MML Series Investment Fund II NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21714

MML Series Investment Fund II

(Exact name of registrant as specified in charter)

100 Bright Meadow Blvd., Enfield, CT 06082

(Address of principal executive offices) (Zip code)

Tina Wilson

100 Bright Meadow Blvd., Enfield, CT 06082

(Name and address of agent for service)

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

Date of fiscal year end: 12/31/2017

Date of reporting period: 12/31/2017

Item 1. Reports to Stockholders.

LOGO

Table of Contents



President’s Letter to Shareholders (Unaudited)			1

Economic and Market Overview (Unaudited)			3

Portfolio Manager Report (Unaudited)			5

Portfolio of Investments
MML Blend Fund			17
MML Equity Fund			42
MML Managed Bond Fund			47
MML U.S. Government Money Market Fund			69

Statements of Assets and Liabilities			70

Statements of Operations			72

Statements of Changes in Net Assets			74

Financial Highlights			76

Notes to Financial Statements			80

Report of Independent Registered Public Accounting Firm			101

Trustees and Officers (Unaudited)			102

Federal Tax Information (Unaudited)			106

Other Information (Unaudited)
Proxy Voting			107
Quarterly Reporting			107
Trustees’ Approval of Investment Advisory Contracts			107
Fund Expenses			108

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

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

To Our Shareholders

LOGO

Tina Wilson

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

December 31, 2017

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

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

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

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

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

Suggestions for retirement investors under any market conditions

Save as much as you can

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

Invest in all market conditions

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

Retirement investors have time on their side

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

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

(Continued)

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

Monitor your asset allocation regularly – and diversify

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

Make informed choices and seek professional guidance

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

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

•

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

•

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

•

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

We’re people protecting people

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

Sincerely,

LOGO

Tina Wilson

President

The information provided is the opinion of MML Investment Advisers, LLC as of 1/1/18 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

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

December 31, 2017

Market Highlights

•

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

•

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

•

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

•

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

•

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

Market Environment

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MML Blend Fund – Portfolio Manager Report (Unaudited)

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

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

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

The Fund’s Initial Class shares returned 15.25%, significantly underperforming the 21.83% return of the S&P 500^® Index (the “stock component’s benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market. The Fund outperformed, by a wide margin, the 3.54% return of the Bloomberg Barclays U.S. Aggregate Bond Index (the “bond component’s benchmark”), which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities. The Fund outperformed the 14.10% return of the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category. Finally, the Fund outperformed the 14.26% return of the Custom Balanced Index (the “blend benchmark”), which comprises the stock component’s benchmark and the bond component’s benchmark. The weightings of each index are 60% and 40%, respectively.

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

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

For the year ended December 31, 2017, the Fund had a substantial portion of its portfolio invested in equities, which rose over 21% in 2017. Within the equity investments in the Fund, a lower-than-benchmark allocation to strong-performing large-cap growth stocks, such as Amazon, detracted from the Fund’s relative performance during the year, since growth stocks outperformed their value counterparts by 16.5% in 2017. The companies that have been growing their earnings and revenues the most had the highest return in 2017. Often investors will favor value-oriented companies when the economy is accelerating, as they generally benefit from cyclical growth; in 2017, however, that was not the case. Instead, investors clamored to own companies that were growing rapidly, and many of these companies were beneficiaries of the use of data and artificial intelligence. Generally, these companies underperformed in 2016, so some of the 2017 gains were catch-up, but certainly not all. We believe the rest has been a realization by investors that these companies are extremely profitable, earning high margins – and may be able to maintain those growth levels for longer than many had previously believed. For example, Alphabet, the parent company of well-known web search company Google, collects massive amounts of data each day and makes the bulk of their money by selling that data. Alphabet rose over 32% in 2017, and their earnings are estimated to have risen over 16% in 2017. (The company’s share price rose only 1.8% in 2016, even as their earnings grew 22%.) On the opposite end of the spectrum, companies that pay high dividends generally underperformed the rest of the market, as investors have begun to question how much should be paid for these slow-growing companies.

In the Fund’s fixed-income investments, the Fund was more invested in corporate bonds than was the bond component’s benchmark, and this helped performance. (Corporate bonds often have performance that more similarly resembles equity performance, rather than bond performance.) The Fund was also able to successfully navigate between 30- and 15-year mortgages over the period, based on relative value pricing, proving that positive performance contributions can be found even in challenging periods.

The Fund is permitted to use derivative instruments. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. The equity portion of the Fund did not use derivatives during the year. The fixed-income component uses derivative instruments for yield curve, duration, downside hedging and to gain exposures. They may also be used as a substitute as a direct investment. In aggregate, these positions detracted from performance for the year.

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

Subadviser outlook

Looking to 2018, we continue to favor equities, as the fundamental reason for their higher than normal margins has not changed. Companies have had lower growth in wage cost due to the globalization of labor markets and the move to automation. These trends are in place, and we don’t see them changing dramatically in 2018. As for the high-growth companies, we remember a similar run by the internet companies in the late 1990s. We believe there are fundamental differences now because the current crop of big growers is making a tremendous amount of money. Valuation does ultimately matter, though, so our view is that these companies will need to continue to grow rapidly to support their high valuations. Some will not be able to, but the Fund is invested in some that Fund management believes will.


MML Blend Fund Portfolio Characteristics (% of Net Assets) on 12/31/17

Common Stock	70.2	%
Corporate Debt	10.2	%
Non-U.S. Government Agency Obligations	8.5	%
U.S. Government Agency Obligations and Instrumentalities	7.4	%
U.S. Treasury Obligations	2.8	%
Sovereign Debt Obligations	0.2	%
Municipal Obligations	0.2	%
Purchased Options	0.1	%
Preferred Stock	0.1	%
Rights	0.0	%

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

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		15.25%		11.00%		7.62%
S&P 500 Index*		21.83%		15.79%		8.50%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.01%
Lipper Balanced Fund Index		14.10%		8.73%		5.73%
Custom Balanced Index		14.26%		10.25%		7.09%

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		14.97%		10.73%		8.63%
S&P 500 Index*		21.83%		15.79%		10.42%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.15%
Lipper Balanced Fund Index		14.10%		8.73%		7.00%
Custom Balanced Index		14.26%		10.25%		8.29%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

* Benchmark

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

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

MML Equity Fund – Portfolio Manager Report (Unaudited)

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

The Fund’s primary objective is to achieve a superior total rate of return over an extended period of time from both capital appreciation and current income. Its secondary objective is the preservation of capital when business and economic conditions indicate that investing for defensive purposes is appropriate. The Fund invests primarily in common stocks of companies that the subadvisers believe are undervalued in the marketplace, with a focus on securities of larger size companies. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks, preferred stocks, securities convertible into common or preferred stocks, and other securities, such as warrants and stock rights, whose value is based on stock prices. The Fund typically invests most of its assets in securities of U.S. companies, but may invest up to 25% of its total assets in foreign securities and American Depositary Receipts (“ADRs”), including developed and emerging market securities. The Fund may invest up to 10% of its net assets in debt securities. The Fund’s two subadvisers are OppenheimerFunds, Inc. (OFI), which managed approximately 59% of the Fund’s portfolio; and Brandywine Global Investment Management, LLC (Brandywine Global), which was responsible for approximately 41% of the Fund’s portfolio, as of December 31, 2017. Effective December 4, 2017, Brandywine Global replaced Loomis, Sayles & Company, L.P. (Loomis Sayles) as a co-subadviser of the MML Equity Fund.

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

The Fund’s Initial Class shares returned 15.79%, outperforming the 13.66% return of the Russell 1000^® Value Index (the “benchmark”), which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. It is market-capitalization weighted.

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

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

For the time that Loomis Sayles served as co-subadviser for the Fund (January 1 – December 3, 2017), the Fund component holdings that contributed most to performance were Bank of America and JPMorgan Chase. Solid earnings results plus various positive developments on the deregulation front served as positive catalysts for stocks within the financials sector, as did the beneficial outlook for these shares due to the prospects of tax reform passage. Two Fund component holdings detracted the most from full-year returns: Advance Auto Parts and Anadarko Petroleum. Shares of Advance Auto Parts came under severe pressure throughout the year, due to the combination of elevated expectations and industry deceleration. Anadarko underperformed in the wake of the Colorado home explosion that originated from a gas leak in a nearby well. While it is unclear who will ultimately be deemed responsible for the explosion, Anadarko, as the owner of the well at the time of the tragedy, saw its share price decline.

For the time that Brandywine Global served as co-subadviser for the Fund (December 4 – December 31, 2017), many of this Fund component’s lowest-momentum energy holdings performed extraordinarily well, as the price of crude oil moved markedly higher. This Fund component’s underweight allocation, relative to the benchmark, to the utilities sector (the worst-performing sector in December by a wide margin) benefited performance. Fund component holdings in the energy and technology sectors hindered performance.

With respect to the OFI portion of the Fund, the top-performing Fund component holdings were in the financials sector, including Bank of America and JPMorgan Chase. The financials sector in general performed well in 2017, as investors became more optimistic about tax reform, which they viewed could positively impact banks. Bank of America and JPMorgan were both beneficiaries of the rally in financial stocks. Another top contributor was XPO Logistics, Inc. Shares of this Fund component holding, a vertically integrated logistics company providing both freight brokerage and trucking services, advanced strongly – due to solid margin improvement after integrating the 2015 acquisition of trucking company Con-Way. Top detractors from performance included energy Fund component holdings Hess Corporation (an American global energy company engaged in the exploration and production of crude oil and natural gas) and Weatherford International plc, one of the largest multinational oilfield service companies. Financial stock Synchrony Financial was another Fund component holding that detracted from results. Synchrony Financial, which provides private label credit cards to merchants, declined after reporting financial results that fell short of expectations. OFI eliminated the position from its portfolio.

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

Subadviser outlook

In the view of Brandywine Global, the economy remains quite strong as we head into 2018. Our bottom-up sector weighting remains more pro-cyclical and positively exposed to higher interest rates. At year end, our Fund component held overweight positions in consumer discretionary, technology, and banks and insurance companies within the finance sector, as well as large underweights in higher-yielding utilities and real estate companies. In our view, changes in tax policy have the potential to continue to benefit our Fund component holdings in the industrials, consumer discretionary and financial sectors, particularly if tax reform ultimately contributes to higher economic growth than expected.

OFI observes that 2017 was characterized by improving global economic activity. As bottom-up value investors, we believe there are attractively valued stocks that can benefit from these positive trends. While many investors focus on a short-term view when considering potential investments, we use in-depth fundamental research to identify companies that could be poised for an unanticipated acceleration in return on invested capital over a multi-year time horizon.


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

JP Morgan Chase & Co.	4.7	%
Bank of America Corp.	3.3	%
Chevron Corp.	2.8	%
Citigroup, Inc.	2.5	%
Wal-Mart Stores, Inc.	2.4	%
Pfizer, Inc.	2.2	%
Apple, Inc.	2.0	%
UnitedHealth Group, Inc.	1.8	%
Suncor Energy, Inc.	1.7	%
Johnson & Johnson	1.7	%

	25.1	%


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

Financial	30.8	%
Consumer, Non-cyclical	16.1	%
Industrial	10.7	%
Consumer, Cyclical	10.2	%
Technology	9.7	%
Energy	9.5	%
Communications	6.5	%
Mutual Funds	2.9	%
Utilities	2.8	%
Basic Materials	1.9	%

Total Long-Term Investments	101.1	%
Short-Term Investments and Other Assets and Liabilities	(1.1	)%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		15.79%		13.36%		6.24%
Russell 1000 Value Index		13.66%		14.04%		7.10%

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		15.50%		13.08%		8.05%
Russell 1000 Value Index		13.66%		14.04%		9.13%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

MML Managed Bond Fund – Portfolio Manager Report (Unaudited)

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

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

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

The Fund’s Initial Class shares returned 4.69%, outperforming the 3.54% return of the Bloomberg Barclays U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

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

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

For the year ended December 31, 2017, the Fund’s overweight allocation, relative to the benchmark, to investment-grade corporate bonds was a positive contributor to performance. Security selection within the banking sector benefited full-year returns, despite the Fund being slightly underweight in this sector. The Fund’s exposure to the insurance sector also contributed positively to performance, as insurers continued to improve their earnings and capital positions.

An overweight to asset-backed securities (ABS) sector was the primary positive contributor within the securitized sector, with holdings concentrated in government-guaranteed FFELP (Federal Family Education Loan Program) student loans. Once rating review and action was taken by the Nationally Recognized Statistical Rating Organizations early in 2017, prices on these securities recovered.

Agency mortgage-backed securities (MBS) also contributed to performance. (“Agency” refers to government-sponsored entities that issue bonds backed by mortgage loans, including Ginnie Mae, Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.) The Fund held an underweight stake in this sector, on average, as it has provided relatively low returns. Tactical positioning in lower-coupon securities during the beginning of the period and rotating into higher coupons later helped performance. The Fund was also able to successfully navigate between 30- and 15-year mortgages over the period, based on relative value pricing, proving that positive performance contributions can be found even in challenging periods.

Fund holdings within the integrated oil sector detracted from performance. Within energy, the Fund was positioned in the pipeline and drilling sub-sectors, as those companies are diversified and less sensitive to the spot price of oil. Taxable municipal bonds also hampered performance. The Fund managed to avoid headline names in the municipal market, but overall sector performance lagged relative to the benchmark, as late in the year many of those troubled headline names rallied amid strong economic conditions.

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

Subadviser outlook

Our view is that global growth prospects remain relatively sound. This has pushed short-maturity government bond yields higher, as market participants have begun to reappraise future monetary policy expectations. Longer-dated maturity yields have fallen – reflecting the current benign inflation environment. Risk assets have performed well, suggesting that investors are increasingly taking note of a period of stronger, synchronized global growth.

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

As we move into 2018, the Fund is focusing on yield opportunities away from Treasury and government bonds. In our view, ABS is attractive, relative to other shorter-duration fixed-income asset classes. The natural liquidity profile from monthly principal paydowns provides a frequent source of income. We believe that corporate fundamentals, though still stretched, are improving, and could continue with a tailwind from a weaker U.S. dollar and tax reform-fueled stronger earnings. For now, economic and market volatility remains subdued, but we believe it could tick upward as global central banks become more hawkish, suggesting that “credit picking” could continue to trump sector rotation strategies.


MML Managed Bond Fund Portfolio Characteristics (% of Net Assets) on 12/31/17

Corporate Debt	35.2	%
Non-U.S. Government Agency Obligations	28.7	%
U.S. Government Agency Obligations and Instrumentalities	25.2	%
U.S. Treasury Obligations	7.2	%
Municipal Obligations	0.8	%
Sovereign Debt Obligations	0.7	%
Purchased Options	0.4	%
Preferred Stock	0.2	%

Total Long-Term Investments	98.4	%
Short-Term Investments and Other Assets and Liabilities	1.6	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		4.69%		2.26%		4.35%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.01%

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		4.43%		2.00%		4.35%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.15%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

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

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

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

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

The Fund’s Initial Class shares returned 0.36%, underperforming the 0.84% return of the Citigroup 3-Month Treasury Bill Index (the “benchmark”), which measures the performance of the last three three-month Treasury bill month-end rates.

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

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

Short-term interest rates have started to move off their historical lows, as monetary policy ever so slowly starts to tighten. LIBOR (London Interbank Offered Rate) rates increased over the last year, due to Federal Reserve (the “Fed”) rate hikes in March, June and December of 2017. One-month LIBOR has increased 0.73% to 1.50% over the year and three-month LIBOR increased 0.63% to 1.63% over the 12-month period.

In 2016, the Fund converted to a government-only fund from a prime fund. The Fund consists of United States government securities or those issued by one of the U.S. government agencies. The Fund bought a large amount of adjustable rate agency paper in order to maximize yield while keeping the Weighted Average Maturity (WAM) at a manageable level. These adjustable rate issues continued to provide an attractive yield advantage for the Fund, as the Fed raised rates three times in 2017, sending LIBOR higher. The Fund does have some exposure to longer-dated fixed-maturity agency paper. (“Agency” refers to debt issued by U.S. federal government agencies or government-sponsored entities for financing purposes.) Almost all of that paper matures in the first quarter of 2018. These instruments trade slightly cheaper than U.S. Treasury bills.

The Fund underperformed its benchmark due to shortening of WAM during the period. The WAM of the Fund dropped quite a bit in 2017, but the Weighted Average Life (WAL), which takes into account a bond’s final maturity date, has not dropped nearly as much. Much of the drop in WAM can be attributed to many more one-month agency adjustable rate issues (instead of three-month issues) being purchased in 2017, as the Fund tried to capitalize on the flattening between the one-month and three-month LIBOR curve. The other component of the drop in WAM has been the Fund’s desire to keep fixed rate purchases short of, or right around, any Fed meeting that might be in play. In the last 12 months, we have seen the Fed hike rates three times. The decrease in WAM has allowed the Fund to react quickly to changing market conditions and to maintain its commitment to the objectives of stability and liquidity. In addition to WAM shortening, fund expenses also contributed to under performance compared to the benchmark.

Subadviser outlook

In our view, global growth prospects remain relatively sound. This has pushed short government bond yields and LIBOR higher, as market participants have begun to reappraise future monetary policy expectations across both domestic and international markets. Risk assets have performed well, suggesting that investors are looking at better global growth prospects.

The Fund is buying adjustable rate issues when it makes sense and keeping most fixed rate purchases short. In a rising rate environment, such as the one we are in, the WAM of the Fund should not rise meaningfully, and may even drop, as two to three

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

more interest rate hikes could materialize in 2018. As a way to protect against these future hikes, the Fund will continue to purchase adjustable rate paper and short fixed rate paper.


MML U.S. Government Money Market Fund Portfolio Characteristics (% of Net Assets) on 12/31/17

Discount Notes	86.8	%
Repurchase Agreement	13.4	%
Time Deposits	0.1	%

Total Short-Term Investments	100.3	%
Other Assets and Liabilities	(0.3	)%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		0.36%		0.09%		0.26%
Citigroup 3-Month Treasury Bill Index		0.84%		0.24%		0.34%

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

LOGO

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

MML Blend Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 70.3%

COMMON STOCK — 70.2%
Basic Materials — 1.4%
Chemicals — 1.1%
Air Products & Chemicals, Inc.		7,795	$	1,279,004
Albemarle Corp.		5,110		653,518
CF Industries Holdings, Inc.		37,990		1,616,095
DowDuPont, Inc.		2,820		200,840
Eastman Chemical Co.		6,070		562,325
LyondellBasell Industries NV Class A		10,230		1,128,574
Monsanto Co.		6,694		781,725
PPG Industries, Inc.		8		934
Praxair, Inc.		6,736		1,041,924
The Sherwin-Williams Co.		3		1,230

				7,266,169

Forest Products & Paper — 0.0%
International Paper Co.		3,587		207,831

Iron & Steel — 0.0%
Nucor Corp.		56		3,561

Mining — 0.3%
Freeport-McMoRan, Inc. (a)		70,864		1,343,582
Newmont Mining Corp.		23,670		888,098

				2,231,680

				9,709,241

Communications — 9.2%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		6,922		139,548
Omnicom Group, Inc.		3,747		272,894

				412,442

Internet — 5.6%
Alphabet, Inc. Class A (a)		11,020		11,608,468
Alphabet, Inc. Class C (a)		6,591		6,896,823
Amazon.com, Inc. (a)		3,550		4,151,619
eBay, Inc. (a)		20,777		784,124
Expedia, Inc.		5,157		617,654
F5 Networks, Inc. (a)		6,200		813,564
Facebook, Inc. Class A (a)		60,670		10,705,828
Netflix, Inc. (a)		1,593		305,792
The Priceline Group, Inc. (a)		891		1,548,326
Symantec Corp.		55		1,543
TripAdvisor, Inc. (a)		37		1,275
VeriSign, Inc. (a)		16,091		1,841,454

				39,276,470

Media — 1.7%
CBS Corp. Class B		57		3,363
Charter Communications, Inc. Class A (a)		401		134,720


	Number of Shares		Value
Comcast Corp. Class A		128,424	$	5,143,381
Discovery Communications, Inc. Class A (a)		27,900		624,402
Discovery Communications, Inc. Class C (a)		6,900		146,073
DISH Network Corp. Class A (a)		12,200		582,550
News Corp. Class A		81,166		1,315,701
Scripps Networks Interactive, Inc. Class A		8,072		689,187
Time Warner, Inc.		18,005		1,646,917
Twenty-First Century Fox, Inc. Class A		19,567		675,649
Twenty-First Century Fox, Inc. Class B		8,100		276,372
Viacom, Inc. Class B		12,810		394,676
The Walt Disney Co.		2		215

				11,633,206

Telecommunications — 1.8%
AT&T, Inc.		184,253		7,163,757
CenturyLink, Inc.		28		467
Cisco Systems, Inc.		103,042		3,946,509
Juniper Networks, Inc.		25,489		726,436
Motorola Solutions, Inc.		3,137		283,396
Verizon Communications, Inc.		7,155		378,714

				12,499,279

				63,821,397

Consumer, Cyclical — 6.8%
Airlines — 0.9%
Alaska Air Group, Inc.		21,700		1,595,167
American Airlines Group, Inc.		28,200		1,467,246
Delta Air Lines, Inc.		23,200		1,299,200
Southwest Airlines Co.		10,383		679,567
United Continental Holdings, Inc. (a)		22,100		1,489,540

				6,530,720

Apparel — 0.5%
Hanesbrands, Inc.		6,900		144,279
Michael Kors Holdings Ltd. (a)		6,900		434,355
NIKE, Inc. Class B		84		5,254
Ralph Lauren Corp.		13,350		1,384,262
VF Corp.		14,900		1,102,600

				3,070,750

Auto Manufacturers — 0.7%
Ford Motor Co.		128,513		1,605,127
General Motors Co.		45,200		1,852,748
PACCAR, Inc.		14,022		996,684

				4,454,559

Auto Parts & Equipment — 0.4%
Aptiv PLC		9,300		788,919
BorgWarner, Inc.		33,300		1,701,297

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

MML Blend Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Delphi Technologies PLC (a)		3,100	$	162,657
The Goodyear Tire & Rubber Co.		4,351		140,581

				2,793,454

Distribution & Wholesale — 0.1%
Fastenal Co.		82		4,485
W.W. Grainger, Inc.		3,402		803,722

				808,207

Home Builders — 0.2%
D.R. Horton, Inc.		21,747		1,110,620
PulteGroup, Inc.		16,873		561,027

				1,671,647

Home Furnishing — 0.0%
Leggett & Platt, Inc.		86		4,105
Whirlpool Corp.		1,243		209,619

				213,724

Leisure Time — 0.3%
Harley-Davidson, Inc.		34,902		1,775,814
Royal Caribbean Cruises Ltd.		3,720		443,721

				2,219,535

Lodging — 0.6%
Hilton Worldwide Holdings, Inc.		12,700		1,014,222
Marriott International, Inc. Class A		14,171		1,923,430
Wyndham Worldwide Corp.		5,709		661,502
Wynn Resorts Ltd.		3,038		512,176

				4,111,330

Retail — 3.1%
AutoZone, Inc. (a)		494		351,417
Best Buy Co., Inc.		11,892		814,245
Costco Wholesale Corp.		7,370		1,371,704
CVS Health Corp.		21,694		1,572,815
Darden Restaurants, Inc.		2,654		254,837
Dollar Tree, Inc. (a)		48		5,151
Foot Locker, Inc.		42,300		1,983,024
The Gap, Inc.		10,990		374,319
Genuine Parts Co.		34		3,230
The Home Depot, Inc.		11,887		2,252,943
Kohl’s Corp.		6,330		343,276
L Brands, Inc.		2,200		132,484
Lowe’s Cos., Inc.		95		8,829
Macy’s, Inc.		76,551		1,928,320
McDonald’s Corp.		7,350		1,265,082
Nordstrom, Inc.		2,308		109,353
O’Reilly Automotive, Inc. (a)		333		80,100
PVH Corp.		1,620		222,280
Ross Stores, Inc.		2,644		212,181
Signet Jewelers Ltd.		34,900		1,973,595
Starbucks Corp.		54		3,101
Tapestry, Inc.		6,220		275,111
Target Corp.		17,286		1,127,912
Tiffany & Co.		802		83,368


	Number of Shares		Value
The TJX Cos., Inc.		3,106	$	237,485
Wal-Mart Stores, Inc.		30,922		3,053,548
Walgreens Boots Alliance, Inc.		16,557		1,202,369
Yum! Brands, Inc.		35		2,856

				21,244,935

Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		461		41,901
Mattel, Inc.		90		1,384

				43,285

				47,162,146


Consumer, Non-cyclical — 15.4%
Agriculture — 0.5%
Altria Group, Inc.		27,959		1,996,552
Archer-Daniels-Midland Co.		92		3,687
Philip Morris International, Inc.		16,486		1,741,746

				3,741,985

Beverages — 0.9%
Brown-Forman Corp. Class B		12		824
The Coca-Cola Co.		24,930		1,143,788
Constellation Brands, Inc. Class A		542		123,885
Dr. Pepper Snapple Group, Inc.		4,404		427,452
PepsiCo, Inc.		36,270		4,349,499

				6,045,448

Biotechnology — 1.7%
Amgen, Inc.		27,781		4,831,116
Biogen, Inc. (a)		3,662		1,166,603
Celgene Corp. (a)		16,176		1,688,127
Gilead Sciences, Inc.		54,610		3,912,261

				11,598,107

Commercial Services — 1.4%
Automatic Data Processing, Inc.		4,809		563,567
Cintas Corp.		1,878		292,649
Ecolab, Inc.		2		268
Equifax, Inc.		132		15,565
H&R Block, Inc.		29,063		762,032
Moody’s Corp.		3,330		491,541
PayPal Holdings, Inc. (a)		30,877		2,273,165
Quanta Services, Inc. (a)		13		508
Robert Half International, Inc.		26		1,444
S&P Global, Inc.		5,508		933,055
Total System Services, Inc.		26,107		2,064,803
United Rentals, Inc. (a)		7,110		1,222,280
The Western Union Co.		71,888		1,366,591

				9,987,468

Cosmetics & Personal Care — 1.1%
Colgate-Palmolive Co.		5,906		445,608
The Estee Lauder Cos., Inc. Class A		7,910		1,006,468
The Procter & Gamble Co.		68,829		6,324,009

				7,776,085

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

MML Blend Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Foods — 0.8%
Campbell Soup Co.		1,624	$	78,131
Conagra Brands, Inc.		45,174		1,701,705
General Mills, Inc.		1,962		116,327
The Hershey Co.		1,647		186,951
Hormel Foods Corp.		15,732		572,487
The J.M. Smucker Co.		845		104,983
Kellogg Co.		8,428		572,935
The Kraft Heinz Co.		4,958		385,534
The Kroger Co.		34,958		959,597
McCormick & Co., Inc.		161		16,407
Mondelez International, Inc. Class A		75		3,210
Sysco Corp.		5,334		323,934
Tyson Foods, Inc. Class A		4,301		348,682

				5,370,883

Health Care – Products — 1.9%
Abbott Laboratories		31,601		1,803,469
Align Technology, Inc. (a)		2,440		542,144
Baxter International, Inc.		37,161		2,402,087
Becton, Dickinson & Co.		5,653		1,209,986
Boston Scientific Corp. (a)		46,600		1,155,214
The Cooper Cos., Inc.		1,240		270,171
Danaher Corp.		11,256		1,044,782
DENTSPLY SIRONA, Inc.		56		3,686
Edwards Lifesciences Corp. (a)		30		3,381
Hologic, Inc. (a)		1,400		59,850
Intuitive Surgical, Inc. (a)		288		105,103
Medtronic PLC		36,300		2,931,225
Patterson Cos., Inc.		86		3,107
Stryker Corp.		4,630		716,909
Thermo Fisher Scientific, Inc.		3,971		754,014
Varian Medical Systems, Inc. (a)		2,097		233,082
Zimmer Biomet Holdings, Inc.		2,455		296,245

				13,534,455

Health Care – Services — 1.8%
Aetna, Inc.		6,227		1,123,289
Anthem, Inc.		5,796		1,304,158
Centene Corp. (a)		17,600		1,775,488
Cigna Corp.		6,512		1,322,522
DaVita, Inc. (a)		3,030		218,917
HCA Healthcare, Inc. (a)		2,600		228,384
Humana, Inc.		1,084		268,908
Laboratory Corp. of America Holdings (a)		2		319
Quest Diagnostics, Inc.		3,309		325,903
UnitedHealth Group, Inc.		26,944		5,940,074
Universal Health Services, Inc. Class B		50		5,668

				12,513,630

Household Products & Wares — 0.2%
Avery Dennison Corp.		1,915		219,957


	Number of Shares		Value
The Clorox Co.		723	$	107,539
Kimberly-Clark Corp.		7,345		886,248

				1,213,744

Pharmaceuticals — 5.1%
AbbVie, Inc.		49,322		4,769,931
Allergan PLC		9,790		1,601,448
AmerisourceBergen Corp.		1,507		138,373
Bristol-Myers Squibb Co.		20,767		1,272,602
Cardinal Health, Inc.		15,778		966,718
Eli Lilly & Co.		16,614		1,403,218
Express Scripts Holding Co. (a)		23,301		1,739,187
Johnson & Johnson		57,122		7,981,086
McKesson Corp.		7,525		1,173,524
Merck & Co., Inc.		51,583		2,902,575
Mylan NV (a)		32,247		1,364,370
Perrigo Co. PLC		20,600		1,795,496
Pfizer, Inc.		207,241		7,506,269
Zoetis, Inc.		11,400		821,256

				35,436,053

				107,217,858

Diversified — 0.0%
Holding Company – Diversified — 0.0%
Leucadia National Corp.		37		980

Energy — 3.1%
Oil & Gas — 2.9%
Anadarko Petroleum Corp.		48		2,575
Andeavor		2,517		287,794
Apache Corp.		21		886
Cabot Oil & Gas Corp.		48		1,373
Chesapeake Energy Corp. (a)		90		356
Chevron Corp.		17,788		2,226,880
ConocoPhillips		39		2,141
Devon Energy Corp.		43,647		1,806,986
EOG Resources, Inc.		6,478		699,041
EQT Corp.		97		5,521
Exxon Mobil Corp.		63,897		5,344,345
Helmerich & Payne, Inc.		60		3,878
Hess Corp.		32		1,519
Marathon Oil Corp.		106,627		1,805,195
Marathon Petroleum Corp.		37,706		2,487,842
Newfield Exploration Co. (a)		36,100		1,138,233
Noble Energy, Inc.		56		1,632
Occidental Petroleum Corp.		13,315		980,783
Phillips 66		2,869		290,199
Pioneer Natural Resources Co.		1		173
Range Resources Corp.		99		1,689
Valero Energy Corp.		33,500		3,078,985

				20,168,026

Oil & Gas Services — 0.2%
Baker Hughes a GE Co.		31		981
Halliburton Co.		17,867		873,160

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

MML Blend Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
National Oilwell Varco, Inc.		5,594	$	201,496
Schlumberger Ltd.		4,531		305,344
TechnipFMC PLC		8,340		261,126

				1,642,107

Pipelines — 0.0%
Kinder Morgan, Inc.		38		687
The Williams Cos., Inc.		48		1,463

				2,150

				21,812,283

Financial — 14.1%
Banks — 7.1%
Bank of America Corp.		278,498		8,221,261
The Bank of New York Mellon Corp.		29,707		1,600,019
BB&T Corp.		3,166		157,414
Capital One Financial Corp.		9,142		910,360
Citigroup, Inc.		95,251		7,087,627
Citizens Financial Group, Inc.		57,900		2,430,642
Comerica, Inc.		8,721		757,070
Fifth Third Bancorp		67,621		2,051,621
The Goldman Sachs Group, Inc.		12,980		3,306,785
Huntington Bancshares, Inc.		6,800		99,008
JP Morgan Chase & Co.		109,722		11,733,671
KeyCorp		32,764		660,850
M&T Bank Corp.		1,355		231,691
Morgan Stanley		61,597		3,231,995
Northern Trust Corp.		5,059		505,343
The PNC Financial Services Group, Inc.		12,918		1,863,938
Regions Financial Corp.		26,415		456,451
State Street Corp.		17,476		1,705,832
SunTrust Banks, Inc.		12,100		781,539
US Bancorp		7,602		407,315
Wells Fargo & Co.		17,416		1,056,629
Zions Bancorp		4,241		215,570

				49,472,631

Diversified Financial Services — 2.5%
Alliance Data Systems Corp.		880		223,062
American Express Co.		23,549		2,338,651
Ameriprise Financial, Inc.		11,356		1,924,501
BlackRock, Inc.		3,180		1,633,598
The Charles Schwab Corp.		4,612		236,919
Discover Financial Services		1,783		137,148
E*TRADE Financial Corp. (a)		12,761		632,563
Franklin Resources, Inc.		6,387		276,749
Intercontinental Exchange, Inc.		15		1,058
Invesco Ltd.		37,212		1,359,727
Mastercard, Inc. Class A		17,840		2,700,262
Nasdaq, Inc.		45		3,457
Navient Corp.		142,991		1,904,640
Raymond James Financial, Inc.		4,900		437,570
Synchrony Financial		20,100		776,061


	Number of Shares		Value
T. Rowe Price Group, Inc.		15,606	$	1,637,538
Visa, Inc. Class A		11,872		1,353,646

				17,577,150

Insurance — 2.9%
Aflac, Inc.		14,472		1,270,352
The Allstate Corp.		12,035		1,260,185
American International Group, Inc.		46		2,741
Aon PLC		3,445		461,630
Assurant, Inc.		5,216		525,981
Berkshire Hathaway, Inc. Class B (a)		13,486		2,673,195
Brighthouse Financial, Inc. (a)		26		1,525
Chubb Ltd.		7,568		1,105,912
Cincinnati Financial Corp.		4,419		331,292
Everest Re Group Ltd.		3,000		663,780
The Hartford Financial Services Group, Inc.		5,952		334,979
Lincoln National Corp.		30,851		2,371,516
Loews Corp.		20,783		1,039,774
Marsh & McLennan Cos., Inc.		5,813		473,120
MetLife, Inc.		32,190		1,627,526
Principal Financial Group, Inc.		8,129		573,582
The Progressive Corp.		18,114		1,020,180
Prudential Financial, Inc.		15,737		1,809,440
Torchmark Corp.		3,282		297,710
The Travelers Cos., Inc.		2,287		310,209
Unum Group		36,931		2,027,143
XL Group Ltd.		3,788		133,186

				20,314,958

Real Estate — 0.2%
CBRE Group, Inc. Class A (a)		24,287		1,051,870

Real Estate Investment Trusts (REITS) — 1.3%
American Tower Corp.		119		16,978
Apartment Investment & Management Co. Class A		685		29,941
AvalonBay Communities, Inc.		2,081		371,271
Boston Properties, Inc.		3		390
Digital Realty Trust, Inc.		280		31,892
Duke Realty Corp.		68,100		1,853,001
Equinix, Inc.		120		54,387
Equity Residential		56		3,571
Essex Property Trust, Inc.		1,500		362,055
Extra Space Storage, Inc.		7,000		612,150
GGP, Inc.		19,700		460,783
HCP, Inc.		35		913
Host Hotels & Resorts, Inc.		27,837		552,565
Iron Mountain, Inc.		48		1,811
Kimco Realty Corp.		2,767		50,221
Mid-America Apartment Communities, Inc.		60		6,034
Prologis, Inc.		27,038		1,744,221
Public Storage		203		42,427
Simon Property Group, Inc.		645		110,772

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

MML Blend Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Ventas, Inc.		28,825	$	1,729,788
Vornado Realty Trust		1,373		107,341
Welltower, Inc.		2,100		133,917
Weyerhaeuser Co.		20,626		727,273

				9,003,702

Savings & Loans — 0.1%
People’s United Financial, Inc.		25,351		474,064

				97,894,375

Industrial — 6.1%
Aerospace & Defense — 1.1%
Arconic, Inc.		8		218
The Boeing Co.		18,292		5,394,494
General Dynamics Corp.		602		122,477
Harris Corp.		770		109,070
L3 Technologies, Inc.		970		191,914
Lockheed Martin Corp.		1,530		491,206
Northrop Grumman Corp.		3,968		1,217,819
Raytheon Co.		889		166,999
Rockwell Collins, Inc.		8		1,085
United Technologies Corp.		1,410		179,874

				7,875,156

Building Materials — 0.0%
Johnson Controls International PLC		65		2,477
Masco Corp.		25		1,098
Vulcan Materials Co.		5		642

				4,217
					��
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		25,500		1,847,985
Emerson Electric Co.		4,869		339,321

				2,187,306

Electronics — 0.9%
Agilent Technologies, Inc.		15,163		1,015,466
Allegion PLC		1,633		129,922
Amphenol Corp. Class A		4,264		374,379
Corning, Inc.		6,667		213,277
FLIR Systems, Inc.		2,852		132,960
Fortive Corp.		5,878		425,273
Garmin Ltd.		2,100		125,097
Honeywell International, Inc.		14,922		2,288,438
PerkinElmer, Inc.		2,720		198,887
TE Connectivity Ltd.		14,300		1,359,072
Waters Corp. (a)		1,540		297,513

				6,560,284

Engineering & Construction — 0.4%
Fluor Corp.		16,809		868,185
Jacobs Engineering Group, Inc.		27,320		1,802,027

				2,670,212


	Number of Shares		Value
Environmental Controls — 0.0%
Republic Services, Inc.		337	$	22,784
Stericycle, Inc. (a)		97		6,595
Waste Management, Inc.		1,973		170,270

				199,649

Hand & Machine Tools — 0.0%
Snap-on, Inc.		1		175
Stanley Black & Decker, Inc.		9		1,527

				1,702

Machinery – Construction & Mining — 0.5%
Caterpillar, Inc.		20,655		3,254,815

Machinery – Diversified — 0.5%
Cummins, Inc.		11,795		2,083,469
Deere & Co.		5,870		918,714
Flowserve Corp.		70		2,949
Rockwell Automation, Inc.		493		96,800
Roper Technologies, Inc.		663		171,717
Xylem, Inc.		3,355		228,811

				3,502,460

Miscellaneous – Manufacturing — 1.7%
3M Co.		11,212		2,638,968
Dover Corp.		5,173		522,421
Eaton Corp. PLC		13,566		1,071,850
General Electric Co.		86		1,501
Illinois Tool Works, Inc.		14,905		2,486,899
Ingersoll-Rand PLC		9,600		856,224
Parker-Hannifin Corp.		12,218		2,438,468
Pentair PLC		18,023		1,272,784
Textron, Inc.		4,672		264,389

				11,553,504

Packaging & Containers — 0.1%
Ball Corp.		4		151
Packaging Corp. of America		750		90,413
Sealed Air Corp.		53		2,613
WestRock Co.		9,167		579,446

				672,623

Transportation — 0.6%
C.H. Robinson Worldwide, Inc.		120		10,691
CSX Corp.		3,507		192,920
Expeditors International of Washington, Inc.		126		8,151
Norfolk Southern Corp.		7,813		1,132,104
Union Pacific Corp.		16,712		2,241,079
United Parcel Service, Inc. Class B		4,880		581,452

				4,166,397

				42,648,325

Technology — 12.4%
Computers — 4.7%
Accenture PLC Class A		8,860		1,356,377
Apple, Inc.		119,897		20,290,169

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

MML Blend Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Cognizant Technology Solutions Corp. Class A		10,256	$	728,381
CSRA, Inc.		3,126		93,530
DXC Technology Co.		16,979		1,611,307
Hewlett Packard Enterprise Co.		67,274		966,055
HP, Inc.		21,274		446,967
International Business Machines Corp.		15,040		2,307,437
NetApp, Inc.		35,798		1,980,345
Seagate Technology PLC		17,400		728,016
Western Digital Corp.		25,647		2,039,706

				32,548,290

Office & Business Equipment — 0.2%
Xerox Corp.		55,436		1,615,959

Semiconductors — 3.3%
Analog Devices, Inc.		1,072		95,440
Applied Materials, Inc.		41,339		2,113,250
Broadcom Ltd.		219		56,261
Intel Corp.		165,423		7,635,926
KLA-Tencor Corp.		19,689		2,068,723
Lam Research Corp.		10,423		1,918,562
Microchip Technology, Inc.		12,421		1,091,557
Micron Technology, Inc. (a)		29,817		1,226,075
NVIDIA Corp.		7,486		1,448,541
QUALCOMM, Inc.		35,100		2,247,102
Skyworks Solutions, Inc.		6,010		570,649
Texas Instruments, Inc.		22,274		2,326,297
Xilinx, Inc.		3,756		253,230

				23,051,613

Software — 4.2%
Activision Blizzard, Inc.		23,800		1,507,016
Adobe Systems, Inc. (a)		12,600		2,208,024
Akamai Technologies, Inc. (a)		26		1,691
ANSYS, Inc. (a)		2,350		346,837
Autodesk, Inc. (a)		37		3,879
CA, Inc.		15,073		501,629
Cadence Design Systems, Inc. (a)		32,500		1,359,150
Citrix Systems, Inc. (a)		77		6,776
Electronic Arts, Inc. (a)		867		91,087
Fidelity National Information Services, Inc.		5,500		517,495
Fiserv, Inc. (a)		1,676		219,774
Intuit, Inc.		9,710		1,532,044
Microsoft Corp.		167,695		14,344,630
Oracle Corp.		87,557		4,139,695
Paychex, Inc.		64		4,357
Red Hat, Inc. (a)		15,181		1,823,238
salesforce.com, Inc. (a)		7,004		716,019
Synopsys, Inc. (a)		600		51,144

				29,374,485

				86,590,347


	Number of Shares		Value
Utilities — 1.7%
Electric — 1.6%
AES Corp.		55,887	$	605,256
Ameren Corp.		660		38,933
American Electric Power Co., Inc.		8,385		616,885
CenterPoint Energy, Inc.		23,731		673,011
CMS Energy Corp.		7,903		373,812
Consolidated Edison, Inc.		2,182		185,361
Dominion Energy, Inc.		1,716		139,099
DTE Energy Co.		3,020		330,569
Duke Energy Corp.		5,790		486,997
Edison International		17,526		1,108,344
Entergy Corp.		21,498		1,749,722
Eversource Energy		812		51,302
Exelon Corp.		22,140		872,538
FirstEnergy Corp.		44,980		1,377,288
NextEra Energy, Inc.		3,040		474,818
NRG Energy, Inc.		1,200		34,176
PG&E Corp.		13,916		623,854
Pinnacle West Capital Corp.		1,396		118,911
PPL Corp.		11,618		359,577
Public Service Enterprise Group, Inc.		1,424		73,336
SCANA Corp.		2,947		117,232
The Southern Co.		7,922		380,969
WEC Energy Group, Inc.		4,542		301,725
Xcel Energy, Inc.		5,472		263,258

				11,356,973

Gas — 0.1%
NiSource, Inc.		713		18,303
Sempra Energy		2,231		238,538

				256,841

				11,613,814


TOTAL COMMON STOCK (Cost $337,553,089)				488,470,766


PREFERRED STOCK — 0.1%
Financial — 0.1%
Insurance — 0.1%
The Allstate Corp. 5.100%, 3 mo. USD LIBOR + 3.165%, VRN		20,000		524,800


TOTAL PREFERRED STOCK (Cost $500,000)				524,800


TOTAL EQUITIES (Cost $338,053,089)				488,995,566

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
BONDS & NOTES — 29.3%

CORPORATE DEBT — 10.2%
Advertising — 0.0%
WPP Finance 2010 5.625% 11/15/43	$	204,000	$	233,979

Aerospace & Defense — 0.0%
United Technologies Corp. 6.125% 7/15/38		80,000		106,057

Agriculture — 0.1%
Bunge Ltd. Finance Corp. 3.250% 8/15/26		165,000		157,686
Bunge Ltd. Finance Corp. 3.500% 11/24/20		160,000		163,338
Reynolds American, Inc. 5.850% 8/15/45		120,000		149,852

				470,876

Airlines — 0.2%
American Airlines Group, Inc. (b) 5.500% 10/01/19		879,000		903,172
American Airlines Pass-Through Trust, Series 2014-1, Class B 4.375% 4/01/24		33,202		33,912
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A 4.100% 10/01/29		304,927		316,483
WestJet Airlines Ltd. (b) 3.500% 6/16/21		117,000		118,091

				1,371,658

Auto Manufacturers — 0.2%
Ford Motor Co. 5.291% 12/08/46		80,000		87,057
Ford Motor Credit Co. LLC 4.375% 8/06/23		200,000		210,601
General Motors Co. 4.200% 10/01/27		215,000		222,785
General Motors Co. 5.150% 4/01/38		130,000		138,600
General Motors Financial Co., Inc. 3.500% 11/07/24		315,000		314,356
Hyundai Capital America (b) 2.550% 2/06/19		170,000		169,701
Hyundai Capital America (b) 2.875% 8/09/18		135,000		135,281

				1,278,381

Auto Parts & Equipment — 0.0%
Lear Corp. 5.375% 3/15/24		85,000		89,909

Banks — 1.3%
Associated Banc-Corp. 2.750% 11/15/19		460,000		461,563


	Principal Amount		Value
Associated Banc-Corp. 4.250% 1/15/25	$	494,000	$	508,647
Banco Santander SA 3.125% 2/23/23		400,000		397,964
Banco Santander SA 4.250% 4/11/27		200,000		207,338
Bank of America Corp. 4.183% 11/25/27		465,000		485,584
Bank of America Corp. 3 mo. USD LIBOR + 1.814%, VRN 4.244% 4/24/38		240,000		260,287
Bank of America Corp. 6.110% 1/29/37		100,000		127,846
Bank of America Corp. 7.750% 5/14/38		95,000		142,347
Bank of Montreal VRN (c) 3.803% 12/15/32		245,000		242,214
The Bank of Nova Scotia 4.500% 12/16/25		200,000		210,391
The Bank of Nova Scotia VRN (c) 4.650% 12/31/99		190,000		188,870
Barclays PLC 4.337% 1/10/28		260,000		269,091
BPCE SA (b) 3.500% 10/23/27		420,000		413,276
Citigroup, Inc. 3.875% 3/26/25		562,000		575,291
Citigroup, Inc. 8.125% 7/15/39		90,000		143,903
Credit Suisse Group AG (b) 4.282% 1/09/28		250,000		260,650
First Horizon National Corp. 3.500% 12/15/20		625,000		638,238
First Republic Bank 4.375% 8/01/46		685,000		700,292
Fulton Financial Corp. 3.600% 3/16/22		230,000		230,915
The Goldman Sachs Group, Inc. 5.950% 1/15/27		212,000		247,653
The Goldman Sachs Group, Inc. 6.250% 2/01/41		60,000		80,856
The Goldman Sachs Group, Inc. 6.750% 10/01/37		75,000		100,398
ICICI Bank Ltd. (b) 4.700% 2/21/18		395,000		396,010
JP Morgan Chase & Co. 3.375% 5/01/23		140,000		142,305
JP Morgan Chase & Co. 3.625% 12/01/27		205,000		207,209
JP Morgan Chase & Co. 5.600% 7/15/41		195,000		250,828
Regions Bank 7.500% 5/15/18		130,000		132,603

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SVB Financial Group 3.500% 1/29/25	$	460,000	$	461,100
SVB Financial Group 5.375% 9/15/20		75,000		80,158
Turkiye Garanti Bankasi AS (b) 4.750% 10/17/19		445,000		451,684
Valley National Bancorp 5.125% 9/27/23		245,000		262,267

				9,277,778

Beverages — 0.1%
Anheuser-Busch InBev Finance, Inc. 4.900% 2/01/46		575,000		666,419
Molson Coors Brewing Co. 4.200% 7/15/46		90,000		91,712

				758,131

Biotechnology — 0.1%
Amgen, Inc. 5.150% 11/15/41		115,000		138,012
Baxalta, Inc. 5.250% 6/23/45		140,000		163,160
Celgene Corp. 3.450% 11/15/27		380,000		379,717
Celgene Corp. 4.350% 11/15/47		305,000		316,813

				997,702

Building Materials — 0.1%
Standard Industries, Inc. (b) 5.000% 2/15/27		471,000		481,597
Standard Industries, Inc. (b) 5.375% 11/15/24		246,000		257,144
Standard Industries, Inc. (b) 5.500% 2/15/23		178,000		185,565

				924,306

Chemicals — 0.2%
Incitec Pivot Finance LLC (b) 6.000% 12/10/19		185,000		195,970
LYB International Finance BV 5.250% 7/15/43		175,000		203,529
Monsanto Co. 4.400% 7/15/44		100,000		106,555
The Mosaic Co. 3.250% 11/15/22		185,000		183,382
The Mosaic Co. 4.050% 11/15/27		190,000		190,498
RPM International, Inc. 3.750% 3/15/27		110,000		111,307
The Sherwin-Williams Co. 4.500% 6/01/47		105,000		114,801
The Sherwin-Williams Co. (b) 7.250% 6/15/19		125,000		133,636

				1,239,678


	Principal Amount		Value
Commercial Services — 0.1%
The ADT Corp. 6.250% 10/15/21	$	440,000	$	481,800
ERAC USA Finance LLC (b) 6.700% 6/01/34		78,000		98,452

				580,252

Computers — 0.3%
Dell International LLC/EMC Corp. (b) 3.480% 6/01/19		450,000		455,637
Dell International LLC/EMC Corp. (b) 6.020% 6/15/26		76,000		83,799
DXC Technology Co. 2.875% 3/27/20		90,000		90,438
DXC Technology Co. 4.750% 4/15/27		275,000		292,438
Leidos Holdings, Inc. 4.450% 12/01/20		835,000		866,313

				1,788,625

Diversified Financial Services — 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.500% 5/15/21		290,000		304,563
Affiliated Managers Group, Inc. 3.500% 8/01/25		290,000		293,247
Aircastle Ltd. 5.000% 4/01/23		275,000		289,781
Ally Financial, Inc. 3.250% 11/05/18		485,000		486,213
Ally Financial, Inc. 4.750% 9/10/18		360,000		364,500
Ares Finance Co. LLC (b) 4.000% 10/08/24		355,000		341,492
Brookfield Finance LLC 4.000% 4/01/24		455,000		471,028
Discover Financial Services 4.100% 2/09/27		265,000		271,448
Genpact Luxembourg Sarl (b) 3.700% 4/01/22		360,000		357,799
International Lease Finance Corp. 3.875% 4/15/18		270,000		271,236
International Lease Finance Corp. 6.250% 5/15/19		15,000		15,719
Lazard Group LLC 3.625% 3/01/27		184,000		183,620
Lazard Group LLC 4.250% 11/14/20		600,000		624,948
Legg Mason, Inc. 5.625% 1/15/44		175,000		195,103
Neuberger Berman Group LLC/Neuberger Berman Finance Corp. (b) 4.500% 3/15/27		170,000		178,806

				4,649,503

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Electric — 0.6%
The Cleveland Electric Illuminating Co. (b) 3.500% 4/01/28	$	155,000	$	155,169
Duke Energy Corp. 3.750% 9/01/46		195,000		192,838
EDP Finance BV (b) 3.625% 7/15/24		420,000		422,992
Entergy Louisiana LLC 4.950% 1/15/45		165,000		173,376
Florida Power & Light Co. 4.950% 6/01/35		125,000		148,116
IPALCO Enterprises, Inc. 3.450% 7/15/20		615,000		621,150
IPALCO Enterprises, Inc. (b) 3.700% 9/01/24		170,000		169,846
Israel Electric Corp. Ltd. (b) 7.250% 1/15/19		200,000		208,376
Majapahit Holding BV (b) 7.750% 1/20/20		195,000		213,291
Nevada Power Co., Series N 6.650% 4/01/36		135,000		187,618
Oncor Electric Delivery Co. 7.500% 9/01/38		40,000		60,508
Pacific Gas & Electric Co. 5.800% 3/01/37		120,000		149,750
Pennsylvania Electric Co. (b) 4.150% 4/15/25		295,000		308,855
Progress Energy, Inc. 7.000% 10/30/31		25,000		33,407
Puget Energy, Inc. 3.650% 5/15/25		350,000		358,810
Puget Energy, Inc. 6.500% 12/15/20		271,000		299,999
Transelec SA (b) 4.625% 7/26/23		175,000		186,154
Tri-State Pass-Through Trust, Series 2003, Class A (b) 6.040% 1/31/18		16,620		16,666

				3,906,921

Electronics — 0.2%
Arrow Electronics, Inc. 3.250% 9/08/24		155,000		151,882
Arrow Electronics, Inc. 3.500% 4/01/22		255,000		258,416
Arrow Electronics, Inc. 3.875% 1/12/28		145,000		144,565
Arrow Electronics, Inc. 4.500% 3/01/23		80,000		84,147
Avnet, Inc. 3.750% 12/01/21		30,000		30,431
Avnet, Inc. 4.875% 12/01/22		123,000		130,759


	Principal Amount		Value
FLIR Systems, Inc. 3.125% 6/15/21	$	195,000	$	196,443
Ingram Micro, Inc. STEP 5.450% 12/15/24		203,000		201,617
Tech Data Corp. 3.700% 2/15/22		130,000		130,403

				1,328,663

Engineering & Construction — 0.1%
SBA Tower Trust (b) 2.877% 7/10/46		200,000		198,500
SBA Tower Trust (b) 3.156% 10/10/45		210,000		211,575
SBA Tower Trust (b) 3.168% 4/09/47		260,000		258,815

				668,890

Foods — 0.0%
Kraft Heinz Foods Co. 3.000% 6/01/26		315,000		303,118

Gas — 0.1%
NiSource Finance Corp. 5.800% 2/01/42		175,000		216,829
Spire, Inc. 4.700% 8/15/44		290,000		321,943

				538,772

Hand & Machine Tools — 0.0%
Kennametal, Inc. 2.650% 11/01/19		150,000		150,119

Health Care – Products — 0.2%
Abbott Laboratories 3.750% 11/30/26		125,000		128,358
Abbott Laboratories 4.900% 11/30/46		115,000		131,847
Becton Dickinson & Co. 3.363% 6/06/24		240,000		240,670
Becton Dickinson & Co. 3.700% 6/06/27		295,000		297,275
Becton Dickinson & Co. 4.685% 12/15/44		225,000		246,037

				1,044,187

Health Care – Services — 0.1%
Humana, Inc. 3.950% 3/15/27		250,000		258,846
Humana, Inc. 4.800% 3/15/47		125,000		140,942
UnitedHealth Group, Inc. 3.950% 10/15/42		55,000		57,169
UnitedHealth Group, Inc. 6.875% 2/15/38		110,000		159,547

				616,504

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Home Builders — 0.1%
Lennar Corp. 4.500% 11/15/19	$	516,000	$	529,545

Household Products & Wares — 0.0%
Church & Dwight Co., Inc. 3.150% 8/01/27		85,000		83,745

Insurance — 0.8%
The Allstate Corp. 3 mo. USD LIBOR + 2.938%, VRN 5.750% 8/15/53		345,000		376,395
American International Group, Inc. 4.500% 7/16/44		200,000		215,420
AmTrust Financial Services, Inc. 6.125% 8/15/23		495,000		475,448
Arch Capital Group US, Inc. 5.144% 11/01/43		170,000		198,291
Athene Global Funding (b) 3.000% 7/01/22		365,000		361,267
AXIS Specialty Finance PLC 2.650% 4/01/19		95,000		94,683
AXIS Specialty Finance PLC 4.000% 12/06/27		265,000		266,195
Brown & Brown, Inc. 4.200% 9/15/24		69,000		72,330
The Chubb Corp. 3 mo. USD LIBOR + 2.250%, VRN 3.609% 3/29/67		50,000		49,625
CNA Financial Corp. 3.450% 8/15/27		185,000		182,310
CNO Financial Group, Inc. 5.250% 5/30/25		465,000		490,575
Enstar Group Ltd. 4.500% 3/10/22		140,000		142,585
Five Corners Funding Trust (b) 4.419% 11/15/23		215,000		230,400
Reinsurance Group of America, Inc. 3.950% 9/15/26		360,000		367,924
Trinity Acquisition PLC 3.500% 9/15/21		270,000		275,265
Trinity Acquisition PLC 4.400% 3/15/26		70,000		74,031
USF&G Capital I (b) 8.500% 12/15/45		150,000		220,115
Willis North America, Inc. 7.000% 9/29/19		97,000		104,029
Willis Towers Watson PLC 5.750% 3/15/21		230,000		250,277
XLIT Ltd. 4.450% 3/31/25		395,000		404,007
XLIT Ltd. 5.500% 3/31/45		100,000		106,250
XLIT Ltd. 5.750% 10/01/21		115,000		126,217


	Principal Amount		Value
XLIT Ltd. 6.375% 11/15/24	$	325,000	$	378,596

				5,462,235

Internet — 0.1%
Amazon.com, Inc. (b) 4.050% 8/22/47		300,000		323,315
Expedia, Inc. 7.456% 8/15/18		425,000		438,333

				761,648

Investment Companies — 0.2%
Ares Capital Corp. 3.500% 2/10/23		510,000		502,438
Ares Capital Corp. 3.875% 1/15/20		255,000		259,505
FS Investment Corp. 4.000% 7/15/19		390,000		394,623
TCP Capital Corp. 4.125% 8/11/22		470,000		462,599

				1,619,165

Iron & Steel — 0.2%
ArcelorMittal 5.125% 6/01/20		320,000		334,400
ArcelorMittal STEP 5.750% 8/05/20		618,000		651,990
Reliance Steel & Aluminum Co. 4.500% 4/15/23		37,000		39,001
Vale Overseas Ltd. 5.875% 6/10/21		475,000		517,275
Vale Overseas Ltd. 6.875% 11/21/36		95,000		116,375

				1,659,041

Machinery – Diversified — 0.1%
CNH Industrial Capital LLC 3.375% 7/15/19		230,000		231,725
CNH Industrial Capital LLC 3.625% 4/15/18		116,000		116,601
CNH Industrial Capital LLC 3.875% 10/15/21		500,000		508,770

				857,096

Media — 0.2%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579% 7/23/20		270,000		275,033
Charter Communications Operating LLC/Charter Communications Operating Capital 4.464% 7/23/22		244,000		254,577
Charter Communications Operating LLC/Charter Communications Operating Capital 6.484% 10/23/45		225,000		262,334

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Comcast Corp. 3.400% 7/15/46	$	220,000	$	208,154
Discovery Communications LLC 5.000% 9/20/37		160,000		165,775
Time Warner Cable, Inc. 6.750% 6/15/39		110,000		131,987
Time Warner Cable, Inc. 8.250% 4/01/19		45,000		48,095
Time Warner Cable, Inc. 8.750% 2/14/19		65,000		69,305
Time Warner, Inc. 6.250% 3/29/41		25,000		30,875
Viacom, Inc. 4.250% 9/01/23		123,000		125,581

				1,571,716

Mining — 0.2%
Glencore Funding LLC (b) 3.000% 10/27/22		140,000		138,635
Glencore Funding LLC (b) 3.875% 10/27/27		160,000		157,882
Glencore Funding LLC (b) 4.625% 4/29/24		355,000		374,809
Kinross Gold Corp. (b) 4.500% 7/15/27		166,000		167,038
Kinross Gold Corp. 5.125% 9/01/21		375,000		390,937

				1,229,301

Miscellaneous – Manufacturing — 0.0%
General Electric Co. 4.125% 10/09/42		270,000		282,852

Office Equipment/Supplies — 0.1%
Pitney Bowes, Inc. 3.625% 9/15/20		135,000		133,650
Pitney Bowes, Inc. STEP 3.625% 10/01/21		485,000		451,050

				584,700

Office Furnishings — 0.0%
Steelcase, Inc. 6.375% 2/15/21		100,000		109,440

Oil & Gas — 0.7%
Anadarko Petroleum Corp. 6.450% 9/15/36		250,000		306,203
Andeavor 3.800% 4/01/28		135,000		135,323
Andeavor 4.500% 4/01/48		85,000		85,963
Antero Resources Corp. 5.375% 11/01/21		475,000		486,875
Cenovus Energy, Inc. 3.000% 8/15/22		200,000		198,753
Cenovus Energy, Inc. 4.250% 4/15/27		300,000		299,277


	Principal Amount		Value
Continental Resources, Inc. (b) 4.375% 1/15/28	$	260,000	$	256,672
Encana Corp. 6.500% 5/15/19		125,000		131,343
Encana Corp. 6.500% 2/01/38		80,000		100,956
EQT Corp. 3.900% 10/01/27		515,000		511,978
Helmerich & Payne International Drilling Co. 4.650% 3/15/25		190,000		200,003
Marathon Petroleum Corp. 4.750% 9/15/44		100,000		104,483
Marathon Petroleum Corp. 6.500% 3/01/41		170,000		213,069
Nabors Industries, Inc. 5.500% 1/15/23		215,000		208,550
Newfield Exploration Co. 5.750% 1/30/22		200,000		213,500
PBF Holding Co. LLC/PBF Finance Corp. 7.000% 11/15/23		175,000		182,000
Petroleos Mexicanos 3.125% 1/23/19		50,000		50,250
Petroleos Mexicanos 3.500% 1/30/23		100,000		97,900
Petroleos Mexicanos 4.625% 9/21/23		100,000		102,875
Petroleos Mexicanos 5.500% 1/21/21		285,000		302,385
Petroleos Mexicanos 6.375% 1/23/45		80,000		80,428
Petroleos Mexicanos (b) 6.500% 3/13/27		60,000		65,580
Petroleos Mexicanos 6.625% 6/15/38		37,000		38,480
QEP Resources, Inc. 6.875% 3/01/21		260,000		280,800

				4,653,646

Oil & Gas Services — 0.0%
National Oilwell Varco, Inc. 3.950% 12/01/42		216,000		190,513
Weatherford International Ltd. 6.000% 3/15/18		75,000		75,090

				265,603

Packaging & Containers — 0.1%
Amcor Finance USA, Inc. (b) 3.625% 4/28/26		490,000		482,837
Brambles USA, Inc. (b) 4.125% 10/23/25		134,000		138,968
Brambles USA, Inc. (b) 5.350% 4/01/20		90,000		94,701

				716,506

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Pharmaceuticals — 0.3%
AbbVie, Inc. 4.700% 5/14/45	$	165,000	$	185,010
Allergan Funding SCS 4.550% 3/15/35		100,000		105,817
Allergan Funding SCS 4.750% 3/15/45		190,000		202,266
Express Scripts Holding Co. 4.500% 2/25/26		180,000		191,017
Express Scripts Holding Co. 4.800% 7/15/46		195,000		207,439
Johnson & Johnson 5.850% 7/15/38		40,000		54,194
McKesson Corp. 4.883% 3/15/44		60,000		65,294
McKesson Corp. 6.000% 3/01/41		125,000		152,693
Shire Acquisitions Investments Ireland DAC 2.875% 9/23/23		95,000		93,392
Teva Pharmaceutical Finance Netherlands III BV 1.700% 7/19/19		100,000		97,160
Teva Pharmaceutical Finance Netherlands III BV 2.200% 7/21/21		445,000		406,494
Teva Pharmaceutical Finance Netherlands III BV 4.100% 10/01/46		75,000		57,113

				1,817,889

Pipelines — 0.8%
Andeavor Logistics LP VRN (c) 6.875% 12/31/99		250,000		253,800
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 3.500% 12/01/22		75,000		74,858
Energy Transfer LP 4.200% 4/15/27		165,000		164,142
Energy Transfer LP 6.125% 12/15/45		75,000		81,444
Energy Transfer LP 6.500% 2/01/42		100,000		113,231
Energy Transfer Partners LP VRN (c) 6.250% 12/31/99		385,000		373,931
EnLink Midstream Partners LP 4.150% 6/01/25		125,000		126,304
EnLink Midstream Partners LP 4.850% 7/15/26		149,000		156,132
Enterprise Products Operating LLC 5.700% 2/15/42		5,000		6,047
Enterprise Products Operating LLC 5.950% 2/01/41		150,000		185,138


	Principal Amount		Value
Enterprise Products Operating LLC 6.125% 10/15/39	$	4,000	$	5,032
Kinder Morgan Energy Partners LP 5.300% 9/15/20		475,000		506,271
Kinder Morgan Energy Partners LP 6.375% 3/01/41		65,000		75,554
Kinder Morgan Energy Partners LP 6.500% 2/01/37		120,000		140,433
Kinder Morgan Energy Partners LP 6.550% 9/15/40		90,000		105,222
Kinder Morgan Energy Partners LP 6.950% 1/15/38		10,000		12,433
Kinder Morgan Finance Co. LLC (b) 6.000% 1/15/18		150,000		150,264
Magellan Midstream Partners LP 5.150% 10/15/43		170,000		192,296
MPLX LP 4.875% 6/01/25		372,000		398,680
MPLX LP 5.200% 3/01/47		35,000		38,410
MPLX LP 5.500% 2/15/23		136,000		139,955
Phillips 66 Partners LP 3.750% 3/01/28		135,000		135,062
Phillips 66 Partners LP 4.680% 2/15/45		28,000		28,760
Plains All American Pipeline LP VRN (c) 6.125% 12/31/99		385,000		384,422
Plains All American Pipeline LP/PAA Finance Corp. 3.650% 6/01/22		191,000		192,113
Plains All American Pipeline LP/PAA Finance Corp. 4.500% 12/15/26		210,000		212,877
Plains All American Pipeline LP/PAA Finance Corp. 4.700% 6/15/44		100,000		93,485
Sabine Pass Liquefaction LLC (b) 4.200% 3/15/28		240,000		242,827
Sunoco Logistics Partners Operations LP 4.000% 10/01/27		230,000		225,527
Sunoco Logistics Partners Operations LP 5.300% 4/01/44		75,000		74,017
Tesoro Logistics LP/Tesoro Logistics Finance Corp. 6.250% 10/15/22		97,000		102,914
Western Gas Partners LP 4.000% 7/01/22		481,000		490,705

				5,482,286

Private Equity — 0.1%
Hercules Capital, Inc. 4.625% 10/23/22		470,000		476,551

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Real Estate Investment Trusts (REITS) — 0.3%
American Tower Corp. 4.400% 2/15/26	$	140,000	$	147,222
Crown Castle International Corp. 3.200% 9/01/24		265,000		262,252
Crown Castle International Corp. 4.000% 3/01/27		120,000		122,691
Healthcare Trust of America Holdings LP 3.500% 8/01/26		200,000		196,916
Highwoods Realty LP 7.500% 4/15/18		265,000		269,010
Host Hotels & Resorts LP 3.875% 4/01/24		245,000		249,265
Kimco Realty Corp. 3.300% 2/01/25		160,000		158,753
Mid-America Apartments LP 3.600% 6/01/27		155,000		155,264
UDR, Inc. 3.500% 7/01/27		220,000		219,949
Weingarten Realty Investors 3.250% 8/15/26		85,000		81,582

				1,862,904

Retail — 0.3%
CVS Health Corp. 6.125% 9/15/39		175,000		219,935
CVS Pass-Through Trust (b) 5.926% 1/10/34		274,008		312,354
Dollar Tree, Inc. 5.750% 3/01/23		470,000		492,325
El Puerto de Liverpool SAB de CV (b) 3.950% 10/02/24		445,000		447,225
The Home Depot, Inc. 5.950% 4/01/41		150,000		203,134
QVC, Inc. 3.125% 4/01/19		155,000		155,579
QVC, Inc. 4.375% 3/15/23		150,000		153,816
QVC, Inc. 4.450% 2/15/25		245,000		249,917
QVC, Inc. 5.125% 7/02/22		30,000		31,729
Tiffany & Co. 4.900% 10/01/44		165,000		166,551

				2,432,565

Semiconductors — 0.0%
QUALCOMM, Inc. 4.300% 5/20/47		205,000		206,518

Software — 0.1%
Microsoft Corp. 4.450% 11/03/45		330,000		386,792


	Principal Amount		Value
Oracle Corp. 4.000% 7/15/46	$	270,000	$	287,283

				674,075

Telecommunications — 0.6%
AT&T, Inc. 3.400% 8/14/24		330,000		331,694
AT&T, Inc. 3.800% 3/01/24		255,000		261,148
AT&T, Inc. 3.900% 8/14/27		305,000		307,038
AT&T, Inc. 4.750% 5/15/46		260,000		254,292
AT&T, Inc. 4.900% 8/14/37		200,000		202,519
AT&T, Inc. 5.250% 3/01/37		190,000		200,949
CenturyLink, Inc. 6.150% 9/15/19		140,000		144,900
Cisco Systems, Inc. 5.500% 1/15/40		55,000		72,776
Crown Castle Towers LLC (b) 6.113% 1/15/40		170,000		179,204
Hughes Satellite Systems Corp. 6.500% 6/15/19		175,000		182,875
Sprint Communications, Inc. 9.250% 4/15/22		410,000		488,925
Ericsson LM 4.125% 5/15/22		500,000		503,510
Verizon Communications, Inc. 4.125% 3/16/27		175,000		182,475
Verizon Communications, Inc. 4.862% 8/21/46		372,000		387,484
Verizon Communications, Inc. 6.550% 9/15/43		149,000		194,508

				3,894,297

Toys, Games & Hobbies — 0.0%
Mattel, Inc. 1.700% 3/15/18		290,000		288,913

Transportation — 0.1%
Asciano Finance Ltd. (b) 4.625% 9/23/20		105,000		108,530
Asciano Finance Ltd. (b) 5.000% 4/07/18		250,000		251,590
Autoridad del Canal de Panama (b) 4.950% 7/29/35		210,000		234,150

				594,270

Trucking & Leasing — 0.1%
DAE Funding LLC (b) 4.000% 8/01/20		173,000		174,730
Park Aerospace Holdings Ltd. (b) 4.500% 3/15/23		250,000		238,750

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Park Aerospace Holdings Ltd. (b) 5.250% 8/15/22	$	350,000	$	347,813

				761,293


TOTAL CORPORATE DEBT (Cost $69,301,658)				71,201,809


MUNICIPAL OBLIGATIONS — 0.2%
JobsOhio Beverage System Series B 4.532% 1/01/35		325,000		363,785
Orange County Local Transportation Authority BAB 6.908% 2/15/41		230,000		324,282
Panhandle-Plains Student Finance Corp., Series 2001-A2, FRN (c) 3.052% 12/01/31		300,000		294,813
State of California BAB 7.550% 4/01/39		120,000		188,833
State of California BAB 7.600% 11/01/40		105,000		167,678

				1,339,391


TOTAL MUNICIPAL OBLIGATIONS (Cost $1,241,286)				1,339,391


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.5%
Automobile ABS — 0.3%
CPS Auto Trust, Series 2016-C, Class A (b) 1.620% 1/15/20		44,462		44,398
Drive Auto Receivables Trust, Series 2016-BA, Class B (b) 2.560% 6/15/20		73,067		73,136
First Investors Auto Owner Trust, Series 2016-2A, Class B (b) 2.210% 7/15/22		450,000		444,669
GLS Auto Receivables Trust, Series 2015-1A, Class A (b) 2.250% 12/15/20		11,348		11,342
Oscar US Funding Trust II, Series 2015-1A, Class A4 (b) 2.440% 6/15/22		350,000		348,921
Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700%, FRN (b) 2.950% 7/15/20		82,020		82,444
Oscar US Funding Trust V, Series 2016-2A, Class A4 (b) 2.990% 12/15/23		690,000		687,141
Oscar US Funding Trust VI, Series 2017-1A, Class A4 (b) 3.300% 5/10/24		150,000		150,497


	Principal Amount		Value
Santander Drive Auto Receivables Trust, Series 2015-4, Class C 2.970% 3/15/21	$	250,000	$	251,698

				2,094,246

Commercial MBS — 0.4%
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class AM, VRN (c) 6.184% 2/10/51		99,582		99,541
Commercial Mortgage Pass-Through Certificates, Series 2012-CR4, Class B (b) 3.703% 10/15/45		195,000		195,255
Commercial Mortgage Pass-Through Certificates, Series 2014-UBS2, Class A5 3.961% 3/10/47		319,000		335,211
Commercial Mortgage Pass-Through Certificates, Series 2015-CR23, Class C, VRN (c) 4.254% 5/10/48		140,000		137,926
DBCCRE Mortgage Trust, Series 2014-ARCP, Class A (b) 4.238% 1/10/34		165,000		169,771
DBUBS Mortgage Trust, Series 2011-LC1A, Class B, VRN (b) (c) 5.471% 11/10/46		110,000		118,116
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, VRN (c) 5.767% 7/10/38		183,840		185,673
GS Mortgage Securities Corp. II, Series 2012-GC6, Class AS (b) 4.948% 1/10/45		100,000		106,863
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class AM, VRN (c) 5.466% 6/12/47		81,858		81,725
Morgan Stanley Capital I Trust, Series 2011-C2, Class B, VRN (b) (c) 5.200% 6/15/44		250,000		263,560
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, VRN (c) 5.476% 8/15/39		25,863		25,805
VNO Mortgage Trust, Series 2013-PENN, Class A (b) 3.808% 12/13/29		240,000		247,380
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AM, VRN (c) 6.011% 2/15/51		122,654		123,016
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1 (b) 3.349% 11/15/43		21,753		22,020

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B 4.311% 8/15/45	$	190,000	$	196,897

				2,308,759

Home Equity ABS — 0.0%
Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720%, FRN 2.272% 3/25/35		92,686		92,873

