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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-21714

MML Series Investment Fund II
(Exact name of registrant as specified in charter)

1295 State Street, Springfield, MA	01111
(Address of principal executive offices)	(Zip code)

Paul LaPiana
1295 State Street, Springfield, MA 01111
(Name and address of agent for service)

Registrant's telephone number, including area code:		(413) 744-1000

Date of fiscal year end:	12/31/2022

Date of reporting period:	12/31/2022

Item 1. Reports to Stockholders.

(a)

The Report to Stockholders is attached herewith.

Table of Contents
President’s Letter to Shareholders (Unaudited)	1
Economic and Market Overview (Unaudited)	3
Portfolio Manager Report (Unaudited)	5
Portfolio of Investments
MML Blend Fund	44
MML Dynamic Bond Fund	45
MML Equity Fund	65
MML Equity Rotation Fund	71
MML High Yield Fund	77
MML Inflation-Protected and Income Fund	84
MML iShares^® 60/40 Allocation Fund	92
MML iShares^® 80/20 Allocation Fund	93
MML Managed Bond Fund	94
MML Short-Duration Bond Fund	108
MML Small Cap Equity Fund	119
MML Strategic Emerging Markets Fund	122
MML U.S. Government Money Market Fund	125
Statements of Assets and Liabilities	126
Statements of Operations	134
Statements of Changes in Net Assets	138
Financial Highlights	145
Notes to Financial Statements	158
Report of Independent Registered Public Accounting Firm	189
Trustees and Principal Officers (Unaudited)	191
Federal Tax Information (Unaudited)	196
Other Information (Unaudited)
Proxy Voting	197
Monthly Reporting	197
Quarterly Reporting	197
Submission of Matters to a Vote of Security Holders	198
Fund Expenses	199

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.

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

To Our Shareholders

Paul LaPiana

“At MassMutual, our goal is to help you build the future you want for yourself and your family. We want to help you with your retirement plans today, so you can feel more comfortable about tomorrow.”

December 31, 2022

Continued market volatility challenges retirement investors

I am pleased to present you with the MML Series Investment Fund II Annual Report. During the fiscal year ended December 31, 2022, U.S. stocks were down over 18%, with many investors concerned about the likelihood of a recession, as the U.S. Federal Reserve Board (the “Fed”) aggressively tightened monetary policy to combat heightened inflation. Stocks in foreign developed markets and emerging markets also experienced significant losses in the fiscal year, hurt by elevated energy prices, a strengthening U.S. dollar, and concerns that consumer spending and corporate earnings growth would slow. U.S. bond investors experienced negative returns in the rising interest rate environment, fueled by aggressive interest rate hikes by the Fed that were aimed at reducing demand-driven inflationary pressures.

Suggestions for retirement investors under any market conditions

●

You are likely in it for the long term. Retirement planning involves what financial professionals refer to as “long-term investing,” since most people save and invest for retirement throughout their working years. Even in retirement, many individuals will systematically withdraw their retirement savings over a number of years, keeping a portion of their funds invested. Although the financial markets will go up and down, individuals who take a long-term approach to investing don’t focus on current headlines – because they realize that they have time to ride out the downturns.

●

Keep contributing. While you have no control over the investment markets, you can control how often and how much you contribute to your retirement account. Saving as much as possible and increasing your contributions regularly is one way retirement investors can help boost their retirement savings, regardless of the performance of the stock and bond markets.

●

Invest continually.¹ Financial professionals often advise their clients to stay in the market, regardless of short-term results. Here’s why: Those who can invest in all market conditions have the potential to be rewarded even during market downturns, when more favorable prices may enable them to accumulate larger positions.

●

Monitor your asset allocation and diversify. Stocks, bonds, and short-term/money market investments are asset classes that tend to behave differently, depending upon the economic and market environment. These broad asset classes contain an even greater array of asset sub-categories (such as small-cap stocks, international stocks, and high-yield bonds). Most financial professionals agree that investors can take advantage of different opportunities in the market and reduce the risk of over-exposure to one or two poorly performing asset types by selecting a number of investments that represent a mix of asset classes and sub-categories.

Is this a good time to track your progress?

If you work with a financial professional, you may wish to consider checking in with him or her to help you determine if:

●	you are saving enough for retirement – and, if in retirement, you are withdrawing an appropriate amount each year, based on your personal circumstances;

¹ Systematic investing and asset allocation do not ensure a profit or protect against loss in a declining market. Systematic investing involves continuous investment in securities regardless of fluctuating price levels. Investors should consider their ability to continue investing through periods of low price levels.

(Continued)

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

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

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

Get to where you want to be

At MassMutual, our goal is to help you build the future you want for yourself and your family. We want to help you with your retirement plans today, so you can feel more comfortable about tomorrow. That’s why we continue to encourage you to maintain perspective when it comes to retirement investing, regardless of any headline-making events. MassMutual’s view is that changing market conditions have the potential to reward patient investors. Thank you for your continued confidence and trust in MassMutual.

Sincerely,

Paul LaPiana
President
MML Series Investment Fund II
MML Investment Advisers, LLC

The information provided is the opinion of MML Investment Advisers, LLC (MML Advisers) and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Past performance does not guarantee future results.

Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 1295 State Street, Springfield, MA 01111-0001. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Advisers, a wholly-owned subsidiary of MassMutual.

^©2023 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved
www.MassMutual.com.

MM202401-303982

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

Continued market volatility challenges retirement investors

During the fiscal year ended December 31, 2022, U.S. stocks were down over 18%, with many investors concerned about the likelihood of a recession, as the U.S. Federal Reserve Board (the “Fed”) aggressively tightened monetary policy to combat heightened inflation. Stocks in foreign developed markets and emerging markets also experienced significant losses in the fiscal year, hurt by elevated energy prices, the strengthening U.S. dollar, and concerns that consumer spending and corporate earnings growth would slow. U.S. bond investors experienced negative returns in the rising interest rate environment, fueled by aggressive interest rate hikes by the Fed that were aimed at reducing demand-driven inflationary pressures.

Market Highlights

●	For the reporting period from January 1, 2022 through December 31, 2022, U.S. stocks were down over 18%, in a market environment where the Fed aggressively raised interest rates in an effort to combat heightened inflation.

●	In the first quarter of 2022, investors in both stocks and bonds were challenged by a sharp rise in energy prices after Russia’s unexpected invasion of Ukraine, a stalled economic stimulus plan, and the Fed raising interest rates for the first time since 2018.

●	The second quarter of 2022 was another difficult quarter, as the Fed continued to raise interest rates, investor concerns over high inflation, and concerns about the potential of an impending global recession dominated the narrative.

●	The third quarter of 2022 was an extension of the difficult second quarter, with continued inflationary pressures, weakening economic data, and aggressive Fed interest rate hikes.

●	In the fourth quarter of 2022, investors experienced a bear market rally, as their concerns persisted regarding high inflation, high interest rates, and the potential of an impending global recession.

●

Foreign stocks in developed markets and emerging markets also experienced losses in the fiscal year, against the backdrop of Russia’s invasion of Ukraine (and the resulting economic sanctions that kept energy prices elevated), the strengthening U.S. dollar, and threatened consumer spending and corporate earnings growth.

●	U.S. bond investors experienced negative returns in the rising interest rate environment, fueled by an increase in short-term interest rates, heighted inflationary pressures, and the reversal of monetary and fiscal policy support.

Market Environment

For the fiscal year beginning on January 1, 2022, global stock investors experienced significant losses. U.S. stocks fell sharply in the period in response, with the S&P 500 Index^®* (“S&P 500”) entering bear market territory after declining more than 20% from its previous highs. Investors sought safety from high inflation, rising interest rates, and the increasing possibility of a recession. Consumer sentiment fell sharply, down 15.7% in the period¹, as high inflation – driven by rising energy, food, and housing costs – overwhelmed low unemployment and strong wage growth. As of November 2022, consumer loan levels were at record highs, having increased by 11.8% year-over-year², as more Americans are borrowing to make ends meet in these inflationary times.

As a result, the broad market S&P 500 fell 18.11% for the period. The technology-heavy NASDAQ Composite Index performed even worse, dropping 32.54%. The more economically sensitive Dow Jones Industrial Average^SM was down 6.86%. During the reporting period, small-cap stocks underperformed their larger-cap peers, while value stocks outperformed their growth brethren. The communication services, consumer discretionary, information technology, and real estate sectors were all down by 25% or more for the period. The energy sector was the strongest performer for the fiscal year, up 65.72%, aided by a 6.6% increase in the price of West Texas Intermediate (WTI) crude oil. The utilities sector also ended the period positively, gaining 1.57% for the period.

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

¹University of Michigan: Consumer Sentiment (UMCSENT), retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/UMCSENT, December 23, 2022.

² Board of Governors of the Federal Reserve System (US), Consumer Loans, All Commercial Banks [CONSUMER], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CONSUMER, December 30, 2022.

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

Developed international markets, as measured by the MSCI EAFE^® Index, generally outperformed their domestic peers, ending the fiscal year down 14.45%. Emerging-market stocks, as measured by the MSCI Emerging Markets Index, also fell sharply, ending down 20.09% for the period. Investors sold off developed international and emerging-market stocks on concerns that higher interest rates and commodity prices would impair consumer spending and corporate earnings growth.

Bond yields rose sharply during the fiscal year, with the 10-year U.S. Treasury bond yield rising from a low of 1.63% on January 1, 2022 to close the period at 3.88%. Rising yields generally produce falling bond prices; consequently, bond index returns suffered. The Bloomberg U.S. Aggregate Bond Index ended the period down 13.01%. Investment-grade corporate bonds fared even worse. The Bloomberg U.S. Corporate Bond Index, which tracks investment-grade corporate bonds, ended the period with a 15.76% loss. The Bloomberg U.S. Corporate High-Yield Bond Index also ended in negative territory, declining 11.19% for the period.

Review and maintain your strategy

MassMutual is committed to putting our clients’ needs first. We use our innovative open-architecture platform to craft solutions that can help deliver in all stages of the investor’s journey. From building potential wealth to retiring comfortably, we work continually to help investors secure their futures and protect the ones they love. While the current market volatility, including the reality of market sell-offs, can test an investor’s mettle, we’d like to remind you that, as a retirement investor, it’s important to maintain perspective and have realistic expectations about the future performance of your investment accounts. As described in this report, financial markets can reverse suddenly with little or no notice. That’s why we continue to believe that retirement investors should create and maintain a plan that focuses on their goals, how long they have to invest, and how comfortable they are with market volatility. 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.

^©2023 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved
www.MassMutual.com.

MML Blend Fund – Portfolio Manager Report (Unaudited)

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

This Fund seeks a high total return. The Fund is a “fund of funds” that seeks to achieve its investment objective by allocating substantially all of its assets among exchange-traded funds (ETFs) providing exposures to various asset classes. The Fund’s subadviser determines the Fund’s asset allocation strategy and implements this strategy by selecting ETFs for investment and determining the amounts of the Fund’s assets to be invested in each. The ETFs the Fund’s subadviser will consider for investment by the Fund will provide exposures to U.S. equity securities or to fixed-income securities. The ETFs are advised by an affiliate of the Fund’s subadviser. The Fund’s subadviser is BlackRock Investment Management, LLC (BlackRock).

How did the Fund perform during the 12 months ended December 31, 2022?

The Fund’s Initial Class shares returned -16.59%, outperforming the -18.11% return of the S&P 500^® Index (the “stock component’s benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market. The Fund underperformed the -13.01% return of the Bloomberg U.S. Aggregate Bond Index (the “bond component’s benchmark”), which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). The Fund underperformed the -14.36% return of the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category. Finally, the Fund underperformed the -15.91% return of the Custom Balanced Index (the “blend benchmark”), which comprises the stock component’s benchmark and the bond component’s benchmark. The weightings of each index are 60% and 40%, respectively.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

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

The Fund is designed to achieve the return of a strategic asset allocation to a portfolio comprised of 60% U.S. equities and 40% fixed income securities – and to capture the long-term performance of both the equity and bond markets.

The Fund is rebalanced quarterly to predetermined strategic weights. Because the Fund’s investment approach is implemented with passively managed bond and stock exchange-traded funds (ETFs), Fund management typically does not make underweight or overweight allocations to individual securities, sectors, or asset classes.

For the one-year period ended December 31, 2022, the Fund outperformed the stock component’s benchmark, primarily due to the Fund’s small overweight to small-cap stocks, relative to the benchmark. The Fund also had a small overweight allocation to corporate bonds, which underperformed during the year. Consequently, the Fund underperformed the bond component’s benchmark for the year. The Fund’s strategic overweights were designed to capture the yield premium of corporate bonds versus U.S. Treasuries – as well as the return premium of small-cap versus large-cap stocks.

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. For the one-year period ended December 31, 2022, the Fund did not have material exposure to derivatives.

Subadviser outlook

As we enter 2023, Fund management continues to expect a great deal of market volatility moving forward. Fund management observed that a diverse set of macroeconomic and geopolitical headlines throughout 2022 affected global financial markets. In Fund management’s view, most of these headwinds seem likely to persist in 2023. In the coming year, Fund management expects the Fund to achieve somewhat similar performance to that of the blend benchmark, since the Fund’s portfolio allocation is designed to deliver broad exposure to bond and stock markets. As of fiscal year-end, the Fund’s portfolio was allocated 60% to the S&P 500 Index and 40% to the Bloomberg U.S. Aggregate Bond Index.

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

MML Blend Fund Largest Holdings (% of Net Assets) on 12/31/22
iShares Core S&P Total US Stock Market ETF	30.0%
iShares Core S&P 500 ETF	27.2%
iShares Core Total USD Bond Market ETF	15.9%
iShares Core U.S. Aggregate Bond ETF	15.8%
iShares iBoxx High Yield Corporate Bond ETF	4.0%
iShares 5-10 Year Investment Grade Corporate Bond ETF	4.0%
iShares Core S&P Mid-Cap ETF	2.2%
iShares Core S&P Small-Cap ETF	1.0%
	100.1%

MML Blend Fund Sector Table (% of Net Assets) on 12/31/22
Mutual Funds	100.1%
Total Long-Term Investments	100.1%
Short-Term Investments and Other Assets and Liabilities	(0.1)%
Net Assets	100.0%

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

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

The graph above illustrates a representative class of the Fund’s historical performance for the past 10 fiscal years or since inception (for Funds lacking 10-year records) in comparison to its benchmark index, as well as one or more additional indexes, if applicable. The performance of other share classes will be greater than or less than the class depicted above.

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	02/03/1984	-16.59%	4.69%	7.80%
Service Class	08/15/2008	-16.80%	4.42%	7.53%
S&P 500 Index*		-18.11%	9.42%	12.56%
Bloomberg U.S. Aggregate Bond Index		-13.01%	0.02%	1.06%
Lipper Balanced Fund Index		-14.36%	4.62%	6.66%
Custom Balanced Index		-15.91%	6.07%	8.14%

* Benchmark

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

Performance results in the graph and table reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. Investors should note that the Fund is a professionally managed mutual fund, while the index or indexes shown above are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

Performance data quoted in the graph and table represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should read the Fund’s prospectus with regard to the Fund’s investment objectives, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

MML Dynamic Bond Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks a superior total rate of return by investing in fixed income instruments. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in bonds. Bonds may include fixed income securities and other debt instruments of domestic and foreign entities, including corporate bonds, securities issued or guaranteed as to principal or interest by the U.S. Government or its agencies or instrumentalities, mortgage- and asset-backed securities, bank loans, and money market instruments. The Fund’s subadvisers are Western Asset Management Company, LLC (Western Asset) and its affiliate, Western Asset Management Company Limited (Western Asset Limited). Western Asset Limited manages the non-U.S. dollar denominated investments of the Fund. Effective April 29, 2022, Western Asset and Western Asset Limited replaced DoubleLine Capital LP (DoubleLine) as subadvisers of the Fund.

How did the Fund perform during the 12 months ended December 31, 2022?

The Fund’s Class II shares returned -13.98%, underperforming the -13.01% return of the Bloomberg U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

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

For the time that DoubleLine served as subadviser of the Fund (January 1, 2022 - April 28, 2022), U.S. investment-grade corporate credit was the worst-performing sector due to its longer duration profile, which was negatively impacted by the swift rise in U.S. Treasury yields. Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall. Global bonds also underperformed the benchmark driven by U.S. dollar strengthening and rising global yields during the period. Emerging-market debt posted negative returns and was negatively impacted by the rise in interest rates and geopolitical tensions stemming from the war between Russia and Ukraine. U.S. Treasuries in the Fund’s portfolio underperformed due to the increase in interest rates that occurred during the period. Turning to the positive, floating-rate sectors, such as collateralized loan obligations and bank loans, were the top performers over the period materially outperforming the benchmark in part due to their lower interest rate sensitivity. The Fund’s overweight allocation to structured credit relative to the benchmark also contributed to the Fund’s relative performance, as securitized credit outperformed investment-grade corporate credit during this period. Non-agency residential mortgage-backed securities (RMBS), which are securities issued by private institutions that are not backed by government-sponsored entities, materially outperformed and benefited from strong U.S. housing market fundamentals during the period.

For the time that Western Asset and Western Asset Limited served as subadvisers of the Fund (April 29, 2022 -December 31, 2022), the Fund’s top-down macro strategies, in aggregate, detracted from performance. Throughout the reporting period, the Fund had more interest rate exposure (duration) than the benchmark, which significantly detracted from performance as interest rates rose significantly during the period. The Fund’s yield curve positioning, which was focused on an overweight to the back end of the curve, provided a partial offset and contributed to returns. (The yield curve is a graphical representation of bond yields with very short maturities to the longest available, with the curve indicating whether short-term rates are higher or lower than long-term rates.) The Fund’s overweight allocations to structured products – including non-agency RMBS, CMBS, and ABS – also detracted from performance, as structured spreads widened during the reporting period. Additionally, non-U.S. developed market exposures detracted from results, mainly due to developed market currency exposures, as the U.S. dollar appreciated during the period. Finally, agency MBS positioning detracted from performance, as spreads tightened at the start of the period, when the Fund’s portfolio was underweight, which was gradually trimmed to flat versus the benchmark. (“Agency” refers to debt issued by U.S. federal government agencies or government-sponsored entities for financing purposes.)

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

In terms of contributors, exposures to emerging markets, which included both local currency and U.S. dollar-denominated positions, significantly contributed to performance during the reporting period, due to favorable selection in both local-currency and hard-currency assets, as USD-denominated emerging-market bond spreads modestly widened. Finally, in aggregate, corporate credit exposures contributed to performance, mainly due to favorable selection within investment-grade corporates, as investment-grade spreads tightened and high-yield spreads widened during the reporting period.

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. In aggregate, the Fund’s use of derivatives detracted from performance during the reporting period.

Subadviser outlook

In Western Asset’s view, at fiscal year-end, fundamental headwinds to global growth and inflation remained. These headwinds included the reduction of global fiscal stimulus, the withdrawal of monetary policy accommodation, and the persistence of secular-related headwinds – such as global debt burdens, aging demographics, and technology displacement. If growth and inflation moderate and the risks surrounding central bank policy become more balanced, Western Asset believes that the market environment for fixed-income investors could also moderate. In Western Asset’s view, not only could the rise in government yields likely abate, but lower volatility could have the potential to lead investors to re-engage in fixed income spread sectors, especially given the valuations at fiscal year-end.

MML Dynamic Bond Fund Portfolio Characteristics (% of Net Assets) on 12/31/22
Corporate Debt	42.0%
U.S. Government Agency Obligations and Instrumentalities*	31.0%
Non-U.S. Government Agency Obligations	11.5%
U.S. Treasury Obligations	7.4%
Sovereign Debt Obligations	6.5%
Bank Loans	5.0%
Mutual Funds	1.0%
Purchased Options	0.0%
Total Long-Term Investments	104.4%
Short-Term Investments and Other Assets and Liabilities	(4.4)%
Net Assets	100.0%

*	May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

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

GROWTH OF $10,000 INVESTMENT - CLASS II

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	1 Year	5 Years	Since Inception 05/15/2015
Class II	05/15/2015	-13.98%	-0.59%	0.64%
Service Class I	05/15/2015	-14.26%	-0.85%	0.38%
Bloomberg U.S. Aggregate Bond Index		-13.01%	0.02%	0.83%

MML Equity Fund – Portfolio Manager Report (Unaudited)

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

The Fund’s primary objective is to achieve a superior total rate of return over an extended period of time from both capital appreciation and current income. Its secondary objective is the preservation of capital when business and economic conditions indicate that investing for defensive purposes is appropriate. The Fund invests primarily in common stocks of companies that the subadvisers believe are undervalued in the marketplace. 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 33% of the Fund’s portfolio; and Brandywine Global Investment Management, LLC (Brandywine Global), which managed approximately 67% of the Fund’s portfolio, as of December 31, 2022.

How did the Fund perform during the 12 months ended December 31, 2022?

The Fund’s Initial Class shares returned -4.65%, outperforming the -7.54% return of the Russell 1000^® Value Index (the “benchmark”), which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

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

With respect to the Brandywine Global component of the Fund for the one-year period ended December 31, 2022, the energy sector stood out for the second consecutive year, returning more than 50%, while traditionally defensive sectors outperformed by falling less than their peers. The biggest contributions to the Fund component’s outperformance came from sectors that lagged significantly during the fiscal period. The health care sector was the only sector that acted defensively and did not lose value during the fiscal period. Within the health care sector, the benefit to the Fund component was from its overweight allocations to pharmaceuticals, health care providers, and biotechnology companies during the fiscal period. The communication services sector underperformed throughout the year and was the worst-performing sector in the benchmark in both the third and fourth quarters of 2022. Within the technology sector, the Fund component benefited from strong stock selection in software companies during the fiscal period. Remaining focused on lower-valuation technology companies, such as Oracle and IBM, and cycling out of the smaller low-momentum underperforming holdings earlier in the year is why this sector was the second largest contributor to the Fund component’s relative returns for the year.

Within the T. Rowe Price component of the Fund for the one-year period ended December 31, 2022, the financial and consumer discretionary sectors were the largest contributors to the Fund component’s relative performance, whereas the energy, materials, and health care sectors detracted the most. The financial sector was a notable contributor due to favorable stock picks during the fiscal period. Chubb was one Fund component holding that contributed during the fiscal period, as the company benefited from the continued upcycle in property and casualty (P&C) and strong execution. Fund component holdings in the consumer discretionary sector also boosted the Fund component’s relative returns during the fiscal period, owing to strong stock selection, such as Dollar General. Shares of Dollar General contributed to the Fund component’s performance during the fiscal period, as the company reported revenue and earnings ahead of consensus and same-store sales that exceeded expectations. On the downside, an underweight allocation to the energy sector detracted from the Fund component’s relative performance during the fiscal period. The materials sector also hindered relative results due to detrimental stock choices, such as Nutrien, a Canadian fertilizer company. The health care sector further detracted from the Fund component’s relative returns due to weak security selection, which was partially offset by an overweight allocation. HCA Healthcare detracted over the period, as the company contended with elevated labor costs, along with increased utilization of contract labor.

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

Subadviser outlook

Brandywine Global Fund management began 2023 with concerns about inflation, labor shortages, and anticipating the impact of a rising interest rate environment. In Brandywine Global’s opinion, the equity markets were hit hard in reaction to inflation levels not seen in 40 years and aggressive rate increases by the U.S. Federal Reserve Board (the “Fed”) after over a decade of easy money and two years of excessive economic stimulation. Based on Brandywine Global’s research, Brandywine Global believes that value and large-cap value issues still have significant upside potential.

T. Rowe Price Fund management remains cautious on the direction of the economy and believes there is the likelihood that the Fed could cause an economic slowdown or recession in 2023. While T. Rowe Price has observed that goods inflation seems to be peaking, in T. Rowe Price’s view, services inflation remains high and could be challenging due to structural imbalances in the labor market. T. Rowe Price believes it is likely that the equity markets will remain choppy throughout 2023, as expectations adjust to a slowing economy with tighter financial conditions. Consequently, T. Rowe Price believes a cautious stance remains appropriate, so they are looking to further emphasize company-level fundamentals and quality, while keeping their Fund component positioned for a variety of market environments.

MML Equity Fund Largest Holdings (% of Net Assets) on 12/31/22
Exxon Mobil Corp.	4.1%
JP Morgan Chase & Co.	3.6%
Bank of America Corp.	3.0%
AbbVie, Inc.	2.4%
Elevance Health, Inc.	2.4%
Merck & Co., Inc.	2.1%
Pfizer, Inc.	2.0%
Philip Morris International, Inc.	1.9%
Cisco Systems, Inc.	1.4%
Chevron Corp.	1.4%
	24.3%

MML Equity Fund Sector Table (% of Net Assets) on 12/31/22
Consumer, Non-cyclical	29.0%
Financial	22.9%
Energy	10.1%
Industrial	8.2%
Technology	7.1%
Consumer, Cyclical	7.1%
Communications	5.4%
Utilities	5.3%
Basic Materials	3.0%
Mutual Funds	2.3%
Total Long-Term Investments	100.4%
Short-Term Investments and Other Assets and Liabilities	(0.4)%
Net Assets	100.0%

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

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	12/31/1973	-4.65%	7.72%	10.50%
Service Class	08/15/2008	-4.88%	7.45%	10.23%
Russell 1000 Value Index		-7.54%	6.67%	10.29%

MML Equity Rotation Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks growth of capital over the long-term by investing primarily in common stocks of large- and medium-capitalization U.S. companies. The Fund’s subadviser and sub-subadviser invest the Fund’s assets using an indexing strategy. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies included within the Russell 1000^® Invesco Dynamic Multifactor Index* (the “Index”). The Fund’s subadviser is Invesco Advisers, Inc. (Invesco Advisers) and its sub-subadviser is Invesco Capital Management LLC (ICM) (together with Invesco Advisers, “Invesco”).

*	The Fund is sponsored solely by MassMutual. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the Russell 1000^® Invesco Dynamic Multifactor Index (the “Index”) vest in the relevant LSE Group company which owns the Index. “FTSE Russell^®,” “Russell 1000^®” and “Russell^®” are trademarks of the relevant LSE Group company and are used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by the Fund.

How did the Fund perform during the 12 months ended December 31, 2022?

The Fund’s Class II shares returned -14.29%, outperforming the -19.13% return of the Russell 1000 Index (the “benchmark”), which measures the performance of the large-cap segment of U.S. equity securities. It is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Fund underperformed the -13.57% return of the Index, which reflects a dynamic combination of factor exposures drawn from constituent stocks of the Russell 1000 Index.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

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

During the one-year period ended December 31, 2022, Fund management utilized all four combinations of factor exposures that the Fund’s design allows for. In late 2021, the leading economic indicators that drive the positioning of the Fund’s underlying strategy suggested that inflation-related concerns were having an increasing effect on sentiment. Consequently, the strategy shifted toward a “slowdown” regime, with significant tilts toward companies with higher-quality earnings and balance sheets, and companies whose stock prices had recently been less volatile (“quality” and “low-volatility” factors).

The Fund, which reevaluates the economic signals on a monthly basis, continued to maintain this position for the entire first quarter of 2022. During that time, there was great geopolitical uncertainty and significant market declines as the Russian invasion of Ukraine began. International exposure was generally a liability for companies and quality companies overall performed poorly, as did companies which had previously experienced positive price momentum due to an easing of COVID-19 -related restrictions in 2021. The Fund’s methodology, which favors companies that exhibit lower volatility as well as quality, benefited the Fund substantially during the period, as lower-volatility companies significantly outperformed.

At the evaluation in the beginning of April 2022, sentiment indicators were notably improving, and economic indicators remained above trend. Because of this, the Fund moved into an “expansion” regime, with tilts toward smaller companies, deeper value companies, and particularly to companies exhibiting positive share price momentum. It remained in this regime for the remainder of the second quarter. During the time in this regime, all the factors the Fund could potentially use (with the exception of momentum) outperformed, as the market declined steeply and the Fund outperformed the benchmark. This decline led to decreasing market sentiment, which caused the Fund to return to the “slowdown” regime, with the aforementioned tilts toward companies with higher-quality earnings and balance sheets, and companies whose stock prices had recently been less volatile (“quality” and “low-volatility” factors) in early July 2022 a position that it only maintained for a month. During this month, markets rallied, and factors broadly underperformed, with only the “quality” factor outperforming the benchmark.

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

Despite the positive returns in July 2022, leading economic indicators continued to decline, dipping below the long-term trend and causing the Fund to move into a “contraction” regime in early August 2022. This regime, which adds momentum to the factor tilts of “slowdown,” continued until December. During that time, all factors the Fund has available outperformed, and the Fund significantly outperformed the benchmark.

Finally, risk sentiment began to improve towards the end of 2022, and in December 2022, the Fund moved into a “recovery” regime, with tilts toward small size and value. Towards the end of 2022 and year end, value stocks posted the highest return, which caused the Fund to modestly outperform the benchmark.

Although sector weights vary widely from regime to regime, as do the individual securities held within those sectors, underweights on average to, and security selection within, the consumer discretionary and information technology sectors were the largest drivers of outperformance of the Fund. In addition, not holding the electric automobile manufacturer Tesla, which had an average weight of 2.88% in the benchmark, and returned just over -65% for the year, was a major contributor to the Fund’s outperformance.

Subadviser outlook

The Fund reevaluates the economic signals on a monthly basis. Fund management determined at its 2022 year-end evaluation that the short-term economic growth rate was still below the longer-term average, while global risk appetite had begun an upward trend. Based on Fund management’s view, in January 2023, the Fund expects to remain in the “recovery” stance that began in December 2022. Fund management expects to continue to evaluate this decision monthly and modify exposures as the Fund’s regime indicators warrant.

MML Equity Rotation Fund Largest Holdings (% of Net Assets) on 12/31/22
Hewlett Packard Enterprise Co.	1.2%
Cardinal Health, Inc.	1.1%
Steel Dynamics, Inc.	0.9%
Leidos Holdings, Inc.	0.7%
Everest Re Group Ltd.	0.7%
Molina Healthcare, Inc.	0.7%
Synchrony Financial	0.7%
Chesapeake Energy Corp.	0.7%
Reliance Steel & Aluminum Co.	0.7%
Ovintiv, Inc.	0.6%
	8.0%

MML Equity Rotation Fund Sector Table (% of Net Assets) on 12/31/22
Financial	22.8%
Consumer, Cyclical	18.8%
Industrial	16.8%
Consumer, Non-cyclical	15.7%
Technology	8.2%
Basic Materials	6.0%
Communications	5.2%
Energy	4.1%
Utilities	2.4%
Mutual Funds	0.2%
Total Long-Term Investments	100.2%
Short-Term Investments and Other Assets and Liabilities	(0.2)%
Net Assets	100.0%

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

GROWTH OF $10,000 INVESTMENT - CLASS II

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	1 Year	5 Years	Since Inception 05/15/2015	Since Inception 10/13/2017
Class II	05/15/2015	-14.29%	7.50%	10.52%
Service Class I	05/15/2015	-14.46%	7.25%	10.25%
Russell 1000 Index*		-19.13%	9.13%	9.83%
Russell 1000 Invesco Dynamic Multifactor Index**		-13.57%	12.52%		13.25%

* Benchmark

** Since 10/13/2017

MML High Yield Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities. The Fund invests primarily in lower rated U.S. debt securities (“junk” or “high yield” bonds), including securities in default. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in lower rated fixed income securities (rated below Baa3 by Moody’s, below BBB- by Standard & Poor’s or the equivalent by any nationally recognized statistical rating organization (using the lower rating) or, if unrated, determined to be of below investment grade quality by the Fund’s subadviser or sub-subadviser). The Fund’s subadviser is Barings LLC (Barings). Effective February 1, 2022, Baring International Investment Limited (BIIL) was added as sub-subadviser to the Fund.

How did the Fund perform during the 12 months ended December 31, 2022?

The Fund’s Class II shares returned -11.72%, underperforming the -11.19% return of the Bloomberg U.S. Corporate High-Yield Bond Index (the “benchmark”), which measures the performance of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds, including corporate bonds, fixed-rate bullet, putable, and callable bonds, SEC Rule 144A securities, original issue zeros, pay-in-kind bonds, fixed-rate and fixed-to-floating capital securities.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

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

Rising interest rates throughout the year combined with widening credit spreads to challenge high-yield returns. As corporate fundamentals weakened, albeit from historically strong levels of leverage and interest coverage and record low default rates, performance across the ratings spectrum decompressed.

For the one-year period ended December 31, 2022, the Fund’s overweight allocation, relative to the benchmark, to lower-rated bonds detracted from relative performance, mitigated by strong security selection within CCC and below rated bonds as well as an overweight allocation to BBB rated credits.

Within industries, adverse credit selection within technology, consumer non-cyclical, and consumer cyclical sectors detracted from the Fund’s relative performance for the period, while cash balances at the higher end of normal ranges proved a benefit, given heightened market volatility. The Fund’s overweight allocation to, as well as strong security selection within, the energy sector was the primary contributor to performance during the period.

With respect to specific Fund holdings, the largest detractors from performance during the year were: Bausch Health Companies, a specialty pharmaceutical manufacturer; Avaya, a solutions provider for IT telephony and voice communications; and Radiology Partners, a hospital-based, physician-owned radiology practice. Fund holdings that primarily contributed to performance during the reporting period included: Tourmaline Oil, a Canadian natural gas producer; Transocean, an offshore drilling contractor; and Nabors Industries, an onshore oil and gas driller. The energy sector benefited from rising energy prices, improved balance sheets, and positive ratings momentum. Elsewhere, the Fund’s positioning and selection within communications and basic industries also contributed to returns during the reporting period.

Subadviser outlook

Given the sell-off across markets in 2022, in Fund management’s view, valuations as of December 31, 2022 more accurately reflected elevated levels of uncertainty arising from persistent inflation, the U.S. Federal Reserve Board’s removal of policy accommodation, and associated impacts on economic growth. While Fund management believes that corporate default rates could tick higher in 2023, sufficient liquidity and cash flow generation among high-yield borrowers, combined with extended maturity walls and the lack of excess accumulated in any particular sector following the 2022 downturn, could constrain overall default rates at lower levels than in prior cycles. Fund management opines that, with much of the rise in interest rates in the

MML High Yield Fund – Portfolio Manager Report (Unaudited) (Continued)

rearview mirror, high levels of coupon income could accrue benefits to investors. Meanwhile, Fund management also believes that increased dispersion has the potential to pose challenges – but also create opportunities – for active managers to add value through fundamental credit analysis and selection.

MML High Yield Fund Portfolio Characteristics (% of Net Assets) on 12/31/22
Corporate Debt	92.8%
Mutual Funds	4.3%
Bank Loans	2.6%
Total Long-Term Investments	99.7%
Short-Term Investments and Other Assets and Liabilities	0.3%
Net Assets	100.0%

MML High Yield Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - CLASS II

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	1 Year	5 Years	10 Years
Class II	05/03/2010	-11.72%	1.79%	4.31%
Service Class I	05/03/2010	-11.97%	1.55%	4.05%
Bloomberg U.S. Corporate High-Yield Bond Index		-11.19%	2.31%	4.03%

MML Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks to achieve as high a total rate of real return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital by investing, under normal circumstances, 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) and its sub-subadviser is Baring International Investment Limited (BIIL).

How did the Fund perform during the 12 months ended December 31, 2022?

The Fund’s Initial Class shares returned -13.35%, underperforming the -11.85% return of the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (the “benchmark”), which measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury. It is a subset of the Global Inflation-Linked Index (Series-L).

How do inflation-indexed bonds protect against inflation?

Like many other fixed-income securities, inflation-indexed bonds pay income twice a year, based on a stated coupon rate. However, both the principal and the interest payment are adjusted for the level of inflation. The inflation rate – as measured by the Consumer Price Index for All Urban Consumers (CPI-U) – results in an adjustment to the principal amount of an inflation-protected security. The coupon rate is then applied to the adjusted principal amount to determine the interest payment. For example, assuming an inflation rate of 3%, a security with a par value of $1,000 and an annual coupon rate of 1.75%, the adjusted principal amount after one year would be $1,030 ($1,000 increased by 3%). The semi-annual interest payment would be calculated by multiplying $1,030 by 1.75% and dividing by 2 instead of using the original $1,000 par value to calculate the amount of interest.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

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

Consumer prices as measured by the U.S. Bureau of Labor Statistics were up for the last 12 months for the period ending November 2022, as unadjusted Headline Consumer Price Index (CPI) came in at 7.1%. (CPI measures changes in the price of a market basket of consumer goods and services. Core CPI does not include food and energy prices. Headline CPI includes food and energy.) The prices of used vehicles and medical care services were major contributors to inflation during this time frame. As of November 2022, Core CPI (excluding energy and food prices) increased 6.0% from 12 months before. Core CPI is running well above the 2% inflation objective of the Federal Open Market Committee (FOMC).

For the one-year period ended December 31, 2022, TIPS positioning in aggregate detracted from Fund performance. An underweight allocation to short-maturity inflation securities was offset by allocations to high-quality income-producing assets that earned higher yields than U.S. Treasuries. The Fund’s positioning in 5-year and 10-year inflation securities detracted the most from performance.

The Fund invested in high-quality income-producing securities, including asset-backed securities and money market securities during the reporting period. The income earned by these asset classes contributed positively to the Fund’s performance during the reporting period. Asset-backed securities contributed substantially to performance, as security selections in auto loans and insurance receivables within the sector were the primary contributors. Commercial mortgage-backed securities contributed to performance, while residential mortgage-backed securities detracted.

The Fund may use derivative instruments for yield curve and duration management, as well as for replicating cash bonds and gaining market exposure in order to implement manager views. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Overall, these derivative positions modestly contributed to performance.

MML Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

The U.S. Federal Reserve Board (the “Fed”) hiked rates by 0.50% at their December meeting, the highest level in 15 years. As we entered 2023, Fed Chairman Powell signaled that the Fed would continue to raise rates with no reductions until 2024. The FOMC anticipates that ongoing increases in the target range will be appropriate to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time. In Fund management’s view, what the market may fail to appreciate is the impact those higher price pressures may have on consumer demand. As such, Fund management believes that much of this bullish inflation sentiment has largely been priced into the inflation market. Fund management expects to maintain a constructive, but more balanced, view on the potential impact to inflation markets. Fund management believes that valuations will likely remain well anchored into the first half of 2023, given the December 2022 employment and labor force growth trends for the U.S. economy. Further, as a result of the introduction of seasonal pricing pressures into early 2023, Fund management expects to maintain an overweight constructive tilt to inflation markets.

MML Inflation-Protected and Income Fund Portfolio Characteristics (% of Net Assets) on 12/31/22
Non-U.S. Government Agency Obligations	53.9%
U.S. Treasury Obligations	23.8%
U.S. Government Agency Obligations and Instrumentalities*	11.6%
Mutual Funds	0.6%
Total Long-Term Investments	89.9%
Short-Term Investments and Other Assets and Liabilities	10.1%
Net Assets	100.0%

*	May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

MML Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	08/30/2002	-13.35%	1.84%	1.02%
Service Class	08/15/2008	-13.59%	1.58%	0.77%
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)		-11.85%	2.11%	1.12%

MML iShares^® 60/40 Allocation Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML iShares^® 60/40 Allocation Fund, and who is the Fund’s investment adviser?

This Fund seeks to achieve as high a total return over time as is considered consistent with prudent investment risk, preservation of capital and recognition of the Fund’s stated asset allocation. The Fund is a “fund of funds” that seeks to achieve its investment objective by allocating substantially all of its assets among exchange-traded funds (ETFs) providing exposures to various asset classes. The Fund’s investment adviser, MML Investment Advisers, LLC (MML Advisers), determines the Fund’s asset allocation strategy and implements this strategy by selecting ETFs for investment and determining the amounts of the Fund’s assets to be invested in each. The ETFs MML Advisers will consider for investment by the Fund will provide exposures to equity securities or to fixed-income securities. BlackRock Investment Management, LLC (BlackRock) is the Fund’s subadviser, and is responsible solely for the trading and execution of MML Advisers’ investment and allocation decisions. Under normal circumstances, the Fund invests at least 80% (and, typically, substantially all) of its net assets (plus the amount of any borrowings for investment purposes) in iShares^® ETFs*. iShares ETFs are advised by an affiliate of BlackRock. The Fund typically invests approximately 60% of its net assets in equity ETFs and approximately 40% of its net assets in fixed income ETFs.

*	iShares^® and BlackRock^® are registered trademarks of BlackRock, Inc. and its affiliates and are used under license.

How did the Fund perform from its inception date on February 11, 2022, through December 31, 2022?

The Fund’s Class II shares returned -12.14%, outperforming the -13.47% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market. The Fund underperformed the -9.34% return of the Bloomberg U.S. Aggregate Bond Index, which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). For the period beginning March 1, 2022 and ending December 31, 2022, the Fund’s Class II shares returned -9.98%, underperforming the -9.64% return of the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

Investment adviser discussion of factors that contributed to the Fund’s performance

For the period beginning at Fund inception (February 11, 2022) and ending on December 31, 2022, the Fund delivered a negative return, as stocks underperformed fixed-income investments, although the Fund did outperform the benchmark.

For the period beginning at Fund inception (February 11, 2022) and ending on December 31, 2022, global stock investors experienced significant losses. During that time, investors sought safety from high inflation, rising interest rates, and the increasing possibility of a recession. As a result, the broad market S&P 500 Index fell 13.47% for the period. The technology-heavy NASDAQ Composite Index performed even worse, dropping 25.64% for the period. The more economically sensitive Dow Jones Industrial AverageSM was down 4.09% for the period.

Small-cap stocks underperformed their larger-cap peers during the reporting period, while value stocks outperformed their growth brethren. Developed international markets, as measured by the MSCI EAFE^® Index, outperformed their domestic peers, ending the fiscal year down 13.08%. Emerging-market stocks, as measured by the MSCI Emerging Markets Index, also fell sharply, ending down 21.36% for the period. Some investors sold off developed international and emerging-market stocks on concerns that higher interest rates and commodity prices would impair consumer spending and corporate earnings growth.

Bond yields rose sharply during the reporting period, with the 10-year U.S. Treasury bond yield rising from a low of 1.72% on March 1, 2022 to close the period at 3.88%. Rising yields generally produce falling bond prices; consequently, bond index returns suffered. The Bloomberg U.S. Aggregate Bond Index ended the period down 9.34%. Investment-grade corporate bonds fared even worse. The Bloomberg U.S. Corporate Bond Index, which tracks investment-grade corporate bonds, ended the period with a 10.87% loss. The Bloomberg U.S. Corporate High-Yield Bond Index also ended in negative territory, declining 8.02% during the period.

MML iShares^® 60/40 Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

Manager selection contributed to overall performance in 2022. Strong performance by the iShares Core Dividend Growth, iShares Core S&P Mid-Cap, and iShares 1-5 Year Investment Grade Corporate Bond ETFs helped overall performance. Weak performance by the iShares 20+ Year Treasury Bond and iShares Core MSCI Emerging Markets ETFs were significant drivers of underperformance.

Investment adviser outlook

Despite the stock market sell-off in 2022, we view the stock markets as extended and valuations high relative to market history. In MML Advisers’ view, while the prospect of positive economic and corporate earnings growth supports a bull case, MML Advisers’ believes that more clarity on the slowing of economic growth, persistency of inflation, labor costs, China’s COVID-19 policy, and the impact of monetary policy tightening is needed for the allocation to stocks to increase. Against this backdrop, we believe that diversification across global assets for investors could be a sensible approach for what, in our view, we believe could be a bumpy economic ride.

MML iShares 60/40 Allocation Fund Largest Holdings (% of Net Assets) on 12/31/22
iShares Core S&P Total US Stock Market ETF	31.3%
iShares Core U.S. Aggregate Bond ETF	31.2%
iShares Core MSCI International Developed Markets ETF	13.0%
iShares Core S&P 500 ETF	9.1%
iShares 1-5 Year Investment Grade Corporate Bond ETF	5.0%
iShares Core Dividend Growth ETF	3.0%
iShares Core S&P Mid-Cap ETF	2.0%
iShares Core MSCI Emerging Markets ETF	2.0%
iShares 20+ Year Treasury Bond ETF	2.0%
iShares Broad USD High Yield Corporate Bond ETF	1.0%
	99.6%

MML iShares 60/40 Allocation Fund Sector Table (% of Net Assets) on 12/31/22
Mutual Funds	100.0%
Total Long-Term Investments	100.0%
Short-Term Investments and Other Assets and Liabilities	0.0%
Net Assets	100.0%

MML iShares^® 60/40 Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - CLASS II

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	Since Inception 02/11/2022	Since Inception 03/01/2022
Class II	02/11/2022	-12.14%
Service Class I	02/11/2022	-12.37%
S&P 500 Index*		-13.47%
Bloomberg U.S. Aggregate Bond Index		-9.34%
Lipper Balanced Fund Index**			-9.64%

* Benchmark

** Since 03/01/2022

MML iShares^® 80/20 Allocation Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML iShares^® 80/20 Allocation Fund, and who is the Fund’s investment adviser?

This Fund seeks to achieve as high a total return over time as is considered consistent with prudent investment risk, preservation of capital and recognition of the Fund’s stated asset allocation. The Fund is a “fund of funds” that seeks to achieve its investment objective by allocating substantially all of its assets among exchange-traded funds (ETFs) providing exposures to various asset classes. The Fund’s investment adviser, MML Investment Advisers, LLC (MML Advisers), determines the Fund’s asset allocation strategy and implements this strategy by selecting ETFs for investment and determining the amounts of the Fund’s assets to be invested in each. The ETFs MML Advisers will consider for investment by the Fund will provide exposures to equity securities or to fixed-income securities. BlackRock Investment Management, LLC (BlackRock) is the Fund’s subadviser, and is responsible solely for the trading and execution of MML Advisers’ investment and allocation decisions. Under normal circumstances, the Fund invests at least 80% (and, typically, substantially all) of its net assets (plus the amount of any borrowings for investment purposes) in iShares^® ETFs*. iShares ETFs are advised by an affiliate of BlackRock. The Fund typically invests approximately 80% of its net assets in equity ETFs and approximately 20% of its net assets in fixed income ETFs.

*	iShares^® and BlackRock^® are registered trademarks of BlackRock, Inc. and its affiliates and are used under license.

How did the Fund perform from its inception date on February 11, 2022, through December 31, 2022?

The Fund’s Class II shares returned -13.28%, outperforming the -13.47% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market. The Fund underperformed the -9.34% return of the Bloomberg U.S. Aggregate Bond Index, which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). For the period beginning March 1, 2022 and ending December 31, 2022, the Fund’s Class II shares returned -10.04%, underperforming the -9.64% return of the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

Investment adviser discussion of factors that contributed to the Fund’s performance

MML iShares^® 80/20 Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

Investment adviser outlook

MML iShares 80/20 Allocation Fund Largest Holdings (% of Net Assets) on 12/31/22
iShares Core S&P Total US Stock Market ETF	45.2%
iShares Core MSCI International Developed Markets ETF	14.9%
iShares Core U.S. Aggregate Bond ETF	11.9%
iShares Core S&P 500 ETF	8.0%
iShares Core MSCI Emerging Markets ETF	5.0%
iShares 1-5 Year Investment Grade Corporate Bond ETF	4.9%
iShares Core S&P Mid-Cap ETF	4.0%
iShares Core Dividend Growth ETF	3.0%
iShares Broad USD High Yield Corporate Bond ETF	1.0%
iShares 20+ Year Treasury Bond ETF	1.0%
	98.9%

MML iShares 80/20 Allocation Fund Sector Table (% of Net Assets) on 12/31/22
Mutual Funds	100.3%
Total Long-Term Investments	100.3%
Short-Term Investments and Other Assets and Liabilities	(0.3)%
Net Assets	100.0%

MML iShares^® 80/20 Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - CLASS II

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	Since Inception 02/11/2022	Since Inception 03/01/2022
Class II	02/11/2022	-13.28%
Service Class I	02/11/2022	-13.40%
S&P 500 Index*		-13.47%
Bloomberg U.S. Aggregate Bond Index		-9.34%
Lipper Balanced Fund Index**			-9.64%

* Benchmark

** Since 03/01/2022

MML Managed Bond Fund – Portfolio Manager Report (Unaudited)

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

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

How did the Fund perform during the 12 months ended December 31, 2022?

The Fund’s Initial Class shares returned -15.01%, underperforming the -13.01% return of the Bloomberg U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

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

During the one-year period ended December 31, 2022, the Fund’s performance was challenged by extreme volatility, both from a relative and absolute perspective, as a result of rising interest rates and wider spreads across credit assets. Credit spreads represent the difference in yields between nearly identical bonds with comparable maturities, but different quality ratings.

For the period ended December 31, 2022, the Fund’s positioning in corporate bonds was one of the largest detractors from the Fund’s performance, and the Fund had an overweight allocation to this sector compared to the benchmark. The Fund’s overweight allocation to BBB quality holdings was the top detracting quality allocation over the period. The Fund had an underweight allocation to U.S. Treasuries, which detracted from relative performance. The Fund’s municipal bond allocation contributed positively, while its agency allocation detracted.

The Fund’s securitized allocation was challenged in terms of absolute and relative performance over the period, and the Fund had an overweight allocation to the sector. ABS, CMBS, and residential mortgage-backed securities (RMBS) all detracted from the Fund’s relative performance. Within the ABS allocation, subprime auto, medical, and timeshare collateral contributed positively – while aviation, student loan, personal consumer loan, and franchise receivable collateral detracted from the Fund’s relative performance. Within the CMBS allocation, the Fund’s non-agency Single Asset Single Borrower (SASB) and non-agency conduit positions both detracted from relative performance. The Fund had an underweight allocation to the MBS sector, which contributed positively to performance over the period.

The Fund’s portfolio management team generally keeps portfolio duration (interest rate sensitivity) in line with that of the benchmark – meaning that duration management was only a modest detractor from performance over the period.

The Fund uses derivative instruments for yield curve, duration (interest rate sensitivity), downside hedging, and to gain exposures. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. They may also be used as a substitute for a direct investment. In aggregate, these positions contributed positively to performance during the reporting period.

Subadviser outlook

In Fund management’s view, while inflation may have seen its peak at 9% in June 2022, the absolute level remains concerningly high at 7%, which Fund management believes gives the U.S. Federal Reserve Board (the “Fed”) a continued green light to keep hiking rates through mid-year 2023. Credit index spread finished the period at an option-adjusted spread of 1.21%, after starting the period at 1.47%, marking a move 0.34% narrower year to date. Following the move, tighter spreads finished 2022

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

closer to longer-term averages after a very benign 2021, which saw a narrow trading range well inside of long-term averages. In Fund management’s opinion, spreads across securitized markets finished the period at historic widths, which Fund management believes could lead to potential opportunity in 2023 and make the case for a cyclical shift back into the asset class going forward. At the spread levels as of fiscal year-ended December 31, 2022, Fund management believes that credit valuations remained attractive, while underlying fundamentals remained constructive.

MML Managed Bond Fund Portfolio Characteristics (% of Net Assets) on 12/31/22
Corporate Debt	38.0%
U.S. Government Agency Obligations and Instrumentalities*	26.8%
Non-U.S. Government Agency Obligations	26.6%
U.S. Treasury Obligations	6.7%
Sovereign Debt Obligations	0.4%
Mutual Funds	0.3%
Municipal Obligations	0.3%
Total Long-Term Investments	99.1%
Short-Term Investments and Other Assets and Liabilities	0.9%
Net Assets	100.0%

*	May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

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

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	12/16/1981	-15.01%	0.18%	1.21%
Service Class	08/15/2008	-15.22%	-0.07%	0.96%
Bloomberg U.S. Aggregate Bond Index		-13.01%	0.02%	1.06%

MML Short-Duration Bond Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks to achieve a high total rate of return primarily from current income while minimizing fluctuations in capital values by investing primarily in a diversified portfolio of short-term investment grade fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s or the equivalent by any nationally recognized statistical rating organization, or, if unrated, determined to be of comparable quality by the Fund’s subadviser or sub-subadviser). The Fund’s subadviser is Barings LLC (Barings) and its sub-subadviser is Baring International Investment Limited (BIIL).

How did the Fund perform during the 12 months ended December 31, 2022?

The Fund’s Class II shares returned -7.79%, underperforming the -3.72% return of the Bloomberg U.S. Aggregate 1-3 Year Bond Index (the “benchmark”), which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities with maturities of 1-3 years, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

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

For the period ended December 31, 2022, the Fund’s positioning in corporate bonds was one of the largest detractors from the Fund’s performance, and the Fund had an overweight allocation to this sector compared to the benchmark. The Fund’s allocation to BBB quality holdings and its marginal allocation to BB quality holdings detracted from relative performance over the period. The Fund had an underweight allocation to U.S. Treasuries, which also proved to be a marginal detractor from relative performance over the period.

The Fund’s duration positioning – a measure of price sensitivity to changes in yields – was a negative contributor to its full-year results. As of December 31, 2022, the Fund’s duration stood at 0.9 years, versus 1.9 years for the benchmark. Barings held the Fund’s duration position longer than the benchmark duration for most of 2022 (closer to 3.0 years), and then shortened it, based on their long-standing rules-based approach to managing interest rate risk. Much of the underperformance can be attributed to the periods when the Fund held a longer duration than the benchmark, while interest rates rose as a result of the U.S. Federal Reserve Board (the “Fed”) policy.

The Fund uses derivative instruments for yield curve, duration (interest rate sensitivity), downside hedging, and to gain exposures. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. They may also be used as a substitute for a direct investment. In aggregate, the Fund’s allocation to derivatives contributed positively to performance during the reporting period.

MML Short-Duration Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

In Fund management’s view, while inflation may have seen its peak at 9% in June 2022, the absolute level remains concerningly high at 7%, which Fund management believes gives the Fed a continued green light to keep hiking rates through mid-year 2023. Credit index spread finished the period at an option-adjusted spread of 1.21%, after starting the period at 1.47%, marking a move 0.34% wider year to date. Following the move, tighter spreads finished 2022 closer to longer-term averages after a very benign 2021, which saw a narrow trading range well inside of long-term averages. In Fund management’s opinion, spreads across securitized markets finished the period at historic widths, which Fund management believes could lead to potential opportunity in 2023, and make the potential case for a cyclical shift back into the asset class going forward. At the spread levels as of fiscal year-ended December 31, 2022, Fund management believes that credit valuations remained attractive, while underlying fundamentals remained constructive.

MML Short-Duration Bond Fund Portfolio Characteristics (% of Net Assets) on 12/31/22
Corporate Debt	47.2%
Non-U.S. Government Agency Obligations	40.5%
Mutual Funds	1.6%
U.S. Government Agency Obligations and Instrumentalities*	1.6%
U.S. Treasury Obligations	0.5%
Total Long-Term Investments	91.4%
Short-Term Investments and Other Assets and Liabilities	8.6%
Net Assets	100.0%

*	May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

MML Short-Duration Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - CLASS II

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	1 Year	5 Years	10 Years
Class II	05/03/2010	-7.79%	0.26%	0.99%
Service Class I	05/03/2010	-8.00%	0.01%	0.74%
Bloomberg U.S. Aggregate 1-3 Year Bond Index		-3.72%	0.86%	0.86%

MML Small Cap Equity Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks capital appreciation by investing primarily in common stocks of small-capitalization U.S. companies that the Fund’s subadviser believes have favorable business trends or prospects based on fundamental analysis. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco Advisers).

