MML Series Investment Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number 811-02224


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

100 Bright Meadow Blvd., Enfield, CT 06082
(Address of principal executive offices)		(Zip code)
Eric Wietsma
100 Bright Meadow Blvd., Enfield, CT 06082
(Name and address of agent for service)

Registrant’s telephone number, including area code: (860) 562-1000

Date of fiscal year end: 12/31/2020

Date of reporting period: 6/30/2020

Item 1. Reports to Stockholders.

LOGO

Table of Contents



President’s Letter to Shareholders (Unaudited)			1

Portfolio Summaries (Unaudited)			3

Portfolio of Investments (Unaudited)
MML Conservative Allocation Fund			8
MML Balanced Allocation Fund			9
MML Moderate Allocation Fund			10
MML Growth Allocation Fund			11
MML Aggressive Allocation Fund			12
MML American Funds Growth Fund			13
MML American Funds International Fund			14
MML American Funds Core Allocation Fund			15

Statements of Assets and Liabilities (Unaudited)			16

Statements of Operations (Unaudited)			20

Statements of Changes in Net Assets			22

Financial Highlights			26

Notes to Financial Statements (Unaudited)			34

Other Information (Unaudited)
Proxy Voting			46
Quarterly Reporting			46
Liquidity Risk Management Program			46
Trustees’ Approval of Investment Advisory Contracts			46
Fund Expenses			49

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

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

To Our Shareholders

LOGO

Eric Wietsma

“As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals.”

June 30, 2020

Welcome to the MML Series Investment Fund Semiannual Report, covering the six months ended June 30, 2020.

Market Highlights

•

During the period, U.S. stock prices ended down only 3%, despite being down nearly 20% in the first quarter of 2020.

•

The COVID-19 pandemic escalated quickly during the period, shuttering businesses, driving unemployment to record levels, curtailing economic activity and causing concerned investors to sell stocks in favor of safer investments.

•

Markets rebounded sharply in late March initially in response to emergency interest rate cuts by the Federal Reserve Board (the Fed) and unprecedented fiscal stimulus from Congress. Further market increases came later in the period due to falling COVID-19 case counts, progress on vaccine research and signs of increasing economic activity as the world transitioned back to work.

•

Developed-market foreign stocks and emerging market stocks also responded well to their own countries’ monetary and fiscal stimulus and progress in restarting economic activity, though trailed U.S. stock returns for the six-month period.

•

U.S. bonds ended the period up over 6%, benefiting from falling interest rates and investors seeking safer investments in light of projections for a global economic downturn.

Market Commentary

For the six months ended June 30, 2020, global stock investors experienced negative returns. U.S. stocks rose steadily through the middle of February, buoyed by low interest rates and expectations for strong economic growth and rising corporate earnings. With the onset of the COVID-19 pandemic, businesses shuttered, unemployment propelled to record levels, and economic activity curtailed causing U.S. stocks to fall sharply from the middle of February to late March. Markets rebounded sharply in late March initially in response to emergency interest rate cuts by the Fed and unprecedented fiscal stimulus from Congress. Further gains came later in the period due to falling COVID-19 case counts, progress on vaccine research and signs of increasing economic activity as the world transitioned back to work.

Volatility is the tendency for markets to fluctuate unpredictably and is a normal risk of investing. Volatility resurfaced in the first quarter of 2020 with the S&P 500^®* Index gaining or losing three percent of its value on 19 different days during the quarter. The Volatility Index (the VIX) achieved an all-time high of 82.69 on March 16^th before receding in response to emergency interest rate cuts by the Fed, an unprecedented fiscal stimulus package from Congress and signs of increasing economic activity.

The end result was that the broad market S&P 500 delivered a loss of only 3.08% for the period. The technology-heavy NASDAQ Composite Index, which benefited considerably as companies shifted to a more technology heavy work from home model, gained 12.67%. Conversely, the more economically sensitive Dow Jones Industrial Average lost 8.43% for the period. Small-cap stocks also underperformed their larger peers while value stocks significantly underperformed their growth peers.

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

(Continued)

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

The market sell-off and subsequent recovery affected sectors differently. The information technology and consumer discretionary sectors fared best as these sectors benefited from the shift to working from home and the increase in online shopping. The energy and financial services sectors experienced the biggest losses due to expectations of a sharp downturn in global economic growth and lower interest rates, respectively. West Texas Intermediate (WTI) crude oil prices ended the period at just $39.27 per barrel, down 36% during the period.

Developed international stock markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers, falling 11.34% for the six-month period. Japanese stocks fared much better than European stocks as a result of Japan responding quickly and effectively to halt the spread of COVID-19 within its borders and following up with massive amounts of monetary and fiscal stimulus. Emerging-market stock markets, as measured by the MSCI Emerging Markets Index, fared only slightly better than the MSCI EAFE^® Index, falling 9.78% for the period, buoyed by strong performance of Chinese stocks.

In these unprecedented times, the Fed asserted its influence on markets during the period through two emergency interest rate cuts in March. On March 3^rd, the Fed slashed interest rates by half a percentage point, citing that the “coronavirus poses evolving risks to economic activity.” On March 15^th, the Fed cut interest rates to nearly zero percent saying it would maintain the low rates “until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.” These were the first emergency interest rate cuts since 2008. Congress also played its part, delivering roughly $2.5 trillion in coronavirus response bills intended to keep businesses and individuals afloat during these challenging times.

Investors entered the period with expectations of stable economic growth and rising corporate earnings and ended the period mired in a global pandemic and global recession. Bond yields fell sharply during the period, with the 10-year U.S. Treasury bond reaching a low of 0.54% in early March and ending the period only slightly higher at 0.66%. Since falling yields generally drive bond prices up, the Bloomberg Barclays U.S. Aggregate Bond Index ended the period with a positive return of 6.14%. High-yield corporate bonds did not fare as well, in light of concerns that defaults would rise. The Bloomberg Barclays U.S. Corporate High Yield Index, which tracks below investment-grade corporate bonds, ended the period down 3.80%, especially in the retail and energy sectors.

Review and maintain your strategy

MassMutual is committed to helping people secure their long-term future and protect the ones they love. While the return of volatility and the reality of market sell-offs can test an investor’s mettle, we’d like to remind you as a retirement investor that it’s important to maintain perspective and have realistic expectations about the future performance of your investment accounts. As described in this report, financial markets can reverse suddenly with little or no notice. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement – in all market conditions. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals. Thank you for your confidence in MassMutual.

Sincerely,

LOGO

Eric Wietsma

President

^© 2020 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 100 Bright Meadow Blvd., Enfield, CT 06082. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of MassMutual. The information provided is the opinion of MML Advisers as of 7/1/20 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

MML Allocation Series – Portfolio Summaries (Unaudited)

What are the investment approaches of the Funds that constitute the MML Allocation Series (the “Series”), and who is the Series’ investment adviser?

The MML Allocation Series comprises five Funds – each of which has a “fund of funds” structure. The five Funds in the Series are MML Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, and MML Aggressive Allocation Fund.

Each 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. Each Fund invests in a combination of U.S. domestic and international mutual funds (“MML Underlying Funds”) using an asset allocation strategy. MML Underlying Funds will include a combination of series of the MML Series Investment Fund and MML Series Investment Fund II (advised by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual)), and may also include other, non-affiliated mutual funds. The Series’ investment adviser is MML Advisers.

Each Fund’s assets are allocated to its MML Underlying Funds according to an asset allocation strategy stated below.

•

MML Conservative Allocation Fund: Approximately 35% to 45% in equity funds and 55% to 65% in fixed income funds, including money market funds.

•

MML Balanced Allocation Fund: Approximately 45% to 55% in equity funds and 45% to 55% in fixed income funds, including money market funds.

•

MML Moderate Allocation Fund: Approximately 55% to 65% in equity funds and 35% to 45% in fixed income funds, including money market funds.

•

MML Growth Allocation Fund: Approximately 70% to 80% in equity funds and 20% to 30% in fixed income funds, including money market funds.

•

MML Aggressive Allocation Fund: Approximately 85% to 95% in equity funds and 5% to 15% in fixed income funds, including money market funds.

MML Allocation Series – Portfolio Summaries (Unaudited) (Continued)



MML Conservative Allocation Fund Asset Allocation (% of Net Assets) on 6/30/20

Fixed Income Funds	59.2	%
Equity Funds	40.9	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%



MML Balanced Allocation Fund Asset Allocation (% of Net Assets) on 6/30/20

Fixed Income Funds	51.0	%
Equity Funds	49.1	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%



MML Moderate Allocation Fund Asset Allocation (% of Net Assets) on 6/30/20

Equity Funds	61.0	%
Fixed Income Funds	39.1	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%



MML Growth Allocation Fund Asset Allocation (% of Net Assets) on 6/30/20

Equity Funds	74.1	%
Fixed Income Funds	26.0	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%



MML Aggressive Allocation Fund Asset Allocation (% of Net Assets) on 6/30/20

Equity Funds	88.7	%
Fixed Income Funds	11.4	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%

MML American Funds Growth Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML American Funds Growth Fund, and who is the Fund’s investment adviser?

The Fund seeks to provide investors with growth of capital through a “master feeder” relationship. (See page 34 of this report for information about the “master feeder” relationship.) The Fund invests all of its assets in Class 1 shares of the American Funds Insurance Series – Growth Fund (the “Master Growth Fund”), a series of the American Funds Insurance Series, a registered open-end investment company, managed by Capital Research and Management Company (Capital Research) with substantially the same investment objective. The Master Growth Fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The Master Growth Fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. The Master Growth Fund may hold a portion of its assets in cash or cash equivalents. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).



MML American Funds Growth Fund Asset Allocation (% of Net Assets) on 6/30/20

Equity Funds	100.1	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%

MML American Funds International Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML American Funds International Fund, and who is the Fund’s investment adviser?

The Fund seeks long-term capital growth of assets through a “master-feeder” relationship. (See page 34 of this report for information about the “master feeder” relationship.) The Fund invests all of its assets in Class 1 shares of the American Funds Insurance Series – International Fund (the “Master International Fund”), a series of the American Funds Insurance Series, a registered open-end investment company managed by Capital Research and Management Company (Capital Research) with substantially the same investment objective. The Master International Fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in emerging markets, that Capital Research believes have the potential for growth. The Master International Fund may hold a portion of its assets in cash or cash equivalents. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).



MML American Funds International Fund Asset Allocation (% of Net Assets) on 6/30/20

Mutual Funds	100.2	%

Total Long-Term Investments	100.2	%
Other Assets and Liabilities	(0.2	)%

Net Assets	100.0	%

MML American Funds Core Allocation Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML American Funds Core Allocation Fund, and who is the Fund’s investment adviser?

The 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” and seeks to achieve its investment objective by principally investing in a combination of series of the American Funds Insurance Series (the “American Underlying Funds”), managed by Capital Research and Management Company (Capital Research), using a flexible asset allocation approach. The Fund’s investment adviser invests the Fund’s assets in a combination of U.S. domestic and international American Underlying Funds. As of the date of this report, it is expected that the American Underlying Funds will include Class 1 shares of the American Funds Insurance Series – Bond Fund, the American Funds Insurance Series – Blue Chip Income and Growth Fund, the American Funds Insurance Series – Growth-Income Fund, and the American Funds Insurance Series – International Fund. The Fund’s investment adviser allocates the Fund’s assets among a variety of different asset classes through investing in American Underlying Funds in response to changing market, economic, and investment conditions. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).



MML American Funds Core Allocation Fund Asset Allocation (% of Net Assets) on 6/30/20

Equity Funds	65.7	%
Fixed Income Funds	34.4	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%

MML Conservative Allocation Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 40.9%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, Series I		18,329	$	1,524,266
Invesco Oppenheimer V.I. Global Fund, Series I		84,526		3,531,486
Invesco Oppenheimer V.I. International Growth Fund, Series I		414,216		973,408
Invesco Oppenheimer V.I. Main Street Fund, Series I		16,449		457,269
MML Blue Chip Growth Fund, Initial Class (a)		673,975		12,327,008
MML Equity Income Fund, Initial Class (a)		1,409,081		12,780,365
MML Equity Index Fund, Class III (a)		28,792		902,929
MML Focused Equity Fund, Class II (a)		2,771,436		17,654,045
MML Foreign Fund, Initial Class (a)		909,970		7,853,042
MML Fundamental Equity Fund, Class II (a)		1,132,830		11,282,990
MML Fundamental Value Fund, Class II (a)		1,094,970		11,924,223
MML Global Fund, Class I (a)		1,956,544		23,028,523
MML Income & Growth Fund, Initial Class (a)		1,395,833		11,264,370
MML International Equity Fund, Class II (a)		940,228		7,343,178
MML Large Cap Growth Fund, Initial Class (a)		375,495		4,569,775
MML Mid Cap Growth Fund, Initial Class (a)		824,209		13,014,260
MML Mid Cap Value Fund, Initial Class (a)		1,280,568		11,345,836
MML Small Cap Growth Equity Fund, Initial Class (a)		134,332		1,788,318
MML Small Company Value Fund, Class II (a)		281,807		3,429,586
MML Small/Mid Cap Value Fund, Initial Class (a)		287,353		2,468,364
MML Strategic Emerging Markets Fund, Class II (a)		130,034		1,503,194

				160,966,435

Fixed Income Funds — 59.2%
Invesco Oppenheimer V.I. Global Strategic Income Fund, Series I		2,227,463		10,535,902
MML Dynamic Bond Fund, Class II (a)		4,971,662		50,561,800
MML High Yield Fund, Class II (a)		1,123,235		10,052,951
MML Inflation-Protected and Income Fund, Initial Class (a)		1,417,574		15,253,097


	Number of Shares		Value
MML Managed Bond Fund, Initial Class (a)		6,031,231	$	77,977,458
MML Short-Duration Bond Fund, Class II (a)		2,313,681		21,771,738
MML Total Return Bond Fund, Class II (a)		4,096,071		46,695,210

				232,848,156


TOTAL MUTUAL FUNDS (Cost $395,209,063)				393,814,591


TOTAL LONG-TERM INVESTMENTS (Cost $395,209,063)				393,814,591


TOTAL INVESTMENTS — 100.1% (Cost $395,209,063) (b)				393,814,591

Other Assets/(Liabilities) — (0.1)%				(307,402	)


NET ASSETS — 100.0%			$	393,507,189

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

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

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

MML Balanced Allocation Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 49.1%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, Series I		30,959	$	2,574,520
Invesco Oppenheimer V.I. Global Fund, Series I		133,472		5,576,460
Invesco Oppenheimer V.I. International Growth Fund, Series I		897,657		2,109,493
Invesco Oppenheimer V.I. Main Street Fund, Series I		28,713		798,235
MML Blue Chip Growth Fund, Initial Class (a)		1,156,722		21,156,451
MML Equity Income Fund, Initial Class (a)		2,033,947		18,447,900
MML Equity Index Fund, Class III (a)		39,172		1,228,448
MML Focused Equity Fund, Class II (a)		3,729,670		23,757,995
MML Foreign Fund, Initial Class (a)		1,408,542		12,155,719
MML Fundamental Equity Fund, Class II (a)		2,010,523		20,024,807
MML Fundamental Value Fund, Class II (a)		1,406,797		15,320,022
MML Global Fund, Class I (a)		2,178,394		25,639,699
MML Income & Growth Fund, Initial Class (a)		2,129,235		17,182,923
MML International Equity Fund, Class II (a)		1,688,183		13,184,709
MML Large Cap Growth Fund, Initial Class (a)		758,362		9,229,268
MML Mid Cap Growth Fund, Initial Class (a)		1,311,523		20,708,953
MML Mid Cap Value Fund, Initial Class (a)		1,978,219		17,527,016
MML Small Cap Growth Equity Fund, Initial Class (a)		202,505		2,695,892
MML Small Company Value Fund, Class II (a)		412,067		5,014,856
MML Small/Mid Cap Value Fund, Initial Class (a)		474,355		4,074,712
MML Strategic Emerging Markets Fund, Class II (a)		378,483		4,375,265

				242,783,343

Fixed Income Funds — 51.0%
Invesco Oppenheimer V.I. Global Strategic Income Fund, Series I		2,115,774		10,007,612
MML Dynamic Bond Fund, Class II (a)		5,600,938		56,961,540
MML High Yield Fund, Class II (a)		1,263,293		11,306,470
MML Inflation-Protected and Income Fund, Initial Class (a)		1,479,884		15,923,555


	Number of Shares		Value
MML Managed Bond Fund, Initial Class (a)		6,725,348	$	86,951,654
MML Short-Duration Bond Fund, Class II (a)		2,582,718		24,303,375
MML Total Return Bond Fund, Class II (a)		4,103,159		46,776,013

				252,230,219


TOTAL MUTUAL FUNDS (Cost $500,283,761)				495,013,562


TOTAL LONG-TERM INVESTMENTS (Cost $500,283,761)				495,013,562


TOTAL INVESTMENTS — 100.1% (Cost $500,283,761) (b)				495,013,562

Other Assets/(Liabilities) — (0.1)%				(373,444	)


NET ASSETS — 100.0%			$	494,640,118

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

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

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

MML Moderate Allocation Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 61.0%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, Series I		121,761	$	10,125,655
Invesco Oppenheimer V.I. Global Fund, Series I		710,203		29,672,296
Invesco Oppenheimer V.I. International Growth Fund, Series I		1,638,866		3,851,335
Invesco Oppenheimer V.I. Main Street Fund, Series I		70,457		1,958,693
MML Blue Chip Growth Fund, Initial Class (a)		4,692,255		85,821,343
MML Equity Income Fund, Initial Class (a)		9,122,793		82,743,727
MML Equity Index Fund, Class III (a)		178,779		5,606,517
MML Focused Equity Fund, Class II (a)		19,638,224		125,095,486
MML Foreign Fund, Initial Class (a)		7,102,531		61,294,846
MML Fundamental Equity Fund, Class II (a)		6,318,396		62,931,223
MML Fundamental Value Fund, Class II (a)		7,135,383		77,704,325
MML Global Fund, Class I (a)		13,373,994		157,411,910
MML Income & Growth Fund, Initial Class (a)		10,164,085		82,024,169
MML International Equity Fund, Class II (a)		7,797,789		60,900,736
MML Large Cap Growth Fund, Initial Class (a)		2,639,697		32,125,113
MML Mid Cap Growth Fund, Initial Class (a)		5,938,497		93,768,861
MML Mid Cap Value Fund, Initial Class (a)		8,284,762		73,402,995
MML Small Cap Growth Equity Fund, Initial Class (a)		1,057,144		14,073,447
MML Small Company Value Fund, Class II (a)		2,092,809		25,469,485
MML Small/Mid Cap Value Fund, Initial Class (a)		2,556,446		21,959,869
MML Strategic Emerging Markets Fund, Class II (a)		4,240,778		49,023,392

				1,156,965,423

Fixed Income Funds — 39.1%
Invesco Oppenheimer V.I. Global Strategic Income Fund, Series I		4,953,334		23,429,269
MML Dynamic Bond Fund, Class II (a)		16,419,993		166,991,330


	Number of Shares		Value
MML High Yield Fund, Class II (a)		3,478,278	$	31,130,592
MML Inflation-Protected and Income Fund, Initial Class (a)		4,712,546		50,706,997
MML Managed Bond Fund, Initial Class (a)		19,545,748		252,705,907
MML Short-Duration Bond Fund, Class II (a)		7,216,943		67,911,432
MML Total Return Bond Fund, Class II (a)		12,989,586		148,081,277

				740,956,804


TOTAL MUTUAL FUNDS (Cost $1,957,625,540)				1,897,922,227


TOTAL LONG-TERM INVESTMENTS (Cost $1,957,625,540)				1,897,922,227


TOTAL INVESTMENTS — 100.1% (Cost $1,957,625,540) (b)				1,897,922,227

Other Assets/(Liabilities) — (0.1)%				(1,427,411	)


NET ASSETS — 100.0%			$	1,896,494,816

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

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

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

MML Growth Allocation Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 74.1%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, Series I		118,415	$	9,847,353
Invesco Oppenheimer V.I. Global Fund, Series I		606,880		25,355,436
Invesco Oppenheimer V.I. International Growth Fund, Series I		3,329,695		7,824,784
Invesco Oppenheimer V.I. Main Street Fund, Series I		76,832		2,135,937
MML Blue Chip Growth Fund, Initial Class (a)		4,564,861		83,491,305
MML Equity Income Fund, Initial Class (a)		7,811,940		70,854,300
MML Equity Index Fund, Class III (a)		151,399		4,747,876
MML Focused Equity Fund, Class II (a)		15,683,079		99,901,216
MML Foreign Fund, Initial Class (a)		6,065,644		52,346,505
MML Fundamental Equity Fund, Class II (a)		5,579,084		55,567,678
MML Fundamental Value Fund, Class II (a)		5,994,082		65,275,555
MML Global Fund, Class I (a)		11,483,353		135,159,067
MML Income & Growth Fund, Initial Class (a)		8,395,274		67,749,865
MML International Equity Fund, Class II (a)		7,301,012		57,020,905
MML Large Cap Growth Fund, Initial Class (a)		2,612,382		31,792,688
MML Mid Cap Growth Fund, Initial Class (a)		5,436,653		85,844,747
MML Mid Cap Value Fund, Initial Class (a)		7,562,497		67,003,725
MML Small Cap Growth Equity Fund, Initial Class (a)		1,008,321		13,423,481
MML Small Company Value Fund, Class II (a)		1,971,698		23,995,565
MML Small/Mid Cap Value Fund, Initial Class (a)		2,128,393		18,282,895
MML Strategic Emerging Markets Fund, Class II (a)		4,289,720		49,589,167

				1,027,210,050

Fixed Income Funds — 26.0%
Invesco Oppenheimer V.I. Global Strategic Income Fund, Series I		3,252,412		15,383,910
MML Dynamic Bond Fund, Class II (a)		6,370,030		64,783,201


	Number of Shares		Value
MML High Yield Fund, Class II (a)		2,122,996	$	19,000,811
MML Inflation-Protected and Income Fund, Initial Class (a)		4,843,406		52,115,050
MML Managed Bond Fund, Initial Class (a)		8,447,941		109,222,967
MML Short-Duration Bond Fund, Class II (a)		4,200,970		39,531,126
MML Total Return Bond Fund, Class II (a)		5,222,527		59,536,813

				359,573,878


TOTAL MUTUAL FUNDS (Cost $1,435,888,715)				1,386,783,928


TOTAL LONG-TERM INVESTMENTS (Cost $1,435,888,715)				1,386,783,928


TOTAL INVESTMENTS — 100.1% (Cost $1,435,888,715) (b)				1,386,783,928

Other Assets/(Liabilities) — (0.1)%				(898,236	)


NET ASSETS — 100.0%			$	1,385,885,692

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

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

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

MML Aggressive Allocation Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 88.7%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, Series I		18,483	$	1,537,080
Invesco Oppenheimer V.I. Global Fund, Series I		92,225		3,853,180
Invesco Oppenheimer V.I. International Growth Fund, Series I		393,144		923,888
Invesco Oppenheimer V.I. Main Street Fund, Series I		10,679		296,868
MML Blue Chip Growth Fund, Initial Class (a)		528,403		9,664,499
MML Equity Income Fund, Initial Class (a)		901,002		8,172,090
MML Equity Index Fund, Class III (a)		19,790		620,625
MML Focused Equity Fund, Class II (a)		1,955,568		12,456,968
MML Foreign Fund, Initial Class (a)		760,347		6,561,793
MML Fundamental Equity Fund, Class II (a)		711,545		7,086,989
MML Fundamental Value Fund, Class II (a)		728,166		7,929,723
MML Global Fund, Class I (a)		1,403,930		16,524,257
MML Income & Growth Fund, Initial Class (a)		1,038,076		8,377,271
MML International Equity Fund, Class II (a)		917,683		7,167,104
MML Large Cap Growth Fund, Initial Class (a)		283,322		3,448,026
MML Mid Cap Growth Fund, Initial Class (a)		665,846		10,513,712
MML Mid Cap Value Fund, Initial Class (a)		828,105		7,337,009
MML Small Cap Growth Equity Fund, Initial Class (a)		133,716		1,780,124
MML Small Company Value Fund, Class II (a)		255,662		3,111,401
MML Small/Mid Cap Value Fund, Initial Class (a)		233,770		2,008,083
MML Strategic Emerging Markets Fund, Class II (a)		674,148		7,793,150

