MML Series Investment Fund II N-CSRS Certified semi-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)
Eric Wietsma
100 Bright Meadow Blvd., Enfield, CT 06082
(Name and address of agent for service)

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

  Date of fiscal year end:   12/31/2020                    

  Date of reporting period:   6/30/2020                      

Item 1. Reports to Stockholders.

Table of Contents

President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	3
Portfolio of Investments (Unaudited)
MML Blend Fund	7
MML Equity Fund	30
MML Managed Bond Fund	36
MML U.S. Government Money Market Fund	53
Statements of Assets and Liabilities (Unaudited)	54
Statements of Operations (Unaudited)	56
Statements of Changes in Net Assets	58
Financial Highlights	60
Notes to Financial Statements (Unaudited)	64
Other Information (Unaudited)
Proxy Voting	84
Quarterly Reporting	84
Liquidity Risk Management Program	84
Trustees’ Approval of Investment Advisory Contracts	84
Fund Expenses	87

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

Eric Wietsma

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

June 30, 2020

Welcome to the MML Series Investment Fund II Semiannual Report, covering the six months ended June 30, 2020.

Market Highlights

• During the period, U.S. stock prices ended down only 3%, despite being down nearly 20% in the first quarter of 2020.

• The COVID-19 pandemic escalated quickly during the period, shuttering businesses, driving unemployment to record levels, curtailing economic activity and causing concerned investors to sell stocks in favor of safer investments.

• Markets rebounded sharply in late March initially in response to emergency interest rate cuts by the Federal Reserve Board (the Fed) and unprecedented fiscal stimulus from Congress. Further market increases came later in the period due to falling COVID-19 case counts, progress on vaccine research and signs of increasing economic activity as the world transitioned back to work.

• Developed-market foreign stocks and emerging market stocks also responded well to their own countries’ monetary and fiscal stimulus and progress in restarting economic activity, though trailed U.S. stock returns for the six-month period.

• U.S. bonds ended the period up over 6%, benefiting from falling interest rates and investors seeking safer investments in light of projections for a global economic downturn.

Market Commentary

For the six months ended June 30, 2020, global stock investors experienced negative returns. U.S. stocks rose steadily through the middle of February, buoyed by low interest rates and expectations for strong economic growth and rising corporate earnings. With the onset of the COVID-19 pandemic, businesses shuttered, unemployment propelled to record levels, and economic activity curtailed causing U.S. stocks to fall sharply from the middle of February to late March. Markets rebounded sharply in late March initially in response to emergency interest rate cuts by the Fed and unprecedented fiscal stimulus from Congress. Further gains came later in the period due to falling COVID-19 case counts, progress on vaccine research and signs of increasing economic activity as the world transitioned back to work.

Volatility is the tendency for markets to fluctuate unpredictably and is a normal risk of investing. Volatility resurfaced in the first quarter of 2020 with the S&P 500^®* Index gaining or losing three percent of its value on 19 different days during the quarter. The Volatility Index (the VIX) achieved an all-time high of 82.69 on March 16^th before receding in response to emergency interest rate cuts by the Fed, an unprecedented fiscal stimulus package from Congress and signs of increasing economic activity.

The end result was that the broad market S&P 500 delivered a loss of only 3.08% for the period. The technology-heavy NASDAQ Composite Index, which benefited considerably as companies shifted to a more technology heavy work from home model, gained 12.67%. Conversely, the more economically sensitive Dow Jones Industrial Average lost 8.43% for the period. Small-cap stocks also underperformed their larger peers while value stocks significantly underperformed their growth peers.

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

(Continued)

1

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

The market sell-off and subsequent recovery affected sectors differently. The information technology and consumer discretionary sectors fared best as these sectors benefited from the shift to working from home and the increase in online shopping. The energy and financial services sectors experienced the biggest losses due to expectations of a sharp downturn in global economic growth and lower interest rates, respectively. West Texas Intermediate (WTI) crude oil prices ended the period at just $39.27 per barrel, down 36% during the period.

Developed international stock markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers, falling 11.34% for the six-month period. Japanese stocks fared much better than European stocks as a result of Japan responding quickly and effectively to halt the spread of COVID-19 within its borders and following up with massive amounts of monetary and fiscal stimulus. Emerging-market stock markets, as measured by the MSCI Emerging Markets Index, fared only slightly better than the MSCI EAFE^® Index, falling 9.78% for the period, buoyed by strong performance of Chinese stocks.

In these unprecedented times, the Fed asserted its influence on markets during the period through two emergency interest rate cuts in March. On March 3^rd, the Fed slashed interest rates by half a percentage point, citing that the “coronavirus poses evolving risks to economic activity.” On March 15^th, the Fed cut interest rates to nearly zero percent saying it would maintain the low rates “until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.” These were the first emergency interest rate cuts since 2008. Congress also played its part, delivering roughly $2.5 trillion in coronavirus response bills intended to keep businesses and individuals afloat during these challenging times.

Investors entered the period with expectations of stable economic growth and rising corporate earnings and ended the period mired in a global pandemic and global recession. Bond yields fell sharply during the period, with the 10-year U.S. Treasury bond reaching a low of 0.54% in early March and ending the period only slightly higher at 0.66%. Since falling yields generally drive bond prices up, the Bloomberg Barclays U.S. Aggregate Bond Index ended the period with a positive return of 6.14%. High-yield corporate bonds did not fare as well, in light of concerns that defaults would rise. The Bloomberg Barclays U.S. Corporate High Yield Index, which tracks below investment-grade corporate bonds, ended the period down 3.80%, especially in the retail and energy sectors.

Review and maintain your strategy

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

Sincerely,

Eric Wietsma

President

^© 2020 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 100 Bright Meadow Blvd., Enfield, CT 06082. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of MassMutual. The information provided is the opinion of MML Advisers as of 7/1/20 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

2

MML Blend Fund – Portfolio Summaries (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).

MML Blend Fund Portfolio Characteristics (% of Net Assets) on 6/30/20
Common Stock	64.6	%
Corporate Debt	14.2	%
Non-U.S. Government Agency Obligations	11.1	%
U.S. Government Agency Obligations and Instrumentalities	8.6	%
U.S. Treasury Obligations	0.5	%
Sovereign Debt Obligations	0.3	%
Municipal Obligations	0.2	%
Preferred Stock	0.1	%
Purchased Options	0.1	%
Rights	0.0	%
Mutual Funds	0.0	%
Total Long-Term Investments	99.7	%
Short-Term Investments and Other Assets and Liabilities	0.3	%
Net Assets	100.0	%

3

MML Equity Fund – Portfolio Summaries (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 emerging market securities. The Fund’s two subadvisers are T. Rowe Price Associates, Inc. (T. Rowe Price), which managed approximately 36% of the Fund’s portfolio; and Brandywine Global Investment Management, LLC (Brandywine Global), which managed approximately 64% of the Fund’s portfolio, as of June 30, 2020.

MML Equity Fund Largest Holdings (% of Net Assets) on 6/30/20
Bank of America Corp.	2.9	%
Intel Corp.	2.7	%
JP Morgan Chase & Co.	2.7	%
Verizon Communications, Inc.	2.1	%
AT&T, Inc.	1.9	%
Microsoft Corp.	1.9	%
Morgan Stanley	1.9	%
Merck & Co., Inc.	1.8	%
Chevron Corp.	1.8	%
Cisco Systems, Inc.	1.7	%
	21.4	%

MML Equity Fund Sector Table (% of Net Assets) on 6/30/20
Financial	23.8	%
Consumer, Non-cyclical	19.1	%
Technology	15.6	%
Industrial	13.1	%
Communications	9.8	%
Utilities	5.0	%
Energy	4.8	%
Consumer, Cyclical	4.7	%
Basic Materials	2.9	%
Mutual Funds	1.0	%
Total Long-Term Investments	99.8	%
Short-Term Investments and Other Assets and Liabilities	0.2	%
Net Assets	100.0	%

4

MML Managed Bond Fund – Portfolio Summaries (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).

MML Managed Bond Fund Portfolio Characteristics (% of Net Assets) on 6/30/20
Corporate Debt	39.6	%
Non-U.S. Government Agency Obligations	33.0	%
U.S. Government Agency Obligations and Instrumentalities	22.3	%
U.S. Treasury Obligations	1.9	%
Sovereign Debt Obligations	0.7	%
Municipal Obligations	0.5	%
Preferred Stock	0.2	%
Purchased Options	0.2	%
Total Long-Term Investments	98.4	%
Short-Term Investments and Other Assets and Liabilities	1.6	%
Net Assets	100.0	%

5

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

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

The Fund seeks 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. 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. The Fund seeks to maintain, but does not guarantee, a stable $1.00 share price. 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).

MML U.S. Government Money Market Fund Portfolio Characteristics (% of Net Assets) on 6/30/20
Discount Notes	83.6	%
Repurchase Agreement	9.0	%
U.S. Treasury Bonds & Notes	7.3	%
Total Short-Term Investments	99.9	%
Other Assets & Liabilities	0.1	%
Net Assets	100.0	%

6

MML Blend Fund – Portfolio of Investments

June 30, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 64.7%
COMMON STOCK — 64.6%
Basic Materials — 1.2%
Chemicals — 0.9%
Air Products & Chemicals, Inc.		355	$	85,718
Celanese Corp.		6,100		526,674
CF Industries Holdings, Inc.		15,290		430,261
Corteva, Inc. (a)		2,706		72,494
Dow, Inc. (a)		5,106		208,120
DuPont de Nemours, Inc.		3,506		186,274
Eastman Chemical Co.		6,370		443,607
Ecolab, Inc.		2		398
FMC Corp.		3,700		368,594
International Flavors & Fragrances, Inc.		160		19,594
Linde PLC		866		183,687
LyondellBasell Industries NV Class A		14,140		929,281
The Mosaic Co.		1,500		18,765
PPG Industries, Inc.		9,418		998,873
The Sherwin-Williams Co.		2,523		1,457,915
				5,930,255
Forest Products & Paper — 0.1%
International Paper Co.		23,687		834,019
Iron & Steel — 0.0%
Nucor Corp.		3,056		126,549
Mining — 0.2%
Freeport-McMoRan, Inc.		3,864		44,707
Newmont Corp.		25,170		1,553,996
				1,598,703
				8,489,526
Communications — 11.1%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		22,122		379,614
Omnicom Group, Inc.		8,147		444,826
				824,440
Internet — 7.9%
Alphabet, Inc. Class A (a)		6,120		8,678,466
Alphabet, Inc. Class C (a)		5,221		7,380,458
Amazon.com, Inc. (a)		7,110		19,615,210
Booking Holdings, Inc. (a)		1,511		2,406,026
CDW Corp.		3,930		456,587
E*TRADE Financial Corp.		5,561		276,549
eBay, Inc.		30,377		1,593,274
Expedia Group, Inc.		377		30,989
F5 Networks, Inc. (a)		1,400		195,272
Facebook, Inc. Class A (a)		54,850		12,454,789
Netflix, Inc. (a)		2,853		1,298,229
NortonLifeLock, Inc.		17,955		356,048

	Number of Shares		Value
Twitter, Inc. (a)		1,400	$	41,706
VeriSign, Inc. (a)		3,431		709,634
				55,493,237
Media — 0.8%
Charter Communications, Inc. Class A (a)		2,031		1,035,891
Comcast Corp. Class A		79,024		3,080,355
Discovery, Inc. Class A (a) (b)		7,700		162,470
Discovery, Inc. Class C (a)		9,043		174,168
DISH Network Corp. Class A (a)		6,600		227,766
Fox Corp. Class A		14,622		392,162
Fox Corp. Class B (a)		2,700		72,468
News Corp. Class A		866		10,271
News Corp. Class B		300		3,585
ViacomCBS, Inc. Class B		4,843		112,939
The Walt Disney Co.		5,066		564,910
				5,836,985
Telecommunications — 2.3%
Arista Networks, Inc. (a)		1,530		321,346
AT&T, Inc.		63,926		1,932,483
CenturyLink, Inc.		27,928		280,118
Cisco Systems, Inc.		133,542		6,228,399
Corning, Inc.		8,167		211,525
Juniper Networks, Inc.		7,289		166,627
Motorola Solutions, Inc.		2,557		358,312
T-Mobile US, Inc. (a)		3,250		338,487
Verizon Communications, Inc.		112,955		6,227,209
				16,064,506
				78,219,168
Consumer, Cyclical — 5.2%
Airlines — 0.1%
Alaska Air Group, Inc.		300		10,878
American Airlines Group, Inc. (b)		2,200		28,754
Delta Air Lines, Inc.		10,600		297,330
Southwest Airlines Co.		10,383		354,891
United Airlines Holdings, Inc. (a)		1,500		51,915
				743,768
Apparel — 0.4%
Hanesbrands, Inc. (b)		25,500		287,895
NIKE, Inc. Class B		20,874		2,046,696
PVH Corp.		1,620		77,841
Ralph Lauren Corp.		2,960		214,659
Tapestry, Inc.		6,220		82,602
Under Armour, Inc. Class A (a)		200		1,948
Under Armour, Inc. Class C (a)		300		2,652
VF Corp.		2,200		134,068
				2,848,361

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

7

MML Blend Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Auto Manufacturers — 0.3%
Cummins, Inc.		6,565	$	1,137,452
Ford Motor Co.		30,013		182,479
General Motors Co.		26,200		662,860
PACCAR, Inc.		4,822		360,927
				2,343,718
Auto Parts & Equipment — 0.0%
BorgWarner, Inc.		4,800		169,440
Distribution & Wholesale — 0.2%
Copart, Inc. (a)		4,400		366,388
Fastenal Co.		9,264		396,870
W.W. Grainger, Inc.		1,072		336,779
				1,100,037
Entertainment — 0.0%
Live Nation Entertainment, Inc. (a)		200		8,866
Home Builders — 0.2%
D.R. Horton, Inc.		4,747		263,221
Lennar Corp. Class A		9,200		566,904
NVR, Inc. (a)		130		423,638
PulteGroup, Inc.		5,873		199,858
				1,453,621
Home Furnishing — 0.1%
Leggett & Platt, Inc.		86		3,023
Whirlpool Corp.		2,993		387,683
				390,706
Housewares — 0.0%
Newell Brands, Inc.		4,600		73,048
Leisure Time — 0.0%
Harley-Davidson, Inc.		3,302		78,489
Norwegian Cruise Line Holdings Ltd. (a)		1,100		18,073
Royal Caribbean Cruises Ltd. (b)		610		30,683
				127,245
Lodging — 0.3%
Hilton Worldwide Holdings, Inc.		14,700		1,079,715
Las Vegas Sands Corp.		9,000		409,860
Marriott International, Inc. Class A		6,081		521,324
Wynn Resorts Ltd.		8		596
				2,011,495
Retail — 3.6%
Advance Auto Parts, Inc.		1,010		143,874
AutoZone, Inc. (a)		464		523,448
Best Buy Co., Inc.		6,292		549,103
CarMax, Inc. (a)		400		35,820
Chipotle Mexican Grill, Inc. (a)		250		263,090
Costco Wholesale Corp.		1,990		603,388
Darden Restaurants, Inc.		2,654		201,094
Dollar General Corp.		6,770		1,289,753
Dollar Tree, Inc. (a)		2,548		236,149

	Number of Shares		Value
Domino’s Pizza, Inc.		2,230	$	823,851
The Gap, Inc.		690		8,708
Genuine Parts Co.		364		31,653
The Home Depot, Inc.		30,047		7,527,074
Kohl’s Corp.		8,530		177,168
L Brands, Inc.		2,200		32,934
Lowe’s Cos., Inc.		32,745		4,424,504
McDonald’s Corp.		1,310		241,656
Nordstrom, Inc. (b)		10,308		159,671
O’Reilly Automotive, Inc. (a)		2,663		1,122,907
Ross Stores, Inc.		1,204		102,629
Starbucks Corp.		8,354		614,771
Target Corp.		10,096		1,210,813
Tiffany & Co.		802		97,796
The TJX Cos., Inc.		4,612		233,183
Tractor Supply Co.		3,310		436,225
Walgreens Boots Alliance, Inc.		4,057		171,976
Walmart, Inc.		24,502		2,934,849
Yum! Brands, Inc.		10,275		893,000
				25,091,087
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		2,791		209,185
				36,570,577
Consumer, Non-cyclical — 14.4%
Agriculture — 1.0%
Altria Group, Inc.		76,459		3,001,016
Archer-Daniels-Midland Co.		792		31,601
Philip Morris International, Inc.		57,286		4,013,457
				7,046,074
Beverages — 0.9%
Brown-Forman Corp. Class B		15		955
The Coca-Cola Co.		60,630		2,708,948
Constellation Brands, Inc. Class A		542		94,823
Molson Coors Beverage Co. Class B		1,500		51,540
Monster Beverage Corp. (a)		8,400		582,288
PepsiCo, Inc.		24,730		3,270,790
				6,709,344
Biotechnology — 2.1%
Alexion Pharmaceuticals, Inc. (a)		7,560		848,534
Amgen, Inc.		20,001		4,717,436
Biogen, Inc. (a)		7,762		2,076,723
Gilead Sciences, Inc.		43,810		3,370,741
Illumina, Inc. (a)		210		77,774
Incyte Corp. (a)		260		27,032
Regeneron Pharmaceuticals, Inc. (a)		2,730		1,702,565
Vertex Pharmaceuticals, Inc. (a)		7,250		2,104,747
				14,925,552
Commercial Services — 1.1%
Automatic Data Processing, Inc.		7,259		1,080,792
Cintas Corp.		2,378		633,404

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

8

MML Blend Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Equifax, Inc.		182	$	31,282
FleetCor Technologies, Inc. (a)		1,320		332,020
Gartner, Inc. (a)		110		13,346
Global Payments, Inc.		1,132		192,010
H&R Block, Inc. (b)		16,263		232,236
IHS Markit Ltd.		6,500		490,750
MarketAxess Holdings, Inc.		430		215,396
Moody’s Corp.		2,670		733,529
Nielsen Holdings PLC		3,400		50,524
PayPal Holdings, Inc. (a)		2,257		393,237
Quanta Services, Inc.		2,013		78,970
Robert Half International, Inc.		10,526		556,089
S&P Global, Inc.		5,788		1,907,030
United Rentals, Inc. (a)		3,250		484,380
Verisk Analytics, Inc.		2,720		462,944
				7,887,939
Cosmetics & Personal Care — 1.0%
Colgate-Palmolive Co.		31,806		2,330,107
Coty, Inc. Class A		900		4,023
The Estee Lauder Cos., Inc. Class A		1,570		296,228
The Procter & Gamble Co.		34,959		4,180,048
				6,810,406
Foods — 0.7%
Campbell Soup Co.		4,424		219,563
Conagra Brands, Inc.		7,774		273,412
General Mills, Inc.		19,062		1,175,172
The Hershey Co.		3,667		475,317
Hormel Foods Corp.		3,232		156,009
The J.M. Smucker Co.		845		89,409
Kellogg Co.		4,528		299,120
The Kraft Heinz Co.		4,958		158,111
The Kroger Co.		27,858		942,993
Lamb Weston Holdings, Inc.		4,700		300,471
McCormick & Co., Inc.		1,411		253,147
Mondelez International, Inc. Class A		2,275		116,321
Sysco Corp.		6,534		357,148
Tyson Foods, Inc. Class A		501		29,915
				4,846,108
Health Care – Products — 0.8%
Abbott Laboratories		5,901		539,528
Align Technology, Inc. (a)		340		93,310
Baxter International, Inc.		3,661		315,212
The Cooper Cos., Inc.		80		22,691
Danaher Corp.		936		165,513
Dentsply Sirona, Inc.		56		2,467
Edwards Lifesciences Corp. (a)		10,750		742,932
Henry Schein, Inc. (a)		500		29,195
IDEXX Laboratories, Inc. (a)		1,100		363,176
Intuitive Surgical, Inc. (a)		428		243,887
Medtronic PLC		2,520		231,084
ResMed, Inc.		2,160		414,720

	Number of Shares		Value
Stryker Corp.		4,180	$	753,194
Teleflex, Inc.		60		21,839
Thermo Fisher Scientific, Inc.		3,831		1,388,125
Varian Medical Systems, Inc. (a)		7		858
West Pharmaceutical Services, Inc.		1,030		233,985
Zimmer Biomet Holdings, Inc.		5		597
				5,562,313
Health Care – Services — 1.4%
Anthem, Inc.		4,626		1,216,545
Centene Corp. (a)		920		58,466
Cigna Corp. (a)		5,593		1,049,526
DaVita, Inc. (a)		5,730		453,472
HCA Healthcare, Inc.		6,880		667,773
Humana, Inc.		3,144		1,219,086
Laboratory Corp. of America Holdings (a)		2		332
Quest Diagnostics, Inc.		209		23,818
UnitedHealth Group, Inc.		16,684		4,920,946
Universal Health Services, Inc. Class B		50		4,645
				9,614,609
Household Products & Wares — 0.4%
Avery Dennison Corp.		1,915		218,482
Church & Dwight Co., Inc.		3,400		262,820
The Clorox Co.		4,583		1,005,373
Kimberly-Clark Corp.		12,275		1,735,071
				3,221,746
Pharmaceuticals — 5.0%
AbbVie, Inc.		60,753		5,964,729
AmerisourceBergen Corp.		2,507		252,630
Becton Dickinson and Co.		1,602		383,311
Bristol-Myers Squibb Co.		72,043		4,236,128
Cardinal Health, Inc.		5,978		311,992
CVS Health Corp.		27,101		1,760,752
Eli Lilly and Co.		26,484		4,348,143
Johnson & Johnson		49,892		7,016,312
McKesson Corp.		4,095		628,255
Merck & Co., Inc.		46,283		3,579,064
Mylan NV (a)		18,547		298,236
Pfizer, Inc.		152,641		4,991,361
Zoetis, Inc.		8,720		1,194,989
				34,965,902
				101,589,993
Energy — 1.5%
Oil & Gas — 1.3%
Apache Corp.		1,521		20,533
Cabot Oil & Gas Corp.		31,048		533,404
Chevron Corp.		26,938		2,403,678
Concho Resources, Inc.		700		36,050
ConocoPhillips		34,039		1,430,319

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

9

MML Blend Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Devon Energy Corp.		6,447	$	73,109
Diamondback Energy, Inc.		2,460		102,877
EOG Resources, Inc.		18,078		915,831
Exxon Mobil Corp.		26,897		1,202,834
Hess Corp.		3,032		157,088
HollyFrontier Corp.		8,900		259,880
Marathon Oil Corp.		7,327		44,841
Marathon Petroleum Corp.		4,900		183,162
Noble Energy, Inc.		1,256		11,254
Occidental Petroleum Corp.		3,629		66,411
Phillips 66		15,379		1,105,750
Pioneer Natural Resources Co.		1		98
Valero Energy Corp.		4,040		237,633
				8,784,752
Oil & Gas Services — 0.1%
Baker Hughes Co.		31		477
Halliburton Co.		16,867		218,934
National Oilwell Varco, Inc.		1,094		13,401
Schlumberger Ltd.		17,631		324,234
TechnipFMC PLC		40		274
				557,320
Pipelines — 0.1%
Kinder Morgan, Inc.		14,438		219,025
The Williams Cos., Inc.		42,048		799,753
				1,018,778
				10,360,850
Financial — 9.0%
Banks — 2.8%
Bank of America Corp.		147,898		3,512,577
The Bank of New York Mellon Corp.		27,707		1,070,875
Citigroup, Inc.		33,551		1,714,456
Citizens Financial Group, Inc.		5,900		148,916
Comerica, Inc.		5,821		221,780
Fifth Third Bancorp		11,821		227,909
The Goldman Sachs Group, Inc.		4,880		964,386
Huntington Bancshares, Inc.		6,800		61,438
JP Morgan Chase & Co.		62,732		5,900,572
KeyCorp		8,664		105,527
M&T Bank Corp.		2,545		264,604
Morgan Stanley		16,397		791,975
Northern Trust Corp.		3,459		274,437
The PNC Financial Services Group, Inc.		11,408		1,200,236
Regions Financial Corp.		26,715		297,071
State Street Corp.		11,276		716,590
SVB Financial Group (a)		480		103,454
Truist Financial Corp.		6,944		260,747
US Bancorp		24,402		898,482
Wells Fargo & Co.		34,516		883,610
Zions Bancorp NA		2,041		69,394
				19,689,036

	Number of Shares		Value
Diversified Financial Services — 3.0%
Alliance Data Systems Corp.		6,280	$	283,354
American Express Co.		11,739		1,117,553
Ameriprise Financial, Inc.		5,266		790,111
BlackRock, Inc.		1,450		788,930
Capital One Financial Corp.		3,552		222,320
The Charles Schwab Corp.		18,912		638,091
CME Group, Inc.		1,840		299,074
Discover Financial Services		8,583		429,922
Franklin Resources, Inc.		5,387		112,965
Intercontinental Exchange, Inc.		8,715		798,294
Invesco Ltd.		14,412		155,073
Jefferies Financial Group, Inc.		37		575
Mastercard, Inc. Class A		25,020		7,398,414
Nasdaq, Inc.		45		5,376
Raymond James Financial, Inc.		3,900		268,437
Synchrony Financial		26,000		576,160
T. Rowe Price Group, Inc.		4,706		581,191
Visa, Inc. Class A		30,562		5,903,661
The Western Union Co. (b)		21,188		458,085
				20,827,586
Insurance — 1.7%
Aflac, Inc.		14,844		534,829
The Allstate Corp.		11,535		1,118,780
American International Group, Inc.		11,446		356,886
Aon PLC Class A		1,795		345,717
Assurant, Inc.		96		9,916
Berkshire Hathaway, Inc. Class B (a)		25,526		4,556,646
Chubb Ltd.		1,108		140,295
Cincinnati Financial Corp.		39		2,497
Everest Re Group Ltd.		20		4,124
Globe Life, Inc.		3,282		243,623
The Hartford Financial Services Group, Inc.		5,152		198,610
Lincoln National Corp.		6,951		255,727
Loews Corp.		783		26,849
Marsh & McLennan Cos., Inc.		1,103		118,429
MetLife, Inc.		29,190		1,066,019
Principal Financial Group, Inc.		8,129		337,679
The Progressive Corp.		19,514		1,563,267
Prudential Financial, Inc.		8,037		489,453
The Travelers Cos., Inc.		4,097		467,263
Unum Group		8,931		148,165
				11,984,774
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		8,087		365,694
Real Estate Investment Trusts (REITS) — 1.4%
Alexandria Real Estate Equities, Inc.		120		19,470
American Tower Corp.		10,749		2,779,046
Apartment Investment and Management Co. Class A		82		3,086

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

10

MML Blend Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
AvalonBay Communities, Inc.		2,081	$	321,806
Boston Properties, Inc.		3,793		342,811
Crown Castle International Corp.		1,690		282,822
Digital Realty Trust, Inc.		280		39,791
Duke Realty Corp.		9,000		318,510
Equinix, Inc.		610		428,403
Equity Residential		8,356		491,500
Essex Property Trust, Inc.		1,580		362,089
Extra Space Storage, Inc.		1,190		109,920
Healthpeak Properties, Inc.		935		25,769
Host Hotels & Resorts, Inc.		10,737		115,852
Iron Mountain, Inc. (b)		9,748		254,423
Kimco Realty Corp.		13,567		174,200
Mid-America Apartment Communities, Inc.		2,190		251,127
Prologis, Inc.		12,938		1,207,504
Public Storage		1,693		324,870
Realty Income Corp.		700		41,650
Regency Centers Corp.		3,900		178,971
Simon Property Group, Inc.		13,605		930,310
SL Green Realty Corp.		4,490		221,312
UDR, Inc.		200		7,476
Ventas, Inc.		8,225		301,200
Vornado Realty Trust		6,973		266,438
Welltower, Inc.		7,500		388,125
Weyerhaeuser Co.		26		584
				10,189,065
Savings & Loans — 0.0%
People’s United Financial, Inc.		1,751		20,259
				63,076,414
Industrial — 4.8%
Aerospace & Defense — 1.0%
The Boeing Co.		2,052		376,131
General Dynamics Corp.		3,032		453,163
Howmet Aerospace, Inc.		5,408		85,717
L3 Harris Technologies, Inc.		1,161		196,987
Lockheed Martin Corp.		10,510		3,835,309
Northrop Grumman Corp.		2,638		811,027
Raytheon Technologies Corp.		14,318		882,275
TransDigm Group, Inc.		1,080		477,414
				7,118,023
Building Materials — 0.2%
Carrier Global Corp.		28,493		633,115
Johnson Controls International PLC		2,565		87,569
Masco Corp.		10,125		508,376
Vulcan Materials Co.		5		579
				1,229,639
Electrical Components & Equipment — 0.2%
AMETEK, Inc.		2,500		223,425
Emerson Electric Co.		18,569		1,151,835
				1,375,260

	Number of Shares		Value
Electronics — 0.7%
Agilent Technologies, Inc.		3,063	$	270,677
Allegion PLC		1,633		166,925
Amphenol Corp. Class A		474		45,414
FLIR Systems, Inc.		2,852		115,706
Fortive Corp.		478		32,341
Garmin Ltd.		2,100		204,750
Honeywell International, Inc.		13,052		1,887,189
Keysight Technologies, Inc. (a)		4,500		453,510
Mettler-Toledo International, Inc. (a)		760		612,218
PerkinElmer, Inc.		20		1,962
Roper Technologies, Inc.		663		257,416
TE Connectivity Ltd.		2,000		163,100
Waters Corp. (a)		1,540		277,816
				4,489,024
Engineering & Construction — 0.0%
Jacobs Engineering Group, Inc.		820		69,536
Environmental Controls — 0.1%
Pentair PLC		2,523		95,849
Republic Services, Inc.		337		27,651
Waste Management, Inc.		6,903		731,096
				854,596
Hand & Machine Tools — 0.0%
Snap-on, Inc.		1,171		162,195
Stanley Black & Decker, Inc.		9		1,255
				163,450
Machinery – Construction & Mining — 0.2%
Caterpillar, Inc.		10,105		1,278,283
Machinery – Diversified — 0.3%
Dover Corp.		1,303		125,818
Flowserve Corp.		1,870		53,332
Ingersoll Rand, Inc. (a)		544		15,297
Otis Worldwide Corp.		14,046		798,656
Rockwell Automation, Inc.		4,953		1,054,989
Westinghouse Air Brake Technologies Corp.		500		28,785
Xylem, Inc.		55		3,573
				2,080,450
Miscellaneous – Manufacturing — 0.9%
3M Co.		15,432		2,407,238
Eaton Corp. PLC		7,366		644,378
General Electric Co.		20,786		141,968
Illinois Tool Works, Inc.		10,365		1,812,320
Parker-Hannifin Corp.		2,268		415,656
Textron, Inc.		3,372		110,973
Trane Technologies PLC		4,090		363,928
				5,896,461
Packaging & Containers — 0.1%
Amcor PLC (a)		27,900		284,859
Ball Corp.		504		35,023

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

11

MML Blend Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Packaging Corp. of America		4,350	$	434,130
Sealed Air Corp.		53		1,741
WestRock Co.		7,467		211,017
				966,770
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		1,110		193,684
Transportation — 1.1%
C.H. Robinson Worldwide, Inc.		2,520		199,231
CSX Corp.		19,807		1,381,340
Expeditors International of Washington, Inc.		4,626		351,761
Kansas City Southern		1,740		259,765
Norfolk Southern Corp.		3,643		639,601
Old Dominion Freight Line, Inc.		1,840		312,046
Union Pacific Corp.		15,132		2,558,367
United Parcel Service, Inc. Class B		19,560		2,174,681
				7,876,792
				33,591,968
Technology — 15.8%
Computers — 4.8%
Accenture PLC Class A		11,540		2,477,869
Apple, Inc.		71,517		26,089,402
Cognizant Technology Solutions Corp. Class A		8,856		503,198
DXC Technology Co.		7,579		125,053
Fortinet, Inc. (a)		5,790		794,793
Hewlett Packard Enterprise Co.		10,074		98,020
HP, Inc.		44,074		768,210
International Business Machines Corp.		16,840		2,033,767
Leidos Holdings, Inc.		600		56,202
NetApp, Inc.		9,598		425,863
Seagate Technology PLC		8,700		421,167
Western Digital Corp.		547		24,150
				33,817,694
Office & Business Equipment — 0.1%
Xerox Holdings Corp. (a)		5,736		87,703
Zebra Technologies Corp. Class A (a)		1,120		286,664
				374,367
Semiconductors — 4.2%
Advanced Micro Devices, Inc. (a)		11,000		578,710
Analog Devices, Inc.		1,072		131,470
Applied Materials, Inc.		24,539		1,483,383
Broadcom, Inc.		5,469		1,726,071
Intel Corp.		118,223		7,073,282
IPG Photonics Corp. (a)		50		8,020
KLA Corp.		5,439		1,057,777
Lam Research Corp.		6,183		1,999,953
Maxim Integrated Products, Inc.		6,600		400,026
Microchip Technology, Inc.		2,261		238,106
Micron Technology, Inc. (a)		15,417		794,284

	Number of Shares		Value
NVIDIA Corp.		12,436	$	4,724,561
QUALCOMM, Inc.		43,800		3,994,998
Skyworks Solutions, Inc.		2,840		363,122
Texas Instruments, Inc.		33,334		4,232,418
Xilinx, Inc.		5,996		589,946
				29,396,127
Software — 6.7%
Activision Blizzard, Inc.		14,400		1,092,960
Adobe, Inc. (a)		11,200		4,875,472
Akamai Technologies, Inc. (a)		2,026		216,964
Autodesk, Inc. (a)		2,317		554,203
Broadridge Financial Solutions, Inc.		720		90,857
Cadence Design Systems, Inc. (a)		8,700		834,852
Cerner Corp.		4,300		294,765
Citrix Systems, Inc.		3,167		468,431
Electronic Arts, Inc. (a)		10,877		1,436,308
Fidelity National Information Services, Inc.		900		120,681
Fiserv, Inc. (a)		802		78,291
Intuit, Inc.		6,190		1,833,416
Jack Henry & Associates, Inc.		1,940		357,018
Microsoft Corp.		142,685		29,037,824
MSCI, Inc.		770		257,042
Oracle Corp.		71,757		3,966,010
Paychex, Inc.		5,864		444,198
salesforce.com, Inc. (a)		1,304		244,278
ServiceNow, Inc. (a)		1,570		635,944
Synopsys, Inc. (a)		2,630		512,850
				47,352,364
				110,940,552
Utilities — 1.6%
Electric — 1.6%
AES Corp.		13,387		193,978
Alliant Energy Corp.		5,400		258,336
Ameren Corp.		460		32,366
American Electric Power Co., Inc.		2,485		197,905
CenterPoint Energy, Inc.		4,131		77,126
CMS Energy Corp.		1,103		64,437
Consolidated Edison, Inc.		1,282		92,214
Dominion Energy, Inc.		1,347		109,349
DTE Energy Co.		310		33,325
Duke Energy Corp.		10,290		822,068
Edison International		826		44,860
Entergy Corp.		848		79,551
Evergy, Inc.		15,200		901,208
Eversource Energy		812		67,615
Exelon Corp.		22,140		803,461
FirstEnergy Corp.		11,080		429,682
NextEra Energy, Inc.		760		182,529
NRG Energy, Inc.		38,600		1,256,816
Pinnacle West Capital Corp.		1,396		102,313
PPL Corp.		44,318		1,145,177

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

12

MML Blend Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Public Service Enterprise Group, Inc.		9,924	$	487,864
Sempra Energy		11,421		1,338,884
The Southern Co.		44,522		2,308,466
WEC Energy Group, Inc.		542		47,506
Xcel Energy, Inc.		2,172		135,750
				11,212,786
Gas — 0.0%
NiSource, Inc.		713		16,214
Water — 0.0%
American Water Works Co., Inc.		380		48,891
				11,277,891
TOTAL COMMON STOCK (Cost $318,601,595)				454,116,939
PREFERRED STOCK — 0.1%
Financial — 0.1%
Insurance — 0.1%
The Allstate Corp., 3 mo. USD LIBOR + 3.165% 5.100% VRN 1/15/53		20,000		509,400
TOTAL PREFERRED STOCK (Cost $500,000)				509,400
TOTAL EQUITIES (Cost $319,101,595)				454,626,339
	Principal Amount
BONDS & NOTES — 34.9%
CORPORATE DEBT — 14.2%
Aerospace & Defense — 0.0%
Raytheon Technologies Corp. 4.500% 6/01/42	$	150,000		186,946
6.125% 7/15/38		80,000		115,546
				302,492
Agriculture — 0.3%
BAT Capital Corp. 4.700% 4/02/27		225,000		257,162
4.758% 9/06/49		110,000		122,144
Bunge Ltd. Finance Corp. 3.250% 8/15/26		262,000		270,940
4.350% 3/15/24		350,000		382,468
Imperial Brands Finance PLC 3.875% 7/26/29 (c)		631,000		664,366
Reynolds American, Inc. 5.850% 8/15/45		220,000		270,414
				1,967,494

	Principal Amount		Value
Airlines — 0.0%
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24	$	22,931	$	16,485
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, 4.100% 10/01/29		248,959		210,917
United Airlines Pass-Through Trust, Series 2018-1, Class B, 4.600% 9/01/27		82,760		62,003
				289,405
Auto Manufacturers — 0.6%
Ford Motor Credit Co. LLC 3.087% 1/09/23		320,000		304,800
3.336% 3/18/21		400,000		395,884
3.810% 1/09/24		450,000		432,135
4.140% 2/15/23		465,000		454,979
4.375% 8/06/23		475,000		466,630
General Motors Co. 4.200% 10/01/27		215,000		219,075
5.150% 4/01/38		130,000		124,602
General Motors Financial Co., Inc. 3.500% 11/07/24		490,000		496,551
4.150% 6/19/23		582,000		608,325
4.200% 11/06/21		301,000		308,682
Hyundai Capital America 2.850% 11/01/22 (c)		385,000		392,862
				4,204,525
Banks — 1.8%
Associated Banc-Corp. 4.250% 1/15/25		494,000		518,049
Bank of America Corp. SOFR + 2.150% 2.592% VRN 4/29/31		310,000		328,025
3 mo. USD LIBOR + 1.060% 3.559% VRN 4/23/27		175,000		195,314
4.183% 11/25/27		255,000		291,837
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		200,000		243,033
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29		100,000		117,947
4.750% 4/21/45		125,000		165,085
6.110% 1/29/37		220,000		309,743
7.750% 5/14/38		95,000		155,308
The Bank of Nova Scotia 4.500% 12/16/25		200,000		227,241
3 mo. USD LIBOR + 2.648% 4.650% VRN (d)		715,000		674,324
Barclays Bank PLC 10.179% 6/12/21 (c)		440,000		475,814
Barclays PLC 3 mo. USD LIBOR + 1.380% 1.766% FRN 5/16/24		345,000		341,845
4.337% 1/10/28		260,000		288,644

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

13

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Citigroup, Inc. 3.875% 3/26/25	$	387,000	$	421,883
6.000% 10/31/33		97,000		127,979
6.625% 6/15/32		100,000		137,113
8.125% 7/15/39		90,000		155,864
Credit Suisse AG 6.500% 8/08/23 (c)		350,000		381,591
Deutsche Bank AG 3.150% 1/22/21		428,000		430,006
Discover Bank 5 year USD Swap + 1.730% 4.682% VRN 8/09/28		495,000		499,678
First Republic Bank 4.375% 8/01/46		935,000		1,085,912
Fulton Financial Corp. 3.600% 3/16/22		230,000		234,980
The Goldman Sachs Group, Inc. 4.250% 10/21/25		100,000		112,569
5.950% 1/15/27		212,000		262,642
6.250% 2/01/41		60,000		89,959
6.750% 10/01/37		200,000		291,173
HSBC Holdings PLC 4.250% 3/14/24		200,000		215,788
JP Morgan Chase & Co. 5.600% 7/15/41		195,000		281,533
JPMorgan Chase & Co. SOFR + 2.515% 2.956% VRN 5/13/31		245,000		259,843
Morgan Stanley 4.350% 9/08/26		775,000		893,637
5.000% 11/24/25		275,000		321,177
SVB Financial Group 3.125% 6/05/30		120,000		128,660
3.500% 1/29/25		400,000		422,869
The Toronto-Dominion Bank 5 year USD Swap + 2.205% 3.625% VRN 9/15/31		270,000		303,758
Truist Bank 2.250% 3/11/30		320,000		322,995
Valley National Bancorp 5.125% 9/27/23		245,000		261,967
Wells Fargo & Co. 5.375% 11/02/43		159,000		215,448
5.606% 1/15/44		110,000		151,721
				12,342,954
Beverages — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.900% 2/01/46		825,000		1,009,540
Molson Coors Beverage Co. 4.200% 7/15/46		285,000		277,342
5.000% 5/01/42		60,000		63,563
				1,350,445

	Principal Amount		Value
Building Materials — 0.1%
Standard Industries, Inc. 5.000% 2/15/27 (c)	$	771,000	$	780,637
Chemicals — 0.4%
DuPont de Nemours, Inc. 5.319% 11/15/38		365,000		462,771
Huntsman International LLC 5.125% 11/15/22		197,000		208,682
LYB International Finance BV 5.250% 7/15/43		175,000		210,731
Syngenta Finance NV 4.441% 4/24/23 (c)		625,000		655,971
Yara International ASA 3.148% 6/04/30 (c)		85,000		87,869
4.750% 6/01/28 (c)		745,000		856,904
				2,482,928
Commercial Services — 0.2%
The ADT Security Corp. 6.250% 10/15/21		1,122,000		1,150,050
ERAC USA Finance LLC 6.700% 6/01/34 (c)		78,000		99,908
PayPal Holdings, Inc. 3.250% 6/01/50		170,000		184,091
				1,434,049
Computers — 0.4%
Apple, Inc. 1.650% 5/11/30		280,000		286,200
2.650% 5/11/50		175,000		183,308
Dell International LLC/EMC Corp. 6.020% 6/15/26 (c)		616,000		706,229
Genpact Luxembourg Sarl 3.375% 12/01/24		770,000		794,593
3.700% STEP 4/01/22		360,000		369,642
Leidos, Inc. 4.375% 5/15/30 (c)		145,000		163,335
				2,503,307
Diversified Financial Services — 1.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.500% 9/15/23 (e)		335,000		335,039
6.500% 7/15/25		160,000		167,761
Aircastle Ltd. 4.400% 9/25/23		315,000		305,578
5.000% 4/01/23		525,000		511,520
Ally Financial, Inc. 4.125% 2/13/22		375,000		385,324
Antares Holdings LP 6.000% 8/15/23 (c)		495,000		474,800
8.500% 5/18/25 (c)		450,000		449,366
Ares Finance Co. LLC 4.000% 10/08/24 (c)		355,000		376,692

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

14

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Avolon Holdings Funding Ltd. 3.250% 2/15/27 (c)	$	310,000	$	250,395
Brookfield Finance, Inc. 4.350% 4/15/30		730,000		827,825
4.850% 3/29/29		433,000		509,663
GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/35		200,000		203,351
Global Aircraft Leasing Co. Ltd. 6.500% 9/15/24 (c)		325,000		217,750
Lazard Group LLC 3.625% 3/01/27		184,000		193,170
3.750% 2/13/25		160,000		169,883
4.500% 9/19/28		460,000		518,840
LeasePlan Corp. NV 2.875% 10/24/24 (c)		345,000		352,768
Legg Mason, Inc. 5.625% 1/15/44		175,000		215,441
Park Aerospace Holdings Ltd. 4.500% 3/15/23 (c)		250,000		228,073
5.250% 8/15/22 (c)		1,375,000		1,290,675
				7,983,914
Electric — 0.7%
Avangrid, Inc. 3.800% 6/01/29		367,000		424,870
The Cleveland Electric Illuminating Co. 3.500% 4/01/28 (c)		155,000		169,789
CMS Energy Corp. 4.700% 3/31/43		115,000		138,293
4.875% 3/01/44		390,000		506,033
Entergy Louisiana LLC 4.950% 1/15/45		165,000		179,779
IPALCO Enterprises, Inc. 3.700% 9/01/24		170,000		181,747
ITC Holdings Corp. 2.950% 5/14/30 (c)		225,000		239,641
Metropolitan Edison Co. 4.300% 1/15/29 (c)		328,000		383,423
Nevada Power Co. 6.650% 4/01/36		135,000		191,435
Oncor Electric Delivery Co. 7.500% 9/01/38		40,000		65,306
Pacific Gas and Electric Co. 2.500% 2/01/31		190,000		185,883
Pennsylvania Electric Co. 4.150% 4/15/25 (c)		295,000		327,998
Potomac Electric Power Co. 4.150% 3/15/43		350,000		422,566
Puget Energy, Inc. 3.650% 5/15/25		350,000		373,942
Southwestern Electric Power Co. 6.200% 3/15/40		180,000		247,549

	Principal Amount		Value
Xcel Energy, Inc. 6.500% 7/01/36	$	390,000	$	567,152
				4,605,406
Electronics — 0.0%
Ingram Micro, Inc. 5.450% STEP 12/15/24		203,000		204,629
Foods — 0.2%
Ingredion, Inc. 3.200% 10/01/26		155,000		167,927
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 5.500% 1/15/30 (c)		174,000		178,350
Kraft Heinz Foods Co. 3.950% 7/15/25		351,000		372,422
Mars, Inc. 3.950% 4/01/49 (c)		415,000		517,063
				1,235,762
Forest Products & Paper — 0.0%
Fibria Overseas Finance Ltd. 4.000% 1/14/25		250,000		257,252
Gas — 0.1%
NiSource, Inc. 4.800% 2/15/44		385,000		470,745
5.800% 2/01/42		175,000		234,217
				704,962
Health Care – Products — 0.0%
DENTSPLY SIRONA, Inc. 3.250% 6/01/30		150,000		157,698
Health Care – Services — 0.1%
Advocate Health & Hospitals Corp. 3.829% 8/15/28		165,000		186,993
Humana, Inc. 4.800% 3/15/47		125,000		162,938
UnitedHealth Group, Inc. 3.125% 5/15/60		210,000		224,803
				574,734
Home Builders — 0.0%
Lennar Corp. 4.750% 5/30/25		200,000		213,500
Housewares — 0.1%
Newell Brands, Inc. 4.350% STEP 4/01/23		528,000		543,734
Insurance — 2.0%
Allstate Corp. 3 mo. USD LIBOR + 2.938% 5.750% VRN 8/15/53		990,000		1,022,710
American International Group, Inc. 3.400% 6/30/30		285,000		308,131
4.200% 4/01/28		210,000		237,833
4.500% 7/16/44		200,000		232,995

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

15

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
4.750% 4/01/48	$	75,000	$	90,429
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48		625,000		645,058
AmTrust Financial Services, Inc. 6.125% 8/15/23		775,000		719,076
Arch Capital Group Ltd. 3.635% 6/30/50		310,000		324,952
Arch Capital Group US, Inc. 5.144% 11/01/43		170,000		213,175
Athene Global Funding 2.500% 1/14/25 (c)		630,000		629,006
Athene Holding Ltd. 4.125% 1/12/28		1,255,000		1,294,687
AXIS Specialty Finance LLC 3.900% 7/15/29		275,000		294,048
5 year CMT + 3.186% 4.900% VRN 1/15/40		300,000		281,250
AXIS Specialty Finance PLC 4.000% 12/06/27		665,000		699,479
Brighthouse Financial, Inc. 3.700% 6/22/27		300,000		305,838
4.700% 6/22/47		275,000		249,965
Brown & Brown, Inc. 4.200% 9/15/24		246,000		266,744
CNO Financial Group, Inc. 5.250% 5/30/25		590,000		652,996
Enstar Group Ltd. 4.500% 3/10/22		370,000		374,856
4.950% 6/01/29		350,000		368,613
Equitable Financial Life Global Funding 1.400% 7/07/25 (c) (e)		255,000		255,149
Equitable Holdings, Inc. 5.000% 4/20/48		225,000		257,425
Markel Corp. 3.350% 9/17/29		130,000		138,802
New York Life Insurance Co. 3.750% 5/15/50 (c)		125,000		141,167
The Progressive Corp. 3 mo. USD LIBOR + 2.539% 5.375% VRN (d)		375,000		371,250
Prudential Financial, Inc. 3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43		225,000		239,400
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48		630,000		706,076
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42		125,000		133,050
Reinsurance Group of America, Inc. 3.150% 6/15/30		290,000		300,870
3.900% 5/15/29		325,000		354,143
Teachers Insurance & Annuity Association of America 4.270% 5/15/47 (c)		175,000		207,709

	Principal Amount		Value
USF&G Capital I 8.500% 12/15/45 (c)	$	150,000	$	236,683
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084% 4.700% VRN 1/23/48		180,000		169,200
Willis North America, Inc. 2.950% 9/15/29		180,000		190,540
4.500% 9/15/28		480,000		559,567
XLIT Ltd. 4.450% 3/31/25		483,000		544,088
				14,016,960
Internet — 0.1%
Amazon.com, Inc. 4.050% 8/22/47		325,000		422,788
Investment Companies — 0.5%
Ares Capital Corp. 3.500% 2/10/23		710,000		713,630
BlackRock TCP Capital Corp. 3.900% 8/23/24		850,000		829,651
4.125% 8/11/22		470,000		471,178
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.250% 2/01/22		550,000		551,375
Sixth Street Specialty Lending, Inc. 3.875% 11/01/24		805,000		803,041
				3,368,875
Iron & Steel — 0.1%
Vale Overseas Ltd. 6.250% 8/10/26		275,000		323,469
6.875% 11/21/36		230,000		300,495
				623,964
Machinery – Construction & Mining — 0.0%
Caterpillar, Inc. 3.250% 4/09/50		195,000		217,374
Machinery – Diversified — 0.1%
CNH Industrial Capital LLC 1.950% 7/02/23 (e)		135,000		135,886
3.875% 10/15/21		700,000		717,410
				853,296
Media — 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/01/27 (c)		200,000		206,920
Charter Communications Operating LLC/Charter Communications Operating Capital 6.484% 10/23/45		225,000		297,506
Comcast Corp. 3.400% 7/15/46		220,000		244,405
3.450% 2/01/50		315,000		361,354
3.969% 11/01/47		135,000		160,066
4.750% 3/01/44		190,000		250,147

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

16

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Discovery Communications LLC 3.950% 3/20/28	$	349,000	$	389,989
4.650% 5/15/50		135,000		154,030
5.000% 9/20/37		160,000		189,372
Grupo Televisa SAB 6.625% 3/18/25		495,000		582,184
Time Warner Cable, Inc. 6.750% 6/15/39		110,000		146,168
				2,982,141
Mining — 0.3%
Glencore Finance Canada Ltd. 5.550% STEP 10/25/42 (c)		149,000		160,463
Glencore Funding LLC 3.875% 10/27/27 (c)		160,000		170,067
4.625% 4/29/24 (c)		600,000		656,765
Kinross Gold Corp. 4.500% 7/15/27		166,000		181,063
5.125% 9/01/21		650,000		667,994
Teck Resources Ltd. 6.000% 8/15/40		200,000		211,791
				2,048,143
Miscellaneous – Manufacturing — 0.1%
Carlisle Cos., Inc. 2.750% 3/01/30		326,000		335,542
General Electric Co. 4.125% 10/09/42		42,000		40,099
				375,641
Oil & Gas — 0.7%
Cenovus Energy, Inc. 4.250% 4/15/27		275,000		249,065
6.750% 11/15/39		158,000		153,839
Diamondback Energy, Inc. 3.250% 12/01/26		250,000		251,360
EOG Resources, Inc. 4.950% 4/15/50		40,000		51,023
EQT Corp. 3.000% 10/01/22		340,000		316,200
3.900% 10/01/27		1,090,000		885,396
6.125% STEP 2/01/25		395,000		393,625
Marathon Petroleum Corp. 4.500% 4/01/48		85,000		86,794
4.750% 9/15/44		100,000		104,246
6.500% 3/01/41		170,000		210,423
Newfield Exploration Co. 5.625% 7/01/24		250,000		238,887
5.750% 1/30/22		417,000		417,795
Occidental Petroleum Corp. 6.450% 9/15/36		250,000		211,250
6.600% 3/15/46		257,000		223,711
Ovintiv, Inc. 6.500% 2/01/38		80,000		68,910

	Principal Amount		Value
Patterson-UTI Energy, Inc. 3.950% 2/01/28	$	410,000	$	309,581
Petroleos Mexicanos 5.350% 2/12/28		190,000		159,600
6.375% 1/23/45		80,000		59,676
6.500% 3/13/27		60,000		54,151
6.625% 6/15/38		37,000		28,795
Saudi Arabian Oil Co. 4.250% 4/16/39 (c)		495,000		550,658
				5,024,985
Oil & Gas Services — 0.1%
National Oilwell Varco, Inc. 3.600% 12/01/29		385,000		376,734
3.950% 12/01/42		366,000		305,872
				682,606
Packaging & Containers — 0.1%
Amcor Finance USA, Inc. 3.625% 4/28/26		715,000		783,951
WRKCo, Inc. 3.000% 6/15/33		165,000		171,861
				955,812
Pharmaceuticals — 0.7%
AbbVie, Inc. 4.050% 11/21/39 (c)		240,000		280,670
4.700% 5/14/45		490,000		615,933
Becton Dickinson and Co. 4.685% 12/15/44		225,000		277,069
Bristol-Myers Squibb Co. 4.350% 11/15/47 (c)		200,000		264,113
Cigna Corp. 4.800% 7/15/46 (c)		195,000		244,834
CVS Health Corp. 4.300% 3/25/28		250,000		292,392
5.050% 3/25/48		230,000		301,275
6.125% 9/15/39		175,000		249,077
CVS Pass-Through Trust 5.926% 1/10/34 (c)		246,491		275,574
McKesson Corp. 4.883% 3/15/44		60,000		72,575
6.000% 3/01/41		125,000		159,208
Mylan NV 3.950% 6/15/26		495,000		553,436
5.250% 6/15/46		320,000		396,787
Takeda Pharmaceutical Co. Ltd. 3.375% 7/09/60 (e)		245,000		244,633
Teva Pharmaceutical Finance Netherlands III BV 2.200% 7/21/21		232,000		227,276
Upjohn, Inc. 2.700% 6/22/30 (c)		300,000		307,888
				4,762,740

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

17

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pipelines — 0.7%
Cheniere Energy Partners LP 4.500% 10/01/29 (e)	$	255,000	$	261,901
Energy Transfer Operating LP 4.200% 4/15/27		440,000		459,999
5.875% 1/15/24		200,000		222,661
6.125% 12/15/45		200,000		206,124
3 mo. USD LIBOR + 4.028% 6.250% VRN (d)		540,000		414,450
5 year CMT + 5.134% 6.750% VRN (d)		240,000		201,418
EnLink Midstream Partners LP 4.150% 6/01/25		621,000		478,170
4.850% 7/15/26		149,000		110,305
Enterprise Products Operating LLC 3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77		225,000		210,375
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78		195,000		174,525
EQM Midstream Partners LP 4.750% 7/15/23		500,000		503,365
MPLX LP 4.500% 4/15/38		195,000		195,037
6.250% 10/15/22		97,000		98,117
3 mo. USD LIBOR + 4.652% 6.875% VRN (d)		300,000		267,000
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110% 6.125% VRN (d)		585,000		417,544
Plains All American Pipeline LP / PAA Finance Corp. 3.800% 9/15/30		280,000		274,338
4.500% 12/15/26		93,000		97,526
4.700% 6/15/44		275,000		250,649
6.650% 1/15/37		100,000		108,555
Sunoco Logistics Partners Operations LP 5.300% 4/01/44		75,000		71,831
				5,023,890
Private Equity — 0.2%
Apollo Management Holdings LP 5 year CMT + 3.266% 4.950% VRN 1/14/50 (c)		185,000		166,379
Carlyle Finance Subsidiary LLC 3.500% 9/19/29 (c)		370,000		383,568
Hercules Capital, Inc. 4.625% 10/23/22		470,000		452,802
KKR Group Finance Co. VI LLC 3.750% 7/01/29 (c)		280,000		321,444
				1,324,193

	Principal Amount		Value
Real Estate Investment Trusts (REITS) — 0.9%
Alexandria Real Estate Equities, Inc. 2.750% 12/15/29	$	185,000	$	197,349
American Tower Trust #1 3.652% 3/15/48 (c)		310,000		334,682
Crown Castle International Corp. 5.200% 2/15/49		146,000		193,625
Healthcare Trust of America Holdings LP 3.500% 8/01/26		495,000		534,792
Highwoods Realty LP 4.125% 3/15/28		125,000		133,693
SBA Tower Trust 2.836% 1/15/25 (c)		1,300,000		1,340,340
Service Properties Trust 4.500% 6/15/23		170,000		162,763
4.950% 10/01/29		265,000		224,754
Spirit Realty LP 3.200% 1/15/27		555,000		530,200
3.400% 1/15/30		120,000		113,552
4.000% 7/15/29		300,000		295,655
4.450% 9/15/26		59,000		61,156
Store Capital Corp. 4.625% 3/15/29		320,000		327,208
Tanger Properties LP 3.875% 12/01/23		322,000		316,401
UDR, Inc. 3.200% 1/15/30		180,000		196,176
Vereit Operating Partnership LP 3.100% 12/15/29		635,000		612,015
3.400% 1/15/28		140,000		141,081
4.625% 11/01/25		460,000		497,430
WP Carey, Inc. 4.250% 10/01/26		185,000		201,963
				6,414,835
Retail — 0.1%
El Puerto de Liverpool SAB de CV 3.950% 10/02/24 (c)		445,000		453,949
Starbucks Corp. 2.550% 11/15/30		395,000		414,334
				868,283
Semiconductors — 0.1%
KLA Corp. 3.300% 3/01/50		410,000		423,483
Software — 0.2%
Broadridge Financial Solutions, Inc. 2.900% 12/01/29		441,000		471,386
Microsoft Corp. 4.450% 11/03/45		530,000		720,713
				1,192,099

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

18

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Telecommunications — 0.4%
AT&T, Inc. 2.300% 6/01/27	$	225,000	$	232,936
4.750% 5/15/46		670,000		803,223
5.250% 3/01/37		470,000		581,132
6.250% 3/29/41		25,000		34,279
Cisco Systems, Inc. 5.500% 1/15/40		55,000		80,191
Crown Castle Towers LLC 4.241% 7/15/48 (c)		250,000		286,020
Qwest Corp 6.750% 12/01/21		162,000		171,203
T-Mobile USA, Inc. 2.050% 2/15/28 (c)		250,000		250,117
Telefonica Emisiones SAU 4.665% 3/06/38		180,000		215,423
Verizon Communications, Inc. 6.550% 9/15/43		149,000		236,927
				2,891,451
Transportation — 0.1%
Autoridad del Canal de Panama 4.950% 7/29/35 (c)		210,000		239,402
CSX Corp. 4.750% 11/15/48		155,000		205,785
Norfolk Southern Corp. 4.050% 8/15/52		215,000		257,093
Pacific National Finance Pty Ltd. 4.625% 9/23/20 (c)		105,000		105,607
				807,887
Trucking & Leasing — 0.0%
DAE Funding LLC 4.000% 8/01/20 (c)		173,000		171,702
TOTAL CORPORATE DEBT (Cost $94,604,730)				99,592,975
MUNICIPAL OBLIGATIONS — 0.2%
JobsOhio Beverage System Series B, Revenue Bonds, 4.532% 1/01/35		325,000		405,541
Orange County Local Transportation Authority BAB, Revenue Bonds, 6.908% 2/15/41		230,000		344,165
State of California BAB, General Obligation 7.550% 4/01/39		475,000		845,828
7.600% 11/01/40		105,000		192,756
				1,788,290
TOTAL MUNICIPAL OBLIGATIONS (Cost $1,455,225)				1,788,290

	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.1%
Automobile ABS — 0.4%
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C 4.530% 3/20/23 (c)	$	305,000	$	286,780
Carvana Auto Receivables Trust, Series 2019-4A, Class D 3.070% 7/15/25 (c)		359,000		353,509
Hertz Vehicle Financing LP Series 2019-3A, Class B, 3.030% 12/26/25 (c)		493,000		470,016
Series 2019-3A, Class C, 3.430% 12/26/25 (c)		500,000		448,665
Series 2018-1A, Class B, 3.600% 2/25/24 (c)		650,000		621,945
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B 3.950% 11/14/28 (c)		424,000		421,421
Santander Revolving Auto Loan Trust Series 2019-A, Class B, 2.800% 1/26/32 (c)		204,000		195,556
Series 2019-A, Class C, 3.000% 1/26/32 (c)		126,000		125,160
Series 2019-A, Class D, 3.450% 1/26/32 (c)		263,000		261,647
				3,184,699
Commercial MBS — 2.1%
Aventura Mall Trust, Series 2018-AVM, Class C, 4.249% VRN 7/05/40 (c) (f)		710,000		666,202
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 1.535% FRN 9/15/34 (c)		130,000		108,716
BANK Series 2019-BN24, Class B, 3.455% VRN 11/15/62 (f)		409,000		421,420
Series 2019-BN24, Class C, 3.635% VRN 11/15/62 (f)		397,000		372,469
Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (f)		150,000		161,318
Series 2019-BN16, Class AS, 4.267% 2/15/52		176,250		202,847
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (f)		136,855		142,994
Series 2018-BN14, Class C, 4.752% VRN 9/15/60 (f)		210,000		198,501
BBCMS Mortgage Trust Series 2020-C7, Class AS, 2.444% 4/15/53		320,000		331,408
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 (c) (f)		210,000		147,400

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

19

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 (c) (f)	$	280,000	$	215,543
Series 2018-CHRS, Class B, 4.409% VRN 8/05/38 (c) (f)		350,000		296,695
Benchmark Mortgage Trust Series 2019-B9, Class A4, 3.751% 3/15/52		950,000		1,095,578
Series 2019-B9, Class A5, 4.016% 3/15/52		1,150,000		1,359,124
BHMS Mortgage Trust Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.435% FRN 7/15/35 (c)		970,000		916,692
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 7/15/35 (c)		850,000		784,178
BX Commercial Mortgage Trust Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.885% FRN 11/15/35 (c)		294,000		290,282
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.985% FRN 10/15/36 (c)		373,562		358,558
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.185% FRN 10/15/36 (c)		452,860		435,227
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750% 1.935% FRN 12/15/37 (c)		224,629		216,771
Century Plaza Towers Series 2019-CPT, Class D, 3.097% VRN 11/13/39 (c) (f)		225,000		220,719
Series 2019-CPT, Class E, 3.097% VRN 11/13/39 (c) (f)		338,000		304,935
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C 3.502% 8/10/56		241,000		217,360
Commercial Mortgage Pass-Through Certificates Series 2012-CR4, Class B, 3.703% 10/15/45 (c)		195,000		121,429
Series 2015-CR23, Class C, 4.435% VRN 5/10/48 (f)		140,000		138,353
Series 2014-UBS5, Class B, 4.514% VRN 9/10/47 (f)		290,000		298,176
DBUBS Mortgage Trust, Series 2011-LC1A, Class B, 5.471% VRN 11/10/46 (c) (f)		110,000		110,774
GS Mortgage Securities Trust Series 2017-GS6, Class B, 3.869% 5/10/50		440,000		470,920
Series 2012-GC6, Class AS, 4.948% 1/10/45 (c)		100,000		99,468

