070,720	)		(23,838,298	)*
Class II		-			-
Service Class		(7,008,633	)		(2,016,278	)*
Service Class I		-			-

Total distributions		(75,079,353	)		(25,854,576	)

Net fund share transactions (Note 5):
Initial Class		50,138,981			11,012,736
Class II		-			-
Service Class		7,077,289			5,271,619
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		57,216,270			16,284,355

Total increase (decrease) in net assets		(52,097,399	)		38,493,789
Net assets*
Beginning of year		316,993,510			278,499,721

End of year	$	264,896,111		$	316,993,510

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

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

160


MML International Equity Fund						MML Large Cap Growth Fund
Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017


$	3,359,177		$	2,864,574		$	572,217		$	634,474
	11,572,533			16,175,645			12,394,030			7,311,742
	(59,715,280	)		26,887,343			(13,787,226	)		24,299,190

	(44,783,570	)		45,927,562			(820,979	)		32,245,406


	-			-			(7,127,458	)		(26,552,428	)*
	(4,053,077	)		(2,875,413	)*		-			-
	-			-			(826,941	)		(1,424,445	)*
	(116,423	)		(37,585	)*		-			-

	(4,169,500	)		(2,912,998	)		(7,954,399	)		(27,976,873	)


	-			-			(16,230,772	)		(607,361	)
	14,784,522			(6,097,450	)		-			-
	-			-			4,308,540			3,918,089
	2,262,286			2,479,792			-			-

	17,046,808			(3,617,658	)		(11,922,232	)		3,310,728

	(31,906,262	)		39,396,906			(20,697,610	)		7,579,261

	191,212,981			151,816,075			114,499,108			106,919,847

$	159,306,719		$	191,212,981		$	93,801,498		$	114,499,108

161

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Managed Volatility Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,655,119		$	2,004,379
Net realized gain (loss)		8,177,130			(9,260,695	)
Net change in unrealized appreciation (depreciation)		(17,569,010	)		23,195,016

Net increase (decrease) in net assets resulting from operations		(7,736,761	)		15,938,700

Distributions to shareholders (Note 2):
Initial Class		(1,709,123	)		(1,918,611	)*
Service Class		(306,248	)		(348,002	)*

Total distributions		(2,015,371	)		(2,266,613	)

Net fund share transactions (Note 5):
Initial Class		(21,156,586	)		(12,023,577	)
Service Class		(2,928,584	)		(1,319,141	)

Increase (decrease) in net assets from fund share transactions		(24,085,170	)		(13,342,718	)

Total increase (decrease) in net assets		(33,837,302	)		329,369
Net assets*
Beginning of year		184,435,325			184,105,956

End of year	$	150,598,023		$	184,435,325

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

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

162


MML Mid Cap Growth Fund						MML Mid Cap Value Fund
Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017


$	77,908		$	(568,188	)	$	5,812,090		$	7,888,283
	65,559,670			60,271,297			42,512,006			46,993,648
	(72,246,548	)		40,371,696			(105,071,986	)		(2,340,294	)

	(6,608,970	)		100,074,805			(56,747,890	)		52,541,637


	(47,102,641	)		(35,796,423	)*		(48,304,550	)		(32,246,793	)*
	(12,765,952	)		(8,306,713	)*		(5,905,971	)		(3,535,518	)*

	(59,868,593	)		(44,103,136	)		(54,210,521	)		(35,782,311	)


	(2,498,117	)		(16,756,988	)		3,437,432			(9,668,318	)
	12,831,279			10,616,432			5,903,652			4,039,848

	10,333,162			(6,140,556	)		9,341,084			(5,628,470	)

	(56,144,401	)		49,831,113			(101,617,327	)		11,130,856

	473,811,668			423,980,555			488,324,837			477,193,981

$	417,667,267		$	473,811,668		$	386,707,510		$	488,324,837

163

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Small Cap Growth Equity Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(407,267	)	$	(467,078	)
Net realized gain (loss)		33,594,812			23,785,277
Net change in unrealized appreciation (depreciation)		(38,364,498	)		19,597,542

Net increase (decrease) in net assets resulting from operations		(5,176,953	)		42,915,741

Distributions to shareholders (Note 2):
Initial Class		(20,293,872	)		(7,444,016	)*
Class II		-			-
Service Class		(2,377,009	)		(591,748	)*
Service Class I		-			-

Total distributions		(22,670,881	)		(8,035,764	)

Net fund share transactions (Note 5):
Initial Class		(22,524,973	)		(25,383,985	)
Class II		-			-
Service Class		6,979,396			818,278
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		(15,545,577	)		(24,565,707	)

Total increase (decrease) in net assets		(43,393,411	)		10,314,270
Net assets*
Beginning of year		214,528,003			204,213,733

End of year	$	171,134,592		$	214,528,003

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

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

164


MML Small Company Value Fund						MML Small/Mid Cap Value Fund
Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017


$	262,344		$	271,244		$	1,335,022		$	1,004,789
	13,598,498			6,262,328			23,331,127			23,444,864
	(26,684,365	)		5,180,820			(55,718,558	)		3,802,915

	(12,823,523	)		11,714,392			(31,052,409	)		28,252,568


	-			-			(21,802,071	)		(13,127,909	)*
	(5,157,012	)		(10,256,867	)*		-			-
	-			-			(2,507,665	)		(1,293,719	)*
	(1,405,903	)		(2,139,278	)*		-			-

	(6,562,915	)		(12,396,145	)		(24,309,736	)		(14,421,628	)


	-			-			3,073,451			(14,368,459	)
	(7,330,491	)		1,080,128			-			-
	-			-			2,668,133			1,541,770
	3,627,613			5,333,990			-			-

	(3,702,878	)		6,414,118			5,741,584			(12,826,689	)

	(23,089,316	)		5,732,365			(49,620,561	)		1,004,251

	109,926,625			104,194,260			232,416,764			231,412,513

$	86,837,309		$	109,926,625		$	182,796,203		$	232,416,764

165

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Total Return Bond Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	10,395,788		$	7,785,921
Net realized gain (loss)		(7,415,039	)		(524,588	)
Net change in unrealized appreciation (depreciation)		(4,364,703	)		5,278,805

Net increase (decrease) in net assets resulting from operations		(1,383,954	)		12,540,138

Distributions to shareholders (Note 2):
Class II		(7,259,284	)		(8,304,200	)*
Service Class I		(416,963	)		(372,986	)*

Total distributions		(7,676,247	)		(8,677,186	)

Net fund share transactions (Note 5):
Class II		(46,010,891	)		11,225,248
Service Class I		4,117,875			2,614,895

Increase (decrease) in net assets from fund share transactions		(41,893,016	)		13,840,143

Total increase (decrease) in net assets		(50,953,217	)		17,703,095
Net assets*
Beginning of year		430,057,568			412,354,473

End of year	$	379,104,351		$	430,057,568

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

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

166

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Blue Chip Growth Fund


			Income (loss) from investment operations							Less distributions to shareholders													Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c			Net realized and unrealized gain (loss) on investments		Total income (loss) from investment operations		From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m		Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	17.41	$	(0.00	)^d	$	0.86	$	0.86	$	-		$	(3.67	)	$	(3.67	)	$	14.60		1.88%	$	254,050		0.79%		(0.02%	)
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%	)
Service Class
12/31/18	$	16.88	$	(0.05	)	$	0.87	$	0.82	$	-		$	(3.67	)	$	(3.67	)	$	14.03		1.68%	$	99,468		1.04%		(0.26%	)
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%	)


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		28	%		25	%		29	%		31	%		30	%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

e	Amount is less than 0.005%.

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

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

167

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Income Fund


				Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waiver		Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	12.50	$	0.26	$	(1.23	)	$	(0.97	)	$	(0.24	)	$	(1.25	)	$	(1.49	)	$	10.04		(9.36%	)	$	358,947		0.79%		0.76	%		2.17%
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%
Service Class
12/31/18	$	12.37	$	0.23	$	(1.22	)	$	(0.99	)	$	(0.21	)	$	(1.25	)	$	(1.46	)	$	9.92		(9.60%	)	$	75,335		1.04%		1.01	%		1.92%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		19	%		25	%		22	%		39	%		9	%

c	Per share amount calculated on the average shares method.

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

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

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

168

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Index Fund


				Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000's)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
12/31/18	$	31.01	$	0.49	$	(1.76	)	$	(1.27	)	$	(0.50	)	$	(1.15	)	$	(1.65	)	$	28.09		(4.80%	)	$	51,998		0.43%		N/A			1.57%
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%
Class II
12/31/18	$	31.01	$	0.54	$	(1.75	)	$	(1.21	)	$	(0.55	)	$	(1.15	)	$	(1.70	)	$	28.10		(4.63%	)	$	159,638		0.28%		N/A			1.72%
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%
Class III
12/31/18	$	30.97	$	0.59	$	(1.75	)	$	(1.16	)	$	(0.60	)	$	(1.16	)	$	(1.76	)	$	28.05		(4.52%	)	$	391,891		0.13%		N/A			1.87%
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%
Service Class I
12/31/18	$	30.13	$	0.40	$	(1.70	)	$	(1.30	)	$	(0.43	)	$	(1.16	)	$	(1.59	)	$	27.24		(5.04%	)	$	40,822		0.68%		N/A			1.32%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		3	%		7	%		8	%		4	%		3	%

c	Per share amount calculated on the average shares method.

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

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

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

169

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Focused Equity Fund


				Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c^,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gain			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waivers^j		Net investment income (loss) to average daily net assets
Class II
12/31/18	$	12.69	$	0.11	$	0.66		$	0.77		$	(0.37	)	$	(7.76	)	$	(8.13	)	$	5.33		1.18%		$	48,276		0.95%		0.87%		1.25%
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%
Service Class I
12/31/18	$	12.52	$	0.09	$	0.66		$	0.75		$	(0.36	)	$	(7.76	)	$	(8.12	)	$	5.15		0.99%		$	10,980		1.20%		1.12%		1.01%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		64	%		108	%		37	%		52	%		35	%

c	Per share amount calculated on the average shares method.

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

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

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

170

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,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	11.25	$	0.20	$	(1.95	)	$	(1.75	)	$	(0.25	)	$	(0.25	)	$	9.25		(15.90%	)	$	294,037		0.98%		0.97	%		1.81%
12/31/17		9.44		0.19		1.85			2.04			(0.23	)		(0.23	)		11.25		21.73%			382,813		0.97%		N/A			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%		N/A			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%		N/A			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%		N/A			3.09%
Service Class
12/31/18	$	11.18	$	0.17	$	(1.93	)	$	(1.76	)	$	(0.22	)	$	(0.22	)	$	9.20		(16.03%	)	$	9,324		1.23%		1.22	%		1.57%
12/31/17		9.38		0.16		1.84			2.00			(0.20	)		(0.20	)		11.18		21.45%			11,488		1.22%		N/A			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%		N/A			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%		N/A			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%		N/A			2.72%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		18	%		15	%		19	%		12	%		13	%^t

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.

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.

171

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Fundamental Growth Fund


			Income (loss) from investment operations						Less distributions to shareholders													Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j		Net realized and unrealized gain (loss) on investments		Total income (loss) from investment operations		From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m		Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class II
12/31/18	$	12.94	$	0.06	$	0.66	$	0.72	$	(0.15	)	$	(4.14	)	$	(4.29	)	$	9.37		0.80%	$	90,145		0.83%		0.83%¹			0.50%
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%
Service Class I
12/31/18	$	12.74	$	0.03	$	0.67	$	0.70	$	(0.15	)	$	(4.14	)	$	(4.29	)	$	9.15		0.66%	$	10,401		1.08%		1.08%¹			0.27%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		61	%		40	%		49	%		44	%		51	%

c	Per share amount calculated on the average shares method.

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

l	Expenses incurred during the period fell under the expense cap.

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

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

172

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Fundamental Value Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class II
12/31/18	$	15.42	$	0.26	$	(1.63	)	$	(1.37	)	$	(0.25	)	$	(1.42	)	$	(1.67	)	$	12.38		(10.34%	)	$	168,520		0.80%		0.78	%		1.76%
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%
Service Class I
12/31/18	$	15.20	$	0.22	$	(1.60	)	$	(1.38	)	$	(0.23	)	$	(1.42	)	$	(1.65	)	$	12.17		(10.56%	)	$	13,283		1.05%		1.03	%		1.53%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		28	%		18	%		20	%		19	%		14	%

c	Per share amount calculated on the average shares method.

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

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

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

173

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Global Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
12/31/18	$	13.04	$	0.15	$	(1.16	)	$	(1.01	)	$	(0.15	)	$	(1.63	)	$	(1.78	)	$	10.25		(9.53%	)	$	179,973		0.83%		N/A			1.21%
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%
Class II
12/31/18	$	13.30	$	0.15	$	(1.19	)	$	(1.04	)	$	(0.15	)	$	(1.63	)	$	(1.78	)	$	10.48		(9.57%	)	$	14,950		0.83%		N/A			1.21%
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%
Service Class I
12/31/18	$	12.90	$	0.12	$	(1.16	)	$	(1.04	)	$	(0.12	)	$	(1.63	)	$	(1.75	)	$	10.11		(9.84%	)	$	13,989		1.08%		N/A			0.97%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		15	%		10	%		15	%		17	%		12	%

c	Per share amount calculated on the average shares method.

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

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

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

174

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Growth & Income Fund


				Income (loss) from investment operations								Less distributions to shareholders											Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	17.39	$	0.19	$	(1.07	)	$	(0.88	)	$	(0.16	)	$	(0.16	)	$	16.35		(5.20%	)	$	92,893		0.56%		1.07%
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%
Service Class
12/31/18	$	17.27	$	0.15	$	(1.08	)	$	(0.93	)	$	(0.12	)	$	(0.12	)	$	16.22		(5.46%	)	$	33,821		0.81%		0.83%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		15	%		12	%		17	%		17	%		20	%

c	Per share amount calculated on the average shares method.

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

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

175

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Income & Growth Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	12.72	$	0.21	$	(1.25	)	$	(1.04	)	$	(0.22	)	$	(2.97	)	$	(3.19	)	$	8.49		(11.68%	)	$	240,456		0.70%		1.86%
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%
Service Class
12/31/18	$	12.58	$	0.18	$	(1.23	)	$	(1.05	)	$	(0.20	)	$	(2.97	)	$	(3.17	)	$	8.36		(11.94%	)	$	24,440		0.95%		1.62%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		30	%		110	%		30	%		27	%		19	%

c	Per share amount calculated on the average shares method.

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

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

176

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML International Equity Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class II
12/31/18	$	11.97	$	0.21	$	(3.02	)	$	(2.81	)	$	(0.17	)	$	(0.08	)	$	(0.25	)	$	8.91		(23.79%	)	$	154,540		1.12%			1.00%			1.91%
12/31/17		9.33		0.18		2.64			2.82			(0.18	)		-			(0.18	)		11.97		30.35%			187,213		1.09%			1.00%			1.62%
12/31/16		8.81		0.15		0.56			0.71			(0.17	)		(0.02	)		(0.19	)		9.33		8.27%			150,753		1.07%			1.00%			1.70%
12/31/15		9.27		0.15		(0.59	)		(0.44	)		(0.02	)		-			(0.02	)		8.81		(4.77%	)		164,083		1.09%			1.00%			1.59%
12/31/14^g		10.00		0.18		(0.65	)		(0.47	)		(0.20	)		(0.06	)		(0.26	)		9.27		(4.67%	)^b		123,915		1.15%	^a		1.00%	^a		1.79%	^a
Service Class I
12/31/18	$	11.90	$	0.18	$	(2.99	)	$	(2.81	)	$	(0.17	)	$	(0.08	)	$	(0.25	)	$	8.84		(23.98%	)	$	4,767		1.37%			1.25%			1.64%
12/31/17		9.29		0.11		2.67			2.78			(0.17	)		-			(0.17	)		11.90		30.05%			4,000		1.34%			1.25%			0.95%
12/31/16		8.78		0.13		0.56			0.69			(0.16	)		(0.02	)		(0.18	)		9.29		7.97%			1,063		1.32%			1.25%			1.50%
12/31/15		9.27		0.10		(0.57	)		(0.47	)		(0.02	)		-			(0.02	)		8.78		(5.10%	)		1,513		1.35%			1.25%			1.11%
12/31/14^h		10.29		0.07		(0.83	)		(0.76	)		(0.20	)		(0.06	)		(0.26	)		9.27		(7.44%	)^b		298		1.36%	^a		1.25%	^a		1.08%	^a


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		43	%		45	%		50	%		46	%		39	%^b,g

a	Annualized.

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

c	Per share amount calculated on the average shares method.

g	For the period January 7, 2014 (commencement of operations) through December 31, 2014.

h	For the period May 1, 2014 (commencement of operations) through December 31, 2014.

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

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

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

177

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Large Cap Growth Fund


			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	10.69	$	0.06		$	(0.19	)	$	(0.13	)	$	(0.07	)	$	(0.81	)	$	(0.88	)	$	9.68		(2.26%	)	$	83,211		0.72%		0.56%
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%	)
Service Class
12/31/18	$	10.37	$	0.03		$	(0.17	)	$	(0.14	)	$	(0.06	)	$	(0.81	)	$	(0.87	)	$	9.36		(2.46%	)	$	10,591		0.97%		0.30%
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%	)


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		16	%		3	%		134	%		73	%		77	%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

178

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Managed Volatility Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	12.63	$	0.12	$	(0.69	)	$	(0.57	)	$	(0.16	)	$	-		$	(0.16	)	$	11.90		(4.69%	)	$	121,635		0.96%		0.99%
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%
Service Class
12/31/18	$	12.53	$	0.09	$	(0.70	)	$	(0.61	)	$	(0.12	)	$	-		$	(0.12	)	$	11.80		(4.93%	)	$	28,963		1.21%		0.74%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		5	%		2	%		4	%		3	%		14	%

c	Per share amount calculated on the average shares method.

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

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

179

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Mid Cap Growth Fund


				Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	16.19	$	0.01		$	(0.07	)	$	(0.06	)	$	-		$	(2.19	)	$	(2.19	)	$	13.94		(2.17%	)	$	328,715		0.81%		0.07%
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%	)
Service Class
12/31/18	$	15.65	$	(0.03	)	$	(0.06	)	$	(0.09	)	$	-		$	(2.19	)	$	(2.19	)	$	13.37		(2.45%	)	$	88,952		1.06%		(0.18%	)
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%	)


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		26	%		28	%		29	%		35	%		25	%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

180

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Mid Cap Value Fund


				Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	12.14	$	0.15	$	(1.48	)	$	(1.33	)	$	(0.19	)	$	(1.27	)	$	(1.46	)	$	9.35		(12.99%	)	$	343,432		0.88%		1.30%
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%
Service Class
12/31/18	$	11.96	$	0.12	$	(1.47	)	$	(1.35	)	$	(0.16	)	$	(1.27	)	$	(1.43	)	$	9.18		(13.31%	)	$	43,275		1.13%		1.06%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		59	%		42	%		52	%		68	%		66	%

c	Per share amount calculated on the average shares method.

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

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

181

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Cap Growth Equity Fund


				Income (loss) from investment operations									Less distributions to shareholders											Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000's)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	14.98	$	(0.03	)	$	(0.32	)	$	(0.35	)	$	(1.81	)	$	(1.81	)	$	12.82		(4.87	%)	$	151,854		1.09	%		1.07	%		(0.17	%)
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	%)
Service Class
12/31/18	$	14.27	$	(0.06	)	$	(0.29	)	$	(0.35	)	$	(1.81	)	$	(1.81	)	$	12.11		(5.11	%)	$	19,281		1.34	%		1.32	%		(0.39	%)
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	%)


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		76	%		74	%		105	%		78	%		78	%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

k	Amount waived had no impact on the ratio of expenses to average daily net assets.

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

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

182

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Company Value Fund


			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waivers^j		Net investment income (loss) to average daily net assets
Class II
12/31/18	$	16.90	$	0.05		$	(2.01	)	$	(1.96	)	$	(0.06	)	$	(1.02	)	$	(1.08	)	$	13.86		(12.94%	)	$	66,976		1.02%		0.97%		0.30%
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%
Service Class I
12/31/18	$	16.43	$	0.01		$	(1.96	)	$	(1.95	)	$	(0.03	)	$	(1.02	)	$	(1.05	)	$	13.43		(13.19%	)	$	19,861		1.27%		1.22%		0.06%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		22	%		14	%		23	%		44	%		22	%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

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

183

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small/Mid Cap Value Fund


				Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	13.99	$	0.09	$	(1.87	)	$	(1.78	)	$	(0.07	)	$	(1.53	)	$	(1.60	)	$	10.61		(15.00%	)	$	163,607		0.80%		0.63%
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%
Service Class
12/31/18	$	13.85	$	0.05	$	(1.83	)	$	(1.78	)	$	(0.04	)	$	(1.53	)	$	(1.57	)	$	10.50		(15.12%	)	$	19,189		1.05%		0.39%
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%


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		38	%		34	%		58	%		42	%		46	%

c	Per share amount calculated on the average shares method.

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

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

184

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Total Return Bond Fund


				Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers (including interest expense)			Ratio of expenses to average daily net assets after expense waivers (including interest expense)^j			Ratio of expenses to average daily net assets after expense waivers (excluding interest expense)^j			Net investment income (loss) to average daily net assets (including interest expense)
Class II
12/31/18	$	10.36	$	0.25	$	(0.26	)	$	(0.01	)	$	(0.19	)	$	-		$	(0.19	)	$	10.16		(0.07%	)	$	353,571		0.60%			0.60%	^l		N/A			2.51%
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
Service Class I
12/31/18	$	10.27	$	0.23	$	(0.27	)	$	(0.04	)	$	(0.17	)	$	-		$	(0.17	)	$	10.06		(0.35%	)	$	25,533		0.85%			0.85%	^l		N/A			2.28%
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


	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		250	%		313	%		278	%		322	%		447	%^u

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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.

n	Amount of interest expense had no impact on the ratio of expenses to average daily net assets.

p	Interest expense incurred as a result of entering into reverse repurchase agreements is included in the Fund’s net expenses in the Statements of Operations. Income earned on investing proceeds from reverse repurchase agreements is included in interest income in the Statements of Operations.

u	Excludes Treasury roll transactions. Including these transactions, the portfolio turnover would have been 479% for the year ended December 31, 2014.

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

185

Notes to Financial Statements

The Funds

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

MML Blue Chip Growth Fund (“Blue Chip Growth Fund”)

MML Equity Income Fund (“Equity Income Fund”)

MML Equity Index Fund (“Equity Index Fund”)

MML Focused Equity Fund (“Focused Equity Fund”)

MML Foreign Fund (“Foreign Fund”)

MML Fundamental Growth Fund (“Fundamental Growth Fund”)

MML Fundamental Value Fund (“Fundamental Value Fund”)

MML Global Fund (“Global Fund”)

MML Growth & Income Fund (“Growth & Income Fund”)

MML Income & Growth Fund (“Income & Growth Fund”)

MML International Equity Fund (“International Equity Fund”)

MML Large Cap Growth Fund (“Large Cap Growth Fund”)

MML Managed Volatility Fund (“Managed Volatility Fund”)

MML Mid Cap Growth Fund (“Mid Cap Growth Fund”)

MML Mid Cap Value Fund (“Mid Cap Value Fund”)

MML Small Cap Growth Equity Fund (“Small Cap Growth Equity Fund”)

MML Small Company Value Fund (“Small Company Value Fund”)

MML Small/Mid Cap Value Fund (“Small/Mid Cap Value Fund”)

MML Total Return Bond Fund (“Total Return Bond Fund”)

The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company (“MassMutual”) and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, C.M. Life Insurance Company, and the MML Allocation Funds, which are “funds of funds” series of the Trust, are the record owners of all of the outstanding shares of the Funds.

Significant Accounting Policies

186

Notes to Financial Statements (Continued)

New Disclosure Requirements

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

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


	Blue Chip Growth Fund			Equity Income Fund			Equity Index Fund			Focused Equity Fund			Foreign Fund			Fundamental Growth Fund			Fundamental Value Fund
Distributions to shareholders
From net investment income:
Initial Class	$	(32,493	)		$(9,221,700)		$	-		$	-		$	(7,849,280	)	$	-		$	-
Class I		-			-			(624,117	)		-			-			-			-
Class II		-			-			(2,272,325	)		(1,400,996	)		-			(1,314,332	)		(4,019,511	)
Class III		-			-			(5,304,119	)		-			-			-			-
Service Class		-			(1,575,413	)		-			-			(200,743	)		-			-
Service Class I		-			-			(395,720	)		(222,205	)		-			(55,714	)		(204,734	)

Total distributions from net investment income		(32,493	)		(10,797,113	)		(8,596,281	)		(1,623,201	)		(8,050,023	)		(1,370,046	)		(4,224,245	)

From net realized gains:
Initial Class		(25,580,003	)		(27,939,287	)		-			-			-			-			-
Class I		-			-			(1,703,715	)		-			-			-			-
Class II		-			-			(5,142,562	)		(10,927,302	)		-			(13,651,844	)		(15,175,978	)
Class III		-			-			(10,821,040	)		-			-			-			-
Service Class		(5,770,103	)		(5,273,575	)		-			-			-			-			-
Service Class I		-			-			(1,247,272	)		(1,679,164	)		-			(599,932	)		(825,157	)

Total distributions from net realized gains		(31,350,106	)		(33,212,862	)		(18,914,589	)		(12,606,466	)		-			(14,251,776	)		(16,001,135	)

Accumulated undistributed (distributions in excess of) net investment income at end of year	$	(55,713	)	$	9,475,861		$	12,530,229		$	1,670,547		$	6,148,272		$	1,224,164		$	3,690,269

187

Notes to Financial Statements (Continued)


	Global Fund			Growth & Income Fund			Income & Growth Fund			International Equity Fund			Large Cap Growth Fund			Managed Volatility Fund			Mid Cap Growth Fund
Distributions to shareholders
From net investment income:
Initial Class	$	-		$	(991,174	)	$	(4,623,698	)	$	-		$	(391,609	)	$	(1,918,611	)	$	(130,181	)
Class I		(2,418,638	)		-			-			-			-			-			-
Class II		(206,465	)		-			-			(2,875,413	)		-			-			-
Service Class		-			(208,011	)		(355,159	)		-			(12,785	)		(348,002	)		-
Service Class I		(158,628	)		-			-			(37,585	)		-			-			-

Total distributions from net investment income		(2,783,731	)		(1,199,185	)		(4,978,857	)		(2,912,998	)		(404,394	)		(2,266,613	)		(130,181	)

From net realized gains:
Initial Class		-			-			(19,214,600	)		-			(26,160,819	)		-			(35,666,242	)
Class I		(15,725,213	)		-			-			-			-			-			-
Class II		(1,314,771	)		-			-			-			-			-			-
Service Class		-			-			(1,661,119	)		-			(1,411,660	)		-			(8,306,713	)
Service Class I		(1,168,589	)		-			-			-			-			-			-

Total distributions from net realized gains		(18,208,573	)		-			(20,875,719	)		-			(27,572,479	)		-			(43,972,955	)

Accumulated undistributed (distributions in excess of) net investment income at end of year	$	2,602,686		$	1,276,731		$	5,247,136		$	2,677,223		$	608,991		$	2,033,496			$ (275,603	)


	Mid Cap Value Fund			Small Cap Growth Equity Fund			Small Company Value Fund			Small/Mid Cap Value Fund			Total Return Bond Fund
Distributions to shareholders
From net investment income:
Initial Class	$	(6,665,180	)	$	-		$	-		$	(1,001,313	)	$	-
Class I		-			-			-			-			-
Class II		-			-			(490,843	)		-			(8,304,200	)
Service Class		(656,987	)		-			-			(60,317	)		-
Service Class I		-			-			(83,665	)		-			(372,986	)

Total distributions from net investment income		(7,322,167	)		-			(574,508	)		(1,061,630	)		(8,677,186	)

From net realized gains:
Initial Class		(25,581,613	)		(7,444,016	)		-			(12,126,596	)		-
Class I		-			-			-			-			-
Class II		-			-			(9,766,024	)		-			-
Service Class		(2,878,531	)		(591,748	)		-			(1,233,402	)		-
Service Class I		-			-			(2,055,613	)		-			-

Total distributions from net realized gains		(28,460,144	)		(8,035,764	)		(11,821,637	)		(13,359,998	)		-

Accumulated undistributed (distributions in excess of) net investment income at end of year	$	7,226,444		$	(48,314	)	$	288,981		$	951,221		$	7,545,522

188

Notes to Financial Statements (Continued)

Investment Valuation

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

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

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

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

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of

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

189

Notes to Financial Statements (Continued)

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

190

Notes to Financial Statements (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 December 31, 2018. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

191

Notes to Financial Statements (Continued)

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


	Level 1			Level 2			Level 3			Total
Blue Chip Growth Fund
Asset Investments
Common Stock	$	343,489,475		$	7,777,177	*	$	775,038	**	$	352,041,690
Short-Term Investments		1,047			6,952,415			-			6,953,462

Total Investments	$	343,490,522		$	14,729,592		$	775,038		$	358,995,152


Equity Income Fund
Asset Investments
Common Stock	$	396,882,662		$	16,271,359	*	$	-		$	413,154,021
Preferred Stock		11,045,379			-			-			11,045,379
Corporate Debt		-			2,285,503			-			2,285,503
Mutual Funds		1,762,621			-			-			1,762,621
Short-Term Investments		1,047			4,970,050			-			4,971,097

Total Investments	$	409,691,709		$	23,526,912		$	-		$	433,218,621


Equity Index Fund
Asset Investments
Common Stock	$	628,586,143		$	-		$	-		$	628,586,143
Mutual Funds		293,386			-			-			293,386
Short-Term Investments		-			14,725,248			-			14,725,248

Total Investments	$	628,879,529		$	14,725,248		$	-		$	643,604,777

Liability Derivatives
Futures Contracts	$	(580,870	)	$	-		$	-		$	(580,870	)


Focused Equity Fund
Asset Investments
Common Stock	$	55,833,191		$	2,371,108	*	$	-		$	58,204,299
Short-Term Investments		-			1,658,198			-			1,658,198

Total Investments	$	55,833,191		$	4,029,306		$	-		$	59,862,497


Foreign Fund
Asset Investments
Common Stock*
Canada	$	5,123,850		$	-		$	-		$	5,123,850
Cayman Islands		4,901,303			7,945,025			-			12,846,328
China		-			11,100,329			-			11,100,329
Denmark		-			5,085,122			-			5,085,122
France		-			32,291,527			-			32,291,527
Germany		-			33,077,048			-			33,077,048
Hong Kong		-			8,617,245			-			8,617,245
Ireland		-			6,893,228			-			6,893,228
Israel		4,557,659			-			-			4,557,659
Italy		-			7,345,781			-			7,345,781
Japan		-			32,730,216			-			32,730,216
Luxembourg		-			4,712,175			-			4,712,175
Netherlands		3,334,240			14,595,168			-			17,929,408

192

Notes to Financial Statements (Continued)


	Level 1		Level 2			Level 3		Total

Foreign Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Norway	$	-	$	2,989,014		$	-	$	2,989,014
Republic of Korea		3,699,110		10,716,601			-		14,415,711
Singapore		-		4,754,568			-		4,754,568
Sweden		-		1,328,229			-		1,328,229
Switzerland		-		19,089,333			-		19,089,333
Taiwan		-		4,655,193			-		4,655,193
Thailand		-		4,517,788			-		4,517,788
United Kingdom		4,569,032		50,817,463			-		55,386,495
Mutual Funds		1,400,448		-			-		1,400,448
Short-Term Investments		-		12,665,502			-		12,665,502

Total Investments	$	27,585,642	$	275,926,555		$	-	$	303,512,197


Fundamental Growth Fund
Asset Investments
Common Stock	$	96,347,337	$	707,681	*	$	-	$	97,055,018
Short-Term Investments		-		4,245,256			-		4,245,256

Total Investments	$	96,347,337	$	4,952,937		$	-	$	101,300,274


Fundamental Value Fund
Asset Investments
Common Stock	$	177,048,899	$	2,851,319	*	$	-	$	179,900,218
Short-Term Investments		-		1,847,206			-		1,847,206

Total Investments	$	177,048,899	$	4,698,525		$	-	$	181,747,424


Global Fund
Asset Investments
Common Stock*
Austria	$	-	$	757,304		$	-	$	757,304
Brazil		-		698,225			-		698,225
Canada		3,734,625		-			-		3,734,625
Cayman Islands		-		396,676			-		396,676
Denmark		-		1,398,903			-		1,398,903
France		-		21,172,474			-		21,172,474
Germany		-		9,178,473			-		9,178,473
Ireland		12,209,152		3,284,667			-		15,493,819
Israel		2,720,841		-			-		2,720,841
Japan		-		5,374,325			-		5,374,325
Mexico		571,907		-			-		571,907
Netherlands		894,567		4,858,129			-		5,752,696
Republic of Korea		-		1,658,687			-		1,658,687
Spain		-		2,477,651			-		2,477,651
Sweden		-		4,685,579			-		4,685,579
Switzerland		-		15,715,236			-		15,715,236
Thailand		-		457,928			-		457,928
United Kingdom		3,156,340		16,372,017			-		19,528,357
United States		92,418,435		-			-		92,418,435
Mutual Funds		825,993		-			-		825,993
Short-Term Investments		-		4,240,369			-		4,240,369

Total Investments	$	116,531,860	$	92,726,643		$	-	$	209,258,503

193

Notes to Financial Statements (Continued)


	Level 1			Level 2			Level 3			Total
Growth & Income Fund
Asset Investments
Common Stock	$	119,298,477		$	6,227,859	*	$	-		$	125,526,336
Mutual Funds		58,534			-			-			58,534
Short-Term Investments		-			1,091,439			-			1,091,439

Total Investments	$	119,357,011		$	7,319,298		$	-		$	126,676,309


International Equity Fund
Asset Investments
Common Stock*
Australia	$	-		$	3,921,642		$	-		$	3,921,642
Canada		2,662,517			-			-			2,662,517
Cayman Islands		1,554,819			-			-			1,554,819
France		-			16,688,936			-			16,688,936
Germany		-			26,313,051			-			26,313,051
India		-			1,282,333			-			1,282,333
Indonesia		-			2,877,007			-			2,877,007
Ireland		5,041,994			-			-			5,041,994
Italy		-			5,730,623			-			5,730,623
Japan		-			7,855,570			-			7,855,570
Mexico		1,670,624			-			-			1,670,624
Netherlands		-			11,213,923			-			11,213,923
Republic of Korea		-			3,850,704			-			3,850,704
South Africa		-			4,500,130			-			4,500,130
Sweden		-			8,859,729			-			8,859,729
Switzerland		-			14,184,493			-			14,184,493
Taiwan		-			2,446,377			-			2,446,377
United Kingdom		3,588,232			30,037,896			-			33,626,128
Short-Term Investments		-			6,121,815			-			6,121,815

Total Investments	$	14,518,186		$	145,884,229		$	-		$	160,402,415

Asset Derivatives
Forward Contracts	$	-		$	77,015		$	-		$	77,015


Large Cap Growth Fund
Asset Investments
Common Stock	$	89,409,461		$	2,636,362		$	-		$	92,045,823
Short-Term Investments		-			3,488,875			-			3,488,875

Total Investments	$	89,409,461		$	6,125,237		$	-		$	95,534,698


Managed Volatility Fund
Asset Investments
Common Stock	$	151,267,518		$	-		$	-		$	151,267,518
Corporate Debt		-			-			-	+,**		-
Mutual Funds		8,989			-			-			8,989
Purchased Options		1,039,310			-			-			1,039,310
Short-Term Investments		-			6,278,177			-			6,278,177

Total Investments	$	152,315,817		$	6,278,177		$	-		$	158,593,994

Liability Derivatives
Written Options	$	(3,129,730	)	$	-		$	-		$	(3,129,730	)

194

Notes to Financial Statements (Continued)


	Level 1		Level 2			Level 3			Total
Mid Cap Growth Fund
Asset Investments
Common Stock	$	387,881,259	$	-		$	1,312,063		$	389,193,322
Preferred Stock		-		-			3,347,742			3,347,742
Mutual Funds		7,672,886		-			-			7,672,886
Short-Term Investments		12,025,868		16,035,413			-			28,061,281

Total Investments	$	407,580,013	$	16,035,413		$	4,659,805		$	428,275,231


Mid Cap Value Fund
Asset Investments
Common Stock	$	344,843,520	$	21,459,939	*	$	-		$	366,303,459
Mutual Funds		6,860,276		-			-			6,860,276
Short-Term Investments		-		13,258,394			-			13,258,394

Total Investments	$	351,703,796	$	34,718,333		$	-		$	386,422,129

Asset Derivatives
Forward Contracts	$	-	$	27,988		$	-		$	27,988

Liability Derivatives
Forward Contracts	$	-	$	(208,651	)	$	-		$	(208,651	)


Small Cap Growth Equity Fund
Asset Investments
Common Stock	$	159,750,710	$	-		$	212,836	**	$	159,963,546
Preferred Stock		-		-			377,612	**		377,612
Mutual Funds		5,995,764		-			-			5,995,764
Short-Term Investments		-		5,141,313			-			5,141,313

Total Investments	$	165,746,474	$	5,141,313		$	590,448		$	171,478,235


Small Company Value Fund
Asset Investments
Common Stock	$	83,406,953	$	-		$	-		$	83,406,953
Mutual Funds		1,649,486		-			-			1,649,486
Short-Term Investments		1,037		3,299,179			-			3,300,216

Total Investments	$	85,057,476	$	3,299,179		$	-		$	88,356,655


Total Return Bond Fund
Asset Investments
Bank Loans	$	-	$	669,921		$	-		$	669,921
Corporate Debt		-		128,789,541			-			128,789,541
Municipal Obligations		-		4,700,403			-			4,700,403
Non-U.S. Government Agency Obligations		-		59,674,929			-			59,674,929
Sovereign Debt Obligations		-		374,077			-			374,077
U.S. Government Agency Obligations and Instrumentalities		-		123,998,064			-			123,998,064
U.S. Treasury Obligations		-		67,220,927			-			67,220,927
Mutual Funds		1,042,865		-			-			1,042,865
Short-Term Investments		-		4,957,994			-			4,957,994

Total Investments	$	1,042,865	$	390,385,856		$	-		$	391,428,721

195

Notes to Financial Statements (Continued)


	Level 1			Level 2			Level 3		Total
Total Return Bond Fund (Continued)
Asset Derivatives
Futures Contracts	$	1,027,660		$	-		$	-	$	1,027,660
Swap Agreements		-			222,518			-		222,518

Total	$	1,027,660		$	222,518		$	-	$	1,250,178

Liability Derivatives
Futures Contracts	$	(26,496	)	$	-		$	-	$	(26,496	)
Swap Agreements		-			(203,114	)		-		(203,114	)

Total	$	(26,496	)	$	(203,114	)	$	-	$	(229,610	)

*	Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their applicable foreign markets, as applicable.

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2018 is not presented.

+	Represents a security at $0 value as of December 31, 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 December 31, 2018.

Statements of Assets and
Liabilities location:

Equity
Income
Fund

Equity
Index
Fund

Foreign
Fund

Global
Fund

Growth &
Income
Fund

Income &
Growth
Fund

Managed

Volatility
Fund

Mid
Cap
Growth
Fund

Small
Cap
Growth
Equity
Fund

Small
Company
Value
Fund

Small/
Mid
Cap
Value
Fund

Total
Return
Bond
Fund

Receivables from:

Collateral pledged for open swaps agreements

Payables for:

Investments purchased on a when-issued basis

Securities on loan

Due to custodian

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

196

Notes to Financial Statements (Continued)

Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:

Asset Valuation Inputs


	Investments in Securities
	Balance as of 12/31/17		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		(Sales)			Transfers into Level 3		Transfers (out) of Level 3		Balance as of 12/31/18		Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 12/31/18
Mid Cap Growth Fund
Common Stock	$	999,872	$	-	$	-	$	278,972	$	114,760	$	(81,541	)	$	-	$	-	$	1,312,063	$	316,556
Preferred Stock		3,369,013		-		-		259,739		317,633		(598,643	)		-		-		3,347,742		535,665

	$	4,368,885	$	-	$	-	$	538,711	$	432,393	$	(680,184	)	$	-	$	-	$	4,659,805	$	852,221

The Mid Cap Growth Fund fair values certain of its Level 3 investments using acquisition cost, although the transaction may not have occurred during the current reporting period. These investments are generally privately held investments, but may include defaulted securities and new debt issuances. There may not be a secondary market, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Valuation Committee. Valuations are reviewed utilizing available market information to determine if the carrying value should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment, also referred to as enterprise value (EV) to earnings before interest, taxes, depreciation, and amortization (EBITDA) ratios. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment, and the fact that comparable public companies are not identical to the investments being fair valued by the Mid Cap Growth Fund. All market variables are assessed on a regular frequency and calibrated as necessary.


Mid Cap Growth Fund	Fair Value Amount		Valuation Technique	Unobservable Input Description	Value/ Weighted Average Range
Common stock — $1,312,063
WeWork Companies, Inc., Class A	$	454,063	Market Approach	Market Transaction	$	51.81
Venture Global LNG, Inc. Series B		109,200	Market Approach	Market Transaction	$	5,200.00
Venture Global LNG, Inc. Series C		748,800	Market Approach	Market Transaction	$	5,200.00

Preferred stock — $3,347,742
Roofoods Ltd. Series F	$	976,516	Market Approach	Market Transaction	$	88.39
				EV to GP/Multiple		15.10x
				EV to GMV/Multiple		2.0x
				Discount for Lack of Marketability		10%
Slack Technologies, Inc. Series H		317,633	Market Approach	Market Transaction	$	11.91
WeWork Companies, Inc. Series D 1		1,150,027	Market Approach	Market Transaction	$	51.81
WeWork Companies, Inc. Series D 2		903,566	Market Approach	Market Transaction	$	51.81

Total	$	4,659,805

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

197

Notes to Financial Statements (Continued)

derivatives can be substantially greater than their original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives during the year ended December 31, 2018, the following table shows how the Fund used these types of derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).


Type of Derivative and Objective for Use	Equity Index Fund	International Equity Fund	Managed Volatility Fund	Mid Cap Value Fund	Total Return Bond Fund
Foreign Currency Exchange Transactions*
Hedging/Risk Management		A		A	A
Directional Exposures to Currencies					M

Futures Contracts**
Hedging/Risk Management					A
Duration/Credit Quality Management					A
Substitution for Direct Investment	A				M

Interest Rate Swaps***
Hedging/Risk Management					A
Duration Management					A

Options (Purchased)
Hedging/Risk Management			A

Options (Written)
Hedging/Risk Management			A
Income			A

*	Includes any options purchased or written, futures contracts, forward contracts, and swap agreements, if applicable.

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

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

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


	Equity Risk			Foreign Exchange Risk		Interest Rate Risk		Total
Equity Index Fund
Liability Derivatives
Futures Contracts^^	$	(580,870	)	$	-	$	-	$	(580,870	)

Realized Gain (Loss)#
Futures Contracts	$	(1,157,059	)	$	-	$	-	$	(1,157,059	)

Change in Appreciation (Depreciation)##
Futures Contracts	$	(700,199	)	$	-	$	-	$	(700,199	)


International Equity Fund
Asset Derivatives
Forward Contracts*	$	-		$	77,015	$	-	$	77,015

Realized Gain (Loss)#
Forward Contracts	$	-		$	140,330	$	-	$	140,330

198

Notes to Financial Statements (Continued)


	Equity Risk			Foreign Exchange Risk			Interest Rate Risk			Total
International Equity Fund (Continued)
Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	14,443		$	-		$	14,443


Managed Volatility Fund
Asset Derivatives
Purchased Options*,^^^	$	1,039,310		$	-		$	-		$	1,039,310

Liability Derivatives
Written Options^,^^^	$	(3,129,730	)	$	-		$	-		$	(3,129,730	)

Realized Gain (Loss)#
Purchased Options	$	1,898,643		$	-		$	-		$	1,898,643
Written Options		(4,156,580	)		-			-			(4,156,580	)

Total Realized Gain (Loss)	$	(2,257,937	)	$	-		$	-		$	(2,257,937	)

Change in Appreciation (Depreciation)##
Purchased Options	$	47,175		$	-		$	-		$	47,175
Written Options		1,102,504			-			-			1,102,504

Total Change in Appreciation (Depreciation)	$	1,149,679		$	-		$	-		$	1,149,679


Mid Cap Value Fund
Asset Derivatives
Forward Contracts*	$	-		$	27,988		$	-		$	27,988

Liability Derivatives
Forward Contracts^	$	-		$	(208,651	)	$	-		$	(208,651	)

Realized Gain (Loss)#
Forward Contracts	$	-		$	1,017,006		$	-		$	1,017,006

Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	68,071		$	-		$	68,071


Total Return Bond Fund
Asset Derivatives
Futures Contracts^^	$	-		$	-		$	1,027,660		$	1,027,660
Swap Agreements^^,^^^		-			-			222,518			222,518

Total Value	$	-		$	-		$	1,250,178		$	1,250,178

Liability Derivatives
Futures Contracts^^	$	-		$	-		$	(26,496	)	$	(26,496	)
Swap Agreements^^,^^^		-			-			(203,114	)		(203,114	)

Total Value	$	-		$	-		$	(229,610	)	$	(229,610	)

Realized Gain (Loss)#
Forward Contracts	$	-		$	(215,621	)	$	-		$	(215,621	)
Futures Contracts		-			-			(1,097,580	)		(1,097,580	)

Total Realized Gain (Loss)	$	-		$	(215,621	)	$	(1,097,580	)	$	(1,313,201	)

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Notes to Financial Statements (Continued)


	Equity Risk		Foreign Exchange Risk			Interest Rate Risk		Total
Total Return Bond Fund (Continued)
Change in Appreciation (Depreciation)##
Forward Contracts	$	-	$	(83,538	)	$	-	$	(83,538	)
Futures Contracts		-		-			1,093,556		1,093,556
Swap Agreements		-		-			19,404		19,404

Total Change in Appreciation (Depreciation)	$	-	$	(83,538	)	$	1,112,960	$	1,029,422

*	Statements of Assets and Liabilities location: Investments, at value, or 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 and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^	Represents exchange-traded purchased options, centrally cleared swaps, or exchange-traded written options, which are not subject to a master netting agreement.

#	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, swap agreements, or written options, as applicable.

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


	Number of Contracts, Notional Amounts, or Shares/Units†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Written Options
Equity Index Fund		80	$	-	$	-		-		-
International Equity Fund		-		3,538,506		-		-		-
Managed Volatility Fund		-		-		-		584		622
Mid Cap Value Fund		-		22,001,949		-		-		-
Total Return Bond Fund		577		8,883,527		29,595,000		-		-

†

Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and swap agreements, 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 year ended December 31, 2018.

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


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.	$	77,015	$	-		$	-	$	77,015

Mid Cap Value Fund
Bank of America N.A.	$	525	$	(525	)	$	-	$	-
Goldman Sachs & Co.		2,749		(2,749	)		-		-
Morgan Stanley & Co. LLC		24,714		(229	)		-		24,485

		$27,988	$	(3,503	)	$	-	$	24,485

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Notes to Financial Statements (Continued)

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


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Mid Cap Value Fund
Bank of America N.A.	$	(52,852	)	$	525	$	-	$	(52,327	)
Credit Suisse International		(21,528	)		-		-		(21,528	)
Goldman Sachs & Co.		(111,577	)		2,749		-		(108,828	)
JP Morgan Chase Bank N.A.		(22,465	)		-		-		(22,465	)
Morgan Stanley & Co. LLC		(229	)		229		-		-

		$(208,651)		$	3,503	$	-	$	(205,148	)

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

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

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

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

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

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

Foreign Currency Exchange Transactions

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

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

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

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference

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Notes to Financial Statements (Continued)

between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

Futures Contracts

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

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

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

Swap Agreements

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

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

202

Notes to Financial Statements (Continued)

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

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

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

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

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

Options, Rights, and Warrants

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

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

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

Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a

203

Notes to Financial Statements (Continued)

decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

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

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

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find 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

204

Notes to Financial Statements (Continued)

that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Inflation-Linked Securities

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

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

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

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

At December 31, 2018, the Funds had no unfunded loan commitments.

205

Notes to Financial Statements (Continued)

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.

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

206

Notes to Financial Statements (Continued)

Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At December 31, 2018, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement. For all Funds, all securities on loan are classified as common stock in the Fund’s Portfolio of Investments at December 31, 2018.

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


	Securities Lending Gross Income		Securities Lending Fees and Expenses		Securities Lending Net Income
Blue Chip Growth Fund	$	230	$	26	$	204
Equity Income Fund		701		102		599
Equity Index Fund		229		34		195
Foreign Fund		135,910		20,407		115,503
Global Fund		36,815		5,140		31,675
Growth & Income Fund		248		37		211
Income & Growth Fund		166		25		141
International Equity Fund		112,292		16,790		95,502
Managed Volatility Fund		4		1		3
Mid Cap Growth Fund		81,092		12,120		68,972
Mid Cap Value Fund		2,867		412		2,455
Small Cap Growth Equity Fund		147,924		21,983		125,941
Small Company Value Fund		27,058		4,032		23,026
Small/Mid Cap Value Fund		102		15		87
Total Return Bond Fund		766		114		652

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the form of stock are recorded as dividend income at market value. Withholding taxes on foreign interest, dividends, and capital gains

207

Notes to Financial Statements (Continued)

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

Foreign Currency Translation

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

Allocation of Operating Activity

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

Dividends and Distributions to Shareholders

208

Notes to Financial Statements (Continued)

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
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

209

Notes to Financial Statements (Continued)

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%

Distribution and Service Fees

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.

210

Notes to Financial Statements (Continued)

Effective October 1, 2018, MML Advisers has agreed to waive 0.04% of the advisory fee of the Foreign Fund through April 30, 2020.

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 year ended December 31, 2018, brokerage commissions rebated under these agreements were as follows:


	Rebated Commissions
Blue Chip Growth Fund	$	245
Equity Income Fund		136
Focused Equity Fund		14
Foreign Fund		1,024
Fundamental Growth Fund		30
Fundamental Value Fund		594
Global Fund		29
Income & Growth Fund		1,931
Large Cap Growth Fund		1,487
Managed Volatility Fund		477
Mid Cap Growth Fund		157
Small Cap Growth Equity Fund		1,712
Small Company Value Fund		221
Small/Mid Cap Value Fund		14,841

Deferred Compensation

Other

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

211

Notes to Financial Statements (Continued)

Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the year ended December 31, 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	$	-	$	108,295,942	$	-	$	143,928,018
Equity Income Fund		-		91,996,947		-		127,334,056
Equity Index Fund		-		24,704,493		-		83,402,914
Focused Equity Fund		-		39,912,565		-		48,250,578
Foreign Fund		-		62,090,897		-		92,508,715
Fundamental Growth Fund		-		68,905,176		-		101,028,353
Fundamental Value Fund		-		60,415,270		-		89,084,377
Global Fund		-		34,586,690		-		42,439,791
Growth & Income Fund		-		20,960,332		-		27,592,656
Income & Growth Fund		-		88,526,349		-		98,338,713
International Equity Fund		-		90,487,916		-		73,851,193
Large Cap Growth Fund		-		16,358,121		-		36,808,732
Managed Volatility Fund		-		8,687,798		-		30,855,281
Mid Cap Growth Fund		-		112,600,430		-		166,298,249
Mid Cap Value Fund		-		260,464,229		-		297,503,400
Small Cap Growth Equity Fund		-		155,160,320		-		198,904,863
Small Company Value Fund		-		22,418,446		-		32,668,455
Small/Mid Cap Value Fund		-		82,203,672		-		100,442,492
Total Return Bond Fund		947,065,435		101,481,460		1,000,897,317		77,168,436

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


	Purchases		Sales
Mid Cap Growth Fund	$	-	$	8,023

Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:


	Year Ended December 31, 2018						Year Ended December 31, 2017

	Shares			Amount			Shares			Amount
Blue Chip Growth Fund Initial Class
Sold		2,464,836		$	41,097,524			1,482,018		$	24,146,807
Issued as reinvestment of dividends		3,092,597			52,821,553			1,602,785			25,612,496
Redeemed		(5,453,960	)		(99,386,541	)		(9,593,538	)		(152,418,641	)

Net increase (decrease)		103,473		$	(5,467,464	)		(6,508,735	)	$	(102,659,338	)

212

Notes to Financial Statements (Continued)


	Year Ended December 31, 2018						Year Ended December 31, 2017

	Shares			Amount			Shares			Amount
Blue Chip Growth Fund Service Class
Sold		1,887,622		$	32,739,994			1,095,342		$	17,544,966
Issued as reinvestment of dividends		1,191,730			19,580,121			371,785			5,770,103
Redeemed		(555,547	)		(9,584,052	)		(381,362	)		(6,024,188	)

Net increase (decrease)		2,523,805		$	42,736,063			1,085,765		$	17,290,881

Equity Income Fund Initial Class
Sold		3,644,888		$	42,637,761			3,849,143		$	47,033,271
Issued as reinvestment of dividends		4,160,678			48,263,863			3,262,598			37,160,987
Redeemed		(7,303,653	)		(88,411,458	)		(6,929,438	)		(83,889,962	)

Net increase (decrease)		501,913		$	2,490,166			182,303		$	304,296

Equity Income Fund Service Class
Sold		699,128		$	7,902,373			731,065		$	8,744,889
Issued as reinvestment of dividends		857,536			9,835,943			607,180			6,848,988
Redeemed		(930,971	)		(11,027,261	)		(1,018,878	)		(12,189,103	)

Net increase (decrease)		625,693		$	6,711,055			319,367		$	3,404,774

Equity Index Fund Class I
Sold		91,995		$	2,966,868			163,370		$	4,680,045
Issued as reinvestment of dividends		98,430			3,197,012			82,082			2,327,832
Redeemed		(479,758	)		(15,243,014	)		(605,423	)		(17,349,535	)

Net increase (decrease)		(289,333	)	$	(9,079,134	)		(359,971	)	$	(10,341,658	)

Equity Index Fund Class II
Sold		361,961		$	11,272,722			824,627		$	23,653,381
Issued as reinvestment of dividends		283,559			9,207,167			261,548			7,414,887
Redeemed		(982,582	)		(31,137,585	)		(1,678,018	)		(49,816,507	)

Net increase (decrease)		(337,062	)	$	(10,657,696	)		(591,843	)	$	(18,748,239	)

Equity Index Fund Class III
Sold		615,653		$	20,621,085			3,464,358		$	95,343,796
Issued as reinvestment of dividends		720,026			23,328,843			569,794			16,125,159
Redeemed		(1,580,294	)		(51,246,919	)		(378,540	)		(10,791,850	)

Net increase (decrease)		(244,615	)	$	(7,296,991	)		3,655,612		$	100,677,105

Equity Index Fund Service Class I
Sold		74,399		$	2,163,647			131,430		$	3,644,032
Issued as reinvestment of dividends		74,604			2,351,504			59,572			1,642,992
Redeemed		(267,117	)		(8,195,819	)		(206,249	)		(5,751,108	)

Net increase (decrease)		(118,114	)	$	(3,680,668	)		(15,247	)	$	(464,084	)

Focused Equity Fund Class II
Sold		2,662,739		$	21,522,181			693,604		$	9,238,953
Issued as reinvestment of dividends		5,355,691			30,902,335			1,059,132			12,328,298
Redeemed		(3,486,605	)		(31,677,720	)		(7,000,220	)		(97,590,007	)

Net increase (decrease)		4,531,825		$	20,746,796			(5,247,484	)	$	(76,022,756	)

Focused Equity Fund Service Class I
Sold		376,431		$	3,091,551			256,583		$	3,422,281
Issued as reinvestment of dividends		1,215,818			6,784,266			165,480			1,901,369
Redeemed		(257,087	)		(2,172,837	)		(145,844	)		(1,921,956	)

Net increase (decrease)		1,335,162		$	7,702,980			276,219		$	3,401,694

213

Notes to Financial Statements (Continued)


	Year Ended December 31, 2018						Year Ended December 31, 2017

	Shares			Amount			Shares			Amount
Foreign Fund Initial Class
Sold		3,243,058		$	34,018,741			1,762,962		$	18,142,876
Issued as reinvestment of dividends		713,437			7,662,312			745,421			7,849,280
Redeemed		(6,201,582	)		(68,110,318	)		(5,448,887	)		(57,208,508	)

Net increase (decrease)		(2,245,087	)	$	(26,429,265	)		(2,940,504	)	$	(31,216,352	)

Foreign Fund Service Class
Sold		116,294		$	1,204,281			90,005		$	941,821
Issued as reinvestment of dividends		20,065			214,292			19,155			200,743
Redeemed		(149,688	)		(1,604,937	)		(172,623	)		(1,780,182	)

Net increase (decrease)		(13,329	)	$	(186,364	)		(63,463	)	$	(637,618	)

Fundamental Growth Fund Class II
Sold		1,949,758		$	21,593,805			888,782		$	11,185,241
Issued as reinvestment of dividends		2,708,246			29,655,294			1,255,552			14,966,176
Redeemed		(4,370,488	)		(55,762,299	)		(7,277,808	)		(91,652,950	)

Net increase (decrease)		287,516		$	(4,513,200	)		(5,133,474	)	$	(65,501,533	)

Fundamental Growth Fund Service Class I
Sold		458,941		$	5,393,912			190,964		$	2,374,345
Issued as reinvestment of dividends		270,393			2,890,500			55,847			655,646
Redeemed		(131,913	)		(1,611,718	)		(84,626	)		(1,049,814	)

Net increase (decrease)		597,421		$	6,672,694			162,185		$	1,980,177

Fundamental Value Fund Class II
Sold		1,036,350		$	15,435,084			1,918,050		$	29,257,704
Issued as reinvestment of dividends		1,508,659			21,649,257			1,375,035			19,195,489
Redeemed		(3,583,028	)		(53,723,159	)		(3,827,642	)		(57,877,792	)

Net increase (decrease)		(1,038,019	)	$	(16,638,818	)		(534,557	)	$	(9,424,599	)

Fundamental Value Fund Service Class I
Sold		250,690		$	3,680,455			253,529		$	3,788,789
Issued as reinvestment of dividends		112,320			1,585,954			74,792			1,029,891
Redeemed		(140,737	)		(2,035,818	)		(98,918	)		(1,472,469	)

Net increase (decrease)		222,273		$	3,230,591			229,403		$	3,346,211

Global Fund Class I
Sold		2,554,449		$	31,314,905			833,525		$	10,585,260
Issued as reinvestment of dividends		2,338,747			27,480,281			1,488,421			18,143,851
Redeemed		(3,185,325	)		(39,543,208	)		(5,421,433	)		(69,165,187	)

Net increase (decrease)		1,707,871		$	19,251,978			(3,099,487	)	$	(40,436,076	)

Global Fund Class II
Sold		39,560		$	504,041			62,632		$	805,960
Issued as reinvestment of dividends		189,873			2,282,278			122,384			1,521,236
Redeemed		(162,413	)		(2,040,592	)		(166,722	)		(2,152,159	)

Net increase (decrease)		67,020		$	745,727			18,294		$	175,037

Global Fund Service Class I
Sold		207,223		$	2,493,252			260,118		$	3,245,449
Issued as reinvestment of dividends		181,734			2,109,930			109,960			1,327,217
Redeemed		(245,364	)		(3,007,449	)		(191,283	)		(2,413,327	)

Net increase (decrease)		143,593		$	1,595,733			178,795		$	2,159,339

214

Notes to Financial Statements (Continued)


	Year Ended December 31, 2018						Year Ended December 31, 2017

	Shares			Amount			Shares			Amount
Growth & Income Fund Initial Class
Sold		119,769		$	2,132,714			110,768		$	1,745,482
Issued as reinvestment of dividends		49,276			922,933			62,181			991,174
Redeemed		(918,605	)		(16,393,730	)		(992,201	)		(15,717,324	)

Net increase (decrease)		(749,560	)	$	(13,338,083	)		(819,252	)	$	(12,980,668	)

Growth & Income Fund Service Class
Sold		578,617		$	10,270,519			350,699		$	5,565,536
Issued as reinvestment of dividends		13,045			242,772			13,124			208,011
Redeemed		(279,656	)		(4,937,473	)		(236,528	)		(3,717,864	)

Net increase (decrease)		312,006		$	5,575,818			127,295		$	2,055,683

Income & Growth Fund Initial Class
Sold		3,358,694		$	36,563,702			2,996,060		$	37,011,365
Issued as reinvestment of dividends		6,882,783			68,070,720			2,060,354			23,838,298
Redeemed		(4,660,765	)		(54,495,441	)		(4,058,420	)		(49,836,927	)

Net increase (decrease)		5,580,712		$	50,138,981			997,994		$	11,012,736

Income & Growth Fund Service Class
Sold		457,539		$	5,136,040			515,103		$	6,259,724
Issued as reinvestment of dividends		718,834			7,008,633			176,094			2,016,278
Redeemed		(454,154	)		(5,067,384	)		(246,629	)		(3,004,383	)

Net increase (decrease)		722,219		$	7,077,289			444,568		$	5,271,619

International Equity Fund Class II
Sold		3,756,873		$	38,252,215			1,771,196		$	18,597,206
Issued as reinvestment of dividends		373,555			4,053,077			257,885			2,875,413
Redeemed		(2,418,348	)		(27,520,770	)		(2,550,772	)		(27,570,069	)

Net increase (decrease)		1,712,080		$	14,784,522			(521,691	)	$	(6,097,450	)

International Equity Fund Service Class I
Sold		250,373		$	2,770,944			270,277		$	3,012,126
Issued as reinvestment of dividends		10,810			116,423			3,389			37,585
Redeemed		(57,918	)		(625,081	)		(52,072	)		(569,919	)

Net increase (decrease)		203,265		$	2,262,286			221,594		$	2,479,792

Large Cap Growth Fund Initial Class
Sold		2,298,401		$	24,058,167			1,190,878		$	13,387,491
Issued as reinvestment of dividends		643,854			7,127,458			2,690,216			26,552,428
Redeemed		(4,357,531	)		(47,416,397	)		(3,585,531	)		(40,547,280	)