				127,163,840

Fixed Income Funds — 11.4%
Invesco Oppenheimer V.I. Global Strategic Income Fund, Series I		257,142		1,216,282
MML Dynamic Bond Fund, Class II (a)		190,665		1,939,067
MML High Yield Fund, Class II (a)		178,580		1,598,288
MML Inflation-Protected and Income Fund, Initial Class (a)		290,689		3,127,817


	Number of Shares		Value
MML Managed Bond Fund, Initial Class (a)		312,081	$	4,034,872
MML Short-Duration Bond Fund, Class II (a)		288,112		2,711,131
MML Total Return Bond Fund, Class II (a)		147,828		1,685,236

				16,312,693


TOTAL MUTUAL FUNDS (Cost $150,826,382)				143,476,533


TOTAL LONG-TERM INVESTMENTS (Cost $150,826,382)				143,476,533


TOTAL INVESTMENTS — 100.1% (Cost $150,826,382) (b)				143,476,533

Other Assets/(Liabilities) — (0.1)%				(105,435	)


NET ASSETS — 100.0%			$	143,371,098

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

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

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

MML American Funds Growth Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds Growth Fund, Class 1		2,364,044	$	209,454,260


TOTAL MUTUAL FUNDS (Cost $171,702,854)				209,454,260


TOTAL LONG-TERM INVESTMENTS (Cost $171,702,854)				209,454,260


TOTAL INVESTMENTS — 100.1% (Cost $171,702,854) (a)				209,454,260

Other Assets/(Liabilities) — (0.1)%				(239,722	)


NET ASSETS — 100.0%			$	209,214,538

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 American Funds International Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
MUTUAL FUNDS — 100.2%
Equity Funds — 100.2%
American Funds International Fund, Class 1		3,004,292	$	55,519,314


TOTAL MUTUAL FUNDS (Cost $57,614,274)				55,519,314


TOTAL LONG-TERM INVESTMENTS (Cost $57,614,274)				55,519,314


TOTAL INVESTMENTS — 100.2% (Cost $57,614,274) (a)				55,519,314

Other Assets/(Liabilities) — (0.2)%				(87,216	)


NET ASSETS — 100.0%			$	55,432,098

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 American Funds Core Allocation Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 65.7%
American Funds Blue Chip Income and Growth Fund, Class 1		20,328,716	$	248,823,486
American Funds Growth-Income Fund, Class 1		5,249,967		248,848,431
American Funds International Fund, Class 1		6,048,991		111,785,353

				609,457,270

Fixed Income Funds — 34.4%
American Funds Bond Fund, Class 1		27,188,465		319,192,583


TOTAL MUTUAL FUNDS (Cost $913,946,748)				928,649,853


TOTAL LONG-TERM INVESTMENTS (Cost $913,946,748)				928,649,853


TOTAL INVESTMENTS — 100.1% (Cost $913,946,748) (a)				928,649,853

Other Assets/(Liabilities) — (0.1)%				(1,065,195	)


NET ASSETS — 100.0%			$	927,584,658

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 Series Investment Fund – Financial Statements

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)


	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Assets:
Investments, at value—unaffiliated issuers (Note 2) (a)	$	17,022,331	$	21,066,320
Investments, at value—affiliated issuers (Notes 2 & 7) (b)		376,792,260		473,947,242

Total investments		393,814,591		495,013,562

Receivables from:
Investments sold
Regular delivery		175,571		132,186
Fund shares sold		13,523		6,503

Total assets		394,003,685		495,152,251

Liabilities:
Payables for:
Investments purchased
Regular delivery		-		-
Fund shares repurchased		186,377		135,261
Trustees’ fees and expenses (Note 3)		50,029		61,705
Affiliates (Note 3):
Investment advisory fees		34,322		43,402
Administration fees		-		-
Service fees		183,321		226,197
Accrued expense and other liabilities		42,447		45,568

Total liabilities		496,496		512,133

Net assets	$	393,507,189	$	494,640,118

Net assets consist of:
Paid-in capital	$	384,941,974	$	483,417,811
Accumulated Gain (Loss)		8,565,215		11,222,307

Net assets	$	393,507,189	$	494,640,118

(a) Cost of investments — unaffiliated issuers:	$	17,179,495	$	20,833,602
(b) Cost of investments — affiliated issuers:	$	378,029,568	$	479,450,159

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


MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund			MML American Funds Growth Fund		MML American Funds International Fund		MML American Funds Core Allocation Fund

$	69,037,248	$	60,547,420	$	7,827,298		$	209,454,260	$	55,519,314	$	928,649,853
	1,828,884,979		1,326,236,508		135,649,235			-		-		-

	1,897,922,227		1,386,783,928		143,476,533			209,454,260		55,519,314		928,649,853



	125,468		80,440		93,191			3,975,617		-		-
	149,077		1,412		39,998			333,799		132,172		385,645

	1,898,196,772		1,386,865,780		143,609,722			213,763,676		55,651,486		929,035,498




	-		-		-			-		126,842		334,152
	261,465		72,383		132,208			4,308,036		4,951		45,093
	231,291		184,583		14,358			15,227		6,522		94,115

	166,578		121,740		12,666			27,349		7,327		159,055
	-		-		-			45,581		12,211		203,802
	934,901		517,201		48,783			120,330		32,491		556,468
	107,721		84,181		30,609			32,615		29,044		58,155

	1,701,956		980,088		238,624			4,549,138		219,388		1,450,840

$	1,896,494,816	$	1,385,885,692	$	143,371,098		$	209,214,538	$	55,432,098	$	927,584,658



$	1,878,023,965	$	1,349,231,561	$	144,322,409		$	141,325,720	$	53,486,199	$	843,845,466
	18,470,851		36,654,131		(951,311	)		67,888,818		1,945,899		83,739,192

$	1,896,494,816	$	1,385,885,692	$	143,371,098		$	209,214,538	$	55,432,098	$	927,584,658

$	65,184,128	$	57,103,343	$	7,359,135		$	171,702,854	$	57,614,274	$	913,946,748
$	1,892,441,412	$	1,378,785,372	$	143,467,247		$	-	$	-	$	-

MML Series Investment Fund - Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)


	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Initial Class shares:
Net assets	$	88,020,185	$	118,298,738

Shares outstanding (a)		9,062,318		12,320,279

Net asset value, offering price and redemption price per share	$	9.71	$	9.60

Service Class shares:
Net assets	$	305,487,004	$	376,341,380

Shares outstanding (a)		31,838,074		39,627,292

Net asset value, offering price and redemption price per share	$	9.60	$	9.50

Service Class I shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

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

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


MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds International Fund		MML American Funds Core Allocation Fund

$	338,598,951	$	515,821,518	$	61,261,087	$	-	$	-	$	-

	33,961,171		60,586,643		6,545,880		-		-		-

$	9.97	$	8.51	$	9.36	$	-	$	-	$	-


$	1,557,895,865	$	870,064,174	$	82,110,011	$	-	$	-	$	-

	158,346,122		103,284,620		8,929,969		-		-		-

$	9.84	$	8.42	$	9.19	$	-	$	-	$	-


$	-	$	-	$	-	$	209,214,538	$	55,432,098	$	927,584,658

	-		-		-		13,069,853		6,150,812		80,921,120

$	-	$	-	$	-	$	16.01	$	9.01	$	11.46

MML Series Investment Fund - Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2020 (Unaudited)


	MML Conservative Allocation Fund			MML Balanced Allocation Fund
Investment income (Note 2):
Dividends	$	123,050		$	208,227

Total investment income		123,050			208,227

Expenses (Note 3):
Investment advisory fees		193,404			246,537
Custody fees		9,288			9,312
Audit fees		16,536			16,643
Legal fees		3,625			5,584
Proxy fees		513			513
Shareholder reporting fees		10,540			12,537
Trustees’ fees		10,411			13,522

		244,317			304,648
Administration fees:
Service Class I		-			-
Distribution and Service fees:
Service Class		373,913			469,519
Service Class I		-			-

Net expenses:		618,230			774,167

Net investment income (loss)		(495,180	)		(565,940	)

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions — unaffiliated issuers		(244,118	)		(531,491	)
Investment transactions — affiliated issuers (Note 7)		(1,397,494	)		(2,680,498	)
Realized gain distributions — unaffiliated issuers		-			-

Net realized gain (loss)		(1,641,612	)		(3,211,989	)

Net change in unrealized appreciation (depreciation) on:
Investment transactions — unaffiliated issuers		(853,132	)		(1,059,722	)
Investment transactions — affiliated issuers (Note 7)		(7,634,699	)		(12,499,139	)

Net change in unrealized appreciation (depreciation)		(8,487,831	)		(13,558,861	)

Net realized gain (loss) and change in unrealized appreciation (depreciation)		(10,129,443	)		(16,770,850	)

Net increase (decrease) in net assets resulting from operations	$	(10,624,623	)	$	(17,336,790	)

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


MML Moderate Allocation Fund			MML Growth Allocation Fund			MML Aggressive Allocation Fund			MML American Funds Growth Fund			MML American Funds International Fund			MML American Funds Core Allocation Fund

$	821,625		$	796,199		$	123,852		$	587,692		$	132,641		$	3,979,843

	821,625			796,199			123,852			587,692			132,641			3,979,843


	954,232			691,025			71,728			144,160			41,203			895,144
	9,321			9,095			8,891			–			–			2,441
	18,047			17,526			16,307			16,337			16,224			17,041
	22,310			16,097			1,617			1,846			620			9,945
	513			513			513			513			513			513
	38,539			28,940			6,396			7,030			4,847			19,865
	53,820			38,992			4,029			4,884			1,554			24,832

	1,096,782			802,188			109,481			174,770			64,961			969,781

	–			–			–			240,267			68,672			1,145,581

	1,960,629			1,085,927			103,752			–			–			–
	–			–			–			240,267			68,672			1,145,581

	3,057,411			1,888,115			213,233			655,304			202,305			3,260,943

	(2,235,786	)		(1,091,916	)		(89,381	)		(67,612	)		(69,664	)		718,900



	(2,057,797	)		(1,114,177	)		(310,269	)		954,926			358,044			(5,586,668	)
	(14,623,555	)		(7,609,808	)		(1,529,621	)		–			–			–
	–			–			–			5,119,609			–			12,841,245

	(16,681,352	)		(8,723,985	)		(1,839,890	)		6,074,535			358,044			7,254,577


	(3,397,455	)		(2,820,219	)		(236,487	)		15,935,108			(7,415,035	)		(31,486,983	)
	(95,477,323	)		(79,535,774	)		(11,158,444	)		–			–			–

	(98,874,778	)		(82,355,993	)		(11,394,931	)		15,935,108			(7,415,035	)		(31,486,983	)

	(115,556,130	)		(91,079,978	)		(13,234,821	)		22,009,643			(7,056,991	)		(24,232,406	)

$	(117,791,916	)	$	(92,171,894	)	$	(13,324,202	)	$	21,942,031		$	(7,126,655	)	$	(23,513,506	)

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Conservative Allocation Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(495,180	)	$	9,728,483
Net realized gain (loss)		(1,641,612	)		10,627,600
Net change in unrealized appreciation (depreciation)		(8,487,831	)		36,659,219

Net increase (decrease) in net assets resulting from operations		(10,624,623	)		57,015,302

Distributions to shareholders (Note 2):
Initial Class		-			(5,987,929	)
Service Class		-			(19,874,970	)

Total distributions		-			(25,862,899	)

Net fund share transactions (Note 5):
Initial Class		(4,838,117	)		(2,731,337	)
Service Class		1,021,946			(17,500,386	)

Increase (decrease) in net assets from fund share transactions		(3,816,171	)		(20,231,723	)

Total increase (decrease) in net assets		(14,440,794	)		10,920,680
Net assets
Beginning of period		407,947,983			397,027,303

End of period	$	393,507,189		$	407,947,983

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


MML Balanced Allocation Fund						MML Moderate Allocation Fund						MML Growth Allocation Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019


$	(565,940	)	$	11,251,106		$	(2,235,786	)	$	38,604,248		$	(1,091,916	)	$	22,650,964
	(3,211,989	)		16,442,426			(16,681,352	)		81,319,671			(8,723,985	)		86,057,251
	(13,558,861	)		53,288,160			(98,874,778	)		235,039,836			(82,355,993	)		180,346,855

	(17,336,790	)		80,981,692			(117,791,916	)		354,963,755			(92,171,894	)		289,055,070


	-			(8,806,961	)		-			(31,558,407	)		-			(58,967,879	)
	-			(28,322,059	)		-			(144,073,299	)		-			(99,752,639	)

	-			(37,129,020	)		-			(175,631,706	)		-			(158,720,518	)


	(3,217,536	)		(837,627	)		(18,794,901	)		(2,709,458	)		(23,620,995	)		(12,292,505	)
	(19,138,593	)		(16,089,521	)		(96,610,077	)		(86,865,404	)		(49,814,669	)		(18,633,415	)

	(22,356,129	)		(16,927,148	)		(115,404,978	)		(89,574,862	)		(73,435,664	)		(30,925,920	)

	(39,692,919	)		26,925,524			(233,196,894	)		89,757,187			(165,607,558	)		99,408,632

	534,333,037			507,407,513			2,129,691,710			2,039,934,523			1,551,493,250			1,452,084,618

$	494,640,118		$	534,333,037		$	1,896,494,816		$	2,129,691,710		$	1,385,885,692		$	1,551,493,250

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Aggressive Allocation Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(89,381	)	$	1,642,529
Net realized gain (loss)		(1,839,890	)		8,932,582
Net change in unrealized appreciation (depreciation)		(11,394,931	)		21,689,527

Net increase (decrease) in net assets resulting from operations		(13,324,202	)		32,264,638

Distributions to shareholders (Note 2):
Initial Class		-			(6,937,589	)
Service Class		-			(9,487,948	)
Service Class I		-			-

Total distributions		-			(16,425,537	)

Net fund share transactions (Note 5):
Initial Class		(1,114,467	)		5,117,999
Service Class		(5,586,384	)		3,031,713
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		(6,700,851	)		8,149,712

Total increase (decrease) in net assets		(20,025,053	)		23,988,813
Net assets
Beginning of period		163,396,151			139,407,338

End of period	$	143,371,098		$	163,396,151

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


MML American Funds Growth Fund						MML American Funds International Fund						MML American Funds Core Allocation Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019


$	(67,612	)	$	570,854		$	(69,664	)	$	587,822		$	718,900		$	15,031,237
	6,074,535			23,576,540			358,044			3,242,397			7,254,577			47,561,727
	15,935,108			23,915,036			(7,415,035	)		8,463,025			(31,486,983	)		101,458,840

	21,942,031			48,062,430			(7,126,655	)		12,293,244			(23,513,506	)		164,051,804


	-			-			-			-			-			-
	-			-			-			-			-			-
	-			(24,103,348	)		-			(4,781,345	)		-			(93,729,834	)

	-			(24,103,348	)		-			(4,781,345	)		-			(93,729,834	)


	-			-			-			-			-			-
	-			-			-			-			-			-
	(9,763,186	)		10,716,727			(1,384,389	)		(281,004	)		(50,313,229	)		(24,961,620	)

	(9,763,186	)		10,716,727			(1,384,389	)		(281,004	)		(50,313,229	)		(24,961,620	)

	12,178,845			34,675,809			(8,511,044	)		7,230,895			(73,826,735	)		45,360,350

	197,035,693			162,359,884			63,943,142			56,712,247			1,001,411,393			956,051,043

$	209,214,538		$	197,035,693		$	55,432,098		$	63,943,142		$	927,584,658		$	1,001,411,393

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Conservative Allocation Fund


			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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
06/30/20^r	$	9.95	$	(0.00	)^d	$	(0.24	)	$	(0.24	)	$	-		$	-		$	-		$	9.71		(2.41%	)^b	$	88,020		0.13%	^a		(0.06%	)^a
12/31/19		9.23		0.25			1.13			1.38			(0.28	)		(0.38	)		(0.66	)		9.95		15.20%			95,290		0.13%			2.55%
12/31/18		10.01		0.22			(0.55	)		(0.33	)		(0.25	)		(0.20	)		(0.45	)		9.23		(3.50%	)		90,797		0.12%			2.22%
12/31/17		9.63		0.22			0.70			0.92			(0.23	)		(0.31	)		(0.54	)		10.01		9.62%			107,294		0.12%			2.23%
12/31/16		9.83		0.20			0.37			0.57			(0.24	)		(0.53	)		(0.77	)		9.63		5.78%			112,989		0.12%			2.01%
12/31/15		10.94		0.21			(0.25	)		(0.04	)		(0.32	)		(0.75	)		(1.07	)		9.83		(0.38%	)		117,636		0.12%			1.96%
Service Class
06/30/20^r	$	9.84	$	(0.01	)	$	(0.23	)	$	(0.24	)	$	-		$	-		$	-		$	9.60		(2.44%	)^b	$	305,487		0.38%	^a		(0.31%	)^a
12/31/19		9.13		0.22			1.12			1.34			(0.25	)		(0.38	)		(0.63	)		9.84		14.93%			312,658		0.38%			2.31%
12/31/18		9.90		0.19			(0.53	)		(0.34	)		(0.23	)		(0.20	)		(0.43	)		9.13		(3.70%	)		306,230		0.37%			1.94%
12/31/17		9.53		0.20			0.68			0.88			(0.20	)		(0.31	)		(0.51	)		9.90		9.33%			368,843		0.37%			2.00%
12/31/16		9.74		0.18			0.35			0.53			(0.21	)		(0.53	)		(0.74	)		9.53		5.48%			364,364		0.37%			1.80%
12/31/15		10.85		0.19			(0.26	)		(0.07	)		(0.29	)		(0.75	)		(1.04	)		9.74		(0.63%	)		338,677		0.37%			1.76%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate^x		16	%		29	%		18	%		14	%		24	%		29	%

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.

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.

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Balanced Allocation Fund


			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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
06/30/20^r	$	9.89	$	(0.00	)^d	$	(0.29	)	$	(0.29	)	$	-		$	-		$	-		$	9.60		(2.93%	)^b	$	118,299		0.12%	^a		(0.04%	)^a
12/31/19		9.12		0.23			1.27			1.50			(0.26	)		(0.47	)		(0.73	)		9.89		16.75%			125,465		0.12%			2.32%
12/31/18		10.16		0.20			(0.61	)		(0.41	)		(0.24	)		(0.39	)		(0.63	)		9.12		(4.47%	)		116,177		0.12%			2.00%
12/31/17		9.70		0.21			0.88			1.09			(0.20	)		(0.43	)		(0.63	)		10.16		11.48%			139,773		0.12%			2.06%
12/31/16		10.05		0.18			0.43			0.61			(0.24	)		(0.72	)		(0.96	)		9.70		6.15%			134,716		0.12%			1.84%
12/31/15		11.23		0.19			(0.23	)		(0.04	)		(0.31	)		(0.83	)		(1.14	)		10.05		(0.36%	)		144,084		0.12%			1.77%
Service Class
06/30/20^r	$	9.80	$	(0.01	)	$	(0.29	)	$	(0.30	)	$	-		$	-		$	-		$	9.50		(3.06%	)^b	$	376,341		0.37%	^a		(0.29%	)^a
12/31/19		9.03		0.20			1.27			1.47			(0.23	)		(0.47	)		(0.70	)		9.80		16.61%			408,868		0.37%			2.07%
12/31/18		10.07		0.17			(0.61	)		(0.44	)		(0.21	)		(0.39	)		(0.60	)		9.03		(4.76%	)		391,230		0.37%			1.76%
12/31/17		9.62		0.18			0.88			1.06			(0.18	)		(0.43	)		(0.61	)		10.07		11.21%			459,581		0.37%			1.82%
12/31/16		9.98		0.16			0.42			0.58			(0.22	)		(0.72	)		(0.94	)		9.62		5.82%			438,996		0.37%			1.62%
12/31/15		11.16		0.17			(0.23	)		(0.06	)		(0.29	)		(0.83	)		(1.12	)		9.98		(0.61%	)		427,682		0.37%			1.56%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate^x		14	%		28	%		17	%		15	%		18	%		26	%

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.

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.

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Moderate Allocation Fund


			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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
06/30/20^r	$	10.53	$	(0.00	)^d	$	(0.56	)	$	(0.56	)	$	-		$	-		$	-		$	9.97		(5.32%	)^b	$	338,599		0.11%	^a		(0.03%	)^a
12/31/19		9.71		0.21			1.54			1.75			(0.28	)		(0.65	)		(0.93	)		10.53		18.58%			378,044		0.12%			2.05%
12/31/18		11.00		0.19			(0.73	)		(0.54	)		(0.24	)		(0.51	)		(0.75	)		9.71		(5.48%	)		349,719		0.11%			1.79%
12/31/17		10.38		0.20			1.15			1.35			(0.20	)		(0.53	)		(0.73	)		11.00		13.33%			417,670		0.11%			1.84%
12/31/16		10.66		0.18			0.54			0.72			(0.23	)		(0.77	)		(1.00	)		10.38		6.89%			411,730		0.11%			1.69%
12/31/15		11.83		0.18			(0.26	)		(0.08	)		(0.28	)		(0.81	)		(1.09	)		10.66		(0.64%	)		416,556		0.11%			1.59%
Service Class
06/30/20^r	$	10.41	$	(0.01	)	$	(0.56	)	$	(0.57	)	$	-		$	-		$	-		$	9.84		(5.48%	)^b	$	1,557,896		0.36%	^a		(0.28%	)^a
12/31/19		9.60		0.18			1.53			1.71			(0.25	)		(0.65	)		(0.90	)		10.41		18.36%			1,751,648		0.37%			1.78%
12/31/18		10.88		0.16			(0.72	)		(0.56	)		(0.21	)		(0.51	)		(0.72	)		9.60		(5.70%	)		1,690,215		0.36%			1.54%
12/31/17		10.28		0.17			1.14			1.31			(0.18	)		(0.53	)		(0.71	)		10.88		12.99%			2,047,202		0.36%			1.60%
12/31/16		10.57		0.15			0.53			0.68			(0.20	)		(0.77	)		(0.97	)		10.28		6.59%			1,968,981		0.36%			1.45%
12/31/15		11.74		0.16			(0.26	)		(0.10	)		(0.26	)		(0.81	)		(1.07	)		10.57		(0.86%	)		1,922,174		0.36%			1.38%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate^x		9	%		28	%		15	%		13	%		14	%		19	%

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.

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.

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Growth Allocation Fund


			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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
06/30/20^r	$	9.04	$	(0.00	)^d	$	(0.53	)	$	(0.53	)	$	-		$	-		$	-		$	8.51		(5.86%	)^b	$	515,822		0.12%	^a		(0.00%	)^a,e
12/31/19		8.35		0.15			1.55			1.70			(0.22	)		(0.79	)		(1.01	)		9.04		21.21%			573,104		0.12%			1.64%
12/31/18		9.75		0.14			(0.73	)		(0.59	)		(0.18	)		(0.63	)		(0.81	)		8.35		(6.90%	)		536,767		0.11%			1.47%
12/31/17		9.16		0.15			1.28			1.43			(0.15	)		(0.69	)		(0.84	)		9.75		16.07%			647,613		0.11%			1.53%
12/31/16		9.69		0.13			0.58			0.71			(0.19	)		(1.05	)		(1.24	)		9.16		7.57%			607,088		0.11%			1.38%
12/31/15		11.28		0.13			(0.21	)		(0.08	)		(0.28	)		(1.23	)		(1.51	)		9.69		(0.71%	)		605,993		0.11%			1.22%
Service Class
06/30/20^r	$	8.96	$	(0.01	)	$	(0.53	)	$	(0.54	)	$	-		$	-		$	-		$	8.42		(6.03%	)^b	$	870,064		0.37%	^a		(0.25%	)^a
12/31/19		8.28		0.12			1.54			1.66			(0.19	)		(0.79	)		(0.98	)		8.96		20.93%			978,390		0.37%			1.40%
12/31/18		9.67		0.12			(0.73	)		(0.61	)		(0.15	)		(0.63	)		(0.78	)		8.28		(7.10%	)		915,318		0.36%			1.22%
12/31/17		9.09		0.12			1.28			1.40			(0.13	)		(0.69	)		(0.82	)		9.67		15.81%			1,080,728		0.36%			1.27%
12/31/16		9.63		0.11			0.56			0.67			(0.16	)		(1.05	)		(1.21	)		9.09		7.23%			1,001,718		0.36%			1.13%
12/31/15		11.22		0.11			(0.22	)		(0.11	)		(0.25	)		(1.23	)		(1.48	)		9.63		(0.97%	)		1,003,111		0.36%			0.98%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate^x		10	%		29	%		17	%		16	%		17	%		22	%

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%.

