# EDGAR Filing Document

**Accession Number:** 0001317146
**File Stem:** 0001398344-23-004543
**Filing Date:** 2023-2
**Character Count:** 831888
**Document Hash:** 7955742e3b65cfcc618ae1738d299da3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-004543.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001398344-23-004543

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MML Series Investment Fund II
- **CENTRAL INDEX KEY:** 0001317146
- **IRS NUMBER:** 043557005
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21714
- **FILM NUMBER:** 23666087

**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 Small Cap Equity Fund (Series ID: S000003836)

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

### MML Strategic Emerging Markets Fund (Series ID: S000023206)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000067568 | Class II        |  |
| C000067569 | Service Class I |  |

### MML High Yield Fund (Series ID: S000028329)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000086552 | Class II        |  |
| C000086553 | Service Class I |  |

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

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

### MML Dynamic Bond Fund (Series ID: S000049313)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000155847 | Class II        |  |
| C000155848 | Service Class I |  |

### MML Equity Rotation Fund (Series ID: S000049314)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000155849 | Class II        |  |
| C000155850 | Service Class I |  |

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

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

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

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

<br> UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-21714</u>

<u> MML Series Investment Fund II</u> <br> (Exact name of registrant as specified in charter) <br>

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

Paul LaPiana <br> <u>1295 State Street, Springfield, MA 01111</u>   <br> (Name and address of agent for service)

---

| | | |
|:---|:---|:---|
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | (413) 744-1000 |
| Date of fiscal year end: | 12/31/2022 |  |
| Date of reporting period: | 12/31/2022 |  |

---

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Stockholders is attached herewith.

![](fp0081165_i.jpg)

---

| | |
|:---|:---|
| ***Table of Contents*** |  |
| [**President's Letter to Shareholders (Unaudited)**](#x056800804828974) | [1](#x056800804828974) |
| [**Economic and Market Overview (Unaudited)**](#x053154965888012) | [3](#x053154965888012) |
| [**Portfolio Manager Report (Unaudited)**](#x190561658672443) | [5](#x190561658672443) |
| [**Portfolio of Investments**](#x114055924436547) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML Blend Fund](#x017777709416433) | [44](#x017777709416433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML Dynamic Bond Fund](#x134223565969598) | [45](#x134223565969598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML Equity Fund](#x410692508710801) | [65](#x410692508710801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML Equity Rotation Fund](#x066612659321668) | [71](#x066612659321668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML High Yield Fund](#x551636520241171) | [77](#x551636520241171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML Inflation-Protected and Income Fund](#x364709897610921) | [84](#x364709897610921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML iShares<sup>®</sup> 60/40 Allocation Fund](#x259834653806407) | [92](#x259834653806407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML iShares<sup>®</sup> 80/20 Allocation Fund](#x047880065589131) | [93](#x047880065589131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML Managed Bond Fund](#x377908195346887) | [94](#x377908195346887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML Short-Duration Bond Fund](#x024457224088912) | [108](#x024457224088912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML Small Cap Equity Fund](#x052888226913612) | [119](#x052888226913612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML Strategic Emerging Markets Fund](#x024558689077994) | [122](#x024558689077994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MML U.S. Government Money Market Fund](#x097118891320204) | [125](#x097118891320204) |
| [**Statements of Assets and Liabilities**](#x703426939552594) | [126](#x703426939552594) |
| [**Statements of Operations**](#x068665199853319) | [134](#x068665199853319) |
| [**Statements of Changes in Net Assets**](#x245041528239203) | [138](#x245041528239203) |
| [**Financial Highlights**](#x037482461415113) | [145](#x037482461415113) |
| [**Notes to Financial Statements**](#x010850834679591) | [158](#x010850834679591) |
| [**Report of Independent Registered Public Accounting Firm**](#x04653290529695) | [189](#x04653290529695) |
| [**Trustees and Principal Officers (Unaudited)**](#x004551102275551) | [191](#x004551102275551) |
| [**Federal Tax Information (Unaudited)**](#x061155590613291) | [196](#x061155590613291) |
| [**Other Information (Unaudited)**](#x085154550745949) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Voting](#x022982885085575) | [197](#x022982885085575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Monthly Reporting](#x043513455722882) | [197](#x043513455722882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Quarterly Reporting](#x181080214760798) | [197](#x181080214760798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Submission of Matters to a Vote of Security Holders](#x195745007680492) | [198](#x195745007680492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund Expenses](#x916557669441142) | [199](#x916557669441142) |

---

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

[THIS PAGE INTENTIONALLY LEFT BLANK]

***MML Series Investment Fund II Annual Report – President's Letter to Shareholders (Unaudited)***<br>

*To Our Shareholders* 

**Paul LaPiana** 

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

December 31, 2022

**Continued market volatility challenges retirement investors** 

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

*Suggestions for retirement investors under any market conditions* 

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

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

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

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

*Is this a good time to track your progress?* 

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

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

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

*(Continued)*

**1**

***MML Series Investment Fund II Annual Report – President's Letter to Shareholders (Unaudited)** **(Continued)***<br>

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

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

*Get to where you want to be* 

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

Sincerely,

![](fp0081165_2.jpg)

Paul LaPiana<br> *President<br> MML Series Investment Fund II<br> MML Investment Advisers, LLC* 

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

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

<sup>©</sup>*2023 Massachusetts Mutual Life Insurance Company (MassMutual*<sup>®</sup>*), Springfield, MA 01111-0001. All rights reserved <br> www.MassMutual.com.*

MM202401-303982

**2**

***MML Series Investment Fund II Annual Report – Economic and Market Overview (Unaudited)*** <br>

**Continued market volatility challenges retirement investors** 

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

**Market Highlights** 

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

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

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

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

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

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

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

**Market Environment** 

For the fiscal year beginning on January 1, 2022, global stock investors experienced significant losses. U.S. stocks fell sharply in the period in response, with the S&P 500 Index<sup>®</sup>\* ("S&P 500") entering bear market territory after declining more than 20% from its previous highs. Investors sought safety from high inflation, rising interest rates, and the increasing possibility of a recession. Consumer sentiment fell sharply, down 15.7% in the period<sup>1</sup>, as high inflation – driven by rising energy, food, and housing costs – overwhelmed low unemployment and strong wage growth. As of November 2022, consumer loan levels were at record highs, having increased by 11.8% year-over-year<sup>2</sup>, as more Americans are borrowing to make ends meet in these inflationary times.

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

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

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

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

**3**

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

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

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

**Review and maintain your strategy** 

MassMutual is committed to putting our clients' needs first. We use our innovative open-architecture platform to craft solutions that can help deliver in all stages of the investor's journey. From building potential wealth to retiring comfortably, we work continually to help investors secure their futures and protect the ones they love. While the current market volatility, including the reality of market sell-offs, can test an investor's mettle, we'd like to remind you that, as a retirement investor, it's important to maintain perspective and have realistic expectations about the future performance of your investment accounts. As described in this report, financial markets can reverse suddenly with little or no notice. That's why we continue to believe that retirement investors should create and maintain a plan that focuses on their goals, how long they have to invest, and how comfortable they are with market volatility. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement – in all market conditions. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals. Thank you for your confidence in MassMutual.

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

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

<sup>©</sup>*2023 Massachusetts Mutual Life Insurance Company (MassMutual*<sup>®</sup>*), Springfield, MA 01111-0001. All rights reserved <br> www.MassMutual.com.*

**4**

***MML Blend Fund – Portfolio Manager Report (Unaudited)*** <br>

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

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

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

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

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

***Subadviser discussion of factors that contributed to the Fund's performance***

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

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

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

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

***Subadviser outlook***

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

**5**

***MML Blend Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

---

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

---

---

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

---

**6**

***MML Blend Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

**GROWTH OF $10,000 INVESTMENT - INITIAL CLASS**![](fp0081165_7.jpg)

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

---

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

---

***\* Benchmark***

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

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

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

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

**7**

***MML Dynamic Bond Fund – Portfolio Manager Report (Unaudited)***<br>

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

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

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

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

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

***Subadviser discussion of factors that contributed to the Fund's performance***

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

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

**8**

***MML Dynamic Bond Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

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

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

***Subadviser outlook***

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

---

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

---

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

**9**

***MML Dynamic Bond Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

**GROWTH OF $10,000 INVESTMENT - CLASS II**![](fp0081165_10.jpg)

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

---

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

---

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

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

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

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

**10**

***MML Equity Fund – Portfolio Manager Report (Unaudited)*** <br>

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

The Fund's primary objective is to achieve a superior total rate of return over an extended period of time from both capital appreciation and current income. Its secondary objective is the preservation of capital when business and economic conditions indicate that investing for defensive purposes is appropriate. The Fund invests primarily in common stocks of companies that the subadvisers believe are undervalued in the marketplace. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks, preferred stocks, securities convertible into common or preferred stocks, and other securities, such as warrants and stock rights, whose value is based on stock prices. The Fund typically invests most of its assets in securities of U.S. companies, but may invest up to 25% of its total assets in foreign securities and American Depositary Receipts ("ADRs"), including emerging market securities. The Fund's two subadvisers are T. Rowe Price Associates, Inc. (T. Rowe Price), which managed approximately 33% of the Fund's portfolio; and Brandywine Global Investment Management, LLC (Brandywine Global), which managed approximately 67% of the Fund's portfolio, as of December 31, 2022.

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

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

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

***Subadviser discussion of factors that contributed to the Fund's performance***

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

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

**11**

***MML Equity Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

***Subadviser outlook***

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

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

---

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

---

---

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

---

**12**

***MML Equity Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

**GROWTH OF $10,000 INVESTMENT - INITIAL CLASS** 

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

---

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

---

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

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

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

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

**13**

***MML Equity Rotation Fund – Portfolio Manager Report (Unaudited)*** <br>

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

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

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

*All rights in the Russell 1000*<sup>*®*</sup> *Invesco Dynamic Multifactor Index (the "Index") vest in the relevant LSE Group company which owns the Index. "FTSE Russell*<sup>*®*</sup>*," "Russell 1000*<sup>*®*</sup>*" and "Russell*<sup>*®*</sup>*" are trademarks of the relevant LSE Group company and are used by any other LSE Group company under license.* <br>

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

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

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

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

***Subadviser discussion of factors that contributed to the Fund's performance***

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

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

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

**14**

***MML Equity Rotation Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

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

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

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

***Subadviser outlook***

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

---

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

---

---

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

---

**15**

***MML Equity Rotation Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

**GROWTH OF $10,000 INVESTMENT - CLASS II**![](fp0081165_16.jpg)

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

---

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

---

***\* Benchmark***

***\*\* Since 10/13/2017*** 

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

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

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

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

**16**

***MML High Yield Fund – Portfolio Manager Report (Unaudited)***<br>

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

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

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

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

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

***Subadviser discussion of factors that contributed to the Fund's performance***

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

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

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

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

***Subadviser outlook***

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

**17**

***MML High Yield Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

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

---

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

---

**18**

***MML High Yield Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

**GROWTH OF $10,000 INVESTMENT - CLASS II**![](fp0081165_19.jpg)

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

---

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

---

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

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

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

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

**19**

***MML Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited)*** <br>

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

The Fund seeks to achieve as high a total rate of real return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in inflation-indexed bonds and other income-producing securities. The Fund's subadviser is Barings LLC (Barings) and its sub-subadviser is Baring International Investment Limited (BIIL).

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

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

***How do inflation-indexed bonds protect against inflation?***

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

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

***Subadviser discussion of factors that contributed to the Fund's performance***

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

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

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

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

**20**

***MML Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

***Subadviser outlook***

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

---

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

---

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

**21**

***MML Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

**GROWTH OF $10,000 INVESTMENT - INITIAL CLASS**![](fp0081165_22.jpg)

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

---

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

---

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

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

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

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

**22**

***MML iShares***<sup>***®***</sup>***60/40 Allocation Fund – Portfolio Manager Report (Unaudited)***<br>

***What is the investment approach of MML iShares***<sup>***®***</sup>***60/40 Allocation Fund, and who is the Fund's investment adviser?***

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

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

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

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

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

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

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

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

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

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

**23**

***MML iShares***<sup>***®***</sup>***60/40 Allocation Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

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

***Investment adviser outlook***

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

---

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

---

---

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

---

**24**

***MML iShares***<sup>***®***</sup>***60/40 Allocation Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

**GROWTH OF $10,000 INVESTMENT - CLASS II**![](fp0081165_25.jpg)

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

---

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

---

***\* Benchmark***

*\*\* Since 03/01/2022* 

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

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

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

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

**25**

***MML iShares***<sup>***®***</sup>***80/20 Allocation Fund – Portfolio Manager Report (Unaudited)*** <br>

***What is the investment approach of MML iShares***<sup>***®***</sup>***80/20 Allocation Fund, and who is the Fund's investment adviser?***

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

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

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

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

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

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

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

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

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

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

**26**

***MML iShares***<sup>***®***</sup>***80/20 Allocation Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

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

***Investment adviser outlook***

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

---

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

---

---

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

---

**27**

***MML iShares***<sup>***®***</sup>***80/20 Allocation Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

**GROWTH OF $10,000 INVESTMENT - CLASS II**![](fp0081165_28.jpg)

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

---

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

---

***\* Benchmark***

*\*\* Since 03/01/2022* 

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

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

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

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

**28**

***MML Managed Bond Fund – Portfolio Manager Report (Unaudited)*** <br>

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

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

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

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

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

***Subadviser discussion of factors that contributed to the Fund's performance***

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

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

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

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

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

***Subadviser outlook***

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

**29**

***MML Managed Bond Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

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

---

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

---

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

**30**

***MML Managed Bond Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

**GROWTH OF $10,000 INVESTMENT - INITIAL CLASS**![](fp0081165_31.jpg)

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

---

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

---

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

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

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

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

**31**

***MML Short-Duration Bond Fund – Portfolio Manager Report (Unaudited)*** <br>

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

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

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

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

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

***Subadviser discussion of factors that contributed to the Fund's performance***

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

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

The Fund's securitized allocation was challenged in terms of absolute and relative performance over the period, and the Fund had an overweight allocation to the sector. ABS, CMBS, and residential mortgage-backed securities (RMBS) all detracted from the Fund's relative performance. The Fund held an underweight allocation to the MBS sector, which contributed positively to performance over the period.

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

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

**32**

***MML Short-Duration Bond Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

***Subadviser outlook***

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

---

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

---

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

**33**

***MML Short-Duration Bond Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

**GROWTH OF $10,000 INVESTMENT - CLASS II**![](fp0081165_34.jpg)

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

---

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

---

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

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

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

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

**34**

***MML Small Cap Equity Fund – Portfolio Manager Report (Unaudited)*** <br>

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

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

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

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

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

***Subadviser discussion of factors that contributed to the Fund's performance***

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

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

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

***Subadviser outlook***

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

**35**

***MML Small Cap Equity Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

---

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

---

---

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

---

**36**

***MML Small Cap Equity Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

**GROWTH OF $10,000 INVESTMENT - INITIAL CLASS**![](fp0081165_37.jpg)

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

---

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

---

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

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

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

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

**37**

***MML Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited)*** <br>

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

The Fund seeks long-term capital growth by investing mainly in common stocks of issuers in developing and emerging markets throughout the world and at times it may invest up to 100% of its total assets in foreign securities. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of issuers whose principal activities are in a developing (or emerging) market, i.e., are in a developing market or are economically tied to a developing market country. The Fund will invest in at least three developing markets. The Fund focuses on companies with above-average earnings growth. In general, countries may be considered developing or emerging markets if they are included in any one of the MSCI emerging markets indexes, classified as a developing or emerging market, or classified under a similar or corresponding classification, by organizations such as the World Bank and the International Monetary Fund, or have economies, industries, and stock markets with similar characteristics. The Fund's subadviser is Invesco Advisers, Inc. (Invesco Advisers).

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

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

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

***Subadviser discussion of factors that contributed to the Fund's performance***

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

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

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

**38**

***MML Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

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

***Subadviser outlook***

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

---

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

---

---

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

---

**39**

***MML Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited)** **(Continued)***<br>

**GROWTH OF $10,000 INVESTMENT - SERVICE CLASS I**![](fp0081165_40.jpg)

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

---

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

---

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

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

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

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

**40**

***MML U.S. Government Money Market Fund – Portfolio Manager Report (Unaudited)*** <br>

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

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

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

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

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

***Subadviser discussion of factors that contributed to the Fund's performance***

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

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

***Subadviser outlook***

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

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

**41**

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

---

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

---

**42**

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

**GROWTH OF $10,000 INVESTMENT - INITIAL CLASS**![](fp0081165_43.jpg)

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

---

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

---

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

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

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

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

***You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.***

**43**

---

| |
|:---|
| ***MML Blend Fund – Portfolio of Investments*** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** | **MUTUAL FUNDS — 100.1%** | **MUTUAL FUNDS — 100.1%** |
| **Diversified Financial Services — 100.1%** | **Diversified Financial Services — 100.1%** | **Diversified Financial Services — 100.1%** |
| iShares 5-10 Year Investment Grade Corporate Bond ETF  | 515976 | $25545972 |
| iShares Core S&P 500 ETF  | 454350 | 174565813 |
| iShares Core S&P Mid-Cap ETF  | 56870 | 13756284 |
| iShares Core S&P Small-Cap ETF  | 64259 | 6081472 |
| iShares Core S&P Total US Stock Market ETF  | 2258983 | 191561758 |
| iShares Core Total USD Bond Market ETF <sup>(a)</sup>  | 2253735 | 101260314 |
| iShares Core U.S. Aggregate Bond ETF  | 1039468 | 100818001 |
| iShares iBoxx High Yield Corporate Bond ETF  | 347409 | 25579725 |
| State Street Navigator Securities Lending Government Money Market Portfolio <sup>(b)</sup>  | 78200 | 78200 |
| **TOTAL MUTUAL FUNDS (Cost $671,876,786)**  |  | **639247539** |
| **TOTAL LONG-TERM INVESTMENTS (Cost $671,876,786)**  |  | **639247539** |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.0%** | **SHORT-TERM INVESTMENTS — 0.0%** | **SHORT-TERM INVESTMENTS — 0.0%** |
| **Repurchase Agreement — 0.0%** | **Repurchase Agreement — 0.0%** | **Repurchase Agreement — 0.0%** |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 <sup>(c)</sup>  | $314488 | 314488 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $314,488)**  |  | **314488** |
| **TOTAL INVESTMENTS — 100.1% (Cost $672,191,274) <sup>(d)</sup>**  |  | **639562027** |
| **Other Assets/(Liabilities) — (0.1)%**  |  | **(877014)** |
| **NET ASSETS — 100.0%**  |  | $**638685013** |

---

**Abbreviation Legend** 

ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, was $76,381 or 0.01% of net assets. (Note 2).

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

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

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

**44**

---

| |
|:---|
| ***MML Dynamic Bond Fund – Portfolio of Investments*** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **BONDS & NOTES — 103.4%** | **BONDS & NOTES — 103.4%** | **BONDS & NOTES — 103.4%** |
| **BANK LOANS — 5.0%** | **BANK LOANS — 5.0%** | **BANK LOANS — 5.0%** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| TransDigm, Inc., 2020 Term Loan F, 3 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.980% VRN 12/09/25  | $156637 | $154535 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.130% VRN 8/11/28  | 74625 | 73599 |
| American Airlines, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.993% VRN 4/20/28  | 120000 | 119344 |
| Kestrel Bidco, Inc., Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.354% VRN 12/11/26  | 67839 | 61543 |
| United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.108% VRN 4/21/28  | 83513 | 82306 |
|  |  | 336792 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 4/30/26  | 129445 | 126587 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.230% VRN 3/31/28  | 277884 | 257460 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Diamond (BC) B.V., 2021 Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.165% VRN 9/29/28  | 173250 | 167186 |
| Kraton Corp., 2022 USD Term Loan, 3 mo. USD SOFR CME + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.040% VRN 3/15/29  | 73992 | 73230 |
| Olympus Water U.S. Holding Corp., 2021 USD Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.500% VRN 11/09/28  | 99000 | 94820 |
|  |  | 335236 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.173% VRN 5/12/28  | 239834 | 227394 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| CHG Healthcare Services, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 9/29/28  | $| 133313 | $| 130202 |
| Mister Car Wash Holdings, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.423% VRN 5/14/26  |  | 47781 |  | 47064 |
| Prime Security Services Borrower LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.505% VRN 9/23/26  |  | 186112 |  | 184270 |
| Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.384% VRN 8/27/25  |  | 68944 |  | 68365 |
|  |  |  |  | 657295 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.170% VRN 7/27/28  |  | 248593 |  | 211615 |
| Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 2/01/28  |  | 115754 |  | 112835 |
|  |  |  |  | 324450 |
| **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** |
| Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. USD SOFR CME + 3.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.077% VRN 6/15/25  |  | 112774 |  | 109751 |
| Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.519% VRN 10/22/26  |  | 143188 |  | 141730 |
| Citadel Securities LP, 2021 Term Loan B, 1 mo. USD SOFR CME + 2.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.938% VRN 2/02/28  |  | 277879 |  | 272113 |
| Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 1 mo. USD SOFR CME + 3.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.073% VRN 4/09/27  |  | 87101 |  | 81195 |
| Focus Financial Partners LLC, 2022 Term Loan B5, 1 mo. USD SOFR CME + 3.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.573% VRN 6/30/28  |  | 109725 |  | 108262 |
| Jane Street Group LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.134% VRN 1/26/28  |  | 198127 |  | 191997 |
|  |  |  |  | 905048 |

---

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

**45**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| Mirion Technologies, Inc., 2021 Term Loan, 6 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.480% VRN 10/20/28  | $94050 | $92169 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Brown Group Holding LLC, Term Loan B, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.884% VRN 6/07/28  | 277582 | 272069 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| PCI Gaming Authority, Term Loan, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.884% VRN 5/29/26  | 270000 | 267975 |
| Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD SOFR CME + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.417% VRN 4/14/29  | 268650 | 264333 |
| UFC Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.110% VRN 4/29/26  | 194735 | 191923 |
|  |  | 724231 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| CHG PPC Parent LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.438% VRN 12/08/28  | 119100 | 114932 |
| **Health Care – Products — 0.2%** | **Health Care – Products — 0.2%** | **Health Care – Products — 0.2%** |
| Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 10/23/28  | 203263 | 192893 |
| Sotera Health Holdings LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.165% VRN 12/11/26  | 270000 | 248400 |
|  |  | 441293 |
| **Health Care – Services — 0.3%** | **Health Care – Services — 0.3%** | **Health Care – Services — 0.3%** |
| Aveanna Healthcare LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 7/17/28 <sup>(a)</sup>  | 140207 | 107258 |
| &nbsp;&nbsp;&nbsp;2021 Delayed Draw Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 7/17/28 <sup>(a)</sup> <sup>(b)</sup>  | 32994 | 25241 |
| Global Medical Response, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.422% VRN 10/02/25  | 267949 | 186729 |
| ICON Luxembourg SARL, LUX Term Loan, 3 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 7/03/28  | 57935 | 57710 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Phoenix Guarantor, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 3/05/26  | $| 237955 | $| 222537 |
| Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.639% VRN 7/09/25  |  | 75000 |  | 62719 |
| RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.165% VRN 11/16/25  |  | 35193 |  | 33099 |
|  |  |  |  | 695293 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Solis IV B.V., USD Term Loan B1, 3 mo. USD SOFR CME + 3.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.859% VRN 2/26/29  |  | 248750 |  | 217878 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Acrisure LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2020 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 2/15/27  |  | 120944 |  | 113234 |
| &nbsp;&nbsp;&nbsp;2021 First Lien Term Loan B, 1 mo. USD LIBOR + 4.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.634% VRN 2/15/27  |  | 123750 |  | 119521 |
| AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.634% VRN 2/19/28  |  | 237976 |  | 233440 |
| Asurion LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2020 Term Loan B8, 1 mo. USD LIBOR + 3.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 12/23/26  |  | 151900 |  | 135097 |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B9, 1 mo. USD LIBOR + 3.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 7/31/27  |  | 73684 |  | 64336 |
|  |  |  |  | 665628 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 8/17/28  |  | 267965 |  | 264114 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Caesars Resort Collection LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.134% VRN 12/23/24  |  | 25512 |  | 25431 |
| &nbsp;&nbsp;&nbsp;2020 Term Loan B1, 1 mo. USD LIBOR + 3.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 7/21/25  |  | 21003 |  | 20931 |

---

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

**46**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Station Casinos LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 2.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.640% VRN 2/08/27  | $| 277832 | $| 270742 |
|  |  |  |  | 317104 |
| **Machinery – Diversified — 0.2%** | **Machinery – Diversified — 0.2%** | **Machinery – Diversified — 0.2%** | **Machinery – Diversified — 0.2%** | **Machinery – Diversified — 0.2%** |
| Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 2.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.438% VRN 7/30/29  |  | 238800 |  | 236455 |
| Vertical U.S. Newco, Inc., Term Loan B, 6 mo. USD LIBOR + 3.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.871% VRN 7/30/27  |  | 195545 |  | 187846 |
|  |  |  |  | 424301 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| DirecTV Financing LLC, Term Loan, 1 mo. USD LIBOR + 5.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.384% VRN 8/02/27  |  | 64898 |  | 63046 |
| Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD LIBOR + 2.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.884% VRN 9/18/26  |  | 230753 |  | 228619 |
|  |  |  |  | 291665 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| TricorBraun Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 3/03/28  |  | 68971 |  | 65659 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.730% VRN 10/01/27  |  | 235482 |  | 220470 |
| Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 mo. USD LIBOR + 2.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.384% VRN 11/15/27  |  | 530000 |  | 511673 |
| Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 1 mo. USD LIBOR + 1.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.188% VRN 3/15/28  |  | 277879 |  | 277531 |
| Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 5/05/28  |  | 199851 |  | 197820 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| PRA Health Sciences, Inc., US Term Loan, 3 mo. USD LIBOR + 2.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 7/03/28  | $| 14434 | $| 14379 |
|  |  |  |  | 1221873 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| CQP Holdco LP, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.480% VRN 6/05/28  |  | 215315 |  | 214029 |
| Traverse Midstream Partners LLC, 2017 Term Loan, 3 mo. USD SOFR CME + 4.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.800% VRN 9/27/24  |  | 48272 |  | 48106 |
|  |  |  |  | 262135 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| 1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%, 3 mo. USD LIBOR + 1.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.821% VRN 11/19/26  |  | 28396 |  | 27863 |
| Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD LIBOR + 3.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 3/06/28  |  | 171516 |  | 164441 |
| Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.134% VRN 10/19/27  |  | 277873 |  | 264169 |
| PetSmart, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.130% VRN 2/11/28  |  | 69124 |  | 67504 |
| Pilot Travel Centers LLC, 2021 Term Loan B, 1 mo. USD SOFR CME + 2.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.423% VRN 8/04/28  |  | 38496 |  | 38005 |
|  |  |  |  | 561982 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Athenahealth, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2022 Delayed Draw Term Loan, 1 mo. USD SOFR CME + 3.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.821% VRN 2/15/29 <sup>(b)</sup>  |  | 24969 |  | 22481 |
| &nbsp;&nbsp;&nbsp;2022 Term Loan B, 1 mo. USD SOFR CME + 3.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.821% VRN 2/15/29  |  | 146213 |  | 131645 |
| Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.384% VRN 10/30/26  |  | 105255 |  | 103545 |
| DCert Buyer, Inc., 2019 Term Loan B, 6 mo. USD SOFR CME + 4.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.696% VRN 10/16/26  |  | 43566 |  | 42025 |

---

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

**47**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 7/01/24  | $| 218157 | $| 214939 |
| Mitchell International, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.415% VRN 10/15/28  |  | 258050 |  | 237200 |
| Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.390% VRN 4/26/24  |  | 184492 |  | 179649 |
| Rackspace Technology Global, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.380% VRN 2/15/28  |  | 277879 |  | 172663 |
| The Ultimate Software Group, Inc., Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 5/04/26  |  | 121226 |  | 116680 |
| Zelis Healthcare Corp., 2021 Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 9/30/26  |  | 191886 |  | 189468 |
|  |  |  |  | 1410295 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
| Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 6 mo. USD SOFR + 7.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.445% VRN 2/01/29  |  | 123073 |  | 118589 |
| Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.134% VRN 3/01/27  |  | 146988 |  | 140557 |
|  |  |  |  | 259146 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Genesee & Wyoming, Inc., Term Loan, 3 mo. USD LIBOR + 2.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.730% VRN 12/30/26  |  | 236586 |  | 235048 |
| **TOTAL BANK LOANS (Cost $12,173,934)**  |  |  |  | **11634218** |
| **CORPORATE DEBT — 42.0%** | **CORPORATE DEBT — 42.0%** | **CORPORATE DEBT — 42.0%** | **CORPORATE DEBT — 42.0%** | **CORPORATE DEBT — 42.0%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 6/01/29 <sup>(c)</sup> <sup>(d)</sup>  |  | 95000 |  | 69756 |
| **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| The Boeing Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.196% 2/04/26  |  | 300000 |  | 272865 |
| &nbsp;&nbsp;&nbsp;2.800% 3/01/27  |  | 290000 |  | 262039 |
| &nbsp;&nbsp;&nbsp;2.950% 2/01/30  |  | 270000 |  | 229391 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;3.200% 3/01/29  | $| 300000 | $| 264118 |
| &nbsp;&nbsp;&nbsp;3.250% 2/01/35  |  | 330000 |  | 252598 |
| &nbsp;&nbsp;&nbsp;3.750% 2/01/50  |  | 140000 |  | 96857 |
| &nbsp;&nbsp;&nbsp;5.705% 5/01/40  |  | 130000 |  | 123968 |
| &nbsp;&nbsp;&nbsp;5.805% 5/01/50  |  | 350000 |  | 325861 |
| &nbsp;&nbsp;&nbsp;5.930% 5/01/60  |  | 50000 |  | 45840 |
| General Dynamics Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 4/01/40  |  | 20000 |  | 18353 |
| &nbsp;&nbsp;&nbsp;4.250% 4/01/50  |  | 50000 |  | 44513 |
| L3 Harris Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.054% 4/27/45  |  | 80000 |  | 72036 |
| Lockheed Martin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.550% 1/15/26  |  | 50000 |  | 48618 |
| &nbsp;&nbsp;&nbsp;3.900% 6/15/32  |  | 50000 |  | 47196 |
| &nbsp;&nbsp;&nbsp;4.150% 6/15/53  |  | 320000 |  | 273329 |
| Northrop Grumman Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.930% 1/15/25  |  | 160000 |  | 153556 |
| &nbsp;&nbsp;&nbsp;3.250% 1/15/28  |  | 290000 |  | 267921 |
| &nbsp;&nbsp;&nbsp;5.150% 5/01/40  |  | 320000 |  | 311912 |
| Raytheon Technologies Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 7/01/30  |  | 110000 |  | 91827 |
| &nbsp;&nbsp;&nbsp;3.030% 3/15/52  |  | 240000 |  | 164021 |
| &nbsp;&nbsp;&nbsp;4.125% 11/16/28  |  | 160000 |  | 153448 |
| &nbsp;&nbsp;&nbsp;4.500% 6/01/42  |  | 80000 |  | 72519 |
|  |  |  |  | 3592786 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| Altria Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.450% 2/04/32  |  | 140000 |  | 105987 |
| &nbsp;&nbsp;&nbsp;4.400% 2/14/26  |  | 190000 |  | 186170 |
| &nbsp;&nbsp;&nbsp;5.800% 2/14/39  |  | 240000 |  | 220384 |
| &nbsp;&nbsp;&nbsp;5.950% 2/14/49  |  | 160000 |  | 142706 |
| BAT Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.462% 9/06/29  |  | 525000 |  | 450938 |
| &nbsp;&nbsp;&nbsp;4.540% 8/15/47  |  | 170000 |  | 120951 |
| Cargill, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.375% 7/23/23 <sup>(c)</sup>  |  | 180000 |  | 176330 |
| Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.125% 5/01/23  |  | 190000 |  | 187641 |
| &nbsp;&nbsp;&nbsp;4.500% 3/20/42  |  | 80000 |  | 67868 |
|  |  |  |  | 1658975 |
| **Airlines — 1.2%** | **Airlines — 1.2%** | **Airlines — 1.2%** | **Airlines — 1.2%** | **Airlines — 1.2%** |
| Delta Air Lines, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000% 5/01/25 <sup>(c)</sup>  |  | 1780000 |  | 1820544 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 10/20/28 <sup>(c)</sup>  |  | 550000 |  | 517721 |

---

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

**48**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 6/20/27 <sup>(c)</sup>  | $| 297019 | $| 295297 |
| United Airlines, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 4/15/29 <sup>(c)</sup>  |  | 65000 |  | 56595 |
|  |  |  |  | 2690157 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| NIKE, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.850% 3/27/30  |  | 280000 |  | 250867 |
| &nbsp;&nbsp;&nbsp;3.250% 3/27/40  |  | 130000 |  | 105924 |
| &nbsp;&nbsp;&nbsp;3.375% 3/27/50 <sup>(d)</sup>  |  | 40000 |  | 31499 |
|  |  |  |  | 388290 |
| **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** |
| Ford Motor Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 2/12/32  |  | 1660000 |  | 1245083 |
| &nbsp;&nbsp;&nbsp;6.100% 8/19/32  |  | 90000 |  | 83261 |
| Ford Motor Credit Co. LLC 3 mo. USD LIBOR + 1.235% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.841% FRN 2/15/23  |  | 410000 |  | 409611 |
| General Motors Financial Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.400% 10/15/28  |  | 275000 |  | 228409 |
| &nbsp;&nbsp;&nbsp;3.100% 1/12/32  |  | 285000 |  | 224105 |
| Hyundai Capital America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.800% 10/15/25 <sup>(c)</sup>  |  | 55000 |  | 49391 |
| Nissan Motor Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.043% 9/15/23 <sup>(c)</sup>  |  | 200000 |  | 195947 |
| &nbsp;&nbsp;&nbsp;3.522% 9/17/25 <sup>(c)</sup>  |  | 410000 |  | 381184 |
| &nbsp;&nbsp;&nbsp;4.345% 9/17/27 <sup>(c)</sup>  |  | 300000 |  | 272319 |
|  |  |  |  | 3089310 |
| **Banks — 11.7%** | **Banks — 11.7%** | **Banks — 11.7%** | **Banks — 11.7%** | **Banks — 11.7%** |
| ABN AMRO Bank NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 7/28/25 <sup>(c)</sup>  |  | 260000 |  | 252151 |
| Banco Santander SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.496% 3/24/25  |  | 600000 |  | 578180 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.120% 5.039% FRN 4/12/23  |  | 200000 |  | 200021 |
| Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5 year CMT + 1.200% 2.482% VRN 9/21/36  |  | 520000 |  | 383376 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.210% 2.572% VRN 10/20/32  |  | 190000 |  | 149348 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.330% 2.972% VRN 2/04/33  |  | 1080000 |  | 873437 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.370% 3.593% VRN 7/21/28  |  | 1830000 |  | 1687256 |
| &nbsp;&nbsp;&nbsp;4.000% 1/22/25  |  | 700000 |  | 685521 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.150% 4.083% VRN 3/20/51  |  | 300000 |  | 236758 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;4.200% 8/26/24  | $380000 | $374320 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.705% 6.250% VRN <sup>(e)</sup>  | 170000 | 163261 |
| Bank of Montreal 5 year USD Swap + 1.432% |  |  |
| &nbsp;&nbsp;&nbsp;3.803% VRN 12/15/32  | 350000 | 308685 |
| The Bank of Nova Scotia 5 year CMT + 2.050% |  |  |
| &nbsp;&nbsp;&nbsp;4.588% VRN 5/04/37  | 440000 | 376722 |
| Barclays PLC 3 mo. USD LIBOR + 1.380% |  |  |
| &nbsp;&nbsp;&nbsp;6.024% FRN 5/16/24  | 425000 | 424929 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 2.074% 2.219% VRN 6/09/26 <sup>(c)</sup>  | 200000 | 183773 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.507% 3.052% VRN 1/13/31 <sup>(c)</sup>  | 390000 | 320843 |
| &nbsp;&nbsp;&nbsp;4.625% 3/13/27 <sup>(c)</sup>  | 260000 | 246874 |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 1/20/26 <sup>(c)</sup>  | 250000 | 219399 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + .694% 2.014% VRN 1/25/26  | 95000 | 88102 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.280% 3.070% VRN 2/24/28  | 995000 | 898291 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.939% 3.785% VRN 3/17/33  | 580000 | 497854 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.338% 3.980% VRN 3/20/30  | 850000 | 768475 |
| &nbsp;&nbsp;&nbsp;4.650% 7/30/45  | 380000 | 327976 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.100% 5.750% FRN 5/17/24  | 545000 | 545835 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.905% 5.950% VRN <sup>(e)</sup>  | 160000 | 146200 |
| Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 8/04/25  | 470000 | 459160 |
| Credit Agricole SA SOFR + 1.676% |  |  |
| &nbsp;&nbsp;&nbsp;1.907% VRN 6/16/26 <sup>(c)</sup>  | 270000 | 246305 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 2.044% 2.193% VRN 6/05/26 <sup>(c)</sup>  | 480000 | 410282 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.730% 3.091% VRN 5/14/32 <sup>(c)</sup>  | 640000 | 444153 |
| &nbsp;&nbsp;&nbsp;SOFR + 3.920% 6.537% VRN 8/12/33 <sup>(c)</sup>  | 300000 | 264035 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 6.383% 9.750% VRN <sup>(c)</sup> <sup>(e)</sup>  | 480000 | 418305 |
| Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 1/12/24 <sup>(c)</sup>  | 240000 | 238077 |

---

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

**49**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| The Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.472% 2.908% VRN 7/21/42  | $240000 | $164348 |
| &nbsp;&nbsp;&nbsp;3.000% 3/15/24  | 550000 | 536493 |
| &nbsp;&nbsp;&nbsp;3.500% 11/16/26  | 270000 | 253357 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.301% 4.223% VRN 5/01/29  | 500000 | 466620 |
| &nbsp;&nbsp;&nbsp;4.250% 10/21/25  | 270000 | 263871 |
| &nbsp;&nbsp;&nbsp;4.750% 10/21/45  | 300000 | 264606 |
| &nbsp;&nbsp;&nbsp;SOFR + .820% 5.104% FRN 9/10/27  | 165000 | 156923 |
| &nbsp;&nbsp;&nbsp;5.150% 5/22/45  | 290000 | 262055 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.170% 5.776% FRN 5/15/26  | 555000 | 551093 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.929% 2.099% VRN 6/04/26  | 510000 | 465013 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.530% 4.762% VRN 3/29/33  | 200000 | 173900 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.380% 6.115% FRN 9/12/26  | 510000 | 502054 |
| JP Morgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.015% 2.069% VRN 6/01/29  | 215000 | 179898 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.040% 2.522% VRN 4/22/31  | 320000 | 262621 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.250% 2.580% VRN 4/22/32  | 270000 | 217084 |
| &nbsp;&nbsp;&nbsp;SOFR + .915% 2.595% VRN 2/24/26  | 160000 | 150531 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.260% 2.963% VRN 1/25/33  | 265000 | 216119 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.440% 3.109% VRN 4/22/51  | 110000 | 72648 |
| &nbsp;&nbsp;&nbsp;3.875% 9/10/24  | 540000 | 528798 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.330% 4.452% VRN 12/05/29  | 940000 | 884674 |
| Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205% |  |  |
| &nbsp;&nbsp;&nbsp;3.574% VRN 11/07/28  | 400000 | 360803 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.412% 7/17/25  | 435000 | 395348 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.360% 2.484% VRN 9/16/36  | 520000 | 378347 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.290% 2.943% VRN 1/21/33  | 115000 | 93356 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.160% 3.620% VRN 4/17/25  | 270000 | 263558 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.610% 4.210% VRN 4/20/28  | 205000 | 195260 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| National Securities Clearing Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 4/23/25 <sup>(c)</sup>  | $| 250000 | $| 231915 |
| NatWest Markets PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.800% 8/12/24 <sup>(c)</sup>  |  | 200000 |  | 185376 |
| Royal Bank of Canada |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.150% 6/10/25  |  | 310000 |  | 283981 |
| Santander Holdings SOFR + 1.249% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.490% VRN 1/06/28  |  | 135000 |  | 115987 |
| The Toronto-Dominion Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.150% 6/12/25  |  | 300000 |  | 273663 |
| UBS Group AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.253% 3/23/28 <sup>(c)</sup>  |  | 340000 |  | 317956 |
| &nbsp;&nbsp;&nbsp;5 year USD Swap + 4.344% 7.000% VRN <sup>(c)</sup> <sup>(e)</sup>  |  | 500000 |  | 491998 |
| US Bancorp |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.450% 5/12/25  |  | 280000 |  | 259801 |
| Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 2.000% 2.188% VRN 4/30/26  |  | 200000 |  | 186273 |
| &nbsp;&nbsp;&nbsp;3 mo. TSFR + 1.432% 2.879% VRN 10/30/30  |  | 235000 |  | 200338 |
| &nbsp;&nbsp;&nbsp;3.000% 10/23/26  |  | 430000 |  | 397918 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.170% 3.196% VRN 6/17/27  |  | 245000 |  | 227179 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.500% 3.350% VRN 3/02/33  |  | 360000 |  | 304331 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.130% 4.611% VRN 4/25/53  |  | 2050000 |  | 1745646 |
|  |  |  |  | 26899644 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.650% 2/01/26  |  | 680000 |  | 654949 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 6/01/30  |  | 130000 |  | 118692 |
| &nbsp;&nbsp;&nbsp;4.600% 4/15/48  |  | 334000 |  | 292557 |
| The Coca-Cola Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.450% 6/01/27  |  | 250000 |  | 221069 |
| &nbsp;&nbsp;&nbsp;2.600% 6/01/50  |  | 80000 |  | 53855 |
| Molson Coors Beverage Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 7/15/26  |  | 50000 |  | 46460 |
| &nbsp;&nbsp;&nbsp;4.200% 7/15/46  |  | 50000 |  | 39030 |
| PepsiCo, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.625% 5/01/30  |  | 170000 |  | 139005 |
|  |  |  |  | 1565617 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Gilead Sciences, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 4/01/24  |  | 130000 |  | 127837 |

---

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

**50**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Illumina, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.550% 3/23/23 <sup>(d)</sup>  | $| 165000 | $| 163308 |
|  |  |  |  | 291145 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| Equate Petrochemical BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 11/03/26 <sup>(c)</sup>  |  | 240000 |  | 229265 |
| OCP SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 6/23/31 <sup>(c)</sup>  |  | 260000 |  | 217360 |
| &nbsp;&nbsp;&nbsp;5.125% 6/23/51 <sup>(c)</sup>  |  | 220000 |  | 166401 |
| Orbia Advance Corp. SAB de CV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875% 5/11/31 <sup>(c)</sup>  |  | 490000 |  | 382813 |
|  |  |  |  | 995839 |
| **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** |
| Cintas Corp. No 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 4/01/27  |  | 160000 |  | 154456 |
| DP World Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 9/25/48 <sup>(c)</sup>  |  | 330000 |  | 308941 |
| PayPal Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.650% 6/01/25  |  | 270000 |  | 250442 |
| Triton Container International Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.150% 6/07/24 <sup>(c)</sup>  |  | 90000 |  | 83313 |
| Triton Container International Ltd. / TAL International Container Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 3/15/32  |  | 160000 |  | 123630 |
|  |  |  |  | 920782 |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| Apple, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.450% 8/04/26  |  | 480000 |  | 445706 |
| International Business Machines Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 5/15/24  |  | 320000 |  | 311324 |
|  |  |  |  | 757030 |
| **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** |
| GSK Consumer Healthcare Capital US LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 3/24/29  |  | 260000 |  | 234302 |
| The Procter & Gamble Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 3/25/30  |  | 100000 |  | 91424 |
|  |  |  |  | 325726 |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.450% 10/29/26  |  | 170000 |  | 148830 |
| &nbsp;&nbsp;&nbsp;3.000% 10/29/28  |  | 160000 |  | 134317 |
| &nbsp;&nbsp;&nbsp;3.150% 2/15/24  |  | 190000 |  | 183724 |
| &nbsp;&nbsp;&nbsp;3.400% 10/29/33  |  | 420000 |  | 319767 |
| Air Lease Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.875% 8/15/26  |  | 170000 |  | 147862 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| American Express Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 5/03/24  | $| 130000 | $| 127404 |
| &nbsp;&nbsp;&nbsp;4.050% 5/03/29  |  | 210000 |  | 200391 |
| Aviation Capital Group LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.950% 9/20/26 <sup>(c)</sup>  |  | 395000 |  | 334028 |
| Avolon Holdings Funding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 2/15/27 <sup>(c)</sup>  |  | 370000 |  | 317064 |
| CI Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.100% 6/15/51  |  | 115000 |  | 68065 |
| Mastercard, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.850% 3/26/50  |  | 50000 |  | 42240 |
| Nasdaq, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.950% 3/07/52  |  | 45000 |  | 34480 |
| Visa, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.150% 12/14/25  |  | 200000 |  | 192838 |
| &nbsp;&nbsp;&nbsp;4.300% 12/14/45  |  | 160000 |  | 146905 |
|  |  |  |  | 2397915 |
| **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** |
| Berkshire Hathaway Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.600% 5/01/53 <sup>(c)</sup>  |  | 255000 |  | 222973 |
| Consolidated Edison Co. of New York, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.350% 4/01/30  |  | 70000 |  | 63132 |
| &nbsp;&nbsp;&nbsp;3.950% 4/01/50  |  | 50000 |  | 39873 |
| Duke Energy Carolinas LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.850% 3/15/32  |  | 35000 |  | 29727 |
| Duke Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.950% 8/15/47  |  | 355000 |  | 270271 |
| Duke Energy Ohio, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.650% 2/01/29  |  | 260000 |  | 242024 |
| Exelon Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.100% 3/15/52 <sup>(f)</sup>  |  | 65000 |  | 52302 |
| Monongahela Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.400% 12/15/43 <sup>(c)</sup>  |  | 145000 |  | 140669 |
| Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 2/01/31  |  | 255000 |  | 199254 |
| Sierra Pacific Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.600% 5/01/26  |  | 1000000 |  | 929757 |
|  |  |  |  | 2189982 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| Warnermedia Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.755% 3/15/27 <sup>(c)</sup>  |  | 250000 |  | 225703 |
| &nbsp;&nbsp;&nbsp;4.279% 3/15/32 <sup>(c)</sup>  |  | 430000 |  | 354694 |
| &nbsp;&nbsp;&nbsp;5.050% 3/15/42 <sup>(c)</sup>  |  | 20000 |  | 15377 |
| &nbsp;&nbsp;&nbsp;5.141% 3/15/52 <sup>(c)</sup>  |  | 300000 |  | 219155 |
|  |  |  |  | 814929 |

---

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

**51**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Environmental Controls — 0.1%** | **Environmental Controls — 0.1%** | **Environmental Controls — 0.1%** |
| Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 8/15/24  | $230000 | $220502 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
| Danone SA |  |  |
| &nbsp;&nbsp;&nbsp;2.589% 11/02/23 <sup>(c)</sup>  | 320000 | 313318 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.700% 4/01/25 <sup>(c)</sup>  | 140000 | 133370 |
| &nbsp;&nbsp;&nbsp;3.200% 4/01/30 <sup>(c)</sup>  | 80000 | 71661 |
| Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 5/04/25  | 390000 | 361241 |
|  |  | 879590 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;3.125% 1/15/32  | 80000 | 62374 |
| &nbsp;&nbsp;&nbsp;3.750% 1/15/31  | 430000 | 360908 |
|  |  | 423282 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| The Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.487% 3/04/49 <sup>(c)</sup>  | 435000 | 334452 |
| The East Ohio Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 6/15/50 <sup>(c)</sup>  | 45000 | 28712 |
|  |  | 363164 |
| **Health Care – Products — 0.1%** | **Health Care – Products — 0.1%** | **Health Care – Products — 0.1%** |
| Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 11/30/26  | 140000 | 136457 |
| &nbsp;&nbsp;&nbsp;4.750% 11/30/36  | 80000 | 79608 |
| &nbsp;&nbsp;&nbsp;4.900% 11/30/46  | 100000 | 97494 |
|  |  | 313559 |
| **Health Care – Services — 0.8%** | **Health Care – Services — 0.8%** | **Health Care – Services — 0.8%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 3/01/31  | 285000 | 223005 |
| Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.375% 1/15/25  | 210000 | 199493 |
| &nbsp;&nbsp;&nbsp;3.650% 12/01/27  | 140000 | 132323 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 6/15/29  | 220000 | 201339 |
| Health Care Service Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.200% 6/01/50 <sup>(c)</sup>  | 145000 | 100935 |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 12/01/42  | 140000 | 122721 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250% 1/15/26  | 240000 | 217790 |
| &nbsp;&nbsp;&nbsp;2.300% 5/15/31  | 220000 | 183723 |
| &nbsp;&nbsp;&nbsp;3.875% 8/15/59  | 300000 | 236118 |
| &nbsp;&nbsp;&nbsp;4.000% 5/15/29  | 100000 | 95545 |
| &nbsp;&nbsp;&nbsp;4.200% 5/15/32  | 80000 | 76160 |
|  |  | 1789152 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 4/30/24  | $100000 | $98698 |
| &nbsp;&nbsp;&nbsp;4.750% 11/29/27  | 40000 | 38542 |
|  |  | 137240 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| Athene Global Funding SOFR + .560% |  |  |
| &nbsp;&nbsp;&nbsp;4.726% FRN 8/19/24 <sup>(c)</sup>  | 465000 | 453633 |
| Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.850% 10/15/50  | 150000 | 100957 |
| &nbsp;&nbsp;&nbsp;3.850% 3/15/52  | 90000 | 72772 |
| New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;0.950% 6/24/25 <sup>(c)</sup>  | 100000 | 90620 |
| Principal Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;1.250% 6/23/25 <sup>(c)</sup>  | 110000 | 100121 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.905% 12/07/47  | 190000 | 152490 |
| Teachers Insurance & Annuity Association of America |  |  |
| &nbsp;&nbsp;&nbsp;4.900% 9/15/44 <sup>(c)</sup>  | 80000 | 73575 |
|  |  | 1044168 |
| **Internet — 1.0%** | **Internet — 1.0%** | **Internet — 1.0%** |
| Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.900% 8/15/40  | 100000 | 66808 |
| &nbsp;&nbsp;&nbsp;2.050% 8/15/50  | 60000 | 35333 |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.150% 8/22/27  | 500000 | 470902 |
| &nbsp;&nbsp;&nbsp;3.600% 4/13/32  | 470000 | 431570 |
| &nbsp;&nbsp;&nbsp;3.875% 8/22/37  | 190000 | 169490 |
| &nbsp;&nbsp;&nbsp;3.950% 4/13/52  | 280000 | 233912 |
| Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;3.061% 7/13/31 <sup>(c)</sup>  | 570000 | 441028 |
| &nbsp;&nbsp;&nbsp;3.832% 2/08/51 <sup>(c)</sup>  | 210000 | 127756 |
| &nbsp;&nbsp;&nbsp;4.027% 8/03/50 <sup>(c)</sup>  | 310000 | 194700 |
| Tencent Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.840% 4/22/51 <sup>(c)</sup>  | 320000 | 228425 |
|  |  | 2399924 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| Vale Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 11/21/36  | 170000 | 179466 |
| **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
| Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.200% 8/08/24  | 860000 | 817175 |
| Sands China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.625% STEP 8/08/25  | 390000 | 373561 |
|  |  | 1190736 |

---

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

**52**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Machinery – Diversified — 0.2%** | **Machinery – Diversified — 0.2%** | **Machinery – Diversified — 0.2%** |
| Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 4/15/50 <sup>(d)</sup>  | $260000 | $221366 |
| Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.056% 4/05/25  | 140000 | 131086 |
|  |  | 352452 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 1/15/34 <sup>(c)</sup>  | 65000 | 47973 |
| &nbsp;&nbsp;&nbsp;4.500% 6/01/33 <sup>(c)</sup>  | 810000 | 621456 |
| &nbsp;&nbsp;&nbsp;4.750% 3/01/30 <sup>(c)</sup>  | 105000 | 89518 |
| &nbsp;&nbsp;&nbsp;4.750% 2/01/32 <sup>(c)</sup>  | 65000 | 52695 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 3/01/42  | 240000 | 155595 |
| &nbsp;&nbsp;&nbsp;4.200% 3/15/28  | 560000 | 515533 |
| &nbsp;&nbsp;&nbsp;4.400% 4/01/33  | 290000 | 249025 |
| &nbsp;&nbsp;&nbsp;4.908% 7/23/25  | 240000 | 235416 |
| &nbsp;&nbsp;&nbsp;5.250% 4/01/53  | 450000 | 349634 |
| &nbsp;&nbsp;&nbsp;5.500% 4/01/63  | 150000 | 115057 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.887% 11/01/51  | 550000 | 355302 |
| &nbsp;&nbsp;&nbsp;3.400% 4/01/30  | 525000 | 479669 |
| &nbsp;&nbsp;&nbsp;3.750% 4/01/40  | 120000 | 99540 |
| &nbsp;&nbsp;&nbsp;3.950% 10/15/25  | 155000 | 151929 |
| &nbsp;&nbsp;&nbsp;4.150% 10/15/28  | 270000 | 259405 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 2/01/29 <sup>(c)</sup>  | 700000 | 572250 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 6/01/29  | 60000 | 38712 |
| &nbsp;&nbsp;&nbsp;5.750% 12/01/28 <sup>(c)</sup>  | 70000 | 55869 |
| Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.476% 1/25/39  | 90000 | 82300 |
|  |  | 4526878 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 4/10/27 <sup>(c)</sup>  | 230000 | 222462 |
| Barrick North America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.700% 5/30/41  | 80000 | 80774 |
| &nbsp;&nbsp;&nbsp;5.750% 5/01/43  | 80000 | 81302 |
| BHP Billiton Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 9/30/43  | 100000 | 97520 |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 8/01/30  | 120000 | 111795 |
| &nbsp;&nbsp;&nbsp;5.450% 3/15/43  | 470000 | 423959 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Glencore Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.625% 4/27/26 <sup>(c)</sup>  | $| 240000 | $| 212328 |
| &nbsp;&nbsp;&nbsp;3.375% 9/23/51 <sup>(c)</sup> <sup>(d)</sup>  |  | 175000 |  | 114791 |
| &nbsp;&nbsp;&nbsp;4.000% 3/27/27 <sup>(c)</sup>  |  | 140000 |  | 132315 |
| &nbsp;&nbsp;&nbsp;4.125% 3/12/24 <sup>(c)</sup>  |  | 270000 |  | 265756 |
| Southern Copper Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 11/08/42  |  | 450000 |  | 429205 |
|  |  |  |  | 2172207 |
| **Miscellaneous - Manufacturing — 0.2%** | **Miscellaneous - Manufacturing — 0.2%** | **Miscellaneous - Manufacturing — 0.2%** | **Miscellaneous - Manufacturing — 0.2%** | **Miscellaneous - Manufacturing — 0.2%** |
| 3M Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.050% 4/15/30 <sup>(d)</sup>  |  | 290000 |  | 254939 |
| &nbsp;&nbsp;&nbsp;3.700% 4/15/50 <sup>(d)</sup>  |  | 180000 |  | 138746 |
|  |  |  |  | 393685 |
| **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** |
| BP Capital Markets America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.939% 6/04/51  |  | 175000 |  | 116091 |
| &nbsp;&nbsp;&nbsp;3.001% 3/17/52  |  | 230000 |  | 152645 |
| &nbsp;&nbsp;&nbsp;3.119% 5/04/26  |  | 410000 |  | 389112 |
| &nbsp;&nbsp;&nbsp;3.633% 4/06/30  |  | 120000 |  | 110351 |
| Chesapeake Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 2/01/29 <sup>(c)</sup>  |  | 100000 |  | 94752 |
| Chevron Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.995% 5/11/27  |  | 440000 |  | 395764 |
| Continental Resources, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.268% 11/15/26 <sup>(c)</sup>  |  | 195000 |  | 168916 |
| &nbsp;&nbsp;&nbsp;5.750% 1/15/31 <sup>(c)</sup>  |  | 250000 |  | 232794 |
| Coterra Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 5/15/27  |  | 230000 |  | 215070 |
| &nbsp;&nbsp;&nbsp;4.375% 3/15/29  |  | 220000 |  | 208348 |
| Devon Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 6/15/45  |  | 440000 |  | 382179 |
| &nbsp;&nbsp;&nbsp;5.600% 7/15/41  |  | 140000 |  | 131378 |
| &nbsp;&nbsp;&nbsp;5.850% 12/15/25  |  | 120000 |  | 122210 |
| Diamondback Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 12/01/26  |  | 140000 |  | 130413 |
| &nbsp;&nbsp;&nbsp;3.500% 12/01/29  |  | 160000 |  | 140765 |
| Ecopetrol SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 5/28/45  |  | 770000 |  | 536274 |
| EOG Resources, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 4/01/35  |  | 200000 |  | 179184 |
| &nbsp;&nbsp;&nbsp;4.150% 1/15/26  |  | 70000 |  | 68703 |
| &nbsp;&nbsp;&nbsp;4.375% 4/15/30  |  | 60000 |  | 58249 |
| &nbsp;&nbsp;&nbsp;4.950% 4/15/50  |  | 40000 |  | 38358 |
| Exxon Mobil Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.992% 3/19/25  |  | 340000 |  | 327824 |
| &nbsp;&nbsp;&nbsp;3.043% 3/01/26  |  | 130000 |  | 124135 |
| &nbsp;&nbsp;&nbsp;3.482% 3/19/30  |  | 190000 |  | 177479 |
| &nbsp;&nbsp;&nbsp;4.227% 3/19/40  |  | 205000 |  | 185043 |
| &nbsp;&nbsp;&nbsp;4.327% 3/19/50  |  | 20000 |  | 17644 |

---

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

**53**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| KazMunayGas National Co. JSC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 4/24/30 <sup>(c)</sup>  | $| 200000 | $| 178674 |
| Marathon Petroleum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 12/15/26  |  | 185000 |  | 184098 |
| Occidental Petroleum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 1/01/31  |  | 85000 |  | 85781 |
| &nbsp;&nbsp;&nbsp;6.450% 9/15/36  |  | 50000 |  | 51000 |
| &nbsp;&nbsp;&nbsp;6.625% 9/01/30  |  | 60000 |  | 62003 |
| Petrobras Global Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.999% 1/27/28 <sup>(d)</sup>  |  | 760000 |  | 755516 |
| Pioneer Natural Resources Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.900% 8/15/30  |  | 170000 |  | 133564 |
| Reliance Industries Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625% 1/12/52 <sup>(c)</sup>  |  | 330000 |  | 218168 |
| Shell International Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750% 4/06/30  |  | 240000 |  | 210941 |
| &nbsp;&nbsp;&nbsp;2.875% 5/10/26  |  | 130000 |  | 122632 |
| &nbsp;&nbsp;&nbsp;3.250% 4/06/50  |  | 330000 |  | 238475 |
| Sinopec Group Overseas Development Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 4/10/24 <sup>(c)</sup>  |  | 330000 |  | 327545 |
| Southwestern Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 2/01/32  |  | 70000 |  | 59821 |
| &nbsp;&nbsp;&nbsp;5.375% 2/01/29  |  | 75000 |  | 69530 |
|  |  |  |  | 7401429 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Halliburton Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.920% 3/01/30 <sup>(d)</sup>  |  | 105000 |  | 90315 |
| &nbsp;&nbsp;&nbsp;5.000% 11/15/45  |  | 100000 |  | 88887 |
|  |  |  |  | 179202 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.600% 11/21/24  |  | 880000 |  | 842273 |
| &nbsp;&nbsp;&nbsp;2.950% 11/21/26  |  | 260000 |  | 242087 |
| &nbsp;&nbsp;&nbsp;3.200% 11/21/29  |  | 600000 |  | 543140 |
| &nbsp;&nbsp;&nbsp;4.700% 5/14/45  |  | 25000 |  | 22399 |
| Bausch Health Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 2/01/27 <sup>(c)</sup>  |  | 50000 |  | 34474 |
| Becton Dickinson and Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.363% 6/06/24  |  | 80000 |  | 78179 |
| Bristol-Myers Squibb Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.350% 11/15/47  |  | 220000 |  | 194439 |
| Cigna Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 7/15/23  |  | 160000 |  | 158940 |
| &nbsp;&nbsp;&nbsp;4.125% 11/15/25  |  | 100000 |  | 97770 |
| &nbsp;&nbsp;&nbsp;4.375% 10/15/28  |  | 760000 |  | 734400 |
| &nbsp;&nbsp;&nbsp;4.900% 12/15/48  |  | 230000 |  | 208767 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.125% 9/15/31  | $| 330000 | $| 262563 |
| &nbsp;&nbsp;&nbsp;4.250% 4/01/50  |  | 70000 |  | 56118 |
| &nbsp;&nbsp;&nbsp;4.300% 3/25/28  |  | 580000 |  | 561949 |
| &nbsp;&nbsp;&nbsp;5.050% 3/25/48  |  | 220000 |  | 198460 |
| Johnson & Johnson |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.550% 9/01/25  |  | 120000 |  | 108311 |
| &nbsp;&nbsp;&nbsp;0.950% 9/01/27  |  | 40000 |  | 34503 |
| &nbsp;&nbsp;&nbsp;3.625% 3/03/37  |  | 320000 |  | 283692 |
| Merck & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 2/24/26  |  | 200000 |  | 177283 |
| &nbsp;&nbsp;&nbsp;1.450% 6/24/30  |  | 120000 |  | 96022 |
| Owens & Minor, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625% 4/01/30 <sup>(c)</sup>  |  | 95000 |  | 81643 |
| Pfizer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.800% 5/28/25  |  | 270000 |  | 246841 |
| &nbsp;&nbsp;&nbsp;1.700% 5/28/30  |  | 280000 |  | 230802 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.150% 10/01/26  |  | 1700000 |  | 1486650 |
|  |  |  |  | 6981705 |
| **Pipelines — 2.8%** | **Pipelines — 2.8%** | **Pipelines — 2.8%** | **Pipelines — 2.8%** | **Pipelines — 2.8%** |
| Cameron LNG LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.302% 1/15/35 <sup>(c)</sup>  |  | 150000 |  | 121379 |
| Energy Transfer LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 7/15/26  |  | 750000 |  | 708888 |
| &nbsp;&nbsp;&nbsp;4.750% 1/15/26  |  | 240000 |  | 234005 |
| &nbsp;&nbsp;&nbsp;6.250% 4/15/49  |  | 320000 |  | 299427 |
| Enterprise Products Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.150% 10/16/28  |  | 1030000 |  | 977070 |
| EQM Midstream Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 1/15/31 <sup>(c)</sup>  |  | 140000 |  | 114450 |
| Kinder Morgan Energy Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.950% 1/15/38  |  | 355000 |  | 378683 |
| Kinder Morgan, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.300% 3/01/28  |  | 110000 |  | 105553 |
| MPLX LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 4/15/48  |  | 400000 |  | 317581 |
| Targa Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.950% 4/15/52  |  | 40000 |  | 31818 |
| &nbsp;&nbsp;&nbsp;5.200% 7/01/27  |  | 170000 |  | 166867 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 2/01/31  |  | 140000 |  | 125659 |
| Tennessee Gas Pipeline Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.900% 3/01/30 <sup>(c)</sup>  |  | 30000 |  | 25207 |
| Western Midstream Operating LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.350% STEP 2/01/25  |  | 240000 |  | 227218 |
| &nbsp;&nbsp;&nbsp;4.300% STEP 2/01/30  |  | 900000 |  | 778519 |