How did the Fund perform during the 12 months ended December 31, 2022?

The Fund’s Initial Class shares returned -15.88%, outperforming the -20.44% return of the Russell 2000 Index (the “benchmark”), which measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

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

For the one-year period ended December 31, 2022, stock selection within the industrial, consumer discretionary, and communication services sectors was the primary driver of the Fund’s performance. Weaker stock selection in the energy and materials sectors and a moderate underweight allocation to the energy sector hampered the Fund’s performance.

Fund holdings that were top contributors to relative performance during the period included Acadia, Chesapeake Energy, and Valmont. Acadia, a provider of behavioral health care services, continued to show strong management execution and experienced accelerated revenue growth due to strong demand for mental health services and favorable pricing. Chesapeake, an exploration and production company, benefited from a rise in natural gas prices and the general outperformance of the energy sector. Valmont, a manufacturer of engineered fabricated metal products, benefited from strong infrastructure spending.

Fund holdings that were top detractors from relative performance during the period included Q2 Holdings, Tandem Diabetes, and CryoPort. Q2 Holdings, a provider of digital banking solutions, was negatively impacted by the sharp sell-off in growth-related stocks driven by macroeconomic factors that were made worse by company-specific headwinds, as budgets for back-office software solutions were reduced during 2022. Tandem, a health care company focused on diabetes with a glucose pump, underperformed on competitive concerns after speculation emerged of a merger between two key peers, which could have negative implications for Tandem. Consequently, Fund management exited the position. CryoPort, a provider of logistics solutions to the life science industry, experienced a fire at one of their facilities that negatively impacted sales while the facility was not operating at full production. CryoPort also faced headwinds due to temporary supply chain constraints.

Subadviser outlook

In the view of Fund management, as of the end of the period, the key questions going forward are for how long interest rates must be kept in restrictive territory and whether the economy can avoid a recession. Fund management believes that the federal funds rate – the U.S. Federal Reserve Board’s overnight bank lending rate – will stay elevated for longer than the market would like, but that a significant recession is unlikely. Nonetheless, as of the close of the fiscal year, Fund management expected sluggish gross domestic product growth and pressure on corporate profits to last for a year or more. Fund management expects to continue to maintain its discipline around valuation, focusing on companies with competitive advantages and skilled management teams that are out-executing their peers. In Fund management’s view, these are companies with high returns on invested capital, consistently strong pricing power, and/or rising market shares. Fund management notes that, historically, during times of economic volatility, such companies frequently widen their lead over weaker competitors. Fund management expects to seek to invest in companies characterized by these qualities at compelling valuations.

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

MML Small Cap Equity Fund Largest Holdings (% of Net Assets) on 12/31/22
Acadia Healthcare Co., Inc.	2.3%
Inspire Medical Systems, Inc.	2.3%
AutoNation, Inc.	2.0%
Ziff Davis, Inc.	1.8%
Curtiss-Wright Corp.	1.8%
KBR, Inc.	1.7%
CACI International, Inc. Class A	1.7%
Stifel Financial Corp.	1.7%
Four Corners Property Trust, Inc.	1.7%
BJ’s Wholesale Club Holdings, Inc.	1.6%
	18.6%

MML Small Cap Equity Fund Sector Table (% of Net Assets) on 12/31/22
Consumer, Non-cyclical	21.0%
Industrial	20.6%
Financial	19.9%
Technology	12.5%
Consumer, Cyclical	11.4%
Energy	5.6%
Utilities	2.6%
Basic Materials	2.5%
Communications	1.8%
Mutual Funds	0.7%
Total Long-Term Investments	98.6%
Short-Term Investments and Other Assets and Liabilities	1.4%
Net Assets	100.0%

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

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	06/01/1998	-15.88%	7.20%	11.07%
Service Class	08/15/2008	-16.09%	6.93%	10.79%
Russell 2000 Index		-20.44%	4.13%	9.01%

MML Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Strategic Emerging Markets Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital growth by investing mainly in common stocks of issuers in developing and emerging markets throughout the world and at times 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 Advisers).

How did the Fund perform during the 12 months ended December 31, 2022?

The Fund’s Service Class I Shares returned -26.83%, significantly underperforming the -20.09% return of the MSCI Emerging Markets Index (the “benchmark”), which measures the performance of the large- and mid-cap segments of emerging market equity securities.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

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

From a sector perspective, the largest detractor from relative performance was stock selection in the energy and communication services sectors for the one-year period ended December 31, 2022. Stock selection and an underweight allocation to the financial sector also detracted from the Fund’s relative performance during the period. The largest contributor to the Fund’s relative performance during the period was an overweight allocation to, and stock selection in, the consumer staples sector. During the period, stock selection in, and an underweight allocation to, the information technology sector also contributed to the Fund’s relative performance, as did stock selection in the industrial sector. Geographically, the largest detractor from the Fund’s relative performance during the period was stock selection in, and an overweight allocation to, Russian equities. An overweight allocation to Singapore and stock selection in Brazil also detracted from the Fund’s relative performance during the period. The largest contributors to the Fund’s relative performance were stock selection in, and underweight allocations to, China and South Korea. An overweight allocation to Hong Kong, relative to the benchmark, also contributed to the Fund’s performance during the period.

From a Fund holdings perspective, the top absolute detractors for the one-year period were Novatek, Taiwan Semiconductor Manufacturing Co. (TSMC), and Yandex. Novatek, Russia’s second-largest natural gas company, is one of the largest independent global gas producers. Demand for Novatek’s liquefied natural gas projects has been fundamentally supported by the global push to develop sources of cleaner energy. TSMC is one of the world’s leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms, and design teams competing to push computing and AI innovation. TSMC is expanding production capabilities with construction underway on a chip-making plant in Arizona that is slated to open in 2024, intentions to build a second plant in the state, and potential expansion plans in Japan. Yandex is one of the dominant internet companies in Russia’s transforming digital landscape, holding positions in several categories, including Russia’s search, shared mobility, food delivery, e-commerce, and others. Yandex has been affected by the impact of sanctions on Russia following the invasion of Ukraine. Due to ongoing market closures, lack of trading partners, low liquidity, settlement concerns, and future uncertainty, Invesco Advisers priced all Russian equity holdings – including Novatek and Yandex – to zero as of March 2, 2022.

The top absolute contributors for the one-year period were Yum China, H World Group, and Vale. Yum China operates a portfolio of quick-serve restaurants in the under-penetrated Chinese market, including notable brands such as KFC and Pizza Hut. Despite the challenges of operating under China’s zero-COVID policy, Yum China was able to deliver strong results, driven by management’s effective cost-cutting measures, such as negotiating rental relief, strong operating leverage and margin improvement, and continued expansion into lower-tier cities. H World Group (formerly Huazhu) is a pioneer in the Chinese hotel industry, primarily using a franchise model. It has solidified and maintained its leadership position through investments

MML Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited) (Continued)

in infrastructure technology, which have supported operational efficiency and boosted brand loyalty. Despite nearly three years of China’s zero-COVID protocols, H World was able to improve its revenue per available room, while continuing expansion initiatives into lower-tier cities. Vale is a Brazilian multinational company that is one of the largest global iron ore and nickel producers, with expertise in mining, logistics, energy, and steel-making. There has been structural support for these base metals, as Russia’s iron ore supply continues to be disrupted by the ongoing war in Ukraine, and nickel is used in batteries to support ongoing global decarbonization efforts.

Subadviser outlook

Fund management believes that, over the longer term, many emerging-market companies may be embarking on a new era – cutting back on oversized ambitions and focusing on opportunities that are profitable and cash-generative. In Fund management’s view, these approaches could lead to improved earnings and returns in these businesses, as the businesses will likely become more rational and disciplined. Fund management expects to focus on finding investments in companies where the visible risks are well understood, have been deeply digested, and have led to discounts in prices – and where the risk has not yet been widely perceived.

MML Strategic Emerging Markets Fund Largest Holdings (% of Net Assets) on 12/31/22
Housing Development Finance Corp. Ltd.	8.2%
Taiwan Semiconductor Manufacturing Co. Ltd.	7.4%
Yum China Holdings, Inc.	6.8%
Tata Consultancy Services Ltd.	5.0%
Kotak Mahindra Bank Ltd.	5.0%
H World Group Ltd. ADR	4.6%
Pernod Ricard SA	4.4%
Grupo Mexico SAB de CV Series B	4.2%
ZTO Express Cayman, Inc. ADR	4.1%
LG Chem Ltd.	2.8%
	52.5%

MML Strategic Emerging Markets Fund Sector Table (% of Net Assets) on 12/31/22
Financial	21.0%
Technology	20.6%
Consumer, Cyclical	18.6%
Consumer, Non-cyclical	15.8%
Basic Materials	10.4%
Communications	5.3%
Industrial	5.2%
Energy	0.7%
Total Long-Term Investments	97.6%
Short-Term Investments and Other Assets and Liabilities	2.4%
Net Assets	100.0%

MML Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - SERVICE CLASS I

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	1 Year	5 Years	10 Years
Class II	05/01/2009	-26.58%	-2.69%	-0.56%
Service Class I	08/27/2008	-26.83%	-2.96%	-0.82%
MSCI Emerging Markets Index		-20.09%	-1.40%	1.44%

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

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

The Fund 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).

How did the Fund perform during the 12 months ended December 31, 2022?

The Fund’s Initial Class shares returned 1.22%, underperforming the 1.50% return of the FTSE 3 Month US T Bill Index (the “benchmark”), which measures the performance of the last three three-month Treasury bill month-end rates.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2022, please see the Economic and Market Overview, beginning on page 3.

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

The U.S. Federal Reserve Board (the “Fed”) embarked on its most aggressive rate hiking cycle in many decades, raising the federal funds target rate from 0.00%-0.25% to 4.25%-4.50% over the course of 2022 to combat persistently sticky inflation. In early 2022, there was little thought that inflation would stay so entrenched in the economy and markets were pricing in very little chance of so much tightening by the Fed during the year. By mid-to-late fourth quarter of 2021, the Fed started talking about inflation being a little stickier than the Fed initially anticipated. At that point, the Fund started positioning for rate hikes in 2022. Fund management kept fixed-rate paper short and started to increase the allocation to adjustable-rate securities. The rate hikes were far more frequent and much larger than Fund management anticipated at that time. In a government money market fund, frequent, large rate hikes are the biggest fear when it comes to net asset value (NAV) erosion. Fortunately, the Fund was positioned so short from a weighted average maturity (WAM) perspective that these rate hikes did little to impact the Fund’s NAV. As a matter of fact, the Fund’s NAV went higher as the year progressed. Secured Overnight Financing Rates (SOFR), an interest rate used in the short-term international interbank market, started 2022 at 0.05% and ended the year at 4.30%.

The increase in SOFR throughout 2022 had a positive effect on performance, as the Fund owned a larger percentage of adjustable-rate paper than ever, although the Fund made a few small, longer-dated fixed-rate purchases in late 2021 that detracted from performance over the period. Additionally, the Fund does not have access to the Fed’s reverse repo program, which also hampered performance. (Reverse repo is essentially a short-term loan that helps financial institutions and investors earn returns on cash.)

Subadviser outlook

In mid-2022, Fed Chair Powell expressed that the Fed will do what the Fed believes is necessary to tame inflation – even if it means throwing the U.S. economy into recession. Several Fed Governors have indicated that they would like to get to a terminal rate of 5% or even a bit higher, and then potentially pause so that they can let the effects of this rapid tightening seep into the economy. Fund management believes that the Fed could potentially pause in the first part of 2023 and then, if inflation persists, resume tightening later in the year. As of December 31, 2022, the market was pricing in 0.25%-0.50% of rate cuts in late 2023, although the Fed’s dot plot and speakers have communicated no expected cuts this year.

Moving forward, Fund management plans to keep a short WAM until they see evidence that the Fed is looking to pivot or at least until the pace of tightening slows down meaningfully, or stops altogether. Fund management plans to monitor Fed language carefully and act accordingly if they see signs of changing policy in 2023. While there are still unknowns moving into 2023, at fiscal year-end 2022, Fund management maintained a defensive stance and remained diligent in their quest to preserve capital and maximize income.

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

MML U.S. Government Money Market Fund Portfolio Characteristics (% of Net Assets) on 12/31/22
Discount Notes	72.9%
Repurchase Agreement	10.4%
U.S. Treasury Bill	16.7%
Total Short-Term Investments	100.0%
Other Assets & Liabilities	0.0%
Net Assets	100.0%

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

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

The graph above illustrates the Fund’s historical performance for the past 10 fiscal years or since inception (for Funds lacking 10-year records) in comparison to its benchmark index, as well as one or more additional indexes, if applicable.

Average Annual Total Returns (for the periods ended 12/31/2022)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	12/16/1981	1.22%	0.90%	0.49%
FTSE 3 Month US T Bill Index		1.50%	1.25%	0.74%

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.

MML Blend Fund – Portfolio of Investments

December 31, 2022

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Diversified Financial Services — 100.1%
iShares 5-10 Year Investment Grade Corporate Bond ETF		515,976	$	25,545,972
iShares Core S&P 500 ETF		454,350		174,565,813
iShares Core S&P Mid-Cap ETF		56,870		13,756,284
iShares Core S&P Small-Cap ETF		64,259		6,081,472
iShares Core S&P Total US Stock Market ETF		2,258,983		191,561,758
iShares Core Total USD Bond Market ETF ^(a)		2,253,735		101,260,314
iShares Core U.S. Aggregate Bond ETF		1,039,468		100,818,001
iShares iBoxx High Yield Corporate Bond ETF		347,409		25,579,725
State Street Navigator Securities Lending Government Money Market Portfolio ^(b)		78,200		78,200

TOTAL MUTUAL FUNDS (Cost $671,876,786)				639,247,539

TOTAL LONG-TERM INVESTMENTS (Cost $671,876,786)				639,247,539

	Principal Amount
SHORT-TERM INVESTMENTS — 0.0%
Repurchase Agreement — 0.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 ^(c)	$	314,488		314,488

TOTAL SHORT-TERM INVESTMENTS (Cost $314,488)				314,488

TOTAL INVESTMENTS — 100.1% (Cost $672,191,274) ^(d)				639,562,027

Other Assets/(Liabilities) — (0.1)%				(877,014	)

NET ASSETS — 100.0%			$	638,685,013

Abbreviation Legend

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $76,381 or 0.01% of net assets. (Note 2).

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

(c)	Maturity value of $314,533. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $320,875.

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

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

MML Dynamic Bond Fund – Portfolio of Investments

December 31, 2022

	Principal Amount		Value
BONDS & NOTES — 103.4%
BANK LOANS — 5.0%
Aerospace & Defense — 0.1%
TransDigm, Inc., 2020 Term Loan F, 3 mo. USD LIBOR + 2.250%
6.980% VRN 12/09/25	$	156,637	$	154,535
Airlines — 0.2%
Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500%
8.130% VRN 8/11/28		74,625		73,599
American Airlines, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.750%
8.993% VRN 4/20/28		120,000		119,344
Kestrel Bidco, Inc., Term Loan B, 1 mo. USD LIBOR + 3.000%
7.354% VRN 12/11/26		67,839		61,543
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
8.108% VRN 4/21/28		83,513		82,306
				336,792
Auto Parts & Equipment — 0.1%
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%
7.634% VRN 4/30/26		129,445		126,587
Beverages — 0.1%
Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500%
8.230% VRN 3/31/28		277,884		257,460
Chemicals — 0.2%
Diamond (BC) B.V., 2021 Term Loan B, 3 mo. USD LIBOR + 2.750%
7.165% VRN 9/29/28		173,250		167,186
Kraton Corp., 2022 USD Term Loan, 3 mo. USD SOFR CME + 3.250%
8.040% VRN 3/15/29		73,992		73,230
Olympus Water U.S. Holding Corp., 2021 USD Term Loan B, 3 mo. USD LIBOR + 3.750%
8.500% VRN 11/09/28		99,000		94,820
				335,236
Commercial Services — 0.3%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 1 mo. USD LIBOR + 3.750%
8.173% VRN 5/12/28		239,834		227,394

	Principal Amount		Value
CHG Healthcare Services, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.250%
7.634% VRN 9/29/28	$	133,313	$	130,202
Mister Car Wash Holdings, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.000%
7.423% VRN 5/14/26		47,781		47,064
Prime Security Services Borrower LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750%
6.505% VRN 9/23/26		186,112		184,270
Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000%
8.384% VRN 8/27/25		68,944		68,365
				657,295
Computers — 0.1%
Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 4.750%
9.170% VRN 7/27/28		248,593		211,615
Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750%
8.134% VRN 2/01/28		115,754		112,835
				324,450
Diversified Financial Services — 0.4%
Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. USD SOFR CME + 3.000%
7.077% VRN 6/15/25		112,774		109,751
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750%
7.519% VRN 10/22/26		143,188		141,730
Citadel Securities LP, 2021 Term Loan B, 1 mo. USD SOFR CME + 2.500%
6.938% VRN 2/02/28		277,879		272,113
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 1 mo. USD SOFR CME + 3.750%
8.073% VRN 4/09/27		87,101		81,195
Focus Financial Partners LLC, 2022 Term Loan B5, 1 mo. USD SOFR CME + 3.250%
7.573% VRN 6/30/28		109,725		108,262
Jane Street Group LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750%
7.134% VRN 1/26/28		198,127		191,997
				905,048

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Electronics — 0.0%
Mirion Technologies, Inc., 2021 Term Loan, 6 mo. USD LIBOR + 2.750%
7.480% VRN 10/20/28	$	94,050	$	92,169
Engineering & Construction — 0.1%
Brown Group Holding LLC, Term Loan B, 1 mo. USD LIBOR + 2.500%
6.884% VRN 6/07/28		277,582		272,069
Entertainment — 0.3%
PCI Gaming Authority, Term Loan, 1 mo. USD LIBOR + 2.500%
6.884% VRN 5/29/26		270,000		267,975
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD SOFR CME + 3.000%
7.417% VRN 4/14/29		268,650		264,333
UFC Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 2.750%
7.110% VRN 4/29/26		194,735		191,923
				724,231
Food — 0.1%
CHG PPC Parent LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.000%
7.438% VRN 12/08/28		119,100		114,932
Health Care – Products — 0.2%
Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250%
7.634% VRN 10/23/28		203,263		192,893
Sotera Health Holdings LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750%
7.165% VRN 12/11/26		270,000		248,400
				441,293
Health Care – Services — 0.3%
Aveanna Healthcare LLC
2021 Term Loan B,
0.000% 7/17/28 ^(a)		140,207		107,258
2021 Delayed Draw Term Loan,
0.000% 7/17/28 ^(a) ^(b)		32,994		25,241
Global Medical Response, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 4.250%
8.422% VRN 10/02/25		267,949		186,729
ICON Luxembourg SARL, LUX Term Loan, 3 mo. USD LIBOR + 2.250%
7.000% VRN 7/03/28		57,935		57,710

	Principal Amount		Value
Phoenix Guarantor, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 3.250%
7.634% VRN 3/05/26	$	237,955	$	222,537
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250%
8.639% VRN 7/09/25		75,000		62,719
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 3 mo. USD LIBOR + 3.750%
8.165% VRN 11/16/25		35,193		33,099
				695,293
Housewares — 0.1%
Solis IV B.V., USD Term Loan B1, 3 mo. USD SOFR CME + 3.500%
7.859% VRN 2/26/29		248,750		217,878
Insurance — 0.3%
Acrisure LLC
2020 Term Loan B, 1 mo. USD LIBOR + 3.500%
7.884% VRN 2/15/27		120,944		113,234
2021 First Lien Term Loan B, 1 mo. USD LIBOR + 4.250%
8.634% VRN 2/15/27		123,750		119,521
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250%
6.634% VRN 2/19/28		237,976		233,440
Asurion LLC
2020 Term Loan B8, 1 mo. USD LIBOR + 3.250%
7.634% VRN 12/23/26		151,900		135,097
2021 Term Loan B9, 1 mo. USD LIBOR + 3.250%
7.634% VRN 7/31/27		73,684		64,336
				665,628
Leisure Time — 0.1%
Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 8/17/28		267,965		264,114
Lodging — 0.1%
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.750%
7.134% VRN 12/23/24		25,512		25,431
2020 Term Loan B1, 1 mo. USD LIBOR + 3.500%
7.884% VRN 7/21/25		21,003		20,931

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Station Casinos LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 2.250%
6.640% VRN 2/08/27	$	277,832	$	270,742
				317,104
Machinery – Diversified — 0.2%
Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 2.000%
6.438% VRN 7/30/29		238,800		236,455
Vertical U.S. Newco, Inc., Term Loan B, 6 mo. USD LIBOR + 3.500%
6.871% VRN 7/30/27		195,545		187,846
				424,301
Media — 0.1%
DirecTV Financing LLC, Term Loan, 1 mo. USD LIBOR + 5.000%
9.384% VRN 8/02/27		64,898		63,046
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD LIBOR + 2.500%
6.884% VRN 9/18/26		230,753		228,619
				291,665
Packaging & Containers — 0.0%
TricorBraun Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.250%
7.634% VRN 3/03/28		68,971		65,659
Pharmaceuticals — 0.5%
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000%
8.730% VRN 10/01/27		235,482		220,470
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 mo. USD LIBOR + 2.000%
6.384% VRN 11/15/27		530,000		511,673
Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 1 mo. USD LIBOR + 1.750%
6.188% VRN 3/15/28		277,879		277,531
Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 5/05/28		199,851		197,820

	Principal Amount		Value
PRA Health Sciences, Inc., US Term Loan, 3 mo. USD LIBOR + 2.250%
7.000% VRN 7/03/28	$	14,434	$	14,379
				1,221,873
Pipelines — 0.1%
CQP Holdco LP, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
8.480% VRN 6/05/28		215,315		214,029
Traverse Midstream Partners LLC, 2017 Term Loan, 3 mo. USD SOFR CME + 4.250%
8.800% VRN 9/27/24		48,272		48,106
				262,135
Retail — 0.2%
1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%, 3 mo. USD LIBOR + 1.750%
5.821% VRN 11/19/26		28,396		27,863
Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD LIBOR + 3.750%
8.134% VRN 3/06/28		171,516		164,441
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.750%
7.134% VRN 10/19/27		277,873		264,169
PetSmart, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.750%
8.130% VRN 2/11/28		69,124		67,504
Pilot Travel Centers LLC, 2021 Term Loan B, 1 mo. USD SOFR CME + 2.000%
6.423% VRN 8/04/28		38,496		38,005
				561,982
Software — 0.6%
Athenahealth, Inc.
2022 Delayed Draw Term Loan, 1 mo. USD SOFR CME + 3.500%
7.821% VRN 2/15/29 ^(b)		24,969		22,481
2022 Term Loan B, 1 mo. USD SOFR CME + 3.500%
7.821% VRN 2/15/29		146,213		131,645
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, 1 mo. USD LIBOR + 3.000%
7.384% VRN 10/30/26		105,255		103,545
DCert Buyer, Inc., 2019 Term Loan B, 6 mo. USD SOFR CME + 4.000%
8.696% VRN 10/16/26		43,566		42,025

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 7/01/24	$	218,157	$	214,939
Mitchell International, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
8.415% VRN 10/15/28		258,050		237,200
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000%
8.390% VRN 4/26/24		184,492		179,649
Rackspace Technology Global, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 2.750%
7.380% VRN 2/15/28		277,879		172,663
The Ultimate Software Group, Inc., Term Loan B, 1 mo. USD LIBOR + 3.750%
8.134% VRN 5/04/26		121,226		116,680
Zelis Healthcare Corp., 2021 Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 9/30/26		191,886		189,468
				1,410,295
Telecommunications — 0.1%
Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 6 mo. USD SOFR + 7.500%
7.445% VRN 2/01/29		123,073		118,589
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750%
6.134% VRN 3/01/27		146,988		140,557
				259,146
Transportation — 0.1%
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD LIBOR + 2.000%
6.730% VRN 12/30/26		236,586		235,048

TOTAL BANK LOANS (Cost $12,173,934)				11,634,218

CORPORATE DEBT — 42.0%
Advertising — 0.0%
Clear Channel Outdoor Holdings, Inc.
7.500% 6/01/29 ^(c) ^(d)		95,000		69,756
Aerospace & Defense — 1.6%
The Boeing Co.
2.196% 2/04/26		300,000		272,865
2.800% 3/01/27		290,000		262,039
2.950% 2/01/30		270,000		229,391

	Principal Amount		Value
3.200% 3/01/29	$	300,000	$	264,118
3.250% 2/01/35		330,000		252,598
3.750% 2/01/50		140,000		96,857
5.705% 5/01/40		130,000		123,968
5.805% 5/01/50		350,000		325,861
5.930% 5/01/60		50,000		45,840
General Dynamics Corp.
4.250% 4/01/40		20,000		18,353
4.250% 4/01/50		50,000		44,513
L3 Harris Technologies, Inc.
5.054% 4/27/45		80,000		72,036
Lockheed Martin Corp.
3.550% 1/15/26		50,000		48,618
3.900% 6/15/32		50,000		47,196
4.150% 6/15/53		320,000		273,329
Northrop Grumman Corp.
2.930% 1/15/25		160,000		153,556
3.250% 1/15/28		290,000		267,921
5.150% 5/01/40		320,000		311,912
Raytheon Technologies Corp.
2.250% 7/01/30		110,000		91,827
3.030% 3/15/52		240,000		164,021
4.125% 11/16/28		160,000		153,448
4.500% 6/01/42		80,000		72,519
				3,592,786
Agriculture — 0.7%
Altria Group, Inc.
2.450% 2/04/32		140,000		105,987
4.400% 2/14/26		190,000		186,170
5.800% 2/14/39		240,000		220,384
5.950% 2/14/49		160,000		142,706
BAT Capital Corp.
3.462% 9/06/29		525,000		450,938
4.540% 8/15/47		170,000		120,951
Cargill, Inc.
1.375% 7/23/23 ^(c)		180,000		176,330
Philip Morris International, Inc.
1.125% 5/01/23		190,000		187,641
4.500% 3/20/42		80,000		67,868
				1,658,975
Airlines — 1.2%
Delta Air Lines, Inc.
7.000% 5/01/25 ^(c)		1,780,000		1,820,544
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.750% 10/20/28 ^(c)		550,000		517,721

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 ^(c)	$	297,019	$	295,297
United Airlines, Inc.
4.625% 4/15/29 ^(c)		65,000		56,595
				2,690,157
Apparel — 0.2%
NIKE, Inc.
2.850% 3/27/30		280,000		250,867
3.250% 3/27/40		130,000		105,924
3.375% 3/27/50 ^(d)		40,000		31,499
				388,290
Auto Manufacturers — 1.3%
Ford Motor Co.
3.250% 2/12/32		1,660,000		1,245,083
6.100% 8/19/32		90,000		83,261
Ford Motor Credit Co. LLC 3 mo. USD LIBOR + 1.235%
5.841% FRN 2/15/23		410,000		409,611
General Motors Financial Co., Inc.
2.400% 10/15/28		275,000		228,409
3.100% 1/12/32		285,000		224,105
Hyundai Capital America
1.800% 10/15/25 ^(c)		55,000		49,391
Nissan Motor Co. Ltd.
3.043% 9/15/23 ^(c)		200,000		195,947
3.522% 9/17/25 ^(c)		410,000		381,184
4.345% 9/17/27 ^(c)		300,000		272,319
				3,089,310
Banks — 11.7%
ABN AMRO Bank NV
4.750% 7/28/25 ^(c)		260,000		252,151
Banco Santander SA
3.496% 3/24/25		600,000		578,180
3 mo. USD LIBOR + 1.120% 5.039% FRN 4/12/23		200,000		200,021
Bank of America Corp.
5 year CMT + 1.200% 2.482% VRN 9/21/36		520,000		383,376
SOFR + 1.210% 2.572% VRN 10/20/32		190,000		149,348
SOFR + 1.330% 2.972% VRN 2/04/33		1,080,000		873,437
3 mo. USD LIBOR + 1.370% 3.593% VRN 7/21/28		1,830,000		1,687,256
4.000% 1/22/25		700,000		685,521
3 mo. USD LIBOR + 3.150% 4.083% VRN 3/20/51		300,000		236,758

	Principal Amount		Value
4.200% 8/26/24	$	380,000	$	374,320
3 mo. USD LIBOR + 3.705% 6.250% VRN ^(e)		170,000		163,261
Bank of Montreal 5 year USD Swap + 1.432%
3.803% VRN 12/15/32		350,000		308,685
The Bank of Nova Scotia 5 year CMT + 2.050%
4.588% VRN 5/04/37		440,000		376,722
Barclays PLC 3 mo. USD LIBOR + 1.380%
6.024% FRN 5/16/24		425,000		424,929
BNP Paribas SA
SOFR + 2.074% 2.219% VRN 6/09/26 ^(c)		200,000		183,773
SOFR + 1.507% 3.052% VRN 1/13/31 ^(c)		390,000		320,843
4.625% 3/13/27 ^(c)		260,000		246,874
BPCE SA
1.000% 1/20/26 ^(c)		250,000		219,399
Citigroup, Inc.
SOFR + .694% 2.014% VRN 1/25/26		95,000		88,102
SOFR + 1.280% 3.070% VRN 2/24/28		995,000		898,291
SOFR + 1.939% 3.785% VRN 3/17/33		580,000		497,854
3 mo. USD LIBOR + 1.338% 3.980% VRN 3/20/30		850,000		768,475
4.650% 7/30/45		380,000		327,976
3 mo. USD LIBOR + 1.100% 5.750% FRN 5/17/24		545,000		545,835
3 mo. USD LIBOR + 3.905% 5.950% VRN ^(e)		160,000		146,200
Cooperatieve Rabobank UA
4.375% 8/04/25		470,000		459,160
Credit Agricole SA SOFR + 1.676%
1.907% VRN 6/16/26 ^(c)		270,000		246,305
Credit Suisse Group AG
SOFR + 2.044% 2.193% VRN 6/05/26 ^(c)		480,000		410,282
SOFR + 1.730% 3.091% VRN 5/14/32 ^(c)		640,000		444,153
SOFR + 3.920% 6.537% VRN 8/12/33 ^(c)		300,000		264,035
5 year CMT + 6.383% 9.750% VRN ^(c) ^(e)		480,000		418,305
Danske Bank A/S
5.375% 1/12/24 ^(c)		240,000		238,077

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
The Goldman Sachs Group, Inc.
SOFR + 1.472% 2.908% VRN 7/21/42	$	240,000	$	164,348
3.000% 3/15/24		550,000		536,493
3.500% 11/16/26		270,000		253,357
3 mo. USD LIBOR + 1.301% 4.223% VRN 5/01/29		500,000		466,620
4.250% 10/21/25		270,000		263,871
4.750% 10/21/45		300,000		264,606
SOFR + .820% 5.104% FRN 9/10/27		165,000		156,923
5.150% 5/22/45		290,000		262,055
3 mo. USD LIBOR + 1.170% 5.776% FRN 5/15/26		555,000		551,093
HSBC Holdings PLC
SOFR + 1.929% 2.099% VRN 6/04/26		510,000		465,013
SOFR + 2.530% 4.762% VRN 3/29/33		200,000		173,900
3 mo. USD LIBOR + 1.380% 6.115% FRN 9/12/26		510,000		502,054
JP Morgan Chase & Co.
SOFR + 1.015% 2.069% VRN 6/01/29		215,000		179,898
SOFR + 2.040% 2.522% VRN 4/22/31		320,000		262,621
SOFR + 1.250% 2.580% VRN 4/22/32		270,000		217,084
SOFR + .915% 2.595% VRN 2/24/26		160,000		150,531
SOFR + 1.260% 2.963% VRN 1/25/33		265,000		216,119
SOFR + 2.440% 3.109% VRN 4/22/51		110,000		72,648
3.875% 9/10/24		540,000		528,798
3 mo. USD LIBOR + 1.330% 4.452% VRN 12/05/29		940,000		884,674
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205%
3.574% VRN 11/07/28		400,000		360,803
Mitsubishi UFJ Financial Group, Inc.
1.412% 7/17/25		435,000		395,348
Morgan Stanley
SOFR + 1.360% 2.484% VRN 9/16/36		520,000		378,347
SOFR + 1.290% 2.943% VRN 1/21/33		115,000		93,356
SOFR + 1.160% 3.620% VRN 4/17/25		270,000		263,558
SOFR + 1.610% 4.210% VRN 4/20/28		205,000		195,260

	Principal Amount		Value
National Securities Clearing Corp.
1.500% 4/23/25 ^(c)	$	250,000	$	231,915
NatWest Markets PLC
0.800% 8/12/24 ^(c)		200,000		185,376
Royal Bank of Canada
1.150% 6/10/25		310,000		283,981
Santander Holdings SOFR + 1.249%
2.490% VRN 1/06/28		135,000		115,987
The Toronto-Dominion Bank
1.150% 6/12/25		300,000		273,663
UBS Group AG
4.253% 3/23/28 ^(c)		340,000		317,956
5 year USD Swap + 4.344% 7.000% VRN ^(c) ^(e)		500,000		491,998
US Bancorp
1.450% 5/12/25		280,000		259,801
Wells Fargo & Co.
SOFR + 2.000% 2.188% VRN 4/30/26		200,000		186,273
3 mo. TSFR + 1.432% 2.879% VRN 10/30/30		235,000		200,338
3.000% 10/23/26		430,000		397,918
3 mo. USD LIBOR + 1.170% 3.196% VRN 6/17/27		245,000		227,179
SOFR + 1.500% 3.350% VRN 3/02/33		360,000		304,331
SOFR + 2.130% 4.611% VRN 4/25/53		2,050,000		1,745,646
				26,899,644
Beverages — 0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
3.650% 2/01/26		680,000		654,949
Anheuser-Busch InBev Worldwide, Inc.
3.500% 6/01/30		130,000		118,692
4.600% 4/15/48		334,000		292,557
The Coca-Cola Co.
1.450% 6/01/27		250,000		221,069
2.600% 6/01/50		80,000		53,855
Molson Coors Beverage Co.
3.000% 7/15/26		50,000		46,460
4.200% 7/15/46		50,000		39,030
PepsiCo, Inc.
1.625% 5/01/30		170,000		139,005
				1,565,617
Biotechnology — 0.1%
Gilead Sciences, Inc.
3.700% 4/01/24		130,000		127,837

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Illumina, Inc.
0.550% 3/23/23 ^(d)	$	165,000	$	163,308
				291,145
Chemicals — 0.4%
Equate Petrochemical BV
4.250% 11/03/26 ^(c)		240,000		229,265
OCP SA
3.750% 6/23/31 ^(c)		260,000		217,360
5.125% 6/23/51 ^(c)		220,000		166,401
Orbia Advance Corp. SAB de CV
2.875% 5/11/31 ^(c)		490,000		382,813
				995,839
Commercial Services — 0.4%
Cintas Corp. No 2
3.700% 4/01/27		160,000		154,456
DP World Ltd.
5.625% 9/25/48 ^(c)		330,000		308,941
PayPal Holdings, Inc.
1.650% 6/01/25		270,000		250,442
Triton Container International Ltd.
1.150% 6/07/24 ^(c)		90,000		83,313
Triton Container International Ltd. / TAL International Container Corp.
3.250% 3/15/32		160,000		123,630
				920,782
Computers — 0.3%
Apple, Inc.
2.450% 8/04/26		480,000		445,706
International Business Machines Corp.
3.000% 5/15/24		320,000		311,324
				757,030
Cosmetics & Personal Care — 0.1%
GSK Consumer Healthcare Capital US LLC
3.375% 3/24/29		260,000		234,302
The Procter & Gamble Co.
3.000% 3/25/30		100,000		91,424
				325,726
Diversified Financial Services — 1.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
2.450% 10/29/26		170,000		148,830
3.000% 10/29/28		160,000		134,317
3.150% 2/15/24		190,000		183,724
3.400% 10/29/33		420,000		319,767
Air Lease Corp.
1.875% 8/15/26		170,000		147,862

	Principal Amount		Value
American Express Co.
3.375% 5/03/24	$	130,000	$	127,404
4.050% 5/03/29		210,000		200,391
Aviation Capital Group LLC
1.950% 9/20/26 ^(c)		395,000		334,028
Avolon Holdings Funding Ltd.
3.250% 2/15/27 ^(c)		370,000		317,064
CI Financial Corp.
4.100% 6/15/51		115,000		68,065
Mastercard, Inc.
3.850% 3/26/50		50,000		42,240
Nasdaq, Inc.
3.950% 3/07/52		45,000		34,480
Visa, Inc.
3.150% 12/14/25		200,000		192,838
4.300% 12/14/45		160,000		146,905
				2,397,915
Electric — 0.9%
Berkshire Hathaway Energy Co.
4.600% 5/01/53 ^(c)		255,000		222,973
Consolidated Edison Co. of New York, Inc.
3.350% 4/01/30		70,000		63,132
3.950% 4/01/50		50,000		39,873
Duke Energy Carolinas LLC
2.850% 3/15/32		35,000		29,727
Duke Energy Corp.
3.950% 8/15/47		355,000		270,271
Duke Energy Ohio, Inc.
3.650% 2/01/29		260,000		242,024
Exelon Corp.
4.100% 3/15/52 ^(f)		65,000		52,302
Monongahela Power Co.
5.400% 12/15/43 ^(c)		145,000		140,669
Pacific Gas and Electric Co.
2.500% 2/01/31		255,000		199,254
Sierra Pacific Power Co.
2.600% 5/01/26		1,000,000		929,757
				2,189,982
Entertainment — 0.4%
Warnermedia Holdings, Inc.
3.755% 3/15/27 ^(c)		250,000		225,703
4.279% 3/15/32 ^(c)		430,000		354,694
5.050% 3/15/42 ^(c)		20,000		15,377
5.141% 3/15/52 ^(c)		300,000		219,155
				814,929

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Environmental Controls — 0.1%
Republic Services, Inc.
2.500% 8/15/24	$	230,000	$	220,502
Food — 0.4%
Danone SA
2.589% 11/02/23 ^(c)		320,000		313,318
Mars, Inc.
2.700% 4/01/25 ^(c)		140,000		133,370
3.200% 4/01/30 ^(c)		80,000		71,661
Mondelez International, Inc.
1.500% 5/04/25		390,000		361,241
				879,590
Forest Products & Paper — 0.2%
Suzano Austria GmbH
3.125% 1/15/32		80,000		62,374
3.750% 1/15/31		430,000		360,908
				423,282
Gas — 0.2%
The Brooklyn Union Gas Co.
4.487% 3/04/49 ^(c)		435,000		334,452
The East Ohio Gas Co.
3.000% 6/15/50 ^(c)		45,000		28,712
				363,164
Health Care – Products — 0.1%
Abbott Laboratories
3.750% 11/30/26		140,000		136,457
4.750% 11/30/36		80,000		79,608
4.900% 11/30/46		100,000		97,494
				313,559
Health Care – Services — 0.8%
Centene Corp.
2.500% 3/01/31		285,000		223,005
Elevance Health, Inc.
2.375% 1/15/25		210,000		199,493
3.650% 12/01/27		140,000		132,323
HCA, Inc.
4.125% 6/15/29		220,000		201,339
Health Care Service Corp.
3.200% 6/01/50 ^(c)		145,000		100,935
Humana, Inc.
4.625% 12/01/42		140,000		122,721
UnitedHealth Group, Inc.
1.250% 1/15/26		240,000		217,790
2.300% 5/15/31		220,000		183,723
3.875% 8/15/59		300,000		236,118
4.000% 5/15/29		100,000		95,545
4.200% 5/15/32		80,000		76,160
				1,789,152

	Principal Amount		Value
Home Builders — 0.1%
Lennar Corp.
4.500% 4/30/24	$	100,000	$	98,698
4.750% 11/29/27		40,000		38,542
				137,240
Insurance — 0.5%
Athene Global Funding SOFR + .560%
4.726% FRN 8/19/24 ^(c)		465,000		453,633
Berkshire Hathaway Finance Corp.
2.850% 10/15/50		150,000		100,957
3.850% 3/15/52		90,000		72,772
New York Life Global Funding
0.950% 6/24/25 ^(c)		100,000		90,620
Principal Life Global Funding II
1.250% 6/23/25 ^(c)		110,000		100,121
Prudential Financial, Inc.
3.905% 12/07/47		190,000		152,490
Teachers Insurance & Annuity Association of America
4.900% 9/15/44 ^(c)		80,000		73,575
				1,044,168
Internet — 1.0%
Alphabet, Inc.
1.900% 8/15/40		100,000		66,808
2.050% 8/15/50		60,000		35,333
Amazon.com, Inc.
3.150% 8/22/27		500,000		470,902
3.600% 4/13/32		470,000		431,570
3.875% 8/22/37		190,000		169,490
3.950% 4/13/52		280,000		233,912
Prosus NV
3.061% 7/13/31 ^(c)		570,000		441,028
3.832% 2/08/51 ^(c)		210,000		127,756
4.027% 8/03/50 ^(c)		310,000		194,700
Tencent Holdings Ltd.
3.840% 4/22/51 ^(c)		320,000		228,425
				2,399,924
Iron & Steel — 0.1%
Vale Overseas Ltd.
6.875% 11/21/36		170,000		179,466
Lodging — 0.5%
Las Vegas Sands Corp.
3.200% 8/08/24		860,000		817,175
Sands China Ltd.
5.625% STEP 8/08/25		390,000		373,561
				1,190,736

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Machinery – Diversified — 0.2%
Deere & Co.
3.750% 4/15/50 ^(d)	$	260,000	$	221,366
Otis Worldwide Corp.
2.056% 4/05/25		140,000		131,086
				352,452
Media — 2.0%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250% 1/15/34 ^(c)		65,000		47,973
4.500% 6/01/33 ^(c)		810,000		621,456
4.750% 3/01/30 ^(c)		105,000		89,518
4.750% 2/01/32 ^(c)		65,000		52,695
Charter Communications Operating LLC/Charter Communications Operating Capital
3.500% 3/01/42		240,000		155,595
4.200% 3/15/28		560,000		515,533
4.400% 4/01/33		290,000		249,025
4.908% 7/23/25		240,000		235,416
5.250% 4/01/53		450,000		349,634
5.500% 4/01/63		150,000		115,057
Comcast Corp.
2.887% 11/01/51		550,000		355,302
3.400% 4/01/30		525,000		479,669
3.750% 4/01/40		120,000		99,540
3.950% 10/15/25		155,000		151,929
4.150% 10/15/28		270,000		259,405
CSC Holdings LLC
6.500% 2/01/29 ^(c)		700,000		572,250
DISH DBS Corp.
5.125% 6/01/29		60,000		38,712
5.750% 12/01/28 ^(c)		70,000		55,869
Fox Corp.
5.476% 1/25/39		90,000		82,300
				4,526,878
Mining — 0.9%
Anglo American Capital PLC
4.750% 4/10/27 ^(c)		230,000		222,462
Barrick North America Finance LLC
5.700% 5/30/41		80,000		80,774
5.750% 5/01/43		80,000		81,302
BHP Billiton Finance USA Ltd.
5.000% 9/30/43		100,000		97,520
Freeport-McMoRan, Inc.
4.625% 8/01/30		120,000		111,795
5.450% 3/15/43		470,000		423,959

	Principal Amount		Value
Glencore Funding LLC
1.625% 4/27/26 ^(c)	$	240,000	$	212,328
3.375% 9/23/51 ^(c) ^(d)		175,000		114,791
4.000% 3/27/27 ^(c)		140,000		132,315
4.125% 3/12/24 ^(c)		270,000		265,756
Southern Copper Corp.
5.250% 11/08/42		450,000		429,205
				2,172,207
Miscellaneous - Manufacturing — 0.2%
3M Co.
3.050% 4/15/30 ^(d)		290,000		254,939
3.700% 4/15/50 ^(d)		180,000		138,746
				393,685
Oil & Gas — 3.2%
BP Capital Markets America, Inc.
2.939% 6/04/51		175,000		116,091
3.001% 3/17/52		230,000		152,645
3.119% 5/04/26		410,000		389,112
3.633% 4/06/30		120,000		110,351
Chesapeake Energy Corp.
5.875% 2/01/29 ^(c)		100,000		94,752
Chevron Corp.
1.995% 5/11/27		440,000		395,764
Continental Resources, Inc.
2.268% 11/15/26 ^(c)		195,000		168,916
5.750% 1/15/31 ^(c)		250,000		232,794
Coterra Energy, Inc.
3.900% 5/15/27		230,000		215,070
4.375% 3/15/29		220,000		208,348
Devon Energy Corp.
5.000% 6/15/45		440,000		382,179
5.600% 7/15/41		140,000		131,378
5.850% 12/15/25		120,000		122,210
Diamondback Energy, Inc.
3.250% 12/01/26		140,000		130,413
3.500% 12/01/29		160,000		140,765
Ecopetrol SA
5.875% 5/28/45		770,000		536,274
EOG Resources, Inc.
3.900% 4/01/35		200,000		179,184
4.150% 1/15/26		70,000		68,703
4.375% 4/15/30		60,000		58,249
4.950% 4/15/50		40,000		38,358
Exxon Mobil Corp.
2.992% 3/19/25		340,000		327,824
3.043% 3/01/26		130,000		124,135
3.482% 3/19/30		190,000		177,479
4.227% 3/19/40		205,000		185,043
4.327% 3/19/50		20,000		17,644

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
KazMunayGas National Co. JSC
5.375% 4/24/30 ^(c)	$	200,000	$	178,674
Marathon Petroleum Corp.
5.125% 12/15/26		185,000		184,098
Occidental Petroleum Corp.
6.125% 1/01/31		85,000		85,781
6.450% 9/15/36		50,000		51,000
6.625% 9/01/30		60,000		62,003
Petrobras Global Finance BV
5.999% 1/27/28 ^(d)		760,000		755,516
Pioneer Natural Resources Co.
1.900% 8/15/30		170,000		133,564
Reliance Industries Ltd.
3.625% 1/12/52 ^(c)		330,000		218,168
Shell International Finance BV
2.750% 4/06/30		240,000		210,941
2.875% 5/10/26		130,000		122,632
3.250% 4/06/50		330,000		238,475
Sinopec Group Overseas Development Ltd.
4.375% 4/10/24 ^(c)		330,000		327,545
Southwestern Energy Co.
4.750% 2/01/32		70,000		59,821
5.375% 2/01/29		75,000		69,530
				7,401,429
Oil & Gas Services — 0.1%
Halliburton Co.
2.920% 3/01/30 ^(d)		105,000		90,315
5.000% 11/15/45		100,000		88,887
				179,202
Pharmaceuticals — 3.0%
AbbVie, Inc.
2.600% 11/21/24		880,000		842,273
2.950% 11/21/26		260,000		242,087
3.200% 11/21/29		600,000		543,140
4.700% 5/14/45		25,000		22,399
Bausch Health Cos., Inc.
6.125% 2/01/27 ^(c)		50,000		34,474
Becton Dickinson and Co.
3.363% 6/06/24		80,000		78,179
Bristol-Myers Squibb Co.
4.350% 11/15/47		220,000		194,439
Cigna Corp.
3.750% 7/15/23		160,000		158,940
4.125% 11/15/25		100,000		97,770
4.375% 10/15/28		760,000		734,400
4.900% 12/15/48		230,000		208,767

	Principal Amount		Value
CVS Health Corp.
2.125% 9/15/31	$	330,000	$	262,563
4.250% 4/01/50		70,000		56,118
4.300% 3/25/28		580,000		561,949
5.050% 3/25/48		220,000		198,460
Johnson & Johnson
0.550% 9/01/25		120,000		108,311
0.950% 9/01/27		40,000		34,503
3.625% 3/03/37		320,000		283,692
Merck & Co., Inc.
0.750% 2/24/26		200,000		177,283
1.450% 6/24/30		120,000		96,022
Owens & Minor, Inc.
6.625% 4/01/30 ^(c)		95,000		81,643
Pfizer, Inc.
0.800% 5/28/25		270,000		246,841
1.700% 5/28/30		280,000		230,802
Teva Pharmaceutical Finance Netherlands III BV
3.150% 10/01/26		1,700,000		1,486,650
				6,981,705
Pipelines — 2.8%
Cameron LNG LLC
3.302% 1/15/35 ^(c)		150,000		121,379
Energy Transfer LP
3.900% 7/15/26		750,000		708,888
4.750% 1/15/26		240,000		234,005
6.250% 4/15/49		320,000		299,427
Enterprise Products Operating LLC
4.150% 10/16/28		1,030,000		977,070
EQM Midstream Partners LP
4.750% 1/15/31 ^(c)		140,000		114,450
Kinder Morgan Energy Partners LP
6.950% 1/15/38		355,000		378,683
Kinder Morgan, Inc.
4.300% 3/01/28		110,000		105,553
MPLX LP
4.700% 4/15/48		400,000		317,581
Targa Resources Corp.
4.950% 4/15/52		40,000		31,818
5.200% 7/01/27		170,000		166,867
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.875% 2/01/31		140,000		125,659
Tennessee Gas Pipeline Co. LLC
2.900% 3/01/30 ^(c)		30,000		25,207
Western Midstream Operating LP
3.350% STEP 2/01/25		240,000		227,218
4.300% STEP 2/01/30		900,000		778,519

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
3 mo. USD LIBOR + 1.100% 5.041% FRN 1/13/23	$	90,000	$	89,865
5.500% STEP 2/01/50		1,740,000		1,417,776
The Williams Cos., Inc.
3.500% 10/15/51		125,000		85,761
3.750% 6/15/27		250,000		235,707
				6,441,433
Real Estate Investment Trusts (REITS) — 0.1%
Crown Castle, Inc.
3.300% 7/01/30		35,000		30,661
MPT Operating Partnership LP / MPT Finance Corp.
3.500% 3/15/31		110,000		75,403
WEA Finance LLC/Westfield UK & Europe Finance PLC
3.750% 9/17/24 ^(c)		220,000		208,022
				314,086
Retail — 0.6%
Costco Wholesale Corp.
1.375% 6/20/27		190,000		166,677
1.600% 4/20/30		110,000		90,299
The Home Depot, Inc.
2.700% 4/15/30		70,000		61,067
3.300% 4/15/40		120,000		96,147
3.350% 4/15/50		260,000		193,614
Lowe’s Cos., Inc.
4.500% 4/15/30		50,000		48,046
McDonald’s Corp.
3.500% 7/01/27		300,000		285,005
3.600% 7/01/30		190,000		174,734
4.450% 3/01/47		230,000		200,661
Walmart, Inc.
1.500% 9/22/28		80,000		68,715
1.800% 9/22/31		40,000		32,672
				1,417,637
Semiconductors — 0.6%
Broadcom, Inc.
3.419% 4/15/33 ^(c)		396,000		318,552
Intel Corp.
1.600% 8/12/28		190,000		161,718
3.050% 8/12/51		100,000		65,287
NVIDIA Corp.
2.850% 4/01/30		90,000		78,593
3.500% 4/01/40		240,000		195,587
3.500% 4/01/50		170,000		128,743
3.700% 4/01/60		170,000		126,519
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.875% 6/18/26		245,000		233,448

	Principal Amount		Value
Texas Instruments, Inc.
1.750% 5/04/30	$	110,000	$	90,762
				1,399,209
Software — 0.6%
Microsoft Corp.
2.400% 8/08/26		770,000		718,330
2.921% 3/17/52		260,000		185,723
3.041% 3/17/62		70,000		48,888
Oracle Corp.
3.850% 4/01/60		340,000		227,689
Workday, Inc.
3.700% 4/01/29		95,000		87,124
3.800% 4/01/32 ^(d)		100,000		88,609
				1,356,363
Telecommunications — 2.5%
AT&T, Inc.
1.650% 2/01/28		460,000		389,177
2.750% 6/01/31		160,000		133,022
3.500% 9/15/53		619,000		417,437
3.550% 9/15/55		225,000		150,805
T-Mobile USA, Inc.
2.250% 2/15/26		205,000		186,417
2.550% 2/15/31		500,000		409,959
3.375% 4/15/29		50,000		44,033
3.400% 10/15/52		230,000		155,593
3.500% 4/15/25		350,000		336,816
3.500% 4/15/31		770,000		664,655
3.875% 4/15/30		430,000		390,530
Telefonica Emisiones SA
5.213% 3/08/47		150,000		121,204
Verizon Communications, Inc.
2.355% 3/15/32		1,290,000		1,024,015
2.650% 11/20/40		25,000		16,989
3.850% 11/01/42		610,000		486,534
3.875% 2/08/29		550,000		517,156
3.875% 3/01/52 ^(d)		525,000		400,975
				5,845,317
Transportation — 0.2%
Union Pacific Corp.
2.150% 2/05/27		50,000		45,211
2.891% 4/06/36		270,000		215,630
3.750% 7/15/25		70,000		68,073
3.750% 2/05/70		150,000		110,011
3.839% 3/20/60		120,000		93,503
				532,428

TOTAL CORPORATE DEBT (Cost $105,917,443)				96,902,697

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.5%
Automobile Asset-Backed Securities — 0.2%
Hertz Vehicle Financing LLC, Series 2022-4A, Class A
3.730% 9/25/26 ^(c)	$	540,000	$	516,489
Commercial Mortgage-Backed Securities — 4.9%
BANK
Series 2020-BN28, Class AS, 2.140% 3/15/63		380,000		286,639
Series 2022-BNK39, Class AS, 3.181% 2/15/55		302,000		248,474
Series 2017-BNK5, Class C, 4.191% VRN 6/15/60 ^(g)		200,000		171,799
Benchmark Mortgage Trust
Series 2020-B19, Class AS, 2.148% 9/15/53		380,000		296,653
Series 2020-B18, Class AGNF, 4.139% 7/15/53 ^(c)		378,000		301,536
BPR Trust, Series 2021-TY, Class A, 1 mo. USD LIBOR + 1.050%
5.368% FRN 9/15/38 ^(c)		550,000		518,382
BX Commercial Mortgage Trust
Series 2021-VOLT, Class F, 1 mo. USD LIBOR + 2.400% 6.718% FRN 9/15/36 ^(c)		405,000		372,758
Series 2021-21M, Class H, 1 mo. USD LIBOR + 4.010% 8.328% FRN 10/15/36 ^(c)		295,025		266,643
BX Trust, Series 2019-OC11, Class E,
3.944% VRN 12/09/41 ^(c) ^(g)		374,000		283,308
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA,
0.983% VRN 1/10/48 ^(g)		5,256,608		127,834
Citigroup Commercial Mortgage Trust
Series 2016-GC36, Class D, 2.850% 2/10/49 ^(c)		201,000		115,416
Series 2019-GC41, Class B, 3.199% 8/10/56		163,000		128,036
Series 2020-420K, Class D, 3.312% VRN 11/10/42 ^(c) ^(g)		200,000		149,614
Series 2020-420K, Class E, 3.312% VRN 11/10/42 ^(c) ^(g)		200,000		143,906
Series 2017-C4, Class B, 4.096% VRN 10/12/50 ^(g)		340,000		295,503
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class XA, 0.817% VRN 4/15/50 ^(g)		7,829,808		96,849
Series 2019-C16, Class B, 3.885% 6/15/52		334,000		273,777
Series 2015-C4, Class C, 4.558% VRN 11/15/48 ^(g)		427,000		385,431