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.

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Aggressive Allocation Fund


			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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
06/30/20^r	$	10.16	$	0.00	^d	$	(0.80	)	$	(0.80	)	$	-		$	-		$	-		$	9.36		(7.87%	)^b	$	61,261		0.15%	^a		0.02%	^a
12/31/19		9.20		0.12			1.99			2.11			(0.21	)		(0.94	)		(1.15	)		10.16		23.93%			67,730		0.15%			1.24%
12/31/18		10.68		0.12			(0.90	)		(0.78	)		(0.15	)		(0.55	)		(0.70	)		9.20		(8.12%	)		56,195		0.15%			1.10%
12/31/17		9.67		0.12			1.65			1.77			(0.12	)		(0.64	)		(0.76	)		10.68		18.77%			66,517		0.15%			1.17%
12/31/16		10.10		0.11			0.72			0.83			(0.16	)		(1.10	)		(1.26	)		9.67		8.54%			58,438		0.15%			1.09%
12/31/15		11.86		0.10			(0.20	)		(0.10	)		(0.25	)		(1.41	)		(1.66	)		10.10		(0.84%	)		55,420		0.16%			0.92%
Service Class
06/30/20^r	$	9.99	$	(0.01	)	$	(0.79	)	$	(0.80	)	$	-		$	-		$	-		$	9.19		(8.01%	)^b	$	82,110		0.40%	^a		(0.23%	)^a
12/31/19		9.06		0.09			1.96			2.05			(0.18	)		(0.94	)		(1.12	)		9.99		23.65%			95,667		0.40%			0.95%
12/31/18		10.54		0.09			(0.90	)		(0.81	)		(0.12	)		(0.55	)		(0.67	)		9.06		(8.44%	)		83,212		0.40%			0.87%
12/31/17		9.56		0.10			1.62			1.72			(0.10	)		(0.64	)		(0.74	)		10.54		18.44%			90,246		0.40%			0.95%
12/31/16		10.00		0.08			0.72			0.80			(0.14	)		(1.10	)		(1.24	)		9.56		8.28%			73,617		0.40%			0.84%
12/31/15		11.76		0.08			(0.21	)		(0.13	)		(0.22	)		(1.41	)		(1.63	)		10.00		(1.07%	)		67,973		0.41%			0.69%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate^x		9	%		32	%		19	%		20	%		19	%		22	%

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.

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.

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds Growth Fund


			Income (loss) from investment operations							Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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^u			Ratio of expenses to average daily net assets after expense waivers^u,j			Net investment income (loss) to average daily net assets
Service Class I
06/30/20^r	$	14.33	$	(0.01	)	$	1.69	$	1.68	$	-		$	-		$	-		$	16.01		11.72%	^b	$	209,215		0.68%	^a		N/A			(0.07%	)^a
12/31/19		12.70		0.04			3.53		3.57		(0.05	)		(1.89	)		(1.94	)		14.33		30.33%			197,036		0.69%			0.69%	^l		0.31%
12/31/18		14.37		0.00	^d		0.15		0.15		(0.04	)		(1.78	)		(1.82	)		12.70		(0.73%	)		162,360		0.69%			0.69%	^l		0.01%
12/31/17		12.37		0.01			3.31		3.32		(0.04	)		(1.28	)		(1.32	)		14.37		27.78%			171,896		0.68%			0.68%	^l		0.07%
12/31/16		14.53		0.05			1.16		1.21		(0.03	)		(3.34	)		(3.37	)		12.37		9.00%			139,841		0.69%			0.69%	^l		0.37%
12/31/15		14.67		0.03			0.84		0.87		(0.10	)		(0.91	)		(1.01	)		14.53		6.41%			127,667		0.69%			0.69%	^l		0.22%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate^x		5	%		12	%		12	%		11	%		8	%		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.

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.

u	Expenses of the Master Fund are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of the Master Fund.

x	Amount does not include the portfolio activity of the Master Fund.

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds International Fund


			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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^u			Ratio of expenses to average daily net assets after expense waivers^u,j		Net investment income (loss) to average daily net assets
Service Class I
06/30/20^r	$	10.19	$	(0.01	)	$	(1.17	)	$	(1.18	)	$	-		$	-		$	-		$	9.01		(11.58%	)^b	$	55,432		0.74%	^a		N/A		(0.25%	)^a
12/31/19		9.07		0.09			1.83			1.92			(0.28	)		(0.52	)		(0.80	)		10.19		22.31%			63,943		0.74%			0.73%		0.96%
12/31/18		10.93		0.13			(1.55	)		(1.42	)		(0.09	)		(0.35	)		(0.44	)		9.07		(13.52%	)		56,712		0.73%			0.70%		1.24%
12/31/17		9.12		0.08			2.73			2.81			(0.09	)		(0.91	)		(1.00	)		10.93		31.65%			66,931		0.72%			0.70%		0.80%
12/31/16		9.63		0.09			0.21			0.30			(0.11	)		(0.70	)		(0.81	)		9.12		2.97%			53,972		0.72%			0.70%		0.94%
12/31/15		10.48		0.12			(0.63	)		(0.51	)		(0.10	)		(0.24	)		(0.34	)		9.63		(4.93%	)		55,589		0.72%			0.70%		1.14%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate^x		4	%		8	%		11	%		9	%		12	%		4	%

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.

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.

u	Expenses of the Master Fund are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of the Master Fund.

x	Amount does not include the portfolio activity of the Master Fund.

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds Core Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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
Service Class I
06/30/20^r	$	11.72	$	0.01	$	(0.27	)	$	(0.26	)	$	-		$	-		$	-		$	11.46		(2.22%	)^b	$	927,585		0.71%	^a		0.16%	^a
12/31/19		10.98		0.18		1.72			1.90			(0.29	)		(0.87	)		(1.16	)		11.72		18.12%			1,001,411		0.71%			1.52%
12/31/18		12.60		0.17		(0.69	)		(0.52	)		(0.22	)		(0.88	)		(1.10	)		10.98		(4.84%	)		956,051		0.71%			1.41%
12/31/17		11.94		0.16		1.56			1.72			(0.18	)		(0.88	)		(1.06	)		12.60		14.94%			1,094,274		0.71%			1.25%
12/31/16		12.08		0.16		0.92			1.08			(0.24	)		(0.98	)		(1.22	)		11.94		8.97%			941,450		0.71%			1.29%
12/31/15		12.72		0.16		(0.31	)		(0.15	)		(0.17	)		(0.32	)		(0.49	)		12.08		(1.12%	)		813,103		0.71%			1.28%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate^x		10	%		16	%		15	%		16	%		7	%		3	%

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	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.

Notes to Financial Statements

The Funds

MML Series Investment Fund (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 December 19, 1984, as restated May 14, 1993, and further amended and restated as of December 15, 2011, as it may be further amended from time to time. The following are eight series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Conservative Allocation Fund (“Conservative Allocation Fund”)

MML Balanced Allocation Fund (“Balanced Allocation Fund”)

MML Moderate Allocation Fund (“Moderate Allocation Fund”)

MML Growth Allocation Fund (“Growth Allocation Fund”)

MML Aggressive Allocation Fund (“Aggressive Allocation Fund”)

MML American Funds Growth Fund (“MML American Funds Growth Fund”)

MML American Funds International Fund (“MML American Funds International Fund”)

MML American Funds Core Allocation Fund (“MML American Funds Core Allocation 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, and C.M. Life Insurance Company 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 Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, and Aggressive Allocation Fund (the “Allocation Funds”) invest their investable assets in shares of series of the Trust and MML Series Investment Fund II (advised by MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of MassMutual) and non-affiliated mutual funds (together, the “MML Underlying Funds”). The financial statements included herein are those of the Funds. The financial statements of the applicable MML Underlying Funds 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 or by calling MML Advisers at 1-888-309-3539.

MML American Funds Growth Fund and MML American Funds International Fund (each a “Feeder Fund,” collectively the “Feeder Funds”) invest all of their assets in Class 1 shares of the Growth and International Funds, respectively, each a series of the American Funds Insurance Series (each a “Master Fund,” collectively the “Master Funds”). Each Master Fund is an open-end investment company and organized as a Massachusetts business trust. Each Feeder Fund has an investment objective that is consistent with its corresponding Master Fund. Each Master Fund intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to mutual funds and intends to distribute substantially all of its taxable income and capital gains to shareholders, which includes the applicable Feeder Fund, to qualify as a regulated investment company. The performance of the Feeder Funds is directly affected by the performance of the Master Funds. The financial statements of the Master Funds, including the Summary Investment Portfolios, are provided separately and should be read in conjunction with the Feeder Funds’ financial statements. As of June 30, 2020, the MML American Funds Growth Fund and MML American Funds International Fund owned 1.80% and 1.17% of the Growth and International Master Funds, respectively. The MML American Funds Core Allocation Fund invests all of its investable assets in shares of various series of American Funds Insurance Series, which are managed by Capital Research and Management Company (together, the “American Underlying Funds” and collectively with the MML Underlying Funds, the “Underlying Funds”).

The SEC file number for the American Funds Insurance Series is 811-03857. Additional information related to the Master Funds’ and American Underlying Funds’ financial reports can be located on the SEC’s EDGAR database on its website at http://www.sec.gov.

Notes to Financial Statements (Continued)

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

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 and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. 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 an Underlying Fund or Master Fund holds foreign securities that trade on days that foreign securities markets are open.

The net asset value of each Fund is based upon the net asset value(s) of its corresponding Master Fund or Underlying Funds. Shares of the Master Fund and Underlying Funds are valued at their closing net asset values as reported on each business day.

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

The Prospectuses and Statements of Additional Information (“SAIs”) for the Underlying Funds and Master Funds, as applicable, explain the valuation methods for the Underlying Funds and Master Funds, including the circumstances under which the Underlying Funds or Master Funds, may use fair value pricing and the effects of doing so. Such Prospectuses and SAIs are available on the SEC’s EDGAR database on its website at http://www.sec.gov.

Various inputs may be used to determine the value of the Funds’ investments. The Funds categorize the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as summarized below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

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)

Each Fund characterized all investments at Level 1, as of June 30, 2020. For each Fund, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The Funds had no Level 3 transfers during the period ended June 30, 2020.

Notes to Financial Statements (Continued)

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income 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. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets or another alternative method.

In addition, each Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying Funds or Master Funds. Because the Underlying Funds have varied expense and fee levels, and the Allocation Funds and MML American Funds Core Allocation Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses indirectly incurred by each of the Allocation Funds and MML American Funds Core Allocation Fund will vary.

Foreign Securities

Certain Underlying Funds or Master Funds 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, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely 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, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

It is each Fund’s intent to continue to comply with the provisions of Subchapter M of 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 and 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.

Notes to Financial Statements (Continued)

Advisory Fees and Other Transactions

Investment Advisory Fees

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 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
Conservative Allocation Fund		0.10%
Balanced Allocation Fund		0.10%
Moderate Allocation Fund		0.10%
Growth Allocation Fund		0.10%
Aggressive Allocation Fund		0.10%
MML American Funds Growth Fund		0.15% on the first $500 million; and
		0.125% on any excess over $500 million
MML American Funds International Fund		0.15% on the first $500 million; and
		0.125% on any excess over $500 million
MML American Funds Core Allocation Fund		0.20% on the first $750 million; and
		0.175% on any excess over $750 million

Administration Fees

For the MML American Funds Growth Fund, MML American Funds International Fund, and MML American Funds Core Allocation Fund, 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:


	Service Class I
MML American Funds Growth Fund		0.25%
MML American Funds International Fund		0.25%
MML American Funds Core Allocation Fund		0.25%

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.

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.

Notes to Financial Statements (Continued)

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.

Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investments in Underlying Funds or Master Funds (excluding short-term investments) for the period ended June 30, 2020, 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
Conservative Allocation Fund	$	-	$	64,026,388	$	-	$	68,377,868
Balanced Allocation Fund		-		69,083,822		-		92,058,819
Moderate Allocation Fund		-		175,921,706		-		293,730,986
Growth Allocation Fund		-		138,716,311		-		213,354,010
Aggressive Allocation Fund		-		12,662,066		-		19,488,523
MML American Funds Growth Fund		-		9,803,510		-		14,515,896
MML American Funds International Fund		-		1,962,609		-		3,432,204
MML American Funds Core Allocation Fund		-		88,428,307		-		125,273,270

Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:


	Six Months Ended June 30, 2020						Year Ended December 31, 2019


	Shares			Amount			Shares			Amount
Conservative Allocation Fund Initial Class
Sold		838,750		$	7,768,250			1,150,644		$	11,320,212
Issued as reinvestment of dividends		-			-			624,393			5,987,928
Redeemed		(1,356,829	)		(12,606,367	)		(2,032,976	)		(20,039,477	)

Net increase (decrease)		(518,079	)	$	(4,838,117	)		(257,939	)	$	(2,731,337	)

Conservative Allocation Fund Service Class
Sold		3,651,998		$	33,964,067			3,363,488		$	32,649,253
Issued as reinvestment of dividends		-			-			2,092,102			19,874,970
Redeemed		(3,594,632	)		(32,942,121	)		(7,207,841	)		(70,024,609	)

Net increase (decrease)		57,366		$	1,021,946			(1,752,251	)	$	(17,500,386	)

Balanced Allocation Fund Initial Class
Sold		777,669		$	7,363,174			915,930		$	9,052,968
Issued as reinvestment of dividends		-			-			930,968			8,806,961
Redeemed		(1,137,187	)		(10,580,710	)		(1,910,980	)		(18,697,556	)

Net increase (decrease)		(359,518	)	$	(3,217,536	)		(64,082	)	$	(837,627	)

Balanced Allocation Fund Service Class
Sold		1,020,852		$	9,474,124			3,109,419		$	30,234,589
Issued as reinvestment of dividends		-			-			3,022,632			28,322,059
Redeemed		(3,119,126	)		(28,612,717	)		(7,719,630	)		(74,646,169	)

Net increase (decrease)		(2,098,274	)	$	(19,138,593	)		(1,587,579	)	$	(16,089,521	)

Notes to Financial Statements (Continued)


	Six Months Ended June 30, 2020						Year Ended December 31, 2019


	Shares			Amount			Shares			Amount
Moderate Allocation Fund Initial Class
Sold		628,379		$	5,981,574			1,241,801		$	12,993,537
Issued as reinvestment of dividends		-			-			3,168,515			31,558,407
Redeemed		(2,557,476	)		(24,776,475	)		(4,530,277	)		(47,261,402	)

Net increase (decrease)		(1,929,097	)	$	(18,794,901	)		(119,961	)	$	(2,709,458	)

Moderate Allocation Fund Service Class
Sold		1,657,158		$	15,835,967			4,281,862		$	43,997,046
Issued as reinvestment of dividends		-			-			14,626,731			144,073,299
Redeemed		(11,621,401	)		(112,446,044	)		(26,630,216	)		(274,935,749	)

Net increase (decrease)		(9,964,243	)	$	(96,610,077	)		(7,721,623	)	$	(86,865,404	)

Growth Allocation Fund Initial Class
Sold		663,654		$	5,331,108			1,271,993		$	11,492,897
Issued as reinvestment of dividends		-			-			6,986,716			58,967,879
Redeemed		(3,469,901	)		(28,952,103	)		(9,127,828	)		(82,753,281	)

Net increase (decrease)		(2,806,247	)	$	(23,620,995	)		(869,119	)	$	(12,292,505	)

Growth Allocation Fund Service Class
Sold		1,271,717		$	10,127,531			1,683,402		$	15,037,443
Issued as reinvestment of dividends		-			-			11,917,878			99,752,639
Redeemed		(7,228,196	)		(59,942,200	)		(14,899,719	)		(133,423,497	)

Net increase (decrease)		(5,956,479	)	$	(49,814,669	)		(1,298,439	)	$	(18,633,415	)

Aggressive Allocation Fund Initial Class
Sold		357,591		$	3,295,655			605,438		$	6,120,826
Issued as reinvestment of dividends		-			-			741,988			6,937,589
Redeemed		(479,045	)		(4,410,122	)		(790,422	)		(7,940,416	)

Net increase (decrease)		(121,454	)	$	(1,114,467	)		557,004		$	5,117,999

Aggressive Allocation Fund Service Class
Sold		503,403		$	4,306,635			793,748		$	7,711,067
Issued as reinvestment of dividends		-			-			1,031,299			9,487,948
Redeemed		(1,146,647	)		(9,893,019	)		(1,433,757	)		(14,167,302	)

Net increase (decrease)		(643,244	)	$	(5,586,384	)		391,290		$	3,031,713

MML American Funds Growth Fund Service Class I
Sold		588,990		$	8,517,617			1,209,057		$	16,921,717
Issued as reinvestment of dividends		-			-			1,925,188			24,103,348
Redeemed		(1,272,029	)		(18,280,803	)		(2,160,703	)		(30,308,338	)

Net increase (decrease)		(683,039	)	$	(9,763,186	)		973,542		$	10,716,727

MML American Funds International Fund Service Class I
Sold		336,541		$	2,738,221			435,217		$	4,297,878
Issued as reinvestment of dividends		-			-			529,496			4,781,345
Redeemed		(461,866	)		(4,122,610	)		(944,639	)		(9,360,227	)

Net increase (decrease)		(125,325	)	$	(1,384,389	)		20,074		$	(281,004	)

MML American Funds Core Allocation Fund Service Class I
Sold		1,305,056		$	14,411,864			2,794,411		$	32,449,388
Issued as reinvestment of dividends		-			-			8,591,186			93,729,834
Redeemed		(5,856,441	)		(64,725,093	)		(13,002,185	)		(151,140,842	)

Net increase (decrease)		(4,551,385	)	$	(50,313,229	)		(1,616,588	)	$	(24,961,620	)

Notes to Financial Statements (Continued)

Federal Income Tax Information

At June 30, 2020, 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)
Conservative Allocation Fund	$	395,209,063	$	13,391,785	$	(14,786,257	)	$	(1,394,472	)
Balanced Allocation Fund		500,283,761		18,008,182		(23,278,381	)		(5,270,199	)
Moderate Allocation Fund		1,957,625,540		64,496,729		(124,200,042	)		(59,703,313	)
Growth Allocation Fund		1,435,888,715		51,973,534		(101,078,321	)		(49,104,787	)
Aggressive Allocation Fund		150,826,382		4,771,428		(12,121,277	)		(7,349,849	)
MML American Funds Growth Fund		171,702,854		37,751,406		-			37,751,406
MML American Funds International Fund		57,614,274		-		(2,094,960	)		(2,094,960	)
MML American Funds Core Allocation Fund		913,946,748		31,847,745		(17,144,640	)		14,703,105

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.

At December 31, 2019, for federal income tax purposes, there were no unused capital losses.

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, 2019, was as follows:


	Ordinary Income		Long Term Capital Gain
Conservative Allocation Fund	$	10,342,993	$	15,519,906
Balanced Allocation Fund		12,564,829		24,564,191
Moderate Allocation Fund		48,785,966		126,845,740
Growth Allocation Fund		32,280,377		126,440,141
Aggressive Allocation Fund		2,782,167		13,643,370
MML American Funds Growth Fund		581,644		23,521,704
MML American Funds International Fund		1,681,469		3,099,876
MML American Funds Core Allocation Fund		23,619,099		70,110,735

Notes to Financial Statements (Continued)

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2019:


	Amount
Conservative Allocation Fund	$	69,897
Balanced Allocation Fund		126,681
Moderate Allocation Fund		660,331
Growth Allocation Fund		622,374
Aggressive Allocation Fund		76,988
MML American Funds International Fund		114,304
MML American Funds Core Allocation Fund		247,562

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, 2019, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At December 31, 2019, 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)
Conservative Allocation Fund	$	10,449,885	$	11,643,550	$	(44,539	)	$	(2,859,058	)
Balanced Allocation Fund		12,332,861		17,487,297		(54,540	)		(1,206,521	)
Moderate Allocation Fund		43,751,101		89,209,838		(202,632	)		3,504,460
Growth Allocation Fund		28,093,176		87,973,489		(163,843	)		12,923,203
Aggressive Allocation Fund		2,214,201		10,345,755		(12,210	)		(174,855	)
MML American Funds Growth Fund		1,556,780		22,586,311		(12,602	)		21,816,298
MML American Funds International Fund		585,678		3,245,303		(5,677	)		5,247,250
MML American Funds Core Allocation Fund		16,119,788		50,315,604		(80,642	)		40,897,948

The Funds did not have any unrecognized tax benefits at June 30, 2020, 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, 2020, 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. 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.

