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)

  Eric Wietsma

  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:    12/31/19                            

  Date of reporting period:    6/30/19                           

Item 1. Reports to Stockholders.

Table of Contents

President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	3
Portfolio of Investments (Unaudited)
MML Conservative Allocation Fund	8
MML Balanced Allocation Fund	9
MML Moderate Allocation Fund	10
MML Growth Allocation Fund	11
MML Aggressive Allocation Fund	12
MML American Funds Growth Fund	13
MML American Funds International Fund	14
MML American Funds Core Allocation Fund	15
Statements of Assets and Liabilities (Unaudited)	16
Statements of Operations (Unaudited)	20
Statements of Changes in Net Assets	22
Financial Highlights	26
Notes to Financial Statements (Unaudited)	34
Other Information (Unaudited)
Proxy Voting	49
Quarterly Reporting	49
Trustees’ Approval of Investment Advisory Contracts	49
Fund Expenses	51

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

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

To Our Shareholders

Eric Wietsma

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

June 30, 2019

Welcome to the MML Series Investment Fund Semiannual Report, covering the six-month period from January 1, 2019 to June 30, 2019.

Market Highlights

• During the period, U.S. stock prices enjoyed some of their best returns for the first six months since the late 1990s.

• Data throughout the period pointed to more uneven global economic growth with markets only rebounding after assurances by the Federal Reserve Board (the Fed) that it would hold off on raising interest rates in 2019.

• Developed-market and emerging-market foreign stocks trailed U.S. stock returns for the period, though both developed-market and emerging-market foreign stocks were up for the period and delivered solid returns.

• U.S. bonds benefited from declining U.S. Treasury yields and the Fed’s pause in rate hikes. As a result, bond markets enjoyed broad positive returns for the period.

Market Commentary

Following one of the worst fourth quarters they had ever experienced, stock markets rebounded to enjoy some of the best first half returns since the late 1990s. The rebound gained momentum during the first quarter on expectations that the Fed would not raise interest rates in 2019. The previous year had seen four rate hikes. The rebound accelerated through turbulence caused by ongoing trade tensions and geopolitical sabre rattling as markets came to expect that the Fed might even reduce the federal funds rate (the interest rate that banks and financial institutions charge each other for borrowing funds overnight). By the end of the period, the market anticipated two possible rate reductions in what remains of 2019 and stock market growth accelerated to new records in major stock indexes.

Global growth remains positive, but less synchronized and more restrained than in the recent past. We believe the U.S. economy is showing signs that it may be in the late stages of the current business cycle. For example, a tightening labor market yields low unemployment rates but tends to drive up wage growth, putting pressure on corporate earnings. In addition, declining claims for unemployment benefits may point to a nearer plateau in employment growth. Lastly, we believe recent softness in housing data tends to be consistent with late cycle trends. While talk of recession naturally follows evidence of late cycle indicators, we agree with the general consensus that the risk of near-term recession appears to be low.

The broad market S&P 500^® Index* delivered a strong 18.54% gain for the first half of 2019. The technology-heavy NASDAQ Composite Index outperformed for the same period, returning 21.33% growth. The Dow Jones Industrial Average is also up 14.99% so far this year. Small- and mid-cap stocks slightly underperformed their larger peers and value stocks widely underperformed their

* 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.

(Continued)

1

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

growth peers. The positive momentum carried broadly across all market sectors for the period with all sectors delivering double-digit returns. The technology, communications services, and industrials sectors led during the period, while healthcare, utilities, and energy brought up the rear.

Developed international stock markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers, but delivered 14.03% returns for the first half of 2019. Central banks voiced unanimous willingness to continue monetary stimulus in support of the current expansion. In addition, the G20 summit towards the end of June seemed to encourage confidence in a resolution, or at least de-escalation, of trade tensions between the U.S. and China. Emerging-market stock markets, as measured by the MSCI Emerging Markets Index, fared a little worse than developed markets, returning 10.58% for the period.

The Fed once again asserted its influence on markets during this reporting period. This time it was not what they did, but what they did not do that helped. The year started with an expectation of multiple rate hikes in 2019, following the trend set in 2018. As markets began to show signs of bogging down, Fed chair Jerome Powell expressed the Fed’s intent to support ongoing growth through delaying planned rate hikes. Market concerns eased when the Fed set expectations for no more rate hikes in 2019. Optimism returned as the options market began forecasting the possibilities of rate cuts before the end of the year.

The Fed’s inaction, along with prospects of dropping rates, boosted bond markets during the first half of 2019. Bond yields fell, lifting returns on high-quality fixed income assets. The 10-year U.S. Treasury bond ended June at 2.00%, down .66% from the first of the year. Since falling yields drive bond prices up, the Bloomberg Barclays U.S. Aggregate Bond Index ended the period with a positive return of 6.11%. Investment-grade and high-yield corporate bonds also fared well in the falling yield environment. The Bloomberg Barclays U.S. Corporate Bond Index, which tracks investment-grade corporate bonds, ended the period up 9.85%. The Bloomberg Barclays U.S. Corporate High Yield Index fared slightly better, ending the period up 9.94%.

Review and maintain your strategy

MassMutual remains committed to helping people secure their long-term future and protect the ones they love. While investors enjoyed broad positive returns over the first half of 2019, we’d like to remind you that, as a retirement investor, it’s important to maintain perspective and have realistic expectations about the future performance of your investment accounts. Optimism about continued economic expansion should be balanced with the constant reminder that past performance does not guarantee future results. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement – in all market conditions. As always, we recommend the value a personal financial professional can bring you by helping you define an investment strategy that aligns with your risk tolerance comfort level, how long you have to save and invest, and your specific financial goals. Thank you for your confidence in MassMutual.

Sincerely,

Eric Wietsma

President

^© 2019 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA. All rights reserved. www.massmutual.com Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 100 Bright Meadow Blvd., Enfield, CT 06082. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of MassMutual. The information provided is the opinion of MML Advisers as of 7/1/19 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.

2

MML Allocation Series – Portfolio Summaries (Unaudited)

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

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

Each Fund seeks to achieve as high a total return over time as is considered consistent with prudent investment risk, preservation of capital, and recognition of the Fund’s stated asset allocation. Each Fund invests in a combination of U.S. domestic and international mutual funds (“MML Underlying Funds”) using an asset allocation strategy. MML Underlying Funds will include a combination of series of the MML Series Investment Fund and MML Series Investment Fund II (advised by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual)), and may also include other, non-affiliated mutual funds. The Series’ investment adviser is MML Advisers.

Through their investment in MML Underlying Funds, the Funds will be exposed to a wide range of securities and other instruments with differing characteristics (such as credit quality, duration, geography, industry, and market capitalization), which may include without limitation 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, 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.

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

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

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

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

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

3

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

MML Conservative Allocation Fund Asset Allocation (% of Net Assets) on 6/30/19
Fixed Income Funds	63.4	%
Equity Funds	36.7	%
Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%
Net Assets	100.0	%

MML Balanced Allocation Fund Asset Allocation (% of Net Assets) on 6/30/19
Fixed Income Funds	53.2	%
Equity Funds	46.9	%
Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%
Net Assets	100.0	%

MML Moderate Allocation Fund Asset Allocation (% of Net Assets) on 6/30/19
Equity Funds	56.8	%
Fixed Income Funds	43.3	%
Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%
Net Assets	100.0	%

MML Growth Allocation Fund Asset Allocation (% of Net Assets) on 6/30/19
Equity Funds	71.9	%
Fixed Income Funds	28.2	%
Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%
Net Assets	100.0	%

MML Aggressive Allocation Fund Asset Allocation (% of Net Assets) on 6/30/19
Equity Funds	86.9	%
Fixed Income Funds	13.2	%
Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%
Net Assets	100.0	%

4

MML American Funds Growth Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks to provide investors with growth of capital through a “master feeder” relationship. (See page 34 of this report for information about the “master feeder” relationship.) The Fund invests all of its assets in Class 1 shares of the American Funds Insurance Series – Growth Fund (the “Master Growth Fund”), a series of the American Funds Insurance Series, a registered open-end investment company, managed by Capital Research and Management Company (Capital Research) with substantially the same investment objective. The Master Growth Fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The Master Growth Fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. The Master Growth Fund may hold a portion of its assets in cash or cash equivalents. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).

MML American Funds Growth Fund Asset Allocation (% of Net Assets) on 6/30/19
Equity Funds	100.1	%
Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%
Net Assets	100.0	%

5

MML American Funds International Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital growth of assets through a “master-feeder” relationship. (See page 34 of this report for information about the “master feeder” relationship.) The Fund invests all of its assets in Class 1 shares of the American Funds Insurance Series – International Fund (the “Master International Fund”), a series of the American Funds Insurance Series, a registered open-end investment company managed by Capital Research and Management Company (Capital Research) with 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 emerging markets, that Capital Research believes have the potential for growth. The Master International Fund may hold a portion of its assets in cash or cash equivalents. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).

MML American Funds International Fund Asset Allocation (% of Net Assets) on 6/30/19
Mutual Funds	100.1	%
Total Long-Term Investments	100.1	%
Other Assets and Liabilities	(0.1	)%
Net Assets	100.0	%

6

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

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

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

MML American Funds Core Allocation Fund Asset Allocation (% of Net Assets) on 6/30/19
Equity Funds	64.3	%
Fixed Income Funds	35.8	%
Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%
Net Assets	100.0	%

7

MML Conservative Allocation Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 36.7%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund/VA, Series I		26,868	$	2,101,040
Invesco Oppenheimer V.I. Global Fund/VA, Series I		163,116		6,397,415
Invesco Oppenheimer V.I. International Growth Fund/VA, Series I		673,412		1,508,444
Invesco Oppenheimer V.I. Main Street Fund/VA, Series I		181,031		4,893,278
MML Blue Chip Growth Fund, Initial Class (a)		592,691		10,455,072
MML Equity Income Fund, Initial Class (a)		988,932		11,491,394
MML Equity Index Fund, Class III (a)		26,946		894,864
MML Focused Equity Fund, Class II (a)		2,554,818		16,427,478
MML Foreign Fund, Initial Class (a)		727,975		7,250,632
MML Fundamental Growth Fund, Class II (a)		596,905		6,762,935
MML Fundamental Value Fund, Class II (a)		761,782		10,565,909
MML Global Fund, Class I (a)		1,556,479		19,315,901
MML Income & Growth Fund, Initial Class (a)		1,319,420		12,864,344
MML International Equity Fund, Class II (a)		938,675		9,461,849
MML Large Cap Growth Fund, Initial Class (a)		258,312		3,053,245
MML Mid Cap Growth Fund, Initial Class (a)		605,492		10,481,066
MML Mid Cap Value Fund, Initial Class (a)		785,823		8,612,623
MML Small Cap Growth Equity Fund, Initial Class (a)		113,336		1,817,594
MML Small Company Value Fund, Class II (a)		254,157		4,127,506
MML Small/Mid Cap Value Fund, Initial Class (a)		211,835		2,567,446
MML Strategic Emerging Markets Fund, Class II (a)		47,770		560,824
				151,610,859
Fixed Income Funds — 63.4%
Invesco Oppenheimer V.I. Global Strategic Income Fund/VA, Series I		2,227,463		10,847,747
MML Dynamic Bond Fund, Class II (a)		5,730,641		57,994,089

	Number of Shares		Value
MML High Yield Fund, Class II (a)		1,240,680	$	11,984,965
MML Inflation-Protected and Income Fund, Initial Class (a)		1,708,688		17,616,570
MML Managed Bond Fund, Initial Class (a)		7,089,900		89,474,540
MML Short-Duration Bond Fund, Class II (a)		2,422,760		23,646,140
MML Total Return Bond Fund, Class II (a)		4,672,879		50,513,822
				262,077,873
TOTAL MUTUAL FUNDS (Cost $405,700,242)				413,688,732
TOTAL LONG-TERM INVESTMENTS (Cost $405,700,242)				413,688,732
TOTAL INVESTMENTS — 100.1% (Cost $405,700,242) (b)				413,688,732
Other Assets/(Liabilities) — (0.1)%				(329,268	)
NET ASSETS — 100.0%			$	413,359,464

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

8

MML Balanced Allocation Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 46.9%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund/VA, Series I		44,749	$	3,499,352
Invesco Oppenheimer V.I. Global Fund/VA, Series I		251,566		9,866,404
Invesco Oppenheimer V.I. International Growth Fund/VA, Series I		1,206,059		2,701,573
Invesco Oppenheimer V.I. Main Street Fund/VA, Series I		364,949		9,864,559
MML Blue Chip Growth Fund, Initial Class (a)		908,070		16,018,362
MML Equity Income Fund, Initial Class (a)		1,545,072		17,953,737
MML Equity Index Fund, Class III (a)		39,292		1,304,872
MML Focused Equity Fund, Class II (a)		3,197,249		20,558,310
MML Foreign Fund, Initial Class (a)		1,490,553		14,845,908
MML Fundamental Growth Fund, Class II (a)		895,777		10,149,155
MML Fundamental Value Fund, Class II (a)		1,134,877		15,740,744
MML Global Fund, Class I (a)		3,222,512		39,991,373
MML Income & Growth Fund, Initial Class (a)		1,887,053		18,398,770
MML International Equity Fund, Class II (a)		1,466,304		14,780,345
MML Large Cap Growth Fund, Initial Class (a)		532,051		6,288,841
MML Mid Cap Growth Fund, Initial Class (a)		1,028,735		17,807,406
MML Mid Cap Value Fund, Initial Class (a)		1,475,803		16,174,797
MML Small Cap Growth Equity Fund, Initial Class (a)		243,959		3,912,408
MML Small Company Value Fund, Class II (a)		389,133		6,319,527
MML Small/Mid Cap Value Fund, Initial Class (a)		341,541		4,139,471
MML Strategic Emerging Markets Fund, Class II (a)		144,603		1,697,635
				252,013,549
Fixed Income Funds — 53.2%
Invesco Oppenheimer V.I. Global Strategic Income Fund/VA, Series I		2,115,774		10,303,820
MML Dynamic Bond Fund, Class II (a)		6,145,929		62,196,803

	Number of Shares		Value
MML High Yield Fund, Class II (a)		1,336,381	$	12,909,439
MML Inflation-Protected and Income Fund, Initial Class (a)		1,962,000		20,228,221
MML Managed Bond Fund, Initial Class (a)		7,926,361		100,030,678
MML Short-Duration Bond Fund, Class II (a)		2,636,907		25,736,215
MML Total Return Bond Fund, Class II (a)		5,049,102		54,580,791
				285,985,967
TOTAL MUTUAL FUNDS (Cost $529,994,367)				537,999,516
TOTAL LONG-TERM INVESTMENTS (Cost $529,994,367)				537,999,516
TOTAL INVESTMENTS — 100.1% (Cost $529,994,367) (b)				537,999,516
Other Assets/(Liabilities) — (0.1)%				(407,842	)
NET ASSETS — 100.0%			$	537,591,674

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

9

MML Moderate Allocation Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 56.8%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund/VA, Series I		225,235	$	17,613,345
Invesco Oppenheimer V.I. Global Fund/VA, Series I		1,024,292		40,172,729
Invesco Oppenheimer V.I. International Growth Fund/VA, Series I		5,641,642		12,637,278
Invesco Oppenheimer V.I. Main Street Fund/VA, Series I		1,094,282		29,578,447
MML Blue Chip Growth Fund, Initial Class (a)		4,299,478		75,842,791
MML Equity Income Fund, Initial Class (a)		7,236,232		84,085,021
MML Equity Index Fund, Class III (a)		168,743		5,603,942
MML Focused Equity Fund, Class II (a)		17,930,454		115,292,817
MML Foreign Fund, Initial Class (a)		7,199,390		71,705,925
MML Fundamental Growth Fund, Class II (a)		3,802,132		43,078,158
MML Fundamental Value Fund, Class II (a)		5,385,770		74,700,626
MML Global Fund, Class I (a)		13,418,796		166,527,258
MML Income & Growth Fund, Initial Class (a)		8,748,930		85,302,069
MML International Equity Fund, Class II (a)		7,374,639		74,336,360
MML Large Cap Growth Fund, Initial Class (a)		1,915,147		22,637,037
MML Mid Cap Growth Fund, Initial Class (a)		5,110,748		88,467,049
MML Mid Cap Value Fund, Initial Class (a)		6,957,273		76,251,713
MML Small Cap Growth Equity Fund, Initial Class (a)		999,454		16,028,392
MML Small Company Value Fund, Class II (a)		1,922,758		31,225,593
MML Small/Mid Cap Value Fund, Initial Class (a)		2,126,215		25,769,728
MML Strategic Emerging Markets Fund, Class II (a)		5,170,917		60,706,565
				1,217,562,843
Fixed Income Funds — 43.3%
Invesco Oppenheimer V.I. Global Strategic Income Fund/VA, Series I		6,962,667		33,908,190

	Number of Shares		Value
MML Dynamic Bond Fund, Class II (a)		20,227,700	$	204,704,322
MML High Yield Fund, Class II (a)		4,042,257		39,048,202
MML Inflation-Protected and Income Fund, Initial Class (a)		6,495,378		66,967,350
MML Managed Bond Fund, Initial Class (a)		25,738,561		324,820,666
MML Short-Duration Bond Fund, Class II (a)		8,294,439		80,953,722
MML Total Return Bond Fund, Class II (a)		16,296,279		176,162,781
				926,565,233
TOTAL MUTUAL FUNDS (Cost $2,110,268,599)				2,144,128,076
TOTAL LONG-TERM INVESTMENTS (Cost $2,110,268,599)				2,144,128,076
TOTAL INVESTMENTS — 100.1% (Cost $2,110,268,599) (b)				2,144,128,076
Other Assets/(Liabilities) — (0.1)%				(1,561,808	)
NET ASSETS — 100.0%			$	2,142,566,268

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

10

MML Growth Allocation Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 71.9%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund/VA, Series I		203,599	$	15,921,460
Invesco Oppenheimer V.I. Global Fund/VA, Series I		838,362		32,880,538
Invesco Oppenheimer V.I. International Growth Fund/VA, Series I		5,065,941		11,347,708
Invesco Oppenheimer V.I. Main Street Fund/VA, Series I		967,241		26,144,519
MML Blue Chip Growth Fund, Initial Class (a)		3,803,737		67,097,927
MML Equity Income Fund, Initial Class (a)		6,424,824		74,656,455
MML Equity Index Fund, Class III (a)		148,649		4,936,646
MML Focused Equity Fund, Class II (a)		17,396,392		111,858,801
MML Foreign Fund, Initial Class (a)		6,532,468		65,063,381
MML Fundamental Growth Fund, Class II (a)		2,894,957		32,799,861
MML Fundamental Value Fund, Class II (a)		4,824,483		66,915,575
MML Global Fund, Class I (a)		11,967,564		148,517,472
MML Income & Growth Fund, Initial Class (a)		7,760,292		75,662,843
MML International Equity Fund, Class II (a)		6,834,683		68,893,607
MML Large Cap Growth Fund, Initial Class (a)		1,845,969		21,819,351
MML Mid Cap Growth Fund, Initial Class (a)		4,727,845		81,838,998
MML Mid Cap Value Fund, Initial Class (a)		6,309,204		69,148,874
MML Small Cap Growth Equity Fund, Initial Class (a)		921,124		14,772,215
MML Small Company Value Fund, Class II (a)		1,813,598		29,452,832
MML Small/Mid Cap Value Fund, Initial Class (a)		1,953,487		23,676,257
MML Strategic Emerging Markets Fund, Class II (a)		5,082,131		59,664,217
				1,103,069,537
Fixed Income Funds — 28.2%
Invesco Oppenheimer V.I. Global Strategic Income Fund/VA, Series I		3,291,673		16,030,446

	Number of Shares		Value
MML Dynamic Bond Fund, Class II (a)		8,640,550	$	87,442,365
MML High Yield Fund, Class II (a)		1,884,067		18,200,084
MML Inflation-Protected and Income Fund, Initial Class (a)		5,714,141		58,912,798
MML Managed Bond Fund, Initial Class (a)		11,112,219		140,236,218
MML Short-Duration Bond Fund, Class II (a)		4,070,091		39,724,089
MML Total Return Bond Fund, Class II (a)		6,663,801		72,035,690
				432,581,690
TOTAL MUTUAL FUNDS (Cost $1,504,160,337)				1,535,651,227
TOTAL LONG-TERM INVESTMENTS (Cost $1,504,160,337)				1,535,651,227
TOTAL INVESTMENTS — 100.1% (Cost $1,504,160,337) (b)				1,535,651,227
Other Assets/(Liabilities) — (0.1)%				(965,938	)
NET ASSETS — 100.0%			$	1,534,685,289

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

11

MML Aggressive Allocation Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 86.9%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund/VA, Series I		25,264	$	1,975,655
Invesco Oppenheimer V.I. Global Fund/VA, Series I		97,998		3,843,468
Invesco Oppenheimer V.I. International Growth Fund/VA, Series I		626,852		1,404,148
Invesco Oppenheimer V.I. Main Street Fund/VA, Series I		129,705		3,505,930
MML Blue Chip Growth Fund, Initial Class (a)		475,704		8,391,420
MML Equity Income Fund, Initial Class (a)		753,680		8,757,758
MML Equity Index Fund, Class III (a)		18,616		618,235
MML Focused Equity Fund, Class II (a)		2,047,291		13,164,078
MML Foreign Fund, Initial Class (a)		786,653		7,835,068
MML Fundamental Growth Fund, Class II (a)		345,298		3,912,221
MML Fundamental Value Fund, Class II (a)		590,850		8,195,088
MML Global Fund, Class I (a)		1,433,705		17,792,279
MML Income & Growth Fund, Initial Class (a)		880,025		8,580,246
MML International Equity Fund, Class II (a)		886,978		8,940,741
MML Large Cap Growth Fund, Initial Class (a)		248,466		2,936,874
MML Mid Cap Growth Fund, Initial Class (a)		620,801		10,746,058
MML Mid Cap Value Fund, Initial Class (a)		752,346		8,245,711
MML Small Cap Growth Equity Fund, Initial Class (a)		117,927		1,891,216
MML Small Company Value Fund, Class II (a)		232,885		3,782,053
MML Small/Mid Cap Value Fund, Initial Class (a)		219,805		2,664,032
MML Strategic Emerging Markets Fund, Class II (a)		663,604		7,790,705
				134,972,984
Fixed Income Funds — 13.2%
Invesco Oppenheimer V.I. Global Strategic Income Fund/VA, Series I		153,836		749,182
MML Dynamic Bond Fund, Class II (a)		352,629		3,568,606

	Number of Shares		Value
MML High Yield Fund, Class II (a)		50,970	$	492,371
MML Inflation-Protected and Income Fund, Initial Class (a)		330,122		3,403,554
MML Managed Bond Fund, Initial Class (a)		543,711		6,861,637
MML Short-Duration Bond Fund, Class II (a)		297,886		2,907,372
MML Total Return Bond Fund, Class II (a)		230,888		2,495,903
				20,478,625
TOTAL MUTUAL FUNDS (Cost $152,750,722)				155,451,609
TOTAL LONG-TERM INVESTMENTS (Cost $152,750,722)				155,451,609
TOTAL INVESTMENTS — 100.1% (Cost $152,750,722) (b)				155,451,609
Other Assets/(Liabilities) — (0.1)%				(128,418	)
NET ASSETS — 100.0%			$	155,323,191

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

12

MML American Funds Growth Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds Growth Fund, Class 1		2,539,487	$	185,052,418
TOTAL MUTUAL FUNDS (Cost $181,743,611)				185,052,418
TOTAL LONG-TERM INVESTMENTS (Cost $181,743,611)				185,052,418
TOTAL INVESTMENTS — 100.1% (Cost $181,743,611) (a)				185,052,418
Other Assets/(Liabilities) — (0.1)%				(205,349	)
NET ASSETS — 100.0%			$	184,847,069

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

13

MML American Funds International Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds International Fund, Class 1		3,167,463	$	62,557,397
TOTAL MUTUAL FUNDS (Cost $59,723,546)				62,557,397
TOTAL LONG-TERM INVESTMENTS (Cost $59,723,546)				62,557,397
TOTAL INVESTMENTS — 100.1% (Cost $59,723,546) (a)				62,557,397
Other Assets/(Liabilities) — (0.1)%				(84,326	)
NET ASSETS — 100.0%			$	62,473,071

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

14

MML American Funds Core Allocation Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 64.3%
American Funds Blue Chip Income and Growth Fund, Class 1		20,108,637	$	253,569,910
American Funds Growth-Income Fund, Class 1		5,487,012		259,480,813
American Funds International Fund, Class 1		6,583,958		130,033,165
				643,083,888
Fixed Income Funds — 35.8%
American Funds Bond Fund, Class 1		32,144,852		357,450,753
TOTAL MUTUAL FUNDS (Cost $1,003,172,582)				1,000,534,641
TOTAL LONG-TERM INVESTMENTS (Cost $1,003,172,582)				1,000,534,641
TOTAL INVESTMENTS — 100.1% (Cost $1,003,172,582) (a)				1,000,534,641
Other Assets/(Liabilities) — (0.1)%				(1,087,372	)
NET ASSETS — 100.0%			$	999,447,269

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

15

MML Series Investment Fund – Financial Statements

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Assets:
Investments, at value — unaffiliated issuers (Note 2) (a)	$	25,747,924	$	36,235,708
Investments, at value — affiliated issuers (Note 2 & 7) (b)		387,940,808		501,763,808
Total investments		413,688,732		537,999,516
Receivables from:
Investments sold		-		593,347
Fund shares sold		564,566		68,635
Total assets		414,253,298		538,661,498
Liabilities:
Payables for:
Investments purchased		405,251		-
Fund shares repurchased		152,237		653,222
Trustees’ fees and expenses (Note 3)		48,487		59,395
Affiliates (Note 3):
Investment advisory fees		31,401		40,719
Administration fees		-		-
Service fees		198,631		255,223
Accrued expense and other liabilities		57,827		61,265
Total liabilities		893,834		1,069,824
Net assets	$	413,359,464	$	537,591,674
Net assets consist of:
Paid-in capital	$	386,160,758	$	497,714,293
Accumulated Gain (Loss)		27,198,706		39,877,381
Net assets	$	413,359,464	$	537,591,674
(a)    Cost of investments — unaffiliated issuers:	$	25,991,755	$	37,022,261
(b)    Cost of investments — affiliated issuers:	$	379,708,487	$	492,972,106

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

16

MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds International Fund		MML American Funds Core Allocation Fund
$	133,909,989	$	102,324,671	$	11,478,382	$	185,052,418	$	62,557,397	$	1,000,534,641
	2,010,218,087		1,433,326,556		143,973,227		-		-		-
	2,144,128,076		1,535,651,227		155,451,609		185,052,418		62,557,397		1,000,534,641
	1,213,852		1,396,804		38,911		197,420		74,960		-
	84,181		53,579		13,668		158,568		1,160		157,161
	2,145,426,109		1,537,101,610		155,504,188		185,408,406		62,633,517		1,000,691,802
	-		-		-		-		-		2,135
	1,266,048		1,427,145		49,294		352,432		74,151		140,197
	221,483		178,367		13,270		13,658		6,177		88,230
	162,517		116,204		11,714		20,856		7,006		147,018
	-		-		-		34,760		11,677		189,478
	1,097,682		601,963		56,164		114,120		38,524		623,065
	112,111		92,642		50,555		25,511		22,911		54,410
	2,859,841		2,416,321		180,997		561,337		160,446		1,244,533
$	2,142,566,268	$	1,534,685,289	$	155,323,191	$	184,847,069	$	62,473,071	$	999,447,269
$	1,944,304,871	$	1,341,377,539	$	137,623,812	$	136,331,757	$	52,736,037	$	858,772,581
	198,261,397		193,307,750		17,699,379		48,515,312		9,737,034		140,674,688
$	2,142,566,268	$	1,534,685,289	$	155,323,191	$	184,847,069	$	62,473,071	$	999,447,269
$	134,691,024	$	102,367,199	$	11,691,310	$	181,743,611	$	59,723,546	$	1,003,172,582
$	1,975,577,575	$	1,401,793,138	$	141,059,412	$	-	$	-	$	-

17

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Initial Class shares:
Net assets	$	93,709,310	$	124,253,077
Shares outstanding (a)		9,215,429		12,256,348
Net asset value, offering price and redemption price per share	$	10.17	$	10.14
Service Class shares:
Net assets	$	319,650,154	$	413,338,597
Shares outstanding (a)		31,806,561		41,200,298
Net asset value, offering price and redemption price per share	$	10.05	$	10.03
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.

18

MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds International Fund		MML American Funds Core Allocation Fund
$	376,853,918	$	566,327,670	$	65,137,403	$	-	$	-	$	-
	34,577,697		59,568,116		6,132,502		-		-		-
$	10.90	$	9.51	$	10.62	$	-	$	-	$	-
$	1,765,712,350	$	968,357,619	$	90,185,788	$	-	$	-	$	-
	164,067,119		102,870,227		8,626,995		-		-		-
$	10.76	$	9.41	$	10.45	$	-	$	-	$	-
$	-	$	-	$	-	$	184,847,069	$	62,473,071	$	999,447,269
	-		-		-		12,497,265		6,015,757		81,958,821
$	-	$	-	$	-	$	14.79	$	10.38	$	12.19

19

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

	MML Conservative Allocation Fund			MML Balanced Allocation Fund
Investment income (Note 2):
Dividends — unaffiliated issuers	$	523,525		$	598,227
Dividends — affiliated issuers (Note 7)		2,267,248			2,541,150
Total investment income		2,790,773			3,139,377
Expenses (Note 3):
Investment advisory fees		201,096			258,485
Custody fees		12,036			12,042
Audit fees		15,781			15,865
Legal fees		12,188			15,483
Proxy fees		1,069			1,069
Shareholder reporting fees		7,939			9,025
Trustees’ fees		9,823			12,546
		259,932			324,515
Administration fees:
Service Class I		-			-
Service fees:
Service Class		388,660			498,104
Service Class I		-			-
Total expenses		648,592			822,619
Expenses waived (Note 3):
Service Class I fees reimbursed by adviser		-			-
Net expenses:		648,592			822,619
Net investment income (loss)		2,142,181			2,316,758
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions — unaffiliated issuers		8,334			(7,253	)
Investment transactions — affiliated issuers (Note 7)		(2,525,368	)		(3,623,736	)
Realized gain distributions — unaffiliated issuers		1,981,774			3,480,540
Net realized gain (loss)		(535,260	)		(150,449	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions — unaffiliated issuers		(243,831	)		(786,553	)
Investment transactions — affiliated issuers (Note 7)		37,798,181			53,791,200
Net change in unrealized appreciation (depreciation)		37,554,350			53,004,647
Net realized gain (loss) and change in unrealized appreciation (depreciation)		37,019,090			52,854,198
Net increase (decrease) in net assets resulting from operations	$	39,161,271		$	55,170,956

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

20

MML Moderate Allocation Fund			MML Growth Allocation Fund			MML Aggressive Allocation Fund			MML American Funds Growth Fund			MML American Funds International Fund			MML American Funds Core Allocation Fund
$	2,064,415		$	1,309,364		$	112,253		$	445,750		$	108,551		$	4,221,156
	8,669,709			4,362,265			269,131			-			-			-
	10,734,124			5,671,629			381,384			445,750			108,551			4,221,156
	1,042,614			749,235			73,783			132,132			45,020			945,986
	12,560			12,588			12,557			1,129			1,129			3,443
	17,057			16,602			15,584			15,600			15,516			16,205
	63,275			44,629			4,119			4,775			1,861			28,199
	1,069			1,069			1,069			1,069			1,069			1,069
	24,617			18,602			5,333			6,113			5,058			15,514
	51,000			36,320			3,422			3,950			1,398			23,310
	1,212,192			879,045			115,867			164,768			71,051			1,033,726
	-			-			-			220,221			75,033			1,220,049
	2,154,981			1,180,428			109,067			-			-			-
	-			-			-			220,221			75,033			1,220,049
	3,367,173			2,059,473			224,934			605,210			221,117			3,473,824
	-			-			-			-			(6,915	)		-
	3,367,173			2,059,473			224,934			605,210			214,202			3,473,824
	7,366,951			3,612,156			156,450			(159,460	)		(105,651	)		747,332
	(153,696	)		(384,409	)		75,140			2,031,323			750,466			2,173,609
	(8,923,586	)		1,212,303			(806,013	)		-			-			-
	13,313,162			11,789,688			1,394,680			19,248,199			1,554,763			48,192,208
	4,235,880			12,617,582			663,807			21,279,522			2,305,229			50,365,817
	(781,035	)		(42,528	)		(212,928	)		5,407,545			5,976,801			52,630,811
	230,508,883			178,629,067			20,558,260			-			-			-
	229,727,848			178,586,539			20,345,332			5,407,545			5,976,801			52,630,811
	233,963,728			191,204,121			21,009,139			26,687,067			8,282,030			102,996,628
$	241,330,679		$	194,816,277		$	21,165,589		$	26,527,607		$	8,176,379		$	103,743,960

21

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Conservative Allocation Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	2,142,181		$	8,942,002
Net realized gain (loss)		(535,260	)		14,650,602
Net change in unrealized appreciation (depreciation)		37,554,350			(38,676,162	)
Net increase (decrease) in net assets resulting from operations		39,161,271			(15,083,558	)
Distributions to shareholders (Note 2):
Initial Class		-			(4,578,931	)
Service Class		-			(14,533,651	)
Total distributions		-			(19,112,582	)
Net fund share transactions (Note 5):
Initial Class		(6,089,970	)		(8,677,685	)
Service Class		(16,739,140	)		(36,235,951	)
Increase (decrease) in net assets from fund share transactions		(22,829,110	)		(44,913,636	)
Total increase (decrease) in net assets		16,332,161			(79,109,776	)
Net assets
Beginning of period		397,027,303			476,137,079
End of period	$	413,359,464		$	397,027,303

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

22

MML Balanced Allocation Fund						MML Moderate Allocation Fund						MML Growth Allocation Fund
Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
$	2,316,758		$	10,343,559		$	7,366,951		$	36,852,395		$	3,612,156		$	21,702,965
	(150,449	)		23,266,475			4,235,880			126,757,835			12,617,582			130,745,975
	53,004,647			(58,352,656	)		229,727,848			(286,045,480	)		178,586,539			(260,669,321	)
	55,170,956			(24,742,622	)		241,330,679			(122,435,250	)		194,816,277			(108,220,381	)
	-			(8,016,875	)		-			(26,266,683	)		-			(49,457,550	)
	-			(25,727,972	)		-			(124,671,100	)		-			(81,733,948	)
	-			(33,744,847	)		-			(150,937,783	)		-			(131,191,498	)
	(4,698,149	)		(10,129,837	)		(14,890,602	)		(21,673,573	)		(42,890,574	)		(22,368,057	)
	(20,288,646	)		(23,329,001	)		(123,808,332	)		(129,890,525	)		(69,325,032	)		(14,476,181	)
	(24,986,795	)		(33,458,838	)		(138,698,934	)		(151,564,098	)		(112,215,606	)		(36,844,238	)
	30,184,161			(91,946,307	)		102,631,745			(424,937,131	)		82,600,671			(276,256,117	)
	507,407,513			599,353,820			2,039,934,523			2,464,871,654			1,452,084,618			1,728,340,735
$	537,591,674		$	507,407,513		$	2,142,566,268		$	2,039,934,523		$	1,534,685,289		$	1,452,084,618

23

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Aggressive Allocation Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	156,450		$	1,491,704
Net realized gain (loss)		663,807			14,143,351
Net change in unrealized appreciation (depreciation)		20,345,332			(28,171,514	)
Net increase (decrease) in net assets resulting from operations		21,165,589			(12,536,459	)
Distributions to shareholders (Note 2):
Initial Class		-			(4,023,507	)
Service Class		-			(5,643,220	)
Service Class I		-			-
Total distributions		-			(9,666,727	)
Net fund share transactions (Note 5):
Initial Class		230,483			(1,349,671	)
Service Class		(5,480,219	)		6,197,083
Service Class I		-			-
Increase (decrease) in net assets from fund share transactions		(5,249,736	)		4,847,412
Total increase (decrease) in net assets		15,915,853			(17,355,774	)
Net assets
Beginning of period		139,407,338			156,763,112
End of period	$	155,323,191		$	139,407,338

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

24

MML American Funds Growth Fund						MML American Funds International Fund						MML American Funds Core Allocation Fund
Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
$	(159,460	)	$	11,374		$	(105,651	)	$	781,870		$	747,332		$	15,009,554
	21,279,522			24,089,387			2,305,229			3,966,820			50,365,817			77,288,807
	5,407,545			(24,719,323	)		5,976,801			(13,493,195	)		52,630,811			(140,549,710	)
	26,527,607			(618,562	)		8,176,379			(8,744,505	)		103,743,960			(48,251,349	)
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			(20,518,506	)		-			(2,601,370	)		-			(91,047,579	)
	-			(20,518,506	)		-			(2,601,370	)		-			(91,047,579	)
	-			-			-			-			-			-
	-			-			-			-			-			-
	(4,040,422	)		11,600,753			(2,415,555	)		1,126,970			(60,347,734	)		1,076,141
	(4,040,422	)		11,600,753			(2,415,555	)		1,126,970			(60,347,734	)		1,076,141
	22,487,185			(9,536,315	)		5,760,824			(10,218,905	)		43,396,226			(138,222,787	)
	162,359,884			171,896,199			56,712,247			66,931,152			956,051,043			1,094,273,830
$	184,847,069		$	162,359,884		$	62,473,071		$	56,712,247		$	999,447,269		$	956,051,043

25

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Conservative Allocation Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assetsw			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	9.23	$	0.06	$	0.88		$	0.94		$	-		$	-		$	-		$	10.17		10.18%	b	$	93,709		0.13%	a		1.25%	a
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
6/30/19r	$	9.13	$	0.05	$	0.87		$	0.92		$	-		$	-		$	-		$	10.05		10.08%	b	$	319,650		0.38%	a		1.01%	a
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%

	Six months ended June 30,  2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover ratex		20	%		18	%		14	%		24	%		29	%		33	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

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

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

26

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Balanced Allocation Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assetsw			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	9.12	$	0.05	$	0.97		$	1.02		$	-		$	-		$	-		$	10.14		11.18%	b	$	124,253		0.13%	a		1.09%	a
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
6/30/19r	$	9.03	$	0.04	$	0.96		$	1.00		$	-		$	-		$	-		$	10.03		11.07%	b	$	413,339		0.38%	a		0.84%	a
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%

	Six months ended June 30,  2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover ratex		20	%		17	%		15	%		18	%		26	%		23	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

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

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

27

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Moderate Allocation Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assetsw			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	9.71	$	0.05	$	1.14		$	1.19		$	-		$	-		$	-		$	10.90		12.26%	b	$	376,854		0.12%	a		0.92%	a
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
6/30/19r	$	9.60	$	0.03	$	1.13		$	1.16		$	-		$	-		$	-		$	10.76		12.08%	b	$	1,765,712		0.37%	a		0.66%	a
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%

	Six months ended June 30,  2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover ratex		17	%		15	%		13	%		14	%		19	%		19	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

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

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

28

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Growth Allocation Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assetsw			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	8.35	$	0.03	$	1.13		$	1.16		$	-		$	-		$	-		$	9.51		13.89%	b	$	566,328		0.12%	a		0.64%	a
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
6/30/19r	$	8.28	$	0.02	$	1.11		$	1.13		$	-		$	-		$	-		$	9.41		13.65%	b	$	968,358		0.37%	a		0.39%	a
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%

	Six months ended June 30,  2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover ratex		19	%		17	%		16	%		17	%		22	%		25	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

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

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

29

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Aggressive Allocation Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assetsw			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	9.20	$	0.02	$	1.40		$	1.42		$	-		$	-		$	-		$	10.62		15.43%	b	$	65,137		0.16%	a		0.37%	a
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
6/30/19r	$	9.06	$	0.01	$	1.38		$	1.39		$	-		$	-		$	-		$	10.45		15.34%	b	$	90,186		0.41%	a		0.10%	a
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%

	Six months ended June 30,  2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover ratex		22	%		19	%		20	%		19	%		22	%		31	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

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

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

30

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds Growth Fund

			Income (loss) from investment operations							Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments		Total income (loss) from investment operations		From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waiversu			Ratio of expenses to average daily net assets after expense waiversu,j			Net investment income (loss) to average daily net assets
Service Class I
6/30/19r	$	12.70	$	(0.01	)	$	2.10	$	2.09	$	-		$	-		$	-		$	14.79		16.37%	b	$	184,847		0.69%	a		0.69%	l,a		(0.18%	)a
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%

	Six months ended June 30,  2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover ratex		5	%		12	%		11	%		8	%		7	%		4	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

l Expenses incurred during the period fell under the expense cap.

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

r Unaudited.

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

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

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

31

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds International Fund

			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of  period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end  of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waiversu			Ratio of expenses to average daily net assets after expense waiversu,j			Net investment income (loss) to average daily net assets
Service Class I
6/30/19r	$	9.07	$	(0.02	)	$	1.33		$	1.31		$	-		$	-		$	-		$	10.38		14.44%	b	$	62,473		0.74%	a		0.71%	a		(0.35%	)a
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%

	Six months ended June 30,  2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover ratex		4	%		11	%		9	%		12	%		4	%		6	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

r Unaudited.

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

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

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

32

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds Core Allocation Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assetsw			Net investment income (loss) to average daily net assets
Service Class I
6/30/19r	$	10.98	$	0.01	$	1.20		$	1.21		$	-		$	-		$	-		$	12.19		11.02%	b	$	999,447		0.71%	a		0.15%	a
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%

	Six months ended June 30,  2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover ratex		11	%		15	%		16	%		7	%		3	%		3	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

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

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

33

Notes to Financial Statements (Unaudited)

1. The Funds

MML Series Investment Fund (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an 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), and non-affiliated mutual 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 of 1986, as amended (the “Code”), applicable to mutual funds and intends to distribute substantially all of its taxable income and capital gains to shareholders, which includes the applicable Feeder Fund, to qualify as a regulated investment company. The performance of the Feeder Funds is directly affected by the performance of the Master Funds. The financial statements of the Master Funds, including the Summary Investment Portfolios, are provided separately and should be read in conjunction with the Feeder Funds’ financial statements. As of June 30, 2019, the MML American Funds Growth Fund and MML American Funds International Fund owned 70% and 64% 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.

34

Notes to Financial Statements (Unaudited) (Continued)

2. Significant Accounting Policies

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

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

Investment Valuation

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“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, to the extent observable inputs are not available (including the Funds’ own assumptions in determining the fair value of investments)

Each Fund characterized all investments at Level 1, as of June 30, 2019. 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 Level 3 transfers during the period ended June 30, 2019.

35

Notes to Financial Statements (Unaudited) (Continued)

Accounting for Investment Transactions

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

Allocation of Operating Activity

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

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

Foreign Securities

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

Federal Income Tax

It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Code, 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.

36

Notes to Financial Statements (Unaudited) (Continued)

3. Advisory Fees and Other Transactions

Investment Advisory Fees

MML Advisers, a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

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

Administration Fees

For the MML American Funds Growth Fund, MML American Funds International Fund, and MML American Funds Core Allocation Fund, under a separate Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide administrative and shareholder services and bear some of the Fund specific administrative expenses. In return for these services, MML Advisers receives an administrative services fee based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

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

Distribution and Service Fees

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

Expense Caps and Waivers

Prior to May 1, 2019, MML Advisers agreed to cap the fees and expenses of the Funds noted below (other than extraordinary litigation and legal expenses, Master Fund Fees and Expenses^#, interest expense, short sale dividend and loan expense, or other

37

Notes to Financial Statements (Unaudited) (Continued)

non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

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

# Master Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Deferred Compensation

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

Other

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

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investments in Underlying Funds or Master Funds (excluding short-term investments) for the period ended June 30, 2019, 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	$	-	$	82,055,446	$	-	$	100,799,042
Balanced Allocation Fund		-		105,458,132		-		124,691,583
Moderate Allocation Fund		-		363,424,056		-		481,607,598
Growth Allocation Fund		-		291,741,382		-		388,665,713
Aggressive Allocation Fund		-		32,551,903		-		36,266,099
MML American Funds Growth Fund		-		23,214,795		-		8,192,957
MML American Funds International Fund		-		2,431,974		-		3,410,211
MML American Funds Core Allocation Fund		-		113,206,327		-		124,715,952

38

Notes to Financial Statements (Unaudited) (Continued)

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended June 30, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Conservative Allocation Fund Initial Class
Sold		505,092		$	4,979,256			1,216,359		$	12,019,373
Issued as reinvestment of dividends		-			-			470,116			4,578,931
Redeemed		(1,127,999	)		(11,069,226	)		(2,572,001	)		(25,275,989	)
Net increase (decrease)		(622,907	)	$	(6,089,970	)		(885,526	)	$	(8,677,685	)
Conservative Allocation Fund Service Class
Sold		1,581,952		$	15,211,324			3,680,576		$	35,883,005
Issued as reinvestment of dividends		-			-			1,506,078			14,533,651
Redeemed		(3,308,350	)		(31,950,464	)		(8,898,513	)		(86,652,607	)
Net increase (decrease)		(1,726,398	)	$	(16,739,140	)		(3,711,859	)	$	(36,235,951	)
Balanced Allocation Fund Initial Class
Sold		548,490		$	5,419,771			622,909		$	6,214,916
Issued as reinvestment of dividends		-			-			820,560			8,016,875
Redeemed		(1,036,021	)		(10,117,920	)		(2,461,785	)		(24,361,628	)
Net increase (decrease)		(487,531	)	$	(4,698,149	)		(1,018,316	)	$	(10,129,837	)
Balanced Allocation Fund Service Class
Sold		1,869,417		$	18,178,119			3,628,825		$	35,792,065
Issued as reinvestment of dividends		-			-			2,655,105			25,727,972
Redeemed		(3,982,264	)		(38,466,765	)		(8,622,192	)		(84,849,038	)
Net increase (decrease)		(2,112,847	)	$	(20,288,646	)		(2,338,262	)	$	(23,329,001	)
Moderate Allocation Fund Initial Class
Sold		787,608		$	8,267,419			965,226		$	10,462,004
Issued as reinvestment of dividends		-			-			2,489,733			26,266,683
Redeemed		(2,220,140	)		(23,158,021	)		(5,423,874	)		(58,402,260	)
Net increase (decrease)		(1,432,532	)	$	(14,890,602	)		(1,968,915	)	$	(21,673,573	)
Moderate Allocation Fund Service Class
Sold		1,548,028		$	16,066,391			5,179,339		$	55,525,490
Issued as reinvestment of dividends		-			-			11,941,676			124,671,100
Redeemed		(13,512,897	)		(139,874,723	)		(29,262,401	)		(310,087,115	)
Net increase (decrease)		(11,964,869	)	$	(123,808,332	)		(12,141,386	)	$	(129,890,525	)
Growth Allocation Fund Initial Class
Sold		685,803		$	6,270,444			1,618,107		$	15,066,584
Issued as reinvestment of dividends		-			-			5,329,477			49,457,550
Redeemed		(5,379,696	)		(49,161,018	)		(9,127,446	)		(86,892,191	)
Net increase (decrease)		(4,693,893	)	$	(42,890,574	)		(2,179,862	)	$	(22,368,057	)
Growth Allocation Fund Service Class
Sold		747,134		$	6,776,659			4,096,589		$	38,454,566
Issued as reinvestment of dividends		-			-			8,874,479			81,733,948
Redeemed		(8,416,445	)		(76,101,691	)		(14,209,662	)		(134,664,695	)
Net increase (decrease)		(7,669,311	)	$	(69,325,032	)		(1,238,594	)	$	(14,476,181	)

39

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Aggressive Allocation Fund Initial Class
Sold		398,465		$	4,057,662			586,179		$	6,224,912
Issued as reinvestment of dividends		-			-			385,393			4,023,507
Redeemed		(376,293	)		(3,827,179	)		(1,086,527	)		(11,598,090	)
Net increase (decrease)		22,172		$	230,483			(114,955	)	$	(1,349,671	)
Aggressive Allocation Fund Service Class
Sold		223,803		$	2,241,552			1,017,849		$	10,420,943
Issued as reinvestment of dividends		-			-			547,886			5,643,220
Redeemed		(778,731	)		(7,721,771	)		(945,718	)		(9,867,080	)
Net increase (decrease)		(554,928	)	$	(5,480,219	)		620,017		$	6,197,083
MML American Funds Growth Fund Service Class I
Sold		636,948		$	9,049,724			1,459,874		$	21,236,847
Issued as reinvestment of dividends		-			-			1,383,581			20,518,506
Redeemed		(919,033	)		(13,090,146	)		(2,025,375	)		(30,154,600	)
Net increase (decrease)		(282,085	)	$	(4,040,422	)		818,080		$	11,600,753
MML American Funds International Fund Service Class I
Sold		193,355		$	1,943,772			780,190		$	8,044,044
Issued as reinvestment of dividends		-			-			249,412			2,601,370
Redeemed		(433,661	)		(4,359,327	)		(897,346	)		(9,518,444	)
Net increase (decrease)		(240,306	)	$	(2,415,555	)		132,256		$	1,126,970
MML American Funds Core Allocation Fund Service Class I
Sold		1,424,335		$	16,800,999			3,821,495		$	46,993,936
Issued as reinvestment of dividends		-			-			7,619,044			91,047,579
Redeemed		(6,554,607	)		(77,148,733	)		(11,227,591	)		(136,965,374	)
Net increase (decrease)		(5,130,272	)	$	(60,347,734	)		212,948		$	1,076,141

6. Federal Income Tax Information

At June 30, 2019, 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	$	405,700,242	$	10,847,035	$	(2,858,545	)	$	7,988,490
Balanced Allocation Fund		529,994,367		13,767,096		(5,761,947	)		8,005,149
Moderate Allocation Fund		2,110,268,599		63,056,543		(29,197,066	)		33,859,477
Growth Allocation Fund		1,504,160,337		52,730,317		(21,239,427	)		31,490,890
Aggressive Allocation Fund		152,750,722		5,175,249		(2,474,362	)		2,700,887
MML American Funds Growth Fund		181,743,611		3,308,807		-			3,308,807
MML American Funds International Fund		59,723,546		2,833,851		-			2,833,851
MML American Funds Core Allocation Fund		1,003,172,582		16,002,124		(18,640,065	)		(2,637,941	)

40

Notes to Financial Statements (Unaudited) (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 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

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 the deferral of wash sale losses and deferred Trustee compensation.

41

Notes to Financial Statements (Unaudited) (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	)

The Funds did not have any unrecognized tax benefits at June 30, 2019, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended June 30, 2019, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

7. Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended June 30, 2019, was as follows:

	Beginning Value as of 12/31/18		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/19			Number of Shares Held as of 6/30/19		Dividend Income		Realized Gains Distributions
Conservative Allocation Fund
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund/VA, Series I	$	2,444,532	$	310,132	$	(1,061,608	)	$	357,911		$	50,073		$	2,101,040	#		26,868	$	-	$	256,933
Invesco Oppenheimer V.I. Global Fund/VA, Series I		6,015,043		1,071,317		(971,056	)		255,899			26,212			6,397,415	#		163,116		55,946		883,704
Invesco Oppenheimer V.I. International Growth Fund/VA, Series I		5,246,382		377,841		(4,877,161	)		581,861			179,521			1,508,444	#		673,412		15,309		75,065
Invesco Oppenheimer V.I. Main Street Fund/VA, Series I		4,201,052		868,912		(244,796	)		60,606			7,504			4,893,278	#		181,031		50,889		766,072
MML Blue Chip Growth Fund, Initial Class		8,639,754		1,431,055		(1,503,517	)		1,679,441			208,339			10,455,072			592,691		-		-
MML Dynamic Bond Fund, Class II		63,036,979		2,367,038		(10,576,391	)		3,211,486			(45,023	)		57,994,089			5,730,641		703,000		-
MML Equity Income Fund, Initial Class		11,259,033		821,362		(2,308,285	)		1,783,900			(64,616	)		11,491,394			988,932		-		-
MML Equity Index Fund, Class III		11,881,555		46,604		(12,856,823	)		(294,498	)		2,118,026			894,864			26,946		-		-
MML Focused Equity Fund, Class II		2,409,391		13,414,132		(695,398	)		1,870,349			(570,996	)		16,427,478			2,554,818		-		-
MML Foreign Fund, Initial Class		8,108,780		160,989		(1,604,445	)		768,622			(183,314	)		7,250,632			727,975		-		-
MML Fundamental Growth Fund, Class II		6,255,798		224,207		(956,786	)		1,343,759			(104,043	)		6,762,935			596,905		-		-

42

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/18		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/19			Number of Shares Held as of 6/30/19		Dividend Income		Realized Gains Distributions
Conservative Allocation Fund (Continued)
MML Fundamental Value Fund, Class II	$	8,514,994	$	2,308,831	$	(1,307,828	)	$	1,078,142		$	(28,230	)	$	10,565,909			761,782	$	-	$	-
MML Global Fund, Class I		10,337,781		8,143,385		(1,570,964	)		2,611,522			(205,823	)		19,315,901			1,556,479		-		-
MML High Yield Fund, Class II		11,812,135		2,289,791		(2,882,857	)		1,200,219			(434,323	)		11,984,965			1,240,680		175,001		-
MML Income & Growth Fund, Initial Class		12,229,220		301,731		(1,440,080	)		2,048,818			(275,345	)		12,864,344			1,319,420		-		-
MML Inflation-Protected and Income Fund, Initial Class		16,508,925		1,487,390		(1,403,832	)		1,093,883			(69,796	)		17,616,570			1,708,688		20,554		-
MML International Equity Fund, Class II		6,747,836		2,355,172		(598,221	)		951,673			5,389			9,461,849			938,675		-		-
MML Large Cap Growth Fund, Initial Class		2,599,324		672,459		(808,051	)		561,069			28,444			3,053,245			258,312		-		-
MML Managed Bond Fund, Initial Class		79,263,697		18,944,033		(13,580,673	)		5,479,381			(631,898	)		89,474,540			7,089,900		846,321		-
MML Mid Cap Growth Fund, Initial Class		6,778,479		2,922,610		(913,000	)		1,767,771			(74,794	)		10,481,066			605,492		-		-
MML Mid Cap Value Fund, Initial Class		7,785,334		396,919		(919,229	)		1,561,141			(211,542	)		8,612,623			785,823		-		-
MML Short-Duration Bond Fund, Class II		20,092,579		5,455,626		(2,256,990	)		391,443			(36,518	)		23,646,140			2,422,760		168,034		-
MML Small Cap Growth Equity Fund, Initial Class		1,441,789		206,266		(190,225	)		335,595			24,169			1,817,594			113,336		-		-
MML Small Company Value Fund, Class II		3,653,765		194,355		(339,193	)		648,152			(29,573	)		4,127,506			254,157		-		-
MML Small/Mid Cap Value Fund, Initial Class		1,673,757		862,895		(230,549	)		254,469			6,874			2,567,446			211,835		-		-
MML Strategic Emerging Markets Fund, Class II		500,495		5,268		(24,304	)		76,747			2,618			560,824			47,770		-		-
MML Total Return Bond Fund, Class II		51,392,846		3,089,408		(7,168,907	)		3,234,192			(33,717	)		50,513,822			4,672,879		-		-
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		26,563,757		354,336		(27,507,872	)		2,764,431			(2,174,652	)		-			-		354,338		-
	$	397,395,012	$	71,084,064	$	(100,799,041	)	$	37,677,984		$	(2,517,034	)	$	402,840,985				$	2,389,392	$	1,981,774
Balanced Allocation Fund
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund/VA, Series I	$	4,330,133	$	499,195	$	(2,071,670	)	$	552,470		$	189,224		$	3,499,352	#		44,749	$	-	$	429,454
Invesco Oppenheimer V.I. Global Fund/VA, Series I		8,827,673		1,631,161		(968,339	)		386,746			(10,837	)		9,866,404	#		251,566		86,590		1,367,748
Invesco Oppenheimer V.I. International Growth Fund/VA, Series I		11,079,936		1,532,777		(11,661,221	)		1,858,470			(108,389	)		2,701,573	#		1,206,059		27,527		134,974
Invesco Oppenheimer V.I. Main Street Fund/VA, Series I		8,298,100		1,767,222		(307,434	)		101,001			5,670			9,864,559	#		364,949		102,855		1,548,364
MML Blue Chip Growth Fund, Initial Class		14,319,625		593,338		(1,813,591	)		2,733,551			185,439			16,018,362			908,070		-		-
MML Dynamic Bond Fund, Class II		63,752,628		3,096,360		(7,919,307	)		3,302,257			(35,135	)		62,196,803			6,145,929		707,560		-
MML Equity Income Fund, Initial Class		16,666,058		1,481,223		(2,806,388	)		3,296,981			(684,137	)		17,953,737			1,545,072		-		-
MML Equity Index Fund, Class III		15,692,671		87,359		(16,883,062	)		(314,852	)		2,722,756			1,304,872			39,292		-		-
MML Focused Equity Fund, Class II		2,687,561		17,512,067		(1,016,755	)		1,738,772			(363,335	)		20,558,310			3,197,249		-		-

43

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/18		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation		Net Realized Gain (Loss)			Value as of 6/30/19			Number of Shares Held as of 6/30/19		Dividend Income		Realized Gains Distributions
Balanced Allocation Fund (Continued)
MML Foreign Fund, Initial Class	$	14,176,316	$	1,290,767	$	(1,707,830	)	$	1,252,188	$	(165,533	)	$	14,845,908			1,490,553	$	-	$	-
MML Fundamental Growth Fund, Class II		9,289,466		180,831		(1,161,366	)		2,016,287		(176,063	)		10,149,155			895,777		-		-
MML Fundamental Value Fund, Class II		15,134,714		316,806		(1,493,937	)		2,032,673		(249,512	)		15,740,744			1,134,877		-		-
MML Global Fund, Class I		15,989,551		22,630,776		(2,673,920	)		4,244,336		(199,370	)		39,991,373			3,222,512		-		-
MML High Yield Fund, Class II		13,437,551		2,441,631		(3,848,867	)		1,398,204		(519,080	)		12,909,439			1,336,381		220,966		-
MML Income & Growth Fund, Initial Class		17,457,908		350,409		(1,933,334	)		3,029,251		(505,464	)		18,398,770			1,887,053		-		-
MML Inflation-Protected and Income Fund, Initial Class		18,608,638		1,772,938		(1,314,445	)		1,233,979		(72,889	)		20,228,221			1,962,000		23,267		-
MML International Equity Fund, Class II		12,461,899		1,565,012		(977,363	)		1,765,884		(35,087	)		14,780,345			1,466,304		-		-
MML Large Cap Growth Fund, Initial Class		5,951,119		118,697		(994,368	)		1,267,255		(53,862	)		6,288,841			532,051		-		-
MML Managed Bond Fund, Initial Class		86,417,649		20,469,240		(12,126,695	)		5,585,111		(314,627	)		100,030,678			7,926,361		903,587		-
MML Mid Cap Growth Fund, Initial Class		12,522,921		3,553,673		(1,330,675	)		3,002,116		59,371			17,807,406			1,028,735		-		-
MML Mid Cap Value Fund, Initial Class		13,551,381		1,568,262		(1,301,010	)		2,695,339		(339,175	)		16,174,797			1,475,803		-		-
MML Short-Duration Bond Fund, Class II		23,866,311		3,652,586		(2,199,223	)		450,493		(33,952	)		25,736,215			2,636,907		201,318		-
MML Small Cap Growth Equity Fund, Initial Class		3,193,020		207,436		(277,433	)		814,648		(25,263	)		3,912,408			243,959		-		-
MML Small Company Value Fund, Class II		5,608,566		220,696		(458,880	)		1,000,269		(51,124	)		6,319,527			389,133		-		-
MML Small/Mid Cap Value Fund, Initial Class		3,547,754		388,183		(333,732	)		583,517		(46,251	)		4,139,471			341,541		-		-
MML Strategic Emerging Markets Fund, Class II		600,594		1,021,862		(50,902	)		120,211		5,870			1,697,635			144,603		-		-
MML Total Return Bond Fund, Class II		54,159,581		4,601,916		(7,533,355	)		3,329,063		23,586			54,580,791			5,049,102		-		-
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		36,229,988		484,452		(37,526,482	)		3,645,862		(2,833,820	)		-			-		484,452		-
	$	507,859,312	$	95,036,875	$	(124,691,584	)	$	53,122,082	$	(3,630,989	)	$	527,695,696				$	2,758,122	$	3,480,540
Moderate Allocation Fund
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund/VA, Series I	$	22,685,185	$	2,171,508	$	(11,150,470	)	$	3,189,792	$	717,330		$	17,613,345	#		225,235	$	-	$	2,161,727
Invesco Oppenheimer V.I. Global Fund/VA, Series I		37,665,635		6,093,536		(5,278,430	)		1,736,447		(44,459	)		40,172,729	#		1,024,292		361,618		5,711,998
Invesco Oppenheimer V.I. International Growth Fund/VA, Series I		35,317,171		2,315,962		(30,114,813	)		3,685,630		1,433,328			12,637,278	#		5,641,642		128,754		631,324
Invesco Oppenheimer V.I. Main Street Fund/VA, Series I		25,674,274		6,138,605		(2,517,277	)		370,066		(87,221	)		29,578,447	#		1,094,282		319,394		4,808,113
MML Blue Chip Growth Fund, Initial Class		69,294,777		898,206		(8,384,463	)		13,617,995		416,276			75,842,791			4,299,478		-		-
MML Dynamic Bond Fund, Class II		209,820,148		7,023,356		(22,891,855	)		10,987,478		(234,805	)		204,704,322			20,227,700		2,339,595		-
MML Equity Income Fund, Initial Class		82,090,173		41,403		(10,410,695	)		13,910,252		(1,546,112	)		84,085,021			7,236,232		-		-

44

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/18		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/19			Number of Shares Held as of 6/30/19		Dividend Income		Realized Gains Distributions
Moderate Allocation Fund (Continued)
MML Equity Index Fund, Class III	$	76,574,751	$	42,507	$	(83,096,057	)	$	(1,425,522	)	$	13,508,263		$	5,603,942			168,743	$	-	$	-
MML Focused Equity Fund, Class II		20,985,975		90,471,251		(4,813,226	)		13,404,468			(4,755,651	)		115,292,817			17,930,454		-		-
MML Foreign Fund, Initial Class		68,158,972		2,714,286		(4,437,783	)		5,397,920			(127,470	)		71,705,925			7,199,390		-		-
MML Fundamental Growth Fund, Class II		40,049,374		25,011		(4,926,690	)		8,593,041			(662,578	)		43,078,158			3,802,132		-		-
MML Fundamental Value Fund, Class II		72,225,183		37,828		(6,080,586	)		9,114,763			(596,562	)		74,700,626			5,385,770		-		-
MML Global Fund, Class I		73,665,241		85,412,216		(10,536,191	)		18,876,806			(890,814	)		166,527,258			13,418,796		-		-
MML High Yield Fund, Class II		42,569,900		2,723,166		(8,968,227	)		3,980,300			(1,256,937	)		39,048,202			4,042,257		707,247		-
MML Income & Growth Fund, Initial Class		81,410,810		40,188		(7,925,730	)		12,783,689			(1,006,888	)		85,302,069			8,748,930		-		-
MML Inflation-Protected and Income Fund, Initial Class		62,730,545		4,841,841		(4,494,435	)		4,135,579			(246,180	)		66,967,350			6,495,378		78,064		-
MML International Equity Fund, Class II		65,866,175		3,964,085		(4,358,340	)		9,023,523			(159,083	)		74,336,360			7,374,639		-		-
MML Large Cap Growth Fund, Initial Class		22,092,695		144,967		(4,075,147	)		4,629,985			(155,463	)		22,637,037			1,915,147		-		-
MML Managed Bond Fund, Initial Class		261,870,348		78,018,886		(31,878,414	)		17,496,083			(686,237	)		324,820,666			25,738,561		2,760,659		-
MML Mid Cap Growth Fund, Initial Class		68,405,477		11,576,714		(7,897,378	)		15,843,988			538,248			88,467,049			5,110,748		-		-
MML Mid Cap Value Fund, Initial Class		69,126,568		2,957,301		(7,673,956	)		14,104,426			(2,262,626	)		76,251,713			6,957,273		-		-
MML Short-Duration Bond Fund, Class II		84,136,565		2,739,817		(7,363,610	)		1,609,318			(168,368	)		80,953,722			8,294,439		707,993		-
MML Small Cap Growth Equity Fund, Initial Class		12,860,106		1,292,621		(1,315,713	)		3,455,656			(264,278	)		16,028,392			999,454		-		-
MML Small Company Value Fund, Class II		27,837,569		996,317		(2,306,792	)		5,161,452			(462,953	)		31,225,593			1,922,758		-		-
MML Small/Mid Cap Value Fund, Initial Class		22,177,322		1,985,508		(1,657,735	)		3,479,885			(215,252	)		25,769,728			2,126,215		-		-
MML Strategic Emerging Markets Fund, Class II		52,900,676		3,083,049		(3,820,913	)		8,163,013			380,740			60,706,565			5,170,917		-		-
MML Total Return Bond Fund, Class II		175,042,376		9,303,122		(19,143,972	)		11,680,703			(719,448	)		176,162,781			16,296,279		-		-
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		158,427,061		2,076,151		(164,088,701	)		13,107,571			(9,522,082	)		-			-		2,076,151		-
	$	2,041,661,052	$	329,129,408	$	(481,607,599	)	$	230,114,307		$	(9,077,282	)	$	2,110,219,886				$	9,479,475	$	13,313,162
Growth Allocation Fund
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund/VA, Series I	$	20,070,503	$	1,979,756	$	(9,620,272	)	$	2,488,470		$	1,003,003		$	15,921,460	#		203,599	$	-	$	1,954,195
Invesco Oppenheimer V.I. Global Fund/VA, Series I		32,160,543		5,189,305		(5,939,415	)		1,429,934			40,171			32,880,538	#		838,362		306,537		4,841,964
Invesco Oppenheimer V.I. International Growth Fund/VA, Series I		31,899,741		1,187,059		(26,192,335	)		3,611,627			841,616			11,347,708	#		5,065,941		115,631		566,979
Invesco Oppenheimer V.I. Main Street Fund/VA, Series I		24,624,971		4,751,497		(3,667,051	)		633,010			(197,908	)		26,144,519	#		967,241		294,048		4,426,550
MML Blue Chip Growth Fund, Initial Class		61,820,595		454,661		(7,651,397	)		12,527,636			(53,568	)		67,097,927			3,803,737		-		-

45

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/18		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/19			Number of Shares Held as of 6/30/19		Dividend Income		Realized Gains Distributions
Growth Allocation Fund (Continued)
MML Dynamic Bond Fund, Class II	$	81,481,511	$	9,095,234	$	(7,499,881	)	$	4,405,205		$	(39,704	)	$	87,442,365			8,640,550	$	914,184	$	-
MML Equity Income Fund, Initial Class		73,474,363		90,284		(9,865,843	)		9,429,319			1,528,332			74,656,455			6,424,824		-		-
MML Equity Index Fund, Class III		69,125,769		66,000		(75,400,287	)		(1,157,357	)		12,302,521			4,936,646			148,649		-		-
MML Focused Equity Fund, Class II		19,201,581		99,462,798		(14,819,013	)		13,641,126			(5,627,691	)		111,858,801			17,396,392		-		-
MML Foreign Fund, Initial Class		62,924,066		1,947,897		(4,675,880	)		4,768,449			98,849			65,063,381			6,532,468		-		-
MML Fundamental Growth Fund, Class II		30,815,375		44,096		(4,163,744	)		6,626,750			(522,616	)		32,799,861			2,894,957		-		-
MML Fundamental Value Fund, Class II		64,870,915		80,109		(5,689,029	)		6,293,962			1,359,618			66,915,575			4,824,483		-		-
MML Global Fund, Class I		67,099,378		74,888,162		(9,676,115	)		16,885,094			(679,047	)		148,517,472			11,967,564		-		-
MML High Yield Fund, Class II		11,646,363		7,207,358		(1,439,400	)		970,245			(184,482	)		18,200,084			1,884,067		190,067		-
MML Income & Growth Fund, Initial Class		73,646,206		89,669		(8,587,219	)		11,857,710			(1,343,523	)		75,662,843			7,760,292		-		-
MML Inflation-Protected and Income Fund, Initial Class		57,831,762		2,658,413		(5,050,964	)		3,688,649			(215,062	)		58,912,798			5,714,141		69,243		-
MML International Equity Fund, Class II		61,352,726		3,916,078		(4,615,940	)		8,384,557			(143,814	)		68,893,607			6,834,683		-		-
MML Large Cap Growth Fund, Initial Class		20,810,674		28,699		(3,291,972	)		4,421,999			(150,049	)		21,819,351			1,845,969		-		-
MML Managed Bond Fund, Initial Class		109,788,382		37,424,660		(14,172,516	)		7,560,610			(364,918	)		140,236,218			11,112,219		1,188,015		-
MML Mid Cap Growth Fund, Initial Class		65,525,098		8,071,323		(7,319,130	)		14,046,185			1,515,522			81,838,998			4,727,845		-		-
MML Mid Cap Value Fund, Initial Class		64,673,041		509,706		(7,027,686	)		11,330,295			(336,482	)		69,148,874			6,309,204		-		-
MML Short-Duration Bond Fund, Class II		41,566,339		2,403,404		(4,952,057	)		828,394			(121,991	)		39,724,089			4,070,091		348,851		-
MML Small Cap Growth Equity Fund, Initial Class		11,889,198		1,302,785		(1,370,941	)		3,151,574			(200,401	)		14,772,215			921,124		-		-
MML Small Company Value Fund, Class II		26,604,654		821,618		(2,464,179	)		5,398,343			(907,604	)		29,452,832			1,813,598		-		-
MML Small/Mid Cap Value Fund, Initial Class		21,784,982		500,541		(1,723,335	)		3,312,178			(198,109	)		23,676,257			1,953,487		-		-
MML Strategic Emerging Markets Fund, Class II		51,435,567		4,129,861		(4,303,972	)		7,872,021			530,740			59,664,217			5,082,131		-		-
MML Total Return Bond Fund, Class II		71,142,702		5,575,358		(9,187,493	)		4,796,018			(290,895	)		72,035,690			6,663,801		-		-
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		123,894,119		1,651,904		(128,298,647	)		9,567,238			(6,814,614	)		-			-		1,651,905		-
	$	1,453,161,124	$	275,528,235	$	(388,665,713	)	$	178,769,241		$	827,894		$	1,519,620,781				$	5,078,481	$	11,789,688
Aggressive Allocation Fund
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund/VA, Series I	$	2,551,637	$	291,659	$	(1,312,549	)	$	383,261		$	61,647		$	1,975,655	#		25,264	$	-	$	242,110
Invesco Oppenheimer V.I. Global Fund/VA, Series I		3,381,972		670,914		(348,397	)		59,677			79,302			3,843,468	#		97,998		33,707		532,423
Invesco Oppenheimer V.I. International Growth Fund/VA, Series I		3,627,672		134,144		(2,857,148	)		369,877			129,603			1,404,148	#		626,852		14,282		70,032

46

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/18		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/19			Number of Shares Held as of 6/30/19		Dividend Income		Realized Gains Distributions
Aggressive Allocation Fund (Continued)
Invesco Oppenheimer V.I. Main Street Fund/VA, Series I	$	3,789,298	$	661,425	$	(1,142,719	)	$	133,952		$	63,974		$	3,505,930	#		129,705	$	36,543	$	550,115
MML Blue Chip Growth Fund, Initial Class		7,492,621		210,193		(816,772	)		1,432,895			72,483			8,391,420			475,704		-		-
MML Dynamic Bond Fund, Class II		2,110,207		1,525,836		(201,696	)		134,085			174			3,568,606			352,629		27,750		-
MML Equity Income Fund, Initial Class		8,137,735		220,213		(842,269	)		1,440,746			(198,667	)		8,757,758			753,680		-		-
MML Equity Index Fund, Class III		6,491,985		41,512		(6,950,842	)		(13,828	)		1,049,408			618,235			18,616		-		-
MML Focused Equity Fund, Class II		2,954,365		9,713,015		(545,889	)		1,669,402			(626,815	)		13,164,078			2,047,291		-		-
MML Foreign Fund, Initial Class		7,087,331		629,879		(436,193	)		588,609			(34,558	)		7,835,068			786,653		-		-
MML Fundamental Growth Fund, Class II		3,631,211		119,092		(543,097	)		766,899			(61,884	)		3,912,221			345,298		-		-
MML Fundamental Value Fund, Class II		7,637,762		200,091		(548,599	)		1,012,315			(106,481	)		8,195,088			590,850		-		-
MML Global Fund, Class I		7,840,600		9,009,016		(956,588	)		1,972,966			(73,715	)		17,792,279			1,433,705		-		-
MML High Yield Fund, Class II		-		516,361		(25,002	)		1,112			(100	)		492,371			50,970		-		-
MML Income & Growth Fund, Initial Class		7,974,747		220,094		(768,683	)		1,385,309			(231,221	)		8,580,246			880,025		-		-
MML Inflation-Protected and Income Fund, Initial Class		3,658,525		296,829		(765,151	)		241,487			(28,136	)		3,403,554			330,122		4,469		-
MML International Equity Fund, Class II		8,134,205		191,838		(445,572	)		1,081,066			(20,796	)		8,940,741			886,978		-		-
MML Large Cap Growth Fund, Initial Class		2,769,962		80,466		(471,262	)		575,599			(17,891	)		2,936,874			248,466		-		-
MML Managed Bond Fund, Initial Class		3,292,209		3,658,133		(389,264	)		319,696			(19,137	)		6,861,637			543,711		40,463		-
MML Mid Cap Growth Fund, Initial Class		8,024,717		1,315,998		(541,656	)		1,908,155			38,844			10,746,058			620,801		-		-
MML Mid Cap Value Fund, Initial Class		7,508,175		207,248		(739,434	)		1,481,682			(211,960	)		8,245,711			752,346		-		-
MML Short-Duration Bond Fund, Class II		2,924,442		75,432		(143,794	)		55,081			(3,789	)		2,907,372			297,886		25,409		-
MML Small Cap Growth Equity Fund, Initial Class		1,389,492		302,338		(149,937	)		330,260			19,063			1,891,216			117,927		-		-
MML Small Company Value Fund, Class II		3,274,681		197,097		(244,563	)		583,874			(29,036	)		3,782,053			232,885		-		-
MML Small/Mid Cap Value Fund, Initial Class		2,427,738		68,915		(172,255	)		366,542			(26,908	)		2,664,032			219,805		-		-
MML Strategic Emerging Markets Fund, Class II		6,760,669		388,859		(444,281	)		1,037,981			47,477			7,790,705			663,604		-		-
MML Total Return Bond Fund, Class II		1,883,099		676,546		(209,920	)		148,029			(1,851	)		2,495,903			230,888		-		-
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		12,794,289		171,040		(13,252,567	)		887,141			(599,903	)		-			-		171,040		-
	$	139,551,346	$	31,794,183	$	(36,266,099	)	$	20,353,870		$	(730,873	)	$	154,702,427				$	353,663	$	1,394,680

# Effective May 24, 2019, the fund is no longer advised by OFI Global Asset Management and, therefore, the fund is no longer affiliated.

* Fund advised by OFI Global Asset Management.

47

Notes to Financial Statements (Unaudited) (Continued)

8. Indemnifications

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

9. Subsequent Events

In preparation of these financial statements, management has evaluated the events and transactions subsequent to June 30, 2019, 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.

Tina Wilson resigned as President of the Trust effective as of August 9, 2019. Eric H. Wietsma was elected as President of the Trust effective August 9, 2019.

48

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

Effective for periods ending on or after March 31, 2019, the Funds will file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT will be available on the SEC’s EDGAR database on its website at http://www.sec.gov. For periods ending prior to March 31, 2019, this information was filed 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.

Trustees’ Approval of Investment Advisory Contracts

At their meetings in May and June 2019, the Contract Committee (the “Committee”) and the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust or MML Advisers (the “Independent Trustees”), re-approved the existing advisory agreements (collectively, the “Contracts”) for each of the Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, MML American Funds Growth Fund, MML American Funds International Fund, and MML American Funds Core Allocation Fund. In preparation for the meetings, the Trustees requested, and MML Advisers provided in advance, certain materials relevant to the consideration of the Contracts (the “Meeting Materials”). In all of their deliberations, the Trustees were advised by independent counsel.

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

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

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

49

Other Information (Unaudited) (Continued)

The Committee reviewed the expense and performance information for each Fund. (References to any one- or three-year period below are to periods ended December 31, 2018. In all cases, the comparative expense information is that of a Fund’s “peer group” and the comparative performance information is that of a Fund’s “performance category.”)

The Committee considered that the total net expense ratios for the following Funds were within the top sixty percent of their peer groups. Those Funds include the Conservative Allocation Fund, MML American Funds Growth Fund, and MML American Funds Core Allocation Fund. Of those Funds, all had net advisory fees at or below the medians of their peers, or in the top sixty percent of their peer groups.

In the case of the Growth Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, and MML American Funds International Fund, the Committee considered that each Fund had a total net expense ratio outside the top sixty percent of their peer groups, and, in the case of Aggressive Allocation Fund, in the 84th comparative percentile of its peer group, but a net advisory fee at or below the peer group median.

The Committee determined on the basis of these factors that the expenses of those Funds were consistent with the continuation of their advisory agreements.

The Committee considered that the following Funds achieved one- and three-year investment performance above the medians of their performance categories. Those included the MML American Funds International Fund, MML American Funds Growth Fund, and MML American Funds Core Allocation Fund. In addition, the Committee considered that the Conservative Allocation Fund and Moderate Allocation Fund both experienced three-year investment performance outside the top sixty percent of their performance categories, but experienced improved performance for the one-year period, in each case above the median of their performance categories.

The Committee considered that each of the Growth Allocation Fund, Aggressive Allocation Fund, and Balanced Allocation Fund had achieved favorable three-year relative performance, but had experienced less favorable one-year performance. The Committee took into account MML Advisers’ continued confidence in the Funds’ asset allocation strategies over the long term.The Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting and during the course of the year, concerning economies of scale and the profitability of MML Advisers’ advisory relationship with the various Funds, including: (i) a description of MML Advisers’ revenues from the Funds (including advisory fees and administrative and shareholder services fees, as applicable) and the expense allocation methodology employed by MML Advisers; and (ii) profitability information for each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called “fallout benefits” to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds.

Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. The Committee weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

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

50

Other Information (Unaudited) (Continued)

Fund Expenses June 30, 2019

Expense Examples:

The following information is in regards to expenses for the six months ended June 30, 2019:

As a shareholder of the Funds, you incur ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended June 30, 2019.

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	%	$	1,101.80	$	0.67	$	1,023.90	$	0.65
Service Class		1,000		0.38	%		1,100.80		1.96		1,022.70		1.88
Balanced Allocation Fund
Initial Class		1,000		0.13	%		1,111.80		0.67		1,023.90		0.65
Service Class		1,000		0.38	%		1,110.70		1.97		1,022.70		1.88
Moderate Allocation Fund
Initial Class		1,000		0.12	%		1,122.60		0.62		1,023.90		0.60
Service Class		1,000		0.37	%		1,120.80		1.92		1,022.70		1.84
Growth Allocation Fund
Initial Class		1,000		0.12	%		1,138.90		0.63		1,023.90		0.60
Service Class		1,000		0.37	%		1,136.50		1.94		1,022.70		1.84
Aggressive Allocation Fund
Initial Class		1,000		0.16	%		1,154.30		0.85		1,023.70		0.79
Service Class		1,000		0.41	%		1,153.40		2.16		1,022.50		2.03

51

Other Information (Unaudited) (Continued)

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
MML American Funds Growth Fund
Service Class I**	$	1,000		1.03	%	$	1,163.70	$	5.46	$	1,019.50	$	5.10
MML American Funds International Fund
Service Class I**		1,000		1.24	%		1,144.40		6.52		1,018.40		6.14
MML American Funds Core Allocation Fund
Service Class I		1,000		0.71	%		1,110.20		3.67		1,021.00		3.52

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2019, multiplied by the average account value over the period, multiplied by 179 days in the period, divided by 365 days in the year, unless stated otherwise. The annualized expense ratio does not reflect expenses deducted under the variable life insurance or variable annuity contract through which the Funds are invested in. Inclusion of these expenses would increase the annualized expense ratios shown.

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

52

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, Connecticut 06082-1981

^© 2019 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. Investment Adviser: MML Investment Advisers, LLC RS-45238-02

Table of Contents

President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	3
Portfolio of Investments (Unaudited)
MML Blue Chip Growth Fund	22
MML Equity Income Fund	26
MML Equity Index Fund	30
MML Focused Equity Fund	38
MML Foreign Fund	40
MML Fundamental Growth Fund	42
MML Fundamental Value Fund	44
MML Global Fund	46
MML Growth & Income Fund	48
MML Income & Growth Fund	50
MML International Equity Fund	53
MML Large Cap Growth Fund	55
MML Managed Volatility Fund	57
MML Mid Cap Growth Fund	66
MML Mid Cap Value Fund	70
MML Small Cap Growth Equity Fund	73
MML Small Company Value Fund	77
MML Small/Mid Cap Value Fund	81
MML Total Return Bond Fund	84
Statements of Assets and Liabilities (Unaudited)	96
Statements of Operations (Unaudited)	108
Statements of Changes in Net Assets	114
Financial Highlights	127
Notes to Financial Statements (Unaudited)	146
Other Information (Unaudited)
Proxy Voting	178
Quarterly Reporting	178
Trustees’ Approval of Investment Advisory Contracts	178
Fund Expenses	181

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

Eric Wietsma

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

June 30, 2019

Welcome to the MML Series Investment Fund Semiannual Report, covering the six-month period from January 1, 2019 to June 30, 2019.

Market Highlights

• During the period, U.S. stock prices enjoyed some of their best returns for the first six months since the late 1990s.

• Data throughout the period pointed to more uneven global economic growth with markets only rebounding after assurances by the Federal Reserve Board (the Fed) that it would hold off on raising interest rates in 2019.

• Developed-market and emerging-market foreign stocks trailed U.S. stock returns for the period, though both developed-market and emerging-market foreign stocks were up for the period and delivered solid returns.

• U.S. bonds benefited from declining U.S. Treasury yields and the Fed’s pause in rate hikes. As a result, bond markets enjoyed broad positive returns for the period.

Market Commentary

Following one of the worst fourth quarters they had ever experienced, stock markets rebounded to enjoy some of the best first half returns since the late 1990s. The rebound gained momentum during the first quarter on expectations that the Fed would not raise interest rates in 2019. The previous year had seen four rate hikes. The rebound accelerated through turbulence caused by ongoing trade tensions and geopolitical sabre rattling as markets came to expect that the Fed might even reduce the federal funds rate (the interest rate that banks and financial institutions charge each other for borrowing funds overnight). By the end of the period, the market anticipated two possible rate reductions in what remains of 2019 and stock market growth accelerated to new records in major stock indexes.

Global growth remains positive, but less synchronized and more restrained than in the recent past. We believe the U.S. economy is showing signs that it may be in the late stages of the current business cycle. For example, a tightening labor market yields low unemployment rates but tends to drive up wage growth, putting pressure on corporate earnings. In addition, declining claims for unemployment benefits may point to a nearer plateau in employment growth. Lastly, we believe recent softness in housing data tends to be consistent with late cycle trends. While talk of recession naturally follows evidence of late cycle indicators, we agree with the general consensus that the risk of near-term recession appears to be low.

The broad market S&P 500^® Index* delivered a strong 18.54% gain for the first half of 2019. The technology-heavy NASDAQ Composite Index outperformed for the same period, returning 21.33% growth. The Dow Jones Industrial Average is also up 14.99% so far this year. Small- and mid-cap stocks slightly underperformed their larger peers and value stocks widely underperformed their

* 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.

(Continued)

1

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

growth peers. The positive momentum carried broadly across all market sectors for the period with all sectors delivering double-digit returns. The technology, communications services, and industrials sectors led during the period, while healthcare, utilities, and energy brought up the rear.

Developed international stock markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers, but delivered 14.03% returns for the first half of 2019. Central banks voiced unanimous willingness to continue monetary stimulus in support of the current expansion. In addition, the G20 summit towards the end of June seemed to encourage confidence in a resolution, or at least de-escalation, of trade tensions between the U.S. and China. Emerging-market stock markets, as measured by the MSCI Emerging Markets Index, fared a little worse than developed markets, returning 10.58% for the period.

The Fed once again asserted its influence on markets during this reporting period. This time it was not what they did, but what they did not do that helped. The year started with an expectation of multiple rate hikes in 2019, following the trend set in 2018. As markets began to show signs of bogging down, Fed chair Jerome Powell expressed the Fed’s intent to support ongoing growth through delaying planned rate hikes. Market concerns eased when the Fed set expectations for no more rate hikes in 2019. Optimism returned as the options market began forecasting the possibilities of rate cuts before the end of the year.

The Fed’s inaction, along with prospects of dropping rates, boosted bond markets during the first half of 2019. Bond yields fell, lifting returns on high-quality fixed income assets. The 10-year U.S. Treasury bond ended June at 2.00%, down .66% from the first of the year. Since falling yields drive bond prices up, the Bloomberg Barclays U.S. Aggregate Bond Index ended the period with a positive return of 6.11%. Investment-grade and high-yield corporate bonds also fared well in the falling yield environment. The Bloomberg Barclays U.S. Corporate Bond Index, which tracks investment-grade corporate bonds, ended the period up 9.85%. The Bloomberg Barclays U.S. Corporate High Yield Index fared slightly better, ending the period up 9.94%.

Review and maintain your strategy

MassMutual remains committed to helping people secure their long-term future and protect the ones they love. While investors enjoyed broad positive returns over the first half of 2019, we’d like to remind you that, as a retirement investor, it’s important to maintain perspective and have realistic expectations about the future performance of your investment accounts. Optimism about continued economic expansion should be balanced with the constant reminder that past performance does not guarantee future results. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement – in all market conditions. As always, we recommend the value a personal financial professional can bring you by helping you define an investment strategy that aligns with your risk tolerance comfort level, how long you have to save and invest, and your specific financial goals. Thank you for your confidence in MassMutual.

Sincerely,

Eric Wietsma

President

^© 2019 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA. All rights reserved. www.massmutual.com Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 100 Bright Meadow Blvd., Enfield, CT 06082. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of MassMutual. The information provided is the opinion of MML Advisers as of 7/1/19 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.

2

MML Blue Chip Growth Fund – Portfolio Summaries (Unaudited)

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

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

MML Blue Chip Growth Fund Largest Holdings (% of Net Assets) on 6/30/19
Amazon.com, Inc.	9.8	%
Microsoft Corp.	5.9	%
Facebook, Inc. Class A	5.8	%
Alphabet, Inc. Class C	3.7	%
Visa, Inc. Class A	3.6	%
The Boeing Co.	3.4	%
Alibaba Group Holding Ltd. Sponsored ADR	3.3	%
Mastercard, Inc. Class A	3.1	%
UnitedHealth Group, Inc.	2.4	%
Tencent Holdings Ltd.	2.3	%
	43.3	%

MML Blue Chip Growth Fund Sector Table (% of Net Assets) on 6/30/19
Communications	30.3	%
Consumer, Non-cyclical	22.3	%
Technology	19.2	%
Financial	11.6	%
Industrial	8.3	%
Consumer, Cyclical	6.9	%
Basic Materials	0.5	%
Energy	0.4	%
Utilities	0.4	%
Mutual Funds	0.0	%
Total Long-Term Investments	99.9	%
Short-Term Investments and Other Assets and Liabilities	0.1	%
Net Assets	100.0	%

3

MML Equity Income Fund – Portfolio Summaries (Unaudited)

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

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

MML Equity Income Fund Largest Holdings (% of Net Assets) on 6/30/19
Wells Fargo & Co.	3.5	%
JP Morgan Chase & Co.	3.1	%
QUALCOMM, Inc.	2.3	%
The Southern Co.	2.3	%
Total SA	2.1	%
Exxon Mobil Corp.	2.1	%
Microsoft Corp.	2.1	%
Pfizer, Inc.	2.0	%
Johnson & Johnson	2.0	%
Verizon Communications, Inc.	2.0	%
	23.5	%

MML Equity Income Fund Sector Table (% of Net Assets) on 6/30/19
Financial	26.1	%
Consumer, Non-cyclical	21.1	%
Energy	9.6	%
Industrial	9.5	%
Communications	8.1	%
Utilities	8.0	%
Technology	6.8	%
Consumer, Cyclical	5.3	%
Basic Materials	3.9	%
Mutual Funds	0.1	%
Total Long-Term Investments	98.5	%
Short-Term Investments and Other Assets and Liabilities	1.5	%
Net Assets	100.0	%

4

MML Equity Index Fund – Portfolio Summaries (Unaudited)

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

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

MML Equity Index Fund Largest Holdings (% of Net Assets) on 6/30/19
Microsoft Corp.	4.2	%
Apple, Inc.	3.5	%
Amazon.com, Inc.	3.2	%
Facebook, Inc. Class A	1.9	%
Berkshire Hathaway, Inc. Class B	1.7	%
Johnson & Johnson	1.5	%
JP Morgan Chase & Co.	1.5	%
Alphabet, Inc. Class C	1.3	%
Exxon Mobil Corp.	1.3	%
Alphabet, Inc. Class A	1.3	%
	21.4	%

MML Equity Index Fund Sector Table (% of Net Assets) on 6/30/19
Consumer, Non-cyclical	21.8	%
Financial	17.8	%
Technology	16.6	%
Communications	14.9	%
Industrial	9.2	%
Consumer, Cyclical	8.3	%
Energy	5.0	%
Utilities	3.3	%
Basic Materials	2.2	%
Mutual Funds	0.0	%
Total Long-Term Investments	99.1	%
Short-Term Investments and Other Assets and Liabilities	0.9	%
Net Assets	100.0	%

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

5

MML Focused Equity Fund – Portfolio Summaries (Unaudited)

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

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

MML Focused Equity Fund Largest Holdings (% of Net Assets) on 6/30/19
McDonald’s Corp.	5.1	%
The Coca-Cola Co.	5.0	%
UnitedHealth Group, Inc.	4.9	%
Medtronic PLC	4.9	%
Chubb Ltd.	4.5	%
NIKE, Inc. Class B	4.4	%
Diageo PLC	4.3	%
PepsiCo, Inc.	4.2	%
Public Storage	4.0	%
Colgate-Palmolive Co.	4.0	%
	45.3	%

MML Focused Equity Fund Sector Table (% of Net Assets) on 6/30/19
Consumer, Non-cyclical	36.5	%
Financial	24.1	%
Consumer, Cyclical	15.3	%
Industrial	11.9	%
Technology	6.5	%
Basic Materials	3.8	%
Total Long-Term Investments	98.1	%
Short-Term Investments and Other Assets and Liabilities	1.9	%
Net Assets	100.0	%

6

MML Foreign Fund – Portfolio Summaries (Unaudited)

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

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

MML Foreign Fund Largest Holdings (% of Net Assets) on 6/30/19
BNP Paribas SA	3.0	%
Standard Chartered PLC	3.0	%
Samsung Electronics Co. Ltd.	2.9	%
E.ON SE	2.7	%
ING Groep NV	2.6	%
CRH PLC	2.5	%
Veolia Environnement SA	2.5	%
Total SA	2.4	%
Royal Dutch Shell PLC Class B	2.4	%
Deutsche Telekom AG Registered	2.4	%
	26.4	%

MML Foreign Fund Sector Table (% of Net Assets) on 6/30/19
Financial	20.8	%
Consumer, Non-cyclical	19.3	%
Communications	12.2	%
Energy	12.2	%
Industrial	8.2	%
Technology	7.0	%
Basic Materials	6.4	%
Utilities	5.1	%
Consumer, Cyclical	4.0	%
Diversified	1.5	%
Mutual Funds	0.7	%
Total Long-Term Investments	97.4	%
Short-Term Investments and Other Assets and Liabilities	2.6	%
Net Assets	100.0	%

7

MML Fundamental Growth Fund – Portfolio Summaries (Unaudited)

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

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

MML Fundamental Growth Fund Largest Holdings (% of Net Assets) on 6/30/19
Microsoft Corp.	9.0	%
Amazon.com, Inc.	6.9	%
Apple, Inc.	4.4	%
Alphabet, Inc. Class C	4.3	%
Visa, Inc. Class A	3.5	%
Facebook, Inc. Class A	3.0	%
Mastercard, Inc. Class A	2.8	%
PayPal Holdings, Inc.	2.1	%
The Home Depot, Inc.	1.9	%
S&P Global, Inc.	1.9	%
	39.8	%

MML Fundamental Growth Fund Sector Table (% of Net Assets) on 6/30/19
Technology	26.1	%
Consumer, Non-cyclical	23.9	%
Communications	20.7	%
Financial	11.3	%
Industrial	7.9	%
Consumer, Cyclical	7.8	%
Basic Materials	1.6	%
Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%
Net Assets	100.0	%

8

MML Fundamental Value Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term total return by investing primarily in equity securities of issuers that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities, with a focus on companies with large market capitalizations (which the subadviser believes are generally above $1 billion). The Fund’s subadviser is Boston Partners Global Investors, Inc. (Boston Partners), which replaced Wellington Management Company LLP effective February 5, 2019.

MML Fundamental Value Fund Largest Holdings (% of Net Assets) on 6/30/19
Berkshire Hathaway, Inc. Class B	4.6	%
Bank of America Corp.	3.4	%
Johnson & Johnson	3.4	%
Comcast Corp. Class A	2.9	%
Verizon Communications, Inc.	2.4	%
The Procter & Gamble Co.	2.4	%
Citigroup, Inc.	2.3	%
Chevron Corp.	2.3	%
Cisco Systems, Inc.	2.2	%
Pfizer, Inc.	2.2	%
	28.1	%

MML Fundamental Value Fund Sector Table (% of Net Assets) on 6/30/19
Financial	25.5	%
Consumer, Non-cyclical	22.8	%
Communications	12.6	%
Industrial	10.8	%
Energy	9.9	%
Consumer, Cyclical	6.5	%
Basic Materials	5.2	%
Technology	3.5	%
Utilities	0.7	%
Total Long-Term Investments	97.5	%
Short-Term Investments and Other Assets and Liabilities	2.5	%
Net Assets	100.0	%

9

MML Global Fund – Portfolio Summaries (Unaudited)

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

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

MML Global Fund Largest Holdings (% of Net Assets) on 6/30/19
Thermo Fisher Scientific, Inc.	3.3	%
Visa, Inc. Class A	3.2	%
Medtronic PLC	2.9	%
Comcast Corp. Class A	2.9	%
Nestle SA Registered	2.8	%
LVMH Moet Hennessy Louis Vuitton SE	2.7	%
Accenture PLC Class A	2.6	%
Honeywell International, Inc.	2.5	%
Schneider Electric SE	2.3	%
The Walt Disney Co.	2.3	%
	27.5	%

MML Global Fund Sector Table (% of Net Assets) on 6/30/19
Consumer, Non-cyclical	37.4	%
Industrial	19.0	%
Financial	12.2	%
Communications	8.6	%
Consumer, Cyclical	7.8	%
Technology	7.5	%
Basic Materials	6.2	%
Energy	0.6	%
Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%
Net Assets	100.0	%

10

MML Growth & Income Fund – Portfolio Summaries (Unaudited)

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

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

MML Growth & Income Fund Largest Holdings (% of Net Assets) on 6/30/19
Visa, Inc. Class A	3.3	%
Alphabet, Inc. Class A	3.0	%
American Tower Corp.	2.8	%
JP Morgan Chase & Co.	2.7	%
Mastercard, Inc. Class A	2.5	%
Johnson & Johnson	2.5	%
Danaher Corp.	2.5	%
Medtronic PLC	2.5	%
Thermo Fisher Scientific, Inc.	2.4	%
Fidelity National Information Services, Inc.	2.2	%
	26.4	%

MML Growth & Income Fund Sector Table (% of Net Assets) on 6/30/19
Consumer, Non-cyclical	24.9	%
Financial	21.4	%
Technology	16.4	%
Communications	9.8	%
Consumer, Cyclical	9.6	%
Industrial	9.5	%
Energy	4.5	%
Basic Materials	2.9	%
Utilities	0.5	%
Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%
Net Assets	100.0	%

11

MML Income & Growth Fund – Portfolio Summaries (Unaudited)

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

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

MML Income & Growth Fund Largest Holdings (% of Net Assets) on 6/30/19
Linde PLC	2.8	%
Dominion Energy, Inc.	2.6	%
General Electric Co.	2.5	%
Exelon Corp.	2.5	%
US Bancorp	2.4	%
Wells Fargo & Co.	2.3	%
Comcast Corp. Class A	2.2	%
Phillips 66	2.2	%
American Express Co.	2.2	%
Medtronic PLC	2.2	%
	23.9	%

MML Income & Growth Fund Sector Table (% of Net Assets) on 6/30/19
Financial	23.0	%
Consumer, Non-cyclical	12.7	%
Industrial	12.3	%
Energy	11.9	%
Consumer, Cyclical	11.0	%
Technology	9.3	%
Utilities	7.1	%
Basic Materials	6.0	%
Communications	5.6	%
Total Long-Term Investments	98.9	%
Short-Term Investments and Other Assets and Liabilities	1.1	%
Net Assets	100.0	%

12

MML International Equity Fund – Portfolio Summaries (Unaudited)

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

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

MML International Equity Fund Largest Holdings (% of Net Assets) on 6/30/19
BNP Paribas SA	4.0	%
Bayer AG Registered	3.7	%
Intesa Sanpaolo SpA	3.5	%
Credit Suisse Group AG Registered	3.4	%
Daimler AG Registered	3.3	%
Glencore PLC	3.3	%
Continental AG	3.2	%
CNH Industrial NV	3.0	%
Bayerische Motoren Werke AG	2.8	%
Hennes & Mauritz AB Class B	2.7	%
	32.9	%

MML International Equity Fund Sector Table (% of Net Assets) on 6/30/19
Consumer, Cyclical	25.1	%
Financial	24.9	%
Industrial	13.1	%
Consumer, Non-cyclical	11.4	%
Communications	11.1	%
Basic Materials	5.3	%
Technology	4.2	%
Energy	1.2	%
Total Long-Term Investments	96.3	%
Short-Term Investments and Other Assets and Liabilities	3.7	%
Net Assets	100.0	%

13

MML Large Cap Growth Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in large-capitalization companies that the Fund’s subadviser believes offer the potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the common stocks of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 1000^® Growth Index. The Fund’s subadviser is Loomis, Sayles & Company, L.P. (Loomis Sayles).

MML Large Cap Growth Fund Largest Holdings (% of Net Assets) on 6/30/19
Visa, Inc. Class A	6.9	%
Amazon.com, Inc.	6.8	%
Facebook, Inc. Class A	6.1	%
Alibaba Group Holding Ltd. Sponsored ADR	5.2	%
Oracle Corp.	5.1	%
Autodesk, Inc.	4.2	%
Microsoft Corp.	3.7	%
Starbucks Corp.	3.5	%
Monster Beverage Corp.	3.4	%
QUALCOMM, Inc.	3.1	%
	48.0	%

MML Large Cap Growth Fund Sector Table (% of Net Assets) on 6/30/19
Communications	28.1	%
Consumer, Non-cyclical	26.1	%
Technology	20.9	%
Financial	10.2	%
Consumer, Cyclical	6.9	%
Industrial	5.3	%
Energy	1.5	%
Total Long-Term Investments	99.0	%
Short-Term Investments and Other Assets and Liabilities	1.0	%
Net Assets	100.0	%

14

MML Managed Volatility Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. Under normal circumstances, the Fund invests in a broadly diversified portfolio of common stocks, while also selling index call options and purchasing index put options. The Fund’s stock portfolio will have approximately 500 stocks, and seeks to duplicate the investment composition and return of the S&P 500^® Index* (the “Index”) by holding each stock included in the Index in approximately the same proportion as each stock’s relative weighting in the Index. The Fund’s subadviser is Gateway Investment Advisers, LLC (Gateway).

MML Managed Volatility Fund Largest Holdings (% of Net Assets) on 6/30/19
Microsoft Corp.	4.2	%
Apple, Inc.	3.5	%
Amazon.com, Inc.	3.2	%
Facebook, Inc. Class A	1.9	%
Berkshire Hathaway, Inc. Class B	1.7	%
Johnson & Johnson	1.5	%
JP Morgan Chase & Co.	1.5	%
Alphabet, Inc. Class C	1.3	%
Exxon Mobil Corp.	1.3	%
Alphabet, Inc. Class A	1.3	%
	21.4	%

MML Managed Volatility Fund Sector Table (% of Net Assets) on 6/30/19
Consumer, Non-cyclical	21.9	%
Financial	18.2	%
Technology	16.6	%
Communications	15.0	%
Industrial	9.2	%
Consumer, Cyclical	8.3	%
Energy	5.0	%
Utilities	3.3	%
Basic Materials	2.2	%
Mutual Funds	0.0	%
Total Long-Term Investments	99.7	%
Short-Term Investments and Other Assets and Liabilities	0.3	%
Net Assets	100.0	%

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

15

MML Mid Cap Growth Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities of mid-capitalization companies that the Fund’s subadviser believes offer the potential for above-average earnings growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the subadviser expects to grow at a faster rate than the average company. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

MML Mid Cap Growth Fund Largest Holdings (% of Net Assets) on 6/30/19
Teleflex, Inc.	2.4	%
The Cooper Cos., Inc.	2.2	%
Ball Corp.	1.9	%
Hologic, Inc.	1.8	%
L3Harris Technologies, Inc.	1.7	%
Textron, Inc.	1.6	%
Agilent Technologies, Inc.	1.6	%
Microchip Technology, Inc.	1.5	%
IAC/InterActiveCorp	1.5	%
Keysight Technologies, Inc.	1.5	%
	17.7	%

MML Mid Cap Growth Fund Sector Table (% of Net Assets) on 6/30/19
Consumer, Non-cyclical	29.1	%
Industrial	19.7	%
Consumer, Cyclical	15.3	%
Technology	11.9	%
Financial	7.4	%
Communications	3.6	%
Energy	3.0	%
Basic Materials	2.7	%
Utilities	1.8	%
Mutual Funds	0.8	%
Total Long-Term Investments	95.3	%
Short-Term Investments and Other Assets and Liabilities	4.7	%
Net Assets	100.0	%

16

MML Mid Cap Value Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital growth. Income is a secondary objective. The Fund invests primarily in equity securities of mid-capitalization companies that the Fund’s subadviser believes offer prospects for long-term capital growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-size companies. The Fund’s subadviser is American Century Investment Management, Inc. (American Century).

