# EDGAR Filing Document

**Accession Number:** 0001317146
**File Stem:** 0001133228-26-003101
**Filing Date:** 2026-3
**Character Count:** 581205
**Document Hash:** abe7124aedb68900c7d36d267485c98b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003101.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001133228-26-003101

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 105

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MML Series Investment Fund II
- **CENTRAL INDEX KEY:** 0001317146

**ORGANIZATION NAME:**
- **EIN:** 043557005
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21714
- **FILM NUMBER:** 26726460

**BUSINESS ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111
- **BUSINESS PHONE:** 413-744-1000

**MAIL ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111

## Series and Classes Contracts Data

### MML Blend Fund (Series ID: S000003830)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000010686 | Initial Class |  |
| C000067851 | Service Class |  |

### MML Equity Fund (Series ID: S000003832)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000010688 | Initial Class |  |
| C000067853 | Service Class |  |

### MML Inflation-Protected and Income Fund (Series ID: S000003833)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000010689 | Initial Class |  |
| C000067854 | Service Class |  |

### MML Managed Bond Fund (Series ID: S000003834)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000010690 | Initial Class |  |
| C000067855 | Service Class |  |

### MML U.S. Government Money Market Fund (Series ID: S000003835)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000010691 | Initial Class |  |

### MML VIP Invesco Small Cap Equity Fund (Series ID: S000003836)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000010692 | Initial Class |  |
| C000067857 | Service Class |  |

### MML Short-Duration Bond Fund (Series ID: S000028330)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000086554 | Class II        |  |
| C000086555 | Service Class I |  |

### MML VIP BlackRock iShares 60/40 Allocation Fund (Series ID: S000071681)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000227125 | Service Class I |  |
| C000227126 | Class II        |  |

### MML VIP BlackRock iShares 80/20 Allocation Fund (Series ID: S000071682)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000227127 | Service Class I |  |
| C000227128 | Class II        |  |

### MML Invesco Discovery Large Cap Fund (Series ID: S000091876)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000259725 | Service Class I |  |
| C000259726 | Class II        |  |

### MML Invesco Discovery Mid Cap Fund (Series ID: S000091877)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000259727 | Service Class I |  |
| C000259728 | Class II        |  |

?xml version='1.0' encoding='ASCII'? 2026-01-122BAC_MMLBlendFund_InitialClass_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;811-21714 |
| **MML Series Investment Fund II** | **MML Series Investment Fund II** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |

---

<u>1295 State Street, Springfield, MA</u> <u>01111</u> <br> (Address of principal executive offices) (Zip code) <br>

---

| | |
|:---|:---|
| Douglas Steele | Douglas Steele |
| 1295 State Street, Springfield, MA 01111 | 1295 State Street, Springfield, MA 01111 |
| (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | (413) 744-1000 |

---

Date of fiscal year end: <u>12/31/2025</u> <br>Date of reporting period: <u>12/31/2025</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Stockholders are attached herewith.

---

| | |
|:---|:---|
| **MML Blend Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Blend Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $48 | 0.45% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom Balanced Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Asset allocation within fixed income contributed to performance.

• The iShares® 5-10 Year Investment Grade Corporate Bond ETF outperformed and contributed to returns.

• The iShares Core Total USD Bond Market ETF contributed to performance.

Top detractors to the Fund's performance relative to the Custom Balanced Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Style allocation, particularly to small-cap stocks, detracted from returns.

• The iShares Core S&P Total U.S. Stock Market ETF detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-2BACF

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5994img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 12.84% | 7.86% | 9.21% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Lipper Balanced Fund Index**  | 13.40% | 6.77% | 8.18% |
| **Custom Balanced Index**  | 13.76% | 8.49% | 9.85% |

---

The Custom Balanced Index is a hypothetical custom index which comprises the S&P 500® Index and Bloomberg U.S. Aggregate Bond Index. The weightings of each index are 60% and 40%, respectively.

*The Fund's investment objective and investment strategy changed on November 18, 2020. The performance results shown above would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented.*

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $684.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 10 |
| **Total Advisory Fees Paid During the Reporting Period** | $2831091 |
| **Portfolio Turnover Rate** | 6% |

---

MM202912-309770 PAGE 2 TSR-AR-2BACF

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 60.3% |
|  Fixed Income Funds  | 39.6% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-2BACF

------

---

| | |
|:---|:---|
| **MML Blend Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Blend Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $74 | 0.70% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom Balanced Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Asset allocation within fixed income contributed to performance.

• The iShares® 5-10 Year Investment Grade Corporate Bond ETF outperformed and contributed to returns.

• The iShares Core Total USD Bond Market ETF contributed to performance.

Top detractors to the Fund's performance relative to the Custom Balanced Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Style allocation, particularly to small-cap stocks, detracted from returns.

• The iShares Core S&P Total U.S. Stock Market ETF detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-2BACG

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5995img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 12.56% | 7.59% | 8.93% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Lipper Balanced Fund Index**  | 13.40% | 6.77% | 8.18% |
| **Custom Balanced Index**  | 13.76% | 8.49% | 9.85% |

---

The Custom Balanced Index is a hypothetical custom index which comprises the S&P 500® Index and Bloomberg U.S. Aggregate Bond Index. The weightings of each index are 60% and 40%, respectively.

*The Fund's investment objective and investment strategy changed on November 18, 2020. The performance results shown above would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented.*

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $684.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 10 |
| **Total Advisory Fees Paid During the Reporting Period** | $2831091 |
| **Portfolio Turnover Rate** | 6% |

---

MM202912-309770 PAGE 2 TSR-AR-2BACG

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 60.3% |
|  Fixed Income Funds  | 39.6% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-2BACG

------

---

| | |
|:---|:---|
| **MML Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $47 | 0.43% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the financial services sector.

• Stock selection within the health care sector.

• An underweight allocation to the real estate sector.

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the communication services sector.

• An underweight allocation to the information technology sector.

• An underweight allocation to the health care sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-2BAKF

------

![image](ts5996img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 17.49% | 13.75% | 11.23% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 1000 Value Index**  | 15.91% | 11.33% | 10.53% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $899.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 234 |
| **Total Advisory Fees Paid During the Reporting Period** | $3463819 |
| **Portfolio Turnover Rate** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JP Morgan Chase & Co.  | 5.5% |
|  Johnson & Johnson  | 4.4% |
|  Exxon Mobil Corp.  | 3.7% |
|  Bank of America Corp.  | 2.9% |
|  Morgan Stanley  | 2.4% |
|  Wells Fargo & Co.  | 2.4% |
|  Goldman Sachs Group, Inc.  | 2.3% |
|  Walt Disney Co.  | 2.2% |
|  PepsiCo, Inc.  | 2.1% |
|  QUALCOMM, Inc.  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.1% |
|  Health Care  | 17.4% |
|  Energy  | 8.6% |
|  Industrials  | 8.3% |
|  Consumer Discretionary  | 7.1% |
|  Consumer Staples  | 6.4% |
|  Communication Services  | 6.2% |
|  Information Technology  | 5.4% |
|  Materials  | 3.9% |
|  Utilities  | 2.9% |
|  Exchange-Traded Funds  | 1.8% |
|  Real Estate  | 0.2% |

---

MM202912-309770 PAGE 2 TSR-AR-2BAKF

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-2BAKF

------

---

| | |
|:---|:---|
| **MML Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $74 | 0.68% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the financial services sector.

• Stock selection within the health care sector.

• An underweight allocation to the real estate sector.

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the communication services sector.

• An underweight allocation to the information technology sector.

• An underweight allocation to the health care sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-2BAKG

------

![image](ts5997img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 17.20% | 13.47% | 10.96% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 1000 Value Index**  | 15.91% | 11.33% | 10.53% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $899.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 234 |
| **Total Advisory Fees Paid During the Reporting Period** | $3463819 |
| **Portfolio Turnover Rate** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JP Morgan Chase & Co.  | 5.5% |
|  Johnson & Johnson  | 4.4% |
|  Exxon Mobil Corp.  | 3.7% |
|  Bank of America Corp.  | 2.9% |
|  Morgan Stanley  | 2.4% |
|  Wells Fargo & Co.  | 2.4% |
|  Goldman Sachs Group, Inc.  | 2.3% |
|  Walt Disney Co.  | 2.2% |
|  PepsiCo, Inc.  | 2.1% |
|  QUALCOMM, Inc.  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.1% |
|  Health Care  | 17.4% |
|  Energy  | 8.6% |
|  Industrials  | 8.3% |
|  Consumer Discretionary  | 7.1% |
|  Consumer Staples  | 6.4% |
|  Communication Services  | 6.2% |
|  Information Technology  | 5.4% |
|  Materials  | 3.9% |
|  Utilities  | 2.9% |
|  Exchange-Traded Funds  | 1.8% |
|  Real Estate  | 0.2% |

---

MM202912-309770 PAGE 2 TSR-AR-2BAKG

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-2BAKG

------

---

| | |
|:---|:---|
| **MML Inflation-Protected and Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Inflation-Protected and Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $65 | 0.63% |

---

**HOW DID THE FUND PERFORM?**

Global fixed income markets delivered solid positive returns during the period, despite volatility driven by shifting monetary policies, geopolitical tensions, and trade uncertainty. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• Fund inflation component contributed to returns.

• Exposure to short maturity TIPS contributed to performance.

Top detractors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• The financing costs of TIPS total return swaps within the income component detracted from performance.

• Lower net income from the income component of the Fund.

• Underperformance of asset-backed securities (ABS) within the income component of the Fund.

MM202912-309770 PAGE 1 TSR-AR-ITJLF

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5998img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 5.89% | 1.12% | 3.15% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |
| **Bloomberg U.S. Treasury Inflation Protected Securities** **(TIPS) Index (Series-L)**  | 7.01% | 1.12% | 3.09% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $161.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 181 |
| **Total Advisory Fees Paid During the Reporting Period** | $957744 |
| **Portfolio Turnover Rate** | 88% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJLF

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 63.1% |
|  U.S. Treasury Obligations  | 23.4% |
|  Commercial Paper  | 7.5% |
|  Corporate Debt  | 2.6% |
|  U.S. Government Agency Obligations and Instrumentalities  | 1.4% |
|  Exchange-Traded Funds  | 1.1% |
|  Repurchase Agreement  | 0.9% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Prior to April 25, 2025, MML Investment Advisers, LLC had agreed to cap the fees and expenses of the Fund (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) through April 30, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.61% and 0.86% for Initial Class and Service Class shares, respectively.

On April 25, 2025, this agreement was replaced by a new agreement with MML Investment Advisers, LLC to cap the fees and expenses of the Fund (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) through April 30, 2026, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.64% and 0.89% for Initial Class and Service Class shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITJLF

------

---

| | |
|:---|:---|
| **MML Inflation-Protected and Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Inflation-Protected and Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $90 | 0.88% |

---

**HOW DID THE FUND PERFORM?**

Global fixed income markets delivered solid positive returns during the period, despite volatility driven by shifting monetary policies, geopolitical tensions, and trade uncertainty. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• Fund inflation component contributed to returns.

• Exposure to short maturity TIPS contributed to performance.

Top detractors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• The financing costs of TIPS total return swaps within the income component detracted from performance.

• Lower net income from the income component of the Fund.

• Underperformance of asset-backed securities (ABS) within the income component of the Fund.

MM202912-309770 PAGE 1 TSR-AR-ITJLG

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5999img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 5.57% | 0.85% | 2.89% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |
| **Bloomberg U.S. Treasury Inflation Protected Securities** **(TIPS) Index (Series-L)**  | 7.01% | 1.12% | 3.09% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $161.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 181 |
| **Total Advisory Fees Paid During the Reporting Period** | $957744 |
| **Portfolio Turnover Rate** | 88% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJLG

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 63.1% |
|  U.S. Treasury Obligations  | 23.4% |
|  Commercial Paper  | 7.5% |
|  Corporate Debt  | 2.6% |
|  U.S. Government Agency Obligations and Instrumentalities  | 1.4% |
|  Exchange-Traded Funds  | 1.1% |
|  Repurchase Agreement  | 0.9% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Prior to April 25, 2025, MML Investment Advisers, LLC had agreed to cap the fees and expenses of the Fund (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) through April 30, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.61% and 0.86% for Initial Class and Service Class shares, respectively.

On April 25, 2025, this agreement was replaced by a new agreement with MML Investment Advisers, LLC to cap the fees and expenses of the Fund (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) through April 30, 2026, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.64% and 0.89% for Initial Class and Service Class shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITJLG

------

---

| | |
|:---|:---|
| **MML Invesco Discovery Large Cap Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Invesco Discovery Large Cap Fund (the "Fund") for the period of November 14, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment<sup>1</sup>**  | **Costs paid as a percentage of** **a $10,000 investment<sup>1</sup>**  |
| Service Class I | $13 | 1.03% |

---

1 The expenses shown in this table are for less than a full reporting period. The expenses paid over a full reporting period would be higher.

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Sector allocation was the primary driver of relative performance.

• Stock selection was positive within the information technology sector.

• An underweight allocation to the financials sector contributed positively to relative performance.

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was negative within the health care sector.

• Stock selection was negative within the consumer discretionary sector.

• Stock selection was negative within the communication services sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (November 14, 2025 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IT8WG

------

![image](ts6019img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(11/14/2025)** |
| **Service Class I - without sales charge**  | 1.10% |
| **S&P 500 Index**  | 14.51% |
| **Russell 1000 Growth Index**  | 6.46% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $344.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 49 |
| **Total Advisory Fees Paid During the Reporting Period** | $229320 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 12.5% |
|  Microsoft Corp.  | 8.6% |
|  Alphabet, Inc. Class C  | 7.2% |
|  Amazon.com, Inc.  | 6.2% |
|  Broadcom, Inc.  | 5.6% |
|  Apple, Inc.  | 5.5% |
|  Meta Platforms, Inc. Class A  | 4.0% |
|  AppLovin Corp. Class A  | 2.4% |
|  Tesla, Inc.  | 2.4% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 47.3% |
|  Communication Services  | 13.8% |
|  Consumer Discretionary  | 12.0% |
|  Industrials  | 9.2% |
|  Financials  | 6.8% |
|  Health Care  | 6.2% |
|  Real Estate  | 2.1% |
|  Energy  | 1.1% |
|  Consumer Staples  | 0.9% |
|  Utilities  | 0.6% |

---

MM202912-309770 PAGE 2 TSR-AR-IT8WG

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IT8WG

------

---

| | |
|:---|:---|
| **MML Invesco Discovery Large Cap Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Invesco Discovery Large Cap Fund (the "Fund") for the period of November 14, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment<sup>1</sup>**  | **Costs paid as a percentage of** **a $10,000 investment<sup>1</sup>**  |
| Class II | $10 | 0.78% |

---

1 The expenses shown in this table are for less than a full reporting period. The expenses paid over a full reporting period would be higher.

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Sector allocation was the primary driver of relative performance.

• Stock selection was positive within the information technology sector.

• An underweight allocation to the financials sector contributed positively to relative performance.

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was negative within the health care sector.

• Stock selection was negative within the consumer discretionary sector.

• Stock selection was negative within the communication services sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (November 14, 2025 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IT8WF

------

![image](ts6018img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(11/14/2025)** |
| **Class II - without sales charge**  | 1.10% |
| **S&P 500 Index**  | 14.51% |
| **Russell 1000 Growth Index**  | 6.46% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $344.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 49 |
| **Total Advisory Fees Paid During the Reporting Period** | $229320 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 12.5% |
|  Microsoft Corp.  | 8.6% |
|  Alphabet, Inc. Class C  | 7.2% |
|  Amazon.com, Inc.  | 6.2% |
|  Broadcom, Inc.  | 5.6% |
|  Apple, Inc.  | 5.5% |
|  Meta Platforms, Inc. Class A  | 4.0% |
|  AppLovin Corp. Class A  | 2.4% |
|  Tesla, Inc.  | 2.4% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 47.3% |
|  Communication Services  | 13.8% |
|  Consumer Discretionary  | 12.0% |
|  Industrials  | 9.2% |
|  Financials  | 6.8% |
|  Health Care  | 6.2% |
|  Real Estate  | 2.1% |
|  Energy  | 1.1% |
|  Consumer Staples  | 0.9% |
|  Utilities  | 0.6% |

---

MM202912-309770 PAGE 2 TSR-AR-IT8WF

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IT8WF

------

---

| | |
|:---|:---|
| **MML Invesco Discovery Mid Cap Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Invesco Discovery Mid Cap Fund (the "Fund") for the period of November 14, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment<sup>1</sup>**  | **Costs paid as a percentage of** **a $10,000 investment<sup>1</sup>**  |
| Service Class I | $14 | 1.10% |

---

1 The expenses shown in this table are for less than a full reporting period. The expenses paid over a full reporting period would be higher.

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell Midcap® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Sector allocation was the primary contributor to relative performance.

• Stock selection was positive within the information technology sector.

• Stock selection was positive within the health care sector.

Top detractors to the Fund's performance relative to the Russell Midcap Growth Index

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was negative within the industrials sector.

• Stock selection was negative within the consumer discretionary sector.

• An underweight allocation to the consumer discretionary sector detracted from relative performance.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (November 14, 2025 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IT8XG

------

![image](ts6020img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(11/14/2025)** |
| **Service Class I - without sales charge**  | 0.60% |
| **Russell 3000 Index**  | 15.49% |
| **Russell Midcap Growth Index**  | 0.28% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $265.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 76 |
| **Total Advisory Fees Paid During the Reporting Period** | $207376 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hilton Worldwide Holdings, Inc.  | 3.6% |
|  Howmet Aerospace, Inc.  | 3.2% |
|  Monolithic Power Systems, Inc.  | 2.9% |
|  Quanta Services, Inc.  | 2.6% |
|  Comfort Systems USA, Inc.  | 2.6% |
|  Cencora, Inc.  | 2.4% |
|  Lumentum Holdings, Inc.  | 2.2% |
|  Cloudflare, Inc. Class A  | 2.2% |
|  Flex Ltd.  | 2.1% |
|  CBRE Group, Inc. Class A  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 27.4% |
|  Information Technology  | 22.1% |
|  Health Care  | 15.4% |
|  Consumer Discretionary  | 14.2% |
|  Financials  | 8.9% |
|  Communication Services  | 2.6% |
|  Utilities  | 2.4% |
|  Real Estate  | 2.0% |
|  Energy  | 1.6% |
|  Consumer Staples  | 1.2% |
|  Materials  | 0.7% |

---

MM202912-309770 PAGE 2 TSR-AR-IT8XG

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IT8XG

------

---

| | |
|:---|:---|
| **MML Invesco Discovery Mid Cap Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Invesco Discovery Mid Cap Fund (the "Fund") for the period of November 14, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment<sup>1</sup>**  | **Costs paid as a percentage of** **a $10,000 investment<sup>1</sup>**  |
| Class II | $11 | 0.85% |

---

1 The expenses shown in this table are for less than a full reporting period. The expenses paid over a full reporting period would be higher.

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell Midcap® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Sector allocation was the primary contributor to relative performance.

• Stock selection was positive within the information technology sector.

• Stock selection was positive within the health care sector.

Top detractors to the Fund's performance relative to the Russell Midcap Growth Index

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was negative within the industrials sector.

• Stock selection was negative within the consumer discretionary sector.

• An underweight allocation to the consumer discretionary sector detracted from relative performance.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (November 14, 2025 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IT8XF

------

![image](ts6021img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(11/14/2025)** |
| **Class II - without sales charge**  | 0.60% |
| **Russell 3000 Index**  | 15.49% |
| **Russell Midcap Growth Index**  | 0.28% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $265.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 76 |
| **Total Advisory Fees Paid During the Reporting Period** | $207376 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hilton Worldwide Holdings, Inc.  | 3.6% |
|  Howmet Aerospace, Inc.  | 3.2% |
|  Monolithic Power Systems, Inc.  | 2.9% |
|  Quanta Services, Inc.  | 2.6% |
|  Comfort Systems USA, Inc.  | 2.6% |
|  Cencora, Inc.  | 2.4% |
|  Lumentum Holdings, Inc.  | 2.2% |
|  Cloudflare, Inc. Class A  | 2.2% |
|  Flex Ltd.  | 2.1% |
|  CBRE Group, Inc. Class A  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 27.4% |
|  Information Technology  | 22.1% |
|  Health Care  | 15.4% |
|  Consumer Discretionary  | 14.2% |
|  Financials  | 8.9% |
|  Communication Services  | 2.6% |
|  Utilities  | 2.4% |
|  Real Estate  | 2.0% |
|  Energy  | 1.6% |
|  Consumer Staples  | 1.2% |
|  Materials  | 0.7% |

---

MM202912-309770 PAGE 2 TSR-AR-IT8XF

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IT8XF

------

---

| | |
|:---|:---|
| **MML Managed Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Managed Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $47 | 0.45% |

---

**HOW DID THE FUND PERFORM?**

Global fixed income markets delivered solid positive returns during the period, despite volatility driven by shifting monetary policies, geopolitical tensions, and trade uncertainty. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within commercial mortgage-backed securities (CMBS).

• Issue selection within corporate credit.

• An underweight allocation and issues selection within U.S. Treasury securities.

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Underweight allocation to U.S. Treasury securities caused detraction due to interest rate effect given market rates declined.

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration.

• An overweight allocation to asset-backed securities (ABS).

MM202912-309770 PAGE 1 TSR-AR-ITIYF

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6015img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 7.85% | 0.48% | 2.64% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $719.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 382 |
| **Total Advisory Fees Paid During the Reporting Period** | $2854520 |
| **Portfolio Turnover Rate** | 122% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIYF

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 38.3% |
|  U.S. Government Agency Obligations and Instrumentalities  | 23.3% |
|  Non-U.S. Government Agency Obligations  | 22.0% |
|  U.S. Treasury Obligations  | 12.8% |
|  Commercial Paper  | 2.5% |
|  Investment of Cash Collateral from Securities Loaned  | 0.6% |
|  Sovereign Debt Obligations  | 0.3% |
|  Repurchase Agreement  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (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) through April 30, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.57% and 0.82% for Initial Class and Service Class shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIYF

------

---

| | |
|:---|:---|
| **MML Managed Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Managed Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $73 | 0.70% |

---

**HOW DID THE FUND PERFORM?**

Global fixed income markets delivered solid positive returns during the period, despite volatility driven by shifting monetary policies, geopolitical tensions, and trade uncertainty. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within commercial mortgage-backed securities (CMBS).

• Issue selection within corporate credit.

• An underweight allocation and issues selection within U.S. Treasury securities.

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Underweight allocation to U.S. Treasury securities caused detraction due to interest rate effect given market rates declined.

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration.

• An overweight allocation to asset-backed securities (ABS).

MM202912-309770 PAGE 1 TSR-AR-ITIYG

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6016img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 7.59% | 0.23% | 2.38% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $719.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 382 |
| **Total Advisory Fees Paid During the Reporting Period** | $2854520 |
| **Portfolio Turnover Rate** | 122% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIYG

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 38.3% |
|  U.S. Government Agency Obligations and Instrumentalities  | 23.3% |
|  Non-U.S. Government Agency Obligations  | 22.0% |
|  U.S. Treasury Obligations  | 12.8% |
|  Commercial Paper  | 2.5% |
|  Investment of Cash Collateral from Securities Loaned  | 0.6% |
|  Sovereign Debt Obligations  | 0.3% |
|  Repurchase Agreement  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (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) through April 30, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.57% and 0.82% for Initial Class and Service Class shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIYG

------

---

| | |
|:---|:---|
| **MML Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Short-Duration Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $61 | 0.59% |

---

**HOW DID THE FUND PERFORM?**

Global fixed income markets delivered solid positive returns during the period, despite volatility driven by shifting monetary policies, geopolitical tensions, and trade uncertainty. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Selection within cash equivalent securities.

• Selection within the corporate bond sector.

• Selection within asset-backed securities (ABS).

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation within cash equivalent securities.

• An underweight allocation to U.S. Treasury securities had a negative impact from interest rate effect given short-term rates declined.

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration.

MM202912-309770 PAGE 1 TSR-AR-IYFLF

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6004img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class II - without sales charge**  | 5.96% | 2.56% | 2.57% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |
| **Bloomberg U.S. Aggregate 1-3 Year Bond Index**  | 5.39% | 1.98% | 2.08% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $107.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 268 |
| **Total Advisory Fees Paid During the Reporting Period** | $388447 |
| **Portfolio Turnover Rate** | 52% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFLF

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 45.6% |
|  Non-U.S. Government Agency Obligations  | 36.2% |
|  Commercial Paper  | 15.8% |
|  Repurchase Agreement  | 1.2% |
|  Sovereign Debt Obligations  | 0.6% |
|  Investment of Cash Collateral from Securities Loaned  | 0.6% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFLF

------

---

| | |
|:---|:---|
| **MML Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Short-Duration Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $86 | 0.84% |

---

**HOW DID THE FUND PERFORM?**

Global fixed income markets delivered solid positive returns during the period, despite volatility driven by shifting monetary policies, geopolitical tensions, and trade uncertainty. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Selection within cash equivalent securities.

• Selection within the corporate bond sector.

• Selection within asset-backed securities (ABS).

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation within cash equivalent securities.

• An underweight allocation to U.S. Treasury securities had a negative impact from interest rate effect given short-term rates declined.

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration.

MM202912-309770 PAGE 1 TSR-AR-IYFLG

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6005img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class I - without sales charge**  | 5.76% | 2.30% | 2.31% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |
| **Bloomberg U.S. Aggregate 1-3 Year Bond Index**  | 5.39% | 1.98% | 2.08% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $107.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 268 |
| **Total Advisory Fees Paid During the Reporting Period** | $388447 |
| **Portfolio Turnover Rate** | 52% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFLG

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 45.6% |
|  Non-U.S. Government Agency Obligations  | 36.2% |
|  Commercial Paper  | 15.8% |
|  Repurchase Agreement  | 1.2% |
|  Sovereign Debt Obligations  | 0.6% |
|  Investment of Cash Collateral from Securities Loaned  | 0.6% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFLG

------

---

| | |
|:---|:---|
| **MML U.S. Government Money Market Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML U.S. Government Money Market Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $53 | 0.52% |

---

**HOW DID THE FUND PERFORM?**

Global fixed income markets delivered solid positive returns during the period, despite volatility driven by shifting monetary policies, geopolitical tensions, and trade uncertainty. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the FTSE 3 Month US T Bill Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Selection effect from U.S. agency floating rate notes.

• U.S. treasury debt exposure.

Top detractors to the Fund's performance relative to the FTSE 3 Month US T Bill Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation in agency notes, which underperformed U.S. treasury notes.

• Exposure to repurchase agreement for daily liquidity management.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the

MM202912-309770 PAGE 1 TSR-AR-ITIZA

------

Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6008img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 3.79% | 2.87% | 1.80% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |
| **FTSE 3 Month US T Bill Index**  | 4.40% | 3.31% | 2.23% |

---

*The Fund's name, investment objective, and investment strategy changed on May 1, 2016 when the Fund changed from a money market fund to a government money market fund. Performance results shown were achieved when the Fund could invest in types of securities that it is no longer able to hold. Future performance of the Fund may be lower as a result.*

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $204.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 16 |
| **Total Advisory Fees Paid During the Reporting Period** | $922687 |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Discount Notes  | 46.2% |
|  U.S. Treasury Bills  | 41.5% |
|  Repurchase Agreement  | 12.3% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIZA

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIZA

------

---

| | |
|:---|:---|
| **MML VIP BlackRock iShares® 60/40 Allocation** **Fund** *(formerly known as MML iShares® 60/40 Allocation Fund)*  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP BlackRock iShares® 60/40 Allocation Fund\* (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $49 | 0.46% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Lipper Balanced Fund Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Asset allocation contributed positively to performance, particularly an overweight to international developed equity.

• The iShares Core MSCI International Developed Markets ETF contributed to performance.

• The iShares Core S&P 500 ETF contributed to performance.

Top detractors to the Fund's performance relative to the Lipper Balanced Fund Index:

MM202912-309770 PAGE 1 TSR-AR-IT25F

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• The iShares 20+ Year Treasury Bond ETF detracted from performance.

• The iShares Core Dividend Growth ETF detracted from performance.

• The iShares Core S&P Total U.S. Stock Market ETF underperformed and detracted from performance.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (February 11, 2022 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6003img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/11/2022)** |
| **Class II - without sales charge**  | 14.66% | 6.72% |
| **MSCI ACWI**  | 22.34% | 10.78% |
| **Lipper Balanced Fund Index**  | 13.40% | 6.34% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $73.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 13 |
| **Total Advisory Fees Paid During the Reporting Period** | $185557 |
| **Portfolio Turnover Rate** | 7% |

---

MM202912-309770 PAGE 2 TSR-AR-IT25F

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 58.1% |
|  Fixed Income Funds  | 38.9% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective November 14, 2025, the Fund's name changed from the MML iShares 60/40 Allocation Fund to the MML VIP BlackRock iShares 60/40 Allocation Fund.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

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

MM202912-309770 PAGE 3 TSR-AR-IT25F

------

---

| | |
|:---|:---|
| **MML VIP BlackRock iShares® 60/40 Allocation** **Fund** *(formerly known as MML iShares® 60/40 Allocation Fund)*  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP BlackRock iShares® 60/40 Allocation Fund\* (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $76 | 0.71% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Lipper Balanced Fund Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Asset allocation contributed positively to performance, particularly an overweight to international developed equity.

• The iShares Core MSCI International Developed Markets ETF contributed to performance.

• The iShares Core S&P 500 ETF contributed to performance.

Top detractors to the Fund's performance relative to the Lipper Balanced Fund Index:

MM202912-309770 PAGE 1 TSR-AR-IT25G

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• The iShares 20+ Year Treasury Bond ETF detracted from performance.

• The iShares Core Dividend Growth ETF detracted from performance.

• The iShares Core S&P Total U.S. Stock Market ETF underperformed and detracted from performance.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (February 11, 2022 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6002img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/11/2022)** |
| **Service Class I - without sales charge**  | 14.31% | 6.43% |
| **MSCI ACWI**  | 22.34% | 10.78% |
| **Lipper Balanced Fund Index**  | 13.40% | 6.34% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $73.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 13 |
| **Total Advisory Fees Paid During the Reporting Period** | $185557 |
| **Portfolio Turnover Rate** | 7% |

---

MM202912-309770 PAGE 2 TSR-AR-IT25G

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 58.1% |
|  Fixed Income Funds  | 38.9% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective November 14, 2025, the Fund's name changed from the MML iShares 60/40 Allocation Fund to the MML VIP BlackRock iShares 60/40 Allocation Fund.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

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

MM202912-309770 PAGE 3 TSR-AR-IT25G

------

---

| | |
|:---|:---|
| **MML VIP BlackRock iShares® 80/20 Allocation** **Fund** *(formerly known as MML iShares® 80/20 Allocation Fund)*  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP BlackRock iShares® 80/20 Allocation Fund\* (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $50 | 0.46% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Lipper Balanced Fund Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Asset allocation contributed positively to performance, particularly an overweight to international developed equity.

• The iShares Core MSCI International Developed Markets ETF contributed to performance.

• The iShares Core S&P 500 ETF contributed to performance.

Top detractors to the Fund's performance relative to the Lipper Balanced Fund Index:

MM202912-309770 PAGE 1 TSR-AR-IT26F

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• The iShares 20+ Year Treasury Bond ETF detracted from performance.

• The iShares Core Dividend Growth ETF detracted from performance.

• The iShares Core S&P Total U.S. Stock Market ETF underperformed and detracted from performance.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (February 11, 2022 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6001img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/11/2022)** |
| **Class II - without sales charge**  | 17.14% | 8.63% |
| **MSCI ACWI**  | 22.34% | 10.78% |
| **Lipper Balanced Fund Index**  | 13.40% | 6.34% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $161.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 13 |
| **Total Advisory Fees Paid During the Reporting Period** | $356746 |
| **Portfolio Turnover Rate** | 6% |

---

MM202912-309770 PAGE 2 TSR-AR-IT26F

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 76.6% |
|  Fixed Income Funds  | 19.2% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective November 14, 2025, the Fund's name changed from the MML iShares 80/20 Allocation Fund to the MML VIP BlackRock iShares 80/20 Allocation Fund.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

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

MM202912-309770 PAGE 3 TSR-AR-IT26F

------

---

| | |
|:---|:---|
| **MML VIP BlackRock iShares® 80/20 Allocation** **Fund** *(formerly known as MML iShares® 80/20 Allocation Fund)*  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP BlackRock iShares® 80/20 Allocation Fund\* (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $77 | 0.71% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Lipper Balanced Fund Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Asset allocation contributed positively to performance, particularly an overweight to international developed equity.

• The iShares Core MSCI International Developed Markets ETF contributed to performance.

• The iShares Core S&P 500 ETF contributed to performance.

Top detractors to the Fund's performance relative to the Lipper Balanced Fund Index:

MM202912-309770 PAGE 1 TSR-AR-IT26G

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• The iShares 20+ Year Treasury Bond ETF detracted from performance.

• The iShares Core Dividend Growth ETF detracted from performance.

• The iShares Core S&P Total U.S. Stock Market ETF underperformed and detracted from performance.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (February 11, 2022 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6000img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/11/2022)** |
| **Service Class I - without sales charge**  | 16.90% | 8.37% |
| **MSCI ACWI**  | 22.34% | 10.78% |
| **Lipper Balanced Fund Index**  | 13.40% | 6.34% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $161.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 13 |
| **Total Advisory Fees Paid During the Reporting Period** | $356746 |
| **Portfolio Turnover Rate** | 6% |

---

MM202912-309770 PAGE 2 TSR-AR-IT26G

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 76.6% |
|  Fixed Income Funds  | 19.2% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective November 14, 2025, the Fund's name changed from the MML iShares 80/20 Allocation Fund to the MML VIP BlackRock iShares 80/20 Allocation Fund.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

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

MM202912-309770 PAGE 3 TSR-AR-IT26G

------

---

| | |
|:---|:---|
| **MML VIP Invesco Small Cap Equity Fund** *(formerly known as MML Small Cap Equity Fund)*  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP Invesco Small Cap Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $74 | 0.71% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector.

• Stock selection within the financials sector.

• Stock selection within the real estate sector.

Top detractors to the Fund's performance relative to the Russell 2000 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector.

• Stock selection within the energy sector.

• Allocation and selection within the materials sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the

MM202912-309770 PAGE 1 TSR-AR-ITJHF

------

Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6006img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 8.86% | 8.38% | 10.73% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 2000 Index**  | 12.81% | 6.09% | 9.62% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $128.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 95 |
| **Total Advisory Fees Paid During the Reporting Period** | $798229 |
| **Portfolio Turnover Rate** | 42% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  PennyMac Financial Services, Inc.  | 2.1% |
|  American Healthcare REIT, Inc.  | 2.1% |
|  ADMA Biologics, Inc.  | 1.8% |
|  Columbia Banking System, Inc.  | 1.8% |
|  Enpro, Inc.  | 1.8% |
|  BrightSpring Health Services, Inc.  | 1.7% |
|  Guardant Health, Inc.  | 1.7% |
|  Wintrust Financial Corp.  | 1.7% |
|  Zurn Elkay Water Solutions Corp.  | 1.6% |
|  Bridgebio Pharma, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 20.2% |
|  Industrials  | 19.9% |
|  Health Care  | 15.4% |
|  Information Technology  | 14.8% |
|  Consumer Discretionary  | 11.7% |
|  Real Estate  | 6.4% |
|  Energy  | 4.3% |
|  Materials  | 3.9% |
|  Utilities  | 1.6% |
|  Consumer Staples  | 0.5% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJHF

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective November 14, 2025, the Fund's name changed from the MML Small Cap Equity Fund to the MML VIP Invesco Small Cap Equity Fund.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITJHF

------

---

| | |
|:---|:---|
| **MML VIP Invesco Small Cap Equity Fund** *(formerly known as MML Small Cap Equity Fund)*  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP Invesco Small Cap Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $100 | 0.96% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector.

• Stock selection within the financials sector.

• Stock selection within the real estate sector.

Top detractors to the Fund's performance relative to the Russell 2000 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector.

• Stock selection within the energy sector.