	Principal Amount		Value
CSMC Trust, Series 2021-B33, Class B,
3.645% VRN 10/10/43 ^(c) ^(g)	$	300,000	$	241,422
GS Mortgage Securities Trust
Series 2015-GS1, Class XA, 0.758% VRN 11/10/48 ^(g)		7,639,051		139,005
Series 2014-GC26, Class D, 4.521% VRN 11/10/47 ^(c) ^(g)		763,000		492,290
Series 2018-RIVR, Class C, 1 mo. USD LIBOR + 1.250% 5.568% FRN 7/15/35 ^(c)		167,000		135,696
Hospitality Mortgage Trust, Series 2019-HIT, Class F, 1 mo. USD LIBOR + 3.150%
7.468% FRN 11/15/36 ^(c)		385,138		360,890
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-JP1, Class XA, 0.892% VRN 1/15/49 ^(g)		3,475,675		74,518
Series 2016-JP2, Class B, 3.460% 8/15/49		174,000		146,903
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class XA, 0.433% VRN 7/15/48 ^(g)		8,009,298		75,379
Series 2015-C29, Class XA, 0.574% VRN 5/15/48 ^(g)		5,698,681		64,103
Series 2014-C25, Class XA, 0.808% VRN 11/15/47 ^(g)		3,647,701		43,097
Series 2015-C28, Class XA, 0.946% VRN 10/15/48 ^(g)		6,131,339		92,111
Series 2015-C27, Class D, 3.806% VRN 2/15/48 ^(c) ^(g)		704,000		586,628
Series 2014-C23, Class D, 3.982% VRN 9/15/47 ^(c) ^(g)		391,000		337,556
Series 2015-C28, Class B, 3.986% 10/15/48		340,000		310,947
Series 2013-C17, Class C, 4.883% VRN 1/15/47 ^(g)		400,000		381,093
Med Trust, Series 2021-MDLN, Class D, 1 mo. USD LIBOR + 2.000%
6.318% FRN 11/15/38 ^(c)		396,000		374,240
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA,
0.865% VRN 12/15/48 ^(g)		5,886,728		114,506
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. TSFR + 1.397%
5.733% FRN 3/15/39 ^(c)		540,000		525,642
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA,
1.878% VRN 10/10/48 ^(g)		3,228,119		140,712

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SLG Office Trust, Series 2021-OVA, Class E
2.851% 7/15/41 ^(c)	$	260,000	$	182,557
TTAN
Series 2021-MHC, Class A, 1 mo. USD LIBOR + .850% 5.168% FRN 3/15/38 ^(c)		523,020		506,696
Series 2021-MHC, Class F, 1 mo. USD LIBOR + 2.900% 7.218% FRN 3/15/38 ^(c)		379,930		351,532
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class C,
4.065% VRN 3/10/46 ^(c) ^(g)		393,000		375,996
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS2, Class XA, 0.610% VRN 7/15/58 ^(g)		9,196,447		115,013
Series 2015-P2, Class XA, 0.932% VRN 12/15/48 ^(g)		3,539,141		76,857
Series 2019-C53, Class XA, 1.003% VRN 10/15/52 ^(g)		4,276,462		203,579
Series 2016-C35, Class B, 3.438% 7/15/48		328,000		276,455
				11,187,981
Other Asset-Backed Securities — 2.0%
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B,
5.682% STEP 12/16/41 ^(c)		693,830		457,748
CLI Funding VI LLC, Series 2020-3A, Class A
2.070% 10/18/45 ^(c)		186,250		161,156
Dividend Solar Loans LLC, Series 2018-1, Class B
4.290% 7/20/38 ^(c)		549,531		497,657
Hero Funding Trust, Series 2016-4A, Class A2
4.290% 9/20/47 ^(c)		102,434		97,772
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 ^(c)		339,590		274,494
Mosaic Solar Loans LLC
Series 2021-3A, Class B, 1.920% 6/20/52 ^(c)		405,906		306,227
Series 2020-1A, Class A, 2.100% 4/20/46 ^(c)		256,167		226,184
Series 2020-2A, Class B, 2.210% 8/20/46 ^(c)		288,460		240,868
Series 2017-1A, Class A, 4.450% 6/20/42 ^(c)		211,722		202,717

	Principal Amount		Value
Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A
2.980% 6/20/47 ^(c)	$	377,329	$	314,773
Sunnova Helios VII Issuer LLC, Series 2021-C, Class C
2.630% 10/20/48 ^(c)		458,648		315,812
Sunnova Sol III Issuer LLC, Series 2021-1, Class A
2.580% 4/28/56 ^(c)		458,324		349,593
Textainer Marine Containers VII Ltd., Series 2020-2A, Class A
2.100% 9/20/45 ^(c)		391,778		340,550
Upstart Securitization Trust, Series 2021-3, Class C
3.280% 7/20/31 ^(c)		500,000		429,388
Vault DI Issuer LLC, Series 2021-1A, Class A2
2.804% 7/15/46 ^(c)		500,000		426,771
Washington Mutural Asset-Backed Certificates Trust, Series 2006-HE5, Class 2A2, 1 mo. USD LIBOR + .180%
3.816% FRN 10/25/36		55,730		18,413
				4,660,123
Student Loans Asset-Backed Securities — 0.5%
College Avenue Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200%
5.589% FRN 12/26/47 ^(c)		221,484		220,181
Navient Private Education Loan Trust, Series 2020-A, Class A2A
2.460% 11/15/68 ^(c)		244,416		218,798
SoFi Professional Loan Program LLC
Series 2017-D, Class BFX, 3.610% 9/25/40 ^(c)		350,000		304,361
Series 2018-B, Class BFX, 3.830% 8/25/47 ^(c)		500,000		462,594
				1,205,934
Whole Loan Collateral Collateralized Mortgage Obligations — 3.6%
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A,
3.561% VRN 4/25/37 ^(g)		627,250		551,863
Countrywide Home Loans Mortgage Pass-Through Trust
Series 2007-HYB2, Class 3A1, 3.255% VRN 2/25/47 ^(g)		782,897		676,310
Series 2007-3, Class A21, 6.000% 4/25/37		1,317,407		700,695
Series 2007-14, Class A6, 6.000% 9/25/37		1,158,051		649,153

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
CSMC Trust, Series 2021-NQM8, Class A1,
1.841% VRN 10/25/66 ^(c) ^(g)	$	137,409	$	115,162
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .340%
4.679% FRN 12/19/36		453,659		389,631
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1,
2.489% VRN 9/25/56 ^(c) ^(g)		1,028,000		561,268
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1,
2.915% VRN 7/25/35 ^(g)		239,067		204,363
New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A1,
5.000% STEP 6/25/62 ^(c)		483,687		484,211
PRKCM Trust
Series 2021-AFC2, Class A1, 2.071% VRN 11/25/56 ^(c) ^(g)		133,412		108,456
Series 2022-AFC1, Class A1, 4.100% VRN 4/25/57 ^(c) ^(g)		507,428		485,951
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3,
6.500% VRN 10/26/37 ^(c) ^(g)		659,577		302,456
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600%
6.000% FRN 4/25/37		161,587		131,867
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2,
3.547% VRN 10/25/37 ^(g)		547,056		420,802
Verus Securitization Trust
Series 2021-4, Class M1, 2.195% VRN 7/25/66 ^(c) ^(g)		1,000,000		503,186
Series 2021-R1, Class M1, 2.338% 10/25/63 ^(c)		1,500,000		1,092,918
Series 2022 - 6, Class A1, 4.910% STEP 6/25/67 ^(c)		282,441		280,428
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5,
6.350% STEP 5/25/36		672,798		551,276
				8,209,996
Whole Loan Collateral Planned Amortization Classes — 0.3%
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15
6.000% 8/25/36		1,317,876		791,032

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $35,617,241)				26,571,555

	Principal Amount		Value
SOVEREIGN DEBT OBLIGATIONS — 6.5%
Brazilian Government International Bond
3.750% 9/12/31 ^(d)	$	950,000	$	797,894
5.625% 2/21/47 ^(d)		300,000		237,431
Colombia Government International Bond
3.250% 4/22/32		430,000		312,616
4.125% 2/22/42		440,000		276,063
Indonesia Government International Bond
3.500% 1/11/28		320,000		303,728
6.500% 2/15/31 IDR ^(h)		59,120,000,000		3,685,625
Israel Government International Bond
2.750% 7/03/30		310,000		281,247
Mexican Bonos
7.750% 11/23/34 MXN ^(h)		8,220,000		381,002
7.750% 11/13/42 MXN ^(h)		144,850,000		6,485,971
Mexico Government International Bond
2.659% 5/24/31		200,000		160,918
3.750% 1/11/28		205,000		193,411
4.280% 8/14/41		450,000		346,157
Nigeria Government International Bond
7.143% 2/23/30 ^(c)		210,000		160,579
Panama Government International Bond
2.252% 9/29/32		200,000		148,107
4.300% 4/29/53		200,000		145,474
Peruvian Government International Bond
6.550% 3/14/37		460,000		483,256
Provincia de Buenos Aires/Government Bond,
5.250% STEP 9/01/37 ^(c)		540,000		186,300
Republic of Kenya Government International Bond
6.300% 1/23/34 ^(c)		370,000		284,160
				14,869,939

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $15,438,547)				14,869,939

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ⁽ⁱ⁾ — 31.0%
Collateralized Mortgage Obligations — 4.7%
Federal Home Loan Mortgage Corp. REMICS
Series 5085, Class NI, 2.000% 3/25/51	$	1,423,548	$	170,214
Series 5071, Class IH, 2.500% 2/25/51		265,100		35,073
Series 4481, Class B, 3.000% 12/15/42		1,096,856		1,048,216
Series 4483, Class CA, 3.000% 6/15/44		1,771,413		1,666,943
Series 4391, Class MZ, 3.000% 9/15/44		128,042		109,898
Federal National Mortgage Association REMICS
Series 2018-21, Class PO, 0.010% 4/25/48		681,649		498,808
Series 2021-48, Class NS, 30 day SOFR + 3.650% 0.129% FRN 8/25/51		1,052,691		31,082
Series 2020-56, Class AQ, 2.000% 8/25/50		300,000		241,477
Series 2014-6, Class Z, 2.500% 2/25/44		124,943		104,292
Series 2018-18, Class ZG, 3.000% 6/25/50		2,536,577		1,850,035
Series 2020-96, Class IN, 3.000% 1/25/51		415,069		66,936
Series 2015-65, Class CZ, 3.500% 9/25/45		129,213		104,823
Series 2018-44, Class PZ, 3.500% 6/25/48		3,051,687		2,778,366
Government National Mortgage Association
Series 2021-103, Class SA, 30 day SOFR + 3.250% 0.330% FRN 4/20/51		1,280,588		31,861
Series 2020-103, Class AD, 1.450% 1/16/63		297,844		237,547
Series 2022-3, Class B, 1.850% 2/16/61		500,000		297,211
Series 2020-175, Class GI, 2.000% 11/20/50		159,475		17,764
Series 2022-113, Class Z, 2.000% 9/16/61		1,212,050		722,637
Series 2022-115, Class MI, 2.500% 5/20/51		524,490		57,544
Series 2021-96, Class VI, 2.500% 6/20/51		457,776		63,550
Series 2022-189, Class PT, 2.500% 10/20/51		99,331		82,692

	Principal Amount		Value
Series 2021-176, Class IN, 2.500% 10/20/51	$	550,362	$	75,447
Series 2021-58, Class BI, 3.000% 3/20/51		689,067		102,669
Series 2021-98, Class IG, 3.000% 6/20/51		1,003,625		160,108
Series 2021-137, Class IQ, 3.000% 8/20/51		1,397,645		214,992
Series 2021-117, Class ID, 3.500% 6/20/51		765,416		91,761
				10,861,946
Pass-Through Securities — 24.6%
Federal Home Loan Mortgage Corp.
Pool #RB5138 2.000% 12/01/41		184,704		156,277
Pool #RB5145 2.000% 2/01/42		564,637		476,855
Pool #SD8146 2.000% 5/01/51		346,437		284,892
Pool #RA5731 2.000% 8/01/51		179,692		147,825
Pool #SD0715 2.000% 9/01/51		1,915,641		1,584,301
Pool #QD2129 2.000% 11/01/51		941,516		771,899
Pool #QD3960 2.000% 1/01/52		373,612		307,238
Pool #QK1449 2.500% 4/01/42		188,190		164,301
Pool #G08520 2.500% 1/01/43		520,992		454,485
Pool #SD7525 2.500% 10/01/50		672,743		581,982
Pool #RA3913 2.500% 11/01/50		245,350		212,173
Pool #SD7534 2.500% 2/01/51		158,654		137,448
Pool #QC7086 2.500% 9/01/51		631,193		538,839
Pool #SD0777 2.500% 11/01/51		91,960		78,562
Pool #SD1749 2.500% 4/01/52		99,034		84,698
Pool #QK1512 3.000% 5/01/42		189,075		169,961
Pool #QC3242 3.000% 6/01/51		513,736		458,190
Pool #SD8174 3.000% 10/01/51		2,277,866		2,011,915
Pool #QD6216 3.000% 2/01/52		98,102		86,721
Pool #G08632 3.500% 3/01/45		661,425		619,922
Pool #SD1218 4.000% 7/01/49		903,364		866,941
Pool #SD1143 4.500% 9/01/50		1,300,759		1,275,239
Pool #SD1305 5.000% 7/01/52		673,100		669,334
Federal National Mortgage Association
Pool #FS2528 1.500% 1/01/51		97,694		75,650
Pool #MA4280 1.500% 3/01/51		350,622		271,508
Pool #MA4606 2.000% 5/01/42		287,894		243,136
Pool #CA7224 2.000% 10/01/50		77,474		63,856
Pool #MA4325 2.000% 5/01/51		262,282		215,687
Pool #FM9489 2.000% 11/01/51		92,922		76,182
Pool #FS0734 2.000% 2/01/52		95,345		78,407
Pool #FS2040 2.000% 2/01/52		96,494		79,111
Pool #BS4941 2.460% 4/01/32		978,200		814,269
Pool #BV7697 2.500% 4/01/42		384,933		336,069
Pool #FM4052 2.500% 9/01/50		2,526,339		2,185,507
Pool #MA4256 2.500% 2/01/51		1,698,448		1,454,181

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #FS1924 2.500% 3/01/51	$	93,876		80,463
Pool #CB0458 2.500% 5/01/51		507,042		433,328
Pool #FS0028 2.500% 9/01/51		92,923		79,907
Pool #FM8786 2.500% 10/01/51		90,106		77,485
Pool #FS0549 2.500% 2/01/52		284,074		242,731
Pool #FS3368 2.500% 3/01/52		99,246		84,910
Pool #BF0546 2.500% 7/01/61		638,838		535,981
Pool #BF0560 2.500% 9/01/61		94,372		79,177
Pool #FS1542 3.000% 4/01/42		190,858		171,564
Pool #CB3542 3.000% 5/01/42		97,293		87,457
Pool #MA4643 3.000% 5/01/42		95,940		86,241
Pool #MA4632 3.000% 6/01/42		386,766		347,305
Pool #MA2248 3.000% 4/01/45		297,651		266,352
Pool #AS7661 3.000% 8/01/46		301,993		268,822
Pool #FM9934 3.000% 12/01/48		912,186		823,109
Pool #FM9564 3.000% 2/01/50		1,055,432		951,047
Pool #FS1289 3.000% 3/01/52		467,538		418,741
Pool #CB3833 3.000% 6/01/52		96,779		85,491
Pool #CB3386 3.500% 4/01/42		96,564		89,757
Pool #FS1240 3.500% 12/01/51		90,054		82,680
Pool #FS1241 3.500% 1/01/52		96,717		88,894
Pool #FS1462 3.500% 1/01/52		186,228		172,286
Pool #FS1092 3.500% 4/01/52		569,502		522,119
Pool #FS1454 3.500% 4/01/52		193,824		177,702
Pool #FS1555 3.500% 4/01/52		192,101		176,384
Pool #BV8546 3.500% 5/01/52		190,938		175,733
Pool #FS1556 3.500% 5/01/52		769,730		709,879
Pool #FS1866 3.500% 5/01/52		98,657		90,400
Pool #BS6565 3.740% 9/01/32		100,000		95,168
Pool #BS6215 3.840% 7/01/32		100,000		93,973
Pool #BS6149 3.840% 8/01/32		100,000		93,854
Pool #BS6949 3.980% 10/01/32		100,000		94,152
Pool #AX2501 4.000% 10/01/44		629,022		607,592
Pool #CB3614 4.000% 5/01/52		95,232		90,350
Pool #FS2023 4.000% 5/01/52		196,234		186,053
Government National Mortgage Association
Pool #MA7193 2.500% 2/20/51		410,296		358,454
Pool #MA7312 2.500% 4/20/51		153,355		133,822
Pool #MA7706 3.000% 11/20/51		179,695		161,005
Pool #MA6711 3.500% 6/20/50		310,507		289,710
Government National Mortgage Association II
Pool #MA7136 2.500% 1/20/51		66,404		58,034
Pool #785662 2.500% 10/20/51		2,372,251		2,046,379
Pool #785764 2.500% 11/20/51		685,790		592,227
Pool #MA7590 3.000% 9/20/51		1,008,681		904,399
Pool #MA6997 3.500% 11/20/50		374,695		349,336
Pool #MA7883 3.500% 2/20/52		666,118		615,727
Pool #786216 3.500% 6/20/52		196,935		180,530

	Principal Amount		Value
Government National Mortgage Association II TBA
2.500% 2/21/53 ^(f)	$	100,000	$	86,867
3.000% 1/23/53 ^(f)		2,100,000		1,874,086
3.000% 2/21/53 ^(f)		300,000		267,879
3.500% 1/23/53 ^(f)		1,000,000		920,234
3.500% 2/21/53 ^(f)		400,000		368,266
4.000% 2/21/53 ^(f)		1,700,000		1,612,477
4.500% 2/21/53 ^(f)		1,400,000		1,360,188
5.000% 2/21/53 ^(f)		1,300,000		1,288,777
5.500% 2/21/53 ^(f)		900,000		904,465
6.000% 2/21/53 ^(f)		400,000		405,750
Uniform Mortgage Backed Securities TBA
2.000% 1/12/53 ^(f)		4,200,000		3,434,813
2.000% 2/13/53 ^(f)		100,000		81,875
2.500% 12/25/51 ^(f)		3,600,000		3,058,875
2.500% 2/13/53 ^(f)		200,000		170,094
3.000% 2/25/52 ^(f)		700,000		616,273
3.000% 2/25/52 ^(f)		700,000		616,711
3.500% 2/25/49 ^(f)		2,200,000		2,004,234
3.500% 2/13/53 ^(f)		500,000		455,742
4.000% 1/12/53 ^(f)		500,000		470,156
4.000% 2/13/53 ^(f)		1,800,000		1,692,844
4.500% 1/12/53 ^(f)		800,000		772,125
4.500% 2/13/53 ^(f)		900,000		868,641
5.000% 2/13/53 ^(f)		700,000		690,703
5.500% 2/13/53 ^(f)		300,000		300,973
6.000% 2/13/53 ^(f)		100,000		101,539
				56,814,858
Whole Loans — 1.7%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1B, 30 day SOFR + 2.400%
6.328% FRN 2/25/42 ^(c)		1,864,000		1,812,117
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, 30 day SOFR + 3.100%
7.028% FRN 3/25/42 ^(c)		2,000,000		1,992,534
				3,804,651

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $76,450,733)				71,481,455

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 7.4%
U.S. Treasury Bonds & Notes — 7.4%
U.S. Treasury Bond
1.250% 5/15/50	$	12,440,000	$	6,773,680
2.000% 8/15/51		410,000		271,498
2.250% 5/15/41		2,110,000		1,597,049
2.250% 2/15/52		1,500,000		1,055,036
2.375% 2/15/42		3,000,000		2,307,084
2.375% 5/15/51		200,000		145,016
2.875% 5/15/52		1,230,000		996,559
3.000% 8/15/52		750,000		625,600
3.375% 11/15/48		690,000		614,726
4.000% 11/15/42 ^(d) ^(f)		630,000		621,351
U.S. Treasury Note
4.000% 10/31/29		1,900,000		1,905,208
4.125% 9/30/27		210,000		211,112
				17,123,919

TOTAL U.S. TREASURY OBLIGATIONS (Cost $21,466,499)				17,123,919

TOTAL BONDS & NOTES (Cost $267,064,397)				238,583,783

TOTAL PURCHASED OPTIONS(#) — 0.0% (Cost $142,160)				89,816

	Number of Shares
MUTUAL FUNDS — 1.0%
Diversified Financial Services — 1.0%
State Street Navigator Securities Lending Government Money Market Portfolio ^(j)		2,400,625		2,400,625

TOTAL MUTUAL FUNDS (Cost $2,400,625)				2,400,625

TOTAL LONG-TERM INVESTMENTS (Cost $269,607,182)				241,074,224

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.4%
Discount Notes — 3.1%
Federal Home Loan Bank
4.060% , 1/11/23 ^(k)	$	1,190,000	$	1,188,845
4.320% , 2/15/23 ^(k)		1,190,000		1,183,733
4.418% , 2/22/23 ^(k)		2,720,000		2,703,031
4.464% , 3/08/23 ^(k)		2,150,000		2,133,120
Repurchase Agreement — 0.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 ^(l)		392,045		392,045
U.S. Treasury Bill — 0.1%
U.S. Treasury Bill
4.689% 5/25/23 ^(k)		170,000		166,975

TOTAL SHORT-TERM INVESTMENTS (Cost $7,767,306)				7,767,749

TOTAL INVESTMENTS — 107.8% (Cost $277,374,488) ^(m)				248,841,973

Less Unfunded Loan Commitments — (0.0)%				(41,782	)

NET INVESTMENTS — 107.8% (Cost $277,332,706)				248,800,191

Other Assets/(Liabilities) — (7.8)%				(18,046,670	)

NET ASSETS — 100.0%			$	230,753,521

Abbreviation Legend

FRN	Floating Rate Note

REMICS

Real Estate Mortgage Investment Conduits

STEP	Step Up Bond

TBA	To Be Announced

VRN	Variable Rate Note

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 December 31, 2022 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 December 31, 2022, the aggregate market value of these securities amounted to $40,085,144 or 17.37% of net assets.

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

(d)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $3,472,819 or 1.50% of net assets. The Fund received $1,144,216 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).

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

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

(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 December 31, 2022.

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

(i)	May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

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

(k)	The rate shown represents yield-to-maturity.

(l)	Maturity value of $392,101. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $399,921.

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

(#) Exchange-Traded Options Purchased

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
U.S. Treasury Note 10 Year Future		1/27/23		114.00		93		USD	10,443,609	$	29,063	$	52,318	$	(23,255	)
3 Month SOFR Future		6/16/23		95.50		21		USD	4,989,600		4,594		6,869		(2,275	)
										$	33,657	$	59,187	$	(25,530	)
Put
SOFR 1 Year Mid Curve Future		1/13/23		95.63		93		USD	22,287,450	$	12,206	$	32,745	$	(20,539	)
SOFR 1 Year Mid Curve Future		1/13/23		95.88		95		USD	22,766,750		34,437		40,311		(5,874	)
U.S. Treasury Note 10 Year Future		1/27/23		109.00		87		USD	9,769,828		9,516		9,917		(401	)
										$	56,159	$	82,973	$	(26,814	)
										$	89,816	$	142,160	$	(52,344	)

Exchange-Traded Options Written

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
U.S. Treasury Note 10 Year Future		2/24/23		115.50		75		USD	8,422,266	$	(23,438	)	$	(32,152	)	$	8,714
3 Month SOFR Future		6/16/23		96.00		21		USD	4,989,600		(2,100	)		(2,581	)		481
3 Month SOFR Future		12/15/23		96.50		71		USD	16,945,925		(34,613	)		(69,101	)		34,488
3 Month SOFR Future		12/15/23		96.63		21		USD	5,012,175		(9,056	)		(19,168	)		10,112
										$	(69,207	)	$	(123,002	)	$	53,795

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation/ (Depreciation)
Bank of America N.A.*		1/18/23		USD	185,499		MXN	3,779,348	$	(7,964	)
Goldman Sachs International*		1/18/23		ZAR	6,598,022		USD	366,292		21,565
Goldman Sachs International*		1/18/23		GBP	1,138,870		USD	1,310,640		66,704
Goldman Sachs International*		1/18/23		USD	310,022		JPY	43,924,864		(25,247	)
JP Morgan Chase Bank N.A.*		1/18/23		USD	659,361		CNH	4,685,681		(18,457	)
JP Morgan Chase Bank N.A.*		1/18/23		JPY	737,808,362		USD	5,152,923		478,611
JP Morgan Chase Bank N.A.*		1/18/23		NOK	12,348,502		EUR	1,178,359		(1,389	)
JP Morgan Chase Bank N.A.*		1/18/23		USD	1,418,641		IDR	21,656,660,000		27,693
Morgan Stanley & Co. LLC*		1/18/23		USD	616,734		CNH	4,430,000		(24,098	)
Morgan Stanley & Co. LLC*		1/18/23		AUD	8,912,719		USD	5,757,616		314,042
Morgan Stanley & Co. LLC*		1/18/23		CAD	9,347,182		USD	6,844,894		58,991
Morgan Stanley & Co. LLC*		1/18/23		MXN	6,871,000		USD	338,253		13,471
Morgan Stanley & Co. LLC*		1/18/23		USD	1,143,703		CAD	1,571,050		(16,684	)
Morgan Stanley & Co. LLC*		1/18/23		USD	336,084		EUR	325,000		(12,143	)
Morgan Stanley & Co. LLC*		1/18/23		USD	1,663,231		GBP	1,381,479		(7,523	)
Morgan Stanley & Co. LLC*		1/18/23		USD	2,472,788		JPY	327,726,000		(28,675	)
									$	838,897

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
Euro-Bund		3/08/23		9	$	1,321,129		$	(40,475	)
Euro-OAT		3/08/23		14		2,055,088			(147,333	)
90 Day Eurodollar		3/13/23		36		8,556,337			(13,087	)
Australia Treasury Bond 10 Year		3/15/23		36		2,998,498			(163,076	)
U.S. Treasury Ultra Bond		3/22/23		180		24,320,091			(143,841	)
UK Long Gilt		3/29/23		14		1,784,253			(93,415	)
U.S. Treasury Note 5 Year		3/31/23		953		103,419,558			(562,565	)
3 Month SOFR		9/19/23		1		241,415			(3,815	)
90 Day Eurodollar		12/18/23		18		4,344,563			(60,113	)
3 Month SOFR		3/18/25		98		23,621,243			60,457
3 Month SOFR		3/17/26		23		5,542,169			24,981
								$	(1,142,282	)
Short
Euro-Buxl 30 Year Bond		3/08/23		2	$	(343,183	)	$	53,648
Japanese 10 Year Bond		3/13/23		4		(4,516,967	)		83,563
U.S. Treasury Long Bond		3/22/23		54		(6,875,726	)		107,163
U.S. Treasury Note 10 Year		3/22/23		312		(35,286,783	)		250,158
U.S. Treasury Ultra 10 Year		3/22/23		72		(8,582,192	)		65,942
U.S. Treasury Note 2 Year		3/31/23		34		(6,966,488	)		(6,168	)
3 Month SOFR		3/19/24		158		(37,850,007	)		139,357
90 Day Eurodollar		3/17/25		58		(14,042,403	)		52,078
								$	745,741

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

MML Dynamic 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.HY Series 39†			5.000%				Quarterly				12/20/2027				USD				242,200			$	(1,491	)		$	10,899			$	(12,390	)

Centrally Cleared Credit Default Swaps - Sell Protection††

Reference
Obligation/
Index

Rate
Received by
Fund

Payment
Frequency

Termination
Date

Credit
Rating

Notional
Amount

Value

Upfront
Premium
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

CDX.NA.IG Series 39†

1.000%

Quarterly

12/20/27

BBB+

USD

40,739,000

325,749

(45,359

)

371,108

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency		Termination Date		Notional Amount			Value		Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Fixed 1.220%		Annually	12 Month SOFR		Annually		8/15/28		USD	22,000,000	$	2,704,158	$	1,925,763		$	778,395
Fixed 2.850%		Annually	12 Month SOFR		Annually		2/15/29		USD	948,000		40,282		(12,109	)		52,391
Fixed 2.000%		Annually	12 Month SOFR		Annually		3/18/32		USD	1,600,000		190,527		100,525			90,002
Fixed 1.650%		Annually	12 Month SOFR		Annually		8/15/47		USD	11,450,000		3,140,978		1,932,942			1,208,036
Fixed 3.050%		Annually	12 Month SOFR		Annually		2/15/48		USD	1,112,000		45,514		34,279			11,235
Fixed 2.600%		Annually	12 Month SOFR		Annually		2/15/48		USD	580,000		67,511		39,868			27,643
											$	6,188,970	$	4,021,268		$	2,167,702

*	Contracts are subject to a master netting agreement or similar agreement.

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

††

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

Currency Legend

AUD	Australian Dollar

CAD	Canadian Dollar

CNH	Offshore Chinese Yuan

EUR

Euro

GBP	British Pound

IDR	Indonesian Rupiah

JPY	Japanese Yen

MXN	Mexican Peso

NOK	Norwegian Krone

USD	U.S. Dollar

ZAR	South African Rand

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

MML Equity Fund – Portfolio of Investments

December 31, 2022

	Number of Shares		Value
EQUITIES — 98.1%
COMMON STOCK — 98.1%
Basic Materials — 3.0%
Chemicals — 1.6%
CF Industries Holdings, Inc.		11,400	$	971,280
Dow, Inc.		40,700		2,050,873
Eastman Chemical Co.		6,900		561,936
FMC Corp.		6,800		848,640
Huntsman Corp.		6,298		173,069
International Flavors & Fragrances, Inc.		12,700		1,331,468
LyondellBasell Industries NV Class A		18,808		1,561,628
The Mosaic Co.		27,500		1,206,425
Nutrien Ltd. ^(a)		36,371		2,656,174
Olin Corp.		7,902		418,332
The Sherwin-Williams Co.		5,200		1,234,116
				13,013,941
Forest Products & Paper — 0.1%
International Paper Co.		20,600		713,378
Iron & Steel — 0.7%
Nucor Corp.		21,900		2,886,639
Reliance Steel & Aluminum Co.		4,600		931,224
Steel Dynamics, Inc.		15,400		1,504,580
United States Steel Corp.		13,600		340,680
				5,663,123
Mining — 0.6%
Freeport-McMoRan, Inc.		82,653		3,140,814
Newmont Corp.		43,000		2,029,600
				5,170,414
				24,560,856
Communications — 5.4%
Advertising — 0.3%
The Interpublic Group of Cos., Inc.		22,500		749,475
Omnicom Group, Inc.		15,600		1,272,492
				2,021,967
Internet — 0.7%
Alphabet, Inc. Class C ^(b)		67,222		5,964,608
Booking Holdings, Inc. ^(b)		17		34,260
				5,998,868
Media — 1.5%
Comcast Corp. Class A		260,500		9,109,685
Fox Corp. Class A		24,600		747,102
News Corp. Class A		17,600		320,320
Nexstar Media Group, Inc. Class A		2,200		385,066
The Walt Disney Co. ^(b)		21,100		1,833,168
				12,395,341

	Number of Shares		Value
Telecommunications — 2.9%
AT&T, Inc.		412,300	$	7,590,443
Cisco Systems, Inc.		239,700		11,419,308
Corning, Inc.		48,900		1,561,866
Frontier Communications Parent, Inc. ^(b)		14,200		361,816
Verizon Communications, Inc.		69,600		2,742,240
				23,675,673
				44,091,849
Consumer, Cyclical — 7.1%
Apparel — 0.2%
Capri Holdings Ltd. ^(b)		8,100		464,292
Ralph Lauren Corp.		2,350		248,324
Skechers U.S.A., Inc. Class A ^(b)		7,800		327,210
Tapestry, Inc.		13,900		529,312
				1,569,138
Auto Manufacturers — 1.3%
Cummins, Inc.		9,300		2,253,297
Ford Motor Co.		283,900		3,301,757
General Motors Co.		82,200		2,765,208
PACCAR, Inc.		20,142		1,993,454
				10,313,716
Auto Parts & Equipment — 0.1%
BorgWarner, Inc.		13,500		543,375
Lear Corp.		3,400		421,668
				965,043
Distribution & Wholesale — 0.2%
LKQ Corp.		22,100		1,180,361
Home Builders — 0.7%
D.R. Horton, Inc.		26,700		2,380,038
Lennar Corp. Class A		20,100		1,819,050
NVR, Inc. ^(b)		200		922,516
PulteGroup, Inc.		19,700		896,941
				6,018,545
Home Furnishing — 0.1%
Whirlpool Corp.		4,500		636,570
Leisure Time — 0.1%
Brunswick Corp.		5,600		403,648
Harley-Davidson, Inc.		8,500		353,600
Polaris, Inc.		3,400		343,400
				1,100,648
Lodging — 0.0%
Boyd Gaming Corp.		5,998		327,071
Retail — 4.4%
AutoNation, Inc. ^(b)		6,400		686,720
Bath & Body Works, Inc.		13,200		556,248
Best Buy Co., Inc.		12,800		1,026,688

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

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Dick’s Sporting Goods, Inc.		3,500	$	421,015
Dollar General Corp.		8,719		2,147,054
The Home Depot, Inc.		8,000		2,526,880
Lowe’s Cos., Inc.		53,400		10,639,416
Macy’s, Inc.		14,600		301,490
McDonald’s Corp.		17,500		4,611,775
Penske Automotive Group, Inc.		4,600		528,678
Ross Stores, Inc.		8,123		942,837
The TJX Cos., Inc.		17,395		1,384,642
Ulta Beauty, Inc. ^(b)		3,500		1,641,745
Walgreens Boots Alliance, Inc.		49,100		1,834,376
Walmart, Inc.		32,177		4,562,377
Williams-Sonoma, Inc.		3,600		413,712
Yum! Brands, Inc.		10,642		1,363,027
				35,588,680
				57,699,772
Consumer, Non-cyclical — 29.0%
Agriculture — 3.0%
Altria Group, Inc.		105,100		4,804,121
Archer-Daniels-Midland Co.		40,600		3,769,710
Darling Ingredients, Inc. ^(b)		9,300		582,087
Philip Morris International, Inc.		154,532		15,640,184
				24,796,102
Beverages — 0.5%
The Coca-Cola Co.		18,700		1,189,507
Constellation Brands, Inc. Class A		1,854		429,664
Keurig Dr Pepper, Inc.		47,150		1,681,369
Molson Coors Beverage Co. Class B		11,546		594,850
				3,895,390
Biotechnology — 3.1%
Amgen, Inc.		36,600		9,612,624
Biogen, Inc. ^(b)		6,100		1,689,212
Gilead Sciences, Inc.		67,600		5,803,460
Moderna, Inc. ^(b)		22,200		3,987,564
Regeneron Pharmaceuticals, Inc. ^(b)		6,000		4,328,940
				25,421,800
Commercial Services — 0.6%
Booz Allen Hamilton Holding Corp.		1,200		125,424
FleetCor Technologies, Inc. ^(b)		4,300		789,824
Global Payments, Inc.		3,900		387,348
Service Corp. International		12,800		884,992
U-Haul Holding Co.		15,000		824,700
U-Haul Holding Co. ^(a)		1,700		102,323
United Rentals, Inc. ^(b)		4,100		1,457,222
				4,571,833
Cosmetics & Personal Care — 0.6%
The Procter & Gamble Co.		31,200		4,728,672

	Number of Shares		Value
Food — 2.0%
Conagra Brands, Inc.		27,755	$	1,074,119
Ingredion, Inc.		3,800		372,134
Kellogg Co.		18,300		1,303,692
The Kraft Heinz Co.		142,488		5,800,686
The Kroger Co.		42,400		1,890,192
Mondelez International, Inc. Class A		71,057		4,735,949
Tyson Foods, Inc. Class A		16,700		1,039,575
				16,216,347
Health Care – Products — 0.9%
Danaher Corp.		5,865		1,556,688
GE HealthCare Technologies, Inc. ^(b) ^(c)		5,024		293,301
Hologic, Inc. ^(b)		13,600		1,017,416
PerkinElmer, Inc.		8,675		1,216,409
Thermo Fisher Scientific, Inc.		5,209		2,868,544
				6,952,358
Health Care – Services — 5.0%
Centene Corp. ^(b)		68,434		5,612,272
Elevance Health, Inc.		37,670		19,323,580
HCA Healthcare, Inc.		37,560		9,012,898
Humana, Inc.		2,950		1,510,961
Laboratory Corp. of America Holdings		7,100		1,671,908
Quest Diagnostics, Inc.		9,900		1,548,756
UnitedHealth Group, Inc.		1,713		908,198
Universal Health Services, Inc. Class B		5,600		788,984
				40,377,557
Household Products & Wares — 0.1%
Kimberly-Clark Corp.		7,900		1,072,425
Pharmaceuticals — 13.2%
AbbVie, Inc.		122,837		19,851,688
AmerisourceBergen Corp.		24,717		4,095,854
AstraZeneca PLC Sponsored ADR		55,519		3,764,188
Becton Dickinson and Co.		29,543		7,512,785
Bristol-Myers Squibb Co.		123,000		8,849,850
Cardinal Health, Inc.		13,508		1,038,360
Cigna Corp.		23,301		7,720,553
CVS Health Corp.		75,985		7,081,042
Henry Schein, Inc. ^(b)		7,900		630,973
Johnson & Johnson		51,304		9,062,852
McKesson Corp.		11,700		4,388,904
Merck & Co., Inc.		150,600		16,709,070
Pfizer, Inc.		324,800		16,642,752
				107,348,871
				235,381,355

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

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Energy — 10.1%
Oil & Gas — 9.3%
APA Corp.		19,600	$	914,928
Chevron Corp.		61,739		11,081,533
ConocoPhillips		77,100		9,097,800
Devon Energy Corp.		37,800		2,325,078
Diamondback Energy, Inc.		8,200		1,121,596
EOG Resources, Inc.		42,700		5,530,504
Exxon Mobil Corp.		300,644		33,161,033
Marathon Oil Corp.		41,915		1,134,639
Occidental Petroleum Corp.		52,600		3,313,274
Ovintiv, Inc.		14,400		730,224
PDC Energy, Inc.		5,300		336,444
Pioneer Natural Resources Co.		13,700		3,128,943
Range Resources Corp.		14,000		350,280
Valero Energy Corp.		23,300		2,955,838
				75,182,114
Pipelines — 0.8%
Kinder Morgan, Inc.		276,900		5,006,352
ONEOK, Inc.		24,000		1,576,800
				6,583,152
				81,765,266
Financial — 22.9%
Banks — 12.0%
Bank of America Corp.		730,367		24,189,755
The Bank of New York Mellon Corp.		50,600		2,303,312
BOK Financial Corp.		3,900		404,781
Citigroup, Inc.		26,300		1,189,549
Comerica, Inc.		7,900		528,115
Commerce Bancshares, Inc.		7,276		495,277
East West Bancorp, Inc.		8,200		540,380
Fifth Third Bancorp		40,500		1,328,805
The Goldman Sachs Group, Inc.		24,700		8,481,486
Huntington Bancshares, Inc.		83,500		1,177,350
JP Morgan Chase & Co.		221,198		29,662,652
KeyCorp.		55,600		968,552
Morgan Stanley		97,800		8,314,956
Northern Trust Corp.		11,800		1,044,182
Pinnacle Financial Partners, Inc.		2,000		146,800
The PNC Financial Services Group, Inc.		24,100		3,806,354
Prosperity Bancshares, Inc.		5,300		385,204
Regions Financial Corp.		54,700		1,179,332
Synovus Financial Corp.		3,500		131,425
Truist Financial Corp.		76,200		3,278,886
US Bancorp		60,200		2,625,322
Wells Fargo & Co.		111,229		4,592,646
Zions Bancorp NA		9,300		457,188
				97,232,309

	Number of Shares		Value
Diversified Financial Services — 1.7%
American Express Co.		44,200	$	6,530,550
Ameriprise Financial, Inc.		6,500		2,023,905
Credit Acceptance Corp. ^(a) ^(b)		1,000		474,400
Discover Financial Services		16,700		1,633,761
SEI Investments Co.		8,200		478,060
Synchrony Financial		26,100		857,646
T. Rowe Price Group, Inc.		12,900		1,406,874
UWM Holdings Corp.		5,000		16,550
The Western Union Co.		18,400		253,368
				13,675,114
Insurance — 8.4%
Aflac, Inc.		39,900		2,870,406
The Allstate Corp.		33,587		4,554,397
American Financial Group, Inc.		4,900		672,672
American International Group, Inc.		28,129		1,778,878
Arch Capital Group Ltd. ^(b)		22,800		1,431,384
Assurant, Inc.		3,400		425,204
Berkshire Hathaway, Inc. Class B ^(b)		16,900		5,220,410
Chubb Ltd.		49,941		11,016,984
Cincinnati Financial Corp.		9,200		941,988
Corebridge Financial, Inc.		35,819		718,529
Equitable Holdings, Inc.		25,200		723,240
Everest Re Group Ltd.		2,700		894,429
Fidelity National Financial, Inc.		16,200		609,444
Globe Life, Inc.		5,300		638,915
The Hartford Financial Services Group, Inc.		43,876		3,327,117
Loews Corp.		15,300		892,449
Markel Corp. ^(b)		890		1,172,566
MetLife, Inc.		111,175		8,045,735
Old Republic International Corp.		17,600		425,040
Principal Financial Group, Inc.		15,600		1,309,152
The Progressive Corp.		37,100		4,812,241
Prudential Financial, Inc.		22,400		2,227,904
Reinsurance Group of America, Inc.		3,897		553,725
RenaissanceRe Holdings Ltd.		2,600		478,998
The Travelers Cos., Inc.		57,957		10,866,358
Unum Group		11,500		471,845
Voya Financial, Inc.		7,500		461,175
W.R. Berkley Corp.		15,300		1,110,321
				68,651,506
Real Estate — 0.2%
CBRE Group, Inc. Class A ^(b)		18,246		1,404,212
Jones Lang LaSalle, Inc. ^(b)		3,700		589,669
				1,993,881

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

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 0.6%
Boston Properties, Inc.		4,200	$	283,836
Equity LifeStyle Properties, Inc.		9,017		582,498
Prologis, Inc.		24,350		2,744,976
Weyerhaeuser Co.		40,940		1,269,140
				4,880,450
				186,433,260
Industrial — 8.2%
Aerospace & Defense — 0.7%
L3 Harris Technologies, Inc.		20,361		4,239,364
Northrop Grumman Corp.		2,400		1,309,464
				5,548,828
Building Materials — 0.5%
Builders FirstSource, Inc. ^(b)		8,500		551,480
Carrier Global Corp.		43,407		1,790,539
Fortune Brands Innovations, Inc.		7,400		422,614
Masco Corp.		19,200		896,064
Owens Corning		7,900		673,870
				4,334,567
Electrical Components & Equipment — 0.1%
AMETEK, Inc.		5,145		718,859
Electronics — 0.8%
Arrow Electronics, Inc. ^(b)		5,500		575,135
Honeywell International, Inc.		12,448		2,667,606
Hubbell, Inc.		5,826		1,367,246
Jabil, Inc.		11,000		750,200
Sensata Technologies Holding PLC		8,800		355,344
TE Connectivity Ltd.		6,200		711,760
				6,427,291
Engineering & Construction — 0.0%
TopBuild Corp. ^(b)		500		78,245
Environmental Controls — 0.2%
Pentair PLC		9,500		427,310
Republic Services, Inc.		8,276		1,067,521
				1,494,831
Hand & Machine Tools — 0.1%
Snap-on, Inc.		3,900		891,111
Machinery – Construction & Mining — 0.7%
Caterpillar, Inc.		24,200		5,797,352
Oshkosh Corp.		3,500		308,665
				6,106,017
Machinery – Diversified — 0.3%
AGCO Corp.		4,350		603,302
Dover Corp.		11,000		1,489,510
				2,092,812

	Number of Shares		Value
Miscellaneous - Manufacturing — 1.8%
Carlisle Cos., Inc.		3,000	$	706,950
Eaton Corp. PLC		27,071		4,248,793
General Electric Co.		54,887		4,598,982
Parker-Hannifin Corp.		7,400		2,153,400
Siemens AG Registered		10,563		1,466,067
Textron, Inc.		16,600		1,175,280
				14,349,472
Packaging & Containers — 0.6%
Amcor PLC		114,500		1,363,695
Berry Global Group, Inc.		7,200		435,096
Crown Holdings, Inc.		9,900		813,879
Graphic Packaging Holding Co.		17,800		396,050
Packaging Corp. of America		6,800		869,788
Sealed Air Corp.		11,400		568,632
Sonoco Products Co.		5,600		339,976
WestRock Co.		13,600		478,176
				5,265,292
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		2,400		553,632
Transportation — 2.3%
C.H. Robinson Worldwide, Inc.		7,000		640,920
CSX Corp.		102,057		3,161,726
Expeditors International of Washington, Inc.		9,200		956,064
FedEx Corp.		14,600		2,528,720
Knight-Swift Transportation Holdings, Inc.		9,500		497,895
Landstar System, Inc.		2,100		342,090
Norfolk Southern Corp.		8,784		2,164,553
Union Pacific Corp.		7,000		1,449,490
United Parcel Service, Inc. Class B		42,200		7,336,048
				19,077,506
				66,938,463
Technology — 7.1%
Computers — 1.8%
Accenture PLC Class A		3,700		987,308
CACI International, Inc. Class A ^(b)		1,200		360,708
Dell Technologies, Inc. Class C		13,900		559,058
DXC Technology Co. ^(b)		13,300		352,450
Hewlett Packard Enterprise Co.		94,400		1,506,624
HP, Inc.		94,200		2,531,154
International Business Machines Corp.		48,300		6,804,987
Leidos Holdings, Inc.		7,049		741,484
NetApp, Inc.		11,600		696,696
				14,540,469

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

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Semiconductors — 3.8%
Applied Materials, Inc.		63,400	$	6,173,892
Broadcom, Inc.		6,800		3,802,084
KLA Corp.		18,576		7,003,709
Lam Research Corp.		11,500		4,833,450
Micron Technology, Inc.		30,000		1,499,400
QUALCOMM, Inc.		53,100		5,837,814
Texas Instruments, Inc.		13,200		2,180,904
				31,331,253
Software — 1.5%
Activision Blizzard, Inc.		14,900		1,140,595
Fidelity National Information Services, Inc.		40,100		2,720,785
Fiserv, Inc. ^(b)		70,167		7,091,779
Microsoft Corp.		4,755		1,140,344
				12,093,503
				57,965,225
Utilities — 5.3%
Electric — 5.2%
Alliant Energy Corp.		14,400		795,024
Ameren Corp.		11,594		1,030,939
American Electric Power Co., Inc.		18,336		1,741,003
Dominion Energy, Inc.		60,410		3,704,341
DTE Energy Co.		8,700		1,022,511
Duke Energy Corp.		44,600		4,593,354
Edison International		20,400		1,297,848
Entergy Corp.		11,500		1,293,750
Evergy, Inc.		13,300		836,969
Eversource Energy		18,500		1,551,040
Exelon Corp.		71,300		3,082,299
FirstEnergy Corp.		35,800		1,501,452
OGE Energy Corp.		11,561		457,238
Pinnacle West Capital Corp.		6,498		494,108
PPL Corp.		42,600		1,244,772
Public Service Enterprise Group, Inc.		38,500		2,358,895
Sempra Energy		35,282		5,452,480
The Southern Co.		117,227		8,371,180
Vistra Corp.		26,100		605,520
WEC Energy Group, Inc.		3,800		356,288
Xcel Energy, Inc.		10,495		735,804
				42,526,815

	Number of Shares		Value
Gas — 0.1%
National Fuel Gas Co.		4,300	$	272,190
UGI Corp.		12,100		448,547
				720,737
				43,247,552

TOTAL COMMON STOCK (Cost $669,214,792)				798,083,598

TOTAL EQUITIES (Cost $669,214,792)				798,083,598

MUTUAL FUNDS — 2.3%
Diversified Financial Services — 2.3%
iShares Russell 1000 Value ETF ^(a)		52,639		7,982,704
State Street Navigator Securities Lending Government Money Market Portfolio ^(d)		11,203,112		11,203,112

TOTAL MUTUAL FUNDS (Cost $18,924,271)				19,185,816

TOTAL LONG-TERM INVESTMENTS (Cost $688,139,063)				817,269,414

SHORT-TERM INVESTMENTS — 0.9%
Mutual Fund — 0.6%
T. Rowe Price Government Reserve Investment Fund		4,690,089		4,690,089

	Principal Amount
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 ^(e)	$	2,566,719		2,566,719

TOTAL SHORT-TERM INVESTMENTS (Cost $7,256,808)				7,256,808

TOTAL INVESTMENTS — 101.3% (Cost $695,395,871) ^(f)				824,526,222

Other Assets/(Liabilities) — (1.3)%				(10,858,133	)

NET ASSETS — 100.0%			$	813,668,089

Abbreviation Legend

ADR	American Depositary Receipt

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

MML Equity Fund – Portfolio of Investments (Continued)

Abbreviation Legend (Continued)

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $11,407,068 or 1.40% of net assets. The Fund received $438,545 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)	A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

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

(e)	Maturity value of $2,567,083. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $2,618,200.

