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N-CSRS 1 fp0084231-2_ncsrs.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-21714

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

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

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

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

Date of fiscal year end:	12/31/2023

Date of reporting period:	6/30/2023

Item 1. Reports to Stockholders.

(a)

The Report to Stockholders is attached herewith.

Table of Contents
Portfolio Summaries (Unaudited)	1
Portfolio of Investments (Unaudited)
MML Blend Fund	14
MML Dynamic Bond Fund	15
MML Equity Fund	37
MML Equity Rotation Fund	42
MML High Yield Fund	47
MML Inflation-Protected and Income Fund	54
MML iShares^® 60/40 Allocation Fund	62
MML iShares^® 80/20 Allocation Fund	63
MML Managed Bond Fund	64
MML Short-Duration Bond Fund	78
MML Small Cap Equity Fund	89
MML Strategic Emerging Markets Fund	92
MML U.S. Government Money Market Fund	94
Statements of Assets and Liabilities (Unaudited)	96
Statements of Operations (Unaudited)	104
Statements of Changes in Net Assets	108
Financial Highlights	115
Notes to Financial Statements (Unaudited)	128
Other Information (Unaudited)
Proxy Voting	159
Monthly Reporting	159
Quarterly Reporting	159
Liquidity Risk Management Program	159
Trustees’ Approval of Investment Advisory Contracts	159
Fund Expenses	163

Underwriter: MML Distributors, LLC (MMLD), Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 1295 State Street, Springfield, MA 01111-0001. Investment advisory services are provided to the Funds by MML Investment Advisers, LLC (MML Advisers). MMLD and MML Advisers are subsidiaries of Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.

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

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MML Blend Fund – Portfolio Summaries (Unaudited)

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

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

MML Blend Fund Largest Holdings (% of Net Assets) on 6/30/23
iShares Core S&P Total US Stock Market ETF	30.3%
iShares Core S&P 500 ETF	27.6%
iShares Core Total USD Bond Market ETF	15.7%
iShares Core U.S. Aggregate Bond ETF	15.7%
iShares iBoxx High Yield Corporate Bond ETF	3.8%
iShares 5-10 Year Investment Grade Corporate Bond ETF	3.8%
iShares Core S&P Mid-Cap ETF	2.1%
iShares Core S&P Small-Cap ETF	0.9%
	99.9%

MML Blend Fund Sector Table (% of Net Assets) on 6/30/23
Mutual Funds	99.9%
Total Long-Term Investments	99.9%
Short-Term Investments and Other Assets and Liabilities	0.1%
Net Assets	100.0%

MML Dynamic Bond Fund – Portfolio Summaries (Unaudited)

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

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

MML Dynamic Bond Fund Portfolio Characteristics (% of Net Assets) on 6/30/23
Corporate Debt	40.5%
U.S. Government Agency Obligations and Instrumentalities*	35.8%
Non-U.S. Government Agency Obligations	11.0%
Sovereign Debt Obligations	7.8%
Bank Loans	3.0%
U.S. Treasury Obligations	1.7%
Purchased Options	0.2%
Total Long-Term Investments	100.0%
Short-Term Investments and Other Assets and Liabilities	0.0%
Net Assets	100.0%

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

MML Equity Fund – Portfolio Summaries (Unaudited)

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

The Fund’s primary objective is to achieve a superior total rate of return over an extended period of time from both capital appreciation and current income. Its secondary objective is the preservation of capital when business and economic conditions indicate that investing for defensive purposes is appropriate. The Fund invests primarily in common stocks of companies that the subadvisers believe are undervalued in the marketplace. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks, preferred stocks, securities convertible into common or preferred stocks, and other securities, such as warrants and stock rights, whose value is based on stock prices. The Fund typically invests most of its assets in securities of U.S. companies, but may invest up to 25% of its total assets in foreign securities and American Depositary Receipts (ADRs), including emerging market securities. The Fund’s two subadvisers are T. Rowe Price Associates, Inc. (T. Rowe Price), which managed approximately 34% of the Fund’s portfolio; and Brandywine Global Investment Management, LLC (Brandywine Global), which managed approximately 66% of the Fund’s portfolio, as of June 30, 2023.

MML Equity Fund Largest Holdings (% of Net Assets) on 6/30/23
JP Morgan Chase & Co.	4.0%
Exxon Mobil Corp.	3.7%
Chevron Corp.	2.4%
Bank of America Corp.	2.3%
Merck & Co., Inc.	2.2%
Elevance Health, Inc.	2.0%
Philip Morris International, Inc.	1.8%
AbbVie, Inc.	1.7%
Cisco Systems, Inc.	1.5%
Lowe’s Cos., Inc.	1.4%
	23.0%

MML Equity Fund Sector Table (% of Net Assets) on 6/30/23
Consumer, Non-cyclical	24.1%
Financial	22.0%
Industrial	12.0%
Energy	11.3%
Technology	10.0%
Consumer, Cyclical	7.3%
Communications	6.3%
Utilities	4.0%
Basic Materials	2.2%
Mutual Funds	0.3%
Total Long-Term Investments	99.5%
Short-Term Investments and Other Assets and Liabilities	0.5%
Net Assets	100.0%

MML Equity Rotation Fund – Portfolio Summaries (Unaudited)

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

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

MML Equity Rotation Fund Largest Holdings (% of Net Assets) on 6/30/23
Apple, Inc.	5.2%
Microsoft Corp.	5.0%
Merck & Co., Inc.	4.4%
Visa, Inc. Class A	4.0%
Mastercard, Inc. Class A	3.5%
Walmart, Inc.	2.9%
Procter & Gamble Co.	2.8%
Exxon Mobil Corp.	2.8%
Eli Lilly & Co.	2.7%
Alphabet, Inc. Class C	2.4%
	35.7%

MML Equity Rotation Fund Sector Table (% of Net Assets) on 6/30/23
Consumer, Non-cyclical	28.5%
Consumer, Cyclical	18.8%
Technology	18.1%
Financial	10.5%
Communications	9.6%
Industrial	8.8%
Energy	3.9%
Basic Materials	1.4%
Utilities	0.5%
Total Long-Term Investments	100.1%
Short-Term Investments and Other Assets and Liabilities	(0.1)%
Net Assets	100.0%

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

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

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

MML High Yield Fund – Portfolio Summaries (Unaudited)

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

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

MML High Yield Fund Portfolio Characteristics (% of Net Assets) on 6/30/23
Corporate Debt	91.7%
Bank Loans	1.8%
Total Long-Term Investments	93.5%
Short-Term Investments and Other Assets and Liabilities	6.5%
Net Assets	100.0%

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

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

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

MML Inflation-Protected and Income Fund Portfolio Characteristics (% of Net Assets) on 6/30/23
Non-U.S. Government Agency Obligations	52.1%
U.S. Treasury Obligations	20.6%
U.S. Government Agency Obligations and Instrumentalities*	11.1%
Total Long-Term Investments	83.8%
Short-Term Investments and Other Assets and Liabilities	16.2%
Net Assets	100.0%

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

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

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

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

MML iShares 60/40 Allocation Fund Largest Holdings (% of Net Assets) on 6/30/23
iShares Core S&P Total US Stock Market ETF	32.5%
iShares Core U.S. Aggregate Bond ETF	29.9%
iShares Core MSCI International Developed Markets ETF	12.8%
iShares Core S&P 500 ETF	9.5%
iShares 1-5 Year Investment Grade Corporate Bond ETF	4.8%
iShares Core Dividend Growth ETF	3.0%
iShares Core S&P Mid-Cap ETF	2.0%
iShares Core MSCI Emerging Markets ETF	1.9%
iShares 20+ Year Treasury Bond ETF	1.9%
iShares Broad USD High Yield Corporate Bond ETF	1.0%
	99.3%

MML iShares 60/40 Allocation Fund Sector Table (% of Net Assets) on 6/30/23
Mutual Funds	99.9%
Total Long-Term Investments	99.9%
Short-Term Investments and Other Assets and Liabilities	0.1%
Net Assets	100.0%

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

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

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

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

MML iShares 80/20 Allocation Fund Largest Holdings (% of Net Assets) on 6/30/23
iShares Core S&P Total US Stock Market ETF	46.5%
iShares Core MSCI International Developed Markets ETF	14.6%
iShares Core U.S. Aggregate Bond ETF	11.3%
iShares Core S&P 500 ETF	8.3%
iShares Core MSCI Emerging Markets ETF	4.8%
iShares 1-5 Year Investment Grade Corporate Bond ETF	4.7%
iShares Core S&P Mid-Cap ETF	4.0%
iShares Core Dividend Growth ETF	3.0%
iShares Broad USD High Yield Corporate Bond ETF	1.0%
iShares Core International Aggregate Bond ETF	1.0%
	99.2%

MML iShares 80/20 Allocation Fund Sector Table (% of Net Assets) on 6/30/23
Mutual Funds	99.9%
Total Long-Term Investments	99.9%
Short-Term Investments and Other Assets and Liabilities	0.1%
Net Assets	100.0%

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

MML Managed Bond Fund – Portfolio Summaries (Unaudited)

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

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

MML Managed Bond Fund Portfolio Characteristics (% of Net Assets) on 6/30/23
Corporate Debt	38.4%
Non-U.S. Government Agency Obligations	29.4%
U.S. Government Agency Obligations and Instrumentalities*	28.8%
U.S. Treasury Obligations	2.2%
Sovereign Debt Obligations	0.2%
Total Long-Term Investments	99.0%
Short-Term Investments and Other Assets and Liabilities	1.0%
Net Assets	100.0%

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

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

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

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

MML Short-Duration Bond Fund Portfolio Characteristics (% of Net Assets) on 6/30/23
Corporate Debt	48.0%
Non-U.S. Government Agency Obligations	40.3%
U.S. Government Agency Obligations and Instrumentalities*	1.7%
U.S. Treasury Obligations	0.5%
Total Long-Term Investments	90.5%
Short-Term Investments and Other Assets and Liabilities	9.5%
Net Assets	100.0%

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

MML Small Cap Equity Fund – Portfolio Summaries (Unaudited)

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

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

MML Small Cap Equity Fund Largest Holdings (% of Net Assets) on 6/30/23
AutoNation, Inc.	2.4%
TopBuild Corp.	2.2%
Atkore, Inc.	2.1%
Acadia Healthcare Co., Inc.	2.0%
Summit Materials, Inc. Class A	2.0%
EnPro Industries, Inc.	1.9%
Inspire Medical Systems, Inc.	1.9%
Curtiss-Wright Corp.	1.6%
Ziff Davis, Inc.	1.6%
Tenet Healthcare Corp.	1.6%
	19.3%

MML Small Cap Equity Fund Sector Table (% of Net Assets) on 6/30/23
Industrial	22.5%
Consumer, Non-cyclical	22.5%
Technology	14.7%
Financial	14.5%
Consumer, Cyclical	13.9%
Energy	5.2%
Communications	2.4%
Basic Materials	2.3%
Utilities	1.1%
Total Long-Term Investments	99.1%
Short-Term Investments and Other Assets and Liabilities	0.9%
Net Assets	100.0%

MML Strategic Emerging Markets Fund – Portfolio Summaries (Unaudited)

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

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

MML Strategic Emerging Markets Fund Largest Holdings (% of Net Assets) on 6/30/23
Taiwan Semiconductor Manufacturing Co. Ltd.	8.0%
Housing Development Finance Corp. Ltd.	6.7%
Yum China Holdings, Inc.	5.9%
Kotak Mahindra Bank Ltd.	5.6%
Grupo Mexico SAB de CV Series B	5.2%
Tata Consultancy Services Ltd.	5.1%
Pernod Ricard SA	4.8%
ZTO Express Cayman, Inc. ADR	4.1%
H World Group Ltd. ADR	4.0%
NetEase, Inc. ADR	3.8%
	53.2%

MML Strategic Emerging Markets Fund Sector Table (% of Net Assets) on 6/30/23
Financial	20.7%
Technology	19.5%
Consumer, Cyclical	17.8%
Consumer, Non-cyclical	15.2%
Basic Materials	9.4%
Communications	7.6%
Industrial	5.4%
Energy	1.7%
Total Long-Term Investments	97.3%
Short-Term Investments and Other Assets and Liabilities	2.7%
Net Assets	100.0%

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

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

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

MML U.S. Government Money Market Fund Portfolio Characteristics (% of Net Assets) on 6/30/23
Discount Notes	88.6%
Repurchase Agreement	11.5%
Total Short-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Blend Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 99.9%
Diversified Financial Services — 99.9%
iShares 5-10 Year Investment Grade Corporate Bond ETF		501,046	$	25,337,896
iShares Core S&P 500 ETF		417,487		186,078,131
iShares Core S&P Mid-Cap ETF		54,774		14,322,305
iShares Core S&P Small-Cap ETF		61,992		6,177,503
iShares Core S&P Total US Stock Market ETF		2,085,542		204,049,429
iShares Core Total USD Bond Market ETF		2,323,982		105,671,462
iShares Core U.S. Aggregate Bond ETF		1,077,565		105,547,492
iShares iBoxx High Yield Corporate Bond ETF ^(a)		338,943		25,444,451

TOTAL MUTUAL FUNDS (Cost $646,651,815)				672,628,669

TOTAL LONG-TERM INVESTMENTS (Cost $646,651,815)				672,628,669

SHORT-TERM INVESTMENTS — 0.0%
Investment of Cash Collateral from Securities Loaned — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio ^(b)		7,675		7,675

	Principal Amount
Repurchase Agreement — 0.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 ^(c)	$	148,566		148,566

TOTAL SHORT-TERM INVESTMENTS (Cost $156,241)				156,241

TOTAL INVESTMENTS — 99.9% (Cost $646,808,056) ^(d)				672,784,910

Other Assets/(Liabilities) — 0.1%				435,240

NET ASSETS — 100.0%			$	673,220,150

Abbreviation Legend

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $25,067,109 or 3.72% of net assets. The Fund received $25,806,149 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

(c)	Maturity value of $148,585. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $151,599.

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

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

MML Dynamic Bond Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 99.8%
BANK LOANS — 3.0%
Airlines — 0.1%
Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500%
8.839% VRN 8/11/28	$	74,250	$	74,144
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
9.292% VRN 4/21/28		66,131		66,003
				140,147
Beverages — 0.1%
Triton Water Holdings, Inc., Term Loan, 3 mo. USD Term SOFR + 0.000%
5.242% VRN 3/31/28		216,778		209,226
Commercial Services — 0.2%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 1 mo. USD Term SOFR + 3.750%
8.952% VRN 5/12/28		228,670		221,938
Mister Car Wash Holdings, Inc., 2019 Term Loan B, 3 mo. USD Term SOFR + 3.000%
8.325% VRN 5/14/26		47,781		47,684
Prime Security Services Borrower LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750%
7.943% VRN 9/23/26		141,389		141,260
				410,882
Computers — 0.1%
Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 4.750%
10.030% VRN 7/27/28		237,337		177,903
Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750%
8.952% VRN 2/01/28		65,413		64,140
				242,043
Diversified Financial Services — 0.2%
Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.000%
8.264% VRN 6/15/25		112,184		111,097
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750%
8.302% VRN 10/22/26		102,665		102,070

	Principal Amount		Value
Citadel Securities LP, 2021 Term Loan B, 1 mo. USD Term SOFR + 2.500%
7.717% VRN 2/02/28	$	167,024	$	166,685
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750%
8.992% VRN 4/09/27		76,706		74,295
Focus Financial Partners LLC, 2022 Term Loan B5, 1 mo. USD Term SOFR + 3.250%
8.352% VRN 6/30/28		109,175		108,204
				562,351
Engineering & Construction — 0.1%
Brown Group Holding LLC, Term Loan B, 3 mo. USD Term SOFR + 3.000%
7.702% VRN 6/07/28		276,234		271,745
Entertainment — 0.3%
Caesars Entertainment Corp., Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.452% VRN 2/06/30		19,950		19,932
PCI Gaming Authority, Term Loan, 1 mo. USD Term SOFR + 2.500%
7.717% VRN 5/29/26		260,000		260,046
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD Term SOFR + 3.000%
8.248% VRN 4/14/29		267,300		266,589
UFC Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 2.750%
8.050% VRN 4/29/26		143,922		143,662
				690,229
Health Care – Products — 0.2%
Medline Borrower LP, USD Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.352% VRN 10/23/28		292,363		288,800
Sotera Health Holdings LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750%
8.023% VRN 12/11/26		270,000		265,445
				554,245
Health Care – Services — 0.2%
Global Medical Response, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 4.250%
9.439% VRN 10/02/25		266,582		148,486

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
ICON Luxembourg Sarl, LUX Term Loan, 3 mo. USD Term SOFR + 4.000%
7.753% VRN 7/03/28	$	52,419	$	52,389
Phoenix Guarantor, Inc., 2020 Term Loan B, 1 mo. USD Term LIBOR + 3.250%, 1 mo. USD Term SOFR + 3.250%
8.443% VRN 3/05/26		167,089		164,756
				365,631
Housewares — 0.1%
Solis IV BV, USD Term Loan B1, 3 mo. USD Term SOFR + 3.500%
8.666% VRN 2/26/29		227,550		215,249
Insurance — 0.2%
Acrisure LLC
2020 Term Loan B, 1 mo. USD LIBOR + 3.500%
8.693% VRN 2/15/27		120,322		116,584
2021 First Lien Term Loan B, 1 mo. USD LIBOR + 4.250%
9.443% VRN 2/15/27		123,125		120,406
AmWINS Group, Inc.
2021 Term Loan B, 1 mo. USD LIBOR + 2.250%
7.443% VRN 2/19/28		37,783		37,400
2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.750%
7.834% VRN 2/19/28		29,850		29,744
Asurion LLC
2020 Term Loan B8, 3 mo. USD LIBOR + 3.250%
8.788% VRN 12/23/26		151,125		145,307
2021 Term Loan B9, 3 mo. USD LIBOR + 3.250%
8.788% VRN 7/31/27		73,496		69,414
				518,855
Leisure Time — 0.1%
Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD LIBOR + 3.500%
8.693% VRN 8/17/28		157,165		156,576
Lodging — 0.1%
Station Casinos LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 2.250%
7.450% VRN 2/08/27		147,062		146,470

	Principal Amount		Value
Machinery – Diversified — 0.1%
Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.000%
7.217% VRN 7/30/29	$	102,666	$	102,589
Vertical U.S. Newco, Inc., Term Loan B, 6 mo. USD LIBOR + 3.500%
8.602% VRN 7/30/27		195,056		193,131
				295,720
Media — 0.1%
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD Term SOFR + 2.500%
7.717% VRN 9/18/26		200,753		200,394
Pharmaceuticals — 0.2%
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000%
9.342% VRN 10/01/27		164,638		161,963
Jazz Financing Luxembourg Sarl, USD Term Loan, 1 mo. USD LIBOR + 3.500%
8.864% VRN 5/05/28		198,726		198,406
PRA Health Sciences, Inc., US Term Loan, 3 mo. USD Term SOFR + 2.250%
7.753% VRN 7/03/28		13,060		13,052
				373,421
Pipelines — 0.1%
CQP Holdco LP, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
9.288% VRN 6/05/28		214,767		214,230
Retail — 0.2%
Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD LIBOR + 3.750%
8.943% VRN 3/06/28		150,749		149,430
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.750%
7.967% VRN 10/19/27		346,865		341,711
Pilot Travel Centers LLC, 2021 Term Loan B, 1 mo. USD Term SOFR + 2.000%
7.202% VRN 8/04/28		18,207		18,162
				509,303
Software — 0.1%
Athenahealth Group, Inc., 2021 Delayed Draw Term Loan,
8.589% 2/15/29		152,056		146,164

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Rackspace Technology Global, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.750%
7.996% VRN 2/15/28	$	176,592	$	80,000
The Ultimate Software Group, Inc., Term Loan B, 3 mo. USD Term SOFR + 3.750%
8.895% VRN 5/04/26		120,600		118,836
				345,000
Transportation — 0.2%
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD Term SOFR + 2.000%
7.342% VRN 12/30/26		405,008		404,376

TOTAL BANK LOANS (Cost $7,115,236)				6,826,093

CORPORATE DEBT — 40.5%
Advertising — 0.0%
Clear Channel Outdoor Holdings, Inc.
7.500% 6/01/29 ^(a) ^(b)		95,000		70,298
Aerospace & Defense — 1.6%
Boeing Co.
2.196% 2/04/26		300,000		275,343
2.800% 3/01/27		290,000		264,401
2.950% 2/01/30		270,000		234,674
3.200% 3/01/29		300,000		268,230
3.250% 2/01/35		330,000		267,573
3.750% 2/01/50		140,000		105,149
5.705% 5/01/40		130,000		129,676
5.805% 5/01/50		300,000		298,905
5.930% 5/01/60		50,000		49,519
General Dynamics Corp.
4.250% 4/01/40		20,000		18,402
4.250% 4/01/50		50,000		45,833
L3Harris Technologies, Inc.
5.054% 4/27/45		80,000		73,456
Lockheed Martin Corp.
3.550% 1/15/26		50,000		48,492
3.900% 6/15/32		50,000		47,089
4.150% 6/15/53		320,000		281,713
Northrop Grumman Corp.
2.930% 1/15/25		160,000		153,755
3.250% 1/15/28		290,000		270,448
5.150% 5/01/40		320,000		314,981

	Principal Amount		Value
Raytheon Technologies Corp.
2.250% 7/01/30	$	110,000	$	92,783
3.030% 3/15/52		240,000		168,713
4.125% 11/16/28		160,000		154,102
4.500% 6/01/42		80,000		73,637
				3,636,874
Agriculture — 0.7%
Altria Group, Inc.
2.450% 2/04/32		140,000		109,179
4.400% 2/14/26		190,000		185,914
5.800% 2/14/39		240,000		234,918
5.950% 2/14/49		160,000		151,896
BAT Capital Corp.
3.462% 9/06/29		525,000		454,807
4.540% 8/15/47		170,000		125,098
Cargill, Inc.
1.375% 7/23/23 ^(a) ^(b)		180,000		179,642
Philip Morris International, Inc.
4.500% 3/20/42		80,000		68,956
				1,510,410
Airlines — 0.5%
Delta Air Lines, Inc.
7.000% 5/01/25 ^(a)		260,000		265,536
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.750% 10/20/28 ^(a)		550,000		533,879
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 ^(a)		264,000		264,659
United Airlines, Inc.
4.625% 4/15/29 ^(a)		65,000		59,226
				1,123,300
Apparel — 0.2%
NIKE, Inc.
2.850% 3/27/30		280,000		252,835
3.250% 3/27/40		130,000		106,817
3.375% 3/27/50 ^(b)		40,000		32,403
				392,055
Auto Manufacturers — 1.2%
Ford Motor Co.
3.250% 2/12/32		1,660,000		1,305,896
6.100% 8/19/32 ^(b)		90,000		87,224
General Motors Co.
5.600% 10/15/32 ^(b)		165,000		159,633
General Motors Financial Co., Inc.
2.400% 10/15/28		275,000		232,841
Hyundai Capital America
1.800% 10/15/25 ^(a)		55,000		50,170

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Nissan Motor Co. Ltd.
3.043% 9/15/23 ^(a)	$	200,000	$	198,585
3.522% 9/17/25 ^(a)		410,000		381,429
4.345% 9/17/27 ^(a)		300,000		272,852
				2,688,630
Banks — 11.0%
ABN AMRO Bank NV
4.750% 7/28/25 ^(a)		260,000		250,757
Banco Santander SA
3.496% 3/24/25		600,000		574,434
Bank of America Corp.
5 yr. CMT + 1.200% 2.482% VRN 9/21/36		520,000		397,817
SOFR + 1.210% 2.572% VRN 10/20/32		190,000		154,755
SOFR + 1.330% 2.972% VRN 2/04/33		670,000		558,530
3 mo. USD Term SOFR + 1.632% 3.593% VRN 7/21/28		1,540,000		1,431,529
4.000% 1/22/25		700,000		680,746
3 mo. USD Term SOFR + 3.412% 4.083% VRN 3/20/51		300,000		248,734
4.200% 8/26/24		380,000		372,874
3 mo. USD Term SOFR + 3.967% 6.250% VRN ^(c)		170,000		167,875
Bank of Montreal 5 yr. USD Swap + 1.432%
3.803% VRN 12/15/32		70,000		61,705
Bank of Nova Scotia 5 yr. CMT + 2.050%
4.588% VRN 5/04/37		180,000		155,107
BNP Paribas SA
SOFR + 2.074% 2.219% VRN 6/09/26 ^(a)		200,000		184,963
SOFR + 1.507% 3.052% VRN 1/13/31 ^(a)		390,000		333,108
4.625% 3/13/27 ^(a)		260,000		248,688
1 yr. CMT + 1.450% 5.125% VRN 1/13/29 ^(a)		350,000		342,478
BPCE SA
1.000% 1/20/26 ^(a)		250,000		222,507
Citigroup, Inc.
SOFR + .694% 2.014% VRN 1/25/26		95,000		89,242
SOFR + 1.280% 3.070% VRN 2/24/28		845,000		777,604
SOFR + 1.939% 3.785% VRN 3/17/33		580,000		512,434
3 mo. USD Term SOFR + 1.600% 3.980% VRN 3/20/30		850,000		785,941
4.650% 7/30/45		380,000		336,985

	Principal Amount		Value
3 mo. USD Term SOFR + 4.167% 5.950% VRN ^(c)	$	160,000	$	153,445
Cooperatieve Rabobank UA
4.375% 8/04/25		470,000		453,615
Credit Agricole SA SOFR + 1.676%
1.907% VRN 6/16/26 ^(a)		270,000		248,540
Credit Suisse AG
7.500% 2/15/28		350,000		371,774
7.950% 1/09/25		290,000		295,870
Danske Bank AS
5.375% 1/12/24 ^(a)		240,000		238,582
Goldman Sachs Group, Inc.
SOFR + 1.472% 2.908% VRN 7/21/42		240,000		169,440
3.000% 3/15/24		550,000		538,346
3.500% 11/16/26		270,000		253,126
3 mo. USD Term SOFR + 1.563% 4.223% VRN 5/01/29		500,000		472,245
4.250% 10/21/25		270,000		260,191
4.750% 10/21/45		70,000		63,627
5.150% 5/22/45		290,000		270,760
SOFR + .820% 5.910% FRN 9/10/27		165,000		162,220
3 mo. USD LIBOR + 1.170% 6.491% FRN 5/15/26		555,000		561,627
HSBC Holdings PLC
SOFR + 1.929% 2.099% VRN 6/04/26		510,000		471,931
SOFR + 2.530% 4.762% VRN 3/29/33		200,000		180,496
3 mo. USD LIBOR + 1.380% 6.920% FRN 9/12/26		310,000		312,115
JP Morgan Chase & Co.
SOFR + 1.015% 2.069% VRN 6/01/29		215,000		184,390
SOFR + 2.040% 2.522% VRN 4/22/31		320,000		270,670
3 mo. USD Term SOFR + 1.250% 2.580% VRN 4/22/32		270,000		224,267
SOFR + .915% 2.595% VRN 2/24/26		160,000		151,719
SOFR + 1.260% 2.963% VRN 1/25/33		25,000		21,060
SOFR + 2.440% 3.109% VRN 4/22/51		110,000		76,855
3.875% 9/10/24		540,000		527,198
3 mo. USD Term SOFR + 1.592% 4.452% VRN 12/05/29		710,000		680,384
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205%
3.574% VRN 11/07/28		200,000		181,135

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Mitsubishi UFJ Financial Group, Inc.
1.412% 7/17/25	$	235,000	$	215,161
Morgan Stanley
SOFR + 1.360% 2.484% VRN 9/16/36		520,000		394,545
SOFR + 1.290% 2.943% VRN 1/21/33		115,000		95,591
SOFR + 1.160% 3.620% VRN 4/17/25		150,000		147,019
SOFR + 1.610% 4.210% VRN 4/20/28		205,000		196,932
National Securities Clearing Corp.
1.500% 4/23/25 ^(a)		250,000		232,458
NatWest Markets PLC
0.800% 8/12/24 ^(a)		200,000		188,328
PNC Financial Services Group, Inc.
5.582% 6/12/29		240,000		238,871
SOFR + 1.322% 5.812% VRN 6/12/26		60,000		59,635
Royal Bank of Canada
1.150% 6/10/25		310,000		286,162
Santander Holdings USA, Inc. SOFR + 1.249%
2.490% VRN 1/06/28		135,000		116,597
Toronto-Dominion Bank
1.150% 6/12/25		300,000		276,470
Truist Financial Corp.
6.047% 6/08/27		120,000		120,050
U.S. Bancorp
1.450% 5/12/25		280,000		261,107
SOFR + .730% 2.215% VRN 1/27/28		20,000		17,730
SOFR + 2.020% 5.775% VRN 6/12/29		140,000		139,958
SOFR + 2.260% 5.836% VRN 6/12/34		40,000		40,289
UBS Group AG
SOFR + 2.044% 2.193% VRN 6/05/26 ^(a)		480,000		440,145
SOFR + 1.730% 3.091% VRN 5/14/32 ^(a)		640,000		517,713
4.253% 3/23/28 ^(a)		340,000		315,508
SOFR + 3.920% 6.537% VRN 8/12/33 ^(a)		300,000		307,324
5 yr. USD Swap + 4.344% 7.000% VRN ^(a) ^(c)		500,000		482,824
Wells Fargo & Co.
SOFR + 2.000% 2.188% VRN 4/30/26		200,000		187,387
3 mo. USD Term SOFR + 1.432% 2.879% VRN 10/30/30		235,000		202,966

	Principal Amount		Value
3.000% 10/23/26	$	430,000	$	399,153
3 mo. USD Term SOFR + 1.432% 3.196% VRN 6/17/27		245,000		230,092
SOFR + 1.500% 3.350% VRN 3/02/33		360,000		308,107
SOFR + 2.130% 4.611% VRN 4/25/53		2,050,000		1,797,640
				24,900,203
Beverages — 0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
3.650% 2/01/26		680,000		658,625
Anheuser-Busch InBev Worldwide, Inc.
3.500% 6/01/30		130,000		120,885
4.600% 4/15/48		334,000		310,036
Coca-Cola Co.
1.450% 6/01/27		250,000		223,418
2.600% 6/01/50		80,000		55,871
Molson Coors Beverage Co.
3.000% 7/15/26		50,000		46,705
4.200% 7/15/46		50,000		41,402
PepsiCo, Inc.
1.625% 5/01/30		170,000		141,268
				1,598,210
Biotechnology — 0.1%
Gilead Sciences, Inc.
3.700% 4/01/24		130,000		128,124
Chemicals — 0.4%
MEGlobal BV
4.250% 11/03/26 ^(a)		240,000		230,034
OCP SA
3.750% 6/23/31 ^(a)		260,000		214,531
5.125% 6/23/51 ^(a)		220,000		159,614
Orbia Advance Corp. SAB de CV
2.875% 5/11/31 ^(a)		490,000		388,992
				993,171
Commercial Services — 0.4%
Cintas Corp. No. 2
3.700% 4/01/27		160,000		154,182
DP World Ltd.
5.625% 9/25/48 ^(a)		330,000		307,761
PayPal Holdings, Inc.
1.650% 6/01/25		270,000		252,667
Triton Container International Ltd.
1.150% 6/07/24 ^(a)		90,000		85,348

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Triton Container International Ltd./TAL International Container Corp.
3.250% 3/15/32	$	160,000	$	125,235
				925,193
Computers — 0.3%
Apple, Inc.
2.450% 8/04/26		480,000		449,329
International Business Machines Corp.
3.000% 5/15/24		320,000		312,746
				762,075
Cosmetics & Personal Care — 0.2%
Haleon U.S. Capital LLC
3.375% 3/24/29		260,000		236,241
Kenvue, Inc.
4.900% 3/22/33 ^(a)		180,000		182,127
Procter & Gamble Co.
3.000% 3/25/30		100,000		92,527
				510,895
Distribution & Wholesale — 0.0%
H&E Equipment Services, Inc.
3.875% 12/15/28 ^(a)		30,000		25,973
Diversified Financial Services — 1.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.450% 10/29/26		170,000		151,836
3.000% 10/29/28		160,000		138,344
3.150% 2/15/24		190,000		186,386
3.400% 10/29/33		420,000		337,345
Air Lease Corp.
1.875% 8/15/26		170,000		150,972
5.300% 2/01/28		120,000		117,752
American Express Co.
3.375% 5/03/24		130,000		127,463
4.050% 5/03/29		210,000		199,924
Aviation Capital Group LLC
1.950% 9/20/26 ^(a)		395,000		342,267
Avolon Holdings Funding Ltd.
3.250% 2/15/27 ^(a)		370,000		329,634
CI Financial Corp.
4.100% 6/15/51		115,000		69,865
Mastercard, Inc.
3.850% 3/26/50		50,000		43,039
Nasdaq, Inc.
3.950% 3/07/52		45,000		34,570
Visa, Inc.
3.150% 12/14/25		200,000		191,706
4.300% 12/14/45		160,000		148,444
				2,569,547

	Principal Amount		Value
Electric — 0.6%
Consolidated Edison Co. of New York, Inc.
3.350% 4/01/30	$	70,000	$	63,592
3.950% 4/01/50		50,000		40,858
Duke Energy Carolinas LLC
2.850% 3/15/32		35,000		29,748
Duke Energy Corp.
3.950% 8/15/47		65,000		50,486
Duke Energy Ohio, Inc.
3.650% 2/01/29		140,000		130,032
Exelon Corp.
4.100% 3/15/52		65,000		52,398
Monongahela Power Co.
5.400% 12/15/43 ^(a)		145,000		140,610
Pacific Gas & Electric Co.
2.500% 2/01/31		185,000		144,834
Sierra Pacific Power Co.
2.600% 5/01/26		760,000		708,109
				1,360,667
Entertainment — 0.4%
Warnermedia Holdings, Inc.
3.755% 3/15/27		250,000		233,192
4.279% 3/15/32		360,000		319,275
5.050% 3/15/42		20,000		16,857
5.141% 3/15/52		300,000		244,274
6.412% 3/15/26		100,000		100,083
				913,681
Environmental Controls — 0.1%
Republic Services, Inc.
2.500% 8/15/24		230,000		221,873
Food — 0.4%
Danone SA
2.589% 11/02/23 ^(a)		320,000		316,657
Mars, Inc.
2.700% 4/01/25 ^(a)		140,000		133,735
3.200% 4/01/30 ^(a)		80,000		72,568
Mondelez International, Inc.
1.500% 5/04/25		390,000		363,481
				886,441
Forest Products & Paper — 0.2%
Suzano Austria GmbH
3.125% 1/15/32		80,000		64,031
3.750% 1/15/31		430,000		366,972
				431,003
Gas — 0.2%
Brooklyn Union Gas Co.
4.487% 3/04/49 ^(a) ^(b)		435,000		334,405

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
East Ohio Gas Co.
3.000% 6/15/50 ^(a)	$	45,000	$	28,853
				363,258
Health Care – Products — 0.1%
Abbott Laboratories
3.750% 11/30/26		140,000		136,493
4.750% 11/30/36		80,000		80,315
4.900% 11/30/46		100,000		100,963
				317,771
Health Care – Services — 0.8%
Centene Corp.
2.500% 3/01/31		285,000		227,279
Elevance Health, Inc.
2.375% 1/15/25		210,000		199,620
3.650% 12/01/27		140,000		132,176
HCA, Inc.
4.125% 6/15/29		220,000		203,586
Health Care Service Corp. A Mutual Legal Reserve Co.
3.200% 6/01/50 ^(a)		145,000		102,729
Humana, Inc.
4.625% 12/01/42		140,000		123,403
UnitedHealth Group, Inc.
1.250% 1/15/26		110,000		100,493
2.300% 5/15/31		220,000		186,021
3.875% 8/15/59		300,000		243,852
4.000% 5/15/29		100,000		95,566
4.200% 5/15/32		80,000		76,373
				1,691,098
Home Builders — 0.1%
Lennar Corp.
4.500% 4/30/24		100,000		99,144
4.750% 11/29/27		40,000		38,810
				137,954
Insurance — 0.4%
Athene Global Funding SOFR Index + .560%
5.650% FRN 8/19/24 ^(a)		465,000		457,864
Berkshire Hathaway Finance Corp.
2.850% 10/15/50		150,000		104,381
3.850% 3/15/52		90,000		74,400
New York Life Global Funding
0.950% 6/24/25 ^(a)		100,000		91,327
Principal Life Global Funding II
1.250% 6/23/25 ^(a)		110,000		100,351

	Principal Amount		Value
Teachers Insurance & Annuity Association of America
4.900% 9/15/44 ^(a)	$	80,000	$	72,436
				900,759
Internet — 1.0%
Alphabet, Inc.
1.900% 8/15/40		100,000		68,871
2.050% 8/15/50		60,000		37,534
Amazon.com, Inc.
3.150% 8/22/27		500,000		470,429
3.600% 4/13/32		470,000		438,210
3.875% 8/22/37		190,000		173,499
3.950% 4/13/52		200,000		174,317
Prosus NV
3.061% 7/13/31 ^(a)		570,000		445,630
3.832% 2/08/51 ^(a)		210,000		129,019
4.027% 8/03/50 ^(a)		310,000		194,778
				2,132,287
Iron & Steel — 0.1%
Vale Overseas Ltd.
6.875% 11/21/36		170,000		177,775
Lodging — 0.5%
Las Vegas Sands Corp.
3.200% 8/08/24		860,000		832,968
Sands China Ltd.
5.625% STEP 8/08/25		390,000		380,491
				1,213,459
Machinery – Diversified — 0.2%
Deere & Co.
3.750% 4/15/50 ^(b)		260,000		230,149
Otis Worldwide Corp.
2.056% 4/05/25		140,000		131,934
				362,083
Media — 2.0%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250% 1/15/34 ^(a)		65,000		49,125
4.500% 6/01/33 ^(a)		810,000		636,081
4.750% 3/01/30 ^(a) ^(b)		105,000		89,784
4.750% 2/01/32 ^(a)		65,000		53,006
Charter Communications Operating LLC/Charter Communications Operating Capital
3.500% 3/01/42		240,000		160,535
4.200% 3/15/28		560,000		524,983
4.400% 4/01/33 ^(b)		290,000		254,549
4.908% 7/23/25		240,000		235,355
5.250% 4/01/53		450,000		363,457

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
5.500% 4/01/63	$	150,000	$	120,770
Comcast Corp.
2.887% 11/01/51		550,000		368,751
3.400% 4/01/30		525,000		482,372
3.750% 4/01/40		120,000		101,105
3.950% 10/15/25		155,000		151,101
4.150% 10/15/28		270,000		261,597
CSC Holdings LLC
6.500% 2/01/29 ^(a)		700,000		565,625
DISH DBS Corp.
5.125% 6/01/29		60,000		27,861
5.750% 12/01/28 ^(a)		70,000		52,065
Fox Corp.
5.476% 1/25/39		90,000		84,070
				4,582,192
Mining — 0.9%
Anglo American Capital PLC
4.750% 4/10/27 ^(a)		230,000		222,281
Barrick North America Finance LLC
5.700% 5/30/41		80,000		81,056
5.750% 5/01/43		80,000		82,180
BHP Billiton Finance USA Ltd.
5.000% 9/30/43		100,000		100,033
First Quantum Minerals Ltd.
8.625% 6/01/31 ^(a)		200,000		204,976
Freeport-McMoRan, Inc.
4.625% 8/01/30		120,000		113,070
5.450% 3/15/43		230,000		214,462
Glencore Funding LLC
1.625% 4/27/26 ^(a)		240,000		216,387
3.375% 9/23/51 ^(a)		45,000		30,302
4.000% 3/27/27 ^(a)		140,000		133,433
4.125% 3/12/24 ^(a)		270,000		266,741
Southern Copper Corp.
5.250% 11/08/42		450,000		430,450
				2,095,371
Miscellaneous - Manufacturing — 0.2%
3M Co.
3.050% 4/15/30 ^(b)		290,000		261,293
3.700% 4/15/50 ^(b)		180,000		142,442
				403,735
Oil & Gas — 3.3%
BP Capital Markets America, Inc.
2.939% 6/04/51		175,000		119,422
3.001% 3/17/52		230,000		158,612
3.119% 5/04/26		410,000		390,261
3.633% 4/06/30		120,000		111,520

	Principal Amount		Value
Chesapeake Energy Corp.
5.875% 2/01/29 ^(a) ^(b)	$	100,000	$	94,987
Chevron Corp.
1.995% 5/11/27		440,000		399,538
Continental Resources, Inc.
2.268% 11/15/26 ^(a)		195,000		173,591
5.750% 1/15/31 ^(a)		250,000		237,664
Coterra Energy, Inc.
3.900% 5/15/27		230,000		216,790
4.375% 3/15/29		220,000		205,269
Devon Energy Corp.
5.000% 6/15/45		440,000		381,491
5.600% 7/15/41		140,000		131,764
5.850% 12/15/25		120,000		120,910
Diamondback Energy, Inc.
3.250% 12/01/26		140,000		131,537
3.500% 12/01/29		160,000		144,019
Ecopetrol SA
5.875% 5/28/45		770,000		527,554
EOG Resources, Inc.
3.900% 4/01/35		200,000		179,372
4.150% 1/15/26		70,000		68,513
4.375% 4/15/30		60,000		58,670
4.950% 4/15/50		40,000		39,475
Exxon Mobil Corp.
2.992% 3/19/25		340,000		327,553
3.043% 3/01/26		130,000		124,257
3.482% 3/19/30		190,000		178,205
4.227% 3/19/40		205,000		188,960
4.327% 3/19/50		20,000		18,120
KazMunayGas National Co. JSC
5.375% 4/24/30 ^(a)		200,000		185,502
Marathon Petroleum Corp.
5.125% 12/15/26		185,000		183,176
Occidental Petroleum Corp.
6.125% 1/01/31		85,000		86,309
6.450% 9/15/36		50,000		51,315
6.625% 9/01/30 ^(b)		60,000		62,346
Petrobras Global Finance BV
5.999% 1/27/28 ^(b)		760,000		758,742
Pioneer Natural Resources Co.
1.900% 8/15/30		170,000		137,764
Reliance Industries Ltd.
3.625% 1/12/52 ^(a)		330,000		235,118
Shell International Finance BV
2.750% 4/06/30		240,000		214,298
2.875% 5/10/26		130,000		123,811
3.250% 4/06/50		330,000		245,482

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Sinopec Group Overseas Development Ltd.
4.375% 4/10/24 ^(a)	$	330,000	$	326,413
Southwestern Energy Co.
4.750% 2/01/32		70,000		61,694
5.375% 2/01/29		75,000		70,625
				7,470,649
Oil & Gas Services — 0.1%
Halliburton Co.
2.920% 3/01/30		105,000		92,260
5.000% 11/15/45		100,000		90,481
				182,741
Pharmaceuticals — 3.1%
AbbVie, Inc.
2.600% 11/21/24		880,000		844,336
2.950% 11/21/26		260,000		242,904
3.200% 11/21/29		600,000		542,566
4.700% 5/14/45		25,000		22,841
Bausch Health Cos., Inc.
6.125% 2/01/27 ^(a)		50,000		32,010
Becton Dickinson & Co.
3.363% 6/06/24		80,000		78,258
Bristol-Myers Squibb Co.
4.350% 11/15/47		220,000		198,920
Cigna Group
3.750% 7/15/23		160,000		159,856
4.125% 11/15/25		100,000		97,350
4.375% 10/15/28		760,000		734,883
4.900% 12/15/48		230,000		214,054
CVS Health Corp.
2.125% 9/15/31		330,000		264,997
4.250% 4/01/50		70,000		57,983
4.300% 3/25/28		580,000		559,363
5.050% 3/25/48		220,000		202,783
Johnson & Johnson
0.550% 9/01/25		120,000		109,676
0.950% 9/01/27		40,000		34,968
3.625% 3/03/37		320,000		287,957
Merck & Co., Inc.
0.750% 2/24/26		200,000		180,723
1.450% 6/24/30		120,000		97,848
Pfizer, Inc.
0.800% 5/28/25		270,000		249,278
1.700% 5/28/30		280,000		232,310
Teva Pharmaceutical Finance Netherlands III BV
3.150% 10/01/26		1,700,000		1,523,278
				6,969,142

	Principal Amount		Value
Pipelines — 2.9%
Cameron LNG LLC
3.302% 1/15/35 ^(a)	$	150,000	$	125,041
Energy Transfer LP
3.900% 7/15/26		750,000		712,755
4.750% 1/15/26		240,000		234,613
6.250% 4/15/49		320,000		312,537
Enterprise Products Operating LLC
4.150% 10/16/28		1,030,000		984,707
EQM Midstream Partners LP
4.750% 1/15/31 ^(a) ^(b)		140,000		122,638
Kinder Morgan Energy Partners LP
6.950% 1/15/38		355,000		381,233
Kinder Morgan, Inc.
4.300% 3/01/28		110,000		105,132
MPLX LP
4.700% 4/15/48		400,000		328,308
Targa Resources Corp.
4.950% 4/15/52		40,000		33,049
5.200% 7/01/27		170,000		166,903
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.875% 2/01/31		140,000		129,380
Tennessee Gas Pipeline Co. LLC
2.900% 3/01/30 ^(a)		30,000		25,619
Western Midstream Operating LP
3.350% STEP 2/01/25		240,000		229,411
4.300% STEP 2/01/30		900,000		808,063
5.500% STEP 2/01/50		1,740,000		1,425,182
Williams Cos., Inc.
3.500% 10/15/51		125,000		86,209
3.750% 6/15/27		250,000		235,925
				6,446,705
Real Estate Investment Trusts (REITS) — 0.1%
Crown Castle, Inc.
3.300% 7/01/30		35,000		30,914
WEA Finance LLC/Westfield U.K. & Europe Finance PLC
3.750% 9/17/24 ^(a)		220,000		207,749
				238,663
Retail — 0.6%
Costco Wholesale Corp.
1.375% 6/20/27		190,000		167,749
1.600% 4/20/30		110,000		91,577
Home Depot, Inc.
2.700% 4/15/30		70,000		62,191
3.300% 4/15/40		120,000		97,443
3.350% 4/15/50		260,000		198,415

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Lowe’s Cos., Inc.
4.500% 4/15/30	$	50,000	$	48,607
McDonald’s Corp.
3.500% 7/01/27		300,000		285,595
3.600% 7/01/30		190,000		176,765
4.450% 3/01/47		150,000		134,883
Walmart, Inc.
1.500% 9/22/28		80,000		69,467
1.800% 9/22/31		40,000		33,211
				1,365,903
Semiconductors — 0.7%
Broadcom, Inc.
3.419% 4/15/33 ^(a)		396,000		331,158
Intel Corp.
1.600% 8/12/28		190,000		163,546
3.050% 8/12/51		100,000		67,016
5.125% 2/10/30		90,000		90,552
Micron Technology, Inc.
5.875% 2/09/33		120,000		119,401
5.875% 9/15/33		30,000		29,728
NVIDIA Corp.
2.850% 4/01/30		90,000		81,614
3.500% 4/01/40		240,000		205,462
3.500% 4/01/50		40,000		32,505
3.700% 4/01/60		170,000		140,155
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.875% 6/18/26		245,000		235,335
Texas Instruments, Inc.
1.750% 5/04/30		110,000		92,375
				1,588,847
Software — 0.5%
Microsoft Corp.
2.400% 8/08/26		770,000		722,640
2.921% 3/17/52		260,000		193,431
3.041% 3/17/62		70,000		51,044
Oracle Corp.
3.850% 4/01/60		340,000		239,630
4.650% 5/06/30		20,000		19,324
				1,226,069
Telecommunications — 2.4%
AT&T, Inc.
1.650% 2/01/28		460,000		395,334
2.750% 6/01/31		160,000		135,001
3.500% 9/15/53		489,000		346,171
3.550% 9/15/55		225,000		157,515
T-Mobile USA, Inc.
2.250% 2/15/26		205,000		188,365

	Principal Amount		Value
2.550% 2/15/31	$	60,000	$	49,873
3.375% 4/15/29		50,000		45,152
3.400% 10/15/52		230,000		164,141
3.500% 4/15/25		350,000		336,503
3.500% 4/15/31		770,000		679,447
3.875% 4/15/30		430,000		396,145
Telefonica Emisiones SA
5.213% 3/08/47		150,000		130,461
Verizon Communications, Inc.
2.355% 3/15/32		1,290,000		1,037,527
2.650% 11/20/40		25,000		17,390
3.850% 11/01/42		610,000		493,426
3.875% 2/08/29		550,000		515,837
3.875% 3/01/52		525,000		413,840
				5,502,128
Transportation — 0.2%
Union Pacific Corp.
2.150% 2/05/27		50,000		45,662
2.891% 4/06/36		270,000		215,267
3.750% 7/15/25		70,000		67,944
3.750% 2/05/70		150,000		113,453
3.839% 3/20/60		120,000		95,455
				537,781