• Allocation and selection within the materials sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the

MM202912-309770 PAGE 1 TSR-AR-ITJHG

------

Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6007img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 8.59% | 8.11% | 10.46% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 2000 Index**  | 12.81% | 6.09% | 9.62% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. 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 at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $128.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 95 |
| **Total Advisory Fees Paid During the Reporting Period** | $798229 |
| **Portfolio Turnover Rate** | 42% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  PennyMac Financial Services, Inc.  | 2.1% |
|  American Healthcare REIT, Inc.  | 2.1% |
|  ADMA Biologics, Inc.  | 1.8% |
|  Columbia Banking System, Inc.  | 1.8% |
|  Enpro, Inc.  | 1.8% |
|  BrightSpring Health Services, Inc.  | 1.7% |
|  Guardant Health, Inc.  | 1.7% |
|  Wintrust Financial Corp.  | 1.7% |
|  Zurn Elkay Water Solutions Corp.  | 1.6% |
|  Bridgebio Pharma, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 20.2% |
|  Industrials  | 19.9% |
|  Health Care  | 15.4% |
|  Information Technology  | 14.8% |
|  Consumer Discretionary  | 11.7% |
|  Real Estate  | 6.4% |
|  Energy  | 4.3% |
|  Materials  | 3.9% |
|  Utilities  | 1.6% |
|  Consumer Staples  | 0.5% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJHG

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective November 14, 2025, the Fund's name changed from the MML Small Cap Equity Fund to the MML VIP Invesco Small Cap Equity Fund.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITJHG

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

As of December 31, 2025, 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, 2025, there were no reportable amendments to any provision of 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 19(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 2025
 and 2024 were $232,588 and $672,409, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) AUDIT-RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal
 years ended 2025 and 2024. 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
 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TAX FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended
 2025 and 2024. 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 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years
 ended 2025 and 2024. 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 2025
 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 2025 and 2024 were pre-approved
 by the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 2025 and 2024 were $1,122,500 and $114,015,
 respectively.

<sup>\*</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see portfolio of investments contained in the financial statements
 filed under Item 7 of this form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

![](e21118-coverpagemmlii.jpg)

------

**Table of Contents**

Please note the Annual Financial Statements and Other Information only contains Items 7-11 of Form N-CSR. All items required by Form N-CSR are filed with the Securities and Exchange Commission.

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  |
| &nbsp;&nbsp;&nbsp; Portfolios of Investments<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Blend Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Equity Fund](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Inflation-Protected and Income Fund](#soi3) | [6](#soi3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Invesco Discovery Large Cap Fund](#soi4) | [13](#soi4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Invesco Discovery Mid Cap Fund](#soi5) | [14](#soi5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Managed Bond Fund](#soi6) | [16](#soi6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Short-Duration Bond Fund](#soi7) | [28](#soi7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML U.S. Government Money Market Fund](#soi8) | [38](#soi8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML VIP Blackrock iShares<sup>®</sup> 60/40 Allocation Fund\* (formerly known as MML iShares<sup>®</sup> 60/40 Allocation Fund)](#soi9) | [39](#soi9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML VIP Blackrock iShares<sup>®</sup> 80/20 Allocation Fund\* (formerly known as MML iShares<sup>®</sup> 80/20 Allocation Fund)](#soi10) | [40](#soi10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML VIP Invesco Small Cap Equity Fund (formerly known as MML Small Cap Equity Fund)](#soi11) | [41](#soi11) |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#sal) | [43](#sal) |
| &nbsp;&nbsp;&nbsp; [Statements of Operations](#sop) | [49](#sop) |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna) | [52](#scna) |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | [58](#fihi) |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#notes) | [69](#notes) |
| &nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#repo1) | [92](#repo1) |
| &nbsp;&nbsp;&nbsp; [Federal Tax Information (Unaudited)](#tax) | [93](#tax) |
| **[Item 8.](#item8)<br> [Changes in and Disagreements with Accountants for Open-End Management Investment Companies.](#item8)**<br>| [94](#item8) |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies. ](#item9)** | [95](#item9) |
| **[Item 10.](#item10)<br> [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. ](#item10)**<br>| [96](#item10) |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. ](#item11)** | [97](#item11) |

---

\* *iShares<sup>®</sup> and BlackRock<sup>®</sup> are registered trademarks of BlackRock Finance, Inc. and its affiliates and are used under license.*

**This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the applicable MML Series Investment Fund II Funds. 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.** 

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

 **MML Blend Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Exchange-Traded Funds — 100.0%** | **Exchange-Traded Funds — 100.0%** | **Exchange-Traded Funds — 100.0%** |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF (a) | 488997 | $26347159  |
| iShares Core S&P 500 ETF | 274585 | 188074250  |
| iShares Core S&P Mid-Cap ETF | 205587 | 13568742  |
| iShares Core S&P Small-Cap ETF | 49489 | 5947588  |
|  iShares Core S&P Total U.S. Stock Market ETF | 1388148 | 206403726  |
|  iShares Core U.S. Aggregate Bond ETF | 1089669 | 108836140  |
|  iShares Core Universal USD Bond ETF (a) | 2336595 | 108745131  |
|  iShares iBoxx High Yield Corporate Bond ETF | 327918 | 26440028  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $518,245,425)** |  | **684362764**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $518,245,425)** |  | **684362764**  |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Investment of Cash Collateral from Securities Loaned — 0.3%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (b) | 1766500 | 1766500 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Repurchase Agreement — 0.1%** | **Repurchase Agreement — 0.1%** | **Repurchase Agreement — 0.1%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (c) | $873886 | 873886  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,640,386)** |  | **2640386**  |
| **TOTAL INVESTMENTS — 100.4%**<br>**(Cost $520,885,811) (d)** |  | **687003150**  |
| **Other Assets/**<br>(Liabilities) — (0.4)% |  | **(2396835)**  |
| **NET ASSETS — 100.0%** |  | **$684606315** |

---

**Abbreviation Legend** 

<br> ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $2,231,616 or 0.33% of net assets. The Fund received $512,649
 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)*.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $873,983. Collateralized by
 U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued interest,
 of $891,548.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **1**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 97.7%**<br>|  |  |
| **Common Stock — 97.7%**<br>|  |  |
| **Communication Services — 6.2%**<br>|  |  |
| AT&T, Inc. | 677900 | $16839036  |
| Fox Corp. Class A | 26800 | 1958276  |
| Match Group, Inc. | 23300 | 752357  |
| News Corp. Class A | 35800 | 935096  |
| Verizon Communications, Inc. | 402000 | 16373460  |
| Walt Disney Co. | 170500 | 19397785  |
|  |  | 56256010  |
| **Consumer Discretionary — 7.1%**<br>|  |  |
| AutoNation, Inc. (a) | 6400 | 1321472  |
| Best Buy Co., Inc. | 9100 | 609063  |
| BorgWarner, Inc. | 20400 | 919224  |
| Darden Restaurants, Inc. | 11100 | 2042622  |
| Dillard's, Inc. Class A (b) | 1100 | 666974  |
| DR Horton, Inc. | 27900 | 4018437  |
| eBay, Inc. | 43800 | 3814980  |
| Expedia Group, Inc. | 11600 | 3286396  |
| Ford Motor Co. | 373200 | 4896384  |
| Gap, Inc. | 35400 | 906240  |
| General Motors Co. | 92100 | 7489572  |
| Genuine Parts Co. | 13300 | 1635368  |
| Hasbro, Inc. | 10600 | 869200  |
| Lennar Corp. Class A | 12000 | 1233600  |
| Lithia Motors, Inc. | 2400 | 797592  |
| Lowe's Cos., Inc. | 58500 | 14107860  |
| Mohawk Industries, Inc. (a) | 1200 | 131160  |
| NVR, Inc. (a) | 300 | 2187831  |
| Penske Automotive Group, Inc. | 6300 | 997227  |
| PulteGroup, Inc. | 21100 | 2474186  |
| Tapestry, Inc. | 19500 | 2491515  |
| Toll Brothers, Inc. | 9200 | 1244024  |
| TopBuild Corp. (a) (b) | 2700 | 1126413  |
| Ulta Beauty, Inc. (a) | 4300 | 2601543  |
| Williams-Sonoma, Inc. | 11600 | 2071644  |
|  |  | 63940527  |
| **Consumer Staples — 6.4%**<br>|  |  |
| Albertsons Cos., Inc. Class A | 53100 | 911727  |
| Altria Group, Inc. | 160200 | 9237132  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br>Inc. (a) | 5700 | 513171  |
| Coca-Cola Consolidated, Inc. | 7300 | 1119090  |
| Dollar General Corp. | 21000 | 2788170  |
| Dollar Tree, Inc. (a) | 19400 | 2386394  |
| Hormel Foods Corp. | 8800 | 208560  |
| Ingredion, Inc. | 6100 | 672586  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| J.M. Smucker Co. | 2100 | $205401  |
| Keurig Dr. Pepper, Inc. | 128900 | 3610489  |
| Kraft Heinz Co. | 95300 | 2311025  |
| Kroger Co. | 63200 | 3948736  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. <br>Class A | 105500 | 5679065  |
| PepsiCo, Inc. | 130500 | 18729360  |
| Sysco Corp. | 46000 | 3389740  |
| Tyson Foods, Inc. Class A | 27300 | 1600326  |
|  |  | 57310972  |
| **Energy — 8.6%**<br>|  |  |
| Antero Midstream Corp. | 45600 | 811224  |
| Antero Resources Corp. (a) | 29500 | 1016570  |
| APA Corp. | 33900 | 829194  |
| Baker Hughes Co. | 87500 | 3984750  |
| Cheniere Energy, Inc. | 20500 | 3984995  |
| Devon Energy Corp. | 59900 | 2194137  |
| Diamondback Energy, Inc. | 27400 | 4119042  |
| EOG Resources, Inc. | 51800 | 5439518  |
| Exxon Mobil Corp. | 273500 | 32912990  |
| Halliburton Co. | 80300 | 2269278  |
| HF Sinclair Corp. | 17900 | 824832  |
| Kinder Morgan, Inc. | 212400 | 5838876  |
| Ovintiv, Inc. | 24400 | 956236  |
| Phillips 66 | 38700 | 4993848  |
| Range Resources Corp. | 22600 | 796876  |
| TechnipFMC PLC | 34200 | 1523952  |
| Valero Energy Corp. | 29500 | 4802305  |
|  |  | 77298623  |
| **Financials — 31.2%**<br>|  |  |
| Aflac, Inc. | 43600 | 4807772  |
| Allstate Corp. | 12500 | 2601875  |
| Ally Financial, Inc. | 17900 | 810691  |
| American Financial Group, Inc. | 5600 | 765408  |
| American International Group, Inc. | 47000 | 4020850  |
| Ameriprise Financial, Inc. | 7600 | 3726584  |
| Arch Capital Group Ltd. (a) | 24600 | 2359632  |
| Assurant, Inc. | 3900 | 939315  |
| Axis Capital Holdings Ltd. | 6400 | 685376  |
| Bank of America Corp. | 478100 | 26295500  |
| Bank of New York Mellon Corp. | 54900 | 6373341  |
| Block, Inc. (a) | 26100 | 1698849  |
| Chubb Ltd. | 31900 | 9956628  |
| Cincinnati Financial Corp. | 12500 | 2041500  |
| Citigroup, Inc. | 116600 | 13606054  |
| Citizens Financial Group, Inc. | 29800 | 1740618  |
| Comerica, Inc. | 6600 | 573738  |
| Commerce Bancshares, Inc. | 9229 | 483046  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **2**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Corebridge Financial, Inc. | 44500 | $1342565  |
| Cullen/Frost Bankers, Inc. | 3200 | 405216  |
| East West Bancorp, Inc. | 8900 | 1000271  |
| Equitable Holdings, Inc. | 27500 | 1310375  |
| Everest Group Ltd. | 3400 | 1153790  |
| F&G Annuities & Life, Inc. | 1080 | 33318  |
| Fidelity National Financial, Inc. | 17700 | 966243  |
| Fifth Third Bancorp | 38200 | 1788142  |
|  First Citizens BancShares, Inc. Class A | 1060 | 2274951  |
| First Horizon Corp. | 25300 | 604670  |
| Globe Life, Inc. | 3800 | 531468  |
| Goldman Sachs Group, Inc. | 23430 | 20594970  |
| Hartford Insurance Group, Inc. | 22700 | 3128060  |
| JP Morgan Chase & Co. | 154100 | 49654102  |
| Loews Corp. | 16900 | 1779739  |
| M&T Bank Corp. | 9200 | 1853616  |
| Markel Group, Inc. (a) | 910 | 1956181  |
| MetLife, Inc. | 56100 | 4428534  |
| Morgan Stanley | 120300 | 21356859  |
| Northern Trust Corp. | 15700 | 2144463  |
| Old Republic International Corp. | 19700 | 899108  |
| PNC Financial Services Group, Inc. | 26300 | 5489599  |
| Popular, Inc. | 2100 | 261492  |
| Primerica, Inc. | 2700 | 697572  |
| Principal Financial Group, Inc. | 18000 | 1587780  |
| Progressive Corp. | 34700 | 7901884  |
| Prudential Financial, Inc. | 24900 | 2810712  |
| Raymond James Financial, Inc. | 16400 | 2633676  |
| Regions Financial Corp. | 60200 | 1631420  |
| Reinsurance Group of America, Inc. | 4097 | 833576  |
| RenaissanceRe Holdings Ltd. | 3900 | 1096524  |
| SEI Investments Co. | 10200 | 836604  |
| State Street Corp. | 23000 | 2967230  |
| Stifel Financial Corp. | 6700 | 838974  |
| Synchrony Financial | 31000 | 2586330  |
| T. Rowe Price Group, Inc. | 15000 | 1535700  |
| Travelers Cos., Inc. | 28200 | 8179692  |
| Truist Financial Corp. | 64700 | 3183887  |
| Unum Group | 13300 | 1030750  |
| US Bancorp | 77000 | 4108720  |
| Voya Financial, Inc. | 3400 | 253266  |
| W. R. Berkley Corp. | 30250 | 2121130  |
| Webster Financial Corp. | 11500 | 723810  |
| Wells Fargo & Co. | 228200 | 21268240  |
| Western Alliance Bancorp | 4700 | 395129  |
| Willis Towers Watson PLC | 7000 | 2300200  |
| Zions Bancorp NA | 6000 | 351240  |
|  |  | 280318555  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Health Care — 17.5%**<br>|  |  |
| Amgen, Inc. | 51400 | $16823734  |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. <br>Class A (a) (b) | 2100 | 636279  |
| Cencora, Inc. | 18400 | 6214600  |
| Cigna Group | 25500 | 7018365  |
| Cooper Cos., Inc. (a) | 6100 | 499956  |
| CVS Health Corp. | 100300 | 7959808  |
| Encompass Health Corp. | 3100 | 329034  |
| Exelixis, Inc. (a) | 25900 | 1135197  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 24100 | 1976682  |
| Gilead Sciences, Inc. | 118400 | 14532416  |
| Halozyme Therapeutics, Inc. (a) | 11200 | 753760  |
| HCA Healthcare, Inc. | 26100 | 12185046  |
| Henry Schein, Inc. (a) | 11600 | 876728  |
| Humana, Inc. | 11500 | 2945495  |
| Jazz Pharmaceuticals PLC (a) | 5000 | 850000  |
| Johnson & Johnson | 192100 | 39755095  |
| Labcorp Holdings, Inc. | 8000 | 2007040  |
| Medtronic PLC | 121700 | 11690502  |
| Merck & Co., Inc. | 108200 | 11389132  |
| Pfizer, Inc. | 175700 | 4374930  |
| Quest Diagnostics, Inc. | 11200 | 1943536  |
| Regeneron Pharmaceuticals, Inc. | 3100 | 2392797  |
| Royalty Pharma PLC Class A | 22700 | 877128  |
| Tenet Healthcare Corp. (a) | 8800 | 1748736  |
| United Therapeutics Corp. (a) | 4100 | 1997725  |
|  Universal Health Services, Inc. Class B | 6000 | 1308120  |
| Viatris, Inc. | 110000 | 1369500  |
| Zimmer Biomet Holdings, Inc. | 18900 | 1699488  |
|  |  | 157290829  |
| **Industrials — 8.3%**<br>|  |  |
| 3M Co. | 50600 | 8101060  |
| A.O. Smith Corp. | 10900 | 728992  |
| Acuity, Inc. | 2900 | 1044116  |
| AECOM | 4000 | 381320  |
| AGCO Corp. (b) | 7200 | 751104  |
| Allegion PLC | 7600 | 1210072  |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings, <br>Inc. | 2600 | 254540  |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. <br>Class A (a) | 2100 | 1118901  |
| Carlisle Cos., Inc. | 4000 | 1279440  |
| Core & Main, Inc. Class A (a) | 18100 | 940657  |
| CSX Corp. | 165800 | 6010250  |
| Cummins, Inc. | 10900 | 5563905  |
| Delta Air Lines, Inc. | 49000 | 3400600  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **3**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Dover Corp. | 8000 | $1561920  |
| FedEx Corp. | 22500 | 6499350  |
| General Dynamics Corp. | 21700 | 7305522  |
| Genpact Ltd. | 16500 | 771870  |
| Huntington Ingalls Industries, Inc. | 3400 | 1156238  |
| Leidos Holdings, Inc. | 12249 | 2209719  |
| Masco Corp. | 20300 | 1288238  |
| Mueller Industries, Inc. | 10600 | 1216880  |
| Oshkosh Corp. | 6100 | 766343  |
| PACCAR, Inc. | 50113 | 5487875  |
| Regal Rexnord Corp. | 5800 | 813856  |
| Snap-on, Inc. | 5000 | 1723000  |
| Southwest Airlines Co. (b) | 50300 | 2078899  |
| Textron, Inc. | 18000 | 1569060  |
| Toro Co. | 2000 | 157440  |
| United Airlines Holdings, Inc. (a) | 30900 | 3455238  |
| United Rentals, Inc. | 6050 | 4896386  |
| WESCO International, Inc. | 4600 | 1125344  |
|  |  | 74868135  |
| **Information Technology — 5.4%**<br>|  |  |
| CDW Corp. | 6900 | 939780  |
| Cisco Systems, Inc. | 113100 | 8712093  |
|  Cognizant Technology Solutions Corp. Class A | 46800 | 3884400  |
| Dell Technologies, Inc. Class C | 32300 | 4065924  |
| Dropbox, Inc. Class A (a) | 19400 | 539320  |
| F5, Inc. (a) | 1800 | 459468  |
| First Solar, Inc. (a) | 10200 | 2664546  |
| Gen Digital, Inc. | 58900 | 1601491  |
| HP, Inc. | 40500 | 902340  |
| NetApp, Inc. | 19000 | 2034710  |
| ON Semiconductor Corp. (a) | 38400 | 2079360  |
| QUALCOMM, Inc. | 104400 | 17857620  |
| Skyworks Solutions, Inc. | 2900 | 183889  |
| TD SYNNEX Corp. | 7800 | 1171794  |
| Twilio, Inc. Class A (a) | 8100 | 1152144  |
|  |  | 48248879  |
| **Materials — 3.9%**<br>|  |  |
| Albemarle Corp. (b) | 11200 | 1584128  |
| Alcoa Corp. | 24700 | 1312558  |
| Avery Dennison Corp. | 7400 | 1345912  |
| Ball Corp. | 26400 | 1398408  |
| CF Industries Holdings, Inc. | 15400 | 1191036  |
| Corteva, Inc. | 64800 | 4343544  |
| Crown Holdings, Inc. | 11100 | 1142967  |
| Mosaic Co. | 27900 | 672111  |
| Newmont Corp. (NEM US) | 98300 | 9815255  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Nucor Corp. | 21800 | $3555798  |
| Packaging Corp. of America | 8500 | 1752955  |
| PPG Industries, Inc. | 20000 | 2049200  |
| Reliance, Inc. | 5000 | 1444350  |
| RPM International, Inc. | 5500 | 572000  |
| Steel Dynamics, Inc. | 17000 | 2880650  |
|  |  | 35060872  |
| **Real Estate — 0.2%**<br>|  |  |
| Jones Lang LaSalle, Inc. (a) | 4200 | 1413174  |
| **Utilities — 2.9%**<br>|  |  |
| AES Corp. | 67900 | 973686  |
| Alliant Energy Corp. | 8000 | 520080  |
| DTE Energy Co. | 18300 | 2360334  |
| Duke Energy Corp. | 58900 | 6903669  |
| Evergy, Inc. | 22000 | 1594780  |
| FirstEnergy Corp. | 55200 | 2471304  |
| National Fuel Gas Co. | 8000 | 640480  |
| PPL Corp. (b) | 70600 | 2472412  |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, <br>Inc. | 47600 | 3822280  |
| Southern Co. | 37500 | 3270000  |
| UGI Corp. | 6700 | 250781  |
| WEC Energy Group, Inc. | 10700 | 1128422  |
|  |  | 26408228  |
| **TOTAL COMMON STOCK** <br>**(Cost $625,224,074)** |  | **878414804**  |
| **TOTAL EQUITIES** <br>**(Cost $625,224,074)** |  | **878414804**  |
| **Exchange-Traded Funds — 1.8%**<br>|  |  |
| iShares Russell 1000 Value ETF (b) | 76600 | 16112044  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $16,058,023)** |  | **16112044**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $641,282,097)** |  | **894526848**  |
| **Short-Term Investments — 0.7%**<br>|  |  |
| **Investment of Cash Collateral from Securities Loaned — 0.2%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (c) | 1962047 | 1962047 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **4**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Repurchase Agreement — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (d) | $5010622 | $5010622  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $6,972,669)** |  | **6972669**  |
| **TOTAL INVESTMENTS — 100.2%**<br>**(Cost $648,254,766) (e)** |  | **901499517**  |
| **Other Assets/**<br>(Liabilities) — (0.2)% |  | **(2018306)**  |
| **NET ASSETS — 100.0%** |  | **$899481211** |

---

**Abbreviation Legend** 

<br> ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $9,537,699 or 1.06% of net assets. The Fund received $7,861,108
 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)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $5,011,178. Collateralized
 by U.S. Government Agency obligations with rates ranging from 3.875% - 4.500%, maturity dates ranging from 5/15/27 - 5/31/27, and an aggregate
 market value, including accrued interest, of $5,110,977.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **5**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Inflation-Protected and Income Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 88.9%**<br>|  |  |
| **Corporate Debt — 2.5%** | **Corporate Debt — 2.5%** | **Corporate Debt — 2.5%** |
| **Auto Manufacturers — 0.7%**<br>|  |  |
|  Daimler Truck Finance North America LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.650% 4/07/27 (a) | $415000 | $412942  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 1/08/27 (a) | 800000 | 809111  |
|  |  | 1222053  |
| **Biotechnology — 0.3%**<br>|  |  |
| CSL Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.850% 4/27/27 (a) | 415000 | 414534  |
| **Insurance — 1.2%**<br>|  |  |
| CNO Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/04/27 (a) | 380000 | 388399  |
|  Equitable Financial Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.600% 4/01/27 (a) | 420000 | 422871  |
| GA Global Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 1/06/27 (a) | 410000 | 402476  |
| Jackson National Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% 1/13/27 (a) | 400000 | 403223  |
| Protective Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.992% 1/12/27 (a) | 400000 | 403913  |
|  |  | 2020882  |
| **Oil & Gas Services — 0.3%**<br>|  |  |
| Schlumberger Holdings Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 5/29/27 (a) | 415000 | 420441  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $4,074,387)** |  | **4077910**  |
| **Non-U.S. Government Agency** <br>**Obligations — 62.0%** | **Non-U.S. Government Agency** <br>**Obligations — 62.0%** | **Non-U.S. Government Agency** <br>**Obligations — 62.0%** |
| **Automobile Asset-Backed Securities — 25.7%** | **Automobile Asset-Backed Securities — 25.7%** | **Automobile Asset-Backed Securities — 25.7%** |
|  Alloya Auto Receivables Trust, Series 2025-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.780% 10/25/27 (a) | 975055 | 976726  |
|  American Credit Acceptance Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, <br>5.630% 1/14/30 (a) | 1354351 | 1359370  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, <br>5.660% 8/14/28 (a) | 851450 | 853203  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class C, <br>6.240% 4/12/30 (a) | 2200000 | 2218185  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Avis Budget Rental Car Funding AESOP LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, <br>1.630% 8/20/27 (a) | $2470000 | $2441570  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, <br>2.020% 2/20/27 (a) | 1400000 | 1397204  |
|  BOF URSA VI Funding Trust I, Series 2023-CAR1, Class A2<br>|  |  |
| 5.542% 10/27/31 (a) | 280966 | 283007  |
|  Bridgecrest Lending Auto Securitization Trust, Series 2025-4, Class A2<br>|  |  |
| 4.350% 6/15/28 | 1000000 | 1000991  |
|  Carvana Auto Receivables Trust, Series 2021-N3, Class B<br>|  |  |
| 0.660% 6/12/28 | 320818 | 310494  |
| CPS Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class E, <br>3.210% 9/15/28 (a) | 2000000 | 1995455  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, <br>5.650% 5/15/28 (a) | 919207 | 920193  |
|  Drive Auto Receivables Trust, Series 2025-1, Class A2<br>|  |  |
| 4.870% 8/15/28 | 493587 | 494503  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, <br>1.400% 4/15/27 | 614540 | 612477  |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, <br>1.550% 6/15/27 | 946772 | 940181  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, <br>1.960% 1/17/28 | 448789 | 447212  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class D, <br>3.020% 6/15/28 | 249822 | 248681  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, <br>4.560% 7/17/28 | 3052426 | 3053034  |
|  Exeter Select Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, <br>4.240% 5/15/29 | 1500000 | 1501835  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, <br>4.830% 10/16/28 | 575239 | 576307  |
|  FCCU Auto Receivables Trust, Series 2025-1A, Class A2<br>|  |  |
| 4.870% 1/16/29 (a) | 612707 | 614070  |
| GLS Auto Receivables Issuer Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, <br>2.480% 10/15/27 (a) | 937661 | 932431  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class E, <br>3.140% 1/18/28 (a) | 827028 | 826610  |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class A2, <br>4.370% 10/16/28 (a) | 1000000 | 1001667  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **6**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, <br>6.420% 6/15/28 (a) | $1054801 | $1066467  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class C, <br>6.650% 8/15/29 (a) | 1000000 | 1014709  |
|  GLS Auto Select Receivables Trust, Series 2024-3A, Class A2<br>|  |  |
| 5.590% 10/15/29 (a) | 553690 | 560052  |
| Octane Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, <br>4.250% 2/20/31 (a) | 600000 | 600543  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, <br>4.940% 5/20/30 (a) | 1273443 | 1280852  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class C, <br>6.290% 7/20/28 (a) | 2000000 | 2012960  |
|  Onemain Direct Auto Receivables Trust, Series 2022-1A, Class C<br>|  |  |
| 5.310% 6/14/29 (a) | 800000 | 802203  |
|  Oscar US Funding XII LLC, Series 2021-1A, Class A4<br>|  |  |
| 1.000% 4/10/28 (a) | 184680 | 184109  |
|  PenFed Auto Receivables Owner Trust, Series 2025-A, Class A2<br>|  |  |
| 4.120% 9/15/28 (a) | 900000 | 900978  |
|  SBNA Auto Receivables Trust, Series 2025-SF1, Class B<br>|  |  |
| 5.120% 3/17/31 (a) | 232192 | 232335  |
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, <br>Series 2023-B, Class B<br>|  |  |
| 6.570% 8/20/27 (a) | 2000000 | 2003757  |
| Tricolor Auto Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, <br>4.940% 2/15/29 (a) (b) | 1438455 | 861242  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, <br>5.120% 1/16/29 (a) (b) | 1821804 | 1145527  |
|  Westlake Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, <br>4.310% 4/17/28 (a) | 2500000 | 2503062  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, <br>5.480% 9/15/27 (a) | 1419806 | 1424269  |
|  |  | 41598471  |
| **Commercial Mortgage-Backed Securities — 1.4%** | **Commercial Mortgage-Backed Securities — 1.4%** | **Commercial Mortgage-Backed Securities — 1.4%** |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust, <br>Series 2015-LC19, Class D<br>|  |  |
| 2.867% 2/10/48 (a) | 1700000 | 1575385  |
| &nbsp;&nbsp;&nbsp; KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term <br>SOFR + 2.314%<br>|  |  |
| 6.050% FRN 2/15/39 (a) (c) | 700000 | 691754  |
|  |  | 2267139  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Home Equity Asset-Backed Securities — 1.0%** | **Home Equity Asset-Backed Securities — 1.0%** | **Home Equity Asset-Backed Securities — 1.0%** |
|  Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729%<br>|  |  |
| 4.461% FRN 4/25/36 (c) | $409552 | $406996  |
|  JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374%<br>|  |  |
| 4.106% FRN 3/25/37 (c) | 74451 | 74021  |
|  Point Securitization Trust, Series 2024-1, Class A1<br>|  |  |
| 6.500% 6/25/54 (a) | 1157061 | 1159364  |
|  |  | 1640381  |
| **Other Asset-Backed Securities — 23.2%** | **Other Asset-Backed Securities — 23.2%** | **Other Asset-Backed Securities — 23.2%** |
|  321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314%<br>|  |  |
| 4.065% FRN 9/15/41 (a) (c) | 19415 | 19303  |
| ACHV ABS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-3AL, Class C, <br>5.680% 12/26/31 (a) | 738894 | 747898  |
| &nbsp;&nbsp;&nbsp; Series 2024-1PL, Class A, <br>5.900% 4/25/31 (a) | 209412 | 210428  |
| Affirm Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class A, <br>5.080% 4/15/30 (a) | 711985 | 713166  |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class B, <br>5.190% 4/15/30 (a) | 610000 | 611939  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, <br>5.610% 2/15/29 (a) | 1000000 | 1001619  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, <br>5.610% 2/15/29 (a) | 2240000 | 2243627  |
| Alterna Funding III LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, <br>6.260% 5/16/39 (a) | 1401573 | 1404721  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, <br>7.136% 5/16/39 (a) | 768608 | 770198  |
| BHG Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>1.420% 11/17/33 (a) | 291137 | 289112  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, <br>5.550% 4/17/36 (a) | 89620 | 89709  |
| &nbsp;&nbsp;&nbsp; DataBank Issuer LLC, Series <br>2021-1A, Class A2<br>|  |  |
| 2.060% 2/27/51 (a) | 1000000 | 995682  |
|  Dell Equipment Finance Trust, Series 2025-1, Class A2<br>|  |  |
| 4.680% 7/22/27 (a) | 1200000 | 1204422  |
|  Dext ABS LLC, Series 2025-2, Class A2<br>|  |  |
| 4.100% 4/17/28 (a) | 800000 | 800308  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **7**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  FCI Funding LLC, Series 2024-1A, Class A<br>|  |  |
| 5.440% 8/15/36 (a) | $489062 | $489769  |
|  FNA VI LLC, Series 2021-1A, Class A<br>|  |  |
| 1.350% 1/10/32 (a) | 891309 | 834898  |
|  GreatAmerica Leasing Receivables Funding LLC, Series 2024-1, Class A3<br>|  |  |
| 4.980% 1/18/28 (a) | 2000000 | 2016009  |
|  GreenSky Home Improvement Issuer Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A1, <br>4.340% 12/27/60 (a) | 1000000 | 1002887  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.120% 3/25/60 (a) | 992135 | 996753  |
|  GreenSky Home Improvement Trust, Series 2024-1, Class A2<br>|  |  |
| 5.880% 6/25/59 (a) | 343525 | 345834  |
| Hilton Grand Vacations Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1D, Class A, <br>3.610% 6/20/34 (a) | 1542017 | 1535736  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class C, <br>5.570% 1/25/37 (a) | 219733 | 221882  |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust, <br>Series 2025-1A, Class A<br>|  |  |
| 4.750% 7/16/35 (a) | 1626824 | 1630628  |
|  NP SPE IX LP, Series 2019-1A, Class A1<br>|  |  |
| 2.574% 9/20/49 (a) | 45140 | 44718  |
|  Oak Street Investment Grade Net Lease Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1, <br>1.480% 1/20/51 (a) | 2691465 | 2534412  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1, <br>1.850% 11/20/50 (a) | 1954658 | 1797731  |
|  OneMain Financial Issuance Trust, Series 2022-S1, Class A<br>|  |  |
| 4.130% 5/14/35 (a) | 507160 | 507109  |
| Pagaya AI Debt Grantor Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class A, <br>5.183% 6/15/32 (a) | 648702 | 650565  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A, <br>5.331% 1/15/32 (a) | 1199607 | 1203163  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A, <br>6.278% 10/15/31 (a) | 416627 | 419358  |
|  Pagaya AI Debt Trust, Series 2024-4, Class B<br>|  |  |
| 6.539% 8/15/31 (a) | 1633004 | 1638711  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; PVONE 2023-1 LLC, <br>Series 2023-2A, Class A<br>|  |  |
| 7.670% 9/17/35 (a) | $142943 | $143563  |
| RAM LLC, Series 2024-1, Class A<br>|  |  |
| 6.669% 2/15/39 (a) | 1000115 | 1000389  |
| RCKT Trust, Series 2025-2A, Class A<br>|  |  |
| 4.480% 11/27/34 (a) | 1688100 | 1690100  |
| SoFi Consumer Loan Program Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class A, <br>4.240% 8/25/35 (a) | 885292 | 885828  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, <br>4.800% 2/27/34 (a) | 2082084 | 2089806  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A, <br>4.820% 6/25/34 (a) | 424877 | 426694  |
|  Verizon Master Trust, Series 2023-4, Class B<br>|  |  |
| 4.570% 6/20/29 | 2300000 | 2306673  |
|  |  | 37515348  |
| **Real Estate Investment Trusts (REITS) — 0.3%** | **Real Estate Investment Trusts (REITS) — 0.3%** | **Real Estate Investment Trusts (REITS) — 0.3%** |
| SBA Tower Trust<br>|  |  |
| 1.884% 7/15/50 (a) | 490000 | 489454  |
| **Student Loans Asset-Backed Securities — 3.9%** | **Student Loans Asset-Backed Securities — 3.9%** | **Student Loans Asset-Backed Securities — 3.9%** |
| Commonbond Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-AGS, Class B, <br>1.400% 3/25/52 (a) | 84083 | 65613  |
| &nbsp;&nbsp;&nbsp; Series 2018-CGS, Class C, <br>4.350% 2/25/46 (a) | 13372 | 11981  |
|  Navient Private Education Refi Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>0.840% 5/15/69 (a) | 1008116 | 929583  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, <br>1.310% 1/15/69 (a) | 142588 | 135183  |
| &nbsp;&nbsp;&nbsp; Series 2018-A, Class B, <br>3.680% 2/18/42 (a) | 388887 | 385375  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-A, Class C, <br>4.500% 10/15/48 (a) | 2400000 | 2398418  |
|  Series 2018-B, Class A2B, 1 mo. USD Term SOFR + 0.834% 4.585% FRN 1/15/37 (a) (c) | 153739 | 153065  |
|  Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 4.735% FRN 7/15/36 (a) (c) | 236947 | 236605  |
| &nbsp;&nbsp;&nbsp; Series 2024-R1, Class M, <br>6.000% 9/15/54 (a) | 1907320 | 1907734  |
|  |  | 6223557  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **8**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 6.5%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 6.5%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 6.5%** |
| Angel Oak Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-6, Class A1, <br>1.261% VRN 5/25/65 (a) (c) (d) | $623454 | $577721  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, <br>3.353% VRN 1/25/67 (a) (c) (d) | 1524667 | 1468846  |
|  CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064%<br>|  |  |
| 4.939% FRN 8/25/49 (a) (c) | 597138 | 572598  |
|  COLT Mortgage Loan Trust, Series 2022-1, Class A1,<br>|  |  |
| 2.284% VRN 12/27/66 (a) (c) (d) | 4643344 | 4296661  |
|  First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274%<br>|  |  |
| 4.006% FRN 11/25/36 (c) | 23560 | 24270  |
| OBX Trust<br>|  |  |
|  Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (c) (d) | 1042945 | 874690  |
|  Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 4.796% FRN 2/25/60 (a) (c) | 182904 | 181173  |
|  PSMC Trust, Series 2020-2, Class A2,<br>|  |  |
| 3.000% VRN 5/25/50 (a) (c) (d) | 467056 | 414182  |
| STAR Trust, Series 2021-1, Class A3,<br>|  |  |
| 1.528% VRN 5/25/65 (a) (c) (d) | 1494642 | 1428243  |
|  Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,<br>|  |  |
| 2.916% VRN 9/27/49 (a) (c) (d) | 134335 | 133359  |
|  Verus Securitization Trust, Series 2021-3, Class A3,<br>|  |  |
| 1.437% VRN 6/25/66 (a) (c) (d) | 536960 | 477486  |
|  |  | 10449229  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>**(Cost $102,188,085)** |  | **100183579**  |
| **U.S. Government Agency Obligations** <br>**and Instrumentalities (e) — 1.4%** | **U.S. Government Agency Obligations** <br>**and Instrumentalities (e) — 1.4%** | **U.S. Government Agency Obligations** <br>**and Instrumentalities (e) — 1.4%** |
| **Pass-Through Securities — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan <br>Mortgage Corp. (c) <br>Pool #1Q0239 1 yr. CMT + 2.136% 6.325% FRN 3/01/37 | 48799 | 49782  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Whole Loans — 1.4%**<br>|  |  |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust<br>|  |  |
|  Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 4.724% FRN 11/25/41 (a) (c) | $353793 | $353819  |
|  Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 5.174% FRN 2/25/42 (a) (c) | 519326 | 520513  |
|  Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 6.824% FRN 6/25/42 (a) (c) | 225832 | 229812  |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>|  |  |
|  Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 5.774% FRN 4/25/42 (a) (c) | 184288 | 184748  |
|  Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 5.774% FRN 6/25/43 (a) (c) | 475375 | 478975  |
|  Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 6.374% FRN 4/25/43 (a) (c) | 391084 | 395087  |
|  |  | 2162954  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $2,200,582)** |  | **2212736**  |
| **U.S. Treasury Obligations — 23.0%** | **U.S. Treasury Obligations — 23.0%** |  |
| **U.S. Treasury Bonds & Notes — 23.0%** | **U.S. Treasury Bonds & Notes — 23.0%** |  |
| U.S. Treasury Inflation-Indexed Bonds<br>|  |  |
| 0.125% 2/15/51 | 500212 | 270821  |
| 0.125% 2/15/52 | 643264 | 340920  |
| 0.250% 2/15/50 | 379911 | 219180  |
| 0.625% 2/15/43 | 566440 | 422260  |
| 0.750% 2/15/42 | 720430 | 561770  |
| 0.750% 2/15/45 | 553044 | 403951  |
| 0.875% 2/15/47 | 606938 | 438451  |
| 1.000% 2/15/46 | 480925 | 363230  |
| 1.000% 2/15/48 | 462102 | 338204  |
| 1.000% 2/15/49 | 323463 | 233174  |
| 1.375% 2/15/44 | 838188 | 702977  |
| 1.500% 2/15/53 | 602410 | 470715  |
| 2.125% 2/15/40 | 376583 | 373334  |
| 2.125% 2/15/41 | 535219 | 524763  |
| 2.125% 2/15/54 | 636510 | 573070  |
| 2.375% 2/15/55 | 515890 | 490512  |
| 2.500% 1/15/29 | 379108 | 391557  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **9**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| 3.375% 4/15/32 | $458560 | $506765  |
| 3.875% 4/15/29 | 792192 | 853910  |
| U.S. Treasury Inflation-Indexed Notes<br>|  |  |
| 0.125% 1/15/30 | 1012352 | 961087  |
| 0.125% 1/15/31 | 1500840 | 1400619  |
| 0.125% 7/15/31 | 1154013 | 1070569  |
| 0.125% 1/15/32 | 1644314 | 1504443  |
| 0.250% 7/15/29 | 763692 | 736389  |
| 0.625% 7/15/32 | 1792896 | 1684295  |
| 0.750% 7/15/28 (f) | 1588874 | 1570788  |
| 0.875% 1/15/29 | 773646 | 762187  |
| 1.125% 10/15/30 | 1006530 | 992241  |
| 1.125% 1/15/33 | 1748800 | 1680349  |
| 1.250% 4/15/28 | 1823539 | 1817049  |
| 1.375% 7/15/33 | 1340013 | 1308019  |
| 1.625% 10/15/29 | 2307403 | 2332211  |
| 1.625% 4/15/30 | 1738709 | 1749050  |
| 1.750% 1/15/34 | 1588755 | 1582058  |
| 1.875% 7/15/34 | 1867662 | 1875008  |
| 1.875% 7/15/35 | 1520925 | 1519336  |
| 2.125% 4/15/29 | 1473640 | 1505911  |
| 2.125% 1/15/35 | 1856988 | 1892767  |
| 2.375% 10/15/28 | 744072 | 766726  |
|  |  | 37190666  |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $38,988,766)** |  | **37190666**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $147,451,820)** |  | **143664891** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** |  |
| **Exchange-Traded Funds — 1.1%** | **Exchange-Traded Funds — 1.1%** |  |
| **Exchange-Traded Funds — 1.1%**<br>|  |  |
|  iShares Ultra Short Duration Bond Active ETF | 35400 | 1790178  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $1,796,904)** |  | **1790178**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $149,248,724)** |  | **145455069** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Short-Term Investments — 8.3%** | **Short-Term Investments — 8.3%** |  |
| **Commercial Paper — 7.4%**<br>|  |  |
| Alimentation Couche-Tard, Inc.<br>|  |  |
| 4.250% 1/22/26 (a) | $2000000 | $1995211  |
| Bayer Corp.<br>|  |  |
| 4.768% 7/21/26 (a) | 1000000 | 978410  |
|  Bell Telephone Co. of Canada or Bell Canada<br>|  |  |
| 4.223% 3/03/26 (a) | 2000000 | 1986739  |
| Oracle Corp.<br>|  |  |
| 4.016% 2/02/26 (a) | 2000000 | 1992936  |
| Penske Truck Leasing Co. LP<br>|  |  |
| 4.163% 1/26/26 | 2000000 | 1994273  |
| VW Credit, Inc.<br>|  |  |
| 4.305% 1/15/26 (a) | 500000 | 499185  |
| 4.308% 1/22/26 (a) | 1500000 | 1496462  |
| Wisconsin Gas LLC<br>|  |  |
| 3.856% 1/05/26 | 1000000 | 999469  |
|  |  | 11942685  |
| **Repurchase Agreement — 0.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (g)  | 1459932 | 1459932  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $13,398,474)** |  | **13402617**  |
| **TOTAL INVESTMENTS — 98.3%**<br>**(Cost $162,647,198) (h)** |  | **158857686**  |
| **Other Assets/**<br>(Liabilities) — 1.7% |  | **2706949**  |
| **NET ASSETS — 100.0%** |  | **$161564635** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CMT  | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index |
| ETF  | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note |
| REMICS  | &nbsp;&nbsp;&nbsp; Real Estate Mortgage Investment Conduits |
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **10**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)**<br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At December 31, 2025, the aggregate market value of these securities amounted to $103,375,711 or 63.98% of net
 assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is currently in default due to bankruptcy
 or failure to make payment of principal or interest of the issuer. Income is not being accrued. At December 31, 2025, these securities
 amounted to a value of $2,006,769 or 1.24% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of this security is pledged/held
 as collateral for open derivatives. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(g) Maturity value of $1,460,094. Collateralized
 by U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued
 interest, of $1,489,185.