Net increase (decrease)		(1,415,276	)	$	(16,230,772	)		295,563		$	(607,361	)

Large Cap Growth Fund Service Class
Sold		446,254		$	4,710,446			297,962		$	3,268,288
Issued as reinvestment of dividends		77,140			826,941			148,534			1,424,445
Redeemed		(116,132	)		(1,228,847	)		(68,908	)		(774,644	)

Net increase (decrease)		407,262		$	4,308,540			377,588		$	3,918,089

Managed Volatility Fund Initial Class
Sold		492,848		$	6,197,396			762,233		$	9,288,168
Issued as reinvestment of dividends		133,484			1,709,123			156,715			1,918,611
Redeemed		(2,333,988	)		(29,063,105	)		(1,899,774	)		(23,230,356	)

Net increase (decrease)		(1,707,656	)	$	(21,156,586	)		(980,826	)	$	(12,023,577	)

215

Notes to Financial Statements (Continued)


	Year Ended December 31, 2018						Year Ended December 31, 2017

	Shares			Amount			Shares			Amount
Managed Volatility Fund Service Class
Sold		202,575		$	2,518,645			177,787		$	2,144,134
Issued as reinvestment of dividends		24,099			306,248			28,640			348,002
Redeemed		(461,486	)		(5,753,477	)		(314,656	)		(3,811,277	)

Net increase (decrease)		(234,812	)	$	(2,928,584	)		(108,229	)	$	(1,319,141	)

Mid Cap Growth Fund Initial Class
Sold		1,138,114		$	18,294,113			760,551		$	12,007,734
Issued as reinvestment of dividends		2,925,630			47,102,641			2,376,921			35,796,423
Redeemed		(4,110,331	)		(67,894,871	)		(4,076,355	)		(64,561,145	)

Net increase (decrease)		(46,587	)	$	(2,498,117	)		(938,883	)	$	(16,756,988	)

Mid Cap Growth Fund Service Class
Sold		844,382		$	13,330,015			755,731		$	11,621,005
Issued as reinvestment of dividends		825,741			12,765,952			570,124			8,306,713
Redeemed		(841,191	)		(13,264,688	)		(607,819	)		(9,311,286	)

Net increase (decrease)		828,932		$	12,831,279			718,036		$	10,616,432

Mid Cap Value Fund Initial Class
Sold		2,443,831		$	26,255,117			2,068,226		$	24,969,955
Issued as reinvestment of dividends		4,297,558			48,304,550			2,905,116			32,246,793
Redeemed		(6,127,501	)		(71,122,235	)		(5,576,341	)		(66,885,066	)

Net increase (decrease)		613,888		$	3,437,432			(602,999	)	$	(9,668,318	)

Mid Cap Value Fund Service Class
Sold		648,931		$	7,119,700			735,449		$	8,724,071
Issued as reinvestment of dividends		534,477			5,905,971			323,174			3,535,518
Redeemed		(630,619	)		(7,122,019	)		(695,980	)		(8,219,741	)

Net increase (decrease)		552,789		$	5,903,652			362,643		$	4,039,848

Small Cap Growth Equity Fund Initial Class
Sold		1,193,475		$	16,874,435			560,830		$	7,816,100
Issued as reinvestment of dividends		1,248,350			20,293,872			551,546			7,444,016
Redeemed		(3,841,118	)		(59,693,280	)		(2,933,480	)		(40,644,101	)

Net increase (decrease)		(1,399,293	)	$	(22,524,973	)		(1,821,104	)	$	(25,383,985	)

Small Cap Growth Equity Fund Service Class
Sold		493,662		$	7,292,510			191,887		$	2,559,433
Issued as reinvestment of dividends		154,642			2,377,009			45,989			591,748
Redeemed		(186,179	)		(2,690,123	)		(175,615	)		(2,332,903	)

Net increase (decrease)		462,125		$	6,979,396			62,261		$	818,278

Small Company Value Fund Class II
Sold		311,558		$	5,228,843			245,227		$	4,150,868
Issued as reinvestment of dividends		294,350			5,157,012			673,465			10,256,867
Redeemed		(1,053,838	)		(17,716,346	)		(787,220	)		(13,327,607	)

Net increase (decrease)		(447,930	)	$	(7,330,491	)		131,472		$	1,080,128

Small Company Value Fund Service Class I
Sold		339,490		$	5,463,333			384,126		$	6,338,052
Issued as reinvestment of dividends		82,700			1,405,903			144,351			2,139,278
Redeemed		(201,731	)		(3,241,623	)		(189,368	)		(3,143,340	)

Net increase (decrease)		220,459		$	3,627,613			339,109		$	5,333,990

216

Notes to Financial Statements (Continued)


	Year Ended December 31, 2018						Year Ended December 31, 2017

	Shares			Amount			Shares			Amount
Small/Mid Cap Value Fund Initial Class
Sold		1,709,758		$	21,459,255			932,151		$	12,499,876
Issued as reinvestment of dividends		1,642,960			21,802,071			1,069,048			13,127,909
Redeemed		(2,953,473	)		(40,187,875	)		(2,994,947	)		(39,996,244	)

Net increase (decrease)		399,245		$	3,073,451			(993,748	)	$	(14,368,459	)

Small/Mid Cap Value Fund Service Class
Sold		288,847		$	3,713,859			269,021		$	3,566,299
Issued as reinvestment of dividends		190,987			2,507,665			106,304			1,293,719
Redeemed		(267,604	)		(3,553,391	)		(250,665	)		(3,318,248	)

Net increase (decrease)		212,230		$	2,668,133			124,660		$	1,541,770

Total Return Bond Fund Class II
Sold		4,313,580		$	44,049,434			5,523,539		$	57,254,481
Issued as reinvestment of dividends		720,882			7,259,284			800,791			8,304,200
Redeemed		(9,622,499	)		(97,319,609	)		(5,236,172	)		(54,333,433	)

Net increase (decrease)		(4,588,037	)	$	(46,010,891	)		1,088,158		$	11,225,248

Total Return Bond Fund Service Class I
Sold		675,219		$	6,781,521			573,867		$	5,906,177
Issued as reinvestment of dividends		41,780			416,963			36,247			372,986
Redeemed		(306,990	)		(3,080,609	)		(356,440	)		(3,664,268	)

Net increase (decrease)		410,009		$	4,117,875			253,674		$	2,614,895

Federal Income Tax Information


	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Blue Chip Growth Fund	$	242,685,658	$	123,973,326	$	(7,663,832	)	$	116,309,494
Equity Income Fund		407,116,018		67,729,449		(41,626,846	)		26,102,603
Equity Index Fund		435,824,683		230,710,954		(23,511,730	)		207,199,224
Focused Equity Fund		58,870,943		2,959,191		(1,967,637	)		991,554
Foreign Fund		316,411,718		26,101,828		(39,001,349	)		(12,899,521	)
Fundamental Growth Fund		92,749,291		11,920,214		(3,369,231	)		8,550,983
Fundamental Value Fund		167,103,762		28,571,188		(13,927,526	)		14,643,662
Global Fund		193,529,655		31,404,022		(15,675,174	)		15,728,848
Growth & Income Fund		94,815,716		38,283,216		(6,422,623	)		31,860,593
Income & Growth Fund		291,202,153		15,756,081		(40,519,165	)		(24,763,084	)
International Equity Fund		193,345,598		2,348,622		(35,189,547	)		(32,840,925	)
Large Cap Growth Fund		77,180,338		20,983,075		(2,628,715	)		18,354,360
Managed Volatility Fund		125,304,952		44,792,420		(11,580,723	)		33,211,697
Mid Cap Growth Fund		356,873,838		96,956,642		(25,555,249	)		71,401,393
Mid Cap Value Fund		431,362,115		17,991,047		(62,931,033	)		(44,939,986	)
Small Cap Growth Equity Fund		171,907,106		18,070,178		(18,499,049	)		(428,871	)
Small Company Value Fund		80,869,736		17,466,827		(9,979,908	)		7,486,919
Small/Mid Cap Value Fund		189,249,788		15,901,168		(26,960,000	)		(11,058,832	)
Total Return Bond Fund		397,094,615		5,337,467		(10,002,197	)		(4,664,730	)

217

Notes to Financial Statements (Continued)

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


	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Managed Volatility Fund	$	5,688,779	$	-
Total Return Bond Fund		6,931,323		2,687,567

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

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


	Ordinary Income		Long Term Capital Gain
Blue Chip Growth Fund	$	2,762,920	$	69,638,754
Equity Income Fund		10,466,886		47,632,920
Equity Index Fund		13,482,441		24,602,086
Focused Equity Fund		11,225,249		26,461,352
Foreign Fund		7,876,604		-
Fundamental Growth Fund		3,230,141		29,315,653
Fundamental Value Fund		4,334,895		18,900,316
Global Fund		3,159,128		28,713,361
Growth & Income Fund		1,165,705		-
Income & Growth Fund		11,954,498		63,124,855
International Equity Fund		2,955,099		1,214,401
Large Cap Growth Fund		2,955,815		4,998,584
Managed Volatility Fund		2,015,371		-
Mid Cap Growth Fund		2,899,486		56,969,107
Mid Cap Value Fund		12,507,747		41,702,774
Small Cap Growth Equity Fund		8,093,369		14,577,512
Small Company Value Fund		444,790		6,118,125
Small/Mid Cap Value Fund		1,752,551		22,557,185
Total Return Bond Fund		7,676,247		-

218

Notes to Financial Statements (Continued)

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


	Ordinary Income		Long Term Capital Gain
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, 2018:


	Amount
Foreign Fund	$	610,400
Global Fund		209,422
International Equity Fund		412,337

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

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


	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)		Other Temporary Differences		Unrealized Appreciation (Depreciation)
Blue Chip Growth Fund	$	-	$	52,442,781	$	(59,459)	$	116,309,494
Equity Income Fund		11,270,345		40,923,546		(87,701)		26,103,385
Equity Index Fund		16,182,916		46,915,165		(114,462)		207,199,224
Focused Equity Fund		2,443,895		4,583,485		(16,041)		991,476
Foreign Fund		5,562,645		4,636,330		(63,330)		(12,993,881)
Fundamental Growth Fund		800,702		21,185,964		(22,385)		8,550,983
Fundamental Value Fund		5,992,279		19,375,050		(30,162)		14,642,888

219

Notes to Financial Statements (Continued)


	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)		Other Temporary Differences		Unrealized Appreciation (Depreciation)
Global Fund	$	2,940,576	$	13,188,882	$	(30,088)	$	15,722,524
Growth & Income Fund		1,443,154		12,954,715		(29,425)		31,860,594
Income & Growth Fund		7,814,137		8,012,333		(39,497)		(24,763,101)
International Equity Fund		4,167,639		10,979,227		(16,538)		(32,886,807)
Large Cap Growth Fund		571,996		12,609,401		(25,841)		18,354,360
Managed Volatility Fund		2,468,628		(5,688,779)		(48,736)		33,689,950
Mid Cap Growth Fund		4,508,508		61,457,198		(69,458)		71,401,478
Mid Cap Value Fund		11,246,040		38,140,933		(80,333)		(44,941,227)
Small Cap Growth Equity Fund		4,374,913		29,548,359		(48,600)		(428,871)
Small Company Value Fund		403,171		13,644,620		(15,637)		7,486,919
Small/Mid Cap Value Fund		2,996,229		21,734,450		(38,517)		(11,058,832)
Total Return Bond Fund		11,302,033		(9,618,890)		(52,435)		(4,645,326)

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


	Paid-in Capital			Accumulated Net Realized Gain (Loss) on Investments			Undistributed Net Investment Income (Loss)
Blue Chip Growth Fund	$	(317,578	)	$	(214	)	$	317,792
Equity Income Fund		(19,602	)		396,393			(376,791	)
Equity Index Fund		919			(3,239,686	)		3,238,767
Focused Equity Fund		137			679			(816	)
Foreign Fund		519			(846,976	)		846,457
Fundamental Growth Fund		185			81,770			(81,955	)
Fundamental Value Fund		237			209,894			(210,131	)
Global Fund		234			23,066			(23,300	)
Growth & Income Fund		74,317			(21,656	)		(52,661	)
Income & Growth Fund		309			89,747			(90,056	)
International Equity Fund		114			(48,467	)		48,353
Large Cap Growth Fund		217			3			(220	)
Managed Volatility Fund		417			(747,065	)		746,648
Mid Cap Growth Fund		554			(28,796	)		28,242
Mid Cap Value Fund		(419	)		(438,868	)		439,287
Small Cap Growth Equity Fund		408			(407,389	)		406,981
Small Company Value Fund		123			15,566			(15,689	)
Small/Mid Cap Value Fund		314			-			(314	)
Total Return Bond Fund		407			(984,942	)		984,535

220

Notes to Financial Statements (Continued)

Indemnifications

New Accounting Pronouncements

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

In August 2018, FASB issued Accounting Standards Update 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments modify fair value measurement disclosures and are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management is currently evaluating the implication, if any, of these changes and its impact on the Funds’ financial statements.

Legal Proceedings

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

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

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

221

Notes to Financial Statements (Continued)

Massachusetts and one in the United States District Court for the District of Connecticut. The Plaintiffs also seek to recover payments of the Proceeds. On December 20, 2011, this action was transferred to the Southern District of New York for consolidated pretrial proceedings.

The 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 Trustee 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.

10.

Subsequent Events

In preparation of these financial statements, management has evaluated the events and transactions subsequent to December 31, 2018, through the date when the financial statements were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Funds’ financial statements other than those disclosed below.

Effective February 5, 2019, Boston Partners Global Investors, Inc. replaced Wellington Management Company LLP as subadviser to the Fundamental Value Fund.

222

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of MML Series Investment Fund and Shareholders of MML Blue Chip Growth Fund, MML Equity Income Fund, MML Equity Index Fund, MML Focused Equity Fund, MML Foreign Fund, MML Fundamental Growth Fund, MML Fundamental Value Fund, MML Global Fund, MML Growth & Income Fund, MML Income & Growth Fund, MML International Equity Fund, MML Large Cap Growth Fund, MML Managed Volatility Fund, MML Mid Cap Growth Fund, MML Mid Cap Value Fund, MML Small Cap Growth Equity Fund, MML Small Company Value Fund, MML Small/Mid Cap Value Fund, and MML Total Return Bond Fund (collectively, the “Funds,” certain of the funds constituting MML Series Investment Fund):

Opinion on the Financial Statements and Financial Highlights

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



Individual Funds		Financial Highlights

MML Blue Chip Growth Fund, MML Equity Income Fund, MML Equity Index Fund, MML Focused Equity Fund, MML Foreign Fund, MML Fundamental Growth Fund, MML Fundamental Value Fund, MML Global Fund, MML Growth & Income Fund, MML Income & Growth Fund, MML Large Cap Growth Fund, MML Managed Volatility Fund, MML Mid Cap Growth Fund, MML Mid Cap Value Fund, MML Small Cap Growth Equity Fund, MML Small Company Value Fund, MML Small/Mid Cap Value Fund, and MML Total Return Bond Fund		For the years ended December 31, 2018, 2017, 2016, 2015, and 2014

MML International Equity Fund		For the years ended December 31, 2018, 2017, 2016, 2015 and the period from January 7, 2014 (commencement of operations) through December 31, 2014

Basis for Opinion

223

Report of Independent Registered Public Accounting Firm (Continued)

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

Deloitte & Touche LLP

Boston, Massachusetts

February 22, 2019

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

224

Trustees and Officers (Unaudited)

Disinterested Trustees


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Allan W. Blair Age: 70	Trustee	Since 2003	Retired; President and Chief Executive Officer (1996-2014), Economic Development Council of Western Massachusetts (non-profit development company); President and Chief Executive Officer (1984-2014), Westover Metropolitan Development Corporation (quasi-public development company).	111	Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Nabil N. El-Hage Age: 60	Trustee	Since 2012	Founder and CEO (since 2018), AEE International LLC (a Puerto Rico LLC); Founder and sole member (2016-2018), PR Academy of Executive Education LLC (a Puerto Rico LLC); Chairman (2011-2016), Academy of Executive Education, LLC (a Massachusetts LLC).	111	Director (2011-2015), Argo Group International Holdings, Ltd. (underwriter of specialty insurance and reinsurance products); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2005), Chairman (2006-2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company).

Maria D. Furman Age: 64	Trustee	Since 2012	Retired.	111	Trustee (since 2011), GMO Series Trust (open-end investment company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).

R. Alan Hunter, Jr. Age: 72	Chairperson Trustee	Since 2016 Since 2003	Retired.	111	Director (2007-2018), Actuant Corporation (diversified industrial company); Chairperson (since 2016), Trustee (since 2003), MassMutual Select Funds (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

225

Trustees and Officers (Unaudited) (Continued)


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

Susan B. Sweeney Age: 66	Trustee	Since 2009	Retired; Senior Vice President and Chief Investment Officer (2010-2014), Selective Insurance Group (property and casualty company).	113^	Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Trustee (since 2009), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Interested Trustees


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Teresa Hassara^^ Age: 56	Trustee	Since 2017	Head of Workplace Solutions (since 2017), MassMutual; President of Institutional Retirement (2009-2016), TIAA-CREF.	111	Director (since 2017), MML Advisers; Trustee (since 2017), MassMutual Select Funds (open-end investment company); Trustee (since 2017), MML Series Investment Fund II (open-end investment company); Trustee (since 2017), MassMutual Premier Funds (open-end investment company).

Robert E. Joyal^^^ Age: 73	Trustee	Since 2003	Retired.	113^	Director (since 2018), Jeffries Financial Group Inc. (holding company); Director (2013-2018), Leucadia National Corporation (holding company); Director (2012-2017), Ormat Technology, Inc. (provider of alternative energy technology); Director (2006-2014), Jefferies Group LLC (investment bank); Trustee (since 2003), Barings Corporate Investors (closed-end investment company); Trustee (since 2003), Barings Participation Investors (closed-end investment company); Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

226

Trustees and Officers (Unaudited) (Continued)

Principal Officers who are Not Trustees


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Joseph Fallon Age: 43	Vice President Assistant Vice President	Since 2017 2015- 2017	Investment Director (since 2014), MML Advisers; Head of Investment Consulting (since 2018), Head of Investment Consulting & Strategy (2017-2018), Investment Director (2006-2017), MassMutual; Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Select Funds (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MML Series Investment Fund II (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Premier Funds (open-end investment company).	111

Andrew M. Goldberg Age: 52	Vice President, Secretary, and Chief Legal Officer Assistant Secretary	Since 2008 2001- 2008	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2004-2018), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company).	111

Renee Hitchcock Age: 48	Chief Financial Officer and Treasurer Assistant Treasurer	Since 2016 2007- 2016	Head of Mutual Fund Administration (since 2018), Assistant Vice President (2015-2018), Director (2007-2015), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Select Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund II (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company).	111

Jill Nareau Robert Age: 46	Vice President and Assistant Secretary Assistant Secretary	Since 2017 2008- 2017	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2009-2018), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MML Series Investment Fund II (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MassMutual Premier Funds (open-end investment company).	111

Douglas Steele Age: 43	Vice President	Since 2016	Vice President and Head of Investment Management (since 2017), Head of Investment Due Diligence (2016-2017), MML Advisers; Head of Investment Management (since 2017), Assistant Vice President (2013-2017), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund II (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	111

227

Trustees and Officers (Unaudited) (Continued)


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Philip S. Wellman Age: 54	Vice President and Chief Compliance Officer	Since 2007	Vice President and Chief Compliance Officer (since 2013), MML Advisers; Head of Mutual Funds and RIA Compliance (since 2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (2014-2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds and Investment Advisory) (2008-2014), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund II (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company).	111

Eric H. Wietsma Age: 52	Vice President	Since 2006	Vice President (since 2018), Director (since 2013), and President (2013-2018), MML Advisers; Head of Workplace Operations (since 2018), Senior Vice President (2010-2018), MassMutual; President (since 2008), Vice President (2006-2008), MassMutual Select Funds (open-end investment company); Vice President (since 2006), MML Series Investment Fund II (open-end investment company); President (since 2008) Vice President (2006-2008), MassMutual Premier Funds (open-end investment company).	111

Tina Wilson Age: 48	President Vice President	Since 2017 2016- 2017	President (since 2018), Head of Investments (since 2016), and Vice President (2016-2018), MML Advisers; Head of Investment Solutions Innovation, Product Management (since 2018), Senior Vice President (2014-2018), Vice President (2009-2014), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); President (since 2017), Vice President (2016-2017), MML Series Investment Fund II (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	111

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

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

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

^^^

228

Federal Tax Information (Unaudited)

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



	Dividends Received Deductions
Blue Chip Growth Fund		93.16%
Equity Income Fund		97.64%
Equity Index Fund		93.75%
Focused Equity Fund		19.87%
Fundamental Growth Fund		69.28%
Fundamental Value Fund		92.86%
Global Fund		47.40%
Growth & Income Fund		100.00%
Income & Growth Fund		46.17%
Large Cap Growth Fund		29.79%
Managed Volatility Fund		100.00%
Mid Cap Value Fund		73.70%
Small Cap Growth Equity Fund		11.04%
Small Company Value Fund		100.00%
Small/Mid Cap Value Fund		100.00%

For the year ended December 31, 2018, the following Fund(s) earned the following foreign sources of income:



	Amount
Foreign Fund	$	8,013,238
Global Fund		2,644,845
International Equity Fund		4,679,295

229

Other Information (Unaudited)

Proxy Voting

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

Quarterly Reporting

Trustees’ Approval of Investment Advisory Contracts

At their meeting in September 2018, 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”), reviewed and approved a proposal to make changes to the existing subadvisory agreement between MML Advisers and Templeton Investment Counsel, LLC (“Templeton”) for the Foreign Fund in order to lower the subadvisory fee. In arriving at their decision, the Trustees discussed the fees payable to Templeton on behalf of the Foreign Fund by MML Advisers and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers’ projected level of profitability due to the amended subadvisory agreement (the “September Amended Agreement”) was not excessive and the subadvisory fee amount under the September Amended Agreement was fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

Prior to the votes being taken to approve the September Amended Agreement, the Independent Trustees met separately in executive session to discuss the appropriateness of the contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The September Amended Agreement became effective on October 1, 2018.

At their meeting in December 2018, the Trustees, including the Independent Trustees, approved a new subadvisory agreement with Boston Partners Global Investors, Inc. (“Boston Partners”) for the Fundamental Value Fund (the “Fund” and the “New Subadvisory Agreement”). In preparation for the meeting, the Trustees requested, and MML Advisers provided in advance, certain materials relevant to the consideration of the New Subadvisory Agreement. In all of their deliberations, the Trustees were advised by independent counsel.

In reviewing the New Subadvisory Agreement, the Independent Trustees discussed with MML Advisers and considered a wide range of information about, among other things: (i) Boston Partners and its personnel with responsibilities for providing services to the Fund; (ii) the terms of the New Subadvisory Agreement; (iii) the scope and quality of services that Boston Partners will provide under the New Subadvisory Agreement; (iv) the historical investment performance track record of Boston Partners; and (v) the fees payable to Boston Partners by MML Advisers for the Fund, the effect of such fees on the profitability to MML Advisers, and the subadvisory fees paid to Boston Partners by other funds with similar investment objectives as the Fund.

Prior to the votes being taken to approve the New Subadvisory Agreement, the Independent Trustees met separately in executive session to discuss the appropriateness of the contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

230

Other Information (Unaudited) (Continued)

Based on the foregoing, the Trustees concluded that: (i) overall, they were satisfied with the nature, extent, and quality of services expected to be provided under the New Subadvisory Agreement; (ii) MML Advisers’ projected levels of profitability due to the New Subadvisory Agreement were not excessive and the subadvisory fee amount under the New Subadvisory Agreement is fair and reasonable; (iii) the investment processes, research capabilities, and philosophy of Boston Partners appear well suited to the Fund given its investment objective and policies; and (iv) the terms of the New Subadvisory Agreement are fair and reasonable with respect to the Fund and are in the best interests of the Fund’s shareholders. After carefully considering the information summarized above, the Trustees, including the Independent Trustees voting separately, unanimously voted to approve the New Subadvisory Agreement.

The New Subadvisory Agreement became effective on February 5, 2019.

Also at their meeting in December 2018, the Trustees, including the Independent Trustees, reviewed and approved a proposal to make changes to the existing subadvisory agreement between MML Advisers and T. Rowe Price Associates, Inc. (“T. Rowe Price”) for the Equity Income Fund in order to lower the subadvisory fee. In arriving at their decision, the Trustees discussed the fees payable to T. Rowe Price on behalf of the Equity Income Fund by MML Advisers and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers’ projected level of profitability due to the amended subadvisory agreement (the “December Amended Agreement”) was not excessive and the subadvisory fee amount under the December Amended Agreement was fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

Prior to the votes being taken to approve the December Amended Agreement, the Independent Trustees met separately in executive session to discuss the appropriateness of the contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The December Amended Agreement became effective on January 1, 2019.

231

Other Information (Unaudited) (Continued)

Fund Expenses December 31, 2018

Expense Examples:

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

Actual Expenses:

Hypothetical Example for Comparison Purposes:


	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Blue Chip Growth Fund
Initial Class	$	1,000		0.79	%	$	911.90	$	3.83	$	1,021.30	$	4.05
Service Class		1,000		1.04	%		911.00		5.04		1,020.10		5.32
Equity Income Fund
Initial Class		1,000		0.76	%		910.70		3.68		1,021.50		3.89
Service Class		1,000		1.01	%		909.20		4.89		1,020.20		5.17
Equity Index Fund
Class I		1,000		0.43	%		929.50		2.10		1,023.20		2.20
Class II		1,000		0.28	%		930.30		1.37		1,023.90		1.44
Class III		1,000		0.13	%		930.80		0.64		1,024.70		0.67
Service Class I		1,000		0.68	%		928.00		3.32		1,021.90		3.48
Focused Equity Fund
Class II		1,000		0.90	%		984.70		4.53		1,020.80		4.61
Service Class I		1,000		1.15	%		984.00		5.78		1,019.50		5.89
Foreign Fund
Initial Class		1,000		0.98	%		874.40		4.66		1,020.40		5.02
Service Class		1,000		1.23	%		874.10		5.84		1,019.10		6.29

232

Other Information (Unaudited) (Continued)


	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Fundamental Growth Fund
Class II	$	1,000		0.84	%	$	926.40	$	4.10	$	1,021.10	$	4.30
Service Class I		1,000		1.09	%		926.60		5.32		1,019.80		5.58
Fundamental Value Fund
Class II		1,000		0.79	%		907.70		3.82		1,021.30		4.05
Service Class I		1,000		1.04	%		906.90		5.03		1,020.10		5.32
Global Fund
Class I		1,000		0.83	%		922.40		4.04		1,021.10		4.25
Class II		1,000		0.83	%		922.30		4.04		1,021.10		4.25
Service Class I		1,000		1.08	%		920.90		5.26		1,019.90		5.53
Growth & Income Fund
Initial Class		1,000		0.57	%		935.10		2.80		1,022.50		2.92
Service Class		1,000		0.82	%		934.00		4.02		1,021.20		4.20
Income & Growth Fund
Initial Class		1,000		0.70	%		905.20		3.38		1,021.80		3.59
Service Class		1,000		0.95	%		904.30		4.58		1,020.50		4.86
International Equity Fund
Class II		1,000		1.00	%		824.10		4.62		1,020.30		5.12
Service Class I		1,000		1.25	%		823.10		5.78		1,019.00		6.40
Large Cap Growth Fund
Initial Class		1,000		0.72	%		944.70		3.55		1,021.70		3.69
Service Class		1,000		0.97	%		942.70		4.78		1,020.40		4.97
Managed Volatility Fund
Initial Class		1,000		1.04	%		957.00		5.16		1,020.10		5.32
Service Class		1,000		1.29	%		955.80		6.39		1,018.80		6.60
Mid Cap Growth Fund
Initial Class		1,000		0.81	%		932.20		3.97		1,021.20		4.15
Service Class		1,000		1.06	%		930.90		5.19		1,020.00		5.43
Mid Cap Value Fund
Initial Class		1,000		0.89	%		877.30		4.23		1,020.80		4.56
Service Class		1,000		1.14	%		875.70		5.42		1,019.60		5.83
Small Cap Growth Equity Fund
Initial Class		1,000		1.08	%		859.60		5.09		1,019.90		5.53
Service Class		1,000		1.33	%		858.50		6.26		1,018.60		6.80
Small Company Value Fund
Class II		1,000		0.97	%		840.80		4.53		1,020.40		4.97
Service Class I		1,000		1.23	%		839.00		5.73		1,019.10		6.29
Small/Mid Cap Value Fund
Initial Class		1,000		0.80	%		829.40		3.71		1,021.30		4.10
Service Class		1,000		1.05	%		828.50		4.87		1,020.00		5.38
Total Return Bond Fund
Class II		1,000		0.60	%		1,013.00		3.06		1,022.30		3.08
Service Class I		1,000		0.85	%		1,012.30		4.33		1,021.00		4.35

233

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, CT 06082-1981

LOGO

RS-45237-01

American Funds Insurance Series^®
Annual report for the year ended December 31, 2018

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

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, you may not receive paper copies of the fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a website, and the insurance company will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive paper copies of all future reports free of charge from the insurance company. You can inform the insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company. Your election to receive paper reports will apply to all investment options available under your contract.

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 funds’ returns 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

46		Global Growth Fund
48		Global Small Capitalization Fund
52		Growth Fund
55		International Fund
58		New World Fund^®
61		Blue Chip Income and Growth Fund
64		Global Growth and Income Fund
67		Growth-Income Fund
70		International Growth and Income Fund
73		Capital Income Builder^®
78		Asset Allocation Fund
84		Global Balanced Fund
90		Bond Fund
96		Global Bond Fund
103		High-Income Bond Fund
107		Mortgage Fund
111		Ultra-Short Bond Fund
112		U.S. Government/AAA-Rated Securities Fund
117		Managed Risk Growth Fund
119		Managed Risk International Fund
121		Managed Risk Blue Chip Income and Growth Fund
123		Managed Risk Growth-Income Fund
125		Managed Risk Asset Allocation Fund
126		Financial statements

Fellow investors:

Global equity markets, pressured by rising interest rates and a slowing global economy, fell on an annual basis for the first time since 2015, as measured by the 9.42% decline in the MSCI ACWI (All Country World Index).^1,2Tighter monetary policy, potentially peaking earnings and a brewing trade war involving the U.S., China and Europe reverberated around the world, halting one of the longest-running bull markets in history.

Despite strong corporate earnings and economic growth boosted by tax cuts early in the year, a decline of 4.50% was recorded by the MSCI USA Index.^1,3The nation’s GDP is estimated to have grown at an annualized 3.4% in the third quarter with the U.S. unemployment rate remaining at 3.7% in November, the lowest level in nearly 50 years. However, a series of trade-related issues between the U.S. and China that elevated geopolitical tensions, combined with political turmoil and high valuation in the U.S., contributed to a decline in the fourth quarter that wiped out the gains of the previous three quarters. Meanwhile, the Federal Reserve raised the benchmark federal funds rate to a range of 2.25% to 2.50%. The Fed continued on its path to reduce the size of its balance sheet and raised rates by a quarter percentage point four times over the past 12 months. This added to investor unease by the time they got to the fourth increase.

In Europe, worries over trade, delays in reaching a separation agreement between the U.K. and the European Union, and a general retreat in favor of U.S. equities hurt markets. The MSCI Europe Index¹fell 14.86% with Germany (-22.17%), Italy (-17.75%), France (-12.76%) and the U.K. (-14.15%) all registering double-digit losses. In an unexpected shift from the prior year, the European economy lurched to a near halt. Deteriorating trade relations also weighed on European stocks, given the region’s dependence on international trade. Adding to those concerns, the European Central Bank ended its bond-buying stimulus program in December, removing a degree of support for the economy. As business sentiment dropped, eurozone economic growth slowed to an annualized 0.6% in the third quarter, down from 2.3% at the end of 2017. Elsewhere among developed markets, Japanese equities declined 12.88% as the economy stumbled, contracting for the first time since 2015. Private consumption faltered and output declined, owing partly to natural disasters that hurt exports and tourism.

Emerging markets stocks also fell (the MSCI Emerging Markets Investable Market Index^1,4was down 15.05%), dragged down by China’s weakening economy, heightened U.S.-China trade frictions and a rally in the U.S. dollar. In China, selling intensified as the economy decelerated and its trade clash with the U.S. escalated. Chinese stocks (-18.74%) posted their worst annual return since 2011, as shares of their leading technology-related companies fell from lofty levels. Individual market economies

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

¹	Source: MSCI.
²	The MSCI ACWI is 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. Results reflect dividends net of withholding taxes.
³	The MSCI USA Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the U.S. portion of the world market. Results reflect dividends gross of withholding taxes.
⁴	MSCI Emerging Markets Investable Market Index (IMI) is a free float-adjusted market capitalization-weighted index that is designed to measure results of the large-, mid-, and small-capitalization segments of more than 20 emerging equity markets. Results reflect dividends net of withholding taxes.

American Funds Insurance Series

— Brazil and Turkey most notably — were impacted by idiosyncratic political and economic developments.

In bond markets, U.S. corporate investment-grade securities (rated BBB/ Baa and above) declined 2.51% (as measured by the Bloomberg Barclays U.S. Corporate Investment Grade Index^5,6), while U.S. high-yield corporate debt slipped 2.08% (as measured by the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index^5,7). More broadly, the Bloomberg Barclays Global Aggregate Index^5,8was down 1.20%, while the Bloomberg Barclays U.S. Aggregate Index^5,9was virtually unchanged at 0.01%. The 10-year Treasury yield, which stood at 2.40% on December 31, 2017, rose marginally to finish at 2.69%. The J.P. Morgan Emerging Markets Bond Index – Global¹⁰lost 4.61%.

In currency markets, the U.S. dollar rose against most currencies. The euro (-4.80%), British pound (-5.85%) and Canadian dollar (-8.26%) all experienced headwinds from a stronger U.S. dollar. Although most currencies slipped, the Japanese yen was a rare gainer, as it rose 2.68% against the dollar.

Looking ahead

All over the globe, economies appear to be slowing down and equity markets are exhibiting volatility. The current environment is rife with uncertainty, from trade-related disputes to geopolitical tensions to elevated debt levels. We will be following and analyzing each of these issues. But now that these uncertainties have been priced into markets, we can utilize these new lower valuations as we search for securities that are attractive on a longer-term basis. We’re careful by nature, and we know that after a period when everyone is very concerned, it is usually a good time to pick one’s head up and look around for bargains.

Our time-tested approach — based on extensive research, a long-term outlook and close attention to valuation — has served investors well over time. As always, we thank you for your continued support of our efforts and we look forward to reporting to you again in six months.

Sincerely,

Donald D. O’Neal

Co-President

Alan N. Berro

Co-President

February 12, 2019

⁵	Source: Bloomberg Index Services Ltd.
⁶	The Bloomberg Barclays U.S. Corporate Investment Grade Index represents the universe of investment grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.
⁷	The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.
⁸	The Bloomberg Barclays Global Aggregate Index represents the global investment-grade fixed income markets.
⁹	The Bloomberg Barclays U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market.
¹⁰	The J.P. Morgan Emerging Markets Bond Index – Global 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.

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 Managed Risk International Fund and Managed Risk Growth-Income Fund. The waivers and reimbursements will be in effect through at least May 1, 2020, 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^SMand 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^SMand 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^SMand 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^SMand 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

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 slipped 8.81% for the 12 months ended December 31, 2018, compared with a 9.42% decrease for the MSCI ACWI (All Country World Index),¹a 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, ended the year in negative territory hurt by slowing economic growth, increased volatility and higher interest rates in the U.S. While ongoing turmoil over the U.K.’s departure from the European Union weighed on European stocks, a combination of a stronger U.S. dollar and heightened U.S.-China trade frictions impacted emerging markets equities. Cyclical stocks posted the biggest losses, underscored by double-digit declines in the financials, industrials and materials sectors.

An eclectic mix of financials and consumer discretionary investments boosted the fund’s relative returns. Amazon reported strong third-quarter earnings that beat analyst estimates thanks to its cloud and advertising segments, and was the top contributor to the fund’s relative returns. Investments in information technology were the biggest drag on relative results led by AAC Technologies Holdings, Tencent and Facebook, losing ground as a broad selloff continued in the formerly high-flying sector.

On a geographic basis, stocks of companies domiciled in the U.S., Germany and India were additive to relative results, while stocks of companies based in the U.K., China and Brazil lagged.

Despite market volatility, 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	Percent of net assets
The Americas
United States		43.6	%
Other		1.2
		44.8

Europe
United Kingdom		6.8
Netherlands		5.0
France		4.4
Switzerland		3.8
Germany		1.8
Russian Federation		1.3
Sweden		1.1
Other		2.8
		27.0

Asia/Pacific Basin
China		4.7
Japan		4.4
Taiwan		4.3
Hong Kong		3.2
India		1.9
Other		2.4
		20.9

Other regions
South Africa		1.7

Short-term securities & other assets less liabilities		5.6

Total		100.0	%

Largest equity securities	Percent of net assets
Amazon		6.24	%
TSMC		3.82
Alphabet		3.54
ASML		3.32
Microsoft		2.92
Visa		2.74
Alibaba Group		2.32
AIA Group		2.26
Broadcom		2.25
Airbus Group		1.91


4	American Funds Insurance Series

Global Growth Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

										Lifetime			Expense
	1 year			5 years			10 years			(since April 30, 1997)			ratio

Class 1		–8.81	%		5.92	%		11.96	%		9.16	%		.55	%
Class 1A		–9.02			5.66			11.69			8.89			.80
Class 2		–9.04			5.65			11.69			8.89			.80
Class 4		–9.24			5.39			11.45			8.64			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, 2019 (unaudited). 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.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Global Small Capitalization Fund

Global Small Capitalization Fund declined 10.31% for the 12 months ended December 31, 2018. Its benchmark, the MSCI All Country World Small Cap Index,¹a free float-adjusted market capitalization-weighted index that is designed to measure equity market results of smaller capitalization companies in both developed and emerging markets, fell 14.39%.

Fund holdings in the health care sector, which includes investments across multiple sub-segments from biotechnology and pharmaceuticals to life sciences tools and services, aided returns. Evolent Health contributed to the fund’s results as the benefits of value-based care gained support. However, the fund’s investments in consumer discretionary stocks, such as Tele Columbus and Melco International Development, hurt results amid market volatility and weak economic data from the Eurozone and China.

While investments in U.S. companies were additive to relative returns, investments in companies domiciled in Hong Kong detracted.

The fund’s portfolio managers continue to seek investment opportunities in undervalued companies that have the potential to revolutionize industries and benefit shareholders. Innovation at smaller health care companies, for example, helps facilitate breakthroughs and the biotechnology industry is an area of interest due to continuous improvements in drug research methods and approval processes. The fund also currently invests in nearly 300 companies diversified across geographies. Political uncertainty in both the U.S. and U.K. leads to some concerns about business confidence in the short term. As always, we maintain our commitment to investing for the long term and believe our rigorous bottom-up research into each potential equity investment can help achieve this goal.

Country diversification	Percent of net assets
The Americas
United States		42.4	%
Brazil		1.5
Canada		1.2
Other		.7
		45.8

Asia/Pacific Basin
India		5.8
Japan		5.5
China		4.7
Hong Kong		2.6
Philippines		1.8
South Korea		1.2
Thailand		1.0
Taiwan		1.0
Other		1.1
		24.7

Europe
United Kingdom		7.3
Germany		2.2
Sweden		2.0
Switzerland		1.1
Italy		1.1
Other		4.9
		18.6

Short-term securities & other assets less liabilities		10.9

Total		100.0	%


Largest equity securities	Percent of net assets
GW Pharmaceuticals		2.19	%
Insulet		1.87
Kotak Mahindra Bank		1.54
Paycom		1.44
Allakos		1.27
Molina Healthcare		1.21
Five Below		1.18
International Container Terminal Services		1.17
iRhythm		1.17
Integra LifeSciences Holdings		1.14


6	American Funds Insurance Series

Global Small Capitalization Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

										Lifetime			Expense
	1 year			5 years			10 years			(since April 30, 1998)			ratio

Class 1		–10.31	%		3.57	%		11.32	%		8.73	%		.74	%
Class 1A		–10.56			3.32			11.04			8.46			.99
Class 2		–10.55			3.32			11.04			8.46			.99
Class 4		–10.80			3.06			10.77			8.19			1.24

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.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Growth Fund

Growth Fund marginally lost 0.01% for the 12 months ended December 31, 2018, compared with a 4.38% decline in its benchmark index, Standard & Poor’s 500 Composite Index,¹a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equities declined for the first calendar year since 2008. Concerns over trade conflicts, slowing global growth and high valuations contributed to persistent volatility. Energy and materials companies were further pressured by falling commodity prices. While growth-oriented stocks performed relatively better than defensive stocks, many companies experienced wild swings throughout the year.

Investments in the information technology and consumer discretionary sectors boosted the fund’s returns. Among the fund’s top contributors to returns (posting double-digit gains) was consumer discretionary company Amazon and information technology company ServiceNow. While Amazon reported strong third-quarter earnings that beat analyst estimates thanks to its cloud and advertising segments, ServiceNow benefited from increased demand for cloud services. Exposure to the energy sector detracted from fund results as oil prices plummeted on concerns of excess supply.

Although U.S. economic growth remained strong with GDP growing at an annualized pace of 3.4% in the third quarter, the fund’s portfolio managers are keeping a close watch on the impact of interest rate hikes on economic activity and the outlook for corporate profit growth in the U.S. 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 equity securities	Percent of net assets
Microsoft		4.53	%
Facebook		4.20
Broadcom		3.70
UnitedHealth Group		3.59
Amazon		3.40
Alphabet		3.05
Netflix		2.74
Tesla		2.57
Regeneron Pharmaceuticals		2.14
Intuitive Surgical		1.92


8	American Funds Insurance Series

Growth Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

										Lifetime			Expense
	1 year			5 years			10 years			(since February 8, 1984)			ratio

Class 1		–0.01	%		10.47	%		15.00	%		12.44	%		.34	%
Class 1A		–0.26			10.20			14.72			12.16			.59
Class 2		–0.25			10.19			14.72			12.16			.59
Class 3		–0.18			10.26			14.80			12.24			.52
Class 4		–0.50			9.92			14.45			11.89			.84

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.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

International Fund

International Fund declined 12.94% for the 12 months ended December 31, 2018. That compares to the 14.20% decline of its benchmark, the MSCI ACWI (All Country World Index) ex USA,¹a 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.).

In the fund, stocks in the financials sector generated the highest relative returns. Within the sector, HDFC Bank reported profit growth in the second quarter and AIA Group reported strong earnings for the first half of the year. On the flip side, investments in consumer staples companies were a drag on results. Within the sector, British American Tobacco hindered results amid pressure from competition and regulation.

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 companies that we believe represent the best value over the long term.

Country diversification	Percent of net assets
Asia/Pacific Basin
Japan		13.1	%
China		9.6
Hong Kong		7.3
India		7.0
South Korea		3.7
Philippines		1.1
Australia		1.0
Other		1.1
		43.9

Europe
United Kingdom		11.5
France		10.2
Switzerland		5.1
Germany		2.8
Spain		2.4
Netherlands		1.4
Ireland		1.1
Other		1.8
		36.3

The Americas
Canada		2.9
Brazil		2.0
United States		1.7
Mexico		.4
		7.0

Other regions
Israel		1.2
Other		.6
		1.8

Short-term securities & other assets less liabilities		11.0

Total		100.0	%

Largest equity securities	Percent of net assets
AIA Group		3.78	%
HDFC Bank		3.21
Airbus		3.12
Novartis		3.11
Tencent		2.22
Shire		2.17
Samsung Electronics		1.90
Pernod Ricard		1.69
Alibaba Group		1.68
Royal Dutch Shell		1.53


10	American Funds Insurance Series

International Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

										Lifetime			Expense
	1 year			5 years			10 years			(since May 1, 1990)			ratio

Class 1		–12.94	%		2.26	%		7.93	%		7.72	%		.53	%
Class 1A		–13.11			2.02			7.67			7.45			.78
Class 2		–13.13			2.01			7.65			7.45			.78
Class 3		–13.10			2.07			7.73			7.53			.71
Class 4		–13.41			1.75			7.41			7.19			1.03

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.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

New World Fund^®

New World Fund was down 13.83% for the 12 months ended December 31, 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), declined 9.42%. The MSCI Emerging Markets Index,¹a 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 14.58%.

Global stocks, as measured by the MSCI ACWI, ended the year in negative territory hurt by slowing economic growth, increased volatility and higher interest rates in the U.S. While ongoing turmoil over the U.K.’s departure from the European Union weighed on European stocks, a combination of a stronger U.S. dollar and heightened U.S.-China trade frictions impacted emerging markets equities. In emerging markets, Russia was impacted by U.S. sanctions, while Argentina suffered from a currency crisis as the peso collapsed more than 45% against the greenback.

Investments in the energy sector were beneficial to the fund. Reliance Industries rose led by strong earnings growth from its petrochemical business. The company also benefited from continued expansion and success of its telecommunications network Jio. Among detractors, investments in the financials sector hurt results with Grupo Financiero Galicia hindering returns, despite reporting a rise in second-quarter profits from the same period in 2017. Investments in tobacco companies such as British American Tobacco were also a drag on results due to concerns about nicotine regulation in the U.S., as well as competition from vaping and heat-not-burn products.

At this point in the market cycle and amid increased volatility, 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	Percent of net assets
Asia/Pacific Basin
India		13.0	%
China		10.3
Japan		4.8
Taiwan		3.1
Hong Kong		2.9
Other		3.3
		37.4

The Americas
United States		15.5
Brazil		9.1
Canada		1.3
Other		2.6
		28.5

Europe
United Kingdom		4.9
France		2.3
Russian Federation		2.1
Switzerland		2.1
Germany		1.3
Other		2.3
		15.0

Other regions
Other		2.0

Short-term securities & other assets less liabilities		17.1

Total		100.0	%

Largest equity securities	Percent of net assets
Reliance Industries		6.16	%
TSMC		2.89
HDFC Bank		2.71
Alphabet		2.21
AIA Group		1.79
Alibaba Group		1.76
PagSeguro Digital		1.75
Vale		1.74
British American Tobacco		1.62
B3		1.48


12	American Funds Insurance Series

New World Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

										Lifetime			Expense
	1 year			5 years			10 years			(since June 17, 1999)			ratio

Class 1		–13.83	%		1.14	%		7.87	%		7.51	%		.76	%
Class 1A		–14.02			0.89			7.61			7.24			1.01
Class 2		–14.04			0.89			7.61			7.24			1.01
Class 4		–14.25			0.63			7.35			6.98			1.26

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.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Blue Chip Income and Growth Fund

Blue Chip Income and Growth Fund lost 8.45% for the 12 months ended December 31, 2018, trailing its benchmark index, Standard & Poor’s 500 Composite Index,¹a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, which declined 4.38%.

Over the fiscal year, stock selection in the materials sector helped marginally boost relative returns, while positions in health care and industrials lagged, as did holdings among the less-cyclical consumer staples sector. In particular, tobacco companies were hurt by concerns about nicotine regulation in the U.S., as well as competition from vaping and heat-not-burn products. The fund was also disadvantaged by its lower holding of select, U.S. growth stocks.

The fund’s portfolio managers are keeping a close watch on the U.S. economy. Portfolio managers continue to favor more stable, high-dividend-paying companies that are likely to hold up better in weak markets, while providing consistent income and remain optimistic that our global research will help us identify attractive long-term investment opportunities.

Largest equity securities	Percent of net assets
AbbVie		7.70	%
Abbott Laboratories		5.19
Lowe’s		3.58
Amgen		3.43
Microsoft		3.30
Intel		3.22
EOG Resources		2.95
Gilead Sciences		2.93
Philip Morris International		2.78
QUALCOMM		2.72


14	American Funds Insurance Series

Blue Chip Income and Growth Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

										Lifetime			Expense
	1 year			5 years			10 years			(since July 5, 2001)			ratio

Class 1		–8.45	%		7.55	%		12.12	%		5.91	%		.41	%
Class 1A		–8.67			7.30			11.85			5.65			.66
Class 2		–8.66			7.28			11.86			5.64			.66
Class 4		–8.92			7.01			11.63			5.41			.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, 2019 (unaudited). 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.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Global Growth and Income Fund

Global Growth and Income Fund declined 9.36% for the 12 months ended December 31, 2018, compared with a 9.42% decrease in its benchmark index, MSCI ACWI (All Country World Index),¹a 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.

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 information technology – representing the fund’s largest sector holding – were a drag on relative results led by PagSeguro and AAC Technologies Holdings, losing ground as a broad selloff continued in the formerly high-flying sector.

With quantitative easing programs ending or set to end and slower economic growth in the U.S. and Europe, the fund’s portfolio managers remain cautiously optimistic about prospects for the global economy. 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	Percent of net assets
The Americas
United States		37.5	%
Brazil		6.0
Canada		1.5
Other		.2
		45.2

Europe
France		6.5
United Kingdom		5.8
Switzerland		3.7
Germany		2.6
Denmark		2.1
Netherlands		2.1
Spain		1.2
Italy		1.0
Other		1.6
		26.6

Asia/Pacific Basin
Japan		6.8
Taiwan		3.8
India		3.6
China		2.3
Hong Kong		1.6
Australia		1.3
Other		2.2
		21.6

Other regions
Israel		.5

Short-term securities & other assets less liabilities		6.1

Total		100.0	%

Largest equity securities	Percent of net assets
Nintendo		4.24	%
TSMC		3.85
UnitedHealth Group		3.74
Airbus Group		3.12
Reliance Industries		2.83
Vale		2.49
Microsoft		2.33
Nestlé		2.18
Alphabet		2.04
Broadcom		2.04

16	American Funds Insurance Series

Global Growth and Income Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since May 1, 2006)			Expense ratio

Class 1		–9.36	%		5.26	%		10.84	%		5.87	%		.63	%
Class 1A		–9.62			5.03			10.59			5.62			.88
Class 2		–9.63			4.97			10.56			5.60			.88
Class 4		–9.89			4.71			10.31			5.36			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, 2019 (unaudited). 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.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Growth-Income Fund

Growth-Income Fund lost 1.55% for the 12 months ended December 31, 2018. Standard & Poor’s 500 Composite Index,¹a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined 4.38%.

Regarding the fund, investments in the consumer discretionary sector contributed the most to the fund’s relative returns. Among consumer discretionary companies, Amazon reported strong third-quarter earnings that beat analyst estimates thanks to its cloud and advertising segments. On the downside, investments in the energy sector, such as EOG Resources and Schlumberger, detracted from the fund’s results as oil prices plummeted on concerns of a glut.

Largest equity holdings	Percent of net assets
Microsoft		3.30	%
Alphabet		2.32
AbbVie		2.25
Facebook		2.18
UnitedHealth Group		1.91
Amazon		1.76
Broadcom		1.69
JPMorgan Chase		1.63
Intel		1.56
Gilead Sciences		1.49

18	American Funds Insurance Series

Growth-Income Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		–1.55	%		8.79	%		13.26	%		11.06	%		.28	%
Class 1A		–1.78			8.53			12.98			10.78			.53
Class 2		–1.79			8.51			12.98			10.78			.53
Class 3		–1.72			8.59			13.05			10.86			.46
Class 4		–2.05			8.24			12.71			10.51			.78

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.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

International Growth and Income Fund

International Growth and Income Fund declined 11.00% for the 12 months ended December 31, 2018, compared to the 14.20% decline in its benchmark index, the MSCI ACWI (All Country World Index) ex USA,¹a 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.).

An eclectic mix of stocks contributed to the fund’s relative returns led by companies in the industrials and utilities sectors. Danish energy group Ørsted recorded double-digit returns and was among the top contributors to the fund’s returns as the company reported strong third-quarter profits from operational wind farms. On the downside, investments in the consumer staples sector was a weak spot. British American Tobacco detracted from relative results amid pressure from competition and regulation.

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	Percent of net assets
Europe
United Kingdom		20.4	%
France		9.5
Switzerland		5.3
Germany		4.1
Spain		3.1
Denmark		2.2
Sweden		1.9
Netherlands		1.5
Russian Federation		1.3
Norway		1.0
Other		.7
		51.0

Asia/Pacific Basin
China		7.4
Japan		7.4
Hong Kong		6.5
India		4.0
South Korea		3.0
Philippines		1.1
Thailand		1.0
Other		1.5
		31.9

The Americas
Brazil		3.1
Other		1.7
		4.8

Other regions
Turkey		1.8
Other		.8
		2.6

Short-term securities & other assets less liabilities		9.7

Total		100.0	%

Largest equity securities	Percent of net assets
Royal Dutch Shell		4.56	%
Shire		4.04
Rio Tinto		3.11
HDFC Bank		2.79
Novartis		2.72
British American Tobacco		2.56
Sun Hung Kai Properties		2.37
Ørsted		2.20
CK Asset Holdings		2.15
Zurich		2.06

20	American Funds Insurance Series

International Growth and Income Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since November 18, 2008)			Expense ratio

Class 1		–11.00	%		0.83	%		7.19	%		8.05	%		.66	%
Class 1A		–11.24			0.60			6.93			7.79			.91
Class 2		–11.23			0.58			6.92			7.77			.91
Class 4		–11.46			0.33			6.69			7.54			1.16

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, 2019 (unaudited). 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.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Capital Income Builder^®

Capital Income Builder, a mix of stocks and bonds, lost 6.77% for the 12 months ended December 31, 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 9.42%. The Bloomberg Barclays U.S. Aggregate Index,²which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, was virtually unchanged and returned 0.01%. The index blend of 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index³lost 6.48%. The Lipper Global Equity Income Funds Average⁴, a measure of similar funds, fell 9.41%.

In the equity portfolio, the best contributors to the fund in relative terms were the financials and real estate sectors. A mix of stocks such as CME Group and American Tower contributed to results on the back of strong third quarter earnings that beat analyst estimates. The fund’s fixed income portfolio was also additive to results and benefited from duration positioning.

On the downside, the consumer staples sector, which comprised the second-largest share of the fund’s equity holdings, detracted from returns. Tobacco firms Philip Morris International and British American Tobacco fell due to competition from next-generation smoking products, such as JUUL.

The current market environment is rife with uncertainty. Given that the U.S. is late in the economic cycle, the fund’s portfolio managers are paying close attention to companies’ leverage and are more sharply focused on monitoring balance sheets. They seek to avoid companies that take on debt to pay dividends, and are focused on identifying companies with strong business models and a commitment to paying and growing dividends over time. Higher interest rates should also allow portfolio managers to reinvest bond coupon payments into higher yielding securities, thereby generating more income from the bond portfolio.

Country diversification	Percent of net assets
The Americas
United States		56.1	%
Canada		2.6
		58.7

Europe
United Kingdom		12.4
France		3.4
Switzerland		2.9
Sweden		2.0
Italy		1.5
Netherlands		1.0
Other		2.7
		25.9

Asia/Pacific Basin
Hong Kong		3.1
Taiwan		2.3
Japan		1.3
Singapore		1.2
New Zealand		1.0
Other		.4
		9.3

Short-term securities & other assets less liabilities		6.1

Total		100.0	%


22	American Funds Insurance Series

Capital Income Builder

How a $10,000 investment has grown

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

For periods ended December 31, 2018

				Lifetime			Expense
	1 year			(since May 1, 2014)			ratio

Class 1		–6.77	%		1.82	%		.54	%
Class 1A		–7.01			1.57			.79
Class 2		–7.08			1.68			.79
Class 4		–7.25			1.31			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, 2019 (unaudited). 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.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Asset Allocation Fund

Asset Allocation Fund, which is a mix of stocks and bonds, fell 4.35% for the 12 months ended December 31, 2018. Standard & Poor’s 500 Composite Index,¹a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined 4.38% over the same period, while the Bloomberg Barclays U.S. Aggregate Index,²which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, returned 0.01%. A blend of the two indexes, the 60%/40% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index,³slipped 2.35%.

U.S. equities declined for the first time since 2008. Concerns over trade conflicts, slowing global growth and high valuations contributed to persistent volatility. Energy and materials companies were further pressured by falling commodity prices. While growth-oriented stocks performed relatively better than defensive stocks, many companies experienced wild swings throughout the year. In a turbulent year, a fourth quarter rally helped bonds outperform other asset classes.

Investments in the health care sector — one of the fund’s largest sector holdings — contributed to the fund’s returns. Molina Healthcare, UnitedHealth Group and Express Scripts boosted results, as all three companies had double-digit returns, which were on the back of strong third-quarter earnings for UnitedHealth Group and Express Scripts. On the downside, energy stocks detracted from returns as oil prices slipped due to fears of growing U.S. output and weaker global demand. The fund’s fixed income holdings were also a drag on 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 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 equity securities	Percent of net assets
Microsoft		2.88	%
TSMC		2.26
Broadcom		2.21
UnitedHealth Group		2.19
Johnson & Johnson		1.95
DowDuPont		1.81
Boeing		1.60
Philip Morris International		1.58
Nestlé		1.47
Cigna		1.40


24	American Funds Insurance Series

Asset Allocation Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

										Lifetime			Expense
	1 year			5 years			10 years			(since August 1,1989)			ratio

Class 1		–4.35	%		5.60	%		10.44	%		8.22	%		.29	%
Class 1A		–4.58			5.35			10.17			7.95			.54
Class 2		–4.60			5.33			10.16			7.95			.54
Class 3		–4.49			5.41			10.24			8.03			.47
Class 4		–4.83			5.07			9.93			7.70			.79

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 Index/Bloomberg Barclays U.S. Aggregate Index blends the S&P 500 with the Bloomberg Barclays U.S. Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. This assumes the blend is rebalanced monthly.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Global Balanced Fund

Global Balanced Fund declined 5.81% for the 12 months ended December 31, 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), lost 9.42%, while the Bloomberg Barclays Global Aggregate Index,²a measure of global investment-grade bonds (rated BBB/Baa and above), fell 1.20%. The 60%/40% MSCI ACWI/ Bloomberg Barclays Global Aggregate Index³, a blend of the two indexes, slipped 6.00%.

Investments in the health care sector boosted the fund’s returns led by companies such as U.S. health insurer Humana. The company’s shares hit new highs on the back of strong third-quarter earnings and amid a wider boost to the health insurance sector following U.S. congressional mid-term elections.

On the flip side, investments in consumer staples companies hindered results. In particular, tobacco companies were hurt by concerns about nicotine regulation in the U.S. and increased competition. Fixed income investments also detracted from returns led by the fund’s exposure to emerging market debt.

While there is reason for caution in the global outlook, there are broad themes that offer the fund’s portfolio managers investment opportunities. Equity investments in health care and technology can provide exposure to innovations with significant growth potential. Within fixed income, portfolio managers see pockets of opportunities in emerging markets, such as Mexico and Poland, where selling in response to higher rates belies underlying strengths.

Largest sectors in common stock holdings	Percent of net assets
Information technology		11.3	%
Financials		8.1
Health care		7.5
Industrials		6.8
Energy		5.0

Largest fixed income holdings (by issuer)
U.S. Treasury		12.5
Japanese Government		4.3
Mexican Government		1.2
Polish Government		1.1
Fannie Mae		1.1


Currency diversification	Percent of net assets

	Equity securities			Bonds & notes			Forward currency contracts			Short–term securities & other assets less liabilities			Total
U.S. dollars		29.2	%		21.3	%		.3	%		6.3	%		57.1	%
Euros		7.4			3.6			.4			—			11.4
Japanese yen		2.8			4.3			.7			—			7.8
British pounds		6.3			.7			.7			—			7.7
Hong Kong dollars		2.5			—			—			—			2.5
Swiss francs		2.1			—			—			—			2.1
Danish kroner		1.0			.6			—			—			1.6
Taiwan new dollar		1.5			—			—			—			1.5
Other currencies		3.9			6.5			(2.1	)		—			8.3
														100.0	%

Largest equity securities	Percent of net assets
Nintendo		1.55	%
ASML		1.54
TSMC		1.46
Merck		1.39
Microsoft		1.34
Boeing		1.34
JPMorgan Chase		1.29
Humana		1.28
HSBC Holding		1.22
PagSeguro		1.13


26	American Funds Insurance Series

Global Balanced Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

						Lifetime			Expense
	1 year		5 years			(since May 2, 2011)			ratio

Class 1		–5.81		3.66	%		4.75	%		.72	%
Class 1A		–6.03		3.43			4.51			.97
Class 2		–6.01		3.40			4.49			.97
Class 4		–6.31		3.29			4.38			1.22

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 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.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Bond Fund

Bond Fund slipped 0.45% for the 12 months ended December 31, 2018. In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Index,¹which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, was flat and returned 0.01%.

Rising yields made for mixed results across bond sectors as the 10-year Treasury yield rose 29 basis points. The Federal Reserve hiked the federal funds target rate four times this year to a range of 2.25% to 2.50% on the back of a strong labor market and solid economic growth.

The fund’s exposure to higher-yielding securities contributed to results. Bond investments across a mix of issuers and sectors exposed the fund to idiosyncratic risks and an underweight position in U.S. Treasuries detracted from results.

On the whole, the U.S. economy appears to be in good shape and is expected to grow at a moderate pace. The Fed is well ahead of its peers on its path to monetary policy normalization that may help contribute to a more stable environment for interest rate hikes. The fund’s portfolio managers are optimistic about total returns against such a backdrop and for investing in a spectrum of U.S. fixed income securities.