---

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

**54**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.100% 5.041% FRN 1/13/23  | $| 90000 | $| 89865 |
| &nbsp;&nbsp;&nbsp;5.500% STEP 2/01/50  |  | 1740000 |  | 1417776 |
| The Williams Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 10/15/51  |  | 125000 |  | 85761 |
| &nbsp;&nbsp;&nbsp;3.750% 6/15/27  |  | 250000 |  | 235707 |
|  |  |  |  | 6441433 |
| **Real Estate Investment Trusts (REITS) — 0.1%** | **Real Estate Investment Trusts (REITS) — 0.1%** | **Real Estate Investment Trusts (REITS) — 0.1%** | **Real Estate Investment Trusts (REITS) — 0.1%** | **Real Estate Investment Trusts (REITS) — 0.1%** |
| Crown Castle, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.300% 7/01/30  |  | 35000 |  | 30661 |
| MPT Operating Partnership LP / MPT Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 3/15/31  |  | 110000 |  | 75403 |
| WEA Finance LLC/Westfield UK & Europe Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 9/17/24 <sup>(c)</sup>  |  | 220000 |  | 208022 |
|  |  |  |  | 314086 |
| **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
| Costco Wholesale Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.375% 6/20/27  |  | 190000 |  | 166677 |
| &nbsp;&nbsp;&nbsp;1.600% 4/20/30  |  | 110000 |  | 90299 |
| The Home Depot, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.700% 4/15/30  |  | 70000 |  | 61067 |
| &nbsp;&nbsp;&nbsp;3.300% 4/15/40  |  | 120000 |  | 96147 |
| &nbsp;&nbsp;&nbsp;3.350% 4/15/50  |  | 260000 |  | 193614 |
| Lowe's Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 4/15/30  |  | 50000 |  | 48046 |
| McDonald's Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 7/01/27  |  | 300000 |  | 285005 |
| &nbsp;&nbsp;&nbsp;3.600% 7/01/30  |  | 190000 |  | 174734 |
| &nbsp;&nbsp;&nbsp;4.450% 3/01/47  |  | 230000 |  | 200661 |
| Walmart, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 9/22/28  |  | 80000 |  | 68715 |
| &nbsp;&nbsp;&nbsp;1.800% 9/22/31  |  | 40000 |  | 32672 |
|  |  |  |  | 1417637 |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
| Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.419% 4/15/33 <sup>(c)</sup>  |  | 396000 |  | 318552 |
| Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.600% 8/12/28  |  | 190000 |  | 161718 |
| &nbsp;&nbsp;&nbsp;3.050% 8/12/51  |  | 100000 |  | 65287 |
| NVIDIA Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.850% 4/01/30  |  | 90000 |  | 78593 |
| &nbsp;&nbsp;&nbsp;3.500% 4/01/40  |  | 240000 |  | 195587 |
| &nbsp;&nbsp;&nbsp;3.500% 4/01/50  |  | 170000 |  | 128743 |
| &nbsp;&nbsp;&nbsp;3.700% 4/01/60  |  | 170000 |  | 126519 |
| NXP BV / NXP Funding LLC / NXP USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 6/18/26  |  | 245000 |  | 233448 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Texas Instruments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.750% 5/04/30  | $| 110000 | $| 90762 |
|  |  |  |  | 1399209 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Microsoft Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.400% 8/08/26  |  | 770000 |  | 718330 |
| &nbsp;&nbsp;&nbsp;2.921% 3/17/52  |  | 260000 |  | 185723 |
| &nbsp;&nbsp;&nbsp;3.041% 3/17/62  |  | 70000 |  | 48888 |
| Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.850% 4/01/60  |  | 340000 |  | 227689 |
| Workday, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 4/01/29  |  | 95000 |  | 87124 |
| &nbsp;&nbsp;&nbsp;3.800% 4/01/32 <sup>(d)</sup>  |  | 100000 |  | 88609 |
|  |  |  |  | 1356363 |
| **Telecommunications — 2.5%** | **Telecommunications — 2.5%** | **Telecommunications — 2.5%** | **Telecommunications — 2.5%** | **Telecommunications — 2.5%** |
| AT&T, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.650% 2/01/28  |  | 460000 |  | 389177 |
| &nbsp;&nbsp;&nbsp;2.750% 6/01/31  |  | 160000 |  | 133022 |
| &nbsp;&nbsp;&nbsp;3.500% 9/15/53  |  | 619000 |  | 417437 |
| &nbsp;&nbsp;&nbsp;3.550% 9/15/55  |  | 225000 |  | 150805 |
| T-Mobile USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 2/15/26  |  | 205000 |  | 186417 |
| &nbsp;&nbsp;&nbsp;2.550% 2/15/31  |  | 500000 |  | 409959 |
| &nbsp;&nbsp;&nbsp;3.375% 4/15/29  |  | 50000 |  | 44033 |
| &nbsp;&nbsp;&nbsp;3.400% 10/15/52  |  | 230000 |  | 155593 |
| &nbsp;&nbsp;&nbsp;3.500% 4/15/25  |  | 350000 |  | 336816 |
| &nbsp;&nbsp;&nbsp;3.500% 4/15/31  |  | 770000 |  | 664655 |
| &nbsp;&nbsp;&nbsp;3.875% 4/15/30  |  | 430000 |  | 390530 |
| Telefonica Emisiones SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.213% 3/08/47  |  | 150000 |  | 121204 |
| Verizon Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.355% 3/15/32  |  | 1290000 |  | 1024015 |
| &nbsp;&nbsp;&nbsp;2.650% 11/20/40  |  | 25000 |  | 16989 |
| &nbsp;&nbsp;&nbsp;3.850% 11/01/42  |  | 610000 |  | 486534 |
| &nbsp;&nbsp;&nbsp;3.875% 2/08/29  |  | 550000 |  | 517156 |
| &nbsp;&nbsp;&nbsp;3.875% 3/01/52 <sup>(d)</sup>  |  | 525000 |  | 400975 |
|  |  |  |  | 5845317 |
| **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
| Union Pacific Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.150% 2/05/27  |  | 50000 |  | 45211 |
| &nbsp;&nbsp;&nbsp;2.891% 4/06/36  |  | 270000 |  | 215630 |
| &nbsp;&nbsp;&nbsp;3.750% 7/15/25  |  | 70000 |  | 68073 |
| &nbsp;&nbsp;&nbsp;3.750% 2/05/70  |  | 150000 |  | 110011 |
| &nbsp;&nbsp;&nbsp;3.839% 3/20/60  |  | 120000 |  | 93503 |
|  |  |  |  | 532428 |
| **TOTAL CORPORATE DEBT (Cost $105,917,443)**  |  |  |  | **96902697** |

---

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

**55**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.5%** | **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.5%** | **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.5%** |
| **Automobile Asset-Backed Securities — 0.2%** | **Automobile Asset-Backed Securities — 0.2%** | **Automobile Asset-Backed Securities — 0.2%** |
| Hertz Vehicle Financing LLC, Series 2022-4A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.730% 9/25/26 <sup>(c)</sup>  | $540000 | $516489 |
| **Commercial Mortgage-Backed Securities — 4.9%** | **Commercial Mortgage-Backed Securities — 4.9%** | **Commercial Mortgage-Backed Securities — 4.9%** |
| BANK |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-BN28, Class AS, 2.140% 3/15/63  | 380000 | 286639 |
| &nbsp;&nbsp;&nbsp;Series 2022-BNK39, Class AS, 3.181% 2/15/55  | 302000 | 248474 |
| &nbsp;&nbsp;&nbsp;Series 2017-BNK5, Class C, 4.191% VRN 6/15/60 <sup>(g)</sup>  | 200000 | 171799 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-B19, Class AS, 2.148% 9/15/53  | 380000 | 296653 |
| &nbsp;&nbsp;&nbsp;Series 2020-B18, Class AGNF, 4.139% 7/15/53 <sup>(c)</sup>  | 378000 | 301536 |
| BPR Trust, Series 2021-TY, Class A, 1 mo. USD LIBOR + 1.050% |  |  |
| &nbsp;&nbsp;&nbsp;5.368% FRN 9/15/38 <sup>(c)</sup>  | 550000 | 518382 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class F, 1 mo. USD LIBOR + 2.400% 6.718% FRN 9/15/36 <sup>(c)</sup>  | 405000 | 372758 |
| &nbsp;&nbsp;&nbsp;Series 2021-21M, Class H, 1 mo. USD LIBOR + 4.010% 8.328% FRN 10/15/36 <sup>(c)</sup>  | 295025 | 266643 |
| BX Trust, Series 2019-OC11, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;3.944% VRN 12/09/41 <sup>(c)</sup> <sup>(g)</sup>  | 374000 | 283308 |
| CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;0.983% VRN 1/10/48 <sup>(g)</sup>  | 5256608 | 127834 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-GC36, Class D, 2.850% 2/10/49 <sup>(c)</sup>  | 201000 | 115416 |
| &nbsp;&nbsp;&nbsp;Series 2019-GC41, Class B, 3.199% 8/10/56  | 163000 | 128036 |
| &nbsp;&nbsp;&nbsp;Series 2020-420K, Class D, 3.312% VRN 11/10/42 <sup>(c)</sup> <sup>(g)</sup>  | 200000 | 149614 |
| &nbsp;&nbsp;&nbsp;Series 2020-420K, Class E, 3.312% VRN 11/10/42 <sup>(c)</sup> <sup>(g)</sup>  | 200000 | 143906 |
| &nbsp;&nbsp;&nbsp;Series 2017-C4, Class B, 4.096% VRN 10/12/50 <sup>(g)</sup>  | 340000 | 295503 |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-C1, Class XA, 0.817% VRN 4/15/50 <sup>(g)</sup>  | 7829808 | 96849 |
| &nbsp;&nbsp;&nbsp;Series 2019-C16, Class B, 3.885% 6/15/52  | 334000 | 273777 |
| &nbsp;&nbsp;&nbsp;Series 2015-C4, Class C, 4.558% VRN 11/15/48 <sup>(g)</sup>  | 427000 | 385431 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| CSMC Trust, Series 2021-B33, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.645% VRN 10/10/43 <sup>(c)</sup> <sup>(g)</sup>  | $300000 | $241422 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-GS1, Class XA, 0.758% VRN 11/10/48 <sup>(g)</sup>  | 7639051 | 139005 |
| &nbsp;&nbsp;&nbsp;Series 2014-GC26, Class D, 4.521% VRN 11/10/47 <sup>(c)</sup> <sup>(g)</sup>  | 763000 | 492290 |
| &nbsp;&nbsp;&nbsp;Series 2018-RIVR, Class C, 1 mo. USD LIBOR + 1.250% 5.568% FRN 7/15/35 <sup>(c)</sup>  | 167000 | 135696 |
| Hospitality Mortgage Trust, Series 2019-HIT, Class F, 1 mo. USD LIBOR + 3.150% |  |  |
| &nbsp;&nbsp;&nbsp;7.468% FRN 11/15/36 <sup>(c)</sup>  | 385138 | 360890 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-JP1, Class XA, 0.892% VRN 1/15/49 <sup>(g)</sup>  | 3475675 | 74518 |
| &nbsp;&nbsp;&nbsp;Series 2016-JP2, Class B, 3.460% 8/15/49  | 174000 | 146903 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-C30, Class XA, 0.433% VRN 7/15/48 <sup>(g)</sup>  | 8009298 | 75379 |
| &nbsp;&nbsp;&nbsp;Series 2015-C29, Class XA, 0.574% VRN 5/15/48 <sup>(g)</sup>  | 5698681 | 64103 |
| &nbsp;&nbsp;&nbsp;Series 2014-C25, Class XA, 0.808% VRN 11/15/47 <sup>(g)</sup>  | 3647701 | 43097 |
| &nbsp;&nbsp;&nbsp;Series 2015-C28, Class XA, 0.946% VRN 10/15/48 <sup>(g)</sup>  | 6131339 | 92111 |
| &nbsp;&nbsp;&nbsp;Series 2015-C27, Class D, 3.806% VRN 2/15/48 <sup>(c)</sup> <sup>(g)</sup>  | 704000 | 586628 |
| &nbsp;&nbsp;&nbsp;Series 2014-C23, Class D, 3.982% VRN 9/15/47 <sup>(c)</sup> <sup>(g)</sup>  | 391000 | 337556 |
| &nbsp;&nbsp;&nbsp;Series 2015-C28, Class B, 3.986% 10/15/48  | 340000 | 310947 |
| &nbsp;&nbsp;&nbsp;Series 2013-C17, Class C, 4.883% VRN 1/15/47 <sup>(g)</sup>  | 400000 | 381093 |
| Med Trust, Series 2021-MDLN, Class D, 1 mo. USD LIBOR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.318% FRN 11/15/38 <sup>(c)</sup>  | 396000 | 374240 |
| Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;0.865% VRN 12/15/48 <sup>(g)</sup>  | 5886728 | 114506 |
| MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. TSFR + 1.397% |  |  |
| &nbsp;&nbsp;&nbsp;5.733% FRN 3/15/39 <sup>(c)</sup>  | 540000 | 525642 |
| SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;1.878% VRN 10/10/48 <sup>(g)</sup>  | 3228119 | 140712 |

---

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

**56**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| SLG Office Trust, Series 2021-OVA, Class E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.851% 7/15/41 <sup>(c)</sup>  | $| 260000 | $| 182557 |
| TTAN |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-MHC, Class A, 1 mo. USD LIBOR + .850% 5.168% FRN 3/15/38 <sup>(c)</sup>  |  | 523020 |  | 506696 |
| &nbsp;&nbsp;&nbsp;Series 2021-MHC, Class F, 1 mo. USD LIBOR + 2.900% 7.218% FRN 3/15/38 <sup>(c)</sup>  |  | 379930 |  | 351532 |
| UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.065% VRN 3/10/46 <sup>(c)</sup> <sup>(g)</sup>  |  | 393000 |  | 375996 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-NXS2, Class XA, 0.610% VRN 7/15/58 <sup>(g)</sup>  |  | 9196447 |  | 115013 |
| &nbsp;&nbsp;&nbsp;Series 2015-P2, Class XA, 0.932% VRN 12/15/48 <sup>(g)</sup>  |  | 3539141 |  | 76857 |
| &nbsp;&nbsp;&nbsp;Series 2019-C53, Class XA, 1.003% VRN 10/15/52 <sup>(g)</sup>  |  | 4276462 |  | 203579 |
| &nbsp;&nbsp;&nbsp;Series 2016-C35, Class B, 3.438% 7/15/48  |  | 328000 |  | 276455 |
|  |  |  |  | 11187981 |
| **Other Asset-Backed Securities — 2.0%** | **Other Asset-Backed Securities — 2.0%** | **Other Asset-Backed Securities — 2.0%** | **Other Asset-Backed Securities — 2.0%** | **Other Asset-Backed Securities — 2.0%** |
| Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.682% STEP 12/16/41 <sup>(c)</sup>  |  | 693830 |  | 457748 |
| CLI Funding VI LLC, Series 2020-3A, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.070% 10/18/45 <sup>(c)</sup>  |  | 186250 |  | 161156 |
| Dividend Solar Loans LLC, Series 2018-1, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.290% 7/20/38 <sup>(c)</sup>  |  | 549531 |  | 497657 |
| Hero Funding Trust, Series 2016-4A, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.290% 9/20/47 <sup>(c)</sup>  |  | 102434 |  | 97772 |
| MACH 1 Cayman Ltd., Series 2019-1, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.474% 10/15/39 <sup>(c)</sup>  |  | 339590 |  | 274494 |
| Mosaic Solar Loans LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3A, Class B, 1.920% 6/20/52 <sup>(c)</sup>  |  | 405906 |  | 306227 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class A, 2.100% 4/20/46 <sup>(c)</sup>  |  | 256167 |  | 226184 |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class B, 2.210% 8/20/46 <sup>(c)</sup>  |  | 288460 |  | 240868 |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A, 4.450% 6/20/42 <sup>(c)</sup>  |  | 211722 |  | 202717 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.980% 6/20/47 <sup>(c)</sup>  | $| 377329 | $| 314773 |
| Sunnova Helios VII Issuer LLC, Series 2021-C, Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.630% 10/20/48 <sup>(c)</sup>  |  | 458648 |  | 315812 |
| Sunnova Sol III Issuer LLC, Series 2021-1, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.580% 4/28/56 <sup>(c)</sup>  |  | 458324 |  | 349593 |
| Textainer Marine Containers VII Ltd., Series 2020-2A, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.100% 9/20/45 <sup>(c)</sup>  |  | 391778 |  | 340550 |
| Upstart Securitization Trust, Series 2021-3, Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.280% 7/20/31 <sup>(c)</sup>  |  | 500000 |  | 429388 |
| Vault DI Issuer LLC, Series 2021-1A, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.804% 7/15/46 <sup>(c)</sup>  |  | 500000 |  | 426771 |
| Washington Mutural Asset-Backed Certificates Trust, Series 2006-HE5, Class 2A2, 1 mo. USD LIBOR + .180% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.816% FRN 10/25/36  |  | 55730 |  | 18413 |
|  |  |  |  | 4660123 |
| **Student Loans Asset-Backed Securities — 0.5%** | **Student Loans Asset-Backed Securities — 0.5%** | **Student Loans Asset-Backed Securities — 0.5%** | **Student Loans Asset-Backed Securities — 0.5%** | **Student Loans Asset-Backed Securities — 0.5%** |
| College Avenue Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.589% FRN 12/26/47 <sup>(c)</sup>  |  | 221484 |  | 220181 |
| Navient Private Education Loan Trust, Series 2020-A, Class A2A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.460% 11/15/68 <sup>(c)</sup>  |  | 244416 |  | 218798 |
| SoFi Professional Loan Program LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-D, Class BFX, 3.610% 9/25/40 <sup>(c)</sup>  |  | 350000 |  | 304361 |
| &nbsp;&nbsp;&nbsp;Series 2018-B, Class BFX, 3.830% 8/25/47 <sup>(c)</sup>  |  | 500000 |  | 462594 |
|  |  |  |  | 1205934 |
| **Whole Loan Collateral Collateralized Mortgage Obligations — 3.6%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 3.6%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 3.6%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 3.6%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 3.6%** |
| Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.561% VRN 4/25/37 <sup>(g)</sup>  |  | 627250 |  | 551863 |
| Countrywide Home Loans Mortgage Pass-Through Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-HYB2, Class 3A1, 3.255% VRN 2/25/47 <sup>(g)</sup>  |  | 782897 |  | 676310 |
| &nbsp;&nbsp;&nbsp;Series 2007-3, Class A21, 6.000% 4/25/37  |  | 1317407 |  | 700695 |
| &nbsp;&nbsp;&nbsp;Series 2007-14, Class A6, 6.000% 9/25/37  |  | 1158051 |  | 649153 |

---

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

**57**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| CSMC Trust, Series 2021-NQM8, Class A1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.841% VRN 10/25/66 <sup>(c)</sup> <sup>(g)</sup>  | $| 137409 | $| 115162 |
| HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .340% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.679% FRN 12/19/36  |  | 453659 |  | 389631 |
| Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.489% VRN 9/25/56 <sup>(c)</sup> <sup>(g)</sup>  |  | 1028000 |  | 561268 |
| Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.915% VRN 7/25/35 <sup>(g)</sup>  |  | 239067 |  | 204363 |
| New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000% STEP 6/25/62 <sup>(c)</sup>  |  | 483687 |  | 484211 |
| PRKCM Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-AFC2, Class A1, 2.071% VRN 11/25/56 <sup>(c)</sup> <sup>(g)</sup>  |  | 133412 |  | 108456 |
| &nbsp;&nbsp;&nbsp;Series 2022-AFC1, Class A1, 4.100% VRN 4/25/57 <sup>(c)</sup> <sup>(g)</sup>  |  | 507428 |  | 485951 |
| RBSSP Resecuritization Trust, Series 2009-5, Class 2A3, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500% VRN 10/26/37 <sup>(c)</sup> <sup>(g)</sup>  |  | 659577 |  | 302456 |
| RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000% FRN 4/25/37  |  | 161587 |  | 131867 |
| Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.547% VRN 10/25/37 <sup>(g)</sup>  |  | 547056 |  | 420802 |
| Verus Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-4, Class M1, 2.195% VRN 7/25/66 <sup>(c)</sup> <sup>(g)</sup>  |  | 1000000 |  | 503186 |
| &nbsp;&nbsp;&nbsp;Series 2021-R1, Class M1, 2.338% 10/25/63 <sup>(c)</sup>  |  | 1500000 |  | 1092918 |
| &nbsp;&nbsp;&nbsp;Series 2022 - 6, Class A1, 4.910% STEP 6/25/67 <sup>(c)</sup>  |  | 282441 |  | 280428 |
| Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.350% STEP 5/25/36  |  | 672798 |  | 551276 |
|  |  |  |  | 8209996 |
| **Whole Loan Collateral Planned Amortization Classes — 0.3%** | **Whole Loan Collateral Planned Amortization Classes — 0.3%** | **Whole Loan Collateral Planned Amortization Classes — 0.3%** | **Whole Loan Collateral Planned Amortization Classes — 0.3%** | **Whole Loan Collateral Planned Amortization Classes — 0.3%** |
| Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 8/25/36  |  | 1317876 |  | 791032 |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $35,617,241)**  |  |  |  | **26571555** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SOVEREIGN DEBT OBLIGATIONS — 6.5%** | **SOVEREIGN DEBT OBLIGATIONS — 6.5%** | **SOVEREIGN DEBT OBLIGATIONS — 6.5%** |
| Brazilian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 9/12/31 <sup>(d)</sup>  | $950000 | $797894 |
| &nbsp;&nbsp;&nbsp;5.625% 2/21/47 <sup>(d)</sup>  | 300000 | 237431 |
| Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 4/22/32  | 430000 | 312616 |
| &nbsp;&nbsp;&nbsp;4.125% 2/22/42  | 440000 | 276063 |
| Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 1/11/28  | 320000 | 303728 |
| &nbsp;&nbsp;&nbsp;6.500% 2/15/31 IDR <sup>(h)</sup>  | 59120000000 | 3685625 |
| Israel Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.750% 7/03/30  | 310000 | 281247 |
| Mexican Bonos |  |  |
| &nbsp;&nbsp;&nbsp;7.750% 11/23/34 MXN <sup>(h)</sup>  | 8220000 | 381002 |
| &nbsp;&nbsp;&nbsp;7.750% 11/13/42 MXN <sup>(h)</sup>  | 144850000 | 6485971 |
| Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.659% 5/24/31  | 200000 | 160918 |
| &nbsp;&nbsp;&nbsp;3.750% 1/11/28  | 205000 | 193411 |
| &nbsp;&nbsp;&nbsp;4.280% 8/14/41  | 450000 | 346157 |
| Nigeria Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;7.143% 2/23/30 <sup>(c)</sup>  | 210000 | 160579 |
| Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.252% 9/29/32  | 200000 | 148107 |
| &nbsp;&nbsp;&nbsp;4.300% 4/29/53  | 200000 | 145474 |
| Peruvian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.550% 3/14/37  | 460000 | 483256 |
| Provincia de Buenos Aires/Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;5.250% STEP 9/01/37 <sup>(c)</sup>  | 540000 | 186300 |
| Republic of Kenya Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.300% 1/23/34 <sup>(c)</sup>  | 370000 | 284160 |
|  |  | 14869939 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $15,438,547)**  |  | **14869939** |

---

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

**58**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <sup>(i)</sup>** **— 31.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <sup>(i)</sup>** **— 31.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <sup>(i)</sup>** **— 31.0%** |
| **Collateralized Mortgage Obligations — 4.7%** | **Collateralized Mortgage Obligations — 4.7%** | **Collateralized Mortgage Obligations — 4.7%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| &nbsp;&nbsp;&nbsp;Series 5085, Class NI, 2.000% 3/25/51  | $1423548 | $170214 |
| &nbsp;&nbsp;&nbsp;Series 5071, Class IH, 2.500% 2/25/51  | 265100 | 35073 |
| &nbsp;&nbsp;&nbsp;Series 4481, Class B, 3.000% 12/15/42  | 1096856 | 1048216 |
| &nbsp;&nbsp;&nbsp;Series 4483, Class CA, 3.000% 6/15/44  | 1771413 | 1666943 |
| &nbsp;&nbsp;&nbsp;Series 4391, Class MZ, 3.000% 9/15/44  | 128042 | 109898 |
| Federal National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-21, Class PO, 0.010% 4/25/48  | 681649 | 498808 |
| &nbsp;&nbsp;&nbsp;Series 2021-48, Class NS, 30 day SOFR + 3.650% 0.129% FRN 8/25/51  | 1052691 | 31082 |
| &nbsp;&nbsp;&nbsp;Series 2020-56, Class AQ, 2.000% 8/25/50  | 300000 | 241477 |
| &nbsp;&nbsp;&nbsp;Series 2014-6, Class Z, 2.500% 2/25/44  | 124943 | 104292 |
| &nbsp;&nbsp;&nbsp;Series 2018-18, Class ZG, 3.000% 6/25/50  | 2536577 | 1850035 |
| &nbsp;&nbsp;&nbsp;Series 2020-96, Class IN, 3.000% 1/25/51  | 415069 | 66936 |
| &nbsp;&nbsp;&nbsp;Series 2015-65, Class CZ, 3.500% 9/25/45  | 129213 | 104823 |
| &nbsp;&nbsp;&nbsp;Series 2018-44, Class PZ, 3.500% 6/25/48  | 3051687 | 2778366 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-103, Class SA, 30 day SOFR + 3.250% 0.330% FRN 4/20/51  | 1280588 | 31861 |
| &nbsp;&nbsp;&nbsp;Series 2020-103, Class AD, 1.450% 1/16/63  | 297844 | 237547 |
| &nbsp;&nbsp;&nbsp;Series 2022-3, Class B, 1.850% 2/16/61  | 500000 | 297211 |
| &nbsp;&nbsp;&nbsp;Series 2020-175, Class GI, 2.000% 11/20/50  | 159475 | 17764 |
| &nbsp;&nbsp;&nbsp;Series 2022-113, Class Z, 2.000% 9/16/61  | 1212050 | 722637 |
| &nbsp;&nbsp;&nbsp;Series 2022-115, Class MI, 2.500% 5/20/51  | 524490 | 57544 |
| &nbsp;&nbsp;&nbsp;Series 2021-96, Class VI, 2.500% 6/20/51  | 457776 | 63550 |
| &nbsp;&nbsp;&nbsp;Series 2022-189, Class PT, 2.500% 10/20/51  | 99331 | 82692 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2021-176, Class IN, 2.500% 10/20/51  | $| 550362 | $| 75447 |
| &nbsp;&nbsp;&nbsp;Series 2021-58, Class BI, 3.000% 3/20/51  |  | 689067 |  | 102669 |
| &nbsp;&nbsp;&nbsp;Series 2021-98, Class IG, 3.000% 6/20/51  |  | 1003625 |  | 160108 |
| &nbsp;&nbsp;&nbsp;Series 2021-137, Class IQ, 3.000% 8/20/51  |  | 1397645 |  | 214992 |
| &nbsp;&nbsp;&nbsp;Series 2021-117, Class ID, 3.500% 6/20/51  |  | 765416 |  | 91761 |
|  |  |  |  | 10861946 |
| **Pass-Through Securities — 24.6%** | **Pass-Through Securities — 24.6%** | **Pass-Through Securities — 24.6%** | **Pass-Through Securities — 24.6%** | **Pass-Through Securities — 24.6%** |
| Federal Home Loan Mortgage Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pool #RB5138 2.000% 12/01/41  |  | 184704 |  | 156277 |
| &nbsp;&nbsp;&nbsp;Pool #RB5145 2.000% 2/01/42  |  | 564637 |  | 476855 |
| &nbsp;&nbsp;&nbsp;Pool #SD8146 2.000% 5/01/51  |  | 346437 |  | 284892 |
| &nbsp;&nbsp;&nbsp;Pool #RA5731 2.000% 8/01/51  |  | 179692 |  | 147825 |
| &nbsp;&nbsp;&nbsp;Pool #SD0715 2.000% 9/01/51  |  | 1915641 |  | 1584301 |
| &nbsp;&nbsp;&nbsp;Pool #QD2129 2.000% 11/01/51  |  | 941516 |  | 771899 |
| &nbsp;&nbsp;&nbsp;Pool #QD3960 2.000% 1/01/52  |  | 373612 |  | 307238 |
| &nbsp;&nbsp;&nbsp;Pool #QK1449 2.500% 4/01/42  |  | 188190 |  | 164301 |
| &nbsp;&nbsp;&nbsp;Pool #G08520 2.500% 1/01/43  |  | 520992 |  | 454485 |
| &nbsp;&nbsp;&nbsp;Pool #SD7525 2.500% 10/01/50  |  | 672743 |  | 581982 |
| &nbsp;&nbsp;&nbsp;Pool #RA3913 2.500% 11/01/50  |  | 245350 |  | 212173 |
| &nbsp;&nbsp;&nbsp;Pool #SD7534 2.500% 2/01/51  |  | 158654 |  | 137448 |
| &nbsp;&nbsp;&nbsp;Pool #QC7086 2.500% 9/01/51  |  | 631193 |  | 538839 |
| &nbsp;&nbsp;&nbsp;Pool #SD0777 2.500% 11/01/51  |  | 91960 |  | 78562 |
| &nbsp;&nbsp;&nbsp;Pool #SD1749 2.500% 4/01/52  |  | 99034 |  | 84698 |
| &nbsp;&nbsp;&nbsp;Pool #QK1512 3.000% 5/01/42  |  | 189075 |  | 169961 |
| &nbsp;&nbsp;&nbsp;Pool #QC3242 3.000% 6/01/51  |  | 513736 |  | 458190 |
| &nbsp;&nbsp;&nbsp;Pool #SD8174 3.000% 10/01/51  |  | 2277866 |  | 2011915 |
| &nbsp;&nbsp;&nbsp;Pool #QD6216 3.000% 2/01/52  |  | 98102 |  | 86721 |
| &nbsp;&nbsp;&nbsp;Pool #G08632 3.500% 3/01/45  |  | 661425 |  | 619922 |
| &nbsp;&nbsp;&nbsp;Pool #SD1218 4.000% 7/01/49  |  | 903364 |  | 866941 |
| &nbsp;&nbsp;&nbsp;Pool #SD1143 4.500% 9/01/50  |  | 1300759 |  | 1275239 |
| &nbsp;&nbsp;&nbsp;Pool #SD1305 5.000% 7/01/52  |  | 673100 |  | 669334 |
| Federal National Mortgage Association |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pool #FS2528 1.500% 1/01/51  |  | 97694 |  | 75650 |
| &nbsp;&nbsp;&nbsp;Pool #MA4280 1.500% 3/01/51  |  | 350622 |  | 271508 |
| &nbsp;&nbsp;&nbsp;Pool #MA4606 2.000% 5/01/42  |  | 287894 |  | 243136 |
| &nbsp;&nbsp;&nbsp;Pool #CA7224 2.000% 10/01/50  |  | 77474 |  | 63856 |
| &nbsp;&nbsp;&nbsp;Pool #MA4325 2.000% 5/01/51  |  | 262282 |  | 215687 |
| &nbsp;&nbsp;&nbsp;Pool #FM9489 2.000% 11/01/51  |  | 92922 |  | 76182 |
| &nbsp;&nbsp;&nbsp;Pool #FS0734 2.000% 2/01/52  |  | 95345 |  | 78407 |
| &nbsp;&nbsp;&nbsp;Pool #FS2040 2.000% 2/01/52  |  | 96494 |  | 79111 |
| &nbsp;&nbsp;&nbsp;Pool #BS4941 2.460% 4/01/32  |  | 978200 |  | 814269 |
| &nbsp;&nbsp;&nbsp;Pool #BV7697 2.500% 4/01/42  |  | 384933 |  | 336069 |
| &nbsp;&nbsp;&nbsp;Pool #FM4052 2.500% 9/01/50  |  | 2526339 |  | 2185507 |
| &nbsp;&nbsp;&nbsp;Pool #MA4256 2.500% 2/01/51  |  | 1698448 |  | 1454181 |

---

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

**59**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #FS1924 2.500% 3/01/51  | $93876 | 80463 |
| &nbsp;&nbsp;&nbsp;Pool #CB0458 2.500% 5/01/51  | 507042 | 433328 |
| &nbsp;&nbsp;&nbsp;Pool #FS0028 2.500% 9/01/51  | 92923 | 79907 |
| &nbsp;&nbsp;&nbsp;Pool #FM8786 2.500% 10/01/51  | 90106 | 77485 |
| &nbsp;&nbsp;&nbsp;Pool #FS0549 2.500% 2/01/52  | 284074 | 242731 |
| &nbsp;&nbsp;&nbsp;Pool #FS3368 2.500% 3/01/52  | 99246 | 84910 |
| &nbsp;&nbsp;&nbsp;Pool #BF0546 2.500% 7/01/61  | 638838 | 535981 |
| &nbsp;&nbsp;&nbsp;Pool #BF0560 2.500% 9/01/61  | 94372 | 79177 |
| &nbsp;&nbsp;&nbsp;Pool #FS1542 3.000% 4/01/42  | 190858 | 171564 |
| &nbsp;&nbsp;&nbsp;Pool #CB3542 3.000% 5/01/42  | 97293 | 87457 |
| &nbsp;&nbsp;&nbsp;Pool #MA4643 3.000% 5/01/42  | 95940 | 86241 |
| &nbsp;&nbsp;&nbsp;Pool #MA4632 3.000% 6/01/42  | 386766 | 347305 |
| &nbsp;&nbsp;&nbsp;Pool #MA2248 3.000% 4/01/45  | 297651 | 266352 |
| &nbsp;&nbsp;&nbsp;Pool #AS7661 3.000% 8/01/46  | 301993 | 268822 |
| &nbsp;&nbsp;&nbsp;Pool #FM9934 3.000% 12/01/48  | 912186 | 823109 |
| &nbsp;&nbsp;&nbsp;Pool #FM9564 3.000% 2/01/50  | 1055432 | 951047 |
| &nbsp;&nbsp;&nbsp;Pool #FS1289 3.000% 3/01/52  | 467538 | 418741 |
| &nbsp;&nbsp;&nbsp;Pool #CB3833 3.000% 6/01/52  | 96779 | 85491 |
| &nbsp;&nbsp;&nbsp;Pool #CB3386 3.500% 4/01/42  | 96564 | 89757 |
| &nbsp;&nbsp;&nbsp;Pool #FS1240 3.500% 12/01/51  | 90054 | 82680 |
| &nbsp;&nbsp;&nbsp;Pool #FS1241 3.500% 1/01/52  | 96717 | 88894 |
| &nbsp;&nbsp;&nbsp;Pool #FS1462 3.500% 1/01/52  | 186228 | 172286 |
| &nbsp;&nbsp;&nbsp;Pool #FS1092 3.500% 4/01/52  | 569502 | 522119 |
| &nbsp;&nbsp;&nbsp;Pool #FS1454 3.500% 4/01/52  | 193824 | 177702 |
| &nbsp;&nbsp;&nbsp;Pool #FS1555 3.500% 4/01/52  | 192101 | 176384 |
| &nbsp;&nbsp;&nbsp;Pool #BV8546 3.500% 5/01/52  | 190938 | 175733 |
| &nbsp;&nbsp;&nbsp;Pool #FS1556 3.500% 5/01/52  | 769730 | 709879 |
| &nbsp;&nbsp;&nbsp;Pool #FS1866 3.500% 5/01/52  | 98657 | 90400 |
| &nbsp;&nbsp;&nbsp;Pool #BS6565 3.740% 9/01/32  | 100000 | 95168 |
| &nbsp;&nbsp;&nbsp;Pool #BS6215 3.840% 7/01/32  | 100000 | 93973 |
| &nbsp;&nbsp;&nbsp;Pool #BS6149 3.840% 8/01/32  | 100000 | 93854 |
| &nbsp;&nbsp;&nbsp;Pool #BS6949 3.980% 10/01/32  | 100000 | 94152 |
| &nbsp;&nbsp;&nbsp;Pool #AX2501 4.000% 10/01/44  | 629022 | 607592 |
| &nbsp;&nbsp;&nbsp;Pool #CB3614 4.000% 5/01/52  | 95232 | 90350 |
| &nbsp;&nbsp;&nbsp;Pool #FS2023 4.000% 5/01/52  | 196234 | 186053 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #MA7193 2.500% 2/20/51  | 410296 | 358454 |
| &nbsp;&nbsp;&nbsp;Pool #MA7312 2.500% 4/20/51  | 153355 | 133822 |
| &nbsp;&nbsp;&nbsp;Pool #MA7706 3.000% 11/20/51  | 179695 | 161005 |
| &nbsp;&nbsp;&nbsp;Pool #MA6711 3.500% 6/20/50  | 310507 | 289710 |
| Government National Mortgage Association II |  |  |
| &nbsp;&nbsp;&nbsp;Pool #MA7136 2.500% 1/20/51  | 66404 | 58034 |
| &nbsp;&nbsp;&nbsp;Pool #785662 2.500% 10/20/51  | 2372251 | 2046379 |
| &nbsp;&nbsp;&nbsp;Pool #785764 2.500% 11/20/51  | 685790 | 592227 |
| &nbsp;&nbsp;&nbsp;Pool #MA7590 3.000% 9/20/51  | 1008681 | 904399 |
| &nbsp;&nbsp;&nbsp;Pool #MA6997 3.500% 11/20/50  | 374695 | 349336 |
| &nbsp;&nbsp;&nbsp;Pool #MA7883 3.500% 2/20/52  | 666118 | 615727 |
| &nbsp;&nbsp;&nbsp;Pool #786216 3.500% 6/20/52  | 196935 | 180530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Government National Mortgage Association II TBA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 2/21/53 <sup>(f)</sup>  | $| 100000 | $| 86867 |
| &nbsp;&nbsp;&nbsp;3.000% 1/23/53 <sup>(f)</sup>  |  | 2100000 |  | 1874086 |
| &nbsp;&nbsp;&nbsp;3.000% 2/21/53 <sup>(f)</sup>  |  | 300000 |  | 267879 |
| &nbsp;&nbsp;&nbsp;3.500% 1/23/53 <sup>(f)</sup>  |  | 1000000 |  | 920234 |
| &nbsp;&nbsp;&nbsp;3.500% 2/21/53 <sup>(f)</sup>  |  | 400000 |  | 368266 |
| &nbsp;&nbsp;&nbsp;4.000% 2/21/53 <sup>(f)</sup>  |  | 1700000 |  | 1612477 |
| &nbsp;&nbsp;&nbsp;4.500% 2/21/53 <sup>(f)</sup>  |  | 1400000 |  | 1360188 |
| &nbsp;&nbsp;&nbsp;5.000% 2/21/53 <sup>(f)</sup>  |  | 1300000 |  | 1288777 |
| &nbsp;&nbsp;&nbsp;5.500% 2/21/53 <sup>(f)</sup>  |  | 900000 |  | 904465 |
| &nbsp;&nbsp;&nbsp;6.000% 2/21/53 <sup>(f)</sup>  |  | 400000 |  | 405750 |
| Uniform Mortgage Backed Securities TBA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 1/12/53 <sup>(f)</sup>  |  | 4200000 |  | 3434813 |
| &nbsp;&nbsp;&nbsp;2.000% 2/13/53 <sup>(f)</sup>  |  | 100000 |  | 81875 |
| &nbsp;&nbsp;&nbsp;2.500% 12/25/51 <sup>(f)</sup>  |  | 3600000 |  | 3058875 |
| &nbsp;&nbsp;&nbsp;2.500% 2/13/53 <sup>(f)</sup>  |  | 200000 |  | 170094 |
| &nbsp;&nbsp;&nbsp;3.000% 2/25/52 <sup>(f)</sup>  |  | 700000 |  | 616273 |
| &nbsp;&nbsp;&nbsp;3.000% 2/25/52 <sup>(f)</sup>  |  | 700000 |  | 616711 |
| &nbsp;&nbsp;&nbsp;3.500% 2/25/49 <sup>(f)</sup>  |  | 2200000 |  | 2004234 |
| &nbsp;&nbsp;&nbsp;3.500% 2/13/53 <sup>(f)</sup>  |  | 500000 |  | 455742 |
| &nbsp;&nbsp;&nbsp;4.000% 1/12/53 <sup>(f)</sup>  |  | 500000 |  | 470156 |
| &nbsp;&nbsp;&nbsp;4.000% 2/13/53 <sup>(f)</sup>  |  | 1800000 |  | 1692844 |
| &nbsp;&nbsp;&nbsp;4.500% 1/12/53 <sup>(f)</sup>  |  | 800000 |  | 772125 |
| &nbsp;&nbsp;&nbsp;4.500% 2/13/53 <sup>(f)</sup>  |  | 900000 |  | 868641 |
| &nbsp;&nbsp;&nbsp;5.000% 2/13/53 <sup>(f)</sup>  |  | 700000 |  | 690703 |
| &nbsp;&nbsp;&nbsp;5.500% 2/13/53 <sup>(f)</sup>  |  | 300000 |  | 300973 |
| &nbsp;&nbsp;&nbsp;6.000% 2/13/53 <sup>(f)</sup>  |  | 100000 |  | 101539 |
|  |  |  |  | 56814858 |
| **Whole Loans — 1.7%** | **Whole Loans — 1.7%** | **Whole Loans — 1.7%** | **Whole Loans — 1.7%** | **Whole Loans — 1.7%** |
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1B, 30 day SOFR + 2.400% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.328% FRN 2/25/42 <sup>(c)</sup>  |  | 1864000 |  | 1812117 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, 30 day SOFR + 3.100% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.028% FRN 3/25/42 <sup>(c)</sup>  |  | 2000000 |  | 1992534 |
|  |  |  |  | 3804651 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $76,450,733)**  |  |  |  | **71481455** |

---

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

**60**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 7.4%** | **U.S. TREASURY OBLIGATIONS — 7.4%** | **U.S. TREASURY OBLIGATIONS — 7.4%** |
| **U.S. Treasury Bonds & Notes — 7.4%** | **U.S. Treasury Bonds & Notes — 7.4%** | **U.S. Treasury Bonds & Notes — 7.4%** |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.250% 5/15/50  | $12440000 | $6773680 |
| &nbsp;&nbsp;&nbsp;2.000% 8/15/51  | 410000 | 271498 |
| &nbsp;&nbsp;&nbsp;2.250% 5/15/41  | 2110000 | 1597049 |
| &nbsp;&nbsp;&nbsp;2.250% 2/15/52  | 1500000 | 1055036 |
| &nbsp;&nbsp;&nbsp;2.375% 2/15/42  | 3000000 | 2307084 |
| &nbsp;&nbsp;&nbsp;2.375% 5/15/51  | 200000 | 145016 |
| &nbsp;&nbsp;&nbsp;2.875% 5/15/52  | 1230000 | 996559 |
| &nbsp;&nbsp;&nbsp;3.000% 8/15/52  | 750000 | 625600 |
| &nbsp;&nbsp;&nbsp;3.375% 11/15/48  | 690000 | 614726 |
| &nbsp;&nbsp;&nbsp;4.000% 11/15/42 <sup>(d)</sup> <sup>(f)</sup>  | 630000 | 621351 |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 10/31/29  | 1900000 | 1905208 |
| &nbsp;&nbsp;&nbsp;4.125% 9/30/27  | 210000 | 211112 |
|  |  | 17123919 |
| **TOTAL U.S. TREASURY OBLIGATIONS (Cost $21,466,499)**  |  | **17123919** |
| **TOTAL BONDS & NOTES (Cost $267,064,397)**  |  | **238583783** |
| **TOTAL PURCHASED OPTIONS(#) — 0.0% (Cost $142,160)**  |  | **89816** |
|  | **Number of <br> Shares** |  |
| **MUTUAL FUNDS — 1.0%** | **MUTUAL FUNDS — 1.0%** | **MUTUAL FUNDS — 1.0%** |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
| State Street Navigator Securities Lending Government Money Market Portfolio <sup>(j)</sup>  | 2400625 | 2400625 |
| **TOTAL MUTUAL FUNDS (Cost $2,400,625)**  |  | **2400625** |
| **TOTAL LONG-TERM INVESTMENTS (Cost $269,607,182)**  |  | **241074224** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 3.4%** | **SHORT-TERM INVESTMENTS — 3.4%** | **SHORT-TERM INVESTMENTS — 3.4%** |
| **Discount Notes — 3.1%** | **Discount Notes — 3.1%** | **Discount Notes — 3.1%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.060% , 1/11/23 <sup>(k)</sup>  | $1190000 | $1188845 |
| &nbsp;&nbsp;&nbsp;4.320% , 2/15/23 <sup>(k)</sup>  | 1190000 | 1183733 |
| &nbsp;&nbsp;&nbsp;4.418% , 2/22/23 <sup>(k)</sup>  | 2720000 | 2703031 |
| &nbsp;&nbsp;&nbsp;4.464% , 3/08/23 <sup>(k)</sup>  | 2150000 | 2133120 |
| **Repurchase Agreement — 0.2%** | **Repurchase Agreement — 0.2%** | **Repurchase Agreement — 0.2%** |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 <sup>(l)</sup>  | 392045 | 392045 |
| **U.S. Treasury Bill — 0.1%** | **U.S. Treasury Bill — 0.1%** | **U.S. Treasury Bill — 0.1%** |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;4.689% 5/25/23 <sup>(k)</sup>  | 170000 | 166975 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $7,767,306)**  |  | **7767749** |
| **TOTAL INVESTMENTS — 107.8% (Cost $277,374,488) <sup>(m)</sup>**  |  | **248841973** |
| **Less Unfunded Loan Commitments — (0.0)%**  |  | **(41782)** |
| **NET INVESTMENTS — 107.8% (Cost $277,332,706)**  |  | **248800191** |
| **Other Assets/(Liabilities) — (7.8)%**  |  | **(18046670)** |
| **NET ASSETS — 100.0%**  |  | $**230753521** |

---

**Abbreviation Legend** 

FRN Floating Rate Note

REMICS Real Estate Mortgage Investment Conduits

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unfunded or partially unfunded loan commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $40,085,144 or 17.37% of net assets.

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

**61**

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

**Notes to Portfolio of Investments (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, was $3,472,819 or 1.50% of net assets. The Fund received $1,144,216 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022.

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

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

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

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

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

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

**(#) Exchange-Traded Options Purchased** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration <br> Date** | **Exercise <br> Price** | **No. of <br> Contracts** | **Notional <br> Amount** | **Notional <br> Amount** | **Value** | **Premiums <br> Paid <br> (Received)** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| **Call** |  |  |  |  |  |  |  |  |
| U.S. Treasury Note 10 Year Future | 1/27/23 | 114.00 | 93 | USD | 10443609 | $29063 | $52318 | $(23255) |
| 3 Month SOFR Future | 6/16/23 | 95.50 | 21 | USD | 4989600 | 4594 | 6869 | (2275) |
|  |  |  |  |  |  | $33657 | $59187 | $(25530) |
| **Put** |  |  |  |  |  |  |  |  |
| SOFR 1 Year Mid Curve Future | 1/13/23 | 95.63 | 93 | USD | 22287450 | $12206 | $32745 | $(20539) |
| SOFR 1 Year Mid Curve Future | 1/13/23 | 95.88 | 95 | USD | 22766750 | 34437 | 40311 | (5874) |
| U.S. Treasury Note 10 Year Future | 1/27/23 | 109.00 | 87 | USD | 9769828 | 9516 | 9917 | (401) |
|  |  |  |  |  |  | $56159 | $82973 | $(26814) |
|  |  |  |  |  |  | $89816 | $142160 | $(52344) |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration <br> Date** | **Exercise <br> Price** | **No. of <br> Contracts** | **Notional <br> Amount** | **Notional <br> Amount** | **Value** | **Premiums <br> Paid <br> (Received)** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| **Call** |  |  |  |  |  |  |  |  |
| U.S. Treasury Note 10 Year Future | 2/24/23 | 115.50 | 75 | USD | 8422266 | $(23438) | $(32152) | $8714 |
| 3 Month SOFR Future | 6/16/23 | 96.00 | 21 | USD | 4989600 | (2100) | (2581) | 481 |
| 3 Month SOFR Future | 12/15/23 | 96.50 | 71 | USD | 16945925 | (34613) | (69101) | 34488 |
| 3 Month SOFR Future | 12/15/23 | 96.63 | 21 | USD | 5012175 | (9056) | (19168) | 10112 |
|  |  |  |  |  |  | $(69207) | $(123002) | $53795 |

---

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

**62**

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

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement <br> Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Bank of America N.A.\* | 1/18/23 | USD | 185499 | MXN | 3779348 | $(7964) |
| Goldman Sachs International\* | 1/18/23 | ZAR | 6598022 | USD | 366292 | 21565 |
| Goldman Sachs International\* | 1/18/23 | GBP | 1138870 | USD | 1310640 | 66704 |
| Goldman Sachs International\* | 1/18/23 | USD | 310022 | JPY | 43924864 | (25247) |
| JP Morgan Chase Bank N.A.\* | 1/18/23 | USD | 659361 | CNH | 4685681 | (18457) |
| JP Morgan Chase Bank N.A.\* | 1/18/23 | JPY | 737808362 | USD | 5152923 | 478611 |
| JP Morgan Chase Bank N.A.\* | 1/18/23 | NOK | 12348502 | EUR | 1178359 | (1389) |
| JP Morgan Chase Bank N.A.\* | 1/18/23 | USD | 1418641 | IDR | 21656660000 | 27693 |
| Morgan Stanley & Co. LLC\* | 1/18/23 | USD | 616734 | CNH | 4430000 | (24098) |
| Morgan Stanley & Co. LLC\* | 1/18/23 | AUD | 8912719 | USD | 5757616 | 314042 |
| Morgan Stanley & Co. LLC\* | 1/18/23 | CAD | 9347182 | USD | 6844894 | 58991 |
| Morgan Stanley & Co. LLC\* | 1/18/23 | MXN | 6871000 | USD | 338253 | 13471 |
| Morgan Stanley & Co. LLC\* | 1/18/23 | USD | 1143703 | CAD | 1571050 | (16684) |
| Morgan Stanley & Co. LLC\* | 1/18/23 | USD | 336084 | EUR | 325000 | (12143) |
| Morgan Stanley & Co. LLC\* | 1/18/23 | USD | 1663231 | GBP | 1381479 | (7523) |
| Morgan Stanley & Co. LLC\* | 1/18/23 | USD | 2472788 | JPY | 327726000 | (28675) |
|  |  |  |  |  |  | $838897 |

---

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration <br> Date** | **Number of <br> Contracts** | **Notional <br> Amount** | **Value/ Net <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| **Long** |  |  |  |  |
| Euro-Bund | 3/08/23 | 9 | $1321129 | $(40475) |
| Euro-OAT | 3/08/23 | 14 | 2055088 | (147333) |
| 90 Day Eurodollar | 3/13/23 | 36 | 8556337 | (13087) |
| Australia Treasury Bond 10 Year | 3/15/23 | 36 | 2998498 | (163076) |
| U.S. Treasury Ultra Bond | 3/22/23 | 180 | 24320091 | (143841) |
| UK Long Gilt | 3/29/23 | 14 | 1784253 | (93415) |
| U.S. Treasury Note 5 Year | 3/31/23 | 953 | 103419558 | (562565) |
| 3 Month SOFR | 9/19/23 | 1 | 241415 | (3815) |
| 90 Day Eurodollar | 12/18/23 | 18 | 4344563 | (60113) |
| 3 Month SOFR | 3/18/25 | 98 | 23621243 | 60457 |
| 3 Month SOFR | 3/17/26 | 23 | 5542169 | 24981 |
|  |  |  |  | $(1142282) |
| **Short** |  |  |  |  |
| Euro-Buxl 30 Year Bond | 3/08/23 | 2 | $(343183) | $53648 |
| Japanese 10 Year Bond | 3/13/23 | 4 | (4516967) | 83563 |
| U.S. Treasury Long Bond | 3/22/23 | 54 | (6875726) | 107163 |
| U.S. Treasury Note 10 Year | 3/22/23 | 312 | (35286783) | 250158 |
| U.S. Treasury Ultra 10 Year | 3/22/23 | 72 | (8582192) | 65942 |
| U.S. Treasury Note 2 Year | 3/31/23 | 34 | (6966488) | (6168) |
| 3 Month SOFR | 3/19/24 | 158 | (37850007) | 139357 |
| 90 Day Eurodollar | 3/17/25 | 58 | (14042403) | 52078 |
|  |  |  |  | $745741 |

---

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

**63**

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

**Centrally Cleared Credit Default Swaps - Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br> Obligation/Index** | **Rate Paid <br> by Fund** | **Payment <br> Frequency** | **Termination <br> Date** | **Notional <br> Amount** | **Notional <br> Amount** | **Value** | **Upfront <br> Premium <br> Paid/ <br> (Received)** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| CDX.NA.HY Series 39† | 5.000% | Quarterly | 12/20/2027 | USD | 242200 | $(1491) | $10899 | $(12390) |

---

**Centrally Cleared Credit Default Swaps - Sell Protection††** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br> Obligation/ <br> Index** | **Rate <br> Received by <br> Fund** | **Payment <br> Frequency** | **Termination <br> Date** | **Credit <br> Rating** | **Notional <br> Amount** | **Notional <br> Amount** | **Value** | **Upfront <br> Premium <br> Paid/ <br> (Received)** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| CDX.NA.IG Series 39† | 1.000% | Quarterly | 12/20/27 | BBB+ | USD | 40739000 | $325749 | $(45359) | $371108 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** | |  |  | | | |
| **Rate/ <br> Reference** | **Frequency** | **Rate/ <br> Reference** | **Frequency** | <br>**Termination <br> Date** | **Notional <br> Amount** | **Notional <br> Amount** | <br>**Value** | <br>**Upfront <br> Premium <br> Paid/ <br> (Received)** | <br>**Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Fixed 1.220% | Annually | 12 Month SOFR | Annually | 8/15/28 | USD | 22000000 | $2704158 | $1925763 | $778395 |
| Fixed 2.850% | Annually | 12 Month SOFR | Annually | 2/15/29 | USD | 948000 | 40282 | (12109) | 52391 |
| Fixed 2.000% | Annually | 12 Month SOFR | Annually | 3/18/32 | USD | 1600000 | 190527 | 100525 | 90002 |
| Fixed 1.650% | Annually | 12 Month SOFR | Annually | 8/15/47 | USD | 11450000 | 3140978 | 1932942 | 1208036 |
| Fixed 3.050% | Annually | 12 Month SOFR | Annually | 2/15/48 | USD | 1112000 | 45514 | 34279 | 11235 |
| Fixed 2.600% | Annually | 12 Month SOFR | Annually | 2/15/48 | USD | 580000 | 67511 | 39868 | 27643 |
|  |  |  |  |  |  |  | $6188970 | $4021268 | $2167702 |

---

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

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

---

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

---

**Currency Legend** 

AUD Australian Dollar

CAD Canadian Dollar

CNH Offshore Chinese Yuan

---

| | |
|:---|:---|
| EUR  | Euro  |

---

GBP British Pound

IDR Indonesian Rupiah

JPY Japanese Yen

MXN Mexican Peso

NOK Norwegian Krone

USD U.S. Dollar

ZAR South African Rand

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

**64**

---

| |
|:---|
| ***MML Equity Fund – Portfolio of Investments*** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **EQUITIES — 98.1%** | **EQUITIES — 98.1%** | **EQUITIES — 98.1%** |
| **COMMON STOCK — 98.1%** | **COMMON STOCK — 98.1%** | **COMMON STOCK — 98.1%** |
| **Basic Materials — 3.0%** | **Basic Materials — 3.0%** | **Basic Materials — 3.0%** |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| CF Industries Holdings, Inc.  | 11400 | $971280 |
| Dow, Inc.  | 40700 | 2050873 |
| Eastman Chemical Co.  | 6900 | 561936 |
| FMC Corp.  | 6800 | 848640 |
| Huntsman Corp.  | 6298 | 173069 |
| International Flavors & Fragrances, Inc.  | 12700 | 1331468 |
| LyondellBasell Industries NV Class A  | 18808 | 1561628 |
| The Mosaic Co.  | 27500 | 1206425 |
| Nutrien Ltd. <sup>(a)</sup>  | 36371 | 2656174 |
| Olin Corp.  | 7902 | 418332 |
| The Sherwin-Williams Co.  | 5200 | 1234116 |
|  |  | 13013941 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| International Paper Co.  | 20600 | 713378 |
| **Iron & Steel — 0.7%** | **Iron & Steel — 0.7%** | **Iron & Steel — 0.7%** |
| Nucor Corp.  | 21900 | 2886639 |
| Reliance Steel & Aluminum Co.  | 4600 | 931224 |
| Steel Dynamics, Inc.  | 15400 | 1504580 |
| United States Steel Corp.  | 13600 | 340680 |
|  |  | 5663123 |
| **Mining — 0.6%** | **Mining — 0.6%** | **Mining — 0.6%** |
| Freeport-McMoRan, Inc.  | 82653 | 3140814 |
| Newmont Corp.  | 43000 | 2029600 |
|  |  | 5170414 |
|  |  | 24560856 |
| **Communications — 5.4%** | **Communications — 5.4%** | **Communications — 5.4%** |
| **Advertising — 0.3%** | **Advertising — 0.3%** | **Advertising — 0.3%** |
| The Interpublic Group of Cos., Inc.  | 22500 | 749475 |
| Omnicom Group, Inc.  | 15600 | 1272492 |
|  |  | 2021967 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| Alphabet, Inc. Class C <sup>(b)</sup>  | 67222 | 5964608 |
| Booking Holdings, Inc. <sup>(b)</sup>  | 17 | 34260 |
|  |  | 5998868 |
| **Media — 1.5%** | **Media — 1.5%** | **Media — 1.5%** |
| Comcast Corp. Class A  | 260500 | 9109685 |
| Fox Corp. Class A  | 24600 | 747102 |
| News Corp. Class A  | 17600 | 320320 |
| Nexstar Media Group, Inc. Class A  | 2200 | 385066 |
| The Walt Disney Co. <sup>(b)</sup>  | 21100 | 1833168 |
|  |  | 12395341 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Telecommunications — 2.9%** | **Telecommunications — 2.9%** | **Telecommunications — 2.9%** |
| AT&T, Inc.  | 412300 | $7590443 |
| Cisco Systems, Inc.  | 239700 | 11419308 |
| Corning, Inc.  | 48900 | 1561866 |
| Frontier Communications Parent, Inc. <sup>(b)</sup>  | 14200 | 361816 |
| Verizon Communications, Inc.  | 69600 | 2742240 |
|  |  | 23675673 |
|  |  | 44091849 |
| **Consumer, Cyclical — 7.1%** | **Consumer, Cyclical — 7.1%** | **Consumer, Cyclical — 7.1%** |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| Capri Holdings Ltd. <sup>(b)</sup>  | 8100 | 464292 |
| Ralph Lauren Corp.  | 2350 | 248324 |
| Skechers U.S.A., Inc. Class A <sup>(b)</sup>  | 7800 | 327210 |
| Tapestry, Inc.  | 13900 | 529312 |
|  |  | 1569138 |
| **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** |
| Cummins, Inc.  | 9300 | 2253297 |
| Ford Motor Co.  | 283900 | 3301757 |
| General Motors Co.  | 82200 | 2765208 |
| PACCAR, Inc.  | 20142 | 1993454 |
|  |  | 10313716 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| BorgWarner, Inc.  | 13500 | 543375 |
| Lear Corp.  | 3400 | 421668 |
|  |  | 965043 |
| **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** |
| LKQ Corp.  | 22100 | 1180361 |
| **Home Builders — 0.7%** | **Home Builders — 0.7%** | **Home Builders — 0.7%** |
| D.R. Horton, Inc.  | 26700 | 2380038 |
| Lennar Corp. Class A  | 20100 | 1819050 |
| NVR, Inc. <sup>(b)</sup>  | 200 | 922516 |
| PulteGroup, Inc.  | 19700 | 896941 |
|  |  | 6018545 |
| **Home Furnishing — 0.1%** | **Home Furnishing — 0.1%** | **Home Furnishing — 0.1%** |
| Whirlpool Corp.  | 4500 | 636570 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Brunswick Corp.  | 5600 | 403648 |
| Harley-Davidson, Inc.  | 8500 | 353600 |
| Polaris, Inc.  | 3400 | 343400 |
|  |  | 1100648 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Boyd Gaming Corp.  | 5998 | 327071 |
| **Retail — 4.4%** | **Retail — 4.4%** | **Retail — 4.4%** |
| AutoNation, Inc. <sup>(b)</sup>  | 6400 | 686720 |
| Bath & Body Works, Inc.  | 13200 | 556248 |
| Best Buy Co., Inc.  | 12800 | 1026688 |

---

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

**65**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** | **Value** |
| Dick's Sporting Goods, Inc.  | 3500 | $| 421015 |
| Dollar General Corp.  | 8719 |  | 2147054 |
| The Home Depot, Inc.  | 8000 |  | 2526880 |
| Lowe's Cos., Inc.  | 53400 |  | 10639416 |
| Macy's, Inc.  | 14600 |  | 301490 |
| McDonald's Corp.  | 17500 |  | 4611775 |
| Penske Automotive Group, Inc.  | 4600 |  | 528678 |
| Ross Stores, Inc.  | 8123 |  | 942837 |
| The TJX Cos., Inc.  | 17395 |  | 1384642 |
| Ulta Beauty, Inc. <sup>(b)</sup>  | 3500 |  | 1641745 |
| Walgreens Boots Alliance, Inc.  | 49100 |  | 1834376 |
| Walmart, Inc.  | 32177 |  | 4562377 |
| Williams-Sonoma, Inc.  | 3600 |  | 413712 |
| Yum! Brands, Inc.  | 10642 |  | 1363027 |
|  |  |  | 35588680 |
|  |  |  | 57699772 |
| **Consumer, Non-cyclical — 29.0%** | **Consumer, Non-cyclical — 29.0%** | **Consumer, Non-cyclical — 29.0%** | **Consumer, Non-cyclical — 29.0%** |
| **Agriculture — 3.0%** | **Agriculture — 3.0%** | **Agriculture — 3.0%** | **Agriculture — 3.0%** |
| Altria Group, Inc.  | 105100 |  | 4804121 |
| Archer-Daniels-Midland Co.  | 40600 |  | 3769710 |
| Darling Ingredients, Inc. <sup>(b)</sup>  | 9300 |  | 582087 |
| Philip Morris International, Inc.  | 154532 |  | 15640184 |
|  |  |  | 24796102 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| The Coca-Cola Co.  | 18700 |  | 1189507 |
| Constellation Brands, Inc. Class A  | 1854 |  | 429664 |
| Keurig Dr Pepper, Inc.  | 47150 |  | 1681369 |
| Molson Coors Beverage Co. Class B  | 11546 |  | 594850 |
|  |  |  | 3895390 |
| **Biotechnology — 3.1%** | **Biotechnology — 3.1%** | **Biotechnology — 3.1%** | **Biotechnology — 3.1%** |
| Amgen, Inc.  | 36600 |  | 9612624 |
| Biogen, Inc. <sup>(b)</sup>  | 6100 |  | 1689212 |
| Gilead Sciences, Inc.  | 67600 |  | 5803460 |
| Moderna, Inc. <sup>(b)</sup>  | 22200 |  | 3987564 |
| Regeneron Pharmaceuticals, Inc. <sup>(b)</sup>  | 6000 |  | 4328940 |
|  |  |  | 25421800 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| Booz Allen Hamilton Holding Corp.  | 1200 |  | 125424 |
| FleetCor Technologies, Inc. <sup>(b)</sup>  | 4300 |  | 789824 |
| Global Payments, Inc.  | 3900 |  | 387348 |
| Service Corp. International  | 12800 |  | 884992 |
| U-Haul Holding Co.  | 15000 |  | 824700 |
| U-Haul Holding Co. <sup>(a)</sup>  | 1700 |  | 102323 |
| United Rentals, Inc. <sup>(b)</sup>  | 4100 |  | 1457222 |
|  |  |  | 4571833 |
| **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** |
| The Procter & Gamble Co.  | 31200 |  | 4728672 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Food — 2.0%** | **Food — 2.0%** | **Food — 2.0%** |
| Conagra Brands, Inc.  | 27755 | $1074119 |
| Ingredion, Inc.  | 3800 | 372134 |
| Kellogg Co.  | 18300 | 1303692 |
| The Kraft Heinz Co.  | 142488 | 5800686 |
| The Kroger Co.  | 42400 | 1890192 |
| Mondelez International, Inc. Class A  | 71057 | 4735949 |
| Tyson Foods, Inc. Class A  | 16700 | 1039575 |
|  |  | 16216347 |
| **Health Care – Products — 0.9%** | **Health Care – Products — 0.9%** | **Health Care – Products — 0.9%** |
| Danaher Corp.  | 5865 | 1556688 |
| GE HealthCare Technologies, Inc. <sup>(b)</sup> <sup>(c)</sup>  | 5024 | 293301 |
| Hologic, Inc. <sup>(b)</sup>  | 13600 | 1017416 |
| PerkinElmer, Inc.  | 8675 | 1216409 |
| Thermo Fisher Scientific, Inc.  | 5209 | 2868544 |
|  |  | 6952358 |
| **Health Care – Services — 5.0%** | **Health Care – Services — 5.0%** | **Health Care – Services — 5.0%** |
| Centene Corp. <sup>(b)</sup>  | 68434 | 5612272 |
| Elevance Health, Inc.  | 37670 | 19323580 |
| HCA Healthcare, Inc.  | 37560 | 9012898 |
| Humana, Inc.  | 2950 | 1510961 |
| Laboratory Corp. of America Holdings  | 7100 | 1671908 |
| Quest Diagnostics, Inc.  | 9900 | 1548756 |
| UnitedHealth Group, Inc.  | 1713 | 908198 |
| Universal Health Services, Inc. Class B  | 5600 | 788984 |
|  |  | 40377557 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
| Kimberly-Clark Corp.  | 7900 | 1072425 |
| **Pharmaceuticals — 13.2%** | **Pharmaceuticals — 13.2%** | **Pharmaceuticals — 13.2%** |
| AbbVie, Inc.  | 122837 | 19851688 |
| AmerisourceBergen Corp.  | 24717 | 4095854 |
| AstraZeneca PLC Sponsored ADR  | 55519 | 3764188 |
| Becton Dickinson and Co.  | 29543 | 7512785 |
| Bristol-Myers Squibb Co.  | 123000 | 8849850 |
| Cardinal Health, Inc.  | 13508 | 1038360 |
| Cigna Corp.  | 23301 | 7720553 |
| CVS Health Corp.  | 75985 | 7081042 |
| Henry Schein, Inc. <sup>(b)</sup>  | 7900 | 630973 |
| Johnson & Johnson  | 51304 | 9062852 |
| McKesson Corp.  | 11700 | 4388904 |
| Merck & Co., Inc.  | 150600 | 16709070 |
| Pfizer, Inc.  | 324800 | 16642752 |
|  |  | 107348871 |
|  |  | 235381355 |