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

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net** <br>**Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Long**<br>|  |  |  |  |
| U.S. Treasury Note 10 Year | 3/20/26 | 1 | $112379 | $59  |
| **Short**<br>|  |  |  |  |
| U.S. Treasury Long Bond | 3/20/26 | 3 | $(350498) | $3717  |
| U.S. Treasury Ultra 10 Year | 3/20/26 | 8 | (920750) | 625  |
| U.S. Treasury Ultra Bond | 3/20/26 | 2 | (240306) | 4306  |
| U.S. Treasury Note 2 Year | 3/31/26 | 143 | (29869952) | 13116  |
| U.S. Treasury Note 5 Year | 3/31/26 | 28 | (3058912) | (1619)  |
|  |  |  |  | $20145 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** |  |  |  |  |  |  |
| **Rate/Reference** | **Frequency** | **Rate/Reference** | **Frequency** | **Termination** <br>**Date** |  | **Notional** <br>**Amount** | **Value** | **Upfront** <br>**Premium** <br>**Paid/** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Fixed 2.490% | Maturity | U.S. Consumer Price Index | Maturity | 7/31/26 | USD | 2000000 | $20178 | $— | $20178  |
| Fixed 2.482% | Maturity | U.S. Consumer Price Index | Maturity | 9/07/26 | USD | 2000000 | 18756 |  | 18756  |
| Fixed 2.164% | Maturity | U.S. Consumer Price Index | Maturity | 9/19/26 | USD | 4000000 | 41953 |  | 41953  |
| Fixed 2.599% | Maturity | U.S. Consumer Price Index | Maturity | 1/10/27 | USD | 6800000 | 8737 |  | 8737  |
|  |  |  |  |  |  |  | $89624 | $— | $89624 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **11**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)**<br>

**OTC Total Return Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** | **Received by the Fund** |  |  |  |  |  |
| **Rate/Reference** | **Frequency** | **Rate/Reference** | **Frequency** | **Counterparty** | **Termination** <br>**Date** | **No. of** <br>**Contracts/**<br>**Notional** | **Value** | **Upfront** <br>**Premium Paid/** <br>(Received) | **Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| Fed Funds <br>+ 23.0 BP | Maturity | Bloomberg US <br>Treasury Inflation <br>Notes TR Index | Maturity | BNP Paribas SA\* | 1/29/26 | USD 44,145,894 | $933600 | $— | $933600  |
| Fed Funds <br>+ 17.0 BP | Maturity | Bloomberg US <br>Treasury Inflation <br>Notes TR Index | Maturity | Goldman Sachs <br>International\* | 3/02/26 | USD 33,442,206 | 189928 |  | 189928  |
| Fed Funds <br>+ 23.0 BP | Maturity | Bloomberg US <br>Treasury Inflation <br>Notes TR Index | Maturity | Goldman Sachs <br>International\* | 4/30/26 | USD 6,000,000 | (13217) |  | (13217)  |
| 1 Day-SOFR <br>+ 17.0 BP | Maturity | Bloomberg US <br>Treasury Inflation <br>Notes TR Index | Maturity | Goldman Sachs <br>International\* | 6/01/26 | USD 32,000,000 | (19909) |  | (19909)  |
|  |  |  |  |  |  |  | $1090402 | $— | $1090402 |

