# EDGAR Filing Document

**Accession Number:** 0001317146
**File Stem:** 0001133228-25-009471
**Filing Date:** 2025-9
**Character Count:** 406159
**Document Hash:** 7c4ac799978a542b5851ee01f2d93d69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009471.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001133228-25-009471

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21714
- **FILM NUMBER:** 251295656

**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 Short-Duration Bond Fund (Series ID: S000028330)

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

?xml version='1.0' encoding='ASCII'? 2025-07-282BAC_MMLBlendFund_InitialClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

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

---

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

---

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

---

Date of fiscal year end: <u>12/31/2025</u> <br>Date of reporting period: <u>06/30/2025</u>

**Item 1. Reports to Stockholders.**

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

---

| | |
|:---|:---|
| **MML Blend Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Blend Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $23 | 0.45%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $682.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 10 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 59.8% |
|  Fixed Income Funds  | 38.8% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-2BACF

------

---

| | |
|:---|:---|
| **MML Blend Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Blend Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $36 | 0.70%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $682.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 10 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 59.8% |
|  Fixed Income Funds  | 38.8% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-2BACG

------

---

| | |
|:---|:---|
| **MML Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $22 | 0.43%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $852.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 223 |
| **Portfolio Turnover Rate** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JP Morgan Chase & Co.  | 5.5% |
|  Johnson & Johnson  | 3.7% |
|  Bank of America Corp.  | 2.8% |
|  Cisco Systems, Inc.  | 2.6% |
|  Wells Fargo & Co.  | 2.3% |
|  Walt Disney Co.  | 2.3% |
|  Morgan Stanley  | 2.1% |
|  Goldman Sachs Group, Inc.  | 2.1% |
|  Chevron Corp.  | 2.0% |
|  Caterpillar, Inc.  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 32.4% |
|  Health Care  | 15.1% |
|  Industrials  | 11.9% |
|  Communication Services  | 8.6% |
|  Consumer Discretionary  | 6.2% |
|  Consumer Staples  | 6.0% |
|  Information Technology  | 6.0% |
|  Energy  | 5.4% |
|  Materials  | 3.7% |
|  Utilities  | 3.4% |
|  Equity Funds  | 0.7% |
|  Real Estate  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-2BAKF

------

---

| | |
|:---|:---|
| **MML Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $35 | 0.68%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $852.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 223 |
| **Portfolio Turnover Rate** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JP Morgan Chase & Co.  | 5.5% |
|  Johnson & Johnson  | 3.7% |
|  Bank of America Corp.  | 2.8% |
|  Cisco Systems, Inc.  | 2.6% |
|  Wells Fargo & Co.  | 2.3% |
|  Walt Disney Co.  | 2.3% |
|  Morgan Stanley  | 2.1% |
|  Goldman Sachs Group, Inc.  | 2.1% |
|  Chevron Corp.  | 2.0% |
|  Caterpillar, Inc.  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 32.4% |
|  Health Care  | 15.1% |
|  Industrials  | 11.9% |
|  Communication Services  | 8.6% |
|  Consumer Discretionary  | 6.2% |
|  Consumer Staples  | 6.0% |
|  Information Technology  | 6.0% |
|  Energy  | 5.4% |
|  Materials  | 3.7% |
|  Utilities  | 3.4% |
|  Equity Funds  | 0.7% |
|  Real Estate  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-2BAKG

------

---

| | |
|:---|:---|
| **MML Inflation-Protected and Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Inflation-Protected and Income Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $31 | 0.62%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $166.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 176 |
| **Portfolio Turnover Rate** | 44% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 62.5% |
|  U.S. Treasury Obligations  | 22.0% |
|  Commercial Paper  | 11.1% |
|  U.S. Government Agency Obligations and Instrumentalities  | 3.1% |
|  Repurchase Agreement  | 1.3% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJLF

------

---

| | |
|:---|:---|
| **MML Inflation-Protected and Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Inflation-Protected and Income Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $44 | 0.87%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $166.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 176 |
| **Portfolio Turnover Rate** | 44% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 62.5% |
|  U.S. Treasury Obligations  | 22.0% |
|  Commercial Paper  | 11.1% |
|  U.S. Government Agency Obligations and Instrumentalities  | 3.1% |
|  Repurchase Agreement  | 1.3% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJLG

------

---

| | |
|:---|:---|
| **MML iShares® 60/40 Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML iShares® 60/40 Allocation Fund\* (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $24 | 0.46%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $63.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 11 |
| **Portfolio Turnover Rate** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 60.0% |
|  Fixed Income Funds  | 40.0% |

---

---

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

---

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

MM202912-309532 PAGE 1 TSR-SAR-IT25F

------

---

| | |
|:---|:---|
| **MML iShares® 60/40 Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML iShares® 60/40 Allocation Fund\* (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $36 | 0.71%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $63.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 11 |
| **Portfolio Turnover Rate** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 60.0% |
|  Fixed Income Funds  | 40.0% |

---

---

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

---

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

MM202912-309532 PAGE 1 TSR-SAR-IT25G

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---

| | |
|:---|:---|
| **MML iShares® 80/20 Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML iShares® 80/20 Allocation Fund\* (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $24 | 0.46%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $117.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 13 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 79.0% |
|  Fixed Income Funds  | 19.7% |

---

---

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

---

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

MM202912-309532 PAGE 1 TSR-SAR-IT26F

------

---

| | |
|:---|:---|
| **MML iShares® 80/20 Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML iShares® 80/20 Allocation Fund\* (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $37 | 0.71%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $117.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 13 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 79.0% |
|  Fixed Income Funds  | 19.7% |

---

---

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

---

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

MM202912-309532 PAGE 1 TSR-SAR-IT26G

------

---

| | |
|:---|:---|
| **MML Managed Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Managed Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $23 | 0.45%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $734.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 393 |
| **Portfolio Turnover Rate** | 88% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 38.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 27.3% |
|  Non-U.S. Government Agency Obligations  | 19.2% |
|  U.S. Treasury Obligations  | 13.6% |
|  Investment of Cash Collateral from Securities Loaned  | 0.8% |
|  Commercial Paper  | 0.8% |
|  Sovereign Debt Obligations  | 0.2% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIYF

------

---

| | |
|:---|:---|
| **MML Managed Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Managed Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $35 | 0.70%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $734.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 393 |
| **Portfolio Turnover Rate** | 88% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 38.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 27.3% |
|  Non-U.S. Government Agency Obligations  | 19.2% |
|  U.S. Treasury Obligations  | 13.6% |
|  Investment of Cash Collateral from Securities Loaned  | 0.8% |
|  Commercial Paper  | 0.8% |
|  Sovereign Debt Obligations  | 0.2% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIYG

------

---

| | |
|:---|:---|
| **MML Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Short-Duration Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $30 | 0.59%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $110.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 265 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 44.6% |
|  Non-U.S. Government Agency Obligations  | 34.6% |
|  Commercial Paper  | 18.9% |
|  Repurchase Agreement  | 1.3% |
|  Investment of Cash Collateral from Securities Loaned  | 0.5% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFLF

------

---

| | |
|:---|:---|
| **MML Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Short-Duration Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $42 | 0.84%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $110.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 265 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 44.6% |
|  Non-U.S. Government Agency Obligations  | 34.6% |
|  Commercial Paper  | 18.9% |
|  Repurchase Agreement  | 1.3% |
|  Investment of Cash Collateral from Securities Loaned  | 0.5% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFLG

------

---

| | |
|:---|:---|
| **MML Small Cap Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Small Cap Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $35 | 0.71%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $123.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  AutoNation, Inc.  | 2.2% |
|  Itron, Inc.  | 2.1% |
|  Wintrust Financial Corp.  | 1.9% |
|  Casella Waste Systems, Inc. Class A  | 1.8% |
|  Zurn Elkay Water Solutions Corp.  | 1.7% |
|  Belden, Inc.  | 1.6% |
|  Enpro, Inc.  | 1.6% |
|  Esab Corp.  | 1.6% |
|  PennyMac Financial Services, Inc.  | 1.6% |
|  American Healthcare REIT, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.0% |
|  Financials  | 19.2% |
|  Health Care  | 14.9% |
|  Information Technology  | 13.5% |
|  Consumer Discretionary  | 11.5% |
|  Real Estate  | 5.6% |
|  Energy  | 4.0% |
|  Materials  | 3.7% |
|  Utilities  | 2.3% |
|  Consumer Staples  | 1.9% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJHF

------

---

| | |
|:---|:---|
| **MML Small Cap Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Small Cap Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $48 | 0.96%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $123.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  AutoNation, Inc.  | 2.2% |
|  Itron, Inc.  | 2.1% |
|  Wintrust Financial Corp.  | 1.9% |
|  Casella Waste Systems, Inc. Class A  | 1.8% |
|  Zurn Elkay Water Solutions Corp.  | 1.7% |
|  Belden, Inc.  | 1.6% |
|  Enpro, Inc.  | 1.6% |
|  Esab Corp.  | 1.6% |
|  PennyMac Financial Services, Inc.  | 1.6% |
|  American Healthcare REIT, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.0% |
|  Financials  | 19.2% |
|  Health Care  | 14.9% |
|  Information Technology  | 13.5% |
|  Consumer Discretionary  | 11.5% |
|  Real Estate  | 5.6% |
|  Energy  | 4.0% |
|  Materials  | 3.7% |
|  Utilities  | 2.3% |
|  Consumer Staples  | 1.9% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJHG

------

---

| | |
|:---|:---|
| **MML U.S. Government Money Market Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML U.S. Government Money Market Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $26 | 0.52%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $194.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 22 |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Bills  | 48.7% |
|  Discount Notes  | 38.2% |
|  Repurchase Agreement  | 13.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIZA

------

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

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

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

Not applicable.

**Item 6. Investments.**

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

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

![](coverpagemmlii.jpg)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  |
| &nbsp;&nbsp;&nbsp; Portfolios of Investments (Unaudited)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Blend Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Equity Fund](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Inflation-Protected and Income Fund](#soi3) | [6](#soi3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML iShares<sup>®</sup> 60/40 Allocation Fund\*](#soi4) | [13](#soi4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML iShares<sup>®</sup> 80/20 Allocation Fund\*](#soi5) | [14](#soi5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Managed Bond Fund](#soi6) | [15](#soi6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Short-Duration Bond Fund](#soi7) | [26](#soi7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Small Cap Equity Fund](#soi8) | [35](#soi8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML U.S. Government Money Market Fund](#soi9) | [37](#soi9) |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities (Unaudited)](#sal) | [38](#sal) |
| &nbsp;&nbsp;&nbsp; [Statements of Operations (Unaudited)](#sop) | [42](#sop) |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna) | [44](#scna) |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | [49](#fihi) |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements (Unaudited)](#notes) | [58](#notes) |
| **[Item 8.](#item8)<br> [Changes in and Disagreements with Accountants for Open-End Management Investment Companies.](#item8)**<br>| [79](#item8) |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies. ](#item9)** | [80](#item9) |
| **[Item 10.](#item10)<br> [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. ](#item10)**<br>| [81](#item10) |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. ](#item11)** | [82](#item11) |

---

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

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

------

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

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

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

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF (a) | 495915 | $26427310  |
| iShares Core S&P 500 ETF | 302752 | 187978717  |
| iShares Core S&P Mid-Cap ETF | 217558 | 13492947  |
| iShares Core S&P Small-Cap ETF | 52258 | 5711277  |
|  iShares Core S&P Total U.S. Stock Market ETF | 1527897 | 206327211  |
|  iShares Core Total USD Bond Market ETF | 2329117 | 107675079  |
|  iShares Core U.S. Aggregate Bond ETF | 1086293 | 107760265  |
|  iShares iBoxx High Yield Corporate Bond ETF (a) | 325455 | 26247946  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $542,921,718)** |  | **681620752**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $542,921,718)** |  | **681620752**  |
| **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** |
| **Investment of Cash Collateral from Securities Loaned — 1.3%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (b) | 8636950 | 8636950 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |  |
| **Repurchase Agreement — 0.1%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (c) | $1023113 | 1023113  |
| **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $9,660,063)** |  | **9660063**  |
| **TOTAL INVESTMENTS — 101.3%**<br>|  |  |
| **(Cost $552,581,781) (d)** |  | **691280815**  |
| **Other Assets/**<br>(Liabilities) — (1.3)% |  | **(9017554)**  |
| **NET ASSETS — 100.0%** |  | **$682263261** |

---

**Abbreviation Legend** 

<br> ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $8,443,359 or 1.24% of net assets. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $1,023,191. Collateralized
 by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued
 interest, of $1,043,648.

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

---

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

---

------

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

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

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 98.6%**<br>|  |  |
| **Common Stock — 98.6%**<br>|  |  |
| **Communication Services — 8.5%** <br>|  |  |
| AT&T, Inc. | 576800 | $16692592  |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. <br>Class A (a) (b) | 12100 | 4946601  |
| Comcast Corp. Class A | 298800 | 10664172  |
| Fox Corp. Class A | 28500 | 1597140  |
| Interpublic Group of Cos., Inc. | 30500 | 746640  |
| Match Group, Inc. | 21100 | 651779  |
| News Corp. Class A | 35500 | 1055060  |
| Verizon Communications, Inc. | 396500 | 17156555  |
| Walt Disney Co. | 156200 | 19370362  |
|  |  | 72880901  |
| **Consumer Discretionary — 6.1%**<br>|  |  |
| ADT, Inc. | 65900 | 558173  |
| AutoNation, Inc. (a) | 6800 | 1350820  |
| BorgWarner, Inc. | 19100 | 639468  |
| CarMax, Inc. (a) | 14300 | 961103  |
| Dick's Sporting Goods, Inc. | 5000 | 989050  |
| eBay, Inc. (b) | 43400 | 3231564  |
| Expedia Group, Inc. | 11400 | 1922952  |
| Ford Motor Co. | 367300 | 3985205  |
| Gap, Inc. | 35100 | 765531  |
| General Motors Co. | 98100 | 4827501  |
| Genuine Parts Co. | 12100 | 1467851  |
| H&R Block, Inc. | 11600 | 636724  |
| Hasbro, Inc. | 11300 | 834166  |
| Lithia Motors, Inc. | 2400 | 810768  |
| LKQ Corp. | 24300 | 899343  |
| Lowe's Cos., Inc. | 62300 | 13822501  |
| Lululemon Athletica, Inc. (a) | 7400 | 1758092  |
| MGM Resorts International (a) | 25600 | 880384  |
| Murphy USA, Inc. | 1700 | 691560  |
| NVR, Inc. (a) | 300 | 2215698  |
| Penske Automotive Group, Inc. (b) | 6200 | 1065222  |
| PulteGroup, Inc. | 22500 | 2372850  |
| Toll Brothers, Inc. | 8400 | 958692  |
| Ulta Beauty, Inc. (a) | 4200 | 1964844  |
| Williams-Sonoma, Inc. | 11600 | 1895092  |
| Wynn Resorts Ltd. (b) | 9800 | 917966  |
|  |  | 52423120  |
| **Consumer Staples — 6.0%**<br>|  |  |
| Albertsons Cos., Inc. | 53000 | 1140030  |
| Altria Group, Inc. | 158400 | 9286992  |
| Coca-Cola Consolidated, Inc. | 6900 | 770385  |
| Dollar Tree, Inc. (a) | 18100 | 1792624  |
| Hormel Foods Corp. | 9400 | 284350  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Ingredion, Inc. | 6000 | $813720  |
| Kenvue, Inc. | 121800 | 2549274  |
| Keurig Dr. Pepper, Inc. | 127700 | 4221762  |
| Kimberly-Clark Corp. | 31200 | 4022304  |
| Kraft Heinz Co. | 101600 | 2623312  |
| Kroger Co. | 62600 | 4490298  |
| Lamb Weston Holdings, Inc. | 12300 | 637755  |
| Molson Coors Beverage Co. Class B | 17900 | 860811  |
| Mondelez International, Inc. Class A | 112400 | 7580256  |
| PepsiCo, Inc. | 39700 | 5241988  |
| Sysco Corp. | 45600 | 3453744  |
| Tyson Foods, Inc. Class A | 26900 | 1504786  |
|  |  | 51274391  |
| **Energy — 5.4%**<br>|  |  |
| Antero Midstream Corp. | 45100 | 854645  |
| Baker Hughes Co. | 93200 | 3573288  |
| Chevron Corp. | 121058 | 17334295  |
| EOG Resources, Inc. | 51300 | 6135993  |
| HF Sinclair Corp. | 17700 | 727116  |
| Kinder Morgan, Inc. | 193200 | 5680080  |
| Ovintiv, Inc. | 24400 | 928420  |
| Phillips 66 | 38300 | 4569190  |
| Range Resources Corp. | 22500 | 915075  |
| TechnipFMC PLC | 36400 | 1253616  |
| Valero Energy Corp. | 29500 | 3965390  |
|  |  | 45937108  |
| **Financials — 32.4%**<br>|  |  |
| Aflac, Inc. | 46400 | 4893344  |
| Ally Financial, Inc. | 19100 | 743945  |
| American Financial Group, Inc. | 6000 | 757260  |
| American International Group, Inc. | 50100 | 4288059  |
| Ameriprise Financial, Inc. | 8100 | 4323213  |
| Apollo Global Management, Inc. | 39800 | 5646426  |
| Arch Capital Group Ltd. | 26200 | 2385510  |
| Assurant, Inc. | 4200 | 829458  |
| Axis Capital Holdings Ltd. | 6800 | 705976  |
| Bank of America Corp. | 510500 | 24156860  |
| Bank of New York Mellon Corp. | 58500 | 5329935  |
| Carlyle Group, Inc. (b) | 30700 | 1577980  |
| Chubb Ltd. | 34000 | 9850480  |
| Cincinnati Financial Corp. | 13300 | 1980636  |
| Citigroup, Inc. | 124300 | 10580416  |
| Citizens Financial Group, Inc. | 31700 | 1418575  |
| Comerica, Inc. | 7000 | 417550  |
| Commerce Bancshares, Inc. | 9380 | 583155  |
| Corebridge Financial, Inc. | 47400 | 1682700  |
| Corpay, Inc. (a) | 5000 | 1659100  |
| Cullen/Frost Bankers, Inc. | 3500 | 449890  |

---

---

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

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| East West Bancorp, Inc. | 9500 | $959310  |
| Equitable Holdings, Inc. | 29200 | 1638120  |
| Everest Group Ltd. | 3700 | 1257445  |
| Fidelity National Financial, Inc. | 18900 | 1059534  |
| Fifth Third Bancorp | 40600 | 1669878  |
| First Citizens BancShares, Inc. Class A | 1060 | 2073858  |
| First Horizon Corp. | 26900 | 570280  |
| Goldman Sachs Group, Inc. | 24930 | 17644207  |
| Hartford Insurance Group, Inc. | 24200 | 3070254  |
| Huntington Bancshares, Inc. | 101600 | 1702816  |
| JP Morgan Chase & Co. | 161600 | 46849456  |
| Loews Corp. | 18100 | 1659046  |
| M&T Bank Corp. | 9800 | 1901102  |
| Markel Group, Inc. (a) | 910 | 1817598  |
| MetLife, Inc. | 59700 | 4801074  |
| Morgan Stanley | 128100 | 18044166  |
| Northern Trust Corp. | 16700 | 2117393  |
| Old Republic International Corp. | 21000 | 807240  |
| PayPal Holdings, Inc. (a) | 84000 | 6242880  |
| PNC Financial Services Group, Inc. | 28000 | 5219760  |
| Primerica, Inc. | 2800 | 766276  |
| Principal Financial Group, Inc. | 19200 | 1525056  |
| Progressive Corp. | 36900 | 9847134  |
| Prudential Financial, Inc. | 26500 | 2847160  |
| Raymond James Financial, Inc. | 17500 | 2683975  |
| Regions Financial Corp. | 64100 | 1507632  |
| Reinsurance Group of America, Inc. | 4397 | 872189  |
| RenaissanceRe Holdings Ltd. | 4200 | 1020180  |
| SEI Investments Co. | 10900 | 979474  |
| State Street Corp. | 24500 | 2605330  |
| Stifel Financial Corp. | 7100 | 736838  |
| Synchrony Financial | 33100 | 2209094  |
| T. Rowe Price Group, Inc. | 15900 | 1534350  |
| Travelers Cos., Inc. | 30100 | 8052954  |
| Truist Financial Corp. | 68900 | 2962011  |
| Unum Group | 14100 | 1138716  |
| US Bancorp | 82000 | 3710500  |
| Voya Financial, Inc. | 3700 | 262700  |
| W. R. Berkley Corp. | 32350 | 2376754  |
| Webster Financial Corp. | 12200 | 666120  |
| Wells Fargo & Co. | 243200 | 19485184  |
| Willis Towers Watson PLC | 7400 | 2268100  |
| Zions Bancorp NA | 6400 | 332416  |
|  |  | 275756028  |
| **Health Care — 15.1%**<br>|  |  |
| AbbVie, Inc. | 71700 | 13308954  |
| Amgen, Inc. | 44100 | 12313161  |
| Cardinal Health, Inc. | 20408 | 3428544  |
| Cencora, Inc. | 17400 | 5217390  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Cigna Group | 25100 | $8297558  |
| CVS Health Corp. | 106900 | 7373962  |
| DaVita, Inc. (a) | 6800 | 968660  |
| Exelixis, Inc. (a) | 18100 | 797758  |
| Gilead Sciences, Inc. | 99600 | 11042652  |
| Halozyme Therapeutics, Inc. (a) | 10300 | 535806  |
| HCA Healthcare, Inc. | 27800 | 10650180  |
| Henry Schein, Inc. (a) (b) | 11400 | 832770  |
| Jazz Pharmaceuticals PLC (a) | 5300 | 562436  |
| Johnson & Johnson | 204500 | 31237375  |
| Labcorp Holdings, Inc. | 8000 | 2100080  |
| Medtronic PLC | 120500 | 10503985  |
| Molina Healthcare, Inc. (a) | 4800 | 1429920  |
| Quest Diagnostics, Inc. | 11900 | 2137597  |
| Roivant Sciences Ltd. (a) (b) | 63900 | 720153  |
| Tenet Healthcare Corp. (a) | 8700 | 1531200  |
| United Therapeutics Corp. (a) | 3800 | 1091930  |
|  Universal Health Services, Inc. Class B | 6400 | 1159360  |
| Zimmer Biomet Holdings, Inc. | 18600 | 1696506  |
|  |  | 128937937  |
| **Industrials — 11.9%**<br>|  |  |
| 3M Co. | 45900 | 6987816  |
| Acuity, Inc. | 2600 | 775684  |
| AGCO Corp. (b) | 7000 | 722120  |
| Allegion PLC | 8100 | 1167372  |
| Allison Transmission Holdings, Inc. | 7300 | 693427  |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. <br>Class A (a) (b) | 2100 | 1001070  |
| Caterpillar, Inc. | 44200 | 17158882  |
| CNH Industrial NV | 117500 | 1522800  |
| CSX Corp. | 176700 | 5765721  |
| Cummins, Inc. | 11600 | 3799000  |
| Delta Air Lines, Inc. | 52200 | 2567196  |
| Donaldson Co., Inc. | 11000 | 762850  |
| Dover Corp. | 8500 | 1557455  |
| EMCOR Group, Inc. | 3900 | 2086071  |
|  Expeditors International of Washington, Inc. | 12900 | 1473825  |
| General Dynamics Corp. | 23200 | 6766512  |
| Genpact Ltd. | 15100 | 664551  |
| Huntington Ingalls Industries, Inc. (b) | 3700 | 893402  |
| L3Harris Technologies, Inc. | 15800 | 3963272  |
| Leidos Holdings, Inc. | 12149 | 1916626  |
| Lockheed Martin Corp. | 19900 | 9216486  |
| Masco Corp. | 21600 | 1390176  |
| Middleby Corp. (a) | 5000 | 720000  |
| Mueller Industries, Inc. | 10400 | 826488  |
| Norfolk Southern Corp. | 19700 | 5042609  |

---

---

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

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Oshkosh Corp. | 5500 | $624470  |
| Owens Corning | 8900 | 1223928  |
| PACCAR, Inc. | 49413 | 4697200  |
| Regal Rexnord Corp. | 6200 | 898752  |
| Snap-on, Inc. | 4900 | 1524782  |
| Southwest Airlines Co. (b) | 53600 | 1738784  |
| Textron, Inc. | 19200 | 1541568  |
| &nbsp;&nbsp;&nbsp; U-Haul Holding Co. <br>(UHAL US) (a) (b) | 1300 | 78728  |
| U-Haul Holding Co. (UHAL/B US) | 16700 | 907979  |
| UFP Industries, Inc. | 5200 | 516672  |
| United Airlines Holdings, Inc. (a) | 30700 | 2444641  |
| United Rentals, Inc. | 6150 | 4633410  |
| WESCO International, Inc. | 4600 | 851920  |
|  |  | 101124245  |
| **Information Technology — 6.0%**<br>|  |  |
| Cisco Systems, Inc. | 316500 | 21958770  |
|  Cognizant Technology Solutions Corp. Class A | 46400 | 3620592  |
| Dell Technologies, Inc. Class C | 31900 | 3910940  |
| Dropbox, Inc. Class A (a) | 19200 | 549120  |
| Gen Digital, Inc. | 58300 | 1714020  |
| NetApp, Inc. | 18800 | 2003140  |
| QUALCOMM, Inc. | 103300 | 16451558  |
| TD SYNNEX Corp. | 7400 | 1004180  |
|  |  | 51212320  |
| **Materials — 3.7%**<br>|  |  |
| Axalta Coating Systems Ltd. (a) | 18600 | 552234  |
| CF Industries Holdings, Inc. | 15200 | 1398400  |
| Corteva, Inc. | 59200 | 4412176  |
| CRH PLC | 63600 | 5838480  |
| Crown Holdings, Inc. | 11600 | 1194568  |
| Mosaic Co. | 29800 | 1087104  |
| Newmont Corp. (NEM US) | 104700 | 6099822  |
| Nucor Corp. | 21700 | 2811018  |
| Packaging Corp. of America | 8500 | 1601825  |
| PPG Industries, Inc. | 21300 | 2422875  |
| Reliance, Inc. | 5200 | 1632280  |
| Steel Dynamics, Inc. | 18200 | 2329782  |
|  |  | 31380564  |
| **Real Estate — 0.1%**<br>|  |  |
| Jones Lang LaSalle, Inc. (a) | 4500 | 1151010  |
| **Utilities — 3.4%**<br>|  |  |
| DTE Energy Co. | 19500 | 2582970  |
| Duke Energy Corp. | 62800 | 7410400  |
| Evergy, Inc. | 21600 | 1488888  |
| FirstEnergy Corp. | 50100 | 2017026  |
| National Fuel Gas Co. | 8500 | 720035  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| NRG Energy, Inc. | 17500 | $2810150  |
| OGE Energy Corp. | 16461 | 730539  |
| PPL Corp. | 69500 | 2355355  |
| Public Service Enterprise Group, Inc. | 44200 | 3720756  |
| Southern Co. | 39900 | 3664017  |
| WEC Energy Group, Inc. | 11400 | 1187880  |
|  |  | 28688016  |
| **TOTAL COMMON STOCK**<br>**(Cost $638,567,808)** |  | **840765640**  |
| **TOTAL EQUITIES**<br>**(Cost $638,567,808)** |  | **840765640**  |
| **Exchange-Traded Funds — 0.8%** | **Exchange-Traded Funds — 0.8%** | **Exchange-Traded Funds — 0.8%** |
| iShares Russell 1000 Value ETF (b) | 32800 | 6370744  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $6,204,204)** |  | **6370744**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $644,772,012)** |  | **847136384**  |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Investment of Cash Collateral from Securities Loaned — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money <br>Market Portfolio, 4.340% (c) | 79794 | 79794 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |  |
| **Repurchase Agreement — 0.5%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $4335525 | 4335525  |
| **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $4,415,319)** |  | 4415319  |
| **TOTAL INVESTMENTS — 99.9%**<br>**(Cost $649,187,331) (e)** |  | **851551703**  |
| **Other Assets/**<br>(Liabilities) — 0.1% |  | **849952**  |
| **NET ASSETS — 100.0%**  |  | **$852401655** |

---

**Abbreviation Legend**

<br> ETF Exchange-Traded Fund

---

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

---

------

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

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

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $22,130,414 or 2.60% of net assets. The Fund received $22,363,665
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $4,335,856. Collateralized
 by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued
 interest, of $4,422,335.