TOTAL CORPORATE DEBT (Cost $98,240,651)				91,554,993

NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.0%
Commercial Mortgage-Backed Securities — 5.1%
Bank
Series 2020-BN28, Class AS, 2.140% 3/15/63		380,000		271,991
Series 2022-BNK39, Class AS, 3.181% 2/15/55		302,000		236,235
Series 2017-BNK8, Class A3, 3.229% 11/15/50		266,500		243,084
Benchmark Mortgage Trust
Series 2020-B19, Class AS, 2.148% 9/15/53		380,000		282,230
Series 2020-B18, Class AGNF, 4.139% 7/15/53 ^(a)		378,000		324,185
BPR Trust
Series 2021-TY, Class A, 1 mo. USD LIBOR + 1.050% 6.243% FRN 9/15/38 ^(a)		550,000		522,106
Series 2022-OANA, Class A, 1 mo. USD Term SOFR + 1.898% 7.045% FRN 4/15/37 ^(a)		460,000		446,258

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
BX Commercial Mortgage Trust
Series 2021-ACNT, Class A, 1 mo. USD LIBOR + .850% 6.044% FRN 11/15/38 ^(a)	$	120,000	$	117,002
Series 2021-VOLT, Class F, 1 mo. USD LIBOR + 2.400% 7.593% FRN 9/15/36 ^(a)		405,000		377,681
Series 2021-21M, Class H, 1 mo. USD LIBOR + 4.010% 9.203% FRN 10/15/36 ^(a)		295,025		275,483
BX Trust
Series 2019-OC11, Class E, 4.076% VRN 12/09/41 ^(a) ^(d)		374,000		298,751
Series 2023-DELC, Class A, 1 mo. USD Term SOFR + 2.690 7.690% FRN 5/15/38 ^(a)		440,000		438,900
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA,
1.140% VRN 1/10/48 ^(d)		5,207,520		103,516
Citigroup Commercial Mortgage Trust
Series 2019-GC41, Class B, 3.199% 8/10/56		163,000		126,694
Series 2020-420K, Class D, 3.422% VRN 11/10/42 ^(a) ^(d)		200,000		145,046
Series 2020-420K, Class E, 3.422% VRN 11/10/42 ^(a) ^(d)		200,000		139,922
Series 2017-C4, Class B, 4.096% VRN 10/12/50 ^(d)		340,000		291,009
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class XA, 0.949% VRN 4/15/50 ^(d)		7,653,576		63,281
Series 2019-C16, Class B, 3.885% 6/15/52		334,000		266,000
CSMC Trust, Series 2021-B33, Class B,
3.766% VRN 10/10/43 ^(a) ^(d)		300,000		220,974
Extended Stay America Trust, Series 2021-ESH, Class A, 1 mo. USD LIBOR + 1.080%
6.274% FRN 7/15/38 ^(a)		346,946		340,036
GS Mortgage Securities Corp. Trust, Series 2018-RIVR, Class C, 1 mo. USD LIBOR + 1.250%
6.443% FRN 7/15/35 ^(a)		167,000		111,100
GS Mortgage Securities Trust
Series 2015-GS1, Class XA, 0.903% VRN 11/10/48 ^(d)		7,576,206		112,187
Series 2014-GC26, Class D, 4.662% VRN 11/10/47 ^(a) ^(d)		763,000		479,073
HPLY Trust, Series 2019-HIT, Class F, 1 mo. USD LIBOR + 3.150%
8.343% FRN 11/15/36 ^(a)		385,138		363,990

	Principal Amount		Value
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-JP1, Class XA, 1.048% VRN 1/15/49 ^(d)	$	3,436,091	$	60,367
Series 2016-JP2, Class B, 3.460% 8/15/49		174,000		144,185
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class XA, 0.565% VRN 7/15/48 ^(d)		7,834,388		57,806
Series 2015-C29, Class XA, 0.694% VRN 5/15/48 ^(d)		5,449,043		46,097
Series 2014-C25, Class XA, 0.952% VRN 11/15/47 ^(d)		3,599,792		28,327
Series 2015-C28, Class XA, 1.063% VRN 10/15/48 ^(d)		5,866,725		78,128
Series 2015-C27, Class D, 3.940% VRN 2/15/48 ^(a) ^(d)		704,000		405,182
Series 2015-C28, Class B, 3.986% 10/15/48		340,000		303,831
Series 2014-C23, Class D, 4.129% VRN 9/15/47 ^(a) ^(d)		391,000		316,502
Series 2013-C17, Class C, 5.048% VRN 1/15/47 ^(d)		400,000		351,080
Med Trust, Series 2021-MDLN, Class D, 1 mo. USD LIBOR + 2.000%
7.194% FRN 11/15/38 ^(a)		394,109		375,646
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class A4
2.600% 9/15/49		127,680		116,490
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA,
0.999% VRN 12/15/48 ^(d)		5,635,572		88,029
MSWF Commercial Mortgage Trust, Series 2023-1, Class A4
5.472% 5/15/56		250,000		248,321
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. USD Term SOFR + 1.397%
6.544% FRN 3/15/39 ^(a)		540,000		529,933
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA,
2.023% VRN 10/10/48 ^(d)		3,137,729		118,094
SLG Office Trust, Series 2021-OVA, Class E
2.851% 7/15/41 ^(a)		260,000		187,123
TTAN, Series 2021-MHC, Class F, 1 mo. USD LIBOR + 2.900%
8.094% FRN 3/15/38 ^(a)		336,747		317,379

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class C,
3.865% VRN 3/10/46 ^(a) ^(d)	$	393,000	$	274,673
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS2, Class XA, 0.743% VRN 7/15/58 ^(d)		9,053,099		87,889
Series 2015-P2, Class XA, 1.079% VRN 12/15/48 ^(d)		3,495,089		61,352
Series 2019-C53, Class XA, 1.127% VRN 10/15/52 ^(d)		4,251,268		187,197
Series 2017-C38, Class A4, 3.190% 7/15/50		300,906		271,115
Series 2016-C35, Class B, 3.438% 7/15/48		328,000		273,570
				11,525,050
Other Asset-Backed Securities — 1.6%
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B,
5.682% STEP 12/16/41 ^(a)		693,830		485,029
CLI Funding VI LLC, Series 2020-3A, Class A
2.070% 10/18/45 ^(a)		172,500		148,817
Dividend Solar Loans LLC, Series 2018-1, Class B
4.290% 7/20/38 ^(a)		516,078		459,442
Hero Funding Trust, Series 2016-4A, Class A2
4.290% 9/20/47 ^(a)		97,608		88,226
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 ^(a)		332,063		279,145
Mosaic Solar Loans LLC
Series 2020-2A, Class B, 2.210% 8/20/46 ^(a)		269,216		220,329
Series 2017-1A, Class A, 4.450% 6/20/42 ^(a)		194,420		183,103
Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A
2.980% 6/20/47 ^(a)		363,734		307,110
Sunnova Helios VII Issuer LLC, Series 2021-C, Class C
2.630% 10/20/48 ^(a)		442,071		304,403
Textainer Marine Containers VII Ltd., Series 2020-2A, Class A
2.100% 9/20/45 ^(a)		367,519		319,523
Upstart Securitization Trust, Series 2021-3, Class C
3.280% 7/20/31 ^(a)		500,000		444,261

	Principal Amount		Value
Vault DI Issuer LLC, Series 2021-1A, Class A2
2.804% 7/15/46 ^(a)	$	500,000	$	422,847
Washington Mutural Asset-Backed Certificates Trust, Series 2006-HE5, Class 2A2, 1 mo. USD LIBOR + .360%
3.911% FRN 10/25/36		54,621		18,956
				3,681,191
Student Loans Asset-Backed Securities — 0.5%
College Ave Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200%
6.350% FRN 12/26/47 ^(a)		201,412		198,214
Navient Private Education Loan Trust, Series 2020-A, Class A2A
2.460% 11/15/68 ^(a)		214,305		196,089
SoFi Professional Loan Program LLC
Series 2017-D, Class BFX, 3.610% 9/25/40 ^(a)		350,000		297,198
Series 2018-B, Class BFX, 3.830% 8/25/47 ^(a)		500,000		449,723
				1,141,224
Whole Loan Collateral Collateralized Mortgage Obligations — 3.5%
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A,
4.193% VRN 4/25/37 ^(d)		541,474		476,515
Countrywide Home Loans Mortgage Pass-Through Trust
Series 2007-HYB2, Class 3A1, 3.613% VRN 2/25/47 ^(d)		751,480		653,740
Series 2007-3, Class A21, 6.000% 4/25/37		1,295,237		672,215
Series 2007-14, Class A6, 6.000% 9/25/37		1,153,388		643,590
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .340%
5.497% FRN 12/19/36		386,467		324,388
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1,
2.489% VRN 9/25/56 ^(a) ^(d)		1,028,000		632,024
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1,
3.162% VRN 7/25/35 ^(d)		222,983		190,671
New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A1,
5.000% STEP 6/25/62 ^(a)		462,472		451,868
PRKCM Trust, Series 2023-AFC1, Class A1,
6.598% STEP 2/25/58 ^(a)		437,644		438,975

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3,
6.500% VRN 10/26/37 ^(a) ^(d)	$	642,250	$	283,835
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600%
6.000% FRN 4/25/37		146,494		115,363
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2,
3.995% VRN 10/25/37 ^(d)		512,525		396,393
Verus Securitization Trust
Series 2021-4, Class M1, 2.195% VRN 7/25/66 ^(a) ^(d)		1,000,000		559,581
Series 2021-R1, Class M1, 2.338% 10/25/63 ^(a)		1,500,000		1,209,681
Series 2022 - 6, Class A1, 4.910% STEP 6/25/67 ^(a)		268,573		261,423
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5,
6.850% STEP 5/25/36		645,109		535,048
				7,845,310
Whole Loan Collateral Planned Amortization Classes — 0.3%
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15
6.000% 8/25/36		1,284,756		775,893

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $33,949,883)				24,968,668

SOVEREIGN DEBT OBLIGATIONS — 7.8%
Brazil Notas do Tesouro Nacional Serie F
10.000% 1/01/27 BRL ^(e)		2,920,000		576,647
10.000% 1/01/33 BRL ^(e)		3,249,000		620,700
Brazilian Government International Bonds
3.750% 9/12/31		950,000		819,318
5.625% 2/21/47 ^(b)		300,000		252,013
Colombia Government International Bonds
3.250% 4/22/32		430,000		317,796
4.125% 2/22/42		440,000		279,483
Indonesia Government International Bonds
3.500% 1/11/28		320,000		301,491
Indonesia Treasury Bonds
6.500% 2/15/31 IDR ^(e)		59,120,000,000		3,973,053
Israel Government International Bonds
2.750% 7/03/30		310,000		273,482

	Principal Amount		Value
Kenya Government International Bonds
6.300% 1/23/34 ^(a)	$	370,000	$	278,545
Mexican Bonos
7.750% 11/23/34 MXN ^(e)		8,220,000		448,169
7.750% 11/13/42 MXN ^(e)		144,850,000		7,589,541
Mexico Government International Bonds
2.659% 5/24/31		200,000		166,261
3.750% 1/11/28		205,000		194,928
4.280% 8/14/41		450,000		370,199
Nigeria Government International Bonds
7.143% 2/23/30 ^(a)		210,000		175,683
Pakistan Government International Bonds
2.252% 9/29/32		200,000		152,633
4.300% 4/29/53		200,000		148,473
Peruvian Government International Bonds
6.550% 3/14/37		460,000		515,200
Provincia de Buenos Aires/Government Bonds,
5.250% STEP 9/01/37 ^(a)		540,000		205,200
				17,721,192

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $16,547,328)				17,658,815

U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ^(f) — 35.8%
Collateralized Mortgage Obligations — 5.4%
Federal Home Loan Mortgage Corp.
Series 5092, Class AP, 2.000% 4/25/41		80,868		70,245
Series 4991, Class QV, 2.000% 9/25/45		93,821		75,680
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series K109, Class A2, 1.558% 4/25/30		100,000		82,594
Series K143, Class A2, 2.350% 3/25/32		100,000		84,572
Series K149, Class A2, 3.530% 8/25/32		400,000		370,100
Series K157, Class A2, 4.200% 5/25/33		200,000		195,762
Series K751, Class A2, 4.412% 3/25/30		100,000		98,771

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Federal Home Loan Mortgage Corp. REMICS
Series 5085, Class NI, 2.000% 3/25/51	$	1,383,802	$	161,701
Series 5071, Class IH, 2.500% 2/25/51		250,998		32,672
Series 4481, Class B, 3.000% 12/15/42		997,476		944,106
Series 4483, Class CA, 3.000% 6/15/44		1,652,413		1,537,973
Series 4391, Class MZ, 3.000% 9/15/44		129,975		112,339
Federal National Mortgage Association
Series 2021-65, Class JA, 2.000% 1/25/46		76,353		65,023
Series 2020-57, Class 57, 2.000% 4/25/50		261,044		221,766
Series 2012-118, Class VZ, 3.000% 11/25/42		135,914		122,014
Federal National Mortgage Association REMICS
Series 2018-21, Class PO, 0.010% 4/25/48		650,714		476,354
Series 2021-48, Class NS, 30 day USD SOFR Average + 3.650% 0.129% FRN 8/25/51		1,033,719		34,986
Series 2020-56, Class AQ, 2.000% 8/25/50		300,000		229,627
Series 2014-6, Class Z, 2.500% 2/25/44		126,513		106,397
Series 2018-18, Class ZG, 3.000% 6/25/50		2,574,865		1,825,582
Series 2020-96, Class IN, 3.000% 1/25/51		399,360		63,512
Series 2015-65, Class CZ, 3.500% 9/25/45		131,491		109,850
Series 2018-44, Class PZ, 3.500% 6/25/48		3,105,483		2,818,707
Government National Mortgage Association
Series 2021-103, Class SA, 30 day USD SOFR Average + 3.250% 0.330% FRN 4/20/51		1,229,860		28,532
Series 2022-210, Class IO, 0.695% VRN 7/16/64 ^(d)		1,491,675		100,565
Series 2022-216, Class IO, 0.751% VRN 7/16/65 ^(d)		1,494,588		98,206
Series 2020-103, Class AD, 1.450% 1/16/63		293,683		231,048
Series 2022-3, Class B, 1.850% 2/16/61		500,000		284,980
Series 2020-175, Class GI, 2.000% 11/20/50		152,070		16,673

	Principal Amount		Value
Series 2022-113, Class Z, 2.000% 9/16/61	$	1,224,221	$	644,947
Series 2023-92, Class AH, 2.000% 6/16/64		100,000		79,391
Series 2022-115, Class MI, 2.500% 5/20/51		491,303		50,953
Series 2021-96, Class VI, 2.500% 6/20/51		443,119		59,553
Series 2022-189, Class PT, 2.500% 10/20/51		96,679		80,547
Series 2021-176, Class IN, 2.500% 10/20/51		533,941		71,862
Series 2022-99, Class JW, 2.500% 1/20/52		100,000		80,547
Series 2021-58, Class BI, 3.000% 3/20/51		652,057		97,047
Series 2021-98, Class IG, 3.000% 6/20/51		968,231		148,543
Series 2021-137, Class IQ, 3.000% 8/20/51		1,330,886		199,417
Series 2022-220, Class E, 3.000% VRN 10/16/64 ^(d)		100,000		75,061
Series 2021-117, Class ID, 3.500% 6/20/51		728,064		109,978
				12,298,183
Pass-Through Securities — 28.7%
Federal Home Loan Mortgage Corp.
Pool #RB5084 1.500% 11/01/40		454,160		376,487
Pool #RB5110 1.500% 5/01/41		505,021		416,914
Pool #RB5117 1.500% 7/01/41		427,582		351,381
Pool #RA4537 1.500% 2/01/51		85,503		66,337
Pool #RB5131 2.000% 10/01/41		87,004		73,864
Pool #RB5138 2.000% 12/01/41 ^(g)		444,040		376,977
Pool #SC0313 2.000% 1/01/42		475,728		401,798
Pool #QK1354 2.000% 2/01/42		89,738		75,792
Pool #RB5145 2.000% 2/01/42		726,650		613,726
Pool #SC0384 2.000% 4/01/42		298,087		253,439
Pool #SC0319 2.000% 4/01/42 ^(g)		94,977		80,633
Pool #RB5153 2.000% 4/01/42		92,745		78,332
Pool #QB3535 2.000% 9/01/50 ^(g)		521,844		427,864
Pool #QB4985 2.000% 11/01/50		75,410		62,065
Pool #SD8146 2.000% 5/01/51		588,701		480,841
Pool #RA5731 2.000% 8/01/51		174,213		142,893
Pool #SD0715 2.000% 9/01/51		1,827,168		1,510,672
Pool #QD2129 2.000% 11/01/51		917,726		749,297
Pool #QD3960 2.000% 1/01/52		368,822		302,170
Pool #RB5149 2.500% 3/01/42		90,980		79,779
Pool #QK1449 2.500% 4/01/42		182,832		159,808
Pool #G08520 2.500% 1/01/43		494,382		429,870
Pool #SD7521 2.500% 7/01/50		204,289		175,882

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #SD7525 2.500% 10/01/50	$	642,889	$	553,494
Pool #RA3913 2.500% 11/01/50		235,396		202,480
Pool #RA4142 2.500% 12/01/50		296,664		255,088
Pool #SD7534 2.500% 2/01/51		151,800		131,000
Pool #SD8129 2.500% 2/01/51		66,130		56,304
Pool #QC7086 2.500% 9/01/51		608,582		516,635
Pool #QC9443 2.500% 10/01/51		179,711		152,728
Pool #SD0777 2.500% 11/01/51		89,138		75,953
Pool #SD0857 2.500% 1/01/52 ^(g)		462,158		394,355
Pool #SD7554 2.500% 4/01/52		1,105,162		945,442
Pool #SD1749 2.500% 4/01/52		95,170		81,267
Pool #QK1512 3.000% 5/01/42		180,567		162,432
Pool #RA2797 3.000% 6/01/50		55,328		48,890
Pool #QC3242 3.000% 6/01/51		483,510		430,266
Pool #SD8174 3.000% 10/01/51		2,186,594		1,929,234
Pool #SD0781 3.000% 11/01/51		84,405		74,418
Pool #QD7333 3.000% 2/01/52		92,760		82,016
Pool #QD6216 3.000% 2/01/52		93,732		82,876
Pool #G08632 3.500% 3/01/45		631,143		586,405
Pool #SD1549 3.500% 4/01/52		94,458		86,236
Pool #SD8214 3.500% 5/01/52		281,335		256,472
Pool #SD1936 3.500% 6/01/52		291,350		265,966
Pool #SD2866 4.000% 7/01/49		99,019		94,466
Pool #SD1218 4.000% 7/01/49		858,832		817,728
Pool #SD2549 4.000% 7/01/52		96,057		91,339
Pool #SD7560 4.000% 2/01/53		195,928		185,724
Pool #SD2792 4.500% 3/01/47		97,397		95,709
Pool #SD1143 4.500% 9/01/50		1,220,521		1,189,785
Pool #SD0615 4.500% 1/01/51		89,109		86,838
Pool #SD1807 4.500% 7/01/52		96,940		93,613
Pool #SD2443 4.500% 10/01/52		98,788		94,996
Pool #SD1775 4.500% 11/01/52		193,259		186,324
Pool #SD2394 4.500% 11/01/52		98,834		95,009
Pool #QF3213 4.500% 11/01/52		95,716		92,213
Pool #SD2355 4.500% 12/01/52		96,939		93,188
Pool #SD1305 5.000% 7/01/52		647,357		637,336
Pool #QF5465 5.000% 12/01/52		98,167		96,463
Pool #SD2374 5.000% 1/01/53		98,597		96,886
Pool #SD2395 5.000% 1/01/53		95,567		93,789
Pool #SD2591 5.000% 3/01/53		98,232		96,650
Pool #RA8790 5.000% 4/01/53		199,536		195,636
Pool #SD2138 5.500% 1/01/53		98,021		97,895
Pool #SD2723 5.500% 3/01/53		99,573		99,638
Pool #SD2688 5.500% 4/01/53		98,883		98,731
Pool #SD2511 5.500% 4/01/53		99,498		99,273
Pool #QF9985 5.500% 4/01/53		98,532		98,160
Pool #QG1295 5.500% 4/01/53		99,803		99,513
Pool #SD2762 5.500% 5/01/53		99,018		98,866
Pool #SD2756 5.500% 5/01/53		98,098		97,889

	Principal Amount		Value
Pool #SD2892 5.500% 5/01/53	$	99,009	$	98,857
Pool #SD2284 6.000% 12/01/52		95,460		96,842
Pool #SD2578 6.000% 3/01/53		194,781		196,851
Pool #SD2452 6.500% 2/01/53		97,290		99,830
Pool #RA8904 6.500% 4/01/53		197,320		202,410
Pool #RA9081 6.500% 5/01/53		99,881		102,926
Federal National Mortgage Association
Pool #MA4519 1.500% 1/01/42		90,938		74,305
Pool #MA4236 1.500% 1/01/51		84,111		65,258
Pool #MA4280 1.500% 3/01/51		307,756		238,772
Pool #FP0028 2.000% 8/01/40		99,224		84,797
Pool #MA4474 2.000% 11/01/41		87,670		74,429
Pool #MA4501 2.000% 12/01/41		88,926		75,495
Pool #MA4540 2.000% 2/01/42		90,297		76,265
Pool #MA4606 2.000% 5/01/42		278,658		235,353
Pool #BQ3331 2.000% 8/01/50		77,745		63,744
Pool #CA7023 2.000% 9/01/50		75,075		61,719
Pool #BQ4926 2.000% 10/01/50		75,391		61,814
Pool #CA7224 2.000% 10/01/50		149,279		122,722
Pool #CA8779 2.000% 2/01/51		164,391		134,529
Pool #BR4052 2.000% 2/01/51		79,626		65,436
Pool #CA9220 2.000% 2/01/51		336,107		275,052
Pool #FM9441 2.000% 4/01/51		86,606		70,900
Pool #MA4305 2.000% 4/01/51		499,936		409,276
Pool #MA4325 2.000% 5/01/51		254,948		208,237
Pool #FM9489 2.000% 11/01/51		90,603		74,172
Pool #BU2591 2.000% 12/01/51		93,086		75,973
Pool #FS2040 2.000% 2/01/52		94,033		76,775
Pool #FS4270 2.000% 3/01/52		98,248		80,770
Pool #BS4941 2.460% 4/01/32		978,200		834,825
Pool #MA4571 2.500% 3/01/42		90,325		79,204
Pool #BV7697 2.500% 4/01/42		375,175		327,930
Pool #MA4587 2.500% 4/01/42		183,849		160,697
Pool #MA4607 2.500% 5/01/42		91,939		80,361
Pool #FM4052 2.500% 9/01/50		2,457,555		2,115,825
Pool #MA4256 2.500% 2/01/51		1,638,295		1,392,310
Pool #FS1924 2.500% 3/01/51		89,160		75,884
Pool #MA4306 2.500% 4/01/51		154,325		131,105
Pool #FS1111 2.500% 5/01/51		89,199		75,890
Pool #CB0458 2.500% 5/01/51		484,680		411,755
Pool #FM7673 2.500% 6/01/51 ^(g)		328,332		280,779
Pool #BT5574 2.500% 8/01/51		83,751		71,035
Pool #FS0028 2.500% 9/01/51		88,196		75,422
Pool #BU3295 2.500% 10/01/51		171,250		145,376
Pool #FM8786 2.500% 10/01/51		86,874		74,291
Pool #FM9195 2.500% 10/01/51		174,434		148,243
Pool #FS0549 2.500% 2/01/52		275,291		234,903
Pool #BU1322 2.500% 2/01/52		91,904		78,220
Pool #FS2595 2.500% 3/01/52		186,242		159,035

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #FS3368 2.500% 3/01/52	$	96,577	$	82,408
Pool #FS1626 2.500% 4/01/52		187,590		159,952
Pool #BF0546 2.500% 7/01/61		619,833		513,693
Pool #BF0560 2.500% 9/01/61		91,345		75,703
Pool #FS1542 3.000% 4/01/42		178,182		160,286
Pool #CB3542 3.000% 5/01/42		90,187		81,129
Pool #MA4643 3.000% 5/01/42		92,747		83,432
Pool #MA4632 3.000% 6/01/42		374,794		337,152
Pool #MA2248 3.000% 4/01/45		277,283		247,095
Pool #AS7661 3.000% 8/01/46		286,290		253,959
Pool #FM9934 3.000% 12/01/48		879,371		788,030
Pool #FM9564 3.000% 2/01/50		1,021,531		913,509
Pool #CA7531 3.000% 10/01/50		75,403		67,312
Pool #FM8480 3.000% 11/01/50		64,528		57,240
Pool #FM9464 3.000% 11/01/51		167,956		149,513
Pool #BU1421 3.000% 1/01/52		90,162		79,973
Pool #FS1171 3.000% 1/01/52		443,450		391,291
Pool #FS2463 3.000% 2/01/52		562,359		497,224
Pool #FS1289 3.000% 3/01/52		448,135		400,711
Pool #FS1374 3.000% 3/01/52		91,691		80,848
Pool #CB3833 3.000% 6/01/52		93,736		82,806
Pool #CB3386 3.500% 4/01/42		91,454		85,158
Pool #MA3210 3.500% 12/01/47		188,313		173,878
Pool #FM7100 3.500% 6/01/50		119,354		110,438
Pool #FS1240 3.500% 12/01/51		87,386		80,095
Pool #FS1237 3.500% 12/01/51		259,738		239,989
Pool #FS1241 3.500% 1/01/52		93,655		85,941
Pool #FS1462 3.500% 1/01/52		178,142		164,598
Pool #FS1118 3.500% 3/01/52		88,070		80,403
Pool #FS1092 3.500% 4/01/52		546,950		500,599
Pool #FS1454 3.500% 4/01/52		186,017		170,211
Pool #FS1555 3.500% 4/01/52		186,707		171,024
Pool #CB3282 3.500% 4/01/52		183,121		167,166
Pool #BV8546 3.500% 5/01/52		181,733		167,490
Pool #FS1556 3.500% 5/01/52		738,213		681,104
Pool #FS1866 3.500% 5/01/52		95,460		87,322
Pool #FS3339 3.500% 6/01/52		288,547		263,407
Pool #CB3899 3.500% 6/01/52		470,232		428,674
Pool #BS6565 3.740% 9/01/32		100,000		94,690
Pool #BS6215 3.840% 7/01/32		100,000		95,578
Pool #BS6949 3.980% 10/01/32		100,000		94,843
Pool #FM3049 4.000% 4/01/44		210,758		202,120
Pool #AX2501 4.000% 10/01/44		595,351		568,532
Pool #CA2472 4.000% 10/01/48		58,843		55,788
Pool #CA5371 4.000% 3/01/50		56,557		53,395
Pool #FS4645 4.000% 11/01/51		98,157		92,348
Pool #FM9413 4.000% 11/01/51		70,632		66,452
Pool #FS4108 4.000% 12/01/51		98,942		93,147
Pool #CB3272 4.000% 4/01/52		184,912		174,819

	Principal Amount		Value
Pool #CB3320 4.000% 4/01/52	$	373,875	$	352,768
Pool #CB3384 4.000% 4/01/52		86,099		80,889
Pool #CB3614 4.000% 5/01/52		91,993		86,972
Pool #FS2023 4.000% 5/01/52		193,169		182,506
Pool #FS2442 4.000% 7/01/52		191,099		180,191
Pool #FM1263 4.500% 7/01/49		41,401		40,335
Pool #FS4480 4.500% 3/01/50		97,343		95,865
Pool #MA4031 4.500% 5/01/50		23,349		22,756
Pool #FS0067 4.500% 9/01/51		71,786		69,732
Pool #FS2914 4.500% 9/01/52		95,612		92,420
Pool #BX2186 4.500% 11/01/52		97,896		94,106
Pool #FS3977 4.500% 11/01/52		97,593		93,816
Pool #FS3836 4.500% 1/01/53		96,121		92,401
Pool #CB5892 4.500% 3/01/53		97,434		93,663
Pool #CB3880 5.000% 6/01/52		92,647		91,444
Pool #BW0048 5.000% 7/01/52		91,288		89,660
Pool #FS3978 5.000% 1/01/53		97,527		95,712
Pool #FS3941 5.000% 2/01/53		99,529		97,801
Pool #FS4308 5.000% 4/01/53		95,958		94,083
Pool #FS3672 5.500% 2/01/53		98,323		98,197
Pool #FS4166 5.500% 4/01/53		99,440		99,063
Pool #CB6322 5.500% 5/01/53		99,218		99,283
Pool #FS4805 5.500% 5/01/53		99,863		99,931
Pool #FS4454 6.000% 4/01/53		98,630		99,633
Pool #FS4573 6.000% 5/01/53		197,334		200,191
Pool #CB5497 6.500% 1/01/53		284,894		293,578
Pool #BX7702 6.500% 2/01/53		95,231		97,420
Government National Mortgage Association
Pool #MA7704 2.000% 11/20/51		88,798		74,635
Pool #MA7193 2.500% 2/20/51		390,708		339,538
Pool #785565 2.500% 6/20/51		85,420		73,131
Pool #785568 2.500% 8/20/51		84,622		72,449
Pool #785657 2.500% 10/20/51		175,490		150,244
Pool #785663 2.500% 10/20/51		85,089		72,848
Pool #785667 2.500% 10/20/51		87,847		75,209
Pool #785762 2.500% 11/20/51		89,640		76,744
Pool #785789 2.500% 12/20/51		89,087		76,271
Pool #785821 2.500% 12/20/51		90,891		77,816
Pool #MA5763 4.000% 2/20/49		159,443		152,646
Pool #MA5817 4.000% 3/20/49		66,277		63,451
Pool #MA5876 4.000% 4/20/49		52,664		50,402
Pool #MA8045 4.000% 5/20/52		190,220		179,882
Pool #CK9592 4.000% 6/20/52		95,534		90,686
Pool #786429 4.000% 6/20/52		96,483		92,461
Pool #MA5652 4.500% 12/20/48		35,434		34,676
Pool #MA5764 4.500% 2/20/49		95,774		93,665
Pool #MA8046 4.500% 5/20/52		189,688		183,066
Pool #786366 4.500% 8/20/52		193,537		187,280

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #MA8268 4.500% 9/20/52	$	194,285	$	187,563
Pool #786335 4.500% 9/20/52		193,759		188,040
Pool #786340 5.000% 9/20/52		96,969		96,345
Pool #786526 5.000% 10/20/52		97,960		96,718
Pool #MA8428 5.000% 11/20/52		196,004		192,784
Pool #786535 5.500% 2/20/53		198,904		199,569
Pool #MA8727 6.000% 3/20/53		99,077		99,820
Government National Mortgage Association II
Pool #MA7135 2.000% 1/20/51		73,212		61,661
Pool #MA7192 2.000% 2/20/51		1,116,072		939,978
Pool #MA7471 2.000% 7/20/51		165,967		139,599
Pool #MA7648 2.000% 10/20/51		87,790		73,842
Pool #MA7826 2.000% 1/20/52		90,950		76,330
Pool #BS8546 2.500% 12/20/50		72,717		62,256
Pool #MA7136 2.500% 1/20/51		63,324		55,031
Pool #785662 2.500% 10/20/51		2,303,486		1,971,388
Pool #785764 2.500% 11/20/51		659,350		565,115
Pool #MA7368 3.000% 5/20/51		203,885		182,979
Pool #MA7590 3.000% 9/20/51		1,444,140		1,295,501
Pool #MA7650 3.000% 10/20/51		416,019		373,200
Pool #MA7706 3.000% 11/20/51		172,235		154,508
Pool #MA7828 3.000% 1/20/52		88,873		79,656
Pool #MA8486 3.000% 12/20/52		481,066		430,162
Pool #MA6711 3.500% 6/20/50		292,822		273,291
Pool #MA6997 3.500% 11/20/50		352,315		328,705
Pool #MA7883 3.500% 2/20/52		640,195		591,992
Pool #MA7989 3.500% 4/20/52		470,798		434,909
Pool #786216 3.500% 6/20/52		188,270		172,609
Pool #MA8487 3.500% 12/20/52		196,327		181,085
Pool #MA5078 4.000% 3/20/48		181,235		173,679
Pool #MA5193 4.500% 5/20/48		29,275		28,667
Pool #MA5265 4.500% 6/20/48		84,761		83,001
Pool #MA5399 4.500% 8/20/48		73,481		71,932
Pool #MA5711 4.500% 1/20/49		75,700		74,056
Pool #MA5818 4.500% 3/20/49		158,610		155,167
Pool #MA5194 5.000% 5/20/48		19,604		19,601
Pool #MA5597 5.000% 11/20/48		40,169		40,125
Pool #MA5653 5.000% 12/20/48		48,833		48,702
Pool #MA5712 5.000% 1/20/49		38,283		38,180
Pool #MA5878 5.000% 4/20/49		19,762		19,709
Pool #MA8348 5.000% 10/20/52		97,450		95,909
Pool #786474 5.000% 1/20/53		98,020		97,389
Pool #786544 5.000% 2/20/53		99,219		98,085
Pool #MA8429 5.500% 11/20/52		294,491		293,542

	Principal Amount		Value
Government National Mortgage Association II TBA
2.000% 7/20/53 ^(g)	$	200,000	$	167,928
3.000% 7/20/53 ^(g)		300,000		268,006
3.500% 7/20/53 ^(g)		200,000		184,546
4.000% 7/20/53 ^(g)		600,000		567,317
4.500% 7/20/53 ^(g)		1,100,000		1,061,351
5.000% 7/20/53 ^(g)		1,200,000		1,179,053
Uniform Mortgage-Backed Security TBA
2.000% 7/13/53 ^(g)		2,500,000		2,037,216
2.500% 7/13/53 ^(g)		800,000		677,969
4.000% 7/13/53 ^(g)		600,000		562,922
4.510% 8/01/33 ^(g) ^(j) ^(k)		100,000		100,758
5.000% 7/13/53 ^(g)		100,000		97,973
6.000% 7/13/53 ^(g)		200,000		201,742
				64,790,186
Whole Loans — 1.7%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1B, 30 day USD SOFR Average + 2.400%
7.467% FRN 2/25/42 ^(a)		1,864,000		1,841,507
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, 30 day USD SOFR Average + 3.100%
8.167% FRN 3/25/42 ^(a)		2,000,000		2,030,814
				3,872,321

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $86,610,588)				80,960,690

U.S. TREASURY OBLIGATIONS — 1.7%
U.S. Treasury Bonds & Notes — 1.7%
U.S. Treasury Bonds
2.000% 8/15/51		410,000		278,978
3.625% 2/15/53		640,000		613,354
3.875% 5/15/43		110,000		107,403
U.S. Treasury Inflation Index
1.125% 1/15/33		2,749,275		2,633,424

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
U.S. Treasury Notes
3.375% 5/15/33	$	55,000	$	53,059
3.625% 3/31/28		60,000		58,588
4.000% 2/29/28		20,000		19,851
				3,764,657

TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,901,014)				3,764,657

TOTAL BONDS & NOTES (Cost $246,364,700)				225,733,916

TOTAL PURCHASED OPTIONS(#) — 0.2% (Cost $316,256)				425,369

TOTAL LONG-TERM INVESTMENTS (Cost $246,680,956)				226,159,285

SHORT-TERM INVESTMENTS — 2.2%
Discount Notes — 0.4%
Federal Home Loan Banks, 5.115%, due 7/28/23 ^(h)		800,000		797,354

	Number of Shares
Investment of Cash Collateral from Securities Loaned — 1.0%
State Street Navigator Securities Lending Government Money Market Portfolio ⁽ⁱ⁾		2,207,783		2,207,783

	Principal Amount		Value
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 ^(l)	$	705,443	$	705,443
U.S. Treasury Bill — 0.5%
U.S. Treasury Bills
4.788% 7/18/23 ^(h)		1,070,000		1,067,761

TOTAL SHORT-TERM INVESTMENTS (Cost $4,777,879)				4,778,341

TOTAL INVESTMENTS — 102.2% (Cost $251,458,835) ^(m)				230,937,626

Other Assets/(Liabilities) — (2.2)%				(4,901,409	)

NET ASSETS — 100.0%			$	226,036,217

Abbreviation Legend

FRN	Floating Rate Note

REMICS

Real Estate Mortgage Investment Conduits

STEP	Step Up Bond

TBA	To Be Announced

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

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, 2023, the aggregate market value of these securities amounted to $36,514,278 or 16.15% of net assets.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $2,861,557 or 1.27% of net assets. The Fund received $731,556 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

(d)

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, 2023.

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

(f)	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.

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

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

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

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

(j)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30,2023, these securities amounted to a value of $100,758 or 0.04% of net assets.

(k)	Investment is valued using significant unobservable inputs.

(l)	Maturity value of $705,533. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $719,627.

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

(#) OTC Options Purchased

Description	Counterparty	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Put
USD Put AUD Call	Bank of America N.A.*		8/25/23		0.68		2,260,000		USD	2,260,000	$	15,594	$	19,671	$	(4,077	)

(#) Exchange-Traded Options Purchased

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Call
SOFR 1 Year Mid Curve Future		9/15/23		96.75		216		USD	51,640,200	$	32,400	$	50,404	$	(18,004	)
Put
U.S. Treasury Note 5 Year Future		7/07/23		107.20		96		USD	10,281,000	$	38,250	$	41,900	$	(3,650	)
SOFR 1 Year Mid Curve Future		7/14/23		95.25		472		USD	112,843,400		41,300		20,566		20,734
SOFR 1 Year Mid Curve Future		7/14/23		95.38		100		USD	23,907,500		15,000		10,210		4,790
SOFR 1 Year Mid Curve Future		10/13/23		97.00		46		USD	11,037,125		127,075		50,072		77,003
SOFR 1 Year Mid Curve Future		12/15/23		95.88		40		USD	9,597,500		41,750		35,996		5,754
SOFR 1 Year Mid Curve Future		12/15/23		96.00		95		USD	22,794,063		114,000		87,437		26,563
										$	377,375	$	246,181	$	131,194
										$	409,775	$	296,585	$	113,190

OTC Options Written

Description	Counterparty	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Put
USD Put MXN Call	Goldman Sachs & Co.*		8/31/23		16.86		1,140,000		USD	1,140,000	$	(5,700	)	$	(6,361	)	$	661
USD Put MXN Call	JP Morgan Chase Bank N.A.*		8/25/23		16.87		1,140,000		USD	1,140,000		(5,586	)		(6,213	)		627
USD Put MXN Call	Morgan Stanley & Co. LLC*		8/29/23		16.85		1,140,000		USD	1,140,000		(5,472	)		(6,256	)		784
											$	(16,758	)	$	(18,830	)	$	2,072

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

Exchange-Traded Options Written

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Call
U.S. Treasury Note 10 Year Future		7/21/23		114.00		46		USD	5,164,219	$	(7,906	)	$	(35,873	)	$	27,967
U.S. Treasury Note 5 Year Future		7/21/23		109.00		47		USD	5,033,406		(2,938	)		(27,404	)		24,466
3 Month SOFR Future		6/14/24		97.50		92		USD	21,905,200		(30,475	)		(82,782	)		52,307
3 Month SOFR Future		9/13/24		97.00		72		USD	17,213,400		(50,850	)		(56,549	)		5,699
										$	(92,169	)	$	(202,608	)	$	110,439
Put
U.S. Treasury Note 10 Year Future		7/21/23		112.50		46		USD	5,164,219	$	(38,094	)	$	(35,343	)	$	(2,751	)
U.S. Treasury Note 5 Year Future		7/21/23		108.00		47		USD	5,033,406		(52,141	)		(29,013	)		(23,128	)
SOFR 1 Year Mid Curve Future		10/13/23		96.25		46		USD	11,037,125		(62,100	)		(16,616	)		(45,484	)
SOFR 1 Year Mid Curve Future		10/13/23		96.50		46		USD	11,037,125		(81,650	)		(24,678	)		(56,972	)
SOFR 1 Year Mid Curve Future		12/15/23		95.25		80		USD	19,195,000		(36,000	)		(31,832	)		(4,168	)
SOFR 1 Year Mid Curve Future		12/15/23		95.38		190		USD	45,588,125		(103,313	)		(79,301	)		(24,012	)
3 Month SOFR Future		6/14/24		94.50		305		USD	72,620,500		(188,719	)		(106,210	)		(82,509	)
										$	(562,017	)	$	(322,993	)	$	(239,024	)
										$	(654,186	)	$	(525,601	)	$	(128,585	)

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
BNP Paribas SA*		7/18/23		EUR	2,175,728		USD	2,386,650	$	(11,005	)
BNP Paribas SA*		7/18/23		CAD	6,299,469		USD	4,684,305		71,808
Citibank N.A.*		7/18/23		USD	403,642		AUD	595,000		7,138
Goldman Sachs & Co.*		7/18/23		USD	50,218		JPY	7,237,000		(34	)
Goldman Sachs & Co.*		7/18/23		ZAR	6,598,022		USD	365,831		(15,712	)
Goldman Sachs & Co.*		7/18/23		JPY	912,738,301		USD	7,018,487		(680,683	)
Goldman Sachs & Co.*		9/05/23		MXN	5,190,000		USD	300,000		(331	)
JP Morgan Chase Bank N.A.*		7/18/23		USD	1,445,705		IDR	21,656,660,000		1,377
Morgan Stanley & Co. LLC*		7/18/23		USD	1,332,507		CNH	9,115,681		77,343
Morgan Stanley & Co. LLC*		7/18/23		USD	302,545		GBP	242,609		(5,594	)
Morgan Stanley & Co. LLC*		7/18/23		AUD	9,644,165		USD	6,478,023		(51,224	)
Morgan Stanley & Co. LLC*		7/18/23		USD	1,388,358		EUR	1,271,508		17
Morgan Stanley & Co. LLC*		7/18/23		USD	662,216		AUD	989,551		2,787
Morgan Stanley & Co. LLC*		7/18/23		USD	284,075		MXN	4,865,000		563
Morgan Stanley & Co. LLC*		7/18/23		NOK	12,348,502		EUR	1,081,997		(30,443	)
Morgan Stanley & Co. LLC*		7/18/23		MXN	17,562,029		USD	971,912		51,529
									$	(582,464	)

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation (Depreciation)
Long
Euro-OAT		9/07/23		15	$	2,105,622		$	(3,970	)
Australia Treasury Bond 10 Year		9/15/23		36		2,820,521			(34,546	)
3 Month SOFR		9/19/23		1		241,415			(4,465	)
U.S. Treasury Ultra Bond		9/20/23		234		31,605,385			269,803
UK Long Gilt		9/27/23		14		1,727,706			(33,273	)
U.S. Treasury Note 5 Year		9/29/23		306		33,090,544			(319,856	)
3 Month SOFR		3/18/25		92		22,123,556			(49,306	)
3 Month SOFR		3/17/26		23		5,542,170			8,593
								$	(167,020	)
Short
Euro-Buxl 30 Year Bond		9/07/23		2	$	(301,867	)	$	(2,796	)
Japanese 10 Year Bond		9/12/23		4		(4,100,189	)		(17,764	)
U.S. Treasury Long Bond		9/20/23		53		(6,769,002	)		42,971
U.S. Treasury Note 10 Year		9/20/23		75		(8,482,905	)		62,983
U.S. Treasury Ultra 10 Year		9/20/23		74		(8,873,092	)		108,717
U.S. Treasury Note 2 Year		9/29/23		101		(20,870,535	)		332,816
3 Month SOFR		3/19/24		141		(33,754,395	)		393,795
								$	920,722

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Obligation/Index		Rate Paid by Fund				Payment Frequency				Termination Date				Notional Amount								Value				Upfront Premium Paid/ (Received)				Unrealized Appreciation (Depreciation)
CDX.NA.HY Series 40†			5.000%				Quarterly				6/20/28				USD				272,200			$	(7,536	)		$	(4,457	)		$	(3,079	)

Centrally Cleared Credit Default Swaps - Sell Protection††

Reference
Obligation/
Index

Rate
Received by
Fund

Payment
Frequency

Termination
Date

Credit
Rating

Notional
Amount

Value

Upfront
Premium
Paid/
(Received)

Unrealized
Appreciation
(Depreciation)

CDX.NA.IG Series 40†

1.000%

Quarterly

6/20/28

BBB**

USD

35,361,000

528,435

282,844

245,591

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

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency		Termination Date		Notional Amount			Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation (Depreciation)
12-Month USD SOFR		Annually	Fixed 4.100%		Annually		3/10/26		USD	18,692,000	$	(18,730	)	$	225,325		$	(244,055	)
12-Month USD SOFR		Annually	Fixed 2.980%		Annually		11/30/27		USD	12,090,000		(447,277	)		2,346			(449,623	)
12-Month USD SOFR		Annually	Fixed 3.450%		Annually		11/30/27		USD	17,596,000		(334,425	)		(2,370	)		(332,055	)
Fixed 2.850%		Annually	12-Month USD SOFR		Annually		2/15/29		USD	948,000		46,537			(12,109	)		58,646
Fixed 3.270%		Annually	12-Month USD SOFR		Annually		4/30/29		USD	3,151,000		87,745			22,078			65,667
Fixed 3.250%		Annually	12-Month USD SOFR		Annually		9/30/29		USD	2,107,000		59,444			980			58,464
Fixed 3.400%		Annually	12-Month USD SOFR		Annually		3/10/34		USD	4,169,000		(5,778	)		(70,098	)		64,320
Fixed 3.050%		Annually	12-Month USD SOFR		Annually		2/15/48		USD	10,646,000		447,355			208,368			238,987
											$	(165,129	)	$	374,520		$	(539,649	)

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

Rating is determined by Western Asset Management Company and represents a weighted average of the ratings of all securities included in the underlying index for the credit default swap. Ratings used in the weighted average are from Moody’s Investors Service, Inc., S&P Global Ratings, or Fitch Ratings, whichever is the highest for each constituent. All ratings are as of the report date and do not reflect subsequent changes.