---

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

**66**

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

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Energy — 10.1%** | **Energy — 10.1%** | **Energy — 10.1%** |
| **Oil & Gas — 9.3%** | **Oil & Gas — 9.3%** | **Oil & Gas — 9.3%** |
| APA Corp.  | 19600 | $914928 |
| Chevron Corp.  | 61739 | 11081533 |
| ConocoPhillips  | 77100 | 9097800 |
| Devon Energy Corp.  | 37800 | 2325078 |
| Diamondback Energy, Inc.  | 8200 | 1121596 |
| EOG Resources, Inc.  | 42700 | 5530504 |
| Exxon Mobil Corp.  | 300644 | 33161033 |
| Marathon Oil Corp.  | 41915 | 1134639 |
| Occidental Petroleum Corp.  | 52600 | 3313274 |
| Ovintiv, Inc.  | 14400 | 730224 |
| PDC Energy, Inc.  | 5300 | 336444 |
| Pioneer Natural Resources Co.  | 13700 | 3128943 |
| Range Resources Corp.  | 14000 | 350280 |
| Valero Energy Corp.  | 23300 | 2955838 |
|  |  | 75182114 |
| **Pipelines — 0.8%** | **Pipelines — 0.8%** | **Pipelines — 0.8%** |
| Kinder Morgan, Inc.  | 276900 | 5006352 |
| ONEOK, Inc.  | 24000 | 1576800 |
|  |  | 6583152 |
|  |  | 81765266 |
| **Financial — 22.9%** | **Financial — 22.9%** | **Financial — 22.9%** |
| **Banks — 12.0%** | **Banks — 12.0%** | **Banks — 12.0%** |
| Bank of America Corp.  | 730367 | 24189755 |
| The Bank of New York Mellon Corp.  | 50600 | 2303312 |
| BOK Financial Corp.  | 3900 | 404781 |
| Citigroup, Inc.  | 26300 | 1189549 |
| Comerica, Inc.  | 7900 | 528115 |
| Commerce Bancshares, Inc.  | 7276 | 495277 |
| East West Bancorp, Inc.  | 8200 | 540380 |
| Fifth Third Bancorp  | 40500 | 1328805 |
| The Goldman Sachs Group, Inc.  | 24700 | 8481486 |
| Huntington Bancshares, Inc.  | 83500 | 1177350 |
| JP Morgan Chase & Co.  | 221198 | 29662652 |
| KeyCorp.  | 55600 | 968552 |
| Morgan Stanley  | 97800 | 8314956 |
| Northern Trust Corp.  | 11800 | 1044182 |
| Pinnacle Financial Partners, Inc.  | 2000 | 146800 |
| The PNC Financial Services Group, Inc.  | 24100 | 3806354 |
| Prosperity Bancshares, Inc.  | 5300 | 385204 |
| Regions Financial Corp.  | 54700 | 1179332 |
| Synovus Financial Corp.  | 3500 | 131425 |
| Truist Financial Corp.  | 76200 | 3278886 |
| US Bancorp  | 60200 | 2625322 |
| Wells Fargo & Co.  | 111229 | 4592646 |
| Zions Bancorp NA  | 9300 | 457188 |
|  |  | 97232309 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** |
| American Express Co.  | 44200 | $6530550 |
| Ameriprise Financial, Inc.  | 6500 | 2023905 |
| Credit Acceptance Corp. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 474400 |
| Discover Financial Services  | 16700 | 1633761 |
| SEI Investments Co.  | 8200 | 478060 |
| Synchrony Financial  | 26100 | 857646 |
| T. Rowe Price Group, Inc.  | 12900 | 1406874 |
| UWM Holdings Corp.  | 5000 | 16550 |
| The Western Union Co.  | 18400 | 253368 |
|  |  | 13675114 |
| **Insurance — 8.4%** | **Insurance — 8.4%** | **Insurance — 8.4%** |
| Aflac, Inc.  | 39900 | 2870406 |
| The Allstate Corp.  | 33587 | 4554397 |
| American Financial Group, Inc.  | 4900 | 672672 |
| American International Group, Inc.  | 28129 | 1778878 |
| Arch Capital Group Ltd. <sup>(b)</sup>  | 22800 | 1431384 |
| Assurant, Inc.  | 3400 | 425204 |
| Berkshire Hathaway, Inc. Class B <sup>(b)</sup>  | 16900 | 5220410 |
| Chubb Ltd.  | 49941 | 11016984 |
| Cincinnati Financial Corp.  | 9200 | 941988 |
| Corebridge Financial, Inc.  | 35819 | 718529 |
| Equitable Holdings, Inc.  | 25200 | 723240 |
| Everest Re Group Ltd.  | 2700 | 894429 |
| Fidelity National Financial, Inc.  | 16200 | 609444 |
| Globe Life, Inc.  | 5300 | 638915 |
| The Hartford Financial Services Group, Inc.  | 43876 | 3327117 |
| Loews Corp.  | 15300 | 892449 |
| Markel Corp. <sup>(b)</sup>  | 890 | 1172566 |
| MetLife, Inc.  | 111175 | 8045735 |
| Old Republic International Corp.  | 17600 | 425040 |
| Principal Financial Group, Inc.  | 15600 | 1309152 |
| The Progressive Corp.  | 37100 | 4812241 |
| Prudential Financial, Inc.  | 22400 | 2227904 |
| Reinsurance Group of America, Inc.  | 3897 | 553725 |
| RenaissanceRe Holdings Ltd.  | 2600 | 478998 |
| The Travelers Cos., Inc.  | 57957 | 10866358 |
| Unum Group  | 11500 | 471845 |
| Voya Financial, Inc.  | 7500 | 461175 |
| W.R. Berkley Corp.  | 15300 | 1110321 |
|  |  | 68651506 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| CBRE Group, Inc. Class A <sup>(b)</sup>  | 18246 | 1404212 |
| Jones Lang LaSalle, Inc. <sup>(b)</sup>  | 3700 | 589669 |
|  |  | 1993881 |

---

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

**67**

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

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Real Estate Investment Trusts (REITS) — 0.6%** | **Real Estate Investment Trusts (REITS) — 0.6%** | **Real Estate Investment Trusts (REITS) — 0.6%** |
| Boston Properties, Inc.  | 4200 | $283836 |
| Equity LifeStyle Properties, Inc.  | 9017 | 582498 |
| Prologis, Inc.  | 24350 | 2744976 |
| Weyerhaeuser Co.  | 40940 | 1269140 |
|  |  | 4880450 |
|  |  | 186433260 |
| **Industrial — 8.2%** | **Industrial — 8.2%** | **Industrial — 8.2%** |
| **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
| L3 Harris Technologies, Inc.  | 20361 | 4239364 |
| Northrop Grumman Corp.  | 2400 | 1309464 |
|  |  | 5548828 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Builders FirstSource, Inc. <sup>(b)</sup>  | 8500 | 551480 |
| Carrier Global Corp.  | 43407 | 1790539 |
| Fortune Brands Innovations, Inc.  | 7400 | 422614 |
| Masco Corp.  | 19200 | 896064 |
| Owens Corning  | 7900 | 673870 |
|  |  | 4334567 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| AMETEK, Inc.  | 5145 | 718859 |
| **Electronics — 0.8%** | **Electronics — 0.8%** | **Electronics — 0.8%** |
| Arrow Electronics, Inc. <sup>(b)</sup>  | 5500 | 575135 |
| Honeywell International, Inc.  | 12448 | 2667606 |
| Hubbell, Inc.  | 5826 | 1367246 |
| Jabil, Inc.  | 11000 | 750200 |
| Sensata Technologies Holding PLC  | 8800 | 355344 |
| TE Connectivity Ltd.  | 6200 | 711760 |
|  |  | 6427291 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| TopBuild Corp. <sup>(b)</sup>  | 500 | 78245 |
| **Environmental Controls — 0.2%** | **Environmental Controls — 0.2%** | **Environmental Controls — 0.2%** |
| Pentair PLC  | 9500 | 427310 |
| Republic Services, Inc.  | 8276 | 1067521 |
|  |  | 1494831 |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Snap-on, Inc.  | 3900 | 891111 |
| **Machinery – Construction & Mining — 0.7%** | **Machinery – Construction & Mining — 0.7%** | **Machinery – Construction & Mining — 0.7%** |
| Caterpillar, Inc.  | 24200 | 5797352 |
| Oshkosh Corp.  | 3500 | 308665 |
|  |  | 6106017 |
| **Machinery – Diversified — 0.3%** | **Machinery – Diversified — 0.3%** | **Machinery – Diversified — 0.3%** |
| AGCO Corp.  | 4350 | 603302 |
| Dover Corp.  | 11000 | 1489510 |
|  |  | 2092812 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Miscellaneous - Manufacturing — 1.8%** | **Miscellaneous - Manufacturing — 1.8%** | **Miscellaneous - Manufacturing — 1.8%** |
| Carlisle Cos., Inc.  | 3000 | $706950 |
| Eaton Corp. PLC  | 27071 | 4248793 |
| General Electric Co.  | 54887 | 4598982 |
| Parker-Hannifin Corp.  | 7400 | 2153400 |
| Siemens AG Registered  | 10563 | 1466067 |
| Textron, Inc.  | 16600 | 1175280 |
|  |  | 14349472 |
| **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
| Amcor PLC  | 114500 | 1363695 |
| Berry Global Group, Inc.  | 7200 | 435096 |
| Crown Holdings, Inc.  | 9900 | 813879 |
| Graphic Packaging Holding Co.  | 17800 | 396050 |
| Packaging Corp. of America  | 6800 | 869788 |
| Sealed Air Corp.  | 11400 | 568632 |
| Sonoco Products Co.  | 5600 | 339976 |
| WestRock Co.  | 13600 | 478176 |
|  |  | 5265292 |
| **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** |
| Huntington Ingalls Industries, Inc.  | 2400 | 553632 |
| **Transportation — 2.3%** | **Transportation — 2.3%** | **Transportation — 2.3%** |
| C.H. Robinson Worldwide, Inc.  | 7000 | 640920 |
| CSX Corp.  | 102057 | 3161726 |
| Expeditors International of Washington, Inc.  | 9200 | 956064 |
| FedEx Corp.  | 14600 | 2528720 |
| Knight-Swift Transportation Holdings, Inc.  | 9500 | 497895 |
| Landstar System, Inc.  | 2100 | 342090 |
| Norfolk Southern Corp.  | 8784 | 2164553 |
| Union Pacific Corp.  | 7000 | 1449490 |
| United Parcel Service, Inc. Class B  | 42200 | 7336048 |
|  |  | 19077506 |
|  |  | 66938463 |
| **Technology — 7.1%** | **Technology — 7.1%** | **Technology — 7.1%** |
| **Computers — 1.8%** | **Computers — 1.8%** | **Computers — 1.8%** |
| Accenture PLC Class A  | 3700 | 987308 |
| CACI International, Inc. Class A <sup>(b)</sup>  | 1200 | 360708 |
| Dell Technologies, Inc. Class C  | 13900 | 559058 |
| DXC Technology Co. <sup>(b)</sup>  | 13300 | 352450 |
| Hewlett Packard Enterprise Co.  | 94400 | 1506624 |
| HP, Inc.  | 94200 | 2531154 |
| International Business Machines Corp.  | 48300 | 6804987 |
| Leidos Holdings, Inc.  | 7049 | 741484 |
| NetApp, Inc.  | 11600 | 696696 |
|  |  | 14540469 |

---

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

**68**

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

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Semiconductors — 3.8%** | **Semiconductors — 3.8%** | **Semiconductors — 3.8%** |
| Applied Materials, Inc.  | 63400 | $6173892 |
| Broadcom, Inc.  | 6800 | 3802084 |
| KLA Corp.  | 18576 | 7003709 |
| Lam Research Corp.  | 11500 | 4833450 |
| Micron Technology, Inc.  | 30000 | 1499400 |
| QUALCOMM, Inc.  | 53100 | 5837814 |
| Texas Instruments, Inc.  | 13200 | 2180904 |
|  |  | 31331253 |
| **Software — 1.5%** | **Software — 1.5%** | **Software — 1.5%** |
| Activision Blizzard, Inc.  | 14900 | 1140595 |
| Fidelity National Information Services, Inc.  | 40100 | 2720785 |
| Fiserv, Inc. <sup>(b)</sup>  | 70167 | 7091779 |
| Microsoft Corp.  | 4755 | 1140344 |
|  |  | 12093503 |
|  |  | 57965225 |
| **Utilities — 5.3%** | **Utilities — 5.3%** | **Utilities — 5.3%** |
| **Electric — 5.2%** | **Electric — 5.2%** | **Electric — 5.2%** |
| Alliant Energy Corp.  | 14400 | 795024 |
| Ameren Corp.  | 11594 | 1030939 |
| American Electric Power Co., Inc.  | 18336 | 1741003 |
| Dominion Energy, Inc.  | 60410 | 3704341 |
| DTE Energy Co.  | 8700 | 1022511 |
| Duke Energy Corp.  | 44600 | 4593354 |
| Edison International  | 20400 | 1297848 |
| Entergy Corp.  | 11500 | 1293750 |
| Evergy, Inc.  | 13300 | 836969 |
| Eversource Energy  | 18500 | 1551040 |
| Exelon Corp.  | 71300 | 3082299 |
| FirstEnergy Corp.  | 35800 | 1501452 |
| OGE Energy Corp.  | 11561 | 457238 |
| Pinnacle West Capital Corp.  | 6498 | 494108 |
| PPL Corp.  | 42600 | 1244772 |
| Public Service Enterprise Group, Inc.  | 38500 | 2358895 |
| Sempra Energy  | 35282 | 5452480 |
| The Southern Co.  | 117227 | 8371180 |
| Vistra Corp.  | 26100 | 605520 |
| WEC Energy Group, Inc.  | 3800 | 356288 |
| Xcel Energy, Inc.  | 10495 | 735804 |
|  |  | 42526815 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| National Fuel Gas Co.  | 4300 | $272190 |
| UGI Corp.  | 12100 | 448547 |
|  |  | 720737 |
|  |  | 43247552 |
| **TOTAL COMMON STOCK (Cost $669,214,792)**  |  | **798083598** |
| **TOTAL EQUITIES (Cost $669,214,792)**  |  | **798083598** |
| **MUTUAL FUNDS — 2.3%** | **MUTUAL FUNDS — 2.3%** | **MUTUAL FUNDS — 2.3%** |
| **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** |
| iShares Russell 1000 Value ETF <sup>(a)</sup>  | 52639 | 7982704 |
| State Street Navigator Securities Lending Government Money Market Portfolio <sup>(d)</sup>  | 11203112 | 11203112 |
| **TOTAL MUTUAL FUNDS (Cost $18,924,271)**  |  | **19185816** |
| **TOTAL LONG-TERM INVESTMENTS (Cost $688,139,063)**  |  | **817269414** |
| **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** |
| **Mutual Fund — 0.6%** | **Mutual Fund — 0.6%** | **Mutual Fund — 0.6%** |
| T. Rowe Price Government Reserve Investment Fund  | 4690089 | 4690089 |
|  | **Principal <br> Amount** |  |
| **Repurchase Agreement — 0.3%** | **Repurchase Agreement — 0.3%** | **Repurchase Agreement — 0.3%** |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 <sup>(e)</sup>  | $2566719 | 2566719 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $7,256,808)**  |  | **7256808** |
| **TOTAL INVESTMENTS — 101.3% (Cost $695,395,871) <sup>(f)</sup>**  |  | **824526222** |
| **Other Assets/(Liabilities) — (1.3)%**  |  | **(10858133)** |
| **NET ASSETS — 100.0%**  |  | $**813668089** |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

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

**69**

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

**Abbreviation Legend (Continued)** 

ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, was $11,407,068 or 1.40% of net assets. The Fund received $438,545 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

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

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

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

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

**70**

---

| |
|:---|
| ***MML Equity Rotation Fund – Portfolio of Investments*** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **EQUITIES — 100.0%** | **EQUITIES — 100.0%** | **EQUITIES — 100.0%** |
| **COMMON STOCK — 100.0%** | **COMMON STOCK — 100.0%** | **COMMON STOCK — 100.0%** |
| **Basic Materials — 6.0%** | **Basic Materials — 6.0%** | **Basic Materials — 6.0%** |
| **Chemicals — 2.9%** | **Chemicals — 2.9%** | **Chemicals — 2.9%** |
| Ashland, Inc.  | 724 | $77852 |
| Axalta Coating Systems Ltd. <sup>(a)</sup>  | 5066 | 129031 |
| Celanese Corp.  | 1239 | 126675 |
| The Chemours Co.  | 3909 | 119694 |
| Eastman Chemical Co.  | 1701 | 138529 |
| Element Solutions, Inc.  | 2838 | 51623 |
| Huntsman Corp.  | 5042 | 138554 |
| NewMarket Corp.  | 133 | 41378 |
| Olin Corp.  | 3543 | 187566 |
| RPM International, Inc.  | 1084 | 105636 |
| Valvoline, Inc.  | 3260 | 106439 |
| Westlake Corp.  | 509 | 52193 |
|  |  | 1275170 |
| **Forest Products & Paper — 0.4%** | **Forest Products & Paper — 0.4%** | **Forest Products & Paper — 0.4%** |
| International Paper Co.  | 5286 | 183054 |
| **Iron & Steel — 2.3%** | **Iron & Steel — 2.3%** | **Iron & Steel — 2.3%** |
| Cleveland-Cliffs, Inc. <sup>(a)</sup>  | 13127 | 211476 |
| Reliance Steel & Aluminum Co.  | 1451 | 293740 |
| Steel Dynamics, Inc.  | 3908 | 381812 |
| United States Steel Corp.  | 6540 | 163827 |
|  |  | 1050855 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| Alcoa Corp.  | 2984 | 135683 |
| SSR Mining, Inc.  | 2608 | 40867 |
|  |  | 176550 |
|  |  | 2685629 |
| **Communications — 5.2%** | **Communications — 5.2%** | **Communications — 5.2%** |
| **Advertising — 1.2%** | **Advertising — 1.2%** | **Advertising — 1.2%** |
| The Interpublic Group of Cos., Inc.  | 7798 | 259751 |
| Omnicom Group, Inc.  | 3142 | 256293 |
|  |  | 516044 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| eBay, Inc.  | 3978 | 164968 |
| IAC, Inc. <sup>(a)</sup>  | 1889 | 83872 |
| Wayfair, Inc. Class A <sup>(a)</sup> <sup>(b)</sup>  | 1951 | 64168 |
|  |  | 313008 |
| **Media — 2.1%** | **Media — 2.1%** | **Media — 2.1%** |
| Altice USA, Inc. Class A <sup>(a)</sup>  | 5654 | 26008 |
| Cable One, Inc.  | 59 | 42000 |
| DISH Network Corp. Class A <sup>(a)</sup>  | 6345 | 89084 |
| Fox Corp. Class A  | 3260 | 99006 |
| Fox Corp. Class B  | 1578 | 44894 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** | **Value** |
| Liberty Media Corp-Liberty SiriusXM Class A <sup>(a)</sup>  | 932 | $| 36637 |
| Liberty Media Corp-Liberty SiriusXM Class C <sup>(a)</sup>  | 1994 |  | 78025 |
| The New York Times Co. Class A  | 1322 |  | 42912 |
| News Corp. Class A  | 6739 |  | 122650 |
| News Corp. Class B  | 2104 |  | 38798 |
| Nexstar Media Group, Inc. Class A  | 984 |  | 172229 |
| Paramount Global Class B  | 7104 |  | 119916 |
| World Wrestling Entertainment, Inc. Class A  | 314 |  | 21515 |
|  |  |  | 933674 |
| **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** |
| Ciena Corp. <sup>(a)</sup>  | 2200 |  | 112156 |
| Frontier Communications Parent, Inc. <sup>(a)</sup>  | 6202 |  | 158027 |
| Juniper Networks, Inc.  | 2440 |  | 77983 |
| Lumen Technologies, Inc.  | 26018 |  | 135814 |
| ViaSat, Inc. <sup>(a)</sup>  | 1742 |  | 55134 |
|  |  |  | 539114 |
|  |  |  | 2301840 |
| **Consumer, Cyclical — 18.8%** | **Consumer, Cyclical — 18.8%** | **Consumer, Cyclical — 18.8%** | **Consumer, Cyclical — 18.8%** |
| **Airlines — 0.7%** | **Airlines — 0.7%** | **Airlines — 0.7%** | **Airlines — 0.7%** |
| Alaska Air Group, Inc. <sup>(a)</sup>  | 3099 |  | 133071 |
| American Airlines Group, Inc. <sup>(a)</sup>  | 4719 |  | 60026 |
| Copa Holdings SA Class A <sup>(a)</sup>  | 764 |  | 63542 |
| JetBlue Airways Corp. <sup>(a)</sup>  | 8122 |  | 52630 |
|  |  |  | 309269 |
| **Apparel — 2.7%** | **Apparel — 2.7%** | **Apparel — 2.7%** | **Apparel — 2.7%** |
| Capri Holdings Ltd. <sup>(a)</sup>  | 3645 |  | 208931 |
| Carter's, Inc.  | 997 |  | 74386 |
| Columbia Sportswear Co.  | 852 |  | 74618 |
| Deckers Outdoor Corp. <sup>(a)</sup>  | 216 |  | 86219 |
| Hanesbrands, Inc. <sup>(b)</sup>  | 8580 |  | 54569 |
| PVH Corp.  | 1679 |  | 118521 |
| Ralph Lauren Corp.  | 1142 |  | 120675 |
| Skechers U.S.A., Inc. Class A <sup>(a)</sup>  | 3388 |  | 142127 |
| Tapestry, Inc.  | 6382 |  | 243027 |
| Under Armour, Inc. Class A <sup>(a)</sup>  | 4888 |  | 49662 |
| Under Armour, Inc. Class C <sup>(a)</sup>  | 5657 |  | 50460 |
|  |  |  | 1223195 |
| **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** |
| Allison Transmission Holdings, Inc.  | 2448 |  | 101837 |
| BorgWarner, Inc.  | 6047 |  | 243392 |
| Gentex Corp.  | 1630 |  | 44450 |
| Lear Corp.  | 1507 |  | 186898 |
|  |  |  | 576577 |

---

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

**71**

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

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Distribution & Wholesale — 1.5%** | **Distribution & Wholesale — 1.5%** | **Distribution & Wholesale — 1.5%** |
| Core & Main, Inc. Class A <sup>(a)</sup>  | 714 | $13787 |
| IAA, Inc. <sup>(a)</sup>  | 1617 | 64680 |
| LKQ Corp.  | 3497 | 186775 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 449 | 52677 |
| Univar Solutions, Inc. <sup>(a)</sup>  | 4239 | 134800 |
| Watsco, Inc.  | 308 | 76815 |
| WESCO International, Inc. <sup>(a)</sup>  | 1128 | 141226 |
|  |  | 670760 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| DraftKings, Inc. Class A <sup>(a)</sup> <sup>(b)</sup>  | 5326 | 60663 |
| Penn Entertainment, Inc. <sup>(a)</sup>  | 4161 | 123582 |
| Six Flags Entertainment Corp. <sup>(a)</sup>  | 1953 | 45407 |
|  |  | 229652 |
| **Food Services — 0.4%** | **Food Services — 0.4%** | **Food Services — 0.4%** |
| Aramark  | 3812 | 157588 |
| **Home Builders — 2.0%** | **Home Builders — 2.0%** | **Home Builders — 2.0%** |
| Lennar Corp. Class A  | 2673 | 241906 |
| Lennar Corp. Class B  | 190 | 14208 |
| NVR, Inc. <sup>(a)</sup>  | 31 | 142990 |
| PulteGroup, Inc.  | 5988 | 272634 |
| Thor Industries, Inc. <sup>(b)</sup>  | 1340 | 101157 |
| Toll Brothers, Inc.  | 2783 | 138927 |
|  |  | 911822 |
| **Home Furnishing — 1.2%** | **Home Furnishing — 1.2%** | **Home Furnishing — 1.2%** |
| Dolby Laboratories, Inc. Class A  | 948 | 66872 |
| Leggett & Platt, Inc.  | 3325 | 107165 |
| Tempur Sealy International, Inc.  | 4289 | 147241 |
| Whirlpool Corp.  | 1392 | 196912 |
|  |  | 518190 |
| **Housewares — 0.4%** | **Housewares — 0.4%** | **Housewares — 0.4%** |
| Newell Brands, Inc.  | 9560 | 125045 |
| The Scotts Miracle-Gro Co. <sup>(b)</sup>  | 992 | 48201 |
|  |  | 173246 |
| **Leisure Time — 1.0%** | **Leisure Time — 1.0%** | **Leisure Time — 1.0%** |
| Brunswick Corp.  | 1933 | 139331 |
| Harley-Davidson, Inc.  | 3406 | 141690 |
| Polaris, Inc.  | 1417 | 143117 |
| YETI Holdings, Inc. <sup>(a)</sup>  | 911 | 37633 |
|  |  | 461771 |
| **Lodging — 0.7%** | **Lodging — 0.7%** | **Lodging — 0.7%** |
| Boyd Gaming Corp.  | 2030 | 110696 |
| MGM Resorts International  | 3734 | 125201 |
| Travel & Leisure Co.  | 2122 | 77241 |
|  |  | 313138 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Retail — 6.2%** | **Retail — 6.2%** | **Retail — 6.2%** |
| Advance Auto Parts, Inc.  | 969 | $142472 |
| AutoNation, Inc. <sup>(a)</sup>  | 1004 | 107729 |
| Bath & Body Works, Inc.  | 6052 | 255031 |
| Best Buy Co., Inc.  | 3426 | 274799 |
| BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup>  | 3371 | 223025 |
| Burlington Stores, Inc. <sup>(a)</sup>  | 752 | 152476 |
| Carvana Co. <sup>(a)</sup>  | 596 | 2825 |
| Casey's General Stores, Inc.  | 938 | 210440 |
| Dick's Sporting Goods, Inc.  | 1405 | 169007 |
| Five Below, Inc. <sup>(a)</sup>  | 386 | 68272 |
| The Gap, Inc. <sup>(b)</sup>  | 5008 | 56490 |
| Kohl's Corp.  | 3186 | 80447 |
| Leslie's, Inc. <sup>(a)</sup>  | 1717 | 20965 |
| Lithia Motors, Inc.  | 715 | 146389 |
| Macy's, Inc.  | 7207 | 148825 |
| MSC Industrial Direct Co., Inc. Class A  | 851 | 69527 |
| Nordstrom, Inc. <sup>(b)</sup>  | 2749 | 44369 |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup>  | 827 | 38737 |
| Penske Automotive Group, Inc.  | 695 | 79876 |
| Petco Health & Wellness Co., Inc. <sup>(a)</sup> <sup>(b)</sup>  | 2172 | 20591 |
| RH <sup>(a)</sup>  | 440 | 117564 |
| Victoria's Secret & Co. <sup>(a)</sup>  | 2094 | 74923 |
| The Wendy's Co.  | 3297 | 74611 |
| Williams-Sonoma, Inc.  | 1748 | 200880 |
|  |  | 2780270 |
| **Toys, Games & Hobbies — 0.2%** | **Toys, Games & Hobbies — 0.2%** | **Toys, Games & Hobbies — 0.2%** |
| Mattel, Inc. <sup>(a)</sup>  | 6054 | 108003 |
|  |  | 8433481 |
| **Consumer, Non-cyclical — 15.7%** | **Consumer, Non-cyclical — 15.7%** | **Consumer, Non-cyclical — 15.7%** |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Bunge Ltd.  | 1258 | 125511 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Molson Coors Beverage Co. Class B  | 3977 | 204895 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| Bio-Rad Laboratories, Inc. Class A <sup>(a)</sup>  | 399 | 167775 |
| Exelixis, Inc. <sup>(a)</sup>  | 2883 | 46243 |
| Maravai LifeSciences Holdings, Inc. Class A <sup>(a)</sup>  | 960 | 13738 |
|  |  | 227756 |
| **Commercial Services — 3.2%** | **Commercial Services — 3.2%** | **Commercial Services — 3.2%** |
| ADT, Inc.  | 5131 | 46538 |
| Avis Budget Group, Inc. <sup>(a)</sup>  | 753 | 123439 |
| Booz Allen Hamilton Holding Corp.  | 1362 | 142356 |

---

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

**72**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** | **Value** |
| Euronet Worldwide, Inc. <sup>(a)</sup>  | 456 | $| 43037 |
| FTI Consulting, Inc. <sup>(a)</sup>  | 421 |  | 66855 |
| Grand Canyon Education, Inc. <sup>(a)</sup>  | 805 |  | 85056 |
| GXO Logistics, Inc. <sup>(a)</sup>  | 2675 |  | 114196 |
| H&R Block, Inc.  | 2035 |  | 74298 |
| Hertz Global Holdings, Inc. <sup>(a)</sup>  | 5900 |  | 90801 |
| ManpowerGroup, Inc.  | 1327 |  | 110420 |
| Robert Half International, Inc.  | 1370 |  | 101147 |
| Service Corp. International  | 1537 |  | 106268 |
| U-Haul Holding Co.  | 2050 |  | 112709 |
| U-Haul Holding Co. <sup>(b)</sup>  | 249 |  | 14987 |
| United Rentals, Inc. <sup>(a)</sup>  | 582 |  | 206855 |
|  |  |  | 1438962 |
| **Food — 3.5%** | **Food — 3.5%** | **Food — 3.5%** | **Food — 3.5%** |
| Albertsons Cos., Inc. Class A  | 3799 |  | 78791 |
| Campbell Soup Co.  | 1754 |  | 99539 |
| Conagra Brands, Inc.  | 5487 |  | 212347 |
| Flowers Foods, Inc.  | 3109 |  | 89353 |
| Grocery Outlet Holding Corp. <sup>(a)</sup>  | 1522 |  | 44427 |
| Ingredion, Inc.  | 1387 |  | 135829 |
| The J.M. Smucker Co.  | 930 |  | 147368 |
| Performance Food Group Co. <sup>(a)</sup>  | 3826 |  | 223400 |
| Pilgrim's Pride Corp. <sup>(a)</sup>  | 1135 |  | 26934 |
| Post Holdings, Inc. <sup>(a)</sup>  | 1408 |  | 127086 |
| Seaboard Corp.  | 6 |  | 22651 |
| Tyson Foods, Inc. Class A  | 2449 |  | 152450 |
| US Foods Holding Corp. <sup>(a)</sup>  | 5636 |  | 191737 |
|  |  |  | 1551912 |
| **Health Care – Products — 1.4%** | **Health Care – Products — 1.4%** | **Health Care – Products — 1.4%** | **Health Care – Products — 1.4%** |
| The Cooper Cos., Inc.  | 430 |  | 142188 |
| Dentsply Sirona, Inc.  | 2664 |  | 84822 |
| Envista Holdings Corp. <sup>(a)</sup>  | 1570 |  | 52862 |
| Hologic, Inc. <sup>(a)</sup>  | 2127 |  | 159121 |
| ICU Medical, Inc. <sup>(a)</sup>  | 183 |  | 28819 |
| Integra LifeSciences Holdings Corp. <sup>(a)</sup>  | 683 |  | 38296 |
| Quidelortho Corp. <sup>(a)</sup>  | 1251 |  | 107173 |
|  |  |  | 613281 |
| **Health Care – Services — 3.5%** | **Health Care – Services — 3.5%** | **Health Care – Services — 3.5%** | **Health Care – Services — 3.5%** |
| Acadia Healthcare Co., Inc. <sup>(a)</sup>  | 728 |  | 59929 |
| Amedisys, Inc. <sup>(a)</sup>  | 594 |  | 49623 |
| DaVita, Inc. <sup>(a)</sup>  | 1457 |  | 108794 |
| Encompass Health Corp.  | 2480 |  | 148329 |
| Enhabit, Inc. <sup>(a)</sup>  | 1330 |  | 17503 |
| Laboratory Corp. of America Holdings  | 819 |  | 192858 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 950 |  | 313709 |
| Quest Diagnostics, Inc.  | 1798 |  | 281279 |
| Syneos Health, Inc. <sup>(a)</sup>  | 1312 |  | 48124 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** | **Value** |
| Tenet Healthcare Corp. <sup>(a)</sup>  | 2656 | $| 129586 |
| Universal Health Services, Inc. Class B  | 1644 |  | 231623 |
|  |  |  | 1581357 |
| **Household Products & Wares — 0.5%** | **Household Products & Wares — 0.5%** | **Household Products & Wares — 0.5%** | **Household Products & Wares — 0.5%** |
| Avery Dennison Corp.  | 675 |  | 122175 |
| Reynolds Consumer Products, Inc.  | 983 |  | 29471 |
| Spectrum Brands Holdings, Inc.  | 1009 |  | 61468 |
|  |  |  | 213114 |
| **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** |
| Cardinal Health, Inc.  | 6166 |  | 473980 |
| Henry Schein, Inc. <sup>(a)</sup>  | 2047 |  | 163494 |
| Organon & Co.  | 6376 |  | 178082 |
| Perrigo Co. PLC  | 1031 |  | 35147 |
| Premier, Inc. Class A  | 2479 |  | 86715 |
| Viatris, Inc.  | 13807 |  | 153672 |
|  |  |  | 1091090 |
|  |  |  | 7047878 |
| **Energy — 4.1%** | **Energy — 4.1%** | **Energy — 4.1%** | **Energy — 4.1%** |
| **Energy – Alternate Sources — 0.4%** | **Energy – Alternate Sources — 0.4%** | **Energy – Alternate Sources — 0.4%** | **Energy – Alternate Sources — 0.4%** |
| Enviva, Inc.  | 535 |  | 28339 |
| First Solar, Inc. <sup>(a)</sup>  | 945 |  | 141552 |
|  |  |  | 169891 |
| **Oil & Gas — 3.0%** | **Oil & Gas — 3.0%** | **Oil & Gas — 3.0%** | **Oil & Gas — 3.0%** |
| APA Corp.  | 5359 |  | 250158 |
| Chesapeake Energy Corp.  | 3230 |  | 304815 |
| HF Sinclair Corp.  | 3427 |  | 177827 |
| Ovintiv, Inc.  | 5678 |  | 287932 |
| PDC Energy, Inc.  | 2396 |  | 152098 |
| Range Resources Corp.  | 2791 |  | 69831 |
| Southwestern Energy Co. <sup>(a)</sup>  | 13886 |  | 81233 |
|  |  |  | 1323894 |
| **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** |
| Antero Midstream Corp.  | 7581 |  | 81799 |
| DTE Midstream LLC <sup>(a)</sup>  | 1353 |  | 74767 |
| Targa Resources Corp.  | 2423 |  | 178090 |
|  |  |  | 334656 |
|  |  |  | 1828441 |
| **Financial — 22.8%** | **Financial — 22.8%** | **Financial — 22.8%** | **Financial — 22.8%** |
| **Banks — 4.2%** | **Banks — 4.2%** | **Banks — 4.2%** | **Banks — 4.2%** |
| Bank of Hawaii Corp.  | 830 |  | 64375 |
| Bank OZK  | 2507 |  | 100430 |
| Citizens Financial Group, Inc.  | 2746 |  | 108110 |
| Comerica, Inc.  | 1078 |  | 72064 |
| Commerce Bancshares, Inc.  | 752 |  | 51189 |
| Cullen/Frost Bankers, Inc.  | 404 |  | 54015 |
| East West Bancorp, Inc.  | 1404 |  | 92524 |

---

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

**73**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** | **Value** |
| F.N.B. Corp.  | 8520 | $| 111186 |
| First Hawaiian, Inc.  | 2933 |  | 76375 |
| First Horizon Corp.  | 2956 |  | 72422 |
| KeyCorp.  | 5872 |  | 102290 |
| PacWest Bancorp  | 2878 |  | 66050 |
| Pinnacle Financial Partners, Inc.  | 1100 |  | 80740 |
| Popular, Inc.  | 1898 |  | 125875 |
| Prosperity Bancshares, Inc.  | 1106 |  | 80384 |
| Regions Financial Corp.  | 6404 |  | 138070 |
| Synovus Financial Corp.  | 3542 |  | 133002 |
| Umpqua Holdings Corp.  | 5388 |  | 96176 |
| Wintrust Financial Corp.  | 1517 |  | 128217 |
| Zions Bancorp NA  | 2203 |  | 108300 |
|  |  |  | 1861794 |
| **Diversified Financial Services — 5.8%** | **Diversified Financial Services — 5.8%** | **Diversified Financial Services — 5.8%** | **Diversified Financial Services — 5.8%** |
| Affiliated Managers Group, Inc.  | 962 |  | 152410 |
| Air Lease Corp.  | 2590 |  | 99508 |
| Ally Financial, Inc.  | 6445 |  | 157580 |
| Coinbase Global, Inc. Class A <sup>(a)</sup>  | 3293 |  | 116539 |
| Credit Acceptance Corp. <sup>(a)</sup> <sup>(b)</sup>  | 139 |  | 65942 |
| Evercore, Inc. Class A  | 957 |  | 104389 |
| Franklin Resources, Inc.  | 3756 |  | 99083 |
| Interactive Brokers Group, Inc. Class A  | 2332 |  | 168720 |
| Invesco Ltd.  | 9456 |  | 170113 |
| Janus Henderson Group PLC  | 3488 |  | 82038 |
| Jefferies Financial Group, Inc.  | 5306 |  | 181890 |
| Lazard Ltd. Class A  | 2388 |  | 82792 |
| OneMain Holdings, Inc.  | 2978 |  | 99197 |
| Raymond James Financial, Inc.  | 1787 |  | 190941 |
| Rocket Cos., Inc. Class A  | 3159 |  | 22113 |
| SEI Investments Co.  | 913 |  | 53228 |
| SLM Corp.  | 6829 |  | 113361 |
| Stifel Financial Corp.  | 2616 |  | 152696 |
| Synchrony Financial  | 9336 |  | 306781 |
| Upstart Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 544 |  | 7192 |
| Virtu Financial, Inc. Class A  | 2521 |  | 51454 |
| The Western Union Co.  | 9744 |  | 134175 |
|  |  |  | 2612142 |
| **Insurance — 9.8%** | **Insurance — 9.8%** | **Insurance — 9.8%** | **Insurance — 9.8%** |
| American Financial Group, Inc.  | 1079 |  | 148125 |
| Arch Capital Group Ltd. <sup>(a)</sup>  | 4077 |  | 255954 |
| Assurant, Inc.  | 1318 |  | 164829 |
| Assured Guaranty Ltd.  | 1559 |  | 97063 |
| Axis Capital Holdings Ltd.  | 1970 |  | 106715 |
| Brighthouse Financial, Inc. <sup>(a)</sup>  | 1898 |  | 97310 |
| Cincinnati Financial Corp.  | 1115 |  | 114165 |
| CNA Financial Corp.  | 548 |  | 23169 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** | **Value** |
| Erie Indemnity Co. Class A  | 143 | $| 35567 |
| Everest Re Group Ltd.  | 985 |  | 326301 |
| F&G Annuities & Life, Inc. <sup>(a)</sup>  | 461 |  | 9225 |
| Fidelity National Financial, Inc.  | 6785 |  | 255252 |
| First American Financial Corp.  | 2634 |  | 137864 |
| Globe Life, Inc.  | 1591 |  | 191795 |
| The Hanover Insurance Group, Inc.  | 896 |  | 121076 |
| The Hartford Financial Services Group, Inc.  | 2414 |  | 183054 |
| Kemper Corp.  | 1608 |  | 79114 |
| Lincoln National Corp.  | 4299 |  | 132065 |
| Loews Corp.  | 2719 |  | 158599 |
| Markel Corp. <sup>(a)</sup>  | 130 |  | 171274 |
| MGIC Investment Corp.  | 7674 |  | 99762 |
| Old Republic International Corp.  | 7160 |  | 172914 |
| Primerica, Inc.  | 968 |  | 137282 |
| Principal Financial Group, Inc.  | 2637 |  | 221297 |
| Reinsurance Group of America, Inc.  | 1692 |  | 240416 |
| RenaissanceRe Holdings Ltd.  | 838 |  | 154385 |
| Ryan Specialty Holdings, Inc. <sup>(a)</sup>  | 600 |  | 24906 |
| Unum Group  | 5072 |  | 208104 |
| Voya Financial, Inc.  | 2572 |  | 158152 |
| Willis Towers Watson PLC  | 677 |  | 165581 |
|  |  |  | 4391315 |
| **Private Equity — 0.3%** | **Private Equity — 0.3%** | **Private Equity — 0.3%** | **Private Equity — 0.3%** |
| The Carlyle Group, Inc.  | 3807 |  | 113601 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| Jones Lang LaSalle, Inc. <sup>(a)</sup>  | 1242 |  | 197937 |
| **Real Estate Investment Trusts (REITS) — 2.1%** | **Real Estate Investment Trusts (REITS) — 2.1%** | **Real Estate Investment Trusts (REITS) — 2.1%** | **Real Estate Investment Trusts (REITS) — 2.1%** |
| AGNC Investment Corp.  | 13227 |  | 136900 |
| Annaly Capital Management, Inc.  | 9865 |  | 207954 |
| Apartment Income REIT Corp.  | 1261 |  | 43265 |
| Brixmor Property Group, Inc.  | 2305 |  | 52254 |
| Cousins Properties, Inc.  | 1816 |  | 45927 |
| Douglas Emmett, Inc.  | 1413 |  | 22156 |
| EPR Properties  | 658 |  | 24820 |
| Highwoods Properties, Inc.  | 2364 |  | 66145 |
| Hudson Pacific Properties, Inc.  | 1895 |  | 18438 |
| Kilroy Realty Corp.  | 1649 |  | 63767 |
| Omega Healthcare Investors, Inc.  | 3142 |  | 87819 |
| Rithm Capital Corp.  | 10802 |  | 88252 |
| SL Green Realty Corp. <sup>(b)</sup>  | 1549 |  | 52232 |
| Vornado Realty Trust  | 1863 |  | 38769 |
|  |  |  | 948698 |
| **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** |
| New York Community Bancorp, Inc.  | 9420 |  | 81012 |
|  |  |  | 10206499 |

---

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

**74**

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

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Industrial — 16.8%** | **Industrial — 16.8%** | **Industrial — 16.8%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Curtiss-Wright Corp.  | 593 | $99025 |
| **Building Materials — 3.2%** | **Building Materials — 3.2%** | **Building Materials — 3.2%** |
| Armstrong World Industries, Inc.  | 502 | 34432 |
| The AZEK Co., Inc <sup>(a)</sup>  | 1364 | 27716 |
| Builders FirstSource, Inc. <sup>(a)</sup>  | 4354 | 282487 |
| Eagle Materials, Inc.  | 895 | 118901 |
| Fortune Brands Innovations, Inc.  | 2961 | 169103 |
| Hayward Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1020 | 9588 |
| Lennox International, Inc.  | 516 | 123443 |
| Louisiana-Pacific Corp.  | 2061 | 122011 |
| Masterbrand, Inc. <sup>(a)</sup>  | 2961 | 22356 |
| MDU Resources Group, Inc.  | 5115 | 155189 |
| Mohawk Industries, Inc. <sup>(a)</sup>  | 1331 | 136055 |
| Owens Corning  | 2454 | 209326 |
|  |  | 1410607 |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |
| Acuity Brands, Inc.  | 573 | 94895 |
| Littelfuse, Inc.  | 205 | 45141 |
|  |  | 140036 |
| **Electronics — 2.2%** | **Electronics — 2.2%** | **Electronics — 2.2%** |
| Arrow Electronics, Inc. <sup>(a)</sup>  | 1651 | 172645 |
| Avnet, Inc.  | 2458 | 102204 |
| Coherent Corp. <sup>(a)</sup>  | 2664 | 93506 |
| Jabil, Inc.  | 3491 | 238086 |
| nVent Electric PLC  | 2091 | 80441 |
| Sensata Technologies Holding PLC  | 1733 | 69979 |
| TD SYNNEX Corp.  | 1079 | 102192 |
| Vontier Corp.  | 4075 | 78770 |
| Woodward, Inc.  | 635 | 61347 |
|  |  | 999170 |
| **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** |
| AECOM  | 2617 | 222262 |
| MasTec, Inc. <sup>(a)</sup>  | 1506 | 128507 |
| TopBuild Corp. <sup>(a)</sup>  | 475 | 74333 |
|  |  | 425102 |
| **Environmental Controls — 0.7%** | **Environmental Controls — 0.7%** | **Environmental Controls — 0.7%** |
| Clean Harbors, Inc. <sup>(a)</sup>  | 1277 | 145731 |
| Pentair PLC  | 2302 | 103544 |
| Stericycle, Inc. <sup>(a)</sup>  | 864 | 43105 |
|  |  | 292380 |
| **Hand & Machine Tools — 0.6%** | **Hand & Machine Tools — 0.6%** | **Hand & Machine Tools — 0.6%** |
| Lincoln Electric Holdings, Inc.  | 414 | 59819 |
| Snap-on, Inc.  | 533 | 121785 |
| Stanley Black & Decker, Inc.  | 1283 | 96379 |
|  |  | 277983 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Machinery – Construction & Mining — 0.6%** | **Machinery – Construction & Mining — 0.6%** | **Machinery – Construction & Mining — 0.6%** |
| BWX Technologies, Inc.  | 1977 | $114824 |
| Oshkosh Corp.  | 566 | 49916 |
| Vertiv Holdings Co.  | 7687 | 105004 |
|  |  | 269744 |
| **Machinery – Diversified — 1.7%** | **Machinery – Diversified — 1.7%** | **Machinery – Diversified — 1.7%** |
| AGCO Corp.  | 1560 | 216356 |
| Crane Holdings Co.  | 1191 | 119636 |
| Enovis Corp. <sup>(a)</sup>  | 1282 | 68613 |
| Esab Corp.  | 1306 | 61278 |
| Flowserve Corp.  | 2883 | 88450 |
| Gates Industrial Corp. PLC <sup>(a)</sup>  | 2903 | 33123 |
| The Middleby Corp. <sup>(a)</sup>  | 520 | 69628 |
| The Toro Co.  | 1071 | 121237 |
|  |  | 778321 |
| **Metal Fabricate & Hardware — 0.4%** | **Metal Fabricate & Hardware — 0.4%** | **Metal Fabricate & Hardware — 0.4%** |
| The Timken Co.  | 1578 | 111517 |
| Valmont Industries, Inc.  | 194 | 64150 |
|  |  | 175667 |
| **Miscellaneous - Manufacturing — 0.9%** | **Miscellaneous - Manufacturing — 0.9%** | **Miscellaneous - Manufacturing — 0.9%** |
| A.O. Smith Corp.  | 1956 | 111962 |
| Donaldson Co., Inc.  | 1446 | 85126 |
| Textron, Inc.  | 3113 | 220400 |
|  |  | 417488 |
| **Packaging & Containers — 2.4%** | **Packaging & Containers — 2.4%** | **Packaging & Containers — 2.4%** |
| AptarGroup, Inc.  | 605 | 66538 |
| Ardagh Group SA <sup>(a)</sup> <sup>(b)</sup> <sup>(c)</sup> <sup>(d)</sup> | 463 | 4915 |
| Ardagh Metal Packaging SA  | 2574 | 12381 |
| Berry Global Group, Inc.  | 3303 | 199600 |
| Graphic Packaging Holding Co.  | 7529 | 167520 |
| Packaging Corp. of America  | 689 | 88130 |
| Sealed Air Corp.  | 2073 | 103401 |
| Silgan Holdings, Inc.  | 2129 | 110368 |
| Sonoco Products Co.  | 1199 | 72791 |
| WestRock Co.  | 6419 | 225692 |
|  |  | 1051336 |
| **Shipbuilding — 0.5%** | **Shipbuilding — 0.5%** | **Shipbuilding — 0.5%** |
| Huntington Ingalls Industries, Inc.  | 990 | 228373 |
| **Transportation — 2.1%** | **Transportation — 2.1%** | **Transportation — 2.1%** |
| C.H. Robinson Worldwide, Inc.  | 2019 | 184859 |
| Expeditors International of Washington, Inc.  | 1377 | 143098 |
| Knight-Swift Transportation Holdings, Inc.  | 4022 | 210793 |
| Landstar System, Inc.  | 933 | 151986 |
| RXO, Inc. <sup>(a)</sup>  | 2592 | 44582 |
| Ryder System, Inc.  | 1233 | 103042 |

---

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

**75**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** | **Value** |
| Schneider National, Inc. Class B  | 1367 | $| 31988 |
| XPO, Inc. <sup>(a)</sup>  | 2592 |  | 86288 |
|  |  |  | 956636 |
|  |  |  | 7521868 |
| **Technology — 8.2%** | **Technology — 8.2%** | **Technology — 8.2%** | **Technology — 8.2%** |
| **Computers — 5.6%** | **Computers — 5.6%** | **Computers — 5.6%** | **Computers — 5.6%** |
| Amdocs Ltd.  | 2650 |  | 240885 |
| CACI International, Inc. Class A <sup>(a)</sup>  | 582 |  | 174943 |
| Dell Technologies, Inc. Class C  | 6774 |  | 272450 |
| DXC Technology Co. <sup>(a)</sup>  | 6195 |  | 164168 |
| Genpact Ltd.  | 2380 |  | 110242 |
| Hewlett Packard Enterprise Co.  | 32899 |  | 525068 |
| KBR, Inc.  | 3510 |  | 185328 |
| Leidos Holdings, Inc.  | 3186 |  | 335135 |
| Lumentum Holdings, Inc. <sup>(a)</sup>  | 1540 |  | 80342 |
| NCR Corp. <sup>(a)</sup>  | 3219 |  | 75357 |
| Science Applications International Corp.  | 1409 |  | 156300 |
| Western Digital Corp. <sup>(a)</sup>  | 5062 |  | 159706 |
|  |  |  | 2479924 |
| **Semiconductors — 1.6%** | **Semiconductors — 1.6%** | **Semiconductors — 1.6%** | **Semiconductors — 1.6%** |
| Cirrus Logic, Inc. <sup>(a)</sup>  | 1395 |  | 103900 |
| IPG Photonics Corp. <sup>(a)</sup>  | 830 |  | 78576 |
| MKS Instruments, Inc.  | 1141 |  | 96677 |
| Qorvo, Inc. <sup>(a)</sup>  | 2527 |  | 229047 |
| Skyworks Solutions, Inc.  | 2318 |  | 211239 |
|  |  |  | 719439 |
| **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** |
| Concentrix Corp.  | 1093 |  | 145544 |
| Doximity, Inc. Class A <sup>(a)</sup>  | 1375 |  | 46145 |
| Dropbox, Inc. Class A <sup>(a)</sup>  | 7098 |  | 158853 |
| Playtika Holding Corp. <sup>(a)</sup>  | 1749 |  | 14884 |
| Teradata Corp. <sup>(a)</sup>  | 2639 |  | 88829 |
|  |  |  | 454255 |
|  |  |  | 3653618 |
| **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** |
| **Electric — 1.6%** | **Electric — 1.6%** | **Electric — 1.6%** | **Electric — 1.6%** |
| Brookfield Renewable Corp. Class A  | 1234 |  | 33984 |
| Hawaiian Electric Industries, Inc.  | 2403 |  | 100566 |
| IDACORP, Inc.  | 528 |  | 56945 |
| NRG Energy, Inc.  | 5932 |  | 188756 |
| PG&E Corp. <sup>(a)</sup>  | 12116 |  | 197006 |
| Pinnacle West Capital Corp.  | 1781 |  | 135427 |
|  |  |  | 712684 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Gas — 0.8%** | **Gas — 0.8%** | **Gas — 0.8%** |
| National Fuel Gas Co.  | 1470 | $93051 |
| NiSource, Inc.  | 3130 | 85825 |
| UGI Corp.  | 5302 | 196545 |
|  |  | 375421 |
|  |  | 1088105 |
| **TOTAL COMMON STOCK (Cost $45,611,757)**  |  | **44767359** |
| **TOTAL EQUITIES (Cost $45,611,757)**  |  | **44767359** |
| **MUTUAL FUNDS — 0.2%** | **MUTUAL FUNDS — 0.2%** | **MUTUAL FUNDS — 0.2%** |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| State Street Navigator Securities Lending Government Money Market Portfolio <sup>(e)</sup>  | 98172 | 98172 |
| **TOTAL MUTUAL FUNDS (Cost $98,172)**  |  | **98172** |
| **TOTAL LONG-TERM INVESTMENTS (Cost $45,709,929)**  |  | **44865531** |
| **TOTAL INVESTMENTS — 100.2% (Cost $45,709,929) <sup>(f)</sup>**  |  | **44865531** |
| **Other Assets/(Liabilities) — (0.2)%**  |  | **(69484)** |
| **NET ASSETS — 100.0%**  |  | $**44796047** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, was $541,469 or 1.21% of net assets. The Fund received $456,205 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $4,915 or 0.01% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment is valued using significant unobservable inputs.

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

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

**76**

---

| |
|:---|
| ***MML High Yield Fund – Portfolio of Investments*** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **BONDS & NOTES — 95.4%** | **BONDS & NOTES — 95.4%** | **BONDS & NOTES — 95.4%** |
| **BANK LOANS — 2.6%** | **BANK LOANS — 2.6%** | **BANK LOANS — 2.6%** |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| Florida Food Products LLC, Term Loan, 1 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.384% VRN 10/18/28  | $166026 | $151084 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Four Seasons Hotels Ltd., 2022 Term Loan B,  |  |  |
| &nbsp;&nbsp;&nbsp;0.000% VRN 11/30/29 <sup>(a)</sup>  | 180780 | 180715 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD SOFR CME + 4.175% |  |  |
| &nbsp;&nbsp;&nbsp;8.598% VRN 4/13/29  | 95486 | 90752 |
| **Software — 1.8%** | **Software — 1.8%** | **Software — 1.8%** |
| Finastra USA, Inc., USD 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.250% |  |  |
| &nbsp;&nbsp;&nbsp;10.621% VRN 6/13/25  | 950532 | 703736 |
| Ivanti Software, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.011% VRN 12/01/27  | 168725 | 133011 |
| Quest Software US Holdings, Inc. 3 mo. USD SOFRTE + 7.500% |  |  |
| &nbsp;&nbsp;&nbsp;11.594% VRN 2/01/30  | 342316 | 205961 |
|  |  | 1042708 |
| **TOTAL BANK LOANS (Cost $1,856,853)**  |  | **1465259** |
| **CORPORATE DEBT — 92.8%** | **CORPORATE DEBT — 92.8%** | **CORPORATE DEBT — 92.8%** |
| **Advertising — 1.3%** | **Advertising — 1.3%** | **Advertising — 1.3%** |
| CMG Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.875% 12/15/27 <sup>(b)</sup>  | 712000 | 535922 |
| Stagwell Global LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 8/15/29 <sup>(b)</sup>  | 220000 | 181408 |
|  |  | 717330 |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.375% 11/30/29 <sup>(b)</sup>  | 83000 | 87374 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 6/15/30 <sup>(b)</sup>  | 130000 | 127075 |
| **Airlines — 3.0%** | **Airlines — 3.0%** | **Airlines — 3.0%** |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;11.750% 7/15/25 <sup>(b)</sup>  | 379000 | 406469 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| American Airlines, Inc. /AAdvantage Loyalty IP Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 4/20/26 <sup>(b)</sup>  | $| 535000 | $| 514337 |
| &nbsp;&nbsp;&nbsp;5.750% 4/20/29 <sup>(b)</sup>  |  | 229000 |  | 208892 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 6/20/27 <sup>(b)</sup>  |  | 238515 |  | 237133 |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 9/20/25 <sup>(b)</sup>  |  | 134000 |  | 134688 |
| United Airlines, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 4/15/26 <sup>(b)</sup>  |  | 122000 |  | 113085 |
| &nbsp;&nbsp;&nbsp;4.625% 4/15/29 <sup>(b)</sup>  |  | 121000 |  | 105354 |
|  |  |  |  | 1719958 |
| **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** |
| Ford Motor Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 2/12/32  |  | 434000 |  | 325522 |
| &nbsp;&nbsp;&nbsp;7.450% 7/16/31  |  | 153000 |  | 156488 |
| Ford Motor Credit Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 11/13/30  |  | 402000 |  | 329977 |
|  |  |  |  | 811987 |
| **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** |
| Adient Global Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 8/15/26 <sup>(b)</sup>  |  | 277000 |  | 257881 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| Emergent BioSolutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 8/15/28 <sup>(b)</sup>  |  | 347000 |  | 172483 |
| **Building Materials — 1.4%** | **Building Materials — 1.4%** | **Building Materials — 1.4%** | **Building Materials — 1.4%** | **Building Materials — 1.4%** |
| Jeld-Wen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 12/15/27 <sup>(b)</sup>  |  | 68000 |  | 51182 |
| New Enterprise Stone & Lime Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 7/15/28 <sup>(b)</sup>  |  | 222000 |  | 197129 |
| &nbsp;&nbsp;&nbsp;9.750% 7/15/28 <sup>(b)</sup>  |  | 602000 |  | 556212 |
|  |  |  |  | 804523 |
| **Chemicals — 4.8%** | **Chemicals — 4.8%** | **Chemicals — 4.8%** | **Chemicals — 4.8%** | **Chemicals — 4.8%** |
| Avient Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 8/01/30 <sup>(b)</sup>  |  | 187000 |  | 182794 |
| Celanese US Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.379% 7/15/32  |  | 637000 |  | 607677 |
| Consolidated Energy Finance SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 10/15/28 <sup>(b)</sup>  |  | 595000 |  | 505911 |
| LSF11 A5 HoldCo LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625% 10/15/29 <sup>(b)</sup>  |  | 294000 |  | 242877 |
| Methanex Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 10/15/27  |  | 144000 |  | 133560 |
| Olympus Water US Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 10/01/28 <sup>(b)</sup>  |  | 326000 |  | 264661 |
| &nbsp;&nbsp;&nbsp;6.250% 10/01/29 <sup>(b)</sup> <sup>(c)</sup>  |  | 459000 |  | 348337 |

---

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

**77**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Polar US Borrower LLC / Schenectady International Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 5/15/26 <sup>(b)</sup>  | $| 314000 | $| 116180 |
| Tronox, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 3/15/29 <sup>(b)</sup>  |  | 196000 |  | 162925 |
| Vibrantz Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000% 2/15/30 <sup>(b)</sup>  |  | 230000 |  | 173266 |
|  |  |  |  | 2738188 |
| **Coal — 0.5%** | **Coal — 0.5%** | **Coal — 0.5%** | **Coal — 0.5%** | **Coal — 0.5%** |
| Coronado Finance Pty Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.750% 5/15/26 <sup>(b)</sup>  |  | 290000 |  | 296525 |
| **Commercial Services — 4.0%** | **Commercial Services — 4.0%** | **Commercial Services — 4.0%** | **Commercial Services — 4.0%** | **Commercial Services — 4.0%** |
| Alta Equipment Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 4/15/26 <sup>(b)</sup>  |  | 378000 |  | 340236 |
| APi Group DE, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 10/15/29 <sup>(b)</sup>  |  | 372000 |  | 322470 |
| Ashtead Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 8/11/32 <sup>(b)</sup>  |  | 172000 |  | 165060 |
| Carriage Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 5/15/29 <sup>(b)</sup>  |  | 92000 |  | 73018 |
| CoreLogic, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 5/01/28 <sup>(b)</sup>  |  | 251000 |  | 192567 |
| The Hertz Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 12/01/29 <sup>(b)</sup>  |  | 315000 |  | 238959 |
| Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 1/15/28 <sup>(b)</sup>  |  | 418000 |  | 380447 |
| PROG Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 11/15/29 <sup>(b)</sup>  |  | 304000 |  | 244623 |
| Sabre GLBL, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375% 9/01/25 <sup>(b)</sup>  |  | 172000 |  | 164360 |
| &nbsp;&nbsp;&nbsp;9.250% 4/15/25 <sup>(b)</sup>  |  | 171000 |  | 170338 |
|  |  |  |  | 2292078 |
| **Computers — 1.5%** | **Computers — 1.5%** | **Computers — 1.5%** | **Computers — 1.5%** | **Computers — 1.5%** |
| Condor Merger Sub, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375% 2/15/30 <sup>(b)</sup>  |  | 408000 |  | 328151 |
| Presidio Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250% 2/01/28 <sup>(b)</sup>  |  | 462000 |  | 428311 |
| Seagate HDD Cayman |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.625% 12/01/32 <sup>(b)</sup>  |  | 100620 |  | 110360 |
|  |  |  |  | 866822 |
| **Cosmetics & Personal Care — 0.7%** | **Cosmetics & Personal Care — 0.7%** | **Cosmetics & Personal Care — 0.7%** | **Cosmetics & Personal Care — 0.7%** | **Cosmetics & Personal Care — 0.7%** |
| Coty, Inc. /HFC Prestige Products, Inc. /HFC Prestige International US LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 1/15/29 <sup>(b)</sup>  |  | 446000 |  | 403630 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Distribution & Wholesale — 0.8%** | **Distribution & Wholesale — 0.8%** | **Distribution & Wholesale — 0.8%** |
| American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 11/15/29 <sup>(b)</sup>  | $185000 | $151228 |
| Resideo Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 9/01/29 <sup>(b)</sup>  | 372000 | 300781 |
|  |  | 452009 |
| **Diversified Financial Services — 6.1%** | **Diversified Financial Services — 6.1%** | **Diversified Financial Services — 6.1%** |
| Coinbase Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 10/01/28 <sup>(b)</sup>  | 168000 | 88805 |
| &nbsp;&nbsp;&nbsp;3.625% 10/01/31 <sup>(b)</sup>  | 136000 | 65499 |
| Global Aircraft Leasing Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 9/15/24 <sup>(b)</sup>  | 1498293 | 1273549 |
| Jefferson Capital Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 8/15/26 <sup>(b)</sup>  | 380000 | 314423 |
| Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 1/15/30 <sup>(b)</sup>  | 339000 | 274536 |
| &nbsp;&nbsp;&nbsp;6.500% 5/01/28 <sup>(b)</sup>  | 270000 | 231272 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 9/15/30  | 169000 | 126098 |
| &nbsp;&nbsp;&nbsp;5.375% 11/15/29  | 552000 | 451481 |
| PRA Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 10/01/29 <sup>(b)</sup>  | 583000 | 480975 |
| &nbsp;&nbsp;&nbsp;7.375% 9/01/25 <sup>(b)</sup>  | 168000 | 162313 |
|  |  | 3468951 |
| **Electric — 1.8%** | **Electric — 1.8%** | **Electric — 1.8%** |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 7/01/28 <sup>(c)</sup>  | 567000 | 517388 |
| Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 9/01/28 <sup>(b)</sup>  | 593000 | 518424 |
|  |  | 1035812 |
| **Electronics — 0.9%** | **Electronics — 0.9%** | **Electronics — 0.9%** |
| Atkore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 6/01/31 <sup>(b)</sup>  | 587000 | 503352 |
| **Engineering & Construction — 1.3%** | **Engineering & Construction — 1.3%** | **Engineering & Construction — 1.3%** |
| Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 4/15/29 <sup>(b)</sup>  | 230000 | 199451 |
| Dycom Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 4/15/29 <sup>(b)</sup>  | 99000 | 86169 |
| Global Infrastructure Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 6/01/29 <sup>(b)</sup>  | 126000 | 98447 |
| &nbsp;&nbsp;&nbsp;7.500% 4/15/32 <sup>(b)</sup>  | 140000 | 110820 |
| MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 8/15/28 <sup>(b)</sup> <sup>(c)</sup>  | 130000 | 116649 |
| Railworks Holdings LP / Railworks Rally, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.250% 11/15/28 <sup>(b)</sup>  | 117000 | 108225 |
|  |  | 719761 |

---

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

**78**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 10/15/27 <sup>(b)</sup>  | $260000 | $231860 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 5/01/29 <sup>(b)</sup>  | 136000 | 115718 |
|  |  | 347578 |
| **Environmental Controls — 0.3%** | **Environmental Controls — 0.3%** | **Environmental Controls — 0.3%** |
| Harsco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 7/31/27 <sup>(b)</sup>  | 188000 | 148439 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.625% 1/15/32 <sup>(b)</sup>  | 420000 | 340200 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| Clearwater Paper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 8/15/28 <sup>(b)</sup>  | 92000 | 80961 |
| **Health Care – Products — 0.5%** | **Health Care – Products — 0.5%** | **Health Care – Products — 0.5%** |
| Garden Spinco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.625% 7/20/30 <sup>(b)</sup>  | 248000 | 262880 |
| **Health Care – Services — 7.6%** | **Health Care – Services — 7.6%** | **Health Care – Services — 7.6%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 12/15/29  | 629000 | 575025 |
| Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 3/15/29 <sup>(b)</sup>  | 40000 | 35376 |
| &nbsp;&nbsp;&nbsp;4.250% 5/01/28 <sup>(b)</sup>  | 329000 | 302999 |
| CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 2/15/31 <sup>(b)</sup>  | 108000 | 78410 |
| &nbsp;&nbsp;&nbsp;5.250% 5/15/30 <sup>(b)</sup>  | 468000 | 352890 |
| &nbsp;&nbsp;&nbsp;6.000% 1/15/29 <sup>(b)</sup>  | 184000 | 153912 |
| &nbsp;&nbsp;&nbsp;6.125% 4/01/30 <sup>(b)</sup>  | 213000 | 105473 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 9/01/30  | 776000 | 671311 |
| &nbsp;&nbsp;&nbsp;5.625% 9/01/28  | 673000 | 670048 |
| Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 6/15/28 <sup>(b)</sup>  | 187000 | 170654 |
| Radiology Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.250% 2/01/28 <sup>(b)</sup>  | 655000 | 367687 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 1/15/30 <sup>(b)</sup>  | 165000 | 142818 |
| &nbsp;&nbsp;&nbsp;4.875% 1/01/26 <sup>(b)</sup>  | 179000 | 169944 |
| &nbsp;&nbsp;&nbsp;6.125% 10/01/28 <sup>(b)</sup>  | 493000 | 441393 |
| &nbsp;&nbsp;&nbsp;6.125% 6/15/30 <sup>(b)</sup>  | 96000 | 91469 |
|  |  | 4329409 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Home Builders — 1.8%** | **Home Builders — 1.8%** | **Home Builders — 1.8%** |
| Ashton Woods USA LLC / Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 8/01/29 <sup>(b)</sup>  | $198000 | $158545 |
| M/I Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.950% 2/01/28  | 368000 | 326953 |
| Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 3/01/30 <sup>(b)</sup>  | 668000 | 541390 |
|  |  | 1026888 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.625% 10/15/25 <sup>(b)</sup>  | 430269 | 400188 |
| **Internet — 1.4%** | **Internet — 1.4%** | **Internet — 1.4%** |
| Cars.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 11/01/28 <sup>(b)</sup>  | 330000 | 293201 |
| Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.750% 3/01/27 <sup>(b)</sup>  | 74000 | 73043 |
| ION Trading Technologies Sarl |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 5/15/28 <sup>(b)</sup>  | 298000 | 248457 |
| Millennium Escrow Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625% 8/01/26 <sup>(b)</sup>  | 168000 | 107529 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 8/15/29 <sup>(b)</sup>  | 78000 | 67958 |
|  |  | 790188 |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| Icahn Enterprises LP/ Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 9/15/24  | 178000 | 170630 |
| **Leisure Time — 1.2%** | **Leisure Time — 1.2%** | **Leisure Time — 1.2%** |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 3/01/27 <sup>(b)</sup>  | 205000 | 146378 |
| NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 3/15/26 <sup>(b)</sup>  | 118000 | 92931 |
| &nbsp;&nbsp;&nbsp;5.875% 2/15/27 <sup>(b)</sup>  | 49000 | 42449 |
| NCL Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 3/15/28 <sup>(b)</sup>  | 94000 | 69393 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Convertible, 4.250% 6/15/23  | 20000 | 19845 |
| &nbsp;&nbsp;&nbsp;5.500% 8/31/26 <sup>(b)</sup>  | 343000 | 288125 |
|  |  | 659121 |
| **Lodging — 1.0%** | **Lodging — 1.0%** | **Lodging — 1.0%** |
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 7/01/31 <sup>(b)</sup>  | 199000 | 162414 |