	Principal Amount		Value
Jackson Park Trust, Series 2019-LIC, Class C, 3.131% VRN 10/14/39 (c) (f)	$	500,000	$	506,224
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class AS 3.056% 8/15/49		490,000		511,309
JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class B 3.898% 2/15/48		500,000		502,390
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% 1.985% FRN 5/15/36 (c)		326,000		313,387
MFT Trust Series 2020-ABC, Class A, 3.358% 2/10/42 (c)		205,000		210,470
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (c) (f)		227,000		228,799
MKT Mortgage Trust Series 2020-525M, Class D, 2.941% VRN 2/12/40 (c) (f)		109,000		103,689
Series 2020-525M, Class E, 2.941% VRN 2/12/40 (c) (f)		213,000		192,936
Morgan Stanley Capital I Trust Series 2019-L2, Class AS, 4.272% 3/15/52		500,000		574,033
Series 2018-H3, Class B, 4.620% VRN 7/15/51 (f)		120,000		134,090
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (c) (f)		250,000		251,656
Wells Fargo Commercial Mortgage Trust Series 2019-C49, Class AS, 4.244% 3/15/52		291,000		333,694
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (f)		240,000		274,696
Series 2018-C45, Class B, 4.556% 6/15/51		60,000		62,978
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B 4.311% 8/15/45		190,000		188,739
				15,093,147
Other ABS — 5.3%
321 Henderson Receivables I LLC, Series 2005-1A, Class A1, 1 mo. USD LIBOR + .230% 0.415% FRN 11/15/40 (c)		43,075		41,843
321 Henderson Receivables LLC, Series 2015-1A, Class A 3.260% 9/15/72 (c)		42,446		44,205
AASET Trust Series 2020-1A, Class A, 3.351% 1/16/40 (c)		355,277		312,867

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

20

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2019-1, Class A, 3.844% 5/15/39 (c)	$	463,886	$	419,125
Series 2017-1A, Class A, 3.967% 5/16/42 (c)		289,123		243,741
Series 2018-2A, Class A, 4.454% 11/18/38 (c)		295,645		263,637
Adams Outdoor Advertising LP, Series 2018-1, Class A 4.810% 11/15/48 (c)		378,726		385,003
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (c)		305,600		309,888
Ares CLO Ltd., Series 2019-54A, Class C, 3 mo. USD LIBOR + 2.850% 4.069% FRN 10/15/32 (c)		500,000		487,011
Ascentium Equipment Receivables Trust, Series 2019-2A, Class E 3.780% 5/10/27 (c)		827,000		826,364
Assurant CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.250% 3.385% FRN 10/20/31 (c)		310,000		291,417
Atlas Senior Loan Fund Ltd., Series 2016-7A, Class A1R, 3 mo. USD LIBOR + 1.280% 1.649% FRN 11/27/31 (c)		953,952		924,728
Atrium, Series 15A, Class B, 3 mo. USD LIBOR + 1.750% 2.793% FRN 1/23/31 (c)		250,000		240,408
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, 3 mo. USD LIBOR + 1.090% 2.225% FRN 4/20/31 (c)		260,000		251,824
BlueMountain CLO Ltd., Series 2019-25A, Class B, 3 mo. USD LIBOR + 1.800% 3.019% FRN 7/15/32 (c)		500,000		479,727
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A 2.940% 5/25/29 (c)		82,499		82,837
CAL Funding Ltd., Series 2018-2A, Class A 4.340% 9/25/43 (c)		239,250		237,187
Capital Automotive REIT Series 2014-1A, Class A, 3.660% 10/15/44 (c)		151,843		149,866
Series 2017-1A, Class A2, 4.180% 4/15/47 (c)		131,745		132,172
Carlyle Global Market Strategies CLO Ltd., Series 2018-4A, Class A2, 3 mo. USD LIBOR + 1.800% 2.935% FRN 1/20/31 (c)		720,000		683,958
CARS-DB4 LP, Series 2020-1A, Class A3 3.250% 2/15/50 (c)		117,897		116,595

	Principal Amount		Value
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A 3.967% 4/15/39 (c)	$	342,580	$	299,667
Castlelake Aircraft Structured Trust, Series 2018-1, Class A 4.125% 6/15/43 (c)		664,931		617,413
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100% 3.319% FRN 1/15/31 (c)		250,000		243,588
CIFC Funding Ltd. Series 2020-1A, Class A1, 3 mo. USD LIBOR + 1.700% 1.000% FRN 7/15/32 (c) (e)		250,000		250,000
Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180% 2.315% FRN 11/16/30 (c)		340,000		334,928
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200% 2.335% FRN 10/20/30 (c)		480,000		469,041
CLI Funding LLC, Series 2019-1A, Class A 3.710% 5/18/44 (c)		381,301		375,166
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 0.645% FRN 9/25/34		1,456		1,291
Crestline Denali CLO Ltd., Series 2016-1A, Class A1R, 3 mo. USD LIBOR + 1.280% 2.323% FRN 10/23/31 (c)		249,836		240,673
Cronos Containers Program Ltd., Series 2014-2A, Class A 3.270% 11/18/29 (c)		113,889		111,888
DB Master Finance LLC Series 2019-1A, Class A2II, 4.021% 5/20/49 (c)		415,858		432,512
Series 2019-1A, Class A23, 4.352% 5/20/49 (c)		376,158		412,832
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.890% 2/20/32 (c)		554,705		552,868
Series 2016-1, Class A, 3.080% 11/20/28 (c)		141,277		141,310
Domino’s Pizza Master Issuer LLC Series 2019-1A, Class A2, 3.668% 10/25/49 (c)		258,700		271,081
Series 2018-1A, Class A2I, 4.116% 7/25/48 (c)		304,575		323,570
Series 2017-1A, Class A23, 4.118% 7/25/47 (c)		107,250		114,852
Series 2015-1A, Class A2II, 4.474% 10/25/45 (c)		519,750		528,467

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

21

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Eaton Vance CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 2.969% FRN 10/15/30 (c)	$	700,000	$	678,583
Elmwood CLO Ltd. Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450% 2.585% FRN 4/20/31 (c)		450,000		446,031
Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950% 3.169% FRN 10/15/32 (c)		250,000		245,279
Falcon Aerospace Ltd., Series 2019-1, Class A 3.597% 9/15/39 (c)		556,351		496,553
FCI Funding LLC, Series 2019-1A, Class A 3.630% 2/18/31 (c)		87,173		87,843
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M6, 1 mo. USD LIBOR + 1.725% 1.910% FRN 1/25/35		420,000		388,132
Flatiron CLO Ltd., Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900% 2.286% FRN 11/16/32 (c)		250,000		240,067
Global SC Finance SRL, Series 2014-1A, Class A1 3.190% 7/17/29 (c)		102,083		101,481
Goodgreen Trust Series 2019-2A, Class A, 2.760% 10/15/54 (c)		716,513		709,940
Series 2016-1A, Class A, 3.230% 10/15/52 (c)		252,694		257,435
Series 2017-2A, Class A, 3.260% 10/15/53 (c)		314,630		320,539
Series 2017-1A, Class A, 3.740% 10/15/52 (c)		190,608		199,183
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (c) (f)		372,041		386,976
Helios Issuer LLC, Series 2017-1A, Class A 4.940% 9/20/49 (c)		215,121		210,615
Hero Funding Trust Series 2016-3A, Class A1, 3.080% 9/20/42 (c)		131,386		134,072
Series 2017-3A, Class A1, 3.190% 9/20/48 (c)		158,774		162,438
Series 2016-4A, Class A1, 3.570% 9/20/47 (c)		139,160		145,709
Series 2018-1A, Class A2, 4.670% 9/20/48 (c)		301,185		322,194
Highbridge Loan Management Ltd. Series 12A-18, Class B, 3 mo. USD LIBOR + 1.850% 2.985% FRN 7/18/31 (c)		250,000		238,087

	Principal Amount		Value
Series 13A-18, Class C, 3 mo. USD LIBOR + 2.150% 3.369% FRN 10/15/30 (c)	$	350,000	$	330,463
Horizon Aircraft Finance I Ltd. Series 2019-2, Class A, 3.425% 11/15/39 (c)		530,720		458,887
Series 2019-1, Class A, 3.721% 7/15/39 (c)		314,715		276,830
J.G. Wentworth LLC Series 2018-2A, Class A, 3.960% 10/15/75 (c)		273,705		281,014
Series 2017-1A, Class B, 5.430% 8/15/62 (c)		1,100,000		1,130,508
KDAC Aviation Finance Ltd., Series 2017-1A, Class A 4.212% 12/15/42 (c)		338,897		287,451
KKR Financial CLO Ltd. Series 24, Class A1, 3 mo. USD LIBOR + 1.360% 2.495% FRN 4/20/32 (c)		300,000		297,184
Series 26, Class B1, 3 mo. USD LIBOR + 2.050% 3.269% FRN 7/15/32 (c)		250,000		245,727
KREF Ltd., Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.000% 2.194% FRN 6/15/36 (c)		210,000		201,036
Lunar Aircraft Ltd., Series 2020-1A, Class A 3.376% 2/15/45 (c)		403,933		368,751
MACH 1 Cayman Ltd., Series 2019-1, Class A 3.474% 10/15/39 (c)		469,219		387,547
Madison Park Funding Ltd. Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 2.819% FRN 7/15/30 (c)		430,000		412,538
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 3.335% FRN 10/18/30 (c)		550,000		528,277
Mosaic Solar Loans LLC Series 2017-2A, Class A, 3.820% 6/22/43 (c)		103,061		106,066
Series 2017-1A, Class A, 4.450% 6/20/42 (c)		46,267		47,202
MP CLO Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250% 2.385% FRN 10/20/30 (c)		300,000		289,675
NP SPE LLC, Series 2017-1A, Class A2 4.219% 10/21/47 (c)		380,000		389,384

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

22

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
OHA Credit Funding Ltd. Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 2.428% FRN 10/22/32 (c)	$	250,000	$	245,376
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 3.748% FRN 10/22/32 (c)		250,000		245,878
OHA Credit Partners Ltd., Series 2015-11A, Class CR, 3 mo. USD LIBOR + 2.150% 3.285% FRN 1/20/32 (c)		300,000		287,635
OneMain Financial Issuance Trust, Series 2019-2A, Class A 3.140% 10/14/36 (c)		1,810,000		1,814,812
Oxford Finance Funding Trust Series 2020-1A, Class A2, 3.101% 2/15/28 (c)		353,000		357,281
Series 2016-1A, Class A, 3.968% 6/17/24 (c)		40,835		41,018
Palmer Square CLO Ltd., Series 2015-1A, Class A2R2, 3 mo. USD LIBOR + 1.650% 2.024% FRN 5/21/29 (c)		500,000		491,978
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A 3.967% 6/15/44 (c)		336,147		288,986
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2 3.858% 12/05/49 (c)		526,355		441,954
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% 3.035% FRN 2/25/23 (c)		200,000		196,015
Sierra Receivables Funding LLC Series 2015-3A, Class B, 3.080% 9/20/32 (c)		12,151		12,078
Series 2018-2A, Class C, 3.940% 6/20/35 (c)		113,339		107,244
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300% 2.686% FRN 8/18/31 (c)		290,000		271,129
Store Master Funding Series 2019-1, Class A2, 3.650% 11/20/49 (c)		658,992		621,762
Series 2018-1A, Class A2, 4.290% 10/20/48 (c)		251,047		250,255
Structured Receivables Finance LLC, Series 2010-B, Class A 3.730% 8/15/36 (c)		55,438		56,428
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A 4.870% 7/20/48 (c)		111,569		110,962

	Principal Amount		Value
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A 4.190% 1/15/71 (c)	$	333,132	$	361,038
Taco Bell Funding LLC Series 2018-1A, Class A2II, 4.940% 11/25/48 (c)		236,400		248,147
Series 2016-1A, Class A23, 4.970% 5/25/46 (c)		795,400		826,637
TAL Advantage LLC, Series 2017-1A, Class A 4.500% 4/20/42 (c)		277,922		277,248
Textainer Marine Containers Ltd. Series 2017-2A, Class A, 3.520% 6/20/42 (c)		415,637		389,851
Series 2019-1A, Class A, 3.960% 4/20/44 (c)		110,613		112,436
Trinity Rail Leasing LP Series 2019-2A, Class A2, 3.100% 10/18/49 (c)		731,000		709,495
Series 2019-1A, Class A, 3.820% 4/17/49 (c)		842,647		859,214
Series 2018-1A, Class A2, 4.620% 6/17/48 (c)		410,000		417,184
Triton Container Finance LLC Series 2017-1A, Class A, 3.520% 6/20/42 (c)		119,407		117,668
Series 2018-2A, Class A, 4.190% 6/22/43 (c)		376,000		376,113
Voya CLO Ltd., Series 2015-3A, Class A3R, 3 mo. USD LIBOR + 1.700% 2.835% FRN 10/20/31 (c)		300,000		285,278
WAVE LLC, Series 2019-1A, Class A 3.597% 9/15/44 (c)		907,976		828,671
WAVE Trust, Series 2017-1A, Class A 3.844% 11/15/42 (c)		546,440		476,047
Welk Resorts LLC, Series 2015-AA, Class A 2.790% 6/16/31 (c)		43,309		42,937
Wendy’s Funding LLC, Series 2015-1A, Class A23 4.497% 6/15/45 (c)		404,813		406,036
				37,030,038
Student Loans ABS — 3.0%
Access Group Inc., Series 2004-A, Class A3, 1.699% FRN 7/01/39		100,000		98,561
CIT Education Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .210% 0.523% FRN 6/15/43		620,060		543,761

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

23

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
College Avenue Student Loans LLC Series 2019-A, Class B, 3.810% 12/28/48 (c)	$	531,000	$	512,941
Series 2019-A, Class C, 4.460% 12/28/48 (c)		270,000		258,576
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS FRN 1/25/47		130,000		102,691
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 2.085% FRN 10/25/44 (c)		166,158		166,354
ECMC Group Student Loan Trust Series 2018-2A, Class A, 1 mo. USD LIBOR + .800% 0.985% FRN 9/25/68 (c)		408,064		388,755
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 1.385% FRN 12/27/66 (c)		287,880		282,143
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 1.518% FRN 7/26/66 (c)		409,217		396,860
EdLinc Student Loan Funding Trust Series 2017-A, Class A, PRIME – 1.150% 3.600% FRN 12/01/47 (c)		319,946		315,761
Series 2012-1, Class B, 1 mo. USD LIBOR + 4.240% 4.425% FRN 11/26/40 (c)		270,000		284,207
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450% 0.810% FRN 8/25/42		120,241		104,368
KnowledgeWorks Foundation, Series 2010-1, Class A, 3 mo. USD LIBOR + .950% 1.310% FRN 2/25/42		96,478		93,588
Laurel Road Prime Student Loan Trust Series 2017-B, Class BFX, 3.020% 8/25/42 (c)		86,016		84,690
Series 2018-B, Class BFX, 3.720% 5/26/43 (c)		76,461		75,892
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 1 mo. USD LIBOR + .720% 0.905% FRN 12/15/59 (c)		149,796		143,039
Navient Private Education Refi Loan Trust Series 2019-A, Class A2A, 3.420% 1/15/43 (c)		253,000		258,614
Series 2019-A, Class B, 3.900% 1/15/43 (c)		284,000		290,627
Series 2018-CA, Class B, 4.220% 6/16/42 (c)		250,000		251,553

	Principal Amount		Value
Navient Student Loan Trust Series 2016-1A, Class A, 1 mo. USD LIBOR + .700% 0.885% FRN 2/25/70 (c)	$	360,713	$	341,776
Series 2018-2A, Class A3, 1 mo. USD LIBOR + .750% 0.935% FRN 3/25/67 (c)		550,000		514,432
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800% 0.985% FRN 3/25/67 (c)		750,000		740,352
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.085% FRN 12/27/67 (c)		850,000		847,595
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 1.335% FRN 3/25/66 (c)		745,657		727,856
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 1.435% FRN 6/25/65 (c)		343,446		336,428
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 1.485% FRN 3/25/66 (c)		1,100,000		1,020,875
Series 2018-4A, Class B, 1 mo. USD LIBOR + 1.300% 1.485% FRN 6/27/67 (c)		750,000		703,343
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 6/25/48		220,000		200,972
Series 2014-8, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 7/26/49		155,000		127,631
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 10/25/58		150,000		122,727
Series 2019-BA, Class B, 4.040% 12/15/59 (c)		750,000		780,378
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B 3.600% 12/26/40 (c)		64,170		64,452
Nelnet Student Loan Trust Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.547% FRN 6/25/41		138,901		119,852
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .750% 0.935% FRN 9/27/66 (c)		600,000		584,399
Series 2005-4, Class A4R2, 28 day ARS 1.191% FRN 3/22/32		200,000		190,524
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 6/25/54 (c)		150,000		139,804
Series 2019-5, Class A, 2.530% 10/25/67 (c)		1,519,189		1,518,675

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

24

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SLM Student Loan Trust Series 2006-2, Class R, 0.000% 1/25/41	$	1,799	$	919,385
Series 2005-4, Class B, 3 mo. USD LIBOR + .180% 1.171% FRN 7/25/55		242,496		205,060
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 1.201% FRN 10/25/40		309,473		276,816
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 1.281% FRN 1/25/44		334,658		261,824
Series 2002-7, Class A11, 28 day ARS 1.403% FRN 3/15/28		10,000		10,000
Series 2004-1 Class B, 3 mo. USD LIBOR + .500% 1.491% FRN 7/25/39		297,288		267,099
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 1.591% FRN 10/25/65 (c)		300,000		282,674
Series 2002-7, Class B, 28 day ARS 5.281% FRN 12/15/39		550,000		511,318
SMB Private Education Loan Trust Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 1.055% FRN 7/15/36 (c)		126,000		121,609
Series 2019-B, Class A2B, 1 mo. USD LIBOR + 1.000% 1.185% FRN 6/15/37 (c)		1,200,000		1,162,423
Series 2017-A, Class B, 3.500% 6/17/41 (c)		300,000		298,376
Series 2017-B, Class B, 3.500% 12/16/41 (c)		150,000		149,757
SoFi Professional Loan Program LLC Series 2017-D, Class R1, 0.000% 9/25/40 (c)		1,000,000		347,060
Series 2018-A, Class R1, 0.000% 2/25/42 (c)		1,000,000		482,315
Series 2018-D, Class R1, 0.000% 2/25/48 (c)		968,900		236,121
Series 2019-A, Class R1, 0.000% 6/15/48 (c)		1,661,200		407,825
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 1.385% FRN 6/25/33 (c)		60,419		60,117
Series 2019-C, Class BFX, 3.050% 11/16/48 (c)		646,000		636,075
Series 2017-D, Class BFX, 3.610% 9/25/40 (c)		500,000		497,830
South Carolina Student Loan Corp., Series 2010-1, Class A3, 3 mo. USD LIBOR + 1.050% 2.041% FRN 10/27/36		170,000		166,722
				21,035,458

	Principal Amount		Value
WL Collateral CMO — 0.3%
Countrywide Home Loans, Inc. Series 2004-2, Class 1A1, 3.668% VRN 2/25/34 (f)	$	15,677	$	15,041
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (f)		3,993		3,776
Deephaven Residential Mortgage Trust Series 2018-1A, Class A1, 2.976% VRN 12/25/57 (c) (f)		177,049		178,776
Series 2018-1A, Class A3, 3.202% VRN 12/25/57 (c) (f)		50,585		50,161
Series 2019-1A, Class A3, 3.948% VRN 1/25/59 (c) (f)		166,702		166,816
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 3.487% VRN 8/25/34 (f)		5,715		5,730
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.687% VRN 8/25/34 (f)		35,799		35,084
JP Morgan Mortgage Trust, Series 2017-1, Class A11, 3.500% VRN 1/25/47 (c) (f)		352,354		359,279
Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class IA, 3.250% VRN 2/25/34 (f)		1,972		1,933
Series 2003-A4, Class IA, 4.234% VRN 7/25/33 (f)		2,006		1,903
PSMC Trust, Series 2018-2, Class A1, 3.500% VRN 6/25/48 (c) (f)		377,400		384,280
Sequoia Mortgage Trust Series 2018-CH2, Class A3, 4.000% VRN 6/25/48 (c) (f)		306,365		314,862
Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (c) (f)		153,998		156,694
Series 2019-1, Class A1, 4.000% VRN 2/25/49 (c) (f)		51,010		52,000
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 3.673% VRN 3/25/34 (f)		20,554		20,191
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 2.904% FRN 4/25/44		48,715		46,386
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1, 4.000% VRN 11/25/48 (c) (f)		213,092		217,633
				2,010,545
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $80,905,605)				78,353,887

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

25

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SOVEREIGN DEBT OBLIGATIONS — 0.3%
Colombia Government International Bond 6.125% 1/18/41	$	620,000	$	774,070
Mexico Government International Bond 4.750% 3/08/44		824,000		873,440
6.750% 9/27/34		160,000		210,202
				1,857,712
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,630,907)				1,857,712
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 8.6%
Collateralized Mortgage Obligations — 0.1%
Federal Home Loan Mortgage Corp. Series 2617, Class Z, 5.500% 5/15/33		143,127		165,830
Series 2693, Class Z, 5.500% 10/15/33		260,889		294,172
				460,002
Pass-Through Securities — 8.3%
Federal Home Loan Mortgage Corp. Pool #QA8791 3.500% 4/01/50		296,787		318,435
Pool #RA2483 3.500% 6/01/50		2,597,328		2,761,612
Pool #C55867 7.500% 2/01/30		26,818		30,213
Pool #C01079 7.500% 10/01/30		3,804		4,468
Pool #C01135 7.500% 2/01/31		16,361		19,120
Pool #C00470 8.000% 8/01/26		9,594		10,793
Pool #G00924 8.000% 3/01/28		8,896		10,007
Federal National Mortgage Association Pool #MA3984 2.500% 4/01/35		2,486,725		2,604,214
Pool #MA4013 2.500% 5/01/35		2,859,726		2,994,838
Pool #MA3029 3.000% 6/01/32		726,359		765,351
Pool #MA3090 3.000% 8/01/32		310,493		326,967
Pool #AS1304 3.500% 12/01/28		163,484		174,328
Pool #AV1897 3.500% 12/01/28		27,668		29,504
Pool #AV2325 3.500% 12/01/28		87,832		93,657
Pool #BF0196 3.500% 2/01/41		211,546		228,778
Pool #MA1356 3.500% 2/01/43		1,251,044		1,352,165
Pool #FM1970 3.500% 11/01/49		500,421		540,870
Pool #CA5308 3.500% 3/01/50		1,770,064		1,896,958
Pool #CA6096 3.500% 6/01/50		2,371,964		2,524,959
Pool #725692 1 year CMT + 2.137% 3.957% FRN 10/01/33		23,391		24,626
Pool #888586 1 year CMT + 2.195% 3.973% FRN 10/01/34		50,275		52,931
Pool #BJ0686 4.000% 4/01/48		542,206		576,409
Pool #CA2039 4.000% 7/01/48		530,100		562,752
Pool #CA1951 4.000% 7/01/48		450,366		478,494
Pool #CA1909 4.500% 6/01/48		1,272,006		1,366,907

	Principal Amount		Value
Pool #AD6437 5.000% 6/01/40	$	61,566	$	70,305
Pool #AD6996 5.000% 7/01/40		399,353		456,038
Pool #AL8173 5.000% 2/01/44		160,604		182,247
Pool #564594 7.000% 1/01/31		8,573		9,802
Pool #572844 7.000% 4/01/31		19,582		22,828
Pool #253795 7.000% 5/01/31		31,971		37,035
Pool #499386 7.500% 9/01/29		1,031		1,200
Pool #522769 7.500% 12/01/29		56		66
Pool #521006 7.500% 12/01/29		401		471
Pool #252981 7.500% 1/01/30		4,950		5,767
Pool #530520 7.500% 3/01/30		9,264		10,676
Pool #524317 7.500% 3/01/30		919		1,082
Pool #253183 7.500% 4/01/30		1,787		2,082
Pool #253265 7.500% 5/01/30		956		1,112
Pool #536949 8.000% 5/01/30		1,274		1,501
Pool #535351 8.000% 6/01/30		1,941		2,261
Pool #253481 8.000% 10/01/30		1,277		1,495
Pool #602008 8.000% 8/01/31		1,975		2,305
Pool #190317 8.000% 8/01/31		571		666
Government National Mortgage Association Pool #337539 7.000% 7/15/23		141		149
Pool #363066 7.000% 8/15/23		2,225		2,350
Pool #354674 7.000% 10/15/23		1,687		1,785
Pool #352021 7.000% 11/15/23		1,101		1,163
Government National Mortgage Association II Pool# MA6656 3.000% 5/20/50		2,444,881		2,589,744
Pool# MA6710 3.000% 6/20/50		2,450,000		2,595,932
Government National Mortgage Association II TBA Pool #24 3.000% 12/01/49 (e)		575,000		609,118
Pool #471 3.500% 6/01/49 (e)		20,630,000		21,769,486
Uniform Mortgage Backed Securities TBA Pool #1127 3.500% 4/01/49 (e)		9,700,000		10,201,672
Pool #15801 4.500% 9/01/48 (e)		575,000		617,854
				58,947,548
Whole Loans — 0.2%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2020-DNA3, Class M1, 1.000% 6/25/50 (c) (e)		650,000		650,000
Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050% 2.235% FRN 7/25/49 (c)		285,062		278,467

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

26

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2019-R01, Class 2M2, 1 mo. USD LIBOR + 2.450% 2.635% FRN 7/25/31 (c)	$	428,151	$	417,810
				1,346,277
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $60,523,276)				60,753,827
U.S. TREASURY OBLIGATIONS — 0.5%
U.S. Treasury Bonds & Notes — 0.5%
U.S. Treasury Bond 2.250% 8/15/49 (g)		1,940,000		2,332,855
3.500% 2/15/39 (g)		720,000		1,018,505
				3,351,360
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,811,674)				3,351,360
TOTAL BONDS & NOTES (Cost $241,931,417)				245,698,051
TOTAL PURCHASED OPTIONS (#) — 0.1% (Cost $607,842)				402,932
	Number of Shares
RIGHTS — 0.0%
Consumer, Non-cyclical — 0.0%
Pharmaceuticals — 0.0%
Bristol-Myers Squibb Co., Expires 3/31/21 (a)		25,576		91,562
TOTAL RIGHTS (Cost $54,477)				91,562
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (h)		165,800		165,800
TOTAL MUTUAL FUNDS (Cost $165,800)				165,800
TOTAL LONG-TERM INVESTMENTS (Cost $561,861,131)				700,984,684

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 5.0%
Commercial Paper — 4.7%
American Honda Finance Corp. 1.936% 8/21/20	$	3,000,000	$	2,997,825
Avangrid, Inc. 0.203% 7/06/20 (c)		3,000,000		2,999,866
Bayer Corp. 2.553% 7/15/20 (c)		2,000,000		1,999,775
Bemis Co., Inc. 0.325% 7/07/20 (c)		1,000,000		999,953
Daimler Finance North America LLC 1.606% 7/13/20 (c)		1,000,000		999,902
Duke Energy Corp. 0.284% 8/03/20 (c)		2,000,000		1,999,356
Dupont De Nemours, Inc. 0.375% 8/25/20 (c)		1,000,000		999,303
Fidelity National Information Services, Inc. 0.274% 7/09/20 (c)		2,000,000		1,999,865
First Abu Dhabi Bank PJSC 0.304% 9/28/20 (c)		1,000,000		999,475
FMC Tech, Inc. 1.269% 7/13/20 (c)		1,000,000		999,812
General Electric Co. 0.640% 9/17/20		3,000,000		2,996,629
Harley-Davidson Funding Corp. 0.457% 8/05/20 (c)		1,000,000		999,648
0.507% 7/20/20 (c)		2,000,000		1,999,667
LyondellBasell Industries NV 0.203% 7/29/20 (c)		2,000,000		1,999,489
Mondelez International, Inc. 0.396% 7/24/20 (c)		2,000,000		1,999,600
Public Sevice Enterprise Group, Inc. 0.254% 7/20/20 (c)		3,000,000		2,999,522
Suncor Energy, Inc. 1.527% 8/13/20 (c)		3,000,000		2,998,552
				32,988,239
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (i)		2,258,461		2,258,461
TOTAL SHORT-TERM INVESTMENTS (Cost $35,233,781)				35,246,700
TOTAL INVESTMENTS — 104.7% (Cost $597,094,912) (j)				736,231,384
Other Assets/(Liabilities) — (4.7)%				(32,777,235	)
NET ASSETS — 100.0%			$	703,454,149

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

27

MML Blend Fund – Portfolio of Investments (Continued)

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

DAC Designated Activity Company

FRN Floating Rate Note

LIBOR London Inter-Bank Offered Rate

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

PJSC Public Joint Stock Company

REIT Real Estate Investment Trust

SOFR Secured Overnight Financing Rate

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) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2020, was $1,138,862 or 0.16% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $993,126 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the

Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2020, the aggregate market value of these securities amounted to $113,222,331 or 16.10% of net assets.

(d) Security is perpetual and has no stated maturity date.

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

(f) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2020.

(g) A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(h) Represents investment of security lending cash collateral. (Note 2).

(i) Maturity value of $2,258,461. Collateralized by U.S. Government Agency obligations with rates ranging from 0.625% – 2.375%, maturity dates ranging from 1/15/24 – 2/29/24, and an aggregate market value, including accrued interest, of $2,303,773.

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

(#) Interest Rate Swaptions Purchased

					Paid by Fund				Received by Fund
Description	Counterparty		Expiration Date		Rate		Frequency		Rate		Frequency		Notional Amount			Value		Premium Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
10 Year Interest Rate Swap, 2/02/43		Credit Suisse International*		1/31/33		3-Month USD LIBOR BBA		Quarterly		2.61%		Semi-Annually		USD	748,250	$	123,536	$	35,916	$	87,620
Put
10 Year Interest Rate Swap, 2/02/43		Credit Suisse International*		1/31/33		3.11%		Semi-Annually		3-Month USD LIBOR BBA		Quarterly		USD	11,940,000	$	279,396	$	571,926	$	(292,530	)
																$	402,932	$	607,842	$	(204,910	)

* Contracts are subject to a Master Netting Agreement.

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

28

MML Blend Fund – Portfolio of Investments (Continued)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra 10 Year		9/21/20		20	$	3,149,831		$	(143	)
U.S. Treasury Ultra Bond		9/21/20		89		19,472,986			(57,080	)
U.S. Treasury Note 2 Year		9/30/20		195		43,058,859			2,626
U.S. Treasury Note 5 Year		9/30/20		70		8,787,624			14,329
								$	(40,268	)
Short
90 Day Eurodollar		9/14/20		3	$	(731,391	)	$	(16,622	)
U.S. Treasury Long Bond		9/21/20		45		(8,019,997	)		(15,316	)
90 Day Eurodollar		12/14/20		2		(487,568	)		(10,982	)
90 Day Eurodollar		3/15/21		2		(487,743	)		(11,257	)
90 Day Eurodollar		9/13/21		4		(975,637	)		(22,613	)
90 Day Eurodollar		3/14/22		4		(975,337	)		(22,863	)
90 Day Eurodollar		9/19/22		3		(731,203	)		(17,147	)
90 Day Eurodollar		3/13/23		3		(730,753	)		(17,147	)
90 Day Eurodollar		12/18/23		4		(973,437	)		(22,413	)
90 Day Eurodollar		12/16/24		10		(2,430,592	)		(54,159	)
								$	(210,519	)

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Obligation/ Index	Rate Paid by Fund	Payment Frequency		Termination Date		Notional Amount		Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG Series 34†	1.000%		Quarterly		6/20/25	USD	1,000,000	$	(11,688	)	$	3,551	$	(15,239	)
CDX.NA.IG Series 34†	1.000%		Quarterly		6/20/25	USD	1,100,000		(13,090	)		4,784		(17,874	)
								$	(24,778	)	$	8,335	$	(33,113	)

† 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

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

29

MML Equity Fund – Portfolio of Investments

June 30, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.8%
COMMON STOCK — 98.5%
Basic Materials — 2.9%
Chemicals — 2.2%
Albemarle Corp.		6,500	$	501,865
Celanese Corp.		7,400		638,916
DuPont de Nemours, Inc.		20,500		1,089,165
Eastman Chemical Co.		8,300		578,012
FMC Corp.		8,000		796,960
Huntsman Corp.		12,000		215,640
Linde PLC		29,232		6,200,399
LyondellBasell Industries NV Class A		23,800		1,564,136
PPG Industries, Inc.		26,966		2,860,014
				14,445,107
Forest Products & Paper — 0.3%
International Paper Co.		65,666		2,312,100
Iron & Steel — 0.2%
Nucor Corp.		18,700		774,367
Reliance Steel & Aluminum Co.		4,200		398,706
Steel Dynamics, Inc.		13,200		344,388
				1,517,461
Mining — 0.2%
Freeport-McMoRan, Inc.		85,700		991,549
				19,266,217
Communications — 9.8%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		20,000		343,200
Omnicom Group, Inc.		13,400		731,640
				1,074,840
Internet — 1.5%
Alphabet, Inc. Class C (a)		3,271		4,623,918
Booking Holdings, Inc. (a)		170		270,698
E*TRADE Financial Corp.		50,418		2,507,287
eBay, Inc.		49,800		2,612,010
Facebook, Inc. Class A (a)		500		113,535
				10,127,448
Media — 2.0%
Comcast Corp. Class A		277,400		10,813,052
Discovery, Inc. Class A (a) (b)		9,400		198,340
Fox Corp. Class A		19,700		528,354
The Walt Disney Co.		16,500		1,839,915
				13,379,661
Telecommunications — 6.2%
AT&T, Inc.		422,700		12,778,221
Cisco Systems, Inc.		250,100		11,664,664
Corning, Inc.		43,600		1,129,240
Juniper Networks, Inc.		20,500		468,630

	Number of Shares		Value
Motorola Solutions, Inc.		10,224	$	1,432,689
Verizon Communications, Inc.		253,600		13,980,968
				41,454,412
				66,036,361
Consumer, Cyclical — 4.7%
Apparel — 0.1%
Ralph Lauren Corp.		3,000		217,560
Skechers U.S.A., Inc. Class A (a)		8,200		257,316
				474,876
Auto Manufacturers — 0.8%
Cummins, Inc.		11,800		2,044,468
General Motors Co.		74,200		1,877,260
PACCAR, Inc.		21,300		1,594,305
				5,516,033
Auto Parts & Equipment — 0.3%
Allison Transmission Holdings, Inc.		7,300		268,494
BorgWarner, Inc.		12,700		448,310
Lear Corp.		3,600		392,472
Magna International, Inc.		18,694		832,444
				1,941,720
Distribution & Wholesale — 0.3%
HD Supply Holdings, Inc. (a)		9,100		315,315
LKQ Corp. (a)		18,900		495,180
W.W. Grainger, Inc.		3,400		1,068,144
				1,878,639
Home Builders — 0.4%
D.R. Horton, Inc.		22,700		1,258,715
Lennar Corp. Class A		17,200		1,059,864
PulteGroup, Inc.		15,900		541,077
				2,859,656
Home Furnishing — 0.1%
Whirlpool Corp. (b)		4,100		531,073
Leisure Time — 0.0%
Brunswick Corp.		4,500		288,045
Lodging — 0.4%
Hilton Worldwide Holdings, Inc.		21,200		1,557,140
Hyatt Hotels Corp. Class A (b)		2,100		105,609
Marriott International, Inc. Class A		15,138		1,297,781
				2,960,530
Retail — 2.2%
Advance Auto Parts, Inc.		4,100		584,045
AutoZone, Inc. (a)		1,500		1,692,180
Best Buy Co., Inc.		15,900		1,387,593
Genuine Parts Co.		8,900		773,944
The Home Depot, Inc.		2,100		526,071
McDonald’s Corp.		12,427		2,292,409
O’Reilly Automotive, Inc. (a)		2,389		1,007,369

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

30

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Ross Stores, Inc.		10,857	$	925,451
Target Corp.		1,900		227,867
The TJX Cos., Inc.		11,500		581,440
Walgreens Boots Alliance, Inc.		54,400		2,306,016
Walmart, Inc.		600		71,868
Williams-Sonoma, Inc.		4,700		385,447
Yum! Brands, Inc.		23,882		2,075,584
				14,837,284
Textiles — 0.1%
Mohawk Industries, Inc. (a)		3,900		396,864
				31,684,720
Consumer, Non-cyclical — 19.0%
Agriculture — 1.6%
Altria Group, Inc.		29,100		1,142,175
Archer-Daniels-Midland Co.		34,100		1,360,590
Philip Morris International, Inc.		115,822		8,114,489
				10,617,254
Beverages — 0.1%
Molson Coors Beverage Co. Class B		11,600		398,576
Biotechnology — 2.9%
Alexion Pharmaceuticals, Inc. (a)		13,100		1,470,344
Amgen, Inc.		36,500		8,608,890
Bio-Rad Laboratories, Inc. Class A (a)		1,500		677,235
Biogen, Inc. (a)		11,200		2,996,560
Gilead Sciences, Inc.		77,800		5,985,932
				19,738,961
Commercial Services — 0.4%
AMERCO		1,300		392,847
ManpowerGroup, Inc.		3,800		261,250
Quanta Services, Inc.		8,800		345,224
Robert Half International, Inc.		6,700		353,961
United Rentals, Inc. (a)		8,000		1,192,320
				2,545,602
Foods — 1.6%
Conagra Brands, Inc.		29,800		1,048,066
Ingredion, Inc.		4,300		356,900
The J.M. Smucker Co.		6,700		708,927
Kellogg Co.		21,000		1,387,260
The Kraft Heinz Co.		72,000		2,296,080
Sysco Corp.		20,690		1,130,915
Tyson Foods, Inc. Class A		70,136		4,187,821
				11,115,969
Health Care – Products — 3.1%
Abbott Laboratories		4,500		411,435
Boston Scientific Corp. (a)		63,300		2,222,463
Danaher Corp.		51,156		9,045,915
Henry Schein, Inc. (a)		9,000		525,510
Medtronic PLC		10,014		918,284
Stryker Corp.		11,493		2,070,924

	Number of Shares		Value
Thermo Fisher Scientific, Inc.		13,706	$	4,966,232
Zimmer Biomet Holdings, Inc.		5,564		664,119
				20,824,882
Health Care – Services — 2.8%
Anthem, Inc.		22,847		6,008,304
Cigna Corp. (a)		21,200		3,978,180
DaVita, Inc. (a)		8,500		672,690
HCA Healthcare, Inc.		40,600		3,940,636
Laboratory Corp. of America Holdings (a)		5,900		980,049
Molina Healthcare, Inc. (a)		3,500		622,930
Quest Diagnostics, Inc.		8,300		945,868
UnitedHealth Group, Inc.		5,392		1,590,371
				18,739,028
Household Products & Wares — 0.1%
Avery Dennison Corp.		4,800		547,632
Pharmaceuticals — 6.4%
AbbVie, Inc.		50,834		4,990,882
AmerisourceBergen Corp.		12,700		1,279,779
Bausch Health Cos., Inc. (a) (b)		46,649		853,210
Becton Dickinson and Co.		7,406		1,772,034
Cardinal Health, Inc.		18,000		939,420
CVS Health Corp.		18,300		1,188,951
Elanco Animal Health, Inc. (a)		63,842		1,369,411
Jazz Pharmaceuticals PLC (a)		3,600		397,224
Johnson & Johnson		37,816		5,318,064
McKesson Corp.		11,200		1,718,304
Merck & Co., Inc.		156,300		12,086,679
Perrigo Co. PLC		8,300		458,741
Pfizer, Inc.		318,579		10,417,533
				42,790,232
				127,318,136
Energy — 4.8%
Oil & Gas — 3.4%
Cabot Oil & Gas Corp.		23,600		405,448
Chevron Corp.		132,500		11,822,975
Concho Resources, Inc.		11,300		581,950
ConocoPhillips		79,904		3,357,566
EOG Resources, Inc.		11,361		575,548
Exxon Mobil Corp.		33,900		1,516,008
Hess Corp.		7,779		403,030
Phillips 66		27,400		1,970,060
Pioneer Natural Resources Co.		8,900		869,530
Valero Energy Corp.		23,400		1,376,388
				22,878,503
Oil & Gas Services — 0.1%
Halliburton Co.		70,932		920,697
Pipelines — 1.3%
Enbridge, Inc.		59,993		1,824,987
Kinder Morgan, Inc.		133,400		2,023,678

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

31

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
TC Energy Corp.		57,105	$	2,447,521
The Williams Cos., Inc.		128,004		2,434,636
				8,730,822
				32,530,022
Financial — 23.8%
Banks — 11.8%
Bank of America Corp.		810,040		19,238,450
The Bank of New York Mellon Corp.		56,400		2,179,860
Citigroup, Inc.		134,300		6,862,730
Citizens Financial Group, Inc.		26,700		673,908
Commerce Bancshares, Inc.		6,845		407,072
Cullen/Frost Bankers, Inc. (b)		3,600		268,956
East West Bancorp, Inc.		8,100		293,544
Fifth Third Bancorp		60,736		1,170,990
The Goldman Sachs Group, Inc.		21,700		4,288,354
Huntington Bancshares, Inc.		63,200		571,012
JP Morgan Chase & Co.		195,300		18,369,918
KeyCorp		60,400		735,672
M&T Bank Corp.		8,000		831,760
Morgan Stanley		260,100		12,562,830
Northern Trust Corp.		12,900		1,023,486
The PNC Financial Services Group, Inc.		26,900		2,830,149
Regions Financial Corp.		59,300		659,416
Signature Bank		3,200		342,144
State Street Corp.		22,200		1,410,810
SVB Financial Group (a)		3,300		711,249
Truist Financial Corp.		4,978		186,924
US Bancorp		95,600		3,519,992
Zions Bancorp NA		10,500		357,000
				79,496,226
Diversified Financial Services — 3.9%
American Express Co.		50,300		4,788,560
Ameriprise Financial, Inc.		8,600		1,290,344
BlackRock, Inc.		9,600		5,223,264
Capital One Financial Corp.		66,028		4,132,693
The Charles Schwab Corp.		109,303		3,687,883
CME Group, Inc.		7,842		1,274,639
Credit Acceptance Corp. (a) (b)		1,200		502,812
Eaton Vance Corp.		6,800		262,480
Intercontinental Exchange, Inc.		10,800		989,280
LPL Financial Holdings, Inc.		4,800		376,320
Raymond James Financial, Inc.		8,500		585,055
SEI Investments Co.		8,800		483,824
T. Rowe Price Group, Inc.		14,300		1,766,050
The Western Union Co.		24,300		525,366
				25,888,570
Insurance — 6.2%
Aflac, Inc.		45,100		1,624,953
The Allstate Corp.		20,000		1,939,800
American International Group, Inc.		199,576		6,222,780

	Number of Shares		Value
Arch Capital Group Ltd. (a)		24,800	$	710,520
Assurant, Inc.		3,900		402,831
Chubb Ltd.		42,410		5,369,954
Equitable Holdings, Inc.		167,767		3,236,225
Everest Re Group Ltd.		2,300		474,260
First American Financial Corp.		6,400		307,328
Globe Life, Inc.		14,300		1,061,489
The Hanover Insurance Group, Inc.		2,300		233,059
The Hartford Financial Services Group, Inc.		34,684		1,337,068
Loews Corp.		18,300		627,507
Markel Corp. (a)		890		821,621
Marsh & McLennan Cos., Inc.		26,791		2,876,550
MetLife, Inc.		117,001		4,272,877
Old Republic International Corp.		13,200		215,292
Primerica, Inc.		2,300		268,180
Principal Financial Group, Inc.		5,601		232,666
The Progressive Corp.		34,500		2,763,795
Prudential Financial, Inc.		28,300		1,723,470
The Travelers Cos., Inc.		32,500		3,706,625
Voya Financial, Inc.		9,300		433,845
W.R. Berkley Corp.		9,700		555,713
				41,418,408
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		20,700		936,054
Real Estate Investment Trusts (REITS) — 1.8%
Digital Realty Trust, Inc.		3,058		434,572
Prologis, Inc.		95,590		8,921,415
Sun Communities, Inc.		12,408		1,683,517
Weyerhaeuser Co.		39,456		886,182
				11,925,686
Savings & Loans — 0.0%
New York Community Bancorp, Inc.		28,600		291,720
				159,956,664
Industrial — 13.1%
Aerospace & Defense — 1.8%
General Dynamics Corp.		17,800		2,660,388
Lockheed Martin Corp.		17,300		6,313,116
Northrop Grumman Corp.		10,400		3,197,376
				12,170,880
Building Materials — 0.5%
Fortune Brands Home & Security, Inc.		8,400		537,012
Johnson Controls International PLC		51,000		1,741,140
Masco Corp.		17,500		878,675
Owens Corning		6,600		368,016
				3,524,843
Electrical Components & Equipment — 0.3%
Emerson Electric Co.		36,100		2,239,283

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

32

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares			Value
Electronics — 2.3%
Agilent Technologies, Inc.		18,586		$	1,642,445
Arrow Electronics, Inc. (a)		4,900			336,581
Gentex Corp.		14,600			376,242
Honeywell International, Inc.		59,819			8,649,229
Hubbell, Inc.		3,500			438,760
Jabil, Inc.		8,600			275,888
Keysight Technologies, Inc. (a)		21,155			2,132,001
Roper Technologies, Inc.		3,365			1,306,495
Sensata Technologies Holding PLC (a)		9,800			364,854
					15,522,495
Engineering & Construction — 0.2%
Jacobs Engineering Group, Inc.		19,056			1,615,949
Environmental Controls — 0.1%
Pentair PLC		9,900			376,101
Hand & Machine Tools — 0.2%
Lincoln Electric Holdings, Inc.		3,400			286,416
Snap-on, Inc.		3,500			484,785
Stanley Black & Decker, Inc.		5,300			738,714
					1,509,915
Machinery – Construction & Mining — 0.7%
Caterpillar, Inc.		33,900			4,288,350
Oshkosh Corp.		4,300			307,966
					4,596,316
Machinery – Diversified — 1.4%
AGCO Corp.		4,500			249,570
Curtiss-Wright Corp.		2,500			223,200
Deere & Co.		35,900			5,641,685
Dover Corp.		8,500			820,760
Otis Worldwide Corp.		5,900			335,474
Rockwell Automation, Inc.		8,200			1,746,600
					9,017,289
Miscellaneous – Manufacturing — 2.3%
3M Co.		32,960			5,141,430
Carlisle Cos., Inc.		3,300			394,911
Eaton Corp. PLC		25,400			2,221,992
General Electric Co.		865,691			5,912,670
ITT, Inc.		4,900			287,826
Parker-Hannifin Corp.		7,900			1,447,833
					15,406,662
Packaging & Containers — 0.8%
Crown Holdings, Inc. (a)		8,300	��		540,579
Packaging Corp. of America		36,675			3,660,165
Sealed Air Corp.		9,200			302,220
Sonoco Products Co.		4,800			250,992
WestRock Co.		24,125			681,772
					5,435,728
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		2,600			453,674

	Number of Shares		Value
Transportation — 2.4%
CSX Corp.		47,700	$	3,326,598
Knight-Swift Transportation Holdings, Inc.		10,600		442,126
Norfolk Southern Corp.		23,928		4,201,039
Union Pacific Corp.		7,600		1,284,932
United Parcel Service, Inc. Class B		57,600		6,403,968
XPO Logistics, Inc. (a)		5,300		409,425
				16,068,088
				87,937,223
Technology — 15.6%
Computers — 2.1%
Apple, Inc.		8,000		2,918,400
Cognizant Technology Solutions Corp. Class A		32,000		1,818,240
Hewlett Packard Enterprise Co.		79,200		770,616
HP, Inc.		84,300		1,469,349
International Business Machines Corp.		54,400		6,569,888
NetApp, Inc.		13,100		581,247
				14,127,740
Semiconductors — 9.1%
Analog Devices, Inc.		1,600		196,224
Applied Materials, Inc.		139,030		8,404,364
ASML Holding NV		2,262		832,484
Broadcom, Inc.		30,263		9,551,305
Intel Corp.		307,100		18,373,793
Lam Research Corp.		7,300		2,361,258
Micron Technology, Inc. (a)		122,905		6,332,066
NVIDIA Corp.		4,800		1,823,568
NXP Semiconductor NV		30,627		3,492,703
ON Semiconductor Corp. (a) (b)		24,900		493,518
Qorvo, Inc. (a)		6,700		740,551
QUALCOMM, Inc.		60,637		5,530,701
Texas Instruments, Inc.		17,985		2,283,555
Xilinx, Inc.		7,500		737,925
				61,154,015
Software — 4.4%
CDK Global, Inc.		7,100		294,082
Electronic Arts, Inc. (a)		18,000		2,376,900
Fiserv, Inc. (a)		1,600		156,192
Microsoft Corp.		62,777		12,775,747
Oracle Corp.		191,500		10,584,205
salesforce.com, Inc. (a)		3,000		561,990
Synopsys, Inc. (a)		12,771		2,490,345
				29,239,461
				104,521,216
Utilities — 4.8%
Electric — 4.7%
AES Corp.		49,900		723,051
Ameren Corp.		32,544		2,289,796

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

33

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
American Electric Power Co., Inc.		35,300	$	2,811,292
Dominion Energy, Inc.		16,700		1,355,706
Edison International		10,933		593,771
Entergy Corp.		20,575		1,930,141
Evergy, Inc.		13,900		824,131
NextEra Energy, Inc.		35,174		8,447,740
NRG Energy, Inc.		15,400		501,424
OGE Energy Corp.		11,800		358,248
Pinnacle West Capital Corp.		10,300		754,887
Public Service Enterprise Group, Inc.		47,000		2,310,520
Sempra Energy		41,244		4,835,034
The Southern Co.		57,177		2,964,627
Vistra Energy Corp.		29,500		549,290
				31,249,658
Gas — 0.1%
NiSource, Inc.		36,258		824,507
				32,074,165
TOTAL COMMON STOCK (Cost $640,115,349)				661,324,724
PREFERRED STOCK — 0.3%
Consumer, Non-cyclical — 0.1%
Pharmaceuticals — 0.1%
Becton Dickinson and Co. Convertible 6.000% (b)		5,707		303,613
Industrial — 0.0%
Hand & Machine Tools — 0.0%
Stanley Black & Decker, Inc. Convertible 5.000% (c)		215		244,887
Technology — 0.0%
Semiconductors — 0.0%
Broadcom, Inc. Convertible 8.000% (b)		121		134,836
Utilities — 0.2%
Electric — 0.2%
Sempra Energy Convertible 6.000%		2,900		283,417
Sempra Energy Convertible 6.750%		300		29,478
The Southern Co. Convertible 6.750%		15,330		675,440
				988,335
				988,335
TOTAL PREFERRED STOCK (Cost $1,737,035)				1,671,671
TOTAL EQUITIES (Cost $641,852,384)				662,996,395

	Principal Amount		Value
BONDS & NOTES — 0.0%
CORPORATE DEBT — 0.0%
Oil & Gas — 0.0%
Continental Resources, Inc. 4.375% 1/15/28	$	170,000	$	149,637
Occidental Petroleum Corp. 2.600% 8/13/21		50,000		48,865
				198,502
TOTAL CORPORATE DEBT (Cost $111,563)				198,502
TOTAL BONDS & NOTES (Cost $111,563)				198,502
	Number of Shares
MUTUAL FUNDS — 1.0%
Diversified Financial Services — 1.0%
iShares Russell 1000 Value ETF (b)		31,539		3,551,922
State Street Navigator Securities Lending Prime Portfolio (d)		3,117,326		3,117,326
				6,669,248
TOTAL MUTUAL FUNDS (Cost $6,340,731)				6,669,248
TOTAL LONG-TERM INVESTMENTS (Cost $648,304,678)				669,864,145
	Principal Amount
SHORT-TERM INVESTMENTS — 0.5%
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (e)	$	3,294,201		3,294,201
TOTAL SHORT-TERM INVESTMENTS (Cost $3,294,201)				3,294,201
TOTAL INVESTMENTS — 100.3% (Cost $651,598,879) (f)				673,158,346
Other Assets/(Liabilities) — (0.3)%				(1,786,316	)
NET ASSETS — 100.0%			$	671,372,030

Abbreviation Legend

ETF Exchange-Traded Fund

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

34

MML Equity Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2020, was $5,983,259 or 0.89% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,982,177 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Security is perpetual and has no stated maturity date.

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

(e) Maturity value of $3,294,201. Collateralized by U.S. Government Agency obligations with rates ranging from 0.625% – 2.375%, maturity dates ranging from 1/15/24 – 2/29/24, and an aggregate market value, including accrued interest, of $3,360,118.

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

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

35

MML Managed Bond Fund – Portfolio of Investments

June 30, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.2%
PREFERRED STOCK — 0.2%
Financial — 0.2%
Insurance — 0.2%
Allstate Corp., 3 mo. USD LIBOR + 3.165% 5.100% VRN 1/15/53		95,000	$	2,419,650
TOTAL PREFERRED STOCK (Cost $2,375,000)				2,419,650
TOTAL EQUITIES (Cost $2,375,000)				2,419,650
	Principal Amount
BONDS & NOTES — 98.0%
CORPORATE DEBT — 39.6%
Aerospace & Defense — 0.1%
Raytheon Technologies Corp. 4.500% 6/01/42	$	1,000,000		1,246,312
Agriculture — 0.9%
BAT Capital Corp. 4.700% 4/02/27		1,050,000		1,200,085
4.758% 9/06/49		540,000		599,617
Bunge Ltd. Finance Corp. 3.250% 8/15/26		1,179,000		1,219,231
4.350% 3/15/24		1,810,000		1,977,903
Imperial Brands Finance PLC 3.875% 7/26/29 (a)		2,764,000		2,910,154
Reynolds American, Inc. 5.850% 8/15/45		985,000		1,210,719
				9,117,709
Airlines — 0.2%
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 10/01/22		140,132		100,744
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, 4.100% 4/01/28		1,431,516		1,212,772
United Airlines Pass-Through Trust, Series 2018-1, Class B, 4.600% 3/01/26		492,202		368,755
				1,682,271
Auto Manufacturers — 1.7%
Ford Motor Credit Co. LLC 3.087% 1/09/23		1,410,000		1,343,025
4.140% 2/15/23		2,760,000		2,700,522

	Principal Amount		Value
General Motors Co. 4.200% 10/01/27	$	565,000	$	575,708
5.150% 4/01/38		800,000		766,780
General Motors Financial Co., Inc. 3.500% 11/07/24		2,100,000		2,128,075
4.150% 6/19/23		2,193,000		2,292,194
4.200% 11/06/21		1,216,000		1,247,034
Hyundai Capital America 2.850% 11/01/22 (a)		1,705,000		1,739,816
3.000% 2/10/27 (a)		4,225,000		4,172,889
				16,966,043
Banks — 5.8%
Associated Banc-Corp. 4.250% 1/15/25		2,411,000		2,528,372
Bank of America Corp. SOFR + 2.150% 2.592% VRN 4/29/31		1,255,000		1,327,973
3 mo. USD LIBOR + 1.060% 3.559% VRN 4/23/27		725,000		809,159
4.183% 11/25/27		1,090,000		1,247,459
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		1,150,000		1,397,443
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29		475,000		560,246
6.110% 1/29/37		1,550,000		2,182,282
7.750% 5/14/38		400,000		653,927
The Bank of Nova Scotia 4.500% 12/16/25		795,000		903,283
3 mo. USD LIBOR + 2.648% 4.650% VRN (b)		3,575,000		3,371,618
Barclays Bank PLC 10.179% 6/12/21 (a)		3,351,000		3,623,754
Barclays PLC 3 mo. USD LIBOR + 1.380% 1.766% FRN 5/16/24		2,085,000		2,065,934
4.337% 1/10/28		1,720,000		1,909,493
Citigroup, Inc. 4.125% 7/25/28		1,725,000		1,953,946
4.450% 9/29/27		450,000		513,750
6.625% 6/15/32		375,000		514,175
Credit Suisse AG 6.500% 8/08/23 (a)		3,069,000		3,346,008
Deutsche Bank AG 3.150% 1/22/21		1,998,000		2,007,366
Discover Bank 5 year USD Swap + 1.730% 4.682% VRN 8/09/28		2,905,000		2,932,452
First Republic Bank 4.375% 8/01/46		3,210,000		3,728,104
Fulton Financial Corp. 3.600% 3/16/22		1,565,000		1,598,883

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

36

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
The Goldman Sachs Group, Inc. 4.250% 10/21/25	$	550,000	$	619,130
5.950% 1/15/27		1,410,000		1,746,819
6.750% 10/01/37		1,145,000		1,666,963
HSBC Holdings PLC 4.250% 3/14/24		1,225,000		1,321,699
JP Morgan Chase & Co. 5.600% 7/15/41		1,125,000		1,624,230
JPMorgan Chase & Co. SOFR + 2.515% 2.956% VRN 5/13/31		990,000		1,049,978
Lloyds Banking Group PLC 1 year CMT + 3.500% 3.870% VRN 7/09/25		1,320,000		1,433,400
Morgan Stanley 4.350% 9/08/26		3,200,000		3,689,858
5.000% 11/24/25		975,000		1,138,718
SVB Financial Group 3.125% 6/05/30		490,000		525,362
The Toronto-Dominion Bank 5 year USD Swap + 2.205% 3.625% VRN 9/15/31		1,100,000		1,237,533
Truist Bank 2.250% 3/11/30		1,285,000		1,297,028
Valley National Bancorp 5.125% 9/27/23		1,530,000		1,635,955
Wells Fargo & Co. 5.375% 11/02/43		909,000		1,231,712
				59,394,012
Beverages — 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.900% 2/01/46		3,475,000		4,252,306
Bacardi Ltd. 5.150% 5/15/38 (a)		450,000		527,936
Molson Coors Beverage Co. 4.200% 7/15/46		1,124,000		1,093,796
5.000% 5/01/42		360,000		381,377
				6,255,415
Chemicals — 0.9%
DuPont de Nemours, Inc. 5.319% 11/15/38		1,750,000		2,218,766
Huntsman International LLC 5.125% 11/15/22		1,000,000		1,059,301
Syngenta Finance NV 4.441% 4/24/23 (a)		2,065,000		2,167,327
Yara International ASA 3.148% 6/04/30 (a)		295,000		304,957
4.750% 6/01/28 (a)		3,328,000		3,827,887
				9,578,238

	Principal Amount		Value
Commercial Services — 0.1%
ERAC USA Finance LLC 6.700% 6/01/34 (a)	$	125,000	$	160,108
PayPal Holdings, Inc. 3.250% 6/01/50		695,000		752,609
				912,717
Computers — 1.1%
Apple, Inc. 1.650% 5/11/30		1,120,000		1,144,799
2.650% 5/11/50		700,000		733,231
Dell International LLC/EMC Corp. 6.020% 6/15/26 (a)		2,702,000		3,097,776
Genpact Luxembourg Sarl 3.375% 12/01/24		2,660,000		2,744,959
3.700% STEP 4/01/22		2,400,000		2,464,282
Leidos, Inc. 4.375% 5/15/30 (a)		575,000		647,709
				10,832,756
Diversified Financial Services — 3.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.500% 9/15/23 (c)		1,370,000		1,370,161
6.500% 7/15/25		645,000		676,286
Aircastle Ltd. 4.400% 9/25/23		3,095,000		3,002,422
5.000% 4/01/23		1,750,000		1,705,067
Antares Holdings LP 6.000% 8/15/23 (a)		2,945,000		2,824,818
8.500% 5/18/25 (a)		720,000		718,985
Ares Finance Co. LLC 4.000% 10/08/24 (a)		2,080,000		2,207,096
Avolon Holdings Funding Ltd. 3.250% 2/15/27 (a)		1,365,000		1,102,546
Brookfield Finance, Inc. 4.350% 4/15/30		2,825,000		3,203,571
4.850% 3/29/29		1,752,000		2,062,192
GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/35		335,000		340,612
Global Aircraft Leasing Co. Ltd. 6.500% 9/15/24 (a)		1,350,000		904,500
Lazard Group LLC 3.625% 3/01/27		1,253,000		1,315,447
3.750% 2/13/25		800,000		849,416
4.500% 9/19/28		755,000		851,575
LeasePlan Corp. NV 2.875% 10/24/24 (a)		1,535,000		1,569,560
Legg Mason, Inc. 5.625% 1/15/44		1,195,000		1,471,151
Park Aerospace Holdings Ltd. 4.500% 3/15/23 (a)		1,550,000		1,414,055
5.250% 8/15/22 (a)		5,055,000		4,744,992

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

37

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
5.500% 2/15/24 (a)	$	545,000	$	498,587
				32,833,039
Electric — 1.3%
Appalachian Power Co. 4.500% 3/01/49		1,250,000		1,550,244
Avangrid, Inc. 3.800% 6/01/29		1,675,000		1,939,121
CMS Energy Corp. 4.875% 3/01/44		780,000		1,012,066
Entergy Louisiana LLC 4.950% 1/15/45		1,005,000		1,095,017
Infraestructura Energetica Nova SAB de CV 3.750% 1/14/28 (a)		820,000		803,600
ITC Holdings Corp. 2.950% 5/14/30 (a)		895,000		953,240
Nevada Power Co. 6.650% 4/01/36		550,000		779,920
Oncor Electric Delivery Co. 7.500% 9/01/38		495,000		808,167
Pacific Gas and Electric Co. 2.500% 2/01/31		775,000		758,206
Potomac Electric Power Co. 4.150% 3/15/43		700,000		845,133
Southwestern Electric Power Co. 6.200% 3/15/40		300,000		412,581
Xcel Energy, Inc. 6.500% 7/01/36		1,250,000		1,817,796
				12,775,091
Foods — 0.4%
Ingredion, Inc. 3.200% 10/01/26		638,000		691,207
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 5.500% 1/15/30 (a)		776,000		795,400
Kraft Heinz Foods Co. 3.950% 7/15/25		616,000		653,596
Mars, Inc. 3.950% 4/01/49 (a)		1,510,000		1,881,361
				4,021,564
Forest Products & Paper — 0.1%
Fibria Overseas Finance Ltd. 4.000% 1/14/25		1,250,000		1,286,263
Gas — 0.4%
CenterPoint Energy Resources Corp. 6.625% 11/01/37		1,250,000		1,766,391
NiSource, Inc. 4.800% 2/15/44		1,035,000		1,265,508
5.800% 2/01/42		950,000		1,271,466
				4,303,365

	Principal Amount		Value
Health Care – Products — 0.1%
DENTSPLY SIRONA, Inc. 3.250% 6/01/30	$	600,000	$	630,790
Health Care – Services — 0.3%
City of Hope 4.378% 8/15/48		1,050,000		1,284,013
Humana, Inc. 4.800% 3/15/47		830,000		1,081,907
UnitedHealth Group, Inc. 3.125% 5/15/60		845,000		904,566
				3,270,486
Insurance — 5.6%
Allstate Corp. 3 mo. USD LIBOR + 2.938% 5.750% VRN 8/15/53		4,260,000		4,400,750
American International Group, Inc. 3.400% 6/30/30		745,000		805,466
4.200% 4/01/28		1,025,000		1,160,849
4.500% 7/16/44		725,000		844,608
4.750% 4/01/48		505,000		608,887
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48		2,860,000		2,951,785
AmTrust Financial Services, Inc. 6.125% 8/15/23		3,370,000		3,126,821
Arch Capital Group US, Inc. 5.144% 11/01/43		540,000		677,146
Athene Global Funding 2.500% 1/14/25 (a)		2,780,000		2,775,615
Athene Holding Ltd. 4.125% 1/12/28		6,228,000		6,424,949
6.150% 4/03/30		200,000		230,209
AXIS Specialty Finance LLC 3.900% 7/15/29		1,110,000		1,186,883
5 year CMT + 3.186% 4.900% VRN 1/15/40		1,315,000		1,232,813
AXIS Specialty Finance PLC 4.000% 12/06/27		2,500,000		2,629,620
Brighthouse Financial, Inc. 3.700% 6/22/27		1,175,000		1,197,865
4.700% 6/22/47		1,125,000		1,022,585
Brown & Brown, Inc. 4.200% 9/15/24		1,132,000		1,227,456
CNO Financial Group, Inc. 5.250% 5/30/25		2,621,000		2,900,850
Enstar Group Ltd. 4.500% 3/10/22		920,000		932,074
4.950% 6/01/29		1,600,000		1,685,089
Equitable Financial Life Global Funding 1.400% 7/07/25 (a) (c)		1,040,000		1,040,609
Equitable Holdings, Inc. 5.000% 4/20/48		900,000		1,029,701