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

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

MML Equity Rotation Fund – Portfolio of Investments

December 31, 2022

	Number of Shares		Value
EQUITIES — 100.0%
COMMON STOCK — 100.0%
Basic Materials — 6.0%
Chemicals — 2.9%
Ashland, Inc.		724	$	77,852
Axalta Coating Systems Ltd. ^(a)		5,066		129,031
Celanese Corp.		1,239		126,675
The Chemours Co.		3,909		119,694
Eastman Chemical Co.		1,701		138,529
Element Solutions, Inc.		2,838		51,623
Huntsman Corp.		5,042		138,554
NewMarket Corp.		133		41,378
Olin Corp.		3,543		187,566
RPM International, Inc.		1,084		105,636
Valvoline, Inc.		3,260		106,439
Westlake Corp.		509		52,193
				1,275,170
Forest Products & Paper — 0.4%
International Paper Co.		5,286		183,054
Iron & Steel — 2.3%
Cleveland-Cliffs, Inc. ^(a)		13,127		211,476
Reliance Steel & Aluminum Co.		1,451		293,740
Steel Dynamics, Inc.		3,908		381,812
United States Steel Corp.		6,540		163,827
				1,050,855
Mining — 0.4%
Alcoa Corp.		2,984		135,683
SSR Mining, Inc.		2,608		40,867
				176,550
				2,685,629
Communications — 5.2%
Advertising — 1.2%
The Interpublic Group of Cos., Inc.		7,798		259,751
Omnicom Group, Inc.		3,142		256,293
				516,044
Internet — 0.7%
eBay, Inc.		3,978		164,968
IAC, Inc. ^(a)		1,889		83,872
Wayfair, Inc. Class A ^(a) ^(b)		1,951		64,168
				313,008
Media — 2.1%
Altice USA, Inc. Class A ^(a)		5,654		26,008
Cable One, Inc.		59		42,000
DISH Network Corp. Class A ^(a)		6,345		89,084
Fox Corp. Class A		3,260		99,006
Fox Corp. Class B		1,578		44,894

	Number of Shares		Value
Liberty Media Corp-Liberty SiriusXM Class A ^(a)		932	$	36,637
Liberty Media Corp-Liberty SiriusXM Class C ^(a)		1,994		78,025
The New York Times Co. Class A		1,322		42,912
News Corp. Class A		6,739		122,650
News Corp. Class B		2,104		38,798
Nexstar Media Group, Inc. Class A		984		172,229
Paramount Global Class B		7,104		119,916
World Wrestling Entertainment, Inc. Class A		314		21,515
				933,674
Telecommunications — 1.2%
Ciena Corp. ^(a)		2,200		112,156
Frontier Communications Parent, Inc. ^(a)		6,202		158,027
Juniper Networks, Inc.		2,440		77,983
Lumen Technologies, Inc.		26,018		135,814
ViaSat, Inc. ^(a)		1,742		55,134
				539,114
				2,301,840
Consumer, Cyclical — 18.8%
Airlines — 0.7%
Alaska Air Group, Inc. ^(a)		3,099		133,071
American Airlines Group, Inc. ^(a)		4,719		60,026
Copa Holdings SA Class A ^(a)		764		63,542
JetBlue Airways Corp. ^(a)		8,122		52,630
				309,269
Apparel — 2.7%
Capri Holdings Ltd. ^(a)		3,645		208,931
Carter’s, Inc.		997		74,386
Columbia Sportswear Co.		852		74,618
Deckers Outdoor Corp. ^(a)		216		86,219
Hanesbrands, Inc. ^(b)		8,580		54,569
PVH Corp.		1,679		118,521
Ralph Lauren Corp.		1,142		120,675
Skechers U.S.A., Inc. Class A ^(a)		3,388		142,127
Tapestry, Inc.		6,382		243,027
Under Armour, Inc. Class A ^(a)		4,888		49,662
Under Armour, Inc. Class C ^(a)		5,657		50,460
				1,223,195
Auto Parts & Equipment — 1.3%
Allison Transmission Holdings, Inc.		2,448		101,837
BorgWarner, Inc.		6,047		243,392
Gentex Corp.		1,630		44,450
Lear Corp.		1,507		186,898
				576,577

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

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Distribution & Wholesale — 1.5%
Core & Main, Inc. Class A ^(a)		714	$	13,787
IAA, Inc. ^(a)		1,617		64,680
LKQ Corp.		3,497		186,775
SiteOne Landscape Supply, Inc. ^(a)		449		52,677
Univar Solutions, Inc. ^(a)		4,239		134,800
Watsco, Inc.		308		76,815
WESCO International, Inc. ^(a)		1,128		141,226
				670,760
Entertainment — 0.5%
DraftKings, Inc. Class A ^(a) ^(b)		5,326		60,663
Penn Entertainment, Inc. ^(a)		4,161		123,582
Six Flags Entertainment Corp. ^(a)		1,953		45,407
				229,652
Food Services — 0.4%
Aramark		3,812		157,588
Home Builders — 2.0%
Lennar Corp. Class A		2,673		241,906
Lennar Corp. Class B		190		14,208
NVR, Inc. ^(a)		31		142,990
PulteGroup, Inc.		5,988		272,634
Thor Industries, Inc. ^(b)		1,340		101,157
Toll Brothers, Inc.		2,783		138,927
				911,822
Home Furnishing — 1.2%
Dolby Laboratories, Inc. Class A		948		66,872
Leggett & Platt, Inc.		3,325		107,165
Tempur Sealy International, Inc.		4,289		147,241
Whirlpool Corp.		1,392		196,912
				518,190
Housewares — 0.4%
Newell Brands, Inc.		9,560		125,045
The Scotts Miracle-Gro Co. ^(b)		992		48,201
				173,246
Leisure Time — 1.0%
Brunswick Corp.		1,933		139,331
Harley-Davidson, Inc.		3,406		141,690
Polaris, Inc.		1,417		143,117
YETI Holdings, Inc. ^(a)		911		37,633
				461,771
Lodging — 0.7%
Boyd Gaming Corp.		2,030		110,696
MGM Resorts International		3,734		125,201
Travel & Leisure Co.		2,122		77,241
				313,138

	Number of Shares		Value
Retail — 6.2%
Advance Auto Parts, Inc.		969	$	142,472
AutoNation, Inc. ^(a)		1,004		107,729
Bath & Body Works, Inc.		6,052		255,031
Best Buy Co., Inc.		3,426		274,799
BJ’s Wholesale Club Holdings, Inc. ^(a)		3,371		223,025
Burlington Stores, Inc. ^(a)		752		152,476
Carvana Co. ^(a)		596		2,825
Casey’s General Stores, Inc.		938		210,440
Dick’s Sporting Goods, Inc.		1,405		169,007
Five Below, Inc. ^(a)		386		68,272
The Gap, Inc. ^(b)		5,008		56,490
Kohl’s Corp.		3,186		80,447
Leslie’s, Inc. ^(a)		1,717		20,965
Lithia Motors, Inc.		715		146,389
Macy’s, Inc.		7,207		148,825
MSC Industrial Direct Co., Inc. Class A		851		69,527
Nordstrom, Inc. ^(b)		2,749		44,369
Ollie’s Bargain Outlet Holdings, Inc. ^(a)		827		38,737
Penske Automotive Group, Inc.		695		79,876
Petco Health & Wellness Co., Inc. ^(a) ^(b)		2,172		20,591
RH ^(a)		440		117,564
Victoria’s Secret & Co. ^(a)		2,094		74,923
The Wendy’s Co.		3,297		74,611
Williams-Sonoma, Inc.		1,748		200,880
				2,780,270
Toys, Games & Hobbies — 0.2%
Mattel, Inc. ^(a)		6,054		108,003
				8,433,481
Consumer, Non-cyclical — 15.7%
Agriculture — 0.3%
Bunge Ltd.		1,258		125,511
Beverages — 0.4%
Molson Coors Beverage Co. Class B		3,977		204,895
Biotechnology — 0.5%
Bio-Rad Laboratories, Inc. Class A ^(a)		399		167,775
Exelixis, Inc. ^(a)		2,883		46,243
Maravai LifeSciences Holdings, Inc. Class A ^(a)		960		13,738
				227,756
Commercial Services — 3.2%
ADT, Inc.		5,131		46,538
Avis Budget Group, Inc. ^(a)		753		123,439
Booz Allen Hamilton Holding Corp.		1,362		142,356

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

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Euronet Worldwide, Inc. ^(a)		456	$	43,037
FTI Consulting, Inc. ^(a)		421		66,855
Grand Canyon Education, Inc. ^(a)		805		85,056
GXO Logistics, Inc. ^(a)		2,675		114,196
H&R Block, Inc.		2,035		74,298
Hertz Global Holdings, Inc. ^(a)		5,900		90,801
ManpowerGroup, Inc.		1,327		110,420
Robert Half International, Inc.		1,370		101,147
Service Corp. International		1,537		106,268
U-Haul Holding Co.		2,050		112,709
U-Haul Holding Co. ^(b)		249		14,987
United Rentals, Inc. ^(a)		582		206,855
				1,438,962
Food — 3.5%
Albertsons Cos., Inc. Class A		3,799		78,791
Campbell Soup Co.		1,754		99,539
Conagra Brands, Inc.		5,487		212,347
Flowers Foods, Inc.		3,109		89,353
Grocery Outlet Holding Corp. ^(a)		1,522		44,427
Ingredion, Inc.		1,387		135,829
The J.M. Smucker Co.		930		147,368
Performance Food Group Co. ^(a)		3,826		223,400
Pilgrim’s Pride Corp. ^(a)		1,135		26,934
Post Holdings, Inc. ^(a)		1,408		127,086
Seaboard Corp.		6		22,651
Tyson Foods, Inc. Class A		2,449		152,450
US Foods Holding Corp. ^(a)		5,636		191,737
				1,551,912
Health Care – Products — 1.4%
The Cooper Cos., Inc.		430		142,188
Dentsply Sirona, Inc.		2,664		84,822
Envista Holdings Corp. ^(a)		1,570		52,862
Hologic, Inc. ^(a)		2,127		159,121
ICU Medical, Inc. ^(a)		183		28,819
Integra LifeSciences Holdings Corp. ^(a)		683		38,296
Quidelortho Corp. ^(a)		1,251		107,173
				613,281
Health Care – Services — 3.5%
Acadia Healthcare Co., Inc. ^(a)		728		59,929
Amedisys, Inc. ^(a)		594		49,623
DaVita, Inc. ^(a)		1,457		108,794
Encompass Health Corp.		2,480		148,329
Enhabit, Inc. ^(a)		1,330		17,503
Laboratory Corp. of America Holdings		819		192,858
Molina Healthcare, Inc. ^(a)		950		313,709
Quest Diagnostics, Inc.		1,798		281,279
Syneos Health, Inc. ^(a)		1,312		48,124

	Number of Shares		Value
Tenet Healthcare Corp. ^(a)		2,656	$	129,586
Universal Health Services, Inc. Class B		1,644		231,623
				1,581,357
Household Products & Wares — 0.5%
Avery Dennison Corp.		675		122,175
Reynolds Consumer Products, Inc.		983		29,471
Spectrum Brands Holdings, Inc.		1,009		61,468
				213,114
Pharmaceuticals — 2.4%
Cardinal Health, Inc.		6,166		473,980
Henry Schein, Inc. ^(a)		2,047		163,494
Organon & Co.		6,376		178,082
Perrigo Co. PLC		1,031		35,147
Premier, Inc. Class A		2,479		86,715
Viatris, Inc.		13,807		153,672
				1,091,090
				7,047,878
Energy — 4.1%
Energy – Alternate Sources — 0.4%
Enviva, Inc.		535		28,339
First Solar, Inc. ^(a)		945		141,552
				169,891
Oil & Gas — 3.0%
APA Corp.		5,359		250,158
Chesapeake Energy Corp.		3,230		304,815
HF Sinclair Corp.		3,427		177,827
Ovintiv, Inc.		5,678		287,932
PDC Energy, Inc.		2,396		152,098
Range Resources Corp.		2,791		69,831
Southwestern Energy Co. ^(a)		13,886		81,233
				1,323,894
Pipelines — 0.7%
Antero Midstream Corp.		7,581		81,799
DTE Midstream LLC ^(a)		1,353		74,767
Targa Resources Corp.		2,423		178,090
				334,656
				1,828,441
Financial — 22.8%
Banks — 4.2%
Bank of Hawaii Corp.		830		64,375
Bank OZK		2,507		100,430
Citizens Financial Group, Inc.		2,746		108,110
Comerica, Inc.		1,078		72,064
Commerce Bancshares, Inc.		752		51,189
Cullen/Frost Bankers, Inc.		404		54,015
East West Bancorp, Inc.		1,404		92,524

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

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
F.N.B. Corp.		8,520	$	111,186
First Hawaiian, Inc.		2,933		76,375
First Horizon Corp.		2,956		72,422
KeyCorp.		5,872		102,290
PacWest Bancorp		2,878		66,050
Pinnacle Financial Partners, Inc.		1,100		80,740
Popular, Inc.		1,898		125,875
Prosperity Bancshares, Inc.		1,106		80,384
Regions Financial Corp.		6,404		138,070
Synovus Financial Corp.		3,542		133,002
Umpqua Holdings Corp.		5,388		96,176
Wintrust Financial Corp.		1,517		128,217
Zions Bancorp NA		2,203		108,300
				1,861,794
Diversified Financial Services — 5.8%
Affiliated Managers Group, Inc.		962		152,410
Air Lease Corp.		2,590		99,508
Ally Financial, Inc.		6,445		157,580
Coinbase Global, Inc. Class A ^(a)		3,293		116,539
Credit Acceptance Corp. ^(a) ^(b)		139		65,942
Evercore, Inc. Class A		957		104,389
Franklin Resources, Inc.		3,756		99,083
Interactive Brokers Group, Inc. Class A		2,332		168,720
Invesco Ltd.		9,456		170,113
Janus Henderson Group PLC		3,488		82,038
Jefferies Financial Group, Inc.		5,306		181,890
Lazard Ltd. Class A		2,388		82,792
OneMain Holdings, Inc.		2,978		99,197
Raymond James Financial, Inc.		1,787		190,941
Rocket Cos., Inc. Class A		3,159		22,113
SEI Investments Co.		913		53,228
SLM Corp.		6,829		113,361
Stifel Financial Corp.		2,616		152,696
Synchrony Financial		9,336		306,781
Upstart Holdings, Inc. ^(a) ^(b)		544		7,192
Virtu Financial, Inc. Class A		2,521		51,454
The Western Union Co.		9,744		134,175
				2,612,142
Insurance — 9.8%
American Financial Group, Inc.		1,079		148,125
Arch Capital Group Ltd. ^(a)		4,077		255,954
Assurant, Inc.		1,318		164,829
Assured Guaranty Ltd.		1,559		97,063
Axis Capital Holdings Ltd.		1,970		106,715
Brighthouse Financial, Inc. ^(a)		1,898		97,310
Cincinnati Financial Corp.		1,115		114,165
CNA Financial Corp.		548		23,169

	Number of Shares		Value
Erie Indemnity Co. Class A		143	$	35,567
Everest Re Group Ltd.		985		326,301
F&G Annuities & Life, Inc. ^(a)		461		9,225
Fidelity National Financial, Inc.		6,785		255,252
First American Financial Corp.		2,634		137,864
Globe Life, Inc.		1,591		191,795
The Hanover Insurance Group, Inc.		896		121,076
The Hartford Financial Services Group, Inc.		2,414		183,054
Kemper Corp.		1,608		79,114
Lincoln National Corp.		4,299		132,065
Loews Corp.		2,719		158,599
Markel Corp. ^(a)		130		171,274
MGIC Investment Corp.		7,674		99,762
Old Republic International Corp.		7,160		172,914
Primerica, Inc.		968		137,282
Principal Financial Group, Inc.		2,637		221,297
Reinsurance Group of America, Inc.		1,692		240,416
RenaissanceRe Holdings Ltd.		838		154,385
Ryan Specialty Holdings, Inc. ^(a)		600		24,906
Unum Group		5,072		208,104
Voya Financial, Inc.		2,572		158,152
Willis Towers Watson PLC		677		165,581
				4,391,315
Private Equity — 0.3%
The Carlyle Group, Inc.		3,807		113,601
Real Estate — 0.4%
Jones Lang LaSalle, Inc. ^(a)		1,242		197,937
Real Estate Investment Trusts (REITS) — 2.1%
AGNC Investment Corp.		13,227		136,900
Annaly Capital Management, Inc.		9,865		207,954
Apartment Income REIT Corp.		1,261		43,265
Brixmor Property Group, Inc.		2,305		52,254
Cousins Properties, Inc.		1,816		45,927
Douglas Emmett, Inc.		1,413		22,156
EPR Properties		658		24,820
Highwoods Properties, Inc.		2,364		66,145
Hudson Pacific Properties, Inc.		1,895		18,438
Kilroy Realty Corp.		1,649		63,767
Omega Healthcare Investors, Inc.		3,142		87,819
Rithm Capital Corp.		10,802		88,252
SL Green Realty Corp. ^(b)		1,549		52,232
Vornado Realty Trust		1,863		38,769
				948,698
Savings & Loans — 0.2%
New York Community Bancorp, Inc.		9,420		81,012
				10,206,499

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

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Industrial — 16.8%
Aerospace & Defense — 0.2%
Curtiss-Wright Corp.		593	$	99,025
Building Materials — 3.2%
Armstrong World Industries, Inc.		502		34,432
The AZEK Co., Inc ^(a)		1,364		27,716
Builders FirstSource, Inc. ^(a)		4,354		282,487
Eagle Materials, Inc.		895		118,901
Fortune Brands Innovations, Inc.		2,961		169,103
Hayward Holdings, Inc. ^(a) ^(b)		1,020		9,588
Lennox International, Inc.		516		123,443
Louisiana-Pacific Corp.		2,061		122,011
Masterbrand, Inc. ^(a)		2,961		22,356
MDU Resources Group, Inc.		5,115		155,189
Mohawk Industries, Inc. ^(a)		1,331		136,055
Owens Corning		2,454		209,326
				1,410,607
Electrical Components & Equipment — 0.3%
Acuity Brands, Inc.		573		94,895
Littelfuse, Inc.		205		45,141
				140,036
Electronics — 2.2%
Arrow Electronics, Inc. ^(a)		1,651		172,645
Avnet, Inc.		2,458		102,204
Coherent Corp. ^(a)		2,664		93,506
Jabil, Inc.		3,491		238,086
nVent Electric PLC		2,091		80,441
Sensata Technologies Holding PLC		1,733		69,979
TD SYNNEX Corp.		1,079		102,192
Vontier Corp.		4,075		78,770
Woodward, Inc.		635		61,347
				999,170
Engineering & Construction — 1.0%
AECOM		2,617		222,262
MasTec, Inc. ^(a)		1,506		128,507
TopBuild Corp. ^(a)		475		74,333
				425,102
Environmental Controls — 0.7%
Clean Harbors, Inc. ^(a)		1,277		145,731
Pentair PLC		2,302		103,544
Stericycle, Inc. ^(a)		864		43,105
				292,380
Hand & Machine Tools — 0.6%
Lincoln Electric Holdings, Inc.		414		59,819
Snap-on, Inc.		533		121,785
Stanley Black & Decker, Inc.		1,283		96,379
				277,983

	Number of Shares		Value
Machinery – Construction & Mining — 0.6%
BWX Technologies, Inc.		1,977	$	114,824
Oshkosh Corp.		566		49,916
Vertiv Holdings Co.		7,687		105,004
				269,744
Machinery – Diversified — 1.7%
AGCO Corp.		1,560		216,356
Crane Holdings Co.		1,191		119,636
Enovis Corp. ^(a)		1,282		68,613
Esab Corp.		1,306		61,278
Flowserve Corp.		2,883		88,450
Gates Industrial Corp. PLC ^(a)		2,903		33,123
The Middleby Corp. ^(a)		520		69,628
The Toro Co.		1,071		121,237
				778,321
Metal Fabricate & Hardware — 0.4%
The Timken Co.		1,578		111,517
Valmont Industries, Inc.		194		64,150
				175,667
Miscellaneous - Manufacturing — 0.9%
A.O. Smith Corp.		1,956		111,962
Donaldson Co., Inc.		1,446		85,126
Textron, Inc.		3,113		220,400
				417,488
Packaging & Containers — 2.4%
AptarGroup, Inc.		605		66,538
Ardagh Group SA ^(a) ^(b) ^(c) ^(d)		463		4,915
Ardagh Metal Packaging SA		2,574		12,381
Berry Global Group, Inc.		3,303		199,600
Graphic Packaging Holding Co.		7,529		167,520
Packaging Corp. of America		689		88,130
Sealed Air Corp.		2,073		103,401
Silgan Holdings, Inc.		2,129		110,368
Sonoco Products Co.		1,199		72,791
WestRock Co.		6,419		225,692
				1,051,336
Shipbuilding — 0.5%
Huntington Ingalls Industries, Inc.		990		228,373
Transportation — 2.1%
C.H. Robinson Worldwide, Inc.		2,019		184,859
Expeditors International of Washington, Inc.		1,377		143,098
Knight-Swift Transportation Holdings, Inc.		4,022		210,793
Landstar System, Inc.		933		151,986
RXO, Inc. ^(a)		2,592		44,582
Ryder System, Inc.		1,233		103,042

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

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Schneider National, Inc. Class B		1,367	$	31,988
XPO, Inc. ^(a)		2,592		86,288
				956,636
				7,521,868
Technology — 8.2%
Computers — 5.6%
Amdocs Ltd.		2,650		240,885
CACI International, Inc. Class A ^(a)		582		174,943
Dell Technologies, Inc. Class C		6,774		272,450
DXC Technology Co. ^(a)		6,195		164,168
Genpact Ltd.		2,380		110,242
Hewlett Packard Enterprise Co.		32,899		525,068
KBR, Inc.		3,510		185,328
Leidos Holdings, Inc.		3,186		335,135
Lumentum Holdings, Inc. ^(a)		1,540		80,342
NCR Corp. ^(a)		3,219		75,357
Science Applications International Corp.		1,409		156,300
Western Digital Corp. ^(a)		5,062		159,706
				2,479,924
Semiconductors — 1.6%
Cirrus Logic, Inc. ^(a)		1,395		103,900
IPG Photonics Corp. ^(a)		830		78,576
MKS Instruments, Inc.		1,141		96,677
Qorvo, Inc. ^(a)		2,527		229,047
Skyworks Solutions, Inc.		2,318		211,239
				719,439
Software — 1.0%
Concentrix Corp.		1,093		145,544
Doximity, Inc. Class A ^(a)		1,375		46,145
Dropbox, Inc. Class A ^(a)		7,098		158,853
Playtika Holding Corp. ^(a)		1,749		14,884
Teradata Corp. ^(a)		2,639		88,829
				454,255
				3,653,618
Utilities — 2.4%
Electric — 1.6%
Brookfield Renewable Corp. Class A		1,234		33,984
Hawaiian Electric Industries, Inc.		2,403		100,566
IDACORP, Inc.		528		56,945
NRG Energy, Inc.		5,932		188,756
PG&E Corp. ^(a)		12,116		197,006
Pinnacle West Capital Corp.		1,781		135,427
				712,684

	Number of Shares		Value
Gas — 0.8%
National Fuel Gas Co.		1,470	$	93,051
NiSource, Inc.		3,130		85,825
UGI Corp.		5,302		196,545
				375,421
				1,088,105

TOTAL COMMON STOCK (Cost $45,611,757)				44,767,359

TOTAL EQUITIES (Cost $45,611,757)				44,767,359

MUTUAL FUNDS — 0.2%
Diversified Financial Services — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio ^(e)		98,172		98,172

TOTAL MUTUAL FUNDS (Cost $98,172)				98,172

TOTAL LONG-TERM INVESTMENTS (Cost $45,709,929)				44,865,531

TOTAL INVESTMENTS — 100.2% (Cost $45,709,929) ^(f)				44,865,531

Other Assets/(Liabilities) — (0.2)%				(69,484	)

NET ASSETS — 100.0%			$	44,796,047

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $541,469 or 1.21% of net assets. The Fund received $456,205 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)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $4,915 or 0.01% of net assets.

(d)	Investment is valued using significant unobservable inputs.

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

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

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

MML High Yield Fund – Portfolio of Investments

December 31, 2022

	Principal Amount		Value
BONDS & NOTES — 95.4%
BANK LOANS — 2.6%
Food — 0.3%
Florida Food Products LLC, Term Loan, 1 mo. USD LIBOR + 5.000%
9.384% VRN 10/18/28	$	166,026	$	151,084
Lodging — 0.3%
Four Seasons Hotels Ltd., 2022 Term Loan B,
0.000% VRN 11/30/29 ^(a)		180,780		180,715
Packaging & Containers — 0.2%
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD SOFR CME + 4.175%
8.598% VRN 4/13/29		95,486		90,752
Software — 1.8%
Finastra USA, Inc., USD 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.250%
10.621% VRN 6/13/25		950,532		703,736
Ivanti Software, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%
9.011% VRN 12/01/27		168,725		133,011
Quest Software US Holdings, Inc. 3 mo. USD SOFRTE + 7.500%
11.594% VRN 2/01/30		342,316		205,961
				1,042,708

TOTAL BANK LOANS (Cost $1,856,853)				1,465,259

CORPORATE DEBT — 92.8%
Advertising — 1.3%
CMG Media Corp.
8.875% 12/15/27 ^(b)		712,000		535,922
Stagwell Global LLC
5.625% 8/15/29 ^(b)		220,000		181,408
				717,330
Aerospace & Defense — 0.2%
Spirit AeroSystems, Inc.
9.375% 11/30/29 ^(b)		83,000		87,374
Agriculture — 0.2%
Darling Ingredients, Inc.
6.000% 6/15/30 ^(b)		130,000		127,075
Airlines — 3.0%
American Airlines, Inc.
11.750% 7/15/25 ^(b)		379,000		406,469

	Principal Amount		Value
American Airlines, Inc. /AAdvantage Loyalty IP Ltd.
5.500% 4/20/26 ^(b)	$	535,000	$	514,337
5.750% 4/20/29 ^(b)		229,000		208,892
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 ^(b)		238,515		237,133
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
8.000% 9/20/25 ^(b)		134,000		134,688
United Airlines, Inc.
4.375% 4/15/26 ^(b)		122,000		113,085
4.625% 4/15/29 ^(b)		121,000		105,354
				1,719,958
Auto Manufacturers — 1.4%
Ford Motor Co.
3.250% 2/12/32		434,000		325,522
7.450% 7/16/31		153,000		156,488
Ford Motor Credit Co. LLC
4.000% 11/13/30		402,000		329,977
				811,987
Auto Parts & Equipment — 0.5%
Adient Global Holdings Ltd.
4.875% 8/15/26 ^(b)		277,000		257,881
Biotechnology — 0.3%
Emergent BioSolutions, Inc.
3.875% 8/15/28 ^(b)		347,000		172,483
Building Materials — 1.4%
Jeld-Wen, Inc.
4.875% 12/15/27 ^(b)		68,000		51,182
New Enterprise Stone & Lime Co., Inc.
5.250% 7/15/28 ^(b)		222,000		197,129
9.750% 7/15/28 ^(b)		602,000		556,212
				804,523
Chemicals — 4.8%
Avient Corp.
7.125% 8/01/30 ^(b)		187,000		182,794
Celanese US Holdings LLC
6.379% 7/15/32		637,000		607,677
Consolidated Energy Finance SA
5.625% 10/15/28 ^(b)		595,000		505,911
LSF11 A5 HoldCo LLC
6.625% 10/15/29 ^(b)		294,000		242,877
Methanex Corp.
5.125% 10/15/27		144,000		133,560
Olympus Water US Holding Corp.
4.250% 10/01/28 ^(b)		326,000		264,661
6.250% 10/01/29 ^(b) ^(c)		459,000		348,337

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

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Polar US Borrower LLC / Schenectady International Group, Inc.
6.750% 5/15/26 ^(b)	$	314,000	$	116,180
Tronox, Inc.
4.625% 3/15/29 ^(b)		196,000		162,925
Vibrantz Technologies, Inc.
9.000% 2/15/30 ^(b)		230,000		173,266
				2,738,188
Coal — 0.5%
Coronado Finance Pty Ltd.
10.750% 5/15/26 ^(b)		290,000		296,525
Commercial Services — 4.0%
Alta Equipment Group, Inc.
5.625% 4/15/26 ^(b)		378,000		340,236
APi Group DE, Inc.
4.750% 10/15/29 ^(b)		372,000		322,470
Ashtead Capital, Inc.
5.500% 8/11/32 ^(b)		172,000		165,060
Carriage Services, Inc.
4.250% 5/15/29 ^(b)		92,000		73,018
CoreLogic, Inc.
4.500% 5/01/28 ^(b)		251,000		192,567
The Hertz Corp.
5.000% 12/01/29 ^(b)		315,000		238,959
Prime Security Services Borrower LLC / Prime Finance, Inc.
6.250% 1/15/28 ^(b)		418,000		380,447
PROG Holdings, Inc.
6.000% 11/15/29 ^(b)		304,000		244,623
Sabre GLBL, Inc.
7.375% 9/01/25 ^(b)		172,000		164,360
9.250% 4/15/25 ^(b)		171,000		170,338
				2,292,078
Computers — 1.5%
Condor Merger Sub, Inc.
7.375% 2/15/30 ^(b)		408,000		328,151
Presidio Holdings, Inc.
8.250% 2/01/28 ^(b)		462,000		428,311
Seagate HDD Cayman
9.625% 12/01/32 ^(b)		100,620		110,360
				866,822
Cosmetics & Personal Care — 0.7%
Coty, Inc. /HFC Prestige Products, Inc. /HFC Prestige International US LLC
4.750% 1/15/29 ^(b)		446,000		403,630

	Principal Amount		Value
Distribution & Wholesale — 0.8%
American Builders & Contractors Supply Co., Inc.
3.875% 11/15/29 ^(b)	$	185,000	$	151,228
Resideo Funding, Inc.
4.000% 9/01/29 ^(b)		372,000		300,781
				452,009
Diversified Financial Services — 6.1%
Coinbase Global, Inc.
3.375% 10/01/28 ^(b)		168,000		88,805
3.625% 10/01/31 ^(b)		136,000		65,499
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 ^(b)		1,498,293		1,273,549
Jefferson Capital Holdings LLC
6.000% 8/15/26 ^(b)		380,000		314,423
Midcap Financial Issuer Trust
5.625% 1/15/30 ^(b)		339,000		274,536
6.500% 5/01/28 ^(b)		270,000		231,272
OneMain Finance Corp.
4.000% 9/15/30		169,000		126,098
5.375% 11/15/29		552,000		451,481
PRA Group, Inc.
5.000% 10/01/29 ^(b)		583,000		480,975
7.375% 9/01/25 ^(b)		168,000		162,313
				3,468,951
Electric — 1.8%
PG&E Corp.
5.000% 7/01/28 ^(c)		567,000		517,388
Pike Corp.
5.500% 9/01/28 ^(b)		593,000		518,424
				1,035,812
Electronics — 0.9%
Atkore, Inc.
4.250% 6/01/31 ^(b)		587,000		503,352
Engineering & Construction — 1.3%
Arcosa, Inc.
4.375% 4/15/29 ^(b)		230,000		199,451
Dycom Industries, Inc.
4.500% 4/15/29 ^(b)		99,000		86,169
Global Infrastructure Solutions, Inc.
5.625% 6/01/29 ^(b)		126,000		98,447
7.500% 4/15/32 ^(b)		140,000		110,820
MasTec, Inc.
4.500% 8/15/28 ^(b) ^(c)		130,000		116,649
Railworks Holdings LP / Railworks Rally, Inc.
8.250% 11/15/28 ^(b)		117,000		108,225
				719,761

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

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Entertainment — 0.6%
Live Nation Entertainment, Inc.
4.750% 10/15/27 ^(b)	$	260,000	$	231,860
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.875% 5/01/29 ^(b)		136,000		115,718
				347,578
Environmental Controls — 0.3%
Harsco Corp.
5.750% 7/31/27 ^(b)		188,000		148,439
Food — 0.6%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
3.625% 1/15/32 ^(b)		420,000		340,200
Forest Products & Paper — 0.2%
Clearwater Paper Corp.
4.750% 8/15/28 ^(b)		92,000		80,961
Health Care – Products — 0.5%
Garden Spinco Corp.
8.625% 7/20/30 ^(b)		248,000		262,880
Health Care – Services — 7.6%
Centene Corp.
4.625% 12/15/29		629,000		575,025
Charles River Laboratories International, Inc.
3.750% 3/15/29 ^(b)		40,000		35,376
4.250% 5/01/28 ^(b)		329,000		302,999
CHS/Community Health Systems, Inc.
4.750% 2/15/31 ^(b)		108,000		78,410
5.250% 5/15/30 ^(b)		468,000		352,890
6.000% 1/15/29 ^(b)		184,000		153,912
6.125% 4/01/30 ^(b)		213,000		105,473
HCA, Inc.
3.500% 9/01/30		776,000		671,311
5.625% 9/01/28		673,000		670,048
Molina Healthcare, Inc.
4.375% 6/15/28 ^(b)		187,000		170,654
Radiology Partners, Inc.
9.250% 2/01/28 ^(b)		655,000		367,687
Tenet Healthcare Corp.
4.375% 1/15/30 ^(b)		165,000		142,818
4.875% 1/01/26 ^(b)		179,000		169,944
6.125% 10/01/28 ^(b)		493,000		441,393
6.125% 6/15/30 ^(b)		96,000		91,469
				4,329,409

	Principal Amount		Value
Home Builders — 1.8%
Ashton Woods USA LLC / Ashton Woods Finance Co.
4.625% 8/01/29 ^(b)	$	198,000	$	158,545
M/I Homes, Inc.
4.950% 2/01/28		368,000		326,953
Mattamy Group Corp.
4.625% 3/01/30 ^(b)		668,000		541,390
				1,026,888
Insurance — 0.7%
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc.
7.625% 10/15/25 ^(b)		430,269		400,188
Internet — 1.4%
Cars.com, Inc.
6.375% 11/01/28 ^(b)		330,000		293,201
Getty Images, Inc.
9.750% 3/01/27 ^(b)		74,000		73,043
ION Trading Technologies Sarl
5.750% 5/15/28 ^(b)		298,000		248,457
Millennium Escrow Corp.
6.625% 8/01/26 ^(b)		168,000		107,529
Uber Technologies, Inc.
4.500% 8/15/29 ^(b)		78,000		67,958
				790,188
Investment Companies — 0.3%
Icahn Enterprises LP/ Icahn Enterprises Finance Corp.
4.750% 9/15/24		178,000		170,630
Leisure Time — 1.2%
Carnival Corp.
5.750% 3/01/27 ^(b)		205,000		146,378
NCL Corp. Ltd.
5.875% 3/15/26 ^(b)		118,000		92,931
5.875% 2/15/27 ^(b)		49,000		42,449
NCL Finance Ltd.
6.125% 3/15/28 ^(b)		94,000		69,393
Royal Caribbean Cruises Ltd.
Convertible, 4.250% 6/15/23		20,000		19,845
5.500% 8/31/26 ^(b)		343,000		288,125
				659,121
Lodging — 1.0%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
4.875% 7/01/31 ^(b)		199,000		162,414

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

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp.
5.875% 5/15/25 ^(b)	$	225,000	$	210,033
Travel & Leisure Co.
6.625% 7/31/26 ^(b)		213,000		208,370
				580,817
Machinery – Diversified — 0.2%
OT Merger Corp.
7.875% 10/15/29 ^(b)		180,000		95,400
Media — 6.6%
Altice Financing SA
5.000% 1/15/28 ^(b)		152,000		122,360
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250% 1/15/34 ^(b)		486,000		358,690
4.500% 5/01/32		95,000		75,682
5.000% 2/01/28 ^(b)		130,000		117,487
5.375% 6/01/29 ^(b)		162,000		145,888
CSC Holdings LLC
4.625% 12/01/30 ^(b)		311,000		171,845
Cumulus Media New Holdings, Inc.
6.750% 7/01/26 ^(b) ^(c)		168,000		141,120
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc.
5.875% 8/15/27 ^(b)		321,000		287,186
DISH DBS Corp.
5.250% 12/01/26 ^(b)		53,000		44,644
5.750% 12/01/28 ^(b)		68,000		54,272
7.375% 7/01/28		32,000		22,640
DISH Network Corp.
3.375% 8/15/26		680,000		426,020
Gray Escrow II, Inc.
5.375% 11/15/31 ^(b)		246,000		177,280
iHeartCommunications, Inc.
8.375% 5/01/27 ^(c)		172,710		146,826
LCPR Senior Secured Financing DAC
5.125% 7/15/29 ^(b)		223,000		184,735
6.750% 10/15/27 ^(b)		283,000		264,605
Radiate Holdco LLC / Radiate Finance, Inc.
6.500% 9/15/28 ^(b)		336,000		139,440
Sinclair Television Group Inc
5.125% 2/15/27 ^(b)		178,000		145,179
Sirius XM Radio, Inc.
3.875% 9/01/31 ^(b)		333,000		259,796
Univision Communications, Inc.
7.375% 6/30/30 ^(b)		71,000		67,855

	Principal Amount		Value
Virgin Media Secured Finance PLC
4.500% 8/15/30 ^(b)	$	280,000	$	233,919
Virgin Media Vendor Financing Notes IV DAC
5.000% 7/15/28 ^(b)		200,000		174,927
				3,762,396
Mining — 2.4%
Arconic Corp.
6.125% 2/15/28 ^(b)		178,000		167,011
Compass Minerals International, Inc.
4.875% 7/15/24 ^(b)		294,000		282,608
6.750% 12/01/27 ^(b)		192,000		184,320
First Quantum Minerals Ltd.
6.875% 10/15/27 ^(b)		400,000		375,289
Novelis Corp.
3.250% 11/15/26 ^(b)		48,000		43,032
3.875% 8/15/31 ^(b)		341,000		278,390
				1,330,650
Miscellaneous - Manufacturing — 0.3%
Amsted Industries, Inc.
5.625% 7/01/27 ^(b)		175,000		166,015
Oil & Gas — 9.0%
Apache Corp.
4.750% 4/15/43		65,000		49,043
5.100% 9/01/40		130,000		107,733
5.350% 7/01/49		197,000		159,197
Chesapeake Energy Corp.
5.500% 2/01/26 ^(b)		90,000		86,848
5.875% 2/01/29 ^(b)		205,000		194,242
Comstock Resources, Inc.
5.875% 1/15/30 ^(b)		114,000		98,006
6.750% 3/01/29 ^(b)		126,000		113,715
CVR Energy, Inc.
5.750% 2/15/28 ^(b)		350,000		304,675
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250% 11/01/28 ^(b)		365,000		330,325
Murphy Oil Corp.
6.375% 7/15/28		182,000		175,184
Nabors Industries Ltd.
7.250% 1/15/26 ^(b)		339,000		319,473
7.500% 1/15/28 ^(b)		169,000		154,617
Nabors Industries, Inc.
5.750% 2/01/25		55,000		52,449
7.375% 5/15/27 ^(b)		227,000		219,894
Neptune Energy Bondco PLC
6.625% 5/15/25 ^(b)		594,000		576,779

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

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Occidental Petroleum Corp.
6.125% 1/01/31	$	387,000	$	390,556
6.200% 3/15/40		397,000		385,660
6.450% 9/15/36		215,000		219,300
6.950% 7/01/24		42,000		42,735
Parkland Corp.
4.625% 5/01/30 ^(b)		105,000		86,888
5.875% 7/15/27 ^(b)		269,000		255,415
Range Resources Corp. Co.
8.250% 1/15/29		123,000		126,745
Southwestern Energy Co.
4.750% 2/01/32		109,000		93,150
Sunoco LP/Sunoco Finance Corp.
6.000% 4/15/27		172,000		169,368
Transocean Guardian Ltd.
5.875% 1/15/24 ^(b)		25,512		24,912
Transocean Poseidon Ltd.
6.875% 2/01/27 ^(b)		25,375		24,693
Transocean, Inc.
7.250% 11/01/25 ^(b)		172,000		152,086
7.500% 1/15/26 ^(b)		241,000		202,883
				5,116,571
Oil & Gas Services — 0.8%
Weatherford International Ltd.
6.500% 9/15/28 ^(b)		126,000		123,518
8.625% 4/30/30 ^(b)		368,000		353,393
				476,911
Packaging & Containers — 2.3%
Clydesdale Acquisition Holdings, Inc.
6.625% 4/15/29 ^(b)		79,000		75,154
8.750% 4/15/30 ^(b)		263,000		225,183
Graham Packaging Co., Inc.
7.125% 8/15/28 ^(b)		89,000		74,247
Mauser Packaging Solutions Holding Co.
5.500% 4/15/24 ^(b)		164,000		159,447
7.250% 4/15/25 ^(b) ^(c)		446,000		412,392
Trident TPI Holdings, Inc.
9.250% 8/01/24 ^(b)		386,000		366,944
				1,313,367
Pharmaceuticals — 2.3%
1375209 BC Ltd.
9.000% 1/30/28 ^(b)		136,000		132,430
AdaptHealth LLC
5.125% 3/01/30 ^(b)		365,000		310,721
Bausch Health Cos., Inc.
4.875% 6/01/28 ^(b)		215,000		136,749
11.000% 9/30/28 ^(b)		242,000		188,723
14.000% 10/15/30 ^(b)		47,000		27,901

	Principal Amount		Value
Jazz Securities DAC
4.375% 1/15/29 ^(b)	$	187,000	$	166,645
Organon & Co. / Organon Foreign Debt Co-Issuer BV
4.125% 4/30/28 ^(b)		180,000		159,372
Perrigo Finance Unlimited Co.
4.400% STEP 6/15/30		194,000		165,291
				1,287,832
Pipelines — 7.2%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.375% 6/15/29 ^(b)		313,000		286,157
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.500% 6/15/31 ^(b)		379,000		331,060
EnLink Midstream LLC
5.375% 6/01/29		173,000		160,074
EnLink Midstream Partners LP
4.850% 7/15/26		56,000		52,642
5.450% 6/01/47		97,000		77,759
5.600% 4/01/44		257,000		211,965
EQM Midstream Partners LP
4.500% 1/15/29 ^(b)		157,000		131,867
6.000% 7/01/25 ^(b)		67,000		64,655
6.500% 7/01/27 ^(b)		151,000		144,318
Harvest Midstream I LP
7.500% 9/01/28 ^(b)		514,000		490,582
ITT Holdings LLC
6.500% 8/01/29 ^(b)		565,000		475,809
NGL Energy Operating LLC / NGL Energy Finance Corp.
7.500% 2/01/26 ^(b)		350,000		311,176
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
7.500% 10/01/25 ^(b)		171,000		172,539
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.875% 2/01/31		295,000		264,781
5.500% 3/01/30		494,000		464,815
Venture Global Calcasieu Pass LLC
3.875% 8/15/29 ^(b)		133,000		116,375
4.125% 8/15/31 ^(b)		152,000		129,503
Western Midstream Operating LP
5.450% 4/01/44		202,000		167,531
				4,053,608
Real Estate — 0.4%
Realogy Group LLC / Realogy Co-Issuer Corp.
5.750% 1/15/29 ^(b)		311,000		235,237

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

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Real Estate Investment Trusts (REITS) — 2.5%
Host Hotels & Resorts LP
2.900% 12/15/31	$	199,000	$	152,750
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.750% 6/15/29 ^(b)		425,000		343,128
MPT Operating Partnership LP / MPT Finance Corp.
5.000% 10/15/27 ^(c)		189,000		158,860
RLJ Lodging Trust LP
3.750% 7/01/26 ^(b)		107,000		95,195
4.000% 9/15/29 ^(b)		126,000		102,144
Service Properties Trust
3.950% 1/15/28		73,000		51,829
4.375% 2/15/30		115,000		75,980
4.950% 2/15/27		58,000		45,681
7.500% 9/15/25		267,000		254,431
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC
4.750% 4/15/28 ^(b)		180,000		143,025
				1,423,023
Retail — 3.2%
Asbury Automotive Group, Inc.
4.625% 11/15/29 ^(b)		148,000		124,711
Bath & Body Works, Inc.
6.750% 7/01/36		97,000		85,253
6.875% 11/01/35		299,000		265,781
BCPE Ulysses Intermediate, Inc.
7.750% 4/01/27 ^(b)		405,000		250,254
Macy’s Retail Holdings LLC
5.875% 4/01/29 ^(b) ^(c)		40,000		35,416
5.875% 3/15/30 ^(b)		71,000		61,609
6.125% 3/15/32 ^(b)		78,000		65,561
Nordstrom, Inc.
5.000% 1/15/44 ^(c)		331,000		201,082
Sonic Automotive, Inc.
4.625% 11/15/29 ^(b)		149,000		119,305
4.875% 11/15/31 ^(b)		63,000		49,530
Staples, Inc.
7.500% 4/15/26 ^(b)		160,000		137,709
10.750% 4/15/27 ^(b) ^(c)		216,000		155,542
Suburban Propane Partners LP / Suburban Energy Finance Corp.
5.000% 6/01/31 ^(b)		192,000		163,197
Superior Plus LP / Superior General Partner, Inc.
4.500% 3/15/29 ^(b)		145,000		123,975
				1,838,925

	Principal Amount		Value
Semiconductors — 0.3%
Entegris Escrow Corp.
5.950% 6/15/30 ^(b)	$	204,000	$	188,129
Software — 1.4%
AthenaHealth Group, Inc.
6.500% 2/15/30 ^(b)		242,000		178,338
Consensus Cloud Solutions, Inc.
6.000% 10/15/26 ^(b)		94,000		87,913
Open Text Corp.
3.875% 2/15/28 ^(b)		43,000		36,900
Open Text Holdings, Inc.
4.125% 2/15/30 ^(b)		196,000		157,711
4.125% 12/01/31 ^(b)		72,000		55,965
Veritas US, Inc./Veritas Bermuda Ltd.
7.500% 9/01/25 ^(b)		398,000		274,701
				791,528
Telecommunications — 5.4%
Altice France Holding SA
10.500% 5/15/27 ^(b)		74,000		56,425
Altice France SA
5.125% 7/15/29 ^(b)		368,000		275,905
Connect Finco SARL / Connect US Finco LLC
6.750% 10/01/26 ^(b)		122,000		113,065
Consolidated Communications, Inc.
6.500% 10/01/28 ^(b)		391,000		303,831
Frontier Communications Holdings LLC
6.000% 1/15/30 ^(b) ^(c)		713,000		560,113
GoTo Group, Inc.
5.500% 9/01/27 ^(b)		210,000		112,943
Sprint Capital Corp.
6.875% 11/15/28		476,000		495,034
8.750% 3/15/32		671,000		798,557
T-Mobile USA, Inc.
3.375% 4/15/29		357,000		314,396
				3,030,269
Transportation — 1.6%
Carriage Purchaser, Inc.
7.875% 10/15/29 ^(b)		191,000		135,610
First Student Bidco, Inc./First Transit Parent, Inc.
4.000% 7/31/29 ^(b)		425,000		351,529

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

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Seaspan Corp.
5.500% 8/01/29 ^(b)	$	571,000	$	432,704
				919,843

TOTAL CORPORATE DEBT (Cost $60,723,074)				52,642,742

TOTAL BONDS & NOTES (Cost $62,579,927)				54,108,001

	Number of Shares
MUTUAL FUNDS — 4.3%
Diversified Financial Services — 4.3%
State Street Navigator Securities Lending Government Money Market Portfolio ^(d)		2,421,165		2,421,165

TOTAL MUTUAL FUNDS (Cost $2,421,165)				2,421,165

TOTAL LONG-TERM INVESTMENTS (Cost $65,001,092)				56,529,166

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.0%
Repurchase Agreement — 3.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 ^(e)	$	1,706,681	$	1,706,681

TOTAL SHORT-TERM INVESTMENTS (Cost $1,706,681)				1,706,681

TOTAL INVESTMENTS — 102.7% (Cost $66,707,773) ^(f)				58,235,847

Other Assets/(Liabilities) — (2.7)%				(1,506,092	)

NET ASSETS — 100.0%			$	56,729,755

Abbreviation Legend

STEP	Step Up Bond

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	All or a portion of the security represents unsettled loan commitments at December 31, 2022 where the rate will be determined at time of settlement.

(b)

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $2,535,270 or 4.47% of net assets. The Fund received $167,707 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).

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

(e)	Maturity value of $1,706,924. Collateralized by U.S. Government Agency obligations with a rate of 2.875%, maturity date of 5/15/28, and an aggregate market value, including accrued interest, of $1,740,818.

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

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

MML Inflation-Protected and Income Fund – Portfolio of Investments

December 31, 2022

	Principal Amount		Value
BONDS & NOTES — 89.3%
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 53.9%
Automobile Asset-Backed Securities — 4.6%
Avis Budget Rental Car Funding, Series 2017-2A, Class D
4.560% 3/20/24 ^(a)	$	1,000,000	$	996,519
Carvana Auto Receivables Trust, Series 2020-N3, Class B
0.660% 6/12/28		1,356,339		1,235,268
Drive Auto Receivables Trust, Series 2021-1, Class C
1.020% 6/15/27		1,200,000		1,174,099
Hertz Vehicle Financing LLC, Series 2021-1A, Class D
3.980% 12/26/25 ^(a)		3,400,000		3,022,781
Onemain Direct Auto Receivable Trust, Series 2022-1A, Class C
5.310% 6/14/29 ^(a)		800,000		769,758
Westlake Automobile Receivables Trust, Series 2020-3A, Class D
1.650% 2/17/26 ^(a)		2,306,000		2,187,024
				9,385,449
Commercial Mortgage-Backed Securities — 4.6%
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
5.818% FRN 7/15/35 ^(a)		1,000,000		946,239
BX Commercial Mortgage Trust, Series 2019-XL, Class F, 1 mo. TSFR + 2.114%
6.450% FRN 10/15/36 ^(a)		1,487,500		1,431,823
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%
6.068% FRN 12/15/37 ^(a)		308,865		298,067
Credit Suisse Mortgage Capital Certificates
Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600% 5.918% FRN 5/15/36 ^(a)		4,000,000		3,900,183
Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150% 6.468% FRN 5/15/36 ^(a)		2,500,000		2,418,895
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
6.118% FRN 5/15/36 ^(a)		476,000		463,230
				9,458,437

	Principal Amount		Value
Home Equity Asset-Backed Securities — 1.1%
Centex Home Equity Loan Trust, Series 2006-A, Class M1, 1 mo. USD LIBOR + .450%
4.839% FRN 6/25/36	$	112,410	$	111,880
Citigroup Mortgage Loan Trust, Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .435%
4.824% FRN 8/25/36		281,525		279,097
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD LIBOR + .615%
5.004% FRN 4/25/36		1,477,663		1,437,483
Residential Asset Securities Trust, Series 2005-EMX1, Class M1, 1 mo. USD LIBOR + .645%
5.034% FRN 3/25/35		398,908		397,797
				2,226,257
Other Asset-Backed Securities — 22.8%
321 Henderson Receivables LLC
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 4.518% FRN 3/15/41 ^(a)		40,734		40,631
Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 4.518% FRN 9/15/41 ^(a)		55,400		54,418
Affirm Asset Securitization Trust
Series 2021-Z1, Class A, 1.070% 8/15/25 ^(a)		1,501,719		1,460,074
Series 2021-Z2, Class A, 1.170% 11/16/26 ^(a)		817,195		780,874
Series 2022-X1, Class A, 1.750% 2/15/27 ^(a)		820,074		797,123
Series 2020-Z2, Class A, 1.900% 1/15/25 ^(a)		641,836		631,596
BHG Securitization Trust, Series 2021-B, Class A
0.900% 10/17/34 ^(a)		957,469		902,403
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A,
0.985% VRN 11/25/50 ^(a) ^(b)		1,180,299		1,108,756
Citigroup Mortgage Loan Trust, Series 2006-WFH2, Class M1, 1 mo. USD LIBOR + .405%
4.794% FRN 8/25/36		53,371		53,322
Crossroads Asset Trust, Series 2021-A, Class A2
0.820% 3/20/24 ^(a)		102,372		101,585
FCI Funding LLC
Series 2021-1A, Class A, 1.130% 4/15/33 ^(a)		1,392,435		1,359,888

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

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

	Principal Amount		Value
Series 2021-1A, Class B, 1.530% 4/15/33 ^(a)	$	928,399	$	907,474
Series 2019-1A, Class A, 3.630% 2/18/31 ^(a)		11,599		11,588
First Franklin Mortgage Loan Trust
Series 2006-FF15, Class A5, 1 mo. USD LIBOR + .160% 4.549% FRN 11/25/36		360,579		349,161
Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720% 5.109% FRN 10/25/35		99,578		99,436
FNA VI LLC, Series 21-1A, Class A
1.350% 1/10/32 ^(a)		2,775,539		2,525,638
FREED ABS Trust, Series 2021-2, Class B
1.030% 6/19/28 ^(a)		329,750		328,699
Gracie Point International Funding
Series 2021-1A, Class A, 1 mo. USD LIBOR + .750% 4.870% FRN 11/01/23 ^(a)		5,830,758		5,807,373
Series 2022-1A, Class C, 30 day SOFR + 3.500% 7.545% FRN 4/01/24 ^(a)		1,700,000		1,674,978
7.700% 11/01/24 ^(a)		1,000,000		999,999
Series 2022-1A, Class E, 30 day SOFR + 5.750% 9.795% FRN 4/01/24 ^(a)		800,000		799,995
Hilton Grand Vacations Trust, Series 2022-2A, Class C
5.570% 1/25/37 ^(a)		651,665		626,998
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD LIBOR + .260%
4.649% FRN 3/25/37		167,572		160,582
KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200%
6.526% FRN 2/15/39 ^(a)		700,000		645,041
LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240%
5.319% FRN 7/15/27 ^(a)		280,276		279,197
Lendmark Funding Trust, Series 2019-2A, Class A
2.780% 4/20/28 ^(a)		5,031,856		4,879,983
New Residential Advance Receivables Trust Advance Receivables Backed
Series 2020-T1, Class AT1, ABS, 144A, 1.426% 8/15/53 ^(a)		2,250,000		2,094,921
Series 2020-T1, Class BT1, 1.823% 8/15/53 ^(a)		1,100,000		1,057,983
NP SPE II LP, Series 2019-1A, Class A1
2.574% 9/20/49 ^(a)		185,414		171,989

	Principal Amount		Value
Oportun Funding LLC, Series 2022-1, Class A
3.250% 6/15/29 ^(a)	$	1,426,939	$	1,402,657
Orange Lake Timeshare Trust, Series 2016-A, Class A
2.610% 3/08/29 ^(a)		60,443		59,930
Pagaya AI Debt Selection Trust
Series 2021-3, Class A, 1.150% 5/15/29 ^(a)		1,472,867		1,437,109
Series 2022-1, Class A, 2.030% 10/15/29 ^(a)		7,477,359		7,187,384
Sierra Receivables Funding LLC
Series 2019-3A, Class C, 3.000% 8/20/36 ^(a)		752,440		709,939
Series 2019-2A, Class C, 3.120% 5/20/36 ^(a)		1,317,710		1,236,623
Series 2019-1A, Class C, 3.770% 1/20/36 ^(a)		174,310		163,176
Series 2019-3A, Class D, 4.180% 8/20/36 ^(a)		192,667		182,675
Series 2019-1A, Class D, 4.750% 1/20/36 ^(a)		157,709		149,671
Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .735%
5.124% FRN 3/25/35		412,747		409,053
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC6, Class A4, 1 mo. USD LIBOR + .170% 4.559% FRN 1/25/37		165,495		160,931
Series 2006-WF1, Class M4, 1 mo. USD LIBOR + .645% 5.034% FRN 2/25/36		233,483		232,997
Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% 5.589% FRN 11/25/35 ^(a)		458,412		444,855
Upstart Securitization Trust, Series 2021-4, Class A
0.840% 9/20/31 ^(a)		2,249,444		2,174,501
				46,663,206
Student Loans Asset-Backed Securities — 7.9%
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100%
4.824% FRN 3/28/68		1,830,963		1,778,604
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%
4.569% FRN 1/15/37		273,600		234,667

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

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

	Principal Amount		Value
Commonbond Student Loan Trust
Series 2021-AGS, Class B, 1.400% 3/25/52 ^(a)	$	139,725	$	118,097
Series 2018-CGS, Class C, 4.350% 2/25/46 ^(a)		13,622		12,215
DRB Prime Student Loan Trust, Series 2017-A, Class A1, 1 mo. USD LIBOR + .850%
5.239% FRN 5/27/42 ^(a)		439,328		439,401
Edsouth Indenture No 10 LLC, No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500%
5.889% FRN 12/25/58 ^(a)		1,000,000		999,431
Edsouth Indenture No. 9 LLC, No.9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + .800%
5.189% FRN 10/25/56 ^(a)		219,870		219,368
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750%
5.139% FRN 8/25/42 ^(a)		192,296		187,597
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700%
5.457% FRN 8/25/48 ^(a)		115,872		112,391
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350%
4.724% FRN 6/28/39 ^(a)		319,418		287,903
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX
2.340% 10/25/48 ^(a)		122,179		119,654
Navient Private Education Loan Trust, Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200%
5.518% FRN 12/15/28 ^(a)		65,295		65,308
Navient Private Education Refi Loan Trust
Series 2021-A, Class A, 0.840% 5/15/69 ^(a)		2,032,311		1,757,760
Series 2020-HA, Class A, 1.310% 1/15/69 ^(a)		382,122		339,232
Navient Student Loan Trust, Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150%
5.539% FRN 7/26/66 ^(a)		343,554		337,162
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%
6.139% FRN 12/26/40 ^(a)		14,234		14,227

	Principal Amount		Value
Nelnet Student Loan Trust
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 4.558% FRN 1/25/38	$	436,227	$	385,864
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 4.708% FRN 10/25/40		870,503		809,608
Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 4.923% FRN 3/23/37		854,830		776,479
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 4.974% FRN 6/25/41		201,445		182,638
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 6/25/41 ^(a)		375,000		370,686
SLC Student Loan Trust
Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 4.999% FRN 12/15/39		779,260		704,723
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 5.049% FRN 3/15/40		1,173,491		1,091,540
SLM Student Loan Trust
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 4.498% FRN 10/25/28		89,784		88,782
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 4.558% FRN 1/25/70		246,864		232,070
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 4.568% FRN 10/25/40		310,956		290,659
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 4.578% FRN 1/25/41		304,550		280,579
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 4.658% FRN 7/25/25		17,936		17,932
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 4.668% FRN 1/25/55		274,391		250,517
Series 2004-8, Class B, 3 mo. USD LIBOR + .460% 4.818% FRN 1/25/40		281,990		252,614
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 4.828% FRN 10/25/64		198,302		187,806
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 5.419% FRN 12/15/38		275,161		258,111

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

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

	Principal Amount		Value
SMB Private Education Loan Trust
Series 2018-B, Class A2B, 1 mo. USD LIBOR + .720% 5.038% FRN 1/15/37 ^(a)	$	702,930	$	685,138
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 5.188% FRN 7/15/36 ^(a)		887,027		874,501
Series 2014-A, Class A3, 1 mo. USD LIBOR + 1.500% 5.818% FRN 4/15/32 ^(a)		656,079		653,846
SoFi Alternative Trust, Series 2019-C, Class PT,
5.188% VRN 1/25/45 ^(a) ^(b)		607,500		560,965
SoFi Professional Loan Program LLC, Series 2017-A, Class A1, 1 mo. USD LIBOR + .700%
5.089% FRN 3/26/40 ^(a)		45,349		45,218
				16,023,293
Whole Loan Collateral Collateralized Mortgage Obligations — 12.9%
Angel Oak Mortgage Trust
Series 2020-6, Class A1, 1.261% VRN 5/25/65 ^(a) ^(b)		1,043,842		895,760
Series 2022-2, Class A1, 3.353% VRN 1/25/67 ^(a) ^(b)		2,052,998		1,875,205
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%
4.966% FRN 8/25/49 ^(a)		857,522		788,637
COLT Mortgage Loan Trust, Series 2022-1, Class A1,
2.284% VRN 12/27/66 ^(a) ^(b)		6,638,763		5,772,897
Lakeview Trust
Series 2022-1, Class M3, 4.585% 4/25/52 ^(a)		700,000		654,071
Series 2022-3, Class M3, 5.437% 5/29/52 ^(a)		1,300,000		1,196,780
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD LIBOR + .750%
5.139% FRN 5/25/55 ^(a)		4,667,000		4,587,808
Oceanview Trust
Series 2021-1, Class A, 1.219% 12/29/51 ^(a)		1,836,745		1,756,711
Series 2021-1, Class M3, 3.090% 12/29/51 ^(a)		2,000,000		1,855,405
Onslow Bay Financial LLC
Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 ^(a) ^(b)		1,368,043		1,037,052
Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950% 5.339% FRN 2/25/60 ^(a)		377,012		344,713

	Principal Amount		Value
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
7.239% FRN 2/25/23 ^(a)	$	440,000	$	439,049
PSMC Trust, Series 2020-2, Class A2,
3.000% VRN 5/25/50 ^(a) ^(b)		736,582		651,529
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,
2.916% VRN 9/27/49 ^(a) ^(b)		919,707		863,762
Starwood Residential Mortgage Trust, Series 2021-1, Class A3,
1.528% VRN 5/25/65 ^(a) ^(b)		3,233,455		2,647,529
Verus Securitization Trust
Series 2021-3, Class A3, 1.437% VRN 6/25/66 ^(a) ^(b)		798,438		636,583
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 ^(a) ^(b)		317,495		302,684
				26,306,175

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $115,911,845)				110,062,817

U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ^(c) — 11.6%
Pass-Through Securities — 0.0%
Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.175% 3.018% FRN 3/01/37		86,861		87,909
Whole Loans — 11.6%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2021-DNA6, Class M1, 30 day SOFR + .800% 4.728% FRN 10/25/41 ^(a)		6,550,000		6,465,735
Series 2021-HQA3, Class M1, 30 day SOFR + .850% 4.778% FRN 9/25/41 ^(a)		6,748,849		6,453,398
Series 2021-DNA7, Class M1, 30 day SOFR + .850% 4.778% FRN 11/25/41 ^(a)		2,500,485		2,455,138
Series 2022-DNA3, Class M1A, 30 day SOFR + 2.000% 5.928% FRN 4/25/42 ^(a)		2,014,360		2,009,899
Series 2020-DNA1, Class M2, 1 mo. USD LIBOR + 1.700% 6.089% FRN 1/25/50 ^(a)		1,106,456		1,101,862
Series 2018-DNA3, Class M2A, 1 mo. USD LIBOR + 2.100% 6.489% FRN 9/25/48 ^(a)		721,274		722,083

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

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

	Principal Amount		Value
Series 2020-DNA5, Class M2, 30 day SOFR + 2.800% 6.728% FRN 10/25/50 ^(a)	$	198,597	$	199,556
Series 2022-DNA5, Class M1A, 30 day SOFR + 2.950% 6.878% FRN 6/25/42 ^(a)		620,713		627,539
Federal National Mortgage Association Connecticut Avenue Securities Trust
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 6.539% FRN 9/25/31 ^(a)		675,229		673,570
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 6.689% FRN 8/25/31 ^(a)		315,101		315,184
Series 2022-R07, Class 1M1, 30 day SOFR + 2.950% 6.894% FRN 6/25/42 ^(a)		2,651,718		2,674,580
				23,698,544

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $24,256,836)				23,786,453

U.S. TREASURY OBLIGATIONS — 23.8%
U.S. Treasury Bonds & Notes — 23.8%
U.S. Treasury Inflation Index
0.125% 2/15/52		1,016,880		658,469
0.125% 4/15/25		1,730,385		1,650,219
0.125% 10/15/25		1,894,844		1,802,211
0.125% 4/15/26		1,022,598		962,227
0.125% 7/15/26		1,740,340		1,641,426
0.125% 10/15/26		2,017,333		1,892,720
0.125% 4/15/27		1,688,560		1,575,209
0.125% 1/15/30		1,447,688		1,301,882
0.125% 7/15/30		1,743,270		1,562,661
0.125% 1/15/31		1,688,374		1,501,135
0.125% 7/15/31		1,667,625		1,475,164
0.125% 1/15/32		1,988,621		1,743,772
0.125% 2/15/51		743,925		479,037
0.250% 7/15/29		1,397,880		1,281,190
0.250% 2/15/50		695,400		468,861
0.375% 7/15/25 ^(d)		2,255,435		2,167,729
0.375% 1/15/27		431,739		407,527
0.375% 7/15/27		1,400,827		1,321,579
0.500% 1/15/28		1,540,200		1,449,894
0.625% 1/15/26		1,536,199		1,475,831
0.625% 7/15/32		3,435,593		3,150,188
0.625% 2/15/43		712,822		575,121
0.750% 7/15/28		1,750,928		1,669,708

	Principal Amount		Value
0.750% 2/15/42	$	593,415	$	496,730
0.750% 2/15/45		1,170,477		946,516
0.875% 1/15/29		1,180,080		1,125,490
0.875% 2/15/47 ^(e)		864,073		708,259
1.000% 2/15/46 ^(e)		628,785		533,960
1.000% 2/15/48		604,170		508,423
1.000% 2/15/49		532,868		445,312
1.375% 2/15/44		1,214,604		1,127,921
1.625% 10/15/27		2,665,609		2,665,296
1.750% 1/15/28		2,133,495		2,134,301
2.000% 1/15/26		900,780		900,402
2.125% 2/15/40		413,586		437,852
2.125% 2/15/41		612,297		648,676
2.375% 1/15/27		443,271		452,569
2.500% 1/15/29		832,716		869,131
3.375% 4/15/32		419,680		480,834
3.625% 4/15/28		829,035		904,436
3.875% 4/15/29		906,280		1,019,353
				48,619,221

TOTAL U.S. TREASURY OBLIGATIONS (Cost $54,989,836)				48,619,221

TOTAL BONDS & NOTES (Cost $195,158,517)				182,468,491

	Number of Shares
MUTUAL FUNDS — 0.6%
Diversified Financial Services — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio ^(f)		1,269,875		1,269,875

TOTAL MUTUAL FUNDS (Cost $1,269,875)				1,269,875

TOTAL LONG-TERM INVESTMENTS (Cost $196,428,392)				183,738,366

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

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 10.1%
Commercial Paper — 9.3%
Amcor Flexibles North America, Inc.
4.702% 1/05/23 ^(a)	$	1,000,000	$	999,237
Florida Power & Light Co.
4.311% 1/03/23		1,000,000		999,509
HP, Inc.
4.864% 1/23/23 ^(a)		3,000,000		2,990,712
Spire, Inc.
4.867% 1/17/23 ^(a)		3,000,000		2,993,044
Tampa Electric Co.
4.887% 1/23/23 ^(a)		6,000,000		5,981,264
VF Corp.
4.977% 2/02/23 ^(a)		3,000,000		2,987,352
Walgreens Boots Alliance, Inc.
5.097% 2/06/23 ^(a)		2,000,000		1,989,831
				18,940,949
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 ^(g)		1,612,936		1,612,936

TOTAL SHORT-TERM INVESTMENTS (Cost $20,556,477)				20,553,885

TOTAL INVESTMENTS — 100.0% (Cost $216,984,869) ^(h)				204,292,251

Other Assets/(Liabilities) — 0.0%				17,997

NET ASSETS — 100.0%			$	204,310,248

Abbreviation Legend

FRN	Floating Rate Note

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

(b)

(c)	May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

(d)	All or 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 December 31, 2022, was $1,244,675 or 0.61% of net assets. (Note 2).