---

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

**79**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 5/15/25 <sup>(b)</sup>  | $| 225000 | $| 210033 |
| Travel & Leisure Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625% 7/31/26 <sup>(b)</sup>  |  | 213000 |  | 208370 |
|  |  |  |  | 580817 |
| **Machinery – Diversified — 0.2%** | **Machinery – Diversified — 0.2%** | **Machinery – Diversified — 0.2%** | **Machinery – Diversified — 0.2%** | **Machinery – Diversified — 0.2%** |
| OT Merger Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875% 10/15/29 <sup>(b)</sup>  |  | 180000 |  | 95400 |
| **Media — 6.6%** | **Media — 6.6%** | **Media — 6.6%** | **Media — 6.6%** | **Media — 6.6%** |
| Altice Financing SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 1/15/28 <sup>(b)</sup>  |  | 152000 |  | 122360 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 1/15/34 <sup>(b)</sup>  |  | 486000 |  | 358690 |
| &nbsp;&nbsp;&nbsp;4.500% 5/01/32  |  | 95000 |  | 75682 |
| &nbsp;&nbsp;&nbsp;5.000% 2/01/28 <sup>(b)</sup>  |  | 130000 |  | 117487 |
| &nbsp;&nbsp;&nbsp;5.375% 6/01/29 <sup>(b)</sup>  |  | 162000 |  | 145888 |
| CSC Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 12/01/30 <sup>(b)</sup>  |  | 311000 |  | 171845 |
| Cumulus Media New Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 7/01/26 <sup>(b)</sup> <sup>(c)</sup>  |  | 168000 |  | 141120 |
| DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 8/15/27 <sup>(b)</sup>  |  | 321000 |  | 287186 |
| DISH DBS Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 12/01/26 <sup>(b)</sup>  |  | 53000 |  | 44644 |
| &nbsp;&nbsp;&nbsp;5.750% 12/01/28 <sup>(b)</sup>  |  | 68000 |  | 54272 |
| &nbsp;&nbsp;&nbsp;7.375% 7/01/28  |  | 32000 |  | 22640 |
| DISH Network Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 8/15/26  |  | 680000 |  | 426020 |
| Gray Escrow II, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 11/15/31 <sup>(b)</sup>  |  | 246000 |  | 177280 |
| iHeartCommunications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375% 5/01/27 <sup>(c)</sup>  |  | 172710 |  | 146826 |
| LCPR Senior Secured Financing DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 7/15/29 <sup>(b)</sup>  |  | 223000 |  | 184735 |
| &nbsp;&nbsp;&nbsp;6.750% 10/15/27 <sup>(b)</sup>  |  | 283000 |  | 264605 |
| Radiate Holdco LLC / Radiate Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 9/15/28 <sup>(b)</sup>  |  | 336000 |  | 139440 |
| Sinclair Television Group Inc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 2/15/27 <sup>(b)</sup>  |  | 178000 |  | 145179 |
| Sirius XM Radio, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 9/01/31 <sup>(b)</sup>  |  | 333000 |  | 259796 |
| Univision Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375% 6/30/30 <sup>(b)</sup>  |  | 71000 |  | 67855 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Virgin Media Secured Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 8/15/30 <sup>(b)</sup>  | $| 280000 | $| 233919 |
| Virgin Media Vendor Financing Notes IV DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 7/15/28 <sup>(b)</sup>  |  | 200000 |  | 174927 |
|  |  |  |  | 3762396 |
| **Mining — 2.4%** | **Mining — 2.4%** | **Mining — 2.4%** | **Mining — 2.4%** | **Mining — 2.4%** |
| Arconic Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 2/15/28 <sup>(b)</sup>  |  | 178000 |  | 167011 |
| Compass Minerals International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 7/15/24 <sup>(b)</sup>  |  | 294000 |  | 282608 |
| &nbsp;&nbsp;&nbsp;6.750% 12/01/27 <sup>(b)</sup>  |  | 192000 |  | 184320 |
| First Quantum Minerals Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 10/15/27 <sup>(b)</sup>  |  | 400000 |  | 375289 |
| Novelis Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 11/15/26 <sup>(b)</sup>  |  | 48000 |  | 43032 |
| &nbsp;&nbsp;&nbsp;3.875% 8/15/31 <sup>(b)</sup>  |  | 341000 |  | 278390 |
|  |  |  |  | 1330650 |
| **Miscellaneous - Manufacturing — 0.3%** | **Miscellaneous - Manufacturing — 0.3%** | **Miscellaneous - Manufacturing — 0.3%** | **Miscellaneous - Manufacturing — 0.3%** | **Miscellaneous - Manufacturing — 0.3%** |
| Amsted Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 7/01/27 <sup>(b)</sup>  |  | 175000 |  | 166015 |
| **Oil & Gas — 9.0%** | **Oil & Gas — 9.0%** | **Oil & Gas — 9.0%** | **Oil & Gas — 9.0%** | **Oil & Gas — 9.0%** |
| Apache Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 4/15/43  |  | 65000 |  | 49043 |
| &nbsp;&nbsp;&nbsp;5.100% 9/01/40  |  | 130000 |  | 107733 |
| &nbsp;&nbsp;&nbsp;5.350% 7/01/49  |  | 197000 |  | 159197 |
| Chesapeake Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 2/01/26 <sup>(b)</sup>  |  | 90000 |  | 86848 |
| &nbsp;&nbsp;&nbsp;5.875% 2/01/29 <sup>(b)</sup>  |  | 205000 |  | 194242 |
| Comstock Resources, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 1/15/30 <sup>(b)</sup>  |  | 114000 |  | 98006 |
| &nbsp;&nbsp;&nbsp;6.750% 3/01/29 <sup>(b)</sup>  |  | 126000 |  | 113715 |
| CVR Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 2/15/28 <sup>(b)</sup>  |  | 350000 |  | 304675 |
| Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 11/01/28 <sup>(b)</sup>  |  | 365000 |  | 330325 |
| Murphy Oil Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 7/15/28  |  | 182000 |  | 175184 |
| Nabors Industries Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250% 1/15/26 <sup>(b)</sup>  |  | 339000 |  | 319473 |
| &nbsp;&nbsp;&nbsp;7.500% 1/15/28 <sup>(b)</sup>  |  | 169000 |  | 154617 |
| Nabors Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 2/01/25  |  | 55000 |  | 52449 |
| &nbsp;&nbsp;&nbsp;7.375% 5/15/27 <sup>(b)</sup>  |  | 227000 |  | 219894 |
| Neptune Energy Bondco PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625% 5/15/25 <sup>(b)</sup>  |  | 594000 |  | 576779 |

---

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

**80**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Occidental Petroleum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 1/01/31  | $| 387000 | $| 390556 |
| &nbsp;&nbsp;&nbsp;6.200% 3/15/40  |  | 397000 |  | 385660 |
| &nbsp;&nbsp;&nbsp;6.450% 9/15/36  |  | 215000 |  | 219300 |
| &nbsp;&nbsp;&nbsp;6.950% 7/01/24  |  | 42000 |  | 42735 |
| Parkland Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 5/01/30 <sup>(b)</sup>  |  | 105000 |  | 86888 |
| &nbsp;&nbsp;&nbsp;5.875% 7/15/27 <sup>(b)</sup>  |  | 269000 |  | 255415 |
| Range Resources Corp. Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250% 1/15/29  |  | 123000 |  | 126745 |
| Southwestern Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 2/01/32  |  | 109000 |  | 93150 |
| Sunoco LP/Sunoco Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 4/15/27  |  | 172000 |  | 169368 |
| Transocean Guardian Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 1/15/24 <sup>(b)</sup>  |  | 25512 |  | 24912 |
| Transocean Poseidon Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 2/01/27 <sup>(b)</sup>  |  | 25375 |  | 24693 |
| Transocean, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250% 11/01/25 <sup>(b)</sup>  |  | 172000 |  | 152086 |
| &nbsp;&nbsp;&nbsp;7.500% 1/15/26 <sup>(b)</sup>  |  | 241000 |  | 202883 |
|  |  |  |  | 5116571 |
| **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** |
| Weatherford International Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 9/15/28 <sup>(b)</sup>  |  | 126000 |  | 123518 |
| &nbsp;&nbsp;&nbsp;8.625% 4/30/30 <sup>(b)</sup>  |  | 368000 |  | 353393 |
|  |  |  |  | 476911 |
| **Packaging & Containers — 2.3%** | **Packaging & Containers — 2.3%** | **Packaging & Containers — 2.3%** | **Packaging & Containers — 2.3%** | **Packaging & Containers — 2.3%** |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625% 4/15/29 <sup>(b)</sup>  |  | 79000 |  | 75154 |
| &nbsp;&nbsp;&nbsp;8.750% 4/15/30 <sup>(b)</sup>  |  | 263000 |  | 225183 |
| Graham Packaging Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 8/15/28 <sup>(b)</sup>  |  | 89000 |  | 74247 |
| Mauser Packaging Solutions Holding Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 4/15/24 <sup>(b)</sup>  |  | 164000 |  | 159447 |
| &nbsp;&nbsp;&nbsp;7.250% 4/15/25 <sup>(b)</sup> <sup>(c)</sup>  |  | 446000 |  | 412392 |
| Trident TPI Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250% 8/01/24 <sup>(b)</sup>  |  | 386000 |  | 366944 |
|  |  |  |  | 1313367 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
| 1375209 BC Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000% 1/30/28 <sup>(b)</sup>  |  | 136000 |  | 132430 |
| AdaptHealth LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 3/01/30 <sup>(b)</sup>  |  | 365000 |  | 310721 |
| Bausch Health Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 6/01/28 <sup>(b)</sup>  |  | 215000 |  | 136749 |
| &nbsp;&nbsp;&nbsp;11.000% 9/30/28 <sup>(b)</sup>  |  | 242000 |  | 188723 |
| &nbsp;&nbsp;&nbsp;14.000% 10/15/30 <sup>(b)</sup>  |  | 47000 |  | 27901 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Jazz Securities DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 1/15/29 <sup>(b)</sup>  | $| 187000 | $| 166645 |
| Organon & Co. / Organon Foreign Debt Co-Issuer BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 4/30/28 <sup>(b)</sup>  |  | 180000 |  | 159372 |
| Perrigo Finance Unlimited Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.400% STEP 6/15/30  |  | 194000 |  | 165291 |
|  |  |  |  | 1287832 |
| **Pipelines — 7.2%** | **Pipelines — 7.2%** | **Pipelines — 7.2%** | **Pipelines — 7.2%** | **Pipelines — 7.2%** |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 6/15/29 <sup>(b)</sup>  |  | 313000 |  | 286157 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 6/15/31 <sup>(b)</sup>  |  | 379000 |  | 331060 |
| EnLink Midstream LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 6/01/29  |  | 173000 |  | 160074 |
| EnLink Midstream Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.850% 7/15/26  |  | 56000 |  | 52642 |
| &nbsp;&nbsp;&nbsp;5.450% 6/01/47  |  | 97000 |  | 77759 |
| &nbsp;&nbsp;&nbsp;5.600% 4/01/44  |  | 257000 |  | 211965 |
| EQM Midstream Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 1/15/29 <sup>(b)</sup>  |  | 157000 |  | 131867 |
| &nbsp;&nbsp;&nbsp;6.000% 7/01/25 <sup>(b)</sup>  |  | 67000 |  | 64655 |
| &nbsp;&nbsp;&nbsp;6.500% 7/01/27 <sup>(b)</sup>  |  | 151000 |  | 144318 |
| Harvest Midstream I LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 9/01/28 <sup>(b)</sup>  |  | 514000 |  | 490582 |
| ITT Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 8/01/29 <sup>(b)</sup>  |  | 565000 |  | 475809 |
| NGL Energy Operating LLC / NGL Energy Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 2/01/26 <sup>(b)</sup>  |  | 350000 |  | 311176 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 10/01/25 <sup>(b)</sup>  |  | 171000 |  | 172539 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 2/01/31  |  | 295000 |  | 264781 |
| &nbsp;&nbsp;&nbsp;5.500% 3/01/30  |  | 494000 |  | 464815 |
| Venture Global Calcasieu Pass LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 8/15/29 <sup>(b)</sup>  |  | 133000 |  | 116375 |
| &nbsp;&nbsp;&nbsp;4.125% 8/15/31 <sup>(b)</sup>  |  | 152000 |  | 129503 |
| Western Midstream Operating LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.450% 4/01/44  |  | 202000 |  | 167531 |
|  |  |  |  | 4053608 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| Realogy Group LLC / Realogy Co-Issuer Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 1/15/29 <sup>(b)</sup>  |  | 311000 |  | 235237 |

---

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

**81**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Real Estate Investment Trusts (REITS) — 2.5%** | **Real Estate Investment Trusts (REITS) — 2.5%** | **Real Estate Investment Trusts (REITS) — 2.5%** |
| Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;2.900% 12/15/31  | $199000 | $152750 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 6/15/29 <sup>(b)</sup>  | 425000 | 343128 |
| MPT Operating Partnership LP / MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 10/15/27 <sup>(c)</sup>  | 189000 | 158860 |
| RLJ Lodging Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 7/01/26 <sup>(b)</sup>  | 107000 | 95195 |
| &nbsp;&nbsp;&nbsp;4.000% 9/15/29 <sup>(b)</sup>  | 126000 | 102144 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.950% 1/15/28  | 73000 | 51829 |
| &nbsp;&nbsp;&nbsp;4.375% 2/15/30  | 115000 | 75980 |
| &nbsp;&nbsp;&nbsp;4.950% 2/15/27  | 58000 | 45681 |
| &nbsp;&nbsp;&nbsp;7.500% 9/15/25  | 267000 | 254431 |
| Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 4/15/28 <sup>(b)</sup>  | 180000 | 143025 |
|  |  | 1423023 |
| **Retail — 3.2%** | **Retail — 3.2%** | **Retail — 3.2%** |
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 11/15/29 <sup>(b)</sup>  | 148000 | 124711 |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 7/01/36  | 97000 | 85253 |
| &nbsp;&nbsp;&nbsp;6.875% 11/01/35  | 299000 | 265781 |
| BCPE Ulysses Intermediate, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.750% 4/01/27 <sup>(b)</sup>  | 405000 | 250254 |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 4/01/29 <sup>(b)</sup> <sup>(c)</sup>  | 40000 | 35416 |
| &nbsp;&nbsp;&nbsp;5.875% 3/15/30 <sup>(b)</sup>  | 71000 | 61609 |
| &nbsp;&nbsp;&nbsp;6.125% 3/15/32 <sup>(b)</sup>  | 78000 | 65561 |
| Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 1/15/44 <sup>(c)</sup>  | 331000 | 201082 |
| Sonic Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 11/15/29 <sup>(b)</sup>  | 149000 | 119305 |
| &nbsp;&nbsp;&nbsp;4.875% 11/15/31 <sup>(b)</sup>  | 63000 | 49530 |
| Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 4/15/26 <sup>(b)</sup>  | 160000 | 137709 |
| &nbsp;&nbsp;&nbsp;10.750% 4/15/27 <sup>(b)</sup> <sup>(c)</sup>  | 216000 | 155542 |
| Suburban Propane Partners LP / Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 6/01/31 <sup>(b)</sup>  | 192000 | 163197 |
| Superior Plus LP / Superior General Partner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 3/15/29 <sup>(b)</sup>  | 145000 | 123975 |
|  |  | 1838925 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
| Entegris Escrow Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.950% 6/15/30 <sup>(b)</sup>  | $204000 | $188129 |
| **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** |
| AthenaHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 2/15/30 <sup>(b)</sup>  | 242000 | 178338 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 10/15/26 <sup>(b)</sup>  | 94000 | 87913 |
| Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 2/15/28 <sup>(b)</sup>  | 43000 | 36900 |
| Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 2/15/30 <sup>(b)</sup>  | 196000 | 157711 |
| &nbsp;&nbsp;&nbsp;4.125% 12/01/31 <sup>(b)</sup>  | 72000 | 55965 |
| Veritas US, Inc./Veritas Bermuda Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 9/01/25 <sup>(b)</sup>  | 398000 | 274701 |
|  |  | 791528 |
| **Telecommunications — 5.4%** | **Telecommunications — 5.4%** | **Telecommunications — 5.4%** |
| Altice France Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;10.500% 5/15/27 <sup>(b)</sup>  | 74000 | 56425 |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 7/15/29 <sup>(b)</sup>  | 368000 | 275905 |
| Connect Finco SARL / Connect US Finco LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 10/01/26 <sup>(b)</sup>  | 122000 | 113065 |
| Consolidated Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 10/01/28 <sup>(b)</sup>  | 391000 | 303831 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 1/15/30 <sup>(b)</sup> <sup>(c)</sup>  | 713000 | 560113 |
| GoTo Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 9/01/27 <sup>(b)</sup>  | 210000 | 112943 |
| Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 11/15/28  | 476000 | 495034 |
| &nbsp;&nbsp;&nbsp;8.750% 3/15/32  | 671000 | 798557 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 4/15/29  | 357000 | 314396 |
|  |  | 3030269 |
| **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** |
| Carriage Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.875% 10/15/29 <sup>(b)</sup>  | 191000 | 135610 |
| First Student Bidco, Inc./First Transit Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 7/31/29 <sup>(b)</sup>  | 425000 | 351529 |

---

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

**82**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Seaspan Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 8/01/29 <sup>(b)</sup>  | $| 571000 | $| 432704 |
|  |  |  |  | 919843 |
| **TOTAL CORPORATE DEBT (Cost $60,723,074)**  |  |  |  | **52642742** |
| **TOTAL BONDS & NOTES (Cost $62,579,927)**  |  |  |  | **54108001** |
|  | **Number of <br> Shares** | **Number of <br> Shares** |  |  |
| **MUTUAL FUNDS — 4.3%** | **MUTUAL FUNDS — 4.3%** | **MUTUAL FUNDS — 4.3%** | **MUTUAL FUNDS — 4.3%** | **MUTUAL FUNDS — 4.3%** |
| **Diversified Financial Services — 4.3%** | **Diversified Financial Services — 4.3%** | **Diversified Financial Services — 4.3%** | **Diversified Financial Services — 4.3%** | **Diversified Financial Services — 4.3%** |
| State Street Navigator Securities Lending Government Money Market Portfolio <sup>(d)</sup>  |  | 2421165 |  | 2421165 |
| **TOTAL MUTUAL FUNDS (Cost $2,421,165)**  |  |  |  | **2421165** |
| **TOTAL LONG-TERM INVESTMENTS (Cost $65,001,092)**  |  |  |  | **56529166** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 3.0%** | **SHORT-TERM INVESTMENTS — 3.0%** | **SHORT-TERM INVESTMENTS — 3.0%** |
| **Repurchase Agreement — 3.0%** | **Repurchase Agreement — 3.0%** | **Repurchase Agreement — 3.0%** |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 <sup>(e)</sup>  | $1706681 | $1706681 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $1,706,681)**  |  | **1706681** |
| **TOTAL INVESTMENTS — 102.7% (Cost $66,707,773) <sup>(f)</sup>**  |  | **58235847** |
| **Other Assets/(Liabilities) — (2.7)%**  |  | **(1506092)** |
| **NET ASSETS — 100.0%**  |  | $**56729755** |

---

**Abbreviation Legend** 

STEP Step Up Bond

VRN Variable Rate Note

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $40,453,959 or 71.31% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, was $2,535,270 or 4.47% of net assets. The Fund received $167,707 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

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

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

**83**

---

| |
|:---|
| ***MML Inflation-Protected and Income Fund – Portfolio of Investments*** |
| **December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **BONDS & NOTES — 89.3%** | **BONDS & NOTES — 89.3%** | **BONDS & NOTES — 89.3%** |
| **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 53.9%** | **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 53.9%** | **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 53.9%** |
| **Automobile Asset-Backed Securities — 4.6%** | **Automobile Asset-Backed Securities — 4.6%** | **Automobile Asset-Backed Securities — 4.6%** |
| Avis Budget Rental Car Funding, Series 2017-2A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;4.560% 3/20/24 <sup>(a)</sup>  | $1000000 | $996519 |
| Carvana Auto Receivables Trust, Series 2020-N3, Class B |  |  |
| &nbsp;&nbsp;&nbsp;0.660% 6/12/28  | 1356339 | 1235268 |
| Drive Auto Receivables Trust, Series 2021-1, Class C |  |  |
| &nbsp;&nbsp;&nbsp;1.020% 6/15/27  | 1200000 | 1174099 |
| Hertz Vehicle Financing LLC, Series 2021-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.980% 12/26/25 <sup>(a)</sup>  | 3400000 | 3022781 |
| Onemain Direct Auto Receivable Trust, Series 2022-1A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;5.310% 6/14/29 <sup>(a)</sup>  | 800000 | 769758 |
| Westlake Automobile Receivables Trust, Series 2020-3A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;1.650% 2/17/26 <sup>(a)</sup>  | 2306000 | 2187024 |
|  |  | 9385449 |
| **Commercial Mortgage-Backed Securities — 4.6%** | **Commercial Mortgage-Backed Securities — 4.6%** | **Commercial Mortgage-Backed Securities — 4.6%** |
| BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.818% FRN 7/15/35 <sup>(a)</sup>  | 1000000 | 946239 |
| BX Commercial Mortgage Trust, Series 2019-XL, Class F, 1 mo. TSFR + 2.114% |  |  |
| &nbsp;&nbsp;&nbsp;6.450% FRN 10/15/36 <sup>(a)</sup>  | 1487500 | 1431823 |
| CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.068% FRN 12/15/37 <sup>(a)</sup>  | 308865 | 298067 |
| Credit Suisse Mortgage Capital Certificates |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600% 5.918% FRN 5/15/36 <sup>(a)</sup>  | 4000000 | 3900183 |
| &nbsp;&nbsp;&nbsp;Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150% 6.468% FRN 5/15/36 <sup>(a)</sup>  | 2500000 | 2418895 |
| KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% |  |  |
| &nbsp;&nbsp;&nbsp;6.118% FRN 5/15/36 <sup>(a)</sup>  | 476000 | 463230 |
|  |  | 9458437 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Home Equity Asset-Backed Securities — 1.1%** | **Home Equity Asset-Backed Securities — 1.1%** | **Home Equity Asset-Backed Securities — 1.1%** |
| Centex Home Equity Loan Trust, Series 2006-A, Class M1, 1 mo. USD LIBOR + .450% |  |  |
| &nbsp;&nbsp;&nbsp;4.839% FRN 6/25/36  | $112410 | $111880 |
| Citigroup Mortgage Loan Trust, Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .435% |  |  |
| &nbsp;&nbsp;&nbsp;4.824% FRN 8/25/36  | 281525 | 279097 |
| Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD LIBOR + .615% |  |  |
| &nbsp;&nbsp;&nbsp;5.004% FRN 4/25/36  | 1477663 | 1437483 |
| Residential Asset Securities Trust, Series 2005-EMX1, Class M1, 1 mo. USD LIBOR + .645% |  |  |
| &nbsp;&nbsp;&nbsp;5.034% FRN 3/25/35  | 398908 | 397797 |
|  |  | 2226257 |
| **Other Asset-Backed Securities — 22.8%** | **Other Asset-Backed Securities — 22.8%** | **Other Asset-Backed Securities — 22.8%** |
| 321 Henderson Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 4.518% FRN 3/15/41 <sup>(a)</sup>  | 40734 | 40631 |
| &nbsp;&nbsp;&nbsp;Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 4.518% FRN 9/15/41 <sup>(a)</sup>  | 55400 | 54418 |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-Z1, Class A, 1.070% 8/15/25 <sup>(a)</sup>  | 1501719 | 1460074 |
| &nbsp;&nbsp;&nbsp;Series 2021-Z2, Class A, 1.170% 11/16/26 <sup>(a)</sup>  | 817195 | 780874 |
| &nbsp;&nbsp;&nbsp;Series 2022-X1, Class A, 1.750% 2/15/27 <sup>(a)</sup>  | 820074 | 797123 |
| &nbsp;&nbsp;&nbsp;Series 2020-Z2, Class A, 1.900% 1/15/25 <sup>(a)</sup>  | 641836 | 631596 |
| BHG Securitization Trust, Series 2021-B, Class A |  |  |
| &nbsp;&nbsp;&nbsp;0.900% 10/17/34 <sup>(a)</sup>  | 957469 | 902403 |
| Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;0.985% VRN 11/25/50 <sup>(a)</sup> <sup>(b)</sup>  | 1180299 | 1108756 |
| Citigroup Mortgage Loan Trust, Series 2006-WFH2, Class M1, 1 mo. USD LIBOR + .405% |  |  |
| &nbsp;&nbsp;&nbsp;4.794% FRN 8/25/36  | 53371 | 53322 |
| Crossroads Asset Trust, Series 2021-A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;0.820% 3/20/24 <sup>(a)</sup>  | 102372 | 101585 |
| FCI Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, 1.130% 4/15/33 <sup>(a)</sup>  | 1392435 | 1359888 |

---

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

**84**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 1.530% 4/15/33 <sup>(a)</sup>  | $928399 | $907474 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A, 3.630% 2/18/31 <sup>(a)</sup>  | 11599 | 11588 |
| First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-FF15, Class A5, 1 mo. USD LIBOR + .160% 4.549% FRN 11/25/36  | 360579 | 349161 |
| &nbsp;&nbsp;&nbsp;Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720% 5.109% FRN 10/25/35  | 99578 | 99436 |
| FNA VI LLC, Series 21-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;1.350% 1/10/32 <sup>(a)</sup>  | 2775539 | 2525638 |
| FREED ABS Trust, Series 2021-2, Class B |  |  |
| &nbsp;&nbsp;&nbsp;1.030% 6/19/28 <sup>(a)</sup>  | 329750 | 328699 |
| Gracie Point International Funding |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, 1 mo. USD LIBOR + .750% 4.870% FRN 11/01/23 <sup>(a)</sup>  | 5830758 | 5807373 |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class C, 30 day SOFR + 3.500% 7.545% FRN 4/01/24 <sup>(a)</sup>  | 1700000 | 1674978 |
| &nbsp;&nbsp;&nbsp;7.700% 11/01/24 <sup>(a)</sup>  | 1000000 | 999999 |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class E, 30 day SOFR + 5.750% 9.795% FRN 4/01/24 <sup>(a)</sup>  | 800000 | 799995 |
| Hilton Grand Vacations Trust, Series 2022-2A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;5.570% 1/25/37 <sup>(a)</sup>  | 651665 | 626998 |
| JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD LIBOR + .260% |  |  |
| &nbsp;&nbsp;&nbsp;4.649% FRN 3/25/37  | 167572 | 160582 |
| KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200% |  |  |
| &nbsp;&nbsp;&nbsp;6.526% FRN 2/15/39 <sup>(a)</sup>  | 700000 | 645041 |
| LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240% |  |  |
| &nbsp;&nbsp;&nbsp;5.319% FRN 7/15/27 <sup>(a)</sup>  | 280276 | 279197 |
| Lendmark Funding Trust, Series 2019-2A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;2.780% 4/20/28 <sup>(a)</sup>  | 5031856 | 4879983 |
| New Residential Advance Receivables Trust Advance Receivables Backed |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-T1, Class AT1, ABS, 144A, 1.426% 8/15/53 <sup>(a)</sup>  | 2250000 | 2094921 |
| &nbsp;&nbsp;&nbsp;Series 2020-T1, Class BT1, 1.823% 8/15/53 <sup>(a)</sup>  | 1100000 | 1057983 |
| NP SPE II LP, Series 2019-1A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;2.574% 9/20/49 <sup>(a)</sup>  | 185414 | 171989 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Oportun Funding LLC, Series 2022-1, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 6/15/29 <sup>(a)</sup>  | $| 1426939 | $| 1402657 |
| Orange Lake Timeshare Trust, Series 2016-A, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.610% 3/08/29 <sup>(a)</sup>  |  | 60443 |  | 59930 |
| Pagaya AI Debt Selection Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class A, 1.150% 5/15/29 <sup>(a)</sup>  |  | 1472867 |  | 1437109 |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class A, 2.030% 10/15/29 <sup>(a)</sup>  |  | 7477359 |  | 7187384 |
| Sierra Receivables Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-3A, Class C, 3.000% 8/20/36 <sup>(a)</sup>  |  | 752440 |  | 709939 |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class C, 3.120% 5/20/36 <sup>(a)</sup>  |  | 1317710 |  | 1236623 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class C, 3.770% 1/20/36 <sup>(a)</sup>  |  | 174310 |  | 163176 |
| &nbsp;&nbsp;&nbsp;Series 2019-3A, Class D, 4.180% 8/20/36 <sup>(a)</sup>  |  | 192667 |  | 182675 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class D, 4.750% 1/20/36 <sup>(a)</sup>  |  | 157709 |  | 149671 |
| Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .735% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.124% FRN 3/25/35  |  | 412747 |  | 409053 |
| Structured Asset Securities Corp. Mortgage Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-BC6, Class A4, 1 mo. USD LIBOR + .170% 4.559% FRN 1/25/37  |  | 165495 |  | 160931 |
| &nbsp;&nbsp;&nbsp;Series 2006-WF1, Class M4, 1 mo. USD LIBOR + .645% 5.034% FRN 2/25/36  |  | 233483 |  | 232997 |
| &nbsp;&nbsp;&nbsp;Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% 5.589% FRN 11/25/35 <sup>(a)</sup>  |  | 458412 |  | 444855 |
| Upstart Securitization Trust, Series 2021-4, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.840% 9/20/31 <sup>(a)</sup>  |  | 2249444 |  | 2174501 |
|  |  |  |  | 46663206 |
| **Student Loans Asset-Backed Securities — 7.9%** | **Student Loans Asset-Backed Securities — 7.9%** | **Student Loans Asset-Backed Securities — 7.9%** | **Student Loans Asset-Backed Securities — 7.9%** | **Student Loans Asset-Backed Securities — 7.9%** |
| Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.824% FRN 3/28/68  |  | 1830963 |  | 1778604 |
| College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.569% FRN 1/15/37  |  | 273600 |  | 234667 |

---

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

**85**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| Commonbond Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-AGS, Class B, 1.400% 3/25/52 <sup>(a)</sup>  | $139725 | $118097 |
| &nbsp;&nbsp;&nbsp;Series 2018-CGS, Class C, 4.350% 2/25/46 <sup>(a)</sup>  | 13622 | 12215 |
| DRB Prime Student Loan Trust, Series 2017-A, Class A1, 1 mo. USD LIBOR + .850% |  |  |
| &nbsp;&nbsp;&nbsp;5.239% FRN 5/27/42 <sup>(a)</sup>  | 439328 | 439401 |
| Edsouth Indenture No 10 LLC, No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.889% FRN 12/25/58 <sup>(a)</sup>  | 1000000 | 999431 |
| Edsouth Indenture No. 9 LLC, No.9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + .800% |  |  |
| &nbsp;&nbsp;&nbsp;5.189% FRN 10/25/56 <sup>(a)</sup>  | 219870 | 219368 |
| ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750% |  |  |
| &nbsp;&nbsp;&nbsp;5.139% FRN 8/25/42 <sup>(a)</sup>  | 192296 | 187597 |
| Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700% |  |  |
| &nbsp;&nbsp;&nbsp;5.457% FRN 8/25/48 <sup>(a)</sup>  | 115872 | 112391 |
| JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350% |  |  |
| &nbsp;&nbsp;&nbsp;4.724% FRN 6/28/39 <sup>(a)</sup>  | 319418 | 287903 |
| Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX |  |  |
| &nbsp;&nbsp;&nbsp;2.340% 10/25/48 <sup>(a)</sup>  | 122179 | 119654 |
| Navient Private Education Loan Trust, Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200% |  |  |
| &nbsp;&nbsp;&nbsp;5.518% FRN 12/15/28 <sup>(a)</sup>  | 65295 | 65308 |
| Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A, 0.840% 5/15/69 <sup>(a)</sup>  | 2032311 | 1757760 |
| &nbsp;&nbsp;&nbsp;Series 2020-HA, Class A, 1.310% 1/15/69 <sup>(a)</sup>  | 382122 | 339232 |
| Navient Student Loan Trust, Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% |  |  |
| &nbsp;&nbsp;&nbsp;5.539% FRN 7/26/66 <sup>(a)</sup>  | 343554 | 337162 |
| Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.139% FRN 12/26/40 <sup>(a)</sup>  | 14234 | 14227 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| Nelnet Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 4.558% FRN 1/25/38  | $436227 | $385864 |
| &nbsp;&nbsp;&nbsp;Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 4.708% FRN 10/25/40  | 870503 | 809608 |
| &nbsp;&nbsp;&nbsp;Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 4.923% FRN 3/23/37  | 854830 | 776479 |
| &nbsp;&nbsp;&nbsp;Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 4.974% FRN 6/25/41  | 201445 | 182638 |
| &nbsp;&nbsp;&nbsp;Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 6/25/41 <sup>(a)</sup>  | 375000 | 370686 |
| SLC Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 4.999% FRN 12/15/39  | 779260 | 704723 |
| &nbsp;&nbsp;&nbsp;Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 5.049% FRN 3/15/40  | 1173491 | 1091540 |
| SLM Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 4.498% FRN 10/25/28  | 89784 | 88782 |
| &nbsp;&nbsp;&nbsp;Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 4.558% FRN 1/25/70  | 246864 | 232070 |
| &nbsp;&nbsp;&nbsp;Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 4.568% FRN 10/25/40  | 310956 | 290659 |
| &nbsp;&nbsp;&nbsp;Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 4.578% FRN 1/25/41  | 304550 | 280579 |
| &nbsp;&nbsp;&nbsp;Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 4.658% FRN 7/25/25  | 17936 | 17932 |
| &nbsp;&nbsp;&nbsp;Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 4.668% FRN 1/25/55  | 274391 | 250517 |
| &nbsp;&nbsp;&nbsp;Series 2004-8, Class B, 3 mo. USD LIBOR + .460% 4.818% FRN 1/25/40  | 281990 | 252614 |
| &nbsp;&nbsp;&nbsp;Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 4.828% FRN 10/25/64  | 198302 | 187806 |
| &nbsp;&nbsp;&nbsp;Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 5.419% FRN 12/15/38  | 275161 | 258111 |

---

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

**86**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| SMB Private Education Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-B, Class A2B, 1 mo. USD LIBOR + .720% 5.038% FRN 1/15/37 <sup>(a)</sup>  | $| 702930 | $| 685138 |
| &nbsp;&nbsp;&nbsp;Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 5.188% FRN 7/15/36 <sup>(a)</sup>  |  | 887027 |  | 874501 |
| &nbsp;&nbsp;&nbsp;Series 2014-A, Class A3, 1 mo. USD LIBOR + 1.500% 5.818% FRN 4/15/32 <sup>(a)</sup>  |  | 656079 |  | 653846 |
| SoFi Alternative Trust, Series 2019-C, Class PT, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.188% VRN 1/25/45 <sup>(a)</sup> <sup>(b)</sup>  |  | 607500 |  | 560965 |
| SoFi Professional Loan Program LLC, Series 2017-A, Class A1, 1 mo. USD LIBOR + .700% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.089% FRN 3/26/40 <sup>(a)</sup>  |  | 45349 |  | 45218 |
|  |  |  |  | 16023293 |
| **Whole Loan Collateral Collateralized Mortgage Obligations — 12.9%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 12.9%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 12.9%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 12.9%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 12.9%** |
| Angel Oak Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-6, Class A1, 1.261% VRN 5/25/65 <sup>(a)</sup> <sup>(b)</sup>  |  | 1043842 |  | 895760 |
| &nbsp;&nbsp;&nbsp;Series 2022-2, Class A1, 3.353% VRN 1/25/67 <sup>(a)</sup> <sup>(b)</sup>  |  | 2052998 |  | 1875205 |
| CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.966% FRN 8/25/49 <sup>(a)</sup>  |  | 857522 |  | 788637 |
| COLT Mortgage Loan Trust, Series 2022-1, Class A1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.284% VRN 12/27/66 <sup>(a)</sup> <sup>(b)</sup>  |  | 6638763 |  | 5772897 |
| Lakeview Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class M3, 4.585% 4/25/52 <sup>(a)</sup>  |  | 700000 |  | 654071 |
| &nbsp;&nbsp;&nbsp;Series 2022-3, Class M3, 5.437% 5/29/52 <sup>(a)</sup>  |  | 1300000 |  | 1196780 |
| NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD LIBOR + .750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.139% FRN 5/25/55 <sup>(a)</sup>  |  | 4667000 |  | 4587808 |
| Oceanview Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A, 1.219% 12/29/51 <sup>(a)</sup>  |  | 1836745 |  | 1756711 |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class M3, 3.090% 12/29/51 <sup>(a)</sup>  |  | 2000000 |  | 1855405 |
| Onslow Bay Financial LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 <sup>(a)</sup> <sup>(b)</sup>  |  | 1368043 |  | 1037052 |
| &nbsp;&nbsp;&nbsp;Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950% 5.339% FRN 2/25/60 <sup>(a)</sup>  |  | 377012 |  | 344713 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.239% FRN 2/25/23 <sup>(a)</sup>  | $| 440000 | $| 439049 |
| PSMC Trust, Series 2020-2, Class A2, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 5/25/50 <sup>(a)</sup> <sup>(b)</sup>  |  | 736582 |  | 651529 |
| Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.916% VRN 9/27/49 <sup>(a)</sup> <sup>(b)</sup>  |  | 919707 |  | 863762 |
| Starwood Residential Mortgage Trust, Series 2021-1, Class A3, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.528% VRN 5/25/65 <sup>(a)</sup> <sup>(b)</sup>  |  | 3233455 |  | 2647529 |
| Verus Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class A3, 1.437% VRN 6/25/66 <sup>(a)</sup> <sup>(b)</sup>  |  | 798438 |  | 636583 |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 <sup>(a)</sup> <sup>(b)</sup>  |  | 317495 |  | 302684 |
|  |  |  |  | 26306175 |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $115,911,845)**  |  |  |  | **110062817** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <sup>(c)</sup>** **— 11.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <sup>(c)</sup>** **— 11.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <sup>(c)</sup>** **— 11.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <sup>(c)</sup>** **— 11.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <sup>(c)</sup>** **— 11.6%** |
| **Pass-Through Securities — 0.0%** | **Pass-Through Securities — 0.0%** | **Pass-Through Securities — 0.0%** | **Pass-Through Securities — 0.0%** | **Pass-Through Securities — 0.0%** |
| Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.175% 3.018% FRN 3/01/37  |  | 86861 |  | 87909 |
| **Whole Loans — 11.6%** | **Whole Loans — 11.6%** | **Whole Loans — 11.6%** | **Whole Loans — 11.6%** | **Whole Loans — 11.6%** |
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class M1, 30 day SOFR + .800% 4.728% FRN 10/25/41 <sup>(a)</sup>  |  | 6550000 |  | 6465735 |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA3, Class M1, 30 day SOFR + .850% 4.778% FRN 9/25/41 <sup>(a)</sup>  |  | 6748849 |  | 6453398 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class M1, 30 day SOFR + .850% 4.778% FRN 11/25/41 <sup>(a)</sup>  |  | 2500485 |  | 2455138 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1A, 30 day SOFR + 2.000% 5.928% FRN 4/25/42 <sup>(a)</sup>  |  | 2014360 |  | 2009899 |
| &nbsp;&nbsp;&nbsp;Series 2020-DNA1, Class M2, 1 mo. USD LIBOR + 1.700% 6.089% FRN 1/25/50 <sup>(a)</sup>  |  | 1106456 |  | 1101862 |
| &nbsp;&nbsp;&nbsp;Series 2018-DNA3, Class M2A, 1 mo. USD LIBOR + 2.100% 6.489% FRN 9/25/48 <sup>(a)</sup>  |  | 721274 |  | 722083 |

---

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

**87**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2020-DNA5, Class M2, 30 day SOFR + 2.800% 6.728% FRN 10/25/50 <sup>(a)</sup>  | $| 198597 | $| 199556 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1A, 30 day SOFR + 2.950% 6.878% FRN 6/25/42 <sup>(a)</sup>  |  | 620713 |  | 627539 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 6.539% FRN 9/25/31 <sup>(a)</sup>  |  | 675229 |  | 673570 |
| &nbsp;&nbsp;&nbsp;Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 6.689% FRN 8/25/31 <sup>(a)</sup>  |  | 315101 |  | 315184 |
| &nbsp;&nbsp;&nbsp;Series 2022-R07, Class 1M1, 30 day SOFR + 2.950% 6.894% FRN 6/25/42 <sup>(a)</sup>  |  | 2651718 |  | 2674580 |
|  |  |  |  | 23698544 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $24,256,836)**  |  |  |  | **23786453** |
| **U.S. TREASURY OBLIGATIONS — 23.8%** | **U.S. TREASURY OBLIGATIONS — 23.8%** | **U.S. TREASURY OBLIGATIONS — 23.8%** | **U.S. TREASURY OBLIGATIONS — 23.8%** | **U.S. TREASURY OBLIGATIONS — 23.8%** |
| **U.S. Treasury Bonds & Notes — 23.8%** | **U.S. Treasury Bonds & Notes — 23.8%** | **U.S. Treasury Bonds & Notes — 23.8%** | **U.S. Treasury Bonds & Notes — 23.8%** | **U.S. Treasury Bonds & Notes — 23.8%** |
| U.S. Treasury Inflation Index |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.125% 2/15/52  |  | 1016880 |  | 658469 |
| &nbsp;&nbsp;&nbsp;0.125% 4/15/25  |  | 1730385 |  | 1650219 |
| &nbsp;&nbsp;&nbsp;0.125% 10/15/25  |  | 1894844 |  | 1802211 |
| &nbsp;&nbsp;&nbsp;0.125% 4/15/26  |  | 1022598 |  | 962227 |
| &nbsp;&nbsp;&nbsp;0.125% 7/15/26  |  | 1740340 |  | 1641426 |
| &nbsp;&nbsp;&nbsp;0.125% 10/15/26  |  | 2017333 |  | 1892720 |
| &nbsp;&nbsp;&nbsp;0.125% 4/15/27  |  | 1688560 |  | 1575209 |
| &nbsp;&nbsp;&nbsp;0.125% 1/15/30  |  | 1447688 |  | 1301882 |
| &nbsp;&nbsp;&nbsp;0.125% 7/15/30  |  | 1743270 |  | 1562661 |
| &nbsp;&nbsp;&nbsp;0.125% 1/15/31  |  | 1688374 |  | 1501135 |
| &nbsp;&nbsp;&nbsp;0.125% 7/15/31  |  | 1667625 |  | 1475164 |
| &nbsp;&nbsp;&nbsp;0.125% 1/15/32  |  | 1988621 |  | 1743772 |
| &nbsp;&nbsp;&nbsp;0.125% 2/15/51  |  | 743925 |  | 479037 |
| &nbsp;&nbsp;&nbsp;0.250% 7/15/29  |  | 1397880 |  | 1281190 |
| &nbsp;&nbsp;&nbsp;0.250% 2/15/50  |  | 695400 |  | 468861 |
| &nbsp;&nbsp;&nbsp;0.375% 7/15/25 <sup>(d)</sup>  |  | 2255435 |  | 2167729 |
| &nbsp;&nbsp;&nbsp;0.375% 1/15/27  |  | 431739 |  | 407527 |
| &nbsp;&nbsp;&nbsp;0.375% 7/15/27  |  | 1400827 |  | 1321579 |
| &nbsp;&nbsp;&nbsp;0.500% 1/15/28  |  | 1540200 |  | 1449894 |
| &nbsp;&nbsp;&nbsp;0.625% 1/15/26  |  | 1536199 |  | 1475831 |
| &nbsp;&nbsp;&nbsp;0.625% 7/15/32  |  | 3435593 |  | 3150188 |
| &nbsp;&nbsp;&nbsp;0.625% 2/15/43  |  | 712822 |  | 575121 |
| &nbsp;&nbsp;&nbsp;0.750% 7/15/28  |  | 1750928 |  | 1669708 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;0.750% 2/15/42  | $| 593415 | $| 496730 |
| &nbsp;&nbsp;&nbsp;0.750% 2/15/45  |  | 1170477 |  | 946516 |
| &nbsp;&nbsp;&nbsp;0.875% 1/15/29  |  | 1180080 |  | 1125490 |
| &nbsp;&nbsp;&nbsp;0.875% 2/15/47 <sup>(e)</sup>  |  | 864073 |  | 708259 |
| &nbsp;&nbsp;&nbsp;1.000% 2/15/46 <sup>(e)</sup>  |  | 628785 |  | 533960 |
| &nbsp;&nbsp;&nbsp;1.000% 2/15/48  |  | 604170 |  | 508423 |
| &nbsp;&nbsp;&nbsp;1.000% 2/15/49  |  | 532868 |  | 445312 |
| &nbsp;&nbsp;&nbsp;1.375% 2/15/44  |  | 1214604 |  | 1127921 |
| &nbsp;&nbsp;&nbsp;1.625% 10/15/27  |  | 2665609 |  | 2665296 |
| &nbsp;&nbsp;&nbsp;1.750% 1/15/28  |  | 2133495 |  | 2134301 |
| &nbsp;&nbsp;&nbsp;2.000% 1/15/26  |  | 900780 |  | 900402 |
| &nbsp;&nbsp;&nbsp;2.125% 2/15/40  |  | 413586 |  | 437852 |
| &nbsp;&nbsp;&nbsp;2.125% 2/15/41  |  | 612297 |  | 648676 |
| &nbsp;&nbsp;&nbsp;2.375% 1/15/27  |  | 443271 |  | 452569 |
| &nbsp;&nbsp;&nbsp;2.500% 1/15/29  |  | 832716 |  | 869131 |
| &nbsp;&nbsp;&nbsp;3.375% 4/15/32  |  | 419680 |  | 480834 |
| &nbsp;&nbsp;&nbsp;3.625% 4/15/28  |  | 829035 |  | 904436 |
| &nbsp;&nbsp;&nbsp;3.875% 4/15/29  |  | 906280 |  | 1019353 |
|  |  |  |  | 48619221 |
| **TOTAL U.S. TREASURY OBLIGATIONS (Cost $54,989,836)**  |  |  |  | **48619221** |
| **TOTAL BONDS & NOTES (Cost $195,158,517)**  |  |  |  | **182468491** |
|  | **Number of <br> Shares** | **Number of <br> Shares** |  |  |
| **MUTUAL FUNDS — 0.6%** | **MUTUAL FUNDS — 0.6%** | **MUTUAL FUNDS — 0.6%** | **MUTUAL FUNDS — 0.6%** | **MUTUAL FUNDS — 0.6%** |
| **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
| State Street Navigator Securities Lending Government Money Market Portfolio <sup>(f)</sup>  |  | 1269875 |  | 1269875 |
| **TOTAL MUTUAL FUNDS (Cost $1,269,875)**  |  |  |  | **1269875** |
| **TOTAL LONG-TERM INVESTMENTS (Cost $196,428,392)**  |  |  |  | **183738366** |

---

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

**88**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 10.1%** | **SHORT-TERM INVESTMENTS — 10.1%** | **SHORT-TERM INVESTMENTS — 10.1%** |
| **Commercial Paper — 9.3%** | **Commercial Paper — 9.3%** | **Commercial Paper — 9.3%** |
| Amcor Flexibles North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.702% 1/05/23 <sup>(a)</sup>  | $1000000 | $999237 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.311% 1/03/23  | 1000000 | 999509 |
| HP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.864% 1/23/23 <sup>(a)</sup>  | 3000000 | 2990712 |
| Spire, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.867% 1/17/23 <sup>(a)</sup>  | 3000000 | 2993044 |
| Tampa Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.887% 1/23/23 <sup>(a)</sup>  | 6000000 | 5981264 |
| VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.977% 2/02/23 <sup>(a)</sup>  | 3000000 | 2987352 |
| Walgreens Boots Alliance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.097% 2/06/23 <sup>(a)</sup>  | 2000000 | 1989831 |
|  |  | 18940949 |
| **Repurchase Agreement — 0.8%** | **Repurchase Agreement — 0.8%** | **Repurchase Agreement — 0.8%** |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 <sup>(g)</sup>  | 1612936 | 1612936 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $20,556,477)**  |  | **20553885** |
| **TOTAL INVESTMENTS — 100.0% (Cost $216,984,869) <sup>(h)</sup>**  |  | **204292251** |
| **Other Assets/(Liabilities) — 0.0%**  |  | **17997** |
| **NET ASSETS — 100.0%**  |  | $**204310248** |

---

**Abbreviation Legend** 

FRN Floating Rate Note

VRN Variable Rate Note

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, the aggregate market value of these securities amounted to $137,778,502 or 67.44% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $1,244,675 or 0.61% of net assets. (Note 2).

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

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

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

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

**89**

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

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration <br> Date** | **Number of <br> Contracts** | **Notional <br> Amount** | **Value/ Net <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| **Short** |  |  |  |  |
| U.S. Treasury Long Bond | 3/22/23 | 2 | $(256869) | $6181 |
| U.S. Treasury Ultra 10 Year | 3/22/23 | 6 | (710747) | 1059 |
| U.S. Ultra Bond | 3/22/23 | 4 | (561487) | 24237 |
| U.S. Treasury Note 2 Year | 3/31/23 | 225 | (46125242) | (17336) |
| U.S. Treasury Note 5 Year | 3/31/23 | 25 | (2703594) | 5352 |
|  |  |  |  | $19493 |

---

**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** | <br>**Termination <br> Date** | **Notional <br> Amount** | **Notional <br> Amount** | <br>**Value** | <br>**Upfront <br> Premium <br> Paid/ <br> (Received)** | <br>**Unrealized <br> Appreciation/<br> (Depreciation)** |
| Fixed 3.090% | Maturity | 12-Month US CPI | Maturity | 11/08/24 | USD | 4000000 | $(32497) | $— | $(32497) |
| 12-Month USD SOFR | Annually | Fixed 3.552% | Annually | 12/07/24 | USD | 7500000 | (128339) |  | (128339) |
| 12-Month USD SOFR | Annually | Fixed 4.062% | Annually | 12/22/24 | USD | 7500000 | (55910) |  | (55910) |
| Fixed 2.494% | Maturity | 12-Month US CPI | Maturity | 12/23/24 | USD | 14000000 | 11158 |  | 11158 |
| 12-Month USD SOFR | Annually | Fixed 4.250% | Annually | 5/01/25 | USD | 14500000 | 10232 |  | 10232 |
| 12-Month USD SOFR | Annually | Fixed 4.661% | Annually | 5/08/25 | USD | 14400000 | 125587 |  | 125587 |
| Fixed 3.082% | Annually | 12-Month USD SOFR | Annually | 12/07/32 | USD | 1680000 | 61210 |  | 61210 |
| Fixed 3.352% | Annually | 12-Month USD SOFR | Annually | 12/22/32 | USD | 1694000 | 23749 |  | 23749 |
| Fixed 3.713% | Annually | 12-Month USD SOFR | Annually | 5/01/33 | USD | 3300000 | (66535) |  | (66535) |
| Fixed 3.905% | Annually | 12-Month USD SOFR | Annually | 5/08/33 | USD | 3300000 | (119716) |  | (119716) |
|  |  |  |  |  |  |  | $(171061) | $— | $(171061) |

---

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

**90**

***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** | | | | | | |
| **Rate/ <br> Reference** | **Frequency** | **Rate/ <br> Reference** | **Frequency** | <br>**Counterparty** | <br>**Termination <br> Date** | <br>**No. of <br> Contracts/<br> Notional** | <br>**Value** | <br>**Upfront <br> Premium <br> Received <br> (Paid)/ <br> Received** | <br>**Unrealized <br> Appreciation/<br> (Depreciation)** |
| Fed Funds <br>+ 9.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA\* | 1/31/23 | 31823920 | $(2305922) | $— | $(2305922) |
| Fed Funds <br>+ 8.5 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA\* | 2/28/23 | 41153453 | (1939043) |  | (1939043) |
| Fed Funds <br>+ 8.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International\* | 1/31/23 | 40149212 | (2909162) |  | (2909162) |
| Fed Funds <br>+ 8.5 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International\* | 2/28/23 | 43355974 | (2042820 ) | —<br>| (2042820 ) |
|  |  |  |  |  |  |  | $(9196947) | $— | $(9196947) |

---

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

**Currency Legend** 

USD U.S. Dollar

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

**91**

---

| |
|:---|
| ***MML iShares***<sup>***®***</sup>***60/40 Allocation Fund – Portfolio of Investments*** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **MUTUAL FUNDS — 100.0%** | **MUTUAL FUNDS — 100.0%** | **MUTUAL FUNDS — 100.0%** |
| **Diversified Financial Services — 100.0%** | **Diversified Financial Services — 100.0%** | **Diversified Financial Services — 100.0%** |
| iShares 1-5 Year Investment Grade Corporate Bond ETF  | 26940 | $1342151 |
| iShares 20+ Year Treasury Bond ETF  | 5390 | 536628 |
| iShares Broad USD High Yield Corporate Bond ETF  | 7895 | 272614 |
| iShares Core Dividend Growth ETF  | 16236 | 811800 |
| iShares Core International Aggregate Bond ETF  | 2811 | 133663 |
| iShares Core MSCI Emerging Markets ETF  | 11523 | 538124 |
| iShares Core MSCI International Developed Markets ETF  | 62713 | 3510674 |
| iShares Core S&P 500 ETF  | 6380 | 2451260 |
| iShares Core S&P Mid-Cap ETF  | 2252 | 544736 |
| iShares Core S&P Total US Stock Market ETF  | 99668 | 8451846 |
| iShares Core U.S. Aggregate Bond ETF  | 87049 | 8442883 |
| **TOTAL MUTUAL FUNDS (Cost $30,641,694)**  |  | **27036379** |
| **TOTAL LONG-TERM INVESTMENTS (Cost $30,641,694)**  |  | **27036379** |
| **TOTAL INVESTMENTS — 100.0% (Cost $30,641,694) <sup>(a)</sup>**  |  | **27036379** |
| **Other Assets/(Liabilities) — 0.0%**  |  | **4360** |
| **NET ASSETS — 100.0%**  |  | $**27040739** |

---

**Abbreviation Legend** 

ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

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

**92**

---

| |
|:---|
| ***MML iShares***<sup>***®***</sup>***80/20 Allocation Fund – Portfolio of Investments*** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **MUTUAL FUNDS — 100.3%** | **MUTUAL FUNDS — 100.3%** | **MUTUAL FUNDS — 100.3%** |
| **Diversified Financial Services — 100.3%** | **Diversified Financial Services — 100.3%** | **Diversified Financial Services — 100.3%** |
| iShares 1-5 Year Investment Grade Corporate Bond ETF <sup>(a)</sup>  | 40033 | $1994444 |
| iShares 20+ Year Treasury Bond ETF <sup>(a)</sup>  | 4005 | 398738 |
| iShares Broad USD High Yield Corporate Bond ETF  | 11732 | 405106 |
| iShares Core Dividend Growth ETF  | 24127 | 1206350 |
| iShares Core International Aggregate Bond ETF  | 8356 | 397328 |
| iShares Core MSCI Emerging Markets ETF  | 42811 | 1999274 |
| iShares Core MSCI International Developed Markets ETF  | 107531 | 6019585 |
| iShares Core S&P 500 ETF  | 8427 | 3237738 |
| iShares Core S&P Mid-Cap ETF  | 6693 | 1618970 |
| iShares Core S&P Total US Stock Market ETF  | 214997 | 18231745 |
| iShares Core U.S. Aggregate Bond ETF  | 49272 | 4778891 |
| State Street Navigator Securities Lending Government Money Market Portfolio <sup>(b)</sup>  | 137675 | 137675 |
| **TOTAL MUTUAL FUNDS (Cost $45,059,062)**  |  | **40425844** |
| **TOTAL LONG-TERM INVESTMENTS (Cost $45,059,062)**  |  | **40425844** |
| **TOTAL INVESTMENTS — 100.3% (Cost $45,059,062) <sup>(c)</sup>**  |  | **40425844** |
| **Other Assets/(Liabilities) — (0.3)%**  |  | **(119305)** |
| **NET ASSETS — 100.0%**  |  | $**40306539** |

---

**Abbreviation Legend** 

ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, was $134,506 or 0.33% of net assets. (Note 2).

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

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

**93**

---

| |
|:---|
| ***MML Managed Bond Fund – Portfolio of Investments*** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **BONDS & NOTES — 98.8%** | **BONDS & NOTES — 98.8%** | **BONDS & NOTES — 98.8%** |
| **CORPORATE DEBT — 38.0%** | **CORPORATE DEBT — 38.0%** | **CORPORATE DEBT — 38.0%** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| The Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.150% 5/01/30  | $2200000 | $2152280 |
| &nbsp;&nbsp;&nbsp;5.930% 5/01/60  | 605000 | 554664 |
|  |  | 2706944 |
| **Agriculture — 1.0%** | **Agriculture — 1.0%** | **Agriculture — 1.0%** |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.800% 2/14/39  | 1375000 | 1262618 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.259% 3/25/28  | 725000 | 603587 |
| &nbsp;&nbsp;&nbsp;3.462% 9/06/29  | 1075000 | 923349 |
| &nbsp;&nbsp;&nbsp;4.700% 4/02/27  | 1065000 | 1022305 |
| &nbsp;&nbsp;&nbsp;4.758% 9/06/49  | 540000 | 393843 |
| Imperial Brands Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 7/26/29 <sup>(a)</sup>  | 1739000 | 1486814 |
| Reynolds American, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.850% 8/15/45  | 985000 | 843775 |
| Viterra Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;3.200% 4/21/31 <sup>(a)</sup>  | 1315000 | 996700 |
|  |  | 7532991 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.100% 10/01/29  | 1195520 | 1065464 |
| United Airlines Pass-Through Trust, Series 2018-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.600% 9/01/27  | 357512 | 326700 |
|  |  | 1392164 |
| **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.150% 4/01/38  | 800000 | 693213 |
| &nbsp;&nbsp;&nbsp;6.800% 10/01/27  | 1890000 | 1964587 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.100% 1/12/32  | 1750000 | 1376082 |
| Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.345% 9/17/27 <sup>(a)</sup>  | 1063000 | 964916 |
|  |  | 4998798 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Lear Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.550% 1/15/52  | 1325000 | 809484 |
| **Banks — 7.9%** | **Banks — 7.9%** | **Banks — 7.9%** |
| ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 7/28/25 <sup>(a)</sup>  | 1875000 | 1818394 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| Bank Hapoalim BM 5 year CMT + 2.155% |  |  |
| &nbsp;&nbsp;&nbsp;3.255% VRN 1/21/32 <sup>(a)</sup>  | $2600000 | $2237248 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.220% 2.299% VRN 7/21/32  | 1355000 | 1047301 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 1.200% 2.482% VRN 9/21/36  | 2635000 | 1942682 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 2.000% 3.846% VRN 3/08/37  | 2145000 | 1781776 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38  | 1150000 | 981497 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29  | 475000 | 443742 |
| &nbsp;&nbsp;&nbsp;6.110% 1/29/37  | 1550000 | 1571815 |
| &nbsp;&nbsp;&nbsp;7.750% 5/14/38  | 400000 | 467087 |
| The Bank of Nova Scotia 3 mo. USD LIBOR + 2.648% |  |  |
| &nbsp;&nbsp;&nbsp;6.567% VRN <sup>(b)</sup>  | 3575000 | 3323031 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.337% 1/10/28  | 920000 | 856202 |
| &nbsp;&nbsp;&nbsp;5.200% 5/12/26  | 1320000 | 1284819 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 5.431% 8.000% VRN <sup>(b)</sup>  | 1382000 | 1292170 |
| BPCE SA SOFR + 1.730% |  |  |
| &nbsp;&nbsp;&nbsp;3.116% VRN 10/19/32 <sup>(a)</sup>  | 1860000 | 1362908 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 4.068% 5.950% VRN <sup>(b)</sup>  | 890000 | 881322 |
| &nbsp;&nbsp;&nbsp;6.625% 6/15/32  | 1525000 | 1611350 |
| Credit Suisse AG |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 8/08/23 <sup>(a)</sup>  | 1630000 | 1576210 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + .980% 1.305% VRN 2/02/27 <sup>(a)</sup>  | 2500000 | 1996709 |
| &nbsp;&nbsp;&nbsp;SOFR + 3.340% 6.373% VRN 7/15/26 <sup>(a)</sup>  | 892000 | 838105 |
| Deutsche Bank AG SOFR + 1.318% |  |  |
| &nbsp;&nbsp;&nbsp;2.552% VRN 1/07/28  | 2580000 | 2199622 |
| Discover Bank 5 year USD Swap + 1.730% |  |  |
| &nbsp;&nbsp;&nbsp;4.682% VRN 8/09/28  | 1955000 | 1876668 |
| First Republic Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 8/01/46  | 1700000 | 1297248 |
| The Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.410% 3.102% VRN 2/24/33  | 1500000 | 1222218 |
| &nbsp;&nbsp;&nbsp;6.750% 10/01/37  | 1795000 | 1909619 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.290% 1.589% VRN 5/24/27  | 699000 | 603568 |

---

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

**94**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;SOFR + 1.285% 2.206% VRN 8/17/29  | $| 1203000 | $| 976631 |
| &nbsp;&nbsp;&nbsp;SOFR + 3.350% 7.390% VRN 11/03/28  |  | 2225000 |  | 2335037 |
| JP Morgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 2.515% 2.956% VRN 5/13/31  |  | 1000000 |  | 826352 |
| &nbsp;&nbsp;&nbsp;5.600% 7/15/41  |  | 1125000 |  | 1130701 |
| Macquarie Bank Ltd. 5 year CMT + 1.700% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.052% VRN 3/03/36 <sup>(a)</sup>  |  | 1324000 |  | 960586 |
| Macquarie Group Ltd. SOFR + 1.069% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.340% VRN 1/12/27 <sup>(a)</sup>  |  | 950000 |  | 828865 |
| Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.077% VRN 4/07/31 <sup>(a)</sup>  |  | 2780000 |  | 2435975 |
| Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.360% 2.484% VRN 9/16/36  |  | 1270000 |  | 924040 |
| &nbsp;&nbsp;&nbsp;4.350% 9/08/26  |  | 3200000 |  | 3109686 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.620% 5.297% VRN 4/20/37  |  | 2320000 |  | 2128199 |
| National Australia Bank Ltd. 5 year CMT + 1.700% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.347% VRN 1/12/37 <sup>(a)</sup>  |  | 2960000 |  | 2259147 |
| Societe Generale SA 1 year CMT + 1.000% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.792% VRN 6/09/27 <sup>(a)</sup>  |  | 2010000 |  | 1734000 |
| Toronto-Dominion Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125% 10/31/82  |  | 1706000 |  | 1774240 |
| UBS Group AG 1 year CMT + 1.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.751% VRN 5/12/28 <sup>(a)</sup>  |  | 1575000 |  | 1509408 |
|  |  |  |  | 59356178 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.900% 2/01/46  |  | 2050000 |  | 1878897 |
| Bacardi Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.150% 5/15/38 <sup>(a)</sup>  |  | 450000 |  | 408594 |
| Molson Coors Beverage Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.200% 7/15/46  |  | 1859000 |  | 1451120 |
| &nbsp;&nbsp;&nbsp;5.000% 5/01/42  |  | 360000 |  | 321132 |
|  |  |  |  | 4059743 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| Celanese US Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.050% 3/15/25  |  | 2025000 |  | 2019621 |
| DuPont de Nemours, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.319% 11/15/38  |  | 1200000 |  | 1157052 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Syngenta Finance NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.441% 4/24/23 <sup>(a)</sup>  | $| 1183000 | $| 1177688 |
| Yara International ASA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.800% 6/06/26 <sup>(a)</sup>  |  | 1850000 |  | 1707210 |
|  |  |  |  | 6061571 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| Dell International LLC / EMC Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.100% 7/15/36  |  | 325000 |  | 365576 |
| Leidos, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.300% 2/15/31  |  | 1260000 |  | 968356 |
|  |  |  |  | 1333932 |
| **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.300% 1/30/32  |  | 4115000 |  | 3228926 |
| Antares Holdings LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750% 1/15/27 <sup>(a)</sup>  |  | 1275000 |  | 1022763 |
| &nbsp;&nbsp;&nbsp;3.950% 7/15/26 <sup>(a)</sup>  |  | 2555000 |  | 2212297 |
| &nbsp;&nbsp;&nbsp;6.000% 8/15/23 <sup>(a)</sup>  |  | 1330000 |  | 1311030 |
| &nbsp;&nbsp;&nbsp;8.500% 5/18/25 <sup>(a)</sup>  |  | 720000 |  | 735559 |
| Ares Finance Co. III LLC 5 year CMT + 3.237% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125% VRN 6/30/51 <sup>(a)</sup>  |  | 1585000 |  | 1196675 |
| Ares Finance Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 10/08/24 <sup>(a)</sup>  |  | 2080000 |  | 1986222 |
| Avolon Holdings Funding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.528% 11/18/27 <sup>(a)</sup>  |  | 2755000 |  | 2205546 |
| &nbsp;&nbsp;&nbsp;3.250% 2/15/27 <sup>(a)</sup>  |  | 1610000 |  | 1379655 |
| &nbsp;&nbsp;&nbsp;4.250% 4/15/26 <sup>(a)</sup>  |  | 2976000 |  | 2702403 |
| &nbsp;&nbsp;&nbsp;5.500% 1/15/26 <sup>(a)</sup>  |  | 190000 |  | 180817 |
| Blue Owl Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125% 6/10/31 <sup>(a)</sup>  |  | 3120000 |  | 2324689 |
| &nbsp;&nbsp;&nbsp;4.125% 10/07/51 <sup>(a)</sup>  |  | 1675000 |  | 991701 |
| Global Aircraft Leasing Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 9/15/24 <sup>(a)</sup>  |  | 1502197 |  | 1276867 |
| Lazard Group LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625% 3/01/27  |  | 1253000 |  | 1158473 |
|  |  |  |  | 23913623 |
| **Electric — 1.1%** | **Electric — 1.1%** | **Electric — 1.1%** | **Electric — 1.1%** | **Electric — 1.1%** |
| CMS Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 3/01/44  |  | 780000 |  | 712815 |
| Duke Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 9/01/46  |  | 1500000 |  | 1120348 |
| Enel Finance International NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 6/15/32 <sup>(a)</sup>  |  | 1700000 |  | 1528713 |
| NextEra Energy Capital Holdings, Inc. 5 year CMT + 2.547% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.800% VRN 3/15/82  |  | 1250000 |  | 1019965 |