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

38

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Markel Corp. 3.350% 9/17/29	$	585,000	$	624,611
New York Life Insurance Co. 3.750% 5/15/50 (a)		510,000		575,959
The Progressive Corp. 3 mo. USD LIBOR + 2.539% 5.375% VRN (b)		1,625,000		1,608,750
Prudential Financial, Inc. 3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43		1,025,000		1,090,600
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48		2,440,000		2,734,642
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42		550,000		585,420
Reinsurance Group of America, Inc. 3.150% 6/15/30		1,160,000		1,203,478
Teachers Insurance & Annuity Association of America 4.270% 5/15/47 (a)		750,000		890,179
USF&G Capital I 8.500% 12/15/45 (a)		885,000		1,396,429
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084% 4.700% VRN 1/23/48		1,080,000		1,015,200
Willis North America, Inc. 2.950% 9/15/29		905,000		957,995
4.500% 9/15/28		1,965,000		2,290,729
XLIT Ltd. 4.450% 3/31/25		2,250,000		2,534,571
				57,601,193
Internet — 0.1%
Amazon.com, Inc. 4.050% 8/22/47		1,025,000		1,333,410
Investment Companies — 1.3%
Ares Capital Corp. 3.500% 2/10/23		2,600,000		2,613,291
4.200% 6/10/24		1,450,000		1,484,701
BlackRock TCP Capital Corp. 3.900% 8/23/24		2,910,000		2,840,334
4.125% 8/11/22		2,870,000		2,877,197
Sixth Street Specialty Lending, Inc. 3.875% 11/01/24		3,575,000		3,566,302
				13,381,825
Iron & Steel — 0.2%
Vale Overseas Ltd. 6.250% 8/10/26		1,250,000		1,470,313
6.875% 11/21/36		630,000		823,095
				2,293,408
Machinery – Construction & Mining — 0.1%
Caterpillar, Inc. 3.250% 4/09/50		780,000		869,496

	Principal Amount		Value
Machinery – Diversified — 0.3%
CNH Industrial Capital LLC 1.950% 7/02/23 (c)	$	560,000	$	563,675
3.875% 10/15/21		2,280,000		2,336,707
				2,900,382
Media — 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital 6.484% 10/23/45		735,000		971,851
Comcast Corp. 3.450% 2/01/50		1,340,000		1,537,188
3.969% 11/01/47		630,000		746,974
4.750% 3/01/44		880,000		1,158,574
6.950% 8/15/37		265,000		411,866
Discovery Communications LLC 3.950% 3/20/28		1,052,000		1,175,555
4.650% 5/15/50		490,000		559,072
5.000% 9/20/37		995,000		1,177,660
Grupo Televisa SAB 6.625% 3/18/25		2,196,000		2,582,778
Time Warner Cable, Inc. 6.750% 6/15/39		985,000		1,308,873
				11,630,391
Mining — 1.1%
Glencore Finance Canada Ltd. 5.550% STEP 10/25/42 (a)		894,000		962,775
Glencore Funding LLC 3.875% 10/27/27 (a)		975,000		1,036,347
4.000% 4/16/25 (a)		2,150,000		2,336,359
4.625% 4/29/24 (a)		3,065,000		3,354,973
Kinross Gold Corp. 4.500% 7/15/27		470,000		512,648
5.125% 9/01/21		2,495,000		2,564,071
Teck Resources Ltd. 6.000% 8/15/40		850,000		900,111
				11,667,284
Miscellaneous – Manufacturing — 0.2%
Carlisle Cos., Inc. 2.750% 3/01/30		1,353,000		1,392,603
General Electric Co. 6.875% 1/10/39		298,000		366,086
4.125% 10/09/42		113,000		107,886
				1,866,575
Oil & Gas — 2.3%
Cenovus Energy, Inc. 4.250% 4/15/27		1,125,000		1,018,900
6.750% 11/15/39		765,000		744,852
Diamondback Energy, Inc. 2.875% 12/01/24		1,675,000		1,675,968
3.250% 12/01/26		1,105,000		1,111,010

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

39

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
EOG Resources, Inc. 4.950% 4/15/50	$	155,000	$	197,714
EQT Corp. 3.900% 10/01/27		4,510,000		3,663,428
6.125% STEP 2/01/25		1,725,000		1,718,997
Marathon Petroleum Corp. 4.500% 4/01/48		510,000		520,765
6.500% 3/01/41		1,120,000		1,386,315
Newfield Exploration Co. 5.375% 1/01/26		1,650,000		1,545,114
5.625% 7/01/24		975,000		931,660
5.750% 1/30/22		1,904,000		1,907,631
Occidental Petroleum Corp. 6.600% 3/15/46		1,258,000		1,095,051
Ovintiv, Inc. 6.500% 2/01/38		545,000		469,447
Patterson-UTI Energy, Inc. 3.950% 2/01/28		1,680,000		1,268,529
Petroleos Mexicanos 5.350% 2/12/28		665,000		558,600
6.375% 1/23/45		595,000		443,840
6.500% 3/13/27		585,000		527,974
6.625% 6/15/35		140,000		113,918
Saudi Arabian Oil Co. 4.250% 4/16/39 (a)		2,075,000		2,308,315
				23,208,028
Oil & Gas Services — 0.3%
National Oilwell Varco, Inc. 3.600% 12/01/29		1,570,000		1,536,291
3.950% 12/01/42		1,506,000		1,258,589
				2,794,880
Packaging & Containers — 0.4%
Amcor Finance USA, Inc. 3.625% 4/28/26		3,105,000		3,404,432
WRKCo, Inc. 3.000% 6/15/33		655,000		682,235
				4,086,667
Pharmaceuticals — 1.7%
AbbVie, Inc. 4.050% 11/21/39 (a)		1,045,000		1,222,086
4.700% 5/14/45		1,260,000		1,583,827
Bristol-Myers Squibb Co. 4.350% 11/15/47 (a)		830,000		1,096,069
Cigna Corp. 4.800% 7/15/46 (a)		880,000		1,104,892
CVS Health Corp. 4.300% 3/25/28		425,000		497,067
5.050% 3/25/48		455,000		596,001
6.125% 9/15/39		560,000		797,045
CVS Pass-Through Trust 5.926% 1/10/34 (a)		1,061,807		1,187,086

	Principal Amount		Value
7.507% 1/10/32 (a)	$	908,614	$	1,132,385
McKesson Corp. 6.000% 3/01/41		550,000		700,513
Mylan NV 3.950% 6/15/26		2,230,000		2,493,255
5.250% 6/15/46		1,375,000		1,704,946
Takeda Pharmaceutical Co. Ltd. 3.375% 7/09/60 (c)		970,000		968,547
Teva Pharmaceutical Finance Netherlands III BV 2.200% 7/21/21		724,000		709,259
Upjohn, Inc. 2.700% 6/22/30 (a)		1,235,000		1,267,471
				17,060,449
Pipelines — 2.1%
Cheniere Energy Partners LP 4.500% 10/01/29 (c)		1,120,000		1,150,335
Energy Transfer Operating LP 4.200% 4/15/27		1,085,000		1,134,317
5.875% 1/15/24		1,150,000		1,280,298
6.125% 12/15/45		1,000,000		1,030,622
3 mo. USD LIBOR + 4.028% 6.250% VRN (b)		2,370,000		1,818,975
EnLink Midstream Partners LP 4.150% 6/01/25		2,924,000		2,251,480
4.850% 7/15/26		951,000		704,025
Enterprise Products Operating LLC 3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77		575,000		537,625
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78		1,205,000		1,078,475
EQM Midstream Partners LP 4.750% 7/15/23		2,325,000		2,340,647
MPLX LP 4.500% 4/15/38		595,000		595,112
6.250% 10/15/22		652,000		659,506
3 mo. USD LIBOR + 4.652% 6.875% VRN (b)		1,775,000		1,579,750
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110% 6.125% VRN (b)		2,345,000		1,673,744
Plains All American Pipeline LP / PAA Finance Corp. 3.800% 9/15/30		1,150,000		1,126,744
4.500% 12/15/26		617,000		647,029
4.700% 6/15/44		1,195,000		1,089,184
6.650% 1/15/37		375,000		407,083
Sunoco Logistics Partners Operations LP 5.300% 4/01/44		525,000		502,820
				21,607,771

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

40

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Private Equity — 0.6%
Apollo Management Holdings LP 5 year CMT + 3.266% 4.950% VRN 1/14/50 (a)	$	805,000	$	723,973
Carlyle Finance Subsidiary LLC 3.500% 9/19/29 (a)		1,100,000		1,140,336
Hercules Capital, Inc. 4.625% 10/23/22		2,910,000		2,803,521
KKR Group Finance Co. VI LLC 3.750% 7/01/29 (a)		1,260,000		1,446,498
				6,114,328
Real Estate Investment Trusts (REITS) — 2.1%
Alexandria Real Estate Equities, Inc. 2.750% 12/15/29		845,000		901,406
American Tower Trust #1 3.652% 3/23/28 (a)		1,910,000		2,062,073
Crown Castle International Corp. 5.200% 2/15/49		589,000		781,131
Healthcare Trust of America Holdings LP 3.500% 8/01/26		915,000		988,555
Highwoods Realty LP 4.125% 3/15/28		475,000		508,033
Service Properties Trust 4.500% 6/15/23		760,000		727,648
4.950% 10/01/29		1,155,000		979,587
Spirit Realty LP 3.200% 1/15/27		2,280,000		2,178,118
3.400% 1/15/30		515,000		487,327
4.000% 7/15/29		1,290,000		1,271,316
4.450% 9/15/26		133,000		137,860
Store Capital Corp. 4.625% 3/15/29		1,626,000		1,662,626
Tanger Properties LP 3.875% 12/01/23		1,448,000		1,422,823
UDR, Inc. 3.200% 1/15/30		805,000		877,342
Vereit Operating Partnership LP 3.100% 12/15/29		2,790,000		2,689,013
3.400% 1/15/28		365,000		367,817
4.625% 11/01/25		2,260,000		2,443,897
WP Carey, Inc. 4.250% 10/01/26		757,000		826,409
				21,312,981
Retail — 0.4%
El Puerto de Liverpool SAB de CV 3.950% 10/02/24 (a)		2,620,000		2,672,688
Starbucks Corp. 2.550% 11/15/30		1,595,000		1,673,072
				4,345,760
Semiconductors — 0.2%
KLA Corp. 3.300% 3/01/50		1,615,000		1,668,108

	Principal Amount		Value
Software — 0.4%
Broadridge Financial Solutions, Inc. 2.900% 12/01/29	$	1,210,000	$	1,293,372
Microsoft Corp. 4.450% 11/03/45		2,064,000		2,806,702
				4,100,074
Telecommunications — 1.5%
AT&T, Inc. 2.300% 6/01/27		910,000		942,096
4.750% 5/15/46		2,830,000		3,392,717
5.250% 3/01/37		1,298,000		1,604,913
6.250% 3/29/41		210,000		287,945
Crown Castle Towers LLC 3.222% 5/15/22 (a)		1,700,000		1,728,231
4.241% 7/15/28 (a)		2,750,000		3,146,219
Qwest Corp 6.750% 12/01/21		725,000		766,185
T-Mobile USA, Inc. 2.050% 2/15/28 (a)		1,010,000		1,010,475
Telefonica Emisiones SAU 4.665% 3/06/38		1,105,000		1,322,461
Verizon Communications, Inc. 6.550% 9/15/43		885,000		1,407,252
				15,608,494
Transportation — 0.4%
Autoridad del Canal de Panama 4.950% 7/29/35 (a)		1,050,000		1,197,010
CSX Corp. 4.750% 11/15/48		650,000		862,970
Norfolk Southern Corp. 4.050% 8/15/52		860,000		1,028,372
Pacific National Finance Pty Ltd. 4.625% 9/23/20 (a)		610,000		613,525
				3,701,877
TOTAL CORPORATE DEBT (Cost $386,175,795)				404,259,452
MUNICIPAL OBLIGATIONS — 0.5%
JobsOhio Beverage System Series B, Revenue Bonds 4.532% 1/01/35		1,950,000		2,433,249
New York City Water & Sewer System, Revenue Bonds 5.882% 6/15/44		105,000		164,805
Orange County Local Transportation Authority BAB, Revenue Bonds 6.908% 2/15/41		1,350,000		2,020,099
				4,618,153
TOTAL MUNICIPAL OBLIGATIONS (Cost $4,070,002)				4,618,153

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

41

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 33.0%
Automobile ABS — 1.3%
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C 4.530% 3/20/23 (a)	$	1,271,000	$	1,195,076
Carmax Auto Owner Trust, Series 2019-3, Class D 2.850% 1/15/26		1,974,000		1,989,545
Carvana Auto Receivables Trust, Series 2019-4A, Class D 3.070% 7/15/25 (a)		1,625,000		1,600,145
Hertz Vehicle Financing LP Series 2019-3A, Class B, 3.030% 12/26/25 (a)		2,293,000		2,186,098
Series 2018-1A, Class B, 3.600% 2/25/24 (a)		2,310,000		2,210,298
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B 3.950% 11/14/28 (a)		1,774,000		1,763,209
Santander Revolving Auto Loan Trust Series 2019-A, Class B, 2.800% 1/26/32 (a)		856,000		820,568
Series 2019-A, Class C, 3.000% 1/26/32 (a)		561,000		557,259
Series 2019-A, Class D, 3.450% 1/26/32 (a)		1,087,000		1,081,407
				13,403,605
Commercial MBS — 6.2%
Aventura Mall Trust, Series 2018-AVM, Class C, 4.249% VRN 7/05/40 (a) (d)		4,270,000		4,006,593
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 1.535% FRN 9/15/34 (a)		670,000		560,306
BANK Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (d)		441,000		474,276
Series 2019-BN16, Class AS, 4.267% 2/15/52		665,833		766,311
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (d)		547,420		571,976
BBCMS Mortgage Trust Series 2020-C7, Class AS, 2.444% 4/15/53		1,326,000		1,373,273
Series 2018-CHRS, Class B, 4.409% VRN 8/05/38 (a) (d)		2,250,000		1,907,325
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 (a) (d)		1,610,000		1,239,372

	Principal Amount		Value
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 (a) (d)	$	1,370,000	$	961,610
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM, 5.513% VRN 1/12/45 (d)		364,528		360,775
Benchmark Mortgage Trust Series 2019-B9, Class A4, 3.751% 3/15/52		3,810,000		4,393,845
Series 2019-B9, Class A5, 4.016% 3/15/52		4,700,000		5,554,679
BHMS Mortgage Trust Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.435% FRN 7/15/35 (a)		4,450,000		4,205,443
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 7/15/35 (a)		4,950,000		4,566,686
BX Commercial Mortgage Trust Series 2018-IND, Class B, 1 mo. USD LIBOR + .900% 1.085% FRN 11/15/35 (a)		735,000		727,565
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.785% FRN 12/15/36 (a)		4,117,000		3,920,622
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.885% FRN 11/15/35 (a)		1,876,000		1,852,276
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.985% FRN 10/15/36 (a)		1,651,888		1,585,541
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.185% FRN 10/15/36 (a)		1,994,876		1,917,201
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750% 1.935% FRN 12/15/37 (a)		898,516		867,086
Century Plaza Towers Series 2019-CPT, Class D, 3.097% VRN 11/13/39 (a) (d)		982,000		963,317
Series 2019-CPT, Class E, 3.097% VRN 11/13/39 (a) (d)		1,556,000		1,403,784
Commercial Mortgage Pass-Through Certificates Series 2012-CR4, Class B, 3.703% 10/15/45 (a)		1,060,000		660,075
Series 2014-UBS2, Class AM, 4.199% 3/10/47		1,375,000		1,478,738
Series 2015-CR23, Class C, 4.435% VRN 5/10/48 (d)		1,000,000		988,237
Series 2014-LC17, Class C, 4.725% VRN 10/10/47 (d)		2,908,000		2,768,388

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

42

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Jackson Park Trust, Series 2019-LIC, Class C, 3.131% VRN 10/14/39 (a) (d)	$	2,300,000	$	2,328,629
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% 1.985% FRN 5/15/36 (a)		1,505,000		1,446,770
MFT Trust Series 2020-ABC, Class A, 3.358% 2/06/30 (a)		919,000		943,519
Series 2020-ABC, Class B, 3.477% VRN 2/06/30 (a) (d)		1,003,000		1,010,950
MKT Mortgage Trust Series 2020-525M, Class D, 2.941% VRN 2/12/40 (a) (d)		475,000		451,854
Series 2020-525M, Class E, 2.941% VRN 2/12/40 (a) (d)		976,000		884,064
Morgan Stanley Capital I Trust Series 2019-L2, Class AS, 4.272% 3/15/52		1,950,000		2,238,727
Series 2018-H3, Class B, 4.620% VRN 7/15/51 (d)		760,000		849,238
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (a) (d)		1,325,000		1,333,776
Wells Fargo Commercial Mortgage Trust Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (d)		1,450,000		1,659,622
Series 2018-C45, Class B, 4.556% 6/15/51		400,000		419,851
				63,642,300
Other ABS — 14.5%
321 Henderson Receivables LLC, Series 2015-1A, Class A 3.260% 9/15/72 (a)		1,902,974		1,981,876
AASET Trust Series 2020-1A, Class A, 3.351% 1/16/40 (a)		1,549,240		1,364,303
Series 2019-1, Class A, 3.844% 5/15/39 (a)		1,683,470		1,521,030
Series 2018-2A, Class A, 4.454% 11/18/38 (a)		1,495,616		1,333,692
Adams Outdoor Advertising LP, Series 2018-1, Class A 4.810% 11/15/48 (a)		1,932,472		1,964,504
AIMCO CLO, Series 2019-10A, Class C, 3 mo. USD LIBOR + 2.450% 3.548% FRN 7/22/32 (a)		2,000,000		1,901,230
Allegro CLO X Ltd., Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.750% 3.885% FRN 4/20/32 (a)		2,200,000		2,132,341

	Principal Amount		Value
Anchorage Capital CLO Ltd., Series 2020-15A, Class A 1.000% 7/20/31 (a) (c)	$	1,500,000	$	1,500,000
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (a)		1,814,500		1,839,959
Assurant CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.250% 3.385% FRN 10/20/31 (a)		820,000		770,846
Atrium, Series 15A, Class B, 3 mo. USD LIBOR + 1.750% 2.793% FRN 1/23/31 (a)		1,190,000		1,144,342
Avery Point VII CLO Ltd., Series 2015-7A, Class DR, 3 mo. USD LIBOR + 3.600% 4.819% FRN 1/15/28 (a)		1,000,000		928,864
Ballyrock CLO 2019-2 Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 4.100% 4.477% FRN 11/20/30 (a)		400,000		391,309
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class CR, 3 mo. USD LIBOR + 3.500% 4.719% FRN 1/15/29 (a)		500,000		461,669
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class B, 3 mo. USD LIBOR + 1.950% 3.169% FRN 10/15/32 (a)		500,000		481,100
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A 2.940% 5/25/29 (a)		538,207		540,412
CAL Funding Ltd., Series 2018-2A, Class A 4.340% 9/25/43 (a)		1,254,000		1,243,186
Canyon Capital CLO Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 2.750% 3.969% FRN 10/15/32 (a)		250,000		242,616
Capital Automotive REIT Series 2014-1A, Class A, 3.660% 10/15/44 (a)		854,115		842,994
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)		941,038		944,089
Carlyle Global Market Strategies CLO Ltd., Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.850% 3.737% FRN 7/28/28 (a)		330,000		299,405
CARS-DB4 LP Series 2020-1A, Class A3, 3.250% 2/15/50 (a)		501,062		495,529

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

43

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2020-1A, Class A6, 3.810% 2/15/50 (a)	$	398,000	$	366,556
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A 3.967% 4/15/39 (a)		1,328,353		1,161,960
Castlelake Aircraft Structured Trust, Series 2018-1, Class A 4.125% 6/15/43 (a)		1,386,624		1,287,533
CBAM Ltd. Series 2019-10A, Class B, 3 mo. USD LIBOR + 2.050% 3.185% FRN 4/20/32 (a)		1,900,000		1,859,627
Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100% 3.319% FRN 1/15/31 (a)		900,000		876,919
CIFC Funding Ltd. Series 2020-1A, Class A1, 3 mo. USD LIBOR + 1.700% 1.000% FRN 7/15/32 (a) (c)		1,000,000		1,000,000
Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180% 2.315% FRN 11/16/30 (a)		2,330,000		2,295,243
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200% 2.335% FRN 10/20/30 (a)		2,040,000		1,993,423
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 0.645% FRN 9/25/34		6,200		5,497
Cronos Containers Program Ltd., Series 2014-2A, Class A 3.270% 11/18/29 (a)		227,778		223,776
DB Master Finance LLC, Series 2019-1A, Class A23 4.352% 5/20/49 (a)		1,546,315		1,697,077
Domino’s Pizza Master Issuer LLC Series 2019-1A, Class A2, 3.668% 10/25/49 (a)		1,094,500		1,146,882
Series 2017-1A, Class A23, 4.118% 7/25/47 (a)		760,500		814,402
Series 2015-1A, Class A2II, 4.474% 10/25/45 (a)		2,983,750		3,033,792
Dryden 72 CLO Ltd., Series 2019-72A, Class B, 3 mo. USD LIBOR + 1.900% 2.292% FRN 5/15/32 (a)		1,500,000		1,463,145
Eaton Vance CLO Ltd. Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 2.969% FRN 10/15/30 (a)		1,700,000		1,647,987
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.950% 3.169% FRN 4/15/31 (a)		1,800,000		1,765,246

	Principal Amount		Value
Elmwood CLO Ltd. Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450% 2.585% FRN 4/20/31 (a)	$	2,900,000	$	2,874,425
Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950% 3.169% FRN 10/15/32 (a)		350,000		343,390
FCI Funding LLC, Series 2019-1A, Class A 3.630% 2/18/31 (a)		362,036		364,819
Flatiron CLO Ltd. Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900% 2.286% FRN 11/16/32 (a)		350,000		336,094
Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.700% 3.086% FRN 11/16/32 (a)		250,000		242,049
Global SC Finance IV Ltd., Series 2017-1A, Class A 3.850% 4/15/37 (a)		1,295,321		1,243,317
Global SC Finance SRL, Series 2014-1A, Class A1 3.190% 7/17/29 (a)		204,167		202,962
Goodgreen Trust Series 2019-2A, Class A, 2.760% 10/15/54 (a)		2,865,117		2,838,836
Series 2016-1A, Class A, 3.230% 10/15/52 (a)		1,672,082		1,703,452
Series 2017-1A, Class A, 3.740% 10/15/52 (a)		792,216		827,855
Series 2019-1A, Class A, 3.860% 10/15/54 (a)		1,377,393		1,442,173
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700% 2.835% FRN 1/20/31 (a)		1,290,000		1,251,193
Helios Issuer LLC, Series 2017-1A, Class A 4.940% 9/20/49 (a)		1,505,844		1,474,308
Hero Funding Trust Series 2016-3A, Class A1, 3.080% 9/20/42 (a)		956,654		976,209
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		964,857		987,124
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)		282,928		292,222
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		1,159,670		1,214,245
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)		227,536		239,621
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		1,708,900		1,828,101

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

44

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Horizon Aircraft Finance I Ltd. Series 2019-2, Class A, 3.425% 11/15/39 (a)	$	2,342,155	$	2,025,141
Series 2019-1, Class A, 3.721% 7/15/39 (a)		1,320,291		1,161,357
Series 2018-1, Class A, 4.458% 12/15/38 (a)		941,515		849,453
ICG US CLO Ltd., Series 2019-1A, Class A1A, 3 mo. USD LIBOR + 1.380% 2.371% FRN 10/26/32 (a)		750,000		735,800
J.G. Wentworth LLC, Series 2018-2A, Class A 3.960% 10/15/75 (a)		1,405,020		1,442,537
KREF Ltd., Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.000% 2.194% FRN 6/15/36 (a)		1,670,000		1,598,718
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 4.300% 1/15/42 (a)		2,220,792		1,848,740
Lunar Aircraft Ltd., Series 2020-1A, Class A 3.376% 2/15/45 (a)		1,793,853		1,637,610
MACH 1 Cayman Ltd., Series 2019-1, Class A 3.474% 10/15/39 (a)		2,100,583		1,734,956
Madison Park Funding Ltd. Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 2.819% FRN 7/15/30 (a)		1,665,000		1,597,386
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 3.335% FRN 10/18/30 (a)		620,000		595,512
Magnetite XXVI Ltd., Series 2020-26A, Class A, 3 mo. USD LIBOR + 1.750% 1.949% FRN 7/15/30 (a)		1,500,000		1,500,768
Mosaic Solar Loans LLC Series 2018-1A, Class A, 4.010% 6/22/43 (a)		303,400		306,553
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		319,666		326,121
MP CLO Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250% 2.385% FRN 10/20/30 (a)		1,750,000		1,689,768
MVW Owner Trust, Series 2017-1A, Class A 2.420% 12/20/34 (a)		184,360		181,936
NP SPE LLC, Series 2017-1A, Class A2 4.219% 10/21/47 (a)		2,260,000		2,315,810

	Principal Amount		Value
OCP CLO 2018-15 Ltd., Series 2018-15A, Class A1, 2.235% FRN 7/20/31 (a) (d)	$	250,000	$	244,658
OHA Credit Funding Ltd. Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 2.428% FRN 10/22/32 (a)		1,000,000		981,505
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 3.748% FRN 10/22/32 (a)		500,000		491,756
OneMain Financial Issuance Trust, Series 2019-2A, Class A 3.140% 10/14/36 (a)		8,400,000		8,422,332
Oxford Finance Funding Trust Series 2020-1A, Class A2, 3.101% 2/15/28 (a)		1,536,000		1,554,626
Series 2016-1A, Class A, 3.968% 6/17/24 (a)		259,862		261,025
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A 3.967% 6/15/44 (a)		1,529,982		1,315,331
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2 3.858% 12/05/49 (a)		2,310,390		1,939,918
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% 3.035% FRN 2/25/23 (a)		1,270,000		1,244,692
Rockford Tower CLO Ltd., Series 2019-1A, Class B1, 3 mo. USD LIBOR + 2.050% 3.185% FRN 4/20/32 (a)		1,500,000		1,462,242
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090% 2.309% FRN 1/15/30 (a)		2,450,000		2,392,513
Sierra Receivables Funding LLC Series 2015-3A, Class B, 3.080% 9/20/32 (a)		77,323		76,859
Series 2018-3A, Class D, 5.200% 9/20/35 (a)		811,842		781,565
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300% 2.686% FRN 8/18/31 (a)		1,170,000		1,093,863
Store Master Funding Series 2019-1, Class A2, 3.650% 11/20/49 (a)		2,881,977		2,719,161
Series 2018-1A, Class A2, 4.290% 10/20/48 (a)		1,303,512		1,299,402
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + .800% 0.985% FRN 11/25/35 (a)		3,657,088		3,477,219

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

45

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Structured Receivables Finance LLC, Series 2010-B, Class A 3.730% 8/15/36 (a)	$	155,226	$	157,997
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A 4.870% 7/20/48 (a)		446,276		443,848
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A 4.190% 1/15/71 (a)		1,941,683		2,104,334
Taco Bell Funding LLC, Series 2018-1A, Class A2II 4.940% 11/25/48 (a)		1,122,900		1,178,698
TAL Advantage LLC, Series 2017-1A, Class A 4.500% 4/20/42 (a)		1,836,994		1,832,545
Textainer Marine Containers Ltd., Series 2019-1A, Class A 3.960% 4/20/44 (a)		496,853		505,038
Trinity Rail Leasing LP Series 2019-2A, Class A2, 3.100% 10/18/49 (a)		3,289,000		3,192,244
Series 2018-1A, Class A2, 4.620% 6/17/48 (a)		2,420,000		2,462,401
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 2.709% 8/15/47 (a)		223,214		223,318
Triton Container Finance LLC Series 2017-1A, Class A, 3.520% 6/20/42 (a)		759,289		748,230
Series 2017-2A, Class A, 3.620% 8/20/42 (a)		2,525,533		2,551,959
Series 2018-2A, Class A, 4.190% 6/22/43 (a)		1,312,000		1,312,395
Vivint Solar Financing V LLC, Series 2018-1A, Class B 7.370% 4/30/48 (a)		2,621,999		2,246,941
WAVE LLC Series 2019-1A, Class A, 3.597% 9/15/44 (a)		3,899,518		3,558,923
Series 2017-1A, Class C, 6.656% 11/15/42 (a)		1,783,209		659,481
WAVE Trust, Series 2017-1A, Class A 3.844% 11/15/42 (a)		3,169,351		2,761,072
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (a)		1,200,937		906,611
Wind River CLO Ltd. Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 2.487% FRN 11/01/31 (a)		900,000		851,368
Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.750% 2.969% FRN 7/15/30 (a)		1,150,000		1,097,908
				147,748,900

	Principal Amount		Value
Student Loans ABS — 10.3%
Access Group Inc., Series 2004-A, Class A3, 1.699% FRN 7/01/39 (d)	$	550,000	$	542,085
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100% 0.406% FRN 6/28/39		5,599,944		4,816,797
College Avenue Student Loans LLC Series 2019-A, Class B, 3.810% 12/28/48 (a)		2,244,000		2,167,681
Series 2019-A, Class C, 4.460% 12/28/48 (a)		1,281,000		1,226,801
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS 0.000% FRN 1/25/47		900,000		710,935
ECMC Group Student Loan Trust Series 2018-2A, Class A, 1 mo. USD LIBOR + .800% 0.985% FRN 9/25/68 (a)		2,040,318		1,943,772
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 1.385% FRN 12/27/66 (a)		2,175,093		2,131,747
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME – 1.150% 3.600% FRN 12/01/47 (a)		2,026,324		1,999,819
Education Services of America Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 6/25/48 (a)		1,200,000		1,062,942
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 10/25/56 (a)		1,100,000		991,894
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700% 4.691% FRN 4/25/46		625,000		595,293
EDvestinU Private Education Loan Issue No 1 LLC, Series 2019-A, Class A, 3.580% VRN 11/25/38 (a) (d)		1,435,848		1,456,200
Higher Education Funding I Series 2004-1, Class B2, 28 day ARS 0.000% FRN 1/01/44 (a)		450,000		392,708
Series 2004-1, Class B1, 28 day ARS 1.796% FRN 1/01/44 (a)		450,000		398,580
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX 3.020% 8/25/42 (a)		547,785		539,344
Navient Private Education Refi Loan Trust Series 2019-CA, Class B, 3.670% 2/15/68 (a)		2,249,000		2,318,393

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

46

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2019-A, Class B, 3.900% 1/15/43 (a)	$	1,190,000	$	1,217,769
Series 2018-CA, Class B, 4.220% 6/16/42 (a)		1,530,000		1,539,501
Navient Student Loan Trust Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800% 0.985% FRN 3/25/67 (a)		4,700,000		4,639,536
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.085% FRN 12/27/67 (a)		4,530,000		4,517,181
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 1.335% FRN 3/25/66 (a)		1,753,914		1,712,043
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 1.435% FRN 6/25/65 (a)		3,167,334		3,102,616
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 1.485% FRN 3/25/66 (a)		7,050,000		6,542,882
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 10/25/58		940,000		769,091
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 1.685% FRN 6/25/65 (a)		2,370,000		2,352,527
Series 2019-BA, Class B, 4.040% 12/15/59 (a)		2,950,000		3,069,485
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B 3.600% 12/26/40 (a)		417,106		418,938
Nelnet Student Loan Trust Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.547% FRN 6/25/41		583,789		503,727
Series 2019-2A, Class A, 1 mo. USD LIBOR + .900% 1.085% FRN 6/27/67 (a)		1,666,109		1,649,078
Series 2019-1A, Class B, 1 mo. USD LIBOR + 1.400% 1.585% FRN 4/25/67 (a)		3,250,000		3,063,985
Series 2005-4, Class A4A, 7 Day ARS 1.929% FRN 3/22/32		325,000		309,546
Series 2019-5, Class A, 2.530% 10/25/67 (a)		8,165,639		8,162,879
Series 2019-5, Class B, 3.450% 10/25/67 (a)		2,150,000		2,030,870
SLC Student Loan Trust, Series 2007-1, Class A5, 3 mo. USD LIBOR + .090% 0.482% FRN 2/15/68		4,000,000		3,390,850
SLM Student Loan Trust Series 2006-2, Class R, 0.000%1/25/41		7,308		3,734,780

	Principal Amount		Value
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 1.201% FRN 10/25/40	$	1,907,645	$	1,706,344
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 1.281% FRN 1/25/44		1,987,031		1,554,582
Series 2002-7, Class A11, 28 day ARS 1.403% FRN 3/15/28		13,000		13,000
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 1.591% FRN 10/25/65 (a)		4,300,000		4,051,663
Series 2002-7, Class B, 28 day ARS 4.167% FRN 12/15/39		3,950,000		3,672,194
SoFi Alternative Trust, Series 2019-C, Class PT, 4.853% VRN 1/25/45 (a) (d)		5,629,244		6,113,703
SoFi Professional Loan Program LLC Series 2019-A, Class R1, 0.000% 6/15/48 (a)		6,724,700		1,650,914
Series 2017-D, Class R1, 0.000% 9/25/40 (a)		4,688,500		1,627,191
Series 2018-A, Class R1, 0.000% 2/25/42 (a)		3,759,800		1,813,408
Series 2018-B, Class R1, 0.000% 8/26/47 (a)		3,324,300		1,310,772
Series 2018-D, Class R1, 0.000% 2/25/48 (a)		4,961,600		1,209,142
Series 2017-C, Class C, 4.210% VRN 7/25/40 (a) (d)		990,000		991,269
South Carolina Student Loan Corp., Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 1.673% FRN 8/01/35		3,050,000		2,924,271
				104,660,728
WL Collateral CMO — 0.7%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, 4.493% VRN 8/25/34 (d)		19,042		18,499
Countrywide Home Loans, Inc. Series 2004-2, Class 1A1, 3.668% VRN 2/25/34 (d)		14,781		14,182
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (d)		3,932		3,719
Deephaven Residential Mortgage Trust, Series 2019-1A, Class A3, 3.948% VRN 1/25/59 (a) (d)		646,318		646,763
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 3.487% VRN 8/25/34 (d)		5,611		5,626

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

47

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.687% VRN 8/25/34 (d)	$	34,940	$	34,242
JP Morgan Mortgage Trust, Series 2017-1, Class A11, 3.500% VRN 1/25/47 (a) (d)		2,306,317		2,351,641
Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class IA, 3.250% VRN 2/25/34 (d)		1,897		1,859
Series 2003-A4, Class IA, 4.234% VRN 7/25/33 (d)		1,891		1,793
PSMC Trust, Series 2018-2, Class A1, 3.500% VRN 6/25/48 (a) (d)		2,235,372		2,276,121
Sequoia Mortgage Trust, Series 2019-1, Class A1, 4.000% VRN 2/25/49 (a) (d)		286,644		292,206
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 3.673% VRN 3/25/34 (d)		20,102		19,748
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 2.904% FRN 4/25/44		49,105		46,757
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1, 4.000% VRN 11/25/48 (a) (d)		1,160,169		1,184,889
				6,898,045
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $350,395,708)				336,353,578
SOVEREIGN DEBT OBLIGATIONS — 0.7%
Colombia Government International Bond 6.125% 1/18/41		2,080,000		2,596,880
Mexico Government International Bond 4.750% 3/08/44		3,727,000		3,950,620
6.750% 9/27/34		685,000		899,926
				7,447,426
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $6,705,365)				7,447,426

	Principal Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 22.3%
Collateralized Mortgage Obligations — 0.3%
Federal Home Loan Mortgage Corp. Series 2617, Class Z, 5.500% 5/15/33	$	905,602	$	1,049,251
Series 2693, Class Z, 5.500% 10/15/33		1,633,067		1,841,407
Series 2178, Class PB, 7.000% 8/15/29		33,928		38,589
				2,929,247
Pass-Through Securities — 21.6%
Federal Home Loan Mortgage Corp. Pool #J13972 3.500% 1/01/26		30,661		32,253
Pool #C91344 3.500% 11/01/30		101,053		107,835
Pool #C91424 3.500% 1/01/32		68,892		73,516
Pool #QA8791 3.500% 4/01/50		1,206,935		1,294,967
Pool #RA2483 3.500% 6/01/50		10,389,310		11,046,449
Pool #C91239 4.500% 3/01/29		4,809		5,234
Pool #C91251 4.500% 6/01/29		32,022		34,851
Pool #G05253 5.000% 2/01/39		160,106		184,471
Pool #C90939 5.500% 12/01/25		16,336		18,013
Pool #D97258 5.500% 4/01/27		10,861		12,003
Pool #C91026 5.500% 4/01/27		27,453		30,339
Pool #C91074 5.500% 8/01/27		2,885		3,188
Pool #D97417 5.500% 10/01/27		9,714		10,735
Pool #C91128 5.500% 12/01/27		1,490		1,647
Pool #C91148 5.500% 1/01/28		67,631		74,806
Pool #C91176 5.500% 5/01/28		23,263		25,731
Pool #C91217 5.500% 11/01/28		9,100		10,080
Pool #C01079 7.500% 10/01/30		1,064		1,250
Pool #C01135 7.500% 2/01/31		4,590		5,363
Federal National Mortgage Association Pool #MA3984 2.500% 4/01/35		10,727,048		11,233,863
Pool #MA4013 2.500% 5/01/35		11,882,654		12,444,068
Pool #775539 12 mo. USD LIBOR + 1.636% 2.931% FRN 5/01/34		27,084		28,262
Pool #MA3029 3.000% 6/01/32		3,261,494		3,436,576
Pool #MA3090 3.000% 8/01/32		1,389,828		1,463,567
Pool #AO8180 3.000% 9/01/42		26,665		28,568
Pool #AP8668 3.000% 12/01/42		159,362		170,734
Pool #AR1975 3.000% 12/01/42		37,702		40,392
Pool #AB7397 3.000% 12/01/42		145,302		155,670
Pool #AB7401 3.000% 12/01/42		130,089		139,372
Pool #AR0306 3.000% 1/01/43		10,229		10,959
Pool #AR5391 3.000% 1/01/43		69,632		74,601
Pool #AL3215 3.000% 2/01/43		121,220		129,870
Pool #AR4109 3.000% 2/01/43		132,755		142,228
Pool #AR4432 3.000% 3/01/43		50,751		54,373
Pool #AT0169 3.000% 3/01/43		213,085		228,290
Pool #AB8809 3.000% 3/01/43		63,980		68,546

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

48

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #MA1368 3.000% 3/01/43	$	222,285	$	238,147
Pool #AR2174 3.000% 4/01/43		240,131		257,266
Pool #AS1304 3.500% 12/01/28		1,049,021		1,118,603
Pool #AV1897 3.500% 12/01/28		193,678		206,525
Pool #AV2325 3.500% 12/01/28		540,502		576,354
Pool #BF0196 3.500% 2/01/41		1,074,005		1,161,488
Pool #MA1356 3.500% 2/01/43		8,217,864		8,882,110
Pool #FM1970 3.500% 11/01/49		2,020,930		2,184,281
Pool #CA5308 3.500% 3/01/50		7,031,087		7,535,139
Pool #CA6096 3.500% 6/01/50		9,487,855		10,099,836
Pool #725692 1 year CMT + 2.137% 3.957% FRN 10/01/33		63,058		66,389
Pool #888586 1 year CMT + 2.195% 3.973% FRN 10/01/34		81,187		85,476
Pool #BJ0686 4.000% 4/01/48		2,286,411		2,430,639
Pool #CA1951 4.000% 7/01/48		2,687,185		2,855,014
Pool #AA3980 4.500% 4/01/28		52,881		56,992
Pool #CA1909 4.500% 6/01/48		6,417,848		6,896,667
Pool #AD6437 5.000% 6/01/40		391,785		447,397
Pool #AD6996 5.000% 7/01/40		2,508,433		2,864,492
Pool #AL8173 5.000% 2/01/44		1,043,927		1,184,603
Pool #AD0836 5.500% 11/01/28		53,314		58,904
Pool #575667 7.000% 3/01/31		11,152		13,115
Pool #529453 7.500% 1/01/30		2,364		2,781
Pool #535996 7.500% 6/01/31		4,098		4,815
Pool #252926 8.000% 12/01/29		91		104
Pool #532819 8.000% 3/01/30		114		133
Pool #534703 8.000% 5/01/30		2,431		2,829
Pool #253437 8.000% 9/01/30		107		125
Pool #253481 8.000% 10/01/30		59		69
Pool #190317 8.000% 8/01/31		2,447		2,857
Pool #602008 8.000% 8/01/31		3,415		3,985
Pool #597220 8.000% 9/01/31		2,882		3,393
Government National Mortgage Association Pool #371146 7.000% 9/15/23		58		60
Pool #352022 7.000% 11/15/23		2,519		2,678
Pool #374440 7.000% 11/15/23		203		215
Pool #491089 7.000% 12/15/28		6,711		7,335
Pool #480539 7.000% 4/15/29		352		400
Pool #488634 7.000% 5/15/29		1,974		2,248
Pool #500928 7.000% 5/15/29		3,139		3,607
Pool #499410 7.000% 7/15/29		1,126		1,297
Pool #510083 7.000% 7/15/29		779		890
Pool #493723 7.000% 8/15/29		2,289		2,640
Pool #581417 7.000% 7/15/32		10,857		12,550
Government National Mortgage Association II Pool# MA6656 3.000% 5/20/50		9,829,420		10,411,829
Pool# MA6710 3.000% 6/20/50		9,850,000		10,436,706
Pool #008746 1 year CMT + 1.500% 3.125% FRN 11/20/25		2,928		2,992

	Principal Amount		Value
Pool #080136 1 year CMT + 1.500% 3.125% FRN 11/20/27	$	644	$	660
Government National Mortgage Association II TBA Pool #24 3.000% 7/21/50 (c)		1,975,000		2,092,188
Pool #471 3.500% 7/21/50 (c)		76,320,000		80,535,489
Uniform Mortgage Backed Securities TBA Pool #1127 3.500% 7/14/50 (c)		23,400,000		24,610,220
				220,187,202
Whole Loans — 0.4%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2020-DNA3, Class M1, 1.000% 6/25/50 (a) (c)		2,630,000		2,630,000
Series 2020-DNA3, Class M2, 1.000% 6/25/50 (a) (c)		1,908,000		1,908,000
Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350% 1.535% FRN 3/25/29		158,198		157,514
				4,695,514
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $226,410,235)				227,811,963
U.S. TREASURY OBLIGATIONS — 1.9%
U.S. Treasury Bonds & Notes — 1.9%
U.S. Treasury Bond 2.250% 8/15/49 (e)		12,800,000		15,392,033
3.500% 2/15/39 (e)		3,000,000		4,243,770
				19,635,803
TOTAL U.S. TREASURY OBLIGATIONS (Cost $17,959,141)				19,635,803
TOTAL BONDS & NOTES (Cost $991,716,246)				1,000,126,375
TOTAL PURCHASED OPTIONS (#) — 0.2% (Cost $2,989,580)				2,014,590
TOTAL LONG-TERM INVESTMENTS (Cost $997,080,826)				1,004,560,615

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

49

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 11.4%
Commercial Paper — 11.4%
American Electric Power Co., Inc. 0.325% 8/11/20 (a)	$	2,000,000	$	1,999,104
American Honda Finance Corp. 0.406% 7/21/20		3,000,000		2,999,584
1.833% 8/13/20		5,000,000		4,997,207
1.987% 8/21/20		3,000,000		2,997,825
Avangrid, Inc. 0.254% 7/08/20 (a)		10,000,000		9,999,400
Bayer Corp. 0.457% 8/03/20		8,000,000		7,997,424
0.609% 8/03/20		2,000,000		1,999,356
Daimler Finance North America LLC 1.323% 8/27/20 (a)		8,000,000		7,993,955
1.606% 7/13/20 (a)		2,000,000		1,999,805
Duke Energy Corp. 0.223% 7/21/20 (a)		10,000,000		9,998,308
Dupont De Nemours, Inc. 0.375% 8/25/20 (a)		6,000,000		5,995,819
2.856% 7/01/20 (a)		2,000,000		1,999,982
Entergy Corp. 0.355% 7/13/20 (a)		6,000,000		5,999,133
Fidelity National Information Services, Inc. 0.274% 7/09/20 (a)		7,000,000		6,999,527
FMC Tech, Inc. 1.269% 7/09/20 (a)		10,000,000		9,997,450
General Electric Co. 0.640% 9/17/20		1,000,000		998,876
Harley-Davidson Funding Corp. 0.477% 8/10/20 (a)		3,000,000		2,998,705
0.507% 7/20/20 (a)		7,000,000		6,998,833
Lloyds Banking Group PLC 0.183% 7/31/20		7,000,000		6,998,487
LyondellBasell Industries NV 0.203% 7/29/20 (a)		3,000,000		2,999,234
Suncor Energy, Inc. 0.507% 7/17/20 (a)		5,000,000		4,999,346
1.353% 8/21/20 (a)		6,000,000		5,996,213
				115,963,573
TOTAL SHORT-TERM INVESTMENTS (Cost $115,929,938)				115,963,573
TOTAL INVESTMENTS — 109.8% (Cost $1,113,010,764) (f)				1,120,524,188
Other Assets/(Liabilities) — (9.8)%				(100,187,224	)
NET ASSETS — 100.0%			$	1,020,336,964

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

DAC Designated Activity Company

FRN Floating Rate Note

LIBOR London Inter-Bank Offered Rate

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

SOFR Secured Overnight Financing Rate

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2020, the aggregate market value of these securities amounted to $462,957,132 or 45.37% of net assets.

(b) Security is perpetual and has no stated maturity date.

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

(d) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2020.

(e) A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

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

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

50

MML Managed Bond Fund – Portfolio of Investments (Continued)

(#) Interest Rate Swaptions Purchased

				Paid by Fund			Received by Fund
Description	Counterparty	Expiration Date		Rate		Frequency	Rate		Frequency	Notional Amount		Value		Premium Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*		12/13/32		3-Month USD LIBOR BBA	Quarterly		2.44%	Semi-Annually	USD	3,700,000	$	567,210	$	184,971	$	382,239
Put
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*		12/13/32		2.94%	Semi-Annually		3-Month USD LIBOR BBA	Quarterly	USD	56,100,000	$	1,447,380	$	2,804,609	$	(1,357,229	)
												$	2,014,590	$	2,989,580	$	(974,990	)

* Contracts are subject to a Master Netting Agreement.

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra Bond		9/21/20		325	$	71,121,825		$	(221,044	)
U.S. Treasury Note 2 Year		9/30/20		790		174,436,472			17,748
U.S. Treasury Note 5 Year		9/30/20		328		41,177,337			66,101
								$	(137,195	)
Short
90 Day Eurodollar		9/14/20		10	$	(2,437,967	)	$	(55,408	)
U.S. Treasury Long Bond		9/21/20		76		(13,535,221	)		(35,529	)
U.S. Treasury Ultra 10 Year		9/21/20		14		(2,194,455	)		(10,326	)
90 Day Eurodollar		12/14/20		10		(2,437,842	)		(54,908	)
90 Day Eurodollar		3/15/21		9		(2,194,845	)		(50,655	)
90 Day Eurodollar		9/13/21		17		(4,146,457	)		(96,106	)
90 Day Eurodollar		3/14/22		15		(3,657,513	)		(85,737	)
90 Day Eurodollar		9/19/22		14		(3,412,279	)		(80,021	)
90 Day Eurodollar		3/13/23		12		(2,923,010	)		(68,590	)
90 Day Eurodollar		12/18/23		15		(3,650,388	)		(84,050	)
90 Day Eurodollar		12/16/24		40		(9,722,367	)		(216,633	)
								$	(837,963	)

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

51

MML Managed Bond Fund – Portfolio of Investments (Continued)

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Obligation/ Index	Rate Paid by Fund	Payment Frequency		Termination Date	Notional Amount			Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG Series 34†	1.000%		Quarterly	6/20/25		USD	4,000,000	$	(46,752	)	$	14,206	$	(60,958	)
CDX.NA.IG Series 34†	1.000%		Quarterly	6/20/25		USD	5,000,000		(59,500	)		21,743		(81,243	)
								$	(106,252	)	$	35,949	$	(142,201	)

† 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	82.1	%
Cayman Islands	6.8	%
Canada	1.8	%
Bermuda	1.6	%
United Kingdom	1.6	%
Mexico	1.2	%
Netherlands	0.8	%
Luxembourg	0.5	%
Norway	0.4	%
Switzerland	0.3	%
Colombia	0.3	%
Ireland	0.2	%
Saudi Arabia	0.2	%
Germany	0.2	%
Spain	0.1	%
Panama	0.1	%
Japan	0.1	%
Australia	0.1	%
Barbados	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.

52

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

June 30, 2020 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 99.9%
Discount Notes — 83.6%
Federal Farm Credit Bank SOFR + .080% 0.160% FRN, 7/01/20, 1/14/21 (a)	$	2,000,000	$	2,000,000
1.544%, 1/29/21, 1/29/21 (a)		100,000		99,117
1.613%, 11/10/20, 11/10/20 (a)		800,000		795,395
Federal Home Loan Bank 0.010%, 7/01/20, 7/01/20 (a)		3,250,000		3,250,000
0.101%, 7/21/20, 7/21/20 (a)		1,800,000		1,799,900
0.104%, 7/08/20, 7/08/20 (a)		6,400,000		6,399,872
0.112%, 7/06/20, 7/06/20 (a)		1,400,000		1,399,979
0.112%, 7/23/20, 7/23/20 (a)		2,200,000		2,199,852
SOFR + .040% 0.120% FRN, 7/01/20, 8/25/20 (a)		2,000,000		2,000,000
SOFR + .050% 0.130% FRN, 7/01/20, 1/28/21 (a)		2,400,000		2,400,000
0.137%, 8/24/20, 8/24/20 (a)		2,000,000		1,999,595
1 mo. USD LIBOR – .050% 0.140% FRN, 7/20/20, 8/20/20 (a)		4,800,000		4,799,851
0.142%, 8/19/20, 8/19/20 (a)		900,000		899,828
SOFR + .065% 0.145% FRN, 7/01/20, 2/26/21 (a)		5,000,000		5,000,000
SOFR + .080% 0.160% FRN, 7/02/20, 10/02/20 (a)		5,000,000		5,000,128
SOFR + .085% 0.165% FRN, 7/01/20, 9/11/20 (a)		7,000,000		7,000,069
SOFR + .090% 0.170% FRN, 7/01/20, 11/20/20 (a)		10,000,000		10,000,000
SOFR + .090% 0.170% FRN, 7/01/20, 11/30/20 (a)		8,000,000		8,000,000
SOFR + .100% 0.180% FRN, 7/01/20, 12/23/20 (a)		7,000,000		7,000,000
SOFR + .110% 0.190% FRN, 7/01/20, 12/10/20 (a)		3,000,000		3,000,000
0.213%, 9/09/20, 9/09/20 (a)		1,200,000		1,199,510
0.304%, 7/06/20, 7/06/20 (a)		1,650,000		1,649,931
1 mo. USD LIBOR + .150% 0.334% FRN, 7/28/20, 9/28/20 (a)		350,000		350,111
0.376%, 1/20/21, 1/20/21 (a)		15,000,000		14,968,704
0.518%, 7/22/20, 7/22/20 (a)		1,600,000		1,599,524
3 mo. USD LIBOR – .240% 0.936% FRN, 7/16/20, 7/16/20 (a)		10,000,000		10,000,000
3 mo. USD LIBOR – .205% 1.014% FRN, 7/15/20, 10/15/20 (a)		7,000,000		7,000,000
3 mo. USD LIBOR – .170% 1.203% FRN, 7/06/20, 1/06/21 (a)		5,600,000		5,600,592
1.588%, 7/31/20, 7/31/20 (a)		660,000		659,145
Federal Home Loan Mortgage Corp. SOFR + .030% 0.110% FRN, 7/01/20, 1/12/21 (a)		7,000,000		7,000,000

	Principal Amount		Value
0.142%, 7/30/20, 7/30/20 (a)	$	3,300,000	$	3,299,628
0.264%, 8/19/20, 8/19/20 (a)		500,000		499,823
0.323%, 8/12/20, 8/12/20 (a)		700,000		699,740
Federal National Mortgage Association 0.193%, 9/23/20, 9/23/20 (a)		10,000,000		9,995,567
				139,565,861
Repurchase Agreement — 9.0%
HSBC Securities (USA) Inc., Tri-Party Repurchase Agreement, dated 6/30/20, 0.060%, due 7/01/20 (b)		15,000,000		15,000,000
U.S. Treasury Bonds & Notes — 7.3%
U.S. Treasury Bill 0.000% 7/02/20		1,400,000		1,399,996
0.000% 7/02/20		2,200,000		2,199,993
0.000% 7/09/20		800,000		799,981
0.000% 7/21/20		2,700,000		2,699,819
U.S. Treasury Note 2.875% 10/31/20		5,000,000		5,021,645
				12,121,434
TOTAL SHORT-TERM INVESTMENTS (Cost $166,687,295)				166,687,295
TOTAL INVESTMENTS — 99.9% (Cost $166,687,295) (c)				166,687,295
Other Assets/(Liabilities) — 0.1%				175,202
NET ASSETS — 100.0%			$	166,862,497

Abbreviation Legend

FRN Floating Rate Note

LIBOR London Inter-Bank Offered Rate

SOFR Secured Overnight Financing Rate

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

(b) Maturity value of $15,000,025. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 2/15/37, and an aggregate market value, including accrued interest, of $15,300,000.

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

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

53

MML Series Investment Fund II – Financial Statements

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)

	MML Blend Fund		MML Equity Fund		MML Managed Bond Fund		MML U.S. Government Money Market Fund
Assets:
Investments, at value (Note 2) (a)	$	700,984,684	$	669,864,145	$	1,004,560,615	$	-
Repurchase agreements, at value (Note 2) (b)		2,258,461		3,294,201		-		15,000,000
Other short-term investments, at value (Note 2) (c)		32,988,239		-		115,963,573		151,687,295
Total investments (d)		736,231,384		673,158,346		1,120,524,188		166,687,295
Cash		181,001		7,411		2,387,738		60,958
Receivables from:
Investments sold
Regular delivery		1,482,764		850,168		5,461,625		-
Fund shares sold		513,965		1,314,228		8,692,301		429,815
Collateral pledged for open swap agreements (Note 2)		-		-		60,000		-
Investment adviser (Note 3)		-		-		-		32,759
Interest and dividends		1,917,025		802,672		6,178,606		84,799
Interest tax reclaim receivable		662		-		-		-
Foreign taxes withheld		-		20,332		-		-
Total assets		740,326,801		676,153,157		1,143,304,458		167,295,626
Liabilities:
Payables for:
Investments purchased
Regular delivery		-		994,809		-		-
Delayed delivery		35,417,197		-		119,692,638		-
Collateral held for open purchased options (Note 2)		450,000		-		2,095,000		-
Dividends (Note 2)		-		-		-		17
Interest and dividends		525		-		-		-
Fund shares repurchased		192,615		104,388		100,451		282,386
Collateral held for securities on loan (Note 2) (e)		165,800		3,117,326		-		-
Trustees’ fees and expenses (Note 3)		128,139		159,519		157,706		32,995
Variation margin on open derivative instruments (Note 2)		73,529		-		293,765		-
Affiliates (Note 3):
Investment advisory fees		253,749		248,260		345,396		73,755
Service fees		94,081		49,142		154,845		-
Commitment and Contingent Liabilities (Note 9)		-		-		-		-
Accrued expense and other liabilities		97,017		107,683		127,693		43,976
Total liabilities		36,872,652		4,781,127		122,967,494		433,129
Net assets	$	703,454,149	$	671,372,030	$	1,020,336,964	$	166,862,497
Net assets consist of:
Paid-in capital	$	525,716,150	$	586,698,724	$	983,420,502	$	166,900,879
Accumulated Gain (Loss)		177,737,999		84,673,306		36,916,462		(38,382	)
Net assets	$	703,454,149	$	671,372,030	$	1,020,336,964	$	166,862,497
(a)    Cost of investments:	$	561,861,131	$	648,304,678	$	997,080,826	$	-
(b)    Cost of repurchase agreements:	$	2,258,461	$	3,294,201	$	-	$	15,000,000
(c)    Cost of other short-term investments:	$	32,975,320	$	-	$	115,929,938	$	151,687,295
(d)    Securities on loan with market value of:	$	1,138,862	$	5,983,259	$	-	$	-

(e) Non-cash collateral is not included.

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

54

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)

	MML Blend Fund		MML Equity Fund		MML Managed Bond Fund		MML U.S. Government Money Market Fund
Initial Class shares:
Net assets	$	542,234,973	$	588,846,394	$	763,199,432	$	166,862,497
Shares outstanding (a)		23,990,270		24,877,816		59,002,337		166,863,690
Net asset value, offering price and redemption price per share	$	22.60	$	23.67	$	12.94	$	1.00
Service Class shares:
Net assets	$	161,219,176	$	82,525,636	$	257,137,532	$	-
Shares outstanding (a)		7,160,574		3,543,957		19,948,572		-
Net asset value, offering price and redemption price per share	$	22.51	$	23.29	$	12.89	$	-

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

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

55

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

	MML Blend Fund			MML Equity Fund			MML Managed Bond Fund			MML U.S. Government Money Market Fund
Investment income (Note 2):
Dividends (a)	$	5,126,238		$	9,625,616		$	468,019		$	-
Interest (b)		4,531,951			7,698			20,298,725			819,558
Securities lending net income		10,082			8,423			13,841			-
Total investment income		9,668,271			9,641,737			20,780,585			819,558
Expenses (Note 3):
Investment advisory fees		1,422,929			1,442,332			2,013,549			442,455
Custody fees		51,615			62,711			55,564			16,631
Interest expense		11			-			-			-
Audit fees		19,750			19,368			20,458			16,610
Legal fees		8,377			10,492			13,484			1,753
Proxy fees		516			516			516			516
Shareholder reporting fees		41,355			45,878			60,713			8,479
Trustees’ fees		17,193			19,129			26,621			4,045
		1,561,746			1,600,426			2,190,905			490,489
Distribution and Service fees:
Service Class		191,313			104,002			318,639			-
Total expenses		1,753,059			1,704,428			2,509,544			490,489
Expenses waived (Note 3):
Initial Class fees reimbursed by adviser		-			-			-			(76,875	)
Net expenses		1,753,059			1,704,428			2,509,544			413,614
Net investment income (loss)		7,915,212			7,937,309			18,271,041			405,944
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(2,902,140	)		(34,761,873	)		5,441,147			440
Futures contracts		3,292,791			-			15,788,565			-
Swap agreements		276,914			-			1,215,007			-
Foreign currency transactions		-			1,165			-			-
Net realized gain (loss)		667,565			(34,760,708	)		22,444,719			440
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(20,447,060	)		(102,061,739	)		(17,625,875	)		-
Futures contracts		237,495			-			1,201,148			-
Swap agreements		(33,113	)		-			(142,201	)		-
Translation of assets and liabilities in foreign currencies		-			56			-			-
Net change in unrealized appreciation (depreciation)		(20,242,678	)		(102,061,683	)		(16,566,928	)		-
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(19,575,113	)		(136,822,391	)		5,877,791			440
Net increase (decrease) in net assets resulting from operations	$	(11,659,901	)	$	(128,885,082	)	$	24,148,832		$	406,384
(a)    Net of foreign withholding tax of:	$	-		$	24,783		$	-		$	-
(b)    Net of foreign withholding tax of:	$	2,521		$	-		$	-		$	-

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

56

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57

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Blend Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,  2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	7,915,212		$	15,290,622
Net realized gain (loss)		667,565			34,015,197
Net change in unrealized appreciation (depreciation)		(20,242,678	)		84,549,765
Net increase (decrease) in net assets resulting from operations		(11,659,901	)		133,855,584
Distributions to shareholders (Note 2):
Initial Class		-			(40,979,710	)
Service Class		-			(9,724,022	)
Total distributions		-			(50,703,732	)
Net fund share transactions (Note 5):
Initial Class		(23,449,408	)		(18,577,665	)
Service Class		1,865,972			26,512,166
Increase (decrease) in net assets from fund share transactions		(21,583,436	)		7,934,501
Total increase (decrease) in net assets		(33,243,337	)		91,086,353
Net assets
Beginning of period		736,697,486			645,611,133
End of period	$	703,454,149		$	736,697,486

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

58

MML Equity Fund						MML Managed Bond Fund						MML U.S. Government Money Market Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,  2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,  2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,  2019
$	7,937,309		$	16,545,336		$	18,271,041		$	37,758,398		$	405,944		$	2,960,327
	(34,760,708	)		79,293,871			22,444,719			30,487,594			440			1,649
	(102,061,683	)		83,074,237			(16,566,928	)		36,271,548			-			-
	(128,885,082	)		178,913,444			24,148,832			104,517,540			406,384			2,961,976
	-			(50,723,440	)		-			(31,524,049	)		(405,972	)		(2,960,404	)
	-			(6,619,264	)		-			(8,931,167	)		-			-
	-			(57,342,704	)		-			(40,455,216	)		(405,972	)		(2,960,404	)
	(26,691,434	)		(12,725,542	)		(101,934,096	)		18,148,687			(8,037,135	)		(4,204,843	)
	523,246			(100,034	)		(13,707,062	)		(3,868,313	)		-			-
	(26,168,188	)		(12,825,576	)		(115,641,158	)		14,280,374			(8,037,135	)		(4,204,843	)
	(155,053,270	)		108,745,164			(91,492,326	)		78,342,698			(8,036,723	)		(4,203,271	)
	826,425,300			717,680,136			1,111,829,290			1,033,486,592			174,899,220			179,102,491
$	671,372,030		$	826,425,300		$	1,020,336,964		$	1,111,829,290		$	166,862,497		$	174,899,220

59

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/20r	$	22.93	$	0.26	$	(0.59	)	$	(0.33	)	$	-		$	-		$	-		$	22.60		(1.44%	)b	$	542,235		0.46%	a		2.37%	a
12/31/19		20.35		0.49		3.71			4.20			(0.53	)		(1.09	)		(1.62	)		22.93		21.38%			574,827		0.45%			2.24%
12/31/18		23.33		0.47		(1.39	)		(0.92	)		(0.48	)		(1.58	)		(2.06	)		20.35		(4.34%	)		527,007		0.45%			2.12%
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%
Service Class
6/30/20r	$	22.87	$	0.23	$	(0.59	)	$	(0.36	)	$	-		$	-		$	-		$	22.51		(1.58%	)b	$	161,219		0.71%	a		2.12%	a
12/31/19		20.29		0.43		3.71			4.14			(0.47	)		(1.09	)		(1.56	)		22.87		21.08%			161,870		0.70%			1.99%
12/31/18		23.27		0.42		(1.40	)		(0.98	)		(0.42	)		(1.58	)		(2.00	)		20.29		(4.58%	)		118,604		0.70%			1.89%
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%

	Six months ended June 30, 2020b,r			Year ended December 31
				2019			2018			2017			2016			2015
Portfolio turnover rate		58	%		132	%		86	%		134	%		175	%		209	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

60

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/20r	$	28.10	$	0.28	$	(4.71	)	$	(4.43	)	$	-		$	-		$	-		$	23.67		(15.76%	)b	$	588,846		0.46%	a		2.31%	a
12/31/19		24.16		0.57		5.42			5.99			(0.57	)		(1.48	)		(2.05	)		28.10		25.92%			729,367		0.44%			2.14%
12/31/18		31.69		0.60		(3.06	)		(2.46	)		(0.57	)		(4.50	)		(5.07	)		24.16		(9.99%	)		634,703		0.44%			2.00%
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%
Service Class
6/30/20r	$	27.68	$	0.25	$	(4.64	)	$	(4.39	)	$	-		$	-		$	-		$	23.29		(15.86%	)b	$	82,526		0.71%	a		2.06%	a
12/31/19		23.82		0.50		5.34			5.84			(0.50	)		(1.48	)		(1.98	)		27.68		25.61%			97,058		0.69%			1.89%
12/31/18		31.31		0.52		(3.01	)		(2.49	)		(0.50	)		(4.50	)		(5.00	)		23.82		(10.22%	)		82,977		0.69%			1.75%
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%

	Six months ended June 30, 2020b,r			Year ended December 31
				2019			2018			2017			2016			2015
Portfolio turnover rate		43	%		113	%		41	%		70	%		47	%		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.