Other ABS — 4.5%
321 Henderson Receivables I LLC, Series 2015-1A, Class A (b) 3.260% 9/15/72		51,131		50,491
321 Henderson Receivables LLC, Series 2005-1A, Class A1, 1 mo. USD LIBOR + .230%, FRN (b) 1.707% 11/15/40		77,423		73,678
Aames Mortgage Investment Trust, Series 2005-1, Class M4, 1 mo. USD LIBOR + 1.125%, FRN 2.453% 6/25/35		45,606		45,479
Aames Mortgage Investment Trust, Series 2004-1, Class M5, 1 mo. USD LIBOR + 1.725%, FRN 3.053% 1/25/35		110,812		110,400
AIMCO CLO, Series 2014-AA, Class AR, 3 mo. USD LIBOR + 1.100%, FRN (b) 2.463% 7/20/26		250,000		250,417
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480%, FRN (b) 2.839% 10/15/28		410,000		413,422
Alterna Funding II LLC, Series 2015-1A, Class A (b) 2.500% 2/15/24		88,679		88,513
Apidos CLO XXV, Series 2016-25A, Class A1, 3 mo. USD LIBOR + 1.460%, FRN (b) 2.823% 10/20/28		250,000		250,770
Arbys Funding LLC, Series 2015-1A, Class A2 (b) 4.969% 10/30/45		313,600		320,289
ARL Second LLC, Series 2014-1A, Class A1 (b) 2.920% 6/15/44		574,284		566,172
Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR + 1.120%, FRN (b) 2.474% 1/18/25		250,000		250,647
Avery Point VI CLO Ltd., Series 2015-6A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (b) 2.841% 8/05/27		570,000		571,714


	Principal Amount		Value
Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.250%, FRN (b) 2.564% 7/20/30	$	400,000	$	401,226
Birchwood Park CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.180%, FRN (b) 2.539% 7/15/26		345,000		346,150
BlueMountain CLO Ltd., Series 2015-2A, Class A1, 3 mo. USD LIBOR + 1.430%, FRN (b) 2.784% 7/18/27		380,000		381,790
BlueVirgo Trust, Series 2015-1A, Class NOTE (b) 3.000% 12/15/22		213,895		214,369
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A (b) 2.940% 5/25/29		175,741		173,853
Capital Automotive REIT, Series 2014-1A, Class A (b) 3.660% 10/15/44		160,000		160,072
Capital Automotive REIT, Series 2017-1A, Class A2 (b) 4.180% 4/15/47		139,067		141,289
Carlyle Global Market Strategies CLO Ltd., Series 2014-4A, Class A1R, 3 mo. USD LIBOR + 1.200%, FRN (b) 2.559% 10/15/26		250,000		250,485
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220%, FRN (b) 2.633% 8/14/30		750,000		753,035
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A (b) 2.000% 12/10/23		37,469		37,329
CIFC Funding V Ltd., Series 2017-5A, Class A1, FRN (b) (c) 2.543% 11/16/30		340,000		340,112
CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2 (b) 4.474% 3/20/43		155,092		155,599
Clear Creek CLO Ltd., Series 2015-1A, Class AR, FRN (b) (c) 2.563% 10/20/30		480,000		483,253
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%, FRN 2.012% 9/25/34		36,692		36,559
Cronos Containers Program I Ltd., Series 2014-2A, Class A (b) 3.270% 11/18/29		197,222		195,913
Diamond Resorts Owner Trust, Series 2013-2, Class A (b) 2.270% 5/20/26		307,886		307,043

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Diamond Resorts Owner Trust, Series 2014-1, Class A (b) 2.540% 5/20/27	$	46,901	$	46,857
Diamond Resorts Owner Trust, Series 2016-1, Class A (b) 3.080% 11/20/28		441,276		434,420
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2I (b) 3.484% 10/25/45		502,350		504,940
Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23 (b) 4.118% 7/25/47		109,725		112,072
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2II (b) 4.474% 10/25/45		531,900		542,775
Drug Royalty Corp., Inc., Series 2012-1, Class A2 (b) 5.800% 7/15/24		13,462		13,489
Element Rail Leasing II LLC, Series 2015-1A, Class A1 (b) 2.707% 2/19/45		65,141		63,597
Element Rail Leasing II LLC, Series 2016-1A, Class A1 (b) 3.968% 3/19/46		181,963		184,793
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27		89,348		89,147
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 (b) 4.212% 10/15/42		379,590		387,082
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M6, 1 mo. USD LIBOR + 1.725%, FRN 3.277% 1/25/35		420,000		429,424
Galaxy XX CLO Ltd., Series 2015-20A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (b) 2.813% 7/20/27		425,000		425,442
Global SC Finance II SRL, Series 2014-1A, Class A1 (b) 3.190% 7/17/29		164,583		163,389
Global SC Finance II SRL, Series 2013-2A, Class A (b) 3.670% 11/17/28		154,495		151,960
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class A, 3 mo. USD LIBOR + 1.150%, FRN (b) 2.517% 4/25/25		490,052		490,154
Goodgreen Trust, Series 2016-1A, Class A (b) 3.230% 10/15/52		419,902		418,802
Goodgreen Trust, Series 2017-2A, Class A (b) 3.260% 10/15/53		477,115		473,452


	Principal Amount		Value
Goodgreen Trust, Series 2017-1A, Class A (b) 3.740% 10/15/52	$	191,903	$	190,555
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .645%, FRN 2.197% 4/25/35		23,650		23,760
Helios Issuer LLC, Series 2017-1A, Class A (b) 4.940% 9/20/49		244,469		250,508
Hero Funding, Series 2017-3A, Class A1 (b) 3.190% 9/20/48		258,552		257,846
HERO Funding Trust, Series 2016-3A, Class A1 (b) 3.080% 9/20/42		251,982		248,684
HERO Funding Trust, Series 2016-4A, Class A1 (b) 3.570% 9/20/47		257,135		261,319
Hilton Grand Vacations Trust, Series 2013-A, Class A (b) 2.280% 1/25/26		43,583		43,283
J.G. Wentworth XXXV LLC, Series 2015-2A, Class A (b) 3.870% 3/15/58		94,620		98,049
KDAC Aircraft Finance Ltd., Series 2017-1A, Class A (b) (d) (e) 4.212% 12/15/42		440,000		439,985
Lendmark Funding Trust, Series 2017-1A, Class A (b) 2.830% 12/22/25		200,000		199,477
Long Beach Mortgage Loan Trust, Series 2005-1, Class M2, 1 mo. USD LIBOR + .795%, FRN 2.347% 2/25/35		48,880		49,013
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2, 1 mo. USD LIBOR + .825%, FRN 2.377% 6/25/35		94,801		94,877
Marble Point CLO XI Ltd., Series 2017-2A, Class A, FRN (b) (c) 2.793% 12/18/30		1,000,000		1,000,396
Mariner Finance Issuance Trust, Series 2017-BA, Class A (b) 2.920% 12/20/29		750,000		748,530
Marlette Funding Trust, Series 2016-1A, Class A (b) 3.060% 1/17/23		100,873		101,051
Marlette Funding Trust, Series 2017-2A, Class B (b) 3.190% 7/15/24		140,000		140,279
Miramax LLC, Series 2014-1A, Class A2 (b) 3.340% 7/20/26		139,328		139,442

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Mosaic Solar Loans LLC, Series 2017-2A, Class A (b) 3.820% 9/20/42	$	173,075	$	173,734
Mosaic Solar Loans LLC, Series 2017-1A, Class A (b) 4.450% 6/20/42		80,618		82,256
MP CLO III Ltd., Series 2013-1A, Class AR, FRN (b) (c) 2.613% 10/20/30		300,000		302,247
Nations Equipment Finance Funding II LLC, Series 2014-1A, Class A (b) 1.558% 7/20/18		2,422		2,421
New Residential Advance Receivables Trust, Series 2016-T4, Class AT4 (b) 3.107% 12/15/50		450,000		447,996
NP SPE II LLC, Series 2017-1A, Class A2 (b) 4.219% 10/21/47		380,000		386,501
NRZ Advance Receivables Trust, Series 2016-T3, Class AT3 (b) 2.833% 10/16/51		1,650,000		1,620,638
OHA Credit Partners VIII Ltd., Series 2013-8A, Class A, 3 mo. USD LIBOR + 1.120%, FRN (b) 2.483% 4/20/25		312,239		312,696
OnDeck Asset Securitization Trust II LLC, Series 2016-1A, Class A (b) 4.210% 5/17/20		130,000		130,481
Oportun Funding VI LLC, Series 2017-A, Class A (b) 3.230% 6/08/23		280,000		278,600
Orange Lake Timeshare Trust, Series 2014-AA, Class A (b) 2.290% 7/09/29		37,899		37,371
Orange Lake Timeshare Trust, Series 2016-A, Class B (b) 2.910% 3/08/29		171,101		168,252
Oxford Finance Funding Trust, Series 2016-1A, Class A (b) 3.968% 6/17/24		220,000		220,835
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340%, FRN (b) 2.776% 2/20/30		250,000		251,893
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class B (b) 3.080% 9/20/32		33,686		33,502
SoFi Consumer Loan Program LLC, Series 2016-3, Class A (b) 3.050% 12/26/25		225,136		226,216
SoFi Consumer Loan Program LLC, Series 2016-5, Class A (b) 3.060% 9/25/28		1,078,273		1,080,958


	Principal Amount		Value
SoFi Consumer Loan Program LLC, Series 2016-2A, Class A (b) 3.090% 10/27/25	$	348,663	$	350,393
SoFi Consumer Loan Program LLC, Series 2016-1A, Class A (b) 3.260% 8/25/25		513,110		516,104
SoFi Consumer Loan Program LLC, Series 2017-2, Class A (b) 3.280% 2/25/26		402,400		404,973
Spirit Master Funding LLC, Series 2014-4A, Class A1 (b) 3.501% 1/20/45		160,000		160,449
SpringCastle America Funding LLC, Series 2016-AA, Class A (b) 3.050% 4/25/29		195,728		196,941
SPS Servicer Advance Receivables Trust, Series 2016-T2, Class AT2 (b) 2.750% 11/15/49		670,000		669,163
Structured Receivables Finance LLC, Series 2010-B, Class A (b) 3.730% 8/15/36		90,830		90,086
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A (b) 4.190% 1/15/71		347,562		346,788
Symphony CLO XV Ltd., Series 2014-15A, Class AR, 3 mo. USD LIBOR + 1.180%, FRN (b) 2.533% 10/17/26		430,000		431,271
Taco Bell Funding LLC, Series 2016-1A, Class A2I (b) 3.832% 5/25/46		385,125		390,523
TAL Advantage VI LLC, Series 2017-1A, Class A 4.500% 4/20/42		384,317		394,125
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480%, FRN (b) 2.839% 10/13/29		340,000		345,864
Textainer Marine Containers Ltd., Series 2017-2A, Class A (b) 3.520% 6/20/42		240,271		238,727
Treman Park CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.370%, FRN (b) 2.733% 4/20/27		490,000		490,814
Trip Rail Master Funding LLC, Series 2017-1A, Class A2 (b) 3.736% 8/15/47		140,000		138,697
Triton Container Finance IV LLC, Series 2017-2A, Class A (b) 3.620% 8/20/42		834,357		835,246
Triton Container Finance VI LLC, Series 2017-1A, Class A (b) 3.520% 6/20/42		161,896		159,557

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, VRN (c) 2.997% 10/25/46	$	257,942	$	257,918
VSE VOI Mortgage LLC, Series 2016-A, Class A (b) 2.540% 7/20/33		286,137		283,702
WAVE Trust, Series 2017-1A, Class A (b) 3.844% 11/15/42		695,520		696,981
Welk Resorts LLC, Series 2015-AA, Class A (b) 2.790% 6/16/31		117,816		115,652
Welk Resorts LLC, Series 2017-AA, Class B (b) 3.410% 6/15/33		269,125		266,475
Wendys Funding LLC, Series 2015-1A, Class A2I (b) 3.371% 6/15/45		464,313		465,016
Wendys Funding LLC, Series 2015-1A, Class A2II (b) 4.080% 6/15/45		303,025		310,201
Wendys Funding LLC, Series 2015-1A, Class A23 (b) 4.497% 6/15/45		415,438		423,173

				31,324,354

Student Loans ABS — 3.2%
Academic Loan Funding Trust, Series 2012-1A, Class A2, 1 mo. USD LIBOR + 1.100%, FRN (b) 2.428% 12/27/44		495,000		494,412
AccessLex Institute, Series 2004-A, Class A3, 28 day ARS, FRN 1.699% 7/01/39		400,000		394,609
AccessLex Institute, Series 2003-A, Class A3, 3 mo. Treasury + 1.200%, FRN 2.550% 7/01/38		133,318		125,689
CIT Education Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .210%, FRN 1.799% 6/15/43		507,608		469,209
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS, FRN 1.182% 1/25/47		130,000		105,478
DRB Prime Student Loan Trust, Series 2016-B, Class A2 (b) 2.890% 6/25/40		252,221		252,748
DRB Prime Student Loan Trust, Series 2016-R, Class A2 (b) 3.070% 10/25/44		712,581		719,707


	Principal Amount		Value
DRB Prime Student Loan Trust, Series 2015-B, Class A2 (b) 3.170% 7/25/31	$	160,035	$	160,768
DRB Prime Student Loan Trust, Series 2015-B, Class A1, 1 mo. USD LIBOR + 1.900%, FRN (b) 3.238% 10/27/31		45,822		46,800
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900%, FRN (b) 3.464% 10/25/44		712,581		719,707
Earnest Student Loan Program LLC, Series 2016-D, Class A2 (b) 2.720% 1/25/41		267,958		265,115
Earnest Student Loan Program LLC, Series 2016-B, Class A2 (b) 3.020% 5/25/34		190,497		189,536
Earnest Student Loan Program LLC, Series 2016-C, Class A1, 1 mo. USD LIBOR + 1.850%, FRN (b) 3.402% 10/27/36		415,257		421,637
ECMC Group Student Loan Trust, Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200%, FRN (b) 2.752% 12/27/66		405,653		410,328
ECMC Group Student Loan Trust, Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350%, FRN (b) 2.902% 7/26/66		548,216		553,281
Edlinc Student Loan Funding, Series 2017-A, Class A (Acquired 12/22/17, Cost $595,828), FRN (b) (c) (d) (e) (f) 3.350% 12/01/47		600,000		595,828
EdLinc Student Loan Funding Trust, Series 2012-1, Class B, 1 mo. USD LIBOR + 4.240%, FRN (b) 5.792% 11/26/40		270,000		312,641
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450%, FRN 1.912% 8/25/42		160,748		149,446
Goal Structured Solutions Trust, Series 2016-B, Class A2, Prime — 1.250%, FRN (b) 3.250% 8/25/51		500,000		504,146
KnowledgeWorks Foundation, Series 2010-1, Class A, 3 mo. USD LIBOR + .950%, FRN 2.412% 2/25/42		168,726		169,629
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX (b) 3.020% 8/25/42		190,000		187,154

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Navient Student Loan Trust, Series 2016-1A, Class A, 1 mo. USD LIBOR + .700%, FRN (b) 2.252% 2/25/70	$	472,316	$	473,769
Navient Student Loan Trust, Series 2017-5A, Class A, FRN (b) (c) 2.352% 7/26/66		504,936		506,676
Navient Student Loan Trust, Series 2017-4A, Class A3, 1 mo. USD LIBOR + 1.000%, FRN (b) 2.552% 9/27/66		700,000		706,677
Navient Student Loan Trust, Series 2017-3A, Class A3, 1 mo. USD LIBOR + 1.050%, FRN (b) 2.602% 7/26/66		300,000		307,840
Navient Student Loan Trust, Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150%, FRN (b) 2.702% 7/26/66		750,000		767,846
Navient Student Loan Trust, Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250%, FRN (b) 2.802% 6/25/65		452,042		462,883
Navient Student Loan Trust, Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500%, FRN 2.828% 6/25/48		220,000		193,091
Navient Student Loan Trust, Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300%, FRN (b) 2.852% 3/25/66		2,150,000		2,210,715
Navient Student Loan Trust, Series 2014-8, Class B, 1 mo. USD LIBOR + 1.500%, FRN 3.052% 7/26/49		155,000		152,344
Navient Student Loan Trust, Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500%, FRN 3.052% 10/25/58		150,000		150,000
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B (b) 3.600% 12/26/40		185,833		183,429
Nelnet Student Loan Trust, Series 2005-2, Class A5, 3 mo. USD LIBOR + .100%, FRN 1.758% 3/23/37		301,926		298,702
Nelnet Student Loan Trust, Series 2006-3, Class B, 3 mo. USD LIBOR + .250%, FRN 1.925% 6/25/41		116,553		100,229
Nelnet Student Loan Trust, Series 2013-5A, Class A, 1 mo. USD LIBOR + .630%, FRN (b) 2.182% 1/25/37		182,843		181,937


	Principal Amount		Value
Nelnet Student Loan Trust, Series 2005-4, Class A4R2, 28 day ARS, FRN 2.347% 3/22/32	$	200,000	$	187,803
Nelnet Student Loan Trust, Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500%, FRN (b) 2.828% 6/25/54		150,000		135,763
North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 3 mo. USD LIBOR + .800%, FRN 2.167% 7/25/36		250,000		246,954
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950%, FRN (b) 2.502% 11/25/65		497,061		497,950
SLC Private Student Loan Trust, Series 2006-A, Class A5, 3 mo. USD LIBOR + .170%, FRN 1.529% 7/15/36		10,859		10,859
SLC Private Student Loan Trust, Series 2006-A, Class C, 3 mo. USD LIBOR + .450%, FRN 1.809% 7/15/36		230,000		219,006
SLC Student Loan Trust, Series 2006-A, Class B, 3 mo. USD LIBOR + .300%, FRN 1.659% 7/15/36		125,000		123,722
SLM Student Loan Trust, Series 2002-7, Class A10, 28 day ARS, FRN 0.500% 3/15/28		136,000		136,000
SLM Student Loan Trust, Series 2002-7, Class A11, 28 day ARS, FRN 0.500% 3/15/28		160,000		160,000
SLM Student Loan Trust, Series 2003-5, Class A7, 28 day ARS, FRN 0.500% 6/17/30		50,000		50,000
SLM Student Loan Trust, Series 2003-5, Class A9, 28 day ARS, FRN 0.500% 6/17/30		350,000		350,000
SLM Student Loan Trust, Series 2005-5, Class A4, 3 mo. USD LIBOR + .140%, FRN 1.507% 10/25/28		330,000		328,742
SLM Student Loan Trust, Series 2005-3, Class B, 3 mo. USD LIBOR + .150%, FRN 1.517% 4/25/40		180,067		164,984
SLM Student Loan Trust, Series 2006-5, Class B, 3 mo. USD LIBOR + .210%, FRN 1.577% 10/25/40		409,864		386,445
SLM Student Loan Trust, Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550%, FRN (b) 1.917% 10/25/64		750,000		741,829

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SLM Student Loan Trust, Series 2005-5, Class A5, 3 mo. USD LIBOR + .750%, FRN 2.117% 10/25/40	$	300,000	$	298,081
SLM Student Loan Trust, Series 2002-7, Class B, 28 day ARS, FRN 4.892% 12/15/39		550,000		549,622
SMB Private Education Loan Trust, Series 2016-B, Class A2A (b) 2.430% 2/17/32		245,000		240,721
SMB Private Education Loan Trust, Series 2015-B, Class A2B, 1 mo. USD LIBOR + 1.200%, FRN (b) 2.677% 7/15/27		192,124		193,518
SMB Private Education Loan Trust, Series 2016-A, Class A2A (b) 2.700% 5/15/31		450,000		447,453
SMB Private Education Loan Trust, Series 2017-A, Class B (b) 3.500% 6/17/41		300,000		289,667
SMB Private Education Loan Trust, Series 2017-B, Class B (b) 3.500% 12/16/41		150,000		149,084
SoFi Professional Loan Program LLC, Series 2015-A, Class RC, (Acquired 4/19/17, Cost $281,375) (b) (d) (f) 0.000% 3/25/33		100		200,000
SoFi Professional Loan Program LLC, Series 2017-D, Class R1 (Acquired 7/19/17, Cost $565,900) (b) (d) (f) 0.000% 9/25/40		1,000,000		565,900
SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1 mo. USD LIBOR + .950%, FRN (b) 2.502% 1/25/39		107,156		108,242
SoFi Professional Loan Program LLC, Series 2016-B, Class A2B (b) 2.740% 10/25/32		300,000		296,656
SoFi Professional Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200%, FRN (b) 2.752% 6/25/33		273,110		277,553
SoFi Professional Loan Program LLC, Series 2017-A, Class B, VRN (b) (c) 3.440% 3/26/40		180,000		176,807
SoFi Professional Loan Program LLC, Series 2017-D, Class BFX (b) 3.610% 9/25/40		500,000		485,721
South Carolina Student Loan Corp., Series 2014-1, Class A2, 1 mo. USD LIBOR + 1.000%, FRN 2.361% 1/03/33		290,000		287,082


	Principal Amount		Value
South Carolina Student Loan Corp., Series 2010-1, Class A3, 3 mo. USD LIBOR + 1.050%, FRN 2.417% 10/27/36	$	170,000	$	171,941

				22,422,111

WL Collateral CMO — 0.1%
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1, VRN (c) 3.445% 2/25/34		19,777		20,298
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1, VRN (c) 3.887% 9/25/33		7,502		6,987
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, VRN (c) 3.596% 8/25/34		7,725		7,780
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, VRN (c) 3.190% 8/25/34		49,390		48,142
JP Morgan Mortgage Trust, Series 2017-1, Class A11, VRN (b) (c) 3.500% 1/25/47		509,993		513,034
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA, VRN (c) 3.525% 2/25/34		5,418		5,277
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA, VRN (c) 3.588% 7/25/33		3,544		3,649
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, VRN (c) 3.500% 2/25/34		237		252
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, VRN (c) 3.494% 3/25/34		30,484		31,433
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%, FRN 2.463% 4/25/44		75,650		76,208

				713,060


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $58,617,297)				58,955,403


SOVEREIGN DEBT OBLIGATIONS — 0.2%
Colombia Government International Bond 6.125% 1/18/41		620,000		748,650
Mexico Government International Bond 4.750% 3/08/44		724,000		731,964

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Mexico Government International Bond 6.750% 9/27/34	$	160,000	$	208,000

				1,688,614


TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,559,023)				1,688,614


U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 7.4%
Collateralized Mortgage Obligations — 0.4%
Federal Home Loan Mortgage Corp. Series 4303, Class AP 3.000% 8/15/43		415,961		421,538
Series 4290, Class CA 3.500% 12/15/38		287,557		294,897
Series 2617, Class Z 5.500% 5/15/33		226,536		249,788
Series 2693, Class Z 5.500% 10/15/33		404,026		435,379
Series 3423, Class PB 5.500% 3/15/38		82,590		89,568
Federal National Mortgage Association Series 2014-7, Class VA 3.500% 5/25/25		211,571		218,671
Series 2014-48, Class AB 4.000% 10/25/40		385,409		399,865
Series 2007-32, Class Z 5.500% 4/25/37		129,745		140,897
Series 2010-60, Class HJ 5.500% 5/25/40		88,669		94,750
Federal National Mortgage Association REMIC Series 2007-B2, Class ZA 5.500% 6/25/37		109,093		117,690

				2,463,043

Pass-Through Securities — 7.0%
Federal Home Loan Mortgage Corp.
Pool #Q41916 3.500% 7/01/46		294,840		305,344
Pool #Q42045 3.500% 7/01/46		116,916		121,081
Pool #Q44275 3.500% 11/01/46		236,086		244,497
Pool #Q44277 3.500% 11/01/46		106,577		110,091
Pool #Q52216 3.500% 11/01/47		647,226		665,227
Pool #V83655 3.500% 12/01/47		1,921,558		1,975,002
Pool #V83763 3.500% 12/01/47		2,322,494		2,387,089


	Principal Amount		Value
Pool #Q52868 3.500% 12/01/47	$	975,000	$	1,002,117
Pool #Q47742 4.000% 4/01/47		193,747		204,940
Pool #Q47730 4.000% 4/01/47		238,916		252,718
Pool #V83764 4.000% 12/01/47		1,973,134		2,071,405
Pool #V83796 4.000% 12/01/47		2,900,000		3,038,996
Pool #Q52834 4.000% 12/01/47		250,000		261,982
Pool #C03537 4.500% 8/01/40		231,458		248,817
Pool #G06057 4.500% 10/01/40		167,493		179,689
Pool #G60485 4.500% 10/01/41		212,546		227,955
Pool #G60172 4.500% 9/01/43		215,513		231,778
Pool #Q48208 4.500% 5/01/47		119,468		127,476
Pool #Q48869 4.500% 6/01/47		903,767		961,947
Pool #C55867 7.500% 2/01/30		49,739		56,174
Pool #C01079 7.500% 10/01/30		7,124		8,316
Pool #C01135 7.500% 2/01/31		20,639		24,039
Pool #C00470 8.000% 8/01/26		14,995		17,249
Pool #G00924 8.000% 3/01/28		15,267		17,577
Federal Home Loan Mortgage Corp. TBA (g) Pool #648 3.500% 1/01/45		1,150,000		1,181,266
Federal National Mortgage Association Pool #725692 1 year CMT + 2.140%, FRN 3.229% 10/01/33		49,793		51,470
Pool #888586 1 year CMT + 2.210%, FRN 3.282% 10/01/34		84,247		88,675
Pool #AS1304 3.500% 12/01/28		279,762		289,947
Pool #AV1897 3.500% 12/01/28		44,804		46,435
Pool #AV2325 3.500% 12/01/28		153,760		159,358
Pool #BH5155 3.500% 9/01/47		2,680,763		2,754,693

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Pool #CA0770 3.500% 11/01/47	$	2,195,491	$	2,256,382
Pool #MA3210 3.500% 12/01/47		323,966		332,951
Pool #BH9008 4.000% 8/01/47		49,742		52,064
Pool #CA0181 4.000% 8/01/47		2,425,855		2,539,093
Pool #BH9011 4.000% 9/01/47		49,791		52,115
Pool #CA0620 4.000% 10/01/47		2,267,711		2,374,276
Pool #BF0094 4.000% 5/01/56		1,058,981		1,114,371
Pool #BF0105 4.000% 6/01/56		268,252		282,283
Pool #AH6787 4.500% 3/01/41		181,647		195,321
Pool #CA0185 4.500% 8/01/47		491,781		524,881
Pool #AD6437 5.000% 6/01/40		97,807		106,755
Pool #AD6996 5.000% 7/01/40		655,744		709,075
Pool #AL8173 5.000% 2/01/44		259,219		279,977
Pool #564594 7.000% 1/01/31		10,437		11,952
Pool #572844 7.000% 4/01/31		23,373		27,163
Pool #253795 7.000% 5/01/31		58,051		66,900
Pool #499386 7.500% 9/01/29		1,369		1,591
Pool #521006 7.500% 12/01/29		639		742
Pool #522769 7.500% 12/01/29		65		76
Pool #252981 7.500% 1/01/30		8,068		9,368
Pool #531196 7.500% 2/01/30		963		1,121
Pool #524317 7.500% 3/01/30		1,066		1,247
Pool #530520 7.500% 3/01/30		11,277		13,025
Pool #530299 7.500% 3/01/30		260		294
Pool #253183 7.500% 4/01/30		3,324		3,860
Pool #253265 7.500% 5/01/30		1,964		2,257


	Principal Amount		Value
Pool #536949 8.000% 5/01/30	$	1,459	$	1,743
Pool #526380 8.000% 5/01/30		5,847		6,952
Pool #535351 8.000% 6/01/30		2,794		3,306
Pool #253481 8.000% 10/01/30		2,306		2,729
Pool #602008 8.000% 8/01/31		2,572		3,032
Pool #596656 8.000% 8/01/31		718		758
Pool #190317 8.000% 8/01/31		897		1,057
Federal National Mortgage Association TBA
Pool #1963 3.500% 10/01/44 (g)		5,875,000		6,034,268
Pool #9174 4.000% 3/01/44 (g)		1,500,000		1,568,906
Government National Mortgage Association Pool #783896 3.500% 5/15/44		795,015		826,101
Pool #BF1053 3.500% 12/15/47		300,000		310,840
Pool #359587 7.000% 6/15/23		31		31
Pool #337539 7.000% 7/15/23		492		537
Pool #363066 7.000% 8/15/23		3,996		4,385
Pool #354674 7.000% 10/15/23		4,046		4,413
Pool #368814 7.000% 10/15/23		470		481
Pool #362651 7.000% 10/15/23		4,121		4,328
Pool #352021 7.000% 11/15/23		2,273		2,485
Government National Mortgage Association II Pool #82462 1 year CMT + 1.500%, FRN 2.375% 1/20/40		78,314		80,695
Pool #82488 1 year CMT + 1.500%, FRN 2.375% 3/20/40		104,191		107,264
Pool #784026 3.500% 12/20/44		220,456		228,353
Pool #BC4641 3.500% 9/20/47		447,940		463,740

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Pool #MA4778 3.500% 10/20/47	$	2,189,358	$	2,267,269
Pool #BC4885 3.500% 11/20/47		673,922		698,799
Pool #BD6940 3.500% 12/20/47		425,000		440,058
Pool #AC2985 4.000% 10/20/47		124,658		130,624
Government National Mortgage Association II TBA Pool #207 3.500% 5/01/45 (g)		3,125,000		3,231,934
Pool #232 4.000% 12/01/44 (g)		1,800,000		1,876,781

				48,574,359

Whole Loans — 0.0%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2016-DNA1, Class M1, 1 mo. USD LIBOR + 1.450%, FRN 3.002% 7/25/28		32,664		32,709


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $51,286,741)				51,070,111


U.S. TREASURY OBLIGATIONS — 2.8%
U.S. Treasury Bonds & Notes — 2.8%
U.S. Treasury Bond 2.500% 5/15/46		5,870,000		5,585,213
U.S. Treasury Bond (h) 3.500% 2/15/39		2,580,000		2,946,038
U.S. Treasury Note 1.625% 11/30/20		750,000		742,500
U.S. Treasury Note 1.625% 8/31/22		5,650,000		5,510,737
U.S. Treasury Note 2.000% 11/15/26		2,260,000		2,187,521
U.S. Treasury Note 2.250% 8/15/27		2,440,000		2,405,878

				19,377,887


TOTAL U.S. TREASURY OBLIGATIONS (Cost $19,255,876)				19,377,887


TOTAL BONDS & NOTES (Cost $201,261,881)				203,633,215


TOTAL PURCHASED OPTIONS (#) — 0.1% (Cost $804,384)				767,579


	Number of Shares		Value
RIGHTS — 0.0%
Consumer, Cyclical — 0.0%
Retail — 0.0%
Safeway Casa Ley (CVR) (a) (d) (e)		18,800	$	18,988
Safeway PDC, LLC. (CVR) (a) (d) (e)		18,800		940

				19,928


TOTAL RIGHTS (Cost $19,608)				19,928


TOTAL LONG-TERM INVESTMENTS (Cost $540,138,962)				693,416,288


	Principal Amount
SHORT-TERM INVESTMENTS — 3.7%
Commercial Paper — 3.6%
Ameren Corp. 1.775% 1/04/18	$	2,000,000		1,999,442
Bell Canada (b) 1.936% 3/19/18		2,000,000		1,991,911
Carnival Corp. (b) 1.915% 3/14/18		2,000,000		1,992,542
Dominion Resources, Inc. (b) 1.535% 1/02/18		2,000,000		1,999,629
Fortive Corp. (b) 1.608% 1/16/18		1,500,000		1,498,712
Glencore Funding LLC (b) 1.629% 1/10/18		2,000,000		1,998,810
HP, Inc. (b) 1.566% 1/08/18		2,000,000		1,999,203
Marriott International, Inc. (b) 1.596% 1/16/18		1,000,000		999,141
Molex Electronic Technologies (b) 2.038% 3/13/18		2,000,000		1,991,728
Nasdaq, Inc. (b) 1.650% 1/24/18		400,000		399,503
Nasdaq, Inc. (b) 1.682% 2/20/18		1,600,000		1,595,890
Public Service Enterprise Group, Inc. (b) 2.137% 2/20/18		2,000,000		1,994,803
Spectra Energy Partners (b) 1.849% 1/25/18		2,000,000		1,997,387
Telus Corp. (b) 2.089% 3/28/18		1,500,000		1,493,292
Thomson Reuters Corp. (b) 1.649% 2/13/18		1,250,000		1,247,139

				25,199,132

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

MML Blend Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp. Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (i)	$	400,810	$	400,810

Time Deposit — 0.0%
Euro Time Deposit 0.120% 1/02/18		36,208		36,208


TOTAL SHORT-TERM INVESTMENTS (Cost $25,637,960)				25,636,150


TOTAL INVESTMENTS — 103.4% (Cost $565,776,922) (j)				719,052,438

Other Assets/(Liabilities) — (3.4)%				(23,564,729	)


NET ASSETS — 100.0%			$	695,487,709
					��

Abbreviation Legend

ABS	Asset-Backed Security

ARS	Auction Rate Security

BAB	Build America Bonds

CLO	Collateralized Loan Obligation

CMO	Collateralized Mortgage Obligation

CMT	Constant Maturity Treasury Index

CVR	Contingent Value Rights

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)	Non-income producing security.

(b)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $86,581,990 or 12.45% of net assets.

(c)

Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2017.

(d)	Investment was valued using significant unobservable inputs.

(e)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2017, these securities amounted to a value of $1,055,741 or 0.15% of net assets.

(f)	Restricted security. Certain securities are restricted as to resale. At December 31, 2017, these securities amounted to a value of $1,361,728 or 0.20% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

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

(i)	Maturity value of $400,834. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $413,955.

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

(#) The Fund had the following open Purchased Swaptions contracts at December 31, 2017:

Purchased Swaptions


OTC Counterparty*	Units		Notional Amount		Expiration Date		Pay/ Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC		5,300,000	USD	5,300,000		12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Strike 2.44	$	264,960	$	257,630	$	(7,330	)
Put
Barclays Bank PLC		10,790,000	USD	10,790,000		12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Strike 2.94	$	539,424	$	509,949	$	(29,475	)

										$	804,384	$	767,579	$	(36,805	)

*	Contracts are subject to a Master Netting Agreement.

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

MML Blend Fund – Portfolio of Investments (Continued)

The Fund had the following open Futures contracts at December 31, 2017:

Futures


	Expiration Date		Number of Contracts		Notional Amount		Value/Net Unrealized Appreciation/ (Depreciation)
Futures Contracts — Long
U.S. Treasury Ultra Long Bond		3/20/18		18	$	2,990,310	$	27,503
U.S. Treasury Note 2 Year		3/29/18		59		12,659,913		(27,460	)
U.S. Treasury Note 5 Year		3/29/18		150		17,499,504		(74,895	)

							$	(74,852	)

The Fund had the following open Swap agreements at December 31, 2017:

Swaps


Counterparty	Currency		Notional Amount		Expiration Date	Payment Frequency		Receive (Pay) Fixed Rate		Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps*
Goldman Sachs International		USD		500,000	5/11/63		Monthly		3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)	$	(73,468	)	$	308		$	(73,160	)
Goldman Sachs International		USD		430,000	5/11/63		Monthly		3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)		(25,679	)		(37,238	)		(62,917	)
Goldman Sachs International		USD		160,000	5/11/63		Monthly		3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)		(10,592	)		(12,819	)		(23,411	)

											$	(109,739	)	$	(49,749	)	$	(159,488	)

*	Contracts are subject to a Master Netting Agreement.

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

††

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

Currency Legend

USD	U.S. Dollar

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

MML Equity Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 98.2%

COMMON STOCK — 98.2%
Basic Materials — 1.9%
Chemicals — 1.6%
Ashland Global Holdings, Inc.		1,700	$	121,040
Celanese Corp. Series A		5,400		578,232
Eastman Chemical Co.		96,380		8,928,643
Huntsman Corp.		8,800		292,952
LyondellBasell Industries NV Class A		18,800		2,074,016
PPG Industries, Inc.		9,300		1,086,426
RPM International, Inc.		4,600		241,132
Westlake Chemical Corp.		4,900		521,997

				13,844,438

Forest Products & Paper — 0.1%
International Paper Co.		16,200		938,628

Iron & Steel — 0.1%
Nucor Corp.		12,300		782,034
Reliance Steel & Aluminum Co.		2,200		188,738
Steel Dynamics, Inc.		9,500		409,735

				1,380,507

Mining — 0.1%
Newmont Mining Corp.		13,500		506,520

				16,670,093

Communications — 6.5%
Internet — 0.5%
Alphabet, Inc. Class A (a)		3,390		3,571,026
CDW Corp.		6,100		423,889

				3,994,915

Media — 3.0%
Comcast Corp. Class A		167,200		6,696,360
DISH Network Corp. Class A (a)		63,940		3,053,135
News Corp. Class A		14,600		236,666
Time Warner, Inc.		47,200		4,317,384
Twenty-First Century Fox, Inc. Class A		39,900		1,377,747
The Walt Disney Co.		96,740		10,400,517

				26,081,809

Telecommunications — 3.0%
ARRIS International PLC (a)		7,000		179,830
AT&T, Inc.		251,350		9,772,488
Cisco Systems, Inc.		189,000		7,238,700
Juniper Networks, Inc.		14,300		407,550
Motorola Solutions, Inc.		6,600		596,244
Verizon Communications, Inc.		148,700		7,870,691

				26,065,503

				56,142,227


	Number of Shares		Value
Consumer, Cyclical — 10.2%
Airlines — 1.0%
American Airlines Group, Inc.		19,700	$	1,024,991
Delta Air Lines, Inc.		28,800		1,612,800
JetBlue Airways Corp. (a)		11,900		265,846
Southwest Airlines Co.		92,470		6,052,161

				8,955,798

Apparel — 0.7%
Carter’s, Inc.		1,700		199,733
Hanesbrands, Inc. (b)		245,140		5,125,877
Michael Kors Holdings Ltd. (a)		4,400		276,980
Ralph Lauren Corp. (b)		1,900		197,011

				5,799,601

Auto Manufacturers — 0.9%
Ford Motor Co.		142,600		1,781,074
General Motors Co.		58,400		2,393,816
PACCAR, Inc.		49,810		3,540,495

				7,715,385

Auto Parts & Equipment — 0.3%
Adient PLC		2,600		204,620
Allison Transmission Holdings, Inc.		5,200		223,964
Aptiv PLC		10,600		899,198
BorgWarner, Inc.		8,200		418,938
The Goodyear Tire & Rubber Co.		9,900		319,869
Lear Corp.		2,600		459,316

				2,525,905

Entertainment — 0.0%
The Madison Square Garden Co. Class A (a)		900		189,765

Home Builders — 0.2%
NVR, Inc. (a)		100		350,822
PulteGroup, Inc.		12,100		402,325
Thor Industries, Inc.		2,000		301,440
Toll Brothers, Inc.		6,800		326,536

				1,381,123

Home Furnishing — 0.5%
Leggett & Platt, Inc.		5,000		238,650
Whirlpool Corp.		23,580		3,976,531

				4,215,181

Leisure Time — 0.8%
Brunswick Corp.		3,300		182,226
Carnival Corp.		78,500		5,210,045
Norwegian Cruise Line Holdings Ltd. (a)		8,900		473,925
Royal Caribbean Cruises Ltd.		8,500		1,013,880

				6,880,076

Lodging — 0.6%
Hyatt Hotels Corp. Class A (a)		1,500		110,310

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

MML Equity Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Wyndham Worldwide Corp.		47,580	$	5,513,095

				5,623,405

Retail — 5.0%
AutoNation, Inc. (a) (b)		2,600		133,458
Best Buy Co., Inc.		10,800		739,476
CarMax, Inc. (a)		7,400		474,562
CVS Health Corp.		26,700		1,935,750
Dollar General Corp.		10,100		939,401
The Gap, Inc.		11,000		374,660
Genuine Parts Co.		4,100		389,541
Kohl’s Corp.		6,300		341,649
L Brands, Inc.		10,500		632,310
Lowe’s Cos., Inc.		30,200		2,806,788
Nordstrom, Inc. (b)		4,700		222,686
PVH Corp.		3,000		411,630
Tapestry, Inc.		89,420		3,955,047
Target Corp.		115,450		7,533,113
Tractor Supply Co.		3,500		261,625
Wal-Mart Stores, Inc.		211,610		20,896,487
Walgreens Boots Alliance, Inc.		21,350		1,550,437
Williams-Sonoma, Inc. (b)		3,400		175,780

				43,774,400

Textiles — 0.1%
Mohawk Industries, Inc. (a)		3,000		827,700

Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		4,600		418,094

				88,306,433

Consumer, Non-cyclical — 16.1%
Agriculture — 0.6%
Philip Morris International, Inc.		53,180		5,618,467

Beverages — 1.1%
The Coca-Cola Co.		104,400		4,789,872
Coca-Cola European Partners PLC		117,150		4,668,427
Dr. Pepper Snapple Group, Inc.		4,800		465,888

				9,924,187

Biotechnology — 2.0%
Amgen, Inc.		55,570		9,663,623
Biogen, Inc. (a)		8,400		2,675,988
Gilead Sciences, Inc.		72,540		5,196,766

				17,536,377

Commercial Services — 0.3%
AMERCO		600		226,746
Booz Allen Hamilton Holding Corp.		5,400		205,902
H&R Block, Inc.		8,000		209,760
ManpowerGroup, Inc.		2,600		327,886
Robert Half International, Inc.		5,100		283,254
United Rentals, Inc. (a)		3,500		601,685
The Western Union Co.		17,400		330,774

				2,186,007


	Number of Shares		Value
Cosmetics & Personal Care — 0.7%
The Procter & Gamble Co.		67,560	$	6,207,413

Foods — 0.2%
Ingredion, Inc.		2,600		363,480
Pilgrim’s Pride Corp. (a) (b)		9,500		295,070
Tyson Foods, Inc. Class A		8,000		648,560

				1,307,110

Health Care – Products — 2.3%
Boston Scientific Corp. (a)		102,010		2,528,828
Danaher Corp.		61,938		5,749,085
Thermo Fisher Scientific, Inc.		22,660		4,302,681
Zimmer Biomet Holdings, Inc.		57,910		6,988,000

				19,568,594

Health Care – Services — 2.9%
Aetna, Inc.		12,600		2,272,914
Anthem, Inc.		9,700		2,182,597
Cigna Corp.		10,000		2,030,900
DaVita, Inc. (a)		7,800		563,550
HCA Healthcare, Inc. (a)		14,300		1,256,112
Laboratory Corp. of America Holdings (a)		4,200		669,942
Quest Diagnostics, Inc.		5,200		512,148
UnitedHealth Group, Inc.		70,840		15,617,386

				25,105,549

Household Products & Wares — 0.1%
Kimberly-Clark Corp.		9,100		1,098,006

Pharmaceuticals — 5.9%
AbbVie, Inc.		61,900		5,986,349
AmerisourceBergen Corp.		6,100		560,102
Bristol-Myers Squibb Co.		147,360		9,030,221
Herbalife Ltd. (a) (b)		3,700		250,564
Johnson & Johnson		102,700		14,349,244
McKesson Corp.		7,900		1,232,005
Perrigo Co. PLC		5,200		453,232
Pfizer, Inc.		530,950		19,231,009

				51,092,726

				139,644,436

Energy — 9.5%
Oil & Gas — 7.3%
Chevron Corp.		191,742		24,004,181
Concho Resources, Inc. (a)		33,920		5,095,462
ConocoPhillips		164,201		9,012,993
Energen Corp. (a)		3,600		207,252
HollyFrontier Corp.		6,700		343,174
Marathon Oil Corp.		23,800		402,934
Marathon Petroleum Corp.		20,400		1,345,992
Phillips 66		66,129		6,688,948
Suncor Energy, Inc.		398,290		14,625,209
Valero Energy Corp.		17,500		1,608,425

				63,334,570

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

MML Equity Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Oil & Gas Services — 1.5%
Halliburton Co.		119,117	$	5,821,248
Weatherford International PLC (a) (b)		1,719,890		7,171,941

				12,993,189

Pipelines — 0.7%
Enbridge, Inc. (b)		164,477		6,432,696

				82,760,455

Financial — 30.8%
Banks — 18.8%
Bank of America Corp.		960,960		28,367,539
The Bank of New York Mellon Corp.		40,000		2,154,400
BB&T Corp.		28,900		1,436,908
BOK Financial Corp.		2,400		221,568
Capital One Financial Corp.		18,600		1,852,188
CIT Group, Inc.		4,800		236,304
Citigroup, Inc.		287,620		21,401,804
Citizens Financial Group, Inc.		19,600		822,808
Comerica, Inc.		5,800		503,498
Commerce Bancshares, Inc.		4,100		228,944
Cullen/Frost Bankers, Inc.		2,400		227,160
East West Bancorp, Inc.		5,400		328,482
Fifth Third Bancorp		28,800		873,792
The Goldman Sachs Group, Inc.		51,120		13,023,331
Huntington Bancshares, Inc.		30,100		438,256
JP Morgan Chase & Co.		378,980		40,528,122
KeyCorp		396,730		8,002,044
M&T Bank Corp.		6,000		1,025,940
Morgan Stanley		181,480		9,522,256
Northern Trust Corp.		8,000		799,120
The PNC Financial Services Group, Inc.		18,700		2,698,223
Prosperity Bancshares, Inc.		2,600		182,182
Regions Financial Corp.		46,000		794,880
State Street Corp.		14,400		1,405,584
SunTrust Banks, Inc.		18,600		1,201,374
Synovus Financial Corp.		4,800		230,112
US Bancorp		65,200		3,493,416
Wells Fargo & Co.		191,200		11,600,104
Western Alliance Bancorp (a)		3,000		169,860
Zions Bancorp		177,140		9,004,026

				162,774,225

Diversified Financial Services — 3.9%
Alliance Data Systems Corp.		1,600		405,568
Ally Financial, Inc.		17,600		513,216
American Express Co.		34,400		3,416,264
Ameriprise Financial, Inc.		40,280		6,826,252
BlackRock, Inc.		13,570		6,971,045
Credit Acceptance Corp. (a) (b)		600		194,088
Discover Financial Services		15,600		1,199,952


	Number of Shares		Value
E*TRADE Financial Corp. (a)		10,300	$	510,571
FNF Group		9,200		361,008
Franklin Resources, Inc.		21,700		940,261
Invesco Ltd.		15,700		573,678
Lazard Ltd. Class A		4,800		252,000
Nasdaq, Inc.		118,110		9,074,391
Raymond James Financial, Inc.		5,200		464,360
Santander Consumer USA Holdings, Inc.		13,200		245,784
Synchrony Financial		31,000		1,196,910
T. Rowe Price Group, Inc.		9,400		986,342

				34,131,690

Insurance — 5.8%
Aflac, Inc.		15,500		1,360,590
Alleghany Corp. (a)		700		417,263
The Allstate Corp.		15,000		1,570,650
American Financial Group, Inc.		6,700		727,218
American International Group, Inc.		48,000		2,859,840
Aon PLC		43,030		5,766,020
Assurant, Inc.		2,200		221,848
Chubb Ltd.		17,000		2,484,210
Cincinnati Financial Corp.		6,100		457,317
Everest Re Group Ltd.		1,500		331,890
The Hartford Financial Services Group, Inc.		142,900		8,042,412
Lincoln National Corp.		8,300		638,021
Loews Corp.		12,800		640,384
Markel Corp. (a)		600		683,478
MetLife, Inc.		170,820		8,636,659
Old Republic International Corp.		10,300		220,214
Principal Financial Group, Inc.		11,200		790,272
Prudential Financial, Inc.		16,600		1,908,668
Reinsurance Group of America, Inc.		2,600		405,418
Torchmark Corp.		11,400		1,034,094
The Travelers Cos., Inc.		25,400		3,445,256
Unum Group		9,000		494,010
Voya Financial, Inc.		7,500		371,025
W.R. Berkley Corp.		4,700		336,755
Willis Towers Watson PLC		4,900		738,381
XL Group Ltd.		170,850		6,007,086

				50,588,979

Real Estate — 0.0%
Jones Lang LaSalle, Inc.		1,700		253,181

Real Estate Investment Trusts (REITS) — 2.3%
Crown Castle International Corp.		68,700		7,626,387
Digital Realty Trust, Inc.		28,150		3,206,285
Invitation Homes, Inc.		100,160		2,360,771
Prologis, Inc.		102,220		6,594,212

				19,787,655

Savings & Loans — 0.0%
Investors Bancorp, Inc.		11,400		158,232

				267,693,962

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

MML Equity Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Industrial — 10.7%
Aerospace & Defense — 2.0%
General Dynamics Corp.		12,500	$	2,543,125
L3 Technologies, Inc.		3,100		613,335
Lockheed Martin Corp.		31,791		10,206,501
Spirit AeroSystems Holdings, Inc. Class A		4,800		418,800
United Technologies Corp.		30,900		3,941,913

				17,723,674

Building Materials — 0.1%
Owens Corning		4,600		422,924
USG Corp. (a)		5,400		208,224

				631,148

Electrical Components & Equipment — 0.0%
Hubbell, Inc.		1,500		203,010

Electronics — 1.3%
Arrow Electronics, Inc. (a)		3,300		265,353
Corning, Inc.		47,900		1,532,321
Garmin Ltd.		7,700		458,689
Gentex Corp.		11,100		232,545
Honeywell International, Inc.		29,500		4,524,120
Jabil, Inc.		6,600		173,250
SYNNEX Corp.		1,100		149,545
TE Connectivity Ltd.		40,410		3,840,566

				11,176,389

Engineering & Construction — 0.5%
Fluor Corp.		75,070		3,877,365
Jacobs Engineering Group, Inc.		4,600		303,416

				4,180,781

Environmental Controls — 0.7%
Waste Management, Inc.		65,780		5,676,814

Hand & Machine Tools — 0.0%
Snap-on, Inc.		2,200		383,460

Machinery – Construction & Mining — 1.1%
Caterpillar, Inc.		61,470		9,686,443

Machinery – Diversified — 0.4%
AGCO Corp.		3,000		214,290
Cummins, Inc.		6,800		1,201,152
Zebra Technologies Corp. Class A (a)		23,380		2,426,844

				3,842,286

Manufacturing — 0.4%
Siemens AG Sponsored ADR		46,280		3,205,816

Miscellaneous – Manufacturing — 1.3%
Carlisle Cos., Inc.		2,400		272,760
Eaton Corp. PLC		17,200		1,358,972
Ingersoll-Rand PLC		9,400		838,386
Parker-Hannifin Corp.		37,093		7,403,021
Pentair PLC		5,900		416,658
Textron, Inc.		10,700		605,513


	Number of Shares		Value
Trinity Industries, Inc.		5,700	$	213,522

				11,108,832

Packaging & Containers — 0.7%
Crown Holdings, Inc. (a)		5,200		292,500
Packaging Corp. of America		3,500		421,925
Sonoco Products Co.		3,900		207,246
WestRock Co.		86,770		5,484,732

				6,406,403

Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		1,800		424,260

Transportation — 2.1%
FedEx Corp.		14,490		3,615,835
Kansas City Southern		30,010		3,157,652
Norfolk Southern Corp.		7,600		1,101,240
United Parcel Service, Inc. Class B		25,400		3,026,410
XPO Logistics, Inc. (a) (b)		84,640		7,752,177

				18,653,314

				93,302,630

Technology — 9.7%
Computers — 3.5%
Apple, Inc.		100,200		16,956,846
Check Point Software Technologies Ltd. (a)		18,080		1,873,450
CSRA, Inc.		4,600		137,632
HP, Inc.		277,060		5,821,030
International Business Machines Corp.		34,000		5,216,280
NetApp, Inc.		7,600		420,432

				30,425,670

Office & Business Equipment — 0.0%
Xerox Corp.		9,900		288,585

Semiconductors — 3.1%
Applied Materials, Inc.		37,800		1,932,336
Broadcom Ltd.		12,032		3,091,021
Intel Corp.		180,400		8,327,264
KLA-Tencor Corp.		5,700		598,899
Marvell Technology Group Ltd.		324,490		6,966,800
Qorvo, Inc. (a)		5,100		339,660
Skyworks Solutions, Inc.		7,100		674,145
Teradyne, Inc.		5,700		238,659
Texas Instruments, Inc.		46,610		4,867,948

				27,036,732

Software — 3.1%
CA, Inc.		15,400		512,512
First Data Corp. Class A (a)		332,060		5,548,723
Microsoft Corp.		86,980		7,440,269
Oracle Corp.		155,100		7,333,128
Synopsys, Inc. (a)		68,100		5,804,844

				26,639,476

				84,390,463

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

MML Equity Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Utilities — 2.8%
Electric — 2.7%
AES Corp.		8,900	$	96,387
Ameren Corp.		9,500		560,405
American Electric Power Co., Inc.		19,300		1,419,901
DTE Energy Co.		7,400		810,004
Duke Energy Corp.		22,500		1,892,475
Edison International		119,790		7,575,520
Entergy Corp.		68,660		5,588,237
Eversource Energy		12,100		764,478
NextEra Energy, Inc.		15,325		2,393,612
OGE Energy Corp.		8,000		263,280
Pinnacle West Capital Corp.		4,600		391,828
Public Service Enterprise Group, Inc.		19,600		1,009,400
Westar Energy, Inc.		5,200		274,560
Xcel Energy, Inc.		17,700		851,547

				23,891,634

Gas — 0.1%
National Fuel Gas Co. (b)		3,200		175,712
UGI Corp.		6,500		305,175

				480,887

				24,372,521


TOTAL COMMON STOCK (Cost $678,973,133)				853,283,220


TOTAL EQUITIES (Cost $678,973,133)				853,283,220


MUTUAL FUNDS — 2.9%
Diversified Financial Services — 2.9%
iShares Russell 1000 Value Index Fund		42,900		5,334,186
State Street Navigator Securities Lending Prime Portfolio (c)		20,307,925		20,307,925

				25,642,111


TOTAL MUTUAL FUNDS (Cost $25,639,652)				25,642,111


TOTAL LONG-TERM INVESTMENTS (Cost $704,612,785)				878,925,331


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.2%
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (d)	$	10,361,349	$	10,361,349


TOTAL SHORT-TERM INVESTMENTS (Cost $10,361,349)				10,361,349


TOTAL INVESTMENTS — 102.3% (Cost $714,974,134) (e)				889,286,680

Other Assets/(Liabilities) — (2.3)%				(20,193,987	)


NET ASSETS — 100.0%			$	869,092,693

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2017, was $19,709,581 or 2.27% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(d)	Maturity value of $10,361,970. Collateralized by U.S. Government Agency obligations with rates ranging from 2.000% – 2.750%, maturity dates ranging from 2/15/24 – 4/30/24, and an aggregate market value, including accrued interest, of $10,571,498.

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

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

MML Managed Bond Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 0.2%

PREFERRED STOCK — 0.2%
Financial — 0.2%
Insurance — 0.2%
The Allstate Corp., 3 mo. USD LIBOR + 3.165%, VRN 5.100%		95,000	$	2,492,800


TOTAL PREFERRED STOCK (Cost $2,375,000)				2,492,800


TOTAL EQUITIES (Cost $2,375,000)				2,492,800


	Principal Amount
BONDS & NOTES — 97.8%

CORPORATE DEBT — 35.2%
Advertising — 0.1%
WPP Finance 2010 5.625% 11/15/43	$	1,205,000		1,382,084

Aerospace & Defense — 0.0%
United Technologies Corp. 6.125% 7/15/38		350,000		463,999

Agriculture — 0.2%
Bunge Ltd. Finance Corp. 3.250% 8/15/26		1,050,000		1,003,452
Bunge Ltd. Finance Corp. 3.500% 11/24/20		955,000		974,923
Reynolds American, Inc. 5.850% 8/15/45		760,000		949,065

				2,927,440

Airlines — 0.7%
American Airlines Group, Inc. (a) 5.500% 10/01/19		5,926,000		6,088,965
American Airlines Pass-Through Trust, Series 2014-1, Class B 4.375% 4/01/24		202,902		207,238
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A 4.100% 10/01/29		1,753,329		1,819,780
WestJet Airlines Ltd. (a) 3.500% 6/16/21		735,000		741,852

				8,857,835

Auto Manufacturers — 0.7%
Ford Motor Co. 5.291% 12/08/46		530,000		576,751
Ford Motor Credit Co. LLC 2.681% 1/09/20		1,340,000		1,343,233
Ford Motor Credit Co. LLC 4.375% 8/06/23		340,000		358,021


	Principal Amount		Value
General Motors Co. 4.200% 10/01/27	$	1,315,000	$	1,362,616
General Motors Co. 5.150% 4/01/38		800,000		852,923
General Motors Financial Co., Inc. 3.500% 11/07/24		1,925,000		1,921,066
Hyundai Capital America (a) 2.550% 2/06/19		1,045,000		1,043,162
Hyundai Capital America (a) 2.875% 8/09/18		800,000		801,666

				8,259,438

Auto Parts & Equipment — 0.0%
Lear Corp. 5.375% 3/15/24		535,000		565,895

Banks — 4.4%
Associated Banc-Corp. 2.750% 11/15/19		2,805,000		2,814,530
Associated Banc-Corp. 4.250% 1/15/25		2,991,000		3,079,685
Banco Santander SA 3.125% 2/23/23		1,800,000		1,790,840
Banco Santander SA 4.250% 4/11/27		1,800,000		1,866,041
Bank of America Corp. 4.183% 11/25/27		3,015,000		3,148,463
Bank of America Corp. 3 mo. USD LIBOR + 1.814%, VRN 4.244% 4/24/38		1,625,000		1,762,362
Bank of America Corp. 5.875% 2/07/42		470,000		622,355
Bank of America Corp. 7.750% 5/14/38		400,000		599,354
Bank of Montreal VRN (b) 3.803% 12/15/32		1,505,000		1,487,888
The Bank of Nova Scotia 4.500% 12/16/25		1,295,000		1,362,284
The Bank of Nova Scotia VRN (b) 4.650% 12/31/99		1,175,000		1,168,009
Barclays PLC 4.337% 1/10/28		1,720,000		1,780,140
BPCE SA (a) 3.500% 10/23/27		2,570,000		2,528,857
Citigroup, Inc. 4.125% 7/25/28		2,975,000		3,066,199
Credit Suisse Group AG (a) 4.282% 1/09/28		1,325,000		1,381,445
First Horizon National Corp. 3.500% 12/15/20		3,580,000		3,655,828
First Republic Bank 4.375% 8/01/46		4,360,000		4,457,331

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Fulton Financial Corp. 3.600% 3/16/22	$	1,565,000	$	1,571,227
The Goldman Sachs Group, Inc. 5.750% 1/24/22		950,000		1,053,389
The Goldman Sachs Group, Inc. 5.950% 1/15/27		1,410,000		1,647,124
The Goldman Sachs Group, Inc. 6.125% 2/15/33		335,000		426,977
The Goldman Sachs Group, Inc. 6.750% 10/01/37		345,000		461,832
ICICI Bank Ltd. (a) 4.700% 2/21/18		1,250,000		1,253,198
JP Morgan Chase & Co. 3.625% 12/01/27		1,235,000		1,248,308
JP Morgan Chase & Co. 5.600% 7/15/41		1,125,000		1,447,085
SVB Financial Group 3.500% 1/29/25		2,960,000		2,967,078
SVB Financial Group 5.375% 9/15/20		475,000		507,667
Turkiye Garanti Bankasi AS (a) 4.750% 10/17/19		3,010,000		3,055,210
Valley National Bancorp 5.125% 9/27/23		1,530,000		1,637,831

				53,848,537

Beverages — 0.4%
Anheuser-Busch InBev Finance, Inc. 4.900% 2/01/46		3,825,000		4,433,133
Molson Coors Brewing Co. 4.200% 7/15/46		620,000		631,794

				5,064,927

Biotechnology — 0.5%
Amgen, Inc. 5.150% 11/15/41		475,000		570,050
Baxalta, Inc. 5.250% 6/23/45		885,000		1,031,406
Celgene Corp. 3.450% 11/15/27		2,330,000		2,328,264
Celgene Corp. 4.350% 11/15/47		1,890,000		1,963,198

				5,892,918

Building Materials — 0.5%
Standard Industries, Inc. (a) 5.000% 2/15/27		3,037,000		3,105,332
Standard Industries, Inc. (a) 5.375% 11/15/24		1,636,000		1,710,111
Standard Industries, Inc. (a) 5.500% 2/15/23		1,238,000		1,290,615

				6,106,058


	Principal Amount		Value
Chemicals — 0.5%
Ashland, Inc. 6.875% 5/15/43	$	302,000	$	335,220
Incitec Pivot Finance LLC (a) 6.000% 12/10/19		1,160,000		1,228,783
Monsanto Co. 4.400% 7/15/44		650,000		692,606
The Mosaic Co. 3.250% 11/15/22		1,150,000		1,139,940
The Mosaic Co. 4.050% 11/15/27		1,170,000		1,173,067
RPM International, Inc. 3.750% 3/15/27		725,000		733,617
The Sherwin-Williams Co. 4.500% 6/01/47		700,000		765,341
The Sherwin-Williams Co. (a) 7.250% 6/15/19		315,000		336,762

				6,405,336

Commercial Services — 0.3%
The ADT Corp. 6.250% 10/15/21		2,875,000		3,148,125
ERAC USA Finance LLC (a) 6.700% 6/01/34		125,000		157,776

				3,305,901

Computers — 1.0%
Dell International LLC/EMC Corp. (a) 3.480% 6/01/19		2,975,000		3,012,269
Dell International LLC/EMC Corp. (a) 6.020% 6/15/26		487,000		536,975
DXC Technology Co. 2.875% 3/27/20		610,000		612,967
DXC Technology Co. 4.750% 4/15/27		1,845,000		1,961,995
Enterprise Services LLC 7.450% 10/15/29		300,000		372,858
Leidos Holdings, Inc. 4.450% 12/01/20		5,665,000		5,877,438

				12,374,502

Diversified Financial Services — 2.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.500% 5/15/21		1,810,000		1,900,896
Affiliated Managers Group, Inc. 3.500% 8/01/25		2,080,000		2,103,292
Aircastle Ltd. 5.000% 4/01/23		1,750,000		1,844,063
Ally Financial, Inc. 3.250% 11/05/18		3,060,000		3,067,650
Ally Financial, Inc. 4.750% 9/10/18		2,165,000		2,192,062

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Ares Finance Co. LLC (a) 4.000% 10/08/24	$	2,080,000	$	2,000,856
Brookfield Finance LLC 4.000% 4/01/24		3,030,000		3,136,737
Discover Financial Services 4.100% 2/09/27		1,750,000		1,792,580
Genpact Luxembourg Sarl (a) 3.700% 4/01/22		2,400,000		2,385,327
Lazard Group LLC 3.625% 3/01/27		1,253,000		1,250,410
Lazard Group LLC 4.250% 11/14/20		3,710,000		3,864,259
Legg Mason, Inc. 5.625% 1/15/44		1,195,000		1,332,277
Neuberger Berman Group LLC/Neuberger Berman Finance Corp. (a) 4.500% 3/15/27		1,150,000		1,209,570

				28,079,979

Electric — 2.1%
The Cleveland Electric Illuminating Co. (a) 3.500% 4/01/28		945,000		946,032
Duke Energy Corp. 3.750% 9/01/46		1,235,000		1,221,305
EDP Finance BV (a) 3.625% 7/15/24		2,665,000		2,683,985
Entergy Louisiana LLC 4.950% 1/15/45		1,005,000		1,056,016
Florida Power & Light Co. 4.950% 6/01/35		630,000		746,507
Infraestructura Energetica Nova SAB de CV (a) 3.750% 1/14/28		820,000		808,930
IPALCO Enterprises, Inc. 3.450% 7/15/20		4,160,000		4,201,600
IPALCO Enterprises, Inc. (a) 3.700% 9/01/24		1,060,000		1,059,037
Israel Electric Corp. Ltd. (a) 7.250% 1/15/19		1,250,000		1,302,350
Majapahit Holding BV (a) 7.750% 1/20/20		1,220,000		1,334,436
Nevada Power Co., Series N 6.650% 4/01/36		550,000		764,369
Oncor Electric Delivery Co. 7.500% 9/01/38		495,000		748,786
Pacific Gas & Electric Co. 5.800% 3/01/37		543,000		677,617
Pennsylvania Electric Co. (a) 4.150% 4/15/25		1,860,000		1,947,360
Progress Energy, Inc. 7.000% 10/30/31		485,000		648,099
Puget Energy, Inc. 3.650% 5/15/25		2,345,000		2,404,029


	Principal Amount		Value
Puget Energy, Inc. 6.500% 12/15/20	$	1,580,000	$	1,749,071
Tri-State Pass-Through Trust, Series 2003, Class A (a) 6.040% 1/31/18		20,291		20,348
Tri-State Pass-Through Trust, Series 2003, Class B (a) 7.144% 7/31/33		480,000		593,328
Virginia Electric and Power Co. 6.350% 11/30/37		640,000		882,260

				25,795,465

Electronics — 0.6%
Arrow Electronics, Inc. 3.250% 9/08/24		965,000		945,589
Arrow Electronics, Inc. 3.500% 4/01/22		1,680,000		1,702,503
Arrow Electronics, Inc. 3.875% 1/12/28		985,000		982,047
Avnet, Inc. 3.750% 12/01/21		405,000		410,826
FLIR Systems, Inc. 3.125% 6/15/21		1,235,000		1,244,137
Ingram Micro, Inc. STEP 5.450% 12/15/24		1,288,000		1,279,222
Tech Data Corp. 3.700% 2/15/22		855,000		857,651
Tyco Electronics Group SA 7.125% 10/01/37		335,000		485,034

				7,907,009

Engineering & Construction — 0.4%
SBA Tower Trust (a) 3.156% 10/10/45		1,200,000		1,209,000
SBA Tower Trust (a) 2.877% 7/10/46		1,200,000		1,191,000
SBA Tower Trust (a) 3.168% 4/09/47		1,930,000		1,921,202

				4,321,202

Foods — 0.2%
Kraft Heinz Foods Co. 3.000% 6/01/26		1,915,000		1,842,767

Gas — 0.3%
NiSource Finance Corp. 5.800% 2/01/42		950,000		1,177,070
Spire, Inc. 4.700% 8/15/44		1,840,000		2,042,673

				3,219,743

Hand & Machine Tools — 0.1%
Kennametal, Inc. 2.650% 11/01/19		800,000		800,633

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Health Care – Products — 0.5%
Abbott Laboratories 3.750% 11/30/26	$	810,000	$	831,762
Abbott Laboratories 4.900% 11/30/46		755,000		865,605
Becton Dickinson & Co. 3.363% 6/06/24		1,625,000		1,629,540
Becton Dickinson & Co. 3.700% 6/06/27		1,705,000		1,718,146
Becton Dickinson & Co. 4.685% 12/15/44		825,000		902,134

				5,947,187

Health Care – Services — 0.3%
Humana, Inc. 3.950% 3/15/27		1,660,000		1,718,738
Humana, Inc. 4.800% 3/15/47		830,000		935,859
UnitedHealth Group, Inc. 3.950% 10/15/42		350,000		363,801
UnitedHealth Group, Inc. 6.875% 2/15/38		580,000		841,247

				3,859,645

Home Builders — 0.3%
Lennar Corp. 4.500% 11/15/19		3,390,000		3,478,987
Lennar Corp. 6.950% 6/01/18		45,000		45,844

				3,524,831

Household Products & Wares — 0.0%
Church & Dwight Co., Inc. 3.150% 8/01/27		520,000		512,319

Insurance — 2.8%
The Allstate Corp. 3 mo. USD LIBOR + 2.938%, VRN 5.750% 8/15/53		2,260,000		2,465,660
American International Group, Inc. 4.500% 7/16/44		1,175,000		1,265,594
AmTrust Financial Services, Inc. 6.125% 8/15/23		3,030,000		2,910,315
Arch Capital Group US, Inc. 5.144% 11/01/43		1,040,000		1,213,074
Athene Global Funding (a) 3.000% 7/01/22		2,280,000		2,256,683
AXIS Specialty Finance PLC 2.650% 4/01/19		590,000		588,029
AXIS Specialty Finance PLC 4.000% 12/06/27		1,625,000		1,632,328
Brown & Brown, Inc. 4.200% 9/15/24		456,000		478,009
The Chubb Corp. 3 mo. USD LIBOR + 2.250%, VRN 3.609% 3/29/67		374,000		371,195


	Principal Amount		Value
CNA Financial Corp. 3.450% 8/15/27	$	1,115,000	$	1,098,785
CNO Financial Group, Inc. 4.500% 5/30/20		1,602,000		1,650,060
CNO Financial Group, Inc. 5.250% 5/30/25		2,321,000		2,448,655
Enstar Group Ltd. 4.500% 3/10/22		920,000		936,984
Five Corners Funding Trust (a) 4.419% 11/15/23		1,315,000		1,409,192
Reinsurance Group of America, Inc. 3.950% 9/15/26		2,260,000		2,309,747
Trinity Acquisition PLC 3.500% 9/15/21		1,540,000		1,570,031
Trinity Acquisition PLC 4.400% 3/15/26		445,000		470,627
USF&G Capital I (a) 8.500% 12/15/45		885,000		1,298,680
Willis North America, Inc. 7.000% 9/29/19		566,000		607,014
Willis Towers Watson PLC 5.750% 3/15/21		1,690,000		1,838,994
XLIT Ltd. 4.450% 3/31/25		1,200,000		1,227,363
XLIT Ltd. 5.750% 10/01/21		1,260,000		1,382,900
XLIT Ltd. 6.375% 11/15/24		2,590,000		3,017,121

				34,447,040

Internet — 0.4%
Amazon.com, Inc. (a) 4.050% 8/22/47		1,840,000		1,982,999
Expedia, Inc. 7.456% 8/15/18		2,550,000		2,629,997

				4,612,996

Investment Companies — 0.8%
Ares Capital Corp. 3.500% 2/10/23		3,100,000		3,054,034
Ares Capital Corp. 3.875% 1/15/20		1,850,000		1,882,684
FS Investment Corp. 4.000% 7/15/19		2,450,000		2,479,044
TCP Capital Corp. 4.125% 8/11/22		2,870,000		2,824,805

				10,240,567

Iron & Steel — 0.8%
ArcelorMittal 5.125% 6/01/20		2,165,000		2,262,425
ArcelorMittal STEP 5.750% 8/05/20		2,034,000		2,145,870
ArcelorMittal STEP 6.750% 2/25/22		1,201,000		1,336,113

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Vale Overseas Ltd. 5.875% 6/10/21	$	2,825,000	$	3,076,425
Vale Overseas Ltd. 6.875% 11/21/36		630,000		771,750

				9,592,583

Machinery – Diversified — 0.5%
CNH Industrial Capital LLC 3.375% 7/15/19		1,530,000		1,541,475
CNH Industrial Capital LLC 3.625% 4/15/18		655,000		658,393
CNH Industrial Capital LLC 3.875% 10/15/21		3,280,000		3,337,531

				5,537,399

Media — 0.8%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579% 7/23/20		1,560,000		1,589,080
Charter Communications Operating LLC/Charter Communications Operating Capital 4.464% 7/23/22		1,580,000		1,648,492
Charter Communications Operating LLC/Charter Communications Operating Capital 6.484% 10/23/45		1,285,000		1,498,220
Comcast Corp. 3.400% 7/15/46		645,000		610,271
Comcast Corp. 6.950% 8/15/37		515,000		735,502
Discovery Communications LLC 5.000% 9/20/37		995,000		1,030,913
Time Warner Cable, Inc. 6.750% 6/15/39		985,000		1,181,878
Time Warner Cable, Inc. 8.250% 4/01/19		75,000		80,159
Time Warner Cable, Inc. 8.750% 2/14/19		325,000		346,524
Time Warner, Inc. 6.250% 3/29/41		210,000		259,346
Viacom, Inc. 4.250% 9/01/23		753,000		768,802

				9,749,187

Mining — 0.7%
Anglo American Capital PLC (a) 3.625% 9/11/24		665,000		661,815
Glencore Funding LLC (a) 3.000% 10/27/22		850,000		841,713
Glencore Funding LLC (a) 3.875% 10/27/27		975,000		962,091
Glencore Funding LLC (a) 4.625% 4/29/24		2,365,000		2,496,967


	Principal Amount		Value
Kinross Gold Corp. (a) 4.500% 7/15/27	$	1,020,000	$	1,026,375
Kinross Gold Corp. 5.125% 9/01/21		2,225,000		2,319,562

				8,308,523

Miscellaneous – Manufacturing — 0.2%
General Electric Co. 4.125% 10/09/42		1,430,000		1,498,069
General Electric Corp. 6.875% 1/10/39		298,000		429,415

				1,927,484

Office Equipment/Supplies — 0.3%
Pitney Bowes, Inc. 3.625% 9/15/20		845,000		836,550
Pitney Bowes, Inc. STEP 3.625% 10/01/21		3,005,000		2,794,650