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

(g)	Maturity value of $1,613,165. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,645,217.

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

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

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Short
U.S. Treasury Long Bond		3/22/23		2	$	(256,869	)	$	6,181
U.S. Treasury Ultra 10 Year		3/22/23		6		(710,747	)		1,059
U.S. Ultra Bond		3/22/23		4		(561,487	)		24,237
U.S. Treasury Note 2 Year		3/31/23		225		(46,125,242	)		(17,336	)
U.S. Treasury Note 5 Year		3/31/23		25		(2,703,594	)		5,352
								$	19,493

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency		Termination Date		Notional Amount			Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Fixed 3.090%		Maturity	12-Month US CPI		Maturity		11/08/24		USD	4,000,000	$	(32,497	)	$	—	$	(32,497	)
12-Month USD SOFR		Annually	Fixed 3.552%		Annually		12/07/24		USD	7,500,000		(128,339	)		—		(128,339	)
12-Month USD SOFR		Annually	Fixed 4.062%		Annually		12/22/24		USD	7,500,000		(55,910	)		—		(55,910	)
Fixed 2.494%		Maturity	12-Month US CPI		Maturity		12/23/24		USD	14,000,000		11,158			—		11,158
12-Month USD SOFR		Annually	Fixed 4.250%		Annually		5/01/25		USD	14,500,000		10,232			—		10,232
12-Month USD SOFR		Annually	Fixed 4.661%		Annually		5/08/25		USD	14,400,000		125,587			—		125,587
Fixed 3.082%		Annually	12-Month USD SOFR		Annually		12/07/32		USD	1,680,000		61,210			—		61,210
Fixed 3.352%		Annually	12-Month USD SOFR		Annually		12/22/32		USD	1,694,000		23,749			—		23,749
Fixed 3.713%		Annually	12-Month USD SOFR		Annually		5/01/33		USD	3,300,000		(66,535	)		—		(66,535	)
Fixed 3.905%		Annually	12-Month USD SOFR		Annually		5/08/33		USD	3,300,000		(119,716	)		—		(119,716	)
											$	(171,061	)	$	—	$	(171,061	)

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

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

OTC Total Return Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency			Counterparty	Termination Date		No. of Contracts/ Notional		Value			Upfront Premium Received (Paid)/ Received		Unrealized Appreciation/ (Depreciation)
Fed Funds + 9.0 BP		Maturity	Bloomberg US Treasury Inflation Notes TR Index		Maturity	BNP Paribas SA*			1/31/23		31,823,920	$	(2,305,922	)	$	—	$	(2,305,922	)
Fed Funds + 8.5 BP		Maturity	Bloomberg US Treasury Inflation Notes TR Index		Maturity	BNP Paribas SA*			2/28/23		41,153,453		(1,939,043	)		—		(1,939,043	)
Fed Funds + 8.0 BP		Maturity	Bloomberg US Treasury Inflation Notes TR Index		Maturity	Goldman Sachs International*			1/31/23		40,149,212		(2,909,162	)		—		(2,909,162	)
Fed Funds + 8.5 BP		Maturity	Bloomberg US Treasury Inflation Notes TR Index		Maturity	Goldman Sachs International*			2/28/23		43,355,974		(2,042,820	)		—		(2,042,820	)
												$	(9,196,947	)	$	—	$	(9,196,947	)

*	Contracts are subject to a master netting agreement or similar agreement.

Currency Legend

USD U.S. Dollar

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

MML iShares^® 60/40 Allocation Fund – Portfolio of Investments

December 31, 2022

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Diversified Financial Services — 100.0%
iShares 1-5 Year Investment Grade Corporate Bond ETF		26,940	$	1,342,151
iShares 20+ Year Treasury Bond ETF		5,390		536,628
iShares Broad USD High Yield Corporate Bond ETF		7,895		272,614
iShares Core Dividend Growth ETF		16,236		811,800
iShares Core International Aggregate Bond ETF		2,811		133,663
iShares Core MSCI Emerging Markets ETF		11,523		538,124
iShares Core MSCI International Developed Markets ETF		62,713		3,510,674
iShares Core S&P 500 ETF		6,380		2,451,260
iShares Core S&P Mid-Cap ETF		2,252		544,736
iShares Core S&P Total US Stock Market ETF		99,668		8,451,846
iShares Core U.S. Aggregate Bond ETF		87,049		8,442,883

TOTAL MUTUAL FUNDS (Cost $30,641,694)				27,036,379

TOTAL LONG-TERM INVESTMENTS (Cost $30,641,694)				27,036,379

TOTAL INVESTMENTS — 100.0% (Cost $30,641,694) ^(a)				27,036,379

Other Assets/(Liabilities) — 0.0%				4,360

NET ASSETS — 100.0%			$	27,040,739

Abbreviation Legend

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

MML iShares^® 80/20 Allocation Fund – Portfolio of Investments

December 31, 2022

	Number of Shares		Value
MUTUAL FUNDS — 100.3%
Diversified Financial Services — 100.3%
iShares 1-5 Year Investment Grade Corporate Bond ETF ^(a)		40,033	$	1,994,444
iShares 20+ Year Treasury Bond ETF ^(a)		4,005		398,738
iShares Broad USD High Yield Corporate Bond ETF		11,732		405,106
iShares Core Dividend Growth ETF		24,127		1,206,350
iShares Core International Aggregate Bond ETF		8,356		397,328
iShares Core MSCI Emerging Markets ETF		42,811		1,999,274
iShares Core MSCI International Developed Markets ETF		107,531		6,019,585
iShares Core S&P 500 ETF		8,427		3,237,738
iShares Core S&P Mid-Cap ETF		6,693		1,618,970
iShares Core S&P Total US Stock Market ETF		214,997		18,231,745
iShares Core U.S. Aggregate Bond ETF		49,272		4,778,891
State Street Navigator Securities Lending Government Money Market Portfolio ^(b)		137,675		137,675

TOTAL MUTUAL FUNDS (Cost $45,059,062)				40,425,844

TOTAL LONG-TERM INVESTMENTS (Cost $45,059,062)				40,425,844

TOTAL INVESTMENTS — 100.3% (Cost $45,059,062) ^(c)				40,425,844

Other Assets/(Liabilities) — (0.3)%				(119,305	)

NET ASSETS — 100.0%			$	40,306,539

Abbreviation Legend

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $134,506 or 0.33% of net assets. (Note 2).

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

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

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

MML Managed Bond Fund – Portfolio of Investments

December 31, 2022

	Principal Amount		Value
BONDS & NOTES — 98.8%
CORPORATE DEBT — 38.0%
Aerospace & Defense — 0.4%
The Boeing Co.
5.150% 5/01/30	$	2,200,000	$	2,152,280
5.930% 5/01/60		605,000		554,664
				2,706,944
Agriculture — 1.0%
Altria Group, Inc.
5.800% 2/14/39		1,375,000		1,262,618
BAT Capital Corp.
2.259% 3/25/28		725,000		603,587
3.462% 9/06/29		1,075,000		923,349
4.700% 4/02/27		1,065,000		1,022,305
4.758% 9/06/49		540,000		393,843
Imperial Brands Finance PLC
3.875% 7/26/29 ^(a)		1,739,000		1,486,814
Reynolds American, Inc.
5.850% 8/15/45		985,000		843,775
Viterra Finance BV
3.200% 4/21/31 ^(a)		1,315,000		996,700
				7,532,991
Airlines — 0.2%
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,
4.100% 10/01/29		1,195,520		1,065,464
United Airlines Pass-Through Trust, Series 2018-1, Class B,
4.600% 9/01/27		357,512		326,700
				1,392,164
Auto Manufacturers — 0.7%
General Motors Co.
5.150% 4/01/38		800,000		693,213
6.800% 10/01/27		1,890,000		1,964,587
General Motors Financial Co., Inc.
3.100% 1/12/32		1,750,000		1,376,082
Nissan Motor Co. Ltd.
4.345% 9/17/27 ^(a)		1,063,000		964,916
				4,998,798
Auto Parts & Equipment — 0.1%
Lear Corp.
3.550% 1/15/52		1,325,000		809,484
Banks — 7.9%
ABN AMRO Bank NV
4.750% 7/28/25 ^(a)		1,875,000		1,818,394

	Principal Amount		Value
Bank Hapoalim BM 5 year CMT + 2.155%
3.255% VRN 1/21/32 ^(a)	$	2,600,000	$	2,237,248
Bank of America Corp.
SOFR + 1.220% 2.299% VRN 7/21/32		1,355,000		1,047,301
5 year CMT + 1.200% 2.482% VRN 9/21/36		2,635,000		1,942,682
5 year CMT + 2.000% 3.846% VRN 3/08/37		2,145,000		1,781,776
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		1,150,000		981,497
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29		475,000		443,742
6.110% 1/29/37		1,550,000		1,571,815
7.750% 5/14/38		400,000		467,087
The Bank of Nova Scotia 3 mo. USD LIBOR + 2.648%
6.567% VRN ^(b)		3,575,000		3,323,031
Barclays PLC
4.337% 1/10/28		920,000		856,202
5.200% 5/12/26		1,320,000		1,284,819
5 year CMT + 5.431% 8.000% VRN ^(b)		1,382,000		1,292,170
BPCE SA SOFR + 1.730%
3.116% VRN 10/19/32 ^(a)		1,860,000		1,362,908
Citigroup, Inc.
3 mo. USD LIBOR + 4.068% 5.950% VRN ^(b)		890,000		881,322
6.625% 6/15/32		1,525,000		1,611,350
Credit Suisse AG
6.500% 8/08/23 ^(a)		1,630,000		1,576,210
Credit Suisse Group AG
SOFR + .980% 1.305% VRN 2/02/27 ^(a)		2,500,000		1,996,709
SOFR + 3.340% 6.373% VRN 7/15/26 ^(a)		892,000		838,105
Deutsche Bank AG SOFR + 1.318%
2.552% VRN 1/07/28		2,580,000		2,199,622
Discover Bank 5 year USD Swap + 1.730%
4.682% VRN 8/09/28		1,955,000		1,876,668
First Republic Bank
4.375% 8/01/46		1,700,000		1,297,248
The Goldman Sachs Group, Inc.
SOFR + 1.410% 3.102% VRN 2/24/33		1,500,000		1,222,218
6.750% 10/01/37		1,795,000		1,909,619
HSBC Holdings PLC
SOFR + 1.290% 1.589% VRN 5/24/27		699,000		603,568

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SOFR + 1.285% 2.206% VRN 8/17/29	$	1,203,000	$	976,631
SOFR + 3.350% 7.390% VRN 11/03/28		2,225,000		2,335,037
JP Morgan Chase & Co.
SOFR + 2.515% 2.956% VRN 5/13/31		1,000,000		826,352
5.600% 7/15/41		1,125,000		1,130,701
Macquarie Bank Ltd. 5 year CMT + 1.700%
3.052% VRN 3/03/36 ^(a)		1,324,000		960,586
Macquarie Group Ltd. SOFR + 1.069%
1.340% VRN 1/12/27 ^(a)		950,000		828,865
Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250%
3.077% VRN 4/07/31 ^(a)		2,780,000		2,435,975
Morgan Stanley
SOFR + 1.360% 2.484% VRN 9/16/36		1,270,000		924,040
4.350% 9/08/26		3,200,000		3,109,686
SOFR + 2.620% 5.297% VRN 4/20/37		2,320,000		2,128,199
National Australia Bank Ltd. 5 year CMT + 1.700%
3.347% VRN 1/12/37 ^(a)		2,960,000		2,259,147
Societe Generale SA 1 year CMT + 1.000%
1.792% VRN 6/09/27 ^(a)		2,010,000		1,734,000
Toronto-Dominion Bank
8.125% 10/31/82		1,706,000		1,774,240
UBS Group AG 1 year CMT + 1.750%
4.751% VRN 5/12/28 ^(a)		1,575,000		1,509,408
				59,356,178
Beverages — 0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900% 2/01/46		2,050,000		1,878,897
Bacardi Ltd.
5.150% 5/15/38 ^(a)		450,000		408,594
Molson Coors Beverage Co.
4.200% 7/15/46		1,859,000		1,451,120
5.000% 5/01/42		360,000		321,132
				4,059,743
Chemicals — 0.8%
Celanese US Holdings LLC
6.050% 3/15/25		2,025,000		2,019,621
DuPont de Nemours, Inc.
5.319% 11/15/38		1,200,000		1,157,052

	Principal Amount		Value
Syngenta Finance NV
4.441% 4/24/23 ^(a)	$	1,183,000	$	1,177,688
Yara International ASA
3.800% 6/06/26 ^(a)		1,850,000		1,707,210
				6,061,571
Computers — 0.2%
Dell International LLC / EMC Corp.
8.100% 7/15/36		325,000		365,576
Leidos, Inc.
2.300% 2/15/31		1,260,000		968,356
				1,333,932
Diversified Financial Services — 3.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.300% 1/30/32		4,115,000		3,228,926
Antares Holdings LP
2.750% 1/15/27 ^(a)		1,275,000		1,022,763
3.950% 7/15/26 ^(a)		2,555,000		2,212,297
6.000% 8/15/23 ^(a)		1,330,000		1,311,030
8.500% 5/18/25 ^(a)		720,000		735,559
Ares Finance Co. III LLC 5 year CMT + 3.237%
4.125% VRN 6/30/51 ^(a)		1,585,000		1,196,675
Ares Finance Co. LLC
4.000% 10/08/24 ^(a)		2,080,000		1,986,222
Avolon Holdings Funding Ltd.
2.528% 11/18/27 ^(a)		2,755,000		2,205,546
3.250% 2/15/27 ^(a)		1,610,000		1,379,655
4.250% 4/15/26 ^(a)		2,976,000		2,702,403
5.500% 1/15/26 ^(a)		190,000		180,817
Blue Owl Finance LLC
3.125% 6/10/31 ^(a)		3,120,000		2,324,689
4.125% 10/07/51 ^(a)		1,675,000		991,701
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 ^(a)		1,502,197		1,276,867
Lazard Group LLC
3.625% 3/01/27		1,253,000		1,158,473
				23,913,623
Electric — 1.1%
CMS Energy Corp.
4.875% 3/01/44		780,000		712,815
Duke Energy Corp.
3.750% 9/01/46		1,500,000		1,120,348
Enel Finance International NV
5.000% 6/15/32 ^(a)		1,700,000		1,528,713
NextEra Energy Capital Holdings, Inc. 5 year CMT + 2.547%
3.800% VRN 3/15/82		1,250,000		1,019,965

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pacific Gas and Electric Co.
2.500% 2/01/31	$	775,000	$	605,575
PG&E Wildfire Recovery Funding LLC
4.674% 12/01/53		1,200,000		1,070,267
Puget Energy, Inc.
2.379% 6/15/28		840,000		715,628
Texas Electric Market Stabilization Funding N LLC
5.167% 2/01/52 ^(a)		2,000,000		1,913,763
				8,687,074
Entertainment — 0.2%
Warnermedia Holdings, Inc.
4.279% 3/15/32 ^(a)		2,060,000		1,699,233
Food — 0.8%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
3.625% 1/15/32 ^(a)		5,300,000		4,293,000
Smithfield Foods, Inc.
2.625% 9/13/31 ^(a)		1,730,000		1,241,459
3.000% 10/15/30 ^(a)		943,000		718,533
				6,252,992
Gas — 0.4%
CenterPoint Energy Resources Corp.
6.625% 11/01/37		1,250,000		1,297,505
NiSource, Inc.
4.800% 2/15/44		1,035,000		919,152
5.800% 2/01/42		950,000		891,918
				3,108,575
Health Care – Services — 0.1%
City of Hope
4.378% 8/15/48		1,050,000		860,956
Insurance — 6.3%
Allianz SE 5 year CMT + 2.973%
3.500% VRN ^(a) ^(b)		4,200,000		3,518,245
Allstate Corp. 3 mo. USD LIBOR + 2.938%
5.750% VRN 8/15/53		2,885,000		2,711,900
American International Group, Inc. 3 mo. USD LIBOR + 2.868%
5.750% VRN 4/01/48		2,177,000		2,079,419
AmTrust Financial Services, Inc.
6.125% 8/15/23		3,370,000		3,250,395
Ascot Group Ltd.
4.250% 12/15/30 ^(a)		1,990,000		1,715,858
Athene Global Funding
2.673% 6/07/31 ^(a)		2,505,000		1,939,475

	Principal Amount		Value
AXIS Specialty Finance LLC 5 year CMT + 3.186%
4.900% VRN 1/15/40	$	1,315,000	$	1,078,300
Brighthouse Financial, Inc.
4.700% 6/22/47		1,125,000		829,536
5.625% 5/15/30		1,461,000		1,393,270
CNO Financial Group, Inc.
5.250% 5/30/29		2,619,000		2,502,957
Corebridge Financial, Inc. 5 year CMT + 3.846%
6.875% VRN 12/15/52 ^(a)		2,041,000		1,897,426
Enstar Finance LLC 5 year CMT + 5.468%
5.750% VRN 9/01/40		2,200,000		1,991,000
Enstar Group Ltd.
4.950% 6/01/29		2,480,000		2,278,285
Global Atlantic Fin Co.
3.125% 6/15/31 ^(a)		4,487,000		3,302,658
5 year CMT + 3.796% 4.700% VRN 10/15/51 ^(a)		3,060,000		2,330,703
Hanwha Life Insurance Co. Ltd. 5 year CMT + 1.850%
3.379% VRN 2/04/32 ^(a)		2,485,000		2,071,959
Hill City Funding Trust
4.046% 8/15/41 ^(a)		4,000,000		2,769,745
Jackson Financial, Inc.
3.125% 11/23/31		1,024,000		787,519
Liberty Mutual Group, Inc. 5 year CMT + 3.315%
4.125% VRN 12/15/51 ^(a)		1,220,000		993,812
MetLife Capital Trust IV
7.875% 12/15/67 ^(a)		725,000		783,078
Prudential Financial, Inc.
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43		1,025,000		1,007,063
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48		1,740,000		1,661,700
Sammons Financial Group, Inc.
3.350% 4/16/31 ^(a)		3,805,000		2,905,206
4.450% 5/12/27 ^(a)		270,000		252,141
4.750% 4/08/32 ^(a)		805,000		674,356
USF&G Capital I
8.500% 12/15/45 ^(a)		885,000		960,850
				47,686,856
Internet — 0.2%
Expedia Group, Inc.
4.625% 8/01/27		1,330,000		1,277,867

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Investment Companies — 1.4%
Ares Capital Corp.
2.150% 7/15/26	$	1,850,000	$	1,568,883
BlackRock TCP Capital Corp.
3.900% 8/23/24		1,316,000		1,257,313
Blackstone Private Credit Fund
1.750% 9/15/24		335,000		308,105
2.625% 12/15/26		3,425,000		2,838,775
Golub Capital BDC, Inc.
2.500% 8/24/26		880,000		748,053
3.375% 4/15/24		2,438,000		2,345,405
OWL Rock Core Income Corp.
4.700% 2/08/27		1,945,000		1,756,187
				10,822,721
Iron & Steel — 0.1%
Vale Overseas Ltd.
6.875% 11/21/36		1,030,000		1,087,353
Lodging — 0.3%
Las Vegas Sands Corp.
3.200% 8/08/24		2,070,000		1,966,921
Media — 0.7%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.900% 6/01/52		765,000		482,880
6.484% 10/23/45		1,485,000		1,344,865
Comcast Corp.
2.887% 11/01/51		350,000		226,101
2.937% 11/01/56		1,184,000		737,843
3.969% 11/01/47		630,000		503,645
Discovery Communications LLC
4.000% 9/15/55		1,210,000		730,472
4.650% 5/15/50		490,000		337,911
Time Warner Cable, Inc.
6.750% 6/15/39		985,000		934,440
				5,298,157
Metal Fabricate & Hardware — 0.2%
The Timken Co.
4.500% 12/15/28		1,655,000		1,571,012
Mining — 0.2%
Glencore Finance Canada Ltd.
5.550% STEP 10/25/42 ^(a)		894,000		807,157
Teck Resources Ltd.
6.000% 8/15/40		808,000		774,965
				1,582,122

	Principal Amount		Value
Oil & Gas — 2.3%
BP Capital Markets PLC
5 year CMT + 4.036% 4.375% VRN ^(b)	$	2,400,000	$	2,292,000
5 year CMT + 4.398% 4.875% VRN ^(b)		1,475,000		1,290,625
Cenovus Energy, Inc.
6.750% 11/15/39		765,000		796,445
EQT Corp.
3.900% 10/01/27		2,160,000		1,994,625
7.000% STEP 2/01/30		1,795,000		1,861,630
Occidental Petroleum Corp.
6.600% 3/15/46		1,258,000		1,294,469
Ovintiv, Inc.
6.500% 8/15/34		1,050,000		1,060,816
6.500% 2/01/38		545,000		542,658
Patterson-UTI Energy, Inc.
3.950% 2/01/28		2,435,000		2,151,687
5.150% 11/15/29		1,225,000		1,100,287
Petroleos Mexicanos
5.350% 2/12/28		665,000		559,631
6.375% 1/23/45		595,000		368,678
6.500% 3/13/27		585,000		533,765
6.625% 6/15/35		140,000		101,626
Santos Finance Ltd.
3.649% 4/29/31 ^(a)		1,490,000		1,189,279
				17,138,221
Oil & Gas Services — 0.5%
NOV, Inc.
3.600% 12/01/29		3,123,000		2,750,753
3.950% 12/01/42		1,506,000		1,056,093
				3,806,846
Pharmaceuticals — 0.7%
AbbVie, Inc.
4.700% 5/14/45		860,000		770,530
Cigna Corp.
4.800% 7/15/46		880,000		794,531
CVS Health Corp.
5.050% 3/25/48		455,000		410,452
6.125% 9/15/39		560,000		577,785
CVS Pass-Through Trust
5.926% 1/10/34 ^(a)		924,396		904,243
7.507% 1/10/32 ^(a)		769,146		801,699
Utah Acquisition Sub, Inc.
5.250% 6/15/46		1,375,000		1,045,794
				5,305,034

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pipelines — 2.0%
Energy Transfer LP
4.200% 4/15/27	$	885,000	$	836,378
6.125% 12/15/45		1,000,000		930,825
3 mo. USD LIBOR + 4.028% 6.250% VRN ^(b) ^(c)		2,370,000		2,014,500
EnLink Midstream Partners LP
4.850% 7/15/26		951,000		893,966
Enterprise Products Operating LLC 3 mo. USD LIBOR + 3.033%
5.250% VRN 8/16/77		2,475,000		1,994,235
MPLX LP 3 mo. USD LIBOR + 4.652%
6.875% VRN ^(b)		1,775,000		1,748,375
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%
8.716% VRN ^(b)		2,345,000		2,016,700
Plains All American Pipeline LP/PAA Finance Corp.
3.800% 9/15/30		1,150,000		1,002,232
4.700% 6/15/44		1,195,000		911,545
6.650% 1/15/37		375,000		370,812
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
6.875% 1/15/29		2,020,000		2,038,167
				14,757,735
Private Equity — 0.3%
Apollo Management Holdings LP 5 year CMT + 3.266%
4.950% VRN 1/14/50 ^(a)		1,505,000		1,277,353
KKR Group Finance Co. VIII LLC
3.500% 8/25/50 ^(a)		710,000		478,277
KKR Group Finance Co. X LLC
3.250% 12/15/51 ^(a)		1,035,000		660,313
				2,415,943
Real Estate Investment Trusts (REITS) — 2.4%
Broadstone Net Lease LLC
2.600% 9/15/31		1,835,000		1,379,730
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
3.750% 12/15/27 ^(a)		2,625,000		2,182,290
Host Hotels & Resorts LP
2.900% 12/15/31		580,000		445,200
3.500% 9/15/30		2,120,000		1,754,742
Invitation Homes Operating Partnership LP
4.150% 4/15/32		505,000		443,317
Kimco Realty Corp.
4.125% 12/01/46		710,000		523,643
4.450% 9/01/47		800,000		620,345

	Principal Amount		Value
Omega Healthcare Investors, Inc.
3.375% 2/01/31	$	1,625,000	$	1,254,468
Piedmont Operating Partnership LP
2.750% 4/01/32		1,035,000		726,957
Rexford Industrial Realty LP
2.125% 12/01/30		1,137,000		890,302
Service Properties Trust
4.500% 6/15/23		760,000		746,846
4.950% 10/01/29 ^(c)		1,155,000		798,219
Spirit Realty LP
2.700% 2/15/32		550,000		408,350
3.200% 1/15/27		2,280,000		2,024,631
3.400% 1/15/30		515,000		428,908
4.000% 7/15/29		1,290,000		1,124,507
WEA Finance LLC
2.875% 1/15/27 ^(a)		2,420,000		2,074,142
				17,826,597
Software — 0.4%
Electronic Arts, Inc.
2.950% 2/15/51		1,100,000		715,187
Microsoft Corp.
2.921% 3/17/52		2,064,000		1,474,355
Oracle Corp.
6.900% 11/09/52		712,000		768,480
				2,958,022
Telecommunications — 1.7%
AT&T, Inc.
3.550% 9/15/55		5,153,000		3,453,766
British Telecommunications PLC
9.625% STEP 12/15/30		700,000		840,468
Crown Castle Towers LLC
4.241% 7/15/48 ^(a)		2,750,000		2,502,371
Sprint Capital Corp.
8.750% 3/15/32		3,250,000		3,867,825
Verizon Communications, Inc.
2.987% 10/30/56		2,292,000		1,407,678
Vodafone Group PLC
5.250% 5/30/48		1,150,000		1,018,993
				13,091,101
Transportation — 0.1%
Norfolk Southern Corp.
4.050% 8/15/52		860,000		694,341

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Venture Capital — 0.6%
Hercules Capital, Inc.
2.625% 9/16/26	$	3,284,000	$	2,773,133
3.375% 1/20/27		1,745,000		1,498,095
				4,271,228

TOTAL CORPORATE DEBT (Cost $335,763,558)				286,332,335

MUNICIPAL OBLIGATIONS — 0.3%
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bond
4.475% 8/01/39		2,200,000		2,047,000

TOTAL MUNICIPAL OBLIGATIONS (Cost $2,200,000)				2,047,000

NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.6%
Automobile Asset-Backed Securities — 0.5%
Santander Revolving Auto Loan Trust, Series 2019-A, Class D
3.450% 1/26/32 ^(a)		1,087,000		989,504
Westlake Automobile Receivables Trust, Series 2021-1A, Class E
2.330% 8/17/26 ^(a)		3,226,000		2,988,950
				3,978,454
Commercial Mortgage-Backed Securities — 8.1%
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350%
5.668% FRN 9/15/34 ^(a)		670,000		641,578
BANK, Series 2020-BN30, Class MCDF,
2.918% VRN 12/15/53 ^(d)		2,100,000		1,329,294
BBCMS Mortgage Trust
Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 ^(a) ^(d)		2,250,000		1,878,130
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 ^(a) ^(d)		1,610,000		1,361,204
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 ^(a) ^(d)		1,370,000		1,088,409
Benchmark Mortgage Trust
Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 ^(a) ^(d)		2,200,000		1,617,353
Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 ^(a) ^(d)		3,587,000		2,434,509
Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 ^(a) ^(d)		2,500,000		1,770,518

	Principal Amount		Value
BGME Trust
Series 2021-VR, Class C, 2.995% VRN 1/10/43 ^(a) ^(d)	$	12,518,000	$	9,818,083
Series 2021-VR, Class D, 2.995% VRN 1/10/43 ^(a) ^(d)		2,800,000		2,126,942
BX Commercial Mortgage Trust
Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 6.118% FRN 6/15/38 ^(a)		1,885,715		1,775,044
Series 2019-XL, Class E, 1 mo. TSFR + 1.914% 6.250% FRN 10/15/36 ^(a)		1,469,650		1,418,768
Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 6.318% FRN 9/15/36 ^(a)		4,999,000		4,650,612
COLEM Mortgage Trust, Series 2022-HLNE,
2.461% VRN 4/12/42 ^(a) ^(d)		1,600,000		1,204,485
Commercial Mortgage Pass-Through Certificates
Series 2012-CR4, Class B, 3.703% 10/15/45 ^(a)		1,060,000		773,098
Series 2014-UBS2, Class AM, 4.199% 3/10/47		1,375,000		1,327,892
Series 2015-CR23, Class C, 4.301% VRN 5/10/48 ^(d)		1,000,000		923,282
Series 2014-LC17, Class C, 4.544% VRN 10/10/47 ^(d)		2,908,000		2,699,757
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150%
6.468% FRN 5/15/36 ^(a)		570,000		551,508
DROP Mortgage Trust
Series 2021-FILE, Class C, 1 mo. USD LIBOR + 2.250% 6.570% FRN 10/15/43 ^(a)		2,629,000		2,379,376
Series 2021-FILE, Class D, 1 mo. USD LIBOR + 2.750% 7.070% FRN 10/15/43 ^(a)		908,000		803,499
Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD LIBOR + 2.250%
6.568% FRN 7/15/38 ^(a)		1,952,384		1,869,492
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C,
3.450% VRN 1/05/39 ^(a) ^(d)		2,500,000		1,944,505
KIND Trust, Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750%
6.068% FRN 8/15/38 ^(a)		2,581,344		2,379,167

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
6.118% FRN 5/15/36 ^(a)	$	1,505,000	$	1,464,626
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%
6.068% FRN 3/15/38 ^(a)		1,902,047		1,799,926
MFT Trust
Series 2020-ABC, Class A, 3.358% 2/10/42 ^(a)		919,000		711,450
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 ^(a) ^(d)		2,253,000		1,673,307
MHC Commercial Mortgage Trust, Series 2021-MHC, Class D, 1 mo. USD LIBOR + 1.601%
5.919% FRN 4/15/38 ^(a)		1,600,000		1,516,091
MKT Mortgage Trust
Series 2020-525M, Class D, 2.941% VRN 2/12/40 ^(a) ^(d)		475,000		296,648
Series 2020-525M, Class E, 2.941% VRN 2/12/40 ^(a) ^(d)		976,000		557,746
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100%
6.418% FRN 7/15/39 ^(a)		3,761,000		3,407,807
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B
4.556% 6/16/51		400,000		347,508
				60,541,614
Other Asset-Backed Securities — 12.5%
522 Funding CLO Ltd., Series 2018-3A, Class CR, 3 mo. USD LIBOR + 2.050%
6.293% FRN 10/20/31 ^(a)		950,000		891,615
AASET Trust
Series 2020-1A, Class A, 3.351% 1/16/40 ^(a)		795,087		636,890
Series 2021-2A, Class B, 3.538% 1/15/47 ^(a)		1,014,054		739,759
Adams Outdoor Advertising LP, Series 2018-1, Class A
4.810% 11/15/48 ^(a)		1,727,784		1,639,168
Anchorage Capital CLO Ltd., Series 2021-19A, Class A, 3 mo. USD LIBOR + 1.210%
5.289% FRN 10/15/34 ^(a)		2,000,000		1,947,926
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750%
6.075% FRN 1/23/31 ^(a)		1,190,000		1,158,707

	Principal Amount		Value
Ballyrock CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 3.150%
7.825% FRN 11/20/30 ^(a)	$	400,000	$	376,611
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A
2.940% 5/25/29 ^(a)		237,526		230,935
Business Jet Securities LLC
Series 2020-1A, Class A, 2.981% 11/15/35 ^(a)		333,553		303,813
Series 2021-1A, Class C, 5.067% 4/15/36 ^(a)		745,451		654,163
Canyon Capital CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 2.150%
6.229% FRN 10/15/34 ^(a)		700,000		649,209
Capital Automotive REIT
Series 2020-1A, Class A3, 3.250% 2/15/50 ^(a)		455,504		398,644
Series 2020-1A, Class A6, 3.810% 2/15/50 ^(a)		394,932		344,460
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A
3.967% 4/15/39 ^(a)		395,330		334,107
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. TSFR + 2.362%
6.225% FRN 1/15/31 ^(a)		900,000		879,917
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%
5.223% FRN 4/20/31 ^(a)		750,000		738,660
Diameter Capital CLO Ltd., Series 2021-2A, Class A1, 3 mo. USD LIBOR + 1.220%
5.299% FRN 10/15/36 ^(a)		2,000,000		1,932,854
Eaton Vance CLO Ltd.
Series 2020-2A, Class BR, 3 mo. USD LIBOR + 1.700% 5.779% FRN 1/15/35 ^(a)		1,400,000		1,330,654
Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 5.829% FRN 10/15/30 ^(a)		1,700,000		1,641,602
Series 2020-1A, Class CR, 3 mo. USD LIBOR + 2.050% 6.129% FRN 10/15/34 ^(a)		350,000		313,836
Elmwood CLO II Ltd., Series 2019-2A, Class AR, 3 mo. USD LIBOR + 1.150%
5.393% FRN 4/20/34 ^(a)		2,800,000		2,733,763
Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD LIBOR + 1.650%
5.893% FRN 10/20/34 ^(a)		350,000		335,763

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

100

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
FCI Funding LLC, Series 2019-1A, Class A
3.630% 2/18/31 ^(a)	$	18,696	$	18,678
Flexential Issuer
Series 2021-1A, Class B, 3.720% 11/27/51 ^(a)		4,000,000		3,430,100
Series 2021-1A, Class C, 6.930% 11/27/51 ^(a)		4,000,000		3,282,830
Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class CR, 3 mo. USD LIBOR + 2.050%
6.293% FRN 10/20/32 ^(a)		1,000,000		945,150
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 4/15/55 ^(a)		1,678,036		1,444,896
Series 2016-1A, Class A, 3.230% 10/15/52 ^(a)		923,061		838,461
Series 2017-1A, Class A, 3.740% 10/15/52 ^(a)		443,579		411,386
Series 2019-1A, Class A, 3.860% 10/15/54 ^(a)		752,475		699,057
Gulf Stream Meridian 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD LIBOR + 1.750%
5.829% FRN 1/15/37 ^(a)		500,000		471,492
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700%
5.943% FRN 1/20/31 ^(a)		1,290,000		1,250,149
Hero Funding Trust
Series 2016-3A, Class A1, 3.080% 9/20/42 ^(a)		395,055		369,630
Series 2017-3A, Class A1, 3.190% 9/20/48 ^(a)		445,920		406,751
Series 2017-2A, Class A1, 3.280% 9/20/48 ^(a)		128,198		118,681
Series 2016-4A, Class A1, 3.570% 9/20/47 ^(a)		512,169		484,965
Series 2017-2A, Class A2, 4.070% 9/20/48 ^(a)		103,061		96,038
Series 2018-1A, Class A2, 4.670% 9/20/48 ^(a)		784,027		744,875
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A
4.458% 12/15/38 ^(a)		837,662		686,045
Horizon Aircraft Finance II Ltd, Series 2019-1, Class A
3.721% 7/15/39 ^(a)		1,108,448		871,938
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A
3.425% 11/15/39 ^(a)		2,637,358		2,034,966

	Principal Amount		Value
KKR CLO Ltd.
Series 28A, Class A, 3 mo. USD LIBOR + 1.140% 5.909% FRN 3/15/31 ^(a)	$	900,000	$	887,726
Series 36A, Class C, 3 mo. USD LIBOR + 2.150% 6.229% FRN 10/15/34 ^(a)		500,000		463,386
KREF Ltd.
Series 2021-FL2, Class B, 1 mo. USD LIBOR + 1.650% 5.976% FRN 2/15/39 ^(a)		2,900,000		2,701,890
Series 2021-FL2, Class C, 1 mo. USD LIBOR + 2.000% 6.326% FRN 2/15/39 ^(a)		5,000,000		4,608,898
Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200% 6.526% FRN 2/15/39 ^(a)		4,100,000		3,778,097
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1
4.300% 1/15/42 ^(a)		1,824,951		1,437,222
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 ^(a)		1,505,064		1,216,556
Madison Park Funding Ltd.
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 5.679% FRN 7/15/30 ^(a)		1,665,000		1,620,604
Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 6.325% FRN 1/22/31 ^(a)		1,000,000		939,044
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 6.394% FRN 10/18/30 ^(a)		620,000		588,292
Mariner Finance Issuance Trust
Series 2021-AA, Class B, 2.330% 3/20/36 ^(a)		1,336,000		1,096,144
Series 2021-AA, Class C, 2.960% 3/20/36 ^(a)		637,000		521,764
Mosaic Solar Loans LLC
Series 2018-1A, Class A, 4.010% 6/22/43 ^(a)		171,904		156,704
Series 2017-1A, Class A, 4.450% 6/20/42 ^(a)		160,909		154,065
Neuberger Berman CLO Ltd., Series 2015-20A, Class BRR, 3 mo. USD LIBOR + 1.650%
5.729% FRN 7/15/34 ^(a)		1,800,000		1,732,664
Neuberger Berman Loan Advisers CLO Ltd., Series 2015-45A, Class B, 3 mo. USD LIBOR + 1.650%
5.661% FRN 10/14/35 ^(a)		1,350,000		1,298,499

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

101

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
NP SPE LLC, Series 2017-1A, Class A2
4.219% 10/21/47 ^(a)	$	2,260,000	$	2,041,361
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5
3.390% 11/20/50 ^(a)		1,200,000		1,063,243
OCP CLO Ltd., Series 2018-15A, Class A1, 3 mo. USD LIBOR + 1.100%
5.343% FRN 7/20/31 ^(a)		250,000		245,964
Oxford Finance Funding Trust, Series 2020-1A, Class A2
3.101% 2/15/28 ^(a)		689,818		682,006
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD LIBOR + 1.850%
6.093% FRN 10/20/34 ^(a)		450,000		425,936
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A
3.967% 6/15/44 ^(a)		1,267,014		1,006,822
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2
3.858% 12/05/49 ^(a)		2,252,340		1,856,380
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD LIBOR + 1.170%
5.585% FRN 10/30/34 ^(a)		1,000,000		972,192
Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD LIBOR + 1.550%
5.793% FRN 4/20/34 ^(a)		1,500,000		1,409,498
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%
5.169% FRN 1/15/30 ^(a)		2,450,000		2,417,332
Sierra Receivables Funding LLC
Series 2021-1A, Class D, 3.170% 11/20/37 ^(a)		624,396		576,310
Series 2018-3A, Class D, 5.200% 9/20/35 ^(a)		267,052		262,081
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%
6.974% FRN 8/18/31 ^(a)		1,170,000		1,083,064
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%
5.589% FRN 11/25/35 ^(a)		1,296,199		1,257,865
Structured Receivables Finance LLC, Series 2010-B, Class A
3.730% 8/15/36 ^(a)		68,217		65,455

	Principal Amount		Value
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A
4.870% 7/20/48 ^(a)	$	403,147	$	356,563
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A
4.190% 1/15/71 ^(a)		1,721,404		1,522,837
Thrust Engine Leasing
Series 2021-1A, Class A, 4.163% 7/15/40 ^(a)		2,556,060		1,879,655
Series 2021-1A, Class B, 6.121% 7/15/40 ^(a)		1,222,080		862,577
Series 2021-1A, Class C, 7.386% 7/15/40 ^(a)		921,565		668,231
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD LIBOR + 1.650%
5.893% FRN 10/20/32 ^(a)		1,000,000		968,326
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.280%
5.523% FRN 4/20/33 ^(a)		2,500,000		2,461,870
Vivint Solar Financing V LLC, Series 2018-1A, Class B
7.370% 4/30/48 ^(a)		1,971,930		1,810,535
WAVE LLC
Series 2019-1A, Class A, 3.597% 9/15/44 ^(a)		3,306,829		2,504,093
Series 2017-1A, Class A, 3.844% 11/15/42 ^(a)		282,942		213,624
Series 2017-1A, Class C, 6.656% 11/15/42 ^(a)		2,140,306		600,532
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 ^(a)		1,009,195		805,936
Wind River CLO Ltd.
Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.750% 5.829% FRN 7/15/30 ^(a)		1,150,000		1,105,343
Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 6.240% FRN 11/01/31 ^(a)		900,000		865,149
				94,011,479
Student Loans Asset-Backed Securities — 3.0%
College Avenue Student Loans LLC
Series 2019-A, Class B, 3.810% 12/28/48 ^(a)		1,393,735		1,289,416
Series 2019-A, Class C, 4.460% 12/28/48 ^(a)		929,392		867,235
Edsouth Indenture No. 8 LLC, Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500%
5.889% FRN 6/25/48 ^(a)		1,200,000		1,192,430

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

102

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Edsouth Indenture No. 9 LLC, Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%
5.889% FRN 10/25/56 ^(a)	$	1,100,000	$	1,095,667
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700%
8.058% FRN 4/25/46		625,000		651,274
EDvestinU Private Education Loan Issue No 1 LLC, Series 2019-A, Class A
3.580% 11/25/38 ^(a)		624,986		585,855
Higher Education Funding I
Series 2004-1, Class B2, 0.000% FRN 1/01/44 ^(a) ^(d)		450,000		392,946
Series 2004-1, Class B1, 4.161% FRN 1/01/44 ^(a) ^(d)		450,000		405,310
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX
3.020% 8/25/42 ^(a)		547,785		444,171
Navient Student Loan Trust
Series 2021-2A, Class B, 1 mo. USD LIBOR + 1.350% 5.739% FRN 2/25/70 ^(a)		2,330,000		2,294,091
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 10/25/58		940,000		816,121
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 5.889% FRN 6/25/65 ^(a)		2,109,259		2,056,296
Nelnet Student Loan Trust
Series 2005-4, Class A4A, 1.145% FRN 3/22/32 ^(d)		160,000		158,208
Series 2019-5, Class B, 3.450% 10/25/67 ^(a)		2,150,000		1,699,595
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 4.974% FRN 6/25/41		374,481		339,519
Series 2019-1A, Class B, 1 mo. USD LIBOR + 1.400% 5.789% FRN 4/25/67 ^(a)		3,250,000		3,133,735
SLM Student Loan Trust
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 4.568% FRN 10/25/40		1,605,311		1,500,527
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 4.648% FRN 1/25/44		1,371,624		1,255,592
SoFi Alternative Trust, Series 2019-C, Class PT,
5.188% VRN 1/25/45 ^(a) ^(d)		1,903,499		1,757,691

	Principal Amount		Value
SoFi Professional Loan Program LLC, Series 2017-C, Class C,
4.210% VRN 7/25/40 ^(a) ^(d)	$	990,000	$	891,135
				22,826,814
Whole Loan Collateral Collateralized Mortgage Obligations — 2.5%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
3.961% VRN 8/25/34 ^(d)		6,221		5,853
CSMC, Series 2021-NQM3, Class M1,
2.317% VRN 4/25/66 ^(a) ^(d)		1,330,000		733,896
Flagstar Mortgage Trust, Series 2021-6INV, Class A18,
2.500% VRN 8/25/51 ^(a) ^(d)		3,804,486		2,932,724
GS Mortgage-Backed Securities Trust
Series 2021-GR2, Class A4, 2.500% VRN 2/25/52 ^(a) ^(d)		1,395,551		1,081,879
Series 2021-GR2, Class A2, 2.500% VRN 2/25/52 ^(a) ^(d)		2,101,206		1,693,276
JP Morgan Mortgage Trust, Series 2017-1, Class A11,
3.449% VRN 1/25/47 ^(a) ^(d)		542,272		465,686
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4,
2.500% VRN 6/25/51 ^(a) ^(d)		2,458,358		1,899,657
NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 1 mo. USD LIBOR + 1.400%
5.789% FRN 5/25/55 ^(a)		2,606,000		2,517,776
NMLT Trust, Series 2021-INV1, Class M1,
2.711% VRN 5/25/56 ^(a) ^(d)		5,400,000		3,304,903
Starwood Mortgage Residential Trust, Series 2021-3, Class M1,
2.491% VRN 6/25/56 ^(a) ^(d)		2,448,000		1,422,427
Verus Securitization Trust
Series 2021-3, Class M1, 2.397% VRN 6/25/66 ^(a) ^(d)		3,640,000		2,160,831
Series 2021-R3, Class M1, 2.411% VRN 4/25/64 ^(a) ^(d)		1,147,000		822,693
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1,
3.940% VRN 11/25/48 ^(a) ^(d)		47,263		44,762
				19,086,363

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $233,114,095)				200,444,724

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

103

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SOVEREIGN DEBT OBLIGATION — 0.4%
Mexico Government International Bond
4.750% 3/08/44	$	3,727,000	$	3,004,054

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $3,741,890)				3,004,054

U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ^(e) — 26.8%
Collateralized Mortgage Obligations — 0.0%
Federal Home Loan Mortgage Corp. Series 2178, Class PB 7.000% 8/15/29		16,125		16,563
Pass-Through Securities — 26.8%
Federal Home Loan Mortgage Corp.
Pool #RA4245 2.000% 12/01/50		2,171,787		1,794,786
Pool #RA4255 2.000% 1/01/51		4,525,999		3,741,743
Pool #RA5576 2.500% 7/01/51		8,019,550		6,878,726
Pool #SD0905 3.000% 3/01/52		3,513,801		3,119,334
Pool #J13972 3.500% 1/01/26		7,766		7,594
Pool #C91344 3.500% 11/01/30		41,478		39,834
Pool #C91424 3.500% 1/01/32		24,237		23,276
Pool #RA2483 3.500% 6/01/50		3,972,610		3,664,026
Pool #SD1523 4.000% 8/01/52		5,303,634		5,023,500
Pool #SD1603 4.000% 9/01/52		3,318,409		3,124,467
Pool #C91239 4.500% 3/01/29		2,069		2,061
Pool #C91251 4.500% 6/01/29		13,514		13,463
Pool #C90939 5.500% 12/01/25		5,793		5,782
Pool #D97258 5.500% 4/01/27		2,878		2,942
Pool #C91026 5.500% 4/01/27		11,481		11,739
Pool #C91074 5.500% 8/01/27		1,224		1,252
Pool #D97417 5.500% 10/01/27		6,817		6,970
Pool #C91128 5.500% 12/01/27		812		830
Pool #C91148 5.500% 1/01/28		27,419		28,034
Pool #C91176 5.500% 5/01/28		10,488		10,724
Pool #C91217 5.500% 11/01/28		3,712		3,796
Federal National Mortgage Association
Pool #FM8596 2.500% 9/01/51		2,161,132		1,851,673
Pool #FM9104 2.500% 10/01/51		6,139,920		5,256,890
Pool #FM9227 2.500% 10/01/51		4,539,669		3,871,179
Pool #FS3035 2.500% 4/01/52		9,375,844		8,055,265
Pool #MA3029 3.000% 6/01/32		1,184,139		1,127,789
Pool #MA3090 3.000% 8/01/32		479,578		456,157
Pool #AO8180 3.000% 9/01/42		10,143		9,200
Pool #AB7397 3.000% 12/01/42		65,709		59,584
Pool #AB7401 3.000% 12/01/42		53,420		48,468
Pool #AP8668 3.000% 12/01/42		81,731		74,337
Pool #AR1975 3.000% 12/01/42		15,372		13,981

	Principal Amount		Value
Pool #AR0306 3.000% 1/01/43	$	4,396	$	3,998
Pool #AR5391 3.000% 1/01/43		16,040		14,609
Pool #AL3215 3.000% 2/01/43		51,287		46,647
Pool #AR4109 3.000% 2/01/43		55,185		50,192
Pool #AB8809 3.000% 3/01/43		27,176		24,717
Pool #MA1368 3.000% 3/01/43		102,372		93,111
Pool #AR4432 3.000% 3/01/43		24,085		21,906
Pool #AT0169 3.000% 3/01/43		121,725		110,865
Pool #AR2174 3.000% 4/01/43		99,539		90,534
Pool #FS1075 3.000% 3/01/52		3,573,257		3,173,232
Pool #CB3304 3.000% 4/01/52		5,413,449		4,807,415
Pool #CB3305 3.000% 4/01/52		6,432,792		5,704,602
Pool #775539 12 mo. USD LIBOR + 1.641% 3.391% FRN 5/01/34		11,618		11,682
Pool #AS1304 3.500% 12/01/28		446,746		433,781
Pool #MA1356 3.500% 2/01/43		3,767,334		3,508,837
Pool #CA6096 3.500% 6/01/50		4,275,124		3,927,010
Pool #FM4017 3.500% 8/01/50		291,051		268,261
Pool #CB3842 3.500% 6/01/52		10,456,320		9,590,997
Pool #AA3980 4.500% 4/01/28		23,278		22,970
Pool #CA1909 4.500% 6/01/48		1,974,021		1,935,909
Pool #CB3866 4.500% 6/01/52		6,127,187		5,959,589
Pool #CB4129 4.500% 7/01/52		5,395,576		5,227,756
Pool #AD6437 5.000% 6/01/40		190,058		192,504
Pool #AD6996 5.000% 7/01/40		1,199,567		1,215,678
Pool #AL8173 5.000% 2/01/44		422,140		429,936
Pool #AD0836 5.500% 11/01/28		22,726		23,217
Government National Mortgage Association
Pool #352022 7.000% 11/15/23		304		305
Pool #374440 7.000% 11/15/23		23		23
Pool #491089 7.000% 12/15/28		3,300		3,334
Pool #480539 7.000% 4/15/29		63		65
Pool #488634 7.000% 5/15/29		1,454		1,499
Pool #500928 7.000% 5/15/29		2,436		2,524
Pool #510083 7.000% 7/15/29		256		265
Pool #493723 7.000% 8/15/29		1,810		1,880
Pool #581417 7.000% 7/15/32		3,371		3,477
Government National Mortgage Association II
Pool #008746 1 year CMT + 1.500% 1.750% FRN 11/20/25		950		924
Pool #080136 1 year CMT + 1.500% 1.750% FRN 11/20/27		315		305
Pool #MA6038 3.000% 7/20/49		2,177,771		1,968,614
Pool #MA6283 3.000% 11/20/49		3,899,978		3,522,980
Pool #MA6409 3.000% 1/20/50		4,016,530		3,625,756
Pool #MA4321 3.500% 3/20/47		2,407,476		2,252,061

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

104

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Government National Mortgage Association II TBA
2.500% 1/23/53 ^(f)	$	9,150,000	$	7,941,915
3.000% 1/23/53 ^(f)		13,125,000		11,713,037
3.500% 1/23/53 ^(f)		5,770,000		5,309,753
4.500% 1/23/53 ^(f)		2,000,000		1,942,969
Uniform Mortgage Backed Securities TBA
2.000% 1/12/53 ^(f)		8,925,000		7,298,977
2.500% 12/25/51 ^(f)		8,050,000		6,839,984
3.000% 2/25/52 ^(f)		15,525,000		13,668,064
3.500% 2/25/49 ^(f)		2,000,000		1,822,031
4.000% 1/12/53 ^(f)		18,350,000		17,254,734
4.500% 1/12/53 ^(f)		15,875,000		15,321,855
5.000% 1/12/53 ^(f)		6,500,000		6,415,703
				202,132,391

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $213,724,547)				202,148,954

U.S. TREASURY OBLIGATIONS — 6.7%
U.S. Treasury Bonds & Notes — 6.7%
U.S. Treasury Bond
2.250% 8/15/49 ^(g)		33,250,000		23,645,508
3.500% 2/15/39		11,900,000		11,243,616
U.S. Treasury Note
2.250% 10/31/24		2,800,000		2,690,582
3.000% 7/15/25		13,100,000		12,699,904
				50,279,610

TOTAL U.S. TREASURY OBLIGATIONS (Cost $60,086,680)				50,279,610

TOTAL BONDS & NOTES (Cost $848,630,770)				744,256,677

	Number of Shares		Value
MUTUAL FUNDS — 0.3%
Diversified Financial Services — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio (h)		2,390,623	$	2,390,623

TOTAL MUTUAL FUNDS (Cost $2,390,623)				2,390,623

TOTAL LONG-TERM INVESTMENTS (Cost $851,021,393)				746,647,300

		Principal Amount
SHORT-TERM INVESTMENTS — 13.1%
Commercial Paper — 11.9%
Amcor Flexibles North America, Inc.
4.702%1/05/23(a)	$	6,000,000		5,995,419
4.794%1/06/23(a)		3,000,000		2,997,323
Aon Corp.
4.770%1/05/23(a)		10,000,000		9,992,448
Bell Canada
4.905%1/27/23(a)		9,000,000		8,968,927
Dover Corp.
4.801%1/06/23(a)		9,000,000		8,992,003
Florida Power & Light Co.
4.311%1/03/23		2,000,000		1,999,018
HP, Inc.
4.864%1/23/23(a)		10,000,000		9,969,040
Parker-Hannifin Corp.
5.087%3/29/23(a)		6,000,000		5,925,655
Spire, Inc.
4.867%1/17/23(a)		7,000,000		6,983,770
Suncor Energy, Inc.
4.957%1/27/23(a)		10,000,000		9,963,460
VF Corp.
4.977%2/02/23		10,000,000		9,957,840
Walgreens Boots Alliance, Inc.
5.097%2/06/23(a)		8,000,000		7,959,323
				89,704,226
Discount Notes — 0.2%
Federal Home Loan Mortgage Corp., 0.000%, due 1/04/23		1,100,000		1,099,869

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

105

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (i)	$	7,874,158	$	7,874,158

TOTAL SHORT-TERM INVESTMENTS (Cost $98,691,732)				98,678,253

TOTAL INVESTMENTS — 112.2% (Cost $949,713,125) (j)				845,325,553

Other Assets/(Liabilities) — (12.2)%				(92,232,031	)

NET ASSETS — 100.0%			$	753,093,522

Abbreviation Legend

CLO	Collateralized Loan Obligation

FRN	Floating Rate Note

STEP	Step Up Bond

TBA	To Be Announced

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

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

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $2,402,175 or 0.32% of net assets. The Fund received $69,646 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).