Notes to Financial Statements (Continued)

Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended June 30, 2020, was as follows:


	Beginning Value as of 12/31/19		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/20		Number of Shares Held as of 6/30/20

Conservative Allocation Fund

MML Blue Chip Growth Fund, Initial Class	$	11,636,554	$	1,528,759	$	(2,278,047	)	$	1,188,015		$	251,727		$	12,327,008		673,975

MML Dynamic Bond Fund, Class II		55,344,583		5,943,527		(11,083,010	)		239,401			117,299			50,561,800		4,971,662

MML Equity Income Fund, Initial Class		12,876,499		3,537,234		(1,284,902	)		(2,049,510	)		(298,956	)		12,780,365		1,409,081

MML Equity Index Fund, Class III		944,007		56,289		(65,553	)		(30,029	)		(1,785	)		902,929		28,792

MML Focused Equity Fund, Class II		16,672,231		3,570,404		(1,432,237	)		(1,310,108	)		153,755			17,654,045		2,771,436

MML Foreign Fund, Initial Class		8,051,494		1,448,762		(565,922	)		(887,134	)		(194,158	)		7,853,042		909,970

MML Fundamental Equity Fund, Class II		7,115,314		4,738,261		(532,083	)		109,395			(147,897	)		11,282,990		1,132,830

MML Fundamental Value Fund, Class II		12,009,269		3,478,102		(1,350,400	)		(1,799,684	)		(413,064	)		11,924,223		1,094,970

MML Global Fund, Class I		19,718,465		6,762,762		(2,527,671	)		(862,811	)		(62,222	)		23,028,523		1,956,544

MML High Yield Fund, Class II		11,956,901		722,676		(1,901,707	)		(381,363	)		(343,556	)		10,052,951		1,123,235

MML Income & Growth Fund, Initial Class		13,162,819		2,443,084		(1,639,905	)		(2,107,659	)		(593,969	)		11,264,370		1,395,833

MML Inflation-Protected and Income Fund, Initial Class		16,866,008		1,124,162		(3,384,878	)		661,654			(13,849	)		15,253,097		1,417,574

MML International Equity Fund, Class II		9,817,292		1,455,742		(2,022,882	)		(1,848,587	)		(58,387	)		7,343,178		940,228

MML Large Cap Growth Fund, Initial Class		3,063,152		1,510,530		(386,588	)		393,258			(10,577	)		4,569,775		375,495

MML Managed Bond Fund, Initial Class		85,527,270		7,835,961		(17,147,441	)		1,498,356			263,312			77,977,458		6,031,231

MML Mid Cap Growth Fund, Initial Class		10,431,430		5,079,961		(3,018,613	)		582,643			(61,161	)		13,014,260		824,209

MML Mid Cap Value Fund, Initial Class		9,127,793		4,447,216		(785,479	)		(1,280,713	)		(162,981	)		11,345,836		1,280,568

MML Short-Duration Bond Fund, Class II		22,843,273		1,930,333		(2,336,627	)		(555,460	)		(109,781	)		21,771,738		2,313,681

MML Small Cap Growth Equity Fund, Initial Class		1,839,468		196,404		(135,977	)		(105,837	)		(5,740	)		1,788,318		134,332

MML Small Company Value Fund, Class II		4,198,729		238,844		(259,817	)		(676,744	)		(71,426	)		3,429,586		281,807

MML Small/Mid Cap Value Fund, Initial Class		2,511,258		815,966		(234,315	)		(533,518	)		(91,027	)		2,468,364		287,353

MML Strategic Emerging Markets Fund, Class II		1,640,316		175,939		(163,413	)		(158,241	)		8,593			1,503,194		130,034

MML Total Return Bond Fund, Class II		47,752,538		4,240,424		(8,026,085	)		2,279,977			448,356			46,695,210		4,096,071


	$	385,106,663	$	63,281,342	$	(62,563,552	)	$	(7,634,699	)	$	(1,397,494	)	$	376,792,260

Balanced Allocation Fund

MML Blue Chip Growth Fund, Initial Class	$	17,817,696	$	5,206,440	$	(4,987,671	)	$	2,271,272		$	848,714		$	21,156,451		1,156,722

MML Dynamic Bond Fund, Class II		59,442,046		8,916,973		(12,115,729	)		400,712			317,538			56,961,540		5,600,938

MML Equity Income Fund, Initial Class		19,564,530		3,831,444		(1,441,676	)		(3,278,132	)		(228,266	)		18,447,900		2,033,947

MML Equity Index Fund, Class III		1,373,256		14,957		(109,731	)		(54,960	)		4,926			1,228,448		39,172

MML Focused Equity Fund, Class II		22,735,295		3,841,357		(1,566,659	)		(1,383,467	)		131,469			23,757,995		3,729,670

MML Foreign Fund, Initial Class		15,665,107		790,110		(2,211,821	)		(1,637,295	)		(450,382	)		12,155,719		1,408,542

MML Fundamental Equity Fund, Class II		10,679,407		9,816,955		(573,237	)		221,746			(120,064	)		20,024,807		2,010,523

MML Fundamental Value Fund, Class II		17,308,435		2,539,904		(1,583,299	)		(2,285,574	)		(659,444	)		15,320,022		1,406,797

MML Global Fund, Class I		35,693,340		2,880,507		(9,272,007	)		(2,995,442	)		(666,699	)		25,639,699		2,178,394

MML High Yield Fund, Class II		12,859,143		159,243		(879,704	)		(659,516	)		(172,696	)		11,306,470		1,263,293

MML Income & Growth Fund, Initial Class		19,873,747		3,015,013		(1,948,538	)		(3,168,467	)		(588,832	)		17,182,923		2,129,235

MML Inflation-Protected and Income Fund, Initial Class		19,472,893		248,000		(4,445,980	)		762,324			(113,682	)		15,923,555		1,479,884

MML International Equity Fund, Class II		15,826,325		3,266,020		(2,814,549	)		(2,586,784	)		(506,303	)		13,184,709		1,688,183

MML Large Cap Growth Fund, Initial Class		6,443,710		2,081,236		(526,750	)		1,185,410			45,662			9,229,268		758,362

MML Managed Bond Fund, Initial Class		96,044,609		6,615,656		(17,986,982	)		2,384,222			(105,851	)		86,951,654		6,725,348

MML Mid Cap Growth Fund, Initial Class		17,777,164		4,901,958		(3,010,438	)		1,212,354			(172,085	)		20,708,953		1,311,523

MML Mid Cap Value Fund, Initial Class		17,097,902		3,693,342		(942,419	)		(1,923,607	)		(398,202	)		17,527,016		1,978,219

MML Short-Duration Bond Fund, Class II		24,890,000		1,908,557		(1,752,312	)		(665,936	)		(76,934	)		24,303,375		2,582,718

MML Small Cap Growth Equity Fund, Initial Class		2,943,680		94,396		(157,297	)		(183,913	)		(974	)		2,695,892		202,505

Notes to Financial Statements (Continued)


	Beginning Value as of 12/31/19		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/20		Number of Shares Held as of 6/30/20

Balanced Allocation Fund (Continued)

MML Small Company Value Fund, Class II	$	6,410,281	$	67,998	$	(332,927	)	$	(980,950	)	$	(149,546	)	$	5,014,856		412,067

MML Small/Mid Cap Value Fund, Initial Class		5,106,057		421,529		(273,105	)		(992,734	)		(187,035	)		4,074,712		474,355

MML Strategic Emerging Markets Fund, Class II		4,923,621		224,371		(323,033	)		(473,912	)		24,218			4,375,265		378,483

MML Total Return Bond Fund, Class II		51,789,501		4,146,427		(12,037,395	)		2,333,510			543,970			46,776,013		4,103,159


	$	501,737,745	$	68,682,393	$	(81,293,259	)	$	(12,499,139	)	$	(2,680,498	)	$	473,947,242

Moderate Allocation Fund

MML Blue Chip Growth Fund, Initial Class	$	86,070,475	$	1,648,237	$	(11,020,682	)	$	7,652,585		$	1,470,728		$	85,821,343		4,692,255

MML Dynamic Bond Fund, Class II		184,141,398		15,548,274		(34,896,676	)		1,079,638			1,118,696			166,991,330		16,419,993

MML Equity Income Fund, Initial Class		96,832,134		11,648,517		(6,925,938	)		(15,755,846	)		(3,055,140	)		82,743,727		9,122,793

MML Equity Index Fund, Class III		5,853,538		299,920		(361,776	)		(205,795	)		20,630			5,606,517		178,779

MML Focused Equity Fund, Class II		131,131,396		10,037,428		(8,005,674	)		(8,780,063	)		712,399			125,095,486		19,638,224

MML Foreign Fund, Initial Class		70,871,296		7,123,961		(5,368,768	)		(9,600,009	)		(1,731,634	)		61,294,846		7,102,531

MML Fundamental Equity Fund, Class II		44,894,915		21,186,322		(2,877,072	)		492,081			(765,023	)		62,931,223		6,318,396

MML Fundamental Value Fund, Class II		85,150,047		14,927,526		(7,250,435	)		(12,140,021	)		(2,982,792	)		77,704,325		7,135,383

MML Global Fund, Class I		180,074,543		10,536,143		(17,394,088	)		(14,573,143	)		(1,231,545	)		157,411,910		13,373,994

MML High Yield Fund, Class II		40,038,083		59,315		(6,683,100	)		(1,234,060	)		(1,049,646	)		31,130,592		3,478,278

MML Income & Growth Fund, Initial Class		97,029,674		12,758,106		(8,685,779	)		(15,558,955	)		(3,518,877	)		82,024,169		10,164,085

MML Inflation-Protected and Income Fund, Initial Class		61,247,456		91,333		(13,051,488	)		2,299,314			120,382			50,706,997		4,712,546

MML International Equity Fund, Class II		78,678,686		8,416,504		(7,589,506	)		(17,120,565	)		(1,484,383	)		60,900,736		7,797,789

MML Large Cap Growth Fund, Initial Class		25,961,531		5,469,275		(2,079,597	)		2,756,084			17,820			32,125,113		2,639,697

MML Managed Bond Fund, Initial Class		284,832,981		14,827,280		(53,678,796	)		6,740,944			(16,502	)		252,705,907		19,545,748

MML Mid Cap Growth Fund, Initial Class		96,486,038		10,007,978		(13,344,032	)		1,536,079			(917,202	)		93,768,861		5,938,497

MML Mid Cap Value Fund, Initial Class		87,965,355		5,210,693		(5,894,681	)		(11,781,951	)		(2,096,421	)		73,402,995		8,284,762

MML Short-Duration Bond Fund, Class II		77,813,892		2,204,872		(10,052,284	)		(1,776,139	)		(278,909	)		67,911,432		7,216,943

MML Small Cap Growth Equity Fund, Initial Class		14,051,151		1,844,260		(845,044	)		(860,047	)		(116,873	)		14,073,447		1,057,144

MML Small Company Value Fund, Class II		30,410,587		2,305,331		(1,643,664	)		(4,922,845	)		(679,924	)		25,469,485		2,092,809

MML Small/Mid Cap Value Fund, Initial Class		26,579,626		3,291,942		(1,479,223	)		(5,509,044	)		(923,432	)		21,959,869		2,556,446

MML Strategic Emerging Markets Fund, Class II		53,559,245		6,091,202		(5,997,742	)		(5,732,835	)		1,103,522			49,023,392		4,240,778

MML Total Return Bond Fund, Class II		165,230,445		7,458,460		(33,785,469	)		7,517,270			1,660,571			148,081,277		12,989,586


	$	2,024,904,492	$	172,992,879	$	(258,911,514	)	$	(95,477,323	)	$	(14,623,555	)	$	1,828,884,979

Growth Allocation Fund

MML Blue Chip Growth Fund, Initial Class	$	70,699,258	$	9,717,707	$	(6,984,074	)	$	9,200,263		$	858,151		$	83,491,305		4,564,861

MML Dynamic Bond Fund, Class II		85,389,620		5,913,178		(27,424,531	)		126,742			778,192			64,783,201		6,370,030

MML Equity Income Fund, Initial Class		79,471,187		11,106,586		(5,060,095	)		(12,596,079	)		(2,067,299	)		70,854,300		7,811,940

MML Equity Index Fund, Class III		5,204,617		15,138		(296,664	)		(193,985	)		18,770			4,747,876		151,399

MML Focused Equity Fund, Class II		112,672,816		329,143		(6,477,554	)		(7,017,142	)		393,953			99,901,216		15,683,079

MML Foreign Fund, Initial Class		67,038,756		1,517,883		(7,079,768	)		(7,849,576	)		(1,280,790	)		52,346,505		6,065,644

MML Fundamental Equity Fund, Class II		34,227,405		23,323,410		(2,107,716	)		604,170			(479,591	)		55,567,678		5,579,084

MML Fundamental Value Fund, Class II		70,576,691		11,131,476		(4,734,912	)		(10,558,156	)		(1,139,544	)		65,275,555		5,994,082

MML Global Fund, Class I		151,174,860		6,602,385		(10,071,143	)		(11,526,343	)		(1,020,692	)		135,159,067		11,483,353

MML High Yield Fund, Class II		19,937,896		2,064,127		(1,618,051	)		(1,089,477	)		(293,684	)		19,000,811		2,122,996

MML Income & Growth Fund, Initial Class		81,935,670		6,566,472		(5,476,538	)		(13,480,606	)		(1,795,133	)		67,749,865		8,395,274

MML Inflation-Protected and Income Fund, Initial Class		58,922,504		1,174,506		(10,323,318	)		2,422,080			(80,722	)		52,115,050		4,843,406

MML International Equity Fund, Class II		65,820,648		11,392,669		(6,094,942	)		(12,839,790	)		(1,257,680	)		57,020,905		7,301,012

MML Large Cap Growth Fund, Initial Class		24,485,326		5,687,459		(2,027,382	)		3,640,574			6,711			31,792,688		2,612,382

MML Managed Bond Fund, Initial Class		134,403,534		6,702,777		(35,006,535	)		2,732,435			390,756			109,222,967		8,447,941

MML Mid Cap Growth Fund, Initial Class		81,625,414		10,535,188		(8,605,218	)		2,421,071			(131,708	)		85,844,747		5,436,653

MML Mid Cap Value Fund, Initial Class		71,618,466		9,788,886		(3,787,376	)		(9,175,191	)		(1,441,060	)		67,003,725		7,562,497

MML Short-Duration Bond Fund, Class II		43,263,031		1,028,293		(3,578,733	)		(1,054,539	)		(126,926	)		39,531,126		4,200,970

Notes to Financial Statements (Continued)


	Beginning Value as of 12/31/19		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/20		Number of Shares Held as of 6/30/20

Growth Allocation Fund (Continued)

MML Small Cap Growth Equity Fund, Initial Class	$	15,006,166	$	72,022	$	(745,940	)	$	(820,131	)	$	(88,636	)	$	13,423,481		1,008,321

MML Small Company Value Fund, Class II		29,863,715		810,399		(1,460,469	)		(4,649,185	)		(568,895	)		23,995,565		1,971,698

MML Small/Mid Cap Value Fund, Initial Class		24,002,391		793,940		(1,150,738	)		(4,815,785	)		(546,913	)		18,282,895		2,128,393

MML Strategic Emerging Markets Fund, Class II		56,110,565		2,988,153		(4,750,122	)		(5,555,883	)		796,454			49,589,167		4,289,720

MML Total Return Bond Fund, Class II		74,065,614		8,476,866		(27,010,904	)		2,538,759			1,466,478			59,536,813		5,222,527


	$	1,457,516,150	$	137,738,663	$	(181,872,723	)	$	(79,535,774	)	$	(7,609,808	)	$	1,326,236,508

Aggressive Allocation Fund

MML Blue Chip Growth Fund, Initial Class	$	8,834,198	$	475,166	$	(630,209	)	$	939,402		$	45,942		$	9,664,499		528,403

MML Dynamic Bond Fund, Class II		3,562,486		91,909		(1,752,157	)		(11,369	)		48,198			1,939,067		190,665

MML Equity Income Fund, Initial Class		9,897,070		789,413		(662,598	)		(1,638,914	)		(212,881	)		8,172,090		901,002

MML Equity Index Fund, Class III		672,032		15,711		(43,670	)		(24,799	)		1,351			620,625		19,790

MML Focused Equity Fund, Class II		13,914,764		345,946		(959,521	)		(906,773	)		62,552			12,456,968		1,955,568

MML Foreign Fund, Initial Class		8,069,490		181,739		(501,253	)		(1,013,530	)		(174,653	)		6,561,793		760,347

MML Fundamental Equity Fund, Class II		4,227,227		3,227,885		(355,715	)		72,634			(85,042	)		7,086,989		711,545

MML Fundamental Value Fund, Class II		8,795,156		1,224,083		(618,608	)		(1,290,012	)		(180,896	)		7,929,723		728,166

MML Global Fund, Class I		18,788,368		665,111		(1,287,363	)		(1,453,045	)		(188,814	)		16,524,257		1,403,930

MML High Yield Fund, Class II		1,792,598		45,030		(123,640	)		(106,120	)		(9,580	)		1,598,288		178,580

MML Income & Growth Fund, Initial Class		9,614,288		1,241,244		(664,587	)		(1,592,004	)		(221,670	)		8,377,271		1,038,076

MML Inflation-Protected and Income Fund, Initial Class		3,397,173		90,061		(497,281	)		138,497			(633	)		3,127,817		290,689

MML International Equity Fund, Class II		8,161,387		1,388,366		(517,880	)		(1,733,555	)		(131,214	)		7,167,104		917,683

MML Large Cap Growth Fund, Initial Class		3,110,371		289,256		(252,065	)		333,470			(33,006	)		3,448,026		283,322

MML Managed Bond Fund, Initial Class		5,914,208		142,527		(2,141,038	)		23,800			95,375			4,034,872		312,081

MML Mid Cap Growth Fund, Initial Class		10,096,021		1,009,847		(724,518	)		274,834			(142,472	)		10,513,712		665,846

MML Mid Cap Value Fund, Initial Class		8,891,086		472,319		(619,684	)		(1,120,953	)		(285,759	)		7,337,009		828,105

MML Short-Duration Bond Fund, Class II		2,909,730		65,804		(181,355	)		(73,508	)		(9,540	)		2,711,131		288,112

MML Small Cap Growth Equity Fund, Initial Class		1,988,912		46,670		(129,677	)		(123,391	)		(2,390	)		1,780,124		133,716

MML Small Company Value Fund, Class II		3,969,499		90,229		(249,257	)		(582,107	)		(116,963	)		3,111,401		255,662

MML Small/Mid Cap Value Fund, Initial Class		2,744,616		70,069		(191,276	)		(474,654	)		(140,672	)		2,008,083		233,770

MML Strategic Emerging Markets Fund, Class II		8,803,514		286,482		(509,809	)		(823,123	)		36,086			7,793,150		674,148

MML Total Return Bond Fund, Class II		3,185,272		82,517		(1,726,389	)		26,776			117,060			1,685,236		147,828


	$	151,339,466	$	12,337,384	$	(15,339,550	)	$	(11,158,444	)	$	(1,529,621	)	$	135,649,235

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.

Notes to Financial Statements (Continued)

Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 has produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, and global business disruption, and it may result in future significant adverse effects, such as exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadvisers, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser uses 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 http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

The Funds 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.

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 adopted a Liquidity Risk Management Program (the “Program”). 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 the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 10, 2020, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period December 1, 2018 through December 31, 2019. No significant liquidity events impacting any of the Funds or their ability to timely meet redemptions without dilution to existing shareholders were noted in the report. In addition, the Committee provided its assessment that the Program had been effective in managing each Fund’s liquidity risk.

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 2020, 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 or MML Advisers (the “Independent Trustees”), re-approved the existing advisory agreements (collectively, the “Contracts”) for each of the Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, MML American Funds Growth Fund, MML American Funds International Fund, and MML American Funds Core Allocation Fund. In preparation for the meetings, the Trustees requested, and MML Advisers 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.

Other Information (Unaudited) (Continued)

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.

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 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. The Committee noted that it had received in the Meeting Materials, or during the course of the past year, detailed information regarding MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds. 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. 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 one- or three-year period below are to periods ended December 31, 2019. 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 total net expense ratios for the Conservative Allocation Fund, Growth Allocation Fund, and MML American Funds Growth Fund were within the top sixty percent of their peer groups. Of those Funds, all had net advisory fees at or below the medians of their peers.

In the case of the Balanced Allocation Fund, Moderate Allocation Fund, Aggressive Allocation Fund, MML American Funds International Fund, and MML American Funds Core Allocation Fund, the Committee noted that the Fund’s net advisory fees were at or below the medians of their peers, although their total net expense ratios were higher than the sixtieth comparative percentiles of their peer groups. The Committee considered that the Funds’ relatively low net advisory fees, and other factors cited by MML Advisers, including recent and/or long-term favorable investment performance, and/or MML Advisers’ conviction in the adviser to the underlying funds or master fund, as applicable, in the case of the MML American Funds, favored continuation of the Funds’ advisory agreements.

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

The Committee considered that the Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, and MML American Funds Core Allocation Fund achieved one- and three-year investment performance above the medians of their performance categories, or in the top sixty percent of their performance categories. In addition, the Committee considered that the Moderate Allocation Fund experienced three-year investment performance outside the top sixty percent of its performance category, but experienced improved performance for the one-year period.

The Committee considered that the MML American Funds Growth Fund and MML American Funds International Fund had each experienced one- and three-year performance below the sixtieth comparative percentiles of their performance categories. The Committee considered MML Advisers’ statement that a substantial contributor to each Fund’s underperformance was due to the relatively conservative long-term investment strategy of the adviser to the master funds in which each Fund invests, which caused it to underperform in the recent high-growth-oriented equity markets. The Committee considered MML Advisers’ statement that

Other Information (Unaudited) (Continued)

each of the Funds had experienced favorable long-term investment performance and took into account MML Advisers’ continuing confidence in the adviser to the master funds in which each Fund invests.

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.

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; (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) 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 (iv) 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.

Other Information (Unaudited) (Continued)

Fund Expenses June 30, 2020

Expense Examples:

The following information is in regards to expenses for the six months ended June 30, 2020:

As a shareholder of the Funds, you incur ongoing costs, including 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, 2020.

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*
Conservative Allocation Fund
Initial Class	$	1,000		0.13	%	$	975.90	$	0.64	$	1,024.20	$	0.65
Service Class		1,000		0.38	%		975.60		1.87		1,023.00		1.91
Balanced Allocation Fund
Initial Class		1,000		0.12	%		970.70		0.59		1,024.30		0.60
Service Class		1,000		0.37	%		969.40		1.81		1,023.00		1.86
Moderate Allocation Fund
Initial Class		1,000		0.11	%		946.80		0.53		1,024.30		0.55
Service Class		1,000		0.36	%		945.20		1.74		1,023.10		1.81
Growth Allocation Fund
Initial Class		1,000		0.12	%		941.40		0.58		1,024.30		0.60
Service Class		1,000		0.37	%		939.70		1.78		1,023.00		1.86
Aggressive Allocation Fund
Initial Class		1,000		0.15	%		921.30		0.72		1,024.10		0.75
Service Class		1,000		0.40	%		919.90		1.91		1,022.90		2.01

Other Information (Unaudited) (Continued)


	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
MML American Funds Growth Fund
Service Class I **	$	1,000		1.04	%	$	1,117.20	$	5.47	$	1,019.70	$	5.22
MML American Funds International Fund
Service Class I**		1,000		1.29	%		884.20		6.04		1,018.40		6.47
MML American Funds Core Allocation Fund
Service Class I		1,000		0.71	%		977.80		3.49		1,021.30		3.57

Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2020, multiplied by the average account value over the period, multiplied by 182 days in the period, divided by 366 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.

**	The annualized expense ratio reflects the expenses of both the Feeder Fund and the Master Fund in which it invests.

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, Connecticut

06082-1981

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RS-49853-00

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Table of Contents



President’s Letter to Shareholders (Unaudited)			1

Portfolio Summaries (Unaudited)			3

Portfolio of Investments (Unaudited)
MML Blue Chip Growth Fund			22
MML Equity Income Fund			25
MML Equity Index Fund			29
MML Focused Equity Fund			37
MML Foreign Fund			39
MML Fundamental Equity Fund (formerly known as MML Fundamental Growth Fund)			42
MML Fundamental Value Fund			44
MML Global Fund			47
MML Growth & Income Fund			49
MML Income & Growth Fund			51
MML International Equity Fund			54
MML Large Cap Growth Fund			56
MML Managed Volatility Fund			58
MML Mid Cap Growth Fund			66
MML Mid Cap Value Fund			70
MML Small Cap Growth Equity Fund			73
MML Small Company Value Fund			77
MML Small/Mid Cap Value Fund			81
MML Total Return Bond Fund			84

Statements of Assets and Liabilities (Unaudited)			96

Statements of Operations (Unaudited)			108

Statements of Changes in Net Assets			114

Financial Highlights			127

Notes to Financial Statements (Unaudited)			146

Other Information (Unaudited)
Proxy Voting			179
Quarterly Reporting			179
Liquidity Risk Management Program			179
Trustees’ Approval of Investment Advisory Contracts			179
Fund Expenses			183

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

To Our

Shareholders

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Eric Wietsma

June 30, 2020

Welcome to the MML Series Investment Fund Semiannual Report, covering the six months ended June 30, 2020.

Market Highlights

•

During the period, U.S. stock prices ended down only 3%, despite being down nearly 20% in the first quarter of 2020.

•

U.S. bonds ended the period up over 6%, benefiting from falling interest rates and investors seeking safer investments in light of projections for a global economic downturn.

Market Commentary

(Continued)

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

economically sensitive Dow Jones Industrial Average lost 8.43% for the period. Small-cap stocks also underperformed their larger peers while value stocks significantly underperformed their growth peers.

Review and maintain your strategy

Sincerely,

LOGO

Eric Wietsma

President

MML Blue Chip Growth Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Blue Chip Growth Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital growth. Income is a secondary objective. Under normal circumstances, the Fund invests at least 80% of net assets (plus the amount of any borrowings for investment purposes) in the common stocks of large- and medium-sized blue chip growth companies. The Fund’s subadviser currently defines blue chip growth companies to mean firms that, in its view, are well-established in their industries and have the potential for above-average earnings growth. The Fund’s subadviser is
T. Rowe Price Associates, Inc. (T. Rowe Price).



MML Blue Chip Growth Fund Largest Holdings (% of Net Assets) on 6/30/20

Amazon.com, Inc.	11.7	%
Facebook, Inc. Class A	6.4	%
Microsoft Corp.	5.8	%
Alphabet, Inc. Class C	5.2	%
Alibaba Group Holding Ltd. Sponsored ADR	4.0	%
Apple, Inc.	3.9	%
Visa, Inc. Class A	3.3	%
Tencent Holdings Ltd.	2.8	%
Mastercard, Inc. Class A	2.7	%
PayPal Holdings, Inc.	2.5	%

	48.3	%



MML Blue Chip Growth Fund Sector Table (% of Net Assets) on 6/30/20

Communications	36.6	%
Technology	27.2	%
Consumer, Non-cyclical	20.8	%
Financial	9.0	%
Consumer, Cyclical	3.8	%
Industrial	1.7	%
Basic Materials	0.4	%
Utilities	0.1	%
Energy	0.1	%
Mutual Funds	0.0	%

Total Long-Term Investments	99.7	%
Short-Term Investments and Other Assets and Liabilities	0.3	%

Net Assets	100.0	%

MML Equity Income Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks dividend income and long-term capital growth by investing primarily in common stocks, with an emphasis on large-capitalization companies that have a strong track record of paying dividends or that the Fund’s subadviser believes to be undervalued. 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. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).