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

r Unaudited.

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

61

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/20r	$	12.64	$	0.23	$	0.07		$	0.30		$	-		$	-		$	-		$	12.94		2.36%	b	$	763,199		0.43%	a		3.63%	a
12/31/19		11.93		0.43		0.74			1.17			(0.46	)		-			(0.46	)		12.64		9.85%			846,138		0.42%			3.43%
12/31/18		12.41		0.40		(0.46	)		(0.06	)		(0.42	)		-			(0.42	)		11.93		(0.44%	)		778,603		0.42%			3.34%
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%
Service Class
6/30/20r	$	12.61	$	0.21	$	0.07		$	0.28		$	-		$	-		$	-		$	12.89		2.23%	b	$	257,138		0.68%	a		3.41%	a
12/31/19		11.91		0.40		0.73			1.13			(0.43	)		-			(0.43	)		12.61		9.57%			265,691		0.67%			3.19%
12/31/18		12.39		0.37		(0.46	)		(0.09	)		(0.39	)		-			(0.39	)		11.91		(0.69%	)		254,883		0.67%			3.10%
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%

	Six months ended June 30, 2020b,r			Year ended December 31
				2019			2018			2017			2016			2015
Portfolio turnover rate		110	%		260	%		138	%		237	%		314	%		358	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

62

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 returnm			Net assets, end of the period (000’s)			Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Initial Class
6/30/20r		$	1.00		$	0.00	d		$	0.00	d		$	0.00	d		$	(0.00	)d		$	-			$	(0.00	)d		$	1.00		0.23%	b		$	166,862		0.53%	a		0.45%	a		0.44	%a
12/31/19			1.00			0.02				0.00	d			0.02				(0.02	)			-				(0.02	)			1.00		1.71%				174,899		0.54%			N/A			1.69	%
12/31/18			1.00			0.01				0.00	d			0.01				(0.01	)			-				(0.01	)			1.00		1.32%				179,102		0.54%			N/A			1.35	%
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%			N/A			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%			-

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

e Amount is less than 0.005%.

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

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

r Unaudited.

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

63

Notes to Financial Statements (Unaudited)

1. The Funds

MML Series Investment Fund II (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated 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.

2. Significant Accounting Policies

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

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

Investment Valuation

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

64

Notes to Financial Statements (Unaudited) (Continued)

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 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 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.

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

65

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

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

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

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

66

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

The U.S. Government Money Market Fund characterized all investments at Level 2, as of June 30, 2020. For the Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of June 30, 2020, for the remaining Funds’ investments:

	Level 1			Level 2			Level 3		Total
Blend Fund
Asset Investments
Common Stock	$	454,116,939		$	-		$	-	$	454,116,939
Preferred Stock		509,400			-			-		509,400
Corporate Debt		-			99,592,975			-		99,592,975
Municipal Obligations		-			1,788,290			-		1,788,290
Non-U.S. Government Agency Obligations		-			78,353,887			-		78,353,887
Sovereign Debt Obligations		-			1,857,712			-		1,857,712
U.S. Government Agency Obligations and Instrumentalities		-			60,753,827			-		60,753,827
U.S. Treasury Obligations		-			3,351,360			-		3,351,360
Purchased Options		-			402,932			-		402,932
Rights		91,562			-			-		91,562
Mutual Funds		165,800			-			-		165,800
Short-Term Investments		-			35,246,700			-		35,246,700
Total Investments	$	454,883,701		$	281,347,683		$	-	$	736,231,384
Asset Derivatives
Futures Contracts	$	16,955		$	-		$	-	$	16,955
Liability Derivatives
Futures Contracts	$	(267,742	)	$	-		$	-	$	(267,742	)
Swap Agreements		-			(24,778	)		-		(24,778	)
Total	$	(267,742	)	$	(24,778	)	$	-	$	(292,520	)
Equity Fund
Asset Investments
Common Stock	$	661,324,724		$	-		$	-	$	661,324,724
Preferred Stock		1,671,671			-			-		1,671,671
Corporate Debt		-			198,502			-		198,502
Mutual Funds		6,669,248			-			-		6,669,248
Short-Term Investments		-			3,294,201			-		3,294,201
Total Investments	$	669,665,643		$	3,492,703		$	-	$	673,158,346

67

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3		Total
Managed Bond Fund
Asset Investments
Preferred Stock	$	2,419,650		$	-		$	-	$	2,419,650
Corporate Debt		-			404,259,452			-		404,259,452
Municipal Obligations		-			4,618,153			-		4,618,153
Non-U.S. Government Agency Obligations		-			336,353,578			-		336,353,578
Sovereign Debt Obligations		-			7,447,426			-		7,447,426
U.S. Government Agency Obligations and Instrumentalities		-			227,811,963			-		227,811,963
U.S. Treasury Obligations		-			19,635,803			-		19,635,803
Purchased Options		-			2,014,590			-		2,014,590
Short-Term Investments		-			115,963,573			-		115,963,573
Total Investments	$	2,419,650		$	1,118,104,538		$	-	$	1,120,524,188
Asset Derivatives
Futures Contracts	$	83,849		$	-		$	-	$	83,849
Liability Derivatives
Futures Contracts	$	(1,059,007	)	$	-		$	-	$	(1,059,007	)
Swap Agreements		-			(106,252	)		-		(106,252	)
Total	$	(1,059,007	)	$	(106,252	)	$	-	$	(1,165,259	)

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from collateral pledged for open swap agreements, as well as, any applicable liabilities for investments purchased on a delayed delivery basis, collateral held for open purchased options, and collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of June 30, 2020.

The Funds had no Level 3 transfers during the period ended June 30, 2020.

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

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Notes to Financial Statements (Unaudited) (Continued)

At June 30, 2020, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Credit Risk			Interest Rate Risk			Total
Blend Fund
Asset Derivatives
Purchased Options*	$	-		$	402,932		$	402,932
Futures Contracts^^		-			16,955			16,955
Total Value	$	-		$	419,887		$	419,887
Liability Derivatives
Futures Contracts^^	$	-		$	(267,742	)	$	(267,742	)
Swap Agreements^^,^^^		(24,778	)		-			(24,778	)
Total Value	$	(24,778	)	$	(267,742	)	$	(292,520	)
Realized Gain (Loss)#
Purchased Options	$	-		$	217,980		$	217,980
Futures Contracts		-			3,292,791			3,292,791
Swap Agreements		276,914			-			276,914
Total Realized Gain (Loss)	$	276,914		$	3,510,771		$	3,787,685
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	(33,261	)	$	(33,261	)
Futures Contracts		-			237,495			237,495
Swap Agreements		(33,113	)		-			(33,113	)
Total Change in Appreciation (Depreciation)	$	(33,113	)	$	204,234		$	171,121
Managed Bond Fund
Asset Derivatives
Purchased Options*	$	-		$	2,014,590		$	2,014,590
Futures Contracts^^		-			83,849			83,849
Total Value	$	-		$	2,098,439		$	2,098,439
Liability Derivatives
Futures Contracts^^	$	-		$	(1,059,007	)	$	(1,059,007	)
Swap Agreements^^,^^^		(106,252	)		-			(106,252	)
Total Value	$	(106,252	)	$	(1,059,007	)	$	(1,165,259	)
Realized Gain (Loss)#
Purchased Options	$	-		$	1,837,597		$	1,837,597
Futures Contracts		-			15,788,565			15,788,565
Swap Agreements		1,215,007			-			1,215,007
Total Realized Gain (Loss)	$	1,215,007		$	17,626,162		$	18,841,169

69

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk			Interest Rate Risk		Total
Managed Bond Fund (Continued)
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	74,797	$	74,797
Futures Contracts		-			1,201,148		1,201,148
Swap Agreements		(142,201	)		-		(142,201	)
Total Change in Appreciation (Depreciation)	$	(142,201	)	$	1,275,945	$	1,133,744

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

^^ Cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^ Represents centrally cleared swaps, which are not subject to a master netting agreement or similar agreement.

# 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.

For the period ended June 30, 2020, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Number of Contracts, Notional Amounts, or Shares/Units†
Fund Name	Futures Contracts		Swap Agreements		Purchased Swaptions
Blend Fund		401	$	4,166,667	$	17,917,167
Managed Bond Fund		1,642		18,116,667		97,683,333

† Amount(s) disclosed represent average number of contracts for futures contracts, or 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 period ended June 30, 2020.

The Portfolio of Investments included in a Fund’s financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund’s derivatives exposure as of June 30, 2020. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

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Notes to Financial Statements (Unaudited) (Continued)

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) or similar agreement and net of the related collateral received by the Fund(s) as of June 30, 2020.

Asset Valuation Inputs

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset		Collateral Received**			Net Amount*
Blend Fund
Credit Suisse international	$	402,932	$	-	$	(402,932	)	$	-
Managed Bond Fund
Barclays Bank PLC	$	2,014,590	$	-	$	(2,014,590	)	$	-

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

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

† The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.

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

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended June 30, 2020, 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 contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

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

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Notes to Financial Statements (Unaudited) (Continued)

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

Swap Agreements

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

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 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 and 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

72

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

A Fund’s current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

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

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

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

Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a 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

73

Notes to Financial Statements (Unaudited) (Continued)

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.

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.

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.

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Notes to Financial Statements (Unaudited) (Continued)

Repurchase Agreements

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

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Notes to Financial Statements (Unaudited) (Continued)

Securities Lending

Each Fund, other than the U.S. Government Money Market Fund, may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At June 30, 2020, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

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. Income received by the Funds in securities lending transactions during the period ended June 30, 2020, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income 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 gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

Foreign Currency Translation

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

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Notes to Financial Statements (Unaudited) (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 or another alternative method.

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 of each Fund, other than the U.S. Government Money Market Fund, are declared and paid annually 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.

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:

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

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Notes to Financial Statements (Unaudited) (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 T. Rowe Price Associates, Inc. (“T. Rowe Price”), pursuant to which T. Rowe Price serves as one of the subadvisers to the Equity Fund. This agreement provides that T. Rowe Price manage the investment and reinvestment of a portion of the assets of the Fund. T. Rowe Price receives a subadvisory fee from MML Advisers, based upon the average daily net assets of the portion of the Fund that T. Rowe Price manages.

MML Advisers has entered into an investment subadvisory agreement with Brandywine Global Investment Management, LLC (“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 MML Advisers, 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.

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.

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Notes to Financial Statements (Unaudited) (Continued)

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended June 30, 2020, 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	$	276,581,501	$	124,077,628	$	288,887,692	$	120,256,682
Equity Fund		-		297,584,092		-		317,742,590
Managed Bond Fund		1,011,228,449		118,457,087		1,078,638,789		126,007,596

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

	Purchases		Sales
Equity Fund	$	135,244	$	-

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended June 30, 2020						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Blend Fund Initial Class
Sold		339,565		$	7,459,896			528,012		$	11,433,592
Issued as reinvestment of dividends		-			-			1,915,243			40,979,710
Redeemed		(1,416,039	)		(30,909,304	)		(3,276,700	)		(70,990,967	)
Net increase (decrease)		(1,076,474	)	$	(23,449,408	)		(833,445	)	$	(18,577,665	)
Blend Fund Service Class
Sold		469,430		$	10,070,650			1,391,604		$	30,119,588
Issued as reinvestment of dividends		-			-			455,839			9,724,022
Redeemed		(385,508	)		(8,204,678	)		(614,951	)		(13,331,444	)
Net increase (decrease)		83,922		$	1,865,972			1,232,492		$	26,512,166
Equity Fund Initial Class
Sold		330,304		$	7,622,378			532,126		$	14,313,375
Issued as reinvestment of dividends		-			-			2,049,701			50,723,440
Redeemed		(1,412,345	)		(34,313,812	)		(2,890,290	)		(77,762,357	)
Net increase (decrease)		(1,082,041	)	$	(26,691,434	)		(308,463	)	$	(12,725,542	)
Equity Fund Service Class
Sold		324,649		$	7,202,098			292,000		$	7,614,027
Issued as reinvestment of dividends		-			-			271,310			6,619,264
Redeemed		(287,685	)		(6,678,852	)		(539,324	)		(14,333,325	)
Net increase (decrease)		36,964		$	523,246			23,986		$	(100,034	)

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Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2020						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Managed Bond Fund Initial Class
Sold		3,837,917		$	48,419,967			14,936,199		$	182,884,753
Issued as reinvestment of dividends		-			-			2,518,423			31,524,049
Redeemed		(11,798,562	)		(150,354,063	)		(15,732,148	)		(196,260,115	)
Net increase (decrease)		(7,960,645	)	$	(101,934,096	)		1,722,474		$	18,148,687
Managed Bond Fund Service Class
Sold		1,132,509		$	14,341,162			2,178,139		$	27,236,884
Issued as reinvestment of dividends		-			-			715,422			8,931,167
Redeemed		(2,257,847	)		(28,048,224	)		(3,220,012	)		(40,036,364	)
Net increase (decrease)		(1,125,338	)	$	(13,707,062	)		(326,451	)	$	(3,868,313	)
U.S. Government Money Market Fund Initial Class
Sold		169,113,483		$	169,113,483			81,377,141		$	81,377,141
Issued as reinvestment of dividends		405,972			405,972			2,960,388			2,960,388
Redeemed		(177,556,590	)		(177,556,590	)		(88,542,372	)		(88,542,372	)
Net increase (decrease)		(8,037,135	)	$	(8,037,135	)		(4,204,843	)	$	(4,204,843	)

6. Federal Income Tax Information

At June 30, 2020, 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	$	597,094,912	$	156,306,339	$	(17,169,867	)	$	139,136,472
Equity Fund		651,598,879		70,320,012		(48,760,545	)		21,559,467
Managed Bond Fund		1,113,010,764		36,710,479		(29,197,055	)		7,513,424

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at June 30, 2020, is the same for financial reporting and federal income tax purposes.

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, 2019, for federal income tax purposes, there were no unused capital losses.

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Notes to Financial Statements (Unaudited) (Continued)

At December 31, 2019, the following Fund(s) had post-enactment accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long term Capital Loss Carryforward
Managed Bond Fund	$	-	$	13,478,561

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, 2019, was as follows:

	Ordinary Income		Long Term Capital Gain
Blend Fund	$	19,958,295	$	30,745,437
Equity Fund		16,300,088		41,042,616
Managed Bond Fund		40,455,216		-
U.S. Government Money Market Fund		2,960,404		-

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, 2019, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At December 31, 2019, 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	$	1,509,615	$	30,150,817		$	(150,020	)	$	157,887,488
Equity Fund		16,540,185		80,151,111			(187,957	)		117,055,049
Managed Bond Fund		1,569,529		(13,478,561	)		(181,093	)		24,857,755
U.S. Government Money Market Fund		-		-			(38,794	)		-

The Funds did not have any unrecognized tax benefits at June 30, 2020, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended June 30, 2020, 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.

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Notes to Financial Statements (Unaudited) (Continued)

7. Indemnifications

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

8. New Accounting Pronouncements

In August 2018, FASB issued Accounting Standards Update 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the impact of ASU 2018-13 and has early adopted the disclosure requirements and the impact, if any, is reflected within the Funds’ financial statements.

In March 2020, FASB issued Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

9. Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds. On April 5, 2012, the adversary proceeding was transferred to the Southern District of New York for consolidated pretrial proceedings. The action is now being prosecuted by the litigation trustee (“Trustee”) for the Tribune Litigation Trust.

The potential amount sought to be recovered from the Blend Fund is approximately $207,400, plus interest and the Official Committee’s court costs.

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. On December 20, 2011, this action was transferred to the Southern District of New York for consolidated pretrial proceedings.

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 Trustee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a

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Notes to Financial Statements (Unaudited) (Continued)

material adverse effect on the Fund’s net asset value depending on the net assets of the applicable Fund at the time of such judgment or settlement.

10. Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 has produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, and global business disruption, and it may result in future significant adverse effects, such as exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadvisers, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

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Other Information (Unaudited)

Proxy Voting

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

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

Quarterly Reporting

The Funds, except for the U.S. Government Money Market Fund, file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s EDGAR database on its website at http://www.sec.gov.

Liquidity Risk Management Program

In 2016, the SEC adopted Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of fund shareholders. Pursuant to the Liquidity Rule, the Funds have adopted a Liquidity Risk Management Program (the “Program”). The Program is administered by MML Advisers, which has established a Liquidity Risk Management Program Committee (the “Committee”) to oversee the required management, assessments, reviews, and reports for the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 10, 2020, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period December 1, 2018 through December 31, 2019. No significant liquidity events impacting any of the Funds or their ability to timely meet redemptions without dilution to existing shareholders were noted in the report. In addition, the Committee provided its assessment that the Program had been effective in managing each Fund’s liquidity risk.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Trustees’ Approval of Investment Advisory Contracts

At their meetings in May and June 2020, the Contract Committee (the “Committee”) and the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the “Independent Trustees”), re-approved the existing advisory and subadvisory agreements (collectively, the “Contracts”) for each of the Blend Fund, Equity Fund, Managed Bond Fund, and U.S. Government Money Market Fund. In preparation for the meetings, the Trustees requested, and MML Advisers and the subadvisers provided in advance, certain materials relevant to the consideration of the Contracts (the “Meeting Materials”). In all of their deliberations, the Trustees were advised by independent counsel.

The Committee received in advance of the meetings (i) a memorandum from MML Advisers discussing the nature and quality of the services it provides as investment adviser to the Funds; (ii) a profitability analysis prepared by MML Advisers; and (iii) a fee and performance study report (the “Third-Party Report”) with respect to each Fund prepared by an independent third-party vendor

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Other Information (Unaudited) (Continued)

(the “Third-Party”). The Third-Party Report provided detailed comparative advisory fee, total expense, and performance information for each Fund to assist the Committee in its evaluation of the Contracts. The Committee also considered information presented to it throughout the year regarding MML Advisers and each of the subadvisers.

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

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

The Committee reviewed the expense and performance information for each Fund. (References to any one- or three-year period below are to periods ended December 31, 2019. In all cases, the comparative expense information is that of a Fund’s “peer group” and the comparative performance information is that of a Fund’s “performance category.”)

The Committee considered that the total net expense ratios for the Blend Fund, Equity Fund, and Managed Bond Fund were within the top twenty percent of their peer groups. Of these Funds, all had net advisory fees below the medians of their peers.

The Committee determined on the basis of these factors that the Funds’ net advisory fees, and the total net expenses of the Funds generally, were consistent with the continuation of their advisory agreements.

The Committee considered that the Blend Fund, Equity Fund, and Managed Bond Fund achieved one- and three-year investment performance above the medians of their performance categories, or in the top sixty percent of their performance categories.

As to the U.S. Government Money Market Fund, the Committee considered that the Fund’s net advisory fee (72^nd comparative percentile) and total net expense ratio (63^rd comparative percentile), and the Fund’s investment performance for the three-year period (73^rd comparative percentile), were in the third comparative quartile in comparison with the Fund’s peer group and performance category, respectively. The Committee considered MML Advisers’ statement that, if the Fund’s net advisory fee were reduced by the portion of the fee attributable to administrative services (which include shareholder services), the net advisory fee would be within what MML Advisers considers an acceptable margin of the applicable peer group median. The Committee also considered MML Advisers statements that the Fund’s relatively conservative maturity profile in recent periods contributed to the Fund’s relative underperformance, and that money market fund expenses and performance have been affected over time by factors such as their sponsors’ willingness to reduce expenses and increase yields through fee waivers, particularly in periods of market turmoil, and that simple comparisons with peer net advisory fees are not necessarily of value in determining the reasonableness of a money market fund’s fees. The Committee noted that MML Advisers had recently implemented a fee waiver in order to maintain the Fund’s positive yield.

The Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting and during the course of the year, concerning economies of scale and the profitability of MML Advisers’ advisory relationship with the various Funds, including: (i) a description of MML Advisers’ revenues from the Funds (including advisory fees and administrative

85

Other Information (Unaudited) (Continued)

and shareholder services fees, as applicable) and the expense allocation methodology employed by MML Advisers; and (ii) profitability information for each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called “fallout benefits” to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds, and benefits accruing to subadvisers due to so-called “soft-dollar arrangements.”

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

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

Also at their meeting in June 2020, the Trustees, including the Independent Trustees, approved a new subadvisory agreement with Brandywine Global Investment Management, LLC (“Brandywine Global”) for the Equity Fund due to the expected change in control of Legg Mason, Inc. (“Legg Mason”), Brandywine Global’s parent company. The Trustees considered the representations made to them regarding the change in control of Legg Mason, the fact that the terms of the new subadvisory agreement would be substantially identical to the terms of the subadvisory agreement currently in place, and that there would be no change in the investment strategies or portfolio management team of the Equity Fund, or in the fees or expenses of the Fund. The Trustees considered the information provided by Brandywine Global that the change in control was not expected to have any material impact on Brandywine Global or the services it provides to the Equity Fund, including the personnel providing services to the Fund.

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

The new subadvisory agreement became effective on July 31, 2020.

86

Other Information (Unaudited) (Continued)

Fund Expenses June 30, 2020

Expense Examples:

The following information is in regards to expenses for the six months ended June 30, 2020:

As a shareholder of the Funds, you incur ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended June 30, 2020.

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		0.46	%		$985.60	$	2.27	$	1,022.60	$	2.31
Service Class		1,000		0.71	%		984.20		3.50		1,021.30		3.57
Equity Fund
Initial Class		1,000		0.46	%		842.40		2.11		1,022.60		2.31
Service Class		1,000		0.71	%		841.40		3.25		1,021.30		3.57
Managed Bond Fund
Initial Class		1,000		0.43	%		1,023.60		2.16		1,022.70		2.16
Service Class		1,000		0.68	%		1,022.30		3.42		1,021.50		3.42
U.S. Government Money Market Fund
Initial Class		1,000		0.45	%		1,002.30		2.24		1,022.60		2.26

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2020, multiplied by the average account value over the period, multiplied by 182 days in the period, divided by 366 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.

87

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, Connecticut

06082-1981

^© 2020 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com. Investment Adviser: MML Investment Advisers, LLC RS-49854-00

Table of Contents

President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	3
Portfolio of Investments (Unaudited)
MML Asset Momentum Fund	12
MML Dynamic Bond Fund	14
MML Equity Rotation Fund	33
MML High Yield Fund	37
MML Inflation-Protected and Income Fund	44
MML Short-Duration Bond Fund	53
MML Small Cap Equity Fund	67
MML Special Situations Fund	70
MML Strategic Emerging Markets Fund	72
Statements of Assets and Liabilities (Unaudited)	76
Statements of Operations (Unaudited)	80
Statements of Changes in Net Assets	82
Statement of Cash Flows	88
Financial Highlights	89
Notes to Financial Statements (Unaudited)	98
Other Information (Unaudited)	124
Proxy Voting	124
Quarterly Reporting	124
Liquidity Risk Management Program	124
Trustees’ Approval of Investment Advisory Contracts	124
Fund Expenses	127

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

Eric Wietsma

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

June 30, 2020

Welcome to the MML Series Investment Fund II Semiannual Report, covering the six months ended June 30, 2020.

Market Highlights

• During the period, U.S. stock prices ended down only 3%, despite being down nearly 20% in the first quarter of 2020.

• The COVID-19 pandemic escalated quickly during the period, shuttering businesses, driving unemployment to record levels, curtailing economic activity and causing concerned investors to sell stocks in favor of safer investments.

• Markets rebounded sharply in late March initially in response to emergency interest rate cuts by the Federal Reserve Board (the Fed) and unprecedented fiscal stimulus from Congress. Further market increases came later in the period due to falling COVID-19 case counts, progress on vaccine research and signs of increasing economic activity as the world transitioned back to work.

• Developed-market foreign stocks and emerging market stocks also responded well to their own countries’ monetary and fiscal stimulus and progress in restarting economic activity, though trailed U.S. stock returns for the six-month period.

• U.S. bonds ended the period up over 6%, benefiting from falling interest rates and investors seeking safer investments in light of projections for a global economic downturn.

Market Commentary

For the six months ended June 30, 2020, global stock investors experienced negative returns. U.S. stocks rose steadily through the middle of February, buoyed by low interest rates and expectations for strong economic growth and rising corporate earnings. With the onset of the COVID-19 pandemic, businesses shuttered, unemployment propelled to record levels, and economic activity curtailed causing U.S. stocks to fall sharply from the middle of February to late March. Markets rebounded sharply in late March initially in response to emergency interest rate cuts by the Fed and unprecedented fiscal stimulus from Congress. Further gains came later in the period due to falling COVID-19 case counts, progress on vaccine research and signs of increasing economic activity as the world transitioned back to work.

Volatility is the tendency for markets to fluctuate unpredictably and is a normal risk of investing. Volatility resurfaced in the first quarter of 2020 with the S&P 500^®* Index gaining or losing three percent of its value on 19 different days during the quarter. The Volatility Index (the VIX) achieved an all-time high of 82.69 on March 16^th before receding in response to emergency interest rate cuts by the Fed, an unprecedented fiscal stimulus package from Congress and signs of increasing economic activity.

The end result was that the broad market S&P 500 delivered a loss of only 3.08% for the period. The technology-heavy NASDAQ Composite Index, which benefited considerably as companies shifted to a more technology heavy work from home model, gained 12.67%. Conversely, the more economically sensitive Dow Jones Industrial Average lost 8.43% for the period. Small-cap stocks also underperformed their larger peers while value stocks significantly underperformed their growth peers.

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

(Continued)

1

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

The market sell-off and subsequent recovery affected sectors differently. The information technology and consumer discretionary sectors fared best as these sectors benefited from the shift to working from home and the increase in online shopping. The energy and financial services sectors experienced the biggest losses due to expectations of a sharp downturn in global economic growth and lower interest rates, respectively. West Texas Intermediate (WTI) crude oil prices ended the period at just $39.27 per barrel, down 36% during the period.

Developed international stock markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers, falling 11.34% for the six-month period. Japanese stocks fared much better than European stocks as a result of Japan responding quickly and effectively to halt the spread of COVID-19 within its borders and following up with massive amounts of monetary and fiscal stimulus. Emerging-market stock markets, as measured by the MSCI Emerging Markets Index, fared only slightly better than the MSCI EAFE^® Index, falling 9.78% for the period, buoyed by strong performance of Chinese stocks.

In these unprecedented times, the Fed asserted its influence on markets during the period through two emergency interest rate cuts in March. On March 3^rd, the Fed slashed interest rates by half a percentage point, citing that the “coronavirus poses evolving risks to economic activity.” On March 15^th, the Fed cut interest rates to nearly zero percent, saying it would maintain the low rates “until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.” These were the first emergency interest rate cuts since 2008. Congress also played its part, delivering roughly $2.5 trillion in coronavirus response bills intended to keep businesses and individuals afloat during these challenging times.

Investors entered the period with expectations of stable economic growth and rising corporate earnings and ended the period mired in a global pandemic and global recession. Bond yields fell sharply during the period, with the 10-year U.S. Treasury bond reaching a low of 0.54% in early March and ending the period only slightly higher at 0.66%. Since falling yields generally drive bond prices up, the Bloomberg Barclays U.S. Aggregate Bond Index ended the period with a positive return of 6.14%. High-yield corporate bonds did not fare as well, in light of concerns that defaults would rise. The Bloomberg Barclays U.S. Corporate High Yield Index, which tracks below investment-grade corporate bonds, ended the period down 3.80%, especially in the retail and energy sectors.

Review and maintain your strategy

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

Sincerely,

Eric Wietsma

President

^© 2020 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 100 Bright Meadow Blvd., Enfield, CT 06082. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of MassMutual. The information provided is the opinion of MML Advisers as of 7/1/20 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

2

MML Asset Momentum Fund – Portfolio Summaries (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 investments 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 is nondiversified, which means that it may hold larger positions in a smaller number of issuers than a diversified fund. The Fund’s subadviser is Barings LLC (Barings).

MML Asset Momentum Fund Portfolio Characteristics (% of Net Assets) on 6/30/20
Mutual Funds	52.3	%
Common Stock	24.1	%
U.S. Treasury Obligations	18.1	%
Total Long-Term Investments	94.5	%
Short-Term Investments and Other Assets and Liabilities	5.5	%
Net Assets	100.0	%

3

MML Dynamic Bond Fund – Portfolio Summaries (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).

MML Dynamic Bond Fund Portfolio Characteristics (% of Net Assets) on 6/30/20
U.S. Treasury Obligations	27.4	%
Corporate Debt	25.2	%
Non-U.S. Government Agency Obligations	22.4	%
U.S. Government Agency Obligations and Instrumentalities	17.3	%
Bank Loans	3.4	%
Sovereign Debt Obligations	1.3	%
Municipal Obligations	0.1	%
Total Long-Term Investments	97.1	%
Short-Term Investments and Other Assets and Liabilities	2.9	%
Net Assets	100.0	%

4

MML Equity Rotation Fund – Portfolio Summaries (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).

MML Equity Rotation Fund Largest Holdings (% of Net Assets) on 6/30/20
Apple, Inc.	10.2	%
Microsoft Corp.	7.9	%
Alphabet, Inc. Class A	4.8	%
Amazon.com, Inc.	4.5	%
Visa, Inc. Class A	3.2	%
Broadcom, Inc.	2.7	%
Cummins, Inc.	2.5	%
Citigroup, Inc.	2.3	%
JP Morgan Chase & Co.	2.1	%
Bristol-Myers Squibb Co.	1.9	%
	42.1	%

MML Equity Rotation Fund Sector Table (% of Net Assets) on 6/30/20
Technology	34.8	%
Financial	14.8	%
Communications	13.8	%
Consumer, Non-cyclical	13.1	%
Consumer, Cyclical	9.7	%
Industrial	8.1	%
Basic Materials	2.0	%
Energy	1.6	%
Mutual Funds	0.4	%
Total Long-Term Investments	98.3	%
Short-Term Investments and Other Assets and Liabilities	1.7	%
Net Assets	100.0	%

5

MML High Yield Fund – Portfolio Summaries (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).

MML High Yield Fund Portfolio Characteristics (% of Net Assets) on 6/30/20
Corporate Debt	92.4	%
Bank Loans	5.0	%
Common Stock	0.1	%
Warrants	0.0	%
Total Long-Term Investments	97.5	%
Other Assets and Liabilities	2.5	%
Net Assets	100.0	%

6

MML Inflation-Protected and Income Fund – Portfolio Summaries (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).

MML Inflation-Protected and Income Fund Portfolio Characteristics (% of Net Assets) on 6/30/20
Non-U.S. Government Agency Obligations	50.4	%
U.S. Treasury Obligations	21.7	%
U.S. Government Agency Obligations and Instrumentalities	3.0	%
Corporate Debt	1.1	%
Purchased Options	0.4	%
Municipal Obligations	0.3	%
Total Long-Term Investments	76.9	%
Short-Term Investments and Other Assets and Liabilities	23.1	%
Net Assets	100.0	%

7

MML Short-Duration Bond Fund – Portfolio Summaries (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).

MML Short-Duration Bond Fund Portfolio Characteristics (% of Net Assets) on 6/30/20
Non-U.S. Government Agency Obligations	49.4	%
Corporate Debt	40.2	%
U.S. Government Agency Obligations and Instrumentalities	1.9	%
U.S. Treasury Obligations	0.7	%
Municipal Obligations	0.2	%
Purchased Options	0.0	%
Total Long-Term Investments	92.4	%
Short-Term Investments and Other Assets and Liabilities	7.6	%
Net Assets	100.0	%

8

MML Small Cap Equity Fund – Portfolio Summaries (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 Invesco Advisers, Inc. (Invesco).

MML Small Cap Equity Fund Largest Holdings (% of Net Assets) on 6/30/20
LHC Group, Inc.	2.8	%
MKS Instruments, Inc.	2.2	%
BJ’s Wholesale Club Holdings, Inc.	2.1	%
ASGN, Inc.	2.1	%
Zynga, Inc. Class A	2.1	%
Emergent BioSolutions, Inc.	1.9	%
Brooks Automation, Inc.	1.8	%
Tandem Diabetes Care, Inc.	1.8	%
WSFS Financial Corp.	1.7	%
Rexnord Corp.	1.7	%
	20.2	%

MML Small Cap Equity Fund Sector Table (% of Net Assets) on 6/30/20
Consumer, Non-cyclical	27.5	%
Financial	19.4	%
Industrial	16.1	%
Technology	14.9	%
Consumer, Cyclical	12.5	%
Utilities	3.2	%
Basic Materials	2.7	%
Energy	1.8	%
Communications	1.4	%
Mutual Funds	0.7	%
Total Long-Term Investments	100.2	%
Short-Term Investments and Other Assets and Liabilities	(0.2	)%
Net Assets	100.0	%

9

MML Special Situations Fund – Portfolio Summaries (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 may invest in companies of any market capitalization. The Fund will typically invest primarily in common stocks. When the Fund’s 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 is non-diversified, which means that it may hold larger positions in a smaller number of stocks than a diversified fund. The Fund’s subadviser is Barings LLC (Barings).

MML Special Situations Fund Largest Holdings (% of Net Assets) on 6/30/20
Dow, Inc.	10.0	%
Carrier Global Corp.	9.0	%
Otis Worldwide Corp.	6.8	%
Arcosa, Inc.	6.3	%
Keysight Technologies, Inc.	6.3	%
Lamb Weston Holdings, Inc.	5.7	%
West Pharmaceutical Services, Inc.	4.5	%
Brighthouse Financial, Inc.	3.9	%
Fortive Corp.	3.5	%
PayPal Holdings, Inc.	3.3	%
	59.3	%

MML Special Situations Fund Sector Table (% of Net Assets) on 6/30/20
Industrial	37.5	%
Basic Materials	22.9	%
Consumer, Non-cyclical	16.0	%
Consumer, Cyclical	13.3	%
Financial	5.5	%
Mutual Funds	3.2	%
Technology	2.4	%
Communications	2.2	%
Total Long-Term Investments	103.0	%
Short-Term Investments and Other Assets and Liabilities	(3.0	)%
Net Assets	100.0	%

10

MML Strategic Emerging Markets Fund – Portfolio Summaries (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, it may invest 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 MSCI emerging markets indexes, 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 Invesco Advisers, Inc. (Invesco).

MML Strategic Emerging Markets Fund Largest Holdings (% of Net Assets) on 6/30/20
Tencent Holdings Ltd.	7.9	%
Taiwan Semiconductor Manufacturing Co. Ltd.	6.2	%
Kering SA	5.5	%
Alibaba Group Holding Ltd. Sponsored ADR	5.2	%
AIA Group Ltd.	4.5	%
Housing Development Finance Corp. Ltd.	3.9	%
Yum China Holdings, Inc.	3.8	%
Novatek PJSC Sponsored GDR Registered	3.5	%
ZTO Express Cayman, Inc. ADR	3.3	%
Kotak Mahindra Bank Ltd.	3.2	%
	47.0	%

MML Strategic Emerging Markets Fund Sector Table (% of Net Assets) on 6/30/20
Financial	26.6	%
Consumer, Cyclical	18.9	%
Communications	17.0	%
Consumer, Non-cyclical	12.1	%
Technology	9.2	%
Industrial	5.8	%
Energy	3.9	%
Basic Materials	3.7	%
Mutual Funds	0.1	%
Total Long-Term Investments	97.3	%
Short-Term Investments and Other Assets and Liabilities	2.7	%
Net Assets	100.0	%

11

MML Asset Momentum Fund – Portfolio of Investments

June 30, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 24.1%
COMMON STOCK — 24.1%
Communications — 1.8%
Internet — 0.7%
Rightmove PLC		35,000	$	236,535
Media — 0.6%
Fox Corp. Class A		8,000		214,560
Telecommunications — 0.5%
NTT DOCOMO, Inc.		5,600		149,388
				600,483
Consumer, Cyclical — 4.2%
Distribution & Wholesale — 4.2%
Pool Corp.		5,100		1,386,537
Consumer, Non-cyclical — 1.9%
Health Care – Products — 0.5%
Advanced Medical Solutions Group PLC		54,682		161,627
Health Care – Services — 0.8%
Fresenius SE & Co. KGaA		5,900		291,229
Household Products & Wares — 0.6%
Henkel AG & Co. KGaA		2,000		166,212
Portmeirion Group PLC		5,600		25,324
				191,536
				644,392
Energy — 1.1%
Oil & Gas — 1.1%
Marathon Petroleum Corp.		10,000		373,800
Financial — 6.0%
Diversified Financial Services — 6.0%
Mastercard, Inc. Class A		5,300		1,567,210
Visa, Inc. Class A		2,200		424,974
				1,992,184
				��
Industrial — 4.5%
Building Materials — 0.2%
Breedon Group PLC (a)		88,437		85,596
Electronics — 2.8%
Halma PLC		17,600		501,573
Roper Technologies, Inc.		1,100		427,086
				928,659
Hand & Machine Tools — 0.5%
Schindler Holding AG		700		164,576
Machinery – Diversified — 1.0%
Keyence Corp.		800		334,018
				1,512,849

	Number of Shares		Value
Technology — 4.6%
Computers — 3.7%
Fortinet, Inc. (a)		8,800	$	1,207,976
Software — 0.9%
EMIS Group PLC		11,800		158,104
Nexus AG		3,400		149,331
				307,435
				1,515,411
TOTAL COMMON STOCK (Cost $5,569,154)				8,025,656
TOTAL EQUITIES (Cost $5,569,154)				8,025,656
RIGHTS — 0.0%
Consumer, Non-cyclical — 0.0%
Household Products & Wares — 0.0%
Portmeirion Group PLC (a) (b) (c)		273		-
TOTAL RIGHTS (Cost $0)				-
	Principal Amount
BONDS & NOTES — 18.1%
U.S. TREASURY OBLIGATIONS — 18.1%
U.S. Treasury Bonds & Notes — 18.1%
U.S. Treasury Note 1.250% 3/31/21 (d)	$	6,000,000		6,048,539
TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,966,406)				6,048,539
TOTAL BONDS & NOTES (Cost $5,966,406)				6,048,539
	Number of Shares
MUTUAL FUNDS — 52.3%
Diversified Financial Services — 52.3%
iShares MSCI Brazil Capped Index Fund (e)		36,000		1,035,360
iShares MSCI India ETF (e)		6,600		191,532
iShares MSCI Mexico ETF (e)		17,000		541,960
State Street Navigator Securities Lending Prime Portfolio (f)		7,453,974		7,453,974
Vanguard Short-Term Bond ETF (e)		57,000		4,737,840

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

12

MML Asset Momentum Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Vanguard Total Stock Market ETF (e)		22,200	$	3,474,966
				17,435,632
TOTAL MUTUAL FUNDS (Cost $17,236,948)				17,435,632
TOTAL LONG-TERM INVESTMENTS (Cost $28,772,508)				31,509,827
	Principal Amount
SHORT-TERM INVESTMENTS — 28.1%
Repurchase Agreement — 28.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (g)	$	9,388,202		9,388,202
TOTAL SHORT-TERM INVESTMENTS (Cost $9,388,202)				9,388,202
TOTAL INVESTMENTS — 122.6% (Cost $38,160,710) (h)				40,898,029
Other Assets/(Liabilities) — (22.6)%				(7,546,277	)
NET ASSETS — 100.0%			$	33,351,752

Abbreviation Legend

ETF Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2020, these securities amounted to a value of $0 or 0.00% of net assets.

(c) Investment was valued using significant unobservable inputs.

(d) A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(e) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2020, was $8,240,672 or 24.71% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $974,898 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

(g) Maturity value of $9,388,202. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $9,575,999.

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
Nasdaq 100 E Mini Index		9/18/20		32	$	6,165,145	$	329,095
S&P 500 E Mini Index		9/18/20		111		16,781,565		369,045
							$	698,140

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

13

MML Dynamic Bond Fund – Portfolio of Investments

June 30, 2020 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 97.1%
BANK LOANS — 3.4%
Advertising — 0.0%
Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. LIBOR + 3.500% 4.260% VRN 8/21/26	$	9,925	$	8,972
Terrier Media Buyer, Inc., Term Loan B, 1 mo. LIBOR + 4.250% 4.428% VRN 12/17/26		59,700		56,815
				65,787
Aerospace & Defense — 0.0%
TransDigm, Inc., 2020 Term Loan F, 1 mo. LIBOR + 2.250% 2.428% VRN 12/09/25		170,879		153,303
Airlines — 0.1%
American Airlines, Inc., 2017 Incremental Term Loan, 1 mo. LIBOR + 2.000% 2.185% VRN 12/14/23		204,853		162,973
Kestrel Bidco Inc., Term Loan B, 6 mo. LIBOR + 3.000% 4.000% VRN 12/11/26		69,588		55,612
				218,585
Auto Parts & Equipment — 0.0%
Panther BF Aggregator 2 LP, USD Term Loan B, 1 mo. LIBOR + 3.500% 3.678% VRN 4/30/26		39,700		37,715
Biotechnology — 0.0%
Aldevron LLC, 2019 Term Loan B, 1 mo. LIBOR + 4.250 4.428% VRN 10/12/26		99,750		98,129
Chemicals — 0.1%
Axalta Coating Systems US Holdings, Inc., USD Term Loan B3, 3 mo. LIBOR + 1.750% 2.058% VRN 6/01/24		275,765		263,529
GrafTech Finance, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.500% 4.500% VRN 2/12/25		43,077		41,857
				305,386
Commercial Services — 0.2%
AlixPartners LLP, 2017 Term Loan B, 1 mo. LIBOR + 2.500% 3.500% VRN 4/04/24		223,423		215,509
Allied Universal Holdco LLC, 2019 Term Loan B, 1 mo. LIBOR + 4.250% 4.428% VRN 7/10/26		129,350		125,442
Prime Security Services Borrower LLC, 2019 Term Loan B1, 1 mo. LIBOR + 3.250%, 6 mo. LIBOR + 3.250%, 1 year LIBOR + 3.250%, 4.250% VRN 9/23/26		64,674		62,047

	Principal Amount			Value
Trans Union LLC, 2019 Term Loan B5, 1 mo. LIBOR + 1.750% 1.928% VRN 11/16/26	$	191,260		$	182,595
					585,593
Computers — 0.1%
Flexential Intermediate Corp., 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.500% 3.808% VRN 8/01/24		29,847			23,765
Surf Holdings, LLC, USD Term Loan, 3 mo. LIBOR + 3.500% 3.827% VRN 3/05/27		130,000			124,336
Tempo Acquisition LLC, Term Loan, 1 mo. LIBOR + 2.750% 2.928% VRN 5/01/24		230,353	��		218,259
					366,360
Distribution & Wholesale — 0.1%
American Tire Distributors Holdings, Inc., 2015 Term Loan, 1 mo. LIBOR + 7.500%, 3 mo. LIBOR + 7.500% 8.500% VRN 9/02/24		29,774			19,374
HD Supply, Inc., Term Loan B5, 1 mo. LIBOR + 1.750% 1.928% VRN 10/17/23		320,917			309,685
					329,059
Diversified Financial Services — 0.1%
Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.000% 3.178% VRN 6/15/25		115,727			106,275
Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, 1 mo. LIBOR + 3.750% 4.750% VRN 4/09/27		110,000			106,700
RPI Intermediate Finance Trust, 2020 Term Loan B1, 1 mo. LIBOR + 1.750% 1.928% VRN 2/11/27		45,446			43,932
					256,907
Electric — 0.1%
Calpine Corp., Term Loan B9, 1 mo. LIBOR + 2.250% 2.430% VRN 4/05/26		313,091			301,438
Electronics — 0.1%
Compass Power Generation LLC, 2018 Term Loan B, 1 mo. LIBOR + 3.500% 4.500% VRN 12/20/24		54,344			51,899
Tech Data Corp., ABL Term Loan, 0.000% 6/30/25 (a)		140,000			138,541
Vertafore, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.250% 3.434% VRN 7/02/25		59,434			55,905
					246,345

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

14

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Engineering & Construction — 0.0%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, 3 mo. LIBOR + 4.250% 5.290% VRN 6/21/24	$	64,769	$	59,102
Environmental Controls — 0.1%
Filtration Group Corp., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.000 3.180% VRN 3/29/25		201,922		191,826
Financial Services — 0.1%
Refinitiv US Holding, Inc., 2018 USD Term Loan, 1 mo. LIBOR + 3.250 3.428% VRN 10/01/25		263,662		257,268
Foods — 0.2%
Froneri International Ltd., 2020 USD Term Loan, 1 mo. LIBOR + 2.250% 2.428% VRN 1/29/27		240,000		225,151
Hearthside Food Solutions LLC, 2018 Term Loan B, 1 mo. LIBOR + 3.687% 3.866% VRN 5/23/25		49,683		47,137
JBS USA LUX SA/JBS USA Finance, Inc., 2019 Term Loan B, 2 mo. LIBOR + 2.000% 3.072% VRN 5/01/26		254,356		242,381
United Natural Foods, Inc., Term Loan B, 1 mo. LIBOR + 4.250% 4.428% VRN 10/22/25		29,849		28,398
				543,067
Gas — 0.0%
Pacific Gas & Electric Company, 2020 Exit Term Loan B, 3 mo. LIBOR + 4.500% 5.500% VRN 6/23/25		75,000		73,594
Health Care – Products — 0.0%
Sotera Health Holdings, LLC, 2019 Term Loan, 1 mo. LIBOR + 4.500% 5.500% VRN 12/11/26		169,575		165,300
Health Care – Services — 0.2%
Air Methods Corp., 2017 Term Loan B, 3 mo. LIBOR + 3.500% 4.500% VRN 4/22/24		54,718		44,857
Envision Healthcare Corp., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.750% 3.928% VRN 10/10/25		44,773		29,214
Gentiva Health Services, Inc., 2020 Term Loan, 1 mo. LIBOR + 3.250% 3.438% VRN 7/02/25		199,091		192,372
Global Medical Response, Inc., 2018 Term Loan B1, 3 mo. LIBOR + 3.250% 4.250% VRN 4/28/22		59,694		57,299

	Principal Amount		Value
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.750% 3.928% VRN 11/17/25	$	110,000	$	102,836
Select Medical Corporation, 2017 Term Loan B, 1 mo. LIBOR + 2.500% 2.680% VRN 3/06/25		115,000		109,011
Team Health Holdings, Inc., 1st Lien Term Loan, 1 mo. LIBOR + 2.750% 3.750% VRN 2/06/24		24,871		18,949
				554,538
Household Products — 0.0%
Diamond (BC) B.V., USD Term Loan, 3 mo. LIBOR + 3.000% 3.760% VRN 9/06/24		74,529		68,318
Kronos Acquisition Holdings, Inc., 2015 Term Loan B, 2 mo. LIBOR + 4.000% 5.000% VRN 5/15/23		50,000		47,507
				115,825
Insurance — 0.1%
Acrisure LLC, 2020 Term Loan B, 1 mo. LIBOR + 3.500 3.678% VRN 2/15/27		124,053		116,920
AssuredPartners, Inc., 2020 Term Loan B, 1 mo. LIBOR + 3.500% 3.678% VRN 2/12/27		243,069		231,959
Asurion LLC 2018 Term Loan B6, 0.000% VRN 11/03/23 (a)		104,723		101,145
2017 2nd Lien Term Loan, 1 mo. LIBOR + 6.500 6.678% VRN 8/04/25		50,000		49,625
Sedgwick Claims Management Services, Inc., 2019 Term Loan B, 1 mo. LIBOR + 4.000% 4.178% VRN 9/03/26		34,650		33,177
				532,826
Internet — 0.1%
Go Daddy Operating Co. LLC, 2017 Repriced Term Loan, 0.000% 2/15/24 (a)		244,162		234,599
ION Trading Technologies S.a.r.l., USD Incremental Term Loan B, 3 mo. LIBOR + 4.000% 5.072% VRN 11/21/24		19,846		18,995
Uber Technologies, Inc., 2018 Term Loan, 1 mo. LIBOR + 4.000% 5.000% VRN 4/04/25		114,366		109,454

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

15

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Web.com Group, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.750% 3.940% VRN 10/10/25	$	40,000	$	37,733
				400,781
Investment Companies — 0.1%
RPI 2019 Intermediate Finance Trust, 2020 Term Loan B1, 1 mo. LIBOR + 1.750% 1.928% VRN 2/11/27		54,725		53,220
Solenis Holdings LLC, 2018 1st Lien Term Loan, 3 mo. LIBOR + 4.000% 4.363% VRN 6/26/25		74,619		71,370
UFC Holdings LLC, 2019 Term Loan, 3 mo. LIBOR + 3.250% 4.250% VRN 4/29/26		198,262		189,010
				313,600
Leisure Time — 0.0%
Carnival Corporation, USD Term Loan B, 0.000% 6/30/25 (a)		80,000		77,000
ClubCorp Holdings, Inc., 2017 Term Loan B, 3 mo. LIBOR + 2.750% 3.058% VRN 9/18/24		34,821		29,385
Equinox Holdings, Inc., 2017 1st Lien Term Loan, 6 mo. LIBOR + 3.000% 4.072% VRN 3/08/24		44,201		33,900
				140,285
Lodging — 0.1%
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, 1 mo. LIBOR + 2.750% 2.928% VRN 12/23/24		158,779		140,766
Caesars Resort Collection, LLC, 2020 Term Loan, 0.000% 6/19/25 (a)		60,000		56,288
Hilton Worldwide Finance LLC, 2019 Term Loan B2, 1 mo. LIBOR + 1.750% 1.935% VRN 6/22/26		65,000		61,251
				258,305
Machinery – Diversified — 0.1%
Titan Acquisition Ltd., 2018 Term Loan B, 3 mo. LIBOR + 3.000% 3.361% VRN 3/28/25		39,649		36,165
Vertical US Newco, Inc., USD Term Loan B, 4.250% 7/01/27		200,000		197,000
				233,165
Media — 0.2%
Cengage Learning, Inc., 2016 Term Loan B, 6 mo. LIBOR + 4.250% 5.250% VRN 6/07/23		74,496		59,746

	Principal Amount		Value
CSC Holdings LLC, 2019 Term Loan B5, 1 mo. LIBOR + 2.500% 2.685% VRN 4/15/27	$	203,719	$	192,842
E.W. Scripps Co.(The), 2019 Term Loan B2, 1 mo. LIBOR + 2.500% 2.678% VRN 5/01/26		307,827		289,936
Getty Images, Inc., 2019 USD Term Loan B, 1 mo. LIBOR + 4.500% 4.688% VRN 2/19/26		34,449		30,488
Radiate Holdco, LLC, 1st Lien Term Loan, 1 mo. LIBOR + 3.000% 3.750% VRN 2/01/24		99,487		94,761
				667,773
Oil & Gas Services — 0.0%
Illuminate Buyer, LLC, Term Loan, 0.000% 6/16/27 (a)		85,000		83,597
Packaging & Containers — 0.0%
Charter NEX US, Inc., Incremental Term Loan, 1 mo. LIBOR + 3.250 3.428% VRN 5/16/24		49,165		46,928
Flex Acquisition Co., Inc., 1st Lien Term Loan, 3 mo. LIBOR + 3.000 4.000% VRN 12/29/23		75,000		71,504
Klockner-Pentaplast of America, Inc., USD 2017 Term Loan B2, 3 mo. LIBOR + 4.250% 5.250% VRN 6/30/22		24,859		23,208
				141,640
Pharmaceuticals — 0.0%
Parexel International Corp., Term Loan B, 1 mo. LIBOR + 2.750% 2.928% VRN 9/27/24		100,000		94,563
Pipelines — 0.0%
Blackstone CQP Holdco LP, Term Loan B, 3 mo. LIBOR + 3.500% 3.806% VRN 9/30/24		79,598		76,016
Buckeye Partners LP, 2019 Term Loan B, 1 mo. LIBOR + 2.750 2.912% VRN 11/01/26		69,825		66,788
				142,804
Retail — 0.1%
Bass Pro Group, LLC, Term Loan B, 3 mo. LIBOR + 5.000% 6.072% VRN 9/25/24		59,846		57,431
IRB Holding Corp, 2020 Term Loan B, 1 mo. LIBOR + 2.750% 3.750% VRN 2/05/25		108,710		100,129
PetSmart, Inc., Consenting Term Loan, 3 mo. LIBOR + 4.000% 5.000% VRN 3/11/22		182,661		179,983
				337,543

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

16

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Software — 0.7%
Almonde, Inc. USD 1st Lien Term Loan, 3 mo. LIBOR + 3.500%, 6 mo. LIBOR + 3.500% 4.500% VRN 6/13/24	$	149,192	$	130,069
USD 2nd Lien Term Loan, 6 mo. LIBOR + 7.250% 8.250% VRN 6/13/25		20,000		17,222
Ascend Learning LLC, 2017 Term Loan B, 1 mo. LIBOR + 3.000 4.000% VRN 7/12/24		158,650		150,619
Castle US Holding Corp., USD Term Loan B, 3 mo. LIBOR + 3.750% 4.058% VRN 1/29/27		159,667		145,297
Cornerstone OnDemand, Inc. ., Term Loan B, 2 mo. LIBOR + 4.250% 5.348% VRN 4/22/27		90,000		88,482
Cvent, Inc., 1st Lien Term Loan, 1 mo. LIBOR + 3.750% 3.928% VRN 11/29/24		99,491		85,023
Dun & Bradstreet Corp. (The), Term Loan, 1 mo. LIBOR + 4.000% 4.184% VRN 2/06/26		154,613		150,361
Greeneden U.S. Holdings II, LLC, 2018 USD Term Loan B, 1 mo. LIBOR + 3.250% 3.428% VRN 12/01/23		153,399		147,345
Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.250% 4.000% VRN 7/01/24		158,687		153,852
Kronos, Inc., 2017 Term Loan B, 1 mo. LIBOR + 3.000 3.179% VRN 11/01/23		129,338		129,055
Mitchell International, Inc., 2017 1st Lien Term Loan, 1 mo. LIBOR + 3.250% 3.428% VRN 11/29/24		149,237		138,884
Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, 3 mo. LIBOR + 3.500% 5.380% VRN 4/26/24		99,233		95,098
Solera LLC, USD Term Loan B, 1 mo. LIBOR + 2.750 2.928% VRN 3/03/23		198,961		191,659
Sophia, L.P., 2017 Term Loan B, 3 mo. LIBOR + 3.250% 4.250% VRN 9/30/22		199,597		194,607
Tibco Software, Inc., 2020 Term Loan B, 1 mo. LIBOR + 3.750% 3.930% VRN 6/30/26		129,962		122,490
Ultimate Software Group, Inc. (The) 2020 Incremental Term Loan B, 0.000%5/04/26 (a)		105,000		103,573

	Principal Amount		Value
Term Loan B, 1 mo. LIBOR + 3.750% 3.928% VRN 5/04/26	$	224,435	$	217,064
VS Buyer, LLC, Term Loan B, 1 mo. LIBOR + 3.250% 3.428% VRN 2/28/27		129,675		124,812
				2,385,512
Telecommunications — 0.4%
Altice France S.A., 2018 Term Loan B13, 1 mo. LIBOR + 4.000% 4.185% VRN 8/14/26		99,747		95,703
Avaya, Inc., 2018 Term Loan B, 1 mo. LIBOR + 4.250% 4.435% VRN 12/15/24		70,000		64,435
CenturyLink, Inc., 2020 Term Loan B, 0.000% VRN 3/15/27 (a)		224,436		211,096
Intelsat Jackson Holdings S.A. 2020 DIP Term Loan, 0.000% 7/14/21 (b)		23,306		23,612
2017 Term Loan B3, PRIME + 4.750% 8.000% VRN 11/27/23		155,000		153,935
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. LIBOR + 1.750% 1.928% VRN 3/01/27		250,000		235,982
MLN US HoldCo LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 4.500% 4.678% VRN 11/30/25		19,849		16,140
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. LIBOR + 2.750% 2.921% VRN 9/18/26		196,160		186,178
T-Mobile USA, Inc., 2020 Term Loan, 1 mo. LIBOR + 3.000% 3.178% VRN 4/01/27		85,000		84,816
Virgin Media Bristol LLC, USD Term Loan N, 1 mo. LIBOR + 2.500% 2.685% VRN 1/31/28		100,000		95,275
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. LIBOR + 3.000% 3.178% VRN 3/09/27		229,425		217,247
				1,384,419
Transportation — 0.0%
Genesee & Wyoming, Inc., Term Loan, 3 mo. LIBOR + 2.000% 2.308% VRN 12/30/26		74,813		71,860
TOTAL BANK LOANS (Cost $12,645,271)				12,113,800
CORPORATE DEBT — 25.2%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. 5.400% 10/01/48		300,000		330,719

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

17

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Aerospace & Defense — 0.3%
Bombardier, Inc. 6.000% 10/15/22 (c)	$	90,000	$	63,000
Lockheed Martin Corp. 4.700% 5/15/46		315,000		429,804
Northrop Grumman Corp. 5.150% 5/01/40		250,000		332,792
TransDigm, Inc. 5.500% 11/15/27		100,000		87,270
6.250% 3/15/26 (c)		150,000		149,628
6.375% 6/15/26		60,000		54,659
8.000% 12/15/25 (c)		15,000		15,765
Triumph Group, Inc. 7.750% 8/15/25		55,000		41,319
				1,174,237
Agriculture — 0.4%
Altria Group, Inc. 4.800% 2/14/29		475,000		554,581
BAT Capital Corp. 3.462% 9/06/29		695,000		739,438
Imperial Brands Finance PLC 3.500% 7/26/26 (c)		265,000		282,952
				1,576,971
Airlines — 0.1%
Latam Finance Ltd. 6.875% 4/11/24 (c) (d)		200,000		56,000
7.000% 3/01/26 (c) (d)		300,000		81,000
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. 6.500% 6/20/27 (c) (e)		140,000		140,350
Southwest Airlines Co. 4.750% 5/04/23		75,000		77,045
				354,395
Apparel — 0.1%
The William Carter Co. 5.500% 5/15/25 (c)		185,000		190,781
Auto Manufacturers — 0.5%
Ford Motor Co. 9.000% 4/22/25		65,000		70,343
Ford Motor Credit Co. LLC 5.750% 2/01/21		200,000		200,760
General Motors Co. 3 mo. USD LIBOR + .800% 1.274% FRN 8/07/20		110,000		109,974
General Motors Financial Co., Inc. 3 mo. USD LIBOR + .990% 2.363% FRN 1/05/23		575,000		554,213
Hyundai Capital America 2.650% 2/10/25 (c)		460,000		461,927

	Principal Amount		Value
Volkswagen Group of America Finance LLC 4.250% 11/13/23 (c)	$	220,000	$	240,748
				1,637,965
Auto Parts & Equipment — 0.0%
Clarios Global LP/Clarios US Finance Co. 6.250% 5/15/26 (c)		115,000		118,594
Banks — 4.0%
Banco de Credito del Peru 5 year CMT + 3.000% 3.125% VRN 7/01/30 (c) (e)		200,000		198,300
Banco de Credito del Peru/Panama 3 mo. USD LIBOR + 7.043% 6.125% VRN 4/24/27 (c)		150,000		159,000
Banco de Reservas de la Republica Dominicana 7.000% 2/01/23 (c)		200,000		201,002
Banco Macro SA 5 year USD Swap + 5.463% 6.750% VRN 11/04/26 (c)		200,000		162,130
Banco Mercantil del Norte SA/Grand Cayman 5 year CMT + 5.035% 6.875% VRN (c) (f)		200,000		190,000
10 year CMT + 5.353% 7.625% VRN (c) (f)		600,000		572,052
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.375% 4/17/25 (c)		200,000		218,880
Banco Santander SA 3 mo. USD LIBOR + 1.090% 1.450% FRN 2/23/23		400,000		394,739
Bancolombia SA 3.000% 1/29/25		200,000		195,752
Bank of America Corp. 3 mo. USD LIBOR + 1.210% 3.974% VRN 2/07/30		350,000		407,517
Bank of Montreal 5 year USD Swap + 1.432% 3.803% VRN 12/15/32		300,000		322,893
Bank of New Zealand 3.500% 2/20/24 (c)		530,000		574,954
The Bank of Nova Scotia 1.625% 5/01/23		217,000		222,123
Barclays PLC 3 mo. USD LIBOR + 1.380% 1.766% FRN 5/16/24		425,000		421,114
BBVA Bancomer SA 5 year CMT + 2.650% 5.125% VRN 1/18/33 (c)		300,000		279,207

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

18

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
BDO Unibank, Inc. 2.950% 3/06/23 (c)	$	300,000	$	306,717
Citigroup, Inc. 3 mo. USD LIBOR + 1.100% 1.486% FRN 5/17/24		635,000		635,534
Commonwealth Bank of Australia 4.316% 1/10/48 (c)		505,000		594,715
Credicorp Ltd. 2.750% 6/17/25 (c)		200,000		199,030
Credit Agricole SA 3.750% 4/24/23 (c)		535,000		572,524
Credit Suisse Group AG 3 mo. USD LIBOR + 1.240% 1.558% FRN 6/12/24 (c)		430,000		432,135
DBS Group Holdings Ltd. 5 year USD Swap + 2.390% 3.600% VRN (c) (f)		600,000		601,500
Gilex Holding Sarl 8.500% 5/02/23 (c)		150,000		147,527
8.500% 5/02/23 (c)		150,000		147,527
Grupo Aval Ltd. 4.375% 2/04/30 (c)		200,000		190,250
HSBC Holdings PLC 3 mo. USD LIBOR + 1.380% 1.698% FRN 9/12/26		835,000		821,541
JP Morgan Chase & Co. SOFR + 2.040% 2.522% VRN 4/22/31		275,000		290,429
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205% 3.574% VRN 11/07/28		400,000		434,745
Macquarie Group Ltd. 3 mo. USD LIBOR + 1.023% 3.189% VRN 11/28/23 (c)		160,000		166,221
3 mo. USD LIBOR + 1.330% 4.150% VRN 3/27/24 (c)		280,000		300,579
Malayan Banking Bhd 5 year USD Swap + 2.542% 3.905% VRN 10/29/26 (c)		300,000		304,083
Mitsubishi UFJ Financial Group, Inc. 3 mo. USD LIBOR + .740% 1.084% FRN 3/02/23		410,000		408,298
Morgan Stanley 3 mo. USD LIBOR + 1.340% 3.591% VRN 7/22/28		230,000		258,630
Multibank, Inc. 4.375% 11/09/22 (c)		200,000		201,102
Sumitomo Mitsui Financial Group, Inc. 3 mo. USD LIBOR + .740% 1.875% FRN 1/17/23		715,000		712,570
The Bank of Nova Scotia 3.400% 2/11/24		100,000		108,408
The Goldman Sachs Group, Inc. 3 mo. USD LIBOR + 1.170% 1.562% FRN 5/15/26		565,000		560,873