(d)

(e)	May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

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

(g)	All or 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 $7,875,278. Collateralized by U.S. Government Agency obligations with a rate of 2.875%, maturity date of 5/15/28, and an aggregate market value, including accrued interest, of $8,031,730.

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

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

United States	80.7	%
Cayman Islands	8.7	%
United Kingdom	1.9	%
Canada	1.0	%
Switzerland	0.8	%
Germany	0.8	%
Netherlands	0.7	%
Australia	0.7	%
Israel	0.6	%
Mexico	0.6	%
Bermuda	0.6	%
Luxembourg	0.6	%
Ireland	0.4	%
France	0.4	%
Republic of Korea	0.3	%
Norway	0.2	%
Japan	0.1	%
Total Long-Term Investments	99.1	%
Short-Term Investments and Other Assets and Liabilities	0.9	%
Net Assets	100.0	%

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

106

MML Managed Bond Fund – Portfolio of Investments (Continued)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Long Bond		3/22/23		116	$	14,532,094		$	7,781
U.S. Treasury Ultra Bond		3/22/23		153		20,492,435			57,378
U.S. Treasury Note 2 Year		3/31/23		363		74,438,658			4,702
U.S. Treasury Note 5 Year		3/31/23		275		29,677,235			3,429
								$	73,290
Short
U.S. Treasury Ultra 10 Year		3/22/23		176	$	(20,846,864	)	$	29,364

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

107

MML Short-Duration Bond Fund – Portfolio of Investments

December 31, 2022

	Principal Amount		Value
BONDS & NOTES — 89.8%
CORPORATE DEBT — 47.2%
Aerospace & Defense — 0.4%
The Boeing Co.
2.196% 2/04/26	$	575,000	$	522,991
Agriculture — 1.8%
BAT Capital Corp.
4.700% 4/02/27		1,185,000		1,137,495
Imperial Brands Finance PLC
3.125% 7/26/24 ^(a)		400,000		382,554
Wens Foodstuffs Group Co. Ltd.
2.349% 10/29/25 ^(a)		900,000		779,006
				2,299,055
Auto Manufacturers — 2.2%
Ford Motor Credit Co. LLC
2.300% 2/10/25 ^(b)		645,000		582,548
General Motors Co.
6.125% 10/01/25		605,000		616,235
Hyundai Capital America
1.500% 6/15/26 ^(a)		750,000		650,587
Nissan Motor Acceptance Co. LLC
1.850% 9/16/26 ^(a)		1,235,000		1,032,141
				2,881,511
Banks — 9.5%
ABN AMRO Bank NV
4.750% 7/28/25 ^(a)		625,000		606,131
Arab National Bank 5 year CMT + 2.974%
3.326% VRN 10/28/30 ^(a)		650,000		610,285
Banco Santander SA
1.849% 3/25/26		600,000		530,213
Bank of America Corp.
SOFR + .960% 1.734% VRN 7/22/27		265,000		232,310
3.950% 4/21/25		178,000		173,362
Barclays PLC
5.200% 5/12/26		1,055,000		1,026,882
BPCE SA
4.625% 7/11/24 ^(a)		200,000		194,618
5.700% 10/22/23 ^(a)		805,000		798,894
Citigroup, Inc.
4.450% 9/29/27		465,000		444,353
Credit Suisse AG
6.500% 8/08/23 ^(a)		930,000		899,310
Credit Suisse Group AG SOFR + .980%
1.305% VRN 2/02/27 ^(a)		450,000		359,408

	Principal Amount		Value
Danske Bank A/S 1 year CMT + .730%
1.549% VRN 9/10/27 ^(a) ^(b)	$	485,000	$	415,936
Deutsche Bank AG
SOFR + 2.159% 2.222% VRN 9/18/24		435,000		420,214
SOFR + 1.219% 2.311% VRN 11/16/27		430,000		365,136
SOFR + 1.318% 2.552% VRN 1/07/28		225,000		191,827
HSBC Holdings PLC
SOFR + 1.430% 2.999% VRN 3/10/26		430,000		404,433
SOFR + 3.350% 7.390% VRN 11/03/28		310,000		325,331
JP Morgan Chase & Co. SOFR + .765%
1.470% VRN 9/22/27		445,000		385,409
Macquarie Group Ltd. SOFR + 1.069%
1.340% VRN 1/12/27 ^(a)		845,000		737,254
Mitsubishi UFJ Financial Group, Inc. 1 year CMT + 1.550%
5.063% VRN 9/12/25		345,000		342,728
Morgan Stanley
SOFR + 1.610% 4.210% VRN 4/20/28		245,000		233,360
4.350% 9/08/26		1,150,000		1,117,544
Natwest Group PLC 1 year CMT + .900%
1.642% VRN 6/14/27		345,000		299,088
Santander UK Group Holdings PLC SOFR + 1.220%
2.469% VRN 1/11/28		370,000		316,391
Societe Generale SA
1 year CMT + 1.100% 1.488% VRN 12/14/26 ^(a)		525,000		456,749
1 year CMT + 1.300% 2.797% VRN 1/19/28 ^(a)		200,000		175,254
UBS Group AG 1 year CMT + 1.080%
1.364% VRN 1/30/27 ^(a)		400,000		350,683
				12,413,103
Beverages — 0.5%
Bacardi Ltd.
4.450% 5/15/25 ^(a)		378,000		367,053
JDE Peet’s NV
1.375% 1/15/27 ^(a)		407,000		344,012
				711,065

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

108

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

	Principal Amount		Value
Chemicals — 1.7%
Celanese US Holdings LLC
1.400% 8/05/26	$	250,000	$	209,385
6.050% 3/15/25		370,000		369,017
MEGlobal Canada ULC
5.000% 5/18/25 ^(a)		450,000		441,900
Syngenta Finance NV
4.441% 4/24/23 ^(a)		183,000		182,178
4.892% 4/24/25 ^(a)		335,000		324,698
Yara International ASA
3.800% 6/06/26 ^(a)		325,000		299,915
4.750% 6/01/28 ^(a)		450,000		415,651
				2,242,744
Commercial Services — 0.6%
Triton Container International Ltd.
2.050% 4/15/26 ^(a)		950,000		826,571
Distribution & Wholesale — 1.2%
Ferguson Finance PLC
4.250% 4/20/27 ^(a)		355,000		336,149
Li & Fung Ltd.
4.500% STEP 8/18/25 ^(a)		1,350,000		1,173,150
				1,509,299
Diversified Financial Services — 3.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
2.450% 10/29/26		555,000		485,887
6.500% 7/15/25		300,000		304,229
Aircastle Ltd.
4.125% 5/01/24		740,000		715,469
Antares Holdings LP
2.750% 1/15/27 ^(a)		310,000		248,672
3.950% 7/15/26 ^(a)		605,000		523,851
6.000% 8/15/23 ^(a)		323,000		318,393
Avolon Holdings Funding Ltd.
2.875% 2/15/25 ^(a)		1,000,000		923,331
4.250% 4/15/26 ^(a)		250,000		227,016
BGC Partners, Inc.
4.375% 12/15/25		505,000		473,557
LeasePlan Corp. NV
2.875% 10/24/24 ^(a)		280,000		262,668
Nomura Holdings, Inc.
5.099% 7/03/25		241,000		238,489
				4,721,562
Electric — 1.1%
Alliant Energy Finance LLC
1.400% 3/15/26 ^(a)		260,000		225,851
Enel Finance International NV
1.375% 7/12/26 ^(a)		620,000		534,588
4.625% 6/15/27 ^(a)		377,000		357,145

	Principal Amount		Value
Pacific Gas and Electric Co.
4.950% 6/08/25	$	380,000	$	374,424
				1,492,008
Electronics — 0.2%
Jabil, Inc.
4.250% 5/15/27		285,000		269,773
Energy – Alternate Sources — 0.5%
Contemporary Ruiding Development Ltd.
1.500% 9/09/26 ^(a)		682,000		587,338
Entertainment — 0.5%
Warnermedia Holdings, Inc.
3.638% 3/15/25 ^(a)		750,000		713,712
Food — 1.5%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
2.500% 1/15/27 ^(a)		860,000		752,259
Pilgrim’s Pride Corp.
5.875% 9/30/27 ^(a)		112,000		108,638
Sigma Alimentos SA de CV
4.125% 5/02/26 ^(a)		450,000		426,377
Smithfield Foods, Inc.
4.250% 2/01/27 ^(a)		775,000		714,551
				2,001,825
Forest Products & Paper — 0.7%
Fibria Overseas Finance Ltd.
4.000% 1/14/25		1,000,000		970,000
Home Builders — 0.3%
Toll Brothers Finance Corp.
4.875% 3/15/27		375,000		358,810
Housewares — 0.2%
Newell Brands, Inc.
6.375% 9/15/27		200,000		198,822
Insurance — 3.5%
AmTrust Financial Services, Inc.
6.125% 8/15/23		620,000		597,995
Athene Global Funding
1.730% 10/02/26 ^(a)		445,000		382,534
2.500% 1/14/25 ^(a)		420,000		393,591
3.205% 3/08/27 ^(a) ^(b)		212,000		189,179
CNO Financial Group, Inc.
5.250% 5/30/25		266,000		264,214
CNO Global Funding
1.750% 10/07/26 ^(a)		714,000		626,856
Corebridge Financial, Inc.
3.650% 4/05/27 ^(a)		235,000		219,380
GA Global Funding Trust
2.250% 1/06/27 ^(a)		685,000		603,795

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

109

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

	Principal Amount		Value
Jackson Financial, Inc.
5.170% 6/08/27 ^(b)	$	181,000	$	178,723
Sammons Financial Group, Inc.
4.450% 5/12/27 ^(a)		1,140,000		1,064,595
				4,520,862
Internet — 0.6%
Expedia Group, Inc.
4.625% 8/01/27 ^(b)		309,000		296,888
Netflix, Inc.
5.875% 11/15/28		430,000		435,818
				732,706
Investment Companies — 2.7%
Ares Capital Corp.
3.875% 1/15/26		535,000		490,863
BlackRock TCP Capital Corp.
3.900% 8/23/24		163,000		155,731
Blackstone Private Credit Fund
2.625% 12/15/26		890,000		737,667
2.700% 1/15/25		325,000		300,462
Golub Capital BDC, Inc.
2.500% 8/24/26		270,000		229,516
3.375% 4/15/24		330,000		317,467
Icahn Enterprises LP/ Icahn Enterprises Finance Corp.
4.750% 9/15/24		445,000		426,575
OWL Rock Core Income Corp.
4.700% 2/08/27		500,000		451,462
Sixth Street Specialty Lending, Inc.
3.875% 11/01/24		410,000		395,248
				3,504,991
Iron & Steel — 0.8%
Vale Overseas Ltd.
6.250% 8/10/26 ^(b)		1,030,000		1,065,681
Leisure Time — 0.3%
Harley-Davidson Financial Services, Inc.
3.350% 6/08/25 ^(a)		449,000		418,807
Lodging — 0.6%
Las Vegas Sands Corp.
3.200% 8/08/24		875,000		831,428
Machinery – Construction & Mining — 0.6%
The Weir Group PLC
2.200% 5/13/26 ^(a)		880,000		781,342
Media — 0.4%
Telecomunicaciones Digitales SA
4.500% 1/30/30 ^(a)		630,000		565,897

	Principal Amount		Value
Mining — 0.9%
Alcoa Nederland Holding BV
6.125% 5/15/28 ^(a)	$	395,000	$	389,122
Indonesia Asahan Aluminium Persero PT
4.750% 5/15/25 ^(a)		750,000		737,858
				1,126,980
Multi-National — 0.7%
Africa Finance Corp.
3.125% 6/16/25 ^(a)		957,000		890,546
Oil & Gas — 2.2%
EQT Corp.
6.125% STEP 2/01/25		649,000		650,525
Ovintiv Exploration, Inc.
5.375% 1/01/26		275,000		273,146
Patterson-UTI Energy, Inc.
3.950% 2/01/28 ^(b)		685,000		605,300
Petroleos Mexicanos
4.625% 9/21/23		715,000		704,168
Ras Laffan Liquefied Natural Gas Co. Ltd.
5.838% 9/30/27 ^(a)		610,725		613,522
				2,846,661
Pharmaceuticals — 1.0%
Bayer US Finance II LLC
4.250% 12/15/25 ^(a)		400,000		387,990
Viatris, Inc.
2.300% 6/22/27		1,025,000		876,638
				1,264,628
Pipelines — 1.2%
Energy Transfer LP
4.950% 6/15/28		975,000		944,460
Plains All American Pipeline LP/PAA Finance Corp.
4.500% 12/15/26		90,000		86,513
4.650% 10/15/25		560,000		548,524
				1,579,497
Real Estate — 0.5%
MAF Sukuk Ltd.
4.500% 11/03/25 ^(a)		625,000		613,339
Shimao Group Holdings Ltd.
6.125% 2/21/24 ^(a)		400,000		73,555
				686,894
Real Estate Investment Trusts (REITS) — 2.3%
Boston Properties LP
6.750% 12/01/27		350,000		361,472

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

110

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

	Principal Amount		Value
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
3.750% 12/15/27 ^(a)	$	335,000	$	278,502
GLP Capital LP/GLP Financing II, Inc.
5.375% 4/15/26		348,000		341,502
Omega Healthcare Investors, Inc.
4.750% 1/15/28		779,000		718,697
SBA Tower Trust
1.884% 7/15/50 ^(a)		287,000		252,659
Service Properties Trust
4.350% 10/01/24		935,000		849,982
Vornado Realty LP
2.150% 6/01/26		310,000		262,545
				3,065,359
Retail — 0.2%
Nordstrom, Inc.
2.300% 4/08/24 ^(b)		268,000		250,633
4.000% 3/15/27 ^(b)		86,000		71,604
				322,237
Telecommunications — 1.4%
Telecom Italia SpA
5.303% 5/30/24 ^(a)		430,000		407,399
Tower Bersama Infrastructure Tbk PT
4.250% 1/21/25 ^(a)		1,445,000		1,387,979
				1,795,378
Toys, Games & Hobbies — 0.3%
Mattel, Inc.
3.375% 4/01/26 ^(a)		360,000		330,986
Venture Capital — 0.5%
Hercules Capital, Inc.
2.625% 9/16/26		560,000		472,885
3.375% 1/20/27		270,000		231,797
				704,682

TOTAL CORPORATE DEBT (Cost $68,094,655)				61,755,751

NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 40.5%
Automobile Asset-Backed Securities — 2.6%
Avis Budget Rental Car Funding AESOP LLC
Series 2019-3A, Class C, 3.150% 3/20/26 ^(a)		1,083,000		993,674
Series 2018-1A, Class C, 4.730% 9/20/24 ^(a)		500,000		494,073
Carmax Auto Owner Trust, Series 2021-4, Class D
1.480% 3/15/28		250,000		225,347

	Principal Amount		Value
Carvana Auto Receivables Trust
Series 2021-N1, Class D, 1.500% 1/10/28	$	954,155	$	901,063
Series 2021-P3, Class D, 2.250% 9/11/28		855,000		641,424
Santander Revolving Auto Loan Trust, Series 2019-A, Class D
3.450% 1/26/32 ^(a)		215,000		195,716
				3,451,297
Commercial Mortgage-Backed Securities — 6.2%
BAMLL Commercial Mortgage Securities Trust
Series 2019-BPR, Class CMP, 3.895% VRN 11/05/32 ^(a) ^(c)		370,000		316,562
Series 2019-BPR, Class DMP, 3.895% VRN 11/05/32 ^(a) ^(c)		450,000		381,610
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 5.668% FRN 9/15/34 ^(a)		130,000		124,485
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
5.818% FRN 7/15/35 ^(a)		500,000		473,120
BX Commercial Mortgage Trust
Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 6.118% FRN 6/15/38 ^(a)		324,542		305,494
Series 2019-XL, Class E, 1 mo. TSFR + 1.914% 6.250% FRN 10/15/36 ^(a)		268,600		259,301
Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 6.318% FRN 9/15/36 ^(a)		792,000		736,804
Series 2019-XL, Class F, 1 mo. TSFR + 2.114% 6.450% FRN 10/15/36 ^(a)		753,100		724,911
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150%
6.468% FRN 12/15/37 ^(a)		545,194		522,048
Commercial Mortgage Trust, Series 2014-CR14, Class A2
3.147% 2/10/47		74,480		75,530
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%
5.918% FRN 5/15/36 ^(a)		200,000		195,009
KIND Trust
Series 2021-KIND, Class B, 1 mo. USD LIBOR + 1.350% 5.668% FRN 8/15/38 ^(a)		546,053		506,342

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

111

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

	Principal Amount		Value
Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750% 6.068% FRN 8/15/38 ^(a)	$	595,695	$	549,039
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
6.118% FRN 5/15/36 ^(a)		251,000		244,266
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%
6.068% FRN 3/15/38 ^(a)		365,665		346,032
MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101%
6.419% FRN 4/15/38 ^(a)		620,000		586,905
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B
3.769% 2/15/46		250,000		244,032
One New York Plaza Trust
Series 2020-1NYP, Class C, 1 mo. USD LIBOR + 2.200% 6.518% FRN 1/15/36 ^(a)		616,000		574,891
Series 2020-1NYP, Class D, 1 mo. USD LIBOR + 2.750% 7.068% FRN 1/15/36 ^(a)		414,000		376,718
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100%
6.418% FRN 7/15/39 ^(a)		711,000		644,231
				8,187,330
Home Equity Asset-Backed Securities — 0.0%
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .480%
4.869% FRN 10/25/34 ^(a)		11,583		11,576
Other Asset-Backed Securities — 18.9%
321 Henderson Receivables LLC
Series 2010-3A, Class A, 3.820% 12/15/48 ^(a)		90,274		87,083
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 4.518% FRN 3/15/41 ^(a)		5,013		5,001
Adams Outdoor Advertising LP, Series 2018-1, Class A
4.810% 11/15/48 ^(a)		347,293		329,481
AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD LIBOR + 1.060%
5.385% FRN 7/22/32 ^(a)		1,000,000		977,767

	Principal Amount		Value
Apidos CLO XXVI, Series 2017-26A, Class A2R, 3 mo. USD LIBOR + 1.500%
5.694% FRN 7/18/29 ^(a)	$	500,000	$	487,285
Aqua Finance Trust, Series 2021-A, Class A
1.540% 7/17/46 ^(a)		1,038,419		945,523
Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD LIBOR + 1.550%
5.793% FRN 10/20/31 ^(a)		800,000		771,042
BHG Securitization Trust
Series 2021-B, Class C, 2.240% 10/17/34 ^(a)		448,000		387,983
Series 2022-C, Class A, 5.320% 10/17/35 ^(a)		729,576		723,560
BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + .980%
5.223% FRN 7/20/29 ^(a)		548,854		540,606
BRE Grand Islander Timeshare Issuer LLC
Series 2017-1A, Class A, 2.940% 5/25/29 ^(a)		46,812		45,513
Series 2019-A, Class B, 3.780% 9/26/33 ^(a)		147,905		141,409
Business Jet Securities LLC
Series 2021-1A, Class A, 2.162% 4/15/36 ^(a)		498,416		437,636
Series 2020-1A, Class A, 2.981% 11/15/35 ^(a)		109,046		99,324
Canyon Capital CLO Ltd., Series 2017-1A, Class CR, 3 mo. USD LIBOR + 2.000%
6.079% FRN 7/15/30 ^(a)		300,000		283,587
Capital Automotive REIT
Series 2020-1A, Class B1, 4.170% 2/15/50 ^(a)		484,000		441,388
Series 2017-1A, Class A2, 4.180% 4/15/47 ^(a)		581,744		552,089
Castlelake Aircraft Structured Trust, Series 2018-1, Class A
4.125% 6/15/43 ^(a)		129,047		113,108
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%
5.223% FRN 4/20/31 ^(a)		250,000		246,220
CF Hippolyta Issuer LLC, Series 2020-1, Class B1
2.280% 7/15/60 ^(a)		91,738		78,961

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

112

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

	Principal Amount		Value
CIFC Funding Ltd., Series 2017-4A, Class A2R, 3 mo. USD LIBOR + 1.550%
5.875% FRN 10/24/30 ^(a)	$	500,000	$	484,538
DataBank Issuer, Series 2021-1A, Class A2
2.060% 2/27/51 ^(a)		991,000		856,937
Elara HGV Timeshare Issuer LLC
Series 2016-A, Class A, 2.730% 4/25/28 ^(a)		78,773		77,886
Series 2017-A, Class B, 2.960% 3/25/30 ^(a)		139,222		134,598
Series 2019-A, Class C, 3.450% 1/25/34 ^(a)		323,107		306,715
FCI Funding LLC, Series 2019-1A, Class A
3.630% 2/18/31 ^(a)		6,316		6,310
Firstkey Homes Trust, Series 2021, Class E2
2.489% 8/17/38 ^(a)		460,000		384,078
FNA VI LLC, Series 21-1A, Class A
1.350% 1/10/32 ^(a)		1,253,190		1,140,357
Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A
1.150% 6/25/51 ^(a)		596,151		548,490
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 4/15/55 ^(a)		346,331		298,213
Series 2016-1A, Class A, 3.230% 10/15/52 ^(a)		169,178		153,673
Series 2019-1A, Class A, 3.860% 10/15/54 ^(a)		162,261		150,742
Series 2018-1A, Class A, 3.930% VRN 10/15/53 ^(a) ^(c)		149,947		138,067
Gracie Point International Funding, 30 day SOFR + 4.000%
7.700% FRN 11/01/24 ^(a)		1,000,000		999,999
Hero Funding Trust
Series 2017-3A, Class A1, 3.190% 9/20/48 ^(a)		87,491		79,806
Series 2016-4A, Class A1, 3.570% 9/20/47 ^(a)		85,020		80,504
Series 2015-1A, Class A, 3.840% 9/21/40 ^(a)		180,580		170,280
Series 2018-1A, Class A2, 4.670% 9/20/48 ^(a)		156,205		148,404
HIN Timeshare Trust, Series 2020-A, Class B
2.230% 10/09/39 ^(a)		467,156		425,404

	Principal Amount		Value
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A
4.458% 12/15/38 ^(a)	$	474,148	$	388,327
Horizon Aircraft Finance III Ltd.
Series 2019-2, Class A, 3.425% 11/15/39 ^(a)		355,919		274,624
Series 2019-2, Class B, 4.458% 11/15/39 ^(a)		683,333		419,188
KKR CLO Ltd., Series 28A, Class A, 3 mo. USD LIBOR + 1.140%
5.909% FRN 3/15/31 ^(a)		250,000		246,591
KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD LIBOR + 1.300%
5.626% FRN 2/15/39 ^(a)		900,000		842,106
Lendingpoint Asset Securitization, Series 2021-A, Class B
1.110% 2/15/29 ^(a)		221,471		219,893
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 ^(a)		273,031		220,693
Mosaic Solar Loans LLC
Series 2018-2GS, Class A, 4.200% 2/22/44 ^(a)		135,918		123,177
Series 2017-1A, Class A, 4.450% 6/20/42 ^(a)		31,758		30,408
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class BR, 3 mo. USD LIBOR + 1.350%
5.544% FRN 10/18/29 ^(a)		1,000,000		964,465
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD LIBOR + 1.400%
5.758% FRN 7/25/30 ^(a)		250,000		241,908
NP SPE II LP, Series 2017-1A, Class A1
3.372% 10/21/47 ^(a)		98,222		92,464
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3
2.260% 11/20/50 ^(a)		400,000		342,254
Orange Lake Timeshare Trust, Series 2016-A, Class B
2.910% 3/08/29 ^(a)		48,524		48,509
Oxford Finance Funding Trust, Series 2020-1A, Class A2
3.101% 2/15/28 ^(a)		126,197		124,768
Palmer Square CLO Ltd., Series 2020-3A, Class A2R, 3 mo. USD LIBOR + 1.600%
6.206% FRN 11/15/31 ^(a)		500,000		484,066

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

113

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

	Principal Amount		Value
Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD LIBOR + 1.400%
5.479% FRN 7/15/31 ^(a)	$	350,000	$	339,197
RAMP Trust, Series 2005-EFC1, Class M5, 1 mo. USD LIBOR + .650%
4.091% FRN 5/25/35		210,822		200,789
SBA Tower Trust, Series 2014-2A, Class C,
3.869% STEP 10/15/49 ^(a)		430,000		411,019
Sierra Receivables Funding LLC
Series 2020-2A, Class C, 3.510% 7/20/37 ^(a)		38,613		36,406
Series 2018-1A, Class B, 4.036% 4/20/35		123,199		117,165
Store Master Funding I-VII, Series 2018-1A, Class A3
4.400% 10/20/48 ^(a)		503,533		481,130
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%
5.589% FRN 11/25/35 ^(a)		94,844		92,039
TAL Advantage VII LLC, Series 2020-1A, Class B
3.290% 9/20/45 ^(a)		687,375		603,804
Thrust Engine Leasing, Series 2021-1A, Class A
4.163% 7/15/40 ^(a)		568,013		417,701
TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD LIBOR + 1.180%
5.423% FRN 10/20/31 ^(a)		400,000		393,888
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.280%
5.523% FRN 4/20/33 ^(a)		1,000,000		984,748
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2
1.645% 9/15/45 ^(a)		675,000		599,531
VERDE CLO Ltd., Series 2019-1A, Class AR, 3 mo. USD LIBOR + 1.100%
5.179% FRN 4/15/32 ^(a)		500,000		490,946
Welk Resorts LLC, Series 2017-AA, Class B
3.410% 6/15/33 ^(a)		44,283		44,149
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 ^(a)		194,363		155,217
				24,710,737

	Principal Amount		Value
Student Loans Asset-Backed Securities — 5.6%
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%
5.889% FRN 7/25/58 ^(a)	$	140,000	$	128,845
College Avenue Student Loans LLC
Series 2021-A, Class B, 2.320% 7/25/51 ^(a)		868,913		777,307
Series 2017-A, Class B, 4.500% 11/26/46 ^(a)		293,766		258,465
Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 5.589% FRN 12/26/47 ^(a)		265,780		264,218
Series 2017-A, Class A1, 1 mo. USD LIBOR + 1.650% 6.039% FRN 11/26/46 ^(a)		193,982		186,849
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%
4.569% FRN 1/15/37		109,440		93,867
Commonbond Student Loan Trust
Series 2018-AGS, Class C, 3.820% 2/25/44 ^(a)		17,345		15,064
Series 2018-BGS, Class C, 4.120% 9/25/45 ^(a)		18,665		16,763
Series 2018-CGS, Class C, 4.350% 2/25/46 ^(a)		8,572		7,686
Series 2017-AGS, Class C, 5.280% 5/25/41 ^(a)		38,224		35,411
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B
2.500% 1/25/30 ^(a)		34,487		32,518
DRB Prime Student Loan Trust, Series 2017-B, Class CFX
3.610% 8/25/42 ^(a)		172,101		165,389
ELFI Graduate Loan Program LLC, Series 2018-A, Class B
4.000% 8/25/42 ^(a)		49,231		45,890
Higher Education Funding I, Series 2004-1, Class B1,
4.161% FRN 1/01/44 ^(a) ^(c)		950,000		855,655
Laurel Road Prime Student Loan Trust, Series 2019-A, Class BFX
3.000% 10/25/48 ^(a)		256,646		245,066
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B
2.770% 1/15/69 ^(a)		2,200,000		1,719,583
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%
6.139% FRN 12/26/40 ^(a)		5,648		5,646

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

114

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

	Principal Amount		Value
Nelnet Student Loan Trust, Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500%
5.889% FRN 6/25/54 ^(a)	$	130,000	$	122,412
Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class B,
3.720% FRN 10/25/42 ^(c)		300,000		285,904
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200%
4.850% FRN 2/15/45		210,577		186,433
SLM Student Loan Trust
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 4.558% FRN 1/27/42		642,219		568,905
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 4.568% FRN 10/25/40		310,956		290,659
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 4.648% FRN 1/25/44		346,516		317,202
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 4.658% FRN 7/25/25		6,726		6,724
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 4.658% FRN 1/25/41		266,601		239,193
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 4.668% FRN 1/25/55		110,387		100,783
SMB Private Education Loan Trust
Series 2018-C, Class A2B, 1 mo. USD LIBOR + .750% 5.068% FRN 11/15/35 ^(a)		247,098		239,320
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 5.418% FRN 9/15/34 ^(a)		69,327		68,481
SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1 mo. USD LIBOR + .950%
5.339% FRN 1/25/39 ^(a)		7,699		7,676
				7,287,914
Whole Loan Collateral Collateralized Mortgage Obligations — 7.2%
Angel Oak Mortgage Trust
Series 2020-5, Class A3, 2.041% VRN 5/25/65 ^(a) ^(c)		89,717		78,493
Series 2021-1, Class M1, 2.215% VRN 1/25/66 ^(a) ^(c)		314,000		202,182

	Principal Amount		Value
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
3.961% VRN 8/25/34 ^(c)	$	1,185	$	1,115
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3,
2.406% VRN 5/25/60 ^(a) ^(c)		71,776		66,371
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%
4.966% FRN 8/25/49 ^(a)		321,571		295,739
Credit Suisse Mortgage Capital Certificates, Series 2021-NQM4, Class M1,
2.472% VRN 5/25/66 ^(a) ^(c)		500,000		290,008
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A3,
1.538% VRN 2/25/66 ^(a) ^(c)		508,104		404,165
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3,
1.128% VRN 5/25/65 ^(a) ^(c)		153,545		135,033
Flagstar Mortgage Trust, Series 2021-6INV, Class A18,
2.500% VRN 8/25/51 ^(a) ^(c)		578,815		446,185
Homeward Opportunities Fund I Trust, Series 2020-2, Class A1,
1.657% VRN 5/25/65 ^(a) ^(c)		7,228		7,171
Lakeview Trust, Series 2022-1, Class M3
4.585% 4/25/52 ^(a)		1,600,000		1,495,020
MFRA Trust, Series 2021-NQM2, Class A3,
1.472% VRN 11/25/64 ^(a) ^(c)		396,661		316,872
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1,
3.750% VRN 11/25/56 ^(a) ^(c)		122,481		110,242
NewRez Warehouse Securitization Trust, Series 2021-1, Class C, 1 mo. USD LIBOR + 1.050%
5.439% FRN 5/25/55 ^(a)		927,000		905,893
NLT Trust
Series 2021-INV2, Class A3, 1.520% VRN 8/25/56 ^(a) ^(c)		716,596		570,781
Series 2021-INV2, Class M1, 2.569% VRN 8/25/56 ^(a) ^(c)		700,000		421,329
Onslow Bay Financial LLC
Series 2021-NQM3, Class A3, 1.362% VRN 7/25/61 ^(a) ^(c)		822,293		600,807
Series 2021-NQM1, Class M1, 2.219% VRN 2/25/66 ^(a) ^(c)		333,000		184,529
Series 2020-INV1, Class A21, 3.500% VRN 12/25/49 ^(a) ^(c)		145,528		123,603

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

115

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

	Principal Amount		Value
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
7.239% FRN 2/25/23 ^(a)	$	250,000	$	249,460
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3,
3.000% VRN 10/25/31 ^(a) ^(c)		205,099		185,504
Starwood Mortgage Residential Trust
Series 2021-3, Class A3, 1.518% VRN 6/25/56 ^(a) ^(c)		216,675		170,672
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 ^(a) ^(c)		532,984		500,563
Starwood Residential Mortgage Trust, Series 2021-1, Class A3,
1.528% VRN 5/25/65 ^(a) ^(c)		622,369		509,591
Verus Securitization Trust
Series 2021-5, Class A3, 1.373% VRN 9/25/66 ^(a) ^(c)		209,194		160,798
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 ^(a) ^(c)		288,632		275,167
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 ^(a) ^(c)		265,000		219,156
Series 2020-4, Class M1, 3.291% VRN 5/25/65 ^(a) ^(c)		548,000		448,651
				9,375,100

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $58,949,903)				53,023,954

U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ^(d) — 1.6%
Pass-Through Securities — 0.0%
Federal National Mortgage Association Pool #775539 12 mo. USD LIBOR + 1.641% 3.391% FRN 5/01/34		2,213		2,225
Government National Mortgage Association
Pool #352022 7.000% 11/15/23		61		61
Pool #491089 7.000% 12/15/28		636		643
Pool #500928 7.000% 5/15/29		451		468
Pool #510083 7.000% 7/15/29		49		50
Pool #493723 7.000% 8/15/29		340		353
Pool #581417 7.000% 7/15/32		642		662
Government National Mortgage Association II
Pool #008746 1 year CMT + 1.500% 1.750% FRN 11/20/25		182		177

	Principal Amount		Value
Pool #080136 1 year CMT + 1.500% 1.750% FRN 11/20/27		58		56
				4,695
Whole Loans — 1.6%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2021-DNA6, Class M2, 30 day SOFR + 1.500% 5.428% FRN 10/25/41 ^(a)	$	1,046,000	$	984,967
Series 2021-DNA2, Class M2, 30 day SOFR + 2.300% 6.228% FRN 8/25/33 ^(a)		1,121,000		1,108,278
				2,093,245

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,171,352)				2,097,940

U.S. TREASURY OBLIGATIONS — 0.5%
U.S. Treasury Bonds & Notes — 0.5%
U.S. Treasury Note
1.750% 12/31/24		700,000		664,814

TOTAL U.S. TREASURY OBLIGATIONS (Cost $711,922)				664,814

TOTAL BONDS & NOTES (Cost $129,927,832)				117,542,459

	Number of Shares
MUTUAL FUNDS — 1.6%
Diversified Financial Services — 1.6%
State Street Navigator Securities Lending Government Money Market Portfolio ^(e)		2,169,500		2,169,500

TOTAL MUTUAL FUNDS (Cost $2,169,500)				2,169,500

TOTAL LONG-TERM INVESTMENTS (Cost $132,097,332)				119,711,959

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

116

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

	Principal Amount			Value
SHORT-TERM INVESTMENTS — 9.3%
Commercial Paper — 8.4%
Amcor Flexibles North America, Inc.
5.167% 2/21/23 ^(a)	$	2,000,000		$	1,985,825
Aon Corp.
4.770% 1/05/23 ^(a)		2,000,000			1,998,490
Florida Power & Light Co.
4.311% 1/03/23		1,000,000			999,509
HP, Inc.
4.864% 1/23/23 ^(a)		1,000,000			996,904
Mercedes-Benz Finance North America LLC
4.894% 1/30/23 ^(a)		3,000,000	��		2,987,820
Parker-Hannifin Corp.
5.078% 3/23/23 ^(a)		1,000,000			988,417
Walgreens Boots Alliance, Inc.
5.097% 2/06/23 ^(a)		1,000,000			994,915
					10,951,880
Repurchase Agreement — 0.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 ^(f)		1,189,347			1,189,347

TOTAL SHORT-TERM INVESTMENTS (Cost $12,143,129)					12,141,227

TOTAL INVESTMENTS — 100.7% (Cost $144,240,461) ^(g)					131,853,186

Other Assets/(Liabilities) — (0.7)%					(898,749	)

NET ASSETS — 100.0%				$	130,954,437

Abbreviation Legend

CLO	Collateralized Loan Obligation

FRN	Floating Rate Note

STEP	Step Up Bond

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

(b)	Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $2,123,051 or 1.62% of net assets. (Note 2).

(c)

(d)	May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

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

(f)	Maturity value of $1,189,516. Collateralized by U.S. Government Agency obligations with a rate of 2.875%, maturity date of 5/15/28, and an aggregate market value, including accrued interest, of $1,213,194.

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

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

United States	60.6	%
Cayman Islands	11.0	%
United Kingdom	3.0	%
Bermuda	2.4	%
Netherlands	2.3	%
Indonesia	1.6	%
France	1.2	%
Switzerland	1.2	%
Mexico	0.9	%
Germany	0.7	%
Nigeria	0.7	%
Ireland	0.6	%
China	0.6	%
Australia	0.6	%
Norway	0.5	%
Qatar	0.5	%
Saudi Arabia	0.5	%
British Virgin Islands	0.4	%
Japan	0.4	%
Panama	0.4	%
Spain	0.4	%
Canada	0.3	%
Denmark	0.3	%
Italy	0.3	%
Total Long-Term Investments	91.4	%
Short-Term Investments and Other Assets and Liabilities	8.6	%
Net Assets	100.0	%

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

117

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Short
U.S. Treasury Ultra 10 Year		3/22/23		12	$	(1,421,492	)	$	2,117
U.S. Treasury Note 2 Year		3/31/23		36		(7,375,671	)		(7,142	)
U.S. Treasury Note 5 Year		3/31/23		253		(27,301,579	)		(4,632	)
								$	(9,657	)

Currency Legend

USD U.S. Dollar

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

118

MML Small Cap Equity Fund – Portfolio of Investments

December 31, 2022

	Number of Shares		Value
EQUITIES — 97.9%
COMMON STOCK — 97.9%
Basic Materials — 2.5%
Chemicals — 0.7%
NewMarket Corp.		2,455	$	763,775
Mining — 1.8%
Compass Minerals International, Inc.		24,916		1,021,556
Kaiser Aluminum Corp.		13,951		1,059,718
				2,081,274
				2,845,049
Communications — 1.8%
Internet — 1.8%
Ziff Davis, Inc. ^(a)		26,388		2,087,291
Consumer, Cyclical — 11.4%
Auto Parts & Equipment — 3.6%
Allison Transmission Holdings, Inc.		28,091		1,168,585
Dorman Products, Inc. ^(a)		17,418		1,408,594
Visteon Corp. ^(a)		11,707		1,531,627
				4,108,806
Home Builders — 0.6%
Skyline Champion Corp. ^(a)		12,764		657,474
Home Furnishing — 0.7%
Tempur Sealy International, Inc.		22,889		785,779
Leisure Time — 0.6%
Topgolf Callaway Brands Corp. ^(a)		33,511		661,842
Lodging — 0.9%
Boyd Gaming Corp.		18,360		1,001,171
Retail — 5.0%
AutoNation, Inc. ^(a)		21,299		2,285,383
BJ’s Wholesale Club Holdings, Inc. ^(a)		27,245		1,802,529
Suburban Propane Partners LP ^(b)		11,030		167,435
Texas Roadhouse, Inc.		16,519		1,502,403
				5,757,750
				12,972,822
Consumer, Non-cyclical — 21.0%
Beverages — 0.7%
Coca-Cola Consolidated, Inc.		1,440		737,798
Biotechnology — 2.8%
ADMA Biologics, Inc. ^(a)		167,871		651,339
Avid Bioservices, Inc. ^(a)		61,129		841,746
Guardant Health, Inc. ^(a)		9,903		269,362
Intra-Cellular Therapies, Inc. ^(a)		18,144		960,181
TransMedics Group, Inc. ^(a)		7,967		491,723
				3,214,351

	Number of Shares		Value
Commercial Services — 3.7%
ASGN, Inc. ^(a)		18,003	$	1,466,884
Korn Ferry		24,653		1,247,935
Paya Holdings, Inc. ^(a)		90,099		709,079
Payoneer Global, Inc. ^(a)		140,619		769,186
				4,193,084
Food — 0.7%
Lancaster Colony Corp.		3,952		779,730
Health Care – Products — 4.8%
AtriCure, Inc. ^(a)		26,507		1,176,381
Azenta, Inc. ^(c)		19,861		1,156,307
BioLife Solutions, Inc. ^(a)		27,400		498,680
Inspire Medical Systems, Inc. ^(a)		10,276		2,588,319
				5,419,687
Health Care – Services — 4.9%
Acadia Healthcare Co., Inc. ^(a)		32,023		2,636,133
Addus HomeCare Corp. ^(a)		16,979		1,689,241
Tenet Healthcare Corp. ^(a)		26,767		1,305,962
				5,631,336
Pharmaceuticals — 3.4%
BellRing Brands, Inc. ^(a)		63,147		1,619,089
Collegium Pharmaceutical, Inc. ^(a)		35,167		815,875
Option Care Health, Inc. ^(a)		26,967		811,437
Prometheus Biosciences, Inc. ^(a)		6,238		686,180
				3,932,581
				23,908,567
Energy — 5.6%
Oil & Gas — 3.9%
Chesapeake Energy Corp. ^(c)		16,193		1,528,133
CNX Resources Corp. ^(a)		94,983		1,599,514
Helmerich & Payne, Inc.		27,493		1,362,828
				4,490,475
Oil & Gas Services — 1.1%
Nov, Inc.		58,178		1,215,339
Pipelines — 0.6%
Equitrans Midstream Corp.		97,523		653,404
				6,359,218
Financial — 19.9%
Banks — 6.3%
The Bank of NT Butterfield & Son Ltd.		20,075		598,436
BankUnited, Inc.		42,480		1,443,046
Cathay General Bancorp		35,561		1,450,533
Columbia Banking System, Inc.		52,387		1,578,420
Heritage Financial Corp.		34,035		1,042,832
Webster Financial Corp.		23,639		1,119,070
				7,232,337

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

119

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

	Number of Shares		Value
Diversified Financial Services — 4.1%
Federated Hermes, Inc.		32,364	$	1,175,137
Focus Financial Partners, Inc. Class A ^(a)		40,874		1,523,374
Stifel Financial Corp.		33,016		1,927,144
				4,625,655
Insurance — 1.5%
Definity Financial Corp.		58,781		1,670,526
Real Estate Investment Trusts (REITS) — 4.2%
DiamondRock Hospitality Co.		175,724		1,439,180
Four Corners Property Trust, Inc.		73,537		1,906,814
National Storage Affiliates Trust		40,818		1,474,346
				4,820,340
Savings & Loans — 3.8%
Berkshire Hills Bancorp, Inc.		35,793		1,070,211
OceanFirst Financial Corp.		42,470		902,488
Pacific Premier Bancorp, Inc.		44,220		1,395,583
WSFS Financial Corp.		21,795		988,185
				4,356,467
				22,705,325
Industrial — 20.6%
Aerospace & Defense — 1.8%
Curtiss-Wright Corp.		12,138		2,026,925
Building Materials — 1.5%
Summit Materials, Inc. Class A ^(a)		61,378		1,742,534
Electrical Components & Equipment — 0.9%
Belden, Inc.		13,634		980,285
Electronics — 2.8%
Atkore, Inc. ^(a)		15,426		1,749,617
Itron, Inc. ^(a)		17,928		908,053
Vishay Intertechnology, Inc.		26,296		567,205
				3,224,875
Engineering & Construction — 1.3%
TopBuild Corp. ^(a)		9,341		1,461,773
Environmental Controls — 2.4%
Casella Waste Systems, Inc. Class A ^(a)		13,104		1,039,278
Evoqua Water Technologies Corp. ^(a)		41,698		1,651,241
				2,690,519
Hand & Machine Tools — 1.0%
Regal Rexnord Corp.		10,039		1,204,479
Machinery – Construction & Mining — 1.5%
BWX Technologies, Inc.		16,524		959,714
Vertiv Holdings Co.		53,942		736,848
				1,696,562
Machinery – Diversified — 1.6%
Esab Corp.		14,220		667,202

	Number of Shares		Value
Zurn Elkay Water Solutions Corp.		56,413	$	1,193,135
				1,860,337
Metal Fabricate & Hardware — 1.5%
Valmont Industries, Inc.		5,149		1,702,620
Miscellaneous - Manufacturing — 1.5%
EnPro Industries, Inc.		16,242		1,765,343
Packaging & Containers — 1.2%
Silgan Holdings, Inc.		26,804		1,389,519
Transportation — 1.6%
CryoPort, Inc. ^(a) ^(c)		37,005		642,037
Hub Group, Inc. Class A ^(a)		14,337		1,139,648
				1,781,685
				23,527,456
Technology — 12.5%
Computers — 3.5%
CACI International, Inc. Class A ^(a)		6,523		1,960,749
KBR, Inc.		37,543		1,982,270
				3,943,019
Semiconductors — 3.3%
Allegro MicroSystems, Inc. ^(a)		36,780		1,104,136
Ambarella, Inc. ^(a)		10,536		866,375
MACOM Technology Solutions Holdings, Inc. ^(a)		14,650		922,657
MKS Instruments, Inc.		10,675		904,493
				3,797,661
Software — 5.7%
Consensus Cloud Solutions, Inc. ^(a)		13,483		724,846
Coupa Software, Inc. ^(a)		8,536		675,795
Envestnet, Inc. ^(a)		15,114		932,534
Gitlab, Inc. Class A ^(a) ^(c)		8,029		364,838
HashiCorp, Inc. Class A ^(a) ^(c)		19,465		532,173
Paycor HCM, Inc. ^(a)		62,900		1,539,163
Progress Software Corp.		16,055		809,975
Sprout Social, Inc. Class A ^(a)		16,523		932,888
				6,512,212
				14,252,892
Utilities — 2.6%
Gas — 2.6%
National Fuel Gas Co.		27,199		1,721,697
Northwest Natural Holding Co.		26,944		1,282,265
				3,003,962

TOTAL COMMON STOCK (Cost $79,762,044)				111,662,582

TOTAL EQUITIES (Cost $79,762,044)				111,662,582

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

120

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 Government Money Market Portfolio ^(d)		826,682	$	826,682

TOTAL MUTUAL FUNDS (Cost $826,682)				826,682

TOTAL LONG-TERM INVESTMENTS (Cost $80,588,726)				112,489,264

	Principal Amount
SHORT-TERM INVESTMENTS — 2.1%
Repurchase Agreement — 2.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 ^(e)	$	2,429,749		2,429,749

TOTAL SHORT-TERM INVESTMENTS (Cost $2,429,749)				2,429,749

TOTAL INVESTMENTS — 100.7% (Cost $83,018,475) ^(f)				114,919,013

Other Assets/(Liabilities) — (0.7)%				(788,057	)

NET ASSETS — 100.0%			$	114,130,956

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Security is a Master Limited Partnership.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $3,358,523 or 2.94% of net assets. The Fund received $2,608,479 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).

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

(e)	Maturity value of $2,430,094. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $2,478,379.

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

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

121

MML Strategic Emerging Markets Fund – Portfolio of Investments

December 31, 2022

	Number of Shares		Value
EQUITIES — 97.5%
COMMON STOCK — 96.2%
Belgium — 0.6%
Anheuser-Busch InBev SA		4,769	$	286,704
Bermuda — 0.9%
Credicorp Ltd.		3,014		408,879
Hongkong Land Holdings Ltd.		11,200		51,365
				460,244
Brazil — 5.1%
Ambev SA		305,012		838,697
Lojas Renner SA		66,336		249,883
Vale SA Sponsored ADR		75,315		1,278,095
WEG SA		20,384		148,463
				2,515,138
Cayman Islands — 21.2%
BeiGene Ltd. ADR ^(a)		4,404		968,616
Brii Biosciences Ltd. ^(a)		83,500		78,856
H World Group Ltd.		4,100		17,646
H World Group Ltd. ADR		53,509		2,269,852
Meituan Class B ^(a) ^(b)		34,300		758,420
NetEase, Inc. ADR		18,392		1,335,811
New Horizon Health Ltd. ^(a) ^(b)		26,000		58,173
NU Holdings Ltd/Cayman Islands Class A ^(a)		99,536		405,112
Silergy Corp.		18,000		255,245
Tencent Holdings Ltd.		21,809		926,931
Wuxi Biologics Cayman, Inc. ^(a) ^(b)		99,000		760,030
Zai Lab Ltd. ADR ^(a)		14,272		438,150
ZTO Express Cayman, Inc.		4,987		135,410
ZTO Express Cayman, Inc. ADR		74,675		2,006,517
				10,414,769
Chile — 0.1%
Banco Santander Chile		1,318,495		52,771
China — 0.0%
MicroTech Medical Hangzhou Co. Ltd. Class H ^(a) ^(b)		14,600		18,246
Cyprus — 0.0%
TCS Group Holding PLC ^(a) ^(c) ^(d)		3,657		—
France — 5.3%
Kering SA		184		94,168
L’Oreal SA		100		35,874
Pernod Ricard SA		10,872		2,136,996
TotalEnergies SE		5,372		335,294
				2,602,332
Hong Kong — 2.2%
AIA Group Ltd.		88,200		971,700
Hang Lung Properties Ltd.		9,000		17,474

	Number of Shares		Value
Hong Kong Exchanges & Clearing Ltd.		1,600	$	69,144
				1,058,318
India — 21.3%
Housing Development Finance Corp. Ltd.		126,540		4,035,865
Infosys Ltd.		49,726		901,081
Kotak Mahindra Bank Ltd.		110,783		2,435,796
Oberoi Realty Ltd.		30,373		317,630
Tata Consultancy Services Ltd.		62,558		2,461,661
Zee Entertainment Enterprises Ltd.		92,735		269,620
				10,421,653
Indonesia — 0.7%
Bank Central Asia Tbk PT		615,500		337,448
Italy — 1.7%
PRADA SpA		151,300		848,830
Japan — 0.1%
Daiichi Sankyo Co. Ltd.		1,600		51,276
Mexico — 7.4%
America Movil SAB de CV Sponsored ADR		34,870		634,634
Fomento Economico Mexicano SAB de CV		3,889		30,405
Grupo Mexico SAB de CV Series B		577,771		2,036,942
Wal-Mart de Mexico SAB de CV		265,730		939,290
				3,641,271
Netherlands — 0.0%
Yandex N.V. ^(a) ^(c) ^(d)		33,135		—
Philippines — 1.8%
SM Investments Corp.		53,435		866,818
Republic of Korea — 7.3%
LG Chem Ltd.		2,916		1,394,929
LG H&H Co. Ltd.		297		170,894
Samsung Biologics Co. Ltd. ^(a) ^(b)		1,496		964,938
Samsung Electronics Co. Ltd.		23,597		1,040,582
				3,571,343
Russia — 0.0%
Novatek PJSC ^(a) ^(c) ^(d)		11,944		—
Polyus PJSC GDR ^(a) ^(c) ^(d)		1,566		—
Polyus PJSC GDR ^(a) ^(c) ^(d)		40		—
Sberbank of Russia PJSC ^(a) ^(c) ^(d)		7,525		—
				—
South Africa — 1.1%
FirstRand Ltd.		143,525		524,220
Switzerland — 2.8%
Cie Financiere Richemont SA Registered		10,675		1,381,405

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

122

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

	Number of Shares		Value
Taiwan — 8.9%
MediaTek, Inc.		37,000	$	751,547
Taiwan Semiconductor Manufacturing Co. Ltd.		248,000		3,614,513
				4,366,060
United Kingdom — 0.9%
Antofagasta PLC		7,659		142,190
AstraZeneca PLC Sponsored ADR		846		57,359
Glencore PLC		37,808		252,814
				452,363
United States — 6.8%
Coupang, Inc. ^(a)		944		13,886
Yum China Holdings, Inc.		60,767		3,320,917
				3,334,803

TOTAL COMMON STOCK (Cost $51,392,772)				47,206,012

PREFERRED STOCK — 1.3%
Brazil — 1.3%
Banco Bradesco SA 4.052%		221,871		643,389

TOTAL PREFERRED STOCK (Cost $798,068)				643,389

TOTAL EQUITIES (Cost $52,190,840)				47,849,401

WARRANTS — 0.1%
Switzerland — 0.1%
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 ^(a)		22,580		18,803

TOTAL WARRANTS (Cost $0)		��		18,803

TOTAL LONG-TERM INVESTMENTS (Cost $52,190,840)				47,868,204

	Principal Amount	Value
SHORT-TERM INVESTMENTS — 1.9%
Repurchase Agreement — 1.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e)	$ 932,895	$ 932,895

TOTAL SHORT-TERM INVESTMENTS (Cost $932,895)		932,895

TOTAL INVESTMENTS — 99.5% (Cost $53,123,735) (f)		48,801,099

Other Assets/(Liabilities) — 0.5%		256,395

NET ASSETS — 100.0%		$ 49,057,494

Abbreviation Legend

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

(c)	Investment is valued using significant unobservable inputs.