MML Equity Income Fund Largest Holdings (% of Net Assets) on 6/30/20

QUALCOMM, Inc.	2.9	%
Wells Fargo & Co.	2.6	%
The Southern Co.	2.6	%
Chubb Ltd.	2.2	%
Morgan Stanley	2.1	%
DuPont de Nemours, Inc.	2.1	%
Total SA	2.0	%
United Parcel Service, Inc. Class B	2.0	%
AbbVie, Inc.	2.0	%
General Electric Co.	1.9	%

	22.4	%



MML Equity Income Fund Sector Table (% of Net Assets) on 6/30/20

Financial	23.4	%
Consumer, Non-cyclical	22.7	%
Industrial	9.5	%
Utilities	9.1	%
Energy	8.3	%
Communications	7.0	%
Technology	7.0	%
Basic Materials	5.1	%
Consumer, Cyclical	4.2	%
Mutual Funds	0.5	%

Total Long-Term Investments	96.8	%
Short-Term Investments and Other Assets and Liabilities	3.2	%

Net Assets	100.0	%

MML Equity Index Fund – Portfolio Summaries (Unaudited)

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

The Fund’s investment objective is to provide investment results that correspond to the price and yield performance of publicly traded common stocks in the aggregate as represented by the S&P 500^® Index* (the “Index”). 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 the equity securities of companies included within the Index. The Fund’s subadviser is Northern Trust Investments, Inc. (NTI).



MML Equity Index Fund Largest Holdings (% of Net Assets) on 6/30/20

Microsoft Corp.	5.9	%
Apple, Inc.	5.7	%
Amazon.com, Inc.	4.4	%
Facebook, Inc. Class A	2.1	%
Alphabet, Inc. Class A	1.6	%
Alphabet, Inc. Class C	1.6	%
Johnson & Johnson	1.4	%
Berkshire Hathaway, Inc. Class B	1.3	%
Visa, Inc. Class A	1.3	%
The Procter & Gamble Co.	1.1	%

	26.4	%



MML Equity Index Fund Sector Table (% of Net Assets) on 6/30/20

Technology	22.6	%
Consumer, Non-cyclical	22.1	%
Communications	16.3	%
Financial	14.4	%
Industrial	7.7	%
Consumer, Cyclical	7.7	%
Utilities	3.0	%
Energy	2.8	%
Basic Materials	2.1	%
Mutual Funds	0.0	%

Total Long-Term Investments	98.7	%
Short-Term Investments and Other Assets and Liabilities	1.3	%

Net Assets	100.0	%

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by MML Advisers. Standard & Poor’s^®, S&P^® and S&P 500^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MML Advisers. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

MML Focused Equity Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks growth of capital over the long-term by investing primarily in equity securities of U.S. companies that the Fund’s subadviser believes are financially sound, valued conservatively by the market, and have improving prospects. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).



MML Focused Equity Fund Largest Holdings (% of Net Assets) on 6/30/20

UnitedHealth Group, Inc.	5.7	%
McDonald’s Corp.	5.7	%
NIKE, Inc. Class B	5.0	%
Johnson & Johnson	4.9	%
Colgate-Palmolive Co.	4.9	%
The Coca-Cola Co.	4.8	%
Microsoft Corp.	4.7	%
PepsiCo, Inc.	4.5	%
Linde PLC	4.3	%
Medtronic PLC	4.3	%

	48.8	%



MML Focused Equity Fund Sector Table (% of Net Assets) on 6/30/20

Consumer, Non-cyclical	39.9	%
Financial	17.4	%
Consumer, Cyclical	14.7	%
Industrial	12.8	%
Technology	7.7	%
Basic Materials	6.5	%

Total Long-Term Investments	99.0	%
Short-Term Investments and Other Assets and Liabilities	1.0	%

Net Assets	100.0	%

MML Foreign Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term total return by investing primarily in common stocks of companies listed on foreign securities exchanges. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments of issuers located outside of the U.S., including those in emerging markets. Under normal market conditions, the Fund invests in equity securities of foreign companies representing at least three countries other than the United States. Although the Fund may invest in companies of any size as measured by assets, sales, or market capitalization, the Fund will tend to focus on larger, more seasoned or established companies. The Fund’s subadviser is Thompson, Siegel & Walmsley LLC (TSW), which replaced Templeton Investment Counsel, LLC (Templeton) effective January 7, 2020.



MML Foreign Fund Largest Holdings (% of Net Assets) on 6/30/20

Sony Corp.	2.5	%
Nestle SA Registered	2.5	%
Unilever PLC	2.2	%
SAP SE	2.2	%
Sanofi	2.1	%
Siemens AG Registered	1.8	%
Fresenius SE & Co. KGaA	1.8	%
Seven & i Holdings Co. Ltd.	1.8	%
Koninklijke Philips NV	1.7	%
Olympus Corp.	1.7	%

	20.3	%



MML Foreign Fund Sector Table (% of Net Assets) on 6/30/20

Consumer, Non-cyclical	26.9	%
Financial	18.7	%
Industrial	12.6	%
Consumer, Cyclical	11.7	%
Technology	10.0	%
Communications	5.1	%
Basic Materials	4.9	%
Energy	4.2	%
Utilities	3.0	%
Diversified	1.2	%
Mutual Funds	0.9	%

Total Long-Term Investments	99.2	%
Short-Term Investments and Other Assets and Liabilities	0.8	%

Net Assets	100.0	%

MML Fundamental Equity Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Fundamental Equity Fund (formerly known as the MML Fundamental Growth Fund), and who is the Fund’s subadviser?

The Fund seeks a high total return by investing primarily in common stocks of U.S. companies of different capitalization ranges. The Fund’s subadviser currently focuses on “large capitalization” issuers, which are considered to be companies with market capitalizations at the time of purchase within the market capitalization range of companies included within the Russell 1000^® Index, although it may purchase stocks of companies with any market capitalization. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco), which replaced Wellington Management Company LLP (Wellington Management) effective March 2, 2020.



MML Fundamental Equity Fund Largest Holdings (% of Net Assets) on 6/30/20

Microsoft Corp.	9.9	%
Amazon.com, Inc.	7.0	%
UnitedHealth Group, Inc.	4.7	%
The Procter & Gamble Co.	3.7	%
Facebook, Inc. Class A	3.3	%
Lockheed Martin Corp.	3.2	%
Prologis, Inc.	3.0	%
Merck & Co., Inc.	2.7	%
AstraZeneca PLC Sponsored ADR	2.6	%
Berkshire Hathaway, Inc. Class B	2.6	%

	42.7	%



MML Fundamental Equity Fund Sector Table (% of Net Assets) on 6/30/20

Consumer, Non-cyclical	25.7	%
Technology	18.7	%
Communications	18.5	%
Financial	17.2	%
Industrial	8.5	%
Consumer, Cyclical	5.7	%
Energy	2.6	%
Utilities	1.3	%
Basic Materials	1.1	%

Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%

Net Assets	100.0	%

MML Fundamental Value Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term total return by investing primarily in equity securities of issuers that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities, with a focus on companies with large market capitalizations (which the subadviser believes are generally above $1 billion). The Fund’s subadviser is Boston Partners Global Investors, Inc. (Boston Partners).



MML Fundamental Value Fund Largest Holdings (% of Net Assets) on 6/30/20

Berkshire Hathaway, Inc. Class B	3.4	%
JP Morgan Chase & Co.	3.3	%
Cisco Systems, Inc.	3.0	%
Johnson & Johnson	2.9	%
Cigna Corp.	2.8	%
Alphabet, Inc. Class A	2.4	%
Bank of America Corp.	2.4	%
Pfizer, Inc.	2.3	%
Barrick Gold Corp.	2.1	%
AutoZone, Inc.	2.1	%

	26.7	%



MML Fundamental Value Fund Sector Table (% of Net Assets) on 6/30/20

Consumer, Non-cyclical	23.5	%
Financial	22.3	%
Technology	11.6	%
Industrial	10.3	%
Consumer, Cyclical	9.8	%
Communications	7.4	%
Basic Materials	6.9	%
Energy	4.3	%
Utilities	2.2	%

Total Long-Term Investments	98.3	%
Short-Term Investments and Other Assets and Liabilities	1.7	%

Net Assets	100.0	%

MML Global Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in the equity securities of U.S. and foreign companies, including companies in developed and emerging markets. The Fund may invest a significant percentage of its assets in issuers in a single industry, sector, country, or region. The Fund’s subadviser is Massachusetts Financial Services Company (MFS).



MML Global Fund Largest Holdings (% of Net Assets) on 6/30/20

Thermo Fisher Scientific, Inc.	3.5	%
Visa, Inc. Class A	3.4	%
Comcast Corp. Class A	3.2	%
Nestle SA Registered	3.0	%
Medtronic PLC	2.9	%
Schneider Electric SE	2.8	%
Accenture PLC Class A	2.7	%
LVMH Moet Hennessy Louis Vuitton SE	2.4	%
Roche Holding AG	2.3	%
Essity AB Class B	2.2	%

	28.4	%



MML Global Fund Sector Table (% of Net Assets) on 6/30/20

Consumer, Non-cyclical	38.1	%
Industrial	19.3	%
Financial	12.0	%
Technology	8.8	%
Communications	8.4	%
Consumer, Cyclical	6.4	%
Basic Materials	6.2	%

Total Long-Term Investments	99.2	%
Short-Term Investments and Other Assets and Liabilities	0.8	%

Net Assets	100.0	%

MML Growth & Income Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Growth & Income Fund, and who is the Fund’s subadviser?

The Fund seeks capital appreciation and income by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities and equity-related securities, including convertible securities, preferred stocks, options, and warrants, of U.S. companies with market capitalizations at the time of purchase greater than $1 billion. The Fund’s subadviser is Massachusetts Financial Services Company (MFS).



MML Growth & Income Fund Largest Holdings (% of Net Assets) on 6/30/20

Microsoft Corp.	5.5	%
Alphabet, Inc. Class A	3.9	%
Johnson & Johnson	2.9	%
Visa, Inc. Class A	2.5	%
Mastercard, Inc. Class A	2.5	%
American Tower Corp.	2.4	%
Medtronic PLC	2.2	%
JP Morgan Chase & Co.	2.2	%
Fidelity National Information Services, Inc.	2.1	%
Apple, Inc.	2.1	%

	28.3	%



MML Growth & Income Fund Sector Table (% of Net Assets) on 6/30/20

Consumer, Non-cyclical	25.3	%
Technology	21.5	%
Financial	18.7	%
Communications	10.4	%
Consumer, Cyclical	10.0	%
Industrial	7.9	%
Basic Materials	3.0	%
Energy	2.0	%
Utilities	0.6	%

Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%

Net Assets	100.0	%

MML Income & Growth Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Income & Growth Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return and current income by investing primarily in equity securities of issuers that the Fund’s subadviser believes are undervalued. Although the Fund may invest in companies of any size, the Fund will tend to focus on companies with large market capitalizations (which the Fund’s subadviser believes are generally above $2 billion). The Fund’s subadviser is Barrow, Hanley, Mewhinney & Strauss, LLC (Barrow Hanley).



MML Income & Growth Fund Largest Holdings (% of Net Assets) on 6/30/20

Chubb Ltd.	2.8	%
CVS Health Corp.	2.5	%
UnitedHealth Group, Inc.	2.4	%
Lowe’s Cos., Inc.	2.4	%
Oracle Corp.	2.4	%
Stanley Black & Decker, Inc.	2.3	%
New York Community Bancorp, Inc.	2.3	%
US Bancorp	2.2	%
Comcast Corp. Class A	2.2	%
Corteva, Inc.	2.2	%

	23.7	%



MML Income & Growth Fund Sector Table (% of Net Assets) on 6/30/20

Financial	26.3	%
Consumer, Non-cyclical	17.0	%
Industrial	14.0	%
Consumer, Cyclical	9.5	%
Technology	8.9	%
Energy	6.0	%
Utilities	5.5	%
Basic Materials	7.4	%
Communications	4.5	%
Mutual Funds	0.6	%

Total Long-Term Investments	99.7	%
Short-Term Investments and Other Assets and Liabilities	0.3	%

Net Assets	100.0	%

MML International Equity Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital growth by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of non-U.S. companies located in non-U.S. markets throughout the world, including emerging markets. The Fund may invest a substantial portion of its assets in just one region or country and may, but does not currently intend to, invest in U.S. companies. Ordinarily, the Fund’s portfolio typically holds thirty to sixty stocks and the Fund invests in the securities of at least five countries outside the U.S. The Fund’s subadviser is Harris Associates L.P. (Harris).



MML International Equity Fund Largest Holdings (% of Net Assets) on 6/30/20

Glencore PLC	4.4	%
BNP Paribas SA	4.3	%
Intesa Sanpaolo SpA	4.1	%
Daimler AG Registered	3.8	%
Lloyds Banking Group PLC	3.7	%
Credit Suisse Group AG Registered	3.5	%
Bayerische Motoren Werke AG	3.4	%
Continental AG	3.1	%
CNH Industrial NV	3.1	%
Allianz SE Registered	2.6	%

	36.0	%



MML International Equity Fund Sector Table (% of Net Assets) on 6/30/20

Financial	28.2	%
Consumer, Cyclical	26.1	%
Communications	12.0	%
Industrial	11.2	%
Consumer, Non-cyclical	9.1	%
Basic Materials	6.7	%
Technology	1.7	%
Energy	1.5	%
Mutual Funds	0.1	%

Total Long-Term Investments	96.6	%
Short-Term Investments and Other Assets and Liabilities	3.4	%

Net Assets	100.0	%

MML Large Cap Growth Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in large-capitalization companies that the Fund’s subadviser believes offer the potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the common stocks of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 1000^® Growth Index. The Fund’s subadviser is Loomis, Sayles & Company, L.P. (Loomis Sayles).



MML Large Cap Growth Fund Largest Holdings (% of Net Assets) on 6/30/20

Amazon.com, Inc.	7.9	%
Visa, Inc. Class A	6.2	%
Facebook, Inc. Class A	5.5	%
Alibaba Group Holding Ltd. Sponsored ADR	5.3	%
Autodesk, Inc.	5.3	%
Microsoft Corp.	4.8	%
NVIDIA Corp.	4.4	%
Regeneron Pharmaceuticals, Inc.	4.2	%
Oracle Corp.	4.1	%
salesforce.com, Inc.	4.1	%

	51.8	%



MML Large Cap Growth Fund Sector Table (% of Net Assets) on 6/30/20

Communications	30.0	%
Technology	27.9	%
Consumer, Non-cyclical	20.0	%
Industrial	8.8	%
Financial	7.9	%
Consumer, Cyclical	4.1	%
Energy	0.8	%

Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%

Net Assets	100.0	%

MML Managed Volatility Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. Under normal circumstances, the Fund invests in a broadly diversified portfolio of common stocks, while also selling index call options and purchasing index put options. The Fund’s stock portfolio will have approximately 500 stocks, and seeks to duplicate the investment composition and return of the S&P 500^® Index* (the “Index”) by holding each stock included in the Index in approximately the same proportion as each stock’s relative weighting in the Index. The Fund’s subadviser is Gateway Investment Advisers, LLC (Gateway).



MML Managed Volatility Fund Largest Holdings (% of Net Assets) on 6/30/20

Microsoft Corp.	5.5	%
Apple, Inc.	5.3	%
Amazon.com, Inc.	4.1	%
Facebook, Inc. Class A	2.0	%
Alphabet, Inc. Class A	1.5	%
Alphabet, Inc. Class C	1.5	%
Johnson & Johnson	1.3	%
Berkshire Hathaway, Inc. Class B	1.2	%
Visa, Inc. Class A	1.2	%
The Procter & Gamble Co.	1.1	%

	24.7	%



MML Managed Volatility Fund Sector Table (% of Net Assets) on 6/30/20

Technology	20.9	%
Consumer, Non-cyclical	20.5	%
Communications	15.1	%
Financial	14.5	%
Industrial	7.2	%
Consumer, Cyclical	7.1	%
Utilities	2.8	%
Energy	2.6	%
Basic Materials	2.0	%
Mutual Funds	0.0	%

Total Long-Term Investments	92.7	%
Short-Term Investments and Other Assets and Liabilities	7.3	%

Net Assets	100.0	%

MML Mid Cap Growth Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Mid Cap Growth Fund, and who are the Fund’s subadviser?

The Fund seeks long-term capital appreciation by investing primarily in equity securities of mid-capitalization companies that the Fund’s subadviser believes offer the potential for above-average earnings growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the subadviser expects to grow at a faster rate than the average company. The Fund’s two subadvisers are T. Rowe Price Associates, Inc. (T. Rowe Price), which managed approximately 74% of the Fund’s portfolio; and Wellington Management Company LLP (Wellington Management), which managed approximately 26% of the Fund’s portfolio, as of June 30, 2020. Wellington Management was added as a subadviser of the Fund effective January 7, 2020.



MML Mid Cap Growth Fund Largest Holdings (% of Net Assets) on 6/30/20

J.B. Hunt Transport Services, Inc.	2.0	%
Burlington Stores, Inc.	2.0	%
Teleflex, Inc.	1.9	%
Hologic, Inc.	1.8	%
IAC/InterActiveCorp	1.7	%
DocuSign, Inc.	1.7	%
IDEXX Laboratories, Inc.	1.7	%
BWX Technologies, Inc.	1.6	%
TransUnion	1.5	%
Ball Corp.	1.5	%

	17.4	%



MML Mid Cap Growth Fund Sector Table (% of Net Assets) on 6/30/20

Consumer, Non-cyclical	33.2	%
Technology	19.6	%
Industrial	17.0	%
Consumer, Cyclical	13.5	%
Financial	5.9	%
Communications	4.9	%
Basic Materials	1.2	%
Utilities	1.1	%
Energy	1.0	%
Mutual Funds	0.5	%

Total Long-Term Investments	97.9	%
Short-Term Investments and Other Assets and Liabilities	2.1	%

Net Assets	100.0	%

MML Mid Cap Value Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital growth. Income is a secondary objective. The Fund invests primarily in equity securities of mid-capitalization companies that the Fund’s subadviser believes offer prospects for long-term capital growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-size companies. The Fund��s subadviser is American Century Investment Management, Inc. (American Century).



MML Mid Cap Value Fund Largest Holdings (% of Net Assets) on 6/30/20

Zimmer Biomet Holdings, Inc.	3.0	%
Northern Trust Corp.	2.9	%
iShares Russell Mid-Cap Value ETF	2.9	%
Chubb Ltd.	2.3	%
Emerson Electric Co.	2.2	%
Hubbell, Inc.	1.9	%
Johnson Controls International PLC	1.8	%
Applied Materials, Inc.	1.7	%
Republic Services, Inc.	1.6	%
nVent Electric PLC	1.6	%

	21.9	%



MML Mid Cap Value Fund Sector Table (% of Net Assets) on 6/30/20

Consumer, Non-cyclical	20.9	%
Industrial	20.6	%
Financial	19.3	%
Consumer, Cyclical	11.0	%
Utilities	9.4	%
Technology	5.9	%
Communications	3.2	%
Mutual Funds	2.9	%
Energy	2.4	%
Basic Materials	1.1	%

Total Long-Term Investments	96.7	%
Short-Term Investments and Other Assets and Liabilities	3.3	%

Net Assets	100.0	%

MML Small Cap Growth Equity Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities of smaller companies that the Fund’s subadviser believes offer potential for long-term growth. 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 whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).



MML Small Cap Growth Equity Fund Largest Holdings (% of Net Assets) on 6/30/20

LHC Group, Inc.	1.6	%
Advanced Drainage Systems, Inc.	1.6	%
Rexnord Corp.	1.5	%
TriNet Group, Inc.	1.5	%
Tower Semiconductor Ltd.	1.5	%
Five Below, Inc.	1.4	%
Bandwidth, Inc. Class A	1.3	%
Rapid7, Inc.	1.3	%
Omnicell, Inc.	1.3	%
Skyline Champion Corp.	1.2	%

	14.2	%



MML Small Cap Growth Equity Fund Sector Table (% of Net Assets) on 6/30/20

Consumer, Non-cyclical	30.3	%
Industrial	16.6	%
Consumer, Cyclical	16.2	%
Financial	15.7	%
Technology	15.2	%
Communications	4.6	%
Energy	2.5	%
Mutual Funds	1.0	%
Basic Materials	0.8	%
Utilities	0.4	%

Total Long-Term Investments	103.3	%
Short-Term Investments and Other Assets and Liabilities	(3.3	)%

Net Assets	100.0	%

MML Small Company Value Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the 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 T. Rowe Price Associates, Inc. (T. Rowe Price).



MML Small Company Value Fund Largest Holdings (% of Net Assets) on 6/30/20

Quidel Corp.	2.2	%
Cable One, Inc.	1.6	%
Littelfuse, Inc.	1.5	%
Home BancShares, Inc.	1.5	%
PennyMac Financial Services, Inc.	1.4	%
Terreno Realty Corp.	1.4	%
Strategic Education, Inc.	1.3	%
FTI Consulting, Inc.	1.3	%
Chesapeake Utilities Corp.	1.3	%
Ceridian HCM Holding, Inc.	1.3	%

	14.8	%



MML Small Company Value Fund Sector Table (% of Net Assets) on 6/30/20

Financial	33.2	%
Consumer, Non-cyclical	17.3	%
Industrial	13.7	%
Consumer, Cyclical	10.2	%
Technology	6.6	%
Utilities	6.0	%
Energy	4.1	%
Basic Materials	4.0	%
Communications	3.2	%
Mutual Funds	1.0	%
Diversified	0.2	%

Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%

Net Assets	100.0	%

MML Small/Mid Cap Value Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term total return by investing primarily in securities that the Fund’s subadviser believes to be undervalued. 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 small- and mid-cap companies. The Fund’s subadviser is AllianceBernstein L.P. (AllianceBernstein).



MML Small/Mid Cap Value Fund Largest Holdings (% of Net Assets) on 6/30/20

Papa John’s International, Inc.	1.7	%
Regal Beloit Corp.	1.7	%
Williams-Sonoma, Inc.	1.7	%
The Hain Celestial Group, Inc.	1.7	%
Brunswick Corp.	1.7	%
Masonite International Corp.	1.7	%
PulteGroup, Inc.	1.6	%
Callaway Golf Co.	1.6	%
Quanta Services, Inc.	1.5	%
Everest Re Group Ltd.	1.5	%

	16.4	%



MML Small/Mid Cap Value Fund Sector Table (% of Net Assets) on 6/30/20

Financial	31.1	%
Industrial	19.0	%
Consumer, Cyclical	18.2	%
Consumer, Non-cyclical	11.9	%
Technology	8.7	%
Utilities	4.0	%
Energy	3.4	%
Basic Materials	2.3	%
Communications	0.8	%

Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%

Net Assets	100.0	%

MML Total Return Bond Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s, BBB- or higher by Fitch, or A-2 by S&P, P-2 by Moody’s, or F-2 by Fitch for short-term debt obligations, or, if unrated, determined by the Fund’s subadviser to be of comparable quality). The Fund’s subadviser is Metropolitan West Asset Management, LLC (MetWest).