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

---

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

---

------

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

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

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Bonds & Notes — 85.1%** | **Bonds & Notes — 85.1%** | **Bonds & Notes — 85.1%** |
| **Non-U.S. Government Agency** <br>**Obligations — 60.7%** | **Non-U.S. Government Agency** <br>**Obligations — 60.7%** | **Non-U.S. Government Agency** <br>**Obligations — 60.7%** |
| **Automobile Asset-Backed Securities — 23.7%** | **Automobile Asset-Backed Securities — 23.7%** | **Automobile Asset-Backed Securities — 23.7%** |
|  American Credit Acceptance Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, <br>5.630% 1/14/30 (a) | $2000000 | $2002040  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, <br>5.660% 8/14/28 (a) | 1000000 | 1004771  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class C, <br>6.240% 4/12/30 (a) | 2200000 | 2225223  |
|  Avis Budget Rental Car Funding AESOP LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, <br>2.020% 2/20/27 (a) | 2700000 | 2666633  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class B, <br>2.680% 8/20/26 (a) | 528333 | 527086  |
|  BOF URSA VI Funding Trust I, Series 2023-CAR1, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.542% 10/27/31 (a) | 409527 | 412407  |
|  Carvana Auto Receivables Trust, Series 2021-N3, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.660% 6/12/28 | 435436 | 416986  |
| CPS Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class E, <br>3.210% 9/15/28 (a) | 2000000 | 1977582  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, <br>5.650% 5/15/28 (a) | 2500000 | 2505879  |
|  Drive Auto Receivables Trust, Series 2025-1, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.870% 8/15/28 | 900000 | 901238  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, <br>1.400% 4/15/27 | 1166228 | 1148942  |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, <br>1.550% 6/15/27 | 1663742 | 1635275  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, <br>1.960% 1/17/28 | 995341 | 983601  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, <br>4.560% 7/17/28 | 1260000 | 1253815  |
|  Exeter Select Automobile Receivables Trust, Series 2025-1, Class A2 4.830% 10/16/28 | 1000000 | 999674  |
|  FCCU Auto Receivables Trust, Series 2025-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.870% 1/16/29 (a) | 800000 | 801021  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Flagship Credit Auto Trust, Series 2021-2, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.270% 6/15/27 (a) | $773175 | $769590  |
| GLS Auto Receivables Issuer Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, <br>2.480% 10/15/27 (a) | 1717223 | 1696599  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class E, <br>3.140% 1/18/28 (a) | 1250000 | 1246941  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, <br>6.420% 6/15/28 (a) | 1100000 | 1114475  |
|  Octane Receivables Trust, Series 2022-2A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.290% 7/20/28 (a) | 2000000 | 2019818  |
|  Onemain Direct Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, <br>0.870% 7/14/28 (a) | 565886 | 561785  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class C, <br>5.310% 6/14/29 (a) | 800000 | 799222  |
|  Oscar US Funding XII LLC, Series 2021-1A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.000% 4/10/28 (a) | 884000 | 871713  |
|  SBNA Auto Receivables Trust, Series 2025-SF1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.120% 3/17/31 (a) | 1000000 | 1000109  |
|  Tesla Auto Lease Trust, Series 2023-B, Class B 6.570% 8/20/27 (a) | 2000000 | 2012443  |
| Tricolor Auto Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, <br>4.940% 2/15/29 (a) | 1752708 | 1754143  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, <br>5.120% 1/16/29 (a) | 2000000 | 2002182  |
|  Westlake Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, <br>5.480% 9/15/27 (a) | 2000000 | 2003399  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class A2, <br>6.230% 1/15/27 (a) | 147721 | 147842  |
|  |  | 39462434  |
| **Commercial Mortgage-Backed Securities — 3.2%** | **Commercial Mortgage-Backed Securities — 3.2%** | **Commercial Mortgage-Backed Securities — 3.2%** |
| &nbsp;&nbsp;&nbsp; BHMS Mortgage Trust, <br>Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797% 6.109% FRN 7/15/35 (a) (b) | 1000000 | 999613  |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust, <br>Series 2015-LC19, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.867% 2/10/48 (a) | 1700000 | 1562800  |

---

---

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

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Extended Stay America Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364% 6.677% FRN 7/15/38 (a) (b) | $771955 | $772920  |
| &nbsp;&nbsp;&nbsp; Series 2021-ESH, Class F, 1 mo. USD Term SOFR + 3.814% 8.127% FRN 7/15/38 (a) (b) | 1029273 | 1029273  |
| &nbsp;&nbsp;&nbsp; KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term <br>SOFR + 2.314% <br>6.628% FRN 2/15/39 (a) (b) | 700000 | 689435  |
| &nbsp;&nbsp;&nbsp; Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, <br>1 mo. USD Term SOFR + 2.335%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.654% FRN 5/25/38 (a) (b) | 263158 | 263159  |
|  |  | 5317200  |
| **Home Equity Asset-Backed Securities — 1.1%** | **Home Equity Asset-Backed Securities — 1.1%** | **Home Equity Asset-Backed Securities — 1.1%** |
|  Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.049% FRN 4/25/36 (b) | 551152 | 544503  |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Acquisition Trust, <br>Series 2007-CH3, Class A5, 1 mo. <br>USD Term SOFR + 0.374% | &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Acquisition Trust, <br>Series 2007-CH3, Class A5, 1 mo. <br>USD Term SOFR + 0.374% |  |
| &nbsp;&nbsp;&nbsp; 4.694% FRN 3/25/37 (b) | 91982 | 90937  |
|  Point Securitization Trust, Series 2024-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 6/25/54 (a) | 1167207 | 1169373  |
|  Structured Asset Securities Corp. Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.284% 4.604% FRN 1/25/37 (b) | 13834 | 13799  |
| &nbsp;&nbsp;&nbsp; Series 2006-GEL1, Class M2, <br>1 mo. USD Term SOFR + 1.314% 5.634% FRN 11/25/35 (a) (b) | 34358 | 34297  |
|  |  | 1852909  |
| **Other Asset-Backed Securities — 20.5%** | **Other Asset-Backed Securities — 20.5%** | **Other Asset-Backed Securities — 20.5%** |
|  321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.626% FRN 9/15/41 (a) (b) | 31075 | 30878  |
|  ACHV ABS Trust, Series 2024-1PL, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.900% 4/25/31 (a) | 431276 | 435074  |
| Affirm Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-Z2, Class A, <br>1.170% 11/16/26 (a) | 5412 | 5404  |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class A, <br>5.080% 4/15/30 (a) | 1846726 | 1847107  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, <br>5.610% 2/15/29 (a) | $1000000 | $1004873  |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class B, <br>6.340% 5/15/29 (a) | 500000 | 500751  |
| &nbsp;&nbsp;&nbsp; Series 2023-X1, Class B, <br>7.770% 11/15/28 (a) | 57677 | 57747  |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class D, <br>8.780% 9/15/28 (a) | 2200000 | 2221265  |
| Alterna Funding III LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, <br>6.260% 5/16/39 (a) | 1558506 | 1573227  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, <br>7.136% 5/16/39 (a) | 839028 | 845938  |
| BHG Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>1.420% 11/17/33 (a) | 579729 | 569556  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, <br>5.550% 4/17/36 (a) | 366416 | 366576  |
| &nbsp;&nbsp;&nbsp; DataBank Issuer LLC, <br>Series 2021-1A, Class A2 | &nbsp;&nbsp;&nbsp; DataBank Issuer LLC, <br>Series 2021-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp; 2.060% 2/27/51 (a) | 1000000 | 978150  |
|  FCI Funding LLC, Series 2024-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.440% 8/15/36 (a) | 736650 | 736422  |
|  FNA VI LLC, Series 2021-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.350% 1/10/32 (a) | 1123664 | 1044771  |
|  GreenSky Home Improvement Trust, Series 2024-1, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.880% 6/25/59 (a) | 885703 | 895693  |
|  Hilton Grand Vacations Trust, Series 2022-2A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.570% 1/25/37 (a) | 271791 | 272507  |
|  MCA Fund Holding LLC, Series 2020-1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 11/15/35 (a) | 155780 | 153561  |
|  NP SPE IX LP, Series 2019-1A, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.574% 9/20/49 (a) | 80130 | 78563  |
|  Oak Street Investment Grade Net Lease Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1,<br>1.480% 1/20/51 (a) | 3054691 | 2973064  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1, <br>1.850% 11/20/50 (a) | 2219055 | 2170323  |
| Oportun Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, <br>4.960% 8/16/32 (a) | 1391611 | 1388935  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A, <br>5.260% 8/15/29 (a) | 1717386 | 1717928  |

---

---

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

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust, <br>Series 2024-2, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.860% 2/09/32 (a) | $677661 | $678315  |
| Pagaya AI Debt Grantor Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class A, <br>5.183% 6/15/32 (a) | 917936 | 923043  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A, <br>5.331% 1/15/32 (a) | 1847949 | 1850602  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A, <br>6.278% 10/15/31 (a) | 628742 | 632500  |
|  Pagaya AI Debt Trust, Series 2024-4, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.539% 8/15/31 (a) | 3353652 | 3369377  |
|  PVONE 2023-1 LLC, Series 2023-2A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.670% 9/17/35 (a) | 453627 | 453619  |
| RAM LLC, Series 2024-1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.669% 2/15/39 (a) | 1425545 | 1429417  |
| Reach ABS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, <br>6.300% 2/18/31 (a) | 160498 | 160998  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, <br>7.330% 2/18/31 (a) | 527172 | 529944  |
| SoFi Consumer Loan Program Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, <br>4.800% 2/27/34 (a) | 1567459 | 1570595  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A, <br>4.820% 6/25/34 (a) | 700000 | 700943  |
|  |  | 34167666  |
| **Real Estate Investment Trusts (REITS) — 0.3%** | **Real Estate Investment Trusts (REITS) — 0.3%** | **Real Estate Investment Trusts (REITS) — 0.3%** |
| SBA Tower Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.884% 7/15/50 (a) | 490000 | 481996  |
| **Student Loans Asset-Backed Securities — 5.1%** | **Student Loans Asset-Backed Securities — 5.1%** | **Student Loans Asset-Backed Securities — 5.1%** |
| Commonbond Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-AGS, Class B,<br>1.400% 3/25/52 (a) | 91559 | 70544  |
| &nbsp;&nbsp;&nbsp; Series 2018-CGS, Class C, <br>4.350% 2/25/46 (a) | 13372 | 11926  |
|  Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 30 day USD SOFR Average + 0.914%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.220% FRN 10/25/56 (a) (b) | 121712 | 120708  |
|  JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.974% FRN 6/28/39 (a) (b) | 227852 | 202910  |
|  Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.340% 10/25/48 (a) | 8437 | 8383  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Navient Private Education Refi Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>0.840% 5/15/69 (a) | $1152654 | $1049904  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, <br>1.310% 1/15/69 (a) | 168493 | 157319  |
|  Navient Student Loan Trust, Series 2017-1A, Class A3, 30 day USD SOFR Average + 1.264%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.570% FRN 7/26/66 (a) (b) | 227955 | 227385  |
| Nelnet Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class B, 90 day <br>USD SOFR Average + 0.432% 4.774% FRN 3/23/37 (b) | 854830 | 829514  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class B, 90 day <br>USD SOFR Average + 0.512% 4.853% FRN 6/25/41 (b) | 135247 | 121975  |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class B, 90 day <br>USD SOFR Average + 0.612% 4.975% FRN 10/25/40 (b) | 870503 | 861474  |
| &nbsp;&nbsp;&nbsp; Series 2014-2A, Class B, 30 day <br>USD SOFR Average + 1.614% 5.920% FRN 6/25/41 (a) (b) | 375000 | 366240  |
| &nbsp;&nbsp;&nbsp; SLC Student Loan Trust, <br>Series 2006-2, Class B, 90 day USD SOFR Average + 0.492%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.835% FRN 12/15/39 (b) | 514773 | 456110  |
| SLM Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class B, 90 day <br>USD SOFR Average + 0.462% 4.825% FRN 1/25/70 (b) | 158235 | 148976  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class B, 90 day <br>USD SOFR Average + 0.472% 4.835% FRN 10/25/40 (b) | 281809 | 266609  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class B, 90 day <br>USD SOFR Average + 0.482% 4.845% FRN 1/25/41 (b) | 234080 | 217972  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class B, 90 day <br>USD SOFR Average + 0.572% 4.935% FRN 1/25/55 (b) | 196639 | 187833  |
| &nbsp;&nbsp;&nbsp; Series 2004-8, Class B, 90 day <br>USD SOFR Average + 0.722% 5.085% FRN 1/25/40 (b) | 204799 | 200403  |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class B, 90 day <br>USD SOFR Average + 0.732% 5.095% FRN 10/25/64 (b) | 122090 | 114987  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-B, Class A2B, 1 mo. USD Term SOFR + 0.834% 5.146% FRN 1/15/37 (a) (b) | 224044 | 223166  |

---

---

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

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% <br>5.296% FRN 7/15/36 (a) (b) | $328483 | $327984  |
| &nbsp;&nbsp;&nbsp; Series 2024-R1, Class M, <br>6.000% 9/15/54 (a) | 2287084 | 2280882  |
|  |  | 8453204  |
| **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 6.8%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 6.8%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 6.8%** |
| Angel Oak Mortgage Trust<br>|  |  |
|  Series 2020-6, Class A1, 1.261% VRN 5/25/65 (a) (b) (c) | 703727 | 634244  |
|  Series 2022-2, Class A1, 3.353% VRN 1/25/67 (a) (b) (c) | 1614046 | 1540572  |
|  CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.370% FRN 8/25/49 (a) (b) | 634165 | 602003  |
|  COLT Mortgage Loan Trust, Series 2022-1, Class A1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.284% VRN 12/27/66 (a) (b) (c) | 5055114 | 4622362  |
|  First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.594% FRN 11/25/36 (b) | 56590 | 57218  |
| OBX Trust<br>|  |  |
|  Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b) (c) | 1076909 | 892688  |
| &nbsp;&nbsp;&nbsp; Series 2020-EXP1, Class 2A2, 1 mo. <br>USD Term SOFR + 1.064% 5.384% FRN 2/25/60 (a) (b) | 213547 | 211053  |
| PSMC Trust, Series 2020-2, Class A2, | PSMC Trust, Series 2020-2, Class A2, |  |
| &nbsp;&nbsp;&nbsp; 3.000% VRN 5/25/50 (a) (b) (c) | 505678 | 444589  |
| STAR Trust, Series 2021-1, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.528% VRN 5/25/65 (a) (b) (c) | 1695223 | 1601461  |
|  Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.916% VRN 9/27/49 (a) (b) (c) | 306580 | 301722  |
|  Verus Securitization Trust, Series 2021-3, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.437% VRN 6/25/66 (a) (b) (c) | 577415 | 500708  |
|  |  | 11408620  |
| **TOTAL NON-U.S. GOVERNMENT** <br>**AGENCY OBLIGATIONS** <br>**(Cost $101,875,259)** |  | **101144029**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **U.S. Government Agency Obligations** <br>**and Instrumentalities (d) — 3.0%** | **U.S. Government Agency Obligations** <br>**and Instrumentalities (d) — 3.0%** | **U.S. Government Agency Obligations** <br>**and Instrumentalities (d) — 3.0%** |
| **Pass-Through Securities — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br>Pool #1Q0239 1 yr. CMT + <br>2.145% 6.451% FRN 3/01/37 (b) | $54483 | $55627  |
| **Whole Loans — 3.0%**<br>|  |  |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust<br>|  |  |
|  Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 5.155% FRN 11/25/41 (a) (b) | 723753 | 723048  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% <br>5.605% FRN 2/25/42 (a) (b) | 860846 | 863216  |
| &nbsp;&nbsp;&nbsp; Series 2020-DNA1, Class M2, 30 day USD SOFR Average + 1.814% <br>6.120% FRN 1/25/50 (a) (b) | 39593 | 39627  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% <br>7.255% FRN 6/25/42 (a) (b) | 295577 | 302002  |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association <br>Connecticut Avenue Securities | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association <br>Connecticut Avenue Securities |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% <br>6.205% FRN 4/25/42 (a) (b) | 419297 | 421153  |
| &nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% <br>6.206% FRN 6/25/43 (a) (b) | 621390 | 627612  |
|  Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 6.805% FRN 4/25/43 (a) (b) | 548651 | 556932  |
| &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% <br>7.256% FRN 6/25/42 (a) (b) | 1458522 | 1496674  |
|  |  | 5030264  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $5,055,279)** |  | **5085891**  |

---

---

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

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **U.S. Treasury Obligations — 21.4%** | **U.S. Treasury Obligations — 21.4%** | **U.S. Treasury Obligations — 21.4%** |
| **U.S. Treasury Bonds & Notes — 21.4%** | **U.S. Treasury Bonds & Notes — 21.4%** | **U.S. Treasury Bonds & Notes — 21.4%** |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |  |
| 0.125% 2/15/51 | $492812 | $268218  |
| 0.125% 2/15/52 | 633749 | 338082  |
| 0.250% 2/15/50 | 374292 | 217251  |
| 0.625% 2/15/43 | 279032 | 207318  |
| 0.750% 2/15/42 | 425865 | 330603  |
| 0.750% 2/15/45 | 544860 | 397618  |
| 0.875% 2/15/47 | 597960 | 433058  |
| 1.000% 2/15/46 | 473809 | 358881  |
| 1.000% 2/15/48 | 455266 | 334661  |
| 1.000% 2/15/49 | 318678 | 231093  |
| 1.375% 2/15/44 | 894602 | 750899  |
| 1.500% 2/15/53 | 593494 | 469805  |
| 2.125% 2/15/41 | 527303 | 516028  |
| 2.125% 2/15/54 | 365803 | 334528  |
| 2.500% 1/15/29 | 373500 | 388606  |
| 3.375% 4/15/32 | 451778 | 502858  |
| 3.875% 4/15/29 | 780476 | 852053  |
| U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes |
| 0.125% 1/15/30 | 1246720 | 1176526  |
| 0.125% 1/15/31 | 560651 | 519435  |
| 0.125% 7/15/31 | 1136941 | 1046198  |
| 0.125% 1/15/32 | 578570 | 524364  |
| 0.250% 7/15/29 | 752394 | 722503  |
| 0.500% 1/15/28 | 1846554 | 1812186  |
| 0.625% 7/15/32 | 1766384 | 1647550  |
| 0.750% 7/15/28 (e) | 1565366 | 1546262  |
| 0.875% 1/15/29 | 762198 | 750343  |
| 1.125% 1/15/33 | 969147 | 926054  |
| 1.250% 4/15/28 | 1796575 | 1793195  |
| 1.375% 7/15/33 | 2481953 | 2410181  |
| 1.625% 10/15/29 | 3496576 | 3539743  |
| 1.625% 4/15/30 | 2317572 | 2333198  |
| 1.750% 1/15/34 | 1565250 | 1551547  |
| 1.875% 7/15/34 | 1942256 | 1943745  |
| 2.125% 4/15/29 | 311109 | 319483  |
| 2.375% 10/15/28 | 4052819 | 4203897  |
|  |  | 35697970  |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $37,378,910)** |  | **35697970**  |
| **TOTAL BONDS & NOTES**<br>**(Cost $144,309,448)** |  | **141927890**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $144,309,448)** |  | **141927890**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Short-Term Investments — 12.0%** | **Short-Term Investments — 12.0%** | **Short-Term Investments — 12.0%** |
| **Commercial Paper — 10.8%**<br>|  |  |
| American Honda Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.843% 8/18/25 | $3000000 | $2981037  |
| Bunge Ltd. Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.741% 7/30/25 (a) | 1000000 | 996142  |
| DTE Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.546% 7/21/25 | 2000000 | 1994794  |
| Eversource Energy<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.819% 7/09/25 (a) | 2000000 | 1997684  |
| Genuine Parts Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.713% 7/16/25 (a) | 1000000 | 997943  |
| Spire, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.711% 7/07/25 (a) | 4000000 | 3996438  |
| TELUS Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.708% 7/11/25 (a) | 4000000 | 3994385  |
| VW Credit, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.814% 8/26/25 (a) | 1000000 | 992706  |
|  |  | 17951129  |
| **Repurchase Agreement — 1.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (f) | 2055820 | 2055820  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $20,008,738)** |  | **20006949**  |
| **TOTAL INVESTMENTS — 97.1%**<br>**(Cost $164,318,186) (g)** |  | **161934839**  |
| **Other Assets/**<br>(Liabilities) — 2.9%<br>|  | **4780469**  |
| **NET ASSETS — 100.0%** |  | **$166715308** |

---

**Abbreviation Legend** 

---

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

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At June 30, 2025, the aggregate market value of these securities amounted to $107,697,750 or 64.60% of net assets.

---

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

---

------

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30,
 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Maturity value of $2,055,978. Collateralized
 by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued
 interest, of $2,097,068.

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

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Long**<br>|  |  |  |  |
| U.S. Treasury Long Bond | 9/19/25 | 2 | $222648 | $8290  |
| U.S. Treasury Note 10 Year | 9/19/25 | 2 | 220257 | 3993  |
| U.S. Treasury Ultra 10 Year | 9/19/25 | 4 | 446951 | 10112  |
| U.S. Treasury Ultra Bond | 9/19/25 | 5 | 570321 | 25304  |
|  |  |  |  | $47699  |
| **Short**<br>|  |  |  |  |
| U.S. Treasury Note 2 Year | 9/30/25 | 152 | $(31497089) | $(122474)  |
| U.S. Treasury Note 5 Year | 9/30/25 | 8 | (864225) | (7775)  |
|  |  |  |  | $(130249) |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** |  |  |  |  |  |  |
| **Rate/Reference** | **Frequency** | **Rate/Reference** | **Frequency** | **Termination** <br>**Date** |  | **Notional** <br>**Amount** | **Value** | **Upfront** <br>**Premium** <br>**Paid/** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Fixed 2.490% | Maturity | U.S. Consumer Price Index | Maturity | 7/31/26 | USD | 2000000 | $26168 | $— | $26168  |
| Fixed 2.482% | Maturity | U.S. Consumer Price Index | Maturity | 9/07/26 | USD | 2000000 | 24334 |  | 24334  |
| Fixed 2.164% | Maturity | U.S. Consumer Price Index | Maturity | 9/19/26 | USD | 4000000 | 53633 |  | 53633  |
| Fixed 2.599% | Maturity | U.S. Consumer Price Index | Maturity | 1/10/27 | USD | 6800000 | 32680 |  | 32680  |
|  |  |  |  |  |  |  | $136815 | $— | $136815 |

---

---

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

---

------

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

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

**OTC Total Return Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** | **Received by the Fund** |  |  |  |  |  |
| **Rate/Reference** | **Frequency** | **Rate/Reference** | **Frequency** | **Counterparty** | **Termination** <br>**Date** | **No. of** <br>**Contracts/**<br>**Notional** | **Value** | **Upfront** <br>**Premium Paid/** <br>(Received) | **Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| Fed Funds <br>+ 20.1 BP | Maturity | Bloomberg US <br>Treasury Inflation <br>Notes TR Index | Maturity | BNP Paribas SA\* | 7/31/25 | USD 37,789,964 | $1341615 | $— | $1341615  |
| Fed Funds <br>+ 23.0 BP | Maturity | Bloomberg US <br>Treasury Inflation <br>Notes TR Index | Maturity | BNP Paribas SA\* | 12/01/25 | USD 32,266,242 | 421752 |  | 421752  |
| Fed Funds <br>+ 23.0 BP | Maturity | Bloomberg US <br>Treasury Inflation <br>Notes TR Index | Maturity | Goldman Sachs <br>International\* | 8/29/25 | USD 32,529,552 | 365868 |  | 365868  |
| Fed Funds <br>+ 20.0 BP | Maturity | Bloomberg US <br>Treasury Inflation <br>Notes TR Index | Maturity | Goldman Sachs <br>International\* | 10/31/25 | USD 14,000,000 | 50565 |  | 50565  |
| Fed Funds <br>+ 20.0 BP | Maturity | Bloomberg US <br>Treasury Inflation <br>Notes TR Index | Maturity | Goldman Sachs <br>International\* | 10/31/25 | USD 14,000,000 | $2179800 | $— | $2179800 |

---

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

**Currency Legend** 

<br> USD U.S. Dollar

---

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

---

------

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

 **MML iShares<sup>®</sup> 60/40 Allocation Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** |
|  iShares 1-5 Year Investment Grade Corporate Bond ETF | 59702 | $3149877  |
| iShares 20+ Year Treasury Bond ETF | 14401 | 1270888  |
|  iShares Broad USD High Yield Corporate Bond ETF | 16825 | 631106  |
| iShares Core Dividend Growth ETF | 29673 | 1897292  |
|  iShares Core International Aggregate Bond ETF | 6161 | 314765  |
|  iShares Core MSCI Emerging Markets ETF | 21063 | 1264412  |
|  iShares Core MSCI International Developed Markets ETF | 107893 | 8204184  |
| iShares Core S&P 500 ETF | 9172 | 5694895  |
| iShares Core S&P Mid-Cap ETF | 20292 | 1258510  |
|  iShares Core S&P Total U.S. Stock Market ETF | 145207 | 19608753  |
|  iShares Core U.S. Aggregate Bond ETF | 200625 | 19902000  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $56,685,880)** |  | **63196682**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $56,685,880)** |  | **63196682**  |
| **TOTAL INVESTMENTS — 99.9%**<br>**(Cost $56,685,880) (a)** |  | **63196682**  |
| **Other Assets/**<br>(Liabilities) — 0.1% |  | **52787**  |
| **NET ASSETS — 100.0%** |  | **$63249469** |

---

**Abbreviation Legend** 

<br> ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

---

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

---

------

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

 **MML iShares<sup>®</sup> 80/20 Allocation Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** |
|  iShares 1-5 Year Investment Grade Corporate Bond ETF | 110887 | $5850398  |
| iShares 20+ Year Treasury Bond ETF | 13374 | 1180255  |
|  iShares Broad USD High Yield Corporate Bond ETF | 31250 | 1172187  |
|  iShares Core Dividend Growth ETF (a) | 55113 | 3523925  |
|  iShares Core International Aggregate Bond ETF | 22885 | 1169195  |
|  iShares Core MSCI Emerging Markets ETF | 97804 | 5871174  |
|  iShares Core MSCI International Developed Markets ETF | 231223 | 17582197  |
| iShares Core S&P 500 ETF | 15143 | 9402289  |
| iShares Core S&P Mid-Cap ETF | 75379 | 4675006  |
|  iShares Core S&P Total U.S. Stock Market ETF (a) | 391498 | 52867890  |
|  iShares Core U.S. Aggregate Bond ETF | 141954 | 14081837  |
| **TOTAL EXCHANGE-TRADED FUNDS**<br>|  |  |
| **(Cost $99,222,297)** |  | **117376353**  |
| **TOTAL LONG-TERM INVESTMENTS**<br>|  |  |
| **(Cost $99,222,297)** |  | **117376353**  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment of Cash Collateral from Securities Loaned — 1.0%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (b) | 1198425 | 1198425 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Repurchase Agreement — 0.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (c) | $324052 | $324052  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,522,477)** |  | **1522477**  |
| **TOTAL INVESTMENTS — 101.2%** | **TOTAL INVESTMENTS — 101.2%** | **TOTAL INVESTMENTS — 101.2%** |
| **(Cost $100,744,774) (d)** |  | **118898830**  |
| **Other Assets/**<br>(Liabilities) — (1.2)% |  | **(1410774)**  |
| **NET ASSETS — 100.0%** |  | **$117488056** |

---

**Abbreviation Legend** 

<br> ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $1,520,124 or 1.29% of net assets. The Fund received $360,994 of non-cash
 collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the
 Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $324,077. Collateralized by
 U.S. Government Agency obligations with a rate of 4.125%, maturity date of 10/31/27, and an aggregate market value, including accrued
 interest, of $330,715.