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $0 or 0.00% of net assets.

(e)	Maturity value of $933,027. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $951,584.

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

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

123

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

Notes to Portfolio of Investments (continued)

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

Financial	21.0	%
Technology	20.6	%
Consumer, Cyclical	18.6	%
Consumer, Non-cyclical	15.8	%
Basic Materials	10.4	%
Communications	5.3	%
Industrial	5.2	%
Energy	0.7	%
Total Long-Term Investments	97.6	%
Short-Term Investments and Other Assets and Liabilities	2.4	%
Net Assets	100.0	%

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

124

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

December 31, 2022

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 100.0%
Discount Notes — 72.9%
Federal Home Loan Bank
4.124% 1/27/23, 1/27/23 ^(a)	$	1,500,000	$	1,495,613
4.143% 1/25/23, 1/25/23 ^(a)		3,700,000		3,689,961
4.171% 1/20/23, 1/20/23 ^(a)		1,750,000		1,746,213
4.176% 1/25/23, 1/25/23 ^(a)		15,000,000		14,959,000
4.184% 1/25/23, 1/25/23 ^(a)		5,300,000		5,285,478
4.229% 2/03/23, 2/03/23 ^(a)		2,290,000		2,281,288
4.286% 2/08/23, 2/08/23 ^(a)		5,000,000		4,977,833
4.325% 2/10/23, 2/10/23 ^(a)		6,375,000		6,344,967
SOFR + .010% 4.310% FRN 1/03/23, 1/17/23 ^(a)		9,000,000		9,000,000
SOFR + .030% 4.330% FRN 1/03/23, 1/19/23 ^(a)		12,000,000		12,000,000
SOFR + .030% 4.330% FRN 1/03/23, 3/21/23 ^(a)		14,000,000		14,000,000
SOFR + .040% 4.340% FRN 1/03/23, 1/30/23 ^(a)		10,000,000		10,000,000
SOFR + .040% 4.340% FRN 1/03/23, 2/10/23 ^(a)		5,500,000		5,500,000
SOFR + .050% 4.350% FRN 1/03/23, 3/28/23 ^(a)		14,000,000		14,000,000
SOFR + .050% 4.350% FRN 1/03/23, 6/28/23 ^(a)		13,000,000		13,000,000
SOFR + .055% 4.355% FRN 1/03/23, 5/24/23 ^(a)		15,000,000		15,000,000
SOFR + .060% 4.360% FRN 1/03/23, 4/06/23 ^(a)		11,500,000		11,500,000
SOFR + .070% 4.370% FRN 1/03/23, 5/17/23 ^(a)		17,000,000		17,000,000
Federal National Mortgage Association, 4.019%, 1/17/23, 1/17/23 ^(a)		9,700,000		9,682,971
Federal National Mortgage Association, 4.018%, 1/17/23, 1/17/23 ^(a)		4,200,000		4,192,627
				175,655,951
Repurchase Agreement — 10.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 ^(b)		104,900		104,900
HSBC Securities (USA) Inc, Tri-Party Repurchase Agreement, dated 12/30/22, 4.240%, due 1/03/23 ^(c)		25,000,000		25,000,000
				25,104,900

	Principal Amount		Value
U.S. Treasury Bill — 16.7%
U.S. Treasury Bill
3.360% 1/05/23 ^(d)	$	15,300,000	$	15,294,369
3.398% 1/03/23 ^(d)		25,000,000		24,995,347
				40,289,716

TOTAL SHORT-TERM INVESTMENTS (Cost $241,050,567)				241,050,567

TOTAL INVESTMENTS — 100.0% (Cost $241,050,567) ^(e)				241,050,567

Other Assets/(Liabilities) — 0.0%				114,958

NET ASSETS — 100.0%			$	241,165,525

Abbreviation Legend

FRN	Floating Rate Note

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 $104,915. Collateralized by U.S. Government Agency obligations with a rate of 2.875%, maturity date of 5/15/28, and an aggregate market value, including accrued interest, of $107,007.

(c)	Maturity value of $25,011,778. Collateralized by U.S. Government Agency obligations with a rate of 0.00%, maturity date of 11/15/31, and an aggregate market value, including accrued interest, of $25,500,000.

(d)	The rate shown represents yield-to-maturity.

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

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

125

MML Series Investment Fund II – Financial Statements
Statements of Assets and Liabilities December 31, 2022

	MML Blend Fund			MML Dynamic Bond Fund
Assets:
Investments, at value (Note 2) ^(a)	$	639,247,539		$	248,408,146
Repurchase agreements, at value (Note 2) ^(b)		314,488			392,045
Total investments ^(c)		639,562,027			248,800,191
Cash		32			156
Foreign currency, at value ^(d)		—			1,136,400
Receivables from:
Investments sold
Regular delivery		—			229,917
Delayed delivery		—			20,865,289
Cash collateral pledged for open derivatives (Note 2)		—			4,743,838
Open forward contracts (Note 2)		—			981,077
Fund shares sold		9,653			15,877
Variation margin on open derivative instruments (Note 2)		—			508,288
Interest and dividends		877			1,783,910
Foreign tax reclaims		—			—
Total assets		639,572,589			279,064,943
Liabilities:
Payables for:
Investments purchased
Regular delivery		—			150,067
Delayed delivery		—			45,160,483
Written options outstanding, at value (Note 2) ^(e)		—			69,207
Open forward contracts (Note 2)		—			142,180
Interest and dividends		—			—
Fund shares repurchased		128,975			87,910
Cash collateral held for securities on loan (Note 2)		78,200			2,400,625
Open swap agreements, at value (Note 2)		—			—
Trustees’ fees and expenses (Note 3)		175,248			34,329
Affiliates (Note 3):
Administration fees		—			30,045
Investment advisory fees		232,385			51,305
Service fees		110,080			7,338
Distribution fees		—			—
Accrued expense and other liabilities		162,688			177,933
Total liabilities		887,576			48,311,422
Net assets	$	638,685,013		$	230,753,521
Net assets consist of:
Paid-in capital	$	663,673,847		$	277,831,817
Accumulated earnings (loss)		(24,988,834	)		(47,078,296	)
Net assets	$	638,685,013		$	230,753,521

^(a)	Cost of investments:	$	671,876,786	$	276,940,661
^(b)	Cost of repurchase agreements:	$	314,488	$	392,045
^(c)	Securities on loan with market value of:	$	76,381	$	3,472,819
^(d)	Cost of foreign currency:	$	—	$	1,117,406
^(e)	Premiums on written options:	$	—	$	123,002

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

126

MML Equity Fund		MML Equity Rotation Fund			MML High Yield Fund			MML Inflation- Protected and Income Fund			MML iShares 60/40 Allocation Fund			MML iShares 80/20 Allocation Fund

$	821,959,503	$	44,865,531		$	56,529,166		$	202,679,315		$	27,036,379		$	40,425,844
	2,566,719		—			1,706,681			1,612,936			—			—
	824,526,222		44,865,531			58,235,847			204,292,251			27,036,379			40,425,844
	319		76,981			64			322			28,136			49,852
	397		—			—			—			—			—


	2,127,205		—			55,738			—			222,803			339,016
	—		—			—			—			—			—
	—		—			—			12,240,000			—			—
	—		—			—			—			—			—
	20,434		—			8,268			161,392			—			—
	—		—			—			12,024			—			—
	1,045,239		64,659			1,097,277			386,250			2,779			3,384
	22,606		—			144,668			—			—			—
	827,742,422		45,007,171			59,541,862			217,092,239			27,290,097			40,818,096



	1,613,131		—			178,069			—			196,995			309,108
	284,128		—			—			—			—			—
	—		—			—			—			—			—
	—		—			—			—			—			—
	—		—			—			1,996,583			—			—
	185,759		49			8,163			44,465			182			666
	11,203,112		98,172			2,421,165			1,269,875			—			137,675
	—		—			—			9,196,947			—			—
	216,676		2,667			18,408			74,484			1,648			1,497

	—		5,772			7,454			—			3,501			5,131
	283,088		17,318			27,811			70,131			554			3,913
	54,957		1,273			26,024			27,533			—			—
	—		—			—			—			3,122			10,366
	233,482		85,873			125,013			101,973			43,356			43,201
	14,074,333		211,124			2,812,107			12,781,991			249,358			511,557
$	813,668,089	$	44,796,047		$	56,729,755		$	204,310,248		$	27,040,739		$	40,306,539

$	613,977,640	$	49,191,324		$	73,881,628		$	236,391,629		$	30,780,827		$	45,165,611
	199,690,449		(4,395,277	)		(17,151,873	)		(32,081,381	)		(3,740,088	)		(4,859,072	)
$	813,668,089	$	44,796,047		$	56,729,755		$	204,310,248		$	27,040,739		$	40,306,539

$	692,829,152	$	45,709,929	$	65,001,092	$	215,371,933	$	30,641,694	$	45,059,062
$	2,566,719	$	—	$	1,706,681	$	1,612,936	$	—	$	—
$	11,407,068	$	541,469	$	2,535,270	$	1,244,675	$	—	$	134,506
$	392	$	—	$	—	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—	$	—

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

127

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Assets and Liabilities December 31, 2022

	MML Blend Fund		MML Dynamic Bond Fund
Initial Class shares:
Net assets	$	466,170,731	$	—
Shares outstanding ^(a)		27,710,290		—
Net asset value, offering price and redemption price per share	$	16.82	$	—
Class II shares:
Net assets	$	—	$	218,857,335
Shares outstanding ^(a)		—		26,318,159
Net asset value, offering price and redemption price per share	$	—	$	8.32
Service Class shares:
Net assets	$	172,514,282	$	—
Shares outstanding ^(a)		10,334,961		—
Net asset value, offering price and redemption price per share	$	16.69	$	—
Service Class I shares:
Net assets	$	—	$	11,896,186
Shares outstanding ^(a)		—		1,438,300
Net asset value, offering price and redemption price per share	$	—	$	8.27

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

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

128

MML Equity Fund		MML Equity Rotation Fund		MML High Yield Fund		MML Inflation- Protected and Income Fund		MML iShares 60/40 Allocation Fund		MML iShares 80/20 Allocation Fund

$	726,478,186	$	—	$	—	$	161,191,116	$	—	$	—
	27,146,398		—		—		18,585,934		—		—
$	26.76	$	—	$	—	$	8.67	$	—	$	—

$	—	$	42,721,816	$	15,562,088	$	—	$	21,877,591	$	21,603,656
	—		4,079,748		1,908,042		—		2,531,943		2,528,549
$	—	$	10.47	$	8.16	$	—	$	8.64	$	8.54

$	87,189,903	$	—	$	—	$	43,119,132	$	—	$	—
	3,323,921		—		—		5,019,211		—		—
$	26.23	$	—	$	—	$	8.59	$	—	$	—

$	—	$	2,074,231	$	41,167,667	$	—	$	5,163,148	$	18,702,883
	—		200,084		5,104,124		—		598,194		2,191,000
$	—	$	10.37	$	8.07	$	—	$	8.63	$	8.54

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

129

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Assets and Liabilities December 31, 2022

	MML Managed Bond Fund			MML Short-Duration Bond Fund
Assets:
Investments, at value Note 2) ^(a)	$	837,451,395		$	130,663,839
Repurchase agreements, at value (Note 2) ^(b)		7,874,158			1,189,347
Total investments ^(c)		845,325,553			131,853,186
Cash		—			177
Foreign currency, at value ^(d)		—			—
Receivables from:
Investments sold
Regular delivery		2,124,755			—
Cash collateral pledged for open derivatives (Note 2)		—			607,000
Fund shares sold		139,888			5,155
Variation margin on open derivative instruments (Note 2)		—			28,151
Interest and dividends		5,876,314			888,478
Foreign tax reclaims		—			—
Other receivables		6,940,863			—
Total assets		860,407,373			133,382,147
Liabilities:
Payables for:
Investments purchased
Regular delivery		—			—
Delayed delivery		96,741,936			—
Fund shares repurchased		229,159			45,608
Cash collateral held for securities on loan (Note 2)		2,390,623			2,169,500
Trustees’ fees and expenses (Note 3)		213,306			31,415
Variation margin on open derivative instruments (Note 2)		195,901			—
Affiliates (Note 3):
Administration fees		—			16,711
Investment advisory fees		266,448			38,992
Service fees		118,293			20,056
Due to custodian		6,940,360			—
Accrued expense and other liabilities		217,825			105,428
Total liabilities		107,313,851			2,427,710
Net assets	$	753,093,522		$	130,954,437
Net assets consist of:
Paid-in capital	$	889,531,370		$	154,156,622
Accumulated earnings (loss)		(136,437,848	)		(23,202,185	)
Net assets	$	753,093,522		$	130,954,437

^(a)	Cost of investments:	$	941,838,967	$	143,051,114
^(b)	Cost of repurchase agreements:	$	7,874,158	$	1,189,347
^(c)	Securities on loan with market value of:	$	2,402,175	$	2,123,051
^(d)	Cost of foreign currency:	$	—	$	—

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

130

MML Small Cap Equity Fund		MML Strategic Emerging Markets Fund			MML U.S. Government Money Market Fund

$	112,489,264	$	47,868,204		$	215,945,667
	2,429,749		932,895			25,104,900
	114,919,013		48,801,099			241,050,567
	103		9,350			31
	—		288,949			—


	408,966		397,097			—
	—		—			—
	1,309		1,280			82,226
	—		—			—
	72,815		25,802			534,758
	—		22,081			—
	—		—			—
	115,402,206		49,545,658			241,667,582



	171,383		2,873			—
	—		—			—
	90,959		21,773			269,881
	826,682		—			—
	27,807		13,210			44,966
	—		—			—

	—		6,377			—
	63,622		14,071			91,588
	14,816		7,256			—
	—		—			—
	75,981		422,604			95,622
	1,271,250		488,164			502,057
$	114,130,956	$	49,057,494		$	241,165,525

$	84,598,402	$	62,685,664		$	241,208,872
	29,532,554		(13,628,170	)		(43,347	)
$	114,130,956	$	49,057,494		$	241,165,525

$	80,588,726	$	52,190,840	$	215,945,667
$	2,429,749	$	932,895	$	25,104,900
$	3,358,523	$	—	$	—
$	—	$	289,822	$	—

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

131

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Assets and Liabilities December 31, 2022

	MML Managed Bond Fund		MML Short-Duration Bond Fund
Initial Class shares:
Net assets	$	568,356,760	$	—
Shares outstanding ^(a)		53,621,520		—
Net asset value, offering price and redemption price per share	$	10.60	$	—
Class II shares:
Net assets	$	—	$	98,969,151
Shares outstanding ^(a)		—		11,439,313
Net asset value, offering price and redemption price per share	$	—	$	8.65
Service Class shares:
Net assets	$	184,736,762	$	—
Shares outstanding ^(a)		17,506,927		—
Net asset value, offering price and redemption price per share	$	10.55	$	—
Service Class I shares:
Net assets	$	—	$	31,985,286
Shares outstanding ^(a)		—		3,709,664
Net asset value, offering price and redemption price per share	$	—	$	8.62

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

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

132

MML Small Cap Equity Fund		MML Strategic Emerging Markets Fund		MML U.S. Government Money Market Fund

$	90,514,234	$	—	$	241,165,525
	9,639,170		—		241,166,107
$	9.39	$	—	$	1.00

$	—	$	37,217,817	$	—
	—		7,705,036		—
$	—	$	4.83	$	—

$	23,616,722	$	—	$	—
	2,583,598		—		—
$	9.14	$	—	$	—

$	—	$	11,839,677	$	—
	—		2,458,254		—
$	—	$	4.82	$	—

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

133

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Operations For the Year Ended December 31, 2022

	MML Blend Fund			MML Dynamic Bond Fund
Investment income (Note 2):
Dividends ^(a)	$	13,859,965		$	—
Interest ^(b)		1,230			10,382,756
Securities lending net income		393,708			19,129
Non-cash income		—			—
Total investment income		14,254,903			10,401,885
Expenses (Note 3):
Investment advisory fees		2,930,554			1,047,841
Custody fees		47,257			82,006
Audit and tax fees		46,257			46,885
Legal fees		28,982			52,361
Proxy fees		1,340			1,340
Shareholder reporting fees		80,651			55,904
Trustees’ fees		44,751			16,950
		3,179,792			1,303,287
Administration fees:
Class II		—			374,435
Service Class I		—			18,506
Distribution and Service fees:
Service Class		475,224			—
Service Class I		—			30,843
Total expenses		3,655,016			1,727,071
Expenses waived (Note 3):
Initial Class fees reimbursed by adviser		—			—
Class II fees reimbursed by adviser		—			(94,572	)
Service Class fees reimbursed by adviser		—			—
Service Class I fees reimbursed by adviser		—			(4,900	)
Advisory fees waived		—			(99,469	)
Net expenses:		3,655,016			1,528,130
Net investment income (loss)		10,599,887			8,873,755
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(2,465,838	)		(22,495,092	)
Futures contracts		—			(6,008,502	)
Written options		—			1,398,184
Swap agreements		—			346,871
Foreign currency transactions		—			(19,554	)
Forward contracts		—			(2,092,713	)
Net realized gain (loss)		(2,465,838	)		(28,870,806	)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions		(145,081,406	)		(24,427,254	)*
Futures contracts		—			(396,541	)
Written options		—			53,795
Swap agreements		—			2,526,420
Translation of assets and liabilities in foreign currencies		—			68,994
Forward contracts		—			838,897
Net change in unrealized appreciation/(depreciation)		(145,081,406	)		(21,335,689	)
Net realized gain (loss) and change in unrealized appreciation/(depreciation)		(147,547,244	)		(50,206,495	)
Net increase (decrease) in net assets resulting from operations	$	(136,947,357	)	$	(41,332,740	)

^(a)	Net of foreign withholding tax of:	$	—	$	—
^(b)	Net of foreign withholding tax of:	$	—	$	15,943
*	Net of net increase (decrease) in accrued foreign capital gains tax of:	$	—	$	(1,329	)
+	Commenced operations on February 11, 2022.

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

134

MML Equity Fund			MML Equity Rotation Fund			MML High Yield Fund			MML Inflation-Protected and Income Fund			MML iShares 60/40 Allocation Fund+			MML iShares 80/20 Allocation Fund+

$	20,469,199		$	859,331		$	20,284		$	—		$	525,897		$	679,880
	137,111			231			4,213,425			8,296,849			132			610
	7,182			1,914			22,534			2,011			9,138			12,270
	24,235			—			—			—			—			—
	20,637,727			861,476			4,256,243			8,298,860			535,167			692,760

	3,386,078			206,347			394,261			1,392,741			69,399			89,693
	127,895			29,662			71,027			41,480			11,849			11,849
	44,461			41,308			45,895			47,454			28,797			28,797
	26,765			1,498			2,252			8,695			2,493			2,493
	1,341			1,340			1,340			1,340			461			461
	95,466			18,048			43,634			43,413			10,327			10,513
	51,264			2,780			4,434			16,444			2,953			2,953
	3,733,270			300,983			562,843			1,551,567			126,279			146,759

	—			65,481			30,262			—			30,122			29,773
	—			3,301			68,303			—			4,577			15,074

	232,660			—			—			120,383			—			—
	—			5,502			113,839			—			7,629			25,122
	3,965,930			375,267			775,247			1,671,950			168,607			216,728

	—			—			—			(69,282	)		—			—
	—			—			—			—			(48,666	)		(39,863	)
	—			—			—			(17,477	)		—			—
	—			—			—			—			(6,211	)		(15,348	)
	—			(22,927	)		(28,716	)		—			—			—
	3,965,930			352,340			746,531			1,585,191			113,730			161,517
	16,671,797			509,136			3,509,712			6,713,669			421,437			531,243


	61,252,329			(4,057,664	)		(1,699,045	)		(5,428,118	)		(134,773	)		(225,429	)
	—			—			—			859,224			—			—
	—			—			—			—			—			—
	—			—			—			(11,334,486	)		—			—
	(4,613	)		—			(495	)		—			—			—
	—			—			—			—			—			—
	61,247,716			(4,057,664	)		(1,699,540	)		(15,903,380	)		(134,773	)		(225,429	)

	(121,971,556	)		(3,947,669	)		(10,719,142	)		(14,020,190	)		(3,605,315	)		(4,633,218	)
	—			—			—			71,826			—			—
	—			—			—			—			—			—
	—			—			—			(12,774,329	)		—			—
	(105	)		—			(10,138	)		—			—			—
	—			—			—			—			—			—
	(121,971,661	)		(3,947,669	)		(10,729,280	)		(26,722,693	)		(3,605,315	)		(4,633,218	)
	(60,723,945	)		(8,005,333	)		(12,428,820	)		(42,626,073	)		(3,740,088	)		(4,858,647	)
$	(44,052,148	)	$	(7,496,197	)	$	(8,919,108	)	$	(35,912,404	)	$	(3,318,651	)	$	(4,327,404	)

$	45,745	$	394	$	3,253	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—	$	—

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

135

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Operations For the Year Ended December 31, 2022

	MML Managed Bond Fund			MML Short-Duration Bond Fund
Investment income (Note 2):
Dividends ^(a)	$	—		$	—
Interest		29,215,578			4,403,918
Securities lending net income		12,658			4,680
Non-cash income		—			—
Total investment income		29,228,236			4,408,598
Expenses (Note 3):
Investment advisory fees		3,409,533			516,135
Custody fees		76,765			35,897
Audit and tax fees		47,497			46,239
Legal fees		26,657			4,871
Proxy fees		1,340			1,340
Shareholder reporting fees		112,776			41,297
Trustees’ fees		54,602			9,685
		3,729,170			655,464
Administration fees:
Class II		—			170,715
Service Class I		—			50,487
Distribution and Service fees:
Service Class		536,610			—
Service Class I		—			84,144
Total expenses		4,265,780			960,810
Expenses waived (Note 3):
Initial Class fees reimbursed by adviser		—			—
Class II fees reimbursed by adviser		—			—
Service Class I fees reimbursed by adviser		—			—
Advisory fees waived		—			—
Net expenses:		4,265,780			960,810
Net investment income (loss)		24,962,456			3,447,788
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(32,267,111	)		(4,126,308	)
Futures contracts		(19,533,654	)		5,076,031
Swap agreements		—			(5,360,076	)
Foreign currency transactions		—			—
Net realized gain (loss)		(51,800,765	)		(4,410,353	)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions		(118,929,817	)		(12,114,148	)
Futures contracts		(390,533	)		(24,750	)
Swap agreements		—			51,438
Translation of assets and liabilities in foreign currencies		—			—
Net change in unrealized appreciation/(depreciation)		(119,320,350	)		(12,087,460	)
Net realized gain (loss) and change in unrealized appreciation/(depreciation)		(171,121,115	)		(16,497,813	)
Net increase (decrease) in net assets resulting from operations	$	(146,158,659	)	$	(13,050,025	)

^(a)	Net of foreign withholding tax of:		$	—			$	—
*	Net of net increase (decrease) in accrued foreign capital gains tax of:		$	—			$	—

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

136

MML Small Cap Equity Fund			MML Strategic Emerging Markets Fund			MML U.S. Government Money Market Fund

$	1,614,525		$	872,770		$	—
	8,217			7,062			3,268,556
	7,824			6,558			—
	—			61,822			—
	1,630,566			948,212			3,268,556

	789,531			550,871			907,971
	23,308			172,833			39,427
	43,545			83,479			35,960
	3,974			2,536			5,871
	1,340			1,340			1,340
	34,001			17,732			20,376
	7,793			4,157			11,245
	903,492			832,948			1,022,190

	—			61,054			—
	—			19,424			—

	63,164			—			—
	—			32,373			—
	966,656			945,799			1,022,190

	—			—			(242,898	)
	—			(153,555	)		—
	—			(49,034	)		—
	—			(11,483	)		—
	966,656			731,727			779,292
	663,910			216,485			2,489,264


	(3,387,020	)		(7,354,985	)		67
	—			—			—
	—			—			—
	(9	)		(41,284	)		—
	(3,387,029	)		(7,396,269	)		67

	(20,320,106	)		(11,171,240	)*		—
	—			—			—
	—			—			—
	—			(421	)		—
	(20,320,106	)		(11,171,661	)		—
	(23,707,135	)		(18,567,930	)		67
$	(23,043,225	)	$	(18,351,445	)	$	2,489,331

	$	3,563			$	124,737			$	—
	$	—			$	108,848			$	—

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

137

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Changes in Net Assets

	MML Blend Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	10,599,887		$	9,096,103
Net realized gain (loss)		(2,465,838	)		12,652,777
Net change in unrealized appreciation/(depreciation)		(145,081,406	)		91,439,930
Net increase (decrease) in net assets resulting from operations		(136,947,357	)		113,188,810
Distributions to shareholders (Note 2):
Initial Class		(16,406,451	)		(168,011,356	)
Class II		—			—
Service Class		(5,658,892	)		(57,432,992	)
Service Class I		—			—
Total distributions		(22,065,343	)		(225,444,348	)
Net fund share transactions (Note 5):
Initial Class		(38,165,947	)		111,716,812
Class II		—			—
Service Class		(2,245,699	)		61,053,567
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(40,411,646	)		172,770,379
Total increase (decrease) in net assets		(199,424,346	)		60,514,841
Net assets
Beginning of year		838,109,359			777,594,518
End of year	$	638,685,013		$	838,109,359

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

138

MML Dynamic Bond Fund						MML Equity Fund						MML Equity Rotation Fund
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021


$	8,873,755		$	8,982,423		$	16,671,797		$	13,558,285		$	509,136		$	279,575
	(28,870,806	)		1,270,296			61,247,716			127,543,393			(4,057,664	)		10,530,385
	(21,335,689	)		(10,551,016	)		(121,971,661	)		87,110,296			(3,947,669	)		805,638
	(41,332,740	)		(298,297	)		(44,052,148	)		228,211,974			(7,496,197	)		11,615,598

	—			—			(92,352,834	)		(13,032,797	)		—			—
	(9,323,527	)		(11,157,560	)		—			—			(5,065,396	)		(13,847,437	)
	—			—			(11,352,115	)		(1,534,583	)		—			—
	(445,452	)		(462,823	)		—			—			(245,021	)		(776,065	)
	(9,768,979	)		(11,620,383	)		(103,704,949	)		(14,567,380	)		(5,310,417	)		(14,623,502	)

	—			—			36,635,002			(53,863,556	)		—			—
	(27,080,709	)		(9,438,529	)		—			—			5,065,396			13,847,437
	—			—			(1,174,750	)		(14,625,427	)		—			—
	717,424			1,604,280			—			—			(21,287	)		675,688
	(26,363,285	)		(7,834,249	)		35,460,252			(68,488,983	)		5,044,109			14,523,125
	(77,465,004	)		(19,752,929	)		(112,296,845	)		145,155,611			(7,762,505	)		11,515,221

	308,218,525			327,971,454			925,964,934			780,809,323			52,558,552			41,043,331
$	230,753,521		$	308,218,525		$	813,668,089		$	925,964,934		$	44,796,047		$	52,558,552

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

139

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Changes in Net Assets

	MML High Yield Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,509,712		$	4,839,748
Net realized gain (loss)		(1,699,540	)		1,939,226
Net change in unrealized appreciation/(depreciation)		(10,729,280	)		178,836
Net increase (decrease) in net assets resulting from operations		(8,919,108	)		6,957,810
Distributions to shareholders (Note 2):
Initial Class		—			—
Class II		(1,463,558	)		(2,520,599	)
Service Class		—			—
Service Class I		(3,304,293	)		(4,268,950	)
Total distributions		(4,767,851	)		(6,789,549	)
Tax return of capital:
Class II		—			—
Service Class I		—			—
Total tax return of capital		—			—
Net fund share transactions (Note 5):
Initial Class		—			—
Class II		(4,736,261	)		(27,011,141	)
Service Class		—			—
Service Class I		(1,978,471	)		6,442,610
Increase (decrease) in net assets from fund share transactions		(6,714,732	)		(20,568,531	)
Total increase (decrease) in net assets		(20,401,691	)		(20,400,270	)
Net assets
Beginning of year		77,131,446			97,531,716
End of year	$	56,729,755		$	77,131,446

+	Commenced operations on February 11, 2022.

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

140

MML Inflation- Protected and Income Fund						MML iShares^® 60/40 Allocation Fund			MML iShares 80/20 Allocation Fund
Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2022+			Period Ended December 31, 2022+


$	6,713,669		$	4,712,255		$	421,437		$	531,243
	(15,903,380	)		18,253,988			(134,773	)		(225,429	)
	(26,722,693	)		(2,798,047	)		(3,605,315	)		(4,633,218	)
	(35,912,404	)		20,168,196			(3,318,651	)		(4,327,404	)

	(18,612,540	)		(21,774,428	)		—			—
	—			—			(346,648	)		(300,842	)
	(4,772,542	)		(4,083,457	)		—			—
	—			—			(74,789	)		(230,826	)
	(23,385,082	)		(25,857,885	)		(421,437	)		(531,668	)

	—			—			(22,034	)		(32,606	)
	—			—			(4,754	)		(25,018	)
	—			—			(26,788	)		(57,624	)

	(32,292,574	)		(42,642,110	)		—			—
	—			—			25,268,682			25,233,448
	2,060,256			7,965,013			—			—
	—			—			5,538,933			19,989,787
	(30,232,318	)		(34,677,097	)		30,807,615			45,223,235
	(89,529,804	)		(40,366,786	)		27,040,739			40,306,539

	293,840,052			334,206,838			—			—
$	204,310,248		$	293,840,052		$	27,040,739		$	40,306,539

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

141

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Changes in Net Assets

	MML Managed Bond Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	24,962,456		$	21,745,244
Net realized gain (loss)		(51,800,765	)		6,090,693
Net change in unrealized appreciation/(depreciation)		(119,320,350	)		(20,636,492	)
Net increase (decrease) in net assets resulting from operations		(146,158,659	)		7,199,445
Distributions to shareholders (Note 2):
Initial Class		(25,107,989	)		(39,056,618	)
Class II		—			—
Service Class		(8,029,901	)		(12,723,319	)
Service Class I		—			—
Total distributions		(33,137,890	)		(51,779,937	)
Net fund share transactions (Note 5):
Initial Class		(60,857,432	)		39,909,283
Class II		—			—
Service Class		(28,402,423	)		(1,824,724	)
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(89,259,855	)		38,084,559
Total increase (decrease) in net assets		(268,556,404	)		(6,495,933	)
Net assets
Beginning of year		1,021,649,926			1,028,145,859
End of year	$	753,093,522		$	1,021,649,926

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

142

MML Short- Duration Bond Fund						MML Small Cap Equity Fund						MML Strategic Emerging Markets Fund
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021


$	3,447,788		$	3,632,819		$	663,910		$	212,930		$	216,485		$	(34,267	)
	(4,410,353	)		2,025,520			(3,387,029	)		15,036,246			(7,396,269	)		18,212,958
	(12,087,460	)		(2,044,541	)		(20,320,106	)		13,434,356			(11,171,661	)		(23,899,847	)
	(13,050,025	)		3,613,798			(23,043,225	)		28,683,532			(18,351,445	)		(5,721,156	)

	—			—			(12,251,160	)		(7,333,753	)		—			—
	(3,657,335	)		(4,585,706	)		—			—			(14,864,169	)		(13,347,045	)
	—			—			(3,153,530	)		(1,860,664	)		—			—
	(1,009,962	)		(1,189,399	)		—			—			(4,619,444	)		(3,530,767	)
	(4,667,297	)		(5,775,105	)		(15,404,690	)		(9,194,417	)		(19,483,613	)		(16,877,812	)

	—			—			4,386,341			(3,355,882	)		—			—
	(20,534,399	)		(7,544,769	)		—			—			14,118,801			(27,396,668	)
	—			—			1,304,643			1,166,351			—			—
	(1,537,311	)		(10,020,442	)		—			—			4,411,925			3,975,698
	(22,071,710	)		(17,565,211	)		5,690,984			(2,189,531	)		18,530,726			(23,420,970	)
	(39,789,032	)		(19,726,518	)		(32,756,931	)		17,299,584			(19,304,332	)		(46,019,938	)

	170,743,469			190,469,987			146,887,887			129,588,303			68,361,826			114,381,764
$	130,954,437		$	170,743,469		$	114,130,956		$	146,887,887		$	49,057,494		$	68,361,826

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

143

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Changes in Net Assets

	MML U.S. Government Money Market Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	2,489,264		$	55
Net realized gain (loss)		67			640
Net change in unrealized appreciation/(depreciation)		—			—
Net increase (decrease) in net assets resulting from operations		2,489,331			695
Distributions to shareholders (Note 2):
Initial Class		(2,489,674	)		—
Total distributions		(2,489,674	)		—
Net fund share transactions (Note 5):
Initial Class		66,174,935			(48,397,785	)
Increase (decrease) in net assets from fund share transactions		66,174,935			(48,397,785	)
Total increase (decrease) in net assets		66,174,592			(48,397,090	)
Net assets
Beginning of year		174,990,933			223,388,023
End of year	$	241,165,525		$	174,990,933

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

144

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Blend Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Initial Class
12/31/22	$ 20.84	$ 0.28	$ (3.71)	$ (3.43)	$ (0.25)	$ (0.34)	$ (0.59)	$ 16.82	(16.59%)	$ 466,171	0.45%	1.56%
12/31/21	24.79	0.28	3.21	3.49	(0.57)	(6.87)	(7.44)	20.84	15.02%	620,820	0.44%	1.19%
12/31/20	22.93	0.51	2.37	2.88	—	(1.02)	(1.02)	24.79	12.87%	591,889	0.45%	2.26%
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%
Service Class
12/31/22	$ 20.68	$ 0.24	$ (3.69)	$ (3.45)	$ (0.20)	$ (0.34)	$ (0.54)	$ 16.69	(16.80%)	$ 172,514	0.70%	1.32%
12/31/21	24.66	0.22	3.19	3.41	(0.52)	(6.87)	(7.39)	20.68	14.74%	217,290	0.69%	0.95%
12/31/20	22.87	0.46	2.35	2.81	—	(1.02)	(1.02)	24.66	12.57%	185,705	0.70%	2.01%
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%

	Year ended December 31
	2022	2021	2020	2019	2018
Portfolio turnover rate^x	5%	8%	231%	132%	86%

c	Per share amount calculated on the average shares method.

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

w	Effective November 18, 2020, the expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Effective November 18, 2020, the amount does not include the portfolio activity of any underlying fund.

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

145

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	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
12/31/22	$ 10.06	$ 0.31	$ (1.70)	$ (1.39)	$ (0.35)	$ (0.35)	$ 8.32	(13.98%)	$ 218,857	0.65%	0.57%	3.40%
12/31/21	10.44	0.29	(0.29)	(0.00)^d	(0.38)	(0.38)	10.06	(0.01%)	294,648	0.60%	0.57%	2.86%
12/31/20	10.08	0.29	0.10	0.39	(0.03)	(0.03)	10.44	3.91%	315,514	0.62%	N/A	2.88%
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%
Service Class I
12/31/22	$ 10.01	$ 0.28	$ (1.69)	$ (1.41)	$ (0.33)	$ (0.33)	$ 8.27	(14.26%)	$ 11,896	0.90%	0.82%	3.16%
12/31/21	10.39	0.27	(0.29)	(0.02)	(0.36)	(0.36)	10.01	(0.18%)	13,571	0.85%	0.82%	2.61%
12/31/20	10.07	0.27	0.08	0.35	(0.03)	(0.03)	10.39	3.51%	12,458	0.87%	N/A	2.62%
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%

	Year ended December 31
	2022	2021	2020	2019	2018
Portfolio turnover rate	203%	193%	159%	54%	68%

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.

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

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

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

146

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
12/31/22	$ 32.09	$ 0.58	$ (2.13)	$ (1.55)	$ (0.49)	$ (3.29)	$ (3.78)	$ 26.76	(4.65%)	$ 726,478	0.45%	2.02%
12/31/21	25.04	0.46	7.09	7.55	(0.50)	—	(0.50)	32.09	30.26%	821,006	0.43%	1.55%
12/31/20	28.10	0.51	(0.12)^aa	0.39	(0.59)	(2.86)	(3.45)	25.04	3.03%	686,468	0.45%	2.13%
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%
Service Class
12/31/22	$ 31.52	$ 0.50	$ (2.09)	$ (1.59)	$ (0.41)	$ (3.29)	$ (3.70)	$ 26.23	(4.88%)	$ 87,190	0.69%	1.76%
12/31/21	24.61	0.38	6.97	7.35	(0.44)	—	(0.44)	31.52	29.93%	104,959	0.68%	1.31%
12/31/20	27.68	0.44	(0.13)^aa	0.31	(0.52)	(2.86)	(3.38)	24.61	2.77%	94,341	0.70%	1.88%
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%

	Year ended December 31
	2022	2021	2020	2019	2018
Portfolio turnover rate	90%	73%	82%	113%	41%

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.

aa	The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

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

147

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	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
12/31/22	$ 13.83	$ 0.13	$ (2.08)	$ (1.95)	$ —	$ (1.41)	$ (1.41)	$ 10.47	(14.29%)	$ 42,722	0.81%	0.76%	1.12%
12/31/21	14.79	0.10	3.85	3.95	(0.10)	(4.81)	(4.91)	13.83	28.37%	49,828	0.78%	0.73%	0.60%
12/31/20	12.40	0.14	2.68	2.82	(0.21)	(0.22)	(0.43)	14.79	22.92%	38,834	0.79%	0.79%^k	1.13%
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%
Service Class I
12/31/22	$ 13.74	$ 0.10	$ (2.06)	$ (1.96)	$ —	$ (1.41)	$ (1.41)	$ 10.37	(14.46%)	$ 2,074	1.05%	1.00%	0.86%
12/31/21	14.73	0.05	3.83	3.88	(0.06)	(4.81)	(4.87)	13.74	28.00%	2,731	1.03%	0.98%	0.34%
12/31/20	12.36	0.11	2.66	2.77	(0.18)	(0.22)	(0.40)	14.73	22.57%	2,210	1.04%	1.04%^k	0.88%
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%

	Year ended December 31
	2022	2021	2020	2019	2018
Portfolio turnover rate	335%	218%	137%	172%	102%

c	Per share amount calculated on the average shares method.

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

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

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

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

148

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	Tax return of capital	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
12/31/22	$ 10.02	$ 0.49	$ (1.66)	$ (1.17)	$ (0.69)	$ —	$ (0.69)	$ 8.16	(11.81%)	$ 15,562	1.00%	0.96%	5.50%
12/31/21	10.10	0.58	0.23	0.81	(0.89)	—	(0.89)	10.02	8.23%	24,481	0.89%	0.83%	5.62%
12/31/20	9.57	0.55	(0.02)	0.53	(0.00)^d	—	(0.00)^d	10.10	5.56%	50,805	0.87%	0.80%	5.93%
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%
Service Class I
12/31/22	$ 9.92	$ 0.47	$ (1.64)	$ (1.17)	$ (0.68)	$ —	$ (0.68)	$ 8.07	(11.97%)	$ 41,168	1.26%	1.21%	5.27%
12/31/21	10.04	0.55	0.22	0.77	(0.89)	—	(0.89)	9.92	7.88%	52,650	1.14%	1.08%	5.40%
12/31/20	9.53	0.52	(0.01)	0.51	(0.00)^d	—	(0.00)^d	10.04	5.38%	46,727	1.12%	1.05%	5.69%
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%

	Year ended December 31
	2022	2021	2020	2019	2018
Portfolio turnover rate	45%	61%	73%	54%	39%

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.

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

149

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,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers (including (interest expense)^p	Ratio of expenses to average daily net assets after expense waivers (including interest expense)^j,p	Ratio of expenses to average daily net assets after expense waivers (excluding interest expense)^j	Net investment income (loss) to average daily net assets (including interest expense)^p
Initial Class
12/31/22	$ 11.12	$ 0.28	$ (1.70)	$ (1.42)	$ (0.27)	$ (0.76)	$ (1.03)	$ 8.67	(13.35%)	$ 161,191	0.64%	0.60%	0.60%	2.79%
12/31/21	11.41	0.17	0.55	0.72	(0.13)	(0.88)	(1.01)	11.12	6.40%	240,863	0.60%	0.60%ⁿ	0.60%ⁿ	1.51%
12/31/20	10.28	0.17	0.97	1.14	(0.01)	—	(0.01)	11.41	11.11%	288,026	0.75%	0.74%	0.60%	1.54%
12/31/19	9.72	0.23	0.58	0.81	(0.25)	—	(0.25)	10.28	8.31%	314,261	2.34%	0.00%	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%	0.00%	0.60%	2.97%
Service Class
12/31/22	$ 11.03	$ 0.25	$ (1.68)	$ (1.43)	$ (0.25)	$ (0.76)	$ (1.01)	$ 8.59	(13.59%)	$ 43,119	0.89%	0.85%	0.85%	2.57%
12/31/21	11.33	0.14	0.54	0.68	(0.10)	(0.88)	(0.98)	11.03	6.12%	52,977	0.85%	0.85%ⁿ	0.85%ⁿ	1.25%
12/31/20	10.23	0.14	0.97	1.11	(0.01)	—	(0.01)	11.33	10.88%	46,181	0.98%	0.98%^k	0.85%	1.29%
12/31/19	9.68	0.20	0.58	0.78	(0.23)	—	(0.23)	10.23	8.05%	43,237	2.59%	0.00%	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%	0.00%	0.85%	2.72%

	Year ended December 31
	2022	2021	2020	2019	2018
Portfolio turnover rate	76%	98%	84%	44%	51%

c	Per share amount calculated on the average shares method.

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

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

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

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

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

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

150

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML iShares^® 60/40 Allocation Fund

Income (loss) from investment
operations

Less distributions to shareholders

Ratios / Supplemental Data

Net
asset
value,
beginning
of the
period

Net
investment
income
(loss)^c,j

Net
realized
and
unrealized
gain (loss)
on
investments

Total
income
(loss) from
investment
operations

From net
investment
income

From net
realized
gains

Tax
return of
capital

Total
distributions

Net
asset
value,
end of
the
period

Total
return^m

Net
assets,
end of
the
period
(000’s)

Ratio of
expenses
to average
daily net
assets
before
expense
waivers

Ratio of
expenses
to average
daily net
assets after
expense
waivers^j,w

Net
investment
income
(loss) to
average
daily net
assets

Class II

12/31/22^g

$ 10.00

$ 0.15

$ (1.36)

$ (1.21)

$ (0.14)

$ —

$ (0.01)

$ (0.15)

$ 8.64

(12.14%)^b

$ 21,878

0.70%^a

0.46%^a

1.82%^a

Service Class I

12/31/22^g

$ 10.00

$ 0.14

$ (1.38)

$ (1.24)

$ (0.12)

$ —

$ (0.01)

$ (0.13)

$ 8.63

(12.37%)^b

$ 5,163

0.91%^a

0.71%^a

1.85%^a

	Period ended December 31, 2022^b
	Period ended December 31, 2022^b
Portfolio turnover rate^x	7%

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	Fund commenced operations on February 11, 2022.

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.

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

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

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

151

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML iShares^® 80/20 Allocation Fund

Income (loss) from investment
operations

Less distributions to shareholders

Ratios / Supplemental Data

Net
asset
value,
beginning
of the
period

Net
investment
income
(loss)^c,j

Net
realized
and
unrealized
gain (loss)
on
investments

Total
income
(loss) from
investment
operations

From net
investment
income

From net
realized
gains

Tax
return of
capital

Total
distributions

Net
asset
value,
end of
the
period

Total
return^m

Net
assets,
end of
the
period
(000’s)

Ratio of
expenses
to average
daily net
assets
before
expense
waivers

Ratio of
expenses
to average
daily net
assets after
expense
waivers^j,w

Net
investment
income
(loss) to
average
daily net
assets

Class II

12/31/22^g

$ 10.00

$ 0.14

$ (1.47)

$ (1.33)

$ (0.12)

$ —

$ (0.01)

$ (0.13)

$ 8.54

(13.28%)^b

$ 21,604

0.66%^a

0.46%^a

1.76%^a

Service Class I

12/31/22^g

$ 10.00

$ 0.14

$ (1.48)

$ (1.34)

$ (0.11)

$ —

$ (0.01)

$ (0.12)

$ 8.54

(13.40%)^b

$ 18,703

0.86%^a

0.71%^a

1.82%^a

	Period ended December 31, 2022^b
	Period ended December 31, 2022^b
Portfolio turnover rate^x	7%

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	Fund commenced operations on February 11, 2022.

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.

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

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

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

152

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Managed Bond Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
12/31/22	$ 13.02	$ 0.35	$ (2.29)	$ (1.94)	$ (0.36)	$ (0.12)	$ (0.48)	$ 10.60	(15.01%)	$ 568,357	0.44%	3.02%
12/31/21	13.59	0.29	(0.18)	0.11	(0.43)	(0.25)	(0.68)	13.02	0.81%	762,726	0.42%	2.20%
12/31/20	12.64	0.42	0.54	0.96	(0.01)	—	(0.01)	13.59	7.62%	756,218	0.43%	3.25%
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%
Service Class
12/31/22	$ 12.95	$ 0.32	$ (2.27)	$ (1.95)	$ (0.33)	$ (0.12)	$ (0.45)	$ 10.55	(15.22%)	$ 184,737	0.69%	2.76%
12/31/21	13.53	0.26	(0.19)	0.07	(0.40)	(0.25)	(0.65)	12.95	0.56%	258,923	0.67%	1.96%
12/31/20	12.61	0.39	0.54	0.93	(0.01)	—	(0.01)	13.53	7.40%	271,928	0.68%	3.01%
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%

	Year ended December 31
	2022	2021	2020	2019	2018
Portfolio turnover rate	243%	263%	226%	260%	138%

c	Per share amount calculated on the average shares method.

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

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

153

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	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
12/31/22	$ 9.71	$ 0.22	$ (0.97)	$ (0.75)	$ (0.31)	$ —	$ (0.31)	$ 8.65	(7.79%)	$ 98,969	0.59%	N/A	2.39%
12/31/21	9.84	0.20	(0.00)^d	0.20	(0.33)	—	(0.33)	9.71	2.01%	133,235	0.55%	N/A	2.05%
12/31/20	9.69	0.29	(0.14)	0.15	(0.00)^d	—	(0.00)^d	9.84	1.55%	142,514	0.56%	N/A	3.00%
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%
Service Class I
12/31/22	$ 9.67	$ 0.19	$ (0.96)	$ (0.77)	$ (0.28)	$ —	$ (0.28)	$ 8.62	(8.00%)	$ 31,985	0.85%	N/A	2.16%
12/31/21	9.81	0.18	(0.01)	0.17	(0.31)	—	(0.31)	9.67	1.69%	37,508	0.80%	N/A	1.80%
12/31/20	9.68	0.26	(0.13)	0.13	(0.00)^d	—	(0.00)^d	9.81	1.34%	47,956	0.81%	N/A	2.74%
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%

	Year ended December 31
	2022	2021	2020	2019	2018
Portfolio turnover rate	26%	64%	44%	53%	54%

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.

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

154

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Cap Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
12/31/22	$ 12.76	$ 0.06	$ (2.02)	$ (1.96)	$ (0.08)	$ (1.33)	$ (1.41)	$ 9.39	(15.88%)	$ 90,514	0.73%	0.59%
12/31/21	11.11	0.03	2.46	2.49	(0.06)	(0.78)	(0.84)	12.76	22.75%	116,599	0.69%	0.20%
12/31/20	9.34	0.07	1.84	1.91	(0.05)	(0.09)	(0.14)	11.11	20.70%	104,243	0.73%	0.77%
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%
Service Class
12/31/22	$ 12.46	$ 0.04	$ (1.98)	$ (1.94)	$ (0.05)	$ (1.33)	$ (1.38)	$ 9.14	(16.09%)	$ 23,617	0.98%	0.34%
12/31/21	10.87	(0.01)^bb	2.41	2.40	(0.03)	(0.78)	(0.81)	12.46	22.45%	30,289	0.94%	(0.05%)
12/31/20	9.14	0.04	1.81	1.85	(0.03)	(0.09)	(0.12)	10.87	20.39%	25,345	0.98%	0.52%
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%

	Year ended December 31
	2022	2021	2020	2019	2018
Portfolio turnover rate	29%	30%	36%	27%	50%

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.

bb	The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.

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

155

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	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
12/31/22	$ 10.50	$ 0.03	$ (2.79)	$ (2.76)	$ (0.26)	$ (2.65)	$ (2.91)	$ 4.83	(26.58%)	$ 37,218	1.70%	1.30%	0.46%
12/31/21	14.43	0.00^d,bb	(1.01)	(1.01)	—	(2.92)	(2.92)	10.50	(8.06%)	51,825	1.45%	1.35%	0.00%^e
12/31/20	12.67	(0.01)	2.16	2.15	(0.05)	(0.34)	(0.39)	14.43	17.55%	96,846	1.40%	1.35%	(0.05%)
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%
Service Class I
12/31/22	$ 10.47	$ 0.01	$ (2.77)	$ (2.76)	$ (0.24)	$ (2.65)	$ (2.89)	$ 4.82	(26.68%)	$ 11,840	1.95%	1.55%	0.22%
12/31/21	14.43	(0.03)	(1.01)	(1.04)	—	(2.92)	(2.92)	10.47	(8.29%)	16,537	1.70%	1.60%	(0.20%)
12/31/20	12.68	(0.04)	2.15	2.11	(0.02)	(0.34)	(0.36)	14.43	17.18%	17,536	1.65%	1.60%	(0.32%)
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%

	Year ended December 31
	2022	2021	2020	2019	2018
Portfolio turnover rate	51%	51%	35%	31%	38%

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.

bb	The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.

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

156

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML U. S. Government Money Market Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Initial Class
12/31/22	$ 1.00	$ 0.01	$ 0.00^d	$ 0.01	$ (0.01)	$ —	$ (0.01)	$ 1.00	1.22%	$ 241,166	0.54%	0.41%	1.31%
12/31/21	1.00	0.00^d	0.00^d	0.00^d	—	—	—	1.00	0.00%	174,991	0.52%	0.05%	0.00%^e
12/31/20	1.00	0.00^d	0.00^d	0.00^d	(0.00)^d	—	(0.00)^d	1.00	0.23%	223,388	0.52%	0.30%	0.21%
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%

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.

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

157

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 Trust consists of the following series (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Blend Fund (“Blend Fund”)

MML Dynamic Bond Fund (“Dynamic Bond Fund”)

MML Equity Fund (“Equity 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 iShares^® 60/40 Allocation Fund (“iShares 60/40 Allocation Fund”)

MML iShares^® 80/20 Allocation Fund (“iShares 80/20 Allocation Fund”)

MML Managed Bond Fund (“Managed Bond Fund”)

MML Short-Duration Bond Fund (“Short-Duration Bond Fund”)

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

MML Strategic Emerging Markets Fund (“Strategic Emerging Markets 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 Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, and MML Aggressive Allocation Fund, 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.

The Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund invest substantially all of their investable assets in shares of ETFs advised by an affiliate of the Funds’ subadviser, BlackRock Investment Management, LLC (“Underlying ETFs”). The financial statements of the applicable Underlying ETFs are presented separately and can be obtained from the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov.

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.

158

Notes to Financial Statements (Continued)

Investment Valuation

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

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

The Board of Trustees (“Trustees”) have designated MML Advisers as the Funds’ “valuation designee,” responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a 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). It is possible that a significant amount of a Fund’s assets will be subject to fair valuation in accordance with MML Advisers’ fair valuation policy and procedures. The fair value determined for an investment by MML Advisers 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

159

Notes to Financial Statements (Continued)

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.