MML Mid Cap Value Fund Largest Holdings (% of Net Assets) on 6/30/19
iShares Russell Mid-Cap Value ETF	3.2	%
Northern Trust Corp.	3.0	%
Zimmer Biomet Holdings, Inc.	2.9	%
Hubbell, Inc.	2.4	%
BB&T Corp.	2.2	%
Xcel Energy, Inc.	2.1	%
Weyerhaeuser Co.	2.0	%
Emerson Electric Co.	1.7	%
Applied Materials, Inc.	1.7	%
Southwest Airlines Co.	1.5	%
	22.7	%

MML Mid Cap Value Fund Sector Table (% of Net Assets) on 6/30/19
Financial	27.6	%
Industrial	18.2	%
Consumer, Non-cyclical	17.3	%
Consumer, Cyclical	12.4	%
Utilities	9.8	%
Technology	5.9	%
Energy	4.8	%
Mutual Funds	3.2	%
Total Long-Term Investments	99.2	%
Short-Term Investments and Other Assets and Liabilities	0.8	%
Net Assets	100.0	%

17

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

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities of smaller companies that the Fund’s subadviser believes offer potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

MML Small Cap Growth Equity Fund Largest Holdings (% of Net Assets) on 6/30/19
Insulet Corp.	1.6	%
Rexnord Corp.	1.6	%
Omnicell, Inc.	1.5	%
TriNet Group, Inc.	1.5	%
Haemonetics Corp.	1.5	%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	1.3	%
Aerojet Rocketdyne Holdings, Inc.	1.3	%
EnerSys	1.2	%
Skyline Champion Corp.	1.2	%
Entegris, Inc.	1.2	%
	13.9	%

MML Small Cap Growth Equity Fund Sector Table (% of Net Assets) on 6/30/19
Consumer, Non-cyclical	26.1	%
Financial	19.3	%
Technology	14.3	%
Consumer, Cyclical	14.2	%
Industrial	13.4	%
Communications	3.6	%
Basic Materials	3.2	%
Mutual Funds	3.0	%
Energy	2.8	%
Utilities	0.5	%
Total Long-Term Investments	100.4	%
Short-Term Investments and Other Assets and Liabilities	(0.4	)%
Net Assets	100.0	%

18

MML Small Company Value Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

MML Small Company Value Fund Largest Holdings (% of Net Assets) on 6/30/19
Belden, Inc.	1.7	%
Home BancShares, Inc.	1.6	%
Nomad Foods Ltd.	1.5	%
Strategic Education, Inc.	1.4	%
Littelfuse, Inc.	1.4	%
PNM Resources, Inc.	1.4	%
Cable One, Inc.	1.3	%
ONE Gas, Inc.	1.3	%
Aaron’s, Inc.	1.3	%
Chesapeake Utilities Corp.	1.2	%
	14.1	%

MML Small Company Value Fund Sector Table (% of Net Assets) on 6/30/19
Financial	32.8	%
Consumer, Non-cyclical	16.9	%
Industrial	16.3	%
Utilities	7.8	%
Consumer, Cyclical	7.7	%
Technology	5.6	%
Energy	4.2	%
Communications	3.6	%
Basic Materials	3.3	%
Mutual Funds	0.7	%
Total Long-Term Investments	98.9	%
Short-Term Investments and Other Assets and Liabilities	1.1	%
Net Assets	100.0	%

19

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

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

The Fund seeks long-term total return by investing primarily in securities that the Fund’s subadviser believes to be undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of small- and mid-cap companies. The Fund’s subadviser is AllianceBernstein L.P. (AllianceBernstein).

MML Small/Mid Cap Value Fund Largest Holdings (% of Net Assets) on 6/30/19
Reinsurance Group of America, Inc.	1.9	%
Everest Re Group Ltd.	1.7	%
Camden Property Trust	1.7	%
Nomad Foods Ltd.	1.6	%
US Foods Holding Corp.	1.6	%
Zions Bancorp NA	1.6	%
Alaska Air Group, Inc.	1.6	%
Alliant Energy Corp.	1.6	%
Sotheby’s	1.5	%
CubeSmart	1.5	%
	16.3	%

MML Small/Mid Cap Value Fund Sector Table (% of Net Assets) on 6/30/19
Financial	34.9	%
Consumer, Cyclical	13.8	%
Industrial	11.7	%
Consumer, Non-cyclical	11.1	%
Technology	10.7	%
Energy	5.8	%
Utilities	5.6	%
Basic Materials	3.0	%
Communications	2.0	%
Mutual Funds	1.8	%
Total Long-Term Investments	100.4	%
Short-Term Investments and Other Assets and Liabilities	(0.4	)%
Net Assets	100.0	%

20

MML Total Return Bond Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s, BBB- or higher by Fitch, or A-2 by S&P, P-2 by Moody’s, or F-2 by Fitch for short-term debt obligations, or, if unrated, determined by the Fund’s subadviser to be of comparable quality). The Fund’s subadviser is Metropolitan West Asset Management, LLC (MetWest).

MML Total Return Bond Fund Portfolio Characteristics (% of Net Assets) on 6/30/19
U.S. Government Agency Obligations and Instrumentalities	29.6	%
Corporate Debt	26.9	%
U.S. Treasury Obligations	23.9	%
Non-U.S. Government Agency Obligations	14.6	%
Diversified Financial Services	1.4	%
Municipal Obligations	1.3	%
Bank Loans	0.2	%
Sovereign Debt Obligations	0.1	%
Total Long-Term Investments	98.0	%
Short-Term Investments and Other Assets and Liabilities	2.0	%
Net Assets	100.0	%

21

MML Blue Chip Growth Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.9%
COMMON STOCK — 99.9%
Basic Materials — 0.5%
Chemicals — 0.5%
Air Products & Chemicals, Inc.		3,043	$	688,844
Linde PLC		4,300		863,440
The Sherwin-Williams Co.		1,230		563,697
				2,115,981
				2,115,981
Communications — 30.3%
Internet — 30.2%
Alibaba Group Holding Ltd. Sponsored ADR (a)		80,493		13,639,539
Alphabet, Inc. Class A (a)		4,129		4,470,881
Alphabet, Inc. Class C (a)		14,223		15,373,783
Amazon.com, Inc. (a)		21,187		40,120,339
Booking Holdings, Inc. (a)		4,091		7,669,439
Ctrip.com International Ltd. ADR (a)		17,340		640,019
Facebook, Inc. Class A (a)		124,255		23,981,215
IAC/InterActiveCorp (a)		9,083		1,975,825
Netflix, Inc. (a)		17,958		6,596,333
Tencent Holdings Ltd.		204,600		9,256,209
				123,723,582
Telecommunications — 0.1%
Corning, Inc.		2,372		78,821
Motorola Solutions, Inc.		2,600		433,498
				512,319
				124,235,901
Consumer, Cyclical — 6.9%
Airlines — 0.7%
Delta Air Lines, Inc.		8,703		493,895
United Continental Holdings, Inc. (a)		24,574		2,151,454
				2,645,349
Apparel — 0.1%
VF Corp.		6,654		581,227
Auto Manufacturers — 0.1%
Ferrari NV		3,395		548,021
Auto Parts & Equipment — 0.7%
Aptiv PLC		32,867		2,656,640
Leisure Time — 0.5%
Norwegian Cruise Line Holdings Ltd. (a)		5,347		286,759
Royal Caribbean Cruises Ltd.		15,670		1,899,361
				2,186,120

	Number of Shares		Value
Lodging — 1.3%
Hilton Worldwide Holdings, Inc.		21,389	$	2,090,561
Marriott International, Inc. Class A		19,338		2,712,928
Wynn Resorts Ltd.		2,403		297,948
				5,101,437
Retail — 3.5%
Dollar General Corp.		31,448		4,250,512
Dollar Tree, Inc. (a)		4,500		483,255
Domino’s Pizza, Inc.		1,775		493,947
McDonald’s Corp.		12,082		2,508,948
Restaurant Brands International, Inc.		13,606		946,161
Ross Stores, Inc.		34,177		3,387,624
Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,954		677,823
Yum! Brands, Inc.		15,670		1,734,199
				14,482,469
				28,201,263
Consumer, Non-cyclical — 22.3%
Agriculture — 0.0%
Philip Morris International, Inc.		1,500		117,795
Beverages — 0.0%
Constellation Brands, Inc. Class A		300		59,082
Biotechnology — 2.1%
Alexion Pharmaceuticals, Inc. (a)		19,621		2,569,959
Illumina, Inc. (a)		243		89,460
Vertex Pharmaceuticals, Inc. (a)		33,140		6,077,213
				8,736,632
Commercial Services — 5.5%
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.		2,500		413,325
Cintas Corp.		2,204		522,987
CoStar Group, Inc. (a)		681		377,315
FleetCor Technologies, Inc. (a)		5,682		1,595,790
Global Payments, Inc.		39,709		6,358,602
IHS Markit Ltd. (a)		3,048		194,219
Moody’s Corp.		500		97,655
PayPal Holdings, Inc. (a)		66,682		7,632,422
S&P Global, Inc.		6,974		1,588,607
Worldpay, Inc. Class A (a)		23,064		2,826,493
				22,382,453
Health Care – Products — 8.0%
Abbott Laboratories		11,542		970,682
Becton Dickinson and Co.		28,893		7,281,325
Boston Scientific Corp. (a)		800		34,384
Danaher Corp.		36,066		5,154,553
Intuitive Surgical, Inc. (a)		11,010		5,775,295
Stryker Corp.		41,810		8,595,300

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

22

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

	Number of Shares		Value
Thermo Fisher Scientific, Inc.		16,997	$	4,991,679
				32,803,218
Health Care – Services — 5.1%
Anthem, Inc.		22,516		6,354,240
Centene Corp. (a)		26,009		1,363,912
HCA Healthcare, Inc.		5,860		792,096
Humana, Inc.		1,275		338,258
UnitedHealth Group, Inc.		40,062		9,775,529
WellCare Health Plans, Inc. (a)		8,081		2,303,651
				20,927,686
Pharmaceuticals — 1.6%
Cigna Corp. (a)		35,570		5,604,054
Elanco Animal Health, Inc. (a)		13,178		445,416
Eli Lilly & Co.		1,031		114,224
Merck & Co., Inc.		294		24,652
Pfizer, Inc.		2,600		112,632
Zoetis, Inc.		2,400		272,376
				6,573,354
				91,600,220
Energy — 0.4%
Oil & Gas — 0.4%
Concho Resources, Inc.		9,000		928,620
Pioneer Natural Resources Co.		5,100		784,686
				1,713,306
				1,713,306
Financial — 11.6%
Banks — 0.5%
Citigroup, Inc.		4,300		301,129
The Goldman Sachs Group, Inc.		200		40,920
JP Morgan Chase & Co.		1,100		122,980
Morgan Stanley		39,118		1,713,760
				2,178,789
Diversified Financial Services — 9.3%
Ameriprise Financial, Inc.		400		58,064
The Charles Schwab Corp.		53,203		2,138,229
Intercontinental Exchange, Inc.		35,660		3,064,620
Mastercard, Inc. Class A		48,842		12,920,174
Raymond James Financial, Inc.		2,240		189,392
TD Ameritrade Holding Corp.		95,777		4,781,188
Visa, Inc. Class A		85,848		14,898,921
				38,050,588
Insurance — 1.8%
American International Group, Inc.		35,202		1,875,562
Chubb Ltd.		2,000		294,580
Marsh & McLennan Cos., Inc.		10,861		1,083,385
The Progressive Corp.		3,488		278,796
Willis Towers Watson PLC		19,417		3,719,132
				7,251,455

	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 0.0%
American Tower Corp.		343	$	70,126
				47,550,958
Industrial — 8.3%
Aerospace & Defense — 5.0%
The Boeing Co.		38,721		14,094,831
L3Harris Technologies, Inc.		13,021		2,462,662
Northrop Grumman Corp.		11,932		3,855,348
				20,412,841
Electronics — 1.1%
Agilent Technologies, Inc.		4,400		328,548
Fortive Corp.		19,444		1,585,075
Honeywell International, Inc.		16,249		2,836,913
				4,750,536
Machinery – Diversified — 1.0%
Roper Technologies, Inc.		10,802		3,956,340
Xylem, Inc.		300		25,092
				3,981,432
Packaging & Containers — 0.1%
Ball Corp.		3,520		246,365
Transportation — 1.1%
Canadian Pacific Railway Ltd.		7,069		1,662,911
CSX Corp.		22,573		1,746,473
J.B. Hunt Transport Services, Inc.		456		41,683
Kansas City Southern		1,608		195,887
Norfolk Southern Corp.		1,734		345,638
Union Pacific Corp.		3,406		575,989
				4,568,581
				33,959,755
Technology — 19.2%
Computers — 0.2%
Apple, Inc.		4,099		811,274
Semiconductors — 1.9%
Analog Devices, Inc.		8,000		902,960
Applied Materials, Inc.		4,600		206,586
Broadcom, Inc.		1,500		431,790
KLA-Tencor Corp.		4,600		543,720
Lam Research Corp.		900		169,056
Marvell Technology Group Ltd.		42,300		1,009,701
Maxim Integrated Products, Inc.		26,099		1,561,242
Microchip Technology, Inc.		2,554		221,432
NVIDIA Corp.		2,204		361,963
QUALCOMM, Inc.		7,000		532,490
Texas Instruments, Inc.		12,069		1,385,038
Xilinx, Inc.		4,436		523,093
				7,849,071
Software — 17.1%
Atlassian Corp. PLC Class A (a)		1,647		215,493
Electronic Arts, Inc. (a)		24,400		2,470,744

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

23

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

	Number of Shares		Value
Fidelity National Information Services, Inc.		31,973	$	3,922,448
Fiserv, Inc. (a)		53,136		4,843,878
Intuit, Inc.		29,549		7,722,040
Microsoft Corp.		182,089		24,392,642
salesforce.com, Inc. (a)		47,394		7,191,092
ServiceNow, Inc. (a)		29,745		8,167,085
Splunk, Inc. (a)		23,361		2,937,646
VMware, Inc. Class A		17,834		2,982,023
Workday, Inc. Class A (a)		24,732		5,084,405
Zoom Video Communications, Inc. Class A (a) (e)		1,055		93,673
				70,023,169
				78,683,514
Utilities — 0.4%
Electric — 0.4%
NextEra Energy, Inc.		200		40,972
Sempra Energy		10,474		1,439,547
				1,480,519
				1,480,519
TOTAL COMMON STOCK (Cost $240,132,729)				409,541,417
TOTAL EQUITIES (Cost $240,132,729)				409,541,417
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (f)		94,743		94,743
TOTAL MUTUAL FUNDS (Cost $94,743)				94,743
TOTAL LONG-TERM INVESTMENTS (Cost $240,227,472)				409,636,160
SHORT-TERM INVESTMENTS — 0.3%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund,		1,059		1,059

	Principal Amount		Value
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (g)	$	1,337,946	$	1,337,946
TOTAL SHORT-TERM INVESTMENTS (Cost $1,339,005)				1,339,005
TOTAL INVESTMENTS — 100.2% (Cost $241,566,477) (h)				410,975,165
Other Assets/(Liabilities) — (0.2)%				(758,881	)
NET ASSETS — 100.0%			$	410,216,284

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Investment was valued using significant unobservable inputs.

(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2019, these securities amounted to a value of $775,038 or 0.19% of net assets.

(d) Restricted security. Certain securities are restricted as to resale. At June 30, 2019, these securities amounted to a value of $775,038 or 0.19% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2019, was $92,697 or 0.02% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(g) Maturity value of $1,338,086. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $1,364,821.

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

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

24

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

Notes to Portfolio of Investments (Continued)

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

United States	90.7	%
Cayman Islands	5.7	%
Ireland	1.1	%
United Kingdom	0.7	%
Canada	0.6	%
Liberia	0.5	%
Bermuda	0.4	%
Netherlands	0.1	%
Switzerland	0.1	%
Total Long-Term Investments	99.9	%
Short-Term Investments and Other Assets and Liabilities	0.1	%
Net Assets	100.0	%

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

25

MML Equity Income Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.7%
COMMON STOCK — 95.1%
Basic Materials — 3.9%
Chemicals — 2.8%
Akzo Nobel NV		7,885	$	741,150
CF Industries Holdings, Inc.		89,900		4,199,229
Dow, Inc.		57,971		2,858,550
DuPont de Nemours, Inc.		60,305		4,527,096
PPG Industries, Inc.		5,000		583,550
				12,909,575
Forest Products & Paper — 0.9%
International Paper Co.		93,104		4,033,265
Iron & Steel — 0.2%
Nucor Corp.		17,900		986,290
				17,929,130
Communications — 8.1%
Media — 3.5%
Comcast Corp. Class A		128,715		5,442,070
Fox Corp. Class B		126,015		4,603,328
News Corp. Class A		280,986		3,790,501
The Walt Disney Co.		15,984		2,232,006
				16,067,905
Telecommunications — 4.6%
AT&T, Inc.		71,748		2,404,275
CenturyLink, Inc.		51,205		602,171
Cisco Systems, Inc.		122,314		6,694,245
Telefonica SA		288,429		2,368,492
Verizon Communications, Inc.		157,604		9,003,917
				21,073,100
				37,141,005
Consumer, Cyclical — 5.1%
Airlines — 1.4%
Alaska Air Group, Inc.		53,257		3,403,655
Delta Air Lines, Inc.		36,400		2,065,700
Southwest Airlines Co.		22,500		1,142,550
				6,611,905
Auto Manufacturers — 0.3%
PACCAR, Inc.		18,500		1,325,710
Auto Parts & Equipment — 0.0%
Adient PLC		9,381		227,677
Lodging — 1.1%
Las Vegas Sands Corp.		72,200		4,266,297
MGM Resorts International		24,800		708,536
				4,974,833
Retail — 1.9%
Kohl’s Corp.		43,200		2,054,160
L Brands, Inc.		65,100		1,699,110

	Number of Shares		Value
Walmart, Inc.		43,736	$	4,832,390
				8,585,660
Toys, Games & Hobbies — 0.4%
Mattel, Inc. (a) (b)		167,200		1,874,312
				23,600,097
Consumer, Non-cyclical — 20.2%
Agriculture — 1.7%
Bunge Ltd.		40,300		2,245,113
Philip Morris International, Inc.		72,300		5,677,719
				7,922,832
Beverages — 0.3%
PepsiCo, Inc.		9,800		1,285,074
Biotechnology — 1.6%
Corteva, Inc. (a)		60,305		1,783,219
Gilead Sciences, Inc.		81,440		5,502,086
				7,285,305
Commercial Services — 0.8%
Nielsen Holdings PLC		166,629		3,765,816
Cosmetics & Personal Care — 0.1%
Coty, Inc. Class A		23,409		313,681
Foods — 2.9%
Conagra Brands, Inc.		175,839		4,663,250
Kellogg Co.		15,000		803,550
Tyson Foods, Inc. Class A		98,300		7,936,742
				13,403,542
Health Care – Products — 2.0%
Becton Dickinson and Co.		6,513		1,641,341
Medtronic PLC		65,883		6,416,346
Zimmer Biomet Holdings, Inc.		11,200		1,318,688
				9,376,375
Health Care – Services — 1.5%
Anthem, Inc.		25,558		7,212,723
Household Products & Wares — 1.7%
Kimberly-Clark Corp.		57,787		7,701,851
Pharmaceuticals — 7.6%
Allergan PLC		14,200		2,377,506
Bristol-Myers Squibb Co.		76,600		3,473,810
CVS Health Corp.		100,741		5,489,377
GlaxoSmithKline PLC Sponsored ADR		3,700		148,074
GlaxoSmithKline PLC		151,186		3,026,374
Johnson & Johnson		65,449		9,115,737
Merck & Co., Inc.		24,468		2,051,642
Pfizer, Inc.		214,501		9,292,183
				34,974,703
				93,241,902

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

26

MML Equity Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Energy — 9.6%
Oil & Gas — 7.5%
Chevron Corp.		33,786	$	4,204,330
Exxon Mobil Corp.		126,975		9,730,095
Hess Corp.		39,500		2,511,015
Occidental Petroleum Corp.		106,929		5,376,390
Pioneer Natural Resources Co.		18,100		2,784,866
Total SA		174,769		9,778,518
				34,385,214
Pipelines — 2.1%
Equitrans Midstream Corp.		35,624		702,149
Targa Resources Corp.		26,400		1,036,464
TC Energy Corp.		162,581		8,051,011
				9,789,624
				44,174,838
Financial — 25.9%
Banks — 14.6%
Bank of America Corp.		9,477		274,833
The Bank of New York Mellon Corp.		32,000		1,412,800
Citigroup, Inc.		51,476		3,604,864
Fifth Third Bancorp		223,485		6,235,231
JP Morgan Chase & Co.		127,811		14,289,270
KeyCorp		11,466		203,522
Morgan Stanley		177,300		7,767,513
Northern Trust Corp.		14,700		1,323,000
The PNC Financial Services Group, Inc.		35,800		4,914,624
State Street Corp.		95,000		5,325,700
US Bancorp		111,085		5,820,854
Wells Fargo & Co.		336,500		15,923,180
				67,095,391
Diversified Financial Services — 0.9%
Ameriprise Financial, Inc.		4,773		692,849
Franklin Resources, Inc.		97,300		3,386,040
				4,078,889
Insurance — 7.4%
American International Group, Inc.		144,595		7,704,021
AXA Equitable Holdings, Inc.		31,514		658,643
Brighthouse Financial, Inc. (a)		43,526		1,596,969
Chubb Ltd.		54,319		8,000,645
Loews Corp.		86,780		4,744,263
Marsh & McLennan Cos., Inc.		15,900		1,586,025
MetLife, Inc.		134,970		6,703,960
Willis Towers Watson PLC		15,141		2,900,107
				33,894,633
Real Estate Investment Trusts (REITS) — 3.0%
Equity Residential		56,259		4,271,183
Rayonier, Inc.		87,841		2,661,582
SL Green Realty Corp.		29,821		2,396,714

	Number of Shares		Value
Weyerhaeuser Co.		179,071	$	4,716,730
				14,046,209
				119,115,122
Industrial — 9.5%
Aerospace & Defense — 3.8%
The Boeing Co.		23,277		8,473,061
L3Harris Technologies, Inc.		44,487		8,413,826
Northrop Grumman Corp.		1,251		404,211
United Technologies Corp.		3,700		481,740
				17,772,838
Building Materials — 1.4%
Johnson Controls International PLC		139,602		5,766,959
Vulcan Materials Co.		6,900		947,439
				6,714,398
Electrical Components & Equipment — 0.5%
Emerson Electric Co.		38,500		2,568,720
Electronics — 0.3%
nVent Electric PLC		23,100		572,649
TE Connectivity Ltd.		8,800		842,864
				1,415,513
Environmental Controls — 0.7%
Pentair PLC		15,200		565,440
Stericycle, Inc. (a)		52,402		2,502,195
				3,067,635
Hand & Machine Tools — 0.1%
Snap-on, Inc.		2,200		364,408
Machinery – Diversified — 0.1%
Flowserve Corp.		4,764		251,015
Miscellaneous – Manufacturing — 1.3%
General Electric Co.		526,900		5,532,450
Illinois Tool Works, Inc.		2,294		345,958
				5,878,408
Transportation — 1.3%
United Parcel Service, Inc. Class B		56,821		5,867,905
				43,900,840
Technology — 6.8%
Computers — 0.8%
Cognizant Technology Solutions Corp. Class A		37,920		2,403,749
Hewlett Packard Enterprise Co.		36,500		545,675
Western Digital Corp.		17,800		846,390
				3,795,814
Semiconductors — 3.9%
Applied Materials, Inc.		61,800		2,775,438
NXP Semiconductor NV		10,600		1,034,666
QUALCOMM, Inc.		140,244		10,668,361
Texas Instruments, Inc.		32,673		3,749,553
				18,228,018

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

27

MML Equity Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Software — 2.1%
Microsoft Corp.		71,128	$	9,528,307
				31,552,139
Utilities — 6.0%
Electric — 4.4%
Duke Energy Corp.		14,800		1,305,952
Edison International		53,967		3,637,915
Evergy, Inc.		40,527		2,437,699
PG&E Corp. (a)		20,157		461,998
Sempra Energy		14,840		2,039,610
The Southern Co.		188,627		10,427,301
				20,310,475
Gas — 1.5%
NiSource, Inc.		234,271		6,747,005
Water — 0.1%
Aqua America, Inc. Convertible		12,164		693,105
				27,750,585
TOTAL COMMON STOCK (Cost $370,006,078)				438,405,658
PREFERRED STOCK — 2.6%
Consumer, Non-cyclical — 0.9%
Health Care – Products — 0.9%
Becton Dickinson and Co. Convertible 6.125%		63,549		3,934,319
Utilities — 1.7%
Electric — 1.7%
DTE Energy Co. Convertible 6.500%		7,705		433,021
NextEra Energy, Inc. Convertible 6.123%		66,353		4,308,300
Sempra Energy Convertible 6.000%		22,022		2,455,233
Sempra Energy Convertible 6.750%		6,848		760,265
				7,956,819
TOTAL PREFERRED STOCK (Cost $9,710,770)				11,891,138
TOTAL EQUITIES (Cost $379,716,848)				450,296,796
	Principal Amount
BONDS & NOTES — 0.7%
CORPORATE DEBT — 0.7%
Electric — 0.3%
Pacific Gas & Electric Co. 4.000% 12/01/46	$	470,000		426,525
3.950% 12/01/47		805,000		726,512
				1,153,037

	Principal Amount		Value
Insurance — 0.2%
AXA SA Convertible 7.250% 5/15/21 (c)	$	895,000	$	919,255
Toys, Games & Hobbies — 0.2%
Mattel, Inc. 6.750% 12/31/25 (c)		1,003,000		1,031,836
TOTAL CORPORATE DEBT (Cost $2,853,005)				3,104,128
TOTAL BONDS & NOTES (Cost $2,853,005)				3,104,128
	Number of Shares
MUTUAL FUNDS — 0.1%
Diversified Financial Services — 0.1%
State Street Navigator Securities Lending Prime Portfolio (d)		381,536		381,536
TOTAL MUTUAL FUNDS (Cost $381,536)				381,536
TOTAL LONG-TERM INVESTMENTS (Cost $382,951,389)				453,782,460
SHORT-TERM INVESTMENTS — 1.5%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,059		1,059
	Principal Amount
Repurchase Agreement — 1.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (e)	$	7,005,537		7,005,537
TOTAL SHORT-TERM INVESTMENTS (Cost $7,006,596)				7,006,596
TOTAL INVESTMENTS — 100.0% (Cost $389,957,985) (f)				460,789,056
Other Assets/(Liabilities) — (0.0)%				(111,642	)
NET ASSETS — 100.0%			$	460,677,414

Abbreviation Legend

ADR American Depositary Receipt

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

28

MML Equity Income Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2019, was $371,914 or 0.08% 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 exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are

considered restricted and may be resold in transactions exempt from registration. At June 30, 2019, the aggregate market value of these securities amounted to $1,951,091 or 0.42% of net assets.

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

(e) Maturity value of $7,006,267. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $7,150,031.

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/Net Unrealized Appreciation/ (Depreciation)
Long
S&P 500 E Mini Index		9/20/19		6	$	887,927	$	(4,667	)

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

29

MML Equity Index Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.1%
COMMON STOCK — 99.1%
Basic Materials — 2.2%
Chemicals — 1.9%
Air Products & Chemicals, Inc.		4,915	$	1,112,609
Albemarle Corp.		2,374		167,153
Celanese Corp.		2,837		305,829
CF Industries Holdings, Inc.		4,963		231,822
Dow, Inc. (a)		16,662		821,603
DuPont de Nemours, Inc.		16,668		1,251,267
Eastman Chemical Co.		3,112		242,207
Ecolab, Inc.		5,669		1,119,287
FMC Corp.		2,874		238,398
International Flavors & Fragrances, Inc. (b)		2,244		325,582
Linde PLC		12,089		2,427,471
LyondellBasell Industries NV Class A		6,747		581,119
The Mosaic Co.		7,944		198,838
PPG Industries, Inc.		5,228		610,160
The Sherwin-Williams Co.		1,809		829,047
				10,462,392
Forest Products & Paper — 0.1%
International Paper Co.		8,867		384,118
Iron & Steel — 0.1%
Nucor Corp.		6,777		373,413
Mining — 0.1%
Freeport-McMoRan, Inc.		32,139		373,134
Newmont Goldcorp Corp.		18,407		708,117
				1,081,251
				12,301,174
Communications — 14.9%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		8,618		194,680
Omnicom Group, Inc.		4,965		406,882
				601,562
Internet — 9.2%
Alphabet, Inc. Class A (a)		6,670		7,222,276
Alphabet, Inc. Class C (a)		6,828		7,380,453
Amazon.com, Inc. (a)		9,213		17,446,013
Booking Holdings, Inc. (a)		965		1,809,095
eBay, Inc.		18,266		721,507
Expedia Group, Inc.		2,672		355,456
F5 Networks, Inc. (a)		1,333		194,125
Facebook, Inc. Class A (a)		53,525		10,330,325
Netflix, Inc. (a)		9,743		3,578,799
Symantec Corp.		13,684		297,764
TripAdvisor, Inc. (a)		2,237		103,551
Twitter, Inc. (a)		16,161		564,019

	Number of Shares		Value
VeriSign, Inc. (a)		2,337	$	488,807
				50,492,190
Media — 2.4%
CBS Corp. Class B		7,922		395,308
Charter Communications, Inc. Class A (a)		3,825		1,511,563
Comcast Corp. Class A		100,936		4,267,574
Discovery, Inc. Class A (a)		3,428		105,240
Discovery, Inc. Class C (a)		8,048		228,966
DISH Network Corp. Class A (a)		5,130		197,043
Fox Corp. Class A (a)		7,829		286,854
Fox Corp. Class B (a)		3,543		129,426
News Corp. Class A		8,355		112,709
News Corp. Class B		2,653		37,036
Viacom, Inc. Class B		7,843		234,270
The Walt Disney Co.		38,898		5,431,717
				12,937,706
Telecommunications — 3.2%
Arista Networks, Inc. (a)		1,160		301,159
AT&T, Inc.		162,647		5,450,301
CenturyLink, Inc.		21,116		248,324
Cisco Systems, Inc.		95,299		5,215,714
Corning, Inc.		17,463		580,296
Juniper Networks, Inc.		7,773		206,995
Motorola Solutions, Inc.		3,694		615,901
Verizon Communications, Inc.		92,147		5,264,358
				17,883,048
				81,914,506
Consumer, Cyclical — 8.3%
Airlines — 0.4%
Alaska Air Group, Inc.		2,763		176,584
American Airlines Group, Inc.		8,866		289,120
Delta Air Lines, Inc.		13,255		752,221
Southwest Airlines Co.		10,836		550,252
United Continental Holdings, Inc. (a)		4,967		434,861
				2,203,038
Apparel — 0.7%
Capri Holdings Ltd. (a)		3,324		115,276
Hanesbrands, Inc.		8,164		140,584
NIKE, Inc. Class B		28,048		2,354,630
PVH Corp.		1,705		161,361
Ralph Lauren Corp.		1,149		130,515
Tapestry, Inc.		6,477		205,515
Under Armour, Inc. Class A (a)		4,084		103,530
Under Armour, Inc. Class C (a)		4,186		92,929
VF Corp.		7,312		638,703
				3,943,043
Auto Manufacturers — 0.5%
Ford Motor Co.		87,688		897,048

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

30

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
General Motors Co.		29,364	$	1,131,395
PACCAR, Inc.		7,690		551,065
				2,579,508
Auto Parts & Equipment — 0.1%
Aptiv PLC		5,764		465,904
BorgWarner, Inc.		4,653		195,333
				661,237
Distribution & Wholesale — 0.2%
Copart, Inc. (a)		4,455		332,967
Fastenal Co.		12,672		412,981
LKQ Corp. (a)		7,051		187,627
W.W. Grainger, Inc.		1,002		268,766
				1,202,341
Home Builders — 0.2%
D.R. Horton, Inc.		7,501		323,518
Lennar Corp. Class A		6,309		305,734
PulteGroup, Inc.		5,712		180,614
				809,866
Home Furnishing — 0.1%
Leggett & Platt, Inc.		2,855		109,546
Whirlpool Corp.		1,422		202,436
				311,982
Housewares — 0.0%
Newell Brands, Inc.		8,788		135,511
Leisure Time — 0.2%
Carnival Corp.		8,880		413,364
Harley-Davidson, Inc.		3,474		124,473
Norwegian Cruise Line Holdings Ltd. (a)		4,822		258,604
Royal Caribbean Cruises Ltd.		3,804		461,083
				1,257,524
Lodging — 0.4%
Hilton Worldwide Holdings, Inc.		6,496		634,919
Marriott International, Inc. Class A		6,170		865,589
MGM Resorts International		11,309		323,098
Wynn Resorts Ltd.		2,154		267,075
				2,090,681
Retail — 5.4%
Advance Auto Parts, Inc.		1,589		244,928
AutoZone, Inc. (a)		545		599,211
Best Buy Co., Inc.		5,194		362,178
CarMax, Inc. (a)		3,652		317,103
Chipotle Mexican Grill, Inc. (a)		540		395,755
Costco Wholesale Corp.		9,811		2,592,655
Darden Restaurants, Inc.		2,739		333,418
Dollar General Corp.		5,748		776,900
Dollar Tree, Inc. (a)		5,279		566,912
Foot Locker, Inc.		2,462		103,207
The Gap, Inc.		4,654		83,632

	Number of Shares		Value
Genuine Parts Co.		3,237	$	335,288
The Home Depot, Inc.		24,507		5,096,721
Kohl’s Corp.		3,705		176,173
L Brands, Inc.		4,972		129,769
Lowe’s Cos., Inc.		17,451		1,760,980
Macy’s, Inc.		6,931		148,739
McDonald’s Corp.		17,028		3,536,035
Nordstrom, Inc.		2,337		74,457
O’Reilly Automotive, Inc. (a)		1,739		642,247
Ross Stores, Inc.		8,223		815,064
Starbucks Corp.		26,973		2,261,147
Target Corp.		11,414		988,567
Tiffany & Co.		2,419		226,515
The TJX Cos., Inc.		27,017		1,428,659
Tractor Supply Co.		2,689		292,563
Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,250		433,613
Walgreens Boots Alliance, Inc.		17,340		947,978
Walmart, Inc.		31,135		3,440,106
Yum! Brands, Inc.		6,798		752,335
				29,862,855
Textiles — 0.0%
Mohawk Industries, Inc. (a)		1,372		202,329
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		2,570		271,597
				45,531,512
Consumer, Non-cyclical — 21.8%
Agriculture — 0.9%
Altria Group, Inc.		41,782		1,978,377
Archer-Daniels-Midland Co.		12,416		506,573
Philip Morris International, Inc.		34,645		2,720,672
				5,205,622
Beverages — 1.9%
Brown-Forman Corp. Class B		3,712		205,756
The Coca-Cola Co.		85,551		4,356,257
Constellation Brands, Inc. Class A		3,749		738,328
Molson Coors Brewing Co. Class B		4,178		233,968
Monster Beverage Corp. (a)		8,673		553,597
PepsiCo, Inc.		31,236		4,095,977
				10,183,883
Biotechnology — 2.0%
Alexion Pharmaceuticals, Inc. (a)		5,039		660,008
Amgen, Inc.		13,591		2,504,550
Biogen, Inc. (a)		4,321		1,010,552
Celgene Corp. (a)		15,718		1,452,972
Corteva, Inc. (a)		16,662		492,695
Gilead Sciences, Inc.		28,297		1,911,745
Illumina, Inc. (a)		3,290		1,211,214
Incyte Corp. (a)		3,941		334,827
Regeneron Pharmaceuticals, Inc. (a)		1,739		544,307

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

31

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Vertex Pharmaceuticals, Inc. (a)		5,728	$	1,050,401
				11,173,271
Commercial Services — 2.1%
Automatic Data Processing, Inc.		9,724		1,607,669
Cintas Corp.		1,879		445,868
Equifax, Inc.		2,677		362,037
FleetCor Technologies, Inc. (a)		1,941		545,130
Gartner, Inc. (a)		1,990		320,271
Global Payments, Inc.		3,495		559,654
H&R Block, Inc.		4,481		131,293
IHS Markit Ltd. (a)		8,060		513,583
MarketAxess Holdings, Inc.		839		269,671
Moody’s Corp.		3,686		719,913
Nielsen Holdings PLC		7,953		179,738
PayPal Holdings, Inc. (a)		26,171		2,995,533
Quanta Services, Inc.		3,083		117,740
Robert Half International, Inc.		2,599		148,169
Rollins, Inc.		3,222		115,573
S&P Global, Inc.		5,467		1,245,328
Total System Services, Inc.		3,610		463,055
United Rentals, Inc. (a)		1,775		235,418
Verisk Analytics, Inc.		3,628		531,357
				11,507,000
Cosmetics & Personal Care — 1.5%
Colgate-Palmolive Co.		19,117		1,370,115
Coty, Inc. Class A		6,554		87,824
The Estee Lauder Cos., Inc. Class A		4,899		897,056
The Procter & Gamble Co.		55,844		6,123,295
				8,478,290
Foods — 1.3%
Campbell Soup Co.		4,316		172,942
Conagra Brands, Inc.		10,767		285,541
General Mills, Inc.		13,423		704,976
The Hershey Co.		3,082		413,081
Hormel Foods Corp. (b)		6,072		246,159
The J.M. Smucker Co.		2,521		290,394
Kellogg Co.		5,562		297,956
The Kraft Heinz Co.		13,777		427,638
The Kroger Co.		18,115		393,277
Lamb Weston Holdings, Inc.		3,279		207,757
McCormick & Co., Inc.		2,717		421,162
Mondelez International, Inc. Class A		32,210		1,736,119
Sysco Corp.		10,481		741,216
Tyson Foods, Inc. Class A		6,547		528,605
				6,866,823
Health Care – Products — 4.0%
Abbott Laboratories		39,297		3,304,878
ABIOMED, Inc. (a)		1,003		261,271
Align Technology, Inc. (a)		1,614		441,752
Baxter International, Inc.		10,575		866,092
Becton Dickinson and Co.		6,014		1,515,588

	Number of Shares		Value
Boston Scientific Corp. (a)		31,012	$	1,332,896
The Cooper Cos., Inc.		1,094		368,558
Danaher Corp.		14,031		2,005,311
DENTSPLY SIRONA, Inc.		5,187		302,713
Edwards Lifesciences Corp. (a)		4,662		861,258
Henry Schein, Inc. (a)		3,372		235,703
Hologic, Inc. (a)		5,941		285,287
IDEXX Laboratories, Inc. (a)		1,908		525,330
Intuitive Surgical, Inc. (a)		2,575		1,350,716
Medtronic PLC		29,859		2,907,968
ResMed, Inc.		3,179		387,933
Stryker Corp.		6,912		1,420,969
Teleflex, Inc.		1,021		338,104
Thermo Fisher Scientific, Inc.		8,931		2,622,856
Varian Medical Systems, Inc. (a)		2,019		274,846
Zimmer Biomet Holdings, Inc.		4,619		543,841
				22,153,870
Health Care – Services — 2.0%
Anthem, Inc.		5,739		1,619,603
Centene Corp. (a)		9,165		480,613
DaVita, Inc. (a)		2,755		154,996
HCA Healthcare, Inc.		5,925		800,882
Humana, Inc.		3,008		798,022
IQVIA Holdings, Inc. (a)		3,510		564,759
Laboratory Corp. of America Holdings (a)		2,188		378,305
Quest Diagnostics, Inc.		2,978		303,190
UnitedHealth Group, Inc.		21,181		5,168,376
Universal Health Services, Inc. Class B		1,863		242,917
WellCare Health Plans, Inc. (a)		1,109		316,143
				10,827,806
Household Products & Wares — 0.4%
Avery Dennison Corp.		1,875		216,900
Church & Dwight Co., Inc.		5,454		398,469
The Clorox Co.		2,843		435,292
Kimberly-Clark Corp.		7,641		1,018,393
				2,069,054
Pharmaceuticals — 5.7%
AbbVie, Inc.		32,938		2,395,251
Allergan PLC		6,853		1,147,398
AmerisourceBergen Corp.		3,466		295,511
Bristol-Myers Squibb Co.		36,468		1,653,824
Cardinal Health, Inc.		6,612		311,425
Cigna Corp. (a)		8,432		1,328,462
CVS Health Corp.		28,983		1,579,284
Eli Lilly & Co.		19,251		2,132,818
Johnson & Johnson		59,155		8,239,109
McKesson Corp.		4,256		571,964
Merck & Co., Inc.		57,389		4,812,068
Mylan NV (a)		11,528		219,493
Nektar Therapeutics (a)		3,793		134,955

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

32

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Perrigo Co. PLC		2,720	$	129,526
Pfizer, Inc.		123,679		5,357,774
Zoetis, Inc.		10,625		1,205,831
				31,514,693
				119,980,312
Energy — 5.0%
Oil & Gas — 4.2%
Anadarko Petroleum Corp.		11,225		792,036
Apache Corp.		8,358		242,131
Cabot Oil & Gas Corp.		9,445		216,857
Chevron Corp.		42,468		5,284,718
Cimarex Energy Co.		2,211		131,179
Concho Resources, Inc.		4,449		459,048
ConocoPhillips		25,167		1,535,187
Devon Energy Corp.		9,245		263,667
Diamondback Energy, Inc.		3,426		373,331
EOG Resources, Inc.		12,992		1,210,335
Exxon Mobil Corp.		94,319		7,227,665
Helmerich & Payne, Inc.		2,383		120,628
Hess Corp.		5,645		358,853
HollyFrontier Corp.		3,425		158,509
Marathon Oil Corp.		18,221		258,920
Marathon Petroleum Corp.		14,742		823,783
Noble Energy, Inc.		10,780		241,472
Occidental Petroleum Corp.		16,626		835,955
Phillips 66		9,308		870,670
Pioneer Natural Resources Co.		3,735		574,667
Valero Energy Corp.		9,264		793,091
				22,772,702
Oil & Gas Services — 0.4%
Baker Hughes a GE Co.		11,422		281,324
Halliburton Co.		19,336		439,701
National Oilwell Varco, Inc.		8,602		191,222
Schlumberger Ltd.		31,027		1,233,013
TechnipFMC PLC		9,479		245,885
				2,391,145
Pipelines — 0.4%
Kinder Morgan, Inc.		43,189		901,786
ONEOK, Inc.		9,292		639,383
The Williams Cos., Inc.		26,864		753,267
				2,294,436
				27,458,283
Financial — 17.8%
Banks — 6.2%
Bank of America Corp.		196,953		5,711,637
The Bank of New York Mellon Corp.		19,716		870,461
BB&T Corp.		17,137		841,941
Citigroup, Inc.		51,525		3,608,296
Citizens Financial Group, Inc.		10,199		360,637
Comerica, Inc.		3,396		246,685

	Number of Shares		Value
Fifth Third Bancorp		16,312	$	455,105
First Republic Bank		3,654		356,813
The Goldman Sachs Group, Inc.		7,597		1,554,346
Huntington Bancshares, Inc.		23,193		320,527
JP Morgan Chase & Co.		72,227		8,074,979
KeyCorp		22,354		396,784
M&T Bank Corp.		3,071		522,285
Morgan Stanley		28,467		1,247,139
Northern Trust Corp.		4,843		435,870
The PNC Financial Services Group, Inc.		10,062		1,381,311
Regions Financial Corp.		22,544		336,807
State Street Corp.		8,397		470,736
SunTrust Banks, Inc.		9,830		617,815
SVB Financial Group (a)		1,170		262,770
US Bancorp		33,377		1,748,955
Wells Fargo & Co.		90,080		4,262,586
Zions Bancorp NA		4,170		191,737
				34,276,222
Diversified Financial Services — 4.3%
Affiliated Managers Group, Inc.		1,133		104,395
Alliance Data Systems Corp.		992		139,009
American Express Co.		15,247		1,882,090
Ameriprise Financial, Inc.		3,005		436,206
BlackRock, Inc.		2,645		1,241,298
Capital One Financial Corp.		10,504		953,133
Cboe Global Markets, Inc.		2,494		258,453
The Charles Schwab Corp.		26,557		1,067,326
CME Group, Inc.		7,988		1,550,551
Discover Financial Services		7,156		555,234
E*TRADE Financial Corp.		5,450		243,070
Franklin Resources, Inc.		6,600		229,680
Intercontinental Exchange, Inc.		12,610		1,083,703
Invesco Ltd.		8,889		181,869
Jefferies Financial Group, Inc.		5,719		109,976
Mastercard, Inc. Class A		20,026		5,297,478
Nasdaq, Inc.		2,580		248,119
Raymond James Financial, Inc.		2,828		239,107
Synchrony Financial		14,167		491,170
T. Rowe Price Group, Inc.		5,241		574,990
Visa, Inc. Class A		38,710		6,718,120
The Western Union Co.		9,763		194,186
				23,799,163
Insurance — 4.2%
Aflac, Inc.		16,645		912,312
The Allstate Corp.		7,462		758,811
American International Group, Inc.		19,287		1,027,611
Aon PLC		5,377		1,037,654
Arthur J Gallagher & Co.		4,080		357,367
Assurant, Inc.		1,344		142,975
Berkshire Hathaway, Inc. Class B (a)		43,142		9,196,580
Chubb Ltd.		10,169		1,497,792
Cincinnati Financial Corp.		3,361		348,435

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

33

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Everest Re Group Ltd.		906	$	223,945
The Hartford Financial Services Group, Inc.		7,973		444,256
Lincoln National Corp.		4,531		292,023
Loews Corp.		6,075		332,120
Marsh & McLennan Cos., Inc.		11,386		1,135,754
MetLife, Inc.		21,234		1,054,693
Principal Financial Group, Inc.		5,740		332,461
The Progressive Corp.		12,953		1,035,333
Prudential Financial, Inc.		9,071		916,171
Torchmark Corp.		2,272		203,253
The Travelers Cos., Inc.		5,843		873,645
Unum Group		4,826		161,912
Willis Towers Watson PLC		2,863		548,379
				22,833,482
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		6,912		354,586
Real Estate Investment Trusts (REITS) — 3.0%
Alexandria Real Estate Equities, Inc.		2,498		352,443
American Tower Corp.		9,840		2,011,788
Apartment Investment & Management Co. Class A		3,400		170,408
AvalonBay Communities, Inc.		3,120		633,922
Boston Properties, Inc.		3,427		442,083
Crown Castle International Corp.		9,291		1,211,082
Digital Realty Trust, Inc.		4,610		543,012
Duke Realty Corp.		7,989		252,532
Equinix, Inc.		1,875		945,544
Equity Residential		8,209		623,227
Essex Property Trust, Inc.		1,457		425,342
Extra Space Storage, Inc.		2,822		299,414
Federal Realty Investment Trust		1,659		213,613
HCP, Inc.		10,594		338,796
Host Hotels & Resorts, Inc.		16,416		299,099
Iron Mountain, Inc.		6,388		199,944
Kimco Realty Corp.		9,435		174,359
The Macerich Co.		2,294		76,826
Mid-America Apartment Communities, Inc.		2,526		297,462
Prologis, Inc.		14,107		1,129,971
Public Storage		3,329		792,868
Realty Income Corp.		7,047		486,032
Regency Centers Corp.		3,722		248,406
SBA Communications Corp. (a)		2,541		571,318
Simon Property Group, Inc.		6,914		1,104,581
SL Green Realty Corp.		1,873		150,533
UDR, Inc.		6,354		285,231
Ventas, Inc.		8,260		564,571
Vornado Realty Trust		3,851		246,849
Welltower, Inc.		9,036		736,705
Weyerhaeuser Co.		16,555		436,059
				16,264,020

	Number of Shares		Value
Savings & Loans — 0.0%
People’s United Financial, Inc.		8,851	$	148,520
				97,675,993
Industrial — 9.2%
Aerospace & Defense — 2.5%
Arconic, Inc.		9,007		232,561
The Boeing Co.		11,656		4,242,900
General Dynamics Corp.		6,066		1,102,920
L3 Technologies, Inc.		1,758		431,009
L3Harris Technologies, Inc.		2,615		494,575
Lockheed Martin Corp.		5,480		1,992,199
Northrop Grumman Corp.		3,765		1,216,509
Raytheon Co.		6,203		1,078,578
TransDigm Group, Inc. (a)		1,100		532,180
United Technologies Corp.		18,068		2,352,454
				13,675,885
Building Materials — 0.4%
Fortune Brands Home & Security, Inc.		3,151		180,017
Johnson Controls International PLC		17,747		733,129
Martin Marietta Materials, Inc.		1,383		318,242
Masco Corp.		6,498		254,981
Vulcan Materials Co.		2,922		401,220
				1,887,589
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		5,039		457,743
Emerson Electric Co.		13,792		920,202
				1,377,945
Electronics — 1.3%
Agilent Technologies, Inc.		7,044		525,975
Allegion PLC		2,108		233,039
Amphenol Corp. Class A		6,722		644,909
FLIR Systems, Inc.		2,955		159,866
Fortive Corp.		6,532		532,489
Garmin Ltd.		2,708		216,098
Honeywell International, Inc.		16,230		2,833,596
Keysight Technologies, Inc. (a)		4,166		374,148
Mettler-Toledo International, Inc. (a)		550		462,000
PerkinElmer, Inc.		2,469		237,863
TE Connectivity Ltd.		7,520		720,266
Waters Corp. (a)		1,538		331,039
				7,271,288
Engineering & Construction — 0.0%
Jacobs Engineering Group, Inc.		2,619		221,017
Environmental Controls — 0.3%
Pentair PLC		3,437		127,856
Republic Services, Inc.		4,782		414,313
Waste Management, Inc.		8,739		1,008,218
				1,550,387

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

34

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Hand & Machine Tools — 0.1%
Snap-on, Inc.		1,244	$	206,056
Stanley Black & Decker, Inc.		3,356		485,311
				691,367
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc.		12,767		1,740,014
Machinery – Diversified — 0.7%
Cummins, Inc.		3,210		550,001
Deere & Co.		7,065		1,170,741
Dover Corp.		3,214		322,043
Flowserve Corp.		2,954		155,646
Rockwell Automation, Inc.		2,652		434,477
Roper Technologies, Inc.		2,325		851,555
Wabtec Corp.		3,658		262,498
Xylem, Inc.		3,981		332,971
				4,079,932
Miscellaneous – Manufacturing — 1.4%
3M Co.		12,840		2,225,686
A.O. Smith Corp.		3,197		150,770
Eaton Corp. PLC		9,397		782,582
General Electric Co.		194,326		2,040,423
Illinois Tool Works, Inc.		6,697		1,009,975
Ingersoll-Rand PLC		5,372		680,471
Parker-Hannifin Corp.		2,868		487,589
Textron, Inc.		5,219		276,816
				7,654,312
Packaging & Containers — 0.3%
Amcor PLC (a)		36,002		413,663
Ball Corp.		7,409		518,556
Packaging Corp. of America		2,112		201,316
Sealed Air Corp.		3,393		145,152
WestRock Co.		5,697		207,770
				1,486,457
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		929		208,784
Transportation — 1.6%
C.H. Robinson Worldwide, Inc.		3,030		255,581
CSX Corp.		17,184		1,329,526
Expeditors International of Washington, Inc.		3,805		288,647
FedEx Corp.		5,326		874,476
J.B. Hunt Transport Services, Inc.		1,953		178,524
Kansas City Southern		2,234		272,146
Norfolk Southern Corp.		5,931		1,182,226
Union Pacific Corp.		15,761		2,665,343
United Parcel Service, Inc. Class B		15,538		1,604,609
				8,651,078
				50,496,055

	Number of Shares		Value
Technology — 16.6%
Computers — 5.1%
Accenture PLC Class A		14,197	$	2,623,180
Apple, Inc.		97,361		19,269,689
Cognizant Technology Solutions Corp. Class A		12,758		808,730
DXC Technology Co.		5,948		328,032
Fortinet, Inc. (a)		3,229		248,084
Hewlett Packard Enterprise Co.		29,817		445,764
HP, Inc.		33,495		696,361
International Business Machines Corp.		19,742		2,722,422
NetApp, Inc.		5,472		337,622
Seagate Technology PLC		5,701		268,631
Western Digital Corp.		6,476		307,934
				28,056,449
Office & Business Equipment — 0.0%
Xerox Corp.		4,496		159,203
Semiconductors — 3.8%
Advanced Micro Devices, Inc. (a)		19,870		603,452
Analog Devices, Inc.		8,259		932,193
Applied Materials, Inc.		20,803		934,263
Broadcom, Inc.		8,823		2,539,789
Intel Corp.		99,764		4,775,703
IPG Photonics Corp. (a)		773		119,235
KLA-Tencor Corp.		3,573		422,329
Lam Research Corp.		3,328		625,131
Maxim Integrated Products, Inc.		6,061		362,569
Microchip Technology, Inc.		5,372		465,752
Micron Technology, Inc. (a)		24,574		948,311
NVIDIA Corp.		13,562		2,227,287
Qorvo, Inc. (a)		2,602		173,319
QUALCOMM, Inc.		27,067		2,058,987
Skyworks Solutions, Inc.		3,865		298,648
Texas Instruments, Inc.		20,909		2,399,517
Xilinx, Inc.		5,704		672,616
				20,559,101
Software — 7.7%
Activision Blizzard, Inc.		17,162		810,046
Adobe, Inc. (a)		10,868		3,202,256
Akamai Technologies, Inc. (a)		3,622		290,267
ANSYS, Inc. (a)		1,858		380,556
Autodesk, Inc. (a)		4,919		801,305
Broadridge Financial Solutions, Inc.		2,565		327,499
Cadence Design Systems, Inc. (a)		6,219		440,367
Cerner Corp.		7,336		537,729
Citrix Systems, Inc.		2,775		272,339
Electronic Arts, Inc. (a)		6,646		672,974
Fidelity National Information Services, Inc.		7,244		888,694
Fiserv, Inc. (a)		8,799		802,117
Intuit, Inc.		5,786		1,512,055
Jack Henry & Associates, Inc.		1,709		228,869

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

35

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Microsoft Corp.		170,680	$	22,864,293
MSCI, Inc.		1,870		446,537
Oracle Corp.		54,018		3,077,406
Paychex, Inc.		7,091		583,518
Red Hat, Inc. (a)		3,975		746,346
salesforce.com, Inc. (a)		17,302		2,625,233
Synopsys, Inc. (a)		3,319		427,122
Take-Two Interactive Software, Inc. (a)		2,511		285,074
				42,222,602
				90,997,355
Utilities — 3.3%
Electric — 3.1%
AES Corp.		14,738		247,009
Alliant Energy Corp.		5,241		257,228
Ameren Corp.		5,428		407,697
American Electric Power Co., Inc.		11,053		972,775
CenterPoint Energy, Inc.		11,105		317,936
CMS Energy Corp.		6,281		363,733
Consolidated Edison, Inc.		7,335		643,133
Dominion Energy, Inc.		17,888		1,383,100
DTE Energy Co.		4,114		526,098
Duke Energy Corp.		16,242		1,433,194
Edison International		7,228		487,239
Entergy Corp.		4,201		432,409
Evergy, Inc.		5,478		329,502
Eversource Energy		7,206		545,927
Exelon Corp.		21,710		1,040,777
FirstEnergy Corp.		11,165		477,974
NextEra Energy, Inc.		10,659		2,183,603
NRG Energy, Inc.		5,978		209,947
Pinnacle West Capital Corp.		2,496		234,849
PPL Corp.		15,988		495,788
Public Service Enterprise Group, Inc.		11,214		659,608
Sempra Energy		6,152		845,531
The Southern Co.		23,193		1,282,109
WEC Energy Group, Inc.		6,998		583,423
Xcel Energy, Inc.		11,405		678,483
				17,039,072
Gas — 0.1%
Atmos Energy Corp.		2,592		273,611
NiSource, Inc.		8,287		238,666
				512,277
Water — 0.1%
American Water Works Co., Inc.		4,013		465,508
				18,016,857
TOTAL COMMON STOCK (Cost $351,719,746)				544,372,047
TOTAL EQUITIES (Cost $351,719,746)				544,372,047

	Number of Shares		Value
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (c)		254,943	$	254,943
TOTAL MUTUAL FUNDS (Cost $254,943)				254,943
TOTAL LONG-TERM INVESTMENTS (Cost $351,974,689)				544,626,990
	Principal Amount
SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (d)	$	4,304,171		4,304,171
U.S. Treasury Bill — 0.2%
U.S. Treasury Bill 0.000% 7/18/19 (e)		1,085,000		1,083,949
TOTAL SHORT-TERM INVESTMENTS (Cost $5,387,785)				5,388,120
TOTAL INVESTMENTS — 100.1% (Cost $357,362,474) (f)				550,015,110
Other Assets/(Liabilities) — (0.1)%				(550,493	)
NET ASSETS — 100.0%			$	549,464,617

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2019, was $249,082 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) Represents investment of security lending collateral. (Note 2).

(d) Maturity value of $4,304,619. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $4,394,927.

(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.

36

MML Equity Index Fund – Portfolio of Investments (Continued)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/Net Unrealized Appreciation/ (Depreciation)
Long
S&P 500 E-Mini Index		9/20/19		38	$	5,524,891	$	69,089

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

37

MML Focused Equity Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.1%
COMMON STOCK — 98.1%
Basic Materials — 3.8%
Chemicals — 3.8%
Linde PLC		54,624	$	10,968,499
Consumer, Cyclical — 15.3%
Apparel — 4.4%
NIKE, Inc. Class B		154,511		12,971,198
Retail — 10.9%
Costco Wholesale Corp.		24,893		6,578,224
McDonald’s Corp.		72,072		14,966,472
The TJX Cos., Inc.		194,692		10,295,313
				31,840,009
				44,811,207
Consumer, Non-cyclical — 36.5%
Beverages — 13.5%
The Coca-Cola Co.		285,577		14,541,581
Diageo PLC		291,611		12,558,011
PepsiCo, Inc.		93,411		12,248,985
				39,348,577
Cosmetics & Personal Care — 4.0%
Colgate-Palmolive Co.		161,442		11,570,548
Health Care – Products — 10.9%
Baxter International, Inc.		107,182		8,778,206
Danaher Corp.		61,455		8,783,148
Medtronic PLC		148,133		14,426,673
				31,988,027
Health Care – Services — 4.9%
UnitedHealth Group, Inc.		59,292		14,467,841
Pharmaceuticals — 3.2%
Johnson & Johnson		67,344		9,379,672
				106,754,665
Financial — 24.1%
Banks — 3.6%
The PNC Financial Services Group, Inc.		77,383		10,623,138
Diversified Financial Services — 5.5%
American Express Co.		70,816		8,741,527
Visa, Inc. Class A		42,440		7,365,462
				16,106,989
Insurance — 7.6%
Chubb Ltd.		88,542		13,041,351
Marsh & McLennan Cos., Inc.		91,042		9,081,440
				22,122,791
Real Estate Investment Trusts (REITS) — 7.4%
American Tower Corp.		47,890		9,791,111

	Number of Shares		Value
Public Storage		48,970	$	11,663,185
				21,454,296
				70,307,214
Industrial — 11.9%
Aerospace & Defense — 5.6%
General Dynamics Corp.		53,931		9,805,734
Lockheed Martin Corp.		18,435		6,701,860
				16,507,594
Transportation — 6.3%
Canadian National Railway Co.		94,964		8,789,002
Union Pacific Corp.		56,665		9,582,618
				18,371,620
				34,879,214
Technology — 6.5%
Computers — 2.5%
Accenture PLC Class A		39,668		7,329,456
Software — 4.0%
Microsoft Corp.		85,984		11,518,417
				18,847,873
TOTAL COMMON STOCK (Cost $269,454,773)				286,568,672
TOTAL EQUITIES (Cost $269,454,773)				286,568,672
TOTAL LONG-TERM INVESTMENTS (Cost $269,454,773)				286,568,672
	Principal Amount
SHORT-TERM INVESTMENTS — 1.9%
Repurchase Agreement — 1.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (a)	$	5,640,314		5,640,314
TOTAL SHORT-TERM INVESTMENTS (Cost $5,640,314)				5,640,314
TOTAL INVESTMENTS —100.0% (Cost $275,095,087) (b)				292,208,986
Other Assets/(Liabilities) — 0.0%				102,323
NET ASSETS — 100.0%			$	292,311,309

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

38

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 $5,640,902. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $5,754,655.

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

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

United States	75.1	%
Ireland	11.2	%
Switzerland	4.5	%
United Kingdom	4.3	%
Canada	3.0	%
Total Long-Term Investments	98.1	%
Short-Term Investments and Other Assets and Liabilities	1.9	%
Net Assets	100.0	%

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

39

MML Foreign Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.7%
COMMON STOCK — 96.7%
Canada — 2.6%
Husky Energy, Inc.		207,400	$	1,965,434
Wheaton Precious Metals Corp.		250,200		6,050,807
				8,016,241
Cayman Islands — 4.1%
Baidu, Inc. Sponsored ADR (a)		28,170		3,306,031
CK Asset Holdings Ltd.		584,554		4,563,205
CK Hutchison Holdings Ltd.		487,254		4,793,939
				12,663,175
China — 2.4%
China Telecom Corp. Ltd. Class H		11,037,643		5,557,914
Sinopharm Group Co. Ltd. Class H		568,800		2,004,385
				7,562,299
Denmark — 1.4%
Vestas Wind Systems A/S		51,119		4,421,947
France — 13.9%
AXA SA		60,311		1,584,382
BNP Paribas SA		196,468		9,347,627
Cie de Saint-Gobain		103,887		4,060,775
Cie Generale des Etablissements Michelin SCA		35,146		4,458,898
Credit Agricole SA		112,057		1,343,900
Sanofi		82,015		7,095,027
Total SA		136,357		7,629,324
Veolia Environnement SA		314,906		7,677,637
				43,197,570
Germany — 12.3%
Bayer AG Registered		64,174		4,457,483
Deutsche Telekom AG Registered		424,671		7,349,140
E.ON SE		767,857		8,339,484
Fresenius Medical Care AG & Co. KGaA		40,801		3,200,792
Infineon Technologies AG		206,021		3,640,819
Merck KGaA		43,928		4,596,354
Siemens AG Registered		42,985		5,109,398
Telefonica Deutschland Holding AG		610,675		1,707,087
				38,400,557
Hong Kong — 2.5%
AIA Group Ltd.		326,400		3,528,594
China Mobile Ltd.		480,000		4,369,154
				7,897,748
Ireland — 3.5%
Bank of Ireland Group PLC		572,268		2,999,999
CRH PLC		239,772		7,834,021
				10,834,020

	Number of Shares		Value
Israel — 1.0%
Teva Pharmaceutical Industries Ltd. Sponsored ADR (a)		334,268	$	3,085,294
Italy — 2.3%
Eni SpA		438,653		7,266,012
Japan — 13.8%
Astellas Pharma, Inc.		356,700		5,093,013
IHI Corp.		45,800		1,107,509
Kirin Holdings Co. Ltd.		280,100		6,045,592
Mitsui Fudosan Co. Ltd.		210,000		5,099,035
Panasonic Corp.		345,400		2,884,021
Ryohin Keikaku Co. Ltd.		7,400		1,338,935
Seven & i Holdings Co. Ltd.		92,500		3,135,314
Sumitomo Metal Mining Co. Ltd.		113,700		3,408,530
Sumitomo Mitsui Financial Group, Inc.		182,300		6,455,238
Sumitomo Rubber Industries Ltd.		32,200		373,141
Suntory Beverage & Food Ltd.		74,100		3,216,823
Takeda Pharmaceutical Co. Ltd.		136,433		4,849,513
				43,006,664
Luxembourg — 1.6%
SES SA		246,017		3,852,311
Tenaris SA		76,971		1,012,712
				4,865,023
Netherlands — 4.9%
Akzo Nobel NV		28,606		2,688,817
ING Groep NV		693,656		8,043,599
NXP Semiconductor NV		47,900		4,675,519
				15,407,935
Norway — 1.2%
Yara International ASA		77,872		3,779,764
Republic of Korea — 5.1%
Hana Financial Group, Inc.		79,353		2,571,795
KB Financial Group, Inc. ADR		107,416		4,240,784
Samsung Electronics Co. Ltd.		222,347		9,065,527
				15,878,106
Singapore — 1.7%
Singapore Telecommunications Ltd.		2,027,000		5,252,955
Switzerland — 4.9%
Alcon, Inc. (a)		11,979		740,880
Landis+Gyr Group AG (b)		25,523		2,034,197
Novartis AG Registered		59,896		5,478,508
Roche Holding AG		24,779		6,971,975
				15,225,560
Taiwan — 1.4%
Taiwan Semiconductor Manufacturing Co. Ltd.		563,275		4,296,961

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

40

MML Foreign Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Thailand — 0.2%
Bangkok Bank PCL Foreign Registered		71,900	$	466,843
United Kingdom — 15.9%
BAE Systems PLC		999,915		6,306,130
BP PLC		986,693		6,895,426
HSBC Holdings PLC		623,600		5,175,918
Johnson Matthey PLC		96,470		4,092,026
Kingfisher PLC		1,267,063		3,461,443
Royal Dutch Shell PLC Class A		2,397		78,489
Royal Dutch Shell PLC Class B		233,576		7,618,911
Standard Chartered PLC		1,019,428		9,276,266
Vodafone Group PLC Sponsored ADR		409,383		6,685,224
				49,589,833
TOTAL COMMON STOCK (Cost $300,757,270)				301,114,507
TOTAL EQUITIES (Cost $300,757,270)				301,114,507
MUTUAL FUNDS — 0.7%
United States — 0.7%
State Street Navigator Securities Lending Prime Portfolio (c)		2,093,504		2,093,504
TOTAL MUTUAL FUNDS (Cost $2,093,504)				2,093,504
TOTAL LONG-TERM INVESTMENTS (Cost $302,850,774)				303,208,011
	Principal Amount
SHORT-TERM INVESTMENTS — 2.8%
Repurchase Agreement — 2.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (d)	$	8,815,856		8,815,856
TOTAL SHORT-TERM INVESTMENTS (Cost $8,815,856)				8,815,856
TOTAL INVESTMENTS — 100.2% (Cost $311,666,630) (e)				312,023,867
Other Assets/(Liabilities) — (0.2)%				(618,480	)
NET ASSETS — 100.0%			$	311,405,387

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2019, was $1,993,218 or 0.64% 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 $8,816,774. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $8,993,558.

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

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

Financial	20.8	%
Consumer, Non-cyclical	19.3	%
Communications	12.2	%
Energy	12.2	%
Industrial	8.2	%
Technology	7.0	%
Basic Materials	6.4	%
Utilities	5.1	%
Consumer, Cyclical	4.0	%
Diversified	1.5	%
Mutual Funds	0.7	%
Total Long-Term Investments	97.4	%
Short-Term Investments and Other Assets and Liabilities	2.6	%
Net Assets	100.0	%

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

41

MML Fundamental Growth Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Basic Materials — 1.6%
Chemicals — 1.6%
The Sherwin-Williams Co.		3,912	$	1,792,831
Communications — 20.7%
Internet — 16.4%
Alibaba Group Holding Ltd. Sponsored ADR (a)		4,409		747,105
Alphabet, Inc. Class C (a)		4,351		4,703,039
Amazon.com, Inc. (a)		4,034		7,638,904
Facebook, Inc. Class A (a)		17,088		3,297,984
Palo Alto Networks, Inc. (a)		3,320		676,483
VeriSign, Inc. (a)		5,075		1,061,487
				18,125,002
Media — 2.8%
Comcast Corp. Class A		39,427		1,666,974
The Walt Disney Co.		10,430		1,456,445
				3,123,419
Telecommunications — 1.5%
Cisco Systems, Inc.		22,496		1,231,206
Verizon Communications, Inc.		6,800		388,484
				1,619,690
				22,868,111
Consumer, Cyclical — 7.8%
Apparel — 1.3%
NIKE, Inc. Class B		17,320		1,454,014
Retail — 6.5%
AutoZone, Inc. (a)		1,109		1,219,312
The Home Depot, Inc.		10,318		2,145,834
McDonald’s Corp.		7,300		1,515,918
O’Reilly Automotive, Inc. (a)		2,104		777,049
Ross Stores, Inc.		9,115		903,479
The TJX Cos., Inc.		11,437		604,789
				7,166,381
				8,620,395
Consumer, Non-cyclical — 23.9%
Beverages — 2.1%
Constellation Brands, Inc. Class A		2,857		562,657
Monster Beverage Corp. (a)		26,661		1,701,772
				2,264,429
Commercial Services — 11.8%
Experian PLC		37,453		1,136,982
FleetCor Technologies, Inc. (a)		6,564		1,843,500
Gartner, Inc. (a)		5,436		874,870
Global Payments, Inc.		11,122		1,780,966
IHS Markit Ltd. (a)		24,022		1,530,682
PayPal Holdings, Inc. (a)		20,548		2,351,924

	Number of Shares		Value
S&P Global, Inc.		9,294	$	2,117,080
Worldpay, Inc. Class A (a)		11,435		1,401,359
				13,037,363
Cosmetics & Personal Care — 0.8%
The Procter & Gamble Co.		8,138		892,332
Health Care – Products — 6.3%
Baxter International, Inc.		15,154		1,241,113
Danaher Corp.		9,621		1,375,033
Edwards Lifesciences Corp. (a)		7,290		1,346,755
Teleflex, Inc.		4,368		1,446,463
Thermo Fisher Scientific, Inc.		5,366		1,575,887
				6,985,251
Health Care – Services — 2.3%
Anthem, Inc.		3,365		949,636
ICON PLC (a)		10,475		1,612,836
				2,562,472
Pharmaceuticals — 0.6%
Elanco Animal Health, Inc. (a)		20,199		682,726
				26,424,573
Financial — 11.3%
Diversified Financial Services — 9.5%
American Express Co.		15,414		1,902,704
Intercontinental Exchange, Inc.		16,934		1,455,308
Mastercard, Inc. Class A		11,501		3,042,359
TD Ameritrade Holding Corp.		5,988		298,921
Visa, Inc. Class A		22,001		3,818,274
				10,517,566
Real Estate Investment Trusts (REITS) — 1.8%
American Tower Corp.		9,356		1,912,834
				12,430,400
Industrial — 7.9%
Aerospace & Defense — 4.0%
Aerojet Rocketdyne Holdings, Inc. (a)		22,198		993,804
The Boeing Co.		2,103		765,513
Lockheed Martin Corp.		5,363		1,949,665
Northrop Grumman Corp.		2,168		700,503
				4,409,485
Electronics — 1.1%
Agilent Technologies, Inc.		5,377		401,500
Fortive Corp.		9,611		783,489
				1,184,989
Machinery – Diversified — 1.5%
Roper Technologies, Inc.		4,703		1,722,521
Transportation — 1.3%
Union Pacific Corp.		8,455		1,429,825
				8,746,820

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

42

MML Fundamental Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Technology — 26.1%
Computers — 6.1%
Apple, Inc.		24,459	$	4,840,925
Check Point Software Technologies Ltd. (a)		6,976		806,496
Fortinet, Inc. (a)		14,698		1,129,247
				6,776,668
Semiconductors — 2.3%
Broadcom, Inc.		5,911		1,701,540
QUALCOMM, Inc.		11,181		850,539
				2,552,079
Software — 17.7%
Adobe, Inc. (a)		6,006		1,769,668
Guidewire Software, Inc. (a)		5,307		538,024
Intuit, Inc.		6,378		1,666,763
Microsoft Corp.		74,280		9,950,549
Oracle Corp.		14,639		833,984
salesforce.com, Inc. (a)		8,928		1,354,645
ServiceNow, Inc. (a)		5,334		1,464,556
SS&C Technologies Holdings, Inc		23,910		1,377,455
VMware, Inc. Class A		3,205		535,908
				19,491,552
				28,820,299
TOTAL COMMON STOCK (Cost $88,822,915)				109,703,429
TOTAL EQUITIES (Cost $88,822,915)				109,703,429
TOTAL LONG-TERM INVESTMENTS (Cost $88,822,915)				109,703,429
	Principal Amount
SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (b)	$	1,152,201		1,152,201
TOTAL SHORT-TERM INVESTMENTS (Cost $1,152,201)				1,152,201
TOTAL INVESTMENTS — 100.3% (Cost $89,975,116) (c)				110,855,630
Other Assets/(Liabilities) — (0.3)%				(376,946	)
NET ASSETS — 100.0%			$	110,478,684

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 $1,152,321. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $1,176,394.

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

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

43

MML Fundamental Value Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.5%
COMMON STOCK — 97.5%
Basic Materials — 5.2%
Chemicals — 3.8%
Dow, Inc.		24,784	$	1,222,099
DuPont de Nemours, Inc.		31,131		2,337,004
FMC Corp.		10,599		879,187
The Mosaic Co.		35,492		888,365
Nutrien Ltd.		34,862		1,863,722
				7,190,377
Mining — 1.4%
Barrick Gold Corp.		168,828		2,662,418
				9,852,795
Communications — 12.6%
Internet — 3.1%
Alphabet, Inc. Class A (a)		3,449		3,734,577
Booking Holdings, Inc. (a)		1,103		2,067,805
				5,802,382
Media — 4.9%
Altice USA, Inc. (a)		33,694		820,449
Comcast Corp. Class A		131,433		5,556,987
Fox Corp. Class A		44,477		1,629,637
Liberty Global PLC Series C (a)		51,593		1,368,763
				9,375,836
Telecommunications — 4.6%
Cisco Systems, Inc.		76,666		4,195,930
Verizon Communications, Inc.		80,369		4,591,481
				8,787,411
				23,965,629
Consumer, Cyclical — 6.5%
Airlines — 1.9%
Delta Air Lines, Inc.		38,344		2,176,022
Southwest Airlines Co.		28,145		1,429,203
				3,605,225
Home Builders — 0.4%
Toll Brothers, Inc.		23,292		852,953
Lodging — 2.0%
Las Vegas Sands Corp.		29,587		1,748,296
Wyndham Destinations, Inc.		20,067		880,941
Wyndham Hotels & Resorts, Inc.		22,969		1,280,292
				3,909,529
Retail — 2.2%
AutoZone, Inc. (a)		2,111		2,320,981
Lowe’s Cos., Inc.		18,047		1,821,123
				4,142,104
				12,509,811

	Number of Shares		Value
Consumer, Non-cyclical — 22.8%
Beverages — 0.5%
Coca-Cola European Partners PLC		18,266	$	1,032,029
Biotechnology — 0.7%
Biogen, Inc. (a)		6,036		1,411,639
Cosmetics & Personal Care — 2.4%
The Procter & Gamble Co.		41,855		4,589,401
Foods — 2.2%
Mondelez International, Inc. Class A		50,846		2,740,600
Tyson Foods, Inc. Class A		17,345		1,400,435
				4,141,035
Health Care – Products — 2.6%
Medtronic PLC		37,345		3,637,030
Zimmer Biomet Holdings, Inc.		10,952		1,289,488
				4,926,518
Health Care – Services — 4.2%
Anthem, Inc.		10,235		2,888,419
Quest Diagnostics, Inc.		22,359		2,276,370
UnitedHealth Group, Inc.		11,332		2,765,121
				7,929,910
Pharmaceuticals — 10.2%
Cigna Corp.		24,748		3,899,047
CVS Health Corp.		37,445		2,040,378
Johnson & Johnson		46,485		6,474,431
McKesson Corp.		8,791		1,181,423
Novartis AG Sponsored ADR		11,755		1,073,349
Novo Nordisk A/S Sponsored ADR		13,808		704,760
Pfizer, Inc.		96,614		4,185,319
				19,558,707
				43,589,239
Energy — 9.9%
Oil & Gas — 9.6%
Canadian Natural Resources Ltd.		40,266		1,085,974
Chevron Corp.		34,845		4,336,112
Cimarex Energy Co.		17,935		1,064,083
ConocoPhillips		39,889		2,433,229
Marathon Petroleum Corp.		18,123		1,012,713
Noble Energy, Inc.		90,849		2,035,018
Pioneer Natural Resources Co.		7,788		1,198,262
Royal Dutch Shell PLC Class A Sponsored ADR		50,491		3,285,449
Valero Energy Corp.		22,526		1,928,451
				18,379,291
Oil & Gas Services — 0.3%
Apergy Corp. (a)		15,377		515,745
				18,895,036

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

44

MML Fundamental Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Financial — 25.5%
Banks — 9.1%
Bank of America Corp.		224,382	$	6,507,078
BB&T Corp.		24,250		1,191,402
Citigroup, Inc.		62,018		4,343,121
SunTrust Banks, Inc.		19,004		1,194,401
Wells Fargo & Co.		85,959		4,067,580
				17,303,582
Diversified Financial Services — 1.6%
American Express Co.		10,681		1,318,463
The Charles Schwab Corp.		14,322		575,601
Discover Financial Services		15,254		1,183,558
				3,077,622
Insurance — 13.0%
The Allstate Corp.		27,630		2,809,695
American International Group, Inc.		76,851		4,094,621
Aon PLC		11,318		2,184,148
Berkshire Hathaway, Inc. Class B (a)		41,375		8,819,909
Chubb Ltd.		22,201		3,269,985
Everest Re Group Ltd.		6,085		1,504,090
The Travelers Cos., Inc.		14,255		2,131,408
				24,813,856
Real Estate Investment Trusts (REITS) — 1.8%
Equity Residential		15,935		1,209,785
Essex Property Trust, Inc.		3,592		1,048,613
SL Green Realty Corp.		15,371		1,235,367
				3,493,765
				48,688,825
Industrial — 10.8%
Aerospace & Defense — 3.1%
The Boeing Co.		4,984		1,814,226
United Technologies Corp.		30,718		3,999,483
				5,813,709
Building Materials — 1.6%
Cemex SAB de CV Sponsored ADR		126,893		538,026
CRH PLC Sponsored ADR		32,448		1,062,672
Owens Corning		23,840		1,387,488
				2,988,186
Machinery – Diversified — 1.0%
Dover Corp.		19,439		1,947,788
Miscellaneous – Manufacturing — 1.3%
Eaton Corp. PLC		29,784		2,480,412
Transportation — 3.8%
C.H. Robinson Worldwide, Inc.		6,930		584,546
Kansas City Southern		17,237		2,099,811
Union Pacific Corp.		18,855		3,188,569
United Parcel Service, Inc. Class B		13,962		1,441,856
				7,314,782
				20,544,877

	Number of Shares		Value
Technology — 3.5%
Computers — 0.4%
DXC Technology Co.		13,556	$	747,613
Semiconductors — 1.1%
NXP Semiconductor NV		20,552		2,006,081
Software — 2.0%
Microsoft Corp.		7,930		1,062,303
Oracle Corp.		49,297		2,808,450
				3,870,753
				6,624,447
Utilities — 0.7%
Electric — 0.7%
Edison International		20,184		1,360,603
TOTAL COMMON STOCK (Cost $173,697,570)				186,031,262
TOTAL EQUITIES (Cost $173,697,570)				186,031,262
TOTAL LONG-TERM INVESTMENTS (Cost $173,697,570)				186,031,262
	Principal Amount
SHORT-TERM INVESTMENTS — 1.7%
Repurchase Agreement — 1.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (b)	$	3,352,183		3,352,183
TOTAL SHORT-TERM INVESTMENTS (Cost $3,352,183)				3,352,183
TOTAL INVESTMENTS — 99.2% (Cost $177,049,753) (c)				189,383,445
Other Assets/(Liabilities) — 0.8%				1,437,763
NET ASSETS — 100.0%			$	190,821,208

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 $3,352,532. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $3,422,237.

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

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

45

MML Global Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Austria — 0.3%
Erste Group Bank AG		39,395	$	1,462,362
Brazil — 0.3%
Ambev SA		305,331		1,422,511
Canada — 1.9%
Canadian National Railway Co.		87,351		8,078,220
Cayman Islands — 0.2%
Sands China Ltd.		159,200		763,142
Denmark — 0.7%
Carlsberg A/S Class B		21,319		2,826,911
France — 11.2%
Air Liquide SA		31,453		4,401,288
Danone SA		90,531		7,677,967
EssilorLuxottica SA		12,491		1,632,802
Hermes International		1,443		1,040,748
Legrand SA		61,813		4,529,434
LVMH Moet Hennessy Louis Vuitton SE		26,901		11,451,527
Pernod Ricard SA		42,107		7,759,329
Schneider Electric SE		109,306		9,914,878
				48,407,973
Germany — 4.0%
Bayer AG Registered		106,337		7,386,096
Brenntag AG		44,556		2,194,285
Deutsche Boerse AG		12,711		1,798,038
Merck KGaA		28,710		3,004,037
MTU Aero Engines AG		12,702		3,030,429
				17,412,885
Ireland — 7.7%
Accenture PLC Class A		60,859		11,244,918
Linde PLC		35,857		7,210,603
Linde PLC		10,506		2,109,605
Medtronic PLC		130,024		12,663,037
				33,228,163
Israel — 1.2%
Check Point Software Technologies Ltd. (a)		44,415		5,134,818
Japan — 3.0%
Hoya Corp.		42,700		3,279,915
Kubota Corp.		338,700		5,647,296
Olympus Corp.		340,800		3,799,029
				12,726,240
Mexico — 0.3%
Grupo Financiero Banorte SAB de CV Class O		203,083		1,179,535

	Number of Shares		Value
Netherlands — 2.7%
Akzo Nobel NV		60,821	$	5,716,861
Heineken NV		37,310		4,164,547
Schlumberger Ltd.		42,979		1,707,985
				11,589,393
Republic of Korea — 0.8%
Samsung Electronics Co. Ltd.		83,097		3,388,029
Spain — 1.3%
Aena SME SA (b)		27,701		5,490,687
Sweden — 2.2%
Essity AB Class B		314,604		9,669,630
Switzerland — 7.4%
Adecco Group AG Registered		36,362		2,185,330
Cie Financiere Richemont SA Registered		52,420		4,449,095
Julius Baer Group Ltd.		38,659		1,724,619
Nestle SA Registered		115,518		11,959,432
Roche Holding AG		25,391		7,144,172
Sonova Holding AG Registered		4,361		992,682
UBS Group AG Registered		304,413		3,617,810
				32,073,140
Thailand — 0.2%
Kasikornbank PCL		139,900		864,467
United Kingdom — 9.1%
Aon PLC		27,043		5,218,758
Aptiv PLC		25,013		2,021,801
Burberry Group PLC		88,474		2,098,984
Compass Group PLC		192,670		4,617,378
Diageo PLC		222,412		9,578,008
Reckitt Benckiser Group PLC		108,363		8,563,639
Whitbread PLC		41,865		2,462,637
WPP PLC		359,932		4,539,773
				39,100,978
United States — 44.8%
3M Co.		34,863		6,043,152
Abbott Laboratories		81,244		6,832,620
American Express Co.		48,289		5,960,794
Amphenol Corp. Class A		24,074		2,309,660
The Bank of New York Mellon Corp.		123,707		5,461,664
Cisco Systems, Inc.		76,436		4,183,342
Cognizant Technology Solutions Corp. Class A		68,568		4,346,526
Colgate-Palmolive Co.		68,570		4,914,412
Comcast Corp. Class A		296,475		12,534,963
The Cooper Cos., Inc.		16,294		5,489,286
eBay, Inc.		95,352		3,766,404
Equifax, Inc.		29,288		3,960,909
The Goldman Sachs Group, Inc.		21,867		4,473,988
Harley-Davidson, Inc.		33,848		1,212,774
Honeywell International, Inc.		62,138		10,848,673

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

46

MML Global Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Johnson & Johnson		11,784	$	1,641,276
Kansas City Southern		67,686		8,245,509
Kellogg Co.		57,592		3,085,203
Marriott International, Inc. Class A		16,598		2,328,533
Microchip Technology, Inc.		19,677		1,705,996
National Oilwell Varco, Inc.		29,509		655,985
NOW, Inc. (a)		17,248		254,580
Omnicom Group, Inc.		25,832		2,116,932
Oracle Corp.		117,096		6,670,959
PayPal Holdings, Inc. (a)		28,159		3,223,079
PPG Industries, Inc.		44,500		5,193,595
Resideo Technologies, Inc. (a)		10,582		231,957
Sally Beauty Holdings, Inc. (a)		29,508		393,637
State Street Corp.		88,073		4,937,372
Stryker Corp.		40,710		8,369,162
TD Ameritrade Holding Corp.		41,204		2,056,904
Thermo Fisher Scientific, Inc.		48,112		14,129,532
United Parcel Service, Inc. Class B		59,687		6,163,877
United Technologies Corp.		32,928		4,287,226
Visa, Inc. Class A		79,760		13,842,348
The Walt Disney Co.		69,887		9,759,021
Waters Corp. (a)		18,222		3,922,103
Wynn Resorts Ltd.		6,308		782,129
Zimmer Biomet Holdings, Inc.		58,678		6,908,748
				193,244,830
TOTAL COMMON STOCK (Cost $371,277,081)				428,063,914
TOTAL EQUITIES (Cost $371,277,081)				428,063,914
TOTAL LONG-TERM INVESTMENTS (Cost $371,277,081)				428,063,914
	Principal Amount
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (c)	$	2,886,517		2,886,517
TOTAL SHORT-TERM INVESTMENTS (Cost $2,886,517)				2,886,517
TOTAL INVESTMENTS — 100.0% (Cost $374,163,598) (d)				430,950,431
Other Assets/(Liabilities) — 0.0%				115,955
NET ASSETS — 100.0%			$	431,066,386

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2019, the aggregate market value of these securities amounted to $5,490,687 or 1.27% of net assets.

(c) Maturity value of $2,886,818. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $2,944,339.

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

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

Consumer, Non-cyclical	37.4	%
Industrial	19.0	%
Financial	12.2	%
Communications	8.6	%
Consumer, Cyclical	7.8	%
Technology	7.5	%
Basic Materials	6.2	%
Energy	0.6	%
Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%
Net Assets	100.0	%

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

47

MML Growth & Income Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.5%
COMMON STOCK — 99.5%
Basic Materials — 2.9%
Chemicals — 2.9%
DuPont de Nemours, Inc.		9,494	$	712,715
PPG Industries, Inc.		12,372		1,443,936
The Sherwin-Williams Co.		4,535		2,078,345
				4,234,996
Communications — 9.8%
Internet — 5.8%
Alphabet, Inc. Class A (a)		4,018		4,350,690
Alphabet, Inc. Class C (a)		1,594		1,722,971
Facebook, Inc. Class A (a)		12,599		2,431,607
				8,505,268
Media — 2.7%
Comcast Corp. Class A		70,486		2,980,148
The Walt Disney Co.		7,070		987,255
				3,967,403
Telecommunications — 1.3%
Cisco Systems, Inc.		33,110		1,812,110
				14,284,781
Consumer, Cyclical — 9.6%
Apparel — 2.3%
LVMH Moet Hennessy Louis Vuitton SE		4,558		1,940,302
NIKE, Inc. Class B		17,135		1,438,483
				3,378,785
Retail — 7.3%
Costco Wholesale Corp.		6,108		1,614,100
Dollar General Corp.		10,319		1,394,716
Dollar Tree, Inc. (a)		9,194		987,344
Ross Stores, Inc.		19,905		1,972,983
Starbucks Corp.		29,336		2,459,237
Tractor Supply Co.		20,011		2,177,197
				10,605,577
				13,984,362
Consumer, Non-cyclical — 24.9%
Beverages — 2.5%
Diageo PLC		37,411		1,611,077
Pernod Ricard SA		11,052		2,036,624
				3,647,701
Biotechnology — 0.7%
Biogen, Inc. (a)		4,491		1,050,310
Cosmetics & Personal Care — 1.9%
Colgate-Palmolive Co.		25,945		1,859,478
The Estee Lauder Cos., Inc. Class A		4,951		906,578
				2,766,056

	Number of Shares		Value
Foods — 3.1%
Danone SA		24,403	$	2,069,628
Mondelez International, Inc. Class A		45,898		2,473,902
				4,543,530
Health Care – Products — 9.4%
Abbott Laboratories		18,836		1,584,108
Becton Dickinson and Co.		5,704		1,437,465
Danaher Corp.		25,196		3,601,012
Medtronic PLC		36,945		3,598,073
Thermo Fisher Scientific, Inc.		12,176		3,575,848
				13,796,506
Household Products & Wares — 0.9%
Kimberly-Clark Corp.		9,484		1,264,027
Pharmaceuticals — 6.4%
Elanco Animal Health, Inc. (a)		38,785		1,310,933
Eli Lilly & Co.		14,149		1,567,568
Johnson & Johnson		26,153		3,642,590
McKesson Corp.		9,650		1,296,863
Zoetis, Inc.		13,490		1,530,980
				9,348,934
				36,417,064
Energy — 4.5%
Oil & Gas — 1.5%
EOG Resources, Inc.		24,022		2,237,889
Oil & Gas Services — 1.5%
Core Laboratories NV		12,620		659,774
Schlumberger Ltd.		37,873		1,505,073
				2,164,847
Pipelines — 1.5%
Enterprise Products Partners LP (b)		76,555		2,210,143
				6,612,879
Financial — 21.4%
Banks — 7.8%
Bank of America Corp.		108,576		3,148,704
BB&T Corp.		34,414		1,690,760
The Goldman Sachs Group, Inc.		9,098		1,861,451
JP Morgan Chase & Co.		35,081		3,922,055
Morgan Stanley		15,606		683,699
				11,306,669
Diversified Financial Services — 8.3%
Mastercard, Inc. Class A		13,919		3,681,993
Nasdaq, Inc.		23,097		2,221,238
TD Ameritrade Holding Corp.		28,490		1,422,221
Visa, Inc. Class A		27,823		4,828,682
				12,154,134
Insurance — 1.2%
Chubb Ltd.		11,340		1,670,269

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

48

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

	Number of Shares		Value
Private Equity — 1.3%
The Blackstone Group LP (b)		43,110	$	1,914,946
Real Estate Investment Trusts (REITS) — 2.8%
American Tower Corp.		20,177		4,125,188
				31,171,206
Industrial — 9.5%
Aerospace & Defense — 1.4%
United Technologies Corp.		15,588		2,029,558
Electrical Components & Equipment — 1.2%
AMETEK, Inc.		19,125		1,737,315
Electronics — 3.8%
Fortive Corp.		15,099		1,230,870
Honeywell International, Inc.		16,917		2,953,539
TE Connectivity Ltd.		14,702		1,408,158
				5,592,567
Machinery – Diversified — 0.3%
Flowserve Corp.		8,944		471,259
Packaging & Containers — 1.1%
Crown Holdings, Inc. (a)		26,310		1,607,541
Transportation — 1.7%
Canadian National Railway Co.		26,144		2,417,797
				13,856,037
Technology — 16.4%
Computers — 6.7%
Accenture PLC Class A		15,397		2,844,904
Amdocs Ltd.		28,111		1,745,412
Apple, Inc.		8,341		1,650,851
Cognizant Technology Solutions Corp. Class A		34,778		2,204,577
DXC Technology Co.		24,035		1,325,530
				9,771,274
Semiconductors — 2.4%
Analog Devices, Inc.		12,834		1,448,574
Texas Instruments, Inc.		18,798		2,157,258
				3,605,832
Software — 7.3%
Adobe, Inc. (a)		7,005		2,064,023
Electronic Arts, Inc. (a)		15,464		1,565,885
Fidelity National Information Services, Inc.		26,242		3,219,369
Microsoft Corp.		19,545		2,618,248
salesforce.com, Inc. (a)		7,653		1,161,190
				10,628,715
				24,005,821

	Number of Shares		Value
Utilities — 0.5%
Electric — 0.5%
American Electric Power Co., Inc.		8,830	$	777,128
TOTAL COMMON STOCK (Cost $91,979,576)				145,344,274
TOTAL EQUITIES (Cost $91,979,576)				145,344,274
TOTAL LONG-TERM INVESTMENTS (Cost $91,979,576)				145,344,274
	Principal Amount
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (c)	$	1,141,973		1,141,973
TOTAL SHORT-TERM INVESTMENTS (Cost $1,141,973)				1,141,973
TOTAL INVESTMENTS — 100.3% (Cost $93,121,549) (d)				146,486,247
Other Assets/(Liabilities) — (0.3)%				(381,283	)
NET ASSETS — 100.0%			$	146,104,964

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security is a Master Limited Partnership.

(c) Maturity value of $1,142,092. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $1,166,209.

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

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

49

MML Income & Growth Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.9%
COMMON STOCK — 98.9%
Basic Materials — 6.0%
Chemicals — 6.0%
Air Products & Chemicals, Inc.		14,205	$	3,215,586
DuPont de Nemours, Inc.		47,730		3,583,091
Element Solutions, Inc. (a)		103,232		1,067,419
Linde PLC		38,603		7,751,482
LyondellBasell Industries NV Class A		13,743		1,183,685
				16,801,263
				16,801,263
Communications — 5.6%
Internet — 0.8%
eBay, Inc.		59,519		2,351,001
Media — 2.2%
Comcast Corp. Class A		148,578		6,281,878
Telecommunications — 2.6%
AT&T, Inc.		131,752		4,415,009
Verizon Communications, Inc.		47,776		2,729,443
				7,144,452
				15,777,331
Consumer, Cyclical — 11.0%
Airlines — 0.5%
Southwest Airlines Co.		25,790		1,309,616
Entertainment — 0.4%
SeaWorld Entertainment, Inc. (a)		30,747		953,157
Food Services — 0.8%
Aramark		65,192		2,350,824
Home Builders — 0.7%
Lennar Corp. Class A		41,903		2,030,619
Home Furnishing — 0.6%
Whirlpool Corp.		12,376		1,761,847
Leisure Time — 1.6%
Norwegian Cruise Line Holdings Ltd. (a)		41,003		2,198,991
Royal Caribbean Cruises Ltd.		19,585		2,373,898
				4,572,889
Lodging — 0.8%
MGM Resorts International		82,444		2,355,425
Retail — 5.6%
Advance Auto Parts, Inc.		12,474		1,922,742
Dollar General Corp.		23,090		3,120,845
Lowe’s Cos., Inc.		55,551		5,605,652
Target Corp.		58,799		5,092,581
				15,741,820
				31,076,197

	Number of Shares		Value
Consumer, Non-cyclical — 12.7%
Agriculture — 1.4%
Philip Morris International, Inc.		48,560	$	3,813,417
Beverages — 0.8%
Coca-Cola European Partners PLC (a)		42,256		2,387,464
Biotechnology — 0.9%
Corteva, Inc. (a)		84,532		2,499,611
Commercial Services — 1.1%
AMERCO		4,677		1,770,478
Nielsen Holdings PLC		55,800		1,261,080
				3,031,558
Health Care – Products — 2.2%
Medtronic PLC		62,205		6,058,145
Health Care – Services — 2.7%
Anthem, Inc.		8,485		2,394,552
UnitedHealth Group, Inc.		21,501		5,246,459
				7,641,011
Pharmaceuticals — 3.6%
CVS Health Corp.		80,780		4,401,702
Johnson & Johnson		20,610		2,870,561
Merck & Co., Inc.		17,952		1,505,275
Pfizer, Inc.		16,411		710,925
Sanofi ADR		16,722		723,561
				10,212,024
				35,643,230
Energy — 11.9%
Oil & Gas — 10.8%
BP PLC Sponsored ADR		144,771		6,036,951
Chevron Corp.		17,167		2,136,262
EOG Resources, Inc.		52,880		4,926,301
Hess Corp.		39,817		2,531,167
Kosmos Energy Ltd.		292,568		1,834,401
Parsley Energy, Inc. Class A (a)		96,179		1,828,363
Phillips 66		66,304		6,202,076
Valero Energy Corp.		42,171		3,610,259
Vermilion Energy, Inc.		56,911		1,236,676
				30,342,456
Oil & Gas Services — 1.1%
Schlumberger Ltd.		77,345		3,073,690
				33,416,146
Financial — 23.0%
Banks — 11.0%
Bank of America Corp.		128,029		3,712,841
The Bank of New York Mellon Corp.		44,246		1,953,461
JP Morgan Chase & Co.		50,914		5,692,185
Northern Trust Corp.		39,415		3,547,350
State Street Corp.		52,263		2,929,864

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

50

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

	Number of Shares		Value
US Bancorp		126,271	$	6,616,600
Wells Fargo & Co.		136,362		6,452,650
				30,904,951
Diversified Financial Services — 4.1%
American Express Co.		49,515		6,112,132
E*TRADE Financial Corp.		42,128		1,878,909
Navient Corp.		89,747		1,225,046
SLM Corp.		243,795		2,369,687
				11,585,774
Insurance — 4.4%
Berkshire Hathaway, Inc. Class B (a)		11,427		2,435,893
Chubb Ltd.		38,879		5,726,488
Fidelity National Financial, Inc.		35,992		1,450,478
Willis Towers Watson PLC		14,445		2,766,795
				12,379,654
Real Estate Investment Trusts (REITS) — 3.0%
HCP, Inc.		132,531		4,238,342
Liberty Property Trust		43,956		2,199,558
MGM Growth Properties LLC Class A		69,805		2,139,523
				8,577,423
Savings & Loans — 0.5%
New York Community Bancorp, Inc.		134,322		1,340,534
				64,788,336
Industrial — 12.3%
Aerospace & Defense — 3.3%
General Dynamics Corp.		12,106		2,201,113
Spirit AeroSystems Holdings, Inc. Class A		26,810		2,181,530
United Technologies Corp.		38,595		5,025,069
				9,407,712
Building Materials — 2.3%
Johnson Controls International PLC		116,764		4,823,521
Owens Corning		27,163		1,580,886
				6,404,407
Engineering & Construction — 0.9%
Jacobs Engineering Group, Inc.		28,346		2,392,119
Hand & Machine Tools — 1.8%
Stanley Black & Decker, Inc.		35,832		5,181,666
Machinery – Diversified — 1.4%
Wabtec Corp.		54,176		3,887,670
Miscellaneous – Manufacturing — 2.5%
General Electric Co.		679,523		7,134,991
Transportation — 0.1%
J.B. Hunt Transport Services, Inc.		1,707		156,037
				34,564,602

	Number of Shares		Value
Technology — 9.3%
Computers — 1.1%
International Business Machines Corp.		22,447	$	3,095,441
Semiconductors — 5.3%
Broadcom, Inc.		8,623		2,482,217
Marvell Technology Group Ltd.		116,593		2,783,075
Microchip Technology, Inc.		21,528		1,866,477
QUALCOMM, Inc.		71,542		5,442,200
Texas Instruments, Inc.		20,000		2,295,200
				14,869,169
Software — 2.9%
Microsoft Corp.		20,976		2,809,945
Oracle Corp.		97,374		5,547,397
				8,357,342
				26,321,952
Utilities — 7.1%
Electric — 7.1%
Dominion Energy, Inc.		96,287		7,444,911
Entergy Corp.		53,017		5,457,039
Exelon Corp.		147,985		7,094,401
				19,996,351
				19,996,351
TOTAL COMMON STOCK (Cost $266,587,415)				278,385,408
TOTAL EQUITIES (Cost $266,587,415)				278,385,408
TOTAL LONG-TERM INVESTMENTS (Cost $266,587,415)				278,385,408
	Principal Amount
SHORT-TERM INVESTMENTS — 1.1%
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (b)	$	3,000,779		3,000,779
TOTAL SHORT-TERM INVESTMENTS (Cost $3,000,779)				3,000,779
TOTAL INVESTMENTS — 100.0% (Cost $269,588,194) (c)				281,386,187
Other Assets/(Liabilities) — (0.0)%				(62,728	)
NET ASSETS — 100.0%			$	281,323,459

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

51

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

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Maturity value of $3,001,092. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $3,065,754.

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

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

United States	81.0	%
Ireland	7.7	%
United Kingdom	3.4	%
Switzerland	2.0	%
Bermuda	1.8	%
Netherlands	1.5	%
Liberia	0.8	%
Canada	0.4	%
France	0.3	%
Total Long-Term Investments	98.9	%
Short-Term Investments and Other Assets and Liabilities	1.1	%
Net Assets	100.0	%

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

52

MML International Equity Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.3%
COMMON STOCK — 96.3%
Australia — 2.1%
AMP Ltd.		832,394	$	1,240,867
Brambles Ltd.		38,000		344,311
Orica Ltd.		157,499		2,244,272
				3,829,450
Canada — 1.5%
Alimentation Couche-Tard, Inc. Class B		8,000		503,440
Cenovus Energy, Inc.		247,715		2,184,803
				2,688,243
Cayman Islands — 1.2%
Baidu, Inc. Sponsored ADR (a)		18,805		2,206,955
France — 11.8%
Accor SA		84,700		3,636,131
BNP Paribas SA		153,150		7,286,627
Bureau Veritas SA		69,887		1,726,253
Danone SA		11,591		983,037
EssilorLuxottica SA		11,505		1,503,914
Publicis Groupe SA		60,302		3,184,044
Valeo SA		97,210		3,162,245
				21,482,251
Germany — 16.9%
Allianz SE Registered		17,405		4,194,872
Bayer AG Registered		97,094		6,744,083
Bayerische Motoren Werke AG		69,550		5,156,842
Continental AG		39,355		5,737,707
Daimler AG Registered		107,903		6,002,927
thyssenkrupp AG		199,600		2,919,060
				30,755,491
India — 0.3%
Axis Bank Ltd. (a)		44,742		526,158
Indonesia — 1.1%
Bank Mandiri Persero Tbk PT		3,507,600		1,994,802
Ireland — 3.0%
Ryanair Holdings PLC Sponsored ADR (a)		66,710		4,278,779
Willis Towers Watson PLC		6,529		1,250,565
				5,529,344
Italy — 3.6%
Intesa Sanpaolo SpA		3,015,800		6,453,880
Japan — 4.6%
Komatsu Ltd.		144,100		3,491,999
Olympus Corp.		113,400		1,264,114
Omron Corp.		7,000		366,768
Toyota Motor Corp.		51,800		3,219,629
				8,342,510

	Number of Shares		Value
Mexico — 0.6%
Grupo Televisa SAB Sponsored ADR		132,800	$	1,120,832
Netherlands — 7.4%
Akzo Nobel NV		9,320		876,032
ASML Holding NV		13,245		2,769,095
CNH Industrial NV		540,808		5,531,792
EXOR NV		61,400		4,290,799
				13,467,718
Republic of Korea — 3.4%
NAVER Corp.		32,825		3,240,486
Samsung Electronics Co. Ltd.		73,650		3,002,856
				6,243,342
South Africa — 1.9%
Naspers Ltd.		14,560		3,537,119
Sweden — 6.0%
Hennes & Mauritz AB Class B		281,718		4,999,778
SKF AB Class B		148,500		2,730,987
Volvo AB Class B		201,070		3,191,020
				10,921,785
Switzerland — 8.2%
Cie Financiere Richemont SA Registered		27,540		2,337,430
Credit Suisse Group AG Registered		509,323		6,111,417
Kuehne & Nagel International AG Registered		12,205		1,811,838
LafargeHolcim Ltd. Registered		56,559		2,762,412
Nestle SA Registered		8,420		871,712
The Swatch Group AG		3,475		997,719
				14,892,528
Taiwan — 1.0%
Taiwan Semiconductor Manufacturing Co. Ltd.		244,000		1,861,362
United Kingdom — 21.7%
Ashtead Group PLC		122,374		3,509,836
Diageo PLC		14,000		602,900
Ferguson PLC (a)		32,703		2,331,036
G4S PLC		602,800		1,596,346
Glencore PLC		1,704,900		5,932,587
Liberty Global PLC Series A (a)		77,500		2,091,725
Liberty Global PLC Series C (a)		71,200		1,888,936
Lloyds Banking Group PLC		6,517,900		4,693,817
Meggitt PLC		82,438		549,346
Reckitt Benckiser Group PLC		19,940		1,575,805
Rolls-Royce Holdings PLC		246,700		2,639,863
Royal Bank of Scotland Group PLC		1,125,200		3,141,421
Schroders PLC		109,100		4,230,451
Smiths Group PLC		86,200		1,715,996

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

53

MML International Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
WPP PLC		231,700	$	2,922,400
				39,422,465
TOTAL COMMON STOCK (Cost $190,296,787)				175,276,235
TOTAL EQUITIES (Cost $190,296,787)				175,276,235
TOTAL LONG-TERM INVESTMENTS (Cost $190,296,787)				175,276,235
	Principal Amount
SHORT-TERM INVESTMENTS — 3.7%
Repurchase Agreement — 3.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (b)	$	6,840,906		6,840,906
TOTAL SHORT-TERM INVESTMENTS (Cost $6,840,906)				6,840,906
TOTAL INVESTMENTS — 100.0% (Cost $197,137,693) (c)				182,117,141
Other Assets/(Liabilities) — (0.0)%				(82,531	)
NET ASSETS — 100.0%			$	182,034,610

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 $6,841,619. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $6,981,975.