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

††

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

Currency Legend

AUD	Australian Dollar

BRL	Brazilian Real

CAD	Canadian Dollar

CNH	Offshore Chinese Yuan

EUR

Euro

GBP	British Pound

IDR	Indonesian Rupiah

JPY	Japanese Yen

MXN	Mexican Peso

NOK	Norwegian Krone

USD	U.S. Dollar

ZAR	South African Rand

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

MML Equity Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.2%
COMMON STOCK — 99.2%
Basic Materials — 2.2%
Chemicals — 1.0%
Dow, Inc.		38,600	$	2,055,836
Eastman Chemical Co.		6,600		552,552
FMC Corp.		6,600		688,644
LyondellBasell Industries NV Class A		18,308		1,681,223
Nutrien Ltd.		43,675		2,579,009
Olin Corp.		7,702		395,806
				7,953,070
Forest Products & Paper — 0.1%
International Paper Co.		15,900		505,779
Iron & Steel — 0.8%
Cleveland-Cliffs, Inc. ^(a)		23,500		393,860
Nucor Corp.		20,700		3,394,386
Reliance Steel & Aluminum Co.		4,500		1,222,155
Steel Dynamics, Inc.		14,600		1,590,378
U.S. Steel Corp.		13,300		332,633
				6,933,412
Mining — 0.3%
Freeport-McMoRan, Inc.		33,500		1,340,000
Newmont Corp.		23,700		1,011,042
				2,351,042
				17,743,303
Communications — 6.3%
Advertising — 0.3%
Interpublic Group of Cos., Inc.		22,300		860,334
Omnicom Group, Inc.		14,600		1,389,190
				2,249,524
Internet — 1.4%
Alphabet, Inc. Class C ^(a)		36,422		4,405,969
Amazon.com, Inc. ^(a)		31,000		4,041,160
Booking Holdings, Inc. ^(a)		957		2,584,216
				11,031,345
Media — 1.6%
Comcast Corp. Class A		245,500		10,200,525
Fox Corp. Class A		23,700		805,800
Nexstar Media Group, Inc. Class A		2,100		349,755
Walt Disney Co. ^(a)		12,900		1,151,712
				12,507,792
Telecommunications — 3.0%
AT&T, Inc.		399,700		6,375,215
Cisco Systems, Inc.		231,100		11,957,114
Corning, Inc.		47,600		1,667,904
T-Mobile U.S., Inc. ^(a)		15,300		2,125,170

	Number of Shares		Value
Verizon Communications, Inc.		43,000	$	1,599,170
				23,724,573
				49,513,234
Consumer, Cyclical — 7.3%
Apparel — 0.2%
Levi Strauss & Co. Class A ^(b)		5,600		80,808
Ralph Lauren Corp.		2,350		289,755
Skechers USA, Inc. Class A ^(a)		7,400		389,684
Tapestry, Inc.		13,300		569,240
				1,329,487
Auto Manufacturers — 1.7%
Cummins, Inc.		10,900		2,672,244
Ford Motor Co.		267,300		4,044,249
General Motors Co.		112,500		4,338,000
PACCAR, Inc.		29,213		2,443,668
				13,498,161
Auto Parts & Equipment — 0.1%
BorgWarner, Inc.		13,300		650,503
Lear Corp.		3,300		473,715
				1,124,218
Distribution & Wholesale — 0.3%
Ferguson PLC		9,400		1,478,714
LKQ Corp.		21,000		1,223,670
				2,702,384
Home Builders — 1.1%
D.R. Horton, Inc.		25,500		3,103,095
Lennar Corp. Class A		19,200		2,405,952
NVR, Inc. ^(a)		190		1,206,618
PulteGroup, Inc.		18,600		1,444,848
Toll Brothers, Inc.		3,300		260,931
				8,421,444
Leisure Time — 0.1%
Brunswick Corp.		5,300		459,192
Polaris, Inc.		3,200		386,976
				846,168
Lodging — 0.1%
Boyd Gaming Corp.		5,898		409,144
Retail — 3.7%
AutoNation, Inc. ^(a)		6,100		1,004,121
AutoZone, Inc. ^(a)		700		1,745,352
Bath & Body Works, Inc.		23,000		862,500
Best Buy Co., Inc.		23,000		1,884,850
Home Depot, Inc.		3,400		1,056,176
Lithia Motors, Inc.		1,000		304,110
Lowe’s Cos., Inc.		50,500		11,397,850
McDonald’s Corp.		7,900		2,357,439
Murphy USA, Inc.		1,000		311,110

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

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Penske Automotive Group, Inc.		4,400	$	733,172
Target Corp.		4,580		604,102
TJX Cos., Inc.		11,295		957,703
Ulta Beauty, Inc. ^(a)		3,700		1,741,202
Walgreens Boots Alliance, Inc.		46,500		1,324,785
Walmart, Inc.		14,747		2,317,933
Williams-Sonoma, Inc.		3,700		463,018
				29,065,423
				57,396,429
Consumer, Non-cyclical — 24.1%
Agriculture — 2.9%
Altria Group, Inc.		99,200		4,493,760
Archer-Daniels-Midland Co.		38,600		2,916,616
Bunge Ltd.		5,600		528,360
Darling Ingredients, Inc. ^(a)		9,000		574,110
Philip Morris International, Inc.		143,684		14,026,432
				22,539,278
Beverages — 0.5%
Coca-Cola Co.		18,700		1,126,114
Molson Coors Beverage Co. Class B		11,146		733,853
PepsiCo, Inc.		12,400		2,296,728
				4,156,695
Biotechnology — 2.6%
Amgen, Inc.		40,000		8,880,800
Bio-Rad Laboratories, Inc. Class A ^(a)		1,300		492,856
Biogen, Inc. ^(a)		6,600		1,880,010
Gilead Sciences, Inc.		71,000		5,471,970
Moderna, Inc. ^(a)		21,800		2,648,700
Regeneron Pharmaceuticals, Inc. ^(a)		1,430		1,027,512
				20,401,848
Commercial Services — 1.0%
Avis Budget Group, Inc. ^(a)		1,500		343,005
FleetCor Technologies, Inc. ^(a)		8,493		2,132,423
Global Payments, Inc.		7,900		778,308
Robert Half International, Inc.		4,900		368,578
Service Corp. International		28,400		1,834,356
U-Haul Holding Co. ^(b)		1,600		88,512
U-Haul Holding Co.		14,100		714,447
United Rentals, Inc.		4,000		1,781,480
				8,041,109
Cosmetics & Personal Care — 0.7%
Kenvue, Inc. ^(a)		40,068		1,058,597
Procter & Gamble Co.		27,848		4,225,655
				5,284,252
Food — 1.9%
Campbell Soup Co.		13,600		621,656
Conagra Brands, Inc.		27,155		915,667

	Number of Shares		Value
General Mills, Inc.		12,300	$	943,410
Ingredion, Inc.		3,700		392,015
Kellogg Co.		17,300		1,166,020
Kraft Heinz Co.		120,037		4,261,313
Kroger Co.		40,200		1,889,400
Mondelez International, Inc. Class A		65,530		4,779,758
				14,969,239
Health Care – Products — 1.1%
Danaher Corp.		10,665		2,559,600
GE HealthCare Technologies, Inc. ^(a)		33,091		2,688,313
Medtronic PLC		14,600		1,286,260
Thermo Fisher Scientific, Inc.		4,409		2,300,396
				8,834,569
Health Care – Services — 4.3%
DaVita, Inc. ^(a)		4,100		411,927
Elevance Health, Inc.		35,640		15,834,496
HCA Healthcare, Inc.		33,660		10,215,137
Humana, Inc.		3,950		1,766,163
Laboratory Corp. of America Holdings		6,900		1,665,177
Molina Healthcare, Inc. ^(a)		1,800		542,232
Quest Diagnostics, Inc.		9,300		1,307,208
Tenet Healthcare Corp. ^(a)		4,700		382,486
UnitedHealth Group, Inc.		2,613		1,255,912
Universal Health Services, Inc. Class B		5,300		836,181
				34,216,919
Pharmaceuticals — 9.1%
AbbVie, Inc.		99,700		13,432,581
AmerisourceBergen Corp.		43,400		8,351,462
AstraZeneca PLC Sponsored ADR		40,219		2,878,474
Becton Dickinson & Co.		11,880		3,136,439
Bristol-Myers Squibb Co.		119,900		7,667,605
Cardinal Health, Inc.		14,908		1,409,849
Cigna Group		18,600		5,219,160
Henry Schein, Inc. ^(a)		7,400		600,140
Johnson & Johnson		40,892		6,768,444
McKesson Corp.		10,900		4,657,679
Merck & Co., Inc.		152,500		17,596,975
Viatris, Inc.		54,800		546,904
				72,265,712
				190,709,621
Energy — 11.3%
Oil & Gas — 9.8%
APA Corp.		18,600		635,562
Chevron Corp.		118,942		18,715,524
ConocoPhillips		70,500		7,304,505
EOG Resources, Inc.		40,400		4,623,376
EQT Corp.		54,800		2,253,924

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

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Exxon Mobil Corp.		274,809	$	29,473,265
Marathon Oil Corp.		40,115		923,447
Marathon Petroleum Corp.		19,400		2,262,040
Occidental Petroleum Corp.		51,300		3,016,440
PDC Energy, Inc.		5,300		377,042
Phillips 66		21,000		2,002,980
Range Resources Corp.		85,700		2,519,580
Southwestern Energy Co. ^(a)		120,600		724,806
Valero Energy Corp.		22,100		2,592,330
				77,424,821
Oil & Gas Services — 0.4%
Halliburton Co.		53,700		1,771,563
Nov, Inc.		33,700		540,548
Schlumberger NV		26,800		1,316,416
				3,628,527
Pipelines — 1.1%
Cheniere Energy, Inc.		11,100		1,691,196
Kinder Morgan, Inc.		273,700		4,713,114
ONEOK, Inc.		22,900		1,413,388
Williams Cos., Inc.		20,424		666,435
				8,484,133
				89,537,481
Financial — 22.0%
Banks — 10.6%
Bank of America Corp.		636,625		18,264,771
Bank of New York Mellon Corp.		47,900		2,132,508
BOK Financial Corp.		3,700		298,886
Citigroup, Inc.		72,200		3,324,088
East West Bancorp, Inc.		8,015		423,112
Goldman Sachs Group, Inc.		24,800		7,998,992
JP Morgan Chase & Co.		218,911		31,838,416
Morgan Stanley		95,500		8,155,700
PNC Financial Services Group, Inc.		22,300		2,808,685
Regions Financial Corp.		53,500		953,370
State Street Corp.		19,900		1,456,282
U.S. Bancorp		47,400		1,566,096
Wells Fargo & Co.		110,529		4,717,378
				83,938,284
Diversified Financial Services — 2.6%
American Express Co.		59,597		10,381,797
Ameriprise Financial, Inc.		6,400		2,125,824
Capital One Financial Corp.		17,500		1,913,975
Discover Financial Services		15,700		1,834,545
LPL Financial Holdings, Inc.		3,500		761,005
Stifel Financial Corp.		3,900		232,713
Synchrony Financial		25,200		854,784
T. Rowe Price Group, Inc.		12,200		1,366,644

	Number of Shares		Value
Voya Financial, Inc.		7,200	$	516,312
				19,987,599
Insurance — 7.7%
Aflac, Inc.		37,800		2,638,440
Allstate Corp.		32,187		3,509,670
American Financial Group, Inc.		4,700		558,125
American International Group, Inc.		33,100		1,904,574
Arch Capital Group Ltd. ^(a)		21,800		1,631,730
Berkshire Hathaway, Inc. Class B ^(a)		26,000		8,866,000
Chubb Ltd.		38,987		7,507,337
Cincinnati Financial Corp.		8,800		856,416
Corebridge Financial, Inc.		49,335		871,256
Equitable Holdings, Inc.		24,200		657,272
Everest Re Group Ltd.		2,600		888,836
Fidelity National Financial, Inc.		15,700		565,200
First American Financial Corp.		5,900		336,418
Globe Life, Inc.		5,100		559,062
Hartford Financial Services Group, Inc.		40,676		2,929,486
Loews Corp.		14,400		855,072
Markel Group, Inc. ^(a)		850		1,175,703
MetLife, Inc.		127,419		7,202,996
Old Republic International Corp.		17,600		442,992
Primerica, Inc.		1,700		336,192
Principal Financial Group, Inc.		14,600		1,107,264
Progressive Corp.		31,400		4,156,418
Prudential Financial, Inc.		21,300		1,879,086
Reinsurance Group of America, Inc.		3,697		512,737
Travelers Cos., Inc.		43,918		7,626,800
Unum Group		11,400		543,780
W. R. Berkley Corp.		14,900		887,444
				61,006,306
Real Estate — 0.2%
CBRE Group, Inc. Class A ^(a)		17,846		1,440,351
Jones Lang LaSalle, Inc. ^(a)		2,200		342,760
				1,783,111
Real Estate Investment Trusts (REITS) — 0.9%
Equity LifeStyle Properties, Inc.		20,400		1,364,556
Life Storage, Inc.		6,500		864,240
Prologis, Inc.		13,350		1,637,110
Public Storage		6,200		1,809,656
Weyerhaeuser Co.		43,294		1,450,782
				7,126,344
				173,841,644
Industrial — 12.0%
Aerospace & Defense — 1.7%
General Dynamics Corp.		13,900		2,990,585
L3 Harris Technologies, Inc.		19,274		3,773,271

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

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Lockheed Martin Corp.		11,600	$	5,340,408
Northrop Grumman Corp.		2,400		1,093,920
				13,198,184
Building Materials — 0.7%
Builders FirstSource, Inc. ^(a)		8,400		1,142,400
Carrier Global Corp.		31,545		1,568,102
Fortune Brands Innovations, Inc.		7,400		532,430
Masco Corp.		18,100		1,038,578
Owens Corning		7,400		965,700
				5,247,210
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		15,445		2,500,237
Electronics — 1.0%
Arrow Electronics, Inc. ^(a)		5,300		759,119
Honeywell International, Inc.		8,548		1,773,710
Hubbell, Inc.		4,326		1,434,328
Jabil, Inc.		10,400		1,122,472
Sensata Technologies Holding PLC		8,700		391,413
TD SYNNEX Corp.		5,500		517,000
TE Connectivity Ltd.		13,000		1,822,080
				7,820,122
Engineering & Construction — 0.0%
TopBuild Corp. ^(a)		1,200		319,224
Environmental Controls — 0.1%
Pentair PLC		9,000		581,400
Hand & Machine Tools — 0.2%
Regal Rexnord Corp.		3,000		461,700
Snap-on, Inc.		3,700		1,066,303
				1,528,003
Machinery – Construction & Mining — 0.8%
Caterpillar, Inc.		23,600		5,806,780
Oshkosh Corp.		3,300		285,747
				6,092,527
Machinery – Diversified — 1.4%
AGCO Corp.		4,250		558,535
CNH Industrial NV		61,200		881,280
Deere & Co.		15,200		6,158,888
Dover Corp.		10,700		1,579,855
Middleby Corp. ^(a)		2,400		354,792
Westinghouse Air Brake Technologies Corp.		17,400		1,908,258
				11,441,608
Metal Fabricate & Hardware — 0.0%
Timken Co.		3,300		302,049
Miscellaneous - Manufacturing — 1.9%
Eaton Corp. PLC		22,271		4,478,698
General Electric Co.		47,487		5,216,447

	Number of Shares		Value
Parker-Hannifin Corp.		7,400	$	2,886,296
Siemens AG Registered		8,391		1,396,670
Textron, Inc.		15,700		1,061,791
				15,039,902
Packaging & Containers — 0.5%
Amcor PLC		108,200		1,079,836
Berry Global Group, Inc.		7,100		456,814
Crown Holdings, Inc.		9,300		807,891
Graphic Packaging Holding Co.		17,600		422,928
Packaging Corp. of America		6,600		872,256
Sonoco Products Co.		5,300		312,806
				3,952,531
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		2,400		546,240
Transportation — 3.3%
C.H. Robinson Worldwide, Inc.		6,600		622,710
CSX Corp.		226,157		7,711,953
Expeditors International of Washington, Inc.		8,800		1,065,944
FedEx Corp.		14,400		3,569,760
Knight-Swift Transportation Holdings, Inc.		8,800		488,928
Landstar System, Inc.		2,100		404,334
Norfolk Southern Corp.		6,984		1,583,692
Union Pacific Corp.		15,700		3,212,534
United Parcel Service, Inc. Class B		41,500		7,438,875
				26,098,730
				94,667,967
Technology — 10.0%
Computers — 2.0%
Accenture PLC Class A		3,600		1,110,888
CACI International, Inc. Class A ^(a)		1,100		374,924
Cognizant Technology Solutions Corp. Class A		23,200		1,514,496
Dell Technologies, Inc. Class C		13,300		719,663
DXC Technology Co. ^(a)		13,000		347,360
Hewlett Packard Enterprise Co.		89,100		1,496,880
HP, Inc.		88,800		2,727,048
International Business Machines Corp.		45,700		6,115,117
Leidos Holdings, Inc.		7,749		685,631
NetApp, Inc.		10,900		832,760
				15,924,767
Semiconductors — 6.3%
Applied Materials, Inc.		64,400		9,308,376
Broadcom, Inc.		4,690		4,068,247
KLA Corp.		8,276		4,014,025
Lam Research Corp.		14,206		9,132,469
Micron Technology, Inc.		99,800		6,298,378

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

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
NXP Semiconductor NV		6,800	$	1,391,824
ON Semiconductor Corp. ^(a)		19,700		1,863,226
QUALCOMM, Inc.		73,400		8,737,536
Skyworks Solutions, Inc.		9,000		996,210
Texas Instruments, Inc.		22,290		4,012,646
				49,822,937
Software — 1.7%
Adobe, Inc. ^(a)		1,512		739,353
Fidelity National Information Services, Inc.		19,100		1,044,770
Fiserv, Inc. ^(a)		72,667		9,166,942
Microsoft Corp.		6,555		2,232,240
				13,183,305
				78,931,009
Utilities — 4.0%
Electric — 4.0%
Alliant Energy Corp.		13,600		713,728
Ameren Corp.		7,094		579,367
CenterPoint Energy, Inc.		23,400		682,110
Consolidated Edison, Inc.		15,800		1,428,320
Constellation Energy Corp.		25,300		2,316,215
DTE Energy Co.		3,000		330,060
Duke Energy Corp.		42,300		3,796,002
Edison International		19,400		1,347,330
Entergy Corp.		6,200		603,694
Evergy, Inc.		28,200		1,647,444
Eversource Energy		17,600		1,248,192
Exelon Corp.		67,600		2,754,024
FirstEnergy Corp.		16,964		659,560
NextEra Energy, Inc.		33,000		2,448,600
OGE Energy Corp.		11,461		411,565
Pinnacle West Capital Corp.		6,598		537,473
PPL Corp.		41,800		1,106,028
Public Service Enterprise Group, Inc.		36,400		2,279,004
Sempra Energy		17,800		2,591,502
Southern Co.		45,424		3,191,036
Vistra Corp.		25,100		658,875
				31,330,129
				31,330,129

TOTAL COMMON STOCK (Cost $647,961,701)				783,670,817

TOTAL EQUITIES (Cost $647,961,701)				783,670,817

	Number of Shares		Value
MUTUAL FUNDS — 0.3%
Diversified Financial Services — 0.3%
iShares Russell 1000 Value ETF		16,400	$	2,588,412

TOTAL MUTUAL FUNDS (Cost $2,351,873)				2,588,412

TOTAL LONG-TERM INVESTMENTS (Cost $650,313,574)				786,259,229

SHORT-TERM INVESTMENTS — 0.6%
Mutual Fund — 0.1%
T. Rowe Price Government Reserve Investment Fund		858,108		858,108

	Principal Amount
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 ^(c)	$	4,115,012		4,115,012

TOTAL SHORT-TERM INVESTMENTS (Cost $4,973,120)				4,973,120

TOTAL INVESTMENTS — 100.1% (Cost $655,286,694) ^(d)				791,232,349

Other Assets/(Liabilities) — (0.1)%				(911,334	)

NET ASSETS — 100.0%			$	790,321,015

Abbreviation Legend

ADR	American Depositary Receipt

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $167,468 or 0.02% of net assets. The Fund received $172,457 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)	Maturity value of $4,115,533. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $4,197,413.

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

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

MML Equity Rotation Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 100.1%
COMMON STOCK — 100.1%
Basic Materials — 1.4%
Chemicals — 0.9%
Air Products & Chemicals, Inc.		349	$	104,536
Ecolab, Inc.		216		40,325
Linde PLC		588		224,075
LyondellBasell Industries NV Class A		329		30,212
PPG Industries, Inc.		233		34,554
Sherwin-Williams Co.		225		59,742
				493,444
Iron & Steel — 0.5%
Nucor Corp.		367		60,181
Reliance Steel & Aluminum Co.		586		159,152
Steel Dynamics, Inc.		191		20,805
				240,138
				733,582
Communications — 9.6%
Advertising — 0.1%
Interpublic Group of Cos., Inc.		491		18,943
Omnicom Group, Inc.		230		21,884
				40,827
Internet — 6.9%
Alphabet, Inc. Class A ^(a)		9,944		1,190,297
Alphabet, Inc. Class C ^(a)		9,988		1,208,248
Amazon.com, Inc. ^(a)		1,594		207,794
Booking Holdings, Inc. ^(a)		252		680,483
CDW Corp.		148		27,158
eBay, Inc.		398		17,787
Meta Platforms, Inc. Class A ^(a)		342		98,147
VeriSign, Inc. ^(a)		452		102,138
				3,532,052
Media — 0.6%
Comcast Corp. Class A		4,717		195,992
FactSet Research Systems, Inc.		192		76,925
Walt Disney Co. ^(a)		336		29,998
World Wrestling Entertainment, Inc. Class A		143		15,511
				318,426
Telecommunications — 2.0%
Arista Networks, Inc. ^(a)		933		151,202
AT&T, Inc.		1,875		29,906
Cisco Systems, Inc.		12,172		629,779
ESC GCI Liberty Inc ^(a) ^(b) ^(f)		2,102		—
Motorola Solutions, Inc.		684		200,604

	Number of Shares		Value
T-Mobile U.S., Inc. ^(a)		233	$	32,364
				1,043,855
				4,935,160
Consumer, Cyclical — 18.8%
Apparel — 0.5%
Deckers Outdoor Corp. ^(a)		172		90,758
NIKE, Inc. Class B		1,366		150,765
Skechers USA, Inc. Class A ^(a)		624		32,860
				274,383
Auto Manufacturers — 0.3%
Ford Motor Co.		1,605		24,284
PACCAR, Inc.		1,463		122,380
				146,664
Auto Parts & Equipment — 0.1%
BorgWarner, Inc.		514		25,140
Gentex Corp.		525		15,361
				40,501
Distribution & Wholesale — 1.9%
Copart, Inc. ^(a)		4,558		415,735
Fastenal Co.		2,683		158,270
LKQ Corp.		894		52,094
Pool Corp.		41		15,360
W.W. Grainger, Inc.		309		243,674
Watsco, Inc. ^(c)		223		85,068
				970,201
Home Builders — 0.9%
D.R. Horton, Inc.		200		24,338
Lennar Corp. Class A		1,341		168,041
NVR, Inc. ^(a)		33		209,571
PulteGroup, Inc.		530		41,170
Toll Brothers, Inc.		363		28,702
				471,822
Lodging — 0.2%
Hilton Worldwide Holdings, Inc.		227		33,040
Marriott International, Inc. Class A		317		58,230
MGM Resorts International		533		23,409
				114,679
Retail — 14.9%
AutoZone, Inc. ^(a)		110		274,270
Casey’s General Stores, Inc.		192		46,825
Chipotle Mexican Grill, Inc. ^(a)		166		355,074
Costco Wholesale Corp.		1,712		921,707
Dollar Tree, Inc. ^(a)		241		34,583
Five Below, Inc. ^(a)		116		22,799
Genuine Parts Co.		404		68,369
Home Depot, Inc.		1,166		362,206
Lowe’s Cos., Inc.		1,906		430,184

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

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Lululemon Athletica, Inc. ^(a)		268	$	101,438
McDonald’s Corp.		1,782		531,767
MSC Industrial Direct Co., Inc. Class A		141		13,434
Murphy USA, Inc.		85		26,444
O’Reilly Automotive, Inc. ^(a)		813		776,659
Ross Stores, Inc.		904		101,366
Starbucks Corp.		9,108		902,238
Target Corp.		527		69,511
Texas Roadhouse, Inc.		177		19,874
TJX Cos., Inc.		7,648		648,474
Tractor Supply Co.		356		78,712
Ulta Beauty, Inc. ^(a)		239		112,472
Walmart, Inc.		9,411		1,479,221
Yum! Brands, Inc.		1,819		252,022
				7,629,649
				9,647,899
Consumer, Non-cyclical — 28.5%
Agriculture — 0.4%
Altria Group, Inc.		3,368		152,570
Archer-Daniels-Midland Co.		453		34,229
Philip Morris International, Inc.		149		14,545
				201,344
Beverages — 3.0%
Coca-Cola Co.		4,864		292,910
Constellation Brands, Inc. Class A		228		56,118
Monster Beverage Corp. ^(a)		7,308		419,772
PepsiCo, Inc.		4,075		754,771
				1,523,571
Biotechnology — 1.8%
Amgen, Inc.		191		42,406
Corteva, Inc.		514		29,452
Gilead Sciences, Inc.		3,204		246,932
Regeneron Pharmaceuticals, Inc. ^(a)		124		89,099
Vertex Pharmaceuticals, Inc. ^(a)		1,471		517,660
				925,549
Commercial Services — 3.3%
Automatic Data Processing, Inc.		1,219		267,924
Booz Allen Hamilton Holding Corp.		203		22,655
Cintas Corp.		621		308,687
CoStar Group, Inc. ^(a)		297		26,433
Equifax, Inc.		64		15,059
FTI Consulting, Inc. ^(a)		132		25,106
Gartner, Inc. ^(a)		142		49,744
Grand Canyon Education, Inc. ^(a)		152		15,688
MarketAxess Holdings, Inc.		97		25,358
Moody’s Corp.		596		207,241
Quanta Services, Inc.		852		167,375

	Number of Shares		Value
RB Global, Inc.		497	$	29,820
Rollins, Inc.		1,249		53,495
S&P Global, Inc.		720		288,641
United Rentals, Inc.		58		25,831
Verisk Analytics, Inc.		692		156,413
				1,685,470
Cosmetics & Personal Care — 3.1%
Colgate-Palmolive Co.		1,033		79,582
Estee Lauder Cos., Inc. Class A		184		36,134
Procter & Gamble Co.		9,513		1,443,503
				1,559,219
Food — 1.1%
General Mills, Inc.		1,173		89,969
Hershey Co.		889		221,984
Kraft Heinz Co.		392		13,916
Kroger Co.		625		29,375
Lamb Weston Holdings, Inc.		198		22,760
Mondelez International, Inc. Class A		2,184		159,301
The J.M. Smucker Co.		154		22,741
				560,046
Health Care – Products — 3.5%
Abbott Laboratories		1,756		191,439
Boston Scientific Corp. ^(a)		1,006		54,414
Danaher Corp.		125		30,000
Edwards Lifesciences Corp. ^(a)		2,326		219,412
GE HealthCare Technologies, Inc. ^(a)		369		29,978
Hologic, Inc. ^(a)		620		50,201
IDEXX Laboratories, Inc. ^(a)		278		139,620
Intuitive Surgical, Inc. ^(a)		1,558		532,742
Medtronic PLC		837		73,740
ResMed, Inc.		194		42,389
Stryker Corp.		345		105,256
The Cooper Cos., Inc.		39		14,954
Thermo Fisher Scientific, Inc.		311		162,264
West Pharmaceutical Services, Inc.		331		126,598
Zimmer Biomet Holdings, Inc.		244		35,526
				1,808,533
Health Care – Services — 1.3%
Chemed Corp.		79		42,792
Elevance Health, Inc.		275		122,180
HCA Healthcare, Inc.		550		166,914
Humana, Inc.		267		119,384
Molina Healthcare, Inc. ^(a)		107		32,232
UnitedHealth Group, Inc.		414		198,985
				682,487
Household Products & Wares — 0.4%
Avery Dennison Corp.		104		17,867

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

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Church & Dwight Co., Inc.		326	$	32,675
Clorox Co.		174		27,673
Kimberly-Clark Corp.		931		128,534
				206,749
Pharmaceuticals — 10.6%
AbbVie, Inc.		4,147		558,725
AmerisourceBergen Corp.		1,143		219,947
Bristol-Myers Squibb Co.		504		32,231
Cardinal Health, Inc.		2,452		231,886
Cigna Group		116		32,550
Dexcom, Inc. ^(a)		259		33,284
Eli Lilly & Co.		2,915		1,367,077
Johnson & Johnson		1,267		209,714
McKesson Corp.		879		375,605
Merck & Co., Inc.		19,725		2,276,068
Pfizer, Inc.		608		22,301
Zoetis, Inc.		549		94,543
				5,453,931
				14,606,899
Energy — 3.9%
Oil & Gas — 3.8%
Chevron Corp.		1,305		205,342
ConocoPhillips		437		45,277
EOG Resources, Inc.		271		31,013
Exxon Mobil Corp.		13,323		1,428,892
Marathon Petroleum Corp.		1,451		169,187
Phillips 66		346		33,001
Pioneer Natural Resources Co.		137		28,384
				1,941,096
Pipelines — 0.1%
Cheniere Energy, Inc.		212		32,300
ONEOK, Inc.		298		18,393
				50,693
				1,991,789
Financial — 10.5%
Banks — 0.1%
JP Morgan Chase & Co.		336		48,868
Diversified Financial Services — 7.8%
American Express Co.		91		15,852
BlackRock, Inc.		68		46,998
Cboe Global Markets, Inc.		135		18,631
Evercore, Inc. Class A		114		14,089
LPL Financial Holdings, Inc.		91		19,786
Mastercard, Inc. Class A		4,505		1,771,817
Nasdaq, Inc.		411		20,488
SEI Investments Co.		283		16,873
T. Rowe Price Group, Inc.		201		22,516

	Number of Shares		Value
Visa, Inc. Class A		8,723	$	2,071,538
				4,018,588
Insurance — 2.2%
Aon PLC Class A		977		337,260
Arch Capital Group Ltd. ^(a)		488		36,527
Arthur J Gallagher & Co.		323		70,921
Brown & Brown, Inc.		763		52,525
Chubb Ltd.		109		20,989
Kinsale Capital Group, Inc.		49		18,336
Marsh & McLennan Cos., Inc.		2,927		550,510
Progressive Corp.		119		15,752
RLI Corp.		170		23,200
Willis Towers Watson PLC		83		19,546
				1,145,566
Real Estate — 0.1%
CBRE Group, Inc. Class A ^(a)		232		18,725
Real Estate Investment Trusts (REITS) — 0.3%
First Industrial Realty Trust, Inc.		341		17,950
Prologis, Inc.		648		79,464
Public Storage		229		66,841
				164,255
				5,396,002
Industrial — 8.8%
Aerospace & Defense — 0.7%
General Dynamics Corp.		126		27,109
HEICO Corp.		282		49,897
HEICO Corp. Class A		446		62,708
Lockheed Martin Corp.		330		151,925
Northrop Grumman Corp.		35		15,953
Raytheon Technologies Corp.		389		38,106
TransDigm Group, Inc.		41		36,661
				382,359
Building Materials — 1.1%
Builders FirstSource, Inc. ^(a)		320		43,520
Carrier Global Corp.		1,229		61,093
Eagle Materials, Inc.		190		35,420
Fortune Brands Innovations, Inc.		248		17,844
Johnson Controls International PLC		1,584		107,934
Lennox International, Inc.		69		22,499
Martin Marietta Materials, Inc.		52		24,008
Masco Corp.		448		25,706
Owens Corning		166		21,663
Trane Technologies PLC		1,018		194,703
Vulcan Materials Co.		169		38,099
				592,489
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		950		153,786

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

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Electronics — 1.3%
Agilent Technologies, Inc.		253	$	30,423
Amphenol Corp. Class A		766		65,072
Fortive Corp.		548		40,974
Garmin Ltd.		514		53,605
Honeywell International, Inc.		630		130,725
Hubbell, Inc.		341		113,062
Keysight Technologies, Inc. ^(a)		777		130,109
Mettler-Toledo International, Inc. ^(a)		61		80,010
				643,980
Engineering & Construction — 0.2%
AECOM		293		24,814
EMCOR Group, Inc.		363		67,075
				91,889
Environmental Controls — 0.6%
Clean Harbors, Inc. ^(a)		244		40,121
Republic Services, Inc.		422		64,638
Tetra Tech, Inc.		173		28,327
Waste Management, Inc.		1,083		187,814
				320,900
Hand & Machine Tools — 0.2%
Lincoln Electric Holdings, Inc.		154		30,589
Snap-on, Inc.		170		48,992
				79,581
Machinery – Construction & Mining — 0.2%
Caterpillar, Inc.		483		118,842
Machinery – Diversified — 1.0%
Deere & Co.		60		24,311
Dover Corp.		131		19,342
Graco, Inc.		1,184		102,239
IDEX Corp.		87		18,728
Ingersoll Rand, Inc.		409		26,732
Nordson Corp.		202		50,132
Otis Worldwide Corp.		1,818		161,820
Rockwell Automation, Inc.		219		72,150
Westinghouse Air Brake Technologies Corp.		178		19,521
Xylem, Inc.		401		45,161
				540,136
Metal Fabricate & Hardware — 0.1%
Valmont Industries, Inc.		90		26,194
Miscellaneous - Manufacturing — 1.7%
A.O. Smith Corp.		467		33,988
Donaldson Co., Inc.		847		52,946
Eaton Corp. PLC		927		186,420
General Electric Co.		483		53,058
Illinois Tool Works, Inc.		1,771		443,033

	Number of Shares		Value
Parker-Hannifin Corp.		181	$	70,597
Teledyne Technologies, Inc. ^(a)		42		17,267
				857,309
Packaging & Containers — 0.1%
AptarGroup, Inc.		124		14,367
Ardagh Group SA ^(a) ^(b) ^(c) ^(f)		463		2,457
Graphic Packaging Holding Co.		1,081		25,976
				42,800
Transportation — 1.3%
C.H. Robinson Worldwide, Inc.		157		14,813
CSX Corp.		2,385		81,329
Expeditors International of Washington, Inc.		534		64,683
FedEx Corp.		286		70,899
JB Hunt Transport Services, Inc.		175		31,680
Knight-Swift Transportation Holdings, Inc.		545		30,280
Landstar System, Inc.		302		58,147
Norfolk Southern Corp.		143		32,427
Old Dominion Freight Line, Inc.		317		117,211
Union Pacific Corp.		127		25,987
United Parcel Service, Inc. Class B		780		139,815
				667,271
				4,517,536
Technology — 18.1%
Computers — 6.0%
Accenture PLC Class A		768		236,990
Amdocs Ltd.		340		33,609
Apple, Inc.		13,756		2,668,251
Cognizant Technology Solutions Corp. Class A		267		17,430
Fortinet, Inc. ^(a)		1,785		134,928
				3,091,208
Semiconductors — 3.5%
Analog Devices, Inc.		863		168,121
Applied Materials, Inc.		1,554		224,615
Broadcom, Inc.		608		527,397
KLA Corp.		345		167,332
Lam Research Corp.		90		57,857
Microchip Technology, Inc.		780		69,880
NVIDIA Corp.		377		159,479
ON Semiconductor Corp. ^(a)		229		21,659
Texas Instruments, Inc.		2,026		364,721
				1,761,061
Software — 8.6%
Activision Blizzard, Inc. ^(a)		311		26,217
Adobe, Inc. ^(a)		1,426		697,300
ANSYS, Inc. ^(a)		49		16,183

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

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Autodesk, Inc. ^(a)		334	$	68,340
Broadridge Financial Solutions, Inc.		133		22,029
Cadence Design Systems, Inc. ^(a)		983		230,533
Electronic Arts, Inc.		328		42,542
Fair Isaac Corp. ^(a)		47		38,033
Fiserv, Inc. ^(a)		684		86,287
Manhattan Associates, Inc. ^(a)		158		31,581
Microsoft Corp.		7,564		2,575,845
MSCI, Inc.		293		137,502
Oracle Corp.		1,871		222,817
Paychex, Inc.		237		26,513
Salesforce, Inc. ^(a)		329		69,504
Synopsys, Inc. ^(a)		250		108,852
				4,400,078
				9,252,347
Utilities — 0.5%
Electric — 0.5%
Consolidated Edison, Inc.		293		26,487
Duke Energy Corp.		152		13,641
Edison International		260		18,057
NextEra Energy, Inc.		1,401		103,954
Southern Co.		881		61,890
Xcel Energy, Inc.		268		16,662
				240,691
				240,691

TOTAL COMMON STOCK (Cost $47,802,493)				51,321,905

TOTAL EQUITIES (Cost $47,802,493)				51,321,905

TOTAL LONG-TERM INVESTMENTS (Cost $47,802,493)				51,321,905

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 0.0%
Investment of Cash Collateral from Securities Loaned — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio ^(d)		5,277	$	5,277

TOTAL SHORT-TERM INVESTMENTS (Cost $5,277)				5,277

TOTAL INVESTMENTS — 100.1% (Cost $47,807,770) ^(e)				51,327,182

Other Assets/(Liabilities) — (0.1)%				(27,299	)

NET ASSETS — 100.0%			$	51,299,883

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2023, these securities amounted to a value of $2,457 or 0.00% of net assets.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $94,375 or 0.18% of net assets. The Fund received $91,863 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

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

(f)	Investment is valued using significant unobservable inputs.

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

MML High Yield Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 93.5%
BANK LOANS — 1.8%
Cosmetics & Personal Care — 0.3%
Journey Personal Care Corp., 2021 Term Loan B, 6 mo. USD LIBOR + 4.250%
9.981% VRN 3/01/28	$	198,985	$	169,635
Lodging — 0.3%
Four Seasons Hotels Ltd., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.452% VRN 11/30/29		179,876		180,101
Packaging & Containers — 0.2%
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 4.175%
9.377% VRN 4/13/29		95,007		93,375
Software — 1.0%
Athenahealth Group, Inc.
2021 Delayed Draw Term Loan,
0.000% 2/15/29 ^(a)		356,237		342,433
2022 Delayed Draw Term Loan,
0.000% 2/15/29 ^(a)		10,941		10,517
Quest Software US Holdings, Inc., 2022 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.500%
12.695% VRN 2/01/30		207,426		135,864
				488,814

TOTAL BANK LOANS (Cost $985,085)				931,925

CORPORATE DEBT — 91.7%
Advertising — 0.7%
CMG Media Corp.
8.875% 12/15/27 ^(b)		225,000		157,690
Stagwell Global LLC
5.625% 8/15/29 ^(b)		220,000		188,261
				345,951
Aerospace & Defense — 0.4%
TransDigm, Inc.
6.750% 8/15/28 ^(b)		34,000		34,129
Triumph Group, Inc.
9.000% 3/15/28 ^(b)		164,000		167,450
				201,579
Agriculture — 0.2%
Darling Ingredients, Inc.
6.000% 6/15/30 ^(b)		130,000		126,965

	Principal Amount		Value
Airlines — 3.0%
American Airlines, Inc.
11.750% 7/15/25 ^(b)	$	71,000	$	77,854
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.500% 4/20/26 ^(b)		535,000		530,019
5.750% 4/20/29 ^(b)		229,000		222,354
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.
5.750% 1/20/26 ^(b)		135,022		127,803
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 ^(b)		211,998		212,527
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
8.000% 9/20/25 ^(b)		134,000		135,002
United Airlines, Inc.
4.375% 4/15/26 ^(b)		122,000		115,913
4.625% 4/15/29 ^(b)		121,000		110,251
				1,531,723
Auto Manufacturers — 1.7%
Ford Motor Co.
3.250% 2/12/32		434,000		341,421
7.450% 7/16/31 ^(c)		153,000		163,034
Ford Motor Credit Co. LLC
4.000% 11/13/30		402,000		343,543
				847,998
Auto Parts & Equipment — 0.5%
Adient Global Holdings Ltd.
4.875% 8/15/26 ^(b)		277,000		263,138
Biotechnology — 0.4%
Emergent BioSolutions, Inc.
3.875% 8/15/28 ^(b)		347,000		201,817
Building Materials — 2.5%
Emerald Debt Merger Sub LLC
6.625% 12/15/30 ^(b)		326,000		323,148
Knife River Corp.
7.750% 5/01/31 ^(b)		152,000		153,903
New Enterprise Stone & Lime Co., Inc.
5.250% 7/15/28 ^(b)		222,000		202,027
9.750% 7/15/28 ^(b)		602,000		580,737
				1,259,815
Chemicals — 4.6%
Avient Corp.
7.125% 8/01/30 ^(b)		187,000		189,136
Celanese U.S. Holdings LLC
6.379% 7/15/32 ^(c)		287,000		289,489

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

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Consolidated Energy Finance SA
5.625% 10/15/28 ^(b)	$	595,000	$	505,869
LSF11 A5 HoldCo LLC
6.625% 10/15/29 ^(b)		294,000		245,549
Methanex Corp.
5.125% 10/15/27		144,000		134,059
Olympus Water U.S. Holding Corp.
4.250% 10/01/28 ^(b)		326,000		257,718
6.250% 10/01/29 ^(b) ^(c)		459,000		331,995
Polar U.S. Borrower LLC/Schenectady International Group, Inc.
6.750% 5/15/26 ^(b)		171,000		100,889
Tronox, Inc.
4.625% 3/15/29 ^(b)		163,000		135,458
Vibrantz Technologies, Inc.
9.000% 2/15/30 ^(b) ^(c)		209,000		160,146
				2,350,308
Coal — 0.6%
Coronado Finance Pty. Ltd.
10.750% 5/15/26 ^(b)		290,000		298,555
Commercial Services — 3.1%
Alta Equipment Group, Inc.
5.625% 4/15/26 ^(b)		378,000		351,285
APi Group DE, Inc.
4.750% 10/15/29 ^(b)		372,000		335,023
Carriage Services, Inc.
4.250% 5/15/29 ^(b)		92,000		79,184
Prime Security Services Borrower LLC/Prime Finance, Inc.
6.250% 1/15/28 ^(b)		418,000		391,583
PROG Holdings, Inc.
6.000% 11/15/29 ^(b)		294,000		258,872
Sabre Global, Inc.
7.375% 9/01/25 ^(b)		172,000		152,669
9.250% 4/15/25 ^(b)		21,000		19,585
				1,588,201
Computers — 0.5%
Presidio Holdings, Inc.
8.250% 2/01/28 ^(b)		137,000		130,443
Seagate HDD Cayman
9.625% 12/01/32 ^(b)		100,620		111,028
				241,471
Cosmetics & Personal Care — 0.5%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC
4.750% 1/15/29 ^(b)		289,000		266,458

	Principal Amount		Value
Distribution & Wholesale — 0.7%
American Builders & Contractors Supply Co., Inc.
3.875% 11/15/29 ^(b)	$	185,000	$	157,928
Resideo Funding, Inc.
4.000% 9/01/29 ^(b)		222,000		184,172
				342,100
Diversified Financial Services — 4.7%
Coinbase Global, Inc.
3.375% 10/01/28 ^(b)		38,000		25,416
3.625% 10/01/31 ^(b)		50,000		29,542
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 ^(b)		762,582		698,029
Jefferson Capital Holdings LLC
6.000% 8/15/26 ^(b)		380,000		308,870
Macquarie Airfinance Holdings Ltd.
8.375% 5/01/28 ^(b)		106,000		107,478
Midcap Financial Issuer Trust
5.625% 1/15/30 ^(b)		339,000		269,174
OneMain Finance Corp.
4.000% 9/15/30 ^(c)		169,000		130,130
5.375% 11/15/29		177,000		150,476
PRA Group, Inc.
5.000% 10/01/29 ^(b)		583,000		441,302
7.375% 9/01/25 ^(b)		231,000		219,591
				2,380,008
Electric — 3.5%
PG&E Corp.
5.000% 7/01/28 ^(c)		497,000		456,050
Pike Corp.
5.500% 9/01/28 ^(b)		593,000		532,107
Talen Energy Supply LLC
8.625% 6/01/30 ^(b)		261,000		270,135
Vistra Operations Co. LLC
3.550% 7/15/24 ^(b)		518,000		500,288
				1,758,580
Electronics — 0.6%
Atkore, Inc.
4.250% 6/01/31 ^(b)		360,000		311,400
Engineering & Construction — 1.4%
Arcosa, Inc.
4.375% 4/15/29 ^(b)		230,000		206,081
Dycom Industries, Inc.
4.500% 4/15/29 ^(b)		86,000		78,105
Global Infrastructure Solutions, Inc.
5.625% 6/01/29 ^(b)		126,000		102,663
7.500% 4/15/32 ^(b)		140,000		119,000

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

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
MasTec, Inc.
4.500% 8/15/28 ^(b)	$	130,000	$	119,941
Railworks Holdings LP/Railworks Rally, Inc.
8.250% 11/15/28 ^(b)		117,000		108,757
				734,547
Entertainment — 0.7%
Live Nation Entertainment, Inc.
4.750% 10/15/27 ^(b)		260,000		242,450
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.875% 5/01/29 ^(b)		136,000		120,094
				362,544
Environmental Controls — 0.2%
Enviri Corp.
5.750% 7/31/27 ^(b)		111,000		96,609
Food — 1.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
6.500% 2/15/28 ^(b)		219,000		219,363
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
3.625% 1/15/32 ^(b)		420,000		340,805
				560,168
Gas — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.
9.375% 6/01/28 ^(b)		166,000		168,593
Hand & Machine Tools — 0.7%
Regal Rexnord Corp.
6.400% 4/15/33 ^(b)		340,000		339,713
Health Care – Products — 0.5%
Garden Spinco Corp.
8.625% 7/20/30 ^(b)		248,000		266,538
Health Care – Services — 6.7%
Centene Corp.
4.625% 12/15/29		629,000		578,955
Charles River Laboratories International, Inc.
3.750% 3/15/29 ^(b)		7,000		6,160
4.250% 5/01/28 ^(b)		329,000		301,224
CHS/Community Health Systems, Inc.
4.750% 2/15/31 ^(b)		108,000		81,625
5.250% 5/15/30 ^(b)		422,000		332,421
6.000% 1/15/29 ^(b)		184,000		154,790
6.125% 4/01/30 ^(b)		213,000		126,888
HCA, Inc.
3.500% 9/01/30		776,000		680,202

	Principal Amount		Value
Legacy LifePoint Health LLC
6.750% 4/15/25 ^(b)	$	110,000	$	102,170
Molina Healthcare, Inc.
4.375% 6/15/28 ^(b)		187,000		172,386
Radiology Partners, Inc.
9.250% 2/01/28 ^(b)		490,000		178,452
RP Escrow Issuer LLC
5.250% 12/15/25 ^(b)		165,000		121,721
Tenet Healthcare Corp.
4.375% 1/15/30		165,000		148,895
5.125% 11/01/27		179,000		170,887
6.125% 10/01/28 ^(c)		283,000		272,444
				3,429,220
Home Builders — 1.4%
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.625% 8/01/29 ^(b)		198,000		168,742
Mattamy Group Corp.
4.625% 3/01/30 ^(b) ^(c)		617,000		533,393
				702,135
Insurance — 1.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
6.750% 4/15/28 ^(b)		171,000		169,587
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc.
7.625% 10/15/25 ^(b)		430,269		396,718
				566,305
Internet — 0.9%
Cars.com, Inc.
6.375% 11/01/28 ^(b)		41,000		37,753
Getty Images, Inc.
9.750% 3/01/27 ^(b)		367,000		362,435
Uber Technologies, Inc.
4.500% 8/15/29 ^(b)		78,000		71,791
				471,979
Investment Companies — 0.3%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.750% 9/15/24		178,000		170,073
Leisure Time — 2.9%
Carnival Corp.
5.750% 3/01/27 ^(b)		205,000		188,721
6.000% 5/01/29 ^(b)		168,000		149,996
Life Time, Inc.
8.000% 4/15/26 ^(b)		115,000		113,549

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

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
NCL Corp. Ltd.
5.875% 3/15/26 ^(b)	$	118,000	$	110,396
5.875% 2/15/27 ^(b)		49,000		47,697
8.375% 2/01/28 ^(b)		100,000		104,494
NCL Finance Ltd.
6.125% 3/15/28 ^(b)		94,000		84,602
Royal Caribbean Cruises Ltd.
5.500% 8/31/26 ^(b)		266,000		252,198
5.500% 4/01/28 ^(b)		77,000		71,806
Viking Cruises Ltd.
7.000% 2/15/29 ^(b)		357,000		332,010
				1,455,469
Lodging — 1.0%
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.875% 7/01/31 ^(b)		199,000		166,948
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.
5.875% 5/15/25 ^(b)		155,000		149,575
Travel & Leisure Co.
6.625% 7/31/26 ^(b)		213,000		211,381
				527,904
Media — 5.7%
Altice Financing SA
5.000% 1/15/28 ^(b)		152,000		121,473
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250% 1/15/34 ^(b)		486,000		367,303
4.500% 5/01/32		95,000		75,853
5.000% 2/01/28 ^(b)		130,000		118,442
5.375% 6/01/29 ^(b)		162,000		146,463
CSC Holdings LLC
4.625% 12/01/30 ^(b)		311,000		138,376
7.500% 4/01/28 ^(b)		75,000		42,748
Cumulus Media New Holdings, Inc.
6.750% 7/01/26 ^(b) ^(c)		157,000		107,915
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.
5.875% 8/15/27 ^(b)		366,000		331,463
DISH DBS Corp.
5.125% 6/01/29		105,000		48,756
5.250% 12/01/26 ^(b)		53,000		42,515
5.750% 12/01/28 ^(b)		68,000		50,577
7.375% 7/01/28		32,000		17,120
DISH Network Corp.
11.750% 11/15/27 ^(b)		112,000		109,302

	Principal Amount		Value
Gray Escrow II, Inc.
5.375% 11/15/31 ^(b)	$	246,000	$	163,046
iHeartCommunications, Inc.
8.375% 5/01/27		172,710		115,056
LCPR Senior Secured Financing DAC
6.750% 10/15/27 ^(b)		283,000		265,242
Sirius XM Radio, Inc.
3.875% 9/01/31 ^(b)		333,000		257,506
Virgin Media Secured Finance PLC
4.500% 8/15/30 ^(b)		280,000		234,730
Virgin Media Vendor Financing Notes IV DAC
5.000% 7/15/28 ^(b)		200,000		174,947
				2,928,833
Mining — 2.2%
Arconic Corp.
6.125% 2/15/28 ^(b)		178,000		180,208
First Quantum Minerals Ltd.
6.875% 10/15/27 ^(b)		400,000		390,200
8.625% 6/01/31 ^(b)		200,000		204,976
Novelis Corp.
3.250% 11/15/26 ^(b)		48,000		43,448
3.875% 8/15/31 ^(b)		341,000		280,511
				1,099,343
Miscellaneous - Manufacturing — 0.3%
Amsted Industries, Inc.
5.625% 7/01/27 ^(b)		175,000		169,258
Oil & Gas — 9.9%
Apache Corp.
4.750% 4/15/43 ^(c)		65,000		47,775
5.100% 9/01/40		130,000		105,625
5.350% 7/01/49 ^(c)		197,000		153,168
Chesapeake Energy Corp.
5.875% 2/01/29 ^(b) ^(c)		205,000		194,723
Comstock Resources, Inc.
5.875% 1/15/30 ^(b)		114,000		98,971
6.750% 3/01/29 ^(b)		126,000		115,283
CVR Energy, Inc.
5.750% 2/15/28 ^(b)		350,000		308,000
Hilcorp Energy I LP/Hilcorp Finance Co.
6.250% 11/01/28 ^(b)		459,000		432,059
Murphy Oil Corp.
6.375% 7/15/28 ^(c)		182,000		179,383
Nabors Industries Ltd.
7.250% 1/15/26 ^(b)		339,000		316,463
7.500% 1/15/28 ^(b)		169,000		147,885