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 may be fair valued using 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 indexes 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 the 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

160

Notes to Financial Statements (Continued)

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)

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 Blend Fund, iShares 60/40 Allocation Fund, iShares 80/20 Allocation Fund, and Small Cap Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2022. The U.S. Government Money Market Fund characterized all investments at Level 2, as of December 31, 2022. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of December 31, 2022, for the remaining Funds’ investments:

	Level 1		Level 2			Level 3		Total
Dynamic Bond Fund
Asset Investments
Bank Loans (Less Unfunded Loan Commitments)	$	—	$	11,599,675		$	—	$	11,599,675
Corporate Debt		—		96,902,697			—		96,902,697
Non-U.S. Government Agency Obligations		—		26,571,555			—		26,571,555
Sovereign Debt Obligations		—		14,869,939			—		14,869,939
U.S. Government Agency Obligations and Instrumentalities		—		71,481,455			—		71,481,455
U.S. Treasury Obligations		—		17,123,919			—		17,123,919
Purchased Options		89,816		—			—		89,816
Mutual Funds		2,400,625		—			—		2,400,625
Short-Term Investments		—		7,767,749			—		7,767,749
Unfunded Loan Commitments***		—		(7,239	)		—		(7,239	)
Total Investments	$	2,490,441	$	246,309,750		$	—	$	248,800,191

161

Notes to Financial Statements (Continued)

	Level 1			Level 2			Level 3			Total
Dynamic Bond Fund (Continued)
Asset Derivatives
Forward Contracts	$	—		$	981,077		$	—		$	981,077
Futures Contracts		837,347			—			—			837,347
Swap Agreements		—			6,514,719			—			6,514,719
Total	$	837,347		$	7,495,796		$	—		$	8,333,143
Liability Derivatives
Forward Contracts	$	—		$	(142,180	)	$	—		$	(142,180	)
Futures Contracts		(1,233,888	)		—			—			(1,233,888	)
Swap Agreements		—			(1,491	)		—			(1,491	)
Written Options		(69,207	)		—			—			(69,207	)
Total	$	(1,303,095	)	$	(143,671	)	$	—		$	(1,446,766	)

Equity Fund
Asset Investments
Common Stock	$	796,617,531		$	1,466,067	*	$	—		$	798,083,598
Mutual Funds		19,185,816			—			—			19,185,816
Short-Term Investments		4,690,089			2,566,719			—			7,256,808
Total Investments	$	820,493,436		$	4,032,786		$	—		$	824,526,222

Equity Rotation Fund
Asset Investments
Common Stock	$	44,762,444		$	—		$	4,915	**	$	44,767,359
Mutual Funds		98,172			—			—			98,172
Total Investments	$	44,860,616		$	—		$	4,915		$	44,865,531

High Yield Fund
Asset Investments
Bank Loans	$	—		$	1,465,259		$	—		$	1,465,259
Corporate Debt		—			52,642,742			—			52,642,742
Mutual Funds		2,421,165			—			—			2,421,165
Short-Term Investments		—			1,706,681			—			1,706,681
Total Investments	$	2,421,165		$	55,814,682		$	—		$	58,235,847

Inflation-Protected and Income Fund
Asset Investments
Non-U.S. Government Agency Obligations	$	—		$	110,062,817		$	—		$	110,062,817
U.S. Government Agency Obligations and Instrumentalities		—			23,786,453			—			23,786,453
U.S. Treasury Obligations		—			48,619,221			—			48,619,221
Mutual Funds		1,269,875			—			—			1,269,875
Short-Term Investments		—			20,553,885			—			20,553,885
Total Investments	$	1,269,875		$	203,022,376		$	—		$	204,292,251
Asset Derivatives
Futures Contracts	$	36,829		$	—		$	—		$	36,829
Swap Agreements		—			231,936			—			231,936
Total	$	36,829		$	231,936		$	—		$	268,765
Liability Derivatives
Futures Contracts	$	(17,336	)	$	—		$	—		$	(17,336	)
Swap Agreements		—			(9,599,944	)		—			(9,599,944	)
Total	$	(17,336	)	$	(9,599,944	)	$	—		$	(9,617,280	)

162

Notes to Financial Statements (Continued)

	Level 1			Level 2		Level 3			Total
Managed Bond Fund
Asset Investments
Corporate Debt	$	—		$	286,332,335	$	—		$	286,332,335
Municipal Obligations		—			2,047,000		—			2,047,000
Non-U.S. Government Agency Obligations		—			200,444,724		—			200,444,724
Sovereign Debt Obligations		—			3,004,054		—			3,004,054
U.S. Government Agency Obligations and Instrumentalities		—			202,148,954		—			202,148,954
U.S. Treasury Obligations		—			50,279,610		—			50,279,610
Mutual Funds		2,390,623			—		—			2,390,623
Short-Term Investments		—			98,678,253		—			98,678,253
Total Investments	$	2,390,623		$	842,934,930	$	—		$	845,325,553
Asset Derivatives
Futures Contracts	$	102,654		$	—	$	—		$	102,654

Short-Duration Bond Fund
Asset Investments
Corporate Debt	$	—		$	61,755,751	$	—		$	61,755,751
Non-U.S. Government Agency Obligations		—			53,023,954		—			53,023,954
U.S. Government Agency Obligations and Instrumentalities		—			2,097,940		—			2,097,940
U.S. Treasury Obligations		—			664,814		—			664,814
Mutual Funds		2,169,500			—		—			2,169,500
Short-Term Investments		—			12,141,227		—			12,141,227
Total Investments	$	2,169,500		$	129,683,686	$	—		$	131,853,186
Asset Derivatives
Futures Contracts	$	2,117		$	—	$	—		$	2,117
Liability Derivatives
Futures Contracts	$	(11,774	)	$	—	$	—		$	(11,774	)

Strategic Emerging Markets Fund
Asset Investments
Common Stock*
Belgium	$	—		$	286,704	$	—		$	286,704
Bermuda		408,879			51,365		—			460,244
Brazil		1,278,095			1,237,043		—			2,515,138
Cayman Islands		7,424,058			2,990,711		—			10,414,769
Chile		52,771			—		—			52,771
China		—			18,246		—			18,246
Cyprus		—			—		—	^+,**		—
France		—			2,602,332		—			2,602,332
Hong Kong		—			1,058,318		—			1,058,318
India		—			10,421,653		—			10,421,653
Indonesia		—			337,448		—			337,448
Italy		—			848,830		—			848,830
Japan		—			51,276		—			51,276
Mexico		3,641,271			—		—			3,641,271
Netherlands		—			—		—	^+,**		—
Philippines		—			866,818		—			866,818
Republic of Korea		—			3,571,343		—			3,571,343
Russia		—			—		—	^+,**		—
South Africa		—			524,220		—			524,220
Switzerland		—			1,381,405		—			1,381,405
Taiwan		—			4,366,060		—			4,366,060
United Kingdom		57,360			395,003		—			452,363
United States		3,334,803			—		—			3,334,803

163

Notes to Financial Statements (Continued)

	Level 1		Level 2		Level 3		Total
Strategic Emerging Markets Fund (Continued)
Asset Investments (Continued)
Preferred Stock*
Brazil	$	—	$	643,389	$	—	$	643,389
Warrants		18,803		—		—		18,803
Short-Term Investments		—		932,895		—		932,895
Total Investments	$	16,216,040	$	32,585,059	$	—	$	48,801,099

*	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.

**	Level 3 investments at December 31, 2022 in relation to net assets were not significant.

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

+	Represents a security at $0 value as of December 31, 2022.

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis and cash collateral pledged for open derivatives, as well as, any applicable liabilities for investments purchased on a delayed delivery basis, amounts due to custodian, and cash collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of December 31, 2022.

The Funds, with the exception of the Equity Rotation Fund, High Yield Fund, and Strategic Emerging Markets Fund, had no Level 3 transfers during the year ended December 31, 2022. The Equity Rotation Fund and High Yield Fund had Level 3 transfers during the year ended December 31, 2022; however, none of the transfers individually or collectively had a material impact on the Equity Rotation Fund and High Yield Fund.

The following table shows the Level 3 transfers for the Strategic Emerging Markets Fund for the year ended December 31, 2022:

	Transfers In *	Transfers Out *
	Level 3 - Significant Unobservable Inputs	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs
Strategic Emerging Markets Fund	$5,720,141	$(2,225,623)	$ (3,494,518)

* Transfers into Level 3 were attributable to a lack of observable market data.

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more underlying 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.

164

Notes to Financial Statements (Continued)

At December 31, 2022, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Credit Risk			Equity Risk			Foreign Exchange Risk			Interest/ Inflation Rate Risk			Total
Dynamic Bond Fund
Asset Derivatives
Purchased Options*^,^^^	$	—		$	—		$	—		$	89,816		$	89,816
Forward Contracts*		—			—			981,077			—			981,077
Futures Contracts^^		—			—			—			837,347			837,347
Swap Agreements^^^,^^^		325,749			—			—			6,188,970		��	6,514,719
Total Value	$	325,749		$	—		$	981,077		$	7,116,133		$	8,422,959
Liability Derivatives
Forward Contracts^	$	—		$	—		$	(142,180	)	$	—		$	(142,180	)
Futures Contracts^^		—			—			—			(1,233,888	)		(1,233,888	)
Swap Agreements^^^,^^^		(1,491	)		—			—			—			(1,491	)
Written Options^^,^^^		—			—			—			(69,207	)		(69,207	)
Total Value	$	(1,491	)	$	—		$	(142,180	)	$	(1,303,095	)	$	(1,446,766	)
Realized Gain (Loss)#
Purchased Options	$	—		$	—		$	—		$	(969,840	)	$	(969,840	)
Forward Contracts		—			—			(2,092,713	)		—			(2,092,713	)
Futures Contracts		—			—			—			(6,008,502	)		(6,008,502	)
Swap Agreements		72,880			—			—			273,991			346,871
Written Options		—			—			—			1,398,184			1,398,184
Total Realized Gain (Loss)	$	72,880		$	—		$	(2,092,713	)	$	(5,306,167	)	$	(7,326,000	)
Change in Appreciation/(Depreciation)##
Purchased Options	$	—		$	—		$	—		$	(52,344	)	$	(52,344	)
Forward Contracts		—			—			838,897			—			838,897
Futures Contracts		—			—			—			(396,541	)		(396,541	)
Swap Agreements		358,718			—			—			2,167,702			2,526,420
Written Options		—			—			—			53,795			53,795
Total Change in Appreciation/(Depreciation)	$	358,718		$	—		$	838,897		$	1,772,612		$	2,970,227

Inflation-Protected and Income Fund
Asset Derivatives
Futures Contracts^^	$	—		$	—		$	—		$	36,829		$	36,829
Swap Agreements^^^,^^^		—			—			—			231,936			231,936
Total Value	$	—		$	—		$	—		$	268,765		$	268,765
Liability Derivatives
Futures Contracts^^	$	—		$	—		$	—		$	(17,336	)	$	(17,336	)
Swap Agreements^		—			(9,196,947	)		—			—			(9,196,947	)
Swap Agreements^^^,^^^		—			—			—			(402,997	)		(402,997	)
Total Value	$	—		$	(9,196,947	)	$	—		$	(420,333	)	$	(9,617,280	)
Realized Gain (Loss)#
Purchased Options	$	—		$	—		$	—		$	383,675		$	383,675
Futures Contracts		—			—			—			859,224			859,224
Swap Agreements		—			(12,337,424	)		—			1,002,938			(11,334,486	)
Total Realized Gain (Loss)	$	—		$	(12,337,424	)	$	—		$	2,245,837		$	(10,091,587	)
Change in Appreciation/(Depreciation)##
Purchased Options	$	—		$	—		$	—		$	476,433		$	476,433
Futures Contracts		—			—			—			71,826			71,826
Swap Agreements		—			(12,128,500	)		—			(645,829	)		(12,774,329	)
Total Change in Appreciation/(Depreciation)	$	—		$	(12,128,500	)	$	—		$	(97,570	)	$	(12,226,070	)

165

Notes to Financial Statements (Continued)

	Credit Risk		Equity Risk		Foreign Exchange Risk		Interest/ Inflation Rate Risk			Total
Managed Bond Fund
Asset Derivatives
Futures Contracts^^	$	—	$	—	$	—	$	102,654		$	102,654
Realized Gain (Loss)#
Purchased Options	$	—	$	—	$	—	$	747,030		$	747,030
Futures Contracts		—		—		—		(19,533,654	)		(19,533,654	)
Total Realized Gain (Loss)	$	—	$	—	$	—	$	(18,786,624	)	$	(18,786,624	)
Change in Appreciation/(Depreciation)##
Purchased Options	$	—	$	—	$	—	$	707,164		$	707,164
Futures Contracts		—		—		—		(390,533	)		(390,533	)
Total Change in Appreciation/(Depreciation)	$	—	$	—	$	—	$	316,631		$	316,631

Short-Duration Bond Fund
Asset Derivatives
Futures Contracts^^	$	—	$	—	$	—	$	2,117		$	2,117
Liability Derivatives
Futures Contracts^^	$	—	$	—	$	—	$	(11,774	)	$	(11,774	)
Realized Gain (Loss)#
Purchased Options	$	—	$	—	$	—	$	20,671		$	20,671
Futures Contracts		—		—		—		5,076,031			5,076,031
Swap Agreements		—		—		—		(5,360,076	)		(5,360,076	)
Total Realized Gain (Loss)	$	—	$	—	$	—	$	(263,374	)	$	(263,374	)
Change in Appreciation/(Depreciation)##
Purchased Options	$	—	$	—	$	—	$	50,019		$	50,019
Futures Contracts		—		—		—		(24,750	)		(24,750	)
Swap Agreements		—		—		—		51,438			51,438
Total Change in Appreciation/(Depreciation)	$	—	$	—	$	—	$	76,707		$	76,707

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

^	Statements of Assets and Liabilities location: Payables for: open forward contracts, open swap agreements, at value, or written options outstanding, at value, as applicable.

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

^^^

Represents centrally cleared swaps or exchange-traded purchased or written options, 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, swap agreements, or written options, as applicable.

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

166

Notes to Financial Statements (Continued)

For the year ended December 31, 2022, the average number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units^†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Purchased Swaptions		Written Options		Written Swaptions
Dynamic Bond Fund		2,219	$	31,144,701	$	94,252,222		1,672,044	$	9,960,000		2,044,559	$	9,960,000
Inflation-Protected and Income Fund		217		—		219,322,365		—		37,437,000		—		—
Managed Bond Fund		1,029		—		—		—		59,800,000		—		—
Short-Duration Bond Fund		408		—		92,687,500		—		3,080,000		—		—

†

Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased swaptions and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the year ended December 31, 2022.

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 December 31, 2022. 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 December 31, 2022.

Asset Valuation Inputs

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***		Net Amount*
Dynamic Bond Fund
Goldman Sachs International	$	88,269	$	(25,247	)	$	—	$	63,022
JP Morgan Chase Bank N.A.		506,304		(19,846	)		—		486,458
Morgan Stanley & Co. LLC		386,504		(89,123	)		—		297,381
	$	981,077	$	(134,216	)	$	—	$	846,861

167

Notes to Financial Statements (Continued)

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of December 31, 2022.

Liability Valuation Inputs

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Dynamic Bond Fund
Bank of America N.A.	$	(7,964	)	$	—	$	—	$	(7,964	)
Goldman Sachs International		(25,247	)		25,247		—		—
JP Morgan Chase Bank N.A.		(19,846	)		19,846		—		—
Morgan Stanley & Co. LLC		(89,123	)		89,123		—		—
	$	(142,180	)	$	134,216	$	—	$	(7,964	)

Inflation-Protected and Income Fund
BNP Paribas SA	$	(4,244,965	)	$	—	$	4,244,965	$	—
Goldman Sachs International		(4,951,982	)		—		4,951,982		—
	$	(9,196,947	)	$	—	$	9,196,947	$	—

*	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. The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund(s) during the year ended December 31, 2022, are discussed below.

Foreign Currency Exchange Transactions

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

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

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally

168

Notes to Financial Statements (Continued)

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/(depreciation) 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 and related options.

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 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.

Options on Futures Contracts. If a Fund buys an option on a futures contract, it will have the right to assume a futures contract at a particular price during the course of the option. Its potential loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a futures contract, it is subject generally to the same risks as if it had entered into a futures contract underlying the option itself.

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. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

169

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

170

Notes to Financial Statements (Continued)

seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

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

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

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

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

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 portfolio 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 in the case of an American-style option or only on the expiration date in the case of a European-style option.

171

Notes to Financial Statements (Continued)

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

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

172

Notes to Financial Statements (Continued)

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

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

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

Inflation-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

173

Notes to Financial Statements (Continued)

lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

The 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 December 31, 2022, 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. 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.

174

Notes to Financial Statements (Continued)

Dollar Roll Transactions

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

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

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

Securities Lending

Each Fund, 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 December 31, 2022, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

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 year ended December 31, 2022, is reflected as securities lending income on the Statement of Operations.

175

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 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.

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. In addition, each of the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying ETFs. Because the Underlying ETFs have varied expense and fee levels, and the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund may own different proportions of Underlying ETFs at different times, the amount of fees and expenses indirectly incurred by each of the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund will vary.

Foreign Securities

The Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds, except for the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund, may also invest in foreign securities. In addition, certain Underlying ETFs 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, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably 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, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

176

Notes to Financial Statements (Continued)

Federal Income Tax

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

Dividends and Distributions to Shareholders

Dividends from net investment income are either declared daily and paid monthly or declared and paid annually depending on the requirements of each Fund. Dividends from net investment income may also be distributed at other times throughout the year as 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.

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 investment 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
Blend Fund	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
Dynamic Bond Fund	0.40% on the first $1 billion; and
	0.35% on any excess over $1 billion
Equity Fund	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
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
iShares 60/40 Allocation Fund	0.30% on the first $2 billion; and
	0.28% on any excess over $2 billion
iShares 80/20 Allocation Fund	0.30% on the first $2 billion; and
	0.28% on any excess over $2 billion
Managed Bond Fund	0.50% on the first $100 million;
	0.45% on the next $200 million;
	0.40% on the next $200 million; and

177

Notes to Financial Statements (Continued)

Fund	Investment Advisory Fee
	0.35% 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
Strategic Emerging Markets Fund*	1.00% on the first $500 million; and
	0.95% on any excess over $500 million
U.S. Government Money Market Fund	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

*	Prior to July 1, 2022, the investment advisory fee was 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:

High Yield Fund*	0.20%
Inflation-Protected and Income Fund**	0.08%
Managed Bond Fund**	0.10%
Short-Duration Bond Fund**	0.08%
U.S. Government Money Market Fund	0.05%

*	Effective February 1, 2022, Baring International Investment Limited (“BIIL”) was added as a sub-subadviser to the Fund. BIIL does not receive a fee from Barings under the sub-subadvisory agreement with Barings.

**	BIIL serves as a sub-subadviser to the Fund. BIIL does not receive a fee from Barings under the sub-subadvisory agreement with Barings.

MML Advisers has also entered into investment subadvisory agreements for certain Funds with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

Blend Fund	BlackRock Investment Management, LLC
Dynamic Bond Fund*	Western Asset Management Company, LLC; and Western Asset Management Company Limited
Equity Fund	Brandywine Global Investment Management, LLC; and
	T. Rowe Price Associates, Inc.
Equity Rotation Fund**	Invesco Advisers, Inc.
iShares 60/40 Allocation Fund	BlackRock Investment Management, LLC
iShares 80/20 Allocation Fund	BlackRock Investment Management, LLC
Small Cap Equity Fund	Invesco Advisers, Inc.
Strategic Emerging Markets Fund	Invesco Advisers, Inc.

*	Effective April 29, 2022, Western Asset Management Company, LLC and Western Asset Management Company Limited replaced DoubleLine Capital LP as subadvisers of the Fund.

**	Invesco Capital Management LLC serves as a sub-subadviser of the Fund.

178

Notes to Financial Statements (Continued)

The applicable Funds’ subadvisory fees are paid monthly by MML Advisers out of the investment advisory fees previously disclosed above.

Administration Fees

For the Funds noted below, 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
Dynamic Bond Fund	0.15%	0.15%
Equity Rotation Fund	0.15%	0.15%
High Yield Fund	0.15%	0.15%
iShares 60/40 Allocation Fund	0.15%	0.15%
iShares 80/20 Allocation Fund	0.15%	0.15%
Short-Duration Bond 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 Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses^#, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, 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:

	Initial Class	Service Class
Inflation-Protected and Income Fund*	0.60%	0.85%

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

*	Expense caps in effect through April 30, 2023.

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

	Class II	Service Class I
iShares 60/40 Allocation Fund*	0.50%	0.75%
iShares 80/20 Allocation Fund*	0.50%	0.75%

*	Expense caps in effect through April 30, 2023.

179

Notes to Financial Statements (Continued)

Effective May 1, 2022, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, 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
Dynamic Bond Fund*	0.57%	0.82%

*	Expense caps in effect through April 30, 2023.

Effective July 1, 2022, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses^#, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, 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
Strategic Emerging Markets Fund*	1.25%	1.50%

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

*	Expense caps in effect through April 30, 2024.

Prior to July 1, 2022, MML Advisers had agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses^#, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, 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
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.

MML Advisers has agreed to waive 0.02% of the investment advisory fee of the Dynamic Bond Fund through April 30, 2023. Prior to May 1, 2022, MML Advisers had also voluntarily agreed to waive 0.05% of the investment advisory fee of the Dynamic Bond Fund.

MML Advisers has agreed to waive 0.05% of the investment advisory fee of the Equity Rotation Fund through April 30, 2023.

Effective May 1, 2022, MML Advisers has agreed to waive 0.04% of the investment advisory fee of the High Yield Fund through April 30, 2023. Prior to May 1, 2022, MML Advisers had agreed to waive 0.05% of the investment advisory fee of the High Yield Fund.

Prior to July 1, 2022, MML Advisers had agreed to voluntarily waive 0.04% of the investment advisory fee of the Strategic Emerging Markets Fund.

MML Advisers has agreed to voluntarily waive some or all of its investment advisory fees and, if necessary, reimburse some or all of the U.S. Government Money Market 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.

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

180

Notes to Financial Statements (Continued)

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the year ended December 31, 2022, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Equity Fund		1,289
Small Cap Equity Fund		3,031
Strategic Emerging Markets Fund		(364	)

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 year ended December 31, 2022, 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	$	—	$	32,838,862	$	—	$	83,939,088
Dynamic Bond Fund		405,244,558		124,470,893		404,163,935		145,313,231
Equity Fund		—		747,146,719		—		803,985,403
Equity Rotation Fund		—		155,082,589		—		154,803,868
High Yield Fund		—		27,495,850		—		32,479,561
Inflation-Protected and Income Fund		122,149,752		50,866,704		154,005,171		81,776,775
iShares 60/40 Allocation Fund		—		32,718,857		—		1,942,391
iShares 80/20 Allocation Fund		—		47,463,619		—		2,316,803
Managed Bond Fund		1,914,860,723		127,461,056		1,979,588,426		166,622,935
Short-Duration Bond Fund		3,114,768		32,448,595		2,237,567		63,851,510
Small Cap Equity Fund		—		35,775,152		—		45,205,874
Strategic Emerging Markets Fund		—		26,680,077		—		27,515,436

181

Notes to Financial Statements (Continued)

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The 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	Realized Gains/ Losses
Equity Fund	$ —	$ 2,160,562	$ 122,027

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Blend Fund Initial Class
Sold		413,895		$	7,595,157			636,159		$	15,421,965
Issued as reinvestment of dividends		924,158			16,406,451			8,317,755			168,011,356
Redeemed		(3,420,951	)		(62,167,555	)		(3,033,135	)		(71,716,509	)
Net increase (decrease)		(2,082,898	)	$	(38,165,947	)		5,920,779		$	111,716,812
Blend Fund Service Class
Sold		796,956		$	14,877,306			835,017		$	20,280,334
Issued as reinvestment of dividends		320,969			5,658,892			2,862,933			57,432,992
Redeemed		(1,291,832	)		(22,781,897	)		(718,991	)		(16,659,759	)
Net increase (decrease)		(173,907	)	$	(2,245,699	)		2,978,959		$	61,053,567
Dynamic Bond Fund Class II
Sold		413,305		$	3,764,194			4,036,488		$	41,870,827
Issued as reinvestment of dividends		1,071,670			9,323,527			1,101,437			11,157,560
Redeemed		(4,464,133	)		(40,168,430	)		(6,070,053	)		(62,466,916	)
Net increase (decrease)		(2,979,158	)	$	(27,080,709	)		(932,128	)	$	(9,438,529	)
Dynamic Bond Fund Service Class I
Sold		182,639		$	1,609,351			233,074		$	2,381,793
Issued as reinvestment of dividends		51,438			445,452			45,869			462,823
Redeemed		(152,018	)		(1,337,379	)		(121,284	)		(1,240,336	)
Net increase (decrease)		82,059		$	717,424			157,659		$	1,604,280
Equity Fund Initial Class
Sold		454,545		$	13,017,612			509,542		$	14,992,146
Issued as reinvestment of dividends		3,501,111			92,352,834			423,279			13,032,797
Redeemed		(2,392,894	)		(68,735,444	)		(2,766,152	)		(81,888,499	)
Net increase (decrease)		1,562,762		$	36,635,002			(1,833,331	)	$	(53,863,556	)
Equity Fund Service Class
Sold		129,630		$	3,689,535			202,391		$	5,958,726
Issued as reinvestment of dividends		438,673			11,352,115			50,699			1,534,583
Redeemed		(574,345	)		(16,216,400	)		(756,362	)		(22,118,736	)
Net increase (decrease)		(6,042	)	$	(1,174,750	)		(503,272	)	$	(14,625,427	)
Equity Rotation Fund Class II
Sold		—		$	—			—		$	—
Issued as reinvestment of dividends		476,072			5,065,396			978,635			13,847,437
Redeemed		—			—			—			—
Net increase (decrease)		476,072		$	5,065,396			978,635		$	13,847,437

182

Notes to Financial Statements (Continued)

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Equity Rotation Fund Service Class I
Sold		15,270		$	174,566			15,457		$	239,663
Issued as reinvestment of dividends		23,247			245,021			55,175			776,065
Redeemed		(37,198	)		(440,874	)		(21,894	)		(340,040	)
Net increase (decrease)		1,319		$	(21,287	)		48,738		$	675,688
High Yield Fund Class II
Sold		43,206		$	388,628			557,434		$	5,804,676
Issued as reinvestment of dividends		175,067			1,463,558			257,994			2,520,599
Redeemed		(754,126	)		(6,588,447	)		(3,401,878	)		(35,336,416	)
Net increase (decrease)		(535,853	)	$	(4,736,261	)		(2,586,450	)	$	(27,011,141	)
High Yield Fund Service Class I
Sold		415,813		$	3,781,894			664,730		$	6,776,882
Issued as reinvestment of dividends		399,069			3,304,293			440,552			4,268,950
Redeemed		(1,016,750	)		(9,064,658	)		(454,185	)		(4,603,222	)
Net increase (decrease)		(201,868	)	$	(1,978,471	)		651,097		$	6,442,610
Inflation-Protected and Income Fund Initial Class
Sold		553,744		$	5,503,615			3,145,788		$	35,863,588
Issued as reinvestment of dividends		2,003,503			18,612,540			1,995,823			21,774,428
Redeemed		(5,629,099	)		(56,408,729	)		(8,720,503	)		(100,280,126	)
Net increase (decrease)		(3,071,852	)	$	(32,292,574	)		(3,578,892	)	$	(42,642,110	)
Inflation-Protected and Income Fund Service Class
Sold		833,517		$	8,368,273			1,083,080		$	12,109,593
Issued as reinvestment of dividends		518,191			4,772,542			377,051			4,083,457
Redeemed		(1,137,204	)		(11,080,559	)		(733,072	)		(8,228,037	)
Net increase (decrease)		214,504		$	2,060,256			727,059		$	7,965,013
iShares 60/40 Allocation Fund Class II*
Sold		2,490,000		$	24,900,000
Issued as reinvestment of dividends		41,943			368,682
Redeemed		—			—
Net increase (decrease)		2,531,943		$	25,268,682
iShares 60/40 Allocation Fund Service Class I*
Sold		663,011		$	6,146,502
Issued as reinvestment of dividends		9,060			79,543
Redeemed		(73,877	)		(687,112	)
Net increase (decrease)		598,194		$	5,538,933
iShares 80/20 Allocation Fund Class II*
Sold		2,490,000		$	24,900,000
Issued as reinvestment of dividends		38,549			333,448
Redeemed		—			—
Net increase (decrease)		2,528,549		$	25,233,448
iShares 80/20 Allocation Fund Service Class I*
Sold		2,289,567		$	20,872,743
Issued as reinvestment of dividends		29,577			255,844
Redeemed		(128,144	)		(1,138,800	)
Net increase (decrease)		2,191,000		$	19,989,787
Managed Bond Fund Initial Class
Sold		3,350,811		$	36,390,359			9,830,988		$	132,869,751
Issued as reinvestment of dividends		2,275,431			25,107,989			2,979,032			39,056,618
Redeemed		(10,585,519	)		(122,355,780	)		(9,863,621	)		(132,017,086	)
Net increase (decrease)		(4,959,277	)	$	(60,857,432	)		2,946,399		$	39,909,283

183

Notes to Financial Statements (Continued)

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Managed Bond Fund Service Class
Sold		560,341		$	6,453,682			2,334,792		$	30,899,919
Issued as reinvestment of dividends		730,320			8,029,901			974,495			12,723,319
Redeemed		(3,770,398	)		(42,886,006	)		(3,423,432	)		(45,447,962	)
Net increase (decrease)		(2,479,737	)	$	(28,402,423	)		(114,145	)	$	(1,824,724	)
Short-Duration Bond Fund Class II
Sold		276,258		$	2,497,738			1,473,465		$	14,632,225
Issued as reinvestment of dividends		420,867			3,657,335			471,296			4,585,706
Redeemed		(2,982,282	)		(26,689,472	)		(2,705,543	)		(26,762,700	)
Net increase (decrease)		(2,285,157	)	$	(20,534,399	)		(760,782	)	$	(7,544,769	)
Short-Duration Bond Fund Service Class I
Sold		715,271		$	6,435,357			688,848		$	6,778,368
Issued as reinvestment of dividends		116,624			1,009,962			122,618			1,189,399
Redeemed		(1,000,651	)		(8,982,630	)		(1,823,771	)		(17,988,209	)
Net increase (decrease)		(168,756	)	$	(1,537,311	)		(1,012,305	)	$	(10,020,442	)
Small Cap Equity Fund Initial Class
Sold		305,895		$	3,213,709			482,138		$	6,121,068
Issued as reinvestment of dividends		1,247,302			12,251,160			602,826			7,333,753
Redeemed		(1,050,503	)		(11,078,528	)		(1,330,955	)		(16,810,703	)
Net increase (decrease)		502,694		$	4,386,341			(245,991	)	$	(3,355,882	)
Small Cap Equity Fund Service Class
Sold		180,761		$	1,768,095			350,159		$	4,326,145
Issued as reinvestment of dividends		329,524			3,153,530			156,521			1,860,664
Redeemed		(357,752	)		(3,616,982	)		(407,046	)		(5,020,458	)
Net increase (decrease)		152,533		$	1,304,643			99,634		$	1,166,351
Strategic Emerging Markets Fund Class II
Sold		806,134		$	6,633,916			354,922		$	4,766,700
Issued as reinvestment of dividends		3,045,936			14,864,169			1,205,695			13,347,045
Redeemed		(1,083,784	)		(7,379,284	)		(3,334,598	)		(45,510,413	)
Net increase (decrease)		2,768,286		$	14,118,801			(1,773,981	)	$	(27,396,668	)
Strategic Emerging Markets Fund Service Class I
Sold		244,939		$	1,720,127			218,457		$	2,874,530
Issued as reinvestment of dividends		948,551			4,619,444			319,526			3,530,767
Redeemed		(314,578	)		(1,927,646	)		(173,532	)		(2,429,599	)
Net increase (decrease)		878,912		$	4,411,925			364,451		$	3,975,698
U.S. Government Money Market Fund Initial Class
Sold		179,538,054		$	179,538,054			102,446,334		$	102,446,334
Issued as reinvestment of dividends		2,489,672			2,489,672			—			—
Redeemed		(115,852,791	)		(115,852,791	)		(150,844,119	)		(150,844,119	)
Net increase (decrease)		66,174,935		$	66,174,935			(48,397,785	)	$	(48,397,785	)

*	Fund commenced operations on February 11, 2022.

184

Notes to Financial Statements (Continued)

6. Federal Income Tax Information

At December 31, 2022, 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	$	674,322,274	$	17,989,783	$	(52,750,030	)	$	(34,760,247	)
Dynamic Bond Fund		279,229,258		928,929		(28,389,220	)		(27,460,291	)
Equity Fund		704,427,852		137,369,064		(17,270,694	)		120,098,370
Equity Rotation Fund		45,774,279		514,442		(1,423,190	)		(908,748	)
High Yield Fund		66,610,357		276,693		(8,651,203	)		(8,374,510	)
Inflation-Protected and Income Fund		219,216,078		865,012		(25,137,354	)		(24,272,342	)
iShares 60/40 Allocation Fund		30,729,754		—		(3,693,375	)		(3,693,375	)
iShares 80/20 Allocation Fund		45,284,916		—		(4,859,072	)		(4,859,072	)
Managed Bond Fund		954,355,867		1,751,620		(110,679,279	)		(108,927,659	)
Short-Duration Bond Fund		145,138,426		910,745		(14,205,642	)		(13,294,897	)
Small Cap Equity Fund		82,602,098		36,012,313		(3,695,398	)		32,316,915
Strategic Emerging Markets Fund		54,932,976		3,259,954		(9,391,831	)		(6,131,877	)

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at December 31, 2022, 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. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At December 31, 2022, the following Fund(s) had accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Blend Fund	$	—	$	726,963
Dynamic Bond Fund		11,899,539		17,316,077
Equity Rotation Fund		3,997,163		—
High Yield Fund		659,332		11,543,619
Inflation-Protected and Income Fund		14,695,832		1,915,063
iShares 60/40 Allocation Fund		46,713		—
Managed Bond Fund		24,837,797		28,940,378
Short-Duration Bond Fund		6,406,514		7,872,875
Small Cap Equity Fund		2,718,350		652,871
Strategic Emerging Markets Fund		3,255,407		4,057,603

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.

185

Notes to Financial Statements (Continued)

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2022, was as follows:

	Ordinary Income		Long Term Capital Gain		Return of Capital
Blend Fund	$	16,279,721	$	5,785,622	$	—
Dynamic Bond Fund		9,768,979		—		—
Equity Fund		26,709,199		76,995,750		—
Equity Rotation Fund		2,518,956		2,791,461		—
High Yield Fund		4,767,851		—		—
Inflation-Protected and Income Fund		22,108,312		1,276,770		—
iShares 60/40 Allocation Fund		421,437		—		26,788
iShares 80/20 Allocation Fund		531,668		—		57,624
Managed Bond Fund		24,664,423		8,473,467		—
Short-Duration Bond Fund		4,667,297		—		—
Small Cap Equity Fund		2,936,650		12,468,040		—
Strategic Emerging Markets Fund		1,715,405		17,768,208		—
U.S. Government Money Market Fund		2,489,674		—		—

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, 2021, was as follows:

	Ordinary Income		Long Term Capital Gain
Blend Fund	$	36,317,285	$	189,127,063
Dynamic Bond Fund		11,620,383		—
Equity Fund		14,567,380		—
Equity Rotation Fund		7,616,324		7,007,178
High Yield Fund		6,789,549		—
Inflation-Protected and Income Fund		21,217,014		4,640,871
Managed Bond Fund		47,592,938		4,186,999
Short-Duration Bond Fund		5,775,105		—
Small Cap Equity Fund		1,344,618		7,849,799
Strategic Emerging Markets Fund		—		16,877,812

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2022:

	Amount
iShares 60/40 Allocation Fund	$	11,054
iShares 80/20 Allocation Fund		20,915
Strategic Emerging Markets Fund		119,577

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, 2022, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

186

Notes to Financial Statements (Continued)

At December 31, 2022, 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)			Total
Blend Fund	$	10,670,229	$	(726,963	)	$	(171,854	)	$	(34,760,246	)	$	(24,988,834	)
Dynamic Bond Fund		9,509,217		(29,215,616	)		(33,066	)		(27,338,831	)		(47,078,296	)
Equity Fund		16,677,179		63,127,947			(212,711	)		120,098,034			199,690,449
Equity Rotation Fund		513,085		(3,997,163	)		(2,451	)		(908,748	)		(4,395,277	)
High Yield Fund		3,452,000		(12,202,951	)		(18,091	)		(8,382,831	)		(17,151,873	)
Inflation-Protected and Income Fund		8,875,145		(16,610,895	)		(73,289	)		(24,272,342	)		(32,081,381	)
iShares 60/40 Allocation Fund		—		(46,713	)		—			(3,693,375	)		(3,740,088	)
iShares 80/20 Allocation Fund		—		—			—			(4,859,072	)		(4,859,072	)
Managed Bond Fund		26,477,204		(53,778,175	)		(209,217	)		(108,927,660	)		(136,437,848	)
Short-Duration Bond Fund		4,402,804		(14,279,389	)		(30,703	)		(13,294,897	)		(23,202,185	)
Small Cap Equity Fund		614,082		(3,371,221	)		(27,222	)		32,316,915			29,532,554
Strategic Emerging Markets Fund		37,976		(7,313,010	)		(12,952	)		(6,340,184	)		(13,628,170	)
U.S. Government Money Market Fund		743		—			(44,090	)		—			(43,347	)

During the year ended December 31, 2022, the following amounts were reclassified due to permanent differences between book and tax accounting:

	Paid-in Capital			Accumulated Net Realized Gain (Loss) on Investments			Undistributed Net Investment Income (Loss)
Blend Fund	$	—		$	57		$	(57	)
Dynamic Bond Fund		—			656,463			(656,463	)
Equity Fund		—			289,232			(289,232	)
Equity Rotation Fund		—			(3,317	)		3,317
High Yield Fund		—			58,364			(58,364	)
Inflation-Protected and Income Fund		—			(2,159,489	)		2,159,489
iShares 60/40 Allocation Fund		—			—			—
iShares 80/20 Allocation Fund		—			(425	)		425
Managed Bond Fund		—			(1,530,164	)		1,530,164
Short-Duration Bond Fund		—			(956,166	)		956,166
Small Cap Equity Fund		(20,520	)		(692,644	)		713,164
Strategic Emerging Markets Fund		—			(672,348	)		672,348

The Funds did not have any unrecognized tax benefits at December 31, 2022, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended December 31, 2022, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years, or the returns filed to date for Funds in existence less than three years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

187

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 June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

9. Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in future significant adverse effects, such as declines in global financial markets 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, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

10. Russia-Ukraine War

In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States and/or other countries. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund’s investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. Such sanctions may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund’s ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.

188

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of MML Series Investment Fund II and Shareholders of MML Blend Fund, MML Dynamic Bond Fund, MML Equity Fund, MML Equity Rotation Fund, MML High Yield Fund, MML Inflation-Protected and Income Fund, MML iShares^® 60/40 Allocation Fund, MML iShares^® 80/20 Allocation Fund, MML Managed Bond Fund, MML Short-Duration Bond Fund, MML Small Cap Equity Fund, MML Strategic Emerging Markets Fund, and MML U.S. Government Money Market Fund (collectively, the “Funds”):

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of the Funds of MML Series Investment Fund II, including the portfolios of investments, as of December 31, 2022, the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Funds Comprising the MML Series Investment Fund II

Statement of

Operations

Statements of

Changes in

Net Assets

Financial

Highlights

MML Blend Fund, MML Dynamic Bond Fund,
MML Equity Fund, MML Equity Rotation Fund,
MML High Yield Fund,
MML Inflation-Protected and Income Fund,
MML Managed Bond Fund,
MML Short-Duration Bond Fund,
MML Small Cap Equity Fund,
MML Strategic Emerging Markets Fund, and
MML U.S. Government Money Market Fund

For the year ended
December 31, 2022

For each of the two years in the period ended December 31, 2022

For each of the five years in the period ended December 31, 2022

MML iShares^® 60/40 Allocation Fund and MML
iShares^® 80/20 Allocation Fund

For the period from February 11, 2022 (commencement of operations), through December 31, 2022

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation

189

Report of Independent Registered Public Accounting Firm (Continued)

of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, transfer agents and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts
February 22, 2023

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

190

Trustees and Principal Officers (Unaudited)

The following table lists the Trust’s Trustees and Principal Officers; their address and year of birth; their position with the Trust; the length of time holding that position with the Trust; their principal occupation(s) during at least the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called “public companies”) or in registered investment companies. The Trust’s Statement of Additional Information includes additional information about the Trust’s Trustees and are available, without charge, upon request by calling 1-888-309-3539 or by writing MML Series Investment Fund II, c/o Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, Massachusetts 01111-0001, Attention: Investment Management Solutions.

Independent Trustees

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Allan W. Blair Year of birth: 1948	Trustee	Since 2012	Retired.	110	Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company).
Nabil N. El-Hage Year of birth: 1958	Trustee Chairman	Since 2005 2006-2012	Founder and CEO (since 2018), AEE International LLC (a Puerto Rico LLC); Founder and sole member (2016-2018), PR Academy of Executive Education LLC (a Puerto Rico LLC).	110	Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company).
Maria D. Furman Year of birth: 1954	Trustee	Since 2005	Retired.	110	Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company).
R. Bradford Malt Year of birth: 1954	Trustee	Since 2022	Chairman (2004-2019), Management Committee (1993-2019), Partner (1987-2019), Associate (1979-1987), Ropes & Gray LLP (counsel to the Trust and MassMutual).	110	Trustee (since 2022), MassMutual Select Funds (open-end investment company); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company).

191

Trustees and Principal Officers (Unaudited) (Continued)

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
C. Ann Merrifield Year of birth: 1951	Trustee	Since 2005	Retired.	110	Director (since 2020), Lead Director (2020-2022), Chairperson (since 2020) of the Nominating and Governance Committee, Member (since 2020) and Chairperson (2020-2022) of the Compensation Committee, and Member (2020-2022) of the Audit Committee, Lyra Therapeutics (a clinical-stage specialty pharmaceutical company); Director (since 2014), Chairperson (since 2017), Lead Director (2015-2017), Member (since 2014) and Chairperson (since 2015) of the Nominating and Governance Committee, Member (since 2019) of the Compensation Committee, and Member (2014-2019) of the Audit Committee, InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company).
Cynthia R. Plouché Year of birth: 1957	Trustee	Since 2022	Retired; Assessor (2014-2018), Moraine Township (property assessment).	110	Trustee (since 2014), Northern Trust Funds (open-end investment companies); Trustee (since 2022), MassMutual Select Funds (open-end investment company); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company).
Jason J. Price Year of birth: 1973	Trustee	Since 2022	Co-Founder and Chairman of the Board (2017-2021), NXTHVN (arts organization).	110	Trustee (since 2022), MassMutual Select Funds (open-end investment company); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company).
Susan B. Sweeney Year of birth: 1952	Chairperson Trustee	Since 2022 Since 2012	Retired.	112^	Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Chairperson (since 2022), Trustee (since 2009), MassMutual Select Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2009), MML Series Investment Fund (open-end investment company).

192

Trustees and Principal Officers (Unaudited) (Continued)

Interested Trustees

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office** and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Michael R. Fanning^^

Year of birth: 1963

Trustee

Since

2021

Head of MassMutual U.S. (since 2016), Executive Vice President (2016-2018), Member of MassMutual’s Executive Leadership Team (since 2008), MassMutual.

110

Director (since 2016), MML

Advisers; Trustee (since 2021), MassMutual Select Funds (open-end investment company); Trustee (since 2021), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2021), MML Series Investment Fund (open-end investment company).

Clifford M, Noreen^^^

Year of birth: 1957

Trustee

Since

2021

Head of Global Investment Strategy (since 2019), Deputy Chief Investment Officer and Managing

Director (2016-2018), MassMutual; President (2008-2016), Vice Chairman (2007-2008), Member of the Board of Managers (2006-2016), Managing Director (2000-2016), Barings LLC.

112^

Chairman (since 2009), Trustee (since 2005), President (2005-2009), CI Subsidiary Trust and PI Subsidiary Trust; Chairman and Trustee (since 2009), President (2005-2009), Vice President (1993-2005), Barings Corporate Investors (closed-end investment company); Chairman and Trustee (since 2009), President (2005-2009), Vice President

(1993-2005), Barings Participation Investors (closed-end investment company); Trustee (since 2021), MassMutual Select Funds (open-end investment company); Trustee (since 2021), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2021), MML Series Investment Fund (open-end investment company).

Principal Officers

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office^#and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Officer

Andrea Anastasio

Year of birth: 1974

Vice President

Since 2021

Vice President (since 2021), MML Advisers; Head of Investment Management Solutions (since 2021), MassMutual; Head of Investment Strategy and Research, North America (2019-2021), Head of Investment Product Management (2016-2019), State Street Global Advisors; Vice President (since 2021), MassMutual Select Funds (open-end investment company); Vice President (since 2021), MassMutual Premier Funds (open-end investment company); Vice President (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2021), MML Series Investment Fund (open-end investment company).

110

193

Trustees and Principal Officers (Unaudited) (Continued)

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office^#and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Andrew M. Goldberg Year of birth: 1966	Vice President, Secretary (formerly known as “Clerk”), and Chief Legal Officer Assistant Clerk (formerly known as “Clerk”)	Since 2008 2005- 2008	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2004-2018), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company).	110
Renee Hitchcock Year of birth: 1970	Chief Financial Officer and Treasurer Assistant Treasurer	Since 2016 2007- 2016	Head of Mutual Fund Administration (since 2018), Assistant Vice President (2015-2018), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Select Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2021), MassMutual Advantage Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund (open-end investment company).	110
Paul LaPiana Year of birth: 1969	President	Since 2021	President (since 2021), MML Advisers; Head of MassMutual U.S. Product (since 2019), Head of Field Management (2016-2019), MassMutual; President (since 2021), MassMutual Select Funds (open-end investment company); President (since 2021), MassMutual Premier Funds (open-end investment company); President (since 2021), MassMutual Advantage Funds (open-end investment company); President (since 2021), MML Series Investment Fund (open-end investment company).	110
Jill Nareau Robert Year of birth: 1972	Vice President and Assistant Secretary Assistant Secretary (formerly known as “Assistant Clerk”)	Since 2017 2008- 2017	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2009-2018), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008- 2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MassMutual Premier Funds (open-end investment company); Vice President and Assistant Secretary (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MML Series Investment Fund (open-end investment company).	110
Douglas Steele Year of birth: 1975	Vice President	Since 2016	Head of Product Management (since 2021), Vice President (since 2017), Head of Manager Research (2021), Head of Investment Management (2017-2021), Head of Investment Due Diligence (2016-2017), MML Advisers; Head of Product Management (since 2021), Head of Manager Research (2021), Head of Investment Management (2017-2021), Assistant Vice President (2013-2017), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company); Vice President (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company).	110

194

Trustees and Principal Officers (Unaudited) (Continued)

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office^#and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Officer

Philip S. Wellman

Year of birth: 1964

Vice President and Chief Compliance Officer

Since

2007

Vice President and Chief Compliance Officer (since 2013), MML Advisers; Head of Mutual Funds & RIA Compliance (since 2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (2014-2018), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company).

110

*	The address of each Trustee and Principal Officer is the same as that for the Trust; 1295 State Street, Springfield, Massachusetts 01111-0001.

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

The Chairperson is elected to hold such office for a term of three years or until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she retires, dies, resigns, is removed, or becomes disqualified, and any such Chairperson may not serve more than two consecutive terms. The Chairperson shall hold office at the pleasure of the Trustees.

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

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

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

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

195

Federal Tax Information (Unaudited)

For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)’ year ended December 31, 2022, qualified for the dividends received deduction, as follows:

	Dividends Received Deductions
Blend Fund		71.60	%
Dynamic Bond Fund		0.26	%
Equity Fund		60.90	%
Equity Rotation Fund		30.28	%
iShares 60/40 Allocation Fund		42.10	%
iShares 80/20 Allocation Fund		58.21	%
Small Cap Equity Fund		32.76	%
Strategic Emerging Markets Fund		1.37	%

For the year ended December 31, 2022, the following Fund(s) earned the following foreign sources of income:

	Amount
iShares 60/40 Allocation Fund	$	73,911
iShares 80/20 Allocation Fund		131,301
Strategic Emerging Markets Fund		293,204

The Fund(s) intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in the Treasury Regulations §1.163(j)-1(b).

196

Other Information (Unaudited)

Proxy Voting

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

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

Monthly Reporting

The U.S. Government Money Market Fund files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The U.S. Government Money Market Fund’s reports on Form N-MFP are available on the SEC’s EDGAR database on its website at http://www.sec.gov. In addition, the U.S. Government Money Market Fund makes portfolio holdings information available to shareholders at https://www.massmutual.com/funds.

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. In addition, the Funds make the complete schedule of portfolio holdings from their filings on Form N-PORT available to shareholders at https://www.massmutual.com/funds.

197

Other Information (Unaudited) (Continued)

Submission of Matters to a Vote of Security Holders

A Special Meeting of Shareholders of the Trust was held on May 25, 2022 and on the adjournment date of June 9, 2022. The Notice of Meeting of Shareholders, and a Proxy Statement and voting instruction card, were first mailed, or otherwise made available, on or about April 8, 2022 to shareholders of record as of February 25, 2022. The results of the vote on the matters submitted to shareholders at the Special Meeting are as follows:

Proposal 1:

To elect Allan W. Blair, Nabil N. El-Hage, Michael R. Fanning, Maria D. Furman, R. Bradford Malt, C. Ann Merrifield, Clifford M. Noreen, Cynthia R. Plouché, Jason J. Price, and Susan B. Sweeney as Trustees of each Trust of which the Funds are series for an indefinite term of office.*

This matter was approved by the Trust’s shareholders on June 9, 2022. The results of the votes were as follows:

	Shares Voted	Shares For	% of Shares Outstanding	Withhold	% of Shares Outstanding
Allan W. Blair	420,310,777.358	413,107,250.539	92.555%	7,203,526.819	1.613%
Nabil N. El-Hage	420,310,777.358	408,318,801.126	91.482%	11,991,976.232	2.686%
Michael R. Fanning	420,310,777.358	413,602,378.574	92.666%	6,708,398.784	1.502%
Maria D. Furman	420,310,777.358	406,715,298.774	91.123%	13,595,478.584	3.046%
R. Bradford Malt	420,310,777.358	409,891,570.770	91.834%	10,419,206.588	2.334%
C. Ann Merrifield	420,310,777.358	406,574,438.771	91.091%	13,736,338.587	3.077%
Clifford M. Noreen	420,310,777.358	413,453,646.743	92.632%	6,857,130.615	1.536%
Cynthia R. Plouché	420,310,777.358	406,767,916.268	91.134%	13,542,861.090	3.034%
Jason J. Price	420,310,777.358	413,277,370.564	92.593%	7,033,406.794	1.575%
Susan B. Sweeney	420,310,777.358	407,030,040.975	91.193%	13,280,736.383	2.975%

*	Denotes Trust-wide proposal and voting results.

Proposal 2:

To liquidate certain Funds and distribute the liquidation proceeds to an affiliated money market fund.

This matter was approved by the following Funds’ shareholders on June 9, 2022. The results of the votes were as follows:

	Shares Voted	Shares For	% of Shares Outstanding	Against	% of Shares Outstanding	Abstain	% of Shares Outstanding
Equity Momentum Fund	4,206,094.132	2,910,331.062	69.194%	0.000	0.000%	1,295,763.070	30.806%
Special Situations Fund	3,179,316.884	3,179,316.884	100.000%	0.000	0.000%	0.000	0.000%

198

Other Information (Unaudited) (Continued)

Fund Expenses December 31, 2022

Expense Examples:

The following information is in regards to expenses for the six months ended December 31, 2022:

As a shareholder of the Funds, you incur ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended December 31, 2022.

Actual Expenses:

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

Hypothetical Example for Comparison Purposes:

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

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

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Blend Fund
Initial Class	$1,000	0.45%	$1,003.90	$2.27	$1,022.90	$2.29
Service Class	1,000	0.70%	1,002.60	3.53	1,021.70	3.57
Dynamic Bond Fund
Class II	1,000	0.57%	964.80	2.82	1,022.30	2.91
Service Class I	1,000	0.82%	963.30	4.06	1,021.10	4.18
Equity Fund
Initial Class	1,000	0.45%	1,078.20	2.36	1,022.90	2.29
Service Class	1,000	0.70%	1,076.90	3.66	1,021.70	3.57
Equity Rotation Fund
Class II	1,000	0.78%	1,049.00	4.03	1,021.30	3.97
Service Class I	1,000	1.03%	1,048.40	5.32	1,020.00	5.24
High Yield Fund
Class II	1,000	1.02%	1,026.30	5.21	1,020.10	5.19
Service Class I	1,000	1.28%	1,024.90	6.53	1,018.80	6.51

199

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	0.60%	$960.70	$2.97	$1,022.20	$3.06
Service Class	1,000	0.85%	959.80	4.20	1,020.90	4.33
iShares 60/40 Allocation Fund
Class II	1,000	0.46%	1,002.90	2.32	1,022.90	2.35
Service Class I	1,000	0.71%	1,001.40	3.58	1,021.60	3.62
iShares 80/20 Allocation Fund
Class II	1,000	0.46%	1,014.30	2.34	1,022.90	2.35
Service Class I	1,000	0.71%	1,014.00	3.60	1,021.60	3.62
Managed Bond Fund
Initial Class	1,000	0.45%	965.80	2.23	1,022.90	2.29
Service Class	1,000	0.70%	964.60	3.47	1,021.70	3.57
Short-Duration Bond Fund
Class II	1,000	0.61%	1,001.50	3.08	1,022.10	3.11
Service Class I	1,000	0.86%	1,000.80	4.34	1,020.90	4.38
Small Cap Equity Fund
Initial Class	1,000	0.75%	1,055.30	3.89	1,021.40	3.82
Service Class	1,000	1.00%	1,054.00	5.18	1,020.20	5.09
Strategic Emerging Markets Fund
Class II	1,000	1.25%	1,001.20	6.31	1,018.90	6.36
Service Class I	1,000	1.50%	998.80	7.56	1,017.60	7.63
U.S. Government Money Market Fund
Initial Class	1,000	0.54%	1,011.70	2.74	1,022.50	2.75

Expenses are calculated using the annualized expense ratio for the six months ended December 31, 2022, multiplied by the average account value over the period, multiplied by 184 days in the period, divided by 365 days in the year, unless stated otherwise. The annualized expense ratio does not reflect expenses deducted under the variable life insurance or variable annuity contract through which the Funds are invested in. Inclusion of these expenses would increase the annualized expense ratios shown.

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Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

MM202403-304049

(b) Not applicable to this filing.

Item 2. Code of Ethics.

As of December 31, 2022, the Registrant adopted a Code of Ethics that applies to the Principal Executive Officer, Principal Financial Officer, and other senior financial officers pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2022, the Code of Ethics was amended to remove a registrant no longer subject to the Code of Ethics, and the Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code of Ethics. A copy of its Code of Ethics is filed with this Form N-CSR under Item 13(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Nabil N. El-Hage, a member of the Audit Committee, is an audit committee financial expert as defined by the Securities and Exchange Commission (the “SEC”). Mr. El-Hage is “independent” as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services.

References below to Deloitte & Touche LLP include its affiliates where applicable.

(a)

AUDIT FEES: The aggregate fees billed to the Registrant for professional services rendered by its independent auditors, Deloitte & Touche LLP, for the audit of the Registrant’s annual financial statements for the fiscal years ended 2022 and 2021 were $213,190 and $441,457, respectively.

(b)

AUDIT RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2022 and 2021. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2022 and 2021.

(c)

TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by Deloitte & Touche LLP for the review of Form 1120-RIC, Form 8613, excise distribution projections, distribution calculation and reasonable out of pocket expenses for the fiscal years ended 2022 and 2021 were $25,440 and $21,984, respectively. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2022 and 2021.

(d)

ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2022 and 2021. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2022 and 2021.

(e)

(1) AUDIT COMMITTEE PRE-APPROVAL POLICY: All services to be performed for the Registrant by Deloitte & Touche LLP must be pre-approved by the audit committee. All services performed during the fiscal years ended 2022 and 2021 were pre-approved by the committee.

(2) Not applicable.

(f)

Not applicable.

(g)

The aggregate non-audit fees billed by Deloitte & Touche LLP for services rendered to the Registrant, the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant, for the fiscal years ended 2022 and 2021 were $626,111 and $2,562,218, respectively.

(h)

The audit committee considers whether the provision of non-audit services by Deloitte & Touche LLP to the Registrant's adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining Deloitte & Touche LLP's independence.

(i)

Not applicable.

(j)

Not applicable.

Refers to fees that were required to be approved by the audit committee for services that relate directly to the operations and financial reporting of the Registrant.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a)

Please see portfolio of investments contained in the Report 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 attached.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

MML Series Investment Fund II

By (Signature and Title)	/s/ Paul LaPiana
	Paul LaPiana, President and Principal Executive Officer

Date

2/22/2023

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/ Paul LaPiana
	Paul LaPiana, President and Principal Executive Officer

Date

2/22/2023

By (Signature and Title)	/s/ Renee Hitchcock
	Renée Hitchcock, Treasurer and Principal Financial Officer

Date

2/22/2023

MML Series Investment Fund II N-CSRCertified annual shareholder report (management investment company)