Largest holdings (by issuer)	Percent of net assets
U.S. Treasury		28.9	%
Fannie Mae		12.3
Freddie Mac		5.5
Ginnie Mae		4.8
Mexican Government		2.6
Teva Pharmaceutical		1.7
State of Illinois		1.3
Portuguese Government		1.3
Bank of America		1.1
Japanese Government		1.1


28	American Funds Insurance Series

Bond Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

										Lifetime			Expense
	1 year			5 years			10 years			(since January 2, 1996)			ratio

Class 1		–0.45	%		2.52	%		4.16	%		4.51	%		.38	%
Class 1A		–0.60			2.29			3.91			4.26			.63
Class 2		–0.71			2.27			3.90			4.25			.63
Class 4		–0.89			2.03			3.66			4.00			.88

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

¹	Source: Bloomberg Index Services Ltd.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Global Bond Fund

Global Bond Fund slipped 1.14% for the 12 months ended December 31, 2018. This was in line with the fund’s benchmark, the Bloomberg Barclays Global Aggregate Index,¹which measures global investment-grade bonds (rated BBB/Baa and above) that declined 1.20%.

U.S. Treasury bonds rose modestly, boosted by safe-haven buying as volatile financial markets sent investors fleeing for cover. The positive gains, however, masked a more tumultuous year as rising U.S. interest rates jolted markets around the world. The U.S. dollar also strengthened in response to higher rates and quantitative tightening. Investment-grade and high-yield corporate bonds finished the year in negative territory, as did emerging markets debt. Meanwhile, the Federal Reserve hiked the federal funds target rate four times this year to a range of 2.25% to 2.50%.

Country allocation contributed the most to the fund’s relative returns, driven by above-benchmark investments in Polish, Indian and Brazilian debt. On the downside, duration positioning and currency exposure hampered returns. Emerging market currencies were particularly under pressure due to a stronger dollar, and investments in the Indian rupee hindered results.

As growth in the U.S. moderates, the fund’s portfolio managers seek to identify long-term investments around the world such as in emerging markets where corporate and high-yield debt may present opportunities. Given the fund’s core objective is to provide a high-level of total return over the long term, the fund’s portfolio managers maintain a cautious approach to investing in different sectors of the bond market, such as high-yield debt.

			Percent of net assets
Currency weighting (after hedging) by country
United States²				47.5	%
Japan				16.9
Eurozone³				15.7
United Kingdom				5.0
Mexico				3.6
Poland				2.5
Denmark				1.7
Other				7.1
Total				100.0	%

Non-U.S. government bonds by country
Eurozone³:
Germany	2.7	%
Spain	2.0
Italy	1.4
Other	2.0			8.1	%
Japan				11.9
Poland				3.8
Mexico				3.5
India				2.2
United Kingdom				2.0
Brazil				1.6
Romania				1.6
Thailand				1.3
Other				11.7
Total				47.7	%


Largest holdings (by issuer)	Percent of net assets
U.S. Treasury		18.2	%
Japanese Government		11.9
Mexican Government		3.9
Polish Government		3.8
Nykredit Realkredit		3.1
Fannie Mae		2.6
German Government		2.5
Indian Government		2.0
Spanish Government		2.0
Brazilian Government		1.7


30	American Funds Insurance Series

Global Bond Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

										Lifetime			Expense
	1 year			5 years			10 years			(since October 4, 2006)			ratio

Class 1		–1.14	%		1.31	%		3.04	%		3.75	%		.57	%
Class 1A		–1.29			1.10			2.80			3.51			.82
Class 2⁴		–1.33			1.04			2.78			3.49			.82
Class 4		–1.61			0.80			2.57			3.27			1.07

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, 2019 (unaudited). 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 13.7%.
³	Countries using the euro as a common currency; those represented in the fund’s portfolio are France, Germany, Greece, Ireland, Italy, Portugal and Spain.
⁴	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 December 31, 2018

Percent of net assets

American Funds Insurance Series

High-Income Bond Fund

High-Income Bond Fund declined 2.15% for the 12 months ended December 31, 2018. In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index,¹which measures non-investment-grade bonds and limits the exposure of an issuer to 2%, fell 2.08%.

While the fund’s returns were in line with the benchmark, an allocation to select industries contributed to relative returns — an underweight position in consumer cyclicals and an overweight position in technology boosted results.

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
Bausch Health Companies		2.6	%
Tenet Healthcare		1.9
Cheniere Energy		1.9
Frontier Communications		1.8
First Quantum Minerals		1.8
iHeartMedia, Inc.		1.6
Petsmart		1.5
Cleveland-Cliffs		1.4
CCO Holdings LLC and CCO Holdings Capital		1.3
Gogo		1.2


32	American Funds Insurance Series

High-Income Bond Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

										Lifetime			Expense
	1 year			5 years			10 years			(since February 8, 1984)			ratio

Class 1		–2.15	%		3.01	%		8.79	%		8.55	%		.50	%
Class 1A		–2.35			2.78			8.53			8.28			.75
Class 2		–2.34			2.77			8.51			8.28			.75
Class 3		–2.33			2.82			8.58			8.35			.68
Class 4		–2.64			2.50			8.30			8.02			1.00

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

¹	Source: Bloomberg Index Services Ltd.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Mortgage Fund

Mortgage Fund gained 0.58% for the 12 months ended December 31, 2018, while the Bloomberg Barclays U.S. Mortgage-Backed Securities Index,¹which covers the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac, rose 0.99%.

The fund’s allocation to Treasuries, Agency debentures, and high-quality liquid asset-backed securities contributed to relative results as agency mortgage-backed securities lagged some of the other sectors during the calendar year. Duration had little impact and on the downside the fund’s yield curve position detracted from results.

The fund’s portfolio managers remain focused on meeting the core objectives of the fund — providing current income and protecting capital. The fund’s relatively low allocation to agency mortgage-backed securities, combined with an interest rate stance that anticipates that the yield curve will steepen, are positions that the portfolio managers expect will contribute to relative results in the future as markets evolve. As the Fed continues to withdraw liquidity by divesting Treasuries and mortgage securities from its balance sheet, more attractive valuations for mortgage investments are expected to emerge.

Breakdown of mortgage-backed obligations			Percent of net assets
30-year pass-throughs:
Freddie Mac	6.3	%
Ginnie Mae	21.5
Fannie Mae	18.1			45.9	%
Other				26.0
Total				71.9	%


34	American Funds Insurance Series

Mortgage Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

							Lifetime			Expense
	1 year			5 years			(since May 2, 2011)			ratio

Class 1		0.58	%		2.42	%		2.34	%		.48	%
Class 1A		0.36			2.17			2.09			.73
Class 2		0.32			2.16			2.09			.73
Class 4		0.07			1.92			1.91			.98

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

¹	Source: Bloomberg Index Services Ltd.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Ultra-Short Bond Fund

Ultra-Short Bond Fund gained 1.58% for the 12 months ended December 31, 2018, compared with a 1.99% rise in the Bloomberg Barclays Short-Term Government/Corporate Index,¹which consists of investment-grade (rated BBB/Baa and above), fixed-rate, publicly placed, dollar-denominated and non-convertible securities with remaining maturity from one up to (but not including) 12 months within either the government or corporate sector.

The fund’s returns were higher than in 2017 as the Federal Reserve continued on its path to reducing the size of its balance sheet, raising rates by a quarter percentage point four times over the past 12 months, to the current range of 2.25% to 2.50%. 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 December 31, 2018

										Lifetime			Expense
	1 year			5 years			10 years			(since February 8, 1984)			ratio

Class 1		1.58	%		0.37	%		0.10	%		3.44	%		.35	%
Class 1A		1.58			0.23			–0.10			3.19			.60
Class 2		1.36			0.13			–0.15			3.18			.60
Class 3		1.38			0.18			–0.09			3.25			.53
Class 4		1.14			–0.06			–0.33			2.94			.85

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

¹	Source: Bloomberg Index Services Ltd.

Where the fund’s assets were invested as of December 31, 2018	Percent of net assets
Commercial paper		69.8	%
U.S Treasury bills		24.4
Federal agency discount notes		5.9
Other assets less liabilities		(.1	)
Total		100.0	%


American Funds Insurance Series	37

U.S. Government/AAA-Rated Securities Fund

U.S. Government/AAA-Rated Securities Fund rose 0.91% for the 12 months ended December 31, 2018, while the Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index,¹which covers obligations issued by the U.S. Treasury and U.S. government agencies, increased by 0.93%.

During the period, curve positioning led by higher yields contributed to relative returns. On the downside, TIPS (Treasury inflation protected securities) detracted from relative returns as inflation expectations fell in the fourth quarter of 2018.

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 in the near future will be at a gradual pace and 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:
Fannie Mae	12.3	%
Ginnie Mac	4.7
Freddie Mac	2.5			19.5	%
15-year pass-throughs				2.3
Other				6.8
Total				28.6	%


38	American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

										Lifetime			Expense
	1 year			5 years			10 years			(since December 2, 1985)			ratio

Class 1		0.91	%		2.26	%		2.69	%		5.71	%		.36	%
Class 1A		0.70			2.04			2.45			5.45			.61
Class 2		0.73			2.01			2.44			5.45			.61
Class 3		0.71			2.07			2.50			5.52			.54
Class 4		0.50			1.75			2.22			5.20			.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, 2019 (unaudited). 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.

Where the fund’s assets were invested as of December 31, 2018

Percent of net assets

American Funds Insurance Series

Managed Risk Growth Fund

The fund slipped 0.04% for the 12 months ended December 31, 2018. Standard & Poor’s 500 Managed Risk Index – Moderate Aggressive¹fell 2.51%. Standard & Poor’s 500 Composite Index,²a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, lost 4.38%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Growth Fund^SMand American Funds Insurance Series – Bond Fund^SMwhile 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 Growth Fund.

The underlying Growth Fund’s investments in consumer discretionary added to returns, while investments in communication services detracted from the fund’s results.

How a $10,000 investment has grown

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

For periods ended December 31, 2018

				Lifetime			Gross expense			Net expense
	1 year			(since May 1, 2013)			ratio			ratio

Class P1		–0.04	%		7.94	%		.77	%		.72	%
Class P2		–0.37			7.62			1.02			.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.
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

The fund declined 10.11% for the 12 months ended December 31, 2018, compared to the S&P EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive,¹which fell 10.15%. The MSCI ACWI (All Country World Index) ex USA,²a 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 14.20%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – International Fund^SMand American Funds Insurance Series – Bond Fund^SMwhile 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 International Fund.

The underlying International Fund’s investments in the financials sector added to returns, while investments in the consumer staples sector hindered the fund’s results.

How a $10,000 investment has grown

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

For periods ended December 31, 2018

				Lifetime			Gross expense			Net expense
	1 year			(since May 1, 2013)			ratio			ratio

Class P1		–10.11	%		1.66	%		.96	%		.87	%
Class P2		–10.50			1.25			1.21			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.
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

Managed Risk Blue Chip Income and Growth Fund

The fund lost 6.99% for the 12 months ended December 31, 2018, trailing the S&P 500 Managed Risk Index – Moderate,¹which fell 2.13%. Standard & Poor’s 500 Composite Index,²a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, decreased by 4.38%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Blue Chip Income and Growth Fund^SMand American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund^SMwhile 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 Blue Chip Income and Growth Fund.

The underlying Blue Chip Income and Growth Fund’s investments in consumer staples stocks detracted the most from the fund’s results.

How a $10,000 investment has grown

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

For periods ended December 31, 2018

							Lifetime			Gross expense			Net expense
	1 year			5 years			(since May 1, 2013)			ratio			ratio

Class P1		–6.99	%		4.28	%		5.89	%		.82	%		.77	%
Class P2		–7.38			3.87			5.50			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.
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

The fund slipped 1.66% for the 12 months ended December 31, 2018, compared to the S&P 500 Managed Risk Index – Moderate,¹which declined 2.13%. Standard & Poor’s 500 Composite Index,²a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, decreased by 4.38%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Growth-Income Fund^SMand American Funds Insurance Series – Bond Fund^SMwhile 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 Growth-Income Fund.

The underlying Growth-Income Fund’s investments in the consumer discretionary sector contributed the most to the fund’s relative returns, while investments in the information technology sector detracted the most from the fund’s relative results.

How a $10,000 investment has grown

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

For periods ended December 31, 2018

							Lifetime			Gross expense			Net expense
	1 year			5 years			(since May 1, 2013)			ratio			ratio

Class P1		–1.66	%		5.08	%		7.27	%		.73	%		.67	%
Class P2		–1.97			4.73			6.93			.98			.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.
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

Managed Risk Asset Allocation Fund

The fund declined 4.63% for the 12 months ended December 31, 2018, trailing the S&P 500 Managed Risk Index – Moderate Conservative,¹which lost 1.88%. Standard & Poor’s 500 Composite Index,²a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, fell 4.38%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Asset Allocation Fund^SMwhile 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 Asset Allocation Fund.

The fund’s underlying investments in the industrials sector contributed the most to relative returns, while investments in the energy sector hindered results the most.

44	American Funds Insurance Series

Managed Risk Asset Allocation Fund

How a $10,000 investment has grown

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

For periods ended December 31, 2018

							Lifetime			Gross expense			Net expense
	1 year			5 years			(since September 28, 2012)			ratio			ratio

Class P1		–4.63	%		3.86	%		6.45	%		.69	%		.64	%
Class P2		–4.89			3.58			6.18			.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.
²	Source: S&P Dow Jones Indices LLC.
³	Source: Bloomberg Index Services Ltd.

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

Global Growth Fund

Summary investment portfolio December 31, 2018

Common stocks 94.37%	Shares		Value (000)
Information technology 24.34%
Taiwan Semiconductor Manufacturing Co., Ltd.¹		27,188,000	$	197,997
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		335,000		12,365
ASML Holding NV		648,442		101,904
ASML Holding NV (New York registered)		517,300		80,502
Microsoft Corp.		1,583,100		160,795
Visa Inc., Class A		1,142,800		150,781
Broadcom Inc.		487,050		123,847
Temenos AG¹		637,000		76,403
Paycom Software, Inc.²		357,000		43,715
Amadeus IT Group SA, Class A, non-registered shares		486,200		33,892
Adobe Inc.²		135,000		30,542
Other securities				326,242
				1,338,985

Consumer discretionary 17.99%
Amazon.com, Inc.²		228,600		343,350
Alibaba Group Holding Ltd. (ADR)²		931,050		127,619
NIKE, Inc., Class B		562,500		41,704
Home Depot, Inc.		236,800		40,687
Just Eat PLC²		5,292,000		39,581
Booking Holdings Inc.²		22,700		39,099
Ocado Group PLC²		3,115,000		31,366
Moncler SpA¹		915,000		30,352
Other securities				296,182
				989,940

Health care 12.51%
UnitedHealth Group Inc.		324,200		80,765
Merck & Co., Inc.		886,000		67,699
Boston Scientific Corp.²		1,638,200		57,894
Elanco Animal Health Inc.²		1,799,658		56,743
AstraZeneca PLC		721,300		53,995
Sartorius AG, nonvoting preferred, non-registered shares¹		381,500		47,577
Mettler-Toledo International Inc.²		65,000		36,763
Cigna Corp.		177,511		33,713
Hologic, Inc.²		800,000		32,880
Fisher & Paykel Healthcare Corp. Ltd.		3,680,000		32,110
Other securities				188,418
				688,557

Communication services 10.57%
Alphabet Inc., Class A²		116,500		121,738
Alphabet Inc., Class C²		71,052		73,582
Nintendo Co., Ltd.¹		345,600		92,022
Naspers Ltd., Class N		379,000		76,189
Tencent Holdings Ltd.		1,800,000		72,179
Facebook, Inc., Class A²		408,000		53,485
SoftBank Group Corp.¹		776,000		51,643
Other securities				40,753
				581,591

Financials 10.39%
AIA Group Ltd.		15,004,900		124,554
JPMorgan Chase & Co.		853,600		83,328
Kotak Mahindra Bank Ltd.		3,471,000		62,470
MarketAxess Holdings Inc.		211,000		44,586
Société Générale		1,234,350		39,345
Other securities				217,484
				571,767

46	American Funds Insurance Series

Global Growth Fund

Common stocks	Shares		Value (000)
Consumer staples 6.94%
Nestlé SA¹		739,650	$	60,038
Coca-Cola European Partners PLC		1,194,500		54,768
British American Tobacco PLC		1,710,800		54,514
Philip Morris International Inc.		602,200		40,203
Other securities				172,025
				381,548

Industrials 6.15%
Airbus SE, non-registered shares		1,093,500		105,192
Other securities				233,387
				338,579

Materials 2.82%
Sherwin-Williams Co.		155,500		61,183
Other securities				94,160
				155,343

Energy 2.66%
Royal Dutch Shell PLC, Class B		1,042,000		31,078
Other securities				115,155
				146,233

Total common stocks (cost: $3,929,871,000)				5,192,543

Short-term securities 5.35%	Principal amount (000)
Federal Home Loan Bank 2.15%–2.29% due 1/2/2019–1/10/2019		$	60,100		60,080
Nestle Capital Corp. 2.68% due 3/19/2019³			40,000		39,778
Toronto-Dominion Bank 2.65% due 2/20/2019³			50,000		49,815
U.S. Treasury Bills 2.37% due 2/12/2019			50,000		49,868
Other securities					94,832

Total short-term securities (cost: $294,370,000)					294,373
Total investment securities 99.72% (cost: $4,224,241,000)					5,486,916
Other assets less liabilities 0.28%					15,237

Net assets 100.00%				$	5,502,153

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.

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 $1,042,869,000, which represented 18.95% of the net assets of the fund. This amount includes $1,012,346,000 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.
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 $168,168,000, which represented 3.06% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements

American Funds Insurance Series

Global Small Capitalization Fund

Summary investment portfolio December 31, 2018

Common stocks 88.97%	Shares		Value (000)
Health care 21.25%
GW Pharmaceuticals PLC (ADR)¹		823,718	$	80,222
Insulet Corp.¹		860,355		68,243
Allakos Inc.^1,2		886,580		46,341
Molina Healthcare, Inc.¹		381,000		44,280
iRhythm Technologies, Inc.¹		614,905		42,724
Integra LifeSciences Holdings Corp.¹		926,365		41,779
Evolent Health, Inc., Class A¹		1,545,000		30,823
Illumina, Inc.¹		100,200		30,053
NuCana PLC (ADR)^1,2,3		2,067,724		29,982
China Biologic Products Holdings, Inc.^1,2		360,000		27,328
Haemonetics Corp.¹		242,825		24,295
CONMED Corp.		332,500		21,346
Other securities				289,222
				776,638

Information technology 15.61%
Paycom Software, Inc.¹		428,885		52,517
Mellanox Technologies, Ltd.¹		389,200		35,954
Qorvo, Inc.¹		510,300		30,991
Cree, Inc.¹		711,507		30,435
HubSpot, Inc.¹		229,100		28,805
Ceridian HCM Holding Inc.^1,2		801,777		27,653
Other securities				363,983
				570,338

Industrials 14.49%
International Container Terminal Services, Inc.⁴		22,581,620		42,947
Nihon M&A Center Inc.⁴		1,667,392		33,670
frontdoor, inc.¹		903,000		24,029
Bravida Holding AB⁴		3,229,000		22,319
Other securities				406,656
				529,621

Consumer discretionary 13.40%
Five Below, Inc.¹		423,000		43,281
Melco International Development Ltd.		15,579,000		31,753
Mattel, Inc.^1,2		2,583,800		25,812
Domino’s Pizza, Inc.		100,000		24,799
ServiceMaster Global Holdings, Inc.¹		658,750		24,202
Cedar Fair, LP		500,000		23,650
Hilton Grand Vacations Inc.¹		851,000		22,458
Other securities				293,641
				489,596

Financials 8.66%
Kotak Mahindra Bank Ltd.		3,135,263		56,427
Essent Group Ltd.¹		1,018,841		34,824
Trupanion, Inc.^1,2		1,140,800		29,045
Cannae Holdings, Inc.¹		1,625,000		27,820
Bharat Financial Inclusion Ltd.¹		1,897,444		27,523
Other securities				140,992
				316,631

Materials 3.90%
Lundin Mining Corp.		6,820,000		28,175
Allegheny Technologies Inc.¹		1,200,950		26,145
Other securities				88,349
				142,669

48	American Funds Insurance Series

Global Small Capitalization Fund

Common stocks	Shares		Value (000)
Consumer staples 3.31%
Other securities			$	120,907

Communication services 2.54%
Entertainment One Ltd.		5,114,389		23,246
Other securities				69,377
				92,623

Energy 2.13%
Other securities				77,770

Real estate 2.02%
WHA Corp. PCL⁴		229,577,250		30,221
MGM Growth Properties LLC REIT, Class A		892,500		23,571
Other securities				19,934
				73,726

Utilities 1.66%
ENN Energy Holdings Ltd.		4,686,900		41,569
Other securities				19,216
				60,785

Total common stocks (cost: $2,973,377,000)				3,251,304

Bonds, notes & other debt instruments 0.13%	Principal amount (000)
U.S. Treasury bonds & notes 0.13%
U.S. Treasury 0.13%
Other securities				4,989

Total bonds, notes & other debt instruments (cost: $4,991,000)				4,989

Short-term securities 12.25%
Commercial paper 8.31%
National Australia Bank Ltd. 2.34% due 1/16/2019⁵		$	40,000	39,957
Sumitomo Mitsui Banking Corp. 2.57% due 2/15/2019⁵			50,000	49,838
Canadian Imperial Bank of Commerce 2.56% due 1/15/2019⁵			32,000	31,968
ExxonMobil Corp. 2.36% due 1/4/2019			50,000	49,987
Mizuho Bank, Ltd. 2.50% due 2/1/2019⁵			62,400	62,261
United Overseas Bank Ltd. 2.71% due 3/4/2019⁵			50,000	49,764
Other securities				19,894
				303,669

			Shares
Money market investments 1.49%
Fidelity Institutional Money Market Funds - Government Portfolio⁶			6,646	6,646
Goldman Sachs Financial Square Government Fund⁶			16,023	16,023
Invesco Short-Term Investments Trust - Government & Agency Portfolio⁶			29,254	29,254
Morgan Stanley Institutional Liquidity Funds - Government Portfolio⁶			2,513	2,513
				54,436

American Funds Insurance Series

Global Small Capitalization Fund

Short-term securities (continued)	Principal amount (000)			Value (000)
Bonds & notes of governments & government agencies outside the U.S. 1.00%
KfW 2.43% due 1/11/2019⁵		$	28,600	$	28,579
Other securities					7,888
					36,467

Federal agency discount notes 0.82%
Federal Home Loan Bank 2.29% due 1/10/2019			30,000		29,984

U.S. Treasury bonds & notes 0.63%
U.S. Treasury Bills 2.35% due 2/7/2019			23,100		23,046

Total short-term securities (cost: $447,616,000)					447,602
Total investment securities 101.35% (cost: $3,425,984,000)					3,703,895
Other assets less liabilities (1.35)%					(49,381	)

Net assets 100.00%				$	3,654,514

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. One security in “Other securities” (with a value of $16,560,000, an aggregate cost of $8,280,000, and which represented .45% 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.

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 holdings in affiliated companies is included in “Other securities” under the respective industry sectors in the summary investment portfolio. Further details on these holdings and related transactions during the year ended December 31, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 12/31/2018 (000)
Common stocks 0.82%
Health care 0.82%
NuCana PLC (ADR)^1,2		416,620		1,651,104		—		2,067,724	$	—	$	(13,335	)	$	—	$	29,982
Consumer discretionary 0.00%
Hostelworld Group PLC⁷		6,212,000		—		6,212,000		—		2,632		(6,656	)		437		—
Total 0.82%									$	2,632	$	(19,991	)	$	437	$	29,982

50	American Funds Insurance Series

Global Small Capitalization Fund

¹	Security did not produce income during the last 12 months.
²	All or a portion of this security was on loan. The total value of all such securities, including those in “Other securities,” was $67,607,000, which represented 1.85% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Represents an affiliated company as defined under the Investment Company Act of 1940.
⁴	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 $729,211,000, which represented 19.95% of the net assets of the fund. This amount includes $697,427,000 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.
⁵	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 $309,041,000, which represented 8.46% of the net assets of the fund.
⁶	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁷	Unaffiliated issuer at 12/31/2018.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements

American Funds Insurance Series

Growth Fund

Summary investment portfolio December 31, 2018

Common stocks 91.48%	Shares		Value (000)
Information technology 21.29%
Microsoft Corp.		10,468,400	$	1,063,275
Broadcom Inc.		3,414,000		868,112
ASML Holding NV (New York registered)		1,278,400		198,944
ASML Holding NV		985,000		154,794
Visa Inc., Class A		2,650,400		349,694
Taiwan Semiconductor Manufacturing Co., Ltd.¹		31,814,000		231,687
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		2,419,592		89,307
ServiceNow, Inc.²		1,653,000		294,317
Intel Corp.		4,769,400		223,828
Workday, Inc., Class A²		1,123,000		179,321
Samsung Electronics Co., Ltd.¹		3,901,400		134,758
Paycom Software, Inc.²		1,028,500		125,940
RingCentral, Inc., Class A²		1,433,100		118,145
Other securities				958,728
				4,990,850

Health care 16.77%
UnitedHealth Group Inc.		3,377,000		841,278
Regeneron Pharmaceuticals, Inc.²		1,341,000		500,864
Intuitive Surgical, Inc.²		940,500		450,424
Humana Inc.		1,056,200		302,580
Centene Corp.²		2,014,700		232,295
Vertex Pharmaceuticals Inc.²		1,400,900		232,143
Boston Scientific Corp.²		4,791,000		169,314
Cigna Corp.		739,902		140,522
Thermo Fisher Scientific Inc.		622,100		139,220
Other securities				924,343
				3,932,983

Communication services 13.53%
Facebook, Inc., Class A²		7,518,400		985,587
Alphabet Inc., Class C²		532,700		551,670
Alphabet Inc., Class A²		157,500		164,581
Netflix, Inc.²		2,401,060		642,668
Charter Communications, Inc., Class A²		997,380		284,223
Comcast Corp., Class A		7,616,400		259,339
Activision Blizzard, Inc.		3,895,800		181,427
Other securities				103,032
				3,172,527

Consumer discretionary 13.10%
Amazon.com, Inc.²		531,016		797,570
Tesla, Inc.²		1,813,000		603,366
Home Depot, Inc.		2,568,237		441,274
NIKE, Inc., Class B		2,479,800		183,852
Ulta Beauty, Inc.²		700,000		171,388
Other securities				875,296
				3,072,746

Financials 9.72%
Wells Fargo & Co.		7,294,754		336,142
Berkshire Hathaway Inc., Class A²		410		125,460
BlackRock, Inc.		494,000		194,053
JPMorgan Chase & Co.		1,683,000		164,294
PNC Financial Services Group, Inc.		1,133,600		132,529
Intercontinental Exchange, Inc.		1,699,900		128,054
Goldman Sachs Group, Inc.		752,400		125,688
Legal & General Group PLC		40,158,246		118,239
Other securities				955,543
				2,280,002


52	American Funds Insurance Series

Growth Fund

Common stocks	Shares		Value (000)
Industrials 5.14%
TransDigm Group Inc.²		717,100	$	243,857
MTU Aero Engines AG¹		751,103		136,234
Other securities				824,453
				1,204,544

Energy 5.04%
Concho Resources Inc.²		2,421,560		248,912
EOG Resources, Inc.		2,182,000		190,292
Diamondback Energy, Inc.		1,189,000		110,220
Other securities				632,511
				1,181,935

Materials 2.68%
Linde PLC		705,000		110,008
Other securities				519,044
				629,052

Consumer staples 2.22%
Costco Wholesale Corp.		627,500		127,828
Other securities				391,450
				519,278

Real estate 1.59%
Equinix, Inc. REIT		433,500		152,835
Other securities				218,914
				371,749

Utilities 0.40%
Other securities				94,291

Total common stocks (cost: $14,970,485,000)				21,449,957

Convertible stocks 0.06%
Consumer discretionary 0.06%
Other securities				13,104

Total convertible stocks (cost: $10,650,000)				13,104

Short-term securities 8.29%	Principal amount (000)
Federal Home Loan Bank 2.22%–2.39% due 1/7/2019–2/21/2019	$	728,800		727,650
U.S. Treasury Bills 2.16%–2.43% due 1/2/2019–5/2/2019		689,200		686,594
Other securities				530,171

Total short-term securities (cost: $1,944,441,000)				1,944,415
Total investment securities 99.83% (cost: $16,925,576,000)				23,407,476
Other assets less liabilities 0.17%				40,385

Net assets 100.00%			$	23,447,861


American Funds Insurance Series	53

Growth Fund

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. Some securities in “Other securities” (with an aggregate value of $50,104,000, an aggregate cost of $47,650,000, and which represented .21% of the net assets of the fund) were acquired from 5/22/2015 to 12/21/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale. “Other securities” also includes securities (with an aggregate value of $427,632,000, which represented 1.82% 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.

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 $819,772,000, which represented 3.50% of the net assets of the fund. This amount includes $719,983,000 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.

Security did not produce income during the last 12 months.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements

54	American Funds Insurance Series

International Fund

Summary investment portfolio December 31, 2018

Common stocks 88.00%	Shares		Value (000)
Financials 15.22%
AIA Group Ltd.		40,985,700	$	340,217
HDFC Bank Ltd.		7,804,100		237,169
HDFC Bank Ltd. (ADR)		498,647		51,655
Kotak Mahindra Bank Ltd.		6,186,048		111,334
Axis Bank Ltd.¹		7,399,300		65,700
Axis Bank Ltd.^1,2,3,4		3,222,055		26,034
Prudential PLC		3,810,265		68,089
Credit Suisse Group AG²		5,523,789		60,403
Other securities				411,019
				1,371,620

Industrials 13.93%
Airbus SE, non-registered shares		2,926,849		281,555
Yamato Holdings Co., Ltd.²		4,239,395		116,573
Rolls-Royce Holdings PLC¹		10,833,188		114,606
Adani Ports & Special Economic Zone Ltd.		14,643,483		81,319
SMC Corp.²		266,100		80,325
Ryanair Holdings PLC (ADR)¹		991,700		70,748
Melrose Industries PLC		33,132,733		69,196
Safran SA		549,000		66,298
Other securities				374,728
				1,255,348

Health care 12.21%
Novartis AG²		3,279,000		280,111
Shire PLC		3,360,150		195,726
Teva Pharmaceutical Industries Ltd. (ADR)		7,166,598		110,509
Grifols, SA, Class B, preferred nonvoting, non-registered shares		3,026,230		55,962
Grifols, SA, Class A, non-registered shares		881,000		23,116
Grifols, SA, Class B (ADR)		793,690		14,572
Fresenius SE & Co. KGaA²		1,819,000		88,503
Chugai Pharmaceutical Co., Ltd.²		1,434,500		83,302
Daiichi Sankyo Co., Ltd.²		2,160,000		69,011
Hikma Pharmaceuticals PLC		2,761,980		60,410
Other securities				118,954
				1,100,176

Consumer discretionary 10.25%
Alibaba Group Holding Ltd. (ADR)¹		1,104,000		151,325
Galaxy Entertainment Group Ltd.		18,284,000		116,282
Kering SA		176,551		83,260
Hyundai Motor Co.²		682,393		72,333
Industria de Diseño Textil, SA		2,566,027		65,710
Ryohin Keikaku Co., Ltd.²		248,400		59,976
Other securities				374,282
				923,168

Consumer staples 6.67%
Pernod Ricard SA		929,337		152,584
Nestlé SA²		1,003,500		81,454
Kirin Holdings Co., Ltd.²		3,139,000		65,793
British American Tobacco PLC		1,862,200		59,339
Other securities				242,250
				601,420

Communication services 6.52%
Tencent Holdings Ltd.		4,992,087		200,181
SoftBank Group Corp.²		1,283,900		85,443
Nintendo Co., Ltd.²		216,239		57,577
Other securities				243,972
				587,173


American Funds Insurance Series	55

International Fund

Common stocks (continued)	Shares		Value (000)
Information technology 5.65%
Samsung Electronics Co., Ltd.²		4,945,950	$	170,838
ASML Holding NV		507,174		79,703
Other securities				258,653
				509,194

Materials 5.65%
Asahi Kasei Corp.²		11,328,780		116,444
Vale SA, ordinary nominative (ADR)		6,875,266		90,685
Vale SA, ordinary nominative		102,481		1,348
Teck Resources Ltd., Class B		3,152,000		67,856
Other securities				232,548
				508,881

Utilities 5.31%
ENN Energy Holdings Ltd.		14,004,000		124,204
China Gas Holdings Ltd.		24,134,000		85,989
Ørsted AS²		1,235,208		82,426
Other securities				185,495
				478,114

Energy 4.58%
Royal Dutch Shell PLC, Class B		3,191,000		95,174
Royal Dutch Shell PLC, Class A		1,440,256		42,360
Other securities				274,769
				412,303

Real estate 2.01%
China Overseas Land & Investment Ltd.		19,930,217		68,466
Other securities				112,771
				181,237

Total common stocks (cost: $7,462,877,000)				7,928,634

Rights & warrants 0.14%
Financials 0.07%
Axis Bank Ltd., warrants, expire 2019^1,2		2,466,000		6,664
Other securities				—
				6,664

Real estate 0.07%
Other securities				6,382

Total rights & warrants (cost: $13,714,000)				13,046

Bonds, notes & other debt instruments 0.87%	Principal amount (000)
Corporate bonds & notes 0.50%
Other 0.50%
Other securities				44,890

Total corporate bonds & notes				44,890

Bonds & notes of governments & government agencies outside the U.S. 0.37%
Other securities				33,018

Total bonds, notes & other debt instruments (cost: $70,215,000)				77,908


56	American Funds Insurance Series

International Fund

Short-term securities 10.84%	Principal amount (000)		Value (000)
Canadian Imperial Bank of Commerce 2.31%–2.50% due 1/22/2019–1/25/2019⁴	$	100,000	$	99,839
Federal Home Loan Bank 2.15%–2.41% due 1/2/2019–3/21/2019		314,475		313,688
Mizuho Bank, Ltd. 2.61% due 2/25/2019⁴		75,000		74,694
Siemens Capital Co. LLC 2.50% due 2/19/2019⁴		55,000		54,808
U.S. Treasury Bill 2.38% due 2/19/2019		125,000		124,608
Other securities				309,216

Total short-term securities (cost: $976,875,000)				976,853
Total investment securities 99.85% (cost: $8,523,681,000)				8,996,441
Other assets less liabilities 0.15%				13,669

Net assets 100.00%			$	9,010,110

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Forward currency contracts

Contract amount				Unrealized depreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 12/31/2018 (000)
USD39,858	INR2,825,000	Goldman Sachs	1/17/2019		$(525	)

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	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 $2,613,221,000, which represented 29.00% of the net assets of the fund. This amount includes $2,569,796,000 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.
³	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.
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 $462,479,000, which represented 5.13% of the net assets of the fund.

Private placement security		Acquisition date		Cost (000)		Value (000)		Percent of net assets
Axis Bank Ltd.		11/14/2017		$17,232		$26,034			.29	%

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

New World Fund

Summary investment portfolio December 31, 2018

Common stocks 79.74%	Shares		Value (000)
Information technology 16.77%
Taiwan Semiconductor Manufacturing Co., Ltd.¹		9,901,000	$	72,104
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		400,000		14,764
PagSeguro Digital Ltd., Class A²		2,813,223		52,692
Broadcom Inc.		167,150		42,503
Temenos AG¹		204,800		24,564
Microsoft Corp.		232,100		23,574
StoneCo Ltd., Class A²		1,275,126		23,513
Kingdee International Software Group Co. Ltd.		22,463,000		19,851
Keyence Corp.¹		38,300		19,434
EPAM Systems, Inc.²		167,200		19,397
Visa Inc., Class A		132,000		17,416
Murata Manufacturing Co., Ltd.¹		123,800		16,783
Other securities				158,420
				505,015

Financials 10.94%
HDFC Bank Ltd.		2,688,876		81,716
AIA Group Ltd.		6,477,600		53,770
B3 SA - Brasil, Bolsa, Balcao		6,435,200		44,515
IndusInd Bank Ltd.		906,300		20,761
Shriram Transport Finance Co. Ltd.		1,150,000		20,425
Sberbank of Russia PJSC (ADR)		1,551,500		17,004
Other securities				91,189
				329,380

Energy 9.73%
Reliance Industries Ltd.		11,548,513		185,473
Royal Dutch Shell PLC, Class B		1,284,000		38,296
Royal Dutch Shell PLC, Class A		68,628		2,019
LUKOIL Oil Co. PJSC (ADR)		303,000		21,658
Exxon Mobil Corp.		32,000		2,182
Other securities				43,261
				292,889

Consumer discretionary 9.40%
Alibaba Group Holding Ltd. (ADR)²		386,237		52,941
Sony Corp.¹		767,000		37,102
General Motors Co.		542,000		18,130
Other securities				174,720
				282,893

Health care 8.35%
Yunnan Baiyao Group Co., Ltd., Class A¹		2,730,912		29,419
BioMarin Pharmaceutical Inc.²		318,000		27,078
AstraZeneca PLC		268,500		20,099
Other securities				174,692
				251,288

Consumer staples 6.31%
British American Tobacco PLC		1,529,000		48,722
JBS SA, ordinary nominative		9,930,600		29,696
Nestlé SA¹		258,196		20,958
Kweichow Moutai Co., Ltd., Class A¹		225,899		19,388
Other securities				71,102
				189,866


58	American Funds Insurance Series

New World Fund

Common stocks	Shares		Value (000)
Communication services 5.74%
Alphabet Inc., Class C²		47,300	$	48,984
Alphabet Inc., Class A²		16,900		17,660
Tencent Holdings Ltd.		591,600		23,723
Facebook, Inc., Class A²		162,200		21,263
Other securities				61,205
				172,835

Materials 5.59%
Vale SA, ordinary nominative		3,595,086		47,307
Vale SA, ordinary nominative (ADR)		395,000		5,210
First Quantum Minerals Ltd.		3,305,000		26,727
Other securities				89,219
				168,463

Industrials 4.49%
Azul SA, preference shares (ADR)²		866,446		23,992
Azul SA, preference shares²		838,500		7,788
Airbus SE, non-registered shares		280,229		26,957
Nidec Corp.¹		151,400		17,171
Other securities				59,384
				135,292

Real estate 1.34%
American Tower Corp. REIT		176,800		27,968
Other securities				12,440
				40,408

Utilities 1.08%
Other securities				32,453

Total common stocks (cost: $2,216,498,000)				2,400,782

Rights & warrants 0.11%
Consumer staples 0.11%
Other securities				3,502

Total rights & warrants (cost: $3,452,000)				3,502

Bonds, notes & other debt instruments 3.09%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 2.61%
Other securities				78,507

Corporate bonds & notes 0.48%
Other 0.48%
Other securities				14,360

Total corporate bonds & notes				14,360

Total bonds, notes & other debt instruments (cost: $97,609,000)				92,867

Short-term securities 16.68%
American Honda Finance Corp. 2.35% due 1/10/2019	$	25,000		24,983
ANZ New Zealand (International) Ltd. 2.72% due 3/13/2019³		20,000		19,893
Bank of Nova Scotia 2.62% due 2/19/2019³		50,000		49,820
Colgate-Palmolive Co. 2.39% due 1/14/2019³		20,000		19,981
Commonwealth Bank of Australia 2.50% due 1/23/2019³		49,600		49,522
ExxonMobil Corp. 2.38% due 1/8/2019		40,000		39,979
Federal Home Loan Bank 2.37% due 2/22/2019		95,500		95,169
Mizuho Bank, Ltd. 2.51% due 2/1/2019³		69,800		69,645


American Funds Insurance Series	59

New World Fund

Short-term securities (continued)	Principal amount (000)		Value (000)
Swedbank AB 2.56% due 2/1/2019	$	88,900	$	88,705
Toronto-Dominion Bank 2.39% due 1/7/2019³		21,100		21,090
Other securities				23,530

Total short-term securities (cost: $502,291,000)				502,317
Total investment securities 99.62% (cost: $2,819,850,000)				2,999,468
Other assets less liabilities 0.38%				11,411

Net assets 100.00%			$	3,010,879

“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 12/31/2018 (000)
INR120,000	USD1,673	HSBC Bank	1/10/2019		$	44
USD1,689	INR120,000	Citibank	1/10/2019			(28	)
EUR590	USD672	Morgan Stanley	1/14/2019			5
USD674	EUR590	JPMorgan Chase	1/14/2019			(2	)
INR112,350	USD1,565	HSBC Bank	1/15/2019			41
USD1,586	INR112,350	HSBC Bank	1/15/2019			(20	)
EUR385	USD439	Morgan Stanley	1/18/2019			3
USD439	EUR385	HSBC Bank	1/18/2019			(3	)
USD406	EUR320	Citibank	3/6/2019			37
EUR320	USD366	Morgan Stanley	3/6/2019			2
USD531	EUR415	Goldman Sachs	3/8/2019			53
USD323	EUR255	Goldman Sachs	3/8/2019			29
EUR670	USD767	Morgan Stanley	3/8/2019			5
USD1,397	EUR1,100	JPMorgan Chase	3/15/2019			128
EUR1,100	USD1,259	Morgan Stanley	3/15/2019			9
					$	303


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 $486,458,000, which represented 16.16% of the net assets of the fund. This amount includes $463,432,000 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.
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 $277,296,000, which represented 9.21% of the net assets of the fund.

Key to abbreviations and symbol

ADR = American Depositary Receipts
EUR = Euros
INR = Indian rupees
USD/$ = U.S. dollars

See notes to financial statements

60	American Funds Insurance Series

Blue Chip Income and Growth Fund

Summary investment portfolio December 31, 2018

Common stocks 94.94%	Shares		Value (000)
Health care 25.24%
AbbVie Inc.		6,711,500	$	618,733
Abbott Laboratories		5,764,000		416,910
Amgen Inc.		1,416,510		275,752
Gilead Sciences, Inc.		3,761,212		235,264
Teva Pharmaceutical Industries Ltd. (ADR)		10,833,800		167,057
Medtronic PLC		900,000		81,864
UnitedHealth Group Inc.		211,000		52,564
Thermo Fisher Scientific Inc.		209,600		46,907
Other securities				132,401
				2,027,452

Information technology 13.45%
Microsoft Corp.		2,612,000		265,301
Intel Corp.		5,515,000		258,819
QUALCOMM Inc.		3,845,300		218,836
Broadcom Inc.		385,000		97,898
Texas Instruments Inc.		780,000		73,710
Mastercard Inc., Class A		337,000		63,575
Apple Inc.		400,000		63,096
Other securities				39,281
				1,080,516

Consumer staples 12.67%
Philip Morris International Inc.		3,349,900		223,639
Coca-Cola Co.		3,558,000		168,471
Altria Group, Inc.		2,872,800		141,888
Costco Wholesale Corp.		591,255		120,444
British American Tobacco PLC (ADR)		3,723,112		118,618
Kimberly-Clark Corp.		500,000		56,970
Kellogg Co.		792,000		45,152
PepsiCo, Inc.		400,000		44,192
Other securities				98,359
				1,017,733

Energy 9.44%
EOG Resources, Inc.		2,713,800		236,671
Exxon Mobil Corp.		2,699,800		184,099
Royal Dutch Shell PLC, Class B (ADR)		1,737,000		104,116
Halliburton Co.		2,844,730		75,613
Canadian Natural Resources, Ltd.		2,673,000		64,499
Noble Energy, Inc.		2,862,000		53,691
Other securities				39,514
				758,203

Communication services 9.11%
Alphabet Inc., Class A¹		184,550		192,847
Alphabet Inc., Class C¹		20,500		21,230
Verizon Communications Inc.		3,306,480		185,890
Facebook, Inc., Class A¹		1,089,000		142,757
CBS Corp., Class B		2,886,400		126,194
Viacom Inc., Class B		2,435,136		62,583
				731,501

Industrials 8.56%
General Dynamics Corp.		1,206,000		189,595
CSX Corp.		2,726,000		169,366
Illinois Tool Works Inc.		650,000		82,349
Union Pacific Corp.		400,000		55,292


American Funds Insurance Series	61

Blue Chip Income and Growth Fund

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
United Technologies Corp.		500,000	$	53,240
Northrop Grumman Corp.		174,300		42,686
Other securities				94,989
				687,517

Consumer discretionary 8.11%
Lowe’s Companies, Inc.		3,111,572		287,385
Marriott International, Inc., Class A		952,500		103,403
McDonald’s Corp.		500,000		88,785
General Motors Co.		1,752,800		58,631
Other securities				112,783
				650,987

Financials 4.89%
JPMorgan Chase & Co.		1,579,000		154,142
Charles Schwab Corp.		2,655,000		110,262
U.S. Bancorp		1,000,000		45,700
Other securities				82,299
				392,403

Materials 1.68%
Linde PLC		665,700		103,876
Other securities				31,028
				134,904

Other 1.79%
Other securities				143,876

Total common stocks (cost: $6,925,880,000)				7,625,092

Rights & warrants 0.05%
Financials 0.05%
Other securities				3,520

Total rights & warrants (cost: $10,088,000)				3,520

Short-term securities 4.85%	Principal amount (000)
Coca-Cola Co. 2.40% due 1/23/2019²	$	15,000		14,976
Federal Home Loan Bank 2.33%–2.36% due 1/18/2019–2/14/2019		154,500		154,194
U.S. Treasury Bills 2.24%–2.38% due 1/2/2019–2/19/2019		99,300		99,160
Other securities				121,091

Total short-term securities (cost: $389,429,000)				389,421
Total investment securities 99.84% (cost: $7,325,397,000)				8,018,033
Other assets less liabilities 0.16%				13,239

Net assets 100.00%			$	8,031,272


62	American Funds Insurance Series

Blue Chip Income and Growth Fund

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

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 $54,948,000, which represented .68% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements

American Funds Insurance Series

Global Growth and Income Fund

Summary investment portfolio December 31, 2018

Common stocks 91.72%	Shares		Value (000)
Information technology 15.54%
Taiwan Semiconductor Manufacturing Co., Ltd.¹		9,589,800	$	69,838
Microsoft Corp.		416,000		42,253
Broadcom Inc.		145,500		36,998
Murata Manufacturing Co., Ltd.¹		170,000		23,046
Apple Inc.		119,000		18,771
PagSeguro Digital Ltd., Class A²		998,752		18,707
Tableau Software, Inc., Class A²		104,000		12,480
ASML Holding NV		70,000		11,001
Halma PLC		610,000		10,605
Other securities				38,430
				282,129

Health care 11.07%
UnitedHealth Group Inc.		272,825		67,966
Merck & Co., Inc.		282,000		21,548
Hologic, Inc.²		400,000		16,440
Novartis AG¹		148,000		12,643
AstraZeneca PLC		167,000		12,501
Boston Scientific Corp.²		351,000		12,404
Centene Corp.²		101,000		11,645
Other securities				45,961
				201,108

Financials 10.25%
AIA Group Ltd.		3,005,000		24,944
CME Group Inc., Class A		75,000		14,109
HDFC Bank Ltd.		444,000		13,493
DBS Group Holdings Ltd.		705,000		12,254
Blackstone Group LP		355,000		10,583
Ping An Insurance (Group) Co. of China, Ltd., Class H		1,195,000		10,553
Other securities				100,183
				186,119

Communication services 10.13%
Nintendo Co., Ltd.¹		289,000		76,951
Alphabet Inc., Class A²		26,500		27,691
Alphabet Inc., Class C²		9,000		9,321
Vivendi SA		715,200		17,438
Other securities				52,538
				183,939

Industrials 9.89%
Airbus SE, non-registered shares		589,200		56,679
Boeing Co.		97,400		31,411
Safran SA		143,000		17,269
Lockheed Martin Corp.		45,000		11,783
CCR SA, ordinary nominative		4,025,000		11,631
Other securities				50,746
				179,519

Consumer discretionary 9.55%
Home Depot, Inc.		146,000		25,086
LVMH Moët Hennessy-Louis Vuitton SE		56,200		16,626
Carnival Corp., units		319,000		15,727
Alibaba Group Holding Ltd. (ADR)²		93,500		12,816
Daimler AG¹		222,000		11,680
Norwegian Cruise Line Holdings Ltd.²		275,000		11,657
Other securities				79,751
				173,343

64	American Funds Insurance Series

Global Growth and Income Fund

Common stocks	Shares		Value (000)
Materials 6.53%
Vale SA, ordinary nominative		2,925,000	$	38,489
Vale SA, ordinary nominative (ADR)		505,000		6,661
Other securities				73,399
				118,549

Energy 6.04%
Reliance Industries Ltd.		3,195,148		51,315
Royal Dutch Shell PLC, Class B		450,000		13,422
Galp Energia, SGPS, SA, Class B		708,000		11,190
Other securities				33,752
				109,679

Consumer staples 5.58%
Nestlé SA¹		488,700		39,668
British American Tobacco PLC		937,000		29,858
Other securities				31,809
				101,335

Real estate 3.69%
MGM Growth Properties LLC REIT, Class A		676,200		17,858
Gaming and Leisure Properties, Inc. REIT		425,000		13,732
Other securities				35,494
				67,084

Utilities 3.45%
Ørsted AS¹		491,552		32,802
Enel SPA¹		2,780,000		16,066
Other securities				13,861
				62,729

Total common stocks (cost: $1,481,838,000)				1,665,533

Bonds, notes & other debt instruments 2.17%	Principal amount (000)
Corporate bonds & notes 2.17%
Communication services 1.87%
Sprint Corp. 7.25% 2021	$	33,000		33,858

Health care 0.30%
Other securities				5,526

Total bonds, notes & other debt instruments (cost: $38,299,000)				39,384

Short-term securities 5.89%
BASF SE 2.50% due 1/11/2019³		15,000		14,989
Federal Home Loan Bank 2.15%–2.38% due 1/2/2019–2/19/2019		57,200		57,104
KfW 2.51% due 2/13/2019³		25,000		24,922
Other securities				9,999

Total short-term securities (cost: $107,023,000)				107,014
Total investment securities 99.78% (cost: $1,627,160,000)				1,811,931
Other assets less liabilities 0.22%				3,943

Net assets 100.00%			$	1,815,874

American Funds Insurance Series

Global Growth and Income Fund

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Forward currency contracts

				Unrealized
Contract amount				appreciation
Purchases	Sales		Settlement	at 12/31/2018
(000)	(000)	Counterparty	date	(000)
USD7,748	AUD10,500	Citibank	1/11/2019		$351

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 $395,472,000, which represented 21.78% of the net assets of the fund. This amount includes $391,460,000 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.
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 $49,910,000, which represented 2.75% of the net assets of the fund.

Key to abbreviations and symbol

AUD = Australian dollars

ADR = American Depositary Receipts

USD/$ = U.S. dollars

See notes to financial statements

66	American Funds Insurance Series

Growth-Income Fund

Summary investment portfolio December 31, 2018

Common stocks 90.59%	Shares		Value (000)
Health care 15.91%
AbbVie Inc.		7,288,241	$	671,903
UnitedHealth Group Inc.		2,286,268		569,555
Gilead Sciences, Inc.		7,114,800		445,031
Amgen Inc.		2,283,200		444,470
Abbott Laboratories		4,812,269		348,071
Merck & Co., Inc.		3,714,380		283,816
Cigna Corp.		1,277,418		242,607
Eli Lilly and Co.		1,567,600		181,403
Other securities				1,566,133
				4,752,989

Information technology 13.79%
Microsoft Corp.		9,710,500		986,297
Broadcom Inc.		1,985,134		504,780
Intel Corp.		9,945,900		466,761
Texas Instruments Inc.		3,188,582		301,321
Accenture PLC, Class A		1,490,900		210,232
QUALCOMM Inc.		3,500,275		199,201
Other securities				1,449,685
				4,118,277

Financials 11.01%
JPMorgan Chase & Co.		4,986,230		486,756
Bank of New York Mellon Corp.		6,217,700		292,667
CME Group Inc., Class A		1,464,600		275,521
Wells Fargo & Co.		5,210,100		240,081
Intercontinental Exchange, Inc.		3,183,555		239,817
Aon PLC, Class A		1,214,800		176,583
Berkshire Hathaway Inc., Class B¹		814,500		166,305
Other securities				1,410,515
				3,288,245

Communication services 10.28%
Alphabet Inc., Class C¹		348,784		361,204
Alphabet Inc., Class A¹		317,250		331,514
Facebook, Inc., Class A¹		4,975,927		652,294
Netflix, Inc.¹		1,266,777		339,066
Verizon Communications Inc.		4,588,600		257,971
Twenty-First Century Fox, Inc., Class A		4,796,000		230,784
Comcast Corp., Class A		5,903,800		201,024
Other securities				695,140
				3,068,997

Industrials 9.19%
General Dynamics Corp.		2,033,000		319,608
Airbus SE, non-registered shares		2,559,564		246,223
BWX Technologies, Inc.²		5,290,948		202,273
Textron Inc.		3,831,077		176,191
Other securities				1,800,478
				2,744,773

Consumer staples 8.91%
Coca-Cola Co.		8,433,100		399,307
Philip Morris International Inc.		3,686,270		246,095
British American Tobacco PLC		6,830,460		217,653
British American Tobacco PLC (ADR)		479,440		15,275
Pernod Ricard SA		1,233,233		202,480
Other securities				1,579,033
				2,659,843

American Funds Insurance Series

Growth-Income Fund

Common stocks (continued)		Shares		Value (000)
Energy 6.84%
Exxon Mobil Corp.			5,277,700	$	359,886
Chevron Corp.			2,725,900		296,551
EOG Resources, Inc.			2,406,800		209,897
Enbridge Inc. (CAD denominated)			5,120,559		159,071
Enbridge Inc. (CAD denominated)³			1,340,553		41,644
Other securities					974,704
					2,041,753

Consumer discretionary 6.35%
Amazon.com, Inc.¹			350,400		526,290
Lowe’s Companies, Inc.			2,000,000		184,720
Other securities					1,184,040
					1,895,050

Materials 4.69%
Celanese Corp.			3,329,233		299,531
Vale SA, ordinary nominative (ADR)			14,557,884		192,018
Vale SA, ordinary nominative			3,570,848		46,988
DowDuPont Inc.			3,404,500		182,073
Linde PLC			1,152,000		179,758
International Flavors & Fragrances Inc.			1,267,500		170,187
Other securities					330,092
					1,400,647

Real estate 1.79%
Crown Castle International Corp. REIT			1,827,000		198,467
Other securities					337,258
					535,725

Utilities 1.68%
Sempra Energy			1,840,000		199,070
Other securities					303,746
					502,816

Mutual funds 0.15%
Other securities					45,729

Total common stocks (cost: $22,571,835,000)					27,054,844


Convertible stocks 0.13%
Real estate 0.13%
Other securities					38,828

Total convertible stocks (cost: $39,390,000)					38,828

Convertible bonds 0.09%	Principal amount (000)
Energy 0.09%
Other securities					27,617

Total convertible bonds (cost: $43,359,000)					27,617

Short-term securities 9.11%
Chevron Corp. 2.50% due 2/11/2019³		$	30,000		29,913
Coca-Cola Co. 2.27% due 1/3/2019³			20,000		19,996
ExxonMobil Corp. 2.46% due 2/5/2019			100,000		99,752
Federal Home Loan Bank 2.20%–2.41% due 1/4/2019–3/26/2019			1,219,600		1,215,496
General Dynamics Corp. 2.52% due 1/10/2019³			45,000		44,970

68	American Funds Insurance Series

Growth-Income Fund

Short-term securities	Principal amount (000)			Value (000)
Merck & Co. Inc. 2.35%–2.50% due 1/29/2019–2/27/2019³		$	126,900	$	126,512
U.S. Treasury Bills 2.27%–2.43% due 1/17/2019–5/2/2019			672,600		669,783
Other securities					513,291

Total short-term securities (cost: $2,719,773,000)					2,719,713
Total investment securities 99.92% (cost: $25,374,357,000)					29,841,002
Other assets less liabilities 0.08%					23,133

Net assets 100.00%				$	29,864,135

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 holding is shown in the summary investment portfolio. Further details on this holding and related transactions during the year ended December 31, 2018, appear below.