				3,631,200

Office Furnishings — 0.0%
Steelcase, Inc. 6.375% 2/15/21		100,000		109,440

Oil & Gas — 2.1%
Andeavor 3.800% 4/01/28		805,000		806,924
Andeavor 4.500% 4/01/48		510,000		515,780
Antero Resources Corp. 5.375% 11/01/21		3,050,000		3,126,250
Cenovus Energy, Inc. 3.000% 8/15/22		1,275,000		1,267,047
Cenovus Energy, Inc. 4.250% 4/15/27		1,875,000		1,870,484
Continental Resources, Inc. (a) 4.375% 1/15/28		1,573,000		1,552,866
Encana Corp. 6.500% 5/15/19		805,000		845,849
Encana Corp. 6.500% 2/01/38		545,000		687,760
EQT Corp. 3.900% 10/01/27		3,085,000		3,066,898
Helmerich & Payne International Drilling Co. 4.650% 3/15/25		935,000		984,227
Marathon Petroleum Corp. 6.500% 3/01/41		1,120,000		1,403,748
Nabors Industries, Inc. 5.500% 1/15/23	��	1,415,000		1,372,550
Newfield Exploration Co. 5.750% 1/30/22		1,200,000		1,281,000
PBF Holding Co. LLC/PBF Finance Corp. 7.000% 11/15/23		1,175,000		1,222,000

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Petroleos Mexicanos 3.125% 1/23/19	$	325,000	$	326,625
Petroleos Mexicanos 3.500% 1/30/23		675,000		660,825
Petroleos Mexicanos 4.625% 9/21/23		575,000		591,531
Petroleos Mexicanos 5.500% 1/21/21		1,190,000		1,262,590
Petroleos Mexicanos 6.375% 1/23/45		595,000		598,183
Petroleos Mexicanos (a) 6.500% 3/13/27		585,000		639,405
Petroleos Mexicanos 6.625% 6/15/35		140,000		149,568
QEP Resources, Inc. 6.875% 3/01/21		1,750,000		1,890,000

				26,122,110

Oil & Gas Services — 0.1%
National Oilwell Varco, Inc. 3.950% 12/01/42		1,451,000		1,279,791
Weatherford International Ltd. 6.000% 3/15/18		525,000		525,630

				1,805,421

Packaging & Containers — 0.5%
Amcor Finance USA, Inc. (a) 3.625% 4/28/26		3,105,000		3,059,613
Brambles USA, Inc. (a) 4.125% 10/23/25		772,000		800,619
Brambles USA, Inc. (a) 5.350% 4/01/20		490,000		515,595
The WestRock MWV LLC 7.550% 3/01/47		1,000,000		1,418,216

				5,794,043

Pharmaceuticals — 0.9%
AbbVie, Inc. 4.700% 5/14/45		1,060,000		1,188,551
Allergan Funding SCS 4.750% 3/15/45		1,270,000		1,351,987
Express Scripts Holding Co. 4.500% 2/25/26		1,180,000		1,252,224
Express Scripts Holding Co. 4.800% 7/15/46		1,180,000		1,255,270
Johnson & Johnson 5.850% 7/15/38		175,000		237,097
McKesson Corp. 4.883% 3/15/44		625,000		680,148
McKesson Corp. 6.000% 3/01/41		550,000		671,851
Pfizer, Inc. 7.200% 3/15/39		395,000		605,748


	Principal Amount		Value
Shire Acquisitions Investments Ireland DAC 2.875% 9/23/23	$	1,085,000	$	1,066,636
Teva Pharmaceutical Finance Netherlands III BV 1.700% 7/19/19		625,000		607,248
Teva Pharmaceutical Finance Netherlands III BV 2.200% 7/21/21		2,568,000		2,345,792
Teva Pharmaceutical Finance Netherlands III BV 4.100% 10/01/46		460,000		350,292

				11,612,844

Pipelines — 2.5%
Andeavor Logistics LP VRN (b) 6.875% 12/31/99		1,545,000		1,568,484
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 3.500% 12/01/22		450,000		449,146
Energy Transfer LP 4.200% 4/15/27		1,085,000		1,079,360
Energy Transfer LP 6.125% 12/15/45		800,000		868,734
Energy Transfer Partners LP VRN (b) 6.250% 12/31/99		2,370,000		2,301,863
EnLink Midstream Partners LP 4.150% 6/01/25		700,000		707,302
EnLink Midstream Partners LP 4.850% 7/15/26		951,000		996,523
Enterprise Products Operating LLC 5.700% 2/15/42		336,000		406,336
Enterprise Products Operating LLC 5.950% 2/01/41		455,000		561,585
Enterprise Products Operating LLC 6.125% 10/15/39		249,000		313,236
Kinder Morgan Energy Partners LP 6.375% 3/01/41		376,000		437,049
Kinder Morgan Energy Partners LP 6.500% 2/01/37		150,000		175,541
Kinder Morgan Energy Partners LP 6.550% 9/15/40		500,000		584,566
Kinder Morgan Energy Partners LP 6.950% 1/15/38		175,000		217,586
Kinder Morgan Finance Co. LLC (a) 6.000% 1/15/18		2,700,000		2,704,747
Magellan Midstream Partners LP 5.150% 10/15/43		1,115,000		1,261,237
MPLX LP 4.875% 6/01/25		2,418,000		2,591,418
MPLX LP 5.200% 3/01/47		245,000		268,869
MPLX LP 5.500% 2/15/23		912,000		938,521

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Phillips 66 Partners LP 3.750% 3/01/28	$	830,000	$	830,379
Phillips 66 Partners LP 4.680% 2/15/45		178,000		182,829
Plains All American Pipeline LP VRN (b) 6.125% 12/31/99		2,345,000		2,341,482
Plains All American Pipeline LP/PAA Finance Corp. 3.650% 6/01/22		1,195,000		1,201,963
Plains All American Pipeline LP/PAA Finance Corp. 4.500% 12/15/26		1,360,000		1,378,632
Plains All American Pipeline LP/PAA Finance Corp. 4.700% 6/15/44		675,000		631,025
Sabine Pass Liquefaction LLC (a) 4.200% 3/15/28		1,585,000		1,603,671
Sunoco Logistics Partners Operations LP 4.000% 10/01/27		1,375,000		1,348,257
Sunoco Logistics Partners Operations LP 5.300% 4/01/44		525,000		518,122
Tesoro Logistics LP/Tesoro Logistics Finance Corp. 6.250% 10/15/22		652,000		691,752
Western Gas Partners LP 4.000% 7/01/22		2,044,000		2,085,241

				31,245,456

Private Equity — 0.2%
Hercules Capital, Inc. 4.625% 10/23/22		2,910,000		2,950,560

Real Estate Investment Trusts (REITS) — 0.8%
American Tower Corp. 4.400% 2/15/26		860,000		904,363
Crown Castle International Corp. 3.200% 9/01/24		1,605,000		1,588,358
Crown Castle International Corp. 4.000% 3/01/27		790,000		807,717
Healthcare Trust of America Holdings LP 3.500% 8/01/26		1,265,000		1,245,490
Highwoods Realty LP 7.500% 4/15/18		195,000		197,951
Host Hotels & Resorts LP 3.875% 4/01/24		1,675,000		1,704,160
Kimco Realty Corp. 3.300% 2/01/25		960,000		952,516
Mid-America Apartments LP 3.600% 6/01/27		1,115,000		1,116,902
UDR, Inc. 3.500% 7/01/27		1,435,000		1,434,668


	Principal Amount		Value
Weingarten Realty Investors 3.250% 8/15/26	$	535,000	$	513,486

				10,465,611

Retail — 1.1%
CVS Health Corp. 6.125% 9/15/39		560,000		703,793
CVS Pass-Through Trust (a) 5.926% 1/10/34		1,180,340		1,345,526
CVS Pass-Through Trust (a) 7.507% 1/10/32		1,040,779		1,275,571
Dollar Tree, Inc. 5.750% 3/01/23		2,945,000		3,084,887
El Puerto de Liverpool SAB de CV (a) 3.950% 10/02/24		2,620,000		2,633,100
The Home Depot, Inc. 5.950% 4/01/41		600,000		812,537
QVC, Inc. 3.125% 4/01/19		960,000		963,583
QVC, Inc. 4.450% 2/15/25		1,380,000		1,407,696
QVC, Inc. 5.125% 7/02/22		545,000		576,404
Tiffany & Co. 4.900% 10/01/44		990,000		999,307

				13,802,404

Semiconductors — 0.1%
QUALCOMM, Inc. 4.300% 5/20/47		1,400,000		1,410,368

Software — 0.4%
Microsoft Corp. 4.450% 11/03/45		2,064,000		2,419,207
Oracle Corp. 4.000% 7/15/46		1,820,000		1,936,500

				4,355,707

Telecommunications — 2.0%
AT&T, Inc. 3.400% 8/14/24		2,005,000		2,015,294
AT&T, Inc. 3.800% 3/01/24		1,680,000		1,720,505
AT&T, Inc. 3.900% 8/14/27		1,835,000		1,847,261
AT&T, Inc. 4.750% 5/15/46		1,775,000		1,736,033
AT&T, Inc. 4.900% 8/14/37		850,000		860,706
AT&T, Inc. 5.250% 3/01/37		1,295,000		1,369,623
CenturyLink, Inc. 6.150% 9/15/19		560,000		579,600
Cisco Systems, Inc. 5.500% 1/15/40		345,000		456,505

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Crown Castle Towers LLC (a) 3.222% 5/15/42	$	1,700,000	$	1,717,051
Embarq Corp. 7.995% 6/01/36		145,000		141,013
Hughes Satellite Systems Corp. 6.500% 6/15/19		1,125,000		1,175,625
Sprint Communications, Inc. 9.250% 4/15/22		2,550,000		3,040,875
Ericsson LM 4.125% 5/15/22		3,075,000		3,096,588
Turk Telekomunikasyon AS (a) 3.750% 6/19/19		240,000		241,382
Verizon Communications, Inc. 4.125% 3/16/27		1,205,000		1,256,469
Verizon Communications, Inc. 4.862% 8/21/46		2,228,000		2,320,736
Verizon Communications, Inc. 6.550% 9/15/43		885,000		1,155,297

				24,730,563

Toys, Games & Hobbies — 0.1%
Mattel, Inc. 1.700% 3/15/18		1,805,000		1,798,231

Transportation — 0.3%
Asciano Finance Ltd. (a) 4.625% 9/23/20		610,000		630,507
Asciano Finance Ltd. (a) 5.000% 4/07/18		1,150,000		1,157,315
Autoridad del Canal de Panama (a) 4.950% 7/29/35		1,050,000		1,170,750
Burlington Northern Santa Fe LLC 6.150% 5/01/37		720,000		965,138

				3,923,710

Trucking & Leasing — 0.4%
DAE Funding LLC (a) 4.000% 8/01/20		1,049,000		1,059,490
Park Aerospace Holdings Ltd. (a) 4.500% 3/15/23		1,550,000		1,480,250
Park Aerospace Holdings Ltd. (a) 5.250% 8/15/22		2,125,000		2,111,719

				4,651,459


TOTAL CORPORATE DEBT (Cost $421,696,625)				434,090,556


MUNICIPAL OBLIGATIONS — 0.8%
JobsOhio Beverage System Series B 4.532% 1/01/35		3,950,000		4,421,393
New York City Water & Sewer System 5.882% 6/15/44		105,000		145,258


	Principal Amount		Value
Orange County Local Transportation Authority BAB 6.908% 2/15/41	$	1,350,000	$	1,903,392
Panhandle-Plains Student Finance Corp., Series 2001-A2, FRN (b) 3.052% 12/01/31		800,000		786,168
State of California BAB 7.550% 4/01/39		120,000		188,833
State of California BAB 7.600% 11/01/40		1,115,000		1,780,577

				9,225,621


TOTAL MUNICIPAL OBLIGATIONS (Cost $8,475,308)				9,225,621


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 28.7%
Automobile ABS — 0.9%
CFC LLC, Series 2014-2A, Class A (a) 1.440% 11/16/20		84,342		84,278
CPS Auto Trust, Series 2016-C, Class A (a) 1.620% 1/15/20		266,773		266,387
Drive Auto Receivables Trust, Series 2016-BA, Class B (a) 2.560% 6/15/20		488,638		489,098
First Investors Auto Owner Trust, Series 2016-2A, Class B (a) 2.210% 7/15/22		2,990,000		2,954,576
Oscar US Funding Trust II, Series 2015-1A, Class A4 (a) 2.440% 6/15/22		2,250,000		2,243,063
Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700%, FRN (a) 2.950% 7/15/20		515,557		518,218
Oscar US Funding Trust V, Series 2016-2A, Class A4 (a) 2.990% 12/15/23		4,000,000		3,983,428
Oscar US Funding Trust VI, Series 2017-1A, Class A4 (a) 3.300% 5/10/24		950,000		953,148

				11,492,196

Commercial MBS — 1.0%
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class AM, VRN (b) 6.184% 2/10/51		606,753		606,503
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM, VRN (b) 5.513% 1/12/45		750,208		748,909

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Commercial Mortgage Pass-Through Certificates, Series 2012-CR4, Class B (a) 3.703% 10/15/45	$	1,060,000	$	1,061,388
Commercial Mortgage Pass-Through Certificates, Series 2014-UBS2, Class AM 4.199% 3/10/47		1,375,000		1,440,224
Commercial Mortgage Pass-Through Certificates, Series 2014-CR14, Class A4, VRN (b) 4.236% 2/10/47		1,410,000		1,508,012
Commercial Mortgage Pass-Through Certificates, Series 2015-CR23, Class C, VRN (b) 4.254% 5/10/48		1,000,000		985,188
DBCCRE Mortgage Trust, Series 2014-ARCP, Class A (a) 4.238% 1/10/34		995,000		1,023,772
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, VRN (b) 5.767% 7/10/38		1,280,685		1,293,450
GS Mortgage Securities Corp. II, Series 2012-GC6, Class AS (a) 4.948% 1/10/45		488,000		521,491
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class AM, VRN (b) 5.466% 6/12/47		500,416		499,599
Morgan Stanley Capital I Trust, Series 2011-C2, Class B, VRN (a) (b) 5.200% 6/15/44		1,325,000		1,396,869
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, VRN (b) 5.476% 8/15/39		126,083		125,798
Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class AM, VRN (b) 5.997% 6/15/45		364,135		366,075
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AM, VRN (b) 6.011% 2/15/51		795,948		798,297
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1 (a) 3.349% 11/15/43		97,887		99,088

				12,474,663


	Principal Amount		Value
Home Equity ABS — 0.1%
ACE Securities Corp., Series 2005-HE7, Class A2D, 1 mo. USD LIBOR + .660%, FRN 2.212% 11/25/35	$	117,558	$	117,499
Bayview Financial Mortgage Pass-Through Trust, Series 2005-C, Class M1, 1 mo. USD LIBOR + .500%, FRN 2.064% 6/28/44		148,548		148,766
Countrywide Partnership Trust, Series 2004-EC1, Class M1, 1 mo. USD LIBOR + .900%, FRN 2.452% 2/25/35		541,680		511,261
Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720%, FRN 2.272% 3/25/35		560,827		561,961

				1,339,487

Other ABS — 15.7%
321 Henderson Receivables I LLC, Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200%, FRN (a) 1.677% 3/15/42		590,191		565,267
321 Henderson Receivables I LLC, Series 2015-1A, Class A (a) 3.260% 9/15/72		1,227,142		1,211,773
Aames Mortgage Investment Trust, Series 2004-1, Class M5, 1 mo. USD LIBOR + 1.725%, FRN 3.053% 1/25/35		383,580		382,154
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480%, FRN (a) 2.839% 10/15/28		2,620,000		2,641,869
ALM XIV Ltd., Series 2014-14A, Class A1R, 3 mo. USD LIBOR + 1.150%, FRN (a) 2.528% 7/28/26		2,450,000		2,455,003
Alterna Funding II LLC, Series 2015-1A, Class A (a) 2.500% 2/15/24		550,424		549,392
Apidos CLO XXV, Series 2016-25A, Class A1, 3 mo. USD LIBOR + 1.460%, FRN (a) 2.823% 10/20/28		770,000		772,371
Arbys Funding LLC, Series 2015-1A, Class A2 (a) 4.969% 10/30/45		1,862,000		1,901,718
ARL First LLC, Series 2012-1A, Class A1, 1 mo. USD LIBOR + 1.750%, FRN (a) 3.227% 12/15/42		1,012,617		1,020,193

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR + 1.120%, FRN (a) 2.474% 1/18/25	$	1,250,000	$	1,253,235
Avery Point VI CLO Ltd., Series 2015-6A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (a) 2.841% 8/05/27		3,825,000		3,836,502
Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.250%, FRN (a) 2.564% 7/20/30		1,990,000		1,996,101
Birchwood Park CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.180%, FRN (a) 2.539% 7/15/26		2,180,000		2,187,268
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class AA, STEP (a) 2.487% 12/16/41		1,664,583		1,649,139
BlueMountain CLO Ltd., Series 2015-2A, Class A1, 3 mo. USD LIBOR + 1.430%, FRN (a) 2.784% 7/18/27		2,595,000		2,607,222
BlueVirgo Trust, Series 2015-1A, Class NOTE (a) 3.000% 12/15/22		1,262,328		1,265,131
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A (a) 2.940% 5/25/29		1,146,498		1,134,185
Capital Automotive REIT, Series 2014-1A, Class A (a) 3.660% 10/15/44		900,000		900,404
Capital Automotive REIT, Series 2017-1A, Class A2 (a) 4.180% 4/15/47		993,333		1,009,210
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220%, FRN (a) 2.633% 8/14/30		4,000,000		4,016,188
CBAM Ltd., Series 2017-3A, Class A, FRN (a) (b) 2.599% 10/17/29		3,510,000		3,513,538
CIFC Funding V Ltd., Series 2017-5A, Class A1, FRN (a) (b) 2.543% 11/16/30		2,330,000		2,330,767
CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2 (a) 4.474% 3/20/43		1,107,802		1,111,418
Clear Creek CLO Ltd., Series 2015-1A, Class AR, FRN (a) (b) 2.563% 10/20/30		2,040,000		2,053,823


	Principal Amount		Value
Consumer Installment Loan Trust, Series 2016-LD1, Class A (a) 3.960% 7/15/22	$	463,404	$	464,512
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%, FRN 2.012% 9/25/34		156,238		155,671
Cronos Containers Program I Ltd., Series 2014-2A, Class A (a) 3.270% 11/18/29		394,444		391,826
Diamond Resorts Owner Trust, Series 2014-1, Class A (a) 2.540% 5/20/27		281,406		281,143
Diamond Resorts Owner Trust, Series 2015-1, Class A (a) 2.730% 7/20/27		604,895		600,941
Diamond Resorts Owner Trust, Series 2015-2, Class A (a) 2.990% 5/22/28		634,583		628,539
Diamond Resorts Owner Trust, Series 2016-1, Class A (a) 3.080% 11/20/28		2,949,580		2,903,753
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2I (a) 3.484% 10/25/45		2,856,500		2,871,226
Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23 (a) 4.118% 7/25/47		778,050		794,694
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2II (a) 4.474% 10/25/45		3,053,500		3,115,933
Dong Fang Container Finance II SPV Ltd., Series 2014-1A, Class A1 (a) 1.950% 11/25/39		458,333		455,499
Drug Royalty Corp., Inc., Series 2014-1, Class A2 (a) 3.484% 7/15/23		308,777		305,479
Drug Royalty Corp., Inc., Series 2012-1, Class A2 (a) 5.800% 7/15/24		53,846		53,958
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A (a) 2.730% 4/25/28		1,725,359		1,715,118
Element Rail Leasing II LLC, Series 2015-1A, Class A1 (a) 2.707% 2/19/45		444,146		433,614
Element Rail Leasing II LLC, Series 2016-1A, Class A1 (a) 3.968% 3/19/46		1,213,090		1,231,951
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27		524,434		523,253

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 (a) 4.212% 10/15/42	$	1,961,928	$	2,000,650
Galaxy XX CLO Ltd., Series 2015-20A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (a) 2.813% 7/20/27		2,875,000		2,877,993
Global SC Finance II SRL, Series 2014-1A, Class A1 (a) 3.190% 7/17/29		329,167		326,777
Global SC Finance II SRL, Series 2013-2A, Class A (a) 3.670% 11/17/28		947,375		931,830
Global SC Finance IV Ltd., Series 2017-1A, Class A (a) 3.850% 4/15/37		1,741,347		1,768,965
Goldentree Loan Management US CLO Ltd., Series 2017-2A, Class A, FRN (a) (b) 2.724% 11/28/30		1,950,000		1,955,875
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class A, 3 mo. USD LIBOR + 1.150%, FRN (a) 2.517% 4/25/25		3,122,455		3,123,104
Goodgreen Trust, Series 2016-1A, Class A (a) 3.230% 10/15/52		2,778,499		2,771,220
Goodgreen Trust, Series 2017-1A, Class A (a) 3.740% 10/15/52		1,276,156		1,267,188
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + ..645%, FRN 2.197% 4/25/35		94,599		95,042
Helios Issuer LLC, Series 2017-1A, Class A (a) 4.940% 9/20/49		1,711,284		1,753,555
Hercules Capital Funding Trust, Series 2014-1A, Class A (a) 3.524% 4/16/21		380,143		380,499
Hero Funding, Series 2017-3A, Class A1 (a) 3.190% 9/20/48		1,571,201		1,566,913
HERO Funding Trust, Series 2016-3A, Class A1 (a) 3.080% 9/20/42		1,637,884		1,616,447
HERO Funding Trust, Series 2017-2A, Class A1 (a) 3.280% 9/20/48		487,153		485,218
HERO Funding Trust, Series 2016-4A, Class A1 (a) 3.570% 9/20/47		1,799,946		1,829,232


	Principal Amount		Value
HERO Funding Trust, Series 2017-2A, Class A2 (a) 4.070% 9/20/48	$	391,659	$	399,416
Hilton Grand Vacations Trust, Series 2013-A, Class A (a) 2.280% 1/25/26		572,031		568,086
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 (a) 4.300% 1/15/42		2,658,438		2,702,245
LCM XIV LP, Series 14A, Class A, 3 mo. USD LIBOR + 1.150%, FRN (a) 2.509% 7/15/25		971,249		972,593
LCM XXIII Ltd., Series 23A, Class A1, 3 mo. USD LIBOR + 1.400%, FRN (a) 2.763% 10/20/29		3,030,000		3,068,451
Lendmark Funding Trust, Series 2017-1A, Class A (a) 2.830% 12/22/25		1,270,000		1,266,680
Long Beach Mortgage Loan Trust, Series 2005-1, Class M2, 1 mo. USD LIBOR + .795%, FRN 2.347% 2/25/35		202,263		202,810
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2, 1 mo. USD LIBOR + .825%, FRN 2.377% 6/25/35		573,708		574,167
Marble Point CLO XI Ltd., Series 2017-2A, Class A, FRN (a) (b) 2.793% 12/18/30		1,200,000		1,200,475
Marlette Funding Trust, Series 2016-1A, Class A (a) 3.060% 1/17/23		617,846		618,940
Marlette Funding Trust, Series 2017-2A, Class B (a) 3.190% 7/15/24		1,000,000		1,001,993
Marriott Vacation Club Owner Trust, Series 2012-1A, Class A (a) 2.510% 5/20/30		197,007		196,764
Miramax LLC, Series 2014-1A, Class A2 (a) 3.340% 7/20/26		970,320		971,113
Mosaic Solar Loans LLC, Series 2017-2A, Class A (a) 3.820% 9/20/42		1,124,989		1,129,268
Mosaic Solar Loans LLC, Series 2017-1A, Class A (a) 4.450% 6/20/42		556,998		568,311
MP CLO III Ltd., Series 2013-1A, Class AR, FRN (a) (b) 2.613% 10/20/30		1,750,000		1,763,106
MVW Owner Trust, Series 2017-1A, Class A (a) 2.420% 12/20/34		480,647		476,255

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
MVW Owner Trust, Series 2015-1A, Class A (a) 2.520% 12/20/32	$	686,082	$	682,335
Nations Equipment Finance Funding II LLC, Series 2014-1A, Class A (a) 1.558% 7/20/18		13,727		13,720
NP SPE II LLC, Series 2017-1A, Class A2 (a) 4.219% 10/21/47		2,260,000		2,298,666
NRZ Advance Receivables Trust, Series 2016-T4, Class AT4 (a) 3.107% 12/15/50		3,000,000		2,986,641
NRZ Advance Receivables Trust, Series 2016-T3, Class AT3 (a) 2.833% 10/16/51		10,600,000		10,411,374
OHA Credit Partners VIII Ltd., Series 2013-8A, Class A, 3 mo. USD LIBOR + 1.120%, FRN (a) 2.483% 4/20/25		1,847,050		1,849,751
OnDeck Asset Securitization Trust II LLC, Series 2016-1A, Class A (a) 4.210% 5/17/20		870,000		873,217
Oportun Funding VI LLC, Series 2017-A, Class A (a) 3.230% 6/08/23		1,880,000		1,870,602
Orange Lake Timeshare Trust, Series 2014-AA, Class A (a) 2.290% 7/09/29		236,866		233,568
Orange Lake Timeshare Trust, Series 2016-A, Class A (a) 2.610% 3/08/29		1,335,913		1,322,380
Orange Lake Timeshare Trust, Series 2016-A, Class B (a) 2.910% 3/08/29		1,118,740		1,100,110
Oxford Finance Funding Trust, Series 2016-1A, Class A (a) 3.968% 6/17/24		1,400,000		1,405,315
Oxford Finance Funding Trust, Series 2014-1A, Class A (a) 3.475% 12/15/22		384,448		382,320
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340%, FRN (a) 2.776% 2/20/30		700,000		705,300
Residential Asset Mortgage Products, Inc., Series 2005-EFC5, Class M1, 1 mo. USD LIBOR + ..400%, FRN 1.952% 10/25/35		3,602		3,602
Sierra Receivables Funding Co. LLC, Series 2013-2A, Class A, VRN (a) (b) 2.280% 11/20/25		685,611		685,343


	Principal Amount		Value
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class B (a) 3.080% 9/20/32	$	214,367	$	213,197
SoFi Consumer Loan Program LLC, Series 2016-3, Class A (a) 3.050% 12/26/25		1,446,501		1,453,437
SoFi Consumer Loan Program LLC, Series 2016-5, Class A (a) 3.060% 9/25/28		7,068,678		7,086,278
SoFi Consumer Loan Program LLC, Series 2016-2A, Class A (a) 3.090% 10/27/25		2,211,518		2,222,491
SoFi Consumer Loan Program LLC, Series 2016-1A, Class A (a) 3.260% 8/25/25		3,249,696		3,268,658
SoFi Consumer Loan Program LLC, Series 2017-2, Class A (a) 3.280% 2/25/26		2,682,667		2,699,821
Spirit Master Funding LLC, Series 2014-4A, Class A1 (a) 3.501% 1/20/45		1,000,000		1,002,807
SpringCastle America Funding LLC, Series 2016-AA, Class A (a) 3.050% 4/25/29		1,262,105		1,269,932
SPS Servicer Advance Receivables Trust, Series 2016-T2, Class AT2 (a) 2.750% 11/15/49		4,490,000		4,484,389
Steele Creek CLO Ltd., Series 2017-1A, Class A, FRN (a) (b) 2.884% 1/15/30		660,000		660,251
Structured Receivables Finance LLC, Series 2010-B, Class A (a) 3.730% 8/15/36		254,325		252,241
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A (a) 4.190% 1/15/71		2,025,793		2,021,279
Symphony CLO XV Ltd., Series 2014-15A, Class AR, 3 mo. USD LIBOR + 1.180%, FRN (a) 2.533% 10/17/26		2,900,000		2,908,570
Taco Bell Funding LLC, Series 2016-1A, Class A2I (a) 3.832% 5/25/46		2,468,750		2,503,354
TAL Advantage VI LLC, Series 2017-1A, Class A 4.500% 4/20/42		2,540,244		2,605,073
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480%, FRN (a) 2.839% 10/13/29		2,150,000		2,187,083
Treman Park CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.370%, FRN (a) 2.733% 4/20/27		1,750,000		1,752,907

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 (a) 2.709% 8/15/47	$	595,509	$	593,181
Trip Rail Master Funding LLC, Series 2017-1A, Class A2 (a) 3.736% 8/15/47		810,000		802,460
Triton Container Finance IV LLC, Series 2017-2A, Class A (a) 3.620% 8/20/42		3,327,725		3,331,273
Triton Container Finance VI LLC, Series 2017-1A, Class A (a) 3.520% 6/20/42		914,234		901,030
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, VRN (b) 2.997% 10/25/46		1,782,146		1,781,977
VSE VOI Mortgage LLC, Series 2016-A, Class A (a) 2.540% 7/20/33		1,879,397		1,863,403
WAVE Trust, Series 2017-1A, Class A (a) 3.844% 11/15/42		4,034,016		4,042,487
WAVE Trust, Series 2017-1A, Class C (a) 6.656% 11/15/42		2,727,156		2,727,074
Wendys Funding LLC, Series 2015-1A, Class A2I (a) 3.371% 6/15/45		3,885,563		3,891,448
Wendys Funding LLC, Series 2015-1A, Class A2II (a) 4.080% 6/15/45		1,788,825		1,831,186
Wendys Funding LLC, Series 2015-1A, Class A23 (a) 4.497% 6/15/45		2,150,500		2,190,541
Westgate Resorts LLC, Series 2015-1A, Class A (a) 2.750% 5/20/27		770,088		769,788
Westgate Resorts LLC, Series 2017-1A, Class A (a) 3.050% 12/20/30		1,463,739		1,460,991

				193,325,013

Student Loans ABS — 10.7%
AccessLex Institute, Series 2004-A, Class A3, 28 day ARS, FRN 1.699% 7/01/39		2,950,000		2,910,243
AccessLex Institute, Series 2003-A, Class A3, 3 mo. Treasury + 1.200%, FRN 2.550% 7/01/38		439,951		414,775
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS, FRN 1.182% 1/25/47		900,000		730,232


	Principal Amount		Value
Collegiate Funding Services Education Loan Trust, Series 2005-B, Class A4, 3 mo. USD LIBOR + .160%, FRN 1.846% 3/28/35	$	1,463,758	$	1,439,691
DRB Prime Student Loan Trust, Series 2016-B, Class A2 (a) 2.890% 6/25/40		1,681,476		1,684,984
DRB Prime Student Loan Trust, Series 2015-D, Class A2 (a) 3.200% 1/25/40		900,550		899,793
DRB Prime Student Loan Trust, Series 2015-B, Class A1, 1 mo. USD LIBOR + 1.900%, FRN (a) 3.238% 10/27/31		229,109		234,001
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900%, FRN (a) 3.464% 10/25/44		4,592,189		4,638,111
DRB Prime Student Loan Trust, Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000%, FRN (a) 3.552% 4/25/40		712,956		711,103
Earnest Student Loan Program LLC, Series 2016-D, Class A2 (a) 2.720% 1/25/41		1,758,902		1,740,245
Earnest Student Loan Program LLC, Series 2016-B, Class A2 (a) 3.020% 5/25/34		1,241,118		1,234,857
Earnest Student Loan Program LLC, Series 2016-C, Class A1, 1 mo. USD LIBOR + 1.850%, FRN (a) 3.402% 10/27/36		2,759,276		2,801,669
ECMC Group Student Loan Trust, Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200%, FRN (a) 2.752% 12/27/66		3,064,931		3,100,253
ECMC Group Student Loan Trust, Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350%, FRN (a) 2.902% 7/26/66		3,567,156		3,600,116
Edlinc Student Loan Funding, Series 2017-A, Class A (Acquired 12/22/17, Cost $ 3,773,575), FRN (a) (b) (c) (d) (e) 3.350% 12/01/47		3,800,000		3,773,575
Education Services of America, Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500%, FRN (a) 3.052% 6/25/48		1,200,000		1,041,539
Education Services of America, Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%, FRN (a) 3.052% 10/25/56		1,100,000		963,229

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700%, FRN 5.067% 4/25/46	$	625,000	$	678,183
Higher Education Funding I, Series 2004-1, Class B1, 28 day ARS, FRN (a) 1.120% 1/01/44		450,000		394,126
Higher Education Funding I, Series 2004-1, Class B2, 28 day ARS, FRN (a) 1.288% 1/01/44		450,000		384,440
KeyCorp Student Loan Trust, Series 2006-A, Class 2A4, 3 mo. USD LIBOR + .310%, FRN 1.985% 9/27/35		550,309		548,207
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX (a) 3.020% 8/25/42		1,210,000		1,191,876
Navient Student Loan Trust, Series 2014-1, Class A4, 1 mo. USD LIBOR + .750%, FRN 2.078% 2/25/39		3,000,000		2,919,108
Navient Student Loan Trust, Series 2016-1A, Class A, 1 mo. USD LIBOR + .700%, FRN (a) 2.252% 2/25/70		2,833,898		2,842,612
Navient Student Loan Trust, Series 2017-5A, Class A, FRN (a) (b) 2.352% 7/26/66		2,068,297		2,075,425
Navient Student Loan Trust, Series 2017-4A, Class A3, 1 mo. USD LIBOR + 1.000%, FRN (a) 2.552% 9/27/66		2,600,000		2,624,802
Navient Student Loan Trust, Series 2017-3A, Class A3, 1 mo. USD LIBOR + 1.050%, FRN (a) 2.602% 7/26/66		2,500,000		2,565,334
Navient Student Loan Trust, Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150%, FRN (a) 2.702% 7/26/66		6,000,000		6,142,771
Navient Student Loan Trust, Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250%, FRN (a) 2.802% 6/25/65		2,829,448		2,897,304
Navient Student Loan Trust, Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300%, FRN (a) 2.852% 3/25/66		13,750,000		14,138,292


	Principal Amount		Value
Navient Student Loan Trust, Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500%, FRN 3.052% 10/25/58	$	940,000	$	939,999
Navient Student Loan Trust, Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500%, FRN (a) 3.052% 6/25/65		2,370,000		2,436,943
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B (a) 3.600% 12/26/40		1,207,917		1,192,291
Nelnet Student Loan Trust, Series 2006-2, Class A6, 3 mo. USD LIBOR + .120%, FRN 1.487% 4/25/31		1,220,000		1,222,021
Nelnet Student Loan Trust, Series 2005-2, Class A5, 3 mo. USD LIBOR + .100%, FRN 1.758% 3/23/37		1,121,439		1,109,463
Nelnet Student Loan Trust, Series 2006-3, Class B, 3 mo. USD LIBOR + .250%, FRN 1.925% 6/25/41		845,007		726,658
Nelnet Student Loan Trust, Series 2013-5A, Class A, 1 mo. USD LIBOR + .630%, FRN (a) 2.182% 1/25/37		2,011,269		2,001,311
Nelnet Student Loan Trust, Series 2005-4, Class A4A, 7 day ARS, FRN 2.379% 3/22/32		325,000		303,494
North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 3 mo. USD LIBOR + .800%, FRN 2.167% 7/25/36		1,600,000		1,580,505
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950%, FRN (a) 2.502% 11/25/65		3,199,827		3,205,552
SLC Student Loan Trust, Series 2006-A, Class B, 3 mo. USD LIBOR + .300%, FRN 1.659% 7/15/36		378,000		374,136
SLM Student Loan Trust, Series 2002-7, Class A10, 28 day ARS, FRN 0.500% 3/15/28		247,000		247,000
SLM Student Loan Trust, Series 2002-7, Class A11, 28 day ARS, FRN 0.500% 3/15/28		718,000		718,000
SLM Student Loan Trust, Series 2003-2, Class A7, 28 day ARS, FRN 0.500% 9/15/28		650,000		650,000

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SLM Student Loan Trust, Series 2003-5, Class A7, 28 day ARS, FRN 0.500% 6/17/30	$	250,000	$	250,000
SLM Student Loan Trust, Series 2007-3, Class B, 3 mo. USD LIBOR + .150%, FRN 1.517% 1/25/28		2,400,000		2,140,649
SLM Student Loan Trust, Series 2005-3, Class B, 3 mo. USD LIBOR + .150%, FRN 1.517% 4/25/40		1,012,875		928,032
SLM Student Loan Trust, Series 2006-5, Class B, 3 mo. USD LIBOR + .210%, FRN 1.577% 10/25/40		2,526,478		2,382,118
SLM Student Loan Trust, Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550%, FRN (a) 1.917% 10/25/64		5,100,000		5,044,437
SLM Student Loan Trust, Series 2005-5, Class A5, 3 mo. USD LIBOR + .750%, FRN 2.117% 10/25/40		1,056,000		1,049,244
SLM Student Loan Trust, Series 2013-2, Class B, 1 mo. USD LIBOR + 1.500%, FRN 2.828% 6/25/43		1,420,000		1,392,642
SLM Student Loan Trust, Series 2002-7, Class B, 28 day ARS, FRN 4.892% 12/15/39		3,950,000		3,947,288
SMB Private Education Loan Trust, Series 2016-B, Class A2A (a) 2.430% 2/17/32		1,575,000		1,547,495
SMB Private Education Loan Trust, Series 2016-A, Class A2A (a) 2.700% 5/15/31		3,000,000		2,983,021
SoFi Professional Loan Program LLC, Series 2015-A, Class RC (Acquired 4/19/17, Cost $3,376,500) (a) (c) (d) 0.000% 3/25/33		1,200		2,400,000
SoFi Professional Loan Program LLC, Series 2017-D, Class R1 (Acquired 7/19/17, Cost $2,653,222) (a) (c) (d) 0.000% 9/25/40		4,688,500		2,653,222
SoFi Professional Loan Program LLC, Series 2016-D, Class A2B (a) 2.340% 4/25/33		1,300,000		1,277,955
SoFi Professional Loan Program LLC, Series 2016-C, Class A2B (a) 2.360% 12/27/32		570,000		562,768
SoFi Professional Loan Program LLC, Series 2016-E, Class A2B (a) 2.490% 1/25/36		1,610,000		1,600,452


	Principal Amount		Value
SoFi Professional Loan Program LLC, Series 2016-B, Class A2B (a) 2.740% 10/25/32	$	2,300,000	$	2,274,360
SoFi Professional Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200%, FRN (a) 2.752% 6/25/33		1,760,041		1,788,673
SoFi Professional Loan Program LLC, Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750%, FRN (a) 3.302% 8/25/36		858,507		879,399
SoFi Professional Loan Program LLC, Series 2017-A, Class B, VRN (a) (b) 3.440% 3/26/40		1,220,000		1,198,357
SoFi Professional Loan Program LLC, Series 2017-C, Class C, VRN (a) (b) 4.210% 7/25/40		990,000		953,381
South Carolina Student Loan Corp., Series 2014-1, Class A2, 1 mo. USD LIBOR + 1.000%, FRN 2.361% 1/03/33		1,800,000		1,781,887
South Carolina Student Loan Corp., Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500%, FRN 2.861% 8/01/35		3,050,000		2,969,695
South Texas Higher Education Authority, Inc., Series 2012-1, Class A3, 3 mo. USD LIBOR + .850%, FRN 2.185% 10/01/46		1,700,000		1,694,801

				131,728,145

WL Collateral CMO — 0.3%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, VRN (b) 3.810% 8/25/34		43,704		43,991
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1, VRN (b) 3.445% 2/25/34		18,646		19,138
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1, VRN (b) 3.887% 9/25/33		7,389		6,882
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, VRN (b) 3.596% 8/25/34		7,585		7,639
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, VRN (b) 3.190% 8/25/34		48,204		46,986
JP Morgan Mortgage Trust, Series 2017-1, Class A11, VRN (a) (b) 3.500% 1/25/47		3,338,137		3,358,045

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA, VRN (b) 3.525% 2/25/34	$	5,212	$	5,076
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA, VRN (b) 3.588% 7/25/33		3,340		3,439
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, VRN (b) 3.500% 2/25/34		226		241
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, VRN (b) 3.494% 3/25/34		29,814		30,742
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%, FRN 2.463% 4/25/44		76,255		76,817

				3,598,996


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $352,417,530)				353,958,500


SOVEREIGN DEBT OBLIGATIONS — 0.7%
Colombia Government International Bond 6.125% 1/18/41		2,580,000		3,115,350
Mexico Government International Bond 6.750% 9/27/34		685,000		890,500
Mexico Government International Bond 4.750% 3/08/44		4,727,000		4,778,997

				8,784,847


TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $8,257,423)				8,784,847


U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 25.2%
Collateralized Mortgage Obligations — 1.3%
Federal Home Loan Mortgage Corp.
Series 4303, Class AP 3.000% 8/15/43		2,619,540		2,654,661
Series 4290, Class CA 3.500% 12/15/38		1,766,814		1,811,918
Series 2617, Class Z 5.500% 5/15/33		1,433,354		1,580,477


	Principal Amount		Value
Series 2693, Class Z 5.500% 10/15/33	$	2,529,046	$	2,725,304
Series 3423, Class PB 5.500% 3/15/38		528,576		573,234
Series 2178, Class PB 7.000% 8/15/29		58,942		65,489
Federal National Mortgage Association
Series 2014-7, Class VA 3.500% 5/25/25		1,331,858		1,376,553
Series 2014-48, Class AB 4.000% 10/25/40		2,422,568		2,513,440
Series 2007-32, Class Z 5.500% 4/25/37		803,018		872,035
Series 2010-60, Class HJ 5.500% 5/25/40		554,179		592,185
Federal National Mortgage Association REMIC Series 2007-B2, Class ZA 5.500% 6/25/37		692,179		746,723

				15,512,019

Pass-Through Securities — 23.2%
Federal Home Loan Mortgage Corp.
Pool #G11630 3.500% 6/01/19		25,186		26,038
Pool #J13972 3.500% 1/01/26		59,964		62,011
Pool #C91344 3.500% 11/01/30		162,015		168,483
Pool #C91424 3.500% 1/01/32		107,895		112,202
Pool #Q42045 3.500% 7/01/46		793,357		821,620
Pool #Q41916 3.500% 7/01/46		1,907,790		1,975,755
Pool #Q44277 3.500% 11/01/46		444,071		458,712
Pool #Q44275 3.500% 11/01/46		1,543,641		1,598,633
Pool #Q52216 3.500% 11/01/47		3,758,888		3,863,432
Pool #Q52868 3.500% 12/01/47		5,825,000		5,987,008
Pool #V83763 3.500% 12/01/47		13,560,370		13,937,518
Pool #V83655 3.500% 12/01/47		11,454,485		11,773,062
Pool #Q47730 4.000% 4/01/47		1,672,409		1,769,029
Pool #Q47742 4.000% 4/01/47		1,404,664		1,485,817
Pool #Q52834 4.000% 12/01/47		1,570,000		1,645,250

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Pool #V83796 4.000% 12/01/47	$	17,225,000	$	18,050,589
Pool #V83764 4.000% 12/01/47		10,565,007		11,091,193
Pool #C91239 4.500% 3/01/29		8,367		8,904
Pool #C91251 4.500% 6/01/29		52,735		56,120
Pool #C03537 4.500% 8/01/40		1,166,934		1,254,454
Pool #G06057 4.500% 10/01/40		1,116,620		1,197,924
Pool #G60485 4.500% 10/01/41		1,394,831		1,495,956
Pool #G60172 4.500% 9/01/43		1,442,741		1,551,623
Pool #Q48208 4.500% 5/01/47		1,146,891		1,223,769
Pool #Q48869 4.500% 6/01/47		10,226,840		10,885,192
Pool #G05253 5.000% 2/01/39		255,237		277,401
Pool #C90939 5.500% 12/01/25		32,774		35,927
Pool #D97258 5.500% 4/01/27		37,064		40,630
Pool #C91026 5.500% 4/01/27		54,398		59,631
Pool #C91074 5.500% 8/01/27		5,361		5,877
Pool #D97417 5.500% 10/01/27		12,195		13,368
Pool #C91128 5.500% 12/01/27		2,869		3,145
Pool #C91148 5.500% 1/01/28		110,442		121,068
Pool #C91176 5.500% 5/01/28		40,337		44,218
Pool #C91217 5.500% 11/01/28		14,534		15,933
Pool #C01079 7.500% 10/01/30		1,994		2,327
Pool #C01135 7.500% 2/01/31		5,790		6,743
Federal Home Loan Mortgage Corp. TBA Pool #648 3.500% 1/01/45 (f)		6,750,000		6,933,516
Federal National Mortgage Association
Pool #AO8180 3.000% 9/01/42		41,430		41,718
Pool #AR1975 3.000% 12/01/42		51,315		51,608


	Principal Amount		Value
Pool #AP8668 3.000% 12/01/42	$	224,614	$	225,895
Pool #AB7401 3.000% 12/01/42		178,406		179,647
Pool #AB7397 3.000% 12/01/42		191,626		192,958
Pool #AR5391 3.000% 1/01/43		122,066		122,762
Pool #AR0306 3.000% 1/01/43		15,940		16,031
Pool #AL3215 3.000% 2/01/43		168,720		169,683
Pool #AR4109 3.000% 2/01/43		151,898		152,764
Pool #AB8809 3.000% 3/01/43		93,518		94,051
Pool #MA1368 3.000% 3/01/43		307,772		309,527
Pool #AT0169 3.000% 3/01/43		289,827		291,480
Pool #AR4432 3.000% 3/01/43		64,724		65,093
Pool #AR2174 3.000% 4/01/43		322,930		324,772
Pool #725692 3.229% 10/01/33 1 year CMT + 2.140%, FRN		134,233		138,755
Pool #888586 3.282% 10/01/34 1 year CMT + 2.210%, FRN		136,047		143,196
Pool #775539 3.475% 5/01/34 12 mo. USD LIBOR + 1.645%, FRN		47,590		49,662
Pool #AS1304 3.500% 12/01/28		1,795,142		1,860,497
Pool #AV1897 3.500% 12/01/28		313,627		325,045
Pool #AV2325 3.500% 12/01/28		946,218		980,666
Pool #BH5155 3.500% 9/01/47		15,513,675		15,941,512
Pool #CA0770 3.500% 11/01/47		14,844,513		15,256,217
Pool #MA3210 3.500% 12/01/47		2,068,398		2,125,764
Pool #CA0181 4.000% 8/01/47		10,438,526		10,925,794
Pool #BH9008 4.000% 8/01/47		348,196		364,450
Pool #BH9011 4.000% 9/01/47		348,535		364,804
Pool #CA0620 4.000% 10/01/47		14,528,305		15,211,022

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Pool #BF0094 4.000% 5/01/56	$	7,059,875	$	7,429,140
Pool #BF0105 4.000% 6/01/56		2,235,432		2,352,355
Pool #AA3980 4.500% 4/01/28		78,379		85,613
Pool #AH6787 4.500% 3/01/41		1,089,884		1,171,924
Pool #CA0185 4.500% 8/01/47		5,704,665		6,088,616
Pool #AD6437 5.000% 6/01/40		622,409		679,350
Pool #AD6996 5.000% 7/01/40		4,118,893		4,453,875
Pool #AL8173 5.000% 2/01/44		1,684,926		1,819,852
Pool #AD0836 5.500% 11/01/28		98,510		107,987
Pool #575667 7.000% 3/01/31		12,698		14,797
Pool #529453 7.500% 1/01/30		2,744		3,209
Pool #531196 7.500% 2/01/30		344		401
Pool #530299 7.500% 3/01/30		382		433
Pool #536386 7.500% 4/01/30		483		563
Pool #535996 7.500% 6/01/31		7,446		8,689
Pool #523499 8.000% 11/01/29		280		328
Pool #252926 8.000% 12/01/29		242		285
Pool #532819 8.000% 3/01/30		136		161
Pool #534703 8.000% 5/01/30		2,868		3,395
Pool #253437 8.000% 9/01/30		177		208
Pool #253481 8.000% 10/01/30		106		126
Pool #190317 8.000% 8/01/31		3,844		4,532
Pool #596656 8.000% 8/01/31		1,492		1,575
Pool #602008 8.000% 8/01/31		4,447		5,242
Pool #597220 8.000% 9/01/31		3,309		3,931
Federal National Mortgage Association TBA
Pool #1963 3.500% 10/01/44 (f)		21,450,000		22,031,497


	Principal Amount		Value
Pool #9174 4.000% 3/01/44 (f)	$	5,080,000	$	5,313,362
Government National Mortgage Association
Pool #783896 3.500% 5/15/44		4,982,619		5,177,447
Pool #BF1053 3.500% 12/15/47		1,775,000		1,839,136
Pool #371146 7.000% 9/15/23		446		486
Pool #352022 7.000% 11/15/23		6,839		7,514
Pool #374440 7.000% 11/15/23		467		507
Pool #491089 7.000% 12/15/28		9,541		10,701
Pool #480539 7.000% 4/15/29		447		515
Pool #488634 7.000% 5/15/29		2,406		2,780
Pool #478658 7.000% 5/15/29		2,279		2,651
Pool #500928 7.000% 5/15/29		4,496		5,214
Pool #499410 7.000% 7/15/29		1,323		1,542
Pool #510083 7.000% 7/15/29		1,238		1,429
Pool #516706 7.000% 8/15/29		91		96
Pool #493723 7.000% 8/15/29		2,687		3,134
Pool #581417 7.000% 7/15/32		12,872		14,974
Government National Mortgage Association II
Pool #008746 2.250% 11/20/25 1 year CMT + 1.500%, FRN		5,158		5,251
Pool #080136 2.250% 11/20/27 1 year CMT + 1.500%, FRN		995		1,017
Pool #82462 2.375% 1/20/40 1 year CMT + 1.500%, FRN		574,304		591,762
Pool #82488 2.375% 3/20/40 1 year CMT + 1.500%, FRN		531,587		547,265
Pool #784026 3.500% 12/20/44		1,735,433		1,797,596
Pool #BC4641 3.500% 9/20/47		2,787,183		2,885,497
Pool #MA4778 3.500% 10/20/47		14,827,927		15,355,592

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Pool #BC4885 3.500% 11/20/47	$	4,193,290	$	4,348,081
Pool #BD6940 3.500% 12/20/47		2,650,000		2,743,889
Pool #AC2985 4.000% 10/20/47		847,678		888,240
Government National Mortgage Association II TBA
Pool #207 3.500% 5/01/45 (f)		17,800,000		18,409,095
Pool #232 4.000% 12/01/44 (f)		13,750,000		14,336,523

				286,544,831

Whole Loans — 0.7%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2016-HQA3, 2.352% 3/25/29 Class M1 1 mo. USD LIBOR + .800%, FRN		509,538		510,222
Series 2016-HQA3, 2.902% 3/25/29 Class M2 1 mo. USD LIBOR + 1.350%, FRN		790,000		797,457
Series 2016-DNA1, 3.002% 7/25/28 Class M1, 1 mo. USD LIBOR + 1.450%, FRN		169,854		170,085
Federal National Mortgage Association Connecticut Avenue Securities
Series 2016-C06, 2.852% 4/25/29 Class 1M1 1 mo. USD LIBOR + 1.300%, FRN		2,320,712		2,343,622
Series 2016-C05, 2.902% 1/25/29 Class 2M1 1 mo. USD LIBOR + 1.350%, FRN		2,878,255		2,893,956
Series 2016-C04, 3.002% 1/25/29 Class 1M1 1 mo. USD LIBOR + 1.450%, FRN		1,866,458		1,883,097

				8,598,439


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $312,310,172)				310,655,289


U.S. TREASURY OBLIGATIONS — 7.2%
U.S. Treasury Bonds & Notes — 7.2%
U.S. Treasury Bond 2.500% 5/15/46		34,950,000		33,254,380
U.S. Treasury Bond (g) 3.500% 2/15/39		16,600,000		18,955,125
U.S. Treasury Note 1.625% 8/31/22		13,200,000		12,874,641


	Principal Amount		Value
U.S. Treasury Note 2.000% 11/15/26	$	21,700,000	$	21,004,075
U.S. Treasury Note 2.250% 8/15/27		2,400,000		2,366,437

				88,454,658


TOTAL U.S. TREASURY OBLIGATIONS (Cost $87,995,148)				88,454,658


TOTAL BONDS & NOTES (Cost $1,191,152,206)				1,205,169,471


TOTAL PURCHASED OPTIONS (#) — 0.4% (Cost $4,965,783)				4,738,571


TOTAL LONG-TERM INVESTMENTS (Cost $1,198,492,989)				1,212,400,842


SHORT-TERM INVESTMENTS — 11.4%
Commercial Paper — 11.4%
Ameren Corp. 1.775% 1/04/18		8,200,000		8,197,709
American Electric Power Co., Inc. (a) 1.979% 1/11/18		2,000,000		1,998,770
Bell Canada (a) 1.700% 3/01/18		6,600,000		6,579,517
Carnival Corp. (a) 1.915% 3/14/18		12,000,000		11,955,250
CenterPoint Energy, Inc. (a) 1.731% 3/05/18		3,900,000		3,887,287
Dominion Resources, Inc. (a) 1.535% 1/02/18		8,000,000		7,998,516
Dominion Resources, Inc. (a) 1.738% 4/09/18		3,000,000		2,984,640
Enbridge (US), Inc. (a) 1.987% 3/22/18		3,000,000		2,987,543
Entergy Corp. (a) 1.968% 1/11/18		2,000,000		1,998,615
Enterprise Products Operating LLC (a) 1.576% 1/18/18		2,000,000		1,998,086
Florida Power & Light Co. 1.527% 1/23/18		4,700,000		4,694,233
Fortive Corp. (a) 1.608% 1/16/18		10,000,000		9,991,410
Glencore Funding LLC (a) 1.629% 1/10/18		5,200,000		5,196,906
Glencore Funding LLC (a) 1.731% 1/23/18		6,750,000		6,741,375

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

MML Managed Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Hyundai Capital America (a) 1.506% 1/04/18	$	2,000,000	$	1,999,441
Hyundai Capital America (a) 1.596% 1/17/18		9,000,000		8,991,825
Marriott International (a) 1.596% 1/16/18		5,000,000		4,995,705
Marriott International (a) 1.596% 1/16/18		2,400,000		2,397,938
Molex Electronic Technologies (a) 1.656% 1/02/18		6,800,000		6,798,588
Nasdaq, Inc. (a) 1.608% 1/18/18		6,300,000		6,294,040
Nasdaq, Inc. (a) 1.650% 1/24/18		2,000,000		1,997,517
Nasdaq, Inc. (a) 1.682% 2/20/18		3,700,000		3,690,495
Public Service Enterprise Group, Inc. (a) 2.137% 2/20/18		2,000,000		1,994,803
Spectra Energy Partners (a) 1.849% 1/25/18		3,500,000		3,495,427
Telus Corp. (a) 2.089% 3/26/18		1,000,000		995,636
Thomson Reuters Corp. (a) 1.629% 2/13/18		7,000,000		6,983,981
Thomson Reuters Corp. (a) 1.649% 2/13/18		4,000,000		3,990,846
Transcanada Pipelines Ltd. (a) 1.576% 1/09/18		4,000,000		3,997,928
WPP CP Finance PLC (a) 1.736% 2/09/18		5,000,000		4,989,745

				140,823,772

Time Deposit — 0.0%
Euro Time Deposit 0.120% 1/02/18		177,529		177,529


TOTAL SHORT-TERM INVESTMENTS (Cost $141,027,226)				141,001,301


TOTAL INVESTMENTS — 109.8% (Cost $1,339,520,215) (h)				1,353,402,143

Other Assets/(Liabilities) — (9.8)%				(120,728,436	)


NET ASSETS — 100.0%			$	1,232,673,707

Abbreviation Legend

ABS	Asset-Backed Security

ARS	Auction Rate Security

BAB	Build America Bonds

CLO	Collateralized Loan Obligation

CMO	Collateralized Mortgage Obligation

CMT	Constant Maturity Treasury Index

FRN	Floating Rate Note

MBS	Mortgage-Backed Security

MTA	Monthly Treasury Average Index

STEP	Step Up Bond

VRN	Variable Rate Note

WL	Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $517,087,448 or 41.95% of net assets.

(b)

(c)	Investment was valued using significant unobservable inputs.

(d)	Restricted security. Certain securities are restricted as to resale. At December 31, 2017, these securities amounted to a value of $8,826,797 or 0.72% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2017, these securities amounted to a value of $3,773,575 or 0.31% of net assets.

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

(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.

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

(#) The Fund had the following open Purchased Swaptions contracts at December 31, 2017:

Purchased Swaptions


OTC Counterparty*	Units		Notional Amount			Expiration Date		Pay/ Receive Exercise Rate	Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC		32,720,000		USD	32,720,000		12/13/32	Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Strike 2.44	$	1,635,748	$	1,590,497	$	(45,251	)
Put
Barclays Bank PLC		66,610,000		USD	66,610,000		12/13/32	Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Strike 2.94	$	3,330,035	$	3,148,074	$	(181,961	)

										$	4,965,783	$	4,738,571	$	(227,212	)

*	Contracts are subject to a Master Netting Agreement.

The Fund had the following open Futures contracts at December 31, 2017:

Futures


	Expiration Date		Number of Contracts		Notional Amount		Value/Net Unrealized Appreciation/ (Depreciation)
Futures Contracts — Long
U.S. Treasury Ultra Long Bond		3/20/18		100	$	16,614,989	$	150,636
U.S. Treasury Note 2 Year		3/29/18		318		68,239,605		(152,824	)
U.S. Treasury Note 5 Year		3/29/18		1,119		130,575,688		(588,101	)

							$	(590,289	)

The Fund had the following open Swap agreements at December 31, 2017:

Swaps


Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps*
Goldman Sachs International	USD		3,200,000		5/11/63	Monthly	3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)	$	(470,192	)	$	1,972		$	(468,220	)
Goldman Sachs International	USD		920,000		5/11/63	Monthly	3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)		(60,903	)		(73,711	)		(134,614	)
Goldman Sachs International	USD		2,540,000		5/11/63	Monthly	3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)		(151,686	)		(219,964	)		(371,650	)

									$	(682,781	)	$	(291,703	)	$	(974,484	)

*	Contracts are subject to a Master Netting Agreement.

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

Collateral for swap agreements held by Goldman Sachs International amounted to $970,120 in securities at December 31, 2017.

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

††

Currency Legend

USD	U.S. Dollar

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


United States	86.0	%
Cayman Islands	5.3	%
Canada	1.3	%
Mexico	1.1	%
Luxembourg	0.8	%
United Kingdom	0.7	%
Netherlands	0.6	%
Ireland	0.4	%
Bermuda	0.3	%
Spain	0.3	%
Turkey	0.3	%
Colombia	0.3	%
Sweden	0.3	%
France	0.2	%
Australia	0.1	%
Switzerland	0.1	%
Barbados	0.1	%
India	0.1	%
Panama	0.1	%
United States Virgin Islands	0.0	%

Total Long-Term Investments	98.4	%
Short-Term Investments and Other Assets and Liabilities	1.6	%

Net Assets	100.0	%

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

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

December 31, 2017


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 100.3%
Discount Notes — 86.8%
Federal Farm Credit Bank 1.170% , 3/29/18, 3/29/18 (a)	$	450,000	$	448,728
Federal Farm Credit Bank 1.541% , 4/16/18, 4/16/18 (a)		3,000,000		3,001,549
Federal Home Loan Bank 1.023% , 2/09/18, 2/09/18 (a)		4,000,000		3,999,334
Federal Home Loan Bank 1.120% , 2/14/18, 2/14/18 (a)		900,000		898,768
Federal Home Loan Bank 1.262% , 8/08/18, 8/08/18 (a)		8,000,000		8,000,008
Federal Home Loan Bank 1.278% , 1/02/18, 1/02/18 (a)		2,000,000		1,999,930
Federal Home Loan Bank 1.278% , 1/03/18, 1/03/18 (a)		2,430,000		2,429,830
Federal Home Loan Bank 1.300% , 2/01/18, 2/01/18 (a)		3,000,000		2,996,693
Federal Home Loan Bank 1.302% , 2/26/18, 2/26/18 (a)		12,000,000		12,001,629
Federal Home Loan Bank 1.322% , 10/11/18, 10/11/18 (a)		2,000,000		2,000,000
Federal Home Loan Bank 1.338% , 3/06/18, 3/06/18 (a)		5,000,000		5,000,851
Federal Home Loan Bank 1.343% , 3/14/18, 3/14/18 (a)		10,000,000		9,973,600
Federal Home Loan Bank 1.371% , 7/20/18, 7/20/18 (a)		8,000,000		8,000,000
Federal Home Loan Bank 1.371% , 8/20/18, 8/20/18 (a)		5,000,000		4,999,724
Federal Home Loan Bank 1.387% , 1/23/18, 1/23/18 (a)		5,000,000		4,999,988
Federal Home Loan Bank 1.387% , 1/25/18, 1/25/18 (a)		14,000,000		13,999,936
Federal Home Loan Bank 1.420% , 3/16/18, 3/16/18 (a)		16,400,000		16,402,826
Federal Home Loan Bank 1.452% , 12/27/18, 12/27/18 (a)		5,000,000		5,000,336
Federal Home Loan Bank Discount Notes 1.080% , 1/12/18, 1/12/18 (a)		170,000		169,944
Federal Home Loan Bank Discount Notes 1.087% , 1/02/18, 1/02/18 (a)		700,000		699,979
Federal Home Loan Bank Discount Notes 1.099% , 1/05/18, 1/05/18 (a)		1,550,000		1,549,814
Federal Home Loan Bank Discount Notes 1.115% , 1/10/18, 1/10/18 (a)		1,800,000		1,799,498
Federal Home Loan Bank Discount Notes 1.283% , 1/12/18, 1/12/18 (a)		200,000		199,923


	Principal Amount		Value
Federal Home Loan Bank Discount Notes 1.289% , 1/16/18, 1/16/18 (a)	$	3,000,000	$	2,998,412
Federal Home Loan Bank Discount Notes 1.289% , 1/19/18, 1/19/18 (a)		2,500,000		2,498,412
Federal Home Loan Bank Discount Notes 1.294% , 1/31/18, 1/31/18 (a)		4,000,000		3,995,750
Federal Home Loan Bank Discount Notes 1.321% , 2/22/18, 2/22/18 (a)		800,000		798,498
Federal Home Loan Bank Discount Notes 1.326% , 2/21/18, 2/21/18 (a)		5,000,000		4,990,756
Federal Home Loan Bank Discount Notes 1.332% , 2/26/18, 2/26/18 (a)		1,000,000		997,962
Federal Home Loan Bank Discount Notes 1.353% , 3/19/18, 3/19/18 (a)		1,620,000		1,615,392
Federal Home Loan Mortgage Corp. 1.543% , 3/08/18, 3/08/18 (a)		1,100,000		1,100,498

				129,568,568


Repurchase Agreement — 13.4%
HSBC Securities (USA) Inc. Tri-Party Repurchase Agreement, dated 12/29/17, 1.350%, due 1/02/18 (b)		20,000,000		20,000,000


Time Deposit — 0.1%
Euro Time Deposit 0.120% 1/02/18		87,794		87,794


TOTAL SHORT-TERM INVESTMENTS (Cost $149,656,362)				149,656,362


TOTAL INVESTMENTS — 100.3% (Cost $149,656,362) (c)				149,656,362

Other Assets/(Liabilities) — (0.3)%				(385,528	)


NET ASSETS — 100.0%			$	149,270,834

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

(b)	Maturity value of $20,003,000. Collateralized by U.S. Government Agency obligations with rates ranging from 1.875% – 2.875%, maturity dates ranging from 2/28/22 – 5/15/43, and an aggregate market value, including accrued interest, of $20,401,569.

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

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

MML Series Investment Fund II – Financial Statements

Statements of Assets and Liabilities

December 31, 2017


	MML Blend Fund				MML Equity Fund		MML Managed Bond Fund				MML U.S. Government Money Market Fund
Assets:
Investments, at value (Note 2) (a)	$	693,416,288			$	878,925,331	$	1,212,400,842			$	-
Repurchase agreements, at value (Note 2) (b)		400,810				10,361,349		-				20,000,000
Other short-term investments, at value (Note 2) (c)		25,235,340				-		141,001,301				129,656,362

Total investments (d)		719,052,438				889,286,680		1,353,402,143				149,656,362

Receivables from:
Investments sold		903,554				1,167,381		1,978,755				-
Investments sold on a when-issued basis (Note 2)		18,139,840				-		105,553,057				-
Fund shares sold		174,814				18,897		201,623				2,392
Variation margin on open derivative instruments (Note 2)		25,477				-		161,454				-
Interest and dividends		1,660,230				897,646		7,200,569				62,188
Interest tax reclaim receivable		113				-		-				-
Foreign taxes withheld		-				42,804		-				-

Total assets		739,956,466				891,413,408		1,468,497,601				149,720,942

Liabilities:
Payables for:
Investments purchased		10,545,904				1,106,047		55,844,533				-
Collateral held for open purchased options (Note 2)		790,000				-		4,825,000				-
Investments purchased on a when-issued basis (Note 2)		32,050,375				-		172,675,156		��		-
Fund shares repurchased		221,094				218,788		579,136				301,828
Securities on loan (Note 2)		-				20,307,925		-				-
Open swap agreements, at value (Note 2)		159,488				-		974,484				-
Trustees’ fees and expenses (Note 3)		210,347		��		264,840		246,800				54,559
Affiliates (Note 3):
Investment advisory fees		245,060				295,824		404,536				61,557
Service fees		53,033				58,345		178,253				-
Due to custodian		121,156				-		-				-
Commitment and Contingent Liabilities (Note 9)		-				-		-				-
Accrued expense and other liabilities		72,300				68,946		95,996				32,164

Total liabilities		44,468,757				22,320,715		235,823,894				450,108

Net assets	$	695,487,709			$	869,092,693	$	1,232,673,707			$	149,270,834

Net assets consist of:
Paid-in capital	$	498,813,164			$	566,017,701	$	1,236,606,233			$	149,319,990
Undistributed (accumulated) net investment income (loss)		-				14,674,449		1,192,188				-
Distributions in excess of net investment income		(97,146	)			-		-				(49,379	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		43,680,766				114,087,997		(17,733,572	)			223
Net unrealized appreciation (depreciation) on investments and foreign currency translations		153,090,925				174,312,546		12,608,858				-

Net assets	$	695,487,709			$	869,092,693	$	1,232,673,707			$	149,270,834


(a) Cost of investments:	$	540,138,962			$	704,612,785	$	1,198,492,989			$	-
(b) Cost of repurchase agreements:	$	400,810			$	10,361,349	$	-			$	20,000,000
(c) Cost of other short-term investments:	$	25,237,150			$	-	$	141,027,226			$	129,656,362
(d) Securities on loan with market value of:	$	-			$	19,709,581	$	-			$	-

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

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2017


	MML Blend Fund		MML Equity Fund		MML Managed Bond Fund		MML U.S. Government Money Market Fund
Initial Class shares:
Net assets	$	607,368,496	$	774,277,651	$	953,592,143	$	149,270,834

Shares outstanding (a)		26,035,856		24,436,467		76,811,115		149,273,449

Net asset value, offering price and redemption price per share	$	23.33	$	31.69	$	12.41	$	1.00

Service Class shares:
Net assets	$	88,119,213	$	94,815,042	$	279,081,564	$	-

Shares outstanding (a)		3,786,117		3,027,975		22,524,029		-

Net asset value, offering price and redemption price per share	$	23.27	$	31.31	$	12.39	$	-

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

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

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2017


	MML Blend Fund			MML Equity Fund			MML Managed Bond Fund			MML U.S. Government Money Market Fund
Investment income (Note 2):
Dividends (a)	$	9,664,442		$	17,970,097		$	121,125		$	-
Interest		6,064,653			23,282			38,974,687			1,381,230
Securities lending net income		-			37,329			-			-

Total investment income		15,729,095			18,030,708			39,095,812			1,381,230

Expenses (Note 3):
Investment advisory fees		2,781,076			3,364,883			4,750,435			751,785
Custody fees		87,330			63,119			33,808	*		18,817
Audit fees		36,655			35,929			37,714			31,248
Legal fees		4,741			6,685			2,323	*		6,785
Proxy fees		976			976			-	*		976
Shareholder reporting fees		58,924			70,296			43,415	*		17,745
Trustees’ fees		42,174			52,844			71,853			10,046

		3,011,876			3,594,732			4,939,548			837,402
Service fees:
Service Class		181,322			216,923			690,880			-

Total expenses		3,193,198			3,811,655			5,630,428			837,402

Net investment income (loss)		12,535,897			14,219,053			33,465,384			543,828

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		49,947,580			117,560,614			7,412,592			223
Futures contracts		(1,261,555	)		-			1,560,429			-
Swap agreements		(17,383	)		-			(114,954	)		-
Foreign currency transactions		-			11,681			-			-

Net realized gain (loss)		48,668,642			117,572,295			8,858,067			223

Net change in unrealized appreciation (depreciation) on:
Investment transactions		33,430,366			(9,508,654	)		13,889,014			-
Futures contracts		45,638			-			49,535			-
Swap agreements		(94,810	)		-			(578,832	)		-

Net change in unrealized appreciation (depreciation)		33,381,194			(9,508,654	)		13,359,717			-

Net realized gain (loss) and change in unrealized appreciation (depreciation)		82,049,836			108,063,641			22,217,784			223

Net increase (decrease) in net assets resulting from operations	$	94,585,733		$	122,282,694		$	55,683,168		$	544,051

(a) Net of foreign withholding tax of:	$	-		$	136,183		$	-		$	-

*	Paid by MassMutual from 1/1/17-9/30/17, pursuant to investment advisory agreement dated 12/15/11 for a period of at least three years. The agreement was terminated after that period upon approval of a majority of the Independent Trustees, and effective 10/1/17, the Fund has paid these expenses.

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

THIS PAGE INTENTIONALLY LEFT BLANK

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Blend Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	12,535,897		$	12,544,719
Net realized gain (loss)		48,668,642			28,039,281
Net change in unrealized appreciation (depreciation)		33,381,194			15,605,210

Net increase (decrease) in net assets resulting from operations		94,585,733			56,189,210

Distributions to shareholders (Note 2):
From net investment income:
Initial Class		(12,531,025	)		(12,269,213	)
Service Class		(1,429,608	)		(1,001,145	)

Total distributions from net investment income		(13,960,633	)		(13,270,358	)

From net realized gains:
Initial Class		(23,720,611	)		(54,825,750	)
Service Class		(2,665,274	)		(4,650,473	)

Total distributions from net realized gains		(26,385,885	)		(59,476,223	)

Net fund share transactions (Note 5):
Initial Class		(22,711,107	)		11,426,537
Service Class		21,969,778			13,484,118

Increase (decrease) in net assets from fund share transactions		(741,329	)		24,910,655

Capital Contribution		-			-

Total increase (decrease) in net assets		53,497,886			8,353,284
Net assets
Beginning of year		641,989,823			633,636,539

End of year	$	695,487,709		$	641,989,823

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	-		$	129,711

Distributions in excess of net investment income included in net assets at end of year	$	(97,146	)	$	-

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


MML Equity Fund						MML Managed Bond Fund						MML U.S. Government Money Market Fund
Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016


$	14,219,053		$	16,139,713		$	33,465,384		$	31,556,238		$	543,828		$	221
	117,572,295			6,307,274			8,858,067			(14,492,350	)		223			3,790
	(9,508,654	)		68,646,016			13,359,717			16,355,296			-			-

	122,282,694			91,093,003			55,683,168			33,419,184			544,051			4,011



	(13,519,486	)		(11,993,394	)		(30,212,037	)		(27,667,303	)		(546,360	)		(222	)
	(1,449,726	)		(1,123,086	)		(8,142,837	)		(6,650,943	)		-			-

	(14,969,212	)		(13,116,480	)		(38,354,874	)		(34,318,246	)		(546,360	)		(222	)


	(5,088,008	)		(43,851,037	)		-			(4,333,772	)		(1,678	)		-
	(613,145	)		(4,678,832	)		-			(1,095,099	)		-			-

	(5,701,153	)		(48,529,869	)		-			(5,428,871	)		(1,678	)		-


	(44,354,184	)		(8,210,073	)		(1,563,502	)		(30,773,399	)		(16,861,181	)		(1,944,234	)
	2,249,122			9,935,719			14,553,437			17,106,810			-			-

	(42,105,062	)		1,725,646			12,989,935			(13,666,589	)		(16,861,181	)		(1,944,234	)

	-			-			-			-			-			176,276

	59,507,267			31,172,300			30,318,229			(19,994,522	)		(16,865,168	)		(1,764,169	)

	809,585,426			778,413,126			1,202,355,478			1,222,350,000			166,136,002			167,900,171

$	869,092,693		$	809,585,426		$	1,232,673,707		$	1,202,355,478		$	149,270,834		$	166,136,002

$	14,674,449		$	15,593,338		$	1,192,188		$	2,417,099		$	-		$	-

$	-		$	-		$	-		$	-		$	(49,379	)	$	(46,335	)

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Blend Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/17	$	21.54	$	0.42	$	2.74		$	3.16		$	(0.47	)	$	(0.90	)	$	(1.37	)	$	23.33		15.25%		$	607,368		0.45%		1.91%
12/31/16		22.22		0.43		1.48			1.91			(0.46	)		(2.13	)		(2.59	)		21.54		9.42%			581,972		0.46%		2.03%
12/31/15		24.51		0.48		(0.45	)		0.03			(0.50	)		(1.82	)		(2.32	)		22.22		0.08%			586,082		0.45%		2.07%
12/31/14		22.78		0.45		2.01			2.46			(0.49	)		(0.24	)		(0.73	)		24.51		10.99%			644,881		0.45%		1.92%
12/31/13		19.33		0.41		3.48			3.89			(0.44	)		-			(0.44	)		22.78		20.31%			639,537		0.46%		1.94%
Service Class
12/31/17	$	21.50	$	0.37	$	2.72		$	3.09		$	(0.42	)	$	(0.90	)	$	(1.32	)	$	23.27		14.97%		$	88,119		0.70%		1.66%
12/31/16		22.18		0.37		1.48			1.85			(0.40	)		(2.13	)		(2.53	)		21.50		9.15%			60,018		0.71%		1.78%
12/31/15		24.48		0.42		(0.46	)		(0.04	)		(0.44	)		(1.82	)		(2.26	)		22.18		(0.17%	)		47,555		0.70%		1.83%
12/31/14		22.75		0.39		2.01			2.40			(0.43	)		(0.24	)		(0.67	)		24.48		10.71%			40,333		0.70%		1.68%
12/31/13		19.30		0.36		3.47			3.83			(0.38	)		-			(0.38	)		22.75		20.01%			30,932		0.71%		1.70%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		134	%		175	%		209	%		183	%		235	%

c	Per share amount calculated on the average shares method.