	Principal Amount		Value
Union Bank of the Philippines 3.369% 11/29/22 (c)	$	400,000	$	413,906
United Overseas Bank Ltd. 5 year USD Swap + 1.794% 3.875% VRN (c) (f)		300,000		302,904
Wells Fargo & Co. 3 mo. USD LIBOR + 1.170% 2.879% VRN 10/30/30		115,000		123,026
3 mo. USD LIBOR + 1.170% 3.196% VRN 6/17/27		245,000		265,653
				14,020,090
Beverages — 0.2%
Anheuser-Busch InBev Worldwide, Inc. 4.600% 4/15/48		440,000		515,071
Constellation Brands, Inc. 2.875% 5/01/30		25,000		26,488
3.150% 8/01/29		135,000		144,758
Keurig Dr Pepper, Inc. 3.800% 5/01/50		55,000		62,148
				748,465
Building Materials — 0.2%
Builders FirstSource, Inc. 5.000% 3/01/30 (c)		80,000		75,200
6.750% 6/01/27 (c)		110,000		112,612
Carrier Global Corp. 3.377% 4/05/40 (c)		310,000		302,685
Griffon Corp. 5.750% 3/01/28 (c)		90,000		88,875
5.750% 3/01/28		80,000		79,000
Owens Corning 4.400% 1/30/48		175,000		182,185
				840,557
Chemicals — 0.6%
DuPont de Nemours, Inc. 5.419% 11/15/48		205,000		270,023
MEGlobal Canada ULC 5.000% 5/18/25 (c)		400,000		430,172
Nutrien Ltd. 4.200% 4/01/29		265,000		307,523
Syngenta Finance NV 5.676% 4/24/48 (c)		600,000		607,418
UPL Corp. Ltd. 3.250% 10/13/21 (c)		200,000		199,723
WR Grace & Co-Conn 4.875% 6/15/27 (c)		165,000		167,150
				1,982,009
Coal — 0.1%
Peabody Energy Corp. 6.000% 3/31/22 (c)		105,000		68,250

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

19

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.500% 6/15/25 (c)	$	150,000	$	126,780
				195,030
Commercial Services — 0.2%
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.625% 7/15/26 (c)		90,000		94,500
9.750% 7/15/27 (c)		105,000		110,644
Garda World Security Corp. 8.750% 5/15/25 (c)		95,000		96,187
Jaguar Holding Co. II / Pharmaceutical Product Development LLC 5.000% 6/15/28 (c)		50,000		51,188
MPH Acquisition Holdings LLC 7.125% 6/01/24 (c)		160,000		148,800
RELX Capital, Inc. 3.000% 5/22/30		30,000		32,334
United Rentals North America, Inc. 6.500% 12/15/26		75,000		78,750
Verscend Escrow Corp. 9.750% 8/15/26 (c)		237,000		254,621
				867,024
Computers — 0.2%
DXC Technology Co. 4.000% 4/15/23		65,000		68,219
4.125% 4/15/25		145,000		154,609
NetApp, Inc. 1.875% 6/22/25		130,000		131,852
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. 6.750% 6/01/25 (c)		190,000		192,375
				547,055
Distribution & Wholesale — 0.0%
Performance Food Group, Inc. 5.500% 10/15/27 (c)		115,000		110,975
Diversified Financial Services — 1.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.500% 1/15/25		450,000		422,666
Air Lease Corp. 3.750% 2/01/22		470,000		475,468
Avolon Holdings Funding Ltd. 3.250% 2/15/27 (c)		390,000		315,013
Banco BTG Pactual SA 5 year CMT + 5.257% 7.750% VRN 2/15/29 (c)		400,000		404,004
BOC Aviation Ltd. 3 mo. USD LIBOR + 1.125% 1.409% FRN 9/26/23 (c)		565,000		547,197

	Principal Amount		Value
Capital One Financial Corp. 3 mo. USD LIBOR + .720% 1.480% FRN 1/30/23	$	140,000	$	137,494
Credito Real SAB de CV SOFOM ER 5 year CMT + 7.026% 9.125% VRN (c) (f)		200,000		170,600
Discover Financial Services 4.100% 2/09/27		570,000		623,004
Global Aircraft Leasing Co. Ltd. 6.500% 9/15/24 (c)		105,000		70,350
Interoceanica IV Finance Ltd. 0.000% 11/30/25 (c)		799,880		738,426
Mexarrend SAPI de CV 10.250% 7/24/24 (c)		200,000		167,752
Nationstar Mortgage Holdings, Inc. 8.125% 7/15/23 (c)		120,000		123,144
Navient Corp. 5.000% 3/15/27		60,000		50,400
NFP Corp. 6.875% 7/15/25 (c)		155,000		152,901
Operadora de Servicios Mega SA de CV Sofom ER 8.250% 2/11/25 (c)		200,000		185,150
SPARC EM SPC Panama Metro Line 2 SP 0.000% 12/05/22 (c)		190,236		183,216
Springleaf Finance Corp. 5.375% 11/15/29		55,000		51,425
6.625% 1/15/28		120,000		118,800
SURA Asset Management SA 4.875% 4/17/24 (c)		200,000		212,942
Synchrony Financial 3.950% 12/01/27		420,000		439,012
The Charles Schwab Corp. 3.550% 2/01/24		465,000		509,665
Unifin Financiera SAB de CV 5 year CMT + 6.308% 8.875% VRN (c) (f)		600,000		390,006
				6,488,635
Electric — 3.0%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It 7.950% 5/11/26 (c)		500,000		503,750
AES Argentina Generacion SA 7.750% 2/02/24 (c)		150,000		108,000
AES Gener SA 5 year CMT + 4.917% 6.350% VRN 10/07/79 (c)		200,000		199,750
5 year CMT + 4.917% 6.350% VRN 10/07/79 (c)		200,000		199,750
5 year USD Swap + 4.644% 7.125% VRN 3/26/79 (c)		400,000		413,612

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

20

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
American Electric Power Co., Inc. 2.950% 12/15/22	$	313,000	$	328,904
Arizona Public Service Co. 3.350% 5/15/50		130,000		136,949
Calpine Corp. 5.125% 3/15/28 (c)		100,000		98,000
Cometa Energia SA de CV 6.375% 4/24/35 (c)		190,000		197,790
DTE Energy Co. 3.800% 3/15/27		500,000		551,121
Duke Energy Corp. 3.750% 9/01/46		90,000		101,937
3.950% 8/15/47		240,000		280,185
Duke Energy Progress, Inc. 4.150% 12/01/44		315,000		384,475
Empresa Electrica Angamos SA 4.875% 5/25/29 (c)		156,500		163,229
Empresa Electrica Guacolda SA 4.560% 4/30/25 (c)		400,000		330,349
Entergy Corp. 2.800% 6/15/30		110,000		116,242
FirstEnergy Corp. 2.250% 9/01/30		60,000		60,330
Georgia Power Co. 2.200% 9/15/24		385,000		404,071
Korea East-West Power Co. Ltd. 1.750% 5/06/25 (c)		200,000		206,152
Korea Electric Power Corp. 1.125% 6/15/25 (c)		200,000		200,316
LLPL Capital Pte Ltd. 6.875% 2/04/39 (c)		288,390		315,066
Minejesa Capital BV 4.625% 8/10/30 (c)		400,000		406,000
Monongahela Power Co. 5.400% 12/15/43 (c)		145,000		202,475
NextEra Energy Capital Holdings, Inc. 2.250% 6/01/30		750,000		772,423
3.550% 5/01/27		195,000		221,043
Pampa Energia SA 9.125% 4/15/29 (c)		150,000		121,277
PG&E Corp. 5.000% 7/01/28		45,000		44,987
Pinnacle West Capital Corp. 1.300% 6/15/25		230,000		232,826
PSEG Power LLC 3.850% 6/01/23		340,000		367,614
Sierra Pacific Power Co. 2.600% 5/01/26		1,000,000		1,086,151
Star Energy Geothermal Wayang Windu Ltd. 6.750% 4/24/33 (c)		272,100		283,064
Transelec SA 3.875% 1/12/29 (c)		250,000		262,187

	Principal Amount		Value
Xcel Energy, Inc. 3.300% 6/01/25	$	1,000,000	$	1,099,046
				10,399,071
Electrical Components & Equipment — 0.0%
Energizer Holdings, Inc. 4.750% 6/15/28 (c) (e)		110,000		107,907
Electronics — 0.1%
Arrow Electronics, Inc. 3.875% 1/12/28		290,000		303,910
Engineering & Construction — 0.3%
AECOM 5.125% 3/15/27		60,000		64,500
Aeropuerto Internacional de Tocumen SA 5.625% 5/18/36 (c)		200,000		214,500
Sydney Airport Finance Co. Pty Ltd. 3.375% 4/30/25 (c)		300,000		309,574
3.625% 4/28/26 (c)		300,000		314,528
				903,102
Entertainment — 0.3%
Caesars Resort Collection LLC/CRC Finco, Inc. 5.250% 10/15/25 (c)		130,000		113,100
Colt Merger Sub, Inc. 6.250% 7/01/25 (c) (e)		105,000		104,344
Eldorado Resorts, Inc. 6.000% 4/01/25		125,000		130,750
Lions Gate Capital Holdings LLC 6.375% 2/01/24 (c)		160,000		156,000
Live Nation Entertainment, Inc. 6.500% 5/15/27 (c)		90,000		92,700
Scientific Games International, Inc. 7.250% 11/15/29 (c)		75,000		60,000
Six Flags Theme Parks, Inc. 7.000% 7/01/25 (c)		180,000		186,075
Twin River Worldwide Holdings, Inc. 6.750% 6/01/27 (c)		110,000		104,500
				947,469
Environmental Controls — 0.2%
GFL Environmental, Inc. 4.250% 6/01/25 (c)		80,000		80,700
5.125% 12/15/26 (c)		125,000		129,375
8.500% 5/01/27 (c)		51,000		55,462
Tervita Corp. 7.625% 12/01/21 (c)		105,000		82,425
Waste Management, Inc. 4.000% 7/15/39		355,000		365,187
				713,149
Food Services — 0.0%
Aramark Services, Inc. 6.375% 5/01/25 (c)		165,000		170,384

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

21

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Foods — 0.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertson’s LLC 4.625% 1/15/27 (c)	$	95,000	$	95,000
B&G Foods, Inc. 5.250% 9/15/27		50,000		50,125
Campbell Soup Co. 2.375% 4/24/30		115,000		119,112
JBS USA LUX SA/JBS USA Finance, Inc. 5.750% 6/15/25 (c)		20,000		20,250
5.875% 7/15/24 (c)		30,000		30,413
6.750% 2/15/28 (c)		126,000		133,089
Kraft Heinz Foods Co. 3.950% 7/15/25		35,000		37,136
5.000% 7/15/35		40,000		44,011
5.200% 7/15/45		115,000		124,714
The Kroger Co. 3.400% 4/15/22		490,000		510,650
Mondelez International, Inc. 1.500% 5/04/25		130,000		132,605
2.125% 4/13/23		55,000		56,965
Pilgrim’s Pride Corp. 5.875% 9/30/27 (c)		85,000		85,017
Post Holdings, Inc. 4.625% 4/15/30 (c)		110,000		107,668
Smithfield Foods, Inc. 4.250% 2/01/27 (c)		415,000		423,769
Sysco Corp. 3.300% 2/15/50		280,000		263,688
US Foods, Inc. 6.250% 4/15/25 (c)		15,000		15,263
				2,249,475
Gas — 0.3%
The Brooklyn Union Gas Co. 4.487% 3/04/49 (c)		335,000		416,315
The East Ohio Gas Co. 3.000% 6/15/50 (c)		245,000		243,916
Grupo Energia Bogota SA ESP 4.875% 5/15/30 (c)		200,000		209,500
NiSource, Inc. 3.600% 5/01/30		110,000		125,995
				995,726
Health Care – Products — 0.0%
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA 7.250% 2/01/28 (c)		80,000		81,318
Health Care – Services — 0.4%
Anthem, Inc. 2.375% 1/15/25		215,000		228,189
HCA, Inc. 4.125% 6/15/29		215,000		237,164
5.375% 9/01/26		125,000		136,094

		Principal Amount		Value
Health Care Service Corp. 3.200% 6/01/50 (c)		$	50,000	$	50,875
LifePoint Health, Inc. 4.375% 2/15/27 (c)			90,000		85,050
6.750% 4/15/25 (c)			55,000		56,788
Molina Healthcare, Inc. 4.375% 6/15/28 (c)			25,000		24,969
Radiology Partners, Inc. 9.250% 2/01/28 (c)			95,000		89,538
Select Medical Corp. 6.250% 8/15/26 (c)			150,000		151,642
Tenet Healthcare Corp. 5.125% 11/01/27 (c)	��		155,000		152,938
West Street Merger Sub, Inc. 6.375% 9/01/25 (c)			80,000		77,400
					1,290,647
Home Builders — 0.0%
Mattamy Group Corp. 4.625% 3/01/30 (c)			120,000		115,200
Home Furnishing — 0.1%
Tempur Sealy International, Inc. 5.500% 6/15/26			238,000		240,380
Household Products & Wares — 0.0%
Kronos Acquisition Holdings, Inc. 9.000% 8/15/23 (c)			105,000		100,012
Insurance — 0.5%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.750% 10/15/27 (c)			75,000		74,747
Athene Global Funding 3.000% 7/01/22 (c)			400,000		409,700
Equitable Holdings, Inc. 3.900% 4/20/23			385,000		412,103
GTCR AP Finance, Inc. 8.000% 5/15/27 (c)			95,000		97,790
Prudential Financial, Inc. 3.905% 12/07/47			185,000		210,348
Willis North America, Inc. 4.500% 9/15/28			360,000		419,675
					1,624,363
Internet — 0.4%
Baidu, Inc. 3.425% 4/07/30			200,000		216,785
Expedia, Inc. Co. 3.800% 2/15/28			275,000		263,403
JD.com, Inc. 3.375% 1/14/30			400,000		426,902
Tencent Holdings Ltd. 2.390% 6/03/30 (c)			300,000		299,629
Uber Technologies, Inc. 7.500% 9/15/27 (c)			90,000		90,225
					1,296,944

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

22

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Iron & Steel — 0.1%
CSN Islands XII Corp. 7.000% (c) (f)	$	200,000	$	149,000
CSN Resources SA 7.625% 4/17/26 (c)		200,000		173,500
				322,500
Leisure Time — 0.0%
Carnival Corp. 11.500% 4/01/23 (c)		30,000		32,550
Viking Cruises Ltd. 13.000% 5/15/25 (c)		30,000		31,650
5.875% 9/15/27 (c)		160,000		95,259
				159,459
Lodging — 0.1%
Hilton Domestic Operating Co., Inc. 5.375% 5/01/25 (c)		20,000		20,000
5.750% 5/01/28 (c)		20,000		20,200
MGM Resorts International 6.750% 5/01/25		170,000		168,314
				208,514
Machinery – Construction & Mining — 0.0%
BWX Technologies, Inc. 4.125% 6/30/28 (c)		50,000		49,875
Machinery – Diversified — 0.1%
John Deere Capital Corp. 3.450% 1/10/24		210,000		230,352
Media — 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.750% 3/01/30 (c)		105,000		107,435
Cengage Learning, Inc. 9.500% 6/15/24 (c)		75,000		52,500
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908% 7/23/25		325,000		372,477
Comcast Corp. 3.400% 4/01/30		195,000		222,691
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (c)		65,000		47,044
DISH DBS Corp. 5.875% 11/15/24		40,000		39,800
Gray Escrow, Inc. 7.000% 5/15/27 (c)		145,000		148,625
iHeartCommunications, Inc. 8.375% 5/01/27		25,000		22,909
Nexstar Broadcasting, Inc. 5.625% 7/15/27 (c)		65,000		64,516
Scripps Escrow, Inc. 5.875% 7/15/27 (c)		80,000		75,800

	Principal Amount		Value
Sirius XM Radio, Inc. 4.125% 7/01/30 (c)	$	140,000	$	138,455
VTR Finance NV 6.375% 7/15/28 (c) (e)		200,000		205,254
				1,497,506
Mining — 0.4%
Anglo American Capital PLC 4.500% 3/15/28 (c)		385,000		422,266
Arconic Corp. 6.125% 2/15/28 (c)		110,000		109,972
Corp. Nacional del Cobre de Chile 3.750% 1/15/31 (c)		200,000		217,976
Nexa Resources SA 5.375% 5/04/27 (c)		200,000		193,476
Novelis Corp. 4.750% 1/30/30 (c)		50,000		47,750
Vedanta Resources Finance II PLC 9.250% 4/23/26 (c)		200,000		143,000
Vedanta Resources Ltd. 6.125% 8/09/24 (c)		600,000		412,273
				1,546,713
Miscellaneous – Manufacturing — 0.1%
Gates Global LLC / Gates Corp. 6.250% 1/15/26 (c)		65,000		63,862
General Electric Co. 5.875% 1/14/38		225,000		253,955
				317,817
Oil & Gas — 1.9%
Apache Corp. 4.375% 10/15/28		60,000		52,984
Canacol Energy Ltd. 7.250% 5/03/25 (c)		200,000		202,002
7.250% 5/03/25 (c)		400,000		404,004
CNOOC Finance 2015 USA LLC 3.750% 5/02/23		570,000		606,292
Cosan Overseas Ltd. 8.250% (c) (f)		500,000		500,630
Delek & Avner Tamar Bond Ltd. 5.082% 12/30/23 (c)		100,000		99,682
5.412% 12/30/25 (c)		100,000		98,206
Diamondback Energy, Inc. 2.875% 12/01/24		59,000		59,034
EOG Resources, Inc. 4.375% 4/15/30		70,000		83,513
EQT Corp. 6.125% STEP 2/01/25		60,000		59,791
Exxon Mobil Corp. 2.610% 10/15/30		165,000		176,639
4.227% 3/19/40		100,000		120,106
Geopark Ltd. 6.500% 9/21/24 (c)		600,000		551,640

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

23

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Gran Tierra Energy International Holdings Ltd. 6.250% 2/15/25 (c)	$	400,000	$	176,000
Gulfport Energy Corp. 6.375% 5/15/25		105,000		52,375
Hilcorp Energy I LP / Hilcorp Finance Co. 6.250% 11/01/28 (c)		100,000		80,250
Hunt Oil Co. of Peru LLC Sucursal Del Peru 6.375% 6/01/28 (c)		400,000		388,000
Indigo Natural Resources LLC 6.875% 2/15/26 (c)		50,000		46,500
Marathon Petroleum Corp. 5.125% 12/15/26		360,000		414,230
Medco Bell Pte Ltd. 6.375% 1/30/27 (c)		200,000		170,129
MEG Energy Corp. 7.000% 3/31/24 (c)		30,000		25,725
7.125% 2/01/27 (c)		155,000		128,844
Oasis Petroleum, Inc. 6.875% 3/15/22		100,000		16,500
Occidental Petroleum Corp. 3.500% 8/15/29		65,000		47,554
4.100% 2/01/21		85,000		85,340
8.000% 7/15/25 (e)		50,000		50,188
ONGC Videsh Vankorneft Pte Ltd. 3.750% 7/27/26 (c)		300,000		308,413
Parkland Corp. 5.875% 7/15/27 (c)		115,000		119,312
Petrobras Global Finance BV 7.250% 3/17/44		100,000		108,500
Petronas Capital Ltd. 3.500% 4/21/30 (c)		200,000		222,234
PTTEP Treasury Center Co. Ltd. 2.587% 6/10/27 (c)		200,000		204,447
QEP Resources, Inc. 5.625% 3/01/26		165,000		104,775
Sinopec Group Overseas Development 2018 Ltd. 2.700% 5/13/30 (c)		350,000		359,793
Sunoco LP / Sunoco Finance Corp. 5.500% 2/15/26		130,000		126,100
6.000% 4/15/27		90,000		89,100
Transocean Poseidon Ltd. 6.875% 2/01/27 (c)		150,000		127,500
Transocean, Inc. 8.000% 2/01/27 (c)		80,000		44,150
WPX Energy, Inc. 4.500% 1/15/30		65,000		57,200
5.875% 6/15/28		60,000		57,657
				6,625,339

		Principal Amount		Value
Oil & Gas Services — 0.1%
Halliburton Co. 2.920% 3/01/30		$	260,000	$	246,610
USA Compression Partners LP / USA Compression Finance Corp. 6.875% 9/01/27			185,000		177,600
					424,210
Packaging & Containers — 0.3%
CCL Industries, Inc. 3.050% 6/01/30 (c)			165,000		168,415
Flex Acquisition Co., Inc. 6.875% 1/15/25 (c)			90,000		86,850
Packaging Corp. of America 3.400% 12/15/27			215,000		236,842
Silgan Holdings, Inc. 4.125% 2/01/28 (c)			110,000		109,038
WRKCo, Inc. 3.750% 3/15/25			420,000		464,290
					1,065,435
Pharmaceuticals — 1.0%
AbbVie, Inc. 4.700% 5/14/45			260,000		326,821
Bausch Health Cos., Inc. 6.250% 2/15/29 (c)			170,000		170,850
Becton Dickinson and Co. 2.894% 6/06/22			610,000		631,702
Bristol-Myers Squibb Co. 4.350% 11/15/47 (c)			355,000		468,800
Cigna Corp. 3 mo. USD LIBOR + .890% 2.109% FRN 7/15/23			205,000		206,005
4.900% 12/15/48			155,000		204,308
CVS Health Corp. 5.050% 3/25/48			180,000		235,781
Eli Lilly and Co. 2.250% 5/15/50			488,000		467,973
Merck & Co., Inc. 3.400% 3/07/29			385,000		444,228
Shire Acquisitions Investments Ireland DAC 2.875% 9/23/23			380,000		402,733
Upjohn, Inc. 1.650% 6/22/25 (c)			135,000		137,650
					3,696,851
Pipelines — 1.1%
AI Candelaria Spain SLU 7.500% 12/15/28 (c)			250,000		252,500
Antero Midstream Partners LP / Antero Midstream Finance Corp. 5.750% 3/01/27 (c)			54,000		42,660
Cheniere Energy Partners LP 5.250% 10/01/25	��		30,000		29,901
5.625% 10/01/26			95,000		94,525

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

24

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Enable Midstream Partners LP 4.400% 3/15/27	$	170,000	$	158,355
Energy Transfer Operating LP 4.750% 1/15/26		470,000		510,259
EQM Midstream Partners LP 6.500% 7/01/27 (c)		120,000		122,906
Fermaca Enterprises S de RL de CV 6.375% 3/30/38 (c)		215,442		227,830
GNL Quintero SA 4.634% 7/31/29 (c)		250,000		267,850
Hess Midstream Operations LP 5.125% 6/15/28 (c)		125,000		120,303
Kinder Morgan Energy Partners LP 6.950% 1/15/38		300,000		402,048
ONEOK, Inc. 3.400% 9/01/29		140,000		136,177
Peru LNG SRL 5.375% 3/22/30 (c)		250,000		196,563
Sabine Pass Liquefaction LLC 5.000% 3/15/27		220,000		246,156
Sunoco Logistics Partners Operations LP 3.900% 7/15/26		750,000		787,774
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.500% 3/01/30 (c)		100,000		96,562
Western Midstream Operating LP 3.100% STEP 2/01/25		75,000		71,063
				3,763,432
Real Estate — 0.1%
Radiant Access Ltd. 4.600% (c) (f)		200,000		198,300
Realogy Group LLC / Realogy Co-Issuer Corp. 7.625% 6/15/25 (c)		35,000		35,007
				233,307
Real Estate Investment Trusts (REITS) — 1.2%
Alexandria Real Estate Equities, Inc. 4.000% 1/15/24		320,000		353,666
American Tower Corp. 3.600% 1/15/28		470,000		524,373
Boston Properties LP 3.400% 6/21/29		435,000		479,760
Crown Castle International Corp. 3.650% 9/01/27		460,000		514,063
3.700% 6/15/26		700,000		783,253
4.000% 3/01/27		225,000		255,732
Equinix, Inc. 1.800% 7/15/27		75,000		74,960
ESH Hospitality, Inc. 5.250% 5/01/25 (c)		105,000		100,800
MPT Operating Partnership LP/MPT Finance Corp. 5.250% 8/01/26		60,000		62,250

	Principal Amount		Value
National Retail Properties, Inc. 2.500% 4/15/30	$	115,000	$	109,829
Public Storage 3.385% 5/01/29		305,000		352,294
Simon Property Group LP 2.450% 9/13/29		25,000		24,712
VICI Properties LP / VICI Note Co., Inc. 3.750% 2/15/27 (c)		15,000		14,100
4.125% 8/15/30 (c)		60,000		57,225
Welltower, Inc. 3.950% 9/01/23		385,000		414,698
				4,121,715
Retail — 0.8%
Asbury Automotive Group, Inc. 4.500% 3/01/28 (c)		16,000		15,520
4.750% 3/01/30 (c)		16,000		15,600
Beacon Roofing Supply, Inc. 4.875% 11/01/25 (c)		160,000		142,800
Carvana Co. 8.875% 10/01/23 (c)		40,000		40,113
CK Hutchison International 20 Ltd. 2.500% 5/08/30 (c)		200,000		203,950
Costco Wholesale Corp. 1.750% 4/20/32		75,000		75,995
Dollar Tree, Inc. 4.000% 5/15/25		375,000		422,262
Golden Nugget, Inc. 6.750% 10/15/24 (c)		175,000		125,781
The Home Depot, Inc. 3.900% 6/15/47		220,000		267,445
IRB Holding Corp. 6.750% 2/15/26 (c)		120,000		114,600
7.000% 6/15/25 (c)		60,000		61,842
McDonald’s Corp. 3.600% 7/01/30		100,000		115,044
4.450% 3/01/47		235,000		285,960
Nordstrom, Inc. 8.750% 5/15/25 (c)		20,000		21,523
PetSmart, Inc. 5.875% 6/01/25 (c)		39,000		39,073
7.125% 3/15/23 (c)		115,000		113,376
Staples, Inc. 7.500% 4/15/26 (c)		115,000		90,361
Target Corp. 3.375% 4/15/29		405,000		467,621
Yum! Brands, Inc. 7.750% 4/01/25 (c)		35,000		37,756
				2,656,622
Semiconductors — 0.4%
Broadcom, Inc. 3.150% 11/15/25 (c)		140,000		149,005

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

25

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Lam Research Corp. 2.875% 6/15/50	$	185,000	$	190,586
Marvell Technology Group Ltd. 4.200% 6/22/23		385,000		413,703
Micron Technology, Inc. 2.497% 4/24/23		190,000		197,460
NXP BV / NXP Funding LLC / NXP USA, Inc. 3.875% 6/18/26 (c)		190,000		212,611
Texas Instruments, Inc. 1.750% 5/04/30		105,000		106,555
Xilinx, Inc. 2.375% 6/01/30		220,000		226,481
				1,496,401
Software — 0.1%
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho 10.000% 11/30/24 (c)		155,000		161,200
Oracle Corp. 3.850% 4/01/60		265,000		310,175
				471,375
Telecommunications — 1.0%
AT&T, Inc. 5.250% 3/01/37		600,000		741,870
CenturyLink, Inc. 4.000% 2/15/27 (c)		85,000		82,556
5.125% 12/15/26 (c)		105,000		104,738
Corning, Inc. 4.375% 11/15/57		180,000		206,854
Digicel Group 0.5 Ltd. 7.000% (c) (e) (f)		76,581		6,509
8.000% 4/01/25 (e)		51,223		14,086
Front Range BidCo, Inc. 4.000% 3/01/27 (c)		90,000		85,641
6.125% 3/01/28 (c)		50,000		48,625
Frontier Communications Corp. 8.000% 4/01/27 (c) (d)		105,000		106,485
Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc. 9.875% 5/01/24 (c)		75,000		63,750
GTT Communications, Inc. 7.875% 12/31/24 (c)		50,000		26,250
Intelsat Jackson Holdings SA 8.500% 10/15/24 (c) (d)		85,000		51,106
Level 3 Financing, Inc. 4.250% 7/01/28 (c)		165,000		164,810
Network i2i Ltd. 5 year CMT + 4.277% 5.650% VRN (c) (f)		200,000		193,600
Ooredoo International Finance Ltd. 3.250% 2/21/23 (c)		400,000		416,016

	Principal Amount		Value
T-Mobile USA, Inc. 1.500% 2/15/26 (c)	$	50,000	$	49,997
2.550% 2/15/31 (c)		500,000		501,760
3.500% 4/15/25 (c)		90,000		97,955
Telesat Canada/telesat L 6.500% 10/15/27 (c)		40,000		39,213
Verizon Communications, Inc. 4.400% 11/01/34		485,000		603,882
				3,605,703
Toys, Games & Hobbies — 0.1%
Hasbro, Inc. 3.500% 9/15/27		415,000		431,006
Transportation — 0.7%
Burlington Northern Santa Fe LLC 3.050% 2/15/51		215,000		234,007
CSX Corp. 3.800% 11/01/46		400,000		465,992
Empresa de Transporte de Pasajeros Metro SA 5.000% 1/25/47 (c)		750,000		874,808
FedEx Corp. 4.750% 11/15/45		255,000		281,164
Fideicomiso PA Pacifico Tres 8.250% 1/15/35 (c)		200,000		224,400
JSL Europe SA 7.750% 7/26/24 (c)		200,000		197,600
PSA Treasury Pte Ltd. 2.125% 9/05/29 (c)		200,000		206,436
				2,484,407
Trucking & Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. 4.200% 4/01/27 (c)		225,000		242,794
Water — 0.1%
Essential Utilities, Inc. 2.704% 4/15/30		220,000		230,019
TOTAL CORPORATE DEBT (Cost $86,405,517)				88,603,911
MUNICIPAL OBLIGATIONS — 0.1%
Missouri Highway & Transportation Commission, Revenue Bonds 5.063% 5/01/24		135,000		152,983
State of California BAB, General Obligation 7.550% 4/01/39		190,000		338,331
				491,314
TOTAL MUNICIPAL OBLIGATIONS (Cost $428,519)				491,314

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

26

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 22.4%
Commercial MBS — 5.7%
BANK, Series 2018-BN10, Class C, 4.163% VRN 2/15/61 (g)	$	310,000	$	301,142
BFLD 2019-DPLO, Series 2019-DPLO, Class E, 1 mo. USD LIBOR + 2.240% 2.425% FRN 10/15/34 (c)		491,000		423,390
BX Trust, Series 2019-MMP, Class F, 1 mo. USD LIBOR + 2.792% 2.977% FRN 8/15/36 (c)		310,000		287,551
BX Trust 2019-OC11, Series 2019-OC11, Class E, 4.076% VRN 12/09/41 (c) (g)		391,000		347,073
BXMT Ltd., Series 2020-FL2, Class A, 1 mo. USD LIBOR + .900% 1.094% FRN 2/16/37 (c)		312,000		303,723
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA, 1.170% VRN 1/10/48 (g)		5,607,100		256,224
CHT Mortgage Trust Series 2017-CSMO, Class B, 1 mo. USD LIBOR + 1.400% 1.585% FRN 11/15/36 (c)		298,000		278,649
Series 2017-CSMO, Class E, 1 mo. USD LIBOR + 3.000% 3.185% FRN 11/15/36 (c)		378,000		340,235
Series 2017-CSMO, Class F, 1 mo. USD LIBOR + 3.741% 3.926% FRN 11/15/36 (c)		668,000		597,940
Citigroup Commercial Mortgage Trust Series 2015-GC35, Class XA, 0.994% VRN 11/10/48 (g)		5,187,204		146,655
Series 2016-GC36, Class D, 2.850% 2/10/49 (c)		201,000		111,488
Series 2017-C4, Class B, 4.096% VRN 10/12/50 (g)		340,000		357,272
Series 2015-GC31, Class C, 4.191% VRN 6/10/48 (g)		700,000		676,663
COMM Mortgage Trust Series 2012-CR4, Class D, 4.745% VRN 10/15/45 (c) (g)		738,000		237,587
Series 2015-LC23, Class C, 4.800% VRN 10/10/48 (g)		470,000		464,625
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class C, 4.801% VRN 2/10/49 (g)		465,000		425,960
CSAIL Commercial Mortgage Trust Series 2015-C1, Class XA, 0.977% VRN 4/15/50 (g)		8,317,088	$	259,575
Series 2020-C19, Class XA, 1.245% VRN 3/15/53 (g)		3,782,518		319,544
Series 2019-C16, Class B, 3.885% 6/15/52		334,000		338,484

	Principal Amount		Value
Series 2016-C6, Class B, 3.924% VRN 1/15/49 (g)	$	298,000	$	306,436
Series 2015-C4, Class C, 4.732% VRN 11/15/48 (g)		427,000		411,451
Series 2018-C14, Class C, 5.055% VRN 11/15/51 (g)		405,000		405,209
DBGS Mortgage Trust, Series 2018-5BP, Class F, 1 mo. USD LIBOR + 2.450% 2.635% FRN 6/15/33 (c)		550,000		463,242
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class E, 4.095% VRN 12/10/36 (c) (g)		262,000		227,967
Series 2019-FBLU, Class G, 4.095% VRN 12/10/36 (c) (g)		262,000		189,094
FREMF Mortgage Trust, Series 2019-K102, Class B, 3.652% VRN 12/25/51 (c) (g)		298,000		321,051
GS Mortgage Securities Corp. Trust Series 2018-RIVR, Class C, 1 mo. USD LIBOR + 1.250% 1.435% FRN 7/15/35 (c)		329,000		297,358
Series 2019-SOHO, Class E, 1 mo. USD LIBOR + 1.875% 2.059% FRN 6/15/36 (c)		318,000		296,944
GS Mortgage Securities Trust Series 2015-GS1, Class XA, 0.921% VRN 11/10/48 (g)		7,908,133		278,649
Series 2013-GC10, Class XA, 1.642% VRN 2/10/46 (g)		4,465,403		139,194
Series 2014-GC26, Class D, 4.662% VRN 11/10/47 (c) (g)		1,258,000		787,965
GSCG Trust, Series 2019-600C, Class E, 4.118% VRN 9/06/34 (c) (g)		497,000		456,880
HPLY Trust, Series 2019-HIT, Class F, 1 mo. USD LIBOR + 3.150% 3.335% FRN 11/15/36 (c)		412,255		338,991
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class XA, 1.232% VRN 1/15/49 (g)		5,180,023		163,794
Series 2016-JP2, Class B, 3.460% 8/15/49		174,000		173,963
JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XA, 0.655% VRN 7/15/48 (g)		9,502,310		201,220
Series 2015-C29, Class XA, 0.836% VRN 5/15/48 (g)		8,361,937		209,329
Series 2014-C25, Class XA, 0.999% VRN 11/15/47 (g)		4,306,719		129,343
Series 2015-C28, Class XA, 1.112% VRN 10/15/48 (g)		6,778,518		239,410

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

27

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2015-C27, Class D, 3.945% VRN 2/15/48 (c) (g)	$	704,000	$	506,681
Series 2015-C29, Class C, 4.352% VRN 5/15/48 (g)		325,000		304,067
Series 2015-C33, Class C, 4.765% VRN 12/15/48 (g)		527,000		501,521
Series 2015-C32, Class C, 4.804% VRN 11/15/48 (g)		87,000		76,657
JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class C, 3.727% VRN 5/13/53 (g)		327,000		324,839
MF1 Ltd., Series 2020-FL3, Class AS, 1 mo. USD LIBOR + 2.850% 3.035% FRN 7/15/35 (c)		318,000		319,510
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27, Class D, 3.237% VRN 12/15/47 (c) (g)		504,000		297,642
Series 2015-C23, Class C, 4.289% VRN 7/15/50 (g)		650,000		599,470
Series 2015-C27, Class C, 4.676% VRN 12/15/47 (g)		351,000		310,283
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA, 1.031% VRN 12/15/48 (g)		6,278,870		247,802
MSCG Trust Series 2018-SELF, Class F, 1 mo. USD LIBOR + 3.050% 3.235% FRN 10/15/37 (c)		413,000		379,751
Series 2016-SNR, Class C, 5.205% 11/15/34 (c)		458,150		455,255
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.200% 2.384% FRN 6/15/35 (c)		368,000		332,970
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA, 2.130% VRN 10/10/48 (g)		3,835,527		272,236
UBS Commercial Mortgage Trust, Series 2017-C6, Class B, 4.154% VRN 12/15/50 (g)		340,000		333,823
Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA, 0.810% VRN 7/15/58 (g)		10,264,337		288,191
Series 2015-P2, Class XA, 1.115% VRN 12/15/48 (g)		5,330,655		185,622
Series 2015-C31, Class XA, 1.144% VRN 11/15/48 (g)		6,283,266		273,336
Series 2019-C53, Class XA, 1.155% VRN 10/15/52 (g)		4,358,612		298,478
Series 2014-LC16, Class D, 3.938% 8/15/50 (c)		169,000		102,938
Series 2019-C50, Class B, 4.192% 5/15/52		409,000		410,638

	Principal Amount		Value
Series 2019-C50, Class C, 4.345% 5/15/52	$	409,000	$	358,513
Series 2015-NXS4, Class C, 4.825% VRN 12/15/48 (g)		421,000		407,374
				20,098,867
Home Equity ABS — 1.5%
GSAA Home Equity Trust, Series 2007-10, Class A2A 6.500% 11/25/37		4,112,375		2,893,465
Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE6, Class A2C, 1 mo. USD LIBOR + .150% 0.335% FRN 9/25/36		5,932,215		2,514,705
				5,408,170
Other ABS — 7.9%
AASET US Ltd., Series 2018-1A, Class A 3.844% 1/16/38 (c)		513,749		458,303
ALM R Ltd., Series 2013-7RA, Class CR, 3 mo. USD LIBOR + 4.040% 5.259% FRN 10/15/28 (c)		1,000,000		991,528
ANCHORAGE CAPITAL CLO 13 LLC, Series 2019-13A, Class B, 3 mo. USD LIBOR + 2.000% 3.219% FRN 4/15/32 (c)		500,000		490,697
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, 5.682% STEP 12/16/41 (c)		802,083		463,143
BlueMountain CLO Ltd. Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.600% 3.735% FRN 4/20/31 (c)		1,000,000		837,016
Series 2013-1A, Class CR, 3 mo. USD LIBOR + 4.150% 5.285% FRN 1/20/29 (c)		1,000,000		934,869
CAL Funding Ltd., Series 2018-1A, Class A 3.960% 2/25/43 (c)		383,333		380,951
CLI Funding LLC Series 2014-2A, Class A, 3.380% 10/18/29 (c)		288,466		284,124
Series 2019-1A, Class A, 3.710% 5/18/44 (c)		446,489		439,305
Dryden 40 Senior Loan Fund, Series 2015-40A, Class DR, 3 mo. USD LIBOR + 3.100% 3.492% FRN 8/15/31 (c)		500,000		455,293
Gilbert Park CLO Ltd. Series 2017-1A, Class D, 3 mo. USD LIBOR + 2.950% 4.169% FRN 10/15/30 (c)		500,000		465,479

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

28

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2017-1A, Class E, 3 mo. USD LIBOR + 6.400% 7.619% FRN 10/15/30 (c)	$	1,000,000	$	902,327
Global SC Finance SRL Series 2014-1A, Class A1, 3.190% 7/17/29 (c)		289,917		288,206
Series 2018-1A, Class A, 4.290% 5/17/38 (c)		470,460		454,831
Grippen Park CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.300% 4.435% FRN 1/20/30 (c)		1,000,000		932,104
Helios Issuer LLC Series 2020-AA, Class A, 2.980% 6/20/47 (c)		500,000		502,500
Series 2017-1A, Class A, 4.940% 9/20/49 (c)		215,121		210,615
Hero Funding Trust, Series 2016-4A, Class A2 4.290% 9/20/47 (c)		231,934		246,883
Highbridge Loan Management Ltd., Series 13A-18, Class D, 3 mo. USD LIBOR + 3.000% 4.219% FRN 10/15/30 (c)		500,000		451,188
Invitation Homes Trust Series 2018-SFR1, Class C, 1 mo. USD LIBOR + 1.250% 1.444% FRN 3/17/37 (c)		1,145,000		1,125,617
Series 2018-SFR1, Class D, 1 mo. USD LIBOR + 1.450% 1.644% FRN 3/17/37 (c)		750,000		726,282
JOL Air Ltd., Series 2019-1, Class A 3.967% 4/15/44 (c)		451,228		389,930
MACH 1 Cayman Ltd., Series 2019-1, Class A 3.474% 10/15/39 (c)		473,958		391,461
Madison Park Funding Ltd., Series 2014-14A, Class DRR, 3 mo. USD LIBOR + 2.950% 4.048% FRN 10/22/30 (c)		500,000		454,906
Merrill Lynch Mortgage Investors Trust, Series 2006-OPT1, Class A2C, 1 mo. USD LIBOR + .150% 0.335% FRN 8/25/37		1,982,873		1,801,780
Mosaic Solar Loan Trust, Series 2020-1A, Class A 2.100% 4/20/46 (c)		500,000		503,125
Mosaic Solar Loans LLC, Series 2017-1A, Class A 4.450% 6/20/42 (c)		420,613		429,106
Newark BSL CLO 2 Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.650% 4.641% FRN 7/25/30 (c)		500,000		482,342

	Principal Amount		Value
Oak Hill Credit Partners Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 3.050% 4.185% FRN 10/20/30 (c)	$	500,000	$	460,925
Octagon Investment Partners Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.500% 4.635% FRN 3/17/30 (c)		1,000,000		953,122
Primose Funding LLC, Series 2019-1A, Class A2 4.475% 7/30/49 (c)		995,005		1,000,398
Sprite Ltd., Series 2017-1, Class A 4.250% 12/15/37 (c)		326,013		268,364
START Ireland, Series 2019-1, Class A 4.089% 3/15/44 (c)		329,827		291,803
Sunrun Atlas Issuer 2019-2 LLC, Series 2019-2, Class A 3.610% 2/01/55 (c)		741,432		749,209
Symphony CLO Ltd., Series 2015-16A, Class DR, 3 mo. USD LIBOR + 3.050% 4.269% FRN 10/15/31 (c)		500,000		460,792
TAL Advantage LLC Series 2013-1A, Class A, 2.830% 2/22/38 (c)		133,333		131,458
Series 2014-1A, Class A, 3.510% 2/22/39 (c)		252,267		252,096
Textainer Marine Containers VII Ltd., Series 2019-1A, Class A 3.960% 4/20/44 (c)		453,333		460,802
Thacher Park CLO Ltd., Series 2014-1A, Class D1R, 3 mo. USD LIBOR + 3.400% 4.535% FRN 10/20/26 (c)		1,000,000		987,524
Thunderbolt Aircraft Lease Ltd. Series 2018-A, Class A, 4.147% STEP 9/15/38 (c)		443,940		395,040
Series 2017-A, Class A, 4.212% STEP 5/17/32 (c)		881,091		793,210
TPG Real Estate Finance Issuer Ltd., Series 2018-FL2, Class AS, 1 mo. USD LIBOR + 1.450% 1.644% FRN 11/15/37 (c)		314,000		306,888
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 2.709% 8/15/47 (c)		177,154		177,237
Triton Container Finance LLC, Series 2018-1A, Class A 3.950% 3/20/43 (c)		387,500		389,421
Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2 4.072% 2/16/43 (c)		732,500		752,742

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

29

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
VB-S1 Issuer LLC, Series 2020-1A, Class C2 3.031% 6/15/50 (c)	$	500,000	$	505,523
Westcott Park CLO Ltd., Series 2016-1A, Class DR, 3 mo. USD LIBOR + 3.250% 4.385% FRN 7/20/28 (c)		500,000		479,439
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (c)		800,625		604,407
Wind River CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.750% 4.885% FRN 4/18/29 (c)		1,000,000		953,675
				27,867,986
Student Loans ABS — 0.4%
College Ave Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 1.385% FRN 12/26/47 (c)		390,904		364,918
SoFi Professional Loan Program LLC Series 2017-D, Class BFX, 3.610% 9/25/40 (c)		350,000		348,481
Series 2018-B, Class BFX, 3.830% 8/25/47 (c)		500,000		481,416
				1,194,815
WL Collateral CMO — 6.4%
CIM Trust, Series 2017-6, Class A1, 3.015% VRN 6/25/57 (c) (g)		1,854,312		1,842,080
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A, 4.002% VRN 4/25/37 (g)		1,436,910		1,308,389
CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 1A5 5.500% 4/25/36		2,109,015		2,094,091
Countrywide Alternative Loan Trust Series 2006-13T1, Class A11, 6.000% 5/25/36		2,012,181		1,455,357
Series 2006-36T2, Class 2A1, 6.250% 12/25/36		3,580,102		2,329,221
Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-HYB2, Class 3A1, 3.447% VRN 2/25/47 (g)		1,286,880		1,170,248
Series 2007-14, Class A6, 6.000% 9/25/37		1,564,561		1,273,510
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .170% 0.364% FRN 12/19/36		1,065,606		953,124
IndyMac INDX Mortgage Loan Trust, Series 2007-AR5, Class 2A1, 3.436% VRN 5/25/37 (g)		2,505,439		2,214,219

	Principal Amount		Value
Lehman XS Trust, Series 2007-12N, Class 1A3A, 1 mo. LIBOR + .200% 0.385% FRN 7/25/47	$	2,887,809	$	2,624,531
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1, 3.386% VRN 7/25/35 (g)		445,005		415,808
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR1, Class 2A1, 3.734% VRN 2/25/36 (g)		2,239,634		1,935,048
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3, 6.500% VRN 10/26/37 (c) (g)		997,958		754,240
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600% 6.000% FRN 4/25/37		297,256		284,083
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2, 3.488% VRN 10/25/37 (g)		1,006,872		919,419
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5, 6.350% STEP 5/25/36		1,053,145		988,338
				22,561,706
WL Collateral PAC — 0.5%
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15 6.000% 8/25/36		1,883,743		1,537,764
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $86,261,279)				78,669,308
SOVEREIGN DEBT OBLIGATIONS — 1.3%
Abu Dhabi Government International Bond 3.125% 4/16/30 (c)		200,000		219,863
Chile Government International Bond 2.450% 1/31/31		200,000		207,186
Indonesia Government International Bond 3.850% 10/15/30		200,000		222,523
Mexico Government International Bond 3.750% 1/11/28		535,000		556,587
4.150% 3/28/27		343,000		368,725
4.750% 4/27/32		200,000		220,500
5.000% 4/27/51		200,000		215,500
Panama Government International Bond 3.750% 3/16/25		200,000		216,300
4.000% 9/22/24		200,000		217,500
Perusahaan Penerbit SBSN Indonesia 4.150% 3/29/27 (c)		200,000		217,344

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

30

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Peruvian Government International Bond 2.392% 1/23/26	$	100,000	$	104,000
2.783% 1/23/31		300,000		319,950
Philippine Government International Bond 2.457% 5/05/30		200,000		209,510
Qatar Government International Bond 3.375% 3/14/24 (c)		400,000		428,190
3.875% 4/23/23 (c)		200,000		214,472
Saudi Government International Bond 2.375% 10/26/21 (c)		200,000		202,816
2.900% 10/22/25 (c)		250,000		265,100
				4,406,066
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $4,187,190)				4,406,066
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 17.3%
Collateralized Mortgage Obligations — 12.4%
Federal Home Loan Mortgage Corp 3.500% 7/15/49		3,210,258		3,537,434
Federal Home Loan Mortgage Corp. REMICS Series 4934, Class P, 2.500% 11/15/40		2,612,112		2,732,034
Series 4093, Class PA, 3.000% 8/15/42		3,751,800		3,933,849
Series 4481, Class B, 3.000% 12/15/42		4,834,606		5,034,025
Series 4483, Class CA, 3.000% 6/15/44		4,753,013		5,144,059
Series 4750, Class PA, 3.000% 7/15/46		1,867,135		1,924,849
Federal Home Loan Mortgage Corp. SCRT (g) Series 2018-2, Class HV 3.000% 11/25/57		2,806,766		3,058,010
Federal Home Loan Mortgage Corp. STRIPS Series 355, Class 300, 3.000% 8/15/47		2,727,468		2,893,090
Series 358, Class 300, 3.000% 10/15/47		2,396,227		2,542,416
Federal National Mortgage Association REMICS Series 2018-21, Class PO, 0.000% 4/25/48		2,784,269		2,548,816
Series 2015-9, Class HA, 3.000% 1/25/45		645,773		692,539

	Principal Amount		Value
Government National Mortgage Association Series 2015-74, Class LZ, 3.500% 5/20/45	$	3,421,098	$	3,694,072
Series 2015-92, Class CZ, 3.500% 6/20/45		5,443,484		5,974,170
				43,709,363
Pass-Through Securities — 4.9%
Federal Home Loan Mortgage Corp. Pool #BL5484 2.260% 1/01/30		3,000,000		3,300,006
Pool #G08520 2.500% 1/01/43		1,082,879		1,148,807
Pool #SB0048 3.000% 8/01/34		2,441,048		2,587,344
Pool #G08632 3.500% 3/01/45		1,991,832		2,137,977
Federal National Mortgage Association Pool #BP5817 2.500% 5/01/50		2,994,897		3,123,032
Pool #MA2248 3.000% 4/01/45		1,809,063		1,898,015
Pool #AS7661 3.000% 8/01/46		1,223,473		1,278,661
Pool #AX2501 4.000% 10/01/44		1,632,227		1,777,524
				17,251,366
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $56,645,787)				60,960,729
U.S. TREASURY OBLIGATIONS — 27.4%
U.S. Treasury Bonds & Notes — 27.4%
U.S. Treasury Bond 1.250% 5/15/50		2,600,000		2,498,534
2.750% 11/15/42		300,000		384,281
2.750% 11/15/47		2,900,000		3,793,826
3.125% 2/15/43		2,720,000		3,687,353
3.625% 8/15/43		2,530,000		3,695,458
U.S. Treasury Note 0.125% 5/31/22		4,820,000		4,816,619
0.250% 6/15/23		10,930,000		10,953,933
0.250% 5/31/25		9,140,000		9,127,881
0.500% 5/31/27		7,670,000		7,677,441
0.625% 5/15/30		4,980,000		4,966,922
1.125% 5/15/40		2,460,000		2,437,574
1.625% 10/31/26		4,150,000		4,458,105
1.625% 8/15/29		3,600,000		3,928,111
1.750% 11/30/21		6,950,000		7,105,484
2.125% 9/30/24		4,120,000		4,446,850
2.250% 10/31/24		4,335,000		4,707,460
2.250% 3/31/26		3,490,000		3,861,630
2.250% 8/15/27		725,000		814,229
2.250% 11/15/27		4,240,000		4,774,318
2.625% 1/31/26		660,000		742,621
2.750% 2/28/25		2,590,000		2,887,030

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

31

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
3.000% 9/30/25	$	4,150,000	$	4,727,477
				96,493,137
TOTAL U.S. TREASURY OBLIGATIONS (Cost $92,266,785)				96,493,137
TOTAL BONDS & NOTES (Cost $338,840,348)				341,738,265
TOTAL LONG-TERM INVESTMENTS (Cost $338,840,348)				341,738,265
SHORT-TERM INVESTMENTS — 3.5%
Repurchase Agreement — 3.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (h)		10,584,658		10,584,658
U.S. Treasury Bill — 0.5%
U.S. Treasury Bill 0.000%11/05/20		90,000		89,949
0.000%11/27/20		1,800,000		1,798,770
				1,888,719
TOTAL SHORT-TERM INVESTMENTS (Cost $12,473,004)				12,473,377
TOTAL INVESTMENTS — 100.6% (Cost $351,313,352) (i)				354,211,642
Less Unfunded Loan Commitments — (0.00)%				(11,653	)
NET INVESTMENTS — 100.6% (Cost $351,301,699)				354,199,989
Other Assets/(Liabilities) — (0.6)%				(2,068,607	)
NET ASSETS — 100.0%			$	352,131,382

Abbreviation Legend

ABS Asset-Backed Security

BAB Build America Bonds

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

DAC Designated Activity Company

DIP Debtor In Possession

FRN Floating Rate Note

LIBOR London Inter-Bank Offered Rate

MBS Mortgage-Backed Security

PO Principal Only

PAC Planned Amortization Class

SOFR Secured Overnight Financing Rate

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) All or a portion of the security represents unsettled loan commitments at June 30, 2020 where the rate will be determined at time of settlement.

(b) Unfunded or partially unfunded loan commitments.

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2020, the aggregate market value of these securities amounted to $81,957,277 or 23.27% of net assets.

(d) 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 June 30, 2020, these securities amounted to a value of $294,591 or 0.08% of net assets.

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

(f) Security is perpetual and has no stated maturity date.

(g) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2020.

(h) Maturity value of $10,584,658. Collateralized by U.S. Government Agency obligations with rates ranging from 0.625% – 2.375%, maturity dates ranging from 1/15/24 – 2/29/24, and an aggregate market value, including accrued interest, of $10,796,393.

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

Currency Legend

USD U.S. Dollar

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

32

MML Equity Rotation Fund – Portfolio of Investments

June 30, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.9%
COMMON STOCK — 97.9%
Basic Materials — 2.0%
Chemicals — 1.1%
Celanese Corp.		1,840	$	158,866
Eastman Chemical Co.		300		20,892
Ecolab, Inc.		565		112,407
LyondellBasell Industries NV Class A		153		10,055
The Mosaic Co.		728		9,107
Nutrien Ltd.		1,091		35,021
Olin Corp.		2,900		33,321
				379,669
Forest Products & Paper — 0.2%
Domtar Corp.		1,500		31,665
International Paper Co.		751		26,443
				58,108
Iron & Steel — 0.7%
Nucor Corp.		566		23,438
Reliance Steel & Aluminum Co.		2,226		211,314
				234,752
				672,529
Communications — 13.8%
Internet — 11.7%
Alphabet, Inc. Class A (a)		1,114		1,579,708
Alphabet, Inc. Class C (a)		124		175,288
Amazon.com, Inc. (a)		539		1,487,004
eBay, Inc.		7,616		399,459
Facebook, Inc. Class A (a)		520		118,076
Netflix, Inc. (a)		87		39,589
Palo Alto Networks, Inc. (a)		242		55,580
				3,854,704
Media — 1.1%
Comcast Corp. Class A		8,656		337,411
Discovery, Inc. Class A (a) (b)		560		11,816
				349,227
Telecommunications — 1.0%
AT&T, Inc.		3,655		110,491
CenturyLink, Inc.		1,874		18,796
Cisco Systems, Inc.		3,696		172,381
Juniper Networks, Inc.		805		18,402
Verizon Communications, Inc.		237		13,066
				333,136
				4,537,067
Consumer, Cyclical — 9.7%
Airlines — 0.0%
American Airlines Group, Inc. (b)		932		12,181

	Number of Shares		Value
Apparel — 0.2%
Ralph Lauren Corp.		690	$	50,039
Auto Manufacturers — 4.0%
Cummins, Inc.		4,772		826,797
Ford Motor Co.		2,980		18,118
PACCAR, Inc.		5,908		442,214
Wabash National Corp.		3,800		40,356
				1,327,485
Auto Parts & Equipment — 0.7%
Magna International, Inc.		5,300		236,009
Distribution & Wholesale — 0.5%
Pool Corp.		600		163,122
Home Builders — 0.9%
Thor Industries, Inc. (b)		800		85,224
Toll Brothers, Inc.		5,926		193,128
				278,352
Leisure Time — 0.0%
Carnival Corp. (b)		527		8,653
Lodging — 0.1%
Hilton Worldwide Holdings, Inc.		243		17,848
Retail — 3.3%
Costco Wholesale Corp.		110		33,353
Dollar Tree, Inc. (a)		471		43,652
Genuine Parts Co.		1,028		89,395
The Home Depot, Inc.		930		232,975
Lowe’s Cos., Inc.		326		44,049
McDonald’s Corp.		1,586		292,570
The Michaels Cos., Inc. (a) (b)		5,800		41,006
Target Corp.		999		119,810
Tractor Supply Co.		656		86,454
Walgreens Boots Alliance, Inc.		1,782		75,539
Yum! Brands, Inc.		388		33,721
				1,092,524
				3,186,213
Consumer, Non-cyclical — 13.1%
Beverages — 0.1%
Coca-Cola European Partners PLC		899		33,946
Molson Coors Beverage Co. Class B		427		14,672
				48,618
Biotechnology — 0.8%
Amgen, Inc.		174		41,040
Biogen, Inc. (a)		320		85,616
Vertex Pharmaceuticals, Inc. (a)		520		150,961
				277,617
Commercial Services — 3.9%
Automatic Data Processing, Inc.		225		33,500
Global Payments, Inc.		1,279		216,944
IHS Markit Ltd.		204		15,402

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

33

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
ManpowerGroup, Inc.		2,155	$	148,156
PayPal Holdings, Inc. (a)		980		170,745
RELX PLC (b)		4,717		111,133
Robert Half International, Inc.		1,083		57,215
S&P Global, Inc.		1,244		409,873
TrueBlue, Inc. (a)		2,400		36,648
Verisk Analytics, Inc.		588		100,078
				1,299,694
Cosmetics & Personal Care — 0.1%
Colgate-Palmolive Co.		248		18,169
Foods — 0.2%
The J.M. Smucker Co.		500		52,905
Pilgrim’s Pride Corp. (a)		496		8,377
				61,282
Health Care – Products — 1.2%
Abbott Laboratories		1,352		123,613
Danaher Corp.		967		170,995
Henry Schein, Inc. (a)		184		10,744
Medtronic PLC		132		12,104
Thermo Fisher Scientific, Inc.		191		69,207
				386,663
Health Care – Services — 1.4%
Anthem, Inc.		328		86,257
Centene Corp. (a)		314		19,955
Cigna Corp. (a)		300		56,295
HCA Healthcare, Inc.		107		10,385
Laboratory Corp. of America Holdings (a)		243		40,365
Quest Diagnostics, Inc.		595		67,806
UnitedHealth Group, Inc.		561		165,467
				446,530
Household Products & Wares — 0.1%
Quanex Building Products Corp.		2,900		40,252
Pharmaceuticals — 5.3%
AbbVie, Inc.		2,707		265,773
AmerisourceBergen Corp.		265		26,704
Bristol-Myers Squibb Co.		10,621		624,515
Cardinal Health, Inc.		374		19,519
CVS Health Corp.		884		57,434
Horizon Therapeutics PLC (a)		237		13,173
Jazz Pharmaceuticals PLC (a)		71		7,834
McKesson Corp.		3,077		472,073
Merck & Co., Inc.		1,927		149,015
Mylan NV (a)		1,618		26,017
Pfizer, Inc.		2,745		89,762
				1,751,819
				4,330,644
Energy — 1.6%
Oil & Gas — 1.1%
Chevron Corp.		1,929		172,125

	Number of Shares		Value
Cimarex Energy Co.		490	$	13,470
Concho Resources, Inc.		385		19,828
Exxon Mobil Corp.		1,878		83,984
Occidental Petroleum Corp.		514		9,406
Phillips 66		948		68,161
				366,974
Oil & Gas Services — 0.4%
Schlumberger Ltd.		6,671		122,679
Pipelines — 0.1%
Kinder Morgan, Inc.		1,993		30,234
				519,887
Financial — 14.8%
Banks — 8.1%
Bank of America Corp.		25,300		600,875
CIT Group, Inc.		600		12,438
Citigroup, Inc.		14,700		751,170
The Goldman Sachs Group, Inc.		2,060		407,097
JP Morgan Chase & Co.		7,200		677,232
KeyCorp		17,863		217,572
				2,666,384
Diversified Financial Services — 5.3%
AerCap Holdings NV (a)		2,000		61,600
Capital One Financial Corp.		504		31,545
Discover Financial Services		400		20,036
Mastercard, Inc. Class A		1,155		341,534
SEI Investments Co.		2,300		126,454
Synchrony Financial		5,400		119,664
Visa, Inc. Class A		5,460		1,054,708
				1,755,541
Insurance — 1.4%
Aflac, Inc.		3,600		129,708
Berkshire Hathaway, Inc. Class B (a)		1,900		339,169
				468,877
				4,890,802
Industrial — 8.1%
Aerospace & Defense — 0.4%
Barnes Group, Inc.		900		35,604
Lockheed Martin Corp.		147		53,643
Raytheon Technologies Corp.		635		39,129
Spirit AeroSystems Holdings, Inc. Class A		172		4,118
				132,494
Building Materials — 0.3%
Carrier Global Corp.		635		14,110
Patrick Industries, Inc.		1,100		67,375
				81,485
Electrical Components & Equipment — 0.0%
AMETEK, Inc.		140		12,512

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

34

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Electronics — 2.6%
Allegion PLC		3,295	$	336,815
Amphenol Corp. Class A		237		22,707
Garmin Ltd.		212		20,670
Honeywell International, Inc.		1,320		190,859
Keysight Technologies, Inc. (a)		1,270		127,990
Sensata Technologies Holding PLC (a)		954		35,517
TE Connectivity Ltd.		838		68,339
TTM Technologies, Inc. (a)		4,400		52,184
				855,081
Engineering & Construction — 0.4%
AECOM (a)		957		35,964
Arcosa, Inc.		2,083		87,903
				123,867
Environmental Controls — 0.5%
Republic Services, Inc.		754		61,866
Waste Management, Inc.		895		94,789
				156,655
Machinery – Diversified — 0.9%
AGCO Corp.		4,400		244,024
Dover Corp.		307		29,644
Ingersoll Rand, Inc. (a)		420		11,810
Otis Worldwide Corp.		317		18,025
				303,503
Miscellaneous – Manufacturing — 0.6%
3M Co.		158		24,646
Eaton Corp. PLC		1,193		104,364
General Electric Co.		2,143		14,637
Parker-Hannifin Corp.		73		13,379
Trane Technologies PLC		476		42,354
				199,380
Packaging & Containers — 0.6%
WestRock Co.		7,200		203,472
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		246		42,924
Transportation — 1.7%
Kansas City Southern		280		41,801
Norfolk Southern Corp.		1,800		316,026
Union Pacific Corp.		1,220		206,265
				564,092
				2,675,465
Technology — 34.8%
Computers — 13.6%
Accenture PLC Class A		158		33,926
Apple, Inc.		9,220		3,363,456
Cognizant Technology Solutions Corp. Class A		2,025		115,061
DXC Technology Co.		17,100		282,150
Fortinet, Inc. (a)		960		131,779

	Number of Shares		Value
HP, Inc.		803	$	13,996
International Business Machines Corp.		1,246		150,479
Leidos Holdings, Inc.		1,560		146,125
Seagate Technology PLC		5,006		242,341
				4,479,313
Semiconductors — 10.5%
Advanced Micro Devices, Inc. (a)		751		39,510
Applied Materials, Inc.		2,244		135,650
ASML Holding NV		810		298,104
Broadcom, Inc.		2,798		883,077
Intel Corp.		9,662		578,077
KLA Corp.		680		132,246
Lam Research Corp.		1,145		370,362
Micron Technology, Inc. (a)		9,400		484,288
NVIDIA Corp.		670		254,540
Skyworks Solutions, Inc.		900		115,074
Texas Instruments, Inc.		176		22,347
Xilinx, Inc.		1,510		148,569
				3,461,844
Software — 10.7%
ANSYS, Inc. (a)		281		81,976
Citrix Systems, Inc.		259		38,309
Fair Isaac Corp. (a)		330		137,953
j2 Global, Inc.		500		31,605
Microsoft Corp.		12,722		2,589,054
MSCI, Inc.		760		253,703
Oracle Corp.		421		23,269
Paychex, Inc.		641		48,556
Veeva Systems, Inc. Class A (a)		706		165,500
VMware, Inc. Class A (a) (b)		1,038		160,745
				3,530,670
				11,471,827
TOTAL COMMON STOCK (Cost $27,946,597)				32,284,434
TOTAL EQUITIES (Cost $27,946,597)				32,284,434
RIGHTS — 0.0%
Consumer, Non-cyclical — 0.0%
Pharmaceuticals — 0.0%
Bristol-Myers Squibb Co., Expires 3/31/21 (a)		993		3,555
TOTAL RIGHTS (Cost $2,115)				3,555

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

35

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 0.4%
Diversified Financial Services — 0.4%
State Street Navigator Securities Lending Prime Portfolio (c)		132,326	$	132,326
TOTAL MUTUAL FUNDS (Cost $132,326)				132,326
TOTAL LONG-TERM INVESTMENTS (Cost $28,081,038)				32,420,315
	Principal Amount
SHORT-TERM INVESTMENTS — 2.2%
Repurchase Agreement — 2.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (d)	$	732,759		732,759
TOTAL SHORT-TERM INVESTMENTS (Cost $732,759)				732,759
TOTAL INVESTMENTS — 100.5% (Cost $28,813,797) (e)				33,153,074
Other Assets/(Liabilities) — (0.5)%				(172,288	)
NET ASSETS — 100.0%			$	32,980,786

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2020, was $424,680 or 1.29% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $299,176 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

(d) Maturity value of $732,759. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 2/29/24, and an aggregate market value, including accrued interest, of $747,483.