	Beginning shares	Additions	Reductions	Ending shares	Net realized gain (000)	Net unrealized depreciation (000)			Dividend income (000)	Value of affiliate at 12/31/2018 (000)
Common stocks 0.68%
Industrials 0.68%
BWX Technologies, Inc.	4,772,174	518,774	—	5,290,948	$ —	$	(116,886	)	$ 3,182		$ 202,273

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	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 $706,416,000, which represented 2.37% of the net assets of the fund.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

See notes to financial statements

American Funds Insurance Series

International Growth and Income Fund

Summary investment portfolio December 31, 2018

Common stocks 89.17%	Shares		Value (000)
Financials 18.67%
HDFC Bank Ltd.		1,228,800	$	37,344
Zurich Insurance Group AG¹		92,200		27,498
AIA Group Ltd.		1,833,000		15,215
KB Financial Group Inc.¹		356,500		14,918
Swedbank AB, Class A¹		611,000		13,631
GT Capital Holdings, Inc.¹		733,589		13,598
Itaú Unibanco Holding SA, preferred nominative (ADR)		1,486,950		13,591
Prudential PLC		738,000		13,188
Banco Santander, SA		2,611,538		11,888
Sumitomo Mitsui Financial Group, Inc.¹		308,000		10,218
Other securities				78,569
				249,658

Health care 13.34%
Shire PLC		927,000		53,997
Novartis AG¹		426,145		36,404
Fresenius SE & Co. KGaA¹		551,600		26,838
Daiichi Sankyo Co., Ltd.¹		561,000		17,924
Teva Pharmaceutical Industries Ltd. (ADR)		662,000		10,208
Other securities				33,003
				178,374

Industrials 8.49%
Airbus SE, non-registered shares		253,960		24,430
Shanghai International Airport Co., Ltd., Class A¹		2,855,033		21,203
ASSA ABLOY AB, Class B¹		681,100		12,151
Adani Ports & Special Economic Zone Ltd.		2,008,779		11,155
Airports of Thailand PCL, foreign registered¹		5,250,000		10,333
Other securities				34,231
				113,503

Energy 7.09%
Royal Dutch Shell PLC, Class A		1,933,691		56,872
Royal Dutch Shell PLC, Class B		138,000		4,116
TOTAL SA		399,350		21,130
Other securities				12,695
				94,813

Materials 7.06%
Rio Tinto PLC		874,100		41,557
Vale SA, ordinary nominative (ADR)		1,386,000		18,281
Yara International ASA¹		343,000		13,223
Other securities				21,347
				94,408

Real estate 7.04%
Sun Hung Kai Properties Ltd.		2,227,000		31,739
CK Asset Holdings Ltd.		3,939,348		28,826
Daito Trust Construction Co., Ltd.¹		95,500		13,077
China Resources Land Ltd.		3,162,000		12,155
Other securities				8,396
				94,193

Consumer staples 7.04%
British American Tobacco PLC		1,075,402		34,268
Pernod Ricard SA		128,650		21,123
Coca-Cola Icecek AS, Class C		2,631,000		15,351
Imperial Brands PLC		316,016		9,574
Other securities				13,864
				94,180

70	American Funds Insurance Series

International Growth and Income Fund

Common stocks		Shares		Value (000)
Communication services 6.31%
Tencent Holdings Ltd.			440,700	$	17,672
BT Group PLC			4,859,461		14,748
Yandex NV, Class A²			470,000		12,855
Other securities					39,178
					84,453

Utilities 6.08%
Ørsted AS¹			441,200		29,441
ENN Energy Holdings Ltd.			1,658,000		14,705
Naturgy Energy Group, SA			400,000		10,202
Other securities					26,923
					81,271

Consumer discretionary 4.49%
LVMH Moët Hennessy-Louis Vuitton SE			48,000		14,200
EssilorLuxottica			105,000		13,288
Other securities					32,513
					60,001

Information technology 3.56%
Samsung Electronics Co., Ltd.¹			417,500		14,421
Tokyo Electron Ltd.¹			96,500		11,004
Taiwan Semiconductor Manufacturing Co., Ltd.¹			1,464,000		10,662
Other securities					11,493
					47,580

Total common stocks (cost: $1,222,804,000)					1,192,434

Bonds, notes & other debt instruments 1.14%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 0.61%
Other securities					8,169

Corporate bonds & notes 0.53%
Other 0.53%
Other securities					7,102

Total corporate bonds & notes					7,102

Total bonds, notes & other debt instruments (cost: $15,574,000)					15,271

Short-term securities 9.40%
BASF SE 2.62% due 2/5/2019³		$	10,000		9,975
Federal Home Loan Bank 2.22%–2.41% due 1/2/2019–3/21/2019			49,700		49,556
KfW 2.43% due 1/11/2019³			23,200		23,183
L’Oréal USA, Inc. 2.50% due 1/16/2019³			10,000		9,989
National Rural Utilities Cooperative Finance Corp. 2.50% due 2/6/2019			18,100		18,054
Siemens Capital Corp. 2.50% due 1/16/2019³			15,000		14,984

Total short-term securities (cost: $125,744,000)					125,741
Total investment securities 99.71% (cost: $1,364,122,000)					1,333,446
Other assets less liabilities 0.29%					3,812

Net assets 100.00%				$	1,337,258

American Funds Insurance Series

International Growth and Income Fund

“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 all such securities, including those in “Other securities,” was $410,893,000, which represented 30.73% of the net assets of the fund. This entire amount relates 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.
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 $59,763,000, which represented 4.47% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements

72	American Funds Insurance Series

Capital Income Builder

Summary investment portfolio December 31, 2018

Common stocks 68.05%	Shares		Value (000)
Financials 10.16%
CME Group Inc., Class A		73,016	$	13,736
Zurich Insurance Group AG¹		23,867		7,118
Wells Fargo & Co.		148,000		6,820
Sampo Oyj, Class A¹		130,569		5,747
Svenska Handelsbanken AB, Class A¹		475,408		5,274
DBS Group Holdings Ltd.		293,600		5,103
Other securities				24,783
				68,581

Consumer staples 9.24%
Philip Morris International Inc.		145,220		9,695
Coca-Cola Co.		177,700		8,414
Diageo PLC		233,000		8,301
Altria Group, Inc.		150,370		7,427
British American Tobacco PLC		189,300		6,032
Nestlé SA¹		69,277		5,623
Other securities				16,929
				62,421

Information technology 8.94%
Broadcom Inc.		47,700		12,129
Microsoft Corp.		99,520		10,108
Taiwan Semiconductor Manufacturing Co., Ltd.¹		1,277,800		9,306
Intel Corp.		176,700		8,292
QUALCOMM Inc.		140,900		8,019
Other securities				12,493
				60,347

Real estate 7.81%
Crown Castle International Corp. REIT		118,400		12,862
American Tower Corp. REIT		68,369		10,815
Link Real Estate Investment Trust REIT		582,500		5,899
Other securities				23,132
				52,708

Energy 6.62%
Enbridge Inc. (CAD denominated)		335,970		10,437
Royal Dutch Shell PLC, Class B		321,740		9,596
Royal Dutch Shell PLC, Class B (ADR)		8,500		509
Royal Dutch Shell PLC, Class A		101		3
Williams Companies, Inc.		231,200		5,098
Chevron Corp.		22,600		2,459
Other securities				16,621
				44,723

Communication services 6.02%
Vodafone Group PLC		5,377,800		10,481
Verizon Communications Inc.		119,950		6,743
Koninklijke KPN NV		2,175,375		6,381
HKT Trust and HKT Ltd., units		3,699,240		5,329
Other securities				11,749
				40,683

Health care 5.69%
AstraZeneca PLC		105,100		7,867
AstraZeneca PLC (ADR)		145,100		5,511
Johnson & Johnson		60,200		7,769
Pfizer Inc.		158,900		6,936
Other securities				10,313
				38,396

American Funds Insurance Series

Capital Income Builder

Common stocks (continued)		Shares		Value (000)
Utilities 5.52%
Edison International			135,100	$	7,670
Enel SPA¹			1,284,246		7,422
SSE PLC			477,689		6,585
Other securities					15,588
					37,265

Consumer discretionary 3.52%
Las Vegas Sands Corp.			154,300		8,031
Other securities					15,747
					23,778

Industrials 3.12%
Airbus SE, non-registered shares			73,714		7,091
Boeing Co.			17,900		5,773
Other securities					8,208
					21,072

Materials 1.41%
Other securities					9,546

Total common stocks (cost: $480,374,000)					459,520

Rights & warrants 0.00%
Energy 0.00%
Other securities					—

Total rights & warrants (cost: $1,000)					—

Convertible stocks 0.91%
Utilities 0.61%
Other securities					4,128

Real estate 0.30%
Crown Castle International Corp. REIT, Series A, 6.875% convertible preferred 2020			1,900		1,999

Total convertible stocks (cost: $6,292,000)					6,127

Bonds, notes & other debt instruments 24.91%	Principal amount (000)
U.S. Treasury bonds & notes 13.84%
U.S. Treasury 13.02%
U.S. Treasury 1.625% 2022		$	6,050		5,872
U.S. Treasury 2.00% 2022			15,000		14,741
U.S. Treasury 2.125% 2022			8,800		8,681
U.S. Treasury 2.00% 2025			13,200		12,729
U.S. Treasury 2.00% 2026			7,500		7,160
U.S. Treasury, principal only, 0% 2047			12,400		5,188
U.S. Treasury 1.75%–3.13% 2021–2048²			33,658		33,580
					87,951

U.S. Treasury inflation-protected securities 0.82%
U.S. Treasury Inflation-Protected Security 0.625% 2023³			5,599		5,512

Total U.S. Treasury bonds & notes					93,463

74	American Funds Insurance Series

Capital Income Builder

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Mortgage-backed obligations 6.96%
Federal agency mortgage-backed obligations 6.72%
Fannie Mae 4.00% 2047⁴		$	9,196	$	9,385
Fannie Mae 4.50% 2048^4,5			6,846		7,099
Fannie Mae 4.50% 2048⁴			5,816		6,033
Fannie Mae 4.50% 2048⁴			5,689		5,901
Fannie Mae 3.50%–4.00% 2046–2049^4,5			2,344		2,382
Government National Mortgage Assn. 4.30%–6.87% 2049–2063^4,5			7,553		7,817
Other securities					6,759
					45,376

Collateralized mortgage-backed obligations (privately originated) 0.24%
Other securities					1,582

Total mortgage-backed obligations					46,958

Corporate bonds & notes 3.97%
Financials 0.98%
CME Group Inc. 4.15% 2048			100		102
Wells Fargo & Co. 3.55%–4.60% 2021–2023			600		606
Other securities					5,886
					6,594

Utilities 0.83%
Enel Finance International SA 3.625% 2027⁶			215		190
Southern California Edison Co. 4.65% 2043			100		101
Other securities					5,297
					5,588

Health care 0.54%
AstraZeneca PLC 3.38%–3.50% 2023–2025			470		463
Other securities					3,196
					3,659

Communication services 0.38%
Verizon Communications Inc. 4.329% 2028			312		314
Vodafone Group PLC 3.75%–5.25% 2024–2048			600		582
Other securities					1,668
					2,564

Consumer staples 0.36%
Philip Morris International Inc. 2.63%–3.60% 2022–2023			273		265
Other securities					2,203
					2,468

Energy 0.26%
Shell International Finance BV 3.50% 2023			100		101
Other securities					1,629
					1,730

Information technology 0.04%
Broadcom Ltd. 3.50%–3.88% 2027–2028			328		291

Other 0.58%
Other securities					3,923

Total corporate bonds & notes					26,817

American Funds Insurance Series

Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations 0.14%
Other securities			$	967

Total bonds, notes & other debt instruments (cost: $169,549,000)				168,205

Short-term securities 6.79%
Chevron Corp. 2.39% due 1/28/2019⁶	$	10,000		9,981
Federal Home Loan Bank 2.33%–2.38% due 1/18/2019–2/21/2019		22,200		22,140
National Rural Utilities Cooperative Finance Corp. 2.52% due 1/31/2019		9,600		9,579
Pfizer Inc. 2.31% due 1/15/2019⁶		4,200		4,196

Total short-term securities (cost: $45,898,000)				45,896
Total investment securities 100.66% (cost: $702,114,000)				679,748
Other assets less liabilities (0.66)%				(4,468	)

Net assets 100.00%			$	675,280

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Futures contracts

								Unrealized
								appreciation
				Notional		Value at		(depreciation)
		Number of		amount⁷		12/31/2018⁸		at 12/31/2018
Contracts	Type	contracts	Expiration	(000)		(000)		(000)
90 Day Euro Dollar Futures	Long	100	December 2019	$25,000		$24,338			$	151
2 Year U.S. Treasury Note Futures	Long	49	April 2019	9,800		10,403				67
5 Year U.S. Treasury Note Futures	Long	988	April 2019	98,800		113,311				1,810
10 Year Ultra U.S. Treasury Note Futures	Short	473	March 2019	(47,300	)	(61,527	)			(1,820	)
20 Year U.S. Treasury Bond Futures	Long	64	March 2019	6,400		9,344				439
30 Year Ultra U.S. Treasury Bond Futures	Short	26	March 2019	(2,600	)	(4,177	)			(218	)
									$	429

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 “Other securities,” was $77,218,000, which represented 11.43% of the net assets of the fund. This amount includes $76,827,000 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.
²	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $284,000, which represented .04% of the net assets of the fund.
³	Index-linked bond whose principal amount moves with a government price index.
⁴	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁵	Purchased on a TBA basis.
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 $23,524,000, which represented 3.48% 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.

76	American Funds Insurance Series

Capital Income Builder

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

TBA = To-be-announced

See notes to financial statements

American Funds Insurance Series

Asset Allocation Fund

Summary investment portfolio December 31, 2018

Common stocks 58.94%	Shares		Value (000)
Information technology 13.64%
Microsoft Corp.	6,500,000	$	660,205
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	14,016,000		517,331
Broadcom Inc.	1,995,000		507,289
VeriSign, Inc.¹	2,000,000		296,580
ASML Holding NV (New York registered)	1,865,000		290,231
Intel Corp.	5,820,000		273,133
Intuit Inc.	1,100,000		216,535
Visa Inc., Class A	1,032,000		136,162
Other securities			230,164
			3,127,630

Health care 11.11%
UnitedHealth Group Inc.	2,016,300		502,301
Johnson & Johnson	3,472,000		448,062
Cigna Corp.	1,689,540		320,877
Humana Inc.	965,000		276,453
AbbVie Inc.	2,675,300		246,636
Merck & Co., Inc.	2,420,300		184,935
Bluebird Bio, Inc.¹	1,617,100		160,416
Other securities			406,972
			2,546,652

Financials 9.49%
Chubb Ltd.	2,450,000		316,491
Arch Capital Group Ltd.¹	8,595,000		229,658
First Republic Bank	2,580,000		224,202
Wells Fargo & Co.	3,500,000		161,280
JPMorgan Chase & Co.	1,600,000		156,192
Bank of America Corp.	6,000,000		147,840
CME Group Inc., Class A	738,200		138,870
Citigroup Inc.	2,500,000		130,150
Other securities			670,432
			2,175,115

Industrials 4.39%
Boeing Co.	1,140,000		367,650
Northrop Grumman Corp.	1,249,400		305,978
Lockheed Martin Corp.	847,200		221,831
Other securities			111,429
			1,006,888

Energy 4.17%
Noble Energy, Inc.	10,500,000		196,980
Cenovus Energy Inc.	27,000,000		189,862
Royal Dutch Shell PLC, Class B (ADR)	2,745,000		164,535
Other securities			404,961
			956,338

Consumer discretionary 3.94%
Home Depot, Inc.	1,125,000		193,297
Amazon.com, Inc.¹	103,000		154,703
General Motors Co.	4,100,000		137,145
VF Corp.	1,600,000		114,144
Other securities			304,124
			903,413

78	American Funds Insurance Series

Asset Allocation Fund

Common stocks	Shares		Value (000)
Communication services 3.70%
Comcast Corp., Class A		7,550,000	$	257,077
Facebook, Inc., Class A¹		1,332,000		174,612
Verizon Communications Inc.		2,040,000		114,689
Other securities				301,633
				848,011

Consumer staples 3.52%
Philip Morris International Inc.		5,430,000		362,507
Nestlé SA²		3,242,230		263,173
Nestlé SA (ADR)		900,000		72,864
Other securities				109,682
				808,226

Materials 3.23%
DowDuPont Inc.		7,753,100		414,636
Other securities				324,972
				739,608

Utilities 0.94%
CMS Energy Corp.		2,284,700		113,435
Other securities				102,464
				215,899

Real estate 0.81%
Other securities				184,779

Total common stocks (cost: $10,995,856,000)				13,512,559

Rights & warrants 0.00%
Other 0.00%
Other securities				242

Total rights & warrants (cost: $70,000)				242

Convertible stocks 0.03%
Industrials 0.03%
Other securities				6,074

Total convertible stocks (cost: $4,800,000)				6,074

Convertible bonds 0.00%	Principal amount (000)
Communication services 0.00%
Other securities				1,272

Bonds, notes & other debt instruments 28.92%
U.S. Treasury bonds & notes 12.30%
U.S. Treasury 9.54%
U.S. Treasury 1.50% 2019	$	400,000		399,688
U.S. Treasury 1.25% 2020³		298,117		293,842
U.S. Treasury 1.625% 2020		125,000		123,238
U.S. Treasury 2.25% 2027		126,075		122,452
U.S. Treasury 1.13%–4.75% 2019–2048³		1,260,397		1,247,301
				2,186,521

American Funds Insurance Series

Asset Allocation Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities 2.76%
U.S. Treasury Inflation-Protected Security 0.625% 2024⁴	$	221,289	$	217,968
U.S. Treasury Inflation-Protected Security 1.375% 2044^3,4		139,180		144,107
U.S. Treasury Inflation-Protected Securities 0.13%–2.38% 2021–2047⁴		283,125		271,873
				633,948

Total U.S. Treasury bonds & notes				2,820,469

Corporate bonds & notes 9.97%
Energy 1.60%
Other securities				367,218

Financials 1.56%
ACE INA Holdings Inc. 2.30%–4.35% 2020–2045		6,905		6,864
Other securities				349,954
				356,818

Health care 1.52%
AbbVie Inc. 4.25%–4.88% 2028–2048		11,404		10,435
Cigna Corp. 3.40%–4.90% 2021–2048⁵		18,585		18,521
Johnson & Johnson 2.45% 2026		5,285		4,970
Other securities				315,654
				349,580

Communication services 1.07%
Comcast Corp. 2.35%–4.70% 2025–2048		24,439		24,085
NBCUniversal Enterprise, Inc. 1.974% 2019⁵		100		100
Other securities				220,154
				244,339

Materials 0.73%
Dow Chemical Co. 4.55% 2025⁵		8,394		8,556
DowDuPont Inc. 4.21%–4.73% 2023–2028		16,125		16,632
Other securities				142,841
				168,029

Industrials 0.63%
Lockheed Martin Corp. 2.50%–3.55% 2020–2026		10,050		9,962
Northrop Grumman Corp. 2.93%–3.25% 2025–2028		8,140		7,676
Other securities				127,441
				145,079

Consumer staples 0.59%
Nestle Holdings, Inc. 3.50% 2025⁵		4,500		4,526
Philip Morris International Inc. 1.88%–4.25% 2020–2044		15,405		14,816
Other securities				116,177
				135,519

Information technology 0.29%
Broadcom Ltd. 3.00%–3.63% 2022–2028		6,277		5,582
Microsoft Corp. 4.10%–4.20% 2035–2037		7,000		7,268
Other securities				52,778
				65,628

Other 1.98%
Other securities				454,358

Total corporate bonds & notes				2,286,568

80	American Funds Insurance Series

Asset Allocation Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Mortgage-backed obligations 5.75%
Federal agency mortgage-backed obligations 5.59%
Fannie Mae 0%–7.50% 2021–2049^6,7,8	$	576,633	$	585,310
Freddie Mac 3.00%–6.50% 2037–2049^6,8		309,698		312,698
Other securities				383,453
				1,281,461

Other 0.16%
Other securities				37,382

Total mortgage-backed obligations				1,318,843

Federal agency bonds & notes 0.07%
Fannie Mae 1.88%–2.00% 2022–2026		16,000		15,031

Other 0.83%
Other securities				190,115

Total bonds, notes & other debt instruments (cost: $6,771,429,000)				6,631,026

Short-term securities 13.60%
Federal Home Loan Bank 2.13%–2.41% due 1/2/2019–3/15/2019		1,506,150		1,501,682
Merck & Co. Inc. 2.37%–2.50% due 1/23/2019–2/27/2019⁵		149,000		148,526
U.S. Treasury Bills 2.12%–2.38% due 1/15/2019–3/7/2019		660,200		658,327
United Parcel Service Inc. 2.34%–2.40% due 1/14/2019–1/22/2019⁵		175,000		174,804
Other securities				633,289

Total short-term securities (cost: $3,116,790,000)				3,116,628
Total investment securities 101.49% (cost: $20,890,335,000)				23,267,801
Other assets less liabilities (1.49)%				(342,350	)

Net assets 100.00%			$	22,925,451

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “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 $43,203,000, which represented .19% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $30,904,000, an aggregate cost of $36,241,000, and which represented .13% of the net assets of the fund) were acquired from 9/26/2013 to 11/16/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

American Funds Insurance Series

Asset Allocation Fund

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount (000)		⁹	Value at 12/31/2018 (000)			¹⁰	Unrealized appreciation (depreciation) at 12/31/2018 (000)
2 Year U.S. Treasury Note Futures	Long		2,898	April 2019	$	579,600			$	615,282			$	2,012
5 Year U.S. Treasury Note Futures	Long		1,317	April 2019		131,700				151,043				2,659
10 Year U.S. Treasury Note Futures	Long		817	March 2019		81,700				99,687				1,364
10 Year Ultra U.S. Treasury Note Futures	Short		211	March 2019		(21,100	)			(27,447	)			(874	)
													$	5,161

Swap contracts

Interest rate swaps

								Upfront			Unrealized
					Value at			payments/			depreciation
		Expiration	Notional		12/31/2018			receipts			at 12/31/2018
Receive	Pay	date	(000)		(000)			(000)			(000)
1.6365%	3-month USD-LIBOR	10/16/2019	$	124,000		$(1,066	)		$	—		$	(1,066	)
U.S. EFFR	2.4435%	12/20/2023		17,844		(137	)			—			(137	)
U.S. EFFR	2.45375%	12/20/2023		159,848		(1,304	)			—			(1,304	)
U.S. EFFR	2.4225%	12/24/2023		73,206		(490	)			—			(490	)
3-month USD-LIBOR	2.945%	10/16/2044		28,000		(560	)			—			(560	)
									$	—		$	(3,557	)

82	American Funds Insurance Series

Asset Allocation Fund

Investments in affiliates

	Beginning						Ending		Net			Net				Dividend			Value of
	shares or						shares or		realized			unrealized				or interest			affiliates at
	principal						principal		gain			depreciation				income			12/31/2018
	amount		Additions		Reductions		amount		(000)			(000)				(000)			(000)
Common stocks 0.59%
Energy 0.14%
Weatherford International PLC¹		56,000,000		4,000,000		—		60,000,000		$	—		$	(210,215	)		$	—		$	33,540

Consumer discretionary 0.45%
Dillard’s, Inc., Class A (USA)¹¹		807,618		892,382		—		1,700,000			—			(9,607	)			562			102,527

Total common stocks																					136,067

Bonds, notes & other debt instruments 0.08%
Energy 0.08%
Weatherford International PLC 4.50% 2022	$	2,670,000	$	3,695,000		—	$	6,365,000			—			(1,890	)			340			3,755
Weatherford International PLC 8.25% 2023	$	5,500,000	$	300,000		—	$	5,800,000			—			(2,350	)			484			3,523
Weatherford International PLC 9.875% 2024		—	$	1,000,000		—	$	1,000,000			—			(391	)			86			620
Weatherford International PLC 9.875% 2025⁵		—	$	2,550,000		—	$	2,550,000			—			(973	)			214			1,562
Weatherford International PLC 6.50% 2036	$	7,595,000		—		—	$	7,595,000			—			(2,323	)			519			3,987
Weatherford International PLC 6.75% 2040	$	7,825,000		—		—	$	7,825,000			—			(2,412	)			553			4,069
																					17,516
Total 0.67%										$	—		$	(230,161	)		$	2,758		$	153,583

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	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 $396,462,000, which represented 1.73% of the net assets of the fund. This amount includes $369,780,000 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.
³	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $10,162,000, which represented .04% of the net assets of the fund.
⁴	Index-linked bond whose principal amount moves with a government price index.
⁵	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 $1,612,443,000, which represented 7.03% of the net assets of the fund.
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.

Key to abbreviations and symbol

ADR = American Depositary Receipts

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements

American Funds Insurance Series

Global Balanced Fund

Summary investment portfolio December 31, 2018

Common stocks 56.65%	Shares		Value (000)
Information technology 11.31%
ASML Holding NV		35,800	$	5,626
Taiwan Semiconductor Manufacturing Co., Ltd.¹		732,000		5,331
Microsoft Corp.		48,500		4,926
PagSeguro Digital Ltd., Class A²		220,528		4,130
Broadcom Inc.		15,150		3,852
Temenos AG¹		25,000		2,999
Keyence Corp.¹		4,400		2,233
Intel Corp.		44,000		2,065
Other securities				10,273
				41,435

Financials 8.12%
JPMorgan Chase & Co.		48,270		4,712
HSBC Holdings PLC (GBP denominated)		539,633		4,449
Berkshire Hathaway Inc., Class A²		12		3,672
B3 SA - Brasil, Bolsa, Balcao		376,000		2,601
HDFC Bank Ltd. (ADR)		21,605		2,238
Credicorp Ltd.		10,050		2,228
Wells Fargo & Co.		47,900		2,207
AIA Group Ltd.		250,000		2,075
Other securities				5,545
				29,727

Health care 7.49%
Merck & Co., Inc.		66,870		5,110
Humana Inc.		16,330		4,678
UnitedHealth Group Inc.		8,985		2,238
Other securities				15,420
				27,446

Industrials 6.81%
Boeing Co.		15,250		4,918
Edenred SA		65,000		2,391
Other securities				17,629
				24,938

Energy 4.95%
ConocoPhillips		56,006		3,492
Royal Dutch Shell PLC, Class B		114,200		3,406
LUKOIL Oil Co. PJSC (ADR)		39,800		2,845
Enbridge Inc. (CAD denominated)		62,117		1,929
Enbridge Inc. (CAD denominated)³		16,157		502
TOTAL SA		45,200		2,391
Other securities				3,564
				18,129

Consumer staples 4.85%
Nestlé SA¹		45,300		3,677
Philip Morris International Inc.		50,800		3,391
British American Tobacco PLC		78,900		2,514
Coca-Cola European Partners PLC		48,000		2,201
Other securities				5,994
				17,777

Consumer discretionary 4.05%
Amazon.com, Inc.²		2,500		3,755
Ocado Group PLC²		259,500		2,613
Other securities				8,465
				14,833

84	American Funds Insurance Series

Global Balanced Fund

Common stocks		Shares		Value (000)
Materials 3.54%
DowDuPont Inc.			40,738	$	2,179
Linde PLC¹			13,706		2,176
Randgold Resources Ltd.¹			25,000		2,068
Other securities					6,530
					12,953

Communication services 2.21%
Nintendo Co., Ltd.¹			21,300		5,671
Other securities					2,412
					8,083

Real estate 1.91%
Link Real Estate Investment Trust REIT			211,697		2,144
Other securities					4,838
					6,982

Utilities 1.41%
Ørsted AS¹			33,800		2,255
ENN Energy Holdings Ltd.			232,000		2,058
Other securities					839
					5,152

Total common stocks (cost: $181,317,000)					207,455

Bonds, notes & other debt instruments 36.97%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 16.15%
Canada 1.00%–2.25% 2022–2025		C$	2,000		1,484
Japan, Series 395, 0.10% 2020		¥	251,100		2,301
Japan, Series 346, 0.10% 2027			380,450		3,529
Japan 0.10%–1.70% 2020–2046⁴			1,018,875		9,836
Poland (Republic of) 3.25%–5.75% 2020–2025		PLN	14,140		4,068
United Mexican States 5.75%–10.00% 2020–2042		MXN	63,500		2,995
United Mexican States 4.15%–4.60% 2027–2046		$	600		565
Other securities					34,368
					59,146

U.S. Treasury bonds & notes 12.50%
U.S. Treasury 10.13%
U.S. Treasury 2.875% 2021			2,250		2,276
U.S. Treasury 1.625% 2022			2,850		2,766
U.S. Treasury 2.875% 2023			2,250		2,288
U.S. Treasury 2.25% 2027			2,800		2,711
U.S. Treasury 2.875% 2028⁵			2,170		2,205
U.S. Treasury 1.00%–3.13% 2019–2046⁵			25,142		24,843
					37,089

U.S. Treasury inflation-protected securities 2.37%
U.S. Treasury Inflation-Protected Securities 0.13%–2.38% 2022–2044⁴			8,962		8,681

Total U.S. Treasury bonds & notes					45,770

Corporate bonds & notes 6.43%
Financials 1.61%
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)^3,6			200		191
Berkshire Hathaway Inc. 3.00% 2022			75		75
HSBC Holdings PLC 3.375% 2024 (5 year EURO Mid Swap + 1.95% on 1/10/2019)⁶		€	100		115
HSBC Holdings PLC 3.03%–4.29% 2023–2026⁶		$	650		633

American Funds Insurance Series

Global Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds & notes (continued)
Financials (continued)
JPMorgan Chase & Co. 2.55%–6.75% 2021–2049⁶	$	389	$	387
JPMorgan Chase Bank NA (3-month USD-LIBOR + 0.34%) 2.848% 2021⁷		300		297
Other securities				4,193
				5,891

Utilities 0.98%
Sierra Pacific Power Co., General and Refunding Mortgage Notes, Series T, 3.375% 2023		72		72
Other securities				3,539
				3,611

Health care 0.92%
Humana Inc. 3.15% 2022		100		98
Other securities				3,277
				3,375

Consumer discretionary 0.56%
Amazon.com, Inc. 2.80%–3.15% 2024–2027		220		213
Other securities				1,826
				2,039

Energy 0.53%
Petróleos Mexicanos 7.47% 2026	MXN	4,000		150
Petróleos Mexicanos 6.35%–6.50% 2027–2048	$	487		408
Shell International Finance BV 3.50% 2023		330		334
Other securities				1,035
				1,927

Information technology 0.31%
Broadcom Ltd. 3.875% 2027		190		171
Microsoft Corp. 2.40%–3.30% 2026–2027		652		630
Other securities				338
				1,139

Other 1.52%
Other securities				5,550

Total corporate bonds & notes				23,532

Mortgage-backed obligations 1.89%
Federal agency mortgage-backed obligations 1.18%
Fannie Mae 4.00%–4.50% 2041–2049^8,9		3,775		3,871
Other securities				474
				4,345

Other 0.71%
Other securities				2,591

Total mortgage-backed obligations				6,936

Total bonds, notes & other debt instruments (cost: $138,335,000)				135,384

86	American Funds Insurance Series

Global Balanced Fund

Short-term securities 6.99%	Principal amount (000)			Value (000)
Canada Bill 2.32% due 1/3/2019	$	6,000	$	6,000
Federal Home Loan Bank 2.15%–2.39% due 1/2/2019–1/22/2019		9,600		9,592
National Rural Utilities Cooperative Finance Corp. 2.55% due 1/14/2019		5,000		4,995
U.S. Treasury Bills 2.28% due 1/15/2019		5,000		4,996

Total short-term securities (cost: $25,583,000)				25,583
Total investment securities 100.61% (cost: $345,235,000)				368,422
Other assets less liabilities (0.61)%				(2,233	)

Net assets 100.00%			$	366,189

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount (000)		¹⁰	Value at 12/31/2018 (000)			¹¹	Unrealized appreciation at 12/31/2018 (000)
2 Year U.S. Treasury Note Futures	Long		6	April 2019		$1,200			$	1,274			$	6
5 Year U.S. Treasury Note Futures	Long		97	April 2019		9,700				11,124				116
10 Year Ultra U.S. Treasury Note Futures	Long		9	March 2019		900				1,171				38
10 Year U.S. Treasury Note Futures	Long		7	March 2019		700				854				20
													$	180

Forward currency contracts

Unrealized

(depreciation)

Contract amount

appreciation

Purchases

Sales

Settlement

at 12/31/2018

(000)

Counterparty

date

(000)

USD500

MYR2,100

JPMorgan Chase

1/4/2019

$(8

)

USD482

THB15,900

HSBC Bank

1/8/2019

)

USD1,367

EUR1,200

Citibank

1/8/2019

)

JPY57,806

EUR450

HSBC Bank

1/9/2019

JPY42,300

USD374

Citibank

1/9/2019

EUR534

USD606

Goldman Sachs

1/9/2019

USD354

JPY40,000

Bank of New York Mellon

1/9/2019

(11

)

USD513

BRL2,000

Citibank

1/10/2019

)

USD350

INR24,900

Citibank

1/10/2019

)

JPY9,730

USD86

JPMorgan Chase

1/11/2019

JPY9,730

USD86

Goldman Sachs

1/11/2019

USD162

ILS600

Goldman Sachs

1/11/2019

USD497

PLN1,870

JPMorgan Chase

1/11/2019

)

USD172

JPY19,459

Goldman Sachs

1/11/2019

)

USD356

INR25,000

Citibank

1/14/2019

)

USD378

MYR1,580

JPMorgan Chase

1/14/2019

)

USD692

INR49,000

HSBC Bank

1/15/2019

)

JPY116,594

USD1,033

JPMorgan Chase

1/17/2019

USD871

CAD1,165

Citibank

1/17/2019

EUR938

USD1,068

Goldman Sachs

1/17/2019

KRW900,000

USD802

JPMorgan Chase

1/17/2019

USD259

THB8,500

Bank of America, N.A.

1/17/2019

)

American Funds Insurance Series

Global Balanced Fund

Forward currency contracts (continued)

Unrealized

(depreciation)

Contract amount

appreciation

Purchases

Sales

Settlement

at 12/31/2018

(000)

Counterparty

date

(000)

USD796

KRW900,000

Morgan Stanley

1/17/2019

(11

)

USD740

JPY83,520

Citibank

1/17/2019

(23

)

JPY110,281

EUR860

Goldman Sachs

1/18/2019

USD520

AUD725

JPMorgan Chase

1/18/2019

USD113

CAD150

Goldman Sachs

1/18/2019

KRW532,100

USD475

HSBC Bank

1/18/2019

GBP190

USD243

Citibank

1/18/2019

)

USD474

KRW532,100

Goldman Sachs

1/18/2019

)

USD116

INR8,300

Citibank

1/22/2019

)

USD588

BRL2,300

JPMorgan Chase

1/22/2019

)

GBP1,476

USD1,871

Citibank

1/24/2019

EUR1,565

USD1,787

JPMorgan Chase

1/24/2019

GBP270

EUR300

Bank of America, N.A.

1/24/2019

—

¹²

NOK2,700

USD316

Bank of New York Mellon

1/24/2019

)

USD699

AUD970

UBS AG

1/25/2019

USD462

INR32,718

JPMorgan Chase

1/25/2019

)

EUR717

USD812

HSBC Bank

1/28/2019

EUR400

USD459

HSBC Bank

1/28/2019

NOK3,054

USD351

UBS AG

1/29/2019

USD143

MXN2,900

HSBC Bank

1/29/2019

)

JPY85,000

USD754

JPMorgan Chase

2/13/2019

USD504

CNH3,500

JPMorgan Chase

2/28/2019

)

USD62

BRL250

HSBC Bank

12/20/2019

—

¹²

Swap contracts

Interest rate swaps

												Unrealized
									Upfront			(depreciation)
					Value at				payments/			appreciation
		Expiration	Notional		12/31/2018				receipts			at 12/31/2018
Receive	Pay	date	(000)		(000)				(000)			(000)
U.S. EFFR	2.521%	5/1/2019	$	153,000		$	(19	)		$	—		$	(19	)
(0.0385)%	EONIA	12/4/2021	€	4,300			12				—			12
(0.0405)%	EONIA	12/4/2021		4,400			12				—			12
										$	—		$	5

88	American Funds Insurance Series

Global Balanced 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	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 $42,136,000, which represented 11.51% of the net assets of the fund. This amount includes $40,068,000 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.
²	Security did not produce income during the last 12 months.
³	Acquired in a transaction exempt from registration under Rule 144A 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 $10,661,000, which represented 2.91% of the net assets of the fund.
⁴	Index-linked bond whose principal amount moves with a government price index.
⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $154,000, which represented .04% of the net assets of the fund.
⁶	Step bond; coupon rate may change at a later date.
⁷	Coupon rate may change periodically.
⁸	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁹	Purchased on a TBA basis.
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.
¹²	Amount less than one thousand.

Key to abbreviations and symbols

ADR = American Depositary Receipts

AUD = Australian dollars

BRL = Brazilian reais

CAD/C$ = Canadian dollars

CNH = Chinese yuan renminbi

EFFR = Effective Federal Funds Rate

EONIA = Euro Overnight Index Average

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

TBA = To-be-announced

THB = Thai baht

USD/$ = U.S. dollars

See notes to financial statements

American Funds Insurance Series

Bond Fund

Summary investment portfolio December 31, 2018

Bonds, notes & other debt instruments 98.44%	Principal amount (000)		Value (000)
Corporate bonds & notes 36.57%
Financials 10.49%
Bank of America Corp. 2.82%–4.27% 2023–2029¹	$	111,866	$	108,914
General Motors Financial Co. 4.20% 2021		12,600		12,602
Intesa Sanpaolo SpA 5.017% 2024²		70,790		64,129
Morgan Stanley 2.50%–3.88% 2021–2029^1,3		103,230		100,523
Other securities				747,734
				1,033,902

Health care 6.53%
Teva Pharmaceutical Finance Co. BV 2.80% 2023		77,814		67,082
Teva Pharmaceutical Finance Co. BV 2.20%–6.75% 2021–2046		133,539		103,666
Other securities				472,682
				643,430

Energy 5.02%
Petróleos Mexicanos 7.47% 2026	MXN	295,000		11,075
Petróleos Mexicanos 4.63%–6.75% 2022–2048	$	65,035		57,055
Other securities				426,114
				494,244

Utilities 3.49%
Other securities				344,262

Consumer discretionary 3.03%
General Motors Co. 4.35%–5.95% 2025–2049		20,265		18,401
General Motors Financial Co. 3.15%–3.95% 2020–2024		71,039		67,851
Other securities				212,152
				298,404

Consumer staples 2.82%
Other securities				277,569

Communication services 2.07%
Other securities				204,443

Industrials 1.04%
Other securities				102,117

Other 2.08%
Other securities				205,279

Total corporate bonds & notes				3,603,650

U.S. Treasury bonds & notes 28.94%
U.S. Treasury 23.96%
U.S. Treasury 2.25% 2023		110,600		109,231
U.S. Treasury 2.50% 2023		57,200		57,218
U.S. Treasury 2.625% 2023		297,846		299,451
U.S. Treasury 2.75% 2023		173,600		175,425
U.S. Treasury 2.125% 2024⁴		250,100		245,361
U.S. Treasury 2.125% 2024⁴		72,100		70,548
U.S. Treasury 2.125% 2024		72,100		70,475
U.S. Treasury 2.25% 2024		65,000		64,175
U.S. Treasury 2.625% 2025		76,884		77,076
U.S. Treasury 2.75% 2025		132,000		133,361
U.S. Treasury 2.875% 2025		162,218		165,056
U.S. Treasury 2.875% 2025		96,200		97,906
U.S. Treasury 2.25% 2027		120,200		116,223

90	American Funds Insurance Series

Bond Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
U.S. Treasury 2.25% 2027	$	73,175	$	71,072
U.S. Treasury 3.125% 2028		125,656		130,492
U.S. Treasury 3.00% 2048⁴		72,499		72,268
U.S. Treasury 3.125% 2048⁴		85,768		87,519
U.S. Treasury 3.375% 2048⁴		105,392		112,851
U.S. Treasury 2.38%–8.75% 2020–2045		195,161		206,044
				2,361,752

U.S. Treasury inflation-protected securities 4.98%
U.S. Treasury Inflation-Protected Security 0.625% 2023⁵		50,902		50,107
U.S. Treasury Inflation-Protected Security 0.375% 2025⁵		54,409		52,483
U.S. Treasury Inflation-Protected Security 0.375% 2027⁵		155,061		147,380
U.S. Treasury Inflation-Protected Security 0.50% 2028⁵		128,145		122,360
U.S. Treasury Inflation-Protected Security 0.75% 2028⁵		71,633		70,160
U.S. Treasury Inflation-Protected Securities 0.88%–1.00% 2047–2048^4,5		57,402		48,055
				490,545

Total U.S. Treasury bonds & notes				2,852,297

Mortgage-backed obligations 22.67%
Federal agency mortgage-backed obligations 22.65%
Fannie Mae 3.50% 2047⁶		94,234		94,300
Fannie Mae 3.50% 2047⁶		65,315		65,360
Fannie Mae 3.50% 2049^6,7		538,377		538,494
Fannie Mae 4.00% 2049^6,7		225,210		229,666
Fannie Mae 4.50% 2049^6,7		98,000		101,542
Fannie Mae 3.00%–9.19% 2023–2049^3,6		170,534		172,675
Freddie Mac 3.50% 2047⁶		111,522		111,566
Freddie Mac 3.50% 2047⁶		61,286		61,335
Freddie Mac 4.00% 2048⁶		63,344		64,620
Freddie Mac 4.00% 2048⁶		58,724		59,906
Freddie Mac 4.00% 2048⁶		50,769		51,791
Freddie Mac 3.00%–5.50% 2033–2048⁶		186,165		186,978
Government National Mortgage Assn. 4.00% 2049^6,7		78,661		80,560
Government National Mortgage Assn. 4.00% 2049^6,7		69,539		71,158
Government National Mortgage Assn. 4.50% 2049^6,7		117,450		121,553
Government National Mortgage Assn. 5.00% 2049^6,7		168,137		174,944
Government National Mortgage Assn. 5.00% 2049^6,7		23,839		24,782
Other securities				21,002
				2,232,232

Other 0.02%
Other securities				1,863

Total mortgage-backed obligations				2,234,095

Bonds & notes of governments & government agencies outside the U.S. 6.22%
Italy (Republic of) 0.95% 2023	€	45,000		50,312
Italy (Republic of) 2.00% 2028		21,000		23,045
Japan, Series 20, 0.10% 2025⁵	¥	11,430,000		107,256
Portuguese Republic 5.125% 2024	$	89,175		93,569
Portuguese Republic 4.10%–5.65% 2024–2045	€	20,375		29,237
United Mexican States, Series M, 6.50% 2021	MXN	3,132,700		152,312
United Mexican States 3.60% 2025	$	11,500		10,994
United Mexican States, Series M, 5.75% 2026	MXN	527,500		22,701
Other securities				123,316
				612,742

Asset-backed obligations 2.00%
Other securities				197,268

American Funds Insurance Series

Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals 1.93%
Illinois 1.64%
G.O. Bonds, Pension Funding Series 2003, 4.95% 2023	$	27,060	$	27,489
G.O. Bonds, Pension Funding Series 2003, 5.10% 2033⁶		86,885		82,973
G.O. Bonds, Pension Funding Series 2013, 5.877% 2019		400		402
G.O. Bonds, Series 2013-B, 3.65% 2020		1,825		1,826
G.O. Bonds, Series 2013-B, 4.11% 2022		750		748
G.O. Bonds, Series 2013-B, 4.31% 2023		2,125		2,101
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.65% 2020		250		256
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022		2,370		2,487
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023		3,210		3,376
G.O. Bonds, Taxable Build America Bonds, Series 2010-3, 5.547% 2019		335		337
G.O. Bonds, Taxable Build America Bonds, Series 2010-3, 5.727% 2020		2,400		2,462
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 6.20% 2021⁶		5,838		6,050
Other securities				31,113
				161,620

Other 0.29%
Other securities				28,321

Total municipals				189,941

Federal agency bonds & notes 0.11%
Fannie Mae 2.125% 2026		11,910		11,395

Total bonds, notes & other debt instruments (cost: $9,812,916,000)				9,701,388

Common stocks 0.01%	Shares
Other 0.01%
Other securities				422

Total common stocks (cost: $1,854,000)				422

Rights & warrants 0.00%
Energy 0.00%
Other securities				67

Total rights & warrants (cost: $18,000)				67

Short-term securities 12.62%	Principal amount (000)
Chevron Corp. 2.49% due 2/4/2019²	$	75,000		74,819
Fannie Mae 2.23% due 1/2/2019		3,200		3,199
Federal Home Loan Bank 2.23%–2.39% due 1/11/2019–3/6/2019		483,800		482,671
Italian Treasury Bill 0.53% due 8/14/2019	€	46,400		53,030
Merck & Co. Inc. 2.38% due 1/25/2019–1/29/2019²	$	80,000		79,849
U.S. Treasury Bills 2.19%–2.44% due 1/17/2019–5/16/2019		366,500		364,843
Wal-Mart Stores, Inc. 2.46%–2.49% due 1/7/2019–1/14/2019²		64,800		64,756
Other securities				120,466

Total short-term securities (cost: $1,244,163,000)				1,243,633
Total investment securities 111.07% (cost: $11,058,951,000)				10,945,510
Other assets less liabilities (11.07)%				(1,090,823	)

Net assets 100.00%			$	9,854,687

92	American Funds Insurance Series

Bond Fund

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount (000)		⁸	Value at 12/31/2018 (000)		⁹	Unrealized appreciation (depreciation) at 12/31/2018 (000)
2 Year U.S. Treasury Note Futures	Long		3,076	April 2019	$	615,200		$	653,073			$	2,119
5 Year Euro-Bobl Futures	Short		2,022	March 2019	€	(202,200	)		(307,010	)			(813	)
5 Year U.S. Treasury Note Futures	Long		10,571	April 2019	$	1,057,100			1,212,362				17,566
10 Year Euro-Bund Futures	Short		715	March 2019	€	(71,500	)		(133,974	)			(934	)
10 Year U.S. Treasury Note Futures	Long		579	March 2019	$	57,900			70,647				1,495
10 Year Ultra U.S. Treasury Note Futures	Short		171	March 2019		(17,100	)		(22,243	)			(666	)
30 Year Euro-Buxl Futures	Long		268	March 2019	€	26,800			55,462				1,118
30 Year Ultra U.S. Treasury Bond Futures	Short		33	March 2019	$	(3,300	)		(5,302	)			(277	)
												$	19,608

Forward currency contracts

Contract amount				Unrealized (depreciation) appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 12/31/2018 (000)
USD25,523	EUR22,400	Citibank	1/8/2019		$	(159	)
USD12,784	JPY1,445,000	Bank of America, N.A.	1/11/2019			(412	)
USD60,130	MXN1,220,000	Citibank	1/11/2019			(1,853	)
KRW44,456,000	USD39,480	JPMorgan Chase	1/14/2019			380
USD40,106	KRW44,456,000	Morgan Stanley	1/14/2019			247
USD53,016	EUR46,600	HSBC Bank	1/17/2019			(456	)
USD117,705	MXN2,400,000	Morgan Stanley	1/17/2019			(4,095	)
JPY13,203,300	USD117,462	Goldman Sachs	1/18/2019			3,183
EUR34,400	USD39,182	Citibank	1/18/2019			294
CNH273,100	USD39,613	Citibank	1/18/2019			149
USD39,868	CNH273,100	HSBC Bank	1/18/2019			107
USD439	EUR385	HSBC Bank	1/18/2019			(3	)
USD39,223	EUR34,400	HSBC Bank	1/18/2019			(253	)
USD39,249	JPY4,444,800	Citibank	1/18/2019			(1,365	)
USD78,055	JPY8,758,500	HSBC Bank	1/18/2019			(1,976	)
USD5,622	EUR4,925	JPMorgan Chase	1/24/2019			(33	)
USD12,492	MXN252,000	Citibank	1/24/2019			(281	)
USD124,696	EUR109,250	HSBC Bank	1/24/2019			(743	)
USD64,722	JPY7,300,000	Morgan Stanley	1/24/2019			(2,013	)
USD30,599	JPY3,430,000	Goldman Sachs	1/29/2019			(770	)
USD54,526	EUR46,000	Bank of America, N.A.	8/14/2019			781
					$	(9,271	)

American Funds Insurance Series

Bond Fund

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 12/31/2018 (000)			Upfront payments/ receipts (000)		Unrealized (depreciation) appreciation at 12/31/2018 (000)
1.6915%	3-month USD-LIBOR	6/3/2020	$	1,600	$	(23	)		$—		$	(23	)
3-month USD-LIBOR	1.975%	4/27/2022		15,000		288			—			288
U.S. EFFR	2.4435%	12/20/2023		5,508		(42	)		—			(42	)
U.S. EFFR	2.45375%	12/20/2023		49,336		(403	)		—			(403	)
U.S. EFFR	2.4225%	12/24/2023		22,594		(151	)		—			(152	)
6-month EURIBOR	0.9852%	10/17/2024	€	25,000		(1,119	)		—			(1,119	)
3-month USD-LIBOR	2.438%	11/19/2024	$	750		6			—			6
3-month USD-LIBOR	2.0475%	3/23/2025		450		14			—			14
3-month USD-LIBOR	2.3175%	5/8/2025		1,500		25			—			25
3-month USD-LIBOR	2.339%	5/13/2025		375		6			—			6
3-month USD-LIBOR	2.351%	5/15/2025		590		9			—			9
3-month USD-LIBOR	2.287%	5/20/2025		500		9			—			9
3-month USD-LIBOR	2.227%	5/28/2025		260		6			—			6
3-month USD-LIBOR	2.2125%	5/29/2025		465		11			—			11
3-month USD-LIBOR	2.451%	6/5/2025		650		6			—			6
3-month USD-LIBOR	2.46%	6/10/2025		2,536		22			—			22
3-month USD-LIBOR	2.455%	6/24/2025		235		2			—			2
3-month USD-LIBOR	2.397%	7/13/2025		900		11			—			11
3-month USD-LIBOR	2.535%	7/15/2025		800		4			—			4
3-month USD-LIBOR	2.4615%	7/22/2025		1,300		12			—			12
3-month USD-LIBOR	2.312%	7/29/2025		1,000		18			—			18
3-month USD-LIBOR	2.331%	7/30/2025		435		7			—			7
3-month USD-LIBOR	2.228%	9/4/2025		12,000		285			—			285
6-month JPY-LIBOR	0.0875%	3/10/2026	¥	11,100,000		(92	)		—			(92	)
3-month USD-LIBOR	1.595%	5/12/2026	$	8,500		593			—			593
3-month USD-LIBOR	1.592%	5/12/2026		4,000		280			—			280
3.0865%	3-month USD-LIBOR	8/18/2034		2,250		80			—			80
2.844%	3-month USD-LIBOR	6/11/2035		3,250		11			—			11
2.773%	3-month USD-LIBOR	7/13/2035		500		(3	)		—			(3	)
2.589%	3-month USD-LIBOR	9/4/2035		3,100		(98	)		—			(98	)
2.377%	3-month USD-LIBOR	4/29/2045		1,910		(169	)		—			(169	)
6-month JPY-LIBOR	0.58295%	3/23/2046	¥	2,000,000		518			—			518
0.64355%	6-month JPY-LIBOR	4/27/2046		2,000,000		(237	)		—			(237	)
3-month USD-LIBOR	2.1155%	5/13/2046	$	2,400		342			—			342
									$—		$	227

94	American Funds Insurance Series

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	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 $1,180,984,000, which represented 11.98% of the net assets of the fund.
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 $25,155,000, which represented .26% of the net assets of the fund.
⁵	Index-linked bond whose principal amount moves with a government price index.
⁶	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁷	Purchased on a TBA basis.
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

CNH = Chinese yuan renminbi

EFFR = Effective Federal Funds Rate

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

G.O. = General Obligation

JPY/¥ = Japanese yen

KRW = South Korean won

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

Global Bond Fund

Summary investment portfolio December 31, 2018

Bonds, notes & other debt instruments 92.18%	Principal amount (000)		Value (000)
Japanese yen 11.88%
Japan, Series 395, 0.10% 2020	¥	5,380,000	$	49,306
Japan, Series 19, 0.10% 2024¹		2,428,632		22,734
Japan, Series 18, 0.10% 2024¹		1,958,856		18,301
Japan, Series 21, 0.10% 2026¹		989,420		9,329
Japan, Series 346, 0.10% 2027		3,125,000		28,990
Japan, Series 116, 2.20% 2030		1,735,000		19,560
Japan, Series 145, 1.70% 2033		2,210,000		24,308
Japan 0.10%–2.30% 2020–2048¹		7,835,970		75,509
				248,037

Euros 11.27%
Canada 3.50% 2020	€	2,500		2,983
Germany (Federal Republic of) 0.50% 2027		12,360		14,640
Germany (Federal Republic of) 0.50% 2028		11,000		12,976
Germany (Federal Republic of) 1.25% 2048²		8,750		11,016
Germany (Federal Republic of) 1.75%–6.25% 2024–2046		9,670		14,363
Ireland (Republic of) 0.90% 2028		8,090		9,275
Italy (Republic of) 1.35% 2022		12,950		14,891
Italy (Republic of) 2.05%–4.75% 2023–2027		12,730		15,089
Romania 2.88%–3.88% 2029–2038		12,150		13,170
Spain (Kingdom of) 1.45% 2027		18,230		21,194
Spain (Kingdom of) 1.50% 2027		10,350		12,131
Spain (Kingdom of) 2.70%–2.90% 2046–2048		7,145		8,415
Other securities				85,261
				235,404

Mexican pesos 3.57%
Petróleos Mexicanos 7.47% 2026	MXN	59,000		2,215
United Mexican States, Series M, 8.00% 2023		301,000		14,960
United Mexican States, Series M, 5.75% 2026		611,500		26,316
United Mexican States 6.50%–10.00% 2020–2042		618,500		30,947
				74,438

Polish zloty 3.51%
Poland (Republic of), Series 1021, 5.75% 2021	PLN	101,030		29,970
Poland (Republic of), Series 0922, 5.75% 2022		34,600		10,513
Poland (Republic of), Series 0725, 3.25% 2025		34,750		9,721
Poland (Republic of) 1.50%–5.25% 2020–2023		82,090		23,109
				73,313

Danish kroner 3.15%
Nykredit Realkredit AS, Series 01E, 1.50% 2037³	DKr	107,828		16,675
Nykredit Realkredit AS, Series 01E, 1.50% 2040³		284,656		43,453
Nykredit Realkredit AS 2.00%–2.50% 2037–2047³		35,015		5,605
				65,733

Indian rupees 2.19%
India (Republic of) 8.83% 2023	INR	884,200		13,507
India (Republic of) 6.79%–7.88% 2021–2030		2,013,270		28,514
Other securities				3,779
				45,800

British pounds 2.08%
United Kingdom 3.25% 2044	£	6,500		10,597
United Kingdom 1.25%–4.25% 2022–2047		22,535		30,170
Other securities				2,609
				43,376

96	American Funds Insurance Series

Global Bond Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Brazilian reais 1.58%
Brazil (Federative Republic of) 0% 2021	BRL	14,000	$	3,000
Brazil (Federative Republic of) 0% 2022		75,000		14,641
Brazil (Federative Republic of) 10.00% 2025		57,090		15,395
				33,036

Thai baht 1.30%
Thailand (Kingdom of) 2.125% 2026	THB	317,750		9,552
Thailand (Kingdom of) 1.88%–3.85% 2022–2032		363,200		11,440
Other securities				6,237
				27,229

Israeli shekels 0.88%
Israel (State of) 5.50% 2042	ILS	29,300		10,802
Other securities				7,518
				18,320

Chilean pesos 0.73%
Chile (Banco Central de) 4.00% 2023	CLP	6,765,000		9,796
Other securities				5,378
				15,174

Malaysian ringgits 0.72%
Malaysia (Federation of), Series 0310, 4.498% 2030	MYR	42,250		10,327
Other securities				4,802
				15,129

Romanian leu 0.69%
Romania 2.30%–5.95% 2020–2022	RON	59,100		14,495

Canadian dollars 0.48%
Canada 1.00%–2.25% 2022–2025	C$	10,500		7,808
Other securities				2,231
				10,039

U.S. dollars 43.81%
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)^4,5	$	880		843
Fannie Mae 3.50% 2049^3,6		15,500		15,503
Fannie Mae 4.00% 2049^3,6		17,329		17,672
Fannie Mae 4.50% 2049^3,6		13,050		13,522
Fannie Mae 2.18%–4.00% 2022–2048³		8,034		8,110
Petrobras Global Finance Co. 5.30%–6.13% 2022–2025		2,307		2,256
Petróleos Mexicanos 6.35%–6.50% 2027–2048		3,602		3,264
Poland (Republic of) 3.25%–4.00% 2024–2026		5,570		5,508
Romania 5.125% 2048⁵		6,200		5,991
U.S. Treasury 1.875% 2024²		9,400		9,076
U.S. Treasury 2.75% 2025		10,140		10,244
U.S. Treasury 2.00% 2026²		33,560		32,039
U.S. Treasury 2.25% 2027		27,700		26,783
U.S. Treasury 2.75% 2028²		62,500		62,881
U.S. Treasury 2.875% 2028		43,500		44,217
U.S. Treasury 2.875% 2028		19,850		20,171
U.S. Treasury 2.75% 2047²		17,800		16,872
U.S. Treasury 3.00% 2048²		23,800		23,724
U.S. Treasury 3.00% 2048		10,600		10,559
U.S. Treasury 2.13%–2.88% 2020–2025		36,730		36,781
U.S. Treasury Inflation-Protected Security 0.625% 2024¹		27,337		26,927
U.S. Treasury Inflation-Protected Security 0.25% 2025¹		11,851		11,349
U.S. Treasury Inflation-Protected Security 0.625% 2026¹		10,323		10,059

American Funds Insurance Series

Global Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
U.S. Treasury Inflation-Protected Securities 0.13%–2.38% 2023–2046^1,2	$	39,818	$	38,799
United Mexican States 4.15% 2027		1,910		1,850
Other securities				459,714
				914,714

Other 4.34%
Other securities				90,558

Total bonds, notes & other debt instruments (cost: $1,967,091,000)				1,924,795

Convertible bonds 0.00%
U.S. dollars 0.00%
Other securities				100

Total convertible bonds (cost: $110,000)				100

Convertible stocks 0.05%	Shares
U.S. dollars 0.05%
Other securities				1,033

Total convertible stocks (cost: $816,000)				1,033

Common stocks 0.05%
Swiss francs 0.01%
Other securities				283

U.S. dollars 0.04%
Other securities				752

Total common stocks (cost: $3,196,000)				1,035

Rights & warrants 0.00%
U.S. dollars 0.00%
Other securities				41

Total rights & warrants (cost: $11,000)				41

Short-term securities 9.42%	Principal amount (000)
Bank of New York Mellon Corp. 2.30% due 1/2/2019	$	17,600		17,598
Canada Bill 2.32% due 1/3/2019		20,000		19,996
Federal Home Loan Bank 2.29% due 1/10/2019		10,000		9,995
Japanese Treasury Discount Bill (0.14)% due 5/20/2019	¥	11,900,000		108,639
Québec (Province of) 2.52% due 1/22/2019⁵	$	15,000		14,978
Other securities				25,382

Total short-term securities (cost: $195,904,000)				196,588
Total investment securities 101.70% (cost: $2,167,128,000)				2,123,592
Other assets less liabilities (1.70)%				(35,575	)

Net assets 100.00%			$	2,088,017

98	American Funds Insurance Series

Global 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 $2,483,000, which represented .12% of the net assets of the fund. This amount includes $283,000 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. “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 $3,706,000, which represented .18% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $2,768,000, an aggregate cost of $2,711,000, and which represented .13% of the net assets of the fund) were acquired from 8/31/2015 to 11/16/2018 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 amount (000)		⁷	Value at 12/31/2018 (000)		⁸	Unrealized (depreciation) appreciation at 12/31/2018 (000)
90 Day Euro Dollar Futures	Short		224	September 2019	$	(56,000	)	$	(54,510	)		$	(171	)
5 Year U.S. Treasury Note Futures	Long		2,309	April 2019		230,900			264,813				3,348
10 Year Euro-Bund Futures	Long		149	March 2019	€	14,900			27,919				193
10 Year Ultra U.S. Treasury Note Futures	Long		232	March 2019	$	23,200			30,178				972
10 Year U.S. Treasury Note Futures	Long		175	March 2019		17,500			21,353				493
30 Year Euro-Buxl Futures	Long		54	March 2019	€	5,400			11,175				225
30 Year Ultra U.S. Treasury Bond Futures	Short		94	March 2019	$	(9,400	)		(15,102	)			(789	)
												$	4,271

Forward currency contracts

Contract amount				Unrealized (depreciation) appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 12/31/2018 (000)
USD1,415	EUR1,235	Morgan Stanley	1/4/2019		$	(1	)
GBP5,400	USD6,935	Citibank	1/4/2019			(51	)
USD5,236	MYR22,000	JPMorgan Chase	1/4/2019			(87	)
EUR23,161	DKK172,900	Morgan Stanley	1/7/2019			3
USD8,200	CNH57,000	Citibank	1/7/2019			(100	)
USD8,990	ILS33,250	Bank of America, N.A.	1/8/2019			92
EUR6,815	USD7,765	Citibank	1/8/2019			48
USD11,166	EUR9,800	Citibank	1/8/2019			(69	)
USD7,414	THB244,600	HSBC Bank	1/8/2019			(98	)
JPY1,402,472	USD12,401	Citibank	1/9/2019			405
JPY898,800	USD7,932	HSBC Bank	1/9/2019			274
JPY616,594	EUR4,800	HSBC Bank	1/9/2019			126
EUR10,070	USD11,427	Goldman Sachs	1/9/2019			120
GBP2,900	USD3,707	Goldman Sachs	1/9/2019			(9	)
NOK32,228	DKK24,600	Citibank	1/9/2019			(49	)
USD3,560	JPY400,000	Morgan Stanley	1/9/2019			(92	)
USD3,479	JPY392,473	JPMorgan Chase	1/9/2019			(105	)
USD3,933	JPY445,000	Bank of New York Mellon	1/9/2019			(131	)
USD8,751	JPY988,000	Bank of New York Mellon	1/9/2019			(270	)
USD8,438	BRL32,900	Citibank	1/10/2019			(44	)
USD7,107	INR504,900	Citibank	1/10/2019			(116	)
JPY652,169	USD5,766	JPMorgan Chase	1/11/2019			190
JPY652,169	USD5,766	Goldman Sachs	1/11/2019			190
USD5,171	CAD6,810	Bank of America, N.A.	1/11/2019			181
JPY429,000	USD3,818	HSBC Bank	1/11/2019			100
EUR4,100	USD4,676	Bank of America, N.A.	1/11/2019			26

American Funds Insurance Series

Global Bond Fund

Forward currency contracts (continued)

Contract amount				Unrealized (depreciation) appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 12/31/2018 (000)
USD2,787	ILS10,350	Goldman Sachs	1/11/2019		$	17
EUR3,810	USD4,362	Citibank	1/11/2019			7
USD1,439	CNH10,000	Bank of America, N.A.	1/11/2019			(17	)
USD5,584	PLN21,020	JPMorgan Chase	1/11/2019			(34	)
USD9,031	EUR7,910	HSBC Bank	1/11/2019			(40	)
NOK34,715	USD4,070	HSBC Bank	1/11/2019			(53	)
USD2,787	JPY314,337	JPMorgan Chase	1/11/2019			(84	)
USD6,138	JPY693,000	Morgan Stanley	1/11/2019			(191	)
USD6,420	JPY726,000	Goldman Sachs	1/11/2019			(210	)
USD11,983	INR852,700	HSBC Bank	1/11/2019			(215	)
USD7,733	COP24,598,000	Goldman Sachs	1/14/2019			164
EUR14,620	USD16,744	Citibank	1/14/2019			27
DKK49,300	USD7,562	Morgan Stanley	1/14/2019			13
COP24,598,000	USD7,574	Citibank	1/14/2019			(5	)
GBP3,000	USD3,842	Bank of America, N.A.	1/14/2019			(15	)
USD5,446	EUR4,765	JPMorgan Chase	1/14/2019			(20	)
USD7,641	INR536,000	Citibank	1/14/2019			(24	)
USD3,515	MYR14,700	JPMorgan Chase	1/14/2019			(42	)
USD7,492	DKK49,300	HSBC Bank	1/14/2019			(83	)
JPY925,000	AUD11,424	Morgan Stanley	1/15/2019			401
USD7,602	CLP5,210,800	Goldman Sachs	1/15/2019			91
USD2,613	INR185,000	Goldman Sachs	1/15/2019			(32	)
USD2,612	INR185,000	Citibank	1/15/2019			(34	)
CLP5,210,800	USD7,816	HSBC Bank	1/15/2019			(305	)
JPY2,838,652	USD25,158	Goldman Sachs	1/17/2019			778
JPY2,613,753	USD23,167	JPMorgan Chase	1/17/2019			715
EUR29,522	USD33,592	Goldman Sachs	1/17/2019			283
KRW10,400,000	USD9,265	JPMorgan Chase	1/17/2019			61
USD365	JPY41,240	Morgan Stanley	1/17/2019			(11	)
USD2,369	THB77,700	Bank of America, N.A.	1/17/2019			(18	)
USD9,204	KRW10,400,000	Morgan Stanley	1/17/2019			(122	)
USD23,182	JPY2,613,753	JPMorgan Chase	1/17/2019			(699	)
USD22,776	AUD31,600	JPMorgan Chase	1/18/2019			510
JPY1,061,774	EUR8,280	Goldman Sachs	1/18/2019			200
USD3,805	AUD5,300	JPMorgan Chase	1/18/2019			71
KRW8,289,700	USD7,397	HSBC Bank	1/18/2019			37
GBP2,890	USD3,693	Citibank	1/18/2019			(6	)
USD7,381	KRW8,289,700	Goldman Sachs	1/18/2019			(53	)
AUD31,600	USD23,270	Citibank	1/18/2019			(1,004	)
USD7,968	ZAR114,700	Citibank	1/22/2019			18
USD2,044	BRL8,000	JPMorgan Chase	1/22/2019			(18	)
USD4,171	INR299,650	Citibank	1/22/2019			(110	)
TRY13,100	USD1,928	Citibank	1/24/2019			512
GBP19,649	USD24,901	Citibank	1/24/2019			175
GBP6,123	USD7,757	HSBC Bank	1/24/2019			57
GBP4,430	EUR4,917	Bank of America, N.A.	1/24/2019			8
EUR13,105	PLN56,400	HSBC Bank	1/24/2019			(30	)
NOK37,200	USD4,352	Bank of New York Mellon	1/24/2019			(45	)
USD2,192	TRY13,100	Morgan Stanley	1/24/2019			(248	)
USD9,370	AUD13,010	UBS AG	1/25/2019			202
USD2,300	INR163,000	JPMorgan Chase	1/25/2019			(28	)
EUR12,479	USD14,143	HSBC Bank	1/28/2019			190
EUR6,600	USD7,570	HSBC Bank	1/28/2019			11
GBP2,580	USD3,267	HSBC Bank	1/29/2019			27
USD6,286	CNH44,000	JPMorgan Chase	1/31/2019			(119	)
JPY964,000	USD8,549	JPMorgan Chase	2/13/2019			277
USD5,553	CNH38,600	JPMorgan Chase	2/28/2019			(66	)

100	American Funds Insurance Series

Global Bond Fund

Contract amount				Unrealized (depreciation) appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 12/31/2018 (000)
USD5,778	BRL19,300	Citibank	3/11/2019		$	824
BRL19,300	USD5,077	JPMorgan Chase	3/11/2019			(123	)
USD16,793	BRL56,500	JPMorgan Chase	3/15/2019			2,296
BRL28,900	USD7,207	Citibank	3/15/2019			208
USD1,143	EUR900	JPMorgan Chase	3/15/2019			105
BRL27,600	USD7,227	JPMorgan Chase	3/15/2019			(145	)
USD3,620	BRL14,200	JPMorgan Chase	3/18/2019			(23	)
USD947	EUR745	Goldman Sachs	4/12/2019			85
USD4,015	BRL15,125	Morgan Stanley	4/30/2019			148
JPY4,675,000	USD41,886	JPMorgan Chase	5/20/2019			1,270
USD110,652	JPY11,900,000	Citibank	5/20/2019			801
JPY445,496	USD3,988	Citibank	5/20/2019			124
USD2,780	BRL11,000	Morgan Stanley	12/16/2019			20
USD10,781	BRL43,200	Citibank	12/18/2019			(58	)
USD2,365	BRL9,500	HSBC Bank	12/20/2019			(18	)
					$	6,918

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 12/31/2018 (000)			Upfront payments/ receipts (000)				Unrealized (depreciation) appreciation at 12/31/2018 (000)
U.S. EFFR	2.521%	5/1/2019	$	2,284,000	$	(284	)			$	—		$	(284	)
(0.025)%	EONIA	12/3/2021	€	48,000		152			—					152
(0.0385)%	EONIA	12/4/2021		64,600		183			—					183
										$	—		$	51

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	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $4,216,000, which represented .20% of the net assets of the fund.
³	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁴	Step bond; coupon rate may change at a later date.
⁵	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 $188,658,000, which represented 9.04% of the net assets of the fund.
⁶	Purchased on a TBA basis.
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.