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

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

Consumer, Cyclical	25.1	%
Financial	24.9	%
Industrial	13.1	%
Consumer, Non-cyclical	11.4	%
Communications	11.1	%
Basic Materials	5.3	%
Technology	4.2	%
Energy	1.2	%
Total Long-Term Investments	96.3	%
Short-Term Investments and Other Assets and Liabilities	3.7	%
Net Assets	100.0	%

Forward contracts

Counterparty	Settlement Date		Currency Purchased				Currency Sold			Unrealized Appreciation (Depreciation)
State Street Bank and Trust Co.*		12/18/19		USD	$	1,785,952		CHF	1,747,000	$	(30,515	)

* Contracts are subject to a Master Netting Agreement.

Currency Legend

CHF Swiss Franc

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

54

MML Large Cap Growth Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.0%
COMMON STOCK — 99.0%
Communications — 28.1%
Internet — 23.2%
Alibaba Group Holding Ltd. Sponsored ADR (a)		31,504	$	5,338,353
Alphabet, Inc. Class A (a)		2,453		2,656,108
Alphabet, Inc. Class C (a)		2,460		2,659,039
Amazon.com, Inc. (a)		3,700		7,006,431
Facebook, Inc. Class A (a)		32,435		6,259,955
				23,919,886
Media — 1.9%
FactSet Research Systems, Inc.		6,850		1,962,936
Telecommunications — 3.0%
Cisco Systems, Inc.		57,194		3,130,227
				29,013,049
Consumer, Cyclical — 6.9%
Retail — 6.9%
Starbucks Corp.		43,349		3,633,947
Yum China Holdings, Inc.		32,905		1,520,211
Yum! Brands, Inc.		18,074		2,000,249
				7,154,407
				7,154,407
Consumer, Non-cyclical — 26.1%
Beverages — 5.8%
The Coca-Cola Co.		49,230		2,506,792
Monster Beverage Corp. (a)		55,547		3,545,565
				6,052,357
Biotechnology — 4.1%
Amgen, Inc.		8,495		1,565,459
Regeneron Pharmaceuticals, Inc. (a)		8,449		2,644,537
				4,209,996
Commercial Services — 1.0%
Automatic Data Processing, Inc.		6,167		1,019,590
Cosmetics & Personal Care — 5.1%
Colgate-Palmolive Co.		28,765		2,061,587
The Procter & Gamble Co.		28,895		3,168,337
				5,229,924
Foods — 2.7%
Danone SA Sponsored ADR		168,082		2,845,628
Health Care – Products — 2.0%
Alcon, Inc. (a)		3,613		224,187
Varian Medical Systems, Inc. (a)		13,348		1,817,063
				2,041,250
Pharmaceuticals — 5.4%
Merck & Co., Inc.		14,528		1,218,173

	Number of Shares		Value
Novartis AG Sponsored ADR		18,074	$	1,650,337
Novo Nordisk A/S Sponsored ADR		52,932		2,701,649
				5,570,159
				26,968,904
Energy — 1.5%
Oil & Gas Services — 1.5%
Schlumberger Ltd.		40,123		1,594,488
Financial — 10.2%
Diversified Financial Services — 10.2%
American Express Co.		9,829		1,213,292
SEI Investments Co.		38,457		2,157,438
Visa, Inc. Class A		41,011		7,117,459
				10,488,189
				10,488,189
Industrial — 5.3%
Machinery – Diversified — 2.6%
Deere & Co.		15,992		2,650,034
Transportation — 2.7%
Expeditors International of Washington, Inc.		37,082		2,813,041
				5,463,075
Technology — 20.9%
Semiconductors — 5.4%
NVIDIA Corp.		14,726		2,418,451
QUALCOMM, Inc.		41,920		3,188,854
				5,607,305
Software — 15.5%
Autodesk, Inc. (a)		26,651		4,341,448
Cerner Corp.		34,603		2,536,400
Microsoft Corp.		28,371		3,800,579
Oracle Corp.		92,930		5,294,222
				15,972,649
				21,579,954
TOTAL COMMON STOCK (Cost $67,447,989)				102,262,066
TOTAL EQUITIES (Cost $67,447,989)				102,262,066
TOTAL LONG-TERM INVESTMENTS (Cost $67,447,989)				102,262,066

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

55

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.1%
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (b)	$	1,110,906	$	1,110,906
TOTAL SHORT-TERM INVESTMENTS (Cost $1,110,906)				1,110,906
TOTAL INVESTMENTS — 100.1% (Cost $68,558,895) (c)				103,372,972
Other Assets/(Liabilities) — (0.1)%				(75,547	)
NET ASSETS — 100.0%			$	103,297,425

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 $1,111,022. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $1,135,653.

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

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

United States	85.1	%
Cayman Islands	5.2	%
France	2.8	%
Denmark	2.6	%
Switzerland	1.8	%
Netherlands	1.5	%
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.

56

MML Managed Volatility Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Basic Materials — 2.2%
Chemicals — 1.9%
Air Products & Chemicals, Inc. (a)		1,402	$	317,371
Albemarle Corp. (a)		707		49,780
Celanese Corp. (a)		819		88,288
CF Industries Holdings, Inc. (a)		1,446		67,543
Dow, Inc. (a)		4,669		230,228
DuPont de Nemours, Inc. (a)		4,692		352,228
Eastman Chemical Co. (a)		897		69,814
Ecolab, Inc. (a)		1,585		312,942
FMC Corp. (a)		846		70,176
International Flavors & Fragrances, Inc. (a)		642		93,148
Linde PLC (a)		3,407		684,126
LyondellBasell Industries NV Class A (a)		1,910		164,508
The Mosaic Co. (a)		2,185		54,691
PPG Industries, Inc. (a)		1,456		169,930
The Sherwin-Williams Co. (a)		505		231,436
				2,956,209
Forest Products & Paper — 0.1%
International Paper Co. (a)		2,513		108,863
Iron & Steel — 0.1%
Nucor Corp. (a)		1,983		109,263
Mining — 0.1%
Freeport-McMoRan, Inc. (a)		9,016		104,676
Newmont Goldcorp Corp. (a)		5,154		198,274
				302,950
				3,477,285
Communications — 15.0%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. (a)		2,339		52,838
Omnicom Group, Inc. (a)		1,396		114,402
				167,240
Internet — 9.2%
Alphabet, Inc. Class A (a) (b)		1,883		2,038,912
Alphabet, Inc. Class C (a) (b)		1,929		2,085,075
Amazon.com, Inc. (a) (b)		2,602		4,927,225
Booking Holdings, Inc. (a) (b)		272		509,921
eBay, Inc. (a)		5,133		202,754
Expedia Group, Inc. (a)		742		98,708
F5 Networks, Inc. (a) (b)		369		53,738
Facebook, Inc. Class A (a) (b)		15,114		2,917,002
Netflix, Inc. (a) (b)		2,749		1,009,763
Symantec Corp. (a)		4,025		87,584
TripAdvisor, Inc. (a) (b)		678		31,385

	Number of Shares		Value
Twitter, Inc. (a) (b)		4,640	$	161,936
VeriSign, Inc. (a) (b)		667		139,510
				14,263,513
Media — 2.4%
CBS Corp. Class B (a)		2,243		111,926
Charter Communications, Inc. Class A (a) (b)		1,080		426,794
Comcast Corp. Class A (a)		28,497		1,204,853
Discovery, Inc. Class A (a) (b) (c)		1,098		33,709
Discovery, Inc. Class C (a) (b)		2,125		60,456
DISH Network Corp. Class A (a) (b)		1,452		55,771
Fox Corp. Class A (a) (b)		2,249		82,403
Fox Corp. Class B (a) (b)		1,084		39,599
News Corp. Class A (a)		2,369		31,958
News Corp. Class B		778		10,861
Viacom, Inc. Class B (a)		2,184		65,236
The Walt Disney Co. (a)		10,983		1,533,666
				3,657,232
Telecommunications — 3.3%
Arista Networks, Inc. (a) (b)		333		86,453
AT&T, Inc. (a)		45,945		1,539,617
CenturyLink, Inc. (a)		5,926		69,690
Cisco Systems, Inc. (a)		26,919		1,473,277
Corning, Inc. (a)		4,889		162,462
Juniper Networks, Inc. (a)		2,245		59,784
Motorola Solutions, Inc. (a)		1,038		173,066
Verizon Communications, Inc. (a)		26,026		1,486,865
				5,051,214
				23,139,199
Consumer, Cyclical — 8.3%
Airlines — 0.4%
Alaska Air Group, Inc. (a)		784		50,105
American Airlines Group, Inc. (a)		2,529		82,471
Delta Air Lines, Inc. (a)		3,700		209,975
Southwest Airlines Co. (a)		3,042		154,473
United Continental Holdings, Inc. (a) (b)		1,430		125,196
				622,220
Apparel — 0.7%
Capri Holdings Ltd. (a) (b)		1,057		36,657
Hanesbrands, Inc. (a)		2,164		37,264
NIKE, Inc. Class B (a)		7,885		661,946
PVH Corp. (a)		482		45,616
Ralph Lauren Corp. (a)		318		36,122
Tapestry, Inc. (a)		1,737		55,115
Under Armour, Inc. Class A (a) (b)		1,136		28,798
Under Armour, Inc. Class C (a) (b)		1,292		28,682
VF Corp. (a)		2,080		181,688
				1,111,888

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

57

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Auto Manufacturers — 0.5%
Ford Motor Co. (a)		24,448	$	250,103
General Motors Co. (a)		8,349		321,687
PACCAR, Inc. (a)		2,198		157,509
				729,299
Auto Parts & Equipment — 0.1%
Aptiv PLC (a)		1,633		131,996
BorgWarner, Inc. (a)		1,381		57,974
				189,970
Distribution & Wholesale — 0.2%
Copart, Inc. (a) (b)		1,281		95,742
Fastenal Co. (a)		3,586		116,868
LKQ Corp. (a) (b)		1,982		52,741
W.W. Grainger, Inc. (a)		279		74,836
				340,187
Home Builders — 0.1%
D.R. Horton, Inc. (a)		2,212		95,404
Lennar Corp. Class A (a)		1,747		84,660
PulteGroup, Inc. (a)		1,654		52,299
				232,363
Home Furnishing — 0.1%
Leggett & Platt, Inc. (a)		752		28,854
Whirlpool Corp. (a)		388		55,236
				84,090
Housewares — 0.0%
Newell Brands, Inc. (a)		2,437		37,578
Leisure Time — 0.2%
Carnival Corp. (a)		2,534		117,958
Harley-Davidson, Inc. (a)		989		35,436
Norwegian Cruise Line Holdings Ltd. (a) (b)		1,339		71,811
Royal Caribbean Cruises Ltd. (a)		1,088		131,876
				357,081
Lodging — 0.4%
Hilton Worldwide Holdings, Inc. (a)		1,820		177,886
Marriott International, Inc. Class A (a)		1,734		243,263
MGM Resorts International (a)		3,144		89,824
Wynn Resorts Ltd. (a)		612		75,882
				586,855
Retail — 5.5%
Advance Auto Parts, Inc. (a)		443		68,284
AutoZone, Inc. (a) (b)		153		168,219
Best Buy Co., Inc. (a)		1,452		101,248
CarMax, Inc. (a) (b)		1,080		93,776
Chipotle Mexican Grill, Inc. (a) (b)		157		115,062
Costco Wholesale Corp. (a)		2,766		730,943
Darden Restaurants, Inc. (a)		760		92,515
Dollar General Corp. (a)		1,615		218,283

	Number of Shares		Value
Dollar Tree, Inc. (a) (b)		1,479	$	158,830
Foot Locker, Inc. (a)		695		29,134
The Gap, Inc. (a)		1,218		21,888
Genuine Parts Co. (a)		927		96,019
The Home Depot, Inc. (a)		6,919		1,438,945
Kohl’s Corp. (a)		1,089		51,782
L Brands, Inc. (a)		1,502		39,202
Lowe’s Cos., Inc. (a)		4,913		495,771
Macy’s, Inc. (a)		1,896		40,688
McDonald’s Corp. (a)		4,799		996,560
Nordstrom, Inc. (a)		655		20,868
O’Reilly Automotive, Inc. (a) (b)		500		184,660
Ross Stores, Inc. (a)		2,333		231,247
Starbucks Corp. (a)		7,609		637,863
Target Corp. (a)		3,215		278,451
Tiffany & Co. (a)		663		62,083
The TJX Cos., Inc. (a)		7,606		402,205
Tractor Supply Co. (a)		753		81,926
Ulta Salon Cosmetics & Fragrance, Inc. (a) (b)		359		124,534
Walgreens Boots Alliance, Inc. (a)		4,872		266,352
Walmart, Inc. (a)		8,807		973,086
Yum! Brands, Inc. (a)		1,943		215,032
				8,435,456
Textiles — 0.0%
Mohawk Industries, Inc. (a) (b)		367		54,121
Toys, Games & Hobbies — 0.1%
Hasbro, Inc. (a)		734		77,569
				12,858,677
Consumer, Non-cyclical — 21.9%
Agriculture — 0.9%
Altria Group, Inc. (a)		11,755		556,599
Archer-Daniels-Midland Co. (a)		3,552		144,922
Philip Morris International, Inc. (a)		9,779		767,945
				1,469,466
Beverages — 1.9%
Brown-Forman Corp. Class B (a)		1,119		62,026
The Coca-Cola Co. (a)		24,153		1,229,871
Constellation Brands, Inc. Class A (a)		1,045		205,802
Molson Coors Brewing Co. Class B (a)		1,170		65,520
Monster Beverage Corp. (a) (b)		2,446		156,128
PepsiCo, Inc. (a)		8,818		1,156,305
				2,875,652
Biotechnology — 2.0%
Alexion Pharmaceuticals, Inc. (a) (b)		1,428		187,040
Amgen, Inc. (a)		3,832		706,161
Biogen, Inc. (a) (b)		1,214		283,918
Celgene Corp. (a) (b)		4,432		409,694
Corteva, Inc. (a) (b)		4,629		136,880

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

58

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Gilead Sciences, Inc. (a)		7,991	$	539,872
Illumina, Inc. (a) (b)		922		339,434
Incyte Corp. (a) (b)		1,122		95,325
Regeneron Pharmaceuticals, Inc. (a) (b)		499		156,187
Vertex Pharmaceuticals, Inc. (a) (b)		1,603		293,958
				3,148,469
Commercial Services — 2.1%
Automatic Data Processing, Inc. (a)		2,730		451,351
Cintas Corp. (a)		540		128,137
Equifax, Inc. (a)		766		103,594
FleetCor Technologies, Inc. (a) (b)		547		153,625
Gartner, Inc. (a) (b)		570		91,736
Global Payments, Inc. (a)		1,003		160,610
H&R Block, Inc. (a)		1,252		36,684
IHS Markit Ltd. (a) (b)		2,294		146,174
Moody’s Corp. (a)		1,030		201,169
Nielsen Holdings PLC (a)		2,358		53,291
PayPal Holdings, Inc. (a) (b)		7,387		845,516
Quanta Services, Inc. (a)		892		34,065
Robert Half International, Inc. (a)		727		41,446
Rollins, Inc. (a)		925		33,180
S&P Global, Inc. (a)		1,541		351,024
Total System Services, Inc. (a)		1,010		129,553
United Rentals, Inc. (a) (b)		499		66,182
Verisk Analytics, Inc. (a)		1,038		152,025
				3,179,362
Cosmetics & Personal Care — 1.5%
Colgate-Palmolive Co. (a)		5,379		385,513
Coty, Inc. Class A (a)		1,888		25,299
The Estee Lauder Cos., Inc. Class A (a)		1,393		255,072
The Procter & Gamble Co. (a)		15,783		1,730,606
				2,396,490
Foods — 1.3%
Campbell Soup Co. (a)		1,221		48,925
Conagra Brands, Inc. (a)		3,015		79,958
General Mills, Inc. (a)		3,793		199,208
The Hershey Co. (a)		888		119,019
Hormel Foods Corp. (a)		1,735		70,337
The J.M. Smucker Co. (a)		724		83,398
Kellogg Co. (a)		1,555		83,301
The Kraft Heinz Co. (a)		3,972		123,291
The Kroger Co. (a)		5,073		110,135
Lamb Weston Holdings, Inc. (a)		897		56,834
McCormick & Co., Inc. (a)		767		118,893
Mondelez International, Inc. Class A (a)		9,027		486,555
Sysco Corp. (a)		2,958		209,190
Tyson Foods, Inc. Class A (a)		1,864		150,499
				1,939,543

	Number of Shares		Value
Health Care – Products — 4.0%
Abbott Laboratories (a)		11,095	$	933,090
ABIOMED, Inc. (a) (b)		297		77,366
Align Technology, Inc. (a) (b)		455		124,534
Baxter International, Inc. (a)		2,971		243,325
Becton Dickinson and Co. (a)		1,713		431,693
Boston Scientific Corp. (a) (b)		8,708		374,270
The Cooper Cos., Inc. (a)		308		103,762
Danaher Corp. (a)		3,959		565,820
DENTSPLY SIRONA, Inc. (a)		1,476		86,139
Edwards Lifesciences Corp. (a) (b)		1,324		244,596
Henry Schein, Inc. (a) (b)		927		64,797
Hologic, Inc. (a) (b)		1,646		79,041
IDEXX Laboratories, Inc. (a) (b)		546		150,330
Intuitive Surgical, Inc. (a) (b)		723		379,250
Medtronic PLC (a)		8,429		820,900
ResMed, Inc. (a)		888		108,363
Stryker Corp. (a)		1,941		399,031
Teleflex, Inc. (a)		289		95,702
Thermo Fisher Scientific, Inc. (a)		2,515		738,605
Varian Medical Systems, Inc. (a) (b)		573		78,002
Zimmer Biomet Holdings, Inc. (a)		1,303		153,415
				6,252,031
Health Care – Services — 2.0%
Anthem, Inc. (a)		1,617		456,334
Centene Corp. (a) (b)		2,611		136,921
DaVita, Inc. (a) (b)		807		45,402
HCA Healthcare, Inc. (a)		1,699		229,654
Humana, Inc. (a)		845		224,178
IQVIA Holdings, Inc. (a) (b)		1,012		162,831
Laboratory Corp. of America Holdings (a) (b)		625		108,062
Quest Diagnostics, Inc. (a)		833		84,808
UnitedHealth Group, Inc. (a)		5,985		1,460,400
Universal Health Services, Inc. Class B (a)		509		66,368
WellCare Health Plans, Inc. (a) (b)		314		89,512
				3,064,470
Household Products & Wares — 0.4%
Avery Dennison Corp. (a)		524		60,616
Church & Dwight Co., Inc. (a)		1,572		114,850
The Clorox Co. (a)		814		124,632
Kimberly-Clark Corp. (a)		2,151		286,685
				586,783
Pharmaceuticals — 5.8%
AbbVie, Inc. (a)		9,299		676,223
Allergan PLC (a)		1,934		323,810
AmerisourceBergen Corp. (a)		988		84,237
Bristol-Myers Squibb Co. (a)		10,284		466,379
Cardinal Health, Inc. (a)		1,873		88,218
Cigna Corp. (a) (b)		2,382		375,284

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

59

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
CVS Health Corp. (a)		8,158	$	444,529
Eli Lilly & Co. (a)		5,434		602,033
Johnson & Johnson (a)		16,711		2,327,508
McKesson Corp. (a)		1,186		159,387
Merck & Co., Inc. (a)		16,209		1,359,125
Mylan NV (a) (b)		3,316		63,137
Nektar Therapeutics (a) (b)		1,135		40,383
Perrigo Co. PLC (a)		708		33,715
Pfizer, Inc. (a)		34,950		1,514,034
Zoetis, Inc. (a)		3,005		341,038
				8,899,040
				33,811,306
Energy — 5.0%
Oil & Gas — 4.2%
Anadarko Petroleum Corp. (a)		3,151		222,335
Apache Corp. (a)		2,363		68,456
Cabot Oil & Gas Corp. (a)		2,694		61,854
Chevron Corp. (a)		11,980		1,490,791
Cimarex Energy Co. (a)		665		39,454
Concho Resources, Inc. (a)		1,248		128,769
ConocoPhillips (a)		7,096		432,856
Devon Energy Corp. (a)		2,605		74,295
Diamondback Energy, Inc. (a)		977		106,464
EOG Resources, Inc. (a)		3,625		337,705
Exxon Mobil Corp. (a)		26,612		2,039,278
Helmerich & Payne, Inc. (a)		684		34,624
Hess Corp. (a)		1,660		105,526
HollyFrontier Corp. (a)		942		43,596
Marathon Oil Corp. (a)		5,116		72,698
Marathon Petroleum Corp. (a)		4,131		230,840
Noble Energy, Inc. (a)		2,907		65,117
Occidental Petroleum Corp. (a)		4,759		239,282
Phillips 66 (a)		2,599		243,110
Pioneer Natural Resources Co. (a)		1,072		164,938
Valero Energy Corp. (a)		2,644		226,353
				6,428,341
Oil & Gas Services — 0.4%
Baker Hughes a GE Co. (a)		3,205		78,939
Halliburton Co. (a)		5,550		126,207
National Oilwell Varco, Inc. (a)		2,366		52,596
Schlumberger Ltd. (a)		8,663		344,268
TechnipFMC PLC (a)		2,800		72,632
				674,642
Pipelines — 0.4%
Kinder Morgan, Inc. (a)		12,388		258,662
ONEOK, Inc. (a)		2,603		179,112
The Williams Cos., Inc. (a)		7,701		215,936
				653,710
				7,756,693

	Number of Shares		Value
Financial — 17.8%
Banks — 6.2%
Bank of America Corp. (a)		55,624	$	1,613,096
The Bank of New York Mellon Corp. (a)		5,577		246,224
BB&T Corp. (a)		4,789		235,284
Citigroup, Inc. (a)		14,540		1,018,236
Citizens Financial Group, Inc. (a)		2,920		103,251
Comerica, Inc. (a)		1,001		72,713
Fifth Third Bancorp (a)		4,501		125,578
First Republic Bank (a)		1,024		99,994
The Goldman Sachs Group, Inc. (a)		2,134		436,616
Huntington Bancshares, Inc. (a)		6,638		91,737
JP Morgan Chase & Co. (a)		20,412		2,282,062
KeyCorp (a)		6,407		113,724
M&T Bank Corp. (a)		847		144,049
Morgan Stanley (a)		7,995		350,261
Northern Trust Corp. (a)		1,343		120,870
The PNC Financial Services Group, Inc. (a)		2,833		388,914
Regions Financial Corp. (a)		6,416		95,855
State Street Corp. (a)		2,315		129,779
SunTrust Banks, Inc. (a)		2,828		177,740
SVB Financial Group (a) (b)		338		75,911
US Bancorp (a)		9,410		493,084
Wells Fargo & Co. (a)		25,452		1,204,389
Zions Bancorp NA (a)		1,090		50,118
				9,669,485
Diversified Financial Services — 4.3%
Affiliated Managers Group, Inc. (a)		335		30,867
Alliance Data Systems Corp. (a)		267		37,415
American Express Co. (a)		4,304		531,286
Ameriprise Financial, Inc. (a)		850		123,386
BlackRock, Inc. (a)		746		350,098
Capital One Financial Corp. (a)		2,939		266,685
Cboe Global Markets, Inc. (a)		700		72,541
The Charles Schwab Corp. (a)		7,571		304,279
CME Group, Inc. (a)		2,249		436,553
Discover Financial Services (a)		2,007		155,723
E*TRADE Financial Corp. (a)		1,559		69,531
Franklin Resources, Inc. (a)		1,795		62,466
Intercontinental Exchange, Inc. (a)		3,535		303,798
Invesco Ltd. (a)		2,483		50,802
Jefferies Financial Group, Inc. (a)		1,765		33,941
Mastercard, Inc. Class A (a)		5,653		1,495,388
Nasdaq, Inc. (a)		766		73,666
Raymond James Financial, Inc. (a)		796		67,302
Synchrony Financial (a)		3,963		137,397
T. Rowe Price Group, Inc. (a)		1,513		165,991
Visa, Inc. Class A (a)		10,942		1,898,984
The Western Union Co. (a)		2,805		55,792
				6,723,891

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

60

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Insurance — 4.2%
Aflac, Inc. (a)		4,685	$	256,785
The Allstate Corp. (a)		2,115		215,074
American International Group, Inc. (a)		5,453		290,536
Aon PLC (a)		1,530		295,259
Arthur J Gallagher & Co. (a)		1,134		99,327
Assurant, Inc. (a)		369		39,254
Berkshire Hathaway, Inc. Class B (a) (b)		12,202		2,601,100
Chubb Ltd. (a)		2,882		424,490
Cincinnati Financial Corp. (a)		931		96,517
Everest Re Group Ltd. (a)		252		62,289
The Hartford Financial Services Group, Inc. (a)		2,284		127,265
Lincoln National Corp. (a)		1,283		82,689
Loews Corp. (a)		1,647		90,042
Marsh & McLennan Cos., Inc. (a)		3,238		322,991
MetLife, Inc. (a)		5,965		296,282
Principal Financial Group, Inc. (a)		1,646		95,336
The Progressive Corp. (a)		3,665		292,943
Prudential Financial, Inc. (a)		2,595		262,095
Torchmark Corp. (a)		652		58,328
The Travelers Cos., Inc. (a)		1,680		251,194
Unum Group (a)		1,296		43,481
Willis Towers Watson PLC (a)		804		153,998
				6,457,275
Real Estate — 0.1%
CBRE Group, Inc. Class A (a) (b)		1,999		102,549
Real Estate Investment Trusts (REITS) — 3.0%
Alexandria Real Estate Equities, Inc. (a)		693		97,775
American Tower Corp. (a)		2,780		568,371
Apartment Investment & Management Co. Class A (a)		867		43,454
AvalonBay Communities, Inc. (a)		890		180,830
Boston Properties, Inc. (a)		988		127,452
Crown Castle International Corp. (a)		2,612		340,474
Digital Realty Trust, Inc. (a)		1,307		153,951
Duke Realty Corp. (a)		2,147		67,867
Equinix, Inc. (a)		532		268,282
Equity Residential (a)		2,364		179,475
Essex Property Trust, Inc. (a)		421		122,902
Extra Space Storage, Inc. (a)		812		86,153
Federal Realty Investment Trust (a)		475		61,161
HCP, Inc. (a)		2,999		95,908
Host Hotels & Resorts, Inc. (a)		4,694		85,525
Iron Mountain, Inc. (a)		1,807		56,559
Kimco Realty Corp. (a)		2,683		49,582
The Macerich Co. (a)		765		25,620
Mid-America Apartment Communities, Inc. (a)		689		81,137

	Number of Shares		Value
Prologis, Inc. (a)		3,959	$	317,116
Public Storage (a)		959		228,405
Realty Income Corp. (a)		1,966		135,595
Regency Centers Corp. (a)		1,074		71,679
SBA Communications Corp. (a) (b)		720		161,885
Simon Property Group, Inc. (a)		1,968		314,408
SL Green Realty Corp. (a)		526		42,275
UDR, Inc. (a)		1,692		75,954
Ventas, Inc. (a)		2,258		154,334
Vornado Realty Trust (a)		1,069		68,523
Welltower, Inc. (a)		2,470		201,379
Weyerhaeuser Co. (a)		4,730		124,588
				4,588,619
Savings & Loans — 0.0%
People’s United Financial, Inc. (a)		2,521		42,302
				27,584,121
Industrial — 9.2%
Aerospace & Defense — 2.5%
Arconic, Inc. (a)		2,556		65,996
The Boeing Co. (a)		3,291		1,197,957
General Dynamics Corp. (a)		1,727		314,003
L3 Technologies, Inc. (a)		500		122,585
L3Harris Technologies, Inc.		754		142,604
Lockheed Martin Corp. (a)		1,544		561,306
Northrop Grumman Corp. (a)		1,066		344,435
Raytheon Co. (a)		1,745		303,421
TransDigm Group, Inc. (a) (b)		308		149,010
United Technologies Corp. (a)		5,101		664,150
				3,865,467
Building Materials — 0.4%
Fortune Brands Home & Security, Inc. (a)		853		48,732
Johnson Controls International PLC (a)		4,987		206,013
Martin Marietta Materials, Inc. (a)		390		89,743
Masco Corp. (a)		1,850		72,594
Vulcan Materials Co. (a)		860		118,087
				535,169
Electrical Components & Equipment — 0.3%
AMETEK, Inc. (a)		1,407		127,812
Emerson Electric Co. (a)		3,913		261,075
				388,887
Electronics — 1.3%
Agilent Technologies, Inc. (a)		2,025		151,207
Allegion PLC (a)		601		66,440
Amphenol Corp. Class A (a)		1,900		182,286
FLIR Systems, Inc. (a)		858		46,418
Fortive Corp. (a)		1,869		152,361
Garmin Ltd. (a)		787		62,803
Honeywell International, Inc. (a)		4,578		799,273

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

61

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Keysight Technologies, Inc. (a) (b)		1,165	$	104,629
Mettler-Toledo International, Inc. (a) (b)		159		133,560
PerkinElmer, Inc. (a)		680		65,511
TE Connectivity Ltd. (a)		2,102		201,329
Waters Corp. (a) (b)		430		92,553
				2,058,370
Engineering & Construction — 0.0%
Jacobs Engineering Group, Inc. (a)		718		60,592
Environmental Controls — 0.3%
Pentair PLC (a)		965		35,898
Republic Services, Inc. (a)		1,379		119,476
Waste Management, Inc. (a)		2,437		281,157
				436,531
Hand & Machine Tools — 0.1%
Snap-on, Inc. (a)		366		60,624
Stanley Black & Decker, Inc. (a)		942		136,223
				196,847
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc. (a)		3,593		489,690
Machinery – Diversified — 0.7%
Cummins, Inc. (a)		904		154,891
Deere & Co. (a)		1,990		329,763
Dover Corp. (a)		925		92,685
Flowserve Corp. (a)		797		41,994
Rockwell Automation, Inc. (a)		734		120,251
Roper Technologies, Inc. (a)		663		242,830
Wabtec Corp. (a)		1,000		71,760
Xylem, Inc. (a)		1,129		94,430
				1,148,604
Miscellaneous – Manufacturing — 1.4%
3M Co. (a)		3,621		627,664
A.O. Smith Corp. (a)		853		40,227
Eaton Corp. PLC (a)		2,652		220,859
General Electric Co. (a)		54,813		575,537
Illinois Tool Works, Inc. (a)		1,876		282,920
Ingersoll-Rand PLC (a)		1,509		191,145
Parker-Hannifin Corp. (a)		799		135,838
Textron, Inc. (a)		1,485		78,764
				2,152,954
Packaging & Containers — 0.3%
Amcor PLC (a) (b)		10,357		119,002
Ball Corp. (a)		2,150		150,479
Packaging Corp. of America (a)		598		57,001
Sealed Air Corp. (a)		982		42,010
WestRock Co. (a)		1,660		60,540
				429,032
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. (a)		254		57,084

	Number of Shares		Value
Transportation — 1.6%
C.H. Robinson Worldwide, Inc. (a)		838	$	70,685
CSX Corp. (a)		4,834		374,007
Expeditors International of Washington, Inc. (a)		1,076		81,625
FedEx Corp. (a)		1,496		245,628
J.B. Hunt Transport Services, Inc. (a)		533		48,722
Kansas City Southern (a)		623		75,894
Norfolk Southern Corp. (a)		1,671		333,080
Union Pacific Corp. (a)		4,456		753,554
United Parcel Service, Inc. Class B (a)		4,429		457,383
				2,440,578
				14,259,805
Technology — 16.6%
Computers — 5.1%
Accenture PLC Class A (a)		4,014		741,667
Apple, Inc. (a)		27,500		5,442,800
Cognizant Technology Solutions Corp. Class A (a)		3,562		225,795
DXC Technology Co. (a)		1,689		93,148
Fortinet, Inc. (a) (b)		899		69,070
Hewlett Packard Enterprise Co. (a)		8,340		124,683
HP, Inc. (a)		9,408		195,592
International Business Machines Corp. (a)		5,575		768,793
NetApp, Inc. (a)		1,517		93,599
Seagate Technology PLC (a)		1,625		76,570
Western Digital Corp. (a)		1,942		92,342
				7,924,059
Office & Business Equipment — 0.0%
Xerox Corp. (a)		1,266		44,829
Semiconductors — 3.8%
Advanced Micro Devices, Inc. (a) (b)		5,622		170,740
Analog Devices, Inc. (a)		2,301		259,714
Applied Materials, Inc. (a)		5,842		262,364
Broadcom, Inc. (a)		2,487		715,908
Intel Corp. (a)		28,157		1,347,876
IPG Photonics Corp. (a) (b)		208		32,084
KLA-Tencor Corp. (a)		1,033		122,101
Lam Research Corp. (a)		932		175,067
Maxim Integrated Products, Inc. (a)		1,743		104,266
Microchip Technology, Inc. (a)		1,532		132,824
Micron Technology, Inc. (a) (b)		6,920		267,043
NVIDIA Corp. (a)		3,823		627,851
Qorvo, Inc. (a) (b)		778		51,823
QUALCOMM, Inc. (a)		7,639		581,099
Skyworks Solutions, Inc. (a)		1,104		85,306
Texas Instruments, Inc. (a)		5,886		675,477
Xilinx, Inc. (a)		1,615		190,441
				5,801,984

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

62

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Software — 7.7%
Activision Blizzard, Inc. (a)		4,884	$	230,525
Adobe, Inc. (a) (b)		3,061		901,924
Akamai Technologies, Inc. (a) (b)		1,011		81,022
ANSYS, Inc. (a) (b)		515		105,482
Autodesk, Inc. (a) (b)		1,398		227,734
Broadridge Financial Solutions, Inc. (a)		730		93,206
Cadence Design Systems, Inc. (a) (b)		1,787		126,537
Cerner Corp. (a)		2,093		153,417
Citrix Systems, Inc. (a)		789		77,432
Electronic Arts, Inc. (a) (b)		1,907		193,103
Fidelity National Information Services, Inc. (a)		2,023		248,182
Fiserv, Inc. (a) (b)		2,449		223,251
Intuit, Inc. (a)		1,623		424,139
Jack Henry & Associates, Inc. (a)		487		65,219
Microsoft Corp. (a)		48,203		6,457,274
MSCI, Inc. (a)		538		128,469
Oracle Corp. (a)		15,243		868,394
Paychex, Inc. (a)		2,027		166,802
Red Hat, Inc. (a) (b)		1,128		211,793
salesforce.com, Inc. (a) (b)		4,888		741,656
Synopsys, Inc. (a) (b)		918		118,137
Take-Two Interactive Software, Inc. (a) (b)		711		80,720
				11,924,418
				25,695,290
Utilities — 3.3%
Electric — 3.1%
AES Corp. (a)		4,097		68,666
Alliant Energy Corp. (a)		1,523		74,749
Ameren Corp. (a)		1,570		117,923
American Electric Power Co., Inc. (a)		3,078		270,895
CenterPoint Energy, Inc. (a)		3,173		90,843
CMS Energy Corp. (a)		1,806		104,586
Consolidated Edison, Inc. (a)		2,044		179,218
Dominion Energy, Inc. (a)		5,030		388,920
DTE Energy Co. (a)		1,163		148,724
Duke Energy Corp. (a)		4,635		408,992
Edison International (a)		2,066		139,269
Entergy Corp. (a)		1,209		124,442
Evergy, Inc. (a)		1,493		89,804
Eversource Energy (a)		2,028		153,641
Exelon Corp. (a)		6,086		291,763
FirstEnergy Corp. (a)		3,133		134,124
NextEra Energy, Inc. (a)		3,014		617,448
NRG Energy, Inc. (a)		1,781		62,549
Pinnacle West Capital Corp. (a)		716		67,368
PPL Corp. (a)		4,641		143,917
Public Service Enterprise Group, Inc. (a)		3,154		185,518

	Number of Shares		Value
Sempra Energy (a)		1,748	$	240,245
The Southern Co. (a)		6,537		361,365
WEC Energy Group, Inc. (a)		1,930		160,904
Xcel Energy, Inc. (a)		3,191		189,833
				4,815,706
Gas — 0.1%
Atmos Energy Corp. (a)		722		76,214
NiSource, Inc. (a)		2,296		66,125
				142,339
Water — 0.1%
American Water Works Co., Inc. (a)		1,143		132,588
				5,090,633
TOTAL COMMON STOCK (Cost $101,850,714)				153,673,009
TOTAL EQUITIES (Cost $101,850,714)				153,673,009
	Principal Amount
BONDS & NOTES — 0.0%
CORPORATE DEBT — 0.0%
Forest Products & Paper — 0.0%
Sino Forest Corp. 5.000% 8/01/49 (a) (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)		914		914
TOTAL MUTUAL FUNDS (Cost $914)				914
TOTAL PURCHASED OPTIONS (#) — 0.4% (Cost $1,373,065)				626,080
TOTAL LONG-TERM INVESTMENTS (Cost $103,224,693)				154,300,003

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

63

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.9%
Repurchase Agreement — 2.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (g)	$	4,489,213	$	4,489,213
TOTAL SHORT-TERM INVESTMENTS (Cost $4,489,213)				4,489,213
TOTAL INVESTMENTS — 102.6% (Cost $107,713,906) (h)				158,789,216
Other Assets/(Liabilities) — (2.6)%				(4,053,788	)
NET ASSETS — 100.0%			$	154,735,428

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 June 30, 2019, was $890 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).

(d) Investment was valued using significant unobservable inputs.

(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2019, 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 $4,489,681. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $4,583,354.

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

(#) Purchased Options contracts :

Exchange-Traded Options Purchased

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Put
S&P 500 Index		8/16/19		2,575.00		65		USD	16,737,500	$	38,350	$	174,363	$	(136,013	)
S&P 500 Index		8/16/19		2,625.00		65		USD	17,062,500		53,300		84,797		(31,497	)
S&P 500 Index		8/16/19		2,650.00		65		USD	17,225,000		62,075		181,968		(119,893	)
S&P 500 Index		8/16/19		2,675.00		65		USD	17,387,500		65,325		159,412		(94,087	)
S&P 500 Index		9/20/19		2,575.00		65		USD	16,737,500		81,900		215,313		(133,413	)
S&P 500 Index		9/20/19		2,600.00		65		USD	16,900,000		92,950		239,363		(146,413	)
S&P 500 Index		9/20/19		2,625.00		65		USD	17,062,500		112,775		172,412		(59,637	)
S&P 500 Index		9/20/19		2,650.00		65		USD	17,225,000		119,405		145,437		(26,032	)
										$	626,080	$	1,373,065	$	(746,985	)

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

64

MML Managed Volatility Fund – Portfolio of Investments (Continued)

Exchange-Traded Options Written

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
S&P 500 Index		7/19/19		2,900.00		57		USD	16,530,000	$	(344,907	)	$	(455,858	)	$	110,951
S&P 500 Index		7/19/19		2,925.00		115		USD	33,637,500		(602,600	)		(488,512	)		(114,088	)
S&P 500 Index		7/19/19		2,950.00		58		USD	17,110,000		(206,480	)		(359,455	)		152,975
S&P 500 Index		8/16/19		2,850.00		57		USD	16,245,000		(679,440	)		(564,157	)		(115,283	)
S&P 500 Index		8/16/19		2,900.00		58		USD	16,820,000		(469,510	)		(370,475	)		(99,035	)
S&P 500 Index		8/16/19		2,925.00		58		USD	16,965,000		(408,030	)		(446,455	)		38,425
S&P 500 Index		8/16/19		2,975.00		58		USD	17,255,000		(216,920	)		(281,962	)		65,042
S&P 500 Index		9/20/19		2,925.00		59		USD	17,257,500		(546,281	)		(583,953	)		37,672
										$	(3,474,168	)	$	(3,550,827	)	$	76,659

Currency Legend

USD U.S. Dollar

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

65

MML Mid Cap Growth Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 94.5%
COMMON STOCK — 93.9%
Basic Materials — 2.7%
Chemicals — 1.9%
Air Products & Chemicals, Inc.		19,000	$	4,301,030
RPM International, Inc.		64,000		3,911,040
Valvoline, Inc.		85,000		1,660,050
				9,872,120
Mining — 0.8%
Franco-Nevada Corp.		30,000		2,546,400
Kirkland Lake Gold Ltd.		36,000		1,545,120
				4,091,520
				13,963,640
Communications — 3.4%
Internet — 2.4%
Chewy, Inc. Class A (a)		17,334		606,690
IAC/InterActiveCorp (a)		35,000		7,613,550
Shopify, Inc. Class A (a)		3,000		900,450
Symantec Corp.		143,000		3,111,680
				12,232,370
Telecommunications — 1.0%
Corning, Inc.		152,000		5,050,960
				17,283,330
Consumer, Cyclical — 15.3%
Airlines — 0.8%
Alaska Air Group, Inc.		23,000		1,469,930
United Continental Holdings, Inc. (a)		30,000		2,626,500
				4,096,430
Apparel — 1.4%
Levi Strauss & Co. Class A (a)		35,011		731,030
Tapestry, Inc.		152,000		4,822,960
VF Corp.		18,000		1,572,300
				7,126,290
Auto Parts & Equipment — 1.2%
Aptiv PLC		59,000		4,768,970
Visteon Corp. (a)		21,000		1,230,180
				5,999,150
Distribution & Wholesale — 0.3%
IAA, Inc. (a)		21,326		827,022
KAR Auction Services, Inc.		34,650		866,250
KAR Auction Services, Inc. WI (a) (b) (g)		5,000		118,500
				1,811,772
Entertainment — 0.8%
Vail Resorts, Inc.		19,000		4,240,420

	Number of Shares		Value
Food Services — 0.3%
Aramark		41,000	$	1,478,460
Leisure Time — 1.4%
Norwegian Cruise Line Holdings Ltd. (a)		129,000		6,918,270
Lodging — 2.5%
Hilton Worldwide Holdings, Inc.		38,000		3,714,120
Marriott International, Inc. Class A		23,000		3,226,670
MGM Resorts International		204,000		5,828,280
				12,769,070
Retail — 6.6%
Burlington Stores, Inc. (a)		30,000		5,104,500
CarMax, Inc. (a)		23,000		1,997,090
Casey’s General Stores, Inc.		29,000		4,523,710
Darden Restaurants, Inc.		13,000		1,582,490
Dollar General Corp.		48,000		6,487,680
Dollar Tree, Inc. (a)		42,000		4,510,380
Dunkin’ Brands Group, Inc.		38,000		3,027,080
The Michaels Cos., Inc. (a)		37,000		321,900
O’Reilly Automotive, Inc. (a)		7,000		2,585,240
Tiffany & Co.		11,000		1,030,040
Ulta Salon Cosmetics & Fragrance, Inc. (a)		7,000		2,428,230
				33,598,340
				78,038,202
Consumer, Non-cyclical — 28.7%
Biotechnology — 2.1%
Alnylam Pharmaceuticals, Inc. (a)		16,000		1,160,960
Argenx SE ADR (a)		8,000		1,132,640
Exact Sciences Corp. (a)		21,000		2,478,840
Incyte Corp. (a)		28,000		2,378,880
Sage Therapeutics, Inc. (a)		7,000		1,281,630
Seattle Genetics, Inc. (a)		30,000		2,076,300
				10,509,250
Commercial Services — 9.4%
CoreLogic, Inc. (a)		93,000		3,890,190
CoStar Group, Inc. (a)		7,000		3,878,420
Equifax, Inc.		12,000		1,622,880
FleetCor Technologies, Inc. (a)		20,000		5,617,000
Gartner, Inc. (a)		15,000		2,414,100
Global Payments, Inc.		19,000		3,042,470
IHS Markit Ltd. (a)		57,000		3,632,040
MarketAxess Holdings, Inc.		6,000		1,928,520
ServiceMaster Global Holdings, Inc. (a)		59,000		3,073,310
Total System Services, Inc.		30,000		3,848,100
TransUnion		64,000		4,704,640
Verisk Analytics, Inc.		38,000		5,565,480

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

66

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

	Number of Shares		Value
WeWork Companies, Inc., Class A (Acquired 5/26/15, Cost $108,169) (a) (b) (c) (d)		4,132	$	223,128
Worldpay, Inc. Class A (a)		38,000		4,656,900
				48,097,178
Foods — 1.6%
Conagra Brands, Inc.		90,000		2,386,800
The Kroger Co.		60,000		1,302,600
Sprouts Farmers Market, Inc. (a)		91,000		1,718,990
TreeHouse Foods, Inc. (a)		53,000		2,867,300
				8,275,690
Health Care – Products — 10.3%
Alcon, Inc. (a)		36,000		2,233,800
Avantor, Inc. (a)		177,000		3,378,930
Bruker Corp.		143,000		7,142,850
The Cooper Cos., Inc.		33,000		11,117,370
Hologic, Inc. (a)		194,000		9,315,880
ICU Medical, Inc. (a)		11,000		2,771,010
IDEXX Laboratories, Inc. (a)		6,000		1,651,980
Teleflex, Inc.		37,000		12,252,550
West Pharmaceutical Services, Inc.		23,000		2,878,450
				52,742,820
Health Care – Services — 1.9%
Acadia Healthcare Co., Inc. (a) (e)		72,000		2,516,400
Catalent, Inc. (a)		121,000		6,559,410
MEDNAX, Inc. (a)		30,000		756,900
				9,832,710
Household Products & Wares — 0.6%
Avery Dennison Corp.		27,000		3,123,360
Pharmaceuticals — 2.8%
Alkermes PLC (a)		96,000		2,163,840
Amneal Pharmaceuticals, Inc. (a)		111,000		795,870
Ascendis Pharma A/S ADR (a)		4,500		518,175
Elanco Animal Health, Inc. (a)		121,000		4,089,800
Perrigo Co. PLC		64,000		3,047,680
PRA Health Sciences, Inc. (a)		27,781		2,754,486
Sarepta Therapeutics, Inc. (a)		4,000		607,800
				13,977,651
				146,558,659
Energy — 3.0%
Oil & Gas — 3.0%
Cabot Oil & Gas Corp.		91,000		2,089,360
Centennial Resource Development, Inc. Class A (a)		63,219		479,832
Concho Resources, Inc.		61,000		6,293,980
Continental Resources, Inc. (a)		45,000		1,894,050
Pioneer Natural Resources Co.		23,000		3,538,780
Venture Global LNG, Inc., Series B (Acquired 3/08/18, Cost $63,420) (a) (b) (c) (d)		21		109,200

	Number of Shares		Value
Venture Global LNG, Inc., Series C (Acquired 10/16/17-3/08/18, Cost $530,257) (a) (b) (c) (d)		144	$	748,800
				15,154,002
				15,154,002
Financial — 7.4%
Banks — 0.7%
Fifth Third Bancorp		73,000		2,036,700
Webster Financial Corp.		26,000		1,242,020
				3,278,720
Diversified Financial Services — 2.4%
Cboe Global Markets, Inc.		38,000		3,937,940
SLM Corp.		102,000		991,440
TD Ameritrade Holding Corp.		125,000		6,240,000
Tradeweb Markets, Inc. Class A		27,452		1,202,672
				12,372,052
Insurance — 3.8%
Assurant, Inc.		30,000		3,191,400
Axis Capital Holdings Ltd.		30,000		1,789,500
Fidelity National Financial, Inc.		137,000		5,521,100
The Progressive Corp.		19,000		1,518,670
Willis Towers Watson PLC		38,000		7,278,520
				19,299,190
Private Equity — 0.5%
KKR & Co., Inc. Class A		107,000		2,703,890
				37,653,852
Industrial — 19.7%
Aerospace & Defense — 2.1%
L3 Technologies, Inc.		8,000		1,961,360
L3Harris Technologies, Inc. (a)		45,000		8,510,850
				10,472,210
Building Materials — 0.5%
Martin Marietta Materials, Inc.		11,000		2,531,210
Electronics — 5.8%
Agilent Technologies, Inc.		106,000		7,915,020
Allegion PLC		12,000		1,326,600
Fortive Corp.		65,000		5,298,800
Keysight Technologies, Inc. (a)		83,000		7,454,230
National Instruments Corp.		35,000		1,469,650
Sensata Technologies Holding PLC (a)		129,000		6,321,000
				29,785,300
Engineering & Construction — 0.0%
frontdoor, Inc. (a)		2,000		87,100
Environmental Controls — 0.5%
Waste Connections, Inc.		28,000		2,676,240
Hand & Machine Tools — 0.6%
Colfax Corp. (a)		118,000		3,307,540

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

67

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

	Number of Shares		Value
Machinery – Construction & Mining — 0.5%
BWX Technologies, Inc. (e)		48,000	$	2,500,800
Machinery – Diversified — 4.7%
Cognex Corp.		9,000		431,820
Gardner Denver Holdings, Inc. (a)		151,000		5,224,600
IDEX Corp.		38,000		6,541,320
Roper Technologies, Inc.		19,000		6,958,940
Xylem, Inc.		57,000		4,767,480
				23,924,160
Miscellaneous – Manufacturing — 1.6%
Textron, Inc.		156,000		8,274,240
Packaging & Containers — 2.6%
Ball Corp.		140,000		9,798,600
Sealed Air Corp.		76,000		3,251,280
				13,049,880
Transportation — 0.8%
J.B. Hunt Transport Services, Inc.		42,000		3,839,220
Kansas City Southern		3,778		460,236
				4,299,456
				100,908,136
Technology — 11.9%
Computers — 0.1%
Crowdstrike Holdings, Inc. Class A (a)		5,344		364,942
Semiconductors — 4.8%
Entegris, Inc.		42,000		1,567,440
Marvell Technology Group Ltd.		208,000		4,964,960
Maxim Integrated Products, Inc.		57,000		3,409,740
Microchip Technology, Inc.		91,000		7,889,700
Skyworks Solutions, Inc.		38,000		2,936,260
Xilinx, Inc.		34,000		4,009,280
				24,777,380
Software — 7.0%
Atlassian Corp. PLC Class A (a)		29,000		3,794,360
Black Knight, Inc. (a)		45,000		2,706,750
Ceridian HCM Holding, Inc. (a)		41,149		2,065,680
DocuSign, Inc. (a)		49,000		2,435,790
Fidelity National Information Services, Inc.		15,000		1,840,200
Fiserv, Inc. (a)		61,000		5,560,760
Slack Technologies, Inc. Class A (a)		26,951		1,010,662
Splunk, Inc. (a)		23,000		2,892,250
SS&C Technologies Holdings, Inc		34,000		1,958,740
Tableau Software, Inc. Class A (a)		18,916		3,140,434
Veeva Systems, Inc. Class A (a)		5,000		810,550
Workday, Inc. Class A (a)		35,000		7,195,300
Zoom Video Communications, Inc. Class A (a) (e)		1,243		110,366
				35,521,842
				60,664,164

	Number of Shares		Value
Utilities — 1.8%
Electric — 1.5%
Eversource Energy		29,440	$	2,230,375
Sempra Energy		37,000		5,085,280
				7,315,655
Gas — 0.3%
Atmos Energy Corp.		16,000		1,688,960
				9,004,615
TOTAL COMMON STOCK (Cost $338,762,314)				479,228,600
PREFERRED STOCK — 0.6%
Communications — 0.2%
Internet — 0.2%
Roofoods Ltd., Series F (Acquired 9/12/17, Cost $677,088) (a) (b) (c) (d)		1,915		744,265
Roofoods Ltd., Series G (Acquired 5/16/19, Cost $20,895) (a) (b) (c) (d)		50		20,895
				765,160
Consumer, Non-cyclical — 0.4%
Commercial Services — 0.4%
WeWork Companies, Inc., Series D 1 (Acquired 12/09/14, Cost $369,606) (a) (b) (c) (d)		22,197		1,198,638
WeWork Companies, Inc., Series D 2 (Acquired 12/09/14, Cost $290,396) (a) (b) (c) (d)		17,440		941,760
				2,140,398
TOTAL PREFERRED STOCK (Cost $1,357,985)				2,905,558
TOTAL EQUITIES (Cost $340,120,299)				482,134,158
MUTUAL FUNDS — 0.8%
Diversified Financial Services — 0.8%
State Street Navigator Securities Lending Prime Portfolio (f)		4,314,246		4,314,246
TOTAL MUTUAL FUNDS (Cost $4,314,246)				4,314,246
TOTAL LONG-TERM INVESTMENTS (Cost $344,434,545)				486,448,404
SHORT-TERM INVESTMENTS — 5.8%
Mutual Fund — 3.9%
T. Rowe Price Treasury Reserve Fund		20,130,527		20,130,527

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

68

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

	Principal Amount		Value
Repurchase Agreement — 1.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (h)	$	9,460,664	$	9,460,664
TOTAL SHORT-TERM INVESTMENTS (Cost $29,591,191)				29,591,191
TOTAL INVESTMENTS — 101.1% (Cost $374,025,736) (i)				516,039,595
Other Assets/(Liabilities) — (1.1)%				(5,417,663	)
NET ASSETS — 100.0%			$	510,621,932

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2019, these securities amounted to a value of $4,105,186 or 0.80% of net assets.

(c) Investment was valued using significant unobservable inputs.

(d) Restricted security. Certain securities are restricted as to resale. At June 30, 2019, these securities amounted to a value of $3,986,686 or 0.78% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2019, was $4,219,383 or 0.83% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

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

(h) Maturity value of $9,461,649. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $9,650,505.

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

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

69

MML Mid Cap Value Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.0%
COMMON STOCK — 96.0%
Consumer, Cyclical — 12.4%
Airlines — 1.5%
Southwest Airlines Co.		127,457	$	6,472,266
Auto Manufacturers — 1.7%
Honda Motor Co. Ltd. Sponsored ADR		165,277		4,270,758
PACCAR, Inc.		41,550		2,977,473
				7,248,231
Auto Parts & Equipment — 1.3%
Aptiv PLC		13,145		1,062,511
BorgWarner, Inc.		100,483		4,218,276
				5,280,787
Food Services — 0.9%
Sodexo SA		34,158		3,993,149
Home Builders — 1.8%
PulteGroup, Inc.		147,031		4,649,120
Thor Industries, Inc.		50,586		2,956,752
				7,605,872
Leisure Time — 1.0%
Carnival Corp.		85,802		3,994,083
Retail — 4.2%
Advance Auto Parts, Inc.		34,601		5,333,398
Genuine Parts Co.		32,344		3,350,191
MSC Industrial Direct Co., Inc. Class A		85,076		6,317,744
Target Corp.		33,111		2,867,744
				17,869,077
				52,463,465
Consumer, Non-cyclical — 17.3%
Beverages — 0.5%
Molson Coors Brewing Co. Class B		34,757		1,946,392
Foods — 6.0%
Conagra Brands, Inc.		144,433		3,830,363
The J.M. Smucker Co.		20,109		2,316,356
Kellogg Co.		39,758		2,129,836
Koninklijke Ahold Delhaize NV		188,281		4,234,561
Mondelez International, Inc. Class A		51,773		2,790,565
Orkla ASA		678,147		6,023,568
Sysco Corp.		57,408		4,059,894
				25,385,143
Health Care – Products — 5.1%
Henry Schein, Inc. (a)		44,126		3,084,408
Hologic, Inc. (a)		63,212		3,035,440
Siemens Healthineers AG (b)		75,015		3,165,467
Zimmer Biomet Holdings, Inc.		105,196		12,385,777
				21,671,092

	Number of Shares		Value
Health Care – Services — 2.3%
Quest Diagnostics, Inc.		57,720	$	5,876,473
Universal Health Services, Inc. Class B		30,564		3,985,240
				9,861,713
Household Products & Wares — 1.0%
Kimberly-Clark Corp.		30,997		4,131,280
Pharmaceuticals — 2.4%
Cardinal Health, Inc.		118,387		5,576,028
McKesson Corp.		33,198		4,461,479
				10,037,507
				73,033,127
Energy — 4.8%
Oil & Gas — 3.0%
Cimarex Energy Co.		26,235		1,556,522
Devon Energy Corp.		99,186		2,828,785
EQT Corp.		152,654		2,413,460
Imperial Oil Ltd.		75,951		2,103,000
Noble Energy, Inc.		163,291		3,657,718
				12,559,485
Oil & Gas Services — 1.3%
Baker Hughes a GE Co.		170,602		4,201,928
Halliburton Co.		27,904		634,537
National Oilwell Varco, Inc.		33,688		748,884
				5,585,349
Pipelines — 0.5%
Equitrans Midstream Corp. (a)		113,385		2,234,818
				20,379,652
Financial — 27.6%
Banks — 13.8%
BB&T Corp.		189,625		9,316,276
Comerica, Inc.		73,783		5,359,597
Commerce Bancshares, Inc.		72,634		4,333,344
First Hawaiian, Inc.		207,540		5,369,060
M&T Bank Corp.		31,694		5,390,198
Northern Trust Corp.		139,512		12,556,080
Prosperity Bancshares, Inc.		34,963		2,309,306
State Street Corp.		64,194		3,598,716
SunTrust Banks, Inc.		31,228		1,962,680
UMB Financial Corp.		75,741		4,985,273
Westamerica Bancorp.		53,487		3,295,334
				58,475,864
Diversified Financial Services — 2.2%
Ameriprise Financial, Inc.		43,152		6,263,944
Invesco Ltd.		147,816		3,024,316
				9,288,260
Insurance — 5.5%
Aflac, Inc.		53,970		2,958,096

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

70

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

	Number of Shares		Value
Arthur J Gallagher & Co.		12,988	$	1,137,619
Brown & Brown, Inc.		64,863		2,172,911
Chubb Ltd.		43,545		6,413,743
ProAssurance Corp.		78,413		2,831,493
Reinsurance Group of America, Inc.		29,289		4,569,963
Torchmark Corp.		17,865		1,598,203
The Travelers Cos., Inc.		11,097		1,659,223
				23,341,251
Real Estate Investment Trusts (REITS) — 5.1%
American Tower Corp.		9,636		1,970,080
Empire State Realty Trust, Inc. Class A		212,391		3,145,511
MGM Growth Properties LLC Class A		146,675		4,495,589
Piedmont Office Realty Trust, Inc. Class A		186,781		3,722,545
Weyerhaeuser Co.		317,524		8,363,582
				21,697,307
Savings & Loans — 1.0%
Capitol Federal Financial, Inc.		305,456		4,206,129
				117,008,811
Industrial — 18.2%
Aerospace & Defense — 0.9%
BAE Systems PLC		628,761		3,965,386
Building Materials — 1.3%
Johnson Controls International PLC		137,188		5,667,236
Electrical Components & Equipment — 4.9%
Emerson Electric Co.		108,524		7,240,721
Hubbell, Inc.		76,341		9,954,867
Schneider Electric SE		40,955		3,714,927
				20,910,515
Electronics — 1.9%
nVent Electric PLC		147,616		3,659,401
TE Connectivity Ltd.		45,534		4,361,246
				8,020,647
Environmental Controls — 0.5%
Republic Services, Inc.		25,763		2,232,106
Machinery – Diversified — 0.8%
Atlas Copco AB Class B		112,600		3,230,647
Machinery – Diversified — 1.4%
Cummins, Inc.		34,193		5,858,628
Miscellaneous – Manufacturing — 2.5%
Eaton Corp. PLC		53,205		4,430,913
IMI PLC		344,073		4,545,079
Textron, Inc.		29,971		1,589,662
				10,565,654
Packaging & Containers — 3.0%
Graphic Packaging Holding Co.		391,769		5,476,931
Packaging Corp. of America		39,991		3,811,942

	Number of Shares		Value
Sonoco Products Co.		32,072	$	2,095,584
WestRock Co.		34,940		1,274,262
				12,658,719
Transportation — 1.0%
Heartland Express, Inc.		227,358		4,108,359
				77,217,897
Technology — 5.9%
Computers — 0.8%
HP, Inc.		152,224		3,164,737
Semiconductors — 4.2%
Applied Materials, Inc.		160,484		7,207,336
Maxim Integrated Products, Inc.		96,979		5,801,284
Microchip Technology, Inc.		37,603		3,260,180
Teradyne, Inc.		32,438		1,554,105
				17,822,905
Software — 0.9%
Cerner Corp.		52,397		3,840,700
				24,828,342
Utilities — 9.8%
Electric — 8.2%
Ameren Corp.		65,498		4,919,555
Edison International		43,111		2,906,112
Eversource Energy		41,142		3,116,918
NorthWestern Corp.		77,171		5,567,888
Pinnacle West Capital Corp.		58,668		5,520,072
WEC Energy Group, Inc.		42,726		3,562,067
Xcel Energy, Inc.		151,808		9,031,058
				34,623,670
Gas — 1.6%
Atmos Energy Corp.		31,629		3,338,757
Spire, Inc.		41,949		3,520,361
				6,859,118
				41,482,788
TOTAL COMMON STOCK (Cost $386,793,312)				406,414,082
TOTAL EQUITIES (Cost $386,793,312)				406,414,082
MUTUAL FUNDS — 3.2%
Diversified Financial Services — 3.2%
iShares Russell Mid-Cap Value ETF		150,517		13,415,580
TOTAL MUTUAL FUNDS (Cost $12,820,024)				13,415,580
TOTAL LONG-TERM INVESTMENTS (Cost $399,613,336)				419,829,662

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

71

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (c)	$	3,518,183	$	3,518,183
TOTAL SHORT-TERM INVESTMENTS (Cost $3,518,183)				3,518,183
TOTAL INVESTMENTS — 100.0% (Cost $403,131,519) (d)				423,347,845
Other Assets/(Liabilities) — 0.0%				208,214
NET ASSETS — 100.0%			$	423,556,059

Abbreviation Legend

ADR American Depositary Receipt

ETF Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2019, the aggregate market value of these securities amounted to $3,165,467 or 0.75% of net assets.

(c) Maturity value of $3,518,549. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $3,590,294.

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

Forward contracts

Counterparty	Settlement Date		Currency Purchased				Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		9/30/19		USD	$	2,584,878		JPY	276,344,090	$	4,961
Credit Suisse International*		9/30/19		USD		12,533,400		EUR	10,988,909		(49,861	)
Goldman Sachs & Co.*		9/30/19		USD		2,732,197		SEK	25,487,573		(29,823	)
Goldman Sachs & Co.*		9/30/19		USD		5,162,835		NOK	44,027,338		(10,782	)
JP Morgan Chase Bank N.A.*		9/30/19		USD		7,156,827		GBP	5,624,349		(13,985	)
Morgan Stanley & Co. LLC*		9/30/19		CAD		69,723		USD	53,201		125
Morgan Stanley & Co. LLC*		9/30/19		USD		1,833,324		CAD	2,418,356		(16,325	)
										$	(115,690	)

* 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

USD U.S. Dollar

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

72

MML Small Cap Growth Equity Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.4%
COMMON STOCK — 97.2%
Basic Materials — 3.2%
Chemicals — 2.0%
Ferro Corp. (a)		34,521	$	545,432
Ingevity Corp. (a)		10,445		1,098,500
Methanex Corp.		17,245		783,958
Minerals Technologies, Inc.		12,827		686,373
Orion Engineered Carbons SA		40,532		867,790
Realreal, Inc. (a)		400		11,560
				3,993,613
Iron & Steel — 1.2%
Carpenter Technology Corp.		48,887		2,345,598
				6,339,211
Communications — 3.5%
Advertising — 0.3%
The Trade Desk, Inc. Class A (a)		2,547		580,156
Internet — 1.9%
DraftKings, Inc. (Acquired 8/22/17, Cost $300,412) (a) (b) (c) (d)		78,904		216,197
Etsy, Inc. (a)		7,816		479,668
Mimecast Ltd. (a)		31,425		1,467,861
Veracode, Inc. (Escrow Shares) (Acquired 8/26/17, Cost $20,131) (a) (b) (c) (d)		10,688		5,814
Wix.com Ltd. (a)		5,319		755,830
Zendesk, Inc. (a)		9,427		839,286
				3,764,656
Media — 0.5%
The New York Times Co. Class A		29,295		955,603
Telecommunications — 0.8%
Acacia Communications, Inc. (a)		9,557		450,708
Ciena Corp. (a)		25,823		1,062,100
				1,512,808
				6,813,223
Consumer, Cyclical — 14.2%
Airlines — 0.4%
Spirit Airlines, Inc. (a)		16,538		789,359
Apparel — 2.1%
Carter’s, Inc.		16,631		1,622,188
Deckers Outdoor Corp. (a)		3,315		583,340
Skechers U.S.A., Inc. Class A (a)		23,551		741,621
Under Armour, Inc. Class C (a)		52,905		1,174,491
				4,121,640
Entertainment — 1.5%
Cinemark Holdings, Inc.		29,777		1,074,950
Marriott Vacations Worldwide Corp.		19,644		1,893,681
				2,968,631

	Number of Shares		Value
Home Builders — 3.4%
Cavco Industries, Inc. (a)		4,061	$	639,770
Century Communities, Inc. (a)		44,374		1,179,461
LCI Industries		10,028		902,520
Skyline Champion Corp. (a)		88,284		2,417,216
TRI Pointe Group, Inc. (a)		42,650		510,520
Winnebago Industries, Inc.		28,023		1,083,089
				6,732,576
Leisure Time — 2.7%
Acushnet Holdings Corp.		83,788		2,200,273
Lindblad Expeditions Holdings, Inc. (a)		61,458		1,103,171
Planet Fitness, Inc. Class A (a)		17,618		1,276,248
YETI Holdings, Inc. (a) (e)		23,648		684,610
				5,264,302
Retail — 4.1%
BJ’s Restaurants, Inc.		14,600		641,524
BMC Stock Holdings, Inc. (a)		54,410		1,153,492
The Cheesecake Factory, Inc. (e)		20,702		905,092
The Children’s Place, Inc. (e)		10,820		1,032,012
FirstCash, Inc.		11,399		1,140,128
Five Below, Inc. (a)		3,150		378,063
Floor & Decor Holdings, Inc. Class A (a)		27,370		1,146,803
La-Z-Boy, Inc.		29,070		891,286
Nu Skin Enterprises, Inc. Class A		18,857		930,027
				8,218,427
				28,094,935
Consumer, Non-cyclical — 26.1%
Beverages — 0.6%
MGP Ingredients, Inc. (e)		16,450		1,090,800
Biotechnology — 3.9%
Amicus Therapeutics, Inc. (a)		67,079		837,146
Arena Pharmaceuticals, Inc. (a)		17,388		1,019,458
Blueprint Medicines Corp. (a)		5,543		522,871
CRISPR Therapeutics AG (a) (e)		13,037		614,043
CytomX Therapeutics, Inc. (a)		11,136		124,946
Exact Sciences Corp. (a)		14,194		1,675,460
Karyopharm Therapeutics, Inc. (a) (e)		31,575		189,134
Orchard Therapeutics plc (a) (e)		34,425		481,606
Sage Therapeutics, Inc. (a)		3,400		622,506
Sangamo Therapeutics, Inc. (a)		102,372		1,102,546
Ultragenyx Pharmaceutical, Inc. (a)		8,268		525,018
				7,714,734
Commercial Services — 6.4%
2U, Inc. (a)		31,491		1,185,321
The Brink’s Co.		18,659		1,514,738
Cardtronics PLC Class A (a)		34,053		930,328
Chegg, Inc. (a)		30,677		1,183,825

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

73

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

	Number of Shares		Value
Grand Canyon Education, Inc. (a)		9,900	$	1,158,498
Green Dot Corp. Class A (a)		11,688		571,543
HMS Holdings Corp. (a)		61,206		1,982,462
Liveramp Holdings, Inc. (a)		16,727		810,925
TriNet Group, Inc. (a)		42,424		2,876,347
TrueBlue, Inc. (a)		15,525		342,482
				12,556,469
Foods — 1.3%
Performance Food Group Co. (a)		53,319		2,134,360
Sanderson Farms, Inc.		3,900		532,584
				2,666,944
Health Care – Products — 7.4%
Adaptive Biotechnologies Corp. (a)		1,100		53,130
Avanos Medical, Inc. (a)		16,023		698,763
CareDx, Inc. (a)		13,292		478,379
Globus Medical, Inc. Class A (a)		45,437		1,921,985
Haemonetics Corp. (a)		23,829		2,867,582
Hill-Rom Holdings, Inc.		10,839		1,133,976
Insulet Corp. (a)		27,223		3,249,882
Merit Medical Systems, Inc. (a)		28,078		1,672,326
Penumbra, Inc. (a) (e)		8,747		1,399,520
Tandem Diabetes Care, Inc. (a)		18,735		1,208,782
				14,684,325
Health Care – Services — 2.5%
Acadia Healthcare Co., Inc. (a) (e)		16,724		584,504
Amedisys, Inc. (a)		14,207		1,724,872
Invitae Corp. (a)		26,161		614,783
LHC Group, Inc. (a)		9,722		1,162,557
Molina Healthcare, Inc. (a)		5,464		782,117
				4,868,833
Pharmaceuticals — 4.0%
Aerie Pharmaceuticals, Inc. (a)		12,292		363,229
Apellis Pharmaceuticals, Inc. (a)		22,207		562,725
Array BioPharma, Inc. (a)		18,457		855,113
Ascendis Pharma A/S ADR (a)		4,083		470,157
G1 Therapeutics, Inc. (a)		40,373		1,237,836
Galapagos NV Sponsored ADR (a)		7,345		946,991
Heron Therapeutics, Inc. (a)		16,947		315,045
MyoKardia, Inc. (a)		13,938		698,851
Portola Pharmaceuticals, Inc. (a) (e)		12,516		339,559
PRA Health Sciences, Inc. (a)		8,378		830,679
Ra Pharmaceuticals, Inc. (a)		15,374		462,296
Revance Therapeutics, Inc. (a)		24,933		323,381
Rhythm Pharmaceuticals, Inc. (a)		12,298		270,556
UroGen Pharma Ltd. (a)		8,054		289,461
				7,965,879
				51,547,984
Energy — 2.8%
Energy – Alternate Sources — 1.4%
First Solar, Inc. (a)		23,038		1,513,136

	Number of Shares		Value
Pattern Energy Group, Inc. Class A		51,697	$	1,193,684
				2,706,820
Oil & Gas — 1.4%
Delek US Holdings, Inc.		28,058		1,136,910
Viper Energy Partners LP		53,626		1,652,753
				2,789,663
				5,496,483
Financial — 19.3%
Banks — 5.5%
Ameris Bancorp		29,225		1,145,328
Atlantic Union Bankshares Corp.		54,084		1,910,788
BancorpSouth Bank		67,109		1,948,845
CenterState Bank Corp.		25,726		592,470
First Interstate BancSystem, Inc. Class A		22,255		881,520
National Bank Holdings Corp. Class A		26,902		976,542
Seacoast Banking Corp. of Florida (a)		39,063		993,763
South State Corp.		12,230		900,984
Texas Capital Bancshares, Inc. (a)		24,678		1,514,489
				10,864,729
Diversified Financial Services — 2.4%
Air Lease Corp.		25,737		1,063,968
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		94,432		2,661,094
PRA Group, Inc. (a)		36,566		1,028,967
				4,754,029
Insurance — 2.8%
Assured Guaranty Ltd.		30,288		1,274,519
James River Group Holdings Ltd.		23,739		1,113,359
Kemper Corp.		12,862		1,109,862
MGIC Investment Corp. (a)		85,083		1,117,991
NMI Holdings, Inc. Class A (a)		32,820		931,760
				5,547,491
Private Equity — 1.0%
Kennedy-Wilson Holdings, Inc.		100,806		2,073,579
Real Estate — 0.9%
McGrath RentCorp		28,551		1,774,445
Real Estate Investment Trusts (REITS) — 5.5%
Agree Realty Corp.		21,325		1,365,866
Brandywine Realty Trust		64,100		917,912
Life Storage, Inc.		9,473		900,693
MFA Financial, Inc.		101,539		729,050
NexPoint Residential Trust, Inc.		47,245		1,955,943
PotlatchDeltic Corp.		33,184		1,293,512
PS Business Parks, Inc.		5,011		844,504
Redwood Trust, Inc.		57,721		954,128
Xenia Hotels & Resorts, Inc.		90,409		1,885,028
				10,846,636

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

74

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

	Number of Shares		Value
Savings & Loans — 1.2%
Sterling Bancorp		108,716	$	2,313,476
				38,174,385
Industrial — 13.4%
Aerospace & Defense — 1.3%
Aerojet Rocketdyne Holdings, Inc. (a)		58,691		2,627,596
Building Materials — 0.6%
Louisiana-Pacific Corp.		28,100		736,782
Patrick Industries, Inc. (a)		9,680		476,159
				1,212,941
Electrical Components & Equipment — 1.4%
EnerSys		35,305		2,418,393
nLight, Inc. (a)		20,685		397,152
				2,815,545
Electronics — 0.5%
Watts Water Technologies, Inc. Class A		9,899		922,389
Engineering & Construction — 1.0%
Argan, Inc.		46,284		1,877,279
Environmental Controls — 0.4%
Clean Harbors, Inc. (a)		11,553		821,418
Machinery – Diversified — 1.3%
Chart Industries, Inc. (a)		13,465		1,035,189
Kadant, Inc.		3,770		342,354
SPX FLOW, Inc. (a)		26,015		1,088,988
				2,466,531
Metal Fabricate & Hardware — 2.3%
Advanced Drainage Systems, Inc.		40,633		1,332,356
Rexnord Corp. (a)		106,364		3,214,320
				4,546,676
Miscellaneous – Manufacturing — 3.0%
Actuant Corp. Class A		85,368		2,117,980
Axon Enterprise, Inc. (a)		7,833		502,957
ITT, Inc.		33,067		2,165,227
John Bean Technologies Corp.		8,964		1,085,809
				5,871,973
Packaging & Containers — 0.5%
Graphic Packaging Holding Co.		77,413		1,082,234
Transportation — 0.6%
Kirby Corp. (a)		14,639		1,156,481
Trucking & Leasing — 0.5%
GATX Corp.		12,820		1,016,498
				26,417,561
Technology — 14.2%
Computers — 2.9%
Endava PLC Sponsored ADR (a)		11,540		464,370

	Number of Shares		Value
EPAM Systems, Inc. (a)		4,409	$	763,198
ForeScout Technologies, Inc. (a)		24,171		818,430
Globant SA (a)		6,740		681,077
Lumentum Holdings, Inc. (a)		8,717		465,575
Rapid7, Inc. (a)		15,562		900,106
Science Applications International Corp.		18,124		1,568,813
				5,661,569
Office & Business Equipment — 0.6%
Zebra Technologies Corp. Class A (a)		5,196		1,088,510
Semiconductors — 3.4%
Cohu, Inc.		58,184		897,779
Entegris, Inc.		64,378		2,402,587
Lattice Semiconductor Corp. (a)		81,637		1,191,084
MKS Instruments, Inc.		5,577		434,392
Tower Semiconductor Ltd. (a)		114,354		1,803,363
				6,729,205
Software — 7.3%
Alteryx, Inc. Class A (a)		5,079		554,220
Bandwidth, Inc. Class A (a)		22,112		1,658,842
Castlight Health, Inc. Class B (a)		110,900		358,207
Cloudera, Inc. (a)		69,303		364,534
Everbridge, Inc. (a)		15,884		1,420,347
Fair Isaac Corp. (a)		2,543		798,553
Five9, Inc. (a)		40,849		2,095,145
Guidewire Software, Inc. (a)		9,011		913,535
HubSpot, Inc. (a)		9,053		1,543,718
Omnicell, Inc. (a)		35,551		3,058,453
Pivotal Software, Inc. Class A (a)		29,667		313,284
SailPoint Technologies Holding, Inc. (a)		30,267		606,551
SVMK, Inc. (a)		46,300		764,413
				14,449,802
				27,929,086
Utilities — 0.5%
Electric — 0.5%
Black Hills Corp.		12,926		1,010,425
TOTAL COMMON STOCK (Cost $162,510,315)				191,823,293
PREFERRED STOCK — 0.2%
Communications — 0.1%
Internet — 0.1%
The Honest Company, Inc., Series D (Acquired 8/03/15, Cost $184,255) (a) (b) (c) (d)		4,027		155,281

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

75

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

	Number of Shares		Value
Technology — 0.1%
Software — 0.1%
MarkLogic Corp., Series F (Acquired 4/27/15, Cost $266,732) (a) (b) (c) (d)		22,966	$	234,483
TOTAL PREFERRED STOCK (Cost $450,987)				389,764
TOTAL EQUITIES (Cost $162,961,302)				192,213,057
MUTUAL FUNDS — 3.0%
Diversified Financial Services — 3.0%
State Street Navigator Securities Lending Prime Portfolio (f)		5,967,693		5,967,693
TOTAL MUTUAL FUNDS (Cost $5,967,693)				5,967,693
TOTAL LONG-TERM INVESTMENTS (Cost $168,928,995)				198,180,750
	Principal Amount
SHORT-TERM INVESTMENTS — 3.0%
Repurchase Agreement — 3.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (g)	$	5,806,864		5,806,864
TOTAL SHORT-TERM INVESTMENTS (Cost $5,806,864)				5,806,864
TOTAL INVESTMENTS — 103.4% (Cost $174,735,859) (h)				203,987,614
Other Assets/(Liabilities) — (3.4)%				(6,666,237	)
NET ASSETS — 100.0%			$	197,321,377

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Investment was valued using significant unobservable inputs.

(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2019, these securities amounted to a value of $611,775 or 0.31% of net assets.

(d) Restricted security. Certain securities are restricted as to resale. At June 30, 2019, these securities amounted to a value of $611,775 or 0.31% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2019, was $5,827,857 or 2.95% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(g) Maturity value of $5,807,469. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $5,930,368.

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

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

76

MML Small Company Value Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.2%
COMMON STOCK — 98.2%
Basic Materials — 3.3%
Chemicals — 1.5%
American Vanguard Corp.		17,500	$	269,675
Minerals Technologies, Inc.		9,300		497,643
Quaker Chemical Corp.		2,911		590,583
Realreal, Inc. (a)		4,063		117,421
				1,475,322
Forest Products & Paper — 0.1%
Clearwater Paper Corp. (a)		6,332		117,078
Iron & Steel — 1.2%
Carpenter Technology Corp.		15,300		734,094
Reliance Steel & Aluminum Co.		4,900		463,638
				1,197,732
Mining — 0.5%
Constellium NV Class A (a)		45,187		453,678
				3,243,810
Communications — 3.6%
Internet — 1.0%
Q2 Holdings, Inc. (a)		5,800		442,888
Zendesk, Inc. (a)		6,125		545,309
				988,197
Media — 1.6%
Cable One, Inc.		1,127		1,319,705
Scholastic Corp.		8,400		279,216
				1,598,921
Telecommunications — 1.0%
GTT Communications, Inc. (a) (b)		15,900		279,840
Harmonic, Inc. (a)		122,331		678,937
				958,777
				3,545,895
Consumer, Cyclical — 7.7%
Apparel — 0.7%
Steven Madden Ltd.		20,597		699,268
Auto Manufacturers — 0.3%
Blue Bird Corp. (a)		16,600		326,854
Auto Parts & Equipment — 0.8%
Garrett Motion, Inc. (a) (b)		33,024		506,918
Visteon Corp. (a)		3,700		216,746
				723,664
Distribution & Wholesale — 2.0%
Dorman Products, Inc. (a)		9,711		846,217
Pool Corp.		5,900		1,126,900
				1,973,117

	Number of Shares		Value
Entertainment — 0.3%
Marriott Vacations Worldwide Corp.		3,042	$	293,249
Home Builders — 1.4%
Cavco Industries, Inc. (a)		4,900		771,946
LCI Industries		6,196		557,640
				1,329,586
Lodging — 0.6%
The St. Joe Co. (a)		34,086		589,006
Retail — 1.3%
Beacon Roofing Supply, Inc. (a)		11,600		425,952
BJ’s Wholesale Club Holdings, Inc. (a)		8,557		225,905
Express, Inc. (a)		31,000		84,630
Lumber Liquidators Holdings, Inc. (a) (b)		24,941		288,068
Red Robin Gourmet Burgers, Inc. (a)		7,300		223,161
				1,247,716
Textiles — 0.3%
Culp, Inc.		16,600		315,400
				7,497,860
Consumer, Non-cyclical — 16.9%
Biotechnology — 0.1%
Ultragenyx Pharmaceutical, Inc. (a)		1,506		95,631
Commercial Services — 6.8%
Aaron’s, Inc.		20,259		1,244,105
American Public Education, Inc. (a)		15,801		467,393
The Brink’s Co.		3,500		284,130
FTI Consulting, Inc. (a)		11,614		973,718
Green Dot Corp. Class A (a)		12,298		601,372
Huron Consulting Group, Inc. (a)		5,549		279,559
I3 Verticals, Inc. Class A (a)		15,700		462,365
Monro, Inc.		6,263		534,234
Rosetta Stone, Inc. (a)		20,275		463,892
Strategic Education, Inc.		7,894		1,405,132
				6,715,900
Foods — 2.9%
Grocery Outlet Holding Corp. (a)		3,240		106,531
Nomad Foods Ltd. (a)		66,800		1,426,848
Post Holdings, Inc. (a)		7,237		752,431
The Simply Good Foods Co. (a)		23,610		568,529
				2,854,339
Health Care – Products — 3.8%
Atrion Corp.		1,260		1,074,452
Avanos Medical, Inc. (a)		18,372		801,203
Patterson Cos., Inc.		6,800		155,720
Quidel Corp. (a)		19,121		1,134,258
West Pharmaceutical Services, Inc.		4,187		524,003
				3,689,636

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

77

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

	Number of Shares		Value
Health Care – Services — 2.5%
The Ensign Group, Inc.		19,499	$	1,109,883
Molina Healthcare, Inc. (a)		5,088		728,296
Select Medical Holdings Corp. (a)		41,000		650,670
				2,488,849
Pharmaceuticals — 0.8%
Array BioPharma, Inc. (a)		4,871		225,674
Momenta Pharmaceuticals, Inc. (a)		21,647		269,505
Xencor, Inc. (a)		6,200		253,766
				748,945
				16,593,300
Energy — 4.2%
Energy – Alternate Sources — 0.4%
REX American Resources Corp. (a)		5,387		392,713
Oil & Gas — 2.3%
Centennial Resource Development, Inc. Class A (a)		51,900		393,921
Jagged Peak Energy, Inc. (a) (b)		31,342		259,198
Kimbell Royalty Partners LP		6,095		98,434
Kosmos Energy Ltd.		47,800		299,706
Matador Resources Co. (a)		27,307		542,863
WPX Energy, Inc. (a)		56,746		653,147
				2,247,269
Oil & Gas Services — 1.5%
Apergy Corp. (a)		8,300		278,382
Frank’s International NV (a) (b)		42,404		231,526
Keane Group, Inc. (a)		55,485		372,859
TETRA Technologies, Inc. (a)		140,400		228,852
Thermon Group Holdings, Inc. (a)		14,800		379,620
				1,491,239
				4,131,221
Financial — 32.8%
Banks — 15.6%
Atlantic Capital Bancshares, Inc. (a)		15,270		261,422
BankUnited, Inc.		29,700		1,002,078
BOK Financial Corp.		5,944		448,653
CenterState Bank Corp.		15,600		359,268
Columbia Banking System, Inc.		26,000		940,680
East West Bancorp, Inc.		11,526		539,071
FB Financial Corp.		15,385		563,091
Glacier Bancorp, Inc.		19,600		794,780
Heritage Commerce Corp.		22,099		270,713
Heritage Financial Corp.		15,409		455,182
Home BancShares, Inc.		79,150		1,524,429
Hope Bancorp, Inc.		35,000		482,300
Howard Bancorp, Inc. (a)		16,742		253,976
Live Oak Bancshares, Inc. (b)		13,622		233,617
National Bank Holdings Corp. Class A		23,500		853,050
Origin Bancorp, Inc.		10,343		341,319

	Number of Shares		Value
PCSB Financial Corp.		19,077	$	386,309
Pinnacle Financial Partners, Inc.		11,865		682,000
Ponce de Leon Federal Bank (a)		18,784		268,423
Popular, Inc.		14,100		764,784
Prosperity Bancshares, Inc.		11,512		760,368
Sterling Bancorp, Inc.		25,001		249,260
SVB Financial Group (a)		877		196,966
Texas Capital Bancshares, Inc. (a)		9,400		576,878
Towne Bank		30,767		839,324
Webster Financial Corp.		13,275		634,147
Wintrust Financial Corp.		8,100		592,596
				15,274,684
Diversified Financial Services — 1.7%
Cboe Global Markets, Inc.		2,321		240,525
Houlihan Lokey, Inc.		10,826		482,082
PennyMac Financial Services, Inc.		25,100		556,718
Virtus Investment Partners, Inc.		3,400		365,160
				1,644,485
Insurance — 3.3%
Assured Guaranty Ltd.		5,882		247,515
Axis Capital Holdings Ltd.		1,800		107,370
Employers Holdings, Inc.		10,138		428,533
Palomar Holdings, Inc. (a)		1,266		30,435
ProAssurance Corp.		14,875		537,136
Radian Group, Inc.		36,400		831,740
Safety Insurance Group, Inc.		4,600		437,598
State Auto Financial Corp.		16,900		591,500
				3,211,827
Real Estate — 0.7%
McGrath RentCorp		10,767		669,169
Real Estate Investment Trusts (REITS) — 9.9%
Acadia Realty Trust		16,585		453,931
American Campus Communities, Inc.		12,191		562,737
Cedar Realty Trust, Inc.		153,212		406,012
Douglas Emmett, Inc.		12,100		482,064
EastGroup Properties, Inc.		9,297		1,078,266
Healthcare Realty Trust, Inc.		27,300		855,036
JBG SMITH Properties		23,335		917,999
Kilroy Realty Corp.		7,307		539,330
PotlatchDeltic Corp.		15,388		599,824
PS Business Parks, Inc.		5,200		876,356
QTS Realty Trust, Inc. Class A		7,014		323,906
Saul Centers, Inc.		10,300		578,139
Sunstone Hotel Investors, Inc.		49,700		681,387
Terreno Realty Corp.		23,279		1,141,602
Washington Real Estate Investment Trust		9,700		259,281
				9,755,870
Savings & Loans — 1.6%
Meridian Bancorp, Inc.		33,560		600,388

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

78

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

	Number of Shares		Value
WSFS Financial Corp.		25,105	$	1,036,837
				1,637,225
				32,193,260
Industrial — 16.3%
Aerospace & Defense — 1.7%
MSA Safety, Inc.		4,644		489,431
Triumph Group, Inc.		50,367		1,153,405
				1,642,836
Building Materials — 0.8%
Universal Forest Products, Inc.		19,500		742,170
Electrical Components & Equipment — 3.1%
Belden, Inc.		27,706		1,650,446
Littelfuse, Inc.		7,812		1,382,021
				3,032,467
Electronics — 1.8%
Brady Corp. Class A		9,377		462,474
Knowles Corp. (a)		42,969		786,762
Mesa Laboratories, Inc.		2,261		552,453
				1,801,689
Engineering & Construction — 0.8%
Aegion Corp. (a)		40,300		741,520
Environmental Controls — 0.7%
Stericycle, Inc. (a)		15,300		730,575
Machinery – Diversified — 0.2%
Cactus, Inc. Class A (a)		5,417		179,411
Metal Fabricate & Hardware — 1.9%
CIRCOR International, Inc. (a)		17,426		801,596
Helios Technologies, Inc.		13,261		615,443
RBC Bearings, Inc. (a)		2,763		460,896
				1,877,935
Miscellaneous – Manufacturing — 2.0%
ESCO Technologies, Inc.		11,700		966,654
Hillenbrand, Inc.		7,058		279,285
Myers Industries, Inc.		39,894		768,757
				2,014,696
Transportation — 3.3%
Genesee & Wyoming, Inc. Class A (a)		8,693		869,300
International Seaways, Inc. (a)		24,949		474,031
Kirby Corp. (a)		5,050		398,950
Landstar System, Inc.		10,600		1,144,694
Universal Logistics Holdings, Inc.		13,899		312,311
				3,199,286
				15,962,585
Technology — 5.6%
Computers — 1.7%
Conduent, Inc. (a)		20,909		200,517
Cray, Inc. (a)		4,908		170,897
Cubic Corp.		13,509		871,060
Endava PLC Sponsored ADR (a)		2,684		108,004

	Number of Shares		Value
Parsons Corp. (a)		9,183	$	338,486
				1,688,964
Semiconductors — 2.3%
Cabot Microelectronics Corp.		6,716		739,297
Cypress Semiconductor Corp.		14,255		317,031
Entegris, Inc.		9,155		341,664
MaxLinear, Inc. (a)		21,756		509,961
Rudolph Technologies, Inc. (a)		10,200		281,826
				2,189,779
Software — 1.6%
Ceridian HCM Holding, Inc. (a)		13,015		653,353
Cision Ltd. (a)		34,045		399,348
The Descartes Systems Group, Inc. (a)		2,800		103,460
RealPage, Inc. (a)		7,013		412,715
				1,568,876
				5,447,619
Utilities — 7.8%
Electric — 3.3%
MGE Energy, Inc.		5,700		416,556
NorthWestern Corp.		12,337		890,115
PNM Resources, Inc.		27,133		1,381,341
Portland General Electric Co.		11,164		604,754
				3,292,766
Gas — 3.9%
Atmos Energy Corp.		4,900		517,244
Chesapeake Utilities Corp.		12,500		1,187,750
ONE Gas, Inc.		13,801		1,246,230
RGC Resources, Inc.		4,676		142,712
Southwest Gas Holdings, Inc.		8,149		730,313
				3,824,249
Water — 0.6%
California Water Service Group		11,176		565,841
				7,682,856
TOTAL COMMON STOCK (Cost $75,176,249)				96,298,406
TOTAL EQUITIES (Cost $75,176,249)				96,298,406
MUTUAL FUNDS — 0.7%
Diversified Financial Services — 0.7%
State Street Navigator Securities Lending Prime Portfolio (c)		652,099		652,099
TOTAL MUTUAL FUNDS (Cost $652,099)				652,099
TOTAL LONG-TERM INVESTMENTS (Cost $75,828,348)				96,950,505

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

79

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

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 1.9%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,048	$	1,048
TOTAL MUTUAL FUND (Cost $1,048)				1,048
	Principal Amount
Repurchase Agreement — 1.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (d)	$	1,908,125		1,908,125
TOTAL SHORT-TERM INVESTMENTS (Cost $1,909,173)				1,909,173
TOTAL INVESTMENTS — 100.8% (Cost $77,737,521) (e)				98,859,678
Other Assets/(Liabilities) — (0.8)%				(829,421	)
NET ASSETS — 100.0%			$	98,030,257

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2019, was $632,634 or 0.65% 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 $1,908,323. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $1,950,472.

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

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

80

MML Small/Mid Cap Value Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.6%
COMMON STOCK — 98.6%
Basic Materials — 3.0%
Chemicals — 1.5%
Orion Engineered Carbons SA		63,067	$	1,350,265
Westlake Chemical Corp.		25,274		1,755,532
				3,105,797
Iron & Steel — 0.7%
Carpenter Technology Corp.		28,984		1,390,652
Mining — 0.8%
Alcoa Corp. (a)		66,380		1,553,956
				6,050,405
Communications — 2.0%
Internet — 0.7%
Criteo SA (a)		85,055		1,463,797
Media — 0.8%
Houghton Mifflin Harcourt Co. (a)		157,480		907,085
Scholastic Corp.		19,757		656,722
				1,563,807
Telecommunications — 0.5%
Finisar Corp. (a)		43,914		1,004,313
				4,031,917
Consumer, Cyclical — 13.8%
Airlines — 3.9%
Alaska Air Group, Inc.		48,460		3,097,079
Hawaiian Holdings, Inc.		71,714		1,967,115
SkyWest, Inc.		44,350		2,690,714
				7,754,908
Apparel — 1.7%
Capri Holdings Ltd. (a)		41,840		1,451,011
Skechers U.S.A., Inc. Class A (a)		65,188		2,052,770
				3,503,781
Auto Parts & Equipment — 2.3%
Cooper-Standard Holding, Inc. (a)		23,715		1,086,621
Dana, Inc.		79,725		1,589,717
Lear Corp.		13,118		1,826,944
				4,503,282
Home Builders — 2.3%
Lennar Corp. Class A		45,244		2,192,524
Taylor Morrison Home Corp. (a)		116,617		2,444,293
				4,636,817
Leisure Time — 0.6%
Callaway Golf Co.		70,101		1,202,933
Office Furnishings — 0.7%
Steelcase, Inc. Class A		76,924		1,315,400

	Number of Shares		Value
Retail — 2.3%
Bloomin’ Brands, Inc.		86,142	$	1,628,945
BMC Stock Holdings, Inc. (a)		49,021		1,039,245
The Michaels Cos., Inc. (a)		117,600		1,023,120
Signet Jewelers Ltd.		48,680		870,399
				4,561,709
				27,478,830
Consumer, Non-cyclical — 11.1%
Beverages — 1.2%
Cott Corp.		176,804		2,360,333
Commercial Services — 3.3%
Booz Allen Hamilton Holding Corp.		18,292		1,211,113
Quanta Services, Inc.		58,301		2,226,515
Sotheby’s (a) (b)		53,090		3,086,122
				6,523,750
Foods — 3.7%
Ingredion, Inc.		14,170		1,168,883
Nomad Foods Ltd. (a)		148,246		3,166,535
US Foods Holding Corp. (a)		87,460		3,127,570
				7,462,988
Health Care – Services — 2.9%
ICON PLC (a)		14,523		2,236,106
Molina Healthcare, Inc. (a)		16,212		2,320,585
WellCare Health Plans, Inc. (a)		4,207		1,199,290
				5,755,981
				22,103,052
Energy — 5.8%
Oil & Gas — 2.4%
Cimarex Energy Co.		14,774		876,541
Oasis Petroleum, Inc. (a)		205,120		1,165,082
QEP Resources, Inc. (a)		218,411		1,579,112
SM Energy Co.		88,850		1,112,402
				4,733,137
Oil & Gas Services — 3.4%
Dril-Quip, Inc. (a)		34,444		1,653,312
MRC Global, Inc. (a)		86,333		1,478,021
Oil States International, Inc. (a)		74,390		1,361,337
Patterson-UTI Energy, Inc.		130,217		1,498,797
RPC, Inc. (b)		128,237		924,589
				6,916,056
				11,649,193
Financial — 34.9%
Banks — 9.8%
Associated Banc-Corp.		97,347		2,057,916
BankUnited, Inc.		78,865		2,660,905
Comerica, Inc.		31,680		2,301,235
Synovus Financial Corp.		69,530		2,433,550

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

81

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

	Number of Shares		Value
Texas Capital Bancshares, Inc. (a)		37,544	$	2,304,075
Umpqua Holdings Corp.		149,238		2,475,858
Webster Financial Corp.		46,443		2,218,582
Zions Bancorp NA		67,775		3,116,295
				19,568,416
Diversified Financial Services — 0.9%
OneMain Holdings, Inc.		50,108		1,694,152
Insurance — 10.3%
American Financial Group, Inc.		24,261		2,486,025
Essent Group Ltd. (a)		49,173		2,310,639
Everest Re Group Ltd.		14,108		3,487,215
First American Financial Corp.		42,950		2,306,415
The Hanover Insurance Group, Inc.		12,280		1,575,524
Kemper Corp.		14,781		1,275,452
Old Republic International Corp.		83,533		1,869,469
Reinsurance Group of America, Inc.		23,746		3,705,088
Selective Insurance Group, Inc.		21,667		1,622,642
				20,638,469
Real Estate Investment Trusts (REITS) — 12.6%
American Campus Communities, Inc.		56,792		2,621,519
Americold Realty Trust		36,600		1,186,572
Camden Property Trust		31,962		3,336,513
Cousins Properties, Inc.		46,104		1,667,582
CubeSmart		92,280		3,085,843
Easterly Government Properties, Inc.		31,071		562,696
Empire State Realty Trust, Inc. Class A		158,294		2,344,334
MGM Growth Properties LLC Class A		74,577		2,285,785
Park Hotels & Resorts, Inc.		79,944		2,203,256
STAG Industrial, Inc.		90,270		2,729,765
Sun Communities, Inc.		24,064		3,084,764
				25,108,629
Savings & Loans — 1.3%
Sterling Bancorp		119,920		2,551,898
				69,561,564
Industrial — 11.7%
Aerospace & Defense — 0.9%
AAR Corp.		47,953		1,764,191
Building Materials — 0.6%
Masonite International Corp. (a)		21,825		1,149,741
Electrical Components & Equipment — 1.1%
EnerSys		32,942		2,256,527
Electronics — 1.9%
Avnet, Inc.		59,770		2,705,788
TTM Technologies, Inc. (a)		103,316		1,053,823
				3,759,611

	Number of Shares		Value
Engineering & Construction — 1.2%
Granite Construction, Inc.		27,247	$	1,312,760
Tutor Perini Corp. (a)		81,340		1,128,186
				2,440,946
Hand & Machine Tools — 1.9%
Kennametal, Inc.		41,165		1,522,693
Regal Beloit Corp.		26,760		2,186,560
				3,709,253
Machinery – Construction & Mining — 0.8%
Terex Corp.		50,570		1,587,898
Miscellaneous – Manufacturing — 0.9%
Trinseo SA		42,920		1,817,233
Packaging & Containers — 2.0%
Graphic Packaging Holding Co.		162,997		2,278,698
Sealed Air Corp.		40,106		1,715,735
				3,994,433
Transportation — 0.4%
Atlas Air Worldwide Holdings, Inc. (a)		18,742		836,643
				23,316,476
Technology — 10.7%
Computers — 4.6%
Amdocs Ltd.		34,658		2,151,915
Genpact Ltd.		55,500		2,113,995
NCR Corp. (a)		92,850		2,887,635
NetScout Systems, Inc. (a)		79,610		2,021,298
				9,174,843
Semiconductors — 2.9%
Cypress Semiconductor Corp.		114,337		2,542,855
Kulicke & Soffa Industries, Inc.		61,129		1,378,459
MaxLinear, Inc. (a)		78,597		1,842,314
				5,763,628
Software — 3.2%
CommVault Systems, Inc. (a)		36,270		1,799,717
Nuance Communications, Inc. (a)		163,578		2,612,341
Verint Systems, Inc. (a)		36,745		1,976,146
				6,388,204
				21,326,675
Utilities — 5.6%
Electric — 4.5%
Alliant Energy Corp.		63,054		3,094,690
Black Hills Corp.		23,872		1,866,074
PNM Resources, Inc.		36,355		1,850,833
Portland General Electric Co.		41,710		2,259,431
				9,071,028

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

82

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

	Number of Shares		Value
Gas — 1.1%
Southwest Gas Holdings, Inc.		24,160	$	2,165,219
				11,236,247
TOTAL COMMON STOCK (Cost $189,614,359)				196,754,359
TOTAL EQUITIES (Cost $189,614,359)				196,754,359
MUTUAL FUNDS — 1.8%
Diversified Financial Services — 1.8%
State Street Navigator Securities Lending Prime Portfolio (c)		3,541,060		3,541,060
TOTAL MUTUAL FUNDS (Cost $3,541,060)				3,541,060
TOTAL LONG-TERM INVESTMENTS (Cost $193,155,419)				200,295,419
	Principal Amount
SHORT-TERM INVESTMENTS — 1.2%
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (d)	$	2,287,421		2,287,421
TOTAL SHORT-TERM INVESTMENTS (Cost $2,287,421)				2,287,421
TOTAL INVESTMENTS — 101.6% (Cost $195,442,840) (e)				202,582,840
Other Assets/(Liabilities) — (1.6)%				(3,112,349	)
NET ASSETS — 100.0%			$	199,470,491

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2019, was $3,444,633 or 1.73% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(d) Maturity value of $2,287,660. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $2,337,510.