MML Total Return Bond Fund Portfolio Characteristics (% of Net Assets) on 6/30/20

U.S. Government Agency Obligations and Instrumentalities	36.5	%
Corporate Debt	28.3	%
Non-U.S. Government Agency Obligations	13.6	%
U.S. Treasury Obligations	12.7	%
Municipal Obligations	1.7	%
Sovereign Debt Obligations	0.8	%
Bank Loans	0.7	%

Total Long-Term Investments	94.3	%
Short-Term Investments and Other Assets and Liabilities	5.7	%

Net Assets	100.0	%

MML Blue Chip Growth Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 99.7%

COMMON STOCK — 99.7%
Basic Materials — 0.4%
Chemicals — 0.4%
Air Products & Chemicals, Inc.		257	$	62,055
Linde PLC		6,801		1,442,560
The Sherwin-Williams Co.		897		518,332

				2,022,947

				2,022,947

Communications — 36.6%
Internet — 36.6%
Alibaba Group Holding Ltd. Sponsored ADR (a)		89,155		19,230,734
Alphabet, Inc. Class A (a)		3,967		5,625,404
Alphabet, Inc. Class C (a)		17,827		25,200,425
Amazon.com, Inc. (a)		20,539		56,663,404
Booking Holdings, Inc. (a)		2,432		3,872,571
Etsy, Inc. (a)		6,000		637,380
Facebook, Inc. Class A (a)		137,145		31,141,515
IAC/InterActiveCorp (a)		10,972		3,548,345
Match Group, Inc. (a) (b)		543		58,128
Netflix, Inc. (a)		25,123		11,431,970
Snap, Inc. Class A (a)		57,400		1,348,326
Spotify Technology SA (a)		9,550		2,465,715
Tencent Holdings Ltd.		207,900		13,354,209
Trip.com Group Ltd. ADR (a)		2,145		55,598
Wix.com Ltd. (a)		8,508		2,179,920

				176,813,644

Telecommunications — 0.0%
Motorola Solutions, Inc.		272		38,115

				176,851,759

Consumer, Cyclical — 3.8%
Airlines — 0.0%
United Airlines Holdings, Inc. (a)		239		8,272

Apparel — 0.1%
NIKE, Inc. Class B		3,445		337,782

Auto Parts & Equipment — 0.1%
Aptiv PLC		3,418		266,330

Lodging — 0.3%
Hilton Worldwide Holdings, Inc.		6,074		446,135
Marriott International, Inc. Class A		13,404		1,149,125
Wynn Resorts Ltd.		818		60,933

				1,656,193

Retail — 3.3%
Chipotle Mexican Grill, Inc. (a)		1,803		1,897,405
Dollar General Corp.		30,636		5,836,464
Dollar Tree, Inc. (a)		2,866		265,621
Lululemon Athletica, Inc. (a)		10,816		3,374,700


	Number of Shares		Value
McDonald’s Corp.		1,601	$	295,336
Restaurant Brands International, Inc.		1,047		57,198
Ross Stores, Inc.		33,912		2,890,659
The TJX Cos., Inc.		11,642		588,620
Yum! Brands, Inc.		11,800		1,025,538

				16,231,541

				18,500,118

Consumer, Non-cyclical — 20.8%
Beverages — 0.1%
Constellation Brands, Inc. Class A		2,167		379,117

Biotechnology — 2.9%
Alexion Pharmaceuticals, Inc. (a)		10,164		1,140,807
Exact Sciences Corp. (a) (b)		9,678		841,405
Incyte Corp. (a)		20,279		2,108,408
Regeneron Pharmaceuticals, Inc. (a)		658		410,362
Seattle Genetics, Inc. (a)		2,509		426,329
Vertex Pharmaceuticals, Inc. (a)		30,493		8,852,423

				13,779,734

Commercial Services — 6.7%
Ant International Co. Ltd., Class C (Acquired 6/07/18, Cost $775,038) (a) (c) (d) (e)		138,153		969,834
Automatic Data Processing, Inc.		395		58,811
Cintas Corp.		4,160		1,108,058
CoStar Group, Inc. (a)		4,299		3,055,170
Equifax, Inc.		12,895		2,216,393
FleetCor Technologies, Inc. (a)		3,804		956,820
Global Payments, Inc.		49,451		8,387,879
IHS Markit Ltd.		1,810		136,655
PayPal Holdings, Inc. (a)		68,522		11,938,588
S&P Global, Inc.		11,044		3,638,777

				32,466,985

Health Care – Products — 4.9%
Danaher Corp.		34,383		6,079,946
Intuitive Surgical, Inc. (a)		10,569		6,022,533
Stryker Corp.		34,663		6,245,926
Teleflex, Inc.		156		56,781
Thermo Fisher Scientific, Inc.		14,302		5,182,187

				23,587,373

Health Care – Services — 5.4%
Anthem, Inc.		14,617		3,843,979
Centene Corp. (a)		53,010		3,368,785
Cigna Corp. (a)		42,433		7,962,552
HCA Healthcare, Inc.		5,297		514,127
Humana, Inc.		3,000		1,163,250
UnitedHealth Group, Inc.		31,598		9,319,830

				26,172,523

Pharmaceuticals — 0.8%
AbbVie, Inc.		1,132		111,140

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

MML Blue Chip Growth Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Becton Dickinson and Co.		11,201	$	2,680,063
Zoetis, Inc.		9,538		1,307,087

				4,098,290

				100,484,022

Energy — 0.1%
Oil & Gas — 0.1%
Pioneer Natural Resources Co.		1,961		191,590

Financial — 9.0%
Banks — 0.9%
The Goldman Sachs Group, Inc.		9,890		1,954,462
Morgan Stanley		42,424		2,049,079
State Street Corp.		3,504		222,679

				4,226,220

Diversified Financial Services — 6.6%
The Charles Schwab Corp.		18,445		622,334
Intercontinental Exchange, Inc.		24,234		2,219,835
Mastercard, Inc. Class A		44,169		13,060,773
Visa, Inc. Class A		82,484		15,933,434

				31,836,376

Insurance — 1.4%
American International Group, Inc.		20,560		641,061
Chubb Ltd.		5,435		688,180
Marsh & McLennan Cos., Inc.		16,103		1,728,979
Willis Towers Watson PLC		20,538		4,044,959

				7,103,179

Real Estate Investment Trusts (REITS) — 0.1%
American Tower Corp.		959		247,940

				43,413,715

Industrial — 1.7%
Aerospace & Defense — 0.1%
The Boeing Co.		191		35,010
L3 Harris Technologies, Inc.		1,799		305,236
Northrop Grumman Corp.		176		54,110

				394,356

Electronics — 0.8%
Agilent Technologies, Inc.		881		77,854
Fortive Corp.		9,880		668,481
Honeywell International, Inc.		182		26,315
Roper Technologies, Inc.		7,550		2,931,363

				3,704,013

Miscellaneous – Manufacturing — 0.0%
General Electric Co.		8,023		54,797

Transportation — 0.8%
Canadian Pacific Railway Ltd.		3,754		958,547
Kansas City Southern		6,384		953,067
Norfolk Southern Corp.		3,360		589,915


	Number of Shares		Value
Union Pacific Corp.		8,829	$	1,492,719

				3,994,248

				8,147,414

Technology — 27.2%
Computers — 3.9%
Apple, Inc.		51,293		18,711,686

Semiconductors — 3.5%
Advanced Micro Devices, Inc. (a)		38,016		2,000,022
Applied Materials, Inc.		31,082		1,878,907
KLA Corp.		1,341		260,798
Lam Research Corp.		4,418		1,429,046
Marvell Technology Group Ltd.		85,796		3,008,008
Maxim Integrated Products, Inc.		8,430		510,942
NVIDIA Corp.		14,763		5,608,611
QUALCOMM, Inc.		16,503		1,505,239
Texas Instruments, Inc.		5,654		717,888

				16,919,461

Software — 19.8%
Atlassian Corp. PLC Class A (a)		8,863		1,597,733
Citrix Systems, Inc.		4,100		606,431
Coupa Software, Inc. (a)		1,510		418,330
DocuSign, Inc. (a)		13,872		2,388,897
Electronic Arts, Inc. (a)		1,039		137,200
Fidelity National Information Services, Inc.		55,838		7,487,317
Fiserv, Inc. (a)		58,674		5,727,756
Intuit, Inc.		31,297		9,269,859
Microsoft Corp.		137,242		27,930,119
MSCI, Inc.		1,650		550,803
Paycom Software, Inc. (a)		3,163		979,676
salesforce.com, Inc. (a)		49,950		9,357,134
Sea Ltd. (a)		25,100		2,691,724
ServiceNow, Inc. (a)		28,576		11,574,995
Splunk, Inc. (a)		22,437		4,458,232
Synopsys, Inc. (a)		16,633		3,243,435
Twilio, Inc. Class A (a)		1,000		219,420
Veeva Systems, Inc. Class A (a)		5,484		1,285,559
VMware, Inc. Class A (a) (b)		6,052		937,213
Workday, Inc. Class A (a)		22,494		4,214,476
Zoom Video Communications, Inc. Class A (a)		3,400		862,036

				95,938,345

				131,569,492

Utilities — 0.1%
Electric — 0.1%
Sempra Energy		2,595		304,212


TOTAL COMMON STOCK (Cost $263,817,338)				481,485,269


TOTAL EQUITIES (Cost $263,817,338)				481,485,269

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

MML Blue Chip Growth Fund – Portfolio of Investments (Continued)


	Number of Shares		Value

MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (f)		58,667	$	58,667


TOTAL MUTUAL FUNDS (Cost $58,667)				58,667


TOTAL LONG-TERM INVESTMENTS (Cost $263,876,005)				481,543,936


SHORT-TERM INVESTMENTS — 0.4%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,075		1,075


	Principal Amount
Repurchase Agreement — 0.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (g)	$	2,105,356		2,105,356


TOTAL SHORT-TERM INVESTMENTS (Cost $2,106,431)				2,106,431


TOTAL INVESTMENTS — 100.1% (Cost $265,982,436) (h)				483,650,367

Other Assets/(Liabilities) — (0.1)%				(571,169	)


NET ASSETS — 100.0%			$	483,079,198

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, 2020, was $1,507,622 or 0.31% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,451,219 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)	Investment was valued using significant unobservable inputs.

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2020, these securities amounted to a value of $969,834 or 0.20% of net assets.

(e)	Restricted security. Certain securities are restricted as to resale. At June 30, 2020, these securities amounted to a value of $969,834 or 0.20% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

(g)	Maturity value of $2,105,356. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 2/29/24, and an aggregate market value, including accrued interest, of $2,147,534.

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

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


United States	88.9	%
Cayman Islands	7.3	%
Ireland	1.1	%
Bermuda	0.7	%
Luxembourg	0.5	%
Israel	0.5	%
United Kingdom	0.4	%
Canada	0.2	%
Switzerland	0.1	%

Total Long-Term Investments	99.7	%
Short-Term Investments and Other Assets and Liabilities	0.3	%

Net Assets	100.0	%

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

MML Equity Income Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 96.1%

COMMON STOCK — 94.1%
Basic Materials — 5.1%
Chemicals — 3.7%
Akzo Nobel NV		9,264	$	828,800
CF Industries Holdings, Inc.		183,300		5,158,062
DuPont de Nemours, Inc.		163,405		8,681,707
PPG Industries, Inc.		8,200		869,692

				15,538,261

Forest Products & Paper — 1.4%
International Paper Co.		160,704		5,658,388

				21,196,649

Communications — 7.0%
Media — 4.4%
Comcast Corp. Class A		167,915		6,545,327
Fox Corp. Class B (a)		169,615		4,552,466
News Corp. Class A		344,486		4,085,604
The Walt Disney Co.		26,984		3,008,986

				18,192,383

Telecommunications — 2.6%
AT&T, Inc.		29,248		884,167
Cisco Systems, Inc.		136,914		6,385,669
Corning, Inc.		31,000		802,900
Verizon Communications, Inc.		54,204		2,988,267

				11,061,003

				29,253,386

Consumer, Cyclical — 4.2%
Airlines — 0.3%
Alaska Air Group, Inc.		33,257		1,205,899

Auto Manufacturers — 1.1%
General Motors Co.		27,700		700,810
PACCAR, Inc.		29,600		2,215,560
Volkswagen AG		111,039		1,692,234

				4,608,604

Leisure Time — 0.1%
Royal Caribbean Cruises Ltd. (b)		6,600		331,980

Lodging — 1.0%
Las Vegas Sands Corp.		81,100		3,693,294
MGM Resorts International		30,700		515,760

				4,209,054

Retail — 1.2%
Kohl’s Corp.		80,800		1,678,216
McDonald’s Corp.		5,100		940,797
Walmart, Inc.		20,836		2,495,736

				5,114,749

Toys, Games & Hobbies — 0.5%
Mattel, Inc. (a)		205,000		1,982,350

				17,452,636


	Number of Shares		Value
Consumer, Non-cyclical — 22.2%
Agriculture — 2.2%
Altria Group, Inc.		10,700	$	419,975
Bunge Ltd.		27,700		1,139,301
Philip Morris International, Inc.		107,300		7,517,438

				9,076,714

Biotechnology — 1.1%
Gilead Sciences, Inc.		58,640		4,511,762

Commercial Services — 0.7%
Nielsen Holdings PLC		194,729		2,893,673

Foods — 3.5%
Conagra Brands, Inc.		190,539		6,701,257
Mondelez International, Inc. Class A		6,600		337,458
Tyson Foods, Inc. Class A		124,800		7,451,808

				14,490,523

Health Care – Products — 1.9%
Medtronic PLC		65,283		5,986,451
Zimmer Biomet Holdings, Inc.		16,800		2,005,248

				7,991,699

Health Care – Services — 1.6%
Anthem, Inc.		24,558		6,458,263

Household Products & Wares — 1.7%
Kimberly-Clark Corp.		51,187		7,235,282

Pharmaceuticals — 9.5%
AbbVie, Inc.		82,600		8,109,668
Becton Dickinson and Co.		22,457		5,373,286
Bristol-Myers Squibb Co.		14,400		846,720
CVS Health Corp.		112,641		7,318,286
GlaxoSmithKline PLC		88,910		1,801,489
GlaxoSmithKline PLC Sponsored ADR		23,100		942,249
Johnson & Johnson		52,449		7,375,903
Merck & Co., Inc.		19,900		1,538,867
Pfizer, Inc.		189,901		6,209,763

				39,516,231

				92,174,147

Energy — 8.3%
Oil & Gas — 4.7%
Chevron Corp.		13,086		1,167,664
EOG Resources, Inc.		23,900		1,210,774
Exxon Mobil Corp.		91,275		4,081,818
Hess Corp.		14,600		756,426
Occidental Petroleum Corp.		86,429		1,581,651
Pioneer Natural Resources Co.		13,300		1,299,410
Total SA		219,569		8,363,294
Total SA Sponsored ADR		26,400		1,015,344

				19,476,381

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

MML Equity Income Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Oil & Gas Services — 0.6%
Halliburton Co.		176,900	$	2,296,162

Pipelines — 3.0%
Enbridge, Inc.		121,180		3,686,296
Targa Resources Corp.		131,617		2,641,553
TC Energy Corp.		145,503		6,236,258

				12,564,107

				34,336,650

Financial — 23.2%
Banks — 9.9%
Bank of America Corp.		40,377		958,954
Fifth Third Bancorp		304,885		5,878,183
JP Morgan Chase & Co.		58,511		5,503,544
Morgan Stanley		183,900		8,882,370
Northern Trust Corp.		9,000		714,060
The PNC Financial Services Group, Inc.		24,600		2,588,166
State Street Corp.		90,400		5,744,920
Wells Fargo & Co.		429,300		10,990,080

				41,260,277

Diversified Financial Services — 1.0%
Franklin Resources, Inc.		77,749		1,630,397
Raymond James Financial, Inc.		34,900		2,402,167

				4,032,564

Insurance — 8.2%
American International Group, Inc.		239,895		7,479,926
Chubb Ltd.		72,519		9,182,356
Equitable Holdings, Inc.		145,170		2,800,329
Loews Corp.		145,880		5,002,225
Marsh & McLennan Cos., Inc.		11,600		1,245,492
MetLife, Inc.		199,070		7,270,037
Willis Towers Watson PLC		6,041		1,189,775

				34,170,140

Real Estate Investment Trusts (REITS) — 4.1%
Equity Residential		82,859		4,873,766
Rayonier, Inc.		131,241		3,253,464
SL Green Realty Corp.		53,221		2,623,263
Weyerhaeuser Co.		269,471		6,052,319

				16,802,812

				96,265,793

Industrial — 9.5%
Aerospace & Defense — 2.8%
The Boeing Co.		33,677		6,172,994
L3 Harris Technologies, Inc.		32,087		5,444,202

				11,617,196

Building Materials — 0.5%
Johnson Controls International PLC		58,502		1,997,258

Electrical Components & Equipment — 0.6%
Emerson Electric Co.		42,600		2,642,478


	Number of Shares		Value
Electronics — 0.3%
nVent Electric PLC		27,700	$	518,821
TE Connectivity Ltd.		8,300		676,865

				1,195,686

Environmental Controls — 0.8%
Stericycle, Inc. (a)		58,302		3,263,746

Hand & Machine Tools — 0.5%
Snap-on, Inc.		16,000		2,216,160

Machinery – Diversified — 0.1%
Flowserve Corp.		9,064		258,505

Miscellaneous – Manufacturing — 1.9%
General Electric Co.		1,155,200		7,890,016

Transportation — 2.0%
United Parcel Service, Inc. Class B		75,221		8,363,071

				39,444,116

Technology — 7.0%
Computers — 0.1%
Western Digital Corp.		11,000		485,650

Semiconductors — 5.4%
Applied Materials, Inc.		73,571		4,447,367
NXP Semiconductor NV		10,400		1,186,016
QUALCOMM, Inc.		133,733		12,197,787
Texas Instruments, Inc.		35,373		4,491,310

				22,322,480

Software — 1.5%
Microsoft Corp.		30,628		6,233,104

				29,041,234

Utilities — 7.6%
Electric — 5.8%
Ameren Corp.		14,400		1,013,184
CenterPoint Energy, Inc.		79,500		1,484,265
Edison International		82,093		4,458,471
NextEra Energy, Inc.		13,806		3,315,787
Sempra Energy		25,640		3,005,777
The Southern Co.		207,375		10,752,394

				24,029,878

Gas — 1.8%
NiSource, Inc.		338,206		7,690,804

				31,720,682


TOTAL COMMON STOCK (Cost $389,827,985)				390,885,293


PREFERRED STOCK — 2.0%
Consumer, Non-cyclical — 0.5%
Pharmaceuticals — 0.5%
Becton Dickinson and Co. Convertible 6.000% (b)		37,343		1,986,647

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

MML Equity Income Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Utilities — 1.5%
Electric — 1.5%
NextEra Energy, Inc. Convertible 5.279%		29,376	$	1,247,011
Sempra Energy Convertible 6.000%		24,522		2,396,535
Sempra Energy Convertible 6.750%		7,448		731,841
The Southern Co. Convertible 6.750%		41,015		1,807,121

				6,182,508


TOTAL PREFERRED STOCK (Cost $8,548,815)				8,169,155


TOTAL EQUITIES (Cost $398,376,800)				399,054,448


	Principal Amount

BONDS & NOTES — 0.2%

CORPORATE DEBT — 0.2%
Insurance — 0.2%
AXA SA Convertible 7.250% 5/15/21 (c)	$	895,000		817,247


TOTAL CORPORATE DEBT (Cost $895,000)				817,247


TOTAL BONDS & NOTES (Cost $895,000)				817,247


	Number of Shares

MUTUAL FUNDS — 0.5%
Diversified Financial Services — 0.5%
State Street Navigator Securities Lending Prime Portfolio (d)		2,014,810		2,014,810


TOTAL MUTUAL FUNDS (Cost $2,014,810)				2,014,810


TOTAL LONG-TERM INVESTMENTS (Cost $401,286,610)				401,886,505


SHORT-TERM INVESTMENTS — 2.4%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,075		1,075


TOTAL MUTUAL FUND (Cost $1,075)				1,075


	Principal Amount		Value
Repurchase Agreement — 2.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (e)	$	10,065,801	$	10,065,801


TOTAL SHORT-TERM INVESTMENTS (Cost $10,066,876)				10,066,876


TOTAL INVESTMENTS — 99.2% (Cost $411,353,486) (f)				411,953,381

Other Assets/(Liabilities) — 0.8%				3,196,383


NET ASSETS — 100.0%			$	415,149,764

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, 2020, was $2,295,411 or 0.55% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $335,316 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 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, 2020, the aggregate market value of these securities amounted to $817,247 or 0.20% of net assets.

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

(e)	Maturity value of $10,065,801. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 2/29/24, and an aggregate market value, including accrued interest, of $10,267,215.

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

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

MML Equity Income Fund – Portfolio of Investments (Continued)

Futures contracts


	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
S&P 500 E Mini Index		9/18/20		22	$	3,321,746	$	77,474

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

MML Equity Index Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 98.7%

COMMON STOCK — 98.7%
Basic Materials — 2.1%
Chemicals — 1.7%
Air Products & Chemicals, Inc.		4,780	$	1,154,179
Albemarle Corp.		2,301		177,660
Celanese Corp.		2,559		220,944
CF Industries Holdings, Inc.		4,627		130,204
Corteva, Inc. (a)		16,196		433,891
Dow, Inc. (a)		16,031		653,424
DuPont de Nemours, Inc.		15,881		843,758
Eastman Chemical Co.		2,941		204,811
Ecolab, Inc.		5,352		1,064,780
FMC Corp.		2,802		279,135
International Flavors & Fragrances, Inc.		2,312		283,127
Linde PLC		11,366		2,410,842
LyondellBasell Industries NV Class A		5,561		365,469
The Mosaic Co.		7,547		94,413
PPG Industries, Inc.		5,106		541,542
The Sherwin-Williams Co.		1,749		1,010,660

				9,868,839

Forest Products & Paper — 0.1%
International Paper Co.		8,490		298,933

Iron & Steel — 0.0%
Nucor Corp.		6,517		269,869

Mining — 0.3%
Freeport-McMoRan, Inc.		31,424		363,576
Newmont Corp.		17,370		1,072,424

				1,436,000

				11,873,641

Communications — 16.3%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		8,432		144,693
Omnicom Group, Inc.		4,638		253,235

				397,928

Internet — 11.3%
Alphabet, Inc. Class A (a)		6,494		9,208,817
Alphabet, Inc. Class C (a)		6,330		8,948,151
Amazon.com, Inc. (a)		9,067		25,014,221
Booking Holdings, Inc. (a)		886		1,410,813
CDW Corp.		3,080		357,834
eBay, Inc.		14,295		749,773
Expedia Group, Inc.		2,932		241,010
F5 Networks, Inc. (a)		1,318		183,835
Facebook, Inc. Class A (a)		52,040		11,816,723
Netflix, Inc. (a)		9,518		4,331,071
NortonLifeLock, Inc.		11,728		232,566


	Number of Shares		Value
Twitter, Inc. (a)		16,981	$	505,864
VeriSign, Inc. (a)		2,200		455,026

				63,455,704

Media — 1.9%
Charter Communications, Inc. Class A (a)		3,262		1,663,751
Comcast Corp. Class A		98,574		3,842,415
Discovery, Inc. Class A (a) (b)		3,463		73,069
Discovery, Inc. Class C (a)		6,847		131,873
DISH Network Corp. Class A (a)		5,565		192,048
Fox Corp. Class A		7,416		198,897
Fox Corp. Class B (a)		3,447		92,517
News Corp. Class A		8,416		99,814
News Corp. Class B		2,653		31,703
ViacomCBS, Inc. Class B		11,699		272,821
The Walt Disney Co.		39,092		4,359,149

				10,958,057

Telecommunications — 3.0%
Arista Networks, Inc. (a)		1,163		244,265
AT&T, Inc.		154,201		4,661,496
CenturyLink, Inc.		21,327		213,910
Cisco Systems, Inc.		91,782		4,280,713
Corning, Inc.		16,426		425,433
Juniper Networks, Inc.		7,177		164,066
Motorola Solutions, Inc.		3,681		515,819
T-Mobile US, Inc. (a)		11,909		1,240,322
Verizon Communications, Inc.		89,556		4,937,222

				16,683,246

				91,494,935

Consumer, Cyclical — 7.7%
Airlines — 0.2%
Alaska Air Group, Inc.		2,653		96,198
American Airlines Group, Inc. (b)		10,755		140,568
Delta Air Lines, Inc.		12,286		344,622
Southwest Airlines Co.		11,608		396,761
United Airlines Holdings, Inc. (a)		5,468		189,248

				1,167,397

Apparel — 0.6%
Hanesbrands, Inc. (b)		7,532		85,036
NIKE, Inc. Class B		26,837		2,631,368
PVH Corp.		1,535		73,757
Ralph Lauren Corp.		1,034		74,986
Tapestry, Inc.		5,951		79,029
Under Armour, Inc. Class A (a)		4,084		39,778
Under Armour, Inc. Class C (a)		4,186		37,004
VF Corp.		6,901		420,547

				3,441,505

Auto Manufacturers — 0.4%
Cummins, Inc.		3,193		553,219

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Ford Motor Co.		84,459	$	513,511
General Motors Co.		27,241		689,197
PACCAR, Inc.		7,482		560,028

				2,315,955

Auto Parts & Equipment — 0.1%
Aptiv PLC		5,516		429,807
BorgWarner, Inc.		4,487		158,391