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

---

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

---

------

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

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

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 98.0%**<br>|  |  |
| **Corporate Debt — 38.0%** | **Corporate Debt — 38.0%** | **Corporate Debt — 38.0%** |
| **Aerospace & Defense — 0.2%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.930% 5/01/60 | $830000 | $788968  |
| &nbsp;&nbsp;&nbsp; 6.858% 5/01/54 | 714000 | 781626  |
|  |  | 1570594  |
| **Agriculture — 0.2%**<br>|  |  |
| Imperial Brands Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 7/01/35 (a) (b) | 1423000 | 1427829  |
| **Airlines — 0.1%**<br>|  |  |
| United Airlines Pass-Through Trust<br>|  |  |
|  Series 2018-1, Class B, 4.600% 9/01/27 | 222822 | 220060  |
|  Series 2024-1, Class AA, 5.450% 8/15/38 | 826742 | 834365  |
|  |  | 1054425  |
| **Auto Manufacturers — 0.6%**<br>|  |  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/17/27 | 625000 | 610936  |
| &nbsp;&nbsp;&nbsp; 5.303% 9/06/29 | 2015000 | 1978705  |
| General Motors Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 4/01/38 | 930000 | 865370  |
| Nissan Motor Acceptance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.300% 9/13/27 (a) (c) | 1250000 | 1232353  |
|  |  | 4687364  |
| **Banks — 8.1%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 1.200% <br>2.482% VRN 9/21/36 (d) | 3735000 | 3164851  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.000% <br>3.846% VRN 3/08/37 (d) | 3820000 | 3495659  |
| &nbsp;&nbsp;&nbsp; Bank of Montreal, (Acquired 1/29/25, Cost $920,084), 5 yr. <br>CMT + 1.400%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.088% VRN 1/10/37 (d) (e) | 1100000 | 949957  |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia 5 yr. <br>CMT + 2.903%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.350% VRN 4/27/85 (d) | 1635000 | 1647078  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.867% <br>6.125% VRN (d) (f) | 1510000 | 1510575  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.431% <br>8.000% VRN (d) (f) | 1607000 | 1685626  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.196% <br>4.625% VRN (a) (d) (f) | 2590000 | 2515625  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.134% <br>7.450% VRN (a) (d) (f) | $1080000 | $1086480  |
| BPCE SA 1 day USD SOFR + 1.730%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.116% VRN 10/19/32 (a) (d) | 2160000 | 1872300  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.572% <br>6.750% VRN (d) (f) | 1815000 | 1828366  |
| &nbsp;&nbsp;&nbsp; 10 yr. CMT + 2.757% <br>7.000% VRN (d) (f) | 1357000 | 1426432  |
|  Cooperatieve Rabobank UA 1 yr. CMT + 1.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.710% VRN 1/21/33 (a) (d) | 1710000 | 1779899  |
| Danske Bank AS 5 yr. CMT + 3.387%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% VRN (a) (d) (f) | 750000 | 737812  |
|  Goldman Sachs Group, Inc. 5 yr. CMT + 2.461%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.850% VRN (d) (f) | 1473000 | 1520119  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.560% <br>5.450% VRN 3/03/36 (d) | 1980000 | 1990914  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.520% <br>5.733% VRN 5/17/32 (d) | 674000 | 700704  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.298% <br>6.875% VRN (d) (f) | 1554000 | 1572620  |
| ING Groep NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.862% <br>3.875% VRN (d) (f) | 3050000 | 2833689  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.506% <br>4.875% VRN (a) (d) (f) | 498000 | 466890  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co. 5 yr. <br>CMT + 2.152%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% VRN (d) (f) | 1731000 | 1787732  |
| Lloyds Banking Group PLC<br>|  |  |
|  5 yr. USD ICE Swap + 4.496% 7.500% VRN (d) (f) | 1625000 | 1629363  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.913% <br>8.000% VRN (d) (f) | 1175000 | 1239160  |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. 5 yr. <br>CMT + 1.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.052% VRN 3/03/36 (a) (d) | 2565000 | 2275683  |
| Morgan Stanley<br>|  |  |
|  1 day USD SOFR + 1.360% 2.484% VRN 9/16/36 (d) | 1870000 | 1589005  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.620% <br>5.297% VRN 4/20/37 (d) | 2320000 | 2311381  |
| NatWest Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.625% <br>6.000% VRN (d) (f) | 2265000 | 2261279  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.937% <br>7.300% VRN (d) (f) | 2122000 | 2109924  |

---

---

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

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp 5 yr. CMT + <br>2.660% 6.300% VRN (a) (d) (f) | $2893000 | $2817898  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada 5 yr. <br>CMT + 2.815%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% VRN 8/24/85 (d) | 1815000 | 1816343  |
| Synovus Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 2/15/28 | 1818000 | 1837700  |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank 5 yr. <br>CMT + 4.075%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% VRN 10/31/82 (d) | 2431000 | 2538953  |
|  UBS Group AG 5 yr. USD SOFR ICE Swap USISSO05 + 3.077% 7.000% VRN (a) (d) (f) | 834000 | 829648  |
| Wells Fargo & Co. 5 yr. CMT + 2.767%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.850% VRN (c) (d) (f) | 1214000 | 1275683  |
|  |  | 59105348  |
| **Beverages — 0.1%**<br>|  |  |
| Bacardi Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 5/15/38 (a) | 650000 | 598907  |
| Bacardi Ltd./Bacardi-Martini BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.900% 6/15/43 (a) | 396000 | 383012  |
|  |  | 981919  |
| **Building Materials — 0.1%**<br>|  |  |
| JH North America Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 7/31/32 (a) | 889000 | 903761  |
| **Chemicals — 0.6%**<br>|  |  |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.850% STEP 11/15/28 | 2380000 | 2500847  |
| Dow Chemical Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.600% 2/15/54 | 815000 | 741820  |
| Huntsman International LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.950% 6/15/31  | 1250000 | 1052118  |
|  |  | 4294785  |
| **Commercial Services — 0.1%**<br>|  |  |
| Triton Container International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.150% 6/15/31 (a) | 1050000 | 911003  |
| **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.441% <br>6.500% VRN 1/31/56 (d) | 1225000 | 1226951  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.720% <br>6.950% VRN 3/10/55 (d) | 211000 | 219269  |
| Ally Financial, Inc.<br>|  |  |
|  1 day USD SOFR Index + 1.730% 5.543% VRN 1/17/31 (d) | 846000 | 857887  |
|  1 day USD SOFR + 3.260% 6.992% VRN 6/13/29 (d) | 725000 | 763202  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; American Express Co. 5 yr. <br>CMT + 2.854%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.550% VRN (d) (f) | $1150000 | $1123143  |
| Apollo Global Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 5/21/54 | 1196000 | 1181152  |
|  ARES Finance Co. III LLC 5 yr. CMT + 3.237%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% VRN 6/30/51 (a) (d) | 1840000 | 1797200  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.528% 11/18/27 (a) | 1950000 | 1853640  |
| &nbsp;&nbsp;&nbsp; 5.375% 5/30/30 (a) | 718000 | 731399  |
| BGC Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.150% 4/02/30 (a) | 938000 | 951042  |
| &nbsp;&nbsp;&nbsp; 6.600% 6/10/29 | 2360000 | 2445938  |
| Blue Owl Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.125% 6/10/31 | 1390000 | 1234253  |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. 5 yr. <br>CMT + 3.168%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% VRN (d) (f) | 2325000 | 2290083  |
|  Citadel Securities Global Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 6/18/30 (a) | 296000 | 299517  |
| Macquarie Airfinance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 3/27/28 (a) | 750000 | 758357  |
| &nbsp;&nbsp;&nbsp; 8.125% 3/30/29 (a) | 1465000 | 1532361  |
|  |  | 19265394  |
| **Electric — 1.2%**<br>|  |  |
| AES Corp. 5 yr. CMT + 3.201%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.600% VRN 1/15/55 (d) | 1804000 | 1857398  |
| Edison International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 11/15/28 | 1160000 | 1148184  |
| MidAmerican Energy Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.300% 2/01/55 | 592000 | 563104  |
|  NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.800% VRN 3/15/82 (d) | 1500000 | 1437269  |
| Pacific Gas & Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.550% 5/15/29 | 1045000 | 1061851  |
| Sempra<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.868% <br>4.125% VRN 4/01/52 (d) | 1586000 | 1525017  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 4.550% <br>4.875% VRN (d) (f) | 1190000 | 1185094  |
|  |  | 8777917  |
| **Entertainment — 0.1%**<br>|  |  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.279% 3/15/32 | 1220000 | 907375  |
| &nbsp;&nbsp;&nbsp; 5.141% 3/15/52 | 137000 | 84598  |
|  |  | 991973  |

---

---

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

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Food — 0.3%**<br>|  |  |
| Smithfield Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 9/13/31 (a) | $2230000 | $1922320  |
| **Gas — 0.5%**<br>|  |  |
| CenterPoint Energy Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 11/01/37 | 1250000 | 1397105  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 2/01/42 | 950000 | 934339  |
| &nbsp;&nbsp;&nbsp; 5.850% 4/01/55 | 1282000 | 1268548  |
|  |  | 3599992  |
| **Health Care - Services — 0.9%**<br>|  |  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.000% 10/15/30 | 2065000 | 1845121  |
| Cigna Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 7/15/46 | 1025000 | 891716  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.900% 6/01/53 | 1510000 | 1457986  |
| Humana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 4/15/54 | 1838000 | 1712129  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 7/15/64 | 1064000 | 1034869  |
|  |  | 6941821  |
| **Insurance — 7.5%**<br>|  |  |
| Allianz SE 5 yr. CMT + 2.973%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% VRN (a) (d) (f) | 3600000 | 3539365  |
|  Allstate Corp. 3 mo. USD Term SOFR + 3.200%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.526% VRN 8/15/53 (d) | 2885000 | 2883935  |
| Ascot Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 12/15/30 (a) | 1990000 | 1827562  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.375% <br>6.349% VRN 6/15/35 (a) (d) | 831000 | 857435  |
| Aspen Insurance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 7/01/30 | 589000 | 598735  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.673% 6/07/31 (a) | 1630000 | 1431054  |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd. 5 yr. <br>CMT + 2.607%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% VRN 10/15/54 (d) | 1645000 | 1619339  |
|  AXIS Specialty Finance LLC 5 yr. CMT + 3.186%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% VRN 1/15/40 (d) | 1530000 | 1465449  |
| CNO Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.450% 6/15/34 | 1765000 | 1851019  |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. 5 yr. <br>CMT + 3.846%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% VRN 12/15/52 (d) | 3811000 | 3931395  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Enstar Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 4.006% <br>5.500% VRN 1/15/42 (d) | $2907000 | $2859463  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.468% <br>5.750% VRN 9/01/40 (d) | 2200000 | 2197301  |
| Fairfax Financial Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.100% 3/15/55 | 1070000 | 1048065  |
| &nbsp;&nbsp;&nbsp; Fidus Re Ltd. 1 mo. U.S. <br>T-Bill Rate + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.794% FRN 1/08/42 (a) (d) | 4700000 | 4699486  |
| Fortitude Group Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/30 (a)  | 1710000 | 1759265  |
| Global Atlantic Fin Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.796% <br>4.700% VRN 10/15/51 (a) (d) | 3585000 | 3519233  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/15/54 (a) | 508000 | 520427  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.608% <br>7.950% VRN 10/15/54 (a) (d) | 678000 | 705851  |
| Kemper Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.800% 2/23/32 | 1100000 | 999636  |
|  Liberty Mutual Group, Inc. 5 yr. CMT + 3.315%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% VRN 12/15/51 (a) (d) | 3006000 | 2927239  |
| MetLife Capital Trust IV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.252% 12/15/67 (a) | 840000 | 920848  |
| Omnis Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.722% 5/15/55 (a) | 1825000 | 1891202  |
| Pine Street Trust III<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.223% 5/15/54 (a) | 1875000 | 1851012  |
| Sammons Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.350% 4/16/31 (a) | 1680000 | 1542476  |
| &nbsp;&nbsp;&nbsp; 4.750% 4/08/32 (a) | 1205000 | 1154029  |
| Selective Insurance Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.900% 4/15/35 | 2451000 | 2505770  |
| USF&G Capital I<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 12/15/45 (a) | 885000 | 941308  |
| &nbsp;&nbsp;&nbsp; Vitality Re XV Ltd. 3 mo. U.S. <br>T-Bill Rate + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.794% FRN 1/08/29 (a) (d) | 3016000 | 3066970  |
|  |  | 55114869  |
| **Internet — 0.3%**<br>|  |  |
| Expedia Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 2/15/35 | 1803000 | 1815428  |
| **Investment Companies — 2.7%**<br>|  |  |
| Antares Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 7/15/26 (a) | 2405000 | 2365740  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/08/29 (a) | 3650000 | 3698011  |
| ARES Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 3/01/29 | 2100000 | 2141281  |

---

---

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

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| ARES Strategic Income Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% 9/09/28 (a) | $1280000 | $1280628  |
| &nbsp;&nbsp;&nbsp; 6.350% 8/15/29 | 2228000 | 2284209  |
| Blackstone Secured Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 9/16/26 | 1015000 | 988279  |
| Blue Owl Credit Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 3/15/30 | 1625000 | 1627649  |
| &nbsp;&nbsp;&nbsp; 6.650% 3/15/31 | 275000 | 282839  |
| Blue Owl Technology Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/04/29 | 1505000 | 1534852  |
| Golub Capital BDC, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% 8/24/26 | 880000 | 856386  |
| &nbsp;&nbsp;&nbsp; 6.000% 7/15/29 | 1672000 | 1694703  |
| HPS Corporate Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 9/30/29 | 1295000 | 1320199  |
|  |  | 20074776  |
| **Media — 0.9%**<br>|  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.484% 10/23/45  | 960000 | 951207  |
| News Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 5/15/29 (a) | 650000 | 621881  |
| &nbsp;&nbsp;&nbsp; 5.125% 2/15/32 (a) | 2625000 | 2568820  |
| Paramount Global<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.999% <br>6.375% VRN 3/30/62 (d) | 971000 | 954042  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/30/36 | 1280000 | 1310800  |
|  |  | 6406750  |
| **Oil & Gas — 3.1%**<br>|  |  |
| BP Capital Markets PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 1.924% <br>6.125% VRN (d) (f) | 1895000 | 1891880  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.153% <br>6.450% VRN (c) (d) (f) | 663000 | 677758  |
| Continental Resources, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 1/15/31 (a) | 1395000 | 1408369  |
| Expand Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% 1/15/35 | 960000 | 973689  |
| Helmerich & Payne, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 12/01/34 (a) (c) | 3660000 | 3336751  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 1/01/32 | 900000 | 892594  |
| &nbsp;&nbsp;&nbsp; 6.050% 10/01/54 | 1998000 | 1830586  |
| Ovintiv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 8/15/34 | 1050000 | 1089712  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/01/38 | 820000 | 827799  |
| &nbsp;&nbsp;&nbsp; 7.100% 7/15/53 | 1628000 | 1687058  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Patterson-UTI Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 2/01/28 | $980000 | $948932  |
| &nbsp;&nbsp;&nbsp; 5.150% 11/15/29 (c) | 830000 | 818919  |
| &nbsp;&nbsp;&nbsp; 7.150% 10/01/33 | 1625000 | 1663961  |
| Petroleos Mexicanos<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.350% 2/12/28 | 665000 | 638561  |
| &nbsp;&nbsp;&nbsp; 6.375% 1/23/45 | 595000 | 421453  |
| &nbsp;&nbsp;&nbsp; 6.500% 3/13/27 | 585000 | 580936  |
| &nbsp;&nbsp;&nbsp; 6.625% 6/15/35 | 140000 | 117989  |
| Santos Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 9/19/33 (a) | 1250000 | 1364847  |
| Woodside Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% 5/19/32 | 1857000 | 1890660  |
|  |  | 23062454  |
| **Oil & Gas Services — 0.2%**<br>|  |  |
| NOV, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 12/01/42 | 1751000 | 1303262  |
| **Pharmaceuticals — 1.1%**<br>|  |  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.050% 3/25/48 | 790000 | 682124  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/01/53 | 1050000 | 1003249  |
| &nbsp;&nbsp;&nbsp; 6.125% 9/15/39 | 560000 | 574154  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.886% <br>7.000% VRN 3/10/55 (d) | 2440000 | 2516641  |
| CVS Pass-Through Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.926% 1/10/34 (a) | 765101 | 772399  |
| &nbsp;&nbsp;&nbsp; 7.507% 1/10/32 (a) | 600985 | 629361  |
| Utah Acquisition Sub, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 6/15/46  | 2700000 | 2190354  |
|  |  | 8368282  |
| **Pipelines — 1.6%**<br>|  |  |
| Enbridge, Inc. 5 yr. CMT + 3.708%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% VRN 1/15/83 (d) | 1019000 | 1048368  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.950% 5/15/54 | 785000 | 746768  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.306% <br>7.125% VRN (d) (f) | 1830000 | 1864155  |
|  Enterprise Products Operating LLC 3 mo. USD Term SOFR + 2.832%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% VRN 2/15/78 (c) (d) | 2256000 | 2219001  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.050% 4/01/45 (g) | 625000 | 525712  |
| &nbsp;&nbsp;&nbsp; 5.450% 6/01/47 (g) | 1425000 | 1264571  |
|  Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.698% VRN (d) (f) | 2345000 | 2349957  |

---

---

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

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Western Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% 11/15/34 | $1850000 | $1813740  |
|  |  | 11832272  |
| **Private Equity — 0.3%**<br>|  |  |
| Brookfield Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.968% 3/04/54 | 1011000 | 1008962  |
| KKR Group Finance Co. X LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 12/15/51 (a) | 1476000 | 946596  |
|  |  | 1955558  |
| **Real Estate Investment Trusts (REITS) — 2.1%** | **Real Estate Investment Trusts (REITS) — 2.1%** | **Real Estate Investment Trusts (REITS) — 2.1%** |
| Broadstone Net Lease LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.600% 9/15/31 | 2465000 | 2092801  |
| EPR Properties<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.600% 11/15/31 | 1136000 | 1031891  |
| &nbsp;&nbsp;&nbsp; 3.750% 8/15/29 | 675000 | 642710  |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 12/15/27 (a) | 3050000 | 2912826  |
| Piedmont Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 7/15/29 | 1565000 | 1648383  |
| &nbsp;&nbsp;&nbsp; 9.250% 7/20/28 | 1847000 | 2057261  |
| Service Properties Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 10/01/29 (c) | 1155000 | 1007845  |
| Store Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 3/15/28 | 2075000 | 2054097  |
| &nbsp;&nbsp;&nbsp; 4.625% 3/15/29 | 2300000 | 2261839  |
|  |  | 15709653  |
| **Semiconductors — 0.5%**<br>|  |  |
| Foundry JV Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.100% 1/25/36 (a) | 2018000 | 2087849  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.600% 2/21/54 | 1305000 | 1197210  |
|  |  | 3285059  |
| **Software — 0.8%**<br>|  |  |
| AppLovin Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 12/01/31  | 1790000 | 1821458  |
| Electronic Arts, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.950% 2/15/51 | 1280000 | 799300  |
| Microsoft Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.921% 3/17/52 | 2399000 | 1590882  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 9/27/54 | 1480000 | 1352922  |
|  |  | 5564562  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Telecommunications — 0.4%**<br>|  |  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.550% 9/15/55 | $2198000 | $1483096  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/15/54 | 1134000 | 1154368  |
|  |  | 2637464  |
| **Venture Capital — 0.8%**<br>|  |  |
| Hercules Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 9/16/26 | 3284000 | 3175503  |
| &nbsp;&nbsp;&nbsp; 3.375% 1/20/27 (c) | 2545000 | 2464637  |
|  |  | 5640140  |
| **TOTAL CORPORATE DEBT (Cost $282,192,218)** |  | **279206974**  |
| **Non-U.S. Government Agency Obligations — 19.1%** | **Non-U.S. Government Agency Obligations — 19.1%** | **Non-U.S. Government Agency Obligations — 19.1%** |
| **Automobile Asset-Backed Securities — 0.5%** | **Automobile Asset-Backed Securities — 0.5%** | **Automobile Asset-Backed Securities — 0.5%** |
|  Securitized Term Auto Receivables Trust, Series 2025-A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.746% 7/25/31 (a) | 1286858 | 1302345  |
|  Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-AA, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.080% 8/20/29 (a) | 2500000 | 2508202  |
|  |  | 3810547  |
| **Commercial Mortgage-Backed Securities — 6.2%** | **Commercial Mortgage-Backed Securities — 6.2%** | **Commercial Mortgage-Backed Securities — 6.2%** |
| Bank, Series 2020-BN30, Class MCDF, | Bank, Series 2020-BN30, Class MCDF, | Bank, Series 2020-BN30, Class MCDF, |
| &nbsp;&nbsp;&nbsp; 3.016% VRN 12/15/53 (d) (h) | 2100000 | 1262365  |
| Benchmark Mortgage Trust<br>|  |  |
|  Series 2021-B23, Class 360A, 2.852% VRN 2/15/54 (a) (d) (h) | 2200000 | 1747162  |
|  Series 2021-B23, Class 360B, 2.852% VRN 2/15/54 (a) (d) (h) | 3587000 | 2668338  |
|  Series 2021-B25, Class 300C, 3.094% VRN 4/15/54 (a) (d) (h) | 2500000 | 1653108  |
| BGME Trust<br>|  |  |
|  Series 2021-VR, Class C, 3.094% VRN 1/10/43 (a) (d) (h) | 8018000 | 5868201  |
|  Series 2021-VR, Class D, 3.094% VRN 1/10/43 (a) (d) (h) | 2400000 | 1693293  |
|  BX Commercial Mortgage Trust, Series 2021-SOAR, Class E, 1 mo. USD Term SOFR + 1.914%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.227% FRN 6/15/38 (a) (d) | 1665802 | 1665801  |
| BX Trust, Series 2023-LIFE, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.884% 2/15/28 (a) | 500000 | 480280  |

---

---

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

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  COLEM Mortgage Trust, Series 2022-HLNE, Class D,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.543% VRN 4/12/42 (a) (d) (h) | $1200000 | $960751  |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust, <br>Series 2012-CR4, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.703% 10/15/45 (a) | 1060000 | 768500  |
| DROP Mortgage Trust<br>|  |  |
|  Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364% 6.677% FRN 10/15/43 (a) (d) | 1529000 | 1393989  |
|  Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% 7.177% FRN 10/15/43 (a) (d) | 908000 | 779591  |
|  Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.677% FRN 7/15/38 (a) (d) | 1715455 | 1717601  |
|  Harvest Commercial Capital Loan Trust, Series 2025-1, Class M2,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.735% VRN 6/25/57 (d) (h) | 897724 | 927607  |
| &nbsp;&nbsp;&nbsp; KIND Trust, Series 2021-KIND, Class C, 1 mo. USD Term <br>SOFR + 1.864%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.180% FRN 8/15/38 (a) (d) | 1586968 | 1566138  |
| KREF Ltd.<br>|  |  |
|  Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 6.078% FRN 2/15/39 (a) (d) | 2900000 | 2833186  |
|  Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 6.428% FRN 2/15/39 (a) (d) | 5000000 | 4957130  |
|  Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 6.628% FRN 2/15/39 (a) (d) | 4100000 | 4038117  |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series <br>2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.177% FRN 3/15/38 (a) (d) | 1354500 | 1340955  |
| MFT Mortgage Trust<br>|  |  |
|  Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | 919000 | 711100  |
| &nbsp;&nbsp;&nbsp; Series 2020-ABC, Class B, <br>3.593% VRN 2/10/42 (a) (d) (h) | 2253000 | 1587888  |
|  MHC Commercial Mortgage Trust, Series 2021-MHC, Class D, 1 mo. USD Term SOFR + 1.715%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.027% FRN 4/15/38 (a) (d) | 1280000 | 1280000  |
|  US Bank NA, Series 2025-SUP1, Class B 5.582% 2/25/32 (a) | 876302 | 874992  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Velocity Commercial Capital Loan Trust, Series 2025-3, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.870% VRN 6/25/55 (a) (d) (h) | $2344146 | $2360311  |
|  Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.556% 6/16/51 | 400000 | 377167  |
|  |  | 45513571  |
| **Home Equity Asset-Backed Securities — 0.0%** | **Home Equity Asset-Backed Securities — 0.0%** | **Home Equity Asset-Backed Securities — 0.0%** |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Loan Trust, Series <br>2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.634% FRN 11/25/35 (a) (d) | 97151 | 96978  |
| **Other Asset-Backed Securities — 9.2%** | **Other Asset-Backed Securities — 9.2%** | **Other Asset-Backed Securities — 9.2%** |
|  Anchorage Capital CLO 19 Ltd., Series 2021-19A, Class A, 3 mo. USD Term SOFR + 1.472%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.728% FRN 10/15/34 (a) (d) | 2000000 | 2001126  |
|  Apidos CLO XLVIII Ltd., Series 2024-48A, Class A1, 3 mo. USD Term SOFR + 1.440%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.722% FRN 7/25/37 (a) (d) | 2000000 | 2005518  |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXII Ltd., Series 2019-32A, Class B1R, 3 mo. <br>USD Term SOFR + 1.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.770% FRN 1/20/33 (a) (d) | 1250000 | 1248325  |
| &nbsp;&nbsp;&nbsp; ARES Loan Funding VI Ltd., <br>Series 2024-ALF6A, Class A1, <br>3 mo. USD Term SOFR + 1.470%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.680% FRN 7/10/37 (a) (d) | 1000000 | 1002862  |
|  Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.590% FRN 4/18/35 (a) (d) | 750000 | 750622  |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 26 Ltd., <br>Series 2024-26A, Class A1A, 3 mo. USD Term SOFR + 1.510%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.792% FRN 7/25/37 (a) (d) | 1700000 | 1705188  |
|  Beechwood Park CLO Ltd., Series 2019-1A, Class A1R, 3 mo. USD Term SOFR + 1.300%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.580% FRN 1/17/35 (a) (d) | 2000000 | 2003652  |
|  Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class A, 3 mo. USD Term SOFR + 1.300%<br>|  |  |
| &nbsp;&nbsp;&nbsp; FRN 7/25/38 (a) (b) (d) | 2000000 | 2000000  |
|  Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1R, 3 mo. USD Term SOFR + 1.530%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% FRN 7/20/37 (a) (d) | 2000000 | 2006522  |

---

---

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

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.856% FRN 10/15/31 (a) (d) | $2000000 | $2000844  |
| Canyon Capital CLO Ltd.<br>|  |  |
|  Series 2022-2A, Class A1R, 3 mo. USD Term SOFR + 1.180% 5.436% FRN 4/15/38 (a) (d) | 1000000 | 996715  |
|  Series 2022-1A, Class B, 3 mo. USD Term SOFR + 1.850% 6.111% FRN 4/15/35 (a) (d) | 940000 | 940438  |
|  Capital Automotive REIT, Series 2024-3A, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.400% 10/15/54 (a) | 970000 | 943748  |
|  CBAMR Ltd., Series 2017-4A, Class A1R, 3 mo. USD Term SOFR + 1.420%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.716% FRN 3/31/38 (a) (d) | 2000000 | 2005000  |
|  CIFC Funding Ltd., Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.711% FRN 7/16/37 (a) (d) | 2650000 | 2661122  |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 20 Ltd., <br>Series 2020-1A, Class BR, 3 mo.<br>USD Term SOFR + 1.920%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.242% FRN 5/20/36 (a) (d) | 500000 | 500516  |
| &nbsp;&nbsp;&nbsp; Galaxy XXVI CLO Ltd., <br>Series 2018-26A, Class BR, 3 mo.<br>USD Term SOFR + 1.600%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.926% FRN 11/22/31 (a) (d) | 1000000 | 1000484  |
|  Goldentree Loan Management US CLO 1 Ltd., Series 2017-1A, Class B1R3, 3 mo. USD Term SOFR + 1.350%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.620% FRN 4/20/34 (a) (d) | 1000000 | 991752  |
|  Harbor Park CLO 18-1 Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.970% FRN 1/20/31 (a) (d) | 1290000 | 1292327  |
| Hero Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-3A, Class A1, <br>3.080% 9/20/42 (a) | 276788 | 252007  |
| &nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, <br>3.190% 9/20/48 (a) | 319673 | 282364  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A1, <br>3.280% 9/20/48 (a) | 92524 | 82477  |
| &nbsp;&nbsp;&nbsp; Series 2016-4A, Class A1, <br>3.570% 9/20/47 (a) | 356533 | 327894  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A2, <br>4.070% 9/20/48 (a) | 74382 | 67891  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, <br>4.670% 9/20/48 (a) | 558164 | 518996  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Invesco CLO Ltd., Series 2021-3A, Class B, 3 mo. USD Term <br>SOFR + 1.912%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.184% FRN 10/22/34 (a) (d) | $2000000 | $1998278  |
|  Juniper Valley Park CLO Ltd., Series 2023-1A, Class BR, 3 mo. USD Term SOFR + 1.550%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.820% FRN 7/20/36 (a) (d) | 1350000 | 1347943  |
|  Labrador Aviation Finance Ltd., Series 2016-1A, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.300% 1/15/42 (a) | 1113700 | 1083049  |
|  Marble Point CLO XIX Ltd., Series 2020-3A, Class AR, 3 mo. USD Term SOFR + 1.400%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.670% FRN 1/19/34 (a) (d) | 2250000 | 2250535  |
| Mariner Finance Issuance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-AA, Class B, <br>2.330% 3/20/36 (a) | 1336000 | 1278747  |
| &nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, <br>2.960% 3/20/36 (a) | 637000 | 611405  |
|  MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.720% FRN 4/18/36 (a) (d) | 700000 | 700719  |
|  MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.836% FRN 4/15/37 (a) (d) | 1000000 | 1002614  |
|  Mosaic Solar Loan Trust, Series 2018-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.010% 6/22/43 (a) | 116220 | 110584  |
|  Mosaic Solar Loans LLC, Series 2017-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.450% 6/20/42 (a) | 97920 | 94178  |
|  Neuberger Berman CLO 32R Ltd., Series 2019-32RA, Class A, 3 mo. USD Term SOFR + 1.310%<br>|  |  |
| &nbsp;&nbsp;&nbsp; FRN 7/20/39 (a) (b) (d) | 2000000 | 2000000  |
|  Neuberger Berman Loan Advisers CLO 30 Ltd., Series 2018-30A, Class A1R2, 3 mo. USD Term SOFR + 1.240%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.510% FRN 1/20/37 (a) (d) | 2000000 | 2002300  |
|  Neuberger Berman Loan Advisers CLO 44 Ltd., Series 2021-44A, Class BR, 3 mo. USD Term SOFR + 1.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.761% FRN 10/16/35 (a) (d) | 1000000 | 999554  |
|  NP SPE II LLC, Series 2017-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.219% 10/21/47 (a) | 2260000 | 2068373  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **21**<br>|

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class AR2, 3 mo. <br>USD Term SOFR + 1.130%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% FRN 4/20/38 (a) (d) | $1000000 | $997302  |
|  Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.390% 11/20/50 (a) | 1190500 | 1164147  |
|  OCP CLO Ltd., Series 2023-27A, Class BR, 3 mo. USD Term SOFR + 1.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.961% FRN 7/16/35 (a) (d) | 1750000 | 1749995  |
|  Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.381% FRN 10/20/34 (a) (d) | 450000 | 450327  |
|  Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.711% FRN 10/30/34 (a) (d) | 1000000 | 1001466  |
|  Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD Term SOFR + 1.812%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.081% FRN 4/20/34 (a) (d) | 1500000 | 1500681  |
|  RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.106% FRN 1/15/37 (a) (d) | 750000 | 751076  |
|  Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.170% 11/20/37 (a) | 233976 | 228735  |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XIV Ltd., <br>Series 2019-14A, Class A1R2, 3 mo. <br>USD Term SOFR + 1.150%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.467% FRN 1/20/38 (a) (d) | 1000000 | 998016  |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XX Ltd., <br>Series 2021-20A, Class A1R, 3 mo.<br>USD Term SOFR + 1.320%<br>|  |  |
| &nbsp;&nbsp;&nbsp; FRN 7/17/38 (a) (b) (d) | 1700000 | 1700000  |
|  Structured Receivables Finance LLC, Series 2010-B, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.730% 8/15/36 (a) | 7048 | 7035  |
|  Sunnova Helios II Issuer LLC, Series 2018-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.870% 7/20/48 (a) | 365763 | 343983  |
|  Sunnova Hestia II Issuer LLC, Series 2024-GRID1, Class 1A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.630% 7/20/51 (a) | 1018261 | 1017171  |
| &nbsp;&nbsp;&nbsp; Symphony CLO 42 Ltd., <br>Series 2024-42A, Class A1, 3 mo. USD Term SOFR + 1.530%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.810% FRN 4/17/37 (a) (d) | 2000000 | 2004878  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Texas Debt Capital CLO Ltd., Series 2023-1A, Class A1R, 3 mo. USD Term SOFR + 1.300%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.575% FRN 7/20/38 (a) (d) | $2000000 | $2000000  |
| Thrust Engine Leasing DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, <br>4.163% 7/15/40 (a) | 2289537 | 2231198  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, <br>6.121% 7/15/40 (a) | 1093826 | 1071046  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, <br>7.386% 7/15/40 (a) | 325358 | 315292  |
|  Vivint Solar Financing V LLC, Series 2018-1A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.370% 4/30/48 (a) | 980193 | 934764  |
|  |  | 67603781  |
| **Student Loans Asset-Backed Securities — 2.2%** | **Student Loans Asset-Backed Securities — 2.2%** | **Student Loans Asset-Backed Securities — 2.2%** |
| College Avenue Student Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class B, <br>3.810% 12/28/48 (a) | 858947 | 826276  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class C, <br>4.460% 12/28/48 (a) | 572777 | 540758  |
|  Edsouth Indenture No. 8 LLC, Series 2014-4, Class B, 30 day USD SOFR Average + 1.614%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.920% FRN 6/25/48 (a) (d) | 1200000 | 1192721  |
|  Edsouth Indenture No. 9 LLC, Series 2015-1, Class B, 30 day USD SOFR Average + 1.614%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.920% FRN 10/25/56 (a) (d) | 1100000 | 1068560  |
|  EDvestinU Private Education Loan Issue No. 1 LLC, Series 2019-A, Class A 3.580% 11/25/38 (a) | 267532 | 257696  |
| Nelnet Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class A4R1, <br>1.145% FRN 3/22/32 (d) (h) | 80000 | 79526  |
| &nbsp;&nbsp;&nbsp; Series 2019-5, Class B, <br>3.450% 10/25/67 (a) | 2150000 | 1682621  |
|  Series 2019-1A, Class B, 30 day USD SOFR Average + 1.514% 5.820% FRN 4/25/67 (a) (d) | 3250000 | 3099232  |
| SLM Student Loan Trust<br>|  |  |
|  Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 4.835% FRN 10/25/40 (d) | 1454838 | 1376367  |
|  Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 4.915% FRN 1/25/44 (d) | 835353 | 793520  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-E, Class B, <br>5.710% 10/16/56 (a) | 2500000 | 2464369  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **22**<br>|  |