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

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

83

MML Total Return Bond Fund – Portfolio of Investments

June 30, 2019 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 96.6%
BANK LOANS — 0.2%
Advertising — 0.0%
Lamar Media Corp., 2018 Term Loan B, 3 mo. LIBOR + 1.750% 4.125% VRN 3/14/25	$	98,750	$	98,749
Diversified Financial Services — 0.2%
Delos Finance Sarl, 2018 Term Loan B, 3 mo. LIBOR + 1.750% 4.080% VRN 10/06/23		888,333		887,036
TOTAL BANK LOANS (Cost $987,637)				985,785
CORPORATE DEBT — 26.9%
Advertising — 0.0%
Clear Channel International BV 8.750% 12/15/20 (a)		80,000		81,800
Aerospace & Defense — 0.4%
L3 Technologies, Inc. 4.400% 6/15/28		640,000		698,946
Northrop Grumman Corp. 3.250% 1/15/28		640,000		656,978
				1,355,924
Agriculture — 0.2%
BAT Capital Corp. 4.390% 8/15/37		400,000		379,043
4.540% 8/15/47		300,000		278,247
Reynolds American, Inc. 5.850% 8/15/45		65,000		70,006
				727,296
Airlines — 0.5%
Continental Airlines Pass-Through Trust 7.250% 5/10/21		1,481,868		1,503,207
Northwest Airlines Pass-Through Trust 7.041% 10/01/23		323,565		352,866
				1,856,073
Auto Manufacturers — 0.9%
Ford Motor Credit Co. LLC 2.425% 6/12/20		575,000		572,817
3.484% FRN 10/12/21 (b)		405,000		398,630
5.596% 1/07/22		1,246,000		1,319,003
8.125% 1/15/20		805,000		827,790
General Motors Financial Co., Inc. 2.350% 10/04/19		500,000		499,728
				3,617,968
Banks — 3.7%
Bank of America Corp. 2.738% VRN 1/23/22 (b)		1,085,000		1,089,870

	Principal Amount		Value
3.004% VRN 12/20/23 (b)	$	1,239,000	$	1,261,730
4.271% VRN 7/23/29 (b)		1,750,000		1,911,344
Citigroup, Inc. 3.142% VRN 1/24/23 (b)		750,000		762,820
The Goldman Sachs Group, Inc. 3.272% VRN 9/29/25 (b)		645,000		660,090
3.814% VRN 4/23/29 (b)		650,000		679,357
4.223% VRN 5/01/29 (b)		195,000		209,139
JP Morgan Chase & Co. 2.950% 10/01/26		895,000		911,069
4.023% VRN 12/05/24 (b)		530,000		563,279
4.203% VRN 7/23/29 (b)		705,000		770,820
Lloyds Banking Group PLC 2.907% VRN 11/07/23 (b)		430,000		430,714
3.900% 3/12/24		400,000		416,512
Morgan Stanley 3 mo. USD LIBOR + 0.930% 3.522% FRN 7/22/22		510,000		513,227
Santander UK Group Holdings PLC 3.373% VRN 1/05/24 (b)		645,000		651,315
Santander UK PLC 3.400% 6/01/21		1,250,000		1,270,757
Wells Fargo & Co. 2.625% 7/22/22		195,000		196,408
3.000% 4/22/26		475,000		480,198
3.000% 10/23/26		845,000		853,739
3.550% 9/29/25		725,000		757,384
				14,389,772
Beverages — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.900% 2/01/46		600,000		668,059
Anheuser-Busch InBev Worldwide, Inc. 4.000% 4/13/28		435,000		469,822
Bacardi Ltd. 4.700% 5/15/28 (a)		195,000		208,618
5.300% 5/15/48 (a)		210,000		221,022
				1,567,521
Biotechnology — 0.7%
Amgen, Inc. 4.400% 5/01/45		500,000		531,162
Baxalta, Inc. 2.875% 6/23/20		216,000		216,646
Celgene Corp. 3.900% 2/20/28		440,000		471,508
5.000% 8/15/45		750,000		890,086
Gilead Sciences, Inc. 3.650% 3/01/26		525,000		554,266
				2,663,668

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

84

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

	Principal Amount		Value
Chemicals — 0.2%
International Flavors & Fragrances, Inc. 5.000% 9/26/48	$	570,000	$	633,137
Commercial Services — 0.2%
IHS Markit Ltd. 4.000% 3/01/26 (a)		253,000		261,096
4.750% 2/15/25 (a)		120,000		128,712
4.750% 8/01/28		385,000		420,582
Matthews International Corp. 5.250% 12/01/25 (a)		120,000		118,050
				928,440
Computers — 0.3%
Apple, Inc. 4.650% 2/23/46		850,000		1,008,172
Cosmetics & Personal Care — 0.0%
First Quality Finance Co., Inc. 5.000% 7/01/25 (a)		113,000		113,847
Diversified Financial Services — 1.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.500% 5/15/21		490,000		505,291
Air Lease Corp. 3.500% 1/15/22		575,000		588,823
4.750% 3/01/20		855,000		867,228
GE Capital International Funding Co. Unlimited Co. 2.342% 11/15/20		1,095,000		1,089,801
4.418% 11/15/35		2,295,000		2,271,492
Raymond James Financial, Inc. 4.950% 7/15/46		400,000		451,235
				5,773,870
Electric — 2.4%
AEP Transmission Co. LLC 3.100% 12/01/26		855,000		868,746
Duke Energy Carolinas LLC 4.000% 9/30/42		1,000,000		1,066,993
Duquesne Light Holdings, Inc. 6.400% 9/15/20 (a)		1,000,000		1,043,064
Jersey Central Power & Light Co. 4.700% 4/01/24 (a)		800,000		869,812
6.400% 5/15/36		425,000		528,300
LG&E & KU Energy LLC 4.375% 10/01/21		1,200,000		1,243,729
MidAmerican Energy Co. 4.800% 9/15/43		1,400,000		1,642,743
NextEra Energy Capital Holdings, Inc. 3.045% FRN 5/04/21 (b)		2,000,000		1,999,275
				9,262,662
Entertainment — 0.1%
Churchill Downs, Inc. 5.500% 4/01/27 (a)		242,000		253,344

	Principal Amount		Value
Foods — 1.0%
Campbell Soup Co. 3.300% 3/15/21	$	650,000	$	658,352
Chobani LLC/Chobani Finance Corp., Inc. 7.500% 4/15/25 (a)		85,000		79,475
General Mills, Inc. 4.700% 4/17/48 (c)		160,000		172,402
Kraft Heinz Foods Co. 2.982% FRN 8/09/19 (b)		750,000		750,136
3.950% 7/15/25		500,000		520,410
4.625% 1/30/29		1,020,000		1,097,525
The Kroger Co. 5.400% 1/15/49		225,000		249,288
Pilgrim’s Pride Corp. 5.875% 9/30/27 (a)		152,000		157,510
Tyson Foods, Inc. 4.000% 3/01/26		175,000		186,128
				3,871,226
Gas — 0.2%
CenterPoint Energy Resources Corp. 6.250% 2/01/37		595,000		730,629
Southern Co. Gas Capital Corp. 2.450% 10/01/23		100,000		99,734
				830,363
Health Care – Products — 0.5%
Becton Dickinson and Co. 2.404% 6/05/20		440,000		439,667
2.894% 6/06/22		400,000		405,434
Hologic, Inc. 4.625% 2/01/28 (a)		160,000		162,400
Teleflex, Inc. 4.625% 11/15/27		107,000		110,076
Zimmer Biomet Holdings, Inc. 3.169% FRN 3/19/21 (b)		655,000		654,302
				1,771,879
Health Care – Services — 1.7%
Aetna, Inc. 2.800% 6/15/23		485,000		487,915
Anthem, Inc. 3.125% 5/15/22		500,000		509,136
3.300% 1/15/23		530,000		543,732
Catalent Pharma Solutions, Inc. 4.875% 1/15/26 (a)		240,000		243,300
Centene Corp. 5.625% 2/15/21		422,000		429,912
CHS/Community Health Systems, Inc. 8.000% 3/15/26 (a)		83,000		79,863
8.625% 1/15/24 (a)		60,000		60,000
Cigna Holding Co. 3.050% 10/15/27		945,000		935,404

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

85

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

	Principal Amount		Value
Fresenius Medical Care US Finance II, Inc. 5.625% 7/31/19 (a)	$	485,000	$	485,906
HCA, Inc. 5.000% 3/15/24		112,000		122,017
5.125% 6/15/39		230,000		239,136
5.250% 6/15/49		525,000		545,848
5.875% 2/01/29		100,000		109,625
6.500% 2/15/20		196,000		200,511
Molina Healthcare, Inc. 5.375% STEP 11/15/22		225,000		234,000
Providence St. Joseph Health Obligated Group 2.746% 10/01/26		845,000		842,059
Tenet Healthcare Corp. 4.375% 10/01/21		200,000		203,250
4.500% 4/01/21		26,000		26,423
4.625% 7/15/24		184,000		186,300
6.000% 10/01/20		53,000		54,560
WellCare Health Plans, Inc. 5.375% 8/15/26 (a)		155,000		164,300
				6,703,197
Household Products & Wares — 0.1%
Central Garden & Pet Co. 6.125% 11/15/23		36,000		37,350
5.125% 2/01/28		123,000		120,847
Spectrum Brands, Inc. 5.750% 7/15/25		245,000		254,494
				412,691
Insurance — 0.6%
Berkshire Hathaway Finance Corp. 4.300% 5/15/43		500,000		557,717
4.400% 5/15/42		750,000		843,100
Farmers Exchange Capital III 3 mo. USD LIBOR + 3.454% 5.454% VRN 10/15/54 (a)		970,000		1,047,600
				2,448,417
Media — 0.6%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.375% 6/01/29 (a)		262,000		270,515
Charter Communications Operating LLC/Charter Communications Operating Capital 3.750% 2/15/28		810,000		815,743
6.484% 10/23/45		200,000		235,662
Comcast Corp. 3.999% 11/01/49		500,000		527,260
CSC Holdings LLC 5.500% 5/15/26 (a)		200,000		209,740
6.500% 2/01/29 (a)		179,000		195,334

	Principal Amount		Value
Virgin Media Secured Finance PLC 5.250% 1/15/26 (a)	$	200,000	$	204,942
				2,459,196
Miscellaneous – Manufacturing — 0.9%
General Electric Co. 5.500% 1/08/20		875,000		887,431
4.625% 1/07/21		1,020,000		1,049,731
6.750% 3/15/32		300,000		369,623
5.875% 1/14/38		244,000		275,469
4.125% 10/09/42		150,000		138,156
Siemens Financieringsmaatschappij NV 2.000% 9/15/23 (a)		550,000		543,248
				3,263,658
Oil & Gas — 1.0%
Antero Resources Corp. 5.000% 3/01/25 (c)		327,000		301,658
5.125% 12/01/22		176,000		168,960
5.625% 6/01/23		50,000		48,260
Canadian Natural Resources Ltd. 3.850% 6/01/27		171,000		177,534
Centennial Resource Production LLC 6.875% 4/01/27 (a)		105,000		106,050
Diamondback Energy, Inc. 4.750% 11/01/24 (a)		16,000		16,460
Gulfport Energy Corp. 6.375% 5/15/25		47,000		36,366
KazMunayGas National Co. JSC 5.375% 4/24/30		200,000		221,440
Matador Resources Co. 5.875% 9/15/26		105,000		106,050
Noble Energy, Inc. 5.250% 11/15/43		140,000		150,853
Parsley Energy LLC / Parsley Finance Corp. 5.375% 1/15/25 (a)		210,000		215,250
Petrobras Global Finance BV 5.750% 2/01/29		200,000		208,480
Petroleos Mexicanos 6.500% 1/23/29		400,000		387,000
6.625% 6/15/35		900,000		831,375
Range Resources Corp. 4.875% 5/15/25 (c)		157,000		137,768
Shell International Finance BV 4.375% 5/11/45		415,000		477,708
Transocean Guardian Ltd. 5.875% 1/15/24 (a)		143,640		145,974
Transocean Pontus Ltd. 6.125% 8/01/25 (a)		163,485		168,390
Transocean Poseidon Ltd. 6.875% 2/01/27 (a)		54,000		57,071
				3,962,647

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

86

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

	Principal Amount		Value
Oil & Gas Services — 0.0%
Transocean Proteus Ltd. 6.250% 12/01/24 (a)	$	62,250	$	64,195
USA Compression Partners LP / USA Compression Finance Corp. 6.875% 9/01/27 (a)		96,000		100,811
				165,006
Packaging & Containers — 0.7%
Amcor Finance USA, Inc. 3.625% 4/28/26 (a)		650,000		663,198
Ball Corp. 4.375% 12/15/20		350,000		357,700
Graphic Packaging International LLC 4.125% 8/15/24		200,000		203,000
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.750% 10/15/20		591,156		592,634
Sealed Air Corp. 5.500% 9/15/25 (a)		190,000		202,350
Silgan Holdings, Inc. 4.750% 3/15/25		250,000		251,875
WRKCo, Inc. 4.900% 3/15/29		385,000		420,906
				2,691,663
Pharmaceuticals — 1.6%
AbbVie, Inc. 3.600% 5/14/25		250,000		258,294
4.875% 11/14/48		400,000		421,001
Allergan Finance LLC 3.250% 10/01/22		500,000		506,204
Allergan Funding SCS 3.800% 3/15/25		250,000		259,443
Bausch Health Cos., Inc. 5.500% 3/01/23 (a)		28,000		28,224
5.750% 8/15/27 (a)		88,000		92,486
Bayer US Finance II LLC 4.625% 6/25/38 (a)		485,000		495,203
Bayer US Finance Il LLC 4.375% 12/15/28 (a)		850,000		896,307
Bristol-Myers Squibb Co. 4.125% 6/15/39 (a)		310,000		334,308
Cigna Corp. 4.125% 11/15/25 (a)		800,000		851,953
CVS Health Corp. 5.050% 3/25/48		1,090,000		1,160,980
Shire Acquisitions Investments Ireland DAC 1.900% 9/23/19		500,000		499,225
Teva Pharmaceutical Finance Netherlands III BV 1.700% 7/19/19		277,000		276,169
				6,079,797

	Principal Amount		Value
Pipelines — 1.4%
Energy Transfer Operating LP 5.150% 3/15/45	$	400,000	$	406,740
Energy Transfer Operating LP 5.500% 6/01/27		254,000		283,928
5.875% 1/15/24		400,000		445,266
6.250% 4/15/49		244,000		289,103
Plains All American Pipeline LP/PAA Finance Corp. 4.650% 10/15/25		600,000		639,918
Rockies Express Pipeline LLC 4.950% 7/15/29 (a)		200,000		207,209
5.625% 4/15/20 (a)		381,000		387,191
Ruby Pipeline LLC 6.000% 4/01/22 (a)		590,909		603,170
Sabine Pass Liquefaction LLC 5.750% 5/15/24		290,000		322,507
Sunoco Logistics Partners Operations LP 5.400% 10/01/47		644,000		683,995
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.875% 1/15/29 (a)		72,000		79,826
TC PipeLines LP 3.900% 5/25/27		500,000		508,934
TransMontaigne Partners LP/TLP Finance Corp. 6.125% 2/15/26		81,000		77,963
Williams Cos., Inc. 4.500% 11/15/23		570,000		608,682
				5,544,432
Real Estate Investment Trusts (REITS) — 2.3%
Alexandria Real Estate Equities, Inc. 3.450% 4/30/25		450,000		463,077
American Campus Communities Operating Partnership LP 3.350% 10/01/20		500,000		505,303
3.750% 4/15/23		650,000		672,073
Boston Properties LP 3.200% 1/15/25		430,000		438,957
Duke Realty LP 3.875% 2/15/21		1,000,000		1,021,519
GLP Capital LP/GLP Financing II, Inc. 5.250% 6/01/25		190,000		203,566
5.300% 1/15/29		310,000		334,103
5.375% 4/15/26		695,000		751,608
HCP, Inc. 3.875% 8/15/24		500,000		524,203
4.250% 11/15/23		500,000		531,045
Healthcare Realty Trust, Inc. 3.750% 4/15/23		235,000		240,322
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.625% 5/01/24		100,000		107,750

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

87

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

	Principal Amount		Value
SBA Communications Corp. 4.875% 9/01/24	$	98,000	$	100,940
SL Green Operating Partnership LP 3.250% 10/15/22		500,000		506,674
Ventas Realty LP 3.500% 2/01/25		1,500,000		1,553,005
Welltower, Inc. 4.000% 6/01/25		830,000		874,497
				8,828,642
Retail — 0.4%
Alimentation Couche-Tard, Inc. 2.700% 7/26/22 (a)		195,000		195,384
eG Global Finance PLC 6.750% 2/07/25 (a)		200,000		198,440
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.750% 6/01/27 (a) (c)		210,000		215,250
Rite Aid Corp. 6.125% 4/01/23 (a)		358,000		302,063
Walgreens Boots Alliance, Inc. 3.800% 11/18/24		400,000		415,511
4.800% 11/18/44		275,000		276,278
				1,602,926
Savings & Loans — 0.1%
Nationwide Building Society 3.622% VRN 4/26/23 (a) (b)		270,000		274,977
Semiconductors — 0.1%
NXP BV/NXP Funding LLC 4.125% 6/01/21 (a)		200,000		204,620
Software — 0.1%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. 5.750% 3/01/25 (a)		197,000		199,955
IQVIA, Inc. 5.000% 5/15/27 (a)		200,000		206,500
SS&C Technologies, Inc. 5.500% 9/30/27 (a)		117,000		121,387
				527,842
Telecommunications — 1.8%
AT&T, Inc. 3.950% 1/15/25		160,000		168,985
4.350% 6/15/45		250,000		249,919
4.800% 6/15/44		1,300,000		1,372,175
5.150% 11/15/46		530,000		586,046
5.250% 3/01/37		425,000		476,978
Intelsat Jackson Holdings SA 5.500% 8/01/23		171,000		156,037
9.750% 7/15/25 (a)		337,000		343,740
Level 3 Financing, Inc. 5.375% 5/01/25		149,000		153,843

	Principal Amount		Value
Sprint Capital Corp. 8.750% 3/15/32	$	180,000	$	208,350
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 3.360% STEP 3/20/23 (a)		362,813		362,907
4.738% 9/20/29 (a)		870,000		902,625
T-Mobile USA, Inc. 4.500% 2/01/26		104,000		106,470
4.750% 2/01/28 (c)		119,000		122,433
6.000% 3/01/23		206,000		210,635
Verizon Communications, Inc. 4.016% 12/03/29 (a)		510,000		552,198
4.329% 9/21/28		300,000		332,459
5.250% 3/16/37		230,000		275,110
Vodafone Group PLC 4.875% 6/19/49		202,000		212,254
				6,793,164
Transportation — 0.1%
Union Pacific Corp. 3.950% 9/10/28		425,000		465,029
Trucking & Leasing — 0.2%
Park Aerospace Holdings Ltd. 4.500% 3/15/23 (a)		160,000		165,146
5.250% 8/15/22 (a)		400,000		422,320
				587,466
TOTAL CORPORATE DEBT (Cost $99,808,595)				103,722,332
MUNICIPAL OBLIGATIONS — 1.3%
City of New York NY 5.206% 10/01/31		750,000		893,970
Jersey City Municipal Utilities Authority 5.470% 5/15/27		850,000		961,741
Los Angeles Unified School District 5.755% 7/01/29		1,000,000		1,218,930
New York State Dormitory Authority 5.289% 3/15/33		750,000		904,980
State of California 7.950% 3/01/36		850,000		881,994
				4,861,615
TOTAL MUNICIPAL OBLIGATIONS (Cost $4,946,955)				4,861,615
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.6%
Commercial MBS — 2.0%
BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A, 4.227% VRN 8/10/38 (a) (b)		620,000		684,796

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

88

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

	Principal Amount		Value
CALI Mortgage Trust, Series 2019-101C, Class A 3.957% 3/10/39 (a)	$	415,000	$	455,666
CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A 3.369% 3/13/35 (a)		420,000		438,241
Citigroup Commercial Mortgage Trust, Series 2013-375P, Class A 3.251% 5/10/35 (a)		340,000		350,348
COMM Mortgage Trust
Series 2016-787S, Class A, 3.545% 2/10/36 (a)		340,000		358,046
Series 2013-300P, Class A1, 4.353% 8/10/30 (a)		325,000		350,705
Core Industrial Trust, Series 2015-CALW, Class A 3.040% 2/10/34 (a)		412,672		421,950
Core Industrial Trust 2015-TEXW, Series 2015-TEXW, Class A 3.077% 2/10/34 (a)		570,686		584,046
GS Mortgage Securities Corp Trust, Series 2012-ALOH, Class A 3.551% 4/10/34 (a)		370,000		381,536
Hudson Yards 2019-30HY Mortgage Trust, Series 2019-30HY, Class A 3.228% 7/10/39 (a) (d)		385,000		396,369
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A 3.397% 6/05/39 (a)		385,000		404,438
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4 2.858% 11/15/45		1,516,944		1,539,903
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A, 3.961% VRN 1/15/32 (a) (b)		330,000		349,079
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1, 3.872% VRN 1/05/43 (a) (b)		370,000		383,290
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2 4.393% 11/15/43 (a)		500,000		508,101
				7,606,514
Home Equity ABS — 0.9%
Bear Stearns I Trust, Series 2006-HE1, Class 1M1, 1 mo. USD LIBOR + .410% 2.814% FRN 12/25/35		8,857		8,855
Citigroup Mortgage Loan Trust, Inc., Series 2006-HE2, Class M1 2.720% 8/25/36		2,400,000		2,350,591

	Principal Amount		Value
Wells Fargo Home Equity Trust, Series 2004-2, Class M3, 1 mo. USD LIBOR + 1.050% 3.454% FRN 10/25/34	$	1,135,123	$	1,132,905
				3,492,351
Other ABS — 2.5%
Countrywide Asset-Backed Certificates, Series 2006-15, Class A3, 4.651% VRN 10/25/46 (b)		844,359		815,134
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 3.497% FRN 4/15/29 (a) (b)		975,000		968,526
First Frankin Mortgage Loan Trust, Series 2005-FF7, Class M2, 1 mo. USD LIBOR + .470% 2.874% FRN 7/25/35		93,213		93,165
LCM XXI LP, Series 21A, Class AR, 3.472% FRN 4/20/28 (a) (b)		740,000		736,300
Madison Park Funding XXX Ltd., Series 2018-30A, Class A, 3.347% FRN 4/15/29 (a) (b)		750,000		742,589
Magnetite VII Ltd., Series 2012-7A, Class A1R2, 3.397% FRN 1/15/28 (a) (b)		1,000,000		993,771
Magnetite XXI Ltd., Series 2019-21A, Class A, 3.909% FRN 4/20/30 (a) (b)		200,000		200,735
Morgan Stanley Capital I, Inc. Trust, Series 2006-HE1, Class A4, 1 mo. USD LIBOR + 0.290% 2.694% FRN 1/25/36		1,943,420		1,886,998
Saxon Asset Securities Trust
Series 2007-2, Class A2C, 1 mo. USD LIBOR + 0.240% 2.644% FRN 5/25/47		2,267,328		1,943,061
Series 2005-1, Class M1, 1 mo. USD LIBOR + 0.690% 2.709% FRN 5/25/35		499,170		497,938
TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR, 3.808% FRN 7/17/28 (a) (b)		225,000		225,069
Voya CLO Ltd., Series 2014-3A, Class A1R, 3.300% FRN 7/25/26 (a) (b)		661,308		659,564
				9,762,850
Student Loans ABS — 4.2%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700% 3.104% FRN 7/25/56 (a)		634,433		625,693
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 3 mo. USD LIBOR + 0.200% 2.797% FRN 3/28/35		1,500,000		1,446,493

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

89

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

	Principal Amount		Value
Navient Student Loan Trust, Series 2018-3A, Class A3, 3.204% FRN 3/25/67 (a) (b)	$	630,000	$	623,936
Nelnet Student Loan Trust, Series 2015-1A, Class A, 1 mo. USD LIBOR + 0.590% 2.994% FRN 4/25/46 (a)		1,143,598		1,130,565
Pennsylvania Higher Education Assistance Agency, Series 2013-3A, Class A, 1 mo. USD LIBOR + 0.750% 3.154% FRN 11/25/42 (a)		1,022,922		1,016,519
SLC Student Loan Trust, Series 2006-2, Class A6, 3 mo. USD LIBOR + 0.160% 2.570% FRN 9/15/39		2,300,000		2,188,026
SLM Student Loan Trust
Series 2012-7, Class A3, 1 mo. USD LIBOR + 0.650% 3.054% FRN 5/26/26		901,850		885,135
Series 2012-2, Class A, 1 mo. USD LIBOR + 0.700% 3.104% FRN 1/25/29		1,035,105		1,016,314
Series 2008-1, Class A4, 3 mo. USD LIBOR + 0.650% 3.230% FRN 1/25/22		855,379		845,914
Series 2012-1, Class A3, 1 mo. USD LIBOR + 0.950% 3.380% FRN 9/25/28		879,579		875,398
Series 2008-6, Class A4, 3 mo. USD LIBOR + 1.100% 3.680% FRN 7/25/23		1,336,692		1,339,121
Series 2008-9, Class A, 3 mo. USD LIBOR + 1.500% 4.080% FRN 4/25/23		1,084,725		1,096,093
Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850% 4.430% FRN 7/25/73		700,000		705,737
Series 2008-9, Class B, 3 mo. USD LIBOR + 2.250% 4.830% FRN 10/25/83		1,430,000		1,462,584
SLM Student Loan Trust 2007-7, Series 2007-7, Class A4, 3 mo. USD LIBOR + .330% 2.910% FRN 1/25/22		919,572		901,056
				16,158,584
WL Collateral CMO — 5.0%
Alternative Loan Trust, Series 2005-31, Class 2A1, 1 mo. USD LIBOR + .300% 2.704% FRN 8/25/35		1,624,439		1,581,862

	Principal Amount		Value
American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 6 mo. USD LIBOR + 2.000% 4.560% FRN 6/25/45	$	1,227,718	$	1,241,922
Banc of America Funding Trust, Series 2016-R1, Class A1, 2.500% VRN 3/25/40 (a) (b)		942,701		934,942
Chase Mortgage Finance Trust, Series 2007-A1, Class 11A4, 4.239% VRN 3/25/37 (b)		490,846		488,794
Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 1 year CMT + 2.400% 4.820% FRN 10/25/35		429,594		436,598
CSMC Trust, Series 2018-RPL9, Class A, 3.850% VRN 9/25/57 (a) (b)		1,823,060		1,908,482
First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1, 4.647% VRN 11/25/35 (b)		543,671		499,245
GS Mortgage-Backed Securities Trust 2018-RPL1, Series 2018-RPL1, Class A1A 3.750% 10/25/57 (a)		1,702,088		1,675,323
HarborView Mortgage Loan Trust, Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200% 2.590% FRN 11/19/36		1,947,714		1,744,826
Impac CMB Trust, Series 2005-1, Class 1A1, 1 mo. USD LIBOR + .520% 2.924% FRN 4/25/35		1,132,481		1,095,745
IndyMac Index Mortgage Loan Trust
Series 2006-AR27, Class 1A3, 1 mo. USD LIBOR + .270% 2.674% FRN 10/25/36		1,888,049		1,301,193
Series 2005-AR19, Class A1, 3.761% VRN 10/25/35 (b)		966,254		825,290
Morgan Stanley Resecuritization Trust, Series 2014-R9, Class 3A, 12 mo. MTA + .840% 3.321% FRN 11/26/46 (a)		704,206		693,126
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class M1, 1 mo. LIBOR + 1.070% 3.474% FRN 2/25/35		1,698,032		1,626,347
Washington Mutual Mortgage Pass-Through Certificates
Series 2005-AR13, Class A1A1, 1 mo. USD LIBOR + .290% 2.694% FRN 10/25/45		868,658		857,457

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

90

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

	Principal Amount		Value
Series 2005-AR2, Class 2A21, 1 mo. USD LIBOR + .330% 2.734% FRN 1/25/45	$	855,157	$	834,526
Series 2006-1 Class 3A2, 5.750% 2/25/36		883,115		841,780
Wells Fargo Mortgage Backed Securities Trust
Series 2006-AR8, Class 3A1, 5.002% VRN 4/25/36 (b)		667,450		669,972
Series 2004-DD, Class 2A6, 5.016% VRN 1/25/35 (b)		126,558		126,196
				19,383,626
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $55,306,680)				56,403,925
SOVEREIGN DEBT OBLIGATIONS — 0.1%
Oman Government International Bond 5.625% 1/17/28 (a)		200,000		189,302
Russian Foreign Bond 4.750% 5/27/26		200,000		212,988
				402,290
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $385,300)				402,290
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 29.6%
Collateralized Mortgage Obligations — 2.6%
Federal Home Loan Mortgage Corp. Series 4818, Class CA 3.000% 4/15/48		956,712		970,009
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series S8FX, Class A2 3.291% 3/25/27		1,775,000		1,857,611
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series K158, Class A3, 3.900% 10/25/33		785,000		876,103
Series 4846, Class PA, 4.000% 6/15/47		1,090,334		1,165,521
Federal Home Loan Mortgage Corp. REMICS Series 4639, Class HZ 2.750% 4/15/53		1,440,303		1,450,621
Federal National Mortgage Association. REMICS
Series 2018-57, Class QA, 3.500% 5/25/46		1,206,743		1,240,046
Series 2018-55, Class PA, 3.500% 1/25/47		700,163		720,387

	Principal Amount		Value
Government National Mortgage Association
Series 2018-124, Class NW, 3.500% 9/20/48	$	808,048	$	831,488
3.500% 2/20/49		828,355		851,242
				9,963,028
Pass-Through Securities — 27.0%
Federal Home Loan Mortgage Corp.
Pool #V61427 2.500% 12/01/31		394,342		398,126
Pool #G16598 2.500% 12/01/31		1,512,300		1,526,810
Pool #G18592 3.000% 3/01/31		508,395		520,104
Pool #G18627 3.000% 1/01/32		1,523,435		1,557,569
Pool #G08710 3.000% 6/01/46		362,389		367,989
Pool #G08715 3.000% 8/01/46		2,778,096		2,821,031
Pool #G08726 3.000% 10/01/46		2,651,796		2,692,779
Pool #G08732 3.000% 11/01/46		933,621		948,050
Pool #G08737 3.000% 12/01/46		337,225		342,437
Pool #G08741 3.000% 1/01/47		2,343,287		2,376,573
Pool #G08791 3.000% 12/01/47		907,351		917,972
Pool #G08795 3.000% 1/01/48		715,933		724,313
Pool #G18713 3.500% 11/01/33		566,437		585,581
Pool #G07848 3.500% 4/01/44		2,308,713		2,408,449
Pool #G60023 3.500% 4/01/45		2,400,352		2,505,548
Pool #G08711 3.500% 6/01/46		1,395,421		1,440,823
Pool #G08716 3.500% 8/01/46		1,944,377		2,005,816
Pool #G67700 3.500% 8/01/46		1,314,445		1,367,481
Pool #G08722 3.500% 9/01/46		336,137		346,758
Pool #G08742 3.500% 1/01/47		1,375,865		1,418,481
Pool #G08757 3.500% 4/01/47		490,078		505,258
Pool #G67703 3.500% 4/01/47		1,889,863		1,965,525
Pool #G67706 3.500% 12/01/47		1,809,458		1,881,336
Pool #G67707 3.500% 1/01/48		4,221,190		4,400,907
Pool #G08800 3.500% 2/01/48		179,443		184,664
Pool #G67708 3.500% 3/01/48		3,137,557		3,258,270
Pool #G67710 3.500% 3/01/48		2,787,704		2,884,503
Pool #G08816 3.500% 6/01/48		1,994,170		2,049,082
Pool #G61556 3.500% 8/01/48		1,416,108		1,470,148
Pool #G60344 4.000% 12/01/45		1,532,406		1,627,113
Pool #G67711 4.000% 3/01/48		1,757,854		1,863,199
Pool #G67713 4.000% 6/01/48		1,808,820		1,905,843
Pool #G67718 4.000% 1/01/49		1,760,244		1,853,148
Pool #G08843 4.500% 10/01/48		870,343		912,057
Pool #G08833 5.000% 7/01/48		477,439		506,727
Pool #G08844 5.000% 10/01/48		506,419		536,852
Federal National Mortgage Association
Pool #AM2808 2.700% 3/01/23		375,000		382,814
Pool #AL6829 2.964% 5/01/27		1,109,945		1,146,034
Pool #MA1607 3.000% 10/01/33		641,808		657,345
Pool #AM9188 3.120% 6/01/35		780,000		808,475
Pool #FN0039 3.201% 9/01/27		773,216		816,400
Pool #AN7345 3.210% 11/01/37		1,016,185		1,064,273
Pool #AM9623 3.340% 7/01/30		755,000		805,846

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

91

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

	Principal Amount		Value
Pool #BL2360 3.450% 5/01/34	$	780,000	$	840,616
Pool #AB4262 3.500% 1/01/32		624,371		648,188
Pool #MA1512 3.500% 7/01/33		298,549		309,937
Pool #MA1148 3.500% 8/01/42		2,093,998		2,168,641
Pool #CA0996 3.500% 1/01/48		348,435		361,508
Pool #MA3305 3.500% 3/01/48		127,946		131,667
Pool #BL1132 3.730% 1/01/29		920,000		1,012,460
Pool #BL0242 3.820% 11/01/30		1,000,000		1,110,370
Pool #MA1146 4.000% 8/01/42		948,985		1,001,633
Pool #MA3027 4.000% 6/01/47		1,060,620		1,104,215
Pool #AS9830 4.000% 6/01/47		1,093,343		1,139,992
Pool #AS9972 4.000% 7/01/47		949,071		989,563
Pool #931504 4.500% 7/01/39		92,602		99,718
Pool #CA1711 4.500% 5/01/48		766,273		805,763
Pool #CA1710 4.500% 5/01/48		2,297,939		2,416,363
Pool #CA2208 4.500% 8/01/48		1,492,702		1,565,079
Pool #986268 5.000% 7/01/38		1,551		1,688
Pool #AD6374 5.000% 5/01/40		25,804		27,965
Pool #AI2733 5.000% 5/01/41		208,410		225,408
Pool #977014 5.500% 5/01/38		33,126		36,388
Pool #985524 5.500% 6/01/38		25,272		27,761
Pool #988578 5.500% 8/01/38		162,917		178,960
Pool #995482 5.500% 1/01/39		131,989		148,102
Federal National Mortgage Association TBA
Pool #3430 3.000% 3/01/34 (d)		50,000		50,973
Pool #28654 5.000% 8/01/48 (d)		700,000		739,758
Government National Mortgage Association II
Pool #MA4126 3.000% 12/20/46		2,237,690		2,288,102
Pool #MA4718 3.000% 9/20/47		261,439		267,329
Pool #MA4836 3.000% 11/20/47		2,068,155		2,114,748
Pool #MA3521 3.500% 3/20/46		887,747		920,915
Pool #MA3597 3.500% 4/20/46		275,667		285,966
Pool #MA3663 3.500% 5/20/46		414,155		429,629
Pool #MA3937 3.500% 9/20/46		335,171		346,960
Pool #MA4127 3.500% 12/20/46		1,128,754		1,168,458
Pool #MA4262 3.500% 2/20/47		1,352,167		1,399,306
Pool #MA4382 3.500% 4/20/47		377,057		390,201
Pool #MA4719 3.500% 9/20/47		512,577		530,286
Pool #MA4837 3.500% 11/20/47		1,018,865		1,053,429
3.500% 12/20/47		3,739,813		3,866,683
Pool #MA4653 4.000% 8/20/47		200,692		209,460
Pool #MA4838 4.000% 11/20/47		873,022		911,164
Pool #MA4901 4.000% 12/20/47		393,558		409,892
Pool #MA5078 4.000% 3/20/48		1,660,289		1,729,193
Pool #MA5466 4.000% 9/20/48		1,902,549		1,972,441
Pool #MA5399 4.500% 8/20/48		3,840,628		4,012,404
Pool #MA3666 5.000% 5/20/46		250,956		270,119
Pool #MA4199 5.000% 1/20/47		263,099		285,821
Pool #MA4454 5.000% 5/20/47		524,173		553,061

	Principal Amount		Value
Pool #MA4722 5.000% 9/20/47	$	693,992	$	729,203
				104,045,995
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $112,163,640)				114,009,023
U.S. TREASURY OBLIGATIONS — 23.9%
U.S. Treasury Bonds & Notes — 23.9%
U.S. Treasury Inflation Index 0.125% 7/15/24		64,540		64,428
0.375% 7/15/25		904,714		914,589
0.500% 4/15/24		967,138		979,213
0.875% 1/15/29		2,801,938		2,949,211
1.000% 2/15/49		1,300,228		1,375,244
U.S. Treasury Note 1.750% 6/30/24		16,295,000		16,289,908
2.000% 5/31/24		16,307,000		16,499,881
2.125% 5/31/21		12,840,000		12,927,372
2.250% 4/30/21		9,215,000		9,292,967
2.375% 5/15/29 (c)		5,555,000		5,740,745
2.875% 5/15/49		23,304,000		25,002,279
				92,035,837
TOTAL U.S. TREASURY OBLIGATIONS (Cost $90,208,419)				92,035,837
TOTAL BONDS & NOTES (Cost $363,807,226)				372,420,807
	Number of Shares
MUTUAL FUNDS — 1.4%
Diversified Financial Services — 1.4%
State Street Navigator Securities Lending Prime Portfolio (e)		5,464,780		5,464,780
TOTAL MUTUAL FUNDS (Cost $5,464,780)				5,464,780
TOTAL LONG-TERM INVESTMENTS (Cost $369,272,006)				377,885,587
	Principal Amount
SHORT-TERM INVESTMENTS — 8.0%
Repurchase Agreement — 5.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/28/19, 1.250%, due 7/01/19 (f)	$	21,967,978		21,967,978

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

92

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

	Principal Amount		Value
U.S. Treasury Bill — 2.3%
U.S. Treasury Bill 0.000% 7/02/19	$	2,423,000	$	2,422,869
0.000% 7/16/19 (c)		2,155,000		2,153,160
0.000% 7/23/19		3,674,000		3,669,363
0.000% 9/26/19 (g)		531,000		528,338
				8,773,730
TOTAL SHORT-TERM INVESTMENTS (Cost $30,739,737)				30,741,708
TOTAL INVESTMENTS — 106.0% (Cost $400,011,743) (h)				408,627,295
Other Assets/(Liabilities) — (6.0)%				(22,993,248	)
NET ASSETS — 100.0%			$	385,634,047

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) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2019, the aggregate market value of these securities amounted to $36,977,689 or 9.59% 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 June 30, 2019.

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2019, was $5,355,470 or 1.39% 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) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

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

(f) Maturity value of $21,970,267. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 4/15/22, and an aggregate market value, including accrued interest, of $22,407,506.

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

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Note 2 Year		9/30/19		143	$	30,544,573		$	226,122
U.S. Treasury Note 5 Year		9/30/19		396		45,958,228			831,646
								$	1,057,768
Short
Euro-BOBL		9/06/19		57	$	(8,673,602	)	$	(40,088	)

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

93

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

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Termination Date	Notional Amount		Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
Rate/ Reference	Frequency	Rate/Reference	Frequency
3-Month USD-LIBOR-BBA	Quarterly	Fixed 2.26%	Semi-Annually	4/11/22	USD	20,975,000	$	268,524		$	-	$	268,524
3-Month USD-LIBOR-BBA	Quarterly	Fixed 2.28%	Semi-Annually	5/08/22	USD	10,055,000		133,341			-		133,341
Fixed 2.34%	Semi-Annually	3-Month USD-LIBOR-BBA	Quarterly	4/11/25	USD	8,620,000		(245,317	)		-		(245,317	)
Fixed 2.37%	Semi-Annually	3-Month USD-LIBOR-BBA	Quarterly	5/08/25	USD	4,120,000		(122,939	)		-		(122,939	)
							$	33,609		$	-	$	33,609

Collateral for swap agreements held by Citibank N.A. amounted to $134,775 in cash at June 30, 2019.

Currency Legend

USD U.S. Dollar

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

94

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95

MML Series Investment Fund – Financial Statements

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	MML Blue Chip Growth Fund		MML Equity Income Fund
Assets:
Investments, at value (Note 2) (a)	$	409,636,160	$	453,782,460
Repurchase agreements, at value (Note 2) (b)		1,337,946		7,005,537
Other short-term investments, at value (Note 2) (c)		1,059		1,059
Total investments (d)		410,975,165		460,789,056
Cash		18		-
Foreign currency, at value (e)		-		-
Receivables from:
Investments sold		639,495		1,828,217
Fund shares sold		269,261		47,717
Collateral pledged for open futures contracts (Note 2)		-		37,800
Variation margin on open derivative instruments (Note 2)		-		4,190
Interest and dividends		86,277		808,048
Foreign taxes withheld		-		2,624
Total assets		411,970,216		463,517,652
Liabilities:
Payables for:
Investments purchased		767,537		1,635,113
Fund shares repurchased		433,142		282,703
Securities on loan (Note 2)		94,743		381,536
Trustees’ fees and expenses (Note 3)		46,116		67,403
Variation margin on open derivative instruments (Note 2)		-		-
Affiliates (Note 3):
Investment advisory fees		231,083		260,886
Administration fees		-		-
Service fees		74,743		51,843
Due to custodian		-		42,432
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		106,568		118,322
Total liabilities		1,753,932		2,840,238
Net assets	$	410,216,284	$	460,677,414
Net assets consist of:
Paid-in capital	$	168,877,410	$	316,206,785
Accumulated Gain (Loss)		241,338,874		144,470,629
Net assets	$	410,216,284	$	460,677,414
(a)    Cost of investments:	$	240,227,472	$	382,951,389
(b)    Cost of repurchase agreements:	$	1,337,946	$	7,005,537
(c)    Cost of other short-term investments:	$	1,059	$	1,059
(d)    Securities on loan with market value of:	$	92,697	$	371,914
(e)    Cost of foreign currency:	$	-	$	-

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

96

MML Equity Index Fund		MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Growth Fund		MML Fundamental Value Fund
$	544,626,990	$	286,568,672	$	303,208,011	$	109,703,429	$	186,031,262
	4,304,171		5,640,314		8,815,856		1,152,201		3,352,183
	1,083,949		-		-		-		-
	550,015,110		292,208,986		312,023,867		110,855,630		189,383,445
	909		134		370		-		11
	-		32,981		448,005		-		-
	-		-		122,231		659,784		4,439,672
	113,966		224,470		90,744		5,635		10,530
	263,340		-		-		-		-
	-		-		-		-		-
	442,425		288,327		1,029,584		46,178		127,436
	-		-		712,072		-		58,845
	550,835,750		292,754,898		314,426,873		111,567,227		194,019,939
	269,671		11		95,286		879,132		2,865,005
	239,925		192,794		244,947		69,604		125,529
	254,943		-		2,093,504		-		-
	88,567		12,091		48,687		17,121		23,614
	237,368		-		-		-		-
	40,144		153,012		207,449		51,707		86,593
	44,934		33,459		-		12,510		21,648
	27,945		8,826		5,956		7,813		9,161
	-		-		-		-		-
	-		-		-		-		-
	167,636		43,396		325,657		50,656		67,181
	1,371,133		443,589		3,021,486		1,088,543		3,198,731
$	549,464,617	$	292,311,309	$	311,405,387	$	110,478,684	$	190,821,208
$	166,798,961	$	261,517,400	$	291,262,230	$	59,961,963	$	129,325,829
	382,665,656		30,793,909		20,143,157		50,516,721		61,495,379
$	549,464,617	$	292,311,309	$	311,405,387	$	110,478,684	$	190,821,208
$	351,974,689	$	269,454,773	$	302,850,774	$	88,822,915	$	173,697,570
$	4,304,171	$	5,640,314	$	8,815,856	$	1,152,201	$	3,352,183
$	1,083,614	$	-	$	-	$	-	$	-
$	249,082	$	-	$	1,993,218	$	-	$	-
$	-	$	32,965	$	448,097	$	-	$	-

97

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	MML Blue Chip Growth Fund		MML Equity Income Fund
Initial Class shares:
Net assets	$	286,195,887	$	376,871,126
Shares outstanding (a)		16,222,926		32,439,852
Net asset value, offering price and redemption price per share	$	17.64	$	11.62
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	$	124,020,397	$	83,806,288
Shares outstanding (a)		7,325,594		7,309,276
Net asset value, offering price and redemption price per share	$	16.93	$	11.47
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.

98

MML Equity Index Fund		MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Growth Fund		MML Fundamental Value Fund
$	-	$	-	$	301,954,357	$	-	$	-
	-		-		30,322,513		-		-
$	-	$	-	$	9.96	$	-	$	-
$	58,940,064	$	-	$	-	$	-	$	-
	1,774,772		-		-		-		-
$	33.21	$	-	$	-	$	-	$	-
$	198,355,531	$	277,492,013	$	-	$	97,434,534	$	176,287,434
	5,966,685		43,158,916		-		8,597,567		12,707,351
$	33.24	$	6.43	$	-	$	11.33	$	13.87
$	247,031,164	$	-	$	-	$	-	$	-
	7,438,012		-		-		-		-
$	33.21	$	-	$	-	$	-	$	-
$	-	$	-	$	9,451,030	$	-	$	-
	-		-		956,258		-		-
$	-	$	-	$	9.88	$	-	$	-
$	45,137,858	$	14,819,296	$	-	$	13,044,150	$	14,533,774
	1,403,287		2,389,798		-		1,181,311		1,067,166
$	32.17	$	6.20	$	-	$	11.04	$	13.62

99

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	MML Global Fund		MML Growth & Income Fund
Assets:
Investments, at value (Note 2) (a)	$	428,063,914	$	145,344,274
Repurchase agreements, at value (Note 2) (b)		2,886,517		1,141,973
Other short-term investments, at value (Note 2) (c)		-		-
Total investments (d)		430,950,431		146,486,247
Cash		30,766		9,192
Foreign currency, at value (e)		-		-
Receivables from:
Investments sold		414,924		-
Investment adviser (Note 3)		-		-
Fund shares sold		19,543		137
Interest and dividends		475,651		96,975
Foreign taxes withheld		569,074		-
Total assets		432,460,389		146,592,551
Liabilities:
Payables for:
Investments purchased		639,409		-
Investments purchased on a when-issued basis (Note 2)		-		-
Written options outstanding, at value (Note 2) (f)		-		-
Open forward contracts (Note 2)		-		-
Fund shares repurchased		313,032		329,642
Securities on loan (Note 2)		-		-
Trustees’ fees and expenses (Note 3)		23,660		22,404
Affiliates (Note 3):
Investment advisory fees		194,454		55,190
Administration fees		48,614		-
Service fees		9,783		24,848
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		165,051		55,503
Total liabilities		1,394,003		487,587
Net assets	$	431,066,386	$	146,104,964
Net assets consist of:
Paid-in capital	$	349,630,921	$	73,773,222
Accumulated Gain (Loss)		81,435,465		72,331,742
Net assets	$	431,066,386	$	146,104,964
(a)    Cost of investments:	$	371,277,081	$	91,979,576
(b)    Cost of repurchase agreements:	$	2,886,517	$	1,141,973
(c)    Cost of other short-term investments:	$	-	$	-
(d)    Securities on loan with market value of:	$	-	$	-
(e)    Cost of foreign currency:	$	-	$	-
(f)    Premiums on written options:	$	-	$	-

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

100

MML Income & Growth Fund		MML International Equity Fund		MML Large Cap Growth Fund		MML Managed Volatility Fund		MML Mid Cap Growth Fund
$	278,385,408	$	175,276,235	$	102,262,066	$	154,300,003	$	486,448,404
	3,000,779		6,840,906		1,110,906		4,489,213		9,460,664
	-		-		-		-		20,130,527
	281,386,187		182,117,141		103,372,972		158,789,216		516,039,595
	87,474		-		2		506		348
	-		8,779		-		29,046		-
	1,105,735		438,832		-		-		722,134
	-		5,682		-		-		-
	13,975		8,680		122,024		6,146		48,756
	399,363		320,529		71,339		129,284		183,303
	-		582,300		26,609		-		-
	282,992,734		183,481,943		103,592,946		158,954,198		516,994,136
	1,225,548		866,807		85,223		-		887,808
	-		-		-		-		118,580
	-		-		-		3,474,168		-
	-		30,515		-		-		-
	168,981		123,318		85,990		195,870		509,921
	-		-		-		914		4,314,246
	30,950		13,428		19,534		36,608		54,069
	137,501		106,983		50,161		88,747		293,907
	-		20,059		-		-		-
	17,157		3,443		8,102		18,636		64,659
	-		-		-		-		-
	89,138		282,780		46,511		403,827		129,014
	1,669,275		1,447,333		295,521		4,218,770		6,372,204
$	281,323,459	$	182,034,610	$	103,297,425	$	154,735,428	$	510,621,932
$	251,890,473	$	178,333,818	$	52,135,215	$	114,066,921	$	273,823,265
	29,432,986		3,700,792		51,162,210		40,668,507		236,798,667
$	281,323,459	$	182,034,610	$	103,297,425	$	154,735,428	$	510,621,932
$	266,587,415	$	190,296,787	$	67,447,989	$	103,224,693	$	344,434,545
$	3,000,779	$	6,840,906	$	1,110,906	$	4,489,213	$	9,460,664
$	-	$	-	$	-	$	-	$	20,130,527
$	-	$	-	$	-	$	890	$	4,219,383
$	-	$	8,766	$	-	$	28,943	$	-
$	-	$	-	$	-	$	3,550,827	$	-

101

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	MML Global Fund		MML Growth & Income Fund
Initial Class shares:
Net assets	$	-	$	104,951,654
Shares outstanding (a)		-		5,307,957
Net asset value, offering price and redemption price per share	$	-	$	19.77
Class I shares:
Net assets	$	397,945,277	$	-
Shares outstanding (a)		32,063,814		-
Net asset value, offering price and redemption price per share	$	12.41	$	-
Class II shares:
Net assets	$	17,253,750	$	-
Shares outstanding (a)		1,360,093		-
Net asset value, offering price and redemption price per share	$	12.69	$	-
Service Class shares:
Net assets	$	-	$	41,153,310
Shares outstanding (a)		-		2,099,853
Net asset value, offering price and redemption price per share	$	-	$	19.60
Service Class I shares:
Net assets	$	15,867,359	$	-
Shares outstanding (a)		1,297,436		-
Net asset value, offering price and redemption price per share	$	12.23	$	-

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

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

102

MML Income & Growth Fund		MML International Equity Fund		MML Large Cap Growth Fund		MML Managed Volatility Fund		MML Mid Cap Growth Fund
$	253,141,081	$	-	$	89,567,872	$	125,095,318	$	403,425,292
	25,952,546		-		7,579,861		9,830,942		23,305,593
$	9.75	$	-	$	11.82	$	12.72	$	17.31
$	-	$	-	$	-	$	-	$	-
	-		-		-		-		-
$	-	$	-	$	-	$	-	$	-
$	-	$	176,372,769	$	-	$	-	$	-
	-		17,504,003		-		-		-
$	-	$	10.08	$	-	$	-	$	-
$	28,182,378	$	-	$	13,729,553	$	29,640,110	$	107,196,640
	2,937,584		-		1,202,711		2,351,820		6,461,302
$	9.59	$	-	$	11.42	$	12.60	$	16.59
$	-	$	5,661,841	$	-	$	-	$	-
	-		566,934		-		-		-
$	-	$	9.99	$	-	$	-	$	-

103

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund
Assets:
Investments, at value (Note 2) (a)	$	419,829,662	$	198,180,750
Repurchase agreements, at value (Note 2) (b)		3,518,183		5,806,864
Other short-term investments, at value (Note 2) (c)		-		-
Total investments (d)		423,347,845		203,987,614
Cash		238		54
Foreign currency, at value (e)		-		11
Receivables from:
Investments sold		1,305,095		592,723
Open forward contracts (Note 2)		5,086		-
Investment adviser (Note 3)		-		-
Fund shares sold		10,763		6,634
Collateral pledged for open swaps agreements (Note 2)		-		-
Interest and dividends		777,784		146,424
Interest tax reclaim receivable		-		-
Foreign taxes withheld		3,273		-
Total assets		425,450,084		204,733,460
Liabilities:
Payables for:
Investments purchased		1,005,040		1,016,804
Open forward contracts (Note 2)		120,776		-
Investments purchased on a when-issued basis (Note 2)		-		-
Fund shares repurchased		267,504		146,761
Securities on loan (Note 2)		-		5,967,693
Trustees’ fees and expenses (Note 3)		61,823		36,886
Variation margin on open derivative instruments (Note 2)		-		-
Affiliates (Note 3):
Investment advisory fees		268,564		153,290
Administration fees		-		-
Service fees		30,865		14,462
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		139,453		76,187
Total liabilities		1,894,025		7,412,083
Net assets	$	423,556,059	$	197,321,377
Net assets consist of:
Paid-in capital	$	353,310,526	$	121,743,081
Accumulated Gain (Loss)		70,245,533		75,578,296
Net assets	$	423,556,059	$	197,321,377
(a)    Cost of investments:	$	399,613,336	$	168,928,995
(b)    Cost of repurchase agreements:	$	3,518,183	$	5,806,864
(c)    Cost of other short-term investments:	$	-	$	-
(d)    Securities on loan with market value of:	$	-	$	5,827,857
(e)    Cost of foreign currency:	$	-	$	11

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

104

MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund
$	96,950,505	$	200,295,419	$	377,885,587
	1,908,125		2,287,421		21,967,978
	1,048		-		8,773,730
	98,859,678		202,582,840		408,627,295
	2		-		189,152
	-		-		-
	-		2,015,472		2,457,245
	-		-		-
	-		-		410
	42,388		4,462		58,959
	-		-		134,775
	70,199		335,957		1,844,753
	-		-		1,272
	-		-		-
	98,972,267		204,938,731		413,313,861
	82,043		1,452,832		20,368,637
	-		-		-
	-		-		1,187,301
	67,340		257,171		242,709
	652,099		3,541,060		5,464,780
	12,192		29,652		41,307
	-		-		10,534
	58,759		111,921		119,243
	11,018		-		44,716
	14,189		13,588		17,573
	-		-		-
	44,370		62,016		183,014
	942,010		5,468,240		27,679,814
$	98,030,257	$	199,470,491	$	385,634,047
$	61,749,554	$	159,895,958	$	364,721,772
	36,280,703		39,574,533		20,912,275
$	98,030,257	$	199,470,491	$	385,634,047
$	75,828,348	$	193,155,419	$	369,272,006
$	1,908,125	$	2,287,421	$	21,967,978
$	1,048	$	-	$	8,771,759
$	632,634	$	3,444,633	$	5,355,470
$	-	$	-	$	-

105

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund
Initial Class shares:
Net assets	$	373,506,182	$	173,377,937
Shares outstanding (a)		34,071,607		10,810,601
Net asset value, offering price and redemption price per share	$	10.96	$	16.04
Class II shares:
Net assets	$	-	$	-
Shares outstanding (a)		-		-
Net asset value, offering price and redemption price per share	$	-	$	-
Service Class shares:
Net assets	$	50,049,877	$	23,943,440
Shares outstanding (a)		4,653,204		1,582,225
Net asset value, offering price and redemption price per share	$	10.76	$	15.13
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.

106

MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund
$	-	$	177,231,971	$	-
	-		14,628,632		-
$	-	$	12.12	$	-
$	74,973,705	$	-	$	355,818,647
	4,613,737		-		32,918,357
$	16.25	$	-	$	10.81
$	-	$	22,238,520	$	-
	-		1,858,354		-
$	-	$	11.97	$	-
$	23,056,552	$	-	$	29,815,400
	1,465,242		-		2,788,762
$	15.74	$	-	$	10.69

107

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

	MML Blue Chip Growth Fund			MML Equity Income Fund
Investment income (Note 2):
Dividends (a)	$	1,445,899		$	7,102,419
Interest		10,063			118,366
Securities lending net income		11,287			11,374
Total investment income		1,467,249			7,232,159
Expenses (Note 3):
Investment advisory fees		1,454,248			1,684,670
Custody fees		12,342			16,996
Audit fees		18,459			18,202
Legal fees		2,575			3,218
Proxy fees		1,069			1,069
Shareholder reporting fees		23,525			29,360
Trustees’ fees		8,720			10,931
		1,520,938			1,764,446
Administration fees:
Class I		-			-
Class II		-			-
Service Class I		-			-
Service fees:
Service Class		141,127			100,474
Service Class I		-			-
Total expenses		1,662,065			1,864,920
Expenses waived (Note 3):
Initial Class advisory fees waived		-			(55,323	)
Class II advisory fees waived		-			-
Service Class advisory fees waived		-			(12,064	)
Service Class I advisory fees waived		-			-
Net expenses:		1,662,065			1,797,533
Net investment income (loss)		(194,816	)		5,434,626
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		20,524,356			16,548,767
Futures contracts		-			-
Foreign currency transactions		270			4,229
Net realized gain (loss)		20,524,626			16,552,996
Net change in unrealized appreciation (depreciation) on:
Investment transactions		52,316,243			44,279,049
Futures contracts		-			(4,667	)
Translation of assets and liabilities in foreign currencies		5			(950	)
Net change in unrealized appreciation (depreciation)		52,316,248			44,273,432
Net realized gain (loss) and change in unrealized appreciation (depreciation)		72,840,874			60,826,428
Net increase (decrease) in net assets resulting from operations	$	72,646,058		$	66,261,054
(a)    Net of foreign withholding tax of:	$	4,415		$	83,024
*    Net of net increase (decrease) in accrued foreign capital gains tax of:	$	-		$	-

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

108

MML Equity Index Fund			MML Focused Equity Fund			MML Foreign Fund			MML Fundamental Growth Fund			MML Fundamental Value Fund
$	6,300,032		$	1,392,179		$	8,021,810		$	484,039		$	2,264,343
	61,897			38,597			49,771			8,389			16,120
	10,215			-			84,051			2,208			204
	6,372,144			1,430,776			8,155,632			494,636			2,280,667
	294,062			493,230			1,382,448			326,698			561,457
	35,783			11,815			37,399			9,892			12,872
	18,684			17,909			40,999			17,941			18,010
	4,835			385			2,250			806			1,388
	1,069			1,069			1,070			1,069			1,069
	40,959			7,599			37,934			10,210			15,104
	15,940			1,419			7,711			2,506			4,729
	411,332			533,426			1,509,811			369,122			614,629
	85,023			-			-			-			-
	130,255			97,206			-			70,258			129,681
	65,012			9,799			-			8,782			10,684
	-			-			11,901			-			-
	54,176			16,332			-			14,637			17,806
	745,798			656,763			1,521,712			462,799			772,800
	-			-			(60,228	)		-			-
	-			(10,321	)		-			-			(17,290	)
	-			-			(1,905	)		-			-
	-			(2,079	)		-			-			(1,425	)
	745,798			644,363			1,459,579			462,799			754,085
	5,626,346			786,413			6,696,053			31,837			1,526,582
	125,801,464			6,085,256			3,317,102			7,863,077			22,429,475
	1,618,885			-			-			-			-
	-			(3,698	)		939			(649	)		3,060
	127,420,349			6,081,558			3,318,041			7,862,428			22,432,535
	(21,213,841	)		15,923,040			12,982,508	*		12,107,192			(2,444,820	)
	649,959			-			-			-			-
	-			83			4,791			-			1,027
	(20,563,882	)		15,923,123			12,987,299			12,107,192			(2,443,793	)
	106,856,467			22,004,681			16,305,340			19,969,620			19,988,742
$	112,482,813		$	22,791,094		$	23,001,393		$	20,001,457		$	21,515,324
$	-		$	7,343		$	917,371		$	-		$	37,160
$	-		$	-		$	81,193		$	-		$	-

109

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

	MML Global Fund			MML Growth & Income Fund
Investment income (Note 2):
Dividends (a)	$	4,519,665		$	1,091,671
Interest		43,441			7,579
Securities lending net income		1,677			8,501
Total investment income		4,564,783			1,107,751
Expenses (Note 3):
Investment advisory fees		891,556			344,339
Custody fees		29,202			7,962
Audit fees		21,694			17,962
Legal fees		615			952
Proxy fees		1,069			1,069
Shareholder reporting fees		15,856			10,106
Trustees’ fees		5,211			3,162
		965,203			385,552
Administration fees:
Class I		199,463			-
Class II		12,118			-
Service Class I		11,307			-
Service fees:
Service Class		-			47,142
Service Class I		18,846			-
Total expenses		1,206,937			432,694
Expenses waived (Note 3):
Class II fees reimbursed by adviser		-			-
Service Class I fees reimbursed by adviser		-			-
Net expenses:		1,206,937			432,694
Net investment income (loss)		3,357,846			675,057
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		5,694,551			3,906,302
Written options		-			-
Foreign currency transactions		(4,261	)		299
Forward contracts		-			-
Net realized gain (loss)		5,690,290			3,906,601
Net change in unrealized appreciation (depreciation) on:
Investment transactions		40,559,733	*		21,521,047
Written options		-			-
Translation of assets and liabilities in foreign currencies		5,702			(1	)
Forward contracts		-			-
Net change in unrealized appreciation (depreciation)		40,565,435			21,521,046
Net realized gain (loss) and change in unrealized appreciation (depreciation)		46,255,725			25,427,647
Net increase (decrease) in net assets resulting from operations	$	49,613,571		$	26,102,704
(a)    Net of foreign withholding tax of:	$	355,643		$	15,571
*    Net of net increase (decrease) in accrued foreign capital gains tax of:	$	(1,090	)	$	-

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

110

MML Income & Growth Fund			MML International Equity Fund			MML Large Cap Growth Fund		MML Managed Volatility Fund			MML Mid Cap Growth Fund
$	4,092,692		$	4,638,359		$	665,341	$	1,580,722		$	1,973,324
	24,883			28,028			5,110		21,680			232,018
	2,839			37,607			9		567			14,786
	4,120,414			4,703,994			670,460		1,602,969			2,220,128
	892,970			698,904			318,680		569,695			1,778,785
	2,445			87,538			9,166		196,839			24,366
	18,393			21,314			17,936		17,982			18,515
	1,177			1,279			684		1,111			3,128
	1,069			1,069			1,069		1,069			1,069
	23,457			13,466			9,472		14,266			28,344
	6,591			3,972			2,348		3,793			10,512
	946,102			827,542			359,355		804,755			1,864,719
	-			-			-		-			-
	-			127,096			-		-			-
	-			3,948			-		-			-
	33,114			-			15,066		36,524			123,720
	-			6,581			-		-			-
	979,216			965,167			374,421		841,279			1,988,439
	-			(82,404	)		-		-			-
	-			(2,552	)		-		-			-
	979,216			880,211			374,421		841,279			1,988,439
	3,141,198			3,823,783			296,039		761,690			231,689
	(1,030,129	)		2,208,571			3,119,894		3,156,233			29,384,689
	-			-			-		(10,640,103	)		-
	140			(12,630	)		-		-			113
	-			156,969			-		-			-
	(1,029,989	)		2,352,910			3,119,894		(7,483,870	)		29,384,802
	36,297,876			15,384,040	*		16,236,361		17,293,770			69,884,535
	-			-			-		(325,261	)		-
	29			4,068			-		1,115			(85	)
	-			(107,530	)		-		-			-
	36,297,905			15,280,578			16,236,361		16,969,624			69,884,450
	35,267,916			17,633,488			19,356,255		9,485,754			99,269,252
$	38,409,114		$	21,457,271		$	19,652,294	$	10,247,444		$	99,500,941
$	40,657		$	595,372		$	28,631	$	-		$	5,669
$	-		$	(4,759	)	$	-	$	-		$	-

111

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

	MML Mid Cap Value Fund			MML Small Cap Growth Equity Fund
Investment income (Note 2):
Dividends (a)	$	5,644,111		$	970,497
Interest		42,718			23,360
Securities lending net income		28,691			7,228
Total investment income		5,715,520			1,001,085
Expenses (Note 3):
Investment advisory fees		1,734,162			992,957
Custody fees		32,336			18,926
Audit fees		18,500			18,943
Legal fees		2,921			1,378
Proxy fees		1,069			1,069
Shareholder reporting fees		27,682			14,942
Trustees’ fees		10,063			4,650
		1,826,733			1,052,865
Administration fees:
Class II		-			-
Service Class I		-			-
Service fees:
Service Class		59,364			27,745
Service Class I		-			-
Total expenses		1,886,097			1,080,610
Expenses waived (Note 3):
Class II fees reimbursed by adviser		-			-
Service Class I fees reimbursed by adviser		-			-
Initial Class advisory fees waived		-			(16,878	)
Class II advisory fees waived		-			-
Service Class advisory fees waived		-			(2,221	)
Service Class I advisory fees waived		-			-
Net expenses:		1,886,097			1,061,511
Net investment income (loss)		3,829,423			(60,426	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		1,886,690			13,523,621
Futures contracts		-			-
Swap agreements		-			-
Foreign currency transactions		(6,096	)		-
Forward contracts		215,192			-
Net realized gain (loss)		2,095,786			13,523,621
Net change in unrealized appreciation (depreciation) on:
Investment transactions		59,889,350			28,669,300
Futures contracts		-			-
Swap agreements		-			-
Translation of assets and liabilities in foreign currencies		588			-
Forward contracts		64,973			-
Net change in unrealized appreciation (depreciation)		59,954,911			28,669,300
Net realized gain (loss) and change in unrealized appreciation (depreciation)		62,050,697			42,192,921
Net increase (decrease) in net assets resulting from operations	$	65,880,120		$	42,132,495
(a)    Net of foreign withholding tax of:	$	109,871		$	3,872

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

112

MML Small Company Value Fund			MML Small/Mid Cap Value Fund		MML Total Return Bond Fund
$	605,797		$	1,822,088	$	-
	11,409			17,026		5,976,888
	31,456			956		27,973
	648,662			1,840,070		6,004,861
	379,198			737,943		753,505
	8,839			8,399		38,540
	18,261			18,013		23,823
	702			1,417		3,150
	1,069			1,069		1,069
	9,453			15,256		27,085
	2,334			4,864		9,145
	419,856			786,961		856,317
	54,750			-		262,500
	16,350			-		20,065
	-			26,372		-
	27,249			-		33,441
	518,205			813,333		1,172,323
	-			-		(8,009	)
	-			-		(614	)
	-			-		-
	(18,248	)		-		-
	-			-		-
	(5,452	)		-		-
	494,505			813,333		1,163,700
	154,157			1,026,737		4,841,161
	1,292,101			7,078,599		5,307,977
	-			-		1,449,776
	-			-		1,545
	82			-		9
	-			-		-
	1,292,183			7,078,599		6,759,307
	13,315,291			17,835,867		12,295,704
	-			-		16,516
	-			-		14,205
	-			-		-
	-			-		-
	13,315,291			17,835,867		12,326,425
	14,607,474			24,914,466		19,085,732
$	14,761,631		$	25,941,203	$	23,926,893
$	846		$	6,650	$	-

113

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Blue Chip Growth Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(194,816	)	$	(321,538	)
Net realized gain (loss)		20,524,626			52,073,895
Net change in unrealized appreciation (depreciation)		52,316,248			(41,246,965	)
Net increase (decrease) in net assets resulting from operations		72,646,058			10,505,392
Distributions to shareholders (Note 2):
Initial Class		-			(52,821,553	)
Class I		-			-
Class II		-			-
Class III		-			-
Service Class		-			(19,580,121	)
Service Class I		-			-
Total distributions		-			(72,401,674	)
Net fund share transactions (Note 5):
Initial Class		(19,786,331	)		(5,467,464	)
Class I		-			-
Class II		-			-
Class III		-			-
Service Class		3,838,776			42,736,063
Service Class I		-			-
Increase (decrease) in net assets from fund share transactions		(15,947,555	)		37,268,599
Total increase (decrease) in net assets		56,698,503			(24,627,683	)
Net assets
Beginning of period		353,517,781			378,145,464
End of period	$	410,216,284		$	353,517,781

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

114

MML Equity Income Fund						MML Equity Index Fund
Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
$	5,434,626		$	10,559,328		$	5,626,346		$	12,820,871
	16,552,996			41,617,629			127,420,349			50,656,484
	44,273,432			(95,797,399	)		(20,563,882	)		(92,331,246	)
	66,261,054			(43,620,442	)		112,482,813			(28,853,891	)
	-			(48,263,863	)		-			-
	-			-			-			(3,197,013	)
	-			-			-			(9,207,167	)
	-			-			-			(23,328,843	)
	-			(9,835,943	)		-			-
	-			-			-			(2,351,504	)
	-			(58,099,806	)		-			(38,084,527	)
	(36,708,298	)		2,490,166			-			-
	-			-			(2,442,776	)		(9,079,134	)
	-			-			9,420,929			(10,657,696	)
	-			-			(211,444,520	)		(7,296,991	)
	(3,156,878	)		6,711,055			-			-
	-			-			(2,900,759	)		(3,680,668	)
	(39,865,176	)		9,201,221			(207,367,126	)		(30,714,489	)
	26,395,878			(92,519,027	)		(94,884,313	)		(97,652,907	)
	434,281,536			526,800,563			644,348,930			742,001,837
$	460,677,414		$	434,281,536		$	549,464,617		$	644,348,930

115

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Focused Equity Fund
	Six Months Ended June 30, 2019 (Unaudited)		Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	786,413	$	762,123
Net realized gain (loss)		6,081,558		6,191,741
Net change in unrealized appreciation (depreciation)		15,923,123		(5,823,993	)
Net increase (decrease) in net assets resulting from operations		22,791,094		1,129,871
Distributions to shareholders (Note 2):
Initial Class		-		-
Class II		-		(30,902,335	)
Service Class		-		-
Service Class I		-		(6,784,266	)
Total distributions		-		(37,686,601	)
Net fund share transactions (Note 5):
Initial Class		-		-
Class II		208,853,007		20,746,796
Service Class		-		-
Service Class I		1,411,287		7,702,980
Increase (decrease) in net assets from fund share transactions		210,264,294		28,449,776
Total increase (decrease) in net assets		233,055,388		(8,106,954	)
Net assets
Beginning of period		59,255,921		67,362,875
End of period	$	292,311,309	$	59,255,921

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

116

MML Foreign Fund						MML Fundamental Growth Fund
Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
$	6,696,053		$	6,381,190		$	31,837		$	547,826
	3,318,041			16,154,806			7,862,428			21,376,868
	12,987,299			(78,983,677	)		12,107,192			(18,532,549	)
	23,001,393			(56,447,681	)		20,001,457			3,392,145
	-			(7,662,312	)		-			-
	-			-			-			(29,655,294	)
	-			(214,292	)		-			-
	-			-			-			(2,890,500	)
	-			(7,876,604	)		-			(32,545,794	)
	(14,390,843	)		(26,429,265	)		-			-
	-			-			(10,542,584	)		(4,513,200	)
	(565,964	)		(186,364	)		-			-
	-			-			473,229			6,672,694
	(14,956,807	)		(26,615,629	)		(10,069,355	)		2,159,494
	8,044,586			(90,939,914	)		9,932,102			(26,994,155	)
	303,360,801			394,300,715			100,546,582			127,540,737
$	311,405,387		$	303,360,801		$	110,478,684		$	100,546,582

117

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Fundamental Value Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,526,582		$	3,804,996
Net realized gain (loss)		22,432,535			21,503,854
Net change in unrealized appreciation (depreciation)		(2,443,793	)		(45,956,763	)
Net increase (decrease) in net assets resulting from operations		21,515,324			(20,647,913	)
Distributions to shareholders (Note 2):
Initial Class		-			-
Class I		-			-
Class II		-			(21,649,257	)
Service Class		-			-
Service Class I		-			(1,585,954	)
Total distributions		-			(23,235,211	)
Net fund share transactions (Note 5):
Initial Class		-			-
Class I		-			-
Class II		(12,168,622	)		(16,638,818	)
Service Class		-			-
Service Class I		(328,503	)		3,230,591
Increase (decrease) in net assets from fund share transactions		(12,497,125	)		(13,408,227	)
Total increase (decrease) in net assets		9,018,199			(57,291,351	)
Net assets
Beginning of period		181,803,009			239,094,360
End of period	$	190,821,208		$	181,803,009

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

118

MML Global Fund						MML Growth & Income Fund
Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
$	3,357,846		$	2,786,569		$	675,057		$	1,441,856
	5,690,290			13,142,056			3,906,601			12,939,817
	40,565,435			(37,603,748	)		21,521,046			(21,180,131	)
	49,613,571			(21,675,123	)		26,102,704			(6,798,458	)
	-			-			-			(922,933	)
	-			(27,480,281	)		-			-
	-			(2,282,278	)		-			-
	-			-			-			(242,772	)
	-			(2,109,930	)		-			-
	-			(31,872,489	)		-			(1,165,705	)
	-			-			(6,974,479	)		(13,338,083	)
	174,313,177			19,251,978			-			-
	(790,669	)		745,727			-			-
	-			-			262,777			5,575,818
	(981,758	)		1,595,733			-			-
	172,540,750			21,593,438			(6,711,702	)		(7,762,265	)
	222,154,321			(31,954,174	)		19,391,002			(15,726,428	)
	208,912,065			240,866,239			126,713,962			142,440,390
$	431,066,386		$	208,912,065		$	146,104,964		$	126,713,962

119

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Income & Growth Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,141,198		$	5,463,761
Net realized gain (loss)		(1,029,989	)		10,299,027
Net change in unrealized appreciation (depreciation)		36,297,905			(49,997,104	)
Net increase (decrease) in net assets resulting from operations		38,409,114			(34,234,316	)
Distributions to shareholders (Note 2):
Initial Class		-			(68,070,720	)
Class II		-			-
Service Class		-			(7,008,633	)
Service Class I		-			-
Total distributions		-			(75,079,353	)
Net fund share transactions (Note 5):
Initial Class		(22,117,813	)		50,138,981
Class II		-			-
Service Class		136,047			7,077,289
Service Class I		-			-
Increase (decrease) in net assets from fund share transactions		(21,981,766	)		57,216,270
Total increase (decrease) in net assets		16,427,348			(52,097,399	)
Net assets
Beginning of period		264,896,111			316,993,510
End of period	$	281,323,459		$	264,896,111

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

120

MML International Equity Fund					MML Large Cap Growth Fund
Six Months Ended June 30, 2019 (Unaudited)		Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
$	3,823,783	$	3,359,177		$	296,039		$	572,217
	2,352,910		11,572,533			3,119,894			12,394,030
	15,280,578		(59,715,280	)		16,236,361			(13,787,226	)
	21,457,271		(44,783,570	)		19,652,294			(820,979	)
	-		-			-			(7,127,458	)
	-		(4,053,077	)		-			-
	-		-			-			(826,941	)
	-		(116,423	)		-			-
	-		(4,169,500	)		-			(7,954,399	)
	-		-			(10,955,642	)		(16,230,772	)
	999,867		14,784,522			-			-
	-		-			799,275			4,308,540
	270,753		2,262,286			-			-
	1,270,620		17,046,808			(10,156,367	)		(11,922,232	)
	22,727,891		(31,906,262	)		9,495,927			(20,697,610	)
	159,306,719		191,212,981			93,801,498			114,499,108
$	182,034,610	$	159,306,719		$	103,297,425		$	93,801,498

121

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Managed Volatility Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	761,690		$	1,655,119
Net realized gain (loss)		(7,483,870	)		8,177,130
Net change in unrealized appreciation (depreciation)		16,969,624			(17,569,010	)
Net increase (decrease) in net assets resulting from operations		10,247,444			(7,736,761	)
Distributions to shareholders (Note 2):
Initial Class		-			(1,709,123	)
Service Class		-			(306,248	)
Total distributions		-			(2,015,371	)
Net fund share transactions (Note 5):
Initial Class		(4,835,982	)		(21,156,586	)
Service Class		(1,274,057	)		(2,928,584	)
Increase (decrease) in net assets from fund share transactions		(6,110,039	)		(24,085,170	)
Total increase (decrease) in net assets		4,137,405			(33,837,302	)
Net assets
Beginning of period		150,598,023			184,435,325
End of period	$	154,735,428		$	150,598,023

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

122

MML Mid Cap Growth Fund						MML Mid Cap Value Fund
Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
$	231,689		$	77,908		$	3,829,423		$	5,812,090
	29,384,802			65,559,670			2,095,786			42,512,006
	69,884,450			(72,246,548	)		59,954,911			(105,071,986	)
	99,500,941			(6,608,970	)		65,880,120			(56,747,890	)
	-			(47,102,641	)		-			(48,304,550	)
	-			(12,765,952	)		-			(5,905,971	)
	-			(59,868,593	)		-			(54,210,521	)
	(3,570,892	)		(2,498,117	)		(28,424,298	)		3,437,432
	(2,975,384	)		12,831,279			(607,273	)		5,903,652
	(6,546,276	)		10,333,162			(29,031,571	)		9,341,084
	92,954,665			(56,144,401	)		36,848,549			(101,617,327	)
	417,667,267			473,811,668			386,707,510			488,324,837
$	510,621,932		$	417,667,267		$	423,556,059		$	386,707,510

123

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Small Cap Growth Equity Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(60,426	)	$	(407,267	)
Net realized gain (loss)		13,523,621			33,594,812
Net change in unrealized appreciation (depreciation)		28,669,300			(38,364,498	)
Net increase (decrease) in net assets resulting from operations		42,132,495			(5,176,953	)
Distributions to shareholders (Note 2):
Initial Class		-			(20,293,872	)
Class II		-			-
Service Class		-			(2,377,009	)
Service Class I		-			-
Total distributions		-			(22,670,881	)
Net fund share transactions (Note 5):
Initial Class		(15,804,749	)		(22,524,973	)
Class II		-			-
Service Class		(140,961	)		6,979,396
Service Class I		-			-
Increase (decrease) in net assets from fund share transactions		(15,945,710	)		(15,545,577	)
Total increase (decrease) in net assets		26,186,785			(43,393,411	)
Net assets
Beginning of period		171,134,592			214,528,003
End of period	$	197,321,377		$	171,134,592

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

124

MML Small Company Value Fund						MML Small/Mid Cap Value Fund
Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
$	154,157		$	262,344		$	1,026,737		$	1,335,022
	1,292,183			13,598,498			7,078,599			23,331,127
	13,315,291			(26,684,365	)		17,835,867			(55,718,558	)
	14,761,631			(12,823,523	)		25,941,203			(31,052,409	)
	-			-			-			(21,802,071	)
	-			(5,157,012	)		-			-
	-			-			-			(2,507,665	)
	-			(1,405,903	)		-			-
	-			(6,562,915	)		-			(24,309,736	)
	-			-			(9,609,510	)		3,073,451
	(3,382,931	)		(7,330,491	)		-			-
	-			-			342,595			2,668,133
	(185,752	)		3,627,613			-			-
	(3,568,683	)		(3,702,878	)		(9,266,915	)		5,741,584
	11,192,948			(23,089,316	)		16,674,288			(49,620,561	)
	86,837,309			109,926,625			182,796,203			232,416,764
$	98,030,257		$	86,837,309		$	199,470,491		$	182,796,203

125

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Total Return Bond Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,841,161		$	10,395,788
Net realized gain (loss)		6,759,307			(7,415,039	)
Net change in unrealized appreciation (depreciation)		12,326,425			(4,364,703	)
Net increase (decrease) in net assets resulting from operations		23,926,893			(1,383,954	)
Distributions to shareholders (Note 2):
Class II		-			(7,259,284	)
Service Class I		-			(416,963	)
Total distributions		-			(7,676,247	)
Net fund share transactions (Note 5):
Class II		(19,995,525	)		(46,010,891	)
Service Class I		2,598,328			4,117,875
Increase (decrease) in net assets from fund share transactions		(17,397,197	)		(41,893,016	)
Total increase (decrease) in net assets		6,529,696			(50,953,217	)
Net assets
Beginning of period		379,104,351			430,057,568
End of period	$	385,634,047		$	379,104,351

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

126

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Blue Chip Growth Fund

				Income (loss) from investment operations							Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c			Net realized and unrealized gain (loss) on investments		Total income (loss) from investment operations		From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	14.60	$	(0.00	)d	$	3.04	$	3.04	$	-		$	-		$	-		$	17.64		20.82%	b	$	286,196		0.78%	a		(0.03%	)a
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
6/30/19r	$	14.03	$	(0.02	)	$	2.92	$	2.90	$	-		$	-		$	-		$	16.93		20.67%	b	$	124,020		1.03%	a		(0.28%	)a
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%	)

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		14	%		28	%		25	%		29	%		31	%		30	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

e Amount is less than 0.005%.

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

r Unaudited.

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

127

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Income Fund

				Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waiver			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	10.04	$	0.13	$	1.45		$	1.58		$	-		$	-		$	-		$	11.62		15.74%	b	$	376,871		0.79%	a		0.76	%a		2.46%	a
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
6/30/19r	$	9.92	$	0.12	$	1.43		$	1.55		$	-		$	-		$	-		$	11.47		15.62%	b	$	83,806		1.04%	a		1.01	%a		2.22%	a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		8	%		19	%		25	%		22	%		39	%		9	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

r Unaudited.

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

128

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Index Fund

				Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000's)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class I
6/30/19r	$	28.09	$	0.26	$	4.86		$	5.12		$	-		$	-		$	-		$	33.21		18.23%	b	$	58,940		0.43%	a		N/A			1.65%	a
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
6/30/19r	$	28.10	$	0.28	$	4.86		$	5.14		$	-		$	-		$	-		$	33.24		18.29%	b	$	198,356		0.28%	a		N/A			1.80%	a
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
6/30/19r	$	28.05	$	0.30	$	4.86		$	5.16		$	-		$	-		$	-		$	33.21		18.40%	b	$	247,031		0.13%	a		N/A			1.94%	a
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
6/30/19r	$	27.24	$	0.21	$	4.72		$	4.93		$	-		$	-		$	-		$	32.17		18.10%	b	$	45,138		0.68%	a		N/A			1.40%	a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		3	%		3	%		7	%		8	%		4	%		3	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

r Unaudited.

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

129

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Focused Equity Fund

				Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gain			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Class II
6/30/19r	$	5.33	$	0.03	$	1.07		$	1.10		$	-		$	-		$	-		$	6.43		20.64%	b	$	277,492		0.90%	a		0.88%a		1.12%	a
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
6/30/19r	$	5.15	$	0.03	$	1.02		$	1.05		$	-		$	-		$	-		$	6.20		20.39%	b	$	14,819		1.17%	a		1.13%a		0.96%	a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		25	%		64	%		108	%		37	%		52	%		35	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

r Unaudited.

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

130

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	9.25	$	0.21	$	0.50		$	0.71		$	-		$	-		$	9.96		7.68%	b	$	301,954		0.97%	a		0.93%a		4.32%	a
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
6/30/19r	$	9.20	$	0.20	$	0.48		$	0.68		$	-		$	-		$	9.88		7.39%	b	$	9,451		1.22%	a		1.18%a		4.07%	a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		21	%		18	%		15	%		19	%		12	%		13	%t

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

r Unaudited.

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.

131

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Fundamental Growth Fund

			Income (loss) from investment operations							Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments		Total income (loss) from investment operations		From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/19r	$	9.37	$	0.00	d	$	1.96	$	1.96	$	-		$	-		$	-		$	11.33		20.92%	b	$	97,435		0.85%	a		0.85%	l		0.09%	a
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
6/30/19r	$	9.15	$	(0.01	)	$	1.90	$	1.89	$	-		$	-		$	-		$	11.04		20.66%	b	$	13,044		1.10%	a		1.10%	l		(0.16%	)a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		60	%		61	%		40	%		49	%		44	%		51	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

l Expenses incurred during the period fell under the expense cap.

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

r Unaudited.

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

132

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Fundamental Value Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/19r	$	12.38	$	0.11	$	1.38		$	1.49		$	-		$	-		$	-		$	13.87		12.04%	b	$	176,287		0.81%	a		0.79	%a		1.65%	a
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
6/30/19r	$	12.17	$	0.09	$	1.36		$	1.45		$	-		$	-		$	-		$	13.62		11.91%	b	$	14,534		1.06%	a		1.04	%a		1.40%	a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		103	%		28	%		18	%		20	%		19	%		14	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

r Unaudited.

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

133

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Global Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class I
6/30/19r	$	10.25	$	0.13	$	2.03		$	2.16		$	-		$	-		$	-		$	12.41		21.07%	b	$	397,945		0.80%	a		N/A			2.29%	a
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
6/30/19r	$	10.48	$	0.13	$	2.08		$	2.21		$	-		$	-		$	-		$	12.69		21.09%	b	$	17,254		0.80%	a		N/A			2.16%	a
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
6/30/19r	$	10.11	$	0.11	$	2.01		$	2.12		$	-		$	-		$	-		$	12.23		20.97%	b	$	15,867		1.05%	a		N/A			1.91%	a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		8	%		15	%		10	%		15	%		17	%		12	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

r Unaudited.

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

134

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Growth & Income Fund

			Income (loss) from investment operations								Less distributions to shareholders											Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	16.35	$	0.10	$	3.32		$	3.42		$	-		$	-		$	19.77		20.92%	b	$	104,952		0.56%	a		1.05%	a
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
6/30/19r	$	16.22	$	0.07	$	3.31		$	3.38		$	-		$	-		$	19.60		20.84%	b	$	41,153		0.81%	a		0.80%	a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		6	%		15	%		12	%		17	%		17	%		20	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

135

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Income & Growth Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	8.49	$	0.11	$	1.15		$	1.26		$	-		$	-		$	-		$	9.75		14.84%	b	$	253,141		0.69%	a		2.31%	a
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
6/30/19r	$	8.36	$	0.09	$	1.14		$	1.23		$	-		$	-		$	-		$	9.59		14.71%	b	$	28,182		0.94%	a		2.07%	a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		22	%		30	%		110	%		30	%		27	%		19	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

136

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML International Equity Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/19r	$	8.91	$	0.21	$	0.96		$	1.17		$	-		$	-		$	-		$	10.08		13.13%	b	$	176,373		1.10%	a		1.00%	a		4.38%	a
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%
12/31/14g		10.00		0.18		(0.65	)		(0.47	)		(0.20	)		(0.06	)		(0.26	)		9.27		(4.67%	)b		123,915		1.15%	a		1.00%	a		1.79%	a
Service Class I
6/30/19r	$	8.84	$	0.20	$	0.95		$	1.15		$	-		$	-		$	-		$	9.99		13.01%	b	$	5,662		1.35%	a		1.25%	a		4.22%	a
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%
12/31/14h		10.29		0.07		(0.83	)		(0.76	)		(0.20	)		(0.06	)		(0.26	)		9.27		(7.44%	)b		298		1.36%	a		1.25%	a		1.08%	a

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		19	%		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.

r Unaudited.

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

137

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Large Cap Growth Fund

			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	9.68	$	0.03		$	2.11		$	2.14		$	-		$	-		$	-		$	11.82		22.11%	b	$	89,568		0.73%	a		0.63%	a
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
6/30/19r	$	9.36	$	0.02		$	2.04		$	2.06		$	-		$	-		$	-		$	11.42		22.01%	b	$	13,730		0.98%	a		0.39%	a
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%	)

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		2	%		16	%		3	%		134	%		73	%		77	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

r Unaudited.

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

138

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Managed Volatility Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	11.90	$	0.06	$	0.76		$	0.82		$	-		$	-		$	-		$	12.72		6.94%	b	$	125,095		1.06%	a		1.05%	a
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
6/30/19r	$	11.80	$	0.05	$	0.75		$	0.80		$	-		$	-		$	-		$	12.60		6.81%	b	$	29,640		1.31%	a		0.80%	a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		1	%		5	%		2	%		4	%		3	%		14	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

139

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Mid Cap Growth Fund

			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	13.94	$	0.01		$	3.36		$	3.37		$	-		$	-		$	-		$	17.31		24.18%	b	$	403,425		0.81%	a		0.15%	a
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
6/30/19r	$	13.37	$	(0.01	)	$	3.23		$	3.22		$	-		$	-		$	-		$	16.59		24.08%	b	$	107,197		1.06%	a		(0.10%	)a
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%	)

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		18	%		26	%		28	%		29	%		35	%		25	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

r Unaudited.

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

140

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Mid Cap Value Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	9.35	$	0.10	$	1.51		$	1.61		$	-		$	-		$	-		$	10.96		17.22%	b	$	373,506		0.88%	a		1.88%	a
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
6/30/19r	$	9.18	$	0.08	$	1.50		$	1.58		$	-		$	-		$	-		$	10.76		17.21%	b	$	50,050		1.13%	a		1.65%	a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		19	%		59	%		42	%		52	%		68	%		66	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

141

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Cap Growth Equity Fund

			Income (loss) from investment operations									Less distributions to shareholders											Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000's)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	12.82	$	(0.00	)d	$	3.22		$	3.22		$	-		$	-		$	16.04		25.13	%b	$	173,378		1.10	%a		1.08	%a		(0.03	%)a
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
6/30/19r	$	12.11	$	(0.02	)	$	3.04		$	3.02		$	-		$	-		$	15.13		24.97	%b	$	23,943		1.35	%a		1.33	%a		(0.28	%)a
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	%)

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		31	%		76	%		74	%		105	%		78	%		78	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

k Amount waived had no impact on the ratio of expenses to average daily net assets.

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

r Unaudited.

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

142

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Company Value Fund

			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/19r	$	13.86	$	0.03		$	2.36		$	2.39		$	-		$	-		$	-		$	16.25		17.17%	b	$	74,974		1.04%	a		0.99%	a		0.38%	a
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
6/30/19r	$	13.43	$	0.01		$	2.30		$	2.31		$	-		$	-		$	-		$	15.74		17.13%	b	$	23,057		1.29%	a		1.24%	a		0.13%	a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		11	%		22	%		14	%		23	%		44	%		22	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

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

r Unaudited.

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

143

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small/Mid Cap Value Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/19r	$	10.61	$	0.06	$	1.45		$	1.51		$	-		$	-		$	-		$	12.12		14.12%	b	$	177,232		0.80%	a		1.07%	a
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
6/30/19r	$	10.50	$	0.05	$	1.42		$	1.47		$	-		$	-		$	-		$	11.97		14.00%	b	$	22,239		1.05%	a		0.83%	a
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%

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		18	%		38	%		34	%		58	%		42	%		46	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

144

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Total Return Bond Fund

				Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers (including interest expense)			Ratio of expenses to average daily net assets after expense waivers (including interest expense)j			Ratio of expenses to average daily  net assets after expense waivers (excluding interest expense)j			Net investment income (loss) to average daily net assets (including interest expense)
Class II
6/30/19r	$	10.16	$	0.14	$	0.51		$	0.65		$	-		$	-		$	-		$	10.81		6.40%	b	$	355,819		0.60%	a		0.60%	a,k		N/A			2.74%	a
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
6/30/19r	$	10.06	$	0.13	$	0.50		$	0.63		$	-		$	-		$	-		$	10.69		6.26%	b	$	29,815		0.85%	a		0.85%	a,k		N/A			2.49%	a
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

	Six months ended June 30, 2019b,r			Year ended December 31
				2018			2017			2016			2015			2014
Portfolio turnover rate		101	%		250	%		313	%		278	%		322	%		447	%u

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

k Amount waived had no impact on the ratio of expenses to average daily net assets.

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.

r Unaudited.

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.

145

Notes to Financial Statements (Unaudited)

1. The Funds

MML Series Investment Fund (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated December 19, 1984, as restated May 14, 1993, and further amended and restated as of December 15, 2011, as it may be further amended from time to time. The following are 19 series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Blue Chip Growth Fund (“Blue Chip Growth Fund”)

MML Equity Income Fund (“Equity Income Fund”)

MML Equity Index Fund (“Equity Index Fund”)

MML Focused Equity Fund (“Focused Equity Fund”)

MML Foreign Fund (“Foreign Fund”)

MML Fundamental Growth Fund (“Fundamental Growth Fund”)

MML Fundamental Value Fund (“Fundamental Value Fund”)

MML Global Fund (“Global Fund”)

MML Growth & Income Fund (“Growth & Income Fund”)

MML Income & Growth Fund (“Income & Growth Fund”)

MML International Equity Fund (“International Equity Fund”)

MML Large Cap Growth Fund (“Large Cap Growth Fund”)

MML Managed Volatility Fund (“Managed Volatility Fund”)

MML Mid Cap Growth Fund (“Mid Cap Growth Fund”)

MML Mid Cap Value Fund (“Mid Cap Value Fund”)

MML Small Cap Growth Equity Fund (“Small Cap Growth Equity Fund”)

MML Small Company Value Fund (“Small Company Value Fund”)

MML Small/Mid Cap Value Fund (“Small/Mid Cap Value Fund”)

MML Total Return Bond Fund (“Total Return Bond Fund”)

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

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

2. Significant Accounting Policies

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

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

146

Notes to Financial Statements (Unaudited) (Continued)

Investment Valuation

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“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 Trustees, and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of

¹  The Valuation Committee consists of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO), Secretary, and Assistant Secretaries of the Trust, as well as such other 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.

147

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

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

148

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds’ own assumptions in determining the fair value of investments)

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 Levels.

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 Fundamental Value Fund, Income & Growth Fund, and Small/Mid Cap Value Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of June 30, 2019. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of June 30, 2019, for the remaining Funds’ investments:

	Level 1			Level 2			Level 3			Total
Blue Chip Growth Fund
Asset Investments
Common Stock	$	399,510,170		$	9,256,209	*	$	775,038	**	$	409,541,417
Mutual Funds		94,743			-			-			94,743
Short-Term Investments		1,059			1,337,946			-			1,339,005
Total Investments	$	399,605,972		$	10,594,155		$	775,038		$	410,975,165
Equity Income Fund
Asset Investments
Common Stock	$	422,491,124		$	15,914,534	*	$	-		$	438,405,658
Preferred Stock		11,891,138			-			-			11,891,138
Corporate Debt		-			3,104,128			-			3,104,128
Mutual Funds		381,536			-			-			381,536
Short-Term Investments		1,059			7,005,537			-			7,006,596
Total Investments	$	434,764,857		$	26,024,199		$	-		$	460,789,056
Liability Derivatives
Futures Contracts	$	(4,667	)	$	-		$	-		$	(4,667	)

149

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2			Level 3		Total
Equity Index Fund
Asset Investments
Common Stock	$	544,372,047	$	-		$	-	$	544,372,047
Mutual Funds		254,943		-			-		254,943
Short-Term Investments		-		5,388,120			-		5,388,120
Total Investments	$	544,626,990	$	5,388,120		$	-	$	550,015,110
Asset Derivatives
Futures Contracts	$	69,089	$	-		$	-	$	69,089
Focused Equity Fund
Asset Investments
Common Stock	$	274,010,661	$	12,558,011	*	$	-	$	286,568,672
Short-Term Investments		-		5,640,314			-		5,640,314
Total Investments	$	274,010,661	$	18,198,325		$	-	$	292,208,986
Foreign Fund
Asset Investments
Common Stock*
Canada	$	8,016,241	$	-		$	-	$	8,016,241
Cayman Islands		3,306,031		9,357,144			-		12,663,175
China		-		7,562,299			-		7,562,299
Denmark		-		4,421,947			-		4,421,947
France		-		43,197,570			-		43,197,570
Germany		-		38,400,557			-		38,400,557
Hong Kong		-		7,897,748			-		7,897,748
Ireland		-		10,834,020			-		10,834,020
Israel		3,085,294		-			-		3,085,294
Italy		-		7,266,012			-		7,266,012
Japan		-		43,006,664			-		43,006,664
Luxembourg		-		4,865,023			-		4,865,023
Netherlands		4,675,519		10,732,416			-		15,407,935
Norway		-		3,779,764			-		3,779,764
Republic of Korea		4,240,784		11,637,322			-		15,878,106
Singapore		-		5,252,955			-		5,252,955
Switzerland		-		15,225,560			-		15,225,560
Taiwan		-		4,296,961			-		4,296,961
Thailand		-		466,843			-		466,843
United Kingdom		6,685,224		42,904,609			-		49,589,833
Mutual Funds		2,093,504		-			-		2,093,504
Short-Term Investments		-		8,815,856			-		8,815,856
Total Investments	$	32,102,597	$	279,921,270		$	-	$	312,023,867
Fundamental Growth Fund
Asset Investments
Common Stock	$	108,566,447	$	1,136,982	*	$	-	$	109,703,429
Short-Term Investments		-		1,152,201			-		1,152,201
Total Investments	$	108,566,447	$	2,289,183		$	-	$	110,855,630

150

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2			Level 3		Total
Global Fund
Asset Investments
Common Stock*
Austria	$	-	$	1,462,362		$	-	$	1,462,362
Brazil		1,422,511		-			-		1,422,511
Canada		8,078,220		-			-		8,078,220
Cayman Islands		-		763,142			-		763,142
Denmark		-		2,826,911			-		2,826,911
France		-		48,407,973			-		48,407,973
Germany		-		17,412,885			-		17,412,885
Ireland		26,017,560		7,210,603			-		33,228,163
Israel		5,134,818		-			-		5,134,818
Japan		-		12,726,240			-		12,726,240
Mexico		1,179,535		-			-		1,179,535
Netherlands		1,707,985		9,881,408			-		11,589,393
Republic of Korea		-		3,388,029			-		3,388,029
Spain		-		5,490,687			-		5,490,687
Sweden		-		9,669,630			-		9,669,630
Switzerland		-		32,073,140			-		32,073,140
Thailand		-		864,467			-		864,467
United Kingdom		7,240,559		31,860,419			-		39,100,978
United States		193,244,830		-			-		193,244,830
Short-Term Investments		-		2,886,517			-		2,886,517
Total Investments	$	244,026,018	$	186,924,413		$	-	$	430,950,431
Growth & Income Fund
Asset Investments
Common Stock	$	137,686,643	$	7,657,631	*	$	-	$	145,344,274
Short-Term Investments		-		1,141,973			-		1,141,973
Total Investments	$	137,686,643	$	8,799,604		$	-	$	146,486,247
International Equity Fund
Asset Investments
Common Stock*
Australia	$	-	$	3,829,450		$	-	$	3,829,450
Canada		2,688,243		-			-		2,688,243
Cayman Islands		2,206,955		-			-		2,206,955
France		-		21,482,251			-		21,482,251
Germany		-		30,755,491			-		30,755,491
India		-		526,158			-		526,158
Indonesia		-		1,994,802			-		1,994,802
Ireland		5,529,344		-			-		5,529,344
Italy		-		6,453,880			-		6,453,880
Japan		-		8,342,510			-		8,342,510
Mexico		1,120,832		-			-		1,120,832
Netherlands		-		13,467,718			-		13,467,718
Republic of Korea		-		6,243,342			-		6,243,342
South Africa		-		3,537,119			-		3,537,119
Sweden		-		10,921,785			-		10,921,785
Switzerland		-		14,892,528			-		14,892,528

151

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
International Equity Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Taiwan	$	-		$	1,861,362		$	-		$	1,861,362
United Kingdom		3,980,661			35,441,804			-			39,422,465
Short-Term Investments		-			6,840,906			-			6,840,906
Total Investments	$	15,526,035		$	166,591,106		$	-		$	182,117,141
Liability Derivatives
Forward Contracts	$	-		$	(30,515	)	$	-		$	(30,515	)
Large Cap Growth Fund
Asset Investments
Common Stock	$	99,416,438		$	2,845,628		$	-		$	102,262,066
Short-Term Investments		-			1,110,906			-			1,110,906
Total Investments	$	99,416,438		$	3,956,534		$	-		$	103,372,972
Managed Volatility Fund
Asset Investments
Common Stock	$	153,673,009		$	-		$	-		$	153,673,009
Corporate Debt		-			-			-	+,**		-
Mutual Funds		914			-			-			914
Purchased Options		626,080			-			-			626,080
Short-Term Investments		-			4,489,213			-			4,489,213
Total Investments	$	154,300,003		$	4,489,213		$	-		$	158,789,216
Liability Derivatives
Written Options	$	(3,474,168	)	$	-		$	-		$	(3,474,168	)
Mid Cap Growth Fund
Asset Investments
Common Stock	$	478,028,972		$	118,500		$	1,081,128	**	$	479,228,600
Preferred Stock		-			-			2,905,558	**		2,905,558
Mutual Funds		4,314,246			-			-			4,314,246
Short-Term Investments		20,130,527			9,460,664			-			29,591,191
Total Investments	$	502,473,745		$	9,579,164		$	3,986,686		$	516,039,595
Mid Cap Value Fund
Asset Investments
Common Stock	$	373,541,298		$	32,872,784	*	$	-		$	406,414,082
Mutual Funds		13,415,580			-			-			13,415,580
Short-Term Investments		-			3,518,183			-			3,518,183
Total Investments	$	386,956,878		$	36,390,967		$	-		$	423,347,845
Asset Derivatives
Forward Contracts	$	-		$	5,086		$	-		$	5,086
Liability Derivatives
Forward Contracts	$	-		$	(120,776	)	$	-		$	(120,776	)

152

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Small Cap Growth Equity Fund
Asset Investments
Common Stock	$	191,601,282		$	-		$	222,011	**	$	191,823,293
Preferred Stock		-			-			389,764	**		389,764
Mutual Funds		5,967,693			-			-			5,967,693
Short-Term Investments		-			5,806,864			-			5,806,864
Total Investments	$	197,568,975		$	5,806,864		$	611,775		$	203,987,614
Small Company Value Fund
Asset Investments
Common Stock	$	96,298,406		$	-		$	-		$	96,298,406
Mutual Funds		652,099			-			-			652,099
Short-Term Investments		1,048			1,908,125			-			1,909,173
Total Investments	$	96,951,553		$	1,908,125		$	-		$	98,859,678
Total Return Bond Fund
Asset Investments
Bank Loans	$	-		$	985,785		$	-		$	985,785
Corporate Debt		-			103,722,332			-			103,722,332
Municipal Obligations		-			4,861,615			-			4,861,615
Non-U.S. Government Agency Obligations		-			56,403,925			-			56,403,925
Sovereign Debt Obligations		-			402,290			-			402,290
U.S. Government Agency Obligations and Instrumentalities		-			114,009,023			-			114,009,023
U.S. Treasury Obligations		-			92,035,837			-			92,035,837
Mutual Funds		5,464,780			-			-			5,464,780
Short-Term Investments		-			30,741,708			-			30,741,708
Total Investments	$	5,464,780		$	403,162,515		$	-		$	408,627,295
Asset Derivatives
Futures Contracts	$	1,057,768		$	-		$	-		$	1,057,768
Swap Agreements		-			401,865			-			401,865
Total	$	1,057,768		$	401,865		$	-		$	1,459,633
Liability Derivatives
Futures Contracts	$	(40,088	)	$	-		$	-		$	(40,088	)
Swap Agreements		-			(368,256	)		-			(368,256	)
Total	$	(40,088	)	$	(368,256	)	$	-		$	(408,344	)

* 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 end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended June 30, 2019 is not presented.

+ Represents a security at $0 value as of June 30, 2019.

153

Notes to Financial Statements (Unaudited) (Continued)

The following table shows Fund(s) with certain assets and liabilities, which approximate fair value and would be categorized at Level 2 as of June 30, 2019.

Statements of Assets and Liabilities location:	Blue Chip Growth Fund	Equity Income Fund	Equity Index Fund	Foreign 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 futures contracts		X	X
Collateral pledged for open swaps agreements										X
Payables for:
Investments purchased on a when-issued basis						X				X
Securities on loan	X	X	X	X	X	X	X	X	X	X
Due to custodian		X

The Funds had no Level 3 transfers during the period ended June 30, 2019.

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives during the period ended June 30, 2019, 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 Income Fund	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
Futures Contracts**
Hedging/Risk Management	A					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.

154

Notes to Financial Statements (Unaudited) (Continued)

At June 30, 2019, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Equity Risk			Foreign Exchange Risk			Interest Rate Risk		Total
Equity Income Fund
Liability Derivatives
Futures Contracts^^	$	(4,667	)	$	-		$	-	$	(4,667	)
Change in Appreciation (Depreciation)##
Futures Contracts	$	(4,667	)	$	-		$	-	$	(4,667	)
Equity Index Fund
Asset Derivatives
Futures Contracts^^	$	69,089		$	-		$	-	$	69,089
Realized Gain (Loss)#
Futures Contracts	$	1,618,885		$	-		$	-	$	1,618,885
Change in Appreciation (Depreciation)##
Futures Contracts	$	649,959		$	-		$	-	$	649,959
International Equity Fund
Liability Derivatives
Forward Contracts^	$	-		$	(30,515	)	$	-	$	(30,515	)
Realized Gain (Loss)#
Forward Contracts	$	-		$	156,969		$	-	$	156,969
Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	(107,530	)	$	-	$	(107,530	)
Managed Volatility Fund
Asset Derivatives
Purchased Options*,^^^	$	626,080		$	-		$	-	$	626,080
Liability Derivatives
Written Options^,^^^	$	(3,474,168	)	$	-		$	-	$	(3,474,168	)
Realized Gain (Loss)#
Purchased Options	$	(3,877,517	)	$	-		$	-	$	(3,877,517	)
Written Options		(10,640,103	)		-			-		(10,640,103	)
Total Realized Gain (Loss)	$	(14,517,620	)	$	-		$	-	$	(14,517,620	)
Change in Appreciation (Depreciation)##
Purchased Options	$	(267,720	)	$	-		$	-	$	(267,720	)
Written Options		(325,261	)		-			-		(325,261	)
Total Change in Appreciation (Depreciation)	$	(592,981	)	$	-		$	-	$	(592,981	)

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Notes to Financial Statements (Unaudited) (Continued)

	Equity Risk		Foreign Exchange Risk			Interest Rate Risk			Total
Mid Cap Value Fund
Asset Derivatives
Forward Contracts*	$	-	$	5,086		$	-		$	5,086
Liability Derivatives
Forward Contracts^	$	-	$	(120,776	)	$	-		$	(120,776	)
Realized Gain (Loss)#
Forward Contracts	$	-	$	215,192		$	-		$	215,192
Change in Appreciation (Depreciation)##
Forward Contracts	$	-	$	64,973		$	-		$	64,973
Total Return Bond Fund
Asset Derivatives
Futures Contracts^^	$	-	$	-		$	1,057,768		$	1,057,768
Swap Agreements^^,^^^		-		-			401,865			401,865
Total Value	$	-	$	-		$	1,459,633		$	1,459,633
Liability Derivatives
Futures Contracts^^	$	-	$	-		$	(40,088	)	$	(40,088	)
Swap Agreements^^,^^^		-		-			(368,256	)		(368,256	)
Total Value	$	-	$	-		$	(408,344	)	$	(408,344	)
Realized Gain (Loss)#
Futures Contracts	$	-	$	-		$	1,449,776		$	1,449,776
Swap Agreements		-		-			1,545			1,545
Total Realized Gain (Loss)	$	-	$	-		$	1,451,321		$	1,451,321
Change in Appreciation (Depreciation)##
Futures Contracts	$	-	$	-		$	16,516		$	16,516
Swap Agreements		-		-			14,205			14,205
Total Change in Appreciation (Depreciation)	$	-	$	-		$	30,721		$	30,721

* 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, swap agreements, or written options, as applicable.