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

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Nabors Industries, Inc.
5.750% 2/01/25	$	55,000	$	53,225
7.375% 5/15/27 ^(b)		227,000		215,997
Neptune Energy Bondco PLC
6.625% 5/15/25 ^(b)		594,000		592,949
Occidental Petroleum Corp.
6.125% 1/01/31		387,000		392,960
6.200% 3/15/40		397,000		391,279
6.450% 9/15/36		215,000		220,654
6.950% 7/01/24		42,000		42,362
Parkland Corp.
4.625% 5/01/30 ^(b)		105,000		91,041
5.875% 7/15/27 ^(b)		269,000		259,533
Range Resources Corp.
8.250% 1/15/29		123,000		128,068
Southwestern Energy Co.
4.750% 2/01/32		109,000		96,066
Sunoco LP/Sunoco Finance Corp.
6.000% 4/15/27		114,000		112,318
Transocean Poseidon Ltd.
6.875% 2/01/27 ^(b)		23,563		23,239
Transocean, Inc.
7.250% 11/01/25 ^(b)		172,000		165,120
7.500% 1/15/26 ^(b)		140,000		133,000
				5,017,146
Oil & Gas Services — 0.7%
Weatherford International Ltd.
8.625% 4/30/30 ^(b)		368,000		373,609
Packaging & Containers — 2.3%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
4.000% 9/01/29 ^(b)		54,000		42,768
Clydesdale Acquisition Holdings, Inc.
8.750% 4/15/30 ^(b)		256,000		225,977
Graham Packaging Co., Inc.
7.125% 8/15/28 ^(b)		143,000		122,086
Mauser Packaging Solutions Holding Co.
7.875% 8/15/26 ^(b)		312,000		309,975
9.250% 4/15/27 ^(b)		446,000		411,659
Trident TPI Holdings, Inc.
12.750% 12/31/28 ^(b)		72,000		74,664
				1,187,129
Pharmaceuticals — 2.3%
1375209 BC Ltd.
9.000% 1/30/28 ^(b)		136,000		136,340
AdaptHealth LLC
5.125% 3/01/30 ^(b)		365,000		295,650

	Principal Amount		Value
Bausch Health Cos., Inc.
4.875% 6/01/28 ^(b)	$	215,000	$	127,968
11.000% 9/30/28 ^(b)		102,000		72,451
14.000% 10/15/30 ^(b)		47,000		27,965
Jazz Securities DAC
4.375% 1/15/29 ^(b)		187,000		166,839
Organon & Co./Organon Foreign Debt Co.-Issuer BV
4.125% 4/30/28 ^(b)		180,000		159,756
Perrigo Finance Unlimited Co.
4.650% STEP 6/15/30		194,000		171,671
				1,158,640
Pipelines — 7.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.375% 6/15/29 ^(b)		141,000		131,014
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.500% 6/15/31 ^(b)		379,000		338,035
Energy Transfer LP 5 yr. CMT + 5.306%
7.125% VRN ^(d)		89,000		75,465
EnLink Midstream LLC
5.375% 6/01/29		173,000		164,819
EnLink Midstream Partners LP
4.850% 7/15/26		56,000		54,040
5.450% 6/01/47		97,000		79,735
5.600% 4/01/44		257,000		215,167
EQM Midstream Partners LP
4.500% 1/15/29 ^(b)		157,000		140,027
6.000% 7/01/25 ^(b)		67,000		66,260
6.500% 7/01/27 ^(b)		151,000		148,927
Genesis Energy LP/Genesis Energy Finance Corp.
8.000% 1/15/27		300,000		292,530
8.875% 4/15/30		105,000		102,584
Harvest Midstream I LP
7.500% 9/01/28 ^(b)		389,000		385,670
ITT Holdings LLC
6.500% 8/01/29 ^(b)		565,000		476,001
NGL Energy Operating LLC/NGL Energy Finance Corp.
7.500% 2/01/26 ^(b)		350,000		344,705
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
7.500% 10/01/25 ^(b)		171,000		170,673
Venture Global Calcasieu Pass LLC
3.875% 8/15/29 ^(b)		133,000		116,188
4.125% 8/15/31 ^(b)		152,000		130,715

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

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Western Midstream Operating LP
5.450% 4/01/44	$	202,000	$	170,645
				3,603,200
Real Estate — 0.5%
Realogy Group LLC/Realogy Co.-Issuer Corp.
5.750% 1/15/29 ^(b)		311,000		232,694
Real Estate Investment Trusts (REITS) — 1.8%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.750% 6/15/29 ^(b)		155,000		126,145
RLJ Lodging Trust LP
3.750% 7/01/26 ^(b)		107,000		98,173
4.000% 9/15/29 ^(b) ^(c)		126,000		105,523
Service Properties Trust
3.950% 1/15/28		73,000		57,171
4.375% 2/15/30		115,000		86,004
4.950% 2/15/27		58,000		49,588
7.500% 9/15/25		267,000		262,193
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
4.750% 4/15/28 ^(b)		180,000		149,382
				934,179
Retail — 3.4%
Asbury Automotive Group, Inc.
4.625% 11/15/29 ^(b)		148,000		131,368
Bath & Body Works, Inc.
6.750% 7/01/36		97,000		87,273
6.875% 11/01/35		222,000		203,127
Brinker International, Inc.
8.250% 7/15/30 ^(b)		127,000		125,137
Macy’s Retail Holdings LLC
5.875% 4/01/29 ^(b) ^(c)		40,000		36,500
5.875% 3/15/30 ^(b) ^(c)		122,000		108,715
6.125% 3/15/32 ^(b)		78,000		68,240
Nordstrom, Inc.
5.000% 1/15/44		331,000		229,876
Sonic Automotive, Inc.
4.625% 11/15/29 ^(b)		149,000		124,779
4.875% 11/15/31 ^(b) ^(c)		174,000		142,782
Staples, Inc.
7.500% 4/15/26 ^(b)		160,000		132,146
10.750% 4/15/27 ^(b)		89,000		51,700
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.000% 6/01/31 ^(b)		192,000		160,733

	Principal Amount		Value
Superior Plus LP/Superior General Partner, Inc.
4.500% 3/15/29 ^(b)	$	145,000	$	127,110
				1,729,486
Software — 1.2%
AthenaHealth Group, Inc.
6.500% 2/15/30 ^(b)		255,000		214,618
Consensus Cloud Solutions, Inc.
6.000% 10/15/26 ^(b) ^(c)		165,000		149,737
Veritas U.S., Inc./Veritas Bermuda Ltd.
7.500% 9/01/25 ^(b)		304,000		246,671
				611,026
Telecommunications — 5.7%
Altice France Holding SA
10.500% 5/15/27 ^(b)		74,000		44,809
Altice France SA
5.125% 7/15/29 ^(b)		368,000		261,234
C&W Senior Financing DAC
6.875% 9/15/27 ^(b)		142,000		123,895
Connect Finco Sarl/Connect U.S. Finco LLC
6.750% 10/01/26 ^(b)		256,000		248,657
Frontier Communications Holdings LLC
6.000% 1/15/30 ^(b) ^(c)		964,000		709,100
GoTo Group, Inc.
5.500% 9/01/27 ^(b)		103,000		56,663
Intelsat Jackson Holdings SA
6.500% 3/15/30 ^(b)		158,000		143,836
Sprint Capital Corp.
6.875% 11/15/28		476,000		504,557
8.750% 3/15/32		671,000		810,975
				2,903,726
Transportation — 1.2%
Carriage Purchaser, Inc.
7.875% 10/15/29 ^(b)		191,000		143,571
Seaspan Corp.
5.500% 8/01/29 ^(b)		571,000		447,333
				590,904

TOTAL CORPORATE DEBT (Cost $51,586,269)				46,707,037

TOTAL BONDS & NOTES (Cost $52,571,354)				47,638,962

TOTAL LONG-TERM INVESTMENTS (Cost $52,571,354)				47,638,962

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

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 14.5%
Commercial Paper — 3.9%
VF Corp.
5.276% 7/05/23	$	2,000,000	$	1,998,538

	Number of Shares
Investment of Cash Collateral from Securities Loaned — 7.7%
State Street Navigator Securities Lending Government Money Market Portfolio ^(e)		3,905,090		3,905,090

	Principal Amount
Repurchase Agreement — 2.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 ^(f)	$	1,449,945		1,449,945

TOTAL SHORT-TERM INVESTMENTS (Cost $7,353,880)				7,353,573

TOTAL INVESTMENTS — 108.0% (Cost $59,925,234) ^(g)				54,992,535

Other Assets/(Liabilities) — (8.0)%				(4,067,231	)

NET ASSETS — 100.0%			$	50,925,304

Abbreviation Legend

STEP	Step Up Bond

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	All or a portion of the security represents unsettled bank loan commitments at June 30, 2023 where the rate will be determined at time of settlement.

(b)

(c)	Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $3,824,642 or 7.51% of net assets. (Note 2).

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

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

(f)	Maturity value of $1,450,129. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $1,479,008.

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

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

MML Inflation-Protected and Income Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 83.8%
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 52.1%
Automobile Asset-Backed Securities — 6.2%
BOF URSA VI Funding Trust I, Series 2023-CAR1, Class A2
5.542% 10/27/31 ^(a)	$	1,324,476	$	1,306,018
Carvana Auto Receivables Trust, Series 2020-N3, Class B
0.660% 6/12/28		1,123,040		1,029,047
Drive Auto Receivables Trust
Series 2021-1, Class C, 1.020% 6/15/27		652,193		643,145
Series 2021-3, Class C, 1.470% 1/15/27		2,150,000		2,059,627
Exeter Automobile Receivables Trust, Series 2020-2A, Class D
4.730% 4/15/26 ^(a)		1,110,160		1,102,805
Hertz Vehicle Financing LLC, Series 2021-1A, Class D
3.980% 12/26/25 ^(a)		3,400,000		3,181,037
Onemain Direct Auto Receivable Trust, Series 2022-1A, Class C
5.310% 6/14/29 ^(a)		800,000		753,429
Westlake Automobile Receivables Trust, Series 2020-3A, Class D
1.650% 2/17/26 ^(a)		2,306,000		2,217,574
				12,292,682
Commercial Mortgage-Backed Securities — 7.0%
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
6.693% FRN 7/15/35 ^(a)		1,000,000		954,397
BX Commercial Mortgage Trust, Series 2019-XL, Class F, 1 mo. USD Term SOFR + 2.114%
7.262% FRN 10/15/36 ^(a)		1,487,500		1,463,375
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%
6.943% FRN 12/15/37 ^(a)		308,865		303,465
COMM Mortgage Trust, Series 2015-LC19, Class D
2.867% 2/10/48 ^(a)		1,700,000		1,401,838
Credit Suisse Mortgage Capital Certificates
Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600% 6.793% FRN 5/15/36 ^(a)		3,990,073		3,942,721
Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150% 7.343% FRN 5/15/36 ^(a)		2,493,796		2,437,718

	Principal Amount		Value
KNDL Mortgage Trust
Series 2019-KNSQ, Class D, FRN, 144A, 1 mo. USD LIBOR + 1.500% 6.693% FRN 5/15/36 ^(a)	$	1,000,000	$	987,508
Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.950% 7.143% FRN 5/15/36 ^(a)		476,000		468,418
Ready Capital Commercial Mortgage Financing LLC, Series 2023-FL12, Class A, 1 mo. USD Term SOFR + 2.335
7.335% FRN 5/25/38 ^(a)		2,000,000		1,990,901
				13,950,341
Home Equity Asset-Backed Securities — 0.8%
Centex Home Equity Loan Trust, Series 2006-A, Class M1, 1 mo. USD LIBOR + .450%
5.600% FRN 6/25/36		14,891		14,871
Citigroup Mortgage Loan Trust, Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .435%
5.585% FRN 8/25/36		182,263		181,056
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD LIBOR + .615%
5.765% FRN 4/25/36		1,162,809		1,125,964
Residential Asset Securities Corporation Trust, Series 2005-EMX1, Class M1, 1 mo. USD LIBOR + .645%
5.795% FRN 3/25/35		272,533		270,957
				1,592,848
Other Asset-Backed Securities — 19.4%
321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200%
5.393% FRN 9/15/41 ^(a)		50,307		49,512
ACHV ABS Trust, Series 2023-1PL, Class A
6.420% 3/18/30 ^(a)		184,315		184,354
Affirm Asset Securitization Trust
Series 2021-Z1, Class A, 1.070% 8/15/25 ^(a)		856,166		837,746
Series 2021-Z2, Class A, 1.170% 11/16/26 ^(a)		497,927		480,747
Series 2022-X1, Class A, 1.750% 2/15/27 ^(a)		1,105,980		1,080,582
Series 2018-A, Class A, 1.900% 1/15/25 ^(a)		245,865		243,149
Series 2022-Z1, Class A, 4.550% 6/15/27 ^(a)		464,962		458,398

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

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

	Principal Amount		Value
BHG Securitization Trust
Series 2021-B, Class A, 0.900% 10/17/34 ^(a)	$	710,063	$	679,593
Series 2022-C, Class A, 5.320% 10/17/35 ^(a)		2,240,827		2,215,401
Series 2023-A, Class A, 5.550% 4/17/36 ^(a)		1,440,169		1,418,603
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A,
0.985% VRN 11/25/50 ^(a) ^(b)		1,010,032		941,829
Elara HGV Timeshare Issuer LLC
Series 2016-A, Class A, 2.730% 4/25/28 ^(a)		262,521		259,873
Series 2016-A, Class B, 3.220% 4/25/28 ^(a)		50,043		49,342
Series 2017-A, Class C, 3.310% 3/25/30 ^(a)		152,820		144,447
FCI Funding LLC
Series 2021-1A, Class A, 1.130% 4/15/33 ^(a)		758,942		724,967
Series 2021-1A, Class B, 1.530% 4/15/33 ^(a)		506,021		480,918
First Franklin Mortgage Loan Trust
Series 2006-FF15, Class A5, 1 mo. USD LIBOR + .160% 5.310% FRN 11/25/36		305,745		294,187
Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720% 5.870% FRN 10/25/35		20,362		20,366
FNA VI LLC, Series 21-1A, Class A
1.350% 1/10/32 ^(a)		2,369,887		2,141,583
Gracie Point International Funding
Series 2021-1A, Class A, 1 mo. USD LIBOR + .750% 5.920% FRN 11/01/23 ^(a)		5,028,858		5,024,844
Series 2022-1A, Class C, 30 day SOFR + 3.500% 8.532% FRN 4/01/24 ^(a)		1,700,000		1,699,990
Series 2022-3A, Class B, 30 day SOFR + 4.000% 9.032% FRN 11/01/24 ^(a)		1,000,000		1,000,970
Series 2022-1A, Class E, 30 day SOFR + 5.750% 10.782% FRN 4/01/24 ^(a)		800,000		799,993
Hilton Grand Vacations Trust
Series 2017-AA, Class B, 2.960% 12/26/28 ^(a)		90,340		88,299
Series 2022-2A, Class C, 5.570% 1/25/37 ^(a)		591,999		565,585
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD LIBOR + .260%
5.410% FRN 3/25/37		156,022		150,904

	Principal Amount		Value
KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200%
7.358% FRN 2/15/39 ^(a)	$	700,000	$	641,619
Marlette Funding Trust, Series 2023-2A, Class A
6.040% 6/15/33 ^(a)		1,198,608		1,194,871
MVW Owner Trust, Series 2018-1A, Class A
3.450% 1/21/36 ^(a)		304,187		296,269
New Residential Advance Receivables Trust Advance Receivables Backed
Series 2020-T1, Class AT1, ABS, 144A, 1.426% 8/15/53 ^(a)		2,250,000		2,233,410
Series 2020-T1, Class BT1, 1.823% 8/15/53 ^(a)		1,100,000		1,091,139
NP SPE II LLC, Series 2019-1A, Class A1
2.574% 9/20/49 ^(a)		158,215		146,913
Oportun Funding LLC, Series 2022-1, Class A
3.250% 6/15/29 ^(a)		711,993		702,262
Orange Lake Timeshare Trust, Series 2016-A, Class A
2.610% 3/08/29 ^(a)		44,285		42,335
Pagaya AI Debt Selection Trust
Series 2021-3, Class A, 1.150% 5/15/29 ^(a)		563,953		558,521
Series 2022-1, Class A, 2.030% 10/15/29 ^(a)		4,779,646		4,653,053
Sierra Timeshare Receivables Funding LLC
Series 2019-3A, Class C, 3.000% 8/20/36 ^(a)		595,240		563,741
Series 2019-2A, Class C, 3.120% 5/20/36 ^(a)		1,044,452		983,478
Series 2019-1A, Class C, 3.770% 1/20/36 ^(a)		136,594		130,757
Series 2019-3A, Class D, 4.180% 8/20/36 ^(a)		152,415		145,031
Series 2019-1A, Class D, 4.750% 1/20/36 ^(a)		123,585		115,608
Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .735%
5.885% FRN 3/25/35		243,999		242,042
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC6, Class A4, 1 mo. USD LIBOR + .170% 5.320% FRN 1/25/37		145,724		141,854

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

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

	Principal Amount		Value
Series 2006-WF1, Class M4, 1 mo. USD LIBOR + .645% 5.795% FRN 2/25/36	$	181,659	$	180,554
Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% 6.350% FRN 11/25/35 ^(a)		377,941		366,181
Trafigura Securitisation Finance PLC, Series 2021-1A, Class B
1.780% 1/15/25 ^(a)		1,200,000		1,101,136
Upstart Securitization Trust, Series 2021-4, Class A
0.840% 9/20/31 ^(a)		1,085,078		1,070,736
				38,637,692
Student Loans Asset-Backed Securities — 6.5%
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100%
5.621% FRN 3/28/68		1,690,707		1,635,509
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%
5.750% FRN 1/15/37		233,724		199,610
Commonbond Student Loan Trust
Series 2021-AGS, Class B, 1.400% 3/25/52 ^(a)		129,400		97,591
Series 2018-CGS, Class C, 4.350% 2/25/46 ^(a)		13,372		11,916
DRB Prime Student Loan Trust, Series 2017-A, Class A1, 1 mo. USD LIBOR + .850%
6.000% FRN 5/27/42 ^(a)		3,434		3,434
Edsouth Indenture No. 9 LLC, No.9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + .800%
5.950% FRN 10/25/56 ^(a)		199,280		194,313
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750%
5.900% FRN 8/25/42 ^(a)		138,216		135,330
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700%
6.096% FRN 8/25/48 ^(a)		88,135		86,015
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350%
5.623% FRN 6/28/39 ^(a)		296,163		265,624
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX
2.340% 10/25/48 ^(a)		94,952		92,226

	Principal Amount		Value
Navient Private Education Loan Trust, Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200%
6.393% FRN 12/15/28 ^(a)	$	4,451	$	4,450
Navient Private Education Refi Loan Trust
Series 2021-A, Class A, 0.840% 5/15/69 ^(a)		1,828,756		1,587,482
Series 2020-HA, Class A, 1.310% 1/15/69 ^(a)		320,342		289,956
Navient Student Loan Trust, Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150%
6.300% FRN 7/26/66 ^(a)		318,773		315,059
Nelnet Student Loan Trust
Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 5.398% FRN 3/23/37		854,830		783,024
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 5.455% FRN 1/25/38		436,227		368,545
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 5.487% FRN 6/25/41		179,948		158,110
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 5.605% FRN 10/25/40		870,503		814,985
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 6.650% FRN 6/25/41 ^(a)		375,000		371,240
SLC Student Loan Trust
Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 5.782% FRN 12/15/39		711,016		641,261
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 5.832% FRN 3/15/40		1,075,162		987,777
SLM Student Loan Trust
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 5.395% FRN 10/25/28		13,944		13,936
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 5.455% FRN 1/25/70		219,521		206,641
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 5.465% FRN 10/25/40		299,668		280,944
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 5.475% FRN 1/25/41		304,550		282,510
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 5.565% FRN 1/25/55		274,391		252,487

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

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

	Principal Amount		Value
Series 2004-8, Class B, 3 mo. USD LIBOR + .460% 5.715% FRN 1/25/40	$	281,990	$	254,149
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 5.725% FRN 10/25/64		176,334		167,399
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 6.202% FRN 12/15/38		252,372		239,495
SMB Private Education Loan Trust
Series 2018-B, Class A2B, 1 mo. USD LIBOR + .720% 5.913% FRN 1/15/37 ^(a)		590,210		581,900
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 6.063% FRN 7/15/36 ^(a)		769,599		760,390
Series 2014-A, Class A3, 1 mo. USD LIBOR + 1.500% 6.693% FRN 4/15/32 ^(a)		377,627		378,053
SoFi Alternative Trust, Series 2019-C, Class PT,
5.569% VRN 1/25/45 ^(a) ^(b)		545,047		520,209
SoFi Professional Loan Program LLC, Series 2017-A, Class A1, 1 mo. USD LIBOR + .700%
5.850% FRN 3/26/40 ^(a)		3,461		3,459
				12,985,029
Whole Loan Collateral Collateralized Mortgage Obligations — 12.2%
Angel Oak Mortgage Trust
Series 2020-6, Class A1, 1.261% VRN 5/25/65 ^(a) ^(b)		953,140		822,932
Series 2022-2, Class A1, 3.353% VRN 1/25/67 ^(a) ^(b)		1,947,615		1,747,956
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%
5.500% FRN 8/25/49 ^(a)		805,624		751,957
COLT Mortgage Loan Trust, Series 2022-1, Class A1,
2.284% VRN 12/27/66 ^(a) ^(b)		6,436,438		5,472,440
Lakeview Trust
Series 2022-1, Class M3, 4.585% 4/25/52 ^(a)		700,000		667,294
Series 2022-3, Class M3, 5.437% 5/29/52 ^(a)		1,300,000		1,227,916
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD LIBOR + .750%
5.900% FRN 5/25/55 ^(a)		4,044,733		4,012,677
Oceanview Trust
Series 2021-1, Class A, 1.219% 12/29/51 ^(a)		1,070,481		1,042,008
Series 2021-1, Class M3, 3.090% 12/29/51 ^(a)		2,000,000		1,906,951

	Principal Amount		Value
Onslow Bay Financial LLC
Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 ^(a) ^(b)	$	1,303,066	$	998,515
Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950% 6.100% FRN 2/25/60 ^(a)		339,251		314,290
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
9.000% FRN 2/25/25 ^(a)		440,000		438,910
PSMC Trust, Series 2020-2, Class A2,
3.000% VRN 5/25/50 ^(a) ^(b)		708,466		620,231
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,
2.916% VRN 9/27/49 ^(a) ^(b)		919,707		869,365
Starwood Residential Mortgage Trust, Series 2021-1, Class A3,
1.528% VRN 5/25/65 ^(a) ^(b)		2,869,805		2,424,358
Verus Securitization Trust
Series 2021-3, Class A3, 1.437% VRN 6/25/66 ^(a) ^(b)		730,369		601,699
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 ^(a) ^(b)		269,467		259,490
				24,178,989

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $107,990,900)				103,637,581

U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ^(c) — 11.1%
Pass-Through Securities — 0.0%
Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.175% 4.376% 3/01/37		71,136		71,989
Whole Loans — 11.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2021-DNA6, Class M1, 30 day SOFR + .800% 5.867% FRN 10/25/41 ^(a)		5,030,250		5,011,953
Series 2021-HQA3, Class M1, 30 day SOFR + .850% 5.917% FRN 9/25/41 ^(a)		6,122,335		5,944,662
Series 2021-DNA7, Class M1, 30 day SOFR + .850% 5.917% FRN 11/25/41 ^(a)		2,152,422		2,129,595
Series 2020-DNA1, Class M2, 1 mo. USD LIBOR + 1.700% 6.850% FRN 1/25/50 ^(a)		873,964		874,356

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

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

	Principal Amount		Value
Series 2022-DNA3, Class M1A, 30 day SOFR + 2.000% 7.067% FRN 4/25/42 ^(a)	$	1,802,430	$	1,804,715
Series 2018-DNA3, Class M2A, 1 mo. USD LIBOR + 2.100% 7.250% FRN 9/25/48 ^(a)		531,203		534,585
Series 2020-DNA5, Class M2, 30 day SOFR + 2.800% 7.867% FRN 10/25/50 ^(a)		165,458		167,832
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, REMICS, Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950%
8.017% FRN 6/25/42 ^(a)		558,214		568,319
Federal National Mortgage Association Connecticut Avenue Securities, Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500%
7.567% FRN 4/25/43 ^(a)		1,066,643		1,075,858
Federal National Mortgage Association Connecticut Avenue Securities Trust
30 day SOFR + 1.900% 6.967% FRN 6/25/43 ^(a) ^(d)		1,100,000		1,101,031
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 7.300% FRN 9/25/31 ^(a)		249,311		249,654
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 7.450% FRN 8/25/31 ^(a)		77,016		77,101
Series 2022-R07, Class 1M1, 30 day SOFR + 2.950% 8.017% FRN 6/25/42 ^(a)		2,425,275		2,482,016
				22,021,677

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $22,284,986)				22,093,666

U.S. TREASURY OBLIGATIONS — 20.6%
U.S. Treasury Bonds & Notes — 20.6%
U.S. Treasury Inflation Index
0.125% 4/15/26		1,387,884		1,301,317
0.125% 7/15/26		1,708,263		1,604,516
0.125% 10/15/26		1,942,483		1,815,804
0.125% 4/15/27		1,933,668		1,789,625
0.125% 1/15/30		1,591,515		1,427,328
0.125% 7/15/30		1,774,500		1,590,985
0.125% 1/15/31		1,811,839		1,609,830
0.125% 7/15/31		2,150,173		1,906,158

	Principal Amount		Value
0.125% 1/15/32	$	1,914,833	$	1,685,202
0.125% 2/15/51		757,257		504,596
0.125% 2/15/52		599,269		397,033
0.250% 7/15/29		1,422,924		1,299,057
0.250% 2/15/50		707,862		494,460
0.375% 1/15/27		1,381,204		1,295,863
0.375% 7/15/27		1,797,913		1,685,210
0.500% 1/15/28		553,343		517,516
0.625% 7/15/32		1,983,297		1,822,386
0.625% 2/15/43		527,704		432,552
0.750% 7/15/28 ^(e)		1,480,204		1,402,465
0.750% 2/15/42		791,969		672,423
0.750% 2/15/45		972,392		802,897
0.875% 1/15/29		1,201,220		1,136,842
0.875% 2/15/47		565,430		473,934
1.000% 2/15/46		640,050		554,731
1.000% 2/15/48		430,497		369,933
1.000% 2/15/49		542,412		465,966
1.125% 1/15/33		1,425,550		1,365,479
1.375% 2/15/44		845,936		796,188
1.500% 2/15/53		459,171		446,234
1.625% 10/15/27		2,713,362		2,673,217
1.750% 1/15/28		796,296		786,972
2.000% 1/15/26		534,867		527,711
2.125% 2/15/40		420,996		451,432
2.125% 2/15/41		623,268		668,358
2.375% 1/15/27		827,222		831,326
2.500% 1/15/29		847,638		872,802
3.375% 4/15/32		427,200		485,673
3.625% 4/15/28		843,890		905,676
3.875% 4/15/29		922,520		1,019,042
				40,888,739

TOTAL U.S. TREASURY OBLIGATIONS (Cost $44,884,373)				40,888,739

TOTAL BONDS & NOTES (Cost $175,160,259)				166,619,986

TOTAL LONG-TERM INVESTMENTS (Cost $175,160,259)				166,619,986

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

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 13.9%
Commercial Paper — 12.5%
Alimentation Couche-Tard, Inc.
5.468% 7/13/23 ^(a)	$	4,000,000	$	3,992,288
American Honda Finance Corp.
5.518% 7/10/23		1,000,000		998,553
5.662% 8/16/23		2,000,000		1,985,668
Avangrid, Inc.
5.502% 7/24/23 ^(a)		3,000,000		2,989,240
Hewlett Packard Enterprise Co.
5.564% 7/24/23 ^(a)		1,000,000		996,433
Hyundai Capital America
5.653% 9/05/23 ^(a)		2,000,000		1,979,196
Ingredion, Inc.
5.441% 7/20/23 ^(a)		4,000,000		3,988,182
NextEra Energy Capital Holdings, Inc.
5.661% 8/01/23 ^(a)		3,000,000		2,985,069
Sempra Energy
5.644% 9/05/23 ^(a)		1,000,000		989,542
Stanley Black & Decker, Inc.
5.629% 7/24/23 ^(a)		4,000,000		3,985,816
				24,889,987
Repurchase Agreement — 1.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 ^(f)		2,786,899		2,786,899

TOTAL SHORT-TERM INVESTMENTS (Cost $27,680,712)				27,676,886

TOTAL INVESTMENTS — 97.7% (Cost $202,840,971) ^(g)				194,296,872

Other Assets/(Liabilities) — 2.3%				4,648,082

NET ASSETS — 100.0%			$	198,944,954

Abbreviation Legend

FRN	Floating Rate Note

REMICS

Real Estate Mortgage Investment Conduits

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

(b)

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

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

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

(f)	Maturity value of $2,787,252. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $2,842,710.

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

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

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation (Depreciation)
Long
U.S. Treasury Ultra 10 Year		9/20/23		1	$	118,503		$	(66	)
Short
U.S. Treasury Long Bond		9/20/23		3	$	(380,973	)	$	254
U.S. Treasury Ultra Bond		9/20/23		3		(412,677	)		4,021
U.S. Treasury Note 2 Year		9/29/23		220		(45,364,491	)		628,866
U.S. Treasury Note 5 Year		9/29/23		15		(1,638,352	)		31,946
								$	665,087

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency		Termination Date		Notional Amount			Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
12-Month USD SOFR		Annually	Fixed 4.661%		Annually		5/08/25		USD	14,400,000	$	(62,301	)	$	—	$	(62,301	)
12-Month USD SOFR		Annually	Fixed 4.864%		Annually		6/13/25		USD	28,600,000		9,286			—		9,286
12-Month USD SOFR		Annually	Fixed 3.569%		Annually		7/10/25		USD	14,000,000		(324,200	)		—		(324,200	)
12-Month USD SOFR		Annually	Fixed 3.725%		Annually		7/14/25		USD	13,900,000		(278,651	)		—		(278,651	)
12-Month USD SOFR		Annually	Fixed 3.512%		Annually		8/09/25		USD	28,200,000		(646,250	)		—		(646,250	)
Fixed 3.905%		Annually	12-Month USD SOFR		Annually		5/08/33		USD	3,300,000		(92,489	)		—		(92,489	)
Fixed 3.646%		Annually	12-Month USD SOFR		Annually		6/13/33		USD	6,500,000		(46,780	)		—		(46,780	)
Fixed 2.955%		Annually	12-Month USD SOFR		Annually		7/10/33		USD	3,100,000		153,006			—		153,006
Fixed 3.067%		Annually	12-Month USD SOFR		Annually		7/14/33		USD	3,100,000		123,699			—		123,699
Fixed 3.120%		Annually	12-Month USD SOFR		Annually		8/09/33		USD	6,300,000		214,347			—		214,347
											$	(950,333	)	$	—	$	(950,333	)

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

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

OTC Total Return Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency		Counterparty	Termination Date		No. of Contracts/ Notional		Value		Upfront Premium Received (Paid)/ Received		Unrealized Appreciation (Depreciation)
Fed Funds +12.5BP		Maturity	Bloomberg US Treasury Inflation Notes TR Index		Maturity	BNP Paribas SA*		7/31/23		30,058,617	$	11,060	$	—	$	11,060
Fed Funds +15.8BP		Maturity	Bloomberg US Treasury Inflation Notes TR Index		Maturity	BNP Paribas SA*		8/31/23		39,385,026		562,285		—		562,285
Fed Funds +9.0 BP		Maturity	Bloomberg US Treasury Inflation Notes TR Index		Maturity	Goldman Sachs International*		7/31/23		37,922,097		13,954		—		13,954
Fed Funds +9.0 BP		Maturity	Bloomberg US Treasury Inflation Notes TR Index		Maturity	Goldman Sachs International*		8/31/23		35,834,554		511,596		—		511,596
											$	1,098,895	$	—	$	1,098,895

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

Currency Legend

USD	U.S. Dollar

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

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

June 30, 2023 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 99.9%
Diversified Financial Services — 99.9%
iShares 1-5 Year Investment Grade Corporate Bond ETF		31,841	$	1,597,463
iShares 20+ Year Treasury Bond ETF		6,153		633,390
iShares Broad USD High Yield Corporate Bond ETF		9,148		322,924
iShares Core Dividend Growth ETF		19,360		997,621
iShares Core International Aggregate Bond ETF		3,257		160,537
iShares Core MSCI Emerging Markets ETF		13,109		646,143
iShares Core MSCI International Developed Markets ETF		69,739		4,262,448
iShares Core S&P 500 ETF		7,044		3,139,581
iShares Core S&P Mid-Cap ETF		2,589		676,972
iShares Core S&P Total US Stock Market ETF		110,267		10,788,523
iShares Core U.S. Aggregate Bond ETF		101,422		9,934,285

TOTAL MUTUAL FUNDS (Cost $34,453,190)				33,159,887

TOTAL LONG-TERM INVESTMENTS (Cost $34,453,190)				33,159,887

TOTAL INVESTMENTS — 99.9% (Cost $34,453,190) ^(a)				33,159,887

Other Assets/(Liabilities) — 0.1%				24,176

NET ASSETS — 100.0%			$	33,184,063

Abbreviation Legend

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

June 30, 2023 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 99.9%
Diversified Financial Services — 99.9%
iShares 1-5 Year Investment Grade Corporate Bond ETF ^(a)		50,339	$	2,525,508
iShares 20+ Year Treasury Bond ETF		4,845		498,744
iShares Broad USD High Yield Corporate Bond ETF		14,485		511,320
iShares Core Dividend Growth ETF		30,641		1,578,931
iShares Core International Aggregate Bond ETF		10,304		507,884
iShares Core MSCI Emerging Markets ETF		52,053		2,565,692
iShares Core MSCI International Developed Markets ETF		127,314		7,781,432
iShares Core S&P 500 ETF		9,922		4,422,335
iShares Core S&P Mid-Cap ETF		8,206		2,145,705
iShares Core S&P Total US Stock Market ETF		253,669		24,818,975
iShares Core U.S. Aggregate Bond ETF		61,577		6,031,467

TOTAL MUTUAL FUNDS (Cost $53,197,577)				53,387,993

TOTAL LONG-TERM INVESTMENTS (Cost $53,197,577)				53,387,993

SHORT-TERM INVESTMENTS — 0.6%
Investment of Cash Collateral from Securities Loaned — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio ^(b)		174,250		174,250

	Principal Amount		Value
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 ^(c)	$	146,920	$	146,920

TOTAL SHORT-TERM INVESTMENTS (Cost $321,170)				321,170

TOTAL INVESTMENTS — 100.5% (Cost $53,518,747) ^(d)				53,709,163

Other Assets/(Liabilities) — (0.5)%				(290,693	)

NET ASSETS — 100.0%			$	53,418,470

Abbreviation Legend

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $170,578 or 0.32% of net assets (Note 2).

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

(c)	Maturity value of $146,939. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $149,918.

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

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

MML Managed Bond Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 99.0%
CORPORATE DEBT — 38.4%
Aerospace & Defense — 0.1%
Boeing Co.
5.930% 5/01/60	$	605,000	$	599,184
Agriculture — 0.8%
BAT Capital Corp.
2.259% 3/25/28		725,000		621,337
3.462% 9/06/29		1,075,000		931,271
4.758% 9/06/49		540,000		407,651
Imperial Brands Finance PLC
3.875% 7/26/29 ^(a)		1,739,000		1,531,585
Reynolds American, Inc.
5.850% 8/15/45		985,000		875,965
Viterra Finance BV
3.200% 4/21/31 ^(a)		1,315,000		1,101,291
				5,469,100
Airlines — 0.2%
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,
4.100% 10/01/29		1,148,321		1,038,018
United Airlines Pass-Through Trust, Series 2018-1, Class B,
4.600% 9/01/27		330,574		310,024
				1,348,042
Auto Manufacturers — 0.4%
General Motors Co.
5.150% 4/01/38		800,000		711,981
General Motors Financial Co., Inc.
3.100% 1/12/32		1,750,000		1,415,403
Nissan Motor Co. Ltd.
4.345% 9/17/27 ^(a)		611,000		555,708
				2,683,092
Auto Parts & Equipment — 0.1%
Lear Corp.
3.550% 1/15/52		1,325,000		883,983
Banks — 8.7%
Bank Hapoalim BM 5 year CMT + 2.155%
3.255% VRN 1/21/32 ^(a)		2,600,000		2,226,936
Bank of America Corp.
SOFR + 1.220% 2.299% VRN 7/21/32		1,355,000		1,083,684
5 year CMT + 1.200% 2.482% VRN 9/21/36		2,635,000		2,015,859
5 year CMT + 2.000% 3.846% VRN 3/08/37		2,145,000		1,834,242

	Principal Amount		Value
3 mo. USD Term SOFR + 2.076% 4.244% VRN 4/24/38	$	1,150,000	$	1,009,866
6.110% 1/29/37		1,550,000		1,634,655
7.750% 5/14/38		400,000		474,740
Bank of Nova Scotia 3 mo. USD LIBOR + 2.648%
7.846% VRN ^(b)		3,575,000		2,961,709
Barclays PLC
5 year USD Swap + 4.842% 7.750% VRN ^(b)		1,425,000		1,396,358
5 year CMT + 5.431% 8.000% VRN ^(b)		1,382,000		1,234,679
BNP Paribas SA 5 year USD Swap + 4.149%
6.625% VRN ^(a) ^(b)		1,105,000		1,061,215
BPCE SA SOFR + 1.730%
3.116% VRN 10/19/32 ^(a)		1,860,000		1,435,598
Citigroup, Inc. 3 mo. USD LIBOR + 4.068%
9.341% VRN ^(b)		890,000		893,115
Credit Suisse AG
6.500% 8/08/23 ^(a)		1,630,000		1,618,264
7.950% 1/09/25		1,900,000		1,938,461
Discover Bank 5 year USD ICE Swap + 1.730%,
4.682% VRN 8/09/28		3,105,000		2,838,924
Goldman Sachs Group, Inc.
SOFR + 1.410% 3.102% VRN 2/24/33		1,500,000		1,267,130
6.750% 10/01/37		1,795,000		1,930,601
HSBC Holdings PLC
SOFR + 1.290% 1.589% VRN 5/24/27		699,000		616,910
SOFR + 1.285% 2.206% VRN 8/17/29		1,203,000		1,006,390
SOFR + 1.970% 6.161% VRN 3/09/29		1,840,000		1,855,659
Huntington Bancshares, Inc. 5 year CMT + 1.170%
2.487% VRN 8/15/36		252,000		177,663
ING Groep NV 5 year USD ICE Swap + 4.204%
6.750% VRN ^(b)		1,200,000		1,143,000
JP Morgan Chase & Co.
3 mo. USD Term SOFR + 2.515% 2.956% VRN 5/13/31		1,000,000		857,450
5.600% 7/15/41		1,125,000		1,169,970
Lloyds Banking Group PLC
5 year USD Swap + 4.760% 7.500% VRN ^(b)		2,100,000		2,006,025

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
1 year CMT + 3.750% 7.953% VRN 11/15/33	$	1,030,000	$	1,117,420
Macquarie Bank Ltd. 5 year CMT + 1.700%
3.052% VRN 3/03/36 ^(a)		2,665,000		2,021,803
Macquarie Group Ltd. SOFR + 1.069%
1.340% VRN 1/12/27 ^(a)		950,000		845,601
Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250%
3.077% VRN 4/07/31 ^(a)		2,780,000		2,423,660
Morgan Stanley
SOFR + 1.360% 2.484% VRN 9/16/36		1,270,000		963,600
SOFR + 2.620% 5.297% VRN 4/20/37		2,320,000		2,195,172
National Australia Bank Ltd. 5 year CMT + 1.700%
3.347% VRN 1/12/37 ^(a)		2,960,000		2,329,983
Natwest Group PLC 1 year CMT + 1.350%
5.847% VRN 3/02/27		622,000		615,187
SVB Financial Group
4.250% ^(b)		298,000		20,859
Synovus Bank GA
5.625% 2/15/28		1,563,000		1,412,151
Toronto-Dominion Bank 5 year CMT + 4.075%
8.125% VRN 10/31/82		1,706,000		1,733,091
U.S. Bancorp SOFR + 2.260%
5.836% VRN 6/12/34		995,000		1,002,199
UBS Group AG
SOFR Index + .980% 1.305% VRN 2/02/27 ^(a)		2,500,000		2,184,170
SOFR + 3.340% 6.373% VRN 7/15/26 ^(a)		892,000		886,366
Wells Fargo & Co.
5.900% VRN ^(b) ^(c)		1,890,000		1,864,013
				59,304,378
Beverages — 0.4%
Bacardi Ltd.
5.150% 5/15/38 ^(a)		450,000		421,918
Bacardi Ltd./Bacardi-Martini BV
5.900% 6/15/43 ^(a)		396,000		399,922
Molson Coors Beverage Co.
4.200% 7/15/46		1,859,000		1,539,343
5.000% 5/01/42		360,000		333,368
				2,694,551

	Principal Amount		Value
Biotechnology — 0.1%
Amgen, Inc.
5.600% 3/02/43	$	982,000	$	984,972
Chemicals — 0.3%
Celanese U.S. Holdings LLC
6.165% 7/15/27		975,000		969,957
LYB International Finance III LLC
4.200% 5/01/50		1,475,000		1,124,978
				2,094,935
Coal — 0.1%
Teck Resources Ltd.
6.000% 8/15/40		808,000		787,212
Computers — 0.2%
Dell International LLC/EMC Corp.
8.100% 7/15/36		325,000		380,237
Leidos, Inc.
2.300% 2/15/31		1,260,000		992,815
				1,373,052
Distribution & Wholesale — 0.1%
LKQ Corp.
5.750% 6/15/28 ^(a)		838,000		835,274
Diversified Financial Services — 3.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.300% 1/30/32		4,115,000		3,366,476
Antares Holdings LP
2.750% 1/15/27 ^(a)		1,275,000		1,047,526
3.950% 7/15/26 ^(a)		2,555,000		2,242,597
8.500% 5/18/25 ^(a)		720,000		703,812
Ares Finance Co. III LLC 5 year CMT + 3.237%
4.125% VRN 6/30/51 ^(a)		1,585,000		1,158,137
Ares Finance Co. LLC
4.000% 10/08/24 ^(a)		2,080,000		1,994,214
Avolon Holdings Funding Ltd.
2.528% 11/18/27 ^(a)		2,755,000		2,322,734
3.250% 2/15/27 ^(a)		1,610,000		1,434,355
4.250% 4/15/26 ^(a)		2,976,000		2,772,487
5.500% 1/15/26 ^(a)		190,000		184,092
Blue Owl Finance LLC
3.125% 6/10/31 ^(a)		3,120,000		2,373,963
4.125% 10/07/51 ^(a)		1,675,000		1,047,522
Charles Schwab Corp. SOFR + 2.500%
5.853% VRN 5/19/34		921,000		934,710
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 ^(a)		1,502,197		1,375,036
				22,957,661

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Electric — 0.9%
AEP Transmission Co. LLC
5.400% 3/15/53	$	617,000	$	634,087
CMS Energy Corp.
4.875% 3/01/44		780,000		707,340
NextEra Energy Capital Holdings, Inc. 5 year CMT + 2.547%
3.800% VRN 3/15/82		1,250,000		1,049,411
Pacific Gas & Electric Co.
2.500% 2/01/31		775,000		606,735
PG&E Wildfire Recovery Funding LLC
4.674% 12/01/53		1,200,000		1,124,176
Puget Energy, Inc.
2.379% 6/15/28		840,000		724,440
Vistra Operations Co. LLC
5.125% 5/13/25 ^(a)		1,550,000		1,511,182
				6,357,371
Electronics — 0.3%
Trimble, Inc.
6.100% 3/15/33		1,863,000		1,887,648
Entertainment — 0.3%
Warnermedia Holdings, Inc.
4.279% 3/15/32		2,060,000		1,826,963
Food — 0.9%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
3.625% 1/15/32 ^(a)		5,300,000		4,300,632
Smithfield Foods, Inc.
2.625% 9/13/31 ^(a)		1,730,000		1,278,425
3.000% 10/15/30 ^(a)		943,000		739,365
				6,318,422
Gas — 0.5%
CenterPoint Energy Resources Corp.
6.625% 11/01/37		1,250,000		1,299,822
NiSource, Inc.
4.800% 2/15/44		1,035,000		938,904
5.800% 2/01/42		950,000		916,326
				3,155,052
Hand & Machine Tools — 0.3%
Regal Rexnord Corp.
6.050% 4/15/28 ^(a)		1,860,000		1,846,436
Health Care – Services — 0.3%
City of Hope
4.378% 8/15/48		1,050,000		890,163
HCA, Inc.
5.900% 6/01/53		1,470,000		1,456,253
				2,346,416

	Principal Amount		Value
Insurance — 6.3%
Allianz SE 5 year CMT + 2.973%
3.500% VRN ^(a) ^(b)	$	4,200,000	$	3,466,995
Allstate Corp. 3 mo. USD LIBOR + 2.938%
5.750% VRN 8/15/53		2,885,000		2,839,040
AmTrust Financial Services, Inc.
6.125% 8/15/23		3,370,000		3,346,186
Ascot Group Ltd.
4.250% 12/15/30 ^(a)		1,990,000		1,528,256
Athene Global Funding
2.673% 6/07/31 ^(a)		2,505,000		1,944,415
AXIS Specialty Finance LLC 5 year CMT + 3.186%
4.900% VRN 1/15/40		1,315,000		1,048,290
Brighthouse Financial, Inc.
4.700% 6/22/47		2,250,000		1,721,915
Brown & Brown, Inc.
4.200% 3/17/32		1,221,000		1,096,491
Corebridge Financial, Inc. 5 year CMT + 3.846%
6.875% VRN 12/15/52		3,281,000		3,144,805
Enstar Finance LLC 5 year CMT + 5.468%
5.750% VRN 9/01/40		2,200,000		1,896,290
Enstar Group Ltd.
3.100% 9/01/31		1,638,000		1,284,456
4.950% 6/01/29		879,000		818,542
Equitable Holdings, Inc. 5 year CMT + 4.736%
4.950% VRN ^(b)		206,000		191,312
Fairfax Financial Holdings Ltd.
5.625% 8/16/32		840,000		811,424
Global Atlantic Fin Co.
3.125% 6/15/31 ^(a)		4,487,000		3,377,977
5 year CMT + 3.796% 4.700% VRN 10/15/51 ^(a)		3,060,000		2,168,932
Hanwha Life Insurance Co. Ltd. 5 year CMT + 1.850%
3.379% VRN 2/04/32 ^(a)		2,485,000		2,223,917
Hill City Funding Trust
4.046% 8/15/41 ^(a)		5,150,000		3,509,357
Liberty Mutual Group, Inc. 5 year CMT + 3.315%
4.125% VRN 12/15/51 ^(a)		1,220,000		958,676
MetLife Capital Trust IV
7.875% 12/15/67 ^(a)		725,000		758,886

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Sammons Financial Group, Inc.
3.350% 4/16/31 ^(a)	$	3,805,000	$	2,955,949
4.450% 5/12/27 ^(a)		270,000		248,779
4.750% 4/08/32 ^(a)		805,000		672,948
USF&G Capital I
8.500% 12/15/45 ^(a)		885,000		973,887
				42,987,725
Investment Companies — 1.3%
Ares Capital Corp.
2.150% 7/15/26		1,850,000		1,604,087
BlackRock TCP Capital Corp.
3.900% 8/23/24		1,316,000		1,269,498
Blackstone Private Credit Fund
1.750% 9/15/24		335,000		314,355
2.625% 12/15/26		3,425,000		2,913,980
Golub Capital BDC, Inc.
2.500% 8/24/26		880,000		761,022
OWL Rock Core Income Corp.
4.700% 2/08/27		1,945,000		1,764,935
				8,627,877
Media — 0.9%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.125% 5/01/27 ^(a)		2,000,000		1,862,490
Charter Communications Operating LLC/Charter Communications Operating Capital
3.900% 6/01/52		765,000		500,589
6.484% 10/23/45		1,485,000		1,396,075
Discovery Communications LLC
4.000% 9/15/55		1,210,000		804,231
4.650% 5/15/50		490,000		373,259
Time Warner Cable LLC
6.750% 6/15/39		985,000		946,661
				5,883,305
Oil & Gas — 2.1%
BP Capital Markets PLC 5 year CMT + 4.398%
4.875% VRN ^(b)		1,475,000		1,340,775
EQT Corp.
3.900% 10/01/27		2,160,000		1,996,962
7.000% STEP 2/01/30		1,795,000		1,879,419
Ovintiv, Inc.
6.500% 8/15/34		1,050,000		1,052,261
6.500% 2/01/38		545,000		534,315
7.100% 7/15/53		1,723,000		1,773,590
Patterson-UTI Energy, Inc.
3.950% 2/01/28		2,435,000		2,181,924
5.150% 11/15/29		1,225,000		1,109,720