American Funds Insurance Series

101

Global Bond Fund

Key to abbreviations and symbols

ADR = American Depositary Receipts

AUD/A$ = Australian dollars

BRL = Brazilian reais

CAD/C$ = Canadian dollars

CDI = CREST Depository Interest

CHF = Swiss francs

CLP = Chilean pesos

CNH = Chinese yuan renminbi

DKr = Danish kroner

EFFR = Effective Federal Funds Rate

EONIA = Euro Overnight Index Average

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/NKr = Norwegian kroner

PEN = Peruvian nuevos soles

PLN = Polish zloty

TBA = To-be-announced

THB = Thai baht

USD/$ = U.S. dollars

ZAR = South African rand

See notes to financial statements

102	American Funds Insurance Series

High-Income Bond Fund

Summary investment portfolio December 31, 2018

Bonds, notes & other debt instruments 94.82%	Principal amount (000)			Value (000)
Corporate bonds & notes 94.56%
Communication services 15.62%
Cablevision Systems Corp. 6.75% 2021		$	5,025	$	5,163
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2026¹			6,450		6,337
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00%–5.88% 2023–2028¹			10,400		9,816
CenturyLink, Inc. 6.75% 2023			7,100		6,860
Clear Channel Worldwide Holdings, Inc. 7.625% 2020			18,500		18,107
Frontier Communications Corp. 10.50% 2022			9,440		6,608
Frontier Communications Corp. 11.00% 2025			16,975		10,651
Frontier Communications Corp. 7.13%–9.25% 2019–2026¹			5,750		4,886
Gogo Inc. 12.50% 2022¹			13,925		14,943
iHeartCommunications, Inc. 9.00% 2019²			1,025		692
Intelsat Jackson Holding Co. 8.50% 2024¹			6,625		6,459
Meredith Corp. 6.875% 2026¹			9,015		8,835
Sprint Corp. 11.50% 2021			7,130		8,110
Sprint Corp. 6.88%–8.75% 2021–2032			6,820		6,822
Other securities					73,784
					188,073

Energy 14.89%
Blackstone CQP Holdco LP 6.00% 2021^1,3			1,600		1,610
Blackstone CQP Holdco LP 6.50% 2021^1,3			17,430		17,561
Cheniere Energy Partners, LP 5.25% 2025			950		889
Cheniere Energy, Inc. 5.88%–7.00% 2024–2025			3,175		3,262
CONSOL Energy Inc. 5.875% 2022			9,824		9,456
Teekay Corp. 8.50% 2020			10,418		9,988
Other securities					136,552
					179,318

Health care 14.79%
HCA Inc. 4.50%–7.50% 2020–2047			14,665		14,358
Kinetic Concepts, Inc. 12.50% 2021¹			7,628		8,200
Molina Healthcare, Inc. 5.375% 2022			11,060		10,714
Molina Healthcare, Inc. 4.875% 2025¹			2,919		2,675
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.34% 2023 (100% PIK)^4,5,6,7,8,9			7,398		6,730
Tenet Healthcare Corp. 4.375% 2021			5,755		5,597
Tenet Healthcare Corp. 4.50%–8.13% 2020–2024			18,222		17,882
Valeant Pharmaceuticals International, Inc. 5.875% 2023¹			10,610		9,854
Valeant Pharmaceuticals International, Inc. 6.125% 2025¹			11,130		9,739
Valeant Pharmaceuticals International, Inc. 9.25% 2026¹			6,210		6,226
Valeant Pharmaceuticals International, Inc. 5.63%–9.00% 2021–2025¹			3,465		3,445
Valeant Pharmaceuticals International, Inc., Term Loan B, (3-month USD-LIBOR + 3.00%) 5.379% 2025^4,5,6			1,612		1,548
Other securities					81,103
					178,071

Materials 12.38%
Cleveland-Cliffs Inc. 4.875% 2024¹			5,500		5,129
Cleveland-Cliffs Inc. 5.75% 2025			13,250		11,958
First Quantum Minerals Ltd. 7.50% 2025¹			10,200		8,453
First Quantum Minerals Ltd. 6.50%–7.25% 2021–2026¹			15,470		13,639
Freeport-McMoRan Inc. 3.55% 2022			5,315		5,043
Platform Specialty Products Corp. 5.875% 2025¹			6,435		6,049
Ryerson Inc. 11.00% 2022¹			7,186		7,258
Other securities					91,478
					149,007

American Funds Insurance Series

103

High-Income Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds & notes (continued)
Industrials 9.44%
Builders FirstSource, Inc. 5.625% 2024¹		$	8,310	$	7,739
DAE Aviation Holdings, Inc. 10.00% 2023¹			7,790		8,335
Deck Chassis Acquisition Inc. 10.00% 2023¹			6,615		6,383
Hertz Global Holdings Inc. 7.625% 2022¹			5,669		5,357
Other securities					85,897
					113,711

Consumer discretionary 9.33%
Cirsa Gaming Corporation SA 7.875% 2023¹			5,860		5,827
Petsmart, Inc. 5.875% 2025¹			15,240		11,087
Petsmart, Inc. 7.13%–8.88% 2023–2025¹			12,275		7,200
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025			6,555		6,055
Six Flags Entertainment Corp. 4.875% 2024¹			5,475		5,174
Sotheby’s 4.875% 2025¹			5,795		5,273
Uber Technologies, Inc. 8.00% 2026¹			6,950		6,724
Other securities					64,953
					112,293

Information technology 7.37%
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.053% 2025^4,5,6			7,150		6,605
Camelot Finance SA 7.875% 2024¹			7,405		7,200
Genesys Telecommunications Laboratories, Inc. 10.00% 2024¹			4,895		5,140
Infor Software 7.125% 2021^1,7			6,935		6,779
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 9.25% 2024^4,5,6			8,645		8,563
Unisys Corp. 10.75% 2022¹			6,600		7,252
Other securities					47,146
					88,685

Financials 3.48%
Compass Diversified Holdings 8.00% 2026¹			5,710		5,664
FS Energy and Power Fund 7.50% 2023¹			5,765		5,491
HUB International Ltd. 7.00% 2026¹			6,155		5,601
Other securities					25,142
					41,898

Utilities 3.00%
Other securities					36,139

Consumer staples 2.17%
B&G Foods, Inc. 5.25% 2025			5,758		5,377
Other securities					20,705
					26,082

Real estate 2.09%
Howard Hughes Corp. 5.375% 2025¹			6,520		6,161
Other securities					18,979
					25,140

Total corporate bonds & notes					1,138,417

Other bonds & notes 0.26%
Other securities					3,083

Total bonds, notes & other debt instruments (cost: $1,229,811,000)					1,141,500

104	American Funds Insurance Series

High-Income Bond Fund

Convertible bonds 0.45%	Principal amount (000)			Value (000)
Communication services 0.23%
Gogo Inc., convertible notes, 6.00% 2022¹		$	2,140	$	1,958
Other securities					818
					2,776

Other 0.22%
Other securities					2,662

Total convertible bonds (cost: $6,098,000)					5,438

Convertible stocks 0.54%		Shares
Industrials 0.49%
Associated Materials, LLC, 14.00% convertible preferred 2020^8,9			4,850		5,892

Utilities 0.05%
Other securities					629

Total convertible stocks (cost: $5,288,000)					6,521

Common stocks 1.03%
Communication services 0.01%
Frontier Communications Corp.			13,333		32
Other securities					86
					118

Other 1.02%
Other securities					12,265

Total common stocks (cost: $16,871,000)					12,383

Rights & warrants 0.02%
Energy 0.02%
Other securities					256

Total rights & warrants (cost: $71,000)					256

Short-term securities 1.40%	Principal amount (000)
ADP Tax Services, Inc. 2.38% due 1/2/2019¹		$	6,800		6,799
Apple Inc. 2.33% due 1/9/2019¹			10,000		9,994

Total short-term securities (cost: $16,795,000)					16,793
Total investment securities 98.26% (cost: $1,274,934,000)					1,182,891
Other assets less liabilities 1.74%					21,008

Net assets 100.00%				$	1,203,899

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes securities which were pledged as collateral. The total value of pledged collateral was $1,233,000, which represented 0.10% of the net assets of the fund.

American Funds Insurance Series

105

High-Income Bond Fund

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)	Value at 12/31/2018 (000)	Upfront payments/ receipts (000)				Unrealized (depreciation) appreciation at 12/31/2018 (000)
3-month USD-LIBOR	2.772%	2/28/2025	$7,200	$ (71)			$	—		$	(71	)
3-month USD-LIBOR	2.2825%	4/13/2027	5,300	149		—					149
2.2865%	3-month USD-LIBOR	10/2/2027	10,100	(309)		—					(309	)
3-month USD-LIBOR	2.6475%	1/25/2028	2,500	7			—				7
							$	—		$	(224	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive	Pay/ Payment frequency	Expiration date	Notional (000)	Value at 12/31/2018 (000)	Upfront payments (000)			Unrealized appreciation at 12/31/2018 (000)
CDX.NA.HY.31	5.00%/Quarterly	12/20/2023	$24,200	$(482)		$	(1,706)		$	1,224
CDX.NA.IG.31	1.00%/Quarterly	12/20/2023	34,525	(192)		(512)				320
						$	(2,218)		$	1,544

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 $681,560,000, which represented 56.61% of the net assets of the fund.
²	Scheduled interest and/or principal payment was not received.
³	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.
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 $76,517,000, which represented 6.36% 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	Coupon rate may change periodically.
⁷	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.
⁸	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 $30,796,000, which represented 2.56% of the net assets of the fund. This amount includes $3,926,000 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.
⁹	Value determined using significant unobservable inputs.

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	$	17,430	$	17,561		1.46	%
Blackstone CQP Holdco LP 6.00% 2021	8/9/2017		1,600		1,610		.13
Other securities	12/13/2012-11/16/2018		5,683		3,671		.31
Total private placement securities		$	24,713	$	22,842		1.90	%

Key to abbreviations and symbol

LIBOR = London Interbank Offered Rate

USD/$ = U.S. dollars

See notes to financial statements

106	American Funds Insurance Series

Mortgage Fund

Summary investment portfolio December 31, 2018

Bonds, notes & other debt instruments 95.20%	Principal amount (000)			Value (000)
Mortgage-backed obligations 71.87%
Federal agency mortgage-backed obligations 68.28%
Fannie Mae 4.00% 2047¹		$	7,103	$	7,249
Fannie Mae 4.00% 2047¹			4,751		4,848
Fannie Mae 4.50% 2048¹			14,594		15,132
Fannie Mae 4.50% 2048¹			7,755		8,044
Fannie Mae 4.50% 2048¹			4,339		4,501
Fannie Mae 4.50% 2048^1,2			1,663		1,724
Fannie Mae 3.50% 2049^1,2			3,200		3,201
Fannie Mae 4.00% 2049^1,2			5,163		5,265
Fannie Mae 4.00%–5.00% 2036–2048¹			2,455		2,517
Freddie Mac 4.00% 2036¹			5,020		5,180
Freddie Mac 3.203% 2045^1,3			2,217		2,234
Freddie Mac 3.00% 2046¹			7,155		7,036
Freddie Mac 4.00% 2048¹			1,857		1,895
Freddie Mac 4.00% 2048¹			1,842		1,880
Freddie Mac 2.60%–5.00% 2020–2036¹			5,086		5,209
Freddie Mac, Series K031, Class A2, Multi Family, 3.30% 2023¹			4,722		4,795
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.50% 2056¹			1,671		1,642
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056¹			1,588		1,533
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 2.50% 2057^1,3			12,143		11,833
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057¹			10,978		10,862
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057¹			7,496		7,448
Freddie Mac Seasoned Loan Structured Transaction, Series 2018-2, Class A1, 3.50% 2028^1,3			7,830		7,698
Freddie Mac Seasoned Loan Structured Transaction, Series 2018-1, Class A1, 3.50% 2028¹			2,101		2,093
Government National Mortgage Assn. 5.50% 2040¹			1,797		1,900
Government National Mortgage Assn. 3.50% 2043¹			2,015		2,042
Government National Mortgage Assn. 4.25% 2044¹			1,724		1,796
Government National Mortgage Assn. 4.00% 2049^1,2			6,200		6,350
Government National Mortgage Assn. 4.50% 2049^1,2			34,750		35,964
Government National Mortgage Assn. 5.00% 2049^1,2			2,627		2,734
Government National Mortgage Assn. 3.50%–6.50% 2034–2066^1,2			17,870		18,265
Vendee Mortgage Trust, Series 2011-2, Class V, 3.75% 2028¹			4,166		4,131
Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 2035¹			478		484
Other securities					1,324
					198,809

Collateralized mortgage-backed obligations (privately originated) 3.59%
Finance of America Structured Securities Trust, Series 2018-HB1, Class A, 3.375% 2028^1,3,4			2,287		2,293
Other securities					8,168
					10,461

Total mortgage-backed obligations					209,270

U.S. Treasury bonds & notes 10.99%
U.S. Treasury 6.63%
U.S. Treasury 2.00% 2022			2,400		2,359
U.S. Treasury 1.75% 2023			3,500		3,393
U.S. Treasury 2.875% 2023			4,350		4,423
U.S. Treasury 2.50% 2024			2,500		2,496
U.S. Treasury 3.00% 2048⁵			5,000		4,981
U.S. Treasury 1.50%–2.75% 2020–2023			1,668		1,650
					19,302

American Funds Insurance Series

107

Mortgage Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities 4.36%
U.S. Treasury Inflation-Protected Security 0.625% 2023⁶		$	6,108	$	6,013
U.S. Treasury Inflation-Protected Security 2.125% 2041⁶			127		150
U.S. Treasury Inflation-Protected Security 0.75% 2042^5,6			7,201		6,547
					12,710

Total U.S. Treasury bonds & notes					32,012

Federal agency bonds & notes 6.35%
Fannie Mae 2.00% 2022			5,800		5,716
Federal Home Loan Bank 1.38%–1.88% 2021			13,000		12,767
					18,483

Asset-backed obligations 5.96%
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2015-1, Class A, 2.73% 2021^1,4			1,823		1,808
SLM Private Credit Student Loan Trust, Series 2010-1, Class A, (1-month USD-LIBOR + 0.40%) 2.906% 2025^1,3			2,629		2,573
Other securities					12,959
					17,340
Corporate bonds & notes 0.03%
Financials 0.03%
Other securities					80

Total bonds, notes & other debt instruments (cost: $278,182,000)					277,185

Short-term securities 22.86%
ADP Tax Services, Inc. 2.38% due 1/2/2019⁴			8,700		8,699
Emerson Electric Co. 2.37% due 1/4/2019⁴			3,300		3,299
ExxonMobil Corp. 2.43% due 1/10/2019			5,000		4,997
Federal Home Loan Bank 2.23%–2.27% due 1/4/2019–1/11/2019			15,000		14,993
Kimberly-Clark Corp. 2.47% due 1/11/2019⁴			2,100		2,098
Mizuho Bank, Ltd. 2.42% due 1/4/2019⁴			10,000		9,997
National Rural Utilities Cooperative Finance Corp. 2.50% due 1/8/2019			11,000		10,994
Paccar Financial Corp. 2.50% due 1/29/2019			2,600		2,595
Pfizer Inc. 2.43% due 1/10/2019⁴			5,100		5,097
Québec (Province of) 2.53% due 1/22/2019⁴			3,800		3,794

Total short-term securities (cost: $66,566,000)					66,563
Total investment securities 118.06% (cost: $344,748,000)					343,748
Other assets less liabilities (18.06)%					(52,573	)

Net assets 100.00%				$	291,175

108	American Funds Insurance Series

Mortgage Fund

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)	⁷	Value at 12/31/2018 (000)	⁸	Unrealized appreciation at 12/31/2018 (000)
90 Day Euro Dollar Futures	Long	108	December 2019	$27,000		$26,285			$	163
2 Year U.S. Treasury Note Futures	Long	374	April 2019	74,800		79,405				188
5 Year U.S. Treasury Note Futures	Long	464	April 2019	46,400		53,215				741
10 Year Ultra U.S. Treasury Note Futures	Long	102	March 2019	10,200		13,268				427
20 Year U.S. Treasury Bond Futures	Long	56	March 2019	5,600		8,176				338
30 Year Ultra U.S. Treasury Bond Futures	Long	5	March 2019	500		803				42
									$	1,899

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)	Value at 12/31/2018 (000)	Upfront payments/ receipts (000)				Unrealized appreciation (depreciation) at 12/31/2018 (000)
2.5215%	U.S. EFFR	8/29/2020	$16,490	$ 47			$	—		$	47
3-month USD-LIBOR	2.806%	8/29/2020	300	(1)		—					(1	)
2.622%	U.S. EFFR	9/14/2020	7,500	34		—					34
2.729%	U.S. EFFR	10/22/2020	22,900	152		—					152
2.4825%	U.S. EFFR	12/26/2020	41,000	104		—					104
3-month USD-LIBOR	1.217%	9/22/2021	11,500	421		—					421
3-month USD-LIBOR	1.225%	9/22/2021	11,500	418		—					418
3-month USD-LIBOR	1.2796%	10/11/2021	14,500	513		—					513
2.0135%	3-month USD-LIBOR	10/20/2021	30,000	(473)		—					(473	)
2.012%	3-month USD-LIBOR	10/4/2022	9,000	(182)		—					(182	)
2.00%	3-month USD-LIBOR	10/5/2022	41,500	(857)		—					(856	)
2.1045%	3-month USD-LIBOR	10/31/2022	4,000	(68)		—					(68	)
3-month USD-LIBOR	2.2835%	1/5/2023	36,000	398		—					398
3-month USD-LIBOR	2.24%	12/5/2026	10,500	310		—					310
3-month USD-LIBOR	2.27%	12/5/2026	8,500	232		—					232
3-month USD-LIBOR	3.206%	7/31/2044	1,000	(69)		—					(69	)
3-month USD-LIBOR	3.238%	8/8/2044	2,000	(150)		—					(150	)
3-month USD-LIBOR	3.2265%	9/25/2044	3,000	(219)		—					(219	)
U.S. EFFR	2.145%	11/9/2047	2,200	167		—					167
U.S. EFFR	2.153%	11/10/2047	2,200	163		—					163
U.S. EFFR	2.155%	11/10/2047	1,280	95		—					95
U.S. EFFR	2.17%	11/13/2047	2,320	164		—					164
U.S. EFFR	2.5635%	2/12/2048	4,528	(49)		—					(49	)
2.98%	3-month USD-LIBOR	3/15/2048	300	9		—					9
2.9625%	3-month USD-LIBOR	3/15/2048	300	8		—					8
U.S. EFFR	2.4615%	3/15/2048	300	3		—					3
U.S. EFFR	2.485%	3/15/2048	300	2		—					2
U.S. EFFR	2.425%	3/16/2048	600	11		—					11
2.917%	3-month USD-LIBOR	3/16/2048	600	10			—				10
							$	—		$	1,194

American Funds Insurance Series

109

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	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 $52,359,000, which represented 17.98% of the net assets of the fund.
⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,758,000, which represented .95% of the net assets of the fund.
⁶	Index-linked bond whose principal amount moves with a government price index.
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 symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements

110	American Funds Insurance Series

Ultra-Short Bond Fund

Investment portfolio December 31, 2018

Short-term securities 100.11%	Principal amount (000)			Value (000)
Commercial paper 69.84%
3M Co. 2.40% due 1/7/2019¹		$	10,000	$	9,996
Alberta (Province of) 2.48% due 1/22/2019¹			10,000		9,985
Apple Inc. 2.45% due 2/5/2019¹			10,000		9,975
Bank of New York Mellon Corp. 2.34% due 1/22/2019			8,000		7,988
BASF SE 2.56% due 2/1/2019¹			8,750		8,730
CHARTA, LLC 2.85% due 3/26/2019¹			8,022		7,968
Coca-Cola Co. 2.30% due 1/4/2019¹			10,000		9,997
Emerson Electric Co. 2.52% due 1/17/2019¹			10,000		9,989
IBM Credit LLC 2.47% due 1/22/2019¹			10,000		9,985
Intel Corp. 2.40% due 1/10/2019¹			7,000		6,995
John Deere Capital Corp. 2.40% due 1/16/2019¹			10,000		9,989
KfW 2.46% due 1/18/2019¹			8,400		8,390
Merck & Co. Inc. 2.50% due 2/27/2019¹			10,000		9,960
Mizuho Bank, Ltd. 2.48% due 1/15/2019¹			10,000		9,990
National Australia Bank Ltd. 2.65% due 2/25/2019¹			10,000		9,959
National Rural Utilities Cooperative Finance Corp. 2.40% due 1/4/2019			6,000		5,998
Nordea Bank AB 2.77% due 3/18/2019¹			10,000		9,942
Paccar Financial Corp. 2.39% due 1/2/2019			8,000		7,999
Pfizer Inc. 2.28% due 1/14/2019¹			7,400		7,393
Procter & Gamble Co. 2.30% due 1/14/2019¹			10,000		9,991
Siemens Capital Corp. 2.50% due 1/16/2019¹			4,700		4,695
Simon Property Group, LP 2.51% due 1/14/2019¹			8,100		8,092
United Overseas Bank Ltd. 2.55% due 1/8/2019¹			5,000		4,997
United Parcel Service Inc. 2.34% due 1/22/2019¹			5,000		4,993
Wal-Mart Stores, Inc. 2.37% due 1/7/2019¹			10,000		9,995
					213,991

U.S. Treasury bonds & notes 24.41%
U.S. Treasury Bills 2.23%–2.38% due 1/8/2019–2/19/2019			74,900		74,797

Federal agency discount notes 5.86%
Fannie Mae 2.29% due 1/23/2019			3,000		2,996
Federal Home Loan Bank 2.38% due 2/8/2019			15,000		14,962
					17,958

Total short-term securities (cost: $306,754,000)					306,746
Total investment securities 100.11% (cost: $306,754,000)					306,746
Other assets less liabilities (0.11)%					(342	)

Net assets 100.00%				$	306,404

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 $192,006,000, which represented 62.66% of the net assets of the fund.

See notes to financial statements

American Funds Insurance Series

111

U.S. Government/AAA-Rated Securities Fund

Summary investment portfolio December 31, 2018

Bonds, notes & other debt instruments 97.30%	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes 47.72%
U.S. Treasury 39.27%
U.S. Treasury 2.25% 2020		$	29,900	$	29,789
U.S. Treasury 2.50% 2020			78,000		77,950
U.S. Treasury 1.125% 2021			31,950		30,853
U.S. Treasury 1.75% 2021¹			33,540		32,877
U.S. Treasury 2.00% 2021			46,300		45,692
U.S. Treasury 2.125% 2021			23,450		23,241
U.S. Treasury 2.25% 2021			23,580		23,459
U.S. Treasury 1.75% 2022			174,300		170,261
U.S. Treasury 1.875% 2022			63,000		61,823
U.S. Treasury 1.875% 2022			25,000		24,496
U.S. Treasury 2.00% 2022			69,500		68,300
U.S. Treasury 2.125% 2023¹			64,095		62,954
U.S. Treasury 2.50% 2023			49,894		49,910
U.S. Treasury 2.625% 2023			31,000		31,170
U.S. Treasury 2.875% 2023			43,000		43,721
U.S. Treasury 2.875% 2023			22,500		22,896
U.S. Treasury 2.125% 2024			55,975		54,713
U.S. Treasury 2.50% 2024			44,000		43,931
U.S. Treasury 2.75% 2025			38,000		38,392
U.S. Treasury 2.875% 2025			25,000		25,434
U.S. Treasury 1.38%–2.88% 2020–2028			167,015		165,047
					1,126,909

U.S. Treasury inflation-protected securities 8.45%
U.S. Treasury Inflation-Protected Security 0.625% 2023²			36,140		35,576
U.S. Treasury Inflation-Protected Security 0.75% 2028²			39,288		38,480
U.S. Treasury Inflation-Protected Security 1.375% 2044^1,2			46,878		48,537
U.S. Treasury Inflation-Protected Security 1.00% 2048^1,2			43,513		33,238
U.S. Treasury Inflation-Protected Securities 0.14%–2.13% 2022–2047^1,2			92,250		86,670
					242,501

Total U.S. Treasury bonds & notes					1,369,410

Mortgage-backed obligations 28.63%
Federal agency mortgage-backed obligations 28.63%
Fannie Mae 4.00% 2034^3,4			40,000		40,933
Fannie Mae 3.00% 2036³			26,454		26,207
Fannie Mae 4.00% 2047³			31,328		31,969
Fannie Mae 4.50% 2048^3,4			44,012		45,636
Fannie Mae 4.50% 2048³			42,653		44,240
Fannie Mae 3.50% 2049^3,4			69,981		69,997
Fannie Mae 0%–9.19% 2022–2049^3,4,5			142,780		144,922
Freddie Mac 3.50% 2033³			25,000		25,333
Freddie Mac 0%–5.50% 2020–2049^3,4,5			77,993		79,500
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057³			42,088		41,644
Freddie Mac Seasoned Loan Structured Transaction, Series 2018-2, Class A1, 3.50% 2028^3,5			45,026		44,268
Government National Mortgage Assn. 3.50% 2049^3,4			25,000		25,172
Government National Mortgage Assn. 4.00% 2049^3,4			40,200		41,171
Government National Mortgage Assn. 4.50% 2049^3,4			34,075		35,265
Government National Mortgage Assn. 3.00%–6.64% 2034–2065^3,4,5			46,756		48,654
Other securities					76,482
					821,393

Federal agency bonds & notes 20.95%
Fannie Mae 1.25%–7.13% 2019–2030			85,400		87,260
Federal Home Loan Bank 3.25%–5.50% 2023–2036			30,315		31,296
Freddie Mac 2.38%–3.75% 2019–2021			112,750		112,469
Private Export Funding Corp. 1.45%–3.55% 2019–2024			28,840		28,957
Tennessee Valley Authority 2.88%–5.88% 2021–2060			47,305		49,048

112	American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
U.S. Department of Housing and Urban Development 1.98%–3.70% 2020–2034		$	73,632	$	73,777
United States Agency for International Development, Iraq (State of), 2.149% 2022			6,670		6,566
United States Agency for International Development, Jordan (Kingdom of) 1.95%–3.00% 2019–2025			194,000		193,524
United States Agency for International Development, Morocco (Kingdom of) 7.55% 2026³			3,328		3,838
United States Agency for International Development, Tunisia (Kingdom of) 1.416% 2021			3,000		2,907
United States Agency for International Development, Ukraine 1.47%–1.84% 2019–2021			5,855		5,712
Other securities					5,720
					601,074

Total bonds, notes & other debt instruments (cost: $2,805,986,000)					2,791,877

Short-term securities 11.11%
Apple Inc. 2.36% due 1/23/2019⁶			25,000		24,960
Bank of New York Mellon Corp. 2.34% due 1/22/2019			50,000		49,924
Chevron Corp. 2.38%–2.49% due 1/9/2019–2/4/2019⁶			51,900		51,815
National Rural Utilities Cooperative Finance Corp. 2.50% due 2/5/2019			60,000		59,850
Procter & Gamble Co. 2.50% due 2/7/2019⁶			25,000		24,933
Tennessee Valley Authority 2.31% due 1/15/2019			38,000		37,966
Wal-Mart Stores, Inc. 2.42% due 1/15/2019⁶			40,000		39,959
Other securities					29,420

Total short-term securities (cost: $318,855,000)					318,827
Total investment securities 108.41% (cost: $3,124,841,000)					3,110,704
Other assets less liabilities (8.41)%					(241,401	)

Net assets 100.00%				$	2,869,303

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Futures contracts

								Unrealized
								appreciation
				Notional		Value at		(depreciation)
		Number of		amount	⁷	12/31/2018	⁸	at 12/31/2018
Contracts	Type	contracts	Expiration	(000)		(000)		(000)
90 Day Euro Dollar Futures	Long	623	December 2019	$ 155,750		$ 151,623			$	941
90 Day Euro Dollar Futures	Long	316	December 2021	79,000		77,029				431
2 Year U.S. Treasury Note Futures	Long	3,850	April 2019	770,000		817,403				4,332
5 Year U.S. Treasury Note Futures	Long	11,518	April 2019	1,151,800		1,320,970				20,231
10 Year U.S. Treasury Note Futures	Long	2,675	March 2019	267,500		326,392				4,968
10 Year Ultra U.S. Treasury Note Futures	Short	1,050	March 2019	(105,000	)	(136,582	)			(3,030	)
20 Year U.S. Treasury Bond Futures	Long	108	March 2019	10,800		15,768				118
30 Year Ultra U.S. Treasury Bond Futures	Short	172	March 2019	(17,200	)	(27,633	)			(541	)
									$	27,450

American Funds Insurance Series

113

U.S. Government/AAA-Rated Securities Fund

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 12/31/2018 (000)			Upfront payments/ receipts (000)			Unrealized appreciation (depreciation) at 12/31/2018 (000)
2.40625%	U.S. EFFR	3/20/2019	$	3,420,000		$ 9			$	—		$	9
2.426%	U.S. EFFR	5/1/2019		1,625,200		24				—			24
2.414%	U.S. EFFR	5/1/2019		2,374,800		1				—			1
2.782%	U.S. EFFR	9/18/2019		884,184		438				—			438
U.S. EFFR	2.405%	1/29/2020		1,463,000		(67	)			—			(67	)
U.S. EFFR	2.403%	1/29/2020		2,027,000		(88	)			—			(88	)
1.997%	U.S. EFFR	2/13/2020		60,900		(257	)			—			(257	)
1.989%	U.S. EFFR	2/13/2020		61,000		(263	)			—			(263	)
3-month USD-LIBOR	2.761%	4/27/2020		100,000		(63	)			—			(63	)
3-month USD-LIBOR	2.8025%	8/15/2020		101,840		(194	)			—			(194	)
2.5045%	U.S. EFFR	8/29/2020		133,910		344				—			344
2.5215%	U.S. EFFR	8/29/2020		98,090		279				—			279
3-month USD-LIBOR	2.806%	8/29/2020		34,300		(68	)			—			(68	)
2.48%	U.S. EFFR	12/20/2020		82,528		200				—			200
2.4825%	U.S. EFFR	12/26/2020		665,000		1,684				—			1,684
3-month USD-LIBOR	1.217%	9/22/2021		60,000		2,195				—			2,195
3-month USD-LIBOR	1.225%	9/22/2021		60,000		2,182				—			2,182
3-month USD-LIBOR	1.2255%	9/23/2021		5,000		182				—			182
3-month USD-LIBOR	1.9665%	2/2/2022		50,000		921				—			921
3-month USD-LIBOR	2.2175%	3/17/2022		52,000		592				—			592
3-month USD-LIBOR	1.8675%	4/19/2022		70,000		1,577				—			1,577
3-month USD-LIBOR	1.75918%	4/29/2022		58,000		1,514				—			1,514
2.5775%	U.S. EFFR	7/16/2022		181,639		671				—			671
3-month USD-LIBOR	1.948%	7/28/2022		20,000		427				—			427
2.80%	3-month USD-LIBOR	9/2/2022		280,000		1,670				—			1,670
2.75%	3-month USD-LIBOR	9/2/2022		280,000		1,408				—			1,408
2.009%	3-month USD-LIBOR	10/4/2022		50,000		(1,017	)			—			(1,017	)
2.08934%	3-month USD-LIBOR	11/17/2022		40,700		(723	)			—			(723	)
2.2025%	3-month USD-LIBOR	12/4/2022		20,000		(276	)			—			(276	)
3-month USD-LIBOR	2.2455%	12/21/2022		25,000		310				—			310
2.27403%	3-month USD-LIBOR	12/29/2022		60,000		(683	)			—			(683	)
3-month USD-LIBOR	2.6778%	2/12/2023		51,000		(213	)			—			(213	)
2.7435%	3-month USD-LIBOR	2/16/2023		41,000		278				—			278
3-month USD-LIBOR	2.8655%	4/23/2023		55,000		(668	)			—			(668	)
2.5815%	U.S. EFFR	5/25/2023		80,000		1,099				—			1,099
2.9075%	3-month USD-LIBOR	9/7/2023		50,000		734				—			734
3-month USD-LIBOR	3.09009%	10/31/2023		46,320		(1,095	)			—			(1,095	)
3-month USD-LIBOR	3.0965%	10/31/2023		46,055		(1,102	)			—			(1,102	)
U.S. EFFR	2.4435%	12/20/2023		7,589		(58	)			—			(58	)
U.S. EFFR	2.45375%	12/20/2023		67,985		(555	)			—			(555	)
U.S. EFFR	2.4325%	12/21/2023		24,000		(172	)			—			(172	)
3-month USD-LIBOR	2.0815%	2/10/2024		28,700		683				—			683
3-month USD-LIBOR	2.0955%	2/10/2024		14,300		331				—			331
3-month USD-LIBOR	2.3875%	3/17/2024		160,700		1,520				—			1,520
3-month USD-LIBOR	2.12813%	10/3/2024		65,000		1,617				—			1,617
3-month USD-LIBOR	2.4595%	1/12/2025		26,400		203				—			203
3-month USD-LIBOR	2.588%	1/26/2025		15,600		7				—			7
2.8775%	3-month USD-LIBOR	3/23/2025		29,800		473				—			473
3-month USD-LIBOR	2.24%	12/5/2026		55,100		1,625				—			1,625
3-month USD-LIBOR	2.27%	12/5/2026		44,900		1,227				—			1,227
2.579%	3-month USD-LIBOR	3/14/2027		53,000		(306	)			—			(306	)
2.333%	3-month USD-LIBOR	3/29/2027		42,000		(1,020	)			—			(1,020	)
2.91%	3-month USD-LIBOR	2/1/2028		16,000		84				—			84
2.908%	3-month USD-LIBOR	2/1/2028		16,000		83				—			83
2.925%	3-month USD-LIBOR	2/1/2028		12,800		75				—			75
2.92%	3-month USD-LIBOR	2/2/2028		12,200		69				—			69

114	American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Receive	Pay	Expiration date	Notional (000)		Value at 12/31/2018 (000)			Upfront payments/ receipts (000)			Unrealized appreciation (depreciation) at 12/31/2018 (000)
U.S. EFFR	2.5065%	3/22/2028	$	8,700		$ (92	)		$	—		$	(92	)
U.S. EFFR	2.535%	3/23/2028		6,700		(87	)			—			(87	)
U.S. EFFR	2.471%	3/27/2028		8,100		(62	)			—			(62	)
U.S. EFFR	2.4575%	3/29/2028		9,638		(62	)			—			(62	)
U.S. EFFR	2.424%	3/30/2028		8,160		(30	)			—			(30	)
U.S. EFFR	2.412%	4/5/2028		3,702		(10	)			—			(10	)
3-month USD-LIBOR	2.97125%	9/2/2030		62,000		(1,081	)			—			(1,081	)
3-month USD-LIBOR	3.005%	9/2/2030		62,000		(1,259	)			—			(1,259	)
3-month USD-LIBOR	2.9625%	2/1/2038		9,800		30				—			30
3-month USD-LIBOR	2.963%	2/1/2038		9,800		30				—			30
3-month USD-LIBOR	2.986%	2/1/2038		7,800		11				—			11
3-month USD-LIBOR	2.967%	2/2/2038		7,600		21				—			21
3-month USD-LIBOR	3.34%	6/27/2044		10,000		(937	)			—			(937	)
3-month USD-LIBOR	3.206%	7/31/2044		16,000		(1,108	)			—			(1,108	)
3-month USD-LIBOR	3.238%	8/8/2044		16,000		(1,201	)			—			(1,201	)
3-month USD-LIBOR	2.7045%	1/2/2045		12,000		310				—			310
3-month USD-LIBOR	2.5055%	1/9/2045		11,000		700				—			700
3-month USD-LIBOR	2.4945%	1/9/2045		2,000		131				—			131
3-month USD-LIBOR	2.52822%	11/23/2045		4,390		266				—			266
U.S. EFFR	2.166%	10/23/2047		10,000		714				—			714
U.S. EFFR	2.145%	11/9/2047		15,400		1,169				—			1,169
U.S. EFFR	2.153%	11/10/2047		15,300		1,137				—			1,137
U.S. EFFR	2.155%	11/10/2047		8,640		638				—			638
U.S. EFFR	2.17%	11/13/2047		15,660		1,109				—			1,109
U.S. EFFR	2.5635%	2/12/2048		33,204		(358	)			—			(358	)
U.S. EFFR	2.4615%	3/15/2048		2,000		20				—			20
U.S. EFFR	2.485%	3/15/2048		2,000		11				—			11
U.S. EFFR	2.425%	3/16/2048		4,100		73				—			73
U.S. EFFR	2.505%	3/22/2048		4,300		5				—			5
U.S. EFFR	2.51375%	3/22/2048		4,700		(3	)			—			(3	)
U.S. EFFR	2.625%	5/25/2048		18,000		(435	)			—			(435	)
U.S. EFFR	2.445%	6/4/2048		6,700		90				—			90
U.S. EFFR	2.52%	8/24/2048		4,500		(9	)			—			(9	)
3.236%	3-month USD-LIBOR	10/31/2048		10,650		896				—			896
3.22859%	3-month USD-LIBOR	10/31/2048		10,645		879				—			879
									$	—		$	19,354

American Funds Insurance Series

115

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 $36,486,000, which represented 1.27% 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, including those in “Other securities,” was $151,166,000, which represented 5.27% 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 symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements

116	American Funds Insurance Series

Managed Risk Growth Fund

Investment portfolio December 31, 2018

Growth funds 80.77%	Shares		Value (000)
American Funds Insurance Series – Growth Fund, Class 1		3,963,500	$	277,286

Total growth funds (cost: $279,168,000)				277,286

Fixed income funds 15.59%
American Funds Insurance Series – Bond Fund, Class 1		5,110,855		53,511

Total fixed income funds (cost: $55,321,000)				53,511

Short-term securities 1.50%
Government Cash Management Fund		5,144,216		5,144

Total short-term securities (cost: $5,144,000)				5,144
Total investment securities 97.86% (cost: $339,633,000)				335,941
Other assets less liabilities 2.14%				7,332

Net assets 100.00%			$	343,273

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount (000)		¹	Value at 12/31/2018 (000)		²	Unrealized appreciation (depreciation) at 12/31/2018 (000)
5 Year U.S. Treasury Note Futures	Long		1,474	March 2019	$	147,400			$169,049				$	1,914
FTSE 100 Index Contracts	Short		33	March 2019	£	—	³		(2,801	)		18
Euro Stoxx 50 Index Contracts	Short		131	March 2019	€	(1	)		(4,464	)		86
Nikkei 225 Index Contracts	Short		1	March 2019	¥	(1	)		(182	)		10
S&P Mid 400 E-mini Index Contracts	Short		7	March 2019	$	(1	)		(1,164	)		49
Mini MSCI Emerging Market Index Contracts	Short		123	March 2019		(6	)		(5,946	)		37
Russell 2000 Mini Index Contracts	Short		229	March 2019		(12	)		(15,446	)		629
S&P 500 E-mini Index Contracts	Short		895	March 2019		(45	)		(112,108	)		3,193
British Pound Currency Contracts	Short		36	March 2019		(2,250	)		(2,878	)		(18			)
Euro Currency Contracts	Short		33	March 2019		(4,125	)		(4,753	)		(20			)
Japanese Yen Currency Contracts	Short		2	March 2019		(25,000	)		(229	)		(7			)
													$	5,891

American Funds Insurance Series

117

Managed Risk Growth Fund

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 year ended December 31, 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 12/31/2018 (000)
Growth funds 80.77%
American Funds Insurance Series – Growth Fund, Class 1	2,960,791		1,174,907		172,198		3,963,500	$	2,267		$	(31,537	)	$	1,939	$	277,286

Fixed income funds 15.59%
American Funds Insurance Series – Bond Fund, Class 1	4,022,202		1,831,995		743,342		5,110,855		(255	)		(1,309	)		1,401		53,511
Total 96.36%								$	2,012		$	(32,846	)	$	3,340	$	330,797

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.
³	Amount less than one thousand.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

See notes to financial statements

118	American Funds Insurance Series

Managed Risk International Fund

Investment portfolio December 31, 2018

Growth funds 79.58%	Shares		Value (000)
American Funds Insurance Series – International Fund, Class 1		6,802,836	$	120,138

Total growth funds (cost: $126,861,000)				120,138

Fixed income funds 15.00%
American Funds Insurance Series – Bond Fund, Class 1		2,162,908		22,646

Total fixed income funds (cost: $23,477,000)				22,646

Short-term securities 3.43%
Government Cash Management Fund		5,178,097		5,178

Total short-term securities (cost: $5,178,000)				5,178
Total investment securities 98.01% (cost: $155,516,000)				147,962
Other assets less liabilities 1.99%				2,997

Net assets 100.00%			$	150,959

Futures contracts

Contracts	Type	Number of contracts		Expiration		Notional amount (000)		¹	Value at 12/31/2018 (000)		²	Unrealized appreciation (depreciation) at 12/31/2018 (000)
5 Year U.S. Treasury Note Futures	Long		472		March 2019	$	47,200		$	54,133			$	615
S&P 500 E-mini Index Contracts	Short		3		March 2019		—	³		(376	)			23
FTSE 100 Index Contracts	Short		55		March 2019	£	(1	)		(4,668	)			65
Russell 2000 Mini Index Contracts	Short		13		March 2019	$	(1	)		(877	)			44
Euro Stoxx 50 Index Contracts	Short		353		March 2019	€	(4	)		(12,028	)			268
Mini MSCI Emerging Market Index Contracts	Short		323		March 2019	$	(16	)		(15,614	)			186
Nikkei 225 Index Contracts	Short		37		March 2019	¥	(37	)		(6,751	)			296
British Pound Currency Contracts	Short		60		March 2019	$	(3,750	)		(4,796	)			(35	)
Euro Currency Contracts	Short		88		March 2019		(11,000	)		(12,675	)			(61	)
Japanese Yen Currency Contracts	Short		61		March 2019		(762,500	)		(6,993	)			(182	)
													$	1,219

American Funds Insurance Series

119

Managed Risk International Fund

Investments in affiliates

	Beginning shares	Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 12/31/2018 (000)
Growth funds 79.58%
American Funds Insurance Series – International Fund, Class 1	5,479,657		1,623,392		300,213		6,802,836	$	360		$	(25,996	)	$	2,591	$	120,138

Fixed income funds 15.00%
American Funds Insurance Series – Bond Fund, Class 1	2,063,150		605,333		505,575		2,162,908		(190	)		(574	)		611		22,646
Total 94.58%								$	170		$	(26,570	)	$	3,202	$	142,784

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.
³	Amount less than one thousand.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

See notes to financial statements

120	American Funds Insurance Series

Managed Risk Blue Chip Income and Growth Fund

Investment portfolio December 31, 2018

Growth-and-income funds 80.54%	Shares		Value (000)
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		21,901,978	$	271,146

Total growth-and-income funds (cost: $294,629,000)				271,146

Fixed income funds 15.90%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		4,484,388		53,544

Total fixed income funds (cost: $54,558,000)				53,544

Short-term securities 1.37%
Government Cash Management Fund		4,613,010		4,613

Total short-term securities (cost: $4,613,000)				4,613
Total investment securities 97.81% (cost: $353,800,000)				329,303
Other assets less liabilities 2.19%				7,366

Net assets 100.00%			$	336,669

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount (000)		¹	Value at 12/31/2018 (000)		²	Unrealized appreciation (depreciation) at 12/31/2018 (000)
5 Year U.S. Treasury Note Futures	Long		1,512	March 2019	$	151,200		$	173,408				$	1,865
FTSE 100 Index Contracts	Short		24	March 2019	£	—	³		(2,037	)		10
S&P Mid 400 E-mini Index Contracts	Short		4	March 2019	$	—	³		(665	)		18
Euro Stoxx 50 Index Contracts	Short		117	March 2019	€	(1	)		(3,987	)		74
Mini MSCI Emerging Market Index Contracts	Short		42	March 2019	$	(2	)		(2,030	)		13
Russell 2000 Mini Index Contracts	Short		34	March 2019		(2	)		(2,293	)		81
S&P 500 E-mini Index Contracts	Short		1,088	March 2019		(54	)		(136,283	)		3,750
British Pound Currency Contracts	Short		27	March 2019		(1,688	)		(2,158	)		(13			)
Euro Currency Contracts	Short		29	March 2019		(3,625	)		(4,177	)			(17		)
													$	5,781

American Funds Insurance Series

121

Managed Risk Blue Chip Income and Growth Fund

Investments in affiliates

	Beginning shares	Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 12/31/2018 (000)
Growth-and-income funds 80.54%
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1	19,699,331		4,153,608		1,950,961		21,901,978	$	4,481		$	(54,782	)	$	6,179	$	271,146

Fixed income funds 15.90%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1	4,530,491		736,682		782,785		4,484,388		(273	)		(347	)		1,085		53,544
Total 96.44%								$	4,208		$	(55,129	)	$	7,264	$	324,690

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.
³	Amount less than one thousand.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

See notes to financial statements

122	American Funds Insurance Series

Managed Risk Growth-Income Fund

Investment portfolio December 31, 2018

Growth-and-income funds 79.46%	Shares		Value (000)
American Funds Insurance Series – Growth-Income Fund, Class 1		33,123,343	$	1,503,469

Total growth-and-income funds (cost: $1,522,773,000)				1,503,469

Fixed income funds 14.91%
American Funds Insurance Series – Bond Fund, Class 1		26,945,898		282,124

Total fixed income funds (cost: $281,542,000)				282,124

Short-term securities 3.54%
Government Cash Management Fund		66,924,852		66,925

Total short-term securities (cost: $66,925,000)				66,925

Options purchased 0.46%
Options purchased*				8,674

Total options purchased (cost: $7,663,000)				8,674
Total investment securities 98.37% (cost: $1,878,903,000)				1,861,192
Other assets less liabilities 1.63%				30,910

Net assets 100.00%			$	1,892,102

*Options purchased

Put

Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date	Value at 12/31/2018 (000)
S&P 500 Index		4,360		$1,092,987		$1,850.00	6/21/2019			$	6,178
S&P 500 Index		811		203,306		2,000.00	6/21/2019		2,064
S&P 500 Index		138		34,595		2,050.00	6/21/2019			432
										$	8,674

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount (000)		¹	Value at 12/31/2018 (000)		²	Unrealized appreciation (depreciation) at 12/31/2018 (000)
5 Year U.S. Treasury Note Futures	Long		7,323	March 2019	$	732,300		$	839,857				$	6,919
FTSE 100 Index Contracts	Short		272	March 2019	£	(3	)		(23,086	)		(39			)
S&P Mid 400 E-mini Index Contracts	Short		50	March 2019	$	(5	)		(8,311	)		127
Euro Stoxx 50 Index Contracts	Short		1,107	March 2019	€	(11	)		(37,721	)		466
Russell 2000 Mini Index Contracts	Short		430	March 2019	$	(21	)		(29,003	)		435
Mini MSCI Emerging Market Index Contracts	Short		532	March 2019		(27	)		(25,717	)		(62			)
Nikkei 225 Index Contracts	Short		27	March 2019	¥	(27	)		(4,927	)		180
S&P 500 E-mini Index Contracts	Short		3,478	March 2019	$	(174	)		(435,654	)		2,778
British Pound Currency Contracts	Short		298	March 2019		(18,625	)		(23,821	)		(167			)
Euro Currency Contracts	Short		268	March 2019		(33,500	)		(38,600	)		(222			)
Japanese Yen Currency Contracts	Short		45	March 2019		(562,500	)		(5,159	)			(108		)
													$	10,307

American Funds Insurance Series

123

Managed Risk Growth-Income Fund

Investments in affiliates

	Beginning shares	Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized (depreciation) appreciation (000)			Dividend income (000)		Value of affiliates at 12/31/2018 (000)
Growth-and-income funds 79.46%
American Funds Insurance Series – Growth-Income Fund, Class 1	3,331,787		30,474,528		682,972		33,123,343	$	(1,765	)		$(33,463	)		$3,205		$1,503,469

Fixed income funds 14.91%
American Funds Insurance Series – Bond Fund, Class 1	2,916,097		25,446,042		1,416,241		26,945,898		(614	)		951			958		282,124
Total 94.37%								$	(2,379	)		$(32,512	)		$4,163		$1,785,593

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.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

See notes to financial statements

124	American Funds Insurance Series

Managed Risk Asset Allocation Fund

Investment portfolio December 31, 2018

Asset allocation funds 96.69%	Shares		Value (000)
American Funds Insurance Series – Asset Allocation Fund, Class 1		115,468,223	$	2,458,318

Total asset allocation funds (cost: $2,512,141,000)				2,458,318

Short-term securities 1.91%
Government Cash Management Fund		48,607,102		48,607

Total short-term securities (cost: $48,607,000)				48,607
Total investment securities 98.60% (cost: $2,560,748,000)				2,506,925
Other assets less liabilities 1.40%				35,572

Net assets 100.00%			$	2,542,497

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount (000)		¹	Value at 12/31/2018 (000)		²	Unrealized appreciation (depreciation) at 12/31/2018 (000)
5 Year U.S. Treasury Note Futures	Long		7,806	March 2019	$	780,600		$	895,251				$	8,348
FTSE 100 Index Contracts	Short		120	March 2019	£	(1	)		(10,185	)		46
S&P Mid 400 E-mini Index Contracts	Short		33	March 2019	$	(3	)		(5,485	)		146
Euro Stoxx 50 Index Contracts	Short		671	March 2019	€	(7	)		(22,864	)		375
Nikkei 225 Index Contracts	Short		7	March 2019	¥	(7	)		(1,277	)		49
Russell 2000 Mini Index Contracts	Short		895	March 2019	$	(45	)		(60,368	)		1,608
Mini MSCI Emerging Market Index Contracts	Short		1,027	March 2019		(51	)		(49,645	)		184
S&P 500 E-mini Index Contracts	Short		4,514	March 2019		(226	)		(565,424	)		14,749
British Pound Currency Contracts	Short		131	March 2019		(8,188	)		(10,472	)		(63			)
Euro Currency Contracts	Short		165	March 2019		(20,625	)		(23,765	)		(88			)
Japanese Yen Currency Contracts	Short		12	March 2019		(150,000	)		(1,376	)				(31	)
													$	25,323

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 year ended December 31, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliate at 12/31/2018 (000)
Asset allocation funds 96.69%
American Funds Insurance Series – Asset Allocation Fund, Class 1		178,833,494		22,204,494		85,569,765		115,468,223	$	(39,223	)		$(392,470	)		$80,687	$	2,458,318

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.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

See notes to financial statements

American Funds Insurance Series

125

Financial statements

Statements of assets and liabilities
at December 31, 2018

	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	5,486,916	$	3,673,913	$	23,407,476	$	8,996,441	$	2,999,468
Affiliated issuers		—		29,982		—		—		—
Cash		178		156		1,343		131		4,433
Cash pledged for securities on loan		—		6,049		—		—		—
Cash pledged for forward currency contracts		—		—		—		330		—
Cash denominated in currencies other than U.S. dollars		1		80		—		1,626		712
Unrealized appreciation on open forward currency contracts		—		—		—		—		356
Receivables for:
Sales of investments		319		3,233		21,198		1,944		4,847
Sales of fund’s shares		28,743		5,568		49,254		16,453		1,400
Dividends and interest		8,330		3,564		13,574		16,015		5,498
Variation margin on futures contracts		—		—		—		—		—
Variation margin on swap contracts		—		—		—		—		—
Securities lending income		—		160		—		—		—
Other		378		124		2		136		7
		5,524,865		3,722,829		23,492,847		9,033,076		3,016,721
Liabilities:
Collateral for securities on loan		—		60,486		—		—		—
Unrealized depreciation on open forward currency contracts		—		—		—		525		53
Payables for:
Purchases of investments		16,115		3,150		21,907		6,618		808
Repurchases of fund’s shares		2,128		605		11,254		4,966		1,595
Investment advisory services		2,473		2,214		6,602		3,815		1,833
Insurance administrative fees		163		95		706		193		293
Services provided by related parties		810		506		3,421		970		302
Trustees’ deferred compensation		72		48		503		213		32
Variation margin on futures contracts		—		—		—		—		—
Variation margin on swap contracts		—		—		—		—		—
Non-U.S. taxes		853		931		515		5,462		793
Other		98		280		78		204		133
		22,712		68,315		44,986		22,966		5,842
Net assets at December 31, 2018	$	5,502,153	$	3,654,514	$	23,447,861	$	9,010,110	$	3,010,879

Net assets consist of:
Capital paid in on shares of beneficial interest	$	3,889,612	$	3,067,044	$	14,176,248	$	8,331,112	$	2,702,017
Total distributable earnings (accumulated loss)		1,612,541		587,470		9,271,613		678,998		308,862
Net assets at December 31, 2018	$	5,502,153	$	3,654,514	$	23,447,861	$	9,010,110	$	3,010,879

Investment securities, at cost:
Unaffiliated issuers	$	4,224,241	$	3,380,162	$	16,925,576	$	8,523,681	$	2,819,850
Affiliated issuers		—		45,822		—		—		—
Cash denominated in currencies other than U.S. dollars, at cost		1		86		—		1,620		711

See end of statements of assets and liabilities for footnote.

See notes to financial statements

126	American Funds Insurance Series

(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

$	8,018,033	$	1,811,931	$	29,638,729	$	1,333,446		$	679,748		$	23,114,218	$	368,422	$	10,945,510		$	2,123,592
	—		—		202,273		—			—			153,583		—		—			—
	1,442		226		5,392		131			493			3,965		111		5,730			633
	—		—		—		—			—			—		—		—			—
	—		—		—		—			—			—		—		—			—
	—		—		1		162			116			840		7		6,114			964
	—		351		—		—			—			—		214		5,141			12,488

	—		—		50,544		—			425			103,114		81		766,356			3,468
	4,453		597		41,007		127			1,890			10,186		175		2,561			30
	14,855		4,749		41,209		5,240			2,673			66,435		1,558		63,965			17,559
	—		—		—		—			286			1,056		32		3,526			755
	—		—		—		—			—			83		4		94			49
	—		—		—		—			—			—		—		—			—
	—		25		—		31			3			313		18		377			53
	8,038,783		1,817,879		29,979,155		1,339,137			685,634			23,453,793		370,622		11,799,374			2,159,591

	—		—		—		—			—			—		—		—			—
	—		—		—		—			—			—		132		14,412			5,570

	—		—		75,910		112			9,280			506,077		3,803		1,901,710			56,897
	3,583		545		27,805		301			228			11,216		134		23,576			7,155
	2,735		940		6,567		701			283			5,477		206		3,023			948
	231		61		588		46			225			2,313		44		225			25
	766		301		3,070		76			80			1,980		57		918			247
	80		23		576		9			3			258		2		116			24
	—		—		—		—			237			99		—		351			145
	—		—		—		—			—			756		1		356			7
	100		87		407		592			12			126		48		—			453
	16		48		97		42			6			40		6		—			103
	7,511		2,005		115,020		1,879			10,354			528,342		4,433		1,944,687			71,574
$	8,031,272	$	1,815,874	$	29,864,135	$	1,337,258		$	675,280		$	22,925,451	$	366,189	$	9,854,687		$	2,088,017

$	6,594,985	$	1,523,636	$	21,925,796	$	1,347,787		$	710,885		$	19,064,550	$	341,847	$	10,077,153		$	2,124,152
	1,436,287		292,238		7,938,339		(10,529	)		(35,605	)		3,860,901		24,342		(222,466	)		(36,135	)
$	8,031,272	$	1,815,874	$	29,864,135	$	1,337,258		$	675,280		$	22,925,451	$	366,189	$	9,854,687		$	2,088,017

$	7,325,397	$	1,627,160	$	25,100,577	$	1,364,122		$	702,114		$	20,304,078	$	345,235	$	11,058,951		$	2,167,128
	—		—		273,780		—			—			586,257		—		—			—
	—		—		1		159			116			840		7		6,229			961

American Funds Insurance Series

127

Statements of assets and liabilities
at December 31, 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	$	1,182,891		$	343,748		$	306,746	$	3,110,704		$	5,144
Affiliated issuers		—			—			—		—			330,797
Cash		840			383			80		3,850			—
Cash pledged for futures contracts		—			—			—		—			8,181
Cash denominated in currencies other than U.S. dollars		—	*		—			—		—			—
Receivables for:
Sales of investments		2,745			460			—		45,521			—
Sales of fund’s shares		77			204			48		642			596
Dividends and interest		21,205			877			—		11,543			22
Variation margin on futures contracts		—			249			—		4,583			394
Variation margin on swap contracts		40			170			—		2,783			—
Other		168			2			—		28			—
		1,207,966			346,093			306,874		3,179,654			345,134
Liabilities:
Payables for:
Purchases of investments		1,934			54,109			—		295,152			563
Repurchases of fund’s shares		1,312			356			301		8,565			3
Investment advisory services		498			105			82		830			29
Insurance administrative fees		22			13			10		49			215
Services provided by related parties		163			19			59		328			71
Trustees’ deferred compensation		50			3			18		60			1
Variation margin on futures contracts		—			—			—		594			979
Variation margin on swap contracts		87			313			—		4,772			—
Other		1			—			—		1			—
		4,067			54,918			470		310,351			1,861
Net assets at December 31, 2018	$	1,203,899		$	291,175		$	306,404	$	2,869,303		$	343,273

Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,464,474		$	295,903		$	305,431	$	2,910,880		$	326,588
Total distributable earnings (accumulated loss)		(260,575	)		(4,728	)		973		(41,577	)		16,685
Net assets at December 31, 2018	$	1,203,899		$	291,175		$	306,404	$	2,869,303		$	343,273

Investment securities, at cost:
Unaffiliated issuers	$	1,274,934		$	344,748		$	306,754	$	3,124,841		$	5,144
Affiliated issuers		—			—			—		—			334,489
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

128	American Funds Insurance Series

(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

$	5,178		$	4,613		$	75,599		$	48,607
	142,784			324,690			1,785,593			2,458,318
	—			—			—			—
	3,017			8,327			34,515			41,388
	—			—			—			—

	—			—			27,293			374
	190			386			339			336
	10			22			67			305
	182			389			1,951			2,143
	—			—			—			—
	—			—			—			—
	151,361			338,427			1,925,357			2,551,471

	174			364			—			—
	6			3			29,069			729
	13			29			84			298
	96			214			308			2,570
	31			70			48			538
	1			2			1			23
	81			1,076			3,745			4,816
	—			—			—			—
	—			—			—			—
	402			1,758			33,255			8,974
$	150,959		$	336,669		$	1,892,102		$	2,542,497

$	157,470		$	340,198		$	1,895,504		$	2,426,171
	(6,511	)		(3,529	)		(3,402	)		116,326
$	150,959		$	336,669		$	1,892,102		$	2,542,497

$	5,178		$	4,613		$	74,588		$	48,607
	150,338			349,187			1,804,315			2,512,141
	—			—			—			—

American Funds Insurance Series

129

Statements of assets and liabilities
at December 31, 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	$	1,942,639	$	1,452,476	$	8,474,126	$	4,811,429	$	1,701,716
	Shares outstanding		75,457		66,791		121,126		272,408		81,098
	Net asset value per share	$	25.74	$	21.75	$	69.96	$	17.66	$	20.98
Class 1A:	Net assets	$	4,778	$	353	$	9,862	$	4,936	$	2,363
	Shares outstanding		186		16		141		280		113
	Net asset value per share	$	25.69	$	21.71	$	69.77	$	17.62	$	20.92
Class 2:	Net assets	$	3,306,059	$	2,055,787	$	13,700,966	$	3,875,242	$	843,316
	Shares outstanding		129,626		97,154		197,204		220,231		40,558
	Net asset value per share	$	25.50	$	21.16	$	69.48	$	17.60	$	20.79
Class 3:	Net assets					$	187,003	$	23,753
	Shares outstanding		Not applicable		Not applicable		2,655		1,342		Not applicable
	Net asset value per share					$	70.44	$	17.70
Class 4:	Net assets	$	248,677	$	145,898	$	1,075,904	$	294,750	$	463,484
	Shares outstanding		9,795		6,855		15,676		16,935		22,375
	Net asset value per share	$	25.39	$	21.28	$	68.64	$	17.40	$	20.71

		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	$	501,284	$	209,329	$	36,869	$	1,445,275
	Shares outstanding		53,676		20,330		3,259		121,022		Not applicable
	Net asset value per share	$	9.34	$	10.30	$	11.31	$	11.94
Class 1A:	Net assets	$	644	$	739	$	10	$	1,510
	Shares outstanding		69		72		1		127		Not applicable
	Net asset value per share	$	9.33	$	10.28	$	11.31	$	11.93
Class 2:	Net assets	$	661,317	$	56,871	$	247,022	$	1,322,968
	Shares outstanding		71,992		5,534		22,403		111,891		Not applicable
	Net asset value per share	$	9.19	$	10.28	$	11.03	$	11.82
Class 3:	Net assets	$	9,485			$	4,516	$	8,900
	Shares outstanding		1,011		Not applicable		405		743		Not applicable
	Net asset value per share	$	9.38			$	11.14	$	11.97
Class 4:	Net assets	$	31,169	$	24,236	$	17,987	$	90,650
	Shares outstanding		3,129		2,379		1,613		7,659		Not applicable
	Net asset value per share	$	9.96	$	10.19	$	11.15	$	11.84
Class P1:	Net assets									$	2,850
	Shares outstanding		Not applicable		Not applicable		Not applicable		Not applicable		232
	Net asset value per share									$	12.30
Class P2:	Net assets									$	340,423
	Shares outstanding		Not applicable		Not applicable		Not applicable		Not applicable		27,883
	Net asset value per share									$	12.21

*	Amount less than one thousand.