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

156

Notes to Financial Statements (Unaudited) (Continued)

For the period ended June 30, 2019, 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 Income Fund		6	$	-	$	-		-		-
Equity Index Fund		57		-		-		-		-
International Equity Fund		-		3,257,048		-		-		-
Managed Volatility Fund		-		-		-		542		542
Mid Cap Value Fund		-		29,159,116		-		-		-
Total Return Bond Fund		623		-		34,320,000		-		-

† 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 period ended June 30, 2019.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Fund(s) as of June 30, 2019.

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***		Net Amount*
Mid Cap Value Fund
Bank of America N.A.	$	4,961	$	-		$	-	$	4,961
Morgan Stanley & Co. LLC		125		(125	)		-		-
	$	5,086	$	(125	)	$	-	$	4,961

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 June 30, 2019.

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
International Equity Fund
State Street Bank and Trust Co.	$	(30,515	)	$	-	$	-	$	(30,515	)
Mid Cap Value Fund
Credit Suisse International	$	(49,861	)	$	-	$	-	$	(49,861	)
Goldman Sachs & Co.		(40,605	)		-		-		(40,605	)
JP Morgan Chase Bank N.A.		(13,985	)		-		-		(13,985	)
Morgan Stanley & Co. LLC		(16,325	)		125		-		(16,200	)
	$	(120,776	)	$	125	$	-	$	(120,651	)

* 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.

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Notes to Financial Statements (Unaudited) (Continued)

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

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended June 30, 2019, are discussed below.

Foreign Currency Exchange Transactions

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

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

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

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

A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

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.

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Notes to Financial Statements (Unaudited) (Continued)

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.

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.

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Notes to Financial Statements (Unaudited) (Continued)

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 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

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Notes to Financial Statements (Unaudited) (Continued)

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 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

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Notes to Financial Statements (Unaudited) (Continued)

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 June 30, 2019, the Funds had no unfunded loan commitments.

Repurchase Agreements

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

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

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Notes to Financial Statements (Unaudited) (Continued)

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 Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At June 30, 2019, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement. For all Funds, all securities on loan are classified as common stock in the Fund’s Portfolio of Investments at June 30, 2019.

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

163

Notes to Financial Statements (Unaudited) (Continued)

its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended June 30, 2019, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

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

Foreign Currency Translation

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

Allocation of Operating Activity

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

Foreign Securities

The 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.

164

Notes to Financial Statements (Unaudited) (Continued)

Federal Income Tax

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

Dividends and Distributions to Shareholders

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

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

3. Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the annual rates shown in the following table.

MML Advisers has also entered into investment subadvisory agreements for each Fund with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

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

Fund	Investment Advisory Fee	Investment Subadviser(s)
Blue Chip Growth Fund	0.75% on the first $400 million; and	T. Rowe Price Associates, Inc.
	0.70% on any excess over $400 million
Equity Income Fund	0.75% on the first $500 million; and	T. Rowe Price Associates, Inc.
	0.70% on any excess over $500 million
Equity Index Fund	0.10% on the first $500 million; and	Northern Trust Investments, Inc.
	0.08% on any excess over $500 million
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	Boston Partners Global Investors, Inc.
	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

165

Notes to Financial Statements (Unaudited) (Continued)

Fund	Investment Advisory Fee	Investment Subadviser(s)
International Equity Fund	0.80% on the first $250 million; and	Harris Associates L.P.
	0.75% on any excess over $250 million
Large Cap Growth Fund	0.65% on the first $500 million; and	Loomis, Sayles & Company, L.P.
	0.60% on any excess over $500 million
Managed Volatility Fund	0.75% on the first $500 million; and	Gateway Investment Advisers, LLC
	0.70% on any excess over $500 million
Mid Cap Growth Fund	0.77% on the first $500 million; and	T. Rowe Price Associates, Inc.
	0.75% on any excess over $500 million
Mid Cap Value Fund	0.84% on the first $500 million; and	American Century Investment Management, Inc.
	0.80% on any excess over $500 million
Small Cap Growth Equity Fund	1.04% on the first $200 million; and	Wellington Management Company LLP
	1.00% on any excess over $200 million
Small Company Value Fund	0.80% on the first $150 million; and	T. Rowe Price Associates, Inc.
	0.70% on any excess over $150 million
Small/Mid Cap Value Fund	0.75% on the first $500 million; and	AllianceBernstein L.P.
	0.70% on any excess over $500 million
Total Return Bond Fund	0.40% on the first $500 million; and	Metropolitan West Asset Management, LLC
	0.38% on any excess over $500 million

* Effective February 5, 2019, Boston Partners Global Investors, Inc. replaced Wellington Management Company LLP as subadviser to the Fund.

Administration Fees

For the Equity Index Fund, Focused Equity Fund, Fundamental Growth Fund, Fundamental Value Fund, Global Fund, International Equity Fund, Small Company Value Fund, and Total Return Bond Fund, under a separate Administrative and Shareholder Services Agreement between the 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

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.

166

Notes to Financial Statements (Unaudited) (Continued)

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary litigation and legal expenses, 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
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, 2020.

Prior to May 1, 2019, MML Advisers agreed to cap the fees and expenses of the Fund noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses^#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Class II		Service Class I
Fundamental Growth Fund		0.85%		1.10%

# Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.

MML Advisers has agreed to voluntarily waive 0.03% of the advisory fee of the Equity Income Fund and 0.05% of the advisory fee of the Small Company Value Fund. MML Advisers may amend or discontinue these waivers at any time without advance notice.

MML Advisers has agreed to waive 0.04% 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, 2020.

Prior to May 1, 2019, MML Advisers agreed to voluntarily waive 0.05% of the advisory fee of the Focused Equity Fund.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the period ended June 30, 2019, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Foreign Fund	$	3,033
Large Cap Growth Fund		114
Managed Volatility Fund		290
Small Cap Growth Equity Fund		1,235
Small/Mid Cap Value Fund		2,638

167

Notes to Financial Statements (Unaudited) (Continued)

Deferred Compensation

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

Other

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

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended June 30, 2019, 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	$	-	$	53,307,319	$	-	$	68,647,200
Equity Income Fund		-		37,618,022		-		63,282,124
Equity Index Fund		-		20,260,557		-		209,054,130
Focused Equity Fund		-		245,956,170		-		39,600,094
Foreign Fund		-		65,581,208		-		65,303,911
Fundamental Growth Fund		-		62,920,036		-		70,241,737
Fundamental Value Fund		-		191,757,970		-		205,601,500
Global Fund		-		203,159,182		-		25,540,522
Growth & Income Fund		-		8,993,652		-		14,574,585
Income & Growth Fund		-		60,336,694		-		77,819,658
International Equity Fund		-		35,126,249		-		31,732,242
Large Cap Growth Fund		-		2,321,962		-		11,436,418
Managed Volatility Fund		-		852,796		-		23,019,828
Mid Cap Growth Fund		-		78,549,668		-		88,225,392
Mid Cap Value Fund		-		76,492,628		-		91,602,686
Small Cap Growth Equity Fund		-		57,618,312		-		69,942,091
Small Company Value Fund		-		10,239,967		-		11,845,844
Small/Mid Cap Value Fund		-		35,109,795		-		40,240,991
Total Return Bond Fund		355,063,948		25,110,876		346,495,368		62,142,717

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 Value Fund	$	-	$	5,231

168

Notes to Financial Statements (Unaudited) (Continued)

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended June 30, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Blue Chip Growth Fund Initial Class
Sold		604,005		$	9,706,121			2,464,836		$	41,097,524
Issued as reinvestment of dividends		-			-			3,092,597			52,821,553
Redeemed		(1,779,590	)		(29,492,452	)		(5,453,960	)		(99,386,541	)
Net increase (decrease)		(1,175,585	)	$	(19,786,331	)		103,473		$	(5,467,464	)
Blue Chip Growth Fund Service Class
Sold		648,637		$	10,460,973			1,887,622		$	32,739,994
Issued as reinvestment of dividends		-			-			1,191,730			19,580,121
Redeemed		(412,729	)		(6,622,197	)		(555,547	)		(9,584,052	)
Net increase (decrease)		235,908		$	3,838,776			2,523,805		$	42,736,063
Equity Income Fund Initial Class
Sold		439,924		$	4,744,741			3,644,888		$	42,637,761
Issued as reinvestment of dividends		-			-			4,160,678			48,263,863
Redeemed		(3,757,302	)		(41,453,039	)		(7,303,653	)		(88,411,458	)
Net increase (decrease)		(3,317,378	)	$	(36,708,298	)		501,913		$	2,490,166
Equity Income Fund Service Class
Sold		254,539		$	2,765,176			699,128		$	7,902,373
Issued as reinvestment of dividends		-			-			857,536			9,835,943
Redeemed		(540,037	)		(5,922,054	)		(930,971	)		(11,027,261	)
Net increase (decrease)		(285,498	)	$	(3,156,878	)		625,693		$	6,711,055
Equity Index Fund Class I
Sold		148,637		$	4,713,083			91,995		$	2,966,868
Issued as reinvestment of dividends		-			-			98,430			3,197,012
Redeemed		(225,127	)		(7,155,859	)		(479,758	)		(15,243,014	)
Net increase (decrease)		(76,490	)	$	(2,442,776	)		(289,333	)	$	(9,079,134	)
Equity Index Fund Class II
Sold		600,686		$	19,412,921			361,961		$	11,272,722
Issued as reinvestment of dividends		-			-			283,559			9,207,167
Redeemed		(315,941	)		(9,991,992	)		(982,582	)		(31,137,585	)
Net increase (decrease)		284,745		$	9,420,929			(337,062	)	$	(10,657,696	)
Equity Index Fund Class III
Sold		9,644		$	305,030			615,653		$	20,621,085
Issued as reinvestment of dividends		-			-			720,026			23,328,843
Redeemed		(6,542,992	)		(211,749,550	)		(1,580,294	)		(51,246,919	)
Net increase (decrease)		(6,533,348	)	$	(211,444,520	)		(244,615	)	$	(7,296,991	)
Equity Index Fund Service Class I
Sold		26,135		$	807,053			74,399		$	2,163,647
Issued as reinvestment of dividends		-			-			74,604			2,351,504
Redeemed		(121,575	)		(3,707,812	)		(267,117	)		(8,195,819	)
Net increase (decrease)		(95,440	)	$	(2,900,759	)		(118,114	)	$	(3,680,668	)

169

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Focused Equity Fund Class II
Sold		37,806,995		$	231,256,767			2,662,739		$	21,522,181
Issued as reinvestment of dividends		-			-			5,355,691			30,902,335
Redeemed		(3,702,694	)		(22,403,760	)		(3,486,605	)		(31,677,720	)
Net increase (decrease)		34,104,301		$	208,853,007			4,531,825		$	20,746,796
Focused Equity Fund Service Class I
Sold		494,385		$	2,782,234			376,431		$	3,091,551
Issued as reinvestment of dividends		-			-			1,215,818			6,784,266
Redeemed		(237,022	)		(1,370,947	)		(257,087	)		(2,172,837	)
Net increase (decrease)		257,363		$	1,411,287			1,335,162		$	7,702,980
Foreign Fund Initial Class
Sold		1,138,593		$	11,223,396			3,243,058		$	34,018,741
Issued as reinvestment of dividends		-			-			713,437			7,662,312
Redeemed		(2,589,095	)		(25,614,239	)		(6,201,582	)		(68,110,318	)
Net increase (decrease)		(1,450,502	)	$	(14,390,843	)		(2,245,087	)	$	(26,429,265	)
Foreign Fund Service Class
Sold		36,542		$	356,915			116,294		$	1,204,281
Issued as reinvestment of dividends		-			-			20,065			214,292
Redeemed		(94,174	)		(922,879	)		(149,688	)		(1,604,937	)
Net increase (decrease)		(57,632	)	$	(565,964	)		(13,329	)	$	(186,364	)
Fundamental Growth Fund Class II
Sold		179,595		$	1,878,253			1,949,758		$	21,593,805
Issued as reinvestment of dividends		-			-			2,708,246			29,655,294
Redeemed		(1,197,644	)		(12,420,837	)		(4,370,488	)		(55,762,299	)
Net increase (decrease)		(1,018,049	)	$	(10,542,584	)		287,516		$	(4,513,200	)
Fundamental Growth Fund Service Class I
Sold		147,605		$	1,552,230			458,941		$	5,393,912
Issued as reinvestment of dividends		-			-			270,393			2,890,500
Redeemed		(103,545	)		(1,079,001	)		(131,913	)		(1,611,718	)
Net increase (decrease)		44,060		$	473,229			597,421		$	6,672,694
Fundamental Value Fund Class II
Sold		274,496		$	3,684,939			1,036,350		$	15,435,084
Issued as reinvestment of dividends		-			-			1,508,659			21,649,257
Redeemed		(1,177,421	)		(15,853,561	)		(3,583,028	)		(53,723,159	)
Net increase (decrease)		(902,925	)	$	(12,168,622	)		(1,038,019	)	$	(16,638,818	)
Fundamental Value Fund Service Class I
Sold		88,164		$	1,167,379			250,690		$	3,680,455
Issued as reinvestment of dividends		-			-			112,320			1,585,954
Redeemed		(112,466	)		(1,495,882	)		(140,737	)		(2,035,818	)
Net increase (decrease)		(24,302	)	$	(328,503	)		222,273		$	3,230,591
Global Fund Class I
Sold		16,817,008		$	201,095,005			2,554,449		$	31,314,905
Issued as reinvestment of dividends		-			-			2,338,747			27,480,281
Redeemed		(2,315,546	)		(26,781,828	)		(3,185,325	)		(39,543,208	)
Net increase (decrease)		14,501,462		$	174,313,177			1,707,871		$	19,251,978

170

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Global Fund Class II
Sold		21,058		$	252,958			39,560		$	504,041
Issued as reinvestment of dividends		-			-			189,873			2,282,278
Redeemed		(87,974	)		(1,043,627	)		(162,413	)		(2,040,592	)
Net increase (decrease)		(66,916	)	$	(790,669	)		67,020		$	745,727
Global Fund Service Class I
Sold		96,609		$	1,110,147			207,223		$	2,493,252
Issued as reinvestment of dividends		-			-			181,734			2,109,930
Redeemed		(182,514	)		(2,091,905	)		(245,364	)		(3,007,449	)
Net increase (decrease)		(85,905	)	$	(981,758	)		143,593		$	1,595,733
Growth & Income Fund Initial Class
Sold		36,740		$	683,381			119,769		$	2,132,714
Issued as reinvestment of dividends		-			-			49,276			922,933
Redeemed		(410,937	)		(7,657,860	)		(918,605	)		(16,393,730	)
Net increase (decrease)		(374,197	)	$	(6,974,479	)		(749,560	)	$	(13,338,083	)
Growth & Income Fund Service Class
Sold		147,126		$	2,695,968			578,617		$	10,270,519
Issued as reinvestment of dividends		-			-			13,045			242,772
Redeemed		(131,935	)		(2,433,191	)		(279,656	)		(4,937,473	)
Net increase (decrease)		15,191		$	262,777			312,006		$	5,575,818
Income & Growth Fund Initial Class
Sold		310,697		$	2,924,815			3,358,694		$	36,563,702
Issued as reinvestment of dividends		-			-			6,882,783			68,070,720
Redeemed		(2,677,955	)		(25,042,628	)		(4,660,765	)		(54,495,441	)
Net increase (decrease)		(2,367,258	)	$	(22,117,813	)		5,580,712		$	50,138,981
Income & Growth Fund Service Class
Sold		188,652		$	1,745,437			457,539		$	5,136,040
Issued as reinvestment of dividends		-			-			718,834			7,008,633
Redeemed		(174,003	)		(1,609,390	)		(454,154	)		(5,067,384	)
Net increase (decrease)		14,649		$	136,047			722,219		$	7,077,289
International Equity Fund Class II
Sold		1,321,000		$	12,482,271			3,756,873		$	38,252,215
Issued as reinvestment of dividends		-			-			373,555			4,053,077
Redeemed		(1,166,517	)		(11,482,404	)		(2,418,348	)		(27,520,770	)
Net increase (decrease)		154,483		$	999,867			1,712,080		$	14,784,522
International Equity Fund Service Class I
Sold		60,242		$	592,174			250,373		$	2,770,944
Issued as reinvestment of dividends		-			-			10,810			116,423
Redeemed		(32,579	)		(321,421	)		(57,918	)		(625,081	)
Net increase (decrease)		27,663		$	270,753			203,265		$	2,262,286
Large Cap Growth Fund Initial Class
Sold		199,372		$	2,098,449			2,298,401		$	24,058,167
Issued as reinvestment of dividends		-			-			643,854			7,127,458
Redeemed		(1,215,407	)		(13,054,091	)		(4,357,531	)		(47,416,397	)
Net increase (decrease)		(1,016,035	)	$	(10,955,642	)		(1,415,276	)	$	(16,230,772	)

171

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Large Cap Growth Fund Service Class
Sold		173,245		$	1,867,881			446,254		$	4,710,446
Issued as reinvestment of dividends		-			-			77,140			826,941
Redeemed		(101,695	)		(1,068,606	)		(116,132	)		(1,228,847	)
Net increase (decrease)		71,550		$	799,275			407,262		$	4,308,540
Managed Volatility Fund Initial Class
Sold		487,104		$	6,124,159			492,848		$	6,197,396
Issued as reinvestment of dividends		-			-			133,484			1,709,123
Redeemed		(878,785	)		(10,960,141	)		(2,333,988	)		(29,063,105	)
Net increase (decrease)		(391,681	)	$	(4,835,982	)		(1,707,656	)	$	(21,156,586	)
Managed Volatility Fund Service Class
Sold		73,190		$	905,992			202,575		$	2,518,645
Issued as reinvestment of dividends		-			-			24,099			306,248
Redeemed		(176,032	)		(2,180,049	)		(461,486	)		(5,753,477	)
Net increase (decrease)		(102,842	)	$	(1,274,057	)		(234,812	)	$	(2,928,584	)
Mid Cap Growth Fund Initial Class
Sold		1,781,534		$	29,543,340			1,138,114		$	18,294,113
Issued as reinvestment of dividends		-			-			2,925,630			47,102,641
Redeemed		(2,064,572	)		(33,114,232	)		(4,110,331	)		(67,894,871	)
Net increase (decrease)		(283,038	)	$	(3,570,892	)		(46,587	)	$	(2,498,117	)
Mid Cap Growth Fund Service Class
Sold		297,175		$	4,564,487			844,382		$	13,330,015
Issued as reinvestment of dividends		-			-			825,741			12,765,952
Redeemed		(487,873	)		(7,539,871	)		(841,191	)		(13,264,688	)
Net increase (decrease)		(190,698	)	$	(2,975,384	)		828,932		$	12,831,279
Mid Cap Value Fund Initial Class
Sold		720,695		$	7,402,262			2,443,831		$	26,255,117
Issued as reinvestment of dividends		-			-			4,297,558			48,304,550
Redeemed		(3,381,747	)		(35,826,560	)		(6,127,501	)		(71,122,235	)
Net increase (decrease)		(2,661,052	)	$	(28,424,298	)		613,888		$	3,437,432
Mid Cap Value Fund Service Class
Sold		262,536		$	2,735,498			648,931		$	7,119,700
Issued as reinvestment of dividends		-			-			534,477			5,905,971
Redeemed		(321,019	)		(3,342,771	)		(630,619	)		(7,122,019	)
Net increase (decrease)		(58,483	)	$	(607,273	)		552,789		$	5,903,652
Small Cap Growth Equity Fund Initial Class
Sold		383,203		$	5,850,186			1,193,475		$	16,874,435
Issued as reinvestment of dividends		-			-			1,248,350			20,293,872
Redeemed		(1,420,626	)		(21,654,935	)		(3,841,118	)		(59,693,280	)
Net increase (decrease)		(1,037,423	)	$	(15,804,749	)		(1,399,293	)	$	(22,524,973	)
Small Cap Growth Equity Fund Service Class
Sold		148,238		$	2,129,365			493,662		$	7,292,510
Issued as reinvestment of dividends		-			-			154,642			2,377,009
Redeemed		(158,362	)		(2,270,326	)		(186,179	)		(2,690,123	)
Net increase (decrease)		(10,124	)	$	(140,961	)		462,125		$	6,979,396

172

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Small Company Value Fund Class II
Sold		170,332		$	2,725,126			311,558		$	5,228,843
Issued as reinvestment of dividends		-			-			294,350			5,157,012
Redeemed		(390,319	)		(6,108,057	)		(1,053,838	)		(17,716,346	)
Net increase (decrease)		(219,987	)	$	(3,382,931	)		(447,930	)	$	(7,330,491	)
Small Company Value Fund Service Class I
Sold		105,300		$	1,604,056			339,490		$	5,463,333
Issued as reinvestment of dividends		-			-			82,700			1,405,903
Redeemed		(118,480	)		(1,789,808	)		(201,731	)		(3,241,623	)
Net increase (decrease)		(13,180	)	$	(185,752	)		220,459		$	3,627,613
Small/Mid Cap Value Fund Initial Class
Sold		458,015		$	5,197,045			1,709,758		$	21,459,255
Issued as reinvestment of dividends		-			-			1,642,960			21,802,071
Redeemed		(1,243,591	)		(14,806,555	)		(2,953,473	)		(40,187,875	)
Net increase (decrease)		(785,576	)	$	(9,609,510	)		399,245		$	3,073,451
Small/Mid Cap Value Fund Service Class
Sold		151,449		$	1,763,273			288,847		$	3,713,859
Issued as reinvestment of dividends		-			-			190,987			2,507,665
Redeemed		(121,175	)		(1,420,678	)		(267,604	)		(3,553,391	)
Net increase (decrease)		30,274		$	342,595			212,230		$	2,668,133
Total Return Bond Fund Class II
Sold		2,409,553		$	24,896,865			4,313,580		$	44,049,434
Issued as reinvestment of dividends		-			-			720,882			7,259,284
Redeemed		(4,301,612	)		(44,892,390	)		(9,622,499	)		(97,319,609	)
Net increase (decrease)		(1,892,059	)	$	(19,995,525	)		(4,588,037	)	$	(46,010,891	)
Total Return Bond Fund Service Class I
Sold		368,526		$	3,818,238			675,219		$	6,781,521
Issued as reinvestment of dividends		-			-			41,780			416,963
Redeemed		(118,198	)		(1,219,910	)		(306,990	)		(3,080,609	)
Net increase (decrease)		250,328		$	2,598,328			410,009		$	4,117,875

173

Notes to Financial Statements (Unaudited) (Continued)

6. Federal Income Tax Information

At June 30, 2019, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Blue Chip Growth Fund	$	241,566,477	$	171,584,014	$	(2,175,326	)	$	169,408,688
Equity Income Fund		389,957,985		89,305,350		(18,474,279	)		70,831,071
Equity Index Fund		357,362,474		206,339,470		(13,686,834	)		192,652,636
Focused Equity Fund		275,095,087		17,124,353		(10,454	)		17,113,899
Foreign Fund		311,666,630		31,905,832		(31,548,595	)		357,237
Fundamental Growth Fund		89,975,116		21,193,074		(312,560	)		20,880,514
Fundamental Value Fund		177,049,753		16,283,474		(3,949,782	)		12,333,692
Global Fund		374,163,598		67,976,040		(11,189,207	)		56,786,833
Growth & Income Fund		93,121,549		56,416,068		(3,051,370	)		53,364,698
Income & Growth Fund		269,588,194		29,782,863		(17,984,870	)		11,797,993
International Equity Fund		197,137,693		9,145,688		(24,166,240	)		(15,020,552	)
Large Cap Growth Fund		68,558,895		36,306,661		(1,492,584	)		34,814,077
Managed Volatility Fund		107,713,906		58,829,570		(7,754,260	)		51,075,310
Mid Cap Growth Fund		374,025,736		155,654,150		(13,640,291	)		142,013,859
Mid Cap Value Fund		403,131,519		45,599,802		(25,383,476	)		20,216,326
Small Cap Growth Equity Fund		174,735,859		36,308,009		(7,056,254	)		29,251,755
Small Company Value Fund		77,737,521		26,452,042		(5,329,885	)		21,122,157
Small/Mid Cap Value Fund		195,442,840		27,003,363		(19,863,363	)		7,140,000
Total Return Bond Fund		400,011,743		10,168,832		(1,553,280	)		8,615,552

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, 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.

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.

174

Notes to Financial Statements (Unaudited) (Continued)

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

	Ordinary Income		Long Term Capital Gain
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		-

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.

175

Notes to Financial Statements (Unaudited) (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)
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
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	)

The Funds did not have any unrecognized tax benefits at June 30, 2019, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended June 30, 2019, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

7. Indemnifications

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

8. New Accounting Pronouncements

In 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”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the impact of ASU 2018-13 and has early adopted the disclosure requirements and the impact, if any, is reflected within the Funds’ financial statements.

176

Notes to Financial Statements (Unaudited) (Continued)

9. Legal Proceedings

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

The potential 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 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 June 30, 2019, 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 July 1, 2019, MML Advisers has agreed to voluntarily waive an additional 0.01% of the advisory fee of the Foreign Fund. MML Advisers may amend or discontinue this waiver at any time without advance notice.

Tina Wilson resigned as President of the Trust effective as of August 9, 2019. Eric H. Wietsma was elected as President of the Trust effective August 9, 2019.

177

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 Securities and Exchange Commission’s (“SEC”) 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

Effective for periods ending on or after March 31, 2019, the Funds will file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT will be available on the SEC’s EDGAR database on its website at http://www.sec.gov. For periods ending prior to March 31, 2019, this information was filed 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.

Trustees’ Approval of Investment Advisory Contracts

At their meeting in March 2019, 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 amend the subadvisory agreement with T. Rowe Price Associates, Inc. (“T. Rowe Price”) for the Blue Chip Growth Fund to modify the transitional credit language in the agreement. In arriving at their decision, the Trustees discussed the fees payable to T. Rowe Price by MML Advisers and concluded that the modified transitional credit language was appropriate and in the best interests of the Fund. In their deliberations, the Trustees were advised by independent counsel.

Prior to the vote being taken to approve the amendment to the subadvisory agreement discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such 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 amended subadvisory agreement became effective on April 1, 2019.

At their meetings in May and June 2019, the Contract Committee (the “Committee”) and the Trustees, including the Independent Trustees, re-approved the existing advisory and subadvisory agreements (collectively, the “Contracts”) for each of the Blue Chip Growth Fund, Equity Income Fund, Equity Index Fund, Focused Equity Fund, Foreign Fund, Fundamental Growth Fund, Fundamental Value Fund, Global Fund, Growth & Income Fund, Income & Growth Fund, International Equity Fund, Large Cap Growth Fund, Managed Volatility Fund, Mid Cap Growth Fund, Mid Cap Value Fund, Small Cap Growth Equity Fund, Small Company Value Fund, Small/Mid Cap Value Fund, and Total Return Bond Fund. In preparation for the meetings, the Trustees requested, and MML Advisers and the subadvisers provided in advance, certain materials relevant to the consideration of the Contracts (the “Meeting Materials”). In all of their deliberations, the Trustees were advised by independent counsel.

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

The Committee considered the nature, scope, and quality of services MML Advisers provides to the Funds, including: (i) the financial condition, stability, and business strategy of MML Advisers; (ii) the capabilities of MML Advisers with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MML Advisers’ ability

178

Other Information (Unaudited) (Continued)

to provide investment oversight and provide for administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MML Advisers that perform, or oversee the performance of, the services provided to the Funds, and the needs of the Funds for administrative and shareholder services.

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

The Committee reviewed the expense and performance information for each Fund. (References to any one- or three-year period below are to periods ended December 31, 2018. In all cases, the comparative expense information is that of a Fund’s “peer group” and the comparative performance information is that of a Fund’s “performance category.”)

The Committee considered that the total net expense ratios for the following Funds were within the top sixty percent of their peer groups, and in most cases in the top forty percent. Those Funds include the Income & Growth Fund, Large Cap Growth Fund, Mid Cap Growth Fund, Growth & Income Fund, Managed Volatility Fund, Small/Mid Cap Value Fund, Total Return Bond Fund, Fundamental Growth Fund, Global Fund, and Equity Index Fund. Of those Funds, all had net advisory fees below the medians of their peers, except the Income & Growth Fund, Large Cap Growth Fund, and Mid Cap Growth Fund, all of which had net advisory fees that were within what the Committee considered a sufficiently limited margin from the median as not to call into question their continuation.

In the case of the Fundamental Value Fund and International Equity Fund, the Committee considered that each Fund had a total net expense ratio outside the top sixty percent of their peer groups, but a net advisory fee below the peer group median.

The Committee considered a number of other Funds with relatively high total net expense ratios and net advisory fees, but whose net advisory fees MML Advisers considered to be within an appropriate range for the reason described below. MML Advisers noted that the advisory agreements for those Funds require the adviser itself to bear some or all of the Funds’ shareholder servicing expense. The Committee considered MML Advisers’ statement that, if the net advisory fees for those Funds were reduced by the portion of the fees attributable to administrative services (which include shareholder services), the net advisory fee would be less than, or within what MML Advisers considers an acceptable margin of, the applicable peer group median. Those Funds included the Small Cap Growth Equity Fund, Foreign Fund, Mid Cap Value Fund, Equity Income Fund, and Blue Chip Growth Fund. The Committee noted that with respect to the Foreign Fund, MML Advisers was proposing to implement an additional voluntary one basis point advisory fee waiver in order to reduce the Fund’s net advisory fee and total net expense ratio.

The Committee also considered MML Advisers’ statements that, although the total net expense ratio and net advisory fee of the Focused Equity Fund were outside the top sixty percent of its peer group (63^rd comparative percentile in each case), the Fund’s net advisory fee was only one basis point above the peer group median, and the Fund’s total net expense ratio was six basis points above the peer group median. As to the Small Company Value Fund, the Committee considered MML Advisers’ statements that, although the Fund’s total net expense ratio and net advisory fee were outside the top sixty percent of its peer group (72^nd percentile and 79^th percentile, respectively), MML Advisers viewed the net advisory fee as competitive at 5 basis points above the peer group median, and the Fund had first-decile three year performance.

The Committee determined on the basis of these factors that the expenses of those Funds were consistent with the continuation of their advisory agreements.

The Committee considered that the following Funds achieved one- and three-year investment performance above the medians of their performance categories, or in the top sixty percent of their performance categories. Those included the Small Cap Growth Equity Fund, Small Company Value Fund, Mid Cap Value Fund, Equity Income Fund, Blue Chip Growth Fund, Mid Cap Growth

179

Other Information (Unaudited) (Continued)

Fund, Growth & Income Fund, Managed Volatility Fund, Small/Mid Cap Value Fund, Fundamental Growth Fund, Global Fund, Focused Equity Fund, and Equity Index Fund. In addition, the Committee considered that the Foreign Fund and Total Return Bond Fund both experienced three-year investment performance outside the top sixty percent of their performance categories, but experienced improved performance for the one-year period, in each case above the median of their performance categories.

The Committee considered that each of the International Equity Fund and Income & Growth Fund had achieved favorable three-year relative performance, but had experienced less favorable one-year performance. The Committee took into account MML Advisers’ continued confidence in the longer-term performance of the subadvisers in question.

As to the Large Cap Growth Fund, the Committee considered that the Fund’s current subadviser had replaced the prior subadviser within the three-year period, and that MML Advisers is satisfied with the subadviser’s performance since its appointment. As to the Fundamental Value Fund, the Committee considered that the Fund’s performance had improved from the 84^th comparative percentile to the 74^th percentile of its performance category between the three-year period and the one-year period, that the subadviser for the Fund had been changed recently, and that MML Advisers expects performance to improve as a result.

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

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

Also at their meeting in June 2019, the Trustees, including the Independent Trustees, reviewed and approved a proposal to make changes to the existing subadvisory agreement between MML Advisers and American Century Investment Management, Inc. (“American Century”) for the Mid Cap Value Fund in order to lower the subadvisory fee paid on behalf of the Fund. In arriving at their decision, the Trustees discussed the fees payable to American Century on behalf of the Mid Cap Value 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 are not excessive and the subadvisory fee amount under the amended subadvisory agreement is fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

Prior to the vote being taken to approve the amendment to the subadvisory agreement discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such 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 amended subadvisory agreement became effective on June 20, 2019.

180

Other Information (Unaudited) (Continued)

Fund Expenses June 30, 2019

Expense Examples:

The following information is in regards to expenses for the six months ended June 30, 2019:

As a shareholder of the Funds, you incur ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended June 30, 2019.

Actual Expenses:

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

Hypothetical Example for Comparison Purposes:

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

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

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Blue Chip Growth Fund
Initial Class	$	1,000		0.78	%	$	1,208.20	$	4.22	$	1,020.70	$	3.86
Service Class		1,000		1.03	%		1,206.70		5.57		1,019.50		5.10
Equity Income Fund
Initial Class		1,000		0.76	%		1,157.40		4.02		1,020.80		3.77
Service Class		1,000		1.01	%		1,156.20		5.34		1,019.60		5.00
Equity Index Fund
Class I		1,000		0.43	%		1,182.30		2.30		1,022.40		2.13
Class II		1,000		0.28	%		1,182.90		1.50		1,023.10		1.39
Class III		1,000		0.13	%		1,184.00		0.70		1,023.90		0.65
Service Class I		1,000		0.68	%		1,181.00		3.64		1,021.20		3.37
Focused Equity Fund
Class II		1,000		0.88	%		1,206.40		4.76		1,020.20		4.36
Service Class I		1,000		1.13	%		1,203.90		6.11		1,019.00		5.59
Foreign Fund
Initial Class		1,000		0.93	%		1,076.80		4.74		1,020.00		4.61
Service Class		1,000		1.18	%		1,073.90		6.00		1,018.70		5.84

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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		0.85	%	$	1,209.20	$	4.60	$	1,020.40	$	4.21
Service Class I		1,000		1.10	%		1,206.60		5.95		1,019.10		5.45
Fundamental Value Fund
Class II		1,000		0.79	%		1,120.40		4.11		1,020.60		3.91
Service Class I		1,000		1.04	%		1,119.10		5.40		1,019.40		5.15
Global Fund
Class I		1,000		0.80	%		1,210.70		4.34		1,020.60		3.96
Class II		1,000		0.80	%		1,210.90		4.34		1,020.60		3.96
Service Class I		1,000		1.05	%		1,209.70		5.69		1,019.40		5.20
Growth & Income Fund
Initial Class		1,000		0.56	%		1,209.20		3.03		1,021.80		2.78
Service Class		1,000		0.81	%		1,208.40		4.39		1,020.50		4.01
Income & Growth Fund
Initial Class		1,000		0.69	%		1,148.40		3.63		1,021.10		3.42
Service Class		1,000		0.94	%		1,147.10		4.95		1,019.90		4.66
International Equity Fund
Class II		1,000		1.00	%		1,131.30		5.23		1,019.60		4.95
Service Class I		1,000		1.25	%		1,130.10		6.53		1,018.40		6.19
Large Cap Growth Fund
Initial Class		1,000		0.73	%		1,221.10		3.98		1,020.90		3.62
Service Class		1,000		0.98	%		1,220.10		5.33		1,019.70		4.85
Managed Volatility Fund
Initial Class		1,000		1.06	%		1,069.40		5.38		1,019.30		5.25
Service Class		1,000		1.31	%		1,068.10		6.64		1,018.10		6.48
Mid Cap Growth Fund
Initial Class		1,000		0.81	%		1,241.80		4.45		1,020.50		4.01
Service Class		1,000		1.06	%		1,240.80		5.82		1,019.30		5.25
Mid Cap Value Fund
Initial Class		1,000		0.88	%		1,172.20		4.69		1,020.20		4.36
Service Class		1,000		1.13	%		1,172.10		6.02		1,019.00		5.59
Small Cap Growth Equity Fund
Initial Class		1,000		1.08	%		1,251.30		5.96		1,019.20		5.35
Service Class		1,000		1.33	%		1,249.70		7.34		1,018.00		6.58
Small Company Value Fund
Class II		1,000		0.99	%		1,171.70		5.27		1,019.70		4.90
Service Class I		1,000		1.24	%		1,171.30		6.60		1,018.40		6.14
Small/Mid Cap Value Fund
Initial Class		1,000		0.80	%		1,141.20		4.20		1,020.60		3.96
Service Class		1,000		1.05	%		1,140.00		5.51		1,019.40		5.20
Total Return Bond Fund
Class II		1,000		0.60	%		1,064.00		3.04		1,021.60		2.97
Service Class I		1,000		0.85	%		1,062.60		4.30		1,020.40		4.21

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2019, multiplied by the average account value over the period, multiplied by 179 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.

182

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, Connecticut 06082-1981

^© 2019 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. Investment Adviser: MML Investment Advisers, LLC RS-45237-02

American Funds
Insurance Series^®   Semi-annual report
for the six months ended
June 30, 2019

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 fund’s return to lag those of the applicable underlying funds in certain rising market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

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

Contents

1	Letter to investors
4	Fund reviews
	Investment portfolios
45	Global Growth Fund
48	Global Small Capitalization Fund
51	Growth Fund
53	International Fund
56	New World Fund®
59	Blue Chip Income and Growth Fund
62	Global Growth and Income Fund
65	Growth-Income Fund
68	International Growth and Income Fund
71	Capital Income Builder®
76	Asset Allocation Fund
82	Global Balanced Fund
87	Bond Fund
92	Global Bond Fund
98	High-Income Bond Fund
102	Mortgage Fund
106	Ultra-Short Bond Fund
107	U.S. Government/AAA-Rated Securities Fund
112	Managed Risk Growth Fund
113	Managed Risk International Fund
114	Managed Risk Blue Chip Income and Growth Fund
115	Managed Risk Growth-Income Fund
117	Managed Risk Asset Allocation Fund
118	Financial statements

Fellow investors:

Global stocks advanced and several market indexes hit record highs in the six months ending June 30, 2019, with the MSCI ACWI (All Country World Index) ^1,2 returning 16.23%. Investor sentiment improved as central banks around the world made it clear that the era of accommodative monetary policy is far from over, and as economies and earnings held up better than expected.

The United States had one of the strongest markets, as the MSCI USA Index^1,3 climbed 18.79%, touching new all-time highs. While U.S. stocks strongly rallied coming out of a downturn toward the end of 2018, economic data was mixed. The U.S. economy grew at a strong 3.1% annual rate in the first quarter, but is expected to slow in the second quarter, and the labor market showed signs of plateauing. In May, only 75,000 jobs were added to the workforce, and wages grew 3.1% from the previous year — the slowest pace since September. The Conference Board’s consumer confidence index declined to its lowest point in nearly two years, likely due to rising trade tensions, but S&P 500 constituent firms reported upside corporate earnings surprises — particularly within communication services — which kept sentiment high.

Information technology stocks led markets higher for the first half of 2019, extending gains after a particularly strong first quarter. Cyclical stocks rallied as officials with the U.S. Federal Reserve and the European Central Bank suggested that interest rate cuts or other stimulus measures could be on the way. Health care, a traditionally defensive sector, lagged the overall market. Calls for drastic drug pricing reform by 2020 presidential candidates have weighed on sentiment and pressured stocks within the biotechnology industry. Energy stocks declined as crude oil prices dropped in early June.

The U.S. Federal Reserve kept the fed funds rate flat at 2.5% at its January, March and June meetings and said it expected no further increases for the rest of 2019. Recently, the Fed has gone even further, signaling it is now likely to cut rates, and actually doing so on July 31. Other central banks around the world echoed that dovish tone. The European Central bank revived a previously halted stimulus plan and indicated that negative interest rates would remain in place through the end of 2019.

In Europe, stocks rose on the prospects of lower interest rates and steady earnings despite continuing political turmoil, including the announced resignation of U.K. Prime Minster Theresa May amid stalled Brexit negotiations. Overall, the MSCI Europe Index¹ gained 15.80% year-to-date. Elsewhere among developed markets, Japanese stocks rebounded in the first quarter despite an economic slowdown, with the MSCI Japan Index posting a 7.75% gain for the period but trailing other major global markets as exports remained weak. Emerging markets stocks fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. Overall, the MSCI Emerging Markets Investible Market Index^1,4 gained 10.14% for the six months.

See page 2 for footnotes.

All market returns 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. Source: MSCI.

American Funds Insurance Series 1

In bond markets, the Bloomberg Barclays U.S. Corporate Investment Grade Index^5,6 gained 9.85% and the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index^5,7 rose 9.94% as investors sought higher yields than those offered by U.S. Treasuries. Bloomberg Barclays Global Aggregate Index^5,8 climbed 5.57%, while the Bloomberg Barclays U.S. Aggregate Index^5,9 increased 6.11%. The 10-year Treasury yield, which stood at 2.69% on December 31, 2018, fell to 2.00%. The J.P. Morgan Emerging Markets Bond Index Global¹⁰ gained 10.60%, aided by falling U.S. Treasury yields and a declining dollar against many emerging markets currencies.

The U.S. dollar was mixed but relatively unchanged against global currencies. In developed markets, the euro, Australian dollar and British pound slid 0.38%, 0.32% and 0.07%, respectively, while the Japanese yen advanced 1.83% and Canadian dollar gained 4.52% on the greenback.

The period was one of strong performance for American Funds Insurance Series, with most funds recording double-digit returns.

The road ahead

The U.S. economy has been resilient and strong, providing a good fundamental backdrop for the stock market. After a decline in the fourth quarter of 2018, investors have enjoyed a sharp recovery in the first half of 2019. In the midst of this positive environment, potential sources of volatility remain, the largest of which is probably the U.S.-China trade struggle. There is bipartisan support for reining in China on trade-related issues, so it appears that even if a deal is reached in the short term, the dispute may be a lengthy one — and markets may continue to rise and fall on the news. Other geopolitical tensions, such as developments regarding Iran, Russia, Venezuela and North Korea, also bear monitoring. In the U.K., while the fate of Brexit seems to drag on, there is some chance that come October 31, 2019, there will be a resolution. In the event of a hard Brexit, we would expect markets to react negatively. All of these events have the potential to move markets but we shouldn’t consider them all negative — they could also move markets forward if they resolve in a more positive way.

We had been on a trajectory of normalization of interest rates but geopolitical tensions and some evidence of a cooling U.S. economy, along with a fall in 10-year Treasury rates, have put pressure on the Fed to cut rates, which is expected to be helpful to markets. We will see if the economy responds in a positive way or if the Fed will have to cut further. With the bond market seemingly anticipating an economic slowdown while the equity market is anticipating continued growth, we could see market volatility reappear in the comings months.

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

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

Sincerely,

Donald D. O’Neal
Co-President

Alan N. Berro
Co-President

August 13, 2019

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

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

American Funds Insurance Series 3

Global Growth Fund

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

Global Growth Fund rose 21.41% for the six months ended June 30, 2019, compared with a 16.23% increase for the MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks, as measured by the MSCI ACWI, rallied for much of the first half of 2019 supported by better-than-expected U.S. economic data and accommodative monetary policies in the U.S., Europe and China. Signs of progress in U.S.-China trade negotiations also boosted investor sentiment except for part of May when U.S.-China trade talks broke down. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. In Europe, markets advanced along with global equities despite ongoing signs of weakening economic data in the 19-member eurozone.

An eclectic mix of information technology and consumer discretionary investments boosted the fund’s relative returns. Information technology sector stocks ASML and Paycom outpaced the wider market and were among the top contributors to the fund’s relative returns. Consumer discretionary stock Amazon also helped the fund’s relative returns, boosted by revenue growth.

Investments in consumer staples were the biggest drag on relative results. Walgreens Boots Alliance Inc. hindered returns after its shares plunged in April on weak fiscal second-quarter results.

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

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

Country diversification	Percent of net assets
The Americas
United States		45.2	%
Other		1.9
		47.1
Europe
United Kingdom		6.6
Netherlands		6.2
France		5.6
Switzerland		4.5
Germany		2.3
Russian Federation		1.3
Denmark		1.2
Sweden		1.0
Other		1.3
		30.0
Asia/Pacific Basin
China		4.6
Taiwan		3.5
Hong Kong		3.5
Japan		2.7
India		2.1
Other		2.1
		18.5
Other regions
South Africa		1.1
Short-term securities & other assets less liabilities		3.3
Total		100.0	%

4 American Funds Insurance Series

Global Growth Fund

Largest equity securities2	Percent of net assets
Amazon		6.74	%
ASML		3.84
Microsoft		3.63
TSMC		3.51
Alphabet		3.19
Visa		3.14
AIA Group		2.56
Alibaba Group		2.49
Airbus		2.45
Broadcom		2.22

Total returns based on a $1,000 investment
For periods ended June 30, 20193
	6 months			1 year			5 years			10 years			Lifetime (since April 30, 1997)			Expense ratio
Class 1		21.41	%		7.31	%		9.53	%		12.66	%		9.91	%		.55	%
Class 1A		21.23			7.01			9.27			12.38			9.63			.80
Class 2		21.25			7.05			9.26			12.38			9.63			.80
Class 4		21.07			6.78			8.98			12.14			9.38			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. 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	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
3	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 5

Global Small Capitalization Fund

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

Global Small Capitalization Fund increased 20.30% for the six months ended June 30, 2019. Its benchmark, the MSCI All Country World Small Cap Index,¹ a free float-adjusted market capitalization-weighted index designed to measure equity market results of smaller capitalization companies in both developed and emerging markets, gained 15.01%.

Global stocks, as measured by the MSCI ACWI, rallied for much of the first half of 2019 supported by better-than-expected U.S. economic data and accommodative monetary policies in the U.S., Europe and China. Optimism about U.S.-China trade negotiations also boosted investor sentiment except for part of May when U.S.-China trade talks broke down. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. In Europe, markets advanced along with global equities despite ongoing signs of weakening economic data in the 19-member eurozone.

Fund holdings in the information technology sector contributed the most to relative returns. Information technology stock Paycom widely outpaced the broader market and was among the fund’s top contributors over the period. However, the fund’s holdings of health care companies Evolent Health and Allakos detracted from returns.

While investments in U.S. companies were additive to returns, investments in companies domiciled in Mexico detracted.

The fund’s portfolio managers continue to seek investment opportunities in undervalued companies that have the potential to change industries and benefit shareholders. They believe rigorous bottom-up research into each potential equity investment can help achieve this goal. The fund currently holds nearly 300 companies diversified across geographies and industries. As always, we maintain our commitment to investing for the long term.

Country diversification	Percent of net assets
The Americas
United States		41.1	%
Brazil		2.3
Canada		1.5
Other		1.3
		46.2
Asia/Pacific Basin
India		5.6
China		5.1
Japan		5.1
Philippines		2.0
Hong Kong		1.6
Australia		1.1
Taiwan		1.0
South Korea		1.0
Other		1.2
		23.7
Europe
United Kingdom		8.3
Germany		3.0
Italy		2.3
Sweden		2.1
Netherlands		2.1
Switzerland		1.6
Other		3.3
		22.7
Short-term securities & other assets less liabilities		7.4
Total		100.0	%

Largest equity securities2	Percent of net assets
GW Pharmaceuticals		3.20	%
Insulet		2.81
Haemonetics		1.57
Kotak Mahindra Bank		1.51
International Container Terminal Services		1.46
frontdoor		1.24
CONMED		1.18
Integra LifeSciences Holdings		1.14
Paycom		1.11
Essent Group		1.08

6 American Funds Insurance Series

Global Small Capitalization Fund

Total returns based on a $1,000 investment
For periods ended June 30, 20193
	6 months			1 year			5 years			10 years			Lifetime (since April 30, 1998)			Expense ratio
Class 1		20.30	%		3.18	%		6.00	%		10.70	%		9.47	%		.74	%
Class 1A		20.21			2.90			5.75			10.43			9.20			.99
Class 2		20.16			2.90			5.73			10.42			9.20			.99
Class 4		20.05			2.65			5.47			10.16			8.93			1.24

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019. 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	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
3	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 7

Growth Fund

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

Growth Fund gained 16.80% for the six months ended June 30, 2019, compared with a 18.54% increase in its benchmark index, Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equity markets shrugged off a sharp decline in December and rallied to all-time highs in April – achieving strong gains despite a volatile stretch in May. Solid economic growth and indications the U.S. Federal Reserve will keep interest rates low increased investor optimism that the economic expansion can be sustained longer than previously expected. Information technology stocks led markets higher, extending gains through June after a particularly strong first quarter. Outside the U.S., European stocks advanced despite signs of slowing economic growth and continued trade uncertainty. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries.

Companies in the communication services sector, led by Facebook and Netflix (which benefitted from strong user and revenue growth), contributed to relative results. Investments in the consumer discretionary and health-care sectors detracted from the fund’s relative results. The fund’s top detractor to returns was consumer discretionary company Tesla Inc. While Tesla has led an electric vehicle revolution in the automotive industry, it has experienced recent growing pains as it attacks the challenge of getting its moderately priced offerings built, delivered and serviced at volume.

Although U.S. economic growth remained solid, the fund’s portfolio managers are keeping a close watch on near-term economic indicators, such as wage growth, monetary policy and trade relations. Portfolio managers continue to favor well-positioned, growth-oriented companies that are capable of generating free cash flow in myriad near term economic environments and remain optimistic that our global research will help us identify attractive long-term investment opportunities.

Largest equity securities2	Percent of net assets
Facebook		5.60	%
Microsoft		5.30
Amazon		3.60
Netflix		3.46
Alphabet		3.07
UnitedHealth Group		2.97
Broadcom		2.77
Intuitive Surgical		1.86
Home Depot		1.79
ServiceNow		1.76

8 American Funds Insurance Series

Growth Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		16.80	%		6.22	%		12.70	%		15.37	%		12.75	%		.34	%
Class 1A		16.66			5.96			12.44			15.09			12.47			.59
Class 2		16.65			5.95			12.42			15.09			12.47			.59
Class 3		16.68			6.02			12.50			15.17			12.55			.52
Class 4		16.51			5.70			12.14			14.82			12.19			.84

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. See the Financial Highlights table in this report for details.

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

1	Source: S&P Dow Jones Indices LLC.
2	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
3	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 9

International Fund

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

International Fund gained 14.94% for the six months ended June 30, 2019. Its benchmark, the MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.), increased 13.60%.

Global stocks, as measured by the MSCI ACWI, rallied for much of the first half of 2019 supported by better-than-expected U.S. economic data and accommodative monetary policies in the U.S., Europe and China. Signs of progress in U.S.-China trade negotiations also boosted investor sentiment except for part of May when U.S.-China trade talks broke down. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. In Europe, markets advanced along with global equities despite ongoing signs of weakening economic data in the 19-member eurozone.

Investments in the financials and communication services sectors boosted relative returns with Indian companies Axis Bank and HDFC Bank among the top contributors thanks to favorable political and economic tail winds in India. Among the biggest detractors to relative returns was health-care sector stock Teva Pharmaceutical, whose stock price suffered amid continued opioid litigation.

The fund’s portfolio managers continue to monitor volatility and potential headwinds brought about by political and trade uncertainty. Given how late it may be in the current bull market, they seek opportunities in particular within those regions, countries and sectors less affected by these global headlines. Their focus on a company’s fundamental growth drivers and intrinsic worth is critical to helping them identify investments that they believe represent the best value over the long term.

Country diversification	Percent of net assets
Asia/Pacific Basin
Japan		14.0	%
China		11.4
India		8.4
Hong Kong		7.4
South Korea		3.3
Australia		1.4
Philippines		1.2
Other		1.3
		48.4
Europe
France		10.3
United Kingdom		8.6
Switzerland		5.3
Germany		4.0
Netherlands		2.3
Spain		1.9
Other		2.1
		34.5
The Americas
Canada		2.8
Brazil		2.7
United States		1.4
Other		.3
		7.2
Other regions
Other		1.8
Short-term securities & other assets less liabilities		8.1
Total		100.0	%

Largest equity securities2	Percent of net assets
AIA Group		4.49	%
Airbus		4.30
HDFC Bank		3.51
Novartis		2.92
Alibaba Group		2.48
Tencent		2.11
Kotak Mahindra Bank		1.77
Samsung Electronics		1.76
Vale		1.68
Pernod Ricard		1.42

10 American Funds Insurance Series

International Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 1990)			Expense ratio
Class 1		14.94	%		0.08	%		4.34	%		7.89	%		8.10	%		.53	%
Class 1A		14.76			–0.15			4.09			7.62			7.83			.78
Class 2		14.78			–0.14			4.08			7.62			7.83			.78
Class 3		14.87			–0.08			4.16			7.70			7.90			.71
Class 4		14.68			–0.42			3.82			7.37			7.57			1.03

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. 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	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
3	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 11

New World Fund^®

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

New World Fund was up 19.23% for the six months ended June 30, 2019. 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), was up 16.23%. The MSCI Emerging Markets Index,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), increased by 10.58%.

Global stocks, as measured by the MSCI ACWI, rallied for much of the first half of 2019 supported by better-than-expected U.S. economic data and accommodative monetary policies in the U.S., Europe and China. Signs of progress in U.S.-China trade negotiations also boosted investor sentiment except for part of May when U.S.-China trade talks broke down. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. In Europe, markets advanced along with global equities despite ongoing signs of weakening economic data in the 19-member eurozone.

The fund’s relative returns outpaced emerging markets in general. Investments in the information technology and consumer staples sectors were beneficial to the fund. Digital payment company PagSeguro rose on the back of strong revenue growth as it gained market share from established banks. Among detractors, Sony hindered returns as increased pressure from cloud-based gaming competitors soured market sentiment.

The fund’s portfolio managers continue to pursue a bottom-up approach to investing and search for undervalued companies with solid foundations around the world, as well as stocks that are domestically focused and more insulated from geopolitical events given increased volatility at this point in the market cycle.

Country diversification	Percent of net assets
Asia/Pacific Basin
India		12.7	%
China		11.8
Japan		3.7
Taiwan		2.9
Hong Kong		3.8
Other		4.2
		39.1
The Americas
United States		20.4
Brazil		11.9
Canada		1.5
Other		2.4
		36.2
Europe
United Kingdom		5.2
France		3.0
Russian Federation		2.9
Switzerland		2.1
Germany		2.0
Other		2.9
		18.1
Other regions
Other		1.3
Short-term securities & other assets less liabilities		5.3
Total		100.0	%

Largest equity securities2	Percent of net assets
Reliance Industries		6.06	%
PagSeguro		2.96
HDFC Bank		2.66
TSMC		2.65
Alibaba Group		2.16
AIA Group		2.02
Vale		1.89
Microsoft		1.87
B3		1.86
Kotak Mahindra Bank		1.72

12 American Funds Insurance Series

New World Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			10 years			Lifetime (since June 17, 1999)			Expense ratio
Class 1		19.23	%		6.90	%		3.74	%		7.80	%		8.26	%		.76	%
Class 1A		19.10			6.66			3.49			7.53			8.00			1.01
Class 2		19.07			6.63			3.48			7.53			7.99			1.01
Class 4		18.96			6.40			3.23			7.27			7.73			1.26

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019. See the Financial Highlights table in this report for details.

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

1	Source: MSCI. Results for MSCI indexes reflect dividends net of withholding taxes and reinvestment of distributions.
2	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
3	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 13

Blue Chip Income and Growth Fund

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

Blue Chip Income and Growth Fund gained 11.14% for the six months ended June 30, 2019, trailing the 18.54% rise in its benchmark index, Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equity markets shrugged off a sharp decline in December and rallied to all-time highs in April – achieving strong gains despite a volatile stretch in May. Solid economic growth and indications that the U.S. Federal Reserve will keep interest rates low increased investor optimism that the economic expansion can be sustained longer than previously expected. Information technology stocks led markets higher, extending gains through June after a particularly strong first quarter. Outside the U.S., European stocks advanced despite signs of slowing economic growth and continued trade uncertainty. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries.

Investments in industrials helped the fund’s results relative to the index. Among the fund’s top contributors to relative returns within industrials was CSX, whose implementation of precision railroading should help position CSX for continued long-term growth. Another top contributor on a relative basis was materials sector stock Linde.

Fund holdings in the health care and energy sectors hindered relative returns. Investments in pharmaceutical companies, such as AbbVie and Amgen, hurt results relative to the index. Overall, this proved to be a relatively disappointing six months for the fund, but we continue to believe the focus on dividend-paying stocks will pay off over the long term.

Nearer term, the fund’s portfolio managers are aware that the market is keeping a close watch on U.S. monetary policy, our trade relationships and the current shape of the yield curve and their implications on the U.S. economy. Portfolio managers continue to favor well-managed, high-quality companies that are capable of paying dividends in myriad economic environments. We remain optimistic that this focus, supported by our global research, will help us to identify attractive long-term investment opportunities.

Largest equity securities2	Percent of net assets
Abbott Laboratories		5.15	%
AbbVie		4.96
Exxon Mobil		4.18
Lowe’s		4.11
Microsoft		3.74
General Dynamics		3.01
Facebook		2.93
EOG Resources		2.91
Philip Morris International		2.90
QUALCOMM		2.45

14 American Funds Insurance Series

Blue Chip Income and Growth Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			10 years			Lifetime (since July 5, 2001)			Expense ratio
Class 1		11.14	%		1.27	%		8.13	%		12.98	%		6.36	%		.41	%
Class 1A		10.89			0.95			7.86			12.70			6.10			.66
Class 2		10.89			0.99			7.84			12.69			6.09			.66
Class 4		10.83			0.81			7.58			12.48			5.86			.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. See the Financial Highlights table in this report for details.

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

1	Source: S&P Dow Jones Indices LLC.
2	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
3	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 15

Global Growth and Income Fund

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

Global Growth and Income Fund advanced 19.47% for the six months ended June 30, 2019, compared with a 16.23% increase in its benchmark index, MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks, as measured by the MSCI ACWI, rallied for much of the first half of 2019 supported by better-than-expected U.S. economic data and accommodative monetary policies in the U.S., Europe and China. Signs of progress in U.S.-China trade negotiations also boosted investor sentiment except for part of May when U.S.-China trade talks broke down. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. In Europe, markets advanced along with global equities despite ongoing signs of weakening economic data in the 19-member eurozone.

Several sectors including industrials and financials contributed to the fund’s relative returns. Industrial company Airbus rallied on positive tail winds from strong global demand, and likely benefited from Boeing’s troubles with its 737MAX. On the downside, some investments in the information technology sector hindered relative returns. In particular, TSMC was a top relative detractor.

On a country basis, holdings in Japan and France contributed the most to relative returns, and holdings in the U.S. and Taiwan were a drag on returns (the former due to a lower-than-index position).

The fund’s portfolio managers recognize that we are experiencing a slowdown in global economic growth. With dovish monetary strategy back under consideration in the U.S. and Europe, the fund’s managers remain cautiously optimistic about the prospects of the global economy and are monitoring the potential impact on global growth. Portfolio managers continue to invest based on a bottom-up approach to long-term investing and believe they can uncover promising companies with strong positions in their industries, sustainable growth and income opportunities globally – including emerging markets.

Country diversification	Percent of net assets
The Americas
United States		35.2	%
Brazil		7.2
Canada		2.3
Other		.2
		44.9
Europe
France		7.4
United Kingdom		4.5
Switzerland		3.6
Germany		3.1
Russian Federation		2.5
Denmark		2.4
Netherlands		2.0
Other		2.0
		27.5
Asia/Pacific Basin
Japan		6.1
India		3.6
Australia		3.2
Taiwan		3.2
Hong Kong		1.9
China		1.7
Other		2.0
		21.7
Other regions
Other		.7
Short-term securities & other assets less liabilities		5.2
Total		100.0	%

Largest equity securities2	Percent of net assets
Airbus		4.64	%
Nintendo		4.00
TSMC		3.18
Microsoft		2.55
Reliance Industries		2.50
PagSeguro		2.29
Nestlé		2.19
Orsted		2.07
Broadcom		1.70
AIA Group		1.68

16 American Funds Insurance Series

Global Growth and Income Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2006)			Expense ratio
Class 1		19.47	%		9.16	%		7.68	%		11.69	%		7.08	%		.63	%
Class 1A		19.31			8.91			7.45			11.43			6.83			.88
Class 2		19.39			8.87			7.42			11.41			6.81			.88
Class 4		19.24			8.67			7.16			11.16			6.57			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. 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	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
3	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 17

Growth-Income Fund

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

Growth-Income Fund gained 16.15% for the six months ended June 30, 2019. Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, rose 18.54%.

U.S. equity markets shrugged off a sharp decline in December and rallied to all-time highs in April – achieving strong gains despite a volatile stretch in May. Solid economic growth and indications the U.S. Federal Reserve will keep interest rates low increased investor optimism that the economic expansion can be sustained longer than previously expected. Information technology stocks led markets higher, extending gains through June after a particularly strong first quarter. Outside the U.S., European stocks advanced despite signs of slowing economic growth and continued trade uncertainty. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries.

Regarding the fund, investments in the industrials sector contributed the most to the fund’s relative returns. Among industrials, Airbus added the most to the fund’s results on the back of continued strong secular tail winds for air travel and likely benefited from Boeing’s troubles with its 737MAX. On the downside, the fund’s lower-than-index position in information technology stocks, a sector that performed strongly over the period, weighed on relative returns. In particular, the fund’s lower-than-index investment in Apple hindered sector results the most as Apple shares outperformed the broader market over the period.

The fund’s portfolio managers continue to look for compelling investment opportunities, buying stocks we believe represent the best value over the long term.

Largest equity securities2	Percent of net assets
Microsoft		3.70	%
Facebook		3.66
Alphabet		1.90
Broadcom		1.79
UnitedHealth Group		1.76
JPMorgan Chase		1.65
Amazon		1.62
Netflix		1.57
Abbott Laboratories		1.57
Intel		1.46

18 American Funds Insurance Series

Growth-Income Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		16.15	%		7.29	%		10.57	%		14.09	%		11.36	%		.28	%
Class 1A		16.00			7.02			10.31			13.81			11.09			.53
Class 2		16.02			7.05			10.29			13.80			11.09			.53
Class 3		16.05			7.09			10.37			13.88			11.16			.46
Class 4		15.89			6.75			10.02			13.53			10.81			.78

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019. See the Financial Highlights table in this report for details.

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

1	Source: S&P Dow Jones Indices LLC.
2	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
3	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 19

International Growth and Income Fund

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

International Growth and Income Fund gained 14.82% for the six months ended June 30, 2019, compared to the 13.60% increase in its benchmark index, the MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.).

Global stocks, as measured by the MSCI ACWI, rallied for much of the first half of 2019 supported by better-than-expected U.S. economic data and accommodative monetary policies in the U.S., Europe and China. Signs of progress in U.S.-China trade negotiations also boosted investor sentiment except for part of May when U.S.-China trade talks broke down. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. In Europe, markets advanced along with global equities despite ongoing signs of weakening economic data in the 19-member eurozone.

The best contributors to the fund’s relative returns were the industrials and materials sectors due in part to good stock selection. Materials stock Rio Tinto was among the top contributors to the fund’s relative returns as it benefited from high iron-ore prices. Industrials stock Shanghai International Airport contributed most.

On the downside, investments in the consumer staples sector detracted from the fund’s relative returns. Among health-care stocks, Teva Pharmaceutical was one of the fund’s biggest drags on returns as a result of U.S. litigation relating to opioid drug sales, as well as price collusion allegations.

The fund’s portfolio managers follow signs of some economic weakness in Europe and parts of emerging markets, as well as a number of geopolitical uncertainties, with an aim to preserve value in any potential market correction while being in a position to take advantage of buying opportunities, should they present themselves later in the year.

Country diversification	Percent of net assets
Europe
United Kingdom		15.4	%
France		9.8
Switzerland		6.3
Germany		4.1
Netherlands		2.8
Spain		2.6
Russian Federation		2.2
Denmark		1.9
Sweden		1.7
Norway		1.2
Other		.7
		48.7
Asia/Pacific Basin
Japan		13.9
China		8.6
Hong Kong		7.0
India		3.9
Taiwan		1.5
South Korea		1.5
Other		2.5
		38.9
The Americas
Brazil		3.0
Canada		1.4
Other		.9
		5.3
Other regions
Turkey		1.6
Other		.4
		2.0
Short-term securities & other assets less liabilities		5.1
Total		100.0	%

Largest equity securities2	Percent of net assets
Royal Dutch Shell		5.21	%
Rio Tinto		3.43
Novartis		3.20
HDFC Bank		3.03
Sun Hung Kai Properties		2.66
Takeda Pharmaceutical		2.58
Airbus Group		2.51
Zurich		2.24
Shanghai International Airport		2.20
CK Asset Holdings		2.15

20 American Funds Insurance Series

International Growth and Income Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			10 years			Lifetime (since November 18, 2008)			Expense ratio
Class 1		14.82	%		4.14	%		2.54	%		7.30	%		9.07	%		.66	%
Class 1A		14.74			3.92			2.32			7.05			8.81			.91
Class 2		14.75			3.92			2.29			7.04			8.80			.91
Class 4		14.60			3.67			2.04			6.81			8.56			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. 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	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
3	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 21

Capital Income Builder^®

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

Capital Income Builder, a mix of stocks and bonds, gained 10.06% for the six months ended June 30, 2019. 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), gained 16.23%. The Bloomberg Barclays U.S. Aggregate Index,² which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, rose 6.11%. The index blend of 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index³ increased by 13.27%. The Lipper Global Equity Income Funds Average,⁴ a measure of similar funds, rose by 12.46%.

Uncertainty in world markets continues, especially in terms of ongoing trade tensions and slowing economic activity, particularly in Europe. Central banks are looking to maintain low interest rates, creating an environment where growth stocks continue to do well, while pure dividend-yield companies have suffered. Trade tensions and slowing economic activity in China have translated into mixed results across emerging markets.

Equity portfolio relative returns were boosted by stock selection in the utilities sector. American Tower, a real estate investment trust that owns, operates and develops cell sites, was a top contributor to results. QUALCOMM was also additive to returns, with the chipmaker’s shares rising on news of its settlement with Apple.

On the downside, relative returns were dampened by investments in the information technology sector as well as the fund’s cash holdings. Top stock detractors included Vodafone, which failed to meet its dividend obligations. The period was positive for non-dividend paying companies that the fund does not invest in, holding back relative returns. The fixed income portfolio weighed on relative returns due to duration and yield curve positioning.

As the U.S. shows signs of mixed economic activity, the fund’s portfolio managers continue to focus on companies that deliver dividend growth prospects. They remain optimistic that a bottom-up approach to investing will help identify attractive long-term investment opportunities, regardless of interest rate environment.

Country diversification	Percent of net assets
The Americas
United States		53.3	%
Canada		2.6
		55.9
Europe
United Kingdom		11.5
France		3.2
Switzerland		2.8
Italy		1.7
Sweden		1.5
Netherlands		1.2
Denmark		1.1
Other		1.6
		24.6
Asia/Pacific Basin
Hong Kong		3.6
Taiwan		2.2
Japan		1.7
Singapore		1.1
China		1.1
Other		1.0
		10.7
Short-term securities & other assets less liabilities		8.8
Total		100.0	%

22 American Funds Insurance Series

Capital Income Builder

Total returns based on a $1,000 investment

For periods ended June 30, 2019⁵

	6 months			1 year			5 years			Lifetime (since May 1, 2014)			Expense ratio
Class 1		10.06	%		4.82	%		3.16	%		3.55	%		.54	%
Class 1A		9.95			4.57			2.91			3.30			.79
Class 2		10.05			4.67			3.02			3.42			.79
Class 4		9.82			4.32			2.66			3.04			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. See the Financial Highlights table in this report for details.

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

1	Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.
2	Source: Bloomberg Index Services Ltd.
3	Data sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly.
4	Source: Thomson Reuters Lipper. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper categories are dynamic and averages may have few funds, especially over longer periods. To see the number of funds included in the Lipper category for each fund’s lifetime, please see the Quarterly Statistical Update, available on our website.
5	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 23

Asset Allocation Fund

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

Asset Allocation Fund, which is a mix of stocks and bonds, gained 12.11% for the six months ended June 30, 2019. Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, rose 18.54% over the same period, while the Bloomberg Barclays U.S. Aggregate Index,² which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, increased 6.11%. A blend of the two indexes, the 60%/40% S&P 500/Bloomberg Barclays U.S. Aggregate Index,³ advanced 13.64%.

Despite U.S.-China trade policy brinkmanship and heightening geopolitical tensions, the first half of 2019 saw a U.S. equities market energized by the Federal Reserve’s shift away from interest rate hikes as seen over the past few years.

Equity investments in the financials sector contributed most to the fund’s relative returns. VeriSign, which has seen steady domain name growth fuel earnings, was a top contributor to results. Aerospace companies Northrop Grumman and Lockheed Martin were also among top contributors to relative returns with double-digit gains benefiting from heightening geopolitical tensions. The fund’s fixed income holdings contributed to relative returns, due in part to yield curve positioning.

On the downside, the fund’s cash holdings weighed down relative results amid a rising equities market. Investments in health care also dampened relative returns, as political calls for drug pricing reform affected the sector broadly. AbbVie detracted, as the pharmaceutical company’s stock sank on news it planned to purchase rival Allergan at a significant premium.

The fund’s portfolio managers continue to evaluate the economic and market-sector implications of U.S. trade policy decisions, especially in regard to China. The portfolio managers maintain a high conviction in the fund’s current positioning as economic headwinds strengthen.

Largest equity securities4	Percent of net assets
Microsoft		3.49	%
Broadcom		2.37
Johnson & Johnson		2.01
UnitedHealth Group		1.93
Boeing		1.73
Northrop Grumman		1.71
Philip Morris International		1.67
Nestlé		1.59
ASML		1.58
VeriSign		1.40

24 American Funds Insurance Series

Asset Allocation Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019⁵

	6 months			1 year			5 years			10 years			Lifetime (since August 1,1989)			Expense ratio
Class 1		12.11	%		6.02	%		7.16	%		11.08	%		8.49	%		.29	%
Class 1A		11.95			5.77			6.91			10.81			8.22			.54
Class 2		12.00			5.80			6.90			10.81			8.22			.54
Class 3		12.01			5.85			6.98			10.88			8.30			.47
Class 4		11.86			5.55			6.64			10.58			7.97			.79

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019. See the Financial Highlights table in this report for details.

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

1	Source: S&P Dow Jones Indices LLC.
2	Source: Bloomberg Index Services Ltd.
3	Data sources: S&P Dow Jones Indices LLC and Bloomberg Index Services Ltd. The 60%/40% S&P 500/Bloomberg Barclays U.S. Aggregate Index blends the S&P 500 with the Bloomberg Barclays U.S. Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.
4	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
5	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 25

Global Balanced Fund

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

Global Balanced Fund gained 13.01% for the six months ended June 30, 2019. 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), increased by 16.23%, while the Bloomberg Barclays Global Aggregate Index,² a measure of global investment-grade bonds (rated BBB/Baa and above), increased 5.57%. The 60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index,³ a blend of the two indexes, gained 12.02%.

Global stocks, as measured by the MSCI ACWI, rallied for much of the first half of 2019 supported by better-than-expected U.S. economic data and accommodative monetary policies in the U.S., Europe and China. Signs of progress in U.S.-China trade negotiations also boosted investor sentiment except for part of May when U.S.-China trade talks broke down. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. In Europe, markets advanced along with global equities despite ongoing signs of weakening economic data in the 19-member eurozone.

Investments in the consumer discretionary sector boosted the fund’s relative returns, with Ocado Group among the top contributors as it reported strong revenues on the strength of its grocery delivery technology’s global expansion. On the downside, select investments in the health-care sector hindered returns. Managed health-care company Humana detracted the most from the fund’s relative returns as the company’s share price suffered from increased political pressure on the sector. In fixed income, the portfolio’s positioning in regard to prevailing interest rates was helpful.

The fund’s portfolio managers exercise caution and continue to monitor cross-border trade discussions that could lead to further tensions on the one hand and central bank activity on the other, which could result in lower rates. Rate reductions could help mitigate some of the negative economic impacts of a reduction in global trade. Portfolio managers continue to stay the course of focusing on global research and stock-by-stock, bottom-up analysis.

Largest sectors in common stock holdings4	Percent of net assets
Information technology		11.4	%
Health care		10.2
Financials		8.5
Consumer staples		7.6
Industrials		6.6
Largest fixed income holdings (by issuer)4	Percent of net assets
U.S. Treasury		12.9	%
Japanese Government		4.6
Fannie Mae		1.5
Mexican Government		.8
Greek Government		.8

26 American Funds Insurance Series

Global Balanced Fund

Currency diversification Percent of net assets

	Equity securities			Bonds & notes			Forward currency contracts			Short–term securities & other assets less liabilities			Total
U.S. dollars		30.8	%		20.9	%		(1.5	)%		5.3	%		55.5	%
Euros		6.4			3.9			1.1			—			11.4
British pounds		6.5			.3			.4			.2			7.4
Japanese yen		2.1			4.6			(.1	)		—			6.6
Swiss francs		3.1			—			—			—			3.1
Hong Kong dollars		2.2			—			—			—			2.2
Danish krone		1.8			.3			—			—			2.1
New Taiwan dollars		1.5			—			—			—			1.5
South Korean won		.9			.6			—			—			1.5
Brazilian real		1.1			.2			(.2	)		—			1.1
Other currencies		2.8			4.5			.3			—			7.6
														100.0	%

Largest equity securities4	Percent of net assets
Merck		2.35	%
AstraZeneca		2.01
Broadcom		1.86
Berkshire Hathaway		1.61
Nestlé		1.60
PagSeguro		1.51
TSMC		1.49
British American Tobacco		1.31
ASML		1.30
Sberbank of Russia		1.22

Total returns based on a $1,000 investment

For periods ended June 30, 2019⁵

	6 months			1 year			5 years			Lifetime (since May 2, 2011)			Expense ratio
Class 1		13.01	%		6.95	%		5.22	%		6.03	%		.72	%
Class 1A		12.95			6.72			5.01			5.80			.97
Class 2		12.86			6.67			4.95			5.77			.97
Class 4		12.80			6.44			4.81			5.65			1.22

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. See the Financial Highlights table in this report for details.

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

1	Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.
2	Source: Bloomberg Index Services Ltd.
3	Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/ Bloomberg Barclays Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.
4	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
5	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

 

American Funds Insurance Series 27

Bond Fund

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

Bond Fund gained 6.81% for the six months ended June 30, 2019. In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Index,¹ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, rose 6.11%.

Overall, the yield curve steepened and interest rates declined. The Federal Reserve pivoted early in the year from a hawkish stance to a more dovish one amid concerns of a global slowdown in economic growth and ongoing trade tensions and geopolitical risk. The volatility of the fourth quarter of 2018 gave way to tighter credit spreads, improved asset prices and falling interest rates. The 10-year Treasury yield dipped 79 basis points from its 2.79% peak in January to a low of 2.00% in late June.

Duration, yield curve positioning, sector selection and security selection were all additive to relative results within the period. Among sectors, the top contributors were allocations to corporates and U.S. Treasury Inflation Protected Securities (TIPS). Among securities, the top contributors (besides Treasuries) were positions in the Italian Intesa Sanpaolo banking group and in Ally Financial. On the downside, the top detractor within corporates included Teva Pharmaceutical. Security selection within mortgage-backed security pass-throughs also hurt relative results.

As the global economy shows signs of a slowdown, the fund’s portfolio managers seek to maintain a conservative positioning. They will continue in their effort to harvest gains as credit spreads tighten and prices rise so that they may take advantage of future volatility to add securities at more attractive valuations. Similarly, the team will look to gradually reduce their exposure to interest rates amid the impact of a more dovish Fed.

Largest holdings (by issuer)2	Percent of net assets
U.S. Treasury		28.8	%
UMBS		9.9
Fannie Mae		5.7
Freddie Mac		5.1
Ginnie Mae		5.0
Mexican Government		2.6
Teva Pharmaceutical		1.8
Italian Government		1.4
State of Illinois		1.3
General Motors		1.2

28 American Funds Insurance Series

Bond Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			10 years			Lifetime (since January 2, 1996)			Expense ratio
Class 1		6.81	%		8.24	%		3.04	%		4.24	%		4.71	%		.38	%
Class 1A		6.61			7.98			2.79			3.98			4.45			.63
Class 2		6.66			7.97			2.77			3.97			4.45			.63
Class 4		6.54			7.69			2.53			3.73			4.19			.88

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019. 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	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
3	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 29

Global Bond Fund

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

Global Bond Fund gained 6.59% for the six months ended June 30, 2019. In comparison, the fund’s benchmark, the Bloomberg Barclays Global Aggregate Index,¹ which represents global investment-grade bonds (rated BBB/Baa and above), increased by 5.57%.

Interest rates declined and the yield curve steepened on indications that the U.S. Federal Reserve may cut interest rates amid concerns over ongoing trade tensions and geopolitical risk. Similarly, European Central Bank President Mario Draghi said the central bank may consider stimulus measures. Benchmark yields fell in Germany and in the U.S., with the 10-year U.S. Treasury yield dipping 79 basis points from its January peak to 2.00% in late June.

The fund’s duration and yield curve positioning were additive to relative returns. Investments in the euro and Mexican peso also were helpful to relative results, as was an out-of-benchmark position in Greek government bonds. On the downside, the impact of currency hedging hampered relative returns, as did investments in the Canadian dollar.

The fund’s portfolio managers maintain a cautious approach to investing in global bond markets and believe that our global research can help identify attractive long-term investments around the world. Having the flexibility to diversify and adjust exposure by country, sector and currency continues to serve as a hallmark of the fund’s approach to global investing.

Currency weighting (after hedging) by country		Percent of net assets
United States2			39.4	%
Japan			15.9
Eurozone3			20.1
United Kingdom			3.5
Mexico			3.0
Chile			2.3
Canada			2.3
Norway			2.2
Denmark			2.1
South Africa			1.3
Other			7.9
Total			100.0	%
Non-U.S. government bonds by country
Japan			12.8	%
Eurozone3:
Italy	4.8
Greece	3.4
Spain	1.3
Other	1.3		10.8
China			3.1
Mexico			2.9
India			1.8
Norway			1.6
Romania			1.5
South Africa			1.4
Indonesia			1.3
United Kingdom			1.2
Other			12.5
Total			50.9	%

Largest holdings (by issuer)4	Percent of net assets
Japanese Government		12.8	%
U.S. Treasury		12.8
Fannie Mae		5.0
Italian Government		4.8
Greek Government		3.4
China Development Bank		3.1
Mexican Government		2.9
Nykredit Realkredit AS		2.1
Indian Government		1.7
Norwegian Government		1.6

30 American Funds Insurance Series

Global Bond Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019⁵

	6 months			1 year			5 years			10 years			Lifetime (since October 4, 2006)			Expense ratio
Class 1		6.59	%		7.02	%		1.44	%		3.41	%		4.12	%		.57	%
Class 1A		6.47			6.74			1.24			3.18			3.88			.82
Class 26		6.41			6.70			1.20			3.15			3.86			.82
Class 4		6.35			6.46			0.94			2.94			3.64			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. 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 11.1%.
3	Countries using the euro as a common currency; those represented in the fund’s portfolio are France, Germany, Greece, Italy, Latvia, Luxembourg, The Netherlands and Spain.
4	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
5	Periods greater than one year are annualized.
6	Global Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 31

High-Income Bond Fund

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

High-Income Bond Fund gained 9.81% for the six months ended June 30, 2019. The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index,¹ which measures non-investment grade bonds (rated BBB/Baa and above) and limits the exposure of an issuer to 2%, rose 9.94%.

Interest rates declined and credit spreads generally tightened, marking a period of positive returns across most bond sectors. The 10-year Treasury yield dropped 79 basis points from its 2.79% peak in January to a low of 2.00% in late June. The Federal Reserve pivoted to a markedly dovish tone, reversing their tightening focus of recent years in response to economic indicators.

The fund’s relative returns benefited from security selection, particularly in the consumer cyclical and basic industry sectors. A higher-than-index position in PetSmart was additive to results. On the downside, the fund’s cash position and certain energy positions weighed on returns.

The fund’s portfolio managers continue to believe current fundamentals support a mildly constructive near-term outlook for the high-yield market, even as the recent rally has made valuations less compelling. We continue to monitor economic conditions and the Federal Reserve’s monetary policy, and expect that the higher yields and relatively short duration of high-yield bonds should help mitigate any impact from rising rates.

Largest holdings (by issuer)2	Percent of net assets
First Quantum Minerals		2.3	%
PetSmart		2.2
Bausch Health Companies		2.2
Frontier Communications		1.8
Tenet Healthcare Corp.		1.7
Cleveland-Cliffs		1.6
Gogo		1.4
Teva Pharmaceutical		1.4
CCO Holdings LLC and CCO Holdings Capital		1.3
Sprint Nextel Corp.		1.2

32 American Funds Insurance Series

High-Income Bond Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

													Lifetime			Expense
	6 months			1 year			5 years			10 years			(since February 8, 1984)			ratio
Class 1		9.81	%		6.94	%		4.09	%		8.00	%		8.71	%		.50	%
Class 1A		9.67			6.70			3.85			7.74			8.44			.75
Class 2		9.71			6.77			3.83			7.73			8.44			.75
Class 3		9.73			6.80			3.89			7.81			8.52			.68
Class 4		9.54			6.36			3.55			7.51			8.18			1.00

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. 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	The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
3	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 33

Mortgage Fund

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

Mortgage Fund gained 4.16% for the six months ended June 30, 2019, while the Bloomberg Barclays U.S. Mortgage-Backed Securities Index,¹ which covers the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac, rose 4.17%.

Interest rates declined and the yield curve steepened, resulting from renewed market expectations of Federal Reserve short-term interest rate cuts due to an anticipated slowdown in economic growth. The 10-year Treasury yield dipped 79 basis points from its 2.79% peak in January to a low of 2.00% in late June.

The major contributors to the fund’s relative returns this period were duration and yield curve positioning. Sector allocations were of mixed value with U.S. Treasury Inflation-Protected Securities and U.S. Treasuries contributing, but security selection within the mortgage market dampening returns.

The fund’s portfolio managers seek to identify high-quality mortgage-backed securities based on our bottom-up approach to investing. They continue to prefer a portfolio that is less-exposed to a pick up in volatility and risk premiums, and are looking for opportunities to allocate more fully into mortgages over the coming quarters.

34 American Funds Insurance Series

Mortgage Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019²

										Lifetime			Expense
	6 months			1 year			5 years			(since May 2, 2011)			ratio
Class 1		4.16	%		6.05	%		2.43	%		2.71	%		.48	%
Class 1A		4.02			5.79			2.18			2.46			.73
Class 2		4.02			5.68			2.16			2.46			.73
Class 4		3.92			5.44			1.92			2.27			.98

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. 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	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 35

Ultra-Short Bond Fund

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

Ultra-Short Bond Fund gained 1.10% for the six months ended June 30, 2019, compared with a 1.53% rise in the Bloomberg Barclays Short-Term Government/Corporate Index,¹ which consists of 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. With a particular focus on capital preservation and maintenance of liquidity, the fund continues to be managed in a conservative manner relative to this benchmark.

The Federal Reserve left interest rates unchanged at its June meeting and expressed a dovish tone amid concerns about economic activity and ongoing trade and geopolitical tensions. The 10-year Treasury yield fell by 79 basis points from its 2.79% peak in January to a low of 2.00% in late June.

The higher interest rate environment has been beneficial for the fund’s returns, compared to the first half of 2018. In light of the recent yield curve evolution, the fund managers have looked to position the portfolio to reflect lower yields of late, and to help offset the dampening effect on yields from potential forthcoming rate cuts. They will continue to monitor duration positioning against future interest rate and yield curve movement.

36 American Funds Insurance Series

Ultra-Short Bond Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019²

													Lifetime			Expense
	6 months			1 year			5 years			10 years			(since February 8, 1984)			ratio
Class 1		1.10	%		2.03	%		0.61	%		0.21	%		3.42	%		.35	%
Class 1A		1.10			2.03			0.49			0.02			3.18			.60
Class 2		0.90			1.73			0.36			–0.04			3.16			.60
Class 3		0.99			1.74			0.43			0.02			3.23			.53
Class 4		0.78			1.45			0.13			–0.22			2.92			.85

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019. 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	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019	Percent of net assets
Commercial paper		65.5	%
Bonds & notes of governments & government agencies outside the U.S.		14.2
Federal agency discount notes		11.4
U.S. Treasury bills		8.8
Other assets less liabilities		.1
Total		100.0	%

American Funds Insurance Series 37

U.S. Government/AAA-Rated Securities Fund

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

U.S. Government/AAA-Rated Securities Fund gained 4.70% for the six months ended June 30, 2019, while the Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index,¹ which covers obligations issued by the U.S. Treasury and U.S. government agencies, gained 4.75%.

Bond markets were strong and yields fell significantly over the first half of the year. The benchmark 10-year Treasury yield dipped 79 basis points from its 2.79% peak in January to a low of 2.00% in late June. The Federal Reserve shifted to a more dovish stance in terms of interest rates, with rate cuts expected to follow.

Relative returns have been boosted by the fund’s positioning as the intermediate to long end of the yield curve has steepened. On the downside, sector and security allocations detracted, with a lower-than-index position in mortgage-backed securities dampening relative returns.

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 expect the Federal Reserve will cut interest rates in the coming year, leading to further steepening of the yield curve and higher inflation expectations. As such, they maintain a high conviction in the fund’s current positioning.

38 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2019²

													Lifetime			Expense
	6 months			1 year			5 years			10 years			(since December 2, 1985)			ratio
Class 1		4.70	%		6.80	%		2.41	%		3.09	%		5.77	%		.36	%
Class 1A		4.51			6.57			2.18			2.84			5.51			.61
Class 2		4.45			6.51			2.13			2.82			5.50			.61
Class 3		4.57			6.59			2.21			2.90			5.58			.54
Class 4		4.34			6.28			1.88			2.61			5.25			.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. 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	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2019 Percent of net assets

American Funds Insurance Series 39

Managed Risk Growth Fund

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

The fund gained 11.56% for the six-month period ended June 30, 2019, slightly trailing the S&P 500 Managed Risk Index — Moderate Aggressive¹, which rose 11.62%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 18.54%.

The fund pursues its objective by investing in shares of American Funds Insurance Series — Growth Fund^SM and American Funds Insurance Series — Bond Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying Growth Fund’s investments and stock selection in the communication services sector was additive to relative returns, with Facebook a top contributor. On the downside, health-care holdings hampered relative results as the sector was besieged by political calls for reform, particularly in drug pricing. Regeneron Pharmaceuticals and UnitedHealth Group were among the fund’s top relative detractors.

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		11.56	%		5.79	%		7.69	%		9.20	%		.77	%		.72	%
Class P2		11.42			5.46			7.37			8.88			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.
3	Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

40 American Funds Insurance Series

Managed Risk International Fund

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

The fund gained 11.27% for the six months ended June 30, 2019, lagging the S&P EPAC Ex. Korea LargeMidCap Managed Risk Index — Moderate Aggressive¹, which rose 11.75%. The MSCI ACWI (All Country World Index) ex USA², a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.), climbed 13.60%.

The fund pursues its objective by investing in shares of American Funds Insurance Series — International Fund^SM and American Funds Insurance Series — Bond Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying International Fund’s investments in the financials sector were additive to relative returns. Holdings in Airbus and AIA Group, a Hong Kong–based life insurance company, were top contributors. On the downside, cash holdings hampered relative results amid a growing equities market. Teva Pharmaceuticals was a top detractor to relative returns.

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		11.27	%		0.52	%		1.94	%		3.30	%		.96	%		.87	%
Class P2		11.17			0.27			1.52			2.90			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.
3	Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

American Funds Insurance Series 41

Managed Risk Blue Chip Income and Growth Fund

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

Managed Risk Blue Chip Income and Growth Fund rose 6.63% for the six months ended June 30, 2019, trailing the S&P 500 Managed Risk Index — Moderate¹, which climbed 10.97%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 18.54%.

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

The underlying Blue Chip Income and Growth Fund’s investments in the utilities and industrials sectors were additive to relative returns. Holdings in Qualcomm proved beneficial, with shares of the chipmaker soaring after announcing a settlement with Apple. On the downside, health-care holdings hampered relative returns amid political calls for drug pricing reform. AbbVie was a top detractor, declining on the heels of its announcement to purchase rival Allergan at a significant premium.

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		6.63	%		1.00	%		4.44	%		6.51	%		.82	%		.77	%
Class P2		6.52			0.72			4.06			6.13			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.
3	Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

42 American Funds Insurance Series

Managed Risk Growth-Income Fund

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

Managed Risk Growth-Income Fund climbed 11.36% for the six months ended June 30, 2019, outpacing the S&P 500 Managed Risk Index — Moderate¹, which rose 10.97%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 18.54%.

The fund pursues its objective by investing in shares of American Funds Insurance Series — Growth-Income Fund^SM and American Funds Insurance Series — Bond Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying Growth-Income Fund’s investments in the industrials and communication services sectors were additive to relative returns. Holdings in Airbus and Facebook were top contributors. On the downside, the fund’s cash position and investments in the information technology sector dampened relative returns. Among health-care holdings, pharmaceutical giant AbbVie declined sharply on its announcement of plans to purchase rival Allergan at a significant premium.

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		11.36	%		5.84	%		6.32	%		8.54	%		.73	%		.67	%
Class P2		11.26			5.50			5.99			8.21			.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.
3	Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

American Funds Insurance Series 43

Managed Risk Asset Allocation Fund

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

Managed Risk Asset Allocation Fund rose 9.78% for the six months ended June 30, 2019, trailing the S&P 500 Managed Risk Index — Moderate Conservative¹, which gained 10.48%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, advanced 18.54%.

The fund pursues its objective by investing in shares of American Funds Insurance Series — Asset Allocation Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying Asset Allocation Fund’s investments in the financials and industrials sectors were additive to relative returns. Domain name giant VeriSign was a top contributor as it continues to see growth in registrations. Cash holdings and investments in the health-care sector dampened relative results. Holdings in AbbVie were a top detractor, with the company declining as it announced plans to purchase rival Allergan at a significant premium.

Total returns based on a $1,000 investment

For periods ended June 30, 2019³

	6 months			1 year			5 years			Lifetime (since September 28, 2012)			Gross expense ratio			Net expense ratio
Class P1		9.78	%		4.85	%		5.22	%		7.43	%		.69	%		.64	%
Class P2		9.74			4.64			4.97			7.18			.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	Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

44 American Funds Insurance Series

Global Growth Fund
Summary investment portfolio June 30, 2019	unaudited

Common stocks 95.03%	Shares		Value (000)
Information technology 26.07%
ASML Holding NV		648,442	$	135,480
ASML Holding NV (New York registered)		517,300		107,562
Microsoft Corp.		1,715,100		229,755
Taiwan Semiconductor Manufacturing Co., Ltd.		27,188,000		209,209
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		335,000		13,122
Visa Inc., Class A		1,142,800		198,333
Broadcom Inc.		487,050		140,202
Temenos AG		637,000		113,964
Paycom Software, Inc.1		357,000		80,939
PagSeguro Digital Ltd., Class A1		1,340,900		52,255
Adyen NV1		56,700		43,752
SimCorp AS		425,000		41,113
Adobe Inc.1		135,000		39,778
Amphenol Corp., Class A		373,500		35,834
Other securities				207,649
				1,648,947
Consumer discretionary 20.03%
Amazon.com, Inc.1		225,100		426,256
Alibaba Group Holding Ltd. (ADR)1		931,050		157,766
Takeaway.com NV1		740,000		69,336
Naspers Ltd., Class N		277,000		67,249
Home Depot, Inc.		227,000		47,209
Ocado Group PLC1		3,115,000		46,165
Just Eat PLC1		5,292,000		42,004
Moncler SpA		915,000		39,121
NIKE, Inc., Class B		427,500		35,889
Other securities				336,018
				1,267,013
Financials 10.75%
AIA Group Ltd.		15,004,900		161,829
Kotak Mahindra Bank Ltd.		3,671,000		78,555
JPMorgan Chase & Co.		614,600		68,712
MarketAxess Holdings Inc.		211,000		67,820
Tradeweb Markets Inc., Class A		1,501,303		65,772
CME Group Inc., Class A		165,200		32,067
Other securities				204,754
				679,509
Health care 10.02%
UnitedHealth Group Inc.		324,200		79,108
Merck & Co., Inc.		886,000		74,291
Boston Scientific Corp.1		1,638,200		70,410
AstraZeneca PLC		721,300		58,973
Mettler-Toledo International Inc.1		65,000		54,600
Fisher & Paykel Healthcare Corp. Ltd.		3,680,000		38,220
Other securities				258,366
				633,968
Communication services 8.04%
Alphabet Inc., Class A1		115,600		125,171
Alphabet Inc., Class C1		71,052		76,801
Tencent Holdings Ltd.		2,230,000		100,656
Facebook, Inc., Class A1		421,640		81,377
Nintendo Co., Ltd.		165,100		60,472
Other securities				63,716
				508,193

American Funds Insurance Series 45

Global Growth Fund

Common stocks (continued)	Shares		Value (000)
Consumer staples 7.75%
British American Tobacco PLC		2,970,800	$	103,713
Nestlé SA		739,650		76,571
Altria Group, Inc.		1,125,000		53,269
Philip Morris International Inc.		660,500		51,869
Keurig Dr Pepper Inc.		1,624,000		46,934
Other securities				157,834
				490,190
Industrials 7.34%
Airbus SE, non-registered shares		1,093,500		155,029
MTU Aero Engines AG		167,000		39,783
Alliance Global Group, Inc.		111,060,000		33,469
Other securities				235,967
				464,248
Materials 2.88%
Sherwin-Williams Co.		155,500		71,264
Other securities				110,635
				181,899
Energy 2.15%
Reliance Industries Ltd.1		1,795,200		32,589
Other securities				103,320
				135,909
Total common stocks (cost: $3,750,476,000)				6,009,876
Preferred securities 1.65%
Health care 1.24%
Sartorius AG, nonvoting preferred, non-registered shares		381,500		78,215
Information technology 0.41%
Other securities				26,245
Total preferred securities (cost: $43,479,000)				104,460
Short-term securities 2.81%
Money market investments 2.81%
Capital Group Central Cash Fund		1,777,531		177,735
Total short-term securities (cost: $177,737,000)				177,735
Total investment securities 99.49% (cost: $3,971,692,000)				6,292,071
Other assets less liabilities 0.51%				32,058
Net assets 100.00%			$	6,324,129

46 American Funds Insurance Series

Global Growth Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes a security which was valued under fair value procedures adopted by authority of the board of trustees. The total value of the security which was valued under fair value procedures was $11,082,000, which represented .18% of the net assets of the fund.

¹ Security did not produce income during the last 12 months.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

American Funds Insurance Series 47

Global Small Capitalization Fund
Summary investment portfolio June 30, 2019	unaudited

Common stocks 92.20%	Shares		Value (000)
Health care 22.81%
GW Pharmaceuticals PLC (ADR)1		823,718	$	142,001
Insulet Corp.1		1,045,455		124,806
Haemonetics Corp.1		577,000		69,436
CONMED Corp.		611,700		52,343
Integra LifeSciences Holdings Corp.1		906,825		50,646
Notre Dame Intermédica Participações S.A.		4,090,900		42,955
iRhythm Technologies, Inc.1		510,500		40,370
Allakos Inc.1,2		886,580		38,416
China Biologic Products Holdings, Inc.1,2		399,900		38,110
PRA Health Sciences, Inc.1		348,900		34,593
Cortexyme, Inc.1,2		695,324		29,558
Osstem Implant Co., Ltd.1		412,245		26,742
Mani, Inc.		405,700		26,002
Allogene Therapeutics, Inc.1		653,594		17,549
Allogene Therapeutics, Inc.1,2		280,589		7,534
Other securities				270,262
				1,011,323
Information technology 17.67%
Paycom Software, Inc.1		217,261		49,257
Ceridian HCM Holding Inc.1		842,177		42,277
Alteryx, Inc., Class A1		355,600		38,803
Net One Systems Co., Ltd.		1,313,765		36,130
Cree, Inc.1		639,900		35,950
HubSpot, Inc.1		178,600		30,455
Qorvo, Inc.1		449,200		29,921
SimCorp AS		303,128		29,324
Bechtle AG, non-registered shares		233,105		26,771
Other securities				464,669
				783,557
Industrials 15.32%
International Container Terminal Services, Inc.		22,581,620		64,525
frontdoor, inc.1		1,267,200		55,187
Nihon M&A Center Inc.		1,829,192		43,840
Tomra Systems ASA		859,334		28,247
Rheinmetall AG		216,500		26,501
Bravida Holding AB		2,900,084		25,702
Marel hf., non-registered shares (ISK denominated)		5,419,903		23,878
Marel hf., non-registered shares (EUR denominated)1		333,333		1,463
Other securities				409,924
				679,267
Consumer discretionary 12.38%
Five Below, Inc.1		317,400		38,094
Mattel, Inc.1,2		3,238,800		36,307
Melco International Development Ltd.		15,579,000		34,542
Helen of Troy Ltd.1		223,000		29,122
ServiceMaster Global Holdings, Inc.1		556,750		29,001
Luckin Coffee Inc., Class A (ADR)1,2		1,472,220		28,694
Wyndham Hotels & Resorts, Inc.		502,700		28,021
Takeaway.com NV1		271,800		25,467
Other securities				299,645
				548,893

48 American Funds Insurance Series

Global Small Capitalization Fund

Common stocks	Shares		Value (000)
Financials 8.41%
Kotak Mahindra Bank Ltd.		3,135,263	$	67,091
Essent Group Ltd.1		1,018,841		47,875
Trupanion, Inc.1,2		1,316,800		47,576
Cannae Holdings, Inc.1		1,625,000		47,093
Bharat Financial Inclusion Ltd.1		2,472,060		31,965
Other securities				131,227
				372,827
Materials 4.29%
Allegheny Technologies Inc.1		1,139,700		28,720
Lundin Mining Corp.2		4,629,000		25,486
Other securities				135,902
				190,108
Consumer staples 2.94%
Other securities				130,390
Communication services 2.94%
Vonage Holdings Corp.1		3,115,100		35,294
Other securities				94,965
				130,259
Real estate 2.77%
WHA Corp. PCL		229,577,250		35,484
MGM Growth Properties LLC REIT, Class A		825,000		25,286
Other securities				61,976
				122,746
Energy 1.55%
Other securities				68,659
Utilities 1.12%
ENN Energy Holdings Ltd.		4,512,900		43,906
Other securities				5,674
				49,580
Total common stocks (cost: $3,231,902,000)				4,087,609
Preferred securities 0.41%
Industrials 0.41%
Other securities				18,309
Total preferred securities (cost: $9,829,000)				18,309

American Funds Insurance Series 49

Global Small Capitalization Fund

Short-term securities 8.64%	Shares		Value (000)
Money market investments 8.64%
Capital Group Central Cash Fund		2,636,251	$	263,599
Fidelity Institutional Money Market Funds - Government Portfolio3		29,008,117		29,008
Goldman Sachs Financial Square Government Fund3		25,089,836		25,090
Invesco Short-Term Investments Trust - Government & Agency Portfolio3		31,572,699		31,573
Morgan Stanley Institutional Liquidity Funds - Government Portfolio3		33,709,180		33,709
				382,979
Total short-term securities (cost: $382,977,000)				382,979
Total investment securities 101.25% (cost: $3,624,708,000)				4,488,897
Other assets less liabilities (1.25)%				(55,476	)
Net assets 100.00%			$	4,433,421

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“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 $20,655,000, which represented .47% of the net assets of the fund. One security in “Other securities” (with a value of $14,352,000, an aggregate cost of $8,280,000, and which represented .32% 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. “Other securities” also includes securities (with an aggregate value of $19,460,000, which represented .44% 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.

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. The value of the fund’s affiliated-company holding is included in “Other securities” under the respective industry sector in the summary investment portfolio. Further details on this holding and related transactions during the six months ended June 30, 2019, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 6/30/2019 (000)
Common stocks 0.48%
Health care 0.48%
NuCana PLC (ADR)1,2		2,067,724		—		—		2,067,724	$	—	$	(8,519	)	$	—	$	21,463

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 $158,280,000, which represented 3.57% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviations

ADR = American Depositary Receipts

EUR = Euros

ISK = Icelandic kronor

See notes to financial statements.