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

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

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data:
	Net asset value, beginning of the period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/17	$	28.08	$	0.52	$	3.85		$	4.37		$	(0.55	)	$	(0.21	)	$	(0.76	)	$	31.69		15.79%		$	774,278		0.43%		1.73%
12/31/16		27.08		0.58		2.69			3.27			(0.49	)		(1.78	)		(2.27	)		28.08		12.59%			727,540		0.44%		2.15%
12/31/15		30.28		0.50		(1.67	)		(1.17	)		(0.64	)		(1.39	)		(2.03	)		27.08		(3.43%	)		709,315		0.43%		1.69%
12/31/14		27.55		0.61		2.57			3.18			(0.45	)		-			(0.45	)		30.28		11.57%			799,222		0.43%		2.12%
12/31/13		21.07		0.41		6.54			6.95			(0.47	)		-			(0.47	)		27.55		33.27%			787,449		0.44%		1.69%
Service Class
12/31/17	$	27.77	$	0.44	$	3.80		$	4.24		$	(0.49	)	$	(0.21	)	$	(0.70	)	$	31.31		15.50%		$	94,815		0.68%		1.49%
12/31/16		26.81		0.50		2.67			3.17			(0.43	)		(1.78	)		(2.21	)		27.77		12.31%			82,045		0.69%		1.90%
12/31/15		30.01		0.42		(1.65	)		(1.23	)		(0.58	)		(1.39	)		(1.97	)		26.81		(3.67%	)		69,098		0.68%		1.45%
12/31/14		27.34		0.52		2.56			3.08			(0.41	)		-			(0.41	)		30.01		11.29%			56,685		0.68%		1.82%
12/31/13		20.93		0.35		6.49			6.84			(0.43	)		-			(0.43	)		27.34		32.94%			41,591		0.69%		1.44%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		70	%		47	%		39	%		38	%		100	%

c	Per share amount calculated on the average shares method.

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

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

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Managed Bond Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/17	$	12.24	$	0.35	$	0.22		$	0.57		$	(0.40	)	$	-		$	(0.40	)	$	12.41		4.69%		$	953,592		0.40%		2.78%
12/31/16		12.31		0.33		0.02			0.35			(0.36	)		(0.06	)		(0.42	)		12.24		2.75%			941,621		0.39%		2.61%
12/31/15		12.82		0.33		(0.43	)		(0.10	)		(0.36	)		(0.05	)		(0.41	)		12.31		(0.75%	)		976,932		0.39%		2.59%
12/31/14		12.44		0.32		0.47			0.79			(0.41	)		-			(0.41	)		12.82		6.46%			1,218,504		0.39%		2.47%
12/31/13		13.20		0.31		(0.52	)		(0.21	)		(0.40	)		(0.15	)		(0.55	)		12.44		(1.64%	)		1,123,545		0.39%		2.46%
Service Class
12/31/17	$	12.22	$	0.31	$	0.23		$	0.54		$	(0.37	)	$	-		$	(0.37	)	$	12.39		4.43%		$	279,082		0.65%		2.53%
12/31/16		12.29		0.29		0.03			0.32			(0.33	)		(0.06	)		(0.39	)		12.22		2.49%			260,735		0.64%		2.36%
12/31/15		12.80		0.30		(0.43	)		(0.13	)		(0.33	)		(0.05	)		(0.38	)		12.29		(1.00%	)		245,418		0.64%		2.36%
12/31/14		12.42		0.28		0.48			0.76			(0.38	)		-			(0.38	)		12.80		6.19%			217,495		0.64%		2.22%
12/31/13		13.18		0.28		(0.52	)		(0.24	)		(0.37	)		(0.15	)		(0.52	)		12.42		(1.88%	)		178,346		0.64%		2.21%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		237	%		314	%		358	%		368	%		313	%

c	Per share amount calculated on the average shares method.

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

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

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML U. S. Government Money Market Fund


			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Initial Class
12/31/17	$	1.00	$	0.00	^d	$	0.00	^d	$	0.00	^d	$	(0.00	)^d	$	(0.00	)^d	$	(0.00	)^d	$	1.00		0.36%		$	149,271		0.54%		0.54%	ⁿ		0.35	%
12/31/16		1.00		0.00	^d		0.00	^d		0.00	^d		(0.00	)^d		-			(0.00	)^d		1.00		0.11%			166,136		0.54%		0.40%			0.00	%^e
12/31/15		1.00		-			0.00	^d		0.00	^d		(0.00	)^d		(0.00	)^d		(0.00	)^d		1.00		0.00%	^e		167,900		0.52%		0.15%			-
12/31/14		1.00		-			0.00	^d		0.00	^d		(0.00	)^d		(0.00	)^d		(0.00	)^d		1.00		0.00%	^e		252,701		0.51%		0.11%			-
12/31/13		1.00		-			0.00	^d		0.00	^d		(0.00	)^d		-			(0.00	)^d		1.00		0.00%	^e		272,401		0.51%		0.14%			-

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

e	Amount is less than 0.005%.

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

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

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

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

Notes to Financial Statements

The Funds

MML Series Investment Fund II (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a no-load, open-end, management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 2011, as it may be further amended from time to time. The following are four series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Blend Fund (“Blend Fund”)

MML Equity Fund (“Equity Fund”)

MML Managed Bond Fund (“Managed Bond Fund”)

MML U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)

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

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

Significant Accounting Policies

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

Investment Valuation

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

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (with the exception of debt securities held by the U.S. Government Money Market Fund) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account

Notes to Financial Statements (Continued)

factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day. The U.S. Government Money Market Fund’s debt securities are typically valued at amortized cost, but may be valued using a vendor quote if the Fund’s investment adviser determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the U.S. Government Money Market Fund must adhere to certain conditions. It is the intention of the U.S. Government Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured.

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

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

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

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

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

Notes to Financial Statements (Continued)

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

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

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

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

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

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

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

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

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

Notes to Financial Statements (Continued)

foreign currency exchange contracts; certain restricted securities; and non-exchange traded equity securities and certain foreign equity securities traded on particular foreign exchanges that close before the Funds determine their net asset values.

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

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

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

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

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

The U.S. Government Money Market Fund characterized all investments at Level 2, as of December 31, 2017. The Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2017. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of December 31, 2017, for the remaining Funds’ investments:


	Level 1		Level 2		Level 3			Total
Blend Fund
Asset Investments
Common Stock	$	488,470,766	$	-	$	-		$	488,470,766
Preferred Stock		524,800		-		-			524,800
Corporate Debt		-		71,201,809		-			71,201,809
Municipal Obligations		-		1,339,391		-			1,339,391
Non-U.S. Government Agency Obligations		-		57,153,690		1,801,713	*		58,955,403
Sovereign Debt Obligations		-		1,688,614		-			1,688,614
U.S. Government Agency Obligations and Instrumentalities		-		51,070,111		-			51,070,111
U.S. Treasury Obligations		-		19,377,887		-			19,377,887
Purchased Options		-		767,579		-			767,579
Rights		-		-		19,928	*		19,928
Short-Term Investments		-		25,636,150		-			25,636,150

Total Investments	$	488,995,566	$	228,235,231	$	1,821,641		$	719,052,438

Asset Derivatives
Futures Contracts	$	27,503	$	-	$	-		$	27,503

Notes to Financial Statements (Continued)


	Level 1			Level 2			Level 3			Total
Blend Fund (Continued)
Liability Derivatives
Futures Contracts	$	(102,355	)	$	-		$	-		$	(102,355	)
Swap Agreements		-			(159,488	)		-			(159,488	)

Total	$	(102,355	)	$	(159,488	)	$	-		$	(261,843	)


Managed Bond Fund
Asset Investments
Preferred Stock	$	2,492,800		$	-		$	-		$	2,492,800
Corporate Debt		-			434,090,556			-			434,090,556
Municipal Obligations		-			9,225,621			-			9,225,621
Non-U.S. Government Agency Obligations		-			345,131,703			8,826,797	*		353,958,500
Sovereign Debt Obligations		-			8,784,847			-			8,784,847
U.S. Government Agency Obligations and Instrumentalities		-			310,655,289			-			310,655,289
U.S. Treasury Obligations		-			88,454,658			-			88,454,658
Purchased Options		-			4,738,571			-			4,738,571
Short-Term Investments		-			141,001,301			-			141,001,301

Total Investments	$	2,492,800		$	1,342,082,546		$	8,826,797		$	1,353,402,143

Asset Derivatives
Futures Contracts	$	150,636		$	-		$	-		$	150,636

Liability Derivatives
Futures Contracts	$	(740,925	)	$	-		$	-		$	(740,925	)
Swap Agreements		-			(974,484	)		-			(974,484	)

Total	$	(740,925	)	$	(974,484	)	$	-		$	(1,715,409	)

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2017 is not presented.

The following table shows Fund(s) with certain assets and liabilities, which approximate fair value and would be categorized at Level 2 as of December 31, 2017.


Statements of Assets and Liabilities location:	Blend Fund	Equity Fund	Managed Bond Fund
Receivables from:
Investments sold on a when-issued basis	X		X

Payables for:
Investments purchased on a when-issued basis	X		X
Securities on loan		X
Due to custodian	X
Collateral held for open purchased options	X		X

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

Notes to Financial Statements (Continued)

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Gains or losses from derivatives can be substantially greater than their original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives during the year ended December 31, 2017, the following table shows how the Fund used these types of derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).


Type of Derivative and Objective for Use	Blend Fund	Managed Bond Fund
Futures Contracts*
Hedging/Risk Management	A	A
Duration/Credit Quality Management	A	A
Substitution for Direct Investment	A	A
Intention to Create Investment Leverage in Portfolio	M	M

Credit Default Swaps (Protection Buyer)
Hedging/Risk Management	A	A
Duration/Credit Quality Management	A	A
Income	A	A
Substitution for Direct Investment	A	A
Intention to Create Investment Leverage in Portfolio	M	M

Credit Default Swaps (Protection Seller)
Hedging/Risk Management	A	A
Duration/Credit Quality Management	A	A
Income	A	A
Substitution for Direct Investment	A	A
Intention to Create Investment Leverage in Portfolio	M	M

Options (Purchased)
Hedging/Risk Management	A	A
Duration/Credit Quality Management	A	A
Substitution for Direct Investment	A	A
Directional Investment	A	A
Intention to Create Investment Leverage in Portfolio	M	M

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

At December 31, 2017, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:


	Credit Risk		Equity Risk		Interest Rate Risk		Total
Blend Fund
Asset Derivatives
Purchased Options*	$	-	$	-	$	767,579	$	767,579
Futures Contracts^^		-		-		27,503		27,503

Total Value	$	-	$	-	$	795,082	$	795,082

Notes to Financial Statements (Continued)


	Credit Risk			Equity Risk			Interest Rate Risk			Total
Blend Fund (Continued)
Liability Derivatives
Futures Contracts^^	$	-		$	-		$	(102,355	)	$	(102,355	)
Swap Agreements^		(159,488	)		-			-			(159,488	)

Total Value	$	(159,488	)	$	-		$	(102,355	)	$	(261,843	)

Realized Gain (Loss)#
Purchased Options	$	-		$	-		$	(64,225	)	$	(64,225	)
Futures Contracts		-			(1,469,980	)		208,425			(1,261,555	)
Swap Agreements		(17,383	)		-			-			(17,383	)

Total Realized Gain (Loss)	$	(17,383	)	$	(1,469,980	)	$	144,200		$	(1,343,163	)

Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-		$	(36,805	)	$	(36,805	)
Futures Contracts		-			-			45,638			45,638
Swap Agreements		(94,810	)		-			-			(94,810	)

Total Change in Appreciation (Depreciation)	$	(94,810	)	$	-		$	8,833		$	(85,977	)

Managed Bond Fund
Asset Derivatives
Purchased Options*	$	-		$	-		$	4,738,571		$	4,738,571
Futures Contracts^^		-			-			150,636			150,636

Total Value	$	-		$	-		$	4,889,207		$	4,889,207

Liability Derivatives
Futures Contracts^^	$	-		$	-		$	(740,925	)	$	(740,925	)
Swap Agreements^		(974,484	)		-			-			(974,484	)

Total Value	$	(974,484	)	$	-		$	(740,925	)	$	(1,715,409	)

Realized Gain (Loss)#
Purchased Options	$	-		$	-		$	(404,003	)	$	(404,003	)
Futures Contracts		-			-			1,560,429			1,560,429
Swap Agreements		(114,954	)		-			-			(114,954	)

Total Realized Gain (Loss)	$	(114,954	)	$	-		$	1,156,426		$	1,041,472

Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-		$	(227,212	)	$	(227,212	)
Futures Contracts		-			-			49,535			49,535
Swap Agreements		(578,832	)		-			-			(578,832	)

Total Change in Appreciation (Depreciation)	$	(578,832	)	$	-		$	(177,677	)	$	(756,509	)

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

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

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

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

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

Notes to Financial Statements (Continued)

For the year ended December 31, 2017, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:


	Number of Contracts, Notional Amounts, or Shares/Units†
	Futures Contracts		Swap Agreements		Purchased Swaptions
Blend Fund		273	$	3,491,667	$	5,133,833
Managed Bond Fund		1,491		21,748,333		31,967,333

†

Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for swap agreements and purchased swaptions, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the year ended December 31, 2017.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Fund(s) as of December 31, 2017.

Asset Valuation Inputs


Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset		Collateral Received***			Net Amount*
Blend Fund
Barclays Bank PLC	$	767,579	$	-	$	(767,579	)	$	-

Managed Bond Fund
Barclays Bank PLC	$	4,738,571	$	-	$	(4,738,571	)	$	-

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Fund(s) as of December 31, 2017.

Liability Valuation Inputs


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Blend Fund
Goldman Sachs International	$	(159,488	)	$	-	$	-	$	(159,488	)

Managed Bond Fund
Goldman Sachs International	$	(974,484	)	$	-	$	970,120	$	(4,364	)

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

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

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

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

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

Notes to Financial Statements (Continued)

Further details regarding the derivatives and other investments held by the Fund(s) during the year ended December 31, 2017, are discussed below.

Futures Contracts

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

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

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

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

Swap Agreements

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

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

Notes to Financial Statements (Continued)

buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment or stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a “synthetic” long position.

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

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

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

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

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

Swap agreements outstanding at the end of the year, if any, are listed in each applicable Fund’s Portfolio of Investments. A Fund’s current exposure to a counterparty is the fair value of the transaction.

Notes to Financial Statements (Continued)

Options, Rights, and Warrants

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

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

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

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

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

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

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Notes to Financial Statements (Continued)

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

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

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

Inflation-Indexed Bonds

The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation, as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”) (for U.S. Treasury inflation-indexed bonds) or, generally, by a comparable inflation index calculated by the foreign government issuing the inflation-indexed bonds.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. Any adjustments to the principal amount of an inflation-indexed bond due to inflation will be reflected as increases or decreases to interest income. Such adjustments may have a significant impact on the Fund’s distributions.

The value of inflation-indexed bonds is generally based on changes in real interest rates, which in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation, or that the rate of inflation in a foreign country will correlate to the rate of inflation in the United States. Additionally, if interest rates rise due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.

Repurchase Agreements

Notes to Financial Statements (Continued)

through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Collateral for certain tri-party repurchase agreements is held at the Fund’s custodian or sub-custodian in a segregated account for the benefit of the Fund and the counterparty.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

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

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

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

Securities Lending

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

Notes to Financial Statements (Continued)

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

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash or securities adjusted daily to have market value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At December 31, 2017, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Security loans can be terminated at the discretion of either the Agent or the Fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. For all Funds, all securities on loan are classified as common stock in the Fund’s Portfolio of Investments at December 31, 2017.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. For the year ended December 31, 2017, the Fund(s) earned securities lending net income as follows:


	Securities Lending Gross Income		Securities Lending Fees and Expenses		Securities Lending Net Income
Equity Fund	$	46,468	$	9,139	$	37,329

Accounting for Investment Transactions

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

Foreign Currency Translation

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

Notes to Financial Statements (Continued)

Allocation of Operating Activity

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

Foreign Securities

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

Federal Income Tax

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

Dividends and Distributions to Shareholders

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

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

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 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:

0.50% on the first $100 million;

0.45% on the next $200 million;

0.40% on the next $200 million; and

0.35% on any excess over $500 million

Notes to Financial Statements (Continued)

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


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

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


Equity Fund		0.23%

Through December 3, 2017, MML Advisers had entered into an investment subadvisory agreement with the unaffiliated investment subadviser, Loomis, Sayles & Company, L.P. (“Loomis Sayles”), pursuant to which Loomis Sayles served as one of the subadvisers to the Equity Fund. This agreement provided that Loomis Sayles manage the investment and reinvestment of a portion of the assets of the Fund. Loomis Sayles received a subadvisory fee from MassMutual based upon the average daily net assets of the portion of the Fund that Loomis Sayles managed.

Effective December 4, 2017, Brandywine Global Investment, LLC (“Brandywine Global”) replaced Loomis Sayles as co-subadviser to the Fund. MML Advisers has entered into an investment subadvisory agreement with the unaffiliated subadviser, Brandywine Global, pursuant to which Brandywine Global serves as one of the subadvisers to the Equity Fund. This agreement provides that Brandywine Global manage the investment and reinvestment of a portion of the assets of the Fund. Brandywine Global receives a subadvisory fee from MassMutual based upon the average daily net assets of the portion of the Fund that Brandywine Global manages.

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

Distribution and Service Fees

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

Expense Caps and Waivers

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

Notes to Financial Statements (Continued)

Deferred Compensation

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

Other

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

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

Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the year ended December 31, 2017, were as follows:


	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Blend Fund	$	414,218,060	$	471,967,773	$	396,143,199	$	518,876,011
Equity Fund		-		567,130,478		-		606,679,733
Managed Bond Fund		2,459,535,519		419,195,689		2,416,229,046		452,215,938

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

Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:


	Year Ended December 31, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount

Blend Fund Initial Class
Sold		589,688		$	13,074,798			678,616		$	14,246,804
Issued as reinvestment of dividends		1,674,930			36,251,636			3,286,450			67,094,963
Redeemed		(3,243,006	)		(72,037,541	)		(3,323,286	)		(69,915,230	)

Net increase (decrease)		(978,388	)	$	(22,711,107	)		641,780		$	11,426,537

Blend Fund Service Class
Sold		1,146,791		$	25,446,915			570,292		$	12,018,067
Issued as reinvestment of dividends		189,349			4,094,882			277,336			5,651,618
Redeemed		(341,691	)		(7,572,019	)		(199,529	)		(4,185,567	)

Net increase (decrease)		994,449		$	21,969,778			648,099		$	13,484,118

Notes to Financial Statements (Continued)


	Year Ended December 31, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount

Equity Fund Initial Class
Sold		516,163		$	15,345,298			679,955		$	18,346,000
Issued as reinvestment of dividends		639,529			18,607,494			2,111,189			55,844,431
Redeemed		(2,630,242	)		(78,306,976	)		(3,072,954	)		(82,400,504	)

Net increase (decrease)		(1,474,550	)	$	(44,354,184	)		(281,810	)	$	(8,210,073	)

Equity Fund Service Class
Sold		436,476		$	12,912,046			374,309		$	9,937,363
Issued as reinvestment of dividends		71,682			2,062,870			221,602			5,801,918
Redeemed		(434,797	)		(12,725,794	)		(218,237	)		(5,803,562	)

Net increase (decrease)		73,361		$	2,249,122			377,674		$	9,935,719

Managed Bond Fund Initial Class
Sold		11,771,449		$	146,212,529			9,441,992		$	118,221,404
Issued as reinvestment of dividends		2,440,386			30,212,037			2,566,362			32,001,075
Redeemed		(14,315,792	)		(177,988,068	)		(14,434,430	)		(180,995,878	)

Net increase (decrease)		(103,957	)	$	(1,563,502	)		(2,426,076	)	$	(30,773,399	)

Managed Bond Fund Service Class
Sold		2,870,161		$	35,490,830			2,445,350		$	30,561,975
Issued as reinvestment of dividends		659,027			8,142,837			622,475			7,746,042
Redeemed		(2,343,314	)		(29,080,230	)		(1,697,341	)		(21,201,207	)

Net increase (decrease)		1,185,874		$	14,553,437			1,370,484		$	17,106,810

U.S. Government Money Market Fund Initial Class
Sold		52,121,545		$	52,121,863			76,950,748		$	76,922,227
Issued as reinvestment of dividends		548,038			548,038			222			222
Redeemed		(69,530,642	)		(69,531,082	)		(78,896,714	)		(78,866,683	)

Net increase (decrease)		(16,861,059	)	$	(16,861,181	)		(1,945,744	)	$	(1,944,234	)

Federal Income Tax Information

At December 31, 2017, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:


	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Blend Fund	$	568,626,378	$	154,601,806	$	(4,360,337	)	$	150,241,469
Equity Fund		717,792,041		177,925,660		(6,431,021	)		171,494,639
Managed Bond Fund		1,342,214,783		17,750,401		(7,836,111	)		9,914,290

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at December 31, 2017, is the same for financial reporting and federal income tax purposes.

Notes to Financial Statements (Continued)

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

At December 31, 2017, for federal income tax purposes, there were no unused capital losses.

At December 31, 2017, the following Fund(s) had post-enactment accumulated capital loss carryforwards:


	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Managed Bond Fund	$	2,149,132	$	12,212,583

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

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

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


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

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2016, was as follows:


	Ordinary Income		Long Term Capital Gain		Return of Capital
Blend Fund	$	13,270,358	$	59,476,223	$	-
Equity Fund		13,116,480		48,529,869		-
Managed Bond Fund		36,359,150		3,387,967		-
U.S. Government Money Market Fund		222		-		-

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At December 31, 2017, temporary book and tax accounting differences were primarily attributable to investments in futures contracts, swap agreements, premium amortization accruals, corporate action basis adjustments, non-taxable dividends basis adjustments, the deferral of wash sale losses, and deferred Trustee compensation.

Notes to Financial Statements (Continued)

At December 31, 2017, the components of distributable earnings on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
Blend Fund	$	11,011,641	$	35,628,320		$	(206,885	)	$	150,241,469
Equity Fund		14,933,609		116,905,904			(259,160	)		171,494,639
Managed Bond Fund		753,329		(14,361,715	)		(238,430	)		9,914,290
U.S. Government Money Market Fund		4,361		-			(53,517	)		-

During the year ended December 31, 2017, the following amounts were reclassified due to permanent differences between book and tax accounting:


	Paid-in Capital			Accumulated Net Realized Gain (Loss) on Investments			Undistributed Net Investment Income (Loss)
Blend Fund	$	(571,973	)	$	(625,906	)	$	1,197,879
Equity Fund		(1,002,339	)		1,171,069			(168,730	)
Managed Bond Fund		884			(3,665,463	)		3,664,579
U.S. Government Money Market Fund		4,277			(3,765	)		(512	)

The Funds did not have any unrecognized tax benefits at December 31, 2017, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended December 31, 2017, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

Indemnifications

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

New Accounting Pronouncements

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

Notes to Financial Statements (Continued)

first be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is currently evaluating the implication, if any, of these changes and its impact on the Funds’ financial statments.

Legal Proceedings

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

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

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

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

100

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of the Funds, including the portfolios of investments, as of December 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the periods presented, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting the MML Series Investment Fund II as of December 31, 2017, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2018

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

101

Trustees and Officers (Unaudited)

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

Disinterested Trustees


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Allan W. Blair Age: 69	Trustee	Since 2012	Retired; President and Chief Executive Officer (1996-2014), Economic Development Council of Western Massachusetts (non-profit development company); President and Chief Executive Officer (1984-2014), Westover Metropolitan Development Corporation (quasi-public development company).	93	Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Nabil N. El-Hage Age: 59	Trustee Chairman	Since 2005 2006-2012	Founder and sole member of PR Academy of Executive Education, LLC (since 2016); Chairman (2011-2016), Academy of Executive Education, LLC (predecessor to PR Academy of Executive Education, LLC).	93	Director (2011-2015), Argo Group International Holdings, Ltd. (underwriter of specialty insurance and reinsurance products); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company).

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

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

102

Trustees and Officers (Unaudited) (Continued)


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
C. Ann Merrifield Age: 66	Trustee	Since 2005	Retired; President and Chief Executive Officer (2012-2014), PathoGenetix (genomics company).	93	Director (since 2015), Juniper Pharmaceuticals Inc. (specialty pharmaceutical company); Director (since 2014), Flexion Therapeutics (specialty pharmaceutical company); Chairperson (since 2017) and Director (since 2014), InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).

Susan B. Sweeney Age: 65	Trustee	Since 2012	Retired; Senior Vice President and Chief Investment Officer (2010-2014), Selective Insurance Group (property and casualty company.	95^	Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Trustee (since 2009), MassMutual Select Funds (open-end investment company); Trustee (since 2009), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Interested Trustees


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Teresa Hassara^^ Age: 55	Trustee	Since 2017	Head of Workplace Solutions (since 2017), MassMutual; President of Institutional Retirement (2009-2016), TIAA-CREF.	93	Director (since 2017), MML Advisers; Trustee (since 2017), MassMutual Select Funds (open-end investment company); Trustee (since 2017), MML Series Investment Fund (open-end investment company); Trustee (since 2017), MassMutual Premier Funds (open-end investment company).

Robert E. Joyal^^^ Age: 72	Trustee	Since 2012	Retired.	95^	Director (since 2013), Leucadia National Corporation (holding company); Director (2012-2017), Ormat Technologies, Inc. (provider of alternative and renewable energy technology); Director (2006-2014), Jefferies Group LLC (investment bank); Trustee (since 2003), Barings Corporate Investors (closed-end investment company); Trustee (since 2003), Barings Participation Investors (closed-end investment company); Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

103

Trustees and Officers (Unaudited) (Continued)

Principal Officers who are Not Trustees


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Joseph Fallon Age: 42	Vice President Assistant Vice President	Since 2017 2015- 2017	Investment Director (since 2014), MML Advisers; Head of Investment Consulting & Strategy (since 2017), Investment Director (2006-2017), MassMutual; Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Select Funds (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MML Series Investment Fund (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Premier Funds (open-end investment company).	93

Andrew M. Goldberg Age: 51	Vice President, Secretary (formerly known as “Clerk”), and Chief Legal Officer Assistant Clerk	Since 2008 2005- 2008	Assistant Vice President and Counsel (since 2004), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company).	93

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

Jill Nareau Robert Age: 45	Vice President and Assistant Secretary Assistant Secretary (formerly known as “Assistant Clerk”)	Since 2017 2008- 2017	Assistant Vice President and Counsel (since 2009), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MML Series Investment Fund (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MassMutual Premier Funds (open-end investment company).	93

Douglas Steele Age: 42	Vice President	Since 2016	Vice President and Head of Investment Management (since 2017), Head of Investment Due Diligence (2016-2017), MML Advisers; Head of Investment Management (since 2017), Assistant Vice President (2013-2017), Investment Director (2005-2013), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	93

Philip S. Wellman Age: 53	Vice President and Chief Compliance Officer	Since 2007	Vice President and Chief Compliance Officer (since 2013), MML Advisers; Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (since 2014), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds and Investment Advisory) (2008-2014), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company).	93

104

Trustees and Officers (Unaudited) (Continued)


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Eric H. Wietsma Age: 51	Vice President	Since 2006	Director and President (since 2013), MML Advisers; Senior Vice President (since 2010), MassMutual; President (since 2008), Vice President (2006-2008), MassMutual Select Funds (open-end investment company); Vice President (since 2006), MML Series Investment Fund (open-end investment company); President (since 2008), Vice President (2006-2008), MassMutual Premier Funds (open-end investment company).	93

Tina Wilson Age: 47	Vice President	Since 2016	Vice President and Head of Investments (since 2016), MML Advisers; Senior Vice President (since 2014), Vice President (2009-2014), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); President (since 2017), Vice President (2016-2017), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	93

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

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

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

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

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

^^^

Mr. Joyal is an “Interested Person,” as that term is defined in the 1940 Act, through his position as a director of Leucadia National Corporation, which controls Jefferies Group LLC, a broker-dealer that may execute portfolio transactions and/or engage in principal transactions with the Funds, other investment companies advised by MML Advisers or holding themselves out to investors as related companies for purposes of investment or investor services, or any other advisory accounts over which MML Advisers has brokerage placement discretion.

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

105

Federal Tax Information (Unaudited)

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



	Dividends Received Deductions
Blend Fund		40.64%
Equity Fund		88.07%
Managed Bond Fund		0.34%

106

Other Information (Unaudited)

Proxy Voting

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

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

Quarterly Reporting

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

Trustees’ Approval of Investment Advisory Contracts

At their meeting in September 2017, the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the “Independent Trustees”), approved a new subadvisory agreement with Brandywine Global Investment Management, LLC (“Brandywine Global”) for the Equity Fund (the “Fund” and the “New Subadvisory Agreement”). In preparation for the meeting, the Trustees requested, and MML Advisers provided in advance, certain materials relevant to the consideration of the New Subadvisory Agreement. In all of their deliberations, the Trustees were advised by independent counsel.

In reviewing the New Subadvisory Agreement, the Independent Trustees discussed with MML Advisers and considered a wide range of information about, among other things: (i) Brandywine Global and its personnel with responsibilities for providing services to the Fund; (ii) the terms of the New Subadvisory Agreement; (iii) the scope and quality of services that Brandywine Global will provide under the New Subadvisory Agreement; (iv) the historical investment performance track record of Brandywine Global; and (v) the fees payable to Brandywine Global by MML Advisers for the Fund and the effect of such fees on the profitability to MML Advisers.

Based on the foregoing, the Trustees concluded that: (i) overall, they were satisfied with the nature, extent, and quality of services expected to be provided under the New Subadvisory Agreement; (ii) MML Advisers’ projected levels of profitability due to the New Subadvisory Agreement were not excessive and the subadvisory fee amount under the New Subadvisory Agreement is fair and reasonable; (iii) the investment processes, research capabilities, and philosophy of Brandywine Global appear well suited to the Fund, given its investment objective and policies; and (iv) the terms of the New Subadvisory Agreement are fair and reasonable with respect to the Fund and are in the best interests of the Fund’s shareholders. After carefully considering the information summarized above, the Trustees, including the Independent Trustees voting separately, unanimously voted to approve the New Subadvisory Agreement.

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

The New Subadvisory Agreement became effective on December 4, 2017.

107

Other Information (Unaudited)

Fund Expenses December 31, 2017

Expense Examples:

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

As a shareholder of the Funds, you incur ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended December 31, 2017.

Actual Expenses:

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

Hypothetical Example for Comparison Purposes:

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

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


	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Blend Fund
Initial Class	$	1,000		0.45	%	$	1,085.30	$	2.37	$	1,022.90	$	2.29
Service Class		1,000		0.70	%		1,083.90		3.68		1,021.70		3.57
Equity Fund
Initial Class		1,000		0.43	%		1,084.00		2.26		1,023.00		2.19
Service Class		1,000		0.68	%		1,082.70		3.57		1,021.80		3.47
Managed Bond Fund
Initial Class		1,000		0.41	%		1,016.50		2.08		1,023.10		2.09
Service Class		1,000		0.66	%		1,015.20		3.35		1,021.90		3.36
U.S. Government Money Market Fund
Initial Class		1,000		0.54	%		1,002.70		2.73		1,022.50		2.75

Expenses are calculated using the annualized expense ratio for the six months ended December 31, 2017, multiplied by the average account value over the period, multiplied by 184 days in the period, divided by 365 days in the year, unless stated otherwise. The annualized expense ratio does not reflect expenses deducted under the variable life insurance or variable annuity contract through which the Funds are invested in. Inclusion of these expenses would increase the annualized expense ratios shown.

108

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, CT 06082-1981

LOGO

RS-44297-00

LOGO

Table of Contents



President’s Letter to Shareholders (Unaudited)			1

Economic and Market Overview (Unaudited)			3

Portfolio Manager Reports (Unaudited)			5

Portfolio of Investments
MML Asset Momentum Fund			32
MML Dynamic Bond Fund			35
MML Equity Rotation Fund			51
MML High Yield Fund			54
MML Inflation-Protected and Income Fund			60
MML Short-Duration Bond Fund			72
MML Small Cap Equity Fund			89
MML Special Situations Fund			92
MML Strategic Emerging Markets Fund			94

Statements of Assets and Liabilities			98

Statements of Operations			102

Statements of Changes in Net Assets			104

Statement of Cash Flows			110

Financial Highlights			111

Notes to Financial Statements			120

Report of Independent Registered Public Accounting Firm			150

Trustees and Officers (Unaudited)			151

Federal Tax Information (Unaudited)			155

Other Information (Unaudited)
Proxy Voting			156
Quarterly Reporting			156
Trustees’ Approval of Investment Advisory Contracts			156
Fund Expenses			157

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

To Our Shareholders

LOGO

Tina Wilson

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

December 31, 2017

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

Suggestions for retirement investors under any market conditions

Save as much as you can

Invest in all market conditions

(Continued)

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

Retirement investors have time on their side

Monitor your asset allocation regularly – and diversify

Make informed choices and seek professional guidance

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

•

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

•

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

•

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

We’re people protecting people

Sincerely,

LOGO

Tina Wilson

President

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

December 31, 2017

Market Highlights

•

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

•

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

•

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

•

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

•

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

Market Environment

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

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

MML Asset Momentum Fund – Portfolio Manager Report (Unaudited)

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

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

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

The Fund’s Class II shares returned 33.92%, outperforming, by a wide margin, the 21.83% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market.

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

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

For the year ended December 31, 2017, the Fund benefited the most from its investments in U.S. stocks. Fund positions in home builders and industrials were strong drivers of the Fund’s full-year performance. Home builder NVR Inc., a large holding of the Fund, advanced 110%, due to strong housing demand and the pending corporate tax cut. The Fund held numerous defense stocks, including Northrop Grumman, Raytheon, Lockheed Martin, and General Dynamics. These Fund holdings performed well because of increasing spending on national defense by governments around the world. International stocks also helped to drive the Fund’s performance. Fund holdings in Brazil and India did particularly well. In the second quarter, the Fund made a large purchase of a Brazilian exchange-traded fund to take advantage of a sell-off due to the allegation that the Brazilian president had accepted bribes. The sell-off was short-lived, and the Fund made a good profit during its holding period.

On the downside, the Fund lost money on a Russia exchange-traded fund. Increasing volatility of oil prices caused the Fund to liquidate this Russian position in the second quarter, and the Fund incurred a loss.

The dollar weakened during the year, and the Fund’s emerging market currency holdings appreciated in value. The weak dollar also helped increase the value of the Fund’s international equity holdings.

The performance contribution from bonds was almost flat in 2017, as the Fund’s bond holdings were concentrated in the U.S. government and government agency obligations with maturities of two years or less.

The Fund uses derivative instruments – securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties – to gain exposure to global assets and to hedge downside risk of securities. In 2017, forward contracts were used to gain exposures to currencies, and futures contracts were used to gain exposures to global equities. There was not much usage of options. In aggregate, these positions contributed to performance over the year.

Subadviser outlook

The Fund is bullish on global equities. Our view is that a majority of countries could register economic growth in 2018. In the U.S., corporate profits have been strengthening, and the tax cut may further boost companies’ earnings. In the Eurozone and Japan, economies have been looking better all year, and climbing earnings have driven stock appreciation. Many emerging market economies are early in the cycle. The upside potential could be more than most believe. The global stock market is supported by an upswing in global growth and strong corporate earnings. A combination of earnings growth and rising multiples has, in our view, the potential to lead to another year of above-average returns.

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


MML Asset Momentum Fund Portfolio Characteristics (% of Net Assets) on 12/31/17

Mutual Funds	37.9	%
Common Stock	35.5	%
U.S. Treasury Obligations	13.7	%

Total Long-Term Investments	87.1	%
Short-Term Investments and Other Assets and Liabilities	12.9	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Since Inception 5/15/15 - 12/31/17
Class II		33.92%		13.41%
Service Class I		33.77%		13.14%
S&P 500 Index		21.83%		11.51%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

MML Dynamic Bond Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks to maximize current income and total return by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in bonds, which may include securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities, or sponsored corporations; corporate obligations (including foreign hybrid securities); mortgage-backed securities; asset-backed securities; foreign securities (corporate and government); emerging market securities (corporate and government); bank loans and assignments; and other securities bearing fixed or variable interest rates of any maturity. The Fund may invest a portion of its net assets in inverse floaters and interest-only and principal-only securities, which may experience high volatility in response to changes in interest rates. The Fund may invest in other investment companies, including other open-end or closed-end investment companies, exchange-traded funds (ETFs), and domestic or foreign private investment vehicles, including investment companies sponsored or managed by the Fund’s subadviser and its affiliates. The Fund’s subadviser is DoubleLine Capital LP (DoubleLine).

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

The Fund’s Class II shares returned 4.45%, outperforming the 3.54% return of the Bloomberg Barclays U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

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

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

Overall, 2017 was positive for risk assets – and allocations to emerging markets and Collateralized Loan Obligations (CLOs) posted the strongest returns. At the end of both January and August, we trimmed the Fund’s allocation to U.S. Treasuries and allocated the proceeds to credit sectors. For the year ended December 31, 2017, all sectors within the Fund posted positive returns – and a majority of the credit sectors outperformed the benchmark. (There were no negative-returning sectors over the one-year period.)

Emerging market debt (EM) was the best-performing sector for the year, benefiting from a rally in rates through September. In the third quarter, the EM portfolio began taking a more defensive position, helping to secure gains as interest rates began to climb. Global demand from investors for EM assets drove prices up and spreads tighter to levels not seen since 2007. Investment-grade (IG) and high-yield (HY) corporate bonds contributed positively to the Fund’s performance in 2017. Within IG and HY, the reach for yield continued, with lower-rated bonds continuing to outperform their higher-rated counterparts. The industrial sector continued to be a strong performer, specifically on the metals and mining front, as commodity prices rebounded significantly from the lows seen in 2016.

Within residential mortgage-backed securities (RMBS), both agency and non-agency RMBS contributed positively over the year. (“Agency” refers to government-sponsored entities that issue bonds backed by mortgage loans, including Ginnie Mae, Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.) Within agency RMBS, contributions to performance were split evenly between pass-through and collateralized mortgage obligation (CMO) bonds. Non-agency performance provided a majority of the RMBS contribution, as it was bolstered by rising home prices. CLOs and bank loans were both positive contributors in 2017 as both benefited from a continued tightening in credit spreads and stable fundamentals. Demand for both sectors continued to benefit from a market digesting the idea of higher rates. Commercial mortgage-backed securities (CMBS) were also a positive contributor on the back of the theme of spreads tightening in credit-sensitive sectors. In particular, the CMBS team was able to find outperforming bonds rated A and interest-only securities that tightened significantly relative to the sector as a whole.

Subadviser outlook

At the current state of the cycle, there are not any sectors in the market that stand out as obviously cheap. We believe that the credit cycle is getting long in the tooth – and because of this, we prefer to keep the Fund’s portfolio higher in quality.

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

Additionally, the Federal Reserve has signaled a desire to raise rates three times in 2018, while the market is currently projecting two hikes. We believe that a combination of higher rates and limited upside to spread products at current levels merits slightly defensive positioning. The result is staying shorter in duration and higher in credit quality relative to other points in the cycle. (Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall.)


MML Dynamic Bond Fund Portfolio Characteristics (% of Net Assets) on 12/31/17

Non-U.S. Government Agency Obligations	28.1	%
Corporate Debt	25.0	%
U.S. Treasury Obligations	24.2	%
U.S. Government Agency Obligations and Instrumentalities	13.4	%
Mutual Funds	2.6	%
Sovereign Debt Obligations	2.3	%
Municipal Obligations	0.1	%
Common Stock	0.0	%

Total Long-Term Investments	95.7	%
Short-Term Investments and Other Assets and Liabilities	4.3	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Since Inception 5/15/15 - 12/31/17
Class II		4.45%		3.01%
Service Class I		4.11%		2.74%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.39%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

MML Equity Rotation Fund – Portfolio Manager Report (Unaudited)

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

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

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

The Fund’s Class II shares returned 30.09%, substantially outperforming the 21.83% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market.

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

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

The Fund tries to outperform passive instruments in two ways: The first is through stock selection, and the second is by weighting factor portfolios (sometimes referred to as “smart-beta”), based on where we are in the economic or market cycle. In 2017, we did very well on the first component and marginally well on the second.

For the first months of 2017, the Fund was invested in growth stocks more than value issues because of the improvement in the fundamentals of that group. However, as the year progressed, and the valuations of those companies rose, the Fund started investing in more stocks that Fund management felt were inexpensive (i.e., value stocks). The Fund would have performed better had it not moved towards value.

On the first portion – stock selection – the Fund did much better. Fund management thought there was value in semiconductors and had a substantial investment in companies like Micron Technologies, the maker of memory chips. These companies benefited from strong earnings growth and a re-rating by the market as prices rose due to capacity constraints. This is a common story with memory chips.

The other value sector the Fund favored was banks. The Fund invested in companies such as Bank of America because their earnings, net interest margins, and revenues were rising – yet the market had been pricing them only as a proxy for rates. That is, when bond yields fell, bank stocks fell and when bond yields rose, bank stocks rose. Bank profits are correlated to interest rates – particularly with respect to the difference between short-term interest rates and long-term interest rates. But that is not the only factor affecting earnings. Banks also make money on fees, investment banking, and trading. They were not getting any credit for the improvements in their businesses, and Fund management believed that this presented a value opportunity. In general, bank stocks helped the Fund, but the returns of banks were almost triple the volatility as the rest of the market, so there is still plenty of controversy in this investment choice.

Subadviser outlook

Although we are in the eighth year of the current cycle, we feel there are some sectors of the market that are still undervalued. We continue to be enamored with certain growth stocks, particularly those that have been able to use “free” resources (data) to build new products. These are self-financing, cash flow-generating companies that are somewhat different from most growth stocks due to their low need for outside capital to grow. Investment flows are rapidly moving in and out of sectors and factor-based portfolios. We feel that a key to outperformance in 2018 will be to invest in companies, not to chase trends.

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


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

The PNC Financial Services Group, Inc.	4.7	%
Citigroup, Inc.	4.2	%
Chevron Corp.	3.1	%
Amazon.com, Inc.	3.0	%
Huntsman Corp.	2.7	%
Celanese Corp. Series A	2.6	%
Deere & Co.	2.5	%
JP Morgan Chase & Co.	2.5	%
Comerica, Inc.	2.3	%
Lockheed Martin Corp.	1.9	%

	29.5	%


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

Financial	22.4	%
Industrial	14.4	%
Communications	12.8	%
Consumer, Non-cyclical	12.2	%
Basic Materials	9.9	%
Technology	8.9	%
Consumer, Cyclical	8.3	%
Energy	8.1	%

Total Long-Term Investments	97.0	%
Short-Term Investments and Other Assets and Liabilities	3.0	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Since Inception 5/15/15 - 12/31/17
Class II		30.09%		16.50%
Service Class I		29.68%		16.20%
S&P 500 Index		21.83%		11.51%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

MML High Yield Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities. The Fund invests primarily in lower rated U.S. debt securities (“junk” or “high yield” bonds), including securities in default. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in lower rated fixed income securities (rated below Baa3 by Moody’s, below BBB- by Standard & Poor’s or the equivalent by any NRSRO (using the lower rating) or, if unrated, determined to be of below investment grade quality by the Fund’s subadviser. The Fund’s subadviser is Barings LLC (Barings).

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

The Fund’s Class II shares returned 8.22%, outperforming the 7.50% return of the Bloomberg Barclays U.S. Corporate High-Yield Bond Index (the “benchmark”), which measures the performance of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds, including corporate bonds, fixed-rate bullet, putable, and callable bonds, SEC Rule 144A securities, original issue zeros, pay-in-kind bonds, fixed-rate and fixed-to-floating capital securities.

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

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

Strength in the global economy was a key theme in 2017. Corporate fundamentals were stable to improving and defaults remained below historical averages. The global high-yield markets experienced large new issuance volumes, but since a large percentage of transactions were refinancing related, net new issuance was much more modest. During most of the year, demand outstripped supply.

From an industry perspective, the Fund outperformed relative to the benchmark, most notably in the capital goods and communications sectors. This outperformance was due to prudent credit selection within each sector. And while communications represented the largest sector by average weight, its underweight allocation, relative to the benchmark, was also a strong positive, since the Fund avoided positions in wireline providers. Transportation posted positive returns and was a contributor to the Fund’s relative outperformance due to an overweight position. Fund holdings within the transportation sector included Direct ChassisLink (a leader in the chassis leasing business), car rental company Hertz, and Kenan Advantage Group, North America’s largest tank truck transporter. Alternatively, the Fund was negatively impacted by a select few industry groups, most notably within the energy sector. While energy posted positive returns overall during the year, specific credit events, particularly related to Fund holdings EP Energy and Fieldwood Energy, contributed to the Fund’s underperformance relative to the Index. Both of these Fund holdings are oil and natural gas exploration and production companies.

Bonds rated BB were the main driver of the Fund’s outperformance relative to the benchmark, although the Fund held an underweight allocation to this category. Conversely, bonds rated CCC lagged the benchmark, while still posting strong positive returns for the Fund overall.

The Fund’s top three performing holdings during the year were Pinnacle Operating, one of the largest agricultural input supply and distribution businesses in the mid-South; Caelus Energy, a privately held exploration and production company with operations focused in the North Slope of Alaska; and Valeant Pharmaceuticals, a specialty pharmaceutical and over-the-counter drug manufacturer focused in the areas of neurology, dermatology, and the central nervous system.

The top three detractors from Fund performance were Appvion Inc., which makes coated paper products, including carbonless, thermal and security papers; Jupiter Resources, a Western Canadian natural gas producer; and Community Health Systems, the largest owner and operator of non-urban hospitals in the U.S.

Subadviser outlook

Overall, high yield in both the U.S. and Europe performed well, showing little signs of stress, with most companies generating top- and bottom-line growth as well as reasonable balance sheet leverage. Global growth, which appears to be synchronized

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

across North America and Europe, remains supportive. There are certain sectors that are experiencing secular and/or competitive pressures, including wirelines and the wireless and cable sectors. Looking into 2018, we believe the fundamental picture remains sound, as corporate balance sheets continue to improve, and default rates continue to stay below historical averages. We are expecting a robust calendar for new issuance during the first quarter of 2018, which we believe has the potential to create attractive opportunities in both the new issue and secondary markets.


MML High Yield Fund Portfolio Characteristics (% of Net Assets) on 12/31/17

Corporate Debt	89.8	%
Bank Loans	6.1	%
Preferred Stock	0.8	%

Total Long-Term Investments	96.7	%
Short-Term Investments and Other Assets and Liabilities	3.3	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 5/3/10 - 12/31/17
Class II		8.22%		6.90%		8.33%
Service Class I		7.88%		6.62%		8.05%
Bloomberg Barclays U.S. Corporate High-Yield Bond Index		7.50%		5.78%		7.42%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

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

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

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

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

The Fund’s Initial Class shares returned 3.21%, outperforming the 3.01% return of the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (the “benchmark”), which measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury. It is a subset of the Global Inflation-Linked Index (Series-L).

How do inflation-indexed bonds protect against inflation?

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

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

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

For the year ended December 31, 2017, TIPS outperformed across various maturities. Breakeven inflation rates – the rates of inflation that need to prevail for TIPS to break even to nominal Treasuries – have seen mixed moves during the year, given concerns about future rate hikes as well as Federal Reserve (the “Fed”) balance sheet unwind. “Balance sheet unwind” refers to the Fed’s announcement that it would begin selling down its balance sheet, thus ending the era of Quantitative Easing (i.e., the Fed’s program of encouraging economic growth by purchasing government bonds).

Consumer prices, as measured by the U.S. Bureau of Labor Statistics, were up year over year, as unadjusted Headline CPI came in at 2.2%, up from 1.7%. While shelter costs continue to be a major driver of core inflation, the headline year-over-year increase was driven, in large part, by rising energy prices. Core CPI (excluding energy and food prices) decreased to 1.7%, down from 2.1%.

In the December Federal Open Market Committee statement, the Committee indicated that the labor market has continued to strengthen, and economic activity has been rising at a solid rate. Consequently, the Committee raised the target range for the federal funds rate to 1¹⁄₄–1¹⁄₂%. (The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight.)

TIPS positioning in aggregate contributed to the Fund’s full-year performance. Underweight positioning in shorter-maturity inflation securities was positive. The Fund’s exposure to commercial mortgage-backed securities (CMBS), 2012, BBB vintages, detracted from performance. In addition to TIPS, the Fund also invested in high-quality income-producing securities, including asset-backed securities (ABS) and money market securities. The income earned by these asset classes contributed positively to the Fund’s performance. ABS were the main drivers of performance. Fund holdings in auto loans and student loans within the ABS sector were the primary contributors. An allocation to high-quality commercial paper also helped performance. (Commercial paper is the commonly used name for short-term unsecured promissory notes sold by banks and corporations to meet short-term debt obligations.)

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

The Fund may use derivative instruments for yield curve and duration management, as well as for replicating cash bonds and gaining market exposure in order to implement manager views. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. During the period, Fund management used repurchase agreements, treasury futures, CPI swaps, credit default swaps to hedge whole business ABS exposure, CMBX as a proxy for commercial mortgage-backed securities, and interest rate swaps to manage the Fund. In aggregate, derivative use contributed to Fund performance during 2017.

Subadviser outlook

With fundamentals demonstrated by growing payrolls and improving gross domestic product (GDP), the market has shifted its attention from monitoring deflationary risks to becoming more vigilant for signs of increased inflationary pressures. While inflation as measured by CPI remains relatively benign, broad price stability in services, housing and transportation provides a solid foundation for inflationary pressures in 2018. We continue to monitor wage pressure as the primary catalyst for higher inflation – which has yet to materialize, despite tighter labor markets – as well as Fed policy response. In our view, potential catalysts in 2018 may include infrastructure spending, renegotiated trade policy and immigration reform. We are constructive on the TIPS market, given improved economic fundamentals, the accommodative policies of the Trump administration, and the recently passed overhaul to the U.S. tax code. We enter 2018 with tactical overweight positions in 2-, 5-, and 10-year TIPS and remain opportunistic, given relative value opportunities.


MML Inflation-Protected and Income Fund Portfolio Characteristics (% of Net Assets) on 12/31/17

U.S. Treasury Obligations	90.8	%
Non-U.S. Government Agency Obligations	39.1	%
Corporate Debt	2.1	%
U.S. Government Agency Obligations and Instrumentalities	1.5	%
Purchased Options	0.4	%
Municipal Obligations	0.0	%

Total Long-Term Investments	133.9	%
Short-Term Investments and Other Assets and Liabilities	(33.9	)%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		3.21%		0.20%		3.34%
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)		3.01%		0.13%		3.53%

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		2.96%		-0.04%		2.90%
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)		3.01%		0.13%		3.25%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

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

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

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

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

The Fund’s Class II shares returned 2.55%, outperforming the 0.45% return of the Bloomberg Barclays U.S. 1-3 Year Government Bond Index (the “benchmark”), which measures the performance of the U.S. Treasury and U.S. Agency Indexes with maturities of 1-3 years, including Treasuries and U.S. agency debentures. It is a component of the U.S. Government/Credit Index and the U.S. Aggregate Index.

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

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

The U.S. Treasury curve between 3 months and 3 years began the year steep, with the prospect for further Federal Reserve (the “Fed”) interest rate hikes, increasing inflation expectations, and the potential for healthy fiscal stimulus. (The yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates.) As the year progressed, growth and inflation premiums priced into the market receded. In spite of this, the Fed still increased rates at its March, June and December Federal Open Market Committee meetings. As a result of these hikes, the short end of the yield curve between 3 months and 3 years flattened, while expectations for higher growth and inflation dissipated.

Bond duration and maturity positioning benefited the portfolio over the year, as the Fund shifted duration in accordance with its duration management process. (Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall.) At year end, duration of the Fund stood at 1.0 year.

An allocation to the corporate bond sector was the primary positive contributor to Fund performance for the year. Investment-grade and high-yield bonds rated BB contributed. Banking and life insurance companies were the best-performing sub-sectors, as U.S. money centers and regional banks represented attractive income opportunities with improving fundamentals. Asset-backed securities (ABS) were the primary contributors to performance within the securitized sector. Allocations to government-guaranteed Federal Family Education Loan Program (FFELP) student loans and automobile receivable ABS collateral were the largest contributing sub-sectors.

On the downside, the Fund’s underweight, relative to the benchmark, to U.S. Agency debentures detracted from Fund performance over the year. (“Agency” refers to government-sponsored entities that issue bonds backed by mortgage loans, including Ginnie Mae, Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.)

The Fund is permitted to use derivative instruments. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. The Fund uses derivative instruments for yield curve, duration, downside risk management and to gain exposures. Performance from derivatives detracted from relative performance in 2017.

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

Subadviser outlook

As we head into 2018, our view is that global growth prospects remain relatively sound. This has pushed short-maturity government bond yields higher, as market participants have begun to reappraise future monetary policy expectations. Longer-dated maturity yields have fallen – reflecting the current benign inflation environment. Risk assets have performed well, suggesting that investors are increasingly taking note of a period of stronger, synchronized global growth.

The Fund is focusing on yield opportunities away from Treasury and government bonds. ABS is attractive relative to other shorter-duration fixed-income asset classes. The natural liquidity profile from monthly principal paydowns provides a frequent source of income. Corporate fundamentals, though still stretched, are improving – and in our view, could continue with a tailwind from a weaker U.S. dollar and tax reform-fueled (stronger) earnings. At year end, economic and market volatility remained subdued – but could, we believe, tick up as global central banks become more hawkish, suggesting that “credit picking” could continue to trump sector rotation strategies.


MML Short-Duration Bond Fund Portfolio Characteristics (% of Net Assets) on 12/31/17

Corporate Debt	43.5	%
Non-U.S. Government Agency Obligations	33.0	%
U.S. Treasury Obligations	2.4	%
U.S. Government Agency Obligations and Instrumentalities	1.0	%
Purchased Options	0.4	%
Municipal Obligations	0.0	%

Total Long-Term Investments	80.3	%
Short-Term Investments and Other Assets and Liabilities	19.7	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 5/3/10 - 12/31/17
Class II		2.55%		1.72%		2.36%
Service Class I		2.29%		1.47%		2.11%
Bloomberg Barclays U.S. 1-3 Year Government Bond Index		0.45%		0.58%		0.83%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

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

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

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

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

The Fund’s Initial Class shares returned 14.37%, underperforming the 14.65% return of the Russell 2000 Index (the “benchmark”), which measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

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

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

For the year ended December 31, 2017, the Fund underperformed the benchmark within the health care, consumer discretionary and financials sectors as a result of weaker relative stock selection – and outperformed the benchmark, primarily within the information technology, real estate and materials sectors, due to stronger relative stock selection.

Fund holdings that were top detractors from relative performance during the year included Prestige Brands Holdings, Inc. (in the health care sector); Wesco Aircraft Holdings; and Matthews International (both in industrials). Prestige Brands is engaged in the marketing, sales and distribution of over-the-counter health care and household cleaning products. Organic revenue growth has been sluggish, but the company continues to execute well on acquiring and integrating products and brands. Wesco materially underperformed in 2017, given its market share loss, disappointing execution, senior management turnover, and concerns regarding slower aerospace industry after-market growth. Matthews International is a provider of graphic and imaging solutions, memorialization products and industrial technologies. It experienced declines due partly to a slowdown in demand for graphics services, as regulatory changes in food labeling on packages have been delayed.

Holdings that contributed to the Fund’s relative full-year performance included Canada Goose Holdings, Inc. (consumer discretionary); SiteOne Landscape Supply; and Korn/Ferry International commercial services. Canada Goose Holdings is a Canadian-based designer, manufacturer, distributor and retailer of outerwear for men, women and children. Shares of Canada Goose rallied strongly late in the year, following excellent fiscal second-quarter results. The company posted strong order growth for its increasingly popular down parkas. Bitterly cold weather at the end of December kept sell-through to consumers brisk as well. SiteOne Landscape Supply is a national wholesale distributor of landscape supplies in the United States. During the year, the company executed solidly on both internal operations and its aggressive acquisition strategy, and was rewarded with a premium valuation. The Fund exited the stock in December, as its share price had moved above the Fund’s fair value estimate. Korn/Ferry, an executive recruiting and talent management company, has benefited from the overall strong global economic environment, as evidenced by strong earnings results and guidance reported during the period. The company experienced revenue acceleration in all key business units, including its Hay Group organizational consulting practice (acquired in 2015).

Subadviser outlook

The U.S. economy continued its “slow and steady” growth during the reporting period. This has been driven by favorable employment as well as wage and inflation data, while home prices and innovation also continued to help drive the economy higher. However, while innovation is alive and well and continuing to help generate economic growth, fundamental disruptions across market segments have been elevated. We continue to be focused on potential disruption risk to our companies.

Volatility in the markets was unusually low in 2017. We expect heightened uncertainty to eventually return to the equity markets. Traditionally, during periods of economic uncertainty and heightened market volatility, investors favor stocks of higher-quality

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

companies – with greater consistency and stability of revenue and earnings – leading to relatively better stock performance of those companies. We think focusing on issuers with strong competitive positions, sound financials and skilled management teams could position the Fund well, should this environment come to pass. During times of economic volatility, such companies frequently widen their lead over their weaker competitors. The Fund seeks to invest in companies characterized by these qualities, at compelling valuations – and we believe this disciplined approach is essential to generating superior long-term performance.


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

Prestige Brands Holdings, Inc.	2.0	%
Korn/Ferry International	2.0	%
Visteon Corp.	1.9	%
On Assignment, Inc.	1.9	%
CACI International, Inc. Class A	1.9	%
Hostess Brands, Inc.	1.8	%
Group 1 Automotive, Inc.	1.8	%
Brandywine Realty Trust	1.7	%
Zynga, Inc. Class A	1.7	%
Four Corners Property Trust, Inc.	1.7	%

	18.4	%


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

Financial	23.9	%
Consumer, Non-cyclical	20.5	%
Technology	13.4	%
Consumer, Cyclical	13.2	%
Industrial	11.5	%
Mutual Funds	7.9	%
Communications	5.6	%
Basic Materials	3.8	%
Energy	3.0	%
Utilities	2.9	%

Total Long-Term Investments	105.7	%
Short-Term Investments and Other Assets and Liabilities	(5.7	)%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		14.37%		15.08%		9.29%
Russell 2000 Index		14.65%		14.12%		8.71%

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		14.08%		14.79%		10.15%
Russell 2000 Index		14.65%		14.12%		9.40%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

MML Special Situations Fund – Portfolio Manager Report (Unaudited)

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

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

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

The Fund’s Class II shares returned 18.82%, underperforming the 21.83% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market.

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

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

Given the nature of special situations, they tend to be in the small- to mid-capitalization range. In 2017, small- and medium-capitalization stocks significantly underperformed the benchmark, so there were headwinds for some of the Fund’s special situations.

The pace of corporations spinning off divisions as stand-alone companies slowed dramatically in 2017. The good news was that the companies that were spun off in 2016 had an exceptional year, rising over 30% on average. It is not unusual for special situations to have high returns on average. However, these averages are often deceiving, as the median return of special situations has been close to the market over the past few decades. What this means is that oftentimes, there are big winners, but there are big losers as well. That was evident in 2017, when the average return of a spin-off was 16%, while the median return was 12%.

The Fund was invested in over 40 special situations throughout most of 2017. One example was the spin-off of Hilton Grand Vacations, the timeshare company from Hilton Worldwide, the hotel company. The spin-off had 7% sales growth, relative to 3% for the parent company, which is about 10 times larger. The spin-off trades at 21 times this year’s earnings and the parent trades at 42 times. Our view is that that the spin-off may be able use its special relationship with Hilton Worldwide to grow their timeshare business at a rate in excess of 7%. They recently announced a deal that may be the template going forward, where they will own a timeshare resort in a mixed-use property with Hilton Worldwide.

The Fund recently invested in Delphi Automotive, the vehicle parts maker. On December 5, 2017 Delphi Automotive renamed itself Aptiv and spun off its powertrain and aftermarket related businesses to a stand-alone company. Aptiv retained the company’s display and dashboard segment. We believe there are substantial growth opportunities in the display segment, particularly with automated cars and electric vehicles. This business is growing revenue at a 10% rate and generating a substantial amount of operating cash flow.

Subadviser outlook

Although we are in the eighth year of the current cycle, we feel there are some areas of the market that are undervalued. In 2018, we believe that many special situations could be brought to the market at favorable valuations. Contrary to 2017’s spin-off slowdown, the number of special situation deals often accelerates late in the business cycle, but the opportunities are more fully valued when presented. Our view is that special situations have the potential to do well as the economy accelerates, as many of them are cyclicals.

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


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

PayPal Holdings, Inc.	6.2	%
Zoetis, Inc.	6.0	%
Bioverativ, Inc.	6.0	%
Fortive Corp.	5.6	%
Adient PLC	5.6	%
Synchrony Financial	5.2	%
Ingevity Corp.	3.7	%
Oshkosh Corp.	3.6	%
Allegion PLC	2.9	%
Lamb Weston Holdings, Inc.	2.8	%

	47.6	%


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

Consumer, Non-cyclical	29.8	%
Industrial	22.9	%
Consumer, Cyclical	12.1	%
Basic Materials	12.0	%
Financial	8.9	%
Communications	7.8	%
Technology	3.9	%
Utilities	2.3	%
Energy	1.7	%

Total Long-Term Investments	101.4	%
Short-Term Investments and Other Assets and Liabilities	(1.4	)%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Since Inception 5/15/15 - 12/31/17
Class II		18.82%		5.82%
Service Class I		18.58%		5.57%
S&P 500 Index		21.83%		11.51%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

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

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

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

The Fund’s Class II Shares returned 34.02%, underperforming the 37.28% return of the MSCI Emerging Markets (EM) Index (the “benchmark”), which measures the performance of the large and mid cap segments of emerging market equity securities.

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

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

For the year ended December 31, 2017, the Fund underperformed the benchmark, primarily due to stock selection in the consumer staples and real estate sectors. Outperformers included stock selection in financials and industrials, and an underweight position in telecommunication services. In terms of countries, an overweight position and stock selection in Russia detracted from performance, as did stock selection in India and South Africa. Stock selection in China and Taiwan contributed positively to performance. An overweight position in France also benefited the Fund on a relative basis.

Fund holdings that were top detractors from performance included Steinhoff International Holdings (consumer discretionary; South Africa), Magnit (consumer staples; Russia), and Novatek PAO (energy; Russia). During the year, Steinhoff International Holdings, the world’s second-largest household products and furniture retailer, faced concerns around unresolved legal and tax disputes, accounting irregularities that resulted in the resignation of the CEO and the Chairman of the Board, and a delay in reporting its fiscal year 2017 results. These events resulted in a significant correction in the company’s share price. Magnit, a leading Russian food retailer, has been impacted by a relatively weak Russian economy that has resulted in lower disposable income levels for Magnit’s core consumer base. Novatek experienced volatility in the first quarter as the overall global outlook for energy prices remained uncertain and talk of expanded U.S. sanctions put further pressure on Russian stocks.

Fund holdings that were top performers included Tencent Holdings and Alibaba Group Holding (both information technology; China), and Housing Development Finance Corporation (financials; India). Tencent Holdings is a dominant player in the Chinese consumer market – including gaming, messaging, payments and content. These businesses are seeing strong momentum and improving monetization. The Fund trimmed its position, given the stock’s 113% rise in 2017. Alibaba, the Chinese e-commerce company, exceeded analyst expectations when it reported a 54% rise in revenue in the third quarter. The company also raised its 2017 full-year guidance for revenue growth. The company continues to monetize capabilities in e-commerce, along with expanding and fine-tuning its ecosystem of mobile payments and cloud computing. Housing Development Finance Corporation (HDFC) is the largest mortgage lender in India. The Indian housing market is deeply under-penetrated, as is the use of mortgages, which prompted the Indian government to launch the Housing for All initiative in June 2015, with a target of constructing 20 million urban homes and 30 million rural houses by 2022. HDFC has benefited, and we believe will continue to benefit, from government-expanded subsidies on housing loans, bringing down the effective interest cost and leading to the improved affordability of home loans.

Subadviser outlook

Emerging markets ended 2017 up a cumulative 71% off their lows in 2016 and significantly outperforming their developed-market counterparts. While we do not expect such a generous emerging market equities backdrop in 2018, we do believe that

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

emerging market equities have the potential to further outperform U.S. equities as business cycles are less advanced in much of the developing world. We continue to believe that emerging markets should be an increasingly core allocation for global investors. The emerging markets now represent a meaningful portion of global gross domestic product (GDP) and are the largest contributors to global growth. Most investors are still under-allocated to the asset class and, especially for those who invest through passive vehicles, to the areas of emerging markets that exhibit the most attractive growth characteristics.


MML Strategic Emerging Markets Fund Largest Holdings (% of Net Assets) on 12/31/17

Taiwan Semiconductor Manufacturing Co. Ltd.	5.8	%
Alibaba Group Holding Ltd. Sponsored ADR	5.7	%
Tencent Holdings Ltd.	5.5	%
Housing Development Finance Corp. Ltd.	4.1	%
AIA Group Ltd.	3.0	%
Glencore PLC	3.0	%
Novatek PJSC Sponsored GDR Registered	2.7	%
Kering	2.5	%
NAVER Corp.	2.4	%
Jiangsu Hengrui Medicine Co. Ltd. Class A	2.0	%

	36.7	%


MML Strategic Emerging Markets Fund Sector Table (% of Net Assets) on 12/31/17

Financial	23.1	%
Consumer, Non-cyclical	22.9	%
Communications	18.3	%
Consumer, Cyclical	13.1	%
Technology	7.7	%
Basic Materials	5.7	%
Energy	2.7	%
Industrial	2.3	%
Mutual Funds	2.1	%
Diversified	1.4	%

Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/27/08 - 12/31/17
Service Class I		33.83%		1.37%		3.11%
MSCI EM Index		37.28%		4.35%		4.74%

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 5/1/09 - 12/31/17
Class II		34.02%		1.62%		6.77%
MSCI EM Index		37.28%		4.35%		9.23%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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

MML Asset Momentum Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 35.5%
COMMON STOCK — 35.5%
Communications — 1.5%
Telecommunications — 1.5%
Drillisch AG		3,800	$	313,666
NTT DOCOMO, Inc.		5,600		132,282

				445,948

Consumer, Cyclical — 11.6%
Distribution & Wholesale — 2.3%
Pool Corp.		5,100		661,215

Home Builders — 7.2%
NVR, Inc. (a)		600		2,104,932

Retail — 0.4%
Fielmann AG		1,400		123,212

Textiles — 1.7%
Mohawk Industries, Inc. (a)		1,800		496,620

				3,385,979

Consumer, Non-cyclical — 7.3%
Agriculture — 0.4%
British American Tobacco PLC Sponsored ADR		1,578		105,710

Biotechnology — 1.1%
CSL Ltd.		2,800		308,172

Commercial Services — 0.9%
Equifax, Inc.		2,300		271,216

Foods — 0.9%
Nestle SA Registered		1,300		111,712
Saputo, Inc.		4,500		161,742

				273,454

Health Care – Products — 0.8%
Advanced Medical Solutions Group PLC		54,300		233,855

Health Care – Services — 2.1%
Fresenius SE & Co. KGaA		5,900		459,375
Ramsay Health Care Ltd.		3,000		163,865

				623,240

Household Products — 0.3%
Portmeirion Group PLC		5,600		69,938

Household Products & Wares — 0.8%
Henkel AG & Co. KGaA		2,000		240,100

				2,125,685

Financial — 2.4%
Diversified Financial Services — 2.0%
Mastercard, Inc. Class A		3,800		575,168


	Number of Shares		Value
Private Equity — 0.4%
Onex Corp.		1,700	$	124,680

				699,848

Industrial — 10.1%
Aerospace & Defense — 3.6%
General Dynamics Corp.		1,200		244,140
Lockheed Martin Corp.		800		256,840
Northrop Grumman Corp.		900		276,219
Raytheon Co.		1,400		262,990

				1,040,189

Building Materials — 0.3%
Breedon Group PLC (a)		88,100		102,566

Electronics — 1.0%
Halma PLC		17,600		298,684

Hand & Machine Tools — 0.5%
Schindler Holding AG		700		161,095

Machinery – Diversified — 1.9%
Cummins, Inc.		1,500		264,960
Roper Technologies, Inc.		1,100		284,900

				549,860

Miscellaneous – Manufacturing — 2.8%
A.O. Smith Corp.		4,200		257,376
General Electric Co.		16,000		279,200
Illinois Tool Works, Inc.		1,700		283,645

				820,221

				2,972,615

Technology — 2.6%
Computers — 1.2%
Amdocs Ltd.		5,200		340,496

Software — 1.4%
EMIS Group PLC		11,800		161,122
Nexus AG		3,400		106,152
Open Text Corp.		4,200		149,389

				416,663

				757,159


TOTAL COMMON STOCK (Cost $7,740,106)				10,387,234


TOTAL EQUITIES (Cost $7,740,106)				10,387,234


	Principal Amount
BONDS & NOTES — 13.7%
U.S. TREASURY OBLIGATIONS — 13.7%
U.S. Treasury Bonds & Notes — 13.7%
U.S. Treasury Note (b)	$	1,000,000		997,832

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

MML Asset Momentum Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
U.S. Treasury Note	$	3,000,000	$	2,992,500

				3,990,332


TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,990,039)				3,990,332


TOTAL BONDS & NOTES (Cost $3,990,039)				3,990,332


	Number of Shares
MUTUAL FUNDS — 37.9%
Diversified Financial Services — 37.9%
iShares MSCI Brazil Capped Index Fund		36,000		1,456,200
iShares MSCI India ETF		6,600		238,062
Vanguard Total Stock Market ETF		68,500		9,401,626

				11,095,888


TOTAL MUTUAL FUNDS (Cost $9,331,194)				11,095,888


TOTAL LONG-TERM INVESTMENTS (Cost $21,061,339)				25,473,454


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 12.8%
Repurchase Agreement — 12.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (c)	$	3,747,691	$	3,747,691


TOTAL SHORT-TERM INVESTMENTS (Cost $3,747,691)				3,747,691


TOTAL INVESTMENTS — 99.9% (Cost $24,809,030) (d)				29,221,145

Other Assets/(Liabilities) — 0.1%				25,200


NET ASSETS — 100.0%			$	29,246,345

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

(c)	Maturity value of $3,747,916. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $3,823,911.

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

The Fund had the following open Forward contracts at December 31, 2017:

Forward Contracts


		Counterparty	Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Contracts to Buy
BRL	2,851,680	HSBC Bank USA*	2/15/18	$	831,879	$	23,728
RUB	74,889,600	HSBC Bank USA*	2/15/18		1,200,000		93,839
THB	42,808,350	HSBC Bank USA*	11/13/18		1,300,000		21,671

				$	3,331,879	$	139,238

Cross Currency Forwards
BRL	4,110,000	Barclays Bank PLC*	2/15/18		CHF 1,200,000	$	(1,946	)
RUB	62,460,000	JP Morgan Chase Bank N.A.*	2/15/18		SEK 8,977,163		(18,047	)

						$	(19,993	)

*	Contracts are subject to a Master Netting Agreement.