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, <br>5.880% 3/15/56 (a) | $2910000 | $2984189  |
|  |  | 16365835  |
| **Whole Loan Collateral Collateralized Mortgage Obligations — 0.8%**<br>|  |  |
|  Banc of America Mortgage Trust, Series 2004-G, Class 2A7,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.538% VRN 8/25/34 (d) (h) | 2917 | 2902  |
| &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust, <br>Series 2021-6INV, Class A18,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% VRN 8/25/51 (a) (d) (h) | 3231160 | 2621531  |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust,<br>Series 2021-GR2, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% VRN 2/25/52 (a) (d) (h) | 1773002 | 1445135  |
|  New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% VRN 6/25/51 (a) (d) (h) | 2087363 | 1694841  |
| &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1, 3.920% <br>VRN 11/25/48 (a) (d) (h) | 20675 | 19584  |
|  |  | 5783993  |
| **Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust,<br>Series 2021-GR2, Class A4,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% VRN 2/25/52 (a) (d) (h) | 1177569 | 955394  |
| **TOTAL NON-U.S. GOVERNMENT** <br>**AGENCY OBLIGATIONS**<br>**(Cost $149,955,790)** |  | **140130099**  |
| **Sovereign Debt Obligations — 0.2%** | **Sovereign Debt Obligations — 0.2%** | **Sovereign Debt Obligations — 0.2%** |
| Mexico Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 3/08/44  | 1652000 | 1298720  |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br>**(Cost $1,646,045)** |  | **1298720**  |
| **U.S. Government Agency Obligations and** <br>**Instrumentalities (i) — 27.2%** | **U.S. Government Agency Obligations and** <br>**Instrumentalities (i) — 27.2%** | **U.S. Government Agency Obligations and** <br>**Instrumentalities (i) — 27.2%** |
| **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. REMICS Series 2178, Class PB <br>7.000% 8/15/29 | 6408 | 6634  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Pass-Through Securities — 27.2%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| Pool #RA4245 2.000% 12/01/50 | $1842967 | $1479737  |
| Pool #RA4255 2.000% 1/01/51 | 3735936 | 3005459  |
| Pool #RA5576 2.500% 7/01/51 | 6532586 | 5491896  |
| Pool #SD0905 3.000% 3/01/52 | 2852974 | 2498387  |
| Pool #J13972 3.500% 1/01/26 | 728 | 726  |
| Pool #C91344 3.500% 11/01/30 | 21617 | 21270  |
| Pool #C91424 3.500% 1/01/32 | 16127 | 15824  |
| Pool #RA2483 3.500% 6/01/50 | 3030271 | 2754602  |
| Pool #SD1523 4.000% 8/01/52 | 4337573 | 4072252  |
| Pool #SD1603 4.000% 9/01/52 | 2852584 | 2658485  |
| Pool #C91239 4.500% 3/01/29 | 855 | 854  |
| Pool #C91251 4.500% 6/01/29 | 6153 | 6146  |
| Pool #SD8266 4.500% 11/01/52 | 1691014 | 1622907  |
| Pool #SD7323 5.000% 12/01/54 | 9485646 | 9298098  |
| Pool #C90939 5.500% 12/01/25 | 393 | 393  |
| Pool #D97258 5.500% 4/01/27 | 650 | 653  |
| Pool #C91026 5.500% 4/01/27 | 3237 | 3255  |
| Pool #C91074 5.500% 8/01/27 | 408 | 411  |
| Pool #D97417 5.500% 10/01/27 | 3431 | 3464  |
| Pool #C91128 5.500% 12/01/27 | 342 | 346  |
| Pool #C91148 5.500% 1/01/28 | 8690 | 8774  |
| Pool #C91176 5.500% 5/01/28 | 3711 | 3756  |
| Pool #C91217 5.500% 11/01/28 | 1719 | 1739  |
| Pool #SD4364 5.500% 10/01/53 | 4846145 | 4879430  |
| Federal National Mortgage Association<br>|  |  |
| Pool #MA4577 2.000% 4/01/52 | 6814458 | 5407514  |
| Pool #CB0414 2.500% 5/01/51 | 5582812 | 4677727  |
| Pool #FM8596 2.500% 9/01/51 | 1721470 | 1447227  |
| Pool #FM9104 2.500% 10/01/51 | 5038323 | 4232532  |
| Pool #FM9227 2.500% 10/01/51 | 3612791 | 3031602  |
| Pool #MA4548 2.500% 2/01/52 | 4395049 | 3656429  |
| Pool #FS3035 2.500% 4/01/52 | 7724948 | 6511205  |
| Pool #MA3029 3.000% 6/01/32 | 698511 | 678367  |
| Pool #MA3090 3.000% 8/01/32 | 291043 | 282436  |
| Pool #AO8180 3.000% 9/01/42 | 8229 | 7495  |
| Pool #AB7397 3.000% 12/01/42 | 51896 | 47215  |
| Pool #AB7401 3.000% 12/01/42 | 41378 | 37690  |
| Pool #AP8668 3.000% 12/01/42 | 62973 | 57290  |
| Pool #AR1975 3.000% 12/01/42 | 11848 | 10799  |
| Pool #AR0306 3.000% 1/01/43 | 3356 | 3056  |
| Pool #AR5391 3.000% 1/01/43  | 9219 | 8377  |
| Pool #AL3215 3.000% 2/01/43 | 39801 | 36187  |
| Pool #AR4109 3.000% 2/01/43 | 37450 | 34074  |
| Pool #AR4432 3.000% 3/01/43 | 18507 | 16816  |
| Pool #AT0169 3.000% 3/01/43 | 87606 | 79677  |
| Pool #AB8809 3.000% 3/01/43 | 20853 | 18972  |
| Pool #MA1368 3.000% 3/01/43 | 79407 | 72199  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **23**<br>|

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Pool #AR2174 3.000% 4/01/43 | $75025 | $68203  |
| Pool #FS1075 3.000% 3/01/52 | 2918098 | 2559065  |
| Pool #CB3304 3.000% 4/01/52 | 4577663 | 4011582  |
| Pool #CB3305 3.000% 4/01/52 | 5532013 | 4841000  |
| Pool #AS1304 3.500% 12/01/28 | 189672 | 187513  |
| Pool #MA1356 3.500% 2/01/43 | 2830496 | 2645800  |
| Pool #CA6096 3.500% 6/01/50 | 3427479 | 3100680  |
| Pool #FM4017 3.500% 8/01/50 | 200702 | 182318  |
| Pool #CB3842 3.500% 6/01/52 | 8937334 | 8115908  |
| Pool #CA1909 4.500% 6/01/48 | 1522630 | 1478434  |
| Pool #CB3866 4.500% 6/01/52 | 4919982 | 4742196  |
| Pool #CB4032 4.500% 7/01/52 | 11687047 | 11220903  |
| Pool #CB4129 4.500% 7/01/52 | 4504248 | 4324594  |
| Pool #AD6437 5.000% 6/01/40 | 128147 | 129631  |
| Pool #AD6996 5.000% 7/01/40 | 845997 | 855819  |
| Pool #AL8173 5.000% 2/01/44 | 337024 | 340876  |
| Pool #MA5530 5.000% 11/01/54 | 3842873 | 3766893  |
| Pool #CB9465 5.000% 11/01/54 | 9625329 | 9513224  |
| Pool #AD0836 5.500% 11/01/28 | 7213 | 7273  |
| Pool #MA4842 5.500% 12/01/52 | 8495719 | 8527522  |
| Pool #MA5215 5.500% 12/01/53 | 4355670 | 4361086  |
| Pool #CB9444 6.000% 11/01/54 | 3769654 | 3838859  |
| Pool #FA0095 6.000% 12/01/54 | 5755894 | 5897538  |
|  Government National Mortgage Association<br>|  |  |
| Pool #480539 7.000% 4/15/29 | 38 | 38  |
| Pool #488634 7.000% 5/15/29 | 804 | 817  |
| Pool #500928 7.000% 5/15/29 | 1588 | 1621  |
| Pool #510083 7.000% 7/15/29 | 83 | 84  |
| Pool #493723 7.000% 8/15/29 | 1232 | 1261  |
|  Government National Mortgage Association II<br>|  |  |
| Pool #MA6038 3.000% 7/20/49 | 1677043 | 1492179  |
| Pool #MA6283 3.000% 11/20/49 | 3038699 | 2691868  |
| Pool #MA6409 3.000% 1/20/50 | 3143189 | 2789834  |
| Pool #MA4321 3.500% 3/20/47 | 1878964 | 1735259  |
| Pool #MA9722 4.000% 6/20/54 | 15344893 | 14291991  |
|  Pool #8746 1 yr. CMT + 1.500% 4.750% FRN 11/20/25 (d) | 79 | 79  |
|  Pool #80136 1 yr. CMT + 1.500% 4.750% FRN 11/20/27 (d) | 130 | 130  |
| Pool #MB0025 5.000% 11/20/54 | 9811566 | 9639980  |
| Pool #MB0091 5.000% 12/20/54 | 9846268 | 9672537  |
| Pool #MA8429 5.500% 11/20/52 | 4462115 | 4494231  |
|  |  | 199712576  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $207,911,522)** |  | **199719210**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **U.S. Treasury Obligations — 13.5%** | **U.S. Treasury Obligations — 13.5%** | **U.S. Treasury Obligations — 13.5%** |
| **U.S. Treasury Bonds & Notes — 13.5%** | **U.S. Treasury Bonds & Notes — 13.5%** | **U.S. Treasury Bonds & Notes — 13.5%** |
| U.S. Treasury Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 8/15/49 (j) | $33500000 | $20994450  |
| &nbsp;&nbsp;&nbsp; 3.500% 2/15/39 | 15000000 | 13521837  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/44  | 23000000 | 21062360  |
| &nbsp;&nbsp;&nbsp; 4.625% 2/15/55 | 6000000 | 5838772  |
| U.S. Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.875% 2/15/32 | 20000000 | 17563796  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/28/31 | 20000000 | 20379736  |
|  |  | 99360951  |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $100,284,583)** |  | **99360951**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $741,990,158)** |  | **719715954**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $741,990,158)** |  | **719715954**  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| **Commercial Paper — 0.7%**<br>|  |  |
| Eversource Energy<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.819% 7/09/25 (a) | 2000000 | 1997684  |
| Hubbell, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.722% 7/31/25 (a) | 500000 | 498075  |
| Penske Truck Leasing Co. LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.725% 8/25/25 | 1000000 | 992647  |
| Phillips 66<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.714% 7/07/25 (a) | 1000000 | 999102  |
| Spire, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.736% 7/09/25 (a) | 1000000 | 998853  |
|  |  | 5486361  |
|  | **Number of**<br>**Shares** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.8%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (k) | 5568130 | 5568130  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $11,055,255)** |  | **11054491**  |
| **TOTAL INVESTMENTS — 99.5%** | **TOTAL INVESTMENTS — 99.5%** | **TOTAL INVESTMENTS — 99.5%** |
| **(Cost $753,045,413) (l)** |  | **730770445**  |
| **Other Assets/(Liabilities) — 0.5%** |  | **3432601**  |
| **NET ASSETS — 100.0%** |  | **$734203046** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **24**<br>|  |

---

------

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

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

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CLO | &nbsp;&nbsp;&nbsp; Collateralized Loan Obligation |
| CMT | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index |
| FRN | &nbsp;&nbsp;&nbsp; Floating Rate Note |
| REMICS | &nbsp;&nbsp;&nbsp; Real Estate Mortgage Investment Conduits |
| SOFR | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |
| STEP | &nbsp;&nbsp;&nbsp; Step Coupon Bond |
| VRN | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At June 30, 2025, the aggregate market value of these securities amounted to $226,638,135 or 30.87% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $10,985,194 or 1.50% of net assets. The Fund received $5,705,081 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;(d) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Restricted security. Certain securities are
 restricted to resale. At June 30, 2025, these securities amounted to a value of $949,957 or 0.13% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At June 30, 2025, these securities amounted to a value of $1,790,283
 or 0.24% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30,
 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2).* 

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

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

---

| | |
|:---|:---|
| United States | 80.5%  |
| Cayman Islands | 6.7%  |
| United Kingdom | 3.2%  |
| Canada | 2.4%  |
| Bermuda | 1.0%  |
| Australia | 0.8%  |
| France | 0.7%  |
| Netherlands | 0.7%  |
| Ireland | 0.5%  |
| Germany | 0.5%  |
| Mexico | 0.4%  |
| Finland | 0.4%  |
| Switzerland | 0.1%  |
| Denmark | 0.1%  |
| Total Long-Term Investments | 98.0%  |
|  Short-Term Investments and Other Assets and Liabilities | 2.0%  |
| Net Assets | 100.0% |

---

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Long**<br>|  |  |  |  |
| U.S. Treasury Long Bond | 9/19/25 | 85 | $9490440 | $324404  |
| U.S. Treasury Note 10 Year | 9/19/25 | 42 | 4710044 | (794)  |
| U.S. Treasury Ultra Bond | 9/19/25 | 62 | 7076487 | 309263  |
| U.S. Treasury Note 2 Year | 9/30/25 | 350 | 72544464 | 263739  |
| U.S. Treasury Note 5 Year | 9/30/25 | 60 | 6542531 | (2531)  |
|  |  |  |  | $894081  |
| **Short**<br>|  |  |  |  |
| U.S. Treasury Note 5 Year | 9/30/25 | 30 | $(3237094) | $(32906) |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **25**<br>|

---

------

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

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

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 79.1%**<br>|  |  |
| **Corporate Debt — 44.5%**<br>|  |  |
| **Agriculture — 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC<br>4.500% 6/30/28 (a) (b) | $555000 | $554934  |
| &nbsp;&nbsp;&nbsp; KT&G Corp.<br>5.000% 5/02/28 (a) | 200000 | 202858  |
|  |  | 757792  |
| **Auto Manufacturers — 2.1%**<br>|  |  |
| Ford Motor Credit Co. LLC<br>|  |  |
| 5.303% 9/06/29 | 470000 | 461534  |
| 5.875% 11/07/29 | 290000 | 290851  |
| General Motors Financial Co., Inc.<br>|  |  |
| 5.000% 7/15/27 | 280000 | 281714  |
| 5.800% 1/07/29 | 305000 | 314137  |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America<br>6.100% 9/21/28 (a) | 305000 | 317073  |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC<br>1.850% 9/16/26 (a) | 685000 | 653256  |
|  |  | 2318565  |
| **Banks — 8.6%**<br>|  |  |
| ABN AMRO Bank NV<br>|  |  |
| 4.750% 7/28/25 (a) | 625000 | 624977  |
| &nbsp;&nbsp;&nbsp; 1 yr. CMT + 1.550% <br>6.575% VRN 10/13/26 (a) (c) | 300000 | 301555  |
| &nbsp;&nbsp;&nbsp; ANB Sukuk Ltd. 5 yr. CMT + 2.974% <br>3.326% VRN 10/28/30 (a) (c) | 650000 | 645779  |
| Barclays PLC<br>|  |  |
| 5.200% 5/12/26 | 305000 | 306375  |
|  1 day USD SOFR + 1.740% 5.690% VRN 3/12/30 (c) | 295000 | 305243  |
| BPCE SA<br>|  |  |
|  1 day USD SOFR + 1.581% 5.389% VRN 5/28/31 (a) (c) | 285000 | 290199  |
|  1 day USD SOFR + 1.980% 6.612% VRN 10/19/27 (a) (c) | 500000 | 511826  |
| &nbsp;&nbsp;&nbsp; Capital One NA 5 yr. USD SOFR ICE Swap Rate + 1.730%<br>5.974% VRN 8/09/28 (c) | 450000 | 461052  |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA <br>1 day USD SOFR + 1.860%<br>6.316% VRN 10/03/29 (a) (c) | 375000 | 394129  |
| &nbsp;&nbsp;&nbsp; Danske Bank AS <br>1 yr. CMT + 0.930%<br>5.019% VRN 3/04/31 (a) (c) | 290000 | 293287  |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>1 day USD SOFR + 1.210%<br>5.373% VRN 1/10/29 (c) | 285000 | 290003  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| HSBC Holdings PLC<br>|  |  |
|  1 day USD SOFR + 1.030% 4.899% VRN 3/03/29 (c) | $290000 | $292456  |
|  1 day USD SOFR + 3.350% 7.390% VRN 11/03/28 (c) | 310000 | 329217  |
| &nbsp;&nbsp;&nbsp; ING Groep NV <br>1 day USD SOFR + 1.440%<br>5.335% VRN 3/19/30 (c) | 295000 | 302502  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co. <br>1 day USD SOFR + 0.765%<br>1.470% VRN 9/22/27 (c) | 445000 | 429329  |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC <br>1 yr. CMT + 0.850%<br>5.087% VRN 11/26/28 (c) | 179000 | 181352  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.610% <br>4.210% VRN 4/20/28 (c) | 245000 | 244494  |
| 4.350% 9/08/26 | 400000 | 399285  |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC <br>1 yr. CMT + 1.050%<br>5.115% VRN 5/23/31 (c) | 280000 | 284582  |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC <br>1 day USD SOFR Index + 1.554%<br>4.858% VRN 9/11/30 (c) | 510000 | 509330  |
| Societe Generale SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 yr. CMT + 1.100% <br>1.488% VRN 12/14/26 (a) (c) | 525000 | 517357  |
| &nbsp;&nbsp;&nbsp; 1 yr. CMT + 1.300% <br>2.797% VRN 1/19/28 (a) (c) | 200000 | 194223  |
| &nbsp;&nbsp;&nbsp; Synovus Bank<br>5.625% 2/15/28 | 523000 | 528667  |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. <br>1 day USD SOFR + 2.347%<br>6.168% VRN 11/01/30 (c) | 225000 | 230817  |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. <br>1 day USD SOFR + 2.446%<br>7.161% VRN 10/30/29 (c) | 305000 | 329915  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. <br>1 day USD SOFR + 1.740%<br>5.574% VRN 7/25/29 (c) | 310000 | 320093  |
|  |  | 9518044  |
| **Beverages — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; JDE Peet's NV<br>1.375% 1/15/27 (a) | 407000 | 387247  |
| **Building Materials — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC<br>4.950% 4/07/30 (a) | 300000 | 304021  |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc.<br>5.875% 1/31/31 (a) | 130000 | 131135  |
|  |  | 435156  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **26**<br>|  |

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Chemicals — 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC<br>6.850% STEP 11/15/28 | $555000 | $583181  |
| &nbsp;&nbsp;&nbsp; Huntsman International LLC<br>4.500% 5/01/29 | 300000 | 284502  |
| &nbsp;&nbsp;&nbsp; Yara International ASA<br>4.750% 6/01/28 (a) | 300000 | 300603  |
|  |  | 1168286  |
| **Commercial Services — 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp.<br>5.037% 3/25/30 (a) | 290000 | 292549  |
| Triton Container International Ltd.<br>|  |  |
| 2.050% 4/15/26 (a) | 450000 | 440692  |
| 3.150% 6/15/31 (a) | 325000 | 281977  |
|  |  | 1015218  |
| **Computers — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Genpact Luxembourg SARL/Genpact USA, Inc.<br>6.000% 6/04/29 | 277000 | 286704  |
| **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC<br>5.250% 3/15/30 (a) | 290000 | 292390  |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. 1 day USD <br>SOFR + 3.260%<br>6.992% VRN 6/13/29 (c) | 275000 | 289490  |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC<br>5.125% 4/10/30 (a) | 440000 | 444156  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| 5.375% 5/30/30 (a) | 114000 | 116127  |
| 5.750% 11/15/29 (a) | 430000 | 442632  |
| &nbsp;&nbsp;&nbsp; BGC Group, Inc.<br>6.150% 4/02/30 (a) | 550000 | 557647  |
| Macquarie Airfinance Holdings Ltd.<br>|  |  |
| 5.200% 3/27/28 (a) | 150000 | 151671  |
| 6.400% 3/26/29 (a) | 324000 | 338241  |
| 8.125% 3/30/29 (a) | 150000 | 156897  |
| &nbsp;&nbsp;&nbsp; REC Ltd.<br>2.250% 9/01/26 (a) | 400000 | 388703  |
| &nbsp;&nbsp;&nbsp; Synchrony Financial 1 day USD SOFR + 1.680%<br>5.450% VRN 3/06/31 (c) (d) | 550000 | 554795  |
|  |  | 3732749  |
| **Electric — 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Adani Transmission Step-One Ltd.<br>4.000% 8/03/26 (a) | 350000 | 345136  |
| &nbsp;&nbsp;&nbsp; Alliant Energy Finance LLC<br>1.400% 3/15/26 (a) | 260000 | 252040  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Edison International<br>5.250% 11/15/28 | $200000 | $197963  |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co.<br>5.150% 3/30/26 (a) | 226000 | 226514  |
| &nbsp;&nbsp;&nbsp; Pacific Gas & Electric Co.<br>5.550% 5/15/29 | 450000 | 457256  |
|  |  | 1478909  |
| **Entertainment — 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc.<br>4.054% 3/15/29  | 750000 | 696735  |
| **Food — 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>2.500% 1/15/27 | 285000 | 277225  |
| &nbsp;&nbsp;&nbsp; Smithfield Foods, Inc.<br>4.250% 2/01/27 (a) | 775000 | 767443  |
|  |  | 1044668  |
| **Health Care - Services — 0.5%**<br>|  |  |
| Centene Corp.<br>|  |  |
| 2.450% 7/15/28 | 325000 | 301807  |
| 3.000% 10/15/30 | 325000 | 290394  |
|  |  | 592201  |
| **Home Furnishing — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; LG Electronics, Inc.<br>5.625% 4/24/27 (a) | 200000 | 203599  |
| **Housewares — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc.<br>6.375% 9/15/27 | 200000 | 202685  |
| **Insurance — 3.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd.<br>5.750% 7/01/30 | 89000 | 90471  |
| &nbsp;&nbsp;&nbsp; Athene Global Funding<br>3.205% 3/08/27 (a) | 212000 | 206347  |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding<br>5.650% 6/10/29 (a) | 275000 | 281937  |
| &nbsp;&nbsp;&nbsp; CNO Global Funding<br>2.650% 1/06/29 (a) | 350000 | 326918  |
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding<br>4.900% 12/03/29 (a) | 300000 | 304219  |
| &nbsp;&nbsp;&nbsp; Enstar Group Ltd.<br>4.950% 6/01/29 | 300000 | 302200  |
| &nbsp;&nbsp;&nbsp; Equitable America Global Funding<br>4.950% 6/09/30 (a) | 280000 | 283051  |
| &nbsp;&nbsp;&nbsp; Fortitude Group Holdings LLC<br>6.250% 4/01/30 (a) | 269000 | 276750  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **27**<br>|

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust<br>2.250% 1/06/27 (a) | $235000 | $226887  |
| &nbsp;&nbsp;&nbsp; Global Atlantic Fin Co.<br>4.400% 10/15/29 (a) | 350000 | 339688  |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp., (Acquired 4/19/23, Cost $310,303),<br>3.800% 3/01/28 (d) (e) | 350000 | 344335  |
| &nbsp;&nbsp;&nbsp; Mercury General Corp.<br>4.400% 3/15/27 | 300000 | 297482  |
|  |  | 3280285  |
| **Investment Companies — 6.0%**<br>|  |  |
| Antares Holdings LP<br>|  |  |
| 2.750% 1/15/27 (a) | 310000 | 297476  |
| 3.950% 7/15/26 (a) | 605000 | 595124  |
| ARES Capital Corp.<br>|  |  |
| 2.875% 6/15/28 | 250000 | 235583  |
| 5.875% 3/01/29 | 100000 | 101966  |
| 5.950% 7/15/29 | 305000 | 312068  |
| &nbsp;&nbsp;&nbsp; ARES Strategic Income Fund<br>6.350% 8/15/29 | 538000 | 551573  |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund<br>2.625% 12/15/26 | 490000 | 473428  |
| Blackstone Secured Lending Fund<br>|  |  |
| 2.750% 9/16/26 | 350000 | 340786  |
| 5.300% 6/30/30 | 300000 | 297254  |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital Corp.<br>8.450% 11/15/26 | 275000 | 285689  |
| &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp.<br>4.700% 2/08/27 | 650000 | 645873  |
| &nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp.<br>6.750% 4/04/29 | 627000 | 639437  |
| Golub Capital BDC, Inc.<br>|  |  |
| 2.500% 8/24/26 (d) | 270000 | 262755  |
| 6.000% 7/15/29 | 621000 | 629432  |
| HPS Corporate Lending Fund<br>|  |  |
| 6.250% 9/30/29 | 305000 | 310935  |
| 6.750% 1/30/29 | 368000 | 380036  |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn Enterprises Finance Corp.<br>5.250% 5/15/27 | 300000 | 290679  |
|  |  | 6650094  |
| **Lodging — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp.<br>6.000% 8/15/29 | 516000 | 530345  |
| **Machinery - Diversified — 0.8%**<br>|  |  |
| Regal Rexnord Corp.<br>|  |  |
| 6.050% 2/15/26 | 325000 | 326879  |
| 6.050% 4/15/28 | 300000 | 309145  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Weir Group, Inc.<br>5.350% 5/06/30 (a) | $280000 | $283920  |
|  |  | 919944  |
| **Media — 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; News Corp.<br>3.875% 5/15/29 (a) | 425000 | 406615  |
| &nbsp;&nbsp;&nbsp; Paramount Global<br>7.875% 7/30/30 | 350000 | 387762  |
|  |  | 794377  |
| **Mining — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC<br>5.186% 4/01/30 (a) | 162000 | 165166  |
| **Oil & Gas — 3.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Continental Resources, Inc.<br>5.750% 1/15/31 (a) | 250000 | 252396  |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc.<br>4.850% 12/01/29 (a) (d) | 585000 | 557821  |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp.<br>5.200% 8/01/29 | 295000 | 295949  |
| Ovintiv, Inc.<br>|  |  |
| 7.200% 11/01/31 | 250000 | 270107  |
| 8.125% 9/15/30 | 250000 | 283838  |
| &nbsp;&nbsp;&nbsp; Parkland Corp.<br>5.875% 7/15/27 (a) | 193000 | 193114  |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc.<br>3.950% 2/01/28 | 685000 | 663284  |
| &nbsp;&nbsp;&nbsp; Qatarenergy LNG S3<br>5.838% 9/30/27 (a) | 352200 | 358236  |
| &nbsp;&nbsp;&nbsp; Santos Finance Ltd.<br>3.649% 4/29/31 (a) | 325000 | 302549  |
| &nbsp;&nbsp;&nbsp; Woodside Finance Ltd.<br>5.400% 5/19/30 | 555000 | 562901  |
|  |  | 3740195  |
| **Pharmaceuticals — 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bayer US Finance II LLC<br>4.375% 12/15/28 (a) | 275000 | 272439  |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.<br>3.250% 8/15/29 | 300000 | 285127  |
| &nbsp;&nbsp;&nbsp; Hikma Finance USA LLC<br>3.250% 7/09/25 (a) | 675000 | 674895  |
| &nbsp;&nbsp;&nbsp; Mylan, Inc.<br>4.550% 4/15/28 | 575000 | 570216  |
|  |  | 1802677  |
| **Pipelines — 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC<br>6.055% 8/15/26 (a) | 280000 | 283413  |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I LP<br>7.500% 9/01/28 (a) | 234000 | 237987  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **28**<br>|  |