50 American Funds Insurance Series

Growth Fund
Summary investment portfolio June 30, 2019	unaudited

Common stocks 95.75%	Shares		Value (000)
Information technology 24.18%
Microsoft Corp.		10,468,400	$	1,402,347
Broadcom Inc.		2,549,800		733,985
ServiceNow, Inc.1		1,701,200		467,099
Visa Inc., Class A		2,650,400		459,977
ASML Holding NV (New York registered)		1,148,100		238,724
ASML Holding NV		985,000		205,797
Taiwan Semiconductor Manufacturing Co., Ltd.		26,960,000		207,455
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		2,419,592		94,775
Intel Corp.		5,033,000		240,930
Workday, Inc., Class A1		1,143,000		234,978
RingCentral, Inc., Class A1		1,550,400		178,172
Samsung Electronics Co., Ltd.		3,901,400		158,806
Paycom Software, Inc.1		693,700		157,276
Fiserv, Inc.1		1,573,600		143,449
Mastercard Inc., Class A		538,000		142,317
PayPal Holdings, Inc.1		1,207,700		138,233
Other securities				1,197,884
				6,402,204
Communication services 17.89%
Facebook, Inc., Class A1		7,683,400		1,482,896
Netflix, Inc.1		2,493,060		915,751
Alphabet Inc., Class C1		589,100		636,764
Alphabet Inc., Class A1		164,000		177,579
Charter Communications, Inc., Class A1		1,006,280		397,662
T-Mobile US, Inc.1		4,941,000		366,326
Activision Blizzard, Inc.		6,958,300		328,432
Comcast Corp., Class A		5,886,400		248,877
Other securities				183,641
				4,737,928
Health care 15.52%
UnitedHealth Group Inc.		3,225,800		787,127
Intuitive Surgical, Inc.1		940,500		493,339
Regeneron Pharmaceuticals, Inc.1		1,341,000		419,733
Humana Inc.		1,269,500		336,798
Vertex Pharmaceuticals Inc.1		1,400,900		256,897
Boston Scientific Corp.1		5,085,000		218,553
Centene Corp.1		3,735,200		195,874
Thermo Fisher Scientific Inc.		534,500		156,972
Pfizer Inc.		3,216,000		139,317
Other securities				1,104,474
				4,109,084
Consumer discretionary 11.74%
Amazon.com, Inc.1		503,016		952,526
Home Depot, Inc.		2,279,237		474,013
Tesla, Inc.1		1,908,500		426,473
Other securities				1,256,046
				3,109,058
Financials 8.60%
Wells Fargo & Co.		5,885,254		278,490
Goldman Sachs Group, Inc.		1,052,400		215,321
BlackRock, Inc.		335,500		157,450
JPMorgan Chase & Co.		1,370,000		153,166
PNC Financial Services Group, Inc.		1,086,600		149,169
Intercontinental Exchange, Inc.		1,699,900		146,090
Legal & General Group PLC		40,158,246		137,442
Other securities				1,040,267
				2,277,395

American Funds Insurance Series 51

Growth Fund

Common stocks (continued)	Shares		Value (000)
Industrials 6.71%
TransDigm Group Inc.1		696,000	$	336,725
MTU Aero Engines AG		1,001,262		238,523
CSX Corp.		2,080,700		160,984
Airbus SE, non-registered shares		940,662		133,361
Other securities				907,334
				1,776,927
Energy 3.24%
Diamondback Energy, Inc.		1,234,000		134,469
Other securities				724,053
				858,522
Consumer staples 3.05%
Altria Group, Inc.		4,832,816		228,834
Costco Wholesale Corp.		616,500		162,916
Other securities				414,363
				806,113
Materials 2.67%
Other securities				707,180
Real estate 1.84%
Equinix, Inc. REIT		464,000		233,991
Other securities				253,184
				487,175
Utilities 0.31%
Other securities				81,738
Total common stocks (cost: $15,442,877,000)				25,353,324
Short-term securities 3.97%
Money market investments 3.97%
Capital Group Central Cash Fund		10,508,871		1,050,782
Total short-term securities (cost: $1,050,779,000)				1,050,782
Total investment securities 99.72% (cost: $16,493,656,000)				26,404,106
Other assets less liabilities 0.28%				74,925
Net assets 100.00%			$	26,479,031

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $48,838,000, which represented .18% of the net assets of the fund. One security in “Other securities” (with a value of $37,000,000, an aggregate cost of $37,000,000, and which represented .14% of the net assets of the fund) was acquired on 12/21/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject it to legal or contractual restrictions on resale.

¹ Security did not produce income during the last 12 months.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

52 American Funds Insurance Series

International Fund
Summary investment portfolio June 30, 2019	unaudited

Common stocks 90.18%	Shares		Value (000)
Financials 16.97%
AIA Group Ltd.		40,985,700	$	442,035
HDFC Bank Ltd.		7,924,100		280,533
HDFC Bank Ltd. (ADR)		498,647		64,844
Kotak Mahindra Bank Ltd.		8,121,048		173,780
Axis Bank Ltd.1		6,444,300		75,485
Axis Bank Ltd.1,2,3,4		3,222,055		35,477
Axis Bank Ltd.1,2		2,466,000		26,286
BNP Paribas SA		1,629,058		77,366
Prudential PLC		3,016,000		65,726
Other securities				427,256
				1,668,788
Industrials 16.03%
Airbus SE, non-registered shares		2,979,949		422,478
Rolls-Royce Holdings PLC1		11,044,688		117,876
Yamato Holdings Co., Ltd.		4,426,195		89,949
Melrose Industries PLC		37,984,233		87,239
Nidec Corp.		606,400		82,820
Recruit Holdings Co., Ltd.		2,369,300		78,980
Rheinmetall AG		639,400		78,268
Adani Ports & Special Economic Zone Ltd.		13,028,763		77,424
Safran SA		523,100		76,642
Knorr-Bremse AG, non-registered shares		631,356		70,356
Komatsu Ltd.		2,880,500		69,464
Other securities				324,564
				1,576,060
Health care 11.13%
Novartis AG		3,145,133		287,386
Takeda Pharmaceutical Co., Ltd.		3,785,165		134,218
Daiichi Sankyo Co., Ltd.		2,160,000		112,893
Fresenius SE & Co. KGaA		1,819,000		98,621
Alcon Inc.1		1,510,600		93,279
Chugai Pharmaceutical Co., Ltd.		1,161,500		75,843
Teva Pharmaceutical Industries Ltd. (ADR)1		7,216,598		66,609
Grifols, SA, Class A, non-registered shares		881,000		26,046
Grifols, SA, Class B (ADR)		793,690		16,747
Other securities				182,857
				1,094,499
Consumer discretionary 11.09%
Alibaba Group Holding Ltd. (ADR)1		1,438,000		243,669
Sony Corp.		1,761,800		92,294
Kering SA		139,238		82,346
Galaxy Entertainment Group Ltd.		11,306,000		76,201
Hyundai Motor Co.		546,200		66,226
Meituan Dianping, Class B1		7,469,401		65,498
Other securities				464,390
				1,090,624
Materials 6.68%
Vale SA, ordinary nominative (ADR)		12,192,266		163,864
Vale SA, ordinary nominative		102,481		1,383
Asahi Kasei Corp.		11,980,780		127,625
Teck Resources Ltd., Class B		3,723,800		85,933
Other securities				278,440
				657,245

American Funds Insurance Series 53

International Fund

Common stocks (continued)	Shares		Value (000)
Information technology 6.61%
Samsung Electronics Co., Ltd.		4,263,050	$	173,527
ASML Holding NV		597,140		124,761
Worldpay, Inc., Class A1		512,797		62,843
Other securities				288,542
				649,673
Consumer staples 5.98%
Pernod Ricard SA		755,326		139,182
Nestlé SA		1,003,500		103,886
Kirin Holdings Co., Ltd.		3,510,800		75,661
Other securities				269,210
				587,939
Energy 4.61%
Royal Dutch Shell PLC, Class B		2,800,000		91,777
Royal Dutch Shell PLC, Class A (GBP denominated)		1,440,256		47,052
Oil Search Ltd.		13,449,600		66,757
Other securities				247,836
				453,422
Communication services 4.41%
Tencent Holdings Ltd.		4,596,187		207,460
SoftBank Group Corp.		1,847,600		88,511
Altice Europe NV, Class A1		16,758,527		60,198
Other securities				77,589
				433,758
Utilities 4.32%
ENN Energy Holdings Ltd.		14,004,000		136,245
China Gas Holdings Ltd.		24,134,000		89,749
Ørsted AS		919,408		79,501
Other securities				119,048
				424,543
Real estate 2.35%
China Overseas Land & Investment Ltd.		22,782,000		83,992
Other securities				147,734
				231,726
Total common stocks (cost: $7,006,514,000)				8,868,277
Preferred securities 0.89%
Health care 0.64%
Grifols, SA, Class B, nonvoting preferred, non-registered shares		3,026,230		62,973
Financials 0.25%
Other securities				24,442
Total preferred securities (cost: $75,210,000)				87,415
Rights & warrants 0.15%
Health care 0.15%
Other securities				14,218
Total rights & warrants (cost: $13,238,000)				14,218

54 American Funds Insurance Series

International Fund

Bonds, notes & other debt instruments 0.66%	Principal amount (000)		Value (000)
Corporate bonds & notes 0.45%
Other 0.45%
Other securities			$	44,171
Total corporate bonds & notes				44,171
Bonds & notes of governments & government agencies outside the U.S. 0.21%
Other securities				21,068
Total bonds, notes & other debt instruments (cost: $55,303,000)				65,239
Short-term securities 8.28%	Shares
Money market investments 8.28%
Capital Group Central Cash Fund		8,139,864		813,905
Total short-term securities (cost: $813,910,000)				813,905
Total investment securities 100.16% (cost: $7,964,175,000)				9,849,054
Other assets less liabilities (0.16)%				(15,385	)
Net assets 100.00%			$	9,833,669

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.

Forward currency contracts

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2019 (000)
USD28,387	GBP22,280	Citibank	7/12/2019		$	72
USD16,507	GBP12,948	Morgan Stanley	7/12/2019			52
GBP4,200	USD5,344	Citibank	7/12/2019			(6	)
USD40,468	INR2,825,000	JPMorgan Chase	7/22/2019			(334	)
					$	(216	)

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 $85,876,000, which represented .87% of the net assets of the fund.
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 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 $76,305,000, which represented .78% 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	$	35,477		.36	%

Key to abbreviations and symbol

ADR = American Depositary Receipts

GBP = British pounds

INR = Indian rupees

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series 55

New World Fund
Summary investment portfolio June 30, 2019	unaudited

Common stocks 89.00%	Shares		Value (000)
Information technology 23.08%
PagSeguro Digital Ltd., Class A1		2,626,223	$	102,344
Taiwan Semiconductor Manufacturing Co., Ltd.		9,904,000		76,210
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		400,000		15,668
Microsoft Corp.		484,000		64,837
StoneCo Ltd., Class A1		1,865,826		55,191
Broadcom Inc.		171,350		49,325
Keyence Corp.		70,000		42,936
PayPal Holdings, Inc.1		348,400		39,878
Visa Inc., Class A		223,400		38,771
Network International Holdings PLC1		4,694,182		35,351
Kingdee International Software Group Co. Ltd.		26,128,917		28,264
Adobe Inc.1		94,400		27,815
EPAM Systems, Inc.1		158,100		27,367
Autodesk, Inc.1		146,100		23,800
Halma PLC		918,100		23,552
Mastercard Inc., Class A		79,800		21,109
Other securities				126,380
				798,798
Financials 13.42%
HDFC Bank Ltd.		2,604,450		92,204
AIA Group Ltd.		6,477,600		69,862
B3 SA - Brasil, Bolsa, Balcao		6,600,200		64,387
Kotak Mahindra Bank Ltd.		2,782,000		59,531
Sberbank of Russia PJSC (ADR)		2,259,500		34,683
Other securities				143,614
				464,281
Energy 10.11%
Reliance Industries Ltd.1		11,548,513		209,648
Royal Dutch Shell PLC, Class B		1,284,000		42,086
Royal Dutch Shell PLC, Class A (GBP denominated)		68,628		2,242
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR)		1,267,000		19,727
Other securities				76,102
				349,805
Consumer discretionary 9.40%
Alibaba Group Holding Ltd. (ADR)1		440,037		74,564
Meituan Dianping, Class B1		4,737,554		41,543
General Motors Co.		542,000		20,883
Marriott International, Inc., Class A		144,800		20,314
Melco Resorts & Entertainment Ltd. (ADR)		931,500		20,232
Other securities				147,677
				325,213
Health care 8.23%
Yunnan Baiyao Group Co., Ltd., Class A		2,730,912		33,169
China Biologic Products Holdings, Inc.1		297,700		28,371
BioMarin Pharmaceutical Inc.1		318,000		27,237
Abbott Laboratories		263,000		22,118
AstraZeneca PLC		269,800		22,059
Carl Zeiss Meditec AG, non-registered shares		216,552		21,361
Other securities				130,486
				284,801

56 American Funds Insurance Series

New World Fund

Common stocks	Shares		Value (000)
Materials 8.16%
Vale SA, ordinary nominative		2,881,660	$	38,888
Vale SA, ordinary nominative (ADR)		1,976,000		26,557
Freeport-McMoRan Inc.		3,945,000		45,801
First Quantum Minerals Ltd.		3,305,000		31,396
Fortescue Metals Group Ltd.		4,618,395		29,246
Other securities				110,527
				282,415
Communication services 5.15%
Facebook, Inc., Class A1		265,700		51,280
Alphabet Inc., Class C1		23,700		25,618
Alphabet Inc., Class A1		10,000		10,828
Tencent Holdings Ltd.		535,600		24,176
Other securities				66,452
				178,354
Consumer staples 5.01%
Treasury Wine Estates Ltd.		3,700,000		38,756
Kweichow Moutai Co., Ltd., Class A		244,699		35,057
Nestlé SA		333,296		34,504
Other securities				64,965
				173,282
Industrials 4.82%
Airbus SE, non-registered shares		324,029		45,939
Shanghai International Airport Co., Ltd., Class A		2,200,532		26,842
Nidec Corp.		159,800		21,825
Other securities				72,282
				166,888
Real estate 0.96%
Other securities				33,082
Utilities 0.66%
Other securities				22,895
Total common stocks (cost: $2,403,058,000)				3,079,814
Preferred securities 2.37%
Industrials 1.11%
Azul SA, preference shares (ADR)1		866,446		28,974
Azul SA, preference shares1		838,500		9,453
				38,427
Financials 0.56%
Itaú Unibanco Holding SA, preferred nominative (ADR)		1,576,000		14,846
Itaú Unibanco Holding SA, preferred nominative		457,000		4,315
				19,161
Other 0.70%
Other securities				24,543
Total preferred securities (cost: $60,409,000)				82,131
Rights & warrants 0.53%
Other 0.53%
Other securities				18,404
Total rights & warrants (cost: $15,630,000)				18,404

American Funds Insurance Series 57

New World Fund

Bonds, notes & other debt instruments 2.76%	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 2.43%
Other securities			$	84,008
Corporate bonds & notes 0.33%
Other 0.33%
Other securities				11,641
Total corporate bonds & notes				11,641
Total bonds, notes & other debt instruments (cost: $91,389,000)				95,649
Short-term securities 5.02%	Shares
Money market investments 4.36%
Capital Group Central Cash Fund		1,508,156		150,800
	Principal amount (000)
Other short-term securities 0.66%
Other securities				22,827
Total short-term securities (cost: $175,029,000)				173,627
Total investment securities 99.68% (cost: $2,745,515,000)				3,449,625
Other assets less liabilities 0.32%				11,027
Net assets 100.00%			$	3,460,652

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $24,325,000, which represented .70% of the net assets of the fund. “Other securities” also includes securities (with an aggregate value of $65,315,000, which represented 1.89% of the net assets of the fund) which were acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

¹ Security did not produce income during the last 12 months.

Key to abbreviations

ADR = American Depositary Receipts

GBP = British pounds

See notes to financial statements.

58 American Funds Insurance Series

Blue Chip Income and Growth Fund
Summary investment portfolio June 30, 2019	unaudited

Common stocks 93.97%	Shares		Value (000)
Health care 19.81%
Abbott Laboratories		5,412,000	$	455,149
AbbVie Inc.		6,028,530		438,395
Gilead Sciences, Inc.		3,045,712		205,768
Amgen Inc.		1,014,510		186,954
UnitedHealth Group Inc.		493,000		120,297
Teva Pharmaceutical Industries Ltd. (ADR)1		10,333,800		95,381
Humana Inc.		259,000		68,713
Medtronic PLC		700,000		68,173
Other securities				111,395
				1,750,225
Information technology 14.73%
Microsoft Corp.		2,469,200		330,774
QUALCOMM Inc.		2,846,800		216,556
Intel Corp.		3,474,000		166,300
Broadcom Inc.		565,000		162,641
Texas Instruments Inc.		780,000		89,513
Mastercard Inc., Class A		337,000		89,147
Apple Inc.		400,000		79,168
Accenture PLC, Class A		400,000		73,908
Automatic Data Processing, Inc.		318,500		52,658
Other securities				40,890
				1,301,555
Consumer staples 12.05%
Philip Morris International Inc.		3,260,900		256,078
British American Tobacco PLC (ADR)		5,134,830		179,052
Costco Wholesale Corp.		581,255		153,602
Constellation Brands, Inc., Class A		740,100		145,755
Coca-Cola Co.		2,175,000		110,751
Altria Group, Inc.		2,045,800		96,869
PepsiCo, Inc.		400,000		52,452
Other securities				69,569
				1,064,128
Energy 10.91%
Exxon Mobil Corp.		4,813,800		368,882
EOG Resources, Inc.		2,755,800		256,730
Royal Dutch Shell PLC, Class B (ADR)		1,215,000		79,874
Schlumberger Ltd.		1,745,000		69,346
Concho Resources Inc.		610,500		62,991
Other securities				125,466
				963,289
Industrials 9.90%
General Dynamics Corp.		1,459,900		265,439
CSX Corp.		2,766,000		214,005
Illinois Tool Works Inc.		650,000		98,027
Airbus Group SE (ADR)		2,157,000		76,272
Union Pacific Corp.		400,000		67,644
United Technologies Corp.		500,000		65,100
Northrop Grumman Corp.		174,300		56,318
Other securities				31,553
				874,358
Consumer discretionary 8.58%
Lowe’s Companies, Inc.		3,594,572		362,728
Marriott International, Inc., Class A		852,500		119,597
McDonald’s Corp.		500,000		103,830
Other securities				171,760
				757,915

American Funds Insurance Series 59

Blue Chip Income and Growth Fund

Common stocks (continued)	Shares		Value (000)
Communication services 6.67%
Facebook, Inc., Class A1		1,339,800	$	258,581
Alphabet Inc., Class A1		135,750		146,990
Alphabet Inc., Class C1		20,500		22,159
Verizon Communications Inc.		2,450,500		139,997
Other securities				21,745
				589,472
Financials 3.92%
JPMorgan Chase & Co.		1,409,000		157,526
U.S. Bancorp		1,000,000		52,400
Other securities				136,086
				346,012
Materials 3.40%
Linde PLC		985,700		197,929
Freeport-McMoRan Inc.		7,703,700		89,440
Other securities				13,348
				300,717
Utilities 2.08%
Public Service Enterprise Group Inc.		1,000,000		58,820
American Electric Power Co., Inc.		600,000		52,806
Other securities				71,828
				183,454
Real estate 1.92%
Kimco Realty Corp. REIT		3,677,000		67,951
Other securities				101,444
				169,395
Total common stocks (cost: $6,814,813,000)				8,300,520
Rights & warrants 0.09%
Financials 0.09%
Other securities				7,926
Total rights & warrants (cost: $10,088,000)				7,926
Convertible stocks 0.06%
Health care 0.06%
Other securities				5,413
Total convertible stocks (cost: $4,978,000)				5,413
Short-term securities 6.69%
Money market investments 6.69%
Capital Group Central Cash Fund		5,905,582		590,499
Total short-term securities (cost: $590,512,000)				590,499
Total investment securities 100.81% (cost: $7,420,391,000)				8,904,358
Other assets less liabilities (0.81)%				(71,177	)
Net assets 100.00%			$	8,833,181

60 American Funds Insurance Series

Blue Chip Income and Growth Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“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.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

American Funds Insurance Series 61

Global Growth and Income Fund
Summary investment portfolio June 30, 2019	unaudited

Common stocks 92.66%	Shares		Value (000)
Information technology 14.66%
Taiwan Semiconductor Manufacturing Co., Ltd.		8,493,800	$	65,359
Microsoft Corp.		391,000		52,378
PagSeguro Digital Ltd., Class A1		1,208,752		47,105
Broadcom Inc.		121,200		34,889
Apple Inc.		112,500		22,266
Halma PLC		610,000		15,648
ASML Holding NV		70,000		14,625
Other securities				48,679
				300,949
Financials 12.85%
AIA Group Ltd.		3,200,000		34,512
Sberbank of Russia PJSC (ADR)		1,710,000		26,300
HDFC Bank Ltd.		644,000		22,799
CME Group Inc., Class A		100,000		19,411
The Blackstone Group Inc., Class A		412,500		18,323
Toronto-Dominion Bank (CAD denominated)		292,000		17,062
B3 SA - Brasil, Bolsa, Balcao		1,500,000		14,633
Ping An Insurance (Group) Co. of China, Ltd., Class H		1,195,000		14,349
DBS Group Holdings Ltd.		705,000		13,527
Other securities				82,957
				263,873
Industrials 12.43%
Airbus SE, non-registered shares		672,200		95,300
Lockheed Martin Corp.		66,000		23,994
CCR SA, ordinary nominative		6,017,900		21,408
Safran SA		143,000		20,952
Rheinmetall AG		151,500		18,545
Boeing Co.		45,900		16,708
Other securities				58,397
				255,304
Consumer discretionary 9.21%
Home Depot, Inc.		135,700		28,221
LVMH Moët Hennessy-Louis Vuitton SE		56,200		23,920
Carnival Corp., units		319,000		14,849
Norwegian Cruise Line Holdings Ltd.1		275,000		14,748
Other securities				107,274
				189,012
Communication services 8.39%
Nintendo Co., Ltd.		224,000		82,046
Alphabet Inc., Class A1		21,800		23,605
Alphabet Inc., Class C1		7,000		7,566
Other securities				59,085
				172,302
Health care 8.25%
UnitedHealth Group Inc.		101,825		24,846
Merck & Co., Inc.		267,350		22,417
Boston Scientific Corp.1		351,000		15,086
Abbott Laboratories		171,000		14,381
Fleury SA, ordinary nominative		2,500,000		13,900
AstraZeneca PLC		167,000		13,654
Novartis AG		148,000		13,524
Other securities				51,525
				169,333

62 American Funds Insurance Series

Global Growth and Income Fund

Common stocks	Shares		Value (000)
Materials 7.67%
Vale SA, ordinary nominative		2,395,000	$	32,320
Fortescue Metals Group Ltd.		4,763,816		30,167
Freeport-McMoRan Inc.		2,499,000		29,013
Koninklijke DSM NV		109,000		13,473
Other securities				52,569
				157,542
Energy 6.48%
Reliance Industries Ltd.1		2,830,148		51,377
Gazprom PJSC (ADR)		3,431,000		25,135
Royal Dutch Shell PLC, Class B		550,000		18,028
Other securities				38,461
				133,001
Real estate 4.42%
MGM Growth Properties LLC REIT, Class A		676,200		20,726
Gaming and Leisure Properties, Inc. REIT		425,000		16,566
Alexandria Real Estate Equities, Inc. REIT		103,000		14,532
Other securities				38,970
				90,794
Consumer staples 4.36%
Nestlé SA		434,700		45,002
Other securities				44,438
				89,440
Utilities 3.94%
Ørsted AS		491,552		42,504
Enel SpA		2,780,000		19,409
Other securities				18,984
				80,897
Total common stocks (cost: $1,409,787,000)				1,902,447
Preferred securities 0.39%
Financials 0.39%
Other securities				8,125
Total preferred securities (cost: $6,929,000)				8,125
Bonds, notes & other debt instruments 1.71%	Principal amount (000)
Corporate bonds & notes 1.71%
Communication services 1.71%
Sprint Corp. 7.25% 2021	$	33,000		35,145
Total bonds, notes & other debt instruments (cost: $31,773,000)				35,145
Short-term securities 4.32%	Shares
Money market investments 4.32%
Capital Group Central Cash Fund		886,487		88,640
Total short-term securities (cost: $88,643,000)				88,640
Total investment securities 99.08% (cost: $1,537,132,000)				2,034,357
Other assets less liabilities 0.92%				18,830
Net assets 100.00%			$	2,053,187

American Funds Insurance Series 63

Global Growth and Income Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“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 6/30/2019 (000)
USD7,285	AUD10,500	JPMorgan Chase	7/26/2019		$	(94	)

¹ Security did not produce income during the last 12 months.

Key to abbreviations and symbol

ADR = American Depositary Receipts

AUD = Australian dollars

CAD = Canadian dollars

USD/$ = U.S. dollars

See notes to financial statements.

64 American Funds Insurance Series

Growth-Income Fund
Summary investment portfolio June 30, 2019	unaudited

Common stocks 93.00%	Shares		Value (000)
Information technology 15.21%
Microsoft Corp.		9,380,500	$	1,256,612
Broadcom Inc.		2,108,034		606,819
Intel Corp.		10,360,800		495,971
Texas Instruments Inc.		3,082,688		353,769
Accenture PLC, Class A		1,510,900		279,169
Mastercard Inc., Class A		791,000		209,243
Visa Inc., Class A		1,160,200		201,353
QUALCOMM Inc.		2,386,566		181,546
Other securities				1,581,296
				5,165,778
Health care 15.14%
UnitedHealth Group Inc.		2,444,268		596,426
Abbott Laboratories		6,329,069		532,275
Gilead Sciences, Inc.		6,325,600		427,358
Amgen Inc.		2,281,997		420,526
Merck & Co., Inc.		4,164,380		349,183
Eli Lilly and Co.		2,077,600		230,177
Cigna Corp.		1,327,418		209,135
Other securities				2,376,470
				5,141,550
Financials 11.17%
JPMorgan Chase & Co.		5,027,030		562,022
CME Group Inc., Class A		2,002,500		388,705
Bank of New York Mellon Corp.		6,957,700		307,182
Intercontinental Exchange, Inc.		3,183,555		273,595
Aon PLC, Class A		1,214,800		234,432
Other securities				2,028,647
				3,794,583
Industrials 11.05%
General Dynamics Corp.		2,639,200		479,859
Airbus SE, non-registered shares		2,824,564		400,449
BWX Technologies, Inc.1		5,373,948		279,983
TransDigm Group Inc.2		485,800		235,030
Northrop Grumman Corp.		694,900		224,529
Equifax Inc.		1,406,200		190,174
Other securities				1,944,195
				3,754,219
Communication services 10.97%
Facebook, Inc., Class A2		6,449,227		1,244,701
Alphabet Inc., Class C2		316,784		342,415
Alphabet Inc., Class A2		279,980		303,162
Netflix, Inc.2		1,449,649		532,485
Verizon Communications Inc.		4,009,400		229,057
Comcast Corp., Class A		4,893,400		206,893
Charter Communications, Inc., Class A2		458,369		181,138
Other securities				687,081
				3,726,932
Consumer staples 7.91%
Coca-Cola Co.		7,223,100		367,800
British American Tobacco PLC		6,930,260		241,942
British American Tobacco PLC (ADR)		479,440		16,718
Costco Wholesale Corp.		832,200		219,917
Pernod Ricard SA		1,169,574		215,514

American Funds Insurance Series 65

Growth-Income Fund

Common stocks (continued)		Shares		Value (000)
Consumer staples (continued)
Mondelez International, Inc.			3,567,400	$	192,283
Carlsberg A/S, Class B			1,390,224		184,300
Other securities					1,247,808
					2,686,282
Energy 7.05%
Exxon Mobil Corp.			5,845,200		447,918
Chevron Corp.			2,164,300		269,325
Enbridge Inc. (CAD denominated)			5,893,659		212,874
Enbridge Inc. (CAD denominated)3			1,340,553		48,420
EOG Resources, Inc.			2,715,800		253,004
Schlumberger Ltd.			4,570,400		181,628
Other securities					982,492
					2,395,661
Consumer discretionary 5.65%
Amazon.com, Inc.2			290,400		549,910
Other securities					1,370,517
					1,920,427
Materials 4.77%
Celanese Corp.			3,193,233		344,230
International Flavors & Fragrances Inc.			1,599,000		231,999
Linde PLC			1,152,000		231,322
Other securities					812,038
					1,619,589
Utilities 2.02%
Sempra Energy			2,375,700		326,516
Other securities					360,574
					687,090
Real estate 1.90%
Crown Castle International Corp. REIT			1,795,400		234,031
Other securities					411,840
					645,871
Mutual funds 0.16%
Other securities					54,750
Total common stocks (cost: $23,041,561,000)					31,592,732
Convertible stocks 0.30%
Other 0.30%
Other securities					99,581
Total convertible stocks (cost: $89,661,000)					99,581
Convertible bonds 0.02%	Principal amount (000)
Energy 0.02%
Other securities					7,112
Total convertible bonds (cost: $11,820,000)					7,112

66 American Funds Insurance Series

Growth-Income Fund

Short-term securities 6.26%	Shares		Value (000)
Money market investments 6.26%
Capital Group Central Cash Fund		21,280,609	$	2,127,848
Total short-term securities (cost: $2,127,852,000)				2,127,848
Total investment securities 99.58% (cost: $25,270,894,000)				33,827,273
Other assets less liabilities 0.42%				142,019
Net assets 100.00%			$	33,969,292

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.

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. 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 six months ended June 30, 2019, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized appreciation (000)		Dividend income (000)		Value of affiliates at 6/30/2019 (000)
Common stocks 0.82%
Industrials 0.82%
BWX Technologies, Inc.		5,290,948		83,000		—		5,373,948	$	—	$	73,906	$	1,827	$	279,983

1	Represents an affiliated company as defined under the Investment Company Act of 1940.
2	Security did not produce income during the last 12 months.
3	Acquired in a transaction exempt from registration under Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $48,420,000, which represented .14% 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 67

International Growth and Income Fund
Summary investment portfolio June 30, 2019	unaudited

Common stocks 92.46%	Shares		Value (000)
Financials 18.26%
HDFC Bank Ltd.		1,228,800	$	43,503
Zurich Insurance Group AG		92,200		32,103
AIA Group Ltd.		1,833,000		19,769
Prudential PLC		738,000		16,083
ING Groep NV		1,367,000		15,849
Sony Financial Holdings Inc.		526,100		12,629
Banco Santander, SA		2,611,538		12,117
Sumitomo Mitsui Financial Group, Inc.		308,000		10,873
Haci Ömer Sabanci Holding AS		6,520,900		9,673
GT Capital Holdings, Inc.		501,049		9,193
Other securities				80,065
				261,857
Health care 12.76%
Novartis AG		502,545		45,920
Takeda Pharmaceutical Co., Ltd.		1,043,753		37,010
Fresenius SE & Co. KGaA		551,600		29,906
Daiichi Sankyo Co., Ltd.		561,000		29,321
China Biologic Products Holdings, Inc.1		182,000		17,345
Other securities				23,554
				183,056
Industrials 11.63%
Airbus SE, non-registered shares		253,960		36,005
Shanghai International Airport Co., Ltd., Class A		2,590,033		31,593
ASSA ABLOY AB, Class B		681,100		15,395
Komatsu Ltd.		629,600		15,183
Airports of Thailand PCL, foreign registered		5,250,000		12,583
Adani Ports & Special Economic Zone Ltd.		2,008,779		11,937
Aena SME, SA, non-registered shares		52,450		10,395
Other securities				33,714
				166,805
Energy 8.60%
Royal Dutch Shell PLC, Class A (GBP denominated)		2,147,691		70,164
Royal Dutch Shell PLC, Class B		138,000		4,523
TOTAL SA		404,534		22,666
Canadian Natural Resources, Ltd. (CAD denominated)		272,500		7,348
Canadian Natural Resources, Ltd.		92,000		2,481
Other securities				16,229
				123,411
Real estate 7.67%
Sun Hung Kai Properties Ltd.		2,249,500		38,155
CK Asset Holdings Ltd.		3,939,348		30,837
Daito Trust Construction Co., Ltd.		144,800		18,447
China Resources Land Ltd.		3,064,000		13,493
Other securities				9,011
				109,943
Consumer discretionary 6.98%
Sony Corp.		430,000		22,526
LVMH Moët Hennessy-Louis Vuitton SE		48,000		20,430
Luckin Coffee Inc., Class A (ADR)1		508,404		9,909
Kering SA		16,600		9,817
Just Eat PLC1		1,215,000		9,644
Other securities				27,776
				100,102

68 American Funds Insurance Series

International Growth and Income Fund

Common stocks		Shares		Value (000)
Materials 6.83%
Rio Tinto PLC			792,800	$	49,138
Yara International ASA			343,000		16,638
Air Liquide SA, non-registered shares			72,000		10,074
Other securities					22,156
					98,006
Utilities 5.91%
Ørsted AS			317,300		27,437
E.ON SE			1,952,000		21,199
ENN Energy Holdings Ltd.			1,658,000		16,131
Other securities					20,062
					84,829
Consumer staples 5.71%
Pernod Ricard SA			128,650		23,706
British American Tobacco PLC			627,958		21,923
Coca-Cola Icecek AS, Class C			2,631,000		13,576
Other securities					22,748
					81,953
Information technology 4.33%
Taiwan Semiconductor Manufacturing Co., Ltd.			2,804,000		21,577
Tokyo Electron Ltd.			96,500		13,533
Samsung Electronics Co., Ltd.			259,000		10,543
ASML Holding NV			47,800		9,987
Other securities					6,420
					62,060
Communication services 3.78%
Yandex NV, Class A1			470,000		17,860
Other securities					36,329
					54,189
Total common stocks (cost: $1,177,798,000)					1,326,211
Preferred securities 1.25%
Financials 0.98%
Itaú Unibanco Holding SA, preferred nominative (ADR)			1,486,950		14,007
Energy 0.27%
Other securities					3,875
Total preferred securities (cost: $13,377,000)					17,882
Bonds, notes & other debt instruments 1.15%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 0.62%
Other securities					8,979
Corporate bonds & notes 0.53%
Other 0.53%
Other securities					7,582
Total corporate bonds & notes					7,582
Total bonds, notes & other debt instruments (cost: $15,610,000)					16,561

American Funds Insurance Series 69

International Growth and Income Fund

Short-term securities 4.89%		Shares		Value (000)
Money market investments 4.53%
Capital Group Central Cash Fund			649,569	$	64,951
	Principal amount (000)
Other short-term securities 0.36%
Other securities					5,254
Total short-term securities (cost: $69,825,000)					70,205
Total investment securities 99.75% (cost: $1,276,610,000)					1,430,859
Other assets less liabilities 0.25%					3,524
Net assets 100.00%				$	1,434,383

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes a security (with a value of $1,907,000, which represented .13% of the net assets of the fund) which was acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

Forward currency contracts

Contract amount				Unrealized appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2019 (000)
USD1,559	GBP1,223	Morgan Stanley	7/12/2019		$	5

¹ Security did not produce income during the last 12 months.

Key to abbreviations and symbol

ADR = American Depositary Receipts

CAD = Canadian dollars

GBP = British pounds

USD/$ = U.S. dollars

See notes to financial statements.

70 American Funds Insurance Series

Capital Income Builder

Summary investment portfolio June 30, 2019 unaudited

Common stocks 67.41%	Shares		Value (000)
Information technology 9.58%
Microsoft Corp.		109,620	$	14,685
Broadcom Inc.		50,800		14,623
QUALCOMM Inc.		140,900		10,718
Intel Corp.		221,100		10,584
Taiwan Semiconductor Manufacturing Co., Ltd.		1,277,800		9,832
Other securities				19,983
				80,425
Consumer staples 9.08%
Philip Morris International Inc.		145,220		11,404
Diageo PLC		233,600		10,039
British American Tobacco PLC		271,200		9,468
Carlsberg A/S, Class B		69,692		9,239
Coca-Cola Co.		177,700		9,048
Nestlé SA		69,277		7,172
Altria Group, Inc.		150,370		7,120
Other securities				12,741
				76,231
Financials 8.63%
CME Group Inc., Class A		59,566		11,562
Zurich Insurance Group AG		26,872		9,357
DBS Group Holdings Ltd.		335,700		6,441
SunTrust Banks, Inc.		100,500		6,316
Sampo Oyj, Class A		130,569		6,162
Other securities				32,667
				72,505
Real estate 8.21%
Crown Castle International Corp. REIT		130,300		16,984
American Tower Corp. REIT		77,569		15,859
Link Real Estate Investment Trust REIT		693,500		8,522
Digital Realty Trust, Inc. REIT		49,000		5,772
Other securities				21,844
				68,981
Energy 7.49%
Royal Dutch Shell PLC, Class B		413,140		13,542
Royal Dutch Shell PLC, Class B (ADR)		8,500		559
Royal Dutch Shell PLC, Class A (GBP denominated)		101		3
Enbridge Inc. (CAD denominated)		369,670		13,352
Williams Companies, Inc.		236,700		6,637
Occidental Petroleum Corp.		122,600		6,165
Other securities				22,602
				62,860
Communication services 5.11%
Vodafone Group PLC		5,707,800		9,374
Koninklijke KPN NV		2,692,994		8,268
Verizon Communications Inc.		119,950		6,853
HKT Trust and HKT Ltd., units		3,699,240		5,872
Other securities				12,525
				42,892
Health care 4.93%
AstraZeneca PLC		123,900		10,130
AstraZeneca PLC (ADR)		145,100		5,990
GlaxoSmithKline PLC		421,500		8,439
Pfizer Inc.		176,500		7,646
Other securities				9,201
				41,406

American Funds Insurance Series 71

Capital Income Builder

Common stocks (continued)		Shares			Value (000)
Utilities 4.26%
Enel SpA			1,753,109		$	12,240
Edison International			135,100			9,107
Other securities						14,428
						35,775
Consumer discretionary 4.21%
Las Vegas Sands Corp.			173,400			10,246
Sands China Ltd.			1,460,800			6,985
Other securities						18,135
						35,366
Industrials 3.85%
Airbus SE, non-registered shares			90,999			12,901
Boeing Co.			21,300			7,754
Other securities						11,658
						32,313
Materials 2.06%
Other securities						17,288
Total common stocks (cost: $534,432,000)						566,042
Rights & warrants 0.00%
Energy 0.00%
Other securities						—	1
Total rights & warrants (cost: $0)						—	1
Convertible stocks 1.11%
Utilities 0.66%
Other securities						5,541
Real estate 0.45%
Crown Castle International Corp. REIT, Series A, 6.875% convertible preferred 2020			3,150			3,786
Total convertible stocks (cost: $8,227,000)						9,327
Bonds, notes & other debt instruments 22.66%	Principal amount (000)
U.S. Treasury bonds & notes 13.13%
U.S. Treasury 12.45%
U.S. Treasury 2.25% 2021		$	12,000			12,100
U.S. Treasury 1.875% 2022			10,500			10,551
U.S. Treasury 2.00% 20222			15,000			15,130
U.S. Treasury 2.125% 2022			8,800			8,919
U.S. Treasury 2.00% 2025			13,200			13,327
U.S. Treasury 2.00% 2026			7,500			7,558
U.S. Treasury 0%–3.13% 2021–20492			39,303			36,935
						104,520
U.S. Treasury inflation-protected securities 0.68%
U.S. Treasury Inflation-Protected Security 0.625% 20233			5,657			5,728
U.S. Treasury Inflation-Protected Security 0.50% 20283			—	1		—	1
						5,728
Total U.S. Treasury bonds & notes						110,248

72 American Funds Insurance Series

Capital Income Builder

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Mortgage-backed obligations 5.27%
Federal agency mortgage-backed obligations 4.99%
Fannie Mae Pool #CA2055 4.50% 20484		$	6,244	$	6,565
Fannie Mae Pool #CA1709 4.50% 20484			5,393		5,675
Fannie Mae Pool #CA1563 4.50% 20484			5,290		5,567
Fannie Mae 3.50%–4.00% 2046–20494			2,067		2,156
Government National Mortgage Assn. 4.18%–6.64% 2048–20644,5			14,177		14,838
Other securities					7,130
					41,931
Collateralized mortgage-backed obligations (privately originated) 0.28%
Other securities					2,358
Total mortgage-backed obligations					44,289
Corporate bonds & notes 3.21% Utilities 0.57%
Southern California Edison Co. 4.00%–4.65% 2043–2048			419		425
Other securities					4,366
					4,791
Health care 0.47%
AstraZeneca PLC 3.375% 2025			200		209
Other securities					3,711
					3,920
Consumer staples 0.41%
British American Tobacco PLC 3.56%–4.54% 2027–2047			920		906
Philip Morris International Inc. 3.375% 2029			280		289
Other securities					2,266
					3,461
Communication services 0.28%
Vodafone Group PLC 5.25% 2048			250		277
Other securities					2,070
					2,347
Information technology 0.22%
Broadcom Inc. 4.75% 20296			530		544
Broadcom Ltd. 3.50%–3.88% 2024–2028			428		419
Other securities					904
					1,867
Energy 0.18%
Enbridge Energy Partners, LP 7.375% 2045			85		125
Other securities					1,402
					1,527
Other 1.08%
Other securities					9,048
Total corporate bonds & notes					26,961
Asset-backed obligations 1.00%
Ford Credit Auto Owner Trust, Series 2015-1, Class A, 2.12% 20264,6			6,959		6,948
Other securities					1,409
Total asset-backed obligations					8,357

American Funds Insurance Series 73

Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Municipals 0.05%
Other securities				$	412
Total bonds, notes & other debt instruments (cost: $185,342,000)					190,267
Short-term securities 8.17%		Shares
Money market investments 8.17%
Capital Group Central Cash Fund			685,730		68,566
Total short-term securities (cost: $68,566,000)					68,566
Total investment securities 99.35% (cost: $796,567,000)					834,202
Other assets less liabilities 0.65%					5,487
Net assets 100.00%				$	839,689

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes a security which was valued under fair value procedures adopted by authority of the board of trustees. The total value of the security which was valued under fair value procedures was $190,000, which represented .02% of the net assets of the fund.

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		7	Value at 6/30/2019 (000)		8	Unrealized appreciation (depreciation) at 6/30/2019 (000)
2 Year U.S. Treasury Note Futures	Long	417	October 2019	$	83,400		$	89,730			$	646
5 Year U.S. Treasury Note Futures	Short	73	October 2019		(7,300	)		(8,626	)			(104	)
10 Year Ultra U.S. Treasury Note Futures	Short	235	September 2019		(23,500	)		(32,459	)			(1,021	)
20 Year U.S. Treasury Bond Futures	Long	49	September 2019		4,900			7,624				203
30 Year Ultra U.S. Treasury Bond Futures	Long	27	September 2019		2,700			4,794				210
											$	(66	)

74 American Funds Insurance Series

Capital Income Builder

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2019 (000)			Upfront payments/ receipts (000)			Unrealized (depreciation) appreciation at 6/30/2019 (000)
2.337%	U.S. EFFR	7/31/2019	$	123,000	$	(4	)		$	—		$	(4	)
2.325%	U.S. EFFR	7/31/2019		163,000		(6	)			—			(6	)
2.305%	U.S. EFFR	7/31/2019		163,000		(9	)			—			(9	)
U.S. EFFR	2.039%	9/18/2019		309,000		(4	)			—			(4	)
2.4035%	U.S. EFFR	1/11/2021		30,760		364				—			364
2.3995%	U.S. EFFR	1/11/2021		21,249		250				—			250
2.3755%	U.S. EFFR	2/6/2021		29,000		354				—			354
2.37%	U.S. EFFR	3/8/2021		15,000		194				—			194
3-month USD-LIBOR	2.348%	4/1/2021		47,000		(421	)			—			(421	)
2.197%	U.S. EFFR	4/15/2021		31,000		338				—			338
2.21875%	U.S. EFFR	3/14/2024		9,000		293				—			293
									$	—		$	1,349

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	Amount less than one thousand.
2	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $709,000, which represented .08% 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 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 $16,746,000, which represented 1.99% 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

ADR = American Depositary Receipts

CAD = Canadian dollars

EFFR = Effective Federal Funds Rate

GBP = British pounds

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series 75

Asset Allocation Fund

Summary investment portfolio June 30, 2019 unaudited

Common stocks 61.08%	Shares		Value (000)
Information technology 14.78%
Microsoft Corp.		6,641,900	$	889,749
Broadcom Inc.		2,095,000		603,067
ASML Holding NV (New York registered)		1,865,000		387,790
ASML Holding NV		70,000		14,625
VeriSign, Inc.1		1,700,000		355,572
Intel Corp.		5,820,000		278,603
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		6,276,700		245,858
Intuit Inc.		900,000		235,197
MKS Instruments, Inc.2		2,800,000		218,092
Visa Inc., Class A		1,032,000		179,103
Other securities				357,479
				3,765,135
Financials 10.02%
Chubb Ltd.		2,200,000		324,038
Arch Capital Group Ltd.1		7,331,500		271,852
First Republic Bank		2,580,000		251,937
CME Group Inc., Class A		977,200		189,684
JPMorgan Chase & Co.		1,600,000		178,880
Capital One Financial Corp.		1,950,000		176,943
Citigroup Inc.		2,500,000		175,075
Bank of America Corp.		6,000,000		174,000
Wells Fargo & Co.		3,500,000		165,620
Other securities				643,239
				2,551,268
Health care 9.93%
Johnson & Johnson		3,672,000		511,436
UnitedHealth Group Inc.		2,016,300		491,997
Humana Inc.		1,265,000		335,604
Merck & Co., Inc.		2,420,300		202,942
Bluebird Bio, Inc.1		1,558,700		198,267
Cigna Corp.		1,250,000		196,938
Other securities				592,293
				2,529,477
Industrials 5.77%
Boeing Co.		1,211,000		440,816
Northrop Grumman Corp.		1,349,400		436,005
Lockheed Martin Corp.		847,200		307,991
Other securities				285,567
				1,470,379
Consumer discretionary 4.93%
Home Depot, Inc.		1,125,000		233,966
Amazon.com, Inc.1		103,000		195,044
Suzuki Motor Corp.		3,700,000		173,787
General Motors Co.		4,100,000		157,973
VF Corp.		1,500,000		131,025
Other securities				363,809
				1,255,604
Energy 3.92%
Noble Energy, Inc.		12,500,000		280,000
Cenovus Energy Inc.		28,000,000		246,955
Royal Dutch Shell PLC, Class B (ADR)		2,745,000		180,456
Suncor Energy Inc.		4,000,000		124,776
Other securities				165,644
				997,831

76 American Funds Insurance Series

Asset Allocation Fund

Common stocks		Shares		Value (000)
Consumer staples 3.85%
Philip Morris International Inc.			5,430,000	$	426,418
Nestlé SA			3,006,689		311,264
Nestlé SA (ADR)			900,000		93,060
Other securities					148,922
					979,664
Communication services 3.71%
Charter Communications, Inc., Class A1			827,126		326,864
Facebook, Inc., Class A1			1,077,100		207,880
Other securities					409,851
					944,595
Materials 2.67%
Dow Inc.			4,616,666		227,648
Other securities					453,796
					681,444
Real estate 0.87%
Other securities					220,771
Utilities 0.63%
CMS Energy Corp.			2,284,700		132,307
Other securities					28,901
					161,208
Total common stocks (cost: $10,698,642,000)					15,557,376
Rights & warrants 0.00%
Other 0.00%
Other securities					101
Total rights & warrants (cost: $47,000)					101
Convertible stocks 0.27%
Other 0.27%
Other securities					67,927
Total convertible stocks (cost: $66,588,000)					67,927
Convertible bonds 0.00%	Principal amount (000)
Communication services 0.00%
Other securities					1,286
Total convertible bonds (cost: $1,390,000)					1,286
Bonds, notes & other debt instruments 30.44%
U.S. Treasury bonds & notes 12.71%
U.S. Treasury 10.47%
U.S. Treasury 1.25% 20203		$	278,117		276,813
U.S. Treasury 1.625% 2020			125,000		124,600
U.S. Treasury 2.25% 2021			138,000		139,145
U.S. Treasury 2.50% 2021			200,000		202,080
U.S. Treasury 1.75% 2024			130,000		129,970
U.S. Treasury 2.50% 2024			225,000		232,409
U.S. Treasury 1.13%–4.75% 2019–20493			1,516,483		1,562,257
					2,667,274

American Funds Insurance Series 77

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 2.24%
U.S. Treasury Inflation-Protected Security 0.625% 20244		$	223,594	$	227,688
U.S. Treasury Inflation-Protected Security 1.375% 20443,4			140,628		160,014
U.S. Treasury Inflation-Protected Securities 0.38%–1.00% 2024–20493,4			189,143		183,285
					570,987
Total U.S. Treasury bonds & notes					3,238,261
Corporate bonds & notes 10.79%
Health care 1.85%
UnitedHealth Group Inc. 3.38%–4.45% 2024–2048			12,215		13,369
Other securities					458,990
					472,359
Financials 1.70%
ACE INA Holdings Inc. 2.30%–4.35% 2020–2045			7,405		7,683
Other securities					424,406
					432,089
Energy 1.18%
Cenovus Energy Inc. 3.80%–5.40% 2023–2047			17,385		18,156
Noble Energy, Inc. 4.95% 2047			375		398
Other securities					282,453
					301,007
Communication services 1.15%
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50%–6.48% 2023–20495			33,760		36,326
Other securities					255,457
					291,783
Industrials 0.80%
Boeing Co. 2.70%–3.90% 2022–2049			16,533		17,042
Lockheed Martin Corp. 2.50%–3.55% 2020–2026			10,050		10,312
Northrop Grumman Corp. 2.93%–3.25% 2025–2028			13,245		13,554
Other securities					164,113
					205,021
Consumer staples 0.78%
Nestlé Holdings, Inc. 3.35% 20235			750		782
Philip Morris International Inc. 1.88%–4.25% 2020–2044			15,481		15,777
Other securities					182,969
					199,528
Information technology 0.51%
Broadcom Inc. 3.13%–4.75% 2022–20295			30,890		31,474
Broadcom Ltd. 3.50%–3.88% 2024–2028			11,832		11,578
Microsoft Corp. 3.30%–4.25% 2027–2047			11,250		12,565
Other securities					73,386
					129,003
Other 2.82%
Other securities					716,137
Total corporate bonds & notes					2,746,927

78 American Funds Insurance Series

Asset Allocation Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Mortgage-backed obligations 6.06%
Federal agency mortgage-backed obligations 5.84%
Fannie Mae 0%–7.50% 2021–20496,7		$	410,879	$	426,582
Freddie Mac 3.00%–6.50% 2034–20486			272,601		282,129
Government National Mortgage Assn. 3.50%–4.50% 2048–20496,8			400,322		416,602
Other securities					365,962
					1,491,275
Other 0.22%
Other securities					51,824
Total mortgage-backed obligations					1,543,099
Federal agency bonds & notes 0.05%
Fannie Mae 1.875% 20263			13,000		12,852
Other 0.83%
Other securities					210,817
Total bonds, notes & other debt instruments (cost: $7,576,505,000)					7,751,956
Short-term securities 10.32%		Shares
Money market investments 10.32%
Capital Group Central Cash Fund			26,293,786		2,629,116
Total short-term securities (cost: $2,629,127,000)					2,629,116
Total investment securities 102.11% (cost: $20,972,299,000)					26,007,762
Other assets less liabilities (2.11)%					(536,983	)
Net assets 100.00%				$	25,470,779

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $33,335,000, which represented .13% of the net assets of the fund. “Other securities” also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $45,351,000, which represented .18% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $4,014,000, an aggregate cost of $9,216,000, and which represented .02% 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.

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		9	Value at 6/30/2019 (000)		10	Unrealized appreciation (depreciation) at 6/30/2019 (000)
90 Day Euro Dollar Futures	Long	4,190	September 2019	$	1,047,500		$	1,026,498			$	911
90 Day Euro Dollar Futures	Long	1,682	March 2020		420,500			413,309				1,574
90 Day Euro Dollar Futures	Short	4,190	September 2020		(1,047,500	)		(1,031,211	)			(889	)
90 Day Euro Dollar Futures	Short	1,682	March 2021		(420,500	)		(414,066	)			(1,344	)
2 Year U.S. Treasury Note Futures	Long	7,644	October 2019		1,528,800			1,644,833				9,786
5 Year U.S. Treasury Note Futures	Long	2,171	October 2019		217,100			256,517				2,658
10 Year U.S. Treasury Note Futures	Short	8	September 2019		(800	)		(1,024	)			(15	)

American Funds Insurance Series 79

Asset Allocation Fund

Futures contracts (continued)

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		9	Value at 6/30/2019 (000)		10	Unrealized appreciation (depreciation) at 6/30/2019 (000)
10 Year Ultra U.S. Treasury Note Futures	Short	2,089	September 2019	$	(208,900	)	$	(288,543	)		$	(5,727	)
30 Year Ultra U.S. Treasury Bond Futures	Long	613	September 2019		61,300			108,846				3,458
											$	10,412

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2019 (000)			Upfront payments/ receipts (000)			Unrealized depreciation at 6/30/2019 (000)
1.6365%	3-month USD-LIBOR	10/16/2019	$	124,000	$	(267	)		$	—		$	(267	)
3-month USD-LIBOR	2.18075%	3/29/2024		26,400		(524	)			—			(524	)
3-month USD-LIBOR	2.194%	3/29/2024		101,900		(2,083	)			—			(2,083	)
3-month USD-LIBOR	2.21875%	3/29/2024		107,250		(2,313	)			—			(2,313	)
3-month USD-LIBOR	2.945%	10/16/2044		28,000		(4,195	)			—			(4,194	)
									$	—		$	(9,381	)

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. The value of the fund’s affiliated-company holdings is either shown in the summary investment portfolio or included in the value of “Other securities” under the respective industry sectors. Further details on these holdings and related transactions during the six months ended June 30, 2019, appear below.

												Net
	Beginning						Ending		Net			unrealized			Dividend		Value of
	shares or						shares or		realized			(depreciation)			or interest		affiliates at
	principal						principal		loss			appreciation			income		6/30/2019
	amount		Additions		Reductions		amount		(000)			(000)			(000)		(000)
Common stocks 1.61%
Information technology 0.86%
MKS Instruments, Inc.		—		2,800,000		—		2,800,000	$	—		$	(19,186	)	$	390	$	218,092
Consumer discretionary 0.75%
Dillard’s, Inc., Class A (USA)		1,700,000		—		—		1,700,000		—			3,349			340		105,876
Kontoor Brands, Inc.1		—		3,084,392		—		3,084,392		—			1,070			—		86,425
																		192,301
Energy 0.00%
Weatherford International PLC1,11		60,000,000		—		60,000,000		—		(446,158	)		415,322			—		—
Total common stocks																		410,393
Bonds, notes & other debt instruments 0.00%
Energy 0.00%
Weatherford International PLC 4.50% 202211	$	6,365,000		—		—	$	6,365,000		—			(592	)		241		—
Weatherford International PLC 8.25% 202311	$	5,800,000		—		—	$	5,800,000		—			(469	)		243		—
Weatherford International PLC 9.875% 202411	$	1,000,000		—		—	$	1,000,000		—			(92	)		48		—
Weatherford International PLC 9.875% 202511	$	2,550,000		—		—	$	2,550,000		—			(224	)		127		—
Weatherford International PLC 6.50% 203611	$	7,595,000		—		—	$	7,595,000		—			(51	)		260		—
Weatherford International PLC 6.75% 204011	$	7,825,000		—		—	$	7,825,000		—			(53	)		275		—
																		—
Total 1.61%									$	(446,158	)	$	399,074		$	1,924	$	410,393

80 American Funds Insurance Series

Asset Allocation 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	Security did not produce income during the last 12 months.
2	Represents an affiliated company as defined under the Investment Company Act of 1940.
3	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $13,869,000, which represented .05% 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 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 $936,956,000, which represented 3.68% 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	Unaffiliated issuer at 6/30/2019.

Key to abbreviations and symbol

ADR = American Depositary Receipts

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series 81

Global Balanced Fund
Summary investment portfolio June 30, 2019	unaudited

Common stocks 59.16%	Shares		Value (000)
Information technology 11.42%
Broadcom Inc.		26,895	$	7,742
PagSeguro Digital Ltd., Class A1		161,228		6,283
Taiwan Semiconductor Manufacturing Co., Ltd.		804,000		6,187
ASML Holding NV		25,800		5,390
Microsoft Corp.		32,620		4,370
Temenos AG		18,000		3,220
Visa Inc., Class A		14,600		2,534
Infosys Ltd.		214,650		2,276
Other securities				9,448
				47,450
Health care 10.20%
Merck & Co., Inc.		116,325		9,754
AstraZeneca PLC		102,050		8,344
Humana Inc.		16,330		4,332
Mettler-Toledo International Inc.1		3,500		2,940
Coloplast A/S, Class B		21,200		2,396
Other securities				14,633
				42,399
Financials 8.52%
Berkshire Hathaway Inc., Class A1		21		6,685
Sberbank of Russia PJSC (ADR)		331,000		5,091
JPMorgan Chase & Co.		45,300		5,065
AIA Group Ltd.		426,000		4,595
B3 SA - Brasil, Bolsa, Balcao		376,000		3,668
Hang Seng Bank Ltd.		114,000		2,838
BlackRock, Inc.		5,730		2,689
Other securities				4,794
				35,425
Consumer staples 7.64%
Nestlé SA		64,100		6,636
British American Tobacco PLC		156,300		5,457
Altria Group, Inc.		87,000		4,120
Philip Morris International Inc.		50,800		3,989
Keurig Dr Pepper Inc.		106,000		3,063
Other securities				8,495
				31,760
Industrials 6.59%
Boeing Co.		11,250		4,095
Edenred SA		66,528		3,394
MTU Aero Engines AG		9,800		2,335
Other securities				17,580
				27,404
Consumer discretionary 4.31%
Home Depot, Inc.		22,275		4,632
General Motors Co.		110,500		4,258
Amazon.com, Inc.1		1,375		2,604
LVMH Moët Hennessy-Louis Vuitton SE		5,765		2,454
Alibaba Group Holding Ltd. (ADR)1		13,700		2,321
Other securities				1,623
				17,892
Materials 2.83%
Other securities				11,753

82 American Funds Insurance Series

Global Balanced Fund

Common stocks		Shares		Value (000)
Energy 2.45%
Other securities				$	10,162
Communication services 2.22%
Alphabet Inc., Class C1			3,579		3,868
Nintendo Co., Ltd.			7,500		2,747
SK Telecom Co., Ltd.			11,590		2,600
					9,215
Real estate 1.77%
Crown Castle International Corp. REIT			23,940		3,120
Gaming and Leisure Properties, Inc. REIT			59,720		2,328
Other securities					1,894
					7,342
Utilities 1.21%
Ørsted AS			58,400		5,050
Total common stocks (cost: $194,289,000)					245,852
Bonds, notes & other debt instruments 35.34%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 14.82%
Japan, Series 395, 0.10% 2020		¥	423,100		3,942
Japan, Series 346, 0.10% 2027			304,250		2,901
Japan 0.10%–1.70% 2020–20492			1,228,461		12,085
Other securities					42,643
					61,571
U.S. Treasury bonds & notes 12.90%
U.S. Treasury 11.14%
U.S. Treasury 2.25% 2021		$	5,000		5,041
U.S. Treasury 2.875% 2021			2,250		2,309
U.S. Treasury 1.625% 20223			2,850		2,840
U.S. Treasury 2.875% 2023			2,250		2,356
U.S. Treasury 2.25% 2024			3,055		3,125
U.S. Treasury 2.25% 2027			2,800		2,866
U.S. Treasury 1.00%–3.13% 2019–20493			27,028		27,782
					46,319
U.S. Treasury inflation-protected securities 1.76%
U.S. Treasury Inflation-Protected Security 0.875% 20292			3,845		4,054
U.S. Treasury Inflation-Protected Securities 0.13%–2.38% 2022–20442,3			3,164		3,260
					7,314
Total U.S. Treasury bonds & notes					53,633
Corporate bonds & notes 5.15%
Financials 1.10%
JPMorgan Chase & Co. 2.55%–3.25% 2021–2023			254		257
JPMorgan Chase & Co., Series S, junior subordinated, perpetual, 6.75% (3-month USD-LIBOR + 3.78% on 2/1/2024)4			135		149
JPMorgan Chase Bank NA (3-month USD-LIBOR + 0.34%) 2.926% 20215			300		300
Other securities					3,886
					4,592

American Funds Insurance Series 83

Global Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds & notes (continued)
Health care 0.79%
AstraZeneca PLC 2.38%–3.50% 2022–2023		$	260	$	268
Humana Inc. 3.15% 2022			100		102
Other securities					2,910
					3,280
Consumer staples 0.50%
Altria Group, Inc. 2.63%–5.80% 2020–2039			225		241
Altria Group, Inc. 1.00%–2.20% 2023–2027		€	280		332
British American Tobacco PLC 3.56%–4.39% 2027–2037		$	185		181
Philip Morris International Inc. 2.00%–2.90% 2020–2022			170		171
Reynolds American Inc. 4.00%–4.45% 2022–2025			120		126
Other securities					1,039
					2,090
Information technology 0.26%
Broadcom Ltd. 3.875% 2027			190		186
Microsoft Corp. 2.40%–3.30% 2026–2027			577		596
Other securities					293
					1,075
Other 2.50%
Other securities					10,356
Total corporate bonds & notes					21,393
Mortgage-backed obligations 2.47%
Federal agency mortgage-backed obligations 2.01%
Fannie Mae Pool #CA3129 4.00% 20496			3,115		3,235
Fannie Mae 3.50%–4.00% 20496			2,893		2,996
Other securities					2,143
					8,374
Other 0.46%
Other securities					1,900
Total mortgage-backed obligations					10,274
Total bonds, notes & other debt instruments (cost: $143,081,000)					146,871
Short-term securities 5.38%			Shares
Money market investments 5.16%
Capital Group Central Cash Fund			214,395		21,438
	Principal amount (000)
Other short-term securities 0.22%
Other securities					896
Total short-term securities (cost: $22,342,000)					22,334
Total investment securities 99.88% (cost: $359,712,000)					415,057
Other assets less liabilities 0.12%					511
Net assets 100.00%				$	415,568

84 American Funds Insurance Series

Global Balanced Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes securities (with an aggregate value of $9,220,000, which represented 2.22% of the net assets of the fund) which were acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

Futures contracts

		Number of		Notional amount		7	Value at 6/30/2019		8	Unrealized appreciation at 6/30/2019
Contracts	Type	contracts	Expiration	(000)			(000)				(000)
5 Year U.S. Treasury Note Futures	Long	54	October 2019	$	5,400		$	6,380			$	89

Forward currency contracts

Contract amount				Unrealized (depreciation) appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2019 (000)
GBP1,100	USD1,403	Morgan Stanley	7/8/2019		$	(5	)
USD705	GBP560	Morgan Stanley	7/8/2019			(6	)
JPY25,675	USD238	HSBC Bank	7/10/2019			—	9
THB8,500	USD276	HSBC Bank	7/12/2019			1
USD272	THB8,500	HSBC Bank	7/12/2019			(6	)
USD823	ILS2,960	Goldman Sachs	7/12/2019			(7	)
INR51,625	USD742	Citibank	7/15/2019			4
INR675	USD10	JPMorgan Chase	7/15/2019			—	9
USD164	EUR145	JPMorgan Chase	7/15/2019			(2	)
USD737	INR52,300	Standard Chartered Bank	7/15/2019			(19	)
USD168	ILS600	HSBC Bank	7/16/2019			—	9
EUR1,541	USD1,748	JPMorgan Chase	7/17/2019			6
GBP726	USD922	JPMorgan Chase	7/17/2019			1
USD486	INR33,900	Standard Chartered Bank	7/18/2019			(3	)
USD185	INR12,900	Standard Chartered Bank	7/19/2019			(2	)
USD333	CNH2,310	Bank of America, N.A.	7/19/2019			(3	)
USD629	BRL2,450	Citibank	7/19/2019			(8	)
EUR1,130	USD1,278	Morgan Stanley	7/22/2019			10
CAD1,650	USD1,251	Citibank	7/22/2019			9
USD119	INR8,300	Goldman Sachs	7/22/2019			(1	)
EUR1,117	USD1,259	Goldman Sachs	7/23/2019			14
CLP1,033,000	USD1,512	JPMorgan Chase	7/24/2019			13
USD598	CNH4,100	Standard Chartered Bank	7/25/2019			2
USD565	JPY61,000	JPMorgan Chase	7/25/2019			(2	)
USD337	EUR300	JPMorgan Chase	7/25/2019			(5	)
USD509	THB15,900	HSBC Bank	7/25/2019			(10	)
EUR744	USD843	Bank of America, N.A.	7/26/2019			5
SEK11,700	USD1,260	Citibank	7/26/2019			3
CAD1,490	USD1,134	HSBC Bank	7/29/2019			5
NOK4,300	USD491	HSBC Bank	8/22/2019			14
NOK2,100	USD243	Bank of America, N.A.	8/22/2019			4
USD1,482	CNH10,300	HSBC Bank	9/18/2019			(16	)
USD652	BRL2,510	HSBC Bank	12/18/2019			9
USD156	BRL600	JPMorgan Chase	12/18/2019			2
BRL90	USD23	JPMorgan Chase	12/18/2019			—	9
BRL50	USD13	HSBC Bank	12/18/2019			—	9
BRL20	USD5	Citibank	12/18/2019			—	9
BRL1,320	USD339	Standard Chartered Bank	12/18/2019			—	9
BRL175	USD46	JPMorgan Chase	12/18/2019			(1	)
BRL970	USD249	Bank of New York Mellon	12/18/2019			(1	)

American Funds Insurance Series 85

Global Balanced Fund

Forward currency contracts (continued)

Contract amount				Unrealized (depreciation) appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2019 (000)
BRL250	USD65	HSBC Bank	12/20/2019		$	(1	)
USD62	BRL250	HSBC Bank	12/20/2019			(2	)
					$	2

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2019 (000)		Upfront payments/ receipts (000)		Unrealized appreciation at 6/30/2019 (000)
(0.0385)%	EONIA	12/4/2021	€	4,300	$	51	$	—		$	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	Security did not produce income during the last 12 months.
2	Index-linked bond whose principal amount moves with a government price index.
3	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $77,000, which represented .02% of the net assets of the fund.
4	Step bond; coupon rate may change at a later date.
5	Coupon rate may change periodically.
6	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
7	Notional amount is calculated based on the number of contracts and notional contract size.
8	Value is calculated based on the notional amount and current market price.
9	Amount less than one thousand.

Key to abbreviations and symbols

ADR = American Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars
CLP = Chilean pesos

CNH = Chinese yuan renminbi

EONIA = Euro Overnight Index Average

EUR/€ = Euros

GBP = British pounds

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

LIBOR = London Interbank Offered Rate

NOK = Norwegian kroner

SEK = Swedish kronor

THB = Thai baht

USD/$ = U.S. dollars

See notes to financial statements.

86 American Funds Insurance Series

Bond Fund
Summary investment portfolio June 30, 2019	unaudited

Bonds, notes & other debt instruments 97.86%	Principal amount (000)			Value (000)
Corporate bonds & notes 33.38%
Financials 7.76%
Intesa Sanpaolo SpA 5.017% 20241		$	71,265	$	71,473
Other securities					739,022
					810,495
Health care 6.03%
Teva Pharmaceutical Finance Co. BV 2.80% 2023			80,064		69,656
Teva Pharmaceutical Finance Co. BV 2.20%–6.75% 2021–2046			149,049		121,795
Other securities					438,516
					629,967
Energy 4.52%
Petróleos Mexicanos 7.47% 2026		MXN	295,000		12,220
Petróleos Mexicanos 4.63%–6.88% 2022–2048		$	127,082		126,235
Other securities					333,016
					471,471
Utilities 3.54%
Other securities					369,910
Consumer discretionary 3.47%
General Motors Co. 4.35%–6.75% 2025–2049			31,152		31,824
General Motors Financial Co. 3.15%–4.20% 2020–2024			88,686		90,228
Other securities					240,241
					362,293
Consumer staples 3.29%
Other securities					342,911
Information technology 1.44%
Broadcom Inc. 3.63%–4.75% 2024–20291			78,813		80,209
Broadcom Ltd. 3.00%–3.88% 2022–2027			41,289		41,278
Other securities					28,922
					150,409
Communication services 1.34%
Other securities					140,150
Industrials 1.25%
Other securities					130,721
Other 0.74%
Other securities					76,647
Total corporate bonds & notes					3,484,974
U.S. Treasury bonds & notes 28.77%
U.S. Treasury 24.04%
U.S. Treasury 2.25% 2021			100,300		101,133
U.S. Treasury 2.50% 2023			57,200		58,802
U.S. Treasury 2.625% 2023			70,000		72,641
U.S. Treasury 2.75% 2023			173,600		180,131
U.S. Treasury 2.00% 2024			76,627		77,537
U.S. Treasury 2.125% 2024			250,100		254,272
U.S. Treasury 2.125% 20242			72,100		73,331
U.S. Treasury 2.125% 2024			72,100		73,328
U.S. Treasury 2.25% 2024			65,000		66,420
U.S. Treasury 2.75% 2025			132,000		138,692

American Funds Insurance Series 87

Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 2.875% 20252		$	96,200	$	101,972
U.S. Treasury 2.875% 2025			72,100		76,308
U.S. Treasury 2.25% 20262			198,389		203,287
U.S. Treasury 2.375% 2026			67,586		69,796
U.S. Treasury 2.25% 20272			120,200		123,007
U.S. Treasury 2.25% 20272			72,100		73,858
U.S. Treasury 2.875% 2028			48,100		51,670
U.S. Treasury 2.875% 2049			85,454		91,583
U.S. Treasury 3.00% 20492			332,286		364,601
U.S. Treasury 1.75%–8.75% 2020–20292			243,134		257,004
					2,509,373
U.S. Treasury inflation-protected securities 4.73%
U.S. Treasury Inflation-Protected Security 0.375% 20253			54,975		55,644
U.S. Treasury Inflation-Protected Security 0.375% 20272,3			156,675		158,351
U.S. Treasury Inflation-Protected Security 0.50% 20282,3			152,451		131,785
U.S. Treasury Inflation-Protected Security 0.75% 20282,3			72,378		75,527
U.S. Treasury Inflation-Protected Security 1.00% 20493			68,791		72,945
					494,252
Total U.S. Treasury bonds & notes					3,003,625
Mortgage-backed obligations 26.15%
Federal agency mortgage-backed obligations 26.02%
Fannie Mae Pool #MA3210 3.50% 20474			89,746		92,447
Fannie Mae Pool #CA0858 3.50% 20474			63,102		64,928
Fannie Mae Pool #MA3495 4.00% 20484			98,127		101,419
Fannie Mae Pool #CA3084 4.00% 20494			55,282		57,416
Fannie Mae 3.00%–9.18% 2023–20494,5			255,391		264,897
Freddie Mac 3.50% 20474			106,865		110,183
Freddie Mac 3.50% 20474			59,630		61,445
Freddie Mac 4.00% 20484			58,441		60,493
Freddie Mac Pool #G08799 3.00% 20484			61,148		61,734
Freddie Mac 3.00%–5.50% 2033–20494			232,108		240,369
Government National Mortgage Assn. 4.50% 20494			81,214		84,946
Government National Mortgage Assn. 5.00% 20494			85,429		89,745
Government National Mortgage Assn. Pool #MA5876 4.00% 20494			118,347		122,793
Government National Mortgage Assn. Pool #MA5932 4.50% 20494			49,883		52,303
Government National Mortgage Assn. 4.00%–5.00% 2048–20494,6			168,519		176,477
Uniform Mortgage-Backed Security 3.00% 20344			325,469		331,802
Uniform Mortgage-Backed Security 3.50% 20344			575		594
Uniform Mortgage-Backed Security 3.00% 20494			132,220		133,298
Uniform Mortgage-Backed Security 3.50% 20494			121,550		124,237
Uniform Mortgage-Backed Security 3.50% 20494,6			69,197		70,709
Uniform Mortgage-Backed Security 4.00% 20494			167,704		173,302
Uniform Mortgage-Backed Security 4.50% 20494			140,648		146,980
Uniform Mortgage-Backed Security 5.00% 20494			49,800		52,637
Other securities					41,331
					2,716,485
Other 0.13%
Other securities					13,317
Total mortgage-backed obligations					2,729,802

88 American Funds Insurance Series

Bond Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 5.58%
Italy (Republic of) 0.95%–2.10% 2023–2028	€	125,027	$	143,579
Japan, Series 20, 0.10% 20253	¥	11,441,250		109,583
United Mexican States, Series M, 6.50% 2021	MXN	3,132,700		160,275
United Mexican States, Series M, 5.75% 2026		527,500		25,014
United Mexican States 3.60% 2025	$	11,500		11,793
Other securities				131,669
				581,913
Municipals 1.96%
Illinois 1.73%
G.O. Bonds, Pension Funding, Series 2003, 4.95% 2023		23,616		24,724
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033		90,885		95,786
G.O. Bonds, Series 2013-B, 3.65% 2020		1,825		1,835
G.O. Bonds, Series 2013-B, 4.11% 2022		750		765
G.O. Bonds, Series 2013-B, 4.31% 2023		2,125		2,172
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.65% 2020		250		255
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022		2,370		2,530
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023		3,210		3,460
G.O. Bonds, Taxable Build America Bonds, Series 2010-3, 5.727% 2020		2,400		2,452
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 6.20% 2021		5,838		6,021
Other securities				40,428
				180,428
Other 0.23%
Other securities				24,030
Total municipals				204,458
Asset-backed obligations 1.90%
Other securities				198,442
Federal agency bonds & notes 0.12%
Fannie Mae 2.125% 2026		11,910		12,020
Total bonds, notes & other debt instruments (cost: $9,922,830,000)				10,215,234
Common stocks 0.00%		Shares
Other 0.00%
Other securities				228
Total common stocks (cost: $605,000)				228
Rights & warrants 0.00%
Energy 0.00%
Other securities				31
Total rights & warrants (cost: $16,000)				31
Short-term securities 10.42%
Money market investments 9.91%
Capital Group Central Cash Fund		10,350,250		1,034,921

American Funds Insurance Series 89

Bond Fund

Short-term securities (continued)	Principal amount (000)		Value (000)
Other short-term securities 0.51%
Italian Treasury Bill 0.53% due 8/14/2019	€	46,400	$	52,775
Total short-term securities (cost: $1,088,623,000)				1,087,696
Total investment securities 108.28% (cost: $11,012,074,000)				11,303,189
Other assets less liabilities (8.28)%				(863,942	)
Net assets 100.00%			$	10,439,247

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $5,406,000, which represented .05% of the net assets of the fund. “Other securities” also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $688,000, which represented .01% of the net assets of the fund.

Futures contracts

		Number of		Notional amount		7	Value at 6/30/2019		8	Unrealized appreciation (depreciation) at 6/30/2019
Contracts	Type	contracts	Expiration	(000)			(000)				(000)
90 Day Euro Dollar Futures	Long	5,350	September 2019	$	1,337,500		$	1,310,683			$	1,392
90 Day Euro Dollar Futures	Short	5,350	September 2020		(1,337,500	)		(1,316,702	)			(815	)
2 Year U.S. Treasury Note Futures	Long	16,013	October 2019		3,202,600			3,445,672				24,185
5 Year Euro-Bobl Futures	Short	1,840	September 2019	€	(184,000	)		(281,284	)			(1,006	)
5 Year U.S. Treasury Note Futures	Long	12,439	October 2019	$	1,243,900			1,469,746				12,843
10 Year Euro-Bund Futures	Short	1,572	September 2019	€	(157,200	)		(308,776	)			(3,162	)
10 Year U.S. Treasury Note Futures	Long	798	September 2019	$	79,800			102,119				1,994
10 Year Ultra U.S. Treasury Note Futures	Short	2,081	September 2019		(208,100	)		(287,438	)			(7,156	)
30 Year Euro-Buxl Futures	Long	270	September 2019	€	27,000			62,294				2,143
30 Year Ultra U.S. Treasury Bond Futures	Long	973	September 2019	$	97,300			172,768				7,572
											$	37,990

Forward currency contracts

				Unrealized
				(depreciation)
Contract amount				appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2019 (000)
USD14,098	EUR12,500	Bank of America, N.A.	7/10/2019		$	(131	)
USD120,688	MXN2,400,000	Citibank	7/15/2019			(3,999	)
USD61,551	MXN1,220,000	Goldman Sachs	7/16/2019			(1,821	)
USD13,045	MXN252,000	HSBC Bank	7/17/2019			(43	)
USD67,440	JPY7,300,000	Bank of America, N.A.	7/17/2019			(372	)
USD137,941	EUR121,575	Bank of America, N.A.	7/17/2019			(526	)
KRW120,000,000	USD101,502	Citibank	7/19/2019			2,492
USD13,358	JPY1,445,000	Citibank	7/19/2019			(67	)
USD4,048	EUR3,580	Morgan Stanley	7/22/2019			(31	)
USD31,777	JPY3,430,000	JPMorgan Chase	7/25/2019			(106	)
USD13,450	EUR11,970	JPMorgan Chase	7/25/2019			(192	)

90 American Funds Insurance Series

Bond Fund

Contract amount				Unrealized (depreciation) appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2019 (000)
USD42,575	EUR37,600	Morgan Stanley	7/25/2019		$	(279	)
USD54,526	EUR46,000	Bank of America, N.A.	8/14/2019			2,014
					$	(3,061	)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2019 (000)			Upfront payments/ receipts (000)			Unrealized appreciation (depreciation) at 6/30/2019 (000)
U.S. EFFR	2.0275%	9/18/2019	$	6,105,900	$	10			$	—		$	10
3-month USD-LIBOR	2.18075%	3/29/2024		31,600		(627	)			—			(627	)
3-month USD-LIBOR	2.194%	3/29/2024		31,900		(652	)			—			(652	)
3-month USD-LIBOR	2.21875%	3/29/2024		33,500		(723	)			—			(723	)
3-month USD-LIBOR	2.3105%	5/3/2024		275,590		(7,133	)			—			(7,133	)
6-month EURIBOR	0.9852%	10/17/2024	€	25,000		(1,821	)			—			(1,821	)
6-month JPY-LIBOR	0.0875%	3/10/2026	¥	11,100,000		(1,169	)			—			(1,169	)
6-month JPY-LIBOR	0.58295%	3/23/2046		2,000,000		(1,059	)			—			(1,059	)
0.64355%	6-month JPY-LIBOR	4/27/2046		2,000,000		1,356				—			1,356
									$	—		$	(11,818	)

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 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 $1,029,365,000, which represented 9.86% of the net assets of the fund.
2	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $40,793,000, which represented .39% 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	Coupon rate may change periodically.
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.

Key to abbreviations and symbols

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 91

Global Bond Fund
Investment portfolio June 30, 2019	unaudited

Bonds, notes & other debt instruments 92.18%	Principal amount (000)		Value (000)
Euros 15.81%
Greece (Hellenic Republic of) 3.45% 2024	€	8,400	$	10,504
Greece (Hellenic Republic of) 3.375% 2025		9,060		11,313
Greece (Hellenic Republic of) 3.75% 2028		8,409		10,633
Greece (Hellenic Republic of) 3.875% 2029		20,475		26,152
Greece (Hellenic Republic of) 3.90%–4.20% 2033–2042		11,144		14,361
Israel (State of) 1.50% 2029		1,600		1,961
Italy (Republic of) 1.35% 2022		3,225		3,732
Italy (Republic of) 0.10% 20231		23,422		26,058
Italy (Republic of) 1.85% 2024		18,500		21,630
Italy (Republic of) 2.80% 2028		31,305		38,212
Italy (Republic of) 3.10% 2040		11,800		14,097
Romania 4.625% 2049		11,663		16,063
Romania 2.88%–4.13% 2029–2039		13,258		16,789
Spain (Kingdom of) 1.45% 2027		12,300		15,393
Spain (Kingdom of) 1.45% 2029		9,390		11,767
Other securities				102,696
				341,361
Japanese yen 12.81%
Japan, Series 395, 0.10% 2020	¥	3,702,000		34,491
Japan, Series 19, 0.10% 20241		2,431,026		23,227
Japan, Series 18, 0.10% 20241		1,962,616		18,687
Japan, Series 346, 0.10% 2027		3,125,000		29,797
Japan, Series 23, 0.10% 20281		1,996,522		19,340
Japan, Series 24, 0.10% 20291		1,611,175		15,616
Japan, Series 116, 2.20% 2030		1,735,000		20,128
Japan, Series 145, 1.70% 2033		2,210,000		25,311
Japan, Series 42, 1.70% 2044		911,900		11,254
Japan, Series 62, 0.50% 2049		1,179,000		11,329
Japan 0.10%–2.30% 2020–20481		6,751,063		67,504
				276,684
Chinese yuan renminbi 3.12%
China Development Bank Corp., Series 1814, 4.15% 2025	CNY	70,000		10,452
China Development Bank Corp., Series 1806, 4.73% 2025		102,000		15,699
China Development Bank Corp., Series 1805, 4.04% 2028		33,000		4,881
China Development Bank Corp., Series 1805, 4.88% 2028		70,200		11,023
China Development Bank Corp., Series 1905, 3.48% 2029		177,300		25,300
				67,355
Mexican pesos 3.10%
Petróleos Mexicanos 7.19%–7.47% 2024–2026	MXN	99,000		4,116
United Mexican States, Series M, 5.75% 2026		277,500		13,159
United Mexican States, Series M, 7.50% 2027		696,000		36,227
United Mexican States 6.50%–8.00% 2020–2022		263,600		13,524
				67,026
Danish kroner 2.12%
Nykredit Realkredit AS, Series 01E, 1.50% 20372	DKr	90,220		14,267
Nykredit Realkredit AS, Series 01E, 1.50% 20402		167,906		26,449
Nykredit Realkredit AS 2.00%–2.50% 2037–20472		31,675		5,070
				45,786
Indian rupees 1.84%
India (Republic of) 6.79%–8.83% 2023–2030	INR	2,408,770		35,797
Other securities				3,893
				39,690

92 American Funds Insurance Series

Global Bond Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Norwegian kroner 1.64%
Norway (Kingdom of) 3.75% 2021	NKr	145,721	$	17,884
Norway (Kingdom of) 2.00% 2023		99,579		12,016
Norway (Kingdom of) 3.00% 2024		43,200		5,464
				35,364
British pounds 1.28%
United Kingdom 1.50%–4.25% 2023–2047	£	17,380		26,004
Other securities				1,639
				27,643
South African rand 1.26%
South Africa (Republic of) 6.50%–8.75% 2041–2048	ZAR	458,675		27,252
Thai baht 1.06%
Thailand (Kingdom of) 2.13%–3.30% 2026–2038	THB	658,750		22,820
Indonesian rupiah 0.99%
Indonesia (Republic of), Series 78, 8.25% 2029	IDR	143,588,000		10,799
Indonesia (Republic of) 6.13%–8.38% 2028–2034		146,142,000		10,497
				21,296
Israeli shekels 0.95%
Israel (State of) 2.00% 2027	ILS	28,300		8,297
Israel (State of) 5.50% 2042		29,300		12,331
				20,628
Polish zloty 0.95%
Poland (Republic of), Series 1021, 5.75% 2021	PLN	45,080		13,216
Poland (Republic of), Series 0922, 5.75% 2022		24,500		7,378
				20,594
Colombian pesos 0.53%
Colombia (Republic of), Series B, 6.25% 2025	COP	35,436,000		11,464
U.S. dollars 41.07%
Fannie Mae Pool #MA3692 3.50% 20492	$	22,180		22,706
Fannie Mae Pool #CA3084 4.00% 20492		34,920		36,268
Fannie Mae Pool #CA3129 4.00% 20492		34,051		35,365
Fannie Mae 2.18%–4.00% 2022–20492		13,253		13,678
Government National Mortgage Assn. Pool #MA5987 4.50% 20492		16,360		17,108
Indonesia (Republic of) 3.75%–4.75% 2022–2026		4,610		4,955
Petróleos Mexicanos 4.88%–6.35% 2022–2048		1,177		1,049
Poland (Republic of) 3.25%–4.00% 2024–2026		5,570		5,916
PT Indonesia Asahan Aluminium Tbk 5.23%–5.71% 2021–20233		1,405		1,499
South Africa (Republic of) 5.50% 2020		1,900		1,933
Statoil ASA 3.70%–4.25% 2024–2041		2,950		3,192
U.S. Treasury 2.25% 2024		11,000		11,250
U.S. Treasury 2.75% 2025		10,140		10,673
U.S. Treasury 2.75% 20284		16,900		17,965
U.S. Treasury 2.875% 20284		19,850		21,308
U.S. Treasury 2.75% 20474		13,000		13,557
U.S. Treasury 3.00% 20494		9,680		10,621
U.S. Treasury 1.88%–3.00% 2020–20494		61,475		63,903
U.S. Treasury Inflation-Protected Security 0.625% 20241		23,959		24,398

American Funds Insurance Series 93

Global Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
U.S. Treasury Inflation-Protected Security 0.875% 20291	$	73,149	$	77,117
U.S. Treasury Inflation-Protected Securities 0.13%–2.38% 2024–20441,4		24,163		25,186
Other securities				467,232
				886,879
Other 3.65%
Other securities				78,758
Total bonds, notes & other debt instruments (cost: $1,927,787,000)				1,990,600
Convertible bonds 0.00%
U.S. dollars 0.00%
Other securities				102
Total convertible bonds (cost: $110,000)				102
Convertible stocks 0.04%	Shares
U.S. dollars 0.04%
Other securities				847
Total convertible stocks (cost: $816,000)				847
Common stocks 0.03%
U.S. dollars 0.03%
Other securities				671
Total common stocks (cost: $1,862,000)				671
Rights & warrants 0.00%
U.S. dollars 0.00%
Other securities				17
Total rights & warrants (cost: $8,000)				17
Short-term securities 7.11%	Principal amount (000)
Other short-term securities 7.10%
Greek Treasury Bill 0.41% due 12/6/2019	€	7,260		8,243
Japanese Treasury Bill (0.15)% due 8/19/2019	¥	11,500,000		106,685
Nigerian Treasury Bills 12.34%–14.31% due 8/1/2019–3/5/2020	NGN	6,627,000		17,608
United Kingdom Treasury Bills 0.72%–0.72% due 10/14/2019–10/21/2019	£	8,700		11,025
Other securities				9,762
				153,323
		Shares
Money market investments 0.01%
Other securities				94
Total short-term securities (cost: $151,675,000)				153,417
Total investment securities 99.36% (cost: $2,082,258,000)				2,145,654
Other assets less liabilities 0.64%				13,727
Net assets 100.00%			$	2,159,381

94 American Funds Insurance Series

Global Bond Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $1,939,000, which represented .09% of the net assets of the fund. “Other securities” also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $4,632,000, which represented .21% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $151,000, an aggregate cost of $116,000, and which represented .01% of the net assets of the fund) were acquired from 8/31/2018 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)		5		Value at 6/30/2019 (000)	6	Unrealized appreciation (depreciation) at 6/30/2019 (000)
90 Day Euro Dollar Futures	Long	1,113	September 2019	$	278,250		$	272,671			$	249
90 Day Euro Dollar Futures	Short	1,113	September 2020		(278,250	)		(273,923	)			(183	)
2 Year U.S. Treasury Note Futures	Short	803	October 2019		(160,600	)		(172,789	)			(460	)
5 Year U.S. Treasury Note Futures	Long	982	October 2019		98,200			116,029				1,502
10 Year Euro-Bund Futures	Short	154	September 2019	€	(15,400	)		(30,249	)			(336	)
10 Year U.S. Treasury Note Futures	Long	202	September 2019	$	20,200			25,850				609
20 Year U.S. Treasury Bond Futures	Long	98	September 2019		9,800			15,248				45
30 Year Euro-Buxl Futures	Long	42	September 2019	€	4,200			9,690				333
30 Year Ultra U.S. Treasury Bond Futures	Short	55	September 2019	$	(5,500	)		(9,766	)			(445	)
											$	1,314

Forward currency contracts

				Unrealized
Contract amount				(depreciation) appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2019 (000)
GBP18,800	USD23,982	Morgan Stanley	7/8/2019		$	(95	)
USD10,991	GBP8,725	Morgan Stanley	7/8/2019			(95	)
EUR3,165	USD3,570	Bank of America, N.A.	7/10/2019			33
JPY764,987	USD7,103	HSBC Bank	7/10/2019			—	7
USD1,295	MXN25,590	Morgan Stanley	7/10/2019			(36	)
AUD3,740	USD2,561	Goldman Sachs	7/12/2019			66
THB77,700	USD2,526	HSBC Bank	7/12/2019			8
USD2,618	AUD3,740	Citibank	7/12/2019			(9	)
GBP2,800	USD3,569	JPMorgan Chase	7/12/2019			(11	)
USD2,482	THB77,700	HSBC Bank	7/12/2019			(52	)
USD10,891	ILS39,170	Goldman Sachs	7/12/2019			(95	)
EUR23,978	USD27,064	JPMorgan Chase	7/15/2019			240
INR818,000	USD11,758	Citibank	7/15/2019			67
USD7,058	CNH48,920	HSBC Bank	7/15/2019			(62	)
USD11,531	INR818,000	Standard Chartered Bank	7/15/2019			(294	)
AUD7,600	USD5,259	Morgan Stanley	7/16/2019			80
USD5,327	AUD7,600	Bank of America, N.A.	7/16/2019			(12	)
USD1,441	CNH10,000	JPMorgan Chase	7/16/2019			(15	)
GBP10,629	USD13,500	JPMorgan Chase	7/17/2019			13
EUR7,100	USD8,093	JPMorgan Chase	7/17/2019			(7	)
USD1,832	EUR1,615	Bank of America, N.A.	7/17/2019			(7	)
USD1,758	EUR1,565	JPMorgan Chase	7/17/2019			(24	)
USD7,301	INR508,800	Standard Chartered Bank	7/18/2019			(51	)
USD2,894	INR202,000	Standard Chartered Bank	7/19/2019			(25	)
USD3,571	CNH24,770	Bank of America, N.A.	7/19/2019			(34	)

American Funds Insurance Series 95

Global Bond Fund

Forward currency contracts (continued)

				Unrealized
Contract amount				(depreciation) appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2019 (000)
USD7,980	BRL31,080	Citibank	7/19/2019		$	(98	)
EUR17,600	USD19,900	Morgan Stanley	7/22/2019			154
CAD25,310	USD19,196	Citibank	7/22/2019			143
USD842	EUR745	Morgan Stanley	7/22/2019			(7	)
USD4,298	INR299,650	Goldman Sachs	7/22/2019			(30	)
EUR19,079	USD21,512	Goldman Sachs	7/23/2019			229
CLP23,504,000	USD34,402	JPMorgan Chase	7/24/2019			298
USD351	EUR310	Standard Chartered Bank	7/24/2019			(2	)
USD1,392	EUR1,235	Goldman Sachs	7/24/2019			(15	)
USD9,027	ILS32,500	Standard Chartered Bank	7/24/2019			(94	)
EUR6,815	USD7,658	JPMorgan Chase	7/25/2019			109
USD6,287	CNH43,100	Standard Chartered Bank	7/25/2019			14
THB32,900	USD1,070	HSBC Bank	7/25/2019			4
THB25,000	USD813	UBS AG	7/25/2019			3
THB186,700	USD6,091	Bank of America, N.A.	7/25/2019			1
USD5,142	INR360,000	JPMorgan Chase	7/25/2019			(55	)
USD7,831	THB244,600	HSBC Bank	7/25/2019			(150	)
EUR15,210	USD17,233	Bank of America, N.A.	7/26/2019			103
USD63,123	JPY6,779,504	UBS AG	7/26/2019			101
SEK178,500	USD19,216	Citibank	7/26/2019			48
USD2,985	MYR12,410	HSBC Bank	7/26/2019			(17	)
CAD24,850	USD18,908	HSBC Bank	7/29/2019			83
GBP5,380	USD6,832	Bank of America, N.A.	8/5/2019			13
CHF1,000	USD1,023	Morgan Stanley	8/5/2019			5
JPY1,669,300	USD15,583	Morgan Stanley	8/5/2019			(54	)
USD835	INR58,300	JPMorgan Chase	8/6/2019			(5	)
USD27,475	CNH189,020	JPMorgan Chase	8/6/2019			(33	)
NOK64,000	USD7,304	HSBC Bank	8/22/2019			211
AUD7,840	USD5,376	Goldman Sachs	8/22/2019			138
NOK31,900	USD3,687	Bank of America, N.A.	8/22/2019			59
USD5,438	AUD7,840	Bank of America, N.A.	8/22/2019			(76	)
USD10,804	EUR9,610	Goldman Sachs	8/22/2019			(173	)
JPY1,183,000	USD10,826	Standard Chartered Bank	8/28/2019			198
USD10,956	JPY1,183,000	Morgan Stanley	8/28/2019			(67	)
USD983	CNH6,800	Bank of New York Mellon	9/18/2019			(6	)
USD21,661	CNH150,500	HSBC Bank	9/18/2019			(232	)
INR226,000	USD3,224	HSBC Bank	9/20/2019			16
USD7,136	INR500,000	JPMorgan Chase	9/20/2019			(30	)
USD4,892	THB155,000	Citibank	9/20/2019			(173	)
USD2,780	BRL11,000	Morgan Stanley	12/16/2019			(39	)
BRL11,000	USD2,923	Citibank	12/16/2019			(104	)
BRL290	USD74	JPMorgan Chase	12/18/2019			—	7
BRL20,200	USD5,183	Standard Chartered Bank	12/18/2019			(7	)
BRL14,680	USD3,771	Standard Chartered Bank	12/18/2019			(10	)
USD10,781	BRL43,200	Citibank	12/18/2019			(289	)
USD2,365	BRL9,500	HSBC Bank	12/20/2019			(69	)
BRL9,500	USD2,535	HSBC Bank	12/20/2019			(101	)
USD393	EUR340	JPMorgan Chase	3/26/2020			(2	)
USD4,553	EUR3,940	Bank of America, N.A.	3/26/2020			(20	)
					$	(445	)

96 American Funds Insurance Series

Global Bond Fund

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date		Notional (000)	Value at 6/30/2019 (000)		Upfront payments/ receipts (000)			Unrealized appreciation at 6/30/2019 (000)
0.175%	3-month SEK-STIBOR	3/23/2021	SKr	360,800	$	104		$	—		$	104
0.17%	3-month SEK-STIBOR	3/23/2021		360,700		102			—			102
0.1675%	3-month SEK-STIBOR	3/23/2021		360,700		101			—			101
0.1775%	3-month SEK-STIBOR	3/23/2021		154,400		45			—			45
(0.0385)%	EONIA	12/4/2021	€	64,600		760			—			759
7.7225%	28-day MXN-TIIE	3/18/2024	MXN	256,000		240			—			240
								$	—		$	1,351

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	Index-linked bond whose principal amount moves with a government price index.
2	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
3	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 $180,764,000, which represented 8.37% of the net assets of the fund.
4	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $3,781,000, which represented .18% of the net assets of the fund.
5	Notional amount is calculated based on the number of contracts and notional contract size.
6	Value is calculated based on the notional amount and current market price.
7	Amount less than one thousand.

Key to abbreviations and symbols

AUD = Australian dollars

BRL = Brazilian reais

CAD = Canadian dollars

CHF = Swiss francs

CLP = Chilean pesos

CNH/CNY = Chinese yuan renminbi

COP = Colombian pesos

DKr = Danish kroner

EONIA = Euro Overnight Index Average

EUR/€ = Euros

GBP/£ = British pounds

IDR = Indonesian rupiah

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

MXN = Mexican pesos

MYR = Malaysian ringgits

NGN = Nigerian naira

NOK/NKr = Norwegian kroner

PLN = Polish zloty

SEK/SKr = Swedish kronor

STIBOR = Stockholm Interbank Offered Rate

THB = Thai baht

TIIE = Equilibrium Interbank Interest Rate

USD/$ = U.S. dollars

ZAR = South African rand

See notes to financial statements.

American Funds Insurance Series 97

High-Income Bond Fund
Summary investment portfolio June 30, 2019	unaudited

Bonds, notes & other debt instruments 92.78%	Principal amount (000)			Value (000)
Corporate bonds & notes 92.77%
Communication services 15.47%
Cablevision Systems Corp. 6.75% 2021		$	5,025	$	5,389
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20261			6,450		6,781
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00%–5.88% 2023–20291			9,350		9,564
CenturyLink, Inc. 6.75% 2023			7,100		7,677
Frontier Communications Corp. 10.50% 2022			8,540		5,829
Frontier Communications Corp. 11.00% 2025			16,270		10,169
Frontier Communications Corp. 8.00%–9.25% 2020–20271			7,830		7,302
Gogo Inc. 9.875% 20241			16,025		16,525
Inmarsat PLC 4.875% 20221			5,300		5,360
Intelsat Jackson Holding Co. 8.50% 20241			5,675		5,647
MDC Partners Inc. 6.50% 20241			8,330		7,697
Meredith Corp. 6.875% 2026			6,315		6,733
Sprint Corp. 11.50% 2021			7,130		8,271
Sprint Corp. 6.88%–8.75% 2021–2032			6,295		6,777
Other securities					88,347
					198,068
Health care 14.23%
Bausch Health Companies Inc. 7.00% 20281			1,510		1,569
Endo International PLC 5.75%–6.00% 2022–20251,2			11,239		9,134
Kinetic Concepts, Inc. 12.50% 20211			6,573		7,255
Mallinckrodt PLC 4.875% 20201			6,530		6,326
Molina Healthcare, Inc. 5.375% 2022			10,585		11,048
Molina Healthcare, Inc. 4.875% 20251			2,919		2,974
Par Pharmaceutical Companies Inc. 7.50% 20271			5,325		5,245
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.80% 2023 (100% PIK)3,4,5,6,7			7,776		7,561
Tenet Healthcare Corp. 4.375% 2021			5,755		5,870
Tenet Healthcare Corp. 4.50%–8.13% 2020–2025			15,972		16,457
Teva Pharmaceutical Finance Co. BV 6.00% 2024			8,192		7,757
Teva Pharmaceutical Finance Co. BV 2.20%–6.75% 2021–2028			10,191		8,816
Valeant Pharmaceuticals International, Inc. 6.125% 20251			13,430		13,732
Valeant Pharmaceuticals International, Inc. 5.88%–9.25% 2023–20271			11,626		12,615
Other securities					65,826
					182,185
Materials 12.56%
Cleveland-Cliffs Inc. 4.875% 20241			5,775		5,876
Cleveland-Cliffs Inc. 5.75% 2025			5,956		5,941
Cleveland-Cliffs Inc. 5.875% 20271			8,285		8,078
First Quantum Minerals Ltd. 7.25% 20231			8,150		7,967
First Quantum Minerals Ltd. 7.50% 20251			11,100		10,614
First Quantum Minerals Ltd. 6.50%–7.25% 2021–20261			11,373		10,863
Ryerson Inc. 11.00% 20221			7,186		7,602
Venator Materials Corp. 5.75% 20251			6,235		5,744
Other securities					98,049
					160,734
Energy 11.59%
CONSOL Energy Inc. 5.875% 2022			7,546		7,357
Transocean Guardian Ltd. 5.875% 20241			1,044		1,066
Transocean Inc. 6.13%–9.00% 2021–20261,2			10,027		10,531
Transocean Poseidon Ltd. 6.875% 20271			655		694
Transocean Sentry Ltd. 5.375% 20231			1,200		1,204
Other securities					127,530
					148,382

98 American Funds Insurance Series

High-Income Bond Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Consumer discretionary 10.58%
Cirsa Gaming Corp. SA 7.875% 20231		$	5,235	$	5,562
PetSmart, Inc. 7.125% 20231			9,565		9,015
PetSmart, Inc. 5.875% 20251			10,775		10,506
PetSmart, Inc. 8.875% 20251			8,870		8,582
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025			5,380		5,293
Scientific Games Corp. 8.25% 20261			5,610		5,904
Sotheby’s 4.875% 20251			5,495		5,612
Staples, Inc. 7.50% 20261			8,975		8,945
Other securities					76,067
					135,486
Industrials 9.76%
Associated Materials, LLC 9.00% 20241			5,773		5,499
Builders FirstSource, Inc. 5.625% 20241			7,160		7,406
Dun & Bradstreet Corp. 10.25% 20271			4,993		5,318
Hertz Global Holdings Inc. 7.625% 20221			6,269		6,520
LSC Communications, Inc. 8.75% 20231			9,430		9,006
Other securities					91,198
					124,947
Information technology 6.75%
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 9.652% 20255,7			7,325		7,281
Camelot Finance SA 7.875% 20241			7,580		7,987
Genesys Telecommunications Laboratories, Inc. 10.00% 20241			6,030		6,565
Infor (US), Inc. 6.50% 2022			6,100		6,230
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 10.829% 20245,7			8,645		8,951
Unisys Corp. 10.75% 20221			6,600		7,318
Other securities					42,039
					86,371
Financials 4.23%
Compass Diversified Holdings 8.00% 20261			5,710		5,963
FS Energy and Power Fund 7.50% 20231			5,365		5,459
Other securities					42,699
					54,121
Utilities 2.78%
Other securities					35,647
Real estate 2.68%
Brookfield Property REIT Inc. 5.75% 20261			5,135		5,308
Howard Hughes Corp. 5.375% 20251			6,070		6,302
Other securities					22,685
					34,295
Consumer staples 2.14%
Other securities					27,442
Total corporate bonds & notes					1,187,678
Municipals 0.01%
Other securities					94
Total bonds, notes & other debt instruments (cost: $1,194,906,000)					1,187,772
Convertible bonds 0.55%
Communication services 0.29%
Gogo Inc., convertible notes, 6.00% 20221			2,140		1,980
Other securities					1,722
					3,702

American Funds Insurance Series 99

High-Income Bond Fund

Convertible bonds (continued)	Principal amount (000)			Value (000)
Energy 0.16%
Other securities				$	2,142
Health care 0.10%
Teva Pharmaceutical Finance Co. BV, Series C, convertible bonds, 0.25% 2026		$	1,375		1,264
Total convertible bonds (cost: $7,604,000)					7,108
Convertible stocks 0.45%		Shares
Other 0.45%
Other securities					5,724
Total convertible stocks (cost: $5,516,000)					5,724
Preferred securities 0.18%
Consumer discretionary 0.18%
Other securities					2,292
Total preferred securities (cost: $1,656,000)					2,292
Common stocks 0.68%
Communication services 0.05%
Frontier Communications Corp.8			13,333		23
Other securities					594
					617
Other 0.63%
Other securities					8,070
Total common stocks (cost: $14,466,000)					8,687
Rights & warrants 0.01%
Energy 0.01%
Other securities					112
Total rights & warrants (cost: $71,000)					112
Short-term securities 5.44%
Money market investments 5.44%
Capital Group Central Cash Fund			696,954		69,689
Total short-term securities (cost: $69,691,000)					69,689
Total investment securities 100.09% (cost: $1,293,910,000)					1,281,384
Other assets less liabilities (0.09)%					(1,092	)
Net assets 100.00%				$	1,280,292

100 American Funds Insurance Series

High-Income Bond Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“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 $3,932,000, an aggregate cost of $5,683,000, and which represented .31% of the net assets of the fund) were acquired from 12/13/2012 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.

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive	Pay/ Payment frequency	Expiration date	Notional (000)		Value at 6/30/2019 (000)		Upfront payments (000)				Unrealized depreciation at 6/30/2019 (000)
CDX.NA.IG.32	1.00%/Quarterly	6/20/2024	$	10,500	$	(227	)	$	(218	)		$	(9	)
CDX.NA.HY.32	5.00%/Quarterly	6/20/2024		46,800		(3,554	)		(3,279	)			(275	)
								$	(3,497	)		$	(284	)

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 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 $737,359,000, which represented 57.59% of the net assets of the fund.
2	Step bond; coupon rate may change at a later date.
3	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 $26,897,000, which represented 2.10% of the net assets of the fund.
4	Value determined using significant unobservable inputs.
5	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 $81,956,000, which represented 6.40% of the net assets of the fund.
6	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted.
7	Coupon rate may change periodically.
8	Security did not produce income during the last 12 months.