				588,198

Distribution & Wholesale — 0.3%
Copart, Inc. (a)		4,471		372,300
Fastenal Co.		12,397		531,087
LKQ Corp. (a)		6,579		172,370
W.W. Grainger, Inc.		937		294,368

				1,370,125

Entertainment — 0.0%
Live Nation Entertainment, Inc. (a)		3,075		136,315

Home Builders — 0.2%
D.R. Horton, Inc.		7,160		397,022
Lennar Corp. Class A		5,943		366,208
NVR, Inc. (a)		75		244,406
PulteGroup, Inc.		5,455		185,633

				1,193,269

Home Furnishing — 0.1%
Leggett & Platt, Inc.		2,855		100,353
Whirlpool Corp.		1,345		174,218

				274,571

Housewares — 0.0%
Newell Brands, Inc.		8,262		131,201

Leisure Time — 0.1%
Carnival Corp. (b)		10,253		168,354
Norwegian Cruise Line Holdings Ltd. (a)		5,548		91,154
Royal Caribbean Cruises Ltd. (b)		3,716		186,915

				446,423

Lodging — 0.3%
Hilton Worldwide Holdings, Inc.		6,001		440,774
Las Vegas Sands Corp.		7,273		331,212
Marriott International, Inc. Class A		5,825		499,377
MGM Resorts International		10,674		179,323
Wynn Resorts Ltd.		2,102		156,578

				1,607,264

Retail — 5.4%
Advance Auto Parts, Inc.		1,496		213,105
AutoZone, Inc. (a)		505		569,701
Best Buy Co., Inc.		4,920		429,368
CarMax, Inc. (a)		3,522		315,395
Chipotle Mexican Grill, Inc. (a)		555		584,060
Costco Wholesale Corp.		9,556		2,897,475
Darden Restaurants, Inc.		2,811		212,989


	Number of Shares		Value
Dollar General Corp.		5,448	$	1,037,899
Dollar Tree, Inc. (a)		5,134		475,819
Domino’s Pizza, Inc.		847		312,916
The Gap, Inc.		4,607		58,140
Genuine Parts Co.		3,122		271,489
The Home Depot, Inc.		23,277		5,831,121
Kohl’s Corp.		3,414		70,909
L Brands, Inc.		5,051		75,613
Lowe’s Cos., Inc.		16,340		2,207,861
McDonald’s Corp.		16,092		2,968,491
O’Reilly Automotive, Inc. (a)		1,606		677,202
Ross Stores, Inc.		7,691		655,581
Starbucks Corp.		25,280		1,860,355
Target Corp.		10,821		1,297,763
Tiffany & Co.		2,364		288,266
The TJX Cos., Inc.		25,925		1,310,768
Tractor Supply Co.		2,502		329,739
Ulta Beauty, Inc. (a)		1,219		247,969
Walgreens Boots Alliance, Inc.		15,947		675,993
Walmart, Inc.		30,645		3,670,658
Yum! Brands, Inc.		6,514		566,132

				30,112,777

Textiles — 0.0%
Mohawk Industries, Inc. (a)		1,291		131,372

Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		2,758		206,712

				43,123,084

Consumer, Non-cyclical — 22.1%
Agriculture — 0.8%
Altria Group, Inc.		40,219		1,578,596
Archer-Daniels-Midland Co.		12,022		479,678
Philip Morris International, Inc.		33,700		2,361,022

				4,419,296

Beverages — 1.7%
Brown-Forman Corp. Class B		3,947		251,266
The Coca-Cola Co.		83,656		3,737,750
Constellation Brands, Inc. Class A		3,635		635,943
Molson Coors Beverage Co. Class B		4,070		139,845
Monster Beverage Corp. (a)		8,091		560,868
PepsiCo, Inc.		30,029		3,971,636

				9,297,308

Biotechnology — 2.0%
Alexion Pharmaceuticals, Inc. (a)		4,779		536,395
Amgen, Inc.		12,731		3,002,734
Bio-Rad Laboratories, Inc. Class A (a)		463		209,040
Biogen, Inc. (a)		3,532		944,986
Gilead Sciences, Inc.		27,139		2,088,075
Illumina, Inc. (a)		3,181		1,178,083
Incyte Corp. (a)		3,905		406,003
Regeneron Pharmaceuticals, Inc. (a)		2,183		1,361,428

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Vertex Pharmaceuticals, Inc. (a)		5,611	$	1,628,929

				11,355,673

Commercial Services — 2.4%
Automatic Data Processing, Inc.		9,301		1,384,826
Cintas Corp.		1,824		485,841
Equifax, Inc.		2,627		451,529
FleetCor Technologies, Inc. (a)		1,814		456,275
Gartner, Inc. (a)		1,930		234,167
Global Payments, Inc.		6,473		1,097,950
H&R Block, Inc. (b)		4,166		59,491
IHS Markit Ltd.		8,633		651,792
MarketAxess Holdings, Inc.		820		410,754
Moody’s Corp.		3,490		958,808
Nielsen Holdings PLC		7,715		114,645
PayPal Holdings, Inc. (a)		25,412		4,427,533
Quanta Services, Inc.		2,979		116,866
Robert Half International, Inc.		2,480		131,018
Rollins, Inc.		3,047		129,162
S&P Global, Inc.		5,214		1,717,909
United Rentals, Inc. (a)		1,559		232,353
Verisk Analytics, Inc.		3,512		597,742

				13,658,661

Cosmetics & Personal Care — 1.5%
Colgate-Palmolive Co.		18,537		1,358,021
Coty, Inc. Class A		6,441		28,791
The Estee Lauder Cos., Inc. Class A		4,864		917,739
The Procter & Gamble Co.		53,579		6,406,441

				8,710,992

Foods — 1.2%
Campbell Soup Co.		3,662		181,745
Conagra Brands, Inc.		10,541		370,727
General Mills, Inc.		13,109		808,170
The Hershey Co.		3,190		413,488
Hormel Foods Corp.		6,065		292,757
The J.M. Smucker Co.		2,468		261,139
Kellogg Co.		5,414		357,649
The Kraft Heinz Co.		13,486		430,068
The Kroger Co.		17,015		575,958
Lamb Weston Holdings, Inc.		3,161		202,083
McCormick & Co., Inc.		2,676		480,101
Mondelez International, Inc. Class A		30,894		1,579,610
Sysco Corp.		10,986		600,495
Tyson Foods, Inc. Class A		6,370		380,353

				6,934,343

Health Care – Products — 3.9%
Abbott Laboratories		38,282		3,500,123
ABIOMED, Inc. (a)		973		235,038
Align Technology, Inc. (a)		1,551		425,656
Baxter International, Inc.		11,012		948,133
Boston Scientific Corp. (a)		30,920		1,085,601
The Cooper Cos., Inc.		1,063		301,509


	Number of Shares		Value
Danaher Corp.		13,618	$	2,408,071
Dentsply Sirona, Inc.		4,741		208,889
Edwards Lifesciences Corp. (a)		13,411		926,834
Henry Schein, Inc. (a)		3,090		180,425
Hologic, Inc. (a)		5,588		318,516
IDEXX Laboratories, Inc. (a)		1,838		606,834
Intuitive Surgical, Inc. (a)		2,524		1,438,251
Medtronic PLC		29,024		2,661,501
ResMed, Inc.		3,131		601,152
Steris PLC		1,838		282,023
Stryker Corp.		6,976		1,257,006
Teleflex, Inc.		1,004		365,436
Thermo Fisher Scientific, Inc.		8,548		3,097,282
Varian Medical Systems, Inc. (a)		1,965		240,752
West Pharmaceutical Services, Inc.		1,593		361,882
Zimmer Biomet Holdings, Inc.		4,476		534,255

				21,985,169

Health Care – Services — 2.3%
Anthem, Inc.		5,456		1,434,819
Centene Corp. (a)		12,534		796,536
Cigna Corp. (a)		7,986		1,498,573
DaVita, Inc. (a)		1,845		146,013
HCA Healthcare, Inc.		5,699		553,145
Humana, Inc.		2,861		1,109,353
IQVIA Holdings, Inc. (a)		3,844		545,387
Laboratory Corp. of America Holdings (a)		2,104		349,495
Quest Diagnostics, Inc.		2,894		329,800
UnitedHealth Group, Inc.		20,525		6,053,849
Universal Health Services, Inc. Class B		1,681		156,148

				12,973,118

Household Products & Wares — 0.4%
Avery Dennison Corp.		1,803		205,704
Church & Dwight Co., Inc.		5,322		411,391
The Clorox Co.		2,707		593,835
Kimberly-Clark Corp.		7,370		1,041,749

				2,252,679

Pharmaceuticals — 5.9%
AbbVie, Inc.		38,141		3,744,683
AmerisourceBergen Corp.		3,214		323,875
Becton Dickinson and Co.		6,382		1,527,021
Bristol-Myers Squibb Co.		48,970		2,879,436
Cardinal Health, Inc.		6,319		329,789
CVS Health Corp.		28,288		1,837,871
DexCom, Inc. (a)		1,998		809,989
Eli Lilly and Co.		18,227		2,992,509
Johnson & Johnson		57,019		8,018,582
McKesson Corp.		3,504		537,584
Merck & Co., Inc.		54,627		4,224,306
Mylan NV (a)		11,195		180,016
Perrigo Co. PLC		2,950		163,047

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Pfizer, Inc.		120,219	$	3,931,161
Zoetis, Inc.		10,279		1,408,634

				32,908,503

				124,495,742

Energy — 2.8%
Oil & Gas — 2.3%
Apache Corp.		8,168		110,268
Cabot Oil & Gas Corp.		8,626		148,195
Chevron Corp.		40,406		3,605,427
Concho Resources, Inc.		4,257		219,235
ConocoPhillips		23,210		975,284
Devon Energy Corp.		8,296		94,077
Diamondback Energy, Inc.		3,415		142,815
EOG Resources, Inc.		12,597		638,164
Exxon Mobil Corp.		91,508		4,092,238
Hess Corp.		5,650		292,726
HollyFrontier Corp.		3,223		94,112
Marathon Oil Corp.		17,155		104,989
Marathon Petroleum Corp.		14,073		526,049
Noble Energy, Inc.		10,382		93,023
Occidental Petroleum Corp.		19,478		356,447
Phillips 66		9,451		679,527
Pioneer Natural Resources Co.		3,568		348,593
Valero Energy Corp.		8,824		519,028

				13,040,197

Oil & Gas Services — 0.2%
Baker Hughes Co.		14,176		218,169
Halliburton Co.		18,986		246,438
National Oilwell Varco, Inc.		8,421		103,157
Schlumberger Ltd.		30,006		551,810
TechnipFMC PLC		9,078		62,094

				1,181,668

Pipelines — 0.3%
Kinder Morgan, Inc.		42,092		638,536
ONEOK, Inc.		8,958		297,585
The Williams Cos., Inc.		26,273		499,712

				1,435,833

				15,657,698

Financial — 14.4%
Banks — 4.3%
Bank of America Corp.		168,984		4,013,370
The Bank of New York Mellon Corp.		17,438		673,979
Citigroup, Inc.		45,055		2,302,311
Citizens Financial Group, Inc.		9,233		233,041
Comerica, Inc.		3,009		114,643
Fifth Third Bancorp		15,408		297,066
First Republic Bank		3,711		393,329
The Goldman Sachs Group, Inc.		6,698		1,323,659
Huntington Bancshares, Inc.		21,950		198,318


	Number of Shares		Value
JP Morgan Chase & Co.		65,944	$	6,202,693
KeyCorp		21,110		257,120
M&T Bank Corp.		2,776		288,621
Morgan Stanley		25,917		1,251,791
Northern Trust Corp.		4,503		357,268
The PNC Financial Services Group, Inc.		9,182		966,038
Regions Financial Corp.		20,712		230,317
State Street Corp.		7,617		484,060
SVB Financial Group (a)		1,115		240,316
Truist Financial Corp.		29,162		1,095,033
US Bancorp		29,666		1,092,302
Wells Fargo & Co.		80,747		2,067,123
Zions Bancorp NA		3,546		120,564

				24,202,962

Diversified Financial Services — 4.0%
American Express Co.		14,286		1,360,027
Ameriprise Financial, Inc.		2,648		397,306
BlackRock, Inc.		3,339		1,816,716
Capital One Financial Corp.		9,854		616,762
Cboe Global Markets, Inc.		2,375		221,540
The Charles Schwab Corp.		24,798		836,685
CME Group, Inc.		7,761		1,261,473
Discover Financial Services		6,629		332,047
E*TRADE Financial Corp.		4,784		237,908
Franklin Resources, Inc.		6,003		125,883
Intercontinental Exchange, Inc.		11,843		1,084,819
Invesco Ltd.		8,144		87,629
Mastercard, Inc. Class A		19,128		5,656,150
Nasdaq, Inc.		2,483		296,644
Raymond James Financial, Inc.		2,639		181,642
Synchrony Financial		11,622		257,544
T. Rowe Price Group, Inc.		4,925		608,237
Visa, Inc. Class A		36,513		7,053,216
The Western Union Co.		8,893		192,267

				22,624,495

Insurance — 3.2%
Aflac, Inc.		15,528		559,474
The Allstate Corp.		6,798		659,338
American International Group, Inc.		18,640		581,195
Aon PLC Class A		5,001		963,193
Arthur J Gallagher & Co.		4,104		400,099
Assurant, Inc.		1,291		133,347
Berkshire Hathaway, Inc. Class B (a)		42,073		7,510,451
Chubb Ltd.		9,768		1,236,824
Cincinnati Financial Corp.		3,266		209,122
Everest Re Group Ltd.		865		178,363
Globe Life, Inc.		2,119		157,293
The Hartford Financial Services Group, Inc.		7,750		298,763
Lincoln National Corp.		4,182		153,856
Loews Corp.		5,238		179,611

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Marsh & McLennan Cos., Inc.		11,042	$	1,185,580
MetLife, Inc.		16,696		609,738
Principal Financial Group, Inc.		5,512		228,968
The Progressive Corp.		12,667		1,014,753
Prudential Financial, Inc.		8,549		520,634
The Travelers Cos., Inc.		5,472		624,082
Unum Group		4,402		73,029
W.R. Berkley Corp.		3,056		175,078
Willis Towers Watson PLC		2,786		548,703

				18,201,494

Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		7,254		328,026

Real Estate Investment Trusts (REITS) — 2.8%
Alexandria Real Estate Equities, Inc.		2,731		443,105
American Tower Corp.		9,594		2,480,433
Apartment Investment and Management Co. Class A		3,222		121,276
AvalonBay Communities, Inc.		3,046		471,033
Boston Properties, Inc.		3,123		282,257
Crown Castle International Corp.		9,021		1,509,664
Digital Realty Trust, Inc.		5,807		825,233
Duke Realty Corp.		7,969		282,023
Equinix, Inc.		1,916		1,345,607
Equity Residential		7,567		445,091
Essex Property Trust, Inc.		1,416		324,505
Extra Space Storage, Inc.		2,794		258,082
Federal Realty Investment Trust		1,516		129,178
Healthpeak Properties, Inc.		11,649		321,046
Host Hotels & Resorts, Inc.		15,257		164,623
Iron Mountain, Inc. (b)		6,230		162,603
Kimco Realty Corp.		9,361		120,195
Mid-America Apartment Communities, Inc.		2,475		283,808
Prologis, Inc.		15,985		1,491,880
Public Storage		3,253		624,218
Realty Income Corp.		7,432		442,204
Regency Centers Corp.		3,671		168,462
SBA Communications Corp.		2,416		719,775
Simon Property Group, Inc.		6,617		452,471
SL Green Realty Corp.		1,656		81,624
UDR, Inc.		6,382		238,559
Ventas, Inc.		8,074		295,670
Vornado Realty Trust		3,433		131,175
Welltower, Inc.		9,035		467,561
Weyerhaeuser Co.		16,150		362,729

				15,446,090

Savings & Loans — 0.0%
People’s United Financial, Inc.		9,191		106,340

				80,909,407

Industrial — 7.7%
Aerospace & Defense — 1.7%
The Boeing Co.		11,605		2,127,197


	Number of Shares		Value
General Dynamics Corp.		5,029	$	751,634
Howmet Aerospace, Inc.		8,306		131,650
L3 Harris Technologies, Inc.		4,672		792,698
Lockheed Martin Corp.		5,341		1,949,038
Northrop Grumman Corp.		3,355		1,031,461
Raytheon Technologies Corp.		31,831		1,961,426
Teledyne Technologies, Inc. (a)		793		246,583
TransDigm Group, Inc.		1,088		480,951

				9,472,638

Building Materials — 0.4%
Carrier Global Corp.		17,621		391,539
Fortune Brands Home & Security, Inc.		3,022		193,196
Johnson Controls International PLC		16,099		549,620
Martin Marietta Materials, Inc.		1,347		278,250
Masco Corp.		5,708		286,599
Vulcan Materials Co.		2,866		332,026

				2,031,230

Electrical Components & Equipment — 0.2%
AMETEK, Inc.		4,961		443,365
Emerson Electric Co.		12,931		802,110

				1,245,475

Electronics — 1.3%
Agilent Technologies, Inc.		6,683		590,577
Allegion PLC		1,996		204,031
Amphenol Corp. Class A		6,404		613,567
FLIR Systems, Inc.		2,832		114,894
Fortive Corp.		6,411		433,768
Garmin Ltd.		3,142		306,345
Honeywell International, Inc.		15,190		2,196,322
Keysight Technologies, Inc. (a)		4,048		407,958
Mettler-Toledo International, Inc. (a)		517		416,469
PerkinElmer, Inc.		2,411		236,495
Roper Technologies, Inc.		2,258		876,691
TE Connectivity Ltd.		7,139		582,186
Waters Corp. (a)		1,340		241,736

				7,221,039

Engineering & Construction — 0.0%
Jacobs Engineering Group, Inc.		2,816		238,797

Environmental Controls — 0.3%
Pentair PLC		3,587		136,270
Republic Services, Inc.		4,547		373,081
Waste Management, Inc.		8,403		889,962

				1,399,313

Hand & Machine Tools — 0.1%
Snap-on, Inc.		1,176		162,888
Stanley Black & Decker, Inc.		3,336		464,972

				627,860

Machinery – Construction & Mining — 0.3%
Caterpillar, Inc.		11,714		1,481,821

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Machinery – Diversified — 0.6%
Deere & Co.		6,771	$	1,064,063
Dover Corp.		3,115		300,784
Flowserve Corp.		2,816		80,312
IDEX Corp.		1,632		257,921
Ingersoll Rand, Inc. (a)		7,483		210,422
Otis Worldwide Corp.		8,810		500,937
Rockwell Automation, Inc.		2,507		533,991
Westinghouse Air Brake Technologies Corp.		3,912		225,214
Xylem, Inc.		3,894		252,954

				3,426,598

Miscellaneous – Manufacturing — 1.1%
3M Co.		12,449		1,941,919
A.O. Smith Corp.		2,924		137,779
Eaton Corp. PLC		8,657		757,314
General Electric Co.		189,307		1,292,967
Illinois Tool Works, Inc.		6,222		1,087,917
Parker-Hannifin Corp.		2,778		509,124
Textron, Inc.		4,927		162,148
Trane Technologies PLC		5,177		460,649

				6,349,817

Packaging & Containers — 0.2%
Amcor PLC (a)		34,074		347,895
Ball Corp.		7,055		490,252
Packaging Corp. of America		2,050		204,590
Sealed Air Corp.		3,369		110,672
WestRock Co.		5,611		158,567

				1,311,976

Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		876		152,853

Transportation — 1.5%
C.H. Robinson Worldwide, Inc.		2,913		230,302
CSX Corp.		16,566		1,155,313
Expeditors International of Washington, Inc.		3,602		273,896
FedEx Corp.		5,202		729,424
J.B. Hunt Transport Services, Inc.		1,826		219,741
Kansas City Southern		2,056		306,940
Norfolk Southern Corp.		5,544		973,360
Old Dominion Freight Line, Inc.		2,042		346,303
Union Pacific Corp.		14,686		2,482,962
United Parcel Service, Inc. Class B		15,239		1,694,272

				8,412,513

				43,371,930

Technology — 22.6%
Computers — 7.2%
Accenture PLC Class A		13,787		2,960,345
Apple, Inc.		88,177		32,166,969
Cognizant Technology Solutions Corp. Class A		11,699		664,737


	Number of Shares		Value
DXC Technology Co.		5,492	$	90,618
Fortinet, Inc. (a)		2,904		398,632
Hewlett Packard Enterprise Co.		27,805		270,543
HP, Inc.		30,948		539,424
International Business Machines Corp.		19,219		2,321,078
Leidos Holdings, Inc.		2,885		270,238
NetApp, Inc.		4,787		212,399
Seagate Technology PLC		4,887		236,580
Western Digital Corp.		6,486		286,357

				40,417,920

Office & Business Equipment — 0.1%
Xerox Holdings Corp. (a)		3,963		60,594
Zebra Technologies Corp. Class A (a)		1,149		294,087

				354,681

Semiconductors — 4.8%
Advanced Micro Devices, Inc. (a)		25,347		1,333,506
Analog Devices, Inc.		7,974		977,931
Applied Materials, Inc.		19,835		1,199,026
Broadcom, Inc.		8,652		2,730,658
Intel Corp.		91,633		5,482,402
IPG Photonics Corp. (a)		769		123,340
KLA Corp.		3,356		652,675
Lam Research Corp.		3,142		1,016,311
Maxim Integrated Products, Inc.		5,770		349,720
Microchip Technology, Inc.		5,310		559,196
Micron Technology, Inc. (a)		24,070		1,240,086
NVIDIA Corp.		13,313		5,057,742
Qorvo, Inc. (a)		2,483		274,446
QUALCOMM, Inc.		24,346		2,220,599
Skyworks Solutions, Inc.		3,611		461,702
Texas Instruments, Inc.		19,863		2,522,005
Xilinx, Inc.		5,263		517,827

				26,719,172

Software — 10.5%
Activision Blizzard, Inc.		16,675		1,265,633
Adobe, Inc. (a)		10,427		4,538,977
Akamai Technologies, Inc. (a)		3,512		376,100
ANSYS, Inc. (a)		1,859		542,326
Autodesk, Inc. (a)		4,744		1,134,717
Broadridge Financial Solutions, Inc.		2,485		313,582
Cadence Design Systems, Inc. (a)		6,042		579,790
Cerner Corp.		6,587		451,539
Citrix Systems, Inc.		2,511		371,402
Electronic Arts, Inc. (a)		6,248		825,048
Fidelity National Information Services, Inc.		13,371		1,792,917
Fiserv, Inc. (a)		12,171		1,188,133
Intuit, Inc.		5,644		1,671,696
Jack Henry & Associates, Inc.		1,658		305,122
Microsoft Corp.		164,123		33,400,672
MSCI, Inc.		1,840		614,229

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Oracle Corp.		45,045	$	2,489,637
Paychex, Inc.		6,914		523,736
Paycom Software, Inc. (a)		1,044		323,358
salesforce.com, Inc. (a)		19,500		3,652,935
ServiceNow, Inc. (a)		4,127		1,671,683
Synopsys, Inc. (a)		3,263		636,285
Take-Two Interactive Software, Inc. (a)		2,466		344,180
Tyler Technologies, Inc. (a)		861		298,664

				59,312,361

				126,804,134

Utilities — 3.0%
Electric — 2.8%
AES Corp.		14,402		208,685
Alliant Energy Corp.		5,400		258,336
Ameren Corp.		5,340		375,722
American Electric Power Co., Inc.		10,726		854,219
CenterPoint Energy, Inc.		11,788		220,082
CMS Energy Corp.		6,194		361,853
Consolidated Edison, Inc.		7,231		520,126
Dominion Energy, Inc.		18,163		1,474,472
DTE Energy Co.		4,170		448,275
Duke Energy Corp.		15,904		1,270,571
Edison International		8,179		444,201
Entergy Corp.		4,332		406,385
Evergy, Inc.		4,907		290,936
Eversource Energy		7,281		606,289
Exelon Corp.		21,088		765,284
FirstEnergy Corp.		11,717		454,385
NextEra Energy, Inc.		10,593		2,544,121
NRG Energy, Inc.		5,283		172,014
Pinnacle West Capital Corp.		2,435		178,461
PPL Corp.		16,638		429,926
Public Service Enterprise Group, Inc.		10,943		537,958
Sempra Energy		6,331		742,183
The Southern Co.		22,853		1,184,928
WEC Energy Group, Inc.		6,827		598,387
Xcel Energy, Inc.		11,368		710,500

				16,058,299

Gas — 0.1%
Atmos Energy Corp.		2,647		263,588
NiSource, Inc.		8,285		188,401

				451,989

Water — 0.1%
American Water Works Co., Inc.		3,921		504,475

				17,014,763


TOTAL COMMON STOCK (Cost $356,007,423)				554,745,334


TOTAL EQUITIES (Cost $356,007,423)				554,745,334


	Number of Shares		Value

RIGHTS — 0.0%
Communications — 0.0%
Telecommunications — 0.0%
T-Mobile US, Inc., Expires 7/20/27 (a)		8,291	$	1,393


TOTAL RIGHTS (Cost $3,068)				1,393


MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (c)		213,727		213,727


TOTAL MUTUAL FUNDS (Cost $213,727)				213,727


TOTAL LONG-TERM INVESTMENTS (Cost $356,224,218)				554,960,454


	Principal Amount
SHORT-TERM INVESTMENTS — 1.4%
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (d)	$	6,912,865		6,912,865

U.S. Treasury Bill — 0.2%
U.S. Treasury Bill 0.000% 7/16/20 (e)		860,000		859,955


TOTAL SHORT-TERM INVESTMENTS (Cost $7,772,438)				7,772,820


TOTAL INVESTMENTS — 100.1% (Cost $363,996,656) (f)				562,733,274

Other Assets/(Liabilities) — (0.1)%				(461,331	)


NET ASSETS — 100.0%			$	562,271,943

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, 2020, was $829,981 or 0.15% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $633,106 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).