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp.<br>4.900% 9/15/30 | $172000 | $173452  |
|  |  | 694852  |
| **Real Estate Investment Trusts (REITS) — 3.7%** | **Real Estate Investment Trusts (REITS) — 3.7%** | **Real Estate Investment Trusts (REITS) — 3.7%** |
| EPR Properties<br>|  |  |
| 3.750% 8/15/29 | 125000 | 119020  |
| 4.500% 6/01/27 | 450000 | 447697  |
| &nbsp;&nbsp;&nbsp; Global Net Lease, Inc./Global Net Lease Operating Partnership LP<br>3.750% 12/15/27 (a) | 485000 | 463187  |
| &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc.<br>5.375% 4/15/26 | 348000 | 348076  |
| &nbsp;&nbsp;&nbsp; Highwoods Realty LP<br>4.200% 4/15/29 | 300000 | 291746  |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc.<br>5.200% 7/01/30 | 575000 | 578227  |
| &nbsp;&nbsp;&nbsp; Piedmont Operating Partnership LP<br>9.250% 7/20/28 | 575000 | 640458  |
| Store Capital LLC<br>|  |  |
| 2.750% 11/18/30 | 275000 | 242345  |
| 4.500% 3/15/28 | 650000 | 643452  |
| &nbsp;&nbsp;&nbsp; Vornado Realty LP<br>2.150% 6/01/26 | 310000 | 301125  |
|  |  | 4075333  |
| **Retail — 0.6%**<br>|  |  |
| Advance Auto Parts, Inc.<br>|  |  |
| 1.750% 10/01/27 | 350000 | 326741  |
| 5.900% 3/09/26 | 144000 | 143971  |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc.<br>4.200% 5/15/28 | 175000 | 173347  |
|  |  | 644059  |
| **Semiconductors — 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.<br>5.050% 4/15/30 | 290000 | 297073  |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC<br>5.500% 1/25/31 (a) | 570000 | 584647  |
| &nbsp;&nbsp;&nbsp; SK Hynix, Inc.<br>5.500% 1/16/27 (a) | 200000 | 202515  |
|  |  | 1084235  |
| **Software — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AppLovin Corp.<br>5.125% 12/01/29 | 395000 | 400141  |
| **Venture Capital — 0.7%**<br>|  |  |
| Hercules Capital, Inc.<br>|  |  |
| 2.625% 9/16/26 | 560000 | 541499  |
| 3.375% 1/20/27 (d) | 270000 | 261474  |
|  |  | 802973  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $48,909,422)** |  | **49423234**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Non-U.S. Government Agency** <br>**Obligations — 34.6%** | **Non-U.S. Government Agency** <br>**Obligations — 34.6%** | **Non-U.S. Government Agency** <br>**Obligations — 34.6%** |
| **Automobile Asset-Backed Securities — 5.5%** | **Automobile Asset-Backed Securities — 5.5%** |  |
| &nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust, Series 2022-1, Class D<br>2.460% 3/13/28 (a) | $216424 | $216005  |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series 2021-4, Class D<br>1.480% 3/15/28 | 250000 | 245469  |
| Carvana Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-N1, Class D, <br>1.500% 1/10/28 | 112957 | 109592  |
| &nbsp;&nbsp;&nbsp; Series 2021-P3, Class D, <br>2.250% 9/11/28 | 855000 | 812120  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, <br>1.400% 4/15/27 | 466491 | 459577  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, <br>5.570% 9/15/28 | 500000 | 501232  |
| &nbsp;&nbsp;&nbsp; FCCU Auto Receivables Trust, Series 2024-1A, Class A4<br>5.460% 4/15/30 (a) | 500000 | 509303  |
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class B<br>5.310% 5/15/28 (a) | 400000 | 401357  |
| &nbsp;&nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-2A, Class B<br>5.500% 7/16/29 (a) | 500000 | 509515  |
| &nbsp;&nbsp;&nbsp; PenFed Auto Receivables Owner Trust, Series 2024-A, Class C<br>5.200% 9/16/30 (a) | 300000 | 303888  |
| &nbsp;&nbsp;&nbsp; SCCU Auto Receivables Trust, Series 2024-1A, Class D<br>6.250% 7/15/32 (a) | 400000 | 399116  |
| &nbsp;&nbsp;&nbsp; Securitized Term Auto Receivables Trust, Series 2025-A, Class D<br>6.746% 7/25/31 (a) | 241286 | 244190  |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, Series 2022-2A, Class D<br>5.480% 9/15/27 (a) | 1400000 | 1402379  |
|  |  | 6113743  |
| **Commercial Mortgage-Backed Securities — 4.5%** | **Commercial Mortgage-Backed Securities — 4.5%** | **Commercial Mortgage-Backed Securities — 4.5%** |
| &nbsp;&nbsp;&nbsp; BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797%<br>6.109% FRN 7/15/35 (a) (c) | 500000 | 499806  |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-SOAR, Class E, 1 mo. USD Term SOFR + 1.914%<br>6.227% FRN 6/15/38 (a) (c) | 286693 | 286693  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **29**<br>|

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; ELM Trust, Series 2024-ELM, Class A15,<br>5.994% VRN 6/10/39 (a) (c) (f) | $1100000 | $1108936  |
| &nbsp;&nbsp;&nbsp; KIND Trust, Series 2021-KIND, Class B, 1 mo. USD Term <br>SOFR + 1.464%<br>5.780% FRN 8/15/38 (a) (c) | 545520 | 538701  |
| &nbsp;&nbsp;&nbsp; KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD Term <br>SOFR + 1.414%<br>5.728% FRN 2/15/39 (a) (c) | 900000 | 880272  |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%<br>6.177% FRN 3/15/38 (a) (c) | 260400 | 257796  |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD Term SOFR + 2.215%<br>6.527% FRN 4/15/38 (a) (c) | 496000 | 496930  |
| One New York Plaza Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% <br>6.627% FRN 1/15/36 (a) (c) | 616000 | 583814  |
| &nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% <br>7.177% FRN 1/15/36 (a) (c) | 414000 | 388468  |
|  |  | 5041416  |
| **Credit Card Asset-Backed Securities — 0.4%** | **Credit Card Asset-Backed Securities — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Mission Lane Credit Card Master Trust, Series 2025-A, Class A<br>5.800% 5/15/30 (a) | 400000 | 401219  |
| **Home Equity Asset-Backed Securities — 0.0%** | **Home Equity Asset-Backed Securities — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314%<br>5.634% FRN 11/25/35 (a) (c) | 7109 | 7096  |
| **Other Asset-Backed Securities — 14.1%** | **Other Asset-Backed Securities — 14.1%** |  |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust, Series 2025-X1, Class B<br>5.190% 4/15/30 (a) | 500000 | 499646  |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXX Ltd., Series XXXA, Class A2R, 3 mo. USD Term SOFR + 1.500%<br>5.770% FRN 10/18/31 (a) (c) | 500000 | 500152  |
| Bain Capital Credit CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-3A, Class A1RR, 3 mo. USD Term SOFR + 1.210% <br>5.489% FRN 10/23/34 (a) (c) | 500000 | 500828  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320% <br>5.590% FRN 4/18/35 (a) (c) | $500000 | $500414  |
| &nbsp;&nbsp;&nbsp; BHG Securitization Trust, Series 2021-B, Class C<br>2.240% 10/17/34 (a) | 448000 | 423840  |
| &nbsp;&nbsp;&nbsp; BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B<br>3.780% 9/26/33 (a) | 60020 | 58923  |
| &nbsp;&nbsp;&nbsp; Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600%<br>5.856% FRN 10/15/31 (a) (c) | 500000 | 500211  |
| &nbsp;&nbsp;&nbsp; Canyon CLO Ltd., Series 2020-1A, Class AR2, 3 mo. USD Term SOFR + 1.080%<br>5.336% FRN 7/15/34 (a) (c) | 1000000 | 1000200  |
| &nbsp;&nbsp;&nbsp; CF Hippolyta Issuer LLC, Series 2020-1, Class B1<br>2.280% 7/15/60 (a) | 90845 | 90655  |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2017-4A, Class A2R, 3 mo. USD Term SOFR + 1.812%<br>6.087% FRN 10/24/30 (a) (c) | 500000 | 499999  |
| &nbsp;&nbsp;&nbsp; DataBank Issuer LLC, Series <br>2021-1A, Class A2<br>2.060% 2/27/51 (a) | 991000 | 969347  |
| &nbsp;&nbsp;&nbsp; Elara HGV Timeshare Issuer LLC, Series 2019-A, Class C<br>3.450% 1/25/34 (a) | 124856 | 122114  |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 20 Ltd., Series <br>2020-1A, Class AR, 3 mo. <br>USD Term SOFR + 1.380%<br>5.702% FRN 5/20/36 (a) (c) | 500000 | 500699  |
| &nbsp;&nbsp;&nbsp; FNA VI LLC, Series 2021-1A, Class A<br>1.350% 1/10/32 (a) | 485740 | 451636  |
| &nbsp;&nbsp;&nbsp; Goldentree Loan Management US CLO 1 Ltd., Series 2017-1A, Class B1R3, 3 mo. USD Term SOFR + 1.350%<br>5.620% FRN 4/20/34 (a) (c) | 500000 | 495876  |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO 8 Ltd., Series 2020-8A, Class BRR, 3 mo. USD Term SOFR + 1.550%<br>5.820% FRN 10/20/34 (a) (c) | 500000 | 499768  |
| &nbsp;&nbsp;&nbsp; Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A<br>1.150% 6/25/51 (a) | 119733 | 116986  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **30**<br>|  |

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Goodgreen Trust, Series 2019-2A, Class A<br>2.760% 4/15/55 (a) | $266983 | $229594  |
| &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Trust, Series 2024-1, Class A4<br>5.670% 6/25/59 (a) | 262318 | 266189  |
| Hero Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, <br>3.190% 9/20/48 (a) | 62721 | 55401  |
| &nbsp;&nbsp;&nbsp; Series 2016-4A, Class A1, <br>3.570% 9/20/47 (a) | 59185 | 54430  |
| &nbsp;&nbsp;&nbsp; Series 2015-1A, Class A, <br>3.840% 9/21/40 (a) | 121217 | 113946  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, <br>4.670% 9/20/48 (a) | 111205 | 103401  |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2024-2A, Class A<br>5.500% 3/25/38 (a) | 200687 | 202901  |
| &nbsp;&nbsp;&nbsp; HIN Timeshare Trust, Series 2020-A, Class B<br>2.230% 10/09/39 (a) | 207481 | 201615  |
| &nbsp;&nbsp;&nbsp; JG Wentworth XXII LLC, Series 2010-3A, Class A<br>3.820% 12/15/48 (a) | 33113 | 32762  |
| &nbsp;&nbsp;&nbsp; Juniper Valley Park CLO Ltd., Series 2023-1A, Class AR, 3 mo. USD Term SOFR + 1.250%<br>5.520% FRN 7/20/36 (a) (c) | 500000 | 500405  |
| &nbsp;&nbsp;&nbsp; KKR CLO 20 Ltd., Series 20, Class BR, 3 mo. USD Term <br>SOFR + 1.550%<br>5.811% FRN 10/16/30 (a) (c) | 500000 | 500029  |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loan Trust, Series 2018-2GS, Class A<br>4.200% 2/22/44 (a) | 96177 | 89578  |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loans LLC, Series 2017-1A, Class A<br>4.450% 6/20/42 (a) | 19326 | 18588  |
| &nbsp;&nbsp;&nbsp; Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662%<br>5.943% FRN 7/25/30 (a) (c) | 250000 | 250096  |
| &nbsp;&nbsp;&nbsp; NP SPE II LLC, Series 2017-1A, Class A1<br>3.372% 10/21/47 (a) | 57995 | 56689  |
|  Oak Street Investment Grade Net Lease Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1, <br>1.850% 11/20/50 (a) | 443811 | 434065  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A3, <br>2.260% 11/20/50 (a) | 396833 | 388954  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Grantor Trust, Series 2024-5, Class A<br>6.278% 10/15/31 (a) | $406833 | $409265  |
| &nbsp;&nbsp;&nbsp; Pagaya Ai Debt Trust, <br>Series 2025-R1, Class A2<br>5.338% 6/15/32 (a) | 500000 | 500951  |
| &nbsp;&nbsp;&nbsp; PVONE 2023-1 LLC, <br>Series 2023-2A, Class A<br>7.670% 9/17/35 (a) | 209366 | 209363  |
| &nbsp;&nbsp;&nbsp; Rad CLO 4 Ltd., Series 2019-4A, Class B1R, 3 mo. USD Term SOFR + 1.750%<br>6.032% FRN 4/25/32 (a) (c) | 500000 | 500319  |
| &nbsp;&nbsp;&nbsp; RR 8 Ltd., Series 2020-8A, Class A1R, 3 mo. USD Term SOFR + 1.350%<br>5.606% FRN 7/15/37 (a) (c) | 500000 | 501125  |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXII Ltd., Series 2020-22A, Class BR, 3 mo. USD Term SOFR + 1.680%<br>5.950% FRN 4/18/33 (a) (c) | 500000 | 500090  |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, 3 mo. USD Term SOFR + 1.402%<br>5.681% FRN 10/23/34 (a) (c) | 500000 | 500583  |
| &nbsp;&nbsp;&nbsp; Verdant Receivables LLC, Series 2024-1A, Class A2<br>5.680% 12/12/31 (a) | 759954 | 771262  |
| &nbsp;&nbsp;&nbsp; Whitebox CLO III Ltd., Series <br>2021-3A, Class A1R, 3 mo. USD Term SOFR + 1.270%<br>5.526% FRN 10/15/35 (a) (c) | 500000 | 500247  |
|  |  | 15623142  |
| **Real Estate Investment Trusts (REITS) — 0.3%** | **Real Estate Investment Trusts (REITS) — 0.3%** | **Real Estate Investment Trusts (REITS) — 0.3%** |
| SBA Tower Trust<br>|  |  |
| 1.884% 7/15/50 (a) | 287000 | 282312  |
| **Student Loans Asset-Backed Securities — 5.2%** | **Student Loans Asset-Backed Securities — 5.2%** | **Student Loans Asset-Backed Securities — 5.2%** |
| College Avenue Student Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class B, <br>2.320% 7/25/51 (a) | 504598 | 457849  |
| &nbsp;&nbsp;&nbsp; Series 2017-A, Class B, <br>4.500% 11/26/46 (a) | 158804 | 151599  |
| &nbsp;&nbsp;&nbsp; Series 2018-A, Class A1, <br>1 mo. USD Term SOFR + 1.314% <br>5.634% FRN 12/26/47 (a) (c) | 156677 | 156322  |
| &nbsp;&nbsp;&nbsp; Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764% <br>6.084% FRN 11/26/46 (a) (c) | 104863 | 104950  |
| Commonbond Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-AGS, Class C, <br>3.820% 2/25/44 (a) | 15872 | 13165  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **31**<br>|

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2018-BGS, Class C, <br>4.120% 9/25/45 (a) | $17651 | $15359  |
| &nbsp;&nbsp;&nbsp; Series 2018-CGS, Class C, <br>4.350% 2/25/46 (a) | 8415 | 7505  |
| &nbsp;&nbsp;&nbsp; Series 2017-AGS, Class C, <br>5.280% 5/25/41 (a) | 38224 | 35780  |
|  Laurel Road Prime Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class BFX, <br>3.000% 10/25/48 (a) | 256646 | 247717  |
| &nbsp;&nbsp;&nbsp; Series 2017-B, Class CFX, <br>3.610% 8/25/42 (a) | 485816 | 482399  |
|  Navient Private Education Refi Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class A, <br>1.060% 10/15/69 (a) | 989846 | 886859  |
| &nbsp;&nbsp;&nbsp; Series 2020-BA, Class B, <br>2.770% 1/15/69 (a) | 2200000 | 1879682  |
| SLM Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% <br>4.835% FRN 10/25/40 (c) | 281809 | 266609  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% <br>4.915% FRN 1/25/44 (c) | 211037 | 200468  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class B, 90 day USD SOFR Average + 0.562% <br>4.925% FRN 1/25/41 (c) | 266601 | 247664  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% <br>4.935% FRN 1/25/55 (c) | 79108 | 75565  |
| SMB Private Education Loan Trust<br>|  |  |
|  Series 2018-C, Class A2B, 1 mo. USD Term SOFR + 0.864% 5.176% FRN 11/15/35 (a) (c) | 83343 | 83051  |
|  Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% 5.954% FRN 9/15/53 (a) (c) | 463332 | 469587  |
|  |  | 5782130  |
| **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 4.5%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 4.5%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 4.5%** |
| &nbsp;&nbsp;&nbsp; A&D Mortgage Trust, <br>Series 2023-NQM3, Class A1,<br>6.733% STEP 7/25/68 (a) | 830327 | 838173  |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series 2020-5, Class A3,<br>2.041% VRN 5/25/65 (a) (c) (f) | 37511 | 35820  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust, Series 2004-G, Class 2A7,<br>6.538% VRN 8/25/34 (c) (f) | $556 | $553  |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3,<br>2.406% VRN 5/25/60 (a) (c) (f) | 30625 | 29820  |
| &nbsp;&nbsp;&nbsp; CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064%<br>5.370% FRN 8/25/49 (a) (c) | 237812 | 225751  |
| &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A3,<br>1.538% VRN 2/25/66 (a) (c) (f) | 359574 | 326687  |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, Series 2021-1, Class A3,<br>1.128% VRN 5/25/65 (a) (c) (f) | 74016 | 70510  |
| &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust, <br>Series 2021-6INV, Class A18,<br>2.500% VRN 8/25/51 (a) (c) (f) | 491589 | 398840  |
| &nbsp;&nbsp;&nbsp; MFA Trust, Series 2021-NQM2, Class A3,<br>1.472% VRN 11/25/64 (a) (c) (f) | 266152 | 238833  |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2016-4A, Class A1,<br>3.750% VRN 11/25/56 (a) (c) (f) | 78951 | 74886  |
| &nbsp;&nbsp;&nbsp; NLT Trust, Series 2021-INV2, Class A3,<br>1.520% VRN 8/25/56 (a) (c) (f) | 529818 | 462716  |
| &nbsp;&nbsp;&nbsp; OBX Trust, Series 2021-NQM3, Class A3,<br>1.362% VRN 7/25/61 (a) (c) (f) | 611866 | 506185  |
| &nbsp;&nbsp;&nbsp; STAR Trust, Series 2021-1, Class A3,<br>1.528% VRN 5/25/65 (a) (c) (f) | 326293 | 308246  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A3, <br>1.518% VRN 6/25/56 (a) (c) (f) | 146546 | 127179  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV1, Class A3, <br>2.916% VRN 9/27/49 (a) (c) (f) | 177667 | 174852  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A3, <br>1.373% VRN 9/25/66 (a) (c) (f) | 151925 | 131043  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV3, Class M1, <br>3.279% VRN 11/25/59 (a) (c) (f) | 265000 | 251889  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class M1, <br>3.291% VRN 5/25/65 (a) (c) (f) | 548000 | 528152  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A1, <br>5.364% VRN 10/25/69 (a) (c) (f) | 266547 | 266250  |
|  |  | 4996385  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **32**<br>|  |

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Whole Loan Collateral Support Collateralized** <br>**Mortgage Obligations — 0.1%** | **Whole Loan Collateral Support Collateralized** <br>**Mortgage Obligations — 0.1%** | **Whole Loan Collateral Support Collateralized** <br>**Mortgage Obligations — 0.1%** |
| &nbsp;&nbsp;&nbsp; OBX Trust, Series 2020-INV1, Class A21,<br>3.500% VRN 12/25/49 (a) (c) (f) | $109402 | $96551  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>**(Cost $39,382,816)** |  | **38343994**  |
| **U.S. Government Agency Obligations** <br>**and Instrumentalities (g) — 0.0%** | **U.S. Government Agency Obligations** <br>**and Instrumentalities (g) — 0.0%** | **U.S. Government Agency Obligations** <br>**and Instrumentalities (g) — 0.0%** |
| **Pass-Through Securities — 0.0%**<br>|  |  |
|  Government National Mortgage Association<br>|  |  |
| Pool #500928 7.000% 5/15/29 | 294 | 300  |
| Pool #510083 7.000% 7/15/29 | 16 | 16  |
| Pool #493723 7.000% 8/15/29 | 231 | 237  |
|  Government National Mortgage Association II<br>|  |  |
|  Pool #8746 1 yr. CMT + 1.500% 4.750% FRN 11/20/25 (c) | 15 | 15  |
|  Pool #80136 1 yr. CMT + 1.500% 4.750% FRN 11/20/27 (c) | 24 | 24  |
|  |  | 592  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $641)** |  | **592**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $88,292,879)** |  | **87767820**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $88,292,879)** |  | **87767820**  |
| **Short-Term Investments — 20.7%** | **Short-Term Investments — 20.7%** |  |
| **Commercial Paper — 18.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp.<br>4.841% 8/18/25 | 1000000 | 993679  |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC<br>4.730% 7/07/25 (a) | 3000000 | 2997219  |
| &nbsp;&nbsp;&nbsp; BAT International Finance PLC<br>4.753% 8/14/25 (a) | 2000000 | 1988513  |
| &nbsp;&nbsp;&nbsp; DTE Electric Co.<br>4.546% 7/21/25 | 2000000 | 1994794  |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc.<br>4.697% 7/15/25 (a) | 5000000 | 4990387  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co.<br>4.702% 7/25/25 (a) | $1000000 | $996780  |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP<br>4.725% 8/25/25 | 1000000 | 992646  |
| &nbsp;&nbsp;&nbsp; Phillips 66<br>4.714% 7/07/25 (a) | 2000000 | 1998203  |
| &nbsp;&nbsp;&nbsp; TELUS Corp.<br>4.708% 7/11/25 (a) | 2000000 | 1997193  |
| &nbsp;&nbsp;&nbsp; VW Credit, Inc.<br>4.814% 8/26/25 (a) | 2000000 | 1985411  |
|  |  | 20934825 |

---

---

| | |
|:---|:---|
|  | **Number of**<br>**Shares** |
| **Investment of Cash Collateral from Securities Loaned — 0.5%**<br>|  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (h) | 565973 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 1.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (i) | $1460045 | 1460045  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $22,963,412)** |  | **22960843**  |
| **TOTAL INVESTMENTS — 99.8%**<br>**(Cost $111,256,291) (j)** |  | **110728663**  |
| **Other Assets/**<br>(Liabilities) — 0.2% |  | **180902**  |
| **NET ASSETS — 100.0%**  |  | **$110909565** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CLO | &nbsp;&nbsp;&nbsp; Collateralized Loan Obligation |
| CMT | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index |
| FRN | &nbsp;&nbsp;&nbsp; Floating Rate Note |
| ICE | &nbsp;&nbsp;&nbsp; Inter-Continental Exchange |
| SOFR | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |
| STEP | &nbsp;&nbsp;&nbsp; Step Coupon Bond |
| VRN | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **33**<br>|

---

------

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

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

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At June 30, 2025, the aggregate market value of these securities amounted to $73,079,021 or 65.89% of net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $1,742,680 or 1.57% of net assets. The Fund received $1,225,988 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;(e) Restricted security. Certain securities are
 restricted to resale. At June 30, 2025, these securities amounted to a value of $344,335 or 0.31% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30,
 2025.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(i) Maturity value of $1,460,157. Collateralized
 by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 12/15/27, and an aggregate market value, including accrued
 interest, of $1,489,298.

&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 | 57.1%  |
| Cayman Islands | 7.6%  |
| United Kingdom | 3.8%  |
| France | 1.7%  |
| Canada | 1.5%  |
| Netherlands | 1.5%  |
| Australia | 0.9%  |
| Bermuda | 0.7%  |
| India | 0.7%  |
| Jordan | 0.6%  |
| Saudi Arabia | 0.6%  |
| Republic of Korea | 0.5%  |
| Germany | 0.5%  |
| Ireland | 0.5%  |
| Qatar | 0.3%  |
| Brazil | 0.3%  |
| Denmark | 0.3%  |
| Total Long-Term Investments | 79.1%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 20.9%  |
| Net Assets | 100.0% |

---

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date**  | **Number of Contracts**  | **Notional Amount**  | **Value/Net Unrealized Appreciation (Depreciation)**  |
| **Long**  |  |  |  |  |
| U.S. Treasury Note 2 Year | 9/30/25 | 331 | $68610650 | $245108  |
| **Short**<br>|  |  |  |  |
| U.S. Treasury Note 10 Year | 9/19/25 | 18 | $(1982051) | $(36199)  |
| U.S. Treasury Note 5 Year | 9/30/25 | 202 | (21748401) | (269599)  |
|  |  |  |  | $(305798) |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **34**<br>|  |

---

------

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

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

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 98.9%**<br>|  |  |
| **Common Stock — 98.9%**<br>|  |  |
| **Consumer Discretionary — 11.6%**<br>|  |  |
| AutoNation, Inc. (a) | 13876 | $2756467  |
| Champion Homes, Inc. (a) | 12906 | 808045  |
| Cheesecake Factory, Inc. (b) | 18521 | 1160526  |
| Dorman Products, Inc. (a) | 14962 | 1835388  |
| KB Home | 30848 | 1634018  |
| Steven Madden Ltd. (b) | 34003 | 815392  |
| Stride, Inc. (a) (b) | 12368 | 1795710  |
| Texas Roadhouse, Inc. | 4687 | 878391  |
| Visteon Corp. (a) | 15992 | 1492054  |
| Wyndham Hotels & Resorts, Inc. | 15377 | 1248766  |
|  |  | 14424757  |
| **Consumer Staples — 1.9%**<br>|  |  |
| BellRing Brands, Inc. (a) | 23519 | 1362456  |
| Interparfums, Inc. | 7717 | 1013319  |
|  |  | 2375775  |
| **Energy — 4.1%**<br>|  |  |
| Helmerich & Payne, Inc. (b) | 64775 | 981989  |
| Kodiak Gas Services, Inc. | 35779 | 1226146  |
| Northern Oil & Gas, Inc. (b) | 63237 | 1792769  |
| SM Energy Co. (b) | 43183 | 1067052  |
|  |  | 5067956  |
| **Financials — 19.5%**<br>|  |  |
| Banc of California, Inc. | 81478 | 1144766  |
| &nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son <br>Ltd. | 21899 | 969688  |
| Berkshire Hills Bancorp, Inc. | 28803 | 721227  |
| BGC Group, Inc. Class A | 129982 | 1329716  |
| Cathay General Bancorp | 34311 | 1562180  |
| Columbia Banking System, Inc. | 63395 | 1482175  |
| Definity Financial Corp. (b) | 29675 | 1729616  |
| DigitalBridge Group, Inc. (b) | 91717 | 949271  |
| Federated Hermes, Inc. | 33181 | 1470582  |
| Marqeta, Inc. Class A (a) (b) | 145310 | 847157  |
| OceanFirst Financial Corp. | 44778 | 788541  |
| Pacific Premier Bancorp, Inc. | 55780 | 1176400  |
| PennyMac Financial Services, Inc. | 19534 | 1946368  |
|  Skyward Specialty Insurance Group, Inc. (a) | 15260 | 881875  |
| Stifel Financial Corp. | 11704 | 1214641  |
| United Community Banks, Inc. | 31257 | 931146  |
| Webster Financial Corp. | 27387 | 1495330  |
| Wintrust Financial Corp. | 19512 | 2419098  |
| WSFS Financial Corp. | 19644 | 1080420  |
|  |  | 24140197  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Health Care — 15.1%**<br>|  |  |
| Addus HomeCare Corp. (a) | 7442 | $857244  |
| ADMA Biologics, Inc. (a) | 102250 | 1861972  |
| Ascendis Pharma AS ADR (a) | 6824 | 1177822  |
| BioLife Solutions, Inc. (a) (b) | 40464 | 871595  |
| Bridgebio Pharma, Inc. (a) | 24400 | 1053592  |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, <br>Inc. (a) (b) | 51752 | 1220830  |
| Caris Life Sciences, Inc. (a) | 5229 | 139719  |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, <br>Inc. (a) | 27132 | 802293  |
| Encompass Health Corp. | 11329 | 1389275  |
| Guardant Health, Inc. (a) | 29458 | 1532994  |
| Inspire Medical Systems, Inc. (a) | 6654 | 863490  |
| Integer Holdings Corp. (a) | 10977 | 1349842  |
| LENZ Therapeutics, Inc. (a) (b) | 6895 | 202092  |
| Merus NV (a) | 8024 | 422062  |
| Repligen Corp. (a) | 7762 | 965438  |
| Soleno Therapeutics, Inc. (a) | 7521 | 630109  |
| &nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc. <br>ADR (a) (b) | 11211 | 232516  |
| Surgery Partners, Inc. (a) (b) | 40646 | 903561  |
| Tarsus Pharmaceuticals, Inc. (a) | 16658 | 674816  |
| Twist Bioscience Corp. (a) | 27496 | 1011578  |
| Ultragenyx Pharmaceutical, Inc. (a) | 15474 | 562635  |
|  |  | 18725475  |
| **Industrials — 21.2%**<br>|  |  |
| AAR Corp. (a) | 21929 | 1508496  |
| ABM Industries, Inc. | 29409 | 1388399  |
| AGCO Corp. (b) | 6672 | 688284  |
| Air Lease Corp. (b) | 26041 | 1523138  |
| Allison Transmission Holdings, Inc. | 16867 | 1602196  |
| ATI, Inc. (a) | 11005 | 950172  |
| Atmus Filtration Technologies, Inc. | 31203 | 1136413  |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. <br>Class A (a) | 1645 | 784171  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. <br>Class A (a) | 19214 | 2216911  |
| Enpro, Inc. | 10262 | 1965686  |
| Esab Corp. | 16191 | 1951825  |
| Federal Signal Corp. | 11048 | 1175728  |
| Gates Industrial Corp. PLC (a) | 63993 | 1473759  |
| Hayward Holdings, Inc. (a) | 65116 | 898601  |
| Hub Group, Inc. Class A | 42997 | 1437390  |
| Korn Ferry | 23478 | 1721642  |
| Upwork, Inc. (a) | 70739 | 950732  |
| WillScot Holdings Corp. | 29970 | 821178  |
| Zurn Elkay Water Solutions Corp. | 57353 | 2097399  |
|  |  | 26292120  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **35**<br>|

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Information Technology — 13.6%**<br>|  |  |
| Allegro MicroSystems, Inc. (a) (b) | 48656 | $1663549  |
| ASGN, Inc. (a) | 21222 | 1059614  |
| Belden, Inc. | 17725 | 2052555  |
| Informatica, Inc. Class A (a) | 65412 | 1592782  |
| Itron, Inc. (a) | 19554 | 2573893  |
| Lattice Semiconductor Corp. (a) | 20565 | 1007479  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 11592 | 1661018  |
| MARA Holdings, Inc. (a) (b) | 56623 | 887849  |
| MKS, Inc. (b) | 7055 | 700985  |
| Progress Software Corp. | 18121 | 1156845  |
| Silicon Laboratories, Inc. (a) | 9666 | 1424382  |
| Unity Software, Inc. (a) (b) | 46723 | 1130696  |
|  |  | 16911647  |
| **Materials — 3.8%**<br>|  |  |
| Commercial Metals Co. | 34407 | 1682846  |
| Knife River Corp. (a) (b) | 15469 | 1262889  |
| Silgan Holdings, Inc. | 32009 | 1734248  |
|  |  | 4679983  |
| **Real Estate — 5.7%**<br>|  |  |
| American Healthcare REIT, Inc. | 51661 | 1898025  |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, <br>Inc. (b) | 57054 | 1820593  |
| Outfront Media, Inc. (b) | 96202 | 1570017  |
| Terreno Realty Corp. (b) | 31390 | 1760037  |
|  |  | 7048672  |
| **Utilities — 2.4%**<br>|  |  |
| Chesapeake Utilities Corp. | 12936 | 1555166  |
| Portland General Electric Co. (b) | 33525 | 1362121  |
|  |  | 2917287  |
| **TOTAL COMMON STOCK** <br>**(Cost $93,734,973)** |  | **122583869**  |
| **TOTAL EQUITIES** <br>**(Cost $93,734,973)** |  | **122583869**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $93,734,973)** |  | **122583869**  |
| **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** |  |
| **Investment of Cash Collateral from Securities Loaned — 1.3%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 1579917 | 1579917 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Repurchase Agreement — 1.1%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $1395833 | $1395833  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,975,750)** |  | **2975750**  |
| **TOTAL INVESTMENTS — 101.3%**<br>**(Cost $96,710,723) (e)** |  | **125559619**  |
| **Other Assets/**<br>(Liabilities) — (1.3)% |  | **(1639657)**  |
| **NET ASSETS — 100.0%** |  | **$123919962** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $21,320,687 or 17.21% of net assets. The Fund received $20,307,006
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $1,395,939. Collateralized
 by U.S. Government Agency obligations with a rate of 3.375%, maturity date of 9/15/27, and an aggregate market value, including accrued
 interest, of $1,423,779.