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

MML Asset Momentum Fund – Portfolio of Investments (Continued)

The Fund had the following open Futures contracts at December 31, 2017:

Futures

Expiration
Date

Number of
Contracts

Notional
Amount

Value/ Net
Unrealized
Appreciation/
(Depreciation)

Future Contract — Long

S&P 500 E Mini Index

3/16/18

154

$20,266,140

339,060

Currency Legend

BRL	Brazilian Real

CHF	Swiss Franc

RUB	Russian Ruble

SEK	Swedish Krona

THB

Thai Baht

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

MML Dynamic Bond Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 0.0%

COMMON STOCK — 0.0%
Energy — 0.0%
Oil & Gas — 0.0%
SandRidge Energy, Inc. (a)		648	$	13,654


TOTAL COMMON STOCK (Cost $18,804)				13,654


TOTAL EQUITIES (Cost $18,804)				13,654


	Principal Amount
BONDS & NOTES — 93.1%

CORPORATE DEBT — 25.0%
Advertising — 0.1%
Omnicom Group, Inc. 3.600% 4/15/26	$	570,000		576,657

Aerospace & Defense — 0.3%
The Boeing Co. 6.875% 3/15/39		405,000		595,618
Lockheed Martin Corp. 4.700% 5/15/46		440,000		513,353
TransDigm, Inc. 6.375% 6/15/26		305,000		308,050

				1,417,021

Agriculture — 0.1%
BAT Capital Corp. FRN (b) (c) 2.296% 8/15/22		105,000		106,254
Reynolds American, Inc. 4.000% 6/12/22		545,000		569,432

				675,686

Airlines — 0.2%
Delta Air Lines, Inc. 3.625% 3/15/22		285,000		289,924
Guanay Finance Ltd. (d) 6.000% 12/15/20		476,487		489,376

				779,300

Auto Manufacturers — 0.4%
Ford Motor Co. 7.450% 7/16/31		440,000		575,174
General Motors Co. 3 mo. USD LIBOR + .800%, FRN 2.192% 8/07/20		210,000		211,257
General Motors Financial Co., Inc. 3.950% 4/13/24		845,000		869,919

				1,656,350


	Principal Amount		Value
Auto Parts & Equipment — 0.1%
Dana Financing Luxembourg Sarl (c) 5.750% 4/15/25	$	295,000	$	310,856
Delphi Technologies PLC (c) 5.000% 10/01/25		315,000		318,938

				629,794

Banks — 4.4%
Australia & New Zealand Banking Group Ltd. (c) 4.875% 1/12/21		540,000		575,983
Banco de Costa Rica (d) 5.250% 8/12/18		200,000		200,250
Banco De Credito del Per (d) 5.375% 9/16/20		200,000		213,000
Banco de Credito del Peru (d) 2.250% 10/25/19		500,000		500,000
Banco de Credito e Inversiones (d) 4.000% 2/11/23		200,000		208,277
Banco de Reservas de la Republica Dominicana (c) 7.000% 2/01/23		200,000		210,843
Banco Del Estado Chile (d) 4.125% 10/07/20		200,000		208,557
Banco del Estado de Chile (d) 3.875% 2/08/22		150,000		156,278
Banco Internacional del Peru SAA (d) 5.750% 10/07/20		700,000		752,500
Banco Latinoamericano de Comercio Exterior SA (d) 3.250% 5/07/20		150,000		151,688
Banco Santander Chile (d) 3.875% 9/20/22		150,000		155,894
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5 year CMT + 4.580%, VRN (d) 5.950% 1/30/24		400,000		416,000
Banco Santander SA FRN (b) 2.552% 2/23/23		600,000		603,677
Bancolombia SA 6.125% 7/26/20		100,000		106,750
Banistmo SA (c) 3.650% 9/19/22		200,000		197,500
Bank of America Corp. 2.503% 10/21/22		425,000		420,479
Bank of America Corp. 3 mo. USD LIBOR + 1.021%, VRN 2.881% 4/24/23		425,000		425,625
Bank of Montreal VRN (b) 3.803% 12/15/32		450,000		444,883
BDO Unibank, Inc. (d) 2.625% 10/24/21		450,000		445,530

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
BDO Unibank, Inc. (d) 2.950% 3/06/23	$	300,000	$	294,138
Citigroup, Inc. 3 mo. USD LIBOR + 1.100%, FRN 2.522% 5/17/24		865,000		878,306
Commonwealth Bank of Australia (c) 2.750% 3/10/22		835,000		837,399
Credit Suisse Group AG FRN (b) (c) 2.774% 12/14/23		595,000		600,638
DBS Group Holdings Ltd. 3 mo. USD LIBOR + .620%, FRN (c) 1.987% 7/25/22		700,000		703,749
DBS Group Holdings Ltd. 3 mo. USD LIBOR + .620%, FRN (d) 1.987% 7/25/22		200,000		201,071
Global Bank Corp. (d) 5.125% 10/30/19		700,000		723,590
The Goldman Sachs Group, Inc. FRN (b) 2.160% 10/31/22		740,000		740,961
Industrial Senior Trust (d) 5.500% 11/01/22		500,000		510,000
Itau CorpBanca (d) 3.875% 9/22/19		600,000		611,766
Lloyds Banking Group PLC VRN (b) 3.574% 11/07/28		600,000		594,356
Macquarie Group Ltd. VRN (b) (c) 3.189% 11/28/23		580,000		575,963
Malayan Banking Bhd 5 year USD Swap + 2.542%, VRN (d) 3.905% 10/29/26		600,000		612,638
Mizuho Financial Group, Inc. FRN (b) 2.416% 9/11/22		400,000		402,704
Morgan Stanley 2.750% 5/19/22		570,000		567,908
Morgan Stanley 3 mo. USD LIBOR + 1.340%, VRN 3.591% 7/22/28		585,000		590,384
MUFG Americas Holdings Corp. 1.625% 2/09/18		285,000		284,943
Oversea-Chinese Banking Corp. Ltd. 5 year USD Swap + 2.203%, VRN (d) 4.000% 10/15/24		600,000		610,496
Royal Bank of Scotland Group PLC 3 mo. USD LIBOR + 1.480%, VRN 3.498% 5/15/23		860,000		861,875
Sumitomo Mitsui Financial Group, Inc. 2.058% 7/14/21		420,000		411,606
Sumitomo Mitsui Financial Group, Inc. 2.934% 3/09/21		445,000		449,213
United Overseas Bank Ltd. 5 year USD Swap + 2.236%, VRN (d) 3.500% 9/16/26		200,000		201,306


	Principal Amount		Value
United Overseas Bank Ltd. 5 year USD Swap + 1.995%, VRN (d) 3.750% 9/19/24	$	700,000	$	708,263
Wells Fargo & Co. 3.069% 1/24/23		555,000		559,165

				19,926,152

Beverages — 0.2%
Anheuser-Busch InBev Finance, Inc. 4.900% 2/01/46		250,000		289,747
Embotelladora Andina SA (d) 5.000% 10/01/23		600,000		660,235
Fomento Economico Mexicano SAB de CV 2.875% 5/10/23		200,000		197,892

				1,147,874

Biotechnology — 0.1%
Celgene Corp. 4.350% 11/15/47		595,000		618,044

Chemicals — 0.4%
Ashland LLC 4.750% 8/15/22		300,000		312,000
Grupo Idesa SA de CV (d) 7.875% 12/18/20		400,000		376,000
Hexion, Inc. (c) 10.375% 2/01/22		320,000		297,800
The Mosaic Co. 4.050% 11/15/27		580,000		581,521
Platform Specialty Products Corp. (c) 5.875% 12/01/25		160,000		158,800

				1,726,121

Coal — 0.1%
Peabody Energy Corp. (c) 6.000% 3/31/22		305,000		316,437

Commercial Services — 0.2%
Adani Ports & Special Economic Zone Ltd. (d) 3.950% 1/19/22		375,000		382,421
ENA Norte Trust (d) 4.950% 4/25/28		148,142		154,068
Prime Security Services Borrower LLC/Prime Finance, Inc. (c) 9.250% 5/15/23		275,000		305,250
S&P Global, Inc. 4.400% 2/15/26		285,000		308,799

				1,150,538

Computers — 0.0%
Riverbed Technology, Inc. (c) 8.875% 3/01/23		165,000		155,719

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Diversified Financial Services — 1.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.500% 1/15/25	$	600,000	$	594,746
Air Lease Corp. 3.750% 2/01/22		585,000		604,440
Ally Financial, Inc. 4.125% 3/30/20		555,000		566,100
Ally Financial, Inc. 4.250% 4/15/21		30,000		30,750
American Express Co. 2.500% 8/01/22		1,175,000		1,160,817
Discover Financial Services 4.100% 2/09/27		720,000		737,519
Interoceanica IV Finance Ltd. (d) 0.010% 11/30/25		1,022,889		879,685
National Rural Utilities Cooperative Finance Corp. 2.000% 1/27/20		360,000		358,776
NFP Corp. (c) 6.875% 7/15/25		310,000		312,325
SPARC EM SPC Panama Metro Line 2 SP (c) 0.010% 12/05/22		700,000		642,250
SPARC EM SPC Panama Metro Line 2 SP (d) 0.010% 12/05/22		600,000		550,500
Synchrony Financial 3.000% 8/15/19		555,000		558,859
Synchrony Financial 3.950% 12/01/27		25,000		24,895

				7,021,662

Electric — 2.1%
AES Andres BV / Dominican Power Partners/Empresa Generadora de Electricidad It (c) 7.950% 5/11/26		500,000		541,250
American Electric Power Co., Inc. 2.950% 12/15/22		313,000		317,455
American Electric Power Co., Inc. 3.200% 11/13/27		95,000		94,325
DTE Energy Co. 3.800% 3/15/27		500,000		515,657
Duke Energy Corp. 3.750% 9/01/46		215,000		212,616
Duke Energy Corp. 3.950% 8/15/47		240,000		246,634
Duke Energy Florida LLC 3.200% 1/15/27		1,000,000		1,012,397
Duke Energy Progress, Inc. 4.150% 12/01/44		470,000		512,650


	Principal Amount		Value
Engie Energia Chile SA (d) 5.625% 1/15/21	$	100,000	$	108,051
Eversource Energy 2.750% 3/15/22		1,000,000		1,001,810
Exelon Corp. 3.400% 4/15/26		750,000		750,249
Fortis, Inc. 2.100% 10/04/21		580,000		566,151
NextEra Energy Capital Holdings, Inc. 3.550% 5/01/27		280,000		285,220
NextEra Energy Operating Partners LP (c) 4.500% 9/15/27		310,000		308,450
Sierra Pacific Power Co. 2.600% 5/01/26		1,000,000		966,294
The Southern Co. 1.850% 7/01/19		15,000		14,909
The Southern Co. 2.450% 9/01/18		820,000		822,384
Xcel Energy, Inc. 3.300% 6/01/25		1,000,000		1,013,582

				9,290,084

Electronics — 0.2%
Arrow Electronics, Inc. 3.875% 1/12/28		290,000		289,131
Corning, Inc. 4.375% 11/15/57		595,000		590,658

				879,789

Engineering & Construction — 0.5%
Aeropuerto Internacional de Tocumen SA 5.750% 10/09/23		776,615		832,920
Brand Industrial Services, Inc. (c) 8.500% 7/15/25		210,000		220,500
Mexico City Airport Trust (c) 4.250% 10/31/26		700,000		715,750
Sydney Airport Finance Co. Pty Ltd. (c) 3.375% 4/30/25		300,000		298,905
Sydney Airport Finance Co. Pty Ltd. (c) 3.625% 4/28/26		300,000		303,008

				2,371,083

Entertainment — 0.3%
Eldorado Resorts, Inc. 6.000% 4/01/25		315,000		329,175
GLP Capital LP/GLP Financing II, Inc. 5.375% 4/15/26		285,000		305,662
Pinnacle Entertainment, Inc. 5.625% 5/01/24		375,000		401,250
Six Flags Entertainment Corp. (c) 4.875% 7/31/24		310,000		314,650

				1,350,737

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Environmental Controls — 0.1%
Republic Services, Inc. 3.375% 11/15/27	$	585,000	$	589,374

Foods — 1.0%
B&G Foods, Inc. 5.250% 4/01/25		305,000		310,231
Cosan Overseas Ltd. (d) 8.250% 11/29/49		500,000		511,825
JBS USA LUX SA / JBS USA Finance, Inc. (c) 7.250% 6/01/21		255,000		259,144
JBS USA LUX SA / JBS USA Finance, Inc. (c) 7.250% 6/01/21		50,000		50,812
Kraft Heinz Foods Co. 2.000% 7/02/18		235,000		234,993
Kraft Heinz Foods Co. 2.800% 7/02/20		345,000		346,989
The Kroger Co. 3.400% 4/15/22		670,000		685,814
Marfrig Holdings Europe BV (c) 8.000% 6/08/23		200,000		208,500
Pilgrim’s Pride Corp. (c) 5.750% 3/15/25		300,000		310,125
Post Holdings, Inc. (c) 5.500% 3/01/25		305,000		315,675
Smithfield Foods, Inc. (c) 4.250% 2/01/27		550,000		564,407
Sysco Corp. 3.250% 7/15/27		580,000		578,048

				4,376,563

Forest Products & Paper — 0.3%
Celulosa Arauco y Constitucion SA 4.750% 1/11/22		200,000		211,599
Georgia-Pacific LLC (c) 3.600% 3/01/25		1,125,000		1,156,189
Inversiones CMPC SA/Cayman Islands Branch (d) 4.500% 4/25/22		200,000		209,366

				1,577,154

Gas — 0.2%
NGL Energy Partners LP / NGL Energy Finance Corp. 7.500% 11/01/23		220,000		227,150
Transportadora de Gas del Peru SA (d) 4.250% 4/30/28		600,000		620,400

				847,550

Health Care – Products — 0.5%
Avantor, Inc. (c) 6.000% 10/01/24		155,000		154,419


	Principal Amount		Value
Avantor, Inc. (c) 9.000% 10/01/25	$	155,000	$	152,675
Becton Dickinson and Co. 2.894% 6/06/22		860,000		854,620
Universal Hospital Services, Inc. 7.625% 8/15/20		310,000		310,000
Zimmer Biomet Holdings, Inc. 2.700% 4/01/20		570,000		570,277

				2,041,991

Health Care – Services — 0.3%
Anthem, Inc. 2.300% 7/15/18		425,000		425,928
Anthem, Inc. 2.950% 12/01/22		160,000		160,067
Centene Corp. 4.750% 1/15/25		305,000		310,337
Polaris Intermediate Corp. (c) 8.500% 12/01/22		75,000		77,813
Tenet Healthcare Corp. 8.125% 4/01/22		210,000		213,675

				1,187,820

Holding Companies-Diversified — 0.2%
CK Hutchison International 17 II Ltd. (c) 2.250% 9/29/20		200,000		198,054
CK Hutchison International 17 Ltd. (d) 2.875% 4/05/22		200,000		199,263
CK Hutchison International Ltd. (c) 3.500% 4/05/27		200,000		199,857
Hutchison Whampoa Ltd. (d) 3.250% 11/08/22		300,000		303,248

				900,422

Household Products & Wares — 0.1%
Kronos Acquisition Holdings, Inc. (c) 9.000% 8/15/23		320,000		299,200

Insurance — 0.8%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (c) 8.250% 8/01/23		295,000		309,750
Athene Global Funding (c) 3.000% 7/01/22		580,000		574,069
Brighthouse Financial, Inc. (c) 3.700% 6/22/27		575,000		565,494
Liberty Mutual Group, Inc. (c) 6.500% 5/01/42		730,000		974,104
New York Life Global Funding (c) 2.300% 6/10/22		540,000		532,437
Nuveen Finance LLC (c) 2.950% 11/01/19		540,000		545,163

				3,501,017

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Internet — 0.5%
Alibaba Group Holding Ltd. 2.800% 6/06/23	$	200,000	$	199,431
Amazon.com, Inc. (c) 4.050% 8/22/47		585,000		630,464
eBay, Inc. 2.750% 1/30/23		575,000		569,398
Expedia, Inc. Co. 3.800% 2/15/28		595,000		574,952
Netflix, Inc. (c) 4.875% 4/15/28		130,000		127,400

				2,101,645

Investment Companies — 0.2%
Temasek Financial I Ltd. (d) 2.375% 1/23/23		750,000		740,476

Iron & Steel — 0.1%
Vale Overseas Ltd. 5.875% 6/10/21		380,000		413,820

Leisure Time — 0.2%
Constellation Merger Sub, Inc. (c) 8.500% 9/15/25		160,000		156,000
Royal Caribbean Cruises Ltd. 3.700% 3/15/28		295,000		292,322
Viking Cruises Ltd. (c) 5.875% 9/15/27		300,000		305,250

				753,572

Lodging — 0.3%
CRC Escrow Issuer LLC / CRC Finco, Inc. (c) 5.250% 10/15/25		320,000		322,400
Gohl Capital Ltd. (d) 4.250% 1/24/27		600,000		615,316
Hilton Domestic Operating Co., Inc. 4.250% 9/01/24		310,000		313,100

				1,250,816

Machinery – Construction & Mining — 0.1%
BlueLine Rental Finance Corp./BlueLine Rental LLC (c) 9.250% 3/15/24		295,000		314,912

Media — 0.4%
CBS Corp. (c) 3.700% 6/01/28		80,000		78,894
CCO Holdings LLC/CCO Holdings Capital Corp. (c) 5.000% 2/01/28		185,000		179,913
Cengage Learning, Inc. (c) 9.500% 6/15/24		265,000		239,825
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908% 7/23/25		520,000		552,856


	Principal Amount		Value
Comcast Corp. 4.400% 8/15/35	$	525,000	$	573,980

				1,625,468

Oil & Gas — 2.1%
Bharat Petroleum Corp. Ltd. (d) 4.625% 10/25/22		200,000		211,080
BPRL International Singapore Pte Ltd. (d) 4.375% 1/18/27		500,000		515,602
Canadian Natural Resources Ltd. 2.950% 1/15/23		860,000		856,149
CNOOC Finance Ltd. (d) 4.250% 1/26/21		200,000		207,871
CNOOC Finance USA LLC 3.500% 5/05/25		600,000		604,744
CNPC HK Overseas Capital Ltd. (d) 4.500% 4/28/21		700,000		735,320
EQT Corp. 3.900% 10/01/27		575,000		571,626
Indian Oil Corp. Ltd. (d) 5.750% 8/01/23		600,000		668,365
MEG Energy Corp. (c) 7.000% 3/31/24		135,000		113,906
ONGC Videsh Vankorneft Pte Ltd. (d) 3.750% 7/27/26		850,000		845,758
Petrobras Global Finance BV 7.250% 3/17/44		100,000		104,000
Petroleos Mexicanos 6.750% 9/21/47		290,000		302,717
Petronas Capital Ltd. (d) 3.500% 3/18/25		800,000		820,414
Phillips 66 5.875% 5/01/42		235,000		299,085
QEP Resources, Inc. 5.250% 5/01/23		160,000		161,898
QEP Resources, Inc. 5.625% 3/01/26		160,000		162,200
Reliance Holding USA, Inc. (d) 5.400% 2/14/22		600,000		651,671
Sanchez Energy Corp. 6.125% 1/15/23		385,000		325,325
Sinopec Group Overseas Development Ltd. (d) 2.750% 9/29/26		900,000		854,062
Valero Energy Corp 6.625% 6/15/37		235,000		309,710
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp. (c) 8.750% 4/15/23		140,000		135,800
Whiting Petroleum Corp. (c) 6.625% 1/15/26		155,000		158,100

				9,615,403

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Oil & Gas Services — 0.1%
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc. (c) 4.080% 12/15/47	$	300,000	$	305,120
Schlumberger Holdings Corp. (c) 2.350% 12/21/18		270,000		270,606

				575,726

Packaging & Containers — 0.1%
Packaging Corp. of America 3.400% 12/15/27		290,000		290,722
Plastipak Holdings, Inc. (c) 6.250% 10/15/25		155,000		158,488

				449,210

Pharmaceuticals — 0.7%
AbbVie, Inc. 4.700% 5/14/45		550,000		616,701
Allergan Funding SCS 2.350% 3/12/18		551,000		551,436
AstraZeneca PLC 2.375% 11/16/20		275,000		274,584
AstraZeneca PLC 2.375% 6/12/22		290,000		286,561
Shire Acquisitions Investments Ireland DAC 2.875% 9/23/23		580,000		570,183
Teva Pharmaceutical Finance Netherlands III BV 2.800% 7/21/23		780,000		679,232
Valeant Pharmaceuticals International, Inc. (c) 5.500% 11/01/25		320,000		325,600

				3,304,297

Pipelines — 0.9%
Cheniere Energy Partners LP (c) 5.250% 10/01/25		310,000		315,425
Enable Midstream Partners LP 4.400% 3/15/27		565,000		574,529
Energy Transfer LP 4.200% 4/15/27		145,000		144,246
Energy Transfer LP 4.750% 1/15/26		470,000		487,617
Fermaca Enterprises S de RL de CV (c) 6.375% 3/30/38		232,000		249,516
Kinder Morgan Energy Partners LP 6.950% 1/15/38		470,000		584,373
Sabine Pass Liquefaction LLC 5.000% 3/15/27		660,000		708,230
Sunoco Logistics Partners Operations LP 3.900% 7/15/26		750,000		733,926


	Principal Amount		Value
Williams Partners LP 3.750% 6/15/27	$	290,000	$	290,603

				4,088,465

Real Estate Investment Trusts (REITS) — 1.0%
American Tower Corp. 3.550% 7/15/27		575,000		570,797
American Tower Corp. 4.400% 2/15/26		950,000		999,005
Boston Properties LP 4.125% 5/15/21		520,000		543,481
Crown Castle International Corp 3.700% 6/15/26		700,000		699,523
Crown Castle International Corp. 3.650% 9/01/27		575,000		573,592
Crown Castle International Corp. 4.000% 3/01/27		225,000		230,046
Digital Realty Trust LP 3.700% 8/15/27		250,000		251,819
ESH Hospitality, Inc. (c) 5.250% 5/01/25		300,000		303,000
Simon Property Group LP 3.375% 12/01/27		300,000		301,390

				4,472,653

Retail — 0.2%
1011778 BC ULC/New Red Finance, Inc. (c) 4.250% 5/15/24		310,000		309,225
Beacon Escrow Corp. (c) 4.875% 11/01/25		310,000		311,162
PetSmart, Inc. (c) 5.875% 6/01/25		115,000		88,263
PetSmart, Inc. (c) 7.125% 3/15/23		200,000		118,500

				827,150

Semiconductors — 0.1%
Applied Materials, Inc. 4.350% 4/01/47		280,000		314,101

Software — 0.7%
Fidelity National Information Services, Inc. 3.625% 10/15/20		415,000		426,402
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho (c) 10.000% 11/30/24		270,000		294,975
Microsoft Corp. 4.450% 11/03/45		520,000		609,490
Oracle Corp. 4.125% 5/15/45		540,000		582,409

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Solera LLC/ Solera Finance, Inc. (c) 10.500% 3/01/24	$	135,000	$	151,872
Sophia LP/Sophia Finance, Inc. (c) 9.000% 9/30/23		210,000		222,075
VMware, Inc. 2.950% 8/21/22		700,000		698,044

				2,985,267

Telecommunications — 1.5%
America Movil SAB de CV 5.000% 3/30/20		100,000		105,394
AT&T, Inc. 5.250% 3/01/37		495,000		523,524
Axiata SPV2 Bhd (d) 3.466% 11/19/20		900,000		911,099
Bharti Airtel International Netherlands BV (d) 5.125% 3/11/23		400,000		423,916
Bharti Airtel Ltd. (d) 4.375% 6/10/25		500,000		508,758
British Telecommunications PLC 5.950% 1/15/18		1,025,000		1,026,371
CB Escrow Corp. (c) 8.000% 10/15/25		80,000		81,200
Cincinnati Bell, Inc. (c) 7.000% 7/15/24		235,000		233,238
Digicel Group Ltd. (d) 7.125% 4/01/22		500,000		463,005
Frontier Communications Corp. 8.500% 4/15/20		220,000		182,600
GTT Communications, Inc. (c) 7.875% 12/31/24		220,000		232,100
Intelsat Jackson Holdings SA 7.250% 10/15/20		230,000		216,200
Level 3 Financing, Inc. 5.375% 1/15/24		310,000		309,612
Orange SA 2.750% 2/06/19		564,000		567,117
SingTel Group Treasury Pte Ltd. (d) 4.500% 9/08/21		200,000		212,440
Telesat Canada/Telesat LLC (c) 8.875% 11/15/24		285,000		319,200
Verizon Communications, Inc. 4.400% 11/01/34		565,000		575,757

				6,891,531

Toys, Games & Hobbies — 0.0%
Hasbro, Inc. 3.500% 9/15/27		170,000		166,140

Transportation — 0.8%
Burlington Northern Santa Fe LLC 4.550% 9/01/44		505,000		578,199
CSX Corp. 3.800% 11/01/46		600,000		596,572


	Principal Amount		Value
Empresa de Transporte de Pasajeros Metro SA (c) 5.000% 1/25/47	$	750,000	$	821,640
FedEx Corp. 4.750% 11/15/45		525,000		587,884
Lima Metro Line 2 Finance Ltd. (d) 5.875% 7/05/34		750,000		810,375
Union Pacific Corp. 3.000% 4/15/27		250,000		251,243

				3,645,913

Trucking & Leasing — 0.1%
DAE Funding LLC (c) 5.000% 8/01/24		310,000		306,125
Penske Truck Leasing Co. LP/PTL Finance Corp. (c) 4.200% 4/01/27		275,000		285,851

				591,976

Water — 0.1%
American Water Capital Corp. 3.400% 3/01/25		500,000		515,251


TOTAL CORPORATE DEBT (Cost $111,590,199)				112,653,931


MUNICIPAL OBLIGATIONS — 0.1%
North Texas Municipal Water District Water System Revenue 5.000% 9/01/35		220,000		260,144


TOTAL MUNICIPAL OBLIGATIONS (Cost $250,892)				260,144


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 28.1%
Commercial MBS — 8.1%
BBCMS Mortgage Trust, Series 2017-C1, Class XA, VRN (b) 1.524% 2/15/50		4,583,885		476,356
BX Trust, Series 2017-SLCT, Class D, 1 mo. LIBOR + 2.050%, FRN (c) 3.527% 7/15/34		216,000		216,208
BX Trust, Series 2017-SLCT, Class E, 1 mo. LIBOR + 3.150%, FRN (c) 4.627% 7/15/34		355,000		356,553
CD Mortgage Trust, Series 2017-CD4, Class XA, VRN (b) 1.327% 5/10/50		5,809,272		523,380
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA, VRN (b) 1.073% 1/10/48		5,786,737		395,532

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class D, VRN (b) (c) 3.052% 1/10/48	$	563,000	$	412,180
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3 3.839% 12/10/54		545,000		567,771
CHT Mortgage Trust, Series 2017-CSMO, Class E, FRN (b) (c) 4.380% 11/15/36		378,000		379,059
CHT Mortgage Trust, Series 2017-CSMO, Class F, FRN (b) (c) 5.121% 11/15/36		202,000		202,311
Citigroup Commercial Mortgage Trust, Series 2015-GC35, Class XA, VRN (b) 0.889% 11/10/48		5,310,235		249,371
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class XA, VRN (b) 2.007% 7/10/49		3,748,526		460,163
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class D (c) 2.850% 2/10/49		583,000		437,723
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A4 2.902% 7/10/49		547,000		539,209
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A5 3.137% 2/10/48		276,000		277,964
Citigroup Commercial Mortgage Trust, Series 2016-SMPL, Class D (c) 3.520% 9/10/31		534,000		526,638
Citigroup Commercial Mortgage Trust, Series 2016-P6, Class A5, VRN (b) 3.720% 12/10/49		435,000		454,949
Citigroup Commercial Mortgage Trust, Series 2015-GC31, Class C, VRN (b) 4.063% 6/10/48		700,000		659,061
Citigroup Commercial Mortgage Trust, Series 2015-GC35, Class C, VRN (b) 4.500% 11/10/48		413,000		412,506
CLNS Trust, Series 2017-IKPR, Class D, 1 mo. LIBOR + 2.050%, FRN (c) 3.482% 6/11/32		190,000		190,179
CLNS Trust, Series 2017-IKPR, Class E, 1 mo. LIBOR + 3.500%, FRN (c) 4.932% 6/11/32		190,000		190,415
CLNS Trust, Series 2017-IKPR, Class F, 1 mo. LIBOR + 4.500%, FRN (c) 5.932% 6/11/32		190,000		190,653
COMM Mortgage Trust, Series 2016-DC2, Class XA, VRN (b) 1.062% 2/10/49		986,085		62,513
COMM Mortgage Trust, Series 2016-GCT, Class E, VRN (b) (c) 3.461% 8/10/29		210,000		205,969


	Principal Amount		Value
COMM Mortgage Trust, Series 2015-CR22, Class D, VRN (b) (c) 4.123% 3/10/48	$	650,000	$	550,588
COMM Mortgage Trust, Series 2012-CR4, Class D, VRN (b) (c) 4.575% 10/15/45		738,000		614,861
COMM Mortgage Trust, Series 2015-LC23, Class C, VRN (b) 4.646% 10/10/48		470,000		489,586
Commercial Mortgage Trust, Series 2016-CR28, Class C, VRN (b) 4.647% 2/10/49		517,000		514,066
Credit Suisse Mortgage Trust, Series 2008-C1, Class AM, VRN (b) (c) 6.330% 2/15/41		616,858		616,479
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class XA, VRN (b) 0.940% 4/15/50		9,197,682		443,575
CSAIL Commercial Mortgage Trust, Series 2017-C8, Class XA, VRN (b) 1.257% 6/15/50		6,693,157		533,560
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class C, VRN (b) 4.584% 11/15/48		427,000		428,451
CSMC Trust, Series 2017-LSTK, Class C (c) 3.229% 4/05/33		257,000		256,698
CSMC Trust, Series 2017-LSTK, Class D, VRN (b) (c) 3.331% 4/05/33		306,000		301,509
CSMC Trust, Series 2017-CHOP, Class D, 1 mo. LIBOR + 1.900%, FRN (c) 3.377% 7/15/32		285,000		285,178
CSMC Trust, Series 2017-CHOP, Class E, 1 mo. LIBOR + 3.300%, FRN (c) 4.777% 7/15/32		285,000		285,717
Great Wolf Trust, Series 2017-WOLF, Class D, FRN (b) (c) 3.727% 9/15/34		286,000		286,091
Great Wolf Trust, Series 2017-WOLF, Class E, FRN (b) (c) 4.727% 9/15/34		443,000		443,152
Great Wolf Trust, Series 2017-WOLF, Class F, FRN (b) (c) 5.697% 9/15/34		236,000		236,077
GS Mortgage Securities Corp. II, Series 2013-GC10, Class XA, VRN (b) 1.557% 2/10/46		5,353,195		327,603
GS Mortgage Securities Trust, Series 2015-GS1, Class XA, VRN (b) 0.824% 11/10/48		8,137,950		412,780

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
GS Mortgage Securities Trust, Series 2014-GC20, Class XA, VRN (b) 1.005% 4/10/47	$	6,841,065	$	334,726
GS Mortgage Securities Trust, Series 2017-GS7, Class XA, VRN (b) 1.142% 8/10/50		6,713,071		564,939
GS Mortgage Securities Trust, Series 2014-GC26, Class D, VRN (b) (c) 4.510% 11/10/47		1,450,000		1,251,505
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class XA, VRN (b) 1.138% 1/15/49		5,366,695		286,759
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class XA, VRN (b) 1.857% 8/15/49		3,210,950		388,822
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-MAUI, Class C, 1 mo. LIBOR + 1.250%, FRN (c) 2.727% 7/15/34		145,000		145,014
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-MAUI, Class D, 1 mo. LIBOR + 1.950%, FRN (c) 3.427% 7/15/34		136,000		136,083
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class B 3.460% 8/15/49		174,000		170,370
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class C, VRN (b) 3.794% 8/15/49		134,000		130,445
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-MAUI, Class E, 1 mo. LIBOR + 2.950%, FRN (c) 4.427% 7/15/34		121,000		121,081
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-MAUI, Class F, 1 mo. LIBOR + 3.750%, FRN (c) 5.227% 7/15/34		170,000		170,164
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class AM, VRN (b) 5.464% 1/15/49		337,087		337,919


	Principal Amount		Value
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class XA, VRN (b) 0.685% 7/15/48	$	11,007,961	$	349,457
JPMBB Commercial Mortgage Securities Trust, Series 2015-C29, Class XA, VRN (b) 0.927% 5/15/48		12,189,270		424,479
JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class XA, VRN (b) 0.968% 11/15/47		5,114,351		236,484
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class XA, VRN (b) 1.181% 10/15/48		8,844,119		454,987
JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class D, VRN (b) (c) 3.844% 2/15/48		704,000		580,967
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class B, VRN (b) 4.309% 7/15/48		610,000		621,948
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class C, VRN (b) 4.618% 12/15/48		527,000		544,178
JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class C, VRN (b) 4.668% 11/15/48		100,000		99,561
JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class C, VRN (b) 4.747% 3/15/49		466,000		484,018
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class D (c) 3.060% 10/15/48		650,000		535,245
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class D, VRN (b) (c) 3.237% 12/15/47		504,000		373,322
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class A4 3.249% 2/15/48		175,000		177,384
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4 3.720% 12/15/49		454,000		474,606

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class C 4.000% 12/15/47	$	650,000	$	622,127
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class C, VRN (b) 4.134% 7/15/50		650,000		633,795
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class C, VRN (b) 4.534% 12/15/47		351,000		337,360
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class C, VRN (b) 4.752% 5/15/49		475,000		496,449
Morgan Stanley Capital I, Series 2007-HQ11, Class AJ, VRN (b) 5.508% 2/12/44		173,380		173,313
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA, VRN (b) 0.958% 12/15/48		6,581,817		380,847
Morgan Stanley Capital I Trust, Series 2016-UB11, Class XA, VRN (b) 1.664% 8/15/49		1,585,697		153,411
Morgan Stanley Capital I Trust, Series 2015-XLF2, Class AFSC, 1 mo. LIBOR + 3.000%, FRN (c) 4.477% 8/15/26		478,000		475,620
Morgan Stanley Capital I Trust, Series 2017-PRME, Class D, 1 mo. LIBOR + 3.400%, FRN (c) 4.877% 2/15/34		425,000		424,337
MSCG Trust, Series 2016-SNR, Class C (c) 5.205% 11/15/34		539,000		547,301
PFP Ltd., Series 2017-3, Class A, 1 mo. LIBOR + 1.050%, FRN (c) 2.482% 1/14/35		185,252		185,315
PFP Ltd., Series 2017-3, Class AS, 1 mo. LIBOR + 1.300%, FRN (c) 2.732% 1/14/35		164,000		163,813
PFP Ltd., Series 2017-3, Class B, 1 mo. LIBOR + 1.750%, FRN (c) 3.182% 1/14/35		94,000		94,051
PFP Ltd., Series 2017-3, Class C, 1 mo. LIBOR + 2.500%, FRN (c) 3.932% 1/14/35		99,000		97,219
RAIT Trust, Series 2017-FL7, Class A, 1 mo. LIBOR + ..950%, FRN (c) 2.193% 6/15/37		504,929		504,942


	Principal Amount		Value
RAIT Trust, Series 2017-FL7, Class AS, 1 mo. LIBOR + 1.300%, FRN (c) 2.539% 6/15/37	$	141,000	$	141,054
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA, VRN (b) 2.018% 10/10/48		3,950,150		463,616
Sutherland Commercial Mortgage Loans LLC, Series 2015-SBC4, Class A (c) 4.000% 6/25/39		139,327		140,167
UBS Commercial Mortgage Trust, Series 2017-C6, Class C, VRN (b) 4.454% 12/15/50		580,000		582,959
Wachovia Bank Commercial Mortgage Trust Series, Series 2007-C30, Class AJ, VRN (b) 5.413% 12/15/43		295,068		300,244
Wachovia Bank Commercial Mortgage Trust Series, Series 2006-C28, Class AJ, VRN (b) 5.632% 10/15/48		541,221		544,611
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class XA, VRN (b) 0.774% 7/15/58		12,759,416		486,168
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class XA, VRN (b) 1.021% 12/15/48		5,470,925		310,898
Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class XA, VRN (b) 1.095% 11/15/48		6,681,798		423,999
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class XA, VRN (b) 1.654% 11/15/49		2,389,689		229,546
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4 3.809% 12/15/48		392,000		412,011
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class D (c) 3.938% 8/15/50		560,000		463,843
Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class C, VRN (b) 4.541% 9/15/58		390,000		392,896
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4, Class C, VRN (b) 4.600% 12/15/48		421,000		434,086
Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class C, VRN (b) 4.611% 11/15/48		468,000		487,368

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
WFRBS Commercial Mortgage Trust, Series 2014-C21, Class XA, VRN (b) 1.128% 8/15/47	$	12,615,510	$	647,424

				36,557,887

Home Equity ABS — 0.8%
GSAA Home Equity Trust, Series 2007-10, Class A2A 6.500% 11/25/37		5,047,876		3,800,556

Other ABS — 9.7%
ALM VII R Ltd., Series 2013-7RA, Class CR, 3 mo. USD LIBOR + 4.040%, FRN (c) 5.399% 10/15/28		1,000,000		1,033,969
ALM XIX LLC, Series 2016-19A, Class B, 3 mo. USD LIBOR + 3.000%, FRN (c) 4.359% 7/15/28		500,000		506,736
ALM XIX LLC, Series 2016-19A, Class C, 3 mo. USD LIBOR + 4.350%, FRN (c) 5.709% 7/15/28		500,000		511,846
Anchorage Capital CLO Ltd., Series 2014-5RA, Class A, 3 mo. USD LIBOR + 0.990%, FRN (c) (e) 2.712% 1/15/30		1,000,000		999,999
Anchorage Capital CLO Ltd., Series 2014-5A, Class AR, 3 mo. USD LIBOR + 1.150%, FRN (c) 2.509% 10/15/26		1,000,000		1,002,856
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, STEP (c) 5.682% 12/16/41		942,708		944,362
BlueMountain CLO Ltd., Series 2015-2A, Class C, 3 mo. USD LIBOR + 2.700%, FRN (c) 4.054% 7/18/27		1,000,000		1,007,991
BlueMountain CLO Ltd., Series 2015-3A, Class B, 3 mo. USD LIBOR + 3.100%, FRN (c) 4.463% 10/20/27		1,000,000		1,005,830
BlueMountain CLO Ltd., Series 2015-2A, Class D, 3 mo. USD LIBOR + 3.550%, FRN (c) 4.904% 7/18/27		1,000,000		1,007,127
BlueMountain CLO Ltd., Series 2015-3A, Class C, 3 mo. USD LIBOR + 3.550%, FRN (c) 4.913% 10/20/27		1,000,000		1,003,517


	Principal Amount		Value
BlueMountain CLO Ltd., Series 2013-1A, Class CR, 3 mo. USD LIBOR + 4.150%, FRN (c) 5.513% 1/20/29	$	1,000,000	$	1,015,481
Carlyle Global Market Strategies CLO Ltd., Series 2016-2A, Class D2, 3 mo. USD LIBOR + 6.450%, FRN (c) 7.809% 7/15/27		500,000		509,897
Castle Aircraft SecuritizationTrust, Series 2015-1A, Class A (c) 4.703% 12/15/40		1,246,467		1,252,708
CLI Funding V LLC, Series 2014-2A, Class A (c) 3.380% 10/18/29		470,272		469,356
Gilbert Park Clo Ltd., Series 2017-1A, Class D, FRN (b) (c) 4.315% 10/15/30		500,000		503,869
Gilbert Park CLO Ltd., Series 2017-1A, Class E, FRN (b) (c) 7.765% 10/15/30		1,000,000		1,014,494
Global SC Finance II SRL, Series 2014-1A, Class A1 (c) 3.190% 7/17/29		467,417		464,023
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class D, 3 mo. USD LIBOR + 3.350%, FRN (c) 4.713% 7/20/27		1,000,000		1,013,375
Helios Issuer LLC, Series 2017-1A, Class A (c) 4.940% 9/20/49		244,469		250,508
HERO Funding Trust, Series 2016-4A, Class A2 (c) 4.290% 9/20/47		428,559		451,145
LCM XVIII LP, Series 19A, Class D, 3 mo. USD LIBOR + 3.450%, FRN (c) 4.809% 7/15/27		1,000,000		1,007,942
Madison Park Funding XV Ltd., Series 2014-15A, Class DR, 3 mo. USD LIBOR + 5.440%, FRN (c) 6.815% 1/27/26		1,000,000		1,004,635
Merrill Lynch Mortgage Investors Trust, Series 2006-OPT1, Class A2C, 1 mo. USD LIBOR + .150%, FRN 1.702% 8/25/37		2,905,873		2,754,351
Mosaic Solar Loans LLC, Series 2017-1A, Class A (c) 4.450% 6/20/42		732,892		747,778
Octagon Investment Partners Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.500%, FRN (c) 4.863% 3/17/30		1,000,000		1,013,660

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Octagon Investment Partners Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 6.200%, FRN (c) 7.563% 3/17/30	$	500,000	$	508,497
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class CR, 3 mo. USD LIBOR + 4.000%, FRN (c) 5.359% 7/15/29		1,000,000		1,030,538
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class ERR, 3 mo. USD LIBOR + 5.450%, FRN (c) (e) 7.195% 1/22/30		1,000,000		989,600
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class E1, 3 mo. USD LIBOR + 5.250%, FRN (c) 6.613% 11/25/25		1,000,000		994,840
OneMain Financial Issuance Trust, Series 2015-2A, Class A (c) 2.570% 7/18/25		89,092		89,024
OneMain Financial Issuance Trust, Series 2015-1A, Class A (c) 3.190% 3/18/26		3,000,000		3,015,240
Springleaf Funding Trust, Series 2015-AA, Class A (c) 3.160% 11/15/24		3,000,000		3,012,215
Sprite Cayman, Series 2017-1, Class A (c) 4.250% 12/15/37		500,000		497,855
TAL Advantage V LLC, Series 2013-1A, Class A (c) 2.830% 2/22/38		258,333		254,563
TAL Advantage V LLC, Series 2014-1A, Class A (c) 3.510% 2/22/39		424,267		422,118
TCI-Cent CLO Income Note Issuer Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.650%, FRN (c) 5.017% 7/25/30		500,000		508,976
TCI-Cent CLO Ltd., Series 2016-1A, Class C, 3 mo. USD LIBOR + 4.000%, FRN (c) 5.375% 12/21/29		1,000,000		1,018,352
Thacher Park CLO Ltd., Series 2014-1A, Class D1R, 3 mo. USD LIBOR + 3.400%, FRN (c) 4.763% 10/20/26		1,000,000		1,002,360
THL Credit Wind River CLO Ltd., Series 2016-1A, Class C, 3 mo. USD LIBOR + 3.200%, FRN (c) 4.559% 7/15/28		500,000		504,496
THL Credit Wind River CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.750%, FRN (c) 5.104% 4/18/29		1,000,000		1,017,897


	Principal Amount		Value
THL Credit Wind River CLO Ltd., Series 2012-1A, Class DR, 3 mo. USD LIBOR + 4.100%, FRN (c) 5.459% 1/15/26	$	1,000,000	$	1,023,530
Towd Point Mortgage Trust, Series 2015-2, Class 1A13, VRN (b) (c) 2.500% 11/25/60		3,552,360		3,528,673
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 (c) 2.709% 8/15/47		472,627		470,779
Venture XVII CLO Ltd., Series 2014-17A, Class B2R, 3 mo. USD LIBOR + 1.600%, FRN (c) 2.959% 7/15/26		1,000,000		1,001,904
Westcott Park Clo Ltd., Series 2016-1A, Class D, 3 mo. USD LIBOR + 4.350%, FRN (c) 5.713% 7/20/28		500,000		514,503

				43,903,415

Student Loans ABS — 0.1%
SoFi Professional Loan Program LLC, Series 2017-D, Class BFX (c) 3.610% 9/25/40		350,000		340,005

WL Collateral CMO — 8.9%
CIM Trust, Series 2017-6, Class A1, VRN (b) (c) 3.015% 6/25/57		2,834,779		2,799,349
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A, VRN (b) 3.495% 4/25/37		3,025,576		2,904,588
CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 1A5 5.500% 4/25/36		3,519,788		3,414,108
Countrywide Alternative Loan Trust, Series 2006-13T1, Class A11 6.000% 5/25/36		2,767,809		2,260,172
Countrywide Alternative Loan Trust, Series 2006-36T2, Class 2A1 6.250% 12/25/36		4,624,919		3,360,600
Countrywide Home Loans Mortgage Pass-Through Trust, Series 2007-HYB2, Class 3A1, VRN (b) 3.391% 2/25/47		2,130,452		1,923,474
Countrywide Home Loans Mortgage Pass-Through Trust, Series 2007-14, Class A6 6.000% 9/25/37		2,201,817		1,970,017
CSMC Trust, Series 2015-RPL3, Class A1, STEP (c) 3.750% 12/25/56		4,760,788		4,769,890

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .170%, FRN 1.665% 12/19/36	$	1,761,021	$	1,519,093
IndyMac INDX Mortgage Loan Trust, Series 2007-AR5, Class 2A1, VRN (b) 3.502% 5/25/37		3,562,115		3,291,431
Lehman XS Trust, Series 2007-12N, Class 1A3A, 1 mo. LIBOR + .200%, FRN 1.528% 7/25/47		4,255,854		3,154,770
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1, VRN (b) 3.223% 7/25/35		809,213		733,376
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR1, Class 2A1, VRN (b) 3.641% 2/25/36		3,550,015		2,998,086
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3, VRN (b) (c) 6.500% 10/26/37		1,383,029		1,179,508
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600%, FRN 6.000% 4/25/37		638,643		599,391
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2, VRN (b) 3.463% 10/25/37		1,943,445		1,850,053
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5, STEP 6.350% 5/25/36		1,541,427		1,207,626

				39,935,532

WL Collateral PAC — 0.5%
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15 6.000% 8/25/36		2,671,960		2,374,713


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $128,581,654)				126,912,108


SOVEREIGN DEBT OBLIGATIONS — 2.3%
Chile Government International Bond 2.250% 10/30/22		150,000		147,975
Chile Government International Bond 3.125% 3/27/25		600,000		610,200
Chile Government International Bond 3.125% 1/21/26		600,000		608,250


	Principal Amount		Value
Export-Import Bank of India, FRN (b) (d) 2.441% 8/21/22	$	200,000	$	200,836
Export-Import Bank of India (d) 3.125% 7/20/21		400,000		401,735
Export-Import Bank of India (d) 4.000% 1/14/23		200,000		207,104
Fondo MIVIVIENDA SA (c) 3.500% 1/31/23		150,000		150,585
Fondo MIVIVIENDA SA (d) 3.500% 1/31/23		200,000		200,780
Indonesia Government International Bond (d) 4.875% 5/05/21		700,000		746,553
Israel Government International Bond 2.875% 3/16/26		600,000		598,447
Israel Government International Bond 4.000% 6/30/22		400,000		423,722
Malaysia Sovereign Sukuk Bhd (d) 3.043% 4/22/25		500,000		501,500
Malaysia Sukuk Global Bhd (d) 3.179% 4/27/26		250,000		251,850
Mexico Government International Bond 4.000% 10/02/23		100,000		104,650
Mexico Government International Bond 4.125% 1/21/26		200,000		208,500
Mexico Government International Bond 4.150% 3/28/27		2,048,000		2,123,776
Panama Government International Bond 3.875% 3/17/28		500,000		522,500
Panama Government International Bond 4.000% 9/22/24		200,000		212,700
Perusahaan Penerbit SBSN Indonesia III (c) 4.150% 3/29/27		400,000		413,040
Perusahaan Penerbit SBSN Indonesia III (d) 4.150% 3/29/27		200,000		206,520
Philippine Government International Bond 3.700% 2/02/42		600,000		595,905
Philippine Government International Bond 4.200% 1/21/24		900,000		977,503

				10,414,631


TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $10,356,157)				10,414,631

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 13.4%
Collateralized Mortgage Obligations — 7.9%
Federal Home Loan Mortgage Corp.
Series 4481, Class B 3.000% 12/15/42	$	7,419,241	$	7,437,192
Series 4483, Class CA 3.000% 6/15/44		6,907,076		6,921,234
Series 4750, Class PA 3.000% 7/15/46		3,000,000		3,009,141
Series 355, Class 300 3.000% 8/15/47		3,834,903		3,824,808
Series 358, Class 300 3.000% 10/15/47		3,419,612		3,398,772
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series K722, Class X1 VRN 1.311% 3/25/23 (b)		6,701,851		365,611
Series K053, Class A2 2.995% 12/25/25		463,000		469,402
Series K050, Class A2 VRN 3.334% 8/25/25 (b)		350,000		363,289
Federal National Mortgage Association
Series 2016-M3, Class A2 2.702% 2/25/26		465,000		458,682
Series 2015-9, Class HA 3.000% 1/25/45		1,075,790		1,085,888
Government National Mortgage Association
Series 2015-74, Class LZ 3.500% 5/20/45		3,134,873		3,113,854
Series 2015-92, Class CZ 3.500% 6/20/45		4,988,058		4,966,517

				35,414,390

Pass-Through Securities — 5.5%
Federal Home Loan Mortgage Corp. Pool #G08658 3.000% 8/01/45		4,023,682		4,032,955
Pool #G08632 3.500% 3/01/45		3,184,233		3,278,765
Federal National Mortgage Association Pool #AL9238 3.000% 10/01/41		4,443,833		4,462,233
Pool #MA2248 3.000% 4/01/45		2,773,727		2,756,608
Pool #AS7661 3.000% 8/01/46		1,760,426		1,749,561
Pool #MA2711 3.000% 8/01/46		6,198,908		6,160,649
Pool #AX2501 4.000% 10/01/44		2,472,139		2,585,993

				25,026,764


	Principal Amount		Value
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $60,418,736)			$	60,441,154


U.S. TREASURY OBLIGATIONS — 24.2%
U.S. Treasury Bonds & Notes — 24.2%
U.S. Treasury Bond 2.750% 11/15/42	$	5,875,000		5,912,178
U.S. Treasury Bond 2.875% 8/15/45		10,010,000		10,267,288
U.S. Treasury Inflation Index 0.125% 4/15/22		8,033,098		7,976,528
U.S. Treasury Note 0.750% 8/31/18		1,565,000		1,555,402
U.S. Treasury Note 0.750% 10/31/18		9,960,000		9,877,519
U.S. Treasury Note 1.125% 1/15/19		3,390,000		3,365,237
U.S. Treasury Note 1.125% 9/30/21		2,380,000		2,296,514
U.S. Treasury Note 1.250% 11/30/18		6,770,000		6,736,547
U.S. Treasury Note 1.250% 10/31/21		6,575,000		6,370,045
U.S. Treasury Note 1.750% 11/30/21		5,650,000		5,571,430
U.S. Treasury Note 1.750% 3/31/22		6,820,000		6,708,110
U.S. Treasury Note 1.875% 1/31/22		5,650,000		5,591,734
U.S. Treasury Note 1.875% 8/31/24		5,790,000		5,634,620
U.S. Treasury Note 2.000% 12/31/21		5,590,000		5,562,487
U.S. Treasury Note 2.125% 7/31/24		4,000,000		3,952,656
U.S. Treasury Note 2.125% 9/30/24		5,690,000		5,618,208
U.S. Treasury Note 2.250% 10/31/24		3,005,000		2,991,031
U.S. Treasury Note 2.250% 8/15/27		6,030,000		5,945,674
U.S. Treasury Note 2.375% 5/15/27		2,570,000		2,562,772
U.S. Treasury Note 3.625% 8/15/43		3,900,000		4,551,727

				109,047,707


TOTAL U.S. TREASURY OBLIGATIONS (Cost $109,098,427)				109,047,707


TOTAL BONDS & NOTES (Cost $420,296,065)				419,729,675

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
MUTUAL FUNDS — 2.6%
Diversified Financial Services — 2.6%
DoubleLine Floating Rate Fund		1,202,268	$	11,926,498


TOTAL MUTUAL FUNDS (Cost $12,154,937)				11,926,498


TOTAL LONG-TERM INVESTMENTS (Cost $432,469,806)				431,669,827


	Principal Amount
SHORT-TERM INVESTMENTS — 4.2%
Repurchase Agreement — 1.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (f)	$	8,205,799		8,205,799

Time Deposit — 0.2%
Euro Time Deposit 0.120% 1/02/18		994,738		994,738

U.S. Treasury Bill — 2.2%
U.S. Treasury Bill 0.000% 3/08/18		6,750,000		6,734,233
U.S. Treasury Bill 0.000% 6/07/18		3,430,000		3,408,188

				10,142,421


TOTAL SHORT-TERM INVESTMENTS (Cost $19,345,177)				19,342,958


TOTAL INVESTMENTS — 99.9% (Cost $451,814,983) (g)				451,012,785

Other Assets/(Liabilities) — 0.1%				544,823


NET ASSETS — 100.0%			$	451,557,608

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

PAC	Planned Amortization Class

STEP	Step Up Bond

VRN	Variable Rate Note

WL	Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

(c)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $89,779,871 or 19.88% of net assets.

(d)

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2017, these securities amounted to a value of $26,238,086 or 5.81% of net assets.

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

(f)	Maturity value of $8,206,292. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $8,372,244.

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

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


United States	77.6	%
Cayman Islands	7.0	%
Mexico	1.2	%
Singapore	1.1	%
Chile	1.1	%
Malaysia	0.8	%
United Kingdom	0.7	%
Canada	0.6	%
Panama	0.6	%
Australia	0.6	%
India	0.6	%
Peru	0.5	%
Philippines	0.5	%
Netherlands	0.4	%
British Virgin Islands	0.4	%
Indonesia	0.3	%
Japan	0.3	%
Ireland	0.3	%
Luxembourg	0.2	%
Israel	0.2	%
Bermuda	0.2	%
Spain	0.1	%
Switzerland	0.1	%
France	0.1	%
Barbados	0.1	%
Liberia	0.1	%

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)


Dominican Republic	0.0	%
Costa Rica	0.0	%
Colombia	0.0	%

Total Long-Term Investments	95.7	%
Short-Term Investments and Other Assets and Liabilities	4.3	%

Net Assets	100.0	%

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

MML Equity Rotation Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 97.0%

COMMON STOCK — 97.0%
Basic Materials — 9.9%
Chemicals — 5.5%
Celanese Corp. Series A		7,700	$	824,515
Eastman Chemical Co.		300		27,792
Huntsman Corp.		25,200		838,908
Praxair, Inc.		200		30,936

				1,722,151

Iron & Steel — 3.2%
ArcelorMittal (a)		15,633		505,103
Nucor Corp.		4,800		305,184
Reliance Steel & Aluminum Co.		2,100		180,159

				990,446

Mining — 1.2%
Kaiser Aluminum Corp.		1,600		170,960
Teck Resources Ltd. Class B		8,200		214,594

				385,554

				3,098,151

Communications — 12.8%
Advertising — 1.4%
Omnicom Group, Inc.		6,100		444,263

Internet — 7.4%
Alibaba Group Holding Ltd. Sponsored ADR (a)		1,500		258,645
Alphabet, Inc. Class A (a)		280		294,952
Alphabet, Inc. Class C (a)		50		52,320
Amazon.com, Inc. (a)		790		923,881
Facebook, Inc. Class A (a)		3,110		548,791
VeriSign, Inc. (a)		1,900		217,436

				2,296,025

Media — 2.8%
Discovery Communications, Inc. Class A (a)		10,700		239,466
News Corp. Class A		2,400		38,904
Scripps Networks Interactive, Inc. Class A		2,600		221,988
TEGNA, Inc.		10,000		140,800
Viacom, Inc. Class B		8,000		246,480

				887,638

Telecommunications — 1.2%
Cisco Systems, Inc.		6,000		229,800
Zayo Group Holdings, Inc. (a)		3,900		143,520

				373,320

				4,001,246


	Number of Shares		Value
Consumer, Cyclical — 8.3%
Airlines — 0.7%
Delta Air Lines, Inc.		3,700	$	207,200

Auto Manufacturers — 0.9%
General Motors Co.		6,800		278,732

Auto Parts & Equipment — 3.1%
Dana, Inc.		8,000		256,080
The Goodyear Tire & Rubber Co.		4,800		155,088
Lear Corp.		1,490		263,223
Magna International, Inc.		5,300		300,351

				974,742

Home Builders — 2.1%
PulteGroup, Inc.		10,300		342,475
Toll Brothers, Inc.		6,400		307,328

				649,803

Home Furnishing — 0.5%
Sony Corp. Sponsored ADR		3,600		161,820

Housewares — 0.5%
The Toro Co.		2,400		156,552

Retail — 0.5%
Domino’s Pizza, Inc.		880		166,285

				2,595,134

Consumer, Non-cyclical — 12.2%
Agriculture — 1.4%
Archer-Daniels-Midland Co.		11,100		444,888

Biotechnology — 2.4%
Amgen, Inc.		2,090		363,451
Biogen, Inc. (a)		680		216,628
Celgene Corp. (a)		1,540		160,714

				740,793

Commercial Services — 4.2%
AerCap Holdings NV (a)		2,000		105,220
ManpowerGroup, Inc.		2,300		290,053
Quanta Services, Inc. (a)		5,400		211,194
Vantiv, Inc. Class A (a)		7,100		522,205
The Western Union Co.		8,500		161,585

				1,290,257

Health Care – Services — 1.0%
Aetna, Inc.		1,730		312,075

Pharmaceuticals — 3.2%
AbbVie, Inc.		1,600		154,736
Express Scripts Holding Co. (a)		4,400		328,416
Johnson & Johnson		300		41,916
McKesson Corp.		1,110		173,104
Merck & Co., Inc.		4,900		275,723
Pfizer, Inc.		800		28,976

				1,002,871

				3,790,884

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

MML Equity Rotation Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Energy — 8.1%
Oil & Gas — 8.1%
Andeavor		2,900	$	331,586
Apache Corp.		400		16,888
Chevron Corp.		7,820		978,986
Concho Resources, Inc. (a)		1,000		150,220
Devon Energy Corp.		6,000		248,400
Exxon Mobil Corp.		3,900		326,196
Marathon Petroleum Corp.		2,600		171,548
Occidental Petroleum Corp.		2,700		198,882
Rowan Cos. PLC Class A (a)		7,000		109,620

				2,532,326

Financial — 22.4%
Banks — 19.3%
Bank of America Corp.		15,800		466,416
Citigroup, Inc.		17,400		1,294,734
Citizens Financial Group, Inc.		3,300		138,534
Comerica, Inc.		8,400		729,204
The Goldman Sachs Group, Inc.		1,910		486,592
JP Morgan Chase & Co.		7,200		769,968
The PNC Financial Services Group, Inc.		10,080		1,454,443
S&T Bancorp, Inc.		4,514		179,702
State Street Corp.		3,100		302,591
Wells Fargo & Co.		500		30,335
Zions Bancorp		3,200		162,656

				6,015,175

Diversified Financial Services — 0.6%
Legg Mason, Inc.		2,900		121,742
Visa, Inc. Class A		600		68,412

				190,154

Insurance — 1.0%
Aflac, Inc.		1,800		158,004
Berkshire Hathaway, Inc. Class B (a)		300		59,466
Torchmark Corp.		700		63,497
The Travelers Cos., Inc.		200		27,128

				308,095

Savings & Loans — 1.5%
BofI Holding, Inc. (a)		5,200		155,480
Brookline Bancorp, Inc.		19,000		298,300

				453,780

				6,967,204

Industrial — 14.4%
Aerospace & Defense — 2.6%
Lockheed Martin Corp.		1,830		587,522
Spirit AeroSystems Holdings, Inc. Class A		2,500		218,125

				805,647


	Number of Shares		Value
Building Materials — 1.7%
Owens Corning		5,900	$	542,446

Electronics — 3.2%
Corning, Inc.		13,600		435,064
TE Connectivity Ltd.		5,900		560,736

				995,800

Hand & Machine Tools — 1.3%
Regal Beloit Corp.		5,100		390,660

Machinery – Construction & Mining — 0.5%
BWX Technologies, Inc.		2,800		169,372

Machinery – Diversified — 2.5%
Deere & Co.		5,000		782,550

Miscellaneous – Manufacturing — 2.5%
3M Co.		400		94,148
A.O. Smith Corp.		1,800		110,304
Eaton Corp. PLC		7,100		560,971

				765,423

Transportation — 0.1%
Union Pacific Corp.		200		26,820

				4,478,718

Technology — 8.9%
Computers — 4.1%
Apple, Inc.		1,210		204,768
Check Point Software Technologies Ltd. (a)		1,400		145,068
Leidos Holdings, Inc.		2,100		135,597
NetApp, Inc.		10,300		569,796
Seagate Technology PLC		5,100		213,384

				1,268,613

Semiconductors — 2.1%
ASML Holding NV		810		140,794
Broadcom Ltd.		500		128,450
Micron Technology, Inc. (a)		2,900		119,248
NXP Semiconductor NV (a)		590		69,083
Skyworks Solutions, Inc.		2,000		189,900

				647,475

Software — 2.7%
Cadence Design Systems, Inc. (a)		11,300		472,566
Fidelity National Information Services, Inc.		1,000		94,090
Intuit, Inc.		1,360		214,581

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

MML Equity Rotation Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Microsoft Corp.		900	$	76,986

				858,223

				2,774,311


TOTAL COMMON STOCK (Cost $23,956,734)				30,237,974


TOTAL EQUITIES (Cost $23,956,734)				30,237,974


TOTAL LONG-TERM INVESTMENTS (Cost $23,956,734)				30,237,974


	Principal Amount
SHORT-TERM INVESTMENTS — 3.0%
Repurchase Agreement — 3.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (b)	$	945,117		945,117

Time Deposit — 0.0%
Euro Time Deposit 0.120% 1/02/18		2,498		2,498


TOTAL SHORT-TERM INVESTMENTS (Cost $947,615)				947,615


TOTAL INVESTMENTS — 100.0% (Cost $24,904,349) (c)				31,185,589

Other Assets/(Liabilities) — (0.0)%				(5,418	)


NET ASSETS — 100.0%			$	31,180,171

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 $945,174. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $967,620.

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

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

MML High Yield Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 0.8%

PREFERRED STOCK — 0.8%
Consumer, Non-cyclical — 0.8%
Agriculture — 0.8%
Pinnacle Agriculture Holdings LLC (a)		1,144,535	$	1,041,527


TOTAL PREFERRED STOCK (Cost $733,962)				1,041,527


TOTAL EQUITIES (Cost $733,962)				1,041,527


	Principal Amount
BONDS & NOTES — 95.9%

BANK LOANS — 6.1%
Coal — 0.5%
Murray Energy Corp., Term Loan B2 3 mo. LIBOR + 7.250% VRN 8.943% 4/16/20	$	744,032		652,888

Foods — 0.2%
Del Monte Foods, Inc., 1st Lien Term Loan 3 mo. LIBOR + 3.250% VRN 5.723% 2/18/21		276,338		219,492

Health Care – Services — 1.1%
Centene Corp., Bridge Term Loan VRN (b) (c) (d) (h) 0.000% 9/13/18		1,500,000		1,496,250

Oil & Gas — 3.3%
Caelus Energy Alaska O3 LLC, 2nd Lien Term Loan 3 mo. LIBOR + 7.500% VRN 9.100% 4/15/20		3,139,220		2,778,209
Fieldwood Energy LLC, New 1st Lien Term Loan 3 mo. LIBOR + 7.000% VRN 8.693% 8/31/20		674,554		607,099
Fieldwood Energy LLC, 1st Lien Last Out Term Loan 3 mo. LIBOR + 7.125% VRN 8.818% 9/30/20		387,384		266,005
Fieldwood Energy LLC, 2nd Lien Term Loan 3 mo. LIBOR + 7.125% VRN 8.818% 9/30/20		863,087		276,904
Gulf Finance LLC, Term Loan B 3 mo. LIBOR + 5.250% VRN 6.950% 8/25/23		520,764		466,303

				4,394,520


	Principal Amount		Value
Software — 1.0%
Almonde, Inc., USD 2nd Lien Term Loan 3 mo. LIBOR + 7.250% VRN 8.729% 6/13/25	$	1,411,101	$	1,411,454


TOTAL BANK LOANS (Cost $8,945,574)				8,174,604


CORPORATE DEBT — 89.8%
Aerospace & Defense — 1.7%
TransDigm, Inc. 6.375% 6/15/26		1,219,000		1,231,190
Triumph Group, Inc. 4.875% 4/01/21		422,000		414,615
Triumph Group, Inc. 5.250% 6/01/22		94,000		92,120
Triumph Group, Inc. (e) 7.750% 8/15/25		471,000		499,849

				2,237,774

Agriculture — 1.2%
Pinnacle Operating Corp. (e) 9.000% 5/15/23		1,667,522		1,550,795

Airlines — 1.1%
American Airlines Group, Inc. (e) 5.500% 10/01/19		1,391,000		1,429,253

Apparel — 0.5%
Perry Ellis International, Inc. 7.875% 4/01/19		730,000		730,000

Auto Manufacturers — 3.5%
Deck Chassis Acquisition, Inc. (e) 10.000% 6/15/23		2,013,000		2,239,462
JB Poindexter & Co., Inc. (e) 9.000% 4/01/22		2,398,000		2,487,925

				4,727,387

Auto Parts & Equipment — 1.4%
Allison Transmission, Inc. (e) 5.000% 10/01/24		294,000		303,188
International Automotive Components Group SA (e) 9.125% 6/01/18		1,654,000		1,637,460

				1,940,648

Building Materials — 1.6%
James Hardie International Finance DAC (e) 5.000% 1/15/28		685,000		690,137
Jeld-Wen, Inc. (e) 4.875% 12/15/27		182,000		183,820
Standard Industries, Inc. (e) 4.750% 1/15/28		1,345,000		1,348,107

				2,222,064

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

MML High Yield Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Chemicals — 4.0%
A Schulman, Inc. STEP 6.875% 6/01/23	$	1,112,000	$	1,156,480
The Chemours Co. 5.375% 5/15/27		222,000		229,770
The Chemours Co. 7.000% 5/15/25		409,000		443,765
Consolidated Energy Finance SA (e) 6.750% 10/15/19		761,000		774,318
Consolidated Energy Finance SA (e) 6.875% 6/15/25		655,000		694,300
Kissner Holdings LP/Kissner Milling Co. Ltd./BSC Holding, Inc./Kissner USA (e) 8.375% 12/01/22		1,225,000		1,237,250
Platform Specialty Products Corp. (e) 5.875% 12/01/25		414,000		410,895
Platform Specialty Products Corp. (e) 6.500% 2/01/22		423,000		437,276

				5,384,054

Coal — 1.6%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. (e) 7.500% 5/01/25		669,000		710,812
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. (e) 7.500% 6/15/25		1,013,000		1,058,585
Warrior Met Coal, Inc. (e) 8.000% 11/01/24		339,000		350,018

				2,119,415

Commercial Services — 4.5%
Booz Allen Hamilton, Inc. (e) 5.125% 5/01/25		404,000		405,010
Cardtronics, Inc./Cardtronics USA, Inc. (e) 5.500% 5/01/25		578,000		521,645
CSVC Acquisition Corp. (e) 7.750% 6/15/25		1,043,000		996,065
The Hertz Corp. (e) 7.625% 6/01/22		1,500,000		1,571,250
Prime Security Services Borrower LLC/Prime Finance, Inc. (e) 9.250% 5/15/23		1,121,000		1,244,310
StoneMor Partners LP/Cornerstone Family Services of West Virginia Subsidiary 7.875% 6/01/21		785,000		769,300
United Rentals North America, Inc. 4.625% 10/15/25		249,000		250,867


	Principal Amount		Value
United Rentals North America, Inc. 4.875% 1/15/28	$	365,000	$	366,825

				6,125,272

Computers — 0.4%
Dell, Inc. 6.500% 4/15/38		529,000		538,258

Diversified Financial Services — 4.4%
Aircastle Ltd. 4.125% 5/01/24		857,000		869,855
Aircastle Ltd. 5.000% 4/01/23		113,000		119,074
Aircastle Ltd. 5.500% 2/15/22		113,000		121,051
Ally Financial, Inc. 8.000% 11/01/31		1,030,000		1,339,000
LPL Holdings, Inc. (e) 5.750% 9/15/25		1,364,000		1,387,870
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. (e) 6.750% 6/01/25		704,000		711,040
VFH Parent LLC/Orchestra Co-Issuer, Inc. (e) 6.750% 6/15/22		1,269,000		1,335,622

				5,883,512

Electric — 1.3%
NextEra Energy Operating Partners LP (e) 4.250% 9/15/24		198,000		201,465
NRG Energy, Inc. (e) 5.750% 1/15/28		765,000		772,650
NRG Energy, Inc. 6.625% 1/15/27		702,000		742,365

				1,716,480

Engineering & Construction — 0.8%
Zachry Holdings, Inc. (e) 7.500% 2/01/20		1,090,000		1,106,350

Entertainment — 0.8%
AMC Entertainment Holdings, Inc. (e) 6.125% 5/15/27		109,000		108,183
WMG Acquisition Corp. (e) 5.000% 8/01/23		262,000		271,170
WMG Acquisition Corp. (e) 6.750% 4/15/22		700,000		731,500

				1,110,853

Environmental Controls — 0.0%
Core & Main LP (e) 6.125% 8/15/25		29,000		29,435

Foods — 3.6%
C&S Group Enterprises LLC (e) 5.375% 7/15/22		1,030,000		970,775

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

MML High Yield Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
JBS USA LUX SA/JBS USA Finance, Inc. (e) 5.875% 7/15/24	$	646,000	$	624,198
JBS USA LUX SA/JBS USA Finance, Inc. (e) 8.250% 2/01/20		962,000		964,886
KeHE Distributors LLC/KeHE Finance Corp. (e) 7.625% 8/15/21		650,000		651,625
Pilgrim’s Pride Corp. (e) 5.875% 9/30/27		420,000		432,600
Post Holdings, Inc. (e) 5.500% 3/01/25		309,000		319,815
Post Holdings, Inc. (e) 5.625% 1/15/28		468,000		470,480
Post Holdings, Inc. (e) 5.750% 3/01/27		382,000		388,685

				4,823,064

Forest Products & Paper — 0.2%
Appvion, Inc. (e) (f) 9.000% 6/01/20		2,157,000		323,550

Gas — 0.9%
LBC Tank Terminals Holding Netherlands BV (e) 6.875% 5/15/23		1,111,000		1,156,829

Hand & Machine Tools — 0.4%
Apex Tool Group LLC (e) 7.000% 2/01/21		561,000		539,963

Health Care – Products — 3.5%
Avantor, Inc. (e) 6.000% 10/01/24		652,000		649,555
Avantor, Inc. (e) 9.000% 10/01/25		1,397,000		1,376,045
Halyard Health, Inc. 6.250% 10/15/22		1,300,000		1,345,500
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA (e) 6.625% 5/15/22		1,147,000		1,152,735
Teleflex, Inc. 4.625% 11/15/27		182,000		183,556

				4,707,391

Health Care – Services — 2.3%
CHS/Community Health Systems, Inc. 6.250% 3/31/23		567,000		510,300
HCA, Inc. 5.875% 2/15/26		1,138,000		1,203,435
RegionalCare Hospital Partners Holdings, Inc. (e) 8.250% 5/01/23		176,000		185,680


	Principal Amount		Value
Tenet Healthcare Corp. (e) 4.625% 7/15/24	$	400,000	$	390,000
Tenet Healthcare Corp. 8.125% 4/01/22		340,000		345,950
West Street Merger Sub, Inc. (e) 6.375% 9/01/25		489,000		490,222

				3,125,587

Home Builders — 0.4%
Brookfield Residential Properties, Inc. (e) 6.375% 5/15/25		491,000		520,460

Insurance — 1.7%
Acrisure LLC/Acrisure Finance, Inc. (e) 7.000% 11/15/25		536,000		516,575
AssuredPartners, Inc. (e) 7.000% 8/15/25		514,000		511,430
USIS Merger Sub, Inc. (e) 6.875% 5/01/25		309,000		312,090
York Risk Services Holding Corp. (e) 8.500% 10/01/22		992,000		967,200

				2,307,295

Internet — 1.5%
TIBCO Software, Inc. (e) 11.375% 12/01/21		1,879,000		2,046,945

Iron & Steel — 2.1%
Allegheny Technologies, Inc. 5.950% 1/15/21		1,192,000		1,215,840
ArcelorMittal STEP 7.250% 3/01/41		767,000		970,255
Big River Steel LLC/BRS Finance Corp. (e) 7.250% 9/01/25		565,000		597,487

				2,783,582

Leisure Time — 3.1%
Brunswick Corp. 7.375% 9/01/23		285,000		329,729
Brunswick Corp. 7.125% 8/01/27		2,245,000		2,687,486
Carlson Travel, Inc. (e) 6.750% 12/15/23		496,000		448,880
Carlson Travel, Inc. (e) 9.500% 12/15/24		862,000		693,910

				4,160,005

Lodging — 0.4%
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. (e) 5.250% 5/15/27		492,000		498,765

Media — 6.7%
Altice Financing SA (e) 6.625% 2/15/23		600,000		628,260

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

MML High Yield Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Altice Finco SA (e) 8.125% 1/15/24	$	615,000	$	642,675
Altice Luxembourg SA (e) 7.625% 2/15/25		1,000,000		957,500
CCO Holdings LLC/CCO Holdings Capital Corp. (e) 5.000% 2/01/28		1,086,000		1,056,135
CCO Holdings LLC/CCO Holdings Capital Corp. (e) 5.875% 4/01/24		1,500,000		1,563,750
Clear Channel Worldwide Holdings, Inc. 7.625% 3/15/20		1,608,000		1,575,840
DISH DBS Corp. 7.750% 7/01/26		987,000		1,037,584
Midcontinent Communications/Midcontinent Finance Corp. (e) 6.875% 8/15/23		864,000		916,920
SFR Group SA (e) 6.000% 5/15/22		203,000		205,537
SFR Group SA (e) 6.250% 5/15/24		260,000		260,650
Sirius XM Radio, Inc. (e) 5.375% 7/15/26		167,000		173,054

				9,017,905

Mining — 3.4%
First Quantum Minerals Ltd. (e) 7.250% 4/01/23		659,000		710,072
First Quantum Minerals Ltd. (e) 7.500% 4/01/25		652,000		707,420
Hecla Mining Co. 6.875% 5/01/21		1,271,000		1,302,775
Kinross Gold Corp. (e) 4.500% 7/15/27		640,000		644,000
Kinross Gold Corp. 5.950% 3/15/24		441,000		483,446
Kinross Gold Corp. 6.875% 9/01/41		476,000		538,475
Northwest Acquisitions ULC/Dominion Finco, Inc. (e) 7.125% 11/01/22		139,000		143,518

				4,529,706

Miscellaneous – Manufacturing — 1.0%
EnPro Industries, Inc. 5.875% 9/15/22		1,271,000		1,323,429

Oil & Gas — 8.6%
Chesapeake Energy Corp. (e) 8.000% 1/15/25		898,000		906,980
Chesapeake Energy Corp. (e) 8.000% 6/15/27		300,000		288,000
Citgo Holding, Inc. (e) 10.750% 2/15/20		1,677,000		1,798,582


	Principal Amount		Value
EP Energy LLC/Everest Acquisition Finance, Inc. (e) 8.000% 2/15/25	$	1,081,000	$	789,130
EP Energy LLC/Everest Acquisition Finance, Inc. 9.375% 5/01/20		356,000		300,820
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp. (e) 5.625% 2/15/26		375,000		387,188
Jupiter Resources, Inc. (e) 8.500% 10/01/22		2,310,000		1,432,200
Kosmos Energy Ltd. (e) 7.875% 8/01/21		1,823,000		1,864,017
PBF Holding Co. LLC/PBF Finance Corp. 7.000% 11/15/23		47,000		48,880
PBF Holding Co. LLC/PBF Finance Corp. 7.250% 6/15/25		925,000		971,250
Rowan Cos., Inc. 7.375% 6/15/25		244,000		248,270
Sunoco LP/Sunoco Finance Corp. 6.250% 4/15/21		1,200,000		1,247,400
Transocean, Inc. 6.800% 3/15/38		198,000		158,895
Transocean, Inc. STEP 9.350% 12/15/41		150,000		145,125
Tullow Oil PLC (e) 6.250% 4/15/22		1,045,000		1,048,971

				11,635,708

Oil & Gas Services — 1.5%
Jonah Energy LLC/Jonah Energy Finance Corp. (e) 7.250% 10/15/25		985,000		992,388
Welltec A/S (e) 9.500% 12/01/22		1,000,000		1,005,000

				1,997,388

Packaging & Containers — 1.9%
Coveris Holdings SA (e) 7.875% 11/01/19		2,641,000		2,621,192

Pharmaceuticals — 2.5%
Endo Dac/Endo Finance LLC/Endo Finco, Inc. STEP (e) 6.000% 2/01/25		681,000		527,775
Valeant Pharmaceuticals International, Inc. (e) 5.500% 3/01/23		452,000		413,580
Valeant Pharmaceuticals International, Inc. (e) 5.500% 11/01/25		277,000		281,847

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

MML High Yield Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Valeant Pharmaceuticals International, Inc. (e) 5.875% 5/15/23	$	193,000	$	179,008
Valeant Pharmaceuticals International, Inc. (e) 6.125% 4/15/25		1,643,000		1,503,345
Valeant Pharmaceuticals International, Inc. (e) 6.500% 3/15/22		171,000		179,550
Valeant Pharmaceuticals International, Inc. (e) 7.000% 3/15/24		290,000		310,300

				3,395,405

Pipelines — 2.1%
Energy Transfer Equity LP 4.250% 3/15/23		1,364,000		1,353,770
Genesis Energy LP/Genesis Energy Finance Corp. 6.000% 5/15/23		1,171,000		1,185,637
Genesis Energy LP/Genesis Energy Finance Corp. 6.750% 8/01/22		270,000		280,125

				2,819,532

Real Estate Investment Trusts (REITS) — 1.1%
MPT Operating Partnership LP / MPT Finance Corp. 5.000% 10/15/27		656,000		668,300
RHP Hotel Properties LP/RHP Finance Corp. 5.000% 4/15/23		789,000		806,753

				1,475,053

Retail — 2.3%
Beacon Escrow Corp. (e) 4.875% 11/01/25		623,000		625,336
Ferrellgas LP/Ferrellgas Finance Corp. 6.750% 1/15/22		500,000		462,500
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp. 8.625% 6/15/20		742,000		632,555
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp. 8.625% 6/15/20		449,000		382,773
Penske Automotive Group, Inc. 5.500% 5/15/26		1,000,000		1,014,700

				3,117,864

Software — 0.8%
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc. (e) 6.000% 7/15/25		462,000		486,255


	Principal Amount		Value
RP Crown Parent LLC (e) 7.375% 10/15/24	$	191,000	$	200,073
Veritas US, Inc./Veritas Bermuda Ltd. (e) 10.500% 2/01/24		430,000		447,200

				1,133,528

Telecommunications — 6.2%
Digicel Group Ltd. (e) 8.250% 9/30/20		300,000		295,137
Digicel Ltd. (e) 6.000% 4/15/21		1,025,000		1,008,866
GCI, Inc. 6.875% 4/15/25		1,550,000		1,650,750
Hughes Satellite Systems Corp. 5.250% 8/01/26		805,000		821,100
Hughes Satellite Systems Corp. 6.625% 8/01/26		272,000		284,920
Sprint Corp. 7.250% 9/15/21		745,000		788,769
Sprint Corp. 7.875% 9/15/23		1,578,000		1,680,570
T-Mobile USA, Inc. 6.000% 4/15/24		453,000		480,180
T-Mobile USA, Inc. 6.500% 1/15/26		679,000		740,959
Telecom Italia SpA (e) 5.303% 5/30/24		512,000		546,560

				8,297,811

Toys, Games & Hobbies — 0.3%
Mattel, Inc. 6.750% 12/31/25 (e) 6.750% 12/31/25		340,000		344,573

Transportation — 2.5%
The Kenan Advantage Group, Inc. (e) 7.875% 7/31/23		3,200,000		3,312,000
Watco Cos. LLC/Watco Finance Corp. (e) 6.375% 4/01/23		8,000		8,280

				3,320,280


TOTAL CORPORATE DEBT (Cost $120,878,071)				120,874,360


TOTAL BONDS & NOTES (Cost $129,823,645)				129,048,964


TOTAL LONG-TERM INVESTMENTS (Cost $130,557,607)				130,090,491

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

MML High Yield Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.9%
Commercial Paper — 2.8%
Mondelez International, Inc. (e) 1.876% 1/02/18	$	1,300,000	$	1,299,759
Tyco International Holding Sarl (e) 1.825% 1/02/18		2,500,000		2,499,537

				3,799,296

Time Deposit — 1.1%
Euro Time Deposit 0.120% 1/02/18		1,494,186		1,494,186


TOTAL SHORT-TERM INVESTMENTS (Cost $5,293,994)				5,293,482


TOTAL INVESTMENTS — 100.6% (Cost $135,851,601) (g)				135,383,973

Less Unfunded Loan Commitments — (1.1)%			$	(1,500,000	)

NET INVESTMENTS — 99.5% (Cost $134,351,601)				133,883,973

Other Assets/(Liabilities) — 0.5%				682,257


NET ASSETS — 100.0%			$	134,566,230

Abbreviation Legend

STEP	Step Up Bond

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

(c)	Investment was valued using significant unobservable inputs.