---

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

**95**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 2/01/31  | $| 775000 | $| 605575 |
| PG&E Wildfire Recovery Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.674% 12/01/53  |  | 1200000 |  | 1070267 |
| Puget Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.379% 6/15/28  |  | 840000 |  | 715628 |
| Texas Electric Market Stabilization Funding N LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.167% 2/01/52 <sup>(a)</sup>  |  | 2000000 |  | 1913763 |
|  |  |  |  | 8687074 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Warnermedia Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.279% 3/15/32 <sup>(a)</sup>  |  | 2060000 |  | 1699233 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625% 1/15/32 <sup>(a)</sup>  |  | 5300000 |  | 4293000 |
| Smithfield Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625% 9/13/31 <sup>(a)</sup>  |  | 1730000 |  | 1241459 |
| &nbsp;&nbsp;&nbsp;3.000% 10/15/30 <sup>(a)</sup>  |  | 943000 |  | 718533 |
|  |  |  |  | 6252992 |
| **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** |
| CenterPoint Energy Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625% 11/01/37  |  | 1250000 |  | 1297505 |
| NiSource, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800% 2/15/44  |  | 1035000 |  | 919152 |
| &nbsp;&nbsp;&nbsp;5.800% 2/01/42  |  | 950000 |  | 891918 |
|  |  |  |  | 3108575 |
| **Health Care – Services — 0.1%** | **Health Care – Services — 0.1%** | **Health Care – Services — 0.1%** | **Health Care – Services — 0.1%** | **Health Care – Services — 0.1%** |
| City of Hope |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.378% 8/15/48  |  | 1050000 |  | 860956 |
| **Insurance — 6.3%** | **Insurance — 6.3%** | **Insurance — 6.3%** | **Insurance — 6.3%** | **Insurance — 6.3%** |
| Allianz SE 5 year CMT + 2.973% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN <sup>(a)</sup> <sup>(b)</sup>  |  | 4200000 |  | 3518245 |
| Allstate Corp. 3 mo. USD LIBOR + 2.938% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 8/15/53  |  | 2885000 |  | 2711900 |
| American International Group, Inc. 3 mo. USD LIBOR + 2.868% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 4/01/48  |  | 2177000 |  | 2079419 |
| AmTrust Financial Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 8/15/23  |  | 3370000 |  | 3250395 |
| Ascot Group Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 12/15/30 <sup>(a)</sup>  |  | 1990000 |  | 1715858 |
| Athene Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.673% 6/07/31 <sup>(a)</sup>  |  | 2505000 |  | 1939475 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| AXIS Specialty Finance LLC 5 year CMT + 3.186% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.900% VRN 1/15/40  | $| 1315000 | $| 1078300 |
| Brighthouse Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 6/22/47  |  | 1125000 |  | 829536 |
| &nbsp;&nbsp;&nbsp;5.625% 5/15/30  |  | 1461000 |  | 1393270 |
| CNO Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 5/30/29  |  | 2619000 |  | 2502957 |
| Corebridge Financial, Inc. 5 year CMT + 3.846% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875% VRN 12/15/52 <sup>(a)</sup>  |  | 2041000 |  | 1897426 |
| Enstar Finance LLC 5 year CMT + 5.468% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 9/01/40  |  | 2200000 |  | 1991000 |
| Enstar Group Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.950% 6/01/29  |  | 2480000 |  | 2278285 |
| Global Atlantic Fin Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125% 6/15/31 <sup>(a)</sup>  |  | 4487000 |  | 3302658 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 3.796% 4.700% VRN 10/15/51 <sup>(a)</sup>  |  | 3060000 |  | 2330703 |
| Hanwha Life Insurance Co. Ltd. 5 year CMT + 1.850% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.379% VRN 2/04/32 <sup>(a)</sup>  |  | 2485000 |  | 2071959 |
| Hill City Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.046% 8/15/41 <sup>(a)</sup>  |  | 4000000 |  | 2769745 |
| Jackson Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125% 11/23/31  |  | 1024000 |  | 787519 |
| Liberty Mutual Group, Inc. 5 year CMT + 3.315% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125% VRN 12/15/51 <sup>(a)</sup>  |  | 1220000 |  | 993812 |
| MetLife Capital Trust IV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875% 12/15/67 <sup>(a)</sup>  |  | 725000 |  | 783078 |
| Prudential Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43  |  | 1025000 |  | 1007063 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48  |  | 1740000 |  | 1661700 |
| Sammons Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.350% 4/16/31 <sup>(a)</sup>  |  | 3805000 |  | 2905206 |
| &nbsp;&nbsp;&nbsp;4.450% 5/12/27 <sup>(a)</sup>  |  | 270000 |  | 252141 |
| &nbsp;&nbsp;&nbsp;4.750% 4/08/32 <sup>(a)</sup>  |  | 805000 |  | 674356 |
| USF&G Capital I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500% 12/15/45 <sup>(a)</sup>  |  | 885000 |  | 960850 |
|  |  |  |  | 47686856 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| Expedia Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 8/01/27  |  | 1330000 |  | 1277867 |

---

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

**96**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Investment Companies — 1.4%** | **Investment Companies — 1.4%** | **Investment Companies — 1.4%** |
| Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.150% 7/15/26  | $1850000 | $1568883 |
| BlackRock TCP Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 8/23/24  | 1316000 | 1257313 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;1.750% 9/15/24  | 335000 | 308105 |
| &nbsp;&nbsp;&nbsp;2.625% 12/15/26  | 3425000 | 2838775 |
| Golub Capital BDC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 8/24/26  | 880000 | 748053 |
| &nbsp;&nbsp;&nbsp;3.375% 4/15/24  | 2438000 | 2345405 |
| OWL Rock Core Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 2/08/27  | 1945000 | 1756187 |
|  |  | 10822721 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| Vale Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 11/21/36  | 1030000 | 1087353 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.200% 8/08/24  | 2070000 | 1966921 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 6/01/52  | 765000 | 482880 |
| &nbsp;&nbsp;&nbsp;6.484% 10/23/45  | 1485000 | 1344865 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.887% 11/01/51  | 350000 | 226101 |
| &nbsp;&nbsp;&nbsp;2.937% 11/01/56  | 1184000 | 737843 |
| &nbsp;&nbsp;&nbsp;3.969% 11/01/47  | 630000 | 503645 |
| Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 9/15/55  | 1210000 | 730472 |
| &nbsp;&nbsp;&nbsp;4.650% 5/15/50  | 490000 | 337911 |
| Time Warner Cable, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 6/15/39  | 985000 | 934440 |
|  |  | 5298157 |
| **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** |
| The Timken Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 12/15/28  | 1655000 | 1571012 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Glencore Finance Canada Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.550% STEP 10/25/42 <sup>(a)</sup>  | 894000 | 807157 |
| Teck Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 8/15/40  | 808000 | 774965 |
|  |  | 1582122 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Oil & Gas — 2.3%** | **Oil & Gas — 2.3%** | **Oil & Gas — 2.3%** |
| BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;5 year CMT + 4.036% 4.375% VRN <sup>(b)</sup>  | $2400000 | $2292000 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 4.398% 4.875% VRN <sup>(b)</sup>  | 1475000 | 1290625 |
| Cenovus Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 11/15/39  | 765000 | 796445 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 10/01/27  | 2160000 | 1994625 |
| &nbsp;&nbsp;&nbsp;7.000% STEP 2/01/30  | 1795000 | 1861630 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.600% 3/15/46  | 1258000 | 1294469 |
| Ovintiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 8/15/34  | 1050000 | 1060816 |
| &nbsp;&nbsp;&nbsp;6.500% 2/01/38  | 545000 | 542658 |
| Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.950% 2/01/28  | 2435000 | 2151687 |
| &nbsp;&nbsp;&nbsp;5.150% 11/15/29  | 1225000 | 1100287 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;5.350% 2/12/28  | 665000 | 559631 |
| &nbsp;&nbsp;&nbsp;6.375% 1/23/45  | 595000 | 368678 |
| &nbsp;&nbsp;&nbsp;6.500% 3/13/27  | 585000 | 533765 |
| &nbsp;&nbsp;&nbsp;6.625% 6/15/35  | 140000 | 101626 |
| Santos Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.649% 4/29/31 <sup>(a)</sup>  | 1490000 | 1189279 |
|  |  | 17138221 |
| **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** |
| NOV, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.600% 12/01/29  | 3123000 | 2750753 |
| &nbsp;&nbsp;&nbsp;3.950% 12/01/42  | 1506000 | 1056093 |
|  |  | 3806846 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 5/14/45  | 860000 | 770530 |
| Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.800% 7/15/46  | 880000 | 794531 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.050% 3/25/48  | 455000 | 410452 |
| &nbsp;&nbsp;&nbsp;6.125% 9/15/39  | 560000 | 577785 |
| CVS Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.926% 1/10/34 <sup>(a)</sup>  | 924396 | 904243 |
| &nbsp;&nbsp;&nbsp;7.507% 1/10/32 <sup>(a)</sup>  | 769146 | 801699 |
| Utah Acquisition Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 6/15/46  | 1375000 | 1045794 |
|  |  | 5305034 |

---

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

**97**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Pipelines — 2.0%** | **Pipelines — 2.0%** | **Pipelines — 2.0%** |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;4.200% 4/15/27  | $885000 | $836378 |
| &nbsp;&nbsp;&nbsp;6.125% 12/15/45  | 1000000 | 930825 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 4.028% 6.250% VRN <sup>(b)</sup> <sup>(c)</sup>  | 2370000 | 2014500 |
| EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.850% 7/15/26  | 951000 | 893966 |
| Enterprise Products Operating LLC 3 mo. USD LIBOR + 3.033% |  |  |
| &nbsp;&nbsp;&nbsp;5.250% VRN 8/16/77  | 2475000 | 1994235 |
| MPLX LP 3 mo. USD LIBOR + 4.652% |  |  |
| &nbsp;&nbsp;&nbsp;6.875% VRN <sup>(b)</sup>  | 1775000 | 1748375 |
| Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110% |  |  |
| &nbsp;&nbsp;&nbsp;8.716% VRN <sup>(b)</sup>  | 2345000 | 2016700 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.800% 9/15/30  | 1150000 | 1002232 |
| &nbsp;&nbsp;&nbsp;4.700% 6/15/44  | 1195000 | 911545 |
| &nbsp;&nbsp;&nbsp;6.650% 1/15/37  | 375000 | 370812 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 1/15/29  | 2020000 | 2038167 |
|  |  | 14757735 |
| **Private Equity — 0.3%** | **Private Equity — 0.3%** | **Private Equity — 0.3%** |
| Apollo Management Holdings LP 5 year CMT + 3.266% |  |  |
| &nbsp;&nbsp;&nbsp;4.950% VRN 1/14/50 <sup>(a)</sup>  | 1505000 | 1277353 |
| KKR Group Finance Co. VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 8/25/50 <sup>(a)</sup>  | 710000 | 478277 |
| KKR Group Finance Co. X LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 12/15/51 <sup>(a)</sup>  | 1035000 | 660313 |
|  |  | 2415943 |
| **Real Estate Investment Trusts (REITS) — 2.4%** | **Real Estate Investment Trusts (REITS) — 2.4%** | **Real Estate Investment Trusts (REITS) — 2.4%** |
| Broadstone Net Lease LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.600% 9/15/31  | 1835000 | 1379730 |
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 12/15/27 <sup>(a)</sup>  | 2625000 | 2182290 |
| Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;2.900% 12/15/31  | 580000 | 445200 |
| &nbsp;&nbsp;&nbsp;3.500% 9/15/30  | 2120000 | 1754742 |
| Invitation Homes Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;4.150% 4/15/32  | 505000 | 443317 |
| Kimco Realty Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 12/01/46  | 710000 | 523643 |
| &nbsp;&nbsp;&nbsp;4.450% 9/01/47  | 800000 | 620345 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Omega Healthcare Investors, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 2/01/31  | $| 1625000 | $| 1254468 |
| Piedmont Operating Partnership LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750% 4/01/32  |  | 1035000 |  | 726957 |
| Rexford Industrial Realty LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.125% 12/01/30  |  | 1137000 |  | 890302 |
| Service Properties Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 6/15/23  |  | 760000 |  | 746846 |
| &nbsp;&nbsp;&nbsp;4.950% 10/01/29 <sup>(c)</sup>  |  | 1155000 |  | 798219 |
| Spirit Realty LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.700% 2/15/32  |  | 550000 |  | 408350 |
| &nbsp;&nbsp;&nbsp;3.200% 1/15/27  |  | 2280000 |  | 2024631 |
| &nbsp;&nbsp;&nbsp;3.400% 1/15/30  |  | 515000 |  | 428908 |
| &nbsp;&nbsp;&nbsp;4.000% 7/15/29  |  | 1290000 |  | 1124507 |
| WEA Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875% 1/15/27 <sup>(a)</sup>  |  | 2420000 |  | 2074142 |
|  |  |  |  | 17826597 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Electronic Arts, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.950% 2/15/51  |  | 1100000 |  | 715187 |
| Microsoft Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.921% 3/17/52  |  | 2064000 |  | 1474355 |
| Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.900% 11/09/52  |  | 712000 |  | 768480 |
|  |  |  |  | 2958022 |
| **Telecommunications — 1.7%** | **Telecommunications — 1.7%** | **Telecommunications — 1.7%** | **Telecommunications — 1.7%** | **Telecommunications — 1.7%** |
| AT&T, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.550% 9/15/55  |  | 5153000 |  | 3453766 |
| British Telecommunications PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.625% STEP 12/15/30  |  | 700000 |  | 840468 |
| Crown Castle Towers LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.241% 7/15/48 <sup>(a)</sup>  |  | 2750000 |  | 2502371 |
| Sprint Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750% 3/15/32  |  | 3250000 |  | 3867825 |
| Verizon Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.987% 10/30/56  |  | 2292000 |  | 1407678 |
| Vodafone Group PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 5/30/48  |  | 1150000 |  | 1018993 |
|  |  |  |  | 13091101 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Norfolk Southern Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.050% 8/15/52  |  | 860000 |  | 694341 |

---

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

**98**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Venture Capital — 0.6%** | **Venture Capital — 0.6%** | **Venture Capital — 0.6%** |
| Hercules Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.625% 9/16/26  | $3284000 | $2773133 |
| &nbsp;&nbsp;&nbsp;3.375% 1/20/27  | 1745000 | 1498095 |
|  |  | 4271228 |
| **TOTAL CORPORATE DEBT (Cost $335,763,558)**  |  | **286332335** |
| **MUNICIPAL OBLIGATIONS — 0.3%** | **MUNICIPAL OBLIGATIONS — 0.3%** | **MUNICIPAL OBLIGATIONS — 0.3%** |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.475% 8/01/39  | 2200000 | 2047000 |
| **TOTAL MUNICIPAL OBLIGATIONS (Cost $2,200,000)**  |  | **2047000** |
| **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.6%** | **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.6%** | **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.6%** |
| **Automobile Asset-Backed Securities — 0.5%** | **Automobile Asset-Backed Securities — 0.5%** | **Automobile Asset-Backed Securities — 0.5%** |
| Santander Revolving Auto Loan Trust, Series 2019-A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.450% 1/26/32 <sup>(a)</sup>  | 1087000 | 989504 |
| Westlake Automobile Receivables Trust, Series 2021-1A, Class E |  |  |
| &nbsp;&nbsp;&nbsp;2.330% 8/17/26 <sup>(a)</sup>  | 3226000 | 2988950 |
|  |  | 3978454 |
| **Commercial Mortgage-Backed Securities — 8.1%** | **Commercial Mortgage-Backed Securities — 8.1%** | **Commercial Mortgage-Backed Securities — 8.1%** |
| BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% |  |  |
| &nbsp;&nbsp;&nbsp;5.668% FRN 9/15/34 <sup>(a)</sup>  | 670000 | 641578 |
| BANK, Series 2020-BN30, Class MCDF, |  |  |
| &nbsp;&nbsp;&nbsp;2.918% VRN 12/15/53 <sup>(d)</sup>  | 2100000 | 1329294 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 <sup>(a)</sup> <sup>(d)</sup>  | 2250000 | 1878130 |
| &nbsp;&nbsp;&nbsp;Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 <sup>(a)</sup> <sup>(d)</sup>  | 1610000 | 1361204 |
| &nbsp;&nbsp;&nbsp;Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 <sup>(a)</sup> <sup>(d)</sup>  | 1370000 | 1088409 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 <sup>(a)</sup> <sup>(d)</sup>  | 2200000 | 1617353 |
| &nbsp;&nbsp;&nbsp;Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 <sup>(a)</sup> <sup>(d)</sup>  | 3587000 | 2434509 |
| &nbsp;&nbsp;&nbsp;Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 <sup>(a)</sup> <sup>(d)</sup>  | 2500000 | 1770518 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| BGME Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-VR, Class C, 2.995% VRN 1/10/43 <sup>(a)</sup> <sup>(d)</sup>  | $12518000 | $9818083 |
| &nbsp;&nbsp;&nbsp;Series 2021-VR, Class D, 2.995% VRN 1/10/43 <sup>(a)</sup> <sup>(d)</sup>  | 2800000 | 2126942 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 6.118% FRN 6/15/38 <sup>(a)</sup>  | 1885715 | 1775044 |
| &nbsp;&nbsp;&nbsp;Series 2019-XL, Class E, 1 mo. TSFR + 1.914% 6.250% FRN 10/15/36 <sup>(a)</sup>  | 1469650 | 1418768 |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 6.318% FRN 9/15/36 <sup>(a)</sup>  | 4999000 | 4650612 |
| COLEM Mortgage Trust, Series 2022-HLNE, |  |  |
| &nbsp;&nbsp;&nbsp;2.461% VRN 4/12/42 <sup>(a)</sup> <sup>(d)</sup>  | 1600000 | 1204485 |
| Commercial Mortgage Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;Series 2012-CR4, Class B, 3.703% 10/15/45 <sup>(a)</sup>  | 1060000 | 773098 |
| &nbsp;&nbsp;&nbsp;Series 2014-UBS2, Class AM, 4.199% 3/10/47  | 1375000 | 1327892 |
| &nbsp;&nbsp;&nbsp;Series 2015-CR23, Class C, 4.301% VRN 5/10/48 <sup>(d)</sup>  | 1000000 | 923282 |
| &nbsp;&nbsp;&nbsp;Series 2014-LC17, Class C, 4.544% VRN 10/10/47 <sup>(d)</sup>  | 2908000 | 2699757 |
| Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150% |  |  |
| &nbsp;&nbsp;&nbsp;6.468% FRN 5/15/36 <sup>(a)</sup>  | 570000 | 551508 |
| DROP Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-FILE, Class C, 1 mo. USD LIBOR + 2.250% 6.570% FRN 10/15/43 <sup>(a)</sup>  | 2629000 | 2379376 |
| &nbsp;&nbsp;&nbsp;Series 2021-FILE, Class D, 1 mo. USD LIBOR + 2.750% 7.070% FRN 10/15/43 <sup>(a)</sup>  | 908000 | 803499 |
| Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.568% FRN 7/15/38 <sup>(a)</sup>  | 1952384 | 1869492 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.450% VRN 1/05/39 <sup>(a)</sup> <sup>(d)</sup>  | 2500000 | 1944505 |
| KIND Trust, Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.068% FRN 8/15/38 <sup>(a)</sup>  | 2581344 | 2379167 |

---

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

**99**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.118% FRN 5/15/36 <sup>(a)</sup>  | $| 1505000 | $| 1464626 |
| Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.068% FRN 3/15/38 <sup>(a)</sup>  |  | 1902047 |  | 1799926 |
| MFT Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-ABC, Class A, 3.358% 2/10/42 <sup>(a)</sup>  |  | 919000 |  | 711450 |
| &nbsp;&nbsp;&nbsp;Series 2020-ABC, Class B, 3.477% VRN 2/10/42 <sup>(a)</sup> <sup>(d)</sup>  |  | 2253000 |  | 1673307 |
| MHC Commercial Mortgage Trust, Series 2021-MHC, Class D, 1 mo. USD LIBOR + 1.601% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.919% FRN 4/15/38 <sup>(a)</sup>  |  | 1600000 |  | 1516091 |
| MKT Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-525M, Class D, 2.941% VRN 2/12/40 <sup>(a)</sup> <sup>(d)</sup>  |  | 475000 |  | 296648 |
| &nbsp;&nbsp;&nbsp;Series 2020-525M, Class E, 2.941% VRN 2/12/40 <sup>(a)</sup> <sup>(d)</sup>  |  | 976000 |  | 557746 |
| VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.418% FRN 7/15/39 <sup>(a)</sup>  |  | 3761000 |  | 3407807 |
| Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.556% 6/16/51  |  | 400000 |  | 347508 |
|  |  |  |  | 60541614 |
| **Other Asset-Backed Securities — 12.5%** | **Other Asset-Backed Securities — 12.5%** | **Other Asset-Backed Securities — 12.5%** | **Other Asset-Backed Securities — 12.5%** | **Other Asset-Backed Securities — 12.5%** |
| 522 Funding CLO Ltd., Series 2018-3A, Class CR, 3 mo. USD LIBOR + 2.050% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.293% FRN 10/20/31 <sup>(a)</sup>  |  | 950000 |  | 891615 |
| AASET Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class A, 3.351% 1/16/40 <sup>(a)</sup>  |  | 795087 |  | 636890 |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class B, 3.538% 1/15/47 <sup>(a)</sup>  |  | 1014054 |  | 739759 |
| Adams Outdoor Advertising LP, Series 2018-1, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.810% 11/15/48 <sup>(a)</sup>  |  | 1727784 |  | 1639168 |
| Anchorage Capital CLO Ltd., Series 2021-19A, Class A, 3 mo. USD LIBOR + 1.210% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.289% FRN 10/15/34 <sup>(a)</sup>  |  | 2000000 |  | 1947926 |
| Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.075% FRN 1/23/31 <sup>(a)</sup>  |  | 1190000 |  | 1158707 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| Ballyrock CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 3.150% |  |  |
| &nbsp;&nbsp;&nbsp;7.825% FRN 11/20/30 <sup>(a)</sup>  | $400000 | $376611 |
| BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;2.940% 5/25/29 <sup>(a)</sup>  | 237526 | 230935 |
| Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class A, 2.981% 11/15/35 <sup>(a)</sup>  | 333553 | 303813 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class C, 5.067% 4/15/36 <sup>(a)</sup>  | 745451 | 654163 |
| Canyon Capital CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 2.150% |  |  |
| &nbsp;&nbsp;&nbsp;6.229% FRN 10/15/34 <sup>(a)</sup>  | 700000 | 649209 |
| Capital Automotive REIT |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class A3, 3.250% 2/15/50 <sup>(a)</sup>  | 455504 | 398644 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class A6, 3.810% 2/15/50 <sup>(a)</sup>  | 394932 | 344460 |
| Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.967% 4/15/39 <sup>(a)</sup>  | 395330 | 334107 |
| CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. TSFR + 2.362% |  |  |
| &nbsp;&nbsp;&nbsp;6.225% FRN 1/15/31 <sup>(a)</sup>  | 900000 | 879917 |
| Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980% |  |  |
| &nbsp;&nbsp;&nbsp;5.223% FRN 4/20/31 <sup>(a)</sup>  | 750000 | 738660 |
| Diameter Capital CLO Ltd., Series 2021-2A, Class A1, 3 mo. USD LIBOR + 1.220% |  |  |
| &nbsp;&nbsp;&nbsp;5.299% FRN 10/15/36 <sup>(a)</sup>  | 2000000 | 1932854 |
| Eaton Vance CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class BR, 3 mo. USD LIBOR + 1.700% 5.779% FRN 1/15/35 <sup>(a)</sup>  | 1400000 | 1330654 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 5.829% FRN 10/15/30 <sup>(a)</sup>  | 1700000 | 1641602 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class CR, 3 mo. USD LIBOR + 2.050% 6.129% FRN 10/15/34 <sup>(a)</sup>  | 350000 | 313836 |
| Elmwood CLO II Ltd., Series 2019-2A, Class AR, 3 mo. USD LIBOR + 1.150% |  |  |
| &nbsp;&nbsp;&nbsp;5.393% FRN 4/20/34 <sup>(a)</sup>  | 2800000 | 2733763 |
| Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD LIBOR + 1.650% |  |  |
| &nbsp;&nbsp;&nbsp;5.893% FRN 10/20/34 <sup>(a)</sup>  | 350000 | 335763 |

---

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

**100**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| FCI Funding LLC, Series 2019-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.630% 2/18/31 <sup>(a)</sup>  | $18696 | $18678 |
| Flexential Issuer |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 3.720% 11/27/51 <sup>(a)</sup>  | 4000000 | 3430100 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class C, 6.930% 11/27/51 <sup>(a)</sup>  | 4000000 | 3282830 |
| Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class CR, 3 mo. USD LIBOR + 2.050% |  |  |
| &nbsp;&nbsp;&nbsp;6.293% FRN 10/20/32 <sup>(a)</sup>  | 1000000 | 945150 |
| Goodgreen Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class A, 2.760% 4/15/55 <sup>(a)</sup>  | 1678036 | 1444896 |
| &nbsp;&nbsp;&nbsp;Series 2016-1A, Class A, 3.230% 10/15/52 <sup>(a)</sup>  | 923061 | 838461 |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A, 3.740% 10/15/52 <sup>(a)</sup>  | 443579 | 411386 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A, 3.860% 10/15/54 <sup>(a)</sup>  | 752475 | 699057 |
| Gulf Stream Meridian 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.829% FRN 1/15/37 <sup>(a)</sup>  | 500000 | 471492 |
| Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700% |  |  |
| &nbsp;&nbsp;&nbsp;5.943% FRN 1/20/31 <sup>(a)</sup>  | 1290000 | 1250149 |
| Hero Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-3A, Class A1, 3.080% 9/20/42 <sup>(a)</sup>  | 395055 | 369630 |
| &nbsp;&nbsp;&nbsp;Series 2017-3A, Class A1, 3.190% 9/20/48 <sup>(a)</sup>  | 445920 | 406751 |
| &nbsp;&nbsp;&nbsp;Series 2017-2A, Class A1, 3.280% 9/20/48 <sup>(a)</sup>  | 128198 | 118681 |
| &nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1, 3.570% 9/20/47 <sup>(a)</sup>  | 512169 | 484965 |
| &nbsp;&nbsp;&nbsp;Series 2017-2A, Class A2, 4.070% 9/20/48 <sup>(a)</sup>  | 103061 | 96038 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class A2, 4.670% 9/20/48 <sup>(a)</sup>  | 784027 | 744875 |
| Horizon Aircraft Finance I Ltd., Series 2018-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;4.458% 12/15/38 <sup>(a)</sup>  | 837662 | 686045 |
| Horizon Aircraft Finance II Ltd, Series 2019-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.721% 7/15/39 <sup>(a)</sup>  | 1108448 | 871938 |
| Horizon Aircraft Finance III Ltd., Series 2019-2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.425% 11/15/39 <sup>(a)</sup>  | 2637358 | 2034966 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| KKR CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 28A, Class A, 3 mo. USD LIBOR + 1.140% 5.909% FRN 3/15/31 <sup>(a)</sup>  | $900000 | $887726 |
| &nbsp;&nbsp;&nbsp;Series 36A, Class C, 3 mo. USD LIBOR + 2.150% 6.229% FRN 10/15/34 <sup>(a)</sup>  | 500000 | 463386 |
| KREF Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-FL2, Class B, 1 mo. USD LIBOR + 1.650% 5.976% FRN 2/15/39 <sup>(a)</sup>  | 2900000 | 2701890 |
| &nbsp;&nbsp;&nbsp;Series 2021-FL2, Class C, 1 mo. USD LIBOR + 2.000% 6.326% FRN 2/15/39 <sup>(a)</sup>  | 5000000 | 4608898 |
| &nbsp;&nbsp;&nbsp;Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200% 6.526% FRN 2/15/39 <sup>(a)</sup>  | 4100000 | 3778097 |
| Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;4.300% 1/15/42 <sup>(a)</sup>  | 1824951 | 1437222 |
| MACH 1 Cayman Ltd., Series 2019-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.474% 10/15/39 <sup>(a)</sup>  | 1505064 | 1216556 |
| Madison Park Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 5.679% FRN 7/15/30 <sup>(a)</sup>  | 1665000 | 1620604 |
| &nbsp;&nbsp;&nbsp;Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 6.325% FRN 1/22/31 <sup>(a)</sup>  | 1000000 | 939044 |
| &nbsp;&nbsp;&nbsp;Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 6.394% FRN 10/18/30 <sup>(a)</sup>  | 620000 | 588292 |
| Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-AA, Class B, 2.330% 3/20/36 <sup>(a)</sup>  | 1336000 | 1096144 |
| &nbsp;&nbsp;&nbsp;Series 2021-AA, Class C, 2.960% 3/20/36 <sup>(a)</sup>  | 637000 | 521764 |
| Mosaic Solar Loans LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class A, 4.010% 6/22/43 <sup>(a)</sup>  | 171904 | 156704 |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A, 4.450% 6/20/42 <sup>(a)</sup>  | 160909 | 154065 |
| Neuberger Berman CLO Ltd., Series 2015-20A, Class BRR, 3 mo. USD LIBOR + 1.650% |  |  |
| &nbsp;&nbsp;&nbsp;5.729% FRN 7/15/34 <sup>(a)</sup>  | 1800000 | 1732664 |
| Neuberger Berman Loan Advisers CLO Ltd., Series 2015-45A, Class B, 3 mo. USD LIBOR + 1.650% |  |  |
| &nbsp;&nbsp;&nbsp;5.661% FRN 10/14/35 <sup>(a)</sup>  | 1350000 | 1298499 |

---

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

**101**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| NP SPE LLC, Series 2017-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;4.219% 10/21/47 <sup>(a)</sup>  | $2260000 | $2041361 |
| Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;3.390% 11/20/50 <sup>(a)</sup>  | 1200000 | 1063243 |
| OCP CLO Ltd., Series 2018-15A, Class A1, 3 mo. USD LIBOR + 1.100% |  |  |
| &nbsp;&nbsp;&nbsp;5.343% FRN 7/20/31 <sup>(a)</sup>  | 250000 | 245964 |
| Oxford Finance Funding Trust, Series 2020-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;3.101% 2/15/28 <sup>(a)</sup>  | 689818 | 682006 |
| Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD LIBOR + 1.850% |  |  |
| &nbsp;&nbsp;&nbsp;6.093% FRN 10/20/34 <sup>(a)</sup>  | 450000 | 425936 |
| Pioneer Aircraft Finance Ltd., Series 2019-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.967% 6/15/44 <sup>(a)</sup>  | 1267014 | 1006822 |
| Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;3.858% 12/05/49 <sup>(a)</sup>  | 2252340 | 1856380 |
| Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD LIBOR + 1.170% |  |  |
| &nbsp;&nbsp;&nbsp;5.585% FRN 10/30/34 <sup>(a)</sup>  | 1000000 | 972192 |
| Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD LIBOR + 1.550% |  |  |
| &nbsp;&nbsp;&nbsp;5.793% FRN 4/20/34 <sup>(a)</sup>  | 1500000 | 1409498 |
| RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090% |  |  |
| &nbsp;&nbsp;&nbsp;5.169% FRN 1/15/30 <sup>(a)</sup>  | 2450000 | 2417332 |
| Sierra Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class D, 3.170% 11/20/37 <sup>(a)</sup>  | 624396 | 576310 |
| &nbsp;&nbsp;&nbsp;Series 2018-3A, Class D, 5.200% 9/20/35 <sup>(a)</sup>  | 267052 | 262081 |
| Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300% |  |  |
| &nbsp;&nbsp;&nbsp;6.974% FRN 8/18/31 <sup>(a)</sup>  | 1170000 | 1083064 |
| Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% |  |  |
| &nbsp;&nbsp;&nbsp;5.589% FRN 11/25/35 <sup>(a)</sup>  | 1296199 | 1257865 |
| Structured Receivables Finance LLC, Series 2010-B, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.730% 8/15/36 <sup>(a)</sup>  | 68217 | 65455 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Sunnova Helios II Issuer LLC, Series 2018-1A, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.870% 7/20/48 <sup>(a)</sup>  | $| 403147 | $| 356563 |
| SuttonPark Structured Settlements LLC, Series 2017-1A, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.190% 1/15/71 <sup>(a)</sup>  |  | 1721404 |  | 1522837 |
| Thrust Engine Leasing |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, 4.163% 7/15/40 <sup>(a)</sup>  |  | 2556060 |  | 1879655 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 6.121% 7/15/40 <sup>(a)</sup>  |  | 1222080 |  | 862577 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class C, 7.386% 7/15/40 <sup>(a)</sup>  |  | 921565 |  | 668231 |
| TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD LIBOR + 1.650% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.893% FRN 10/20/32 <sup>(a)</sup>  |  | 1000000 |  | 968326 |
| TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.280% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.523% FRN 4/20/33 <sup>(a)</sup>  |  | 2500000 |  | 2461870 |
| Vivint Solar Financing V LLC, Series 2018-1A, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.370% 4/30/48 <sup>(a)</sup>  |  | 1971930 |  | 1810535 |
| WAVE LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A, 3.597% 9/15/44 <sup>(a)</sup>  |  | 3306829 |  | 2504093 |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A, 3.844% 11/15/42 <sup>(a)</sup>  |  | 282942 |  | 213624 |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class C, 6.656% 11/15/42 <sup>(a)</sup>  |  | 2140306 |  | 600532 |
| Willis Engine Structured Trust IV, Series 2018-A, Class A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750% STEP 9/15/43 <sup>(a)</sup>  |  | 1009195 |  | 805936 |
| Wind River CLO Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.750% 5.829% FRN 7/15/30 <sup>(a)</sup>  |  | 1150000 |  | 1105343 |
| &nbsp;&nbsp;&nbsp;Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 6.240% FRN 11/01/31 <sup>(a)</sup>  |  | 900000 |  | 865149 |
|  |  |  |  | 94011479 |
| **Student Loans Asset-Backed Securities — 3.0%** | **Student Loans Asset-Backed Securities — 3.0%** | **Student Loans Asset-Backed Securities — 3.0%** | **Student Loans Asset-Backed Securities — 3.0%** | **Student Loans Asset-Backed Securities — 3.0%** |
| College Avenue Student Loans LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-A, Class B, 3.810% 12/28/48 <sup>(a)</sup>  |  | 1393735 |  | 1289416 |
| &nbsp;&nbsp;&nbsp;Series 2019-A, Class C, 4.460% 12/28/48 <sup>(a)</sup>  |  | 929392 |  | 867235 |
| Edsouth Indenture No. 8 LLC, Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.889% FRN 6/25/48 <sup>(a)</sup>  |  | 1200000 |  | 1192430 |

---

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

**102**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| Edsouth Indenture No. 9 LLC, Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.889% FRN 10/25/56 <sup>(a)</sup>  | $1100000 | $1095667 |
| Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700% |  |  |
| &nbsp;&nbsp;&nbsp;8.058% FRN 4/25/46  | 625000 | 651274 |
| EDvestinU Private Education Loan Issue No 1 LLC, Series 2019-A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.580% 11/25/38 <sup>(a)</sup>  | 624986 | 585855 |
| Higher Education Funding I |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-1, Class B2, 0.000% FRN 1/01/44 <sup>(a)</sup> <sup>(d)</sup>  | 450000 | 392946 |
| &nbsp;&nbsp;&nbsp;Series 2004-1, Class B1, 4.161% FRN 1/01/44 <sup>(a)</sup> <sup>(d)</sup>  | 450000 | 405310 |
| Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX |  |  |
| &nbsp;&nbsp;&nbsp;3.020% 8/25/42 <sup>(a)</sup>  | 547785 | 444171 |
| Navient Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class B, 1 mo. USD LIBOR + 1.350% 5.739% FRN 2/25/70 <sup>(a)</sup>  | 2330000 | 2294091 |
| &nbsp;&nbsp;&nbsp;Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 10/25/58  | 940000 | 816121 |
| &nbsp;&nbsp;&nbsp;Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 5.889% FRN 6/25/65 <sup>(a)</sup>  | 2109259 | 2056296 |
| Nelnet Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-4, Class A4A, 1.145% FRN 3/22/32 <sup>(d)</sup>  | 160000 | 158208 |
| &nbsp;&nbsp;&nbsp;Series 2019-5, Class B, 3.450% 10/25/67 <sup>(a)</sup>  | 2150000 | 1699595 |
| &nbsp;&nbsp;&nbsp;Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 4.974% FRN 6/25/41  | 374481 | 339519 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class B, 1 mo. USD LIBOR + 1.400% 5.789% FRN 4/25/67 <sup>(a)</sup>  | 3250000 | 3133735 |
| SLM Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 4.568% FRN 10/25/40  | 1605311 | 1500527 |
| &nbsp;&nbsp;&nbsp;Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 4.648% FRN 1/25/44  | 1371624 | 1255592 |
| SoFi Alternative Trust, Series 2019-C, Class PT, |  |  |
| &nbsp;&nbsp;&nbsp;5.188% VRN 1/25/45 <sup>(a)</sup> <sup>(d)</sup>  | 1903499 | 1757691 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| SoFi Professional Loan Program LLC, Series 2017-C, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.210% VRN 7/25/40 <sup>(a)</sup> <sup>(d)</sup>  | $| 990000 | $| 891135 |
|  |  |  |  | 22826814 |
| **Whole Loan Collateral Collateralized Mortgage Obligations — 2.5%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 2.5%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 2.5%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 2.5%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 2.5%** |
| Bank of America Mortgage Securities, Series 2004-G, Class 2A7, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.961% VRN 8/25/34 <sup>(d)</sup>  |  | 6221 |  | 5853 |
| CSMC, Series 2021-NQM3, Class M1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.317% VRN 4/25/66 <sup>(a)</sup> <sup>(d)</sup>  |  | 1330000 |  | 733896 |
| Flagstar Mortgage Trust, Series 2021-6INV, Class A18, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 8/25/51 <sup>(a)</sup> <sup>(d)</sup>  |  | 3804486 |  | 2932724 |
| GS Mortgage-Backed Securities Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-GR2, Class A4, 2.500% VRN 2/25/52 <sup>(a)</sup> <sup>(d)</sup>  |  | 1395551 |  | 1081879 |
| &nbsp;&nbsp;&nbsp;Series 2021-GR2, Class A2, 2.500% VRN 2/25/52 <sup>(a)</sup> <sup>(d)</sup>  |  | 2101206 |  | 1693276 |
| JP Morgan Mortgage Trust, Series 2017-1, Class A11, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.449% VRN 1/25/47 <sup>(a)</sup> <sup>(d)</sup>  |  | 542272 |  | 465686 |
| New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 6/25/51 <sup>(a)</sup> <sup>(d)</sup>  |  | 2458358 |  | 1899657 |
| NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 1 mo. USD LIBOR + 1.400% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.789% FRN 5/25/55 <sup>(a)</sup>  |  | 2606000 |  | 2517776 |
| NMLT Trust, Series 2021-INV1, Class M1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.711% VRN 5/25/56 <sup>(a)</sup> <sup>(d)</sup>  |  | 5400000 |  | 3304903 |
| Starwood Mortgage Residential Trust, Series 2021-3, Class M1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.491% VRN 6/25/56 <sup>(a)</sup> <sup>(d)</sup>  |  | 2448000 |  | 1422427 |
| Verus Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class M1, 2.397% VRN 6/25/66 <sup>(a)</sup> <sup>(d)</sup>  |  | 3640000 |  | 2160831 |
| &nbsp;&nbsp;&nbsp;Series 2021-R3, Class M1, 2.411% VRN 4/25/64 <sup>(a)</sup> <sup>(d)</sup>  |  | 1147000 |  | 822693 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.940% VRN 11/25/48 <sup>(a)</sup> <sup>(d)</sup>  |  | 47263 |  | 44762 |
|  |  |  |  | 19086363 |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $233,114,095)**  |  |  |  | **200444724** |

---

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

**103**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SOVEREIGN DEBT OBLIGATION — 0.4%** | **SOVEREIGN DEBT OBLIGATION — 0.4%** | **SOVEREIGN DEBT OBLIGATION — 0.4%** |
| Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 3/08/44  | $3727000 | $3004054 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $3,741,890)**  |  | **3004054** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <sup>(e)</sup>** **— 26.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <sup>(e)</sup>** **— 26.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <sup>(e)</sup>** **— 26.8%** |
| **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** |
| Federal Home Loan Mortgage Corp. Series 2178, Class PB 7.000% 8/15/29  | 16125 | 16563 |
| **Pass-Through Securities — 26.8%** | **Pass-Through Securities — 26.8%** | **Pass-Through Securities — 26.8%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Pool #RA4245 2.000% 12/01/50  | 2171787 | 1794786 |
| &nbsp;&nbsp;&nbsp;Pool #RA4255 2.000% 1/01/51  | 4525999 | 3741743 |
| &nbsp;&nbsp;&nbsp;Pool #RA5576 2.500% 7/01/51  | 8019550 | 6878726 |
| &nbsp;&nbsp;&nbsp;Pool #SD0905 3.000% 3/01/52  | 3513801 | 3119334 |
| &nbsp;&nbsp;&nbsp;Pool #J13972 3.500% 1/01/26  | 7766 | 7594 |
| &nbsp;&nbsp;&nbsp;Pool #C91344 3.500% 11/01/30  | 41478 | 39834 |
| &nbsp;&nbsp;&nbsp;Pool #C91424 3.500% 1/01/32  | 24237 | 23276 |
| &nbsp;&nbsp;&nbsp;Pool #RA2483 3.500% 6/01/50  | 3972610 | 3664026 |
| &nbsp;&nbsp;&nbsp;Pool #SD1523 4.000% 8/01/52  | 5303634 | 5023500 |
| &nbsp;&nbsp;&nbsp;Pool #SD1603 4.000% 9/01/52  | 3318409 | 3124467 |
| &nbsp;&nbsp;&nbsp;Pool #C91239 4.500% 3/01/29  | 2069 | 2061 |
| &nbsp;&nbsp;&nbsp;Pool #C91251 4.500% 6/01/29  | 13514 | 13463 |
| &nbsp;&nbsp;&nbsp;Pool #C90939 5.500% 12/01/25  | 5793 | 5782 |
| &nbsp;&nbsp;&nbsp;Pool #D97258 5.500% 4/01/27  | 2878 | 2942 |
| &nbsp;&nbsp;&nbsp;Pool #C91026 5.500% 4/01/27  | 11481 | 11739 |
| &nbsp;&nbsp;&nbsp;Pool #C91074 5.500% 8/01/27  | 1224 | 1252 |
| &nbsp;&nbsp;&nbsp;Pool #D97417 5.500% 10/01/27  | 6817 | 6970 |
| &nbsp;&nbsp;&nbsp;Pool #C91128 5.500% 12/01/27  | 812 | 830 |
| &nbsp;&nbsp;&nbsp;Pool #C91148 5.500% 1/01/28  | 27419 | 28034 |
| &nbsp;&nbsp;&nbsp;Pool #C91176 5.500% 5/01/28  | 10488 | 10724 |
| &nbsp;&nbsp;&nbsp;Pool #C91217 5.500% 11/01/28  | 3712 | 3796 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #FM8596 2.500% 9/01/51  | 2161132 | 1851673 |
| &nbsp;&nbsp;&nbsp;Pool #FM9104 2.500% 10/01/51  | 6139920 | 5256890 |
| &nbsp;&nbsp;&nbsp;Pool #FM9227 2.500% 10/01/51  | 4539669 | 3871179 |
| &nbsp;&nbsp;&nbsp;Pool #FS3035 2.500% 4/01/52  | 9375844 | 8055265 |
| &nbsp;&nbsp;&nbsp;Pool #MA3029 3.000% 6/01/32  | 1184139 | 1127789 |
| &nbsp;&nbsp;&nbsp;Pool #MA3090 3.000% 8/01/32  | 479578 | 456157 |
| &nbsp;&nbsp;&nbsp;Pool #AO8180 3.000% 9/01/42  | 10143 | 9200 |
| &nbsp;&nbsp;&nbsp;Pool #AB7397 3.000% 12/01/42  | 65709 | 59584 |
| &nbsp;&nbsp;&nbsp;Pool #AB7401 3.000% 12/01/42  | 53420 | 48468 |
| &nbsp;&nbsp;&nbsp;Pool #AP8668 3.000% 12/01/42  | 81731 | 74337 |
| &nbsp;&nbsp;&nbsp;Pool #AR1975 3.000% 12/01/42  | 15372 | 13981 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #AR0306 3.000% 1/01/43  | $4396 | $3998 |
| &nbsp;&nbsp;&nbsp;Pool #AR5391 3.000% 1/01/43  | 16040 | 14609 |
| &nbsp;&nbsp;&nbsp;Pool #AL3215 3.000% 2/01/43  | 51287 | 46647 |
| &nbsp;&nbsp;&nbsp;Pool #AR4109 3.000% 2/01/43  | 55185 | 50192 |
| &nbsp;&nbsp;&nbsp;Pool #AB8809 3.000% 3/01/43  | 27176 | 24717 |
| &nbsp;&nbsp;&nbsp;Pool #MA1368 3.000% 3/01/43  | 102372 | 93111 |
| &nbsp;&nbsp;&nbsp;Pool #AR4432 3.000% 3/01/43  | 24085 | 21906 |
| &nbsp;&nbsp;&nbsp;Pool #AT0169 3.000% 3/01/43  | 121725 | 110865 |
| &nbsp;&nbsp;&nbsp;Pool #AR2174 3.000% 4/01/43  | 99539 | 90534 |
| &nbsp;&nbsp;&nbsp;Pool #FS1075 3.000% 3/01/52  | 3573257 | 3173232 |
| &nbsp;&nbsp;&nbsp;Pool #CB3304 3.000% 4/01/52  | 5413449 | 4807415 |
| &nbsp;&nbsp;&nbsp;Pool #CB3305 3.000% 4/01/52  | 6432792 | 5704602 |
| &nbsp;&nbsp;&nbsp;Pool #775539 12 mo. USD LIBOR + 1.641% 3.391% FRN 5/01/34  | 11618 | 11682 |
| &nbsp;&nbsp;&nbsp;Pool #AS1304 3.500% 12/01/28  | 446746 | 433781 |
| &nbsp;&nbsp;&nbsp;Pool #MA1356 3.500% 2/01/43  | 3767334 | 3508837 |
| &nbsp;&nbsp;&nbsp;Pool #CA6096 3.500% 6/01/50  | 4275124 | 3927010 |
| &nbsp;&nbsp;&nbsp;Pool #FM4017 3.500% 8/01/50  | 291051 | 268261 |
| &nbsp;&nbsp;&nbsp;Pool #CB3842 3.500% 6/01/52  | 10456320 | 9590997 |
| &nbsp;&nbsp;&nbsp;Pool #AA3980 4.500% 4/01/28  | 23278 | 22970 |
| &nbsp;&nbsp;&nbsp;Pool #CA1909 4.500% 6/01/48  | 1974021 | 1935909 |
| &nbsp;&nbsp;&nbsp;Pool #CB3866 4.500% 6/01/52  | 6127187 | 5959589 |
| &nbsp;&nbsp;&nbsp;Pool #CB4129 4.500% 7/01/52  | 5395576 | 5227756 |
| &nbsp;&nbsp;&nbsp;Pool #AD6437 5.000% 6/01/40  | 190058 | 192504 |
| &nbsp;&nbsp;&nbsp;Pool #AD6996 5.000% 7/01/40  | 1199567 | 1215678 |
| &nbsp;&nbsp;&nbsp;Pool #AL8173 5.000% 2/01/44  | 422140 | 429936 |
| &nbsp;&nbsp;&nbsp;Pool #AD0836 5.500% 11/01/28  | 22726 | 23217 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #352022 7.000% 11/15/23  | 304 | 305 |
| &nbsp;&nbsp;&nbsp;Pool #374440 7.000% 11/15/23  | 23 | 23 |
| &nbsp;&nbsp;&nbsp;Pool #491089 7.000% 12/15/28  | 3300 | 3334 |
| &nbsp;&nbsp;&nbsp;Pool #480539 7.000% 4/15/29  | 63 | 65 |
| &nbsp;&nbsp;&nbsp;Pool #488634 7.000% 5/15/29  | 1454 | 1499 |
| &nbsp;&nbsp;&nbsp;Pool #500928 7.000% 5/15/29  | 2436 | 2524 |
| &nbsp;&nbsp;&nbsp;Pool #510083 7.000% 7/15/29  | 256 | 265 |
| &nbsp;&nbsp;&nbsp;Pool #493723 7.000% 8/15/29  | 1810 | 1880 |
| &nbsp;&nbsp;&nbsp;Pool #581417 7.000% 7/15/32  | 3371 | 3477 |
| Government National Mortgage Association II |  |  |
| &nbsp;&nbsp;&nbsp;Pool #008746 1 year CMT + 1.500% 1.750% FRN 11/20/25  | 950 | 924 |
| &nbsp;&nbsp;&nbsp;Pool #080136 1 year CMT + 1.500% 1.750% FRN 11/20/27  | 315 | 305 |
| &nbsp;&nbsp;&nbsp;Pool #MA6038 3.000% 7/20/49  | 2177771 | 1968614 |
| &nbsp;&nbsp;&nbsp;Pool #MA6283 3.000% 11/20/49  | 3899978 | 3522980 |
| &nbsp;&nbsp;&nbsp;Pool #MA6409 3.000% 1/20/50  | 4016530 | 3625756 |
| &nbsp;&nbsp;&nbsp;Pool #MA4321 3.500% 3/20/47  | 2407476 | 2252061 |

---

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

**104**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Government National Mortgage Association II TBA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 1/23/53 <sup>(f)</sup>  | $| 9150000 | $| 7941915 |
| &nbsp;&nbsp;&nbsp;3.000% 1/23/53 <sup>(f)</sup>  |  | 13125000 |  | 11713037 |
| &nbsp;&nbsp;&nbsp;3.500% 1/23/53 <sup>(f)</sup>  |  | 5770000 |  | 5309753 |
| &nbsp;&nbsp;&nbsp;4.500% 1/23/53 <sup>(f)</sup>  |  | 2000000 |  | 1942969 |
| Uniform Mortgage Backed Securities TBA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 1/12/53 <sup>(f)</sup>  |  | 8925000 |  | 7298977 |
| &nbsp;&nbsp;&nbsp;2.500% 12/25/51 <sup>(f)</sup>  |  | 8050000 |  | 6839984 |
| &nbsp;&nbsp;&nbsp;3.000% 2/25/52 <sup>(f)</sup>  |  | 15525000 |  | 13668064 |
| &nbsp;&nbsp;&nbsp;3.500% 2/25/49 <sup>(f)</sup>  |  | 2000000 |  | 1822031 |
| &nbsp;&nbsp;&nbsp;4.000% 1/12/53 <sup>(f)</sup>  |  | 18350000 |  | 17254734 |
| &nbsp;&nbsp;&nbsp;4.500% 1/12/53 <sup>(f)</sup>  |  | 15875000 |  | 15321855 |
| &nbsp;&nbsp;&nbsp;5.000% 1/12/53 <sup>(f)</sup>  |  | 6500000 |  | 6415703 |
|  |  |  |  | 202132391 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $213,724,547)**  |  |  |  | **202148954** |
| **U.S. TREASURY OBLIGATIONS — 6.7%** | **U.S. TREASURY OBLIGATIONS — 6.7%** | **U.S. TREASURY OBLIGATIONS — 6.7%** | **U.S. TREASURY OBLIGATIONS — 6.7%** | **U.S. TREASURY OBLIGATIONS — 6.7%** |
| **U.S. Treasury Bonds & Notes — 6.7%** | **U.S. Treasury Bonds & Notes — 6.7%** | **U.S. Treasury Bonds & Notes — 6.7%** | **U.S. Treasury Bonds & Notes — 6.7%** | **U.S. Treasury Bonds & Notes — 6.7%** |
| U.S. Treasury Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 8/15/49 <sup>(g)</sup>  |  | 33250000 |  | 23645508 |
| &nbsp;&nbsp;&nbsp;3.500% 2/15/39  |  | 11900000 |  | 11243616 |
| U.S. Treasury Note |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 10/31/24  |  | 2800000 |  | 2690582 |
| &nbsp;&nbsp;&nbsp;3.000% 7/15/25  |  | 13100000 |  | 12699904 |
|  |  |  |  | 50279610 |
| **TOTAL U.S. TREASURY OBLIGATIONS (Cost $60,086,680)**  |  |  |  | **50279610** |
| **TOTAL BONDS & NOTES (Cost $848,630,770)**  |  |  |  | **744256677** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **MUTUAL FUNDS — 0.3%** | **MUTUAL FUNDS — 0.3%** | **MUTUAL FUNDS — 0.3%** |
| **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |
| State Street Navigator Securities Lending Government Money Market Portfolio (h) | 2390623 | $2390623 |
| **TOTAL MUTUAL FUNDS (Cost $2,390,623)** |  | **2390623** |
| **TOTAL LONG-TERM INVESTMENTS (Cost $851,021,393)** |  | **746647300** |
|  | **Principal <br> Amount**  |  |
| **SHORT-TERM INVESTMENTS — 13.1%** | **SHORT-TERM INVESTMENTS — 13.1%** | **SHORT-TERM INVESTMENTS — 13.1%** |
| **Commercial Paper — 11.9%** | **Commercial Paper — 11.9%** | **Commercial Paper — 11.9%** |
| Amcor Flexibles North America, Inc. |  |  |
| 4.702%1/05/23(a) | $6000000 | 5995419 |
| 4.794%1/06/23(a) | 3000000 | 2997323 |
| Aon Corp. |  |  |
| 4.770%1/05/23(a) | 10000000 | 9992448 |
| Bell Canada |  |  |
| 4.905%1/27/23(a) | 9000000 | 8968927 |
| Dover Corp. |  |  |
| 4.801%1/06/23(a) | 9000000 | 8992003 |
| Florida Power & Light Co. |  |  |
| 4.311%1/03/23 | 2000000 | 1999018 |
| HP, Inc. |  |  |
| 4.864%1/23/23(a) | 10000000 | 9969040 |
| Parker-Hannifin Corp. |  |  |
| 5.087%3/29/23(a) | 6000000 | 5925655 |
| Spire, Inc. |  |  |
| 4.867%1/17/23(a) | 7000000 | 6983770 |
| Suncor Energy, Inc. |  |  |
| 4.957%1/27/23(a) | 10000000 | 9963460 |
| VF Corp. |  |  |
| 4.977%2/02/23 | 10000000 | 9957840 |
| Walgreens Boots Alliance, Inc. |  |  |
| 5.097%2/06/23(a) | 8000000 | 7959323 |
|  |  | 89704226 |
| **Discount Notes — 0.2%** | **Discount Notes — 0.2%** | **Discount Notes — 0.2%** |
| Federal Home Loan Mortgage Corp., 0.000%, due 1/04/23 | 1100000 | 1099869 |

---

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

**105**

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Repurchase Agreement — 1.0%** | **Repurchase Agreement — 1.0%** | **Repurchase Agreement — 1.0%** |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (i) | $7874158 | $7874158 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $98,691,732)** |  | **98678253** |
| **TOTAL INVESTMENTS — 112.2% (Cost $949,713,125) (j)** |  | **845325553** |
| **Other Assets/(Liabilities) — (12.2)%** |  | **(92232031)** |
| **NET ASSETS — 100.0%** |  | $**753093522** |

---

**Abbreviation Legend** 

CLO Collateralized Loan Obligation

FRN Floating Rate Note

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, the aggregate market value of these securities amounted to $363,050,303 or 48.21% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, was $2,402,175 or 0.32% of net assets. The Fund received $69,646 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

&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, 2022.

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

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

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

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

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

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

---

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

---

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

**106**

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

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration <br> Date** | **Number of <br> Contracts** | **Notional <br> Amount** | **Value/ Net <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| **Long** |  |  |  |  |
| U.S. Treasury Long Bond | 3/22/23 | 116 | $14532094 | $7781 |
| U.S. Treasury Ultra Bond | 3/22/23 | 153 | 20492435 | 57378 |
| U.S. Treasury Note 2 Year | 3/31/23 | 363 | 74438658 | 4702 |
| U.S. Treasury Note 5 Year | 3/31/23 | 275 | 29677235 | 3429 |
|  |  |  |  | $73290 |
| **Short** |  |  |  |  |
| U.S. Treasury Ultra 10 Year | 3/22/23 | 176 | $(20846864) | $29364 |

---

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

**107**

---

| |
|:---|
| ***MML Short-Duration Bond Fund – Portfolio of Investments*** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **BONDS & NOTES — 89.8%** | **BONDS & NOTES — 89.8%** | **BONDS & NOTES — 89.8%** |
| **CORPORATE DEBT — 47.2%** | **CORPORATE DEBT — 47.2%** | **CORPORATE DEBT — 47.2%** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| The Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.196% 2/04/26  | $575000 | $522991 |
| **Agriculture — 1.8%** | **Agriculture — 1.8%** | **Agriculture — 1.8%** |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 4/02/27  | 1185000 | 1137495 |
| Imperial Brands Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.125% 7/26/24 <sup>(a)</sup>  | 400000 | 382554 |
| Wens Foodstuffs Group Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.349% 10/29/25 <sup>(a)</sup>  | 900000 | 779006 |
|  |  | 2299055 |
| **Auto Manufacturers — 2.2%** | **Auto Manufacturers — 2.2%** | **Auto Manufacturers — 2.2%** |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.300% 2/10/25 <sup>(b)</sup>  | 645000 | 582548 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 10/01/25  | 605000 | 616235 |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 6/15/26 <sup>(a)</sup>  | 750000 | 650587 |
| Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.850% 9/16/26 <sup>(a)</sup>  | 1235000 | 1032141 |
|  |  | 2881511 |
| **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** |
| ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 7/28/25 <sup>(a)</sup>  | 625000 | 606131 |
| Arab National Bank 5 year CMT + 2.974% |  |  |
| &nbsp;&nbsp;&nbsp;3.326% VRN 10/28/30 <sup>(a)</sup>  | 650000 | 610285 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;1.849% 3/25/26  | 600000 | 530213 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + .960% 1.734% VRN 7/22/27  | 265000 | 232310 |
| &nbsp;&nbsp;&nbsp;3.950% 4/21/25  | 178000 | 173362 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.200% 5/12/26  | 1055000 | 1026882 |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 7/11/24 <sup>(a)</sup>  | 200000 | 194618 |
| &nbsp;&nbsp;&nbsp;5.700% 10/22/23 <sup>(a)</sup>  | 805000 | 798894 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.450% 9/29/27  | 465000 | 444353 |
| Credit Suisse AG |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 8/08/23 <sup>(a)</sup>  | 930000 | 899310 |
| Credit Suisse Group AG SOFR + .980% |  |  |
| &nbsp;&nbsp;&nbsp;1.305% VRN 2/02/27 <sup>(a)</sup>  | 450000 | 359408 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Danske Bank A/S 1 year CMT + .730% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.549% VRN 9/10/27 <sup>(a)</sup> <sup>(b)</sup>  | $| 485000 | $| 415936 |
| Deutsche Bank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 2.159% 2.222% VRN 9/18/24  |  | 435000 |  | 420214 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.219% 2.311% VRN 11/16/27  |  | 430000 |  | 365136 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.318% 2.552% VRN 1/07/28  |  | 225000 |  | 191827 |
| HSBC Holdings PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.430% 2.999% VRN 3/10/26  |  | 430000 |  | 404433 |
| &nbsp;&nbsp;&nbsp;SOFR + 3.350% 7.390% VRN 11/03/28  |  | 310000 |  | 325331 |
| JP Morgan Chase & Co. SOFR + .765% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.470% VRN 9/22/27  |  | 445000 |  | 385409 |
| Macquarie Group Ltd. SOFR + 1.069% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.340% VRN 1/12/27 <sup>(a)</sup>  |  | 845000 |  | 737254 |
| Mitsubishi UFJ Financial Group, Inc. 1 year CMT + 1.550% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.063% VRN 9/12/25  |  | 345000 |  | 342728 |
| Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.610% 4.210% VRN 4/20/28  |  | 245000 |  | 233360 |
| &nbsp;&nbsp;&nbsp;4.350% 9/08/26  |  | 1150000 |  | 1117544 |
| Natwest Group PLC 1 year CMT + .900% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.642% VRN 6/14/27  |  | 345000 |  | 299088 |
| Santander UK Group Holdings PLC SOFR + 1.220% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.469% VRN 1/11/28  |  | 370000 |  | 316391 |
| Societe Generale SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1 year CMT + 1.100% 1.488% VRN 12/14/26 <sup>(a)</sup>  |  | 525000 |  | 456749 |
| &nbsp;&nbsp;&nbsp;1 year CMT + 1.300% 2.797% VRN 1/19/28 <sup>(a)</sup>  |  | 200000 |  | 175254 |
| UBS Group AG 1 year CMT + 1.080% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.364% VRN 1/30/27 <sup>(a)</sup>  |  | 400000 |  | 350683 |
|  |  |  |  | 12413103 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Bacardi Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.450% 5/15/25 <sup>(a)</sup>  |  | 378000 |  | 367053 |
| JDE Peet's NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.375% 1/15/27 <sup>(a)</sup>  |  | 407000 |  | 344012 |
|  |  |  |  | 711065 |

---

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

**108**

***MML Short-Duration Bond Fund – Portfolio of Investments** **(Continued)***<br>

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.400% 8/05/26  | $250000 | $209385 |
| &nbsp;&nbsp;&nbsp;6.050% 3/15/25  | 370000 | 369017 |
| MEGlobal Canada ULC |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 5/18/25 <sup>(a)</sup>  | 450000 | 441900 |
| Syngenta Finance NV |  |  |
| &nbsp;&nbsp;&nbsp;4.441% 4/24/23 <sup>(a)</sup>  | 183000 | 182178 |
| &nbsp;&nbsp;&nbsp;4.892% 4/24/25 <sup>(a)</sup>  | 335000 | 324698 |
| Yara International ASA |  |  |
| &nbsp;&nbsp;&nbsp;3.800% 6/06/26 <sup>(a)</sup>  | 325000 | 299915 |
| &nbsp;&nbsp;&nbsp;4.750% 6/01/28 <sup>(a)</sup>  | 450000 | 415651 |
|  |  | 2242744 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.050% 4/15/26 <sup>(a)</sup>  | 950000 | 826571 |
| **Distribution & Wholesale — 1.2%** | **Distribution & Wholesale — 1.2%** | **Distribution & Wholesale — 1.2%** |
| Ferguson Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 4/20/27 <sup>(a)</sup>  | 355000 | 336149 |
| Li & Fung Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% STEP 8/18/25 <sup>(a)</sup>  | 1350000 | 1173150 |
|  |  | 1509299 |
| **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.450% 10/29/26  | 555000 | 485887 |
| &nbsp;&nbsp;&nbsp;6.500% 7/15/25  | 300000 | 304229 |
| Aircastle Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 5/01/24  | 740000 | 715469 |
| Antares Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;2.750% 1/15/27 <sup>(a)</sup>  | 310000 | 248672 |
| &nbsp;&nbsp;&nbsp;3.950% 7/15/26 <sup>(a)</sup>  | 605000 | 523851 |
| &nbsp;&nbsp;&nbsp;6.000% 8/15/23 <sup>(a)</sup>  | 323000 | 318393 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.875% 2/15/25 <sup>(a)</sup>  | 1000000 | 923331 |
| &nbsp;&nbsp;&nbsp;4.250% 4/15/26 <sup>(a)</sup>  | 250000 | 227016 |
| BGC Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 12/15/25  | 505000 | 473557 |
| LeasePlan Corp. NV |  |  |
| &nbsp;&nbsp;&nbsp;2.875% 10/24/24 <sup>(a)</sup>  | 280000 | 262668 |
| Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.099% 7/03/25  | 241000 | 238489 |
|  |  | 4721562 |
| **Electric — 1.1%** | **Electric — 1.1%** | **Electric — 1.1%** |
| Alliant Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.400% 3/15/26 <sup>(a)</sup>  | 260000 | 225851 |
| Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;1.375% 7/12/26 <sup>(a)</sup>  | 620000 | 534588 |
| &nbsp;&nbsp;&nbsp;4.625% 6/15/27 <sup>(a)</sup>  | 377000 | 357145 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.950% 6/08/25  | $| 380000 | $| 374424 |
|  |  |  |  | 1492008 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Jabil, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 5/15/27  |  | 285000 |  | 269773 |
| **Energy – Alternate Sources — 0.5%** | **Energy – Alternate Sources — 0.5%** | **Energy – Alternate Sources — 0.5%** | **Energy – Alternate Sources — 0.5%** | **Energy – Alternate Sources — 0.5%** |
| Contemporary Ruiding Development Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 9/09/26 <sup>(a)</sup>  |  | 682000 |  | 587338 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| Warnermedia Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.638% 3/15/25 <sup>(a)</sup>  |  | 750000 |  | 713712 |
| **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 1/15/27 <sup>(a)</sup>  |  | 860000 |  | 752259 |
| Pilgrim's Pride Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 9/30/27 <sup>(a)</sup>  |  | 112000 |  | 108638 |
| Sigma Alimentos SA de CV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 5/02/26 <sup>(a)</sup>  |  | 450000 |  | 426377 |
| Smithfield Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 2/01/27 <sup>(a)</sup>  |  | 775000 |  | 714551 |
|  |  |  |  | 2001825 |
| **Forest Products & Paper — 0.7%** | **Forest Products & Paper — 0.7%** | **Forest Products & Paper — 0.7%** | **Forest Products & Paper — 0.7%** | **Forest Products & Paper — 0.7%** |
| Fibria Overseas Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 1/14/25  |  | 1000000 |  | 970000 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
| Toll Brothers Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 3/15/27  |  | 375000 |  | 358810 |
| **Housewares — 0.2%** | **Housewares — 0.2%** | **Housewares — 0.2%** | **Housewares — 0.2%** | **Housewares — 0.2%** |
| Newell Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 9/15/27  |  | 200000 |  | 198822 |
| **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** |
| AmTrust Financial Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 8/15/23  |  | 620000 |  | 597995 |
| Athene Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.730% 10/02/26 <sup>(a)</sup>  |  | 445000 |  | 382534 |
| &nbsp;&nbsp;&nbsp;2.500% 1/14/25 <sup>(a)</sup>  |  | 420000 |  | 393591 |
| &nbsp;&nbsp;&nbsp;3.205% 3/08/27 <sup>(a)</sup> <sup>(b)</sup>  |  | 212000 |  | 189179 |
| CNO Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 5/30/25  |  | 266000 |  | 264214 |
| CNO Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.750% 10/07/26 <sup>(a)</sup>  |  | 714000 |  | 626856 |
| Corebridge Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.650% 4/05/27 <sup>(a)</sup>  |  | 235000 |  | 219380 |
| GA Global Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 1/06/27 <sup>(a)</sup>  |  | 685000 |  | 603795 |