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

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

36

MML High Yield Fund – Portfolio of Investments

June 30, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.1%
COMMON STOCK — 0.1%
Basic Materials — 0.0%
Forest Products & Paper — 0.0%
Appvion Inc. (Escrow Shares) (a) (b) (c)		2,157,000	$	-
Consumer, Non-cyclical — 0.0%
Agriculture — 0.0%
Pinnacle Operating Corp. (a) (c)		178,174		-
Energy — 0.1%
Oil & Gas — 0.1%
Fieldwood Energy LLC (c)		3,193		160
Fieldwood Energy LLC (c)		13,011		651
Jupiter Resources, Inc. (c)		191,606		143,704
				144,515
TOTAL COMMON STOCK (Cost $3,475,088)				144,515
TOTAL EQUITIES (Cost $3,475,088)				144,515
	Principal Amount
BONDS & NOTES — 97.4%
BANK LOANS — 5.0%
Aerospace & Defense — 0.4%
Veritas Bermuda Ltd., USD Repriced Term Loan B, 3 mo. LIBOR + 4.500% 5.500% VRN 1/27/23	$	546,817		504,165
Electronics — 0.8%
Vertafore, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.250% 3.434% VRN 7/02/25		935,750		880,194
Oil & Gas — 0.2%
Fieldwood Energy LLC Exit 1st Lien Term Loan, 0.000%4/11/22 (f)		1,074,554		195,214
Exit 2nd Lien Term Loan, 0.000%4/11/23 (f)		387,384		2,325
				197,539
Packaging & Containers — 1.7%
BWAY Holding Co., 2017 Term Loan B, 3 mo. LIBOR + 3.250% 4.561% VRN 4/03/24		1,187,556		1,063,362
Consolidated Energy Finance, SA, Term Loan B, 1 mo. LIBOR + 2.500% 2.694% VRN 5/07/25		885,744		801,598

	Principal Amount		Value
Trident TPI Holdings, Inc., 2017 USD Term Loan B1, 3 mo. LIBOR + 3.000% 4.072% VRN 10/17/24	$	162,137	$	154,436
				2,019,396
Software — 1.9%
Almonde, Inc. USD 1st Lien Term Loan, 3 mo. LIBOR + 3.500%, 6 mo. LIBOR + 3.500% 4.500% VRN 6/13/24		922,048		803,859
USD 2nd Lien Term Loan, 6 mo. LIBOR + 7.250% 8.250% VRN 6/13/25		700,000		602,777
Banff Merger Sub, Inc., 2018 USD Term Loan B, 1 mo. LIBOR + 4.250% 4.428% VRN 10/02/25		862,834		814,300
				2,220,936
TOTAL BANK LOANS (Cost $7,235,824)				5,822,230
CORPORATE DEBT — 92.4%
Advertising — 0.7%
Outfront Media Capital LLC / Outfront Media Capital Corp. 6.250% 6/15/25 (d)		339,000		341,221
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d)		523,000		501,426
				842,647
Aerospace & Defense — 3.5%
Signature Aviation US Holdings, Inc. 4.000% 3/01/28 (d)		651,000		588,341
TransDigm, Inc. 5.500% 11/15/27		963,000		840,410
6.250% 3/15/26 (d)		316,000		315,216
6.375% 6/15/26		654,000		595,781
8.000% 12/15/25 (d)		255,000		268,003
Triumph Group, Inc. 5.250% 6/01/22		305,000		260,775
6.250% 9/15/24 (d)		306,000		260,100
7.750% 8/15/25		1,243,000		933,804
				4,062,430
Agriculture — 0.4%
JBS Investments II GmbH 7.000% 1/15/26 (d)		390,000		409,305

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

37

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Airlines — 0.7%
American Airlines Group, Inc. 5.000% 6/01/22 (d)	$	60,000	$	34,800
3.750% 3/01/25 (d)		1,015,000		471,863
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. 6.500% 6/20/27 (d) (e)		265,000		265,663
				772,326
Apparel — 0.1%
Hanesbrands, Inc. 4.875% 5/15/26 (d)		61,000		61,458
Auto Manufacturers — 3.2%
Allison Transmission, Inc. 4.750% 10/01/27 (d)		589,000		584,583
Ford Motor Co. 8.500% 4/21/23		312,000		329,940
9.000% 4/22/25		241,000		260,810
9.625% 4/22/30		503,000		595,703
Ford Motor Credit Co. LLC 3.087% 1/09/23		92,000		87,630
3.664% 9/08/24		200,000		188,542
4.134% 8/04/25		200,000		189,690
4.542% 8/01/26		1,039,000		984,452
5.596% 1/07/22		200,000		201,500
5.875% 8/02/21		281,000		283,726
				3,706,576
Auto Parts & Equipment — 0.4%
Clarios Global LP/Clarios US Finance Co. 8.500% 5/15/27 (d)		467,000		469,312
Building Materials — 2.6%
Cemex SAB de CV 7.375% 6/05/27 (d)		352,000		357,632
Griffon Corp. 5.750% 3/01/28		211,000		208,363
James Hardie International Finance DAC 4.750% 1/15/25 (d)		126,000		128,205
5.000% 1/15/28 (d)		485,000		494,700
PGT Innovations, Inc. 6.750% 8/01/26 (d)		368,000		371,680
Standard Industries, Inc. 4.750% 1/15/28 (d)		1,471,000		1,491,226
				3,051,806
Chemicals — 2.0%
CF Industries, Inc. 4.950% 6/01/43		63,000		67,902
5.375% 3/15/44		240,000		259,512
Consolidated Energy Finance SA 6.875% 6/15/25 (d)		915,000		777,750
CVR Partners LP/CVR Nitrogen Finance Corp. 9.250% 6/15/23 (d)		612,000		599,760

	Principal Amount		Value
Starfruit Finco BV/Starfruit US Holdco LLC 8.000% 10/01/26 (d)	$	141,000	$	144,340
Valvoline, Inc. 4.250% 2/15/30 (d)		304,000		299,440
4.375% 8/15/25 (d)		157,000		157,785
				2,306,489
Coal — 2.1%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. 7.500% 5/01/25 (d)		451,000		303,298
Peabody Energy Corp. 6.000% 3/31/22 (d)		1,383,000		898,950
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.500% 6/15/25 (d)		856,000		723,491
Warrior Met Coal, Inc. 8.000% 11/01/24 (d)		534,000		520,650
				2,446,389
Commercial Services — 0.9%
Jaguar Holding Co. II / Pharmaceutical Product Development LLC 4.625% 6/15/25 (d)		183,000		186,239
Korn Ferry 4.625% 12/15/27 (d)		162,000		157,140
Prime Security Services Borrower LLC / Prime Finance, Inc. 6.250% 1/15/28 (d)		802,000		755,885
				1,099,264
Computers — 1.5%
Banff Merger Sub, Inc. 9.750% 9/01/26 (d)		466,000		468,913
Dell International LLC/EMC Corp. 7.125% 6/15/24 (d)		904,000		936,487
Science Applications International Corp. 4.875% 4/01/28 (d)		189,000		187,877
Western Digital Corp. 4.750% 2/15/26		104,000		107,479
				1,700,756
Distribution & Wholesale — 1.7%
Core & Main Holdings LP 8.625% 9/15/24 (d)		155,000		155,248
Core & Main LP 6.125% 8/15/25 (d)		313,000		311,951
KAR Auction Services, Inc. 5.125% 6/01/25 (d)		475,000		467,875
Resideo Funding, Inc. 6.125% 11/01/26 (d)		800,000		782,000
Univar Solutions USA, Inc. 5.125% 12/01/27 (d)		254,000		256,952
				1,974,026

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

38

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Diversified Financial Services — 2.5%
Alliance Data Systems Corp. 4.750% 12/15/24 (d)	$	767,000	$	690,300
Global Aircraft Leasing Co. Ltd. 6.500% 9/15/24 (d)		1,829,000		1,225,430
LPL Holdings, Inc. 4.625% 11/15/27 (d)		346,000		341,675
5.750% 9/15/25 (d)		87,000		88,087
Springleaf Finance Corp. 5.375% 11/15/29		552,000		516,120
				2,861,612
Electric — 1.7%
NRG Energy, Inc. 5.250% 6/15/29 (d)		374,000		392,700
6.625% 1/15/27		702,000		732,712
PG&E Corp. 5.000% 7/01/28		130,000		129,961
5.250% 7/01/30		119,000		119,678
Vistra Operations Co. LLC 4.300% 7/15/29 (d)		568,000		597,168
				1,972,219
Electrical Components & Equipment — 0.8%
Energizer Holdings, Inc. 7.750% 1/15/27 (d)		387,000		412,646
Wesco Distribution, Inc. Co. 7.125% 6/15/25 (d)		233,000		245,379
7.250% 6/15/28 (d)		241,000		254,858
				912,883
Entertainment — 2.0%
Banijay Entertainment SASU 5.375% 3/01/25 (d)		241,000		235,578
Caesars Resort Collection LLC/CRC Finco, Inc. 5.250% 10/15/25 (d)		229,000		199,230
Colt Merger Sub, Inc. 5.750% 7/01/25 (d) (e)		242,000		243,379
6.250% 7/01/25 (d) (e)		432,000		429,300
8.125% 7/01/27 (d) (e)		315,000		304,369
Live Nation Entertainment, Inc. 4.750% 10/15/27 (d)		407,000		350,105
Scientific Games International, Inc. 5.000% 10/15/25 (d)		204,000		188,345
7.250% 11/15/29 (d)		187,000		149,600
8.250% 3/15/26 (d)		37,000		33,184
8.625% 7/01/25 (d) (e)		147,000		137,401
				2,270,491
Environmental Controls — 0.1%
Clean Harbors, Inc. 4.875% 7/15/27 (d)		136,000		139,740

	Principal Amount		Value
Foods — 4.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC 7.500% 3/15/26 (d)	$	181,000	$	195,480
JBS USA LUX SA/JBS USA Finance, Inc. 5.875% 7/15/24 (d)		646,000		654,882
6.500% 4/15/29 (d)		1,094,000		1,161,007
6.750% 2/15/28 (d)		824,000		870,358
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 5.500% 1/15/30 (d)		826,000		846,650
Kraft Heinz Foods Co. 3.750% 4/01/30 (d)		126,000		130,104
3.875% 5/15/27 (d)		250,000		261,247
4.250% 3/01/31 (d)		204,000		216,300
5.200% 7/15/45		178,000		193,036
6.500% 2/09/40		94,000		113,144
6.875% 1/26/39		206,000		254,663
Simmons Foods, Inc. 7.750% 1/15/24 (d)		129,000		134,573
				5,031,444
Hand & Machine Tools — 0.7%
Apex Tool Group LLC/BC Mountain Finance, Inc. 9.000% 2/15/23 (d)		1,138,000		822,205
Health Care – Products — 1.9%
Avanos Medical, Inc. 6.250% 10/15/22		1,300,000		1,300,000
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA 7.250% 2/01/28 (d)		872,000		886,371
				2,186,371
Health Care – Services — 4.6%
Centene Corp. 4.250% 12/15/27		241,000		248,690
4.625% 12/15/29		918,000		968,490
5.250% 4/01/25 (d)		232,000		238,883
5.375% 6/01/26 (d)		52,000		53,906
Envision Healthcare Corp. 8.750% 10/15/26 (d)		1,158,000		550,050
HCA, Inc. 3.500% 9/01/30		1,106,000		1,065,268
Molina Healthcare, Inc. 4.375% 6/15/28 (d)		200,000		199,750
Radiology Partners, Inc. 9.250% 2/01/28 (d)		300,000		282,750
Tenet Healthcare Corp. 4.625% 7/15/24		400,000		391,916
4.625% 9/01/24 (d)		323,000		315,733
4.875% 1/01/26 (d)		750,000		730,313
8.125% 4/01/22		340,000		357,000
				5,402,749

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

39

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Home Builders — 1.6%
Brookfield Residential Properties, Inc. 6.375% 5/15/25 (d)	$	491,000	$	486,090
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 4.875% 2/15/30 (d)		261,000		218,092
M/I Homes, Inc. 4.950% 2/01/28		368,000		365,700
Mattamy Group Corp. 4.625% 3/01/30 (d)		668,000		641,280
TRI Pointe Group, Inc. 5.700% 6/15/28		153,000		155,295
				1,866,457
Housewares — 0.5%
Newell Brands, Inc. 4.700% STEP 4/01/26		337,000		353,651
4.875% 6/01/25		132,000		138,242
5.875% STEP 4/01/36		126,000		134,348
				626,241
Insurance — 1.0%
Acrisure LLC/Acrisure Finance, Inc. 7.000% 11/15/25 (d)		691,000		660,769
8.125% 2/15/24 (d)		509,000		529,207
				1,189,976
Internet — 1.4%
Netflix, Inc. 4.875% 6/15/30 (d)		321,000		344,272
5.375% 11/15/29 (d)		523,000		572,790
5.875% 11/15/28		595,000		677,556
				1,594,618
Investment Companies — 0.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.375% 12/15/25		761,000		753,390
Leisure Time — 1.4%
Brunswick Corp. 7.375% 9/01/23		285,000		313,490
7.125% 8/01/27		569,000		635,188
Carlson Travel, Inc. 6.750% 12/15/23 (d)		296,000		192,400
9.500% 12/15/24 (d)		988,000		434,720
				1,575,798
Lodging — 1.6%
MGM Resorts International 6.750% 5/01/25		622,000		615,830
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.250% 5/15/27 (d)		385,000		332,832
5.500% 3/01/25 (d)		740,000		677,100
Wynn Macau Ltd. 5.125% 12/15/29 (d)		268,000		259,960
				1,885,722

	Principal Amount		Value
Machinery – Diversified — 0.5%
Clark Equipment Co. 5.875% 6/01/25 (d)	$	291,000	$	297,547
Vertical Us Newco, Inc. 5.250% 7/15/27 (e)		243,000		243,000
				540,547
Media — 7.5%
Altice Financing SA 5.000% 1/15/28 (d)		316,000		313,902
Altice Finco SA 7.625% 2/15/25 (d)		279,000		290,163
Block Communications, Inc. 4.875% 3/01/28 (d)		340,000		335,849
CCO Holdings LLC/CCO Holdings Capital Corp. 4.500% 8/15/30 (d)		702,000		716,040
4.500% 5/01/32 (d)		647,000		655,087
4.750% 3/01/30 (d)		236,000		241,473
5.875% 5/01/27 (d)		822,000		857,716
Clear Channel Worldwide Holdings, Inc. 5.125% 8/15/27 (d)		391,000		375,360
9.250% 2/15/24		213,000		197,579
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)		104,000		75,270
DISH DBS Corp. 5.000% 3/15/23		207,000		206,503
7.750% 7/01/26		217,000		230,020
DISH Network Corp. 3.375% 8/15/26		368,000		338,050
LCPR Senior Secured Financing DAC 6.750% 10/15/27 (d)		314,000		320,280
Midcontinent Communications / Midcontinent Finance Corp. 5.375% 8/15/27 (d)		205,000		208,153
Sirius XM Radio, Inc. 5.375% 7/15/26 (d)		167,000		172,468
5.500% 7/01/29 (d)		636,000		669,466
TEGNA, Inc. 4.625% 3/15/28 (d)		447,000		411,240
Virgin Media Finance PLC 5.000% 7/15/30 (d)		147,000		143,723
Virgin Media Secured Finance PLC 5.500% 5/15/29 (d)		1,308,000		1,366,860
Ziggo BV 4.875% 1/15/30 (d)		153,000		153,829
5.500% 1/15/27 (d)		440,000		445,526
				8,724,557
Mining — 3.6%
Compass Minerals International, Inc. 4.875% 7/15/24 (d)		294,000		294,735
6.750% 12/01/27 (d)		350,000		367,500

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

40

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
First Quantum Minerals Ltd. 7.250% 4/01/23 (d)	$	659,000	$	629,345
7.500% 4/01/25 (d)		647,000		619,503
Freeport-McMoRan, Inc. 4.125% 3/01/28		69,000		66,930
Kinross Gold Corp. 4.500% 7/15/27		640,000		698,074
6.875% 9/01/41		476,000		579,964
New Gold, Inc. 7.500% 7/15/27 (d)		487,000		502,433
Northwest Acquisitions ULC/Dominion Finco, Inc. 7.125% 11/01/22 (d) (f)		884,000		9,061
Novelis Corp. 4.750% 1/30/30 (d)		417,000		398,235
				4,165,780
Miscellaneous – Manufacturing — 1.1%
Amsted Industries, Inc. 5.625% 7/01/27 (d)		617,000		636,281
Gates Global LLC / Gates Corp. 6.250% 1/15/26 (d)		700,000		687,750
				1,324,031
Oil & Gas — 7.1%
Antero Resources Corp. 5.375% 11/01/21		410,000		379,250
Apache Corp. 4.375% 10/15/28		130,000		114,798
4.750% 4/15/43		65,000		52,331
5.100% 9/01/40		130,000		106,802
5.350% 7/01/49		197,000		157,193
Cenovus Energy, Inc. 4.250% 4/15/27		93,000		84,229
5.400% 6/15/47		138,000		118,470
6.750% 11/15/39		155,000		150,918
Continental Resources, Inc. 3.800% 6/01/24		149,000		139,318
4.375% 1/15/28		168,000		147,877
CVR Energy, Inc. 5.750% 2/15/28 (d)		1,323,000		1,157,625
Endeavor Energy Resources LP / EER Finance, Inc. 6.625% 7/15/25 (d)		295,000		297,307
Hilcorp Energy I LP / Hilcorp Finance Co. 5.000% 12/01/24 (d)		79,000		67,940
5.750% 10/01/25 (d)		43,000		36,550
6.250% 11/01/28 (d)		183,000		146,857
Jonah Energy LLC/Jonah Energy Finance Corp. 7.250% 10/15/25 (d)		745,000		91,262
Jupiter Resources Inc. 10.000% 1/31/24		231,906		208,715

	Principal Amount		Value
Laredo Petroleum, Inc. 9.500% 1/15/25	$	268,000	$	185,255
10.125% 1/15/28		330,000		227,700
MEG Energy Corp. 7.125% 2/01/27 (d)		379,000		315,044
Nabors Industries Ltd. 7.250% 1/15/26 (d)		184,000		113,160
7.500% 1/15/28 (d)		119,000		73,185
Neptune Energy Bondco PLC 6.625% 5/15/25 (d)		594,000		516,780
Occidental Petroleum Corp. 3 mo. USD LIBOR + 1.450% 1.842% FRN 8/15/22		93,000		85,578
2.600% 4/15/22		76,000		72,413
2.700% 8/15/22		178,000		165,709
2.700% 2/15/23		71,000		64,699
2.900% 8/15/24		93,000		79,467
3.500% 6/15/25		190,000		160,550
4.100% 2/01/21		397,000		398,588
4.200% 3/15/48		31,000		20,993
4.400% 4/15/46		198,000		138,109
4.400% 8/15/49		78,000		53,820
4.500% 7/15/44		81,000		55,890
6.450% 9/15/36		34,000		28,730
6.600% 3/15/46		210,000		182,799
6.950% 7/01/24		88,000		86,295
Ovintiv, Inc. 6.500% 8/15/34		108,000		96,488
Parkland Corp. 5.875% 7/15/27 (d)		247,000		256,262
PBF Holding Co. LLC / PBF Finance Corp. 6.000% 2/15/28 (d)		1,474,000		1,223,420
9.250% 5/15/25 (d)		188,000		200,690
				8,259,066
Oil & Gas Services — 0.5%
Welltec A/S 9.500% 12/01/22 (d)		696,000		626,400
Packaging & Containers — 1.3%
Graphic Packaging International LLC 3.500% 3/15/28 (d)		470,000		466,334
Mauser Packaging Solutions Holding Co. 7.250% 4/15/25 (d)		781,000		708,187
Trident TPI Holdings, Inc. 9.250% 8/01/24 (d)		386,000		395,650
				1,570,171
Pharmaceuticals — 2.0%
Bausch Health Americas, Inc. 8.500% 1/31/27 (d)		250,000		265,312
9.250% 4/01/26 (d)		600,000		650,940
Bausch Health Cos., Inc. 5.000% 1/30/28 (d)		193,000		181,708

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

41

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
5.250% 1/30/30 (d)	$	320,000	$	303,600
5.500% 3/01/23 (d)		140,000		140,000
5.875% 5/15/23 (d)		11,000		10,973
6.125% 4/15/25 (d)		75,000		76,070
Par Pharmaceutical, Inc. 7.500% 4/01/27 (d)		629,000		645,480
				2,274,083
Pipelines — 3.3%
Buckeye Partners LP 5.850% 11/15/43		66,000		57,275
Cheniere Energy Partners LP 4.500% 10/01/29 (e)		271,000		271,000
5.625% 10/01/26		725,000		721,375
DCP Midstream Operating LP 5.125% 5/15/29		23,000		22,066
5.625% 7/15/27		216,000		217,350
6.450% 11/03/36 (d)		10,000		9,000
EQM Midstream Partners LP 6.000% 7/01/25 (d)		182,000		184,351
6.500% 7/01/27 (d)		151,000		154,657
Genesis Energy LP/Genesis Energy Finance Corp. 6.000% 5/15/23		765,000		688,500
6.500% 10/01/25		440,000		376,200
PBF Logistics LP / PBF Logistics Finance Corp. 6.875% 5/15/23		400,000		381,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.000% 1/15/28		33,000		31,032
5.500% 3/01/30 (d)		28,000		27,037
6.875% 1/15/29		61,000		63,897
Western Midstream Operating LP 4.050% STEP 2/01/30		145,000		139,576
5.300% 3/01/48		399,000		323,689
5.450% 4/01/44		202,000		168,226
				3,836,231
Real Estate Investment Trusts (REITS) — 2.2%
ESH Hospitality, Inc. 4.625% 10/01/27 (d)		388,000		363,265
Iron Mountain, Inc. 5.250% 7/15/30 (d)		303,000		298,455
MPT Operating Partnership LP/MPT Finance Corp. 5.000% 10/15/27		539,000		553,823
RHP Hotel Properties LP/RHP Finance Corp. 5.000% 4/15/23		789,000		735,742
Ryman Hospitality Properties, Inc. 4.750% 10/15/27 (d)		425,000		378,250
Service Properties Trust 7.500% 9/15/25		207,000		218,082
				2,547,617

	Principal Amount		Value
Retail — 1.8%
Asbury Automotive Group, Inc. 4.500% 3/01/28 (d)	$	152,000	$	147,440
Golden Nugget, Inc. 8.750% 10/01/25 (d)		714,000		403,410
KGA Escrow LLC 7.500% 8/15/23 (d)		561,000		560,299
Penske Automotive Group, Inc. 5.500% 5/15/26		1,000,000		997,500
				2,108,649
Software — 3.3%
CDK Global, Inc. 5.250% 5/15/29 (d)		66,000		68,536
Open Text Corp. 3.875% 2/15/28 (d)		302,000		290,769
Open Text Holdings, Inc. 4.125% 2/15/30 (d)		313,000		307,522
RP Crown Parent LLC 7.375% 10/15/24 (d)		191,000		190,523
Solera LLC/ Solera Finance, Inc. 10.500% 3/01/24 (d)		465,000		473,137
SS&C Technologies, Inc. 5.500% 9/30/27 (d)		720,000		730,541
Veritas US, Inc./Veritas Bermuda Ltd. 10.500% 2/01/24 (d)		2,020,000		1,807,900
				3,868,928
Storage & Warehousing — 1.0%
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (d)		1,111,000		1,121,299
Telecommunications — 6.8%
CenturyLink, Inc. 5.125% 12/15/26 (d)		526,000		524,685
6.750% 12/01/23		248,000		266,548
CommScope Technologies Finance LLC 6.000% 6/15/25 (d)		226,000		218,248
CommScope Technologies LLC 5.000% 3/15/27 (d)		174,000		156,722
CommScope, Inc. 6.000% 3/01/26 (d)		162,000		166,050
8.250% 3/01/27 (d)		565,000		580,650
7.125% 7/01/28 (d) (e)		200,000		199,520
Hughes Satellite Systems Corp. 6.625% 8/01/26		687,000		713,024
Sprint Capital Corp. 8.750% 3/15/32		126,000		180,337
Sprint Corp. 7.250% 9/15/21		745,000		781,021
7.625% 3/01/26		386,000		455,623
7.875% 9/15/23		1,386,000		1,560,982
T-Mobile USA, Inc. 6.500% 1/15/26		679,000		709,630

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

42

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Telecom Italia Capital 6.000% 9/30/34	$	150,000	$	163,050
Telecom Italia SpA 5.303% 5/30/24 (d)		586,000		611,532
ViaSat, Inc. 5.625% 4/15/27 (d)		197,000		201,679
6.500% 7/15/28 (d)		387,000		387,081
				7,876,382
Toys, Games & Hobbies — 0.5%
Mattel, Inc. 6.750% 12/31/25 (d)		305,000		316,437
5.875% 12/15/27 (d)		224,000		230,720
				547,157
Transportation — 3.4%
Kenan Advantage Group, Inc. 7.875% 7/31/23 (d)		3,200,000		2,816,000
XPO Logistics, Inc. 6.250% 5/01/25 (d)		350,000		366,625
6.750% 8/15/24 (d)		716,000		750,082
				3,932,707
TOTAL CORPORATE DEBT (Cost $113,170,528)				107,318,305
TOTAL BONDS & NOTES (Cost $120,406,352)				113,140,535
	Number of Shares
WARRANTS — 0.0%
Basic Materials — 0.0%
Forest Products & Paper — 0.0%
Appvion Holding Corp. Tranche A Expires 6/13/23, Strike price 31.25 (a) (b)		2,106		-
Appvion Holding Corp. Tranche B Expires 6/13/23, Strike price 31.25 (a) (b)		2,106		-
TOTAL WARRANTS (Cost $0)				-
TOTAL LONG-TERM INVESTMENTS (Cost $123,881,440)				113,285,050
TOTAL INVESTMENTS — 97.5% (Cost $123,881,440) (g)				113,285,050
Other Assets/(Liabilities) — 2.5%				2,883,951
NET ASSETS — 100.0%			$	116,169,001

Abbreviation Legend

DAC Designated Activity Company

FRN Floating Rate Note

LIBOR London Inter-Bank Offered Rate

STEP Step Up Bond

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2020, these securities amounted to a value of $0 or 0.00% of net assets.

(b) Investment was valued using significant unobservable inputs.

(c) Non-income producing security.

(d) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2020, the aggregate market value of these securities amounted to $73,269,266 or 63.07% of net assets.

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

(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 June 30, 2020, these securities amounted to a value of $206,600 or 0.18% of net assets.

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

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

United States	83.0	%
Canada	5.7	%
United Kingdom	1.7	%
Netherlands	1.6	%
Luxembourg	1.3	%
Cayman Islands	1.3	%
Ireland	0.8	%
Denmark	0.5	%
Italy	0.5	%
Austria	0.4	%
Mexico	0.3	%
France	0.2	%
Bermuda	0.2	%
Total Long-Term Investments	97.5	%
Other Assets and Liabilities	2.5	%
Net Assets	100.0	%

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

43

MML Inflation-Protected and Income Fund – Portfolio of Investments

June 30, 2020 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 76.5%
CORPORATE DEBT — 1.1%
Pharmaceuticals — 0.5%
Becton Dickinson and Co. 3 mo. USD LIBOR + .875% 1.181% FRN 12/29/20	$	1,545,000	$	1,545,099
Real Estate Investment Trusts (REITS) — 0.6%
SBA Tower Trust 3.156% 10/10/45 (a)		2,000,000		2,004,292
TOTAL CORPORATE DEBT (Cost $3,106,738)				3,549,391
MUNICIPAL OBLIGATIONS — 0.3%
Brazos Higher Education Authority, Inc., Revenue Bonds, Series 2006-2, Class B2 1.678% 6/25/42		1,200,000		1,149,393
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR 1.891% FRN 4/26/27		33,341		33,274
TOTAL MUNICIPAL OBLIGATIONS (Cost $1,217,216)				1,182,667
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 50.4%
Auto Floor Plan ABS — 1.0%
Navistar Financial Dealer Note Master Owner Trust II, Series 2019-1, Class B, 1 mo. USD LIBOR + 0.750% 0.935% FRN 5/25/24 (a)		1,400,000		1,373,260
NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A1, 1 mo. USD LIBOR + .680% 0.865% FRN 10/17/22 (a)		2,000,000		1,986,511
				3,359,771
Automobile ABS — 10.4%
American Credit Acceptance Receivables Trust Series 2017-4, Class C, 2.940% 1/10/24 (a)		17,854		17,854
Series 2019-1, Class C, 3.500% 4/14/25 (a)		1,300,000		1,320,074
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C 4.530% 3/20/23 (a)		388,000		364,823

	Principal Amount		Value
Chesapeake Funding II LLC, Series 2018-1A, Class A2, 1 mo. USD LIBOR + 0.450% 0.635% FRN 4/15/30 (a)	$	520,810	$	520,809
CPS Auto Trust Series 2019-A, Class A, 3.180% 6/15/22 (a)		57,829		57,974
Series 2018-C, Class B, 3.430% 7/15/22 (a)		130,234		130,662
Drive Auto Receivables Trust, Series 2019-1, Class C 3.780% 4/15/25		963,000		959,559
Exeter Automobile Receivables Trust Series 2020-2A, Class A, 1.130% 8/15/23 (a)		880,000		880,056
Series 2019-3A, Class A, 2.590% 9/15/22 (a)		289,126		289,769
Series 2019-1A, Class B, 3.450% 2/15/23 (a)		386,121		387,648
Flagship Credit Auto Trust Series 2017-4, Class A, 2.070% 4/15/22 (a)		11,958		11,962
Series 2018-1, Class A, 2.590% 6/15/22 (a)		142,164		142,277
Series 2016-4, Class C, 2.710% 11/15/22 (a)		400,945		402,775
Series 2018-2, Class A, 2.970% 10/17/22 (a)		597,687		598,562
Hertz Fleet Lease Funding LP, Series 2018-1, Class A1, 1 mo. USD LIBOR + 0.500% 0.677% FRN 5/10/32 (a)		1,513,691		1,487,871
Hertz Vehicle Financing II LP Series 2017-1A, Class B, 3.560% 10/25/21 (a)		2,530,000		2,420,251
Series 2016-2A, Class D, 5.970% 3/25/22 (a)		3,300,000		2,717,812
OneMain Direct Auto Receivables Trust Series 2017-2A, Class C, 2.820% 7/15/24 (a)		8,490,000		8,476,723
Series 2017-2A, Class E, 4.740% 11/14/25 (a)		968,000		964,179
Oscar US Funding Trust IX LLC, Series 2018-2A, Class A2B, 1 mo. USD LIBOR + 0.470% 0.647% FRN 8/10/21 (a)		37,245		37,218
Tesla Auto Lease Trust, Series 2018-B, Class A 3.710% 8/20/21 (a)		5,516,652		5,597,053
Toyota Auto Receivables Owner Trust, Series 2018-C, Class A2B, 1 mo. USD LIBOR + 0.120% 0.305% FRN 8/16/21		232,585		232,585

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

44

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
World Omni Auto Receivables Trust, Series 2019-C, Class A2B, 1 mo. USD LIBOR + .230% 0.415% FRN 2/15/23	$	5,846,901	$	5,846,901
				33,865,397
Commercial MBS — 2.7%
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 7/15/35 (a)		1,700,000		1,568,357
BX Commercial Mortgage Trust Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.785% FRN 12/15/36 (a)		1,300,000		1,237,991
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.885% FRN 11/15/35 (a)		1,582,000		1,561,994
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.185% FRN 10/15/36 (a)		1,671,951		1,606,849
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750% 1.935% FRN 12/15/37 (a)		308,865		298,061
DBJPM 17-C6 Mortgage Trust, Series 2017-C6, Class A1 1.907% 6/10/50		598,456		603,577
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 1 mo. USD LIBOR + 1.000% 1.185% FRN 6/15/32 (a)		1,490,944		1,401,574
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% 1.985% FRN 5/15/36 (a)		476,000		457,583
				8,735,986
Credit Card ABS — 0.3%
Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 1 mo. LIBOR + 0.770% 0.955% FRN 5/14/29		1,100,000		1,080,961
Home Equity ABS — 0.1%
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE3, Class A4, 1 mo. USD LIBOR + 0.170% 0.355% FRN 3/25/36		253,576		250,833

	Principal Amount		Value
Other ABS — 11.9%
321 Henderson Receivables LLC Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200% 0.384% FRN 6/15/41 (a)	$	1,072,274	$	1,024,525
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 0.385% FRN 3/15/41 (a)		270,472		264,300
Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 0.385% FRN 9/15/41 (a)		128,498		126,063
Series 2006-4A, Class A1, 1 mo. USD LIBOR + 0.200% 0.385% FRN 12/15/41 (a)		152,369		149,601
Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% 0.385% FRN 3/15/42 (a)		572,966		553,381
AASET Trust Series 2017-1A, Class A, 3.967% 5/16/42 (a)		159,227		134,234
Series 2018-2A, Class A, 4.454% 11/18/38 (a)		1,591,266		1,418,987
AIMCO CLO, Series 2015-AA, Class AR, 3 mo. USD LIBOR + .850% 2.069% FRN 1/15/28 (a)		2,430,947		2,396,542
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.150% 1.335% FRN 6/15/28 (a)		780,000		765,474
Avant Loans Funding Trust Series 2019-B, Class A, 2.720% 10/15/26 (a)		1,236,081		1,238,337
Series 2019-A, Class A, 3.480% 7/15/22 (a)		167,927		168,186
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.100% 2.091% FRN 4/25/26 (a)		528,191		527,239
BCC Funding XIV LLC, Series 2018-1A, Class A2 2.960% 6/20/23 (a)		219,345		219,714
Carlyle Global Market Strategies CLO Ltd., Series 2013-2A, Class AR, 3 mo. USD LIBOR + .890% 2.025% FRN 1/18/29 (a)		2,000,000		1,966,428
CCG Receivables Trust, Series 2018-2, Class A2 3.090% 12/15/25 (a)		491,029		492,128
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 0.645% FRN 9/25/34		2,877		2,551

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

45

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Elara HGV Timeshare Issuer LLC, Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (b)	$	127,776	$	127,533
FCI Funding LLC, Series 2019-1A, Class A 3.630% 2/18/31 (a)		224,605		226,331
First Franklin Mortgage Loan Trust, Series 2005-FF9, Class A4, 1 mo. USD LIBOR + 0.360% 0.545% FRN 10/25/35		1,328,607		1,252,480
Hilton Grand Vacations Trust, Series 2014-AA, Class A 1.770% 11/25/26 (a)		46,189		46,173
KREF Ltd. Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350% 1.544% FRN 6/15/36 (a)		2,000,000		1,954,711
Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.550% 2.744% FRN 6/15/36 (a)		2,450,000		2,320,860
LCM Ltd., 3 mo. USD LIBOR + 1.240% 2.459% FRN 7/15/27 (a)		1,300,000		1,284,275
Lendmark Funding Trust, Series 2018-1A, Class A 3.810% 12/21/26 (a)		630,000		629,835
Marlette Funding Trust Series 2019-3A, Class A, 2.690% 9/17/29 (a)		1,795,902		1,804,843
Series 2019-2A, Class A, 3.130% 7/16/29 (a)		243,567		238,353
Series 2018-3A, Class A, 3.200% 9/15/28 (a)		22,783		22,788
Series 2019-1A, Class A, 3.440% 4/16/29 (a)		153,890		152,440
Series 2019-2A, Class B, 3.530% 7/16/29 (a)		385,000		384,064
MVW Owner Trust, Series 2017-1A, Class A 2.420% 12/20/34 (a)		81,118		80,052
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + .800% 2.019% FRN 1/15/28 (a)		2,410,614		2,386,216
NP SPE II LLC, Series 2019-1A, Class A1 2.574% 9/20/49 (a)		362,498		359,144
OCP CLO Ltd., Series 2015-10A, Class A1R, 3 mo. USD LIBOR + .820% 1.811% FRN 10/26/27 (a)		1,856,368		1,841,061
Orange Lake Timeshare Trust, Series 2016-A, Class A 2.610% 3/08/29 (a)		197,001		191,053

	Principal Amount		Value
Oxford Finance Funding Trust, Series 2016-1A, Class A 3.968% 6/17/24 (a)	$	92,808	$	93,223
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% 3.035% FRN 2/25/23 (a)		440,000		431,232
Saxon Asset Securities Trust, Series 2006-2, Class A3C, 1 mo. USD LIBOR + 0.150% 0.335% FRN 9/25/36		1,594,157		1,587,254
Sierra Receivables Funding LLC Series 2019-3A, Class C, 3.000% 8/20/36 (a)		2,497,693		2,255,686
Series 2015-3A, Class B, 3.080% 9/20/32 (a)		22,092		21,960
Series 2019-1A, Class C, 3.770% 1/20/36 (a)		548,934		510,912
Series 2019-3A, Class D, 4.180% 8/20/36 (a)		639,550		582,259
Series 2019-1A, Class D, 4.750% 1/20/36 (a)		496,655		462,964
SoFi Consumer Loan Program Trust Series 2017-4, Class A, 2.500% 5/26/26 (a)		370,785		373,011
Series 2017-6, Class A2, 2.820% 11/25/26 (a)		405,544		408,599
Series 2016-3, Class A, 3.050% 12/26/25 (a)		12,664		12,589
Series 2016-5, Class A, 3.060% 9/25/28 (a)		158,255		158,589
Series 2016-2A, Class A, 3.090% 10/27/25 (a)		26,741		26,667
Series 2016-1A, Class A, 3.260% 8/25/25 (a)		296,383		297,851
Series 2017-2, Class A, 3.280% 2/25/26 (a)		128,740		128,601
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + .800% 0.985% FRN 11/25/35 (a)		1,293,361		1,229,748
Textainer Marine Containers VII Ltd., Series 2018-1A, Class A 4.110% 7/20/43 (a)		1,163,700		1,163,389
TLF National Tax Lien Trust, Series 2017-1A, Class A 3.090% 12/15/29 (a)		501,532		504,758
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 2.709% 8/15/47 (a)		113,378		113,431
Verizon Owner Trust., Series 2018-1A, Class A1A 2.820% 9/20/22 (a)		1,286,985		1,298,241

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

46

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Westgate Resorts LLC Series 2017-1A, Class A, 3.050% 12/20/30 (a)	$	272,224	$	271,282
Series 2018-1A, Class A, 3.380% 12/20/31 (a)		390,984		384,383
				39,066,531
Student Loans ABS — 13.5%
Brazos Higher Education Authority, Inc., Series 2006-2, Class A10, 3 mo. USD LIBOR + 0.120% 0.417% FRN 6/25/26		957,665		942,448
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100% 0.406% FRN 6/28/39		3,359,966		2,890,078
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% 1.709% FRN 1/15/37		426,963		363,186
Commonbond Student Loan Trust, Series 2018-CGS, Class C 4.350% 2/25/46 (a)		59,410		57,445
DRB Prime Student Loan Trust Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 2.085% FRN 10/25/44 (a)		1,098,489		1,099,785
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 2.185% FRN 4/25/40 (a)		187,966		177,325
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% 2.235% FRN 2/26/35 (a)		145,892		137,219
ECMC Group Student Loan Trust Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 1.385% FRN 12/27/66 (a)		1,343,440		1,316,667
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 1.518% FRN 7/26/66 (a)		908,125		880,702
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, Prime - 1.150% 3.600% FRN 12/01/47 (a)		693,216		684,149
Edsouth Indenture No.9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + 0.800% 0.985% FRN 10/25/56 (a)		372,405		348,369
No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 12/25/58 (a)		1,000,000		948,514

	Principal Amount		Value
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750% 0.935% FRN 8/25/42 (a)	$	455,713	$	423,689
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700% 1.060% FRN 8/25/48 (a)		257,278		241,707
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350% 1.237% FRN 6/28/39 (a)		477,090		419,983
KeyCorp Student Loan Trust, Series 2000-A, Class A2, 3 mo. USD LIBOR + 0.320% 0.680% FRN 5/25/29		76,852		74,663
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX 2.340% 10/25/48 (a)		638,472		614,377
Navient Student Loan Trust Series 2018-1A, Class A3, 1 mo. USD LIBOR + 0.720% 0.905% FRN 3/25/67 (a)		1,120,000		999,704
Series 2016-3A, Class A2, 1 mo. USD LIBOR + 0.850% 1.035% FRN 6/25/65 (a)		121,981		121,722
Series 2019-2A, Class A2, 1 mo. USD LIBOR + 1.000% 1.185% FRN 2/27/68 (a)		3,387,000		3,189,811
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 1.335% FRN 7/26/66 (a)		410,000		399,302
Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200% 1.385% FRN 12/15/28 (a)		366,461		352,239
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 1.435% FRN 6/25/65 (a)		2,003,434		1,962,498
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 1.485% FRN 3/25/66 (a)		2,200,000		2,041,750
Series 2019-3A, Class B, 1 mo. USD LIBOR + 1.550% 1.735% FRN 7/25/68 (a)		2,900,000		2,212,480
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 1.935% FRN 12/26/40 (a)		288,729		274,137
Nelnet Student Loan Trust Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 0.476% FRN 3/23/37		854,830		615,477

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

47

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.547% FRN 6/25/41	$	314,038	$	270,971
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 1.191% FRN 1/25/38		643,394		552,564
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 1.341% FRN 10/25/40		1,066,398		952,885
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 6/25/41 (a)		375,000		353,389
SLC Student Loan Trust Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 0.543% FRN 12/15/39		1,173,962		1,030,997
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 0.593% FRN 3/15/40		1,774,762		1,548,277
SLM Student Loan Trust Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 0.963% FRN 12/15/38		414,501		367,789
Series 2005-5, Class A4, 3 mo. USD LIBOR + 0.140% 1.131% FRN 10/25/28		431,052		418,342
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 1.191% FRN 1/25/70		346,627		309,303
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 1.201% FRN 10/25/40		369,520		330,527
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 1.211% FRN 1/25/41		405,723		363,715
Series 2003-14, Class A6, 3 mo. USD LIBOR + 0.300% 1.291% FRN 7/25/25		250,712		243,044
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 1.301% FRN 1/25/55		368,564		327,793
Series 2002-7, Class A11, 28 day ARS 1.403% FRN 3/15/28		25,000		25,000
Series 2004-8, Class B, 3 mo. USD LIBOR + 0.460% 1.451% FRN 1/25/40		405,717		356,229
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 1.461% FRN 10/25/64		281,276		249,857
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 1.591% FRN 10/25/65 (a)		2,100,000		1,978,719

	Principal Amount		Value
SMB Private Education Loan Trust Series 2019-A, Class A1, 1 mo. USD LIBOR + .350% 0.535% FRN 2/16/26 (a)	$	588,266	$	569,952
Series 2019-B, Class A1, 1 mo. USD LIBOR + 0.350% 0.535% FRN 7/15/26 (a)		235,498		226,953
Series 2018-B, Class A2B, 1 mo. USD LIBOR + 0.720% 0.905% FRN 1/15/37 (a)		1,364,078		1,318,452
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 1.055% FRN 7/15/36 (a)		1,639,000		1,581,884
Series 2014-A, Class A2A, 3.050% 5/15/26 (a)		183,079		178,624
SoFi Alternative Trust, Series 2019-C, Class PT, 4.853% VRN 1/25/45 (a) (b)		1,796,567		1,951,182
SoFi Professional Loan Program LLC Series 2017-A, Class A1, 1 mo. USD LIBOR + 0.700% 0.885% FRN 3/26/40 (a)		247,083		241,227
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 1.935% FRN 8/25/36 (a)		219,579		216,865
Series 2019-C, Class A1FX, 2.130% 11/16/48 (a)		1,479,744		1,489,369
Series 2016-B, Class A2B, 2.740% 10/25/32 (a)		2,641,185		2,576,373
South Carolina Student Loan Corp., Series 2010-1, Class A2, 3 mo. USD LIBOR + 1.000% 1.991% FRN 7/25/25		204,018		204,019
				44,023,727
WL Collateral CMO — 10.5%
Angel Oak Mortgage Trust, Series 2018-3, Class A3, 3.238% VRN 5/25/59 (a) (b)		1,339,274		1,321,799
Banc of America Funding, Series 2006-G, Class 2A1, 1 mo. USD LIBOR + 0.440% 0.630% FRN 7/20/36		1,436,220		1,419,955
BRAVO Residential Funding Trust, Series 2019-NQM1, Class A1, 2.666% VRN 7/25/59 (a) (b)		7,349,603		7,324,712
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000% 1.118% FRN 8/25/49 (a)		3,729,401		3,713,206
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A3, 3.030% VRN 7/25/49 (a) (b)		1,078,018		1,073,383

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

48

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Deephaven Residential Mortgage Trust Series 2018-1A, Class A1, 2.976% VRN 12/25/57 (a) (b)	$	308,570	$	311,581
Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (b)		308,570		307,724
Series 2018-2A, Class A1, 3.479% VRN 4/25/58 (a) (b)		1,009,327		1,026,177
Series 2019-1A, Class A3, 3.948% VRN 1/25/59 (a) (b)		218,854		219,005
Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (b)		1,470,209		1,478,514
JP Morgan Mortgage Trust Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)		374,628		379,214
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)		596,229		604,008
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)		480,035		488,483
New Residential Mortgage Loan Trust, Series 2019-NQM1, Class A3, 3.928% VRN 1/25/49 (a) (b)		954,298		971,583
Onslow Bay Financial LLC, Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950% 1.135% FRN 2/25/60 (a)		1,809,918		1,809,918
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-4, Class 1APT, 1 mo. USD LIBOR + 0.310% 0.495% FRN 11/25/35		1,191,650		1,141,391
PSMC Trust, Series 2018-1, Class A3, 3.500% VRN 2/25/48 (a) (b)		511,279		518,500
Sequoia Mortgage Trust Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b)		502,207		508,416
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (b)		300,112		302,519
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b)		963,382		978,178
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b)		225,436		226,286
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (b)		919,707		902,328
Verus Securitization Trust Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (b)		913,074		912,536
Series 2019-1, Class A1, 3.836% VRN 2/25/59 (a) (b)		2,175,239		2,225,812

	Principal Amount		Value
Series 2019-1, Class A3, 4.040% VRN 2/25/59 (a) (b)	$	4,257,297	$	4,290,377
				34,455,605
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $169,362,951)				164,838,811
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 3.0%
Pass-Through Securities — 0.1%
Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.214% 3.833% 3/01/37		184,917		194,686
Whole Loans — 2.9%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2020-DNA3, Class M1 1.000% 6/25/50 (a) (c)		9,600,000		9,600,000
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $9,788,442)				9,794,686
U.S. TREASURY OBLIGATIONS — 21.7%
U.S. Treasury Bonds & Notes — 21.7%
U.S. Treasury Inflation Index 0.125% 10/15/24		8,096,274		8,479,374
0.125% 4/15/25		595,692		624,052
0.125% 7/15/26		1,604,790		1,703,922
0.125% 1/15/30		8,273,025		8,937,365
0.250% 1/15/25		7,145,952		7,517,739
0.250% 7/15/29		2,355,993		2,577,341
0.250% 2/15/50		1,595,968		1,790,165
0.375% 7/15/25 (d)		1,968,148		2,101,830
0.375% 7/15/27		52,418		56,966
0.500% 4/15/24		2,745,360		2,885,305
0.500% 1/15/28		1,325,813		1,453,354
0.625% 4/15/23		1,780,942		1,851,765
0.625% 1/15/24		3,076,696		3,240,235
0.625% 1/15/26		2,401,376		2,599,915
0.625% 2/15/43		2,788,550		3,279,276
0.750% 7/15/28		2,222,045		2,505,153
0.750% 2/15/45		707,870		865,021
0.875% 2/15/47		637,416		811,974
1.000% 2/15/48		2,339,865		3,090,150
1.000% 2/15/49		265		352
1.375% 2/15/44		1,870,170		2,549,578
2.125% 2/15/41		1,288,144		1,921,961
3.375% 4/15/32		361,193		537,487

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

49

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
3.625% 4/15/28	$	2,774,713	$	3,733,651
3.875% 4/15/29		4,055,896		5,732,536
				70,846,467
TOTAL U.S. TREASURY OBLIGATIONS (Cost $66,685,259)				70,846,467
TOTAL BONDS & NOTES (Cost $250,160,606)				250,212,022
TOTAL PURCHASED OPTIONS (#) — 0.4% (Cost $1,845,236)				1,186,451
TOTAL LONG-TERM INVESTMENTS (Cost $252,005,842)				251,398,473
SHORT-TERM INVESTMENTS — 24.5%
Commercial Paper — 23.8%
American Electric Power, Inc. 0.223% 7/22/20 (a)		3,000,000		2,999,463
American Honda Finance Corp. 1.936% 8/21/20		3,000,000		2,997,825
Avangrid, Inc. 0.203% 7/06/20 (a)		3,000,000		2,999,865
Bayer Corp. 2.553% 7/15/20 (a)		4,000,000		3,999,550
Bemis Co., Inc. 0.304% 7/13/20 (a)		4,000,000		3,999,622
BP Capital Markets PLC 1.274% 11/02/20 (a)		3,000,000		2,996,823
Carnival Corp. 1.746% 11/25/20 (a)		6,000,000		5,834,906
Caterpillar Financial Services Co. 0.203% 7/24/20		4,000,000		3,999,256
Daimler Finance North America LLC 1.323% 8/27/20 (a)		3,000,000		2,997,733
Dominion Resources, Inc. 0.335% 11/03/20		3,000,000		2,992,440
Duke Energy Corp. 0.284% 8/03/20 (a)		3,000,000		2,999,034
Dupont De Nemours, Inc. 1.219% 7/02/20 (a)		3,000,000		2,999,936
Fidelity National Information Services, Inc. 0.274% 7/09/20 (a)		2,000,000		1,999,865
First Abu Dhabi Bank PJSC 0.304% 9/28/20 (a)		1,000,000		999,475
FMC Tech, Inc. 1.269% 7/13/20 (a)		2,000,000		1,999,624
1.269% 7/09/20 (a)		1,000,000		999,745

	Principal Amount		Value
Harley-Davidson, Inc. 2.395% 7/07/20 (a)	$	4,000,000	$	3,999,790
LyondellBasell Industries NV 0.284% 7/01/20 (a)		3,000,000		2,999,977
Mondelez International, Inc. 0.355% 8/04/20 (a)		2,000,000		1,999,325
Public Sevice Enterprise Group, Inc. 0.254% 7/20/20 (a)		3,000,000		2,999,522
Schlumberger Holdings Corp. 0.304% 8/07/20 (a)		3,000,000		2,998,372
Skandinaviska Enskilda Banken AB 0.233% 9/24/20 (a)		3,000,000		2,998,438
Sumitomo Mitsui Banking Corp. 0.244% 9/21/20 (a)		4,000,000		3,997,750
Suncor Energy, Inc. 1.759% 7/07/20 (a)		3,000,000		2,999,842
Toronto Dominion Bank 0.233% 9/24/20 (a)		3,000,000		2,998,502
Verizon Communication, Inc. 1.527% 7/28/20 (a)		2,000,000		1,999,513
				77,806,193
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (e)		2,206,611		2,206,611
TOTAL SHORT-TERM INVESTMENTS (Cost $80,112,912)				80,012,804
TOTAL INVESTMENTS — 101.4% (Cost $332,118,754) (f)				331,411,277
Other Assets/(Liabilities) — (1.4)%				(4,559,317	)
NET ASSETS — 100.0%			$	326,851,960

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

LIBOR London Inter-Bank Offered Rate

MBS Mortgage-Backed Security

PJSC Public Joint Stock Company

VRN Variable Rate Note

WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions

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

50

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

exempt from registration. At June 30, 2020, the aggregate market value of these securities amounted to $217,444,564 or 66.53% of net assets.

(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2020.

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

(d) A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(e) Maturity value of $2,206,611. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $2,250,792.

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

(#) Interest Rate Swaptions Purchased

			Paid by Fund		Received by Fund
Description	Counterparty	Expiration Date	Rate	Frequency	Rate	Frequency	Notional Amount			Value		Premium Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*	12/13/32	3-Month USD LIBOR BBA	Quarterly	2.44%	Semi- Annually		USD	1,967,000	$	301,541	$	98,335	$	203,206
Put
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*	12/13/32	2.94%	Semi- Annually	3-Month USD LIBOR BBA	Quarterly		USD	22,880,000	$	590,304	$	1,143,840	$	(553,536	)
10-Year Interest Rate Swap, 2/02/43	Credit Suisse International*	1/31/33	3.11%	Semi- Annually	3-Month USD LIBOR BBA	Quarterly		USD	12,590,000		294,606		603,061		(308,455	)
											884,910		1,746,901		(861,991	)
										$	1,186,451	$	1,845,236	$	(658,785	)

* Contracts are subject to a Master Netting Agreement.

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Long Bond		9/21/20		35	$	6,252,461		$	(2,773	)
U.S. Treasury Note 2 Year		9/30/20		23		5,076,119			2,928
U.S. Treasury Note 5 Year		9/30/20		19		2,387,887			1,215
								$	1,370
Short
U.S. Treasury Ultra 10 Year		9/21/20		58	$	(9,108,791	)	$	(25,303	)
U.S. Treasury Ultra Bond		9/21/20		22		(4,811,670	)		12,232
								$	(13,071	)

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Obligation/Index	Rate Paid by Fund	Payment Frequency		Termination Date		Notional Amount		Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG Series 34†	1.00%		Quarterly		6/20/25	USD	1,800,000	$	(21,039	)	$	6,392	$	(27,431	)

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

51

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

OTC Interest Rate Swaps

Paid by the Fund		Received by the Fund
Rate/ Reference	Frequency	Rate/ Reference	Frequency	Counterparty	Termination Date	Notional Amount			Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
1.643%	Maturity	U.S. Consumer Price Index	Maturity	Goldman Sachs International*	12/09/21		USD	11,000,000	$	(181,918	)	$	-	$	(181,918	)
1.180%	Maturity	U.S. Consumer Price Index	Maturity	Goldman Sachs International*	6/22/22		USD	3,000,000		597			-		597
1.669%	Maturity	U.S. Consumer Price Index	Maturity	Goldman Sachs International*	11/08/22		USD	1,920,000		(38,501	)		-		(38,501	)
									$	(219,822	)	$	-	$	(219,822	)

OTC Total Return Swaps

Paid by the Fund				Received by the Fund
Rate/ Reference	No. of Contracts/ Notional		Frequency	Rate/Reference	No. of Contracts/ Notional	Frequency	Counterparty	Termination Date		Value		Upfront Premium Received (Paid)/ Received		Unrealized Appreciation (Depreciation)
1.77%	USD	40,000,000	Maturity	Bloomberg Barclays US Treasury Inflation Notes TR Index	123,929	Maturity	BNP Paribas SA*		7/31/20	$	1,754,317	$	-	$	1,754,317
1.76%	USD	60,000,000	Maturity	Bloomberg Barclays US Treasury Inflation Notes TR Index	186,216	Maturity	BNP Paribas SA*		8/31/20		2,739,904		-		2,739,904
1.79%	USD	50,000,000	Maturity	Bloomberg Barclays US Treasury Inflation Notes TR Index	156,349	Maturity	Goldman Sachs International*		7/31/20		2,677,113		-		2,677,113
1.76%	USD	50,000,000	Maturity	Bloomberg Barclays US Treasury Inflation Notes TR Index	155,180	Maturity	Goldman Sachs International*		8/31/20		2,283,253		-		2,283,253
0.31%	USD	32,000,000	Maturity	Bloomberg Barclays US Treasury Inflation Notes TR Index	96,168	Maturity	Goldman Sachs International*		10/30/20		400,983		-		400,983
										$	9,855,570	$	-	$	9,855,570

* 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

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

52

MML Short-Duration Bond Fund – Portfolio of Investments

June 30, 2020 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 92.4%
CORPORATE DEBT — 40.2%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. 3.750% 10/01/21	$	200,000	$	207,354
Agriculture — 1.4%
BAT Capital Corp. 3.222% 8/15/24		415,000		444,459
Bunge Ltd. Finance Corp. 3.500% 11/24/20		930,000		938,790
Imperial Brands Finance PLC 3.125% 7/26/24 (a)		400,000		415,418
3.500% 2/11/23 (a)		387,000		401,506
Reynolds American, Inc. 4.000% 6/12/22		540,000		570,504
				2,770,677
Airlines — 0.0%
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24		20,383		14,654
Auto Manufacturers — 1.7%
Ford Motor Credit Co. LLC 3 mo. USD LIBOR + 1.235% 1.627% FRN 2/15/23		275,000		246,155
3 mo. USD LIBOR + .810% 2.183% FRN 4/05/21		405,000		388,705
3.087% 1/09/23		260,000		247,650
3.350% 11/01/22		365,000		349,590
General Motors Financial Co., Inc. 3.250% 1/05/23		970,000		991,132
Hyundai Capital America 2.375% 2/10/23 (a)		600,000		604,489
2.850% 11/01/22 (a)		320,000		326,534
Nissan Motor Acceptance Corp. 1.900% 9/14/21 (a)		200,000		196,383
				3,350,638
Banks — 9.0%
ABN AMRO Bank NV 4.750% 7/28/25 (a)		435,000		479,404
Banco Santander SA 2.746% 5/28/25		200,000		207,263
3.500% 4/11/22		600,000		624,019
Bank of America Corp. 3 mo. USD LIBOR + .930% 2.816% VRN 7/21/23		1,910,000		1,983,895
The Bank of Nova Scotia 4.500% 12/16/25		420,000		477,206
Barclays Bank PLC 10.179% 6/12/21 (a)		504,000		545,023

	Principal Amount		Value
Barclays PLC 3 mo. USD LIBOR + 1.380% 1.766% FRN 5/16/24	$	485,000	$	480,565
BPCE SA 5.700% 10/22/23 (a)		825,000		919,334
Citigroup, Inc. 4.400% 6/10/25		835,000		935,037
Credit Suisse AG 6.500% 8/08/23 (a)		930,000		1,013,942
Danske Bank A/S 5.000% 1/12/22 (a)		455,000		478,027
Discover Bank 3.350% 2/06/23		673,000		709,932
4.200% 8/08/23		310,000		338,508
First Horizon National Corp. 3.500% 12/15/20		520,000		524,058
The Goldman Sachs Group, Inc. 3.200% 2/23/23		570,000		604,801
4.250% 10/21/25		1,355,000		1,525,312
HSBC Holdings PLC 4.250% 3/14/24		865,000		933,282
Mitsubishi UFJ Financial Group, Inc. 2.665% 7/25/22		820,000		852,341
Morgan Stanley SOFR + 1.990% 2.188% VRN 4/28/26		425,000		442,514
3.750% 2/25/23		521,000		562,259
MTN, MTN, 4.100% 5/22/23		424,000		458,224
Sumitomo Mitsui Financial Group, Inc. 1.474% 7/08/25 (b)		335,000		335,410
2.448% 9/27/24		520,000		545,443
3.748% 7/19/23		321,000		347,693
Synchrony Bank 3.000% 6/15/22		470,000		479,894
UBS Group AG 4.125% 9/24/25 (a)		355,000		402,376
				17,205,762
Beverages — 0.3%
Bacardi Ltd. 4.450% 5/15/25 (a)		83,000		90,770
Molson Coors Beverage Co. 2.100% 7/15/21		230,000		232,824
3.500% 5/01/22		197,000		205,554
				529,148
Building Materials — 0.1%
Masco Corp. 3.500% 4/01/21		170,000		172,344
Chemicals — 1.3%
DuPont de Nemours, Inc. 4.493% 11/15/25		705,000		810,894

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

53

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Huntsman International LLC 5.125% 11/15/22	$	960,000	$	1,016,929
RPM International, Inc. 3.450% 11/15/22		8,000		8,257
The Sherwin-Williams Co. 2.750% 6/01/22		27,000		27,886
Syngenta Finance NV 4.441% 4/24/23 (a)		570,000		598,245
				2,462,211
Commercial Services — 0.3%
The ADT Security Corp. 6.250% 10/15/21		490,000		502,250
Computers — 1.6%
Dell International LLC / EMC Corp. 5.850% 7/15/25 (a)		432,000		496,454
4.000% 7/15/24 (a)		414,000		446,273
Genpact Luxembourg Sarl 3.375% 12/01/24		335,000		345,700
3.700% STEP 4/01/22		635,000		652,008
Leidos Holdings, Inc. 4.450% 12/01/20		635,000		633,174
Leidos, Inc. 2.950% 5/15/23 (a)		390,000		406,263
				2,979,872
Diversified Financial Services — 3.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.875% 8/14/24		845,000		793,362
4.500% 9/15/23 (b)		255,000		255,030
Aircastle Ltd. 5.000% 4/01/23		1,010,000		984,067
Antares Holdings LP 6.000% 8/15/23 (a)		473,000		453,698
Avolon Holdings Funding Ltd. 2.875% 2/15/25 (a)		335,000		281,118
Brookfield Finance, Inc. 4.000% 4/01/24		580,000		628,914
Lazard Group LLC 3.750% 2/13/25		805,000		854,725
LeasePlan Corp. NV 2.875% 10/24/24 (a)		280,000		286,304
Park Aerospace Holdings Ltd. 5.250% 8/15/22 (a)		1,250,000		1,173,341
Synchrony Financial 2.850% 7/25/22		605,000		615,336
				6,325,895
Electric — 1.1%
Ameren Corp. 2.500% 9/15/24		345,000		365,595
2.700% 11/15/20		455,000		457,784

	Principal Amount		Value
Enel Finance International NV 2.875% 5/25/22 (a)	$	285,000	$	294,789
Entergy Texas, Inc. 2.550% 6/01/21		95,000		96,465
Pacific Gas and Electric Co. 1.750% 6/16/22		640,000		641,024
Puget Energy, Inc. 6.000% 9/01/21		260,000		274,268
				2,129,925
Electronics — 0.1%
FLIR Systems, Inc. 3.125% 6/15/21		230,000		233,755
Household Products & Wares — 0.4%
Church & Dwight Co., Inc. 2.875% 10/01/22		701,000		732,752
Housewares — 0.5%
Newell Brands, Inc. 4.350% STEP 4/01/23		979,000		1,008,174
Insurance — 3.2%
American International Group, Inc. 2.500% 6/30/25		215,000		227,597
3.750% 7/10/25		490,000		542,254
AmTrust Financial Services, Inc. 6.125% 8/15/23		620,000		575,261
Athene Global Funding 2.750% 6/25/24 (a)		1,020,000		1,034,585
CNA Financial Corp. 5.750% 8/15/21		443,000		466,886
Enstar Group Ltd. 4.500% 3/10/22		685,000		693,990
Equitable Holdings, Inc. 3.900% 4/20/23		87,000		93,125
Jackson National Life Global Funding 2.500% 6/27/22 (a)		495,000		510,652
Lincoln National Corp. 4.000% 9/01/23		122,000		132,831
Trinity Acquisition PLC 3.500% 9/15/21		600,000		614,701
Unum Group 3.875% 11/05/25		620,000		643,708
4.500% 3/15/25		265,000		284,638
Willis Towers Watson PLC 5.750% 3/15/21		190,000		196,069
				6,016,297
Investment Companies — 1.4%
Ares Capital Corp. 4.200% 6/10/24		953,000		975,807
BlackRock TCP Capital Corp. 3.900% 8/23/24		360,000		351,381
4.125% 8/11/22		675,000		676,693