&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.<br>|
| **36**<br>|  |

---

------

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

 **MML U.S. Government Money Market Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **SHORT-TERM INVESTMENTS — 98.6%** | **SHORT-TERM INVESTMENTS — 98.6%** | **SHORT-TERM INVESTMENTS — 98.6%** |
| **Discount Notes — 37.7%**<br>|  |  |
| Federal Home Loan Banks<br>|  |  |
| 4.306% 7/01/25, 7/01/25 (a) | $2000000 | $2000000  |
| 4.310% 7/01/25, 7/01/25 (a) | 4100000 | 4100000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR - 0.005% 4.385% FRN 7/01/25, <br>9/09/25 (a) (b) | 5000000 | 5000000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.010% <br>4.400% FRN 7/01/25, <br>7/16/25 (a) (b) | 16500000 | 16500000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.015% <br>4.405% FRN 7/01/25, <br>10/06/25 (a) (b) | 12500000 | 12500000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.025% <br>4.415% FRN 7/01/25, <br>7/11/25 (a) (b) | 16500000 | 16500000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.025% <br>4.415% FRN 7/01/25, <br>7/18/25 (a) (b) | 16500000 | 16500000  |
|  |  | 73100000  |
| **Repurchase Agreement — 12.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (c) | 103768 | 103768  |
| &nbsp;&nbsp;&nbsp; HSBC Securities (USA) Inc., Tri-Party Repurchase Agreement, dated 6/30/25, 4.290%, <br>due 7/01/25 (d) | 25000000 | 25000000  |
|  |  | 25103768  |
| **U.S. Treasury Bill — 48.0%**<br>|  |  |
| U.S. Treasury Bill<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.259% 7/03/25 (e) | 10000000 | 9997658  |
| &nbsp;&nbsp;&nbsp; 4.313% 9/09/25 (e) | 8000000 | 7933648  |
| &nbsp;&nbsp;&nbsp; 4.319% 9/02/25 (e) | 6000000 | 5955884  |
| &nbsp;&nbsp;&nbsp; 4.330% 9/02/25 (e) | 14400000 | 14293883  |
| &nbsp;&nbsp;&nbsp; 4.335% 8/07/25 (e) | 8000000 | 7964266  |
| &nbsp;&nbsp;&nbsp; 4.335% 8/19/25 (e) | 8500000 | 8451223  |
| &nbsp;&nbsp;&nbsp; 4.336% 8/05/25 (e) | 6000000 | 5975264  |
| &nbsp;&nbsp;&nbsp; 4.340% 9/11/25 (e) | 5000000 | 4957045  |
| &nbsp;&nbsp;&nbsp; 4.351% 9/04/25 (e) | 10000000 | 9923354  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.362% 9/04/25 (e) | $5000000 | $4961515  |
| &nbsp;&nbsp;&nbsp; 4.406% 8/21/25 (e) | 4000000 | 3976362  |
| &nbsp;&nbsp;&nbsp; 4.475% 8/19/25 (e) | 1700000 | 1689857  |
| &nbsp;&nbsp;&nbsp; 4.478% 8/19/25 (e) | 7000000 | 6958211  |
|  |  | 93038170  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $191,241,938)** |  | **191241938**  |
| **TOTAL INVESTMENTS — 98.6%**<br>**(Cost $191,241,938) (f)** | **TOTAL INVESTMENTS — 98.6%**<br>**(Cost $191,241,938) (f)** | **191241938**  |
| **Other Assets/**<br>(Liabilities) — 1.4% |  | **2727497**  |
| **NET ASSETS — 100.0%** |  | **$193969435** |

---

**Abbreviation Legend** 

<br> FRN Floating Rate Note <br> SOFR Secured Overnight Financing Rate

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $103,776. Collateralized by
 U.S. Government Agency obligations with a rate of 3.375%, maturity date of 9/15/27, and an aggregate market value, including accrued interest,
 of $106,012.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $25,002,979. Collateralized
 by U.S. Government Agency obligations with a rate of 0.000%, maturity dates ranging from 8/15/30-5/15/44, and an aggregate market
 value, including accrued interest, of $25,500,000.

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

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **37**<br>|

---

------

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

 **MML Series Investment Fund II**<br>

Statements of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Blend Fund** | **MML** <br>**Equity Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $690257702 | $847216178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | 1023113 | 4335525  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 691280815 | 851551703  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 4 | 377  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 6300308 | 348923  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 16761 | 373652  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 3600 | 762864  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 33536  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open swap agreements, at value *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for open derivatives *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 697601488 | 853071055  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 5976910 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 283238 | 146978  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 34637 | 42993  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3):* <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees |  | 1018  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 237451 | 285545  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 113429 | 41792  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* | 8636950 | 79794  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for open derivatives *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 55612 | 71280  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 15338227 | 669400  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$682263261** | **$852401655**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $505500553 | $491272685  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | 176762708 | 361128970  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$682263261** | **$852401655**  |
| (a) Cost of investments: | $551558668 | $644851806  |
| (b) Cost of repurchase agreements: | $1023113 | $4335525  |
| (c) Securities on loan with market value of: | $8443359 | $22130414  |
| (d) Cost of foreign currency: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **38**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML Inflation-**<br>**Protected and** <br>**Income Fund** | **MML iShares** <br>**60/40 Allocation** <br>**Fund** | **MML iShares** <br>**80/20 Allocation** <br>**Fund** | **MML** <br>**Managed Bond** <br>**Fund** | **MML** <br>**Short-Duration** <br>**Bond Fund** | **MML Small** <br>**Cap Equity** <br>**Fund** | **MML** <br>**U.S. Government** <br>**Money Market** <br>**Fund**  |
| $159879019 | $63196682 | $118574778 | $730770445 | $109268618 | $124163786 | $166138170  |
| 2055820 |  | 324052 |  | 1460045 | 1395833 | 25103768  |
| 161934839 | 63196682 | 118898830 | 730770445 | 110728663 | 125559619 | 191241938  |
| 101 | 53195 |  | 1970958 | 16581 | 28573 | 5  |
|  — |  |  |  | 139 |  | —  |
|  — | 1391539 | 1128492 | 13540625 | 701412 |  | —  |
| 4104273 |  |  | 3705288 | 217083 | 52207 | 2315843  |
| 4288 |  |  | 180185 |  |  | —  |
| 371744 | 297 | 537 | 6355611 | 783638 | 134540 | 604205  |
|  — |  |  | 3981 |  |  | —  |
| 2179800 |  |  |  |  |  | —  |
| 600000 |  |  |  | 467000 |  | —  |
| 169195045 | 64641713 | 120027859 | 756527093 | 112914516 | 125774939 | 194161991  |
|  — | 1317260 | 1216636 | 8958457 | 701412 |  | —  |
|  — |  |  | 7116767 | 553524 |  | —  |
| 1444982 |  |  |  |  |  | —  |
| 38960 | 4938 | 12438 | 197379 | 50624 | 150489 | 66071  |
| 12989 | 566 | 992 | 38971 | 6118 | 5726 | 9362  |
|  — |  |  |  | 15789 |  | —  |
| 3462 | 7843 | 14268 | 3462 | 17559 | 1018 | —  |
| 76926 | 9888 | 22018 | 254310 | 32893 | 66632 | 78306  |
| 24832 |  |  | 114722 | 19390 | 14338 | —  |
|  — | 18334 | 47251 |  |  |  | —  |
|  — |  | 1198425 | 5568130 | 565973 | 1579917 | —  |
| 830000 |  |  |  |  |  | —  |
| 47586 | 33415 | 27775 | 71849 | 41669 | 36857 | 38817  |
| 2479737 | 1392244 | 2539803 | 22324047 | 2004951 | 1854977 | 192556  |
| **$166715308** | **$63249469** | **$117488056** | **$734203046** | **$110909565** | **$123919962** | **$193969435**  |
| $193179184 | $55853296 | $98314055 | $832129186 | $123860332 | $67409724 | $193978591  |
| (26463876) | 7396173 | 19174001 | (97926140) | (12950767) | 56510238 | (9156)  |
| **$166715308** | **$63249469** | **$117488056** | **$734203046** | **$110909565** | **$123919962** | **$193969435**  |
| $162262366 | $56685880 | $100420722 | $753045413 | $109796246 | $95314890 | $166138170  |
| $2055820 | $— | $324052 | $— | $1460045 | $1395833 | $25103768  |
|  $— | $— | $1520124 | $10985194 | $1742680 | $21320687 | $—  |
|  $— | $— | $— | $— | $130 | $— | $— |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **39**<br>|

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Statements of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Blend Fund** | **MML** <br>**Equity Fund**  |
| Initial Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $494055105 | $783094919  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 21719135 | 24307971  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $22.75 | $32.22  |
| Class II shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $188208156 | $69306736  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 8352410 | 2202814  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $22.53 | $31.46  |
| Service Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |
| (a) Authorized unlimited number of shares with no par value.<br>|  |  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **40**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML Inflation-**<br>**Protected and** <br>**Income Fund** | **MML iShares** <br>**60/40 Allocation** <br>**Fund** | **MML iShares** <br>**80/20 Allocation** <br>**Fund** | **MML** <br>**Managed Bond** <br>**Fund** | **MML** <br>**Short-Duration** <br>**Bond Fund** | **MML Small** <br>**Cap Equity** <br>**Fund** | **MML** <br>**U.S. Government** <br>**Money Market** <br>**Fund**  |
| $125665022 |  |  | $532769155 |  | $99638631 | $193969435  |
| 14028337 |  |  | 47529971 |  | 8497656 | 193969264  |
| $8.96 |  |  | $11.21 |  | $11.73 | $1.00  |
|  | $30013042 | $32426864 |  | $79165298 |  |  |
|  | 2645928 | 2690595 |  | 8412728 |  |  |
|  | $11.34 | $12.05 |  | $9.41 |  |  |
| $41050286 |  |  | $201433891 |  | $24281331 |  |
| 4633266 |  |  | 18062830 |  | 2139721 |  |
| $8.86 |  |  | $11.15 |  | $11.35 |  |
|  | $33236427 | $85061192 |  | $31744267 |  |  |
|  | 2942278 | 7079575 |  | 3389740 |  |  |
|  | $11.30 | $12.02 |  | $9.36 |  |  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **41**<br>|

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Statements of Operations

For the Six Months Ended June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Blend Fund** | **MML** <br>**Equity Fund**  |
| Investment income *(Note 2):*<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $7151206 | $10541666  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 7461 | 68657  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | 111570 | 7271  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 7270237 | 10617594  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1388392 | 1689597  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 17088 | 28115  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 16816 | 18072  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 13888 | 17091  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 1643 | 1643  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees |  | 1232  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 21729 | 27917  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 25239 | 31451  |
|  | 1484795 | 1815118  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 232781 | 87686  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1717576 | 1902804  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3):* <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 1717576 | 1902804  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **5552661** | **8714790**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 4970668 | 34156838  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **4970668** | **34156838**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 21029849 | 4745756  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | 2631  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **21029849** | **4748387**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **26000517** | **38905225**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$31553178** | **$47620015**  |
| (a) Net of foreign withholding tax of: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **42**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML Inflation-**<br>**Protected and** <br>**Income Fund** | **MML iShares** <br>**60/40 Allocation** <br>**Fund** | **MML iShares** <br>**80/20 Allocation** <br>**Fund** | **MML** <br>**Managed Bond** <br>**Fund** | **MML** <br>**Short-Duration** <br>**Bond Fund** | **MML Small** <br>**Cap Equity** <br>**Fund** | **MML** <br>**U.S. Government** <br>**Money Market** <br>**Fund**  |
| &nbsp;&nbsp; $— | &nbsp;&nbsp; $687626 | &nbsp;&nbsp; $1082507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $801847 | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp; 4079536 | &nbsp;&nbsp; 1805 | &nbsp;&nbsp; 4282 | &nbsp;&nbsp; 16436812 | &nbsp;&nbsp; 2702726 | &nbsp;&nbsp; 19946 | &nbsp;&nbsp; 4204551  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 4153 | &nbsp;&nbsp; 8256 | &nbsp;&nbsp; 21118 | &nbsp;&nbsp; 9622 | &nbsp;&nbsp; 10715 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 4079536 | &nbsp;&nbsp; 693584 | &nbsp;&nbsp; 1095045 | &nbsp;&nbsp; 16457930 | &nbsp;&nbsp; 2712348 | &nbsp;&nbsp; 832508 | &nbsp;&nbsp; 4204551  |
| &nbsp;&nbsp; 477982 | &nbsp;&nbsp; 83609 | &nbsp;&nbsp; 153174 | &nbsp;&nbsp; 1345650 | &nbsp;&nbsp; 195255 | &nbsp;&nbsp; 390079 | &nbsp;&nbsp; 459359  |
| &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 23816 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; 1286  |
| &nbsp;&nbsp; 19520 | &nbsp;&nbsp; 15391 | &nbsp;&nbsp; 15565 | &nbsp;&nbsp; 19142 | &nbsp;&nbsp; 19358 | &nbsp;&nbsp; 18543 | &nbsp;&nbsp; 15746  |
| &nbsp;&nbsp; 4234 | &nbsp;&nbsp; 1114 | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 19417 | &nbsp;&nbsp; 3818 | &nbsp;&nbsp; 2536 | &nbsp;&nbsp; 4702  |
| &nbsp;&nbsp; 1643 | &nbsp;&nbsp; 1643 | &nbsp;&nbsp; 1643 | &nbsp;&nbsp; 1643 | &nbsp;&nbsp; 1643 | &nbsp;&nbsp; 1643 | &nbsp;&nbsp; 1452  |
| &nbsp;&nbsp; 4190 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4190 | &nbsp;&nbsp; 4190 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 14916 | &nbsp;&nbsp; 7844 | &nbsp;&nbsp; 8482 | &nbsp;&nbsp; 18287 | &nbsp;&nbsp; 13871 | &nbsp;&nbsp; 11103 | &nbsp;&nbsp; 10814  |
| &nbsp;&nbsp; 6446 | &nbsp;&nbsp; 1812 | &nbsp;&nbsp; 3230 | &nbsp;&nbsp; 22756 | &nbsp;&nbsp; 4287 | &nbsp;&nbsp; 4632 | &nbsp;&nbsp; 7460  |
| &nbsp;&nbsp; 534831 | &nbsp;&nbsp; 111674 | &nbsp;&nbsp; 184623 | &nbsp;&nbsp; 1454901 | &nbsp;&nbsp; 244064 | &nbsp;&nbsp; 431497 | &nbsp;&nbsp; 500819  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 21167 | &nbsp;&nbsp; 22422 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60740 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 20638 | &nbsp;&nbsp; 54165 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22940 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 49739 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 210782 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29498 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 34397 | &nbsp;&nbsp; 90275 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38234 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 584570 | &nbsp;&nbsp; 187876 | &nbsp;&nbsp; 351485 | &nbsp;&nbsp; 1665683 | &nbsp;&nbsp; 365978 | &nbsp;&nbsp; 460995 | &nbsp;&nbsp; 500819  |
| &nbsp;&nbsp; (17625) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; (12388) | &nbsp;&nbsp; (7531) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; (5661) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; (12315) | &nbsp;&nbsp; (18474) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 561284 | &nbsp;&nbsp; 163173 | &nbsp;&nbsp; 325480 | &nbsp;&nbsp; 1665683 | &nbsp;&nbsp; 365978 | &nbsp;&nbsp; 460995 | &nbsp;&nbsp; 500819  |
| &nbsp;&nbsp; **3518252** | &nbsp;&nbsp; **530411** | &nbsp;&nbsp; **769565** | &nbsp;&nbsp; **14792247** | &nbsp;&nbsp; **2346370** | &nbsp;&nbsp; **371513** | &nbsp;&nbsp; **3703732**  |
| &nbsp;&nbsp; 84709 | &nbsp;&nbsp; 256799 | &nbsp;&nbsp; 252595 | &nbsp;&nbsp; (10117734) | &nbsp;&nbsp; (375734) | &nbsp;&nbsp; 7261871 | &nbsp;&nbsp; 37  |
| &nbsp;&nbsp; (263355) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (536075) | &nbsp;&nbsp; 48239 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; (442522) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (383) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; **(621168)** | &nbsp;&nbsp; **256799** | &nbsp;&nbsp; **252595** | &nbsp;&nbsp; **(10653809)** | &nbsp;&nbsp; **(327495)** | &nbsp;&nbsp; **7261488** | &nbsp;&nbsp; **37**  |
| &nbsp;&nbsp; 1203390 | &nbsp;&nbsp; 3124407 | &nbsp;&nbsp; 6931488 | &nbsp;&nbsp; 20774583 | &nbsp;&nbsp; 1692282 | &nbsp;&nbsp; (6307523) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; (75134) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1474050 | &nbsp;&nbsp; (193676) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 3577333 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; **4705589** | &nbsp;&nbsp; **3124407** | &nbsp;&nbsp; **6931488** | &nbsp;&nbsp; **22248633** | &nbsp;&nbsp; **1498623** | &nbsp;&nbsp; **(6307523)** | &nbsp;&nbsp; **—**  |
| &nbsp;&nbsp; **4084421** | &nbsp;&nbsp; **3381206** | &nbsp;&nbsp; **7184083** | &nbsp;&nbsp; **11594824** | &nbsp;&nbsp; **1171128** | &nbsp;&nbsp; **953965** | &nbsp;&nbsp; **37**  |
| &nbsp;&nbsp; **$7602673** | &nbsp;&nbsp; **$3911617** | &nbsp;&nbsp; **$7953648** | &nbsp;&nbsp; **$26387071** | &nbsp;&nbsp; **$3517498** | &nbsp;&nbsp; **$1325478** | &nbsp;&nbsp; **$3703769**  |
| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1381 | &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **43**<br>|

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Blend Fund**  | **MML Blend Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $5552661 | &nbsp;&nbsp;&nbsp; $13399939  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 4970668 | &nbsp;&nbsp;&nbsp; 19402134  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 21029849 | &nbsp;&nbsp;&nbsp; 61079681  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; **31553178** | &nbsp;&nbsp;&nbsp; **93881754**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14060213)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5022537)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(19082750)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp;&nbsp; (25979136) | &nbsp;&nbsp;&nbsp; (47979979)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp; (18475648) | &nbsp;&nbsp;&nbsp; (10194351)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp;&nbsp; **(44454784)** | &nbsp;&nbsp;&nbsp; **(58174330)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; **(12901606)** | &nbsp;&nbsp;&nbsp; **16624674**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp; 695164867 | &nbsp;&nbsp;&nbsp; 678540193  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | &nbsp;&nbsp;&nbsp; **$682263261** | &nbsp;&nbsp;&nbsp; **$695164867** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **44**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Equity Fund** | **MML Equity Fund** | **MML Inflation-Protected and** <br>**Income Fund** | **MML Inflation-Protected and** <br>**Income Fund** | **MML iShares 60/40 Allocation Fund**  | **MML iShares 60/40 Allocation Fund**  |
| **Six Months** <br>**Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $8714790 | &nbsp;&nbsp;&nbsp; $17230557 | &nbsp;&nbsp;&nbsp; $3518252 | &nbsp;&nbsp;&nbsp; $7821772 | &nbsp;&nbsp;&nbsp; $530411 | &nbsp;&nbsp;&nbsp; $967771  |
| &nbsp;&nbsp;&nbsp; 34156838 | &nbsp;&nbsp;&nbsp; 104639340 | &nbsp;&nbsp;&nbsp; (621168) | &nbsp;&nbsp;&nbsp; 1725273 | &nbsp;&nbsp;&nbsp; 256799 | &nbsp;&nbsp;&nbsp; 369426  |
| &nbsp;&nbsp;&nbsp; 4748387 | &nbsp;&nbsp;&nbsp; 27543259 | &nbsp;&nbsp;&nbsp; 4705589 | &nbsp;&nbsp;&nbsp; (4491610) | &nbsp;&nbsp;&nbsp; 3124407 | &nbsp;&nbsp;&nbsp; 3043345  |
| &nbsp;&nbsp;&nbsp; **47620015** | &nbsp;&nbsp;&nbsp; **149413156** | &nbsp;&nbsp;&nbsp; **7602673** | &nbsp;&nbsp;&nbsp; **5055435** | &nbsp;&nbsp;&nbsp; **3911617** | &nbsp;&nbsp;&nbsp; **4380542**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23267331) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6327078) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (614867)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2235132) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1708253) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (488333)  |
| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(25502463)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(8035331)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(1103200)**  |
| &nbsp;&nbsp;&nbsp; (39036369) | &nbsp;&nbsp;&nbsp; (56896257) | &nbsp;&nbsp;&nbsp; (10138588) | &nbsp;&nbsp;&nbsp; (12780036) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37943 | &nbsp;&nbsp;&nbsp; 706349  |
| &nbsp;&nbsp;&nbsp; (7981880) | &nbsp;&nbsp;&nbsp; (17384976) | &nbsp;&nbsp;&nbsp; (769031) | &nbsp;&nbsp;&nbsp; 594852 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6479420 | &nbsp;&nbsp;&nbsp; 11025908  |
| &nbsp;&nbsp;&nbsp; **(47018249)** | &nbsp;&nbsp;&nbsp; **(74281233)** | &nbsp;&nbsp;&nbsp; **(10907619)** | &nbsp;&nbsp;&nbsp; **(12185184)** | &nbsp;&nbsp;&nbsp; **6517363** | &nbsp;&nbsp;&nbsp; **11732257**  |
| &nbsp;&nbsp;&nbsp; **601766** | &nbsp;&nbsp;&nbsp; **49629460** | &nbsp;&nbsp;&nbsp; **(3304946)** | &nbsp;&nbsp;&nbsp; **(15165080)** | &nbsp;&nbsp;&nbsp; **10428980** | &nbsp;&nbsp;&nbsp; **15009599**  |
| &nbsp;&nbsp;&nbsp; 851799889 | &nbsp;&nbsp;&nbsp; 802170429 | &nbsp;&nbsp;&nbsp; 170020254 | &nbsp;&nbsp;&nbsp; 185185334 | &nbsp;&nbsp;&nbsp; 52820489 | &nbsp;&nbsp;&nbsp; 37810890  |
| &nbsp;&nbsp;&nbsp; **$852401655** | &nbsp;&nbsp;&nbsp; **$851799889** | &nbsp;&nbsp;&nbsp; **$166715308** | &nbsp;&nbsp;&nbsp; **$170020254** | &nbsp;&nbsp;&nbsp; **$63249469** | &nbsp;&nbsp;&nbsp; **$52820489** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **45**<br>|

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML iShares 80/20 Allocation Fund**  | **MML iShares 80/20 Allocation Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $769565 | &nbsp;&nbsp;&nbsp; $1345206  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 252595 | &nbsp;&nbsp;&nbsp; 746215  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 6931488 | &nbsp;&nbsp;&nbsp; 7716920  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; **7953648** | &nbsp;&nbsp;&nbsp; **9808341**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (602685)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1126796)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(1729481)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp;&nbsp; 597559 | &nbsp;&nbsp;&nbsp; 773974  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp;&nbsp; 15082157 | &nbsp;&nbsp;&nbsp; 21305535  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp;&nbsp; **15679716** | &nbsp;&nbsp;&nbsp; **22079509**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; **23633364** | &nbsp;&nbsp;&nbsp; **30158369**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp; 93854692 | &nbsp;&nbsp;&nbsp; 63696323  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | &nbsp;&nbsp;&nbsp; **$117488056** | &nbsp;&nbsp;&nbsp; **$93854692** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **46**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Managed Bond Fund** | **MML Managed Bond Fund** | **MML Short-Duration Bond Fund** | **MML Short-Duration Bond Fund** | **MML Small Cap Equity Fund**  | **MML Small Cap Equity Fund**  |
| **Six Months** <br>**Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $14792247 | &nbsp;&nbsp;&nbsp; $29469812 | &nbsp;&nbsp;&nbsp; $2346370 | &nbsp;&nbsp;&nbsp; $4862612 | &nbsp;&nbsp;&nbsp; $371513 | &nbsp;&nbsp;&nbsp; $711413  |
| &nbsp;&nbsp;&nbsp; (10653809) | &nbsp;&nbsp;&nbsp; (7042197) | &nbsp;&nbsp;&nbsp; (327495) | &nbsp;&nbsp;&nbsp; (1369869) | &nbsp;&nbsp;&nbsp; 7261488 | &nbsp;&nbsp;&nbsp; 19611082  |
| &nbsp;&nbsp;&nbsp; 22248633 | &nbsp;&nbsp;&nbsp; 1352549 | &nbsp;&nbsp;&nbsp; 1498623 | &nbsp;&nbsp;&nbsp; 3850454 | &nbsp;&nbsp;&nbsp; (6307523) | &nbsp;&nbsp;&nbsp; (4880108)  |
| &nbsp;&nbsp;&nbsp; **26387071** | &nbsp;&nbsp;&nbsp; **23780164** | &nbsp;&nbsp;&nbsp; **3517498** | &nbsp;&nbsp;&nbsp; **7343197** | &nbsp;&nbsp;&nbsp; **1325478** | &nbsp;&nbsp;&nbsp; **15442387**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21680815) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6371680)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3407732) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6882049) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1645371)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1115619) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(28562864)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(4523351)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(8017051)**  |
| &nbsp;&nbsp;&nbsp; 59891853 | &nbsp;&nbsp;&nbsp; (27634867) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4857007) | &nbsp;&nbsp;&nbsp; (1841542)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7931766) | &nbsp;&nbsp;&nbsp; (6299904) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; 39352035 | &nbsp;&nbsp;&nbsp; (11119699) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1039190) | &nbsp;&nbsp;&nbsp; (1636933)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 243864 | &nbsp;&nbsp;&nbsp; (3093199) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **99243888** | &nbsp;&nbsp;&nbsp; **(38754566)** | &nbsp;&nbsp;&nbsp; **(7687902)** | &nbsp;&nbsp;&nbsp; **(9393103)** | &nbsp;&nbsp;&nbsp; **(5896197)** | &nbsp;&nbsp;&nbsp; **(3478475)**  |
| &nbsp;&nbsp;&nbsp; **125630959** | &nbsp;&nbsp;&nbsp; **(43537266)** | &nbsp;&nbsp;&nbsp; **(4170404)** | &nbsp;&nbsp;&nbsp; **(6573257)** | &nbsp;&nbsp;&nbsp; **(4570719)** | &nbsp;&nbsp;&nbsp; **3946861**  |
| &nbsp;&nbsp;&nbsp; 608572087 | &nbsp;&nbsp;&nbsp; 652109353 | &nbsp;&nbsp;&nbsp; 115079969 | &nbsp;&nbsp;&nbsp; 121653226 | &nbsp;&nbsp;&nbsp; 128490681 | &nbsp;&nbsp;&nbsp; 124543820  |
| &nbsp;&nbsp;&nbsp; **$734203046** | &nbsp;&nbsp;&nbsp; **$608572087** | &nbsp;&nbsp;&nbsp; **$110909565** | &nbsp;&nbsp;&nbsp; **$115079969** | &nbsp;&nbsp;&nbsp; **$123919962** | &nbsp;&nbsp;&nbsp; **$128490681** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **47**<br>|