See notes to financial statements

130	American Funds Insurance Series

(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

$	4,809,964	$	492,281	$	16,782,983	$	1,034,317	$	316,763	$	14,626,696	$	109,776	$	5,961,685	$	1,015,292
	388,433		37,818		369,768		67,397		33,820		686,976		9,410		569,176		88,889
$	12.38	$	13.02	$	45.39	$	15.35	$	9.37	$	21.29	$	11.67	$	10.47	$	11.42
$	3,162	$	927	$	6,733	$	1,749	$	2,686	$	6,982	$	2,007	$	3,284	$	400
	256		72		149		114		287		328		172		314		35
$	12.35	$	13.00	$	45.28	$	15.33	$	9.36	$	21.26	$	11.65	$	10.45	$	11.41
$	2,850,294	$	1,227,787	$	12,035,441	$	230,035	$	3,719	$	4,667,683	$	184,786	$	3,523,963	$	1,032,370
	232,925		94,484		268,073		15,034		397		221,412		15,865		340,694		91,060
$	12.24	$	12.99	$	44.90	$	15.30	$	9.36	$	21.08	$	11.65	$	10.34	$	11.34
				$	140,465					$	29,682
	Not applicable		Not applicable		3,089		Not applicable		Not applicable		1,392		Not applicable		Not applicable		Not applicable
				$	45.47					$	21.32
$	367,852	$	94,879	$	898,513	$	71,157	$	352,112	$	3,594,408	$	69,620	$	365,755	$	39,955
	30,177		7,405		20,203		4,675		37,666		171,230		6,029		35,411		3,554
$	12.19	$	12.81	$	44.47	$	15.22	$	9.35	$	20.99	$	11.55	$	10.33	$	11.24

Managed Risk International Fund		Managed Risk Blue Chip Income and Growth Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund

	Not applicable		Not applicable		Not applicable		Not applicable


	Not applicable		Not applicable		Not applicable		Not applicable


	Not applicable		Not applicable		Not applicable		Not applicable


	Not applicable		Not applicable		Not applicable		Not applicable


	Not applicable		Not applicable		Not applicable		Not applicable

$	379	$	492	$	1,661,806	$	1,596
	39		44		141,701		130
$	9.82	$	11.28	$	11.73	$	12.23
$	150,580	$	336,177	$	230,296	$	2,540,901
	15,421		29,981		19,726		207,856
$	9.76	$	11.21	$	11.67	$	12.22

American Funds Insurance Series

131

Statements of operations
for the year ended December 31, 2018

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends	$	89,435		$	40,551		$	266,249		$	188,307		$	47,131
Interest		6,142			7,378			28,788			23,999			16,421
Securities lending income		—			730			—			—			—
		95,577			48,659			295,037			212,306			63,552
Fees and expenses*:
Investment advisory services		32,234			29,438			83,065			48,247			23,782
Distribution services		10,330			6,459			42,560			11,764			3,589
Insurance administrative services		633			367			2,750			790			1,164
Transfer agent services		1			—	^†		3			1			—	^†
Administrative services		624			423			2,573			981			339
Reports to shareholders		218			136			900			342			127
Registration statement and prospectus		47			88			197			66			29
Trustees’ compensation		37			25			150			58			20
Auditing and legal		76			65			80			102			72
Custodian		964			643			502			1,867			1,253
Other		137			228			252			202			342
Total fees and expenses before waivers		45,301			37,872			133,032			64,420			30,717
Less waivers of fees and expenses:
Investment advisory services waivers		—			—			—			—			—
Total waivers of fees and expenses		—			—			—			—			—
Total fees and expenses after waivers		45,301			37,872			133,032			64,420			30,717
Net investment income		50,276			10,787			162,005			147,886			32,835

Net realized gain (loss) and unrealized (depreciation) appreciation:
Net realized gain (loss) on:
Investments
Unaffiliated issuers		344,211			244,684			2,850,252			248,667			125,246
Affiliated issuers		—			2,632			—			—			—
Futures contracts		—			—			—			—			—
Forward currency contracts		(21	)		94			—			1,317			649
Swap contracts		—			—			—			—			—
Currency transactions		(648	)		(349	)		(1,358	)		(2,744	)		308
		343,542			247,061			2,848,894			247,240			126,203
Net unrealized (depreciation) appreciation on:
Investments
Unaffiliated issuers		(919,949	)		(654,311	)		(2,970,971	)		(1,741,395	)		(647,695	)
Affiliated issuers		—			(19,991	)		—			—			—
Futures contracts		—			—			—			—			—
Forward currency contracts		(15	)		1,103			—			(170	)		626
Swap contracts		—			—			—			—			—
Currency translations		288			41			(119	)		(189	)		36
		(919,676	)		(673,158	)		(2,971,090	)		(1,741,754	)		(647,033	)
Net realized gain (loss) and unrealized (depreciation) appreciation		(576,134	)		(426,097	)		(122,196	)		(1,494,514	)		(520,830	)
Net (decrease) increase in net assets resulting from operations	$	(525,858	)	$	(415,310	)	$	39,809		$	(1,346,628	)	$	(487,995	)

See end of statements of operations for footnotes.

See notes to financial statements

132	American Funds Insurance Series

(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

$	225,462		$	47,619		$	561,216		$	42,953		$	18,229		$	330,664		$	5,923		$	—		$	—
	5,328			5,256			43,954			4,649			5,121			270,199			3,763			319,829			71,425
	—			—			—			—			—			—			—			—			—
	230,790			52,875			605,170			47,602			23,350			600,863			9,686			319,829			71,425

	35,312			12,167			81,100			8,812			3,229			68,775			2,520			37,656			12,085
	9,118			3,848			36,914			840			885			22,505			680			10,220			2,901
	794			233			2,300			183			884			9,354			167			835			97
	1			—	^†		4			—	^†		—	^†		3			—	^†		1			—	^†
	909			205			3,139			146			65			2,590			38			1,037			228
	239			47			1,105			23			10			837			6			320			58
	28			9			202			19			21			400			11			61			10
	53			12			182			8			3			150			2			61			13
	49			62			79			60			51			76			59			60			51
	269			349			894			391			43			362			42			277			386
	126			86			232			44			62			188			56			214			162
	46,898			17,018			126,151			10,526			5,253			105,240			3,581			50,742			15,991

	—			—			—			1			23			—			—			—			—
	—			—			—			1			23			—			—			—			—
	46,898			17,018			126,151			10,525			5,230			105,240			3,581			50,742			15,991
	183,892			35,857			479,019			37,077			18,120			495,623			6,105			269,087			55,434

	687,346			100,225			3,359,804			19,373			(12,976	)		1,252,346			4,175			(159,911	)		1,326
	—			—			—			—			—			—			—			—			—
	—			—			—			—			242			677			23			(38,790	)		(3,980	)
	—			(72	)		—			—			—			—			(541	)		14,487			(6,955	)
	—			—			—			—			—			(2,209	)		(5	)		16,367			(44	)
	38			(281	)		(2,288	)		273			(169	)		85			(76	)		(565	)		(2,076	)
	687,384			99,872			3,357,516			19,646			(12,903	)		1,250,899			3,576			(168,412	)		(11,729	)

	(1,602,181	)		(325,794	)		(4,115,868	)		(222,546	)		(54,286	)		(2,657,935	)		(34,350	)		(164,246	)		(82,168	)
	—			—			(116,886	)		—			—			(230,161	)		—			—			—
	—			—			—			—			429			5,914			180			23,764			4,630
	—			351			—			—			—			—			207			(16,813	)		6,258
	—			—			—			—			—			2,691			5			(7,301	)		1,530
	(41	)		(87	)		(237	)		(23	)		(10	)		(72	)		1			(246	)		(258	)
	(1,602,222	)		(325,530	)		(4,232,991	)		(222,569	)		(53,867	)		(2,879,563	)		(33,957	)		(164,842	)		(70,008	)

	(914,838	)		(225,658	)		(875,475	)		(202,923	)		(66,770	)		(1,628,664	)		(30,381	)		(333,254	)		(81,737	)
$	(730,946	)	$	(189,801	)	$	(396,456	)	$	(165,846	)	$	(48,650	)	$	(1,133,041	)	$	(24,276	)	$	(64,167	)	$	(26,303	)

American Funds Insurance Series

133

Statements of operations
for the year ended December 31, 2018

	High- Income Bond Fund			Mortgage Fund			Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund			Managed Risk Growth Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends	$	—		$	—		$	—		$	—		$	3,341
Interest		93,699			7,928			5,763			71,451			216
		93,699			7,928			5,763			71,451			3,557
Fees and expenses*:
Investment advisory services		6,485			1,361			947			10,160			486
Distribution services		1,953			191			643			3,706			803
Insurance administrative services		86			42			37			171			809
Transfer agent services		—	^†		—	^†		—	^†		—	^†		—	^†
Administrative services		137			32			30			300			—
Accounting and administrative services		—			—			—			—			43
Reports to shareholders		33			5			6			65			5
Registration statement and prospectus		9			2			3			15			7
Trustees’ compensation		8			2			2			18			2
Auditing and legal		49			44			42			46			23
Custodian		32			35			1			56			9
Other		95			66			16			129			23
Total fees and expenses before waivers		8,887			1,780			1,727			14,666			2,210
Less waivers of fees and expenses:
Investment advisory services waivers		—			—			—			—			162
Total waivers of fees and expenses		—			—			—			—			162
Total fees and expenses after waivers		8,887			1,780			1,727			14,666			2,048
Net investment income		84,812			6,148			4,036			56,785			1,509

Net realized gain (loss) and unrealized (depreciation) appreciation:
Net realized gain (loss) on:
Investments
Unaffiliated issuers		(24,151	)		(3,538	)		—			(39,630	)		—
Affiliated issuers		—			—			—			—			2,012
Futures contracts		2			(4,529	)		—			(45,333	)		(5,288	)
Swap contracts		(390	)		449			—			(1,752	)		—
Currency transactions		(5	)		—			—			—			7
Capital gain distributions received from affiliated issuers		—			—			—			—			24,732
		(24,544	)		(7,618	)		—			(86,715	)		21,463
Net unrealized (depreciation) appreciation on:
Investments
Unaffiliated issuers		(87,512	)		(1,970	)		33			(13,160	)		—
Affiliated issuers		—			—			—			—			(32,846	)
Futures contracts		—			2,531			—			34,895			5,929
Swap contracts		1,317			1,980			—			27,782			—
Currency translations		(1	)		—			—			—			—
		(86,196	)		2,541			33			49,517			(26,917	)
Net realized gain (loss) and unrealized (depreciation) appreciation		(110,740	)		(5,077	)		33			(37,198	)		(5,454	)
Net (decrease) increase in net assets resulting from operations	$	(25,928	)	$	1,071		$	4,069		$	19,587		$	(3,945	)

*	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

134	American Funds Insurance Series

(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

$	3,202		$	7,264		$	4,163		$	80,686
	112			246			195			2,846
	3,314			7,510			4,358			83,532

	234			530			439			6,609
	389			883			564			6,862
	389			883			731			11,015
	—	^†		—	^†		—	^†		—	^†
	—			—			—			—
	40			43			42			114
	3			6			4			73
	5			7			5			70
	1			2			1			26
	23			23			33			28
	9			9			9			9
	(18	)		25			(9	)		(1,637	)
	1,075			2,411			1,819			23,169

	78			177			146			2,203
	78			177			146			2,203
	997			2,234			1,673			20,966
	2,317			5,276			2,685			62,566

	—			—			—			—
	170			4,208			(2,379	)		(39,223	)
	(301	)		(7,698	)		(3,064	)		(49,333	)
	—			—			—			—
	(4	)		7			—	^†		62
	5,857			21,501			12,396			185,909
	5,722			18,018			6,953			97,415

	—			—			1,011			—
	(26,570	)		(55,129	)		(32,512	)		(392,470	)
	1,238			5,830			10,335			25,915
	—			—			—			—
	—			—			—			—
	(25,332	)		(49,299	)		(21,166	)		(366,555	)

	(19,610	)		(31,281	)		(14,213	)		(269,140	)
$	(17,293	)	$	(26,005	)	$	(11,528	)	$	(206,574	)

American Funds Insurance Series

135

Statements of changes in net assets

	Global Growth Fund						Global Small Capitalization Fund						Growth Fund
	Year ended December 31						Year ended December 31						Year ended December 31
	2018			2017			2018			2017			2018			2017
Operations:
Net investment income	$	50,276		$	44,912		$	10,787		$	15,312		$	162,005		$	136,774
Net realized gain (loss)		343,542			433,191			247,061			207,903			2,848,894			2,561,073
Net unrealized (depreciation) appreciation		(919,676	)		1,102,516			(673,158	)		731,086			(2,971,090	)		3,159,797
Net (decrease) increase in net assets resulting from operations		(525,858	)		1,580,619			(415,310	)		954,301			39,809			5,857,644
Distributions paid to shareholders*		(474,814	)					(196,135	)					(2,648,515	)
Dividends from net investment income					(42,742	)					(21,019	)					(136,164	)
Distributions from net realized gain on investments					(174,096	)					—						(2,251,429	)
Total dividends and distributions paid to shareholders					(216,838	)					(21,019	)					(2,387,593	)
Net capital share transactions		267,749			(335,425	)		(49,079	)		(495,098	)		1,071,109			(34,343	)
Total (decrease) increase in net assets		(732,923	)		1,028,356			(660,524	)		438,184			(1,537,597	)		3,435,708
Net assets:
Beginning of year		6,235,076			5,206,720			4,315,038			3,876,854			24,985,458			21,549,750
End of year	$	5,502,153		$	6,235,076		$	3,654,514		$	4,315,038		$	23,447,861		$	24,985,458

	International Growth and Income Fund						Capital Income Builder						Asset Allocation Fund
	Year ended December 31						Year ended December 31						Year ended December 31
	2018			2017			2018			2017			2018			2017
Operations:
Net investment income	$	37,077		$	35,259		$	18,120		$	14,607		$	495,623		$	419,292
Net realized gain (loss)		19,646			5,636			(12,903	)		8,964			1,250,899			1,243,464
Net unrealized (depreciation) appreciation		(222,569	)		242,768			(53,867	)		35,709			(2,879,563	)		1,880,231
Net (decrease) increase in net assets resulting from operations		(165,846	)		283,663			(48,650	)		59,280			(1,133,041	)		3,542,987
Distributions paid to shareholders*		(35,982	)					(20,515	)					(1,587,775	)
Dividends from net investment income					(32,772	)					(14,010	)					(405,124	)
Distributions from net realized gain on investments					—						—						(1,069,604	)
Total dividends and distributions paid to shareholders					(32,772	)					(14,010	)					(1,474,728	)
Net capital share transactions		77,119			109,624			149,988			137,152			(13,827	)		2,543,934
Total (decrease) increase in net assets		(124,709	)		360,515			80,823			182,422			(2,734,643	)		4,612,193
Net assets:
Beginning of year		1,461,967			1,101,452			594,457			412,035			25,660,094			21,047,901
End of year	$	1,337,258		$	1,461,967		$	675,280		$	594,457		$	22,925,451		$	25,660,094

See end of statements of changes in net assets for footnote.

See notes to financial statements

136	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
Year ended December 31						Year ended December 31						Year ended December 31						Year ended December 31						Year ended December 31
2018			2017			2018			2017			2018			2017			2018			2017			2018			2017

$	147,886		$	105,868		$	32,835		$	32,918		$	183,892		$	195,270		$	35,857		$	44,369		$	479,019		$	445,666
	247,240			438,684			126,203			236,990			687,384			686,720			99,872			151,286			3,357,516			2,102,617
	(1,741,754	)		1,850,536			(647,033	)		567,588			(1,602,222	)		550,461			(325,530	)		281,638			(4,232,991	)		3,222,646

	(1,346,628	)		2,395,088			(487,995	)		837,496			(730,946	)		1,432,451			(189,801	)		477,293			(396,456	)		5,770,929
	(646,470	)					(126,412	)					(883,615	)					(186,991	)					(2,606,909	)
				(124,236	)					(34,131	)					(188,626	)					(42,795	)					(435,451	)
				(100,924	)					—						(328,660	)					(33,692	)					(1,807,557	)
				(225,160	)					(34,131	)					(517,286	)					(76,487	)					(2,243,008	)
	1,245,386			133,019			92,573			(164,517	)		265,984			(178,554	)		90,220			(289,969	)		2,175,138			1,071,251
	(747,712	)		2,302,947			(521,834	)		638,848			(1,348,577	)		736,611			(286,572	)		110,837			(828,227	)		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
$	9,010,110		$	9,757,822		$	3,010,879		$	3,532,713		$	8,031,272		$	9,379,849		$	1,815,874		$	2,102,446		$	29,864,135		$	30,692,362

Global Balanced Fund						Bond Fund						Global Bond Fund						High-Income Bond Fund						Mortgage Fund
Year ended December 31						Year ended December 31						Year ended December 31						Year ended December 31						Year ended December 31
2018			2017			2018			2017			2018			2017			2018			2017			2018			2017

$	6,105		$	4,343		$	269,087		$	226,928		$	55,434		$	53,646		$	84,812		$	96,458		$	6,148		$	5,003
	3,576			9,276			(168,412	)		(10,510	)		(11,729	)		(26,825	)		(24,544	)		24,442			(7,618	)		408
	(33,957	)		38,239			(164,842	)		193,041			(70,008	)		132,187			(86,196	)		(3,823	)		2,541			(431	)

	(24,276	)		51,858			(64,167	)		409,459			(26,303	)		159,008			(25,928	)		117,077			1,071			4,980
	(9,700	)					(267,421	)					(56,130	)					(79,933	)					(6,505	)
				(3,252	)					(220,546	)					(11,164	)					(98,414	)					(5,571	)
				(10,070	)					(157,395	)					(14,449	)					—						(2,214	)
				(13,322	)					(377,941	)					(25,613	)					(98,414	)					(7,785	)
	46,266			63,483			(511,419	)		(223,341	)		(297,128	)		85,999			(144,120	)		(346,424	)		(43,561	)		2,570
	12,290			102,019			(843,007	)		(191,823	)		(379,561	)		219,394			(249,981	)		(327,761	)		(48,995	)		(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
$	366,189		$	353,899		$	9,854,687		$	10,697,694		$	2,088,017		$	2,467,578		$	1,203,899		$	1,453,880		$	291,175		$	340,170

American Funds Insurance Series

137

Statements of changes in net assets

	Ultra-Short Bond Fund						U.S. Government/ AAA-Rated Securities Fund						Managed Risk Growth Fund
	Year ended December 31						Year ended December 31						Year ended December 31
	2018			2017			2018			2017			2018			2017
Operations:
Net investment income	$	4,036		$	1,388		$	56,785		$	46,503		$	1,509		$	859
Net realized gain (loss)		—			9			(86,715	)		11,669			21,463			19,268
Net unrealized (depreciation) appreciation		33			(64	)		49,517			(6,874	)		(26,917	)		35,360
Net (decrease) increase in net assets resulting from operations		4,069			1,333			19,587			51,298			(3,945	)		55,487
Distributions paid to shareholders*		(3,517	)					(55,819	)					(21,941	)
Dividends from net investment income					(906	)					(43,993	)					(734	)
Distributions from net realized gain on investments					—						—						(4,142	)
Total dividends and distributions paid to shareholders					(906	)					(43,993	)					(4,876	)
Net capital share transactions		1,047			(46,638	)		(197,780	)		58,286			81,200			36,220
Total (decrease) increase in net assets		1,599			(46,211	)		(234,012	)		65,591			55,314			86,831
Net assets:
Beginning of year		304,805			351,016			3,103,315			3,037,724			287,959			201,128
End of year	$	306,404		$	304,805		$	2,869,303		$	3,103,315		$	343,273		$	287,959

*	Current year amounts reflect current presentation under new accounting standards.

See notes to financial statements

138	American Funds Insurance Series

(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
Year ended December 31						Year ended December 31						Year ended December 31						Year ended December 31
2018			2017			2018			2017			2018			2017			2018			2017

$	2,317		$	1,283		$	5,276		$	5,049		$	2,685		$	2,028		$	62,566		$	50,782
	5,722			248			18,018			12,835			6,953			8,283			97,415			177,329
	(25,332	)		28,741			(49,299	)		30,876			(21,166	)		24,060			(366,555	)		329,033

	(17,293	)		30,272			(26,005	)		48,760			(11,528	)		34,371			(206,574	)		557,144
	(3,428	)					(23,525	)					(12,352	)					(242,968	)
				(900	)					(5,161	)					(1,867	)					(31,722	)
				(1,403	)					(5,568	)					(7,726	)					(38,742	)
				(2,303	)					(10,729	)					(9,593	)					(70,464	)
	23,257			22,849			19,295			37,657			1,707,014			23,434			(1,462,371	)		408,750
	2,536			50,818			(30,235	)		75,688			1,683,134			48,212			(1,911,913	)		895,430

	148,423			97,605			366,904			291,216			208,968			160,756			4,454,410			3,558,980
$	150,959		$	148,423		$	336,669		$	366,904		$	1,892,102		$	208,968		$	2,542,497		$	4,454,410

American Funds Insurance Series

139

Notes to financial statements

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.

In 2009, shareholders approved the reorganization of the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

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.

140	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 additional 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.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

American Funds Insurance Series

141

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.

142	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 options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. 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

143

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 December 31, 2018 (dollars in thousands):

Global Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	943,486	$	395,499	$	—	$	1,338,985
Consumer discretionary		902,718		87,222		—		989,940
Health care		582,877		105,680		—		688,557
Communication services		437,926		143,665		—		581,591
Financials		518,235		53,532		—		571,767
Consumer staples		294,556		86,992		—		381,548
Industrials		209,141		129,438		—		338,579
Materials		114,502		40,841		—		155,343
Energy		146,233		—		—		146,233
Short-term securities		—		294,373		—		294,373
Total	$	4,149,674	$	1,337,242	$	—	$	5,486,916

Global Small Capitalization Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	727,659	$	48,979	$	—	$	776,638
Information technology		452,675		117,663		—		570,338
Industrials		267,672		261,949		—		529,621
Consumer discretionary		404,803		84,793		—		489,596
Financials		277,316		39,228		87		316,631
Materials		113,426		29,243		—		142,669
Consumer staples		64,850		56,057		—		120,907
Communication services		71,742		20,881		—		92,623
Energy		45,304		15,906		16,560		77,770
Real estate		35,861		37,865		—		73,726
Utilities		60,785		—		—		60,785
Bonds, notes & other debt instruments		—		4,989		—		4,989
Short-term securities		54,436		393,166		—		447,602
Total	$	2,576,529	$	1,110,719	$	16,647	$	3,703,895

Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	4,465,985	$	524,865	$	—	$	4,990,850
Health care		3,895,983		—		37,000		3,932,983
Communication services		3,172,527		—		—		3,172,527
Consumer discretionary		3,047,437		25,309		—		3,072,746
Financials		2,280,002		—		—		2,280,002
Industrials		1,068,310		136,234		—		1,204,544
Energy		1,181,935		—		—		1,181,935
Materials		545,792		83,260		—		629,052
Consumer staples		519,278		—		—		519,278
Real estate		371,749		—		—		371,749
Utilities		94,291		—		—		94,291
Convertible stocks		—		—		13,104		13,104
Short-term securities		—		1,944,415		—		1,944,415
Total	$	20,643,289	$	2,714,083	$	50,104	$	23,407,476

144	American Funds Insurance Series

International Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Common stocks:
Financials	$	1,182,886	$	188,734		$	—	$	1,371,620
Industrials		801,285		454,063			—		1,255,348
Health care		460,295		639,881			—		1,100,176
Consumer discretionary		702,613		220,555			—		923,168
Consumer staples		375,070		226,350			—		601,420
Communication services		369,938		217,235			—		587,173
Information technology		184,960		324,234			—		509,194
Materials		343,320		165,561			—		508,881
Utilities		376,043		102,071			—		478,114
Energy		395,858		16,445			—		412,303
Real estate		136,191		45,046			—		181,237
Rights & warrants		—		13,046			—		13,046
Bonds, notes & other debt instruments		—		77,908			—		77,908
Short-term securities		—		976,853			—		976,853
Total	$	5,328,459	$	3,667,982		$	—	$	8,996,441

	Other investments*
	Level 1		Level 2			Level 3		Total
Liabilities:
Unrealized depreciation on open forward currency contracts	$	—	$	(525	)	$	—	$	(525	)

*	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	$	326,284	$	178,731		$	—	$	505,015
Financials		305,640		23,740			—		329,380
Energy		292,889		—			—		292,889
Consumer discretionary		218,235		64,658			—		282,893
Health care		175,401		75,887			—		251,288
Consumer staples		119,696		70,170			—		189,866
Communication services		167,031		5,804			—		172,835
Materials		154,547		13,916			—		168,463
Industrials		94,592		40,700			—		135,292
Real estate		31,058		9,324			26		40,408
Utilities		32,453		—			—		32,453
Rights & warrants		—		3,502			—		3,502
Bonds, notes & other debt instruments		—		92,867			—		92,867
Short-term securities		—		502,317			—		502,317
Total	$	1,917,826	$	1,081,616		$	26	$	2,999,468

	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	356		$	—	$	356
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(53	)		—		(53	)
Total	$	—	$	303		$	—	$	303

*	Forward currency contracts are not included in the investment portfolio.

American Funds Insurance Series

145

Blue Chip Income and Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	2,027,452	$	—	$	—	$	2,027,452
Information technology		1,080,516		—		—		1,080,516
Consumer staples		1,017,733		—		—		1,017,733
Energy		758,203		—		—		758,203
Communication services		731,501		—		—		731,501
Industrials		687,517		—		—		687,517
Consumer discretionary		650,987		—		—		650,987
Financials		392,403		—		—		392,403
Materials		134,904		—		—		134,904
Other		143,876		—		—		143,876
Rights & warrants		3,520		—		—		3,520
Short-term securities		—		389,421		—		389,421
Total	$	7,628,612	$	389,421	$	—	$	8,018,033

Global Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	182,049	$	100,080	$	—	$	282,129
Health care		185,566		15,542		—		201,108
Financials		175,070		11,049		—		186,119
Communication services		83,225		100,714		—		183,939
Industrials		162,543		16,976		—		179,519
Consumer discretionary		138,158		35,185		—		173,343
Materials		104,115		14,434		—		118,549
Energy		109,679		—		—		109,679
Consumer staples		61,667		39,668		—		101,335
Real estate		54,128		12,956		—		67,084
Utilities		13,861		48,868		—		62,729
Bonds, notes & other debt instruments		—		39,384		—		39,384
Short-term securities		—		107,014		—		107,014
Total	$	1,270,061	$	541,870	$	—	$	1,811,931

	Other investments*
	Level 1		Level 2		Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	351	$	—	$	351

*	Forward currency contracts are not included in the investment portfolio.

146	American Funds Insurance Series

Growth-Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	4,572,074	$	180,915	$	—	$	4,752,989
Information technology		4,016,946		101,331		—		4,118,277
Financials		3,123,284		164,961		—		3,288,245
Communication services		3,068,997		—		—		3,068,997
Industrials		2,744,773		—		—		2,744,773
Consumer staples		2,202,506		457,337		—		2,659,843
Energy		2,041,753		—		—		2,041,753
Consumer discretionary		1,778,690		116,360		—		1,895,050
Materials		1,394,285		6,362		—		1,400,647
Real estate		535,725		—		—		535,725
Utilities		447,523		55,293		—		502,816
Mutual funds		45,729		—		—		45,729
Convertible stocks		38,828		—		—		38,828
Convertible bonds		—		27,617		—		27,617
Short-term securities		—		2,719,713		—		2,719,713
Total	$	26,011,113	$	3,829,889	$	—	$	29,841,002

International Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	141,167	$	108,491	$	—	$	249,658
Health care		77,210		101,164		—		178,374
Industrials		56,914		56,589		—		113,503
Energy		94,813		—		—		94,813
Materials		81,185		13,223		—		94,408
Real estate		81,116		13,077		—		94,193
Consumer staples		87,620		6,560		—		94,180
Communication services		49,598		34,855		—		84,453
Utilities		45,795		35,476		—		81,271
Consumer discretionary		54,630		5,371		—		60,001
Information technology		11,493		36,087		—		47,580
Bonds, notes & other debt instruments		—		15,271		—		15,271
Short-term securities		—		125,741		—		125,741
Total	$	781,541	$	551,905	$	—	$	1,333,446

American Funds Insurance Series

147

Capital Income Builder

	Investment securities
	Level 1			Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	43,071		$	25,510	$	—	$	68,581
Consumer staples		52,008			10,413		—		62,421
Information technology		44,754			15,593		—		60,347
Real estate		51,257			1,451		—		52,708
Energy		44,723			—		—		44,723
Communication services		32,340			8,343		—		40,683
Health care		36,507			1,889		—		38,396
Utilities		29,843			7,422		—		37,265
Consumer discretionary		23,778			—		—		23,778
Industrials		19,005			2,067		—		21,072
Materials		5,407			4,139		—		9,546
Convertible stocks		6,127			—		—		6,127
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—			93,463		—		93,463
Mortgage-backed obligations		—			46,958		—		46,958
Corporate bonds & notes		—			26,817		—		26,817
Asset-backed obligations		—			967		—		967
Short-term securities		—			45,896		—		45,896
Total	$	388,820		$	290,928	$	—	$	679,748

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	2,467		$	—	$	—	$	2,467
Liabilities:
Unrealized depreciation on futures contracts		(2,038	)		—		—		(2,038	)
Total	$	429		$	—	$	—	$	429

*	Futures contracts are not included in the investment portfolio.

148	American Funds Insurance Series

Asset Allocation Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	3,092,137		$	35,434		$	59	$	3,127,630
Health care		2,518,947			26,969			736		2,546,652
Financials		2,175,115			—			—		2,175,115
Industrials		1,002,104			4,784			—		1,006,888
Energy		953,558			2,780			—		956,338
Consumer discretionary		861,048			42,365			—		903,413
Communication services		847,896			115			—		848,011
Consumer staples		545,053			263,173			—		808,226
Materials		739,608			—			—		739,608
Utilities		215,899			—			—		215,899
Real estate		184,779			—			—		184,779
Rights & warrants		—			—			242		242
Convertible stocks		—			—			6,074		6,074
Convertible bonds		—			1,272			—		1,272
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—			2,820,469			—		2,820,469
Corporate bonds & notes		—			2,275,813			10,755		2,286,568
Mortgage-backed obligations		—			1,318,843			—		1,318,843
Federal agency bonds & notes		—			15,031			—		15,031
Other		—			190,115			—		190,115
Short-term securities		—			3,116,628			—		3,116,628
Total	$	13,136,144		$	10,113,791		$	17,866	$	23,267,801

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	6,035		$	—		$	—	$	6,035
Liabilities:
Unrealized depreciation on futures contracts		(874	)		—			—		(874	)
Unrealized depreciation on interest rate swaps		—			(3,557	)		—		(3,557	)
Total	$	5,161		$	(3,557	)	$	—	$	1,604

*	Futures contracts and interest rate swaps are not included in the investment portfolio.

American Funds Insurance Series

149

Global Balanced Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	29,939	$	11,496		$	—	$	41,435
Financials		26,524		3,203			—		29,727
Health care		23,425		4,021			—		27,446
Industrials		19,589		5,349			—		24,938
Energy		18,129		—			—		18,129
Consumer staples		14,100		3,677			—		17,777
Consumer discretionary		13,799		1,034			—		14,833
Materials		8,709		4,244			—		12,953
Communication services		2,053		6,030			—		8,083
Real estate		6,155		827			—		6,982
Utilities		2,897		2,255			—		5,152
Bonds, notes & other debt instruments:
Bonds & notes of governments & government agencies outside the U.S.		—		59,146			—		59,146
U.S. Treasury bonds & notes		—		45,770			—		45,770
Corporate bonds & notes		—		23,532			—		23,532
Mortgage-backed obligations		—		6,936			—		6,936
Short-term securities		—		25,583			—		25,583
Total	$	165,319	$	203,103		$	—	$	368,422

	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	180	$	—		$	—	$	180
Unrealized appreciation on open forward currency contracts		—		214			—		214
Unrealized appreciation on interest rate swaps		—		24			—		24
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(132	)		—		(132	)
Unrealized depreciation on interest rate swaps		—		(19	)		—		(19	)
Total	$	180	$	87		$	—	$	267

*	Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.


Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	—	$	3,603,650	$	—	$	3,603,650
U.S. Treasury bonds & notes		—		2,852,297		—		2,852,297
Mortgage-backed obligations		—		2,234,095		—		2,234,095
Bonds & notes of governments & government agencies outside the U.S.		—		612,742		—		612,742
Asset-backed obligations		—		197,268		—		197,268
Municipals		—		189,941		—		189,941
Federal agency bonds & notes		—		11,395		—		11,395
Common stocks		—		396		26		422
Rights & warrants		—		—		67		67
Short-term securities		—		1,243,633		—		1,243,633
Total	$	—	$	10,945,417	$	93	$	10,945,510


150	American Funds Insurance Series

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	22,298		$	—		$	—	$	22,298
Unrealized appreciation on open forward currency contracts		—			5,141			—		5,141
Unrealized appreciation on interest rate swaps		—			2,565			—		2,565
Liabilities:
Unrealized depreciation on futures contracts		(2,690	)		—			—		(2,690	)
Unrealized depreciation on open forward currency contracts		—			(14,412	)		—		(14,412	)
Unrealized depreciation on interest rate swaps		—			(2,338	)		—		(2,338	)
Total	$	19,608		$	(9,044	)	$	—	$	10,564

*	Futures contracts, forward currency contracts and interest rate 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:
Japanese yen	$	—		$	248,037		$	—	$	248,037
Euros		—			235,404			—		235,404
Mexican pesos		—			74,438			—		74,438
Polish zloty		—			73,313			—		73,313
Danish kroner		—			65,733			—		65,733
Indian rupees		—			45,800			—		45,800
British pounds		—			43,376			—		43,376
Brazilian reais		—			33,036			—		33,036
Thai baht		—			27,229			—		27,229
Israeli shekels		—			18,320			—		18,320
Chilean pesos		—			15,174			—		15,174
Malaysian ringgits		—			15,129			—		15,129
Romanian leu		—			14,495			—		14,495
Canadian dollars		—			10,039			—		10,039
U.S. dollars		—			914,227			487		914,714
Other		—			90,558			—		90,558
Convertible bonds		—			100			—		100
Convertible stocks		—			—			1,033		1,033
Common stocks		113			913			9		1,035
Rights & warrants		—			—			41		41
Short-term securities		—			196,588			—		196,588
Total	$	113		$	2,121,909		$	1,570	$	2,123,592

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	5,231		$	—		$	—	$	5,231
Unrealized appreciation on open forward currency contracts		—			12,488			—		12,488
Unrealized appreciation on interest rate swaps		—			335			—		335
Liabilities:
Unrealized depreciation on futures contracts		(960	)		—			—		(960	)
Unrealized depreciation on open forward currency contracts		—			(5,570	)		—		(5,570	)
Unrealized depreciation on interest rate swaps		—			(284	)		—		(284	)
Total	$	4,271		$	6,969		$	—	$	11,240


*	Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

American Funds Insurance Series

151

High-Income Bond Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	—	$	1,129,425		$	8,992	$	1,138,417
Other		—		3,083			—		3,083
Convertible bonds		—		5,438			—		5,438
Convertible stocks		629		—			5,892		6,521
Common stocks		1,642		8,344			2,397		12,383
Rights & warrants		—		—			256		256
Short-term securities		—		16,793			—		16,793
Total	$	2,271	$	1,163,083		$	17,537	$	1,182,891

	Other investments¹
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on interest rate swaps	$	—	$	156		$	—	$	156
Unrealized appreciation on credit default swaps		—		1,544			—		1,544
Liabilities:
Unrealized depreciation on interest rate swaps		—		(380	)		—		(380	)
Total	$	—	$	1,320		$	—	$	1,320

¹	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 year ended December 31, 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 12/31/2018
Investment securities	$	23,741	$	—	$	17,504	$	(34,559	)	$	6,060	$	9,202	$	(4,411	)	$	17,537
Net unrealized appreciation during the period on Level 3 investment securities held at December 31, 2018																	$	1,603


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.

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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):

Impact to

valuation from

Value at

Valuation

Unobservable

Weighted

an increase in

12/31/2018

techniques

inputs

Range

average

input*

Bonds, notes & other debt instruments

8,992

Yield analysis

Yield to maturity risk premium

0-400 bps

299 bps

Decrease

Convertible securities

5,892

Market comparables

EBITDA multiple

8.9

8.9x

Increase

Recent market information

Market comparables

25%

Decrease

Enterprise value

Revenue multiple

1.3

1.3x

Increase

Common stocks

2,397

Expected proceeds

Discount to reflect timing of receipt and amount of proceeds

50%

Decrease

Black-Scholes

Implied volatility

30%

Increase

Rights & warrants

256

Recent market information

Quoted price

N/A

17,537


*	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 abbreviation

EBITDA = Earnings before income taxes, depreciation and amortization

Mortgage Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—	$	209,270		$	—	$	209,270
U.S. Treasury bonds & notes		—		32,012			—		32,012
Federal agency bonds & notes		—		18,483			—		18,483
Asset-backed obligations		—		17,340			—		17,340
Corporate bonds & notes		—		—			80		80
Short-term securities		—		66,563			—		66,563
Total	$	—	$	343,668		$	80	$	343,748

	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	1,899	$	—		$	—	$	1,899
Unrealized appreciation on interest rate swaps		—		3,261			—		3,261
Liabilities:
Unrealized depreciation on interest rate swaps		—		(2,067	)		—		(2,067	)
Total	$	1,899	$	1,194		$	—	$	3,093

*	Futures contracts and interest rate swaps are not included in the investment portfolio.

Ultra-Short Bond Fund

At December 31, 2018, all of the fund’s investment securities were classified as Level 2.

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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	$	—		$	1,369,410		$	—	$	1,369,410
Mortgage-backed obligations		—			821,393			—		821,393
Federal agency bonds & notes		—			601,074			—		601,074
Short-term securities		—			318,827			—		318,827
Total	$	—		$	3,110,704		$	—	$	3,110,704

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	31,021		$	—		$	—	$	31,021
Unrealized appreciation on interest rate swaps		—			34,976			—		34,976
Liabilities:
Unrealized depreciation on futures contracts		(3,571	)		—			—		(3,571	)
Unrealized depreciation on interest rate swaps		—			(15,622	)		—		(15,622	)
Total	$	27,450		$	19,354		$	—	$	46,804

*	Futures contracts and interest rate swaps are not included in the investment portfolio.

Managed Risk Growth Fund

At December 31, 2018, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

At December 31, 2018, all of the fund’s investments were classified as Level 1.

Managed Risk Blue Chip Income and Growth Fund

At December 31, 2018, all of the fund’s investments were classified as Level 1.

Managed Risk Growth-Income Fund

At December 31, 2018, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

At December 31, 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, governmental agency or central bank 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, major litigation against the issuer, changes in government regulations affecting the issuer or its competitive environment 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.

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Investing in income-oriented stocks — The value of a fund’s securities and 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.

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, particularly during times of market turmoil.

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 nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which 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, emerging market 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, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

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, emerging market 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, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

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. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. 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 failing to recoup the full amount of its initial investment and 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.

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Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, 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. A downgrade or default affecting any of a fund’s securities could cause the value of a fund’s shares to decrease. 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 assess credit and default risks.

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 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 to value, difficult for a fund to buy or sell at an opportune time or price and 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, potentially increasing the volatility of the securities and a fund’s net asset value. 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. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

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 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.

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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 and the credit rating of the U.S. government. 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 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. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund’s shares. 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 market 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 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 or become difficult or impossible to sell, particularly during times of market turmoil. Illiquidity 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 or may be forced to sell at a loss.

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, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and 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.

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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 options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, 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 both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and 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 options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could be exposed to the risk of loss. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

Hedging — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and 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 market, on the one hand, and the options and futures markets, on the other, 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 options and futures, including technical influences in options and 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 options and 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 — A fund may suffer losses from short positions in futures contracts. 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

Securities lending — One of the funds has entered into securities lending transactions in which the fund earns income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a

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portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

As of December 31, 2018, the total value of securities on loan was $67,607,000, and the total value of collateral received was $72,379,000. Collateral received included cash of $60,486,000 and non-cash U.S. Government securities of $11,893,000. Investment securities purchased from cash collateral of $54,436,000 are disclosed in the summary investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

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.

Options contracts — The Managed Risk Growth-Income Fund has entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of its managed risk strategy, the Managed Risk Growth-Income Fund will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the fund obtains the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the fund pays the current market price, or the option premium, for the option.

The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire premium. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in the fund’s statement of operations.

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

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159

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. 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

160	American Funds Insurance Series

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 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 options purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

Options
purchased

Futures
contracts

Forward
currency
contracts

Interest
rate
swaps

Credit
default
swaps

Global Growth Fund

Not applicable

$6,220

Not applicable

Global Small Capitalization Fund

Not applicable

93,340

Not applicable

International Fund

Not applicable

35,647

Not applicable

New World Fund

Not applicable

15,738

Not applicable

Global Growth and Income Fund

Not applicable

7,640

Not applicable

Capital Income Builder

Not applicable

$188,467

Not applicable

Asset Allocation Fund

Not applicable

375,571

Not applicable

$2,197,665

Not applicable

Global Balanced Fund

Not applicable

6,967

24,260

86,959

Not applicable

Bond Fund

Not applicable

2,619,856

581,133

3,448,366

$48,409

Global Bond Fund

Not applicable

197,591

772,080

823,223

Not applicable

High-Income Bond Fund

Not applicable

9,800

Not applicable

46,142

84,946

Mortgage Fund

Not applicable

153,475

Not applicable

366,044

Not applicable

U.S. Government/AAA-Rated Securities Fund

Not applicable

2,838,731

Not applicable

8,956,391

Not applicable

Managed Risk Growth Fund

Not applicable

57,567

Not applicable

Managed Risk International Fund

Not applicable

174,691

Not applicable

Managed Risk Blue Chip Income and Growth Fund

Not applicable

47,916

Not applicable

Managed Risk Growth-Income Fund

$777,368

138,587

Not applicable

Managed Risk Asset Allocation Fund

Not applicable

399,717

Not applicable

*	No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

American Funds Insurance Series

161

The following tables present the financial statement impacts resulting from the funds’ use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2018 (dollars in thousands):

Global Growth Fund

Net realized loss

Net unrealized depreciation

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

(21

)

Net unrealized depreciation on forward currency contracts

(15

)

Global Small Capitalization Fund

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

Net unrealized appreciation on forward currency contracts

1,103

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

—

Unrealized depreciation on open forward currency contracts

525

Net realized gain

Net unrealized depreciation

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

1,317

Net unrealized depreciation on forward currency contracts

(170

)

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

356

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

649

Net unrealized appreciation on forward currency contracts

626

162	American Funds Insurance Series

Global Growth and Income 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

351

Unrealized depreciation on open forward currency contracts

—

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

(72

)

Net unrealized appreciation on forward currency contracts

351

Capital Income Builder

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

2,467

Unrealized depreciation¹

2,038

Net realized gain

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

242

Net unrealized appreciation on futures contracts

429

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 appreciation¹

6,035

Unrealized depreciation¹

874

Swaps

Interest

Unrealized appreciation¹

—

Unrealized depreciation¹

3,557

6,035

4,431

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

677

Net unrealized appreciation on futures contracts

5,914

Swaps

Interest

Net realized loss on swap contracts

(2,209

)

Net unrealized appreciation on swap contracts

2,691

(1,532

)

8,605

See end of tables for footnotes.

American Funds Insurance Series

163

Global Balanced 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 appreciation¹	$	180		Unrealized depreciation¹	$	—
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		214		Unrealized depreciation on open forward currency contracts		132
Swaps	Interest	Unrealized appreciation¹		24		Unrealized depreciation¹		19
			$	418			$	151

		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	$	23		Net unrealized appreciation on futures contracts	$	180
Forward currency	Currency	Net realized loss on forward currency contracts		(541	)	Net unrealized appreciation on forward currency contracts		207
Swaps	Interest	Net realized loss on swap contracts		(5	)	Net unrealized appreciation on swap contracts		5
			$	(523	)		$	392

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 appreciation¹	$	22,298		Unrealized depreciation¹	$	2,690
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		5,141		Unrealized depreciation on open forward currency contracts		14,412
Swaps	Interest	Unrealized appreciation¹		2,565		Unrealized depreciation¹		2,338
			$	30,004			$	19,440

		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	$	(38,790	)	Net unrealized appreciation on futures contracts	$	23,764
Forward currency	Currency	Net realized gain on forward currency contracts		14,487		Net unrealized depreciation on forward currency contracts		(16,813	)
Swaps	Interest	Net realized gain on swap contracts		16,325		Net unrealized depreciation on swap contracts		(7,485	)
Swaps	Credit	Net realized gain on swap contracts		42		Net unrealized appreciation on swap contracts		184
			$	(7,936	)		$	(350	)

164	American Funds Insurance Series

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 appreciation¹	$	5,231		Unrealized depreciation¹	$	960
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		12,488		Unrealized depreciation on open forward currency contracts		5,570
Swaps	Interest	Unrealized appreciation¹		335		Unrealized depreciation¹		284
			$	18,054			$	6,814

		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	$	(3,980	)	Net unrealized appreciation on futures contracts	$	4,630
Forward currency	Currency	Net realized loss on forward currency contracts		(6,955	)	Net unrealized appreciation on forward currency contracts		6,258
Swaps	Interest	Net realized loss on swap contracts		(44	)	Net unrealized appreciation on swap contracts		1,530
			$	(10,979	)		$	12,418

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
Swaps	Interest	Unrealized appreciation¹	$	156		Unrealized depreciation¹	$	380
Swaps	Credit	Unrealized appreciation¹		1,544		Unrealized depreciation¹		—
			$	1,700			$	380

		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	2		Net unrealized appreciation on futures contracts	$	—
Swaps	Interest	Net realized gain on swap contracts		743		Net unrealized depreciation on swap contracts		(646	)
Swaps	Credit	Net realized loss on swap contracts		(1,133	)	Net unrealized appreciation on swap contracts		1,963
			$	(388	)		$	1,317

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 appreciation¹	$	1,899		Unrealized depreciation¹	$	—
Swaps	Interest	Unrealized appreciation¹		3,261		Unrealized depreciation¹		2,067
			$	5,160			$	2,067

See end of tables for footnotes.

American Funds Insurance Series

165

		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	$	(4,529	)	Net unrealized appreciation on futures contracts	$	2,531
Swaps	Interest	Net realized gain on swap contracts		449		Net unrealized appreciation on swap contracts		1,980
			$	(4,080	)		$	4,511

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 appreciation¹	$	31,021		Unrealized depreciation¹	$	3,571
Swaps	Interest	Unrealized appreciation¹		34,976		Unrealized depreciation¹		15,622
			$	65,997			$	19,193

		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	$	(45,333	)	Net unrealized appreciation on futures contracts	$	34,895
Swaps	Interest	Net realized loss on swap contracts		(1,752	)	Net unrealized appreciation on swap contracts		27,782
			$	(47,085	)		$	62,677

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	Currency	Unrealized appreciation¹	$	—		Unrealized depreciation¹	$	45
Futures	Equity	Unrealized appreciation¹		4,022		Unrealized depreciation¹		—
Futures	Interest	Unrealized appreciation¹		1,914		Unrealized depreciation¹		—
			$	5,936			$	45

		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	118		Net unrealized depreciation on futures contracts	$	(45	)
Futures	Equity	Net realized loss on futures contracts		(4,716	)	Net unrealized appreciation on futures contracts		4,022
Futures	Interest	Net realized loss on futures contracts		(690	)	Net unrealized appreciation on futures contracts		1,952
			$	(5,288	)		$	5,929

166	American Funds Insurance Series

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	Currency	Unrealized appreciation¹	$	—		Unrealized depreciation¹	$	278
Futures	Equity	Unrealized appreciation¹		882		Unrealized depreciation¹		—
Futures	Interest	Unrealized appreciation¹		615		Unrealized depreciation¹		—
			$	1,497			$	278

		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	356		Net unrealized depreciation on futures contracts	$	(278	)
Futures	Equity	Net realized loss on futures contracts		(600	)	Net unrealized appreciation on futures contracts	$	882
Futures	Interest	Net realized loss on futures contracts		(57	)	Net unrealized appreciation on futures contracts		634
			$	(301	)		$	1,238

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	Currency	Unrealized appreciation¹	$	—		Unrealized depreciation¹	$	30
Futures	Equity	Unrealized appreciation¹		3,946		Unrealized depreciation¹		—
Futures	Interest	Unrealized appreciation¹		1,865		Unrealized depreciation¹		—
			$	5,811			$	30

		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	115		Net unrealized depreciation on futures contracts	$	(30	)
Futures	Equity	Net realized loss on futures contracts		(6,778	)	Net unrealized appreciation on futures contracts	$	3,946
Futures	Interest	Net realized loss on futures contracts		(1,035	)	Net unrealized appreciation on futures contracts		1,914
			$	(7,698	)		$	5,830

See end of tables for footnotes.

American Funds Insurance Series

167

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
Options purchased	Equity	Investment securities from unaffiliated issuers²	$	8,674		Investment securities from unaffiliated issuers²	$	—
Futures	Currency	Unrealized appreciation¹		—		Unrealized depreciation¹		497
Futures	Equity	Unrealized appreciation¹		3,986		Unrealized depreciation¹		101
Futures	Interest	Unrealized appreciation¹		6,919		Unrealized depreciation¹	$	—
			$	19,579			$	598

		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized gain on options contracts³	$	—		Net unrealized appreciation on options contracts⁴	$	1,011
Futures	Currency	Net realized gain on futures contracts	$	28		Net unrealized depreciation on futures contracts		(497	)
Futures	Equity	Net realized loss on futures contracts		(2,611	)	Net unrealized appreciation on futures contracts	$	3,885
Futures	Interest	Net realized loss on futures contracts		(481	)	Net unrealized appreciation on futures contracts		6,947
			$	(3,064	)		$	11,346

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	Currency	Unrealized appreciation¹	$	—		Unrealized depreciation¹	$	182
Futures	Equity	Unrealized appreciation¹		17,157		Unrealized depreciation¹		—
Futures	Interest	Unrealized appreciation¹		8,348		Unrealized depreciation¹		—
			$	25,505			$	182

		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	420		Net unrealized depreciation on futures contracts	$	(182	)
Futures	Equity	Net realized loss on futures contracts		(43,889	)	Net unrealized appreciation on futures contracts	$	8,940
Futures	Interest	Net realized loss on futures contracts		(5,864	)	Net unrealized appreciation on futures contracts		17,157
			$	(49,333	)		$	25,915

¹	Includes cumulative appreciation/depreciation on futures contracts, interest rate swaps and credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within the statements of assets and liabilities.
²	Includes options purchased as reported in the fund’s investment portfolio.
³	Options purchased are included in net realized gain (loss) on unaffiliated investments.
⁴	Options purchased are included in net unrealized (depreciation) appreciation on unaffiliated investments.

168	American Funds Insurance Series

Collateral — Some funds participate in a collateral program that calls for the funds to either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The purpose of the collateral is to cover potential losses that could occur in the event that the borrower cannot meet its contractual obligation. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, interest rate swaps and credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating 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 each participating 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 obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash in each 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 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 December 31, 2018, if close-out netting was exercised (dollars in thousands):

International Fund

			Gross amounts not offset in the
	Gross amounts		statement of assets and liabilities and
	recognized in the		subject to a master netting agreement
	statement of assets		Available			Non-cash			Cash			Net
Counterparty	and liabilities		to offset			collateral*			collateral			amount
Liabilities:
Goldman Sachs	$	525	$	—		$	—		$	(330	)	$	195

New World Fund

			Gross amounts not offset in the
	Gross amounts		statement of assets and liabilities and
	recognized in the		subject to a master netting agreement
	statement of assets		Available			Non-cash			Cash			Net
Counterparty	and liabilities		to offset			collateral*			collateral			amount
Assets:
Citibank	$	37	$	(28	)	$	—		$	—		$	9
Goldman Sachs		82		—			—			(82	)		—
HSBC Bank		85		(23	)		—			—			62
JPMorgan Chase		128		(2	)		(126	)		—			—
Morgan Stanley		24		—			—			—			24
Total	$	356	$	(53	)	$	(126	)	$	(82	)	$	95
Liabilities:
Citibank	$	28	$	(28	)	$	—		$	—		$	—
HSBC Bank		23		(23	)		—			—			—
JPMorgan Chase		2		(2	)		—			—			—
Total	$	53	$	(53	)	$	—		$	—		$	—

See end of tables for footnote.

American Funds Insurance Series

169

Global Growth and Income Fund

			Gross amounts not offset in the
	Gross amounts		statement of assets and liabilities and
	recognized in the		subject to a master netting agreement
	statement of assets		Available			Non-cash			Cash			Net
Counterparty	and liabilities		to offset			collateral*			collateral			amount
Assets:
Citibank	$	351	$	—		$	—		$	(280	)	$	71

Global Balanced Fund

			Gross amounts not offset in the
	Gross amounts		statement of assets and liabilities and
	recognized in the		subject to a master netting agreement
	statement of assets		Available			Non-cash			Cash			Net
Counterparty	and liabilities		to offset			collateral*			collateral			amount
Assets:
Citibank	$	42	$	(42	)	$	—		$	—		$	—
Goldman Sachs		44		(9	)		—			—			35
HSBC Bank		26		(18	)		—			—			8
JPMorgan Chase		84		(32	)		—			—			52
UBS AG		18		—			—			—			18
Total	$	214	$	(101	)	$	—		$	—		$	113
Liabilities:
Bank of America, N.A.	$	2	$	—		$	—		$	—		$	2
Bank of New York Mellon		14		—			—			—			14
Citibank		46		(42	)		—			—			4
Goldman Sachs		9		(9	)		—			—			—
HSBC Bank		18		(18	)		—			—			—
JPMorgan Chase		32		(32	)		—			—			—
Morgan Stanley		11		—			—			—			11
Total	$	132	$	(101	)	$	—		$	—		$	31

Bond Fund

			Gross amounts not offset in the
	Gross amounts		statement of assets and liabilities and
	recognized in the		subject to a master netting agreement
	statement of assets		Available			Non-cash			Cash			Net
Counterparty	and liabilities		to offset			collateral*			collateral			amount
Assets:
Bank of America, N.A.	$	781	$	(412	)	$	(369	)	$	—		$	—
Citibank		443		(443	)		—			—			—
Goldman Sachs		3,183		(770	)		—			(1,460	)		953
HSBC Bank		107		(107	)		—			—			—
JPMorgan Chase		380		(33	)		—			—			347
Morgan Stanley		247		(247	)		—			—			—
Total	$	5,141	$	(2,012	)	$	(369	)	$	(1,460	)	$	1,300
Liabilities:
Bank of America, N.A.	$	412	$	(412	)	$	—		$	—		$	—
Citibank		3,658		(443	)		(2,831	)		—			384
Goldman Sachs		770		(770	)		—			—			—
HSBC Bank		3,431		(107	)		(1,748	)		—			1,576
JPMorgan Chase		33		(33	)		—			—			—
Morgan Stanley		6,108		(247	)		(4,788	)		—			1,073
Total	$	14,412	$	(2,012	)	$	(9,367	)	$	—		$	3,033

170	American Funds Insurance Series

Global Bond Fund

			Gross amounts not offset in the
	Gross amounts		statement of assets and liabilities and
	recognized in the		subject to a master netting agreement
	statement of assets		Available			Non-cash			Cash			Net
Counterparty	and liabilities		to offset			collateral*			collateral			amount
Assets:
Bank of America, N.A.	$	307	$	(50	)	$	(257	)	$	—		$	—
Citibank		3,149		(1,670	)		—			(1,479	)		—
Goldman Sachs		1,928		(304	)		—			(1,370	)		254
HSBC Bank		822		(822	)		—			—			—
JPMorgan Chase		5,495		(1,593	)		(3,646	)		—			256
Morgan Stanley		585		(585	)		—			—			—
UBS AG		202		—			—			—			202
Total	$	12,488	$	(5,024	)	$	(3,903	)	$	(2,849	)	$	712
Liabilities:
Bank of America, N.A.	$	50	$	(50	)	$	—		$	—		$	—
Bank of New York Mellon		446		—			(319	)		—			127
Citibank		1,670		(1,670	)		—			—			—
Goldman Sachs		304		(304	)		—			—			—
HSBC Bank		842		(822	)		(20	)		—			—
JPMorgan Chase		1,593		(1,593	)		—			—			—
Morgan Stanley		665		(585	)		—			—			80
Total	$	5,570	$	(5,024	)	$	(339	)	$	—		$	207

*	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 December 31, 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, amortization of premiums and discounts 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

171

Additional tax basis disclosures for each fund as of December 31, 2018, were as follows (dollars in thousands):

				Global												Blue Chip
	Global			Small									New			Income and
	Growth			Capitalization			Growth			International			World			Growth
	Fund			Fund			Fund			Fund			Fund			Fund
Undistributed ordinary income	$	8,660		$	49,672		$	198,816		$	15,101		$	6,466		$	36,690
Undistributed long-term capital gains		343,497			226,394			2,617,605			244,466			127,685			688,634
Gross unrealized appreciation on investments		1,604,496			696,725			7,325,355			1,447,585			450,625			1,466,280
Gross unrealized depreciation on investments		(343,672	)		(384,458	)		(869,582	)		(1,024,206	)		(275,197	)		(755,225	)
Net unrealized (depreciation) appreciation on investments		1,260,824			312,267			6,455,773			423,379			175,428			711,055
Cost of investments		4,226,092			3,337,191			16,951,703			8,572,537			2,824,343			7,306,978
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			—			—			(1	)		—			—

	Global						International
	Growth			Growth-			Growth			Capital			Asset			Global
	and Income			Income			and Income			Income			Allocation			Balanced
	Fund			Fund			Fund			Builder			Fund			Fund
Undistributed ordinary income	$	6,636		$	252,809		$	21,126		$	1,595		$	110,523		$	541
Undistributed long-term capital gains		100,790			3,204,751			—			—			1,278,077			353
Capital loss carryforward*		—			—			—			(13,776	)		—			—
Capital loss carryforward utilized		—			—			4,708			—			—			—
Gross unrealized appreciation on investments		301,662			6,581,607			116,642			32,592			4,196,275			44,069
Gross unrealized depreciation on investments		(116,841	)		(2,100,241	)		(148,050	)		(55,480	)		(1,720,590	)		(20,622	)
Net unrealized (depreciation) appreciation on investments		184,821			4,481,366			(31,408	)		(22,888	)		2,475,685			23,447
Cost of investments		1,627,461			25,359,635			1,364,854			703,065			20,793,720			345,242
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			(1	)		—			—			—			—

																U.S.
							High-									Government/
				Global			Income						Ultra-Short			AAA-Rated
	Bond			Bond			Bond			Mortgage			Bond			Securities
	Fund			Fund			Fund			Fund			Fund			Fund
Undistributed ordinary income	$	56,980		$	15,875		$	15,462		$	1,266		$	999		$	11,344
Capital loss carryforward*		(159,206	)		(3,784	)		(160,099	)		(6,175	)		—			(52,033	)
Gross unrealized appreciation on investments		101,569			34,171			—			4,698			6			51,575
Gross unrealized depreciation on investments		(219,353	)		(80,326	)		(114,581	)		(4,505	)		(14	)		(47,613	)
Net unrealized (depreciation) appreciation on investments		(117,784	)		(46,155	)		(114,581	)		193			(8	)		3,962
Cost of investments		11,073,859			2,180,987			1,301,010			346,647			306,754			3,153,546
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			(1	)		—			—			—			—

172	American Funds Insurance Series

							Managed			Managed			Managed
	Managed			Managed			Risk Blue			Risk			Risk
	Risk			Risk			Chip Income			Growth-			Asset
	Growth			International			and Growth			Income			Allocation
	Fund			Fund			Fund			Fund			Fund
Undistributed ordinary income	$	2,543		$	2,983		$	5,577		$	6,359		$	62,616
Undistributed long-term capital gains		26,579			4,809			17,833			16,511			115,113
Gross unrealized appreciation on investments		10			297			—			884			49
Gross unrealized depreciation on investments		(12,447	)		(14,600	)		(26,939	)		(27,155	)		(61,453	)
Net unrealized (depreciation) appreciation on investments		(12,437	)		(14,303	)		(26,939	)		(26,271	)		(61,404	)
Cost of investments		354,269			163,484			362,023			1,897,770			2,593,652

*	Capital loss carryforwards will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	28,611	$	134,884	$	163,495	$	16,830	$	55,298	$	72,128
Class 1A*		47		273		320		15		16		31
Class 2		41,238		251,323		292,561		24,835		114,893		139,728
Class 4		2,414		16,024		18,438		1,062		3,889		4,951
Total	$	72,310	$	402,504	$	474,814	$	42,742	$	174,096	$	216,838

Global Small Capitalization Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	21,329	$	55,968	$	77,297	$	10,151	$	—	$	10,151
Class 1A*		4		12		16		1		—		1
Class 2		26,294		86,037		112,331		10,597		—		10,597
Class 4		1,456		5,035		6,491		270		—		270
Total	$	49,083	$	147,052	$	196,135	$	21,019	$	—	$	21,019

Growth Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	88,940	$	792,865	$	881,805	$	75,247	$	713,987	$	789,234
Class 1A*		76		634		710		15		63		78
Class 2		117,331		1,515,757		1,633,088		110,909		1,409,266		1,520,175
Class 3		1,723		20,248		21,971		1,601		18,484		20,085
Class 4		6,414		104,527		110,941		4,893		53,128		58,021
Total	$	214,484	$	2,434,031	$	2,648,515	$	192,665	$	2,194,928	$	2,387,593

See end of tables for footnotes.