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

54

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Sixth Street Specialty Lending, Inc. 3.875% 11/01/24	$	655,000	$	653,406
				2,657,287
Iron & Steel — 0.2%
Steel Dynamics, Inc. 2.400% 6/15/25		165,000		169,933
2.800% 12/15/24		250,000		260,179
				430,112
Lodging — 0.6%
Las Vegas Sands Corp. 3.200% 8/08/24		1,025,000		1,021,463
Marriott International, Inc. /MD 5.750% 5/01/25		161,000		174,904
				1,196,367
Machinery – Diversified — 0.4%
CNH Industrial Capital LLC 1.950% 7/02/23 (b)		120,000		120,788
3.875% 10/15/21		635,000		650,793
				771,581
Media — 0.7%
Discovery Communications LLC 2.950% 3/20/23		229,000		240,584
Sirius XM Radio, Inc. 3.875% 8/01/22 (a)		1,047,000		1,054,968
				1,295,552
Mining — 0.9%
Glencore Finance Canada Ltd. 4.250% STEP 10/25/22 (a)		254,000		268,516
Glencore Funding LLC 4.125% 5/30/23 (a)		360,000		384,850
Kinross Gold Corp. 5.125% 9/01/21		370,000		380,243
5.950% 3/15/24		550,000		618,247
				1,651,856
Oil & Gas — 1.1%
Continental Resources, Inc. 5.000% 9/15/22		390,000		383,175
EQT Corp. 3.000% 10/01/22		565,000		525,450
6.125% STEP 2/01/25		320,000		318,886
Newfield Exploration Co. 5.625% 7/01/24		505,000		482,552
Valero Energy Corp. 2.700% 4/15/23		390,000		404,636
				2,114,699
Packaging & Containers — 0.4%
Graphic Packaging International LLC 4.750% 4/15/21		759,000		768,487

	Principal Amount		Value
Pharmaceuticals — 1.4%
AbbVie, Inc. 3.800% 3/15/25 (a)	$	495,000	$	549,210
Becton Dickinson and Co. 3 mo. USD LIBOR + .875% 1.181% FRN 12/29/20		489,000		489,032
Cardinal Health, Inc. 3 mo. USD LIBOR + .770% 1.083% FRN 6/15/22		590,000		588,977
Mylan, Inc. 3.125% 1/15/23 (a)		525,000		551,766
Teva Pharmaceutical Finance Netherlands III BV 2.200% 7/21/21		240,000		235,114
Upjohn, Inc. 1.650% 6/22/25 (a)		190,000		193,730
				2,607,829
Pipelines — 1.8%
Energy Transfer Operating LP 4.200% 9/15/23		960,000		1,020,002
EnLink Midstream Partners LP 4.400% 4/01/24		490,000		406,945
EQM Midstream Partners LP 4.750% 7/15/23		505,000		508,399
MPLX LP 3 mo. USD LIBOR + 1.100% 1.413% FRN 9/09/22		1,050,000		1,032,580
Plains All American Pipeline LP/PAA Finance Corp. 3.850% 10/15/23		384,000		398,214
				3,366,140
Private Equity — 0.3%
Hercules Capital, Inc. 4.625% 10/23/22		610,000		587,680
Real Estate Investment Trusts (REITS) — 2.0%
CubeSmart LP 4.375% 12/15/23		313,000		341,674
Essex Portfolio LP 3.500% 4/01/25		130,000		141,728
3.875% 5/01/24		170,000		184,955
SBA Tower Trust 2.836% 1/15/25 (a)		1,450,000		1,494,994
Service Properties Trust 4.350% 10/01/24		510,000		459,665
Tanger Properties LP 3.875% 12/01/23		510,000		501,132
VEREIT Operating Partnership LP 4.600% 2/06/24		570,000		608,137
				3,732,285
Retail — 1.8%
Advance Auto Parts, Inc. 4.500% 12/01/23		306,000		331,976

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

55

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Dollar Tree, Inc. 3.700% 5/15/23	$	940,000	$	1,007,421
O’Reilly Automotive, Inc. 3.800% 9/01/22		123,000		129,183
3.850% 6/15/23		873,000		919,109
QVC, Inc. 4.375% 3/15/23		1,060,000		1,059,894
				3,447,583
Semiconductors — 0.4%
Microchip Technology, Inc. 3.922% 6/01/21		390,000		397,600
NXP BV/NXP Funding LLC 4.125% 6/01/21 (a)		370,000		381,039
				778,639
Telecommunications — 1.4%
AT&T, Inc. 3.400% 5/15/25		435,000		478,047
Qwest Corp 6.750% 12/01/21		485,000		512,551
Sprint Communications, Inc. 9.250% 4/15/22		330,000		364,650
T-Mobile USA, Inc. 1.500% 2/15/26 (a)		430,000		429,970
Telefonaktiebolaget LM Ericsson 4.125% 5/15/22		828,000		866,916
				2,652,134
Transportation — 0.4%
Ryder System, Inc. 3.400% 3/01/23		175,000		183,570
3.750% 6/09/23		482,000		514,345
				697,915
Trucking & Leasing — 0.6%
DAE Funding LLC 4.000% 8/01/20 (a)		205,000		203,463
Penske Truck Leasing Co. LP/PTL Finance Corp. 4.875% 7/11/22 (a)		816,000		869,208
				1,072,671
TOTAL CORPORATE DEBT (Cost $75,385,779)				76,470,525
MUNICIPAL OBLIGATIONS — 0.2%
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR 1.891% FRN 4/26/27		14,077		14,049

	Principal Amount		Value
Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class B, 28 day ARS 1.691% FRN 10/25/42	$	450,000	$	435,443
				449,492
TOTAL MUNICIPAL OBLIGATIONS (Cost $457,890)				449,492
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 49.4%
Auto Floor Plan ABS — 0.4%
Navistar Financial Dealer Note Master Owner Trust II Series 2019-1, Class C, 1 mo. USD LIBOR + .950% 1.135% FRN 5/25/24 (a)		236,000		232,491
Series 2018-1, Class C, 1 mo. USD LIBOR + 1.050% 1.235% FRN 9/25/23 (a)		160,000		158,582
Series 2019-1, Class D, 1 mo. USD LIBOR + 1.450% 1.635% FRN 5/25/24 (a)		214,000		210,718
Series 2018-1, Class D, 1 mo. USD LIBOR + 1.550% 1.735% FRN 9/25/23 (a)		230,000		227,850
				829,641
Automobile ABS — 6.5%
American Credit Acceptance Receivables Trust Series 2017-4, Class C, 2.940% 1/10/24 (a)		9,481		9,481
Series 2019-1, Class C, 3.500% 4/14/25 (a)		675,000		685,423
AmeriCredit Automobile Receivables Trust Series 2020-1, Class D, 1.800% 12/18/25		947,000		875,742
Series 2019-3, Class D, 2.580% 9/18/25		588,000		559,739
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class C, 3.020% 8/20/26 (a)		1,259,000		1,131,256
Series 2019-3A, Class C, 3.150% 3/20/26 (a)		1,083,000		1,005,582
Series 2019-1A, Class C, 4.530% 3/20/23 (a)		233,000		219,082
Series 2018-1A, Class C, 4.730% 9/20/24 (a)		500,000		469,698

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

56

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B 3.630% 1/19/24 (a)	$	180,000	$	184,177
Carmax Auto Owner Trust, Series 2019-4, Class D 2.800% 4/15/26		560,000		521,873
Carvana Auto Receivables Trust, Series 2019-4A, Class D 3.070% 7/15/25 (a)		719,000		708,002
Drive Auto Receivables Trust, Series 2019-4, Class D 2.700% 2/16/27		550,000		549,918
DT Auto Owner Trust, Series 2019-1A, Class C 3.610% 11/15/24 (a)		100,000		100,866
Exeter Automobile Receivables Trust Series 2019-3A, Class D, 3.110% 8/15/25 (a)		400,000		398,739
Series 2019-1A, Class B, 3.450% 2/15/23 (a)		146,460		147,039
Hertz Fleet Lease Funding LP, Series 2019-1, Class D 3.440% 1/10/33 (a)		649,000		577,560
Hertz Vehicle Financing II LP, Series 2017-1A, Class B 3.560% 10/25/21 (a)		910,000		870,525
Hertz Vehicle Financing LLC, Series 2018-3A, Class B 4.370% 7/25/24 (a)		330,000		310,408
Hertz Vehicle Financing LP Series 2019-3A, Class B, 3.030% 12/26/25 (a)		410,000		390,885
Series 2016-2A, Class C, 4.990% 3/25/22 (a)		1,800,000		1,636,876
Oscar US Funding X LLC, Series 2019-1A, Class A4 3.270% 5/11/26 (a)		500,000		518,620
Santander Revolving Auto Loan Trust Series 2019-A, Class B, 2.800% 1/26/32 (a)		170,000		162,963
Series 2019-A, Class C, 3.000% 1/26/32 (a)		101,000		100,326
Series 2019-A, Class D, 3.450% 1/26/32 (a)		215,000		213,894
				12,348,674
Commercial MBS — 4.3%
BAMLL Commercial Mortgage Securities Trust Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 1.535% FRN 9/15/34 (a)		130,000		108,716

	Principal Amount		Value
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 (a) (c)	$	370,000	$	325,230
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 (a) (c)		450,000		359,647
BHMS Mortgage Trust Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.435% FRN 7/15/35 (a)		770,000		727,683
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 7/15/35 (a)		950,000		876,435
BX Commercial Mortgage Trust Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.785% FRN 12/15/36 (a)		767,000		730,415
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.885% FRN 11/15/35 (a)		728,000		718,794
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.985% FRN 10/15/36 (a)		301,907		289,781
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.185% FRN 10/15/36 (a)		846,485		813,525
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150% 2.335% FRN 12/15/37 (a)		545,194		519,827
Commercial Mortgage Trust Series 2014-CR14, Class A2, 3.147% 2/10/47		90,050		90,043
Series 2015-DC1, Class AM, 3.724% 2/10/48		480,000		508,708
Series 2015-DC1, Class B, 4.035% VRN 2/10/48 (c)		333,000		335,539
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600% 1.785% FRN 5/15/36 (a)		200,000		193,759
Hudson Yards Mortgage Trust, Series 2019-30HY, Class E, 3.558% VRN 7/10/39 (a) (c)		700,000		660,800
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% 1.985% FRN 5/15/36 (a)		251,000		241,288
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B 3.769% 2/15/46		250,000		252,929
Morgan Stanley Capital I Trust, Series 2012-STAR, Class D 4.057% 8/05/34 (a)		400,000		386,066

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

57

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
MSCG Trust, Series 2018-SELF, Class C, 1 mo. USD LIBOR + 1.180% 1.365% FRN 10/15/37 (a)	$	90,000	$	85,712
				8,224,897
Home Equity ABS — 0.0%
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240% 0.425% FRN 10/25/34 (a)		61,050		60,522
Other ABS — 21.7%
321 Henderson Receivables I LLC, Series 2010-3A, Class A 3.820% 12/15/48 (a)		168,157		174,696
321 Henderson Receivables LLC, Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 0.385% FRN 3/15/41 (a)		33,289		32,529
AASET Trust Series 2017-1A, Class A, 3.967% 5/16/42 (a)		142,466		120,104
Series 2018-2A, Class A, 4.454% 11/18/38 (a)		643,463		573,798
Adams Outdoor Advertising LP, Series 2018-1, Class A 4.810% 11/15/48 (a)		388,436		394,875
American Tower Trust #1, Series 13, Class 2A 3.070% 3/15/48 (a)		500,000		501,128
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (a)		286,500		290,520
Ares LV CLO Ltd., Series 2020-55A, Class A1, 3 mo. USD LIBOR + 1.700% 2.074% FRN 4/15/31 (a)		500,000		498,990
Ascentium Equipment Receivables Trust, Series 2019-2A, Class E 3.780% 5/10/27 (a)		669,000		668,486
Avant Loans Funding Trust, Series 2019-A, Class A 3.480% 7/15/22 (a)		92,802		92,945
Bain Capital Credit CLO Ltd. 3 mo. USD LIBOR + 1.850% 0.739% FRN 7/19/31 (a)		500,000		500,523
Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 3.019% FRN 1/15/29 (a)		750,000		729,694
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class A2R, 3 mo. USD LIBOR + 1.750% 2.969% FRN 1/15/29 (a)		500,000		482,415

	Principal Amount		Value
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.940% 5/25/29 (a)	$	106,070	$	106,505
Series 2019-A, Class B, 3.780% 9/26/33 (a)		298,832		295,246
CAL Funding Ltd., Series 2018-2A, Class A 4.340% 9/25/43 (a)		239,250		237,187
Capital Automotive REIT Series 2017-1A, Class A1, 3.870% 4/15/47 (a)		244,670		243,801
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)		611,675		613,658
CARS-DB4 LP, Series 2020-1A, Class B1 4.170% 2/15/50 (a)		484,000		426,135
Castlelake Aircraft Structured Trust, Series 2018-1, Class A 4.125% 6/15/43 (a)		300,030		278,589
Cbam CLO Management Cbam, Series 2018-6A, Class A1R, 3 mo. USD LIBOR + 1.270% 2.489% FRN 1/15/31 (a)		500,000		491,536
CIFC Funding 2015-IV Ltd., Series 2015-4A, Class A2R, 2.985% FRN 10/20/27 (a) (c)		300,000		293,229
CLI Funding VI LLC, Series 2017-1A, Class A 3.620% 5/18/42 (a)		405,067		404,525
CNH Equipment Trust, Series 2020-A, Class B 2.300% 10/15/27		235,000		235,379
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 0.645% FRN 9/25/34		1,186		1,052
DB Master Finance LLC Series 2019-1A, Class A2I, 3.787% 5/20/49 (a)		273,930		282,561
Series 2019-1A, Class A2II, 4.021% 5/20/49 (a)		323,555		336,513
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.890% 2/20/32 (a)		448,031		446,547
Series 2016-1, Class A, 3.080% 11/20/28 (a)		200,762		200,808
Series 2018-1, Class A, 3.700% 1/21/31 (a)		162,733		164,999
Domino’s Pizza Master Issuer LLC Series 2017-1A, Class A2II, 3.082% 7/25/47 (a)		341,250		344,525
Series 2018-1A, Class A2I, 4.116% 7/25/48 (a)		353,700		375,758

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

58

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A, 2.690% 3/25/30 (a)	$	115,367	$	114,897
Series 2016-A, Class A, 2.730% 4/25/28 (a)		212,434		211,371
Series 2017-A, Class B, 2.960% 3/25/30 (a)		341,829		334,000
Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (c)		29,756		29,700
Series 2019-A, Class C, 3.450% 1/25/34 (a)		718,469		660,796
Elmwood CLO Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450% 2.585% FRN 4/20/31 (a)		350,000		346,913
FCI Funding LLC, Series 2019-1A, Class A 3.630% 2/18/31 (a)		122,309		123,250
Global SC Finance II SRL, Series 2013-1A, Class A 2.980% 4/17/28 (a)		83,583		83,302
Global SC Finance IV Ltd., Series 2017-1A, Class A 3.850% 4/15/37 (a)		231,057		221,781
Goodgreen Trust Series 2019-2A, Class A, 2.760% 10/15/54 (a)		591,333		585,909
Series 2016-1A, Class A, 3.230% 10/15/52 (a)		306,459		312,208
Series 2019-1A, Class A, 3.860% 10/15/54 (a)		297,017		310,986
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (c)		263,811		274,401
Hero Funding Trust Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		189,307		193,676
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		192,505		201,565
Series 2015-1A, Class A, 3.840% 9/21/40 (a)		411,612		437,942
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		340,470		364,219
Hilton Grand Vacations Trust, Series 2017-AA, Class B 2.960% 12/26/28 (a)		133,283		125,376
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A 4.458% 12/15/38 (a)		532,933		480,822
Horizon Aircraft Finance III Ltd, Series 2019-2, Class B 4.458% 11/15/39 (a)		683,333		378,308
KDAC Aviation Finance Ltd., Series 2017-1A, Class A 4.212% 12/15/42 (a)		192,555		163,325

	Principal Amount		Value
KREF Ltd., Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350% 1.544% FRN 6/15/36 (a)	$	1,150,000	$	1,123,959
Lendmark Funding Trust, Series 2018-1A, Class A 3.810% 12/21/26 (a)		350,000		349,909
Lunar Aircraft Ltd., Series 2020-1A, Class A 3.376% 2/15/45 (a)		328,013		299,444
MACH 1 Cayman Ltd., Series 2019-1, Class A 3.474% 10/15/39 (a)		381,063		314,735
Magnetite XXVI Ltd., Series 2020-26A, Class A, 3 mo. USD LIBOR + 1.750% 1.949% FRN 7/15/30 (a)		750,000		750,384
Mariner Finance Issuance Trust, Series 2018-AA, Class A 4.200% 11/20/30 (a)		903,000		892,413
Marlette Funding Trust Series 2019-2A, Class A, 3.130% 7/16/29 (a)		84,241		82,438
Series 2019-2A, Class B, 3.530% 7/16/29 (a)		146,000		145,645
Mosaic Solar Loans LLC Series 2018-2GS, Class A, 4.200% 2/22/44 (a)		241,348		249,685
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		63,092		64,366
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BR, 3 mo. USD LIBOR + 1.250% 2.469% FRN 1/15/28 (a)		600,000		579,085
New Residential Advance Receivables Trust Advance Receivables Backed Series 2019-T3, Class CT3, 2.710% 9/15/52 (a)		344,000		313,040
Series 2019-T4, Class DT4, 2.804% 10/15/51 (a)		714,000		635,460
Series 2019-T3, Class DT3, 3.055% 9/15/52 (a)		600,000		534,000
Series 2019-T2, Class DT2, 3.060% 8/15/53 (a)		220,000		209,277
NP SPE II LLC Series 2019-1A, Class A1, 2.574% 9/20/49 (a)		213,599		211,623
Series 2017-1A, Class A1, 3.372% 10/21/47 (a)		139,530		142,267
OCP CLO Ltd., Series 2015-8A, Class A2AR, 3 mo. USD LIBOR + 1.450% 2.585% FRN 4/17/27 (a)		650,000		639,678
OneMain Financial Issuance Trust Series 2019-2A, Class A, 3.140% 10/14/36 (a)		1,500,000		1,503,988

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

59

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2019-2A, Class C, 3.660% 10/14/36 (a)	$	600,000	$	507,034
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.610% 3/08/29 (a)		385,677		374,033
Series 2016-A, Class B, 2.910% 3/08/29 (a)		158,155		135,365
Series 2019-A, Class D, 4.930% 4/09/38 (a)		533,036		489,664
Oxford Finance Funding Trust Series 2020-1A, Class A2, 3.101% 2/15/28 (a)		281,000		284,407
Series 2016-1A, Class A, 3.968% 6/17/24 (a)		37,123		37,289
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% 3.035% FRN 2/25/23 (a)		250,000		245,018
Recette CLO Ltd., Series 2015-1A, Class CR, 3 mo. USD LIBOR + 1.700% 2.835% FRN 10/20/27 (a)		250,000		243,247
Rockford Tower CLO Ltd., Series 2017-3A, Class A, 3 mo. USD LIBOR + 1.190% 2.325% FRN 10/20/30 (a)		1,000,000		976,396
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090% 2.309% FRN 1/15/30 (a)		400,000		390,614
SBA Tower Trust, Series 2014-2A, Class C, 3.869% STEP 10/15/49 (a)		430,000		454,094
Sierra Receivables Funding LLC Series 2016-2A, Class B, 2.780% 7/20/33 (a)		99,666		99,055
Series 2017-1A, Class A, 2.910% 3/20/34 (a)		169,445		168,483
Series 2019-3A, Class C, 3.000% 8/20/36 (a)		386,967		349,472
Series 2015-3A, Class B, 3.080% 9/20/32 (a)		11,046		10,980
Series 2019-2A, Class C, 3.120% 5/20/36 (a)		68,265		62,106
Series 2018-1A, Class B, 4.236% 4/20/35		364,663		356,116
Series 2019-1A, Class D, 4.750% 1/20/36 (a)		313,677		292,399
SoFi Consumer Loan Program Trust Series 2016-2A, Class A, 3.090% 10/27/25 (a)		10,380		10,351
Series 2016-1A, Class A, 3.260% 8/25/25 (a)		175,202		176,069
Series 2017-2, Class A, 3.280% 2/25/26 (a)		59,879		59,814

	Principal Amount		Value
Series 2019-3, Class D, 3.890% 5/25/28 (a)	$	772,000	$	683,244
Store Master Funding I-VII, Series 2018-1A, Class A3 4.400% 10/20/48 (a)		515,667		505,749
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + .800% 0.985% FRN 11/25/35 (a)		267,592		254,431
Taco Bell Funding LLC, Series 2018-1A, Class A2I 4.318% 11/25/48 (a)		985,000		1,003,980
TAL Advantage LLC, Series 2017-1A, Class A 4.500% 4/20/42 (a)		338,929		338,108
TAL Advantage V LLC, Series 2014-2A, Class A2 3.330% 5/20/39 (a)		210,833		207,672
TLF National Tax Lien Trust, Series 2017-1A, Class A 3.090% 12/15/29 (a)		385,632		388,112
Trafigura Securitisation Finance PLC Series 2018-1A, Class A1, 1 mo. USD LIBOR + .730% 0.915% FRN 3/15/22 (a)		610,000		607,922
Series 2018-1A, Class B, 4.290% 3/15/22 (a)		920,000		916,505
Treman Park CLO Ltd., Series 2015-1A, Class ARR, 3 mo. USD LIBOR + 1.070% 2.205% FRN 10/20/28 (a)		1,000,000		988,177
Trinity Rail Leasing LP Series 2018-1A, Class A1, 3.820% 6/17/48 (a)		479,558		481,488
Series 2019-1A, Class A, 3.820% 4/17/49 (a)		651,137		663,938
Trip Rail Master Funding LLC Series 2017-1A, Class A1, 2.709% 8/15/47 (a)		63,775		63,805
Series 2011-1A, Class A2, 6.024% 7/15/41 (a)		668,991		697,051
Triton Container Finance LLC Series 2017-2A, Class A, 3.620% 8/20/42 (a)		765,759		773,772
Series 2018-2A, Class A, 4.190% 6/22/43 (a)		440,000		440,132
VSE VOI Mortgage LLC, Series 2018-A, Class C 4.020% 2/20/36 (a)		176,430		160,636
Welk Resorts LLC Series 2015-AA, Class A, 2.790% 6/16/31 (a)		37,660		37,336

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

60

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2017-AA, Class B, 3.410% 6/15/33 (a)	$	127,936	$	126,115
Westgate Resorts LLC Series 2017-1A, Class A, 3.050% 12/20/30 (a)		102,084		101,731
Series 2018-1A, Class A, 3.380% 12/20/31 (a)		210,154		206,606
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (a)		231,292		174,607
				41,378,522
Student Loans ABS — 9.4%
Access Group Inc., Series 2004-A, Class A3, 1.699% FRN 7/01/39 (c)		200,000		197,122
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 7/25/58 (a)		140,000		122,250
College Ave Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 1.385% FRN 12/26/47 (a)		469,085		437,901
College Avenue Student Loans LLC Series 2017-A, Class A1, FRN, 1 mo. USD LIBOR + 1.650% 1.835% FRN 11/26/46 (a)		380,428		357,624
Series 2017-A, Class B, 4.500% 11/26/46 (a)		700,000		668,009
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% 1.709% FRN 1/15/37		170,785		145,275
Commonbond Student Loan Trust Series 2019-AGS, Class B, 3.040% 1/25/47 (a)		577,373		556,510
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)		43,149		42,354
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)		52,272		51,726
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)		37,386		36,149
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)		94,461		91,667
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B 2.500% 1/25/30 (a)		59,032		58,780
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 2.085% FRN 10/25/44 (a)		203,082		203,322

	Principal Amount		Value
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% 2.235% FRN 2/26/35 (a)	$	59,438	$	55,904
ECMC Group Student Loan Trust, Series 2018-2A, Class A, 1 mo. USD LIBOR + .800% 0.985% FRN 9/25/68 (a)		408,064		388,754
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME—1.150% 3.600% FRN 12/01/47 (a)		373,270		368,388
Educational Funding of the South, Inc., Series 2011-1, Class A2, 3 mo. USD LIBOR + .650% 1.641% FRN 4/25/35		356,460		344,657
ELFI Graduate Loan Program LLC, Series 2018-A, Class B 4.000% 8/25/42 (a)		224,996		223,510
Higher Education Funding I, Series 2004-1, Class B1, 28 day ARS 1.796% FRN 1/01/44 (a)		950,000		841,446
Laurel Road Prime Student Loan Trust Series 2019-A, Class BFX, 3.000% 10/25/48 (a)		256,646		257,585
Series 2017-B, Class CFX, 3.610% 8/25/42 (a)		172,101		166,043
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)		191,151		189,731
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 1 mo. USD LIBOR + .720% 0.905% FRN 12/15/59 (a)		169,769		162,111
Navient Student Loan Trust Series 2018-1A, Class A3, 1 mo. USD LIBOR + 0.720% 0.905% FRN 3/25/67 (a)		850,000		758,704
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.085% FRN 12/27/67 (a)		400,000		398,868
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 1.335% FRN 3/25/66 (a)		713,237		696,210
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 1.335% FRN 7/26/66 (a)		1,300,000		1,266,079
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 1.435% FRN 6/25/65 (a)		572,410		560,714
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 1.485% FRN 3/25/66 (a)		560,000		519,718

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

61

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Nelnet Private Education Loan Trust Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 1.935% FRN 12/26/40 (a)	$	114,575	$	108,784
Series 2016-A, Class A1B, 3.600% 12/26/40 (a)		82,505		82,867
Nelnet Student Loan Trust Series 2007-2A, Class A4A2, 28 day ARS 1.497% FRN 6/25/35 (a)		600,000		527,634
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 10/25/47 (a)		270,000		243,613
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 1.685% FRN 6/25/54 (a)		130,000		121,163
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200% 0.592% FRN 2/15/45		308,031		271,770
SLM Student Loan Trust Series 2006-2, Class R, 0.000%1/25/41		1,396		713,431
Series 2005-5, Class A4, 3 mo. USD LIBOR + 0.140% 1.131% FRN 10/25/28		172,421		167,337
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 1.191% FRN 1/27/42		924,475		818,395
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 1.201% FRN 10/25/40		369,520		330,527
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 1.281% FRN 1/25/44		501,987		392,736
Series 2003-14, Class A6, 3 mo. USD LIBOR + 0.300% 1.291% FRN 7/25/25		94,017		91,142
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 1.291% FRN 1/25/41		375,299		330,923
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 1.301% FRN 1/25/55		148,273		131,871
SMB Private Education Loan Trust Series 2018-C, Class A2B, 1 mo. USD LIBOR + .750% 0.935% FRN 11/15/35 (a)		489,874		475,907
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 1.055% FRN 7/15/36 (a)		504,000		486,436
Series 2019-B, Class A2B, 1 mo. USD LIBOR + 1.000% 1.185% FRN 6/15/37 (a)		500,000		484,343

	Principal Amount		Value
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 1.285% FRN 9/15/34 (a)	$	177,732	$	175,991
Series 2014-A, Class A2B, 1 mo. USD LIBOR + 1.150% 1.335% FRN 5/15/26 (a)		163,140		163,140
Series 2016-B, Class A2B, 1 mo. USD LIBOR + 1.450% 1.635% FRN 2/17/32 (a)		78,223		78,054
SoFi Professional Loan Program LLC Series 2017-D, Class R1, 0.000%9/25/40 (a)		1,000,000		347,060
Series 2018-A, Class R1, 0.000%2/25/42 (a)		1,000,000		482,315
Series 2018-D, Class R1, 0.000%2/25/48 (a)		956,000		232,977
Series 2019-A, Class R1, 0.000%6/15/48 (a)		1,314,800		322,783
Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% 1.135% FRN 1/25/39 (a)		32,250		32,250
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 1.385% FRN 6/25/33 (a)		53,706		53,438
				17,833,998
WL Collateral CMO — 7.1%
Angel Oak Mortgage Trust Series 2018-3, Class A3, 3.238% VRN 5/25/59 (a) (c)		291,146		287,348
Series 2019-6, Class M1, 3.389% VRN 11/25/59 (a) (c)		800,000		768,756
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, 4.493% VRN 8/25/34 (c)		3,627		3,524
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000% 1.118% FRN 8/25/49 (a)		1,398,525		1,392,452
Citigroup Mortgage Loan Trust Series 2019-IMC1, Class A3, 3.030% VRN 7/25/49 (a) (c)		486,276		484,185
Series 2019-IMC1, Class M1, 3.170% VRN 7/25/49 (a) (c)		391,000		356,231
Countrywide Home Loans, Inc. Series 2004-2, Class 1A1, 3.668% VRN 2/25/34 (c)		2,816		2,701
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (c)		738		698
Deephaven Residential Mortgage Trust Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (c)		177,049		176,563

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

62

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2019-4A, Class M1, 3.484% VRN 10/25/59 (a) (c)	$	550,000	$	526,656
Series 2018-2A, Class A3, 3.684% VRN 4/25/58 (a) (c)		387,606		386,425
Series 2018-3A, Class A3, 3.963% VRN 8/25/58 (a) (c)		298,737		299,022
Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (c)		422,005		424,388
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 3.487% VRN 8/25/34 (c)		1,070		1,073
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.687% VRN 8/25/34 (c)		6,587		6,455
JP Morgan Mortgage Trust Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (c)		217,526		220,189
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (c)		352,317		356,914
Series 2018-4, Class A15, 3.500% VRN 10/25/48 (a) (c)		218,862		220,853
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (c)		267,630		272,340
Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class IA, 3.250% VRN 2/25/34 (c)		357		350
Series 2003-A4, Class IA, 4.234% VRN 7/25/33 (c)		359		340
New Residential Mortgage Loan Trust Series 2016-4A, Class A1, 3.750% VRN 11/25/56 (a) (c)		238,279		251,619
Series 2019-NQM2, Class A3, 3.752% VRN 4/25/49 (a) (c)		158,273		160,781
Series 2019-NQM1, Class A3, 3.928% VRN 1/25/49 (a) (c)		401,810		409,088
Onslow Bay Financial LLC, Series 2020-INV1, Class A21, 3.500% VRN 12/25/49 (a) (c)		684,686		698,124
PSMC Trust Series 2018-1, Class A3, 3.500% VRN 2/25/48 (a) (c)		314,633		319,077
Series 2018-2, Class A3, 3.500% VRN 6/25/48 (a) (c)		282,126		285,808
Sequoia Mortgage Trust Series 2015-1, Class A6, 2.500% VRN 1/25/45 (a) (c)		113,736		113,994
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (c)		386,699		391,480
Series 2018-5, Class A4, 3.500% VRN 5/25/48 (a) (c)		236,511		240,031
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (c)		150,056		151,260

	Principal Amount		Value
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (c)	$	377,797	$	383,599
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (c)		166,110		166,737
Series 2018-7, Class A4, 4.000% VRN 9/25/48 (a) (c)		41,790		42,071
Series 2019-1, Class A4, 4.000% VRN 2/25/49 (a) (c)		35,368		35,225
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3, 3.000% VRN 10/25/31 (a) (c)		454,570		463,912
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (c)		532,984		522,913
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 3.673% VRN 3/25/34 (c)		3,840		3,772
TIAA Bank Mortgage Loan Trust, Series 2018-2, Class A4, 3.500% VRN 7/25/48 (a) (c)		146,826		148,011
Verus Securitization Trust Series 2020-1, Class M1, 3.021% VRN 1/25/60 (a) (c)		1,034,000		961,617
Series 2019-4, Class M1, 3.207% VRN 11/25/59 (a) (c)		430,000		406,437
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (c)		830,067		829,578
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (c)		265,000		252,872
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 2.904% FRN 4/25/44		9,353		8,906
				13,434,375
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $97,937,747)				94,110,629
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 1.9%
Collateralized Mortgage Obligations — 0.1%
Government National Mortgage Association Series 2014-131, Class BW 4.047% 5/20/41 (c)		90,960		94,193
Pass-Through Securities — 0.0%
Federal Home Loan Mortgage Corp. Pool #C01079 7.500% 10/01/30		203		239
Pool #C01135 7.500% 2/01/31		865		1,011

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

63

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Federal National Mortgage Association Pool #775539 12 mo. USD LIBOR + 1.636% 2.931% FRN 5/01/34	$	5,159	$	5,383
Pool #725692 1 year CMT + 2.137% 3.957% FRN 10/01/33		11,988		12,621
Pool #888586 1 year CMT + 2.195% 3.973% FRN 10/01/34		15,359		16,170
Pool #575667 7.000% 3/01/31		2,124		2,498
Pool #529453 7.500% 1/01/30		451		530
Pool #535996 7.500% 6/01/31		779		915
Pool #252926 8.000% 12/01/29		14		16
Pool #532819 8.000% 3/01/30		27		31
Pool #534703 8.000% 5/01/30		452		527
Pool #253437 8.000% 9/01/30		22		26
Pool #253481 8.000% 10/01/30		9		11
Pool #190317 8.000% 8/01/31		457		533
Pool #602008 8.000% 8/01/31		650		758
Pool #597220 8.000% 9/01/31		561		660
Government National Mortgage Association Pool #371146 7.000% 9/15/23		35		37
Pool #352022 7.000% 11/15/23		507		539
Pool #491089 7.000% 12/15/28		1,294		1,414
Pool #500928 7.000% 5/15/29		581		668
Pool #499410 7.000% 7/15/29		214		247
Pool #510083 7.000% 7/15/29		148		170
Pool #493723 7.000% 8/15/29		430		496
Pool #581417 7.000% 7/15/32		2,068		2,390
Government National Mortgage Association II Pool #008746 1 year CMT + 1.500% 3.125% FRN 11/20/25		560		572
Pool #080136 1 year CMT + 1.500% 3.125% FRN 11/20/27		118		121
				48,583
Whole Loans — 1.8%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class M1, 1.000% 6/25/50 (a) (b)		490,000		490,000
Series 2020-DNA3, Class M2, 1.000% 6/25/50 (a) (b)		1,436,000		1,436,000
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 2.335% FRN 9/25/31 (a)		464,441		458,948

	Principal Amount		Value
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 2.485% FRN 8/25/31 (a)	$	1,065,499	$	1,048,930
				3,433,878
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $3,608,570)				3,576,654
U.S. TREASURY OBLIGATIONS — 0.7%
U.S. Treasury Bonds & Notes — 0.7%
U.S. Treasury Note 8.000% 11/15/21 (d)		1,220,000		1,351,214
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,395,661)				1,351,214
TOTAL BONDS & NOTES (Cost $178,785,647)				175,958,514
TOTAL PURCHASED OPTIONS (#) — 0.0% (Cost $147,532)				72,072
TOTAL LONG-TERM INVESTMENTS (Cost $178,933,179)				176,030,586
SHORT-TERM INVESTMENTS — 7.4%
Commercial Paper — 7.4%
ABB Treasury Centre 0.233% 7/06/20 (a)		1,000,000		999,956
American Honda Finance Corp. 1.936% 8/21/20		1,000,000		999,275
2.088% 7/20/20		1,000,000		999,871
Bayer Corp. 0.609% 8/03/20 (a)		2,000,000		1,999,356
Bemis Co., Inc. 0.325% 7/07/20 (a)		1,000,000		999,953
Daimler Finance North America LLC 1.323% 8/27/20 (a)		1,000,000		999,244
1.606% 7/13/20 (a)		1,000,000		999,903
Duke Energy Corp. 0.284% 8/03/20 (a)		1,000,000		999,678
Fidelity National Information Services, Inc. 0.274% 7/09/20 (a)		1,000,000		999,933
Harley-Davidson Funding Corp. 0.507% 7/20/20 (a)		2,000,000		1,999,667

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

64

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
LyondellBasell Industries NV 0.203% 7/29/20 (a)	$	2,000,000	$	1,999,489
				13,996,325
TOTAL SHORT-TERM INVESTMENTS (Cost $13,991,301)				13,996,325
TOTAL INVESTMENTS — 99.8% (Cost $192,924,480) (e)				190,026,911
Other Assets/(Liabilities) — 0.2%				364,002
NET ASSETS — 100.0%			$	190,390,913

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

DAC Designated Activity Company

FRN Floating Rate Note

LIBOR London Inter-Bank Offered Rate

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) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2020, the aggregate market value of these securities amounted to $119,528,285 or 62.78% of net assets.

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

(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 June 30, 2020.

(d) A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

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

(#) Interest Rate Swaptions Purchased

Paid by Fund

Received by Fund

Description

Counterparty

Expiration Date

Rate

Frequency

Rate

Frequency

Notional Amount

Value

Premium Paid (Received)

Unrealized Appreciation/ (Depreciation)

Put

10-Year Interest Rate Swap, 2/02/43

Credit Suisse International*

1/31/33

3.11%

Semi- Annually

3-Month USD LIBOR BBA

Quarterly

USD

3,080,000

$

72,072

$

147,532

$

(75,460

)

* Contracts are subject to a Master Netting Agreement.

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Note 10 Year		9/21/20		158	$	21,945,223	$	43,933

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

65

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Short
90 Day Eurodollar		9/14/20		2	$	(487,593	)	$	(11,082	)
U.S. Treasury Ultra 10 Year		9/21/20		70		(10,993,603	)		(30,303	)
U.S. Treasury Note 2 Year		9/30/20		123		(27,159,573	)		(2,287	)
U.S. Treasury Note 5 Year		9/30/20		490		(61,455,425	)		(158,247	)
90 Day Eurodollar		12/14/20		2		(487,568	)		(10,982	)
90 Day Eurodollar		3/15/21		2		(487,743	)		(11,257	)
90 Day Eurodollar		9/13/21		3		(731,728	)		(16,960	)
90 Day Eurodollar		3/14/22		3		(731,503	)		(17,147	)
90 Day Eurodollar		9/19/22		3		(731,203	)		(17,147	)
90 Day Eurodollar		3/13/23		2		(487,168	)		(11,432	)
90 Day Eurodollar		12/18/23		3		(730,078	)		(16,810	)
90 Day Eurodollar		12/16/24		7		(1,701,414	)		(37,911	)
								$	(341,565	)

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Obligation/Index	Rate Paid by Fund	Payment Frequency	Termination Date	Notional Amount		Value	Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG Series 34†	1.000%	Quarterly	6/20/25	USD	900,000	$(10,710)	$	3,914	$	(14,624	)
CDX.NA.IG Series 34†	1.000%	Quarterly	6/20/25	USD	800,000	(9,350)		2,841		(12,192	)
						$(20,060)	$	6,755	$	(26,816	)

† 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	75.0	%
Cayman Islands	6.5	%
United Kingdom	1.8	%
Ireland	1.5	%
Japan	1.4	%
Netherlands	1.2	%
Bermuda	1.1	%
Canada	1.0	%
Switzerland	0.7	%
Luxembourg	0.5	%
France	0.5	%
Sweden	0.5	%
Spain	0.4	%
Denmark	0.3	%
Barbados	0.0	%
Total Long-Term Investments	92.4	%
Short-Term Investments and Other Assets and Liabilities	7.6	%
Net Assets	100.0	%

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

66

MML Small Cap Equity Fund – Portfolio of Investments

June 30, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.5%
COMMON STOCK — 99.5%
Basic Materials — 2.7%
Forest Products & Paper — 0.6%
Schweitzer-Mauduit International, Inc.		18,441	$	616,114
Mining — 2.1%
Compass Minerals International, Inc. (a)		21,811		1,063,286
Kaiser Aluminum Corp.		14,250		1,049,085
				2,112,371
				2,728,485
Communications — 1.4%
Internet — 1.4%
Q2 Holdings, Inc. (a) (b)		16,176		1,387,739
Consumer, Cyclical — 12.5%
Auto Parts & Equipment — 2.7%
Dorman Products, Inc. (b)		17,675		1,185,462
Visteon Corp. (b)		22,818		1,563,033
				2,748,495
Entertainment — 0.3%
Cedar Fair LP (c)		11,153		306,708
Retail — 9.5%
AutoNation, Inc. (b)		38,906		1,462,087
BJ’s Wholesale Club Holdings, Inc. (b)		58,356		2,174,928
Jack in the Box, Inc.		17,628		1,306,058
Ollie’s Bargain Outlet Holdings, Inc. (b)		6,878		671,637
Suburban Propane Partners LP (c)		89,849		1,284,841
Texas Roadhouse, Inc.		27,122		1,425,804
The Wendy’s Co.		59,363		1,292,926
				9,618,281
				12,673,484
Consumer, Non-cyclical — 27.5%
Biotechnology — 3.6%
Emergent BioSolutions, Inc. (b)		24,470		1,935,088
NeoGenomics, Inc. (a) (b)		24,871		770,504
Twist Bioscience Corp. (a) (b)		13,264		600,859
Zai Lab Ltd. ADR (b)		4,457		366,053
				3,672,504
Commercial Services — 6.1%
ASGN, Inc. (b)		31,617		2,108,222
Korn Ferry		51,022		1,567,906
Monro, Inc.		24,698		1,356,908
Paylocity Holding Corp. (b)		8,069		1,177,186
				6,210,222

	Number of Shares		Value
Foods — 1.7%
BellRing Brands, Inc. Class A (b)		44,466	$	886,652
The Simply Good Foods Co. (b)		45,915		853,100
				1,739,752
Health Care – Products — 8.2%
Adaptive Biotechnologies Corp. (a) (b)		14,055		679,981
AtriCure, Inc. (b)		23,071		1,037,041
Inspire Medical Systems, Inc. (b)		17,462		1,519,543
Intersect ENT, Inc. (b)		27,915		377,969
OraSure Technologies, Inc. (b)		29,823		346,842
Quidel Corp. (b)		6,794		1,520,090
Repligen Corp. (b)		8,810		1,089,004
Tandem Diabetes Care, Inc. (b)		18,099		1,790,353
				8,360,823
Health Care – Services — 4.7%
Addus HomeCare Corp. (b)		15,742		1,457,080
LHC Group, Inc. (b)		16,191		2,822,415
Tenet Healthcare Corp. (b)		28,904		523,451
				4,802,946
Household Products & Wares — 1.5%
Acco Brands Corp.		208,659		1,481,479
Pharmaceuticals — 1.7%
Axsome Therapeutics, Inc. (a) (b)		5,153		423,989
Collegium Pharmaceutical, Inc. (a) (b)		28,770		503,475
G1 Therapeutics, Inc. (a) (b)		13,351		323,895
uniQure NV (b)		10,547		475,248
				1,726,607
				27,994,333
Energy — 1.8%
Energy – Alternate Sources — 1.3%
Renewable Energy Group, Inc. (b)		54,744		1,356,556
Pipelines — 0.5%
Noble Midstream Partners LP (c)		55,508		469,598
				1,826,154
Financial — 19.4%
Banks — 5.5%
The Bank of NT Butterfield & Son Ltd.		41,566		1,013,795
BankUnited, Inc.		43,225		875,306
Cathay General Bancorp		25,740		676,962
CIT Group, Inc. (a)		30,705		636,514
Heritage Financial Corp.		45,213		904,260
IBERIABANK Corp.		22,055		1,004,385
Signature Bank		4,710		503,593
				5,614,815

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

67

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

	Number of Shares		Value
Diversified Financial Services — 2.5%
Federated Hermes, Inc.		21,236	$	503,293
Focus Financial Partners, Inc. Class A (b)		28,299		935,282
Stifel Financial Corp.		23,102		1,095,728
				2,534,303
Insurance — 0.8%
ProSight Global, Inc. (b)		42,537		378,579
Selectquote, Inc. (b)		17,696		448,240
				826,819
Real Estate Investment Trusts (REITS) — 6.0%
Brandywine Realty Trust		109,518		1,192,651
DiamondRock Hospitality Co.		184,693		1,021,352
EPR Properties		35,612		1,179,826
Four Corners Property Trust, Inc.		70,931		1,730,716
National Storage Affiliates Trust		33,007		945,981
				6,070,526
Savings & Loans — 4.6%
Berkshire Hills Bancorp, Inc.		38,231		421,306
OceanFirst Financial Corp. (a)		44,913		791,816
Pacific Premier Bancorp, Inc.		45,554		987,611
Sterling Bancorp		58,897		690,273
WSFS Financial Corp.		61,646		1,769,240
				4,660,246
				19,706,709
Industrial — 16.1%
Building Materials — 2.4%
Masonite International Corp. (b)		15,615		1,214,535
Summit Materials, Inc. Class A (b)		76,083		1,223,414
				2,437,949
Electrical Components & Equipment — 3.2%
Energizer Holdings, Inc.		26,772		1,271,402
EnerSys		13,287		855,417
Generac Holdings, Inc. (b)		9,006		1,098,102
				3,224,921
Electronics — 0.8%
Atkore International Group, Inc. (b)		32,419		886,660
Engineering & Construction — 3.0%
Comfort Systems USA, Inc.		11,438		466,099
KBR, Inc.		67,984		1,533,039
TopBuild Corp. (b)		9,326		1,061,019
				3,060,157
Environmental Controls — 1.4%
Evoqua Water Technologies Corp. (b)		51,617		960,076
US Ecology, Inc.		13,592		460,497
				1,420,573

	Number of Shares		Value
Machinery – Diversified — 0.7%
Chart Industries, Inc. (b)		14,452	$	700,778
Metal Fabricate & Hardware — 2.5%
Mayville Engineering Co., Inc. (b)		34,830		275,157
Rexnord Corp.		59,959		1,747,805
Valmont Industries, Inc.		4,468		507,654
				2,530,616
Miscellaneous – Manufacturing — 0.8%
EnPro Industries, Inc.		16,708		823,537
Transportation — 1.3%
CryoPort, Inc. (a) (b)		24,096		728,904
Hub Group, Inc. Class A (b)		12,641		604,998
				1,333,902
				16,419,093
Technology — 14.9%
Computers — 2.7%
CACI International, Inc. Class A (b)		6,355		1,378,273
Perspecta, Inc.		57,644		1,339,070
				2,717,343
Semiconductors — 5.7%
Brooks Automation, Inc.		41,560		1,838,614
MKS Instruments, Inc.		19,949		2,259,025
Semtech Corp. (b)		32,311		1,687,281
				5,784,920
Software — 6.5%
1Life Healthcare, Inc. (b)		13,969		507,354
Bottomline Technologies de, Inc. (b)		34,255		1,739,126
Envestnet, Inc. (b)		10,703		787,099
j2 Global, Inc. (a)		23,225		1,468,052
Zynga, Inc. Class A (b)		220,593		2,104,457
				6,606,088
				15,108,351
Utilities — 3.2%
Electric — 1.0%
Avista Corp.		27,407		997,341
Gas — 2.2%
National Fuel Gas Co.		18,652		782,078
South Jersey Industries, Inc.		59,080		1,476,409
				2,258,487
				3,255,828
TOTAL COMMON STOCK (Cost $88,901,459)				101,100,176
TOTAL EQUITIES (Cost $88,901,459)				101,100,176

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

68

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

	Number of Shares		Value
MUTUAL FUNDS — 0.7%
Diversified Financial Services — 0.7%
State Street Navigator Securities Lending Prime Portfolio (d)		700,848	$	700,848
TOTAL MUTUAL FUNDS (Cost $700,848)				700,848
TOTAL LONG-TERM INVESTMENTS (Cost $89,602,307)				101,801,024
	Principal Amount
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (e)	$	596,928		596,928
TOTAL SHORT-TERM INVESTMENTS (Cost $596,928)				596,928
TOTAL INVESTMENTS — 100.8% (Cost $90,199,235) (f)				102,397,952
Other Assets/(Liabilities) — (0.8)%				(821,947	)
NET ASSETS — 100.0%			$	101,576,005

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2020, was $7,905,862 or 7.78% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $7,361,018 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b) Non-income producing security.

(c) Security is a Master Limited Partnership.

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

(e) Maturity value of $596,928. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $608,944.

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

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

69

MML Special Situations Fund – Portfolio of Investments

June 30, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.8%
COMMON STOCK — 99.8%
Basic Materials — 22.9%
Chemicals — 17.7%
The Chemours Co.		43,100	$	661,585
Corteva, Inc. (a)		17,700		474,183
Dow, Inc. (a)		61,300		2,498,588
DuPont de Nemours, Inc.		6,600		350,658
Ingevity Corp. (a)		7,900		415,303
				4,400,317
Mining — 5.2%
Alcoa Corp. (a)		45,300		509,172
Arconic Corp. (a)		57,100		795,403
				1,304,575
				5,704,892
Communications — 2.2%
Media — 2.2%
Altice USA, Inc. Class A (a)		23,956		539,968
Consumer, Cyclical — 13.3%
Apparel — 1.4%
Kontoor Brands, Inc. (a)		18,900		336,609
Auto Parts & Equipment — 1.9%
Delphi Technologies PLC (a)		32,800		466,088
Distribution & Wholesale — 1.6%
IAA, Inc. (a)		10,300		397,271
Resideo Technologies, Inc. (a)		510		5,977
				403,248
Entertainment — 3.1%
Penn National Gaming, Inc. (a) (b)		25,200		769,608
Leisure Time — 1.5%
Brunswick Corp.		6,000		384,060
Lodging — 3.8%
Hilton Grand Vacations, Inc. (a)		14,400		281,520
Wyndham Hotels & Resorts, Inc.		15,700		669,134
				950,654
				3,310,267
Consumer, Non-cyclical — 16.0%
Commercial Services — 3.3%
PayPal Holdings, Inc. (a)		4,762		829,683
Foods — 5.7%
Lamb Weston Holdings, Inc.		22,100		1,412,853
Health Care – Products — 4.4%
West Pharmaceutical Services, Inc.		4,884		1,109,498
Pharmaceuticals — 2.6%
Zoetis, Inc.		4,649		637,099
				3,989,133

	Number of Shares		Value
Financial — 5.5%
Insurance — 3.8%
Brighthouse Financial, Inc. (a)		34,500	$	959,790
Real Estate Investment Trusts (REITS) — 1.7%
Park Hotels & Resorts, Inc.		41,900		414,391
				1,374,181
Industrial — 37.5%
Building Materials — 9.0%
Carrier Global Corp.		101,300		2,250,886
Electronics — 11.6%
Fortive Corp.		12,900		872,814
Honeywell International, Inc.		3,060		442,446
Keysight Technologies, Inc. (a)		15,544		1,566,524
				2,881,784
Engineering & Construction — 9.5%
Arcosa, Inc.		37,179		1,568,954
frontdoor, Inc. (a)		9,900		438,867
Jacobs Engineering Group, Inc.		4,100		347,680
				2,355,501
Machinery – Diversified — 7.4%
Otis Worldwide Corp.		29,800		1,694,428
Welbilt, Inc. (a)		24,400		148,596
				1,843,024
				9,331,195
Technology — 2.4%
Computers — 2.4%
Perspecta, Inc.		25,437		590,902
TOTAL COMMON STOCK (Cost $24,992,595)				24,840,538
TOTAL EQUITIES (Cost $24,992,595)				24,840,538
MUTUAL FUNDS — 3.2%
Diversified Financial Services — 3.2%
State Street Navigator Securities Lending Prime Portfolio (c)		779,625		779,625
TOTAL MUTUAL FUNDS (Cost $779,625)				779,625
TOTAL LONG-TERM INVESTMENTS (Cost $25,772,220)				25,620,163
TOTAL INVESTMENTS — 103.0% (Cost $25,772,220) (d)				25,620,163
Other Assets/(Liabilities) — (3.0)%				(737,666	)
NET ASSETS — 100.0%			$	24,882,497

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

70

MML Special Situations Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2020, was $761,912 or 3.06% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. (Note 2).

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

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

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

71

MML Strategic Emerging Markets Fund – Portfolio of Investments

June 30, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.2%
COMMON STOCK — 94.1%
Bermuda — 2.1%
Credicorp Ltd.		11,965	$	1,599,361
Jardine Strategic Holdings Ltd.		47,389		1,022,900
				2,622,261
Brazil — 4.5%
Ambev SA		280,213		728,602
Ambev SA ADR		63,165		166,756
Atacadao SA		106,669		387,399
B3 SA – Brasil Bolsa Balcao		120,853		1,224,286
Itau Unibanco Holding SA Sponsored ADR		263,887		1,237,630
Vale SA Sponsored ADR		189,163		1,950,270
				5,694,943
Cayman Islands — 24.4%
Alibaba Group Holding Ltd. Sponsored ADR (a)		30,542		6,587,909
Budweiser Brewing Co. APAC Ltd. (b)		412,300		1,197,842
Huazhu Group Ltd. ADR (c)		108,203		3,792,515
Innovent Biologics, Inc. (a) (b)		148,500		1,102,975
Meituan Dianping Class B (a)		59,400		1,319,470
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		2,446		318,543
OneConnect Financial Technology Co. Ltd. (a)		51,130		933,634
Pagseguro Digital Ltd. Class A (a)		33,310		1,177,175
Tencent Holdings Ltd.		157,209		10,098,133	��
Wuxi Biologics Cayman, Inc. (a) (b)		23,500		430,589
ZTO Express Cayman, Inc. ADR		114,887		4,217,502
				31,176,287
Chile — 0.8%
Falabella SA		327,767		1,037,490
China — 5.3%
Jiangsu Hengrui Medicine Co. Ltd. Class A		225,177		2,939,726
Ping An Insurance Group Co. of China Ltd. Class A		381,262		3,851,835
				6,791,561
Colombia — 0.3%
Grupo Aval Acciones y Valores SA (c)		95,250		415,290
Egypt — 0.7%
Commercial International Bank Egypt SAE		232,929		936,733
France — 5.5%
Kering SA		12,853		6,981,357

	Number of Shares		Value
LVMH Moet Hennessy Louis Vuitton SE		109	$	47,742
				7,029,099
Hong Kong — 5.0%
AIA Group Ltd.		610,600		5,682,896
Hansoh Pharmaceutical Group Co. Ltd. (a) (b)		152,000		720,015
				6,402,911
India — 11.2%
HDFC Bank Ltd.		89,388		1,274,908
Housing Development Finance Corp. Ltd.		211,069		4,968,760
Kotak Mahindra Bank Ltd.		226,620		4,065,078
Oberoi Realty Ltd.		84,020		405,552
Tata Consultancy Services Ltd.		100,833		2,795,000
Zee Entertainment Enterprises Ltd.		315,798		714,895
				14,224,193
Indonesia — 1.3%
Bank Central Asia Tbk PT		531,600		1,060,149
Indocement Tunggal Prakarsa Tbk PT		337,997		279,426
Semen Indonesia Persero Tbk PT		394,300		265,836
				1,605,411
Italy — 2.0%
Brunello Cucinelli SpA (a)		133		3,947
Moncler SpA (a)		28,343		1,082,210
PRADA SpA (a)		414,700		1,437,728
				2,523,885
Mexico — 4.9%
Alsea SAB de CV (a)		243,074		239,114
Fomento Economico Mexicano SAB de CV		428,542		2,660,057
Fomento Economico Mexicano SAB de CV Sponsored ADR		10,873		674,235
Grupo Aeroportuario del Sureste SAB de CV Class B		42,284		473,716
Grupo Financiero Inbursa SAB de CV Class O		524,534		364,455
Grupo Mexico SAB de CV Series B		812,930		1,888,684
				6,300,261
Netherlands — 2.3%
Yandex NV Class A (a)		59,288		2,965,586
Philippines — 2.5%
Ayala Land, Inc.		1,641,900		1,099,202
SM Investments Corp.		96,455		1,799,357
SM Prime Holdings, Inc.		508,112		321,411
				3,219,970

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

72

MML Strategic Emerging Markets Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Republic of Korea — 2.7%
Amorepacific Corp.		3,994	$	561,629
AMOREPACIFIC Group		5,287		229,101
Samsung Biologics Co. Ltd. (a) (b)		4,058		2,634,092
				3,424,822
Russia — 6.7%
MMC Norilsk Nickel PJSC ADR (c)		398		10,479
MMC Norilsk Nickel PJSC ADR (Russia)		12,108		316,551
Novatek PJSC Sponsored GDR Registered (b)		3,387		481,632
Novatek PJSC Sponsored GDR Registered (b)		31,597		4,485,783
Polyus PJSC (a)		1,321		223,473
Polyus PJSC GDR (b) (d)		4,342		365,379
Polyus PJSC GDR (b) (d)		150		12,623
Sberbank of Russia PJSC		912,596		2,609,985
				8,505,905
South Africa — 0.8%
FirstRand Ltd.		470,438		1,031,223
Switzerland — 0.6%
Cie Financiere Richemont SA Registered		11,517		733,391
Taiwan — 6.2%
Taiwan Semiconductor Manufacturing Co. Ltd.		751,000		7,947,112
Turkey — 0.5%
Akbank T.A.S. (a)		770,774		683,441
United States — 3.8%
Yum China Holdings, Inc.		100,652		4,838,342
TOTAL COMMON STOCK (Cost $107,197,779)				120,110,117
PREFERRED STOCK — 3.1%
Brazil — 1.4%
Lojas Americanas SA 0.640%		292,003		1,727,930
India — 0.0%
Zee Entertainment Enterprises Ltd. 6.000%		503,840		23,223
Singapore — 1.7%
Grab Holdings, Inc. (Acquired 6/18/19, Cost $2,160,355) (a) (d) (e) (f)		350,542		2,160,355
TOTAL PREFERRED STOCK (Cost $3,624,778)				3,911,508
TOTAL EQUITIES (Cost $110,822,557)				124,021,625

	Number of Shares		Value
MUTUAL FUNDS — 0.1%
United States — 0.1%
State Street Navigator Securities Lending Prime Portfolio (g)		78,885	$	78,885
TOTAL MUTUAL FUNDS (Cost $78,885)				78,885
TOTAL LONG-TERM INVESTMENTS (Cost $110,901,442)				124,100,510
	Principal Amount
SHORT-TERM INVESTMENTS — 2.9%
Repurchase Agreement — 2.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (h)	$	3,767,084		3,767,084
TOTAL SHORT-TERM INVESTMENTS (Cost $3,767,084)				3,767,084
TOTAL INVESTMENTS — 100.2% (Cost $114,668,526) (i)				127,867,594
Other Assets/(Liabilities) — (0.2)%				(283,489	)
NET ASSETS — 100.0%			$	127,584,105

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) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2020, the aggregate market value of these securities amounted to $11,430,930 or 8.96% of net assets.

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2020, was $3,550,061 or 2.78% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,599,170 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

73

MML Strategic Emerging Markets Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2020, these securities amounted to a value of $2,538,357 or 1.99% of net assets.

(e) Investment was valued using significant unobservable inputs.

(f) Restricted security. Certain securities are restricted as to resale. At June 30, 2020, these securities amounted to a value of $2,160,355 or 1.69% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(g) Represents investment of security lending cash collateral. (Note 2).

(h) Maturity value of $3,767,084. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $3,842,476.

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

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

Financial	26.6	%
Consumer, Cyclical	18.9	%
Communications	17.0	%
Consumer, Non-cyclical	12.1	%
Technology	9.2	%
Industrial	5.8	%
Energy	3.9	%
Basic Materials	3.7	%
Mutual Funds	0.1	%
Total Long-Term Investments	97.3	%
Short-Term Investments and Other Assets and Liabilities	2.7	%
Net Assets	100.0	%

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

74

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75

MML Series Investment Fund II – Financial Statements

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)

	MML Asset Momentum Fund		MML Dynamic Bond Fund
Assets:
Investments, at value (Note 2) (a)	$	31,509,827	$	341,726,612
Repurchase agreements, at value (Note 2) (b)		9,388,202		10,584,658
Other short-term investments, at value (Note 2) (c)		-		1,888,719
Total investments (d)		40,898,029		354,199,989
Cash		-		1,008,057
Foreign currency, at value (e)		-		-
Receivables from:
Investments sold
Regular delivery		-		1,157,955
Delayed delivery		-		20,596
Fund shares sold		-		10
Collateral pledged for open futures contracts (Note 2)		-		-
Investment adviser (Note 3)		-		-
Variation margin on open derivative instruments (Note 2)		346,870		-
Interest and dividends		20,748		1,803,689
Interest tax reclaim receivable		-		-
Foreign taxes withheld		10,620		-
Open swap agreements, at value (Note 2)		-		-
Total assets		41,276,267		358,190,296
Liabilities:
Payables for:
Investments purchased
Regular delivery		-		4,877,113
Delayed delivery		-		824,235
Collateral held for open swap agreements (Note 2)		-		-
Collateral held for open purchased options (Note 2)		-		-
Foreign currency overdraft		317		-
Interest and dividends		-		-
Fund shares repurchased		48		57,332
Collateral held for securities on loan (Note 2) (f)		7,453,974		-
Open swap agreements, at value (Note 2)		-		-
Trustees’ fees and expenses (Note 3)		1,506		25,048
Variation margin on open derivative instruments (Note 2)		-		-
Affiliates (Note 3):
Investment advisory fees		17,397		121,385
Administration fees		4,349		45,520
Service fees		1,034		6,589
Due to custodian		413,405		-
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		32,485		101,692
Total liabilities		7,924,515		6,058,914
Net assets	$	33,351,752	$	352,131,382
Net assets consist of:
Paid-in capital	$	28,562,682	$	345,421,249
Accumulated Gain (Loss)		4,789,070		6,710,133
Net assets	$	33,351,752	$	352,131,382
(a)    Cost of investments:	$	28,772,508	$	338,828,695
(b)    Cost of repurchase agreements:	$	9,388,202	$	10,584,658
(c)    Cost of other short-term investments:	$	-	$	1,888,346
(d)    Securities on loan with market value of:	$	8,240,672	$	-
(e)    Cost of foreign currency:	$	-	$	-

(f) Non-cash collateral is not included.