	Principal Amount		Value
Petroleos Mexicanos
5.350% 2/12/28	$	665,000	$	547,569
6.375% 1/23/45		595,000		365,448
6.500% 3/13/27		585,000		520,490
6.625% 6/15/35		140,000		97,626
Santos Finance Ltd.
3.649% 4/29/31 ^(a)		1,490,000		1,236,981
				14,637,080
Oil & Gas Services — 0.4%
NOV, Inc.
3.600% 12/01/29		1,573,000		1,397,205
3.950% 12/01/42		1,506,000		1,104,896
				2,502,101
Pharmaceuticals — 0.9%
AbbVie, Inc.
4.700% 5/14/45		860,000		785,725
Cigna Group
4.800% 7/15/46		880,000		807,312
CVS Health Corp.
5.050% 3/25/48		455,000		419,393
6.125% 9/15/39		560,000		581,046
CVS Pass-Through Trust
5.926% 1/10/34 ^(a)		894,392		848,369
7.507% 1/10/32 ^(a)		737,983		769,848
Utah Acquisition Sub, Inc.
5.250% 6/15/46		2,325,000		1,832,989
				6,044,682
Pipelines — 1.7%
Energy Transfer LP
6.125% 12/15/45		1,000,000		950,058
3 mo. USD LIBOR + 4.028% 9.349% VRN ^(b) ^(d)		2,370,000		2,127,075
EnLink Midstream Partners LP
4.850% 7/15/26		951,000		917,715
5.450% 6/01/47		1,125,000		924,756
Enterprise Products Operating LLC 3 mo. USD Term SOFR + 3.295%
5.250% VRN 8/16/77		2,475,000		2,164,283
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%
9.431% VRN ^(b)		2,345,000		2,087,352
Plains All American Pipeline LP/PAA Finance Corp.
4.700% 6/15/44		1,195,000		932,222
6.650% 1/15/37		375,000		376,189
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.875% 2/01/31		930,000		859,450
				11,339,100

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Private Equity — 1.0%
Apollo Management Holdings LP 5 year CMT + 3.266%
4.950% VRN 1/14/50 ^(a)	$	1,505,000	$	1,260,437
Hercules Capital, Inc.
2.625% 9/16/26		3,284,000		2,810,077
3.375% 1/20/27		1,745,000		1,511,623
KKR Group Finance Co. VIII LLC
3.500% 8/25/50 ^(a)		710,000		483,530
KKR Group Finance Co. X LLC
3.250% 12/15/51 ^(a)		1,035,000		663,948
				6,729,615
Real Estate Investment Trusts (REITS) — 2.8%
Broadstone Net Lease LLC
2.600% 9/15/31		1,835,000		1,314,832
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
3.750% 12/15/27 ^(a)		2,625,000		1,925,703
GLP Capital LP/GLP Financing II, Inc.
5.750% 6/01/28		1,050,000		1,027,284
Host Hotels & Resorts LP
2.900% 12/15/31		580,000		455,973
3.500% 9/15/30		2,120,000		1,795,868
Kimco Realty OP LLC
4.125% 12/01/46		710,000		525,917
4.450% 9/01/47		800,000		648,101
Omega Healthcare Investors, Inc.
3.375% 2/01/31		1,625,000		1,288,930
Piedmont Operating Partnership LP
2.750% 4/01/32		1,035,000		696,879
Rexford Industrial Realty LP
2.125% 12/01/30		1,137,000		896,944
Service Properties Trust
4.950% 10/01/29		1,155,000		896,092
Spirit Realty LP
2.700% 2/15/32		550,000		420,648
3.200% 1/15/27		2,280,000		2,051,523
3.400% 1/15/30		515,000		437,275
4.000% 7/15/29		1,290,000		1,134,708
STORE Capital Corp.
4.500% 3/15/28		2,075,000		1,812,119
WEA Finance LLC
2.875% 1/15/27 ^(a)		2,420,000		2,083,879
				19,412,675
Retail — 0.1%
Advance Auto Parts, Inc.
5.950% 3/09/28		999,000		985,750

	Principal Amount		Value
Software — 0.5%
Electronic Arts, Inc.
2.950% 2/15/51	$	1,100,000	$	744,122
Microsoft Corp.
2.921% 3/17/52		2,064,000		1,535,549
Oracle Corp.
6.900% 11/09/52		712,000		799,126
				3,078,797
Telecommunications — 1.9%
AT&T, Inc.
3.550% 9/15/55		5,153,000		3,607,438
British Telecommunications PLC
9.625% STEP 12/15/30		2,755,000		3,389,669
Deutsche Telekom International Finance BV
8.750% STEP 6/15/30		635,000		760,466
Sprint Capital Corp.
8.750% 3/15/32		3,250,000		3,927,973
Vodafone Group PLC
4.250% 9/17/50		1,150,000		923,262
				12,608,808
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.
3.900% 11/19/29		1,075,000		971,413

TOTAL CORPORATE DEBT (Cost $298,369,362)				261,562,672

NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 29.4%
Commercial Mortgage-Backed Securities — 8.8%
BANK, Series 2020-BN30, Class MCDF,
3.016% VRN 12/15/53 ^(c)		2,100,000		1,083,711
BBCMS Mortgage Trust
Series 2018-CHRS, Class B, 4.409% VRN 8/05/38 ^(a) ^(c)		2,250,000		1,821,493
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 ^(a) ^(c)		1,610,000		1,239,896
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 ^(a) ^(c)		1,370,000		1,016,350
Benchmark Mortgage Trust
Series 2021-B23, Class 360A, 2.852% VRN 2/15/54 ^(a) ^(c)		2,200,000		1,501,395
Series 2021-B23, Class 360B, 2.852% VRN 2/15/54 ^(a) ^(c)		3,587,000		2,185,383
Series 2021-B25, Class 300C, 3.094% VRN 4/15/54 ^(a) ^(c)		2,500,000		1,598,859
BGME Trust
Series 2021-VR, Class C, 3.094% VRN 1/10/43 ^(a) ^(c)		12,518,000		9,706,060

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2021-VR, Class D, 3.094% VRN 1/10/43 ^(a) ^(c)	$	2,800,000	$	2,054,497
BX Commercial Mortgage Trust
Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 6.994% FRN 6/15/38 ^(a)		1,841,732		1,765,818
Series 2019-XL, Class E, 1 mo. USD Term SOFR + 1.914% 7.062% FRN 10/15/36 ^(a)		1,469,650		1,449,482
Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 7.193% FRN 9/15/36 ^(a)		4,999,000		4,717,998
BX Trust, Series 2023-LIFE, Class C
5.884% 2/15/28 ^(a)		1,100,000		1,035,893
COLEM Mortgage Trust, Series 2022-HLNE,
2.543% VRN 4/12/42 ^(a) ^(c)		1,600,000		1,204,310
COMM Mortgage Trust
Series 2012-CR4, Class B, 3.703% 10/15/45 ^(a)		1,060,000		642,092
Series 2014-UBS2, Class AM, 4.199% 3/10/47		1,375,000		1,343,108
Series 2015-CR23, Class C, 4.443% VRN 5/10/48 ^(c)		1,000,000		839,118
Series 2014-LC17, Class C, 4.694% VRN 10/10/47 ^(c)		2,908,000		2,576,755
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150%
7.343% FRN 5/15/36 ^(a)		568,585		555,800
DROP Mortgage Trust
Series 2021-FILE, Class C, 1 mo. USD LIBOR + 2.250% 7.443% FRN 10/15/43 ^(a)		2,629,000		2,215,427
Series 2021-FILE, Class D, 1 mo. USD LIBOR + 2.750% 7.943% FRN 10/15/43 ^(a)		908,000		765,134
Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD LIBOR + 2.250%
7.444% FRN 7/15/38 ^(a)		1,927,476		1,873,306
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C,
3.565% VRN 1/05/39 ^(a) ^(c)		2,500,000		1,745,919
KIND Trust, Series 2021-KIND, Class C, 1 mo. USD Term SOFR + 1.864%
7.012% FRN 8/15/38 ^(a)		2,581,344		2,359,940

	Principal Amount		Value
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.950%
7.143% FRN 5/15/36 ^(a)	$	1,505,000	$	1,481,028
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%
7.012% FRN 3/15/38 ^(a)		1,902,047		1,817,731
MFT Trust
Series 2020-ABC, Class A, 3.358% 2/10/42 ^(a)		919,000		658,308
Series 2020-ABC, Class B, 3.593% VRN 2/10/42 ^(a) ^(c)		2,253,000		1,547,302
MHC Commercial Mortgage Trust, Series 2021-MHC, Class D, 1 mo. USD Term SOFR + 1.715%
6.862% FRN 4/15/38 ^(a)		1,600,000		1,556,037
MKT Mortgage Trust
Series 2020-525M, Class D, 3.039% VRN 2/12/40 ^(a) ^(c)		475,000		265,025
Series 2020-525M, Class E, 3.039% VRN 2/12/40 ^(a) ^(c)		976,000		466,033
Ready Capital Commercial Mortgage Financing LLC, 1 mo. USD Term SOFR + 3.198%
8.198% FRN 5/25/38 ^(a)		1,900,000		1,891,259
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100%
7.293% FRN 7/15/39 ^(a)		3,761,000		2,829,946
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B
4.556% 6/16/51		400,000		338,941
				60,149,354
Other Asset-Backed Securities — 14.9%
522 Funding CLO Ltd., Series 2018-3A, Class CR, 3 mo. USD LIBOR + 2.050%
7.300% FRN 10/20/31 ^(a)		950,000		914,887
AASET Trust
Series 2020-1A, Class A, 3.351% 1/16/40 ^(a)		790,582		663,581
Series 2021-2A, Class B, 3.538% 1/15/47 ^(a)		903,945		679,259
Adams Outdoor Advertising LP, Series 2018-1, Class A
4.810% 11/15/48 ^(a)		1,677,061		1,580,112
Anchorage Capital CLO Ltd., Series 2021-19A, Class A, 3 mo. USD LIBOR + 1.210%
6.470% FRN 10/15/34 ^(a)		2,000,000		1,949,818

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Apidos CLO XLIV Ltd., Series 2023-44A, Class B, 3 mo. USD Term SOFR + 2.550%
7.607% FRN 4/26/35 ^(a)	$	1,750,000	$	1,750,555
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750%
7.023% FRN 1/23/31 ^(a)		1,190,000		1,166,325
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320%
6.302% FRN 4/18/35 ^(a)		750,000		729,660
Ballyrock CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 3.150%
8.529% FRN 11/20/30 ^(a)		400,000		384,431
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A
2.940% 5/25/29 ^(a)		190,350		185,371
Business Jet Securities LLC
Series 2020-1A, Class A, 2.981% 11/15/35 ^(a)		208,952		197,415
Series 2021-1A, Class C, 5.067% 4/15/36 ^(a)		572,505		526,889
Canyon Capital CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 2.150%
7.410% FRN 10/15/34 ^(a)		700,000		662,375
Carlyle U.S. CLO Ltd., Series 2021-6A, Class B, 3 mo. USD LIBOR + 1.700%
6.960% FRN 7/15/34 ^(a)		1,400,000		1,364,691
CARS-DB4 LP
Series 2020-1A, Class A3, 3.250% 2/15/50 ^(a)		454,294		392,971
Series 2020-1A, Class A6, 3.810% 2/15/50 ^(a)		393,937		330,053
Castlelake Aircraft Structured Trust, Series 2019-1A, Class A
3.967% 4/15/39 ^(a)		380,591		337,870
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. USD Term SOFR + 2.362%
7.348% FRN 1/15/31 ^(a)		900,000		887,882
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%
6.230% FRN 4/20/31 ^(a)		750,000		743,616
Diameter Capital CLO Ltd., Series 2021-2A, Class A1, 3 mo. USD LIBOR + 1.220%
6.480% FRN 10/15/36 ^(a)		2,000,000		1,960,338

	Principal Amount		Value
Eaton Vance CLO Ltd.
Series 2020-2A, Class BR, 3 mo. USD LIBOR + 1.700% 6.960% FRN 1/15/35 ^(a)	$	1,400,000	$	1,364,555
Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 7.010% FRN 10/15/30 ^(a)		1,700,000		1,664,587
Series 2020-1A, Class CR, 3 mo. USD LIBOR + 2.050% 7.310% FRN 10/15/34 ^(a)		350,000		336,763
Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD LIBOR + 1.650%
6.900% FRN 10/20/34 ^(a)		350,000		340,656
Flexential Issuer
Series 2021-1A, Class B, 3.720% 11/27/51 ^(a)		4,000,000		3,390,480
Series 2021-1A, Class C, 6.930% 11/27/51 ^(a)		4,000,000		3,402,999
GoldenTree Loan Management U.S. CLO 1 Ltd., Series 2021-11A, Class A, 3 mo. USD LIBOR + 1.130%
6.380% FRN 10/20/34 ^(a)		1,000,000		982,132
Goldentree Loan Management U.S. CLO Ltd., Series 2019-5A, Class CR, 3 mo. USD LIBOR + 2.050%
7.300% FRN 10/20/32 ^(a)		1,000,000		959,294
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 4/15/55 ^(a)		1,620,892		1,341,433
Series 2017-1A, Class A, 3.740% 10/15/52 ^(a)		427,314		375,686
Series 2019-1A, Class A, 3.860% 10/15/54 ^(a)		723,295		632,440
Gulf Stream Meridian 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD LIBOR + 1.750%
7.010% FRN 1/15/37 ^(a)		500,000		484,081
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700%
6.950% FRN 1/20/31 ^(a)		1,290,000		1,263,346
Hero Funding Trust
Series 2016-3A, Class A1, 3.080% 9/20/42 ^(a)		380,328		332,078
Series 2017-3A, Class A1, 3.190% 9/20/48 ^(a)		426,944		365,444
Series 2017-2A, Class A1, 3.280% 9/20/48 ^(a)		123,386		106,105
Series 2016-4A, Class A1, 3.570% 9/20/47 ^(a)		488,038		431,742

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2017-2A, Class A2, 4.070% 9/20/48 ^(a)	$	99,192	$	87,365
Series 2018-1A, Class A2, 4.670% 9/20/48 ^(a)		744,341		676,399
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A
4.458% 12/15/38 ^(a)		816,392		704,136
Horizon Aircraft Finance II Ltd., Series 2019-1, Class A
3.721% 7/15/39 ^(a)		1,056,565		902,292
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A
3.425% 11/15/39 ^(a)		2,622,808		2,072,018
HPS Loan Management Ltd., Series 2023-18A, Class B, 3 mo. USD Term SOFR + 2.950%
8.212% FRN 7/20/36 ^(a)		1,000,000		1,000,000
Invesco CLO Ltd., Series 2021-3A, Class B, 3 mo. USD LIBOR + 1.650%
6.923% FRN 10/22/34 ^(a)		2,000,000		1,944,782
KKR CLO Ltd.
Series 28A, Class A, 3 mo. USD LIBOR + 1.140% 6.692% FRN 3/15/31 ^(a)		877,296		869,191
Series 36A, Class C, 3 mo. USD LIBOR + 2.150% 7.410% FRN 10/15/34 ^(a)		500,000		476,029
KREF Ltd.
Series 2021-FL2, Class B, 1 mo. USD LIBOR + 1.650% 6.808% FRN 2/15/39 ^(a)		2,900,000		2,730,596
Series 2021-FL2, Class C, 1 mo. USD LIBOR + 2.000% 7.158% FRN 2/15/39 ^(a)		5,000,000		4,622,890
Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200% 7.358% FRN 2/15/39 ^(a)		4,100,000		3,758,052
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1
4.300% 1/15/42 ^(a)		1,724,186		1,419,897
Madison Park Funding Ltd.
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 6.860% FRN 7/15/30 ^(a)		1,665,000		1,632,304
Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 7.273% FRN 1/22/31 ^(a)		1,000,000		962,991
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 7.462% FRN 10/18/30 ^(a)		620,000		602,481

	Principal Amount		Value
Mariner Finance Issuance Trust
Series 2021-AA, Class B, 2.330% 3/20/36 ^(a)	$	1,336,000	$	1,097,961
Series 2021-AA, Class C, 2.960% 3/20/36 ^(a)		637,000		522,799
Mosaic Solar Loans LLC
Series 2018-1A, Class A, 4.010% 6/22/43 ^(a)		159,354		142,677
Series 2017-1A, Class A, 4.450% 6/20/42 ^(a)		147,759		139,159
Neuberger Berman CLO Ltd., Series 2015-20A, Class BRR, 3 mo. USD LIBOR + 1.650%
6.910% FRN 7/15/34 ^(a)		1,800,000		1,754,138
Neuberger Berman Loan Advisers CLO Ltd., Series 2015-45A, Class B, 3 mo. USD LIBOR + 1.650%
6.901% FRN 10/14/35 ^(a)		1,350,000		1,313,196
NP SPE II LLC, Series 2017-1A, Class A2
4.219% 10/21/47 ^(a)		2,260,000		2,055,531
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5
3.390% 11/20/50 ^(a)		1,200,000		1,070,283
OCP CLO Ltd., Series 2018-15A, Class A1, 3 mo. USD LIBOR + 1.100%
6.350% FRN 7/20/31 ^(a)		250,000		247,658
Oxford Finance Funding LLC, Series 2020-1A, Class A2
3.101% 2/15/28 ^(a)		552,945		544,959
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD LIBOR + 1.850%
7.100% FRN 10/20/34 ^(a)		450,000		432,555
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A
3.967% 6/15/44 ^(a)		1,205,961		1,046,726
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2
3.858% 12/05/49 ^(a)		2,240,730		1,889,816
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD LIBOR + 1.170%
6.469% FRN 10/30/34 ^(a)		1,000,000		979,466
Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD LIBOR + 1.550%
6.800% FRN 4/20/34 ^(a)		1,500,000		1,431,502
RR 19 Ltd., Series 2021-19A, Class A1, 3 mo. USD LIBOR + 1.140%
6.400% FRN 10/15/35 ^(a)		1,000,000		982,892

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%
6.350% FRN 1/15/30 ^(a)	$	2,249,977	$	2,234,517
RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850%
6.836% FRN 1/15/37 ^(a)		750,000		723,152
Sierra Timeshare Receivables Funding LLC
Series 2021-1A, Class D, 3.170% 11/20/37 ^(a)		485,130		437,803
Series 2018-3A, Class D, 5.200% 9/20/35 ^(a)		208,185		198,726
Silver Point CLO 2 Ltd., Series 2023-2A, Class A1, 3 mo. USD Term SOFR + 2.250%
7.332% FRN 4/20/35 ^(a)		1,500,000		1,501,795
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%
7.645% FRN 8/18/31 ^(a)		1,170,000		1,109,295
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%
6.350% FRN 11/25/35 ^(a)		1,068,661		1,035,408
Structured Receivables Finance LLC, Series 2010-B, Class A
3.730% 8/15/36 ^(a)		55,641		53,269
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A
4.870% 7/20/48 ^(a)		396,841		363,552
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A
4.190% 1/15/71 ^(a)		1,685,513		1,467,754
Symphony CLO Ltd., Series 2023-30A, Class B, 3 mo. USD Term SOFR + 2.650%
7.718% FRN 4/20/35 ^(a)		1,875,000		1,875,645
Thrust Engine Leasing DAC
Series 2021-1A, Class A, 4.163% 7/15/40 ^(a)		2,443,748		2,050,378
Series 2021-1A, Class B, 6.121% 7/15/40 ^(a)		1,167,498		862,816
Series 2021-1A, Class C, 7.386% 7/15/40 ^(a)		869,357		645,110
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD LIBOR + 1.650%
6.900% FRN 10/20/32 ^(a)		1,000,000		976,910

	Principal Amount		Value
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.280%
6.530% FRN 4/20/33 ^(a)	$	2,500,000	$	2,474,797
Vivint Solar Financing V LLC, Series 2018-1A, Class B
7.370% 4/30/48 ^(a)		1,799,818		1,647,126
Voya CLO Ltd., Series 2021-3A, Class B, 3 mo. USD LIBOR + 1.600%
6.850% FRN 1/20/35 ^(a)		500,000		481,410
WAVE LLC, Series 2019-1A, Class A
3.597% 9/15/44 ^(a)		3,075,191		2,518,889
WAVE Trust
Series 2017-1A, Class A, 3.844% 11/15/42 ^(a)		271,230		215,639
Series 2017-1A, Class C, 6.656% 11/15/42 ^(a)		2,212,530		247,118
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 ^(a)		961,973		797,495
Wind River CLO Ltd.
Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.750% 7.010% FRN 7/15/30 ^(a)		1,150,000		1,118,814
Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 7.099% FRN 11/01/31 ^(a)		900,000		870,544
				101,202,623
Student Loans Asset-Backed Securities — 2.9%
College Ave Student Loans LLC
Series 2019-A, Class B, 3.810% 12/28/48 ^(a)		1,265,168		1,152,800
Series 2019-A, Class C, 4.460% 12/28/48 ^(a)		843,659		765,960
Edsouth Indenture No. 8 LLC, Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500%
6.650% FRN 6/25/48 ^(a)		1,200,000		1,192,736
Edsouth Indenture No. 9 LLC, Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%
6.650% FRN 10/25/56 ^(a)		1,100,000		1,066,676
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700%
8.955% FRN 4/25/46		625,000		632,684
EDvestinU Private Education Loan Issue No. 1 LLC, Series 2019-A, Class A
3.580% 11/25/38 ^(a)		556,209		516,244

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Higher Education Funding I
Series 2004-1, Class B2, 0.000%FRN 1/01/44 ^(a) ^(c)	$	450,000	$	394,063
Series 2004-1, Class B1, 4.161% FRN 1/01/44 ^(a) ^(c)		450,000		406,049
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX
3.020% 8/25/42 ^(a)		547,785		488,712
Navient Student Loan Trust
Series 2021-2A, Class B, 1 mo. USD LIBOR + 1.350% 6.500% FRN 2/25/70 ^(a)		2,330,000		2,187,843
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 6.650% FRN 10/25/58		940,000		850,333
Nelnet Student Loan Trust
Series 2005-4, Class A4A, 1.145% FRN 3/22/32 ^(c)		110,000		108,991
Series 2019-5, Class B, 3.450% 10/25/67 ^(a)		2,150,000		1,689,699
Series 2019-1A, Class B, 1 mo. USD LIBOR + 1.400% 6.550% FRN 4/25/67 ^(a)		3,250,000		3,075,232
SLM Student Loan Trust
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 5.465% FRN 10/25/40		1,547,037		1,450,371
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 5.545% FRN 1/25/44		1,211,564		1,114,039
SoFi Alternative Trust, Series 2019-C, Class PT,
5.569% VRN 1/25/45 ^(a) ^(c)		1,707,815		1,629,987
SoFi Professional Loan Program LLC, Series 2017-C, Class C,
4.210% VRN 7/25/40 ^(a) ^(c)		990,000		868,676
				19,591,095
Whole Loan Collateral Collateralized Mortgage Obligations — 2.6%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
4.020% VRN 8/25/34 ^(c)		5,998		5,764
Credit Suisse Mortgage Trust, Series 2021-NQM3, Class M1,
2.317% VRN 4/25/66 ^(a) ^(c)		1,330,000		802,346
Flagstar Mortgage Trust, Series 2021-6INV, Class A18,
2.500% VRN 8/25/51 ^(a) ^(c)		3,695,974		2,877,518
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2,
2.500% VRN 2/25/52 ^(a) ^(c)		2,034,350		1,621,997

	Principal Amount		Value
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4,
2.500% VRN 6/25/51 ^(a) ^(c)	$	2,389,885	$	1,851,694
NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 1 mo. USD LIBOR + 1.400%
6.550% FRN 5/25/55 ^(a)		2,258,533		2,226,926
NMLT Trust, Series 2021-INV1, Class M1,
2.711% VRN 5/25/56 ^(a) ^(c)		5,400,000		3,651,888
Starwood Mortgage Residential Trust, Series 2021-3, Class M1,
2.491% VRN 6/25/56 ^(a) ^(c)		2,448,000		1,576,571
Verus Securitization Trust
Series 2021-3, Class M1, 2.397% VRN 6/25/66 ^(a) ^(c)		3,640,000		2,407,408
Series 2021-R3, Class M1, 2.411% VRN 4/25/64 ^(a) ^(c)		1,147,000		891,823
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1,
3.935% VRN 11/25/48 ^(a) ^(c)		42,085		39,203
				17,953,138
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.2%
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A4,
2.500% VRN 2/25/52 ^(a) ^(c)		1,351,147		1,051,942

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $232,240,933)				199,948,152

SOVEREIGN DEBT OBLIGATION — 0.2%
Mexico Government International Bonds
4.750% 3/08/44		1,652,000		1,410,899

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,645,668)				1,410,899

U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ^(e) — 28.8%
Collateralized Mortgage Obligations — 0.0%
Federal Home Loan Mortgage Corp. Series 2178, Class PB 7.000% 8/15/29		13,897		14,098
Pass-Through Securities — 28.8%
Federal Home Loan Mortgage Corp.
Pool #RA4245 2.000% 12/01/50		2,105,828		1,732,508

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #RA4255 2.000% 1/01/51	$	4,379,678	$	3,610,095
Pool #RA5576 2.500% 7/01/51		7,741,130		6,622,369
Pool #SD0905 3.000% 3/01/52		3,403,830		3,007,577
Pool #J13972 3.500% 1/01/26		6,015		5,865
Pool #C91344 3.500% 11/01/30		36,830		35,245
Pool #C91424 3.500% 1/01/32		22,500		21,532
Pool #RA2483 3.500% 6/01/50		3,679,410		3,378,958
Pool #SD1523 4.000% 8/01/52		5,181,656		4,893,987
Pool #SD1603 4.000% 9/01/52		3,217,613		3,022,290
Pool #C91239 4.500% 3/01/29		1,828		1,792
Pool #C91251 4.500% 6/01/29		12,022		11,790
Pool #C90939 5.500% 12/01/25		4,408		4,387
Pool #D97258 5.500% 4/01/27		2,551		2,539
Pool #C91026 5.500% 4/01/27		9,768		9,722
Pool #C91074 5.500% 8/01/27		1,043		1,038
Pool #D97417 5.500% 10/01/27		6,181		6,154
Pool #C91128 5.500% 12/01/27		697		694
Pool #C91148 5.500% 1/01/28		21,824		21,722
Pool #C91176 5.500% 5/01/28		8,983		8,953
Pool #C91217 5.500% 11/01/28		3,329		3,344
Federal National Mortgage Association
Pool #CB0414 2.500% 5/01/51		6,357,220		5,400,718
Pool #FM8596 2.500% 9/01/51		2,060,508		1,761,433
Pool #FM9104 2.500% 10/01/51		5,897,835		5,038,098
Pool #FM9227 2.500% 10/01/51		4,414,475		3,751,657
Pool #MA4548 2.500% 2/01/52		6,616,814		5,615,051
Pool #FS3035 2.500% 4/01/52		9,071,014		7,754,387
Pool #MA3029 3.000% 6/01/32		1,072,113		1,015,840
Pool #MA3090 3.000% 8/01/32		437,283		414,330
Pool #AO8180 3.000% 9/01/42		9,478		8,598
Pool #AP8668 3.000% 12/01/42		73,474		66,605
Pool #AR1975 3.000% 12/01/42		14,256		12,932
Pool #AB7397 3.000% 12/01/42		62,605		56,779
Pool #AB7401 3.000% 12/01/42		49,768		45,156
Pool #AR0306 3.000% 1/01/43		4,110		3,728
Pool #AR5391 3.000% 1/01/43		15,743		14,264
Pool #AL3215 3.000% 2/01/43		49,461		44,839
Pool #AR4109 3.000% 2/01/43		53,826		48,781
Pool #AR4432 3.000% 3/01/43		23,167		20,999
Pool #AT0169 3.000% 3/01/43		110,548		100,174
Pool #AB8809 3.000% 3/01/43		25,450		23,082
Pool #MA1368 3.000% 3/01/43		96,994		87,933
Pool #AR2174 3.000% 4/01/43		92,452		83,770
Pool #FS1075 3.000% 3/01/52		3,445,415		3,053,351
Pool #CB3304 3.000% 4/01/52		5,245,338		4,648,457
Pool #CB3305 3.000% 4/01/52		6,264,845		5,548,035
Pool #AS1304 3.500% 12/01/28		389,305		375,464
Pool #MA1356 3.500% 2/01/43		3,557,352		3,281,676

	Principal Amount		Value
Pool #CA6096 3.500% 6/01/50	$	4,075,730	$	3,735,274
Pool #FM4017 3.500% 8/01/50		287,977		264,372
Pool #CB3842 3.500% 6/01/52		10,208,012		9,350,525
Pool #AA3980 4.500% 4/01/28		16,808		16,522
Pool #CA1909 4.500% 6/01/48		1,873,632		1,831,719
Pool #CB3866 4.500% 6/01/52		5,964,962		5,756,499
Pool #CB4129 4.500% 7/01/52		5,215,781		5,013,941
Pool #AD6437 5.000% 6/01/40		179,231		179,951
Pool #AD6996 5.000% 7/01/40		1,159,366		1,164,559
Pool #AL8173 5.000% 2/01/44		396,714		399,114
Pool #775539 1 year USD LIBOR + 1.641% 5.391% FRN 5/01/34		11,177		11,314
Pool #AD0836 5.500% 11/01/28		19,085		18,996
Government National Mortgage Association
Pool #352022 7.000% 11/15/23		76		76
Pool #374440 7.000% 11/15/23		5		5
Pool #491089 7.000% 12/15/28		2,538		2,540
Pool #480539 7.000% 4/15/29		59		60
Pool #488634 7.000% 5/15/29		1,338		1,359
Pool #500928 7.000% 5/15/29		2,278		2,323
Pool #510083 7.000% 7/15/29		137		140
Pool #493723 7.000% 8/15/29		1,703		1,739
Pool #581417 7.000% 7/15/32		3,116		3,165
Government National Mortgage Association II
Pool #008746 1 year CMT + 1.500% 2.750% FRN 11/20/25		758		737
Pool #080136 1 year CMT + 1.500% 2.750% FRN 11/20/27		280		270
Pool #MA6038 3.000% 7/20/49		2,048,438		1,848,644
Pool #MA6283 3.000% 11/20/49		3,700,563		3,337,028
Pool #MA6409 3.000% 1/20/50		3,809,575		3,435,330
Pool #MA4321 3.500% 3/20/47		2,276,936		2,133,782
Government National Mortgage Association II TBA
2.500% 7/20/53 ^(f)		13,050,000		11,293,732
3.000% 7/20/53 ^(f)		9,125,000		8,151,853
3.500% 7/20/53 ^(f)		5,770,000		5,324,145
4.500% 7/20/53 ^(f)		2,000,000		1,929,729
Uniform Mortgage-Backed Security TBA
2.000% 7/13/53 ^(f)		6,925,000		5,643,088
2.500% 7/13/53 ^(f)		2,350,000		1,991,533
3.000% 7/13/53 ^(f)		3,525,000		3,101,449
3.500% 7/13/53 ^(f)		2,000,000		1,821,718
4.000% 7/13/53 ^(f)		18,350,000		17,216,023
4.500% 7/18/38 ^(f)		7,500,000		7,348,833
4.500% 7/13/53 ^(f)		1,975,000		1,897,852

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
5.000% 7/18/38 ^(f)	$	7,400,000	$	7,347,393
5.000% 7/13/53 ^(f)		10,300,000		10,091,184
				196,347,214

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $207,361,125)				196,361,312

U.S. TREASURY OBLIGATIONS — 2.2%
U.S. Treasury Bonds & Notes — 2.2%
U.S. Treasury Bonds
2.250% 8/15/49 ^(g)		16,000,000		11,619,067
U.S. Treasury Notes
4.625% 2/28/25		3,500,000		3,472,862
				15,091,929

TOTAL U.S. TREASURY OBLIGATIONS (Cost $14,988,841)				15,091,929

TOTAL BONDS & NOTES (Cost $754,605,929)				674,374,964

TOTAL LONG-TERM INVESTMENTS (Cost $754,605,929)				674,374,964

SHORT-TERM INVESTMENTS — 11.5%
Commercial Paper — 11.3%
Alimentation Couche-Tard, Inc.
5.468% 7/13/23 ^(a)		11,000,000		10,978,792
Avangrid, Inc.
5.441% 7/20/23 ^(a)		3,000,000		2,991,100
5.502% 7/24/23 ^(a)		3,000,000		2,989,240
Hewlett Packard Enterprise Co.
5.564% 7/24/23 ^(a)		1,000,000		996,433
Hyundai Capital America
5.706% 8/28/23 ^(a)		10,000,000		9,908,779
Marriott International, Inc.
5.644% 8/29/23 ^(a)		9,000,000		8,916,450
NextEra Energy Capital Holdings, Inc.
5.661% 8/01/23 ^(a)		10,000,000		9,950,231
Parker-Hannifin Corp.
5.500% 7/05/23 ^(a)		9,000,000		8,993,483
Sempra Energy
5.644% 9/05/23 ^(a)		1,000,000		989,543
Stanley Black & Decker, Inc.
5.629% 7/24/23 ^(a)		10,000,000		9,964,540

	Principal Amount		Value
Tampa Electric Co.
5.657% 7/06/23 ^(a)	$	2,000,000	$	1,998,257
TELUS Corp.
5.825% 8/21/23 ^(a)		3,000,000		2,976,015
TransCanada PipeLines Ltd.
5.611% 7/06/23 ^(a)		5,000,000		4,995,659
				76,648,522

	Number of Shares
Investment of Cash Collateral from Securities Loaned — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio ^(h)		844,952		844,952

	Principal Amount
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 ⁽ⁱ⁾	$	893,040		893,040

TOTAL SHORT-TERM INVESTMENTS (Cost $78,397,889)				78,386,514

TOTAL INVESTMENTS — 110.5% (Cost $833,003,818) ^(j)				752,761,478

Other Assets/(Liabilities) — (10.5)%				(71,413,838	)

NET ASSETS — 100.0%			$	681,347,640

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

Abbreviation Legend

CLO	Collateralized Loan Obligation

FRN	Floating Rate Note

STEP	Step Up Bond

TBA	To Be Announced

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

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

(c)

(d)	Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $828,268 or 0.12% of net assets. (Note 2).

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

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

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

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

(i)	Maturity value of $893,153. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $910,980.

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

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

United States	80.4	%
Cayman Islands	6.9	%
United Kingdom	2.9	%
Canada	1.5	%
Ireland	1.5	%
Switzerland	1.0	%
Australia	0.9	%
Israel	0.7	%
France	0.7	%
Germany	0.6	%
Jersey, Channel Islands	0.5	%
Mexico	0.4	%
Bermuda	0.3	%
Netherlands	0.3	%
Republic of Korea	0.3	%
Japan	0.1	%
Total Long-Term Investments	99.0	%
Short-Term Investments and Other Assets and Liabilities	1.0	%
Net Assets	100.0	%

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation (Depreciation)
Long
U.S. Treasury Long Bond		9/20/23		100	$	12,649,898		$	40,727
U.S. Treasury Ultra Bond		9/20/23		290		39,058,679			444,759
U.S. Treasury Note 2 Year		9/29/23		365		75,241,547			(1,021,079	)
U.S. Treasury Note 5 Year		9/29/23		227		24,689,709			(379,428	)
								$	(915,021	)
Short
U.S. Treasury Ultra 10 Year		9/20/23		119	$	(14,235,458	)	$	141,395

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

MML Managed Bond Fund – Portfolio of Investments (Continued)

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Obligation/Index		Rate Paid by Fund				Payment Frequency				Termination Date				Notional Amount								Value				Upfront Premium Paid/ (Received)				Unrealized Appreciation (Depreciation)
CDX.NA.IG Series 40†			1.000%				Quarterly				6/20/28				USD				110,000,000			$	(1,643,840	)		$	(574,784	)		$	(1,069,056	)

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency		Termination Date		Notional Amount			Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
12-Month USD SOFR		Annually	Fixed 3.965%		Annually		6/23/25		USD	50,000,000	$	(806,530	)	$	—	$	(806,530	)
12-Month USD SOFR		Annually	Fixed 3.815%		Annually		6/30/25		USD	49,000,000		(925,224	)		—		(925,224	)
12-Month USD SOFR		Annually	Fixed 3.749%		Annually		7/14/25		USD	49,141,000		(962,922	)		—		(962,922	)
12-Month USD SOFR		Annually	Fixed 3.618%		Annually		8/07/25		USD	49,472,000		(1,039,593	)		—		(1,039,593	)
Fixed 3.293%		Annually	12-Month USD SOFR		Annually		6/23/33		USD	11,000,000		240,960			—		240,960
Fixed 3.223%		Annually	12-Month USD SOFR		Annually		6/30/33		USD	11,210,000		310,231			—		310,231
Fixed 3.086%		Annually	12-Month USD SOFR		Annually		7/14/33		USD	11,165,000		427,955			—		427,955
Fixed 3.107%		Annually	12-Month USD SOFR		Annually		8/07/33		USD	11,000,000		388,306			—		388,306
											$	(2,366,817	)	$	—	$	(2,366,817	)

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

Currency Legend

USD	U.S. Dollar

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

MML Short-Duration Bond Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 90.5%
CORPORATE DEBT — 48.0%
Aerospace & Defense — 0.3%
Boeing Co.
2.196% 2/04/26	$	350,000	$	321,233
Agriculture — 1.6%
BAT Capital Corp.
4.700% 4/02/27		1,185,000		1,147,346
Imperial Brands Finance PLC
3.125% 7/26/24 ^(a)		400,000		386,464
Wens Foodstuffs Group Co. Ltd.
2.349% 10/29/25 ^(a)		450,000		400,692
				1,934,502
Auto Manufacturers — 2.1%
Daimler Truck Finance North America LLC
5.150% 1/16/26 ^(a)		330,000		328,456
Ford Motor Credit Co. LLC
2.300% 2/10/25		645,000		602,939
Hyundai Capital America
1.500% 6/15/26 ^(a)		750,000		664,165
Nissan Motor Acceptance Co. LLC
1.850% 9/16/26 ^(a)		1,235,000		1,047,725
				2,643,285
Banks — 10.2%
ABN AMRO Bank NV
4.750% 7/28/25 ^(a)		625,000		602,781
Banco Santander SA
1.849% 3/25/26		600,000		536,760
Bank Mandiri Persero Tbk PT
5.500% 4/04/26 ^(a)		384,000		383,292
Bank of America Corp.
SOFR + .960% 1.734% VRN 7/22/27		265,000		236,583
3.950% 4/21/25		178,000		172,374
Barclays PLC
5.200% 5/12/26		1,055,000		1,017,809
BPCE SA
4.625% 7/11/24 ^(a)		200,000		195,431
5.700% 10/22/23 ^(a)		805,000		801,484
Citigroup, Inc.
4.450% 9/29/27		465,000		443,995
Credit Suisse AG
6.500% 8/08/23 ^(a)		930,000		923,304

	Principal Amount		Value
Danske Bank AS
1 yr. CMT + .730% 1.549% VRN 9/10/27 ^(a) ^(b)	$	485,000	$	421,262
1 yr. CMT + 2.100% 6.466% VRN 1/09/26 ^(a)		275,000		274,344
Deutsche Bank AG
SOFR + 2.159% 2.222% VRN 9/18/24		435,000		429,492
SOFR + 1.219% 2.311% VRN 11/16/27		430,000		369,515
HSBC Holdings PLC
SOFR + 1.430% 2.999% VRN 3/10/26		430,000		407,666
SOFR + 3.350% 7.390% VRN 11/03/28		310,000		327,169
JP Morgan Chase & Co. SOFR + .765%
1.470% VRN 9/22/27		445,000		392,856
Lloyds Banking Group PLC 1 yr. CMT + 1.700%
5.871% VRN 3/06/29		325,000		322,254
Macquarie Group Ltd. SOFR + 1.069%
1.340% VRN 1/12/27 ^(a)		845,000		752,140
Morgan Stanley
SOFR + 1.610% 4.210% VRN 4/20/28		245,000		235,358
4.350% 9/08/26		1,150,000		1,110,603
Natwest Group PLC 1 yr. CMT + .900%
1.642% VRN 6/14/27		345,000		303,614
Santander U.K. Group Holdings PLC SOFR + 1.220%
2.469% VRN 1/11/28		370,000		323,004
Societe Generale SA
1 yr. CMT + 1.100% 1.488% VRN 12/14/26 ^(a)		525,000		461,981
1 yr. CMT + 1.300% 2.797% VRN 1/19/28 ^(a)		200,000		177,142
Synovus Bank GA
5.625% 2/15/28		273,000		246,652
UBS Group AG SOFR Index + .980%
1.305% VRN 2/02/27 ^(a)		450,000		393,151
UBS Group AG 1 yr. CMT + 1.080%
1.364% VRN 1/30/27 ^(a)		400,000		350,493
				12,612,509

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

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

	Principal Amount		Value
Beverages — 0.6%
Bacardi Ltd.
4.450% 5/15/25 ^(a) ^(b)	$	378,000	$	367,860
JDE Peet’s NV
1.375% 1/15/27 ^(a)		407,000		353,066
				720,926
Chemicals — 2.5%
Celanese U.S. Holdings LLC
1.400% 8/05/26		250,000		216,639
6.165% 7/15/27		200,000		198,966
International Flavors & Fragrances, Inc.
1.832% 10/15/27 ^(a)		400,000		337,298
MEGlobal Canada ULC
5.000% 5/18/25 ^(a)		450,000		440,689
Orbia Advance Corp. SAB de CV
1.875% 5/11/26 ^(a)		957,000		857,711
Syngenta Finance NV
4.892% 4/24/25 ^(a)		335,000		327,897
Yara International ASA
3.800% 6/06/26 ^(a)		325,000		305,206
4.750% 6/01/28 ^(a)		450,000		427,493
				3,111,899
Commercial Services — 0.7%
Triton Container International Ltd.
2.050% 4/15/26 ^(a)		950,000		829,283
Distribution & Wholesale — 0.8%
Ferguson Finance PLC
4.250% 4/20/27 ^(a)		355,000		340,565
Li & Fung Ltd.
5.000% STEP 8/18/25 ^(a)		675,000		624,695
				965,260
Diversified Financial Services — 3.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.450% 10/29/26		405,000		361,726
6.500% 7/15/25		300,000		301,483
Aircastle Ltd.
4.125% 5/01/24		740,000		720,061
ANB Sukuk Ltd. 5 yr. CMT + 2.974%
3.326% VRN 10/28/30 ^(a)		650,000		609,965
Antares Holdings LP
2.750% 1/15/27 ^(a)		310,000		254,692
3.950% 7/15/26 ^(a)		605,000		531,026
6.000% 8/15/23 ^(a)		323,000		322,172
Avolon Holdings Funding Ltd.
2.875% 2/15/25 ^(a)		800,000		743,972
4.250% 4/15/26 ^(a)		250,000		232,904

	Principal Amount		Value
BGC Partners, Inc.
4.375% 12/15/25 ^(b)	$	505,000	$	466,149
LeasePlan Corp. NV
2.875% 10/24/24 ^(a)		280,000		266,739
				4,810,889
Electric — 1.7%
Alliant Energy Finance LLC
1.400% 3/15/26 ^(a)		260,000		230,009
Enel Finance International NV
1.375% 7/12/26 ^(a)		620,000		547,346
4.625% 6/15/27 ^(a)		377,000		364,888
Pacific Gas & Electric Co.
4.950% 6/08/25		380,000		368,322
Pennsylvania Electric Co.
5.150% 3/30/26 ^(a)		226,000		222,569
Sempra Energy
5.400% 8/01/26		310,000		308,484
				2,041,618
Electronics — 0.2%
Jabil, Inc.
4.250% 5/15/27		285,000		271,277
Energy – Alternate Sources — 0.5%
Contemporary Ruiding Development Ltd.
1.500% 9/09/26 ^(a)		682,000		597,375
Engineering & Construction — 0.3%
Mexico City Airport Trust
4.250% 10/31/26 ^(a)		400,000		385,367
Entertainment — 0.2%
Warnermedia Holdings, Inc.
3.638% 3/15/25		325,000		313,470
Food — 1.6%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
2.500% 1/15/27 ^(a)		860,000		753,446
Pilgrim’s Pride Corp.
5.875% 9/30/27 ^(a)		112,000		110,656
Sigma Alimentos SA de CV
4.125% 5/02/26 ^(a)		450,000		429,189
Smithfield Foods, Inc.
4.250% 2/01/27 ^(a)		775,000		714,196
				2,007,487
Forest Products & Paper — 0.8%
Fibria Overseas Finance Ltd.
4.000% 1/14/25		1,000,000		970,000
Hand & Machine Tools — 0.3%
Regal Rexnord Corp.
6.050% 2/15/26 ^(a)		325,000		325,413

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

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

	Principal Amount		Value
Health Care – Services — 0.2%
HCA, Inc.
5.200% 6/01/28	$	315,000	$	312,438
Home Builders — 0.3%
Toll Brothers Finance Corp.
4.875% 3/15/27		375,000		363,100
Housewares — 0.2%
Newell Brands, Inc.
6.375% 9/15/27 ^(b)		200,000		191,522
Insurance — 3.6%
AmTrust Financial Services, Inc.
6.125% 8/15/23		620,000		615,619
Athene Global Funding
1.730% 10/02/26 ^(a)		445,000		383,573
2.500% 1/14/25 ^(a)		420,000		392,326
3.205% 3/08/27 ^(a)		212,000		189,672
CNO Global Funding
1.750% 10/07/26 ^(a)		714,000		630,270
Corebridge Financial, Inc.
3.650% 4/05/27		235,000		219,390
GA Global Funding Trust
2.250% 1/06/27 ^(a)		685,000		606,535
Lincoln National Corp.
3.800% 3/01/28 ^(b)		350,000		316,442
Sammons Financial Group, Inc.
4.450% 5/12/27 ^(a)		1,140,000		1,050,399
				4,404,226
Internet — 0.2%
Expedia Group, Inc.
4.625% 8/01/27		309,000		299,436
Investment Companies — 2.9%
Ares Capital Corp.
3.875% 1/15/26		535,000		496,006
BlackRock TCP Capital Corp.
3.900% 8/23/24		163,000		157,240
Blackstone Private Credit Fund
2.625% 12/15/26		890,000		757,210
2.700% 1/15/25		325,000		303,151
Golub Capital BDC, Inc.
2.500% 8/24/26		270,000		233,496
3.375% 4/15/24		330,000		320,708
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.750% 9/15/24		445,000		425,182
OWL Rock Core Income Corp.
4.700% 2/08/27		500,000		453,711

	Principal Amount		Value
Sixth Street Specialty Lending, Inc.
3.875% 11/01/24	$	410,000	$	395,296
				3,542,000
Leisure Time — 0.2%
Harley-Davidson Financial Services, Inc.
3.350% 6/08/25 ^(a)		330,000		311,672
Lodging — 0.7%
Las Vegas Sands Corp.
3.200% 8/08/24		875,000		847,497
Machinery – Construction & Mining — 0.6%
Weir Group PLC
2.200% 5/13/26 ^(a)		880,000		788,195
Mining — 0.9%
Alcoa Nederland Holding BV
6.125% 5/15/28 ^(a) ^(b)		395,000		392,875
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT
4.750% 5/15/25 ^(a)		750,000		730,140
				1,123,015
Oil & Gas — 2.1%
EQT Corp.
6.125% STEP 2/01/25		360,000		357,977
Ovintiv Exploration, Inc.
5.375% 1/01/26		275,000		273,133
Ovintiv, Inc.
5.650% 5/15/28		320,000		313,655
Parkland Corp.
5.875% 7/15/27 ^(a)		193,000		186,208
Patterson-UTI Energy, Inc.
3.950% 2/01/28		685,000		613,806
Petroleos Mexicanos
4.625% 9/21/23		315,000		312,055
Ras Laffan Liquefied Natural Gas Co. Ltd.
5.838% 9/30/27 ^(a)		566,550		573,241
				2,630,075
Pharmaceuticals — 1.8%
Bayer U.S. Finance II LLC
4.250% 12/15/25 ^(a)		400,000		385,959
CVS Health Corp.
5.000% 1/30/29		325,000		321,868
Hikma Finance USA LLC
3.250% 7/09/25 ^(a)		675,000		639,171
Viatris, Inc.
2.300% 6/22/27		1,025,000		895,497
				2,242,495

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

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

	Principal Amount		Value
Pipelines — 1.3%
Energy Transfer LP
4.950% 6/15/28	$	975,000	$	945,721
Plains All American Pipeline LP/PAA Finance Corp.
4.500% 12/15/26		90,000		87,152
4.650% 10/15/25		560,000		545,536
				1,578,409
Private Equity — 0.6%
Hercules Capital, Inc.
2.625% 9/16/26		560,000		479,185
3.375% 1/20/27 ^(b)		270,000		233,890
				713,075
Real Estate — 0.0%
Shimao Group Holdings Ltd.
6.125% 2/21/24 ^(a)		400,000		29,048
Real Estate Investment Trusts (REITS) — 2.5%
CubeSmart LP
2.250% 12/15/28		390,000		328,637
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
3.750% 12/15/27 ^(a)		335,000		245,757
GLP Capital LP/GLP Financing II, Inc.
5.375% 4/15/26		348,000		340,662
Omega Healthcare Investors, Inc.
4.750% 1/15/28		779,000		711,094
SBA Tower Trust
1.884% 7/15/50 ^(a)		287,000		257,799
Service Properties Trust
4.350% 10/01/24		935,000		899,675
Vornado Realty LP
2.150% 6/01/26		310,000		262,611
				3,046,235
Retail — 0.4%
Advance Auto Parts, Inc.
5.900% 3/09/26		144,000		142,415
Nordstrom, Inc.
2.300% 4/08/24		268,000		257,878
4.000% 3/15/27 ^(b)		86,000		76,540
				476,833
Software — 0.2%
Oracle Corp.
4.500% 5/06/28		298,000		289,940
Telecommunications — 1.0%
Sprint Capital Corp.
6.875% 11/15/28		310,000		328,598

	Principal Amount		Value
Tower Bersama Infrastructure Tbk PT
4.250% 1/21/25 ^(a)	$	895,000	$	872,359
				1,200,957