---

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

**109**

***MML Short-Duration Bond Fund – Portfolio of Investments** **(Continued)***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Jackson Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.170% 6/08/27 <sup>(b)</sup>  | $| 181000 | $| 178723 |
| Sammons Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.450% 5/12/27 <sup>(a)</sup>  |  | 1140000 |  | 1064595 |
|  |  |  |  | 4520862 |
| **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** |
| Expedia Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 8/01/27 <sup>(b)</sup>  |  | 309000 |  | 296888 |
| Netflix, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 11/15/28  |  | 430000 |  | 435818 |
|  |  |  |  | 732706 |
| **Investment Companies — 2.7%** | **Investment Companies — 2.7%** | **Investment Companies — 2.7%** | **Investment Companies — 2.7%** | **Investment Companies — 2.7%** |
| Ares Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 1/15/26  |  | 535000 |  | 490863 |
| BlackRock TCP Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 8/23/24  |  | 163000 |  | 155731 |
| Blackstone Private Credit Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625% 12/15/26  |  | 890000 |  | 737667 |
| &nbsp;&nbsp;&nbsp;2.700% 1/15/25  |  | 325000 |  | 300462 |
| Golub Capital BDC, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 8/24/26  |  | 270000 |  | 229516 |
| &nbsp;&nbsp;&nbsp;3.375% 4/15/24  |  | 330000 |  | 317467 |
| Icahn Enterprises LP/ Icahn Enterprises Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 9/15/24  |  | 445000 |  | 426575 |
| OWL Rock Core Income Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 2/08/27  |  | 500000 |  | 451462 |
| Sixth Street Specialty Lending, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 11/01/24  |  | 410000 |  | 395248 |
|  |  |  |  | 3504991 |
| **Iron & Steel — 0.8%** | **Iron & Steel — 0.8%** | **Iron & Steel — 0.8%** | **Iron & Steel — 0.8%** | **Iron & Steel — 0.8%** |
| Vale Overseas Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 8/10/26 <sup>(b)</sup>  |  | 1030000 |  | 1065681 |
| **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
| Harley-Davidson Financial Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.350% 6/08/25 <sup>(a)</sup>  |  | 449000 |  | 418807 |
| **Lodging — 0.6%** | **Lodging — 0.6%** | **Lodging — 0.6%** | **Lodging — 0.6%** | **Lodging — 0.6%** |
| Las Vegas Sands Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.200% 8/08/24  |  | 875000 |  | 831428 |
| **Machinery – Construction & Mining — 0.6%** | **Machinery – Construction & Mining — 0.6%** | **Machinery – Construction & Mining — 0.6%** | **Machinery – Construction & Mining — 0.6%** | **Machinery – Construction & Mining — 0.6%** |
| The Weir Group PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.200% 5/13/26 <sup>(a)</sup>  |  | 880000 |  | 781342 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Telecomunicaciones Digitales SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 1/30/30 <sup>(a)</sup>  |  | 630000 |  | 565897 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 5/15/28 <sup>(a)</sup>  | $395000 | $389122 |
| Indonesia Asahan Aluminium Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 5/15/25 <sup>(a)</sup>  | 750000 | 737858 |
|  |  | 1126980 |
| **Multi-National — 0.7%** | **Multi-National — 0.7%** | **Multi-National — 0.7%** |
| Africa Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.125% 6/16/25 <sup>(a)</sup>  | 957000 | 890546 |
| **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.125% STEP 2/01/25  | 649000 | 650525 |
| Ovintiv Exploration, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 1/01/26  | 275000 | 273146 |
| Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.950% 2/01/28 <sup>(b)</sup>  | 685000 | 605300 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 9/21/23  | 715000 | 704168 |
| Ras Laffan Liquefied Natural Gas Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.838% 9/30/27 <sup>(a)</sup>  | 610725 | 613522 |
|  |  | 2846661 |
| **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
| Bayer US Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 12/15/25 <sup>(a)</sup>  | 400000 | 387990 |
| Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.300% 6/22/27  | 1025000 | 876638 |
|  |  | 1264628 |
| **Pipelines — 1.2%** | **Pipelines — 1.2%** | **Pipelines — 1.2%** |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;4.950% 6/15/28  | 975000 | 944460 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 12/15/26  | 90000 | 86513 |
| &nbsp;&nbsp;&nbsp;4.650% 10/15/25  | 560000 | 548524 |
|  |  | 1579497 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| MAF Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 11/03/25 <sup>(a)</sup>  | 625000 | 613339 |
| Shimao Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 2/21/24 <sup>(a)</sup>  | 400000 | 73555 |
|  |  | 686894 |
| **Real Estate Investment Trusts (REITS) — 2.3%** | **Real Estate Investment Trusts (REITS) — 2.3%** | **Real Estate Investment Trusts (REITS) — 2.3%** |
| Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 12/01/27  | 350000 | 361472 |

---

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

**110**

***MML Short-Duration Bond Fund – Portfolio of Investments** **(Continued)***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 12/15/27 <sup>(a)</sup>  | $| 335000 | $| 278502 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 4/15/26  |  | 348000 |  | 341502 |
| Omega Healthcare Investors, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 1/15/28  |  | 779000 |  | 718697 |
| SBA Tower Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.884% 7/15/50 <sup>(a)</sup>  |  | 287000 |  | 252659 |
| Service Properties Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.350% 10/01/24  |  | 935000 |  | 849982 |
| Vornado Realty LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.150% 6/01/26  |  | 310000 |  | 262545 |
|  |  |  |  | 3065359 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| Nordstrom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.300% 4/08/24 <sup>(b)</sup>  |  | 268000 |  | 250633 |
| &nbsp;&nbsp;&nbsp;4.000% 3/15/27 <sup>(b)</sup>  |  | 86000 |  | 71604 |
|  |  |  |  | 322237 |
| **Telecommunications — 1.4%** | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** |
| Telecom Italia SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.303% 5/30/24 <sup>(a)</sup>  |  | 430000 |  | 407399 |
| Tower Bersama Infrastructure Tbk PT |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 1/21/25 <sup>(a)</sup>  |  | 1445000 |  | 1387979 |
|  |  |  |  | 1795378 |
| **Toys, Games & Hobbies — 0.3%** | **Toys, Games & Hobbies — 0.3%** | **Toys, Games & Hobbies — 0.3%** | **Toys, Games & Hobbies — 0.3%** | **Toys, Games & Hobbies — 0.3%** |
| Mattel, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 4/01/26 <sup>(a)</sup>  |  | 360000 |  | 330986 |
| **Venture Capital — 0.5%** | **Venture Capital — 0.5%** | **Venture Capital — 0.5%** | **Venture Capital — 0.5%** | **Venture Capital — 0.5%** |
| Hercules Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625% 9/16/26  |  | 560000 |  | 472885 |
| &nbsp;&nbsp;&nbsp;3.375% 1/20/27  |  | 270000 |  | 231797 |
|  |  |  |  | 704682 |
| **TOTAL CORPORATE DEBT (Cost $68,094,655)**  |  |  |  | **61755751** |
| **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 40.5%** | **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 40.5%** | **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 40.5%** | **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 40.5%** | **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 40.5%** |
| **Automobile Asset-Backed Securities — 2.6%** | **Automobile Asset-Backed Securities — 2.6%** | **Automobile Asset-Backed Securities — 2.6%** | **Automobile Asset-Backed Securities — 2.6%** | **Automobile Asset-Backed Securities — 2.6%** |
| Avis Budget Rental Car Funding AESOP LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-3A, Class C, 3.150% 3/20/26 <sup>(a)</sup>  |  | 1083000 |  | 993674 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class C, 4.730% 9/20/24 <sup>(a)</sup>  |  | 500000 |  | 494073 |
| Carmax Auto Owner Trust, Series 2021-4, Class D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.480% 3/15/28  |  | 250000 |  | 225347 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Carvana Auto Receivables Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-N1, Class D, 1.500% 1/10/28  | $| 954155 | $| 901063 |
| &nbsp;&nbsp;&nbsp;Series 2021-P3, Class D, 2.250% 9/11/28  |  | 855000 |  | 641424 |
| Santander Revolving Auto Loan Trust, Series 2019-A, Class D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.450% 1/26/32 <sup>(a)</sup>  |  | 215000 |  | 195716 |
|  |  |  |  | 3451297 |
| **Commercial Mortgage-Backed Securities — 6.2%** | **Commercial Mortgage-Backed Securities — 6.2%** | **Commercial Mortgage-Backed Securities — 6.2%** | **Commercial Mortgage-Backed Securities — 6.2%** | **Commercial Mortgage-Backed Securities — 6.2%** |
| BAMLL Commercial Mortgage Securities Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class CMP, 3.895% VRN 11/05/32 <sup>(a)</sup> <sup>(c)</sup>  |  | 370000 |  | 316562 |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class DMP, 3.895% VRN 11/05/32 <sup>(a)</sup> <sup>(c)</sup>  |  | 450000 |  | 381610 |
| &nbsp;&nbsp;&nbsp;Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 5.668% FRN 9/15/34 <sup>(a)</sup>  |  | 130000 |  | 124485 |
| BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.818% FRN 7/15/35 <sup>(a)</sup>  |  | 500000 |  | 473120 |
| BX Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 6.118% FRN 6/15/38 <sup>(a)</sup>  |  | 324542 |  | 305494 |
| &nbsp;&nbsp;&nbsp;Series 2019-XL, Class E, 1 mo. TSFR + 1.914% 6.250% FRN 10/15/36 <sup>(a)</sup>  |  | 268600 |  | 259301 |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 6.318% FRN 9/15/36 <sup>(a)</sup>  |  | 792000 |  | 736804 |
| &nbsp;&nbsp;&nbsp;Series 2019-XL, Class F, 1 mo. TSFR + 2.114% 6.450% FRN 10/15/36 <sup>(a)</sup>  |  | 753100 |  | 724911 |
| CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.468% FRN 12/15/37 <sup>(a)</sup>  |  | 545194 |  | 522048 |
| Commercial Mortgage Trust, Series 2014-CR14, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.147% 2/10/47  |  | 74480 |  | 75530 |
| Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.918% FRN 5/15/36 <sup>(a)</sup>  |  | 200000 |  | 195009 |
| KIND Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-KIND, Class B, 1 mo. USD LIBOR + 1.350% 5.668% FRN 8/15/38 <sup>(a)</sup>  |  | 546053 |  | 506342 |

---

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

**111**

***MML Short-Duration Bond Fund – Portfolio of Investments** **(Continued)***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750% 6.068% FRN 8/15/38 <sup>(a)</sup>  | $| 595695 | $| 549039 |
| KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.118% FRN 5/15/36 <sup>(a)</sup>  |  | 251000 |  | 244266 |
| Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.068% FRN 3/15/38 <sup>(a)</sup>  |  | 365665 |  | 346032 |
| MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.419% FRN 4/15/38 <sup>(a)</sup>  |  | 620000 |  | 586905 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.769% 2/15/46  |  | 250000 |  | 244032 |
| One New York Plaza Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1NYP, Class C, 1 mo. USD LIBOR + 2.200% 6.518% FRN 1/15/36 <sup>(a)</sup>  |  | 616000 |  | 574891 |
| &nbsp;&nbsp;&nbsp;Series 2020-1NYP, Class D, 1 mo. USD LIBOR + 2.750% 7.068% FRN 1/15/36 <sup>(a)</sup>  |  | 414000 |  | 376718 |
| VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.418% FRN 7/15/39 <sup>(a)</sup>  |  | 711000 |  | 644231 |
|  |  |  |  | 8187330 |
| **Home Equity Asset-Backed Securities — 0.0%** | **Home Equity Asset-Backed Securities — 0.0%** | **Home Equity Asset-Backed Securities — 0.0%** | **Home Equity Asset-Backed Securities — 0.0%** | **Home Equity Asset-Backed Securities — 0.0%** |
| Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .480% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.869% FRN 10/25/34 <sup>(a)</sup>  |  | 11583 |  | 11576 |
| **Other Asset-Backed Securities — 18.9%** | **Other Asset-Backed Securities — 18.9%** | **Other Asset-Backed Securities — 18.9%** | **Other Asset-Backed Securities — 18.9%** | **Other Asset-Backed Securities — 18.9%** |
| 321 Henderson Receivables LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-3A, Class A, 3.820% 12/15/48 <sup>(a)</sup>  |  | 90274 |  | 87083 |
| &nbsp;&nbsp;&nbsp;Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 4.518% FRN 3/15/41 <sup>(a)</sup>  |  | 5013 |  | 5001 |
| Adams Outdoor Advertising LP, Series 2018-1, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.810% 11/15/48 <sup>(a)</sup>  |  | 347293 |  | 329481 |
| AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD LIBOR + 1.060% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.385% FRN 7/22/32 <sup>(a)</sup>  |  | 1000000 |  | 977767 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| Apidos CLO XXVI, Series 2017-26A, Class A2R, 3 mo. USD LIBOR + 1.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.694% FRN 7/18/29 <sup>(a)</sup>  | $500000 | $487285 |
| Aqua Finance Trust, Series 2021-A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;1.540% 7/17/46 <sup>(a)</sup>  | 1038419 | 945523 |
| Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD LIBOR + 1.550% |  |  |
| &nbsp;&nbsp;&nbsp;5.793% FRN 10/20/31 <sup>(a)</sup>  | 800000 | 771042 |
| BHG Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class C, 2.240% 10/17/34 <sup>(a)</sup>  | 448000 | 387983 |
| &nbsp;&nbsp;&nbsp;Series 2022-C, Class A, 5.320% 10/17/35 <sup>(a)</sup>  | 729576 | 723560 |
| BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + .980% |  |  |
| &nbsp;&nbsp;&nbsp;5.223% FRN 7/20/29 <sup>(a)</sup>  | 548854 | 540606 |
| BRE Grand Islander Timeshare Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A, 2.940% 5/25/29 <sup>(a)</sup>  | 46812 | 45513 |
| &nbsp;&nbsp;&nbsp;Series 2019-A, Class B, 3.780% 9/26/33 <sup>(a)</sup>  | 147905 | 141409 |
| Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, 2.162% 4/15/36 <sup>(a)</sup>  | 498416 | 437636 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class A, 2.981% 11/15/35 <sup>(a)</sup>  | 109046 | 99324 |
| Canyon Capital CLO Ltd., Series 2017-1A, Class CR, 3 mo. USD LIBOR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.079% FRN 7/15/30 <sup>(a)</sup>  | 300000 | 283587 |
| Capital Automotive REIT |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class B1, 4.170% 2/15/50 <sup>(a)</sup>  | 484000 | 441388 |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A2, 4.180% 4/15/47 <sup>(a)</sup>  | 581744 | 552089 |
| Castlelake Aircraft Structured Trust, Series 2018-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 6/15/43 <sup>(a)</sup>  | 129047 | 113108 |
| Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980% |  |  |
| &nbsp;&nbsp;&nbsp;5.223% FRN 4/20/31 <sup>(a)</sup>  | 250000 | 246220 |
| CF Hippolyta Issuer LLC, Series 2020-1, Class B1 |  |  |
| &nbsp;&nbsp;&nbsp;2.280% 7/15/60 <sup>(a)</sup>  | 91738 | 78961 |

---

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

**112**

***MML Short-Duration Bond Fund – Portfolio of Investments** **(Continued)***<br>

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| CIFC Funding Ltd., Series 2017-4A, Class A2R, 3 mo. USD LIBOR + 1.550% |  |  |
| &nbsp;&nbsp;&nbsp;5.875% FRN 10/24/30 <sup>(a)</sup>  | $500000 | $484538 |
| DataBank Issuer, Series 2021-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;2.060% 2/27/51 <sup>(a)</sup>  | 991000 | 856937 |
| Elara HGV Timeshare Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-A, Class A, 2.730% 4/25/28 <sup>(a)</sup>  | 78773 | 77886 |
| &nbsp;&nbsp;&nbsp;Series 2017-A, Class B, 2.960% 3/25/30 <sup>(a)</sup>  | 139222 | 134598 |
| &nbsp;&nbsp;&nbsp;Series 2019-A, Class C, 3.450% 1/25/34 <sup>(a)</sup>  | 323107 | 306715 |
| FCI Funding LLC, Series 2019-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.630% 2/18/31 <sup>(a)</sup>  | 6316 | 6310 |
| Firstkey Homes Trust, Series 2021, Class E2 |  |  |
| &nbsp;&nbsp;&nbsp;2.489% 8/17/38 <sup>(a)</sup>  | 460000 | 384078 |
| FNA VI LLC, Series 21-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;1.350% 1/10/32 <sup>(a)</sup>  | 1253190 | 1140357 |
| Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;1.150% 6/25/51 <sup>(a)</sup>  | 596151 | 548490 |
| Goodgreen Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class A, 2.760% 4/15/55 <sup>(a)</sup>  | 346331 | 298213 |
| &nbsp;&nbsp;&nbsp;Series 2016-1A, Class A, 3.230% 10/15/52 <sup>(a)</sup>  | 169178 | 153673 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A, 3.860% 10/15/54 <sup>(a)</sup>  | 162261 | 150742 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class A, 3.930% VRN 10/15/53 <sup>(a)</sup> <sup>(c)</sup>  | 149947 | 138067 |
| Gracie Point International Funding, 30 day SOFR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.700% FRN 11/01/24 <sup>(a)</sup>  | 1000000 | 999999 |
| Hero Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-3A, Class A1, 3.190% 9/20/48 <sup>(a)</sup>  | 87491 | 79806 |
| &nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1, 3.570% 9/20/47 <sup>(a)</sup>  | 85020 | 80504 |
| &nbsp;&nbsp;&nbsp;Series 2015-1A, Class A, 3.840% 9/21/40 <sup>(a)</sup>  | 180580 | 170280 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class A2, 4.670% 9/20/48 <sup>(a)</sup>  | 156205 | 148404 |
| HIN Timeshare Trust, Series 2020-A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;2.230% 10/09/39 <sup>(a)</sup>  | 467156 | 425404 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| Horizon Aircraft Finance I Ltd., Series 2018-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;4.458% 12/15/38 <sup>(a)</sup>  | $474148 | $388327 |
| Horizon Aircraft Finance III Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-2, Class A, 3.425% 11/15/39 <sup>(a)</sup>  | 355919 | 274624 |
| &nbsp;&nbsp;&nbsp;Series 2019-2, Class B, 4.458% 11/15/39 <sup>(a)</sup>  | 683333 | 419188 |
| KKR CLO Ltd., Series 28A, Class A, 3 mo. USD LIBOR + 1.140% |  |  |
| &nbsp;&nbsp;&nbsp;5.909% FRN 3/15/31 <sup>(a)</sup>  | 250000 | 246591 |
| KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD LIBOR + 1.300% |  |  |
| &nbsp;&nbsp;&nbsp;5.626% FRN 2/15/39 <sup>(a)</sup>  | 900000 | 842106 |
| Lendingpoint Asset Securitization, Series 2021-A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;1.110% 2/15/29 <sup>(a)</sup>  | 221471 | 219893 |
| MACH 1 Cayman Ltd., Series 2019-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.474% 10/15/39 <sup>(a)</sup>  | 273031 | 220693 |
| Mosaic Solar Loans LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-2GS, Class A, 4.200% 2/22/44 <sup>(a)</sup>  | 135918 | 123177 |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A, 4.450% 6/20/42 <sup>(a)</sup>  | 31758 | 30408 |
| Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class BR, 3 mo. USD LIBOR + 1.350% |  |  |
| &nbsp;&nbsp;&nbsp;5.544% FRN 10/18/29 <sup>(a)</sup>  | 1000000 | 964465 |
| Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD LIBOR + 1.400% |  |  |
| &nbsp;&nbsp;&nbsp;5.758% FRN 7/25/30 <sup>(a)</sup>  | 250000 | 241908 |
| NP SPE II LP, Series 2017-1A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;3.372% 10/21/47 <sup>(a)</sup>  | 98222 | 92464 |
| Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;2.260% 11/20/50 <sup>(a)</sup>  | 400000 | 342254 |
| Orange Lake Timeshare Trust, Series 2016-A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;2.910% 3/08/29 <sup>(a)</sup>  | 48524 | 48509 |
| Oxford Finance Funding Trust, Series 2020-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;3.101% 2/15/28 <sup>(a)</sup>  | 126197 | 124768 |
| Palmer Square CLO Ltd., Series 2020-3A, Class A2R, 3 mo. USD LIBOR + 1.600% |  |  |
| &nbsp;&nbsp;&nbsp;6.206% FRN 11/15/31 <sup>(a)</sup>  | 500000 | 484066 |

---

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

**113**

***MML Short-Duration Bond Fund – Portfolio of Investments** **(Continued)***<br>

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD LIBOR + 1.400% |  |  |
| &nbsp;&nbsp;&nbsp;5.479% FRN 7/15/31 <sup>(a)</sup>  | $350000 | $339197 |
| RAMP Trust, Series 2005-EFC1, Class M5, 1 mo. USD LIBOR + .650% |  |  |
| &nbsp;&nbsp;&nbsp;4.091% FRN 5/25/35  | 210822 | 200789 |
| SBA Tower Trust, Series 2014-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.869% STEP 10/15/49 <sup>(a)</sup>  | 430000 | 411019 |
| Sierra Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class C, 3.510% 7/20/37 <sup>(a)</sup>  | 38613 | 36406 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class B, 4.036% 4/20/35  | 123199 | 117165 |
| Store Master Funding I-VII, Series 2018-1A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;4.400% 10/20/48 <sup>(a)</sup>  | 503533 | 481130 |
| Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% |  |  |
| &nbsp;&nbsp;&nbsp;5.589% FRN 11/25/35 <sup>(a)</sup>  | 94844 | 92039 |
| TAL Advantage VII LLC, Series 2020-1A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;3.290% 9/20/45 <sup>(a)</sup>  | 687375 | 603804 |
| Thrust Engine Leasing, Series 2021-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;4.163% 7/15/40 <sup>(a)</sup>  | 568013 | 417701 |
| TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD LIBOR + 1.180% |  |  |
| &nbsp;&nbsp;&nbsp;5.423% FRN 10/20/31 <sup>(a)</sup>  | 400000 | 393888 |
| TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.280% |  |  |
| &nbsp;&nbsp;&nbsp;5.523% FRN 4/20/33 <sup>(a)</sup>  | 1000000 | 984748 |
| Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;1.645% 9/15/45 <sup>(a)</sup>  | 675000 | 599531 |
| VERDE CLO Ltd., Series 2019-1A, Class AR, 3 mo. USD LIBOR + 1.100% |  |  |
| &nbsp;&nbsp;&nbsp;5.179% FRN 4/15/32 <sup>(a)</sup>  | 500000 | 490946 |
| Welk Resorts LLC, Series 2017-AA, Class B |  |  |
| &nbsp;&nbsp;&nbsp;3.410% 6/15/33 <sup>(a)</sup>  | 44283 | 44149 |
| Willis Engine Structured Trust IV, Series 2018-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.750% STEP 9/15/43 <sup>(a)</sup>  | 194363 | 155217 |
|  |  | 24710737 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Student Loans Asset-Backed Securities — 5.6%** | **Student Loans Asset-Backed Securities — 5.6%** | **Student Loans Asset-Backed Securities — 5.6%** |
| Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.889% FRN 7/25/58 <sup>(a)</sup>  | $140000 | $128845 |
| College Avenue Student Loans LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class B, 2.320% 7/25/51 <sup>(a)</sup>  | 868913 | 777307 |
| &nbsp;&nbsp;&nbsp;Series 2017-A, Class B, 4.500% 11/26/46 <sup>(a)</sup>  | 293766 | 258465 |
| &nbsp;&nbsp;&nbsp;Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 5.589% FRN 12/26/47 <sup>(a)</sup>  | 265780 | 264218 |
| &nbsp;&nbsp;&nbsp;Series 2017-A, Class A1, 1 mo. USD LIBOR + 1.650% 6.039% FRN 11/26/46 <sup>(a)</sup>  | 193982 | 186849 |
| College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% |  |  |
| &nbsp;&nbsp;&nbsp;4.569% FRN 1/15/37  | 109440 | 93867 |
| Commonbond Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-AGS, Class C, 3.820% 2/25/44 <sup>(a)</sup>  | 17345 | 15064 |
| &nbsp;&nbsp;&nbsp;Series 2018-BGS, Class C, 4.120% 9/25/45 <sup>(a)</sup>  | 18665 | 16763 |
| &nbsp;&nbsp;&nbsp;Series 2018-CGS, Class C, 4.350% 2/25/46 <sup>(a)</sup>  | 8572 | 7686 |
| &nbsp;&nbsp;&nbsp;Series 2017-AGS, Class C, 5.280% 5/25/41 <sup>(a)</sup>  | 38224 | 35411 |
| Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 1/25/30 <sup>(a)</sup>  | 34487 | 32518 |
| DRB Prime Student Loan Trust, Series 2017-B, Class CFX |  |  |
| &nbsp;&nbsp;&nbsp;3.610% 8/25/42 <sup>(a)</sup>  | 172101 | 165389 |
| ELFI Graduate Loan Program LLC, Series 2018-A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 8/25/42 <sup>(a)</sup>  | 49231 | 45890 |
| Higher Education Funding I, Series 2004-1, Class B1, |  |  |
| &nbsp;&nbsp;&nbsp;4.161% FRN 1/01/44 <sup>(a)</sup> <sup>(c)</sup>  | 950000 | 855655 |
| Laurel Road Prime Student Loan Trust, Series 2019-A, Class BFX |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 10/25/48 <sup>(a)</sup>  | 256646 | 245066 |
| Navient Private Education Refi Loan Trust, Series 2020-BA, Class B |  |  |
| &nbsp;&nbsp;&nbsp;2.770% 1/15/69 <sup>(a)</sup>  | 2200000 | 1719583 |
| Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.139% FRN 12/26/40 <sup>(a)</sup>  | 5648 | 5646 |

---

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

**114**

***MML Short-Duration Bond Fund – Portfolio of Investments** **(Continued)***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| Nelnet Student Loan Trust, Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.889% FRN 6/25/54 <sup>(a)</sup>  | $| 130000 | $| 122412 |
| Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.720% FRN 10/25/42 <sup>(c)</sup>  |  | 300000 |  | 285904 |
| SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.850% FRN 2/15/45  |  | 210577 |  | 186433 |
| SLM Student Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 4.558% FRN 1/27/42  |  | 642219 |  | 568905 |
| &nbsp;&nbsp;&nbsp;Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 4.568% FRN 10/25/40  |  | 310956 |  | 290659 |
| &nbsp;&nbsp;&nbsp;Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 4.648% FRN 1/25/44  |  | 346516 |  | 317202 |
| &nbsp;&nbsp;&nbsp;Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 4.658% FRN 7/25/25  |  | 6726 |  | 6724 |
| &nbsp;&nbsp;&nbsp;Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 4.658% FRN 1/25/41  |  | 266601 |  | 239193 |
| &nbsp;&nbsp;&nbsp;Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 4.668% FRN 1/25/55  |  | 110387 |  | 100783 |
| SMB Private Education Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-C, Class A2B, 1 mo. USD LIBOR + .750% 5.068% FRN 11/15/35 <sup>(a)</sup>  |  | 247098 |  | 239320 |
| &nbsp;&nbsp;&nbsp;Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 5.418% FRN 9/15/34 <sup>(a)</sup>  |  | 69327 |  | 68481 |
| SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.339% FRN 1/25/39 <sup>(a)</sup>  |  | 7699 |  | 7676 |
|  |  |  |  | 7287914 |
| **Whole Loan Collateral Collateralized Mortgage Obligations — 7.2%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 7.2%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 7.2%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 7.2%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 7.2%** |
| Angel Oak Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-5, Class A3, 2.041% VRN 5/25/65 <sup>(a)</sup> <sup>(c)</sup>  |  | 89717 |  | 78493 |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class M1, 2.215% VRN 1/25/66 <sup>(a)</sup> <sup>(c)</sup>  |  | 314000 |  | 202182 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| Bank of America Mortgage Securities, Series 2004-G, Class 2A7, |  |  |
| &nbsp;&nbsp;&nbsp;3.961% VRN 8/25/34 <sup>(c)</sup>  | $1185 | $1115 |
| BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;2.406% VRN 5/25/60 <sup>(a)</sup> <sup>(c)</sup>  | 71776 | 66371 |
| CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.966% FRN 8/25/49 <sup>(a)</sup>  | 321571 | 295739 |
| Credit Suisse Mortgage Capital Certificates, Series 2021-NQM4, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;2.472% VRN 5/25/66 <sup>(a)</sup> <sup>(c)</sup>  | 500000 | 290008 |
| Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;1.538% VRN 2/25/66 <sup>(a)</sup> <sup>(c)</sup>  | 508104 | 404165 |
| Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;1.128% VRN 5/25/65 <sup>(a)</sup> <sup>(c)</sup>  | 153545 | 135033 |
| Flagstar Mortgage Trust, Series 2021-6INV, Class A18, |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 8/25/51 <sup>(a)</sup> <sup>(c)</sup>  | 578815 | 446185 |
| Homeward Opportunities Fund I Trust, Series 2020-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.657% VRN 5/25/65 <sup>(a)</sup> <sup>(c)</sup>  | 7228 | 7171 |
| Lakeview Trust, Series 2022-1, Class M3 |  |  |
| &nbsp;&nbsp;&nbsp;4.585% 4/25/52 <sup>(a)</sup>  | 1600000 | 1495020 |
| MFRA Trust, Series 2021-NQM2, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;1.472% VRN 11/25/64 <sup>(a)</sup> <sup>(c)</sup>  | 396661 | 316872 |
| New Residential Mortgage Loan Trust, Series 2016-4A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 11/25/56 <sup>(a)</sup> <sup>(c)</sup>  | 122481 | 110242 |
| NewRez Warehouse Securitization Trust, Series 2021-1, Class C, 1 mo. USD LIBOR + 1.050% |  |  |
| &nbsp;&nbsp;&nbsp;5.439% FRN 5/25/55 <sup>(a)</sup>  | 927000 | 905893 |
| NLT Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-INV2, Class A3, 1.520% VRN 8/25/56 <sup>(a)</sup> <sup>(c)</sup>  | 716596 | 570781 |
| &nbsp;&nbsp;&nbsp;Series 2021-INV2, Class M1, 2.569% VRN 8/25/56 <sup>(a)</sup> <sup>(c)</sup>  | 700000 | 421329 |
| Onslow Bay Financial LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM3, Class A3, 1.362% VRN 7/25/61 <sup>(a)</sup> <sup>(c)</sup>  | 822293 | 600807 |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class M1, 2.219% VRN 2/25/66 <sup>(a)</sup> <sup>(c)</sup>  | 333000 | 184529 |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1, Class A21, 3.500% VRN 12/25/49 <sup>(a)</sup> <sup>(c)</sup>  | 145528 | 123603 |

---

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

**115**

***MML Short-Duration Bond Fund – Portfolio of Investments** **(Continued)***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Value** | **Value** |
| PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.239% FRN 2/25/23 <sup>(a)</sup>  | $| 250000 | $| 249460 |
| Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 10/25/31 <sup>(a)</sup> <sup>(c)</sup>  |  | 205099 |  | 185504 |
| Starwood Mortgage Residential Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class A3, 1.518% VRN 6/25/56 <sup>(a)</sup> <sup>(c)</sup>  |  | 216675 |  | 170672 |
| &nbsp;&nbsp;&nbsp;Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 <sup>(a)</sup> <sup>(c)</sup>  |  | 532984 |  | 500563 |
| Starwood Residential Mortgage Trust, Series 2021-1, Class A3, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.528% VRN 5/25/65 <sup>(a)</sup> <sup>(c)</sup>  |  | 622369 |  | 509591 |
| Verus Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-5, Class A3, 1.373% VRN 9/25/66 <sup>(a)</sup> <sup>(c)</sup>  |  | 209194 |  | 160798 |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 <sup>(a)</sup> <sup>(c)</sup>  |  | 288632 |  | 275167 |
| &nbsp;&nbsp;&nbsp;Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 <sup>(a)</sup> <sup>(c)</sup>  |  | 265000 |  | 219156 |
| &nbsp;&nbsp;&nbsp;Series 2020-4, Class M1, 3.291% VRN 5/25/65 <sup>(a)</sup> <sup>(c)</sup>  |  | 548000 |  | 448651 |
|  |  |  |  | 9375100 |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $58,949,903)**  |  |  |  | **53023954** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS AND** <br>**INSTRUMENTALITIES <sup>(d)</sup>** **— 1.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS AND** <br>**INSTRUMENTALITIES <sup>(d)</sup>** **— 1.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS AND** <br>**INSTRUMENTALITIES <sup>(d)</sup>** **— 1.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS AND** <br>**INSTRUMENTALITIES <sup>(d)</sup>** **— 1.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS AND** <br>**INSTRUMENTALITIES <sup>(d)</sup>** **— 1.6%** |
| **Pass-Through Securities — 0.0%** | **Pass-Through Securities — 0.0%** | **Pass-Through Securities — 0.0%** | **Pass-Through Securities — 0.0%** | **Pass-Through Securities — 0.0%** |
| Federal National Mortgage Association Pool #775539 12 mo. USD LIBOR + 1.641% 3.391% FRN 5/01/34  |  | 2213 |  | 2225 |
| Government National Mortgage Association |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pool #352022 7.000% 11/15/23  |  | 61 |  | 61 |
| &nbsp;&nbsp;&nbsp;Pool #491089 7.000% 12/15/28  |  | 636 |  | 643 |
| &nbsp;&nbsp;&nbsp;Pool #500928 7.000% 5/15/29  |  | 451 |  | 468 |
| &nbsp;&nbsp;&nbsp;Pool #510083 7.000% 7/15/29  |  | 49 |  | 50 |
| &nbsp;&nbsp;&nbsp;Pool #493723 7.000% 8/15/29  |  | 340 |  | 353 |
| &nbsp;&nbsp;&nbsp;Pool #581417 7.000% 7/15/32  |  | 642 |  | 662 |
| Government National Mortgage Association II |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pool #008746 1 year CMT + 1.500% 1.750% FRN 11/20/25  |  | 182 |  | 177 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #080136 1 year CMT + 1.500% 1.750% FRN 11/20/27  | 58 | 56 |
|  |  | 4695 |
| **Whole Loans — 1.6%** | **Whole Loans — 1.6%** | **Whole Loans — 1.6%** |
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class M2, 30 day SOFR + 1.500% 5.428% FRN 10/25/41 <sup>(a)</sup>  | $1046000 | $984967 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA2, Class M2, 30 day SOFR + 2.300% 6.228% FRN 8/25/33 <sup>(a)</sup>  | 1121000 | 1108278 |
|  |  | 2093245 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,171,352)**  |  | **2097940** |
| **U.S. TREASURY OBLIGATIONS — 0.5%** | **U.S. TREASURY OBLIGATIONS — 0.5%** | **U.S. TREASURY OBLIGATIONS — 0.5%** |
| **U.S. Treasury Bonds & Notes — 0.5%** | **U.S. Treasury Bonds & Notes — 0.5%** | **U.S. Treasury Bonds & Notes — 0.5%** |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;1.750% 12/31/24  | 700000 | 664814 |
| **TOTAL U.S. TREASURY OBLIGATIONS (Cost $711,922)**  |  | **664814** |
| **TOTAL BONDS & NOTES (Cost $129,927,832)**  |  | **117542459** |
|  | **Number of <br> Shares** |  |
| **MUTUAL FUNDS — 1.6%** | **MUTUAL FUNDS — 1.6%** | **MUTUAL FUNDS — 1.6%** |
| **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** |
| State Street Navigator Securities Lending Government Money Market Portfolio <sup>(e)</sup>  | 2169500 | 2169500 |
| **TOTAL MUTUAL FUNDS (Cost $2,169,500)**  |  | **2169500** |
| **TOTAL LONG-TERM INVESTMENTS (Cost $132,097,332)**  |  | **119711959** |

---

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

**116**

***MML Short-Duration Bond Fund – Portfolio of Investments** **(Continued)***<br>

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 9.3%** | **SHORT-TERM INVESTMENTS — 9.3%** | **SHORT-TERM INVESTMENTS — 9.3%** |
| **Commercial Paper — 8.4%** | **Commercial Paper — 8.4%** | **Commercial Paper — 8.4%** |
| Amcor Flexibles North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.167% 2/21/23 <sup>(a)</sup>  | $2000000 | $1985825 |
| Aon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.770% 1/05/23 <sup>(a)</sup>  | 2000000 | 1998490 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.311% 1/03/23  | 1000000 | 999509 |
| HP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.864% 1/23/23 <sup>(a)</sup>  | 1000000 | 996904 |
| Mercedes-Benz Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.894% 1/30/23 <sup>(a)</sup>  | 3000000 | 2987820 |
| Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.078% 3/23/23 <sup>(a)</sup>  | 1000000 | 988417 |
| Walgreens Boots Alliance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.097% 2/06/23 <sup>(a)</sup>  | 1000000 | 994915 |
|  |  | 10951880 |
| **Repurchase Agreement — 0.9%** | **Repurchase Agreement — 0.9%** | **Repurchase Agreement — 0.9%** |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 <sup>(f)</sup>  | 1189347 | 1189347 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $12,143,129)**  |  | **12141227** |
| **TOTAL INVESTMENTS — 100.7% (Cost $144,240,461) <sup>(g)</sup>**  |  | **131853186** |
| **Other Assets/(Liabilities) — (0.7)%**  |  | **(898749)** |
| **NET ASSETS — 100.0%**  |  | $**130954437** |

---

**Abbreviation Legend** 

CLO Collateralized Loan Obligation

FRN Floating Rate Note

STEP Step Up Bond

VRN Variable Rate Note

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, the aggregate market value of these securities amounted to $92,267,345 or 70.46% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, was $2,123,051 or 1.62% of net assets. (Note 2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022.

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

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

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

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

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

---

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

---

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

**117**

***MML Short-Duration Bond Fund – Portfolio of Investments** **(Continued)***<br>

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration <br> Date** | **Number of <br> Contracts** | **Notional <br> Amount** | **Value/ Net <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| **Short** |  |  |  |  |
| U.S. Treasury Ultra 10 Year | 3/22/23 | 12 | $(1421492) | $2117 |
| U.S. Treasury Note 2 Year | 3/31/23 | 36 | (7375671) | (7142) |
| U.S. Treasury Note 5 Year | 3/31/23 | 253 | (27301579) | (4632) |
|  |  |  |  | $(9657) |

---

**Currency Legend** 

USD U.S. Dollar

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

**118**

---

| |
|:---|
| ***MML Small Cap Equity Fund – Portfolio of Investments*** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **EQUITIES — 97.9%** | **EQUITIES — 97.9%** | **EQUITIES — 97.9%** |
| **COMMON STOCK — 97.9%** | **COMMON STOCK — 97.9%** | **COMMON STOCK — 97.9%** |
| **Basic Materials — 2.5%** | **Basic Materials — 2.5%** | **Basic Materials — 2.5%** |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| NewMarket Corp.  | 2455 | $763775 |
| **Mining — 1.8%** | **Mining — 1.8%** | **Mining — 1.8%** |
| Compass Minerals International, Inc.  | 24916 | 1021556 |
| Kaiser Aluminum Corp.  | 13951 | 1059718 |
|  |  | 2081274 |
|  |  | 2845049 |
| **Communications — 1.8%** | **Communications — 1.8%** | **Communications — 1.8%** |
| **Internet — 1.8%** | **Internet — 1.8%** | **Internet — 1.8%** |
| Ziff Davis, Inc. <sup>(a)</sup>  | 26388 | 2087291 |
| **Consumer, Cyclical — 11.4%** | **Consumer, Cyclical — 11.4%** | **Consumer, Cyclical — 11.4%** |
| **Auto Parts & Equipment — 3.6%** | **Auto Parts & Equipment — 3.6%** | **Auto Parts & Equipment — 3.6%** |
| Allison Transmission Holdings, Inc.  | 28091 | 1168585 |
| Dorman Products, Inc. <sup>(a)</sup>  | 17418 | 1408594 |
| Visteon Corp. <sup>(a)</sup>  | 11707 | 1531627 |
|  |  | 4108806 |
| **Home Builders — 0.6%** | **Home Builders — 0.6%** | **Home Builders — 0.6%** |
| Skyline Champion Corp. <sup>(a)</sup>  | 12764 | 657474 |
| **Home Furnishing — 0.7%** | **Home Furnishing — 0.7%** | **Home Furnishing — 0.7%** |
| Tempur Sealy International, Inc.  | 22889 | 785779 |
| **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** |
| Topgolf Callaway Brands Corp. <sup>(a)</sup>  | 33511 | 661842 |
| **Lodging — 0.9%** | **Lodging — 0.9%** | **Lodging — 0.9%** |
| Boyd Gaming Corp.  | 18360 | 1001171 |
| **Retail — 5.0%** | **Retail — 5.0%** | **Retail — 5.0%** |
| AutoNation, Inc. <sup>(a)</sup>  | 21299 | 2285383 |
| BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup>  | 27245 | 1802529 |
| Suburban Propane Partners LP <sup>(b)</sup>  | 11030 | 167435 |
| Texas Roadhouse, Inc.  | 16519 | 1502403 |
|  |  | 5757750 |
|  |  | 12972822 |
| **Consumer, Non-cyclical — 21.0%** | **Consumer, Non-cyclical — 21.0%** | **Consumer, Non-cyclical — 21.0%** |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Coca-Cola Consolidated, Inc.  | 1440 | 737798 |
| **Biotechnology — 2.8%** | **Biotechnology — 2.8%** | **Biotechnology — 2.8%** |
| ADMA Biologics, Inc. <sup>(a)</sup>  | 167871 | 651339 |
| Avid Bioservices, Inc. <sup>(a)</sup>  | 61129 | 841746 |
| Guardant Health, Inc. <sup>(a)</sup>  | 9903 | 269362 |
| Intra-Cellular Therapies, Inc. <sup>(a)</sup>  | 18144 | 960181 |
| TransMedics Group, Inc. <sup>(a)</sup>  | 7967 | 491723 |
|  |  | 3214351 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Commercial Services — 3.7%** | **Commercial Services — 3.7%** | **Commercial Services — 3.7%** |
| ASGN, Inc. <sup>(a)</sup>  | 18003 | $1466884 |
| Korn Ferry  | 24653 | 1247935 |
| Paya Holdings, Inc. <sup>(a)</sup>  | 90099 | 709079 |
| Payoneer Global, Inc. <sup>(a)</sup>  | 140619 | 769186 |
|  |  | 4193084 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| Lancaster Colony Corp.  | 3952 | 779730 |
| **Health Care – Products — 4.8%** | **Health Care – Products — 4.8%** | **Health Care – Products — 4.8%** |
| AtriCure, Inc. <sup>(a)</sup>  | 26507 | 1176381 |
| Azenta, Inc. <sup>(c)</sup>  | 19861 | 1156307 |
| BioLife Solutions, Inc. <sup>(a)</sup>  | 27400 | 498680 |
| Inspire Medical Systems, Inc. <sup>(a)</sup>  | 10276 | 2588319 |
|  |  | 5419687 |
| **Health Care – Services — 4.9%** | **Health Care – Services — 4.9%** | **Health Care – Services — 4.9%** |
| Acadia Healthcare Co., Inc. <sup>(a)</sup>  | 32023 | 2636133 |
| Addus HomeCare Corp. <sup>(a)</sup>  | 16979 | 1689241 |
| Tenet Healthcare Corp. <sup>(a)</sup>  | 26767 | 1305962 |
|  |  | 5631336 |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| BellRing Brands, Inc. <sup>(a)</sup>  | 63147 | 1619089 |
| Collegium Pharmaceutical, Inc. <sup>(a)</sup>  | 35167 | 815875 |
| Option Care Health, Inc. <sup>(a)</sup>  | 26967 | 811437 |
| Prometheus Biosciences, Inc. <sup>(a)</sup>  | 6238 | 686180 |
|  |  | 3932581 |
|  |  | 23908567 |
| **Energy — 5.6%** | **Energy — 5.6%** | **Energy — 5.6%** |
| **Oil & Gas — 3.9%** | **Oil & Gas — 3.9%** | **Oil & Gas — 3.9%** |
| Chesapeake Energy Corp. <sup>(c)</sup>  | 16193 | 1528133 |
| CNX Resources Corp. <sup>(a)</sup>  | 94983 | 1599514 |
| Helmerich & Payne, Inc.  | 27493 | 1362828 |
|  |  | 4490475 |
| **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** |
| Nov, Inc.  | 58178 | 1215339 |
| **Pipelines — 0.6%** | **Pipelines — 0.6%** | **Pipelines — 0.6%** |
| Equitrans Midstream Corp.  | 97523 | 653404 |
|  |  | 6359218 |
| **Financial — 19.9%** | **Financial — 19.9%** | **Financial — 19.9%** |
| **Banks — 6.3%** | **Banks — 6.3%** | **Banks — 6.3%** |
| The Bank of NT Butterfield & Son Ltd.  | 20075 | 598436 |
| BankUnited, Inc.  | 42480 | 1443046 |
| Cathay General Bancorp  | 35561 | 1450533 |
| Columbia Banking System, Inc.  | 52387 | 1578420 |
| Heritage Financial Corp.  | 34035 | 1042832 |
| Webster Financial Corp.  | 23639 | 1119070 |
|  |  | 7232337 |

---

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

**119**

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

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** |
| Federated Hermes, Inc.  | 32364 | $1175137 |
| Focus Financial Partners, Inc. Class A <sup>(a)</sup>  | 40874 | 1523374 |
| Stifel Financial Corp.  | 33016 | 1927144 |
|  |  | 4625655 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| Definity Financial Corp.  | 58781 | 1670526 |
| **Real Estate Investment Trusts (REITS) — 4.2%** | **Real Estate Investment Trusts (REITS) — 4.2%** | **Real Estate Investment Trusts (REITS) — 4.2%** |
| DiamondRock Hospitality Co.  | 175724 | 1439180 |
| Four Corners Property Trust, Inc.  | 73537 | 1906814 |
| National Storage Affiliates Trust  | 40818 | 1474346 |
|  |  | 4820340 |
| **Savings & Loans — 3.8%** | **Savings & Loans — 3.8%** | **Savings & Loans — 3.8%** |
| Berkshire Hills Bancorp, Inc.  | 35793 | 1070211 |
| OceanFirst Financial Corp.  | 42470 | 902488 |
| Pacific Premier Bancorp, Inc.  | 44220 | 1395583 |
| WSFS Financial Corp.  | 21795 | 988185 |
|  |  | 4356467 |
|  |  | 22705325 |
| **Industrial — 20.6%** | **Industrial — 20.6%** | **Industrial — 20.6%** |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |
| Curtiss-Wright Corp.  | 12138 | 2026925 |
| **Building Materials — 1.5%** | **Building Materials — 1.5%** | **Building Materials — 1.5%** |
| Summit Materials, Inc. Class A <sup>(a)</sup>  | 61378 | 1742534 |
| **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** |
| Belden, Inc.  | 13634 | 980285 |
| **Electronics — 2.8%** | **Electronics — 2.8%** | **Electronics — 2.8%** |
| Atkore, Inc. <sup>(a)</sup>  | 15426 | 1749617 |
| Itron, Inc. <sup>(a)</sup>  | 17928 | 908053 |
| Vishay Intertechnology, Inc.  | 26296 | 567205 |
|  |  | 3224875 |
| **Engineering & Construction — 1.3%** | **Engineering & Construction — 1.3%** | **Engineering & Construction — 1.3%** |
| TopBuild Corp. <sup>(a)</sup>  | 9341 | 1461773 |
| **Environmental Controls — 2.4%** | **Environmental Controls — 2.4%** | **Environmental Controls — 2.4%** |
| Casella Waste Systems, Inc. Class A <sup>(a)</sup>  | 13104 | 1039278 |
| Evoqua Water Technologies Corp. <sup>(a)</sup>  | 41698 | 1651241 |
|  |  | 2690519 |
| **Hand & Machine Tools — 1.0%** | **Hand & Machine Tools — 1.0%** | **Hand & Machine Tools — 1.0%** |
| Regal Rexnord Corp.  | 10039 | 1204479 |
| **Machinery – Construction & Mining — 1.5%** | **Machinery – Construction & Mining — 1.5%** | **Machinery – Construction & Mining — 1.5%** |
| BWX Technologies, Inc.  | 16524 | 959714 |
| Vertiv Holdings Co.  | 53942 | 736848 |
|  |  | 1696562 |
| **Machinery – Diversified — 1.6%** | **Machinery – Diversified — 1.6%** | **Machinery – Diversified — 1.6%** |
| Esab Corp.  | 14220 | 667202 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** | **Value** |
| Zurn Elkay Water Solutions Corp.  | 56413 | $| 1193135 |
|  |  |  | 1860337 |
| **Metal Fabricate & Hardware — 1.5%** | **Metal Fabricate & Hardware — 1.5%** | **Metal Fabricate & Hardware — 1.5%** | **Metal Fabricate & Hardware — 1.5%** |
| Valmont Industries, Inc.  | 5149 |  | 1702620 |
| **Miscellaneous - Manufacturing — 1.5%** | **Miscellaneous - Manufacturing — 1.5%** | **Miscellaneous - Manufacturing — 1.5%** | **Miscellaneous - Manufacturing — 1.5%** |
| EnPro Industries, Inc.  | 16242 |  | 1765343 |
| **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** |
| Silgan Holdings, Inc.  | 26804 |  | 1389519 |
| **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** |
| CryoPort, Inc. <sup>(a)</sup> <sup>(c)</sup>  | 37005 |  | 642037 |
| Hub Group, Inc. Class A <sup>(a)</sup>  | 14337 |  | 1139648 |
|  |  |  | 1781685 |
|  |  |  | 23527456 |
| **Technology — 12.5%** | **Technology — 12.5%** | **Technology — 12.5%** | **Technology — 12.5%** |
| **Computers — 3.5%** | **Computers — 3.5%** | **Computers — 3.5%** | **Computers — 3.5%** |
| CACI International, Inc. Class A <sup>(a)</sup>  | 6523 |  | 1960749 |
| KBR, Inc.  | 37543 |  | 1982270 |
|  |  |  | 3943019 |
| **Semiconductors — 3.3%** | **Semiconductors — 3.3%** | **Semiconductors — 3.3%** | **Semiconductors — 3.3%** |
| Allegro MicroSystems, Inc. <sup>(a)</sup>  | 36780 |  | 1104136 |
| Ambarella, Inc. <sup>(a)</sup>  | 10536 |  | 866375 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup>  | 14650 |  | 922657 |
| MKS Instruments, Inc.  | 10675 |  | 904493 |
|  |  |  | 3797661 |
| **Software — 5.7%** | **Software — 5.7%** | **Software — 5.7%** | **Software — 5.7%** |
| Consensus Cloud Solutions, Inc. <sup>(a)</sup>  | 13483 |  | 724846 |
| Coupa Software, Inc. <sup>(a)</sup>  | 8536 |  | 675795 |
| Envestnet, Inc. <sup>(a)</sup>  | 15114 |  | 932534 |
| Gitlab, Inc. Class A <sup>(a)</sup> <sup>(c)</sup>  | 8029 |  | 364838 |
| HashiCorp, Inc. Class A <sup>(a)</sup> <sup>(c)</sup>  | 19465 |  | 532173 |
| Paycor HCM, Inc. <sup>(a)</sup>  | 62900 |  | 1539163 |
| Progress Software Corp.  | 16055 |  | 809975 |
| Sprout Social, Inc. Class A <sup>(a)</sup>  | 16523 |  | 932888 |
|  |  |  | 6512212 |
|  |  |  | 14252892 |
| **Utilities — 2.6%** | **Utilities — 2.6%** | **Utilities — 2.6%** | **Utilities — 2.6%** |
| **Gas — 2.6%** | **Gas — 2.6%** | **Gas — 2.6%** | **Gas — 2.6%** |
| National Fuel Gas Co.  | 27199 |  | 1721697 |
| Northwest Natural Holding Co.  | 26944 |  | 1282265 |
|  |  |  | 3003962 |
| **TOTAL COMMON STOCK (Cost $79,762,044)**  |  |  | **111662582** |
| **TOTAL EQUITIES (Cost $79,762,044)**  |  |  | **111662582** |

---

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

**120**

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

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **MUTUAL FUNDS — 0.7%** | **MUTUAL FUNDS — 0.7%** | **MUTUAL FUNDS — 0.7%** |
| **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** |
| State Street Navigator Securities Lending Government Money Market Portfolio <sup>(d)</sup>  | 826682 | $826682 |
| **TOTAL MUTUAL FUNDS (Cost $826,682)**  |  | **826682** |
| **TOTAL LONG-TERM INVESTMENTS (Cost $80,588,726)**  |  | **112489264** |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** |
| **Repurchase Agreement — 2.1%** | **Repurchase Agreement — 2.1%** | **Repurchase Agreement — 2.1%** |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 <sup>(e)</sup>  | $2429749 | 2429749 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $2,429,749)**  |  | **2429749** |
| **TOTAL INVESTMENTS — 100.7% (Cost $83,018,475) <sup>(f)</sup>**  |  | **114919013** |
| **Other Assets/(Liabilities) — (0.7)%**  |  | **(788057)** |
| **NET ASSETS — 100.0%**  |  | $**114130956** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is a Master Limited Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, was $3,358,523 or 2.94% of net assets. The Fund received $2,608,479 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

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

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

**121**

---

| |
|:---|
| ***MML Strategic Emerging Markets Fund – Portfolio of Investments*** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **EQUITIES — 97.5%** | **EQUITIES — 97.5%** | **EQUITIES — 97.5%** |
| **COMMON STOCK — 96.2%** | **COMMON STOCK — 96.2%** | **COMMON STOCK — 96.2%** |
| **Belgium — 0.6%** | **Belgium — 0.6%** | **Belgium — 0.6%** |
| Anheuser-Busch InBev SA  | 4769 | $286704 |
| **Bermuda — 0.9%** | **Bermuda — 0.9%** | **Bermuda — 0.9%** |
| Credicorp Ltd.  | 3014 | 408879 |
| Hongkong Land Holdings Ltd.  | 11200 | 51365 |
|  |  | 460244 |
| **Brazil — 5.1%** | **Brazil — 5.1%** | **Brazil — 5.1%** |
| Ambev SA  | 305012 | 838697 |
| Lojas Renner SA  | 66336 | 249883 |
| Vale SA Sponsored ADR  | 75315 | 1278095 |
| WEG SA  | 20384 | 148463 |
|  |  | 2515138 |
| **Cayman Islands — 21.2%** | **Cayman Islands — 21.2%** | **Cayman Islands — 21.2%** |
| BeiGene Ltd. ADR <sup>(a)</sup>  | 4404 | 968616 |
| Brii Biosciences Ltd. <sup>(a)</sup>  | 83500 | 78856 |
| H World Group Ltd.  | 4100 | 17646 |
| H World Group Ltd. ADR  | 53509 | 2269852 |
| Meituan Class B <sup>(a)</sup> <sup>(b)</sup>  | 34300 | 758420 |
| NetEase, Inc. ADR  | 18392 | 1335811 |
| New Horizon Health Ltd. <sup>(a)</sup> <sup>(b)</sup>  | 26000 | 58173 |
| NU Holdings Ltd/Cayman Islands Class A <sup>(a)</sup>  | 99536 | 405112 |
| Silergy Corp.  | 18000 | 255245 |
| Tencent Holdings Ltd.  | 21809 | 926931 |
| Wuxi Biologics Cayman, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 99000 | 760030 |
| Zai Lab Ltd. ADR <sup>(a)</sup>  | 14272 | 438150 |
| ZTO Express Cayman, Inc.  | 4987 | 135410 |
| ZTO Express Cayman, Inc. ADR  | 74675 | 2006517 |
|  |  | 10414769 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Banco Santander Chile  | 1318495 | 52771 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| MicroTech Medical Hangzhou Co. Ltd. Class H <sup>(a)</sup> <sup>(b)</sup>  | 14600 | 18246 |
| **Cyprus — 0.0%** | **Cyprus — 0.0%** | **Cyprus — 0.0%** |
| TCS Group Holding PLC <sup>(a)</sup> <sup>(c)</sup> <sup>(d)</sup>  | 3657 |  |
| **France — 5.3%** | **France — 5.3%** | **France — 5.3%** |
| Kering SA  | 184 | 94168 |
| L'Oreal SA  | 100 | 35874 |
| Pernod Ricard SA  | 10872 | 2136996 |
| TotalEnergies SE  | 5372 | 335294 |
|  |  | 2602332 |
| **Hong Kong — 2.2%** | **Hong Kong — 2.2%** | **Hong Kong — 2.2%** |
| AIA Group Ltd.  | 88200 | 971700 |
| Hang Lung Properties Ltd.  | 9000 | 17474 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** | **Value** |
| Hong Kong Exchanges & Clearing Ltd.  | 1600 | $| 69144 |
|  |  |  | 1058318 |
| **India — 21.3%** | **India — 21.3%** | **India — 21.3%** | **India — 21.3%** |
| Housing Development Finance Corp. Ltd.  | 126540 |  | 4035865 |
| Infosys Ltd.  | 49726 |  | 901081 |
| Kotak Mahindra Bank Ltd.  | 110783 |  | 2435796 |
| Oberoi Realty Ltd.  | 30373 |  | 317630 |
| Tata Consultancy Services Ltd.  | 62558 |  | 2461661 |
| Zee Entertainment Enterprises Ltd.  | 92735 |  | 269620 |
|  |  |  | 10421653 |
| **Indonesia — 0.7%** | **Indonesia — 0.7%** | **Indonesia — 0.7%** | **Indonesia — 0.7%** |
| Bank Central Asia Tbk PT  | 615500 |  | 337448 |
| **Italy — 1.7%** | **Italy — 1.7%** | **Italy — 1.7%** | **Italy — 1.7%** |
| PRADA SpA  | 151300 |  | 848830 |
| **Japan — 0.1%** | **Japan — 0.1%** | **Japan — 0.1%** | **Japan — 0.1%** |
| Daiichi Sankyo Co. Ltd.  | 1600 |  | 51276 |
| **Mexico — 7.4%** | **Mexico — 7.4%** | **Mexico — 7.4%** | **Mexico — 7.4%** |
| America Movil SAB de CV Sponsored ADR  | 34870 |  | 634634 |
| Fomento Economico Mexicano SAB de CV  | 3889 |  | 30405 |
| Grupo Mexico SAB de CV Series B  | 577771 |  | 2036942 |
| Wal-Mart de Mexico SAB de CV  | 265730 |  | 939290 |
|  |  |  | 3641271 |
| **Netherlands — 0.0%** | **Netherlands — 0.0%** | **Netherlands — 0.0%** | **Netherlands — 0.0%** |
| Yandex N.V. <sup>(a)</sup> <sup>(c)</sup> <sup>(d)</sup>  | 33135 |  |  |
| **Philippines — 1.8%** | **Philippines — 1.8%** | **Philippines — 1.8%** | **Philippines — 1.8%** |
| SM Investments Corp.  | 53435 |  | 866818 |
| **Republic of Korea — 7.3%** | **Republic of Korea — 7.3%** | **Republic of Korea — 7.3%** | **Republic of Korea — 7.3%** |
| LG Chem Ltd.  | 2916 |  | 1394929 |
| LG H&H Co. Ltd.  | 297 |  | 170894 |
| Samsung Biologics Co. Ltd. <sup>(a)</sup> <sup>(b)</sup>  | 1496 |  | 964938 |
| Samsung Electronics Co. Ltd.  | 23597 |  | 1040582 |
|  |  |  | 3571343 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Novatek PJSC <sup>(a)</sup> <sup>(c)</sup> <sup>(d)</sup>  | 11944 |  |  |
| Polyus PJSC GDR <sup>(a)</sup> <sup>(c)</sup> <sup>(d)</sup>  | 1566 |  |  |
| Polyus PJSC GDR <sup>(a)</sup> <sup>(c)</sup> <sup>(d)</sup>  | 40 |  |  |
| Sberbank of Russia PJSC <sup>(a)</sup> <sup>(c)</sup> <sup>(d)</sup>  | 7525 |  |  |
| **South Africa — 1.1%** | **South Africa — 1.1%** | **South Africa — 1.1%** | **South Africa — 1.1%** |
| FirstRand Ltd.  | 143525 |  | 524220 |
| **Switzerland — 2.8%** | **Switzerland — 2.8%** | **Switzerland — 2.8%** | **Switzerland — 2.8%** |
| Cie Financiere Richemont SA Registered  | 10675 |  | 1381405 |

---

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

**122**

***MML Strategic Emerging Markets Fund – Portfolio of Investments** **(Continued)***<br>

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value** |
| **Taiwan — 8.9%** | **Taiwan — 8.9%** | **Taiwan — 8.9%** |
| MediaTek, Inc.  | 37000 | $751547 |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 248000 | 3614513 |
|  |  | 4366060 |
| **United Kingdom — 0.9%** | **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |
| Antofagasta PLC  | 7659 | 142190 |
| AstraZeneca PLC Sponsored ADR  | 846 | 57359 |
| Glencore PLC  | 37808 | 252814 |
|  |  | 452363 |
| **United States — 6.8%** | **United States — 6.8%** | **United States — 6.8%** |
| Coupang, Inc. <sup>(a)</sup>  | 944 | 13886 |
| Yum China Holdings, Inc.  | 60767 | 3320917 |
|  |  | 3334803 |
| **TOTAL COMMON STOCK (Cost $51,392,772)**  |  | **47206012** |
| **PREFERRED STOCK — 1.3%** | **PREFERRED STOCK — 1.3%** | **PREFERRED STOCK — 1.3%** |
| **Brazil — 1.3%** | **Brazil — 1.3%** | **Brazil — 1.3%** |
| Banco Bradesco SA 4.052%  | 221871 | 643389 |
| **TOTAL PREFERRED STOCK (Cost $798,068)**  |  | **643389** |
| **TOTAL EQUITIES (Cost $52,190,840)**  |  | **47849401** |
| **WARRANTS — 0.1%** | **WARRANTS — 0.1%** | **WARRANTS — 0.1%** |
| **Switzerland — 0.1%** | **Switzerland — 0.1%** | **Switzerland — 0.1%** |
| Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 <sup>(a)</sup>  | 22580 | 18803 |
| **TOTAL WARRANTS (Cost $0)**  |  | **18803** |
| **TOTAL LONG-TERM INVESTMENTS (Cost $52,190,840)**  |  | **47868204** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 1.9%** | **SHORT-TERM INVESTMENTS — 1.9%** | **SHORT-TERM INVESTMENTS — 1.9%** |
| **Repurchase Agreement — 1.9%** | **Repurchase Agreement — 1.9%** | **Repurchase Agreement — 1.9%** |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e)  | $932895 | $932895 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $932,895)**  |  | **932895** |
| **TOTAL INVESTMENTS — 99.5% (Cost $53,123,735) (f)**  |  | **48801099** |
| **Other Assets/(Liabilities) — 0.5%**  |  | **256395** |
| **NET ASSETS — 100.0%**  |  | **$49057494** |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

GDR Global Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $2,559,807 or 5.22% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investment is valued using significant unobservable inputs.