American Funds Insurance Series

173

International Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	174,418	$	165,915	$	340,333	$	70,384	$	49,783	$	120,167
Class 1A*		156		140		296		17		3		20
Class 2		136,977		146,986		283,963		53,513		46,642		100,155
Class 3		887		970		1,857		396		331		727
Class 4		9,465		10,556		20,021		3,025		1,066		4,091
Total	$	321,903	$	324,567	$	646,470	$	127,335	$	97,825	$	225,160

New World Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	21,450	$	54,023	$	75,473	$	21,960	$	—	$	21,960
Class 1A*		24		50		74		6		—		6
Class 2		8,194		26,593		34,787		9,149		—		9,149
Class 4		3,419		12,659		16,078		3,016		—		3,016
Total	$	33,087	$	93,325	$	126,412	$	34,131	$	—	$	34,131

Blue Chip Income and Growth Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	232,769	$	299,947	$	532,716	$	140,306	$	170,748	$	311,054
Class 1A*		120		135		255		12		5		17
Class 2		134,358		186,318		320,676		82,680		113,013		195,693
Class 4		13,348		16,620		29,968		4,917		5,605		10,522
Total	$	380,595	$	503,020	$	883,615	$	227,915	$	289,371	$	517,286

Global Growth and Income Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	16,289	$	31,541	$	47,830	$	10,516	$	7,109	$	17,625
Class 1A*		28		53		81		2		—		2
Class 2		40,436		90,173		130,609		30,799		26,178		56,977
Class 4		2,682		5,789		8,471		1,478		405		1,883
Total	$	59,435	$	127,556	$	186,991	$	42,795	$	33,692	$	76,487

174	American Funds Insurance Series

Growth-Income Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	341,172	$	1,049,641	$	1,390,813	$	250,221	$	884,958	$	1,135,179
Class 1A*		124		344		468		24		16		40
Class 2		241,470		886,942		1,128,412		195,450		853,292		1,048,742
Class 3		2,907		10,337		13,244		2,421		10,140		12,561
Class 4		15,471		58,501		73,972		9,973		36,513		46,486
Total	$	601,144	$	2,005,765	$	2,606,909	$	458,089	$	1,784,919	$	2,243,008

International Growth and Income Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	28,476	$	—	$	28,476	$	25,860	$	—	$	25,860
Class 1A*		44		—		44		14		—		14
Class 2		5,865		—		5,865		5,714		—		5,714
Class 4		1,597		—		1,597		1,184		—		1,184
Total	$	35,982	$	—	$	35,982	$	32,772	$	—	$	32,772

Capital Income Builder

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	9,421	$	617	$	10,038	$	6,303	$	—	$	6,303
Class 1A*		66		3		69		8		—		8
Class 2		90		6		96		23		—		23
Class 4		9,550		762		10,312		7,676		—		7,676
Total	$	19,127	$	1,388	$	20,515	$	14,010	$	—	$	14,010

Asset Allocation Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	386,982	$	666,856	$	1,053,838	$	287,347	$	666,425	$	953,772
Class 1A*		147		263		410		50		70		120
Class 2		103,332		210,133		313,465		84,847		241,077		325,924
Class 3		686		1,413		2,099		601		1,646		2,247
Class 4		69,096		148,867		217,963		47,458		145,207		192,665
Total	$	560,243	$	1,027,532	$	1,587,775	$	420,303	$	1,054,425	$	1,474,728

See end of tables for footnotes.

American Funds Insurance Series

175

Global Balanced Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total								Total
	Ordinary		Long-term		distributions		Ordinary			Long-term			distributions
Share class	income		capital gains		paid		income			capital gains			paid
Class 1	$	1,808	$	1,346	$	3,154	$	1,298		$	2,309		$	3,607
Class 1A*		30		25		55		3			5			8
Class 2		2,555		2,290		4,845		2,516			5,414			7,930
Class 4		804		842		1,646		582			1,195			1,777
Total	$	5,197	$	4,503	$	9,700	$	4,399		$	8,923		$	13,322

Bond Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total								Total
	Ordinary		Long-term		distributions		Ordinary			Long-term			distributions
Share class	income		capital gains		paid		income			capital gains			paid
Class 1	$	156,337	$	8,915	$	165,252	$	211,473		$	25,594		$	237,067
Class 1A*		76		4		80		19			1			20
Class 2		88,266		5,217		93,483		119,175			15,280			134,455
Class 4		8,153		453		8,606		5,958			441			6,399
Total	$	252,832	$	14,589	$	267,421	$	336,625		$	41,316		$	377,941


Global Bond Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total								Total
	Ordinary		Long-term		distributions		Ordinary			Long-term			distributions
Share class	income		capital gains		paid		income			capital gains			paid
Class 1	$	25,210	$	3,256	$	28,466	$	14,181		$	103		$	14,284
Class 1A*		9		1		10		—	^†		—	^†		—	^†
Class 2		23,308		3,412		26,720		11,033			99			11,132
Class 4		816		118		934		196			1			197
Total	$	49,343	$	6,787	$	56,130	$	25,410		$	203		$	25,613

High-Income Bond Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total								Total
	Ordinary		Long-term		distributions		Ordinary			Long-term			distributions
Share class	income		capital gains		paid		income			capital gains			paid
Class 1	$	34,114	$	—	$	34,114	$	43,976		$	—		$	43,976
Class 1A*		40		—		40		12			—			12
Class 2		43,382		—		43,382		51,640			—			51,640
Class 3		664		—		664		805			—			805
Class 4		1,733		—		1,733		1,981			—			1,981
Total	$	79,933	$	—	$	79,933	$	98,414		$	—		$	98,414

Mortgage Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total								Total
	Ordinary		Long-term		distributions		Ordinary			Long-term			distributions
Share class	income		capital gains		paid		income			capital gains			paid
Class 1	$	4,938	$	—	$	4,938	$	5,106		$	1,186		$	6,292
Class 1A*		15		—		15		2			—	^†		2
Class 2		1,128		—		1,128		1,025			262			1,287
Class 4		424		—		424		165			39			204
Total	$	6,505	$	—	$	6,505	$	6,298		$	1,487		$	7,785

176	American Funds Insurance Series

Ultra-Short Bond Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	561	$	—	$	561	$	184	$	—	$	184
Class 1A*		—		—		—		—		—		—
Class 2		2,762		—		2,762		697		—		697
Class 3		41		—		41		15		—		15
Class 4		153		—		153		10		—		10
Total	$	3,517	$	—	$	3,517	$	906	$	—	$	906

U.S. Government/AAA-Rated Securities Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	29,881	$	—	$	29,881	$	23,690	$	—	$	23,690
Class 1A*		29		—		29		1		—		1
Class 2		24,431		—		24,431		19,498		—		19,498
Class 3		165		—		165		141		—		141
Class 4		1,313		—		1,313		663		—		663
Total	$	55,819	$	—	$	55,819	$	43,993	$	—	$	43,993

Managed Risk Growth Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		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

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class P1	$	8	$	1	$	9	$	1	$	1	$	2
Class P2		2,681		738		3,419		899		1,402		2,301
Total	$	2,689	$	739	$	3,428	$	900	$	1,403	$	2,303

Managed Risk Blue Chip Income and Growth Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class P1	$	15	$	7	$	22	$	4	$	3	$	7
Class P2		11,391		12,112		23,503		5,157		5,565		10,722
Total	$	11,406	$	12,119	$	23,525	$	5,161	$	5,568	$	10,729

See end of tables for footnotes.

American Funds Insurance Series

177

Managed Risk Growth-Income Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class P1	$	42	$	122	$	164	$	19	$	73	$	92
Class P2		2,374		9,814		12,188		1,848		7,653		9,501
Total	$	2,416	$	9,936	$	12,352	$	1,867	$	7,726	$	9,593

Managed Risk Asset Allocation Fund

	Year ended December 31, 2018						Year ended December 31, 2017
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class P1	$	31,787	$	66,960	$	98,747	$	11,453	$	13,811	$	25,264
Class P2		36,816		107,405		144,221		20,269		24,931		45,200
Total	$	68,603	$	174,365	$	242,968	$	31,722	$	38,742	$	70,464

*	Class 1A shares began investment operations on January 6, 2017.
^†	Amount less than one thousand.

178	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 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 additional 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 daily net assets in excess of $4 billion for New World Fund, decreasing the annual rate to 0.350% on 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 daily net assets in excess of $13 billion for Bond Fund. During the year ended December 31, 2018, CRMC voluntarily reduced the investment advisory services fees to a proposed rate of 0.500% on daily net assets in excess of $1.5 billion for International Growth and Income Fund and a proposed rate of 0.450% and 0.410% on daily net assets in excess of $600 million and $1 billion, respectively, 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 year ended December 31, 2018, total investment advisory services fees waived by CRMC were $2,789,000.

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers (if applicable), are as follows:

											For the			For the
							Net asset level				year ended			year ended
	Rates						(in billions)				December 31,			December 31,
	Beginning			Ending					In excess		2018,			2018,
Fund	with			with			Up to		of		before waiver			after waiver
Global Growth Fund		.690	%		.460	%	$	.6	$	5.0		.516	%		.516	%
Global Small Capitalization Fund		.800			.635			.6		5.0		.696			.696
Growth Fund		.500			.280			.6		34.0		.323			.323
International Fund		.690			.430			.5		21.0		.492			.492
New World Fund		.850			.580			.5		4.0		.701			.701
Blue Chip Income and Growth Fund		.500			.350			.6		10.5		.389			.389
Global Growth and Income Fund		.690			.480			.6		3.0		.593			.593
Growth-Income Fund		.500			.219			.6		34.0		.258			.258
International Growth and Income Fund		.690			.530			.5		1.0		.606			.606
Capital Income Builder		.500						all				.500			.496
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		.363			.363
Global Bond Fund		.570			.450			1.0		3.0		.531			.531
High-Income Bond Fund		.500			.420			.6		2.0		.472			.472
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		.339			.339
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

American Funds Insurance Series

179

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 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 under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes except Class P1 and P2 shares. Administrative services are provided by CRMC to help assist third parties providing non-distribution services to fund shareholders. These services include providing in depth information on each fund and market developments that impact fund investors. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement between the series and CRMC provides each fund, other than the managed risk funds, the ability to charge an administrative services fee of 0.05% of average daily net assets for all share classes. Currently all share classes pay an annual fee of 0.01% of average daily net assets (which could be increased as noted above). 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.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	211
Class 1A	$	—	$	10		—	*
Class 2		9,707	Not applicable			388
Class 4		623		623		25
Total class-specific expenses	$	10,330	$	633	$	624

Global Small Capitalization Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	164
Class 1A	$	—	$	1		—	*
Class 2		6,093	Not applicable			244
Class 4		366		366		15
Total class-specific expenses	$	6,459	$	367	$	423

180	American Funds Insurance Series

Growth Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	864
Class 1A	$	—	$	17		1
Class 2		39,441	Not applicable			1,578
Class 3		386	Not applicable			21
Class 4		2,733		2,733		109
Total class-specific expenses	$	42,560	$	2,750	$	2,573

International Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	510
Class 1A	$	—	$	10		—	*
Class 2		10,932	Not applicable			437
Class 3		52	Not applicable			3
Class 4		780		780		31
Total class-specific expenses	$	11,764	$	790	$	981

New World Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	196
Class 1A	$	—	$	4		—	*
Class 2		2,430	Not applicable			97
Class 4		1,159		1,160		46
Total class-specific expenses	$	3,589	$	1,164	$	339

Blue Chip Income and Growth Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	544
Class 1A	$	—	$	6		—	*
Class 2		8,330	Not applicable			333
Class 4		788		788		32
Total class-specific expenses	$	9,118	$	794	$	909

Global Growth and Income Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	51
Class 1A	$	—	$	2		—	*
Class 2		3,617	Not applicable			145
Class 4		231		231		9
Total class-specific expenses	$	3,848	$	233	$	205

Growth-Income Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	1,657
Class 1A	$	—	$	13		1
Class 2		34,335	Not applicable			1,373
Class 3		292	Not applicable			16
Class 4		2,287		2,287		92
Total class-specific expenses	$	36,914	$	2,300	$	3,139

International Growth and Income Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	112
Class 1A	$	—	$	5		—	*
Class 2		662	Not applicable			27
Class 4		178		178		7
Total class-specific expenses	$	840	$	183	$	146

Capital Income Builder

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	29
Class 1A	$	—	$	6		—	*
Class 2		7	Not applicable			1
Class 4		878		878		35
Total class-specific expenses	$	885	$	884	$	65

See end of tables for footnotes.

American Funds Insurance Series

181

Asset Allocation Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	1,688
Class 1A	$	—	$	15		1
Class 2		13,103	Not applicable			524
Class 3		63	Not applicable			3
Class 4		9,339		9,339		374
Total class-specific expenses	$	22,505	$	9,354	$	2,590

Global Balanced Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	11
Class 1A	$	—	$	3		—	*
Class 2		516	Not applicable			21
Class 4		164		164		6
Total class-specific expenses	$	680	$	167	$	38

Bond Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	628
Class 1A	$	—	$	6		—	*
Class 2		9,391	Not applicable			376
Class 4		829		829		33
Total class-specific expenses	$	10,220	$	835	$	1,037

Global Bond Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	112
Class 1A	$	—	$	1		—	*
Class 2		2,805	Not applicable			112
Class 4		96		96		4
Total class-specific expenses	$	2,901	$	97	$	228

High-Income Bond Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	59
Class 1A	$	—	$	1		—	*
Class 2		1,847	Not applicable			74
Class 3		21	Not applicable			1
Class 4		85		85		3
Total class-specific expenses	$	1,953	$	86	$	137

Mortgage Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	25
Class 1A	$	—	$	1		—	*
Class 2		151	Not applicable			6
Class 4		40		41		1
Total class-specific expenses	$	191	$	42	$	32

Ultra-Short Bond Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	4
Class 1A	$	—	$	—		—	*
Class 2		599	Not applicable			24
Class 3		7	Not applicable			—	*
Class 4		37		37		2
Total class-specific expenses	$	643	$	37	$	30

U.S. Government/AAA-Rated Securities Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	151
Class 1A	$	—	$	2		—	*
Class 2		3,520	Not applicable			141
Class 3		17	Not applicable			1
Class 4		169		169		7
Total class-specific expenses	$	3,706	$	171	$	300

182	American Funds Insurance Series

Managed Risk Growth Fund

Insurance

Distribution

administrative

Share class

services

Class P1

Not applicable

Class P2

803

Total class-specific expenses

803

809

Managed Risk International Fund

Insurance

Distribution

administrative

Share class

services

Class P1

Not applicable

—*

Class P2

389

Total class-specific expenses

389

Managed Risk Blue Chip Income and Growth Fund

Insurance

Distribution

administrative

Share class

services

Class P1

Not applicable

—*

Class P2

883

Total class-specific expenses

883

Managed Risk Growth-Income Fund

Insurance

Distribution

administrative

Share class

services

Class P1

Not applicable

167

Class P2

564

Total class-specific expenses

564

731

Managed Risk Asset Allocation Fund

Insurance

Distribution

administrative

Share class

services

Class P1

Not applicable

4,153

Class P2

6,862

Total class-specific expenses

6,862

11,015

*	Amount less than one thousand.

American Funds Insurance Series

183

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 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	$	36	$	1		$	37
Global Small Capitalization Fund		24		1			25
Growth Fund		145		5			150
International Fund		56		2			58
New World Fund		19		1			20
Blue Chip Income and Growth Fund		51		2			53
Global Growth and Income Fund		12		—	*		12
Growth-Income Fund		176		6			182
International Growth and Income Fund		8		—	*		8
Capital Income Builder		3		—	*		3
Asset Allocation Fund		146		4			150
Global Balanced Fund		2		—	*		2
Bond Fund		59		2			61
Global Bond Fund		13		—	*		13
High-Income Bond Fund		8		—	*		8
Mortgage Fund		2		—	*		2
Ultra-Short Bond Fund		2		—	*		2
U.S. Government/AAA-Rated Securities Fund		17		1			18
Managed Risk Growth Fund		2		—	*		2
Managed Risk International Fund		1		—	*		1
Managed Risk Blue Chip Income and Growth Fund		2		—	*		2
Managed Risk Growth-Income Fund		1		—	*		1
Managed Risk Asset Allocation Fund		25		1			26

*	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.

Other expenses — The amounts of $(18,000), $(9,000) and $(1,637,000) for other expenses for Managed Risk International Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund, respectively, are due to over accruals of prior year expenses.

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.

184	American Funds Insurance Series

The following table presents purchase and sale transactions between each fund and related funds as of December 31, 2018 (dollars in thousands):

Fund	Purchases		Sales
Global Growth Fund		$ 34,488		$ 66,699
Global Small Capitalization Fund		27,363		116,375
Growth Fund		477,334		479,509
International Fund		147,908		108,039
New World Fund		33,742		113,253
Blue Chip Income and Growth Fund		110,841		190,265
Global Growth and Income Fund		19,946		54,312
Growth-Income Fund		391,036		317,478
International Growth and Income Fund		32,881		5,821
Capital Income Builder		8,337		2,999
Asset Allocation Fund		168,410		394,146
Global Balanced Fund		3,988		1,162
Bond Fund		45,398		583,734
Global Bond Fund		4,043		9,876
High-Income Bond Fund		22,019		22,312
Mortgage Fund		—		—
Ultra-Short Bond Fund		—		—
U.S. Government/AAA-Rated Securities Fund		—		—
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		—		—

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 year ended December 31, 2018.

9. Capital share transactions

Capital share transactions in the funds were as follows (dollars and shares in thousands):

Global Growth Fund

	Sales¹				Reinvestments of distributions				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	318,393		10,738	$	163,496		5,459	$	(199,573	)		(6,616	)	$	282,316			9,581
Class 1A		4,760		162		320		11		(1,942	)		(64	)		3,138			109
Class 2		71,745		2,511		292,561		9,830		(465,838	)		(15,407	)		(101,532	)		(3,066	)
Class 4		94,068		3,163		18,437		622		(28,678	)		(983	)		83,827			2,802
Total net increase (decrease)	$	488,966		16,574	$	474,814		15,922	$	(696,031	)		(23,070	)	$	267,749			9,426

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	)

See end of tables for footnotes.

American Funds Insurance Series

185

Global Small Capitalization Fund

	Sales¹				Reinvestments of distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	138,128		5,551	$	76,990		2,920		$	(160,148	)		(6,253	)	$	54,970			2,218
Class 1A		318		12		16		1			(110	)		(5	)		224			8
Class 2		47,093		2,015		112,331		4,349			(309,646	)		(12,397	)		(150,222	)		(6,033	)
Class 4		56,525		2,282		6,491		249			(17,067	)		(693	)		45,949			1,838
Total net increase (decrease)	$	242,064		9,860	$	195,828		7,519		$	(486,971	)		(19,348	)	$	(49,079	)		(1,969	)

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	)

Growth Fund
	Sales¹				Reinvestments of distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	1,574,676		19,928	$	879,237		11,221		$	(1,126,624	)		(14,082	)	$	1,327,289			17,067
Class 1A		8,204		103		710		9			(563	)		(7	)		8,351			105
Class 2		292,909		3,756		1,633,088		20,970			(2,436,432	)		(30,703	)		(510,435	)		(5,977	)
Class 3		1,809		22		21,971		279			(27,844	)		(348	)		(4,064	)		(47	)
Class 4		274,892		3,534		110,941		1,441			(135,865	)		(1,758	)		249,968			3,217
Total net increase (decrease)	$	2,152,490		27,343	$	2,645,947		33,920		$	(3,727,328	)		(46,898	)	$	1,071,109			14,365

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

186	American Funds Insurance Series

International Fund

	Sales¹				Reinvestments of distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	987,191		47,885	$	339,738		16,682		$	(479,241	)		(23,102	)	$	847,688			41,465
Class 1A		4,302		204		296		14			(269	)		(14	)		4,329			204
Class 2		481,518		22,952		283,963		13,909			(441,465	)		(21,109	)		324,016			15,752
Class 3		506		23		1,857		91			(4,389	)		(209	)		(2,026	)		(95	)
Class 4		96,985		4,701		20,021		990			(45,627	)		(2,234	)		71,379			3,457
Total net increase (decrease)	$	1,570,502		75,765	$	645,875		31,686		$	(970,991	)		(46,668	)	$	1,245,386			60,783

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

New World Fund

	Sales¹				Reinvestments of distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	169,684		6,947	$	75,282		3,139		$	(240,756	)		(10,008	)	$	4,210			78
Class 1A		2,616		108		73		3			(572	)		(24	)		2,117			87
Class 2		70,536		2,954		34,787		1,456			(144,167	)		(5,934	)		(38,844	)		(1,524	)
Class 4		140,212		5,922		16,079		674			(31,201	)		(1,315	)		125,090			5,281
Total net increase (decrease)	$	383,048		15,931	$	126,221		5,272		$	(416,696	)		(17,281	)	$	92,573			3,922

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	)

See end of tables for footnotes.

American Funds Insurance Series

187

Blue Chip Income and Growth Fund

	Sales¹				Reinvestments of distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	189,059		13,527	$	528,528		38,135		$	(524,399	)		(36,270	)	$	193,188			15,392
Class 1A		2,957		203		254		19			(106	)		(8	)		3,105			214
Class 2		34,615		2,528		320,676		23,381			(472,476	)		(32,985	)		(117,185	)		(7,076	)
Class 4		190,787		13,641		29,968		2,200			(33,879	)		(2,399	)		186,876			13,442
Total net increase (decrease)	$	417,418		29,899	$	879,426		63,735		$	(1,030,860	)		(71,662	)	$	265,984			21,972

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

	Sales¹				Reinvestments of distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	105,981		7,092	$	45,562		3,107		$	(46,619	)		(3,060	)	$	104,924			7,139
Class 1A		951		60		81		6			(40	)		(2	)		992			64
Class 2		27,421		1,842		130,608		8,898			(208,022	)		(13,672	)		(49,993	)		(2,932	)
Class 4		42,459		2,827		8,471		586			(16,633	)		(1,102	)		34,297			2,311
Total net increase (decrease)	$	176,812		11,821	$	184,722		12,597		$	(271,314	)		(17,836	)	$	90,220			6,582

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	)

Growth-Income Fund

	Sales¹				Reinvestments of distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	2,594,038		53,950	$	1,388,000		27,742		$	(1,325,537	)		(25,872	)	$	2,656,501			55,820
Class 1A		5,817		114		467		10			(933	)		(18	)		5,351			106
Class 2		128,833		2,587		1,128,412		22,770			(1,901,203	)		(37,514	)		(643,958	)		(12,157	)
Class 3		1,014		20		13,244		264			(26,871	)		(525	)		(12,613	)		(241	)
Class 4		193,427		3,881		73,971		1,507			(97,541	)		(1,958	)		169,857			3,430
Total net increase (decrease)	$	2,923,129		60,552	$	2,604,094		52,293		$	(3,352,085	)		(65,887	)	$	2,175,138			46,958

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

188	American Funds Insurance Series

International Growth and Income Fund

	Sales¹				Reinvestments of distributions				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	102,396		5,829	$	28,476		1,796	$	(62,238	)		(3,472	)	$	68,634			4,153
Class 1A		276		16		44		3		(453	)		(27	)		(133	)		(8	)
Class 2		13,046		753		5,865		371		(28,666	)		(1,702	)		(9,755	)		(578	)
Class 4		29,607		1,717		1,597		101		(12,831	)		(752	)		18,373			1,066
Total net increase (decrease)	$	145,325		8,315	$	35,982		2,271	$	(104,188	)		(5,953	)	$	77,119			4,633

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 distributions				Repurchases¹						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	96,466		9,624	$	10,037		1,010	$	(12,240	)		(1,241	)	$	94,263			9,393
Class 1A		2,709		270		70		7		(761	)		(77	)		2,018			200
Class 2		2,658		264		96		10		(180	)		(18	)		2,574			256
Class 4		66,457		6,627		10,312		1,037		(25,636	)		(2,556	)		51,133			5,108
Total net increase (decrease)	$	168,290		16,785	$	20,515		2,064	$	(38,817	)		(3,892	)	$	149,988			14,957

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

See end of tables for footnotes.

American Funds Insurance Series

189

Asset Allocation Fund

	Sales¹				Reinvestments of distributions				Repurchases¹						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	1,402,434		60,588	$	1,053,838		46,034	$	(2,607,246	)		(117,896	)	$	(150,974	)		(11,274	)
Class 1A		3,797		162		411		18		(678	)		(30	)		3,530			150
Class 2		89,621		3,865		313,464		13,808		(682,422	)		(29,567	)		(279,337	)		(11,894	)
Class 3		897		38		2,098		91		(7,614	)		(325	)		(4,619	)		(196	)
Class 4		380,567		16,509		217,964		9,642		(180,958	)		(7,998	)		417,573			18,153
Total net increase (decrease)	$	1,877,316		81,162	$	1,587,775		69,593	$	(3,478,918	)		(155,816	)	$	(13,827	)		(5,061	)

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 distributions				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	24,581		1,901	$	3,154		265	$	(847	)		(66	)	$	26,888			2,100
Class 1A		2,209		171		56		5		(292	)		(24	)		1,973			152
Class 2		11,812		914		4,844		408		(24,153	)		(1,905	)		(7,497	)		(583	)
Class 4		35,652		2,821		1,646		140		(12,396	)		(987	)		24,902			1,974
Total net increase (decrease)	$	74,254		5,807	$	9,700		818	$	(37,688	)		(2,982	)	$	46,266			3,643

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

Bond Fund

	Sales¹				Reinvestments of distributions				Repurchases¹						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	856,250		80,879	$	164,110		15,776	$	(1,296,873	)		(122,086	)	$	(276,513	)		(25,431	)
Class 1A		2,864		271		80		8		(674	)		(64	)		2,270			215
Class 2		107,831		10,281		93,483		9,101		(518,189	)		(49,721	)		(316,875	)		(30,339	)
Class 4		118,851		11,386		8,606		839		(47,758	)		(4,587	)		79,699			7,638
Total net increase (decrease)	$	1,085,796		102,817	$	266,279		25,724	$	(1,863,494	)		(176,458	)	$	(511,419	)		(47,917	)

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	)

190	American Funds Insurance Series

Global Bond Fund

	Sales¹				Reinvestments of distributions						Repurchases¹						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	126,990		10,666	$	28,466			2,515		$	(375,280	)		(31,456	)	$	(219,824	)		(18,275	)
Class 1A		575		49		10			1			(241	)		(21	)		344			29
Class 2		41,190		3,507		26,720			2,377			(156,625	)		(13,571	)		(88,715	)		(7,687	)
Class 4		28,055		2,394		934			84			(17,922	)		(1,548	)		11,067			930
Total net increase (decrease)	$	196,810		16,616	$	56,130			4,977		$	(550,068	)		(46,596	)	$	(297,128	)		(25,003	)

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

Year ended December 31, 2018

Class 1	$	15,126		1,484	$	34,114		3,526	$	(136,193	)		(13,306	)	$	(86,953	)		(8,296	)
Class 1A		621		61		40		5		(365	)		(36	)		296			30
Class 2		12,354		1,231		43,383		4,563		(111,276	)		(11,157	)		(55,539	)		(5,363	)
Class 3		1,837		179		664		68		(4,223	)		(418	)		(1,722	)		(171	)
Class 4		51,449		4,747		1,733		168		(53,384	)		(4,942	)		(202	)		(27	)
Total net increase (decrease)	$	81,387		7,702	$	79,934		8,330	$	(305,441	)		(29,859	)	$	(144,120	)		(13,827	)

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	)

See end of tables for footnotes.

American Funds Insurance Series

191

Mortgage Fund

	Sales¹				Reinvestments of distributions						Repurchases¹						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	17,819		1,730	$	4,658			457		$	(74,088	)		(7,185	)	$	(51,611	)		(4,998	)
Class 1A		732		71		15			2			(111	)		(11	)		636			62
Class 2		4,682		456		1,128			111			(10,509	)		(1,023	)		(4,699	)		(456	)
Class 4		14,315		1,403		424			41			(2,626	)		(257	)		12,113			1,187
Total net increase (decrease)	$	37,548		3,660	$	6,225			611		$	(87,334	)		(8,476	)	$	(43,561	)		(4,205	)

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 distributions						Repurchases¹						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	25,371		2,233	$	561			50		$	(26,198	)		(2,310	)	$	(266	)		(27	)
Class 1A		—		—		—	³		—	³		—			—			—	³		—	³
Class 2		103,165		9,332		2,762			250			(107,692	)		(9,741	)		(1,765	)		(159	)
Class 3		4,222		378		42			4			(3,944	)		(353	)		320			29
Class 4		16,908		1,513		153			14			(14,303	)		(1,281	)		2,758			246
Total net increase (decrease)	$	149,666		13,456	$	3,518			318		$	(152,137	)		(13,685	)	$	1,047			89

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	)

192	American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

	Sales¹				Reinvestments of distributions					Repurchases¹						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class 1	$	67,360		5,655	$	29,446		2,499		$	(191,451	)		(16,111	)	$	(94,645	)		(7,957	)
Class 1A		1,389		118		28		2			(214	)		(18	)		1,203			102
Class 2		43,398		3,680		24,431		2,094			(200,280	)		(17,045	)		(132,451	)		(11,271	)
Class 3		628		53		165		14			(1,997	)		(168	)		(1,204	)		(101	)
Class 4		45,391		3,857		1,313		113			(17,387	)		(1,474	)		29,317			2,496
Total net increase (decrease)	$	158,166		13,363	$	55,383		4,722		$	(411,329	)		(34,816	)	$	(197,780	)		(16,731	)

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				Reinvestment of distributions					Repurchases¹						Net increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class P1	$	1,861		140	$	150		11		$	(596	)		(45	)	$	1,415			106
Class P2		79,190		6,025		21,792		1,658			(21,197	)		(1,594	)		79,785			6,089
Total net increase (decrease)	$	81,051		6,165	$	21,942		1,669		$	(21,793	)		(1,639	)	$	81,200			6,195

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 distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class P1	$	321		30	$	9		1		$	(44	)		(4	)	$	286			27
Class P2		33,085		3,040		3,419		323			(13,533	)		(1,240	)		22,971			2,123
Total net increase (decrease)	$	33,406		3,070	$	3,428		324		$	(13,577	)		(1,244	)	$	23,257			2,150

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

See end of tables for footnotes.

American Funds Insurance Series

193

Managed Risk Blue Chip Income and Growth Fund

	Sales¹				Reinvestments of distributions				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class P1	$	358		29	$	22		2	$	(43	)		(4	)	$	337			27
Class P2		31,213		2,567		23,504		1,964		(35,759	)		(2,843	)		18,958			1,688
Total net increase (decrease)	$	31,571		2,596	$	23,526		1,966	$	(35,802	)		(2,847	)	$	19,295			1,715

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 distributions				Repurchases¹						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class P1	$	1,696,532		144,131	$	164		13	$	(30,979	)		(2,639	)	$	1,665,717			141,505
Class P2		45,914		3,658		12,188		977		(16,805	)		(1,320	)		41,297			3,315
Total net increase (decrease)	$	1,742,446		147,789	$	12,352		990	$	(47,784	)		(3,959	)	$	1,707,014			144,820

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 distributions				Repurchases¹						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2018

Class P1	$	158,125		11,883	$	98,747		7,599	$	(1,735,518	)		(141,232	)	$	(1,478,646	)		(121,750	)
Class P2		122,897		9,265		144,221		11,089		(250,843	)		(19,040	)		16,275			1,314
Total net increase (decrease)	$	281,022		21,148	$	242,968		18,688	$	(1,986,361	)		(160,272	)	$	(1,462,371	)		(120,436	)

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.

194	American Funds Insurance Series

10. Investment transactions and other disclosures

The following tables present additional information for each of the funds for the year ended December 31, 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*	$	1,467,874		$	1,662,024	$	8,417,701		$	3,211,601		$	1,739,953	$	4,319,816
Sales of investment securities*		1,724,252			2,030,293		9,996,481			2,598,799			2,109,957		4,791,714
Non-U.S. taxes (refunded) paid on interest income		—			—		—			—			43		—
Non-U.S. taxes (refunded) paid on realized gains		—			12		—			(45	)		112		—
Non-U.S. taxes provided on unrealized gains		746			931		—			3,872			684		—
Dividend income from affiliated issuers		—			437		—			—			—		—

		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*	$	956,577		$	11,487,304	$	556,700		$	605,766		$	18,403,385	$	204,201
Sales of investment securities*		1,040,568			12,435,378		512,739			476,357			19,811,470		172,949
Non-U.S. taxes (refunded) paid on interest income		—			—		(8	)		—			—		17
Non-U.S. taxes (refunded) paid on realized gains		3			—		6			—			—		23
Non-U.S. taxes provided on unrealized gains		—			—		271			—			126		27
Dividend income from affiliated issuers		—			3,182		—			—			562		—
Interest income from affiliated issuers		—			—		—			—			2,196		—

		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*	$	44,757,939		$	2,355,671	$	880,471		$	2,407,428		$	—	$	11,220,878
Sales of investment securities*		45,098,034			2,481,042		976,663			2,426,692			—		11,103,888
Non-U.S. taxes (refunded) paid on interest income		7			396		(2	)		—			—		—
Non-U.S. taxes (refunded) paid on realized gains		(196	)		578		—			—			—		—
Non-U.S. taxes provided on unrealized gains		—			368		—			—			—		—

	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*	$	109,572		$	39,805	$	64,381		$	1,669,137		$	504,021
Sales of investment securities*		21,960			11,908		38,201			47,528			1,854,151
Dividend income from affiliated issuers		3,340			3,202		7,264			4,163			80,687

*	Excludes short-term securities and U.S. government obligations, if any.

11. Ownership concentration

At December 31, 2018, American Funds Insurance Series - Portfolio Series Managed Risk Growth and Income Portfolio held 36% and 11% of the outstanding shares of Capital Income Builder and Global Growth and Income Fund, respectively. In addition, American Funds Insurance Series - Portfolio Series Managed Risk Global Allocation Portfolio and Managed Risk Asset Allocation Fund held 22% and 11% of the outstanding shares of Global Balanced Fund and Asset Allocation Fund, respectively.

American Funds Insurance Series

195

Financial highlights

			(Loss) income from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains 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:
12/31/2018	$	30.51	$	.29		$	(2.65	)	$	(2.36	)	$	(.28	)	$	(2.13	)	$	(2.41	)	$	25.74		(8.81	)%	$	1,942			.55	%		.98	%
12/31/2017		24.05		.26			7.30			7.56			(.26	)		(.84	)		(1.10	)		30.51		31.80			2,010			.55			.94
12/31/2016		26.39		.25			(.14	)		.11			(.29	)		(2.16	)		(2.45	)		24.05		.87			1,630			.56			1.00
12/31/2015		27.48		.25			1.80			2.05			(.35	)		(2.79	)		(3.14	)		26.39		7.24			1,626			.55			.90
12/31/2014		30.11		.31	²		.40			.71			(.40	)		(2.94	)		(3.34	)		27.48		2.52			1,558			.55			1.08	²
Class 1A:
12/31/2018		30.46		.23			(2.66	)		(2.43	)		(.21	)		(2.13	)		(2.34	)		25.69		(9.02	)		5			.80			.77
12/31/2017^3,4		24.50		.11			6.94			7.05			(.25	)		(.84	)		(1.09	)		30.46		29.13	⁵		2			.80	⁶		.39	⁶
Class 2:
12/31/2018		30.24		.22			(2.63	)		(2.41	)		(.20	)		(2.13	)		(2.33	)		25.50		(9.04	)		3,306			.80			.73
12/31/2017		23.85		.19			7.23			7.42			(.19	)		(.84	)		(1.03	)		30.24		31.47			4,012			.80			.69
12/31/2016		26.19		.18			(.14	)		.04			(.22	)		(2.16	)		(2.38	)		23.85		.62			3,483			.81			.76
12/31/2015		27.30		.18			1.78			1.96			(.28	)		(2.79	)		(3.07	)		26.19		6.94			3,817			.80			.66
12/31/2014		29.92		.24	²		.41			.65			(.33	)		(2.94	)		(3.27	)		27.30		2.31			3,992			.80			.85	²
Class 4:
12/31/2018		30.13		.14			(2.60	)		(2.46	)		(.15	)		(2.13	)		(2.28	)		25.39		(9.24	)		249			1.05			.47
12/31/2017		23.81		.10			7.22			7.32			(.16	)		(.84	)		(1.00	)		30.13		31.11			211			1.05			.37
12/31/2016		26.16		.12			(.14	)		(.02	)		(.17	)		(2.16	)		(2.33	)		23.81		.37			94			1.06			.50
12/31/2015		27.34		.09			1.81			1.90			(.29	)		(2.79	)		(3.08	)		26.16		6.69			91			1.05			.34
12/31/2014		30.07		.07	²		.50			.57			(.36	)		(2.94	)		(3.30	)		27.34		2.01			19			1.05			.26	²

Global Small Capitalization Fund

Class 1:
12/31/2018	$	25.38	$	.11		$	(2.51	)	$	(2.40	)	$	(.09	)	$	(1.14	)	$	(1.23	)	$	21.75		(10.31	)%	$	1,453			.73	%		.42	%
12/31/2017		20.24		.12			5.17			5.29			(.15	)		—			(.15	)		25.38		26.22			1,639			.73			.54
12/31/2016		24.41		.12			.17			.29			(.11	)		(4.35	)		(4.46	)		20.24		2.35			1,532			.74			.57
12/31/2015		26.09		.04			.36			.40			—			(2.08	)		(2.08	)		24.41		.50			1,706			.73			.15
12/31/2014		25.69		.09			.52			.61			(.09	)		(.12	)		(.21	)		26.09		2.36			1,411			.74			.34
Class 1A:
12/31/2018		25.36		.05			(2.52	)		(2.47	)		(.04	)		(1.14	)		(1.18	)		21.71		(10.56	)		—	⁷		.98			.21
12/31/2017^3,4		20.70		.08			4.71			4.79			(.13	)		—			(.13	)		25.36		23.19	⁵		—	⁷		.96	⁶		.35	⁶
Class 2:
12/31/2018		24.72		.04			(2.44	)		(2.40	)		(.02	)		(1.14	)		(1.16	)		21.16		(10.55	)		2,056			.98			.17
12/31/2017		19.72		.06			5.04			5.10			(.10	)		—			(.10	)		24.72		25.89			2,551			.98			.27
12/31/2016		23.90		.07			.15			.22			(.05	)		(4.35	)		(4.40	)		19.72		2.10			2,303			.99			.31
12/31/2015		25.64		(.03	)		.37			.34			—			(2.08	)		(2.08	)		23.90		.27			2,492			.98			(.10	)
12/31/2014		25.25		.03			.51			.54			(.03	)		(.12	)		(.15	)		25.64		2.12			2,738			.99			.10
Class 4:
12/31/2018		24.91		(.02	)		(2.46	)		(2.48	)		(.01	)		(1.14	)		(1.15	)		21.28		(10.80	)		146			1.24			(.08	)
12/31/2017		19.91		—	⁸		5.09			5.09			(.09	)		—			(.09	)		24.91		25.62			125			1.23			—	⁹
12/31/2016		24.11		.01			.16			.17			(.02	)		(4.35	)		(4.37	)		19.91		1.85			42			1.24			.03
12/31/2015		25.92		(.10	)		.37			.27			—			(2.08	)		(2.08	)		24.11		(.02	)		34			1.23			(.37	)
12/31/2014		25.57		(.05	)		.54			.49			(.02	)		(.12	)		(.14	)		25.92		1.88			12			1.24			(.17	)

196	American Funds Insurance Series

			(Loss) income from investment operations¹							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains 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:
12/31/2018	$	77.85	$	.64		$	.25	$	.89	$	(.54	)	$	(8.24	)	$	(8.78	)	$	69.96		(.01	)%	$	8,474		.34	%		.81	%
12/31/2017		67.29		.55			17.89		18.44		(.55	)		(7.33	)		(7.88	)		77.85		28.62			8,100		.35			.75
12/31/2016		68.02		.67			5.40		6.07		(.67	)		(6.13	)		(6.80	)		67.29		9.77			6,931		.35			1.03
12/31/2015		80.15		.64			5.08		5.72		(.61	)		(17.24	)		(17.85	)		68.02		7.12			6,796		.35			.87
12/31/2014		78.54		.88	²		5.79		6.67		(1.16	)		(3.90	)		(5.06	)		80.15		8.78			7,118		.35			1.12	²
Class 1A:
12/31/2018		77.74		.47			.24		.71		(.44	)		(8.24	)		(8.68	)		69.77		(.26	)		10		.59			.60
12/31/2017^3,4		68.84		.35			16.38		16.73		(.50	)		(7.33	)		(7.83	)		77.74		25.47	⁵		3		.59	⁶		.47	⁶
Class 2:
12/31/2018		77.35		.44			.27		.71		(.34	)		(8.24	)		(8.58	)		69.48		(.25	)		13,701		.59			.55
12/31/2017		66.92		.37			17.76		18.13		(.37	)		(7.33	)		(7.70	)		77.35		28.28			15,716		.60			.50
12/31/2016		67.69		.51			5.36		5.87		(.51	)		(6.13	)		(6.64	)		66.92		9.49			13,978		.60			.78
12/31/2015		79.84		.46			5.06		5.52		(.43	)		(17.24	)		(17.67	)		67.69		6.86			14,414		.60			.62
12/31/2014		77.94		.68	²		5.75		6.43		(.63	)		(3.90	)		(4.53	)		79.84		8.51			15,413		.60			.87	²
Class 3:
12/31/2018		78.32		.50			.26		.76		(.40	)		(8.24	)		(8.64	)		70.44		(.18	)		187		.52			.62
12/31/2017		67.67		.42			17.98		18.40		(.42	)		(7.33	)		(7.75	)		78.32		28.39			212		.53			.57
12/31/2016		68.37		.56			5.42		5.98		(.55	)		(6.13	)		(6.68	)		67.67		9.56			183		.53			.85
12/31/2015		80.47		.51			5.11		5.62		(.48	)		(17.24	)		(17.72	)		68.37		6.92			194		.53			.69
12/31/2014		78.62		.74	²		5.79		6.53		(.78	)		(3.90	)		(4.68	)		80.47		8.58			208		.53			.94	²
Class 4:
12/31/2018		76.56		.24			.28		.52		(.20	)		(8.24	)		(8.44	)		68.64		(.50	)		1,076		.84			.31
12/31/2017		66.41		.18			17.61		17.79		(.31	)		(7.33	)		(7.64	)		76.56		27.99			954		.85			.25
12/31/2016		67.26		.34			5.32		5.66		(.38	)		(6.13	)		(6.51	)		66.41		9.22			458		.85			.53
12/31/2015		79.74		.29			5.02		5.31		(.55	)		(17.24	)		(17.79	)		67.26		6.59			394		.85			.42
12/31/2014		78.32		.37	²		5.87		6.24		(.92	)		(3.90	)		(4.82	)		79.74		8.25			24		.85			.47	²

See end of tables for footnotes.

American Funds Insurance Series

197

Financial highlights (continued)

			(Loss) income from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains 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:
12/31/2018	$	21.71	$	.34		$	(2.97	)	$	(2.63	)	$	(.40	)	$	(1.02	)	$	(1.42	)	$	17.66		(12.94	)%	$	4,811		.53	%		1.62	%
12/31/2017		16.82		.26			5.16			5.42			(.30	)		(.23	)		(.53	)		21.71		32.46			5,014		.53			1.33
12/31/2016		18.08		.27			.30			.57			(.28	)		(1.55	)		(1.83	)		16.82		3.78			3,652		.54			1.57
12/31/2015		20.35		.29			(1.03	)		(.74	)		(.35	)		(1.18	)		(1.53	)		18.08		(4.25	)		3,427		.54			1.41
12/31/2014		21.22		.30			(.81	)		(.51	)		(.36	)		—			(.36	)		20.35		(2.41	)		3,282		.54			1.43
Class 1A:
12/31/2018		21.67		.27			(2.93	)		(2.66	)		(.37	)		(1.02	)		(1.39	)		17.62		(13.11	)		5		.78			1.32
12/31/2017^3,4		17.17		.09			4.93			5.02			(.29	)		(.23	)		(.52	)		21.67		29.46	⁵		2		.77	⁶		.43	⁶
Class 2:
12/31/2018		21.63		.29			(2.95	)		(2.66	)		(.35	)		(1.02	)		(1.37	)		17.60		(13.13	)		3,875		.78			1.40
12/31/2017		16.76		.22			5.13			5.35			(.25	)		(.23	)		(.48	)		21.63		32.14			4,422		.78			1.10
12/31/2016		18.02		.23			.30			.53			(.24	)		(1.55	)		(1.79	)		16.76		3.53			3,710		.79			1.35
12/31/2015		20.29		.24			(1.03	)		(.79	)		(.30	)		(1.18	)		(1.48	)		18.02		(4.53	)		3,978		.79			1.17
12/31/2014		21.15		.25			(.81	)		(.56	)		(.30	)		—			(.30	)		20.29		(2.65	)		4,374		.79			1.19
Class 3:
12/31/2018		21.75		.31			(2.98	)		(2.67	)		(.36	)		(1.02	)		(1.38	)		17.70		(13.10	)		24		.71			1.48
12/31/2017		16.85		.23			5.17			5.40			(.27	)		(.23	)		(.50	)		21.75		32.23			31		.71			1.17
12/31/2016		18.11		.24			.30			.54			(.25	)		(1.55	)		(1.80	)		16.85		3.57			27		.72			1.42
12/31/2015		20.38		.25			(1.03	)		(.78	)		(.31	)		(1.18	)		(1.49	)		18.11		(4.44	)		32		.72			1.24
12/31/2014		21.24		.27			(.82	)		(.55	)		(.31	)		—			(.31	)		20.38		(2.56	)		38		.72			1.28
Class 4:
12/31/2018		21.42		.23			(2.93	)		(2.70	)		(.30	)		(1.02	)		(1.32	)		17.40		(13.41	)		295		1.03			1.13
12/31/2017		16.64		.11			5.16			5.27			(.26	)		(.23	)		(.49	)		21.42		31.89			289		1.03			.55
12/31/2016		17.93		.18			.29			.47			(.21	)		(1.55	)		(1.76	)		16.64		3.21			66		1.04			1.03
12/31/2015		20.23		.17			(1.00	)		(.83	)		(.29	)		(1.18	)		(1.47	)		17.93		(4.75	)		46		1.04			.88
12/31/2014		21.16		.07			(.68	)		(.61	)		(.32	)		—			(.32	)		20.23		(2.88	)		18		1.04			.31

New World Fund

Class 1:
12/31/2018	$	25.30	$	.27		$	(3.65	)	$	(3.38	)	$	(.27	)	$	(.67	)	$	(.94	)	$	20.98		(13.83	)%	$	1,702		.77	%		1.11	%
12/31/2017		19.72		.26			5.59			5.85			(.27	)		—			(.27	)		25.30		29.73			2,050		.77			1.14
12/31/2016		18.87		.24			.81			1.05			(.20	)		—			(.20	)		19.72		5.59			1,743		.78			1.25
12/31/2015		20.72		.19			(.71	)		(.52	)		(.17	)		(1.16	)		(1.33	)		18.87		(2.96	)		1,562		.79			.92
12/31/2014		25.08		.29	²		(1.92	)		(1.63	)		(.29	)		(2.44	)		(2.73	)		20.72		(7.63	)		1,433		.78			1.23	²
Class 1A:
12/31/2018		25.25		.21			(3.64	)		(3.43	)		(.23	)		(.67	)		(.90	)		20.92		(14.02	)		2		1.02			.91
12/31/2017^3,4		20.14		.13			5.24			5.37			(.26	)		—			(.26	)		25.25		26.72	⁵		1		1.00	⁶		.53	⁶
Class 2:
12/31/2018		25.07		.20			(3.61	)		(3.41	)		(.20	)		(.67	)		(.87	)		20.79		(14.04	)		843		1.02			.85
12/31/2017		19.54		.20			5.55			5.75			(.22	)		—			(.22	)		25.07		29.44			1,055		1.02			.89
12/31/2016		18.71		.19			.79			.98			(.15	)		—			(.15	)		19.54		5.26			911		1.03			1.00
12/31/2015		20.54		.14			(.69	)		(.55	)		(.12	)		(1.16	)		(1.28	)		18.71		(3.14	)		961		1.04			.68
12/31/2014		24.88		.24	²		(1.91	)		(1.67	)		(.23	)		(2.44	)		(2.67	)		20.54		(7.87	)		1,084		1.03			1.01	²
Class 4:
12/31/2018		24.99		.14			(3.59	)		(3.45	)		(.16	)		(.67	)		(.83	)		20.71		(14.25	)		464		1.27			.61
12/31/2017		19.51		.14			5.52			5.66			(.18	)		—			(.18	)		24.99		29.06			427		1.27			.61
12/31/2016		18.69		.14			.80			.94			(.12	)		—			(.12	)		19.51		5.04			240		1.28			.75
12/31/2015		20.56		.08			(.68	)		(.60	)		(.11	)		(1.16	)		(1.27	)		18.69		(3.37	)		171		1.29			.39
12/31/2014		24.99		.09	²		(1.83	)		(1.74	)		(.25	)		(2.44	)		(2.69	)		20.56		(8.13	)		64		1.28			.40	²

198	American Funds Insurance Series

			(Loss) income from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains 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

Blue Chip Income and Growth Fund

Class 1:
12/31/2018	$	14.96	$	.31		$	(1.44	)	$	(1.13	)	$	(.31	)	$	(1.14	)	$	(1.45	)	$	12.38		(8.45	)%	$	4,810			.41	%		2.13	%
12/31/2017		13.53		.32			1.96			2.28			(.32	)		(.53	)		(.85	)		14.96		17.30			5,581			.41			2.27
12/31/2016		12.62		.31			1.97			2.28			(.29	)		(1.08	)		(1.37	)		13.53		19.06			5,099			.41			2.39
12/31/2015		14.69		.31			(.64	)		(.33	)		(.29	)		(1.45	)		(1.74	)		12.62		(2.72	)		3,638			.41			2.23
12/31/2014		13.12		.46	²		1.59			2.05			(.48	)		—			(.48	)		14.69		15.69			3,542			.42			3.31	²
Class 1A:
12/31/2018		14.94		.26			(1.42	)		(1.16	)		(.29	)		(1.14	)		(1.43	)		12.35		(8.67	)		3			.66			1.84
12/31/2017^3,4		13.75		.28			1.75			2.03			(.31	)		(.53	)		(.84	)		14.94		15.21	⁵		1			.65	⁶		2.01	⁶
Class 2:
12/31/2018		14.80		.27			(1.42	)		(1.15	)		(.27	)		(1.14	)		(1.41	)		12.24		(8.66	)		2,850			.66			1.88
12/31/2017		13.39		.28			1.94			2.22			(.28	)		(.53	)		(.81	)		14.80		17.04			3,551			.66			2.02
12/31/2016		12.51		.28			1.94			2.22			(.26	)		(1.08	)		(1.34	)		13.39		18.70			3,412			.66			2.16
12/31/2015		14.57		.27			(.62	)		(.35	)		(.26	)		(1.45	)		(1.71	)		12.51		(2.93	)		3,228			.66			1.97
12/31/2014		13.02		.44	²		1.55			1.99			(.44	)		—			(.44	)		14.57		15.36			3,722			.67			3.14	²
Class 4:
12/31/2018		14.77		.23			(1.42	)		(1.19	)		(.25	)		(1.14	)		(1.39	)		12.19		(8.92	)		368			.91			1.62
12/31/2017		13.39		.25			1.93			2.18			(.27	)		(.53	)		(.80	)		14.77		16.70			247			.91			1.76
12/31/2016		12.53		.24			1.96			2.20			(.26	)		(1.08	)		(1.34	)		13.39		18.49			132			.91			1.81
12/31/2015		14.63		.24			(.63	)		(.39	)		(.26	)		(1.45	)		(1.71	)		12.53		(3.21	)		32			.91			1.75
12/31/2014		13.12		.34	²		1.63			1.97			(.46	)		—			(.46	)		14.63		15.13			9			.92			2.33	²

Global Growth and Income Fund

Class 1:
12/31/2018	$	15.81	$	.29		$	(1.62	)	$	(1.33	)	$	(.28	)	$	(1.18	)	$	(1.46	)	$	13.02		(9.36	)%	$	492			.63	%		1.94	%
12/31/2017		13.02		.35			3.06			3.41			(.36	)		(.26	)		(.62	)		15.81		26.40			485			.63			2.43
12/31/2016		12.35		.28			.66			.94			(.27	)		—			(.27	)		13.02		7.61			571			.63			2.18
12/31/2015		12.78		.36			(.50	)		(.14	)		(.29	)		—			(.29	)		12.35		(1.14	)		293			.64			2.79
12/31/2014		12.53		.43	²		.31			.74			(.49	)		—			(.49	)		12.78		6.00			200			.63			3.34	²
Class 1A:
12/31/2018		15.81		.26			(1.63	)		(1.37	)		(.26	)		(1.18	)		(1.44	)		13.00		(9.62	)		1			.88			1.74
12/31/2017^3,4		13.21		.18			3.03			3.21			(.35	)		(.26	)		(.61	)		15.81		24.54	⁵		—	⁷		.84	⁶		1.20	⁶
Class 2:
12/31/2018		15.78		.26			(1.63	)		(1.37	)		(.24	)		(1.18	)		(1.42	)		12.99		(9.63	)		1,228			.88			1.70
12/31/2017		13.00		.31			3.05			3.36			(.32	)		(.26	)		(.58	)		15.78		26.06			1,538			.88			2.11
12/31/2016		12.33		.25			.65			.90			(.23	)		—			(.23	)		13.00		7.34			1,405			.88			1.98
12/31/2015		12.75		.22			(.39	)		(.17	)		(.25	)		—			(.25	)		12.33		(1.34	)		1,479			.89			1.73
12/31/2014		12.51		.41	²		.29			.70			(.46	)		—			(.46	)		12.75		5.64			1,685			.88			3.22	²
Class 4:
12/31/2018		15.60		.21			(1.60	)		(1.39	)		(.22	)		(1.18	)		(1.40	)		12.81		(9.89	)		95			1.13			1.43
12/31/2017		12.89		.22			3.08			3.30			(.33	)		(.26	)		(.59	)		15.60		25.83			79			1.14			1.49
12/31/2016		12.26		.21			.65			.86			(.23	)		—			(.23	)		12.89		7.04			16			1.13			1.63
12/31/2015		12.71		.17			(.37	)		(.20	)		(.25	)		—			(.25	)		12.26		(1.60	)		5			1.14			1.32
12/31/2014		12.50		.30	²		.37			.67			(.46	)		—			(.46	)		12.71		5.41			1			1.13			2.30	²

See end of tables for footnotes.

American Funds Insurance Series

199

Financial highlights (continued)

			(Loss) income from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains 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:
12/31/2018	$	50.22	$	.84		$	(1.25	)	$	(.41	)	$	(.84	)	$	(3.58	)	$	(4.42	)	$	45.39		(1.55	)%	$	16,783		.28	%		1.65	%
12/31/2017		44.41		.81			8.89			9.70			(.78	)		(3.11	)		(3.89	)		50.22		22.68			15,765		.28			1.69
12/31/2016		45.40		.79			4.09			4.88			(.75	)		(5.12	)		(5.87	)		44.41		11.80			12,588		.29			1.79
12/31/2015		52.76		.79			.37			1.16			(.75	)		(7.77	)		(8.52	)		45.40		1.72			10,747		.29			1.59
12/31/2014		50.72		.81			4.57			5.38			(.80	)		(2.54	)		(3.34	)		52.76		10.91			10,812		.29			1.56
Class 1A:
12/31/2018		50.15		.72			(1.25	)		(.53	)		(.76	)		(3.58	)		(4.34	)		45.28		(1.78	)		7		.53			1.43
12/31/2017^3,4		45.39		.67			7.96			8.63			(.76	)		(3.11	)		(3.87	)		50.15		19.83	⁵		2		.52	⁶		1.41	⁶
Class 2:
12/31/2018		49.71		.71			(1.23	)		(.52	)		(.71	)		(3.58	)		(4.29	)		44.90		(1.79	)		12,035		.53			1.40
12/31/2017		44.00		.68			8.80			9.48			(.66	)		(3.11	)		(3.77	)		49.71		22.38			13,930		.53			1.45
12/31/2016		45.04		.67			4.05			4.72			(.64	)		(5.12	)		(5.76	)		44.00		11.51			12,854		.54			1.54
12/31/2015		52.41		.66			.37			1.03			(.63	)		(7.77	)		(8.40	)		45.04		1.45			12,895		.54			1.34
12/31/2014		50.40		.67			4.55			5.22			(.67	)		(2.54	)		(3.21	)		52.41		10.63			14,337		.54			1.31
Class 3:
12/31/2018		50.29		.75			(1.25	)		(.50	)		(.74	)		(3.58	)		(4.32	)		45.47		(1.72	)		140		.46			1.47
12/31/2017		44.47		.72			8.90			9.62			(.69	)		(3.11	)		(3.80	)		50.29		22.47			168		.46			1.52
12/31/2016		45.46		.71			4.09			4.80			(.67	)		(5.12	)		(5.79	)		44.47		11.59			156		.47			1.61
12/31/2015		52.82		.70			.37			1.07			(.66	)		(7.77	)		(8.43	)		45.46		1.53			161		.47			1.41
12/31/2014		50.77		.71			4.59			5.30			(.71	)		(2.54	)		(3.25	)		52.82		10.71			185		.47			1.38
Class 4:
12/31/2018		49.31		.58			(1.23	)		(.65	)		(.61	)		(3.58	)		(4.19	)		44.47		(2.05	)		899		.78			1.15
12/31/2017		43.73		.56			8.73			9.29			(.60	)		(3.11	)		(3.71	)		49.31		22.08			827		.78			1.19
12/31/2016		44.82		.56			4.02			4.58			(.55	)		(5.12	)		(5.67	)		43.73		11.25			495		.79			1.29
12/31/2015		52.39		.58			.33			.91			(.71	)		(7.77	)		(8.48	)		44.82		1.21			410		.79			1.25
12/31/2014		50.56		.58			4.51			5.09			(.72	)		(2.54	)		(3.26	)		52.39		10.34			30		.79			1.11

International Growth and Income Fund

Class 1:
12/31/2018	$	17.72	$	.45		$	(2.39	)	$	(1.94	)	$	(.43	)	$	—		$	(.43	)	$	15.35		(11.00)	%	$	1,034		.65	%		2.62	%
12/31/2017		14.48		.46			3.20			3.66			(.42	)		—			(.42	)		17.72		25.31			1,121		.66			2.75
12/31/2016		14.72		.43			(.19	)		.24			(.42	)		(.06	)		(.48	)		14.48		1.71			820		.68			2.93
12/31/2015		16.27		.42			(1.25	)		(.83	)		(.38	)		(.34	)		(.72	)		14.72		(5.34	)		707		.68			2.60
12/31/2014		17.48		.58	²		(1.09	)		(.51	)		(.53	)		(.17	)		(.70	)		16.27		(2.93	)		740		.68			3.32	²
Class 1A:
12/31/2018		17.70		.41			(2.39	)		(1.98	)		(.39	)		—			(.39	)		15.33		(11.24	)		2		.90			2.35
12/31/2017^3,4		14.69		.34			3.08			3.42			(.41	)		—			(.41	)		17.70		23.36	⁵		2		.91	⁶		1.99	⁶
Class 2:
12/31/2018		17.66		.41			(2.38	)		(1.97	)		(.39	)		—			(.39	)		15.30		(11.23	)		230		.90			2.38
12/31/2017		14.43		.43			3.17			3.60			(.37	)		—			(.37	)		17.66		25.03			276		.91			2.60
12/31/2016		14.68		.40			(.21	)		.19			(.38	)		(.06	)		(.44	)		14.43		1.44			244		.93			2.72
12/31/2015		16.22		.38			(1.24	)		(.86	)		(.34	)		(.34	)		(.68	)		14.68		(5.60	)		254		.93			2.32
12/31/2014		17.43		.56	²		(1.10	)		(.54	)		(.50	)		(.17	)		(.67	)		16.22		(3.15	)		248		.93			3.21	²
Class 4:
12/31/2018		17.58		.36			(2.36	)		(2.00	)		(.36	)		—			(.36	)		15.22		(11.46	)		71		1.15			2.10
12/31/2017		14.38		.37			3.18			3.55			(.35	)		—			(.35	)		17.58		24.72			63		1.16			2.24
12/31/2016		14.63		.36			(.19	)		.17			(.36	)		(.06	)		(.42	)		14.38		1.18			37		1.18			2.43
12/31/2015		16.19		.33			(1.23	)		(.90	)		(.32	)		(.34	)		(.66	)		14.63		(5.82	)		32		1.18			2.02
12/31/2014		17.45		.26	²		(.85	)		(.59	)		(.50	)		(.17	)		(.67	)		16.19		(3.39	)		20		1.18			1.52	²

200	American Funds Insurance Series

			(Loss) income from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net (losses) gains 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

Capital Income Builder

Class 1:
12/31/2018	$	10.40	$	.31	$	(1.00	)	$	(.69	)	$	(.32	)	$	(.02	)	$	(.34	)	$	9.37		(6.77	)%	$	317			.54	%		3.08	%
12/31/2017		9.46		.32		.93			1.25			(.31	)		—			(.31	)		10.40		13.29			254			.54			3.21
12/31/2016		9.40		.32		.07			.39			(.33	)		—			(.33	)		9.46		4.17			156			.54			3.39
12/31/2015		9.81		.28		(.40	)		(.12	)		(.29	)		—			(.29	)		9.40		(1.23	)		80			.56			2.88
12/31/2014^3,10		10.00		.19		(.18	)		.01			(.19	)		(.01	)		(.20	)		9.81		.12	⁵		20			.56	⁶		2.87	⁶
Class 1A:
12/31/2018		10.39		.28		(.99	)		(.71	)		(.30	)		(.02	)		(.32	)		9.36		(7.01	)		2			.79			2.82
12/31/2017^3,4		9.57		.27		.84			1.11			(.29	)		—			(.29	)		10.39		11.72	⁵		1			.79	⁶		2.63	⁶
Class 2:
12/31/2018		10.40		.28		(1.00	)		(.72	)		(.30	)		(.02	)		(.32	)		9.36		(7.08	)		4			.79			2.83
12/31/2017		9.46		.29		.93			1.22			(.28	)		—			(.28	)		10.40		13.04			1			.79			2.82
12/31/2016		9.40		.27		.11			.38			(.32	)		—			(.32	)		9.46		4.08			—	⁷		.80			2.82
12/31/2015		9.81		.31		(.43	)		(.12	)		(.29	)		—			(.29	)		9.40		(1.23	)¹¹		—	⁷		.46	¹¹		3.12	¹¹
12/31/2014^3,10		10.00		.20		(.19	)		.01			(.19	)		(.01	)		(.20	)		9.81		.12	^5,11		—	⁷		.47	^6,11		2.94	^6,11
Class 4:
12/31/2018		10.38		.26		(1.00	)		(.74	)		(.27	)		(.02	)		(.29	)		9.35		(7.25	)		352			1.04			2.58
12/31/2017		9.45		.27		.92			1.19			(.26	)		—			(.26	)		10.38		12.65			338			1.04			2.72
12/31/2016		9.38		.27		.08			.35			(.28	)		—			(.28	)		9.45		3.78			256			1.04			2.88
12/31/2015		9.80		.25		(.42	)		(.17	)		(.25	)		—			(.25	)		9.38		(1.79	)		157			1.05			2.55
12/31/2014^3,10		10.00		.14		(.16	)		(.02	)		(.17	)		(.01	)		(.18	)		9.80		(.21	)⁵		55			1.06	⁶		2.08	⁶

Asset Allocation Fund

Class 1:
12/31/2018	$	23.71	$	.48	$	(1.43	)	$	(.95	)	$	(.44	)	$	(1.03	)	$	(1.47	)	$	21.29		(4.35	)%	$	14,627			.28	%		2.04	%
12/31/2017		21.68		.44		3.06			3.50			(.41	)		(1.06	)		(1.47	)		23.71		16.51			16,556			.29			1.90
12/31/2016		20.62		.42		1.54			1.96			(.39	)		(.51	)		(.90	)		21.68		9.69			13,008			.29			1.97
12/31/2015		22.23		.40		(.02	)		.38			(.40	)		(1.59	)		(1.99	)		20.62		1.64			10,913			.29			1.85
12/31/2014		22.49		.44		.81			1.25			(.39	)		(1.12	)		(1.51	)		22.23		5.66			11,997			.30			1.95
Class 1A:
12/31/2018		23.69		.42		(1.42	)		(1.00	)		(.40	)		(1.03	)		(1.43	)		21.26		(4.58	)		7			.53			1.82
12/31/2017^3,4		21.97		.39		2.78			3.17			(.39	)		(1.06	)		(1.45	)		23.69		14.78	⁵		4			.53	⁶		1.69	⁶
Class 2:
12/31/2018		23.49		.41		(1.41	)		(1.00	)		(.38	)		(1.03	)		(1.41	)		21.08		(4.60	)		4,668			.53			1.78
12/31/2017		21.49		.37		3.04			3.41			(.35	)		(1.06	)		(1.41	)		23.49		16.23			5,480			.54			1.64
12/31/2016		20.45		.36		1.53			1.89			(.34	)		(.51	)		(.85	)		21.49		9.41			5,144			.54			1.72
12/31/2015		22.06		.34		(.01	)		.33			(.35	)		(1.59	)		(1.94	)		20.45		1.40			5,008			.54			1.60
12/31/2014		22.33		.37		.81			1.18			(.33	)		(1.12	)		(1.45	)		22.06		5.40			5,494			.55			1.69
Class 3:
12/31/2018		23.73		.43		(1.41	)		(.98	)		(.40	)		(1.03	)		(1.43	)		21.32		(4.49	)		29			.46			1.85
12/31/2017		21.70		.39		3.07			3.46			(.37	)		(1.06	)		(1.43	)		23.73		16.29			38			.47			1.72
12/31/2016		20.64		.38		1.54			1.92			(.35	)		(.51	)		(.86	)		21.70		9.49			35			.47			1.79
12/31/2015		22.25		.36		(.02	)		.34			(.36	)		(1.59	)		(1.95	)		20.64		1.46			36			.47			1.67
12/31/2014		22.51		.39		.81			1.20			(.34	)		(1.12	)		(1.46	)		22.25		5.47			40			.48			1.76
Class 4:
12/31/2018		23.40		.35		(1.40	)		(1.05	)		(.33	)		(1.03	)		(1.36	)		20.99		(4.83	)		3,594			.78			1.54
12/31/2017		21.43		.32		3.02			3.34			(.31	)		(1.06	)		(1.37	)		23.40		15.91			3,582			.79			1.40
12/31/2016		20.40		.31		1.53			1.84			(.30	)		(.51	)		(.81	)		21.43		9.16			2,861			.79			1.47
12/31/2015		22.11		.30		(.02	)		.28			(.40	)		(1.59	)		(1.99	)		20.40		1.14			2,414			.79			1.45
12/31/2014		22.46		.34		.79			1.13			(.36	)		(1.12	)		(1.48	)		22.11		5.16			32			.80			1.55

See end of tables for footnotes.