---

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

**Currency Legend** 

<br> USD U.S. Dollar

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **12**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Invesco Discovery Large Cap Fund — Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 99.5%**<br>|  |  |
| **Common Stock — 99.5%**<br>|  |  |
| **Communication Services — 13.7%**<br>|  |  |
| Alphabet, Inc. Class C | 78726  | $24704219 |
| Meta Platforms, Inc. Class A | 20663 | 13639440  |
| Netflix, Inc. (a) | 33981 | 3186058  |
| Reddit, Inc. Class A (a) | 13202 | 3034744  |
| Spotify Technology SA (a) | 4618 | 2681719  |
|  |  | 47246180  |
| **Consumer Discretionary — 12.0%**<br>|  |  |
| Amazon.com, Inc. (a) | 92181 | 21277218  |
| Carvana Co. (a) | 11947 | 5041873  |
| Hilton Worldwide Holdings, Inc. | 11901 | 3418562  |
| Tesla, Inc. (a) | 17977 | 8084617  |
| TJX Cos., Inc. | 21789 | 3347008  |
|  |  | 41169278  |
| **Consumer Staples — 0.9%**<br>|  |  |
| Walmart, Inc. | 29393 | 3274674  |
| **Energy — 1.1%**<br>|  |  |
| Cameco Corp. | 40198 | 3677715  |
| **Financials — 6.7%**<br>|  |  |
| American Express Co. | 14806 | 5477480  |
| Blackrock, Inc. | 3198 | 3422947  |
| Goldman Sachs Group, Inc. | 6671 | 5863809  |
| Mastercard, Inc. Class A | 11827 | 6751798  |
| Nasdaq, Inc. | 17577 | 1707254  |
|  |  | 23223288  |
| **Health Care — 6.2%**<br>|  |  |
| AbbVie, Inc. | 14916 | 3408157  |
| Argenx SE ADR (a) | 2015 | 1694514  |
| Boston Scientific Corp. (a) | 51408 | 4901753  |
| Cencora, Inc. | 14553 | 4915276  |
| Eli Lilly & Co. | 2434 | 2615771  |
| Intuitive Surgical, Inc. (a) | 2581 | 1461775  |
| Thermo Fisher Scientific, Inc. | 3981 | 2306790  |
|  |  | 21304036  |
| **Industrials — 9.2%**<br>|  |  |
| Axon Enterprise, Inc. (a) | 3057 | 1736162  |
| GE Vernova, Inc. | 9736 | 6363158  |
| General Electric Co. | 19243 | 5927421  |
| Howmet Aerospace, Inc. | 23566 | 4831501  |
| Parker-Hannifin Corp. | 2552 | 2243106  |
| Quanta Services, Inc. | 13985 | 5902509  |
| Vertiv Holdings Co. Class A | 28790 | 4664268  |
|  |  | 31668125  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Information Technology — 47.1%**<br>|  |  |
| Advanced Micro Devices, Inc. (a) | 11088 | $2374606  |
| Amphenol Corp. Class A | 36478 | 4929637  |
| Apple, Inc. | 69709 | 18951089  |
| AppLovin Corp. Class A (a) | 12353 | 8323698  |
| Arista Networks, Inc. (a) | 30673 | 4019083  |
| Broadcom, Inc. | 55374 | 19164941  |
| Cloudflare, Inc. Class A (a) | 16895 | 3330849  |
| Lam Research Corp. | 36661 | 6275630  |
| Microsoft Corp. | 61209 | 29601896  |
| Monolithic Power Systems, Inc. | 4261 | 3862000  |
| NVIDIA Corp. | 230124 | 42918126  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) | 9441 | 1678138  |
| Shopify, Inc. Class A (a) | 24114 | 3881631  |
| Snowflake, Inc. Class A (a) | 23463 | 5146844  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 25538 | 7760743  |
|  |  | 162218911  |
| **Real Estate — 2.0%**<br>|  |  |
| CBRE Group, Inc. Class A (a) | 20093 | 3230754  |
| Welltower, Inc. | 20512 | 3807232  |
|  |  | 7037986  |
| **Utilities — 0.6%**<br>|  |  |
| Vistra Corp. | 12485 | 2014205  |
| **TOTAL COMMON STOCK** <br>**(Cost $336,481,400)** |  | **342834398**  |
| **TOTAL EQUITIES** <br>**(Cost $336,481,400)** |  | **342834398**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $336,481,400)** |  | **342834398**  |
| **TOTAL INVESTMENTS — 99.5% (Cost $336,481,400) (b)** |  | **342834398**  |
| **Other Assets/(Liabilities) — 0.5%** |  | **1642549**  |
| **NET ASSETS — 100.0%** |  | **$344476947** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **13**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Invesco Discovery Mid Cap Fund — Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 98.0%**<br>|  |  |
| **Common Stock — 98.0%**<br>|  |  |
| **Communication Services — 2.6%**<br>|  |  |
| Reddit, Inc. Class A (a) | 8892  | $2044004 |
| ROBLOX Corp. Class A (a) | 21961 | 1779500  |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, <br>Inc. (a) | 5946 | 1522354  |
| TKO Group Holdings, Inc. | 7789 | 1627901  |
|  |  | 6973759  |
| **Consumer Discretionary — 14.2%**<br>|  |  |
| AutoZone, Inc. (a) | 386 | 1309119  |
| Carvana Co. (a) | 8167 | 3446638  |
| DR Horton, Inc. | 12500 | 1800375  |
| Hilton Worldwide Holdings, Inc. | 32882 | 9445355  |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. <br>Class A | 9588 | 2974581  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc. (a) | 18394 | 2016166  |
| Ralph Lauren Corp. | 11841 | 4187096  |
| Ross Stores, Inc. | 19594 | 3529663  |
| Ulta Beauty, Inc. (a) | 7322 | 4429883  |
| Viking Holdings Ltd. (a) | 60391 | 4312521  |
|  |  | 37451397  |
| **Consumer Staples — 1.2%**<br>|  |  |
| Casey's General Stores, Inc. | 5774 | 3191348  |
| **Energy — 1.6%**<br>|  |  |
| Cheniere Energy, Inc. | 6467 | 1257120  |
| TechnipFMC PLC | 68061 | 3032798  |
|  |  | 4289918  |
| **Financials — 8.8%**<br>|  |  |
| Affirm Holdings, Inc. (a) | 25986 | 1934138  |
| ARES Management Corp. Class A | 10930 | 1766616  |
| Cboe Global Markets, Inc. | 5548 | 1392548  |
| Evercore, Inc. Class A | 14104 | 4798886  |
| LPL Financial Holdings, Inc. | 11992 | 4283183  |
| Nasdaq, Inc. | 47610 | 4624359  |
| Robinhood Markets, Inc. Class A (a) | 20904 | 2364242  |
| Synchrony Financial | 26254 | 2190371  |
|  |  | 23354343  |
| **Health Care — 15.3%**<br>|  |  |
| Agilent Technologies, Inc. | 18857 | 2565872  |
| Alnylam Pharmaceuticals, Inc. (a) | 10399 | 4135162  |
| Cencora, Inc. | 18942 | 6397661  |
| Encompass Health Corp. | 39231 | 4163978  |
| Guardant Health, Inc. (a) | 20187 | 2061900  |
| IDEXX Laboratories, Inc. (a) | 6997 | 4733681  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Insmed, Inc. (a) | 3857 | $671272  |
| Insulet Corp. (a) | 14824 | 4213574  |
| Labcorp Holdings, Inc. | 5751 | 1442811  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) | 1569 | 2187484  |
| Natera, Inc. (a) | 20054 | 4594171  |
| Tenet Healthcare Corp. (a) | 16989 | 3376054  |
|  |  | 40543620  |
| **Industrials — 27.2%**<br>|  |  |
| Axon Enterprise, Inc. (a) | 2476 | 1406195  |
| BWX Technologies, Inc. | 19858 | 3432257  |
| Carpenter Technology Corp. | 11585 | 3647422  |
| Comfort Systems USA, Inc. | 7204 | 6723421  |
| Curtiss-Wright Corp. | 7771 | 4283919  |
| Embraer SA Sponsored ADR | 37120 | 2389414  |
| EMCOR Group, Inc. | 5503 | 3366680  |
| Fastenal Co. | 52546 | 2108671  |
| HEICO Corp. | 11017 | 3564991  |
| Howmet Aerospace, Inc. | 41649 | 8538878  |
| ITT, Inc. | 23081 | 4004784  |
| Karman Holdings, Inc. (a) | 32646 | 2388708  |
| MasTec, Inc. (a) | 18013 | 3915486  |
| Quanta Services, Inc. | 16237 | 6852988  |
| Rockwell Automation, Inc. | 8955 | 3484122  |
| Rollins, Inc. | 29335 | 1760687  |
| SPX Technologies, Inc. (a) | 12939 | 2588576  |
| Vertiv Holdings Co. Class A | 31715 | 5138147  |
| XPO, Inc. (a) | 18423 | 2503870  |
|  |  | 72099216  |
| **Information Technology — 22.0%**<br>|  |  |
| Celestica, Inc. (a) | 12078 | 3570378  |
| Cloudflare, Inc. Class A (a) | 28834 | 5684623  |
| Coherent Corp. (a) | 7134 | 1316722  |
| Datadog, Inc. Class A (a) | 13876 | 1886997  |
| Flex Ltd. (a) | 89820 | 5426924  |
| Guidewire Software, Inc. (a) | 9987 | 2007487  |
| Lattice Semiconductor Corp. (a) | 61906 | 4555044  |
| Lumentum Holdings, Inc. (a) | 16033 | 5909604  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 20401 | 3494283  |
| MongoDB, Inc. (a) | 10892 | 4571264  |
| Monolithic Power Systems, Inc. | 8372 | 7588046  |
| Rubrik, Inc. Class A (a) | 19953 | 1526005  |
| TE Connectivity PLC | 18344 | 4173443  |
| Teradyne, Inc. | 17779 | 3441303  |
| Zscaler, Inc. (a) | 14163 | 3185542  |
|  |  | 58337665  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **14**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Invesco Discovery Mid Cap Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Materials — 0.7%**<br>|  |  |
| Martin Marietta Materials, Inc. | 3039 | $1892264  |
| **Real Estate — 2.0%**<br>|  |  |
| CBRE Group, Inc. Class A (a) | 31986 | 5143029  |
| **Utilities — 2.4%**<br>|  |  |
| NRG Energy, Inc. | 18374 | 2925876  |
| Vistra Corp. | 21754 | 3509573  |
|  |  | 6435449  |
| **TOTAL COMMON STOCK** <br>**(Cost $255,592,287)** |  | **259712008**  |
| **TOTAL EQUITIES** <br>**(Cost $255,592,287)** |  | **259712008**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $255,592,287)** |  | **259712008** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |  |
| **Repurchase Agreement — 1.5%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (b) | $3903341 | 3903341  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,903,341)** |  | **3903341**  |
| **TOTAL INVESTMENTS — 99.5%**<br>**(Cost $259,495,628) (c)** |  | **263615349**  |
| **Other Assets/(Liabilities) — 0.5%** |  | **1339072**  |
| **NET ASSETS — 100.0%** |  | **$264954421** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maturity value of $3,903,774. Collateralized
 by U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued
 interest, of $3,981,560.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **15**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Bond Fund — Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 98.5%** | **Bonds & Notes — 98.5%** | **Bonds & Notes — 98.5%** |
| **Corporate Debt — 39.0%** | **Corporate Debt — 39.0%** | **Corporate Debt — 39.0%** |
| **Aerospace & Defense — 0.1%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.930% 5/01/60 | $830000 | $813862  |
| **Airlines — 0.0%**<br>|  |  |
|  United Airlines Pass-Through Trust, Series 2018-1, Class B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.600% 9/01/27 | 195884 | 195742  |
| **Auto Manufacturers — 0.6%**<br>|  |  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.303% 9/06/29 | 2015000 | 2028873  |
| General Motors Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 4/01/38 | 930000 | 894913  |
| Nissan Motor Acceptance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.300% 9/13/27 (a) | 1250000 | 1251699  |
|  |  | 4175485  |
| **Banks — 7.7%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 1.200% <br>2.482% VRN 9/21/36 (b) | 2360000 | 2071052  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.000% <br>3.846% VRN 3/08/37 (b) | 545000 | 513246  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.351% <br>6.250% VRN (b) (c) | 2925000 | 2970940  |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia <br>5 yr. CMT + 2.903%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.350% VRN 4/27/85 (b) | 1635000 | 1700281  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.410% <br>4.375% VRN (b) (c) | 1575000 | 1523732  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.431% <br>8.000% VRN (b) (c) | 1607000 | 1714622  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.196% <br>4.625% VRN (a) (b) (c) | 2590000 | 2565636  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.134% <br>7.450% VRN (a) (b) (c) | 1080000 | 1130024  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.572% <br>6.750% VRN (b) (c) | 1815000 | 1847541  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.890% <br>6.875% VRN (b) (c) | 625000 | 649441  |
| &nbsp;&nbsp;&nbsp; Danske Bank AS <br>5 yr. CMT + 3.387%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% VRN (a) (b) (c) | 750000 | 747815  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. <br>5 yr. CMT + 1.850%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.600% VRN 9/05/35 (b) | $1825000 | $1821826  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>5 yr. CMT + 2.461%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.850% VRN (b) (c) | 1473000 | 1531794  |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC <br>5 yr. CMT + 3.298%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% VRN (b) (c) | 2629000 | 2718257  |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. <br>5 yr. CMT + 1.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.141% VRN 11/18/39 (b) | 700000 | 729445  |
| ING Groep NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.862% <br>3.875% VRN (b) (c) | 3050000 | 2961321  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.506% <br>4.875% VRN (a) (b) (c) | 498000 | 481940  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co. <br>5 yr. CMT + 2.152%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% VRN (b) (c) | 1731000 | 1798702  |
| Lloyds Banking Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.150% <br>6.750% VRN (b) (c) (d) | 1325000 | 1372350  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.913% <br>8.000% VRN (b) (c) | 1175000 | 1271144  |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. <br>5 yr. CMT + 1.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.052% VRN 3/03/36 (a) (b) | 2565000 | 2334205  |
| Morgan Stanley<br>|  |  |
|  1 day USD SOFR + 1.360% 2.484% VRN 9/16/36 (b) | 1870000 | 1644316  |
|  1 day USD SOFR + 2.620% 5.297% VRN 4/20/37 (b) | 2320000 | 2359904  |
| NatWest Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.100% <br>4.600% VRN (b) (c) | 825000 | 764319  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.937% <br>7.300% VRN (b) (c) | 2122000 | 2251037  |
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp <br>5 yr. CMT + 2.660%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.300% VRN (a) (b) (c) (d) | 2893000 | 2954948  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada <br>5 yr. CMT + 2.815%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% VRN 8/24/85 (b) | 1815000 | 1883567  |
| &nbsp;&nbsp;&nbsp; Synovus Bank/Columbus GA <br>5 yr. CMT + 2.300%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.957% VRN 1/15/36 (b) | 1301000 | 1308220  |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank <br>5 yr. CMT + 4.075%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% VRN 10/31/82 (b) | 2431000 | 2563596  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **16**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. USD SOFR ICE <br>Swap + 3.122% <br>6.600% VRN (a) (b) (c) | $1830000 | $1858480  |
| &nbsp;&nbsp;&nbsp; 5 yr. USD SOFR ICE <br>Swap + 3.077% <br>7.000% VRN (a) (b) (c) | 834000 | 852266  |
| &nbsp;&nbsp;&nbsp; US Bancorp <br>5 yr. CMT + 2.541%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.700% VRN (b) (c) | 1100000 | 1073486  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. <br>5 yr. CMT + 2.767%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.850% VRN (b) (c) | 1214000 | 1268647  |
|  |  | 55238100  |
| **Beverages — 0.1%**<br>|  |  |
| Bacardi Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 5/15/38 (a) | 650000 | 618215  |
| **Building Materials — 0.4%**<br>|  |  |
| JH North America Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 1/31/31 (a) | 1825000 | 1862823  |
| &nbsp;&nbsp;&nbsp; 6.125% 7/31/32 (a) | 889000 | 912609  |
|  |  | 2775432  |
| **Chemicals — 1.0%**<br>|  |  |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.850% STEP 11/15/28 | 2380000 | 2489826  |
| Dow Chemical Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.600% 2/15/54 | 815000 | 708227  |
| FMC Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.450% 10/01/29 | 1150000 | 1020007  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 4.366% <br>8.450% VRN 11/01/55 (b) | 2360000 | 1867953  |
| Huntsman International LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.950% 6/15/31 | 1250000 | 1053311  |
|  |  | 7139324  |
| **Commercial Services — 0.4%**<br>|  |  |
| Element Fleet Management Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.641% 11/24/30 (a) | 1224000 | 1227413  |
| Triton Container International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.150% 6/15/31 (a) | 2100000 | 1892029  |
|  |  | 3119442  |
| **Computers — 0.3%**<br>|  |  |
|  Genpact UK Finco PLC/Genpact USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 11/18/30 | 1061000 | 1060780  |
| Kyndryl Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.150% 10/15/31 | 950000 | 867097  |
|  |  | 1927877  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust <br>5 yr. CMT + 2.441%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% VRN 1/31/56 (b) | $1225000 | $1263567  |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>5 yr. CMT + 2.854%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.550% VRN (b) (c) | 1150000 | 1134170  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., (Acquired 5/16/24, <br>Cost $1,196,000),<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 5/21/54 (e) | 1196000 | 1174239  |
| &nbsp;&nbsp;&nbsp; ARES Finance Co. III LLC <br>5 yr. CMT + 3.237%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% VRN 6/30/51 (a) (b) | 1840000 | 1816036  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 10/15/32 (a) | 2200000 | 2176030  |
| BGC Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.150% 4/02/30 | 938000 | 971246  |
| &nbsp;&nbsp;&nbsp; 6.600% 6/10/29 | 2360000 | 2461113  |
| Blue Owl Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.125% 6/10/31 | 1390000 | 1259675  |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. <br>5 yr. CMT + 3.168%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% VRN (b) (c) | 2325000 | 2310792  |
|  |  | 14566868  |
| **Electric — 1.2%**<br>|  |  |
| AES Corp. 5 yr. CMT + 3.201%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.600% VRN 1/15/55 (b) | 1804000 | 1837208  |
| Dayton Power & Light Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.550% 8/15/30 (a) | 900000 | 896523  |
| Dominion Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.195% <br>4.350% VRN (b) (c) | 973000 | 964885  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.262% <br>6.000% VRN 2/15/56 (b) | 816000 | 819764  |
|  NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.800% VRN 3/15/82 (b) | 1500000 | 1466514  |
| Pacific Gas & Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% 3/01/35 | 900000 | 925259  |
| Sempra 5 yr. CMT + 2.868%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% VRN 4/01/52 (b) | 1586000 | 1553768  |
|  |  | 8463921  |
| **Entertainment — 0.1%**<br>|  |  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.279% 3/15/32 | 1220000 | 1070940  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **17**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Food — 0.3%**<br>|  |  |
| Smithfield Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 9/13/31 (a) | $2230000 | $1973597  |
| **Gas — 0.1%**<br>|  |  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 2/01/42 | 950000 | 955642  |
| **Health Care - Services — 1.1%**<br>|  |  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.450% 7/15/28 | 1200000 | 1123607  |
| &nbsp;&nbsp;&nbsp; 3.000% 10/15/30 | 2065000 | 1847221  |
| Elevance Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/15/36 | 1019000 | 1012844  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.900% 6/01/53 | 1510000 | 1478380  |
| Humana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 4/15/54 | 1838000 | 1729044  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 7/15/64 | 1064000 | 1038791  |
|  |  | 8229887  |
| **Insurance — 8.7%**<br>|  |  |
| Allianz SE 5 yr. CMT + 2.317%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.550% VRN (a) (b) (c) (d) | 2000000 | 2076084  |
|  Allstate Corp. 3 mo. USD Term SOFR + 3.200%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.051% VRN 8/15/53 (b) | 2885000 | 2885600  |
| American National Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 6/03/30 (a) | 1800000 | 1828968  |
| American National Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 10/01/29 | 1400000 | 1448732  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.183% <br>7.000% VRN 12/01/55 (b) | 700000 | 700753  |
| Ascot Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 12/15/30 (a) | 1990000 | 1849268  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.375% <br>6.349% VRN 6/15/35 (a) (b) | 831000 | 860297  |
| Aspen Insurance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 7/01/30 | 589000 | 614029  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.673% 6/07/31 (a) | 1630000 | 1452074  |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., (Acquired 10/07/24, Cost $1,645,000), <br>5 yr. CMT + 2.607%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% VRN 10/15/54 (b) (e) | 1645000 | 1641881  |
| &nbsp;&nbsp;&nbsp; AXIS Specialty Finance LLC <br>5 yr. CMT + 3.186%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% VRN 1/15/40 (b) | 1880000 | 1808616  |
| Belrose Funding Trust II<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.792% 5/15/55 (a) | 1425000 | 1479638  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial <br>Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.650% 6/10/29 (a) | $1859000 | $1899628  |
| Brighthouse Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.700% 6/22/47 | 975000 | 717443  |
| CNO Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.450% 6/15/34 | 1765000 | 1867267  |
| CNO Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.700% 12/11/30 (a) | 1224000 | 1225570  |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>5 yr. CMT + 3.846%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% VRN 12/15/52 (b) | 4211000 | 4312215  |
| &nbsp;&nbsp;&nbsp; Enstar Finance LLC <br>5 yr. CMT + 4.006%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% VRN 1/15/42 (b) | 3051000 | 3004870  |
| Enstar Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.100% 9/01/31 | 650000 | 584185  |
| Fairfax Financial Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.100% 3/15/55 | 1845000 | 1849593  |
| &nbsp;&nbsp;&nbsp; Fidus Re Ltd. 1 mo. U.S. <br>T-Bill Rate + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.042% FRN 1/08/42 (a) (b) | 4700000 | 4703676  |
| Fortitude Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 10/06/28 (a) | 1505000 | 1505297  |
| Fortitude Group Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/30 (a) | 1710000 | 1781112  |
| Global Atlantic Fin Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/15/54 (a) | 1408000 | 1438350  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.550% <br>7.250% VRN 3/01/56 (a) (b) | 1714000 | 1722034  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.608% <br>7.950% VRN 10/15/54 (a) (b) | 678000 | 700019  |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc. <br>5 yr. CMT + 3.315%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% VRN 12/15/51 (a) (b) | 3006000 | 2964046  |
| MetLife Capital Trust IV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 12/15/67 (a) | 840000 | 928616  |
| MetLife, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.250% 4/08/68 (a) | 457000 | 548475  |
| Omnis Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.722% 5/15/55 (a) | 1825000 | 1897731  |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. <br>5 yr. CMT + 2.392%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.650% VRN 9/15/55 (b) | 700000 | 723308  |
|  Sammons Financial Group Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 12/12/30 (a) | 1795000 | 1798594  |
| Sammons Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 4/08/32 (a) | 3705000 | 3604500  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **18**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| USF&G Capital I<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 12/15/45 (a) | $885000 | $937448  |
| &nbsp;&nbsp;&nbsp; Vitality Re XV Ltd. <br>FHMMUSTF + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.080% FRN 1/08/29 (a) (b) | 3016000 | 3054906  |
|  |  | 62414823  |
| **Internet — 0.3%**<br>|  |  |
| Meta Platforms, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 11/15/55 | 2185000 | 2097100  |
| **Investment Companies — 3.0%**<br>|  |  |
| Antares Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 7/15/26 (a) | 2405000 | 2396056  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/08/29 (a) | 3650000 | 3729136  |
| ARES Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 3/01/29 | 2100000 | 2154245  |
| ARES Strategic Income Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% 9/09/28 (a) | 1280000 | 1290699  |
| &nbsp;&nbsp;&nbsp; 6.350% 8/15/29 | 2228000 | 2292563  |
| Blackstone Secured Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 1/31/31 | 2235000 | 2207173  |
| Blue Owl Credit Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 3/15/30 | 1625000  | 1622986  |
| &nbsp;&nbsp;&nbsp; 6.650% 3/15/31 | 275000 | 283391  |
| Blue Owl Technology Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/04/29 (d) | 1505000 | 1539297  |
| Golub Capital BDC, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 7/15/29 (d) | 2872000 | 2936426  |
| HPS Corporate Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 9/30/29 (d) | 1295000 | 1341500  |
|  |  | 21793472  |
| **Media — 0.9%**<br>|  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.850% 12/01/35 (d) | 793000 | 791076  |
| &nbsp;&nbsp;&nbsp; 6.484% 10/23/45 | 960000 | 902560  |
| News Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 5/15/29 (a) | 1125000 | 1091550  |
| Paramount Global<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/30/36 | 1680000 | 1652651  |
| Time Warner Cable LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 11/15/40 | 1525000 | 1411164  |
| &nbsp;&nbsp;&nbsp; 6.550% 5/01/37 | 800000 | 816367  |
|  |  | 6665368  |
| **Oil & Gas — 3.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC <br>5 yr. CMT + 1.924%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% VRN (b) (c) | 1895000 | 1954139  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Continental Resources, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 1/15/31 (a) | $1395000 | $1430412  |
| Helmerich & Payne, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 12/01/34 (d) | 2735000 | 2692700  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 1/01/32 | 900000 | 921598  |
| &nbsp;&nbsp;&nbsp; 6.050% 10/01/54 | 2623000 | 2508777  |
| Ovintiv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 11/15/41 | 800000 | 688443  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/01/38 | 820000 | 859219  |
| &nbsp;&nbsp;&nbsp; 7.100% 7/15/53 | 1628000 | 1729977  |
| Patterson-UTI Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 11/15/29 | 830000 | 837152  |
| &nbsp;&nbsp;&nbsp; 7.150% 10/01/33 | 1625000 | 1739141  |
| Petroleos Mexicanos<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 1/23/45 | 595000 | 479217  |
| &nbsp;&nbsp;&nbsp; 6.625% 6/15/35 | 140000 | 132849  |
| Phillips 66 Co. 5 yr. CMT + 2.283%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% VRN 3/15/56 (b) | 2515000 | 2488092  |
| Santos Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 11/13/35 (a) | 1865000 | 1854639  |
| &nbsp;&nbsp;&nbsp; 6.875% 9/19/33 (a) | 1250000 | 1367201  |
|  |  | 21683556  |
| **Pharmaceuticals — 0.9%**<br>|  |  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/01/53 | 1050000 | 1019546  |
| &nbsp;&nbsp;&nbsp; 6.125% 9/15/39 | 560000  | 580689  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.886% <br>7.000% VRN 3/10/55 (b) | 1015000 | 1064784  |
| CVS Pass-Through Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.926% 1/10/34 (a) | 730318 | 748647  |
| &nbsp;&nbsp;&nbsp; 7.507% 1/10/32 (a) | 563410 | 597990  |
| Utah Acquisition Sub, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 6/15/46 | 2700000 | 2217622  |
|  |  | 6229278  |
| **Pipelines — 1.9%**<br>|  |  |
| Columbia Pipelines Holding Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.999% 11/17/32 (a) | 1815000 | 1814838  |
| Enbridge, Inc. 5 yr. CMT + 3.708%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% VRN 1/15/83 (b) | 1019000 | 1046119  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.950% 5/15/54 | 785000 | 743906  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.676% <br>6.500% VRN 2/15/56 (b) | 1880000 | 1873779  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.306% <br>7.125% VRN (b) (c) | 1830000 | 1873834  |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC <br>3 mo. USD Term SOFR + 2.832%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% VRN 2/15/78 (b) (d) | 2256000 | 2241234  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **19**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.050% 4/01/45 | $625000 | $546350  |
| &nbsp;&nbsp;&nbsp; 5.450% 6/01/47 | 1425000 | 1310078  |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP <br>3 mo. USD Term SOFR + 4.372%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.223% VRN (b) (c) | 2345000 | 2351653  |
|  |  | 13801791  |
| **Private Equity — 0.3%**<br>|  |  |
| Brookfield Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.968% 3/04/54 | 1011000 | 1020453  |
| KKR Group Finance Co. X LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 12/15/51 (a) (d) | 1476000 | 979322  |
|  |  | 1999775  |
| **Real Estate Investment Trusts (REITS) — 2.5%** | **Real Estate Investment Trusts (REITS) — 2.5%** | **Real Estate Investment Trusts (REITS) — 2.5%** |
| Broadstone Net Lease LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.600% 9/15/31 | 2465000 | 2181333  |
| EPR Properties<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.600% 11/15/31 | 1136000 | 1052786  |
| &nbsp;&nbsp;&nbsp; 3.750% 8/15/29 | 675000 | 653922  |
| Essential Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 12/01/35 | 1473000 | 1475710  |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 12/15/27 (a) | 3050000 | 2969782  |
| GLP Capital LP/GLP Financing II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 1/15/31 | 1900000 | 1819871  |
| Piedmont Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 1/15/33 | 1007000 | 1017320  |
| &nbsp;&nbsp;&nbsp; 6.875% 7/15/29 | 1565000 | 1660814  |
| &nbsp;&nbsp;&nbsp; 9.250% 7/20/28 | 1847000 | 2040803  |
| Service Properties Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 10/01/29 (d) | 1155000 | 1001126  |
| Store Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 3/15/29 | 2300000 | 2291526  |
|  |  | 18164993  |
| **Semiconductors — 0.4%**<br>|  |  |
| Foundry JV Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.100% 1/25/36 (a) | 2568000 | 2684681  |
| **Software — 0.7%**<br>|  |  |
| Microsoft Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.921% 3/17/52 | 2399000 | 1571434  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 9/26/35 | 1824000 | 1747539  |
| &nbsp;&nbsp;&nbsp; 5.375% 9/27/54 | 1005000 | 812818  |
| &nbsp;&nbsp;&nbsp; 5.950% 9/26/55 (d) | 925000 | 819563  |
|  |  | 4951354  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Telecommunications — 0.4%**<br>|  |  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.550% 9/15/55 | $2198000 | $1463082  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/15/54 | 1134000 | 1153044  |
|  |  | 2616126  |
| **Trucking & Leasing — 0.1%**<br>|  |  |
| GATX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 6/15/35 | 1023000 | 1048288  |
| **Venture Capital — 0.5%**<br>|  |  |
| Hercules Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.375% 1/20/27 | 2545000 | 2510515  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/16/30 (d) | 1075000 | 1088633  |
|  |  | 3599148  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $280,372,747)**  |  | **281014087** |
| **Non-U.S. Government Agency Obligations — 22.4%** | **Non-U.S. Government Agency Obligations — 22.4%** |  |
| **Automobile Asset-Backed Securities — 0.5%** | **Automobile Asset-Backed Securities — 0.5%** |  |
|  Securitized Term Auto Receivables Trust, Series 2025-A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.746% 7/25/31 (a) | 995869 | 1009175  |
|  Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-AA, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.080% 8/20/29 (a) | 2500000 | 2528946  |
|  |  | 3538121  |
| **Commercial Mortgage-Backed Securities — 5.8%** | **Commercial Mortgage-Backed Securities — 5.8%** |  |
|  Bank, Series 2020-BN30, Class MCDF,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.918% VRN 12/15/53 (b) (f) | 2100000 | 1569561  |
| Benchmark Mortgage Trust<br>|  |  |
|  Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 (a) (b) (f) | 2200000 | 1792009  |
|  Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 (a) (b) (f) | 3587000 | 2751453  |
|  Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (b) (f) | 2500000 | 1729511  |
| BGME Trust<br>|  |  |
|  Series 2021-VR, Class C, 2.995% VRN 1/10/43 (a) (b) (f) | 8018000 | 6097111  |
|  Series 2021-VR, Class D, 2.995% VRN 1/10/43 (a) (b) (f) | 2400000 | 1760195  |
|  BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class A, 1 mo. USD Term SOFR + 1.850%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.600% FRN 8/15/42 (a) (b) | 2600000 | 2606508  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **20**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| BX Trust, Series 2023-LIFE, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.884% 2/15/28 (a) | $500000 | $488439  |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust, <br>Series 2012-CR4, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.703% 10/15/45 (a) | 1060000 | 753873  |
|  Harvest Commercial Capital Loan Trust, Series 2025-1, Class M2,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.735% VRN 6/25/57 (b) (f) | 891842 | 904524  |
| &nbsp;&nbsp;&nbsp; KIND Trust, Series 2021-KIND, Class C, 1 mo. USD Term <br>SOFR + 1.864%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.620% FRN 8/15/38 (a) (b) | 1586968 | 1573489  |
| KREF Ltd.<br>|  |  |
|  Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 5.500% FRN 2/15/39 (a) (b) | 2900000 | 2876122  |
|  Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 5.850% FRN 2/15/39 (a) (b) | 5000000 | 4966293  |
|  Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 6.050% FRN 2/15/39 (a) (b) | 4100000 | 4051701  |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust, <br>Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.615% FRN 3/15/38 (a) (b) | 1354500 | 1343978  |
| &nbsp;&nbsp;&nbsp; MFT Mortgage Trust, <br>Series 2020-ABC, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.358% 2/10/42 (a) | 919000 | 748570  |
|  US Bank C&I Credit-Linked Notes, Series 2025-SUP2, Class B1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.818% 9/25/32 (a) | 1653766 | 1659709  |
| &nbsp;&nbsp;&nbsp; US Bank NA, <br>Series 2025-SUP1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.582% 2/25/32 (a) | 645913 | 647692  |
| Velocity Commercial Capital Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class A, <br>5.190% VRN 9/25/55 (a) (b) (f) | 965243 | 961230  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A, <br>5.870% VRN 6/25/55 (a) (b) (f) | 2212661 | 2227887  |
|  Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.556% 6/16/51 | 400000 | 381835  |
|  |  | 41891690  |
| **Home Equity Asset-Backed Securities — 0.3%** | **Home Equity Asset-Backed Securities — 0.3%** |  |
|  Vista Point Securitization Trust, Series 2025-CES3, Class A1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.297% STEP 11/25/55 (a) | 1780928 | 1779453  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Other Asset-Backed Securities — 11.1%** | **Other Asset-Backed Securities — 11.1%** |  |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 19 Ltd., Series 2021-19A, Class A1R, <br>3 mo. USD Term SOFR + 1.350%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.255% FRN 10/15/38 (a) (b) | $2000000 | $2003274  |
| &nbsp;&nbsp;&nbsp; Apidos CLO LV Ltd., <br>Series 2025-55A, Class A1, 3 mo. USD Term SOFR + 1.210%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.932% FRN 1/20/39 (a) (b) | 2000000 | 2001614  |
|  Apidos CLO XLVIII Ltd., Series 2024-48A, Class A1, 3 mo. USD Term SOFR + 1.440%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.298% FRN 7/25/37 (a) (b) | 2000000 | 2006074  |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXII Ltd., Series 2019-32A, Class B1R, <br>3 mo. USD Term SOFR + 1.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.384% FRN 1/20/33 (a) (b) | 1250000 | 1250375  |
| &nbsp;&nbsp;&nbsp; Aqua Finance Trust, <br>Series 2020-AA, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.970% 7/17/46 (a) | 3051212 | 2986610  |
| &nbsp;&nbsp;&nbsp; ARES Loan Funding VI Ltd., Series 2024-ALF6A, Class A1, <br>3 mo. USD Term SOFR + 1.470%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.397% FRN 7/10/37 (a) (b) | 1000000 | 1003051  |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 26 Ltd., <br>Series 2024-26A, Class A1A, <br>3 mo. USD Term SOFR + 1.510%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.368% FRN 7/25/37 (a) (b) | 1700000 | 1706122  |
|  Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class A, 3 mo. USD Term SOFR + 1.300%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.618% FRN 7/25/38 (a) (b) | 2000000 | 2001602  |
|  Benefit Street Partners CLO 42 Ltd., Series 2025-42A, Class A, 3 mo. USD Term SOFR + 1.300%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.371% FRN 10/25/38 (a) (b) | 1750000 | 1754447  |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1R, <br>3 mo. USD Term SOFR + 1.530%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.414% FRN 7/20/37 (a) (b) | 2000000 | 2003908  |
|  Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class BR2, 3 mo. USD Term SOFR + 1.550%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.455% FRN 10/15/38 (a) (b) | 1000000 | 1003316  |
|  Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.505% FRN 10/15/31 (a) (b) | 2000000 | 2000580  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **21**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Canyon Capital CLO Ltd.<br>|  |  |
|  Series 2022-2A, Class A1R, 3 mo. USD Term SOFR + 1.180% 5.085% FRN 4/15/38 (a) (b) | $1000000 | $998455  |
|  Series 2022-1A, Class B, 3 mo. USD Term SOFR + 1.850% 5.744% FRN 4/15/35 (a) (b) | 940000 | 940433  |
|  Capital Automotive REIT, Series 2024-3A, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.400% 10/15/54 (a) | 950000 | 926274  |
|  CBAMR Ltd., Series 2017-4A, Class A1R, 3 mo. USD Term SOFR + 1.420%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.701% FRN 3/31/38 (a) (b) | 2000000 | 2007868  |
| CIFC Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-3A, Class A1R2, <br>3 mo. USD Term SOFR + 1.210% 5.072% FRN 10/20/38 (a) (b) | 2500000 | 2499937  |
|  Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450% 5.344% FRN 7/16/37 (a) (b) | 2650000 | 2656890  |
|  Goldentree Loan Management US CLO 1 Ltd., Series 2017-1A, Class B1R3, 3 mo. USD Term SOFR + 1.350%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.234% FRN 4/20/34 (a) (b) | 1000000 | 1000283  |
|  Labrador Aviation Finance Ltd., Series 2016-1A, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.300% 1/15/42 (a) | 911653 | 912858  |
| &nbsp;&nbsp;&nbsp; LMDV Issuer Co. LLC, <br>Series 2025-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.310% 12/15/55 (a) | 1000000 | 999700  |
| &nbsp;&nbsp;&nbsp; Magnetite XXXV Ltd., <br>Series 2022-35A, Class A1RR, <br>3 mo. USD Term SOFR + 1.200%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.919% FRN 1/25/39 (a) (b) | 2500000 | 2500000  |
| Mariner Finance Issuance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-AA, Class B, <br>2.330% 3/20/36 (a) | 1336000 | 1296492  |
| &nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, <br>2.960% 3/20/36 (a) | 637000 | 620220  |
|  MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.163% 12/20/55 (a) | 1100000 | 1102427  |
| &nbsp;&nbsp;&nbsp; MidOcean Credit CLO XII Ltd., Series 2023-12A, Class A1RR, <br>3 mo. USD Term SOFR + 1.340%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.224% FRN 7/18/38 (a) (b) | 2000000 | 2006536  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.485% FRN 4/15/37 (a) (b) | $1000000 | $1001843  |
|  MidOcean Credit CLO XXI, Series 2025-21A, Class B, 3 mo. USD Term SOFR + 1.580%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.442% FRN 10/20/38 (a) (b) | 1500000 | 1501841  |
|  Mosaic Solar Loan Trust, Series 2018-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.010% 6/22/43 (a) | 106589 | 102188  |
|  Mosaic Solar Loans LLC, Series 2017-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.450% 6/20/42 (a) | 87538 | 86093  |
|  Neuberger Berman CLO 32R Ltd., Series 2019-32RA, Class A, 3 mo. USD Term SOFR + 1.310%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.639% FRN 7/20/39 (a) (b) | 2000000 | 2002134  |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO XX Ltd., Series 2015-20A, Class A1R3, <br>3 mo. USD Term SOFR + 1.150%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.055% FRN 4/15/39 (a) (b) | 2000000 | 1998812  |
|  Neuberger Berman Loan Advisers CLO 30 Ltd., Series 2018-30A, Class A1R2, 3 mo. USD Term SOFR + 1.240%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.124% FRN 1/20/37 (a) (b) | 2000000 | 1999230  |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 44 Ltd., Series 2021-44A, Class BR, 3 mo. USD Term <br>SOFR + 1.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.394% FRN 10/16/35 (a) (b) | 1000000 | 1001022  |
|  Neuberger Berman Loan Advisers CLO 49 Ltd., Series 2022-49A, Class BR2, 3 mo. USD Term SOFR + 1.550%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.408% FRN 12/25/37 (a) (b) | 1000000 | 1001966  |
|  NP SPE II LLC, Series 2017-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.219% 10/21/47 (a) | 2258238 | 1958467  |
| &nbsp;&nbsp;&nbsp; Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class AR2, <br>3 mo. USD Term SOFR + 1.130%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.014% FRN 4/20/38 (a) (b) | 1000000 | 997502  |
| &nbsp;&nbsp;&nbsp; Oak Street Investment <br>Grade Net Lease Fund, <br>Series 2020-1A, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.390% 11/20/50 (a) | 1188500 | 827859  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **22**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., <br>Series 2023-27A, Class BR2, <br>3 mo. USD Term SOFR + 1.650%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.941% FRN 7/15/38 (a) (b) | $1750000 | $1757187  |
| &nbsp;&nbsp;&nbsp; Parallel Ltd., <br>Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.996% FRN 10/20/34 (a) (b) | 450000 | 450637  |
| &nbsp;&nbsp;&nbsp; Park Blue CLO Ltd., <br>Series 2025-9A, Class A1, 3 mo. USD Term SOFR + 1.350%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.431% FRN 10/20/38 (a) (b) | 2000000 | 2002312  |
| &nbsp;&nbsp;&nbsp; RR 7 Ltd., <br>Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.755% FRN 1/15/37 (a) (b) | 750000 | 750276  |
| &nbsp;&nbsp;&nbsp; RR 8 Ltd., <br>Series 2020-8A, Class A1A2, <br>3 mo. USD Term SOFR + 1.230%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.980% FRN 1/15/39 (a) (b) | 2000000 | 2003070  |
|  Sagard-Halseypoint CLO 10 Ltd., Series 2025-10A, Class B, 3 mo. USD Term SOFR + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.630% FRN 10/20/38 (a) (b) | 1375000 | 1377676  |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br>Series 2021-1A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.170% 11/20/37 (a) | 180156 | 179381  |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XIV Ltd., Series 2019-14A, Class A1R2, <br>3 mo. USD Term SOFR + 1.150%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.020% FRN 1/20/38 (a) (b) | 1000000 | 998015  |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XX Ltd., Series 2021-20A, Class A1R, <br>3 mo. USD Term SOFR + 1.320%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.202% FRN 7/17/38 (a) (b) | 1700000 | 1704010  |
|  Sunnova Helios II Issuer LLC, Series 2018-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.870% 7/20/48 (a) | 358542 | 346448  |
|  Sunnova Hestia II Issuer LLC, Series 2024-GRID1, Class 1A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.630% 7/20/51 (a) | 993332 | 986784  |
| &nbsp;&nbsp;&nbsp; Symphony CLO 42 Ltd., <br>Series 2024-42A, Class A1, 3 mo. USD Term SOFR + 1.530%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.412% FRN 4/17/37 (a) (b) | 2000000 | 2003388  |
|  Texas Debt Capital CLO Ltd., Series 2023-1A, Class A1R, 3 mo. USD Term SOFR + 1.300%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.184% FRN 7/20/38 (a) (b) | 2000000 | 2004170  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Thrust Engine Leasing DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, <br>4.163% 7/15/40 (a) | $2250985 | $2221420  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, <br>6.121% 7/15/40 (a) | 1075408 | 1074800  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, <br>7.386% 7/15/40 (a) | 247272 | 244800  |
| &nbsp;&nbsp;&nbsp; Vertical Bridge CC LLC, <br>Series 2025-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.163% 8/16/55 (a) | 2500000 | 2504803  |
|  Vivint Solar Financing V LLC, Series 2018-1A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.370% 4/30/48 (a) | 683407 | 667863  |
|  |  | 79945343  |
| **Student Loans Asset-Backed Securities — 3.0%** | **Student Loans Asset-Backed Securities — 3.0%** |  |
| College Avenue Student Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class B, <br>3.810% 12/28/48 (a) | 774269 | 750585  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class C, <br>4.460% 12/28/48 (a) | 1916111 | 1881758  |
|  Edsouth Indenture No. 8 LLC, Series 2014-4, Class B, 30 day USD SOFR Average + 1.614%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.489% FRN 6/25/48 (a) (b) | 1200000 | 1200446  |
|  Edsouth Indenture No. 9 LLC, Series 2015-1, Class B, 30 day USD SOFR Average + 1.614%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.489% FRN 10/25/56 (a) (b) | 1100000 | 1071004  |
| &nbsp;&nbsp;&nbsp; EDvestinU Private Education Loan Issue No. 1 LLC, <br>Series 2019-A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.580% 11/25/38 (a) | 213124 | 207376  |
|  Navient Refinance Loan Trust, Series 2025-C, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 10/15/55 (a) | 1939157 | 1938955  |
| Nelnet Student Loan Trust<br>|  |  |
|  Series 2005-4, Class A4R1, 1.145% FRN 3/22/32 (b) (f) | 80000 | 79556  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class B1, <br>2.850% 4/20/62 (a) | 1020000 | 925797  |
| &nbsp;&nbsp;&nbsp; Series 2019-5, Class B, <br>3.450% 10/25/67 (a) | 2150000 | 1706557  |
| &nbsp;&nbsp;&nbsp; Series 2025-CA, Class C, <br>5.150% 6/22/65 (a) | 2500000 | 2473451  |
|  Series 2019-1A, Class B, 30 day USD SOFR Average + 1.514% 5.389% FRN 4/25/67 (a) (b) | 3250000 | 3134770  |
|  SLM Student Loan Trust, Series 2005-6, Class B, 90 day USD SOFR Average + 0.552%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.865% FRN 1/25/44 (b) | 787805 | 748990  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **23**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-E, Class B, <br>5.710% 10/16/56 (a) | $2500000 | $2499449  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, <br>5.880% 3/15/56 (a) | 2910000 | 2995500  |
|  |  | 21614194  |
| **Whole Loan Collateral Collateralized Mortgage** <br>**Obligations — 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; A&D Mortgage Trust, <br>Series 2025-NQM3, Class A1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.374% STEP 8/25/70 (a) | 3381362 | 3400899  |
| &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust, <br>Series 2021-6INV, Class A18,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% VRN 8/25/51 (a) (b) (f) | 3130593 | 2600838  |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed <br>Securities Trust, <br>Series 2021-GR2, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% VRN 2/25/52 (a) (b) (f) | 1712056 | 1433044  |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage <br>Loan Trust, <br>Series 2021-INV1, Class A4,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% VRN 6/25/51 (a) (b) (f) | 2030159 | 1686618  |
|  Verus Securitization Trust, Series 2025-8, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.123% STEP 9/25/70 (a) | 2501262 | 2501415  |
|  |  | 11622814  |
| **Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1%**<br>|  |  |
|  GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A4,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% VRN 2/25/52 (a) (b) (f) | 1137091 | 944674  |
| **TOTAL NON-U.S. GOVERNMENT** <br>**AGENCY OBLIGATIONS**<br>**(Cost $168,874,764)**  |  | **161336289**  |
| **Sovereign Debt Obligations — 0.3%** | **Sovereign Debt Obligations — 0.3%** |  |
| Mexico Government International Bond  | Mexico Government International Bond  |  |
| &nbsp;&nbsp;&nbsp; 2.659% 5/24/31 | 1225000 | 1090250  |
| &nbsp;&nbsp;&nbsp; 4.750% 3/08/44 | 1652000 | 1361248  |
|  |  | 2451498  |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS** <br>**(Cost $2,743,117)**  |  | **2451498**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **U.S. Government Agency Obligations and Instrumentalities (g) — 23.8%** | **U.S. Government Agency Obligations and Instrumentalities (g) — 23.8%** |  |
| **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan <br>Mortgage Corp. REMICS <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2178, Class PB <br>7.000% 8/15/29  | $4730 | $4902  |
| **Pass-Through Securities — 23.8%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #RA4245 2.000% 12/01/50 | 1765986 | 1452667  |
| &nbsp;&nbsp;&nbsp; Pool #RA4255 2.000% 1/01/51 | 3598941 | 2966045  |
| &nbsp;&nbsp;&nbsp; Pool #RA5576 2.500% 7/01/51 | 6295384 | 5411013  |
| &nbsp;&nbsp;&nbsp; Pool #SD0905 3.000% 3/01/52 | 2726729 | 2442325  |
| &nbsp;&nbsp;&nbsp; Pool #C91344 3.500% 11/01/30 | 18349 | 18200  |
| &nbsp;&nbsp;&nbsp; Pool #C91424 3.500% 1/01/32 | 14686 | 14535  |
| &nbsp;&nbsp;&nbsp; Pool #RA2483 3.500% 6/01/50 | 2895619 | 2703396  |
| &nbsp;&nbsp;&nbsp; Pool #SD1523 4.000% 8/01/52 | 4099445 | 3930379  |
| &nbsp;&nbsp;&nbsp; Pool #C91239 4.500% 3/01/29 | 676 | 679  |
| &nbsp;&nbsp;&nbsp; Pool #C91251 4.500% 6/01/29 | 4817 | 4840  |
| &nbsp;&nbsp;&nbsp; Pool #SD7323 5.000% 12/01/54 | 9012377 | 8996009  |
| &nbsp;&nbsp;&nbsp; Pool #D97258 5.500% 4/01/27 | 414 | 416  |
| &nbsp;&nbsp;&nbsp; Pool #C91026 5.500% 4/01/27 | 2080 | 2110  |
| &nbsp;&nbsp;&nbsp; Pool #C91074 5.500% 8/01/27 | 262 | 266  |
| &nbsp;&nbsp;&nbsp; Pool #D97417 5.500% 10/01/27 | 2695 | 2733  |
| &nbsp;&nbsp;&nbsp; Pool #C91128 5.500% 12/01/27 | 242  | 245  |
| &nbsp;&nbsp;&nbsp; Pool #C91148 5.500% 1/01/28 | 6339 | 6429  |
| &nbsp;&nbsp;&nbsp; Pool #C91176 5.500% 5/01/28 | 2822 | 2863  |
| &nbsp;&nbsp;&nbsp; Pool #C91217 5.500% 11/01/28 | 788 | 799  |
| &nbsp;&nbsp;&nbsp; Pool #SD4364 5.500% 10/01/53 | 4629017 | 4742778  |
| Federal National Mortgage Association | Federal National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp; Pool #MA4577 2.000% 4/01/52 | 6577273 | 5332236  |
| &nbsp;&nbsp;&nbsp; Pool #CB0414 2.500% 5/01/51 | 5352167 | 4578555  |
| &nbsp;&nbsp;&nbsp; Pool #FM8596 2.500% 9/01/51 | 1636060 | 1406228  |
| &nbsp;&nbsp;&nbsp; Pool #FM9104 2.500% 10/01/51 | 4888295 | 4201590  |
| &nbsp;&nbsp;&nbsp; Pool #FM9227 2.500% 10/01/51 | 3442226 | 2947908  |
| &nbsp;&nbsp;&nbsp; Pool #MA4548 2.500% 2/01/52 | 4216743 | 3583528  |
| &nbsp;&nbsp;&nbsp; Pool #FS3035 2.500% 4/01/52 | 7391913 | 6367362  |
| &nbsp;&nbsp;&nbsp; Pool #MA3029 3.000% 6/01/32 | 612343 | 598499  |
| &nbsp;&nbsp;&nbsp; Pool #MA3090 3.000% 8/01/32 | 258226 | 252176  |
| &nbsp;&nbsp;&nbsp; Pool #AO8180 3.000% 9/01/42 | 7997 | 7387  |
| &nbsp;&nbsp;&nbsp; Pool #AB7397 3.000% 12/01/42 | 49169 | 45369  |
| &nbsp;&nbsp;&nbsp; Pool #AB7401 3.000% 12/01/42 | 38830 | 35870  |
| &nbsp;&nbsp;&nbsp; Pool #AP8668 3.000% 12/01/42 | 59616 | 55007  |
| &nbsp;&nbsp;&nbsp; Pool #AR1975 3.000% 12/01/42 | 11282 | 10428  |
| &nbsp;&nbsp;&nbsp; Pool #AR0306 3.000% 1/01/43 | 3269 | 3018  |
| &nbsp;&nbsp;&nbsp; Pool #AR5391 3.000% 1/01/43 | 9019 | 8292  |
| &nbsp;&nbsp;&nbsp; Pool #AL3215 3.000% 2/01/43 | 38035 | 35060  |
| &nbsp;&nbsp;&nbsp; Pool #AR4109 3.000% 2/01/43 | 25903 | 23950  |
| &nbsp;&nbsp;&nbsp; Pool #AR4432 3.000% 3/01/43 | 17785 | 16385  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **24**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #AT0169 3.000% 3/01/43 | $85353 | $78737  |
| &nbsp;&nbsp;&nbsp; Pool #AB8809 3.000% 3/01/43 | 19946 | 18412  |
| &nbsp;&nbsp;&nbsp; Pool #MA1368 3.000% 3/01/43 | 76000 | 70087  |
| &nbsp;&nbsp;&nbsp; Pool #AR2174 3.000% 4/01/43 | 72060 | 66470  |
| &nbsp;&nbsp;&nbsp; Pool #FS1075 3.000% 3/01/52 | 2778111 | 2490952  |
| &nbsp;&nbsp;&nbsp; Pool #CB3304 3.000% 4/01/52 | 4402932 | 3947823  |
| &nbsp;&nbsp;&nbsp; Pool #CB3305 3.000% 4/01/52 | 5311329 | 4757345  |
| &nbsp;&nbsp;&nbsp; Pool #AS1304 3.500% 12/01/28 | 149371 | 148523  |
| &nbsp;&nbsp;&nbsp; Pool #MA1356 3.500% 2/01/43 | 2688650 | 2552561  |
| &nbsp;&nbsp;&nbsp; Pool #CA6096 3.500% 6/01/50 | 3336517 | 3108768  |
| &nbsp;&nbsp;&nbsp; Pool #FM4017 3.500% 8/01/50 | 197941 | 184739  |
| &nbsp;&nbsp;&nbsp; Pool #CB3842 3.500% 6/01/52 | 8503610 | 7928474  |
| &nbsp;&nbsp;&nbsp; Pool #CB3866 4.500% 6/01/52 | 4518867 | 4452966  |
| &nbsp;&nbsp;&nbsp; Pool #CB4129 4.500% 7/01/52 | 4232153 | 4155886  |
| &nbsp;&nbsp;&nbsp; Pool #AD6437 5.000% 6/01/40 | 118398 | 120731  |
| &nbsp;&nbsp;&nbsp; Pool #AD6996 5.000% 7/01/40 | 786506 | 802026  |
| &nbsp;&nbsp;&nbsp; Pool #AL8173 5.000% 2/01/44 | 315500 | 321731  |
| &nbsp;&nbsp;&nbsp; Pool #MA5530 5.000% 11/01/54 | 3687304 | 3682911  |
| &nbsp;&nbsp;&nbsp; Pool #AD0836 5.500% 11/01/28 | 5084 | 5156  |
| &nbsp;&nbsp;&nbsp; Pool #MA4842 5.500% 12/01/52 | 7957819 | 8126032  |
| &nbsp;&nbsp;&nbsp; Pool #CB9444 6.000% 11/01/54 | 3459325 | 3564237  |
| &nbsp;&nbsp;&nbsp; Pool #FA0095 6.000% 12/01/54 | 5381907 | 5570774  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #480539 7.000% 4/15/29 | 32 | 32  |
| &nbsp;&nbsp;&nbsp; Pool #488634 7.000% 5/15/29 | 662 | 675  |
| &nbsp;&nbsp;&nbsp; Pool #500928 7.000% 5/15/29 | 1398 | 1431  |
| &nbsp;&nbsp;&nbsp; Pool #510083 7.000% 7/15/29 | 73 | 75  |
| &nbsp;&nbsp;&nbsp; Pool #493723 7.000% 8/15/29 | 1102 | 1131  |
|  Government National Mortgage Association II<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #MA6038 3.000% 7/20/49 | 1590847 | 1438060  |
| &nbsp;&nbsp;&nbsp; Pool #MA6283 3.000% 11/20/49 | 2894586  | 2610256  |
| &nbsp;&nbsp;&nbsp; Pool #MA6409 3.000% 1/20/50 | 2991718 | 2697846  |
| &nbsp;&nbsp;&nbsp; Pool #MA4321 3.500% 3/20/47 | 1786203 | 1664525  |
| &nbsp;&nbsp;&nbsp; Pool #80136 1 yr. CMT + 1.500% 4.750% FRN 11/20/27 (b) | 94 | 94  |
| &nbsp;&nbsp;&nbsp; Pool #MB0025 5.000% 11/20/54 | 9385576 | 9369133  |
| &nbsp;&nbsp;&nbsp; Pool #MB0091 5.000% 12/20/54 | 9428524 | 9417899  |
| &nbsp;&nbsp;&nbsp; Pool #MA8429 5.500% 11/20/52 | 4093945 | 4164763  |
| &nbsp;&nbsp;&nbsp; Pool #MB0746 5.500% 11/20/55 | 3990042 | 4037243  |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed <br>Security, TBA | &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed <br>Security, TBA |  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/01/40 (h) | 12000000 | 12154687  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/01/40 (h) | 5000000 | 5126172  |
|  |  | 171046938  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $176,468,241)**  |  | **171051840**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **U.S. Treasury Obligations — 13.0%** | **U.S. Treasury Obligations — 13.0%** |  |
| **U.S. Treasury Bonds & Notes — 13.0%** | **U.S. Treasury Bonds & Notes — 13.0%** |  |
| U.S. Treasury Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 8/15/49 (i) | $33500000 | $21047427  |
| &nbsp;&nbsp;&nbsp; 3.500% 2/15/39 | 15000000 | 13673437  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/44 | 23000000 | 21134932  |
| &nbsp;&nbsp;&nbsp; 4.625% 2/15/55 | 6000000 | 5791577  |
| &nbsp;&nbsp;&nbsp; 4.750% 8/15/55 | 2000000 | 1970303  |
| U.S. Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.875% 2/15/32 | 20000000 | 17842188  |
| &nbsp;&nbsp;&nbsp; 3.375% 9/15/28 | 12250000 | 12200470  |
|  |  | 93660334  |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $94,795,295)**  |  | **93660334**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $723,254,164)**  |  | **709514048**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $723,254,164)**  |  | **709514048**  |
| **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** |  |
| **Commercial Paper — 2.5%**<br>|  |  |
| Alimentation Couche-Tard, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 1/22/26 (a) | 2000000 | 1995211  |
|  Bell Telephone Co. of Canada or Bell Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.978% 1/12/26 (a) | 2100000 | 2097314  |
| &nbsp;&nbsp;&nbsp; 4.223% 3/03/26 (a) | 3000000 | 2980108  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.016% 2/02/26 (a) | 1000000 | 996468  |
| &nbsp;&nbsp;&nbsp; 4.232% 6/17/26 (a) | 3000000 | 2946044  |
| VW Credit, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.305% 1/15/26 (a) | 7000000 | 6988594  |
|  |  | 18003739 |

---

---

| | |
|:---|:---|
|  | **Number of** <br>**Shares** |
| **Investment of Cash Collateral from Securities Loaned — 0.6%**<br>|  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (j)  | 4039890 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **25**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Repurchase Agreement — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (k) | $1349290  | $1349290  |
| **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $23,389,032)** |  | **23392919**  |
| **TOTAL INVESTMENTS — 101.8%**<br>**(Cost $746,643,196) (l)** |  | **732906967** |
| **Other Assets/**<br>(Liabilities) — (1.8)%  |  | **(12969266)**  |
| **NET ASSETS — 100.0%**  |  | **$719937701** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CLO | &nbsp;&nbsp;&nbsp; Collateralized Loan Obligation  |
| CMT | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index  |
| FHMMUSTF | &nbsp;&nbsp;&nbsp; Federated Hermes Money Market U.S. Treasury <br>Fund Index  |
| FRN | &nbsp;&nbsp;&nbsp; Floating Rate Note  |
| ICE | &nbsp;&nbsp;&nbsp; Inter-Continental Exchange  |
| REMICS | &nbsp;&nbsp;&nbsp; Real Estate Mortgage Investment Conduits  |
| SOFR | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate  |
| STEP | &nbsp;&nbsp;&nbsp; Step Coupon Bond  |
| TBA | &nbsp;&nbsp;&nbsp; To Be Announced  |
| VRN | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At December 31, 2025, the aggregate market value of these securities amounted to $266,419,134 or 37.01% of net
 assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $15,914,107 or 2.21% of net assets. The Fund received $12,201,964
 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)*.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Restricted security. Certain securities are
 restricted to resale. At December 31, 2025, these securities amounted to a value of $2,816,120 or 0.39% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) All or a portion of this security is pledged/held
 as collateral for open derivatives. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Maturity value of $1,349,440. Collateralized
 by U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued
 interest, of $1,376,372.

&nbsp;&nbsp;&nbsp;&nbsp;(l) See Note 6 for aggregate cost for federal
 tax purposes.