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML U.S. Government Money** <br>**Market Fund**  | **MML U.S. Government Money** <br>**Market Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $3703732 | &nbsp;&nbsp;&nbsp; $9941920  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 667  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; **3703769** | &nbsp;&nbsp;&nbsp; **9942587**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp;&nbsp; (3703737) | &nbsp;&nbsp;&nbsp; (9942151)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp; **(3703737)** | &nbsp;&nbsp;&nbsp; **(9942151)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp;&nbsp; (8630443) | &nbsp;&nbsp;&nbsp; (8435963)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp;&nbsp; **(8630443)** | &nbsp;&nbsp;&nbsp; **(8435963)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; **(8630411)** | &nbsp;&nbsp;&nbsp; **(8435527)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp; 202599846 | &nbsp;&nbsp;&nbsp; 211035373  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | &nbsp;&nbsp;&nbsp; **$193969435** | &nbsp;&nbsp;&nbsp; **$202599846** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **48**<br>|  |

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Blend Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment income** <br>(loss) to <br>**average daily net** <br>**assets**  |
| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 6/30/25<sup>r</sup> | **$21.69** | $0.19 | $0.87 | $1.06 | $— | $— | $— | **$22.75** | 4.90%<sup>b</sup> | $494055 | 0.45%<sup>a</sup> | 1.74%<sup>a</sup>  |
| 12/31/24 | 19.45 | 0.42 | 2.42 | 2.84 | (0.40) | (0.20) | (0.60) | 21.69 | 14.64% | 496971 | 0.44% | 2.00%  |
| 12/31/23 <br>| 16.82  | 0.36  | 2.58  | 2.94  | (0.31)  | —  | (0.31)  | 19.45  | 17.62%  | 490890  | 0.45%  | 1.99%  |
| 12/31/22 <br>| 20.84  | 0.28  | (3.71)  | (3.43)  | (0.25)  | (0.34)  | (0.59)  | 16.82  | (16.59%)  | 466171  | 0.45%  | 1.56%  |
| 12/31/21 <br>| 24.79  | 0.28  | 3.21  | 3.49  | (0.57)  | (6.87)  | (7.44)  | 20.84  | 15.02%  | 620820  | 0.44%  | 1.19%  |
| 12/31/20 <br>| 22.93  | 0.51  | 2.37  | 2.88  | —  | (1.02)  | (1.02)  | 24.79  | 12.87%  | 591889  | 0.45%  | 2.26%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 6/30/25<sup>r</sup> | **$21.51** | $0.16 | $0.86 | $1.02 | $— | $— | $— | **$22.53** | 4.77%<sup>b</sup> | $188208 | 0.70%<sup>a</sup> | 1.48%<sup>a</sup>  |
| 12/31/24 | 19.30 | 0.36 | 2.40 | 2.76 | (0.35) | (0.20) | (0.55) | 21.51 | 14.36% | 198194 | 0.69% | 1.76% |
| 12/31/23 <br>| 16.69  | 0.31  | 2.56  | 2.87  | (0.26)  | —  | (0.26)  | 19.30  | 17.32%  | 187650  | 0.70%  | 1.74%  |
| 12/31/22 <br>| 20.68  | 0.24  | (3.69)  | (3.45)  | (0.20)  | (0.34)  | (0.54)  | 16.69  | (16.80%)  | 172514  | 0.70%  | 1.32%  |
| 12/31/21 <br>| 24.66  | 0.22  | 3.19  | 3.41  | (0.52)  | (6.87)  | (7.39)  | 20.68  | 14.74%  | 217290  | 0.69%  | 0.95%  |
| 12/31/20 <br>| 22.87  | 0.46  | 2.35  | 2.81  | —  | (1.02)  | (1.02)  | 24.66  | 12.57%  | 185705  | 0.70%  | 2.01% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 3% | 7%  | 6%  | 5%  | 8%  | 231% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

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

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

x Effective November 18, 2020, the amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **49**<br>|

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Equity Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net investment income (loss)<sup>c</sup>**  | **Net** <br>**realized and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net investment income**  | **From net realized gains**  | **Total distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period (000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 6/30/25<sup>r</sup> | **$30.45** | $0.32 | $1.45 | $1.77 | $— | $— | $— | **$32.22** | 5.81%<sup>b</sup> | $783095 | 0.43%<sup>a</sup> | 2.10%<sup>a</sup>  |
| 12/31/24 <br>| 26.27 | 0.60 | 4.48 | 5.08 | (0.59) | (0.31) | (0.90) | 30.45 | 19.39% | 778359 | 0.43% | 2.04% |
| 12/31/23 <br>| 26.76  | 0.57  | 1.74  | 2.31  | (0.58)  | (2.22)  | (2.80)  | 26.27  | 9.32%  | 723177  | 0.44%  | 2.17%  |
| 12/31/22 <br>| 32.09  | 0.58  | (2.13)  | (1.55)  | (0.49)  | (3.29)  | (3.78)  | 26.76  | (4.65%)  | 726478  | 0.45%  | 2.02%  |
| 12/31/21 <br>| 25.04  | 0.46  | 7.09  | 7.55  | (0.50)  | —  | (0.50)  | 32.09  | 30.26%  | 821006  | 0.43%  | 1.55%  |
| 12/31/20 <br>| 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%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 6/30/25<sup>r</sup> | **$29.77** | $0.28 | $1.41 | $1.69 | $— | $— | $— | **$31.46** | 5.68%<sup>b</sup> | $69307 | 0.68%<sup>a</sup> | 1.85%<sup>a</sup>  |
| 12/31/24 <br>| 25.71 | 0.51 | 4.38 | 4.89 | (0.52) | (0.31) | (0.83) | 29.77 | 19.09% | 73441 | 0.68% | 1.79% |
| 12/31/23 <br>| 26.23  | 0.49  | 1.71  | 2.20  | (0.50)  | (2.22)  | (2.72)  | 25.71  | 9.05%  | 78993  | 0.69%  | 1.92%  |
| 12/31/22 <br>| 31.52  | 0.50  | (2.09)  | (1.59)  | (0.41)  | (3.29)  | (3.70)  | 26.23  | (4.88%)  | 87190  | 0.69%  | 1.76%  |
| 12/31/21 <br>| 24.61  | 0.38  | 6.97  | 7.35  | (0.44)  | —  | (0.44)  | 31.52  | 29.93%  | 104959  | 0.68%  | 1.31%  |
| 12/31/20 <br>| 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% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 37% | 77%  | 48%  | 90%  | 73%  | 82% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

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

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| 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.<br>|
| **50**<br>|  |

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Inflation-Protected and Income Fund</u>** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to** <br>**shareholders**  | **Less distributions to** <br>**shareholders**  | **Less distributions to** <br>**shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **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** <br>**net** <br>**investment** <br>**income**  | **From** <br>**net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to** <br>**average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers** <br>**(including** <br>**interest** <br>**expense)<sup>p,q</sup>**  | **Ratio of** <br>**expenses** <br>**to** <br>**average** <br>**daily** <br>**net** <br>**assets** <br>**after** <br>**expense** <br>**waivers** <br>**(including** <br>**interest** <br>**expense)<sup>j,p,q</sup>**  | **Ratio of** <br>**expenses** <br>**to** <br>**average** <br>**daily** <br>**net** <br>**assets** <br>**after** <br>**expense** <br>**waivers** <br>**(excluding** <br>**interest** <br>**expense)<sup>j,q</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** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 6/30/25<sup>r</sup> | **$8.56** | $0.19 | $0.21 | $0.40 | $— | $— | $— | **$8.96** | 4.67%<sup>b</sup> | $125665 | 0.65%<sup>a</sup> | 0.62%<sup>a</sup> | 0.62%<sup>a</sup> | 4.33%<sup>a</sup>  |
| 12/31/24 <br>| 8.72 | 0.38 | (0.14) | 0.24 | (0.40) |  | (0.40) | 8.56 | 2.72% | 129996 | 0.65% | 0.61% | 0.61% | 4.40% |
| 12/31/23 <br>| 8.67  | 0.36  | 0.10  | 0.46  | (0.41)  | —  | (0.41)  | 8.72  | 5.43%  | 145054  | 0.66%  | 0.60%  | 0.60%  | 4.07%  |
| 12/31/22 <br>| 11.12  | 0.28  | (1.70)  | (1.42)  | (0.27)  | (0.76)  | (1.03)  | 8.67  | (13.35%)  | 161191  | 0.64%  | 0.60%  | 0.60%  | 2.79%  |
| 12/31/21 <br>| 11.41  | 0.17  | 0.55  | 0.72  | (0.13)  | (0.88)  | (1.01)  | 11.12  | 6.40%  | 240863  | 0.60%  | 0.60%<sup>l</sup>  | 0.60%<sup>l</sup>  | 1.51%  |
| 12/31/20 <br>| 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%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 6/30/25<sup>r</sup> | **$8.48** | $0.18 | $0.20 | $0.38 | $— | $— | $— | **$8.86** | 4.48%<sup>b</sup> | $41050 | 0.90%<sup>a</sup> | 0.87%<sup>a</sup> | 0.87%<sup>a</sup> | 4.09%<sup>a</sup>  |
| 12/31/24 <br>| 8.63 | 0.36 | (0.13) | 0.23 | (0.38) |  | (0.38) | 8.48 | 2.59% | 40024 | 0.90% | 0.86% | 0.86% | 4.14% |
| 12/31/23 <br>| 8.59  | 0.33  | 0.09  | 0.42  | (0.38)  | —  | (0.38)  | 8.63  | 5.05%  | 40131  | 0.91%  | 0.85%  | 0.85%  | 3.83%  |
| 12/31/22 <br>| 11.03  | 0.25  | (1.68)  | (1.43)  | (0.25)  | (0.76)  | (1.01)  | 8.59  | (13.59%)  | 43119  | 0.89%  | 0.85%  | 0.85%  | 2.57%  |
| 12/31/21 <br>| 11.33  | 0.14  | 0.54  | 0.68  | (0.10)  | (0.88)  | (0.98)  | 11.03  | 6.12%  | 52977  | 0.85%  | 0.85%<sup>l</sup>  | 0.85%<sup>l</sup>  | 1.25%  |
| 12/31/20 <br>| 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% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 44% | 70%  | 74%  | 76%  | 98%  | 84% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

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.

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. 

---

| | |
|:---|:---|
| p<br>| 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.  |

---

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **51**<br>|

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML iShares</u><sup><u>®</u></sup> <u>60/40 Allocation Fund</u>** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value, beginning** <br>**of the** <br>**period**  | **Net investment income (loss)<sup>c,j</sup>**  | **Net** <br>**realized** <br>**and unrealized gain** <br>(loss) on investments  | **Total** <br>**income** <br>(loss) from investment operations  | **From net investment income**  | **From net realized** <br>**gains**  | **Tax** <br>**return** <br>**of** <br>**capital**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of expenses to average daily net assets before expense waivers<sup>q</sup>**  | **Ratio of expenses** <br>**to average daily net assets** <br>**after expense waivers<sup>j,q</sup>**  | **Net investment income** <br>(loss) to average <br>**daily net assets**  |
| **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| 6/30/25<sup>r</sup> | **$10.62** | $0.11 | $0.61 | $0.72 | $— | $— | $— | $— | **$11.34** | 6.78%<sup>b</sup> | $30013 | 0.55%<sup>a</sup> | 0.46%<sup>a</sup> | 1.98%<sup>a</sup>  |
| 12/31/24 <br>| 9.79 | 0.23 | 0.84 | 1.07 | (0.21) | (0.03) |  | (0.24) | 10.62 | 10.91% | 28063 | 0.61% | 0.46% | 2.19% |
| 12/31/23 <br>| 8.64  | 0.20  | 1.12  | 1.32  | (0.17)  | —  | —  | (0.17)  | 9.79  | 15.24%  | 25214  | 0.68%  | 0.46%  | 2.13%  |
| 12/31/22<sup>g</sup> <br>| 10.00  | 0.15  | (1.36)  | (1.21)  | (0.14)  | —  | (0.01)  | (0.15)  | 8.64  | (12.14%)<sup>b</sup>  | 21878  | 0.70%<sup>a</sup>  | 0.46%<sup>a</sup>  | 1.82%<sup>a</sup>  |
| **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** |
| 6/30/25<sup>r</sup> | **$10.59** | $0.10 | $0.61 | $0.71 | $— | $— | $— | $— | **$11.30** | 6.70%<sup>b</sup> | $33236 | 0.80%<sup>a</sup> | 0.71%<sup>a</sup> | 1.82%<sup>a</sup>  |
| 12/31/24 <br>| 9.77 | 0.22 | 0.82 | 1.04 | (0.19) | (0.03) |  | (0.22) | 10.59 | 10.61% | 24758 | 0.86% | 0.71% | 2.11% |
| 12/31/23 <br>| 8.63  | 0.19  | 1.10  | 1.29  | (0.15)  | —  | —  | (0.15)  | 9.77  | 14.99%  | 12597  | 0.93%  | 0.71%  | 2.03%  |
| 12/31/22<sup>g</sup> <br>| 10.00  | 0.14  | (1.38)  | (1.24)  | (0.12)  | —  | (0.01)  | (0.13)  | 8.63  | (12.37%)<sup>b</sup>  | 5163  | 0.91%<sup>a</sup>  | 0.71%<sup>a</sup>  | 1.85%<sup>a</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31** | **Year Ended December 31** | **Period Ended** <br>**December 31, 2022<sup>b</sup>**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **Period Ended** <br>**December 31, 2022<sup>b</sup>**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 5% | 7%  | 5%  | 7% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method. 

g Fund commenced operations on February 11, 2022.

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

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

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **52**<br>|  |

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML iShares</u><sup><u>®</u></sup> <u>80/20 Allocation Fund</u>** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net investment income (loss)<sup>c,j</sup>**  | **Net** <br>**realized and unrealized gain** <br>(loss) on investments  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net investment income**  | **From** <br>**net** <br>**realized** <br>**gains**  | **Tax** <br>**return** <br>**of** <br>**capital**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of expenses** <br>**to average daily net assets before expense waivers<sup>q</sup>**  | **Ratio of expenses** <br>**to average daily net assets** <br>**after expense waivers<sup>j,q</sup>**  | **Net investment income (loss) to average daily net assets**  |
| **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| 6/30/25<sup>r</sup> | **$11.20** | $0.09 | $0.76 | $0.85 | $— | $— | $— | $— | **$12.05** | 7.59%<sup>b</sup> | $32427 | 0.51%<sup>a</sup> | 0.46%<sup>a</sup> | 1.65%<sup>a</sup>  |
| 12/31/24 <br>| 9.99 | 0.20 | 1.25 | 1.45 | (0.19) | (0.05) |  | (0.24) | 11.20 | 14.45% | 29530 | 0.55% | 0.46% | 1.81% |
| 12/31/23 <br>| 8.54  | 0.18  | 1.41  | 1.59  | (0.14)  | —  | —  | (0.14)  | 9.99  | 18.64%  | 25640  | 0.60%  | 0.46%  | 1.89%  |
| 12/31/22<sup>g</sup> <br>| 10.00  | 0.14  | (1.47)  | (1.33)  | (0.12)  | —  | (0.01)  | (0.13)  | 8.54  | (13.28%)<sup>b</sup>  | 21604  | 0.66%<sup>a</sup>  | 0.46%<sup>a</sup>  | 1.76%<sup>a</sup>  |
| **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  |
| 6/30/25<sup>r</sup> | **$11.18** | $0.08 | $0.76 | $0.84 | $— | $— | $— | $— | **$12.02** | 7.51%<sup>b</sup> | $85061 | 0.76%<sup>a</sup> | 0.71%<sup>a</sup> | 1.45%<sup>a</sup> |
| 12/31/24 | 9.97 | 0.18 | 1.24 | 1.42 | (0.16) | (0.05) |  | (0.21) | 11.18 | 14.19% | 64324 | 0.80% | 0.71% | 1.68% |
| 12/31/23 <br>| 8.54  | 0.17  | 1.38  | 1.55  | (0.12)  | —  | —  | (0.12)  | 9.97  | 18.22%  | 38057  | 0.85%  | 0.71%  | 1.83%  |
| 12/31/22<sup>g</sup> <br>| 10.00  | 0.14  | (1.48)  | (1.34)  | (0.11)  | —  | (0.01)  | (0.12)  | 8.54  | (13.40%)<sup>b</sup>  | 18703  | 0.86%<sup>a</sup>  | 0.71%<sup>a</sup>  | 1.82%<sup>a</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31** | **Year Ended December 31** | **Period Ended** <br>**December 31, 2022<sup>b</sup>**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024**  | **2023**  | **Period Ended** <br>**December 31, 2022<sup>b</sup>**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 4% | 6%  | 8%  | 7% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method. 

g Fund commenced operations on February 11, 2022.

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

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

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **53**<br>|

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Managed Bond Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net investment income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of expenses** <br>**to average daily net assets before expense waivers<sup>q</sup>**  | **Ratio of expenses** <br>**to average daily net assets** <br>**after expense waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 6/30/25<sup>r</sup> | **$10.77** | $0.25 | $0.19 | $0.44 | $— | $— | $— | **$11.21** | 4.09%<sup>b</sup> | $532769 | 0.45%<sup>a</sup> | 0.45%<sup>a,l</sup> | 4.68%<sup>a</sup>  |
| 12/31/24 <br>| 10.85 | 0.51 | (0.07) | 0.44 | (0.52) |  | (0.52) | 10.77 | 3.88% | 453319 | 0.45% | N/A | 4.72% |
| 12/31/23 <br>| 10.60  | 0.50  | 0.18  | 0.68  | (0.43)  | —  | (0.43)  | 10.85  | 6.70%  | 484522  | 0.45%  | N/A  | 4.66%  |
| 12/31/22 <br>| 13.02  | 0.35  | (2.29)  | (1.94)  | (0.36)  | (0.12)  | (0.48)  | 10.60  | (15.01%)  | 568357  | 0.44%  | N/A  | 3.02%  |
| 12/31/21 <br>| 13.59  | 0.29  | (0.18)  | 0.11  | (0.43)  | (0.25)  | (0.68)  | 13.02  | 0.81%  | 762726  | 0.42%  | N/A  | 2.20%  |
| 12/31/20 <br>| 12.64  | 0.42  | 0.54  | 0.96  | (0.01)  | —  | (0.01)  | 13.59  | 7.62%  | 756218  | 0.43%  | N/A  | 3.25%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 6/30/25<sup>r</sup> | **$10.73** | $0.24 | $0.18 | $0.42 | $— | $— | $— | **$11.15** | 3.96%<sup>b</sup> | $201434 | 0.70%<sup>a</sup> | 0.70%<sup>a,l</sup> | 4.43%<sup>a</sup>  |
| 12/31/24 <br>| 10.81 | 0.48 | (0.07) | 0.41 | (0.49) |  | (0.49) | 10.73 | 3.62% | 155253 | 0.70% | N/A | 4.47% |
| 12/31/23 <br>| 10.55  | 0.47  | 0.19  | 0.66  | (0.40)  | —  | (0.40)  | 10.81  | 6.43%  | 167588  | 0.70%  | N/A  | 4.42%  |
| 12/31/22 <br>| 12.95  | 0.32  | (2.27)  | (1.95)  | (0.33)  | (0.12)  | (0.45)  | 10.55  | (15.22%)  | 184737  | 0.69%  | N/A  | 2.76%  |
| 12/31/21 <br>| 13.53  | 0.26  | (0.19)  | 0.07  | (0.40)  | (0.25)  | (0.65)  | 12.95  | 0.56%  | 258923  | 0.67%  | N/A  | 1.96%  |
| 12/31/20 <br>| 12.61  | 0.39  | 0.54  | 0.93  | (0.01)  | —  | (0.01)  | 13.53  | 7.40%  | 271928  | 0.68%  | N/A  | 3.01% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>88%<sup>t</sup><br> 222%<sup>t</sup>  | 215%  | 243%  | 263%  | 226% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

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

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

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

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| t<br>| Portfolio turnover rate excluding TBA transactions for the period ended June 30, 2025 was 41% and for the fiscal year ended December 31, 2024 was 56%. |

---

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **54**<br>|  |

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Short-Duration Bond Fund</u>** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Income (loss) from investment operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net investment income (loss)<sup>c</sup>**  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total income (loss) from investment operations**  | **From net investment income**  | **Total distributions**  | <br>**Net asset value, end of the period**  | <br>**Total return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the period** <br>**(000's)<sup>z</sup>**  | **Ratio of expenses to average daily net assets<sup>q</sup>**  | **Net investment income (loss) to average daily net assets**  |
| **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| 6/30/25<sup>r</sup> | **$9.12** | $0.20 | $0.09 | $0.29 | $— | $— | **$9.41** | 3.18%<sup>b</sup> | $79165 | 0.59%<sup>a</sup> | 4.27%<sup>a</sup>  |
| 12/31/24 <br>| 8.91 | 0.37 | 0.20 | 0.57 | (0.36) | (0.36) | 9.12 | 6.48% | 84521 | 0.60% | 4.13% |
| 12/31/23 <br>| 8.65  | 0.32  | 0.27  | 0.59  | (0.33)  | (0.33)  | 8.91  | 6.94%  | 88746  | 0.58%  | 3.69%  |
| 12/31/22 <br>| 9.71  | 0.22  | (0.97)  | (0.75)  | (0.31)  | (0.31)  | 8.65  | (7.79%)  | 98969  | 0.59%  | 2.39%  |
| 12/31/21 <br>| 9.84  | 0.20  | (0.00)<sup>d</sup>  | 0.20  | (0.33)  | (0.33)  | 9.71  | 2.01%  | 133235  | 0.55%  | 2.05%  |
| 12/31/20 <br>| 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%  | 3.00%  |
| **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** |
| 6/30/25<sup>r</sup> | **$9.08** | $0.18 | $0.10 | $0.28 | $— | $— | **$9.36** | 3.08%<sup>b</sup> | $31744 | 0.84%<sup>a</sup> | 4.03%<sup>a</sup>  |
| 12/31/24 <br>| 8.88 | 0.35 | 0.19 | 0.54 | (0.34) | (0.34) | 9.08 | 6.11% | 30559 | 0.85% | 3.88% |
| 12/31/23 <br>| 8.62  | 0.30  | 0.27  | 0.57  | (0.31)  | (0.31)  | 8.88  | 6.70%  | 32907  | 0.82%  | 3.45%  |
| 12/31/22 <br>| 9.67  | 0.19  | (0.96)  | (0.77)  | (0.28)  | (0.28)  | 8.62  | (8.00%)  | 31985  | 0.85%  | 2.16%  |
| 12/31/21 <br>| 9.81  | 0.18  | (0.01)  | 0.17  | (0.31)  | (0.31)  | 9.67  | 1.69%  | 37508  | 0.80%  | 1.80%  |
| 12/31/20 <br>| 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%  | 2.74% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 23% | 48%  | 19%  | 26%  | 64%  | 44% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share. 

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

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **55**<br>|

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Small Cap Equity Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net investment income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily** <br>**net** <br>**assets**  |
| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 6/30/25<sup>r</sup> | **$11.59** | $0.04 | $0.10 | $0.14 | $— | $— | $— | **$11.73** | 1.17%<sup>b</sup> | $99639 | 0.71%<sup>a</sup> | 0.66%<sup>a</sup>  |
| 12/31/24 <br>| 10.92 | 0.07 | 1.34 | 1.41 |  | (0.74) | (0.74) | 11.59 | 12.94% | 103430 | 0.71% | 0.61% |
| 12/31/23 <br>| 9.39  | 0.05  | 1.61  | 1.66  | (0.13)  | —  | (0.13)  | 10.92  | 17.81%  | 99251  | 0.73%  | 0.50%  |
| 12/31/22 <br>| 12.76  | 0.06  | (2.02)  | (1.96)  | (0.08)  | (1.33)  | (1.41)  | 9.39  | (15.88%)  | 90514  | 0.73%  | 0.59%  |
| 12/31/21 <br>| 11.11  | 0.03  | 2.46  | 2.49  | (0.06)  | (0.78)  | (0.84)  | 12.76  | 22.75%  | 116599  | 0.69%  | 0.20%  |
| 12/31/20 <br>| 9.34  | 0.07  | 1.84  | 1.91  | (0.05)  | (0.09)  | (0.14)  | 11.11  | 20.70%  | 104243  | 0.73%  | 0.77%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 6/30/25<sup>r</sup> | **$11.23** | $0.02 | $0.10 | $0.12 | $— | $— | $— | **$11.35** | 1.04%<sup>b</sup> | $24281 | 0.96%<sup>a</sup> | 0.41%<sup>a</sup>  |
| 12/31/24 <br>| 10.63 | 0.04 | 1.30 | 1.34 |  | (0.74) | (0.74) | 11.23 | 12.66% | 25061 | 0.96% | 0.36% |
| 12/31/23 <br>| 9.14  | 0.02  | 1.57  | 1.59  | (0.10)  | —  | (0.10)  | 10.63  | 17.52%  | 25293  | 0.98%  | 0.25%  |
| 12/31/22 <br>| 12.46  | 0.04  | (1.98)  | (1.94)  | (0.05)  | (1.33)  | (1.38)  | 9.14  | (16.09%)  | 23617  | 0.98%  | 0.34%  |
| 12/31/21 <br>| 10.87  | (0.01)<sup>bb</sup>  | 2.41  | 2.40  | (0.03)  | (0.78)  | (0.81)  | 12.46  | 22.45%  | 30289  | 0.94%  | (0.05%)  |
| 12/31/20 <br>| 9.14  | 0.04  | 1.81  | 1.85  | (0.03)  | (0.09)  | (0.12)  | 10.87  | 20.39%  | 25345  | 0.98%  | 0.52% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 18% | 35%  | 36%  | 29%  | 30%  | 36% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

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

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| bb<br>| The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **56**<br>|  |

---

------

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

 **MML Series Investment Fund II (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML U. S. Government Money Market Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup> | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations** | **From net** <br>**investment** <br>**income** | **From net** <br>**realized** <br>**gains** | **Total** <br>**distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | <br>**Total** <br>**return<sup>m,z</sup>** | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>** | **Ratio of** <br>**expenses to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>** | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets** |
| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 6/30/25<sup>r</sup> | **$1.00** | $0.02<br> $0.00<sup>d</sup> | $0.02 | $(0.02) | $— | $(0.02) | **$1.00** | 1.92%<sup>b</sup> | $193969 | 0.52%<sup>a</sup> | N/A | 3.84%<sup>a</sup> |
| 12/31/24 <br>| 1.00 | 0.05<br> 0.00<sup>d</sup> | 0.05 | (0.05) |  | (0.05) | 1.00 | 4.79% | 202600 | 0.51% | N/A | 4.69% |
| 12/31/23<br>| 1.00 | 0.05<br> 0.00<sup>d</sup> | 0.05 | (0.05) |  | (0.05) | 1.00 | 4.63% | 211035 | 0.52% | N/A | 4.51% |
| 12/31/22<br>| 1.00 | 0.01<br> 0.00<sup>d</sup> | 0.01 | (0.01) |  | (0.01) | 1.00 | 1.22% | 241166 | 0.54% | 0.41% | 1.31% |
| 12/31/21<br>| 1.00 | 0.00<sup>d</sup> | 0.00 <sup>d</sup> |  |  |  | 1.00 | 0.00% | 174991 | 0.52% | 0.05% | 0.00%<sup>e</sup> |
| 12/31/20<br>| 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% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

---

| | |
|:---|:---|
| e<br>| Amount is less than 0.005%. |

---

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

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

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **57**<br>|

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

 **Notes to Financial Statements (Unaudited)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;1. The Funds

MML Series Investment Fund II (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"):

MML Blend Fund ("Blend Fund")

MML Equity Fund ("Equity Fund")

MML Inflation-Protected and Income Fund ("Inflation-Protected and Income Fund")

MML iShares<sup>®</sup> 60/40 Allocation Fund

MML iShares<sup>®</sup> 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 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, MML iShares 60/40 Allocation Fund, and MML 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.

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies

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

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

Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. MML Investment Advisers, LLC ("MML Advisers") acts as each Fund's CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance

**58**<br>

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmark(s) and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements.

Investment Valuation

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

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of over-the-counter ("OTC") securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (with the exception of debt securities held by the U.S. Government Money Market Fund) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day. The U.S. Government Money Market Fund's debt securities are typically valued at amortized cost, which approximates fair value, but may be valued using a vendor quote if MML Advisers determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the U.S. Government Money Market Fund must adhere to certain conditions. It is the intention of the U.S. Government Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured.

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

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.

**59**<br>

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

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

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 alternate valuation approaches including, but not limited to, the following:

Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.

Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.

Cost approach: considers factors including the value of the security's underlying assets and liabilities.