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2017, these securities amounted to a value of $1,496,250 or 1.11% of net assets.

(e)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $83,850,520 or 62.31% of net assets.

(f)	Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At December 31, 2017, these securities amounted to a value of $323,550 or 0.00% of net assets.

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

(h)	Unfunded or partially unfunded loan commitments.

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


United States	76.2	%
Canada	6.9	%
Luxembourg	6.6	%
Bermuda	3.2	%
Netherlands	0.9	%
United Kingdom	0.8	%
Denmark	0.7	%
Ireland	0.5	%
Italy	0.4	%
France	0.3	%
Cayman Islands	0.2	%

Total Long-Term Investments	96.7	%
Short-Term Investments and Other Assets and Liabilities	3.3	%

Net Assets	100.0	%

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

MML Inflation-Protected and Income Fund – Portfolio of Investments

December 31, 2017


	Principal Amount		Value
BONDS & NOTES — 133.5%

CORPORATE DEBT — 2.1%
Auto Manufacturers — 0.4%
General Motors Financial Co., Inc. 3 mo. USD LIBOR + 2.060%, FRN 3.419% 1/15/19	$	1,720,000	$	1,749,273

Banks — 0.2%
MUFG Americas Holdings Corp. 3 mo. USD LIBOR + .570%, FRN 1.973% 2/09/18		1,130,000		1,130,179

Computers — 0.7%
Dell International LLC/EMC Corp. (a) 3.480% 6/01/19		1,100,000		1,113,780
Hewlett Packard Enterprise Co. 3 mo. USD LIBOR + 1.930%, FRN 3.273% 10/05/18		1,700,000		1,721,699

				2,835,479

Diversified Financial Services — 0.4%
Ally Financial, Inc. 3.600% 5/21/18		1,705,000		1,710,115

Pharmaceuticals — 0.4%
Allergan Funding SCS 3 mo. USD LIBOR + 1.080%, FRN 2.629% 3/12/18		1,750,000		1,752,556


TOTAL CORPORATE DEBT (Cost $4,612,344)				9,177,602


MUNICIPAL OBLIGATIONS — 0.0%
Louisiana State Public Facilities Authority, Series 2011-A, Class A2, 3 mo. USD LIBOR + 0.900%, FRN 2.267% 4/26/27		155,094		155,662


TOTAL MUNICIPAL OBLIGATIONS (Cost $155,094)				155,662


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 39.1%
Auto Floor Plan ABS — 0.5%
Ally Master Owner Trust, Series 2015-2, Class A1, 1 mo. LIBOR + .570%, FRN 2.047% 1/15/21		1,200,000		1,202,075
Navistar Financial Dealer Note Master Owner Trust II, Series 2016-1, Class A, 1 mo. LIBOR + 1.350%, FRN (a) 2.902% 9/27/21		780,000		784,507

				1,986,582


	Principal Amount		Value
Automobile ABS — 12.5%
Ally Auto Receivables Trust, Series 2017-5, Class A1 1.400% 12/17/18	$	1,364,169	$	1,363,722
American Credit Acceptance Receivables Trust, Series 2017-4, Class A (a) 2.000% 7/10/20		1,430,000		1,429,421
American Credit Acceptance Receivables Trust, Series 2016-2, Class A (a) 2.220% 7/13/20		31,254		31,245
American Credit Acceptance Receivables Trust, Series 2017-1, Class B (a) 2.390% 2/16/21		950,000		949,957
American Credit Acceptance Receivables Trust, Series 2017-4, Class C (a) 2.940% 1/10/24		1,450,000		1,449,240
AmeriCredit Automobile Receivables Trust, Series 2017-3, Class A1 1.400% 8/20/18		1,329,442		1,329,208
AmeriCredit Automobile Receivables Trust, Series 2017-4, Class A1 1.450% 11/19/18		2,435,204		2,434,576
Bank of The West Auto Trust, Series 2014-1, Class A4 (a) 1.650% 3/16/20		442,747		442,527
CFC LLC, Series 2015-1A, Class A (a) 1.750% 6/15/21		112,458		112,269
CFC LLC, Series 2014-2A, Class A (a) 1.440% 11/16/20		21,929		21,912
Chesapeake Funding II LLC, Series 2016-2A, Class A2, 1 mo. USD LIBOR + 1.000%, FRN (a) 2.477% 6/15/28		1,451,653		1,459,658
CPS Auto Trust, Series 2015-A, Class A (a) 1.530% 7/15/19		22,751		22,746
CPS Auto Trust, Series 2016-C, Class A (a) 1.620% 1/15/20		111,155		110,994
CPS Auto Trust, Series 2015-B, Class A (a) 1.650% 11/15/19		130,146		130,070
CPS Auto Trust, Series 2013-B, Class A (a) 1.820% 9/15/20		146,956		146,889
CPS Auto Trust, Series 2016-A, Class A (a) 2.250% 10/15/19		1,182,998		1,183,538
CPS Auto Trust, Series 2015-C, Class B (a) 2.550% 2/18/20		598,117		598,069
CPS Auto Trust, Series 2017-D, Class A (a) 1.870% 3/15/21		1,643,225		1,639,654
CPS Auto Trust, Series 2016-B, Class A (a) 2.070% 11/15/19		57,785		57,771
CPS Auto Trust, Series 2017-A, Class B (a) 2.680% 5/17/21		2,000,000		2,001,327

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

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Drive Auto Receivables Trust, Series 2017-3, Class A1 1.450% 11/15/18	$	1,192,629	$	1,192,539
Drive Auto Receivables Trust, Series 2016-BA, Class B (a) 2.560% 6/15/20		164,401		164,556
Drive Auto Receivables Trust, Series 2017-1, Class C 2.840% 4/15/22		650,000		652,746
DT Auto Owner Trust, Series 2017-4A, Class A (a) 1.850% 8/17/20		1,780,157		1,778,575
DT Auto Owner Trust, Series 2017-3A, Class B (a) 2.400% 5/17/21		810,000		806,105
DT Auto Owner Trust, Series 2016-1A, Class B (a) 2.790% 5/15/20		59,029		59,037
Enterprise Fleet Financing LLC, Series 2017-3, Class A1 (a) 1.500% 10/22/18		2,266,890		2,265,694
Enterprise Fleet Financing LLC, Series 2016-1, Class A2 (a) 1.830% 9/20/21		491,576		491,304
Exeter Automobile Receivables Trust, Series 2016-3A, Class B (a) 2.840% 8/16/21		420,000		417,174
Exeter Automobile Receivables Trust, Series 2017-1A, Class B (a) 3.000% 12/15/21		700,000		697,461
First Investors Auto Owner Trust, Series 2016-1A, Class A1 (a) 1.920% 5/15/20		148,968		148,954
First Investors Auto Owner Trust, Series 2017-3A, Class A1 (a) 2.000% 3/15/22		2,071,110		2,066,855
First Investors Auto Owner Trust, Series 2017-3A, Class B (a) 2.720% 4/17/23		600,000		597,119
Flagship Credit Auto Trust, Series 2016-3, Class A1 (a) 1.610% 12/15/19		242,491		242,186
Flagship Credit Auto Trust, Series 2015-1, Class A (a) 1.630% 6/15/20		71,089		70,969
Flagship Credit Auto Trust, Series 2015-2, Class A (a) 1.980% 10/15/20		291,607		291,633
Flagship Credit Auto Trust, Series 2017-4, Class A (a) 2.070% 4/15/22		1,710,000		1,705,923


	Principal Amount		Value
Flagship Credit Auto Trust, Series 2015-3, Class A (a) 2.380% 10/15/20	$	2,011,223	$	2,014,797
Flagship Credit Auto Trust, Series 2017-4, Class B (a) 2.660% 10/17/22		2,190,000		2,180,401
Flagship Credit Auto Trust, Series 2016-4, Class C (a) 2.710% 11/15/22		680,000		667,901
Flagship Credit Auto Trust, Series 2016-1, Class A (a) 2.770% 12/15/20		357,696		358,910
Flagship Credit Auto Trust, Series 2017-1, Class B (a) 2.830% 3/15/23		1,320,000		1,322,816
GLS Auto Receivables Trust, Series 2015-1A, Class A (a) 2.250% 12/15/20		73,761		73,727
Hertz Fleet Lease Funding LP, Series 2016-1, Class A1, 1 mo. USD LIBOR + 1.100%, FRN (a) 2.532% 4/10/30		1,131,677		1,134,727
NextGear Floorplan Master Owner Trust, Series 2016-1A, Class A1, 1 mo. LIBOR + 1.700%, FRN (a) 3.177% 4/15/21		960,000		974,731
OneMain Direct Auto Receivables Trust, Series 2017-2A, Class A (a) 2.310% 12/14/21		940,000		939,175
Oscar US Funding Trust II, Series 2015-1A, Class A4 (a) 2.440% 6/15/22		750,000		747,688
Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700%, FRN (a) 2.950% 7/15/20		181,617		182,554
Oscar US Funding Trust VI, Series 2017-1A, Class A3 (a) 2.820% 6/10/21		500,000		499,768
Oscar US Funding Trust VI, Series 2017-1A, Class A4 (a) 3.300% 5/10/24		420,000		421,392
Oscar US Funding Trust VII LLC, Series 2017-2A, Class A1 (a) 1.450% 10/10/18		940,589		939,729
Prestige Auto Receivables Trust, Series 2015-1, Class B (a) 2.040% 4/15/21		700,000		699,639
Santander Drive Auto Receivables Trust, Series 2017-3, Class A1 1.400% 10/15/18		1,312,853		1,312,717

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

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Santander Drive Auto Receivables Trust, Series 2014-2, Class C 2.330% 11/15/19	$	963,850	$	964,868
Santander Drive Auto Receivables Trust, Series 2014-1, Class C 2.360% 4/15/20		63,568		63,596
Santander Drive Auto Receivables Trust, Series 2015-2, Class C 2.440% 4/15/21		1,200,000		1,202,464
Santander Retail Auto Lease Trust, Series 2017-A, Class A1 (a) 1.500% 11/20/18		5,502,493		5,500,407
Westlake Automobile Receivables Trust, Series 2016-2A, Class A2 (a) 1.570% 6/17/19		162,546		162,477

				52,928,107

Commercial MBS — 0.1%
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, VRN (b) 5.767% 7/10/38		413,124		417,242

Home Equity ABS — 0.0%
ACE Securities Corp., Series 2005-HE5, Class M2, 1 mo. USD LIBOR + .735%, FRN 2.287% 8/25/35		109,256		110,084

Other ABS — 13.3%
321 Henderson Receivables I LLC, Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200%, FRN (a) 1.677% 3/15/41		688,543		673,627
321 Henderson Receivables I LLC, Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200%, FRN (a) 1.677% 6/15/41		1,878,529		1,834,844
321 Henderson Receivables I LLC, Series 2006-4A, Class A1, 1 mo. USD LIBOR + .200%, FRN (a) 1.677% 12/15/41		390,713		381,571
321 Henderson Receivables I LLC, Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200%, FRN (a) 1.677% 3/15/42		758,817		726,772
321 Henderson Receivables II LLC, Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200%, FRN (a) 1.450% 9/15/41		182,406		172,483
AIMCO CLO, Series 2015-AA, Class AR, 3 mo. USD LIBOR + 0.850%, FRN (a) (c) 2.572% 1/15/28		2,450,000		2,450,000


	Principal Amount		Value
ARL First LLC, Series 2012-1A, Class A1, 1 mo. USD LIBOR + 1.750%, FRN (a) 3.227% 12/15/42	$	780,244	$	786,082
Avant Loans Funding Trust, Series 2017-B, Class A (a) 2.290% 6/15/20		1,650,809		1,650,386
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.100%, FRN (a) 2.467% 4/25/26		2,450,000		2,452,906
BCC Funding X LLC, Series 2015-1, Class A2 (a) 2.224% 10/20/20		148,048		147,820
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class AA, STEP (a) 2.487% 12/16/41		363,021		359,653
BlueVirgo Trust, Series 2015-1A, Class NOTE (a) 3.000% 12/15/22		771,423		773,135
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A (a) 2.000% 12/10/23		381,631		380,200
CIFC Funding II Ltd., Series 2015-2A, Class AR, 3 mo. USD LIBOR + 0.780%, FRN (a) 2.420% 4/15/27		2,450,000		2,447,540
Citigroup Mortgage Loan Trust Asset Backed Pass-Through Certificates, Series 2005-OPT3, Class M2, 1 mo. USD LIBOR + .675%, FRN 2.227% 5/25/35		219,084		219,502
Consumer Installment Loan Trust, Series 2016-LD1, Class A (a) 3.960% 7/15/22		158,881		159,261
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%, FRN 2.012% 9/25/34		72,497		72,234
Diamond Resorts Owner Trust, Series 2013-1, Class A (a) 1.950% 1/20/25		355,327		354,438
Diamond Resorts Owner Trust, Series 2013-2, Class A (a) 2.270% 5/20/26		574,166		572,594
Diamond Resorts Owner Trust, Series 2015-1, Class A (a) 2.730% 7/20/27		87,807		87,233
Diamond Resorts Owner Trust, Series 2015-2, Class B (a) 3.540% 5/22/28		160,761		159,602

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

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Dong Fang Container Finance II SPV Ltd., Series 2014-1A, Class A1 (a) 1.950% 11/25/39	$	183,333	$	182,200
Drug Royalty Corp., Inc., Series 2014-1, Class A1, 3 mo. USD LIBOR + 2.850%, FRN (a) 4.154% 7/15/23		316,496		319,215
Elara HGV Timeshare Issuer LLC, Series 2014-A, Class B, VRN (a) (b) 3.020% 2/25/27		244,981		239,817
Element Rail Leasing II LLC, Series 2016-1A, Class A1 (a) 3.968% 3/19/46		409,418		415,783
FNA Trust, Series 2015-1, Class A (a) 3.240% 12/10/23		204,038		202,872
Hilton Grand Vacations Trust, Series 2014-AA, Class A (a) 1.770% 11/25/26		149,849		147,336
LCM XIV LP, Series 14A, Class A, 3 mo. USD LIBOR + 1.150%, FRN (a) 2.509% 7/15/25		1,324,431		1,326,264
LCM XXIII Ltd., Series 23A, Class X, 3 mo. USD LIBOR + 1.200%, FRN (a) 2.563% 10/20/29		580,000		580,541
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2, 1 mo. USD LIBOR + .825%, FRN 2.377% 6/25/35		176,526		176,667
Mariner Finance Issuance Trust, Series 2017-BA, Class A (a) 2.920% 12/20/29		1,600,000		1,596,865
Mariner Finance Issuance Trust, Series 2017-AA, Class A (a) 3.620% 2/20/29		770,000		772,643
Marlette Funding Trust, Series 2017-3A, Class A (a) 2.360% 12/15/24		608,209		607,963
Marlette Funding Trust, Series 2017-2A, Class A (a) 2.390% 7/15/24		788,691		788,600
Marlette Funding Trust, Series 2017-1A, Class A (a) 2.827% 3/15/24		1,456,922		1,461,200
Marlette Funding Trust, Series 2016-1A, Class A (a) 3.060% 1/17/23		304,720		305,260
Miramax LLC, Series 2014-1A, Class A2 (a) 3.340% 7/20/26		594,632		595,118
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, Class M4, 1 mo. USD LIBOR + .945%, FRN 2.497% 4/25/35		58,071		58,961


	Principal Amount		Value
MP CLO VII Ltd., Series 2015-1A, Class A1R, FRN (a) (b) 2.370% 4/18/27	$	1,900,000	$	1,898,630
MVW Owner Trust, Series 2017-1A, Class A (a) 2.420% 12/20/34		211,485		209,552
Nations Equipment Finance Funding II LLC, Series 2014-1A, Class A (a) 1.558% 7/20/18		4,037		4,035
Nations Equipment Finance Funding III LLC, Series 2016-1A, Class A (a) 3.610% 2/20/21		276,489		276,806
Navitas Equipment Receivables LLC, Series 2015-1, Class A2 (a) 2.120% 11/15/18		61,061		61,026
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + 0.800%, FRN (a) 2.162% 1/15/28		2,450,000		2,450,140
New Residential Advance Receivables Trust, Series 2016-T1, Class AT1 (a) 2.751% 6/15/49		250,000		248,500
New Residential Advance Receivables Trust, Series 2016-T2, Class AT2 (a) 2.575% 10/15/49		3,800,000		3,763,710
NYCTL Trust, Series 2016-A, Class A (a) 1.470% 11/10/29		1,039,037		1,033,167
OCP CLO Ltd., Series 2015-10A, Class A1R, FRN (a) (b) 2.191% 10/26/27		2,450,000		2,453,856
OHA Credit Partners XIII Ltd., Series 2016-13A, Class X, 3 mo. USD LIBOR + 1.250%, FRN (a) 2.613% 1/21/30		390,000		390,140
Orange Lake Timeshare Trust, Series 2016-A, Class A (a) 2.610% 3/08/29		467,241		462,507
Oxford Finance Funding Trust, Series 2014-1A, Class A (a) 3.475% 12/15/22		123,023		122,343
Oxford Finance Funding Trust, Series 2016-1A, Class A (a) 3.968% 6/17/24		500,000		501,898
RAAC, Series 2006-RP2, Class A, 1 mo. USD LIBOR + .250%, FRN (a) 1.802% 2/25/37		86,391		86,204
Sierra Receivables Funding Co. LLC, Series 2014-2A, Class A, VRN (a) (b) 2.050% 6/20/31		267,550		266,497
Sierra Receivables Funding Co. LLC, Series 2013-2A, Class A, VRN (a) (b) 2.280% 11/20/25		236,123		236,031

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

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Sierra Receivables Funding Co. LLC, Series 2014-3A, Class A (a) 2.300% 10/20/31	$	285,813	$	283,977
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class B (a) 3.080% 9/20/32		61,248		60,913
Sierra Timeshare Receivables Funding LLC, Series 2013-1A, Class A (a) 1.590% 11/20/29		81,858		81,817
Sierra Timeshare Receivables Funding LLC, Series 2015-2A, Class B (a) 3.020% 6/20/32		117,243		114,723
SoFi Consumer Loan Program LLC, Series 2016-3, Class A (a) 3.050% 12/26/25		506,557		508,986
SoFi Consumer Loan Program LLC, Series 2016-5, Class A (a) 3.060% 9/25/28		2,515,970		2,522,234
SoFi Consumer Loan Program LLC, Series 2016-2A, Class A (a) 3.090% 10/27/25		757,096		760,853
SoFi Consumer Loan Program LLC, Series 2016-1A, Class A (a) 3.260% 8/25/25		1,157,348		1,164,101
SoFi Consumer Loan Program LLC, Series 2017-2, Class A (a) 3.280% 2/25/26		1,006,000		1,012,433
SpringCastle America Funding LLC, Series 2016-AA, Class A (a) 3.050% 4/25/29		1,079,876		1,086,573
Springleaf Funding Trust, Series 2016-AA, Class A (a) 2.900% 11/15/29		1,830,000		1,832,697
SVO VOI Mortgage LLC, Series 2012-AA, Class A (a) 2.000% 9/20/29		584,398		578,842
Taco Bell Funding LLC, Series 2016-1A, Class A2I (a) 3.832% 5/25/46		839,375		851,140
TAL Advantage LLC, Series 2014-2A, Class A1 (a) 1.700% 5/20/39		108,351		108,164
Trafigura Securitisation Finance PLC, Series 2017-1A, Class A1, 1 mo. USD LIBOR + .850%, FRN (a) 2.327% 12/15/20		1,000,000		1,003,860
Trafigura Securitisation Finance PLC, Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700%, FRN (a) 3.177% 12/15/20		1,330,000		1,336,191
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 (a) 2.709% 8/15/47		302,481		301,298


	Principal Amount		Value
Westgate Resorts LLC, Series 2014-1A, Class A (a) 2.150% 12/20/26	$	207,758	$	205,480
Westgate Resorts LLC, Series 2015-1A, Class A (a) 2.750% 5/20/27		241,869		241,774
Westgate Resorts LLC, Series 2017-1A, Class A (a) 3.050% 12/20/30		731,869		730,496
Westgate Resorts LLC, Series 2015-2A, Class A (a) 3.200% 7/20/28		461,618		460,813

				56,351,595

Student Loans ABS — 12.4%
Academic Loan Funding Trust, Series 2013-1A, Class A, 1 mo. USD LIBOR + .800%, FRN (a) 2.352% 12/26/44		2,298,859		2,287,551
Access Group, Inc., Series 2005-2, Class A3, 3 mo. USD LIBOR + .180%, FRN 1.495% 11/22/24		148,507		148,507
AccessLex Institute, Series 2004-A, Class A2, 3 mo. USD LIBOR + .260%, FRN 1.627% 4/25/29		182		182
AccessLex Institute, Series 2003-A, Class A3, 3 mo. Treasury + 1.200%, FRN 2.550% 7/01/38		133,318		125,689
Brazos Higher Education Authority, Inc., Series 2006-2, Class A10, 3 mo. USD LIBOR + .120%, FRN 1.795% 6/25/26		450,000		436,316
CIT Education Loan Trust, Series 2005-1, Class A3, 3 mo. USD LIBOR + .120%, FRN 1.709% 3/15/26		417,602		415,248
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%, FRN 1.849% 1/15/37		604,236		551,418
Commonbond Student Loan Trust, Series 2017-AGS, Class A2, 1 mo. USD LIBOR + .850%, FRN (a) 2.402% 5/25/41		766,696		771,544
DRB Prime Student Loan Trust, Series 2015-A, Class A3 2.320% 4/25/30		98,605		97,912
DRB Prime Student Loan Trust, Series 2015-B, Class A3 (a) 2.540% 4/27/26		186,872		184,473

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

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
DRB Prime Student Loan Trust, Series 2016-B, Class A2 (a) 2.890% 6/25/40	$	665,584	$	666,973
DRB Prime Student Loan Trust, Series 2015-D, Class A1, 1 mo. USD LIBOR + 1.700%, FRN (a) 3.252% 1/25/40		835,733		851,787
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900%, FRN (a) 3.464% 10/25/44		1,583,514		1,599,349
DRB Prime Student Loan Trust, Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000%, FRN (a) 3.552% 4/25/40		246,792		246,151
Earnest Student Loan Program LLC, Series 2016-C, Class A1, 1 mo. USD LIBOR + 1.850%, FRN (a) 3.402% 10/27/36		939,793		954,232
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050%, FRN (a) 3.602% 2/26/35		680,516		682,834
ECMC Group Student Loan Trust, Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200%, FRN (a) 2.752% 12/27/66		1,893,045		1,914,862
ECMC Group Student Loan Trust, Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350%, FRN (a) 2.902% 7/26/66		1,216,588		1,227,829
Edlinc Student Loan Funding, Series 2017-A, Class A (Acquired 12/22/17, Cost $1,290,960), FRN (a) (b) (d) (e) (f) 3.350% 12/01/47		1,300,000		1,290,960
Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + .800%, FRN (a) 2.352% 10/25/56		591,285		591,653
Educational Services of America, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500%, FRN (a) 3.052% 12/25/58		1,000,000		941,768
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700%, FRN (a) 2.162% 8/25/48		440,371		436,997
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350%, FRN (a) 1.664% 6/28/39		667,634		636,823


	Principal Amount		Value
Kentucky Higher Education Student Loan Corp., Series 2015-1, Class A1, 1 mo. USD LIBOR + .750%, FRN 2.111% 12/01/31	$	450,648	$	449,643
KeyCorp Student Loan Trust, Series 2000-A, Class A2, 3 mo. USD LIBOR + .320%, FRN 1.782% 5/25/29		476,758		470,460
KeyCorp Student Loan Trust, Series 2006-A, Class 2A4, 3 mo. USD LIBOR + .310%, FRN 1.985% 9/27/35		691,414		688,774
Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2A (a) 1.870% 11/25/42		980,000		976,949
Navient Private Education Loan Trust, Series 2016-3A, Class A2, 1 mo. USD LIBOR + .850%, FRN (a) 2.402% 6/25/65		750,000		757,757
Navient Private Education Loan Trust, Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200%, FRN (a) 2.677% 12/15/28		796,507		812,123
Navient Student Loan Trust, Series 2017-4A, Class A3, 1 mo. USD LIBOR + 1.000%, FRN (a) 2.552% 9/27/66		1,450,000		1,463,832
Navient Student Loan Trust, Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250%, FRN (a) 2.802% 6/25/65		2,636,912		2,700,150
Navient Student Loan Trust, Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300%, FRN (a) 2.852% 3/25/66		2,200,000		2,262,127
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%, FRN (a) 3.078% 12/26/40		836,217		837,861
Nelnet Student Loan Trust, Series 2006-2, Class A6, 3 mo. USD LIBOR + .120%, FRN 1.487% 4/25/31		650,000		651,077
Nelnet Student Loan Trust, Series 2006-2, Class B, 3 mo. USD LIBOR + .200%, FRN 1.567% 1/25/38		941,383		884,454
Nelnet Student Loan Trust, Series 2004-3, Class B, 3 mo. USD LIBOR + .350%, FRN 1.717% 10/25/40		1,550,897		1,476,059
Nelnet Student Loan Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .170%, FRN 1.828% 3/23/37		1,133,474		1,048,314

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

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Nelnet Student Loan Trust, Series 2006-3, Class B, 3 mo. USD LIBOR + .250%, FRN 1.925% 6/25/41	$	454,555	$	390,892
Nelnet Student Loan Trust, Series 2010-4A, Class A, 1 mo. USD LIBOR + .800%, FRN (a) 2.128% 4/25/46		100,121		101,131
Nelnet Student Loan Trust, Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500%, FRN (a) 2.828% 6/25/41		375,000		340,694
SLC Private Student Loan Trust, Series 2006-A, Class A5, 3 mo. USD LIBOR + .170%, FRN 1.529% 7/15/36		565,202		565,201
SLC Student Loan Trust, Series 2006-2, Class B, 3 mo. USD LIBOR + .230%, FRN 1.819% 12/15/39		1,599,829		1,482,581
SLC Student Loan Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .280%, FRN 1.869% 3/15/40		2,313,260		2,158,244
SLM Private Education Loan Trust, Series 2011-A, Class A3, 1 mo. USD LIBOR + 2.500%, FRN (a) 3.977% 1/15/43		440,000		456,752
SLM Student Loan Trust, Series 2002-7, Class A11, 28 day ARS, FRN 0.500% 3/15/28		240,000		240,000
SLM Student Loan Trust, Series 2003-2, Class A7, 28 day ARS, FRN 0.500% 9/15/28		750,000		750,000
SLM Student Loan Trust, Series 2003-5, Class A9, 28 day ARS, FRN 0.500% 6/17/30		700,000		700,000
SLM Student Loan Trust, Series 2003-5, Class A7, 28 day ARS, FRN 0.500% 6/17/30		550,000		550,000
SLM Student Loan Trust, Series 2007-5, Class A6, 3 mo. USD LIBOR + .110%, FRN 1.477% 1/26/43		600,000		573,473
SLM Student Loan Trust, Series 2005-5, Class A4, 3 mo. USD LIBOR + .140%, FRN 1.507% 10/25/28		700,000		697,331
SLM Student Loan Trust, Series 2006-4, Class B, 3 mo. USD LIBOR + .200%, FRN 1.567% 1/25/70		449,753		421,650


	Principal Amount		Value
SLM Student Loan Trust, Series 2006-5, Class B, 3 mo. USD LIBOR + .210%, FRN 1.577% 10/25/40	$	489,390	$	461,427
SLM Student Loan Trust, Series 2006-2, Class B, 3 mo. USD LIBOR + .220%, FRN 1.587% 1/25/41		493,946		458,066
SLM Student Loan Trust, Series 2003-14, Class A6, 3 mo. USD LIBOR + .300%, FRN 1.667% 7/25/25		400,000		398,868
SLM Student Loan Trust, Series 2005-8, Class B, 3 mo. USD LIBOR + .310%, FRN 1.677% 1/25/55		492,765		446,755
SLM Student Loan Trust, Series 2004-3, Class B, 3 mo. USD LIBOR + .470%, FRN 1.837% 10/25/64		373,504		327,088
SLM Student Loan Trust, Series 2003-12, Class A5, 3 mo. USD LIBOR + .280%, FRN (a) 1.869% 9/15/22		39,610		39,625
SLM Student Loan Trust, Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550%, FRN (a) 1.917% 10/25/64		1,850,000		1,829,845
SLM Student Loan Trust, Series 2003-11, Class B, 3 mo. USD LIBOR + .650%, FRN 2.239% 12/15/38		550,270		522,191
SLM Student Loan Trust, Series 2005-6, Class A5B, 3 mo. USD LIBOR + 1.200%, FRN 2.567% 7/27/26		158,501		159,268
SMB Private Education Loan Trust, Series 2016-A, Class A1, 1 mo. USD LIBOR + .700%, FRN (a) 2.177% 5/15/23		203,132		203,209
SMB Private Education Loan Trust, Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100%, FRN (a) 2.577% 9/15/34		380,000		386,343
SMB Private Education Loan Trust, Series 2014-A, Class A2A (a) 3.050% 5/15/26		727,805		734,627
SoFi Professional Loan Program LLC, Series 2016-C, Class A2A (a) 1.480% 5/26/31		635,825		633,401
SoFi Professional Loan Program LLC, Series 2016-B, Class A2A (a) 1.680% 3/25/31		645,788		644,848

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

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SoFi Professional Loan Program LLC, Series 2017-F, Class A1FX (a) 2.050% 1/25/41	$	1,200,000	$	1,196,987
SoFi Professional Loan Program LLC, Series 2017-A, Class A1, 1 mo. USD LIBOR + .700%, FRN (a) 2.252% 3/26/40		1,233,521		1,239,932
SoFi Professional Loan Program LLC, Series 2015-A, Class A1, 1 mo. USD LIBOR + 1.200%, FRN (a) 2.529% 3/25/33		228,088		231,426
SoFi Professional Loan Program LLC, Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750%, FRN (a) 3.302% 8/25/36		729,451		747,202

				52,629,695

WL Collateral CMO — 0.3%
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-CF1, Class M1, 1 mo. USD LIBOR + .700%, FRN (a) 2.252% 3/25/45		179,379		178,318
JP Morgan Mortgage Trust, Series 2017-6, Class A5, VRN (a) (b) 3.500% 12/25/48		1,130,000		1,145,528

				1,323,846


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $164,994,340)				165,747,151


U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 1.5%
Collateralized Mortgage Obligations — 0.8%
Federal Home Loan Mortgage Corp. Series 4491, Class B 3.000% 8/15/40		916,666		923,595
Series 4720, Class A 3.000% 3/15/41		766,456		772,366
Federal National Mortgage Association
Series 2015-80, Class CA 3.000% 4/25/40		1,173,558		1,178,774
Series 2015-63, Class KA 3.000% 1/25/41		606,025		609,884

				3,484,619

Pass-Through Securities — 0.2%
Federal Home Loan Mortgage Corp. Pool #1Q0239 1 year CMT + 2.245%, FRN 3.237% 3/01/37		609,932		645,446
Government National Mortgage Association II Pool #82462 1 year CMT + 1.500%, FRN 2.375% 1/20/40		165,330		170,356

				815,802


	Principal Amount		Value
Whole Loans — 0.5%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M1 1 mo. USD LIBOR + .900%, FRN 2.452% 10/25/27	$	77,547	$	77,611
Federal National Mortgage Association Connecticut Avenue Securities
Series 2016-C06, Class 1M1 1 mo. USD LIBOR + 1.300%, FRN 2.852% 4/25/29		838,812		847,092
Series 2016-C05, Class 2M1 1 mo. USD LIBOR + 1.350%, FRN 2.902% 1/25/29		462,684		465,208
Series 2016-C04, Class 1M1 1 mo. USD LIBOR + 1.450%, FRN 3.002% 1/25/29		639,298		644,998

				2,034,909


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $6,323,847)				6,335,330


U.S. TREASURY OBLIGATIONS — 90.8%
U.S. Treasury Bonds & Notes — 90.8%
U.S. Treasury Inflation Index (g) 0.125% 4/15/20		11,586,520		11,562,759
U.S. Treasury Inflation Index (g) 0.125% 4/15/21		17,973,925		17,899,853
U.S. Treasury Inflation Index (g) 0.125% 1/15/22		16,195,022		16,129,786
U.S. Treasury Inflation Index (g) 0.125% 4/15/22		18,561,324		18,430,614
U.S. Treasury Inflation Index (g) 0.125% 7/15/22		16,320,218		16,298,319
U.S. Treasury Inflation Index (g) 0.125% 1/15/23		16,873,984		16,742,936
U.S. Treasury Inflation Index (g) 0.125% 7/15/24		15,915,029		15,728,027
U.S. Treasury Inflation Index (g) 0.125% 7/15/26		13,995,216		13,674,599
U.S. Treasury Inflation Index (g) 0.250% 1/15/25		15,944,293		15,803,156
U.S. Treasury Inflation Index (g) 0.375% 7/15/23		16,280,678		16,403,021
U.S. Treasury Inflation Index (g) 0.375% 7/15/25		15,966,456		15,990,857
U.S. Treasury Inflation Index (g) 0.375% 1/15/27		12,253,831		12,165,534
U.S. Treasury Inflation Index (g) 0.375% 7/15/27		15,529,052		15,446,370
U.S. Treasury Inflation Index (g) 0.625% 7/15/21		11,491,620		11,712,666

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

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
U.S. Treasury Inflation Index (g) 0.625% 1/15/24	$	15,857,407	$	16,135,059
U.S. Treasury Inflation Index (g) 0.625% 1/15/26		14,014,624		14,238,943
U.S. Treasury Inflation Index (g) 0.625% 2/15/43		5,793,552		5,668,918
U.S. Treasury Inflation Index (g) 0.750% 2/15/42		7,646,938		7,721,363
U.S. Treasury Inflation Index (g) 0.750% 2/15/45		8,662,825		8,706,263
U.S. Treasury Inflation Index 0.875% 2/15/47		6,642,025		6,902,034
U.S. Treasury Inflation Index (g) 1.000% 2/15/46		6,371,165		6,806,085
U.S. Treasury Inflation Index (g) (h) 1.125% 1/15/21		14,907,004		15,351,886
U.S. Treasury Inflation Index (g) 1.250% 7/15/20		7,917,420		8,175,230
U.S. Treasury Inflation Index (g) 1.375% 2/15/44		7,937,925		9,163,892
U.S. Treasury Inflation Index (g) 1.750% 1/15/28		6,475,865		7,278,470
U.S. Treasury Inflation Index (g) 2.000% 1/15/26		8,326,760		9,366,055
U.S. Treasury Inflation Index (g) 2.125% 2/15/40		2,567,790		3,341,285
U.S. Treasury Inflation Index (g) 2.125% 2/15/41		4,516,784		5,918,086
U.S. Treasury Inflation Index (g) 2.375% 1/15/25		10,213,701		11,639,098
U.S. Treasury Inflation Index (g) 2.375% 1/15/27		6,360,432		7,441,523
U.S. Treasury Inflation Index (g) 2.500% 1/15/29		6,686,598		8,111,092
U.S. Treasury Inflation Index (g) 3.375% 4/15/32		2,779,360		3,844,814
U.S. Treasury Inflation Index (g) 3.625% 4/15/28		4,575,270		6,002,980
U.S. Treasury Inflation Index (g) 3.875% 4/15/29		6,722,106		9,164,223

				384,965,796


TOTAL U.S. TREASURY OBLIGATIONS (Cost $383,260,715)				384,965,796


TOTAL BONDS & NOTES (Cost $559,346,340)				566,381,541


TOTAL PURCHASED OPTIONS (#) — 0.4% (Cost $1,705,754)				1,627,707


TOTAL LONG-TERM INVESTMENTS (Cost $561,052,094)				568,009,248


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 46.6%
Commercial Paper — 46.5%
Bell Canada (a) 1.936% 3/19/18	$	6,000,000	$	5,975,733
Carnival Corp. (a) 1.780% 2/12/18		6,000,000		5,986,800
CenterPoint Energy, Inc. (a) 1.578% 1/04/18		6,000,000		5,998,324
Deutsche Telekom AG (a) 1.615% 1/26/18		6,000,000		5,991,250
Dominion Resources, Inc. (a) 1.738% 4/09/18		6,000,000		5,969,279
Enbridge (US), Inc. (a) 1.987% 3/22/18		6,000,000		5,975,086
Entergy Corp. (a) 1.524% 1/02/18		5,000,000		4,998,941
Enterprise Products Operating LLC (a) 1.576% 1/18/18		6,000,000		5,994,257
Equifax, Inc. (a) 1.571% 1/22/18		6,000,000		5,993,064
FedEx Corp. (a) 1.525% 1/08/18		6,000,000		5,997,182
Florida Power & Light Co. 1.527% 1/23/18		6,000,000		5,992,638
FMC Technologies, Inc. (a) 1.575% 1/04/18		6,000,000		5,998,324
Fortive Corp. (a) 1.608% 1/16/18		6,000,000		5,994,846
Glencore Funding LLC (a) 1.629% 1/10/18		6,000,000		5,996,430
HP, Inc. (a) 1.566% 1/08/18		6,000,000		5,997,610
Hyundai Capital America (a) 1.506% 1/04/18		6,000,000		5,998,324
Marriott International (a) 1.596% 1/18/18		6,000,000		5,994,257
Marriott International (a) 1.596% 1/16/18		500,000		499,571
Molex Electronic Technologies (a) 1.656% 1/02/18		6,000,000		5,998,754
Molex Electronic Technologies (a) 2.038% 3/13/18		3,750,000		3,734,491
Nasdaq, Inc. (a) 1.650% 1/24/18		6,000,000		5,992,551
Public Sevice Enterprise Group, Inc. (a) 1.576% 1/22/18		6,000,000		5,993,064
Rogers Communications (a) 1.525% 1/11/18		6,000,000		5,996,310
Schlumberger Holdings (a) 1.608% 2/20/18		6,000,000		5,984,144
Sempra Energy Holdings (a) 1.960% 1/19/18		6,000,000		5,993,959

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

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Spectra Energy Partners (a) 1.594% 1/05/18	$	6,000,000	$	5,998,040
Suncor Energy, Inc. (a) 1.547% 1/12/18		6,000,000		5,996,019
TELUS Corp. (a) 1.682% 1/22/18		6,000,000		5,993,064
Thomson Reuters Corp. (a) 1.629% 2/12/18		6,000,000		5,986,575
Time Warner, Inc. (a) 1.778% 1/29/18		6,000,000		5,990,953
Transcanada Pipelines Ltd. (a) 1.576% 1/09/18		6,000,000		5,996,892
Walgreens Boots Alliance, Inc. 1.619% 2/20/18		6,000,000		5,984,409
Westar Energy, Inc. (a) 2.114% 1/31/18		3,200,000		3,194,861
WPP CP Finance PLC (a) 1.726% 1/08/18		2,000,000		1,999,061
WPP CP Finance PLC (a) 1.827% 1/05/18		3,000,000		2,999,020
Xcel Energy, Inc. (a) 1.717% 4/23/18		6,000,000		5,960,670

				197,144,753

Repurchase Agreement — 0.1%
Fixed Income Clearing Corp. Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (i)		370,643		370,643

Time Deposit — 0.0%
Euro Time Deposit 0.120% 1/02/18		68,868		68,868


TOTAL SHORT-TERM INVESTMENTS (Cost $197,629,461)				197,584,264


TOTAL INVESTMENTS — 180.5% (Cost $758,681,555) (j)				765,593,512

Other Assets/(Liabilities) — (80.5)%				(341,505,388	)


NET ASSETS — 100.0%			$	424,088,124

Abbreviation Legend

ABS	Asset-Backed Security

ARS	Auction Rate Security

CLO	Collateralized Loan Obligation

CMO	Collateralized Mortgage Obligation

CMT	Constant Maturity Treasury Index

FRN	Floating Rate Note

MBS	Mortgage-Backed Security

STEP	Step Up Bond

VRN	Variable Rate Note

WL	Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $320,508,348 or 75.58% of net assets.

(b)

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

(d)	Investment was valued using significant unobservable inputs.

(e)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2017, these securities amounted to a value of $1,290,960 or 0.30% of net assets.

(f)	Restricted security. Certain securities are restricted as to resale. At December 31, 2017, these securities amounted to a value of $1,290,960 or 0.30% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(g)	All or a portion of this security is pledged as collateral for open reverse repurchase agreements. (Note 2).

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

(i)	Maturity value of $370,665. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $382,909.

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

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

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

(#) The Fund had the following open Purchased Swaptions contracts at December 31, 2017:

Purchased Swaptions


OTC Counterparty*	Units		Notional Amount		Expiration Date	Pay/ Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call

Barclays Bank PLC		11,240,000		USD 11,240,000	12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Strike 2.44	$	561,913	$	546,369	$	(15,544	)
Put

Barclays Bank PLC		22,880,000		USD 22,880,000	12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Strike 2.94	$	1,143,841	$	1,081,338	$	(62,503	)

									$	1,705,754	$	1,627,707	$	(78,047	)

*	Contracts are subject to a Master Netting Agreement.

The Fund had the following open Futures contracts at December 31, 2017:

Futures


	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Futures Contracts — Short
U.S. Treasury Long Bond		3/20/18		1	$	(152,536	)	$	(464	)
U.S. Treasury Note 10 Year		3/20/18		51		(6,339,681	)		13,290
U.S. Treasury Ultra Long Bond		3/20/18		5		(837,016	)		(1,265	)
U.S. Treasury Note 5 Year		3/29/18		29		(3,361,865	)		(6,893	)

								$	4,668

The Fund had the following open Swap agreements at December 31, 2017:

Swaps


Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps*
Goldman Sachs International	USD		1,600,000		5/11/63	Monthly	3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)	$	(235,096	)	$	986		$	(234,110	)
Goldman Sachs International	USD		330,000		5/11/63	Monthly	3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)		(21,846	)		(26,439	)		(48,285	)
Goldman Sachs International	USD		890,000		5/11/63	Monthly	3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)		(53,150	)		(77,074	)		(130,224	)
JP Morgan Chase Bank N.A.	USD		690,000		5/11/63	Monthly	3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)		(101,810	)		849			(100,961	)

									$	(411,902	)	$	(101,678	)	$	(513,580	)

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

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)



Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Payments Made by Fund	Payments Received by Fund		Unrealized Appreciation (Depreciation)			Premium Received (Paid)		Value
Interest Rate Swaps
OTC Swaps*
Goldman Sachs International	USD		8,300,000		1/13/18	Pay at maturity	1.295%		USA-CPI-U	$	97,761		$	-	$	97,761
JP Morgan Chase Bank N.A.	USD		8,500,000		2/17/18	Pay at maturity	1.033%		USA-CPI-U		169,591			-		169,591
Bank of America N.A.	USD		8,600,000		2/16/19	Pay at maturity	2.195%		USA-CPI-U		(40,404	)		-		(40,404	)
Bank of America N.A.	USD		8,700,000		10/31/19	Pay at maturity	2.090%		USA-CPI-U		14,587			-		14,587
Bank of America N.A.	USD		8,500,000		11/20/19	Pay at maturity	2.012%		USA-CPI-U		6,121			-		6,121
JPMorgan Chase Bank N.A.	USD		17,000,000		12/20/19	Pay at maturity	1.910%		USA-CPI-U		29,297			-		29,297

										$	276,953		$	-	$	276,953

Collateral for swap agreements held by Goldman Sachs International amounted to $260,232 in securities, at December 31, 2017.

*	Contracts are subject to a Master Netting Agreement.

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

††

The Fund had the following open Reverse Repurchase agreements at December 31, 2017:


Description	Value		Value Including Accrued Interest
Agreement with BNP Paribas SA, dated 11/03/17, 1.430%, to be repurchased on demand until 2/02/18 at value plus accrued interest.	$	74,574,500	$	74,749,273
Agreement with Daiwa Securities, dated 11/06/17, 1.430%, to be repurchased on demand until 2/06/18 at value plus accrued interest.		58,105,000		58,234,251
Agreement with Goldman Sachs & Co., dated 11/03/17, 1.450%, to be repurchased on demand until 1/31/18 at value plus accrued interest.		64,633,711		64,784,653
Agreement with HSBC Bank USA Inc., dated 12/05/17, 1.520%, to be repurchased on demand until 3/06/18 at value plus accrued interest.		94,453,250		94,560,927
Agreement with Morgan Stanley & Co. LLC, dated 10/04/17, 1.360%, to be repurchased on demand until 1/03/18 at value plus accrued interest.		44,526,425		44,676,133

	$	336,292,886	$	337,005,237

Currency Legend

USD U.S. Dollar

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

MML Short-Duration Bond Fund – Portfolio of Investments

December 31, 2017


	Principal Amount		Value
BONDS & NOTES — 79.9%

CORPORATE DEBT — 43.5%
Aerospace & Defense — 0.8%
Harris Corp. 2.700% 4/27/20	$	1,154,000	$	1,158,639
L3 Technologies, Inc. 5.200% 10/15/19		885,000		926,963

				2,085,602

Agriculture — 0.9%
Bunge Ltd. Finance Corp. 3.500% 11/24/20		1,180,000		1,204,616
Imperial Brands Finance PLC (a) 2.950% 7/21/20		1,087,000		1,097,493

				2,302,109

Airlines — 0.3%
American Airlines Pass-Through Trust, Series 2014-1, Class B 4.375% 4/01/24		29,513		30,144
Delta Air Lines, Inc. 3.625% 3/15/22		775,000		788,390

				818,534

Auto Manufacturers — 1.0%
General Motors Co. 3.500% 10/02/18		205,000		207,132
General Motors Financial Co., Inc. 2.400% 5/09/19		110,000		110,027
General Motors Financial Co., Inc. 3.100% 1/15/19		520,000		522,783
General Motors Financial Co., Inc. 3.200% 7/13/20		185,000		187,511
Hyundai Capital America (a) 2.000% 7/01/19		65,000		64,222
Hyundai Capital America (a) 2.550% 2/06/19		140,000		139,754
Hyundai Capital America (a) 3.000% 10/30/20		800,000		798,712
Nissan Motor Acceptance Corp. (a) 1.900% 9/14/21		480,000		466,969

				2,497,110

Auto Parts & Equipment — 0.5%
Lear Corp. 5.375% 3/15/24		1,120,000		1,184,677

Banks — 6.5%
ANZ New Zealand Int’l Ltd. (a) 2.250% 2/01/19		1,290,000		1,289,822
Banco Santander SA 3.500% 4/11/22		1,200,000		1,223,577
Bancolombia SA 5.950% 6/03/21		345,000		373,118


	Principal Amount		Value
Bank of America Corp. 2.151% 11/09/20	$	2,070,000	$	2,060,520
Capital One Financial Corp. 2.500% 5/12/20		365,000		364,543
Citigroup, Inc. 2.350% 8/02/21		1,155,000		1,142,409
Citigroup, Inc. 2.450% 1/10/20		35,000		35,016
First Horizon National Corp. 3.500% 12/15/20		1,430,000		1,460,289
The Goldman Sachs Group, Inc. 2.875% 2/25/21		2,360,000		2,377,449
Itau Unibanco Holding SA (a) 2.850% 5/26/18		270,000		270,270
JP Morgan Chase & Co. 4.500% 1/24/22		1,090,000		1,166,357
Macquarie Bank Ltd. (a) 2.850% 1/15/21		130,000		130,680
Mitsubishi UFJ Trust & Banking Corp. (a) 2.650% 10/19/20		1,110,000		1,111,641
Morgan Stanley 3.750% 2/25/23		550,000		569,999
Regions Bank 7.500% 5/15/18		130,000		132,603
Regions Financial Corp. 3.200% 2/08/21		1,095,000		1,114,119
Sumitomo Mitsui Financial Group, Inc. 2.058% 7/14/21		585,000		573,308
Sumitomo Mitsui Financial Group, Inc. 2.846% 1/11/22		150,000		150,298
SVB Financial Group 5.375% 9/15/20		75,000		80,158
Turkiye Garanti Bankasi AS (a) 4.750% 10/17/19		370,000		375,557

				16,001,733

Beverages — 0.6%
Anheuser-Busch InBev Finance, Inc. 2.650% 2/01/21		710,000		713,563
Coca-Cola Femsa SAB de CV 2.375% 11/26/18		492,000		493,190
Molson Coors Brewing Co. 2.100% 7/15/21		330,000		323,443

				1,530,196

Biotechnology — 0.7%
Baxalta, Inc. 2.000% 6/22/18		485,000		484,888
Celgene Corp. 2.875% 8/15/20		1,170,000		1,180,904

				1,665,792

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Building Materials — 1.2%
Holcim US Finance Sarl & Cie SCS (a) 6.000% 12/30/19	$	1,160,000	$	1,230,639
Martin Marietta Materials, Inc. 3 mo. USD LIBOR + .650%, FRN 2.096% 5/22/20		395,000		397,102
Martin Marietta Materials, Inc. FRN (b) 2.126% 12/20/19		185,000		185,301
Masco Corp. 3.500% 4/01/21		370,000		375,791
Masco Corp. 7.125% 3/15/20		65,000		70,878
Standard Industries, Inc. (a) 5.500% 2/15/23		560,000		583,800

				2,843,511

Chemicals — 1.7%
Air Liquide Finance SA (a) 1.750% 9/27/21		200,000		193,955
The Dow Chemical Co. 8.550% 5/15/19		125,000		135,398
Incitec Pivot Finance LLC (a) 6.000% 12/10/19		902,000		955,485
LyondellBasell Industries NV 5.000% 4/15/19		565,000		580,101
LyondellBasell Industries NV 6.000% 11/15/21		500,000		555,401
RPM International, Inc. 3.450% 11/15/22		8,000		8,198
RPM International, Inc. 6.125% 10/15/19		1,078,000		1,147,783
The Sherwin-Williams Co. 2.750% 6/01/22		685,000		682,341

				4,258,662

Commercial Services — 0.3%
S&P Global, Inc. 3.300% 8/14/20		635,000		646,812

Computers — 0.9%
Dell International LLC/EMC Corp. (a) 3.480% 6/01/19		430,000		435,387
Dell International LLC/EMC Corp. (a) 4.420% 6/15/21		475,000		494,959
DXC Technology Co. 2.875% 3/27/20		230,000		231,119
Leidos Holdings, Inc. 4.450% 12/01/20		895,000		928,562

				2,090,027

Diversified Financial Services — 2.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.500% 5/15/21		1,010,000		1,060,721


	Principal Amount		Value
Aircastle Ltd. 5.000% 4/01/23	$	1,310,000	$	1,380,413
Ally Financial, Inc. 3.600% 5/21/18		440,000		441,320
Ally Financial, Inc. 4.750% 9/10/18		920,000		931,500
Genpact Luxembourg Sarl (a) 3.700% 4/01/22		1,035,000		1,028,672
International Lease Finance Corp. 3.875% 4/15/18		100,000		100,458
Lazard Group LLC 4.250% 11/14/20		665,000		692,650

				5,635,734

Electric — 2.1%
Ameren Corp. 2.700% 11/15/20		555,000		556,831
Duke Energy Corp. 1.800% 9/01/21		480,000		466,874
EDP Finance BV (a) 4.125% 1/15/20		652,000		671,895
Enel Finance International NV (a) 2.875% 5/25/22		785,000		782,866
Entergy Texas, Inc. 2.550% 6/01/21		95,000		94,301
Entergy Texas, Inc. 7.125% 2/01/19		798,000		838,336
Israel Electric Corp. Ltd. (a) 7.250% 1/15/19		350,000		364,658
Majapahit Holding BV (a) 7.750% 1/20/20		330,000		360,954
Puget Energy, Inc. 6.000% 9/01/21		260,000		287,649
Puget Energy, Inc. 6.500% 12/15/20		255,000		282,287
The Southern Co. 2.350% 7/01/21		460,000		457,271

				5,163,922

Electronics — 0.3%
FLIR Systems, Inc. 3.125% 6/15/21		380,000		382,812
Tech Data Corp. 3.700% 2/15/22		240,000		240,744

				623,556

Engineering & Construction — 0.1%
SBA Tower Trust (a) 3.168% 4/09/47		350,000		348,405

Foods — 0.9%
Danone SA (a) 2.077% 11/02/21		1,340,000		1,310,789
JBS Investments GmbH (a) 7.750% 10/28/20		200,000		204,000

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Mondelez International Holdings Netherlands BV (a) 2.000% 10/28/21	$	595,000	$	578,855
Tyson Foods, Inc. 2.650% 8/15/19		60,000		60,289

				2,153,933

Hand & Machine Tools — 0.4%
Stanley Black & Decker, Inc. 1.622% 11/17/18		345,000		343,735
Stanley Black & Decker, Inc. 2.451% 11/17/18		610,000		611,842

				955,577

Health Care – Products — 0.8%
Abbott Laboratories 2.350% 11/22/19		480,000		480,522
Abbott Laboratories 2.900% 11/30/21		675,000		682,814
Boston Scientific Corp. 2.850% 5/15/20		255,000		257,022
Zimmer Biomet Holdings, Inc. 2.000% 4/01/18		528,000		528,192

				1,948,550

Health Care – Services — 1.1%
Cigna Corp. 4.000% 2/15/22		316,000		330,018
Cigna Corp. 4.500% 3/15/21		790,000		830,336
HCA, Inc. 3.750% 3/15/19		1,130,000		1,139,888
Laboratory Corp. of America Holdings 2.625% 2/01/20		470,000		471,237

				2,771,479

Home Builders — 0.5%
Lennar Corp. 4.500% 11/15/19		1,128,000		1,157,610

Housewares — 0.1%
Newell Brands, Inc. 2.600% 3/29/19		171,000		171,584

Insurance — 3.3%
American International Group, Inc. 3.300% 3/01/21		550,000		560,684
AmTrust Financial Services, Inc. 6.125% 8/15/23		585,000		561,892
Athene Global Funding (a) 4.000% 1/25/22		1,240,000		1,279,559
CNA Financial Corp. 5.750% 8/15/21		93,000		101,829
Enstar Group Ltd. 4.500% 3/10/22		575,000		585,615


	Principal Amount		Value
Jackson National Life Global Funding (a) 2.500% 6/27/22	$	1,165,000	$	1,152,038
Lincoln National Corp. 6.250% 2/15/20		500,000		538,418
Nuveen Finance LLC (a) 2.950% 11/01/19		1,155,000		1,166,042
Reinsurance Group of America, Inc. 5.000% 6/01/21		640,000		684,353
Trinity Acquisition PLC 3.500% 9/15/21		470,000		479,165
Unum Group 3.000% 5/15/21		135,000		135,943
Willis Towers Watson PLC 5.750% 3/15/21		370,000		402,620
XLIT Ltd. 5.750% 10/01/21		465,000		510,356

				8,158,514

Internet — 0.5%
Expedia, Inc. 7.456% 8/15/18		1,148,000		1,184,014

Investment Companies — 0.7%
Ares Capital Corp. 3.625% 1/19/22		30,000		30,124
Ares Capital Corp. 3.875% 1/15/20		548,000		557,682
FS Investment Corp. 4.000% 7/15/19		365,000		369,327
TCP Capital Corp. 4.125% 8/11/22		675,000		664,370

				1,621,503

Leisure Time — 0.6%
Brunswick Corp. (a) 4.625% 5/15/21		1,388,000		1,410,855

Lodging — 0.4%
Marriott International, Inc. 2.300% 1/15/22		30,000		29,453
Marriott International, Inc. 2.875% 3/01/21		875,000		880,624

				910,077

Machinery – Diversified — 0.5%
CNH Industrial Capital LLC 3.375% 7/15/19		353,000		355,647
CNH Industrial Capital LLC 3.625% 4/15/18		100,000		100,518
CNH Industrial Capital LLC 3.875% 10/15/21		635,000		646,138
CNH Industrial Capital LLC 4.875% 4/01/21		115,000		120,750

				1,223,053

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Media — 0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579% 7/23/20	$	605,000	$	616,278
Discovery Communications LLC 2.950% 3/20/23		355,000		351,335
Sirius XM Radio, Inc. (a) 3.875% 8/01/22		1,347,000		1,350,368

				2,317,981

Mining — 0.9%
Anglo American Capital PLC (a) 3.750% 4/10/22		500,000		508,080
Glencore Finance Canada Ltd. STEP (a) 4.250% 10/25/22		254,000		266,141
Glencore Funding LLC (a) 3.000% 10/27/22		260,000		257,465
Kinross Gold Corp. 5.125% 9/01/21		570,000		594,225
Newcrest Finance Pty Ltd. (a) 4.200% 10/01/22		565,000		588,453

				2,214,364

Office Equipment/Supplies — 0.6%
Pitney Bowes, Inc. STEP 3.625% 10/01/21		1,490,000		1,385,700

Oil & Gas — 0.2%
EQT Corp. 3.000% 10/01/22		565,000		558,979

Packaging & Containers — 0.5%
Graphic Packaging International, Inc. 4.750% 4/15/21		1,094,000		1,143,230

Pharmaceuticals — 1.7%
AbbVie, Inc. 1.800% 5/14/18		945,000		944,538
Allergan Funding SCS 2.350% 3/12/18		590,000		590,467
Express Scripts Holding Co. 3.300% 2/25/21		1,195,000		1,213,755
Shire Acquisitions Investments Ireland DAC 2.400% 9/23/21		235,000		231,301
Teva Pharmaceutical Finance Netherlands III BV 2.200% 7/21/21		1,325,000		1,210,349

				4,190,410

Pipelines — 0.1%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 3.500% 12/01/22		170,000		169,677


	Principal Amount		Value
Private Equity — 0.5%
Hercules Capital, Inc. 4.625% 10/23/22	$	1,110,000	$	1,125,471

Real Estate Investment Trusts (REITS) — 1.5%
American Tower Corp. 2.250% 1/15/22		415,000		404,194
American Tower Corp. 3.000% 6/15/23		350,000		349,083
American Tower Corp. 3.300% 2/15/21		175,000		178,209
Crown Castle International Corp. 3.400% 2/15/21		714,000		729,165
DDR Corp. 3.500% 1/15/21		210,000		213,177
DDR Corp. 7.500% 7/15/18		345,000		354,415
Digital Realty Trust LP 3.400% 10/01/20		320,000		326,320
Healthcare Trust of America Holdings LP 2.950% 7/01/22		275,000		274,276
Highwoods Realty LP 7.500% 4/15/18		25,000		25,378
Simon Property Group LP 2.350% 1/30/22		700,000		693,358
Weyerhaeuser Co. 7.375% 10/01/19		135,000		146,300

				3,693,875

Retail — 1.5%
AutoNation, Inc. 3.350% 1/15/21		825,000		837,014
CVS Health Corp. 2.125% 6/01/21		960,000		936,873
Dollar Tree, Inc. 5.750% 3/01/23		1,190,000		1,246,525
QVC, Inc. 3.125% 4/01/19		577,000		579,153

				3,599,565

Semiconductors — 0.9%
Analog Devices, Inc. 2.500% 12/05/21		245,000		242,587
Broadcom Corp./Broadcom Cayman Finance Ltd. (a) 3.000% 1/15/22		950,000		941,953
KLA-Tencor Corp. 3.375% 11/01/19		140,000		142,308
NXP BV/NXP Funding LLC (a) 4.125% 6/01/21		770,000		785,400

				2,112,248

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Telecommunications — 1.4%
Hughes Satellite Systems Corp. 6.500% 6/15/19	$	1,083,000	$	1,131,735
Sprint Communications, Inc. 9.250% 4/15/22		490,000		584,325
Telefonaktiebolaget LM Ericsson 4.125% 5/15/22		1,200,000		1,208,424
Verizon Communications, Inc. 2.946% 3/15/22		480,000		482,924

				3,407,408

Toys, Games & Hobbies — 0.1%
Mattel, Inc. 1.700% 3/15/18		350,000		348,688

Transportation — 0.9%
Asciano Finance Ltd. (a) 5.000% 4/07/18		717,000		721,561
Ryder System, Inc. 2.250% 9/01/21		425,000		418,421
Ryder System, Inc. 2.500% 3/01/18		475,000		475,089
Ryder System, Inc. 2.875% 9/01/20		340,000		342,346
TTX Co. (a) 2.250% 2/01/19		300,000		299,263

				2,256,680

Trucking & Leasing — 1.8%
Aviation Capital Group Corp. (a) 2.875% 9/17/18		1,260,000		1,264,228
DAE Funding LLC (a) 4.000% 8/01/20		205,000		207,050
GATX Corp. 2.600% 3/30/20		575,000		574,854
Park Aerospace Holdings Ltd. (a) 5.250% 8/15/22		1,205,000		1,197,469
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) 2.500% 6/15/19		370,000		370,715
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) 3.050% 1/09/20		615,000		622,376
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) 3.300% 4/01/21		150,000		152,776
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) 3.375% 2/01/22		20,000		20,374

				4,409,842


TOTAL CORPORATE DEBT (Cost $106,491,037)				106,297,249


	Principal Amount		Value
MUNICIPAL OBLIGATIONS — 0.0%
Louisiana State Public Facilities Authority, Series 2011-A, Class A2, 3 mo. USD LIBOR + 0.900%, FRN 2.267% 4/26/27	$	65,484	$	65,724


TOTAL MUNICIPAL OBLIGATIONS (Cost $65,484)				65,724


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 33.0%
Auto Floor Plan ABS — 0.4%
Navistar Financial Dealer Note Master Owner Trust II, Series 2016-1, Class A, 1 mo. LIBOR + 1.350%, FRN (a) 2.902% 9/27/21		520,000		523,005
NextGear Floorplan Master Owner Trust, Series 2016-2A, Class A2 (a) 2.190% 9/15/21		480,000		478,049

				1,001,054

Automobile ABS — 5.4%
American Credit Acceptance Receivables Trust, Series 2016-2, Class A (a) 2.220% 7/13/20		26,879		26,871
American Credit Acceptance Receivables Trust, Series 2017-1, Class B (a) 2.390% 2/16/21		520,000		519,976
American Credit Acceptance Receivables Trust, Series 2017-4, Class C (a) 2.940% 1/10/24		770,000		769,596
AmeriCredit Automobile Receivables Trust, Series 2014-1, Class D 2.540% 6/08/20		210,000		210,510
Avis Budget Rental Car Funding AESOP LLC, Series 2012-3A, Class A (a) 2.100% 3/20/19		100,000		99,989
CFC LLC, Series 2015-1A, Class A (a) 1.750% 6/15/21		39,229		39,164
CPS Auto Trust, Series 2013-B, Class A (a) 1.820% 9/15/20		75,818		75,783
CPS Auto Trust, Series 2015-C, Class B (a) 2.550% 2/18/20		237,348		237,329
CPS Auto Trust, Series 2016-C, Class B (a) 2.480% 9/15/20		190,000		189,579
CPS Auto Trust, Series 2017-A, Class B (a) 2.680% 5/17/21		1,150,000		1,150,763

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Drive Auto Receivables Trust, Series 2016-BA, Class B (a) 2.560% 6/15/20	$	63,934	$	63,994
Drive Auto Receivables Trust, Series 2017-2, Class C 2.750% 9/15/23		140,000		140,161
Drive Auto Receivables Trust, Series 2017-1, Class C 2.840% 4/15/22		270,000		271,141
DT Auto Owner Trust, Series 2016-1A, Class B (a) 2.790% 5/15/20		12,355		12,357
DT Auto Owner Trust, Series 2016-2A, Class B (a) 2.920% 5/15/20		63,582		63,606
Enterprise Fleet Financing LLC, Series 2016-1, Class A2 (a) 1.830% 9/20/21		216,872		216,752
Enterprise Fleet Financing LLC, Series 2017-1, Class A3 (a) 2.600% 7/20/22		210,000		211,024
Exeter Automobile Receivables Trust, Series 2016-3A, Class B (a) 2.840% 8/16/21		260,000		258,250
Exeter Automobile Receivables Trust, Series 2017-1A, Class B (a) 3.000% 12/15/21		260,000		259,057
Exeter Automobile Receivables Trust, Series 2015-2A, Class C (a) 3.900% 3/15/21		650,000		657,638
First Investors Auto Owner Trust, Series 2016-1A, Class A1 (a) 1.920% 5/15/20		38,822		38,818
First Investors Auto Owner Trust, Series 2016-2A, Class B (a) 2.210% 7/15/22		540,000		533,602
First Investors Auto Owner Trust, Series 2017-3A, Class B (a) 2.720% 4/17/23		340,000		338,367
Flagship Credit Auto Trust, Series 2015-2, Class A (a) 1.980% 10/15/20		49,209		49,213
Flagship Credit Auto Trust, Series 2015-3, Class A (a) 2.380% 10/15/20		64,388		64,502
Flagship Credit Auto Trust, Series 2016-4, Class B (a) 2.410% 10/15/21		910,000		906,599
Flagship Credit Auto Trust, Series 2016-4, Class C (a) 2.710% 11/15/22		410,000		402,705


	Principal Amount		Value
Flagship Credit Auto Trust, Series 2016-1, Class A (a) 2.770% 12/15/20	$	162,589	$	163,141
Flagship Credit Auto Trust, Series 2017-1, Class B (a) 2.830% 3/15/23		615,000		616,312
Flagship Credit Auto Trust, Series 2017-4, Class C (a) 2.920% 11/15/23		650,000		647,606
GLS Auto Receivables Trust, Series 2015-1A, Class A (a) 2.250% 12/15/20		10,213		10,208
NextGear Floorplan Master Owner Trust, Series 2015-2A, Class A (a) 2.380% 10/15/20		250,000		250,252
NextGear Floorplan Master Owner Trust, Series 2016-1A, Class A1, 1 mo. LIBOR + 1.700%, FRN (a) 3.177% 4/15/21		370,000		375,678
OneMain Direct Auto Receivables Trust, Series 2017-2A, Class A (a) 2.310% 12/14/21		450,000		449,605
Oscar US Funding Trust II, Series 2015-1A, Class A3 (a) 1.860% 10/15/19		264,547		264,097
Oscar US Funding Trust II, Series 2015-1A, Class A4 (a) 2.440% 6/15/22		300,000		299,075
Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700%, FRN (a) 2.950% 7/15/20		73,233		73,611
Oscar US Funding Trust V, Series 2016-2A, Class A2A (a) 2.310% 11/15/19		212,533		212,317
Oscar US Funding Trust VI, Series 2017-1A, Class A3 (a) 2.820% 6/10/21		240,000		239,889
Oscar US Funding Trust VI, Series 2017-1A, Class A4 (a) 3.300% 5/10/24		160,000		160,530
Santander Drive Auto Receivables Trust, Series 2016-1, Class A3 1.620% 3/16/20		43,885		43,877
Santander Drive Auto Receivables Trust, Series 2015-2, Class C 2.440% 4/15/21		470,000		470,965
Santander Drive Auto Receivables Trust, Series 2016-1, Class B 2.470% 12/15/20		340,000		340,431
Santander Drive Auto Receivables Trust, Series 2014-4, Class D 3.100% 11/16/20		200,000		201,859