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

---

| | |
|:---|:---|
| United States  | 80.8%  |
| Cayman Islands | 7.9%  |
| Canada | 2.6%  |
| United Kingdom | 2.2%  |
| Bermuda | 1.1%  |
| Australia | 0.8%  |
| France | 0.5%  |
| Netherlands | 0.5%  |
| Ireland | 0.5%  |
| Mexico | 0.4%  |
| Finland | 0.4%  |
| Switzerland | 0.4%  |
| Germany | 0.3%  |
| Denmark | 0.1%  |
| Total Long-Term Investments | 98.5%  |
|  Short-Term Investments and Other Assets and Liabilities | 1.5%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **26**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Bond Fund — Portfolio of Investments (Continued)**<br>

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Long**<br>|  |  |  |  |
| U.S. Treasury Long Bond | 3/20/26 | 97 | $11332980 | $(120386)  |
| U.S. Treasury Note 10 Year | 3/20/26 | 200 | 22626592 | (139092)  |
| U.S. Treasury Ultra 10 Year | 3/20/26 | 15 | 1726926 | (1692)  |
| U.S. Treasury Ultra Bond | 3/20/26 | 72 | 8645715 | (149715)  |
| U.S. Treasury Note 2 Year | 3/31/26 | 390 | 81465435 | (37701)  |
|  |  |  |  | $(448586)  |
| **Short**<br>|  |  |  |  |
| U.S. Treasury Note 5 Year | 3/31/26 | 90 | $(9857962) | $20540 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **27**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Short-Duration Bond Fund — Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Bonds & Notes — 82.0%**<br>|  |  |
| **Corporate Debt — 45.4%**<br>|  |  |
| **Agriculture — 0.2%**<br>|  |  |
| KT&G Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 5/02/28 (a) | $200000 | $204057  |
| **Auto Manufacturers — 2.1%**<br>|  |  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.303% 9/06/29 | 470000 | 473236  |
| &nbsp;&nbsp;&nbsp; 5.875% 11/07/29 | 290000 | 297689  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 1/07/29 | 305000 | 317995  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.100% 9/21/28 (a) | 305000 | 319074  |
| Nissan Motor Acceptance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.850% 9/16/26 (a) | 570000 | 556184  |
|  Volkswagen Group of America Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.550% 9/11/28 (a) | 280000 | 281316  |
|  |  | 2245494  |
| **Banks — 6.0%**<br>|  |  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 5/12/26 | 305000 | 306315  |
|  1 day USD SOFR + 1.740% 5.690% VRN 3/12/30 (b) | 295000 | 306981  |
| BPCE SA<br>|  |  |
|  1 day USD SOFR + 1.581% 5.389% VRN 5/28/31 (a) (b) | 285000 | 292544  |
|  1 day USD SOFR + 1.980% 6.612% VRN 10/19/27 (a) (b) | 500000 | 509415  |
|  Capital One NA 5 yr. USD SOFR ICE Swap + 1.730%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.974% VRN 8/09/28 (b) | 450000 | 467544  |
|  Credit Agricole SA 1 day USD SOFR + 1.860%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.316% VRN 10/03/29 (a) (b) | 375000 | 395225  |
| Danske Bank AS 1 yr. CMT + 0.930%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.019% VRN 3/04/31 (a) (b) | 290000 | 296163  |
| First-Citizens Bank & Trust Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 3/09/28 | 250000 | 259109  |
|  HSBC Holdings PLC 1 day USD SOFR + 1.030%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.899% VRN 3/03/29 (b) | 290000 | 294233  |
|  JP Morgan Chase & Co. 1 day USD SOFR + 0.765%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.470% VRN 9/22/27 (b) | 445000 | 436879  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Lloyds Banking Group PLC 1 yr. CMT + 0.820%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.425% VRN 11/04/31 (b) | $275000 | $274142  |
|  Morgan Stanley Private Bank NA 1 day USD SOFR + 1.080%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.734% VRN 7/18/31 (b) | 280000 | 283835  |
| National Australia Bank Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.332% 8/21/30 (a) | 300000 | 272140  |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC <br>1 yr. CMT + 1.050%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.115% VRN 5/23/31 (b) | 280000 | 287421  |
|  Santander UK Group Holdings PLC 1 day USD SOFR Index + 1.554%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.858% VRN 9/11/30 (b) | 510000 | 516092  |
| &nbsp;&nbsp;&nbsp; Societe Generale SA <br>1 yr. CMT + 1.300%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.797% VRN 1/19/28 (a) (b) | 200000 | 196941 |
| Synovus Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 2/15/28 | 523000 | 534208  |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. <br>1 day USD SOFR + 2.347%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.168% VRN 11/01/30 (b) | 225000 | 233602  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. <br>1 day USD SOFR + 1.740%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.574% VRN 7/25/29 (b) | 310000 | 321122  |
|  |  | 6483911  |
| **Building Materials — 0.7%**<br>|  |  |
| Cemex SAB de CV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% 11/19/29 (a) | 400000 | 405043  |
| JH North America Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 1/31/31 (a) | 330000 | 336839  |
|  |  | 741882  |
| **Chemicals — 1.3%**<br>|  |  |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.850% STEP 11/15/28 | 555000 | 580611  |
| FMC Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.450% 10/01/29 | 575000 | 510003  |
| Huntsman International LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 5/01/29 | 300000 | 287653  |
|  |  | 1378267  |
| **Commercial Services — 1.0%**<br>|  |  |
| Element Fleet Management Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.037% 3/25/30 (a) | 290000 | 296385  |
| Triton Container International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.050% 4/15/26 (a) | 450000 | 446470  |
| &nbsp;&nbsp;&nbsp; 3.150% 6/15/31 (a) | 325000 | 292814  |
|  |  | 1035669  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **28**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Computers — 0.8%**<br>|  |  |
| Dell International LLC/EMC Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 2/15/31 | $280000 | $279601  |
|  Genpact Luxembourg SARL/Genpact USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/04/29 | 277000 | 289343  |
| Kyndryl Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.150% 10/15/31 | 300000 | 273820  |
|  |  | 842764  |
| **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** |
| Aircastle Ltd./Aircastle Ireland DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 3/15/30 (a) | 290000 | 296053  |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. 1 day USD <br>SOFR + 3.260%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.992% VRN 6/13/29 (b) | 275000 | 290423  |
| Aviation Capital Group LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 4/10/30 (a) | 440000 | 446749  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 5/30/30 (a) | 114000  | 117033  |
| &nbsp;&nbsp;&nbsp; 5.750% 11/15/29 (a) | 430000 | 446107  |
| BGC Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.150% 4/02/30 | 550000 | 569494  |
| Equitable America Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 6/09/30 (a) | 280000 | 285166  |
| Macquarie Airfinance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.400% 3/26/29 (a) | 324000 | 339518  |
|  Synchrony Financial 1 day USD SOFR + 1.680%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% VRN 3/06/31 (b) | 550000 | 563915  |
|  |  | 3354458  |
| **Electric — 2.0%**<br>|  |  |
| Adani Transmission Step-One Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 8/03/26 (a) | 350000 | 347245  |
| Alliant Energy Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.400% 3/15/26 (a) | 260000 | 258260  |
| Dayton Power & Light Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.550% 8/15/30 (a) | 275000 | 273938  |
| FirstEnergy Pennsylvania Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 3/30/26 (a) | 226000 | 226535  |
| NRG Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.734% 10/15/30 (a) | 550000 | 550697  |
| Pacific Gas & Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.550% 5/15/29 | 450000 | 464297  |
|  |  | 2120972  |
| **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** |
| Sitios Latinoamerica SAB de CV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 11/25/29 (a) | 400000 | 414600  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Entertainment — 0.4%**<br>|  |  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.054% 3/15/29 | $455000 | $440349  |
| **Food — 0.8%**<br>|  |  |
| Sigma Finance Netherlands BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 3/27/28 (a) | 350000 | 353288  |
| Smithfield Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/01/27 (a) | 525000 | 523181  |
|  |  | 876469  |
| **Forest Products & Paper — 0.3%**<br>|  |  |
| Suzano Austria GmbH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 1/15/29 | 350000 | 360463  |
| **Health Care - Services — 0.8%**<br>|  |  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.450% 7/15/28 | 325000 | 304310  |
| &nbsp;&nbsp;&nbsp; 3.000% 10/15/30 | 325000 | 290725  |
| Humana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 4/15/31 | 250000 | 258471  |
|  |  | 853506  |
| **Insurance — 4.2%**<br>|  |  |
| American National Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 6/03/30 (a) | 550000 | 558851  |
| Aspen Insurance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 7/01/30 | 264000 | 275218  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.205% 3/08/27 (a) | 212000 | 208682  |
|  Brighthouse Financial Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.650% 6/10/29 (a) | 525000 | 536474  |
| CNO Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.650% 1/06/29 (a) | 350000 | 332723  |
| Enstar Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.100% 9/01/31 | 600000 | 539248  |
| Fortitude Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 10/06/28 (a) | 247000 | 247049  |
| Fortitude Group Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/30 (a) | 269000 | 280187  |
| GA Global Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 1/06/27 (a) | 235000 | 230687  |
| Global Atlantic Fin Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.400% 10/15/29 (a) | 350000 | 344318  |
| Jackson National Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.550% 9/09/30 (a) | 280000 | 278914  |
| Lincoln Financial Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 8/18/30 (a) | 280000 | 281668  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **29**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Protective Life Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.700% 1/15/31 (a) | $186000 | $186586  |
|  Sammons Financial Group Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 12/12/30 (a) | 270000 | 270540  |
|  |  | 4571145  |
| **Internet — 0.6%**<br>|  |  |
| Meta Platforms, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.200% 11/15/30 | 270000 | 270571  |
| Prosus NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.680% 1/21/30 (a) | 400000 | 384009  |
|  |  | 654580  |
| **Investment Companies — 6.2%**<br>|  |  |
| Antares Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 1/15/27 (a) | 310000 | 302966  |
| &nbsp;&nbsp;&nbsp; 3.950% 7/15/26 (a) | 605000 | 602750  |
| ARES Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.875% 6/15/28 | 250000 | 238924  |
| &nbsp;&nbsp;&nbsp; 5.875% 3/01/29 | 100000 | 102583  |
| &nbsp;&nbsp;&nbsp; 5.950% 7/15/29 | 305000 | 313072  |
| ARES Strategic Income Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.350% 8/15/29 | 538000 | 553590  |
| Blackstone Private Credit Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 12/15/26 | 490000 | 481379  |
| Blackstone Secured Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 9/16/26 | 350000 | 345881  |
| &nbsp;&nbsp;&nbsp; 5.300% 6/30/30 | 300000 | 298358  |
| Blue Owl Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.450% 11/15/26 | 275000 | 282764  |
| Blue Owl Credit Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.700% 2/08/27 | 650000 | 647443  |
| Blue Owl Technology Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/04/29 (c) | 627000 | 641289  |
| Golub Capital BDC, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% 8/24/26 | 270000 | 265891  |
| &nbsp;&nbsp;&nbsp; 6.000% 7/15/29 (c) | 621000 | 634930  |
| HPS Corporate Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 9/30/29 (c) | 305000 | 315952  |
| &nbsp;&nbsp;&nbsp; 6.750% 1/30/29 | 368000 | 384349  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/15/27 | 300000 | 295877  |
|  |  | 6707998  |
| **Iron & Steel — 0.4%**<br>|  |  |
| Vale Overseas Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 7/08/30 | 400000 | 385106  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Machinery - Diversified — 0.5%**<br>|  |  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.050% 4/15/28 | $300000 | $310339  |
| Weir Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.350% 5/06/30 (a) | 280000 | 287734  |
|  |  | 598073  |
| **Media — 1.2%**<br>|  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 2/15/28 | 275000 | 271106  |
| Cox Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.800% 10/01/30 (a) | 300000 | 262546  |
| News Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 5/15/29 (a) | 425000 | 412363  |
| Paramount Global<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 7/30/30 | 350000 | 378606  |
|  |  | 1324621  |
| **Mining — 0.4%**<br>|  |  |
| AngloGold Ashanti Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.375% 11/01/28 | 400000 | 388055  |
| **Oil & Gas — 4.1%**<br>|  |  |
| Antero Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 3/01/30 (a) | 275000 | 278807  |
| Continental Resources, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 1/15/31 (a) | 425000 | 435789  |
| Helmerich & Payne, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.850% 12/01/29 (c) | 585000 | 588815  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 8/01/29 | 295000 | 302372  |
| Ovintiv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.200% 11/01/31 | 250000 | 275994  |
| &nbsp;&nbsp;&nbsp; 8.125% 9/15/30 (c) | 250000 | 285337  |
| Patterson-UTI Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 2/01/28 | 535000 | 528958  |
| Santos Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.649% 4/29/31 (a) | 325000 | 304530  |
| Sunoco LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 7/15/27 (a) | 193000 | 193483  |
| Thaioil Treasury Center Co. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 11/20/28 (a) | 400000 | 400866  |
| Viper Energy Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% 8/01/30 | 284000 | 287257  |
| Woodside Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 5/19/30 | 555000 | 569896  |
|  |  | 4452104  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **30**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Pharmaceuticals — 0.8%**<br>|  |  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 8/15/29 | $300000 | $289599  |
| Mylan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.550% 4/15/28 | 575000 | 575607  |
|  |  | 865206  |
| **Pipelines — 1.0%**<br>|  |  |
| Columbia Pipelines Holding Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.055% 8/15/26 (a) | 280000 | 282572  |
| Harvest Midstream I LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 9/01/28 (a) | 234000 | 237499  |
|  Plains All American Pipeline LP/PAA Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.700% 1/15/31 | 178000 | 179004  |
| Targa Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.350% 1/15/29 | 148000 | 148411  |
| Western Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 3/01/31 (c) | 275000 | 274884  |
|  |  | 1122370  |
| **Real Estate Investment Trusts (REITS) — 3.2%**<br>|  |  |
| EPR Properties<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 8/15/29 | 125000 | 121097  |
| &nbsp;&nbsp;&nbsp; 4.500% 6/01/27 | 450000 | 450687  |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 12/15/27 (a) | 485000 | 472244  |
| Highwoods Realty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.200% 4/15/29 | 300000 | 295408  |
| Omega Healthcare Investors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 7/01/30 | 575000 | 585168  |
| Piedmont Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.250% 7/20/28 | 575000 | 635334  |
| Store Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 11/18/30 | 275000 | 250364  |
| &nbsp;&nbsp;&nbsp; 4.500% 3/15/28 | 300000 | 300915  |
| Vornado Realty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.150% 6/01/26 | 310000 | 306583  |
|  |  | 3417800  |
| **Retail — 0.9%**<br>|  |  |
| Advance Auto Parts, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.750% 10/01/27 | 350000 | 331937  |
| Genuine Parts Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.875% 11/01/30 | 300000 | 263579  |
| InRetail Consumer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 3/22/28 (a) | 400000 | 390642  |
|  |  | 986158  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Semiconductors — 0.7%**<br>|  |  |
| Foundry JV Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/25/31 (a) | $570000 | $588351  |
| SK Hynix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 9/11/28 (a) | 200000 | 200630  |
|  |  | 788981  |
| **Software — 0.3%**<br>|  |  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.450% 9/26/30 | 290000 | 283717  |
| **Telecommunications — 0.2%**<br>|  |  |
| Tower Bersama Infrastructure Tbk. PT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.800% 5/02/27 (a) | 200000 | 195166  |
| **Venture Capital — 0.8%**<br>|  |  |
| Hercules Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 9/16/26 | 285000 | 281121  |
| &nbsp;&nbsp;&nbsp; 3.375% 1/20/27 | 270000 | 266341  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/16/30 (c) | 275000 | 278488  |
|  |  | 825950  |
| **TOTAL CORPORATE DEBT** <br>|  |  |
| **(Cost $48,172,654)**  |  | **48919891**  |
| **Non-U.S. Government Agency** <br>**Obligations — 36.0%**<br>|  |  |
| **Automobile Asset-Backed Securities — 7.5%**<br>|  |  |
|  Ally Auto Receivables Trust, Series 2023-A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.080% 1/17/34 (a) | 365000 | 368805  |
|  Bridgecrest Lending Auto Securitization Trust, Series 2025-3, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.810% 5/15/31 | 400000 | 401011  |
| Carvana Auto Receivables Trust<br>|  |  |
|  Series 2021-N1, Class D, 1.500% 1/10/28 | 78050 | 76449  |
|  Series 2021-P3, Class D, 2.250% 9/11/28 | 855000 | 825517  |
|  Series 2025-P3, Class A2, 4.070% 2/12/29 | 500000 | 500222  |
|  Series 2024-N1, Class A3, 5.600% 3/10/28 (a) | 231967 | 232484  |
| Exeter Automobile Receivables Trust<br>|  |  |
|  Series 2021-2A, Class D, 1.400% 4/15/27 | 245816 | 244991  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, <br>5.570% 9/15/28 | 492647 | 494287  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **31**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  FCCU Auto Receivables Trust, Series 2024-1A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.460% 4/15/30 (a) | $500000 | $508989  |
|  Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.310% 5/15/28 (a) | 400000 | 401207  |
|  GLS Auto Receivables Issuer Trust, Series 2025-3A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.520% 7/17/28 (a) | 325000 | 325677  |
|  Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.020% 3/15/27 (a) | 294234 | 294904  |
|  LAD Auto Receivables Trust, Series 2024-2A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 7/16/29 (a) | 500000 | 510116  |
|  Oscar US Funding XIV LLC, Series 2022-1A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.820% 4/10/29 (a) | 204004 | 202241  |
|  PenFed Auto Receivables Owner Trust, Series 2024-A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 9/16/30 (a) | 300000 | 304690  |
|  SCCU Auto Receivables Trust, Series 2024-1A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 7/15/32 (a) | 400000 | 400848  |
|  Securitized Term Auto Receivables Trust, Series 2025-A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.746% 7/25/31 (a) | 186725 | 189220  |
|  Westlake Automobile Receivables Trust<br>|  |  |
|  Series 2025-2A, Class A2A, 4.660% 9/15/28 (a) | 600000 | 601801  |
|  Series 2022-2A, Class D, 5.480% 9/15/27 (a) | 993864 | 996988  |
|  Wheels Fleet Lease Funding 1 LLC, Series 2023-2A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.460% 8/18/38 (a) | 207149 | 209596  |
|  |  | 8090043  |
| **Commercial Mortgage-Backed Securities — 3.5%**<br>|  |  |
|  ELM Trust, Series 2024-ELM, Class A15,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.801% VRN 6/10/39 (a) (b) (d) | 1100000 | 1106392  |
| &nbsp;&nbsp;&nbsp; KIND Trust, Series 2021-KIND, Class B, 1 mo. USD Term <br>SOFR + 1.464%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.220% FRN 8/15/38 (a) (b) | 545520 | 542211  |
|  KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD Term SOFR + 1.414%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% FRN 2/15/39 (a) (b) | 900000 | 891168  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.615% FRN 3/15/38 (a) (b) | $260400 | $258377  |
|  MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD Term SOFR + 2.215%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.965% FRN 4/15/38 (a) (b) | 8472 | 8451  |
| One New York Plaza Trust<br>|  |  |
|  Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% 6.066% FRN 1/15/36 (a) (b) | 616000 | 590613  |
|  Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% 6.616% FRN 1/15/36 (a) (b) | 414000 | 390861  |
|  |  | 3788073  |
| **Credit Card Asset-Backed Securities — 1.2%**<br>|  |  |
|  Brex Commercial Charge Card Master Trust, Series 2024-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.050% 7/15/27 (a) | 900000 | 902718  |
|  Mission Lane Credit Card Master Trust, Series 2025-A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 5/15/30 (a) | 400000 | 404698  |
|  |  | 1307416  |
| **Other Asset-Backed Securities — 15.5%** | **Other Asset-Backed Securities — 15.5%** | **Other Asset-Backed Securities — 15.5%** |
| Affirm Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A, <br>4.620% 9/15/29 (a) | 600000 | 601702  |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class B, <br>5.190% 4/15/30 (a) | 500000 | 501590  |
|  Apidos CLO XXX Ltd., Series XXXA, Class A2R, 3 mo. USD Term SOFR + 1.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.384% FRN 10/18/31 (a) (b) | 500000 | 500088  |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2020-3A, Class A1RR, <br>3 mo. USD Term SOFR + 1.210%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.070% FRN 10/23/34 (a) (b) | 500000 | 500062  |
|  BHG Securitization Trust, Series 2021-B, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.240% 10/17/34 (a) | 448000 | 432174  |
|  BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.780% 9/26/33 (a) | 46840 | 46392  |
|  Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.505% FRN 10/15/31 (a) (b) | 500000 | 500145  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **32**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Canyon CLO Ltd., Series 2020-1A, Class AR2, 3 mo. USD Term SOFR + 1.080%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.985% FRN 7/15/34 (a) (b) | $1000000 | $1000094  |
|  CF Hippolyta Issuer LLC, Series 2020-1, Class B1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.280% 7/15/60 (a) | 90845 | 56452  |
|  CIFC Funding Ltd., Series 2017-4A, Class A2R, 3 mo. USD Term SOFR + 1.812%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.677% FRN 10/24/30 (a) (b) | 500000 | 499901  |
| &nbsp;&nbsp;&nbsp; DataBank Issuer LLC, Series <br>2021-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.060% 2/27/51 (a) | 991000 | 986721  |
|  Elara HGV Timeshare Issuer LLC, Series 2019-A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.450% 1/25/34 (a) | 97787 | 97124  |
|  FNA VI LLC, Series 2021-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.350% 1/10/32 (a) | 385297 | 360912  |
|  Goldentree Loan Management US CLO 1 Ltd., Series 2017-1A, Class B1R3, 3 mo. USD Term SOFR + 1.350%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.234% FRN 4/20/34 (a) (b) | 500000 | 500141  |
|  GoldenTree Loan Management US CLO 18 Ltd., Series 2023-18A, Class AR, 3 mo. USD Term SOFR + 1.130%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.933% FRN 1/20/37 (a) (b) | 500000 | 500861  |
|  GoldenTree Loan Management US CLO 8 Ltd., Series 2020-8A, Class BRR, 3 mo. USD Term SOFR + 1.550%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.434% FRN 10/20/34 (a) (b) | 500000 | 500478  |
|  Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.150% 6/25/51 (a) | 85981 | 84400  |
|  GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.120% 3/25/60 (a) | 198427 | 199351  |
|  GreenSky Home Improvement Trust, Series 2024-1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.670% 6/25/59 (a) | 201368 | 205472  |
|  Hilton Grand Vacations Trust, Series 2024-2A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 3/25/38 (a) | 165484 | 169017  |
|  JG Wentworth XXII LLC, Series 2010-3A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.820% 12/15/48 (a) | 23736 | 23600  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  KKR CLO 20 Ltd., Series 20, Class BR, 3 mo. USD Term SOFR + 1.550%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.444% FRN 10/16/30 (a) (b) | $500000  | $500054 |
|  Marble Point CLO XXIII Ltd., Series 2021-4A, Class A1R, 3 mo. USD Term SOFR + 1.160%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.072% FRN 1/22/35 (a) (b) | 500000 | 500196  |
|  Marble Point CLO XXV Ltd., Series 2022-2A, Class A1RR, 3 mo. USD Term SOFR + 1.190%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.074% FRN 10/20/36 (a) (b) | 500000 | 500623  |
|  Mosaic Solar Loan Trust, Series 2018-2GS, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.200% 2/22/44 (a) | 87133 | 81840  |
|  Mosaic Solar Loans LLC, Series 2017-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.450% 6/20/42 (a) | 17277 | 16992  |
|  Neuberger Berman Loan Advisers CLO 49 Ltd., Series 2022-49A, Class AR2, 3 mo. USD Term SOFR + 1.130%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.988% FRN 12/25/37 (a) (b) | 500000 | 500724  |
|  Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.520% FRN 7/25/30 (a) (b) | 250000 | 250000  |
|  NP SPE II LLC, Series 2017-1A, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.372% 10/21/47 (a) | 57950 | 56183  |
|  Oak Street Investment Grade Net Lease Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1, <br>1.850% 11/20/50 (a) | 390932 | 359546  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A3, <br>2.260% 11/20/50 (a) | 396167 | 348285  |
|  OCP CLO Ltd., Series 2015-9A, Class AR3, 3 mo. USD Term SOFR + 1.100%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.005% FRN 1/15/37 (a) (b) | 500000 | 499829  |
|  Pagaya AI Debt Grantor Trust, Series 2024-5, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.278% 10/15/31 (a) | 269582 | 271349  |
| &nbsp;&nbsp;&nbsp; Pagaya Ai Debt Trust, <br>Series 2025-R1, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.338% 6/15/32 (a) | 500000 | 503703  |
| &nbsp;&nbsp;&nbsp; PFS Financing Corp., <br>Series 2023-A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.330% 3/15/28 (a) | 561000 | 563709  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **33**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; PVONE 2023-1 LLC, <br>Series 2023-2A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.670% 9/17/35 (a) | $65974 | $66260  |
| RCKT Trust, Series 2025-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% 7/25/34 (a) | 245165 | 245770  |
| &nbsp;&nbsp;&nbsp; Reach ABS Trust, <br>Series 2025-2A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.930% 8/18/32 (a) | 222271 | 223259  |
|  SoFi Consumer Loan Program Trust, Series 2025-3, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.470% 8/15/34 (a) | 242988 | 243719  |
|  Symphony CLO XXII Ltd., Series 2020-22A, Class BR, 3 mo. USD Term SOFR + 1.680%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.564% FRN 4/18/33 (a) (b) | 500000 | 500028  |
|  Symphony CLO XXXII Ltd., Series 2022-32A, Class AR, 3 mo. USD Term SOFR + 1.150%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.196% FRN 10/23/35 (a) (b) | 500000 | 500067  |
|  Trinity Rail Leasing LLC, Series 2019-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.820% 4/17/49 (a) | 276179 | 275335  |
|  Verdant Receivables LLC, Series 2024-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.680% 12/12/31 (a) | 621142 | 631820  |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust, <br>Series 2023-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.740% 1/22/29 | 300000 | 302364  |
| &nbsp;&nbsp;&nbsp; Whitebox CLO III Ltd., Series <br>2021-3A, Class A1R, 3 mo. USD <br>Term SOFR + 1.270%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.175% FRN 10/15/35 (a) (b) | 500000 | 500005  |
|  |  | 16708337  |
| **Real Estate Investment Trusts (REITS) — 0.3%**<br>|  |  |
| SBA Tower Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.884% 7/15/50 (a) | 287000 | 286680  |
| **Student Loans Asset-Backed Securities — 4.4%**<br>|  |  |
| College Avenue Student Loans LLC<br>|  |  |
|  Series 2021-A, Class B, 2.320% 7/25/51 (a) | 454788 | 420110  |
|  Series 2017-A, Class B, 4.500% 11/26/46 (a) | 140797 | 135305  |
|  Series 2018-A, Class A1, 1 mo. USD Term SOFR + 1.314% 5.046% FRN 12/26/47 (a) (b) | 139025 | 139320  |
|  Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764% 5.496% FRN 11/26/46 (a) (b) | 92973 | 92655  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Commonbond Student Loan Trust<br>|  |  |
|  Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | $15872 | $12426  |
|  Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | 17651 | 14409  |
|  Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 8415 | 7540  |
|  Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | 38224 | 36140  |
|  Laurel Road Prime Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class BFX, <br>3.000% 10/25/48 (a) | 195694 | 191815  |
| &nbsp;&nbsp;&nbsp; Series 2017-B, Class CFX, <br>3.610% 8/25/42 (a) | 72548 | 72458  |
|  Navient Private Education Refi Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class A, <br>1.060% 10/15/69 (a) | 882250 | 811757  |
| &nbsp;&nbsp;&nbsp; Series 2020-BA, Class B, <br>2.770% 1/15/69 (a) | 2200000 | 1928587  |
| SLM Student Loan Trust<br>|  |  |
|  Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 4.865% FRN 1/25/44 (b) | 199024 | 189219  |
|  Series 2005-9, Class B, 90 day USD SOFR Average + 0.562% 4.875% FRN 1/25/41 (b) | 266601 | 252285  |
| SMB Private Education Loan Trust<br>|  |  |
|  Series 2018-C, Class A2B, 1 mo. USD Term SOFR + 0.864% 4.615% FRN 11/15/35 (a) (b) | 58629 | 58437  |
|  Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% 5.634% FRN 9/15/53 (a) (b) | 417090 | 423983  |
|  |  | 4786446  |
| **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 3.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; A&D Mortgage Trust, <br>Series 2023-NQM3, Class A1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.733% STEP 7/25/68 (a) | 696439 | 701289  |
|  Angel Oak Mortgage Trust, Series 2020-5, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.041% VRN 5/25/65 (a) (b) (d) | 30866 | 29852  |
|  BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.406% VRN 5/25/60 (a) (b) (d) | 23829 | 23411  |
|  CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.939% FRN 8/25/49 (a) (b) | 223927 | 214724  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **34**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.538% VRN 2/25/66 (a) (b) (d) | $345055 | $312297  |
|  Deephaven Residential Mortgage Trust, Series 2021-1, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.128% VRN 5/25/65 (a) (b) (d) | 55070 | 53492  |
| &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust, <br>Series 2021-6INV, Class A18,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% VRN 8/25/51 (a) (b) (d) | 476289 | 395692  |
|  MFA Trust, Series 2021-NQM2, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.472% VRN 11/25/64 (a) (b) (d) | 249268 | 227498  |
|  New Residential Mortgage Loan Trust, Series 2016-4A, Class A1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% VRN 11/25/56 (a) (b) (d) | 73679 | 70795  |
| NLT Trust, Series 2021-INV2, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.520% VRN 8/25/56 (a) (b) (d) | 491131 | 430875  |
|  OBX Trust, Series 2021-NQM3, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.362% VRN 7/25/61 (a) (b) (d) | 574138 | 480948  |
| STAR Trust, Series 2021-1, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.528% VRN 5/25/65 (a) (b) (d) | 287686 | 274905  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A3, <br>1.518% VRN 6/25/56 (a) (b) (d) | 136087 | 122341  |
|  Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (b) (d) | 77849 | 77284  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A3, <br>1.373% VRN 9/25/66 (a) (b) (d) | 139103 | 122059  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A1, <br>5.364% VRN 10/25/69 (a) (b) (d) | 237667 | 239106  |
|  |  | 3776568  |
| **Whole Loan Collateral Support Collateralized** <br>**Mortgage Obligations — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; OBX Trust, Series 2020-INV1, Class A21, <br>3.500% VRN 12/25/49 (a) (b) (d) | 102786 | 91791  |
| **TOTAL NON-U.S. GOVERNMENT** <br>**AGENCY OBLIGATIONS** <br>**(Cost $39,659,835)**  |  | **38835354**  |
| **Sovereign Debt Obligations — 0.6%**  | **Sovereign Debt Obligations — 0.6%**  | **Sovereign Debt Obligations — 0.6%**  |
| Magyar Export-Import Bank Zrt<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 12/04/27 (a) | 400000 | 411264  |
| Mexico Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.659% 5/24/31 | 300000 | 267000  |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS** <br>**(Cost $674,132)**  |  | **678264**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **U.S. Government Agency Obligations** <br>**and Instrumentalities (e) — 0.0%**<br>|  |  |
| **Pass-Through Securities — 0.0%**<br>|  |  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #500928 7.000% 5/15/29 | $259 | $265  |
| &nbsp;&nbsp;&nbsp; Pool #510083 7.000% 7/15/29 | 14 | 14  |
| &nbsp;&nbsp;&nbsp; Pool #493723 7.000% 8/15/29 | 207 | 213  |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association II (b) <br>Pool #80136 1 yr. CMT + 1.500% 4.750% FRN 11/20/27  | 17 | 17  |
|  |  | 509  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $550)**  |  | **509**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $88,507,171)**  |  | **88434018**  |
| **TOTAL LONG-TERM INVESTMENTS**<br>**(Cost $88,507,171)**  |  | **88434018**  |
| **Short-Term Investments — 17.5%** | **Short-Term Investments — 17.5%** | **Short-Term Investments — 17.5%** |
| **Commercial Paper — 15.7%**<br>|  |  |
| Becton Dickinson & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.228% 1/06/26 (a) | 1000000 | 999365  |
|  Bell Telephone Co. of Canada or Bell Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.223% 3/03/26 (a) | 2000000 | 1986739  |
| Chevron Phillips Chemical Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.209% 1/07/26 (a) | 3000000 | 2997760  |
| Entergy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.991% 3/13/26 (a) | 1000000 | 992244  |
| ERAC USA Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.209% 1/08/26 (a) | 2000000 | 1998274  |
| Keurig Dr. Pepper, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.357% 1/16/26 (a) | 3000000 | 2994936  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.016% 2/02/26 (a) | 1000000 | 996468  |
| VW Credit, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.259% 3/03/26 (a) | 3000000 | 2979998  |
| &nbsp;&nbsp;&nbsp; 4.308% 1/22/26 (a) | 1000000 | 997641  |
|  |  | 16943425 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **35**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value** |
| **Investment of Cash Collateral from Securities Loaned — 0.6%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (f)  | 613193 | $613193 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Repurchase Agreement — 1.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (g)  | $1233221 | $1233221  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $18,788,178)**  |  | **18789839**  |
| **TOTAL INVESTMENTS — 99.5%**<br>|  |  |
| **(Cost $107,295,349) (h)** |  | **107223857** |
| **Other Assets/**<br>(Liabilities) — 0.5%  |  | **560411**  |
| **NET ASSETS — 100.0%**  |  | **$107784268** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CLO  | &nbsp;&nbsp;&nbsp; Collateralized Loan Obligation |
| CMT  | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index |
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note |
| ICE  | &nbsp;&nbsp;&nbsp; Inter-Continental Exchange  |
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |
| STEP  | &nbsp;&nbsp;&nbsp; Step Coupon Bond |
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At December 31, 2025, the aggregate market value of these securities amounted to $72,872,304 or 67.61% of net
 assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $2,400,795 or 2.23% of net assets. The Fund received $1,838,499
 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)*.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Maturity value of $1,233,358. Collateralized
 by U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued
 interest, of $1,258,088.