TOTAL CORPORATE DEBT (Cost $64,166,205)				59,251,961

NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 40.3%
Automobile Asset-Backed Securities — 2.6%
Avis Budget Rental Car Funding AESOP LLC
Series 2019-3A, Class C, 3.150% 3/20/26 ^(a)		1,083,000		998,260
Series 2018-1A, Class C, 4.730% 9/20/24 ^(a)		250,000		249,169
Carmax Auto Owner Trust, Series 2021-4, Class D
1.480% 3/15/28		250,000		219,016
Carvana Auto Receivables Trust
Series 2021-N1, Class D, 1.500% 1/10/28		404,572		381,768
Series 2021-P3, Class D, 2.250% 9/11/28		855,000		718,211
Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class B
5.310% 5/15/28 ^(a)		400,000		394,725
Santander Revolving Auto Loan Trust, Series 2019-A, Class D
3.450% 1/26/32 ^(a)		215,000		199,514
				3,160,663
Commercial Mortgage-Backed Securities — 6.2%
BAMLL Commercial Mortgage Securities Trust
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 ^(a) ^(c)		370,000		316,447
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 ^(a) ^(c)		450,000		380,674
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
6.693% FRN 7/15/35 ^(a)		500,000		477,199
BX Commercial Mortgage Trust
Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 6.994% FRN 6/15/38 ^(a)		316,972		303,907
Series 2019-XL, Class E, 1 mo. USD Term SOFR + 1.914% 7.062% FRN 10/15/36 ^(a)		268,600		264,914
Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 7.193% FRN 9/15/36 ^(a)		792,000		747,480

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

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

	Principal Amount		Value
Series 2019-XL, Class F, 1 mo. USD Term SOFR + 2.114% 7.262% FRN 10/15/36 ^(a)	$	753,100	$	740,886
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150%
7.343% FRN 12/15/37 ^(a)		545,194		531,578
COMM Mortgage Trust, Series 2014-CR14, Class A2
3.147% 2/10/47		74,480		74,114
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%
6.793% FRN 5/15/36 ^(a)		199,504		197,136
KIND Trust
Series 2021-KIND, Class B, 1 mo. USD Term SOFR + 1.464% 6.612% FRN 8/15/38 ^(a)		546,053		504,443
Series 2021-KIND, Class C, 1 mo. USD Term SOFR + 1.864% 7.012% FRN 8/15/38 ^(a)		595,695		544,602
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.950%
7.143% FRN 5/15/36 ^(a)		251,000		247,002
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%
7.012% FRN 3/15/38 ^(a)		365,665		349,455
MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD Term SOFR + 2.215%
7.362% FRN 4/15/38 ^(a)		620,000		601,416
One New York Plaza Trust
Series 2020-1NYP, Class C, 1 mo. USD LIBOR + 2.200% 7.393% FRN 1/15/36 ^(a)		616,000		527,282
Series 2020-1NYP, Class D, 1 mo. USD LIBOR + 2.750% 7.943% FRN 1/15/36 ^(a)		414,000		325,565
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100%
7.293% FRN 7/15/39 ^(a)		711,000		534,988
				7,669,088
Home Equity Asset-Backed Securities — 0.0%
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .480%
5.630% FRN 10/25/34 ^(a)		5,257		5,281

	Principal Amount		Value
Other Asset-Backed Securities — 18.8%
Adams Outdoor Advertising LP, Series 2018-1, Class A
4.810% 11/15/48 ^(a)	$	337,098	$	317,611
AIMCO CLO Ltd., Series 2019-10A, Class AR, 3 mo. USD LIBOR + 1.060%
6.333% FRN 7/22/32 ^(a)		1,000,000		985,920
Apidos CLO XXVI, Series 2017-26A, Class A2R, 3 mo. USD LIBOR + 1.500%
6.762% FRN 7/18/29 ^(a)		500,000		491,758
Aqua Finance Trust, Series 2021-A, Class A
1.540% 7/17/46 ^(a)		896,901		792,276
Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD LIBOR + 1.550%
6.800% FRN 10/20/31 ^(a)		800,000		780,158
BHG Securitization Trust
Series 2021-B, Class C, 2.240% 10/17/34 ^(a)		448,000		369,766
Series 2022-C, Class A, 5.320% 10/17/35 ^(a)		543,231		537,067
BlueMountain Fuji U.S. CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + .980%
6.230% FRN 7/20/29 ^(a)		524,202		518,725
BRE Grand Islander Timeshare Issuer LLC
Series 2017-1A, Class A, 2.940% 5/25/29 ^(a)		37,514		36,533
Series 2019-A, Class B, 3.780% 9/26/33 ^(a)		127,640		119,898
Business Jet Securities LLC
Series 2021-1A, Class A, 2.162% 4/15/36 ^(a)		393,079		360,456
Series 2020-1A, Class A, 2.981% 11/15/35 ^(a)		68,311		64,539
Canyon Capital CLO Ltd., Series 2017-1A, Class CR, 3 mo. USD LIBOR + 2.000%
7.260% FRN 7/15/30 ^(a)		300,000		286,856
CARS-DB4 LP
Series 2020-1A, Class B1, 4.170% 2/15/50 ^(a)		484,000		445,847
Series 2017-1A, Class A2, 4.180% 4/15/47 ^(a)		578,660		565,999
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%
6.230% FRN 4/20/31 ^(a)		250,000		247,872

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

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

	Principal Amount		Value
CF Hippolyta Issuer LLC, Series 2020-1, Class B1
2.280% 7/15/60 ^(a)	$	90,845	$	75,564
CIFC Funding Ltd.
Series 2021-1A, Class A1, 3 mo. USD LIBOR + 1.110% 6.365% FRN 4/25/33 ^(a)		500,000		495,240
Series 2017-4A, Class A2R, 3 mo. USD LIBOR + 1.550% 6.823% FRN 10/24/30 ^(a)		500,000		489,798
DataBank Issuer, Series 2021-1A, Class A2
2.060% 2/27/51 ^(a)		991,000		868,658
Elara HGV Timeshare Issuer LLC
Series 2016-A, Class A, 2.730% 4/25/28 ^(a)		61,528		60,908
Series 2017-A, Class B, 2.960% 3/25/30 ^(a)		111,142		106,815
Series 2019-A, Class C, 3.450% 1/25/34 ^(a)		272,577		252,660
Firstkey Homes Trust, Series 2021, Class E2
2.489% 8/17/38 ^(a)		460,000		386,630
FNA VI LLC, Series 21-1A, Class A
1.350% 1/10/32 ^(a)		1,070,033		966,952
Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A
1.150% 6/25/51 ^(a)		446,748		412,343
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 4/15/55 ^(a)		334,537		276,859
Series 2016-1A, Class A, 3.230% 10/15/52 ^(a)		160,366		139,774
Series 2019-1A, Class A, 3.860% 10/15/54 ^(a)		155,969		136,377
Series 2018-1A, Class A, 3.930% VRN 10/15/53 ^(a) ^(c)		142,792		126,954
Gracie Point International Funding, Series 2022-3A, Class B, 30 day SOFR + 4.000%
9.032% FRN 11/01/24 ^(a)		1,000,000		1,000,970
Hero Funding Trust
Series 2017-3A, Class A1, 3.190% 9/20/48 ^(a)		83,768		71,701
Series 2016-4A, Class A1, 3.570% 9/20/47 ^(a)		81,014		71,669
Series 2015-1A, Class A, 3.840% 9/21/40 ^(a)		172,907		155,707
Series 2018-1A, Class A2, 4.670% 9/20/48 ^(a)		148,298		134,762

	Principal Amount		Value
HIN Timeshare Trust, Series 2020-A, Class B
2.230% 10/09/39 ^(a)	$	412,299	$	374,701
Horizon Aircraft Finance III Ltd.
Series 2019-2, Class A, 3.425% 11/15/39 ^(a)		353,955		279,625
Series 2019-2, Class B, 4.458% 11/15/39 ^(a)		683,333		271,420
JG Wentworth XXII LLC, Series 2010-3A, Class A
3.820% 12/15/48 ^(a)		79,519		76,104
KKR CLO Ltd., Series 28A, Class A, 3 mo. USD LIBOR + 1.140%
6.692% FRN 3/15/31 ^(a)		243,693		241,442
KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD LIBOR + 1.300%
6.458% FRN 2/15/39 ^(a)		900,000		854,486
Madison Park Funding XXXII Ltd., Series 2018-32A, Class BR, 3 mo. USD LIBOR + 1.400%
6.673% FRN 1/22/31 ^(a)		500,000		485,618
Mosaic Solar Loans LLC
Series 2018-2GS, Class A, 4.200% 2/22/44 ^(a)		131,353		118,795
Series 2017-1A, Class A, 4.450% 6/20/42 ^(a)		29,163		27,466
Neuberger Berman Loan Advisers CLO Ltd., Series 2017-25A, Class BR, 3 mo. USD LIBOR + 1.350%
6.612% FRN 10/18/29 ^(a)		1,000,000		972,616
Newark BSL CLO Ltd., Series 2017-1A, Class A2R, 3 mo. USD LIBOR + 1.400%
6.655% FRN 7/25/30 ^(a)		250,000		244,117
NP SPE II LLC, Series 2017-1A, Class A1
3.372% 10/21/47 ^(a)		89,327		83,396
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3
2.260% 11/20/50 ^(a)		400,000		351,751
Orange Lake Timeshare Trust, Series 2016-A, Class B
2.910% 3/08/29 ^(a)		35,552		33,888
Oxford Finance Funding LLC, Series 2020-1A, Class A2
3.101% 2/15/28 ^(a)		101,157		99,696
Palmer Square CLO Ltd., Series 2020-3A, Class A2R, 3 mo. USD LIBOR + 1.600%
6.921% FRN 11/15/31 ^(a)		500,000		489,640

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

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

	Principal Amount		Value
Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD LIBOR + 1.400%
6.660% FRN 7/15/31 ^(a)	$	350,000	$	343,015
Residential Asset Mortgage Products Trust, Series 2005-EFC1, Class M5, 1 mo. USD LIBOR + .650%
6.125% FRN 5/25/35		173,696		168,074
RR 19 Ltd., Series 2021-19A, Class A1, 3 mo. USD LIBOR + 1.140%
6.400% FRN 10/15/35 ^(a)		500,000		491,446
SBA Tower Trust, Series 2014-2A, Class C,
3.869% STEP 10/15/49 ^(a)		430,000		416,793
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C
3.510% 7/20/37 ^(a)		30,406		28,680
Store Master Funding I-VII, Series 2018-1A, Class A3
4.400% 10/20/48 ^(a)		500,933		453,040
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%
6.350% FRN 11/25/35 ^(a)		78,195		75,762
TAL Advantage VII LLC, Series 2020-1A, Class B
3.290% 9/20/45 ^(a)		640,125		563,472
TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD LIBOR + 1.180%
6.430% FRN 10/20/31 ^(a)		400,000		396,900
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.280%
6.530% FRN 4/20/33 ^(a)		1,000,000		989,919
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2
1.645% 9/15/45 ^(a)		675,000		626,478
Verde CLO Ltd., Series 2019-1A, Class AR, 3 mo. USD LIBOR + 1.100%
6.360% FRN 4/15/32 ^(a)		500,000		493,003
				23,202,965
Student Loans Asset-Backed Securities — 5.4%
College Ave Student Loans LLC
Series 2021-A, Class B, 2.320% 7/25/51 ^(a)		737,561		641,516
Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 6.350% FRN 12/26/47 ^(a)		241,695		237,857

	Principal Amount		Value
College Avenue Student Loans LLC
Series 2017-A, Class B, 4.500% 11/26/46 ^(a)	$	260,000	$	227,810
Series 2017-A, Class A1, 1 mo. USD LIBOR + 1.650% 6.800% FRN 11/26/46 ^(a)		171,686		171,265
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%
5.750% FRN 1/15/37		93,490		79,844
Commonbond Student Loan Trust
Series 2018-AGS, Class C, 3.820% 2/25/44 ^(a)		15,872		13,439
Series 2018-BGS, Class C, 4.120% 9/25/45 ^(a)		17,651		15,312
Series 2018-CGS, Class C, 4.350% 2/25/46 ^(a)		8,415		7,499
Series 2017-AGS, Class C, 5.280% 5/25/41 ^(a)		38,224		35,472
DRB Prime Student Loan Trust, Series 2017-B, Class CFX
3.610% 8/25/42 ^(a)		172,101		162,548
ELFI Graduate Loan Program LLC, Series 2018-A, Class B
4.000% 8/25/42 ^(a)		49,231		44,470
Higher Education Funding I, Series 2004-1, Class B1,
4.161% FRN 1/01/44 ^(a) ^(c)		950,000		857,215
Laurel Road Prime Student Loan Trust, Series 2019-A, Class BFX
3.000% 10/25/48 ^(a)		256,646		241,254
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B
2.770% 1/15/69 ^(a)		2,200,000		1,724,733
Nelnet Student Loan Trust, Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500%
6.650% FRN 6/25/54 ^(a)		130,000		119,813
Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class B,
5.770% FRN 10/25/42 ^(c)		200,000		192,668
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200%
5.521% FRN 2/15/45		190,678		168,694
SLM Student Loan Trust
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 5.455% FRN 1/27/42		572,198		506,789
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 5.465% FRN 10/25/40		299,668		280,944

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

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

	Principal Amount		Value
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 5.545% FRN 1/25/44	$	306,079	$	281,441
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 5.555% FRN 1/25/41		266,601		239,590
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 5.565% FRN 1/25/55		110,387		101,575
SMB Private Education Loan Trust
Series 2018-C, Class A2B, 1 mo. USD LIBOR + .750% 5.943% FRN 11/15/35 ^(a)		212,363		209,688
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 6.293% FRN 9/15/34 ^(a)		48,432		47,957
				6,609,393
Whole Loan Collateral Collateralized Mortgage Obligations — 7.2%
Angel Oak Mortgage Trust
Series 2020-5, Class A3, 2.041% VRN 5/25/65 ^(a) ^(c)		77,309		70,108
Series 2021-1, Class M1, 2.215% VRN 1/25/66 ^(a) ^(c)		314,000		207,659
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
4.020% VRN 8/25/34 ^(c)		1,143		1,098
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3,
2.406% VRN 5/25/60 ^(a) ^(c)		60,556		56,827
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%
5.500% FRN 8/25/49 ^(a)		302,109		281,984
Credit Suisse Mortgage Trust
Series 2021-NQM2, Class A3, 1.538% VRN 2/25/66 ^(a) ^(c)		478,829		393,965
Series 2021-NQM4, Class M1, 2.472% VRN 5/25/66 ^(a) ^(c)		500,000		323,776
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3,
1.128% VRN 5/25/65 ^(a) ^(c)		139,142		126,326
Flagstar Mortgage Trust, Series 2021-6INV, Class A18,
2.500% VRN 8/25/51 ^(a) ^(c)		562,306		437,786
Lakeview Trust, Series 2022-1, Class M3
4.585% 4/25/52 ^(a)		1,600,000		1,525,243
MFRA Trust, Series 2021-NQM2, Class A3,
1.472% VRN 11/25/64 ^(a) ^(c)		371,550		307,106

	Principal Amount		Value
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1,
3.750% VRN 11/25/56 ^(a) ^(c)	$	113,763	$	103,611
NewRez Warehouse Securitization Trust, Series 2021-1, Class C, 1 mo. USD LIBOR + 1.050%
6.200% FRN 5/25/55 ^(a)		803,400		796,339
NLT Trust
Series 2021-INV2, Class A3, 1.520% VRN 8/25/56 ^(a) ^(c)		675,026		553,918
Series 2021-INV2, Class M1, 2.569% VRN 8/25/56 ^(a) ^(c)		700,000		468,052
OBX Trust
Series 2021-NQM3, Class A3, 1.362% VRN 7/25/61 ^(a) ^(c)		782,962		596,263
Series 2021-NQM1, Class M1, 2.219% VRN 2/25/66 ^(a) ^(c)		333,000		206,784
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 3.850%
9.000% FRN 2/25/25 ^(a)		250,000		249,381
Starwood Mortgage Residential Trust
Series 2021-3, Class A3, 1.518% VRN 6/25/56 ^(a) ^(c)		208,397		169,649
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 ^(a) ^(c)		532,984		503,810
Starwood Residential Mortgage Trust, Series 2021-1, Class A3,
1.528% VRN 5/25/65 ^(a) ^(c)		552,374		466,635
Verus Securitization Trust
Series 2021-5, Class A3, 1.373% VRN 9/25/66 ^(a) ^(c)		196,769		158,635
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 ^(a) ^(c)		244,970		235,900
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 ^(a) ^(c)		265,000		230,676
Series 2020-4, Class M1, 3.291% VRN 5/25/65 ^(a) ^(c)		548,000		471,765
				8,943,296
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1%
OBX Trust, Series 2020-INV1, Class A21,
3.500% VRN 12/25/49 ^(a) ^(c)		132,497		114,203

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $54,888,953)				49,704,889

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

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

	Principal Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ^(d) — 1.7%
Pass-Through Securities — 0.0%
Federal National Mortgage Association Pool #775539 1 yr. USD LIBOR + 1.641% 5.391% 5/01/34	$	2,129	$	2,155
Government National Mortgage Association
Pool #352022 7.000% 11/15/23		15		15
Pool #491089 7.000% 12/15/28		489		490
Pool #500928 7.000% 5/15/29		422		430
Pool #510083 7.000% 7/15/29		26		27
Pool #493723 7.000% 8/15/29		320		327
Pool #581417 7.000% 7/15/32		594		603
Government National Mortgage Association II
Pool #008746 1 yr. CMT + 1.500% 2.750% FRN 11/20/25		145		141
Pool #080136 1 yr. CMT + 1.500% 2.750% FRN 11/20/27		51		49
				4,237
Whole Loans — 1.7%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2021-DNA6, Class M2, 30 day USD SOFR Average + 1.500% 6.567% FRN 10/25/41 ^(a)		1,046,000		1,019,637
Series 2021-DNA2, Class M2, 30 day USD SOFR Average + 2.300% 7.367% FRN 8/25/33 ^(a)		1,086,736		1,087,058
				2,106,695

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,136,627)				2,110,932

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 0.5%
U.S. Treasury Bonds & Notes — 0.5%
U.S. Treasury Notes
1.750% 12/31/24	$	700,000	$	665,433

TOTAL U.S. TREASURY OBLIGATIONS (Cost $706,057)				665,433

TOTAL BONDS & NOTES (Cost $121,897,842)				111,733,215

TOTAL LONG-TERM INVESTMENTS (Cost $121,897,842)				111,733,215

SHORT-TERM INVESTMENTS — 9.4%
Commercial Paper — 5.7%
Alimentation Couche-Tard, Inc.
5.468% 7/13/23 ^(a)		3,000,000		2,994,216
American Honda Finance Corp.
5.518% 7/10/23		1,000,000		998,552
Hewlett Packard Enterprise Co.
5.564% 7/24/23 ^(a)		1,000,000		996,433
Hyundai Capital America
5.706% 8/28/23 ^(a)		2,000,000		1,981,756
				6,970,957

	Number of Shares
Investment of Cash Collateral from Securities Loaned — 1.4%
State Street Navigator Securities Lending Government Money Market Portfolio ^(e)		1,672,295		1,672,295

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

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

	Principal Amount		Value
Repurchase Agreement — 2.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 ^(f)	$	2,882,387		2,882,387

TOTAL SHORT-TERM INVESTMENTS (Cost $11,526,604)				11,525,639

TOTAL INVESTMENTS — 99.9% (Cost $133,424,446) ^(g)				123,258,854

Other Assets/(Liabilities) — 0.1%				96,764

NET ASSETS — 100.0%			$	123,355,618

Abbreviation Legend

CLO	Collateralized Loan Obligation

FRN	Floating Rate Note

STEP	Step Up Bond

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

(b)	Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $1,638,115 or 1.33% of net assets. (Note 2).

(c)

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

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

(f)	Maturity value of $2,882,752. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $2,940,117.

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

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

United States	58.6	%
Cayman Islands	9.3	%
United Kingdom	4.1	%
Switzerland	1.6	%
Indonesia	1.6	%
Mexico	1.6	%
Brazil	1.4	%
Ireland	1.3	%
France	1.3	%
Germany	1.2	%
Canada	1.0	%
Netherlands	1.0	%
Bermuda	1.0	%
China	0.8	%
Italy	0.7	%
Australia	0.6	%
Denmark	0.6	%
Jordan	0.5	%
Hong Kong	0.5	%
Saudi Arabia	0.5	%
Qatar	0.5	%
Spain	0.4	%
Kuwait	0.4	%
Total Long-Term Investments	90.5	%
Short-Term Investments and Other Assets and Liabilities	9.5	%
Net Assets	100.0	%

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

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation (Depreciation)
Long
U.S. Treasury Note 2 Year		9/29/23		274	$	56,378,682		$	(662,494	)
Short
U.S. Treasury Ultra 10 Year		9/20/23		15	$	(1,795,264	)	$	18,701
U.S. Treasury Note 5 Year		9/29/23		180		(19,656,000	)		379,125
								$	397,826

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Obligation/Index		Rate Paid by Fund				Payment Frequency				Termination Date				Notional Amount								Value				Upfront Premium Paid/ (Received)				Unrealized Appreciation (Depreciation)
CDX.NA.HY Series 39†			1.000%				Quarterly				6/20/28				USD				10,000,000			$	(149,440	)		$	(52,253	)		$	(97,187	)

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency		Termination Date		Notional Amount			Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
12-Month USD SOFR		Annually	Fixed 3.965%		Annually		6/23/25		USD	4,000,000	$	(64,522	)	$	—	$	(64,522	)
12-Month USD SOFR		Annually	Fixed 3.815%		Annually		6/30/25		USD	4,700,000		(88,746	)		—		(88,746	)
12-Month USD SOFR		Annually	Fixed 3.749%		Annually		7/14/25		USD	4,713,000		(92,352	)		—		(92,352	)
12-Month USD SOFR		Annually	Fixed 3.618%		Annually		8/07/25		USD	4,796,000		(100,782	)		—		(100,782	)
Fixed 3.293%		Annually	12-Month USD SOFR		Annually		6/23/33		USD	1,000,000		21,905			—		21,905
Fixed 3.223%		Annually	12-Month USD SOFR		Annually		6/30/33		USD	950,000		26,291			—		26,291
Fixed 3.086%		Annually	12-Month USD SOFR		Annually		7/14/33		USD	946,000		36,260			—		36,260
Fixed 3.107%		Annually	12-Month USD SOFR		Annually		8/07/33		USD	1,071,000		37,807			—		37,807
											$	(224,139	)	$	—	$	(224,139	)

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

††

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

Currency Legend

USD	U.S. Dollar

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

MML Small Cap Equity Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.1%
COMMON STOCK — 99.1%
Basic Materials — 2.3%
Iron & Steel — 0.8%
Commercial Metals Co.		19,392	$	1,021,183
Mining — 1.5%
Century Aluminum Co. ^(a)		74,008		645,349
Kaiser Aluminum Corp.		16,381		1,173,535
				1,818,884
				2,840,067
Communications — 2.4%
Internet — 1.6%
Ziff Davis, Inc. ^(a)		27,746		1,943,885
Telecommunications — 0.8%
DigitalBridge Group, Inc. ^(b)		65,858		968,771
				2,912,656
Consumer, Cyclical — 13.9%
Apparel — 1.2%
Capri Holdings Ltd. ^(a)		20,235		726,234
Steven Madden Ltd. ^(b)		23,057		753,734
				1,479,968
Auto Parts & Equipment — 3.8%
Allison Transmission Holdings, Inc.		29,415		1,660,771
Dorman Products, Inc. ^(a)		17,355		1,368,095
Visteon Corp. ^(a)		10,396		1,492,969
				4,521,835
Home Builders — 1.1%
KB Home		24,947		1,290,009
Home Furnishing — 0.6%
Tempur Sealy International, Inc.		19,231		770,586
Leisure Time — 0.6%
Topgolf Callaway Brands Corp. ^(a)		35,236		699,435
Lodging — 1.1%
Boyd Gaming Corp.		19,304		1,339,118
Retail — 5.5%
AutoNation, Inc. ^(a)		17,499		2,880,510
BJ’s Wholesale Club Holdings, Inc. ^(a)		18,961		1,194,733
Murphy USA, Inc.		1,997		621,287
Papa John’s International, Inc.		9,532		703,747
Texas Roadhouse, Inc.		11,253		1,263,487
				6,663,764
				16,764,715
Consumer, Non-cyclical — 22.5%
Beverages — 0.9%
Coca-Cola Consolidated, Inc.		1,743		1,108,583

	Number of Shares		Value
Biotechnology — 3.9%
ADMA Biologics, Inc. ^(a)		198,244	$	731,520
Avid Bioservices, Inc. ^(a)		23,506		328,379
Bridgebio Pharma, Inc. ^(a)		25,382		436,570
Guardant Health, Inc. ^(a)		29,403		1,052,628
Intra-Cellular Therapies, Inc. ^(a)		19,078		1,208,019
IVERIC bio, Inc. ^(a)		23,474		923,467
				4,680,583
Commercial Services — 3.9%
ABM Industries, Inc.		18,186		775,633
ASGN, Inc. ^(a)		18,929		1,431,600
Korn Ferry		26,765		1,325,938
Marqeta, Inc. Class A ^(a)		240,404		1,170,768
				4,703,939
Health Care – Products — 4.5%
AtriCure, Inc. ^(a)		27,870		1,375,663
BioLife Solutions, Inc. ^(a)		33,618		742,958
Inspire Medical Systems, Inc. ^(a)		6,913		2,244,236
TransMedics Group, Inc. ^(a)		13,133		1,102,910
				5,465,767
Health Care – Services — 5.6%
Acadia Healthcare Co., Inc. ^(a)		30,705		2,445,346
Addus HomeCare Corp. ^(a)		12,945		1,200,002
Encompass Health Corp.		17,475		1,183,232
Tenet Healthcare Corp. ^(a)		23,697		1,928,462
				6,757,042
Pharmaceuticals — 3.7%
Ascendis Pharma AS ADR ^(a)		7,958		710,251
BellRing Brands, Inc. ^(a)		48,175		1,763,205
Collegium Pharmaceutical, Inc. ^(a)		36,978		794,657
Reata Pharmaceuticals, Inc. Class A ^(a)		11,456		1,168,054
				4,436,167
				27,152,081
Energy — 5.2%
Oil & Gas — 3.1%
Chesapeake Energy Corp. ^(b)		14,951		1,251,100
CNX Resources Corp. ^(a)		79,305		1,405,284
Helmerich & Payne, Inc.		28,908		1,024,789
				3,681,173
Oil & Gas Services — 0.8%
Nov, Inc.		61,172		981,199
Pipelines — 1.3%
Equitrans Midstream Corp.		166,857		1,595,153
				6,257,525
Financial — 14.5%
Banks — 3.7%
Bank of NT Butterfield & Son Ltd.		20,480		560,333

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

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

	Number of Shares		Value
Cathay General Bancorp		30,339	$	976,612
Columbia Banking System, Inc.		53,442		1,083,804
Webster Financial Corp.		24,114		910,304
Wintrust Financial Corp.		12,579		913,487
				4,444,540
Diversified Financial Services — 3.3%
Federated Hermes, Inc.		42,542		1,525,131
PennyMac Financial Services, Inc.		11,248		790,847
Stifel Financial Corp.		29,059		1,733,950
				4,049,928
Insurance — 1.3%
Definity Financial Corp.		58,781		1,559,654
Real Estate Investment Trusts (REITS) — 3.7%
DiamondRock Hospitality Co.		184,768		1,479,992
Four Corners Property Trust, Inc.		62,456		1,586,382
Outfront Media, Inc.		89,890		1,413,071
				4,479,445
Savings & Loans — 2.5%
Berkshire Hills Bancorp, Inc.		36,513		756,914
OceanFirst Financial Corp.		43,326		676,752
Pacific Premier Bancorp, Inc.		45,109		932,854
WSFS Financial Corp.		16,873		636,450
				3,002,970
				17,536,537
Industrial — 22.5%
Aerospace & Defense — 1.6%
Curtiss-Wright Corp.		10,657		1,957,265
Building Materials — 2.0%
Summit Materials, Inc. Class A ^(a)		64,536		2,442,688
Electrical Components & Equipment — 1.1%
Belden, Inc.		14,335		1,371,143
Electronics — 4.4%
Atkore, Inc. ^(a)		16,153		2,518,899
Itron, Inc. ^(a)		18,213		1,313,157
Vishay Intertechnology, Inc.		52,177		1,534,004
				5,366,060
Engineering & Construction — 2.2%
TopBuild Corp. ^(a)		9,822		2,612,848
Environmental Controls — 1.3%
Casella Waste Systems, Inc. Class A ^(a)		16,919		1,530,323
Hand & Machine Tools — 0.8%
Regal Rexnord Corp.		6,047		930,633
Machinery – Construction & Mining — 1.0%
BWX Technologies, Inc.		16,857		1,206,455
Machinery – Diversified — 2.1%
Esab Corp.		14,890		990,781

	Number of Shares		Value
Zurn Elkay Water Solutions Corp. Class C ^(b)		59,317	$	1,595,034
				2,585,815
Metal Fabricate & Hardware — 1.3%
Valmont Industries, Inc.		5,254		1,529,177
Miscellaneous - Manufacturing — 1.9%
EnPro Industries, Inc.		17,077		2,280,292
Packaging & Containers — 1.1%
Silgan Holdings, Inc.		28,184		1,321,548
Transportation — 1.7%
CryoPort, Inc. ^(a) ^(b)		30,515		526,384
Hub Group, Inc. Class A ^(a)		18,931		1,520,538
				2,046,922
				27,181,169
Technology — 14.7%
Computers — 3.2%
3D Systems Corp. ^(a)		33,897		336,597
CACI International, Inc. Class A ^(a)		4,911		1,673,865
Endava PLC Sponsored ADR ^(a)		13,552		701,858
KBR, Inc.		18,664		1,214,280
				3,926,600
Semiconductors — 4.1%
Allegro MicroSystems, Inc. ^(a)		31,197		1,408,233
Ambarella, Inc. ^(a)		13,559		1,134,481
MACOM Technology Solutions Holdings, Inc. ^(a)		17,381		1,138,977
MKS Instruments, Inc. ^(b)		11,223		1,213,206
				4,894,897
Software — 7.4%
Consensus Cloud Solutions, Inc. ^(a)		13,932		431,892
Envestnet, Inc. ^(a)		18,721		1,111,091
Evolent Health, Inc. Class A ^(a)		35,093		1,063,318
Gitlab, Inc. Class A ^(a) ^(b)		27,860		1,423,925
HashiCorp, Inc. Class A ^(a)		41,115		1,076,391
Paycor HCM, Inc. ^(a) ^(b)		66,137		1,565,463
Progress Software Corp.		19,116		1,110,640
Sprout Social, Inc. Class A ^(a)		24,497		1,130,781
				8,913,501
				17,734,998

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

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

	Number of Shares		Value
Utilities — 1.1%
Electric — 1.1%
Portland General Electric Co.		27,322	$	1,279,488

TOTAL COMMON STOCK (Cost $85,292,334)				119,659,236

TOTAL EQUITIES (Cost $85,292,334)				119,659,236

TOTAL LONG-TERM INVESTMENTS (Cost $85,292,334)				119,659,236

SHORT-TERM INVESTMENTS — 1.3%
Investment of Cash Collateral from Securities Loaned — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio ^(c)		66,776		66,776

	Principal Amount
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 ^(d)	$	1,431,314		1,431,314

TOTAL SHORT-TERM INVESTMENTS (Cost $1,498,090)				1,498,090

TOTAL INVESTMENTS — 100.4% (Cost $86,790,424) ^(e)				121,157,326

Other Assets/(Liabilities) — (0.4)%				(509,147	)

NET ASSETS — 100.0%			$	120,648,179

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $5,315,765 or 4.41% of net assets. The Fund received $5,370,675 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

(d)	Maturity value of $1,431,495. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $1,460,021.

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

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

MML Strategic Emerging Markets Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.2%
COMMON STOCK — 96.6%
Australia — 0.6%
Glencore PLC		51,036	$	289,504
Brazil — 5.9%
Ambev SA		354,012		1,139,327
Arezzo Industria e Comercio SA		2,000		33,027
B3 SA - Brasil Bolsa Balcao		131,100		400,019
NU Holdings Ltd/Cayman Islands Class A ^(a)		92,580		730,456
Vale SA Sponsored ADR		25,869		347,162
WEG SA		28,884		227,720
				2,877,711
Chile — 0.8%
Antofagasta PLC		3,160		58,889
Banco Santander Chile		6,970,027		329,830
				388,719
China — 26.3%
BeiGene Ltd. ADR ^(a)		2,380		424,354
H World Group Ltd. ^(a)		4,200		16,249
H World Group Ltd. ADR ^(a)		50,220		1,947,532
Meituan Class B ^(a) ^(b)		32,130		505,022
MicroTech Medical Hangzhou Co. Ltd. Class H ^(a) ^(b)		14,500		9,898
NetEase, Inc. ADR		19,239		1,860,219
New Horizon Health Ltd. ^(a) ^(b)		31,500		110,467
PDD Holdings, Inc. ^(a)		6,660		460,472
Silergy Corp.		5,000		62,517
Tencent Holdings Ltd.		42,809		1,822,059
Wuxi Biologics Cayman, Inc. ^(a) ^(b)		79,000		380,659
Yum China Holdings, Inc.		50,333		2,843,815
Zai Lab Ltd. ADR ^(a)		6,388		177,139
ZTO Express Cayman, Inc.		5,337		133,786
ZTO Express Cayman, Inc. ADR		79,276		1,988,242
				12,742,430
France — 6.0%
L’Oreal SA		241		112,470
Pernod Ricard SA		10,450		2,308,816
TotalEnergies SE		8,830		506,069
				2,927,355
Hong Kong — 1.5%
AIA Group Ltd.		53,000		540,769
Hong Kong Exchanges & Clearing Ltd.		3,100		117,890
Hongkong Land Holdings Ltd.		13,400		52,352
				711,011

	Number of Shares		Value
India — 18.7%
Havells India Ltd.		13,273	$	207,556
Housing Development Finance Corp. Ltd.		93,804		3,230,034
Kotak Mahindra Bank Ltd.		120,498		2,708,355
Oberoi Realty Ltd.		35,554		427,098
Tata Consultancy Services Ltd.		61,819		2,491,419
				9,064,462
Indonesia — 0.8%
Bank Central Asia Tbk PT		663,800		409,215
Italy — 1.9%
Ermenegildo Zegna NV		11,967		151,741
PRADA SpA		113,900		763,247
				914,988
Japan — 0.5%
Daiichi Sankyo Co. Ltd.		7,700		244,178
Mexico — 11.2%
America Movil SAB de CV ADR ^(a)		41,187		891,287
Fomento Economico Mexicano SAB de CV		79,664		881,530
Grupo Mexico SAB de CV Series B		522,473		2,512,095
Wal-Mart de Mexico SAB de CV		290,330		1,151,516
				5,436,428
Netherlands — 0.1%
Argenx SE ADR ^(a)		72		28,061
Peru — 1.0%
Credicorp Ltd.		3,375		498,285
Philippines — 1.1%
SM Investments Corp.		32,355		543,031
Portugal — 0.6%
Galp Energia SGPS SA		26,701		312,199
Republic of Korea — 7.2%
LG Chem Ltd.		2,661		1,360,963
LG H&H Co. Ltd.		362		126,796
Samsung Biologics Co. Ltd. ^(a) ^(b)		1,500		846,970
Samsung Electronics Co. Ltd.		21,113		1,163,674
				3,498,403
Russia — 0.0%
Novatek PJSC ^(a) ^(c) ^(d)		8,317		—
Sberbank of Russia PJSC ^(a) ^(c) ^(d)		7,525		—
				—
South Africa — 0.6%
FirstRand Ltd.		82,123		299,684
Switzerland — 3.5%
Cie Financiere Richemont SA Registered Class A		10,014		1,699,112

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

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

	Number of Shares		Value
Taiwan — 8.1%
MediaTek, Inc.		2,000	$	44,394
Taiwan Semiconductor Manufacturing Co. Ltd.		209,000		3,894,784
				3,939,178
United Kingdom — 0.2%
AstraZeneca PLC Sponsored ADR		1,022		73,144

TOTAL COMMON STOCK (Cost $43,821,109)				46,897,098

PREFERRED STOCK — 0.6%
Brazil — 0.6%
Banco Bradesco SA 6.128%		91,145		313,131

TOTAL PREFERRED STOCK (Cost $334,207)				313,131

TOTAL EQUITIES (Cost $44,155,316)				47,210,229

WARRANTS — 0.1%
Switzerland — 0.1%
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 ^(a)		22,580		31,156

TOTAL WARRANTS (Cost $0)				31,156

TOTAL LONG-TERM INVESTMENTS (Cost $44,155,316)				47,241,385

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.0%
Repurchase Agreement — 3.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 ^(e)	$	1,456,774	$	1,456,774

TOTAL SHORT-TERM INVESTMENTS (Cost $1,456,774)				1,456,774

TOTAL INVESTMENTS — 100.3% (Cost $45,612,090) ^(f)				48,698,159

Other Assets/(Liabilities) — (0.3)%				(142,647	)

NET ASSETS — 100.0%			$	48,555,512

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

(c)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2023, these securities amounted to a value of $0 or 0.00% of net assets.

(d)	Investment is valued using significant unobservable inputs.

(e)	Maturity value of $1,456,958. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $1,485,931.

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

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

Financial	20.7	%
Technology	19.5	%
Consumer, Cyclical	17.8	%
Consumer, Non-cyclical	15.2	%
Basic Materials	9.4	%
Communications	7.6	%
Industrial	5.4	%
Energy	1.7	%
Total Long-Term Investments	97.3	%
Short-Term Investments and Other Assets and Liabilities	2.7	%
Net Assets	100.0	%

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

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

June 30, 2023 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 100.1%
Discount Notes — 88.6%
Federal Farm Credit Banks 4.977%, 9/26/23, 9/26/23 ^(a)	$	2,000,000	$	1,976,800
Federal Home Loan Banks
SOFR + 0.020% 5.080% FRN 7/03/23, 10/03/23 ^(a)		13,000,000		13,000,000
SOFR + 0.025% 5.085% FRN 7/03/23, 11/01/23 ^(a)		10,000,000		10,000,000
SOFR + 0.030% 5.090% FRN 7/03/23, 9/25/23 ^(a)		15,000,000		15,000,000
SOFR + 0.030% 5.090% FRN 7/03/23, 11/09/23 ^(a)		2,000,000		2,000,000
SOFR + 0.050% 5.110% FRN 7/03/23, 7/24/23 ^(a)		20,000,000		20,000,000
SOFR + 0.055% 5.115% FRN 7/03/23, 8/01/23 ^(a)		10,000,000		10,000,000
SOFR + 0.055% 5.115% FRN 7/03/23, 11/24/23 ^(a)		15,000,000		15,000,000
SOFR + 0.060% 5.120% FRN 7/03/23, 7/20/23 ^(a)		11,000,000		11,000,000
SOFR + 0.060% 5.120% FRN 7/03/23, 9/05/23 ^(a)		11,000,000		11,000,000
4.919% 7/28/23, 7/28/23 ^(a)		7,800,000		7,772,095
4.962% 7/26/23, 7/26/23 ^(a)		1,200,000		1,195,975
4.982% 7/06/23, 7/06/23 ^(a)		3,800,000		3,797,409
5.037% 7/06/23, 7/06/23 ^(a)		1,734,000		1,732,813
5.063% 7/28/23, 7/28/23 ^(a)		2,400,000		2,391,180
5.081% 7/14/23, 7/14/23 ^(a)		700,000		698,736
5.087% 7/21/23, 7/21/23 ^(a)		14,000,000		13,961,111
5.089% 7/26/23, 7/26/23 ^(a)		13,000,000		12,954,861
5.096% 9/27/23, 9/27/23 ^(a)		1,500,000		1,481,960
5.104% 7/25/23, 7/25/23 ^(a)		5,600,000		5,581,389
5.112% 8/16/23, 8/16/23 ^(a)		3,500,000		3,477,773
5.134% 8/09/23, 8/09/23 ^(a)		3,800,000		3,779,417
5.177% 7/11/23, 7/11/23 ^(a)		7,500,000		7,489,417
5.239% 9/15/23, 9/15/23 ^(a)		700,000		692,493
5.363% 8/23/23, 8/23/23 ^(a)		7,000,000		6,946,205
5.386% 8/14/23, 8/14/23 ^(a)		750,000		745,188
5.440% 9/29/23, 9/29/23 ^(a)		2,615,000		2,580,521
Federal Home Loan Mortgage Corp.
5.136% 7/06/23, 7/06/23 ^(a)		2,000,000		1,998,597
5.140% 7/10/23, 7/10/23 ^(a)		1,500,000		1,498,106
5.155% 7/17/23, 7/17/23 ^(a)		1,000,000		997,751
5.211% 7/18/23, 7/18/23 ^(a)		1,200,000		1,197,110
				191,946,907

	Principal Amount		Value
Repurchase Agreement — 11.5%
HSBC Securities (USA) Inc., Tri-Party Repurchase Agreement, dated 6/30/23, 5.000%, due 7/03/23 ^(b)	$	25,000,000	$	25,000,000

TOTAL SHORT-TERM INVESTMENTS (Cost $216,946,907)				216,946,907

TOTAL INVESTMENTS — 100.1% (Cost $216,946,907) ^(c)				216,946,907

Other Assets/(Liabilities) — (0.1)%				(306,462	)

NET ASSETS — 100.0%			$	216,640,445

Abbreviation Legend

FRN	Floating Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

(b)	Maturity value of $25,010,417. Collateralized by U.S. Government Agency obligations with a rate of 0.00%, maturity dates ranging from 8/15/31- 8/15/49, and an aggregate market value, including accrued interest, of $25,500,000.