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

76

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
$	32,420,315	$	113,285,050		$	251,398,473	$	176,030,586		$	101,801,024	$	25,620,163	$	124,100,510
	732,759		-			2,206,611		-			596,928		-		3,767,084
	-		-			77,806,193		13,996,325			-		-		-
	33,153,074		113,285,050			331,411,277		190,026,911			102,397,952		25,620,163		127,867,594
	-		3,001,448			13,670		1,967,234			-		83,378		82,656
	-		-			-		-			-		-		233,977
	-		280,527			2,849,595		446,221			193,054		-		221,419
	-		-			-		-			-		-		-
	-		19,299			9,307,006		20,402			8,063		-		9,129
	-		-			125,000		-			-		-		-
	-		7,213			-		-			-		-		7,984
	-		-			17,119		3,829			-		-		-
	13,605		1,977,002			382,909		926,947			70,112		9,912		86,985
	-		696			-		2,790			-		-		-
	-		-			-		-			-		-		6,571
	-		-			9,856,167		-			-		-		-
	33,166,679		118,571,235			353,962,743		193,394,334			102,669,181		25,713,453		128,516,315
	-		52,067			5,810,260		-			-		-		587,839
	-		2,114,737			9,600,000		2,633,625			-		-		-
	-		-			8,550,000		-			-		-		-
	-		-			1,140,000		150,000			-		-		-
	-		-			-		-			-		-		-
	-		-			1,457,355		-			-		-		-
	44		60,531			21,840		32,095			262,254		18		17,587
	132,326		-			-		-			700,848		779,625		78,885
	-		-			220,419		-			-		-		-
	1,586		13,814			55,297		23,000			20,150		1,328		9,830
	-		-			2,760		-			-		-		-
	12,855		61,825			155,174		57,609			57,605		13,379		117,240
	4,285		15,456			-		24,690			-		3,344		16,748
	1,025		26,111			26,950		20,815			11,364		474		8,819
	-		-			-		-			-		-		-
	-		-			-		-			-		-		-
	33,772		57,693			70,728		61,587			40,955		32,788		95,262
	185,893		2,402,234			27,110,783		3,003,421			1,093,176		830,956		932,210
$	32,980,786	$	116,169,001		$	326,851,960	$	190,390,913		$	101,576,005	$	24,882,497	$	127,584,105
$	28,455,127	$	133,309,501		$	313,348,248	$	202,245,649		$	86,345,261	$	21,678,813	$	109,913,489
	4,525,659		(17,140,500	)		13,503,712		(11,854,736	)		15,230,744		3,203,684		17,670,616
$	32,980,786	$	116,169,001		$	326,851,960	$	190,390,913		$	101,576,005	$	24,882,497	$	127,584,105
$	28,081,038	$	123,881,440		$	252,005,842	$	178,933,179		$	89,602,307	$	25,772,220	$	110,901,442
$	732,759	$	-		$	2,206,611	$	-		$	596,928	$	-	$	3,767,084
$	-	$	-		$	77,906,301	$	13,991,301		$	-	$	-	$	-
$	424,680	$	-		$	-	$	-		$	7,905,862	$	761,912	$	3,550,061
$	-	$	-		$	-	$	-		$	-	$	-	$	233,424

77

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)

	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	$	31,561,681	$	340,895,690
Shares outstanding (a)		2,612,786		33,555,549
Net asset value, offering price and redemption price per share	$	12.08	$	10.16
Service Class shares:
Net assets	$	-	$	-
Shares outstanding (a)		-		-
Net asset value, offering price and redemption price per share	$	-	$	-
Service Class I shares:
Net assets	$	1,790,071	$	11,235,692
Shares outstanding (a)		149,288		1,109,199
Net asset value, offering price and redemption price per share	$	11.99	$	10.13

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

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

78

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
$	-	$	-	$	282,588,924	$	-	$	81,466,810	$	-	$	-
	-		-		26,257,620		-		9,781,555		-		-
$	-	$	-	$	10.76	$	-	$	8.33	$	-	$	-
$	31,202,157	$	73,210,815	$	-	$	156,268,786	$	-	$	24,083,897	$	112,412,643
	2,547,227		8,177,200		-		16,604,002		-		2,094,426		9,722,485
$	12.25	$	8.95	$	-	$	9.41	$	-	$	11.50	$	11.56
$	-	$	-	$	44,263,036	$	-	$	20,109,195	$	-	$	-
	-		-		4,139,355		-		2,469,775		-		-
$	-	$	-	$	10.69	$	-	$	8.14	$	-	$	-
$	1,778,629	$	42,958,186	$	-	$	34,122,127	$	-	$	798,600	$	15,171,462
	145,945		4,821,381		-		3,633,336		-		69,839		1,313,319
$	12.19	$	8.91	$	-	$	9.39	$	-	$	11.43	$	11.55

79

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

	MML Asset Momentum Fund			MML Dynamic Bond Fund
Investment income (Note 2):
Dividends (a)	$	130,890		$	-
Interest (b)		49,677			6,651,089
Securities lending net income		12,047			2,279
Total investment income		192,614			6,653,368
Expenses (Note 3):
Investment advisory fees		93,685			711,729
Custody fees		9,586			46,528
Interest expense		-			-
Audit fees		16,375			28,468
Legal fees		1,347			3,221
Proxy fees		516			518
Shareholder reporting fees		5,873			25,747
Trustees’ fees		770			9,722
		128,152			825,933
Administration fees:
Class II		22,133			259,032
Service Class I		1,288			7,867
Distribution and Service fees:
Service Class		-			-
Service Class I		2,147			13,111
Total expenses		153,720			1,105,943
Expenses waived (Note 3):
Class II fees reimbursed by adviser		-			-
Service Class I fees reimbursed by adviser		-			-
Class II advisory fees waived		-			-
Service Class I advisory fees waived		-			-
Net expenses		153,720			1,105,943
Net investment income (loss)		38,894			5,547,425
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		297,971			4,195,705
Futures contracts		233,422			-
Swap agreements		-			-
Foreign currency transactions		(13	)		-
Forward contracts		8,222			-
Net realized gain (loss)		539,602			4,195,705
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(913,060	)		(5,990,739	)
Futures contracts		20,496			-
Swap agreements		-			-
Translation of assets and liabilities in foreign currencies		3,648			-
Forward contracts		(1,731	)		-
Net change in unrealized appreciation (depreciation)		(890,647	)		(5,990,739	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(351,045	)		(1,795,034	)
Net increase (decrease) in net assets resulting from operations	$	(312,151	)	$	3,752,391
(a)    Net of foreign withholding tax of:	$	1,429		$	-
(b)    Net of foreign withholding tax of:	$	-		$	138
*    Net of net increase (decrease) in accrued foreign capital gains tax of:	$	-		$	-

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

80

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
$	273,502		$	-		$	-		$	77,835		$	814,361		$	162,074		$	896,825
	1,113			4,084,097			4,133,705			3,694,801			1,837			551			6,256
	317			28,614			1,553			989			9,559			266			10,838
	274,932			4,112,711			4,135,258			3,773,625			825,757			162,891			913,919
	69,750			360,093			924,216			335,729			319,857			73,926			651,344
	10,350			38,196			24,568			25,914			7,861			9,208			83,131
	-			-			444,154			-			-			-			-
	16,376			19,630			20,561			19,977			19,218			16,371			32,876
	1,355			1,616			4,905			1,937			2,465			1,340			2,740
	516			516			516			516			516			516			516
	5,823			13,414			24,717			17,491			10,241			5,552			11,035
	783			3,109			8,530			4,888			2,736			650			3,313
	104,953			436,574			1,452,167			406,452			362,894			107,563			784,955
	21,965			57,070			-			117,930			-			17,868			81,837
	1,285			32,954			-			25,954			-			612			11,212
	-			-			54,121			-			24,193			-			-
	2,142			54,923			-			43,256			-			1,021			18,686
	130,345			581,521			1,506,288			593,592			387,087			127,064			896,690
	-			-			-			-			-			-			(38,594	)
	-			-			-			-			-			-			(5,341	)
	-			(26,625	)		-			-			-			-			(21,824	)
	-			(15,385	)		-			-			-			-			(2,989	)
	130,345			539,511			1,506,288			593,592			387,087			127,064			827,942
	144,587			3,573,200			2,628,970			3,180,033			438,670			35,827			85,977
	(339,314	)		(3,418,793	)		15,134,604			(233,995	)		368,031			2,289,555			923,700
	-			-			(299,037	)		(3,841,616	)		-			-			-
	-			-			628,475			225,105			-			-			-
	-			-			-			-			-			-			(36,551	)
	-			-			-			-			-			-			(167	)
	(339,314	)		(3,418,793	)		15,464,042			(3,850,506	)		368,031			2,289,555			886,982
	(233,224	)		(8,748,287	)		(13,171,001	)		(4,605,380	)		(13,413,298	)		(5,551,583	)		(13,289,000	)*
	-			-			29,934			(496,272	)		-			-			-
	-			-			9,047,418			(26,816	)		-			-			-
	-			-			-			-			-			-			(379	)
	-			-			-			-			-			-			-
	(233,224	)		(8,748,287	)		(4,093,649	)		(5,128,468	)		(13,413,298	)		(5,551,583	)		(13,289,379	)
	(572,538	)		(12,167,080	)		11,370,393			(8,978,974	)		(13,045,267	)		(3,262,028	)		(12,402,397	)
$	(427,951	)	$	(8,593,880	)	$	13,999,363		$	(5,798,941	)	$	(12,606,597	)	$	(3,226,201	)	$	(12,316,420	)
$	887		$	-		$	-		$	-		$	-		$	-		$	93,137
$	-		$	-		$	-		$	1,590		$	-		$	-		$	-
$	-		$	-		$	-		$	-		$	-		$	-		$	289,109

81

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Asset Momentum Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	38,894		$	216,363
Net realized gain (loss)		539,602			3,366,615
Net change in unrealized appreciation (depreciation)		(890,647	)		5,677,370
Net increase (decrease) in net assets resulting from operations		(312,151	)		9,260,348
Distributions to shareholders (Note 2):
Class II		-			(1,657,921	)
Service Class I		-			(93,583	)
Total distributions		-			(1,751,504	)
Net fund share transactions (Note 5):
Class II		-			1,657,921
Service Class I		(70,488	)		100,596
Increase (decrease) in net assets from fund share transactions		(70,488	)		1,758,517
Total increase (decrease) in net assets		(382,639	)		9,267,361
Net assets
Beginning of period		33,734,391			24,467,030
End of period	$	33,351,752		$	33,734,391

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

82

MML Dynamic Bond Fund						MML Equity Rotation Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
$	5,547,425		$	14,878,045		$	144,587		$	259,945
	4,195,705			(21,876	)		(339,314	)		242,105
	(5,990,739	)		20,729,688			(233,224	)		4,240,106
	3,752,391			35,585,857			(427,951	)		4,742,156
	-			(14,724,090	)		-			(657,606	)
	-			(274,456	)		-			(34,524	)
	-			(14,998,546	)		-			(692,130	)
	(50,845,843	)		(52,559,883	)		-			657,606
	1,053,948			3,527,101			(82,069	)		73,105
	(49,791,895	)		(49,032,782	)		(82,069	)		730,711
	(46,039,504	)		(28,445,471	)		(510,020	)		4,780,737
	398,170,886			426,616,357			33,490,806			28,710,069
$	352,131,382		$	398,170,886		$	32,980,786		$	33,490,806

83

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML High Yield Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,573,200		$	7,496,907
Net realized gain (loss)		(3,418,793	)		(2,648,142	)
Net change in unrealized appreciation (depreciation)		(8,748,287	)		9,543,649
Net increase (decrease) in net assets resulting from operations		(8,593,880	)		14,392,414
Distributions to shareholders (Note 2):
Initial Class		-			-
Class II		-			(5,130,049	)
Service Class		-			-
Service Class I		-			(2,664,581	)
Total distributions		-			(7,794,630	)
Net fund share transactions (Note 5):
Initial Class		-			-
Class II		(8,152,007	)		2,719,177
Service Class		-			-
Service Class I		(1,140,274	)		5,213,508
Increase (decrease) in net assets from fund share transactions		(9,292,281	)		7,932,685
Total increase (decrease) in net assets		(17,886,161	)		14,530,469
Net assets
Beginning of period		134,055,162			119,524,693
End of period	$	116,169,001		$	134,055,162

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

84

MML Inflation-Protected and Income Fund						MML Short-Duration Bond Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
$	2,628,970		$	8,153,425		$	3,180,033		$	6,010,397
	15,464,042			194,123			(3,850,506	)		(2,113,237	)
	(4,093,649	)		20,740,223			(5,128,468	)		4,826,501
	13,999,363			29,087,771			(5,798,941	)		8,723,661
	-			(7,592,814	)		-			-
	-			-			-			(5,669,696	)
	-			(933,563	)		-			-
	-			-			-			(986,511	)
	-			(8,526,377	)		-			(6,656,207	)
	(43,824,733	)		(15,902,153	)		-			-
	-			-			(10,765,091	)		(2,604,729	)
	(820,128	)		(467,712	)		-			-
	-			-			(1,054,643	)		5,283,556
	(44,644,861	)		(16,369,865	)		(11,819,734	)		2,678,827
	(30,645,498	)		4,191,529			(17,618,675	)		4,746,281
	357,497,458			353,305,929			208,009,588			203,263,307
$	326,851,960		$	357,497,458		$	190,390,913		$	208,009,588

85

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Small Cap Equity Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	438,670		$	829,975
Net realized gain (loss)		368,031			769,551
Net change in unrealized appreciation (depreciation)		(13,413,298	)		24,207,655
Net increase (decrease) in net assets resulting from operations		(12,606,597	)		25,807,181
Distributions to shareholders (Note 2):
Initial Class		-			(8,162,126	)
Class II		-			-
Service Class		-			(1,918,740	)
Service Class I		-			-
Total distributions		-			(10,080,866	)
Net fund share transactions (Note 5):
Initial Class		(3,098,523	)		(737,342	)
Class II		-			-
Service Class		(125,713	)		1,383,266
Service Class I		-			-
Increase (decrease) in net assets from fund share transactions		(3,224,236	)		645,924
Total increase (decrease) in net assets		(15,830,833	)		16,372,239
Net assets
Beginning of period		117,406,838			101,034,599
End of period	$	101,576,005		$	117,406,838

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

86

MML Special Situations Fund						MML Strategic Emerging Markets Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
$	35,827		$	40,854		$	85,977		$	590,631
	2,289,555			1,339,970			886,982			8,154,908
	(5,551,583	)		4,017,254			(13,289,379	)		22,397,203
	(3,226,201	)		5,398,078			(12,316,420	)		31,142,742
	-			-			-			-
	-			(38,829	)		-			(320,921	)
	-			-			-			-
	-			-			-			(885	)
	-			(38,829	)		-			(321,806	)
	-			-			-			-
	-			38,829			(1,987,510	)		(14,466,841	)
	-			-			-			-
	(58,190	)		40,985			(477,398	)		(441,125	)
	(58,190	)		79,814			(2,464,908	)		(14,907,966	)
	(3,284,391	)		5,439,063			(14,781,328	)		15,912,970
	28,166,888			22,727,825			142,365,433			126,452,463
$	24,882,497		$	28,166,888		$	127,584,105		$	142,365,433

87

MML Series Investment Fund II – Financial Statements (Continued)

Statement of Cash Flows

For the Period Ended June 30, 2020

	MML Inflation- Protected and Income Fund
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	13,999,363
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments purchased		(101,492,577	)
Investments sold		359,581,748
(Increase) Decrease to the principal amount of inflation-indexed bonds		312,549
(Purchase) Sale of short-term investments, net		37,906,677
Amortization (Accretion) of discount and premium, net		(804,642	)
(Increase) Decrease in receivable from interest and dividends		780,041
(Increase) Decrease in receivable from open swap agreements, at value		(9,535,518	)
Increase (Decrease) in payable for Trustees’ fees and expenses		(11,544	)
Increase (Decrease) in payable for investment advisory fees		(16,769	)
Increase (Decrease) in payable for service fee		291
Increase (Decrease) in payable for open swap agreements, at value		97,295
Increase (Decrease) in collateral held for open swap agreements		8,550,000
Increase (Decrease) in collateral held for purchased options		(860,000	)
Increase (Decrease) in payable for interest and dividends		1,457,355
Increase (Decrease) in payable for variation margin on open derivative instruments		(4,069	)
Increase (Decrease) in payable for accrued expenses and other liabilities		(58,076	)
Net change in unrealized (appreciation) depreciation on investments		13,171,001
Net realized (gain) loss from investments		(15,134,604	)
Net cash from (used in) operating activities		307,938,521
Cash flows from (used in) financing activities:
Proceeds from shares sold		18,233,039
Payment on shares redeemed		(65,536,344	)
Net Increase (Decrease) in reverse repurchase agreements		(260,269,675	)
Increase (Decrease) in collateral held for reverse repurchase agreements		(1,140,146	)
Net cash from (used in) financing activities		(308,713,126	)
Net increase (decrease) in cash and restricted cash		(774,605	)
Cash and restricted cash at beginning of period		913,275
Cash and restricted cash at end of period	$	138,670
Non cash financing activities not included herein consist of:
Cash paid out for interest on reverse repurchase agreements	$	1,116,600

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.

	December 31, 2019		June 30, 2020
Cash	$	275	$	13,670
Collateral pledged for open futures contracts		-		125,000
Collateral pledged for open swap agreements		220,000		-
Collateral pledged for reverse repurchase agreements		693,000		-
Total cash and restricted cash as shown in the Statement of Cash Flows	$	913,275	$	138,670

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

88

MML Series Investment Fund II – Financial Statements (Continued)

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily  net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/20r	$	12.19	$	0.01		$	(0.12	)	$	(0.11	)	$	-		$	-		$	-		$	-		$	12.08		(0.90%	)b	$	31,562		0.97%	a		N/A			0.26%	a
12/31/19		9.33		0.08			3.45			3.53			(0.10	)		(0.57	)		-			(0.67	)		12.19		37.93%			31,840		1.02%			0.98%			0.75%
12/31/18		12.44		0.07			(2.05	)		(1.98	)		(0.02	)		(1.11	)		-			(1.13	)		9.33		(16.69%	)		23,087		0.93%			0.80%			0.58%
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%
12/31/15g		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
6/30/20r	$	12.11	$	0.00	d	$	(0.12	)	$	(0.12	)	$	-		$	-		$	-		$	-		$	11.99		(0.99%	)b	$	1,790		1.22%	a		N/A			0.01%	a
12/31/19		9.28		0.06			3.42			3.48			(0.08	)		(0.57	)		-			(0.65	)		12.11		37.51%			1,894		1.27%			1.23%			0.49%
12/31/18		12.41		0.04			(2.05	)		(2.01	)		(0.01	)		(1.11	)		-			(1.12	)		9.28		(16.93%	)		1,380		1.18%			1.05%			0.35%
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%
12/31/15g		10.00		(0.02	)		(0.56	)		(0.58	)		-			-			-			-			9.42		(5.80%	)b		232		1.50%	a		1.05%	a		(0.25%	)a

	Six months ended June 30, 2020b,r			Year ended December 31												Period ended December 31, 2015b
				2019			2018			2017			2016
Portfolio turnover rate		0	%		14	%		115	%		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.

r Unaudited.

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

89

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily  net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/20r	$	10.08	$	0.16	$	(0.08	)	$	0.08		$	-		$	-		$	-		$	10.16		0.89%	b	$	340,896		0.61%	a		N/A			3.12%	a
12/31/19		9.61		0.35		0.48			0.83			(0.36	)		-			(0.36	)		10.08		8.73%			388,029		0.60%			0.60%	l		3.55%
12/31/18		9.95		0.34		(0.35	)		(0.01	)		(0.33	)		-			(0.33	)		9.61		(0.10%	)		420,344		0.59%			0.59%	l		3.52%
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%
12/31/15g		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
6/30/20r	$	10.07	$	0.14	$	(0.08	)	$	0.06		$	-		$	-		$	-		$	10.13		0.70%	b	$	11,236		0.86%	a		N/A			2.89%	a
12/31/19		9.59		0.33		0.48			0.81			(0.33	)		-			(0.33	)		10.07		8.53%			10,142		0.85%			0.85%l			3.28%
12/31/18		9.93		0.32		(0.35	)		(0.03	)		(0.31	)		-			(0.31	)		9.59		(0.33%	)		6,272		0.84%			0.84%	l		3.30%
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%
12/31/15g		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

	Six months ended June 30, 2020b,r		Year ended December 31												Period ended December 31,  2015b
			2019			2018			2017			2016
Portfolio turnover rate		81%		54	%		68	%		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.

r Unaudited.

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

90

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/20r	$	12.40	$	0.05	$	(0.20	)	$	(0.15	)	$	-		$	-		$	-		$	-		$	12.25		(1.21%	)b	$	31,202		0.83%	a		N/A			0.95%	a
12/31/19		10.89		0.10		1.67			1.77			(0.05	)		(0.21	)		-			(0.26	)		12.40		16.50%			31,593		0.86%			0.83%			0.84%
12/31/18		13.89		0.12		(1.23	)		(1.11	)		(0.12	)		(1.77	)		-			(1.89	)		10.89		(8.86%	)		27,112		0.75%			0.65%			0.86%
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%
12/31/15g		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
6/30/20r	$	12.36	$	0.04	$	(0.21	)	$	(0.17	)	$	-		$	-		$	-		$	-		$	12.19		(1.38%	)b	$	1,779		1.08%	a		N/A			0.70%	a
12/31/19		10.85		0.07		1.67			1.74			(0.02	)		(0.21	)		-			(0.23	)		12.36		16.30%			1,898		1.11%			1.08%			0.59%
12/31/18		13.85		0.08		(1.22	)		(1.14	)		(0.09	)		(1.77	)		-			(1.86	)		10.85		(9.10%	)		1,598		1.00%			0.90%			0.61%
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%
12/31/15g		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

	Six months ended June 30, 2020b,r		Year ended December 31												Period ended December 31,  2015b
			2019			2018			2017			2016
Portfolio turnover rate		18%		172	%		102	%		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.

r Unaudited.

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

91

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/20r	$	9.57	$	0.27	$	(0.89	)	$	(0.62	)	$	-		$	-		$	-		$	-		$	8.95		(6.48%	)b	$	73,211		0.88%	a		0.81%	a		6.04%	a
12/31/19		9.07		0.57		0.52			1.09			(0.59	)		-			-			(0.59	)		9.57		12.25%			86,651		0.88%			0.80%			5.98%
12/31/18		10.01		0.62		(0.94	)		(0.32	)		(0.62	)		-			(0.00	)d		(0.62	)		9.07		(3.40%	)		79,542		0.85%			0.75%			6.29%
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%
Service Class I
6/30/20r	$	9.53	$	0.26	$	(0.88	)	$	(0.62	)	$	-		$	-		$	-		$	-		$	8.91		(6.51%	)b	$	42,958		1.13%	a		1.06%	a		5.80%	a
12/31/19		9.04		0.54		0.52			1.06			(0.57	)		-			-			(0.57	)		9.53		11.86%			47,405		1.13%			1.05%			5.73%
12/31/18		9.97		0.59		(0.92	)		(0.33	)		(0.60	)		-			(0.00	)d		(0.60	)		9.04		(3.54%	)		39,983		1.10%			1.00%			6.04%
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%

	Six months ended June 30, 2020b,r		Year ended December 31
			2019			2018			2017			2016			2015
Portfolio turnover rate		44%		54	%		39	%		63	%		59	%		70	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

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

r Unaudited.

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

92

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 returnm			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)p
Initial Class
6/30/20r	$	10.28	$	0.08	$	0.40		$	0.48		$	-		$	-	$	-		$	-		$	10.76		4.67%	b	$	282,589		0.88%	a		0.61%	a		1.63%	a
12/31/19		9.72		0.23		0.58			0.81			(0.25	)		-		-			(0.25	)		10.28		8.31%			314,261		2.34%			0.60%			2.29%
12/31/18		10.16		0.30		(0.43	)		(0.13	)		(0.31	)		-		-			(0.31	)		9.72		(1.29%	)		311,927		2.08%			0.60%			2.97%
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%
Service Class
6/30/20r	$	10.23	$	0.07	$	0.39		$	0.46		$	-		$	-	$	-		$	-		$	10.69		4.50%	b	$	44,263		1.11%	a		0.86%	a		1.36%	a
12/31/19		9.68		0.20		0.58			0.78			(0.23	)		-		-			(0.23	)		10.23		8.05%			43,237		2.59%			0.85%			2.02%
12/31/18		10.12		0.27		(0.42	)		(0.15	)		(0.29	)		-		-			(0.29	)		9.68		(1.54%	)		41,379		2.33%			0.85%			2.72%
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%

	Six months ended June 30, 2020b,r		Year ended December 31
			2019			2018			2017			2016			2015
Portfolio turnover rate		38%		44	%		51	%		34	%		41	%		50	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

p Interest expense incurred as a result of entering into reverse repurchase agreements is included in the Fund’s net expenses in the Statements of Operations. Income earned on investing proceeds from reverse repurchase agreements is included in interest income in the Statements of Operations.

r Unaudited.

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

93

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/20r	$	9.69	$	0.16	$	(0.44	)	$	(0.28	)	$	-		$	-	$	-		$	-		$	9.41		(2.89%	)b	$	156,269		0.57%	a		N/A			3.36%	a
12/31/19		9.59		0.29		0.13			0.42			(0.32	)		-		-			(0.32	)		9.69		4.45%			171,740		0.57%			0.57%	k		3.00%
12/31/18		9.73		0.26		(0.11	)		0.15			(0.29	)		-		-			(0.29	)		9.59		1.53%			172,577		0.56%			0.55%			2.66%
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%
Service Class I
6/30/20r	$	9.68	$	0.15	$	(0.44	)	$	(0.29	)	$	-		$	-	$	-		$	-		$	9.39		(3.00%	)b	$	34,122		0.82%	a		N/A			3.11%	a
12/31/19		9.58		0.27		0.13			0.40			(0.30	)		-		-			(0.30	)		9.68		4.17%			36,270		0.82%			0.82%	k		2.76%
12/31/18		9.72		0.23		(0.11	)		0.12			(0.26	)		-		-			(0.26	)		9.58		1.29%			30,686		0.81%			0.80%			2.42%
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%

	Six months ended June 30, 2020b,r			Year ended December 31
				2019			2018			2017			2016			2015
Portfolio turnover rate		17	%		53	%		54	%		51	%		96	%		51	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

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

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

r Unaudited.

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

94

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/20r	$	9.34	$	0.04	$	(1.05	)	$	(1.01	)	$	-		$	-		$	-		$	8.33		(10.82	%)b	$	81,467		0.73	%a		0.94	%a
12/31/19		8.17		0.07		1.96			2.03			(0.05	)		(0.81	)		(0.86	)		9.34		26.46	%		94,712		0.74	%		0.79	%
12/31/18		10.30		0.07		(0.82	)		(0.75	)		(0.05	)		(1.33	)		(1.38	)		8.17		(10.19	%)		82,609		0.71	%		0.66	%
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	%
Service Class
6/30/20r	$	9.14	$	0.03	$	(1.03	)	$	(1.00	)	$	-		$	-		$	-		$	8.14		(10.93	%)b	$	20,109		0.98	%a		0.69	%a
12/31/19		8.01		0.05		1.91			1.96			(0.02	)		(0.81	)		(0.83	)		9.14		26.15	%		22,695		0.99	%		0.54	%
12/31/18		10.13		0.04		(0.80	)		(0.76	)		(0.03	)		(1.33	)		(1.36	)		8.01		(10.41	%)		18,425		0.96	%		0.41	%
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	%

	Six months ended June 30, 2020b,r			Year ended December 31
				2019			2018			2017			2016			2015
Portfolio turnover rate		20	%		27	%		50	%		47	%		63	%		40	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

r Unaudited.

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

95

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			From net realized gains			Tax return of capital			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/20r	$	12.98	$	0.02		$	(1.50	)	$	(1.48	)	$	-		$	-		$	-		$	-		$	11.50		(11.40%	)b	$	24,084		1.02%	a		N/A			0.30%	a
12/31/19		10.51		0.02			2.47			2.49			(0.02	)		-			-			(0.02	)		12.98		23.68%			27,196		1.05%			1.01%			0.16%
12/31/18		11.52		0.07			(0.62	)		(0.55	)		(0.06	)		(0.40	)		-			(0.46	)		10.51		(4.83%	)		21,976		0.94%			0.80%			0.55%
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%
12/31/15g		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
6/30/20r	$	12.93	$	0.00	d	$	(1.50	)	$	(1.50	)	$	-		$	-		$	-		$	-		$	11.43		(11.60%	)b	$	799		1.27%	a		N/A			0.05%	a
12/31/19		10.47		(0.01	)		2.47			2.46			-			-			-			-			12.93		23.50%			971		1.30%			1.26%			(0.09%	)
12/31/18		11.49		0.03			(0.61	)		(0.58	)		(0.04	)		(0.40	)		-			(0.44	)		10.47		(5.13%	)		752		1.19%			1.05%			0.29%
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%
12/31/15g		10.00		(0.02	)		(1.56	)		(1.58	)		-			-			-			-			8.42		(15.80%	)b		183		1.38%	a		1.05%	a		(0.30%	)a

	Six months ended June 30, 2020b,r		Year ended December 31												Period ended December 31,  2015b
			2019			2018			2017			2016
Portfolio turnover rate		59%		62	%		33	%		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.

r Unaudited.

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

96

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/20r	$	12.67	$	0.01		$	(1.12	)	$	(1.11	)	$	-		$	-		$	11.56		(8.76%	)b	$	112,413		1.42%	a		1.30%	a		0.17%	a
12/31/19		10.12		0.05			2.53			2.58			(0.03	)		(0.03	)		12.67		25.53%			125,192		1.33%			1.29%			0.45%
12/31/18		11.57		0.05			(1.48	)		(1.43	)		(0.02	)		(0.02	)		10.12		(12.40%	)		112,363		1.57%			1.35%			0.41%
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%
Service Class I
6/30/20r	$	12.68	$	(0.01	)	$	(1.12	)	$	(1.13	)	$	-		$	-		$	11.55		(8.91%	)b	$	15,171		1.67%	a		1.55%	a		(0.10%	)a
12/31/19		10.13		0.02			2.53			2.55			(0.00	)d		(0.00	)d		12.68		25.18%			17,174		1.58%			1.54%			0.19%
12/31/18		11.59		0.02			(1.48	)		(1.46	)		-			-			10.13		(12.60%	)		14,089		1.82%			1.60%			0.15%
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%

	Six months ended June 30, 2020b,r			Year ended December 31
				2019			2018			2017			2016			2015
Portfolio turnover rate		23	%		31	%		38	%		36	%		32	%		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.

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

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

r Unaudited.

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

97

Notes to Financial Statements

1. The Funds

MML Series Investment Fund II (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated 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”)

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 service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

2. Significant Accounting Policies

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

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

Investment Valuation

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

98

Notes to Financial Statements (Continued)

the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

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

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

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

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

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

99

Notes to Financial Statements (Continued)

between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

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

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

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

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

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

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

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

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

100

Notes to Financial Statements (Continued)

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

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

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

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

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

The Equity Rotation Fund, Small Cap Equity Fund, and Special Situations Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of June 30, 2020. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of June 30, 2020, for the remaining Funds’ investments:

	Level 1		Level 2			Level 3			Total
Asset Momentum Fund
Asset Investments
Common Stock	$	5,602,143	$	2,423,513	*	$	-		$	8,025,656
Rights		-		-			-	+**		-
U.S. Treasury Obligations		-		6,048,539			-			6,048,539
Mutual Funds		17,435,632		-			-			17,435,632
Short-Term Investments		-		9,388,202			-			9,388,202
Total Investments	$	23,037,775	$	17,860,254		$	-		$	40,898,029
Asset Derivatives
Futures Contracts	$	698,140	$	-		$	-		$	698,140
Dynamic Bond Fund
Asset Investments
Bank Loans (less Unfunded Loan Commitments)	$	-	$	12,101,994		$	-		$	12,101,994
Corporate Debt		-		88,603,911			-			88,603,911
Municipal Obligations		-		491,314			-			491,314
Non-U.S. Government Agency Obligations		-		78,669,308			-			78,669,308
Sovereign Debt Obligations		-		4,406,066			-			4,406,066
U.S. Government Agency Obligations and Instrumentalities		-		60,960,729			-			60,960,729
U.S. Treasury Obligations		-		96,493,137			-			96,493,137
Short-Term Investments		-		12,473,377			-			12,473,377
Unfunded Loan Commitments***		-		153	***		-			153
Total Investments	$	-	$	354,199,989		$	-		$	354,199,989

101

Notes to Financial Statements (Continued)

	Level 1			Level 2			Level 3			Total
High Yield Fund
Asset Investments
Common Stock	$	143,704		$	811		$	-	+**	$	144,515
Bank Loans		-			5,822,230			-			5,822,230
Corporate Debt		-			107,318,305			-			107,318,305
Warrants		-			-			-	+**		-
Total Investments	$	143,704		$	113,141,346		$	-		$	113,285,050
Inflation-Protected and Income Fund
Asset Investments
Corporate Debt	$	-		$	3,549,391		$	-		$	3,549,391
Municipal Obligations		-			1,182,667			-			1,182,667
Non-U.S. Government Agency Obligations		-			164,838,811			-			164,838,811
U.S. Government Agency Obligations and Instrumentalities		-			9,794,686			-			9,794,686
U.S. Treasury Obligations		-			70,846,467			-			70,846,467
Purchased Options		-			1,186,451			-			1,186,451
Short-Term Investments		-			80,012,804			-			80,012,804
Total Investments	$	-		$	331,411,277		$	-		$	331,411,277
Asset Derivatives
Futures Contracts	$	16,375		$	-		$	-		$	16,375
Swap Agreements		-			9,856,167			-			9,856,167
Total	$	16,375		$	9,856,167		$	-		$	9,872,542
Liability Derivatives
Futures Contracts	$	(28,076	)	$	-		$	-		$	(28,076	)
Swap Agreements		-			(241,458	)		-			(241,458	)
Total	$	(28,076	)	$	(241,458	)	$	-		$	(269,534	)
Short-Duration Bond Fund
Asset Investments
Corporate Debt	$	-		$	76,470,525		$	-		$	76,470,525
Municipal Obligations		-			449,492			-			449,492
Non-U.S. Government Agency Obligations		-			94,110,629			-			94,110,629
U.S. Government Agency Obligations and Instrumentalities		-			3,576,654			-			3,576,654
U.S. Treasury Obligations		-			1,351,214			-			1,351,214
Purchased Options		-			72,072			-			72,072
Short-Term Investments		-			13,996,325			-			13,996,325
Total Investments	$	-		$	190,026,911		$	-		$	190,026,911
Asset Derivatives
Futures Contracts	$	43,933		$	-		$	-		$	43,933
Liability Derivatives
Futures Contracts	$	(341,565	)	$	-		$	-		$	(341,565	)
Swap Agreements		-			(20,060	)		-			(20,060	)
Total	$	(341,565	)	$	(20,060	)	$	-		$	(361,625	)

102

Notes to Financial Statements (Continued)

	Level 1		Level 2		Level 3		Total
Strategic Emerging Markets Fund
Asset Investments
Common Stock*
Bermuda	$	1,599,361	$	1,022,900	$	-	$	2,622,261
Brazil		5,694,943		-		-		5,694,943
Cayman Islands		17,027,278		14,149,009		-		31,176,287
Chile		1,037,490		-		-		1,037,490
China		-		6,791,561		-		6,791,561
Colombia		415,290		-		-		415,290
Egypt		-		936,733		-		936,733
France		-		7,029,099		-		7,029,099
Hong Kong		-		6,402,911		-		6,402,911
India		-		14,224,193		-		14,224,193
Indonesia		-		1,605,411		-		1,605,411
Italy		-		2,523,885		-		2,523,885
Mexico		6,300,261		-		-		6,300,261
Netherlands		2,965,586		-		-		2,965,586
Philippines		-		3,219,970		-		3,219,970
Republic of Korea		-		3,424,822		-		3,424,822
Russia		481,632		8,024,273		-		8,505,905
South Africa		-		1,031,223		-		1,031,223
Switzerland		-		733,391		-		733,391
Taiwan		-		7,947,112		-		7,947,112
Turkey		-		683,441		-		683,441
United States		4,838,342		-		-		4,838,342
Preferred Stock
Brazil		1,727,930		-		-		1,727,930
India		23,223		-		-		23,223
Singapore		-		-		2,160,355		2,160,355
Mutual Funds		78,885		-		-		78,885
Short-Term Investments		-		3,767,084		-		3,767,084
Total Investments	$	42,190,221	$	83,517,018	$	2,160,355	$	127,867,594

* 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 respective foreign markets, as applicable.

** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at June 30, 2020 in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended June 30, 2020 is not presented.

*** Unfunded loan commitments are valued at the unrealized appreciation (depreciation) on the commitment.

+ Represents a security at $0 value as of June 30, 2020.

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis, collateral pledged for open futures contracts, as well as, any applicable liabilities for investments purchased on a delayed delivery basis, collateral held for open swap agreements, collateral held for open purchased options, amounts due to custodian, and collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of June 30, 2020.

The Funds had no Level 3 transfers during the period ended June 30, 2020.

103

Notes to Financial Statements (Continued)

Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:

Asset Valuation Inputs

	Investments in Securities
	Balance as of 12/31/19		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		(Sales)		Transfers into Level 3		Transfers (out) of Level 3		Balance as of 6/30/20		Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 6/30/20
Strategic Emerging Markets Fund
Preferred Stock	$	2,160,355	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	2,160,355	$	-

The Strategic Emerging Markets Fund fair values certain of its Level 3 investments using acquisition cost, although the transaction may not have occurred during the current reporting period. These investments are generally privately held investments, but may include defaulted securities and new debt issuances. There may not be a secondary market for such investments, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Valuation Committee. Valuations are reviewed by members of the Valuation Committee utilizing available market information to determine if the carrying value of these investments should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment, also referred to as enterprise value (EV) to earnings before interest, taxes, depreciation, and amortization (EBITDA) ratios. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment, and the fact that comparable public companies are not identical to the investments being fair valued by the Strategic Emerging Markets Fund. All market variables are assessed on a regular frequency and calibrated as necessary.

Strategic Emerging Markets Fund	Fair Value Amount		Valuation Technique	Unobservable Input Description	Value/ Weighted Average Range
Preferred Stock — $ 2,160,355
Grab Holdings, Inc.	$	2,160,355	Market Approach	Market Transaction	$	6.16
Total	$	2,160,355

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

104

Notes to Financial Statements (Continued)

At June 30, 2020, and during the period 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
Futures Contracts^^	$	-		$	698,140		$	-		$	-		$	698,140
Realized Gain (Loss)#
Purchased Options	$	-		$	201,594		$	-		$	-		$	201,594
Forward Contracts		-			-			8,222			-			8,222
Futures Contracts		-			233,422			-			-			233,422
Total Realized Gain (Loss)	$	-		$	435,016		$	8,222		$	-		$	443,238
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	(96,000	)	$	-		$	-		$	(96,000	)
Forward Contracts		-			-			(1,731	)		-			(1,731	)
Futures Contracts		-			20,496			-			-			20,496
Total Change in Appreciation (Depreciation)	$	-		$	(75,504	)	$	(1,731	)	$	-		$	(77,235	)
Inflation-Protected and Income Fund
Asset Derivatives
Purchased Options*	$	-		$	-		$	-		$	1,186,451		$	1,186,451
Futures Contracts^^		-			-			-			16,375			16,375
Swap Agreements*		-			9,855,570			-			597			9,856,167
Total Value	$	-		$	9,855,570		$	-		$	1,203,423		$	11,058,993
Liability Derivatives
Futures Contracts^^	$	-		$	-		$	-		$	(28,076	)	$	(28,076	)
Swap Agreements^		-			-			-			(220,419	)		(220,419	)
Swap Agreements^^,^^^		(21,039	)		-			-			-			(21,039	)
Total Value	$	(21,039	)	$	-		$	-		$	(248,495	)	$	(269,534	)
Realized Gain (Loss)#
Purchased Options	$	-		$	-		$	-		$	708,753		$	708,753
Futures Contracts		-			-			-			(299,037	)		(299,037	)
Swap Agreements		241,009			442,547			-			(55,081	)		628,475
Total Realized Gain (Loss)	$	241,009		$	442,547		$	-		$	354,635		$	1,038,191
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-		$	-		$	(387,577	)	$	(387,577	)
Futures Contracts		-			-			-			29,934			29,934
Swap Agreements		(27,431	)		9,855,570			-			(780,721	)		9,047,418
Total Change in Appreciation (Depreciation)	$	(27,431	)	$	9,855,570		$	-		$	(1,138,364	)	$	8,689,775

105

Notes to Financial Statements (Continued)

	Credit Risk			Equity Risk		Foreign Exchange Risk			Interest Rate Risk			Total
Short-Duration Bond Fund
Asset Derivatives
Purchased Options*	$	-		$	-	$	-		$	72,072		$	72,072
Futures Contracts^^		-			-		-			43,933			43,933
Total Value	$	-		$	-	$	-		$	116,005		$	116,005
Liability Derivatives
Futures Contracts^^	$	-		$	-	$	-		$	(341,565	)	$	(341,565	)
Swap Agreements^^,^^^		(20,060	)		-		-			-			(20,060	)
Total Value	$	(20,060	)	$	-	$	-		$	(341,565	)	$	(361,625	)
Realized Gain (Loss)#
Purchased Options	$	-		$	-	$	-		$	140,669		$	140,669
Futures Contracts		-			-		-			(3,841,616	)		(3,841,616	)
Swap Agreements		225,105			-		-			-			225,105
Total Realized Gain (Loss)	$	225,105		$	-	$	-		$	(3,700,947	)	$	(3,475,842	)
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-	$	-		$	132,126		$	132,126
Futures Contracts		-			-		-			(496,272	)		(496,272	)
Swap Agreements		(26,816	)		-		-			-			(26,816	)
Total Change in Appreciation (Depreciation)	$	(26,816	)	$	-	$	-		$	(364,146	)	$	(390,962	)
Strategic Emerging Markets Fund
Realized Gain (Loss)#
Forward Contracts	$	-		$	-	$	(167	)	$	-		$	(167	)

* Statements of Assets and Liabilities location: Investments, at value, or Receivables from: open swap agreements, at value, as applicable.

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

^^ Cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^ Represents centrally cleared swaps, which are not subject to a master netting agreement or similar agreement.

# 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.

For the period ended June 30, 2020, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Number of Contracts, Notional Amounts, or Shares/Units†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Purchased Swaptions
Asset Momentum Fund		143	$	1,418,159	$	-		3,200	$	-
Inflation-Protected and Income Fund		170		-		36,204,335		-		39,706,333
Short-Duration Bond Fund		951		-		3,383,333		-		13,491,667
Strategic Emerging Markets Fund		-		14,324		-		-		-

† Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, and purchased swaptions, or shares/units outstanding for purchased options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended June 30, 2020.

106

Notes to Financial Statements (Continued)

The Portfolio of Investments included in a Fund’s financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund’s derivatives exposure as of June 30, 2020. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) or similar agreement and net of the related collateral received by the Fund(s) as of June 30, 2020.

Asset Valuation Inputs

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***			Net Amount*
Inflation-Protected and Income Fund
Barclays Bank PLC	$	891,845	$	-		$	(890,000	)	$	1,845
BNP Paribas		4,494,221		-			(4,494,221	)		-
Credit Suisse International		294,606		-			(294,606	)		-
Goldman Sachs International		5,361,946		(220,419	)		(3,960,000	)		1,181,527
	$	11,042,618	$	(220,419	)	$	(4,850,000	)	$	1,183,372
Short-Duration Bond Fund
Credit Suisse International	$	72,072	$	-		$	(72,072	)	$	-

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of June 30, 2020.

Liability Valuation Inputs

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Inflation-Protected and Income Fund
Goldman Sachs International	$	(220,419	)	$	220,419	$	-	$	-

* 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 an MNA or similar agreement.

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

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended June 30, 2020, 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.

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Notes to Financial Statements (Continued)

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

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

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

A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

Futures Contracts

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

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.

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Notes to Financial Statements (Continued)

Swap Agreements

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

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Total Return Swaps. A Fund also may enter into total return swaps. In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund’s bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

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 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 and 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 total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. 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

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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.

A Fund’s current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

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

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

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

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

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

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

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

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

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.

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Notes to Financial Statements (Continued)

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

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

Inflation-Linked Securities

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

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

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

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal,

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Notes to Financial Statements (Continued)

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 Dynamic Bond Fund entered into certain loan agreements which are unfunded. The Dynamic Bond Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the Dynamic Bond Fund’s Portfolio of Investments. At June 30, 2020, the Dynamic Bond 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.

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.

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Notes to Financial Statements (Continued)

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.

During the period ended June 30, 2020, the average balance outstanding for reverse repurchase agreements for the Inflation-Protected and Income Fund was $46,697,441. The maximum balance outstanding for the Inflation-Protected and Income Fund was $259,597,229 during the period ended June 30, 2020. The weighted average maturity was 31 days, at a weighted average interest rate of 1.913%.

Average balance outstanding was calculated based on daily balances outstanding during the period that the Inflation-Protected and Income Fund had entered into reverse repurchase transactions.

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.

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At June 30, 2020, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

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. Income received by the Funds in securities lending transactions during the period ended June 30, 2020, is reflected as securities lending income on the Statement of Operations.

114

Notes to Financial Statements (Continued)

Accounting for Investment Transactions

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

Foreign Currency Translation

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

Allocation of Operating Activity

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

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

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 of each Fund are declared and paid annually 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.

115

Notes to Financial Statements (Continued)

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

3. Advisory Fees and Other Transactions

Investment Advisory Fees 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
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%

116

Notes to Financial Statements (Continued)

MML Advisers has entered into investment subadvisory agreements with Invesco Advisers, Inc. (“Invesco”), pursuant to which Invesco serves as the subadviser to the Small Cap Equity Fund and Strategic Emerging Markets Fund. These agreements provide that Invesco manage the investment and reinvestment of the assets of the Funds. Invesco receives a subadvisory fee from MML Advisers, based upon the average daily net assets of each Fund.

MML Advisers has entered into an investment subadvisory agreement with 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 MML Advisers, 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.

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 Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide administrative and shareholder services and bear some of the Fund specific administrative expenses. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

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

	Class II		Service Class I
Inflation-Protected and Income Fund*		0.60%		0.85%
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 from May 1, 2020 through April 30, 2021.

** Expense caps in effect through April 30, 2021.

117

Notes to Financial Statements (Continued)

MML Advisers has agreed to waive 0.07% of the advisory fee of the High Yield Fund through April 30, 2021.

MML Advisers has agreed to voluntarily waive 0.04% of the advisory fee of the Strategic Emerging Markets Fund. 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

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

Other

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

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended June 30, 2020, 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	$	-	$	-	$	2,020,313	$	2,026,943
Dynamic Bond Fund		240,288,802		45,905,954		264,185,404		73,368,821
Equity Rotation Fund		-		6,533,401		-		5,567,000
High Yield Fund		-		51,532,814		-		56,616,510
Inflation-Protected and Income Fund		61,183,810		55,719,027		303,384,535		59,107,561
Short-Duration Bond Fund		1,926,000		28,737,189		6,159,087		45,588,258
Small Cap Equity Fund		-		19,791,621		-		22,609,887
Special Situations Fund		-		14,801,491		-		14,527,799
Strategic Emerging Markets Fund		-		27,242,871		-		29,323,705

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

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended June 30, 2020				Year Ended December 31, 2019
	Shares		Amount		Shares		Amount
Asset Momentum Fund Class II
Sold		-	$	-		-	$	-
Issued as reinvestment of dividends		-		-		137,816		1,657,921
Redeemed		-		-		-		-
Net increase (decrease)		-	$	-		137,816	$	1,657,921

118

Notes to Financial Statements (Continued)

	Six Months Ended June 30, 2020						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Asset Momentum Fund Service Class I
Sold		6,395		$	69,121			15,169		$	172,205
Issued as reinvestment of dividends		-			-			7,831			93,583
Redeemed		(13,481	)		(139,609	)		(15,399	)		(165,192	)
Net increase (decrease)		(7,086	)	$	(70,488	)		7,601		$	100,596
Dynamic Bond Fund Class II
Sold		3,656,159		$	36,427,369			2,486,863		$	24,624,642
Issued as reinvestment of dividends		-			-			1,472,138			14,724,090
Redeemed		(8,581,803	)		(87,273,212	)		(9,204,024	)		(91,908,615	)
Net increase (decrease)		(4,925,644	)	$	(50,845,843	)		(5,245,023	)	$	(52,559,883	)
Dynamic Bond Fund Service Class I
Sold		220,319		$	2,226,580			400,531		$	3,994,057
Issued as reinvestment of dividends		-			-			27,478			274,456
Redeemed		(118,503	)		(1,172,632	)		(74,418	)		(741,412	)
Net increase (decrease)		101,816		$	1,053,948			353,591		$	3,527,101
Equity Rotation Fund Class II
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		-			-			57,537			657,606
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			57,537		$	657,606
Equity Rotation Fund Service Class I
Sold		1,185		$	13,700			13,914		$	164,106
Issued as reinvestment of dividends		-			-			3,062			34,524
Redeemed		(8,823	)		(95,769	)		(10,618	)		(125,525	)
Net increase (decrease)		(7,638	)	$	(82,069	)		6,358		$	73,105
High Yield Fund Class II
Sold		324,244		$	3,054,877			2,120,691		$	20,335,685
Issued as reinvestment of dividends		-			-			538,310			5,130,049
Redeemed		(1,204,958	)		(11,206,884	)		(2,371,349	)		(22,746,557	)
Net increase (decrease)		(880,714	)	$	(8,152,007	)		287,652		$	2,719,177
High Yield Fund Service Class I
Sold		323,573		$	2,988,951			920,037		$	8,754,054
Issued as reinvestment of dividends		-			-			280,545			2,664,581
Redeemed		(475,346	)		(4,129,225	)		(652,228	)		(6,205,127	)
Net increase (decrease)		(151,773	)	$	(1,140,274	)		548,354		$	5,213,508
Inflation-Protected and Income Fund Initial Class
Sold		1,446,366		$	15,354,966			3,300,920		$	33,165,216
Issued as reinvestment of dividends		-			-			741,556			7,592,814
Redeemed		(5,750,030	)		(59,179,699	)		(5,582,605	)		(56,660,183	)
Net increase (decrease)		(4,303,664	)	$	(43,824,733	)		(1,540,129	)	$	(15,902,153	)

119

Notes to Financial Statements (Continued)

	Six Months Ended June 30, 2020						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Inflation-Protected and Income Fund Service Class
Sold		526,544		$	5,511,265			649,088		$	6,580,148
Issued as reinvestment of dividends		-			-			91,684			933,563
Redeemed		(613,712	)		(6,331,393	)		(791,028	)		(7,981,423	)
Net increase (decrease)		(87,168	)	$	(820,128	)		(50,256	)	$	(467,712	)
Short-Duration Bond Fund Class II
Sold		762,949		$	7,169,081			2,432,078		$	23,653,689
Issued as reinvestment of dividends		-			-			585,428			5,669,696
Redeemed		(1,882,035	)		(17,934,172	)		(3,291,038	)		(31,928,114	)
Net increase (decrease)		(1,119,086	)	$	(10,765,091	)		(273,532	)	$	(2,604,729	)
Short-Duration Bond Fund Service Class I
Sold		646,059		$	6,025,635			1,506,957		$	14,628,910
Issued as reinvestment of dividends		-			-			101,973			986,511
Redeemed		(759,001	)		(7,080,278	)		(1,066,207	)		(10,331,865	)
Net increase (decrease)		(112,942	)	$	(1,054,643	)		542,723		$	5,283,556
Small Cap Equity Fund Initial Class
Sold		315,345		$	2,370,257			497,375		$	4,508,334
Issued as reinvestment of dividends		-			-			1,011,971			8,162,126
Redeemed		(674,798	)		(5,468,780	)		(1,482,987	)		(13,407,802	)
Net increase (decrease)		(359,453	)	$	(3,098,523	)		26,359		$	(737,342	)
Small Cap Equity Fund Service Class
Sold		245,461		$	1,808,022			324,752		$	2,884,498
Issued as reinvestment of dividends		-			-			242,830			1,918,740
Redeemed		(258,209	)		(1,933,735	)		(385,124	)		(3,419,972	)
Net increase (decrease)		(12,748	)	$	(125,713	)		182,458		$	1,383,266
Special Situations Fund Class II
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		-			-			3,024			38,829
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			3,024		$	38,829
Special Situations Fund Service Class I
Sold		2,375		$	23,573			8,036		$	100,115
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(7,624	)		(81,763	)		(4,760	)		(59,130	)
Net increase (decrease)		(5,249	)	$	(58,190	)		3,276		$	40,985
Strategic Emerging Markets Fund Class II
Sold		846,307		$	9,779,491			1,341,680		$	15,011,572
Issued as reinvestment of dividends		-			-			29,362			320,921
Redeemed		(1,002,864	)		(11,767,001	)		(2,590,677	)		(29,799,334	)
Net increase (decrease)		(156,557	)	$	(1,987,510	)		(1,219,635	)	$	(14,466,841	)

120

Notes to Financial Statements (Continued)

	Six Months Ended June 30, 2020						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Strategic Emerging Markets Fund Service Class I
Sold		67,255		$	754,467			199,744		$	2,290,189
Issued as reinvestment of dividends		-			-			81			885
Redeemed		(108,667	)		(1,231,865	)		(236,412	)		(2,732,199	)
Net increase (decrease)		(41,412	)	$	(477,398	)		(36,587	)	$	(441,125	)

6. Federal Income Tax Information

At June 30, 2020, 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)
Asset Momentum Fund	$	38,160,710	$	3,636,656	$	(899,337	)	$	2,737,319
Dynamic Bond Fund		351,313,352		14,984,263		(12,085,973	)		2,898,290
Equity Rotation Fund		28,813,797		6,114,670		(1,775,393	)		4,339,277
High Yield Fund		123,881,440		3,151,668		(13,748,058	)		(10,596,390	)
Inflation-Protected and Income Fund		332,118,754		5,622,582		(6,330,059	)		(707,477	)
Short-Duration Bond Fund		192,924,480		2,840,487		(5,738,056	)		(2,897,569	)
Small Cap Equity Fund		90,199,235		25,582,259		(13,383,542	)		12,198,717
Special Situations Fund		25,772,220		3,060,463		(3,212,520	)		(152,057	)
Strategic Emerging Markets Fund		114,668,526		23,959,053		(10,759,985	)		13,199,068

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, 2019, for federal income tax purposes, there were no unused capital losses.

At December 31, 2019, the following Fund(s) had post-enactment accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Dynamic Bond Fund	$	1,630,004	$	5,416,897
High Yield Fund		352,064		5,917,633
lnflation-Protected and Income Fund		2,107,985		8,884,494
Short-Duration Bond Fund		851,776		6,470,222

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.

121

Notes to Financial Statements (Continued)

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, 2019, was as follows:

	Ordinary Income		Long Term Capital Gain
Asset Momentum Fund	$	268,383	$	1,483,121
Dynamic Bond Fund		14,998,546		-
Equity Rotation Fund		128,591		563,539
High Yield Fund		7,794,630		-
lnflation-Protected and Income Fund		8,526,377		-
Short-Duration Bond Fund		6,656,207		-
Small Cap Equity Fund		1,463,827		8,617,039
Special Situations Fund		38,829		-
Strategic Emerging Markets Fund		321,806		-

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2019:

	Amount
Strategic Emerging Markets Fund	$	226,891

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, 2019, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At December 31, 2019, 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	$	110,862	$	1,342,699		$	(1,428	)	$	3,649,088
Dynamic Bond Fund		1,155,876		(7,046,901	)		(25,216	)		8,873,983
Equity Rotation Fund		130,914		265,361			(1,508	)		4,558,843
High Yield Fund		28,854		(6,269,697	)		(15,413	)		(2,290,364	)
lnflation-Protected and Income Fund		367,444		(10,992,479	)		(63,962	)		10,193,346
Short-Duration Bond Fund		118,091		(7321,998	)		(25,841	)		1,173,953
Small Cap Equity Fund		849,411		991,346			(23,540	)		26,020,124
Special Situations Fund		2,923		1,051,589			(1,267	)		5,376,640
Strategic Emerging Markets Fund		549.224		3,746,056			(10,247	)		25,702,003

The Funds did not have any unrecognized tax benefits at June 30, 2020, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended June 30, 2020, 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.

122

Notes to Financial Statements (Continued)

7. Indemnifications

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

8. New Accounting Pronouncements

In August 2018, FASB issued Accounting Standards Update 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the impact of ASU 2018-13 and has early adopted the disclosure requirements and the impact, if any, is reflected within the Funds’ financial statements.

In March 2020, FASB issued Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

9. Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds. On April 5, 2012, the adversary proceeding was transferred to the Southern District of New York for consolidated pretrial proceedings. The action is now being prosecuted by the litigation trustee (“Trustee”) for the Tribune Litigation Trust.

The potential amount sought to be recovered from the Small Cap Equity Fund is approximately $93,500, plus interest and the Official Committee’s court costs.

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 Trustee, 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.

10. Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 has produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, and global business disruption, and it may result in future significant adverse effects, such as exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadvisers, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

123

Other Information (Unaudited)

Proxy Voting

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

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

Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s EDGAR database on its website at http://www.sec.gov.

Liquidity Risk Management Program

In 2016, the SEC adopted Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of fund shareholders. Pursuant to the Liquidity Rule, the Funds have adopted a Liquidity Risk Management Program (the “Program”). The Program is administered by MML Advisers, which has established a Liquidity Risk Management Program Committee (the “Committee”) to oversee the required management, assessments, reviews, and reports for the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 10, 2020, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period December 1, 2018 through December 31, 2019. No significant liquidity events impacting any of the Funds or their ability to timely meet redemptions without dilution to existing shareholders were noted in the report. In addition, the Committee provided its assessment that the Program had been effective in managing each Fund’s liquidity risk.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Trustees’ Approval of Investment Advisory Contracts

At their meetings in May and June 2020, the Contract Committee (the “Committee”) and the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the “Independent Trustees”), re-approved the existing advisory and subadvisory agreements (collectively, the “Contracts”) for each of the Asset Momentum Fund, Dynamic Bond Fund, Equity Rotation Fund, High Yield Fund, Inflation-Protected and Income Fund, Short-Duration Bond Fund, Small Cap Equity Fund, Special Situations Fund, and Strategic Emerging Markets Fund. In preparation for the meetings, the Trustees requested, and MML Advisers and the subadvisers provided in advance, certain materials relevant to the consideration of the Contracts (the “Meeting Materials”). In all of their deliberations, the Trustees were advised by independent counsel.

124

Other Information (Unaudited) (Continued)

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

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

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

The Committee reviewed the expense and performance information for each Fund. (References to any one- or three-year period below are to periods ended December 31, 2019. In all cases, the comparative expense information is that of a Fund’s “peer group” and the comparative performance information is that of a Fund’s “performance category.”)

The Committee considered that the total net expense ratios for the Inflation-Protected and Income Fund, Small Cap Equity Fund, Special Situations Fund, High Yield Fund, and Asset Momentum Fund were within the top sixty percent of their peer groups. Of those Funds, all had net advisory fees below the medians of their peers, except the Inflation-Protected and Income Fund. The Committee considered MML Advisers’ statement, as to the Inflation-Protected and Income Fund, that the advisory arrangement for the Fund requires MML Advisers to bear shareholder servicing expenses having the effect of increasing the Fund’s net advisory fee above the rate that would otherwise prevail, and that the shareholder services in question are the same as the services required under any separate shareholder servicing agreement relating to other Funds in the Trust and the MML Series Investment Fund. The Committee considered MML Advisers’ statement that, if the net advisory fees for the Fund were reduced by the portion of the fees attributable to administrative services (which include shareholder services), the net advisory fee would be less than the applicable peer group median.

In the case of the Equity Rotation Fund and Dynamic Bond Fund, the Committee noted that the Funds’ net advisory fees were below the medians of their peers, although their total net expense ratios were higher than the sixtieth comparative percentiles of their peer groups. The Committee considered that the Funds’ relatively low net advisory fees, and other factors cited by MML Advisers, including recent favorable investment performance, and/or MML Advisers’ conviction in the Fund’s subadviser, favored continuation of the Funds’ advisory agreements. For the Equity Rotation Fund, the Committee considered MML Advisers’ statement that the Fund’s small size contributed substantially to its relatively high total net expense ratio.

The Committee noted that the Strategic Emerging Markets Fund had both a total net expense ratio and net advisory fee above the sixtieth comparative percentile of its peers, and that the Short-Duration Bond Fund had a total expense ratio above the sixtieth comparative percentile of its peers and a net advisory fee at the 54th comparative percentile. In each case, the Committee considered that the Fund had achieved favorable three-year performance relative to its peers, notwithstanding the relatively high

125

Other Information (Unaudited) (Continued)

net advisory fees and total net expenses paid by the Funds. MML Advisers noted that each Fund’s net advisory fee was within three basis points of the Fund’s peer group median. In each case, the Committee determined that the Fund’s net advisory fee did not appear unreasonable in light of the information presented.

The Committee determined on the basis of these factors that the Funds’ net advisory fees, and the total net expenses of the Funds generally, were consistent with the continuation of their advisory agreements.

The Committee considered that the Strategic Emerging Markets Fund, Small Cap Equity Fund, Asset Momentum Fund, and Short-Duration Bond Fund achieved one- and three-year investment performance above the medians of their performance categories.

The Committee considered MML Advisers’ statements regarding the High Yield Fund, which has achieved favorable long-term performance, but underperformed for the one- and three-year periods. The Committee considered MML Advisers’ statements that it maintains confidence in the Fund’s subadviser and that the subadviser’s deep high yield fundamental research approach has underperformed in recent periods.

The Committee considered that Dynamic Bond Fund and Inflation-Protected and Income Fund had underperformed for the one-year period, but had three-year performance above the medians of their performance categories and had subadvisers who had shown even longer-term strong performance results.

Regarding the Special Situations Fund and Equity Rotation Fund, the Committee noted that each Fund’s performance was at the low end of its performance category. The Committee considered MML Advisers’ statements that the Special Situations Fund’s performance category is composed principally of mid-cap growth funds, without a focus on “special situations,” making comparison challenging. Similarly, the Committee considered MML Advisers’ statement that the Equity Rotation Fund’s performance category is largely comprised of funds that do not have a similar investment strategy. MML Advisers noted that each Fund had achieved positive absolute returns in three of the last four years. The Committee considered that MML Advisers nonetheless has placed the Funds on heightened review in light of their performance.

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

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

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

126

Other Information (Unaudited) (Continued)

Fund Expenses June 30, 2020

Expense Examples:

The following information is in regards to expenses for the six months ended June 30, 2020:

As a shareholder of the Funds, you incur ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended June 30, 2020.

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*
Asset Momentum Fund
Class II	$	1,000		0.97	%		$991.00	$	4.80	$	1,020.00	$	4.87
Service Class I		1,000		1.22	%		990.10		6.04		1,018.80		6.12
Dynamic Bond Fund
Class II		1,000		0.61	%		1,008.90		3.05		1,021.80		3.07
Service Class I		1,000		0.86	%		1,007.00		4.29		1,020.60		4.32
Equity Rotation Fund
Class II		1,000		0.83	%		987.90		4.10		1,020.70		4.17
Service Class I		1,000		1.08	%		986.20		5.33		1,019.50		5.42
High Yield Fund
Class II		1,000		0.81	%		935.20		3.90		1,020.80		4.07
Service Class I		1,000		1.06	%		934.90		5.10		1,019.60		5.32

127

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		0.88	%	$	1,046.70		4.48	$	1,021.50	$	4.42
Service Class		1,000		1.11	%		1,045.00		5.64		1019.30		5.57
Short-Duration Bond Fund
Class II		1,000		0.57	%		971.10		2.79		1,022.00		2.87
Service Class I		1,000		0.82	%		970.00		4.02		1,020.80		4.12
Small Cap Equity Fund
Initial Class		1,000		0.73	%		891.80		3.43		1,021.20		3.67
Service Class		1,000		0.98	%		890.70		4.61		1,020.00		4.92
Special Situations Fund
Class II		1,000		1.02	%		886.00		4.78		1,019.80		5.12
Service Class I		1,000		1.27	%		884.00		5.95		1,018.50		6.37
Strategic Emerging Markets Fund
Class II		1,000		1.30	%		912.40		6.18		1,018.40		6.52
Service Class I		1,000		1.55	%		910.90		7.36		1,017.20		7.77

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2020, multiplied by the average account value over the period, multiplied by 182 days in the period, divided by 366 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.

128

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, Connecticut

06082-1981

^© 2020 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com. Investment Adviser: MML Investment Advisers, LLC RS-49852-00

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a) Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

(b) Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable to this filing.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this filing.

Item 13. Exhibits.

(a)(1) Code of Ethics (Item 2) is not applicable to this filing.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b) Certifications pursuant to Section  906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) MML Series Investment Fund II

By (Signature and Title)	/s/ Eric Wietsma
	Eric Wietsma, President and Principal Executive Officer

Date   8/20/2020                         

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Eric Wietsma
	Eric Wietsma, President and Principal Executive Officer

Date   8/20/2020                         

By (Signature and Title)	/s/ Renee Hitchcock
	Renée Hitchcock, Treasurer and Principal Financial Officer

Date   8/20/2020