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

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

---

| | |
|:---|:---|
| United States | 60.7%  |
| Cayman Islands | 8.1%  |
| United Kingdom | 2.4%  |
| Australia | 1.4%  |
| France | 1.3%  |
| Canada | 1.3%  |
| Brazil | 1.1%  |
| Mexico | 1.0%  |
| Bermuda | 0.9%  |
| Ireland | 0.5%  |
| Hungary | 0.4%  |
| Republic of Korea | 0.4%  |
| Thailand | 0.4%  |
| Peru | 0.4%  |
| China | 0.4%  |
| India | 0.3%  |
| Denmark | 0.3%  |
| Germany | 0.3%  |
| Japan | 0.2%  |
| Indonesia | 0.2%  |
| Total Long-Term Investments | 82.0%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 18.0%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **36**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

**Futures contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Number of**<br>**Contracts** | **Notional Amount** | **Value/Net Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Long**<br>|  |  |  |  |
| U.S. Treasury Note 2 Year | 3/31/26 | 299 | $62463363 | $(35433)  |
| **Short**<br>|  |  |  |  |
| U.S. Treasury Note 10 Year | 3/20/26 | 13 | $(1472176) | $10488  |
| U.S. Treasury Ultra 10 Year | 3/20/26 | 5 | (573733) | (1345)  |
| U.S. Treasury Note 5 Year | 3/31/26 | 207 | (22699815) | 73745  |
|  |  |  |  | $82888 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **37**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML U.S. Government Money Market Fund — Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **SHORT-TERM INVESTMENTS — 99.7%** | **SHORT-TERM INVESTMENTS — 99.7%** |  |
| **Discount Notes — 46.1%**<br>|  |  |
| Federal Home Loan Banks<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 5/06/26, 5/06/26 (a) | $10000000  | $9875000  |
| &nbsp;&nbsp;&nbsp; 3.510% 1/09/26, 1/09/26 (a) | 20000000 | 19982911  |
| &nbsp;&nbsp;&nbsp; 3.510% 1/20/26, 1/20/26 (a) | 1000000 | 998142  |
| &nbsp;&nbsp;&nbsp; 3.540% 4/17/26, 4/17/26 (a) | 7000000 | 6926418  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.010% 3.720% FRN 1/02/26, <br>4/13/26 (a) (b) | 20000000 | 20000000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.020% 3.730% FRN 1/02/26, <br>5/08/26 (a) (b) | 15000000 | 15000000  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.510% 1/16/26, 1/16/26 (a) | 1100000 | 1098341  |
| &nbsp;&nbsp;&nbsp; 3.510% 1/20/26, 1/20/26 (a) | 6550000 | 6537469  |
|  Federal National Mortgage Association 3.510% , 1/30/26, 1/30/26 (a) | 14000000 | 13959174  |
|  |  | 94377455  |
| **Repurchase Agreement — 12.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (c) | 232605 | 232605  |
| &nbsp;&nbsp;&nbsp; HSBC Securities (USA) Inc., Tri-Party Repurchase Agreement, dated 12/31/25, 3.760%, <br>due 1/02/26 (d)  | 25000000 | 25000000  |
|  |  | 25232605  |
| **U.S. Treasury Bill — 41.3%**<br>|  |  |
| U.S. Treasury Bill<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.010% 1/02/26 (e) | 15000000 | 14998414  |
| &nbsp;&nbsp;&nbsp; 3.504% 1/06/26 (e) | 30000000 | 29983617  |
| &nbsp;&nbsp;&nbsp; 3.561% 1/13/26 (e) | 10000000 | 9987158  |
| &nbsp;&nbsp;&nbsp; 3.695% 4/07/26 (e) | 20000000 | 19807893  |
| &nbsp;&nbsp;&nbsp; 3.723% 4/07/26 (e) | 10000000 | 9903267  |
|  |  | 84680349  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $204,290,409)**  |  | **204290409**  |
| **TOTAL INVESTMENTS — 99.7% (Cost $204,290,409) (f)**  |  | **204290409**  |
| **Other Assets/(Liabilities) — 0.3%**  |  | **628236**  |
| **NET ASSETS — 100.0%**  |  | **$204918645** |

---

**Abbreviation Legend** 

<br> FRN Floating Rate Note <br> SOFR Secured Overnight Financing Rate

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $232,631. Collateralized by
 U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued interest,
 of $237,316.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $25,005,222. Collateralized
 by U.S. Government Agency obligations with a rate of 0.000%, maturity dates ranging from 2/15/34-2/15/51, and an aggregate market value,
 including accrued interest, of $25,500,001.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown represents yield-to-maturity.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **38**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP BlackRock iShares<sup>®</sup> 60/40 Allocation Fund (See Note 1) – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** |
|  iShares 1-5 Year Investment Grade Corporate Bond ETF (a) | 69703 | $3685895  |
| &nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury <br>Bond ETF | 16757 | 1460540  |
|  iShares Broad USD High Yield Corporate Bond ETF | 19724 | 737579  |
| &nbsp;&nbsp;&nbsp; iShares Core Dividend Growth <br>ETF (a) | 31601 | 2193741  |
|  iShares Core International Aggregate Bond ETF | 7360 | 368073  |
|  iShares Core MSCI Emerging Markets ETF | 21954 | 1475748  |
|  iShares Core MSCI International Developed Markets ETF | 115850 | 9555308  |
| iShares Core S&P 500 ETF | 9612 | 6583643  |
| iShares Core S&P Mid-Cap ETF (a) | 22049 | 1455234  |
|  iShares Core S&P Total U.S. Stock Market ETF (a) | 152433 | 22665263  |
|  iShares Core U.S. Aggregate Bond ETF | 232059 | 23178053  |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $63,434,062)** |  | **73359077**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $63,434,062)** |  | **73359077**  |
| **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** |
| **Investment of Cash Collateral from Securities Loaned — 2.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money <br>Market Portfolio, 3.804% (b) | 2096772 | 2096772 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Repurchase Agreement — 0.2%** | **Repurchase Agreement — 0.2%** | **Repurchase Agreement — 0.2%** |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (c) | $139416 | $139416  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,236,188)** |  | **2236188**  |
| **TOTAL INVESTMENTS — 103.0%**<br>**(Cost $65,670,250) (d)** |  | **75595265**  |
| **Other Assets/**<br>(Liabilities) — (3.0)% |  | **(2191144)**  |
| **NET ASSETS — 100.0%** |  | **$73404121** |

---

**Abbreviation Legend** 

<br> ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $4,321,282 or 5.89% of net assets. The Fund received $2,338,631
 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)*.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $139,431. Collateralized by
 U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued interest,
 of $142,377.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **39**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP BlackRock iShares<sup>®</sup> 80/20 Allocation Fund (See Note 1) – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** |
|  iShares 1-5 Year Investment Grade Corporate Bond ETF (a) | 152859 | $8083184  |
| &nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury <br>Bond ETF | 18418 | 1605313  |
|  iShares Broad USD High Yield Corporate Bond ETF | 43232 | 1616661  |
| &nbsp;&nbsp;&nbsp; iShares Core Dividend Growth <br>ETF (a) | 69419 | 4819067  |
|  iShares Core International Aggregate Bond ETF | 32312 | 1615923  |
|  iShares Core MSCI Emerging Markets ETF | 120060 | 8070433  |
|  iShares Core MSCI International Developed Markets ETF | 292792 | 24149484  |
| iShares Core S&P 500 ETF | 18763 | 12851529  |
| &nbsp;&nbsp;&nbsp; iShares Core S&P Mid-Cap <br>ETF (a) | 97041 | 6404706  |
|  iShares Core S&P Total U.S. Stock Market ETF (a) | 486097 | 72277763  |
|  iShares Core U.S. Aggregate Bond ETF | 193947 | 19371426  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $133,612,359)** |  | **160865489**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $133,612,359)** |  | **160865489**  |
| **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** |
| **Investment of Cash Collateral from Securities Loaned — 2.9%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (b) | 4690828 | 4690828 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Repurchase Agreement — 1.4%** | **Repurchase Agreement — 1.4%** | **Repurchase Agreement — 1.4%** |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (c) | $2203140 | $2203140  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $6,893,968)** |  | **6893968**  |
| **TOTAL INVESTMENTS — 104.2%**<br>**(Cost $140,506,327) (d)** |  | **167759457**  |
| **Other Assets/**<br>(Liabilities) — (4.2)% |  | **(6737227)**  |
| **NET ASSETS — 100.0%** |  | **$161022230** |

---

**Abbreviation Legend** 

<br> ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $12,440,984 or 7.73% of net assets. The Fund received $8,071,788
 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)*.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $2,203,385. Collateralized
 by U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued
 interest, of $2,247,383.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **40**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Invesco Small Cap Equity Fund (See Note 1) — Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 97.8%**<br>|  |  |
| **Common Stock — 97.8%**<br>|  |  |
| **Consumer Discretionary — 11.6%**<br>|  |  |
| AutoNation, Inc. (a) | 9268 | $1913657  |
|  Bright Horizons Family Solutions, Inc. (a) | 6541 | 663257  |
| Champion Homes, Inc. (a) | 17080 | 1443260  |
| Cheesecake Factory, Inc. (b) | 32618 | 1646557  |
| Dorman Products, Inc. (a) (b) | 12746 | 1570180  |
| KB Home | 22799 | 1286092  |
| Life Time Group Holdings, Inc. (a) | 33421 | 888330  |
| Steven Madden Ltd. (b) | 44193 | 1840196  |
| Stride, Inc. (a) | 12675 | 822988  |
| Visteon Corp. (b) | 16400 | 1559640  |
| Wyndham Hotels & Resorts, Inc. | 15772 | 1191732  |
|  |  | 14825889  |
| **Consumer Staples — 0.5%**<br>|  |  |
| Interparfums, Inc. | 7919 | 671769  |
| **Energy — 4.3%**<br>|  |  |
| Helmerich & Payne, Inc. (b) | 71557 | 2052255  |
| Kodiak Gas Services, Inc. | 48828 | 1826167  |
| Northern Oil & Gas, Inc. (b) | 72841 | 1563896  |
|  |  | 5442318  |
| **Financials — 20.0%**<br>|  |  |
| Ameris Bancorp | 12981 | 964099  |
| Banc of California, Inc. | 83574 | 1612142  |
| Bank of NT Butterfield & Son Ltd. | 22458 | 1118858  |
| BGC Group, Inc. Class A | 133257 | 1189985  |
| Bullish (a) | 16673 | 631407  |
| Cathay General Bancorp | 35166 | 1701683  |
| Columbia Banking System, Inc. | 82197 | 2297406  |
| Definity Financial Corp. (b) | 17471 | 966503  |
| Federated Hermes, Inc. | 23275 | 1211929  |
| Marqeta, Inc. Class A (a) (b) | 173806 | 825578  |
| &nbsp;&nbsp;&nbsp; Miami International Holdings, <br>Inc. (a) | 15913 | 706219  |
| OceanFirst Financial Corp. | 45878 | 823510  |
| Paymentus Holdings, Inc. Class A (a) | 23505 | 742523  |
| PennyMac Financial Services, Inc. | 20020 | 2639437  |
|  Skyward Specialty Insurance Group, Inc. (a) | 22666 | 1158459  |
| Stifel Financial Corp. | 8701 | 1089539  |
| United Community Banks, Inc. | 32055 | 1000757  |
| Webster Financial Corp. | 26890 | 1692457  |
| Wintrust Financial Corp. | 15226 | 2128899  |
| WSFS Financial Corp. | 20145 | 1112810  |
|  |  | 25614200  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Health Care — 15.2%**<br>|  |  |
| Adaptive Biotechnologies Corp. (a) | 50869 | $826113  |
| Addus HomeCare Corp. (a) | 7632 | 819600  |
| ADMA Biologics, Inc. (a) | 127885 | 2332622  |
| Artivion, Inc. (a) | 17119 | 780798  |
| BioLife Solutions, Inc. (a) (b) | 48516 | 1173117  |
| Bridgebio Pharma, Inc. (a) | 26913 | 2058575  |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, <br>Inc. (a) | 57750 | 2162737  |
| Collegium Pharmaceutical, Inc. (a) | 16092 | 745060  |
| Encompass Health Corp. | 11123 | 1180595  |
| Guardant Health, Inc. (a) | 21137 | 2158933  |
| Lumexa Imaging Holdings, Inc. (a) | 34615 | 640378  |
| Nektar Therapeutics (a) | 9908 | 418910  |
| Repligen Corp. (a) | 7960 | 1304326  |
| Soleno Therapeutics, Inc. (a) | 12621 | 584352  |
| Tarsus Pharmaceuticals, Inc. (a) | 17087 | 1399084  |
| Twist Bioscience Corp. (a) (b) | 29069 | 922069  |
|  |  | 19507269  |
| **Industrials — 19.7%**<br>|  |  |
| AAR Corp. (a) | 16861 | 1395922  |
| AeroVironment, Inc. (a) (b) | 3135 | 758325  |
| AGCO Corp. (b) | 9238 | 963708  |
| Allison Transmission Holdings, Inc. | 13287 | 1300797  |
| ATI, Inc. (a) | 12114 | 1390203  |
| Atmus Filtration Technologies, Inc. | 32000 | 1661120  |
| Bloom Energy Corp. Class A (a) | 10930 | 949708  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. <br>Class A (a) (b) | 19703 | 1929712  |
| Enpro, Inc. | 10526 | 2253932  |
| Esab Corp. | 16595 | 1853994  |
| Federal Signal Corp. | 11329 | 1230216  |
| Gates Industrial Corp. PLC (a) | 65627 | 1409012  |
| Hayward Holdings, Inc. (a) | 66774 | 1031658  |
| Hub Group, Inc. Class A | 44095 | 1878888  |
| Korn Ferry | 14664 | 968117  |
| Upwork, Inc. (a) (b) | 72568 | 1438298  |
| WillScot Holdings Corp. (b) | 38510 | 725143  |
| Zurn Elkay Water Solutions Corp. | 44452 | 2066574  |
|  |  | 25205327  |
| **Information Technology — 14.6%**<br>|  |  |
| Allegro MicroSystems, Inc. (a) | 56735 | 1496669  |
| ASGN, Inc. (a) | 33721 | 1624340  |
| Badger Meter, Inc. | 5366 | 935884  |
| Belden, Inc. | 15043 | 1753262  |
|  Credo Technology Group Holding Ltd. (a) | 7545 | 1085650  |
| Itron, Inc. (a) | 14917 | 1385193  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **41**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Invesco Small Cap Equity Fund (See Note 1) — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Lattice Semiconductor Corp. (a) | 22346 | $1644219  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 9283 | 1589992  |
| MKS, Inc. | 6927 | 1106935  |
| Ralliant Corp. | 25446 | 1295456  |
| Rambus, Inc. (a) | 6767 | 621820  |
| Sanmina Corp. (a) | 11124 | 1669379 |
| Silicon Laboratories, Inc. (a) | 9918 | 1296282  |
| Unity Software, Inc. (a) | 28031 | 1238129  |
|  |  | 18743210  |
| **Materials — 3.8%**<br>|  |  |
| Coeur Mining, Inc. (a) | 35755 | 637512  |
| Commercial Metals Co. | 24927 | 1725447  |
| Eagle Materials, Inc. | 2943 | 608259  |
| MP Materials Corp. (a) (b) | 12311 | 621952  |
| Silgan Holdings, Inc. (b) | 32826 | 1325185  |
|  |  | 4918355  |
| **Real Estate — 6.4%**<br>|  |  |
| American Healthcare REIT, Inc. | 55951 | 2633054  |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, <br>Inc. (b) | 67200 | 1993152  |
| Outfront Media, Inc. | 77875 | 1876787  |
| Terreno Realty Corp. (b) | 28418 | 1668421  |
|  |  | 8171414  |
| **Utilities — 1.7%**<br>|  |  |
| Chesapeake Utilities Corp. | 8467 | 1056343  |
| Portland General Electric Co. (b) | 22146 | 1062786  |
|  |  | 2119129  |
| **TOTAL COMMON STOCK** <br>**(Cost $93,137,821)** |  | **125218880**  |
| **TOTAL EQUITIES** <br>**(Cost $93,137,821)** |  | **125218880**  |
|  **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $93,137,821)** |  | **125218880** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Short-Term Investments — 1.3%**<br>|  |  |
| **Repurchase Agreement — 1.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (c) | $1710760 | $1710760  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,710,760)** |  | **1710760**  |
| **TOTAL INVESTMENTS — 99.1%**<br>|  |  |
| **(Cost $94,848,581) (d)** |  | **126929640**  |
| **Other Assets/**<br>(Liabilities) — 0.9% |  | **1111422**  |
| **NET ASSETS — 100.0%** |  | **$128041062** |

---

**Abbreviation Legend** 

<br> REIT Real Estate Investment Trust

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $17,066,269 or 13.33% of net assets. The Fund received $17,621,367
 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).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $1,710,950. Collateralized
 by U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued
 interest, of $1,745,015.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **42**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II**<br>

Statements of Assets and Liabilities

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Blend Fund** | **MML** <br>**Equity Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $686129264 | $896488895  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | 873886 | 5010622  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 687003150 | 901499517  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 14 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) |  | 8737  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 608 | 1022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 699 | 1232424  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 24784  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open swap agreements, at value *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for open derivatives *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 687004471 | 902766484  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 145020 | 809054  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 39233 | 48944  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees |  | 816  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 258860 | 326776  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 118610 | 44556  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* | 1766500 | 1962047  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for open derivatives *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  | 9359  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open swap agreements, at value *(Note 2)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 69933 | 83721  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2398156 | 3285273  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$684606315** | **$899481211**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $494584658 | $567279788  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | 190021657 | 332201423  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$684606315** | **$899481211**  |
| (a) Cost of investments: | $520011925 | $643244144  |
| (b) Cost of repurchase agreements: | $873886 | $5010622  |
| (c) Securities on loan with market value of: | $2231616 | $9537699  |
| (d) Cost of foreign currency: | $— | $8653 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **43**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML Inflation-Protected and Income Fund** | **MML Invesco Discovery** <br>**Large Cap** <br>**Fund** | **MML Invesco Discovery Mid Cap Fund** | **MML** <br>**Managed Bond** <br>**Fund** | **MML** <br>**Short-Duration** <br>**Bond Fund** | **MML** <br>**U.S. Government** <br>**Money Market** <br>**Fund** | **MML VIP BlackRock iShares<sup>®</sup> 60/40 Allocation Fund (See Note 1)**  |
| $157397754 | $342834398 | $259712008 | $731557677 | $105990636 | &nbsp;&nbsp; $179057804 | $75455849  |
| 1459932 |  | 3903341 | 1349290 | 1233221 | &nbsp;&nbsp; 25232605 | 139416  |
| 158857686 | 342834398 | 263615349 | 732906967 | 107223857 | &nbsp;&nbsp; 204290409 | 75595265  |
| 2 | 35908 |  | 48356 | 72 | &nbsp;&nbsp; 9 | —  |
|  — |  |  |  | 147 | &nbsp;&nbsp; — | —  |
| 2139648 | 1851745 | 1530309 | 2771094 | 176234 | &nbsp;&nbsp; 1131455 | —  |
| 10338 |  |  |  | 7323 | &nbsp;&nbsp; — | —  |
| 412725 | 52825 | 40275 | 6389261 | 792100 | &nbsp;&nbsp; 201745 | 960  |
|  — |  |  | 7890 |  | &nbsp;&nbsp; — | —  |
| 1123528 |  |  |  |  | &nbsp;&nbsp; — | —  |
| 820000 |  |  |  | 384000 | &nbsp;&nbsp; — | —  |
| 163363927 | 344774876 | 265185933 | 742123568 | 108583733 | &nbsp;&nbsp; 205623618 | 75596225  |
|  — |  |  | 17301610 |  | &nbsp;&nbsp; — | —  |
| 1445286 |  |  |  |  | &nbsp;&nbsp; — | —  |
| 18432 | 45667 | 11385 | 197342 | 42879 | &nbsp;&nbsp; 552268 | 1450  |
| 13966 | 2214 | 2214 | 43981 | 6803 | &nbsp;&nbsp; 10476 | 1133  |
|  — |  |  | 106318 |  | &nbsp;&nbsp; — | —  |
| 2775 | 48199 | 37776 | 2775 | 17438 | &nbsp;&nbsp; — | 9787  |
| 81092 | 172749 | 144313 | 267851 | 34214 | &nbsp;&nbsp; 85558 | 10781  |
| 26863 | 2429 | 8595 | 127332 | 21296 | &nbsp;&nbsp; — | —  |
|  — |  |  |  |  | &nbsp;&nbsp; — | 23739  |
|  — |  |  | 4039890 | 613193 | &nbsp;&nbsp; — | 2096772  |
| 110000 |  |  |  |  | &nbsp;&nbsp; — | —  |
| 33126  | —  | —  | —  | —  | &nbsp;&nbsp; —  | —  |
| 67752 | 26671 | 27229 | 98768 | 63642 | &nbsp;&nbsp; 56671 | 48442  |
| 1799292 | 297929 | 231512 | 22185867 | 799465 | &nbsp;&nbsp; 704973 | 2192104  |
| **$161564635** | **$344476947** | **$264954421** | **$719937701** | **$107784268** | &nbsp;&nbsp; **$204918645** | **$73404121**  |
| $193527746 | $340413869 | $263105056 | $819606441 | $122565815 | &nbsp;&nbsp; $204925415 | $63643672  |
| (31963111) | 4063078 | 1849365 | (99668740) | (14781547) | &nbsp;&nbsp; (6770) | 9760449  |
| **$161564635** | **$344476947** | **$264954421** | **$719937701** | **$107784268** | &nbsp;&nbsp; **$204918645** | **$73404121**  |
| $161187266 | $336481400 | $255592287 | $745293906 | $106062128 | &nbsp;&nbsp; $179057804 | $65530834  |
| $1459932 | $— | $3903341 | $1349290 | $1233221 | &nbsp;&nbsp; $25232605 | $139416  |
|  $— | $— | $— | $15914107 | $2400795 | &nbsp;&nbsp; $— | $4321282  |
|  $— | $— | $— | $— | $138 | &nbsp;&nbsp; $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **44**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Statements of Assets and Liabilities

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Blend Fund** | **MML** <br>**Equity Fund**  |
| Initial Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $499030066 | $828552192  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 21554205 | 26820495  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $23.15 | $30.89  |
| Class II shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $185576249 | $70929019  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 8084431 | 2355365  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $22.95 | $30.11  |
| Service Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **45**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML Inflation-**<br>**Protected and** <br>**Income Fund** | **MML Invesco** <br>**Discovery** <br>**Large Cap** <br>**Fund** | **MML Invesco** <br>**Discovery Mid** <br>**Cap Fund** | **MML** <br>**Managed Bond** <br>**Fund** | **MML** <br>**Short-Duration** <br>**Bond Fund** | **MML** <br>**U.S. Government** <br>**Money Market** <br>**Fund** | **MML VIP BlackRock iShares<sup>®</sup> 60/40 Allocation Fund (See Note 1)**  |
| &nbsp;&nbsp; $118338906 |  |  | $515474926 |  | $204918645 |  |
| &nbsp;&nbsp; 13675561 |  |  | 46135298 |  | 204916731 |  |
| &nbsp;&nbsp; $8.65 |  |  | $11.17 |  | $1.00 |  |
|  | $336554239 | $236844705 |  | $72970769 |  | $32757952  |
|  | 33275897 | 23531647 |  | 7891533 |  | 2783956  |
|  | $10.11 | $10.06 |  | $9.25 |  | $11.77  |
| &nbsp;&nbsp; $43225729 |  |  | $204462775 |  |  |  |
| &nbsp;&nbsp; 5047063 |  |  | 18382524 |  |  |  |
| &nbsp;&nbsp; $8.56 |  |  | $11.12 |  |  |  |
|  | $7922708 | $28109716 |  | $34813499 |  | $40646169  |
|  | 783580 | 2793661 |  | 3780404 |  | 3464356  |
|  | $10.11 | $10.06 |  | $9.21 |  | $11.73 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **46**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Statements of Assets and Liabilities

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML VIP** <br>**BlackRock iShares<sup>®</sup> 80/20 Allocation Fund** <br>**(See Note 1)** | **MML VIP** <br>**Invesco** <br>**Small Cap** <br>**Equity Fund** <br>**(See Note 1)**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | &nbsp;&nbsp; $165556317 | $125218880  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | &nbsp;&nbsp; 2203140 | 1710760  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | &nbsp;&nbsp; 167759457 | 126929640  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | &nbsp;&nbsp; — | 1104838  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp; — | 56358  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | &nbsp;&nbsp; 4359 | 129327  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | &nbsp;&nbsp; 167763816 | 128220163  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | &nbsp;&nbsp; 1874182 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp; 5582 | 22574  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | &nbsp;&nbsp; 2117 | 6584  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp; 20801 | 816  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; 28623 | 75410  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp; — | 15876  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp; 68499 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* | &nbsp;&nbsp; 4690828 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | &nbsp;&nbsp; 50954 | 57841  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | &nbsp;&nbsp; 6741586 | 179101  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | &nbsp;&nbsp; **$161022230** | **$128041062**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | &nbsp;&nbsp; $134236805 | $82560976  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | &nbsp;&nbsp; 26785425 | 45480086  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | &nbsp;&nbsp; **$161022230** | **$128041062**  |
| (a) Cost of investments: | &nbsp;&nbsp; $138303187 | $93137821  |
| (b) Cost of repurchase agreements: | &nbsp;&nbsp; $2203140 | $1710760  |
| (c) Securities on loan with market value of: | &nbsp;&nbsp; $12440984 | $17066269 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **47**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | |
|:---|:---|:---|
|  | **MML VIP** <br>**BlackRock iShares<sup>®</sup> 80/20** <br>**Allocation Fund** <br>**(See Note 1)** | **MML VIP** <br>**Invesco** <br>**Small Cap** <br>**Equity Fund** <br>**(See Note 1)**  |
| Initial Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $102534093  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  | 9619204  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  | $10.66  |
| Class II shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | &nbsp;&nbsp; $35576734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | &nbsp;&nbsp; 2778705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | &nbsp;&nbsp; $12.80 |  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $25506969  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  | 2483697  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  | $10.27  |
| Service Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | &nbsp;&nbsp; $125445496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | &nbsp;&nbsp; 9817885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | &nbsp;&nbsp; $12.78 |  |

---

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **48**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Statements of Operations

For the Year Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Blend Fund** | **MML** <br>**Equity Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $16598296 | $20997441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 13440 | 127846  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | 133094 | 20640  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 16744830 | 21145927  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2831091 | 3463819  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 37448 | 45631  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 30343 | 35766  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 34394 | 44003  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 2104 | 2104  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees |  | 2501  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 56818 | 71997  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 55882 | 70239  |
|  | 3048080 | 3736060  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 470302 | 176412  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3518382 | 3912472  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 3518382 | 3912472  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **13226448** | **17233455**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 19911573 | 66576861  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 1252  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **19911573** | **66578113**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 48448154 | 55626135  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | 1364  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **48448154** | **55627499**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **68359727** | **122205612**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$81586175** | **$139439067**  |
| (a) Net of foreign withholding tax of:  | $— | $195 |
| + Commenced operations on November 14, 2025.<br>|  |  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **49**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML Inflation-**<br>**Protected and** <br>**Income Fund** | **MML Invesco** <br>**Discovery** <br>**Large Cap** <br>**Fund+**  | **MML Invesco** <br>**Discovery Mid** <br>**Cap Fund+**  | **MML** <br>**Managed Bond** <br>**Fund** | **MML** <br>**Short-Duration** <br>**Bond Fund** | **MML** <br>**U.S. Government** <br>**Money Market** <br>**Fund** | **MML VIP BlackRock iShares<sup>®</sup> 60/40 Allocation Fund (See Note 1)**  |
| $19611 | $234218 | $147330 | $— | $— | &nbsp;&nbsp; $— | $1739380  |
| 7857956 | 8328 | 27719 | 35015514 | 5372332 | &nbsp;&nbsp; 8243434 | 3005  |
| 115 |  |  | 57756 | 11782 | &nbsp;&nbsp; — | 7020  |
| 7877682 | 242546 | 175049 | 35073270 | 5384114 | &nbsp;&nbsp; 8243434 | 1749405  |
| 957744 | 229320 | 207376 | 2854520 | 388447 | &nbsp;&nbsp; 922687 | 185557  |
| 7974 | 349 | 349 | 54784 | 2432 | &nbsp;&nbsp; 3640 | 3215  |
| 39242 | 21990 | 22354 | 38809 | 35536 | &nbsp;&nbsp; 28985 | 20203  |
| 11448 | 1709 | 1709 | 53863 | 9227 | &nbsp;&nbsp; 12957 | 3522  |
| 2104 |  |  | 2104 | 2104 | &nbsp;&nbsp; 2103 | 2104  |
| 8504 | 1087 | 1086 | 8504 | 8504 | &nbsp;&nbsp; — | —  |
| 34888 | 3916 | 3754 | 43754 | 34607 | &nbsp;&nbsp; 27405 | 26159  |
| 13681 | 2420 | 2420 | 55689 | 9237 | &nbsp;&nbsp; 15986 | 4839  |
| 1075585 | 260791 | 239048 | 3112027 | 490094 | &nbsp;&nbsp; 1013763 | 245599  |
|  — | 61084 | 43447 |  | 118446 | &nbsp;&nbsp; — | 45013  |
|  — | 1458 | 5157 |  | 48031 | &nbsp;&nbsp; — | 47765  |
| 102868 |  |  | 464611 |  | &nbsp;&nbsp; — | —  |
|  — | 2429 | 8595 |  | 80052 | &nbsp;&nbsp; — | 79609  |
| 1178453 | 325762 | 296247 | 3576638 | 736623 | &nbsp;&nbsp; 1013763 | 417986  |
| (26310) |  |  |  |  | &nbsp;&nbsp; — | —  |
|  — |  | (10925) |  |  | &nbsp;&nbsp; — | (25498)  |
| (8792) |  |  |  |  | &nbsp;&nbsp; — | —  |
|  — |  | (1305) |  |  | &nbsp;&nbsp; — | (27084)  |
| 1143351 | 325762 | 284017 | 3576638 | 736623 | &nbsp;&nbsp; 1013763 | 365404  |
| **6734331** | **(83216)** | **(108968)** | **31496632** | **4647491** | &nbsp;&nbsp; **7229671** | **1384001**  |
| 226847 | (2289920) | (2270356) | (9841477) | (209032) | &nbsp;&nbsp; 1777 | 636666  |
| (339093) |  |  | 831913 | (150255) | &nbsp;&nbsp; — | —  |
| 697725 |  |  |  |  | &nbsp;&nbsp; — | —  |
|  — | 103 |  |  |  | &nbsp;&nbsp; — | —  |
| **585479** | **(2289817)** | **(2270356)** | **(9009564)** | **(359287)** | &nbsp;&nbsp; **1777** | **636666**  |
| (202775) | 6352998 | 4119721 | 29313322 | 2148418 | &nbsp;&nbsp; — | 6538620  |
| 27620 |  |  | 184829 | (85531) | &nbsp;&nbsp; — | —  |
| 2440744 |  |  |  |  | &nbsp;&nbsp; — | —  |
|  — |  |  |  | 16 | &nbsp;&nbsp; — | —  |
| **2265589** | **6352998** | **4119721** | **29498151** | **2062903** | &nbsp;&nbsp; **—** | **6538620**  |
| **2851068** | **4063181** | **1849365** | **20488587** | **1703616** | &nbsp;&nbsp; **1777** | **7175286**  |
| **$9585399** | **$3979965** | **$1740397** | **$51985219** | **$6351107** | &nbsp;&nbsp; **$7231448** | **$8559287**  |
|  $— | $5309 | $— | $— | $— | &nbsp;&nbsp; $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **50**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Statements of Operations

For the Year Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML VIP** <br>**BlackRock** <br>**iShares<sup>®</sup> 80/20** <br>**Allocation Fund** <br>**(See Note 1)** | **MML VIP** <br>**Invesco** <br>**Small Cap** <br>**Equity Fund** <br>**(See Note 1)**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | &nbsp;&nbsp; $2888627 | $1599120  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp; 10026 | 44266  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | &nbsp;&nbsp; 15539 | 20695  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | &nbsp;&nbsp; 2914192 | 1664081  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; 356746 | 798229  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | &nbsp;&nbsp; 3723 | 2073  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | &nbsp;&nbsp; 28413 | 37382  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | &nbsp;&nbsp; 6853 | 7181  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | &nbsp;&nbsp; 2104 | 2104  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | &nbsp;&nbsp; — | 2501  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | &nbsp;&nbsp; 29710 | 28417  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | &nbsp;&nbsp; 9001 | 10244  |
|  | &nbsp;&nbsp; 436550 | 888131  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp; 48302 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp; 130071 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; — | 60893  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp; 216785 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 831708 | 949024  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II fees reimbursed by adviser | &nbsp;&nbsp; (18137) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I fees reimbursed by adviser | &nbsp;&nbsp; (48947) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | &nbsp;&nbsp; 764624 | 949024  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | &nbsp;&nbsp; **2149568** | **715057**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | &nbsp;&nbsp; 814523 | 12900000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; — | (1306)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | &nbsp;&nbsp; **814523** | **12898694**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | &nbsp;&nbsp; 16030562 | (3075360)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp; **16030562** | **(3075360)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | &nbsp;&nbsp; **16845085** | **9823334**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **$18994653** | **$10538391**  |
| (a) Net of foreign withholding tax of: | &nbsp;&nbsp; $— | $2178 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **51**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Blend Fund**  | **MML Blend Fund**  |
|  | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $13226448 | &nbsp;&nbsp;&nbsp; $13399939  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 19911573 | &nbsp;&nbsp;&nbsp; 19402134  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 48448154 | &nbsp;&nbsp;&nbsp; 61079681  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; **81586175** | &nbsp;&nbsp;&nbsp; **93881754**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp;&nbsp; (26979506) | &nbsp;&nbsp;&nbsp; (14060213)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp; (9794542) | &nbsp;&nbsp;&nbsp; (5022537)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp; **(36774048)** | &nbsp;&nbsp;&nbsp; **(19082750)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp;&nbsp; (30523519) | &nbsp;&nbsp;&nbsp; (47979979)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp; (24847160) | &nbsp;&nbsp;&nbsp; (10194351)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp;&nbsp; **(55370679)** | &nbsp;&nbsp;&nbsp; **(58174330)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; **(10558552)** | &nbsp;&nbsp;&nbsp; **16624674**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp; 695164867 | &nbsp;&nbsp;&nbsp; 678540193  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | &nbsp;&nbsp;&nbsp; **$684606315** | &nbsp;&nbsp;&nbsp; **$695164867** |

---

+ Commenced operations on November 14, 2025.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **52**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MML Equity Fund** | **MML Equity Fund** | **MML Inflation-Protected and** <br>**Income Fund** | **MML Inflation-Protected and** <br>**Income Fund** | **MML Invesco Discovery** <br>**Large Cap Fund**  |
| **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Period** <br>**Ended** <br>**December 31, 2025+** |
| &nbsp;&nbsp;&nbsp;&nbsp; $17233455 | &nbsp;&nbsp;&nbsp;&nbsp; $17230557 | &nbsp;&nbsp;&nbsp;&nbsp; $6734331 | &nbsp;&nbsp;&nbsp;&nbsp; $7821772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(83216) |
| &nbsp;&nbsp;&nbsp;&nbsp; 66578113 | &nbsp;&nbsp;&nbsp;&nbsp; 104639340 | &nbsp;&nbsp;&nbsp;&nbsp; 585479 | &nbsp;&nbsp;&nbsp;&nbsp; 1725273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2289817) |
| &nbsp;&nbsp;&nbsp;&nbsp; 55627499 | &nbsp;&nbsp;&nbsp;&nbsp; 27543259 | &nbsp;&nbsp;&nbsp;&nbsp; 2265589 | &nbsp;&nbsp;&nbsp;&nbsp; (4491610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6352998 |
| &nbsp;&nbsp;&nbsp;&nbsp; **139439067** | &nbsp;&nbsp;&nbsp;&nbsp; **149413156** | &nbsp;&nbsp;&nbsp;&nbsp; **9585399** | &nbsp;&nbsp;&nbsp;&nbsp; **5055435** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3979965** |
| &nbsp;&nbsp;&nbsp;&nbsp; (110967936) | &nbsp;&nbsp;&nbsp;&nbsp; (23267331) | &nbsp;&nbsp;&nbsp;&nbsp; (5638851) | &nbsp;&nbsp;&nbsp;&nbsp; (6327078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; (9778663) | &nbsp;&nbsp;&nbsp;&nbsp; (2235132) | &nbsp;&nbsp;&nbsp;&nbsp; (1843110) | &nbsp;&nbsp;&nbsp;&nbsp; (1708253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; **(120746599)** | &nbsp;&nbsp;&nbsp;&nbsp; **(25502463)** | &nbsp;&nbsp;&nbsp;&nbsp; **(7481961)** | &nbsp;&nbsp;&nbsp;&nbsp; **(8035331)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** |
| &nbsp;&nbsp;&nbsp;&nbsp; 32851725 | &nbsp;&nbsp;&nbsp;&nbsp; (56896257) | &nbsp;&nbsp;&nbsp;&nbsp; (13355774) | &nbsp;&nbsp;&nbsp;&nbsp; (12780036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332662174 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3862871) | &nbsp;&nbsp;&nbsp;&nbsp; (17384976) | &nbsp;&nbsp;&nbsp;&nbsp; 2796717 | &nbsp;&nbsp;&nbsp;&nbsp; 594852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7834808 |
| &nbsp;&nbsp;&nbsp;&nbsp; **28988854** | &nbsp;&nbsp;&nbsp;&nbsp; **(74281233)** | &nbsp;&nbsp;&nbsp;&nbsp; **(10559057)** | &nbsp;&nbsp;&nbsp;&nbsp; **(12185184)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **340496982** |
| &nbsp;&nbsp;&nbsp;&nbsp; **47681322** | &nbsp;&nbsp;&nbsp;&nbsp; **49629460** | &nbsp;&nbsp;&nbsp;&nbsp; **(8455619)** | &nbsp;&nbsp;&nbsp;&nbsp; **(15165080)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **344476947**  |
| &nbsp;&nbsp;&nbsp;&nbsp; 851799889 | &nbsp;&nbsp;&nbsp;&nbsp; 802170429 | &nbsp;&nbsp;&nbsp;&nbsp; 170020254 | &nbsp;&nbsp;&nbsp;&nbsp; 185185334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; **$899481211** | &nbsp;&nbsp;&nbsp;&nbsp; **$851799889** | &nbsp;&nbsp;&nbsp;&nbsp; **$161564635** | &nbsp;&nbsp;&nbsp;&nbsp; **$170020254** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$344476947** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **53**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Statements of Changes in Net Assets

---

| | |
|:---|:---|
|  | **MML Invesco Discovery** <br>**Mid Cap Fund**  |
|  | **Period** <br>**Ended** <br>**December 31, 2025+** |
| Increase (Decrease) in Net Assets:<br>|  |
| Operations:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(108968)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2270356)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4119721  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1740397**  |
| Distributions to shareholders (Note 2):<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  |
| Net fund share transactions (Note 5):<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235281074  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27932950  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **263214024**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **264954421**  |
| Net assets<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$264954421** |