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

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

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

**123**

***MML Strategic Emerging Markets Fund – Portfolio of Investments** **(Continued)***<br>

**Notes to Portfolio of Investments (continued)** 

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

---

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

---

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

**124**

---

| |
|:---|
| ***MML U.S. Government Money Market Fund – Portfolio of Investments*** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 100.0%** | **SHORT-TERM INVESTMENTS — 100.0%** | **SHORT-TERM INVESTMENTS — 100.0%** |
| **Discount Notes — 72.9%** | **Discount Notes — 72.9%** | **Discount Notes — 72.9%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.124% 1/27/23, 1/27/23 <sup>(a)</sup>  | $1500000 | $1495613 |
| &nbsp;&nbsp;&nbsp;4.143% 1/25/23, 1/25/23 <sup>(a)</sup>  | 3700000 | 3689961 |
| &nbsp;&nbsp;&nbsp;4.171% 1/20/23, 1/20/23 <sup>(a)</sup>  | 1750000 | 1746213 |
| &nbsp;&nbsp;&nbsp;4.176% 1/25/23, 1/25/23 <sup>(a)</sup>  | 15000000 | 14959000 |
| &nbsp;&nbsp;&nbsp;4.184% 1/25/23, 1/25/23 <sup>(a)</sup>  | 5300000 | 5285478 |
| &nbsp;&nbsp;&nbsp;4.229% 2/03/23, 2/03/23 <sup>(a)</sup>  | 2290000 | 2281288 |
| &nbsp;&nbsp;&nbsp;4.286% 2/08/23, 2/08/23 <sup>(a)</sup>  | 5000000 | 4977833 |
| &nbsp;&nbsp;&nbsp;4.325% 2/10/23, 2/10/23 <sup>(a)</sup>  | 6375000 | 6344967 |
| &nbsp;&nbsp;&nbsp;SOFR + .010% 4.310% FRN 1/03/23, 1/17/23 <sup>(a)</sup>  | 9000000 | 9000000 |
| &nbsp;&nbsp;&nbsp;SOFR + .030% 4.330% FRN 1/03/23, 1/19/23 <sup>(a)</sup>  | 12000000 | 12000000 |
| &nbsp;&nbsp;&nbsp;SOFR + .030% 4.330% FRN 1/03/23, 3/21/23 <sup>(a)</sup>  | 14000000 | 14000000 |
| &nbsp;&nbsp;&nbsp;SOFR + .040% 4.340% FRN 1/03/23, 1/30/23 <sup>(a)</sup>  | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;SOFR + .040% 4.340% FRN 1/03/23, 2/10/23 <sup>(a)</sup>  | 5500000 | 5500000 |
| &nbsp;&nbsp;&nbsp;SOFR + .050% 4.350% FRN 1/03/23, 3/28/23 <sup>(a)</sup>  | 14000000 | 14000000 |
| &nbsp;&nbsp;&nbsp;SOFR + .050% 4.350% FRN 1/03/23, 6/28/23 <sup>(a)</sup>  | 13000000 | 13000000 |
| &nbsp;&nbsp;&nbsp;SOFR + .055% 4.355% FRN 1/03/23, 5/24/23 <sup>(a)</sup>  | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;SOFR + .060% 4.360% FRN 1/03/23, 4/06/23 <sup>(a)</sup>  | 11500000 | 11500000 |
| &nbsp;&nbsp;&nbsp;SOFR + .070% 4.370% FRN 1/03/23, 5/17/23 <sup>(a)</sup>  | 17000000 | 17000000 |
| Federal National Mortgage Association, 4.019%, 1/17/23, 1/17/23 <sup>(a)</sup>  | 9700000 | 9682971 |
| Federal National Mortgage Association, 4.018%, 1/17/23, 1/17/23 <sup>(a)</sup>  | 4200000 | 4192627 |
|  |  | 175655951 |
| **Repurchase Agreement — 10.4%** | **Repurchase Agreement — 10.4%** | **Repurchase Agreement — 10.4%** |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 <sup>(b)</sup>  | 104900 | 104900 |
| HSBC Securities (USA) Inc, Tri-Party Repurchase Agreement, dated 12/30/22, 4.240%, due 1/03/23 <sup>(c)</sup>  | 25000000 | 25000000 |
|  |  | 25104900 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **U.S. Treasury Bill — 16.7%** | **U.S. Treasury Bill — 16.7%** | **U.S. Treasury Bill — 16.7%** |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;3.360% 1/05/23 <sup>(d)</sup>  | $15300000 | $15294369 |
| &nbsp;&nbsp;&nbsp;3.398% 1/03/23 <sup>(d)</sup>  | 25000000 | 24995347 |
|  |  | 40289716 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $241,050,567)**  |  | **241050567** |
| **TOTAL INVESTMENTS — 100.0% (Cost $241,050,567) <sup>(e)</sup>**  |  | **241050567** |
| **Other Assets/(Liabilities) — 0.0%**  |  | **114958** |
| **NET ASSETS — 100.0%**  |  | $**241165525** |

---

**Abbreviation Legend** 

FRN Floating Rate Note

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

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

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

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

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

**125**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements*** |
| *Statements of Assets and Liabilities<br> December 31, 2022* |

---

---

| | | |
|:---|:---|:---|
|  | **MML <br> Blend Fund** | **MML <br> Dynamic<br> Bond Fund** |
| *Assets:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value *(Note 2)* <sup>(a)</sup>  | $639247539 | $248408146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, at value *(Note 2)* <sup>(b)</sup>  | 314488 | 392045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments <sup>(c)</sup>  | 639562027 | 248800191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash  | 32 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value <sup>(d)</sup>  |  | 1136400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular delivery  |  | 229917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delayed delivery  |  | 20865289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash collateral pledged for open derivatives *(Note 2)*  |  | 4743838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open forward contracts *(Note 2)*  |  | 981077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold  | 9653 | 15877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on open derivative instruments *(Note 2)*  |  | 508288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends  | 877 | 1783910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 639572589 | 279064943 |
| *Liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular delivery  |  | 150067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delayed delivery  |  | 45160483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options outstanding, at value *(Note 2)* <sup>(e)</sup>  |  | 69207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open forward contracts *(Note 2)*  |  | 142180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares repurchased  | 128975 | 87910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash collateral held for securities on loan *(Note 2)*  | 78200 | 2400625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open swap agreements, at value *(Note 2)*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses *(Note 3)*  | 175248 | 34329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates *(Note 3)*: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees  |  | 30045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees  | 232385 | 51305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service fees  | 110080 | 7338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expense and other liabilities  | 162688 | 177933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 887576 | 48311422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets**  | $**638685013** | $**230753521** |
| *Net assets consist of:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital  | $663673847 | $277831817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (loss)  | (24988834) | (47078296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets**  | $**638685013** | $**230753521** |

---

---

| | | | |
|:---|:---|:---|:---|
| <sup>(a)</sup> | Cost of investments:  | $671876786 | $276940661 |
| <sup>(b)</sup> | Cost of repurchase agreements:  | $314488 | $392045 |
| <sup>(c)</sup> | Securities on loan with market value of:  | $76381 | $3472819 |
| <sup>(d)</sup> | Cost of foreign currency:  | $— | $1117406 |
| <sup>(e)</sup> | Premiums on written options:  | $— | $123002 |

---

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

**126**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Equity <br> Fund** | **MML Equity <br> Rotation <br> Fund** | **MML <br> High Yield <br> Fund** | **MML Inflation-<br> Protected and <br> Income Fund** | **MML iShares <br> 60/40 Allocation <br> Fund** | **MML iShares <br> 80/20 Allocation <br> Fund** |
| $821959503 | $44865531 | $56529166 | $202679315 | $27036379 | $40425844 |
| 2566719 |  | 1706681 | 1612936 |  |  |
| 824526222 | 44865531 | 58235847 | 204292251 | 27036379 | 40425844 |
| 319 | 76981 | 64 | 322 | 28136 | 49852 |
| 397 |  |  |  |  |  |
| 2127205 |  | 55738 |  | 222803 | 339016 |
|  |  |  | 12240000 |  |  |
| 20434 |  | 8268 | 161392 |  |  |
|  |  |  | 12024 |  |  |
| 1045239 | 64659 | 1097277 | 386250 | 2779 | 3384 |
| 22606 |  | 144668 |  |  |  |
| 827742422 | 45007171 | 59541862 | 217092239 | 27290097 | 40818096 |
| 1613131 |  | 178069 |  | 196995 | 309108 |
| 284128 |  |  |  |  |  |
|  |  |  | 1996583 |  |  |
| 185759 | 49 | 8163 | 44465 | 182 | 666 |
| 11203112 | 98172 | 2421165 | 1269875 |  | 137675 |
|  |  |  | 9196947 |  |  |
| 216676 | 2667 | 18408 | 74484 | 1648 | 1497 |
|  | 5772 | 7454 |  | 3501 | 5131 |
| 283088 | 17318 | 27811 | 70131 | 554 | 3913 |
| 54957 | 1273 | 26024 | 27533 |  |  |
|  |  |  |  | 3122 | 10366 |
| 233482 | 85873 | 125013 | 101973 | 43356 | 43201 |
| 14074333 | 211124 | 2812107 | 12781991 | 249358 | 511557 |
| $**813668089** | $**44796047** | $**56729755** | $**204310248** | $**27040739** | $**40306539** |
| $613977640 | $49191324 | $73881628 | $236391629 | $30780827 | $45165611 |
| 199690449 | (4395277) | (17151873) | (32081381) | (3740088) | (4859072) |
| $**813668089** | $**44796047** | $**56729755** | $**204310248** | $**27040739** | $**40306539** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| $692829152 | $45709929 | $65001092 | $215371933 | $45059062 |
| $2566719 | $— | $1706681 | $1612936 |  |
| $11407068 | $541469 | $2535270 | $1244675 | 134506 |
| $392 | $— | $— | $— |  |
| $— | $— | $— | $— |  |

---

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

**127**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Statements of Assets and Liabilities<br> December 31, 2022* |

---

---

| | | |
|:---|:---|:---|
|  | **MML <br> Blend Fund** | **MML <br> Dynamic<br> Bond Fund** |
| *Initial Class shares:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $466170731 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding <sup>(a)</sup>  | 27710290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share  | $16.82 | $— |
| *Class II shares:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $— | $218857335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding <sup>(a)</sup>  |  | 26318159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share  | $— | $8.32 |
| *Service Class shares:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $172514282 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding <sup>(a)</sup>  | 10334961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share  | $16.69 | $— |
| *Service Class I shares:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $— | $11896186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding <sup>(a)</sup>  |  | 1438300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share  | $— | $8.27 |

---

&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.

**128**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Equity <br> Fund** | **MML Equity <br> Rotation <br> Fund** | **MML <br> High Yield <br> Fund** | **MML Inflation-<br> Protected and <br> Income Fund** | **MML iShares <br> 60/40 Allocation <br> Fund** | **MML iShares <br> 80/20 Allocation <br> Fund** |
| $726478186 | $— | $— | $161191116 | $— | $— |
| 27146398 |  |  | 18585934 |  |  |
| $26.76 | $— | $— | $8.67 | $— | $— |
| $— | $42721816 | $15562088 | $— | $21877591 | $21603656 |
|  | 4079748 | 1908042 |  | 2531943 | 2528549 |
| $— | $10.47 | $8.16 | $— | $8.64 | $8.54 |
| $87189903 | $— | $— | $43119132 | $— | $— |
| 3323921 |  |  | 5019211 |  |  |
| $26.23 | $— | $— | $8.59 | $— | $— |
| $— | $2074231 | $41167667 | $— | $5163148 | $18702883 |
|  | 200084 | 5104124 |  | 598194 | 2191000 |
| $— | $10.37 | $8.07 | $— | $8.63 | $8.54 |

---

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

**129**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Statements of Assets and Liabilities<br> December 31, 2022* |

---

---

| | | |
|:---|:---|:---|
|  | **MML <br> Managed Bond <br> Fund** | **MML <br> Short-Duration <br> Bond Fund** |
| *Assets:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value Note 2) <sup>(a)</sup>  | $837451395 | $130663839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, at value *(Note 2)* <sup>(b)</sup>  | 7874158 | 1189347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments <sup>(c)</sup>  | 845325553 | 131853186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash  |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value <sup>(d)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular delivery  | 2124755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash collateral pledged for open derivatives *(Note 2)*  |  | 607000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold  | 139888 | 5155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on open derivative instruments *(Note 2)*  |  | 28151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends  | 5876314 | 888478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables  | 6940863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 860407373 | 133382147 |
| *Liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular delivery  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delayed delivery  | 96741936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares repurchased  | 229159 | 45608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash collateral held for securities on loan *(Note 2)*  | 2390623 | 2169500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses *(Note 3)*  | 213306 | 31415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on open derivative instruments *(Note 2)*  | 195901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates *(Note 3)*: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees  |  | 16711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees  | 266448 | 38992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service fees  | 118293 | 20056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to custodian  | 6940360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expense and other liabilities  | 217825 | 105428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 107313851 | 2427710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets**  | $**753093522** | $**130954437** |
| *Net assets consist of:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital  | $889531370 | $154156622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (loss)  | (136437848) | (23202185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets**  | $**753093522** | $**130954437** |

---

---

| | | | |
|:---|:---|:---|:---|
| <sup>(a)</sup> | Cost of investments:  | $941838967 | $143051114 |
| <sup>(b)</sup> | Cost of repurchase agreements:  | $7874158 | $1189347 |
| <sup>(c)</sup> | Securities on loan with market value of:  | $2402175 | $2123051 |
| <sup>(d)</sup> | Cost of foreign currency:  | $— | $— |

---

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

**130**

---

| | | |
|:---|:---|:---|
| **MML <br> Small Cap <br> Equity Fund** | **MML <br> Strategic <br> Emerging <br> Markets Fund** | **MML <br> U.S. Government <br> Money <br> Market Fund** |
| $112489264 | $47868204 | $215945667 |
| 2429749 | 932895 | 25104900 |
| 114919013 | 48801099 | 241050567 |
| 103 | 9350 | 31 |
|  | 288949 |  |
| 408966 | 397097 |  |
| 1309 | 1280 | 82226 |
| 72815 | 25802 | 534758 |
|  | 22081 |  |
| 115402206 | 49545658 | 241667582 |
| 171383 | 2873 |  |
| 90959 | 21773 | 269881 |
| 826682 |  |  |
| 27807 | 13210 | 44966 |
|  | 6377 |  |
| 63622 | 14071 | 91588 |
| 14816 | 7256 |  |
| 75981 | 422604 | 95622 |
| 1271250 | 488164 | 502057 |
| $**114130956** | $**49057494** | $**241165525** |
| $84598402 | $62685664 | $241208872 |
| 29532554 | (13628170) | (43347) |
| $**114130956** | $**49057494** | $**241165525** |

---

---

| | | |
|:---|:---|:---|
| $80588726 | $52190840 | $215945667 |
| $2429749 | $932895 | $25104900 |
| $3358523 | $— | $— |
| $— | $289822 | $— |

---

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

**131**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Statements of Assets and Liabilities<br> December 31, 2022* |

---

---

| | | |
|:---|:---|:---|
|  | **MML <br> Managed Bond <br> Fund** | **MML <br> Short-Duration <br> Bond Fund** |
| *Initial Class shares:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $568356760 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding <sup>(a)</sup>  | 53621520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share  | $10.60 | $— |
| *Class II shares:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $— | $98969151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding <sup>(a)</sup>  |  | 11439313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share  | $— | $8.65 |
| *Service Class shares:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $184736762 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding <sup>(a)</sup>  | 17506927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share  | $10.55 | $— |
| *Service Class I shares:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $— | $31985286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding <sup>(a)</sup>  |  | 3709664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share  | $— | $8.62 |

---

&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.

**132**

---

| | | |
|:---|:---|:---|
| **MML <br> Small Cap <br> Equity Fund** | **MML <br> Strategic <br> Emerging <br> Markets Fund** | **MML <br> U.S. Government <br> Money <br> Market Fund** |
| $90514234 | $— | $241165525 |
| 9639170 |  | 241166107 |
| $9.39 | $— | $1.00 |
| $— | $37217817 | $— |
|  | 7705036 |  |
| $— | $4.83 | $— |
| $23616722 | $— | $— |
| 2583598 |  |  |
| $9.14 | $— | $— |
| $— | $11839677 | $— |
|  | 2458254 |  |
| $— | $4.82 | $— |

---

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

**133**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Statements of Operations<br> For the Year Ended December 31, 2022* |

---

---

| | | |
|:---|:---|:---|
|  | **MML <br> Blend Fund** | **MML <br> Dynamic<br> Bond Fund** |
| *Investment income (Note 2):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends <sup>(a)</sup>  | $13859965 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest <sup>(b)</sup>  | 1230 | 10382756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending net income  | 393708 | 19129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash income  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income  | 14254903 | 10401885 |
| *Expenses (Note 3):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees  | 2930554 | 1047841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees  | 47257 | 82006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees  | 46257 | 46885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees  | 28982 | 52361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxy fees  | 1340 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees  | 80651 | 55904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees  | 44751 | 16950 |
|  | 3179792 | 1303287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II  |  | 374435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I  |  | 18506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and Service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class  | 475224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I  |  | 30843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses  | 3655016 | 1727071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived *(Note 3)*: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class fees reimbursed by adviser  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II fees reimbursed by adviser  |  | (94572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class fees reimbursed by adviser  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I fees reimbursed by adviser  |  | (4900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees waived  |  | (99469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses:  | 3655016 | 1528130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)**  | **10599887** | **8873755** |
| *Realized and unrealized gain (loss):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions  | (2465838) | (22495092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts  |  | (6008502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options  |  | 1398184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap agreements  |  | 346871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions  |  | (19554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts  |  | (2092713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)**  | **(2465838)** | **(28870806** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions  | (145081406) | (24427254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts  |  | (396541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options  |  | 53795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap agreements  |  | 2526420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies  |  | 68994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts  |  | 838897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation/(depreciation)**  | **(145081406)** | **(21335689** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss) and change in unrealized appreciation/(depreciation)**  | **(147547244)** | **(50206495** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | $**(136947357)** | $**(41332740** |

---

---

| | | |
|:---|:---|:---|
| <sup>(a)</sup> | Net of foreign withholding tax of:  | $— |
| <sup>(b)</sup> | Net of foreign withholding tax of:  | $15943 |
| \* | Net of net increase (decrease) in accrued foreign capital gains tax of:  | $(1329) |
| + | Commenced operations on February 11, 2022. |  |

---

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

**134**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML <br> Equity Fund** | **MML <br> Equity <br> Rotation Fund** | **MML <br> High Yield <br> Fund** | **MML <br> Inflation-Protected <br> and Income Fund** | **MML iShares <br> 60/40 Allocation <br> Fund+** | **MML iShares <br> 80/20 Allocation <br> Fund+** |
| $20469199 | $859331 | $20284 | $— | $525897 | $679880 |
| 137111 | 231 | 4213425 | 8296849 | 132 | 610 |
| 7182 | 1914 | 22534 | 2011 | 9138 | 12270 |
| 24235 |  |  |  |  |  |
| 20637727 | 861476 | 4256243 | 8298860 | 535167 | 692760 |
| 3386078 | 206347 | 394261 | 1392741 | 69399 | 89693 |
| 127895 | 29662 | 71027 | 41480 | 11849 | 11849 |
| 44461 | 41308 | 45895 | 47454 | 28797 | 28797 |
| 26765 | 1498 | 2252 | 8695 | 2493 | 2493 |
| 1341 | 1340 | 1340 | 1340 | 461 | 461 |
| 95466 | 18048 | 43634 | 43413 | 10327 | 10513 |
| 51264 | 2780 | 4434 | 16444 | 2953 | 2953 |
| 3733270 | 300983 | 562843 | 1551567 | 126279 | 146759 |
|  | 65481 | 30262 |  | 30122 | 29773 |
|  | 3301 | 68303 |  | 4577 | 15074 |
| 232660 |  |  | 120383 |  |  |
|  | 5502 | 113839 |  | 7629 | 25122 |
| 3965930 | 375267 | 775247 | 1671950 | 168607 | 216728 |
|  |  |  | (69282) |  |  |
|  |  |  |  | (48666) | (39863) |
|  |  |  | (17477) |  |  |
|  |  |  |  | (6211) | (15348) |
|  | (22927) | (28716) |  |  |  |
| 3965930 | 352340 | 746531 | 1585191 | 113730 | 161517 |
| **16671797** | **509136** | **3509712** | **6713669** | **421437** | **531243** |
| 61252329 | (4057664) | (1699045) | (5428118) | (134773) | (225429) |
|  |  |  | 859224 |  |  |
|  |  |  | (11334486) |  |  |
| (4613) |  | (495) |  |  |  |
| **61247716** | **(4057664)** | **(1699540)** | **(15903380)** | **(134773)** | **(225429)** |
| (121971556) | (3947669) | (10719142) | (14020190) | (3605315) | (4633218) |
|  |  |  | 71826 |  |  |
|  |  |  | (12774329) |  |  |
| (105) |  | (10138) |  |  |  |
| **(121971661)** | **(3947669)** | **(10729280)** | **(26722693)** | **(3605315)** | **(4633218)** |
| **(60723945)** | **(8005333)** | **(12428820)** | **(42626073)** | **(3740088)** | **(4858647)** |
| $**(44052148)** | $**(7496197)** | $**(8919108)** | $**(35912404)** | $**(3318651)** | $**(4327404)** |

---

---

| |
|:---|
| $|
| $– $– $– $|
| $– $– $– $|

---

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

**135**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Statements of Operations<br> For the Year Ended December 31, 2022* |

---

---

| | | |
|:---|:---|:---|
|  | **MML <br> Managed <br> Bond Fund** | **MML <br> Short-Duration <br> Bond Fund** |
| *Investment income (Note 2):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends <sup>(a)</sup>  | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest  | 29215578 | 4403918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending net income  | 12658 | 4680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash income  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income  | 29228236 | 4408598 |
| *Expenses (Note 3):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees  | 3409533 | 516135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees  | 76765 | 35897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees  | 47497 | 46239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees  | 26657 | 4871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxy fees  | 1340 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees  | 112776 | 41297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees  | 54602 | 9685 |
|  | 3729170 | 655464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II  |  | 170715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I  |  | 50487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and Service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class  | 536610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I  |  | 84144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses  | 4265780 | 960810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived *(Note 3)*: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class fees reimbursed by adviser  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II fees reimbursed by adviser  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I fees reimbursed by adviser  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees waived  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses:  | 4265780 | 960810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)**  | **24962456** | **3447788** |
| *Realized and unrealized gain (loss):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions  | (32267111) | (4126308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts  | (19533654) | 5076031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap agreements  |  | (5360076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)**  | **(51800765)** | **(4410353)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions  | (118929817) | (12114148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts  | (390533) | (24750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap agreements  |  | 51438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation/(depreciation)**  | **(119320350)** | **(12087460)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss) and change in unrealized appreciation/(depreciation)**  | **(171121115)** | **(16497813)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | $**(146158659)** | $**(13050025)** |

---

---

| | | |
|:---|:---|:---|
| <sup>(a)</sup> | Net of foreign withholding tax of:  | $|
| \* | Net of net increase (decrease) in accrued foreign capital gains tax of: | $|

---

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

**136**

---

| | | |
|:---|:---|:---|
| **MML <br> Small Cap Equity <br> Fund** | **MML <br> Strategic <br> Emerging <br> Markets Fund** | **MML <br> U.S. Government <br> Money <br> Market Fund** |
| $1614525 | $872770 | $— |
| 8217 | 7062 | 3268556 |
| 7824 | 6558 |  |
|  | 61822 |  |
| 1630566 | 948212 | 3268556 |
| 789531 | 550871 | 907971 |
| 23308 | 172833 | 39427 |
| 43545 | 83479 | 35960 |
| 3974 | 2536 | 5871 |
| 1340 | 1340 | 1340 |
| 34001 | 17732 | 20376 |
| 7793 | 4157 | 11245 |
| 903492 | 832948 | 1022190 |
|  | 61054 |  |
|  | 19424 |  |
| 63164 |  |  |
|  | 32373 |  |
| 966656 | 945799 | 1022190 |
|  |  | (242898) |
|  | (153555) |  |
|  | (49034) |  |
|  | (11483 |  |
| 966656 | 731727 | 779292 |
| **663910** | **216485** | **2489264** |
| (3387020) | (7354985) | 67 |
| (9) | (41284 |  |
| **(3387029)** | **(7396269** | **67** |
| (20320106) | (11171240) |  |
|  | (421 |  |
| **(20320106)** | **(11171661** | **—** |
| **(23707135)** | **(18567930** | **67** |
| $**(23043225)** | $**(18351445** | $**2489331** |

---

---

| | |
|:---|:---|
| $124737 | $|
| 108848 | $|

---

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

**137**

---

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

---

---

| | | |
|:---|:---|:---|
|  | **MML Blend Fund** | **MML Blend Fund** |
|  | **Year<br> Ended<br> December 31, 2022** | **Year<br> Ended<br> December 31, 2021** |
| *Increase (Decrease) in Net Assets:* |  |  |
| *Operations:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)  | $10599887 | $9096103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)  | (2465838) | 12652777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation)  | (145081406) | 91439930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | **(136947357)** | **113188810** |
| *Distributions to shareholders (Note 2):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class  | (16406451) | (168011356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class  | (5658892) | (57432992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I  | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions**  | **(22065343)** | **(225444348)** |
| *Net fund share transactions (Note 5):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class  | (38165947) | 111716812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class  | (2245699) | 61053567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from fund share transactions**  | **(40411646)** | **172770379** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets**  | **(199424346)** | **60514841** |
| *Net assets* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year  | 838109359 | 777594518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year**  | $**638685013** | $**838109359** |

---

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

**138**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Dynamic <br> Bond Fund** | **MML Dynamic <br> Bond Fund** | **MML Equity Fund** | **MML Equity Fund** | **MML Equity <br> Rotation Fund** | **MML Equity <br> Rotation Fund** |
| **Year<br> Ended<br> December 31, 2022** | **Year<br> Ended<br> December 31, 2021** | **Year<br> Ended<br> December 31, 2022** | **Year<br> Ended<br> December 31, 2021** | **Year<br> Ended<br> December 31, 2022** | **Year<br> Ended<br> December 31, 2021** |
| $8873755 | $8982423 | $16671797 | $13558285 | $509136 | $279575 |
| (28870806) | 1270296 | 61247716 | 127543393 | (4057664) | 10530385 |
| (21335689) | (10551016) | (121971661) | 87110296 | (3947669) | 805638 |
| **(41332740)** | **(298297)** | **(44052148)** | **228211974** | **(7496197)** | **11615598** |
|  |  | (92352834) | (13032797) |  |  |
| (9323527) | (11157560) |  |  | (5065396) | (13847437) |
|  |  | (11352115) | (1534583) |  |  |
| **(445452)** | (462823) | **—** |  | **(245021)** | (776065) |
| **(9768979)** | **(11620383)** | **(103704949)** | **(14567380)** | **(5310417)** | **(14623502)** |
|  |  | 36635002 | (53863556) |  |  |
| (27080709) | (9438529) |  |  | 5065396 | 13847437 |
|  |  | (1174750) | (14625427) |  |  |
| 717424 | 1604280 |  |  | (21287) | 675688 |
| **(26363285)** | **(7834249)** | **35460252** | **(68488983)** | **5044109** | **14523125** |
| **(77465004)** | **(19752929)** | **(112296845)** | **145155611** | **(7762505)** | **11515221** |
| 308218525 | 327971454 | 925964934 | 780809323 | 52558552 | 41043331 |
| $**230753521** | $**308218525** | $**813668089** | $**925964934** | $**44796047** | $**52558552** |

---

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

**139**

---

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

---

---

| | | |
|:---|:---|:---|
|  | **MML High Yield <br> Fund** | **MML High Yield <br> Fund** |
|  | **Year<br> Ended<br> December 31, 2022** | **Year<br> Ended<br> December 31, 2021** |
| *Increase (Decrease) in Net Assets:* |  |  |
| *Operations:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)  | $3509712 | $4839748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)  | (1699540) | 1939226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation)  | (10729280) | 178836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | **(8919108)** | **6957810** |
| *Distributions to shareholders (Note 2):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II  | (1463558) | (2520599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I  | (3304293) | (4268950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions**  | **(4767851)** | **(6789549)** |
| *Tax return of capital:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total tax return of capital**  | **—** | **—** |
| *Net fund share transactions (Note 5):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II  | (4736261) | (27011141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I  | (1978471) | 6442610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from fund share transactions**  | **(6714732)** | **(20568531)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets**  | **(20401691)** | **(20400270)** |
| *Net assets* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year  | 77131446 | 97531716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year**  | $**56729755** | $**77131446** |

---

+ Commenced operations on February 11, 2022.

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

**140**

---

| | | | |
|:---|:---|:---|:---|
| **MML Inflation-<br> Protected <br> and Income Fund** | **MML Inflation-<br> Protected <br> and Income Fund** | **MML iShares<sup>®</sup>** **<br> 60/40 Allocation <br> Fund** | **MML iShares <br> 80/20 Allocation <br> Fund** |
| **Year<br> Ended<br> December 31, 2022** | **Year<br> Ended<br> December 31, 2021** | **Period Ended <br> December 31, 2022+**  | **Period Ended <br> December 31, 2022+** |
| $6713669 | $4712255 | $421437 | $531243 |
| (15903380) | 18253988 | (134773) | (225429) |
| (26722693) | (2798047) | (3605315) | (4633218) |
| **(35912404)** | **20168196** | **(3318651)** | **(4327404)** |
| (18612540) | (21774428) |  |  |
|  |  | (346648) | (300842) |
| (4772542) | (4083457) |  |  |
|  |  | (74789) | (230826) |
| **(23385082)** | **(25857885)** | **(421437)** | **(531668)** |
|  |  | (22034) | (32606) |
|  |  | (4754) | (25018) |
| **—** | **—** | **(26788)** | **(57624)** |
| (32292574) | (42642110) |  |  |
|  |  | 25268682 | 25233448 |
| 2060256 | 7965013 |  |  |
|  |  | 5538933 | 19989787 |
| **(30232318)** | **(34677097)** | **30807615** | **45223235** |
| **(89529804)** | **(40366786)** | **27040739** | **40306539** |
| 293840052 | 334206838 |  |  |
| $**204310248** | $**293840052** | $**27040739** | $**40306539** |

---

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

**141**

---

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

---

---

| | | |
|:---|:---|:---|
|  | **MML Managed <br> Bond Fund** | **MML Managed <br> Bond Fund** |
|  | **Year<br> Ended<br> December 31, 2022** | **Year<br> Ended<br> December 31, 2021** |
| *Increase (Decrease) in Net Assets:* |  |  |
| *Operations:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)  | $24962456 | $21745244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)  | (51800765) | 6090693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation)  | (119320350) | (20636492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | **(146158659)** | **7199445** |
| *Distributions to shareholders (Note 2):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class  | (25107989) | (39056618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class  | (8029901) | (12723319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions**  | **(33137890)** | **(51779937)** |
| *Net fund share transactions (Note 5):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class  | (60857432) | 39909283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class  | (28402423) | (1824724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class I  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from fund share transactions**  | **(89259855)** | **38084559** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets**  | **(268556404)** | **(6495933)** |
| *Net assets* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year  | 1021649926 | 1028145859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year**  | $**753093522** | $**1021649926** |

---

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

**142**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Short-<br> Duration Bond <br> Fund** | **MML Short-<br> Duration Bond <br> Fund** | **MML Small Cap <br> Equity Fund** | **MML Small Cap <br> Equity Fund** | **MML Strategic <br> Emerging <br> Markets Fund** | **MML Strategic <br> Emerging <br> Markets Fund** |
| **Year<br> Ended<br> December 31, 2022** | **Year<br> Ended<br> December 31, 2021** | **Year<br> Ended<br> December 31, 2022** | **Year<br> Ended<br> December 31, 2021** | **Year<br> Ended<br> December 31, 2022** | **Year<br> Ended<br> December 31, 2021** |
| $3447788 | $3632819 | $663910 | $212930 | $216485 | $(34267) |
| (4410353) | 2025520 | (3387029) | 15036246 | (7396269) | 18212958 |
| (12087460) | (2044541) | (20320106) | 13434356 | (11171661) | (23899847) |
| **(13050025)** | **3613798** | **(23043225)** | **28683532** | **(18351445)** | **(5721156)** |
|  |  | (12251160) | (7333753) |  |  |
| (3657335) | (4585706) |  |  | (14864169) | (13347045) |
|  |  | (3153530) | (1860664) |  |  |
| (1009962) | (1189399) |  |  | (4619444) | (3530767) |
| **(4667297)** | **(5775105)** | **(15404690)** | **(9194417)** | **(19483613)** | **(16877812)** |
|  |  | 4386341 | (3355882) |  |  |
| (20534399) | (7544769) |  |  | 14118801 | (27396668) |
|  |  | 1304643 | 1166351 |  |  |
| (1537311) | (10020442) |  |  | 4411925 | 3975698 |
| **(22071710)** | **(17565211)** | **5690984** | **(2189531)** | **18530726** | **(23420970)** |
| **(39789032)** | **(19726518)** | **(32756931)** | **17299584** | **(19304332)** | **(46019938)** |
| 170743469 | 190469987 | 146887887 | 129588303 | 68361826 | 114381764 |
| $**130954437** | $**170743469** | $**114130956** | $**146887887** | $**49057494** | $**68361826** |

---

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

**143**

---

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

---

---

| | | |
|:---|:---|:---|
|  | **MML U.S. Government <br> Money Market Fund** | **MML U.S. Government <br> Money Market Fund** |
|  | **Year<br> Ended<br> December 31, 2022** | **Year<br> Ended<br> December 31, 2021** |
| *Increase (Decrease) in Net Assets:* |  |  |
| *Operations:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)  | $2489264 | $55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)  | 67 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | **2489331** | **695** |
| *Distributions to shareholders (Note 2):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class  | (2489674) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions**  | **(2489674)** | **—** |
| *Net fund share transactions (Note 5):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class  | 66174935 | (48397785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from fund share transactions**  | **66174935** | **(48397785)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets**  | **66174592** | **(48397090)** |
| *Net assets* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year  | 174990933 | 223388023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year**  | $**241165525** | $**174990933** |

---

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

**144**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights   (For a share outstanding throughout each period)* |

---

**MML Blend Fund** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<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</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets<sup>w</sup>** | **Net <br> investment <br> income <br> (loss) to <br> average<br> daily net <br> assets** |
| **Initial Class** | **Initial Class** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$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 | **24.79** | 0.28 | 3.21 | 3.49 | (0.57) | (6.87) | (7.44) | **20.84** | 15.02% | 620820 | 0.44% | 1.19% |
| 12/31/20 | **22.93** | 0.51 | 2.37 | 2.88 |  | (1.02) | (1.02) | **24.79** | 12.87% | 591889 | 0.45% | 2.26% |
| 12/31/19 | **20.35** | 0.49 | 3.71 | 4.20 | (0.53) | (1.09) | (1.62) | **22.93** | 21.38% | 574827 | 0.45% | 2.24% |
| 12/31/18 | **23.33** | 0.47 | (1.39) | (0.92) | (0.48) | (1.58) | (2.06) | **20.35** | (4.34%) | 527007 | 0.45% | 2.12% |
| **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$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 | **24.66** | 0.22 | 3.19 | 3.41 | (0.52) | (6.87) | (7.39) | **20.68** | 14.74% | 217290 | 0.69% | 0.95% |
| 12/31/20 | **22.87** | 0.46 | 2.35 | 2.81 |  | (1.02) | (1.02) | **24.66** | 12.57% | 185705 | 0.70% | 2.01% |
| 12/31/19 | **20.29** | 0.43 | 3.71 | 4.14 | (0.47) | (1.09) | (1.56) | **22.87** | 21.08% | 161870 | 0.70% | 1.99% |
| 12/31/18 | **23.27** | 0.42 | (1.40) | (0.98) | (0.42) | (1.58) | (2.00) | **20.29** | (4.58%) | 118604 | 0.70% | 1.89% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate<sup>x</sup>**  | 5% | 8% | 231% | 132% | 86% |

---

*c* *Per share amount calculated on the average shares method.* 

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

*w* *Effective November 18, 2020, the expenses of the underlying funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.* 

*x* *Effective November 18, 2020, the amount does not include the portfolio activity of any underlying fund.* 

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

**145**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights (For a share outstanding throughout each period)* |

---

**MML Dynamic Bond Fund** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to <br> shareholders** | **Less distributions to <br> 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>** | **Net <br> realized <br> and unrealized <br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>m</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses to <br> average daily <br> net assets <br> before <br> expense <br> waivers** | **Ratio of <br> expenses to <br> average daily <br> net assets <br> after <br> expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income (loss) <br> to average <br> daily net <br> assets** |
| **Class II** | **Class II** | **Class II** |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$10.06** | $0.31 | $(1.70) | $(1.39) | $(0.35) | $(0.35) | **$8.32** | (13.98%) | $218857 | 0.65% | 0.57% | 3.40% |
| 12/31/21 | **10.44** | 0.29 | (0.29) | (0.00)<sup>d</sup> | (0.38) | (0.38) | **10.06** | (0.01%) | 294648 | 0.60% | 0.57% | 2.86% |
| 12/31/20 | **10.08** | 0.29 | 0.10 | 0.39 | (0.03) | (0.03) | **10.44** | 3.91% | 315514 | 0.62% | N/A | 2.88% |
| 12/31/19 | **9.61** | 0.35 | 0.48 | 0.83 | (0.36) | (0.36) | **10.08** | 8.73% | 388029 | 0.60% | 0.60%<sup>l</sup> | 3.55% |
| 12/31/18 | **9.95** | 0.34 | (0.35) | (0.01) | (0.33) | (0.33) | **9.61** | (0.10%) | 420344 | 0.59% | 0.59%<sup>l</sup> | 3.52% |
| **Service Class I** | **Service Class I** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$10.01** | $0.28 | $(1.69) | $(1.41) | $(0.33) | $(0.33) | **$8.27** | (14.26%) | $11896 | 0.90% | 0.82% | 3.16% |
| 12/31/21 | **10.39** | 0.27 | (0.29) | (0.02) | (0.36) | (0.36) | **10.01** | (0.18%) | 13571 | 0.85% | 0.82% | 2.61% |
| 12/31/20 | **10.07** | 0.27 | 0.08 | 0.35 | (0.03) | (0.03) | **10.39** | 3.51% | 12458 | 0.87% | N/A | 2.62% |
| 12/31/19 | **9.59** | 0.33 | 0.48 | 0.81 | (0.33) | (0.33) | **10.07** | 8.53% | 10142 | 0.85% | 0.85%<sup>l</sup> | 3.28% |
| 12/31/18 | **9.93** | 0.32 | (0.35) | (0.03) | (0.31) | (0.31) | **9.59** | (0.33%) | 6272 | 0.84% | 0.84%<sup>l</sup> | 3.30% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate**  | 203% | 193% | 159% | 54% | 68% |

---

*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

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

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

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

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

**146**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights (For a share outstanding throughout each period)* |

---

**MML Equity Fund** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<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</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets** | **Net <br> investment <br> income <br> (loss) to <br> average<br> daily net <br> assets** |
| **Initial Class** | **Initial Class** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$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 | **25.04** | 0.46 | 7.09 | 7.55 | (0.50) |  | (0.50) | **32.09** | 30.26% | 821006 | 0.43% | 1.55% |
| 12/31/20 | **28.10** | 0.51 | (0.12)<sup>aa</sup> | 0.39 | (0.59) | (2.86) | (3.45) | **25.04** | 3.03% | 686468 | 0.45% | 2.13% |
| 12/31/19 | **24.16** | 0.57 | 5.42 | 5.99 | (0.57) | (1.48) | (2.05) | **28.10** | 25.92% | 729367 | 0.44% | 2.14% |
| 12/31/18 | **31.69** | 0.60 | (3.06) | (2.46) | (0.57) | (4.50) | (5.07) | **24.16** | (9.99%) | 634703 | 0.44% | 2.00% |
| **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$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 | **24.61** | 0.38 | 6.97 | 7.35 | (0.44) |  | (0.44) | **31.52** | 29.93% | 104959 | 0.68% | 1.31% |
| 12/31/20 | **27.68** | 0.44 | (0.13)<sup>aa</sup> | 0.31 | (0.52) | (2.86) | (3.38) | **24.61** | 2.77% | 94341 | 0.70% | 1.88% |
| 12/31/19 | **23.82** | 0.50 | 5.34 | 5.84 | (0.50) | (1.48) | (1.98) | **27.68** | 25.61% | 97058 | 0.69% | 1.89% |
| 12/31/18 | **31.31** | 0.52 | (3.01) | (2.49) | (0.50) | (4.50) | (5.00) | **23.82** | (10.22%) | 82977 | 0.69% | 1.75% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate**  | 90% | 73% | 82% | 113% | 41% |

---

*c* *Per share amount calculated on the average shares method.* 

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

---

| | |
|:---|:---|
| *aa* | *The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.*  |

---

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

**147**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights (For a share outstanding throughout each period)* |

---

**MML Equity Rotation Fund** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<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** | **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>** | **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 <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</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> before <br> expense <br> waivers** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> after <br> expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income <br> (loss) to <br> average <br> daily net <br> assets** |
| **Class II** | **Class II** | **Class II** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$13.83** | $0.13 | $(2.08) | $(1.95) | $— | $(1.41) | $(1.41) | **$10.47** | (14.29%) | $42722 | 0.81% | 0.76% | 1.12% |
| 12/31/21 | **14.79** | 0.10 | 3.85 | 3.95 | (0.10) | (4.81) | (4.91) | **13.83** | 28.37% | 49828 | 0.78% | 0.73% | 0.60% |
| 12/31/20 | **12.40** | 0.14 | 2.68 | 2.82 | (0.21) | (0.22) | (0.43) | **14.79** | 22.92% | 38834 | 0.79% | 0.79%<sup>k</sup> | 1.13% |
| 12/31/19 | **10.89** | 0.10 | 1.67 | 1.77 | (0.05) | (0.21) | (0.26) | **12.40** | 16.50% | 31593 | 0.86% | 0.83% | 0.84% |
| 12/31/18 | **13.89** | 0.12 | (1.23) | (1.11) | (0.12) | (1.77) | (1.89) | **10.89** | (8.86%) | 27112 | 0.75% | 0.65% | 0.86% |
| **Service Class I** | **Service Class I** | **Service Class I** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$13.74** | $0.10 | $(2.06) | $(1.96) | $— | $(1.41) | $(1.41) | **$10.37** | (14.46%) | $2074 | 1.05% | 1.00% | 0.86% |
| 12/31/21 | **14.73** | 0.05 | 3.83 | 3.88 | (0.06) | (4.81) | (4.87) | **13.74** | 28.00% | 2731 | 1.03% | 0.98% | 0.34% |
| 12/31/20 | **12.36** | 0.11 | 2.66 | 2.77 | (0.18) | (0.22) | (0.40) | **14.73** | 22.57% | 2210 | 1.04% | 1.04%<sup>k</sup> | 0.88% |
| 12/31/19 | **10.85** | 0.07 | 1.67 | 1.74 | (0.02) | (0.21) | (0.23) | **12.36** | 16.30% | 1898 | 1.11% | 1.08% | 0.59% |
| 12/31/18 | **13.85** | 0.08 | (1.22) | (1.14) | (0.09) | (1.77) | (1.86) | **10.85** | (9.10%) | 1598 | 1.00% | 0.90% | 0.61% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate**  | 335% | 218% | 137% | 172% | 102% |

---

*c* *Per share amount calculated on the average shares method.* 

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

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

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

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

**148**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights (For a share outstanding throughout each period)* |

---

**MML High Yield Fund** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<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** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset value, <br> beginning of <br> the 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 net <br> investment <br> income** | **Tax <br> return of <br> capital** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>m</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets before <br> expense <br> waivers** | **Ratio of <br> expenses to <br> average daily <br> net assets <br> after expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income (loss) <br> to average <br> daily net <br> assets** |
| **Class II** | **Class II** | **Class II** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$10.02** | $0.49 | $(1.66) | $(1.17) | $(0.69) | $— | $(0.69) | **$8.16** | (11.81%) | $15562 | 1.00% | 0.96% | 5.50% |
| 12/31/21 | **10.10** | 0.58 | 0.23 | 0.81 | (0.89) |  | (0.89) | **10.02** | 8.23% | 24481 | 0.89% | 0.83% | 5.62% |
| 12/31/20 | **9.57** | 0.55 | (0.02) | 0.53 | (0.00)<sup>d</sup> |  | (0.00)<sup>d</sup> | **10.10** | 5.56% | 50805 | 0.87% | 0.80% | 5.93% |
| 12/31/19 | **9.07** | 0.57 | 0.52 | 1.09 | (0.59) |  | (0.59) | **9.57** | 12.25% | 86651 | 0.88% | 0.80% | 5.98% |
| 12/31/18 | **10.01** | 0.62 | (0.94) | (0.32) | (0.62) | (0.00)<sup>d</sup> | (0.62) | **9.07** | (3.40%) | 79542 | 0.85% | 0.75% | 6.29% |
| **Service Class I** | **Service Class I** | **Service Class I** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$9.92** | $0.47 | $(1.64) | $(1.17) | $(0.68) | $— | $(0.68) | **$8.07** | (11.97%) | $41168 | 1.26% | 1.21% | 5.27% |
| 12/31/21 | **10.04** | 0.55 | 0.22 | 0.77 | (0.89) |  | (0.89) | **9.92** | 7.88% | 52650 | 1.14% | 1.08% | 5.40% |
| 12/31/20 | **9.53** | 0.52 | (0.01) | 0.51 | (0.00)<sup>d</sup> |  | (0.00)<sup>d</sup> | **10.04** | 5.38% | 46727 | 1.12% | 1.05% | 5.69% |
| 12/31/19 | **9.04** | 0.54 | 0.52 | 1.06 | (0.57) |  | (0.57) | **9.53** | 11.86% | 47405 | 1.13% | 1.05% | 5.73% |
| 12/31/18 | **9.97** | 0.59 | (0.92) | (0.33) | (0.60) | (0.00)<sup>d</sup> | (0.60) | **9.04** | (3.54%) | 39983 | 1.10% | 1.00% | 6.04% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate**  | 45% | 61% | 73% | 54% | 39% |

---

*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

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

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

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

**149**

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| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights (For a share outstanding throughout each period)* |

---

**MML Inflation-Protected and Income Fund** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<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** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset value, <br> beginning of <br> the 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 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</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets before <br> expense <br> waivers <br> (including <br> (interest <br> expense)<sup>p</sup>** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets after <br> expense <br> waivers <br> (including <br> interest <br> expense)<sup>j,p</sup>** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets after <br> expense <br> waivers <br> (excluding <br> interest <br> expense)<sup>j</sup>** | **Net <br> investment <br> income (loss) <br> to average <br> daily net <br> assets <br> (including <br> interest <br> expense)<sup>p</sup>** |
| **Initial Class** | **Initial Class** | **Initial Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$11.12** | $0.28 | $(1.70) | $(1.42) | $(0.27) | $(0.76) | $(1.03) | **$8.67** | (13.35%) | $161191 | 0.64% | 0.60% | 0.60% | 2.79% |
| 12/31/21 | **11.41** | 0.17 | 0.55 | 0.72 | (0.13) | (0.88) | (1.01) | **11.12** | 6.40% | 240863 | 0.60% | 0.60%<sup>n</sup> | 0.60%<sup>n</sup> | 1.51% |
| 12/31/20 | **10.28** | 0.17 | 0.97 | 1.14 | (0.01) |  | (0.01) | **11.41** | 11.11% | 288026 | 0.75% | 0.74% | 0.60% | 1.54% |
| 12/31/19 | **9.72** | 0.23 | 0.58 | 0.81 | (0.25) |  | (0.25) | **10.28** | 8.31% | 314261 | 2.34% | 0.00% | 0.60% | 2.29% |
| 12/31/18 | **10.16** | 0.30 | (0.43) | (0.13) | (0.31) |  | (0.31) | **9.72** | (1.29%) | 311927 | 2.08% | 0.00% | 0.60% | 2.97% |
| **Service Class**  | **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$11.03** | $0.25 | $(1.68) | $(1.43) | $(0.25) | $(0.76) | $(1.01) | **$8.59** | (13.59%) | $43119 | 0.89% | 0.85% | 0.85% | 2.57% |
| 12/31/21 | **11.33** | 0.14 | 0.54 | 0.68 | (0.10) | (0.88) | (0.98) | **11.03** | 6.12% | 52977 | 0.85% | 0.85%<sup>n</sup> | 0.85%<sup>n</sup> | 1.25% |
| 12/31/20 | **10.23** | 0.14 | 0.97 | 1.11 | (0.01) |  | (0.01) | **11.33** | 10.88% | 46181 | 0.98% | 0.98%<sup>k</sup> | 0.85% | 1.29% |
| 12/31/19 | **9.68** | 0.20 | 0.58 | 0.78 | (0.23) |  | (0.23) | **10.23** | 8.05% | 43237 | 2.59% | 0.00% | 0.85% | 2.02% |
| 12/31/18 | **10.12** | 0.27 | (0.42) | (0.15) | (0.29) |  | (0.29) | **9.68** | (1.54%) | 41379 | 2.33% | 0.00% | 0.85% | 2.72% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate**  | 76% | 98% | 84% | 44% | 51% |

---

*c* *Per share amount calculated on the average shares method.* 

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

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

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

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

---

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

---

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

**150**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights (For a share outstanding throughout each period)* |

---

**MML iShares<sup>®</sup>** **60/40 Allocation Fund** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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** | **Less distributions to shareholders** | | **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>** | **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 <br> investment <br> income** | **From net <br> realized <br> gains** | **Tax<br> return of<br> capital** | **Total<br> distributions** | <br>**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)** |
| **Class II** | **Class II** | **Class II** |  |  |  |  |  |  |  |  |
| 12/31/22<sup>g</sup> | **$10.00** | $0.15 | $(1.36) | $(1.21) | $(0.14) | $— | $(0.01) | $(0.15) | **$8.64**<br> (12.14%)<sup>b</sup> | $21878<br> 0.70%<sup>a</sup><br> 0.46%<sup>a</sup><br> 1.82%<sup>a</sup> |
| **Service Class I** | **Service Class I** | **Service Class I** |  |  |  |  |  |  |  |  |
| 12/31/22<sup>g</sup> | **$10.00** | $0.14 | $(1.38) | $(1.24) | $(0.12) | $— | $(0.01) | $(0.13) | **$8.63**<br> (12.37%)<sup>b</sup> | $5163<br> 0.91%<sup>a</sup><br> 0.71%<sup>a</sup><br> 1.85%<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | **Period ended<br> December 31, 2022<sup>b</sup>** |
|  | **Period ended<br> December 31, 2022<sup>b</sup>** |
| **Portfolio turnover rate<sup>x</sup>**  | 7% |

---

*a* *Annualized.* 

---

| | |
|:---|:---|
| *b* | *Percentage represents the results for the period and is not annualized.*  |

---

*c* *Per share amount calculated on the average shares method.* 

*g* *Fund commenced operations on February 11, 2022.* 

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

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

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

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

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

**151**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights (For a share outstanding throughout each period)* |

---

**MML iShares<sup>®</sup>** **80/20 Allocation Fund** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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** | **Less distributions to shareholders** | | **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>** | **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 <br> investment <br> income** | **From net <br> realized <br> gains** | **Tax<br> return of<br> capital** | **Total<br> distributions** | <br>**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)** |
| **Class II** | **Class II** | **Class II** |  |  |  |  |  |  |  |  |
| 12/31/22<sup>g</sup> | **$10.00** | $0.14 | $(1.47) | $(1.33) | $(0.12) | $— | $(0.01) | $(0.13) | **$8.54**<br> (13.28%)<sup>b</sup> | $21604<br> 0.66%<sup>a</sup><br> 0.46%<sup>a</sup><br> 1.76%<sup>a</sup> |
| **Service Class I** | **Service Class I** | **Service Class I** |  |  |  |  |  |  |  |  |
| 12/31/22<sup>g</sup> | **$10.00** | $0.14 | $(1.48) | $(1.34) | $(0.11) | $— | $(0.01) | $(0.12) | **$8.54**<br> (13.40%)<sup>b</sup> | $18703<br> 0.86%<sup>a</sup><br> 0.71%<sup>a</sup><br> 1.82%<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | **Period ended<br> December 31, 2022<sup>b</sup>** |
|  | **Period ended<br> December 31, 2022<sup>b</sup>** |
| **Portfolio turnover rate<sup>x</sup>**  | 7% |

---

*a* *Annualized.* 

---

| | |
|:---|:---|
| *b* | *Percentage represents the results for the period and is not annualized.*  |

---

*c* *Per share amount calculated on the average shares method.* 

*g* *Fund commenced operations on February 11, 2022.* 

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

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

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

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

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

**152**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights (For a share outstanding throughout each period)* |

---

**MML Managed Bond Fund** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<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 <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</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets** | **Net <br> investment <br> income <br> (loss) to<br> average <br> daily net <br> assets** |
| **Initial Class** | **Initial Class** | **Initial Class** |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$13.02** | $0.35 | $(2.29) | $(1.94) | $(0.36) | $(0.12) | $(0.48) | **$10.60** | (15.01%) | $568357 | 0.44% | 3.02% |
| 12/31/21 | **13.59** | 0.29 | (0.18) | 0.11 | (0.43) | (0.25) | (0.68) | **13.02** | 0.81% | 762726 | 0.42% | 2.20% |
| 12/31/20 | **12.64** | 0.42 | 0.54 | 0.96 | (0.01) |  | (0.01) | **13.59** | 7.62% | 756218 | 0.43% | 3.25% |
| 12/31/19 | **11.93** | 0.43 | 0.74 | 1.17 | (0.46) |  | (0.46) | **12.64** | 9.85% | 846138 | 0.42% | 3.43% |
| 12/31/18 | **12.41** | 0.40 | (0.46) | (0.06) | (0.42) |  | (0.42) | **11.93** | (0.44%) | 778603 | 0.42% | 3.34% |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$12.95** | $0.32 | $(2.27) | $(1.95) | $(0.33) | $(0.12) | $(0.45) | **$10.55** | (15.22%) | $184737 | 0.69% | 2.76% |
| 12/31/21 | **13.53** | 0.26 | (0.19) | 0.07 | (0.40) | (0.25) | (0.65) | **12.95** | 0.56% | 258923 | 0.67% | 1.96% |
| 12/31/20 | **12.61** | 0.39 | 0.54 | 0.93 | (0.01) |  | (0.01) | **13.53** | 7.40% | 271928 | 0.68% | 3.01% |
| 12/31/19 | **11.91** | 0.40 | 0.73 | 1.13 | (0.43) |  | (0.43) | **12.61** | 9.57% | 265691 | 0.67% | 3.19% |
| 12/31/18 | **12.39** | 0.37 | (0.46) | (0.09) | (0.39) |  | (0.39) | **11.91** | (0.69%) | 254883 | 0.67% | 3.10% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate**  | 243% | 263% | 226% | 260% | 138% |

---

*c* *Per share amount calculated on the average shares method.* 

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

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

**153**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights (For a share outstanding throughout each period)* |

---

**MML Short-Duration Bond Fund** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<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** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset value, <br> beginning of <br> the period** | **Net <br> investment <br> income <br> (loss)<sup>c,j</sup>** | **Net <br> realized <br> and unrealized <br> gain (loss) <br> on investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>m</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> before <br> expense <br> waivers** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> after <br> expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income <br> (loss) to <br> average <br> daily net <br> assets** |
| **Class II** | **Class II** | **Class II** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$9.71** | $0.22 | $(0.97) | $(0.75) | $(0.31) | $— | $(0.31) | **$8.65** | (7.79%) | $98969 | 0.59% | N/A | 2.39% |
| 12/31/21 | **9.84** | 0.20 | (0.00)<sup>d</sup> | 0.20 | (0.33) |  | (0.33) | **9.71** | 2.01% | 133235 | 0.55% | N/A | 2.05% |
| 12/31/20 | **9.69** | 0.29 | (0.14) | 0.15 | (0.00)<sup>d</sup> |  | (0.00)<sup>d</sup> | **9.84** | 1.55% | 142514 | 0.56% | N/A | 3.00% |
| 12/31/19 | **9.59** | 0.29 | 0.13 | 0.42 | (0.32) |  | (0.32) | **9.69** | 4.45% | 171740 | 0.57% | 0.57%<sup>k</sup> | 3.00% |
| 12/31/18 | **9.73** | 0.26 | (0.11) | 0.15 | (0.29) |  | (0.29) | **9.59** | 1.53% | 172577 | 0.56% | 0.55% | 2.66% |
| **Service Class I** | **Service Class I** | **Service Class I** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$9.67** | $0.19 | $(0.96) | $(0.77) | $(0.28) | $— | $(0.28) | **$8.62** | (8.00%) | $31985 | 0.85% | N/A | 2.16% |
| 12/31/21 | **9.81** | 0.18 | (0.01) | 0.17 | (0.31) |  | (0.31) | **9.67** | 1.69% | 37508 | 0.80% | N/A | 1.80% |
| 12/31/20 | **9.68** | 0.26 | (0.13) | 0.13 | (0.00)<sup>d</sup> |  | (0.00)<sup>d</sup> | **9.81** | 1.34% | 47956 | 0.81% | N/A | 2.74% |
| 12/31/19 | **9.58** | 0.27 | 0.13 | 0.40 | (0.30) |  | (0.30) | **9.68** | 4.17% | 36270 | 0.82% | 0.82%<sup>k</sup> | 2.76% |
| 12/31/18 | **9.72** | 0.23 | (0.11) | 0.12 | (0.26) |  | (0.26) | **9.58** | 1.29% | 30686 | 0.81% | 0.80% | 2.42% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate**  | 26% | 64% | 44% | 53% | 54% |

---

*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

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

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

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

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

**154**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights (For a share outstanding throughout each period)* |

---

**MML Small Cap Equity Fund** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<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 <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</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets** | **Net <br> investment <br> income <br> (loss) to<br> average <br> daily net <br> assets** |
| **Initial Class** | **Initial Class** | **Initial Class** |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$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 | **11.11** | 0.03 | 2.46 | 2.49 | (0.06) | (0.78) | (0.84) | **12.76** | 22.75% | 116599 | 0.69% | 0.20% |
| 12/31/20 | **9.34** | 0.07 | 1.84 | 1.91 | (0.05) | (0.09) | (0.14) | **11.11** | 20.70% | 104243 | 0.73% | 0.77% |
| 12/31/19 | **8.17** | 0.07 | 1.96 | 2.03 | (0.05) | (0.81) | (0.86) | **9.34** | 26.46% | 94712 | 0.74% | 0.79% |
| 12/31/18 | **10.30** | 0.07 | (0.82) | (0.75) | (0.05) | (1.33) | (1.38) | **8.17** | (10.19%) | 82609 | 0.71% | 0.66% |
| **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$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 | **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%) |
| 12/31/20 | **9.14** | 0.04 | 1.81 | 1.85 | (0.03) | (0.09) | (0.12) | **10.87** | 20.39% | 25345 | 0.98% | 0.52% |
| 12/31/19 | **8.01** | 0.05 | 1.91 | 1.96 | (0.02) | (0.81) | (0.83) | **9.14** | 26.15% | 22695 | 0.99% | 0.54% |
| 12/31/18 | **10.13** | 0.04 | (0.80) | (0.76) | (0.03) | (1.33) | (1.36) | **8.01** | (10.41%) | 18425 | 0.96% | 0.41% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate**  | 29% | 30% | 36% | 27% | 50% |

---

*c* *Per share amount calculated on the average shares method.* 

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

---

| | |
|:---|:---|
| *bb* | *The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure.*  |

---

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

**155**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights (For a share outstanding throughout each period)* |

---

**MML Strategic Emerging Markets Fund** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<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** | **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>** | **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 <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</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses to <br> average <br> daily net <br> assets <br> before <br> expense <br> waivers** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> after <br> expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income <br> (loss) to <br> average <br> daily net <br> assets** |
| **Class II** | **Class II** | **Class II** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$10.50** | $0.03 | $(2.79) | $(2.76) | $(0.26) | $(2.65) | $(2.91) | **$4.83** | (26.58%) | $37218 | 1.70% | 1.30% | 0.46% |
| 12/31/21 | **14.43** | 0.00<sup>d,bb</sup> | (1.01) | (1.01) |  | (2.92) | (2.92) | **10.50** | (8.06%) | 51825 | 1.45% | 1.35% | 0.00%<sup>e</sup> |
| 12/31/20 | **12.67** | (0.01) | 2.16 | 2.15 | (0.05) | (0.34) | (0.39) | **14.43** | 17.55% | 96846 | 1.40% | 1.35% | (0.05%) |
| 12/31/19 | **10.12** | 0.05 | 2.53 | 2.58 | (0.03) |  | (0.03) | **12.67** | 25.53% | 125192 | 1.33% | 1.29% | 0.45% |
| 12/31/18 | **11.57** | 0.05 | (1.48) | (1.43) | (0.02) |  | (0.02) | **10.12** | (12.40%) | 112363 | 1.57% | 1.35% | 0.41% |
| **Service Class I** | **Service Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$10.47** | $0.01 | $(2.77) | $(2.76) | $(0.24) | $(2.65) | $(2.89) | **$4.82** | (26.68%) | $11840 | 1.95% | 1.55% | 0.22% |
| 12/31/21 | **14.43** | (0.03) | (1.01) | (1.04) |  | (2.92) | (2.92) | **10.47** | (8.29%) | 16537 | 1.70% | 1.60% | (0.20%) |
| 12/31/20 | **12.68** | (0.04) | 2.15 | 2.11 | (0.02) | (0.34) | (0.36) | **14.43** | 17.18% | 17536 | 1.65% | 1.60% | (0.32%) |
| 12/31/19 | **10.13** | 0.02 | 2.53 | 2.55 | (0.00)<sup>d</sup> |  | (0.00)<sup>d</sup> | **12.68** | 25.18% | 17174 | 1.58% | 1.54% | 0.19% |
| 12/31/18 | **11.59** | 0.02 | (1.48) | (1.46) |  |  |  | **10.13** | (12.60%) | 14089 | 1.82% | 1.60% | 0.15% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Portfolio turnover rate**  | 51% | 51% | 35% | 31% | 38% |

---

*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

---

| | |
|:---|:---|
| *e* | *Amount is less than 0.005%.*  |

---

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

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

---

| | |
|:---|:---|
| *bb* | *The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure.*  |

---

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

**156**

---

| |
|:---|
| ***MML Series Investment Fund II – Financial Statements** **(Continued)*** |
| *Financial Highlights (For a share outstanding throughout each period)* |

---

**MML U. S. Government Money Market Fund** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<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** | **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</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses to <br> average <br> daily net <br> assets <br> before <br> expense <br> waivers** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> after <br> expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income <br> (loss) to<br> average <br> daily net <br> assets** |
| **Initial Class** | **Initial Class** | **Initial Class** |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$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 | **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> |
| 12/31/20 | **1.00** | 0.00<sup>d</sup> | 0.00<sup>d</sup> | (0.00)<sup>d</sup> |  | (0.00)<sup>d</sup> | **1.00** | 0.23% | 223388 | 0.52% | 0.30% | 0.21% |
| 12/31/19 | **1.00** | 0.02<br> 0.00<sup>d</sup> | 0.02 | (0.02) |  | (0.02) | **1.00** | 1.71% | 174899 | 0.54% | N/A | 1.69% |
| 12/31/18 | **1.00** | 0.01<br> 0.00<sup>d</sup> | 0.01 | (0.01) |  | (0.01) | **1.00** | 1.32% | 179102 | 0.54% | N/A | 1.35% |

---

*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

---

| | |
|:---|:---|
| *e* | *Amount is less than 0.005%.*  |

---

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

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

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

**157**

***Notes to Financial Statements*** <br>

*1. The Funds* 

MML Series Investment Fund II (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"):

MML Blend Fund ("Blend Fund")

MML Dynamic Bond Fund ("Dynamic Bond Fund")

MML Equity Fund ("Equity Fund")

MML Equity Rotation Fund ("Equity Rotation Fund")

MML High Yield Fund ("High Yield Fund")

MML Inflation-Protected and Income Fund ("Inflation-Protected and Income Fund")

MML iShares<sup>®</sup> 60/40 Allocation Fund ("iShares 60/40 Allocation Fund")

MML iShares<sup>®</sup> 80/20 Allocation Fund ("iShares 80/20 Allocation Fund")

MML Managed Bond Fund ("Managed Bond Fund")

MML Short-Duration Bond Fund ("Short-Duration Bond Fund")

MML Small Cap Equity Fund ("Small Cap Equity Fund")

MML Strategic Emerging Markets Fund ("Strategic Emerging Markets Fund")

MML U.S. Government Money Market Fund ("U.S. Government Money Market Fund")

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

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

The Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund invest substantially all of their investable assets in shares of ETFs advised by an affiliate of the Funds' subadviser, BlackRock Investment Management, LLC ("Underlying ETFs"). The financial statements of the applicable Underlying ETFs are presented separately and can be obtained from the Securities and Exchange Commission's ("SEC") EDGAR database on its website at http://www.sec.gov.

*2. Significant Accounting Policies* 

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

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

**158**

***Notes to Financial Statements** **(Continued)***<br>

*Investment Valuation* 

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

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of over-the-counter ("OTC") securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (with the exception of debt securities held by the U.S. Government Money Market Fund) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day. The U.S. Government Money Market Fund's debt securities are typically valued at amortized cost, but may be valued using a vendor quote if MML Advisers determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the U.S. Government Money Market Fund must adhere to certain conditions. It is the intention of the U.S. Government Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured.

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

The Board of Trustees ("Trustees") have designated MML Advisers as the Funds' "valuation designee," responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund's assets will be subject to fair valuation in accordance with MML Advisers' fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

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

**159**

***Notes to Financial Statements** **(Continued)***<br>

the Funds' shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

Investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and any other investments fair valued using significant unobservable inputs may be fair valued using one or a combination of, but not limited to, the following inputs:

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

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

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

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

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

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

**160**

***Notes to Financial Statements** **(Continued)***<br>

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

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

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

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

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

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

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

The Blend Fund, iShares 60/40 Allocation Fund, iShares 80/20 Allocation Fund, and Small Cap Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2022. The U.S. Government Money Market Fund characterized all investments at Level 2, as of December 31, 2022. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of December 31, 2022, for the remaining Funds' investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Dynamic Bond Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank Loans (Less Unfunded Loan Commitments) | $— | $11599675 | $— | $11599675 |
| &nbsp;&nbsp;&nbsp;Corporate Debt |  | 96902697 |  | 96902697 |
| &nbsp;&nbsp;&nbsp;Non-U.S. Government Agency Obligations |  | 26571555 |  | 26571555 |
| &nbsp;&nbsp;&nbsp;Sovereign Debt Obligations |  | 14869939 |  | 14869939 |
| &nbsp;&nbsp;&nbsp;U.S. Government Agency Obligations and Instrumentalities |  | 71481455 |  | 71481455 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 17123919 |  | 17123919 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 89816 |  |  | 89816 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 2400625 |  |  | 2400625 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  | 7767749 |  | 7767749 |
| &nbsp;&nbsp;&nbsp;Unfunded Loan Commitments\*\*\* |  | (7239) |  | (7239) |
| Total Investments | $2490441 | $246309750 | $— | $248800191 |

---

**161**

***Notes to Financial Statements** **(Continued)***<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
| **Dynamic Bond Fund (Continued)** |  |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $981077 | $— |  | $981077 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 837347 |  |  |  | 837347 |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | 6514719 |  |  | 6514719 |
| Total | $837347 | $7495796 | $— |  | $8333143 |
| **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $(142180) | $— |  | $(142180) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (1233888) |  |  |  | (1233888) |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | (1491) |  |  | (1491) |
| &nbsp;&nbsp;&nbsp;Written Options | (69207) |  |  |  | (69207) |
| Total | $(1303095) | $(143671) | $— |  | $(1446766) |
| **Equity Fund** |  |  |  |  |  |
| **Asset Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $796617531 | $1466067 \* | $— |  | $798083598 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 19185816 |  |  |  | 19185816 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 4690089 | 2566719 |  |  | 7256808 |
| Total Investments | $820493436 | $4032786 | $— |  | $824526222 |
| **Equity Rotation Fund** |  |  |  |  |  |
| **Asset Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $44762444 | $— | $4915 | \*\* | $44767359 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 98172 |  |  |  | 98172 |
| Total Investments | $44860616 | $— | $4915 |  | $44865531 |
| **High Yield Fund** |  |  |  |  |  |
| **Asset Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank Loans | $— | $1465259 | $— |  | $1465259 |
| &nbsp;&nbsp;&nbsp;Corporate Debt |  | 52642742 |  |  | 52642742 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 2421165 |  |  |  | 2421165 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  | 1706681 |  |  | 1706681 |
| Total Investments | $2421165 | $55814682 | $— |  | $58235847 |
| **Inflation-Protected and Income Fund** |  |  |  |  |  |
| **Asset Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. Government Agency Obligations | $— | $110062817 | $— |  | $110062817 |
| &nbsp;&nbsp;&nbsp;U.S. Government Agency Obligations and Instrumentalities |  | 23786453 |  |  | 23786453 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 48619221 |  |  | 48619221 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 1269875 |  |  |  | 1269875 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  | 20553885 |  |  | 20553885 |
| Total Investments | $1269875 | $203022376 | $— |  | $204292251 |
| **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $36829 | $— | $— |  | $36829 |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | 231936 |  |  | 231936 |
| Total | $36829 | $231936 | $— |  | $268765 |
| **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(17336) | $— | $— |  | $(17336) |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | (9599944) |  |  | (9599944) |
| Total | $(17336) | $(9599944) | $— |  | $(9617280) |

---

**162**

***Notes to Financial Statements** **(Continued)***<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
| **Managed Bond Fund** |  |  |  |  |  |
| **Asset Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Debt | $— | $286332335 | $— |  | $286332335 |
| &nbsp;&nbsp;&nbsp;Municipal Obligations |  | 2047000 |  |  | 2047000 |
| &nbsp;&nbsp;&nbsp;Non-U.S. Government Agency Obligations |  | 200444724 |  |  | 200444724 |
| &nbsp;&nbsp;&nbsp;Sovereign Debt Obligations |  | 3004054 |  |  | 3004054 |
| &nbsp;&nbsp;&nbsp;U.S. Government Agency Obligations and Instrumentalities |  | 202148954 |  |  | 202148954 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 50279610 |  |  | 50279610 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 2390623 |  |  |  | 2390623 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  | 98678253 |  |  | 98678253 |
| Total Investments | $2390623 | $842934930 | $— |  | $845325553 |
| **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $102654 | $— | $— |  | $102654 |
| **Short-Duration Bond Fund** |  |  |  |  |  |
| **Asset Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Debt | $— | $61755751 | $— |  | $61755751 |
| &nbsp;&nbsp;&nbsp;Non-U.S. Government Agency Obligations |  | 53023954 |  |  | 53023954 |
| &nbsp;&nbsp;&nbsp;U.S. Government Agency Obligations and Instrumentalities |  | 2097940 |  |  | 2097940 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 664814 |  |  | 664814 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 2169500 |  |  |  | 2169500 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  | 12141227 |  |  | 12141227 |
| Total Investments | $2169500 | $129683686 | $— |  | $131853186 |
| **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $2117 | $— | $— |  | $2117 |
| **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(11774) | $— | $— |  | $(11774) |
| **Strategic Emerging Markets Fund** |  |  |  |  |  |
| **Asset Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | $— | $286704 | $— |  | $286704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda | 408879 | 51365 |  |  | 460244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 1278095 | 1237043 |  |  | 2515138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands | 7424058 | 2990711 |  |  | 10414769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 52771 |  |  |  | 52771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 18246 |  |  | 18246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprus |  |  |  | <sup>+,\*\*</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 2602332 |  |  | 2602332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 1058318 |  |  | 1058318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 10421653 |  |  | 10421653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 337448 |  |  | 337448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 848830 |  |  | 848830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 51276 |  |  | 51276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 3641271 |  |  |  | 3641271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  |  |  | <sup>+,\*\*</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines |  | 866818 |  |  | 866818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Korea |  | 3571343 |  |  | 3571343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  | <sup>+,\*\*</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 524220 |  |  | 524220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 1381405 |  |  | 1381405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 4366060 |  |  | 4366060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 57360 | 395003 |  |  | 452363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 3334803 |  |  |  | 3334803 |

---

**163**

***Notes to Financial Statements** **(Continued)***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Strategic Emerging Markets Fund (Continued)** |  |  |  |  |
| **Asset Investments (Continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | $— | $643389 | $— | $643389 |
| &nbsp;&nbsp;&nbsp;Warrants | 18803 |  |  | 18803 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  | 932895 |  | 932895 |
| Total Investments | $16216040 | $32585059 | $— | $48801099 |

---

*\** *Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.* 

*\*\** *Level 3 investments at December 31, 2022 in relation to net assets were not significant.* 

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

---

| | |
|:---|:---|
| *+*  | *Represents a security at $0 value as of December 31, 2022.*  |

---

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis and cash collateral pledged for open derivatives, as well as, any applicable liabilities for investments purchased on a delayed delivery basis, amounts due to custodian, and cash collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of December 31, 2022.