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

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

[THIS PAGE INTENTIONALLY LEFT BLANK]

MML Series Investment Fund II – Financial Statements
Statements of Assets and Liabilities June 30, 2023 (Unaudited)

	MML Blend Fund		MML Dynamic Bond Fund
Assets:
Investments, at value (Note 2) ^(a)	$	672,636,344	$	230,232,183
Repurchase agreements, at value (Note 2) ^(b)		148,566		705,443
Total investments ^(c)		672,784,910		230,937,626
Cash		3		—
Foreign currency, at value ^(d)		—		716,867
Receivables from:
Investments sold
Regular delivery		14,974,753		255,617
Delayed delivery		—		3,886,907
Cash collateral pledged for open derivatives (Note 2)		—		4,868,925
Open forward contracts (Note 2)		—		212,562
Fund shares sold		22,096		22,501
Variation margin on open derivative instruments (Note 2)		—		134,750
Interest and dividends		6,524		1,790,635
Foreign tax reclaims		—		8,245
Open swap agreements, at value (Note 2)		—		—
Total assets		687,788,286		242,834,635
Liabilities:
Payables for:
Investments purchased
Regular delivery		13,657,003		887,780
Delayed delivery		—		11,714,278
Written options outstanding, at value (Note 2) ^(e)		—		670,944
Open forward contracts (Note 2)		—		795,026
Interest and dividends		—		—
Fund shares repurchased		324,832		144,961
Premium on purchased options		—		22,967
Cash collateral held for securities on loan (Note 2)		7,675		2,207,783
Trustees’ fees and expenses (Note 3)		51,899		10,898
Variation margin on open derivative instruments (Note 2)		—		—
Affiliates (Note 3):
Administration fees		—		29,229
Investment advisory fees		228,192		57,287
Service fees		111,861		7,614
Distribution fees		—		—
Due to custodian		—		6,332
Accrued expense and other liabilities		186,674		242,593
Unrealized depreciation on:
Unfunded bank loan commitments		—		726
Total liabilities		14,568,136		16,798,418
Net assets	$	673,220,150	$	226,036,217
Net assets consist of:
Paid-in capital	$	632,593,406	$	264,832,937
Accumulated earnings (loss)		40,626,744		(38,796,720	)
Net assets	$	673,220,150	$	226,036,217

^(a)	Cost of investments:	$	646,659,490	$	250,753,392
^(b)	Cost of repurchase agreements:	$	148,566	$	705,443
^(c)	Securities on loan with market value of:	$	25,067,109	$	2,861,557
^(d)	Cost of foreign currency:	$	—	$	708,631
^(e)	Premiums on written options:	$	—	$	544,431

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

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

$	787,117,337	$	51,327,182	$	53,542,590		$	191,509,973		$	33,159,887		$	53,562,243
	4,115,012		—		1,449,945			2,786,899			—			146,920
	791,232,349		51,327,182		54,992,535			194,296,872			33,159,887			53,709,163
	—		61,734		12			—			64,197			—
	—		—		—			—			—			—


	21,101,974		—		213,528			696,376			—			—
	—		—		—			—			—			—
	—		—		—			3,800,000			—			—
	—		—		—			—			—			—
	355,047		—		5,001			3,664,202			—			—
	—		—		—			—			—			—
	901,497		38,301		949,134			385,067			475			1,161
	28,019		—		—			—			—			—
	—		—		—			1,098,895			—			—
	813,618,886		51,427,217		56,160,210			203,941,412			33,224,559			53,710,324



	22,330,822		—		1,070,879			—			—			41,072
	—		—		—			1,100,000			—			—
	—		—		—			—			—			—
	—		—		—			—			—			—
	—		—		—			2,693,293			—			—
	328,712		576		65,344			134,426			326			1,022
	—		—		—			—			—			—
	—		5,277		3,905,090			—			—			174,250
	63,569		961		5,414			21,852			1,337			1,168
	—		—		—			54,508			—			—

	355		6,508		6,627			1,208			3,894			6,381
	259,966		18,458		23,396			78,272			3,662			8,750
	49,644		1,406		25,730			26,779			—			—
	—		—		—			—			4,447			15,563
	—		—		—			769,178			—			—
	264,803		94,148		132,385			116,942			26,830			43,648

	—		—		41			—			—			—
	23,297,871		127,334		5,234,906			4,996,458			40,496			291,854
$	790,321,015	$	51,299,883	$	50,925,304		$	198,944,954		$	33,184,063		$	53,418,470

$	575,465,063	$	49,133,917	$	65,308,587		$	226,319,920		$	34,397,411		$	53,340,507
	214,855,952		2,165,966		(14,383,283	)		(27,374,966	)		(1,213,348	)		77,963
$	790,321,015	$	51,299,883	$	50,925,304		$	198,944,954		$	33,184,063		$	53,418,470

$	651,171,682	$	47,807,770	$	58,475,289	$	200,054,072	$	34,453,190	$	53,371,827
$	4,115,012	$	—	$	1,449,945	$	2,786,899	$	—	$	146,920
$	167,468	$	94,375	$	3,824,642	$	—	$	—	$	170,578
$	—	$	—	$	—	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—	$	—

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

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Assets and Liabilities June 30, 2023 (Unaudited)

	MML Blend Fund		MML Dynamic Bond Fund
Initial Class shares:
Net assets	$	488,759,855	$	—
Shares outstanding ^(a)		26,279,417		—
Net asset value, offering price and redemption price per share	$	18.60	$	—
Class II shares:
Net assets	$	—	$	213,730,012
Shares outstanding ^(a)		—		24,806,578
Net asset value, offering price and redemption price per share	$	—	$	8.62
Service Class shares:
Net assets	$	184,460,295	$	—
Shares outstanding ^(a)		10,008,079		—
Net asset value, offering price and redemption price per share	$	18.43	$	—
Service Class I shares:
Net assets	$	—	$	12,306,205
Shares outstanding ^(a)		—		1,437,875
Net asset value, offering price and redemption price per share	$	—	$	8.56

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

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

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

$	709,559,008	$	—	$	—	$	156,488,742	$	—	$	—
	25,999,684		—		—		17,639,217		—		—
$	27.29	$	—	$	—	$	8.87	$	—	$	—

$	—	$	48,982,138	$	9,893,763	$	—	$	23,866,308	$	24,054,487
	—		4,079,748		1,153,349		—		2,531,943		2,528,567
$	—	$	12.01	$	8.58	$	—	$	9.43	$	9.51

$	80,762,007	$	—	$	—	$	42,456,212	$	—	$	—
	3,022,869		—		—		4,837,380		—		—
$	26.72	$	—	$	—	$	8.78	$	—	$	—

$	—	$	2,317,745	$	41,031,541	$	—	$	9,317,755	$	29,363,983
	—		195,244		4,842,220		—		990,864		3,093,251
$	—	$	11.87	$	8.47	$	—	$	9.40	$	9.49

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

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Assets and Liabilities June 30, 2023 (Unaudited)

	MML Managed Bond Fund			MML Short-Duration Bond Fund
Assets:
Investments, at value (Note 2) ^(a)	$	751,868,438		$	120,376,467
Repurchase agreements, at value (Note 2) ^(b)		893,040			2,882,387
Total investments ^(c)		752,761,478			123,258,854
Cash		2,424			981
Foreign currency, at value ^(d)		—			129
Receivables from:
Investments sold
Regular delivery		—			402,242
Cash collateral pledged for open derivatives (Note 2)		4,780,000			1,257,000
Fund shares sold		4,092,946			15,796
Variation margin on open derivative instruments (Note 2)		137,852			—
Interest and dividends		5,054,624			854,651
Foreign tax reclaims		25,259			—
Total assets		766,854,583			125,789,653
Liabilities:
Payables for:
Investments purchased
Regular delivery		—			389,055
Delayed delivery		83,694,489			—
Fund shares repurchased		302,695			134,104
Cash collateral held for securities on loan (Note 2)		844,952			1,672,295
Trustees’ fees and expenses (Note 3)		63,282			9,435
Variation margin on open derivative instruments (Note 2)		—			35,719
Affiliates (Note 3):
Administration fees		1,208			16,534
Investment advisory fees		233,177			35,758
Service fees		110,537			19,577
Accrued expense and other liabilities		256,603			121,558
Total liabilities		85,506,943			2,434,035
Net assets	$	681,347,640		$	123,355,618
Net assets consist of:
Paid-in capital	$	803,546,771		$	143,527,288
Accumulated earnings (loss)		(122,199,131	)		(20,171,670	)
Net assets	$	681,347,640		$	123,355,618

^(a)	Cost of investments:	$	832,110,778	$	130,542,059
^(b)	Cost of repurchase agreements:	$	893,040	$	2,882,387
^(c)	Securities on loan with market value of:	$	828,268	$	1,638,115
^(d)	Cost of foreign currency:	$	—	$	130

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

100

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

$	119,726,012	$	47,241,385		$	191,946,907
	1,431,314		1,456,774			25,000,000
	121,157,326		48,698,159			216,946,907
	1		7			33,027
	—		235,598			—


	904,006		21,100			—
	—		—			—
	453		42,350			278,456
	—		—			—
	65,012		87,966			737,651
	—		15,876			—
	122,126,798		49,101,056			217,996,041



	1,119,380		14,267			—
	—		—			—
	129,400		30,831			1,164,182
	66,776		—			—
	8,263		3,923			13,098
	—		—			—

	355		6,403			—
	62,005		23,150			85,472
	14,644		7,704			—
	77,796		459,266			92,844
	1,478,619		545,544			1,355,596
$	120,648,179	$	48,555,512		$	216,640,445

$	80,746,669	$	57,247,239		$	216,683,561
	39,901,510		(8,691,727	)		(43,116	)
$	120,648,179	$	48,555,512		$	216,640,445

$	85,359,110	$	44,155,316	$	191,946,907
$	1,431,314	$	1,456,774	$	25,000,000
$	5,315,765	$	—	$	—
$	—	$	239,497	$	—

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

101

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Assets and Liabilities June 30, 2023 (Unaudited)

	MML Managed Bond Fund		MML Short-Duration Bond Fund
Initial Class shares:
Net assets	$	505,343,542	$	—
Shares outstanding ^(a)		46,816,050		—
Net asset value, offering price and redemption price per share	$	10.79	$	—
Class II shares:
Net assets	$	—	$	92,211,301
Shares outstanding ^(a)		—		10,408,623
Net asset value, offering price and redemption price per share	$	—	$	8.86
Service Class shares:
Net assets	$	176,004,098	$	—
Shares outstanding ^(a)		16,398,573		—
Net asset value, offering price and redemption price per share	$	10.73	$	—
Service Class I shares:
Net assets	$	—	$	31,144,317
Shares outstanding ^(a)		—		3,531,882
Net asset value, offering price and redemption price per share	$	—	$	8.82

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

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

102

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

$	96,090,985	$	—	$	216,640,445
	9,366,281		—		216,640,796
$	10.26	$	—	$	1.00

$	—	$	36,243,820	$	—
	—		6,804,820		—
$	—	$	5.33	$	—

$	24,557,194	$	—	$	—
	2,461,982		—		—
$	9.97	$	—	$	—

$	—	$	12,311,692	$	—
	—		2,321,092		—
$	—	$	5.30	$	—

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

103

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Operations For the Six Months Ended June 30, 2023 (Unaudited)

	MML Blend Fund		MML Dynamic Bond Fund
Investment income (Note 2):
Dividends ^(a)	$	6,522,902	$	—
Interest ^(b)		2,925		5,389,448
Securities lending net income		69,523		16,712
Miscellaneous bank loan fee income		—		383,251
Total investment income		6,595,350		5,789,411
Expenses (Note 3):
Investment advisory fees		1,360,772		459,099
Custody fees		26,502		86,432
Audit and tax fees		22,647		23,224
Legal fees		11,141		10,519
Proxy fees		1,165		1,165
Accounting & Administration fees		—		4,750
Shareholder reporting fees		42,475		20,316
Trustees’ fees		21,561		7,880
		1,486,263		613,385
Administration fees:
Class II		—		163,065
Service Class I		—		9,097
Distribution and Service fees:
Service Class		220,817		—
Service Class I		—		15,161
Total expenses		1,707,080		800,708
Expenses waived (Note 3):
Initial Class fees reimbursed by adviser		—		—
Class II fees reimbursed by adviser		—		(102,636	)
Service Class fees reimbursed by adviser		—		—
Service Class I fees reimbursed by adviser		—		(5,739	)
Investment advisory fees waived		—		(22,955	)
Net expenses:		1,707,080		669,378
Net investment income (loss)		4,888,270		5,120,033
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		2,121,207		(6,436,341	)
Futures contracts		—		464,660
Written options		—		1,309,741
Swap agreements		—		2,347,560
Foreign currency transactions		—		147,626
Forward contracts		—		670,392
Net realized gain (loss)		2,121,207		(1,496,362	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		58,606,101		7,989,408	*
Unfunded bank loan commitments		—		6,513
Futures contracts		—		1,150,243
Written options		—		(180,308	)
Swap agreements		—		(2,823,557	)
Translation of assets and liabilities in foreign currencies		—		(63,033	)
Forward contracts		—		(1,421,361	)
Net change in unrealized appreciation (depreciation)		58,606,101		4,657,905
Net realized gain (loss) and change in unrealized appreciation (depreciation)		60,727,308		3,161,543
Net increase (decrease) in net assets resulting from operations	$	65,615,578	$	8,281,576

^(a)	Net of foreign withholding tax of:	$	—	$	—
^(b)	Net of foreign withholding tax of:	$	—	$	12,721
*	Net of net increase (decrease) in accrued foreign capital gains tax of:	$	—	$	(14,659	)

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

104

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

$	10,433,351		$	439,478		$	—		$	—		$	320,860		$	470,569
	52,732			411			1,835,378			4,484,914			630			1,294
	1,279			795			12,133			1,534			3,241			3,546
	—			—			73,408			—			—			—
	10,487,362			440,684			1,920,919			4,486,448			324,731			475,409

	1,598,615			108,634			161,733			584,790			43,798			67,149
	55,052			28,487			36,529			31,788			208			793
	21,992			21,627			23,041			22,645			15,225			14,558
	13,914			725			918			3,322			256			325
	1,165			1,165			1,165			1,165			926			926
	1,397			1,397			1,397			4,750			—			—
	50,520			6,885			16,973			29,379			4,988			5,054
	26,081			1,477			1,933			7,197			491			813
	1,768,736			170,397			243,689			685,036			65,892			89,618

	—			34,530			9,489			—			17,085			16,994
	—			1,681			30,944			—			4,814			16,580

	101,165			—			—			53,623			—			—
	—			2,802			51,574			—			8,023			27,634
	1,869,901			209,410			335,696			738,659			95,814			150,826

	—			—			—			(58,489	)		—			—
	—			—			—			—			(16,240	)		(10,675	)
	—			—			—			(15,643	)		—			—
	—			—			—			—			(4,617	)		(10,450	)
	—			(12,070	)		(10,782	)		—			—			—
	1,869,901			197,340			324,914			664,527			74,957			129,701
	8,617,461			243,344			1,596,005			3,821,921			249,774			345,708


	(267,932	)		1,954,089			(2,374,922	)		(2,452,942	)		(35,046	)		(232,307	)
	—			—			—			149,829			—			—
	—			—			—			—			—			—
	—			—			—			(11,123,010	)		—			—
	255			—			—			—			—			—
	—			—			—			—			—			—
	(267,677	)		1,954,089			(2,374,922	)		(13,426,123	)		(35,046	)		(232,307	)

	6,815,304			4,363,810			3,539,227			4,148,519			2,312,012			4,823,634
	—			—			(41	)		—			—			—
	—			—			—			645,528			—			—
	—			—			—			—			—			—
	—			—			—			9,516,570			—			—
	415			—			8,321			—			—			—
	—			—			—			—			—			—
	6,815,719			4,363,810			3,547,507			14,310,617			2,312,012			4,823,634
	6,548,042			6,317,899			1,172,585			884,494			2,276,966			4,591,327
$	15,165,503		$	6,561,243		$	2,768,590		$	4,706,415		$	2,526,740		$	4,937,035

$	15,182	$	63	$	—	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—	$	—

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

105

MML Series Investment Fund II – Financial Statements (Continued)
Statements of Operations For the Six Months Ended June 30, 2023 (Unaudited)

	MML Managed Bond Fund			MML Short-Duration Bond Fund
Investment income (Note 2):
Dividends ^(a)	$	—		$	—
Interest		17,987,769			2,582,477
Securities lending net income		8,264			5,114
Non-cash income		—			—
Total investment income		17,996,033			2,587,591
Expenses (Note 3):
Investment advisory fees		1,496,886			221,731
Custody fees		44,398			20,061
Audit and tax fees		22,346			23,101
Legal fees		12,662			2,126
Proxy fees		1,165			1,165
Accounting & Administration fees		4,750			4,750
Shareholder reporting fees		51,101			13,014
Trustees’ fees		25,483			4,428
		1,658,791			290,376
Administration fees:
Class II		—			71,528
Service Class I		—			23,500
Distribution and Service fees:
Service Class		225,050			—
Service Class I		—			39,166
Total expenses		1,883,841			424,570
Expenses waived (Note 3):
Class II fees reimbursed by adviser		—			—
Service Class I fees reimbursed by adviser		—			—
Net expenses:		1,883,841			424,570
Net investment income (loss)		16,112,192			2,163,021
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(19,706,646	)		(944,853	)
Futures contracts		(1,702,840	)		195,774
Swap agreements		(297,068	)		(28,772	)
Foreign currency transactions		—			—
Net realized gain (loss)		(21,706,554	)		(777,851	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		24,145,232			2,221,683
Futures contracts		(876,280	)		(255,011	)
Swap agreements		(3,435,873	)		(321,326	)
Translation of assets and liabilities in foreign currencies		—			(1	)
Net change in unrealized appreciation (depreciation)		19,833,079			1,645,345
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(1,873,475	)		867,494
Net increase (decrease) in net assets resulting from operations	$	14,238,717		$	3,030,515

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

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

106

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

$	716,408	$	501,304		$	—
	14,803		11,292			5,579,576
	2,732		836			—
	—		68,393			—
	733,943		581,825			5,579,576

	372,742		251,055			553,532
	14,772		70,654			26,172
	22,062		41,100			18,857
	1,897		587			3,311
	1,165		1,165			1,159
	1,397		1,397			—
	16,212		8,418			9,850
	3,824		1,634			6,804
	434,071		376,010			619,685

	—		28,410			—
	—		9,248			—

	29,923		—			—
	—		15,414			—
	463,994		429,082			619,685

	—		(75,283	)		—
	—		(24,566	)		—
	463,994		329,233			619,685
	269,949		252,592			4,959,891


	7,632,611		(2,695,494	)		214
	—		—			—
	—		—			—
	32		(7,019	)		—
	7,632,643		(2,702,513	)		214

	2,466,364		7,388,736	*		—
	—		—			—
	—		—			—
	—		(2,372	)		—
	2,466,364		7,386,364			—
	10,099,007		4,683,851			214
$	10,368,956	$	4,936,443		$	4,960,105

	$	1,799			$	73,859			$	—
	$	—			$	(19,969	)		$	—

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

107

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

	MML Blend Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,888,270		$	10,599,887
Net realized gain (loss)		2,121,207			(2,465,838	)
Net change in unrealized appreciation (depreciation)		58,606,101			(145,081,406	)
Net increase (decrease) in net assets resulting from operations		65,615,578			(136,947,357	)
Distributions to shareholders (Note 2):
Initial Class		—			(16,406,451	)
Class II		—			—
Service Class		—			(5,658,892	)
Service Class I		—			—
Total distributions		—			(22,065,343	)
Net fund share transactions (Note 5):
Initial Class		(25,339,247	)		(38,165,947	)
Class II		—			—
Service Class		(5,741,194	)		(2,245,699	)
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(31,080,441	)		(40,411,646	)
Total increase (decrease) in net assets		34,535,137			(199,424,346	)
Net assets
Beginning of period		638,685,013			838,109,359
End of period	$	673,220,150		$	638,685,013

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

108

MML Dynamic Bond Fund						MML Equity Fund						MML Equity Rotation Fund
Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022


$	5,120,033		$	8,873,755		$	8,617,461		$	16,671,797		$	243,344		$	509,136
	(1,496,362	)		(28,870,806	)		(267,677	)		61,247,716			1,954,089			(4,057,664	)
	4,657,905			(21,335,689	)		6,815,719			(121,971,661	)		4,363,810			(3,947,669	)
	8,281,576			(41,332,740	)		15,165,503			(44,052,148	)		6,561,243			(7,496,197	)

	—			—			—			(92,352,834	)		—			—
	—			(9,323,527	)		—			—			—			(5,065,396	)
	—			—			—			(11,352,115	)		—			—
	—			(445,452	)		—			—			—			(245,021	)
	—			(9,768,979	)		—			(103,704,949	)		—			(5,310,417	)

	—			—			(30,640,044	)		36,635,002			—			—
	(12,995,764	)		(27,080,709	)		—			—			—			5,065,396
	—			—			(7,872,533	)		(1,174,750	)		—			—
	(3,116	)		717,424			—			—			(57,407	)		(21,287	)
	(12,998,880	)		(26,363,285	)		(38,512,577	)		35,460,252			(57,407	)		5,044,109
	(4,717,304	)		(77,465,004	)		(23,347,074	)		(112,296,845	)		6,503,836			(7,762,505	)

	230,753,521			308,218,525			813,668,089			925,964,934			44,796,047			52,558,552
$	226,036,217		$	230,753,521		$	790,321,015		$	813,668,089		$	51,299,883		$	44,796,047

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

109

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

	MML High Yield Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,596,005		$	3,509,712
Net realized gain (loss)		(2,374,922	)		(1,699,540	)
Net change in unrealized appreciation (depreciation)		3,547,507			(10,729,280	)
Net increase (decrease) in net assets resulting from operations		2,768,590			(8,919,108	)
Distributions to shareholders (Note 2):
Initial Class		—			—
Class II		—			(1,463,558	)
Service Class		—			—
Service Class I		—			(3,304,293	)
Total distributions		—			(4,767,851	)
Tax return of capital:
Class II		—			—
Service Class I		—			—
Total tax return of capital		—			—
Net fund share transactions (Note 5):
Initial Class		—			—
Class II		(6,384,961	)		(4,736,261	)
Service Class		—			—
Service Class I		(2,188,080	)		(1,978,471	)
Increase (decrease) in net assets from fund share transactions		(8,573,041	)		(6,714,732	)
Total increase (decrease) in net assets		(5,804,451	)		(20,401,691	)
Net assets
Beginning of period		56,729,755			77,131,446
End of period	$	50,925,304		$	56,729,755

+	Commenced operations on February 11, 2022.

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

110

MML Inflation- Protected and Income Fund						MML iShares^® 60/40 Allocation Fund						MML iShares^® 80/20 Allocation Fund
Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Period Ended December 31, 2022+			Six Months Ended June 30, 2023 (Unaudited)			Period Ended December 31, 2022+


$	3,821,921		$	6,713,669		$	249,774		$	421,437		$	345,708		$	531,243
	(13,426,123	)		(15,903,380	)		(35,046	)		(134,773	)		(232,307	)		(225,429	)
	14,310,617			(26,722,693	)		2,312,012			(3,605,315	)		4,823,634			(4,633,218	)
	4,706,415			(35,912,404	)		2,526,740			(3,318,651	)		4,937,035			(4,327,404	)

	—			(18,612,540	)		—			—			—			—
	—			—			—			(346,648	)		—			(300,842	)
	—			(4,772,542	)		—			—			—			—
	—			—			—			(74,789	)		—			(230,826	)
	—			(23,385,082	)		—			(421,437	)		—			(531,668	)

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

	(8,470,069	)		(32,292,574	)		—			—			—			—
	—			—			—			25,268,682			167			25,233,448
	(1,601,640	)		2,060,256			—			—			—			—
	—			—			3,616,584			5,538,933			8,174,729			19,989,787
	(10,071,709	)		(30,232,318	)		3,616,584			30,807,615			8,174,896			45,223,235
	(5,365,294	)		(89,529,804	)		6,143,324			27,040,739			13,111,931			40,306,539

	204,310,248			293,840,052			27,040,739			—			40,306,539			—
$	198,944,954		$	204,310,248		$	33,184,063		$	27,040,739		$	53,418,470		$	40,306,539

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

111

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

	MML Managed Bond Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	16,112,192		$	24,962,456
Net realized gain (loss)		(21,706,554	)		(51,800,765	)
Net change in unrealized appreciation (depreciation)		19,833,079			(119,320,350	)
Net increase (decrease) in net assets resulting from operations		14,238,717			(146,158,659	)
Distributions to shareholders (Note 2):
Initial Class		—			(25,107,989	)
Class II		—			—
Service Class		—			(8,029,901	)
Service Class I		—			—
Total distributions		—			(33,137,890	)
Net fund share transactions (Note 5):
Initial Class		(73,986,412	)		(60,857,432	)
Class II		—			—
Service Class		(11,998,187	)		(28,402,423	)
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(85,984,599	)		(89,259,855	)
Total increase (decrease) in net assets		(71,745,882	)		(268,556,404	)
Net assets
Beginning of period		753,093,522			1,021,649,926
End of period	$	681,347,640		$	753,093,522

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

112

MML Short- Duration Bond Fund						MML Small Cap Equity Fund						MML Strategic Emerging Markets Fund
Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022


$	2,163,021		$	3,447,788		$	269,949		$	663,910		$	252,592		$	216,485
	(777,851	)		(4,410,353	)		7,632,643			(3,387,029	)		(2,702,513	)		(7,396,269	)
	1,645,345			(12,087,460	)		2,466,364			(20,320,106	)		7,386,364			(11,171,661	)
	3,030,515			(13,050,025	)		10,368,956			(23,043,225	)		4,936,443			(18,351,445	)

	—			—			—			(12,251,160	)		—			—
	—			(3,657,335	)		—			—			—			(14,864,169	)
	—			—			—			(3,153,530	)		—			—
	—			(1,009,962	)		—			—			—			(4,619,444	)
	—			(4,667,297	)		—			(15,404,690	)		—			(19,483,613	)

	—			—			(2,679,706	)		4,386,341			—			—
	(9,074,469	)		(20,534,399	)		—			—			(4,724,234	)		14,118,801
	—			—			(1,172,027	)		1,304,643			—			—
	(1,554,865	)		(1,537,311	)		—			—			(714,191	)		4,411,925
	(10,629,334	)		(22,071,710	)		(3,851,733	)		5,690,984			(5,438,425	)		18,530,726
	(7,598,819	)		(39,789,032	)		6,517,223			(32,756,931	)		(501,982	)		(19,304,332	)

	130,954,437			170,743,469			114,130,956			146,887,887			49,057,494			68,361,826
$	123,355,618		$	130,954,437		$	120,648,179		$	114,130,956		$	48,555,512		$	49,057,494

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

113

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

	MML U.S. Government Money Market Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,959,891		$	2,489,264
Net realized gain (loss)		214			67
Net change in unrealized appreciation (depreciation)		—			—
Net increase (decrease) in net assets resulting from operations		4,960,105			2,489,331
Distributions to shareholders (Note 2):
Initial Class		(4,959,874	)		(2,489,674	)
Total distributions		(4,959,874	)		(2,489,674	)
Net fund share transactions (Note 5):
Initial Class		(24,525,311	)		66,174,935
Increase (decrease) in net assets from fund share transactions		(24,525,311	)		66,174,935
Total increase (decrease) in net assets		(24,525,080	)		66,174,592
Net assets
Beginning of period		241,165,525			174,990,933
End of period	$	216,640,445		$	241,165,525

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

114

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Blend Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Initial Class
6/30/23^r	$ 16.82	$ 0.14	$ 1.64	$ 1.78	$ —	$ —	$ —	$ 18.60	10.55%^b	$ 488,760	0.46%^a	1.57%^a
12/31/22	20.84	0.28	(3.71)	(3.43)	(0.25)	(0.34)	(0.59)	16.82	(16.59%)	466,171	0.45%	1.56%
12/31/21	24.79	0.28	3.21	3.49	(0.57)	(6.87)	(7.44)	20.84	15.02%	620,820	0.44%	1.19%
12/31/20	22.93	0.51	2.37	2.88	—	(1.02)	(1.02)	24.79	12.87%	591,889	0.45%	2.26%
12/31/19	20.35	0.49	3.71	4.20	(0.53)	(1.09)	(1.62)	22.93	21.38%	574,827	0.45%	2.24%
12/31/18	23.33	0.47	(1.39)	(0.92)	(0.48)	(1.58)	(2.06)	20.35	(4.34%)	527,007	0.45%	2.12%
Service Class
6/30/23^r	$ 16.69	$ 0.11	$ 1.63	$ 1.74	$ —	$ —	$ —	$ 18.43	10.42%^b	$ 184,460	0.71%^a	1.32%^a
12/31/22	20.68	0.24	(3.69)	(3.45)	(0.20)	(0.34)	(0.54)	16.69	(16.80%)	172,514	0.70%	1.32%
12/31/21	24.66	0.22	3.19	3.41	(0.52)	(6.87)	(7.39)	20.68	14.74%	217,290	0.69%	0.95%
12/31/20	22.87	0.46	2.35	2.81	—	(1.02)	(1.02)	24.66	12.57%	185,705	0.70%	2.01%
12/31/19	20.29	0.43	3.71	4.14	(0.47)	(1.09)	(1.56)	22.87	21.08%	161,870	0.70%	1.99%
12/31/18	23.27	0.42	(1.40)	(0.98)	(0.42)	(1.58)	(2.00)	20.29	(4.58%)	118,604	0.70%	1.89%

	Six months ended	Year ended December 31
	June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate^x	3%	5%	8%	231%	132%	86%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

w	Effective November 18, 2020, the expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

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

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

115

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Dynamic Bond Fund

		Income (loss) from investment operations			Less distributions to shareholders				Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
6/30/23^r	$ 8.32	$ 0.19	$ 0.11	$ 0.30	$ —	$ —	$ 8.62	3.61%^b	$ 213,730	0.68%^a	0.57%^a	4.47%^a
12/31/22	10.06	0.31	(1.70)	(1.39)	(0.35)	(0.35)	8.32	(13.98%)	218,857	0.65%	0.57%	3.40%
12/31/21	10.44	0.29	(0.29)	(0.00)^d	(0.38)	(0.38)	10.06	(0.01%)	294,648	0.60%	0.57%	2.86%
12/31/20	10.08	0.29	0.10	0.39	(0.03)	(0.03)	10.44	3.91%	315,514	0.62%	N/A	2.88%
12/31/19	9.61	0.35	0.48	0.83	(0.36)	(0.36)	10.08	8.73%	388,029	0.60%	0.60%^l	3.55%
12/31/18	9.95	0.34	(0.35)	(0.01)	(0.33)	(0.33)	9.61	(0.10%)	420,344	0.59%	0.59%^l	3.52%
Service Class I
6/30/23^r	$ 8.27	$ 0.18	$ 0.11	$ 0.29	$ —	$ —	$ 8.56	3.51%^b	$ 12,306	0.93%^a	0.82%^a	4.22%^a
12/31/22	10.01	0.28	(1.69)	(1.41)	(0.33)	(0.33)	8.27	(14.26%)	11,896	0.90%	0.82%	3.16%
12/31/21	10.39	0.27	(0.29)	(0.02)	(0.36)	(0.36)	10.01	(0.18%)	13,571	0.85%	0.82%	2.61%
12/31/20	10.07	0.27	0.08	0.35	(0.03)	(0.03)	10.39	3.51%	12,458	0.87%	N/A	2.62%
12/31/19	9.59	0.33	0.48	0.81	(0.33)	(0.33)	10.07	8.53%	10,142	0.85%	0.85%^l	3.28%
12/31/18	9.93	0.32	(0.35)	(0.03)	(0.31)	(0.31)	9.59	(0.33%)	6,272	0.84%	0.84%^l	3.30%

	Six months ended	Year ended December 31
	June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	104%	203%	193%	159%	54%	68%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

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

r	Unaudited.

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

116

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/23^r	$ 26.76	$ 0.29	$ 0.24	$ 0.53	$ —	$ —	$ —	$ 27.29	1.98%^b	$ 709,559	0.45%^a	2.22%^a
12/31/22	32.09	0.58	(2.13)	(1.55)	(0.49)	(3.29)	(3.78)	26.76	(4.65%)	726,478	0.45%	2.02%
12/31/21	25.04	0.46	7.09	7.55	(0.50)	—	(0.50)	32.09	30.26%	821,006	0.43%	1.55%
12/31/20	28.10	0.51	(0.12)^aa	0.39	(0.59)	(2.86)	(3.45)	25.04	3.03%	686,468	0.45%	2.13%
12/31/19	24.16	0.57	5.42	5.99	(0.57)	(1.48)	(2.05)	28.10	25.92%	729,367	0.44%	2.14%
12/31/18	31.69	0.60	(3.06)	(2.46)	(0.57)	(4.50)	(5.07)	24.16	(9.99%)	634,703	0.44%	2.00%
Service Class
6/30/23^r	$ 26.23	$ 0.26	$ 0.23	$ 0.49	$ —	$ —	$ —	$ 26.72	1.86%^b	$ 80,762	0.70%^a	1.97%^a
12/31/22	31.52	0.50	(2.09)	(1.59)	(0.41)	(3.29)	(3.70)	26.23	(4.88%)	87,190	0.69%	1.76%
12/31/21	24.61	0.38	6.97	7.35	(0.44)	—	(0.44)	31.52	29.93%	104,959	0.68%	1.31%
12/31/20	27.68	0.44	(0.13)^aa	0.31	(0.52)	(2.86)	(3.38)	24.61	2.77%	94,341	0.70%	1.88%
12/31/19	23.82	0.50	5.34	5.84	(0.50)	(1.48)	(1.98)	27.68	25.61%	97,058	0.69%	1.89%
12/31/18	31.31	0.52	(3.01)	(2.49)	(0.50)	(4.50)	(5.00)	23.82	(10.22%)	82,977	0.69%	1.75%

	Six months ended	Year ended December 31
	June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	25%	90%	73%	82%	113%	41%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

aa	The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

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

117

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Rotation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
6/30/23^r	$ 10.47	$ 0.06	$ 1.48	$ 1.54	$ —	$ —	$ —	$ 12.01	14.71%^b	$ 48,982	0.86%^a	0.81%^a	1.02%^a
12/31/22	13.83	0.13	(2.08)	(1.95)	—	(1.41)	(1.41)	10.47	(14.29%)	42,722	0.81%	0.76%	1.12%
12/31/21	14.79	0.10	3.85	3.95	(0.10)	(4.81)	(4.91)	13.83	28.37%	49,828	0.78%	0.73%	0.60%
12/31/20	12.40	0.14	2.68	2.82	(0.21)	(0.22)	(0.43)	14.79	22.92%	38,834	0.79%	0.79%^k	1.13%
12/31/19	10.89	0.10	1.67	1.77	(0.05)	(0.21)	(0.26)	12.40	16.50%	31,593	0.86%	0.83%	0.84%
12/31/18	13.89	0.12	(1.23)	(1.11)	(0.12)	(1.77)	(1.89)	10.89	(8.86%)	27,112	0.75%	0.65%	0.86%
Service Class I
6/30/23^r	$ 10.37	$ 0.04	$ 1.46	$ 1.50	$ —	$ —	$ —	$ 11.87	14.46%^b	$ 2,318	1.11%^a	1.06%^a	0.77%^a
12/31/22	13.74	0.10	(2.06)	(1.96)	—	(1.41)	(1.41)	10.37	(14.46%)	2,074	1.05%	1.00%	0.86%
12/31/21	14.73	0.05	3.83	3.88	(0.06)	(4.81)	(4.87)	13.74	28.00%	2,731	1.03%	0.98%	0.34%
12/31/20	12.36	0.11	2.66	2.77	(0.18)	(0.22)	(0.40)	14.73	22.57%	2,210	1.04%	1.04%^k	0.88%
12/31/19	10.85	0.07	1.67	1.74	(0.02)	(0.21)	(0.23)	12.36	16.30%	1,898	1.11%	1.08%	0.59%
12/31/18	13.85	0.08	(1.22)	(1.14)	(0.09)	(1.77)	(1.86)	10.85	(9.10%)	1,598	1.00%	0.90%	0.61%

	Six months ended	Year ended December 31
	June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	137%	335%	218%	137%	172%	102%

a	Annualized.

b	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.

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

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

r	Unaudited.

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

118

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML High Yield Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	Tax return of capital	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
6/30/23^r	$ 8.16	$ 0.26	$ 0.16	$ 0.42	$ —	$ —	$ —	$ 8.58	5.15%^b	$ 9,894	1.05%^a	1.01%^a	6.09%^a
12/31/22	10.02	0.49	(1.66)	(1.17)	(0.69)	—	(0.69)	8.16	(11.81%)	15,562	1.00%	0.96%	5.50%
12/31/21	10.10	0.58	0.23	0.81	(0.89)	—	(0.89)	10.02	8.23%	24,481	0.89%	0.83%	5.62%
12/31/20	9.57	0.55	(0.02)	0.53	(0.00)^d	—	(0.00)^d	10.10	5.56%	50,805	0.87%	0.80%	5.93%
12/31/19	9.07	0.57	0.52	1.09	(0.59)	—	(0.59)	9.57	12.25%	86,651	0.88%	0.80%	5.98%
12/31/18	10.01	0.62	(0.94)	(0.32)	(0.62)	(0.00)^d	(0.62)	9.07	(3.40%)	79,542	0.85%	0.75%	6.29%
Service Class I
6/30/23^r	$ 8.07	$ 0.24	$ 0.16	$ 0.40	$ —	$ —	$ —	$ 8.47	4.96%^b	$ 41,032	1.31%^a	1.27%^a	5.87%^a
12/31/22	9.92	0.47	(1.64)	(1.17)	(0.68)	—	(0.68)	8.07	(11.97%)	41,168	1.26%	1.21%	5.27%
12/31/21	10.04	0.55	0.22	0.77	(0.89)	—	(0.89)	9.92	7.88%	52,650	1.14%	1.08%	5.40%
12/31/20	9.53	0.52	(0.01)	0.51	(0.00)^d	—	(0.00)^d	10.04	5.38%	46,727	1.12%	1.05%	5.69%
12/31/19	9.04	0.54	0.52	1.06	(0.57)	—	(0.57)	9.53	11.86%	47,405	1.13%	1.05%	5.73%
12/31/18	9.97	0.59	(0.92)	(0.33)	(0.60)	(0.00)^d	(0.60)	9.04	(3.54%)	39,983	1.10%	1.00%	6.04%

	Six months ended	Year ended December 31
	June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	15%	45%	61%	73%	54%	39%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

r	Unaudited.

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

119

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Inflation-Protected and Income Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers (including (interest expense)^p	Ratio of expenses to average daily net assets after expense waivers (including interest expense)^j,p	Ratio of expenses to average daily net assets after expense waivers (excluding interest expense)^j	Net investment income (loss) to average daily net assets (including interest expense)^p
Initial Class
6/30/23^r	$ 8.67	$ 0.17	$ 0.03	$ 0.20	$ —	$ —	$ —	$ 8.87	2.31%^b	$ 156,489	0.67%^a	0.60%^a	0.60%^a	3.81%^a
12/31/22	11.12	0.28	(1.70)	(1.42)	(0.27)	(0.76)	(1.03)	8.67	(13.35%)	161,191	0.64%	0.60%	0.60%	2.79%
12/31/21	11.41	0.17	0.55	0.72	(0.13)	(0.88)	(1.01)	11.12	6.40%	240,863	0.60%	0.60%ⁿ	0.60%ⁿ	1.51%
12/31/20	10.28	0.17	0.97	1.14	(0.01)	—	(0.01)	11.41	11.11%	288,026	0.75%	0.74%	0.60%	1.54%
12/31/19	9.72	0.23	0.58	0.81	(0.25)	—	(0.25)	10.28	8.31%	314,261	2.34%	N/A	0.60%	2.29%
12/31/18	10.16	0.30	(0.43)	(0.13)	(0.31)	—	(0.31)	9.72	(1.29%)	311,927	2.08%	N/A	0.60%	2.97%
Service Class
6/30/23^r	$ 8.59	$ 0.16	$ 0.03	$ 0.19	$ —	$ —	$ —	$ 8.78	2.21%^b	$ 42,456	0.92%^a	0.85%^a	0.85%^a	3.56%^a
12/31/22	11.03	0.25	(1.68)	(1.43)	(0.25)	(0.76)	(1.01)	8.59	(13.59%)	43,119	0.89%	0.85%	0.85%	2.57%
12/31/21	11.33	0.14	0.54	0.68	(0.10)	(0.88)	(0.98)	11.03	6.12%	52,977	0.85%	0.85%ⁿ	0.85%ⁿ	1.25%
12/31/20	10.23	0.14	0.97	1.11	(0.01)	—	(0.01)	11.33	10.88%	46,181	0.98%	0.98%^k	0.85%	1.29%
12/31/19	9.68	0.20	0.58	0.78	(0.23)	—	(0.23)	10.23	8.05%	43,237	2.59%	N/A	0.85%	2.02%
12/31/18	10.12	0.27	(0.42)	(0.15)	(0.29)	—	(0.29)	9.68	(1.54%)	41,379	2.33%	N/A	0.85%	2.72%

	Six months ended	Year ended December 31
	June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	42%	76%	98%	84%	44%	51%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

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

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

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

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

r	Unaudited.

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

120

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML iShares^® 60/40 Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders						Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Tax return of capital	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j,w	Net investment income (loss) to average daily net assets
Class II
6/30/23^r	$ 8.64	$ 0.08	$ 0.71	$ 0.79	$ —	$ —	$ —	$ —	$ 9.43	9.14%^b	$ 23,866	0.60%^a	0.46%^a	1.76%^a
12/31/22^g	10.00	0.15	(1.36)	(1.21)	(0.14)	—	(0.01)	(0.15)	8.64	(12.14%)^b	21,878	0.70%^a	0.46%^a	1.82%^a
Service Class I
6/30/23^r	$ 8.63	$ 0.07	$ 0.70	$ 0.77	$ —	$ —	$ —	$ —	$ 9.40	8.92%^b	$ 9,318	0.85%^a	0.71%^a	1.53%^a
12/31/22^g	10.00	0.14	(1.38)	(1.24)	(0.12)	—	(0.01)	(0.13)	8.63	(12.37%)^b	5,163	0.91%^a	0.71%^a	1.85%^a

	Six months ended	Period ended
	June 30, 2023^b,r	December 31, 2022^b
Portfolio turnover rate^x	1%	7%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

g	Fund commenced operations on February 11, 2022.

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

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

r	Unaudited.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

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

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

121

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML iShares^® 80/20 Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders						Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Tax return of capital	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j,w	Net investment income (loss) to average daily net assets
Class II
6/30/23^r	$ 8.54	$ 0.07	$ 0.90	$ 0.97	$ —	$ —	$ —	$ —	$ 9.51	11.36%^b	$ 24,054	0.55%^a	0.46%^a	1.59%^a
12/31/22^g	10.00	0.14	(1.47)	(1.33)	(0.12)	—	(0.01)	(0.13)	8.54	(13.28%)^b	21,604	0.66%^a	0.46%^a	1.76%^a
Service Class I
6/30/23^r	$ 8.54	$ 0.07	$ 0.88	$ 0.95	$ —	$ —	$ —	$ —	$ 9.49	11.12%^b	$ 29,364	0.80%^a	0.71%^a	1.50%^a
12/31/22^g	10.00	0.14	(1.48)	(1.34)	(0.11)	—	(0.01)	(0.12)	8.54	(13.40%)^b	18,703	0.86%^a	0.71%^a	1.82%^a

	Six months ended	Period ended
	June 30, 2023^b,r	December 31, 2022^b
Portfolio turnover rate^x	5%	7%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

g	Fund commenced operations on February 11, 2022.

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

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

r	Unaudited.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

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

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

122

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Managed Bond Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/23^r	$ 10.60	$ 0.24	$ (0.05)	$ 0.19	$ —	$ —	$ —	$ 10.79	1.84%^b	$ 505,344	0.46%^a	4.49%^a
12/31/22	13.02	0.35	(2.29)	(1.94)	(0.36)	(0.12)	(0.48)	10.60	(15.01%)	568,357	0.44%	3.02%
12/31/21	13.59	0.29	(0.18)	0.11	(0.43)	(0.25)	(0.68)	13.02	0.81%	762,726	0.42%	2.20%
12/31/20	12.64	0.42	0.54	0.96	(0.01)	—	(0.01)	13.59	7.62%	756,218	0.43%	3.25%
12/31/19	11.93	0.43	0.74	1.17	(0.46)	—	(0.46)	12.64	9.85%	846,138	0.42%	3.43%
12/31/18	12.41	0.40	(0.46)	(0.06)	(0.42)	—	(0.42)	11.93	(0.44%)	778,603	0.42%	3.34%
Service Class
6/30/23^r	$ 10.55	$ 0.23	$ (0.05)	$ 0.18	$ —	$ —	$ —	$ 10.73	1.71%^b	$ 176,004	0.71%^a	4.24%^a
12/31/22	12.95	0.32	(2.27)	(1.95)	(0.33)	(0.12)	(0.45)	10.55	(15.22%)	184,737	0.69%	2.76%
12/31/21	13.53	0.26	(0.19)	0.07	(0.40)	(0.25)	(0.65)	12.95	0.56%	258,923	0.67%	1.96%
12/31/20	12.61	0.39	0.54	0.93	(0.01)	—	(0.01)	13.53	7.40%	271,928	0.68%	3.01%
12/31/19	11.91	0.40	0.73	1.13	(0.43)	—	(0.43)	12.61	9.57%	265,691	0.67%	3.19%
12/31/18	12.39	0.37	(0.46)	(0.09)	(0.39)	—	(0.39)	11.91	(0.69%)	254,883	0.67%	3.10%

	Six months ended	Year ended December 31
	June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	109%	243%	263%	226%	260%	138%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

123

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Short-Duration Bond Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
6/30/23^r	$ 8.65	$ 0.15	$ 0.06	$ 0.21	$ —	$ —	$ —	$ 8.86	2.43%^b	$ 92,211	0.61%^a	N/A	3.48%^a
12/31/22	9.71	0.22	(0.97)	(0.75)	(0.31)	—	(0.31)	8.65	(7.79%)	98,969	0.59%	N/A	2.39%
12/31/21	9.84	0.20	(0.00)^d	0.20	(0.33)	—	(0.33)	9.71	2.01%	133,235	0.55%	N/A	2.05%
12/31/20	9.69	0.29	(0.14)	0.15	(0.00)^d	—	(0.00)^d	9.84	1.55%	142,514	0.56%	N/A	3.00%
12/31/19	9.59	0.29	0.13	0.42	(0.32)	—	(0.32)	9.69	4.45%	171,740	0.57%	0.57%^k	3.00%
12/31/18	9.73	0.26	(0.11)	0.15	(0.29)	—	(0.29)	9.59	1.53%	172,577	0.56%	0.55%	2.66%
Service Class I
6/30/23^r	$ 8.62	$ 0.14	$ 0.06	$ 0.20	$ —	$ —	$ —	$ 8.82	2.32%^b	$ 31,144	0.86%^a	N/A	3.23%^a
12/31/22	9.67	0.19	(0.96)	(0.77)	(0.28)	—	(0.28)	8.62	(8.00%)	31,985	0.85%	N/A	2.16%
12/31/21	9.81	0.18	(0.01)	0.17	(0.31)	—	(0.31)	9.67	1.69%	37,508	0.80%	N/A	1.80%
12/31/20	9.68	0.26	(0.13)	0.13	(0.00)^d	—	(0.00)^d	9.81	1.34%	47,956	0.81%	N/A	2.74%
12/31/19	9.58	0.27	0.13	0.40	(0.30)	—	(0.30)	9.68	4.17%	36,270	0.82%	0.82%^k	2.76%
12/31/18	9.72	0.23	(0.11)	0.12	(0.26)	—	(0.26)	9.58	1.29%	30,686	0.81%	0.80%	2.42%

	Six months ended	Year ended December 31
	June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	9%	26%	64%	44%	53%	54%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

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

r	Unaudited.

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

124

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Cap Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/23^r	$ 9.39	$ 0.03	$ 0.84	$ 0.87	$ —	$ —	$ —	$ 10.26	9.25%^b	$ 96,091	0.75%^a	0.52%^a
12/31/22	12.76	0.06	(2.02)	(1.96)	(0.08)	(1.33)	(1.41)	9.39	(15.88%)	90,514	0.73%	0.59%
12/31/21	11.11	0.03	2.46	2.49	(0.06)	(0.78)	(0.84)	12.76	22.75%	116,599	0.69%	0.20%
12/31/20	9.34	0.07	1.84	1.91	(0.05)	(0.09)	(0.14)	11.11	20.70%	104,243	0.73%	0.77%
12/31/19	8.17	0.07	1.96	2.03	(0.05)	(0.81)	(0.86)	9.34	26.46%	94,712	0.74%	0.79%
12/31/18	10.30	0.07	(0.82)	(0.75)	(0.05)	(1.33)	(1.38)	8.17	(10.19%)	82,609	0.71%	0.66%
Service Class
6/30/23^r	$ 9.14	$ 0.01	$ 0.82	$ 0.83	$ —	$ —	$ —	$ 9.97	9.12%^b	$ 24,557	1.00%^a	0.27%^a
12/31/22	12.46	0.04	(1.98)	(1.94)	(0.05)	(1.33)	(1.38)	9.14	(16.09%)	23,617	0.98%	0.34%
12/31/21	10.87	(0.01)^bb	2.41	2.40	(0.03)	(0.78)	(0.81)	12.46	22.45%	30,289	0.94%	(0.05%)
12/31/20	9.14	0.04	1.81	1.85	(0.03)	(0.09)	(0.12)	10.87	20.39%	25,345	0.98%	0.52%
12/31/19	8.01	0.05	1.91	1.96	(0.02)	(0.81)	(0.83)	9.14	26.15%	22,695	0.99%	0.54%
12/31/18	10.13	0.04	(0.80)	(0.76)	(0.03)	(1.33)	(1.36)	8.01	(10.41%)	18,425	0.96%	0.41%

	Six months ended	Year ended December 31
	June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	27%	29%	30%	36%	27%	50%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

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

125

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Strategic Emerging Markets Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
6/30/23^r	$ 4.83	$ 0.03	$ 0.47	$ 0.50	$ —	$ —	$ —	$ 5.33	10.35%^b	$ 36,244	1.65%^a	1.25%^a	1.07%^a
12/31/22	10.50	0.03	(2.79)	(2.76)	(0.26)	(2.65)	(2.91)	4.83	(26.58%)	37,218	1.70%	1.30%	0.46%
12/31/21	14.43	0.00^d,bb	(1.01)	(1.01)	—	(2.92)	(2.92)	10.50	(8.06%)	51,825	1.45%	1.35%	0.00%^e
12/31/20	12.67	(0.01)	2.16	2.15	(0.05)	(0.34)	(0.39)	14.43	17.55%	96,846	1.40%	1.35%	(0.05%)
12/31/19	10.12	0.05	2.53	2.58	(0.03)	—	(0.03)	12.67	25.53%	125,192	1.33%	1.29%	0.45%
12/31/18	11.57	0.05	(1.48)	(1.43)	(0.02)	—	(0.02)	10.12	(12.40%)	112,363	1.57%	1.35%	0.41%
Service Class I
6/30/23^r	$ 4.82	$ 0.02	$ 0.46	$ 0.48	$ —	$ —	$ —	$ 5.30	9.96%^b	$ 12,312	1.90%^a	1.50%^a	0.82%^a
12/31/22	10.47	0.01	(2.77)	(2.76)	(0.24)	(2.65)	(2.89)	4.82	(26.68%)	11,840	1.95%	1.55%	0.22%
12/31/21	14.43	(0.03)	(1.01)	(1.04)	—	(2.92)	(2.92)	10.47	(8.29%)	16,537	1.70%	1.60%	(0.20%)
12/31/20	12.68	(0.04)	2.15	2.11	(0.02)	(0.34)	(0.36)	14.43	17.18%	17,536	1.65%	1.60%	(0.32%)
12/31/19	10.13	0.02	2.53	2.55	(0.00)^d	—	(0.00)^d	12.68	25.18%	17,174	1.58%	1.54%	0.19%
12/31/18	11.59	0.02	(1.48)	(1.46)	—	—	—	10.13	(12.60%)	14,089	1.82%	1.60%	0.15%

	Six months ended	Year ended December 31
	June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	16%	51%	51%	35%	31%	38%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

e	Amount is less than 0.005%.

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

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

r	Unaudited.

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

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

126

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML U. S. Government Money Market Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Initial Class
6/30/23^r	$ 1.00	$ 0.02	$ 0.00^d	$ 0.02	$ (0.02)	$ —	$ (0.02)	$ 1.00	2.12%^b	$ 216,640	0.53%^a	N/A	4.22%^a
12/31/22	1.00	0.01	0.00^d	0.01	(0.01)	—	(0.01)	1.00	1.22%	241,166	0.54%	0.41%	1.31%
12/31/21	1.00	0.00^d	0.00^d	0.00^d	—	—	—	1.00	0.00%	174,991	0.52%	0.05%	0.00%^e
12/31/20	1.00	0.00^d	0.00^d	0.00^d	(0.00)^d	—	(0.00)^d	1.00	0.23%	223,388	0.52%	0.30%	0.21%
12/31/19	1.00	0.02	0.00^d	0.02	(0.02)	—	(0.02)	1.00	1.71%	174,899	0.54%	N/A	1.69%
12/31/18	1.00	0.01	0.00^d	0.01	(0.01)	—	(0.01)	1.00	1.32%	179,102	0.54%	N/A	1.35%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

e	Amount is less than 0.005%.

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

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

r	Unaudited.

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

127

Notes to Financial Statements (Unaudited)

1. The Funds

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

MML Blend Fund (“Blend Fund”)

MML Dynamic Bond Fund (“Dynamic Bond Fund”)

MML Equity Fund (“Equity Fund”)

MML Equity Rotation Fund (“Equity Rotation Fund”)

MML High Yield Fund (“High Yield Fund”)

MML Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)

MML iShares^® 60/40 Allocation Fund (“iShares 60/40 Allocation Fund”)

MML iShares^® 80/20 Allocation Fund (“iShares 80/20 Allocation Fund”)

MML Managed Bond Fund (“Managed Bond Fund”)

MML Short-Duration Bond Fund (“Short-Duration Bond Fund”)

MML Small Cap Equity Fund (“Small Cap Equity Fund”)

MML Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)

MML U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)

The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company (“MassMutual”) and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, C.M. Life Insurance Company, and the MML Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, and MML Aggressive Allocation Fund, which are “funds of funds” series of MML Series Investment Fund, another open-end management investment company sponsored by MassMutual, are the record owners of all of the outstanding shares of the Funds.

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

The Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund invest substantially all of their investable assets in shares of ETFs advised by an affiliate of the Funds’ subadviser, BlackRock Investment Management, LLC (“Underlying ETFs”). The financial statements of the applicable Underlying ETFs are presented separately and can be obtained from the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov.