---

+ Commenced operations on November 14, 2025.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **54**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Managed Bond Fund** | **MML Managed Bond Fund** | **MML Short-Duration Bond Fund** | **MML Short-Duration Bond Fund** | **MML U.S. Government** <br>**Money Market Fund**  | **MML U.S. Government** <br>**Money Market Fund**  |
| **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $31496632 | &nbsp;&nbsp;&nbsp; $29469812 | &nbsp;&nbsp;&nbsp; $4647491 | &nbsp;&nbsp;&nbsp; $4862612 | &nbsp;&nbsp;&nbsp; $7229671 | &nbsp;&nbsp;&nbsp; $9941920  |
| &nbsp;&nbsp;&nbsp; (9009564) | &nbsp;&nbsp;&nbsp; (7042197) | &nbsp;&nbsp;&nbsp; (359287) | &nbsp;&nbsp;&nbsp; (1369869) | &nbsp;&nbsp;&nbsp; 1777 | &nbsp;&nbsp;&nbsp; 667  |
| &nbsp;&nbsp;&nbsp; 29498151 | &nbsp;&nbsp;&nbsp; 1352549 | &nbsp;&nbsp;&nbsp; 2062903 | &nbsp;&nbsp;&nbsp; 3850454 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **51985219** | &nbsp;&nbsp;&nbsp; **23780164** | &nbsp;&nbsp;&nbsp; **6351107** | &nbsp;&nbsp;&nbsp; **7343197** | &nbsp;&nbsp;&nbsp; **7231448** | &nbsp;&nbsp;&nbsp; **9942587**  |
| &nbsp;&nbsp;&nbsp; (20088879) | &nbsp;&nbsp;&nbsp; (21680815) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7229673) | &nbsp;&nbsp;&nbsp; (9942151)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3329474) | &nbsp;&nbsp;&nbsp; (3407732) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; (7251869) | &nbsp;&nbsp;&nbsp; (6882049) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1334915) | &nbsp;&nbsp;&nbsp; (1115619) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(27340748)** | &nbsp;&nbsp;&nbsp; **(28562864)** | &nbsp;&nbsp;&nbsp; **(4664389)** | &nbsp;&nbsp;&nbsp; **(4523351)** | &nbsp;&nbsp;&nbsp; **(7229673)** | &nbsp;&nbsp;&nbsp; **(9942151)**  |
| &nbsp;&nbsp;&nbsp; 43970560 | &nbsp;&nbsp;&nbsp; (27634867) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2317024 | &nbsp;&nbsp;&nbsp; (8435963)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12801233) | &nbsp;&nbsp;&nbsp; (6299904) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; 42750583 | &nbsp;&nbsp;&nbsp; (11119699) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3818814 | &nbsp;&nbsp;&nbsp; (3093199) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **86721143** | &nbsp;&nbsp;&nbsp; **(38754566)** | &nbsp;&nbsp;&nbsp; **(8982419)** | &nbsp;&nbsp;&nbsp; **(9393103)** | &nbsp;&nbsp;&nbsp; **2317024** | &nbsp;&nbsp;&nbsp; **(8435963)**  |
| &nbsp;&nbsp;&nbsp; **111365614** | &nbsp;&nbsp;&nbsp; **(43537266)** | &nbsp;&nbsp;&nbsp; **(7295701)** | &nbsp;&nbsp;&nbsp; **(6573257)** | &nbsp;&nbsp;&nbsp; **2318799** | &nbsp;&nbsp;&nbsp; **(8435527)**  |
| &nbsp;&nbsp;&nbsp; 608572087 | &nbsp;&nbsp;&nbsp; 652109353 | &nbsp;&nbsp;&nbsp; 115079969 | &nbsp;&nbsp;&nbsp; 121653226 | &nbsp;&nbsp;&nbsp; 202599846 | &nbsp;&nbsp;&nbsp; 211035373  |
| &nbsp;&nbsp;&nbsp; **$719937701** | &nbsp;&nbsp;&nbsp; **$608572087** | &nbsp;&nbsp;&nbsp; **$107784268** | &nbsp;&nbsp;&nbsp; **$115079969** | &nbsp;&nbsp;&nbsp; **$204918645** | &nbsp;&nbsp;&nbsp; **$202599846** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **55**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML VIP BlackRock iShares<sup>®</sup> 60/40** <br>**Allocation Fund (See Note 1)**  | **MML VIP BlackRock iShares<sup>®</sup> 60/40** <br>**Allocation Fund (See Note 1)**  |
|  | **Year** <br>**Ended December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $1384001 | &nbsp;&nbsp;&nbsp; $967771  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 636666 | &nbsp;&nbsp;&nbsp; 369426  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 6538620 | &nbsp;&nbsp;&nbsp; 3043345  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; **8559287** | &nbsp;&nbsp;&nbsp; **4380542**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp;&nbsp; (1084723) | &nbsp;&nbsp;&nbsp; (614867)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp;&nbsp; (1201371) | &nbsp;&nbsp;&nbsp; (488333)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp; **(2286094)** | &nbsp;&nbsp;&nbsp; **(1103200)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp;&nbsp; 1655399 | &nbsp;&nbsp;&nbsp; 706349  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp;&nbsp; 12655040 | &nbsp;&nbsp;&nbsp; 11025908  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp;&nbsp; **14310439** | &nbsp;&nbsp;&nbsp; **11732257**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; **20583632** | &nbsp;&nbsp;&nbsp; **15009599**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp; 52820489 | &nbsp;&nbsp;&nbsp; 37810890  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | &nbsp;&nbsp;&nbsp; **$73404121** | &nbsp;&nbsp;&nbsp; **$52820489** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **56**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| **MML VIP BlackRock iShares<sup>®</sup> 80/20** <br>**Allocation Fund (See Note 1)** | **MML VIP BlackRock iShares<sup>®</sup> 80/20** <br>**Allocation Fund (See Note 1)** | **MML VIP Invesco Small Cap** <br>**Equity Fund (See Note 1)**  | **MML VIP Invesco Small Cap** <br>**Equity Fund (See Note 1)**  |
| **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $2149568 | &nbsp;&nbsp;&nbsp;&nbsp; $1345206 | &nbsp;&nbsp;&nbsp;&nbsp; $715057 | &nbsp;&nbsp;&nbsp;&nbsp; $711413  |
| &nbsp;&nbsp;&nbsp;&nbsp; 814523 | &nbsp;&nbsp;&nbsp;&nbsp; 746215 | &nbsp;&nbsp;&nbsp;&nbsp; 12898694 | &nbsp;&nbsp;&nbsp;&nbsp; 19611082  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16030562 | &nbsp;&nbsp;&nbsp;&nbsp; 7716920 | &nbsp;&nbsp;&nbsp;&nbsp; (3075360) | &nbsp;&nbsp;&nbsp;&nbsp; (4880108)  |
| &nbsp;&nbsp;&nbsp;&nbsp; **18994653** | &nbsp;&nbsp;&nbsp;&nbsp; **9808341** | &nbsp;&nbsp;&nbsp;&nbsp; **10538391** | &nbsp;&nbsp;&nbsp;&nbsp; **15442387**  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16195488) | &nbsp;&nbsp;&nbsp;&nbsp; (6371680)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (854654) | &nbsp;&nbsp;&nbsp;&nbsp; (602685) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4047577) | &nbsp;&nbsp;&nbsp;&nbsp; (1645371)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2579242) | &nbsp;&nbsp;&nbsp;&nbsp; (1126796) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(3433896)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1729481)** | &nbsp;&nbsp;&nbsp;&nbsp; **(20243065)** | &nbsp;&nbsp;&nbsp;&nbsp; **(8017051)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6827081 | &nbsp;&nbsp;&nbsp;&nbsp; (1841542)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1710972 | &nbsp;&nbsp;&nbsp;&nbsp; 773974 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2427974 | &nbsp;&nbsp;&nbsp;&nbsp; (1636933)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 49895809 | &nbsp;&nbsp;&nbsp;&nbsp; 21305535 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; **51606781** | &nbsp;&nbsp;&nbsp;&nbsp; **22079509** | &nbsp;&nbsp;&nbsp;&nbsp; **9255055** | &nbsp;&nbsp;&nbsp;&nbsp; **(3478475)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **67167538** | &nbsp;&nbsp;&nbsp;&nbsp; **30158369** | &nbsp;&nbsp;&nbsp;&nbsp; **(449619)** | &nbsp;&nbsp;&nbsp;&nbsp; **3946861**  |
| &nbsp;&nbsp;&nbsp;&nbsp; 93854692 | &nbsp;&nbsp;&nbsp;&nbsp; 63696323 | &nbsp;&nbsp;&nbsp;&nbsp; 128490681 | &nbsp;&nbsp;&nbsp;&nbsp; 124543820  |
| &nbsp;&nbsp;&nbsp;&nbsp; **$161022230** | &nbsp;&nbsp;&nbsp;&nbsp; **$93854692** | &nbsp;&nbsp;&nbsp;&nbsp; **$128041062** | &nbsp;&nbsp;&nbsp;&nbsp; **$128490681** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **57**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Blend Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment income** <br>(loss) to <br>**average daily net** <br>**assets**  |
| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 12/31/25 | **$21.69** | $0.45 | $2.27 | $2.72 | $(0.47) | $(0.79) | $(1.26) | **$23.15** | 12.84% | $499030 | 0.45% | 2.02% |
| 12/31/24 | 19.45 | 0.42 | 2.42 | 2.84 | (0.40) | (0.20) | (0.60) | 21.69 | 14.64% | 496971 | 0.44% | 2.00%  |
| 12/31/23 <br>| 16.82  | 0.36  | 2.58  | 2.94  | (0.31)  | —  | (0.31)  | 19.45  | 17.62%  | 490890  | 0.45%  | 1.99%  |
| 12/31/22 <br>| 20.84  | 0.28  | (3.71)  | (3.43)  | (0.25)  | (0.34)  | (0.59)  | 16.82  | (16.59%)  | 466171  | 0.45%  | 1.56%  |
| 12/31/21 <br>| 24.79  | 0.28  | 3.21  | 3.49  | (0.57)  | (6.87)  | (7.44)  | 20.84  | 15.02%  | 620820  | 0.44%  | 1.19%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 12/31/25 | **$21.51** | $0.39 | $2.25 | $2.64 | $(0.41) | $(0.79) | $(1.20) | **$22.95** | 12.56% | $185576 | 0.70% | 1.76% |
| 12/31/24 | 19.30 | 0.36 | 2.40 | 2.76 | (0.35) | (0.20) | (0.55) | 21.51 | 14.36% | 198194 | 0.69% | 1.76% |
| 12/31/23 <br>| 16.69  | 0.31  | 2.56  | 2.87  | (0.26)  | —  | (0.26)  | 19.30  | 17.32%  | 187650  | 0.70%  | 1.74%  |
| 12/31/22 <br>| 20.68  | 0.24  | (3.69)  | (3.45)  | (0.20)  | (0.34)  | (0.54)  | 16.69  | (16.80%)  | 172514  | 0.70%  | 1.32%  |
| 12/31/21 <br>| 24.66  | 0.22  | 3.19  | 3.41  | (0.52)  | (6.87)  | (7.39)  | 20.68  | 14.74%  | 217290  | 0.69%  | 0.95% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 6% | 7%  | 6%  | 5%  | 8% |

---

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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

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

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **58**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Equity Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net investment income (loss)<sup>c</sup>**  | **Net** <br>**realized and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net investment income**  | **From net realized gains**  | **Total distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period (000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 12/31/25 | **$30.45** | $0.62 | $4.44 | $5.06 | $(0.66) | $(3.96) | $(4.62) | **$30.89** | 17.49% | $828552 | 0.43% | 2.02% |
| 12/31/24 <br>| 26.27 | 0.60 | 4.48 | 5.08 | (0.59) | (0.31) | (0.90) | 30.45 | 19.39% | 778359 | 0.43% | 2.04% |
| 12/31/23 <br>| 26.76  | 0.57  | 1.74  | 2.31  | (0.58)  | (2.22)  | (2.80)  | 26.27  | 9.32%  | 723177  | 0.44%  | 2.17%  |
| 12/31/22 <br>| 32.09  | 0.58  | (2.13)  | (1.55)  | (0.49)  | (3.29)  | (3.78)  | 26.76  | (4.65%)  | 726478  | 0.45%  | 2.02%  |
| 12/31/21 <br>| 25.04  | 0.46  | 7.09  | 7.55  | (0.50)  | —  | (0.50)  | 32.09  | 30.26%  | 821006  | 0.43%  | 1.55%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 12/31/25 | **$29.77** | $0.53 | $4.34 | $4.87 | $(0.57) | $(3.96) | $(4.53) | **$30.11** | 17.20% | $70929 | 0.68% | 1.77% |
| 12/31/24 <br>| 25.71 | 0.51 | 4.38 | 4.89 | (0.52) | (0.31) | (0.83) | 29.77 | 19.09% | 73441 | 0.68% | 1.79% |
| 12/31/23 <br>| 26.23  | 0.49  | 1.71  | 2.20  | (0.50)  | (2.22)  | (2.72)  | 25.71  | 9.05%  | 78993  | 0.69%  | 1.92%  |
| 12/31/22 <br>| 31.52  | 0.50  | (2.09)  | (1.59)  | (0.41)  | (3.29)  | (3.70)  | 26.23  | (4.88%)  | 87190  | 0.69%  | 1.76%  |
| 12/31/21 <br>| 24.61  | 0.38  | 6.97  | 7.35  | (0.44)  | —  | (0.44)  | 31.52  | 29.93%  | 104959  | 0.68%  | 1.31% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 62% | 77%  | 48%  | 90%  | 73% |

---

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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **59**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Inflation-Protected and Income Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to** <br>**shareholders**  | **Less distributions to** <br>**shareholders**  | **Less distributions to** <br>**shareholders**  |  |  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From** <br>**net** <br>**investment** <br>**income**  | **From** <br>**net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to** <br>**average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to** <br>**average** <br>**daily** <br>**net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income (loss)** <br>**to average** <br>**daily net** <br>**assets** <br>**(including** <br>**interest** <br>**expense)**  |
| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 12/31/25 | **$8.56** | $0.36 | $0.15 | $0.51 | $(0.42) | $— | $(0.42) | **$8.65** | 5.89% | $118339 | 0.65% | 0.63% | 4.14% |
| 12/31/24 <br>| 8.72 | 0.38 | (0.14) | 0.24 | (0.40) |  | (0.40) | 8.56 | 2.72% | 129996 | 0.65% | 0.61% | 4.40% |
| 12/31/23 <br>| 8.67  | 0.36  | 0.10  | 0.46  | (0.41)  | —  | (0.41)  | 8.72  | 5.43%  | 145054  | 0.66%  | 0.60%  | 4.07%  |
| 12/31/22 <br>| 11.12  | 0.28  | (1.70)  | (1.42)  | (0.27)  | (0.76)  | (1.03)  | 8.67  | (13.35%)  | 161191  | 0.64%  | 0.60%  | 2.79%  |
| 12/31/21 <br>| 11.41  | 0.17  | 0.55  | 0.72  | (0.13)  | (0.88)  | (1.01)  | 11.12  | 6.40%  | 240863  | 0.60%  | 0.60%*<sup>l</sup>*  | 1.51%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 12/31/25 | **$8.48** | $0.34 | $0.13 | $0.47 | $(0.39) | $— | $(0.39) | **$8.56** | 5.57% | $43226 | 0.90% | 0.88% | 3.89% |
| 12/31/24 <br>| 8.63 | 0.36 | (0.13) | 0.23 | (0.38) |  | (0.38) | 8.48 | 2.59% | 40024 | 0.90% | 0.86% | 4.14% |
| 12/31/23 <br>| 8.59  | 0.33  | 0.09  | 0.42  | (0.38)  | —  | (0.38)  | 8.63  | 5.05%  | 40131  | 0.91%  | 0.85%  | 3.83%  |
| 12/31/22 <br>| 11.03  | 0.25  | (1.68)  | (1.43)  | (0.25)  | (0.76)  | (1.01)  | 8.59  | (13.59%)  | 43119  | 0.89%  | 0.85%  | 2.57%  |
| 12/31/21 <br>| 11.33  | 0.14  | 0.54  | 0.68  | (0.10)  | (0.88)  | (0.98)  | 11.03  | 6.12%  | 52977  | 0.85%  | 0.85%*<sup>l</sup>*  | 1.25% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 88% | 70%  | 74%  | 76%  | 98% |

---

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.

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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **60**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Invesco Discovery Large Cap Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Less distributions to** <br>**shareholders** | **Less distributions to** <br>**shareholders** | **Less distributions to** <br>**shareholders** |  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value, beginning** <br>**of the** <br>**period**  | **Net investment income (loss)<sup>c,j</sup>**  | **Net** <br>**realized** <br>**and** <br>**unrealized gain** <br>(loss) on <br>**investments**  | **Total** <br>**income** <br>(loss) from investment operations | **From** <br>**net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  |
| **Class II**  | **Class II**  | **Class II**  |  |  |  |  |  |  |  |
| 12/31/25<sup>g</sup> <br>| **$10.00**  | $(0.00)<sup>d</sup>  | $0.11  | $0.11 | $— | $— | $— | **$10.11** <br> 1.10%<sup>b</sup>  | $336554 <br> 0.78%<sup>a</sup> <br> 0.78%<sup>a,</sup>*<sup>l</sup>* <br> (0.19%)<sup>a</sup>  |
| **Service Class I** | **Service Class I** |  |  |  |  |  |  |  |  |
| 12/31/25<sup>g</sup> <br>| **$10.00**  | $(0.01)  | $0.12  | $0.11 | $— | $— | $—  | **$10.11** <br> 1.10%<sup>b</sup>  | $7923 <br> 1.03%<sup>a</sup> <br> 1.03%<sup>a,</sup>*<sup>l</sup>* <br> (0.44%)<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31, 2025<sup>b</sup>**  |
| **Portfolio turnover rate** <br>| 10% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share. 

g Fund commenced operations on November 14, 2025.

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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **61**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Invesco Discovery Mid Cap Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Less distributions to** <br>**shareholders**  | **Less distributions to** <br>**shareholders**  | **Less distributions to** <br>**shareholders**  |  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value, beginning** <br>**of the** <br>**period**  | **Net investment income (loss)<sup>c,j</sup>**  | **Net** <br>**realized** <br>**and unrealized gain** <br>(loss) on investments  | **Total** <br>**income** <br>(loss) from investment operations | **From** <br>**net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  |
| **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  |  |  |  |
| 12/31/25<sup>g</sup> <br>| **$10.00**  | $(0.00)<sup>d</sup>  | $0.06  | $0.06  | $—  | $—  | $—  | **$10.06** <br> 0.60%<sup>b</sup>  | $236845 <br> 0.89%<sup>a</sup> <br> 0.85%<sup>a</sup> <br> (0.31%)<sup>a</sup>  |
| **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  |  |  |  |  |
| 12/31/25<sup>g</sup> <br>| **$10.00**  | $(0.01)  | $0.07  | $0.06 | $—  | $—  | $—  | **$10.06** <br> 0.60%<sup>b</sup>  | $28110 <br> 1.14%<sup>a</sup><br> 1.10%<sup>a</sup> <br> (0.56%)<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31, 2025<sup>b</sup>**  |
| **Portfolio turnover rate** <br>| 11% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share. 

g Fund commenced operations on November 14, 2025.

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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **62**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Managed Bond Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain** <br>(loss) on <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net investment income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of expenses** <br>**to average daily net assets before expense waivers<sup>q</sup>**  | **Ratio of expenses** <br>**to average daily net assets** <br>**after expense waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 12/31/25  | **$10.77**  | $0.51  | $0.32  | $0.83  | $(0.43)  | $—  | $(0.43)  | **$11.17**  | 7.85% | $515475  | 0.45% | 0.45%*<sup>l</sup>* | 4.65% |
| 12/31/24 <br>| 10.85  | 0.51  | (0.07)  | 0.44  | (0.52)  | —  | (0.52)  | 10.77  | 3.88%  | 453319  | 0.45%  | N/A  | 4.72%  |
| 12/31/23 <br>| 10.60  | 0.50  | 0.18  | 0.68  | (0.43)  | —  | (0.43)  | 10.85  | 6.70%  | 484522  | 0.45%  | N/A  | 4.66%  |
| 12/31/22 <br>| 13.02  | 0.35  | (2.29)  | (1.94)  | (0.36)  | (0.12)  | (0.48)  | 10.60  | (15.01%)  | 568357  | 0.44%  | N/A  | 3.02%  |
| 12/31/21 <br>| 13.59  | 0.29  | (0.18)  | 0.11  | (0.43)  | (0.25)  | (0.68)  | 13.02  | 0.81%  | 762726  | 0.42%  | N/A  | 2.20%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 12/31/25  | **$10.73**  | $0.48  | $0.32  | $0.80  | $(0.41)  | $—  | $(0.41)  | **$11.12**  | 7.59% | $204463  | 0.70% | 0.70%*<sup>l</sup>* | 4.40% |
| 12/31/24 <br>| 10.81  | 0.48  | (0.07)  | 0.41  | (0.49)  | —  | (0.49)  | 10.73  | 3.62%  | 155253  | 0.70%  | N/A  | 4.47%  |
| 12/31/23 <br>| 10.55  | 0.47  | 0.19  | 0.66  | (0.40)  | —  | (0.40)  | 10.81  | 6.43%  | 167588  | 0.70%  | N/A  | 4.42%  |
| 12/31/22 <br>| 12.95  | 0.32  | (2.27)  | (1.95)  | (0.33)  | (0.12)  | (0.45)  | 10.55  | (15.22%)  | 184737  | 0.69%  | N/A  | 2.76%  |
| 12/31/21 <br>| 13.53  | 0.26  | (0.19)  | 0.07  | (0.40)  | (0.25)  | (0.65)  | 12.95  | 0.56%  | 258923  | 0.67%  | N/A  | 1.96% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 122% | 222%  | 215%  | 243%  | 263%  |
| **Portfolio turnover excluding TBA transactions** <br>| 69%  | 56%  | 46%  | 41%  | 90% |

---

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.

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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **63**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Short-Duration Bond Fund</u>** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net investment income (loss)<sup>c</sup>**  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total income (loss) from investment operations**  | **From net investment income**  | **Total distributions**  | <br>**Net asset value, end of the period**  | <br>**Total return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the period** <br>**(000's)<sup>z</sup>**  | **Ratio of expenses to average daily net assets<sup>q</sup>**  | **Net investment income (loss) to average daily net assets**  |
| **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  |
| 12/31/25  | **$9.12**  | $0.39  | $0.15  | $0.54  | $(0.41)  | $(0.41)  | **$9.25**  | 5.96% | $72971  | 0.59% | 4.26% |
| 12/31/24 <br>| 8.91  | 0.37  | 0.20  | 0.57  | (0.36)  | (0.36)  | 9.12  | 6.48%  | 84521  | 0.60%  | 4.13%  |
| 12/31/23 <br>| 8.65  | 0.32  | 0.27  | 0.59  | (0.33)  | (0.33)  | 8.91  | 6.94%  | 88746  | 0.58%  | 3.69%  |
| 12/31/22 <br>| 9.71  | 0.22  | (0.97)  | (0.75)  | (0.31)  | (0.31)  | 8.65  | (7.79%)  | 98969  | 0.59%  | 2.39%  |
| 12/31/21 <br>| 9.84  | 0.20  | (0.00)<sup>d</sup>  | 0.20  | (0.33)  | (0.33)  | 9.71  | 2.01%  | 133235  | 0.55%  | 2.05%  |
| **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  |
| 12/31/25  | **$9.08**  | $0.37  | $0.15  | $0.52  | $(0.39)  | $(0.39)  | **$9.21**  | 5.76% | $34813  | 0.84% | 4.01% |
| 12/31/24 <br>| 8.88  | 0.35  | 0.19  | 0.54  | (0.34)  | (0.34)  | 9.08  | 6.11%  | 30559  | 0.85%  | 3.88%  |
| 12/31/23 <br>| 8.62  | 0.30  | 0.27  | 0.57  | (0.31)  | (0.31)  | 8.88  | 6.70%  | 32907  | 0.82%  | 3.45%  |
| 12/31/22 <br>| 9.67  | 0.19  | (0.96)  | (0.77)  | (0.28)  | (0.28)  | 8.62  | (8.00%)  | 31985  | 0.85%  | 2.16%  |
| 12/31/21 <br>| 9.81  | 0.18  | (0.01)  | 0.17  | (0.31)  | (0.31)  | 9.67  | 1.69%  | 37508  | 0.80%  | 1.80% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 52% | 48%  | 19%  | 26%  | 64% |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share. 

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

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **64**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML U. S. Government Money Market Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup> | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations** | **From net** <br>**investment** <br>**income** | **From net** <br>**realized** <br>**gains** | **Total** <br>**distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | <br>**Total** <br>**return<sup>m,z</sup>** | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>** | **Ratio of** <br>**expenses to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>** | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets** |
| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 12/31/25 | **$1.00** | $0.04<br> $0.00<sup>d</sup> | $0.04 | $(0.04) | $— | $(0.04) | **$1.00** | 3.79% | $204919 | 0.52% | N/A | 3.73% |
| 12/31/24 <br>| 1.00 | 0.05<br> 0.00<sup>d</sup> | 0.05 | (0.05) |  | (0.05) | 1.00 | 4.79% | 202600 | 0.51% | N/A | 4.69% |
| 12/31/23<br>| 1.00 | 0.05<br> 0.00<sup>d</sup> | 0.05 | (0.05) |  | (0.05) | 1.00 | 4.63% | 211035 | 0.52% | N/A | 4.51% |
| 12/31/22<br>| 1.00 | 0.01<br> 0.00<sup>d</sup> | 0.01 | (0.01) |  | (0.01) | 1.00 | 1.22% | 241166 | 0.54% | 0.41% | 1.31% |
| 12/31/21<br>| 1.00 | 0.00<sup>d</sup> | 0.00 <sup>d</sup> |  |  |  | 1.00 | 0.00% | 174991 | 0.52% | 0.05% | 0.00%<sup>e</sup> |

---

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

---

| | |
|:---|:---|
| e<br>| 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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **65**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML VIP Blackrock iShares</u><sup><u>®</u></sup> <u>60/40 Allocation Fund</u>** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  |  |  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value, beginning** <br>**of the** <br>**period**  | **Net investment income (loss)<sup>c,j</sup>**  | **Net** <br>**realized** <br>**and unrealized gain** <br>(loss) on investments  | **Total** <br>**income** <br>(loss) from investment operations  | **From net investment income**  | **From net realized** <br>**gains**  | **Tax** <br>**return** <br>**of** <br>**capital**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of expenses to average daily net assets before expense waivers<sup>q</sup>**  | **Ratio of expenses** <br>**to average daily net assets** <br>**after expense waivers<sup>j,q</sup>**  | **Net investment income** <br>(loss) to average <br>**daily net assets**  |
| **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| 12/31/25 | **$10.62** | $0.26 | $1.29 | $1.55 | $(0.25) | $(0.15) | $— | $(0.40) | **$11.77** | 14.66% | $32758 | 0.55% | 0.46% | 2.32% |
| 12/31/24 <br>| 9.79 | 0.23 | 0.84 | 1.07 | (0.21) | (0.03) |  | (0.24) | 10.62 | 10.91% | 28063 | 0.61% | 0.46% | 2.19% |
| 12/31/23 <br>| 8.64  | 0.20  | 1.12  | 1.32  | (0.17)  | —  | —  | (0.17)  | 9.79  | 15.24%  | 25214  | 0.68%  | 0.46%  | 2.13%  |
| 12/31/22<sup>g</sup> <br>| 10.00  | 0.15  | (1.36)  | (1.21)  | (0.14)  | —  | (0.01)  | (0.15)  | 8.64  | (12.14%)<sup>b</sup>  | 21878  | 0.70%<sup>a</sup>  | 0.46%<sup>a</sup>  | 1.82%<sup>a</sup>  |
| **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** |
| 12/31/25 | **$10.59** | $0.24 | $1.27 | $1.51 | $(0.22) | $(0.15) | $— | $(0.37) | **$11.73** | 14.31% | $40646 | 0.80% | 0.71% | 2.16% |
| 12/31/24 <br>| 9.77 | 0.22 | 0.82 | 1.04 | (0.19) | (0.03) |  | (0.22) | 10.59 | 10.61% | 24758 | 0.86% | 0.71% | 2.11% |
| 12/31/23 <br>| 8.63  | 0.19  | 1.10  | 1.29  | (0.15)  | —  | —  | (0.15)  | 9.77  | 14.99%  | 12597  | 0.93%  | 0.71%  | 2.03%  |
| 12/31/22<sup>g</sup> <br>| 10.00  | 0.14  | (1.38)  | (1.24)  | (0.12)  | —  | (0.01)  | (0.13)  | 8.63  | (12.37%)<sup>b</sup>  | 5163  | 0.91%<sup>a</sup>  | 0.71%<sup>a</sup>  | 1.85%<sup>a</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Period Ended** <br>**December 31, 2022<sup>b</sup>**  |
|  | **2025** | **2024** | **2023**  | **Period Ended** <br>**December 31, 2022<sup>b</sup>**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 7% | 7%  | 5%  | 7% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| 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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

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

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **66**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML VIP Blackrock iShares</u><sup><u>®</u></sup> <u>80/20 Allocation Fund</u>** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  |  |  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net investment income (loss)<sup>c,j</sup>**  | **Net** <br>**realized and unrealized gain** <br>(loss) on investments  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net investment income**  | **From** <br>**net** <br>**realized** <br>**gains**  | **Tax** <br>**return** <br>**of** <br>**capital**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of expenses** <br>**to average daily net assets before expense waivers<sup>q</sup>**  | **Ratio of expenses** <br>**to average daily net assets** <br>**after expense waivers<sup>j,q</sup>**  | **Net investment income (loss) to average daily net assets**  |
| **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| 12/31/25 | **$11.20** | $0.22 | $1.70 | $1.92 | $(0.20) | $(0.12) | $— | $(0.32) | **$12.80** | 17.14% | $35577 | 0.52% | 0.46% | 1.88% |
| 12/31/24 <br>| 9.99 | 0.20 | 1.25 | 1.45 | (0.19) | (0.05) |  | (0.24) | 11.20 | 14.45% | 29530 | 0.55% | 0.46% | 1.81% |
| 12/31/23 <br>| 8.54  | 0.18  | 1.41  | 1.59  | (0.14)  | —  | —  | (0.14)  | 9.99  | 18.64%  | 25640  | 0.60%  | 0.46%  | 1.89%  |
| 12/31/22<sup>g</sup> <br>| 10.00  | 0.14  | (1.47)  | (1.33)  | (0.12)  | —  | (0.01)  | (0.13)  | 8.54  | (13.28%)<sup>b</sup>  | 21604  | 0.66%<sup>a</sup>  | 0.46%<sup>a</sup>  | 1.76%<sup>a</sup>  |
| **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  |
| 12/31/25 | **$11.18** | $0.21 | $1.68 | $1.89 | $(0.17) | $(0.12) | $— | $(0.29) | **$12.78** | 16.90% | $125445 | 0.77% | 0.71% | 1.78% |
| 12/31/24 | 9.97 | 0.18 | 1.24 | 1.42 | (0.16) | (0.05) |  | (0.21) | 11.18 | 14.19% | 64324 | 0.80% | 0.71% | 1.68% |
| 12/31/23 <br>| 8.54  | 0.17  | 1.38  | 1.55  | (0.12)  | —  | —  | (0.12)  | 9.97  | 18.22%  | 38057  | 0.85%  | 0.71%  | 1.83%  |
| 12/31/22<sup>g</sup> <br>| 10.00  | 0.14  | (1.48)  | (1.34)  | (0.11)  | —  | (0.01)  | (0.12)  | 8.54  | (13.40%)<sup>b</sup>  | 18703  | 0.86%<sup>a</sup>  | 0.71%<sup>a</sup>  | 1.82%<sup>a</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Period Ended** <br>**December 31, 2022<sup>b</sup>**  |
|  | **2025** | **2024**  | **2023**  | **Period Ended** <br>**December 31, 2022<sup>b</sup>**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 6% | 6%  | 8%  | 7% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| 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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

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

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **67**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML VIP Invesco Small Cap Equity Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net investment income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily** <br>**net** <br>**assets**  |
| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 12/31/25 | **$11.59** | $0.07 | $0.94 | $1.01 | $(0.07) | $(1.87) | $(1.94) | **$10.66** | 8.86% | $102534 | 0.71% | 0.62% |
| 12/31/24 <br>| 10.92 | 0.07 | 1.34 | 1.41 |  | (0.74) | (0.74) | 11.59 | 12.94% | 103430 | 0.71% | 0.61% |
| 12/31/23 <br>| 9.39  | 0.05  | 1.61  | 1.66  | (0.13)  | —  | (0.13)  | 10.92  | 17.81%  | 99251  | 0.73%  | 0.50%  |
| 12/31/22 <br>| 12.76  | 0.06  | (2.02)  | (1.96)  | (0.08)  | (1.33)  | (1.41)  | 9.39  | (15.88%)  | 90514  | 0.73%  | 0.59%  |
| 12/31/21 <br>| 11.11  | 0.03  | 2.46  | 2.49  | (0.06)  | (0.78)  | (0.84)  | 12.76  | 22.75%  | 116599  | 0.69%  | 0.20%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 12/31/25 | **$11.23** | $0.04 | $0.91 | $0.95 | $(0.04) | $(1.87) | $(1.91) | **$10.27** | 8.59% | $25507 | 0.96% | 0.37% |
| 12/31/24 <br>| 10.63 | 0.04 | 1.30 | 1.34 |  | (0.74) | (0.74) | 11.23 | 12.66% | 25061 | 0.96% | 0.36% |
| 12/31/23 <br>| 9.14  | 0.02  | 1.57  | 1.59  | (0.10)  | —  | (0.10)  | 10.63  | 17.52%  | 25293  | 0.98%  | 0.25%  |
| 12/31/22 <br>| 12.46  | 0.04  | (1.98)  | (1.94)  | (0.05)  | (1.33)  | (1.38)  | 9.14  | (16.09%)  | 23617  | 0.98%  | 0.34%  |
| 12/31/21 <br>| 10.87  | (0.01)<sup>bb</sup>  | 2.41  | 2.40  | (0.03)  | (0.78)  | (0.81)  | 12.46  | 22.45%  | 30289  | 0.94%  | (0.05%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 42% | 35%  | 36%  | 29%  | 30% |

---

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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| bb<br>| 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.<br>|
| **68**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements**<br>

&nbsp;&nbsp;&nbsp;&nbsp;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 Equity Fund ("Equity Fund")

MML Inflation-Protected and Income Fund ("Inflation-Protected and Income Fund")

MML Invesco Discovery Large Cap Fund ("Discovery Large Cap Fund")

MML Invesco Discovery Mid Cap Fund ("Discovery Mid Cap Fund")

MML Managed Bond Fund ("Managed Bond Fund")

MML Short-Duration Bond Fund ("Short-Duration Bond Fund")

MML U.S. Government Money Market Fund ("U.S. Government Money Market Fund")

MML VIP BlackRock iShares<sup>®</sup> 60/40 Allocation Fund\* (formerly known as MML iShares<sup>®</sup> 60/40 Allocation Fund) ("60/40 Allocation Fund")

MML VIP BlackRock iShares<sup>®</sup> 80/20 Allocation Fund\* (formerly known as MML iShares<sup>®</sup> 80/20 Allocation Fund) ("80/20 Allocation Fund")

MML VIP Invesco Small Cap Equity Fund (formerly known as MML Small Cap Equity Fund) ("Small Cap Equity Fund")

\* iShares<sup>®</sup> and BlackRock<sup>®</sup> are registered trademarks of BlackRock Finance, Inc. and its affiliates and are used under license.

The Discovery Large Cap Fund and Discovery Mid Cap Fund each commenced operations on November 14, 2025.

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 60/40 Allocation Fund, 80/20 Allocation Fund, and Blend 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 https://www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;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.

**69**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

Effective January 1, 2024, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. MML Investment Advisers, LLC ("MML Advisers") acts as each Fund's CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmark(s) and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements.

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, which approximates fair value, 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.

**70**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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 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.

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

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

Level 2 – other significant observable inputs (including fair value factors, 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.

**71**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

The Discovery Large Cap Fund characterized all investments at Level 1, as of December 31, 2025. The Discovery Mid Cap 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, 2025. The U.S. Government Money Market Fund characterized all investments at Level 2, as of December 31, 2025. 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, 2025, for the remaining Funds' investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **60/40 Allocation Fund** | **60/40 Allocation Fund** | **60/40 Allocation Fund** | **60/40 Allocation Fund** | **60/40 Allocation Fund** |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $73359077 | $— | $— | $73359077  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2096772 | 139416 |  | 2236188  |
| Total Investments | $75455849 | $139416 | $— | $75595265  |
| **80/20 Allocation Fund** | **80/20 Allocation Fund** | **80/20 Allocation Fund** | **80/20 Allocation Fund** | **80/20 Allocation Fund** |
| **Asset Investments**  | **Asset Investments**  | **Asset Investments**  | **Asset Investments**  | **Asset Investments**  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $160865489 | $— | $— | $160865489  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 4690828 | 2203140 |  | 6893968  |
| Total Investments | $165556317 | $2203140 | $— | $167759457  |
| **Blend Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $684362764 | $— | $— | $684362764  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1766500 | 873886 |  | 2640386  |
| Total Investments | $686129264 | $873886 | $— | $687003150  |
| **Equity Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $878414804 | $— | $— | $878414804  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 16112044 |  |  | 16112044  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1962047 | 5010622 |  | 6972669  |
| Total Investments | $896488895 | $5010622 | $— | $901499517 |
| **Inflation-Protected and Income Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Debt | $— | $4077910 | $— | $4077910  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 100183579 |  | 100183579  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 2212736 |  | 2212736  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 37190666 |  | 37190666  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 1790178 |  |  | 1790178  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments |  | 13402617 |  | 13402617  |
| Total Investments | $1790178 | $157067508 | $— | $158857686  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $21823 | $— | $— | $21823  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | 1213152 |  | 1213152  |
| Total | $21823 | $1213152 | $— | $1234975  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(1619) | $— | $— | $(1619)  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | (33126) |  | (33126)  |
| Total | $(1619) | $(33126) | $— | $(34745) |

---

**72**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Managed Bond Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Debt | $— | $281014087 | $— | $281014087  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 161336289 |  | 161336289  |
| &nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 2451498 |  | 2451498  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 171051840 |  | 171051840  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 93660334 |  | 93660334  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 4039890 | 19353029 |  | 23392919  |
| Total Investments | $4039890 | $728867077 | $— | $732906967  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $20540 | $— | $— | $20540  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(448586) | $— | $— | $(448586) |
| **Short-Duration Bond Fund**  |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Debt | $— | $48919891 | $— | $48919891  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 38835354 |  | 38835354  |
| &nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 678264 |  | 678264  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 509 |  | 509  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 613193 | 18176646 |  | 18789839  |
| Total Investments | $613193 | $106610664 | $— | $107223857  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $84233 | $— | $— | $84233  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(36778) | $— | $— | $(36778) |

---

For certain Funds the Statement of Assets and Liabilities shows liabilities for investments purchased on a delayed delivery basis and amounts due to custodian. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of December 31, 2025.