American Funds Insurance Series

201

Financial highlights (continued)

			(Loss) income from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains 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:
12/31/2018	$	12.75	$	.23		$	(.96	)	$	(.73	)	$	(.20	)	$	(.15	)	$	(.35	)	$	11.67		(5.81	)%	$	110			.72	%		1.82	%
12/31/2017		11.08		.21			1.99			2.20			(.15	)		(.38	)		(.53	)		12.75		19.91			93			.72			1.68
12/31/2016		10.74		.19			.32			.51			(.17	)		—			(.17	)		11.08		4.73			64			.72			1.73
12/31/2015		11.11		.20			(.28	)		(.08	)		(.14	)		(.15	)		(.29	)		10.74		(.69	)		47			.72			1.80
12/31/2014		11.37		.25	²		(.03	)		.22			(.18	)		(.30	)		(.48	)		11.11		1.87			37			.71			2.14	²
Class 1A:
12/31/2018		12.74		.18			(.94	)		(.76	)		(.18	)		(.15	)		(.33	)		11.65		(6.03	)		2			.98			1.44
12/31/2017^3,4		11.18		.16			1.92			2.08			(.14	)		(.38	)		(.52	)		12.74		18.71	⁵		—	⁷		.94	⁶		1.27	⁶
Class 2:
12/31/2018		12.72		.20			(.96	)		(.76	)		(.16	)		(.15	)		(.31	)		11.65		(6.01	)		185			.97			1.57
12/31/2017		11.06		.18			1.98			2.16			(.12	)		(.38	)		(.50	)		12.72		19.57			210			.96			1.43
12/31/2016		10.72		.16			.32			.48			(.14	)		—			(.14	)		11.06		4.48			178			.97			1.48
12/31/2015		11.09		.18			(.28	)		(.10	)		(.12	)		(.15	)		(.27	)		10.72		(.95	)		171			.97			1.60
12/31/2014		11.35		.22	²		(.03	)		.19			(.15	)		(.30	)		(.45	)		11.09		1.63			179			.96			1.88	²
Class 4:
12/31/2018		12.63		.17			(.96	)		(.79	)		(.14	)		(.15	)		(.29	)		11.55		(6.31	)		69			1.22			1.34
12/31/2017		11.00		.13			1.99			2.12			(.11	)		(.38	)		(.49	)		12.63		19.38			51			1.22			1.07
12/31/2016		10.69		.12			.33			.45			(.14	)		—			(.14	)		11.00		4.21			10			1.24			1.12
12/31/2015		11.09		.06			(.17	)		(.11	)		(.14	)		(.15	)		(.29	)		10.69		(1.00	)		1			1.34			.58
12/31/2014		11.35		.24	²		(.02	)		.22			(.18	)		(.30	)		(.48	)		11.09		1.88	¹¹		—	⁷		.67	¹¹		2.07	^2,11

Bond Fund

Class 1:
12/31/2018	$	10.82	$	.29		$	(.35	)	$	(.06	)	$	(.28	)	$	(.01	)	$	(.29	)	$	10.47		(.45	)%	$	5,962			.38	%		2.70	%
12/31/2017		10.80		.24			.18			.42			(.24	)		(.16	)		(.40	)		10.82		3.88			6,434			.38			2.19
12/31/2016		10.70		.21			.14			.35			(.21	)		(.04	)		(.25	)		10.80		3.27			6,829			.38			1.91
12/31/2015		11.08		.22			(.17	)		.05			(.21	)		(.22	)		(.43	)		10.70		.45			5,731			.38			1.95
12/31/2014		10.73		.23			.37			.60			(.25	)		—	⁸		(.25	)		11.08		5.59			4,977			.39			2.03
Class 1A:
12/31/2018		10.80		.26			(.33	)		(.07	)		(.27	)		(.01	)		(.28	)		10.45		(.60	)		3			.63			2.50
12/31/2017^3,4		10.82		.22			.15			.37			(.23	)		(.16	)		(.39	)		10.80		3.46	⁵		1			.62	⁶		2.01	⁶
Class 2:
12/31/2018		10.69		.26			(.34	)		(.08	)		(.26	)		(.01	)		(.27	)		10.34		(.71	)		3,524			.63			2.45
12/31/2017		10.67		.21			.18			.39			(.21	)		(.16	)		(.37	)		10.69		3.67			3,966			.63			1.94
12/31/2016		10.58		.18			.13			.31			(.18	)		(.04	)		(.22	)		10.67		2.95			3,959			.63			1.65
12/31/2015		10.95		.18			(.15	)		.03			(.18	)		(.22	)		(.40	)		10.58		.28			4,135			.63			1.69
12/31/2014		10.61		.20			.36			.56			(.22	)		—	⁸		(.22	)		10.95		5.28			4,565			.64			1.79
Class 4:
12/31/2018		10.68		.23			(.33	)		(.10	)		(.24	)		(.01	)		(.25	)		10.33		(.89	)		366			.88			2.22
12/31/2017		10.70		.19			.16			.35			(.21	)		(.16	)		(.37	)		10.68		3.29			297			.88			1.72
12/31/2016		10.61		.15			.15			.30			(.17	)		(.04	)		(.21	)		10.70		2.80			102			.88			1.41
12/31/2015		11.01		.16			(.16	)		—			(.18	)		(.22	)		(.40	)		10.61		(.08	)		59			.88			1.47
12/31/2014		10.69		.16			.39			.55			(.23	)		—	⁸		(.23	)		11.01		5.15			29			.89			1.43

202	American Funds Insurance Series

			(Loss) income from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net (losses) gains 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:
12/31/2018	$	11.88	$	.30	$	(.44	)	$	(.14	)	$	(.28	)	$	(.04	)	$	(.32	)	$	11.42		(1.14	)%	$	1,015			.57	%		2.56	%
12/31/2017		11.22		.28		.52			.80			(.07	)		(.07	)		(.14	)		11.88		7.11			1,273			.56			2.37
12/31/2016		11.01		.26		.06			.32			(.09	)		(.02	)		(.11	)		11.22		2.92			1,115			.57			2.26
12/31/2015		11.77		.27		(.71	)		(.44	)		(.01	)		(.31	)		(.32	)		11.01		(3.75	)		1,032			.57			2.34
12/31/2014		11.88		.29		(.08	)		.21			(.21	)		(.11	)		(.32	)		11.77		1.71			1,194			.57			2.35
Class 1A:
12/31/2018		11.87		.27		(.43	)		(.16	)		(.26	)		(.04	)		(.30	)		11.41		(1.29	)		1			.82			2.36
12/31/2017^3,4		11.22		.26		.52			.78			(.06	)		(.07	)		(.13	)		11.87		7.00	⁵		—	⁷		.72	⁶		2.27	⁶
Class 2:
12/31/2018		11.79		.27		(.43	)		(.16	)		(.25	)		(.04	)		(.29	)		11.34		(1.33	)		1,032			.82			2.32
12/31/2017		11.14		.25		.51			.76			(.04	)		(.07	)		(.11	)		11.79		6.86			1,164			.81			2.12
12/31/2016		10.93		.23		.07			.30			(.07	)		(.02	)		(.09	)		11.14		2.71			1,121			.82			2.01
12/31/2015		11.72		.24		(.71	)		(.47	)		(.01	)		(.31	)		(.32	)		10.93		(4.07	)		1,208			.82			2.09
12/31/2014		11.81		.26		(.09	)		.17			(.15	)		(.11	)		(.26	)		11.72		1.39			1,386			.82			2.11
Class 4:
12/31/2018		11.70		.24		(.43	)		(.19	)		(.23	)		(.04	)		(.27	)		11.24		(1.61	)		40			1.07			2.09
12/31/2017		11.08		.22		.51			.73			(.04	)		(.07	)		(.11	)		11.70		6.63			31			1.06			1.89
12/31/2016		10.89		.20		.06			.26			(.05	)		(.02	)		(.07	)		11.08		2.42			12			1.07			1.76
12/31/2015		11.70		.21		(.71	)		(.50	)		—	⁸		(.31	)		(.31	)		10.89		(4.27	)		6			1.07			1.86
12/31/2014		11.87		.20		(.05	)		.15			(.21	)		(.11	)		(.32	)		11.70		1.16			4			1.09			1.66

High-Income Bond Fund

Class 1:
12/31/2018	$	10.19	$	.64	$	(.84	)	$	(.20	)	$	(.65	)	$	—		$	(.65	)	$	9.34		(2.15	)%	$	501			.50	%		6.32	%
12/31/2017		10.18		.63		.10			.73			(.72	)		—			(.72	)		10.19		7.25			632			.49			5.98
12/31/2016		9.19		.61		1.02			1.63			(.64	)		—			(.64	)		10.18		17.83			949			.49			6.18
12/31/2015		10.54		.64		(1.36	)		(.72	)		(.63	)		—			(.63	)		9.19		(6.94	)		1,017			.48			6.12
12/31/2014		11.13		.67		(.59	)		.08			(.67	)		—			(.67	)		10.54		.80			1,017			.48			5.90
Class 1A:
12/31/2018		10.18		.62		(.84	)		(.22	)		(.63	)		—			(.63	)		9.33		(2.35	)		1			.75			6.11
12/31/2017^3,4		10.28		.60		.02			.62			(.72	)		—			(.72	)		10.18		6.02	⁵		—	⁷		.72	⁶		5.74	⁶
Class 2:
12/31/2018		10.03		.61		(.83	)		(.22	)		(.62	)		—			(.62	)		9.19		(2.34	)		661			.75			6.07
12/31/2017		10.04		.59		.10			.69			(.70	)		—			(.70	)		10.03		6.89			776			.74			5.72
12/31/2016		9.06		.58		1.01			1.59			(.61	)		—			(.61	)		10.04		17.69			799			.74			5.92
12/31/2015		10.41		.60		(1.35	)		(.75	)		(.60	)		—			(.60	)		9.06		(7.30	)		765			.73			5.85
12/31/2014		10.99		.63		(.57	)		.06			(.64	)		—			(.64	)		10.41		.63			929			.73			5.67
Class 3:
12/31/2018		10.23		.63		(.85	)		(.22	)		(.63	)		—			(.63	)		9.38		(2.33	)		10			.68			6.14
12/31/2017		10.22		.61		.10			.71			(.70	)		—			(.70	)		10.23		7.02			12			.67			5.79
12/31/2016		9.22		.59		1.03			1.62			(.62	)		—			(.62	)		10.22		17.68			13			.67			5.99
12/31/2015		10.57		.62		(1.37	)		(.75	)		(.60	)		—			(.60	)		9.22		(7.13	)		12			.66			5.91
12/31/2014		11.16		.65		(.59	)		.06			(.65	)		—			(.65	)		10.57		.59			16			.66			5.74
Class 4:
12/31/2018		10.82		.63		(.90	)		(.27	)		(.59	)		—			(.59	)		9.96		(2.64	)		31			1.00			5.83
12/31/2017		10.79		.61		.10			.71			(.68	)		—			(.68	)		10.82		6.63			34			.99			5.46
12/31/2016		9.73		.60		1.07			1.67			(.61	)		—			(.61	)		10.79		17.29			21			.99			5.55
12/31/2015		11.05		.62		(1.43	)		(.81	)		(.51	)		—			(.51	)		9.73		(7.42	)		1			.98			5.51
12/31/2014		11.12		.63		(.59	)		.04			(.11	)		—			(.11	)		11.05		.35			—	⁷		.98			5.49

See end of tables for footnotes.

American Funds Insurance Series

203

Financial highlights (continued)

			(Loss) income from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains 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:
12/31/2018	$	10.47	$	.20		$	(.14	)	$	.06		$	(.23	)	$	—		$	(.23	)	$	10.30		.58	%	$	209			.48	%		1.97	%
12/31/2017		10.56		.16			—	⁸		.16			(.18	)		(.07	)		(.25	)		10.47		1.47			265			.47			1.52
12/31/2016		10.61		.15			.11			.26			(.20	)		(.11	)		(.31	)		10.56		2.50			269			.46			1.39
12/31/2015		10.70		.10			.13			.23			(.18	)		(.14	)		(.32	)		10.61		2.09			272			.45			.89
12/31/2014		10.23		.12			.45			.57			(.10	)		—			(.10	)		10.70		5.54			292			.45			1.12
Class 1A:
12/31/2018		10.46		.18			(.14	)		.04			(.22	)		—			(.22	)		10.28		.36			1			.73			1.77
12/31/2017^3,4		10.55		.14			—	⁸		.14			(.16	)		(.07	)		(.23	)		10.46		1.31	⁵		—	⁷		.70	⁶		1.38	⁶
Class 2:
12/31/2018		10.45		.18			(.15	)		.03			(.20	)		—			(.20	)		10.28		.32			57			.73			1.72
12/31/2017		10.54		.14			(.01	)		.13			(.15	)		(.07	)		(.22	)		10.45		1.22			63			.72			1.27
12/31/2016		10.59		.12			.12			.24			(.18	)		(.11	)		(.29	)		10.54		2.25			63			.71			1.14
12/31/2015		10.68		.07			.13			.20			(.15	)		(.14	)		(.29	)		10.59		1.86			59			.70			.65
12/31/2014		10.22		.10			.44			.54			(.08	)		—			(.08	)		10.68		5.23			52			.70			.91
Class 4:
12/31/2018		10.38		.15			(.15	)		—	⁸		(.19	)		—			(.19	)		10.19		.07			24			.98			1.49
12/31/2017		10.48		.11			—	⁸		.11			(.14	)		(.07	)		(.21	)		10.38		.97			12			.97			1.03
12/31/2016		10.52		.09			.12			.21			(.14	)		(.11	)		(.25	)		10.48		2.01			8			.96			.86
12/31/2015		10.65		.04			.14			.18			(.17	)		(.14	)		(.31	)		10.52		1.62			11			.97			.37
12/31/2014		10.23		.05			.46			.51			(.09	)		—			(.09	)		10.65		4.98			1			.94			.47

Ultra-Short Bond Fund

Class 1:
12/31/2018	$	11.29	$	.18		$	—	⁸	$	.18		$	(.16	)	$	—		$	(.16	)	$	11.31		1.58	%	$	37			.35	%		1.60	%
12/31/2017		11.27		.08			(.01	)		.07			(.05	)		—			(.05	)		11.29		.66			37			.35			.68
12/31/2016¹²		11.26		.01			—	⁸		.01			—			—			—			11.27		.09			37			.35			.11
12/31/2015		11.28		(.03	)		.01			(.02	)		—			—			—			11.26		(.18	)		39			.34			(.24	)
12/31/2014		11.31		(.03	)		—			(.03	)		—			—			—			11.28		(.27	)		49			.34			(.26	)
Class 1A:
12/31/2018		11.29		.18			—	⁸		.18			(.16	)		—			(.16	)		11.31		1.58	¹¹		—	⁷		.35	¹¹		1.60	¹¹
12/31/2017^3,4		11.27		.08			—	⁸		.08			(.06	)		—			(.06	)		11.29		.67	^5,11		—	⁷		.34	^6,11		.69	^6,11
Class 2:
12/31/2018		11.01		.15			—	⁸		.15			(.13	)		—			(.13	)		11.03		1.36			247			.60			1.34
12/31/2017		10.99		.05			—	⁸		.05			(.03	)		—			(.03	)		11.01		.46			249			.60			.42
12/31/2016¹²		11.01		(.02	)		—	⁸		(.02	)		—			—			—			10.99		(.18	)		297			.60			(.14	)
12/31/2015		11.06		(.05	)		—	⁸		(.05	)		—			—			—			11.01		(.45	)		302			.59			(.49	)
12/31/2014		11.12		(.06	)		—			(.06	)		—			—			—			11.06		(.54	)		331			.59			(.51	)
Class 3:
12/31/2018		11.12		.16			(.01	)		.15			(.13	)		—			(.13	)		11.14		1.38			4			.53			1.42
12/31/2017		11.10		.06			—	⁸		.06			(.04	)		—			(.04	)		11.12		.54			4			.53			.50
12/31/2016¹²		11.11		(.01	)		—	⁸		(.01	)		—			—			—			11.10		(.09	)		4			.53			(.08	)
12/31/2015		11.16		(.05	)		—	⁸		(.05	)		—			—			—			11.11		(.45	)		6			.52			(.42	)
12/31/2014		11.21		(.05	)		—			(.05	)		—			—			—			11.16		(.45	)		8			.52			(.44	)
Class 4:
12/31/2018		11.13		.12			.01			.13			(.11	)		—			(.11	)		11.15		1.14			18			.86			1.11
12/31/2017		11.12		.02			—	⁸		.02			(.01	)		—			(.01	)		11.13		.16			15			.85			.19
12/31/2016¹²		11.17		(.04	)		(.01	)		(.05	)		—			—			—			11.12		(.45	)		13			.85			(.40	)
12/31/2015		11.25		(.08	)		—	⁸		(.08	)		—			—			—			11.17		(.71	)		16			.85			(.74	)
12/31/2014		11.30		(.09	)		.04			(.05	)		—			—			—			11.25		(.44	)		7			.84			(.77	)

204	American Funds Insurance Series

			(Loss) income from investment operations¹							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net (losses) gains 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:
12/31/2018	$	12.08	$	.24	$	(.13	)	$	.11	$	(.25	)	$	—		$	(.25	)	$	11.94		.91	%	$	1,445			.36	%		2.02	%
12/31/2017		12.05		.21		.01			.22		(.19	)		—			(.19	)		12.08		1.83			1,558			.36			1.68
12/31/2016		12.31		.16		.03			.19		(.20	)		(.25	)		(.45	)		12.05		1.44			1,467			.36			1.31
12/31/2015		12.40		.13		.09			.22		(.21	)		(.10	)		(.31	)		12.31		1.93			1,426			.35			1.02
12/31/2014		11.94		.15		.48			.63		(.17	)		—			(.17	)		12.40		5.24			1,723			.35			1.24
Class 1A:
12/31/2018		12.08		.22		(.14	)		.08		(.23	)		—			(.23	)		11.93		.70			1			.61			1.82
12/31/2017^3,4		12.05		.18		.03			.21		(.18	)		—			(.18	)		12.08		1.73	⁵		—	⁷		.58	⁶		1.53	⁶
Class 2:
12/31/2018		11.96		.21		(.14	)		.07		(.21	)		—			(.21	)		11.82		.73			1,323			.61			1.77
12/31/2017		11.93		.17		.02			.19		(.16	)		—			(.16	)		11.96		1.59			1,473			.61			1.43
12/31/2016		12.20		.13		.02			.15		(.17	)		(.25	)		(.42	)		11.93		1.19			1,503			.61			1.05
12/31/2015		12.29		.10		.09			.19		(.18	)		(.10	)		(.28	)		12.20		1.59			1,579			.60			.79
12/31/2014		11.83		.12		.47			.59		(.13	)		—			(.13	)		12.29		5.01			1,717			.60			1.00
Class 3:
12/31/2018		12.11		.22		(.14	)		.08		(.22	)		—			(.22	)		11.97		.71			9			.54			1.84
12/31/2017		12.07		.18		.03			.21		(.17	)		—			(.17	)		12.11		1.72			10			.54			1.50
12/31/2016		12.34		.14		.02			.16		(.18	)		(.25	)		(.43	)		12.07		1.24			11			.54			1.12
12/31/2015		12.43		.11		.09			.20		(.19	)		(.10	)		(.29	)		12.34		1.64			11			.53			.85
12/31/2014		11.96		.13		.48			.61		(.14	)		—			(.14	)		12.43		5.11			13			.53			1.08
Class 4:
12/31/2018		11.98		.18		(.12	)		.06		(.20	)		—			(.20	)		11.84		.50			91			.86			1.53
12/31/2017		11.96		.14		.01			.15		(.13	)		—			(.13	)		11.98		1.28			62			.86			1.18
12/31/2016		12.22		.10		.03			.13		(.14	)		(.25	)		(.39	)		11.96		.99			57			.86			.82
12/31/2015		12.34		.07		.08			.15		(.17	)		(.10	)		(.27	)		12.22		1.29			46			.85			.56
12/31/2014		11.93		.06		.51			.57		(.16	)		—			(.16	)		12.34		4.76			21			.85			.50

See end of tables for footnotes.

American Funds Insurance Series

205

Financial highlights (continued)

			Income 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 return¹³			Net assets, end of period (in millions)			to average net assets before waivers/ reimburse- ments			to average net assets after waivers/ reimburse- ments¹³			Net effective expense ratio^13,14			Ratio of net income to average net assets¹³

Managed Risk Growth Fund

Class P1:
12/31/2018	$	13.22	$	.11		$	(.04	)	$	.07		$	(.10	)	$	(.89	)	$	(.99	)	$	12.30		(.04	)%¹¹	$	3			.42	%¹¹		.37	%¹¹		.71	%¹¹		.82	%¹¹
12/31/2017		10.71		.08			2.70			2.78			(.07	)		(.20	)		(.27	)		13.22		26.23	¹¹		2			.42	¹¹		.36	¹¹		.70	¹¹		.69	¹¹
12/31/2016		11.49		.08			.20			.28			(.05	)		(1.01	)		(1.06	)		10.71		2.89	¹¹		1			.50	¹¹		.34	¹¹		.68	¹¹		.79	¹¹
12/31/2015		11.37		.09			.03			.12			—			—			—			11.49		1.06	¹¹		—	⁷		.53	¹¹		.29	¹¹		.63	¹¹		.80	¹¹
12/31/2014		11.43		.31			(.06	)		.25			(.12	)		(.19	)		(.31	)		11.37		2.18	¹¹		—	⁷		.50	¹¹		.32	¹¹		.65	¹¹		2.71	¹¹
Class P2:
12/31/2018		13.14		.06			(.04	)		.02			(.06	)		(.89	)		(.95	)		12.21		(.37	)		340			.68			.63			.97			.46
12/31/2017		10.64		.04			2.70			2.74			(.04	)		(.20	)		(.24	)		13.14		25.99			286			.69			.63			.97			.34
12/31/2016		11.43		.05			.19			.24			(.02	)		(1.01	)		(1.03	)		10.64		2.52			200			.79			.63			.97			.43
12/31/2015		11.35		.04			.04			.08			—			—			—			11.43		.71			146			.89			.66			1.00			.31
12/31/2014		11.43		.12			.08			.20			(.09	)		(.19	)		(.28	)		11.35		1.77			79			.87			.69			1.02			1.01

Managed Risk International Fund

Class P1:
12/31/2018	$	11.25	$	.32		$	(1.44	)	$	(1.12	)	$	(.26	)	$	(.05	)	$	(.31	)	$	9.82		(10.11	)%¹¹	$	—	⁷		.33	%¹¹		.28	%¹¹		.77	%¹¹		3.02	%¹¹
12/31/2017		8.89		.11			2.47			2.58			(.10	)		(.12	)		(.22	)		11.25		29.28	¹¹		—	⁷		.28	¹¹		.20	¹¹		.69	¹¹		1.13	¹¹
12/31/2016		9.48		.10			(.35	)		(.25	)		(.12	)		(.22	)		(.34	)		8.89		(2.59	)¹¹		—	⁷		.39	¹¹		.23	¹¹		.74	¹¹		1.15	¹¹
12/31/2015		10.10		.18			(.80	)		(.62	)		—	⁸		—			—	⁸		9.48		(6.12	)¹¹		—	⁷		.45	¹¹		.21	¹¹		.72	¹¹		1.75	¹¹
12/31/2014		10.82		.14			(.71	)		(.57	)		(.15	)		—			(.15	)		10.10		(5.31	)¹¹		—	⁷		.50	¹¹		.25	¹¹		.76	¹¹		1.33	¹¹
Class P2:
12/31/2018		11.15		.16			(1.32	)		(1.16	)		(.18	)		(.05	)		(.23	)		9.76		(10.50	)		151			.69			.64			1.13			1.49
12/31/2017		8.83		.11			2.41			2.52			(.08	)		(.12	)		(.20	)		11.15		28.69			148			.71			.63			1.12			1.03
12/31/2016		9.43		.09			(.38	)		(.29	)		(.09	)		(.22	)		(.31	)		8.83		(3.05	)		97			.79			.63			1.14			.97
12/31/2015		10.09		.13			(.79	)		(.66	)		—	⁸		—			—	⁸		9.43		(6.52	)		83			.90			.66			1.17			1.30
12/31/2014		10.82		.16			(.77	)		(.61	)		(.12	)		—			(.12	)		10.09		(5.68	)		46			.91			.67			1.18			1.51

Managed Risk Blue Chip Income and Growth Fund

Class P1:
12/31/2018	$	13.04	$	.40		$	(1.27	)	$	(.87	)	$	(.45	)	$	(.44	)	$	(.89	)	$	11.28		(6.99	)%¹¹	$	—	⁷		.33	%¹¹		.28	%¹¹		.67	%¹¹		3.21	%¹¹
12/31/2017		11.67		.19			1.59			1.78			(.22	)		(.19	)		(.41	)		13.04		15.48	¹¹		—	⁷		.30	¹¹		.25	¹¹		.64	¹¹		1.59	¹¹
12/31/2016		10.80		.20			1.25			1.45			(.21	)		(.37	)		(.58	)		11.67		13.77	¹¹		—	⁷		.43	¹¹		.27	¹¹		.67	¹¹		1.83	¹¹
12/31/2015		11.70		.19			(1.02	)		(.83	)		(.07	)		—			(.07	)		10.80		(7.07	)¹¹		—	⁷		.50	¹¹		.27	¹¹		.66	¹¹		1.64	¹¹
12/31/2014		11.05		.40			.55			.95			(.30	)		—			(.30	)		11.70		8.58	¹¹		—	⁷		.50	¹¹		.31	¹¹		.70	¹¹		3.43	¹¹
Class P2:
12/31/2018		12.96		.19			(1.10	)		(.91	)		(.40	)		(.44	)		(.84	)		11.21		(7.38	)		336			.68			.63			1.02			1.49
12/31/2017		11.61		.17			1.55			1.72			(.18	)		(.19	)		(.37	)		12.96		15.03			367			.68			.63			1.02			1.43
12/31/2016		10.76		.23			1.18			1.41			(.19	)		(.37	)		(.56	)		11.61		13.39			291			.79			.63			1.03			2.04
12/31/2015		11.67		.18			(1.05	)		(.87	)		(.04	)		—			(.04	)		10.76		(7.43	)		137			.89			.66			1.05			1.57
12/31/2014		11.05		.50			.40			.90			(.28	)		—			(.28	)		11.67		8.10			98			.88			.69			1.08			4.27

Managed Risk Growth-Income Fund

Class P1:
12/31/2018	$	12.66	$	(.02	)	$	(.15	)	$	(.17	)	$	(.19	)	$	(.57	)	$	(.76	)	$	11.73		(1.66)	%¹¹	$	1,662			.40	%¹¹		.35	%¹¹		.64	%¹¹		(.20)	%¹¹
12/31/2017		11.07		.19			2.03			2.22			(.13	)		(.50	)		(.63	)		12.66		20.64	¹¹		2			.44	¹¹		.37	¹¹		.66	¹¹		1.61	¹¹
12/31/2016		11.25		.16			.52			.68			(.16	)		(.70	)		(.86	)		11.07		6.49	¹¹		1			.52	¹¹		.36	¹¹		.64	¹¹		1.46	¹¹
12/31/2015		11.67		.25			(.63	)		(.38	)		(.04	)		—			(.04	)		11.25		(3.27	)¹¹		1			.56	¹¹		.31	¹¹		.59	¹¹		2.17	¹¹
12/31/2014		11.50		.35			.21			.56			(.14	)		(.25	)		(.39	)		11.67		4.85	¹¹		—	⁷		.45	¹¹		.25	¹¹		.52	¹¹		2.94	¹¹
Class P2:
12/31/2018		12.58		.16			(.36	)		(.20	)		(.14	)		(.57	)		(.71	)		11.67		(1.97	)		230			.69			.64			.93			1.25
12/31/2017		11.02		.13			2.05			2.18			(.12	)		(.50	)		(.62	)		12.58		20.40			206			.70			.63			.92			1.08
12/31/2016		11.22		.12			.52			.64			(.14	)		(.70	)		(.84	)		11.02		6.08			160			.79			.63			.91			1.13
12/31/2015		11.65		.12			(.54	)		(.42	)		(.01	)		—			(.01	)		11.22		(3.64	)		122			.89			.66			.94			1.04
12/31/2014		11.50		.16			.35			.51			(.11	)		(.25	)		(.36	)		11.65		4.42			76			.87			.69			.96			1.38

206	American Funds Insurance Series

			Income 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 return¹³			Net assets, end of period (in millions)		to average net assets before waivers/ reimburse- ments			to average net assets after waivers/ reimburse- ments¹³			Net effective expense ratio^13,14			Ratio of net income to average net assets¹³

Managed Risk Asset Allocation Fund

Class P1:
12/31/2018	$	13.59	$	.22	$	(.80	)	$	(.58	)	$	(.25	)	$	(.53	)	$	(.78	)	$	12.23		(4.63	)%	$	2		.37	%		.32	%		.59	%		1.67	%
12/31/2017		12.02		.19		1.60			1.79			(.10	)		(.12	)		(.22	)		13.59		15.06			1,656		.43			.38			.66			1.45
12/31/2016		11.72		.19		.67			.86			(.19	)		(.37	)		(.56	)		12.02		7.57			1,217		.43			.38			.66			1.65
12/31/2015		12.29		.25		(.34	)		(.09	)		(.22	)		(.26	)		(.48	)		11.72		(.83	)		712		.54			.40			.68			2.06
12/31/2014		11.93		.13		.26			.39			(.03	)		—			(.03	)		12.29		3.24			277		.53			.48			.76			1.04
Class P2:
12/31/2018		13.55		.17		(.79	)		(.62	)		(.18	)		(.53	)		(.71	)		12.22		(4.89	)		2,541		.62			.57			.84			1.27
12/31/2017		12.01		.15		1.61			1.76			(.10	)		(.12	)		(.22	)		13.55		14.80			2,798		.68			.63			.91			1.13
12/31/2016		11.71		.14		.69			.83			(.16	)		(.37	)		(.53	)		12.01		7.27			2,342		.68			.63			.91			1.20
12/31/2015		12.27		.14		(.26	)		(.12	)		(.18	)		(.26	)		(.44	)		11.71		(1.07	)		1,953		.79			.66			.94			1.16
12/31/2014		11.93		.16		.19			.35			(.01	)		—			(.01	)		12.27		2.91			1,780		.79			.73			1.01			1.33

See end of tables for footnotes.

American Funds Insurance Series

207

Portfolio turnover rate for all share classes	Year ended December 31
excluding mortgage dollar roll transactions¹⁵	2018			2017			2016			2015			2014
Capital Income Builder		42	%		59	%		41	%		38	%		24	%
Asset Allocation Fund		34			39			43			28			42
Global Balanced Fund		30			28			43			36			40
Bond Fund		98			153			108			141			121
Global Bond Fund		78			74			70			88			134
Mortgage Fund		60			98			113			138			108
U.S. Government/AAA-Rated Securities Fund		76			120			273			352			88

Portfolio turnover rate for all share classes		Year ended December 31
including mortgage dollar roll transactions, if applicable¹⁵		2018			2017			2016			2015			2014
Global Growth Fund		25	%		31	%		27	%		29	%		22	%
Global Small Capitalization Fund		43			33			40			36			28
Growth Fund		35			24			26			20			29
International Fund		29			29			31			37			18
New World Fund		58			56			32			39			36
Blue Chip Income and Growth Fund		49			34			30			26			37
Global Growth and Income Fund		49			41			57			37			28
Growth-Income Fund		39			27			27			25			25
International Growth and Income Fund		38			51			32			35			34
Capital Income Builder Fund		98			88			53			128			35	^5,10
Asset Allocation Fund		86			85			83			76			88
Global Balanced Fund		51			41			65			76			73
Bond Fund		514			502			375			434			365
Global Bond Fund		125			105			154			159			200
High-Income Bond Fund		67			78			89			66			54
Mortgage Fund		811			680			713			1103			790
U.S. Government/AAA-Rated Securities Fund		446			551			539			901			387
Ultra-Short Bond Fund		—	¹⁶		—	¹⁶		—	^12,16		N/A			N/A
Managed Risk Growth Fund		7			25			15			16			22
Managed Risk International Fund		8			25			26			15			22
Managed Risk Blue Chip Income and Growth Fund		11			32			9			20			22
Managed Risk Growth-Income Fund		14			26			14			11			28
Managed Risk Asset Allocation Fund		12			1			3			3			3


¹	Based on average shares outstanding.
²	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.
³	Based on operations for a period that is less than a full year.
⁴	Class 1A shares began investment operations on January 6, 2017.
⁵	Not annualized.
⁶	Annualized.
⁷	Amount less than $1 million.
⁸	Amount less than $.01.
⁹	Amount less than .01%.
¹⁰	For the period May 1, 2014, commencement of operations, through December 31, 2014.
¹¹	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.
¹²	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.
¹³	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 the managed risk funds.
¹⁴	This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See expense example for further information regarding fees and expenses.
¹⁵	Refer to Note 5 for further information on mortgage dollar rolls.
¹⁶	Amount is either less than 1% or there is no turnover.

See notes to financial statements

208	American Funds Insurance Series

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund^®, 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, High-Income Bond Fund, Mortgage Fund, Ultra-Short Bond Fund, U.S. Government/AAA-Rated Securities 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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including summary investment portfolios of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund^®, 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, High-Income Bond Fund, Mortgage Fund and U.S. Government/AAA-Rated Securities Fund and investment portfolios of 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, (twenty-three of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds”) as of December 31, 2018, the related statements of operations for the year ended December 31, 2018, the statements of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2018 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

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

/s/PricewaterhouseCoopers LLP

Los Angeles, California

February 12, 2019

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

American Funds Insurance Series

209

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 (July 1, 2018, through December 31, 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.

210	American Funds Insurance Series

	Beginning account value 7/1/2018		Ending account value 12/31/2018		Expenses paid during period¹		Annualized expense ratio
Global Growth Fund
Class 1 – actual return	$	1,000.00	$	883.81	$	2.66		.56	%
Class 1 – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 1A – actual return		1,000.00		882.71		3.84		.81
Class 1A – assumed 5% return		1,000.00		1,021.12		4.13		.81
Class 2 – actual return		1,000.00		882.86		3.84		.81
Class 2 – assumed 5% return		1,000.00		1,021.12		4.13		.81
Class 4 – actual return		1,000.00		881.92		5.03		1.06
Class 4 – assumed 5% return		1,000.00		1,019.86		5.40		1.06
Global Small Capitalization Fund
Class 1 – actual return	$	1,000.00	$	857.65	$	3.46		.74	%
Class 1 – assumed 5% return		1,000.00		1,021.48		3.77		.74
Class 1A – actual return		1,000.00		856.00		4.58		.98
Class 1A – assumed 5% return		1,000.00		1,020.27		4.99		.98
Class 2 – actual return		1,000.00		856.32		4.63		.99
Class 2 – assumed 5% return		1,000.00		1,020.21		5.04		.99
Class 4 – actual return		1,000.00		854.97		5.80		1.24
Class 4 – assumed 5% return		1,000.00		1,018.95		6.31		1.24
Growth Fund
Class 1 – actual return	$	1,000.00	$	909.41	$	1.64		.34	%
Class 1 – assumed 5% return		1,000.00		1,023.49		1.73		.34
Class 1A – actual return		1,000.00		908.27		2.84		.59
Class 1A – assumed 5% return		1,000.00		1,022.23		3.01		.59
Class 2 – actual return		1,000.00		908.31		2.84		.59
Class 2 – assumed 5% return		1,000.00		1,022.23		3.01		.59
Class 3 – actual return		1,000.00		908.54		2.50		.52
Class 3 – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 4 – actual return		1,000.00		907.21		4.04		.84
Class 4 – assumed 5% return		1,000.00		1,020.97		4.28		.84
International Fund
Class 1 – actual return	$	1,000.00	$	870.74	$	2.50		.53	%
Class 1 – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 1A – actual return		1,000.00		870.06		3.68		.78
Class 1A – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 2 – actual return		1,000.00		870.02		3.68		.78
Class 2 – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 3 – actual return		1,000.00		869.83		3.35		.71
Class 3 – assumed 5% return		1,000.00		1,021.63		3.62		.71
Class 4 – actual return		1,000.00		868.31		4.85		1.03
Class 4 – assumed 5% return		1,000.00		1,020.01		5.24		1.03
New World Fund
Class 1 – actual return	$	1,000.00	$	896.60	$	3.73		.78	%
Class 1 – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 1A – actual return		1,000.00		895.48		4.92		1.03
Class 1A – assumed 5% return		1,000.00		1,020.01		5.24		1.03
Class 2 – actual return		1,000.00		895.53		4.92		1.03
Class 2 – assumed 5% return		1,000.00		1,020.01		5.24		1.03
Class 4 – actual return		1,000.00		894.44		6.11		1.28
Class 4 – assumed 5% return		1,000.00		1,018.75		6.51		1.28

See end of tables for footnotes.

American Funds Insurance Series

211

	Beginning account value 7/1/2018		Ending account value 12/31/2018		Expenses paid during period¹		Annualized expense ratio
Blue Chip Income and Growth Fund
Class 1 – actual return	$	1,000.00	$	911.16	$	1.98		.41	%
Class 1 – assumed 5% return		1,000.00		1,023.14		2.09		.41
Class 1A – actual return		1,000.00		910.38		3.18		.66
Class 1A – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 2 – actual return		1,000.00		910.78		3.18		.66
Class 2 – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 4 – actual return		1,000.00		909.57		4.38		.91
Class 4 – assumed 5% return		1,000.00		1,020.62		4.63		.91
Global Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	913.67	$	3.09		.64	%
Class 1 – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 1A – actual return		1,000.00		912.85		4.29		.89
Class 1A – assumed 5% return		1,000.00		1,020.72		4.53		.89
Class 2 – actual return		1,000.00		911.89		4.29		.89
Class 2 – assumed 5% return		1,000.00		1,020.72		4.53		.89
Class 4 – actual return		1,000.00		911.37		5.49		1.14
Class 4 – assumed 5% return		1,000.00		1,019.46		5.80		1.14
Growth-Income Fund
Class 1 – actual return	$	1,000.00	$	923.69	$	1.36		.28	%
Class 1 – assumed 5% return		1,000.00		1,023.79		1.43		.28
Class 1A – actual return		1,000.00		922.58		2.57		.53
Class 1A – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 2 – actual return		1,000.00		922.65		2.57		.53
Class 2 – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 3 – actual return		1,000.00		922.81		2.23		.46
Class 3 – assumed 5% return		1,000.00		1,022.89		2.35		.46
Class 4 – actual return		1,000.00		921.20		3.78		.78
Class 4 – assumed 5% return		1,000.00		1,021.27		3.97		.78
International Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	906.95	$	3.17		.66	%
Class 1 – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 1A – actual return		1,000.00		905.76		4.37		.91
Class 1A – assumed 5% return		1,000.00		1,020.62		4.63		.91
Class 2 – actual return		1,000.00		905.61		4.37		.91
Class 2 – assumed 5% return		1,000.00		1,020.62		4.63		.91
Class 4 – actual return		1,000.00		904.62		5.57		1.16
Class 4 – assumed 5% return		1,000.00		1,019.36		5.90		1.16
Capital Income Builder
Class 1 – actual return	$	1,000.00	$	952.39	$	2.71		.55	%
Class 1 – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 1A – actual return		1,000.00		951.11		3.89		.79
Class 1A – assumed 5% return		1,000.00		1,021.22		4.02		.79
Class 2 – actual return		1,000.00		951.20		3.93		.80
Class 2 – assumed 5% return		1,000.00		1,021.17		4.08		.80
Class 4 – actual return		1,000.00		949.90		5.11		1.04
Class 4 – assumed 5% return		1,000.00		1,019.96		5.30		1.04

212	American Funds Insurance Series

	Beginning account value 7/1/2018		Ending account value 12/31/2018		Expenses paid during period¹		Annualized expense ratio
Asset Allocation Fund
Class 1 – actual return	$	1,000.00	$	945.68	$	1.37		.28	%
Class 1 – assumed 5% return		1,000.00		1,023.79		1.43		.28
Class 1A – actual return		1,000.00		944.75		2.60		.53
Class 1A – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 2 – actual return		1,000.00		944.68		2.60		.53
Class 2 – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 3 – actual return		1,000.00		944.92		2.26		.46
Class 3 – assumed 5% return		1,000.00		1,022.89		2.35		.46
Class 4 – actual return		1,000.00		943.52		3.82		.78
Class 4 – assumed 5% return		1,000.00		1,021.27		3.97		.78
Global Balanced Fund
Class 1 – actual return	$	1,000.00	$	946.36	$	3.58		.73	%
Class 1 – assumed 5% return		1,000.00		1,021.53		3.72		.73
Class 1A – actual return		1,000.00		944.87		4.80		.98
Class 1A – assumed 5% return		1,000.00		1,020.27		4.99		.98
Class 2 – actual return		1,000.00		945.15		4.80		.98
Class 2 – assumed 5% return		1,000.00		1,020.27		4.99		.98
Class 4 – actual return		1,000.00		943.60		6.03		1.23
Class 4 – assumed 5% return		1,000.00		1,019.00		6.26		1.23
Bond Fund
Class 1 – actual return	$	1,000.00	$	1,013.36	$	1.98		.39	%
Class 1 – assumed 5% return		1,000.00		1,023.24		1.99		.39
Class 1A – actual return		1,000.00		1,012.94		3.20		.63
Class 1A – assumed 5% return		1,000.00		1,022.03		3.21		.63
Class 2 – actual return		1,000.00		1,012.27		3.25		.64
Class 2 – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 4 – actual return		1,000.00		1,010.76		4.51		.89
Class 4 – assumed 5% return		1,000.00		1,020.72		4.53		.89
Global Bond Fund
Class 1 – actual return	$	1,000.00	$	1,004.05	$	2.93		.58	%
Class 1 – assumed 5% return		1,000.00		1,022.28		2.96		.58
Class 1A – actual return		1,000.00		1,002.59		4.14		.82
Class 1A – assumed 5% return		1,000.00		1,021.07		4.18		.82
Class 2 – actual return		1,000.00		1,002.66		4.19		.83
Class 2 – assumed 5% return		1,000.00		1,021.02		4.23		.83
Class 4 – actual return		1,000.00		1,001.01		5.45		1.08
Class 4 – assumed 5% return		1,000.00		1,019.76		5.50		1.08

See end of tables for footnotes.

American Funds Insurance Series

213

	Beginning account value 7/1/2018		Ending account value 12/31/2018		Expenses paid during period¹		Annualized expense ratio
High-Income Bond Fund
Class 1 – actual return	$	1,000.00	$	973.84	$	2.54		.51	%
Class 1 – assumed 5% return		1,000.00		1,022.63		2.60		.51
Class 1A – actual return		1,000.00		972.85		3.73		.75
Class 1A – assumed 5% return		1,000.00		1,021.42		3.82		.75
Class 2 – actual return		1,000.00		973.23		3.78		.76
Class 2 – assumed 5% return		1,000.00		1,021.37		3.87		.76
Class 3 – actual return		1,000.00		973.26		3.43		.69
Class 3 – assumed 5% return		1,000.00		1,021.73		3.52		.69
Class 4 – actual return		1,000.00		970.96		5.02		1.01
Class 4 – assumed 5% return		1,000.00		1,020.11		5.14		1.01
Mortgage Fund
Class 1 – actual return	$	1,000.00	$	1,018.13	$	2.54		.50	%
Class 1 – assumed 5% return		1,000.00		1,022.68		2.55		.50
Class 1A – actual return		1,000.00		1,016.98		3.81		.75
Class 1A – assumed 5% return		1,000.00		1,021.42		3.82		.75
Class 2 – actual return		1,000.00		1,015.95		3.81		.75
Class 2 – assumed 5% return		1,000.00		1,021.42		3.82		.75
Class 4 – actual return		1,000.00		1,014.64		5.13		1.01
Class 4 – assumed 5% return		1,000.00		1,020.11		5.14		1.01
Ultra-Short Bond Fund
Class 1 – actual return	$	1,000.00	$	1,009.21	$	1.92		.38	%
Class 1 – assumed 5% return		1,000.00		1,023.29		1.94		.38
Class 1A – actual return		1,000.00		1,009.23		1.87		.37
Class 1A – assumed 5% return		1,000.00		1,023.34		1.89		.37
Class 2 – actual return		1,000.00		1,008.25		3.14		.62
Class 2 – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class 3 – actual return		1,000.00		1,007.42		2.78		.55
Class 3 – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 4 – actual return		1,000.00		1,006.62		4.40		.87
Class 4 – assumed 5% return		1,000.00		1,020.82		4.43		.87
U.S. Government/AAA-Rated Securities Fund
Class 1 – actual return	$	1,000.00	$	1,020.09	$	1.83		.36	%
Class 1 – assumed 5% return		1,000.00		1,023.39		1.84		.36
Class 1A – actual return		1,000.00		1,019.74		3.11		.61
Class 1A – assumed 5% return		1,000.00		1,022.13		3.11		.61
Class 2 – actual return		1,000.00		1,019.76		3.11		.61
Class 2 – assumed 5% return		1,000.00		1,022.13		3.11		.61
Class 3 – actual return		1,000.00		1,019.28		2.75		.54
Class 3 – assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 4 – actual return		1,000.00		1,018.62		4.38		.86
Class 4 – assumed 5% return		1,000.00		1,020.87		4.38		.86

214	American Funds Insurance Series

	Beginning account value 7/1/2018		Ending account value 12/31/2018		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Managed Risk Growth Fund
Class P1 – actual return	$	1,000.00	$	948.34	$	1.92		.39	%	$	3.49		.71	%
Class P1 – assumed 5% return		1,000.00		1,023.24		1.99		.39			3.62		.71
Class P2 – actual return		1,000.00		946.51		3.19		.65			4.76		.97
Class P2 – assumed 5% return		1,000.00		1,021.93		3.31		.65			4.94		.97
Managed Risk International Fund
Class P1 – actual return	$	1,000.00	$	903.38	$	1.54		.32	%	$	3.69		.77	%
Class P1 – assumed 5% return		1,000.00		1,023.59		1.63		.32			3.92		.77
Class P2 – actual return		1,000.00		901.89		3.16		.66			5.42		1.13
Class P2 – assumed 5% return		1,000.00		1,021.88		3.36		.66			5.75		1.13
Managed Risk Blue Chip Income and Growth Fund
Class P1 – actual return	$	1,000.00	$	947.22	$	1.52		.31	%	$	3.29		.67	%
Class P1 – assumed 5% return		1,000.00		1,023.64		1.58		.31			3.41		.67
Class P2 – actual return		1,000.00		945.53		3.14		.64			5.00		1.02
Class P2 – assumed 5% return		1,000.00		1,021.98		3.26		.64			5.19		1.02
Managed Risk Growth-Income Fund
Class P1 – actual return	$	1,000.00	$	950.38	$	1.72		.35	%	$	3.15		.64	%
Class P1 – assumed 5% return		1,000.00		1,023.44		1.79		.35			3.26		.64
Class P2 – actual return		1,000.00		948.19		3.19		.65			4.57		.93
Class P2 – assumed 5% return		1,000.00		1,021.93		3.31		.65			4.74		.93
Managed Risk Asset Allocation Fund
Class P1 – actual return	$	1,000.00	$	955.05	$	1.38		.28	%	$	2.91		.59	%
Class P1 – assumed 5% return		1,000.00		1,023.79		1.43		.28			3.01		.59
Class P2 – actual return		1,000.00		953.49		2.66		.54			4.14		.84
Class P2 – assumed 5% return		1,000.00		1,022.48		2.75		.54			4.28		.84

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.

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215

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216	American Funds Insurance Series

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the series²	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee
William H. Baribault, 1945	2009	CEO and President, Richard Nixon Foundation; Chairman of the Board and CEO, Oakwood Enterprises (private investment and consulting)	81	General Finance Corporation
James G. Ellis, 1947	2010	Dean and Professor of Marketing, Marshall School of Business, University of Southern California	91	Mercury General Corporation
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	78	None
Mary Davis Holt, 1950	2015–2016 2017	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	78	None
R. Clark Hooper, 1946	2010	Private investor	81	None
Merit E. Janow, 1958	2007	Dean and Professor, Columbia University, School of International and Public Affairs	80	Mastercard Incorporated; Trimble Inc.
Laurel B. Mitchell, PhD, 1955	2010	Chair, California Jump$tart Coalition for Personal Financial Literacy; Part-time faculty, Pomona College; former Distinguished Professor of Accounting, University of Redlands; former Director, Accounting Program, University of Redlands	78	None
Margaret Spellings, 1957 Chairman of the Board (Independent and Non-Executive)	2010	President, The University of North Carolina; former President, George W. Bush Foundation	82	None
Alexandra Trower, 1964	2018	Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	77	None

Leonard R. Fuller and Frank M. Sanchez retired from the board on December 31, 2018. The trustees thank Mr. Fuller and Mr. Sanchez for their dedication and service to the fund.

Interested trustee^4,5

Name, year of birth and position with series	Year first elected a trustee or officer of the series²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee
Donald D. O’Neal, 1960 Co-President	1998	Partner — Capital International Investors, Capital Research and Management Company; Director, Capital Research and Management Company	31	None
Michael C. Gitlin, 1970	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.;⁶served as Head of Fixed Income at a large investment management firm prior to joining Capital Research and Management Company in 2015	77	None

The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the American Funds website at americanfunds.com. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.

American Funds Insurance Series

217

Board of trustees and other officers (continued)

Other officers⁵

Name, year of birth and position with series	Year first elected an officer of the series²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series
Alan N. Berro, 1960 Co-President	1998	Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Maria Manotok Pathria, 1974 Executive Vice President	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Director, Capital Guardian Trust Company⁶
John H. Smet, 1956 Senior Vice President	1994	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Martin Jacobs, 1962 Vice President	2016	Partner — Capital World Investors, Capital Research and Management Company
Carl M. Kawaja, 1964 Vice President	2008	Partner — Capital World Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.⁶
Sung Lee, 1966 Vice President	2008	Partner — Capital Research Global Investors, Capital International, Inc.⁶
S. Keiko McKibben, 1969 Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company
Renaud H. Samyn, 1974 Vice President	2010	Partner — Capital Research Global Investors, Capital International, Inc.⁶
Dylan Yolles, 1969 Vice President	2012	Partner — Capital International Investors, Capital Research and Management Company
Steven I. Koszalka, 1964 Secretary	2003	Vice President — Fund Business Management Group, Capital Research and Management Company
Gregory F. Niland, 1971 Treasurer	2008	Vice President — Investment Operations, Capital Research and Management Company
Susan K. Countess, 1966 Assistant Secretary	2014	Associate — Fund Business Management Group, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2015	Vice President — Investment Operations, Capital Research and Management Company
Dori Laskin, 1951 Assistant Treasurer	2010	Vice President — Investment Operations, Capital Research and Management Company

¹	The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940.
²	Trustees and officers of the series serve until their resignation, removal or retirement.
³	This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
⁴	The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series’ investment adviser, Capital Research and Management Company, or affiliated entities (including the series’ principal underwriter).
⁵	All of the trustees and/or officers listed, with the exception of Martin Jacobs, S. Keiko McKibben and Renaud H. Samyn, are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
⁶	Company affiliated with Capital Research and Management Company.

218	American Funds Insurance Series

Results of special meeting of shareholders

Held November 28, 2018

Shares outstanding (all classes) on August 31, 2018 (record date)

6,347,216,058

Total shares voting on November 28, 2018

4,343,768,464 (68.4% of shares outstanding)

The proposal: to elect board members:

	Votes for	Percent of shares voting for			Votes withheld	Percent of shares withheld
William H. Baribault	4,208,852,644		96.9	%	134,915,821		3.1	%
James G. Ellis	4,216,149,993		97.1		127,618,471		2.9
Nariman Farvardin	4,218,959,298		97.1		124,809,166		2.9
Michael C. Gitlin	4,222,232,502		97.2		121,535,962		2.8
Mary Davis Holt	4,224,279,601		97.2		119,488,863		2.8
R. Clark Hooper	4,216,559,229		97.1		127,209,235		2.9
Merit E. Janow	4,220,194,031		97.2		123,574,433		2.8
Laurel B. Mitchell	4,224,436,631		97.3		119,331,833		2.7
Donald D. O’Neal	4,220,647,956		97.2		123,120,508		2.8
Margaret Spellings	4,219,675,934		97.1		124,092,530		2.9
Alexandra Trower	4,225,223,365		97.3		118,545,099		2.7

American Funds Insurance Series

219

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

One Federal Street

Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

220	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 December 31, 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. 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 March 31, 2019, 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. 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. 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 © 2019 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, Capital Group, home of American Funds, 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 26 years of investment experience, including 21 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 Lipper peer indexes in 91% of 10-year periods and 100% of 20-year periods. Fixed income funds have beaten their Lipper indexes in 65% of 10-year periods and 81% of 20-year periods.²Fund management fees have been among the lowest in the industry.³

	¹	Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2018, as supplemented January 1, 2019.
	²	Based on Class 1 share results for rolling periods through December 31, 2018. 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, 2018, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks referenced are registered trademarks owned by The Capital Group Companies, Inc. or an affiliated company. All other company and product names mentioned are the trademarks or registered trademarks of their respective companies.

Item 2. Code of Ethics.

As of December 31, 2018, the Registrant adopted a Code of Ethics that applies to the Principal Executive Officer and Principal Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2018, there were no reportable amendments to a provision of the Code of Ethics. A copy of its Code of Ethics is filed with this Form N-CSR under Item 13(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Susan B. Sweeney and Nabil N. El-Hage, both members of the Audit Committee, are audit committee financial experts as defined by the Securities and Exchange Commission (the “SEC”). Ms. Sweeney and Mr. El-Hage are both “independent” as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services.

References below to Deloitte & Touche LLP include its affiliates where applicable.

(a)

AUDIT FEES: The aggregate fees billed to the Registrant for professional services rendered by its independent auditors, Deloitte & Touche LLP, for the audit of the Registrant’s annual financial statements for the fiscal years ended 2018 and 2017 were $418,018 and $816,829, respectively.

(b)

AUDIT RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2018 and 2017. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2018 and 2017.

(c)

TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by Deloitte & Touche LLP for the review of Form 1120-RIC, Form 8613, excise distribution projections, distribution calculation and reasonable out of pocket expenses for the fiscal years ended 2018 and 2017 were $167,434 and $134,953, respectively. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2018 and 2017.

(d)

ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2018 and 2017. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2018 and 2017.

(e)

(1) AUDIT COMMITTEE PRE-APPOVAL POLICY: All services to be performed for the Registrant by Deloitte & Touche LLP must be pre-approved by the audit committee. All services performed during the fiscal years ended 2018 and 2017 were pre-approved by the committee.

(2) Not applicable.

(f)

Not applicable.

(g)

The aggregate non-audit fees billed by Deloitte & Touche LLP for services rendered to the Registrant, the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant, for the fiscal years ended 2018 and 2017 were $2,915,699 and $12,658,928, respectively.

(h)

The audit committee considers whether the provision of non-audit services by Deloitte & Touche LLP to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining Deloitte & Touche LLP’s independence.

Refers to fees that were required to be approved by the audit committee for services that relate directly to the operations and financial reporting of the Registrant.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable to this filing.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this filing.

Item 13. Exhibits.

(a)(1) Code of Ethics (Item 2) is attached.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-

14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		MML Series Investment Fund


By (Signature and Title)		/s/ Tina Wilson
Tina Wilson, President and Principal Executive Officer


Date		2/22/2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Tina Wilson
Tina Wilson, President and Principal Executive Officer


Date		2/22/2019


By (Signature and Title)		/s/ Renee Hitchcock
Renee Hitchcock, Treasurer and Principal Financial Officer


Date		2/22/2019