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 in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

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

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

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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 MML iShares 60/40 Allocation Fund characterized all long-term investments at Level 1, as of June 30, 2025. The U.S. Government Money Market Fund characterized all investments at Level 2, as of June 30, 2025. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of June 30, 2025, for the remaining Funds' investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Blend Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $681620752 | $— | $— | $681620752  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 8636950 | 1023113 |  | 9660063  |
| Total Investments | $690257702 | $1023113 | $— | $691280815  |
| **Equity Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $840765640 | $— | $— | $840765640  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 6370744 |  |  | 6370744  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 79794 | 4335525 |  | 4415319  |
| Total Investments | $847216178 | $4335525 | $— | $851551703  |
| **Inflation-Protected and Income Fund**  | **Inflation-Protected and Income Fund**  | **Inflation-Protected and Income Fund**  | **Inflation-Protected and Income Fund**  | **Inflation-Protected and Income Fund**  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations | $— | $101144029 | $— | $101144029  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 5085891 |  | 5085891  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 35697970 |  | 35697970  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments |  | 20006949 |  | 20006949  |
| Total Investments | $— | $161934839 | $— | $161934839  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $47699 | $— | $— | $47699  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | 2316615 |  | 2316615  |
| Total | $47699 | $2316615 | $— | $2364314  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(130249) | $— | $— | $(130249)  |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **MML iShares 80/20 Allocation Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $117376353 | $— | $— | $117376353  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1198425 | 324052 |  | 1522477  |
| Total Investments | $118574778 | $324052 | $— | $118898830  |
| **Managed Bond Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Debt | $— | $279206974 | $— | $279206974  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 140130099 |  | 140130099  |
| &nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 1298720 |  | 1298720  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 199719210 |  | 199719210  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 99360951 |  | 99360951  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 5568130 | 5486361 |  | 11054491  |
| Total Investments | $5568130 | $725202315 | $— | $730770445  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $897406 | $— | $— | $897406  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(36231) | $— | $— | $(36231)  |
| **Short-Duration Bond Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Debt | $— | $49423234 | $— | $49423234  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 38343994 |  | 38343994  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 592 |  | 592  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 565973 | 22394870 |  | 22960843  |
| Total Investments | $565973 | $110162690 | $— | $110728663  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $245108 | $— | $— | $245108  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(305798) | $— | $— | $(305798)  |
| **Small Cap Equity Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $122583869 | $— | $— | $122583869  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1579917 | 1395833 |  | 2975750  |
| Total Investments | $124163786 | $1395833 | $— | $125559619 |

---

For certain Funds the Statement of Assets and Liabilities shows liabilities for investments purchased on a delayed delivery basis. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of June 30, 2025.

The Funds had no Level 3 transfers during the period ended June 30, 2025.

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Derivative Instruments

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

At June 30, 2025, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity** <br>**Risk** | **Interest/**<br>**Inflation** <br>**Rate Risk** | **Total**  |
| **Inflation-Protected and Income Fund** |  |  |  |
| **Asset Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $47699 | $47699  |
| &nbsp;&nbsp;&nbsp; Swap Agreements\*  | 2179800  | —  | 2179800  |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>^^,^^^</sup>  | —  | 136815  | 136815  |
| &nbsp;&nbsp;&nbsp; Total Value | $2179800 | $184514 | $2364314  |
| **Liability Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $(130249) | $(130249)  |
| **Realized Gain (Loss)#** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(263355) | $(263355)  |
| &nbsp;&nbsp;&nbsp; Swap Agreements | 2444 | (444966) | (442522)  |
| &nbsp;&nbsp;&nbsp; Total Realized Gain (Loss) | $2444 | $(708321) | $(705877)  |
| **Change in Appreciation (Depreciation)##** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(75134) | $(75134)  |
| &nbsp;&nbsp;&nbsp; Swap Agreements | 3487538 | 89795 | 3577333  |
| &nbsp;&nbsp;&nbsp; Total Change in Appreciation (Depreciation) | $3487538 | $14661 | $3502199  |
| **Managed Bond Fund** |  |  |  |
| **Asset Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $897406 | $897406  |
| **Liability Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $(36231) | $(36231)  |
| **Realized Gain (Loss)#** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(536075) | $(536075)  |
| **Change in Appreciation (Depreciation)##** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $1474050 | $1474050  |
| **Short-Duration Bond Fund** |  |  |  |
| **Asset Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $245108 | $245108  |
| **Liability Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $(305798) | $(305798)  |
| **Realized Gain (Loss)#** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $48239 | $48239  |
| **Change in Appreciation (Depreciation)##** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(193676) | $(193676) |

---

\* Statements of Assets and Liabilities location: Open swap agreements, at value, as applicable.

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---

| | |
|:---|:---|
| ^^<br>| Cumulative appreciation (depreciation) on futures contracts and centrally cleared swap agreements is reported in "Futures Contracts" and "Swap Agreements" in each applicable Fund's Portfolio of Investments. Only current day's variation margin, if any, is reported within the Statements of Assets and Liabilities.  |

---

^^^ Represents centrally cleared swap agreements 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 futures contracts or swap agreements, as applicable. 

---

| | |
|:---|:---|
| ##<br>| Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on futures contracts or swap agreements, as applicable.  |

---

For the period ended June 30, 2025, the average balances for each derivative type were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  |
|  | **Inflation-Protected and Income Fund**  | **Managed Bond Fund**  | **Short-Duration Bond Fund**  |
| **Futures Contracts:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - long | 23 | 544 | 306  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - short | 187 | 50 | 208  |
| **Swap Agreements:** |  |  |  |
| **Interest Rate Swaps:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts | $14800000 |  |  |
| **Total Return Swaps:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts | $120163061 |  |  |

---

The Portfolio of Investments included in a Fund's financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund's derivatives exposure as of June 30, 2025. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") or similar agreement and net of the related collateral received by the Fund(s) as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs**  | **Asset Valuation Inputs**  | **Asset Valuation Inputs**  | **Asset Valuation Inputs**  | **Asset Valuation Inputs**  |
| **Counterparty**  | **Derivative** <br>**Assets Subject** <br>**to an MNA by Counterparty†**  | **Financial Instruments Available for** <br>**Offset**  | **Collateral Received\*\***  | **Net Amount\***  |
| **Inflation-Protected and Income Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA  | $1763367  | $—  | $(830000)  | $933367  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | 416433  | —  | —  | 416433  |
|  | $2179800  | $—  | $(830000)  | $1349800 |

---

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

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

&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.* 

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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 period ended June 30, 2025, are discussed below.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts.

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

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

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

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.

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

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

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

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

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

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

Inflation-Linked Securities

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

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

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

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

Repurchase Agreements

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

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

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

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

Dollar Roll Transactions

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

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

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

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

Mortgage- and Asset-Backed Securities

A Fund may invest in mortgage- and asset-backed securities. Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage- backed securities, represent a participation in, or are secured by, mortgage loans. Mortgage-backed securities may include securities that are issued or guaranteed by U.S. Government agencies or instrumentalities or other issuers, including private companies. Asset-backed securities are generally structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as consumer loans or receivables and they may be backed by collateralized debt obligations ("CDOs"), including collateralized bond obligations and collateralized loan obligations ("CLOs").

Investments in mortgage- and asset-backed securities subject a Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Certain of these risks may be higher for investments in mortgage-backed securities composed of subprime mortgages and investments in CDOs and CLOs backed by pools of high-risk, below investment grade debt securities. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. A Fund's investments in mortgage-backed securities may make a Fund's net asset value more susceptible to economic, market, political, and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. Payments on mortgage-backed and many asset-backed investments typically include both interest and partial payment of principal. Principal may also be prepaid voluntarily, or as a result of refinancing or foreclosure. A Fund may have to invest the proceeds from prepaid investments in other investments with less attractive terms and yields. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. See a Fund's Portfolio of Investments, if applicable, for mortgage-related and other asset-backed securities as of June 30, 2025.

Securities Lending

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

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At June 30, 2025, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

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

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund's compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended June 30, 2025, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

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

Foreign Currency Translation

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

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class's operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets. In addition, each of the Blend Fund, MML iShares 60/40 Allocation Fund, and MML 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, MML iShares 60/40 Allocation Fund, and MML 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, MML iShares 60/40 Allocation Fund, and MML iShares 80/20 Allocation Fund

will vary.

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Foreign Securities

The Short-Duration Bond Fund invests a significant amount of its assets in foreign securities. The other Funds, except for the Blend Fund, MML iShares 60/40 Allocation Fund, and MML 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.

Market Risk

The value of a Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. A Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

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 U.S. federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for U.S. federal income tax.

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.

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;3. Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Advisers, a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives investment advisory fees, based upon each Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| **Fund**  | **Investment Advisory Fee**  |
| 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  |
| 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  |
| 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  |
| MML iShares 60/40 Allocation Fund  | 0.30% on the first $2 billion; and  |
|  | 0.28% on any excess over $2 billion  |
| MML 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  |
|  | 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  |
| 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 |

---

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

MML Advisers has entered into investment subadvisory agreements with Barings LLC ("Barings"), a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual, on behalf of certain Funds. These agreements provide that Barings manage the investment and reinvestment of assets of these Funds. Barings receives a subadvisory fee from MML Advisers, based upon each Fund's average daily net assets, at the following annual rates:

---

| | |
|:---|:---|
| Inflation-Protected and Income Fund\* <br>| 0.08%  |
| Managed Bond Fund\* <br>| 0.10%  |
| Short-Duration Bond Fund\* <br>| 0.08%  |
| U.S. Government Money Market Fund <br>| 0.05% |

---

\* *Baring International Investment Limited ("BIIL"), a wholly-owned subsidiary of Barings, serves as a sub-subadviser of the Fund. BIIL does not receive a fee from Barings under the sub-subadvisory agreement with Barings.* 

MML Advisers has also entered into investment subadvisory agreements for certain Funds with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

---

| | |
|:---|:---|
| Blend Fund  | BlackRock Investment Management, LLC  |
| Equity Fund  | Brandywine Global Investment Management, LLC  |
| MML iShares 60/40 Allocation Fund  | BlackRock Investment Management, LLC  |
| MML iShares 80/20 Allocation Fund  | BlackRock Investment Management, LLC  |
| Small Cap Equity Fund  | Invesco Advisers, Inc. |

---

The applicable Funds' subadvisory fees are paid monthly by MML Advisers out of the investment advisory fees previously disclosed above.

Administration Fees

For the Funds noted below, under a separate Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide administrative and shareholder services and bear some Fund-specific administrative expenses. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

---

| | | |
|:---|:---|:---|
|  | **Class II**  | **Service Class I**  |
| MML iShares 60/40 Allocation Fund <br>| 0.15%  | 0.15%  |
| MML iShares 80/20 Allocation Fund <br>| 0.15%  | 0.15%  |
| Short-Duration Bond Fund <br>| 0.15%  | 0.15% |

---

Distribution and Service Fees

MML Distributors, LLC (the "Distributor") acts as distributor to the Funds. Pursuant to a Distribution and Services Plan adopted by the Funds pursuant to Rule 12b-1 under the 1940 Act, Service Class shares and Service Class I shares of the Funds pay an annual fee of 0.25% of the average daily net asset value of Service Class shares and Service Class I shares. This fee, or a portion thereof, 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.

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2026, based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | |
|:---|:---|:---|
|  | **Class II**  | **Service Class I**  |
| MML iShares 60/40 Allocation Fund <br>| 0.50%  | 0.75%  |
| MML iShares 80/20 Allocation Fund <br>| 0.50%  | 0.75% |

---

Effective April 25, 2025, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2026, based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | |
|:---|:---|:---|
|  | **Initial Class**  | **Service Class**  |
| Inflation-Protected and Income Fund <br>| 0.64%  | 0.89% |

---

# *Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.*

Prior to April 25, 2025, MML Advisers had agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | |
|:---|:---|:---|
|  | **Initial Class**  | **Service Class**  |
| Inflation-Protected and Income Fund <br>| 0.61%  | 0.86% |

---

# *Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.* 

Effective April 25, 2025, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2027, based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | |
|:---|:---|:---|
|  | **Initial Class**  | **Service Class**  |
| Managed Bond Fund <br>| 0.57%  | 0.82% |

---

# *Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.* 

MML Advisers has agreed to voluntarily waive some or all of its investment advisory fees and, if necessary, reimburse some or all of the U.S. Government Money Market Fund's other expenses, in an attempt to allow the Initial Class shares of the Fund to maintain a 1-day yield of at least approximately 0.00%. MML Advisers may amend or discontinue this waiver at any time without advance notice.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Affiliated Brokerage Commissions

The Fund(s) listed below had portfolio transactions that were placed with brokerage firms which are affiliates of the Fund's investment adviser or subadviser. Brokerage commissions are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) in the Statements of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Affiliated** <br>**Brokerage** <br>**Commissions**  |
| Small Cap Equity Fund | $1146 |

---

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 period ended June 30, 2025, brokerage commissions rebated under these agreements were as follows:

---

| | |
|:---|:---|
|  | **Rebated** <br>**Commissions**  |
| Equity Fund  | $6321  |
| Small Cap Equity Fund  | 473 |

---

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and are included within Payables for Trustees' fees and expenses in the Statements of Assets and Liabilities.

Other

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

&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 period ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **Long-Term U.S. Government Securities** | **Other Long-Term Securities** | **Long-Term U.S. Government Securities** | **Other Long-Term Securities**  |
| Blend Fund | $— | $21675563 | $— | $60562682  |
| Equity Fund |  | 314019881 |  | 352706072  |
| Inflation-Protected and Income Fund | 7325577 | 49836590 | 13920470 | 45446325  |
| MML iShares 60/40 Allocation Fund |  | 9892309 |  | 2868411  |
| MML iShares 80/20 Allocation Fund |  | 21039301 |  | 4654744  |
| Managed Bond Fund | 534249477 | 154449747 | 461534570 | 116480546  |
| Short-Duration Bond Fund |  | 20758616 | 537 | 27438762  |
| Small Cap Equity Fund |  | 21648969 |  | 27492878 |

---

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The Funds did not have any cross trade activity during the period.

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Blend Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290151 | $6318191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431995 | $9015812  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 662108 | 14060213  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1488668) | (32297327) | (3410345) | (71056004)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1198517) | $(25979136) | (2316242) | $(47979979)  |
| **Blend Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 131175 | $2809676 | 616362 | $12854738  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 238256 | 5022537  |
| &nbsp;&nbsp;&nbsp; Redeemed | (993840) | (21285324) | (1361098) | (28071626)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (862665) | $(18475648) | (506480) | $(10194351)  |
| **Equity Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 130958 | $4047927 | 375316 | $11045045  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 775382 | 23267331  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1387844) | (43084296) | (3111677) | (91208633)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1256886) | $(39036369) | (1960979) | $(56896257)  |
| **Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 45395 | $1411502 | 124044 | $3469306  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 76105 | 2235132  |
| &nbsp;&nbsp;&nbsp; Redeemed | (309365) | (9393382) | (806039) | (23089414)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (263970) | $(7981880) | (605890) | $(17384976)  |
| **Inflation-Protected and Income Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 683420 | $6076516 | 1704831 | $14816717  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 728087 | 6327078  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1842349) | (16215104) | (3889777) | (33923831)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1158929) | $(10138588) | (1456859) | $(12780036)  |
| **Inflation-Protected and Income Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 387205 | $3378772 | 768967 | $6617733  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 198173 | 1708253  |
| &nbsp;&nbsp;&nbsp; Redeemed | (475835) | (4147803) | (894013) | (7731134)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (88630) | $(769031) | 73127 | $594852  |
| **MML iShares 60/40 Allocation Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 4681 | $50756 | 14534 | $152867  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 57877 | 614867  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1182) | (12813) | (5791) | (61385)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 3499 | $37943 | 66620 | $706349  |
| **MML iShares 60/40 Allocation Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 668321 | $7165653 | 1069262 | $11249535  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 46120 | 488333  |
| &nbsp;&nbsp;&nbsp; Redeemed | (64074) | (686233) | (67226) | (711960)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 604247 | $6479420 | 1048156 | $11025908  |

---

**75**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **MML iShares 80/20 Allocation Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57597 | $635238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19245 | $210198  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 53860 | 602685  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3317) | (37679) | (3550) | (38909)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 54280 | $597559 | 69555 | $773974  |
| **MML iShares 80/20 Allocation Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1521520 | $17285769 | 1999732 | $21992095  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 100917 | 1126796  |
| &nbsp;&nbsp;&nbsp; Redeemed | (195030) | (2203612) | (164399) | (1813356)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1326490 | $15082157 | 1936250 | $21305535  |
| **Managed Bond Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 9647386 | $106122996 | 5223011 | $56834076  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 1986057 | 21680815  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4218421) | (46231143) | (9744697) | (106149758)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 5428965 | $59891853 | (2535629) | $(27634867)  |
| **Managed Bond Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 5253696 | $57532837 | 2023458 | $21863046  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 632321 | 6882049  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1665813) | (18180802) | (3681164) | (39864794)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 3587883 | $39352035 | (1025385) | $(11119699)  |
| **Short-Duration Bond Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 81101 | $748638 | 1299332 | $11723859  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 379903 | 3407732  |
| &nbsp;&nbsp;&nbsp; Redeemed | (939287) | (8680404) | (2366679) | (21431495)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (858186) | $(7931766) | (687444) | $(6299904)  |
| **Short-Duration Bond Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 339150 | $3124677 | 643275 | $5791467  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 124650 | 1115619  |
| &nbsp;&nbsp;&nbsp; Redeemed | (313502) | (2880813) | (1109495) | (10000285)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 25648 | $243864 | (341570) | $(3093199)  |
| **Small Cap Equity Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 104775 | $1202993 | 388210 | $4428558  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 555086 | 6371680  |
| &nbsp;&nbsp;&nbsp; Redeemed | (531284) | (6060000) | (1105088) | (12641780)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (426509) | $(4857007) | (161792) | $(1841542)  |
| **Small Cap Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 122151 | $1356216 | 207227 | $2311939  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 147795 | 1645371  |
| &nbsp;&nbsp;&nbsp; Redeemed | (213926) | (2395406) | (502609) | (5594243)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (91775) | $(1039190) | (147587) | $(1636933)  |
| **U.S. Government Money Market Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 56106532 | $56106532 | 94147571 | $94147571  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3703735 | 3703735 | 9942146 | 9942146  |
| &nbsp;&nbsp;&nbsp; Redeemed | (68440710) | (68440710) | (112525680) | (112525680)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (8630443) | $(8630443) | (8435963) | $(8435963) |

---

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;6. Federal Income Tax Information

At June 30, 2025, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal** <br>**Income Tax** <br>**Cost** | **Tax Basis Unrealized Appreciation** | **Tax Basis Unrealized (Depreciation)** | **Net Unrealized Appreciation (Depreciation)**  |
| Blend Fund | $552581781 | $164434478 | $(25735444) | $138699034  |
| Equity Fund | 649187331 | 210473391 | (8109019) | 202364372  |
| Inflation-Protected and Income Fund | 164318186 | 1016103 | (3399450) | (2383347)  |
| MML iShares 60/40 Allocation Fund | 56685880 | 7187040 | (676238) | 6510802  |
| MML iShares 80/20 Allocation Fund | 100744774 | 18362283 | (208227) | 18154056  |
| Managed Bond Fund | 753045413 | 7348900 | (29623868) | (22274968)  |
| Short-Duration Bond Fund | 111256291 | 959578 | (1487206) | (527628)  |
| Small Cap Equity Fund | 96710723 | 35488472 | (6639576) | 28848896 |

---

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at June 30, 2025, is the same for financial reporting and U.S. federal income tax purposes.

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At December 31, 2024, the following Fund(s) had accumulated capital loss carryforwards:

---

| | | |
|:---|:---|:---|
|  | **Short Term Capital Loss Carryforward** | **Long Term Capital Loss Carryforward**  |
| lnflation-Protected and Income Fund | $(28562604) | $(6942207)  |
| Managed Bond Fund | (27242439) | (79483300)  |
| Short-Duration Bond Fund | (6356522) | (12516548) |

---

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Long Term Capital Gain**  |
| Blend Fund | $12678980 | $6403770  |
| Equity Fund | 16570703 | 8931760  |
| Inflation-Protected and Income Fund | 8035331 | —  |
| MML iShares 60/40 Allocation Fund | 950461 | 152739  |
| MML iShares 80/20 Allocation Fund | 1360365 | 369116  |
| Managed Bond Fund | 28562864 | —  |
| Short-Duration Bond Fund | 4523351 | —  |
| Small Cap Equity Fund |  | 8017051  |
| U.S. Government Money Market Fund | 9942151 |  |

---

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2024:

---

| | |
|:---|:---|
|  | **Amount**  |
| MML iShares 60/40 Allocation Fund | $21785  |
| MML iShares 80/20 Allocation Fund | 59749 |

---

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, 2024, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At December 31, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long Term Capital Gain (Capital Loss Carryover)** | **Other Temporary Differences** | **Unrealized Appreciation (Depreciation)** | **Total**  |
| Blend Fund | $13491926 | $23108270 | $(35812) | $108645146 | $145209530  |
| Equity Fund | 24654611 | 96079637 | (44327) | 192819034 | 313508955  |
| lnflation-Protected and Income Fund | 7481961 | (35504811) | (15272) | (6028427) | (34066549)  |
| MML iShares 60/40 Allocation Fund | 77685 | 258684 |  | 3148187 | 3484556  |
| MML iShares 80/20 Allocation Fund | 109387 | 429387 |  | 10681579 | 11220353  |
| Managed Bond Fund | 27340748 | (106725739) | (43598) | (44884622) | (124313211)  |
| Short-Duration Bond Fund | 4664389 | (18873070) | (6399) | (2253185) | (16468265)  |
| Small Cap Equity Fund | 1400728 | 18845283 | (5673) | 34944422 | 55184760  |
| U.S. Government Money Market Fund |  |  | (9188) |  | (9188) |

---

The Funds did not have any unrecognized tax benefits at June 30, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended June 30, 2025, 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.

&nbsp;&nbsp;&nbsp;&nbsp;7. Indemnifications

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

&nbsp;&nbsp;&nbsp;&nbsp;8. New Accounting Pronouncements

In December 2023, FASB issued Accounting Standards Update 2023-09 — Income Taxes (Topic 740) — Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and allows for early adoption. Management is currently evaluating the impact of applying this update.

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

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**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

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**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Trustees' Approval of Investment Advisory Contracts

At their meetings in May and June 2025, the Contract Committee (the "Committee") and the Trustees, including the Trustees who are not "interested persons" (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the "Independent Trustees"), considered and re-approved the existing advisory and subadvisory agreements (collectively, the "Contracts") for each of the Blend Fund, Equity Fund, Inflation-Protected and Income Fund, MML iShares 60/40 Allocation Fund, MML iShares 80/20 Allocation Fund, Managed Bond Fund, Short-Duration Bond Fund, Small Cap Equity Fund, and U.S. Government Money Market Fund, as applicable. In preparation for the meetings, the Trustees requested, and MML Advisers and the subadvisers provided in advance, certain materials relevant to the consideration of the Contracts (the "Meeting Materials"). In all of their deliberations, the Trustees were advised by independent counsel.

The Committee received in advance of the meetings (i) a memorandum from MML Advisers discussing the nature and quality of the services it provides as investment adviser to the Funds; (ii) a profitability analysis prepared by MML Advisers; and (iii) a fee and performance study report (the "Third-Party Report") with respect to each Fund prepared by an independent third-party vendor (the "Third-Party"). The Third-Party Report provided detailed comparative advisory fee, total expense, and performance information for each Fund to assist the Committee in its evaluation of the Contracts. The Committee also considered information presented to it throughout the year regarding MML Advisers and each of the subadvisers.

The Committee considered the nature, scope, and quality of services MML Advisers provides to the Funds, including: (i) the financial condition, stability, and business strategy of MML Advisers; (ii) the capabilities of MML Advisers with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MML Advisers' ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MML Advisers that perform, or oversee the performance of, the services provided to the Funds, and the needs of the Funds for administrative and shareholder services. The Committee noted that it had received in the Meeting Materials or during the course of the past year: (i) detailed information regarding MML Advisers' ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (ii) a wide range of information about the subadvisers and their personnel with responsibility for providing services to the Funds, as applicable, and the fees payable to each subadviser by MML Advisers. MML Advisers reviewed with the Committee in detail the work MML Advisers does in its oversight roles, the expertise it brings to these roles, the size of its teams, and the financial commitment it has made to provide those services.

The Committee then reviewed and considered, for each Fund separately, the detailed information presented in the Third-Party Report regarding: (i) Fund expenses, including, among other things, both the Fund's net advisory fee and total net expense ratio against peer funds; and (ii) the Fund's relative performance (over various time periods against funds in its "category" and a benchmark index). In connection with the Committee's review, MML Advisers provided commentary and analysis regarding each Fund's expenses and performance and a recommendation as to the action to be taken by the Committee. Throughout the discussion, MML Advisers responded to Committee members' questions and provided additional information concerning each Fund.

The Committee reviewed the expense and performance information for each Fund. (References to any performance periods are to periods ended December 31, 2024, except as otherwise noted. In all cases, the comparative expense information is that of a Fund's "peer group" and the comparative performance information is that of a Fund's "performance category.")

The Committee considered that the Short-Duration Bond Fund, Managed Bond Fund, Equity Fund, Small Cap Equity Fund, Blend Fund, MML iShares 60/40 Allocation Fund, and MML iShares 80/20 Allocation Fund had total net expense ratios below the medians of their peer groups, or in the lowest two-thirds of their peer groups. Of those Funds, all had net advisory fees at or below the medians of their peer groups, or in the lowest two-thirds of their peer groups, except the Blend Fund. The Committee considered MML Advisers' statement that the advisory arrangements for the Blend Fund require MML Advisers to bear shareholder servicing expenses having the effect of increasing the Fund's net advisory fee above the rate that would otherwise prevail, and that the shareholder services in question are the same as the services required under any separate shareholder servicing agreement relating to other Funds in the Trust and MML Series Investment Fund. The Committee considered MML Advisers' statement that, although the Blend Fund's net advisory fee would still be above the peer group median even if it were reduced by the portion of the fee attributable to shareholder services, it considered the fee acceptable both in light of the first-quintile total net expense ratio of the Fund and the highly favorable investment performance of the Fund in both the short- and long- term periods.

The Committee noted that the U.S. Government Money Market Fund and Inflation-Protected and Income Fund had both total net expense ratios and net advisory fees in the highest one-third of their respective peer groups. The Committee considered MML Advisers' statement that, if the net advisory fee for the Inflation-Protected and Income Fund was reduced by the portion of the fee attributable to administrative services (which include shareholder services), the net advisory fee paid by the Fund would be at its peer group median.

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In the case of the U.S. Government Money Market Fund, the Committee considered that the Fund's total net expense ratio and net advisory fee, each at the 78<sup>th</sup> percentile of its peer group, were 13 basis points and 22 basis points above the peer group median, respectively. The Committee considered MML Advisers' statement that, if the net advisory fee for the Fund was reduced by the portion of the fee attributable to administrative services, the net advisory fee would have been significantly lower and would have fallen within seven basis points of the peer group median. The Committee also considered MML Advisers' statement that the Fund's fourth quartile total net expense ratio was primarily driven by the Fund's relatively small asset base, and that the Fund's peer group includes several funds that are significantly larger than the Fund (which were included due to the limited number of funds that would otherwise be included in the peer group), and so benefit from economies of scale not available to the Fund.

The Committee also determined that the absolute difference between these Funds' total net expense ratios and their peer group medians were not otherwise so high as to prevent the approval of their advisory agreements. The Committee determined that the foregoing Funds' net advisory fees did not appear unreasonable in light of the information presented.

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

The Committee considered that the Managed Bond Fund, Inflation-Protected and Income Fund, Equity Fund, Small Cap Equity Fund, and Blend Fund achieved three-year investment performance above the medians of their performance categories, or in the top two-thirds of their performance categories. In addition, the Committee considered that the Short-Duration Bond Fund performed in the bottom one-third of its performance category for the three-year period, but performed above the median of its performance category for the one-year period.

As to the U.S. Government Money Market Fund, the Committee considered that the Fund had performed in the 84<sup>th</sup> percentile of its performance category for the one- and three-year periods. The Committee considered MML Advisers' statement that the Fund's three-year performance was within 0.18% of its performance category median, due almost entirely to the net expense differential, and was below the performance category median for each of the past three years. The Committee also considered MML Advisers' statement that the Fund is intended to serve as a conservative vehicle where investors may invest cash with minimal risk.

Each of the MML iShares 60/40 Allocation Fund and MML iShares 80/20 Allocation Fund was launched in February 2022. The Committee noted that the Funds had each performed at or within the top half for the one-year period (50<sup>th</sup> percentile for the MML iShares 60/40 Allocation Fund and 19<sup>th</sup> percentile for the MML iShares 80/20 Allocation Fund, relative to each Fund's performance category). The Committee considered MML Advisers' statement that, although the period each Fund had been operational was too short a period to evaluate performance meaningfully, each of the Funds appeared to be performing appropriately.

The Committee determined on the basis of these factors and on other factors and information considered by the Committee that the Funds' performance, for the various periods presented, and the level of ongoing review of various underperforming Funds, were consistent with the continuation of the Contracts.

The Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting and during the course of the year, concerning economies of scale and the profitability of MML Advisers' advisory relationship with the various Funds, including: (i) a description of MML Advisers' revenues from the Funds (including advisory fees and administrative and shareholder services fees, as applicable) and the expense allocation methodology employed by MML Advisers; and (ii) profitability information with respect to each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called "fallout benefits" to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds, and benefits accruing to subadvisers (including sub-subadvisers, as applicable) due to so-called "soft-dollar arrangements." Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. The Committee weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

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

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

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**Underwriter:** 

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

![](backcover-dots.jpg)

<sup>©</sup> 2025 Massachusetts Mutual Life Insurance Company (MassMutual<sup>®</sup>), Springfield, MA 01111-0001.

All rights reserved. www.MassMutual.com.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) Code of Ethics (Item 2) – Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 (17 CFR 240.10D-1) – Not applicable.

[(a)(3) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.](mmlsif-efp16223_ex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) – Not applicable.

(a)(5) Change in Registrant's independent public accountant – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.](mmlsif-efp16223_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.

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| | |
|:---|:---|
| (Registrant) | MML Series Investment Fund II  |
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>8/25/2025</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.

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>8/25/2025</u>

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Renée Hitchcock |
|  | Renée Hitchcock, Treasurer and Principal Financial Officer |

---

Date <u>8/25/2025</u>

## Ex-99.Cert

**<u>EX-99.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Douglas Steele, certify that:

1. I have reviewed this report on Form N-CSR of MML Series Investment Fund II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 8/25/2025 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Renée Hitchcock, certify that:

1. I have reviewed this report on Form N-CSR of MML Series Investment Fund II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 8/25/2025 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**<u>EX-99.906.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MML Series Investment Fund II (the "Trust") on Form N-CSR for the period ending June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 8/25/2025 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MML Series Investment Fund II (the "Trust") on Form N-CSR for the period ending June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 8/25/2025 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.