Key to abbreviations and symbol

LIBOR = London Interbank Offered Rate

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series 101

Mortgage Fund
Summary investment portfolio June 30, 2019	unaudited

Bonds, notes & other debt instruments 94.10%	Principal amount (000)			Value (000)
Mortgage-backed obligations 74.36%
Federal agency mortgage-backed obligations 71.67%
Fannie Mae Pool #CA0133 4.00% 20471		$	6,696	$	6,985
Fannie Mae Pool #BE6965 4.00% 20471			4,113		4,291
Fannie Mae Pool #MA3384 4.00% 20481			5,687		5,907
Fannie Mae Pool #CA1907 4.50% 20481			13,478		14,174
Fannie Mae Pool #CA1709 4.50% 20481			7,191		7,566
Fannie Mae Pool #CA1563 4.50% 20481			4,035		4,246
Fannie Mae Pool #CA2055 4.50% 20481			1,516		1,594
Fannie Mae Pool #MA3692 3.50% 20491			3,409		3,489
Fannie Mae Pool #MA3630 5.00% 20491			3,201		3,395
Fannie Mae 4.00%–5.00% 2036–20481			1,776		1,850
Freddie Mac 4.00% 20361			4,637		4,857
Freddie Mac 3.00% 20461			6,767		6,911
Freddie Mac 4.00% 20481			1,795		1,869
Freddie Mac 4.00% 20481			1,700		1,760
Freddie Mac Pool #760014 3.347% 20451,2			1,925		1,959
Freddie Mac, Series K031, Class A2, Multi Family, 3.30% 20231			4,722		4,929
Freddie Mac 2.60%–5.00% 2020–20471,2			5,097		5,304
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.50% 20561			1,586		1,610
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561			1,514		1,518
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 2.75% 20571,2			11,500		11,767
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20571			10,413		10,609
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20571			7,207		7,358
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281			7,381		7,694
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281			1,995		2,076
Government National Mortgage Assn. 5.50% 20401			1,654		1,764
Government National Mortgage Assn. 3.50% 20431			1,912		1,989
Government National Mortgage Assn. 3.50% 20431			1,554		1,616
Government National Mortgage Assn. 4.25% 20441			1,699		1,790
Government National Mortgage Assn. 4.50% 20491			25,316		26,479
Government National Mortgage Assn. 4.50% 20491			2,823		2,954
Government National Mortgage Assn. 5.00% 20491			8,039		8,445
Government National Mortgage Assn. Pool #MA5876 4.00% 20491			4,951		5,137
Government National Mortgage Assn. Pool #MA5877 4.50% 20491			2,256		2,355
Government National Mortgage Assn. Pool #MA5932 4.50% 20491			2,170		2,275
Government National Mortgage Assn. Pool #MA5711 4.50% 20491			1,898		1,987
Government National Mortgage Assn. Pool #MA5987 4.50% 20491			1,814		1,897
Government National Mortgage Assn. 3.50%–6.50% 2034–20661,3			17,694		18,430
Uniform Mortgage-Backed Security 5.00% 20491			1,868		1,974
Vendee Mortgage Trust, Series 2011-2, Class V, 3.75% 20281			3,972		3,998
Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 20351			389		397
Other securities					1,326
					208,531
Collateralized mortgage-backed obligations (privately originated) 2.69%
Finance of America Structured Securities Trust, Series 2018-HB1, Class A, 3.375% 20281,2,4			1,528		1,533
Other securities					6,283
					7,816
Total mortgage-backed obligations					216,347

102 American Funds Insurance Series

Mortgage Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes 9.79%
U.S. Treasury 5.07%
U.S. Treasury 2.00% 2022		$	2,400	$	2,421
U.S. Treasury 1.75% 2023			3,500		3,503
U.S. Treasury 2.875% 2023			4,350		4,555
U.S. Treasury 2.50% 2024			2,500		2,586
U.S. Treasury 1.50%–2.75% 2020–2023			1,668		1,687
					14,752
U.S. Treasury inflation-protected securities 4.72%
U.S. Treasury Inflation-Protected Security 0.625% 20235			6,172		6,249
U.S. Treasury Inflation-Protected Security 0.75% 20425,6			7,276		7,324
U.S. Treasury Inflation-Protected Security 2.125% 20415			128		166
					13,739
Total U.S. Treasury bonds & notes					28,491
Federal agency bonds & notes 6.48%
Fannie Mae 2.00% 2022			5,800		5,835
Federal Home Loan Bank 1.375% 2021			3,000		2,979
Federal Home Loan Bank 1.875% 2021			10,000		10,034
					18,848
Asset-backed obligations 3.46%
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2015-1, Class A, 2.73% 20211,4			1,823		1,825
SLM Private Credit Student Loan Trust, Series 2010-1, Class A, (1-month USD-LIBOR + 0.40%) 2.804% 20251,2			2,433		2,364
Other securities					5,886
					10,075
Corporate bonds & notes 0.01%
Financials 0.01%
Other securities					27
Total bonds, notes & other debt instruments (cost: $269,214,000)					273,788
Short-term securities 7.13%
Federal agency discount notes 6.03%
Federal Home Loan Bank 2.27%-2.40% 2019			10,000		9,989
Freddie Mac 2.40% due 10/10/2019			7,600		7,555
					17,544
Commercial paper 1.10%
Sumitomo Mitsui Banking Corp. 2.30% due 7/19/20194			3,200		3,196
Total short-term securities (cost: $20,733,000)					20,740
Total investment securities 101.23% (cost: $289,947,000)					294,528
Other assets less liabilities (1.23)%					(3,567	)
Net assets 100.00%				$	290,961

American Funds Insurance Series 103

Mortgage Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $1,163,000, which represented .40% of the net assets of the fund.

Futures contracts

Contracts	Type	Number of  contracts	Expiration	Notional  amount  (000)		7	Value at 6/30/2019 (000)		8	Unrealized  appreciation (depreciation) at 6/30/2019 (000)
2 Year U.S. Treasury Note Futures	Long	592	October 2019	$	118,400		$	127,386			$	710
5 Year U.S. Treasury Note Futures	Long	408	October 2019		40,800			48,208				670
10 Year U.S. Treasury Note Futures	Long	179	September 2019		17,900			22,906				557
10 Year Ultra U.S. Treasury Note Futures	Short	9	September 2019		(900	)		(1,243	)			(5	)
20 Year U.S. Treasury Bond Futures	Long	56	September 2019		5,600			8,713				232
30 Year Ultra U.S. Treasury Bond Futures	Long	5	September 2019		500			888				40
											$	2,204

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2019 (000)				Upfront payments/ receipts (000)			Unrealized (depreciation) appreciation at 6/30/2019 (000)
2.337%	U.S. EFFR	7/31/2019	$	145,000		$	(4	)		$	—		$	(4	)
2.325%	U.S. EFFR	7/31/2019		149,000			(6	)			—			(6	)
2.305%	U.S. EFFR	7/31/2019		149,000			(8	)			—			(8	)
U.S. EFFR	2.039%	9/18/2019		281,000			(4	)			—			(4	)
3-month USD-LIBOR	2.806%	8/29/2020		300			(3	)			—			(3	)
2.729%	U.S. EFFR	10/22/2020		22,900			318				—			318
2.4035%	U.S. EFFR	1/11/2021		19,650			233				—			233
2.3755%	U.S. EFFR	2/6/2021		15,000			183				—			183
2.284%	U.S. EFFR	3/19/2021		5,000			59				—			59
3-month USD-LIBOR	2.348%	4/1/2021		46,000			(412	)			—			(412	)
2.197%	U.S. EFFR	4/15/2021		23,000			251				—			251
3-month USD-LIBOR	1.217%	9/22/2021		11,500			140				—			140
3-month USD-LIBOR	1.225%	9/22/2021		11,500			138				—			138
3-month USD-LIBOR	1.2796%	10/11/2021		14,500			159				—			159
2.0135%	3-month USD-LIBOR	10/20/2021		30,000			163				—			163
2.012%	3-month USD-LIBOR	10/4/2022		9,000			80				—			80
2.00%	3-month USD-LIBOR	10/5/2022		41,500			353				—			353
2.1045%	3-month USD-LIBOR	10/31/2022		4,000			48				—			48
3-month USD-LIBOR	2.2835%	1/5/2023		36,000			(679	)			—			(679	)
2.21875%	U.S. EFFR	3/14/2024		9,000			293				—			293
3-month USD-LIBOR	2.322%	5/2/2024		10,100			(267	)			—			(267	)
3-month USD-LIBOR	2.325%	5/2/2024		23,300			(619	)			—			(619	)
3-month USD-LIBOR	2.27%	12/5/2026		8,500			(248	)			—			(248	)
3-month USD-LIBOR	2.24%	12/5/2026		10,500			(284	)			—			(284	)
3-month USD-LIBOR	3.206%	7/31/2044		1,000			(201	)			—			(201	)
3-month USD-LIBOR	3.238%	8/8/2044		2,000			(415	)			—			(415	)
3-month USD-LIBOR	3.2265%	9/25/2044		3,000			(618	)			—			(618	)
U.S. EFFR	2.145%	11/9/2047		2,200			(95	)			—			(95	)
U.S. EFFR	2.155%	11/10/2047		1,280			(58	)			—			(58	)
U.S. EFFR	2.153%	11/10/2047		2,200			(99	)			—			(99	)
U.S. EFFR	2.17%	11/13/2047		2,320			(113	)			—			(113	)

104 American Funds Insurance Series

Mortgage Fund

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2019 (000)				Upfront payments/ receipts (000)			Unrealized (depreciation) appreciation at 6/30/2019 (000)
U.S. EFFR	2.5635%	2/12/2048	$	4,528		$	(617	)		$	—		$	(617	)
2.98%	3-month USD-LIBOR	3/15/2048		300			51				—			51
2.9625%	3-month USD-LIBOR	3/15/2048		300			50				—			50
U.S. EFFR	2.4615%	3/15/2048		300			(34	)			—			(34	)
U.S. EFFR	2.485%	3/15/2048		300			(36	)			—			(36	)
2.917%	3-month USD-LIBOR	3/16/2048		600			94				—			94
U.S. EFFR	2.425%	3/16/2048		600			(64	)			—			(64	)
										$	—		$	(2,271	)

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	Coupon rate may change periodically.
3	Purchased on a TBA basis.
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 $16,608,000, which represented 5.71% of the net assets of the fund.
5	Index-linked bond whose principal amount moves with a government price index.
6	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $3,786,000, which represented 1.30% 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.

American Funds Insurance Series 105

Ultra-Short Bond Fund
Investment portfolio June 30, 2019	unaudited

Short-term securities 99.90%	Principal amount (000)			Value (000)
Commercial paper 65.47%
ABN-AMRO North America Finance Inc. 2.44% due 8/21/20191		$	6,600	$	6,576
American Honda Finance Corp. 2.52% due 7/22/2019			8,300		8,287
Apple Inc. 2.24% due 7/8/20191			10,000		9,994
Bank of Nova Scotia 2.28% due 9/23/20191			5,000		4,970
BASF SE 2.18% due 7/30/20191			10,000		9,979
BNZ International Funding Ltd. 2.25% due 10/11/20191			10,086		10,017
Canadian Imperial Bank of Commerce 2.33% due 7/1/20191			9,300		9,298
Chariot Funding, LLC 2.27% due 9/20/20191			10,000		9,946
CRC Funding, LLC 2.48% due 8/14/20191			10,000		9,969
Credit Agricole North America, Inc. 2.33% due 7/19/2019			10,000		9,986
DBS Bank Ltd. 2.34% due 9/10/20191			4,800		4,777
Essilor International 2.48% due 8/6/20191			10,000		9,975
ExxonMobil Corp. 2.33% due 7/11/2019			5,500		5,495
IBM Corp. 2.34% due 7/12/20191			8,100		8,093
Kimberly-Clark Corp. 2.35% due 7/17/20191			4,800		4,794
Liberty Street Funding Corp. 2.34% due 9/20/20191			5,300		5,272
Oversea-Chinese Banking Corp. Ltd. 2.23% due 9/23/20191			10,000		9,944
Simon Property Group, LP 2.43% due 7/8/20191			10,400		10,393
Starbird Funding Corp. 2.42% due 7/2/20191			9,900		9,897
Svenska Handelsbanken Inc. 2.47% due 8/8/20191			8,000		7,978
Toronto-Dominion Bank 2.41% due 7/24/20191			7,700		7,687
Unilever Capital Corp. 2.30% due 9/3/20191			2,000		1,991
Victory Receivables Corp. 2.40% due 7/9/20191			11,600		11,591
					186,909
Bonds & notes of governments & government agencies outside the U.S. 14.17%
British Columbia (Province of) 2.33% due 7/10/2019			11,500		11,491
CPPIB Capital Inc. 2.40% due 7/18/2019			9,000		8,988
Export Development Canada 2.26% due 7/3/2019			10,000		9,997
KfW 2.30% due 7/23/20191			10,000		9,984
					40,460
Federal agency discount notes 11.41%
Federal Farm Credit Banks 2.37% due 7/19/2019			5,000		4,995
Federal Home Loan Bank 2.21%–2.41% due 7/12/2019–8/2/2019			27,600		27,559
					32,554
U.S. Treasury bonds & notes 8.85%
U.S. Treasury Bills 2.25%–2.37% due 7/11/2019–8/8/2019			25,300		25,269
Total short-term securities (cost: $285,230,000)					285,192
Total investment securities 99.90% (cost: $285,230,000)					285,192
Other assets less liabilities 0.10%					290
Net assets 100.00%				$	285,482

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 was $173,125,000, which represented 60.64% of the net assets of the fund.

See notes to financial statements.

106 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund
Summary investment portfolio June 30, 2019	unaudited

Bonds, notes & other debt instruments 94.72%	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes 47.34%
U.S. Treasury 41.47%
U.S. Treasury 2.25% 2020		$	29,900	$	29,954
U.S. Treasury 1.125% 2021			31,950		31,525
U.S. Treasury 1.75% 20211			33,540		33,547
U.S. Treasury 2.00% 2021			46,300		46,610
U.S. Treasury 2.125% 2021			23,450		23,647
U.S. Treasury 2.125% 2021			22,000		22,145
U.S. Treasury 2.25% 2021			23,580		23,812
U.S. Treasury 1.75% 2022			174,300		174,396
U.S. Treasury 1.875% 2022			63,000		63,244
U.S. Treasury 1.875% 2022			25,000		25,107
U.S. Treasury 1.875% 2022			23,000		23,111
U.S. Treasury 2.00% 2022			69,500		70,103
U.S. Treasury 2.125% 20231			64,095		65,127
U.S. Treasury 2.625% 2023			17,255		17,802
U.S. Treasury 2.875% 2023			71,000		74,339
U.S. Treasury 2.875% 2023			22,500		23,580
U.S. Treasury 2.00% 2024			65,800		66,582
U.S. Treasury 2.125% 2024			55,975		56,928
U.S. Treasury 2.125% 2024			26,000		26,437
U.S. Treasury 2.25% 2024			51,084		52,247
U.S. Treasury 2.50% 2024			44,000		45,523
U.S. Treasury 2.75% 2025			38,000		39,927
U.S. Treasury 1.25%–2.88% 2020–20491			168,960		172,935
					1,208,628
U.S. Treasury inflation-protected securities 5.87%
U.S. Treasury Inflation-Protected Security 0.625% 20232			36,516		36,972
U.S. Treasury Inflation-Protected Security 0.25% 20252			23,883		23,939
U.S. Treasury Inflation-Protected Security 0.75% 20421,2			22,264		22,411
U.S. Treasury Inflation-Protected Security 1.375% 20441,2			47,366		53,895
U.S. Treasury Inflation-Protected Securities 0.13%–2.13% 2022–20472			33,515		33,963
					171,180
Total U.S. Treasury bonds & notes					1,379,808
Mortgage-backed obligations 26.83%
Federal agency mortgage-backed obligations 26.83%
Fannie Mae Pool #BH2597 4.00% 20473			29,849		31,139
Fannie Mae Pool #CA2055 4.50% 20483			40,140		42,201
Fannie Mae Pool #CA1709 4.50% 20483			39,550		41,613
Fannie Mae 0%–9.04% 2022–20493,4			104,638		108,863
Freddie Mac 3.50% 20333			22,563		23,342
Freddie Mac Pool #ZT2086 3.50% 20493			74,655		76,325
Freddie Mac 0%–5.50% 2020–20473,4			39,449		40,694
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20573			39,923		40,675
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20283			42,449		44,246
Government National Mortgage Assn. 5.00% 20493			36,583		38,431
Government National Mortgage Assn. 5.00% 20493			20,007		21,008
Government National Mortgage Assn. Pool #MA5876 4.00% 20493			32,102		33,308
Government National Mortgage Assn. Pool #MA5932 4.50% 20493			77,196		80,941
Government National Mortgage Assn. Pool #MA5987 4.50% 20493			27,010		28,245
Government National Mortgage Assn. 3.00%–6.64% 2034–20653,4,5			56,031		58,652
Other securities					72,418
					782,101

American Funds Insurance Series 107

U.S. Government/AAA-Rated Securities Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Federal agency bonds & notes 20.55%
Fannie Mae 2.75% 2021		$	26,500	$	26,993
Fannie Mae 2.875% 2023			36,000		37,561
Fannie Mae 1.25%–7.13% 2021–2030			6,900		8,678
Federal Home Loan Bank 3.25%–5.50% 2023–2036			30,315		32,734
Freddie Mac 2.375% 2021			100,000		100,850
Private Export Funding Corp. 3.266% 20216			34,000		35,077
Private Export Funding Corp. 1.45%–3.55% 2019–2024			28,840		29,262
Tennessee Valley Authority, Series A, 3.875% 2021			32,975		34,024
Tennessee Valley Authority 2.88%–5.88% 2027–2060			14,330		16,056
U.S. Agency for International Development, Iraq (State of) 2.149% 2022			6,670		6,706
U.S. Agency for International Development, Jordan (Kingdom of) 2.503% 2020			88,000		88,717
U.S. Agency for International Development, Jordan (Kingdom of) 2.578% 2022			43,000		43,759
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 2025			43,250		45,397
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 2026			3,171		3,771
U.S. Agency for International Development, Tunisia (Kingdom of) 1.416% 2021			3,000		2,968
U.S. Agency for International Development, Ukraine 1.471% 2021			4,410		4,362
U.S. Department of Housing and Urban Development 1.98%–3.70% 2020–2034			73,632		76,329
Other securities					5,646
					598,890
Total bonds, notes & other debt instruments (cost: $2,708,625,000)					2,760,799
Short-term securities 7.23%
Commercial paper 7.23%
Bank of New York Co., Inc. 2.33% due 7/31/2019			28,300		28,238
Eli Lilly and Co. 2.38% due 7/11/20196			70,000		69,941
Paccar Financial Corp. 2.42% due 7/2/2019			28,500		28,493
Sumitomo Mitsui Banking Corp. 2.30% due 7/19/20196			69,800		69,704
Other securities					14,445
					210,821
Total short-term securities (cost: $210,863,000)					210,821
Total investment securities 101.95% (cost: $2,919,488,000)					2,971,620
Other assets less liabilities (1.95)%					(56,832	)
Net assets 100.00%				$	2,914,788

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		7	Value at 6/30/2019 (000)		8	Unrealized appreciation (depreciation) at 6/30/2019 (000)
90 Day Euro Dollar Futures	Long	565	March 2020	$	141,250		$	138,835			$	578
2 Year U.S. Treasury Note Futures	Long	6,123	October 2019		1,224,600			1,317,545				6,803
5 Year U.S. Treasury Note Futures	Long	8,276	October 2019		827,600			977,861				13,710
10 Year U.S. Treasury Note Futures	Long	2,180	September 2019		218,000			278,972				3,127
10 Year Ultra U.S. Treasury Note Futures	Short	772	September 2019		(77,200	)		(106,633	)			(1,612	)

108 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		7	Value at 6/30/2019 (000)		8	Unrealized appreciation (depreciation) at 6/30/2019 (000)
20 Year U.S. Treasury Bond Futures	Long	108	September 2019	$	10,800		$	16,804			$	448
30 Year Ultra U.S. Treasury Bond Futures	Long	577	September 2019		57,700			102,454				1,081
											$	24,135

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2019 (000)			Upfront payments/ receipts (000)		Unrealized (depreciation) appreciation at 6/30/2019 (000)
2.337%	U.S. EFFR	7/31/2019	$	801,000	$	(22	)	$	—		$	(22	)
2.325%	U.S. EFFR	7/31/2019		863,500		(33	)		—			(33	)
2.305%	U.S. EFFR	7/31/2019		863,500		(48	)		—			(48	)
U.S. EFFR	2.039%	9/18/2019		1,623,000		(23	)		—			(23	)
U.S. EFFR	2.064%	10/30/2019		1,632,100		(331	)		—			(331	)
1.997%	U.S. EFFR	2/13/2020		60,900		30			—			30
1.989%	U.S. EFFR	2/13/2020		61,000		27			—			27
3-month USD-LIBOR	2.761%	4/27/2020		100,000		(547	)		—			(547	)
3-month USD-LIBOR	2.8025%	8/15/2020		101,840		(929	)		—			(929	)
3-month USD-LIBOR	2.806%	8/29/2020		34,300		(323	)		—			(323	)
2.48%	U.S. EFFR	12/20/2020		82,529		1,019			—			1,019
2.4825%	U.S. EFFR	12/26/2020		500,513		6,307			—			6,307
2.3485%	U.S. EFFR	1/7/2021		61,005		664			—			664
2.3355%	U.S. EFFR	1/7/2021		57,995		620			—			620
2.3995%	U.S. EFFR	1/11/2021		25,200		297			—			297
2.4035%	U.S. EFFR	1/11/2021		18,800		222			—			222
2.3755%	U.S. EFFR	2/6/2021		129,000		1,574			—			1,574
2.284%	U.S. EFFR	3/19/2021		65,000		764			—			764
2.1125%	U.S. EFFR	3/28/2021		78,800		713			—			713
3-month USD-LIBOR	2.367%	3/28/2021		234,200		(2,170	)		—			(2,170	)
3-month USD-LIBOR	2.348%	4/1/2021		264,000		(2,365	)		—			(2,365	)
2.197%	U.S. EFFR	4/15/2021		174,000		1,900			—			1,900
2.19875%	U.S. EFFR	5/7/2021		62,000		713			—			713
1.605%	U.S. EFFR	6/20/2021		116,816		106			—			106
1.7775%	3-month USD-LIBOR	6/21/2021		235,900		(115	)		—			(115	)
3-month USD-LIBOR	1.217%	9/22/2021		60,000		729			—			729
3-month USD-LIBOR	1.225%	9/22/2021		60,000		719			—			719
3-month USD-LIBOR	1.2255%	9/23/2021		5,000		60			—			60
3-month USD-LIBOR	2.2175%	3/17/2022		52,000		(646	)		—			(646	)
2.197%	U.S. EFFR	4/18/2022		47,400		905			—			905
3-month USD-LIBOR	1.75918%	4/29/2022		58,000		(23	)		—			(23	)
2.5775%	U.S. EFFR	7/16/2022		181,639		2,105			—			2,105
3-month USD-LIBOR	1.948%	7/28/2022		20,000		(126	)		—			(126	)
2.80%	3-month USD-LIBOR	9/2/2022		280,000		6,485			—			6,485
2.75%	3-month USD-LIBOR	9/2/2022		280,000		6,216			—			6,216
2.009%	3-month USD-LIBOR	10/4/2022		50,000		441			—			441
3-month USD-LIBOR	2.6778%	2/12/2023		51,000		(1,682	)		—			(1,682	)
3-month USD-LIBOR	3.0965%	10/31/2023		46,055		(2,613	)		—			(2,613	)
3-month USD-LIBOR	3.09009%	10/31/2023		46,320		(2,616	)		—			(2,616	)
3-month USD-LIBOR	2.0955%	2/10/2024		14,300		(220	)		—			(220	)
3-month USD-LIBOR	2.0815%	2/10/2024		28,700		(423	)		—			(423	)
2.21875%	U.S. EFFR	3/14/2024		54,000		1,758			—			1,758
3-month USD-LIBOR	2.3875%	3/17/2024		160,700		(4,652	)		—			(4,652	)

American Funds Insurance Series 109

U.S. Government/AAA-Rated Securities Fund

Swap contracts (continued)

Interest rate swaps (continued)

Receive	Pay	Expiration  date	Notional  (000)		Value at  6/30/2019  (000)			Upfront  payments/  receipts  (000)			Unrealized  (depreciation)  appreciation  at 6/30/2019  (000)
3-month USD-LIBOR	2.21079%	3/27/2024	$	48,318	$	(1,026	)		$	—		$	(1,026	)
3-month USD-LIBOR	2.33%	5/2/2024		48,460		(1,286	)			—			(1,286	)
3-month USD-LIBOR	2.588%	1/26/2025		15,600		(674	)			—			(674	)
3-month USD-LIBOR	2.27%	12/5/2026		44,900		(1,309	)			—			(1,309	)
3-month USD-LIBOR	2.24%	12/5/2026		55,100		(1,491	)			—			(1,491	)
2.91%	3-month USD-LIBOR	2/1/2028		16,000		640				—			640
2.908%	3-month USD-LIBOR	2/1/2028		16,000		638				—			638
2.925%	3-month USD-LIBOR	2/1/2028		12,800		520				—			520
2.92%	3-month USD-LIBOR	2/2/2028		12,200		493				—			493
U.S. EFFR	2.5065%	3/22/2028		8,700		(606	)			—			(606	)
U.S. EFFR	2.535%	3/23/2028		6,700		(482	)			—			(482	)
U.S. EFFR	2.471%	3/27/2028		8,100		(541	)			—			(541	)
U.S. EFFR	2.4575%	3/29/2028		9,638		(633	)			—			(633	)
U.S. EFFR	2.424%	3/30/2028		8,160		(513	)			—			(513	)
U.S. EFFR	2.412%	4/5/2028		3,702		(229	)			—			(229	)
3-month USD-LIBOR	2.357%	3/27/2029		25,175		(934	)			—			(934	)
3-month USD-LIBOR	1.9675%	6/21/2029		50,700		(54	)			—			(54	)
3-month USD-LIBOR	2.97125%	9/2/2030		62,000		(5,397	)			—			(5,397	)
3-month USD-LIBOR	3.005%	9/2/2030		62,000		(5,586	)			—			(5,586	)
3-month USD-LIBOR	2.986%	2/1/2038		7,800		(336	)			—			(336	)
3-month USD-LIBOR	2.9625%	2/1/2038		9,800		(404	)			—			(404	)
3-month USD-LIBOR	2.963%	2/1/2038		9,800		(405	)			—			(405	)
3-month USD-LIBOR	2.967%	2/2/2038		7,600		(316	)			—			(316	)
3-month USD-LIBOR	3.34%	6/27/2044		10,000		(2,274	)			—			(2,274	)
3-month USD-LIBOR	3.206%	7/31/2044		16,000		(3,219	)			—			(3,219	)
3-month USD-LIBOR	3.238%	8/8/2044		16,000		(3,319	)			—			(3,319	)
3-month USD-LIBOR	2.7045%	1/2/2045		12,000		(1,225	)			—			(1,225	)
3-month USD-LIBOR	2.4945%	1/9/2045		2,000		(119	)			—			(119	)
3-month USD-LIBOR	2.5055%	1/9/2045		11,000		(680	)			—			(680	)
3-month USD-LIBOR	2.52822%	11/23/2045		4,390		(297	)			—			(297	)
U.S. EFFR	2.166%	10/23/2047		10,000		(478	)			—			(478	)
U.S. EFFR	2.145%	11/9/2047		15,400		(666	)			—			(666	)
U.S. EFFR	2.155%	11/10/2047		8,640		(392	)			—			(392	)
U.S. EFFR	2.153%	11/10/2047		15,300		(688	)			—			(688	)
U.S. EFFR	2.17%	11/13/2047		15,660		(763	)			—			(763	)
U.S. EFFR	2.5635%	2/12/2048		33,204		(4,528	)			—			(4,528	)
U.S. EFFR	2.4615%	3/15/2048		2,000		(228	)			—			(228	)
U.S. EFFR	2.485%	3/15/2048		2,000		(238	)			—			(238	)
U.S. EFFR	2.425%	3/16/2048		4,100		(434	)			—			(434	)
U.S. EFFR	2.505%	3/22/2048		4,300		(532	)			—			(532	)
U.S. EFFR	2.52%	8/24/2048		4,500		(578	)			—			(578	)
									$	—		$	(26,122	)

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 $44,549,000, which represented 1.53% 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	Coupon rate may change periodically.
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 $189,167,000, which represented 6.49% 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.

110 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

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.

American Funds Insurance Series 111

Managed Risk Growth Fund
Investment portfolio June 30, 2019	unaudited

Growth funds 80.33%	Shares		Value (000)
American Funds Insurance Series – Growth Fund, Class 1	4,379,254	$	319,116
Total growth funds (cost: $310,329,000)			319,116
Fixed income funds 15.07%
American Funds Insurance Series – Bond Fund, Class 1	5,385,043		59,882
Total fixed income funds (cost: $58,127,000)			59,882
Short-term securities 4.64%
Government Cash Management Fund	18,453,168		18,453
Total short-term securities (cost: $18,453,000)			18,453
Total investment securities 100.04% (cost: $386,909,000)			397,451
Other assets less liabilities (0.04)%			(166	)
Net assets 100.00%		$	397,285

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		1	Value at 6/30/2019 (000)		2	Unrealized appreciation at 6/30/2019 (000)
5 Year U.S. Treasury Note Futures	Long	176	September 2019	$	17,600		$	20,796			$	171

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2019, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliates at 6/30/2019 (000)
Growth funds 80.33%
American Funds Insurance Series – Growth Fund, Class 1		3,963,500		649,589		233,835		4,379,254	$	1,612		$	10,668	$	760	$	319,116
Fixed income funds 15.07%
American Funds Insurance Series – Bond Fund, Class 1		5,110,855		820,544		546,356		5,385,043		(128	)		3,566		329		59,882
Total 95.40%									$	1,484		$	14,234	$	1,089	$	378,998

1	Notional amount is calculated based on the number of contracts and notional contract size.
2	Value is calculated based on the notional amount and current market price.

See notes to financial statements.

112 American Funds Insurance Series

Managed Risk International Fund
Investment portfolio June 30, 2019	unaudited

Growth funds 81.74%	Shares		Value (000)
American Funds Insurance Series – International Fund, Class 1	6,766,242	$	133,633
Total growth funds (cost: $125,851,000)			133,633
Fixed income funds 15.02%
American Funds Insurance Series – Bond Fund, Class 1	2,208,551		24,559
Total fixed income funds (cost: $23,937,000)			24,559
Short-term securities 3.31%
Government Cash Management Fund	5,406,881		5,407
Total short-term securities (cost: $5,407,000)			5,407
Total investment securities 100.07% (cost: $155,195,000)			163,599
Other assets less liabilities (0.07)%			(110	)
Net assets 100.00%		$	163,489

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		1	Value at 6/30/2019 (000)		2	Unrealized appreciation at 6/30/2019 (000)
5 Year U.S. Treasury Note Futures	Long	52	September 2019	$	5,200		$	6,144			$	77

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2019, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliates at 6/30/2019 (000)
Growth funds 81.74%
American Funds Insurance Series – International Fund, Class 1		6,802,836		279,511		316,105		6,766,242	$	(267	)	$	14,505	$	231	$	133,633
Fixed income funds 15.02%
American Funds Insurance Series – Bond Fund, Class 1		2,162,908		188,213		142,570		2,208,551		(8	)		1,453		136		24,559
Total 96.76%									$	(275	)	$	15,958	$	367	$	158,192

1	Notional amount is calculated based on the number of contracts and notional contract size.
2	Value is calculated based on the notional amount and current market price.

See notes to financial statements.

American Funds Insurance Series 113

Managed Risk Blue Chip Income and Growth Fund
Investment portfolio June 30, 2019	unaudited

Growth-and-income funds 80.48%	Shares		Value (000)
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		22,572,855	$	284,644
Total growth-and-income funds (cost: $302,622,000)				284,644
Fixed income funds 14.98%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		4,256,895		52,998
Total fixed income funds (cost: $51,724,000)				52,998
Short-term securities 4.60%
Government Cash Management Fund		16,260,701		16,261
Total short-term securities (cost: $16,261,000)				16,261
Total investment securities 100.06% (cost: $370,607,000)				353,903
Other assets less liabilities (0.06)%				(218	)
Net assets 100.00%			$	353,685

Futures contracts

Contracts	Type	Number of contracts	Expiration		Notional amount (000)	1		Value at 6/30/2019 (000)	2	Unrealized appreciation at 6/30/2019 (000)
5 Year U.S. Treasury Note Futures	Long	156	September 2019	$	15,600		$	18,432			$	124

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2019, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliates at 6/30/2019 (000)
Growth-and-income funds 80.48%
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		21,901,978		2,214,200		1,543,323		22,572,855	$	725		$	5,504	$	1,232	$	284,644
Fixed income funds 14.98%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		4,484,388		331,058		558,551		4,256,895		(63	)		2,289		216		52,998
Total 95.46%									$	662		$	7,793	$	1,448	$	337,642

1	Notional amount is calculated based on the number of contracts and notional contract size.
2	Value is calculated based on the notional amount and current market price.

See notes to financial statements.

114 American Funds Insurance Series

Managed Risk Growth-Income Fund
Investment portfolio June 30, 2019	unaudited

Growth-and-income funds 80.09%	Shares		Value (000)
American Funds Insurance Series – Growth-Income Fund, Class 1		36,295,689	$	1,716,423
Total growth-and-income funds (cost: $1,674,045,000)				1,716,423
Fixed income funds 15.03%
American Funds Insurance Series – Bond Fund, Class 1		28,964,402		322,084
Total fixed income funds (cost: $302,916,000)				322,084
Short-term securities 4.60%
Government Cash Management Fund		98,442,508		98,443
Total short-term securities (cost: $98,443,000)				98,443
Options purchased 0.19%
Options purchased*				4,101
Total options purchased (cost: $14,339,000)				4,101
Total investment securities 99.91% (cost: $2,089,743,000)				2,141,051
Other assets less liabilities 0.09%				1,997
Net assets 100.00%			$	2,143,048

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 6/30/2019 (000)
S&P 500 Index	620	$	1,824	$	1,850.00	9/20/2019		$	47
S&P 500 Index	1,155		3,398		1,875.00	9/20/2019			92
S&P 500 Index	1,200		3,530		1,900.00	9/20/2019			108
S&P 500 Index	330		971		1,925.00	9/20/2019			31
S&P 500 Index	1,225		3,604		1,975.00	9/20/2019			141
S&P 500 Index	365		1,074		2,000.00	9/20/2019			46
S&P 500 Index	930		2,736		2,025.00	9/20/2019			121
S&P 500 Index	425		1,250		2,200.00	9/20/2019			106
S&P 500 Index	3,195		9,399		2,150.00	12/20/2019			2,492
S&P 500 Index	670		1,971		2,175.00	12/20/2019			569
S&P 500 Index	35		103		2,200.00	12/20/2019			34
S&P 500 Index	150		441		2,225.00	12/20/2019			153
S&P 500 Index	135		397		2,275.00	12/20/2019			161
								$	4,101

American Funds Insurance Series 115

Managed Risk Growth-Income Fund

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		1	Value at 6/30/2019 (000)		2	Unrealized appreciation at 6/30/2019 (000)
5 Year U.S. Treasury Note Futures	Long	1,008	September 2019	$	100,800		$	119,101			$	1,476
S&P 500 E-mini Index Contracts	Long	366	September 2019		18			53,879				836
											$	2,312

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2019, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliates at 6/30/2019 (000)
Growth-and-income funds 80.09%
American Funds Insurance Series – Growth-Income Fund, Class 1		33,123,343		4,277,296		1,104,950		36,295,689	$	5,425		$	61,682	$	5,628	$	1,716,423
Fixed income funds 15.03%
American Funds Insurance Series – Bond Fund, Class 1		26,945,898		2,920,407		901,903		28,964,402		(16	)		18,586		1,795		322,084
Total 95.12%									$	5,409		$	80,268	$	7,423	$	2,038,507

1	Notional amount is calculated based on the number of contracts and notional contract size.
2	Value is calculated based on the notional amount and current market price.

See notes to financial statements.

116 American Funds Insurance Series

Managed Risk Asset Allocation Fund
Investment portfolio June 30, 2019	unaudited

Asset allocation funds 96.70%	Shares		Value (000)
American Funds Insurance Series – Asset Allocation Fund, Class 1		116,101,695	$	2,618,094
Total asset allocation funds (cost: $2,531,679,000)				2,618,094
Short-term securities 3.36%
Government Cash Management Fund		90,932,387		90,932
Total short-term securities (cost: $90,932,000)				90,932
Total investment securities 100.06% (cost: $2,622,611,000)				2,709,026
Other assets less liabilities (0.06)%				(1,691	)
Net assets 100.00%			$	2,707,335

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		1	Value at 6/30/2019 (000)		2	Unrealized appreciation at 6/30/2019 (000)
5 Year U.S. Treasury Note Futures	Long	873	September 2019	$	87,300		$	103,150			$	1,321

Investment in affiliates

This holding is an affiliate of the fund under the Investment Company Act of 1940 since it is controlled by the same board of trustees as the series. Further details on this holding and related transactions during the six months ended June 30, 2019, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized appreciation (000)		Dividend income (000)		Value of affiliate at 6/30/2019 (000)
Asset allocation funds 96.70%
American Funds Insurance Series – Asset Allocation Fund, Class 1		115,468,223		7,167,637		6,534,165		116,101,695	$	6,021	$	140,238	$	11,862	$	2,618,094

1	Notional amount is calculated based on the number of contracts and notional contract size.
2	Value is calculated based on the notional amount and current market price.

See notes to financial statements.

American Funds Insurance Series 117

Financial statements

Statements of assets and liabilities
at June 30, 2019

	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	6,292,071	$	4,467,434	$	26,404,106	$	9,849,054	$	3,449,625
Affiliated issuers		—		21,463		—		—		—
Cash		105		2,149		3,505		1,326		5,311
Cash collateral received for securities on loan		—		13,264		—		—		—
Cash pledged for forward currency contracts		—		—		—		334		—
Cash denominated in currencies other than U.S. dollars		977		1,051		49		5,037		1,185
Unrealized appreciation on open forward currency contracts		—		—		—		124		—
Receivables for:
Sales of investments		33,579		83,557		115,497		15,264		5,128
Sales of fund’s shares		900		288		8,846		4,456		927
Dividends and interest		19,016		4,910		32,460		24,949		11,627
Variation margin on futures contracts		—		—		—		—		—
Variation margin on swap contracts		—		—		—		—		—
Securities lending income		—		530		—		—		—
Other		361		178		24		—		1,910
		6,347,009		4,594,824		26,564,487		9,900,544		3,475,713
Liabilities:
Collateral for securities on loan		—		132,644		—		—		—
Unrealized depreciation on open forward currency contracts		—		—		—		340		—
Payables for:
Purchases of investments		2,597		17,942		52,929		36,561		1,526
Repurchases of fund’s shares		12,360		4,650		18,287		6,738		2,868
Investment advisory services		2,625		2,485		6,872		3,874		1,937
Insurance administrative fees		195		108		791		212		340
Services provided by related parties		863		536		3,529		988		326
Trustees’ deferred compensation		73		49		491		206		33
Variation margin on futures contracts		—		—		—		—		—
Variation margin on swap contracts		—		—		—		—		—
Non-U.S. taxes		4,073		2,897		2,475		17,683		7,920
Other		94		92		82		273		111
		22,880		161,403		85,456		66,875		15,061
Net assets at June 30, 2019	$	6,324,129	$	4,433,421	$	26,479,031	$	9,833,669	$	3,460,652
Net assets consist of:
Capital paid in on shares of beneficial interest	$	3,910,174	$	3,380,706	$	16,135,118	$	8,093,962	$	2,717,511
Total distributable earnings (accumulated loss)		2,413,955		1,052,715		10,343,913		1,739,707		743,141
Net assets at June 30, 2019	$	6,324,129	$	4,433,421	$	26,479,031	$	9,833,669	$	3,460,652
Investment securities, at cost:
Unaffiliated issuers	$	3,971,692	$	3,578,886	$	16,493,656	$	7,964,175	$	2,745,515
Affiliated issuers		—		45,822		—		—		—
Cash denominated in currencies other than U.S. dollars, at cost		977		1,049		49		5,037		1,185

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

118 American Funds Insurance Series

unaudited
(dollars in thousands)

Blue Chip Income and Growth Fund		Global Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder		Asset Allocation Fund		Global Balanced Fund		Bond Fund			Global Bond Fund
$	8,904,358	$	2,034,357	$	33,547,290	$	1,430,859	$	834,202	$	25,597,369	$	415,057	$	11,303,189		$	2,145,654
	—		—		279,983		—		—		410,393		—		—			—
	2,383		764		6,952		52		1,123		13,360		140		4,950			628
	—		—		—		—		—		—		—		—			—
	—		—		—		—		—		—		—		—			—
	—		1,884		57		1,229		206		909		668		—	*		3,740
	—		—		—		5		—		—		102		4,506			2,437
	12,777		16,576		165,603		4,640		1,933		72,991		669		491,618			18,103
	3,671		123		11,682		256		1,670		13,007		297		5,730			363
	15,659		8,098		49,712		5,825		3,659		90,474		2,331		68,766			16,871
	—		—		—		—		—		346		—		415			126
	—		—		—		—		137		324		3		486			132
	—		—		—		—		—		—		—		—			—
	4		383		188		29		7		184		20		36			42
	8,938,852		2,062,185		34,061,467		1,442,895		842,937		26,199,357		419,287		11,879,696			2,188,096
	—		—		—		—		—		—		—		—			—
	—		94		—		—		—		—		100		7,567			2,882
	98,141		3,760		53,986		4,169		2,021		705,716		2,936		1,422,728			22,354
	3,561		1,930		24,454		2,218		271		9,867		193		3,616			1,506
	2,771		985		7,026		702		328		5,494		220		3,096			938
	296		72		655		53		249		2,450		50		256			28
	775		314		3,178		78		89		2,034		60		911			242
	84		23		567		10		3		267		2		118			25
	—		—		—		—		35		668		—		1,735			91
	—		—		—		—		161		77		—		422			41
	39		1,774		2,221		1,244		83		1,971		152		—			506
	4		46		88		38		8		34		6		—			102
	105,671		8,998		92,175		8,512		3,248		728,578		3,719		1,440,449			28,715
$	8,833,181	$	2,053,187	$	33,969,292	$	1,434,383	$	839,689	$	25,470,779	$	415,568	$	10,439,247		$	2,159,381
$	7,235,947	$	1,523,277	$	24,698,795	$	1,271,807	$	816,644	$	20,247,437	$	344,682	$	10,062,950		$	2,077,232
	1,597,234		529,910		9,270,497		162,576		23,045		5,223,342		70,886		376,297			82,149
$	8,833,181	$	2,053,187	$	33,969,292	$	1,434,383	$	839,689	$	25,470,779	$	415,568	$	10,439,247		$	2,159,381
$	7,420,391	$	1,537,132	$	24,993,310	$	1,276,610	$	796,567	$	20,539,556	$	359,712	$	11,012,076		$	2,082,258
	—		—		277,584		—		—		432,743		—		—			—
	—		1,884		57		1,229		206		909		649		—	*		3,734

American Funds Insurance Series 119

Statements of assets and liabilities
at June 30, 2019

	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	$	1,281,384		$	294,528	$	285,192	$	2,971,620	$	18,453
Affiliated issuers		—			—		—		—		378,998
Cash		1,083			1,156		103		8,083		—
Cash pledged for futures contracts		—			—		—		—		116
Cash pledged for swap contracts		1,722			—		—		—		—
Cash denominated in currencies other than U.S. dollars		—	*		—		—		—		—
Receivables for:
Sales of investments		8,980			3,337		—		81,518		—
Sales of fund’s shares		440			39		421		724		640
Dividends and interest		18,932			876		—		13,239		35
Variation margin on futures contracts		—			6		—		80		—
Variation margin on swap contracts		—			319		—		2,963		—
Other		3			—		—		—		—
		1,312,544			300,261		285,716		3,078,227		398,242
Liabilities:
Payables for:
Purchases of investments		30,769			8,654		—		158,692		600
Repurchases of fund’s shares		645			249		75		1,113		8
Investment advisory services		496			101		75		813		32
Insurance administrative fees		37			13		13		65		238
Services provided by related parties		164			19		55		323		77
Trustees’ deferred compensation		47			3		16		58		2
Variation margin on futures contracts		—			31		—		413		—
Variation margin on swap contracts		93			230		—		1,961		—
Other		1			—		—		1		—
		32,252			9,300		234		163,439		957
Net assets at June 30, 2019	$	1,280,292		$	290,961	$	285,482	$	2,914,788	$	397,285
Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,439,238		$	285,147	$	282,809	$	2,839,370	$	369,993
Total distributable earnings (accumulated loss)		(158,946	)		5,814		2,673		75,418		27,292
Net assets at June 30, 2019	$	1,280,292		$	290,961	$	285,482	$	2,914,788	$	397,285
Investment securities, at cost:
Unaffiliated issuers	$	1,293,910		$	289,947	$	285,230	$	2,919,488	$	18,453
Affiliated issuers		—			—		—		—		368,456
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.

120 American Funds Insurance Series

unaudited

(dollars in thousands)

Managed Risk International Fund		Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
$	5,407	$	16,261		$	102,544	$	90,932
	158,192		337,642			2,038,507		2,618,094
	—		—			—		—
	35		103			2,771		576
	—		—			—		—
	—		—			—		—
	180		614			525		165
	—		7			5,241		916
	10		31			184		174
	—		—			336		—
	—		—			—		—
	—		—			—		—
	163,824		354,658			2,150,108		2,710,857
	—		—			4,838		523
	190		654			701		539
	13		29			173		220
	99		218			1,294		1,672
	32		70			51		543
	1		2			3		25
	—		—			—		—
	—		—			—		—
	—		—			—		—	*
	335		973			7,060		3,522
$	163,489	$	353,685		$	2,143,048	$	2,707,335
$	161,106	$	358,742		$	1,952,652	$	2,525,386
	2,383		(5,057	)		190,396		181,949
$	163,489	$	353,685		$	2,143,048	$	2,707,335
$	5,407	$	16,261		$	112,782	$	90,932
	149,788		354,346			1,976,961		2,531,679
	—		—			—		—

American Funds Insurance Series 121

Statements of assets and liabilities
at June 30, 2019

	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:
Net assets	$	2,253,727	$	1,950,955	$	9,854,415	$	5,250,839	$	1,937,868
Shares outstanding		76,428		79,549		135,225		265,872		80,670
Net asset value per share	$	29.49	$	24.53	$	72.87	$	19.75	$	24.02
Class 1A:
Net assets	$	6,904	$	451	$	14,263	$	5,729	$	3,668
Shares outstanding		235		18		197		291		153
Net asset value per share	$	29.39	$	24.47	$	72.58	$	19.68	$	23.93
Class 2:
Net assets	$	3,741,575	$	2,302,336	$	15,090,117	$	4,199,689	$	949,549
Shares outstanding		128,267		96,743		208,884		213,654		39,940
Net asset value per share	$	29.17	$	23.80	$	72.24	$	19.66	$	23.77
Class 3:
Net assets					$	208,738	$	25,666
Shares outstanding	Not applicable		Not applicable			2,844		1,297	Not applicable
Net asset value per share					$	73.38	$	19.79
Class 4:
Net assets	$	321,923	$	179,679	$	1,311,498	$	351,746	$	569,567
Shares outstanding		11,100		7,510		18,423		18,114		24,076
Net asset value per share	$	29.00	$	23.93	$	71.19	$	19.42	$	23.66
	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	$	526,021	$	210,103	$	31,614	$	1,456,773
Shares outstanding		51,912		19,687		2,776		117,076	Not applicable
Net asset value per share	$	10.13	$	10.68	$	11.39	$	12.45
Class 1A:
Net assets	$	618	$	591	$	10	$	2,253
Shares outstanding		61		56		1		181	Not applicable
Net asset value per share	$	10.11	$	10.65	$	11.39	$	12.42
Class 2:
Net assets	$	684,987	$	58,392	$	228,986	$	1,333,862
Shares outstanding		68,799		5,486		20,648		108,365	Not applicable
Net asset value per share	$	9.96	$	10.65	$	11.09	$	12.31
Class 3:
Net assets	$	10,135			$	3,271	$	8,842
Shares outstanding		996	Not applicable			292		709	Not applicable
Net asset value per share	$	10.17			$	11.21	$	12.47
Class 4:
Net assets	$	58,531	$	21,875	$	21,601	$	113,058
Shares outstanding		5,423		2,076		1,928		9,185	Not applicable
Net asset value per share	$	10.79	$	10.55	$	11.20	$	12.31
Class P1:
Net assets									$	3,799
Shares outstanding	Not applicable		Not applicable		Not applicable		Not applicable			300
Net asset value per share									$	12.66
Class P2:
Net assets									$	393,486
Shares outstanding	Not applicable		Not applicable		Not applicable		Not applicable			31,287
Net asset value per share									$	12.58

* Amount less than one thousand.

See notes to financial statements.

122 American Funds Insurance Series

unaudited

(dollars and shares in thousands, except per-share amounts)

Blue Chip Income and Growth Fund		Global Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder		Asset Allocation Fund		Global Balanced Fund		Bond Fund		Global Bond Fund
$	5,316,112	$	572,884	$	19,494,000	$	1,096,356	$	420,981	$	16,367,279	$	128,680	$	6,397,660	$	1,065,399
	421,738		38,895		412,232		63,142		41,463		725,706		9,778		575,311		88,161
$	12.61	$	14.73	$	47.29	$	17.36	$	10.15	$	22.55	$	13.16	$	11.12	$	12.08
$	7,002	$	1,590	$	9,123	$	2,265	$	4,699	$	8,823	$	2,229	$	4,888	$	426
	558		108		194		131		463		392		170		441		35
$	12.55	$	14.69	$	47.11	$	17.33	$	10.14	$	22.49	$	13.13	$	11.08	$	12.06
$	3,011,473	$	1,356,728	$	13,224,947	$	248,271	$	4,595	$	4,991,791	$	201,188	$	3,601,946	$	1,047,169
	242,233		92,360		283,340		14,354		453		223,861		15,330		328,296		87,377
$	12.43	$	14.69	$	46.68	$	17.30	$	10.15	$	22.30	$	13.12	$	10.97	$	11.98
				$	153,393					$	31,478
Not applicable		Not applicable			3,239	Not applicable		Not applicable			1,395	Not applicable		Not applicable		Not applicable
				$	47.35					$	22.57
$	498,594	$	121,985	$	1,087,829	$	87,491	$	409,414	$	4,071,408	$	83,471	$	434,753	$	46,387
	40,319		8,437		23,578		5,091		40,405		183,581		6,423		39,719		3,908
$	12.37	$	14.46	$	46.14	$	17.19	$	10.13	$	22.18	$	13.00	$	10.95	$	11.87
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
$	567	$	672	$	1,883,081	$	1,537
	55		60		145,742		120
$	10.39	$	11.22	$	12.92	$	12.85
$	162,922	$	353,013	$	259,967	$	2,705,798
	15,782		31,695		20,224		216,166
$	10.32	$	11.14	$	12.85	$	12.52

American Funds Insurance Series 123

Statements of operations
for the six months ended June 30, 2019

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends	$	59,127		$	27,009		$	173,200		$	117,809		$	28,596
Interest		1,479			2,009			10,181			9,148			9,771
Securities lending income		—			2,505			—			—			—
		60,606			31,523			183,381			126,957			38,367
Fees and expenses*:
Investment advisory services		15,660			14,498			41,304			23,510			11,522
Distribution services		4,881			3,004			20,182			5,561			1,785
Insurance administrative services		371			208			1,543			413			658
Transfer agent services		—	†		—	†		1			1			—	†
Administrative services		303			208			1,280			478			164
Reports to shareholders		98			80			423			158			66
Registration statement and prospectus		101			105			311			228			83
Trustees’ compensation		20			13			86			32			11
Auditing and legal		8			32			14			28			27
Custodian		319			336			258			756			387
Other		16			74			135			88			67
Total fees and expenses before waivers/reimbursements		21,777			18,558			65,537			31,253			14,770
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		—			—			—			—			—
Total waivers/reimbursements of fees and expenses		—			—			—			—			—
Total fees and expenses after waivers/reimbursements		21,777			18,558			65,537			31,253			14,770
Net investment income (loss)		38,829			12,965			117,844			95,704			23,597
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments
Unaffiliated issuers		59,018			143,915			342,715			(171,606	)		24,403
Affiliated issuers*		—			—			—			—			—
Futures contracts		—			—			—			—			—
Forward currency contracts		—			—			—			(999	)		303
Swap contracts		—			—			—			—			—
Currency transactions		(405	)		(66	)		(432	)		(2,451	)		234
		58,613			143,849			342,283			(175,056	)		24,940
Net unrealized appreciation (depreciation) on:
Investments
Unaffiliated issuers		1,056,160			592,974			3,428,550			1,399,575			518,304
Affiliated issuers		—			(8,519	)		—			—			—
Futures contracts		—			—			—			—			—
Forward currency contracts		—			—			—			309			(303	)
Swap contracts		—			—			—			—			—
Currency translations		(17	)		63			103			(200	)		1,911
		1,056,143			584,518			3,428,653			1,399,684			519,912
Net realized gain (loss) and unrealized appreciation (depreciation)		1,114,756			728,367			3,770,936			1,224,628			544,852
Net increase in net assets resulting from operations	$	1,153,585		$	741,332		$	3,888,780		$	1,320,332		$	568,449

See end of statements of operations for footnotes.

See notes to financial statements.

124 American Funds Insurance Series

unaudited

(dollars in thousands)

Blue Chip Income and Growth Fund			Global Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			Global Balanced Fund			Bond Fund			Global Bond Fund
$	116,477		$	30,394		$	343,652		$	29,733		$	13,137		$	191,059		$	4,119		$	7,023		$	514
	1,839			1,918			15,606			1,701			2,865			133,265			1,954			158,778			34,892
	—			—			—			—			—			—			—			—			—
	118,316			32,312			359,258			31,434			16,002			324,324			6,073			165,801			35,406
	16,752			5,841			41,781			4,252			1,885			32,618			1,292			18,126			5,572
	4,295			1,777			17,492			403			484			10,974			337			4,867			1,326
	556			137			1,274			102			483			4,845			98			491			53
	—	†		—	†		2			—	†		—	†		1			—	†		—	†		—	†
	430			98			1,627			70			38			1,222			20			497			105
	160			28			650			14			7			510			3			119			27
	110			53			290			31			38			205			15			168			52
	30			7			107			4			2			84			1			33			7
	4			6			28			12			5			17			8			7			4
	127			168			301			167			36			124			27			120			201
	39			19			119			5			5			50			3			53			18
	22,503			8,134			63,671			5,060			2,983			50,650			1,804			24,481			7,365
	—			—			—			—			24			—			—			—			—
	—			—			—			—			24			—			—			—			—
	22,503			8,134			63,671			5,060			2,959			50,650			1,804			24,481			7,365
	95,813			24,178			295,587			26,374			13,043			273,674			4,269			141,320			28,041
	(863	)		9,494			406,368			(15,330	)		(3,801	)		266,091			10,945			90,872			(5,179	)
	—			—			—			—			—			(446,158	)		—			—			—
	—			—			—			—			(194	)		12,523			509			31,573			12,050
	—			493			—			24			—			—			(206	)		(10,249	)		2,707
	—			—			—			—			230			(12,336	)		(20	)		(14,548	)		(202	)
	(13	)		(314	)		(771	)		(1,069	)		70			(29	)		(100	)		(434	)		(1,163	)
	(876	)		9,673			405,597			(16,375	)		(3,695	)		(179,909	)		11,128			97,214			8,213
	791,331			311,348			4,014,527			184,237			60,001			2,258,760			32,131			404,554			106,875
	—			—			73,906			—			—			399,074			—			—			—
	—			—			—			—			(495	)		5,251			(91	)		18,382			(2,957	)
	—			(445	)		—			5			—			—			(80	)		6,210			(7,363	)
	—			—			—			—			1,349			(5,824	)		46			(12,045	)		1,300
	16			369			201			(5	)		7			110			24			140			58
	791,347			311,272			4,088,634			184,237			60,862			2,657,371			32,030			417,241			97,913
	790,471			320,945			4,494,231			167,862			57,167			2,477,462			43,158			514,455			106,126
$	886,284		$	345,123		$	4,789,818		$	194,236		$	70,210		$	2,751,136		$	47,427		$	655,775		$	134,167

American Funds Insurance Series 125

Statements of operations
for the six months ended June 30, 2019

	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	$	425		$	—		$	—		$	—		$	1,089
Interest		45,210			4,389			3,557			36,029			179
		45,635			4,389			3,557			36,029			1,268
Fees and expenses*:
Investment advisory services		3,005			614			458			4,845			279
Distribution services		932			98			317			1,757			461
Insurance administrative services		70			28			24			123			465
Transfer agent services		—	†		—	†		—	†		—	†		—	†
Administrative services		63			15			14			142			—
Accounting and administrative services		—			—			—			—			10
Reports to shareholders		14			2			4			32			4
Registration statement and prospectus		26			12			7			41			18
Trustees’ compensation		4			1			1			10			1
Auditing and legal		3			—	†		—	†		2			—	†
Custodian		8			10			—	†		18			6
Other		19			3			2			8			3
Total fees and expenses before waivers/reimbursements		4,144			783			827			6,978			1,247
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		—			—			—			—			93
Miscellaneous fee reimbursements		—			—			—			—			13
Total waivers/reimbursements of fees and expenses		—			—			—			—			106
Total fees and expenses after waivers/reimbursements		4,144			783			827			6,978			1,141
Net investment income (loss)		41,491			3,606			2,730			29,051			127
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments
Unaffiliated issuers		(1,908	)		1,164			—	†		19,133			—
Affiliated issuers*		—			—			—			—			1,484
Futures contracts		—			3,551			—			55,917			(3,203	)
Swap contracts		(395	)		1,067			—			6,764			—
Currency transactions		1			—			—			—			21
Capital gain distributions received from affiliated issuers		—			—			—			—			32,791
		(2,302	)		5,782			—	†		81,814			31,093
Net unrealized appreciation (depreciation) on:
Investments
Unaffiliated issuers		79,517			5,581			(30	)		66,269			—
Affiliated issuers		—			—			—			—			14,234
Futures contracts		—			305			—			(3,315	)		(5,720	)
Swap contracts		(1,604	)		(3,465	)		—			(45,476	)		—
		77,913			2,421			(30	)		17,478			8,514
Net realized gain (loss) and unrealized appreciation (depreciation)		75,611			8,203			(30	)		99,292			39,607
Net increase in net assets resulting from operations	$	117,102		$	11,809		$	2,700		$	128,343		$	39,734

*	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.

126 American Funds Insurance Series

unaudited

(dollars in thousands)

Managed Risk International Fund			Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
$	367		$	1,448		$	7,423		$	11,862
	60			165			1,013			1,008
	427			1,613			8,436			12,870
	118			261			1,519			1,977
	196			433			310			3,293
	197			434			2,532			3,295
	—	†		—	†		—	†		—	†
	—			—			—			—
	9			10			9			25
	2			4			14			27
	10			9			213			36
	1			1			4			11
	—	†		—	†		1			2
	6			6			6			6
	3			2			3			10
	542			1,160			4,611			8,682
	39			87			506			659
	12			13			—			—
	51			100			506			659
	491			1,060			4,105			8,023
	(64	)		553			4,331			4,847
	—			—			(7,604	)		—
	(275	)		662			5,409			6,021
	(1,096	)		(3,654	)		(14,050	)		(14,856	)
	—			—			—			—
	(1	)		20			91			103
	3,310			22,170			167,499			131,016
	1,938			19,198			151,345			122,284
	—			—			(11,249	)		—
	15,958			7,793			80,268			140,238
	(1,142	)		(5,657	)		(7,995	)		(24,002	)
	—			—			—			—
	14,816			2,136			61,024			116,236
	16,754			21,334			212,369			238,520
$	16,690		$	21,887		$	216,700		$	243,367

American Funds Insurance Series 127

Statements of changes in net assets

	Global Growth Fund						Global Small Capitalization Fund						Growth Fund
	Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018
Operations:
Net investment income (loss)	$	38,829		$	50,276		$	12,965		$	10,787		$	117,844		$	162,005
Net realized gain (loss)		58,613			343,542			143,849			247,061			342,283			2,848,894
Net unrealized appreciation (depreciation)		1,056,143			(919,676	)		584,518			(673,158	)		3,428,653			(2,971,090	)
Net increase (decrease) in net assets resulting from operations		1,153,585			(525,858	)		741,332			(415,310	)		3,888,780			39,809
Distributions paid to shareholders		(352,171	)		(474,814	)		(276,087	)		(196,135	)		(2,816,480	)		(2,648,515	)
Net capital share transactions		20,562			267,749			313,662			(49,079	)		1,958,870			1,071,109
Total increase (decrease) in net assets		821,976			(732,923	)		778,907			(660,524	)		3,031,170			(1,537,597	)
Net assets:
Beginning of period		5,502,153			6,235,076			3,654,514			4,315,038			23,447,861			24,985,458
End of period	$	6,324,129		$	5,502,153		$	4,433,421		$	3,654,514		$	26,479,031		$	23,447,861
	International Growth and Income Fund						Capital Income Builder						Asset Allocation Fund
	Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018
Operations:
Net investment income (loss)	$	26,374		$	37,077		$	13,043		$	18,120		$	273,674		$	495,623
Net realized gain (loss)		(16,375	)		19,646			(3,695	)		(12,903	)		(179,909	)		1,250,899
Net unrealized appreciation (depreciation)		184,237			(222,569	)		60,862			(53,867	)		2,657,371			(2,879,563	)
Net increase (decrease) in net assets resulting from operations		194,236			(165,846	)		70,210			(48,650	)		2,751,136			(1,133,041	)
Distributions paid to shareholders		(21,131	)		(35,982	)		(11,560	)		(20,515	)		(1,388,695	)		(1,587,775	)
Net capital share transactions		(75,980	)		77,119			105,759			149,988			1,182,887			(13,827	)
Total increase (decrease) in net assets		97,125			(124,709	)		164,409			80,823			2,545,328			(2,734,643	)
Net assets:
Beginning of period		1,337,258			1,461,967			675,280			594,457			22,925,451			25,660,094
End of period	$	1,434,383		$	1,337,258		$	839,689		$	675,280		$	25,470,779		$	22,925,451

See end of statements of changes in net assets for footnote.

See notes to financial statements.

128 American Funds Insurance Series

(dollars in thousands)

International Fund						New World Fund						Blue Chip Income and Growth Fund						Global Growth and Income Fund						Growth-Income Fund
Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018
$	95,704		$	147,886		$	23,597		$	32,835		$	95,813		$	183,892		$	24,178		$	35,857		$	295,587		$	479,019
	(175,056	)		247,240			24,940			126,203			(876	)		687,384			9,673			99,872			405,597			3,357,516
	1,399,684			(1,741,754	)		519,912			(647,033	)		791,347			(1,602,222	)		311,272			(325,530	)		4,088,634			(4,232,991	)
	1,320,332			(1,346,628	)		568,449			(487,995	)		886,284			(730,946	)		345,123			(189,801	)		4,789,818			(396,456	)
	(259,623	)		(646,470	)		(134,170	)		(126,412	)		(725,337	)		(883,615	)		(107,451	)		(186,991	)		(3,457,660	)		(2,606,909	)
	(237,150	)		1,245,386			15,494			92,573			640,962			265,984			(359	)		90,220			2,772,999			2,175,138
	823,559			(747,712	)		449,773			(521,834	)		801,909			(1,348,577	)		237,313			(286,572	)		4,105,157			(828,227	)
	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
$	9,833,669		$	9,010,110		$	3,460,652		$	3,010,879		$	8,833,181		$	8,031,272		$	2,053,187		$	1,815,874		$	33,969,292		$	29,864,135
Global Balanced Fund						Bond Fund						Global Bond Fund						High-Income Bond Fund						Mortgage Fund
Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018
$	4,269		$	6,105		$	141,320		$	269,087		$	28,041		$	55,434		$	41,491		$	84,812		$	3,606		$	6,148
	11,128			3,576			97,214			(168,412	)		8,213			(11,729	)		(2,302	)		(24,544	)		5,782			(7,618	)
	32,030			(33,957	)		417,241			(164,842	)		97,913			(70,008	)		77,913			(86,196	)		2,421			2,541
	47,427			(24,276	)		655,775			(64,167	)		134,167			(26,303	)		117,102			(25,928	)		11,809			1,071
	(883	)		(9,700	)		(57,012	)		(267,421	)		(15,883	)		(56,130	)		(15,473	)		(79,933	)		(1,267	)		(6,505	)
	2,835			46,266			(14,203	)		(511,419	)		(46,920	)		(297,128	)		(25,236	)		(144,120	)		(10,756	)		(43,561	)
	49,379			12,290			584,560			(843,007	)		71,364			(379,561	)		76,393			(249,981	)		(214	)		(48,995	)
	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
$	415,568		$	366,189		$	10,439,247		$	9,854,687		$	2,159,381		$	2,088,017		$	1,280,292		$	1,203,899		$	290,961		$	291,175

American Funds Insurance Series 129

Statements of changes in net assets

	Ultra-Short Bond Fund						U.S. Government/ AAA-Rated Securities Fund						Managed Risk Growth Fund
	Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018
Operations:
Net investment income (loss)	$	2,730		$	4,036		$	29,051		$	56,785		$	127		$	1,509
Net realized gain (loss)		—			—			81,814			(86,715	)		31,093			21,463
Net unrealized appreciation (depreciation)		(30	)		33			17,478			49,517			8,514			(26,917	)
Net increase (decrease) in net assets resulting from operations		2,700			4,069			128,343			19,587			39,734			(3,945	)
Distributions paid to shareholders		(1,000	)		(3,517	)		(11,348	)		(55,819	)		(29,127	)		(21,941	)
Net capital share transactions		(22,622	)		1,047			(71,510	)		(197,780	)		43,405			81,200
Total increase (decrease) in net assets		(20,922	)		1,599			45,485			(234,012	)		54,012			55,314
Net assets:
Beginning of period		306,404			304,805			2,869,303			3,103,315			343,273			287,959
End of period	$	285,482		$	306,404		$	2,914,788		$	2,869,303		$	397,285		$	343,273

* Unaudited.

See notes to financial statements.

130 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
Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018			Six months ended June 30, 2019*			Year ended December 31, 2018
$	(64	)	$	2,317		$	553		$	5,276		$	4,331		$	2,685		$	4,847		$	62,566
	1,938			5,722			19,198			18,018			151,345			6,953			122,284			97,415
	14,816			(25,332	)		2,136			(49,299	)		61,024			(21,166	)		116,236			(366,555	)
	16,690			(17,293	)		21,887			(26,005	)		216,700			(11,528	)		243,367			(206,574	)
	(7,796	)		(3,428	)		(23,415	)		(23,525	)		(22,902	)		(12,352	)		(177,744	)		(242,968	)
	3,636			23,257			18,544			19,295			57,148			1,707,014			99,215			(1,462,371	)
	12,530			2,536			17,016			(30,235	)		250,946			1,683,134			164,838			(1,911,913	)
	150,959			148,423			336,669			366,904			1,892,102			208,968			2,542,497			4,454,410
$	163,489		$	150,959		$	353,685		$	336,669		$	2,143,048		$	1,892,102		$	2,707,335		$	2,542,497

American Funds Insurance Series 131

Notes to financial statements unaudited

1. Organization

American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company with 28 different funds (the “funds”). Twenty-three funds in the series are covered in this report. The other five funds in the series, American Funds Insurance Series - Portfolio Series, are covered in a separate report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the “underlying funds”) and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily short positions on exchange-traded futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

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 — To provide long-term growth of capital.

Global Small Capitalization Fund — To provide long-term growth of capital.

Growth Fund — To provide growth of capital.

International Fund — To provide long-term growth of capital.

New World Fund — To provide long-term capital appreciation.

Blue Chip Income and Growth Fund — 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 — To provide long-term growth of capital while providing current income.

Growth-Income Fund — To achieve long-term growth of capital and income.

International Growth and Income Fund — To provide long-term growth of capital while providing current income.

Capital Income Builder — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

Asset Allocation Fund — To provide high total return (including income and capital gains) 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 — To provide as high a level of current income as is consistent with the preservation of capital.

Global Bond Fund — To provide, over the long term, a high level of total return consistent with prudent investment management.

High-Income Bond Fund — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

132 American Funds Insurance Series

Mortgage Fund — To provide current income and preservation of capital.

Ultra-Short Bond Fund — 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 — To provide a high level of current income consistent with preservation of capital.

Managed Risk Growth Fund — To provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Blue Chip Income and Growth Fund — 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 — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

Managed Risk Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Fees and expenses — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

Class allocations — Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

American Funds Insurance Series 133

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.

134 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 Capital Group Central Cash Fund (“CCF”) is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. 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 135

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the funds’ valuation levels as of June 30, 2019 (dollars in thousands):

Global Growth Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	1,648,947	$	—	$	—	$	1,648,947
Consumer discretionary		1,267,013		—		—		1,267,013
Financials		679,509		—		—		679,509
Health care		633,968		—		—		633,968
Communication services		508,193		—		—		508,193
Consumer staples		490,190		—		—		490,190
Industrials		464,248		—		—		464,248
Materials		170,817		11,082		—		181,899
Energy		135,909		—		—		135,909
Preferred securities		104,460		—		—		104,460
Short-term securities		177,735		—		—		177,735
Total	$	6,280,989	$	11,082	$	—	$	6,292,071
Global Small Capitalization Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	1,011,323	$	—	$	—	$	1,011,323
Information technology		783,557		—		—		783,557
Industrials		679,267		—		—		679,267
Consumer discretionary		548,212		681		—		548,893
Financials		372,313		—		514		372,827
Materials		190,108		—		—		190,108
Consumer staples		130,390		—		—		130,390
Communication services		130,259		—		—		130,259
Real estate		117,638		5,108		—		122,746
Energy		54,307		—		14,352		68,659
Utilities		49,580		—		—		49,580
Preferred securities		18,309		—		—		18,309
Short-term securities		382,979		—		—		382,979
Total	$	4,468,242	$	5,789	$	14,866	$	4,488,897
Growth Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	6,402,204	$	—	$	—	$	6,402,204
Communication services		4,737,928		—		—		4,737,928
Health care		4,072,084		—		37,000		4,109,084
Consumer discretionary		3,109,058		—		—		3,109,058
Financials		2,277,395		—		—		2,277,395
Industrials		1,765,089		11,838		—		1,776,927
Energy		858,522		—		—		858,522
Consumer staples		806,113		—		—		806,113
Materials		707,180		—		—		707,180
Real estate		487,175		—		—		487,175
Utilities		81,738		—		—		81,738
Short-term securities		1,050,782		—		—		1,050,782
Total	$	26,355,268	$	11,838	$	37,000	$	26,404,106

136 American Funds Insurance Series

International Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	1,607,025	$	61,763	$	—	$	1,668,788
Industrials		1,576,060		—		—		1,576,060
Health care		1,094,499		—		—		1,094,499
Consumer discretionary		1,090,624		—		—		1,090,624
Materials		657,245		—		—		657,245
Information technology		649,673		—		—		649,673
Consumer staples		587,939		—		—		587,939
Energy		453,422		—		—		453,422
Communication services		433,758		—		—		433,758
Utilities		414,648		9,895		—		424,543
Real estate		231,726		—		—		231,726
Preferred securities		87,415		—		—		87,415
Rights & warrants		—		14,218		—		14,218
Bonds, notes & other debt instruments		—		65,239		—		65,239
Short-term securities		813,905		—		—		813,905
Total	$	9,697,939	$	151,115	$	—	$	9,849,054

	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	124		$	—	$	124
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(340	)		—		(340	)
Total	$	—	$	(216	)	$	—	$	(216	)

* 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	$	798,798	$	—	$	—	$	798,798
Financials		462,086		2,195		—		464,281
Energy		349,805		—		—		349,805
Consumer discretionary		325,213		—		—		325,213
Health care		284,801		—		—		284,801
Materials		282,415		—		—		282,415
Communication services		178,354		—		—		178,354
Consumer staples		173,282		—		—		173,282
Industrials		166,888		—		—		166,888
Real estate		29,356		3,700		26		33,082
Utilities		22,895		—		—		22,895
Preferred securities		82,131		—		—		82,131
Rights & warrants		—		18,404		—		18,404
Bonds, notes & other debt instruments		—		95,649		—		95,649
Short-term securities		150,800		22,827		—		173,627
Total	$	3,306,824	$	142,775	$	26	$	3,449,625

Blue Chip Income and Growth Fund

At June 30, 2019, all of the fund’s investment securities were classified as Level 1.

American Funds Insurance Series 137

Global Growth and Income Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	300,949	$	—	$	—	$	300,949
Financials		263,873		—		—		263,873
Industrials		255,304		—		—		255,304
Consumer discretionary		189,012		—		—		189,012
Communication services		172,302		—		—		172,302
Health care		169,333		—		—		169,333
Materials		157,542		—		—		157,542
Energy		133,001		—		—		133,001
Real estate		90,794		—		—		90,794
Consumer staples		89,440		—		—		89,440
Utilities		80,897		—		—		80,897
Preferred securities		8,125		—		—		8,125
Bonds, notes & other debt instruments		—		35,145		—		35,145
Short-term securities		88,640		—		—		88,640
Total	$	1,999,212	$	35,145	$	—	$	2,034,357

	Other investments*
	Level 1		Level 2			Level 3		Total
Liabilities:
Unrealized depreciation on open forward currency contracts	$	—	$	(94	)	$	—	$	(94	)

* Forward currency contracts are not included in the investment portfolio.

Growth-Income Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	5,165,778	$	—	$	—	$	5,165,778
Health care		5,141,550		—		—		5,141,550
Financials		3,794,583		—		—		3,794,583
Industrials		3,754,219		—		—		3,754,219
Communication services		3,726,932		—		—		3,726,932
Consumer staples		2,686,282		—		—		2,686,282
Energy		2,395,661		—		—		2,395,661
Consumer discretionary		1,920,427		—		—		1,920,427
Materials		1,619,589		—		—		1,619,589
Utilities		687,090		—		—		687,090
Real estate		645,871		—		—		645,871
Mutual funds		54,750		—		—		54,750
Convertible stocks		99,581		—		—		99,581
Convertible bonds		—		7,112		—		7,112
Short-term securities		2,127,848		—		—		2,127,848
Total	$	33,820,161	$	7,112	$	—	$	33,827,273

138 American Funds Insurance Series

International Growth and Income Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	261,857	$	—	$	—	$	261,857
Health care		183,056		—		—		183,056
Industrials		166,805		—		—		166,805
Energy		123,411		—		—		123,411
Real estate		109,943		—		—		109,943
Consumer discretionary		100,102		—		—		100,102
Materials		98,006		—		—		98,006
Utilities		84,829		—		—		84,829
Consumer staples		81,953		—		—		81,953
Information technology		62,060		—		—		62,060
Communication services		54,189		—		—		54,189
Preferred securities		17,882		—		—		17,882
Bonds, notes & other debt instruments		—		16,561		—		16,561
Short-term securities		64,951		5,254		—		70,205
Total	$	1,409,044	$	21,815	$	—	$	1,430,859

	Other investments*
	Level 1		Level 2		Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	5	$	—	$	5

* Forward currency contracts are not included in the investment portfolio.

Capital Income Builder
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	80,425	$	—	$	—	$	80,425
Consumer staples		76,231		—		—		76,231
Financials		72,505		—		—		72,505
Real estate		68,981		—		—		68,981
Energy		62,860		—		—		62,860
Communication services		42,892		—		—		42,892
Health care		41,406		—		—		41,406
Utilities		35,775		—		—		35,775
Consumer discretionary		35,366		—		—		35,366
Industrials		32,313		—		—		32,313
Materials		17,288		—		—		17,288
Convertible stocks		9,327		—		—		9,327
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—		110,248		—		110,248
Mortgage-backed obligations		—		44,289		—		44,289
Corporate bonds & notes		—		26,961		—		26,961
Asset-backed obligations		—		8,357		—		8,357
Municipals		—		412		—		412
Short-term securities		68,566		—		—		68,566
Total	$	643,935	$	190,267	$	—	$	834,202

American Funds Insurance Series 139

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	1,059		$	—		$	—	$	1,059
Unrealized appreciation on interest rate swaps		—			1,793			—		1,793
Liabilities:
Unrealized depreciation on futures contracts		(1,125	)		—			—		(1,125	)
Unrealized depreciation on interest rate swaps		—			(444	)		—		(444	)
Total	$	(66	)	$	1,349		$	—	$	1,283

* Futures contracts and interest rate swaps are not included in the investment portfolio.

Asset Allocation Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	3,765,115	$	—	$	20	$	3,765,135
Financials		2,551,268		—		—		2,551,268
Health care		2,528,372		—		1,105		2,529,477
Industrials		1,470,379		—		—		1,470,379
Consumer discretionary		1,255,604		—		—		1,255,604
Energy		995,399		2,432		—		997,831
Consumer staples		979,664		—		—		979,664
Communication services		944,595		—		—		944,595
Materials		681,444		—		—		681,444
Real estate		220,771		—		—		220,771
Utilities		161,208		—		—		161,208
Rights & warrants		—		—		101		101
Convertible stocks		62,944		—		4,983		67,927
Convertible bonds		—		1,286		—		1,286
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—		3,238,261		—		3,238,261
Corporate bonds & notes		—		2,735,565		11,362		2,746,927
Mortgage-backed obligations		—		1,543,099		—		1,543,099
Federal agency bonds & notes		—		12,852		—		12,852
Other		—		210,817		—		210,817
Short-term securities		2,629,116		—		—		2,629,116
Total	$	18,245,879	$	7,744,312	$	17,571	$	26,007,762

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	18,387		$	—		$	—	$	18,387
Liabilities:
Unrealized depreciation on futures contracts		(7,975	)		—			—		(7,975	)
Unrealized depreciation on interest rate swaps		—			(9,381	)		—		(9,381	)
Total	$	10,412		$	(9,381	)	$	—	$	1,031

* Futures contracts and interest rate swaps are not included in the investment portfolio.

140 American Funds Insurance Series

Global Balanced Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	47,450	$	—	$	—	$	47,450
Health care		42,399		—		—		42,399
Financials		35,425		—		—		35,425
Consumer staples		31,760		—		—		31,760
Industrials		27,404		—		—		27,404
Consumer discretionary		17,892		—		—		17,892
Materials		11,753		—		—		11,753
Energy		10,162		—		—		10,162
Communication services		9,215		—		—		9,215
Real estate		7,342		—		—		7,342
Utilities		5,050		—		—		5,050
Bonds, notes & other debt instruments:
Bonds & notes of governments & government agencies outside the U.S.		—		61,571		—		61,571
U.S. Treasury bonds & notes		—		53,633		—		53,633
Corporate bonds & notes		—		21,393		—		21,393
Mortgage-backed obligations		—		10,274		—		10,274
Short-term securities		21,438		896		—		22,334
Total	$	267,290	$	147,767	$	—	$	415,057

	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	89	$	—		$	—	$	89
Unrealized appreciation on open forward currency contracts		—		102			—		102
Unrealized appreciation on interest rate swaps		—		51			—		51
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(100	)		—		(100	)
Total	$	89	$	53		$	—	$	142

* 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	$	—	$	3,484,974	$	—	$	3,484,974
U.S. Treasury bonds & notes		—		3,003,625		—		3,003,625
Mortgage-backed obligations		—		2,729,802		—		2,729,802
Bonds & notes of governments & government agencies outside the U.S.		—		581,913		—		581,913
Municipals		—		204,458		—		204,458
Asset-backed obligations		—		198,442		—		198,442
Federal agency bonds & notes		—		12,020		—		12,020
Common stocks		—		218		10		228
Rights & warrants		—		—		31		31
Short-term securities		1,034,921		52,775		—		1,087,696
Total	$	1,034,921	$	10,268,227	$	41	$	11,303,189

American Funds Insurance Series 141

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	50,129		$	—		$	—	$	50,129
Unrealized appreciation on open forward currency contracts		—			4,506			—		4,506
Unrealized appreciation on interest rate swaps		—			1,366			—		1,366
Liabilities:
Unrealized depreciation on futures contracts		(12,139	)		—			—		(12,139	)
Unrealized depreciation on open forward currency contracts		—			(7,567	)		—		(7,567	)
Unrealized depreciation on interest rate swaps		—			(13,184	)		—		(13,184	)
Total	$	37,990		$	(14,879	)	$	—	$	23,111

* 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:
Euros	$	—	$	341,361	$	—	$	341,361
Japanese yen		—		276,684		—		276,684
Chinese yuan renminbi		—		67,355		—		67,355
Mexican pesos		—		67,026		—		67,026
Danish kroner		—		45,786		—		45,786
Indian rupees		—		39,690		—		39,690
Norwegian kroner		—		35,364		—		35,364
British pounds		—		27,643		—		27,643
South African rand		—		27,252		—		27,252
Thai baht		—		22,820		—		22,820
Indonesian rupiah		—		21,296		—		21,296
Israeli shekels		—		20,628		—		20,628
Polish zloty		—		20,594		—		20,594
Colombian pesos		—		11,464		—		11,464
U.S. dollars		—		886,429		450		886,879
Other		—		78,758		—		78,758
Convertible bonds		—		102		—		102
Convertible stocks		—		—		847		847
Common stocks		251		417		3		671
Rights & warrants		—		—		17		17
Short-term securities		94		153,323		—		153,417
Total	$	345	$	2,143,992	$	1,317	$	2,145,654

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	2,738		$	—		$	—	$	2,738
Unrealized appreciation on open forward currency contracts		—			2,437			—		2,437
Unrealized appreciation on interest rate swaps		—			1,351			—		1,351
Liabilities:
Unrealized depreciation on futures contracts		(1,424	)		—			—		(1,424	)
Unrealized depreciation on open forward currency contracts		—			(2,882	)		—		(2,882	)
Total	$	1,314		$	906		$	—	$	2,220

* Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

142 American Funds Insurance Series

High-Income Bond Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	—	$	1,178,025	$	9,653	$	1,187,678
Municipals		—		94		—		94
Convertible bonds		—		7,108		—		7,108
Convertible stocks		890		—		4,834		5,724
Preferred securities		—		2,292		—		2,292
Common stocks		3,421		2,642		2,624		8,687
Rights & warrants		—		3		109		112
Short-term securities		69,689		—		—		69,689
Total	$	74,000	$	1,190,164	$	17,220	$	1,281,384

	Other investments1
	Level 1		Level 2			Level 3		Total
Liabilities:
Unrealized depreciation on credit default swaps	$	—	$	(284	)	$	—	$	(284	)

¹ Credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended June 30, 2019 (dollars in thousands):

	Beginning value at 1/1/2019		Transfers into Level 32		Purchases		Sales			Net realized gain3		Unrealized depreciation3			Transfers out of Level 32			Ending value at 6/30/2019
Investment securities	$	17,537	$	—	$	491	$	(331	)	$	16	$	(473	)	$	(20	)	$	17,220
Net unrealized depreciation during the period on Level 3 investment securities held at June 30, 2019																		$	(474	)

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 depreciation 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):

	Value at 6/30/2019		Valuation techniques	Unobservable inputs	Range	Weighted average	Impact to valuation from an increase in input*
Bonds, notes & other debt instruments	$	9,653	Yield analysis	Yield to maturity risk premium	0-400 bps	313 bps	Decrease
Convertible stocks		4,834	Multiple of revenue	Revenue multiple	0.87x	0.87x	Increase
Common stocks			Inputs to market comparables and transaction price	Weight ascribed to market comparables	50%	N/A	N/A
				Weight ascribed to transaction price	50%	N/A	N/A
		2,624	Market comparable companies	EBITDA multiple	4.7x	4.7x	Increase
				Discount for lack of marketability	27%	27%	Decrease
			Multiple of revenue	Revenue multiple	1.3x	1.3x	Increase
			Expected proceeds	Discount to reflect timing of  receipt and amount of proceeds	50%	50%	Decrease
Rights & warrants		109	Black-Scholes	Implied volatility	30%	30%	Increase
	$	17,220

* 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	$	—		$	216,347		$	—	$	216,347
U.S. Treasury bonds & notes		—			28,491			—		28,491
Federal agency bonds & notes		—			18,848			—		18,848
Asset-backed obligations		—			10,075			—		10,075
Corporate bonds & notes		—			—			27		27
Short-term securities		—			20,740			—		20,740
Total	$	—		$	294,501		$	27	$	294,528
	Other investments*
		Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	2,209		$	—		$	—	$	2,209
Unrealized appreciation on interest rate swaps		—			2,613			—		2,613
Liabilities:
Unrealized depreciation on futures contracts		(5	)		—			—		(5	)
Unrealized depreciation on interest rate swaps		—			(4,884	)		—		(4,884	)
Total	$	2,204		$	(2,271	)	$	—	$	(67	)

* Futures contracts and interest rate swaps are not included in the investment portfolio.

Ultra-Short Bond Fund

At June 30, 2019, 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	$	—		$	1,379,808		$	—	$	1,379,808
Mortgage-backed obligations		—			782,101			—		782,101
Federal agency bonds & notes		—			598,890			—		598,890
Short-term securities		—			210,821			—		210,821
Total	$	—		$	2,971,620		$	—	$	2,971,620
	Other investments*
		Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	25,747		$	—		$	—	$	25,747
Unrealized appreciation on interest rate swaps		—			36,665			—		36,665
Liabilities:
Unrealized depreciation on futures contracts		(1,612	)		—			—		(1,612	)
Unrealized depreciation on interest rate swaps		—			(62,787	)		—		(62,787	)
Total	$	24,135		$	(26,122	)	$	—	$	(1,987	)

* Futures contracts and interest rate swaps are not included in the investment portfolio.

Managed Risk Growth Fund

At June 30, 2019, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

At June 30, 2019, all of the fund’s investments were classified as Level 1.

Managed Risk Blue Chip Income and Growth Fund

At June 30, 2019, all of the fund’s investments were classified as Level 1.

Managed Risk Growth-Income Fund

At June 30, 2019, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

At June 30, 2019, 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 — Global Small Capitalization Fund 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 June 30, 2019, the total value of securities on loan was $158,280,000, and the total value of collateral received was $164,904,000. Collateral received included cash of $132,644,000 and non-cash U.S. Government securities of $32,260,000. Investment securities purchased from cash collateral of $119,380,000 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, known as a futures commission merchant (“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

150 American Funds Insurance Series

by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract. Securities deposited as initial margin, if any, are disclosed in the investment portfolio and cash deposited as initial margin, if any, is reflected as restricted cash pledged for futures contracts in the fund’s statement of assets and liabilities.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. 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,

American Funds Insurance Series 151

represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When a fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.

Upon entering into a centrally cleared CDSI contract, the fund is required to deposit with a derivatives clearing member (“DCM”) in a segregated account in the name of the DCM an amount of cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular credit default swap is set and held as collateral by the clearinghouse 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	Forwards		Interest rate Swaps		Credit Default Swaps
International Fund	Not applicable	Not applicable	$ 62,955		Not applicable		Not applicable
New World Fund	Not applicable	Not applicable	12,089	*	Not applicable		Not applicable
Global Growth and Income Fund	Not applicable	Not applicable	7,516		Not applicable		Not applicable
International Growth and Income Fund	Not applicable	Not applicable	1,582		Not applicable		Not applicable
Capital Income Builder	Not applicable	$ 159,367	Not applicable		$ 282,002		Not applicable
Asset Allocation Fund	Not applicable	1,363,592	Not applicable		1,029,617		Not applicable
Global Balanced Fund	Not applicable	13,222	24,216		62,509		Not applicable
Bond Fund	Not applicable	3,441,054	687,325		1,223,097		Not applicable
Global Bond Fund	Not applicable	405,232	751,208		1,050,454		Not applicable
High-Income Bond Fund	Not applicable	Not applicable	Not applicable		34,644	*	$69,305
Mortgage Fund	Not applicable	152,083	Not applicable		422,087		Not applicable
U.S. Government/AAA-Rated Securities Fund	Not applicable	2,866,388	Not applicable		13,229,823		Not applicable
Managed Risk Growth Fund	Not applicable	53,799	Not applicable		Not applicable		Not applicable
Managed Risk International Fund	Not applicable	186,094	Not applicable		Not applicable		Not applicable
Managed Risk Blue Chip Income and Growth Fund	Not applicable	45,963	Not applicable		Not applicable		Not applicable
Managed Risk Growth-Income Fund	$216,765	201,777	Not applicable		Not applicable		Not applicable
Managed Risk Asset Allocation Fund	Not applicable	338,197	Not applicable		Not applicable		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.

152 American Funds Insurance Series

The following tables identify the location and fair value amounts on the funds’ statements of assets and liabilities and the effect on the funds’ statements of operations 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 six months ended June 30, 2019 (dollars in thousands):

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	$	124		Unrealized depreciation on open forward currency contracts	$	340
		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	$	(999	)	Net unrealized appreciation on forward currency contracts	$	309
New World Fund
		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	$	303		Net unrealized depreciation on forward currency contracts	$	(303	)
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	$	—		Unrealized depreciation on open forward currency contracts	$	94
		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	$	493		Net unrealized depreciation on forward currency contracts	$	(445	)

See end of tables for footnotes.

American Funds Insurance Series 153

International 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	$	5		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	$	24		Net unrealized appreciation on forward currency contracts	$	5
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	$	1,059		Unrealized depreciation1	$	1,125
Swap	Interest	Unrealized appreciation1		1,793		Unrealized depreciation1		444
			$	2,852			$	1,569
		Net realized (loss) gain				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(194	)	Net unrealized depreciation on futures contracts	$	(495	)
Swap	Interest	Net realized gain on swap contracts		230		Net unrealized appreciation on swap contracts		1,349
			$	36			$	854
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	$	18,387		Unrealized depreciation1	$	7,975
Swap	Interest	Unrealized appreciation1		—		Unrealized depreciation1		9,381
			$	18,387			$	17,356
		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	$	12,523		Net unrealized appreciation on futures contracts	$	5,251
Swap	Interest	Net realized loss on swap contracts		(12,336	)	Net unrealized depreciation on swap contracts		(5,824	)
			$	187			$	(573	)

154 American Funds Insurance Series

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	$	89		Unrealized depreciation1	$	—
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		102		Unrealized depreciation on open forward currency contracts		100
Swap	Interest	Unrealized appreciation1		51		Unrealized depreciation1		—
			$	242			$	100
		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	509		Net unrealized depreciation on futures contracts	$	(91	)
Forward currency	Currency	Net realized loss on forward currency contracts		(206	)	Net unrealized depreciation on forward currency contracts		(80	)
Swap	Interest	Net realized loss on swap contracts		(20	)	Net unrealized appreciation on swap contracts		46
			$	283			$	(125	)
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	$	50,129		Unrealized depreciation1	$	12,139
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		4,506		Unrealized depreciation on open forward currency contracts		7,567
Swap	Interest	Unrealized appreciation1		1,366		Unrealized depreciation1		13,184
			$	56,001			$	32,890
		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	$	31,573		Net unrealized appreciation on futures contracts	$	18,382
Forward currency	Currency	Net realized loss on forward currency contracts		(10,249	)	Net unrealized appreciation on forward currency contracts		6,210
Swap	Interest	Net realized loss on swap contracts		(14,206	)	Net unrealized depreciation on swap contracts		(12,045	)
Swap	Credit	Net realized loss on swap contracts		(342	)	Net unrealized appreciation on swap contracts		—
			$	6,776			$	12,547

See end of tables for footnotes.

American Funds Insurance Series 155

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	$	2,738		Unrealized depreciation1	$	1,424
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		2,437		Unrealized depreciation on open forward currency contracts		2,882
Swap	Interest	Unrealized appreciation1		1,351		Unrealized depreciation1		—
			$	6,526			$	4,306
		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	12,050		Net unrealized depreciation on futures contracts	$	(2,957	)
Forward currency	Currency	Net realized gain on forward currency contracts		2,707		Net unrealized depreciation on forward currency contracts		(7,363	)
Swap	Interest	Net realized loss on swap contracts		(202	)	Net unrealized appreciation on swap contracts		1,300
			$	14,555			$	(9,020	)
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
Swap	Credit	Unrealized appreciation1	$	—		Unrealized depreciation1	$	284
		Net realized loss				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Swap	Interest	Net realized loss on swap contracts	$	(268	)	Net unrealized appreciation on swap contracts	$	224
Swap	Credit	Net realized loss on swap contracts		(127	)	Net unrealized depreciation on swap contracts		(1,828	)
			$	(395	)		$	(1,604	)
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	$	2,209		Unrealized depreciation1	$	5
Swap	Interest	Unrealized appreciation1		2,613		Unrealized depreciation1		4,884
			$	4,822			$	4,889

156 American Funds Insurance Series

		Net realized gain				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	$	3,551		Net unrealized appreciation on futures contracts	$	305
Swap	Interest	Net realized gain on swap contracts		1,067		Net unrealized depreciation on swap contracts		(3,465	)
			$	4,618			$	(3,160	)
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	$	25,747		Unrealized depreciation1	$	1,612
Swap	Interest	Unrealized appreciation1		36,665		Unrealized depreciation1		62,787
			$	62,412			$	64,399
		Net realized gain				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	55,917		Net unrealized depreciation on futures contracts	$	(3,315	)
Swap	Interest	Net realized gain on swap contracts		6,764		Net unrealized depreciation on swap contracts		(45,476	)
			$	62,681			$	(48,791	)
Managed Risk Growth Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	171		Unrealized depreciation1	$	—
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized loss on futures contracts	$	(53	)	Net unrealized appreciation on futures contracts	$	45
Futures	Equity	Net realized loss on futures contracts		(5,316	)	Net unrealized depreciation on futures contracts		(4,022	)
Futures	Interest	Net realized gain on futures contracts		2,166		Net unrealized depreciation on futures contracts		(1,743	)
			$	(3,203	)		$	(5,720	)

See end of tables for footnotes.

American Funds Insurance Series 157

Managed Risk International Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	77		Unrealized depreciation1	$	—
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized loss on futures contracts	$	(297	)	Net unrealized appreciation on futures contracts	$	278
Futures	Equity	Net realized loss on futures contracts		(1,420	)	Net unrealized depreciation on futures contracts		(882	)
Futures	Interest	Net realized gain on futures contracts		621		Net unrealized depreciation on futures contracts		(538	)
			$	(1,096	)		$	(1,142	)
Managed Risk Blue Chip Income and Growth Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	124		Unrealized depreciation1	$	—
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized loss on futures contracts	$	(27	)	Net unrealized appreciation on futures contracts	$	30
Futures	Equity	Net realized loss on futures contracts		(5,702	)	Net unrealized depreciation on futures contracts		(3,946	)
Futures	Interest	Net realized gain on futures contracts		2,075		Net unrealized depreciation on futures contracts		(1,741	)
			$	(3,654	)		$	(5,657	)
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	$	4,101		Investment securities from unaffiliated issuers2	$	—
Futures	Equity	Unrealized appreciation1		836		Unrealized depreciation1		—
Futures	Interest	Unrealized appreciation1		1,476		Unrealized depreciation1		—
			$	6,413			$	—

158 American Funds Insurance Series

		Net realized (loss) gain				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on options purchased contracts3	$	(7,604	)	Net unrealized depreciation on options purchased contracts4	$	(11,249	)
Futures	Currency	Net realized loss on futures contracts		(716	)	Net unrealized appreciation on futures contracts		497
Futures	Equity	Net realized loss on futures contracts		(20,075	)	Net unrealized depreciation on futures contracts		(3,049	)
Futures	Interest	Net realized gain on futures contracts		6,741		Net unrealized depreciation on futures contracts		(5,443	)
			$	(21,654	)		$	(19,244	)

Managed Risk Asset Allocation Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	1,321		Unrealized depreciation1	$	—
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized loss on futures contracts	$	(232	)	Net unrealized appreciation on futures contracts	$	182
Futures	Equity	Net realized loss on futures contracts		(22,682	)	Net unrealized depreciation on futures contracts		(17,157	)
Futures	Interest	Net realized gain on futures contracts		8,058		Net unrealized depreciation on futures contracts		(7,027	)
			$	(14,856	)		$	(24,002	)

1	Includes cumulative appreciation/depreciation on futures contracts, interest rate swaps and/or 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 appreciation (depreciation) on unaffiliated investments.

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 counterparty) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event

American Funds Insurance Series 159

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 June 30, 2019, 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
Assets:
Citibank	$	72	$	(6	)	$	—	$	(66	)	$	—
Morgan Stanley		52		—			—		—			52
Total	$	124	$	(6	)	$	—	$	(66	)	$	52
Liabilities:
Citibank	$	6	$	(6	)	$	—	$	—		$	—
JPMorgan Chase		334		—			—		(334	)		—
Total	$	340	$	(6	)	$	—	$	(334	)	$	—

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
Liabilities:
JPMorgan Chase	$	94	$	—	$	—	$	—	$	94

International 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:
Morgan Stanley	$	5	$	—	$	—	$	—	$	5

160 American Funds Insurance Series

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:
Bank of America, N.A.	$	9	$	(3	)	$	—	$	—	$	6
Citibank		16		(8	)		—		—		8
Goldman Sachs		14		(8	)		—		—		6
HSBC Bank		29		(29	)		—		—		—
JPMorgan Chase		22		(10	)		—		—		12
Morgan Stanley		10		(10	)		—		—		—
Standard Chartered Bank		2		(2	)		—		—		—
Total	$	102	$	(70	)	$	—	$	—	$	32
Liabilities:
Bank of America, N.A.	$	3	$	(3	)	$	—	$	—	$	—
Bank of New York Mellon		1		—			—		—		1
Citibank		8		(8	)		—		—		—
Goldman Sachs		8		(8	)		—		—		—
HSBC Bank		35		(29	)		—		—		6
JPMorgan Chase		10		(10	)		—		—		—
Morgan Stanley		11		(10	)		—		—		1
Standard Chartered Bank		24		(2	)		—		—		22
Total	$	100	$	(70	)	$	—	$	—	$	30

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.	$	2,014	$	(1,029	)	$	(985	)	$	—	$	—
Citibank		2,492		(2,492	)		—			—		—
Total	$	4,506	$	(3,521	)	$	(985	)	$	—	$	—
Liabilities:
Bank of America, N.A.	$	1,029	$	(1,029	)	$	—		$	—	$	—
Citibank		4,066		(2,492	)		(1,574	)		—		—
Goldman Sachs		1,821		—			(1,821	)		—		—
HSBC Bank		43		—			—			—		43
JPMorgan Chase		298		—			(298	)		—		—
Morgan Stanley		310		—			(310	)		—		—
Total	$	7,567	$	(3,521	)	$	(4,003	)	$	—	$	43

See end of tables for footnote.

American Funds Insurance Series 161

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.	$	209	$	(149	)	$	(60	)	$	—		$	—
Citibank		258		(258	)		—			—			—
Goldman Sachs		433		(313	)		—			—			120
HSBC Bank		322		(322	)		—			—			—
JPMorgan Chase		660		(182	)		—			(290	)		188
Morgan Stanley		239		(239	)		—			—			—
Standard Chartered Bank		212		(212	)		—			—			—
UBS AG		104		—			—			—			104
Total	$	2,437	$	(1,675	)	$	(60	)	$	(290	)	$	412
Liabilities:
Bank of America, N.A.	$	149	$	(149	)	$	—		$	—		$	—
Bank of New York Mellon		6		—			—			—			6
Citibank		673		(258	)		(303	)		—			112
Goldman Sachs		313		(313	)		—			—			—
HSBC Bank		683		(322	)		(282	)		—			79
JPMorgan Chase		182		(182	)		—			—			—
Morgan Stanley		393		(239	)		(149	)		—			5
Standard Chartered Bank		483		(212	)		(269	)		—			2
Total	$	2,882	$	(1,675	)	$	(1,003	)	$	—		$	204

* Collateral is shown on a settlement basis.

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended June 30, 2019, 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.

162 American Funds Insurance Series

Additional tax basis disclosures for each fund are 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
As of December 31, 2018:
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
As of June 30, 2019:
Gross unrealized appreciation on investments		2,498,042			1,100,893			10,252,267			2,414,395			795,153			1,868,094
Gross unrealized depreciation on investments		(179,515	)		(202,349	)		(367,944	)		(578,588	)		(95,536	)		(365,708	)
Net unrealized appreciation (depreciation) on investments		2,318,527			898,544			9,884,323			1,835,807			699,617			1,502,386
Cost of investments		3,973,544			3,590,353			16,519,783			8,013,031			2,750,008			7,401,972
	Global						International
	Growth			Growth-			Growth			Capital			Asset			Global
	and Income			Income			and Income			Income			Allocation			Balanced
	Fund			Fund			Fund			Builder			Fund			Fund
As of December 31, 2018:
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	)		—			—
As of June 30, 2019:
Gross unrealized appreciation on investments		535,307			9,638,352			253,242			76,501			5,761,019			64,481
Gross unrealized depreciation on investments		(38,478	)		(1,067,251	)		(99,719	)		(38,015	)		(627,910	)		(9,001	)
Net unrealized appreciation (depreciation) on investments		496,829			8,571,101			153,523			38,486			5,133,109			55,480
Cost of investments		1,537,434			25,256,172			1,277,341			796,999			20,875,684			359,719
																U.S.
							High-									Government/
				Global			Income						Ultra-Short			AAA-Rated
	Bond			Bond			Bond			Mortgage			Bond			Securities
	Fund			Fund			Fund			Fund			Fund			Fund
As of December 31, 2018:
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	)
As of June 30, 2019:
Gross unrealized appreciation on investments		380,851			82,288			19,449			7,835			9			87,477
Gross unrealized depreciation on investments		(81,535	)		(30,531	)		(56,117	)		(5,220	)		(47	)		(66,037	)
Net unrealized appreciation (depreciation) on investments		299,316			51,757			(36,668	)		2,615			(38	)		21,440
Cost of investments		11,026,984			2,096,117			1,321,265			291,846			285,230			2,948,193

See end of tables for footnote.