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Santander Drive Auto Receivables Trust, Series 2016-1, Class D 4.020% 4/15/22	$	500,000	$	512,565

				13,139,364

Commercial MBS — 0.3%
Commercial Mortgage Pass-Through Certificates, Series 2014-CR14, Class A2 3.147% 2/10/47		290,000		291,785
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, VRN (b) 5.767% 7/10/38		165,250		166,897
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, VRN (b) 5.476% 8/15/39		25,863		25,805
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AM, VRN (b) 6.011% 2/15/51		229,650		230,328

				714,815

Home Equity ABS — 0.2%
ACE Securities Corp., Series 2005-HE7, Class A2D, 1 mo. USD LIBOR + .660%, FRN 2.212% 11/25/35		19,804		19,794
ACE Securities Corp., Series 2005-HE5, Class M2, 1 mo. USD LIBOR + .735%, FRN 2.287% 8/25/35		52,866		53,266
Bear Stearns Asset-Backed Securities I Trust, Series 2005-HE12, Class M1, 1 mo. USD LIBOR + ..480%, FRN 2.032% 12/25/35		114,446		114,734
Countrywide Partnership Trust, Series 2004-EC1, Class M1, 1 mo. USD LIBOR + .900%, FRN 2.452% 2/25/35		102,644		96,880
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240%, FRN (a) 1.792% 10/25/34		124,536		124,299
JP Morgan Mortgage Acquisition Corp., Series 2005-FRE1, Class A2V2, 1 mo. USD LIBOR + .220%, FRN 1.772% 10/25/35		16,100		16,103
Option One Mortgage Loan Trust, Series 2005-5, Class A3, 1 mo. USD LIBOR + .210%, FRN 1.762% 12/25/35		39,220		39,237

				464,313


	Principal Amount		Value
Other ABS — 16.7%
321 Henderson Receivables I LLC, Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200%, FRN (a) 1.677% 3/15/41	$	84,744	$	82,908
321 Henderson Receivables I LLC, Series 2010-3A, Class A (a) 3.820% 12/15/48		264,305		269,844
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480%, FRN (a) 2.839% 10/15/28		370,000		373,088
Apidos CLO XXV, Series 2016-25A, Class A1, 3 mo. USD LIBOR + 1.460%, FRN (a) 2.823% 10/20/28		520,000		521,601
Arbys Funding LLC, Series 2015-1A, Class A2 (a) 4.969% 10/30/45		294,000		300,271
ARL First LLC, Series 2012-1A, Class A1, 1 mo. USD LIBOR + 1.750%, FRN (a) 3.227% 12/15/42		207,813		209,368
Avant Loans Funding Trust, Series 2017-B, Class A (a) 2.290% 6/15/20		595,374		595,221
Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR + 1.120%, FRN (a) 2.474% 1/18/25		580,000		581,501
BCC Funding X LLC, Series 2015-1, Class A2 (a) 2.224% 10/20/20		59,789		59,697
Birchwood Park CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.180%, FRN (a) 2.539% 7/15/26		340,000		341,134
BlueMountain CLO Ltd., Series 2015-2A, Class A1, 3 mo. USD LIBOR + 1.430%, FRN (a) 2.784% 7/18/27		475,000		477,237
BlueVirgo Trust, Series 2015-1A, Class NOTE (a) 3.000% 12/15/22		322,595		323,311
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A (a) 2.940% 5/25/29		225,952		223,525
Capital Automotive LLC, Series 2012-1A, Class A1 (a) 3.870% 4/15/47		258,267		261,953
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A (a) 2.000% 12/10/23		83,265		82,953
CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2 (a) 4.474% 3/20/43		451,983		453,459

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
CLI Funding VI LLC, Series 2017-1A, Class A (a) 3.620% 5/18/42	$	374,785	$	375,042
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%, FRN 2.012% 9/25/34		29,886		29,778
Crestline Denali CLO Ltd., Series 2013-1A, Class A1, FRN (a) (b) 2.421% 10/26/27		350,000		351,194
Diamond Resorts Owner Trust, Series 2013-2, Class A (a) 2.270% 5/20/26		91,534		91,283
Diamond Resorts Owner Trust, Series 2014-1, Class A (a) 2.540% 5/20/27		39,866		39,829
Diamond Resorts Owner Trust, Series 2015-1, Class A (a) 2.730% 7/20/27		87,807		87,233
Diamond Resorts Owner Trust, Series 2015-2, Class A (a) 2.990% 5/22/28		104,354		103,360
Diamond Resorts Owner Trust, Series 2016-1, Class A (a) 3.080% 11/20/28		627,076		617,333
Diamond Resorts Owner Trust, Series 2015-2, Class B (a) 3.540% 5/22/28		70,509		70,001
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2I (a) 3.484% 10/25/45		423,550		425,734
Dong Fang Container Finance II SPV Ltd., Series 2014-1A, Class A1 (a) 1.950% 11/25/39		68,750		68,325
Drug Royalty Corp., Inc., Series 2014-1, Class A1, 3 mo. USD LIBOR + 2.850%, FRN (a) 4.154% 7/15/23		108,072		109,000
Drug Royalty Corp., Inc., Series 2012-1, Class A1, 3 mo. USD LIBOR + 5.250%, FRN (a) 6.130% 7/15/24		35,000		35,338
Elara HGV Timeshare Issuer, Series 2017-A, Class A (a) 2.690% 3/25/30		260,334		258,375
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A (a) 2.730% 4/25/28		223,658		222,330
Elara HGV Timeshare Issuer LLC, Series 2014-A, Class B, VRN (a) (b) 3.020% 2/25/27		99,159		97,069


	Principal Amount		Value
Element Rail Leasing I LLC, Series 2014-1A, Class A1 (a) 2.299% 4/19/44	$	120,693	$	120,414
Element Rail Leasing II LLC, Series 2015-1A, Class A1 (a) 2.707% 2/19/45		59,219		57,815
Element Rail Leasing II LLC, Series 2016-1A, Class A1 (a) 3.968% 3/19/46		159,218		161,694
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27		77,694		77,519
FNA Trust, Series 2015-1, Class A (a) 3.240% 12/10/23		48,969		48,689
FRS I LLC, Series 2013-1A, Class A1 (a) 1.800% 4/15/43		35,340		35,117
Galaxy XX CLO Ltd., Series 2015-20A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (a) 2.813% 7/20/27		475,000		475,495
Global SC Finance II SRL, Series 2013-1A, Class A (a) 2.980% 4/17/28		157,333		155,698
Global SC Finance IV Ltd., Series 2017-1A, Class A (a) 3.850% 4/15/37		310,619		315,545
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class A, 3 mo. USD LIBOR + 1.150%, FRN (a) 2.517% 4/25/25		464,031		464,128
Goodgreen Trust, Series 2016-1A, Class A (a) 3.230% 10/15/52		509,243		507,908
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .645%, FRN 2.197% 4/25/35		23,650		23,760
Hercules Capital Funding Trust, Series 2014-1A, Class A (a) 3.524% 4/16/21		95,036		95,125
Hero Funding, Series 2017-3A, Class A1 (a) 3.190% 9/20/48		308,274		307,432
HERO Funding Trust, Series 2016-4A, Class A1 (a) 3.570% 9/20/47		355,704		361,491
HERO Funding Trust, Series 2015-1A, Class A (a) 3.840% 9/21/40		805,876		819,978
Hilton Grand Vacations Trust, Series 2014-AA, Class A (a) 1.770% 11/25/26		127,531		125,392
Hilton Grand Vacations Trust, Series 2013-A, Class A (a) 2.280% 1/25/26		104,600		103,879

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Hilton Grand Vacations Trust, Series 2017-AA, Class B, VRN (a) (b) 2.960% 12/26/28	$	309,872	$	306,004
LCM XIV LP, Series 14A, Class A, 3 mo. USD LIBOR + 1.150%, FRN (a) 2.509% 7/15/25		618,068		618,923
LCM XXIII Ltd., Series 23A, Class A1, 3 mo. USD LIBOR + 1.400%, FRN (a) 2.763% 10/20/29		590,000		597,487
Lendmark Funding Trust, Series 2017-1A, Class A (a) 2.830% 12/22/25		240,000		239,373
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2, 1 mo. USD LIBOR + .825%, FRN 2.377% 6/25/35		89,897		89,969
Madison Park Funding Ltd., Series 2016-22A, Class A, 3 mo. USD LIBOR + 1.480%, FRN (a) 2.847% 10/25/29		420,000		427,380
Madison Park Funding XIV Ltd., Series 2014-14A, Class A1R, 3 mo. USD LIBOR + 1.120%, FRN (a) 2.483% 7/20/26		280,000		281,251
Magnetite XI Ltd., Series 2014-11A, Class A1R, 3 mo. USD LIBOR + 1.120%, FRN (a) 2.474% 1/18/27		700,000		702,351
Mariner Finance Issuance Trust, Series 2017-BA, Class A (a) 2.920% 12/20/29		900,000		898,237
Mariner Finance Issuance Trust, Series 2017-AA, Class A (a) 3.620% 2/20/29		400,000		401,373
Marlette Funding Trust, Series 2017-3A, Class A (a) 2.360% 12/15/24		261,998		261,892
Marlette Funding Trust, Series 2017-2A, Class A (a) 2.390% 7/15/24		297,489		297,454
Marlette Funding Trust, Series 2017-1A, Class A (a) 2.827% 3/15/24		482,030		483,446
Marlette Funding Trust, Series 2016-1A, Class A (a) 3.060% 1/17/23		241,675		242,103
Miramax LLC, Series 2014-1A, Class A2 (a) 3.340% 7/20/26		109,472		109,561
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, Class M4, 1 mo. USD LIBOR + ..945%, FRN 2.497% 4/25/35		32,381		32,878


	Principal Amount		Value
Mosaic Solar Loans LLC, Series 2017-1A, Class A (a) 4.450% 6/20/42	$	109,934	$	112,167
MVW Owner Trust, Series 2013-1A, Class A (a) 2.150% 4/22/30		95,982		94,758
MVW Owner Trust, Series 2014-2, Class A (a) 2.250% 9/22/31		155,812		153,209
MVW Owner Trust, Series 2016-1A, Class A (a) 2.250% 12/20/33		68,537		67,805
Nations Equipment Finance Funding II LLC, Series 2014-1A, Class A (a) 1.558% 7/20/18		2,019		2,018
Nations Equipment Finance Funding III LLC, Series 2016-1A, Class A (a) 3.610% 2/20/21		110,596		110,722
Navitas Equipment Receivables LLC, Series 2015-1, Class A2 (a) 2.120% 11/15/18		25,051		25,036
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BR, FRN (a) (b) 6.623% 1/15/28		250,000		250,036
New Residential Advance Receivables Trust, Series 2016-T2, Class AT2 (a) 2.575% 10/15/49		1,950,000		1,931,378
NP SPE II LLC, Series 2017-1A, Class A1 (a) 3.372% 10/21/47		188,313		187,138
NRZ Advance Receivables Trust, Series 2016-T4, Class AT4 (a) 3.107% 12/15/50		700,000		696,883
OCP CLO Ltd., Series 2015-8A, Class A2AR, FRN (a) (b) 2.803% 4/17/27		650,000		651,666
OHA Loan Funding Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.410%, FRN (a) 2.826% 8/15/29		590,000		600,001
OnDeck Asset Securitization Trust II LLC, Series 2016-1A, Class A (a) 4.210% 5/17/20		120,000		120,444
Oportun Funding VI LLC, Series 2017-A, Class A (a) 3.230% 6/08/23		350,000		348,250
Orange Lake Timeshare Trust, Series 2014-AA, Class A (a) 2.290% 7/09/29		37,899		37,371
Orange Lake Timeshare Trust, Series 2016-A, Class A (a) 2.610% 3/08/29		223,749		221,482

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Oxford Finance Funding Trust, Series 2016-1A, Class A (a) 3.968% 6/17/24	$	200,000	$	200,759
Oxford Finance Funding Trust, Series 2014-1A, Class A (a) 3.475% 12/15/22		51,260		50,976
RAAC, Series 2006-RP2, Class A, 1 mo. USD LIBOR + ..250%, FRN (a) 1.802% 2/25/37		50,107		49,998
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340%, FRN (a) 2.776% 2/20/30		700,000		705,300
Sierra Receivables Funding Co. LLC, Series 2014-2A, Class A, VRN (a) (b) 2.050% 6/20/31		124,332		123,843
Sierra Receivables Funding Co. LLC, Series 2013-2A, Class A, VRN (a) (b) 2.280% 11/20/25		25,604		25,594
Sierra Receivables Funding Co. LLC, Series 2014-3A, Class A (a) 2.300% 10/20/31		185,285		184,095
Sierra Receivables Funding Co. LLC, Series 2015-1A, Class A (a) 2.400% 3/22/32		218,290		216,438
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class B (a) 3.080% 9/20/32		30,624		30,457
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class A (a) 2.580% 9/20/32		79,622		79,441
Sierra Timeshare Receivables Funding LLC, Series 2017-1A, Class A (a) 2.910% 3/20/34		544,900		545,701
SoFi Consumer Loan Program LLC, Series 2016-3, Class A (a) 3.050% 12/26/25		247,650		248,838
SoFi Consumer Loan Program LLC, Series 2016-5, Class A (a) 3.060% 9/25/28		1,377,793		1,381,224
SoFi Consumer Loan Program LLC, Series 2016-2A, Class A (a) 3.090% 10/27/25		293,873		295,331
SoFi Consumer Loan Program LLC, Series 2016-1A, Class A (a) 3.260% 8/25/25		684,147		688,139
SoFi Consumer Loan Program LLC, Series 2015-2, Class A (a) 3.280% 9/15/23		548,491		550,025
SoFi Consumer Loan Program LLC, Series 2017-2, Class A (a) 3.280% 2/25/26		536,533		539,964


	Principal Amount		Value
SpringCastle America Funding LLC, Series 2016-AA, Class A (a) 3.050% 4/25/29	$	492,693	$	495,749
Springleaf Funding Trust, Series 2016-AA, Class A (a) 2.900% 11/15/29		1,460,000		1,462,151
SPS Servicer Advance Receivables Trust, Series 2016-T1, Class AT1 (a) 2.530% 11/16/48		1,040,000		1,030,872
Symphony CLO XV Ltd., Series 2014-15A, Class AR, 3 mo. USD LIBOR + 1.180%, FRN (a) 2.533% 10/17/26		800,000		802,364
Taco Bell Funding LLC, Series 2016-1A, Class A2I (a) 3.832% 5/25/46		375,250		380,510
TAL Advantage LLC, Series 2014-2A, Class A1 (a) 1.700% 5/20/39		29,884		29,832
TAL Advantage VI LLC, Series 2017-1A, Class A 4.500% 4/20/42		468,680		480,641
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480%, FRN (a) 2.839% 10/13/29		300,000		305,174
Trafigura Securitisation Finance PLC, Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700%, FRN (a) 3.177% 12/15/20		260,000		261,210
Treman Park CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.370%, FRN (a) 2.733% 4/20/27		950,000		951,578
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 (a) 2.709% 8/15/47		170,146		169,480
Trip Rail Master Funding LLC, Series 2011-1A, Class A2 (a) 6.024% 7/15/41		670,000		727,092
Triton Container Finance IV LLC, Series 2017-2A, Class A (a) 3.620% 8/20/42		1,008,990		1,010,065
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, VRN (b) 2.997% 10/25/46		367,372		367,337
VSE VOI Mortgage LLC, Series 2016-A, Class A (a) 2.540% 7/20/33		572,273		567,403
Welk Resorts LLC, Series 2015-AA, Class A (a) 2.790% 6/16/31		102,449		100,567

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Welk Resorts LLC, Series 2017-AA, Class B (a) 3.410% 6/15/33	$	269,125	$	266,475
Wendys Funding LLC, Series 2015-1A, Class A2I (a) 3.371% 6/15/45		904,188		905,557
Westgate Resorts LLC, Series 2014-1A, Class A (a) 2.150% 12/20/26		99,610		98,518
Westgate Resorts LLC, Series 2017-1A, Class A (a) 3.050% 12/20/30		274,451		273,936
Westgate Resorts LLC, Series 2015-2A, Class A (a) 3.200% 7/20/28		202,233		201,880

				40,799,934

Student Loans ABS — 9.2%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700%, FRN (a) 2.252% 7/25/56		271,603		271,929
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%, FRN (a) 3.052% 7/25/58		140,000		120,880
AccessLex Institute, Series 2004-A, Class A2, 3 mo. USD LIBOR + .260%, FRN 1.627% 4/25/29		99		99
AccessLex Institute, Series 2004-A, Class A3, 28 day ARS, FRN 1.699% 7/01/39		1,250,000		1,233,154
AccessLex Institute, Series 2003-A, Class A3, 3 mo. Treasury + 1.200%, FRN 2.550% 7/01/38		66,659		62,845
Brazos Student Finance Corp., Series 2003-A, Class A3, 28 day ARS, FRN 1.729% 7/01/38		200,000		196,430
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%, FRN 1.849% 1/15/37		241,694		220,567
Commonbond Student Loan Trust, Series 2017-AGS, Class C (a) 5.280% 5/25/41		520,000		528,194
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B (a) 2.500% 1/25/30		121,880		115,044
DRB Prime Student Loan Trust, Series 2015-A, Class A3 2.320% 4/25/30		78,884		78,329


	Principal Amount		Value
DRB Prime Student Loan Trust, Series 2015-B, Class A3 (a) 2.540% 4/27/26	$	75,917	$	74,942
DRB Prime Student Loan Trust, Series 2016-B, Class A2 (a) 2.890% 6/25/40		224,197		224,665
DRB Prime Student Loan Trust, Series 2015-A, Class A2 (a) 3.060% 7/25/31		115,032		115,029
DRB Prime Student Loan Trust, Series 2015-B, Class A2 (a) 3.170% 7/25/31		103,552		104,026
DRB Prime Student Loan Trust, Series 2015-D, Class A2 (a) 3.200% 1/25/40		762,966		762,324
DRB Prime Student Loan Trust, Series 2015-D, Class A1, 1 mo. USD LIBOR + 1.700%, FRN (a) 3.252% 1/25/40		239,541		244,143
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900%, FRN (a) 3.464% 10/25/44		870,932		879,642
DRB Prime Student Loan Trust, Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000%, FRN (a) 3.552% 4/25/40		224,855		224,271
Earnest Student Loan Program LLC, Series 2016-C, Class A2 (a) 2.680% 7/25/35		397,165		389,843
Earnest Student Loan Program LLC, Series 2016-D, Class A2 (a) 2.720% 1/25/41		371,018		367,083
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050%, FRN (a) 3.602% 2/26/35		277,247		278,192
ECMC Group Student Loan Trust, Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200%, FRN (a) 2.752% 12/27/66		1,036,668		1,048,615
ECMC Group Student Loan Trust, Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350%, FRN (a) 2.902% 7/26/66		503,157		507,806
Edlinc Student Loan Funding, Series 2017-A, Class A, (Acquired 12/22/17, Cost $695,132), FRN (a) (b) (c) (d) (e) 3.350% 12/01/47		700,000		695,132
Education Loan Asset-Backed Trust I, Series 2013-1, Class A1, 1 mo. USD LIBOR + .800%, FRN (a) 2.352% 6/25/26		503,179		503,500

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Higher Education Funding I, Series 2004-1, Class B1, 28 day ARS, FRN (a) 1.120% 1/01/44	$	950,000	$	832,043
KeyCorp Student Loan Trust, Series 2006-A, Class 2A4, 3 mo. USD LIBOR + .310%, FRN 1.985% 9/27/35		91,718		91,368
Laurel Road Prime Student Loan Trust, Series 2017-B, Class CFX (a) 3.610% 8/25/42		380,000		373,820
Navient Private Education Loan Trust, Series 2014-AA, Class A2A (a) 2.740% 2/15/29		261,347		260,557
Navient Student Loan Trust, Series 2017-5A, Class A, FRN (a) (b) 2.352% 7/26/66		427,254		428,726
Navient Student Loan Trust, Series 2017-4A, Class A3, 1 mo. USD LIBOR + 1.000%, FRN (a) 2.552% 9/27/66		500,000		504,770
Navient Student Loan Trust, Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150%, FRN (a) 2.702% 7/26/66		950,000		972,605
Navient Student Loan Trust, Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250%, FRN (a) 2.802% 6/25/65		753,403		771,471
Navient Student Loan Trust, Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300%, FRN (a) 2.852% 3/25/66		1,060,000		1,089,934
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%, FRN (a) 3.078% 12/26/40		331,832		332,484
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B (a) 3.600% 12/26/40		238,929		235,838
Nelnet Student Loan Trust, Series 2014-6A, Class A, 1 mo. USD LIBOR + .650%, FRN (a) 2.202% 11/25/52		358,343		355,248
Nelnet Student Loan Trust, Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500%, FRN (a) 2.828% 6/25/54		130,000		117,661
Nelnet Student Loan Trust, Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500%, FRN (a) 2.829% 10/25/47		170,000		156,250


	Principal Amount		Value
North Carolina State Education Assistance Authority, Series 2011-1, Class A2, 3 mo. USD LIBOR + .900%, FRN 2.267% 1/26/26	$	22,129	$	22,170
Northstar Education Finance, Inc., Series 2005-1, Class A5, 3 mo. USD LIBOR + .750%, FRN 2.128% 10/30/45		198,587		185,785
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950%, FRN (a) 2.502% 11/25/65		629,092		630,218
SLC Private Student Loan Trust, Series 2006-A, Class A5, 3 mo. USD LIBOR + .170%, FRN 1.529% 7/15/36		14,659		14,659
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200%, FRN 1.616% 2/15/45		408,657		376,495
SLM Student Loan Trust, Series 2003-5, Class A7, 28 day ARS, FRN 0.500% 6/17/30		50,000		50,000
SLM Student Loan Trust, Series 2007-5, Class A6, 3 mo. USD LIBOR + .110%, FRN 1.477% 1/26/43		120,000		114,694
SLM Student Loan Trust, Series 2005-5, Class A4, 3 mo. USD LIBOR + .140%, FRN 1.507% 10/25/28		280,000		278,932
SLM Student Loan Trust, Series 2006-5, Class B, 3 mo. USD LIBOR + .210%, FRN 1.577% 10/25/40		489,390		461,427
SLM Student Loan Trust, Series 2006-10, Class B, 3 mo. USD LIBOR + .220%, FRN 1.587% 3/25/44		134,631		126,440
SLM Student Loan Trust, Series 2003-14, Class A6, 3 mo. USD LIBOR + .300%, FRN 1.667% 7/25/25		150,000		149,576
SLM Student Loan Trust, Series 2005-8, Class B, 3 mo. USD LIBOR + .310%, FRN 1.677% 1/25/55		198,239		179,729
SLM Student Loan Trust, Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550%, FRN (a) 1.917% 10/25/64		850,000		840,740

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SLM Student Loan Trust, Series 2013-4, Class B, 1 mo. USD LIBOR + 1.500%, FRN 2.828% 12/28/70	$	120,000	$	117,408
SMB Private Education Loan Trust, Series 2016-A, Class A1, 1 mo. USD LIBOR + .700%, FRN (a) 2.177% 5/15/23		79,983		80,014
SMB Private Education Loan Trust, Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100%, FRN (a) 2.577% 9/15/34		290,000		294,841
SMB Private Education Loan Trust, Series 2014-A, Class A2B, 1 mo. USD LIBOR + 1.150%, FRN (a) 2.627% 5/15/26		648,539		656,997
SMB Private Education Loan Trust, Series 2016-B, Class A2B, 1 mo. USD LIBOR + 1.450%, FRN (a) 2.927% 2/17/32		144,000		147,668
SoFi Professional Loan Program LLC, Series 2015-A, Class RC, (Acquired 4/19/17, Cost $562,750) (a) (c) (e) 0.000% 3/25/33		200		400,000
SoFi Professional Loan Program LLC, Series 2017-D, Class R1, (Acquired 7/19/17, Cost $565,900) (a) (c) (e) 0.000% 9/25/40		1,000,000		565,900
SoFi Professional Loan Program LLC, Series 2016-B, Class A2A (a) 1.680% 3/25/31		90,889		90,756
SoFi Professional Loan Program LLC, Series 2016-E, Class A2B (a) 2.490% 1/25/36		330,000		328,043
SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1 mo. USD LIBOR + .950%, FRN (a) 2.502% 1/25/39		138,673		140,077
SoFi Professional Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200%, FRN (a) 2.752% 6/25/33		242,764		246,713
SoFi Professional Loan Program LLC, Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750%, FRN (a) 3.302% 8/25/36		235,669		241,404

				22,510,145

WL Collateral CMO — 0.8%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, VRN (b) 3.810% 8/25/34		8,325		8,379


	Principal Amount		Value
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1, VRN (b) 3.445% 2/25/34	$	3,552	$	3,645
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1, VRN (b) 3.887% 9/25/33		1,387		1,292
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, VRN (b) 3.596% 8/25/34		1,447		1,457
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, VRN (b) 3.190% 8/25/34		9,088		8,858
JP Morgan Mortgage Trust, Series 2017-6, Class A5, VRN (a) (b) 3.500% 12/25/48		630,000		638,657
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA, VRN (b) 3.525% 2/25/34		980		955
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA, VRN (b) 3.588% 7/25/33		634		653
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, VRN (b) 3.500% 2/25/34		44		47
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1, VRN (a) (b) 3.750% 11/25/56		388,050		397,268
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3, VRN (a) (b) 3.000% 10/25/31		912,369		905,731
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, VRN (b) 3.494% 3/25/34		5,695		5,872
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%, FRN 2.463% 4/25/44		14,525		14,632

				1,987,446


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $80,431,363)				80,617,071


U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 1.0%
Collateralized Mortgage Obligations — 0.9%
Federal Home Loan Mortgage Corp.
Series 4491, Class B 3.000% 8/15/40		511,217		515,082
Series 4720, Class A 3.000% 3/15/41		431,131		434,456

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Federal National Mortgage Association
Series 2015-80, Class CA 3.000% 4/25/40	$	690,328	$	693,397
Series 2015-63, Class KA 3.000% 1/25/41		339,965		342,130
Government National Mortgage Association (b) Series 2014-131, Class BW VRN 2.829% 5/20/41		154,006		157,351

				2,142,416

Pass-Through Securities — 0.1%
Federal Home Loan Mortgage Corp.
Pool #C01079 7.500% 10/01/30		381		445
Pool #C01135 7.500% 2/01/31		1,092		1,271
Federal National Mortgage Association
Pool #725692 1 year CMT + 2.140%, FRN 3.229% 10/01/33		25,519		26,378
Pool #888586 1 year CMT + 2.210%, FRN 3.282% 10/01/34		25,737		27,089
Pool #775539 12 mo. USD LIBOR + 1.645%, FRN 3.475% 5/01/34		9,065		9,459
Pool #575667 7.000% 3/01/31		2,419		2,818
Pool #529453 7.500% 1/01/30		523		612
Pool #531196 7.500% 2/01/30		68		79
Pool #530299 7.500% 3/01/30		72		81
Pool #536386 7.500% 4/01/30		87		102
Pool #535996 7.500% 6/01/31		1,415		1,651
Pool #523499 8.000% 11/01/29		56		66
Pool #252926 8.000% 12/01/29		37		44
Pool #532819 8.000% 3/01/30		32		38
Pool #534703 8.000% 5/01/30		534		632
Pool #253437 8.000% 9/01/30		36		42
Pool #253481 8.000% 10/01/30		16		19
Pool #602008 8.000% 8/01/31		846		997


	Principal Amount		Value
Pool #596656 8.000% 8/01/31	$	289	$	305
Pool #190317 8.000% 8/01/31		718		846
Pool #597220 8.000% 9/01/31		644		765
Government National Mortgage Association
Pool #371146 7.000% 9/15/23		274		299
Pool #352022 7.000% 11/15/23		1,377		1,513
Pool #491089 7.000% 12/15/28		1,839		2,063
Pool #478658 7.000% 5/15/29		434		505
Pool #500928 7.000% 5/15/29		833		966
Pool #499410 7.000% 7/15/29		252		294
Pool #510083 7.000% 7/15/29		236		272
Pool #493723 7.000% 8/15/29		505		588
Pool #581417 7.000% 7/15/32		2,452		2,852
Government National Mortgage Association II
Pool #008746 1 year CMT + 1.500%, FRN 2.250% 11/20/25		986		1,004
Pool #080136 1 year CMT + 1.500%, FRN 2.250% 11/20/27		183		187
Pool #82462 1 year CMT + 1.500%, FRN 2.375% 1/20/40		69,613		71,729
Pool #82488 1 year CMT + 1.500%, FRN 2.375% 3/20/40		83,991		86,468

				242,479


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,406,458)				2,384,895


U.S. TREASURY OBLIGATIONS — 2.4%
U.S. Treasury Bonds & Notes — 2.4%
U.S. Treasury Note (f) 0.750% 10/31/18		4,150,000		4,115,633

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
U.S. Treasury Note 0.875% 7/31/19	$	1,800,000	$	1,772,719

				5,888,352


TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,917,908)				5,888,352


TOTAL BONDS & NOTES (Cost $195,312,250)				195,253,291


TOTAL PURCHASED OPTIONS (#) — 0.4% (Cost $962,361)				918,326


TOTAL LONG-TERM INVESTMENTS (Cost $196,274,611)				196,171,617

SHORT-TERM INVESTMENTS — 19.8%
Commercial Paper — 19.6%
Anheuser-Busch InBev Worldwide, Inc. (a) 1.475% 1/10/18		2,000,000		1,998,923
Bell Canada (a) 1.608% 2/12/18		1,750,000		1,746,084
Carnival Corp. (a) 1.646% 1/23/18		1,400,000		1,398,311
CenterPoint Energy, Inc. (a) 1.578% 1/02/18		1,000,000		999,815
Cox Enterprises, Inc. (a) 1.896% 1/02/18		2,250,000		2,249,532
Entergy Corp. (a) 1.628% 2/14/18		2,000,000		1,994,853
FedEx Corp. (a) 1.515% 1/08/18		2,250,000		2,248,943
FMC Technologies, Inc. (a) 1.828% 1/17/18		1,500,000		1,498,638
Ford Motor Credit Co. (a) 1.882% 3/01/18		1,250,000		1,246,215
HP, Inc. (a) 1.535% 1/05/18		2,000,000		1,999,444
Hyundai Capital America (a) 1.555% 1/22/18		2,175,000		2,172,486
Marriott International, Inc. (a) 1.596% 1/16/18		2,000,000		1,998,282
Molex Electronic Technologies (a) 1.634% 1/04/18		2,000,000		1,999,375
Potash Corp. of Saskatchewan, Inc. (a) 1.626% 1/26/18		2,000,000		1,997,286
Public Service Enterprise Group, Inc. (a) 2.084% 2/01/18		2,000,000		1,996,689


	Principal Amount		Value
Reckitt Benckiser Treasury Services PLC (a) 1.527% 1/16/18	$	1,500,000	$	1,498,876
Relx, Inc. (a) 1.846% 1/02/18		2,250,000		2,249,583
Sempra Energy Holdings (a) 1.545% 1/08/18		2,250,000		2,248,943
Southern California Edison Co. (a) 1.673% 1/05/18		2,250,000		2,249,278
Spectra Energy Partners (a) 1.949% 1/08/18		2,250,000		2,248,943
Suncor Energy, Inc. (a) 1.803% 3/14/18		1,500,000		1,494,406
Telus Corp. (a) 1.981% 1/29/18		2,250,000		2,246,607
The Southern Co. (a) 1.876% 1/02/18		2,250,000		2,249,583
Thomson Reuters Corp. (a) 1.649% 2/13/18		2,000,000		1,995,423
Volvo Group Treasury National (a) 1.979% 1/17/18		2,000,000		1,998,183

				48,024,701

Time Deposit — 0.2%
Euro Time Deposit 0.120% 1/02/18		527,091		527,091


TOTAL SHORT-TERM INVESTMENTS (Cost $48,560,025)				48,551,792


TOTAL INVESTMENTS — 100.1% (Cost $244,834,636) (g)				244,723,409

Other Assets/(Liabilities) — (0.1)%				(170,393	)


NET ASSETS — 100.0%			$	244,553,016

Abbreviation Legend

ABS	Asset-Backed Security

ARS	Auction Rate Security

CLO	Collateralized Loan Obligation

CMO	Collateralized Mortgage Obligation

CMT	Constant Maturity Treasury Index

FRN	Floating Rate Note

MBS	Mortgage-Backed Security

MTA	Monthly Treasury Average Index

STEP	Step Up Bond

VRN	Variable Rate Note

WL	Whole Loan

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $150,140,260 or 61.39% of net assets.

(b)

(c)	Investment was valued using significant unobservable inputs.

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2017, these securities amounted to a value of $695,132 or 0.28% of net assets.

(e)	Restricted security. Certain securities are restricted as to resale. At December 31, 2017, these securities amounted to a value of $1,661,032 or 0.68% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

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

(#) The Fund had the following open Purchased Swaptions contracts at December 31, 2017:

Purchased Swaptions


OTC Counterparty*	Units		Notional Amount		Expiration Date		Pay/ Receive Exercise Rate	Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC		6,340,000	USD	6,340,000		12/13/32	Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying Swap terminates 12/15/42, Strike 2.44	$	316,951	$	308,183	$	(8,768	)
Put

Barclays Bank PLC		12,910,000	USD	12,910,000		12/13/32	Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying Swap terminates 12/15/42, Strike 2.94	$	645,410	$	610,143	$	(35,267	)

									$	962,361	$	918,326	$	(44,035	)

*	Contracts are subject to a Master Netting Agreement.

The Fund had the following open Futures contracts at December 31, 2017:

Futures


	Expiration Date		Number of Contracts	Notional Amount	Value/ Net Unrealized Appreciation/ (Depreciation)
Futures Contracts — Long
U.S. Treasury Note 10 Year		3/20/18	232	$28,867,458	$	(88,583	)
U.S. Treasury Note 2 Year		3/29/18	135	28,959,199		(54,433	)

					$	(143,016	)

Futures Contracts — Short
U.S. Treasury Ultra 10 Year		3/20/18	84	$(11,232,765)	$	13,515
U.S. Treasury Note 5 Year		3/29/18	584	(68,180,184)		340,371

					$	353,886

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

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

The Fund had the following open Swap agreements at December 31, 2017:

Swaps


Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps*
Goldman Sachs International	USD		410,000		5/11/63	Monthly	3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)	$	(60,243	)	$	253		$	(59,990	)
Goldman Sachs International	USD		410,000		5/11/63	Monthly	3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)		(24,485	)		(35,506	)		(59,991	)
Goldman Sachs International	USD		150,000		5/11/63	Monthly	3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)		(9,930	)		(12,018	)		(21,948	)

									$	(94,658	)	$	(47,271	)	$	(141,929	)

*	Contracts are subject to a Master Netting Agreement.

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

††

Currency Legend

USD U.S. Dollar

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


United States	64.5	%
Cayman Islands	5.0	%
Netherlands	2.3	%
Luxembourg	1.2	%
United Kingdom	0.9	%
Bermuda	0.8	%
Ireland	0.8	%
Japan	0.8	%
France	0.6	%
Australia	0.6	%
New Zealand	0.5	%
Spain	0.5	%
Sweden	0.5	%
Canada	0.4	%
Mexico	0.2	%
Turkey	0.2	%
Colombia	0.2	%
Brazil	0.1	%
Austria	0.1	%
Barbados	0.1	%
United States Virgin Islands	0.0	%

Total Long-Term Investments	80.3	%
Short-Term Investments and Other Assets and Liabilities	19.7	%

Net Assets	100.0	%

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

MML Small Cap Equity Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 97.8%

COMMON STOCK — 97.8%
Basic Materials — 3.8%
Forest Products & Paper — 0.6%
P.H. Glatfelter Co.		36,920	$	791,566

Iron & Steel — 0.8%
Allegheny Technologies, Inc. (a) (b)		39,985		965,238

Mining — 2.4%
Compass Minerals International, Inc. (b)		17,710		1,279,547
Kaiser Aluminum Corp.		14,775		1,578,709

				2,858,256

				4,615,060

Communications — 5.6%
Internet — 3.9%
Etsy, Inc. (a)		48,320		988,144
Proofpoint, Inc. (a)		14,910		1,324,157
Q2 Holdings, Inc. (a)		22,190		817,702
Yelp, Inc. (a)		36,620		1,536,575

				4,666,578

Media — 1.5%
Houghton Mifflin Harcourt Co. (a)		113,260		1,053,318
WideOpenWest, Inc. (a) (b)		66,112		698,804

				1,752,122

Telecommunications — 0.2%
RigNet, Inc. (a)		17,633		263,613

				6,682,313

Consumer, Cyclical — 13.2%
Airlines — 1.5%
Spirit Airlines, Inc. (a) (b)		39,580		1,775,163

Apparel — 1.1%
Canada Goose Holdings, Inc. (a)		41,575		1,312,107

Auto Manufacturers — 0.9%
Navistar International Corp. (a)		23,980		1,028,262

Auto Parts & Equipment — 1.9%
Visteon Corp. (a)		18,370		2,298,822

Retail — 7.2%
DSW, Inc. Class A		60,990		1,305,796
Fred’s, Inc. Class A (b)		81,280		329,184
Group 1 Automotive, Inc.		29,780		2,113,486
Papa John’s International, Inc. (b)		17,290		970,142
Sonic Corp. (b)		53,320		1,465,234
Suburban Propane Partners LP (c)		66,400		1,608,208
Texas Roadhouse, Inc.		15,750		829,710

				8,621,760


	Number of Shares		Value
Storage & Warehousing — 0.6%
Wesco Aircraft Holdings, Inc. (a)		97,260	$	719,724

				15,755,838

Consumer, Non-cyclical — 20.5%
Agriculture — 0.8%
Universal Corp.		18,160		953,400

Biotechnology — 2.5%
Emergent BioSolutions, Inc. (a)		18,850		875,960
Exact Sciences Corp. (a)		13,370		702,460
Ligand Pharmaceuticals, Inc. (a) (b)		4,680		640,832
Sage Therapeutics, Inc. (a)		4,826		794,890

				3,014,142

Commercial Services — 5.5%
Korn/Ferry International		56,691		2,345,873
Matthews International Corp. Class A		21,690		1,145,232
On Assignment, Inc. (a)		35,400		2,275,158
Paylocity Holding Corp. (a)		17,510		825,772

				6,592,035

Cosmetics & Personal Care — 0.8%
elf Beauty, Inc. (a) (b)		42,740		953,529

Foods — 1.8%
Hostess Brands, Inc. (a)		145,130		2,149,375

Health Care – Products — 3.0%
NuVasive, Inc. (a)		23,650		1,383,288
NxStage Medical, Inc. (a)		22,830		553,171
Quidel Corp. (a)		19,950		864,833
Wright Medical Group NV (a)		37,370		829,614

				3,630,906

Health Care – Services — 1.5%
Addus HomeCare Corp. (a)		12,542		436,462
Amedisys, Inc. (a)		25,150		1,325,656

				1,762,118

Household Products & Wares — 1.3%
Acco Brands Corp. (a)		129,540		1,580,388

Pharmaceuticals — 3.3%
Clovis Oncology, Inc. (a)		6,860		466,480
Galapagos NV (a)		4,783		453,108
Prestige Brands Holdings, Inc. (a)		54,771		2,432,380
TherapeuticsMD, Inc. (a) (b)		96,070		580,263

				3,932,231

				24,568,124

Energy — 3.0%
Energy – Alternate Sources — 0.8%
Renewable Energy Group, Inc. (a) (b)		79,579		939,032

Oil & Gas — 0.8%
Matador Resources Co. (a)		29,465		917,246

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

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


	Number of Shares		Value
Pipelines — 1.4%
CNX Midstream Partners LP (c)		41,895	$	702,579
Noble Midstream Partners LP (c)		19,725		986,250

				1,688,829

				3,545,107

Financial — 23.9%
Banks — 8.5%
The Bank of NT Butterfield & Son Ltd.		25,229		915,560
BankUnited, Inc.		43,929		1,788,789
Chemical Financial Corp.		22,572		1,206,925
Customers Bancorp, Inc. (a)		24,750		643,253
FCB Financial Holdings, Inc. Class A (a)		23,083		1,172,616
IBERIABANK Corp.		15,470		1,198,925
MB Financial, Inc.		32,670		1,454,468
Webster Financial Corp.		31,480		1,767,917

				10,148,453

Diversified Financial Services — 1.2%
Stifel Financial Corp.		24,380		1,452,073

Insurance — 0.9%
James River Group Holdings Ltd.		26,285		1,051,663

Real Estate — 1.0%
Realogy Holdings Corp.		43,960		1,164,940

Real Estate Investment Trusts (REITS) — 7.7%
Brandywine Realty Trust		113,590		2,066,202
CYS Investments, Inc.		210,760		1,692,403
DiamondRock Hospitality Co.		152,970		1,727,031
Four Corners Property Trust, Inc.		77,290		1,986,353
National Storage Affiliates Trust		66,860		1,822,604

				9,294,593

Savings & Loans — 4.6%
Beneficial Bancorp, Inc.		47,370		779,236
Berkshire Hills Bancorp, Inc.		25,260		924,516
OceanFirst Financial Corp.		46,450		1,219,312
Oritani Financial Corp.		41,150		674,860
Sterling Bancorp		54,860		1,349,556
WSFS Financial Corp.		11,790		564,152

				5,511,632

				28,623,354

Industrial — 11.5%
Building Materials — 2.4%
Masonite International Corp. (a)		15,143		1,122,854
Summit Materials, Inc. Class A (a)		53,609		1,685,467

				2,808,321

Electrical Components & Equipment — 1.6%
Generac Holdings, Inc. (a)		37,350		1,849,572

Engineering & Construction — 2.2%
Dycom Industries, Inc. (a)		11,770		1,311,531


	Number of Shares		Value
KBR, Inc.		65,216	$	1,293,233

				2,604,764

Environmental Controls — 0.9%
Advanced Disposal Services, Inc. (a)		43,968		1,052,594

Machinery – Diversified — 0.8%
The Manitowoc Co., Inc. (a)		25,417		999,905

Metal Fabricate & Hardware — 1.0%
Rexnord Corp. (a)		47,850		1,245,057

Transportation — 1.5%
CryoPort, Inc. (a)		23,290		200,061
Genesee & Wyoming, Inc. Class A (a)		20,230		1,592,708

				1,792,769

Trucking & Leasing — 1.1%
The Greenbrier Cos., Inc. (b)		25,570		1,362,881

				13,715,863

Technology — 13.4%
Computers — 3.0%
CACI International, Inc. Class A (a)		17,181		2,273,905
Teradata Corp. (a)		32,590		1,253,412

				3,527,317

Semiconductors — 4.6%
Brooks Automation, Inc.		49,210		1,173,658
MaxLinear, Inc. (a)		43,730		1,155,347
MKS Instruments, Inc.		16,510		1,560,195
Semtech Corp. (a)		48,180		1,647,756

				5,536,956

Software — 5.8%
CommVault Systems, Inc. (a)		16,310		856,275
Envestnet, Inc. (a)		18,330		913,750
j2 Global, Inc.		23,301		1,748,274
Pegasystems, Inc.		31,086		1,465,705
Zynga, Inc. Class A (a)		499,360		1,997,440

				6,981,444

				16,045,717

Utilities — 2.9%
Electric — 2.9%
Black Hills Corp. (b)		30,480		1,832,153
NorthWestern Corp.		28,450		1,698,465

				3,530,618


TOTAL COMMON STOCK (Cost $94,420,635)				117,081,994


TOTAL EQUITIES (Cost $94,420,635)				117,081,994

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

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


	Number of Shares		Value
MUTUAL FUNDS — 7.9%
Diversified Financial Services — 7.9%
State Street Navigator Securities Lending Prime Portfolio (d)		9,444,321	$	9,444,321


TOTAL MUTUAL FUNDS (Cost $9,444,321)				9,444,321


TOTAL LONG-TERM INVESTMENTS (Cost $103,864,956)				126,526,315


	Principal Amount
SHORT-TERM INVESTMENTS — 2.3%
Repurchase Agreement — 2.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (e)	$	2,783,591		2,783,591


TOTAL SHORT-TERM INVESTMENTS (Cost $2,783,591)				2,783,591


TOTAL INVESTMENTS — 108.0% (Cost $106,648,547) (f)				129,309,906

Other Assets/(Liabilities) — (8.0)%				(9,632,784	)


NET ASSETS — 100.0%			$	119,677,122

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2017, was $9,192,182 or 7.68% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(c)	Security is a Master Limited Partnership.

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

(e)	Maturity value of $2,783,758. Collateralized by U.S. Government Agency obligations with a rate of 2.000%, maturity date of 4/30/24, and an aggregate market value, including accrued interest, of $2,842,754.

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

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

MML Special Situations Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 101.4%

COMMON STOCK — 101.4%
Basic Materials — 12.0%
Chemicals — 10.1%
AdvanSix, Inc. (a)		9,600	$	403,872
The Chemours Co.		10,379		519,573
Ingevity Corp. (a)		12,600		887,922
Rayonier Advanced Materials, Inc.		4,600		94,070
Venator Materials PLC (a)		10,800		238,896
Versum Materials, Inc.		6,800		257,380

				2,401,713

Mining — 1.9%
Alcoa Corp. (a)		8,100		436,347

				2,838,060

Communications — 7.8%
Internet — 0.7%
Liberty Expedia Holdings, Inc. Class A (a)		1,360		60,289
Liberty Ventures Series A (a)		2,040		110,649

				170,938

Media — 7.1%
Cable One, Inc.		500		351,675
Liberty Broadband Corp. Class A (a)		3,500		297,675
Liberty Broadband Corp. Class C (a)		3,600		306,576
Liberty Media Corp-Liberty Formula One Class C (a)		5,300		181,048
Liberty Media Corp-Liberty SiriusXM Class A (a)		5,600		222,096
Liberty Media Corp-Liberty SiriusXM Class C (a)		5,600		222,096
News Corp. Class A		5,800		94,018

				1,675,184

				1,846,122

Consumer, Cyclical — 12.1%
Auto Parts & Equipment — 7.2%
Adient PLC		16,800		1,322,160
Aptiv PLC		4,679		396,920

				1,719,080

Entertainment — 2.7%
The Madison Square Garden Co. Class A (a)		3,010		634,658

Lodging — 2.2%
Hilton Grand Vacations, Inc. (a)		12,500		524,375

				2,878,113

Consumer, Non-cyclical — 29.8%
Biotechnology — 6.0%
Bioverativ, Inc. (a)		26,300		1,418,096


	Number of Shares		Value
Commercial Services — 6.2%
PayPal Holdings, Inc. (a)		19,900	$	1,465,038

Foods — 2.8%
Lamb Weston Holdings, Inc.		11,733		662,328

Health Care – Products — 5.1%
Danaher Corp.		3,500		324,870
Halyard Health, Inc. (a)		6,100		281,698
Varex Imaging Corp. (a)		7,500		301,275
West Pharmaceutical Services, Inc.		3,100		305,877

				1,213,720

Household Products & Wares — 1.2%
Avery Dennison Corp.		2,400		275,664

Pharmaceuticals — 8.5%
AbbVie, Inc.		6,300		609,273
Zoetis, Inc.		19,700		1,419,188

				2,028,461

				7,063,307

Energy — 1.7%
Oil & Gas — 1.7%
Murphy USA, Inc. (a)		5,000		401,800

Financial — 8.9%
Diversified Financial Services — 5.2%
Synchrony Financial		31,800		1,227,798

Real Estate Investment Trusts (REITS) — 3.3%
Four Corners Property Trust, Inc.		10,300		264,710
Gaming and Leisure Properties, Inc.		13,900		514,300

				779,010

Savings & Loans — 0.4%
Poage Bankshares, Inc.		5,400		112,050

				2,118,858

Industrial — 22.9%
Aerospace & Defense — 2.6%
KLX, Inc. (a)		9,000		614,250

Electronics — 11.8%
Allegion PLC		8,500		676,260
Fortive Corp.		18,500		1,338,475
Keysight Technologies, Inc. (a)		7,770		323,232
Kimball Electronics, Inc. (a)		24,514		447,380

				2,785,347

Engineering & Construction — 1.2%
TopBuild Corp. (a)		3,800		287,812

Machinery – Construction & Mining — 3.6%
Oshkosh Corp.		9,500		863,455

Metal Fabricate & Hardware — 0.5%
TimkenSteel Corp. (a)		7,100		107,849

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

MML Special Situations Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Miscellaneous – Manufacturing — 3.2%
Pentair PLC		2,340	$	165,251
Trinseo SA		8,300		602,580

				767,831

				5,426,544

Technology — 3.9%
Computers — 3.9%
DXC Technology Co.		3,874		367,643
Hewlett Packard Enterprise Co.		22,600		324,536
Lumentum Holdings, Inc. (a)		4,500		220,050

				912,229

Utilities — 2.3%
Gas — 2.3%
ONE Gas, Inc.		7,300		534,798


TOTAL COMMON STOCK (Cost $19,312,037)				24,019,831


TOTAL EQUITIES (Cost $19,312,037)				24,019,831


TOTAL LONG-TERM INVESTMENTS (Cost $19,312,037)				24,019,831


TOTAL INVESTMENTS — 101.4% (Cost $19,312,037) (b)				24,019,831

Other Assets/(Liabilities) — (1.4)%				(325,921	)


NET ASSETS — 100.0%			$	23,693,910

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

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

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


United States	87.1	%
Ireland	9.1	%
United Kingdom	2.7	%
Luxembourg	2.5	%

Total Long-Term Investments	101.4	%
Other Assets and Liabilities	(1.4	)%

Net Assets	100.0	%

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

MML Strategic Emerging Markets Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 96.7%

COMMON STOCK — 95.4%
Bermuda — 2.2%
Credicorp Ltd.		4,610	$	956,252
Jardine Strategic Holdings Ltd.		37,662		1,490,771

				2,447,023

Brazil — 4.1%
Atacadao Distribuicao Comercio e Industria Ltda (a)		172,900		792,321
B3 SA - Brasil Bolsa Balcao		279,700		1,917,319
Estacio Participacoes SA		59,500		585,952
Itau Unibanco Holding SA Sponsored ADR		12,830		166,790
Natura Cosmeticos SA		8,900		88,487
Sul America SA		92,034		516,902
Vale SA Sponsored ADR (b)		35,610		435,510

				4,503,281

Cayman Islands — 17.1%
3SBio, Inc. (a) (c)		197,500		387,156
Alibaba Group Holding Ltd. Sponsored ADR (a)		36,200		6,241,966
China Lodging Group Ltd. Sponsored ADR		14,189		2,049,317
Ctrip.com International Ltd. ADR (a)		43,560		1,920,996
Hutchison China MediTech Ltd. ADR (a) (b)		3,980		156,892
New Oriental Education & Technology Group, Inc. Sponsored ADR		9,940		934,360
Tencent Holdings Ltd.		116,459		6,020,346
Want Want China Holdings Ltd.		606,000		507,022
Wuxi Biologics Cayman, Inc. (a) (c)		23,000		128,817
ZTO Express Cayman, Inc. (a)		31,320		496,422

				18,843,294

Chile — 0.3%
Banco de Chile		1,161,162		186,420
SACI Falabella		9,266		92,524

				278,944

China — 5.6%
China International Capital Corp. Ltd. Class H (c)		187,600		390,312
Jiangsu Hengrui Medicine Co. Ltd. Class A		209,000		2,211,333
Kweichow Moutai Co. Ltd. Class A		13,542		1,448,050
Sinopharm Group Co. Ltd. Class H		495,600		2,134,632

				6,184,327

Colombia — 1.1%
Grupo Aval Acciones y Valores SA (b)		77,600		659,600


	Number of Shares		Value
Grupo de Inversiones Suramericana SA		38,192	$	515,755

				1,175,355

Egypt — 0.4%
Commercial International Bank Egypt SAE		105,056		459,103

France — 4.1%
Kering		5,805		2,736,621
LVMH Moet Hennessy Louis Vuitton SE		6,166		1,811,262

				4,547,883

Hong Kong — 4.7%
AIA Group Ltd.		382,600		3,262,935
China Mobile Ltd.		111,500		1,128,630
Hang Lung Group Ltd.		60,000		220,729
Hong Kong Exchanges & Clearing Ltd.		18,624		568,853

				5,181,147

India — 11.5%
Apollo Hospitals Enterprise Ltd.		33,839		638,704
Biocon Ltd.		66,377		561,485
Cholamandalam Investment & Finance Co. Ltd.		13,949		283,144
Dr. Reddy’s Laboratories Ltd.		15,137		571,486
Housing Development Finance Corp. Ltd.		168,955		4,522,085
Infosys Ltd.		62,977		1,026,063
Kotak Mahindra Bank Ltd.		97,123		1,534,866
Tata Consultancy Services Ltd.		22,896		968,434
UltraTech Cement Ltd.		13,106		886,156
Zee Entertainment Enterprises Ltd.		186,986		1,702,804

				12,695,227

Indonesia — 2.5%
Astra International Tbk PT		1,232,000		753,092
Bank Mandiri Persero Tbk PT		1,388,100		817,534
Bank Rakyat Indonesia Persero Tbk PT		2,198,900		588,703
Indocement Tunggal Prakarsa Tbk PT		359,000		581,603

				2,740,932

Italy — 1.2%
PRADA SpA		346,800		1,256,364

Malaysia — 1.2%
Genting Bhd		425,300		965,821
Genting Malaysia Bhd		252,100		350,617

				1,316,438

Mexico — 4.7%
Fomento Economico Mexicano SAB de CV		151,053		1,420,686

MML Strategic Emerging Markets Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Fomento Economico Mexicano SAB de CV Sponsored ADR		6,360	$	597,204
Grupo Aeroportuario del Sureste SAB de CV Class B		31,022		565,866
Grupo Financiero Inbursa SAB de CV Class O		561,876		919,862
Grupo Mexico SAB de CV Series B		409,323		1,351,677
Kimberly-Clark de Mexico SAB de CV Class A		184,760		325,309

				5,180,604

Netherlands — 0.5%
Steinhoff International Holdings NV (b)		331,652		124,562
Yandex NV Class A (a)		12,040		394,310

				518,872

Nigeria — 0.3%
Nigerian Breweries PLC		301,283		112,892
Zenith Bank PLC		2,862,659		204,610

				317,502

Philippines — 3.9%
Ayala Corp.		17,960		365,199
Ayala Land, Inc.		903,800		805,619
Jollibee Foods Corp.		122,900		622,697
SM Investments Corp.		75,835		1,501,951
SM Prime Holdings, Inc.		1,375,500		1,033,213

				4,328,679

Portugal — 0.2%
Jeronimo Martins SGPS SA		10,909		211,855

Republic of Korea — 6.5%
Amorepacific Corp.		2,412		685,054
AMOREPACIFIC Group		1,672		220,263
Celltrion Healthcare Co. Ltd. (a)		5,571		562,601
Celltrion, Inc. (a)		2,140		439,789
LG Household & Health Care Ltd.		1,650		1,829,246
NAVER Corp.		3,250		2,638,773
Samsung Biologics Co. Ltd. (a) (c)		2,366		819,076

				7,194,802

Russia — 6.4%
Alrosa PJSC (a)		347,847		452,269
Magnit PJSC (a)		15,439		1,696,881
Novatek PJSC Sponsored GDR Registered		24,984		3,002,125
Polyus PJSC GDR (c) (d)		7,000		268,380
Sberbank of Russia PJSC (a)		174,972		681,814
Sberbank of Russia PJSC Sponsored ADR		54,870		928,725

				7,030,194

South Africa — 2.6%
FirstRand Ltd.		352,480		1,915,609


	Number of Shares		Value
Shoprite Holdings Ltd.		51,258	$	916,326

				2,831,935

Spain — 0.3%
Prosegur Cash SA (c)		99,942		320,634

Taiwan — 5.8%
Taiwan Semiconductor Manufacturing Co. Ltd.		837,000		6,431,562

Turkey — 1.1%
Anadolu Efes Biracilik Ve Malt Sanayii AS		81,278		519,375
BIM Birlesik Magazalar AS		32,592		671,481

				1,190,856

United Arab Emirates — 1.8%
DP World Ltd.		62,778		1,570,579
Emaar Properties PJSC		241,133		455,155

				2,025,734

United Kingdom — 5.2%
Anglo American PLC (b)		27,270		569,946
Glencore PLC		618,071		3,251,851
Mediclinic International PLC (b)		58,690		512,404
Unilever PLC		25,790		1,428,755

				5,762,956

United States — 0.1%
MercadoLibre, Inc.		200		62,932


TOTAL COMMON STOCK (Cost $80,814,718)				105,038,435


PREFERRED STOCK — 1.3%
Brazil — 1.2%
Lojas Americanas SA 0.130%		268,100		1,373,949

India — 0.1%
Zee Entertainment Enterprises Ltd. 6.000%		503,840		78,938


TOTAL PREFERRED STOCK (Cost $1,319,202)				1,452,887


TOTAL EQUITIES (Cost $82,133,920)				106,491,322

MUTUAL FUNDS — 2.1%
United States — 2.1%
State Street Navigator Securities Lending Prime Portfolio (e)		2,356,190		2,356,190


TOTAL MUTUAL FUNDS (Cost $2,356,190)				2,356,190

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

MML Strategic Emerging Markets Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
RIGHTS — 0.5%
Russia — 0.5%
Moscow Exchange OAO (a)		280,913	$	529,222


TOTAL RIGHTS (Cost $531,576)				529,222


TOTAL LONG-TERM INVESTMENTS (Cost $85,021,686)				109,376,734


	Principal Amount
SHORT-TERM INVESTMENTS — 2.1%
Repurchase Agreement — 2.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (f)	$	2,266,896		2,266,896


TOTAL SHORT-TERM INVESTMENTS (Cost $2,266,896)				2,266,896


TOTAL INVESTMENTS — 101.4% (Cost $87,288,582) (g)				111,643,630

Other Assets/(Liabilities) — (1.4)%				(1,511,534	)


NET ASSETS — 100.0%			$	110,132,096

Abbreviation Legend

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

PJSC	Public Joint Stock Company

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2017, was $2,267,499 or 2.06% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(c)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $2,314,375 or 2.10% of net assets.

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2017, these securities amounted to a value of $268,380 or 0.24% of net assets.

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

(f)	Maturity value of $2,267,032. Collateralized by U.S. Government Agency obligations with rates ranging from 2.000% – 2.750%, maturity dates ranging from 2/15/24 – 4/30/24, and an aggregate market value, including accrued interest, of $2,314,199.

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

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


Financial	23.1	%
Consumer, Non-cyclical	22.9	%
Communications	18.3	%
Consumer, Cyclical	13.1	%
Technology	7.7	%
Basic Materials	5.7	%
Energy	2.7	%
Industrial	2.3	%
Mutual Funds	2.1	%
Diversified	1.4	%

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.

[THIS PAGE INTENTIONALLY LEFT BLANK]

MML Series Investment Fund II — Financial Statements

Statements of Assets and Liabilities

December 31, 2017


	MML Asset Momentum Fund			MML Dynamic Bond Fund
Assets:
Investments, at value (Note 2) (a)	$	25,473,454		$	431,669,827
Repurchase agreements, at value (Note 2) (b)		3,747,691			8,205,799
Other short-term investments, at value (Note 2) (c)		-			11,137,159

Total investments (d)		29,221,145			451,012,785

Cash		-			-
Foreign currency, at value (e)		-			-
Receivables from:
Investments sold		-			19,692
Open forward contracts (Note 2)		139,238			-
Investment adviser (Note 3)		3,818			-
Fund shares sold		-			-
Interest and dividends		14,571			2,812,236
Interest tax reclaim receivable		-			289
Foreign taxes withheld		5,927			-
Open swap agreements, at value (Note 2)		-			-

Total assets		29,384,699			453,845,002

Liabilities:
Payables for:
Investments purchased		-			-
Collateral held for reverse repurchase agreements (Note 2)		-			-
Collateral held for open purchased options (Note 2)		-			-
Reverse repurchase agreements (Note 2)		-			-
Open forward contracts (Note 2)		19,993			-
Investments purchased on a when-issued basis (Note 2)		-			1,989,600
Fund shares repurchased		5,650			139
Securities on loan (Note 2)		-			-
Open swap agreements, at value (Note 2)		-			-
Trustees’ fees and expenses (Note 3)		1,439			27,620
Variation margin on open derivative instruments (Note 2)		72,373			-
Affiliates (Note 3):
Investment advisory fees		14,710			152,671
Administration fees		3,677			57,252
Service fees		909			2,701
Due to custodian		-			-
Commitment and Contingent Liabilities (Note 9)		-			-
Accrued expense and other liabilities		19,603			57,411

Total liabilities		138,354			2,287,394

Net assets	$	29,246,345		$	451,557,608

Net assets consist of:
Paid-in capital	$	24,025,715		$	453,730,427
Undistributed (accumulated) net investment income (loss)		-			164,570
Distributions in excess of net investment income		(71,250	)		-
Accumulated net realized gain (loss) on investments and foreign currency transactions		421,130			(1,535,191	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		4,870,750			(802,198	)

Net assets	$	29,246,345		$	451,557,608


(a) Cost of investments:	$	21,061,339		$	432,469,806
(b) Cost of repurchase agreements:	$	3,747,691		$	8,205,799
(c) Cost of other short-term investments:	$	-		$	11,139,378
(d) Securities on loan with market value of:	$	-		$	-
(e) Cost of foreign currency:	$	-		$	-

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


MML Equity Rotation Fund		MML High Yield Fund			MML Inflation- Protected and Income Fund			MML Short- Duration Bond Fund			MML Small Cap Equity Fund		MML Special Situations Fund			MML Strategic Emerging Markets Fund

$	30,237,974	$	128,590,491		$	568,009,248		$	196,171,617		$	126,526,315	$	24,019,831		$	109,376,734
	945,117		-			370,643			-			2,783,591		-			2,266,896
	2,498		5,293,482			197,213,621			48,551,792			-		-			-

	31,185,589		133,883,973			765,593,512			244,723,409			129,309,906		24,019,831			111,643,630

	-		-			-			-			-		-			370
	-		-			-			-			-		-			1,003,493

	-		1,993			2,156,725			11,835			-		-			70,551
	-		-			-			-			-		-			-
	3,063		11,425			-			2,100			-		3,243			17,364
	-		28			17,912			1,293			8,750		-			17,974
	27,576		2,154,443			1,393,002			1,221,772			75,640		5,715			31,024
	-		608			131			-			-		-			-
	-		-			-			-			-		-			18,583
	-		-			317,357			-			-		-			-

	31,216,228		136,052,470			769,478,639			245,960,409			129,394,296		24,028,789			112,802,989



	-		1,299,733			-			-			38,907		-			42,068
	-		-			3,168,048			-			-		-			-
	-		-			1,660,000			940,000			-		-			-
	-		-			337,005,237			-			-		-			-
	-		-			-			-			-		-			-
	-		-			2,450,000			-			-		-			-
	37		11,428			160,862			104,273			97,254		14			12,703
	-		-			-			-			9,444,321		-			2,356,190
	-		-			553,984			141,929			-		-			-
	1,502		20,209			87,564			33,875			32,774		1,293			12,370
	-		-			14,712			22,806			-		-			-

	11,812		68,551			196,866			71,009			65,233		12,053			96,438
	3,937		17,138			-			30,432			-		3,013			13,777
	836		24,582			29,760			19,949			10,787		379			9,067
	-		-			-			96			-		300,478			-
	-		-			-			-			-		-			-
	17,933		44,599			63,482			43,024			27,898		17,649			128,280

	36,057		1,486,240			345,390,515			1,407,393			9,717,174		334,879			2,670,893

$	31,180,171	$	134,566,230		$	424,088,124		$	244,553,016		$	119,677,122	$	23,693,910		$	110,132,096


$	23,055,637	$	137,182,659		$	427,041,067		$	249,453,392		$	81,114,987	$	20,495,888		$	94,046,236
	8,036		-			323,767			61,372			999,566		-			-
	-		(19,309	)		-			-			-		(1,142	)		(216,374	)
	1,835,258		(2,129,492	)		(10,058,386	)		(4,966,733	)		14,901,210		(1,508,630	)		(8,030,510	)
	6,281,240		(467,628	)		6,781,676			4,985			22,661,359		4,707,794			24,332,744

$	31,180,171	$	134,566,230		$	424,088,124		$	244,553,016		$	119,677,122	$	23,693,910		$	110,132,096


$	23,956,734	$	129,057,607		$	561,052,094		$	196,274,611		$	103,864,956	$	19,312,037		$	85,021,686
$	945,117	$	-		$	370,643		$	-		$	2,783,591	$	-		$	2,266,896
$	2,498	$	5,293,994		$	197,258,818		$	48,560,025		$	-	$	-		$	-
$	-	$	-		$	-		$	-		$	9,192,182	$	-		$	2,267,499
$	-	$	-		$	-		$	-		$	-	$	-		$	1,003,787

MML Series Investment Fund II — Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2017


	MML Asset Momentum Fund		MML Dynamic Bond Fund
Initial Class shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

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

Class II shares:
Net assets	$	27,727,788	$	447,145,559

Shares outstanding (a)		2,228,117		44,940,922

Net asset value, offering price and redemption price per share	$	12.44	$	9.95

Service Class shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

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

Service Class I shares:
Net assets	$	1,518,557	$	4,412,049

Shares outstanding (a)		122,386		444,217

Net asset value, offering price and redemption price per share	$	12.41	$	9.93

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

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

100


MML Equity Rotation Fund		MML High Yield Fund		MML Inflation- Protected and Income Fund		MML Short- Duration Bond Fund		MML Small Cap Equity Fund		MML Special Situations Fund		MML Strategic Emerging Markets Fund

$	-	$	-	$	377,984,389	$	-	$	102,032,816	$	-	$	-

	-		-		37,210,061		-		9,910,507		-		-

$	-	$	-	$	10.16	$	-	$	10.30	$	-	$	-


$	29,744,950	$	95,599,208	$	-	$	213,601,532	$	-	$	23,092,965	$	95,374,492

	2,141,758		9,553,208		-		21,951,316		-		2,004,853		8,241,508

$	13.89	$	10.01	$	-	$	9.73	$	-	$	11.52	$	11.57


$	-	$	-	$	46,103,735	$	-	$	17,644,306	$	-	$	-

	-		-		4,557,573		-		1,742,137		-		-

$	-	$	-	$	10.12	$	-	$	10.13	$	-	$	-


$	1,435,221	$	38,967,022	$	-	$	30,951,484	$	-	$	600,945	$	14,757,604

	103,629		3,907,219		-		3,183,913		-		52,316		1,273,680

$	13.85	$	9.97	$	-	$	9.72	$	-	$	11.49	$	11.59

101

MML Series Investment Fund II — Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2017


	MML Asset Momentum Fund			MML Dynamic Bond Fund
Investment income (Note 2):
Dividends (a)	$	283,078		$	417,426
Interest (b)		31,439			15,392,531
Securities lending net income		-			-

Total investment income		314,517			15,809,957

Expenses (Note 3):
Investment advisory fees		151,496			1,761,124
Custody fees		5,427			47,430
Interest expense		-			-
Audit fees		30,947			53,485
Legal fees		196			3,191
Proxy fees		976			976
Shareholder reporting fees		6,597			38,261
Trustees’ fees		1,565			28,004

		197,204			1,932,471
Administration fees:
Class II		36,026			654,914
Service Class I		1,848			5,507
Service fees:
Service Class		-			-
Service Class I		3,080			9,180

Total expenses		238,158			2,602,072
Expenses waived:
Class II fees reimbursed by adviser		(31,462	)		-
Service Class I fees reimbursed by adviser		(1,620	)		-
Class II advisory fees waived		-			-
Service Class I advisory fees waived		-			-

Net expenses		205,076			2,602,072

Net investment income (loss)		109,441			13,207,885

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(324,200	)		(65,571	)
Futures contracts		2,733,775			-
Swap agreements		-			-
Foreign currency transactions		(130	)		-
Forward contracts		231,919			-

Net realized gain (loss)		2,641,364			(65,571	)

Net change in unrealized appreciation (depreciation) on:
Investment transactions		4,232,610			5,649,537
Futures contracts		371,241			-
Swap agreements		-			-
Translation of assets and liabilities in foreign currencies		469			-
Forward contracts		41,345			-

Net change in unrealized appreciation (depreciation)		4,645,665			5,649,537

Net realized gain (loss) and change in unrealized appreciation (depreciation)		7,287,029			5,583,966

Net increase (decrease) in net assets resulting from operations	$	7,396,470		$	18,791,851


(a) Net of foreign withholding tax of:	$	4,926		$	-
(b) Net of foreign withholding tax of:	$	-		$	260
* Net increase (decrease) in accrued foreign capital gains tax of:	$	-		$	-

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

102


MML Equity Rotation Fund			MML High Yield Fund			MML Inflation- Protected and Income Fund			MML Short-Duration Bond Fund			MML Small Cap Equity Fund			MML Special Situations Fund			MML Strategic Emerging Markets Fund

$	388,036		$	-		$	-		$	-		$	1,428,513		$	201,029		$	1,709,760
	963			9,810,241			16,359,471			6,264,253			2,434			939			8,685
	-			-			-			-			120,489			-			7,255

	388,999			9,810,241			16,359,471			6,264,253			1,551,436			201,968			1,725,700


	121,595			789,992			2,334,452			833,463			738,333			130,888			1,131,253
	3,251			59,211			84,712			53,077			20,140			2,692			246,154
	-			-			3,878,963			-			-			-			-
	30,948			37,010			38,599			37,634			36,253			30,943			58,249
	208			928			3,038			1,827			833			170			782
	976			976			976			976			976			976			976
	6,567			16,025			41,762			21,986			12,193			6,219			11,907
	1,676			8,331			27,221			15,326			7,266			1,366			6,810

	165,221			912,473			6,409,723			964,289			815,994			173,254			1,456,131

	39,154			143,808			-			310,428			-			31,969			142,702
	1,377			53,691			-			46,771			-			753			18,906

	-			-			118,243			-			37,830			-			-
	2,296			89,484			-			77,951			-			1,256			31,509

	208,048			1,199,456			6,527,966			1,399,439			853,824			207,232			1,649,248

	(29,077	)		-			-			(10,249	)		-			(30,730	)		(82,937	)
	(1,036	)		-			-			(1,506	)		-			(726	)		(11,470	)
	-			(95,847	)		-			-			-			-			(38,049	)
	-			(35,819	)		-			-			-			-			(5,046	)

	177,935			1,067,790			6,527,966			1,387,684			853,824			175,776			1,511,746

	211,064			8,742,451			9,831,505			4,876,569			697,612			26,192			213,954



	4,309,177			3,040,160			578,320			(252,619	)		14,831,301			1,093,035			6,576,229
	-			-			(96,476	)		509,535			-			-			-
	-			-			196,285			(8,495	)		-			-			-
	44			-			-			-			(401	)		(20	)		(70,757	)
	-			-			-			-			-			-			-

	4,309,221			3,040,160			678,129			248,421			14,830,900			1,093,015			6,505,472


	2,588,946			(1,659,266	)		3,376,774			732,605			(153,349	)		2,617,462			24,401,016	*
	-			-			(14,128	)		174,412			-			-			-
	-			-			(510,697	)		(84,744	)		-			-			-
	-			-			-			-			-			-			(191	)
	-			-			-			-			-			-			-

	2,588,946			(1,659,266	)		2,851,949			822,273			(153,349	)		2,617,462			24,400,825

	6,898,167			1,380,894			3,530,078			1,070,694			14,677,551			3,710,477			30,906,297

$	7,109,231		$	10,123,345		$	13,361,583		$	5,947,263		$	15,375,163		$	3,736,669		$	31,120,251


$	1,570		$	-		$	-		$	-		$	-		$	139		$	187,686
$	-		$	-		$	246		$	35		$	-		$	-		$	-
$	-		$	-		$	-		$	-		$	-		$	-		$	13,389

103

MML Series Investment Fund II — Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Asset Momentum Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	109,441		$	48,522
Net realized gain (loss)		2,641,364			1,914,926
Net change in unrealized appreciation (depreciation)		4,645,665			18,084

Net increase (decrease) in net assets resulting from operations		7,396,470			1,981,532

Distributions to shareholders (Note 2):
From net investment income:
Class II		(372,224	)		(143,267	)
Service Class I		(17,150	)		(4,891	)

Total distributions from net investment income		(389,374	)		(148,158	)

From net realized gains:
Class II		(2,357,530	)		-
Service Class I		(127,396	)		-

Total distributions from net realized gains		(2,484,926	)		-

Net fund share transactions (Note 5):
Class II		2,729,754			143,267
Service Class I		378,001			635,192

Increase (decrease) in net assets from fund share transactions		3,107,755			778,459

Total increase (decrease) in net assets		7,629,925			2,611,833
Net assets
Beginning of year		21,616,420			19,004,587

End of year	$	29,246,345		$	21,616,420

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	-		$	-

Distributions in excess of net investment income included in net assets at end of year	$	(71,250	)	$	(23,661	)

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

104


MML Dynamic Bond Fund						MML Equity Rotation Fund
Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016


$	13,207,885		$	13,637,337		$	211,064		$	261,658
	(65,571	)		2,556,483			4,309,221			(824,002	)
	5,649,537			3,883,530			2,588,946			4,034,860

	18,791,851			20,077,350			7,109,231			3,472,516



	(14,681,150	)		(12,384,957	)		(194,875	)		(257,157	)
	(120,184	)		(61,280	)		(7,436	)		(4,270	)

	(14,801,334	)		(12,446,237	)		(202,311	)		(261,427	)


	(1,628,041	)		-			(1,392,748	)		-
	(12,410	)		-			(66,083	)		-

	(1,640,451	)		-			(1,458,831	)		-


	23,178,616			13,596,663			1,587,623			257,157
	1,497,883			2,536,553			834,850			252,558

	24,676,499			16,133,216			2,422,473			509,715

	27,026,565			23,764,329			7,870,562			3,720,804

	424,531,043			400,766,714			23,309,609			19,588,805

$	451,557,608		$	424,531,043		$	31,180,171		$	23,309,609

$	164,570		$	1,060,255		$	8,036		$	32

$	-		$	-		$	-		$	-

105

MML Series Investment Fund II — Financial Statements (Continued)

Statements of Changes in Net Assets


	MML High Yield Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	8,742,451		$	10,569,874
Net realized gain (loss)		3,040,160			(1,015,880	)
Net change in unrealized appreciation (depreciation)		(1,659,266	)		12,493,725

Net increase (decrease) in net assets resulting from operations		10,123,345			22,047,719

Distributions to shareholders (Note 2):
From net investment income:
Initial Class		-			-
Class II		(6,309,725	)		(8,197,683	)
Service Class		-			-
Service Class I		(2,363,997	)		(1,979,564	)

Total distributions from net investment income		(8,673,722	)		(10,177,247	)

Tax return of capital:
Initial Class		-			-
Class II		(423,400	)		-
Service Class		-			-
Service Class I		(158,631	)		-

Total tax return of capital		(582,031	)		-

Net fund share transactions (Note 5):
Initial Class		-			-
Class II		(372,155	)		(28,408,601	)
Service Class		-			-
Service Class I		7,944,985			2,367,805

Increase (decrease) in net assets from fund share transactions		7,572,830			(26,040,796	)

Total increase (decrease) in net assets		8,440,422			(14,170,324	)
Net assets
Beginning of year		126,125,808			140,296,132

End of year	$	134,566,230		$	126,125,808

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	-		$	69,663

Distributions in excess of net investment income included in net assets at end of year	$	(19,309	)	$	-

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

106


MML Inflation-Protected and Income Fund						MML Short-Duration Bond Fund
Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016


$	9,831,505		$	8,476,980		$	4,876,569		$	3,403,510
	678,129			2,087,381			248,421			(22,334	)
	2,851,949			11,082,174			822,273			1,376,377

	13,361,583			21,646,535			5,947,263			4,757,553



	(10,186,007	)		(9,077,612	)		-			-
	-			-			(5,513,771	)		(3,741,339	)
	(1,173,425	)		(1,014,617	)		-			-
	-			-			(759,787	)		(560,359	)

	(11,359,432	)		(10,092,229	)		(6,273,558	)		(4,301,698	)


	(2,405,566	)		-			-			-
	-			-			(62,704	)		-
	(277,120	)		-			-			-
	-			-			(8,640	)		-

	(2,682,686	)		-			(71,344	)		-


	3,444,088			(15,322,801	)		-			-
	-			-			10,647,155			47,725,913
	(834,974	)		(2,110,692	)		-			-
	-			-			(776,783	)		7,587,141

	2,609,114			(17,433,493	)		9,870,372			55,313,054

	1,928,579			(5,879,187	)		9,472,733			55,768,909

	422,159,545			428,038,732			235,080,283			179,311,374

$	424,088,124		$	422,159,545		$	244,553,016		$	235,080,283

$	323,767		$	600,143		$	61,372		$	426,410

$	-		$	-		$	-		$	-

107

MML Series Investment Fund II — Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Small Cap Equity Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	697,612		$	1,189,742
Net realized gain (loss)		14,830,900			6,363,213
Net change in unrealized appreciation (depreciation)		(153,349	)		9,716,409

Net increase (decrease) in net assets resulting from operations		15,375,163			17,269,364

Distributions to shareholders (Note 2):
From net investment income:
Initial Class		(831,020	)		(946,569	)
Class II		-			-
Service Class		(104,656	)		(97,330	)
Service Class I		-			-

Total distributions from net investment income		(935,676	)		(1,043,899	)

From net realized gains:
Initial Class		(3,750,937	)		(2,038,912	)
Service Class		(601,488	)		(268,264	)

Total distributions from net realized gains		(4,352,425	)		(2,307,176	)

Tax return of capital:
Class II		-			-
Service Class I		-			-

Total tax return of capital		-			-

Net fund share transactions (Note 5):
Initial Class		(4,513,036	)		(4,113,501	)
Class II		-			-
Service Class		3,077,402			509,259
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		(1,435,634	)		(3,604,242	)

Total increase (decrease) in net assets		8,651,428			10,314,047
Net assets
Beginning of year		111,025,694			100,711,647

End of year	$	119,677,122		$	111,025,694

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	999,566		$	1,327,553

Distributions in excess of net investment income included in net assets at end of year	$	-		$	-

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

108


MML Special Situations Fund						MML Strategic Emerging Markets Fund
Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016


$	26,192		$	75,523		$	213,954		$	247,842
	1,093,015			(833,481	)		6,505,472			(3,887,465	)
	2,617,462			3,466,670			24,400,825			10,037,410

	3,736,669			2,708,712			31,120,251			6,397,787



	-			-			-			-
	(34,572	)		(75,321	)		(81,649	)		(401,484	)
	-			-			-			-
	-			(957	)		-			(22,753	)

	(34,572	)		(76,278	)		(81,649	)		(424,237	)


	-			-			-			-
	-			-			-			-

	-			-			-			-


	-			(35,171	)		-			-
	-			(447	)		-			-

	-			(35,618	)		-			-


	-			-			-			-
	34,572			110,492			(18,421,567	)		(3,478,523	)
	-			-			-			-
	157,510			133,267			1,312,964			942,536

	192,082			243,759			(17,108,603	)		(2,535,987	)

	3,894,179			2,840,575			13,929,999			3,437,563

	19,799,731			16,959,156			96,202,097			92,764,534

$	23,693,910		$	19,799,731		$	110,132,096		$	96,202,097

$	-		$	-		$	-		$	-

$	(1,142	)	$	(661	)	$	(216,374	)	$	(659,710	)

109

MML Series Investment Fund II – Financial Statements (Continued)

Statement of Cash Flows

For the Year Ended December 31, 2017


	MML Inflation- Protected and Income Fund
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	13,361,583
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments purchased		(186,743,830	)
Investments sold		221,685,652
(Increase ) Decrease to the principal amount of inflation-indexed bonds		(7,584,806	)
(Purchase) Sale of short-term investments, net		(46,039,637	)
Amortization (accretion) of discount and premium, net		1,153,654
(Increase) Decrease in receivable from interest and dividends		170,714
(Increase) Decrease in receivable for open swap agreements, at value		156,994
Increase (Decrease) in payable for Trustees’ fees and expenses		7,968
Increase (Decrease) in payable for investment advisory fees		2,934
Increase (Decrease) in payable for service fees		(416	)
Increase (Decrease) in payable for open swap agreements, at value		354,393
Increase (Decrease) in collateral held for purchased options		1,660,000
Increase (Decrease) in variation margin payable on open derivative instruments		(12,952	)
Increase (Decrease) in payable for accrued expenses and other liabilities		(310	)
Net change in unrealized (appreciation) depreciation on investments		(3,376,774	)
Net realized (gain) loss from investments		(578,320	)

Net cash from (used in) operating activities		(5,783,153	)

Cash flows from (used in) financing activities:
Increase (Decrease) in due to custodian		(1,957,137	)
Proceeds from shares sold		49,971,603
Payment on shares redeemed		(61,321,983	)
Net Increase (Decrease) in reverse repurchase agreements		7,836,542
Increase (Decrease) in collateral held for reverse repurchase agreements		11,254,128

Net cash from (used in) financing activities		5,783,153


Net increase (decrease) in cash		-
Cash at beginning of period		-

Cash at end of period	$	-


Non cash financing activities not included herein consist of:
Reinvestment of all distributions	$	14,042,118
Cash paid out for interest on reverse repurchase agreements	$	3,610,969

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

110

MML Series Investment Fund II – Financial Statements

Financial Highlights (For a share outstanding throughout each period)

MML Asset Momentum Fund


			Income (loss) from investment operations									Less distributions to shareholders																	Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Tax return of capital			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class II
12/31/17	$	10.32	$	0.05		$	3.40		$	3.45		$	(0.18	)	$	(1.15	)	$	-		$	(1.33	)	$	12.44		33.92%		$	27,728		0.93%			0.80%			0.45%
12/31/16		9.43		0.02			0.94			0.96			(0.07	)		-			-			(0.07	)		10.32		10.20%			20,688		0.97%			0.80%			0.25%
12/31/15^g		10.00		0.00	^d		(0.56	)		(0.56	)		(0.00	)^d		-			(0.01	)		(0.01	)		9.43		(5.62%	)^b		18,773		1.25%	^a		0.80%	^a		0.01%	^a
Service Class I
12/31/17	$	10.29	$	0.02		$	3.41		$	3.43		$	(0.16	)	$	(1.15	)	$	-		$	(1.31	)	$	12.41		33.77%		$	1,519		1.18%			1.05%			0.21%
12/31/16		9.42		0.01			0.92			0.93			(0.06	)		-			-			(0.06	)		10.29		9.85%			929		1.22%			1.05%			0.13%
12/31/15^g		10.00		(0.02	)		(0.56	)		(0.58	)		-			-			-			-			9.42		(5.80%	)^b		232		1.50%	^a		1.05%	^a		(0.25%	)^a


	Year ended December 31						Period ended December 31, 2015^b
	2017			2016			Period ended December 31, 2015^b
Portfolio turnover rate		19	%		82	%		141	%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

g	For the period May 15, 2015 (commencement of operations) through December 31, 2015.