The Funds, with the exception of the Equity Rotation Fund, High Yield Fund, and Strategic Emerging Markets Fund, had no Level 3 transfers during the year ended December 31, 2022. The Equity Rotation Fund and High Yield Fund had Level 3 transfers during the year ended December 31, 2022; however, none of the transfers individually or collectively had a material impact on the Equity Rotation Fund and High Yield Fund.

The following table shows the Level 3 transfers for the Strategic Emerging Markets Fund for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Transfers In \*** | **Transfers Out \*** | **Transfers Out \*** |
|  | **Level 3 - Significant <br> Unobservable Inputs** | **Level 1 - <br> Quoted Prices** | **Level 2 - <br> Other Significant <br> Observable Inputs** |
| **Strategic Emerging Markets Fund** | $5720141  | $(2225623) | $(3494518) |

---

*\* Transfers into Level 3 were attributable to a lack of observable market data.* 

*Derivative Instruments* 

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

**164**

***Notes to Financial Statements** **(Continued)***<br>

At December 31, 2022, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Credit Risk** | **Equity Risk** | **Foreign <br> Exchange <br> Risk** | **Interest/<br> Inflation Rate <br> Risk** | **Total** |
| **Dynamic Bond Fund** | **Dynamic Bond Fund** |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options\*<sup>,</sup>^^^ | $— | $— | $— | $89816 | $89816 |
| &nbsp;&nbsp;&nbsp;Forward Contracts\* |  |  | 981077 |  | 981077 |
| &nbsp;&nbsp;&nbsp;Futures Contracts^^ |  |  |  | 837347 | 837347 |
| &nbsp;&nbsp;&nbsp;Swap Agreements^^<sup>,</sup>^^^ | 325749 |  |  | 6188970 | 6514719 |
| &nbsp;&nbsp;&nbsp;Total Value | $325749 | $— | $981077 | $7116133 | $8422959 |
| **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts^ | $— | $— | $(142180) | $— | $(142180) |
| &nbsp;&nbsp;&nbsp;Futures Contracts^^ |  |  |  | (1233888) | (1233888) |
| &nbsp;&nbsp;&nbsp;Swap Agreements^^<sup>,</sup>^^^ | (1491) |  |  |  | (1491) |
| &nbsp;&nbsp;&nbsp;Written Options^<sup>,</sup>^^^ |  |  |  | (69207) | (69207) |
| &nbsp;&nbsp;&nbsp;Total Value | $(1491) | $— | $(142180) | $(1303095) | $(1446766) |
| **Realized Gain (Loss)#** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | $— | $— | $— | $(969840) | $(969840) |
| &nbsp;&nbsp;&nbsp;Forward Contracts |  |  | (2092713) |  | (2092713) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  | (6008502) | (6008502) |
| &nbsp;&nbsp;&nbsp;Swap Agreements | 72880 |  |  | 273991 | 346871 |
| &nbsp;&nbsp;&nbsp;Written Options |  |  |  | 1398184 | 1398184 |
| &nbsp;&nbsp;&nbsp;Total Realized Gain (Loss) | $72880 | $— | $(2092713) | $(5306167) | $(7326000) |
| **Change in Appreciation/(Depreciation)##** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | $— | $— | $— | $(52344) | $(52344) |
| &nbsp;&nbsp;&nbsp;Forward Contracts |  |  | 838897 |  | 838897 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  | (396541) | (396541) |
| &nbsp;&nbsp;&nbsp;Swap Agreements | 358718 |  |  | 2167702 | 2526420 |
| &nbsp;&nbsp;&nbsp;Written Options |  |  |  | 53795 | 53795 |
| &nbsp;&nbsp;&nbsp;Total Change in Appreciation/(Depreciation) | $358718 | $— | $838897 | $1772612 | $2970227 |
| **Inflation-Protected and Income Fund** |  |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts^^ | $— | $— | $— | $36829 | $36829 |
| &nbsp;&nbsp;&nbsp;Swap Agreements^^<sup>,</sup>^^^ |  |  |  | 231936 | 231936 |
| &nbsp;&nbsp;&nbsp;Total Value | $— | $— | $— | $268765 | $268765 |
| **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts^^ | $— | $— | $— | $(17336) | $(17336) |
| &nbsp;&nbsp;&nbsp;Swap Agreements^ |  | (9196947) |  |  | (9196947) |
| &nbsp;&nbsp;&nbsp;Swap Agreements^^<sup>,</sup>^^^ |  |  |  | (402997) | (402997) |
| &nbsp;&nbsp;&nbsp;Total Value | $— | $(9196947) | $— | $(420333) | $(9617280) |
| **Realized Gain (Loss)#** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | $— | $— | $— | $383675 | $383675 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  | 859224 | 859224 |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | (12337424) |  | 1002938 | (11334486) |
| &nbsp;&nbsp;&nbsp;Total Realized Gain (Loss) | $— | $(12337424) | $— | $2245837 | $(10091587) |
| **Change in Appreciation/(Depreciation)##** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | $— | $— | $— | $476433 | $476433 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  | 71826 | 71826 |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | (12128500) |  | (645829) | (12774329) |
| &nbsp;&nbsp;&nbsp;Total Change in Appreciation/(Depreciation) | $— | $(12128500) | $— | $(97570) | $(12226070) |

---

**165**

***Notes to Financial Statements** **(Continued)***<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Credit Risk** | **Equity Risk** | **Foreign <br> Exchange <br> Risk** | **Interest/<br> Inflation Rate <br> Risk** | **Total** |
| **Managed Bond Fund** |  |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts^^ | $— | $— | $— | $102654 | $102654 |
| **Realized Gain (Loss)#** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | $— | $— | $— | $747030 | $747030 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  | (19533654) | (19533654) |
| &nbsp;&nbsp;&nbsp;Total Realized Gain (Loss) | $— | $— | $— | $(18786624) | $(18786624) |
| **Change in Appreciation/(Depreciation)##** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | $— | $— | $— | $707164 | $707164 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  | (390533) | (390533) |
| &nbsp;&nbsp;&nbsp;Total Change in Appreciation/(Depreciation) | $— | $— | $— | $316631 | $316631 |
| **Short-Duration Bond Fund** |  |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts^^ | $— | $— | $— | $2117 | $2117 |
| **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts^^ | $— | $— | $— | $(11774) | $(11774) |
| **Realized Gain (Loss)#** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | $— | $— | $— | $20671 | $20671 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  | 5076031 | 5076031 |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  |  |  | (5360076) | (5360076) |
| &nbsp;&nbsp;&nbsp;Total Realized Gain (Loss) | $— | $— | $— | $(263374) | $(263374) |
| **Change in Appreciation/(Depreciation)##** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options  | $— | $— | $— | $50019 | $50019 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  | (24750) | (24750) |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  |  |  | 51438 | 51438 |
| &nbsp;&nbsp;&nbsp;Total Change in Appreciation/(Depreciation) | $— | $— | $— | $76707 | $76707 |

---

*\** *Statements of Assets and Liabilities location: Investments, at value, or Receivables from: open forward contracts, as applicable.* 

*^* *Statements of Assets and Liabilities location: Payables for: open forward contracts, open swap agreements, at value, or written options outstanding, at value, as applicable.* 

---

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

---

*^^^* *Represents centrally cleared swaps or exchange-traded purchased or written options, which are not subject to a master netting agreement or similar agreement.* 

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

---

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

---

**166**

***Notes to Financial Statements** **(Continued)***<br>

For the year ended December 31, 2022, the average number of contracts, notional amounts, or shares/units for each derivative type was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>†</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>†</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>†</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>†</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>†</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>†</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>†</sup>** |
| <br>**Fund Name** | **Futures <br> Contracts** | **Forward <br> Contracts** | **Swap <br> Agreements** | **Purchased <br> Options** | **Purchased <br> Swaptions** | **Written <br> Options** | **Written <br> Swaptions** |
| Dynamic Bond Fund | 2219 | $31144701 | $94252222 | 1672044 | $9960000 | 2044559 | $9960000 |
| Inflation-Protected and Income Fund | 217 |  | 219322365 |  | 37437000 |  |  |
| Managed Bond Fund | 1029 |  |  |  | 59800000 |  |  |
| Short-Duration Bond Fund | 408 |  | 92687500 |  | 3080000 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased swaptions and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the year ended December 31, 2022.* 

The Portfolio of Investments included in a Fund's financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund's derivatives exposure as of December 31, 2022. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") or similar agreement and net of the related collateral received by the Fund(s) as of December 31, 2022.

**Asset Valuation Inputs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative <br> Assets Subject <br> to an MNA by <br> Counterparty†**  | **Financial <br> Instruments <br> Available for <br> Offset**  | **Collateral <br> Received\*\*\***  | **Net Amount\*** |
| **Dynamic Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International | $88269 | $(25247) | $— | $63022 |
| &nbsp;&nbsp;&nbsp;JP Morgan Chase Bank N.A. | 506304 | (19846) |  | 486458 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 386504 | (89123) |  | 297381 |
|  | $981077 | $(134216) | $— | $846861 |

---

**167**

***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, 2022.

**Liability Valuation Inputs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative <br> Liabilities Subject <br> to an MNA by <br> Counterparty†**  | **Financial <br> Instruments <br> Available for <br> Offset**  | **Collateral <br> Pledged\*\*\***  | **Net Amount\*\*** |
| **Dynamic Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America N.A. | $(7964) | $— | $— | $(7964) |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International | (25247) | 25247 |  |  |
| &nbsp;&nbsp;&nbsp;JP Morgan Chase Bank N.A. | (19846) | 19846 |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | (89123) | 89123 |  |  |
|  | $(142180) | $134216 | $— | $(7964) |
| **Inflation-Protected and Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | $(4244965) | $— | $4244965 | $— |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International | (4951982) |  | 4951982 |  |
|  | $(9196947) | $— | $9196947 | $— |

---

*\** *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, 2022, are discussed below.

*Foreign Currency Exchange Transactions* 

A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

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

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally

**168**

***Notes to Financial Statements** **(Continued)***<br>

be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

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

A Fund's current exposure to a counterparty is the unrealized appreciation/(depreciation) on the contract.

*Futures Contracts* 

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts and related options.

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

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

*Options on Futures Contracts.* If a Fund buys an option on a futures contract, it will have the right to assume a futures contract at a particular price during the course of the option. Its potential loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a futures contract, it is subject generally to the same risks as if it had entered into a futures contract underlying the option itself.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. For information regarding the accounting treatment of options, see "Options, Rights, and Warrants" below.

**169**

***Notes to Financial Statements** **(Continued)***<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).

*Credit Default Swaps.* A Fund also may enter into credit default swap transactions, as a "buyer" or "seller" of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a "reference entity"). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a "credit event" occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment and stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund's portfolio through the Fund's indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a "synthetic" long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the

**170**

***Notes to Financial Statements** **(Continued)***<br>

seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

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

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

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

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

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

*Options, Rights, and Warrants* 

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

*Call Options.* A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option.

**171**

***Notes to Financial Statements** **(Continued)***<br>

*Put Options.* A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price.

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

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

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

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

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

*OTC Options.* OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer

**172**

***Notes to Financial Statements** **(Continued)***<br>

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

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

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

*Inflation-Linked Securities* 

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

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

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

*Bank Loans* 

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a

**173**

***Notes to Financial Statements** **(Continued)***<br>

lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

The Dynamic Bond Fund entered into certain loan agreements which are unfunded. The Dynamic Bond Fund is obligated to fund these commitments at the borrower's discretion. These commitments are disclosed in the Dynamic Bond Fund's Portfolio of Investments. At December 31, 2022, the Dynamic Bond Fund had sufficient cash and/or securities to cover these commitments.

*Repurchase Agreements* 

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

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

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

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

**174**

***Notes to Financial Statements** **(Continued)***<br>

*Dollar Roll Transactions* 

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

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

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

*Securities Lending* 

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

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At December 31, 2022, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

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

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund's compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the year ended December 31, 2022, is reflected as securities lending income on the Statement of Operations.

**175**

***Notes to Financial Statements** **(Continued)***<br>

*Accounting for Investment Transactions* 

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

*Foreign Currency Translation* 

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

*Allocation of Operating Activity* 

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class's operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets or another alternative method. In addition, each of the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying ETFs. Because the Underlying ETFs have varied expense and fee levels, and the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund may own different proportions of Underlying ETFs at different times, the amount of fees and expenses indirectly incurred by each of the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund will vary.

*Foreign Securities* 

The Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds, except for the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund, may also invest in foreign securities. In addition, certain Underlying ETFs may invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund's shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

**176**

***Notes to Financial Statements** **(Continued)***<br>

*Federal Income Tax* 

It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

*Dividends and Distributions to Shareholders* 

Dividends from net investment income are either declared daily and paid monthly or declared and paid annually depending on the requirements of each Fund. Dividends from net investment income may also be distributed at other times throughout the year as required to satisfy tax or regulatory requirements. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

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

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Advisory Fees and Other Transactions* 

*Investment Advisory Fees and Investment Subadvisers* 

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

---

| | |
|:---|:---|
| **Fund** | **Investment Advisory Fee** |
| Blend Fund | 0.50% on the first $100 million; |
|  | 0.45% on the next $200 million; |
|  | 0.40% on the next $200 million; and |
|  | 0.35% on any excess over $500 million |
| Dynamic Bond Fund | 0.40% on the first $1 billion; and |
|  | 0.35% on any excess over $1 billion |
| Equity Fund | 0.50% on the first $100 million; |
|  | 0.45% on the next $200 million; |
|  | 0.40% on the next $200 million; and |
|  | 0.35% on any excess over $500 million |
| Equity Rotation Fund | 0.45% on the first $500 million; and |
|  | 0.40% on any excess over $500 million |
| High Yield Fund | 0.60% on the first $300 million; and |
|  | 0.575% on any excess over $300 million |
| Inflation-Protected and Income Fund | 0.60% on the first $100 million; |
|  | 0.55% on the next $200 million; |
|  | 0.50% on the next $200 million; and |
|  | 0.45% on any excess over $500 million |
| iShares 60/40 Allocation Fund | 0.30% on the first $2 billion; and |
|  | 0.28% on any excess over $2 billion |
| iShares 80/20 Allocation Fund | 0.30% on the first $2 billion; and |
|  | 0.28% on any excess over $2 billion |
| Managed Bond Fund | 0.50% on the first $100 million; |
|  | 0.45% on the next $200 million; |
|  | 0.40% on the next $200 million; and |

---

**177**

***Notes to Financial Statements** **(Continued)***<br>

---

| | |
|:---|:---|
| **Fund** | **Investment Advisory Fee** |
|  | 0.35% on any excess over $500 million |
| Short-Duration Bond Fund | 0.35% on the first $300 million; and |
|  | 0.30% on any excess over $300 million |
| Small Cap Equity Fund | 0.65% on the first $100 million; |
|  | 0.60% on the next $100 million; |
|  | 0.55% on the next $300 million; and |
|  | 0.50% on any excess over $500 million |
| Strategic Emerging Markets Fund\* | 1.00% on the first $500 million; and |
|  | 0.95% on any excess over $500 million |
| U.S. Government Money Market Fund | 0.50% on the first $100 million; |
|  | 0.45% on the next $200 million; |
|  | 0.40% on the next $200 million; and |
|  | 0.35% on any excess over $500 million |

---

*\** *Prior to July 1, 2022, the investment advisory fee was 1.05% on the first $500 million; and 1.00% on any excess over $500 million.* 

MML Advisers has entered into investment subadvisory agreements with Barings LLC ("Barings"), a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual, on behalf of certain Funds. These agreements provide that Barings manage the investment and reinvestment of assets of these Funds. Barings receives a subadvisory fee from MML Advisers, based upon each Fund's average daily net assets, at the following annual rates:

---

| | |
|:---|:---|
| High Yield Fund\* | 0.20%  |
| Inflation-Protected and Income Fund\*\* | 0.08% |
| Managed Bond Fund\*\* | 0.10% |
| Short-Duration Bond Fund\*\* | 0.08% |
| U.S. Government Money Market Fund | 0.05% |

---

*\** *Effective February 1, 2022, Baring International Investment Limited ("BIIL") was added as a sub-subadviser to the Fund. BIIL does not receive a fee from Barings under the sub-subadvisory agreement with Barings.* 

*\*\** *BIIL serves as a sub-subadviser to the Fund. BIIL does not receive a fee from Barings under the sub-subadvisory agreement with Barings.* 

MML Advisers has also entered into investment subadvisory agreements for certain Funds with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

---

| | |
|:---|:---|
| Blend Fund | BlackRock Investment Management, LLC |
| Dynamic Bond Fund\* | Western Asset Management Company, LLC; and Western Asset Management Company Limited |
| Equity Fund | Brandywine Global Investment Management, LLC; and |
|  | T. Rowe Price Associates, Inc.  |
| Equity Rotation Fund\*\* | Invesco Advisers, Inc. |
| iShares 60/40 Allocation Fund | BlackRock Investment Management, LLC |
| iShares 80/20 Allocation Fund | BlackRock Investment Management, LLC |
| Small Cap Equity Fund | Invesco Advisers, Inc. |
| Strategic Emerging Markets Fund | Invesco Advisers, Inc.  |

---

*\** *Effective April 29, 2022, Western Asset Management Company, LLC and Western Asset Management Company Limited replaced DoubleLine Capital LP as subadvisers of the Fund.* 

*\*\** *Invesco Capital Management LLC serves as a sub-subadviser of the Fund.* 

**178**

***Notes to Financial Statements** **(Continued)***<br>

The applicable Funds' subadvisory fees are paid monthly by MML Advisers out of the investment advisory fees previously disclosed above.

*Administration Fees* 

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

---

| | | |
|:---|:---|:---|
|  | **Class II** | **Service Class I** |
| Dynamic Bond Fund | 0.15% | 0.15% |
| Equity Rotation Fund | 0.15% | 0.15% |
| High Yield Fund | 0.15% | 0.15% |
| iShares 60/40 Allocation Fund | 0.15% | 0.15% |
| iShares 80/20 Allocation Fund | 0.15% | 0.15% |
| Short-Duration Bond Fund | 0.15% | 0.15% |
| Strategic Emerging Markets Fund | 0.15% | 0.15% |

---

*Distribution and Service Fees* 

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

*Expense Caps and Waivers* 

MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | |
|:---|:---|:---|
|  | **Initial Class** | **Service Class** |
| Inflation-Protected and Income Fund\* | 0.60% | 0.85% |

---

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

*\** *Expense caps in effect through April 30, 2023.* 

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | |
|:---|:---|:---|
|  | **Class II** | **Service Class I** |
| iShares 60/40 Allocation Fund\* | 0.50% | 0.75% |
| iShares 80/20 Allocation Fund\* | 0.50% | 0.75% |

---

*\** *Expense caps in effect through April 30, 2023.* 

**179**

***Notes to Financial Statements** **(Continued)***<br>

Effective May 1, 2022, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | |
|:---|:---|:---|
|  | **Class II** | **Service Class I** |
| Dynamic Bond Fund\* | 0.57% | 0.82% |

---

*\** *Expense caps in effect through April 30, 2023.* 

Effective July 1, 2022, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<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:

---

| | | |
|:---|:---|:---|
|  | **Class II** | **Service Class I** |
| Strategic Emerging Markets Fund\* | 1.25% | 1.50% |

---

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

*\** *Expense caps in effect through April 30, 2024.* 

Prior to July 1, 2022, MML Advisers had agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<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:

---

| | | |
|:---|:---|:---|
|  | **Class II** | **Service Class I** |
| Strategic Emerging Markets Fund | 1.35% | 1.60% |

---

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

MML Advisers has agreed to waive 0.02% of the investment advisory fee of the Dynamic Bond Fund through April 30, 2023. Prior to May 1, 2022, MML Advisers had also voluntarily agreed to waive 0.05% of the investment advisory fee of the Dynamic Bond Fund.

MML Advisers has agreed to waive 0.05% of the investment advisory fee of the Equity Rotation Fund through April 30, 2023.

Effective May 1, 2022, MML Advisers has agreed to waive 0.04% of the investment advisory fee of the High Yield Fund through April 30, 2023. Prior to May 1, 2022, MML Advisers had agreed to waive 0.05% of the investment advisory fee of the High Yield Fund.

Prior to July 1, 2022, MML Advisers had agreed to voluntarily waive 0.04% of the investment advisory fee of the Strategic Emerging Markets Fund.

MML Advisers has agreed to voluntarily waive some or all of its investment advisory fees and, if necessary, reimburse some or all of the U.S. Government Money Market Fund's other expenses, in an attempt to allow the Initial Class shares of the Fund to maintain a 1-day yield of at least approximately 0.00%. MML Advisers may amend or discontinue this waiver at any time without advance notice.

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

**180**

***Notes to Financial Statements** **(Continued)***<br>

*Rebated Brokerage Commissions* 

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the year ended December 31, 2022, brokerage commissions rebated under these agreements were as follows:

---

| | |
|:---|:---|
|  | **Rebated <br> Commissions** |
| Equity Fund | 1289 |
| Small Cap Equity Fund  | 3031 |
| Strategic Emerging Markets Fund | (364) |

---

*Deferred Compensation* 

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

*Other* 

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

&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, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |
|  | **Long-Term U.S. <br> Government <br> Securities** | **Other Long-<br> Term Securities** | **Long-Term U.S. <br> Government <br> Securities** | **Other Long-<br> Term Securities** |
| Blend Fund | $— | $32838862 | $— | $83939088 |
| Dynamic Bond Fund | 405244558 | 124470893 | 404163935 | 145313231 |
| Equity Fund |  | 747146719 |  | 803985403 |
| Equity Rotation Fund |  | 155082589 |  | 154803868 |
| High Yield Fund |  | 27495850 |  | 32479561 |
| Inflation-Protected and Income Fund | 122149752 | 50866704 | 154005171 | 81776775 |
| iShares 60/40 Allocation Fund |  | 32718857 |  | 1942391 |
| iShares 80/20 Allocation Fund |  | 47463619 |  | 2316803 |
| Managed Bond Fund | 1914860723 | 127461056 | 1979588426 | 166622935 |
| Short-Duration Bond Fund | 3114768 | 32448595 | 2237567 | 63851510 |
| Small Cap Equity Fund |  | 35775152 |  | 45205874 |
| Strategic Emerging Markets Fund |  | 26680077 |  | 27515436 |

---

**181**

***Notes to Financial Statements** **(Continued)***<br>

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized Gains/<br> Losses** |
| Equity Fund | $— | $2160562 | $122027 |

---

*5. Capital Share Transactions* 

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Blend Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 413895 | $7595157 | 636159 | $15421965 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 924158 | 16406451 | 8317755 | 168011356 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3420951) | (62167555) | (3033135) | (71716509) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (2082898) | $(38165947) | 5920779 | $111716812 |
| **Blend Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 796956 | $14877306 | 835017 | $20280334 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 320969 | 5658892 | 2862933 | 57432992 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1291832) | (22781897) | (718991) | (16659759) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (173907) | $(2245699) | 2978959 | $61053567 |
| **Dynamic Bond Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 413305 | $3764194 | 4036488 | $41870827 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 1071670 | 9323527 | 1101437 | 11157560 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4464133) | (40168430) | (6070053) | (62466916) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (2979158) | $(27080709) | (932128) | $(9438529) |
| **Dynamic Bond Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 182639 | $1609351 | 233074 | $2381793 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 51438 | 445452 | 45869 | 462823 |
| &nbsp;&nbsp;&nbsp;Redeemed | (152018) | (1337379) | (121284) | (1240336) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 82059 | $717424 | 157659 | $1604280 |
| **Equity Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 454545 | $13017612 | 509542 | $14992146 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 3501111 | 92352834 | 423279 | 13032797 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2392894) | (68735444) | (2766152) | (81888499) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 1562762 | $36635002 | (1833331) | $(53863556) |
| **Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 129630 | $3689535 | 202391 | $5958726 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 438673 | 11352115 | 50699 | 1534583 |
| &nbsp;&nbsp;&nbsp;Redeemed | (574345) | (16216400) | (756362) | (22118736) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (6042) | $(1174750) | (503272) | $(14625427) |
| **Equity Rotation Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold |  | $— |  | $— |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 476072 | 5065396 | 978635 | 13847437 |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 476072 | $5065396 | 978635 | $13847437 |

---

**182**

***Notes to Financial Statements** **(Continued)***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Equity Rotation Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 15270 | $174566 | 15457 | $239663 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 23247 | 245021 | 55175 | 776065 |
| &nbsp;&nbsp;&nbsp;Redeemed | (37198) | (440874) | (21894) | (340040) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 1319 | $(21287) | 48738 | $675688 |
| **High Yield Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 43206 | $388628 | 557434 | $5804676 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 175067 | 1463558 | 257994 | 2520599 |
| &nbsp;&nbsp;&nbsp;Redeemed | (754126) | (6588447) | (3401878) | (35336416) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (535853) | $(4736261) | (2586450) | $(27011141) |
| **High Yield Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 415813 | $3781894 | 664730 | $6776882 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 399069 | 3304293 | 440552 | 4268950 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1016750) | (9064658) | (454185) | (4603222) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (201868) | $(1978471) | 651097 | $6442610 |
| **Inflation-Protected and Income Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 553744 | $5503615 | 3145788 | $35863588 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 2003503 | 18612540 | 1995823 | 21774428 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5629099) | (56408729) | (8720503) | (100280126) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (3071852) | $(32292574) | (3578892) | $(42642110) |
| **Inflation-Protected and Income Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 833517 | $8368273 | 1083080 | $12109593 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 518191 | 4772542 | 377051 | 4083457 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1137204) | (11080559) | (733072) | (8228037) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 214504 | $2060256 | 727059 | $7965013 |
| **iShares 60/40 Allocation Fund Class II\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 2490000 | $24900000 |  |  |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 41943 | 368682 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 2531943 | $25268682 |  |  |
| **iShares 60/40 Allocation Fund Service Class I\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 663011 | $6146502 |  |  |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 9060 | 79543 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (73877) | (687112) |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 598194 | $5538933 |  |  |
| **iShares 80/20 Allocation Fund Class II\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 2490000 | $24900000 |  |  |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 38549 | 333448 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 2528549 | $25233448 |  |  |
| **iShares 80/20 Allocation Fund Service Class I\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 2289567 | $20872743 |  |  |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 29577 | 255844 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (128144) | (1138800) |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 2191000 | $19989787 |  |  |
| **Managed Bond Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 3350811 | $36390359 | 9830988 | $132869751 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 2275431 | 25107989 | 2979032 | 39056618 |
| &nbsp;&nbsp;&nbsp;Redeemed | (10585519) | (122355780) | (9863621) | (132017086) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (4959277) | $(60857432) | 2946399 | $39909283 |

---

**183**

***Notes to Financial Statements** **(Continued)***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Managed Bond Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 560341 | $6453682 | 2334792 | $30899919 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 730320 | 8029901 | 974495 | 12723319 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3770398) | (42886006) | (3423432) | (45447962) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (2479737) | $(28402423) | (114145) | $(1824724) |
| **Short-Duration Bond Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 276258 | $2497738 | 1473465 | $14632225 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 420867 | 3657335 | 471296 | 4585706 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2982282) | (26689472) | (2705543) | (26762700) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (2285157) | $(20534399) | (760782) | $(7544769) |
| **Short-Duration Bond Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 715271 | $6435357 | 688848 | $6778368 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 116624 | 1009962 | 122618 | 1189399 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1000651) | (8982630) | (1823771) | (17988209) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (168756) | $(1537311) | (1012305) | $(10020442) |
| **Small Cap Equity Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 305895 | $3213709 | 482138 | $6121068 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 1247302 | 12251160 | 602826 | 7333753 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1050503) | (11078528) | (1330955) | (16810703) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 502694 | $4386341 | (245991) | $(3355882) |
| **Small Cap Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 180761 | $1768095 | 350159 | $4326145 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 329524 | 3153530 | 156521 | 1860664 |
| &nbsp;&nbsp;&nbsp;Redeemed | (357752) | (3616982) | (407046) | (5020458) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 152533 | $1304643 | 99634 | $1166351 |
| **Strategic Emerging Markets Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 806134 | $6633916 | 354922 | $4766700 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 3045936 | 14864169 | 1205695 | 13347045 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1083784) | (7379284) | (3334598) | (45510413) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 2768286 | $14118801 | (1773981) | $(27396668) |
| **Strategic Emerging Markets Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 244939 | $1720127 | 218457 | $2874530 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 948551 | 4619444 | 319526 | 3530767 |
| &nbsp;&nbsp;&nbsp;Redeemed | (314578) | (1927646) | (173532) | (2429599) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 878912 | $4411925 | 364451 | $3975698 |
| **U.S. Government Money Market Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 179538054 | $179538054 | 102446334 | $102446334 |
| &nbsp;&nbsp;&nbsp;Issued as reinvestment of dividends | 2489672 | 2489672 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (115852791) | (115852791) | (150844119) | (150844119) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 66174935 | $66174935 | (48397785) | $(48397785) |

---

*\** *Fund commenced operations on February 11, 2022.* 

**184**

***Notes to Financial Statements** **(Continued)***<br>

*6. Federal Income Tax Information* 

At December 31, 2022, the aggregate cost of investments and the unrealized appreciation/(depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Income <br> Tax Cost** | **Tax Basis <br> Unrealized <br> Appreciation** | **Tax Basis <br> Unrealized <br> (Depreciation)** | **Net Unrealized <br> Appreciation/<br> (Depreciation)** |
| Blend Fund | $674322274 | $17989783 | $(52750030) | $(34760247) |
| Dynamic Bond Fund | 279229258 | 928929 | (28389220) | (27460291) |
| Equity Fund | 704427852 | 137369064 | (17270694) | 120098370 |
| Equity Rotation Fund | 45774279 | 514442 | (1423190) | (908748) |
| High Yield Fund | 66610357 | 276693 | (8651203) | (8374510) |
| Inflation-Protected and Income Fund | 219216078 | 865012 | (25137354) | (24272342) |
| iShares 60/40 Allocation Fund | 30729754 |  | (3693375) | (3693375) |
| iShares 80/20 Allocation Fund | 45284916 |  | (4859072) | (4859072) |
| Managed Bond Fund | 954355867 | 1751620 | (110679279) | (108927659) |
| Short-Duration Bond Fund | 145138426 | 910745 | (14205642) | (13294897) |
| Small Cap Equity Fund | 82602098 | 36012313 | (3695398) | 32316915 |
| Strategic Emerging Markets Fund | 54932976 | 3259954 | (9391831) | (6131877) |

---

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at December 31, 2022, is the same for financial reporting and federal income tax purposes.

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At December 31, 2022, the following Fund(s) had accumulated capital loss carryforwards:

---

| | | |
|:---|:---|:---|
|  | **Short Term <br> Capital Loss <br> Carryforward** | **Long Term <br> Capital Loss <br> Carryforward** |
| Blend Fund | $— | $726963 |
| Dynamic Bond Fund | 11899539 | 17316077 |
| Equity Rotation Fund | 3997163 |  |
| High Yield Fund | 659332 | 11543619 |
| Inflation-Protected and Income Fund | 14695832 | 1915063 |
| iShares 60/40 Allocation Fund | 46713 |  |
| Managed Bond Fund | 24837797 | 28940378 |
| Short-Duration Bond Fund | 6406514 | 7872875 |
| Small Cap Equity Fund | 2718350 | 652871 |
| Strategic Emerging Markets Fund | 3255407 | 4057603 |

---

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

**185**

***Notes to Financial Statements** **(Continued)***<br>

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2022, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary <br> Income** | **Long Term <br> Capital Gain** | **Return of <br> Capital** |
| Blend Fund | $16279721 | $5785622 | $— |
| Dynamic Bond Fund | 9768979 |  |  |
| Equity Fund | 26709199 | 76995750 |  |
| Equity Rotation Fund | 2518956 | 2791461 |  |
| High Yield Fund | 4767851 |  |  |
| Inflation-Protected and Income Fund | 22108312 | 1276770 |  |
| iShares 60/40 Allocation Fund | 421437 |  | 26788 |
| iShares 80/20 Allocation Fund | 531668 |  | 57624 |
| Managed Bond Fund | 24664423 | 8473467 |  |
| Short-Duration Bond Fund | 4667297 |  |  |
| Small Cap Equity Fund | 2936650 | 12468040 |  |
| Strategic Emerging Markets Fund | 1715405 | 17768208 |  |
| U.S. Government Money Market Fund | 2489674 |  |  |

---

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2021, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary <br> Income** | **Long Term <br> Capital Gain** |
| Blend Fund | $36317285 | $189127063 |
| Dynamic Bond Fund | 11620383 |  |
| Equity Fund | 14567380 |  |
| Equity Rotation Fund | 7616324 | 7007178 |
| High Yield Fund | 6789549 |  |
| Inflation-Protected and Income Fund | 21217014 | 4640871 |
| Managed Bond Fund | 47592938 | 4186999 |
| Short-Duration Bond Fund | 5775105 |  |
| Small Cap Equity Fund | 1344618 | 7849799 |
| Strategic Emerging Markets Fund |  | 16877812 |

---

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2022:

---

| | |
|:---|:---|
|  | **Amount** |
| iShares 60/40 Allocation Fund | $11054 |
| iShares 80/20 Allocation Fund | 20915 |
| Strategic Emerging Markets Fund | 119577 |

---

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At December 31, 2022, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

**186**

***Notes to Financial Statements** **(Continued)***<br>

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed <br> Ordinary Income** | **Undistributed <br> Long Term <br> Capital Gain <br> (Capital Loss <br> Carryover)** | **Other <br> Temporary <br> Differences** | **Unrealized <br> Appreciation/<br> (Depreciation)** | **Total** |
| Blend Fund | $10670229 | $(726963) | $(171854) | $(34760246) | $(24988834) |
| Dynamic Bond Fund | 9509217 | (29215616) | (33066) | (27338831) | (47078296) |
| Equity Fund | 16677179 | 63127947 | (212711) | 120098034 | 199690449 |
| Equity Rotation Fund | 513085 | (3997163) | (2451) | (908748) | (4395277) |
| High Yield Fund | 3452000 | (12202951) | (18091) | (8382831) | (17151873) |
| Inflation-Protected and Income Fund | 8875145 | (16610895) | (73289) | (24272342) | (32081381) |
| iShares 60/40 Allocation Fund |  | (46713) |  | (3693375) | (3740088) |
| iShares 80/20 Allocation Fund |  |  |  | (4859072) | (4859072) |
| Managed Bond Fund | 26477204 | (53778175) | (209217) | (108927660) | (136437848) |
| Short-Duration Bond Fund | 4402804 | (14279389) | (30703) | (13294897) | (23202185) |
| Small Cap Equity Fund | 614082 | (3371221) | (27222) | 32316915 | 29532554 |
| Strategic Emerging Markets Fund | 37976 | (7313010) | (12952) | (6340184) | (13628170) |
| U.S. Government Money Market Fund | 743 |  | (44090) |  | (43347) |

---

During the year ended December 31, 2022, the following amounts were reclassified due to permanent differences between book and tax accounting:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in Capital** | **Accumulated <br> Net Realized <br> Gain (Loss) on <br> Investments** | **Undistributed <br> Net Investment <br> Income (Loss)** |
| Blend Fund | $— | $57 | $(57) |
| Dynamic Bond Fund |  | 656463 | (656463) |
| Equity Fund |  | 289232 | (289232) |
| Equity Rotation Fund |  | (3317) | 3317 |
| High Yield Fund |  | 58364 | (58364) |
| Inflation-Protected and Income Fund |  | (2159489) | 2159489 |
| iShares 60/40 Allocation Fund |  |  |  |
| iShares 80/20 Allocation Fund |  | (425) | 425 |
| Managed Bond Fund |  | (1530164) | 1530164 |
| Short-Duration Bond Fund |  | (956166) | 956166 |
| Small Cap Equity Fund | (20520) | (692644) | 713164 |
| Strategic Emerging Markets Fund |  | (672348) | 672348 |

---

The Funds did not have any unrecognized tax benefits at December 31, 2022, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended December 31, 2022, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years, or the returns filed to date for Funds in existence less than three years. Foreign taxes are provided for based on the Funds' understanding of the tax rules and rates that exist in the foreign markets in which they invest.

**187**

***Notes to Financial Statements** **(Continued)***<br>

*7. Indemnifications* 

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

*8. New Accounting Pronouncements* 

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

*9. Coronavirus (COVID-19) Pandemic* 

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

*10. Russia-Ukraine War* 

In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States and/or other countries. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund's investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. Such sanctions may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.

**188**

***Report of Independent Registered Public Accounting Firm***<br>

***To the Board of Trustees of MML Series Investment Fund II and Shareholders of MML Blend Fund, MML Dynamic Bond Fund, MML Equity Fund, MML Equity Rotation Fund, MML High Yield Fund, MML Inflation-Protected and Income Fund, MML iShares***<sup>***®***</sup>***60/40 Allocation Fund, MML iShares***<sup>***®***</sup>***80/20 Allocation Fund, MML Managed Bond Fund, MML Short-Duration Bond Fund, MML Small Cap Equity Fund, MML Strategic Emerging Markets Fund, and MML U.S. Government Money Market Fund (collectively, the "Funds"):***

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities of the Funds of MML Series Investment Fund II, including the portfolios of investments, as of December 31, 2022, the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds Comprising the MML Series Investment Fund II** | **Statement of** <br>**Operations** | **Statements of** <br>**Changes in** <br>**Net Assets** | **Financial** <br>**Highlights** |
| MML Blend Fund, MML Dynamic Bond Fund, <br> MML Equity Fund, MML Equity Rotation Fund, <br> MML High Yield Fund, <br> MML Inflation-Protected and Income Fund, <br> MML Managed Bond Fund, <br> MML Short-Duration Bond Fund, <br> MML Small Cap Equity Fund, <br> MML Strategic Emerging Markets Fund, and<br> MML U.S. Government Money Market Fund | For the year ended <br> December 31, 2022 | For each of the two years in the period ended December 31, 2022 | For each of the five years in the period ended December 31, 2022 |
| MML iShares<sup>®</sup> 60/40 Allocation Fund and MML <br> iShares<sup>®</sup> 80/20 Allocation Fund | For the period from February 11, 2022 (commencement of operations), through December 31, 2022 | For the period from February 11, 2022 (commencement of operations), through December 31, 2022 | For the period from February 11, 2022 (commencement of operations), through December 31, 2022 |

---

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation

**189**

***Report of Independent Registered Public Accounting Firm (Continued)***<br>

of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, transfer agents and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts<br> February 22, 2023

We have served as the auditor of one or more MassMutual investment companies since 1995.

**190**

***Trustees and Principal Officers (Unaudited)***<br>

The following table lists the Trust's Trustees and Principal Officers; their address and year of birth; their position with the Trust; the length of time holding that position with the Trust; their principal occupation(s) during at least the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called "public companies") or in registered investment companies. The Trust's Statement of Additional Information includes additional information about the Trust's Trustees and are available, without charge, upon request by calling 1-888-309-3539 or by writing MML Series Investment Fund II, c/o Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, Massachusetts 01111-0001, Attention: Investment Management Solutions.

*Independent Trustees* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address\*, <br> and Year of Birth** | **Position(s) <br> Held with <br> Trust**  | **Term of <br> Office\*\* and <br> Length of <br> Time Served**  | **Principal Occupation(s) <br> During Past 5 Years**  | **Number of <br> Portfolios in <br> Fund Complex <br> Overseen by <br> Trustee**  | **Other Directorships <br> Held by Trustee**  |
| Allan W. Blair <br>Year of birth: 1948 | Trustee | Since <br>2012 | Retired. | 110 | Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company). |
| Nabil N. El-Hage <br>Year of birth: 1958 | Trustee <br>Chairman | Since <br>2005 <br>2006-2012  | Founder and CEO (since 2018), AEE International LLC (a Puerto Rico LLC); Founder and sole member (2016-2018), PR Academy of Executive Education LLC (a Puerto Rico LLC). | 110 | Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company). |
| Maria D. Furman <br>Year of birth: 1954 | Trustee | Since <br>2005  | Retired. | 110 | Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company). |
| R. Bradford Malt <br>Year of birth: 1954 | Trustee | Since <br>2022 <br>| Chairman (2004-2019), Management <br>Committee (1993-2019), Partner <br>(1987-2019), Associate (1979-1987), <br>Ropes & Gray LLP (counsel to the <br>Trust and MassMutual). | 110 | Trustee (since 2022), MassMutual Select Funds (open-end investment company); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company). |

---

**191**

***Trustees and Principal Officers (Unaudited)** **(Continued)***<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address\*, <br> and Year of Birth** | **Position(s) <br> Held with <br> Trust**  | **Term of <br> Office\*\* and <br> Length of <br> Time Served**  | **Principal Occupation(s) <br> During Past 5 Years**  | **Number of <br> Portfolios in <br> Fund Complex <br> Overseen by <br> Trustee**  | **Other Directorships <br> Held by Trustee**  |
| C. Ann Merrifield <br>Year of birth: 1951 | Trustee | Since <br>2005  | Retired. | 110 | Director (since 2020), Lead Director (2020-2022), Chairperson (since 2020) of the Nominating and Governance Committee, Member (since 2020) and Chairperson (2020-2022) of the Compensation Committee, and Member (2020-2022) of the Audit Committee, Lyra Therapeutics (a clinical-stage specialty pharmaceutical company); Director (since 2014), Chairperson (since 2017), Lead Director (2015-2017), Member (since 2014) and Chairperson (since 2015) of the Nominating and Governance Committee, Member (since 2019) of the Compensation Committee, and Member (2014-2019) of the Audit Committee, InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company). |
| Cynthia R. Plouché Year of birth: 1957 | Trustee | Since <br> 2022 | Retired; Assessor (2014-2018), Moraine Township (property assessment). | 110 | Trustee (since 2014), Northern Trust Funds (open-end investment companies); Trustee (since 2022), MassMutual Select Funds (open-end investment company); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company). |
| Jason J. Price <br> Year of birth: 1973 | Trustee | Since <br> 2022 | Co-Founder and Chairman of the Board (2017-2021), NXTHVN (arts organization). | 110 | Trustee (since 2022), MassMutual Select Funds (open-end investment company); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company). |
| Susan B. Sweeney <br>Year of birth: 1952 | Chairperson <br>Trustee | Since <br>2022 <br>Since <br>2012  | Retired. | 112^ | Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Chairperson (since 2022), Trustee (since 2009), MassMutual Select Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2009), MML Series Investment Fund (open-end investment company). |

---

**192**

***Trustees and Principal Officers (Unaudited)** **(Continued)***<br>

*Interested Trustees* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address\*, <br> and Year of Birth** | **Position(s) <br> Held with <br> Trust**  | **Term of <br> Office\*\* and <br> Length of <br> Time Served**  | **Principal Occupation(s) <br> During Past 5 Years**  | **Number of <br> Portfolios in <br> Fund Complex <br> Overseen by <br> Trustee**  | **Other Directorships <br> Held by Trustee**  |
| Michael R. Fanning^^ <br>Year of birth: 1963 | Trustee | Since <br>2021 | Head of MassMutual U.S. (since 2016), Executive Vice President (2016-2018), Member of MassMutual's Executive Leadership Team (since 2008), MassMutual. | 110 | Director (since 2016), MML <br>Advisers; Trustee (since 2021), MassMutual Select Funds (open-end investment company); Trustee (since 2021), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2021), MML Series Investment Fund (open-end investment company). |
| Clifford M, Noreen^^^ <br>Year of birth: 1957 | Trustee | Since <br>2021  | Head of Global Investment Strategy (since 2019), Deputy Chief Investment Officer and Managing <br>Director (2016-2018), MassMutual; President (2008-2016), Vice Chairman (2007-2008), Member of the Board of Managers (2006-2016), Managing Director (2000-2016), Barings LLC. | 112^ | Chairman (since 2009), Trustee (since 2005), President (2005-2009), CI Subsidiary Trust and PI Subsidiary Trust; Chairman and Trustee (since 2009), President (2005-2009), Vice President (1993-2005), Barings Corporate Investors (closed-end investment company); Chairman and Trustee (since 2009), President (2005-2009), Vice President <br>(1993-2005), Barings Participation Investors (closed-end investment company); Trustee (since 2021), MassMutual Select Funds (open-end investment company); Trustee (since 2021), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2021), MML Series Investment Fund (open-end investment company). |

---

*Principal Officers* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address\*, <br> and Year of Birth** | **Position(s) <br> Held with <br> Trust**  | **Term of <br> Office<sup>#</sup>** **and <br> Length of <br> Time Served**  | **Principal Occupation(s) <br> During Past 5 Years**  | **Number of <br> Portfolios in <br> Fund Complex <br> Overseen by <br> Officer**  |
| Andrea Anastasio <br>Year of birth: 1974 | Vice President | Since 2021 | Vice President (since 2021), MML Advisers; Head of Investment Management Solutions (since 2021), MassMutual; Head of Investment Strategy and Research, North America (2019-2021), Head of Investment Product Management (2016-2019), State Street Global Advisors; Vice President (since 2021), MassMutual Select Funds (open-end investment company); Vice President (since 2021), MassMutual Premier Funds (open-end investment company); Vice President (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2021), MML Series Investment Fund (open-end investment company). | 110 |

---

**193**

***Trustees and Principal Officers (Unaudited)** **(Continued)***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address\*, <br> and Year of Birth** | **Position(s) <br> Held with <br> Trust**  | **Term of <br> Office<sup>#</sup>** **and <br> Length of <br> Time Served**  | **Principal Occupation(s) <br> During Past 5 Years**  | **Number of <br> Portfolios in <br> Fund Complex <br> Overseen by <br> Officer**  |
| Andrew M. Goldberg <br>Year of birth: 1966 | Vice President, Secretary (formerly known as "Clerk"), and Chief Legal Officer <br>Assistant <br> Clerk (formerly <br>known as <br>"Clerk") | Since <br>2008 <br>2005- <br>2008 | Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2004-2018), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary, (formerly known as "Clerk"), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company). | 110 |
| Renee Hitchcock <br>Year of birth: 1970 | Chief Financial Officer and Treasurer <br>Assistant Treasurer | Since <br>2016 <br>2007- <br>2016 | Head of Mutual Fund Administration (since 2018), Assistant Vice President (2015-2018), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Select Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2021), MassMutual Advantage Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund (open-end investment company). | 110 |
| Paul LaPiana <br>Year of birth: 1969 | President | Since 2021 | President (since 2021), MML Advisers; Head of MassMutual U.S. Product (since 2019), Head of Field Management (2016-2019), MassMutual; President (since 2021), MassMutual Select Funds (open-end investment company); President (since 2021), MassMutual Premier Funds (open-end investment company); President (since 2021), MassMutual Advantage Funds (open-end investment company); President (since 2021), MML Series Investment Fund (open-end investment company). | 110 |
| Jill Nareau Robert <br>Year of birth: 1972 | Vice President and Assistant Secretary <br>Assistant Secretary (formerly <br>known as <br>"Assistant <br>Clerk") | Since <br>2017 <br>2008- <br>2017 | Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2009-2018), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008- 2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as "Assistant Clerk") (2008-2017), MassMutual Premier Funds (open-end investment company); Vice President and Assistant Secretary (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MML Series Investment Fund (open-end investment company). | 110 |
| Douglas Steele <br>Year of birth: 1975 | Vice President | Since <br>2016  | Head of Product Management (since 2021), Vice President (since 2017), Head of Manager Research (2021), Head of Investment Management (2017-2021), Head of Investment Due Diligence (2016-2017), MML Advisers; Head of Product Management (since 2021), Head of Manager Research (2021), Head of Investment Management (2017-2021), Assistant Vice President (2013-2017), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company); Vice President (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company). | 110 |

---

**194**

***Trustees and Principal Officers (Unaudited)** **(Continued)***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address\*, <br> and Year of Birth** | **Position(s) <br> Held with <br> Trust**  | **Term of <br> Office<sup>#</sup>** **and <br> Length of <br> Time Served**  | **Principal Occupation(s) <br> During Past 5 Years**  | **Number of <br> Portfolios in <br> Fund Complex <br> Overseen by <br> Officer**  |
| Philip S. Wellman <br>Year of birth: 1964 | Vice President and Chief Compliance Officer | Since <br>2007  | Vice President and Chief Compliance Officer (since 2013), MML Advisers; Head of Mutual Funds & RIA Compliance (since 2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (2014-2018), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company). | 110 |

---

\* The address of each Trustee and Principal Officer is the same as that for the Trust; 1295 State Street, Springfield, Massachusetts 01111-0001.

---

| | |
|:---|:---|
| \*\*  | Each Trustee of the Trust serves until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor or until he or she dies, resigns, or is removed. Notwithstanding the foregoing, unless the Trustees determine that it is desirable and in the best interest of the Trust that an exception to the retirement policy of the Trust be made, a Trustee shall retire and cease to serve as a Trustee upon the conclusion of the calendar year in which such Trustee attains the age of seventy-five years, however, an interested Trustee of the Trust shall no longer serve as a Trustee if or when they are no longer an employee of MassMutual or an affiliate.  |

---

The Chairperson is elected to hold such office for a term of three years or until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she retires, dies, resigns, is removed, or becomes disqualified, and any such Chairperson may not serve more than two consecutive terms. The Chairperson shall hold office at the pleasure of the Trustees. <br>

^ Barings Participation Investors and Barings Corporate Investors are deemed to be a part of the Fund Complex, because they are managed by Barings LLC, an affiliate of MML Advisers.

^^ Mr. Fanning is an "Interested Person," as that term is defined in the 1940 Act, as an employee of MassMutual.

^^^ Mr. Noreen is an "Interested Person," as that term is defined in the 1940 Act, as an employee of MassMutual.

# The President, Treasurer, and Secretary and such other officers as the Trustees may in their discretion from time to time elect are elected to hold such office until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she dies, resigns, is removed, or becomes disqualified. Each officer shall hold office at the pleasure of the Trustees.

**195**

***Federal Tax Information (Unaudited)***<br>

For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)' year ended December 31, 2022, qualified for the dividends received deduction, as follows:

---

| | |
|:---|:---|
|  | **Dividends <br> Received <br> Deductions** |
| Blend Fund | 71.60% |
| Dynamic Bond Fund | 0.26% |
| Equity Fund | 60.90% |
| Equity Rotation Fund | 30.28% |
| iShares 60/40 Allocation Fund | 42.10% |
| iShares 80/20 Allocation Fund | 58.21% |
| Small Cap Equity Fund | 32.76% |
| Strategic Emerging Markets Fund | 1.37% |

---

For the year ended December 31, 2022, the following Fund(s) earned the following foreign sources of income:

---

| | |
|:---|:---|
|  | **Amount** |
| iShares 60/40 Allocation Fund | $73911 |
| iShares 80/20 Allocation Fund | 131301 |
| Strategic Emerging Markets Fund | 293204 |

---

The Fund(s) intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in the Treasury Regulations §1.163(j)-1(b).

**196**

***Other Information (Unaudited)*** <br>

*Proxy Voting* 

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

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

*Monthly Reporting* 

The U.S. Government Money Market Fund files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The U.S. Government Money Market Fund's reports on Form N-MFP are available on the SEC's EDGAR database on its website at http://www.sec.gov. In addition, the U.S. Government Money Market Fund makes portfolio holdings information available to shareholders at https://www.massmutual.com/funds.

*Quarterly Reporting* 

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

**197**

***Other Information (Unaudited)** **(Continued)***<br>

*Submission of Matters to a Vote of Security Holders* 

A Special Meeting of Shareholders of the Trust was held on May 25, 2022 and on the adjournment date of June 9, 2022. The Notice of Meeting of Shareholders, and a Proxy Statement and voting instruction card, were first mailed, or otherwise made available, on or about April 8, 2022 to shareholders of record as of February 25, 2022. The results of the vote on the matters submitted to shareholders at the Special Meeting are as follows:

---

| | |
|:---|:---|
| Proposal 1:  | To elect Allan W. Blair, Nabil N. El-Hage, Michael R. Fanning, Maria D. Furman, R. Bradford Malt, C. Ann Merrifield, Clifford M. Noreen, Cynthia R. Plouché, Jason J. Price, and Susan B. Sweeney as Trustees of each Trust of which the Funds are series for an indefinite term of office.\*  |

---

This matter was approved by the Trust's shareholders on June 9, 2022. The results of the votes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Voted** | **Shares For** | **% of Shares <br> Outstanding** | **Withhold** | **% of Shares <br> Outstanding** |
| Allan W. Blair | 420310777.358 | 413107250.539 | 92.555% | 7203526.819 | 1.613% |
| Nabil N. El-Hage | 420310777.358 | 408318801.126 | 91.482% | 11991976.232 | 2.686% |
| Michael R. Fanning | 420310777.358 | 413602378.574 | 92.666% | 6708398.784 | 1.502% |
| Maria D. Furman | 420310777.358 | 406715298.774 | 91.123% | 13595478.584 | 3.046% |
| R. Bradford Malt | 420310777.358 | 409891570.770 | 91.834% | 10419206.588 | 2.334% |
| C. Ann Merrifield | 420310777.358 | 406574438.771 | 91.091% | 13736338.587 | 3.077% |
| Clifford M. Noreen | 420310777.358 | 413453646.743 | 92.632% | 6857130.615 | 1.536% |
| Cynthia R. Plouché | 420310777.358 | 406767916.268 | 91.134% | 13542861.090 | 3.034% |
| Jason J. Price | 420310777.358 | 413277370.564 | 92.593% | 7033406.794 | 1.575% |
| Susan B. Sweeney | 420310777.358 | 407030040.975 | 91.193% | 13280736.383 | 2.975% |

---

*\** *Denotes Trust-wide proposal and voting results.* 

Proposal 2: To liquidate certain Funds and distribute the liquidation proceeds to an affiliated money market fund.

This matter was approved by the following Funds' shareholders on June 9, 2022. The results of the votes were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares Voted** | **Shares For** | **% of Shares <br> Outstanding** | **Against** | **% of Shares <br> Outstanding** | **Abstain** | **% of Shares <br> Outstanding** |
| Equity Momentum Fund | 4206094.132 | 2910331.062 | 69.194% | 0.000 | 0.000% | 1295763.070 | 30.806% |
| Special Situations Fund | 3179316.884 | 3179316.884 | 100.000% | 0.000 | 0.000% | 0.000 | 0.000% |

---

**198**

***Other Information (Unaudited)** **(Continued)***<br>

*Fund Expenses December 31, 2022*

*Expense Examples:* 

The following information is in regards to expenses for the six months ended December 31, 2022:

As a shareholder of the Funds, you incur ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended December 31, 2022.

*Actual Expenses:* 

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Operating Expenses Incurred" to estimate the expenses you paid on your account during this period.

*Hypothetical Example for Comparison Purposes:* 

The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning <br> Value** | **Annualized <br> Expense <br> Ratio** | **Ending <br> Value (Based <br> on Actual <br> Returns and <br> Expenses)** | **Operating <br> Expenses <br> Incurred\*** | **Ending Value <br> (Based on <br> Hypothetical <br> Returns and <br> Expenses)** | **Operating <br> Expenses <br> Incurred\*** |
| Blend Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Initial Class | $1000 | 0.45% | $1003.90 | $2.27 | $1022.90 | $2.29 |
| &nbsp;&nbsp;&nbsp; Service Class | 1000 | 0.70% | 1002.60 | 3.53 | 1021.70 | 3.57 |
| Dynamic Bond Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class II | 1000 | 0.57% | 964.80 | 2.82 | 1022.30 | 2.91 |
| &nbsp;&nbsp;&nbsp; Service Class I | 1000 | 0.82% | 963.30 | 4.06 | 1021.10 | 4.18 |
| Equity Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Initial Class | 1000 | 0.45% | 1078.20 | 2.36 | 1022.90 | 2.29 |
| &nbsp;&nbsp;&nbsp; Service Class | 1000 | 0.70% | 1076.90 | 3.66 | 1021.70 | 3.57 |
| Equity Rotation Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class II | 1000 | 0.78% | 1049.00 | 4.03 | 1021.30 | 3.97 |
| &nbsp;&nbsp;&nbsp; Service Class I | 1000 | 1.03% | 1048.40 | 5.32 | 1020.00 | 5.24 |
| High Yield Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class II | 1000 | 1.02% | 1026.30 | 5.21 | 1020.10 | 5.19 |
| &nbsp;&nbsp;&nbsp; Service Class I | 1000 | 1.28% | 1024.90 | 6.53 | 1018.80 | 6.51 |

---

**199**

***Other Information (Unaudited)** **(Continued)***<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning <br> Value** | **Annualized <br> Expense <br> Ratio** | **Ending <br> Value (Based <br> on Actual <br> Returns and <br> Expenses)** | **Operating <br> Expenses <br> Incurred\*** | **Ending Value <br> (Based on <br> Hypothetical <br> Returns and <br> Expenses)** | **Operating <br> Expenses <br> Incurred\*** |
| Inflation-Protected and Income Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Initial Class | $1000 | 0.60% | $960.70 | $2.97 | $1022.20 | $3.06 |
| &nbsp;&nbsp;&nbsp; Service Class | 1000 | 0.85% | 959.80 | 4.20 | 1020.90 | 4.33 |
| iShares 60/40 Allocation Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class II | 1000 | 0.46% | 1002.90 | 2.32 | 1022.90 | 2.35 |
| &nbsp;&nbsp;&nbsp; Service Class I | 1000 | 0.71% | 1001.40 | 3.58 | 1021.60 | 3.62 |
| iShares 80/20 Allocation Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class II | 1000 | 0.46% | 1014.30 | 2.34 | 1022.90 | 2.35 |
| &nbsp;&nbsp;&nbsp; Service Class I | 1000 | 0.71% | 1014.00 | 3.60 | 1021.60 | 3.62 |
| Managed Bond Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Initial Class | 1000 | 0.45% | 965.80 | 2.23 | 1022.90 | 2.29 |
| &nbsp;&nbsp;&nbsp; Service Class | 1000 | 0.70% | 964.60 | 3.47 | 1021.70 | 3.57 |
| Short-Duration Bond Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class II | 1000 | 0.61% | 1001.50 | 3.08 | 1022.10 | 3.11 |
| &nbsp;&nbsp;&nbsp; Service Class I | 1000 | 0.86% | 1000.80 | 4.34 | 1020.90 | 4.38 |
| Small Cap Equity Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Initial Class | 1000 | 0.75% | 1055.30 | 3.89 | 1021.40 | 3.82 |
| &nbsp;&nbsp;&nbsp; Service Class | 1000 | 1.00% | 1054.00 | 5.18 | 1020.20 | 5.09 |
| Strategic Emerging Markets Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class II | 1000 | 1.25% | 1001.20 | 6.31 | 1018.90 | 6.36 |
| &nbsp;&nbsp;&nbsp; Service Class I | 1000 | 1.50% | 998.80 | 7.56 | 1017.60 | 7.63 |
| U.S. Government Money Market Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Initial Class | 1000 | 0.54% | 1011.70 | 2.74 | 1022.50 | 2.75 |

---

*\** *Expenses are calculated using the annualized expense ratio for the six months ended December 31, 2022, multiplied by the average account value over the period, multiplied by 184 days in the period, divided by 365 days in the year, unless stated otherwise. The annualized expense ratio does not reflect expenses deducted under the variable life insurance or variable annuity contract through which the Funds are invested in. Inclusion of these expenses would increase the annualized expense ratios shown.* 

**200**

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**Underwriter:**<br> MML Distributors, LLC<br> 1295 State Street<br> Springfield, Massachusetts 01111-0001

MM202403-304049

![](fp0081165_204.jpg)

<sup>©</sup> 2023 Massachusetts Mutual Life Insurance Company (MassMutual<sup>®</sup>), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com. Investment Adviser: MML Investment Advisers, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to this filing.

**Item 2. Code of Ethics.** 

As of December 31, 2022, the Registrant adopted a Code of Ethics that applies to the Principal Executive Officer, Principal Financial Officer, and other senior financial officers pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2022, the Code of Ethics was amended to remove a registrant no longer subject to the Code of Ethics, and the Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code of Ethics. A copy of its Code of Ethics is filed with this Form N-CSR under Item 13(a)(1).

**Item 3. Audit Committee Financial Expert.** 

The Registrant's Board of Trustees has determined that Nabil N. El-Hage, a member of the Audit Committee, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. El-Hage is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

**Item 4. Principal Accountant Fees and Services.**

References below to Deloitte & Touche LLP include its affiliates where applicable.

&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 2022
and 2021 were $213,190 and $441,457, 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 2022 and 2021. No such fees were billed to the Registrant's adviser and any entity controlling, controlled by, or under
common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP\* for the fiscal years ended
2022 and 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by Deloitte &
Touche LLP for the review of Form 1120-RIC, Form 8613, excise distribution projections, distribution calculation and reasonable out of
pocket expenses for the fiscal years ended 2022 and 2021 were $25,440 and $21,984, respectively. No such fees were billed to the Registrant's
adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant
by Deloitte & Touche LLP\* for the fiscal years ended 2022 and 2021.

&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 2022 and 2021. No such fees were billed to the Registrant's adviser and any entity controlling, controlled by, or under
common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP\* for the fiscal years ended
2022 and 2021.

&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 2022 and 2021 were pre-approved
by the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&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 2022 and 2021 were $626,111 and
$2,562,218, respectively.

&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.

\* Refers to fees that were required to be approved by the audit committee for services that relate directly to the operations and financial reporting of the Registrant.

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

Not applicable to this filing.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see portfolio of investments contained in the Report to Stockholders
included under Item 1 of this form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to this filing.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to this filing.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to this filing.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to this filing.

**Item 10. Submission of Matters to a Vote of Security Holders.**

Not applicable to this filing.

**Item 11. Controls and Procedures.**

&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;b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable to this filing.

**Item 13. Exhibits.**

[(a)(1) Code of Ethics (Item 2) is attached.](fp0081165-2_ex99code.htm)

[(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.](fp0081165-2_ex99cert.htm)

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

&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.](fp0081165-2_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/ Paul LaPiana |
|  | Paul LaPiana, President and Principal Executive Officer |

---

Date <u>2/22/2023</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/ Paul LaPiana |
|  | Paul LaPiana, President and Principal Executive Officer |

---

Date <u>2/22/2023</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Renee Hitchcock |
|  | Renée Hitchcock, Treasurer and Principal Financial Officer |

---

Date <u>2/22/2023</u>

## Ex-99.Code

**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>

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.

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.

<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.

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.

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.

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.

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>

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.

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.

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.

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.

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;· 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 <br> 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, Paul LaPiana, 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: | 2/22/2023 | /s/ Paul LaPiana |
| | | Paul LaPiana |
|  |  | President and Principal Executive Officer |

---

**<u>EX-99.CERT</u>**

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: | 2/22/2023 | /s/ Renee 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, 2022, 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: | 2/22/2023 | /s/ Paul LaPiana |
| | | Paul LaPiana<br> 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.

**<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, 2022, 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: | 2/22/2023 | /s/ Renee Hitchcock |
| | | Renée Hitchcock<br> 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.