American Funds Insurance Series 163

					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
As of December 31, 2018:
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
As of June 30, 2019:
Gross unrealized appreciation on investments		1,969		1,425		1,398			58,266			80,042
Gross unrealized depreciation on investments		—		—		(20,122	)		(10,238	)		—
Net unrealized appreciation (depreciation) on investments		1,969		1,425		(18,724	)		48,028			80,042
Cost of investments		395,653		162,251		372,751			2,095,335			2,630,305

* Capital loss carryforwards will be used to offset any capital gains realized by the fund in the current year or in subsequent 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

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	3,637	$	121,251	$	124,888	$	28,611	$	134,884	$	163,495
Class 1A		9		367		376		47		273		320
Class 2		4,707		204,481		209,188		41,238		251,323		292,561
Class 4		311		17,408		17,719		2,414		16,024		18,438
Total	$	8,664	$	343,507	$	352,171	$	72,310	$	402,504	$	474,814

Global Small Capitalization Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	21,934	$	97,912	$	119,846	$	21,329	$	55,968	$	77,297
Class 1A		5		23		28		4		12		16
Class 2		25,817		119,280		145,097		26,294		86,037		112,331
Class 4		1,932		9,184		11,116		1,456		5,035		6,491
Total	$	49,688	$	226,399	$	276,087	$	49,083	$	147,052	$	196,135

Growth Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	75,877	$	964,757	$	1,040,634	$	88,940	$	792,865	$	881,805
Class 1A		97		1,290		1,387		76		634		710
Class 2		111,958		1,500,212		1,612,170		117,331		1,515,757		1,633,088
Class 3		1,549		20,442		21,991		1,723		20,248		21,971
Class 4		9,369		130,929		140,298		6,414		104,527		110,941
Total	$	198,850	$	2,617,630	$	2,816,480	$	214,484	$	2,434,031	$	2,648,515

164 American Funds Insurance Series

International Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	9,081	$	130,060	$	139,141	$	174,418	$	165,915	$	340,333
Class 1A		8		141		149		156		140		296
Class 2		5,643		104,778		110,421		136,977		146,986		283,963
Class 3		37		637		674		887		970		1,857
Class 4		368		8,870		9,238		9,465		10,556		20,021
Total	$	15,137	$	244,486	$	259,623	$	321,903	$	324,567	$	646,470

New World Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	4,047	$	71,500	$	75,547	$	21,450	$	54,023	$	75,473
Class 1A		7		132		139		24		50		74
Class 2		1,617		34,958		36,575		8,194		26,593		34,787
Class 4		806		21,103		21,909		3,419		12,659		16,078
Total	$	6,477	$	127,693	$	134,170	$	33,087	$	93,325	$	126,412

Blue Chip Income and Growth Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	22,828	$	410,713	$	433,541	$	232,769	$	299,947	$	532,716
Class 1A		23		435		458		120		135		255
Class 2		12,001		238,793		250,794		134,358		186,318		320,676
Class 4		1,844		38,700		40,544		13,348		16,620		29,968
Total	$	36,696	$	688,641	$	725,337	$	380,595	$	503,020	$	883,615

Global Growth and Income Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	2,017	$	27,971	$	29,988	$	16,289	$	31,541	$	47,830
Class 1A		5		66		71		28		53		81
Class 2		4,278		66,794		71,072		40,436		90,173		130,609
Class 4		350		5,970		6,320		2,682		5,789		8,471
Total	$	6,650	$	100,801	$	107,451	$	59,435	$	127,556	$	186,991

American Funds Insurance Series 165

Growth-Income Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	147,504	$	1,825,184	$	1,972,688	$	341,172	$	1,049,641	$	1,390,813
Class 1A		64		825		889		124		344		468
Class 2		96,542		1,260,360		1,356,902		241,470		886,942		1,128,412
Class 3		1,127		14,500		15,627		2,907		10,337		13,244
Class 4		7,620		103,934		111,554		15,471		58,501		73,972
Total	$	252,857	$	3,204,803	$	3,457,660	$	601,144	$	2,005,765	$	2,606,909

International Growth and Income Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	16,279	$	—	$	16,279	$	28,476	$	—	$	28,476
Class 1A		33		—		33		44		—		44
Class 2		3,580		—		3,580		5,865		—		5,865
Class 4		1,239		—		1,239		1,597		—		1,597
Total	$	21,131	$	—	$	21,131	$	35,982	$	—	$	35,982

Capital Income Builder

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	6,127	$	—	$	6,127	$	9,421	$	617	$	10,038
Class 1A		49		—		49		66		3		69
Class 2		64		—		64		90		6		96
Class 4		5,320		—		5,320		9,550		762		10,312
Total	$	11,560	$	—	$	11,560	$	19,127	$	1,388	$	20,515

Asset Allocation Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	73,953	$	816,841	$	890,794	$	386,982	$	666,856	$	1,053,838
Class 1A		35		416		451		147		263		410
Class 2		20,897		253,101		273,998		103,332		210,133		313,465
Class 3		134		1,581		1,715		686		1,413		2,099
Class 4		15,585		206,152		221,737		69,096		148,867		217,963
Total	$	110,604	$	1,278,091	$	1,388,695	$	560,243	$	1,027,532	$	1,587,775

166 American Funds Insurance Series

Global Balanced Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	163	$	109	$	272	$	1,808	$	1,346	$	3,154
Class 1A		3		2		5		30		25		55
Class 2		257		173		430		2,555		2,290		4,845
Class 4		105		71		176		804		842		1,646
Total	$	528	$	355	$	883	$	5,197	$	4,503	$	9,700

Bond Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	35,807	$	—	$	35,807	$	156,337	$	8,915	$	165,252
Class 1A		25		—		25		76		4		80
Class 2		19,047		—		19,047		88,266		5,217		93,483
Class 4		2,133		—		2,133		8,153		453		8,606
Total	$	57,012	$	—	$	57,012	$	252,832	$	14,589	$	267,421

Global Bond Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	8,015	$	—	$	8,015	$	25,210	$	3,256	$	28,466
Class 1A		3		—		3		9		1		10
Class 2		7,548		—		7,548		23,308		3,412		26,720
Class 4		317		—		317		816		118		934
Total	$	15,883	$	—	$	15,883	$	49,343	$	6,787	$	56,130

High-Income Bond Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	6,459	$	—	$	6,459	$	34,114	$	—	$	34,114
Class 1A		9		—		9		40		—		40
Class 2		8,299		—		8,299		43,382		—		43,382
Class 3		118		—		118		664		—		664
Class 4		588		—		588		1,733		—		1,733
Total	$	15,473	$	—	$	15,473	$	79,933	$	—	$	79,933

Mortgage Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	944	$	—	$	944	$	4,938	$	—	$	4,938
Class 1A		3		—		3		15		—		15
Class 2		239		—		239		1,128		—		1,128
Class 4		81		—		81		424		—		424
Total	$	1,267	$	—	$	1,267	$	6,505	$	—	$	6,505

American Funds Insurance Series 167

Ultra-Short Bond Fund

	Six months ended June 30, 2019								Year ended December 31, 2018
						Total							Total
	Ordinary			Long-term		distributions			Ordinary		Long-term		distributions
Share class	income			capital gains		paid			income		capital gains		paid
Class 1	$	120		$	—	$	120		$	561	$	—	$	561
Class 1A		—	*		—		—	*		—		—		—
Class 2		794			—		794			2,762		—		2,762
Class 3		12			—		12			41		—		41
Class 4		74			—		74			153		—		153
Total	$	1,000		$	—	$	1,000		$	3,517	$	—	$	3,517

U.S. Government/AAA-Rated Securities Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	5,960	$	—	$	5,960	$	29,881	$	—	$	29,881
Class 1A		8		—		8		29		—		29
Class 2		4,960		—		4,960		24,431		—		24,431
Class 3		33		—		33		165		—		165
Class 4		387		—		387		1,313		—		1,313
Total	$	11,348	$	—	$	11,348	$	55,819	$	—	$	55,819

Managed Risk Growth Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class P1	$	34	$	256	$	290	$	14	$	135	$	149
Class P2		2,512		26,325		28,837		1,397		20,395		21,792
Total	$	2,546	$	26,581	$	29,127	$	1,411	$	20,530	$	21,941

Managed Risk International Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class P1	$	11	$	16	$	27	$	8	$	1	$	9
Class P2		2,974		4,795		7,769		2,681		738		3,419
Total	$	2,985	$	4,811	$	7,796	$	2,689	$	739	$	3,428

Managed Risk Blue Chip Income and Growth Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class P1	$	13	$	40	$	53	$	15	$	7	$	22
Class P2		5,566		17,796		23,362		11,391		12,112		23,503
Total	$	5,579	$	17,836	$	23,415	$	11,406	$	12,119	$	23,525

168 American Funds Insurance Series

Managed Risk Growth-Income Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	5,750	$	14,505	$	20,255	$	42	$	122	$	164
Class P2		628		2,019		2,647		2,374		9,814		12,188
Total	$	6,378	$	16,524	$	22,902	$	2,416	$	9,936	$	12,352

Managed Risk Asset Allocation Fund

	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	—	$	65	$	65	$	31,787	$	66,960	$	98,747
Class P2		62,628		115,051		177,679		36,816		107,405		144,221
Total	$	62,628	$	115,116	$	177,744	$	68,603	$	174,365	$	242,968

* Amount less than one thousand.

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 March 4, 2019, the series board of trustees approved amended agreements effective May 1, 2019, decreasing the annual rate to 0.500% on daily net assets in excess of $1.5 billion for International Growth and Income Fund, and decreasing the annual rate to 0.410% on daily net assets in excess of $1 billion for Capital Income Builder. CRMC voluntarily reduced the investment advisory services fees to the approved rates in advance of the effective date. CRMC is also waiving a portion of its investment advisory services fees for each of the managed risk funds. Investment advisory services fees are presented in each fund’s statement of operations gross of the waivers from CRMC. For the six months ended June 30, 2019, total investment advisory services fees waived by CRMC were $1,408,000.

American Funds Insurance Series 169

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:

	Rates						Net asset level (in billions)				For the six months ended June 30,			For the six months ended June 30,
Fund	Beginning with			Ending with			Up to		In excess of		2019, before waiver			2019, after waiver
Global Growth Fund		.690	%		.460	%	$	.6	$	5.0		.518	%		.518	%
Global Small Capitalization Fund		.800			.635			.6		5.0		.697			.697
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		.703			.703
Blue Chip Income and Growth Fund		.500			.350			.6		10.5		.390			.390
Global Growth and Income Fund		.690			.480			.6		3.0		.597			.597
Growth-Income Fund		.500			.219			.6		34.0		.257			.257
International Growth and Income Fund		.690			.500			.5		1.5		.608			.608
Capital Income Builder		.500			.410			.6		1.0		.495			.489
Asset Allocation Fund		.500			.240			.6		21.0		.267			.267
Global Balanced Fund		.660			.510			.5		1.0		.660			.660
Bond Fund		.480			.320			.6		13.0		.364			.364
Global Bond Fund		.570			.450			1.0		3.0		.533			.533
High-Income Bond Fund		.500			.420			.6		2.0		.474			.474
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		.340			.340
Managed Risk Growth Fund		.150						all				.150			.100
Managed Risk International Fund		.150						all				.150			.100
Managed Risk Blue Chip Income and Growth Fund		.150						all				.150			.100
Managed Risk Growth-Income Fund		.150						all				.150			.100
Managed Risk Asset Allocation Fund		.150						all				.150			.100

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized 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.

170 American Funds Insurance Series

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 and its affiliates 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 investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of daily net assets attributable to each share class. Prior to July 1, 2019, all share classes of each fund, other than the managed-risk funds, paid CRMC an administrative services fee at the annual rate of 0.01% of daily net assets. The series board of trustees authorized the funds, other than the managed risk funds, to pay CRMC effective July 1, 2019, an administrative services fee at the annual rate of 0.03% of the daily net assets of each share class (which could be increased as noted above) for CRMC’s provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of 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
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	107
Class 1A	$	—	$	8		—	*
Class 2		4,518		Not applicable		181
Class 4		363		363		15
Total class-specific expenses	$	4,881	$	371	$	303
Global Small Capitalization Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	88
Class 1A	$	—	$	—*		—	*
Class 2		2,796		Not applicable		112
Class 4		208		208		8
Total class-specific expenses	$	3,004	$	208	$	208
Growth Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	469
Class 1A	$	—	$	15		1
Class 2		18,471		Not applicable		739
Class 3		183		Not applicable		10
Class 4		1,528		1,528		61
Total class-specific expenses	$	20,182	$	1,543	$	1,280
International Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	255
Class 1A	$	—	$	7		—	*
Class 2		5,132		Not applicable		206
Class 3		23		Not applicable		1
Class 4		406		406		16
Total class-specific expenses	$	5,561	$	413	$	478
New World Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	93
Class 1A	$	—	$	4		—	*
Class 2		1,130		Not applicable		45
Class 4		655		654		26
Total class-specific expenses	$	1,785	$	658	$	164
Blue Chip Income and Growth Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	258
Class 1A	$	—	$	6		—	*
Class 2		3,745		Not applicable		150
Class 4		550		550		22
Total class-specific expenses	$	4,295	$	556	$	430

See end of tables for footnote.

American Funds Insurance Series 171

Global Growth and Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	27
Class 1A	$	—	$	1		—	*
Class 2		1,641		Not applicable		66
Class 4		136		136		5
Total class-specific expenses	$	1,777	$	137	$	98
Growth-Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	925
Class 1A	$	—	$	10		—	*
Class 2		16,092		Not applicable		644
Class 3		136		Not applicable		7
Class 4		1,264		1,264		51
Total class-specific expenses	$	17,492	$	1,274	$	1,627
International Growth and Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	54
Class 1A	$	—	$	2		—	*
Class 2		303		Not applicable		12
Class 4		100		100		4
Total class-specific expenses	$	403	$	102	$	70
Capital Income Builder
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	19
Class 1A	$	—	$	4		—	*
Class 2		5		Not applicable		—	*
Class 4		479		479		19
Total class-specific expenses	$	484	$	483	$	38
Asset Allocation Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	783
Class 1A	$	—	$	10		—	*
Class 2		6,111		Not applicable		244
Class 3		28		Not applicable		2
Class 4		4,835		4,835		193
Total class-specific expenses	$	10,974	$	4,845	$	1,222
Global Balanced Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	6
Class 1A	$	—	$	3		—	*
Class 2		242		Not applicable		10
Class 4		95		95		4
Total class-specific expenses	$	337	$	98	$	20
Bond Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	303
Class 1A	$	—	$	5		—	*
Class 2		4,381		Not applicable		175
Class 4		486		486		19
Total class-specific expenses	$	4,867	$	491	$	497
Global Bond Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	52
Class 1A	$	—		$ —*		—	*
Class 2		1,273		Not applicable		51
Class 4		53		53		2
Total class-specific expenses	$	1,326	$	53	$	105

172 American Funds Insurance Series

High-Income Bond Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	26
Class 1A	$	—	$	1		—	*
Class 2		854		Not applicable		34
Class 3		9		Not applicable		—	*
Class 4		69		69		3
Total class-specific expenses	$	932	$	70	$	63
Mortgage Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	11
Class 1A	$	—	$	1		—	*
Class 2		71		Not applicable		3
Class 4		27		27		1
Total class-specific expenses	$	98	$	28	$	15
Ultra-Short Bond Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	2
Class 1A	$	—	$	—		—	*
Class 2		289		Not applicable		11
Class 3		3		Not applicable		—	*
Class 4		25		24		1
Total class-specific expenses	$	317	$	24	$	14
U.S. Government/AAA-Rated Securities Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	72
Class 1A	$	—	$	2		—	*
Class 2		1,628		Not applicable		65
Class 3		8		Not applicable		—	*
Class 4		121		121		5
Total class-specific expenses	$	1,757	$	123	$	142
Managed Risk Growth Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	4
Class P2	$	461		461
Total class-specific expenses	$	461	$	465
Managed Risk International Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	1
Class P2	$	196		196
Total class-specific expenses	$	196	$	197
Managed Risk Blue Chip
Income and Growth Fund
Share class		Distribution services		Insurance administrative services
Class P1		Not applicable	$	1
Class P2	$	433		433
Total class-specific expenses	$	433	$	434
Managed Risk Growth-Income Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	2,222
Class P2	$	310		310
Total class-specific expenses	$	310	$	2,532
Managed Risk Asset Allocation Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	2
Class P2	$	3,293		3,293
Total class-specific expenses	$	3,293	$	3,295

* Amount less than one thousand.

American Funds Insurance Series 173

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	$	18	$	2		$	20
Global Small Capitalization Fund		12		1			13
Growth Fund		78		8			86
International Fund		29		3			32
New World Fund		10		1			11
Blue Chip Income and Growth Fund		27		3			30
Global Growth and Income Fund		6		1			7
Growth-Income Fund		97		10			107
International Growth and Income Fund		4		—	*		4
Capital Income Builder		2		—	*		2
Asset Allocation Fund		76		8			84
Global Balanced Fund		1		—	*		1
Bond Fund		30		3			33
Global Bond Fund		6		1			7
High-Income Bond Fund		4		—	*		4
Mortgage Fund		1		—	*		1
Ultra-Short Bond Fund		1		—	*		1
U.S. Government/AAA-Rated Securities Fund		9		1			10
Managed Risk Growth Fund		1		—	*		1
Managed Risk International Fund		1		—	*		1
Managed Risk Blue Chip Income and Growth Fund		1		—	*		1
Managed Risk Growth-Income Fund		3		1			4
Managed Risk Asset Allocation Fund		10		1			11

* 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.

Investment in CCF — Some of the funds, other than the managed risk funds, hold shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for each fund’s short-term investments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC. CCF shares are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

174 American Funds Insurance Series

Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds as of June 30, 2019 (dollars in thousands):

Fund	Purchases		Sales		Net realized gain (loss)
Global Growth Fund	$	7,883	$	67,282	$	1,305
Global Small Capitalization Fund		24,617		85,577		20,393
Growth Fund		220,254		795,160		13,734
International Fund		50,926		298,682		4,681
New World Fund		9,165		12,080		579
Blue Chip Income and Growth Fund		76,977		96,198		8,051
Global Growth and Income Fund		3,383		16,225		(439	)
Growth-Income Fund		55,754		674,112		(10,747	)
International Growth and Income Fund		2,512		1,617		(798	)
Capital Income Builder		10,104		256		34
Asset Allocation Fund		329,929		911,206		(35,534	)
Global Balanced Fund		1,871		906		(25	)
Bond Fund		49,355		76,160		(1,416	)
Global Bond Fund		3,388		388		(8	)
High-Income Bond Fund		1,725		5,591		(1,880	)
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 six months ended June 30, 2019.

American Funds Insurance Series 175

9. Capital share transactions

Capital share transactions in the funds were as follows (dollars and shares in thousands):

Global Growth Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	108,551		3,748	$	124,888		4,320	$	(207,637	)		(7,097	)	$	25,802			971
Class 1A		1,280		46		376		13		(294	)		(10	)		1,362			49
Class 2		20,541		744		209,188		7,314		(273,633	)		(9,417	)		(43,904	)		(1,359	)
Class 4		33,356		1,162		17,719		623		(13,773	)		(480	)		37,302			1,305
Total net increase (decrease)	$	163,728		5,700	$	352,171		12,270	$	(495,337	)		(17,004	)	$	20,562			966
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

Global Small Capitalization Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	309,318		12,473	$	119,443		4,983	$	(115,627	)		(4,698	)	$	313,134			12,758
Class 1A		38		2		27		1		(12	)		(1	)		53			2
Class 2		11,519		499		145,097		6,238		(171,598	)		(7,148	)		(14,982	)		(411	)
Class 4		16,844		701		11,115		475		(12,502	)		(521	)		15,457			655
Total net increase (decrease)	$	337,719		13,675	$	275,682		11,697	$	(299,739	)		(12,368	)	$	313,662			13,004
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	)

176 American Funds Insurance Series

Growth Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	540,098		7,033	$	1,038,061		14,580	$	(583,337	)		(7,514	)	$	994,822			14,099
Class 1A		3,591		48		1,387		20		(964	)		(12	)		4,014			56
Class 2		149,693		1,955		1,612,170		22,839		(1,010,347	)		(13,114	)		751,516			11,680
Class 3		1,763		22		21,990		307		(10,838	)		(140	)		12,915			189
Class 4		120,007		1,586		140,298		2,016		(64,702	)		(855	)		195,603			2,747
Total net increase (decrease)	$	815,152		10,644	$	2,813,906		39,762	$	(1,670,188	)		(21,635	)	$	1,958,870			28,771
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

International Fund

					Reinvestments of										Net (decrease)
	Sales*				distributions				Repurchases*						increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	97,689		5,045	$	138,907		7,194	$	(366,030	)		(18,775	)	$	(129,434	)		(6,536	)
Class 1A		555		29		149		8		(507	)		(26	)		197			11
Class 2		83,933		4,385		110,421		5,745		(324,109	)		(16,707	)		(129,755	)		(6,577	)
Class 3		210		11		674		35		(1,745	)		(91	)		(861	)		(45	)
Class 4		36,221		1,881		9,238		486		(22,756	)		(1,188	)		22,703			1,179
Total net increase (decrease)	$	218,608		11,351	$	259,389		13,468	$	(715,147	)		(36,787	)	$	(237,150	)		(11,968	)
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

See end of tables for footnotes.

American Funds Insurance Series 177

New World Fund

					Reinvestments of										Net (decrease)
	Sales*				distributions				Repurchases*						increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	23,580		1,000	$	75,373		3,213	$	(108,834	)		(4,641	)	$	(9,881	)		(428	)
Class 1A		888		37		139		6		(69	)		(3	)		958			40
Class 2		39,295		1,692		36,575		1,575		(90,286	)		(3,885	)		(14,416	)		(618	)
Class 4		38,657		1,682		21,910		948		(21,734	)		(929	)		38,833			1,701
Total net increase (decrease)	$	102,420		4,411	$	133,997		5,742	$	(220,923	)		(9,458	)	$	15,494			695
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

Blue Chip Income and Growth Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	183,590		14,362	$	430,113		34,686	$	(208,426	)		(15,743	)	$	405,277			33,305
Class 1A		3,501		272		458		37		(99	)		(7	)		3,860			302
Class 2		17,870		1,377		250,794		20,507		(166,322	)		(12,576	)		102,342			9,308
Class 4		107,033		8,191		40,543		3,331		(18,093	)		(1,380	)		129,483			10,142
Total net increase (decrease)	$	311,994		24,202	$	721,908		58,561	$	(392,940	)		(29,706	)	$	640,962			53,057
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

Global Growth and Income Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	21,374		1,478	$	28,719		1,986	$	(34,209	)		(2,387	)	$	15,884			1,077
Class 1A		600		41		71		5		(137	)		(10	)		534			36
Class 2		8,919		637		71,071		4,929		(111,409	)		(7,690	)		(31,419	)		(2,124	)
Class 4		16,631		1,171		6,320		445		(8,309	)		(584	)		14,642			1,032
Total net increase (decrease)	$	47,524		3,327	$	106,181		7,365	$	(154,064	)		(10,671	)	$	(359	)		21
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

178 American Funds Insurance Series

Growth-Income Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	633,030		12,851	$	1,969,359		42,452	$	(641,776	)		(12,839	)	$	1,960,613			42,464
Class 1A		1,711		35		889		19		(447	)		(9	)		2,153			45
Class 2		86,183		1,759		1,356,902		29,633		(794,998	)		(16,125	)		648,087			15,267
Class 3		1,507		30		15,628		336		(10,814	)		(216	)		6,321			150
Class 4		95,084		1,957		111,554		2,465		(50,813	)		(1,047	)		155,825			3,375
Total net increase (decrease)	$	817,515		16,632	$	3,454,332		74,905	$	(1,498,848	)		(30,236	)	$	2,772,999			61,301
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

International Growth and Income Fund

					Reinvestments of										Net (decrease)
	Sales*				distributions				Repurchases*						increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	4,476		265	$	16,278		957	$	(92,645	)		(5,477	)	$	(71,891	)		(4,255	)
Class 1A		260		16		33		2		(15	)		(1	)		278			17
Class 2		3,892		232		3,580		211		(18,788	)		(1,123	)		(11,316	)		(680	)
Class 4		10,052		602		1,240		74		(4,343	)		(260	)		6,949			416
Total net increase (decrease)	$	18,680		1,115	$	21,131		1,244	$	(115,791	)		(6,861	)	$	(75,980	)		(4,502	)
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

See end of tables for footnotes.

American Funds Insurance Series 179

Capital Income Builder

					Reinvestments of
	Sales*				distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended June 30, 2019
Class 1	$	74,292		7,467	$	6,127		611	$	(4,297	)		(435	)	$	76,122		7,643
Class 1A		1,823		181		49		5		(92	)		(10	)		1,780		176
Class 2		780		79		64		6		(295	)		(29	)		549		56
Class 4		34,077		3,425		5,320		532		(12,089	)		(1,218	)		27,308		2,739
Total net increase (decrease)	$	110,972		11,152	$	11,560		1,154	$	(16,773	)		(1,692	)	$	105,759		10,614
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

Asset Allocation Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	557,920		24,399	$	890,794		40,090	$	(586,283	)		(25,759	)	$	862,431			38,730
Class 1A		1,370		61		451		20		(397	)		(17	)		1,424			64
Class 2		64,314		2,832		273,998		12,472		(291,521	)		(12,855	)		46,791			2,449
Class 3		401		18		1,715		77		(2,103	)		(92	)		13			3
Class 4		164,555		7,306		221,738		10,143		(114,065	)		(5,098	)		272,228			12,351
Total net increase (decrease)	$	788,560		34,616	$	1,388,696		62,802	$	(994,369	)		(43,821	)	$	1,182,887			53,597
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	)

Global Balanced Fund

					Reinvestments of											Net increase
	Sales*				distributions					Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	4,751		381	$	273		21		$	(424	)		(34	)	$	4,600			368
Class 1A		95		8		5		—	†		(130	)		(10	)		(30	)		(2	)
Class 2		3,628		288		429		33			(10,731	)		(856	)		(6,674	)		(535	)
Class 4		7,758		622		176		14			(2,995	)		(242	)		4,939			394
Total net increase (decrease)	$	16,232		1,299	$	883		68		$	(14,280	)		(1,142	)	$	2,835			225
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

180 American Funds Insurance Series

Bond Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	368,375		34,232	$	35,509		3,231	$	(334,983	)		(31,328	)	$	68,901			6,135
Class 1A		1,605		149		25		2		(256	)		(24	)		1,374			127
Class 2		71,151		6,668		19,047		1,757		(220,769	)		(20,823	)		(130,571	)		(12,398	)
Class 4		67,878		6,379		2,132		197		(23,917	)		(2,268	)		46,093			4,308
Total net increase (decrease)	$	509,009		47,428	$	56,713		5,187	$	(579,925	)		(54,443	)	$	(14,203	)		(1,828	)
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	)

Global Bond Fund

					Reinvestments of											Net (decrease)
	Sales*				distributions					Repurchases*						increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	52,180		4,488	$	7,966		669		$	(68,705	)		(5,885	)	$	(8,559	)		(728	)
Class 1A		16		1		3		—	†		(15	)		(1	)		4			—	†
Class 2		17,793		1,534		7,548		638			(67,774	)		(5,855	)		(42,433	)		(3,683	)
Class 4		7,066		615		317		27			(3,315	)		(288	)		4,068			354
Total net increase (decrease)	$	77,055		6,638	$	15,834		1,334		$	(139,809	)		(12,029	)	$	(46,920	)		(4,057	)
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	)

See end of tables for footnotes.

American Funds Insurance Series 181

High-Income Bond Fund

					Reinvestments of										Net (decrease)
	Sales*				distributions				Repurchases*						increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	6,788		672	$	6,406		635	$	(30,513	)		(3,071	)	$	(17,319	)		(1,764	)
Class 1A		255		25		9		1		(341	)		(34	)		(77	)		(8	)
Class 2		5,462		563		8,300		837		(45,088	)		(4,593	)		(31,326	)		(3,193	)
Class 3		353		35		118		12		(618	)		(62	)		(147	)		(15	)
Class 4		42,207		4,023		588		55		(19,162	)		(1,784	)		23,633			2,294
Total net increase (decrease)	$	55,065		5,318	$	15,421		1,540	$	(95,722	)		(9,544	)	$	(25,236	)		(2,686	)
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	)

Mortgage Fund

					Reinvestments of											Net (decrease)
	Sales*				distributions					Repurchases*						increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	21,101		2,032	$	944		89		$	(29,038	)		(2,764	)	$	(6,993	)		(643	)
Class 1A		135		13		3		—	†		(309	)		(29	)		(171	)		(16	)
Class 2		2,607		250		239		22			(3,339	)		(320	)		(493	)		(48	)
Class 4		4,955		480		81		8			(8,135	)		(791	)		(3,099	)		(303	)
Total net increase (decrease)	$	28,798		2,775	$	1,267		119		$	(40,821	)		(3,904	)	$	(10,756	)		(1,010	)
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	)

182 American Funds Insurance Series

Ultra-Short Bond Fund

					Reinvestments of												Net (decrease)
	Sales*				distributions						Repurchases*						increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	5,032		443	$	120			10		$	(10,628	)		(936	)	$	(5,476	)		(483	)
Class 1A		—		—		—	†		—	†		—			—			—	†		—	†
Class 2		33,087		2,987		794			72			(53,293	)		(4,814	)		(19,412	)		(1,755	)
Class 3		248		23		12			1			(1,527	)		(137	)		(1,267	)		(113	)
Class 4		12,481		1,114		74			7			(9,022	)		(806	)		3,533			315
Total net increase (decrease)	$	50,848		4,567	$	1,000			90		$	(74,470	)		(6,693	)	$	(22,622	)		(2,036	)
Year ended December 31, 2018
Class 1	$	25,371		2,233	$	561			50		$	(26,198	)		(2,310	)	$	(266	)		(27	)
Class 1A		—		—		—	†		—	†		—			—			—	†		—	†
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

U.S. Government/AAA-Rated Securities Fund

					Reinvestments of										Net (decrease)
	Sales*				distributions				Repurchases*						increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class 1	$	42,379		3,505	$	5,917		478	$	(96,593	)		(7,929	)	$	(48,297	)		(3,946	)
Class 1A		953		78		8		1		(295	)		(25	)		666			54
Class 2		36,832		3,061		4,960		405		(83,835	)		(6,992	)		(42,043	)		(3,526	)
Class 3		637		52		33		2		(1,078	)		(88	)		(408	)		(34	)
Class 4		35,821		2,964		386		32		(17,635	)		(1,470	)		18,572			1,526
Total net increase (decrease)	$	116,622		9,660	$	11,304		918	$	(199,436	)		(16,504	)	$	(71,510	)		(5,926	)
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	)

Managed Risk Growth Fund

					Reinvestments of
	Sales*				distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended June 30, 2019
Class P1	$	804		60	$	290		23	$	(203	)		(15	)	$	891		68
Class P2		25,177		1,945		28,836		2,339		(11,499	)		(880	)		42,514		3,404
Total net increase (decrease)	$	25,981		2,005	$	29,126		2,362	$	(11,702	)		(895	)	$	43,405		3,472
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

See end of tables for footnotes.

American Funds Insurance Series 183

Managed Risk International Fund

					Reinvestments of
	Sales*				distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended June 30, 2019
Class P1	$	168		16	$	27		3	$	(32	)		(3	)	$	163		16
Class P2		4,350		420		7,769		772		(8,646	)		(831	)		3,473		361
Total net increase (decrease)	$	4,518		436	$	7,796		775	$	(8,678	)		(834	)	$	3,636		377
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

Managed Risk Blue Chip Income and Growth Fund

					Reinvestments of
	Sales*				distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended June 30, 2019
Class P1	$	309		25	$	53		5	$	(158	)		(14	)	$	204		16
Class P2		10,209		886		23,362		2,128		(15,231	)		(1,300	)		18,340		1,714
Total net increase (decrease)	$	10,518		911	$	23,415		2,133	$	(15,389	)		(1,314	)	$	18,544		1,730
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

Managed Risk Growth-Income Fund

					Reinvestments of
	Sales*				distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended June 30, 2019
Class P1	$	53,713		4,286	$	20,255		1,592	$	(22,890	)		(1,837	)	$	51,078		4,041
Class P2		13,055		1,055		2,648		209		(9,633	)		(766	)		6,070		498
Total net increase (decrease)	$	66,768		5,341	$	22,903		1,801	$	(32,523	)		(2,603	)	$	57,148		4,539
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

184 American Funds Insurance Series

Managed Risk Asset Allocation Fund

					Reinvestments of										Net (decrease)
	Sales*				distributions				Repurchases*						increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2019
Class P1	$	83		7	$	65		5	$	(296	)		(22	)	$	(148	)		(10	)
Class P2		56,368		4,353		177,679		14,375		(134,684	)		(10,418	)		99,363			8,310
Total net increase (decrease)	$	56,451		4,360	$	177,744		14,380	$	(134,980	)		(10,440	)	$	99,215			8,300
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	)

*	Includes exchanges between share classes of the fund.
†	Amount less than one thousand.

American Funds Insurance Series 185

10. Investment transactions and other disclosures

The following tables present additional information for each of the funds for the six months ended June 30, 2019 (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*	$	1,055,951		$	1,850,309		$	4,857,350	$	2,792,947	$	1,307,390	$	3,006,205
Sales of investment securities*		1,073,582			1,461,908			3,684,608		1,993,562		923,284		2,520,023
Non-U.S. taxes paid on dividend income		5,123			2,341			5,755		11,331		2,280		357
Non-U.S. taxes paid on interest income		—			—			—		—		4		—
Non-U.S. taxes paid on realized gains		—			—			—		—		50		—
Non-U.S. taxes provided on unrealized gains		2,290			2,754			—		16,416		6,872		—
	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*	$	544,087		$	7,509,583		$	373,943	$	378,926	$	12,042,957	$	252,975
Sales of investment securities*		536,095			4,935,543			268,718		248,431		8,999,283		231,206
Non-U.S. taxes paid on dividend income		2,358			7,611			2,754		701		5,187		233
Non-U.S. taxes (refunded) paid on interest income		—			(1	)		—		—		—		7
Non-U.S. taxes paid on realized gains		—			—			145		—		—		2
Non-U.S. taxes provided on unrealized gains		1,106			1,301			959		—		289		54
Dividend income from affiliated issuers		—			1,827			—		—		730		—
Interest income from affiliated issuers		—			—			—		—		1,194		—
		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*	$	20,635,057		$	1,897,021		$	565,238	$	394,192	$	—	$	2,655,824
Sales of investment securities*		19,572,372			1,923,935			529,305		398,582		—		2,725,376
Non-U.S. taxes (refunded) paid on interest income		(6	)		138			—		—		—		—
Non-U.S. taxes (refunded) paid on realized gains		(2	)		210			—		—		—		—
Non-U.S. taxes provided on unrealized gains		—			425			—		—		—		—
		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*	$	56,036		$	7,414		$	31,627	$	231,601	$	159,809
Sales of investment securities*		23,553			7,689			27,130		64,363		146,293
Dividend income from affiliated issuers		1,089			367			1,448		7,423		11,862

* Excludes short-term securities and U.S. government obligations, if any.

11. Ownership concentration

At June 30, 2019, American Funds Insurance Series - Portfolio Series Managed Risk Growth and Income Portfolio held 34% 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 held 23% of the outstanding shares of Global Balanced Fund and Managed Risk Asset Allocation Fund held 10% of the outstanding shares of Asset Allocation Fund.

186 American Funds Insurance Series

Financial highlights

	Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period			Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Global Growth Fund
Class 1:
6/30/20192,3	$	25.74	$	.21		$	5.27		$	5.48		$	(.05	)	$	(1.68	)	$	(1.73	)	$	29.49			21.41	%4	$	2,254			.55	%5		1.46	%5
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	6		.40			.71			(.40	)		(2.94	)		(3.34	)		27.48			2.52			1,558			.55			1.08	6
Class 1A:
6/30/20192,3		25.69		.18			5.24			5.42			(.04	)		(1.68	)		(1.72	)		29.39			21.23	4		7			.80	5		1.25	5
12/31/2018		30.46		.23			(2.66	)		(2.43	)		(.21	)		(2.13	)		(2.34	)		25.69			(9.02	)		5			.80			.77
12/31/20172,7		24.50		.11			6.94			7.05			(.25	)		(.84	)		(1.09	)		30.46			29.13	4		2			.80	5		.39	5
Class 2:
6/30/20192,3		25.50		.17			5.22			5.39			(.04	)		(1.68	)		(1.72	)		29.17			21.25	4		3,741			.80	5		1.20	5
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	6		.41			.65			(.33	)		(2.94	)		(3.27	)		27.30			2.31			3,992			.80			.85	6
Class 4:
6/30/20192,3		25.39		.14			5.18			5.32			(.03	)		(1.68	)		(1.71	)		29.00			21.07	4		322			1.05	5		.99	5
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	6		.50			.57			(.36	)		(2.94	)		(3.30	)		27.34			2.01			19			1.05			.26	6
Global Small Capitalization Fund
Class 1:
6/30/20192,3	$	21.75	$	.10		$	4.28		$	4.38		$	(.02	)	$	(1.58	)	$	(1.60	)	$	24.53			20.30	%4	$	1,951			.74	%5		.80	%5
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:
6/30/20192,3		21.71		.07			4.28			4.35			(.01	)		(1.58	)		(1.59	)		24.47	8		20.21	4		—	8		.98	5		.55	5
12/31/2018		25.36		.05			(2.52	)		(2.47	)		(.04	)		(1.14	)		(1.18	)		21.71			(10.56	)		—	8		.98			.21
12/31/20172,7		20.70		.08			4.71			4.79			(.13	)		—			(.13	)		25.36			23.19	4		—	8		.96	5		.35	5
Class 2:
6/30/20192,3		21.16		.06			4.17			4.23			(.01	)		(1.58	)		(1.59	)		23.80			20.16	4		2,302			.99	5		.51	5
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:
6/30/20192,3		21.28		.03			4.20			4.23			—	9		(1.58	)		(1.58	)		23.93			20.05	4		180			1.24	5		.28	5
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		—	9		5.09			5.09			(.09	)		—			(.09	)		24.91			25.62			125			1.23			—	10
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	)

See end of tables for footnotes.

American Funds Insurance Series 187

Financial highlights (continued)

			Income (loss) from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Growth Fund
Class 1:
6/30/20192,3	$	69.96	$	.42		$	11.13	$	11.55	$	(.20	)	$	(8.44	)	$	(8.64	)	$	72.87		16.80	%4	$	9,854		.34	%5		1.09	%5
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	6		5.79		6.67		(1.16	)		(3.90	)		(5.06	)		80.15		8.78			7,118		.35			1.12	6
Class 1A:
6/30/20192,3		69.77		.33			11.09		11.42		(.17	)		(8.44	)		(8.61	)		72.58		16.66	4		14		.59	5		.86	5
12/31/2018		77.74		.47			.24		.71		(.44	)		(8.24	)		(8.68	)		69.77		(.26	)		10		.59			.60
12/31/20172,7		68.84		.35			16.38		16.73		(.50	)		(7.33	)		(7.83	)		77.74		25.47	4		3		.59	5		.47	5
Class 2:
6/30/20192,3		69.48		.32			11.04		11.36		(.16	)		(8.44	)		(8.60	)		72.24		16.65	4		15,090		.59	5		.84	5
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	6		5.75		6.43		(.63	)		(3.90	)		(4.53	)		79.84		8.51			15,413		.60			.87	6
Class 3:
6/30/20192,3		70.44		.35			11.20		11.55		(.17	)		(8.44	)		(8.61	)		73.38		16.68	4		209		.52	5		.91	5
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	6		5.79		6.53		(.78	)		(3.90	)		(4.68	)		80.47		8.58			208		.53			.94	6
Class 4:
6/30/20192,3		68.64		.22			10.91		11.13		(.14	)		(8.44	)		(8.58	)		71.19		16.51	4		1,312		.84	5		.60	5
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	6		5.87		6.24		(.92	)		(3.90	)		(4.82	)		79.74		8.25			24		.85			.47	6

188 American Funds Insurance Series

				Income (loss) from investment operations1								Dividends and distributions
Period ended		Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period	Total return			Net assets, end of period (in millions)	Ratio of expenses to average net assets		Ratio of net income (loss) to average net assets
International Fund
Class 1:
6/30/20192,3	$	17.66	$	.20	$	2.43		$	2.63		$	(.04	)	$	(.50	)	$	(.54	)	$	19.75	14.94	%4	$	5,251	.53	%5	2.13	%5
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:
6/30/20192,3		17.62		.18		2.41			2.59			(.03	)		(.50	)		(.53	)		19.68	14.76	4		6	.78	5	1.90	5
12/31/2018		21.67		.27		(2.93	)		(2.66	)		(.37	)		(1.02	)		(1.39	)		17.62	(13.11	)		5	.78		1.32
12/31/20172,7		17.17		.09		4.93			5.02			(.29	)		(.23	)		(.52	)		21.67	29.46	4		2	.77	5	.43	5
Class 2:
6/30/20192,3		17.60		.18		2.41			2.59			(.03	)		(.50	)		(.53	)		19.66	14.78	4		4,200	.78	5	1.88	5
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:
6/30/20192,3		17.70		.19		2.43			2.62			(.03	)		(.50	)		(.53	)		19.79	14.87	4		25	.71	5	1.95	5
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:
6/30/20192,3		17.40		.16		2.38			2.54			(.02	)		(.50	)		(.52	)		19.42	14.68	4		352	1.03	5	1.65	5
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

See end of tables for footnotes.

American Funds Insurance Series 189

Financial highlights (continued)

				Income (loss) from investment operations1									Dividends and distributions
Period ended		Net asset value, beginning of period		Net investment income (loss)			Net gains  (losses) on securities (both realized and  unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions  (from capital  gains)			Total dividends and distributions			Net asset value,  end of period	Total return			Net assets, end of period (in millions)	Ratio of expenses   to average net assets		Ratio of net income (loss) to average net assets
New World Fund
Class 1:
6/30/20192,3	$	20.98	$	.18		$	3.83		$	4.01		$	(.05	)	$	(.92	)	$	(.97	)	$	24.02	19.23	%4	$	1,938	.75	%5	1.59	%5
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	6		(1.92	)		(1.63	)		(.29	)		(2.44	)		(2.73	)		20.72	(7.63	)		1,433	.78		1.23	6
Class 1A:
6/30/20192,3		20.92		.16			3.82			3.98			(.05	)		(.92	)		(.97	)		23.93	19.10	4		4	1.00	5	1.42	5
12/31/2018		25.25		.21			(3.64	)		(3.43	)		(.23	)		(.67	)		(.90	)		20.92	(14.02	)		2	1.02		.91
12/31/20172,7		20.14		.13			5.24			5.37			(.26	)		—			(.26	)		25.25	26.72	4		1	1.00	5	.53	5
Class 2:
6/30/20192,3		20.79		.15			3.79			3.94			(.04	)		(.92	)		(.96	)		23.77	19.07	4		949	1.00	5	1.33	5
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	6		(1.91	)		(1.67	)		(.23	)		(2.44	)		(2.67	)		20.54	(7.87	)		1,084	1.03		1.01	6
Class 4:
6/30/20192,3		20.71		.13			3.78			3.91			(.04	)		(.92	)		(.96	)		23.66	18.96	4		570	1.25	5	1.11	5
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	6		(1.83	)		(1.74	)		(.25	)		(2.44	)		(2.69	)		20.56	(8.13	)		64	1.28		.40	6
Blue Chip Income and Growth Fund
Class 1:
6/30/20192,3	$	12.38	$	.15		$	1.21		$	1.36		$	(.06	)	$	(1.07	)	$	(1.13	)	$	12.61	11.14	%4	$	5,316	.41	%5	2.34	%5
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	6		1.59			2.05			(.48	)		—			(.48	)		14.69	15.69			3,542	.42		3.31	6
Class 1A:
6/30/20192,3		12.35		.14			1.19			1.33			(.06	)		(1.07	)		(1.13	)		12.55	10.89	4		7	.66	5	2.12	5
12/31/2018		14.94		.26			(1.42	)		(1.16	)		(.29	)		(1.14	)		(1.43	)		12.35	(8.67	)		3	.66		1.84
12/31/20172,7		13.75		.28			1.75			2.03			(.31	)		(.53	)		(.84	)		14.94	15.21	4		1	.65	5	2.01	5
Class 2:
6/30/20192,3		12.24		.14			1.17			1.31			(.05	)		(1.07	)		(1.12	)		12.43	10.89	4		3,011	.66	5	2.09	5
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	6		1.55			1.99			(.44	)		—			(.44	)		14.57	15.36			3,722	.67		3.14	6
Class 4:
6/30/20192,3		12.19		.12			1.18			1.30			(.05	)		(1.07	)		(1.12	)		12.37	10.83	4		499	.91	5	1.85	5
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	6		1.63			1.97			(.46	)		—			(.46	)		14.63	15.13			9	.92		2.33	6

190 American Funds Insurance Series

				Income (loss) from investment operations1									Dividends and distributions
Period ended		Net asset value, beginning of period		Net investment income (loss)			Net gains  (losses) on securities (both realized and  unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions  (from capital  gains)			Total dividends and distributions			Net asset value,  end of period	Total return			Net assets, end of period (in millions)		Ratio of expenses   to average net assets		Ratio of net income (loss) to average net assets
Global Growth and Income Fund
Class 1:
6/30/20192,3	$	13.02	$	.19		$	2.33		$	2.52		$	(.05	)	$	(.76	)	$	(.81	)	$	14.73	19.47	%4	$	573		.64	%5	2.68	%5
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	6		.31			.74			(.49	)		—			(.49	)		12.78	6.00			200		.63		3.34	6
Class 1A:
6/30/20192,3		13.00		.18			2.32			2.50			(.05	)		(.76	)		(.81	)		14.69	19.31	4		1		.88	5	2.49	5
12/31/2018		15.81		.26			(1.63	)		(1.37	)		(.26	)		(1.18	)		(1.44	)		13.00	(9.62	)		1		.88		1.74
12/31/20172,7		13.21		.18			3.03			3.21			(.35	)		(.26	)		(.61	)		15.81	24.54	4		—	8	.84	5	1.20	5
Class 2:
6/30/20192,3		12.99		.17			2.34			2.51			(.05	)		(.76	)		(.81	)		14.69	19.39	4		1,357		.89	5	2.41	5
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	6		.29			.70			(.46	)		—			(.46	)		12.75	5.64			1,685		.88		3.22	6
Class 4:
6/30/20192,3		12.81		.16			2.29			2.45			(.04	)		(.76	)		(.80	)		14.46	19.24	4		122		1.14	5	2.20	5
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	6		.37			.67			(.46	)		—			(.46	)		12.71	5.41			1		1.13		2.30	6

See end of tables for footnotes.

American Funds Insurance Series 191

Financial highlights (continued)

				Income (loss) from investment operations1								Dividends and distributions
Period ended		Net asset value, beginning of period		Net investment income (loss)		Net gains  (losses) on securities (both realized and  unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions  (from capital  gains)			Total dividends and distributions			Net asset value,  end of period	Total return			Net assets, end of period (in millions)	Ratio of expenses to average net assets		Ratio of net income (loss) to average net assets
Growth-Income Fund
Class 1:
6/30/20192,3	$	45.39	$	.48	$	6.75		$	7.23		$	(.17	)	$	(5.16	)	$	(5.33	)	$	47.29	16.15	%4	$	19,494	.28	%5	1.93	%5
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:
6/30/20192,3		45.28		.41		6.74			7.15			(.16	)		(5.16	)		(5.32	)		47.11	16.00	4		9	.53	5	1.69	5
12/31/2018		50.15		.72		(1.25	)		(.53	)		(.76	)		(3.58	)		(4.34	)		45.28	(1.78	)		7	.53		1.43
12/31/20172,7		45.39		.67		7.96			8.63			(.76	)		(3.11	)		(3.87	)		50.15	19.83	4		2	.52	5	1.41	5
Class 2:
6/30/20192,3		44.90		.41		6.68			7.09			(.15	)		(5.16	)		(5.31	)		46.68	16.02	4		13,225	.53	5	1.68	5
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:
6/30/20192,3		45.47		.43		6.77			7.20			(.16	)		(5.16	)		(5.32	)		47.35	16.05	4		153	.46	5	1.75	5
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:
6/30/20192,3		44.47		.35		6.62			6.97			(.14	)		(5.16	)		(5.30	)		46.14	15.89	4		1,088	.78	5	1.43	5
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

192 American Funds Insurance Series

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
International Growth and Income Fund
Class 1:
6/30/20192,3	$	15.35	$	.32		$	1.95		$	2.27		$	(.07	)	$	(.19	)	$	(.26	)	$	17.36		14.82	%4	$	1,096		.65	%5		3.84	%5
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	6		(1.09	)		(.51	)		(.53	)		(.17	)		(.70	)		16.27		(2.93	)		740		.68			3.32	6
Class 1A:
6/30/20192,3		15.33		.30			1.95			2.25			(.06	)		(.19	)		(.25	)		17.33		14.74	4		2		.90	5		3.61	5
12/31/2018		17.70		.41			(2.39	)		(1.98	)		(.39	)		—			(.39	)		15.33		(11.24	)		2		.90			2.35
12/31/20172,7		14.69		.34			3.08			3.42			(.41	)		—			(.41	)		17.70		23.36	4		2		.91	5		1.99	5
Class 2:
6/30/20192,3		15.30		.30			1.95			2.25			(.06	)		(.19	)		(.25	)		17.30		14.75	4		248		.90	5		3.60	5
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	6		(1.10	)		(.54	)		(.50	)		(.17	)		(.67	)		16.22		(3.15	)		248		.93			3.21	6
Class 4:
6/30/20192,3		15.22		.28			1.93			2.21			(.05	)		(.19	)		(.24	)		17.19		14.60	4		88		1.15	5		3.37	5
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	6		(.85	)		(.59	)		(.50	)		(.17	)		(.67	)		16.19		(3.39	)		20		1.18			1.52	6

See end of tables for footnotes.

American Funds Insurance Series 193

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements			Ratio of net income to average net assets
Capital Income Builder
Class 1:
6/30/20192,3	$	9.37	$	.18	$	.76		$	.94		$	(.16	)	$	—		$	(.16	)	$	10.15		10.06	%4	$	421			.53	%5		.52	%5		3.70	%5
12/31/2018		10.40		.31		(1.00	)		(.69	)		(.32	)		(.02	)		(.34	)		9.37		(6.77	)		317			.54			.54			3.08
12/31/2017		9.46		.32		.93			1.25			(.31	)		—			(.31	)		10.40		13.29			254			.54			.54			3.21
12/31/2016		9.40		.32		.07			.39			(.33	)		—			(.33	)		9.46		4.17			156			.54			.54			3.39
12/31/2015		9.81		.28		(.40	)		(.12	)		(.29	)		—			(.29	)		9.40		(1.23	)		80			.56			.56			2.88
12/31/20142,11		10.00		.19		(.18	)		.01			(.19	)		(.01	)		(.20	)		9.81		.12	4		20			.56	5		.56	5		2.87	5
Class 1A:
6/30/20192,3		9.36		.17		.76			.93			(.15	)		—			(.15	)		10.14		9.95	4		5			.78	5		.77	5		3.45	5
12/31/2018		10.39		.28		(.99	)		(.71	)		(.30	)		(.02	)		(.32	)		9.36		(7.01	)		2			.79			.79			2.82
12/31/20172,7		9.57		.27		.84			1.11			(.29	)		—			(.29	)		10.39		11.72	4		1			.79	5		.79	5		2.63	5
Class 2:
6/30/20192,3		9.36		.17		.77			.94			(.15	)		—			(.15	)		10.15		10.05	4		5			.78	5		.77	5		3.42	5
12/31/2018		10.40		.28		(1.00	)		(.72	)		(.30	)		(.02	)		(.32	)		9.36		(7.08	)		4			.79			.79			2.83
12/31/2017		9.46		.29		.93			1.22			(.28	)		—			(.28	)		10.40		13.04			1			.79			.79			2.82
12/31/2016		9.40		.27		.11			.38			(.32	)		—			(.32	)		9.46		4.08			—	8		.80			.80			2.82
12/31/2015		9.81		.31		(.43	)		(.12	)		(.29	)		—			(.29	)		9.40		(1.23	)12		—	8		.46	12		.46	12		3.12	12
12/31/20142,11		10.00		.20		(.19	)		.01			(.19	)		(.01	)		(.20	)		9.81		.12	4,12		—	8		.47	5,12		.47	5,12		2.94	5,12
Class 4:
6/30/20192,3		9.35		.16		.76			.92			(.14	)		—			(.14	)		10.13		9.82	4		409			1.03	5		1.02	5		3.17	5
12/31/2018		10.38		.26		(1.00	)		(.74	)		(.27	)		(.02	)		(.29	)		9.35		(7.25	)		352			1.04			1.04			2.58
12/31/2017		9.45		.27		.92			1.19			(.26	)		—			(.26	)		10.38		12.65			338			1.04			1.04			2.72
12/31/2016		9.38		.27		.08			.35			(.28	)		—			(.28	)		9.45		3.78			256			1.04			1.04			2.88
12/31/2015		9.80		.25		(.42	)		(.17	)		(.25	)		—			(.25	)		9.38		(1.79	)		157			1.05			1.05			2.55
12/31/20142,11		10.00		.14		(.16	)		(.02	)		(.17	)		(.01	)		(.18	)		9.80		(.21	)4		55			1.06	5		1.06	5		2.08	5

194 American Funds Insurance Series

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Asset Allocation Fund
Class 1:
6/30/20192,3	$	21.29	$	.27	$	2.29		$	2.56		$	(.11	)	$	(1.19	)	$	(1.30	)	$	22.55		12.11	%4	$	16,367		.28	%5		2.37	%5
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:
6/30/20192,3		21.26		.24		2.28			2.52			(.10	)		(1.19	)		(1.29	)		22.49		11.95	4		9		.53	5		2.12	5
12/31/2018		23.69		.42		(1.42	)		(1.00	)		(.40	)		(1.03	)		(1.43	)		21.26		(4.58	)		7		.53			1.82
12/31/20172,7		21.97		.39		2.78			3.17			(.39	)		(1.06	)		(1.45	)		23.69		14.78	4		4		.53	5		1.69	5
Class 2:
6/30/20192,3		21.08		.24		2.27			2.51			(.10	)		(1.19	)		(1.29	)		22.30		12.00	4		4,992		.54	5		2.11	5
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:
6/30/20192,3		21.32		.25		2.29			2.54			(.10	)		(1.19	)		(1.29	)		22.57		12.01	4		32		.47	5		2.18	5
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:
6/30/20192,3		20.99		.21		2.26			2.47			(.09	)		(1.19	)		(1.28	)		22.18		11.86	4		4,071		.78	5		1.87	5
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 195

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Global Balanced Fund
Class 1:
6/30/20192,3	$	11.67	$	.15		$	1.37		$	1.52		$	(.02	)	$	(.01	)	$	(.03	)	$	13.16		13.01	%4	$	129			.70	%5		2.41	%5
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	6		(.03	)		.22			(.18	)		(.30	)		(.48	)		11.11		1.87			37			.71			2.14	6
Class 1A:
6/30/20192,3		11.65		.13			1.38			1.51			(.02	)		(.01	)		(.03	)		13.13		12.95	4		2			.95	5		2.15	5
12/31/2018		12.74		.18			(.94	)		(.76	)		(.18	)		(.15	)		(.33	)		11.65		(6.03	)		2			.98			1.44
12/31/20172,7		11.18		.16			1.92			2.08			(.14	)		(.38	)		(.52	)		12.74		18.71	4		—	8		.94	5		1.27	5
Class 2:
6/30/20192,3		11.65		.13			1.37			1.50			(.02	)		(.01	)		(.03	)		13.12		12.86	4		201			.95	5		2.14	5
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	6		(.03	)		.19			(.15	)		(.30	)		(.45	)		11.09		1.63			179			.96			1.88	6
Class 4:
6/30/20192,3		11.55		.12			1.36			1.48			(.02	)		(.01	)		(.03	)		13.00		12.80	4		84			1.20	5		1.91	5
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	6		(.02	)		.22			(.18	)		(.30	)		(.48	)		11.09		1.88	12		—	8		.67	12		2.07	6,12
Bond Fund
Class 1:
6/30/20192,3	$	10.47	$	.16		$	.55		$	.71		$	(.06	)	$	—		$	(.06	)	$	11.12		6.81	%4	$	6,397			.38	%5		2.95	%5
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	)		—	9		(.25	)		11.08		5.59			4,977			.39			2.03
Class 1A:
6/30/20192,3		10.45		.14			.55			.69			(.06	)		—			(.06	)		11.08		6.61	4		5			.63	5		2.71	5
12/31/2018		10.80		.26			(.33	)		(.07	)		(.27	)		(.01	)		(.28	)		10.45		(.60	)		3			.63			2.50
12/31/20172,7		10.82		.22			.15			.37			(.23	)		(.16	)		(.39	)		10.80		3.46	4		1			.62	5		2.01	5
Class 2:
6/30/20192,3		10.34		.14			.55			.69			(.06	)		—			(.06	)		10.97		6.66	4		3,602			.63	5		2.70	5
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	)		—	9		(.22	)		10.95		5.28			4,565			.64			1.79
Class 4:
6/30/20192,3		10.33		.13			.54			.67			(.05	)		—			(.05	)		10.95		6.54	4		435			.88	5		2.45	5
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	)		—	9		(.23	)		11.01		5.15			29			.89			1.43

196 American Funds Insurance Series

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Global Bond Fund
Class 1:
6/30/20192,3	$	11.42	$	.16	$	.59		$	.75		$	(.09	)	$	—		$	(.09	)	$	12.08		6.59	%4	$	1,065			.57	%5		2.82	%5
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:
6/30/20192,3		11.41		.15		.59			.74			(.09	)		—			(.09	)		12.06		6.47	4		1			.82	5		2.57	5
12/31/2018		11.87		.27		(.43	)		(.16	)		(.26	)		(.04	)		(.30	)		11.41		(1.29	)		1			.82			2.36
12/31/20172,7		11.22		.26		.52			.78			(.06	)		(.07	)		(.13	)		11.87		7.00	4		—	8		.72	5		2.27	5
Class 2:
6/30/20192,3		11.34		.15		.58			.73			(.09	)		—			(.09	)		11.98		6.41	4		1,047			.82	5		2.57	5
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:
6/30/20192,3		11.24		.13		.58			.71			(.08	)		—			(.08	)		11.87		6.35	4		46			1.07	5		2.32	5
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	)		—	9		(.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

See end of tables for footnotes.

American Funds Insurance Series 197

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
High-Income Bond Fund
Class 1:
6/30/20192,3	$	9.34	$	.33	$	.59		$	.92		$	(.13	)	$	—	$	(.13	)	$	10.13		9.81	%4	$	526			.50	%5		6.71	%5
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:
6/30/20192,3		9.33		.32		.58			.90			(.12	)		—		(.12	)		10.11		9.67	4		1			.74	5		6.47	5
12/31/2018		10.18		.62		(.84	)		(.22	)		(.63	)		—		(.63	)		9.33		(2.35	)		1			.75			6.11
12/31/20172,7		10.28		.60		.02			.62			(.72	)		—		(.72	)		10.18		6.024			—	8		.72	5		5.74	5
Class 2:
6/30/20192,3		9.19		.31		.58			.89			(.12	)		—		(.12	)		9.96		9.71	4		685			.75	5		6.46	5
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:
6/30/20192,3		9.38		.32		.59			.91			(.12	)		—		(.12	)		10.17		9.73	4		10			.68	5		6.53	5
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:
6/30/20192,3		9.96		.33		.62			.95			(.12	)		—		(.12	)		10.79		9.54	4		58			1.00	5		6.20	5
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			—	8		.98			5.49

198 American Funds Insurance Series

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Mortgage Fund
Class 1:
6/30/20192,3	$	10.30	$	.13	$	.30		$	.43		$	(.05	)	$	—		$	(.05	)	$	10.68		4.16	%4	$	210			.45	%5		2.55	%5
12/31/2018		10.47		.20		(.14	)		.06			(.23	)		—			(.23	)		10.30		.58			209			.48			1.97
12/31/2017		10.56		.16		—	9		.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:
6/30/20192,3		10.28		.12		.29			.41			(.04	)		—			(.04	)		10.65		4.02	4		1			.70	5		2.28	5
12/31/2018		10.46		.18		(.14	)		.04			(.22	)		—			(.22	)		10.28		.36			1			.73			1.77
12/31/20172,7		10.55		.14		—	9		.14			(.16	)		(.07	)		(.23	)		10.46		1.31	4		—	8		.70	5		1.38	5
Class 2:
6/30/20192,3		10.28		.12		.29			.41			(.04	)		—			(.04	)		10.65		4.02	4		58			.70	5		2.30	5
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:
6/30/20192,3		10.19		.10		.30			.40			(.04	)		—			(.04	)		10.55		3.92	4		22			.95	5		2.04	5
12/31/2018		10.38		.15		(.15	)		—	9		(.19	)		—			(.19	)		10.19		.07			24			.98			1.49
12/31/2017		10.48		.11		—	9		.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

See end of tables for footnotes.

American Funds Insurance Series 199

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Ultra-Short Bond Fund
Class 1:
6/30/20192,3	$	11.31	$	.12		$	—	9	$	.12		$	(.04	)	$	—	$	(.04	)	$	11.39		1.10	%4	$	32			.34	%5		2.14	%5
12/31/2018		11.29		.18			—	9		.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
12/31/201613		11.26		.01			—	9		.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:
6/30/20192,3		11.31		.12			—	9		.12			(.04	)		—		(.04	)		11.39		1.10	4,12		—	8		.34	5,12		2.15	5,12
12/31/2018		11.29		.18			—	9		.18			(.16	)		—		(.16	)		11.31		1.58	12		—	8		.35	12		1.60	12
12/31/20172,7		11.27		.08			—	9		.08			(.06	)		—		(.06	)		11.29		.67	4,12		—	8		.34	5,12		.69	5,12
Class 2:
6/30/20192,3		11.03		.10			—	9		.10			(.04	)		—		(.04	)		11.09		.90	4		229			.59	5		1.89	5
12/31/2018		11.01		.15			—	9		.15			(.13	)		—		(.13	)		11.03		1.36			247			.60			1.34
12/31/2017		10.99		.05			—	9		.05			(.03	)		—		(.03	)		11.01		.46			249			.60			.42
12/31/201613		11.01		(.02	)		—	9		(.02	)		—			—		—			10.99		(.18	)		297			.60			(.14	)
12/31/2015		11.06		(.05	)		—	9		(.05	)		—			—		—			11.01		(.45	)		302			.59			(.49	)
12/31/2014		11.12		(.06	)		—			(.06	)		—			—		—			11.06		(.54	)		331			.59			(.51	)
Class 3:
6/30/20192,3		11.14		.11			—	9		.11			(.04	)		—		(.04	)		11.21		.99	4		3			.52	5		1.96	5
12/31/2018		11.12		.16			(.01	)		.15			(.13	)		—		(.13	)		11.14		1.38			4			.53			1.42
12/31/2017		11.10		.06			—	9		.06			(.04	)		—		(.04	)		11.12		.54			4			.53			.50
12/31/201613		11.11		(.01	)		—	9		(.01	)		—			—		—			11.10		(.09	)		4			.53			(.08	)
12/31/2015		11.16		(.05	)		—	9		(.05	)		—			—		—			11.11		(.45	)		6			.52			(.42	)
12/31/2014		11.21		(.05	)		—			(.05	)		—			—		—			11.16		(.45	)		8			.52			(.44	)
Class 4:
6/30/20192,3		11.15		.09			—	9		.09			(.04	)		—		(.04	)		11.20		.78	4		21			.84	5		1.64	5
12/31/2018		11.13		.12			.01			.13			(.11	)		—		(.11	)		11.15		1.14			18			.86			1.11
12/31/2017		11.12		.02			—	9		.02			(.01	)		—		(.01	)		11.13		.16			15			.85			.19
12/31/201613		11.17		(.04	)		(.01	)		(.05	)		—			—		—			11.12		(.45	)		13			.85			(.40	)
12/31/2015		11.25		(.08	)		—	9		(.08	)		—			—		—			11.17		(.71	)		16			.85			(.74	)
12/31/2014		11.30		(.09	)		.04			(.05	)		—			—		—			11.25		(.44	)		7			.84			(.77	)

200 American Funds Insurance Series

			Income (loss) from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
U.S. Government/AAA-Rated Securities Fund
Class 1:
6/30/20192,3	$	11.94	$	.13	$	.43		$	.56	$	(.05	)	$	—		$	(.05	)	$	12.45		4.70	%4	$	1,457			.36	%5		2.17	%5
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:
6/30/20192,3		11.93		.12		.42			.54		(.05	)		—			(.05	)		12.42		4.51	4		2			.61	5		1.96	5
12/31/2018		12.08		.22		(.14	)		.08		(.23	)		—			(.23	)		11.93		.70			1			.61			1.82
12/31/20172,7		12.05		.18		.03			.21		(.18	)		—			(.18	)		12.08		1.73	4		—	8		.58	5		1.53	5
Class 2:
6/30/20192,3		11.82		.11		.43			.54		(.05	)		—			(.05	)		12.31		4.45	4		1,334			.61	5		1.92	5
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:
6/30/20192,3		11.97		.12		.43			.55		(.05	)		—			(.05	)		12.47		4.57	4		9			.54	5		1.99	5
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:
6/30/20192,3		11.84		.10		.41			.51		(.04	)		—			(.04	)		12.31		4.34	4		113			.86	5		1.69	5
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 201

Financial highlights (continued)

			Income (loss) from																										Ratio of			Ratio of
			investment operations1									Dividends and distributions																	expenses			expenses
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distribu- tions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of period		Total return14			Net assets, end of period (in millions)			to average net assets before waivers/ reimburse- ments			to average net assets after waivers/ reimburse- ments14			Net effective expense ratio14,15			Ratio of net income to average net assets14
Managed Risk Growth Fund
Class P1:
6/30/20192,3	$	12.30	$	.02		$	1.38		$	1.40		$	(.12	)	$	(.92	)	$	(1.04	)	$	12.66		11.56	%4,12	$	4			.41	%5,12		.36	%5,12		.70	%5,12		.37	%5,12
12/31/2018		13.22		.11			(.04	)		.07			(.10	)		(.89	)		(.99	)		12.30		(.04	)12		3			.42	12		.37	12		.71	12		.82	12
12/31/2017		10.71		.08			2.70			2.78			(.07	)		(.20	)		(.27	)		13.22		26.23	12		2			.42	12		.36	12		.70	12		.69	12
12/31/2016		11.49		.08			.20			.28			(.05	)		(1.01	)		(1.06	)		10.71		2.89	12		1			.50	12		.34	12		.68	12		.79	12
12/31/2015		11.37		.09			.03			.12			—			—			—			11.49		1.06	12		—	8		.53	12		.29	12		.63	12		.80	12
12/31/2014		11.43		.31			(.06	)		.25			(.12	)		(.19	)		(.31	)		11.37		2.18	12		—	8		.50	12		.32	12		.65	12		2.71	12
Class P2:
6/30/20192,3		12.21		—	9		1.38			1.38			(.09	)		(.92	)		(1.01	)		12.58		11.42	4		393			.67	5		.62	5		.96	5		.07	5
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:
6/30/20192,3	$	9.82	$	.01		$	1.08		$	1.09		$	(.20	)	$	(.32	)	$	(.52	)	$	10.39		11.27	%4,12	$	1			.38	%5,12		.32	%5,12		.82	%5,12		.26	%5,12
12/31/2018		11.25		.32			(1.44	)		(1.12	)		(.26	)		(.05	)		(.31	)		9.82		(10.11	)12		—	8		.33	12		.28	12		.77	12		3.02	12
12/31/2017		8.89		.11			2.47			2.58			(.10	)		(.12	)		(.22	)		11.25		29.28	12		—	8		.28	12		.20	12		.69	12		1.13	12
12/31/2016		9.48		.10			(.35	)		(.25	)		(.12	)		(.22	)		(.34	)		8.89		(2.59	)12		—	8		.39	12		.23	12		.74	12		1.15	12
12/31/2015		10.10		.18			(.80	)		(.62	)		—	9		—			—	9		9.48		(6.12	)12		—	8		.45	12		.21	12		.72	12		1.75	12
12/31/2014		10.82		.14			(.71	)		(.57	)		(.15	)		—			(.15	)		10.10		(5.31	)12		—	8		.50	12		.25	12		.76	12		1.33	12
Class P2:
6/30/20192,3		9.76		—	9		1.08			1.08			(.20	)		(.32	)		(.52	)		10.32		11.17	4		163			.69	5		.62	5		1.12	5		(.08	)5
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	)		—	9		—			—	9		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:
6/30/20192,3	$	11.28	$	.05		$	.69		$	.74		$	(.20	)	$	(.60	)	$	(.80	)	$	11.22		6.63	%4,12	$	1			.37	%5,12		.31	%5,12		.70	%5,12		.85	%5,12
12/31/2018		13.04		.40			(1.27	)		(.87	)		(.45	)		(.44	)		(.89	)		11.28		(6.99	)12		—	8		.33	12		.28	12		.67	12		3.21	12
12/31/2017		11.67		.19			1.59			1.78			(.22	)		(.19	)		(.41	)		13.04		15.48	12		—	8		.30	12		.25	12		.64	12		1.59	12
12/31/2016		10.80		.20			1.25			1.45			(.21	)		(.37	)		(.58	)		11.67		13.77	12		—	8		.43	12		.27	12		.67	12		1.83	12
12/31/2015		11.70		.19			(1.02	)		(.83	)		(.07	)		—			(.07	)		10.80		(7.07	)12		—	8		.50	12		.27	12		.66	12		1.64	12
12/31/2014		11.05		.40			.55			.95			(.30	)		—			(.30	)		11.70		8.58	12		—	8		.50	12		.31	12		.70	12		3.43	12
Class P2:
6/30/20192,3		11.21		.02			.70			.72			(.19	)		(.60	)		(.79	)		11.14		6.52	4		353			.67	5		.61	5		1.00	5		.32	5
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

202 American Funds Insurance Series

			Income (loss) from																										Ratio of			Ratio of
			investment operations1									Dividends and distributions																	expenses			expenses
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distribu- tions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of period		Total return14			Net assets, end of period (in millions)			to average net assets before waivers/ reimburse- ments			to average net assets after waivers/ reimburse- ments14			Net effective expense ratio14,15			Ratio of net income to average net assets14
Managed Risk Growth-Income Fund
Class P1:
6/30/20192,3	$	11.73	$	.03		$	1.30		$	1.33		$	(.04	)	$	(.10	)	$	(.14	)	$	12.92		11.36	%4,12	$	1,883			.42	%5,12		.37	%5,12		.66	%5,12		.46	%5,12
12/31/2018		12.66		(.02	)		(.15	)		(.17	)		(.19	)		(.57	)		(.76	)		11.73		(1.66	)12		1,662			.40	12		.35	12		.64	12		(.20	)12
12/31/2017		11.07		.19			2.03			2.22			(.13	)		(.50	)		(.63	)		12.66		20.64	12		2			.44	12		.37	12		.66	12		1.61	12
12/31/2016		11.25		.16			.52			.68			(.16	)		(.70	)		(.86	)		11.07		6.49	12		1			.52	12		.36	12		.64	12		1.46	12
12/31/2015		11.67		.25			(.63	)		(.38	)		(.04	)		—			(.04	)		11.25		(3.27	)12		1			.56	12		.31	12		.59	12		2.17	12
12/31/2014		11.50		.35			.21			.56			(.14	)		(.25	)		(.39	)		11.67		4.85	12		—	8		.45	12		.25	12		.52	12		2.94	12
Class P2:
6/30/20192,3		11.67		.01			1.30			1.31			(.03	)		(.10	)		(.13	)		12.85		11.26	4		260			.67	5		.62	5		.91	5		.20	5
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
Managed Risk Asset Allocation Fund
Class P1:
6/30/20192,3	$	12.23	$	.03		$	1.16		$	1.19		$	—		$	(.57	)	$	(.57	)	$	12.85		9.78	%4	$	2			.41	%5		.36	%5		.64	%5		.51	%5
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:
6/30/20192,3		12.22		.02			1.16			1.18			(.31	)		(.57	)		(.88	)		12.52		9.74	4		2,706			.66	5		.61	5		.89	5		.37	5
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 203

Financial highlights (continued)

Portfolio turnover rate for all share classes	Six months ended			Period ended December 31,
excluding mortgage dollar roll transactions16	June 30, 20192,3,4			2018			2017			2016			2015			2014
Capital Income Builder		25	%		42	%		59	%		41	%		38	%		24	%4,11
Asset Allocation Fund		28			34			39			43			28			42
Global Balanced Fund		57			30			28			43			36			40
Bond Fund		82			98			153			108			141			121
Global Bond Fund		69			78			74			70			88			134
Mortgage Fund		13			60			98			113			138			108
U.S. Government/AAA-Rated Securities Fund		50			76			120			273			352			88
Portfolio turnover rate for all share classes
including mortgage dollar roll transactions, if		Six months ended		Period ended December 31,
applicable16		June 30, 20192,3,4			2018			2017			2016			2015			2014
Global Growth Fund		18	%		25	%		31	%		27	%		29	%		22	%
Global Small Capitalization Fund		37			43			33			40			36			28
Growth Fund		15			35			24			26			20			29
International Fund		22			29			29			31			37			18
New World Fund		29			58			56			32			39			36
Blue Chip Income and Growth Fund		30			49			34			30			26			37
Global Growth and Income Fund		28			49			41			57			37			28
Growth-Income Fund		16			39			27			27			25			25
International Growth and Income Fund		20			38			51			32			35			34
Capital Income Builder Fund		38			98			88			53			128			35	4,11
Asset Allocation Fund		46			86			85			83			76			88
Global Balanced Fund		66			51			41			65			76			73
Bond Fund		228			514			502			375			434			365
Global Bond Fund		100			125			105			154			159			200
High-Income Bond Fund		43			67			78			89			66			54
Mortgage Fund		137			811			680			713			1103			790
U.S. Government/AAA-Rated Securities Fund		130			446			551			539			901			387
Ultra-Short Bond Fund		—	17		—	17		—	17		—	13,17		N/A			N/A
Managed Risk Growth Fund		7			7			25			15			16			22
Managed Risk International Fund		5			8			25			26			15			22
Managed Risk Blue Chip Income and Growth Fund		8			11			32			9			20			22
Managed Risk Growth-Income Fund		3			14			26			14			11			28
Managed Risk Asset Allocation Fund		6			12			1			3			3			3

1	Based on average shares outstanding.
2	Based on operations for a period that is less than a full year.
3	Unaudited.
4	Not annualized.
5	Annualized.
6	For the year ended December 31, 2014, reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the net investment income per share and ratio of net income to average net assets would have been lower for all share classes.
7	Class 1A shares began investment operations on January 6, 2017.
8	Amount less than $1 million.
9	Amount less than $.01.
10	Amount less than .01%.
11	For the period May 1, 2014, commencement of operations, through December 31, 2014.
12	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Certain fees (including, where applicable, fees for distribution services) are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
13	On May 1, 2016, the fund converted from a cash fund to an ultra-short-term bond fund and changed its name from Cash Management Fund to Ultra-Short Bond Fund.
14	This column reflects the impact of certain waivers/reimbursements by CRMC. CRMC waived a portion of investment advisory services and reimbursed a portion of miscellaneous fees and expenses for the managed risk funds.
15	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.
16	Refer to Note 5 for further information on mortgage dollar rolls.
17	Amount is either less than 1% or there is no turnover.

See notes to financial statements.

204 American Funds Insurance Series

Expense example unaudited

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (January 1, 2019, through June 30, 2019).

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.

American Funds Insurance Series 205

	Beginning account value 1/1/2019		Ending account value 6/30/2019		Expenses paid during  period1		Annualized expense ratio
Global Growth Fund
Class 1 – actual return	$	1,000.00	$	1,214.13	$	3.02		.55	%
Class 1 – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 1A – actual return		1,000.00		1,212.31		4.39		.80
Class 1A – assumed 5% return		1,000.00		1,020.83		4.01		.80
Class 2 – actual return		1,000.00		1,212.54		4.39		.80
Class 2 – assumed 5% return		1,000.00		1,020.83		4.01		.80
Class 4 – actual return		1,000.00		1,210.72		5.76		1.05
Class 4 – assumed 5% return		1,000.00		1,019.59		5.26		1.05
Global Small Capitalization Fund
Class 1 – actual return	$	1,000.00	$	1,203.05	$	4.04		.74	%
Class 1 – assumed 5% return		1,000.00		1,021.12		3.71		.74
Class 1A – actual return		1,000.00		1,202.11		5.35		.98
Class 1A – assumed 5% return		1,000.00		1,019.93		4.91		.98
Class 2 – actual return		1,000.00		1,201.64		5.40		.99
Class 2 – assumed 5% return		1,000.00		1,019.89		4.96		.99
Class 4 – actual return		1,000.00		1,200.54		6.77		1.24
Class 4 – assumed 5% return		1,000.00		1,018.65		6.21		1.24
Growth Fund
Class 1 – actual return	$	1,000.00	$	1,167.96	$	1.83		.34	%
Class 1 – assumed 5% return		1,000.00		1,023.11		1.71		.34
Class 1A – actual return		1,000.00		1,166.58		3.17		.59
Class 1A – assumed 5% return		1,000.00		1,021.87		2.96		.59
Class 2 – actual return		1,000.00		1,166.46		3.17		.59
Class 2 – assumed 5% return		1,000.00		1,021.87		2.96		.59
Class 3 – actual return		1,000.00		1,166.82		2.79		.52
Class 3 – assumed 5% return		1,000.00		1,022.22		2.61		.52
Class 4 – actual return		1,000.00		1,165.10		4.51		.84
Class 4 – assumed 5% return		1,000.00		1,020.63		4.21		.84
International Fund
Class 1 – actual return	$	1,000.00	$	1,149.41	$	2.82		.53	%
Class 1 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 1A – actual return		1,000.00		1,147.62		4.15		.78
Class 1A – assumed 5% return		1,000.00		1,020.93		3.91		.78
Class 2 – actual return		1,000.00		1,147.75		4.15		.78
Class 2 – assumed 5% return		1,000.00		1,020.93		3.91		.78
Class 3 – actual return		1,000.00		1,148.73		3.78		.71
Class 3 – assumed 5% return		1,000.00		1,021.27		3.56		.71
Class 4 – actual return		1,000.00		1,146.77		5.48		1.03
Class 4 – assumed 5% return		1,000.00		1,019.69		5.16		1.03
New World Fund
Class 1 – actual return	$	1,000.00	$	1,192.28	$	4.08		.75	%
Class 1 – assumed 5% return		1,000.00		1,021.08		3.76		.75
Class 1A – actual return		1,000.00		1,191.04		5.43		1.00
Class 1A – assumed 5% return		1,000.00		1,019.84		5.01		1.00
Class 2 – actual return		1,000.00		1,190.66		5.43		1.00
Class 2 – assumed 5% return		1,000.00		1,019.84		5.01		1.00
Class 4 – actual return		1,000.00		1,189.60		6.79		1.25
Class 4 – assumed 5% return		1,000.00		1,018.60		6.26		1.25

206 American Funds Insurance Series

	Beginning account value 1/1/2019		Ending account value 6/30/2019		Expenses paid during period1		Annualized expense ratio
Blue Chip Income and Growth Fund
Class 1 – actual return	$	1,000.00	$	1,111.39	$	2.15		.41	%
Class 1 – assumed 5% return		1,000.00		1,022.76		2.06		.41
Class 1A – actual return		1,000.00		1,108.91		3.45		.66
Class 1A – assumed 5% return		1,000.00		1,021.52		3.31		.66
Class 2 – actual return		1,000.00		1,108.87		3.45		.66
Class 2 – assumed 5% return		1,000.00		1,021.52		3.31		.66
Class 4 – actual return		1,000.00		1,108.28		4.76		.91
Class 4 – assumed 5% return		1,000.00		1,020.28		4.56		.91
Global Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	1,194.72	$	3.48		.64	%
Class 1 – assumed 5% return		1,000.00		1,021.62		3.21		.64
Class 1A – actual return		1,000.00		1,193.09		4.79		.88
Class 1A – assumed 5% return		1,000.00		1,020.43		4.41		.88
Class 2 – actual return		1,000.00		1,193.92		4.84		.89
Class 2 – assumed 5% return		1,000.00		1,020.38		4.46		.89
Class 4 – actual return		1,000.00		1,192.40		6.20		1.14
Class 4 – assumed 5% return		1,000.00		1,019.14		5.71		1.14
Growth-Income Fund
Class 1 – actual return	$	1,000.00	$	1,161.54	$	1.50		.28	%
Class 1 – assumed 5% return		1,000.00		1,023.41		1.40		.28
Class 1A – actual return		1,000.00		1,160.04		2.84		.53
Class 1A – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 2 – actual return		1,000.00		1,160.23		2.84		.53
Class 2 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 3 – actual return		1,000.00		1,160.50		2.46		.46
Class 3 – assumed 5% return		1,000.00		1,022.51		2.31		.46
Class 4 – actual return		1,000.00		1,158.90		4.18		.78
Class 4 – assumed 5% return		1,000.00		1,020.93		3.91		.78
International Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	1,148.19	$	3.46		.65	%
Class 1 – assumed 5% return		1,000.00		1,021.57		3.26		.65
Class 1A – actual return		1,000.00		1,147.37		4.79		.90
Class 1A – assumed 5% return		1,000.00		1,020.33		4.51		.90
Class 2 – actual return		1,000.00		1,147.53		4.79		.90
Class 2 – assumed 5% return		1,000.00		1,020.33		4.51		.90
Class 4 – actual return		1,000.00		1,146.04		6.12		1.15
Class 4 – assumed 5% return		1,000.00		1,019.09		5.76		1.15
Capital Income Builder
Class 1 – actual return	$	1,000.00	$	1,100.62	$	2.71		.52	%
Class 1 – assumed 5% return		1,000.00		1,022.22		2.61		.52
Class 1A – actual return		1,000.00		1,099.47		4.01		.77
Class 1A – assumed 5% return		1,000.00		1,020.98		3.86		.77
Class 2 – actual return		1,000.00		1,100.46		4.01		.77
Class 2 – assumed 5% return		1,000.00		1,020.98		3.86		.77
Class 4 – actual return		1,000.00		1,098.17		5.31		1.02
Class 4 – assumed 5% return		1,000.00		1,019.74		5.11		1.02

See end of tables for footnotes.

American Funds Insurance Series 207

	Beginning account value  1/1/2019		Ending account value 6/30/2019		Expenses paid during period1		Annualized expense ratio
Asset Allocation Fund
Class 1 – actual return	$	1,000.00	$	1,121.12	$	1.47		.28	%
Class 1 – assumed 5% return		1,000.00		1,023.41		1.40		.28
Class 1A – actual return		1,000.00		1,119.51		2.79		.53
Class 1A – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 2 – actual return		1,000.00		1,119.97		2.84		.54
Class 2 – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 3 – actual return		1,000.00		1,120.15		2.47		.47
Class 3 – assumed 5% return		1,000.00		1,022.46		2.36		.47
Class 4 – actual return		1,000.00		1,118.65		4.10		.78
Class 4 – assumed 5% return		1,000.00		1,020.93		3.91		.78
Global Balanced Fund
Class 1 – actual return	$	1,000.00	$	1,130.13	$	3.70		.70	%
Class 1 – assumed 5% return		1,000.00		1,021.32		3.51		.70
Class 1A – actual return		1,000.00		1,129.50		5.02		.95
Class 1A – assumed 5% return		1,000.00		1,020.08		4.76		.95
Class 2 – actual return		1,000.00		1,128.63		5.01		.95
Class 2 – assumed 5% return		1,000.00		1,020.08		4.76		.95
Class 4 – actual return		1,000.00		1,128.01		6.33		1.20
Class 4 – assumed 5% return		1,000.00		1,018.84		6.01		1.20
Bond Fund
Class 1 – actual return	$	1,000.00	$	1,068.12	$	1.95		.38	%
Class 1 – assumed 5% return		1,000.00		1,022.91		1.91		.38
Class 1A – actual return		1,000.00		1,066.05		3.23		.63
Class 1A – assumed 5% return		1,000.00		1,021.67		3.16		.63
Class 2 – actual return		1,000.00		1,066.60		3.23		.63
Class 2 – assumed 5% return		1,000.00		1,021.67		3.16		.63
Class 4 – actual return		1,000.00		1,065.38		4.51		.88
Class 4 – assumed 5% return		1,000.00		1,020.43		4.41		.88
Global Bond Fund
Class 1 – actual return	$	1,000.00	$	1,065.90	$	2.92		.57	%
Class 1 – assumed 5% return		1,000.00		1,021.97		2.86		.57
Class 1A – actual return		1,000.00		1,064.66		4.20		.82
Class 1A – assumed 5% return		1,000.00		1,020.73		4.11		.82
Class 2 – actual return		1,000.00		1,064.15		4.20		.82
Class 2 – assumed 5% return		1,000.00		1,020.73		4.11		.82
Class 4 – actual return		1,000.00		1,063.50		5.47		1.07
Class 4 – assumed 5% return		1,000.00		1,019.49		5.36		1.07
High-Income Bond Fund
Class 1 – actual return	$	1,000.00	$	1,098.08	$	2.60		.50	%
Class 1 – assumed 5% return		1,000.00		1,022.32		2.51		.50
Class 1A – actual return		1,000.00		1,096.74		3.85		.74
Class 1A – assumed 5% return		1,000.00		1,021.12		3.71		.74
Class 2 – actual return		1,000.00		1,097.05		3.90		.75
Class 2 – assumed 5% return		1,000.00		1,021.08		3.76		.75
Class 3 – actual return		1,000.00		1,097.32		3.54		.68
Class 3 – assumed 5% return		1,000.00		1,021.42		3.41		.68
Class 4 – actual return		1,000.00		1,095.44		5.20		1.00
Class 4 – assumed 5% return		1,000.00		1,019.84		5.01		1.00

208 American Funds Insurance Series

	Beginning account value 1/1/2019		Ending account value 6/30/2019		Expenses paid during period1		Annualized expense ratio
Mortgage Fund
Class 1 – actual return	$	1,000.00	$	1,041.57	$	2.28		.45	%
Class 1 – assumed 5% return		1,000.00		1,022.56		2.26		.45
Class 1A – actual return		1,000.00		1,040.21		3.54		.70
Class 1A – assumed 5% return		1,000.00		1,021.32		3.51		.70
Class 2 – actual return		1,000.00		1,040.25		3.54		.70
Class 2 – assumed 5% return		1,000.00		1,021.32		3.51		.70
Class 4 – actual return		1,000.00		1,039.23		4.80		.95
Class 4 – assumed 5% return		1,000.00		1,020.08		4.76		.95
Ultra-Short Bond Fund
Class 1 – actual return	$	1,000.00	$	1,010.95	$	1.70		.34	%
Class 1 – assumed 5% return		1,000.00		1,023.11		1.71		.34
Class 1A – actual return		1,000.00		1,010.95		1.70		.34
Class 1A – assumed 5% return		1,000.00		1,023.11		1.71		.34
Class 2 – actual return		1,000.00		1,008.98		2.94		.59
Class 2 – assumed 5% return		1,000.00		1,021.87		2.96		.59
Class 3 – actual return		1,000.00		1,009.91		2.59		.52
Class 3 – assumed 5% return		1,000.00		1,022.22		2.61		.52
Class 4 – actual return		1,000.00		1,007.79		4.18		.84
Class 4 – assumed 5% return		1,000.00		1,020.63		4.21		.84
U.S. Government/AAA-Rated Securities Fund
Class 1 – actual return	$	1,000.00	$	1,047.01	$	1.83		.36	%
Class 1 – assumed 5% return		1,000.00		1,023.01		1.81		.36
Class 1A – actual return		1,000.00		1,045.08		3.09		.61
Class 1A – assumed 5% return		1,000.00		1,021.77		3.06		.61
Class 2 – actual return		1,000.00		1,044.47		3.09		.61
Class 2 – assumed 5% return		1,000.00		1,021.77		3.06		.61
Class 3 – actual return		1,000.00		1,045.73		2.74		.54
Class 3 – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 4 – actual return		1,000.00		1,043.40		4.36		.86
Class 4 – assumed 5% return		1,000.00		1,020.53		4.31		.86

See end of tables for footnotes.

American Funds Insurance Series 209

	Beginning account value 1/1/2019		Ending account value 6/30/2019		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Managed Risk Growth Fund
Class P1 – actual return	$	1,000.00	$	1,115.56	$	1.89		.36	%	$	3.67		.70	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.51		.70
Class P2 – actual return		1,000.00		1,114.24		3.25		.62			5.03		.96
Class P2 – assumed 5% return		1,000.00		1,021.72		3.11		.62			4.81		.96
Managed Risk International Fund
Class P1 – actual return	$	1,000.00	$	1,112.70	$	1.68		.32	%	$	4.30		.82	%
Class P1 – assumed 5% return		1,000.00		1,023.21		1.61		.32			4.11		.82
Class P2 – actual return		1,000.00		1,111.74		3.25		.62			5.86		1.12
Class P2 – assumed 5% return		1,000.00		1,021.72		3.11		.62			5.61		1.12
Managed Risk Blue Chip Income and Growth Fund
Class P1 – actual return	$	1,000.00	$	1,066.32	$	1.59		.31	%	$	3.59		.70	%
Class P1 – assumed 5% return		1,000.00		1,023.26		1.56		.31			3.51		.70
Class P2 – actual return		1,000.00		1,065.21		3.12		.61			5.12		1.00
Class P2 – assumed 5% return		1,000.00		1,021.77		3.06		.61			5.01		1.00
Managed Risk Growth-Income Fund
Class P1 – actual return	$	1,000.00	$	1,113.64	$	1.94		.37	%	$	3.46		.66	%
Class P1 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.31		.66
Class P2 – actual return		1,000.00		1,112.62		3.25		.62			4.77		.91
Class P2 – assumed 5% return		1,000.00		1,021.72		3.11		.62			4.56		.91
Managed Risk Asset Allocation Fund
Class P1 – actual return	$	1,000.00	$	1,097.83	$	1.87		.36	%	$	3.33		.64	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.21		.64
Class P2 – actual return		1,000.00		1,097.43		3.17		.61			4.63		.89
Class P2 – assumed 5% return		1,000.00		1,021.77		3.06		.61			4.46		.89

1	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

210 American Funds Insurance Series

Approval of Investment Advisory and Service Agreement – American Funds Insurance Series

American Funds Insurance Series’ board has approved the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) through April 30, 2020. The agreement was amended to add additional advisory fee breakpoints for International Growth and Income Fund when the fund’s net assets exceed $1.5 billion, and for Capital Income Builder when the fund’s net assets exceed $600 million and $1 billion. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all of the series’ independent board members. The board and the committee determined in the exercise of their business judgment that each fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management, compliance, trading, portfolio accounting and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with relevant benchmarks, such as market indexes and fund averages, over various periods through September 30, 2018. This report, including the letter to shareholders and related disclosures, contains certain information about each fund’s investment results.

Global Growth Fund seeks to provide long-term growth of capital by investing primarily in common stocks of companies located around the world. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Global Funds Average and (ii) the MSCI All Country World Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund generally compared favorably to the results of these indexes.

Global Small Capitalization Fund seeks to provide long-term growth of capital by investing primarily in stocks of smaller companies located around the world. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Global Small-/Mid-Cap Funds Average and (ii) the MSCI All Country World Small Cap Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes, though the fund’s results were higher for the one-year, 20-year and lifetime periods.

American Funds Insurance Series 211

Growth Fund seeks to provide growth of capital by investing primarily in common stocks of companies that appear to offer superior opportunities for growth of capital. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Capital Appreciation Funds Average, (ii) the Lipper Growth Funds Average and (iii) the Standard & Poor’s 500 Composite Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund generally compared favorably to the results of these indexes.

International Fund seeks to provide long-term growth of capital by investing primarily in common stocks of companies domiciled outside the United States. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper International Funds Average and (ii) the MSCI All Country World Index ex USA. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund generally compared favorably to the results of these indexes.

New World Fund seeks long-term capital appreciation by investing primarily in stocks of companies with significant exposure to countries with developing economies and/or markets. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Emerging Markets Funds Average, (ii) the MSCI All Country World Index and (iii) the MSCI Emerging Markets Index. They reviewed the results for the one-year, three-year, five-year, 10-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

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 by investing primarily in dividend-paying common stocks of larger, more established companies domiciled in the United States with market capitalizations of $4 billion and above. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Growth and Income Funds Average and (ii) the Standard & Poor’s 500 Composite Index. They reviewed the results for the one-year, three-year, five-year, 10-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

Global Growth and Income Fund seeks to provide long-term growth of capital while providing current income by investing primarily in well-established companies located around the world. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Global Funds Average and (ii) the MSCI All Country World Index. They reviewed the results for the one-year, three-year, five-year, 10-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund generally compared favorably to the results of these indexes for the longer term periods and were mixed compared to the results of these indexes for the shorter periods.

Growth-Income Fund seeks to provide long-term growth of capital and income by investing primarily in common stocks or other securities that demonstrate the potential for appreciation and/or dividends. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Growth and Income Funds Average and (ii) the Standard & Poor’s 500 Composite Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund generally compared favorably to the results of these indexes.

International Growth and Income Fund seeks to provide long-term growth of capital while providing current income by investing primarily in stocks of larger, well-established companies domiciled outside the United States, including in developing countries. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper International Funds Average and (ii) the MSCI All Country World Index ex USA. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history and that the investment results of the fund were higher than the results of these indexes over the lifetime period, though lower than the results of these indexes over the shorter periods.

212 American Funds Insurance Series

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. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Global Equity Income Funds Average, (ii) the MSCI All Country World Index, (iii) the Bloomberg Barclays U.S. Aggregate Index and (iv) a customized index composed of 70% MSCI index and 30% Bloomberg Barclays index. They reviewed the results for the one-year, three-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history, and that the investment results of the fund were mixed compared to the results of these indexes.

Asset Allocation Fund seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term by investing in a diversified portfolio of stocks and other equity securities, bonds and other intermediate and long-term debt securities, and money market instruments (debt securities maturing in one year or less). The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Balanced Funds Average, (ii) the Bloomberg Barclays U.S. Aggregate Index, (iii) the Standard and Poor’s 500 Composite Index and (iv) a customized index composed of 60% S&P 500 index and 40% Bloomberg Barclays index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

Global Balanced Fund seeks the balanced accomplishment of three objectives — long-term growth of capital, conservation of principal and current income — by investing in equity and debt securities of companies around the world that offer the opportunity for growth and/or provide dividend income, while also constructing its portfolio to protect principal and limit volatility. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Flexible Portfolio Funds Average, (ii) the Bloomberg Barclays Global Aggregate Index, (iii) the MSCI All Country World Index and (iv) a customized index composed of 60% MSCI index and 40% Bloomberg Barclays index. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history, and that the investment results of the fund were mixed compared to the results of these indexes.

Bond Fund seeks to maximize current income and preserve capital by investing primarily in bonds. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Core Bond Funds Average and (ii) the Bloomberg Barclays U.S. Aggregate Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

Global Bond Fund seeks to provide a high level of total return by investing primarily in debt securities of governmental, supranational and corporate issuers domiciled in various countries and denominated in various currencies, including U.S. dollars. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Global Income Funds Average and (ii) the Bloomberg Barclays Global Aggregate Index. They reviewed the results for the one-year, three-year, five-year, 10-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

High-Income Bond Fund seeks to provide a high level of current income and, secondarily, capital appreciation by investing primarily in higher yielding and generally lower quality debt securities. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper High Yield Funds Average and (ii) the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

American Funds Insurance Series 213

Mortgage Fund seeks to provide current income and preservation of capital by investing in mortgage-related securities, including securities collateralized by mortgage loans and contracts for future delivery of such securities. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper GNMA Funds Average, (ii) the Lipper Intermediate U.S. Government Funds Average and (iii) the Bloomberg Barclays U.S. Mortgage Backed Securities Index. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history and that the investment results of the fund were mixed compared to the results of these indexes.

Ultra-Short Bond Fund seeks to provide an opportunity to earn income on cash reserves while preserving the value of investment and maintaining liquidity. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Ultra Short Obligation Funds Average, (ii) the Lipper Money Market Funds Average and (iii) the Bloomberg Barclays Short-Term Government/Corporate Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes for the one-year, three-year and lifetime periods, though lower than the results of these indexes for the five-year, 10-year and 20-year periods.

U.S. Government/AAA-Rated Securities Fund seeks to provide a high level of current income, as well as to preserve principal. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper General U.S. Government Funds Average and (ii) the Bloomberg Barclays U.S. Government/Mortgage Backed Securities Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

The board and the committee concluded that each fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. They observed that the total expenses of each fund were less than the median total expenses of the other funds included in its Lipper category described above. They also observed that each fund’s advisory fees were less than the median fees of the other funds included in its Lipper category, other than Global Balanced Fund.

The board and the committee also considered the breakpoint discounts in each fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. The board and committee noted that CRMC had agreed to additional breakpoints for the advisory fee schedules of International Growth and Income Fund and Capital Income Builder. In addition, they reviewed information regarding advisory fees charged to clients of an affiliate of CRMC. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational and regulatory differences between advising the funds and the other clients. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by each fund.

214 American Funds Insurance Series

 5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds’ advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.

American Funds Insurance Series 215

Approval of Investment Advisory and Service Agreement and Subadvisory Agreement – American Funds Insurance Series Managed Risk Funds

American Funds Insurance Series’ board has approved the series’ Investment Advisory and Service Agreement (the “advisory agreement”) with Capital Research and Management Company (“CRMC”) with respect to the Managed Risk Funds through April 30, 2020. The board has also approved the series’ Subadvisory Agreement (the “subadvisory agreement”) with CRMC and Milliman Financial Risk Management LLC (“Milliman FRM”) with respect to these funds for the same term. The subadvisory agreement was amended to add an additional subadvisory fee breakpoint for when the funds’ net assets exceed $10 billion. The advisory and subadvisory agreements are jointly referred to below as the “agreements.” The board approved the agreements following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all of the series’ independent board members. The board and the committee determined in the exercise of their business judgment that each fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreements was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreements, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management, compliance, trading, portfolio accounting and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of the oversight of Milliman FRM’s services provided by CRMC, the administrative, compliance and shareholder services provided by CRMC to the funds under the agreements and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

The board and the committee also considered the depth and quality of Milliman FRM’s investment management process, including its experience in applying the Milliman Managed Risk Strategy to other funds in the series and risk management services for other clients; the experience, capability and integrity of its senior management and other personnel; and the services provided to each fund under the subadvisory agreement. The board and the committee concluded that the nature, extent and quality of the services provided by Milliman FRM have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with relevant benchmarks, such as market indexes and fund averages, over various periods through September 30, 2018. This report, including the letter to shareholders and related disclosures, contains certain information about each fund’s investment results.

Managed Risk Growth Fund seeks to provide growth of capital while seeking to manage volatility and provide downside protection. The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Standard & Poor’s 500 Composite Index and (ii) the S&P 500 Managed Risk Index – Moderate Aggressive. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history and that the investment results of the fund were mixed compared to the results of these indexes.

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Managed Risk International Fund seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection. The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the MSCI All Country World Index ex USA and (ii) the Standard & Poor’s EPAC Ex-Korea LargeMidCap Managed Risk Index – Moderate Aggressive. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history, and that the investment results of the fund were mixed compared to the results of these indexes.

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. The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Standard & Poor’s 500 Composite Index and (ii) the S&P 500 Managed Risk Index – Moderate. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history, and that the investment results of the fund were mixed compared to the results of these indexes for the three-year period, and lower than the results of these indexes for the other periods.

Managed Risk Growth-Income Fund seeks to achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection. The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Standard & Poor’s 500 Composite Index and (ii) the S&P 500 Managed Risk Index – Moderate. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history, and that the investment results of the fund were mixed compared to the results of these indexes.

Managed Risk Asset Allocation Fund seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection. The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Bloomberg Barclays U.S. Aggregate Index, (ii) the Standard & Poor’s 500 Composite Index and (iii) the S&P 500 Managed Risk Index – Moderate Conservative. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history, and that the investment results of the fund were mixed compared to the results of these indexes.

The board and the committee also considered volatility of the funds compared with the S&P 500 Managed Risk indexes noted above and those of a group of funds with volatility management strategies identified by management for the nine-month, one-year and three-year periods, and for the lifetime of each fund through September 30, 2018. They noted that the volatility of Managed Risk Growth Fund and Managed Risk Growth-Income Fund was greater than that of the S&P 500 Managed Risk index, the average of the peer group funds and most of the selected funds for all periods. They noted that the volatility of Managed Risk International Fund was lower than the average of the peer group funds for all periods, and lower than the S&P 500 Managed Risk index for the three-year and lifetime periods. They also noted that the volatility of Managed Risk Blue Chip Income and Growth Fund was higher than the average of the peer group funds and higher than the S&P 500 Managed Risk index for all periods. In addition, they noted that the volatility for Managed Risk Asset Allocation Fund was higher than that of the S&P 500 Managed Risk index and higher than the average of the peer group funds for all periods. The board and the committee concluded that each fund’s investment results and the results of the services provided by CRMC and Milliman FRM have been satisfactory for renewal of the agreements, and that CRMC’s and Milliman FRM’s record in managing the funds indicated that their continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the total expense levels of each fund to those of other relevant funds. The board and the committee noted CRMC’s waiver of a portion of the advisory fee payable by each fund under the advisory agreement, CRMC’s commitment not to remove the waiver without board approval and CRMC’s agreement to pay the fees due to Milliman FRM under the subadvisory agreement. They observed that the total expenses for Managed Risk Growth Fund were lower than the median and average for the Lipper Growth Funds category, that the total expenses for Managed Risk International Fund were lower than the

American Funds Insurance Series 217

median and average for the Lipper International Funds category, and that the total expenses for Managed Risk Blue Chip Income and Growth Fund were at or slightly above the median of the Lipper Growth and Income Funds category. They also noted that the total expenses for Managed Risk Growth-Income Fund were lower than the median and average for the Lipper Growth and Income Funds category, and that the total expenses for Managed Risk Asset Allocation Fund were lower than the median and average for the Lipper Flexible Portfolio Funds category. The board and the committee also considered the advisory fees payable by the funds and determined that they were reasonable.

The board and the committee also considered the breakpoint discounts in each underlying fund’s advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding advisory fees paid by clients of an affiliate of CRMC. They noted that, to the extent there were differences between the advisory fee schedule for the funds and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and marketing differences between advising the funds and the other clients. They also reviewed the fees paid to Milliman FRM by other funds which it advised or subadvised. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services that CRMC provided, directly and through Milliman FRM, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The Board and the committee also reviewed similar ancillary benefits received by Milliman FRM as a result of its relationship with the series. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They also considered CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.

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American Funds Insurance Series 223

Office of the series

333 South Hope Street

Los Angeles, CA 90071-1406

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

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

224 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.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.

Complete June 30, 2019, 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-PORT-EX. 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 September 30, 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.

American Funds Distributors, Inc., member FINRA.

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 superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 27 years of investment experience, including 22 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds Insurance Series superior outcomes

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 91% of 10-year periods and 100% of 20-year periods.² Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³ We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.⁴

1	Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 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 inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Global Growth and Income 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 Funds Index (Asset Allocation Fund), Core Bond Funds Index (Bond Fund), Global Income Funds Index (Global Bond Fund), High Yield Funds Index (High-Income Bond Fund), Ultra-Short Obligation Funds Index (Ultra-Short 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. Lipper source: Thomson Reuters Lipper. There have been periods when the fund has lagged the index.
3	Based on Class 1 share results as of December 31, 2018. Four of our five fixed income funds showed a three-year correlation below 0.1. Standard & Poor’s 500 Composite Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	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 mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a) Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

(b) Not applicable to this filing.

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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this filing.

Item 13. Exhibits.

(a)(1) Code of Ethics (Item 2) is not applicable to this filing.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)    MML Series Investment Fund                                                                                                                                                 

By (Signature and Title)        /s/ Eric Wietsma                                                                                                                                              

                                              Eric Wietsma, President and Principal Executive Officer

Date      8/21/2019                                 

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/ Eric Wietsma                                                                                                                                             

                                              Eric Wietsma, President and Principal Executive Officer

Date      8/21/2019                                 

By (Signature and Title)        /s/ Renee Hitchcock                                                                                                                                       

                                              Renee Hitchcock, Treasurer and Principal Financial Officer

Date      8/21/2019