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

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

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

111

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Dynamic Bond Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class II
12/31/17	$	9.89	$	0.30	$	0.14		$	0.44		$	(0.34	)	$	(0.04	)	$	(0.38	)	$	9.95		4.45%		$	447,146		0.59%			0.59%	^l		3.00%
12/31/16		9.71		0.33		0.15			0.48			(0.30	)		-			(0.30	)		9.89		4.94%			421,624		0.59%			0.59%	^l		3.27%
12/31/15^g		10.00		0.17		(0.30	)		(0.13	)		(0.16	)		-			(0.16	)		9.71		(1.34%	)^b		400,385		0.61%	^a		0.60%	^a		2.78%	^a
Service Class I
12/31/17	$	9.88	$	0.28	$	0.12		$	0.40		$	(0.31	)	$	(0.04	)	$	(0.35	)	$	9.93		4.11%		$	4,412		0.84%			0.84%	^l		2.77%
12/31/16		9.71		0.31		0.14			0.45			(0.28	)		-			(0.28	)		9.88		4.67%			2,907		0.84%			0.84%	^l		3.14%
12/31/15^g		10.00		0.15		(0.29	)		(0.14	)		(0.15	)		-			(0.15	)		9.71		(1.45%	)^b		382		0.86%	^a		0.85%	^a		2.39%	^a


	Year ended December 31						Period ended December 31, 2015^b
	2017			2016			Period ended December 31, 2015^b
Portfolio turnover rate		100	%		79	%		106	%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

g	For the period May 15, 2015 (commencement of operations) through December 31, 2015.

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

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

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

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

112

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Rotation Fund


			Income (loss) from investment operations								Less distributions to shareholders																	Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Tax return of capital			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class II
12/31/17	$	11.28	$	0.10	$	3.30		$	3.40		$	(0.10	)	$	(0.69	)	$	-		$	(0.79	)	$	13.89		30.09%		$	29,745		0.76%			0.65%			0.79%
12/31/16		9.71		0.13		1.57			1.70			(0.13	)		-			-			(0.13	)		11.28		17.48%			22,878		0.76%			0.65%			1.28%
12/31/15^g		10.00		0.07		(0.29	)		(0.22	)		(0.06	)		-			(0.01	)		(0.07	)		9.71		(2.18%	)^b		19,462		0.96%	^a		0.65%	^a		1.06%	^a
Service Class I
12/31/17	$	11.27	$	0.07	$	3.28		$	3.35		$	(0.08	)	$	(0.69	)	$	-		$	(0.77	)	$	13.85		29.68%		$	1,435		1.01%			0.90%			0.57%
12/31/16		9.71		0.09		1.58			1.67			(0.11	)		-			-			(0.11	)		11.27		17.22%			431		1.01%			0.90%			0.92%
12/31/15^g		10.00		0.05		(0.28	)		(0.23	)		(0.06	)		-			(0.00	)^d		(0.06	)		9.71		(2.32%	)^b		127		1.21%	^a		0.90%	^a		0.80%	^a


	Year ended December 31						Period ended December 31, 2015^b
	2017			2016			Period ended December 31, 2015^b
Portfolio turnover rate		63	%		90	%		39	%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

g	For the period May 15, 2015 (commencement of operations) through December 31, 2015.

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

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

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

113

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML High Yield Fund


			Income (loss) from investment operations								Less distributions to shareholders																	Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Tax return of capital			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waivers^j		Net investment income (loss) to average daily net assets
Class II
12/31/17	$	9.93	$	0.69	$	0.11		$	0.80		$	(0.67	)	$	-		$	(0.05	)	$	(0.72	)	$	10.01		8.22%		$	95,599		0.84%		0.74%		6.71%
12/31/16		9.17		0.71		0.76			1.47			(0.71	)		-			-			(0.71	)		9.93		16.48%			95,180		0.84%		0.74%		7.42%
12/31/15		9.98		0.65		(0.74	)		(0.09	)		(0.66	)		(0.06	)		(0.00	)^d		(0.72	)		9.17		(1.13%	)		113,880		0.83%		0.71%		6.56%
12/31/14		11.03		0.72		(0.57	)		0.15			(0.74	)		(0.46	)		-			(1.20	)		9.98		1.05%			116,277		0.83%		0.69%		6.62%
12/31/13		10.93		0.76		0.38			1.14			(0.74	)		(0.30	)		-			(1.04	)		11.03		10.84%			129,251		0.84%		0.69%		6.88%
Service Class I
12/31/17	$	9.90	$	0.66	$	0.11		$	0.77		$	(0.66	)	$	-		$	(0.04	)	$	(0.70	)	$	9.97		7.88%		$	38,967		1.09%		0.99%		6.45%
12/31/16		9.14		0.69		0.75			1.44			(0.68	)		-			-			(0.68	)		9.90		16.25%			30,946		1.09%		0.99%		7.19%
12/31/15		9.95		0.62		(0.73	)		(0.11	)		(0.64	)		(0.06	)		(0.00	)^d		(0.70	)		9.14		(1.39%	)		26,416		1.08%		0.97%		6.31%
12/31/14		11.01		0.69		(0.58	)		0.11			(0.71	)		(0.46	)		-			(1.17	)		9.95		0.71%			25,255		1.08%		0.94%		6.38%
12/31/13		10.91		0.73		0.38			1.11			(0.71	)		(0.30	)		-			(1.01	)		11.01		10.59%			22,141		1.09%		0.94%		6.63%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		63	%		59	%		70	%		79	%		113	%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

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

114

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Inflation-Protected and Income Fund


			Income (loss) from investment operations								Less distributions to shareholders																	Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Tax return of capital			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets (including Interest Expense)^p		Ratio of expenses to average daily net assets (excluding Interest Expense)		Net investment income (loss) to average daily net assets (including Interest Expense)
Initial Class
12/31/17	$	10.18	$	0.24	$	0.08		$	0.32		$	(0.28	)	$	-		$	(0.06	)	$	(0.34	)	$	10.16		3.21%		$	377,984		1.50%		0.59%		2.33%
12/31/16		9.92		0.21		0.30			0.51			(0.25	)		-			-			(0.25	)		10.18		5.10%			375,135		1.13%		0.60%		2.00%
12/31/15		10.18		0.06		(0.20	)		(0.14	)		(0.12	)		-			-			(0.12	)		9.92		(1.41%	)		380,221		0.84%		0.59%		0.58%
12/31/14		10.35		0.19		0.16			0.35			(0.29	)		(0.23	)		-			(0.52	)		10.18		3.45%			412,861		0.73%		0.60%		1.85%
12/31/13		11.86		0.16		(1.16	)		(1.00	)		(0.21	)		(0.30	)		-			(0.51	)		10.35		(8.68%	)		326,380		0.77%		0.60%		1.45%
Service Class
12/31/17	$	10.14	$	0.21	$	0.09		$	0.30		$	(0.26	)	$	-		$	(0.06	)	$	(0.32	)	$	10.12		2.96%		$	46,104		1.75%		0.84%		2.08%
12/31/16		9.87		0.18		0.31			0.49			(0.22	)		-			-			(0.22	)		10.14		4.90%			47,025		1.38%		0.85%		1.77%
12/31/15		10.14		0.03		(0.20	)		(0.17	)		(0.10	)		-			-			(0.10	)		9.87		(1.65%	)		47,818		1.09%		0.84%		0.33%
12/31/14		10.32		0.18		0.14			0.32			(0.27	)		(0.23	)		-			(0.50	)		10.14		3.16%			52,008		0.98%		0.85%		1.75%
12/31/13		11.83		0.13		(1.16	)		(1.03	)		(0.18	)		(0.30	)		-			(0.48	)		10.32		(8.95%	)		53,902		1.02%		0.85%		1.20%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		34	%		41	%		50	%		67	%		57	%

c	Per share amount calculated on the average shares method.

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

p	Interest expense incurred as a result of entering into reverse repurchase agreements is included in the Fund’s net expenses in the Statements of Operations. Income earned on investing proceeds from reverse repurchase agreements is included in interest income in the Statements of Operations.

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

115

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Short-Duration Bond Fund


			Income (loss) from investment operations							Less distributions to shareholders																Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations		From net investment income			From net realized gains			Tax return of capital			Total distributions			Net asset value, end of the period		Total return^m		Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class II
12/31/17	$	9.75	$	0.20	$	0.05		$	0.25	$	(0.27	)	$	-		$	(0.00	)^d	$	(0.27	)	$	9.73		2.55%	$	213,602		0.55%		0.55%	^k		2.08%
12/31/16		9.70		0.18		0.09			0.27		(0.22	)		-			-			(0.22	)		9.75		2.80%		203,294		0.56%		0.55%			1.84%
12/31/15		9.84		0.17		(0.08	)		0.09		(0.23	)		-			-			(0.23	)		9.70		0.93%		155,210		0.55%		0.55%	^k		1.73%
12/31/14		9.94		0.15		(0.01	)		0.14		(0.24	)		(0.00	)^d		-			(0.24	)		9.84		1.46%		166,438		0.55%		0.55%	^k		1.50%
12/31/13		10.10		0.14		(0.05	)		0.09		(0.20	)		(0.05	)		-			(0.25	)		9.94		0.89%		195,279		0.55%		0.55%	^k		1.38%
Service Class I
12/31/17	$	9.74	$	0.18	$	0.04		$	0.22	$	(0.24	)	$	-		$	(0.00	)^d	$	(0.24	)	$	9.72		2.29%	$	30,951		0.80%		0.80%	^k		1.83%
12/31/16		9.69		0.16		0.09			0.25		(0.20	)		-			-			(0.20	)		9.74		2.55%		31,787		0.81%		0.80%			1.60%
12/31/15		9.83		0.15		(0.08	)		0.07		(0.21	)		-			-			(0.21	)		9.69		0.68%		24,101		0.80%		0.80%	^k		1.48%
12/31/14		9.94		0.12		(0.01	)		0.11		(0.22	)		(0.00	)^d		-			(0.22	)		9.83		1.11%		24,288		0.80%		0.80%	^k		1.26%
12/31/13		10.09		0.11		(0.03	)		0.08		(0.18	)		(0.05	)		-			(0.23	)		9.94		0.74%		21,697		0.80%		0.80%	^k		1.13%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		51	%		96	%		51	%		86	%		114	%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

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

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

116

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Cap Equity Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
12/31/17	$	9.45	$	0.06	$	1.27		$	1.33		$	(0.09	)	$	(0.39	)	$	(0.48	)	$	10.30		14.37	%	$	102,033		0.71	%		0.64	%
12/31/16		8.27		0.10		1.37			1.47			(0.09	)		(0.20	)		(0.29	)		9.45		18.21	%		97,747		0.72	%		1.21	%
12/31/15		10.64		0.09		(0.73	)		(0.64	)		(0.09	)		(1.64	)		(1.73	)		8.27		(5.63	%)		89,557		0.71	%		0.89	%
12/31/14		10.97		0.13		1.11			1.24			(0.11	)		(1.46	)		(1.57	)		10.64		12.16	%		104,745		0.70	%		1.19	%
12/31/13		8.82		0.09		3.39			3.48			(0.11	)		(1.22	)		(1.33	)		10.97		41.02	%		104,147		0.72	%		0.86	%
Service Class
12/31/17	$	9.31	$	0.04	$	1.24		$	1.28		$	(0.07	)	$	(0.39	)	$	(0.46	)	$	10.13		14.08	%	$	17,644		0.96	%		0.40	%
12/31/16		8.15		0.08		1.35			1.43			(0.07	)		(0.20	)		(0.27	)		9.31		17.92	%		13,279		0.97	%		0.96	%
12/31/15		10.52		0.06		(0.72	)		(0.66	)		(0.07	)		(1.64	)		(1.71	)		8.15		(5.87	%)		11,155		0.96	%		0.67	%
12/31/14		10.87		0.10		1.10			1.20			(0.09	)		(1.46	)		(1.55	)		10.52		11.88	%		9,916		0.95	%		0.94	%
12/31/13		8.76		0.06		3.36			3.42			(0.09	)		(1.22	)		(1.31	)		10.87		40.67	%		7,674		0.97	%		0.63	%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		47	%		63	%		40	%		65	%		65	%

c	Per share amount calculated on the average shares method.

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

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

117

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Special Situations Fund


			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			Tax return of capital			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class II
12/31/17	$	9.71	$	0.01		$	1.82		$	1.83		$	(0.02	)	$	-		$	(0.02	)	$	11.52		18.82%		$	23,093		0.94%			0.80%			0.13%
12/31/16		8.43		0.04			1.30			1.34			(0.04	)		(0.02	)		(0.06	)		9.71		15.84%			19,441		0.93%			0.80%			0.43%
12/31/15^g		10.00		(0.00	)^d		(1.57	)		(1.57	)		-			(0.00	)^d		(0.00	)^d		8.43		(15.67%	)^b		16,776		1.13%	^a		0.80%	^a		(0.07%	)^a
Service Class I
12/31/17	$	9.69	$	(0.01	)	$	1.81		$	1.80		$	-		$	-		$	-		$	11.49		18.58%		$	601		1.19%			1.05%			(0.13%	)
12/31/16		8.42		0.02			1.29			1.31			(0.03	)		(0.01	)		(0.04	)		9.69		15.54%			359		1.18%			1.05%			0.18%
12/31/15^g		10.00		(0.02	)		(1.56	)		(1.58	)		-			-			-			8.42		(15.80%	)^b		183		1.38%	^a		1.05%	^a		(0.30%	)^a


	Year ended December 31						Period ended December 31, 2015^b
	2017			2016			Period ended December 31, 2015^b
Portfolio turnover rate		48	%		74	%		87	%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

g	For the period May 15, 2015 (commencement of operations) through December 31, 2015.

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

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

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

118

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Strategic Emerging Markets Fund


			Income (loss) from investment operations									Less distributions to shareholders											Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)^c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			Total distributions			Net asset value, end of the period		Total return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waivers^j		Net investment income (loss) to average daily net assets
Class II
12/31/17	$	8.64	$	0.02		$	2.92		$	2.94		$	(0.01	)	$	(0.01	)	$	11.57		34.02%		$	95,374		1.50%		1.37%		0.23%
12/31/16		8.15		0.02			0.51			0.53			(0.04	)		(0.04	)		8.64		6.49%			86,289		1.50%		1.40%		0.29%
12/31/15		9.63		0.03			(1.41	)		(1.38	)		(0.10	)		(0.10	)		8.15		(14.23%	)		84,356		1.60%		1.40%		0.34%
12/31/14		10.21		0.04			(0.59	)		(0.55	)		(0.03	)		(0.03	)		9.63		(5.41%	)		85,833		1.70%		1.40%		0.42%
12/31/13		10.91		0.08			(0.78	)		(0.70	)		-			-			10.21		(6.42%	)		91,651		1.56%		1.40%		0.82%
Service Class I
12/31/17	$	8.66	$	(0.00	)^d	$	2.93		$	2.93		$	-		$	-		$	11.59		33.83%		$	14,758		1.75%		1.62%		(0.04%	)
12/31/16		8.17		0.00	^d		0.51			0.51			(0.02	)		(0.02	)		8.66		6.24%			9,913		1.75%		1.65%		0.03%
12/31/15		9.65		0.01			(1.41	)		(1.40	)		(0.08	)		(0.08	)		8.17		(14.46%	)		8,409		1.85%		1.65%		0.09%
12/31/14		10.23		0.01			(0.59	)		(0.58	)		(0.00	)^d		(0.00	)^d		9.65		(5.63%	)		9,120		1.95%		1.65%		0.14%
12/31/13		10.97		0.08			(0.82	)		(0.74	)		-			-			10.23		(6.75%	)		9,122		1.81%		1.65%		0.76%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		36	%		32	%		39	%		44	%		145	%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

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

119

Notes to Financial Statements

The Funds

MML Series Investment Fund II (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a no-load, open-end, management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 2011, as it may be further amended from time to time. The following are nine series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Asset Momentum Fund (“Asset Momentum Fund”)

MML Dynamic Bond Fund (“Dynamic Bond Fund”)

MML Equity Rotation Fund (“Equity Rotation Fund”)

MML High Yield Fund (“High Yield Fund”)

MML Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)

MML Short-Duration Bond Fund (“Short-Duration Bond Fund”)

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

MML Special Situations Fund (“Special Situations Fund”)

MML Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)

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

Significant Accounting Policies

Investment Valuation

120

Notes to Financial Statements (Continued)

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.

121

Notes to Financial Statements (Continued)

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

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

122

Notes to Financial Statements (Continued)

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

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

The Equity Rotation Fund and Special Situations Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2017. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of December 31, 2017, for the remaining Funds’ investments:


	Level 1		Level 2			Level 3		Total
Asset Momentum Fund
Asset Investments
Common Stock	$	7,401,438	$	2,985,796	*	$	-	$	10,387,234
U.S. Treasury Obligations		-		3,990,332			-		3,990,332
Mutual Funds		11,095,888		-			-		11,095,888
Short-Term Investments		-		3,747,691			-		3,747,691

Total Investments	$	18,497,326	$	10,723,819		$	-	$	29,221,145

Asset Derivatives
Forward Contracts	$	-	$	139,238		$	-	$	139,238
Futures Contracts		339,060		-			-		339,060

Total	$	339,060	$	139,238		$	-	$	478,298

Liability Derivatives
Forward Contracts	$	-	$	(19,993	)	$	-	$	(19,993	)

123

Notes to Financial Statements (Continued)


	Level 1			Level 2			Level 3			Total
Dynamic Bond Fund
Asset Investments
Common Stock	$	13,654		$	-		$	-		$	13,654
Corporate Debt		-			112,653,931			-			112,653,931
Municipal Obligations		-			260,144			-			260,144
Non-U.S. Government Agency Obligations		-			126,912,108			-			126,912,108
Sovereign Debt Obligations		-			10,414,631			-			10,414,631
U.S. Government Agency Obligations and Instrumentalities		-			60,441,154			-			60,441,154
U.S. Treasury Obligations		-			109,047,707			-			109,047,707
Mutual Funds		11,926,498			-			-			11,926,498
Short-Term Investments		-			19,342,958			-			19,342,958

Total Investments	$	11,940,152		$	439,072,633		$	-		$	451,012,785


High Yield Fund
Asset Investments
Preferred Stock	$	-		$	1,041,527		$	-		$	1,041,527
Bank Loans (Less Unfunded Loan Commitments)		-			6,678,354			-			6,678,354
Corporate Debt		-			120,874,360			-			120,874,360
Short-Term Investments		-			5,293,482			-			5,293,482
Unfunded Loan Commitments***		-			-			(3,750	)**		(3,750	)

Total Investments	$	-		$	133,887,723		$	(3,750	)	$	133,883,973


Inflation-Protected and Income Fund
Asset Investments
Corporate Debt	$	-		$	9,177,602		$	-		$	9,177,602
Municipal Obligations		-			155,662			-			155,662
Non-U.S. Government Agency Obligations		-			164,456,191			1,290,960	**		165,747,151
U.S. Government Agency Obligations and Instrumentalities		-			6,335,330			-			6,335,330
U.S. Treasury Obligations		-			384,965,796			-			384,965,796
Purchased Options		-			1,627,707			-			1,627,707
Short-Term Investments		-			197,584,264			-			197,584,264

Total Investments	$	-		$	764,302,552		$	1,290,960		$	765,593,512

Asset Derivatives
Futures Contracts	$	13,290		$	-		$	-		$	13,290
Swap Agreements		-			317,357			-			317,357

Total	$	13,290		$	317,357		$	-		$	330,647

Liability Derivatives
Futures Contracts	$	(8,622	)	$	-		$	-		$	(8,622	)
Swap Agreements		-			(553,984	)		-			(553,984	)

Total	$	(8,622	)	$	(553,984	)	$	-		$	(562,606	)


Short-Duration Bond Fund
Asset Investments
Corporate Debt	$	-		$	106,297,249		$	-		$	106,297,249
Municipal Obligations		-			65,724			-			65,724
Non-U.S. Government Agency Obligations		-			78,956,039			1,661,032	**		80,617,071
U.S. Government Agency Obligations and Instrumentalities		-			2,384,895			-			2,384,895
U.S. Treasury Obligations		-			5,888,352			-			5,888,352

124

Notes to Financial Statements (Continued)


	Level 1			Level 2			Level 3		Total
Short-Duration Bond Fund (Continued)
Asset Investments (Continued)
Purchased Options	$	-		$	918,326		$	-	$	918,326
Short-Term Investments		-			48,551,792			-		48,551,792

Total Investments	$	-		$	243,062,377		$	1,661,032	$	244,723,409

Asset Derivatives
Futures Contracts	$	353,886		$	-		$	-	$	353,886

Liability Derivatives
Futures Contracts	$	(143,016	)	$	-		$	-	$	(143,016	)
Swap Agreements		-			(141,929	)		-		(141,929	)

Total	$	(143,016	)	$	(141,929	)	$	-	$	(284,945	)


Small Cap Equity Fund
Asset Investments
Common Stock	$	116,628,886		$	453,108	*	$	-	$	117,081,994
Mutual Funds		9,444,321			-			-		9,444,321
Short-Term Investments		-			2,783,591			-		2,783,591

Total Investments	$	126,073,207		$	3,236,699		$	-	$	129,309,906


Strategic Emerging Markets Fund
Asset Investments
Common Stock*
Bermuda	$	956,252		$	1,490,771		$	-	$	2,447,023
Brazil		602,300			3,900,981			-		4,503,281
Cayman Islands		11,799,953			7,043,341			-		18,843,294
Chile		278,944			-			-		278,944
China		-			6,184,327			-		6,184,327
Colombia		659,600			515,755			-		1,175,355
Egypt		-			459,103			-		459,103
France		-			4,547,883			-		4,547,883
Hong Kong		-			5,181,147			-		5,181,147
India		-			12,695,227			-		12,695,227
Indonesia		-			2,740,932			-		2,740,932
Italy		-			1,256,364			-		1,256,364
Malaysia		-			1,316,438			-		1,316,438
Mexico		5,180,604			-			-		5,180,604
Netherlands		394,310			124,562			-		518,872
Nigeria		-			317,502			-		317,502
Philippines		-			4,328,679			-		4,328,679
Portugal		-			211,855			-		211,855
Republic of Korea		-			7,194,802			-		7,194,802
Russia		-			7,030,194			-		7,030,194
South Africa		-			2,831,935			-		2,831,935
Spain		-			320,634			-		320,634
Taiwan		-			6,431,562			-		6,431,562
Turkey		-			1,190,856			-		1,190,856
United Arab Emirates		-			2,025,734			-		2,025,734
United Kingdom		-			5,762,956			-		5,762,956
United States		62,932			-			-		62,932

125

Notes to Financial Statements (Continued)


	Level 1		Level 2			Level 3		Total
Strategic Emerging Markets Fund (Continued)
Asset Investments (Continued)
Preferred Stock
Brazil	$	-	$	1,373,949	*	$	-	$	1,373,949
India		78,938		-			-		78,938
Mutual Funds		2,356,190		-			-		2,356,190
Rights		-		529,222			-		529,222
Short-Term Investments		-		2,266,896			-		2,266,896

Total Investments	$	22,370,023	$	89,273,607		$	-	$	111,643,630

*	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.

***	Unfunded loan commitments are valued at the unrealized appreciation (depreciation) on the commitment.

The following table shows Fund(s) with certain assets and liabilities, which approximate fair value and would be categorized at Level 2 as of December 31, 2017.

Statement of Assets and Liabilities location:

Dynamic
Bond
Fund

Inflation-
Protected
and Income
Fund

Short-
Duration
Bond
Fund

Small Cap
Equity
Fund

Special
Situations
Fund

Strategic
Emerging
Markets
Fund

Receivables for:

Investments sold on a when-issued basis

Payables for:

Investments purchased on a when-issued basis

Collateral held for reverse repurchase agreements

Collateral held for open purchased options

Reverse repurchase agreements

Securities on loan

Due to custodian

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

126

Notes to Financial Statements (Continued)

Derivative Instruments


Type of Derivative and Objective for Use	Asset Momentum Fund	Inflation- Protected and Income Fund	Short- Duration Bond Fund
Foreign Currency Exchange Transactions*
Hedging/Risk Management	M
Directional Exposures to Currencies	A
Intention to Create Investment Leverage in Portfolio	M

Futures Contracts**
Hedging/Risk Management	A	A	A
Duration/Credit Quality Management	M	A	A
Substitution for Direct Investment	A	A	A
Intention to Create Investment Leverage in Portfolio	M	M	M

Interest Rate Swaps***
Hedging/Risk Management		A
Duration Management		A
Asset/Liability Management		M
Substitution for Direct Investment		M
Intention to Create Investment Leverage in Portfolio		M

Credit Default Swaps (Protection Buyer)
Hedging/Risk Management		A	A
Duration/Credit Quality Management		A	A
Income		A	A
Substitution for Direct Investment		A	M
Intention to Create Investment Leverage in Portfolio		M	M

Credit Default Swaps (Protection Seller)
Hedging/Risk Management		A	A
Duration/Credit Quality Management		A	A
Income		A	A
Substitution for Direct Investment		A	A
Intention to Create Investment Leverage in Portfolio		M	M

127

Notes to Financial Statements (Continued)


Type of Derivative and Objective for Use	Asset Momentum Fund	Inflation- Protected and Income Fund	Short- Duration Bond Fund
Options (Purchased)
Hedging/Risk Management		A	A
Duration/Credit Quality Management		A	A
Substitution for Direct Investment		A	A
Directional Investment		A	A
Intention to Create Investment Leverage in Portfolio		M	M

*	Includes any options purchased or written, futures contracts, forward contracts, and swap agreements, if applicable.

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

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

At December 31, 2017, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:


	Credit Risk			Equity Risk		Foreign Exchange Risk			Interest Rate Risk			Total
Asset Momentum Fund
Asset Derivatives
Forward Contracts*	$	-		$	-	$	139,238		$	-		$	139,238
Futures Contracts^^		-			339,060		-			-			339,060

Total Value	$	-		$	339,060	$	139,238		$	-		$	478,298

Liability Derivatives
Forward Contracts^	$	-		$	-	$	(19,993	)	$	-		$	(19,993	)

Realized Gain (Loss)#
Forward Contracts	$	-		$	-	$	231,919		$	-		$	231,919
Futures Contracts		-			2,733,775		-			-			2,733,775

Total Realized Gain (Loss)	$	-		$	2,733,775	$	231,919		$	-		$	2,965,694

Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	-	$	41,345		$	-		$	41,345
Futures Contracts		-			371,241		-			-			371,241

Total Change in Appreciation (Depreciation)	$	-		$	371,241	$	41,345		$	-		$	412,586


Inflation-Protected and Income Fund
Asset Derivatives
Purchased Options*	$	-		$	-	$	-		$	1,627,707		$	1,627,707
Futures Contracts^^		-			-		-			13,290			13,290
Swap Agreements*		-			-		-			317,357			317,357

Total Value	$	-		$	-	$	-		$	1,958,354		$	1,958,354

Liability Derivatives
Futures Contracts^^	$	-		$	-	$	-		$	(8,622	)	$	(8,622	)
Swap Agreements^		(513,580	)		-		-			(40,404	)		(553,984	)

Total Value	$	(513,580	)	$	-	$	-		$	(49,026	)	$	(562,606	)

128

Notes to Financial Statements (Continued)


	Credit Risk			Equity Risk		Foreign Exchange Risk		Interest Rate Risk			Total
Inflation-Protected and Income Fund (Continued)
Realized Gain (Loss)#
Purchased Options	$	-		$	-	$	-	$	(141,314	)	$	(141,314	)
Futures Contracts		-			-		-		(96,476	)		(96,476	)
Swap Agreements		93,881			-		-		102,404			196,285

Total Realized Gain (Loss)	$	93,881		$	-	$	-	$	(135,386	)	$	(41,505	)

Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-	$	-	$	(78,047	)	$	(78,047	)
Futures Contracts		-			-		-		(14,128	)		(14,128	)
Swap Agreements		(313,299	)		-		-		(197,398	)		(510,697	)

Total Change in Appreciation (Depreciation)	$	(313,299	)	$	-	$	-	$	(289,573	)	$	(602,872	)


Short-Duration Bond Fund
Asset Derivatives
Purchased Options*	$	-		$	-	$	-	$	918,326		$	918,326
Futures Contracts^^		-			-		-		353,886			353,886

Total Value	$	-		$	-	$	-	$	1,272,212		$	1,272,212

Liability Derivatives
Futures Contracts^^	$	-		$	-	$	-	$	(143,016	)	$	(143,016	)
Swap Agreements^		(141,929	)		-		-		-			(141,929	)

Total Value	$	(141,929	)	$	-	$	-	$	(143,016	)	$	(284,945	)

Realized Gain (Loss)#
Purchased Options	$	-		$	-	$	-	$	(78,884	)	$	(78,884	)
Futures Contracts		-			-		-		509,535			509,535
Swap Agreements		(8,495	)		-		-		-			(8,495	)

Total Realized Gain (Loss)	$	(8,495	)	$	-	$	-	$	430,651		$	422,156

Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-	$	-	$	(44,035	)	$	(44,035	)
Futures Contracts		-			-		-		174,412			174,412
Swap Agreements		(84,744	)		-		-		-			(84,744	)

Total Change in Appreciation (Depreciation)	$	(84,744	)	$	-	$	-	$	130,377		$	45,633

*	Statements of Assets and Liabilities location: Investments, at value, Receivables from: open forward contracts or open swap agreements, at value, as applicable.

^	Statements of Assets and Liabilities location: Payables for: open forward contracts, or open swap agreements, at value, as applicable.

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

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

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

129

Notes to Financial Statements (Continued)

For the year ended December 31, 2017, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:


	Number of Contracts, Notional Amounts, or Shares/Units†
	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Swaptions
Asset Momentum Fund		140	$	5,546,395	$	-	$	-
Inflation-Protected and Income Fund		41		-		49,357,500		11,116,667
Short-Duration Bond Fund		736		-		2,775,833		6,235,833

†

Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements and purchased swaptions, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the year ended December 31, 2017.

Asset Valuation Inputs


Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***			Net Amount*
Asset Momentum Fund
HSBC Bank USA	$	139,238	$	-		$	-		$	139,238

Inflation-Protected and Income Fund
Bank of America N.A.	$	20,708	$	(20,708	)	$	-		$	-
Barclays Bank PLC		1,627,707		-			(1,627,707	)		-
Goldman Sachs International		97,761		(97,761	)		-			-
JP Morgan Chase Bank N.A.		198,888		(100,961	)		-			97,927

	$	1,945,064	$	(219,430	)	$	(1,627,707	)	$	97,927

Short-Duration Bond Fund
Barclays Bank PLC	$	918,326	$	-		$	(918,326	)	$	-

Liability Valuation Inputs


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Asset Momentum Fund
Barclays Bank PLC	$	(1,946	)	$	-	$	-	$	(1,946	)
JP Morgan Chase Bank N.A.		(18,047	)		-		-		(18,047	)

	$	(19,993	)	$	-	$	-	$	(19,993	)

Inflation-Protected and Income Fund
Bank of America N.A.	$	(40,404	)	$	20,708	$	-	$	(19,696	)
Goldman Sachs International		(412,619	)		97,761		260,232		(54,626	)
JP Morgan Chase Bank N.A.		(100,961	)		100,961		-		-

	$	(553,984	)	$	219,430	$	260,232	$	(74,322	)

130

Notes to Financial Statements (Continued)


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Short-Duration Bond Fund
Goldman Sachs International	$	(141,929	)	$	-	$	-	$	(141,929	)

*	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.

Further details regarding the derivatives and other investments held by the Fund(s) during the year ended December 31, 2017, are discussed below.

Foreign Currency Exchange Transactions

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

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

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

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

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

131

Notes to Financial Statements (Continued)

Futures Contracts

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

Swap Agreements

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

Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the

132

Notes to Financial Statements (Continued)

buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment or stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a “synthetic” long position.

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

133

Notes to Financial Statements (Continued)

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.

Options, Rights, and Warrants

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.

134

Notes to Financial Statements (Continued)

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.

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

Inflation-Indexed Bonds

135

Notes to Financial Statements (Continued)

Bank Loans

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

The High Yield Fund entered into certain loan agreements which are unfunded. The High Yield Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the High Yield Fund’s Portfolio of Investments. At December 31, 2017, the High Yield Fund had sufficient cash and/or securities to cover these commitments.

Repurchase Agreements

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

Reverse Repurchase Agreements

Each Fund may enter into reverse repurchase agreements with banks and broker-dealers to enhance return. Reverse repurchase agreements involve sales by a Fund of portfolio securities concurrently with an agreement by the Fund to repurchase the same securities at a later date at a fixed price (typically equal to the original sale price plus interest). During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on the securities and also has the opportunity to earn a return on the purchase price received by it from the counterparty.

136

Notes to Financial Statements (Continued)

Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A Fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements generally create investment leverage and involve the risk that the market value of the security that a Fund is obligated to repurchase under the agreement may decline below the repurchase price. For financial reporting purposes, cash received in exchange for securities delivered plus accrued interest payments to be made to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short term nature of reverse repurchase agreements, face value approximates fair value. Interest payments made by a Fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for a security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund.

Reverse repurchase transactions are entered into by a Fund under a Master Repurchase Agreement (“MRA”), which permits the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and creates one single net payment due to or from the Fund. With reverse repurchase transactions, typically a Fund and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

In the event the buyer of securities under an MRA files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of its securities may be restricted or forfeited, and the counterparty may fail to return/resell the securities in question to the Fund.

The following table is a summary of the Fund(s) open reverse repurchase transactions which are subject to an MRA on a net basis at December 31, 2017:


Counterparty	Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral*		Cash Collateral Pledged*		Net Amount
Inflation-Protected and Income Fund
BNP Paribas SA	$	(74,574,500	)	$	74,574,500	$	-	$	-
Daiwa Securities		(58,105,000	)		58,105,000		-		-
Goldman Sachs & Co.		(64,633,711	)		64,633,711		-		-
HSBC Bank USA		(94,453,250	)		94,453,250		-		-
Morgan Stanley & Co. LLC		(44,526,425	)		44,526,425		-		-

	$	(336,292,886	)	$	336,292,886	$	-	$	-

*	Collateral with a value of $346,860,859 has been pledged in connection with open reverse repurchase transactions. Excess collateral pledged to the individual counterparty is not shown for financial reporting purposes.

Reverse repurchase transactions outstanding at the end of the year, if any, are listed in each applicable Fund’s Portfolio of Investments.

At December 31, 2017, the average balance outstanding for open reverse repurchase agreements for the Inflation-Protected and Income Fund was $330,551,130. The maximum balance outstanding for the Inflation-Protected and Income Fund was $341,095,786 during the year ended December 31, 2017. The weighted average maturity was 65 days, at a weighted average interest rate of 1.17%.

137

Notes to Financial Statements (Continued)

Average balance outstanding was calculated based on daily balances outstanding during the period that the Fund had entered into reverse repurchase transactions.

The type of underlying collateral and the remaining maturity of open reverse repurchase transactions in relation to the reverse repurchase agreements on the Statements of Assets and Liabilities is as follows:


	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		31-90 days			Greater Than 90 days		Total
Inflation-Protected and Income Fund
U.S. Treasury Obligations	$	-	$	44,526,425	$	291,766,461	��	$	-	$	336,292,886

Total Borrowings	$	-	$	44,526,425	$	291,766,461		$	-	$	336,292,886

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each, a “Borrower”).

138

Notes to Financial Statements (Continued)


	Securities Lending Gross Income		Securities Lending Fees and Expenses		Securities Lending Net Income
Small Cap Equity Fund	$	149,658	$	29,169	$	120,489
Strategic Emerging Markets Fund		8,919		1,664		7,255

Accounting for Investment Transactions

Foreign Currency Translation

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.

139

Notes to Financial Statements (Continued)

Foreign Securities

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

Federal Income Tax

Dividends

and Distributions to Shareholders

Dividends from net investment income are declared and paid quarterly for the Dynamic Bond Fund, High Yield Fund, Inflation-Protected and Income Fund, and Short-Duration Bond Fund and annually for the Asset Momentum Fund, Equity Rotation Fund, Small Cap Equity Fund, Special Situations Fund, and Strategic Emerging Markets Fund and at other times as may be required to satisfy tax or regulatory requirements. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

3. Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

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


Fund		Investment Advisory Fee
Asset Momentum Fund		0.60% on the first $500 million; and
		0.55% on any excess over $500 million
Dynamic Bond Fund		0.40% on the first $1 billion; and
		0.35% on any excess over $1 billion
Equity Rotation Fund		0.45% on the first $500 million; and
		0.40% on any excess over $500 million
High Yield Fund		0.60% on the first $300 million; and
		0.575% on any excess over $300 million

140

Notes to Financial Statements (Continued)


Fund		Investment Advisory Fee
Inflation-Protected and Income Fund		0.60% on the first $100 million;
		0.55% on the next $200 million;
		0.50% on the next $200 million; and
		0.45% on any excess over $500 million
Short-Duration Bond Fund		0.35% on the first $300 million; and
		0.30% on any excess over $300 million
Small Cap Equity Fund		0.65% on the first $100 million;
		0.60% on the next $100 million;
		0.55% on the next $300 million; and
		0.50% on any excess over $500 million
Special Situations Fund		0.60% on the first $500 million; and
		0.55% on any excess over $500 million
Strategic Emerging Markets Fund		1.05% on the first $500 million; and
		1.00% on any excess over $500 million

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


Asset Momentum Fund		0.475%
Equity Rotation Fund		0.30%
High Yield Fund		0.20%
Inflation-Protected and Income Fund		0.08%
Short-Duration Bond Fund		0.08%
Special Situations Fund		0.45%

MML Advisers has entered into investment subadvisory agreements with OppenheimerFunds, Inc. (“OFI”), a wholly-owned subsidiary of Oppenheimer Acquisition Corp., itself an indirect majority-owned subsidiary of MassMutual Holding LLC, on behalf of the Small Cap Equity Fund and the Strategic Emerging Markets Fund. These agreements provide that OFI manage the investment and reinvestment of the assets of the Funds. OFI receives a subadvisory fee from MML Advisers, based upon each Fund’s average daily net assets, at the following annual rates:


Small Cap Equity Fund		0.25%
Strategic Emerging Markets Fund		0.70%

MML Advisers has entered into an investment subadvisory agreement with the unaffiliated investment subadviser, DoubleLine Capital, LP (“DoubleLine”), pursuant to which DoubleLine serves as the subadviser to the Dynamic Bond Fund. This agreement provides that DoubleLine manage the investment and reinvestment of the assets of the Fund. DoubleLine receives a subadvisory fee from MassMutual based upon the average daily net assets of the Fund.

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

141

Notes to Financial Statements (Continued)

Administration Fees

For the Asset Momentum Fund, Dynamic Bond Fund, Equity Rotation Fund, High Yield Fund, Short-Duration Bond Fund, Special Situations Fund, and Strategic Emerging Markets Fund, under a separate Administrative and Shareholder Services Agreement between the Funds and MML Advisers, MML Advisers is obligated to provide all necessary administrative and shareholder services and bear some of the Fund specific administrative expenses. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:


	Class II	Service Class I
Asset Momentum Fund	0.15%	0.15%
Dynamic Bond Fund	0.15%	0.15%
Equity Rotation Fund	0.15%	0.15%
High Yield Fund	0.15%	0.15%
Short-Duration Bond Fund	0.15%	0.15%
Special Situations Fund	0.15%	0.15%
Strategic Emerging Markets Fund	0.15%	0.15%

Distribution and Service Fees

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

Expense Caps and Waivers

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


	Class II		Service Class I
Asset Momentum Fund*		0.80%		1.05%
Dynamic Bond Fund*		0.60%		0.85%
Equity Rotation Fund*		0.65%		0.90%
Short-Duration Bond Fund*		0.55%		0.80%
Special Situations Fund*		0.80%		1.05%
Strategic Emerging Markets Fund**		1.35%		1.60%

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

*	Expense caps in effect through April 30, 2018.

**	Expense caps in effect through April 30, 2019. Prior to July 1, 2017, the expenses were capped at 1.40% and 1.65%, respectively.

142

Notes to Financial Statements (Continued)

MML Advisers has agreed to waive 0.10% of the advisory fee of the High Yield Fund through April 30, 2018.

MML Advisers has agreed to voluntarily waive 0.04% of the advisory fee of the Strategic Emerging Markets Fund through April 30, 2018. MML Advisers may amend or discontinue this waiver at any time without advance notice.

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

Deferred Compensation

Other

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

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

Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the year ended December 31, 2017, were as follows:


	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Asset Momentum Fund	$	-	$	8,656,861	$	-	$	3,792,989
Dynamic Bond Fund		259,421,861		180,754,450		264,621,500		148,621,143
Equity Rotation Fund		-		17,155,248		-		16,414,002
High Yield Fund		-		84,382,897		-		79,620,450
Inflation-Protected and Income Fund		77,889,577		110,637,356		86,619,515		134,548,566
Short-Duration Bond Fund		28,996,296		83,360,857		51,443,270		94,471,046
Small Cap Equity Fund		-		52,636,039		-		58,434,834
Special Situations Fund		-		11,024,230		-		10,284,476
Strategic Emerging Markets Fund		-		37,711,748		-		53,555,908

143

Notes to Financial Statements (Continued)

Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:


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

	Shares			Amount			Shares			Amount
Asset Momentum Fund Class II
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		222,641			2,729,754			13,802			143,267
Redeemed		-			-			-			-

Net increase (decrease)		222,641		$	2,729,754			13,802		$	143,267

Asset Momentum Fund Service Class I
Sold		47,139		$	540,352			79,133		$	769,914
Issued as reinvestment of dividends		11,829			144,546			472			4,891
Redeemed		(26,810	)		(306,897	)		(13,993	)		(139,613	)

Net increase (decrease)		32,158		$	378,001			65,612		$	635,192

Dynamic Bond Fund Class II
Sold		687,953		$	6,869,531			1,967,334		$	19,730,005
Issued as reinvestment of dividends		1,639,034			16,309,191			1,238,887			12,384,957
Redeemed		(10	)		(106	)		(1,811,608	)		(18,518,299	)

Net increase (decrease)		2,326,977		$	23,178,616			1,394,613		$	13,596,663

Dynamic Bond Fund Service Class I
Sold		180,547		$	1,803,315			306,722		$	3,060,637
Issued as reinvestment of dividends		13,347			132,594			6,138			61,280
Redeemed		(43,886	)		(438,026	)		(58,001	)		(585,364	)

Net increase (decrease)		150,008		$	1,497,883			254,859		$	2,536,553

Equity Rotation Fund Class II
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		114,382			1,587,623			22,578			257,157
Redeemed		-			-			-			-

Net increase (decrease)		114,382		$	1,587,623			22,578		$	257,157

Equity Rotation Fund Service Class I
Sold		67,346		$	852,925			26,050		$	261,848
Issued as reinvestment of dividends		5,312			73,519			376			4,270
Redeemed		(7,287	)		(91,594	)		(1,273	)		(13,560	)

Net increase (decrease)		65,371		$	834,850			25,153		$	252,558

High Yield Fund Class II
Sold		72,493		$	736,500			295,975		$	2,921,195
Issued as reinvestment of dividends		666,037			6,733,125			854,296			8,197,683
Redeemed		(766,585	)		(7,841,780	)		(3,988,962	)		(39,527,479	)

Net increase (decrease)		(28,055	)	$	(372,155	)		(2,838,691	)	$	(28,408,601	)

High Yield Fund Service Class I
Sold		1,123,560		$	11,449,809			598,074		$	5,781,914
Issued as reinvestment of dividends		250,466			2,522,628			206,300			1,979,564
Redeemed		(591,403	)		(6,027,452	)		(568,429	)		(5,393,673	)

Net increase (decrease)		782,623		$	7,944,985			235,945		$	2,367,805

144

Notes to Financial Statements (Continued)


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

	Shares			Amount			Shares			Amount
Inflation-Protected and Income Fund Initial Class
Sold		4,320,401		$	44,155,126			3,173,898		$	32,854,113
Issued as reinvestment of dividends		1,242,674			12,591,573			874,258			9,077,612
Redeemed		(5,205,339	)		(53,302,611	)		(5,541,789	)		(57,254,526	)

Net increase (decrease)		357,736		$	3,444,088			(1,493,633	)	$	(15,322,801	)

Inflation-Protected and Income Fund Service Class
Sold		566,179		$	5,768,415			556,761		$	5,721,767
Issued as reinvestment of dividends		143,782			1,450,545			98,067			1,014,617
Redeemed		(790,642	)		(8,053,934	)		(861,017	)		(8,847,076	)

Net increase (decrease)		(80,681	)	$	(834,974	)		(206,189	)	$	(2,110,692	)

Short-Duration Bond Fund Class II
Sold		4,891,268		$	47,856,521			8,113,707		$	79,725,554
Issued as reinvestment of dividends		570,980			5,576,475			382,932			3,741,339
Redeemed		(4,364,667	)		(42,785,841	)		(3,648,831	)		(35,740,980	)

Net increase (decrease)		1,097,581		$	10,647,155			4,847,808		$	47,725,913

Short-Duration Bond Fund Service Class I
Sold		1,194,751		$	11,699,414			1,611,348		$	15,759,014
Issued as reinvestment of dividends		78,763			768,427			57,403			560,359
Redeemed		(1,353,260	)		(13,244,624	)		(892,832	)		(8,732,232	)

Net increase (decrease)		(79,746	)	$	(776,783	)		775,919		$	7,587,141

Small Cap Equity Fund Initial Class
Sold		748,535		$	7,413,356			810,550		$	6,946,646
Issued as reinvestment of dividends		488,738			4,581,957			344,289			2,985,481
Redeemed		(1,666,648	)		(16,508,349	)		(1,650,378	)		(14,045,628	)

Net increase (decrease)		(429,375	)	$	(4,513,036	)		(495,539	)	$	(4,113,501	)

Small Cap Equity Fund Service Class
Sold		498,369		$	4,891,993			196,340		$	1,662,742
Issued as reinvestment of dividends		76,502			706,144			42,763			365,594
Redeemed		(258,722	)		(2,520,735	)		(182,294	)		(1,519,077	)

Net increase (decrease)		316,149		$	3,077,402			56,809		$	509,259

Special Situations Fund Class II
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		2,999			34,572			11,263			110,492
Redeemed		-			-			-			-

Net increase (decrease)		2,999		$	34,572			11,263		$	110,492

Special Situations Fund Service Class I
Sold		17,958		$	185,012			16,009		$	140,095
Issued as reinvestment of dividends		-			-			144			1,404
Redeemed		(2,646	)		(27,502	)		(897	)		(8,232	)

Net increase (decrease)		15,312		$	157,510			15,256		$	133,267

Strategic Emerging Markets Fund Class II
Sold		428,946		$	4,394,256			1,403,238		$	11,815,350
Issued as reinvestment of dividends		7,498			81,649			44,808			401,484
Redeemed		(2,184,104	)		(22,897,472	)		(1,811,377	)		(15,695,357	)

Net increase (decrease)		(1,747,660	)	$	(18,421,567	)		(363,331	)	$	(3,478,523	)

145

Notes to Financial Statements (Continued)


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

	Shares			Amount			Shares			Amount
Strategic Emerging Markets Fund Service Class I
Sold		340,961		$	3,526,710			288,730		$	2,431,282
Issued as reinvestment of dividends		-			-			2,531			22,753
Redeemed		(211,553	)		(2,213,746	)		(175,761	)		(1,511,499	)

Net increase (decrease)		129,408		$	1,312,964			115,500		$	942,536

Federal Income Tax Information


	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Asset Momentum Fund	$	25,259,074	$	4,460,035	$	(61,330	)	$	4,398,705
Dynamic Bond Fund		452,242,978		6,653,114		(7,883,307	)		(1,230,193	)
Equity Rotation Fund		24,908,199		6,438,725		(161,335	)		6,277,390
High Yield Fund		135,649,618		4,861,012		(5,126,657	)		(265,645	)
Inflation-Protected and Income Fund		763,978,832		5,221,733		(4,014,287	)		1,207,446
Short-Duration Bond Fund		245,888,939		2,061,658		(3,110,976	)		(1,049,318	)
Small Cap Equity Fund		106,295,454		26,535,288		(3,520,836	)		23,014,452
Special Situations Fund		19,432,705		4,709,938		(122,812	)		4,587,126
Strategic Emerging Markets Fund		88,481,077		27,653,779		(4,491,468	)		23,162,311

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

At December 31, 2017, for federal income tax purposes, there were no unused capital losses.

At December 31, 2017, the following Fund(s) had post-enactment accumulated capital loss carryforwards:


	Short Term Capital Loss Carryforward		Long term Capital Loss Carryforward
Dynamic Bond Fund	$	477,711	$	631,504
High Yield Fund		39,518		2,291,957
Inflation-Protected and Income Fund		1,637,710		2,714,967
Short-Duration Bond Fund		33,440		3,785,367
Special Situations Fund		1,387,962		-
Strategic Emerging Markets Fund		3,375,497		3,837,956

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.

146

Notes to Financial Statements (Continued)

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


	Ordinary Income		Long Term Capital Gain		Return of Capital
Asset Momentum Fund	$	926,326	$	1,947,974	$	-
Dynamic Bond Fund		15,868,305		573,480		-
Equity Rotation Fund		202,311		1,458,831		-
High Yield Fund		8,673,722		-		582,031
Inflation-Protected and Income Fund		11,359,432		-		2,682,686
Short-Duration Bond Fund		6,273,558		-		71,344
Small Cap Equity Fund		935,676		4,352,425		-
Special Situations Fund		34,572		-		-
Strategic Emerging Markets Fund		81,649		-		-

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2016, was as follows:


	Ordinary Income		Long Term Capital Gain		Return of Capital
Asset Momentum Fund	$	148,158	$	-	$	-
Dynamic Bond Fund		12,446,237		-		-
Equity Rotation Fund		261,427		-		-
High Yield Fund		10,177,247		-		-
Inflation-Protected and Income Fund		10,092,229		-		-
Short-Duration Bond Fund		4,301,698		-		-
Small Cap Equity Fund		1,043,899		2,307,176		-
Special Situations Fund		76,278		-		35,618
Strategic Emerging Markets Fund		424,237		-		-

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


	Amount
Strategic Emerging Markets Fund	$	166,707

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At December 31, 2017, temporary book and tax accounting differences were primarily attributable to investments in forward contracts, futures contracts, swap agreements, premium amortization accruals, passive foreign investment companies, non-taxable dividends basis adjustments, partnership basis adjustments, treasury inflation protected securities, the deferral of wash sale losses, and deferred Trustee compensation.

147

Notes to Financial Statements (Continued)

At December 31, 2017, the components of distributable earnings on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
Asset Momentum Fund	$	337,029	$	464,159		$	(1,264	)	$	4,420,706
Dynamic Bond Fund		191,195		(1,109,215	)		(24,606	)		(1,230,193	)
Equity Rotation Fund		9,351		1,839,108			(1,315	)		6,277,390
High Yield Fund		-		(2,331,475	)		(19,309	)		(265,645	)
Inflation-Protected and Income Fund		-		(4,352,677	)		(84,665	)		1,484,399
Short-Duration Bond Fund		-		(3,818,807	)		(32,251	)		(1,049,318	)
Small Cap Equity Fund		4,007,933		11,571,735			(31,985	)		23,014,452
Special Situations Fund		-		(1,387,962	)		(1,142	)		4,587,126
Strategic Emerging Markets Fund		170,688		(7,213,453	)		(11,624	)		23,140,249

During the year ended December 31, 2017, the following amounts were reclassified due to permanent differences between book and tax accounting:


	Paid-in Capital			Accumulated Net Realized Gain (Loss) on Investments			Undistributed Net Investment Income (Loss)
Asset Momentum Fund	$	(555	)	$	(231,789	)	$	232,344
Dynamic Bond Fund		68			(697,832	)		697,764
Equity Rotation Fund		(38,398	)		39,147			(749	)
High Yield Fund		(581,961	)		157,631			424,330
Inflation-Protected and Income Fund		(2,682,374	)		(1,251,863	)		3,934,237
Short-Duration Bond Fund		(71,228	)		(1,032,067	)		1,103,295
Small Cap Equity Fund		(909	)		90,832			(89,923	)
Special Situations Fund		7,402			(15,301	)		7,899
Strategic Emerging Markets Fund		39			(311,070	)		311,031

The Funds did not have any unrecognized tax benefits at December 31, 2017, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended December 31, 2017, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years, or the returns filed to date for Funds in existence less than three 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.

Indemnifications

148

Notes to Financial Statements (Continued)

New Accounting Pronouncements

In November 2016, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230), Restricted Cash, a consensus of the FASB’s Emerging Issues Task Force” (“ASU 2016- 18”). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in ASU 2016-18 do not provide a definition of restricted cash or restricted cash equivalents. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Management is currently evaluating the implication, if any, of these changes and its impact on the Funds’ financial statements.

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

Legal Proceedings

The potential amount sought to be recovered from the Small Cap Equity Fund, plus interest and the Official Committee’s court costs, is approximately $93,500.

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

149

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of MML Series Investment Fund II and Shareholders of MML Asset Momentum Fund, MML Dynamic Bond Fund, MML Equity Rotation Fund, MML High Yield Fund, MML Inflation-Protected and Income Fund, MML Short-Duration Bond Fund, MML Small Cap Equity Fund, MML Special Situations Fund, and MML Strategic Emerging Markets Fund (collectively, the “Funds”):

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of the Funds, including the portfolios of investments, as of December 31, 2017, and the related statements of operations for the year then ended, the statement of cash flows for MML Inflation-Protected and Income Fund for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the periods presented, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting the MML Series Investment Fund II as of December 31, 2017, and the results of their operations for the year then ended, the cash flows of MML Inflation-Protected and Income Fund for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2018

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

150

Trustees and Officers (Unaudited)

Disinterested Trustees


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Allan W. Blair Age: 69	Trustee	Since 2012	Retired; President and Chief Executive Officer (1996-2014), Economic Development Council of Western Massachusetts (non-profit development company); President and Chief Executive Officer (1984-2014), Westover Metropolitan Development Corporation (quasi-public development company).	93	Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Nabil N. El-Hage Age: 59	Trustee Chairman	Since 2005 2006-2012	Founder and sole member of PR Academy of Executive Education, LLC (since 2016); Chairman (2011-2016), Academy of Executive Education, LLC (predecessor to PR Academy of Executive Education, LLC).	93	Director (2011-2015), Argo Group International Holdings, Ltd. (underwriter of specialty insurance and reinsurance products); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company).

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

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

151

Trustees and Officers (Unaudited) (Continued)


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
C. Ann Merrifield Age: 66	Trustee	Since 2005	Retired; President and Chief Executive Officer (2012-2014), PathoGenetix (genomics company).	93	Director (since 2015), Juniper Pharmaceuticals Inc. (specialty pharmaceutical company); Director (since 2014), Flexion Therapeutics (specialty pharmaceutical company); Chairperson (since 2017) and Director (since 2014), InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).

Susan B. Sweeney Age: 65	Trustee	Since 2012	Retired; Senior Vice President and Chief Investment Officer (2010-2014), Selective Insurance Group (property and casualty company.	95^	Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Trustee (since 2009), MassMutual Select Funds (open-end investment company); Trustee (since 2009), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Interested Trustees


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Teresa Hassara^^ Age: 55	Trustee	Since 2017	Head of Workplace Solutions (since 2017), MassMutual; President of Institutional Retirement (2009-2016), TIAA-CREF.	93	Director (since 2017), MML Advisers; Trustee (since 2017), MassMutual Select Funds (open-end investment company); Trustee (since 2017), MML Series Investment Fund (open-end investment company); Trustee (since 2017), MassMutual Premier Funds (open-end investment company).

Robert E. Joyal^^^ Age: 72	Trustee	Since 2012	Retired.	95^	Director (since 2013), Leucadia National Corporation (holding company); Director (2012-2017), Ormat Technologies, Inc. (provider of alternative and renewable energy technology); Director (2006-2014), Jefferies Group LLC (investment bank); Trustee (since 2003), Barings Corporate Investors (closed-end investment company); Trustee (since 2003), Barings Participation Investors (closed-end investment company); Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

152

Trustees and Officers (Unaudited) (Continued)

Principal Officers who are Not Trustees


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Joseph Fallon Age: 42	Vice President Assistant Vice President	Since 2017 2015- 2017	Investment Director (since 2014), MML Advisers; Head of Investment Consulting & Strategy (since 2017), Investment Director (2006-2017), MassMutual; Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Select Funds (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MML Series Investment Fund (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Premier Funds (open-end investment company).	93

Andrew M. Goldberg Age: 51	Vice President, Secretary (formerly known as “Clerk”), and Chief Legal Officer Assistant Clerk	Since 2008 2005- 2008	Assistant Vice President and Counsel (since 2004), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company).	93

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

Jill Nareau Robert Age: 45	Vice President and Assistant Secretary Assistant Secretary (formerly known as “Assistant Clerk”)	Since 2017 2008- 2017	Assistant Vice President and Counsel (since 2009), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MML Series Investment Fund (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MassMutual Premier Funds (open-end investment company).	93

Douglas Steele Age: 42	Vice President	Since 2016	Vice President and Head of Investment Management (since 2017), Head of Investment Due Diligence (2016-2017), MML Advisers; Head of Investment Management (since 2017), Assistant Vice President (2013-2017), Investment Director (2005-2013), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	93

153

Trustees and Officers (Unaudited) (Continued)


*Name, Address, and Age**	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Philip S. Wellman Age: 53	Vice President and Chief Compliance Officer	Since 2007	Vice President and Chief Compliance Officer (since 2013), MML Advisers; Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (since 2014), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds and Investment Advisory) (2008-2014), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company).	93

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

Tina Wilson Age: 47	Vice President	Since 2016	Vice President and Head of Investments (since 2016), MML Advisers; Senior Vice President (since 2014), Vice President (2009-2014), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); President (since 2017), Vice President (2016-2017), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	93

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

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

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

^^^

154

Federal Tax Information (Unaudited)

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



	Dividends Received Deductions
Asset Momentum Fund		6.56%
Equity Rotation Fund		100.00%
Small Cap Equity Fund		97.53%
Special Situations Fund		100.00%
Strategic Emerging Markets Fund		9.09%

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



	Amount
Strategic Emerging Markets Fund	$	1,834,150

155

Other Information (Unaudited)

Proxy Voting

Quarterly Reporting

Trustees’ Approval of Investment Advisory Contracts

At their meeting in September 2017, the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the “Independent Trustees”), reviewed and approved a proposal to make changes to the existing subadvisory agreement between MML Advisers and OppenheimerFunds, Inc. for the Strategic Emerging Markets Fund to clarify its terms with respect to foreign currency transactions (the “Amended Agreement”).

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

The Amended Agreement became effective on September 14, 2017.

156

Other Information (Unaudited) (Continued)

Fund Expenses December 31, 2017

Expense Examples:

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

Actual Expenses:

Hypothetical Example for Comparison Purposes:


	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Asset Momentum Fund
Class II	$	1,000		0.80	%	$	1,181.30	$	4.40	$	1,021.20	$	4.08
Service Class I		1,000		1.05	%		1,180.50		5.77		1,019.90		5.35
Dynamic Bond Fund
Class II		1,000		0.59	%		1,013.40		2.99		1,022.20		3.01
Service Class I		1,000		0.84	%		1,011.60		4.26		1,021.00		4.28
Equity Rotation Fund
Class II		1,000		0.65	%		1,162.70		3.54		1,021.90		3.31
Service Class I		1,000		0.90	%		1,161.80		4.90		1,020.70		4.58
High Yield Fund
Class II		1,000		0.74	%		1,019.20		3.77		1,021.50		3.77
Service Class I		1,000		0.99	%		1,017.40		5.03		1,020.20		5.04

157

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*
Inflation-Protected and Income Fund
Initial Class	$	1,000		0.59	%	$	1,021.30	$	3.01	$	1,022.20	$	3.01
Service Class		1,000		0.84	%		1,020.40		4.28		1,021.00		4.28
Short-Duration Bond Fund
Class II		1,000		0.55	%		1,007.80		2.78		1,022.40		2.80
Service Class I		1,000		0.80	%		1,006.00		4.04		1,021.20		4.08
Small Cap Equity Fund
Initial Class		1,000		0.71	%		1,067.90		3.70		1,021.60		3.62
Service Class		1,000		0.96	%		1,066.60		5.00		1,020.40		4.89
Special Situations Fund
Class II		1,000		0.80	%		1,104.00		4.24		1,021.20		4.08
Service Class I		1,000		1.05	%		1,102.70		5.56		1,019.90		5.35
Strategic Emerging Markets Fund
Class II		1,000		1.35	%		1,135.20		7.27		1,018.40		6.87
Service Class I		1,000		1.60	%		1,135.20		8.61		1,017.10		8.13

158

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, CT 06082-1981

LOGO

RS-44299-00

Item 2. Code of Ethics.

As of December 31, 2017, the Registrant adopted a Code of Ethics that applies to the Principal Executive Officer and Principal Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2017, there were no reportable amendments to a provision of the Code of Ethics. A copy of its Code of Ethics is filed with this Form N-CSR under Item 13(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Susan B. Sweeney and Nabil N. El-Hage, both members of the Audit Committee, are audit committee financial experts as defined by the Securities and Exchange Commission (the “SEC”). Ms. Sweeney and Mr. El-Hage are both “independent” as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services.

References below to Deloitte & Touche LLP include its affiliates where applicable.

(a)

AUDIT FEES: The aggregate fees billed to the Registrant for professional services rendered by its independent auditors, Deloitte & Touche LLP, for the audit of the Registrant’s annual financial statements for the fiscal years ended 2017 and 2016 were $405,855 and $396,013, respectively.

(b)

AUDIT RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2017 and 2016. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2017 and 2016.

(c)

TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by Deloitte & Touche LLP for the review of Form 1120-RIC, Form 8613, excise distribution projections, distribution calculation and reasonable out of pocket expenses for the fiscal years ended 2017 and 2016 were $82,164 and $79,857, respectively. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2017 and 2016.

(d)

ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2017 and 2016. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2017 and 2016.

(e)

(1) AUDIT COMMITTEE PRE-APPOVAL POLICY: All services to be performed for the Registrant by Deloitte & Touche LLP must be pre-approved by the audit committee. All services performed during the fiscal years ended 2017 and 2016 were pre-approved by the committee.

(2) Not applicable.

(f)

Not applicable.

(g)

The aggregate non-audit fees billed by Deloitte & Touche LLP for services rendered to the Registrant, the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant, for the fiscal years ended 2017 and 2016 were $12,495,135 and $13,284,827, respectively.

(h)

The audit committee considers whether the provision of non-audit services by Deloitte & Touche LLP to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining Deloitte & Touche LLP’s independence.

Refers to fees that were required to be approved by the audit committee for services that relate directly to the operations and financial reporting of the Registrant.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable to this filing.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this filing.

Item 13. Exhibits.

(a)(1) Code of Ethics (Item 2) is attached.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-

14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		MML Series Investment Fund II


By (Signature and Title)		/s/ Tina Wilson
		Tina Wilson, President and Principal Executive Officer

Date 2/21/2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Tina Wilson
		Tina Wilson, President and Principal Executive Officer

Date 2/21/2018


By (Signature and Title)		/s/ Renee Hitchcock
		Renee Hitchcock, Treasurer and Principal Financial Officer

Date 2/21/2018

MML Series Investment Fund II N-CSRCertified annual shareholder report (management investment company)