The Funds had no Level 3 transfers during the year ended December 31, 2025.

**73**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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.

At December 31, 2025, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

---

| | | |
|:---|:---|:---|
|  | **Interest/** <br>**Inflation** <br>**Rate Risk**  | **Total**  |
| **Inflation-Protected and Income Fund**  |  |  |
| **Asset Derivatives**  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup>  | $21823  | $21823  |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>\*</sup>  | 1123528  | 1123528  |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>^^,^^^</sup>  | 89624  | 89624  |
| &nbsp;&nbsp;&nbsp; Total Value  | $1234975  | $1234975  |
| **Liability Derivatives**  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup>  | $(1619)  | $(1619)  |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>^</sup>  | (33126)  | (33126)  |
| &nbsp;&nbsp;&nbsp; Total Value  | $(34745)  | $(34745)  |
| **Realized Gain (Loss)#**  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | $(339093)  | $(339093)  |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 697725  | 697725  |
| &nbsp;&nbsp;&nbsp; Total Realized Gain (Loss)  | $358632  | $358632  |
| **Change in Appreciation (Depreciation)##**  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | $27620  | $27620  |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 2440744  | 2440744  |
| &nbsp;&nbsp;&nbsp; Total Change in Appreciation (Depreciation)  | $2468364  | $2468364  |
| **Managed Bond Fund**  |  |  |
| **Asset Derivatives**  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts^^  | $20540  | $20540  |
| **Liability Derivatives**  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts^^  | $(448586)  | $(448586)  |
| **Realized Gain (Loss)#**  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | $831913  | $831913  |
| **Change in Appreciation (Depreciation)##**  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | $184829  | $184829  |
| **Short-Duration Bond Fund**  |  |  |
| **Asset Derivatives**  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup>  | $84233  | $84233  |
| **Liability Derivatives**  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup>  | $(36778)  | $(36778)  |
| **Realized Gain (Loss)#**  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | $(150255)  | $(150255)  |
| **Change in Appreciation (Depreciation)##**  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | $(85531)  | $(85531) |

---

**74**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

<sup>\*</sup> Statements of Assets and Liabilities location: Open swap agreements, at value.

<sup>^</sup> Statements of Assets and Liabilities location: Open swap agreements, at value.

---

| | |
|:---|:---|
| <sup>^^</sup><br>| Cumulative appreciation (depreciation) on futures contracts and centrally cleared swap agreements 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, as applicable.  |

---

<sup>^^^</sup> Represents centrally cleared swap agreements which are not subject to a master netting agreement or similar agreement.

---

| | |
|:---|:---|
| <sup>#</sup><br>| Statements of Operations location: Amounts are included in net realized gain (loss) on futures contracts or swap agreements, as applicable.  |

---

---

| | |
|:---|:---|
| <sup>##</sup><br>| Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on futures contracts or swap agreements, as applicable.  |

---

For the year ended December 31, 2025, the average balances for each derivative type were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  |
|  | **Inflation-**<br>**Protected and** <br>**Income Fund**  | **Managed** <br>**Bond Fund**  | **Short-Duration** <br>**Bond Fund**  |
| **Futures Contracts:**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - long  | 25  | 652  | 307  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - short  | 175  | 70  | 220  |
| **Swap Agreements:**  |  |  |  |
| **Interest Rate Swaps:**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts  | $14800000  |  |  |
| **Total Return Swaps:**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts  | $119910460  |  |  |

---

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, 2025. 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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative** <br>**Assets Subject** <br>**to an MNA by Counterparty†**  | **Financial Instruments Available for** <br>**Offset**  | **Collateral Received\*\*\***  | **Net Amount\***  |
| **Inflation-Protected and Income Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA  | $933600  | $—  | $(110000)  | $823600  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | 189928  | (33126)  | —  | 156802  |
|  | $1123528  | $(33126)  | $(110000)  | $980402 |

---

**75**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative** <br>**Liabilities Subject** <br>**to an MNA by Counterparty†**  | **Financial Instruments Available for** <br>**Offset**  | **Collateral Pledged\*\*\***  | **Net Amount\*\***  |
| **Inflation-Protected and Income Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | $(33126)  | $33126  | $—  | $— |

---

\* 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.

&nbsp;&nbsp;&nbsp;&nbsp;† *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, 2025, are discussed below.

Futures Contracts

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

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

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

**76**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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).

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. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

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

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund's basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund's Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate

**77**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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.

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.

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. Due to the short-term nature of repurchase agreements, face value approximates fair value. 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.

**78**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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 by MML Advisers. A Fund records on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, a Fund records a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

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

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

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

Mortgage- and Asset-Backed Securities

A Fund may invest in mortgage- and asset-backed securities. Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage- backed securities, represent a participation in, or are secured by, mortgage loans. Mortgage-backed securities may include securities that are issued or guaranteed by U.S. Government agencies or instrumentalities or other issuers, including private companies. Asset-backed securities are generally structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as consumer loans or receivables and they may be backed by collateralized debt obligations ("CDOs"), including collateralized bond obligations and collateralized loan obligations ("CLOs").

Investments in mortgage- and asset-backed securities subject a Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Certain of these risks may be higher for investments in mortgage-backed securities composed of subprime mortgages and investments in CDOs and CLOs backed by pools of high-risk, below investment grade debt securities. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. A Fund's investments in mortgage-backed securities may make a Fund's net asset value more susceptible to economic, market, political, and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. Payments on mortgage-backed and many asset-backed investments typically include both interest and partial payment of principal. Principal may also be prepaid voluntarily, or as a result of refinancing or foreclosure. A Fund may have to invest the proceeds from prepaid investments in other investments with less attractive terms and yields. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. See a Fund's Portfolio of Investments, if applicable, for mortgage-related and other asset-backed securities as of December 31, 2025.

**79**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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, 2025, 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, 2025, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

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

**80**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class's operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets. In addition, each of the 60/40 Allocation Fund, 80/20 Allocation Fund, and Blend 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 60/40 Allocation Fund, 80/20 Allocation Fund, and Blend Fund may own different proportions of Underlying ETFs at different times, the amount of fees and expenses indirectly incurred by each of the 60/40 Allocation Fund, 80/20 Allocation Fund, and Blend Fund will vary.

Foreign Securities

Each Fund, except for 60/40 Allocation Fund, 80/20 Allocation Fund, and Blend Fund, may 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.

Market Risk

The value of a Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. A Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

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.

**81**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;3. Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

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**  |
| 60/40 Allocation Fund  | 0.30% on the first $2 billion; and  |
|  | 0.28% on assets over $2 billion  |
| 80/20 Allocation Fund  | 0.30% on the first $2 billion; and  |
|  | 0.28% on assets over $2 billion |
| 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 assets over $500 million  |
| Discovery Large Cap Fund  | 0.55% on the first $1 billion; and  |
|  | 0.53% on assets over $1 billion  |
| Discovery Mid Cap Fund  | 0.64% on the first $1 billion; and  |
|  | 0.62% on assets 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 assets over $500 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 assets over $500 million  |
| 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  |
|  | 0.35% on assets over $500 million  |
| Short-Duration Bond Fund  | 0.35% on the first $300 million; and  |
|  | 0.30% on assets 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 assets 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 assets over $500 million |

---

**82**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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:

---

| | |
|:---|:---|
| Inflation-Protected and Income Fund\* <br>| 0.08%  |
| Managed Bond Fund\* <br>| 0.10%  |
| Short-Duration Bond Fund\* <br>| 0.08%  |
| U.S. Government Money Market Fund <br>| 0.05% |

---

\* *Baring International Investment Limited ("BIIL"), a wholly-owned subsidiary of Barings, serves as a sub-subadviser of 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.

---

| | |
|:---|:---|
| 60/40 Allocation Fund  | BlackRock Investment Management, LLC  |
| 80/20 Allocation Fund  | BlackRock Investment Management, LLC  |
| Blend Fund  | BlackRock Investment Management, LLC  |
| Discovery Large Cap Fund | Invesco Advisers, Inc. |
| Discovery Mid Cap Fund | Invesco Advisers, Inc. |
| Equity Fund  | Brandywine Global Investment Management, LLC  |
| Small Cap Equity Fund  | Invesco Advisers, Inc. |

---

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 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**  |
| 60/40 Allocation Fund <br>| 0.15%  | 0.15%  |
| 80/20 Allocation Fund <br>| 0.15%  | 0.15% |
| Discovery Large Cap Fund<br>| 0.15% | 0.15% |
| Discovery Mid Cap Fund<br>| 0.15% | 0.15% |
| Short-Duration Bond Fund <br>| 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,

**83**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

is paid to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Service Class shares or Service Class I shares, as applicable, of each Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Service Class and Service Class I shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary 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) through April 30, 2026, based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | |
|:---|:---|:---|
|  | **Class II**  | **Service Class I**  |
| 60/40 Allocation Fund <br>| 0.50%  | 0.75%  |
| 80/20 Allocation Fund <br>| 0.50%  | 0.75% |

---

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, 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) through April 30, 2028, based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | |
|:---|:---|:---|
|  | **Class II**  | **Service Class I**  |
| Discovery Large Cap Fund <br>| 0.80%  | 1.05%  |
| Discovery Mid Cap Fund <br>| 0.85%  | 1.10% |

---

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

Effective April 25, 2025, 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<sup>#</sup>, 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) through April 30, 2026, 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 <br>| 0.64%  | 0.89% |

---

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

Prior to April 25, 2025, 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<sup>#</sup>, 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:

---

| | | |
|:---|:---|:---|
|  | **Initial Class**  | **Service Class**  |
| Inflation-Protected and Income Fund <br>| 0.61%  | 0.86% |

---

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

**84**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

Effective April 25, 2025, 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<sup>#</sup>, 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) through April 30, 2027, based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | |
|:---|:---|:---|
|  | **Initial Class**  | **Service Class**  |
| Managed Bond Fund <br>| 0.57%  | 0.82% |

---

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

MML Advisers has agreed to voluntarily waive 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.

Affiliated Brokerage Commissions

The Fund(s) listed below had portfolio transactions that were placed with brokerage firms which are affiliates of the Fund's investment adviser or subadviser. Brokerage commissions are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) in the Statements of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Affiliated** <br>**Brokerage** <br>**Commissions**  |
| Small Cap Equity Fund | $2224 |

---

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, 2025, brokerage commissions rebated under these agreements were as follows:

---

| | |
|:---|:---|
|  | **Rebated** <br>**Commissions**  |
| Equity Fund  | $10021 |
| Small Cap Equity Fund  | 473 |

---

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 are included within Payables for 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.

**85**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;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, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **Long-Term U.S. Government Securities** | **Other Long-Term Securities** | **Long-Term U.S. Government Securities** | **Other Long-Term Securities** |
| 60/40 Allocation Fund | $— | $17722989 | $— | $4330455  |
| 80/20 Allocation Fund |  | 57333336 |  | 7120644  |
| Blend Fund |  | 40749534 |  | 119155770  |
| Discovery Large Cap Fund |  | 370540227 |  | 31768906  |
| Discovery Mid Cap Fund |  | 283191859 |  | 25329216  |
| Equity Fund |  | 531185766 |  | 605560587  |
| Inflation-Protected and Income Fund | 21378390 | 99089071 | 29868780 | 88773957  |
| Managed Bond Fund | 621480532 | 303400635 | 587470631 | 246508003  |
| Short-Duration Bond Fund |  | 47138282 | 619 | 53904904  |
| Small Cap Equity Fund |  | 51774156 |  | 63811606 |

---

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The Funds did not have any cross trade activity during the year.

&nbsp;&nbsp;&nbsp;&nbsp;5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares**  | **Amount**  |
| **60/40 Allocation Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 55328 | $648017 | 14534 | $152867  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 92813 | 1084723 | 57877 | 614867  |
| &nbsp;&nbsp;&nbsp; Redeemed | (6614) | (77341) | (5791) | (61385)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 141527 | $1655399 | 66620 | $706349  |
| **60/40 Allocation Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1148233 | $12852548 | 1069262 | $11249535  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 103056 | 1201371 | 46120 | 488333  |
| &nbsp;&nbsp;&nbsp; Redeemed | (124964) | (1398879) | (67226) | (711960)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1126325 | $12655040 | 1048156 | $11025908  |
| **80/20 Allocation Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 89512 | $1037343 | 19245 | $210198  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 67555 | 854654 | 53860 | 602685  |
| &nbsp;&nbsp;&nbsp; Redeemed | (14677) | (181025) | (3550) | (38909)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 142390 | $1710972 | 69555 | $773974  |
| **80/20 Allocation Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 4197874 | $51290179 | 1999732 | $21992095  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 204036 | 2579242 | 100917 | 1126796  |
| &nbsp;&nbsp;&nbsp; Redeemed | (337110) | (3973612) | (164399) | (1813356)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 4064800 | $49895809 | 1936250 | $21305535  |

---

**86**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares**  | **Amount**  |
| **Blend Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 352117 | $7740891 | 431995 | $9015812  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1215576 | 26979506 | 662108 | 14060213  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2931140) | (65243916) | (3410345) | (71056004)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1363447) | $(30523519) | (2316242) | $(47979979)  |
| **Blend Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 250578 | $5535262 | 616362 | $12854738  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 444698 | 9794542 | 238256 | 5022537  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1825920) | (40176964) | (1361098) | (28071626)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1130644) | $(24847160) | (506480) | $(10194351) |
| **Discovery Large Cap Fund Class II<sup>+</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 34318820 | $343281191 |  |  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1042923) | (10619017) |  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 33275897 | $332662174 |  |  |
| **Discovery Large Cap Fund Service Class I<sup>+</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 819484 | $8195136 |  |  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Redeemed | (35904) | (360328) |  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 783580 | $7834808 |  |  |
| **Discovery Mid Cap Fund Class II<sup>+</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 24047595 | $240582975 |  |  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Redeemed | (515948) | (5301901) |  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 23531647 | $235281074 |  |  |
| **Discovery Mid Cap Fund Service Class I<sup>+</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2856941 | $28580832 |  |  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Redeemed | (63280) | (647882) |  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 2793661 | $27932950 |  |  |
| **Equity Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 188755 | $5862510 | 375316 | $11045045  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3790319 | 110967936 | 775382 | 23267331  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2723436) | (83978721) | (3111677) | (91208633)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1255638 | $32851725 | (1960979) | $(56896257)  |
| **Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 116931 | $3533271 | 124044 | $3469306  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 342339 | 9778663 | 76105 | 2235132  |
| &nbsp;&nbsp;&nbsp; Redeemed | (570689) | (17174805) | (806039) | (23089414)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (111419) | $(3862871) | (605890) | $(17384976) |
| **Inflation-Protected and Income Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1063425 | $9375516 | 1704831 | $14816717  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 650386 | 5638851 | 728087 | 6327078  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3225516) | (28370141) | (3889777) | (33923831)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1511705) | $(13355774) | (1456859) | $(12780036)  |

---

**87**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares**  | **Amount**  |
| **Inflation-Protected and Income Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 914405 | $7944687 | 768967 | $6617733  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 214565 | 1843110 | 198173 | 1708253  |
| &nbsp;&nbsp;&nbsp; Redeemed | (803803) | (6991080) | (894013) | (7731134)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 325167 | $2796717 | 73127 | $594852  |
| **Managed Bond Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 10829712 | $119315971 | 5223011 | $56834076  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1842875 | 20088879 | 1986057 | 21680815  |
| &nbsp;&nbsp;&nbsp; Redeemed | (8638295) | (95434290) | (9744697) | (106149758)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 4034292 | $43970560 | (2535629) | $(27634867)  |
| **Managed Bond Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 6207535 | $68107487 | 2023458 | $21863046  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 667676 | 7251869 | 632321 | 6882049  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2967634) | (32608773) | (3681164) | (39864794)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 3907577 | $42750583 | (1025385) | $(11119699)  |
| **Short-Duration Bond Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 146372 | $1352234 | 1299332 | $11723859  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 366278 | 3329474 | 379903 | 3407732  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1892031) | (17482941) | (2366679) | (21431495)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1379381) | $(12801233) | (687444) | $(6299904)  |
| **Short-Duration Bond Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 811247 | $7477257 | 643275 | $5791467  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 147342 | 1334915 | 124650 | 1115619  |
| &nbsp;&nbsp;&nbsp; Redeemed | (542277) | (4993358) | (1109495) | (10000285)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 416312 | $3818814 | (341570) | $(3093199)  |
| **Small Cap Equity Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 302090 | $3343609 | 388210 | $4428558  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1532656 | 16195488 | 555086 | 6371680  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1139707) | (12712016) | (1105088) | (12641780)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 695039 | $6827081 | (161792) | $(1841542)  |
| **Small Cap Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 300965 | $3215114 | 207227 | $2311939  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 397216 | 4047577 | 147795 | 1645371  |
| &nbsp;&nbsp;&nbsp; Redeemed | (445980) | (4834717) | (502609) | (5594243)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 252201 | $2427974 | (147587) | $(1636933) |
| **U.S. Government Money Market Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 107917300 | $107917300 | 94147571 | $94147571  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 7229670 | 7229670 | 9942146 | 9942146  |
| &nbsp;&nbsp;&nbsp; Redeemed | (112829946) | (112829946) | (112525680) | (112525680)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 2317024 | $2317024 | (8435963) | $(8435963) |

---

+ *Fund commenced operations on November 14, 2025.*

**88**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;6. Federal Income Tax Information

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 U.S. 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 U.S. federal income tax.

At December 31, 2025, 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 U.S. federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal** <br>**Income Tax** <br>**Cost** | **Tax Basis Unrealized Appreciation** | **Tax Basis Unrealized (Depreciation)** | **Net Unrealized Appreciation (Depreciation)**  |
| 60/40 Allocation Fund | $66009583 | $10150685 | $(565003) | $9585682  |
| 80/20 Allocation Fund | 141212854 | 26702895 | (156292) | 26546603  |
| Blend Fund | 534171562 | 174077943 | (21246355) | 152831588  |
| Discovery Large Cap Fund | 337027364 | 12120633 | (6313599) | 5807034  |
| Discovery Mid Cap Fund | 260344775 | 10942663 | (7672089) | 3270574  |
| Equity Fund | 650327442 | 259056180 | (7884105) | 251172075  |
| Inflation-Protected and Income Fund | 163551510 | 620818 | (4114412) | (3493594)  |
| Managed Bond Fund | 747748181 | 9160222 | (24429482) | (15269260)  |
| Short-Duration Bond Fund | 107147243 | 1027214 | (898400) | 128814  |
| Small Cap Equity Fund | 94980098 | 36246543 | (4297001) | 31949542 |

---

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at December 31, 2025, is the same for financial reporting and U.S. federal income tax purposes.

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At December 31, 2025, the following Fund(s) had accumulated capital loss carryforwards:

---

| | | |
|:---|:---|:---|
|  | **Short Term Capital Loss Carryforward** | **Long Term Capital Loss Carryforward**  |
| Discovery Large Cap Fund | $(1743956) | $—  |
| Discovery Mid Cap Fund | (1421209) | —  |
| Inflation-Protected and Income Fund | (27704453) | (7549735)  |
| Managed Bond Fund | (26147036) | (88859249)  |
| Short-Duration Bond Fund | (6240856) | (13126867) |

---

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

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income**  | **Long Term Capital Gain**  |
| 60/40 Allocation Fund | $1413790 | $872304  |
| 80/20 Allocation Fund | 2097948 | 1335948  |
| Blend Fund | 13506890 | 23267158  |
| Equity Fund | 24720961 | 96025638  |
| Inflation-Protected and Income Fund | 7481961 | —  |
| Managed Bond Fund | 27340748 | —  |
| Short-Duration Bond Fund | 4664389 | —  |
| Small Cap Equity Fund | 1360883 | 18882182  |

---

**89**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income**  | **Long Term Capital Gain**  |
| U.S. Government Money Market Fund | 7,229,673 |  |

---

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, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income**  | **Long Term Capital Gain**  |
| 60/40 Allocation Fund | $950461 | $152739 |
| 80/20 Allocation Fund | 1360365 | 369116 |
| Blend Fund  | 12678980 | 6403770 |
| Equity Fund  | 16570703 | 8931760 |
| Inflation-Protected and Income Fund  | 8035331 |  |
| Managed Bond Fund  | 28562864 |  |
| Short-Duration Bond Fund  | 4523351 |  |
| Small Cap Equity Fund  |  | 8017051 |
| U.S. Government Money Market Fund  | 9942151 |  |

---

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2025:

---

| | |
|:---|:---|
|  | **Amount**  |
| 60/40 Allocation Fund | $19315  |
| 80/20 Allocation Fund | 53504 |

---

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, 2025, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At December 31, 2025, 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**  |
| 60/40 Allocation Fund | $51996 | $122771 | $— | $9585682 | $9760449  |
| 80/20 Allocation Fund | 168580 | 70242 |  | 26546603 | 26785425  |
| Blend Fund | 13216819 | 23999434 | (26184) | 152831588 | 190021657  |
| Discovery Large Cap Fund |  | (1743956) |  | 5807034 | 4063078  |
| Discovery Mid Cap Fund |  | (1421209) |  | 3270574 | 1849365  |
| Equity Fund | 17312207 | 63748468 | (32511) | 251173259 | 332201423  |
| Inflation-Protected and Income Fund | 6795436 | (35254188) | (10765) | (3493594) | (31963111)  |
| Managed Bond Fund | 30876066 | (115244396) | (31150) | (15269260) | (99668740)  |
| Short-Duration Bond Fund | 4466750 | (19367723) | (4652) | 124078 | (14781547)  |
| Small Cap Equity Fund | 845074 | 12689674 | (4204) | 31949542 | 45480086  |
| U.S. Government Money Market Fund |  |  | (6770) |  | (6770) |

---

The Funds did not have any unrecognized tax benefits at December 31, 2025, 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, 2025, the Funds did not

**90**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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.

The Funds adopted Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, during the reporting period. The adoption of (ASU) 2023-09 did not result in any changes to the Funds' financial statement presentation or disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;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.

**91**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Report of Independent Registered Public Accounting Firm**<br>

**To the Shareholders and Board of Trustees of MML Series Investment Fund II:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of MML Series Investment Fund II (the "Funds") comprising the MML Blend Fund, MML Equity Fund, MML Inflation-Protected and Income Fund, MML Invesco Discovery Large Cap Fund, MML Invesco Discovery Mid Cap Fund, MML Managed Bond Fund, MML Short-Duration Bond Fund, MML U.S. Government Money Market Fund, MML VIP BlackRock iShares<sup>®</sup> 60/40 Allocation Fund (formerly known as "MML iShares<sup>®</sup> 60/40 Allocation Fund"), MML VIP BlackRock iShares<sup>®</sup> 80/20 Allocation Fund (formerly known as "MML iShares<sup>®</sup> 80/20 Allocation Fund"), and MML VIP Invesco Small Cap Equity Fund (formerly known as "MML Small Cap Equity Fund"), including the portfolios of investments, as of December 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, 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** <br>**Operations** | **Statements of Changes** <br>**in Net Assets** | **Financial Highlights** |
|  MML Blend Fund, MML Equity Fund, MML Inflation-Protected and Income Fund, MML Managed Bond Fund, MML Short-Duration Bond Fund, MML U.S. Government Money Market Fund, and MML VIP Invesco Small Cap Equity Fund  | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the five years in the period ended December 31, 2025 |
|  MML VIP Blackrock iShares<sup>®</sup> 60/40 Allocation Fund and MML VIP BlackRock iShares<sup>®</sup> 80/20 Allocation Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the three years in the period ended December 31, 2025, and the period from February 11, 2022 (commencement of operations) through December 31, 2022 |
|  MML Invesco Discovery Large Cap Fund and MML Invesco Discovery Mid Cap Fund | For the period from November 14, 2025 (commencement of operations) through December 31, 2025 | For the period from November 14, 2025 (commencement of operations) through December 31, 2025 | For the period from November 14, 2025 (commencement of operations) through December 31, 2025 |

---

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, 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 24, 2026

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

**92**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Federal Tax Information (Unaudited)**<br>

For the year ended December 31, 2025, the following Fund(s) earned the following foreign sources of income:

---

| | |
|:---|:---|
|  | **Amount**  |
| 60/40 Allocation Fund | $266010  |
| 80/20 Allocation Fund | 645371 |

---

**Dividends Received Deduction** 

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

**Qualified Dividend Income** 

Under Section 854(b)(2) of the Code, the Fund(s) hereby designate the maximum amounts as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the year ended December 31, 2025.

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).

**93**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**94**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**95**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**96**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Trustees' Approval of Investment Advisory Contracts

At their meeting in September 2025, the Trustees, including the Trustees who are not "interested persons" (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the "Independent Trustees"), reviewed and approved changes to the existing subadvisory agreements with BlackRock Investment Management, LLC for the 60/40 Allocation Fund and 80/20 Allocation Fund and Invesco Advisers, Inc. for the Small Cap Equity Fund, respectively (the "Amended Subadvisory Agreements") intended to allow for the use of each subadviser's name in the name of the applicable Fund.

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

The Amended Subadvisory Agreements became effective on November 14, 2025.

**97**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Underwriter:** 

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

![](backcover-dots.jpg)

<sup>©</sup> 2026 Massachusetts Mutual Life Insurance Company (MassMutual<sup>®</sup>), Springfield, MA 01111-0001.

All rights reserved. www.MassMutual.com.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics (Item 2) – Attached.](msifii-efp21118_ex99code.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 (17 CFR 240.10D-1) – Not applicable.

[(a)(3) 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.](msifii-efp21118_ex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) – Not applicable.

(a)(5) Change in Registrant's independent public accountant – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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.](msifii-efp21118_ex99906cert.htm)

**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/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>2/24/2026</u>

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/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>2/24/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Renée Hitchcock |
|  | Renée Hitchcock, Treasurer and Principal Financial Officer |

---

Date <u>2/24/2026</u>

## Ex-99.Codeeth

**<u>EX-99.CODEETH</u>**

**MassMutual Select Funds**

**MassMutual Premier Funds**

**MassMutual Advantage Funds**

**MML Series Investment Fund**

**MML Series Investment Fund II**

Section 7 – Corporate Governance

**<u>Code of Ethics for Principal Executive and Senior Financial Officers</u>**

This Code of Ethics (the "Code") for Principal Executive and Senior Financial Officers has been adopted by those investment companies identified above (individually, a "Fund" and collectively, the "Funds") to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. The Code applies to each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers for each Fund is attached as Exhibit A.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purposes of the Code</u> 

This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities
and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of this Code to an appropriate person identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this Code.

It is acknowledged that, as a result of each Covered Officer being employed by one of the Funds' service providers, each Covered Officer will, in the normal course of his or her duties, be involved in establishing policies and implementing decisions that may have different effects on the Funds and the applicable service provider. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the relationship between each Fund and its service provider and is consistent with the expectations of each Fund's Board of Trustees with respect to the performance by the Covered Officers of their duties as officers of the Funds.

<sup>1</sup> The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as covered persons under the Code of Ethics adopted by the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and, accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code.

In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a financial officer, controller, accountant or principal executive officer of a Fund, to place the interests of the Fund ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that each Fund's financial statements and reports to shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Fund's business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Prohibitions</u> 

The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest between personal and professional relationships.

No Covered Officer may use information concerning the business and affairs of a Fund (including the investment intentions of a Fund), or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders.

No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders.

No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud a Fund or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory
filings, financial statements or communications to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement
of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC
and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) intentionally mislead or omit to provide material information to the Fund's independent auditors or to the Board of Trustees
or the officers of the Fund or its investment adviser in connection with Fund related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) fail to notify the Code Administrator (as defined in Section 7 below) promptly if he or she becomes aware of any existing or potential
violations of this Code or applicable laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) retaliate against others for, or otherwise discourage, the reporting of actual or apparent violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Reports of Conflicts of Interests</u> 

If a Covered Officer becomes aware of an actual or apparent conflict of interest under this Code, he or she must immediately report the matter to the Code Administrator. Upon receipt of such report, the Code Administrator will take prompt steps to determine whether an actual conflict of interest exists or appears to exist, and if so, will take steps (if possible) to resolve the conflict or remedy the appearance thereof. If the Code Administrator determines that no actual or apparent conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the affected Fund's Board of Trustees or any committee appointed by the Board to deal with such information.

If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to Massachusetts Mutual Life Insurance Company's ("MassMutual") General Counsel or Chief Compliance & Ethics Officer, who shall take the same action as described above with respect to resolving the matter.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Waivers</u> 

Any Covered Officer requesting a waiver of any provision of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon.

In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed action:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is prohibited by this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is consistent with honest and ethical conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will result in a conflict of interest between the Covered Officer's personal and professional obligations to a Fund.

In lieu of determining whether to waive any provision of this Code, the Code Administrator may in his or her discretion refer the matter to the affected Fund's Board of Trustees or any committee appointed by the Board to deal with such information.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Reporting Requirements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Covered Officer shall, upon becoming subject to this Code, be presented with a copy of this Code by the Code Administrator, and
shall certify to the Code Administrator that he or she has received, read, understands and shall adhere to this Code. (See Exhibit B.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At least annually, all Covered Officers shall be provided with a copy of the current Code by the Code Administrator, and shall certify
that they (i) have read and understand the Code and shall adhere to the Code, (ii) have complied with the requirements of the Code, (iii)
have disclosed or reported any violations of this Code to the Code Administrator,
and (iv) will cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred. (See Exhibit
C.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that a Covered Officer ceases to be a Principal Executive or Senior Financial Officer during a given year, to the extent
possible, Compliance will obtain from the former Covered Officer a certification that the Covered Officer (i) has read and understands
the Code, (ii) has complied with the requirements of the Code during the relevant period, (iii) has disclosed or reported any violations
of the Code to the Code Administrator, and (iv) will cooperate fully with any investigation or inquiry as to whether a possible violation
of the Code has occurred. (See Exhibit D.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Code Administrator shall submit a quarterly report to the Board of Trustees or any committee appointed by the Board to deal with
such information, containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof;
(ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been
reported or found and the sanction imposed; and (iv) any other significant information arising in connection with the Code, including
any proposed amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation
of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any changes to or waivers of this Code, including "implicit" waivers as defined in applicable SEC rules, will, to the
extent required, be disclosed by the Funds as provided by applicable SEC rules.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Sanctions</u> 

Any violations of this Code shall be subject to the imposition of such sanctions by the Adviser or the appropriate affiliate of the Adviser, as may be deemed appropriate under the circumstances to achieve the purpose of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of the Adviser or the appropriate affiliate of the Adviser, and/or removal as an officer of the Fund, in the sole discretion of the Fund's Board of Trustees or any committee appointed by the Board to deal with such matters.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Administration and Construction</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The administration of this Code of Ethics shall be the responsibility of the Code Administrator of this Code, acting under the terms
of this Code and the oversight of the Board of Trustees of the Fund or any committee appointed by the Board to deal with such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Code Administrator shall be the Chief Compliance Officer of the Funds or his or her designee.

<sup>2</sup> An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Code Administrator, MassMutual's General Counsel or Chief Compliance & Ethics Officer, or an executive officer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The duties of the Code Administrator will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintaining a current list of the names of all Covered Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations
thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and
any applicable laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with
his or her recommendations to MassMutual's General Counsel and Chief Compliance & Ethics Officer and to the Board of Trustees
of the affected Fund(s) or any committee appointed by them to deal with such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) conducting educational training programs as needed to explain and reinforce the terms of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with such other persons
as the Code Administrator shall deem necessary or desirable, including legal counsel to the Trust, legal counsel to the Trustees who are
not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended (the "Disinterested
Trustees"), legal counsel to the Trust's investment adviser, and the Trust's Chief Legal Officer.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Required Records</u> 

The Code Administrator shall maintain and cause to be maintained in an easily accessible place the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of the Fund in which the applicable event or report occurred):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of any Code which has been in effect during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of each certification pursuant to the Code made by a Covered Officer during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of each report made by the Code Administrator pursuant to this Code during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s)
who are or were responsible for reviewing these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered
by the Code Administrator during the period, the decision thereon and the reasons supporting the decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a record of any violation of any such Code and of any action taken as a result of such violation, during the period.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Amendments and Modifications</u> 

This Code (other than Exhibits A and E and the names of the Funds identified on the first page that have adopted the Code) may not be amended or modified except by a writing that is approved or ratified by a majority vote of the Board of Trustees and the Disinterested Trustees. The Code Administrator must approve any permitted amendments or modifications not requiring Board of Trustees approval or ratification.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Confidentiality</u> 

This Code is for the internal use of the Funds. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise authorized by law or this Code, such matters shall not be disclosed to anyone other than the Trustees and their counsel, Fund counsel, Fund officers, the Funds' Chief Legal Officer, the independent auditors of the Funds, and MassMutual or its counsel, except as such disclosure may be required pursuant to applicable judicial or regulatory process. This provision does not preclude Covered Officers or others from reporting such matters to the Securities and Exchange Commission or other regulatory authorities.

**EXHIBIT A**

**Positions Covered by this Code of Ethics**

<u>The following officers of the Funds</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal Executive Officer (President);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal Financial Officer (Chief Financial Officer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comptroller or Principal Accounting Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treasurer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assistant Treasurer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other persons performing similar functions as the Principal Executive Officer, Principal Financial Officer, Comptroller, or Principal
Accounting Officer

**EXHIBIT B**

**INITIAL CERTIFICATION**

I certify that I have received, read and understand the Funds' Code of Ethics for Principal Executive and Senior Financial Officers of the Funds (the "Code") and will adhere to the Code's requirements.

I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred.

_____________________________________________________

Signature (may be electronic)

_____________________________________________________

Date

**EXHIBIT C**

**ANNUAL CERTIFICATION**

I certify that I have received, read and understand the Funds' Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and will adhere to the Code's requirements.

I certify that I have complied with the requirements of the Code and have disclosed or reported any violations of the Code to the Code Administrator during the prior year.

I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred.

_____________________________________________________

Signature (may be electronic)

_____________________________________________________

Date

**EXHIBIT D**

**PARTIAL YEAR CERTIFICATION**

I certify that I have received, read and understand the Funds' Code of Ethics for Principal Executive and Senior Financial Officers (the "Code").

I certify that I have complied with the requirements of the Code and have disclosed or reported any violations of the Code to the Code Administrator during the current year, up to and including the date on which I ceased to be a Covered Officer.

I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred.

_____________________________________________________

Signature (may be electronic)

_____________________________________________________

Date

**EXHIBIT E**

**ADOPTION AND AMENDMENT DATES for Code of Ethics for Principal Executive and Senior Financial Officers of the Funds**

<u>THE MASSMUTUAL SELECT FUNDS</u>

Adopted November 3, 2003, Amended May 13, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MASSMUTUAL PREMIER FUNDS</u>

Adopted December 12, 2003, Amended November 1, 2004, Amended May 21, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MML SERIES INVESTMENT FUND</u>

Adopted November 3, 2003, Amended May 13, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MML SERIES INVESTMENT FUND II</u>

Adopted April 27, 2005, Amended May 21, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MASSMUTUAL ADVANTAGE FUNDS</u>

Adopted September 29, 2021, Amended September 27, 2022.

## Ex-99.Cert

**<u>EX-99.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Douglas Steele, certify that:

1. I have reviewed this report on Form N-CSR of MML Series Investment Fund II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/24/2026 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Renée Hitchcock, certify that:

1. I have reviewed this report on Form N-CSR of MML Series Investment Fund II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/24/2026 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**<u>EX-99.906.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MML Series Investment Fund II (the "Trust") on Form N-CSR for the period ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 2/24/2026 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MML Series Investment Fund II (the "Trust") on Form N-CSR for the period ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 2/24/2026 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.