2. Significant Accounting Policies

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

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

128

Notes to Financial Statements (Unaudited) (Continued)

Investment Valuation

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

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

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

The Board of Trustees (“Trustees”) have designated MML Advisers as the Funds’ “valuation designee,” responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund’s assets will be subject to fair valuation in accordance with MML Advisers’ fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

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

129

Notes to Financial Statements (Unaudited) (Continued)

the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

Investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs may be fair valued using one or a combination of, but not limited to, the following inputs:

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

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

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

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

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

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized

130

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

The Blend Fund, iShares 60/40 Allocation Fund, iShares 80/20 Allocation Fund, and Small Cap Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, except for the State Street Navigator Securities Lending Government Money Market Portfolio which was characterized at Level 1, as of June 30, 2023. The U.S. Government Money Market Fund characterized all investments at Level 2, as of June 30, 2023. 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, 2023, for the remaining Funds’ investments:

	Level 1		Level 2			Level 3		Total
Dynamic Bond Fund
Asset Investments
Bank Loans	$	—	$	6,826,093		$	—	$	6,826,093
Corporate Debt		—		91,554,993			—		91,554,993
Non-U.S. Government Agency Obligations		—		24,968,668			—		24,968,668
Sovereign Debt Obligations		—		17,658,815			—		17,658,815
U.S. Government Agency Obligations and Instrumentalities		—		80,859,932			100,758		80,960,690
U.S. Treasury Obligations		—		3,764,657			—		3,764,657
Purchased Options		409,775		15,594			—		425,369
Short-Term Investments		2,207,783		2,570,558			—		4,778,341
Total Investments	$	2,617,558	$	228,219,310		$	100,758	$	230,937,626
Liability Investments
Unfunded Bank Loan Commitments**	$	—	$	(726	)	$	—	$	(726	)

131

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3		Total
Dynamic Bond Fund (Continued)
Asset Derivatives
Forward Contracts	$	—		$	212,562		$	—	$	212,562
Futures Contracts		1,219,678			—			—		1,219,678
Swap Agreements		—			1,169,516			—		1,169,516
Total	$	1,219,678		$	1,382,078		$	—	$	2,601,756
Liability Derivatives
Forward Contracts	$	—		$	(795,026	)	$	—	$	(795,026	)
Futures Contracts		(465,976	)		—			—		(465,976	)
Swap Agreements		—			(813,746	)		—		(813,746	)
Written Options		(654,186	)		(16,758	)		—		(670,944	)
Total	$	(1,120,162	)	$	(1,625,530	)	$	—	$	(2,745,692	)

Equity Fund
Asset Investments
Common Stock	$	782,274,147		$	1,396,670	*	$	—	$	783,670,817
Mutual Funds		2,588,412			—			—		2,588,412
Short-Term Investments		858,108			4,115,012			—		4,973,120
Total Investments	$	785,720,667		$	5,511,682		$	—	$	791,232,349

Equity Rotation Fund
Asset Investments
Common Stock	$	51,319,448		$	—		$	2,457	$	51,321,905
Short-Term Investments		5,277			—			—		5,277
Total Investments	$	51,324,725		$	—		$	2,457	$	51,327,182

High Yield Fund
Asset Investments
Bank Loans	$	—		$	931,925		$	—	$	931,925
Corporate Debt		—			46,707,037			—		46,707,037
Short-Term Investments		3,905,090			3,448,483			—		7,353,573
Total Investments	$	3,905,090		$	51,087,445		$	—	$	54,992,535
Liability Investments
Unfunded Bank Loan Commitments**	$	—		$	(41	)	$	—	$	(41	)

Inflation-Protected and Income Fund
Asset Investments
Non-U.S. Government Agency Obligations	$	—		$	103,637,581		$	—	$	103,637,581
U.S. Government Agency Obligations and Instrumentalities		—			22,093,666			—		22,093,666
U.S. Treasury Obligations		—			40,888,739			—		40,888,739
Short-Term Investments		—			27,676,886			—		27,676,886
Total Investments	$	—		$	194,296,872		$	—	$	194,296,872
Asset Derivatives
Futures Contracts	$	665,087		$	—		$	—	$	665,087
Swap Agreements		—			1,599,233			—		1,599,233
Total	$	665,087		$	1,599,233		$	—	$	2,264,320
Liability Derivatives
Futures Contracts	$	(66	)	$	—		$	—	$	(66	)
Swap Agreements		—			(1,450,671	)		—		(1,450,671	)
Total	$	(66	)	$	(1,450,671	)	$	—	$	(1,450,737	)

132

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3		Total
Managed Bond Fund
Asset Investments
Corporate Debt	$	—		$	261,562,672		$	—	$	261,562,672
Non-U.S. Government Agency Obligations		—			199,948,152			—		199,948,152
Sovereign Debt Obligations		—			1,410,899			—		1,410,899
U.S. Government Agency Obligations and Instrumentalities		—			196,361,312			—		196,361,312
U.S. Treasury Obligations		—			15,091,929			—		15,091,929
Short-Term Investments		844,952			77,541,562			—		78,386,514
Total Investments	$	844,952		$	751,916,526		$	—	$	752,761,478
Asset Derivatives
Futures Contracts	$	626,881		$	—		$	—	$	626,881
Swap Agreements		—			1,367,452			—		1,367,452
Total	$	626,881		$	1,367,452		$	—	$	1,994,333
Liability Derivatives
Futures Contracts	$	(1,400,507	)	$	—		$	—	$	(1,400,507	)
Swap Agreements		—			(5,378,109	)		—		(5,378,109	)
Total	$	(1,400,507	)	$	(5,378,109	)	$	—	$	(6,778,616	)

Short-Duration Bond Fund
Asset Investments
Corporate Debt	$	—		$	59,251,961		$	—	$	59,251,961
Non-U.S. Government Agency Obligations		—			49,704,889			—		49,704,889
U.S. Government Agency Obligations and Instrumentalities		—			2,110,932			—		2,110,932
U.S. Treasury Obligations		—			665,433			—		665,433
Short-Term Investments		1,672,295			9,853,344			—		11,525,639
Total Investments	$	1,672,295		$	121,586,559		$	—	$	123,258,854
Asset Derivatives
Futures Contracts	$	397,826		$	—		$	—	$	397,826
Swap Agreements		—			122,263			—		122,263
Total	$	397,826		$	122,263		$	—	$	520,089
Liability Derivatives
Futures Contracts	$	(662,494	)	$	—		$	—	$	(662,494	)
Swap Agreements		—			(495,842	)		—		(495,842	)
Total	$	(662,494	)	$	(495,842	)	$	—	$	(1,158,336	)

Strategic Emerging Markets Fund
Asset Investments
Common Stock*
Australia	$	—		$	289,504		$	—	$	289,504
Brazil		2,877,711			—			—		2,877,711
Chile		329,830			58,889			—		388,719
China		9,701,773			3,040,657			—		12,742,430
France		—			2,927,355			—		2,927,355
Hong Kong		—			711,011			—		711,011
India		—			9,064,462			—		9,064,462
Indonesia		—			409,215			—		409,215
Italy		151,741			763,247			—		914,988
Japan		—			244,178			—		244,178
Mexico		5,436,428			—			—		5,436,428
Netherlands		28,061			—			—		28,061
Peru		498,285			—			—		498,285
Philippines		—			543,031			—		543,031

133

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2		Level 3			Total
Strategic Emerging Markets Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Portugal	$	—	$	312,199	$	—		$	312,199
Republic of Korea		—		3,498,403		—			3,498,403
Russia		—		—		—	⁺		—
South Africa		—		299,684		—			299,684
Switzerland		—		1,699,112		—			1,699,112
Taiwan		—		3,939,178		—			3,939,178
United Kingdom		73,144		—		—			73,144
Preferred Stock
Brazil		313,131		—		—			313,131
Warrants		31,156		—		—			31,156
Short-Term Investments		—		1,456,774		—			1,456,774
Total Investments	$	19,441,260	$	29,256,899	$	—		$	48,698,159

*	Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

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

+	Represents a security at $0 value as of June 30, 2023.

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis and cash collateral pledged for open derivatives, as well as, any applicable liabilities for investments purchased on a delayed delivery basis, amounts due to custodian, and cash collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of June 30, 2023.

The Funds had no Level 3 transfers during the period ended June 30, 2023.

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, 2023, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Credit Risk		Equity Risk		Foreign Exchange Risk		Interest/ Inflation Rate Risk		Total
Dynamic Bond Fund
Asset Derivatives
Purchased Options*	$	—	$	—	$	15,594	$	—	$	15,594
Purchased Options*^,^^^		—		—		—		409,775		409,775
Forward Contracts*		—		—		212,562		—		212,562
Futures Contracts^^		—		—		—		1,219,678		1,219,678
Swap Agreements^^^,^^^		528,435		—		—		641,081		1,169,516
Total Value	$	528,435	$	—	$	228,156	$	2,270,534	$	3,027,125

134

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk			Equity Risk			Foreign Exchange Risk			Interest/ Inflation Rate Risk			Total
Dynamic Bond Fund (Continued)
Liability Derivatives
Forward Contracts^	$	—		$	—		$	(795,026	)	$	—		$	(795,026	)
Futures Contracts^^		—			—			—			(465,976	)		(465,976	)
Swap Agreements^^^,^^^		(7,536	)		—			—			(806,210	)		(813,746	)
Written Options^		—			—			(16,758	)		—			(16,758	)
Written Options^^,^^^		—			—			—-			(654,186	)		(654,186	)
Total Value	$	(7,536	)	$	—		$	(811,784	)	$	(1,926,372	)	$	(2,745,692	)
Realized Gain (Loss)#
Purchased Options	$	—		$	—		$	—		$	(1,238,724	)	$	(1,238,724	)
Forward Contracts		—			—			670,392			—			670,392
Futures Contracts		—			—			—			464,660			464,660
Swap Agreements		612,530			—			—			1,735,030			2,347,560
Written Options		—			—			—			1,309,741			1,309,741
Total Realized Gain (Loss)	$	612,530		$	—		$	670,392		$	2,270,707		$	3,553,629
Change in Appreciation (Depreciation)##
Purchased Options	$	—		$	—		$	(4,077	)	$	165,534		$	161,457
Forward Contracts		—			—			(1,421,361	)		—			(1,421,361	)
Futures Contracts		—			—			—			1,150,243			1,150,243
Swap Agreements		(116,206	)		—			—			(2,707,351	)		(2,823,557	)
Written Options		—			—			2,072			(182,380	)		(180,308	)
Total Change in Appreciation (Depreciation)	$	(116,206	)	$	—		$	(1,423,366	)	$	(1,573,954	)	$	(3,113,526	)

Inflation-Protected and Income Fund
Asset Derivatives
Futures Contracts^^	$	—		$	—		$	—		$	665,087		$	665,087
Swap Agreements*		—			1,098,895			—			—			1,098,895
Swap Agreements^^^,^^^		—			—			—			500,338			500,338
Total Value	$	—		$	1,098,895		$	—		$	1,165,425		$	2,264,320
Liability Derivatives
Futures Contracts^^	$	—		$	—		$	—		$	(66	)	$	(66	)
Swap Agreements^^^,^^^		—			—			—			(1,450,671	)		(1,450,671	)
Total Value	$	—		$	—		$	—		$	(1,450,737	)	$	(1,450,737	)
Realized Gain (Loss)#
Futures Contracts	$	—		$	—		$	—		$	149,829		$	149,829
Swap Agreements		—			(11,235,879	)		—			112,869			(11,123,010	)
Total Realized Gain (Loss)	$	—		$	(11,235,879	)	$	—		$	262,698		$	(10,973,181	)
Change in Appreciation (Depreciation)##
Futures Contracts	$	—		$	—		$	—		$	645,528		$	645,528
Swap Agreements		—			10,295,842			—			(779,272	)		9,516,570
Total Change in Appreciation (Depreciation)	$	—		$	10,295,842		$	—		$	(133,744	)	$	10,162,098

135

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk			Equity Risk		Foreign Exchange Risk		Interest/ Inflation Rate Risk			Total
Managed Bond Fund
Asset Derivatives
Futures Contracts^^	$	—		$	—	$	—	$	626,881		$	626,881
Swap Agreements^^^,^^^		—			—		—		1,367,452			1,367,452
Total Value	$	—		$	—	$	—	$	1,994,333		$	1,994,333
Liability Derivatives
Futures Contracts^^	$	—		$	—	$	—	$	(1,400,507	)	$	(1,400,507	)
Swap Agreements^^^,^^^		(1,643,840	)		—		—		(3,734,269	)		(5,378,109	)
Total Value	$	(1,643,840	)	$	—	$	—	$	(5,134,775	)	$	(6,778,616	)
Realized Gain (Loss)#
Futures Contracts	$	—		$	—	$	—	$	(1,702,840	)	$	(1,702,840	)
Swap Agreements		(288,163	)		—		—		(8,905	)		(297,068	)
Total Realized Gain (Loss)	$	(288,163	)	$	—	$	—	$	(1,711,745	)	$	(1,999,908	)
Change in Appreciation (Depreciation)##
Futures Contracts	$	—		$	—	$	—	$	(876,280	)	$	(876,280	)
Swap Agreements		(1,069,056	)		—		—		(2,366,817	)		(3,435,873	)
Total Change in Appreciation (Depreciation)	$	(1,069,056	)	$	—	$	—	$	(3,243,097	)	$	(4,312,153	)

Short-Duration Bond Fund
Asset Derivatives
Futures Contracts^^	$	—		$	—	$	—	$	397,826		$	397,826
Swap Agreements^^^,^^^		—			—		—		122,263			122,263
Total Value	$	—		$	—	$	—	$	520,089		$	520,089
Liability Derivatives
Futures Contracts^^	$	—		$	—	$	—	$	(662,494	)	$	(662,494	)
Swap Agreements^^^,^^^		(149,440	)		—		—		(346,402	)		(495,842	)
Total Value	$	(149,440	)	$	—	$	—	$	(1,008,896	)	$	(1,158,336	)
Realized Gain (Loss)#
Futures Contracts	$	—		$	—	$	—	$	195,774		$	195,774
Swap Agreements		(28,082	)		—		—		(690	)		(28,772	)
Total Realized Gain (Loss)	$	(28,082	)	$	—	$	—	$	195,084		$	167,002
Change in Appreciation (Depreciation)##
Futures Contracts	$	—		$	—	$	—	$	(255,011	)	$	(255,011	)
Swap Agreements		(97,187	)		—		—		(224,139	)		(321,326	)
Total Change in Appreciation (Depreciation)	$	(97,187	)	$	—	$	—	$	(479,150	)	$	(576,337	)

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

^	Statements of Assets and Liabilities location: Payables for: open forward contracts or written options outstanding, at value, as applicable.

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

^^^

Represents centrally cleared swaps or exchange-traded purchased and written options, which are not subject to a master netting agreement or similar agreement.

#	Statements of Operations location: Amounts are included in net realized gain (loss) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.

##	Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.

136

Notes to Financial Statements (Unaudited) (Continued)

For the period ended June 30, 2023, the average number of contracts, notional amounts, or shares/units outstanding for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units^†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Written Options
Dynamic Bond Fund		1,725	$	27,321,738	$	89,712,400		452,738		570,779
Inflation-Protected and Income Fund		254		—		250,333,877		—		—
Managed Bond Fund		1,092		—		306,675,500		—		—
Short-Duration Bond Fund		640		—		27,827,750		—		—

†

As applicable, amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended June 30, 2023.

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, 2023. 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, 2023.

Asset Valuation Inputs

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***		Net Amount*
Dynamic Bond Fund
Bank of America N.A.	$	15,594	$	—		$	—	$	15,594
BNP Paribas SA		71,808		(11,005	)		—		60,803
Citibank N.A.		7,138		—			—		7,138
JP Morgan Chase Bank N.A.		1,377		(1,377	)		—		—
Morgan Stanley & Co. LLC		132,239		(92,733	)		—		39,506
	$	228,156	$	(105,115	)	$	—	$	123,041

Inflation-Protected and Income Fund
BNP Paribas SA	$	573,345	$	—		$	—	$	573,345
Goldman Sachs International		525,550		—			—		525,550
	$	1,098,895	$	—		$	—	$	1,098,895

137

Notes to Financial Statements (Unaudited) (Continued)

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of June 30, 2023.

Liability Valuation Inputs

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Dynamic Bond Fund
BNP Paribas SA	$	(11,005	)	$	11,005	$	—	$	—
Goldman Sachs & Co.		(702,460	)		—		—		(702,460	)
JP Morgan Chase Bank N.A.		(5,586	)		1,377		—		(4,209	)
Morgan Stanley & Co. LLC		(92,733	)		92,733		—		—
	$	(811,784	)	$	105,115	$	—	$	(706,669	)

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

**	Represents the net amount payable to the counterparty in the event of default.

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

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

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended June 30, 2023, are discussed below.

Foreign Currency Exchange Transactions

A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may also buy and sell options on currencies. When the Fund buys an option, its loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a currency, it is subject generally to the same risks as if it had entered into a futures contract or forward contract with respect to that currency. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally

138

Notes to Financial Statements (Unaudited) (Continued)

be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

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

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

Futures Contracts

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

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

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

Options on Futures Contracts. If a Fund buys an option on a futures contract, it will have the right to assume a futures contract at a particular price during the course of the option. Its potential loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a futures contract, it is subject generally to the same risks as if it had entered into a futures contract underlying the option itself.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

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Swap Agreements

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

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

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

Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment and stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a “synthetic” long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the

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seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

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

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

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

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

Options, Rights, and Warrants

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

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option.

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

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

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may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

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

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

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

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

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In

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order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

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

Inflation-Linked Securities

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

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

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

Bank Loans

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

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loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

The Dynamic Bond Fund and High Yield Fund entered into certain bank loan agreements which are unfunded (“commitments”). The Dynamic Bond Fund and High Yield Fund are obligated to fund these commitments at the borrower’s discretion. At June 30, 2023, the Dynamic Bond Fund and High Yield Fund had sufficient cash and/or securities to cover these commitments.

Commitment interest is marked to market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. At June 30, 2023, the Dynamic Bond Fund and High Yield Fund had the following commitments:

	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
Dynamic Bond Fund	Athenahealth Group, Inc. 2022 Delayed Draw Term Loan	$	18,727	$	18,727	$	18,001	$	(726	)
High Yield Fund	Athenahealth Group, Inc. 2022 Delayed Draw Term Loan		32,822		31,591		31,550		(41	)

Certain Funds may receive or pay fees associated with investments in bank loans. These fees are included as miscellaneous bank loan fee income on a Fund’s Statement of Operations. These fees include all income and expenses associated with the processing and maintenance of these types of loans, including but not limited to consent fee income, amendment fees, and closing fees.

Repurchase Agreements

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

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

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

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

Dollar Roll Transactions

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

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

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

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, 2023, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

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

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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, 2023, 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 is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

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, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying ETFs. Because the Underlying ETFs have varied expense and fee levels, and the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund may own different proportions of Underlying ETFs at different times, the amount of fees and expenses indirectly incurred by each of the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund will vary.

Foreign Securities

The Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds, except for the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund, may also invest in foreign securities. In addition, certain Underlying ETFs may invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards,

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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.

Federal Income Tax

It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

Dividends and Distributions to Shareholders

Dividends from net investment income are either declared daily and paid monthly or declared and paid annually depending on the requirements of each Fund. Dividends from net investment income may also be distributed at other times throughout the year as required to satisfy tax or regulatory requirements. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

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

3.	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
Dynamic Bond Fund	0.40% on the first $1 billion; and
	0.35% on any excess over $1 billion
Equity Fund	0.50% on the first $100 million;
	0.45% on the next $200 million;
	0.40% on the next $200 million; and
	0.35% on any excess over $500 million
Equity Rotation Fund	0.45% on the first $500 million; and
	0.40% on any excess over $500 million
High Yield Fund	0.60% on the first $300 million; and
	0.575% on any excess over $300 million

147

Notes to Financial Statements (Unaudited) (Continued)

Fund	Investment Advisory Fee
Inflation-Protected and Income Fund	0.60% on the first $100 million;
	0.55% on the next $200 million;
	0.50% on the next $200 million; and
	0.45% on any excess over $500 million
iShares 60/40 Allocation Fund	0.30% on the first $2 billion; and
	0.28% on any excess over $2 billion
iShares 80/20 Allocation Fund	0.30% on the first $2 billion; and
	0.28% on any excess over $2 billion
Managed Bond Fund	0.50% on the first $100 million;
	0.45% on the next $200 million;
	0.40% on the next $200 million; and
	0.35% on any excess over $500 million
Short-Duration Bond Fund	0.35% on the first $300 million; and
	0.30% on any excess over $300 million
Small Cap Equity Fund	0.65% on the first $100 million;
	0.60% on the next $100 million;
	0.55% on the next $300 million; and
	0.50% on any excess over $500 million
Strategic Emerging Markets Fund	1.00% on the first $500 million; and
	0.95% on any excess over $500 million
U.S. Government Money Market Fund	0.50% on the first $100 million;
	0.45% on the next $200 million;
	0.40% on the next $200 million; and
	0.35% on any excess over $500 million

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

High Yield Fund*	0.20%
Inflation-Protected and Income Fund*	0.08%
Managed Bond Fund*	0.10%
Short-Duration Bond Fund*	0.08%
U.S. Government Money Market Fund	0.05%

*	Baring International Investment Limited (“BIIL”) serves as a sub-subadviser to the Fund. BIIL does not receive a fee from Barings under the sub-subadvisory agreement with Barings.

148

Notes to Financial Statements (Unaudited) (Continued)

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

Blend Fund	BlackRock Investment Management, LLC
Dynamic Bond Fund	Western Asset Management Company, LLC; and Western Asset Management Company Limited
Equity Fund	Brandywine Global Investment Management, LLC; and
	T. Rowe Price Associates, Inc.
Equity Rotation Fund*	Invesco Advisers, Inc.
iShares 60/40 Allocation Fund	BlackRock Investment Management, LLC
iShares 80/20 Allocation Fund	BlackRock Investment Management, LLC
Small Cap Equity Fund	Invesco Advisers, Inc.
Strategic Emerging Markets Fund	Invesco Advisers, Inc.

*	Invesco Capital Management LLC serves as a sub-subadviser of the Fund.

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

Administration Fees

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

	Class II	Service Class I
Dynamic Bond Fund	0.15%	0.15%
Equity Rotation Fund	0.15%	0.15%
High Yield Fund	0.15%	0.15%
iShares 60/40 Allocation Fund	0.15%	0.15%
iShares 80/20 Allocation Fund	0.15%	0.15%
Short-Duration Bond Fund	0.15%	0.15%
Strategic Emerging Markets Fund	0.15%	0.15%

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as distributor to the Funds. Pursuant to a Distribution and Services Plan adopted by the Funds pursuant to Rule 12b-1 under the 1940 Act, Service Class shares and Service Class I shares of the Funds pay an annual fee of 0.25% of the average daily net asset value of Service Class shares and Service Class I shares. This fee, or a portion thereof, is paid to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Service Class shares or Service Class I shares, as applicable, of each Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Service Class and Service Class I shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

149

Notes to Financial Statements (Unaudited) (Continued)

Expense Caps and Waivers

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

	Class II	Service Class I
Dynamic Bond Fund*	0.57%	0.82%

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

*	Expense caps in effect through April 30, 2024.

	Initial Class	Service Class
Inflation-Protected and Income Fund*	0.60%	0.85%

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

*	Expense caps in effect through April 30, 2024.

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

	Class II	Service Class I
iShares 60/40 Allocation Fund*	0.50%	0.75%
iShares 80/20 Allocation Fund*	0.50%	0.75%

*	Expense caps in effect through April 30, 2024.

	Class II	Service Class I
Strategic Emerging Markets Fund*	1.25%	1.50%

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

*	Expense caps in effect through April 30, 2024.

150

Notes to Financial Statements (Unaudited) (Continued)

MML Advisers has agreed to waive 0.02% of the investment advisory fee of the Dynamic Bond Fund through April 30, 2024.

MML Advisers has agreed to waive 0.05% of the investment advisory fee of the Equity Rotation Fund through April 30, 2024.

MML Advisers has agreed to waive 0.04% of the investment advisory fee of the High Yield Fund through April 30, 2024.

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.

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, 2023, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Equity Fund	$	2,162
Small Cap Equity Fund		2,065
Strategic Emerging Markets Fund		125

Deferred Compensation

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

Other

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

4.	Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended June 30, 2023, were as follows:

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long- Term Securities		Long-Term U.S. Government Securities		Other Long- Term Securities
Blend Fund	$	—	$	21,015,258	$	—	$	48,261,366
Dynamic Bond Fund		232,926,738		9,548,513		237,213,945		20,734,283
Equity Fund		—		196,411,676		—		222,754,877

151

Notes to Financial Statements (Unaudited) (Continued)

	Purchases				Sales
Equity Rotation Fund	$	—	$	66,683,734	$	—	$	66,445,186
High Yield Fund		—		7,837,806		—		15,498,436
Inflation-Protected and Income Fund		56,420,365		18,793,435		66,918,070		26,731,101
iShares 60/40 Allocation Fund		—		4,181,208		—		334,667
iShares 80/20 Allocation Fund		—		10,625,894		—		2,117,397
Managed Bond Fund		700,089,471		86,915,014		742,148,200		119,138,479
Short-Duration Bond Fund		—		10,384,483		34,705		17,266,406
Small Cap Equity Fund		—		30,829,244		—		32,884,036
Strategic Emerging Markets Fund		—		7,573,294		—		12,949,846

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

	Purchases		Sales		Realized Gains/ Losses
Equity Fund	$	—	$	434,480	$	75,775
Small Cap Equity Fund		—		632,056		366,348

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended June 30, 2023						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Blend Fund Initial Class
Sold		214,910		$	3,775,145			413,895		$	7,595,157
Issued as reinvestment of dividends		—			—			924,158			16,406,451
Redeemed		(1,645,783	)		(29,114,392	)		(3,420,951	)		(62,167,555	)
Net increase (decrease)		(1,430,873	)	$	(25,339,247	)		(2,082,898	)	$	(38,165,947	)
Blend Fund Service Class
Sold		276,246		$	4,822,444			796,956		$	14,877,306
Issued as reinvestment of dividends		—			—			320,969			5,658,892
Redeemed		(603,128	)		(10,563,638	)		(1,291,832	)		(22,781,897	)
Net increase (decrease)		(326,882	)	$	(5,741,194	)		(173,907	)	$	(2,245,699	)
Dynamic Bond Fund Class II
Sold		904,156		$	7,755,558			413,305		$	3,764,194
Issued as reinvestment of dividends		—			—			1,071,670			9,323,527
Redeemed		(2,415,737	)		(20,751,322	)		(4,464,133	)		(40,168,430	)
Net increase (decrease)		(1,511,581	)	$	(12,995,764	)		(2,979,158	)	$	(27,080,709	)
Dynamic Bond Fund Service Class I
Sold		139,362		$	1,190,277			182,639		$	1,609,351
Issued as reinvestment of dividends		—			—			51,438			445,452
Redeemed		(139,787	)		(1,193,393	)		(152,018	)		(1,337,379	)
Net increase (decrease)		(425	)	$	(3,116	)		82,059		$	717,424

152

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2023						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Equity Fund Initial Class
Sold		192,148		$	5,146,345			454,545		$	13,017,612
Issued as reinvestment of dividends		—			—			3,501,111			92,352,834
Redeemed		(1,338,862	)		(35,786,389	)		(2,392,894	)		(68,735,444	)
Net increase (decrease)		(1,146,714	)	$	(30,640,044	)		1,562,762		$	36,635,002
Equity Fund Service Class
Sold		84,904		$	2,235,831			129,630		$	3,689,535
Issued as reinvestment of dividends		—			—			438,673			11,352,115
Redeemed		(385,956	)		(10,108,364	)		(574,345	)		(16,216,400	)
Net increase (decrease)		(301,052	)	$	(7,872,533	)		(6,042	)	$	(1,174,750	)
Equity Rotation Fund Class II
Sold		—		$	—			—		$	—
Issued as reinvestment of dividends		—			—			476,072			5,065,396
Redeemed		—			—			—			—
Net increase (decrease)		—		$	—			476,072		$	5,065,396
Equity Rotation Fund Service Class I
Sold		17,917		$	200,223			15,270		$	174,566
Issued as reinvestment of dividends		—			—			23,247			245,021
Redeemed		(22,757	)		(257,630	)		(37,198	)		(440,874	)
Net increase (decrease)		(4,840	)	$	(57,407	)		1,319		$	(21,287	)
High Yield Fund Class II
Sold		10,736		$	91,044			43,206		$	388,628
Issued as reinvestment of dividends		—			—			175,067			1,463,558
Redeemed		(765,429	)		(6,476,005	)		(754,126	)		(6,588,447	)
Net increase (decrease)		(754,693	)	$	(6,384,961	)		(535,853	)	$	(4,736,261	)
High Yield Fund Service Class I
Sold		212,203		$	1,776,103			415,813		$	3,781,894
Issued as reinvestment of dividends		—			—			399,069			3,304,293
Redeemed		(474,107	)		(3,964,183	)		(1,016,750	)		(9,064,658	)
Net increase (decrease)		(261,904	)	$	(2,188,080	)		(201,868	)	$	(1,978,471	)
Inflation-Protected and Income Fund Initial Class
Sold		991,127		$	8,769,529			553,744		$	5,503,615
Issued as reinvestment of dividends		—			—			2,003,503			18,612,540
Redeemed		(1,937,844	)		(17,239,598	)		(5,629,099	)		(56,408,729	)
Net increase (decrease)		(946,717	)	$	(8,470,069	)		(3,071,852	)	$	(32,292,574	)
Inflation-Protected and Income Fund Service Class
Sold		197,429		$	1,744,525			833,517		$	8,368,273
Issued as reinvestment of dividends		—			—			518,191			4,772,542
Redeemed		(379,260	)		(3,346,165	)		(1,137,204	)		(11,080,559	)
Net increase (decrease)		(181,831	)	$	(1,601,640	)		214,504		$	2,060,256
iShares 60/40 Allocation Fund Class II*
Sold		—		$	—			2,490,000		$	24,900,000
Issued as reinvestment of dividends		—			—			41,943			368,682
Redeemed		—			—			—			—
Net increase (decrease)		—		$	—			2,531,943		$	25,268,682
iShares 60/40 Allocation Fund Service Class I*
Sold		402,477		$	3,704,672			663,011		$	6,146,502
Issued as reinvestment of dividends		—			—			9,060			79,543
Redeemed		(9,807	)		(88,088	)		(73,877	)		(687,112	)
Net increase (decrease)		392,670		$	3,616,584			598,194		$	5,538,933

153

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2023						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
iShares 80/20 Allocation Fund Class II*
Sold		18		$	167			2,490,000		$	24,900,000
Issued as reinvestment of dividends		—			—			38,549			333,448
Redeemed		—			—			—			—
Net increase (decrease)		18		$	167			2,528,549		$	25,233,448
iShares 80/20 Allocation Fund Service Class I*
Sold		1,147,146		$	10,391,337			2,289,567		$	20,872,743
Issued as reinvestment of dividends		—			—			29,577			255,844
Redeemed		(244,895	)		(2,216,608	)		(128,144	)		(1,138,800	)
Net increase (decrease)		902,251		$	8,174,729			2,191,000		$	19,989,787
Managed Bond Fund Initial Class
Sold		1,209,824		$	13,085,784			3,350,811		$	36,390,359
Issued as reinvestment of dividends		—			—			2,275,431			25,107,989
Redeemed		(8,015,294	)		(87,072,196	)		(10,585,519	)		(122,355,780	)
Net increase (decrease)		(6,805,470	)	$	(73,986,412	)		(4,959,277	)	$	(60,857,432	)
Managed Bond Fund Service Class
Sold		640,352		$	6,884,690			560,341		$	6,453,682
Issued as reinvestment of dividends		—			—			730,320			8,029,901
Redeemed		(1,748,706	)		(18,882,877	)		(3,770,398	)		(42,886,006	)
Net increase (decrease)		(1,108,354	)	$	(11,998,187	)		(2,479,737	)	$	(28,402,423	)
Short-Duration Bond Fund Class II
Sold		54,638		$	481,805			276,258		$	2,497,738
Issued as reinvestment of dividends		—			—			420,867			3,657,335
Redeemed		(1,085,328	)		(9,556,274	)		(2,982,282	)		(26,689,472	)
Net increase (decrease)		(1,030,690	)	$	(9,074,469	)		(2,285,157	)	$	(20,534,399	)
Short-Duration Bond Fund Service Class I
Sold		235,113		$	2,063,301			715,271		$	6,435,357
Issued as reinvestment of dividends		—			—			116,624			1,009,962
Redeemed		(412,895	)		(3,618,166	)		(1,000,651	)		(8,982,630	)
Net increase (decrease)		(177,782	)	$	(1,554,865	)		(168,756	)	$	(1,537,311	)
Small Cap Equity Fund Initial Class
Sold		181,001		$	1,762,068			305,895		$	3,213,709
Issued as reinvestment of dividends		—			—			1,247,302			12,251,160
Redeemed		(453,890	)		(4,441,774	)		(1,050,503	)		(11,078,528	)
Net increase (decrease)		(272,889	)	$	(2,679,706	)		502,694		$	4,386,341
Small Cap Equity Fund Service Class
Sold		89,904		$	847,917			180,761		$	1,768,095
Issued as reinvestment of dividends		—			—			329,524			3,153,530
Redeemed		(211,520	)		(2,019,944	)		(357,752	)		(3,616,982	)
Net increase (decrease)		(121,616	)	$	(1,172,027	)		152,533		$	1,304,643
Strategic Emerging Markets Fund Class II
Sold		21,541		$	114,029			806,134		$	6,633,916
Issued as reinvestment of dividends		—			—			3,045,936			14,864,169
Redeemed		(921,757	)		(4,838,263	)		(1,083,784	)		(7,379,284	)
Net increase (decrease)		(900,216	)	$	(4,724,234	)		2,768,286		$	14,118,801
Strategic Emerging Markets Fund Service Class I
Sold		117,426		$	612,023			244,939		$	1,720,127
Issued as reinvestment of dividends		—			—			948,551			4,619,444
Redeemed		(254,588	)		(1,326,214	)		(314,578	)		(1,927,646	)
Net increase (decrease)		(137,162	)	$	(714,191	)		878,912		$	4,411,925

154

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2023						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
U.S. Government Money Market Fund Initial Class
Sold		64,664,619		$	64,664,619			179,538,054		$	179,538,054
Issued as reinvestment of dividends		4,959,872			4,959,872			2,489,672			2,489,672
Redeemed		(94,149,802	)		(94,149,802	)		(115,852,791	)		(115,852,791	)
Net increase (decrease)		(24,525,311	)	$	(24,525,311	)		66,174,935		$	66,174,935

*	Fund commenced operations on February 11, 2022.

6. Federal Income Tax Information

At June 30, 2023, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Blend Fund	$	646,808,056	$	70,904,195	$	(44,927,341	)	$	25,976,854
Dynamic Bond Fund		251,458,835		2,105,697		(22,626,906	)		(20,521,209	)
Equity Fund		655,286,694		151,355,041		(15,409,386	)		135,945,655
Equity Rotation Fund		47,807,770		3,900,591		(381,179	)		3,519,412
High Yield Fund		59,925,234		371,919		(5,304,618	)		(4,932,699	)
Inflation-Protected and Income Fund		202,840,971		176,001		(8,720,100	)		(8,544,099	)
iShares 60/40 Allocation Fund		34,453,190		98,492		(1,391,795	)		(1,293,303	)
iShares 80/20 Allocation Fund		53,518,747		1,020,209		(829,793	)		190,416
Managed Bond Fund		833,003,818		1,358,584		(81,600,924	)		(80,242,340	)
Short-Duration Bond Fund		133,424,446		132,107		(10,297,699	)		(10,165,592	)
Small Cap Equity Fund		86,790,424		38,675,691		(4,308,789	)		34,366,902
Strategic Emerging Markets Fund		45,612,090		5,597,344		(2,511,275	)		3,086,069

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at June 30, 2023, 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, subject to the carryforward period limitations, where applicable. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

155

Notes to Financial Statements (Unaudited) (Continued)

At December 31, 2022, the following Fund(s) had accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Blend Fund	$	—	$	726,963
Dynamic Bond Fund		11,899,539		17,316,077
Equity Rotation Fund		3,997,163		—
High Yield Fund		659,332		11,543,619
Inflation-Protected and Income Fund		14,695,832		1,915,063
iShares 60/40 Allocation Fund		46,713		—
Managed Bond Fund		24,837,797		28,940,378
Short-Duration Bond Fund		6,406,514		7,872,875
Small Cap Equity Fund		2,718,350		652,871
Strategic Emerging Markets Fund		3,255,407		4,057,603

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

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2022, was as follows:

	Ordinary Income		Long Term Capital Gain		Return of Capital
Blend Fund	$	16,279,721	$	5,785,622	$	—
Dynamic Bond Fund		9,768,979		—		—
Equity Fund		26,709,199		76,995,750		—
Equity Rotation Fund		2,518,956		2,791,461		—
High Yield Fund		4,767,851		—		—
Inflation-Protected and Income Fund		22,108,312		1,276,770		—
iShares 60/40 Allocation Fund		421,437		—		26,788
iShares 80/20 Allocation Fund		531,668		—		57,624
Managed Bond Fund		24,664,423		8,473,467		—
Short-Duration Bond Fund		4,667,297		—		—
Small Cap Equity Fund		2,936,650		12,468,040		—
Strategic Emerging Markets Fund		1,715,405		17,768,208		—
U.S. Government Money Market Fund		2,489,674		—		—

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2022:

	Amount
iShares 60/40 Allocation Fund	$	11,054
iShares 80/20 Allocation Fund		20,915
Strategic Emerging Markets Fund		119,577

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At December 31, 2022, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

156

Notes to Financial Statements (Unaudited) (Continued)

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total
Blend Fund	$	10,670,229	$	(726,963	)	$	(171,854	)	$	(34,760,246	)	$	(24,988,834	)
Dynamic Bond Fund		9,509,217		(29,215,616	)		(33,066	)		(27,338,831	)		(47,078,296	)
Equity Fund		16,677,179		63,127,947			(212,711	)		120,098,034			199,690,449
Equity Rotation Fund		513,085		(3,997,163	)		(2,451	)		(908,748	)		(4,395,277	)
High Yield Fund		3,452,000		(12,202,951	)		(18,091	)		(8,382,831	)		(17,151,873	)
Inflation-Protected and Income Fund		8,875,145		(16,610,895	)		(73,289	)		(24,272,342	)		(32,081,381	)
iShares 60/40 Allocation Fund		—		(46,713	)		—			(3,693,375	)		(3,740,088	)
iShares 80/20 Allocation Fund		—		—			—			(4,859,072	)		(4,859,072	)
Managed Bond Fund		26,477,204		(53,778,175	)		(209,217	)		(108,927,660	)		(136,437,848	)
Short-Duration Bond Fund		4,402,804		(14,279,389	)		(30,703	)		(13,294,897	)		(23,202,185	)
Small Cap Equity Fund		614,082		(3,371,221	)		(27,222	)		32,316,915			29,532,554
Strategic Emerging Markets Fund		37,976		(7,313,010	)		(12,952	)		(6,340,184	)		(13,628,170	)
U.S. Government Money Market Fund		743		—			(44,090	)		—			(43,347	)

The Funds did not have any unrecognized tax benefits at June 30, 2023, 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, 2023, 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.

7. Indemnifications

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

8. New Accounting Pronouncements

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

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Notes to Financial Statements (Unaudited) (Continued)

9. Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and may continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in future significant adverse effects. Such factors, and the effects of other infectious illness outbreaks, epidemics, or pandemics, may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

10. Russia-Ukraine War

In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States, other countries, and certain international organizations. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund’s investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. These sanctions and any other intergovernmental actions (including retaliatory actions by the Russian government) may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund’s ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.

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Other Information (Unaudited)

Proxy Voting

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

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

Monthly Reporting

The U.S. Government Money Market Fund files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The U.S. Government Money Market Fund’s reports on Form N-MFP are available on the SEC’s EDGAR database on its website at http://www.sec.gov. In addition, the U.S. Government Money Market Fund makes portfolio holdings information available to shareholders at https://www.massmutual.com/funds.

Quarterly Reporting

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

Liquidity Risk Management Program

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

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

At a meeting of the Board held on March 21, 2023, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2022 through December 31, 2022. In the report, the Committee concluded that the Program proved to be adequately designed to address the Funds’ liquidity risks and operated effectively.

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

Trustees’ Approval of Investment Advisory Contracts

At their meetings in May and June 2023, the Contract Committee (the “Committee”) and the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the “Independent Trustees”), re-approved the existing advisory and subadvisory agreements (collectively, the “Contracts”) for each of the Blend Fund, Dynamic Bond Fund, Equity Fund, Equity Rotation Fund, High Yield Fund, Inflation-Protected and Income

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Other Information (Unaudited) (Continued)

Fund, iShares 60/40 Allocation Fund, iShares 80/20 Allocation Fund, Managed Bond Fund, Short-Duration Bond Fund, Small Cap Equity Fund, Strategic Emerging Markets 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, 2022, 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 majority of the Funds had total net expense ratios at or below the medians of their peer groups, or in the top three comparative quintiles of their peer groups. Those Funds include the Short Duration Bond Fund, Managed Bond Fund, Dynamic Bond Fund, Inflation-Protected and Income Fund, Equity Fund, Small Cap Equity Fund, Blend Fund, and each of the iShares Allocation Funds. Of those Funds, all had net advisory fees at or below the medians of their peer groups except the Blend Fund and Inflation-Protected and Income Fund. The Committee considered MML Advisers’ statement that the advisory arrangements for each of those Funds require MML Advisers to bear shareholder servicing expenses having the effect of increasing the Fund’s net advisory fees above the rates that would otherwise prevail, and that the shareholder services in question are the same as the services required under any separate shareholder servicing agreement relating to other Funds in the Trust and the MML Series Investment Fund. The Committee considered MML Advisers’ statement that, if the net advisory fees for those Funds were reduced by the portion of the fees attributable to administrative services (which include shareholder services), the net advisory fee might, in the case of the Inflation-Protected and Income Fund, be expected to be less than the applicable peer group median. As to the Blend Fund, the Committee considered MML Advisers’ statement that, although the

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Other Information (Unaudited) (Continued)

Fund’s net advisory fee would still be above the peer group median, it considered the fee acceptable both in light of the first-quintile total net expense ratio of the Fund and the generally favorable investment performance of the Fund in both the short- and long- term periods.

In the case of certain of the Funds, the Committee noted that the Fund’s net advisory fees were at or below the medians of their peer group, although the Funds’ total net expense ratios were higher than the 60th comparative percentiles of their peer groups. The Committee considered MML Advisers’ statements that the relatively high total net expense ratios were affected by a Fund’s relatively small scale, in the case of the Strategic Emerging Markets Fund, High Yield Fund, and Equity Rotation Fund.

The Committee noted that the U.S. Government Money Market Fund had both a total net expense ratio and net advisory fee above the 60th comparative percentile of its peer group. The Committee considered MML Advisers’ statement that, if the net advisory fee for the Fund was reduced by the portion of the fees attributable to administrative services (which include shareholder services), the net advisory fee paid by the Fund would be less than its peer group median. The Committee also determined that the absolute difference between the Fund’s total net expense ratio and its peer group median was not otherwise so high as to prevent the approval of its advisory agreement. The Committee considered MML Advisers’ statement that the Fund’s performance has generally been in line with its performance category median (within twelve basis points in 2022), notwithstanding the Fund’s relatively high total net expense ratio, and that money market fund fees and expenses have been affected significantly in recent years by advisers’/sponsors’ actions to respond to record low short-term interest rates. The Committee also considered MML Advisers’ statement 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 determined that the Fund’s 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, Blend Fund, Equity Fund, Small Cap Equity Fund, Equity Rotation Fund, Inflation-Protected and Income Fund, and High Yield Fund achieved three-year investment performance above the medians of their performance categories, or in the top three comparative quintiles of their performance categories. In addition, the Committee considered that the Dynamic Bond Fund experienced three-year investment performance outside the top three comparative quintiles of its performance category, but experienced improved performance for the one-year period at the median of its performance category.

As to the Strategic Emerging Markets Fund, the Committee considered that the Fund had experienced performance for the one- and three-year periods in the 89th and 94th comparative percentiles of its performance category, respectively. The Committee considered MML Advisers’ statement that the Fund had achieved investment performance above its performance category median for much of the last five years, but that the Fund had experienced substantial underperformance in the most recent two years due to investments in China and Russia. The Committee considered MML Advisers’ statements that the Fund has experienced improved performance over the last three quarters of 2022 and the first quarter of 2023, but the Fund remains on heightened review in light of recent underperformance.

As to the Short-Duration Bond Fund, the Committee noted that the Fund had experienced performance for the one- and three- year periods in the 93rd and 97th comparative percentiles of its performance category, respectively. The Committee considered MML Advisers’ statements that the Fund’s longer-term returns were generally more favorable and that the Fund ranked in the top half of its performance category in seven of the past ten years. The Committee considered MML Advisers’ statements that recent underperformance was the result in part of duration, sector allocation, and security selection, and that the subadviser has agreed going forward to remove active duration management from the Fund’s investment strategy with changes to take place in the near future.

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Other Information (Unaudited) (Continued)

As to the U.S. Government Money Market Fund, the Committee noted that the Fund had experienced performance for the one- and three-year periods in the 95th and 94th comparative percentiles of its performance category, respectively. The Committee considered MML Advisers’ statement that, for the calendar year 2022, the Fund’s return was within twelve basis points of the performance category median, and MML Advisers’ statement that the Fund is intended to serve as a conservative and convenient vehicle where investors may invest cash with minimal risk.

Each of the iShares 60/40 Allocation Fund and iShares 80/20 Allocation Fund was launched in February 2022. The Committee considered that the total net expense ratios for the Funds were within the top comparative half of their peer groups, and each had net advisory fees below the median of its peer group. The Committee noted that neither Fund had achieved a one- or three-year performance record as of December 31, 2022. The Committee considered MML Advisers’ statement that, although the period of time each Fund had been operational was too short a period to evaluate performance meaningfully, each of the Funds was performing appropriately in the view of MML Advisers.

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 generally 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 for each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called “fallout benefits” to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds, and benefits accruing to subadvisers due to so-called “soft-dollar arrangements.” Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. The Committee weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

As to each of the Funds, the Committee concluded that: (i) overall, it was satisfied with the nature, extent, and quality of services provided, and expected to be provided in the future, under the Contracts, including the level of MML Advisers’ oversight of each Fund and the subadvisory process; (ii) MML Advisers’ levels of profitability from its relationship with the various Funds are not excessive and the advisory fees payable under the advisory agreements and each Fund’s total net expenses are fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of the subadvisers generally appear well suited to the Funds, 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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Fund Expenses June 30, 2023

Expense Examples:

The following information is in regards to expenses for the six months ended June 30, 2023:

As a shareholder of the Funds, you incur ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended June 30, 2023.

Actual Expenses:

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Blend Fund
Initial Class	$1,000	0.46%	$1,105.50	$2.40	$1,022.50	$2.31
Service Class	1,000	0.71%	1,104.20	3.70	1,021.30	3.56
Dynamic Bond Fund
Class II	1,000	0.57%	1,036.10	2.88	1,022.00	2.86
Service Class I	1,000	0.82%	1,035.10	4.14	1,020.70	4.11
Equity Fund
Initial Class	1,000	0.45%	1,019.80	2.25	1,022.60	2.26
Service Class	1,000	0.70%	1,018.60	3.50	1,021.30	3.51
Equity Rotation Fund
Class II	1,000	0.81%	1,147.10	4.31	1,020.80	4.06
Service Class I	1,000	1.06%	1,144.60	5.64	1,019.50	5.31
High Yield Fund
Class II	1,000	1.01%	1,051.50	5.14	1,019.80	5.06
Service Class I	1,000	1.27%	1,049.60	6.45	1,018.50	6.36

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	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Inflation-Protected and Income Fund
Initial Class	$1,000	0.60%	$1,023.10	$3.01	$1,021.80	$3.01
Service Class	1,000	0.85%	1,022.10	4.26	1,020.60	4.26
iShares 60/40 Allocation Fund
Class II	1,000	0.46%	1,091.40	2.39	1,022.50	2.31
Service Class I	1,000	0.71%	1,089.20	3.68	1,021.30	3.56
iShares 80/20 Allocation Fund
Class II	1,000	0.46%	1,113.60	2.41	1,022.50	2.31
Service Class I	1,000	0.71%	1,111.20	3.72	1,021.30	3.56
Managed Bond Fund
Initial Class	1,000	0.46%	1,018.40	2.30	1,022.50	2.31
Service Class	1,000	0.71%	1,017.10	3.55	1,021.30	3.56
Short-Duration Bond Fund
Class II	1,000	0.61%	1,024.30	3.06	1,021.80	3.06
Service Class I	1,000	0.86%	1,023.20	4.31	1,020.50	4.31
Small Cap Equity Fund
Initial Class	1,000	0.75%	1,092.50	3.89	1,021.10	3.76
Service Class	1,000	1.00%	1,091.20	5.19	1,019.80	5.01
Strategic Emerging Markets Fund
Class II	1,000	1.25%	1,103.50	6.52	1,018.60	6.26
Service Class I	1,000	1.50%	1,104.00	7.83	1,017.40	7.50
U.S. Government Money Market Fund
Initial Class	1,000	0.53%	1,021.20	2.66	1,022.20	2.66

Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2023, multiplied by the average account value over the period, multiplied by 181 days in the period, divided by 365 days in the year, unless stated otherwise. The annualized expense ratio does not reflect expenses deducted under the variable life insurance or variable annuity contract through which the Funds are invested in. Inclusion of these expenses would increase the annualized expense ratios shown.

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Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

MM202407-306368

(b)

Not applicable to this filing.

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a)

Please see portfolio of investments contained in the Report to Stockholders included under Item 1 of this form N-CSR.

(b)

Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable to this filing.

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this filing.

Item 13. Exhibits.

(a)(1) Code of Ethics (Item 2) is not applicable to this filing.

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

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b)(1) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)		MML Series Investment Fund II

By (Signature and Title)		/s/Andrea Anastasio
		Andrea Anastasio, President and Principal Executive Officer

Date	8/17/2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)		/s/Andrea Anastasio
		Andrea Anastasio, President and Principal Executive Officer

Date	8/17/2023

By (Signature and Title)		/s/ Renee Hitchcock
		Renée Hitchcock, Treasurer and Principal Financial Officer

Date	8/17/2023