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

MML Equity Index Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

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

(d)	Maturity value of $6,912,865. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 2/29/24, and an aggregate market value, including accrued interest, of $7,051,134.

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

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

Futures contracts


	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
S&P 500 E Mini Index		9/18/20		53	$	8,148,418	$	40,612

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

MML Focused Equity Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 99.0%

COMMON STOCK — 99.0%
Basic Materials — 6.5%
Chemicals — 6.5%
Ecolab, Inc.		32,144	$	6,395,049
Linde PLC		60,195		12,767,961

				19,163,010

				19,163,010

Consumer, Cyclical — 14.7%
Apparel — 5.0%
NIKE, Inc. Class B		150,573		14,763,683

Retail — 9.7%
McDonald’s Corp.		90,923		16,772,566
The TJX Cos., Inc.		239,760		12,122,265

				28,894,831

				43,658,514

Consumer, Non-cyclical — 39.9%
Beverages — 12.8%
The Coca-Cola Co.		317,997		14,208,106
Diageo PLC		319,187		10,595,078
PepsiCo, Inc.		100,105		13,239,887

				38,043,071

Cosmetics & Personal Care — 6.9%
Colgate-Palmolive Co.		198,702		14,556,909
The Procter & Gamble Co.		49,114		5,872,561

				20,429,470

Health Care – Products — 9.6%
Baxter International, Inc.		83,657		7,202,868
Danaher Corp.		48,852		8,638,499
Medtronic PLC		138,049		12,659,093

				28,500,460

Health Care – Services — 5.7%
UnitedHealth Group, Inc.		57,220		16,877,039

Pharmaceuticals — 4.9%
Johnson & Johnson		104,392		14,680,647

				118,530,687

Financial — 17.4%
Banks — 1.5%
The PNC Financial Services Group, Inc.		41,362		4,351,696

Diversified Financial Services — 6.2%
American Express Co.		132,436		12,607,907
Visa, Inc. Class A		29,741		5,745,069

				18,352,976

Insurance — 6.4%
Chubb Ltd.		87,913		11,131,544
Marsh & McLennan Cos., Inc.		74,359		7,983,926

				19,115,470


	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 3.3%
American Tower Corp.		16,783	$	4,339,077
Public Storage		28,745		5,515,878

				9,854,955

				51,675,097

Industrial — 12.8%
Aerospace & Defense — 3.8%
Lockheed Martin Corp.		16,538		6,035,047
Northrop Grumman Corp.		16,565		5,092,743

				11,127,790

Machinery – Diversified — 2.2%
Deere & Co.		41,004		6,443,779

Transportation — 6.8%
Canadian National Railway Co.		101,512		8,981,001
Union Pacific Corp.		67,048		11,335,805

				20,316,806

				37,888,375

Technology — 7.7%
Computers — 3.0%
Accenture PLC Class A		40,652		8,728,798

Software — 4.7%
Microsoft Corp.		68,763		13,993,958

				22,722,756


TOTAL COMMON STOCK (Cost $282,474,145)				293,638,439


TOTAL EQUITIES (Cost $282,474,145)				293,638,439


TOTAL LONG-TERM INVESTMENTS (Cost $282,474,145)				293,638,439


	Principal Amount
SHORT-TERM INVESTMENTS — 0.4%
Repurchase Agreement — 0.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (a)	$	1,126,980		1,126,980


TOTAL SHORT-TERM INVESTMENTS (Cost $1,126,980)				1,126,980


TOTAL INVESTMENTS — 99.4% (Cost $283,601,125) (b)				294,765,419

Other Assets/(Liabilities) — 0.6%				1,904,256


NET ASSETS — 100.0%			$	296,669,675

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

MML Focused Equity Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Maturity value of $1,126,980. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $1,149,608.

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

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


United States	77.1	%
Ireland	11.5	%
Switzerland	3.8	%
United Kingdom	3.6	%
Canada	3.0	%

Total Long-Term Investments	99.0	%
Short-Term Investments and Other Assets and Liabilities	1.0	%

Net Assets	100.0	%

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

MML Foreign Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 98.3%

COMMON STOCK — 98.3%
Australia — 2.4%
Challenger Ltd. (a)		274,900	$	842,581
Lendlease Group		199,000		1,707,831
Macquarie Group Ltd.		36,400		2,996,225
Santos Ltd.		264,100		971,072

				6,517,709

Belgium — 1.9%
Groupe Bruxelles Lambert SA		26,900		2,253,900
KBC Group NV		48,100		2,754,876

				5,008,776

Cayman Islands — 2.3%
Baidu, Inc. Sponsored ADR (b)		5,800		695,362
CK Asset Holdings Ltd.		392,000		2,331,015
CK Hutchison Holdings Ltd.		501,500		3,214,881

				6,241,258

Denmark — 1.1%
AP Moller - Maersk A/S Class B		2,200		2,561,050
The Drilling Co. of 1972 A/S (b)		15,900		334,756

				2,895,806

France — 9.0%
Arkema SA		26,000		2,482,922
Dassault Aviation SA (b)		900		828,662
Engie SA (b)		343,400		4,238,696
Rexel SA		114,700		1,309,074
Sanofi		54,300		5,524,428
Total SA		63,500		2,418,689
Ubisoft Entertainment SA (b)		13,200		1,087,147
Veolia Environnement SA		164,700		3,699,285
Vivendi SA		97,500		2,499,039

				24,087,942

Germany — 12.8%
Allianz SE Registered		20,300		4,140,666
Bayer AG Registered		39,100		2,869,923
Deutsche Boerse AG		15,900		2,873,907
Fresenius SE & Co. KGaA		97,800		4,827,487
HeidelbergCement AG		67,200		3,580,512
Infineon Technologies AG		177,600		4,151,096
SAP SE		41,900		5,832,292
Siemens AG Registered		42,300		4,968,884
Talanx AG (b)		28,600		1,061,385

				34,306,152

Hong Kong — 0.8%
China Mobile Ltd.		323,500		2,185,912

Ireland — 4.1%
AIB Group PLC (b)		671,800		843,872
DCC PLC		44,100		3,672,772


	Number of Shares		Value
Linde PLC		9,200	$	1,951,412
Ryanair Holdings PLC Sponsored ADR (b)		11,100		736,374
Smurfit Kappa Group PLC		113,400		3,784,235

				10,988,665

Israel — 0.6%
Check Point Software Technologies Ltd. (b)		15,100		1,622,193

Italy — 2.0%
Mediobanca Banca di Credito Finanziario SpA		143,100		1,025,338
Prysmian SpA		90,100		2,084,253
UniCredit SpA (b)		248,000		2,276,785

				5,386,376

Japan — 26.7%
Astellas Pharma, Inc.		258,900		4,309,812
Daiwa Securities Group, Inc.		528,600		2,205,180
Denka Co. Ltd.		66,200		1,619,461
ENEOS Holdings, Inc.		371,400		1,315,941
FANUC Corp.		17,600		3,144,991
Fujitsu Ltd.		22,500		2,633,717
Hitachi Ltd.		124,900		3,943,023
Japan Airlines Co. Ltd.		101,400		1,827,773
Kirin Holdings Co. Ltd.		100,300		2,115,220
Kyocera Corp.		46,300		2,519,255
Matsumotokiyoshi Holdings Co. Ltd.		31,800		1,151,769
Nintendo Co. Ltd.		9,100		4,049,182
Olympus Corp.		234,500		4,516,525
ORIX Corp.		312,700		3,855,693
Rakuten, Inc.		387,000		3,403,247
Sega Sammy Holdings, Inc.		210,400		2,517,144
Seven & i Holdings Co. Ltd.		144,900		4,728,659
Sony Corp.		98,900		6,772,803
Square Enix Holdings Co. Ltd.		55,600		2,804,194
Sumitomo Mitsui Financial Group, Inc.		158,900		4,468,768
Toshiba Corp.		123,400		3,932,529
Toyota Industries Corp.		76,600		4,055,657

				71,890,543

Luxembourg — 0.6%
ArcelorMittal SA (b)		168,600		1,770,326

Netherlands — 5.7%
Airbus SE (b)		6,100		434,068
ASML Holding NV		8,500		3,115,915
EXOR NV		16,500		940,774
Heineken Holding NV		45,000		3,679,024
Koninklijke Philips NV (b)		97,600		4,544,903
NXP Semiconductor NV		23,600		2,691,344

				15,406,028

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

MML Foreign Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Norway — 0.9%
Mowi ASA		124,200	$	2,360,583

Republic of Korea — 1.1%
Samsung Electronics Co. Ltd.		65,500		2,903,558

Singapore — 1.1%
DBS Group Holdings, Ltd.		197,100		2,948,325

Spain — 1.0%
Siemens Gamesa Renewable Energy SA (a) (b)		147,100		2,603,455

Sweden — 1.4%
Investor AB Class B		41,000		2,160,371
Volvo AB Class B (b)		101,898		1,592,818

				3,753,189

Switzerland — 8.9%
ABB Ltd. Registered		180,500		4,057,199
Alcon, Inc. (b)		31,300		1,793,372
Nestle SA Registered		60,500		6,683,749
Novartis AG Registered		47,700		4,144,684
Roche Holding AG		8,200		2,839,099
UBS Group AG Registered		389,100		4,470,194

				23,988,297

United Kingdom — 13.9%
Ashtead Group PLC		72,500		2,437,180
Aviva PLC		883,200		2,988,864
Barratt Developments PLC		96,200		590,099
BHP Group PLC ADR		20,200		831,230
The British Land Co. PLC		458,800		2,193,786
Bunzl PLC		53,400		1,431,696
Glencore PLC		360,300		762,629
GVC Holdings PLC		161,100		1,476,068
IG Group Holdings PLC		62,500		632,803
Imperial Brands PLC		117,300		2,233,761
Inchcape PLC		319,700		1,939,316
Informa PLC		176,700		1,028,099
Persimmon PLC (b)		74,300		2,101,171
Savills PLC		52,700		538,384
Smith & Nephew PLC		102,300		1,905,822
Tesco PLC		1,572,300		4,439,467
Unilever PLC		111,500		6,011,807
Vodafone Group PLC		2,466,900		3,933,620

				37,475,802


TOTAL COMMON STOCK (Cost $298,876,234)				264,340,895


TOTAL EQUITIES (Cost $298,876,234)				264,340,895


	Number of Shares		Value
MUTUAL FUNDS — 0.9%
United States — 0.9%
State Street Navigator Securities Lending Prime Portfolio (c)		2,469,073	$	2,469,073


TOTAL MUTUAL FUNDS (Cost $2,469,073)				2,469,073


TOTAL LONG-TERM INVESTMENTS (Cost $301,345,307)				266,809,968


	Principal Amount
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (d)	$	1,456,693		1,456,693


TOTAL SHORT-TERM INVESTMENTS (Cost $1,456,693)				1,456,693


TOTAL INVESTMENTS — 99.8% (Cost $302,802,000) (e)				268,266,661

Other Assets/(Liabilities) — 0.2%				605,810


NET ASSETS — 100.0%			$	268,872,471

Abbreviation Legend

ADR	American Depositary Receipt

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, 2020, was $3,166,482 or 1.18% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $857,880 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b)	Non-income producing security.

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

(d)	Maturity value of $1,456,693. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 2/29/24, and an aggregate market value, including accrued interest, of $1,485,834.

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

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

MML Foreign Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

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


Consumer, Non-cyclical	26.9	%
Financial	18.7	%
Industrial	12.6	%
Consumer, Cyclical	11.7	%
Technology	10.0	%
Communications	5.1	%
Basic Materials	4.9	%
Energy	4.2	%
Utilities	3.0	%
Diversified	1.2	%
Mutual Funds	0.9	%

Total Long-Term Investments	99.2	%
Short-Term Investments and Other Assets and Liabilities	0.8	%

Net Assets	100.0	%

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

MML Fundamental Equity Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 99.3%

COMMON STOCK — 99.3%
Basic Materials — 1.1%
Chemicals — 1.1%
Ecolab, Inc.		5,620	$	1,118,099
Valvoline, Inc.		41,446		801,151

				1,919,250

				1,919,250

Communications — 18.5%
Internet — 14.9%
Alphabet, Inc. Class A (a)		2,386		3,383,468
Amazon.com, Inc. (a)		4,427		12,213,296
Booking Holdings, Inc. (a)		1,747		2,781,818
Facebook, Inc. Class A (a)		25,274		5,738,967
Tencent Holdings Ltd. ADR		30,259		1,936,576

				26,054,125

Telecommunications — 3.6%
Motorola Solutions, Inc.		15,210		2,131,377
Verizon Communications, Inc.		75,478		4,161,102

				6,292,479

				32,346,604

Consumer, Cyclical — 5.7%
Auto Manufacturers — 0.5%
General Motors Co.		33,025		835,533

Entertainment — 0.5%
Live Nation Entertainment, Inc. (a)		7,369		326,668
Warner Music Group Corp. Class A (a)		20,789		613,275

				939,943

Home Builders — 0.6%
D.R. Horton, Inc.		19,099		1,059,040

Retail — 4.1%
The Home Depot, Inc.		16,834		4,217,085
O’Reilly Automotive, Inc. (a)		2,771		1,168,448
Target Corp.		14,052		1,685,256

				7,070,789

				9,905,305

Consumer, Non-cyclical — 25.7%
Beverages — 1.9%
Constellation Brands, Inc. Class A		10,123		1,771,019
PepsiCo, Inc.		12,286		1,624,946

				3,395,965

Biotechnology — 1.3%
Amgen, Inc.		4,846		1,142,977
Gilead Sciences, Inc.		14,119		1,086,316

				2,229,293

Commercial Services — 0.6%
S&P Global, Inc.		3,072		1,012,163


	Number of Shares		Value
Cosmetics & Personal Care — 3.7%
The Procter & Gamble Co.		53,641	$	6,413,854

Foods — 0.8%
a2 Milk Co. Ltd. (a)		25,209		325,291
Mondelez International, Inc. Class A		19,455		994,734

				1,320,025

Health Care – Products — 3.8%
Alcon, Inc. (a) (b)		16,364		937,984
Avantor, Inc. (a)		31,790		540,430
Thermo Fisher Scientific, Inc.		8,634		3,128,444
Zimmer Biomet Holdings, Inc.		17,038		2,033,656

				6,640,514

Health Care – Services — 6.3%
HCA Healthcare, Inc.		23,555		2,286,248
Laboratory Corp. of America Holdings (a)		3,738		620,919
UnitedHealth Group, Inc.		27,670		8,161,267

				11,068,434

Household Products — 0.4%
Reckitt Benckiser Group PLC		7,995		735,768

Household Products & Wares — 1.1%
Church & Dwight Co., Inc.		23,751		1,835,952

Pharmaceuticals — 5.8%
AstraZeneca PLC Sponsored ADR		87,058		4,604,498
Merck & Co., Inc.		60,546		4,682,022
Neurocrine Biosciences, Inc. (a)		6,769		825,818

				10,112,338

				44,764,306

Energy — 2.6%
Oil & Gas — 1.4%
Suncor Energy, Inc.		103,785		1,749,815
Valero Energy Corp.		10,917		642,138

				2,391,953

Pipelines — 1.2%
Magellan Midstream Partners LP (c)		50,362		2,174,127

				4,566,080

Financial — 17.2%
Banks — 2.4%
JP Morgan Chase & Co.		44,919		4,225,081

Diversified Financial Services — 5.7%
Capital One Financial Corp.		43,407		2,716,844
Intercontinental Exchange, Inc.		39,057		3,577,621
Mastercard, Inc. Class A		12,148		3,592,164

				9,886,629

Insurance — 6.0%
Berkshire Hathaway, Inc. Class B (a)		25,340		4,523,443
Equitable Holdings, Inc.		150,081		2,895,063
The Progressive Corp.		39,020		3,125,892

				10,544,398

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

MML Fundamental Equity Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 3.1%
Prologis, Inc.		56,971	$	5,317,104

				29,973,212

Industrial — 8.5%
Aerospace & Defense — 3.2%
Lockheed Martin Corp.		15,285		5,577,802

Building Materials — 0.2%
Vulcan Materials Co.		2,820		326,697

Electronics — 1.0%
Honeywell International, Inc.		12,022		1,738,261

Environmental Controls — 1.3%
Waste Connections, Inc.		23,486		2,202,752

Transportation — 2.8%
C.H. Robinson Worldwide, Inc.		12,732		1,006,592
Union Pacific Corp.		13,408		2,266,891
United Parcel Service, Inc. Class B		14,963		1,663,586

				4,937,069

				14,782,581

Technology — 18.7%
Computers — 2.3%
Accenture PLC Class A		12,380		2,658,234
Amdocs Ltd.		22,046		1,342,160

				4,000,394

Semiconductors — 5.9%
Applied Materials, Inc.		68,029		4,112,353
QUALCOMM, Inc.		35,870		3,271,703
Texas Instruments, Inc.		23,632		3,000,555

				10,384,611

Software — 10.5%
Adobe, Inc. (a)		2,500		1,088,275
Microsoft Corp.		84,576		17,212,062

				18,300,337

				32,685,342

Utilities — 1.3%
Electric — 1.2%
Duke Energy Corp.		28,012		2,237,879

Gas — 0.1%
UGI Corp.		3,662		116,451

				2,354,330


TOTAL COMMON STOCK (Cost $164,097,108)				173,297,010


TOTAL EQUITIES (Cost $164,097,108)				173,297,010


TOTAL LONG-TERM INVESTMENTS (Cost $164,097,108)				173,297,010


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.9%
Repurchase Agreement — 0.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (d)	$	1,498,683	$	1,498,683


TOTAL SHORT-TERM INVESTMENTS (Cost $1,498,683)				1,498,683


TOTAL INVESTMENTS — 100.2% (Cost $165,595,791) (e)				174,795,693

Other Assets/(Liabilities) — (0.2)%				(363,056	)


NET ASSETS — 100.0%			$	174,432,637

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, 2020, was $937,984 or 0.54% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $960,279 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 a Master Limited Partnership

(d)	Maturity value of $1,498,683. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $1,528,746.

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

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

MML Fundamental Value Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 98.3%

COMMON STOCK — 98.3%
Basic Materials — 6.9%
Chemicals — 3.1%
Corteva, Inc. (a)		57,093	$	1,529,521
DuPont de Nemours, Inc.		50,612		2,689,016
FMC Corp.		9,363		932,742
PPG Industries, Inc.		7,679		814,435

				5,965,714

Mining — 3.8%
Barrick Gold Corp.		152,412		4,105,979
Kinross Gold Corp. (a)		79,971		577,390
Newmont Corp.		21,477		1,325,990
Yamana Gold, Inc.		238,754		1,303,597

				7,312,956

				13,278,670

Communications — 7.4%
Internet — 3.4%
Alphabet, Inc. Class A (a)		3,254		4,614,335
Facebook, Inc. Class A (a)		8,005		1,817,695

				6,432,030

Telecommunications — 4.0%
Cisco Systems, Inc.		122,458		5,711,441
T-Mobile US, Inc. (a)		19,426		2,023,218

				7,734,659

				14,166,689

Consumer, Cyclical — 9.8%
Apparel — 0.8%
Ralph Lauren Corp.		10,213		740,646
Tapestry, Inc.		55,178		732,764

				1,473,410

Auto Manufacturers — 0.8%
Cummins, Inc.		8,465		1,466,646

Auto Parts & Equipment — 0.3%
Lear Corp.		5,781		630,245

Home Builders — 0.8%
Lennar Corp. Class A		23,637		1,456,512

Leisure Time — 0.2%
Harley-Davidson, Inc.		19,880		472,548

Lodging — 0.2%
Wyndham Hotels & Resorts, Inc.		11,381		485,058

Retail — 5.9%
AutoZone, Inc. (a)		3,608		4,070,257
Best Buy Co., Inc.		32,025		2,794,822
Foot Locker, Inc.		20,955		611,048
Lowe’s Cos., Inc.		11,715		1,582,931
The TJX Cos., Inc.		28,650		1,448,544


	Number of Shares		Value
Williams-Sonoma, Inc.		9,262	$	759,576

				11,267,178

Textiles — 0.8%
Mohawk Industries, Inc. (a)		15,580		1,585,421

				18,837,018

Consumer, Non-cyclical — 23.5%
Beverages — 0.4%
Coca-Cola European Partners PLC		21,169		799,342

Commercial Services — 0.9%
Robert Half International, Inc.		8,505		449,319
United Rentals, Inc. (a)		7,995		1,191,575

				1,640,894

Foods — 1.1%
The Kroger Co.		64,573		2,185,796

Health Care – Products — 2.4%
Avantor, Inc. (a)		52,041		884,697
Medtronic PLC		30,095		2,759,711
Zimmer Biomet Holdings, Inc.		8,227		981,975

				4,626,383

Health Care – Services — 6.2%
Anthem, Inc.		14,617		3,843,979
Cigna Corp. (a)		28,091		5,271,276
UnitedHealth Group, Inc.		9,551		2,817,067

				11,932,322

Household Products & Wares — 1.0%
Kimberly-Clark Corp.		13,344		1,886,174

Pharmaceuticals — 11.5%
AmerisourceBergen Corp.		22,497		2,267,023
GlaxoSmithKline PLC Sponsored ADR		42,538		1,735,125
Johnson & Johnson		39,249		5,519,587
McKesson Corp.		15,456		2,371,259
Merck & Co., Inc.		27,881		2,156,038
Novartis AG Sponsored ADR		41,325		3,609,325
Pfizer, Inc.		133,258		4,357,537

				22,015,894

				45,086,805

Energy — 4.3%
Oil & Gas — 4.3%
ConocoPhillips		45,015		1,891,530
Marathon Petroleum Corp.		71,448		2,670,726
Royal Dutch Shell PLC Class A Sponsored ADR (b)		24,594		803,978
Total SA Sponsored ADR		21,621		831,544
Valero Energy Corp.		32,829		1,931,002

				8,128,780

				8,128,780

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

MML Fundamental Value Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Financial — 22.3%
Banks — 9.5%
Bank of America Corp.		190,513	$	4,524,684
Citigroup, Inc.		38,058		1,944,764
Fifth Third Bancorp		29,795		574,448
Huntington Bancshares, Inc.		135,066		1,220,321
JP Morgan Chase & Co.		67,042		6,305,970
KeyCorp		91,652		1,116,321
Truist Financial Corp.		65,678		2,466,209

				18,152,717

Diversified Financial Services — 0.6%
The Charles Schwab Corp.		32,018		1,080,287

Insurance — 12.2%
Aflac, Inc.		37,875		1,364,636
American International Group, Inc.		94,692		2,952,497
Berkshire Hathaway, Inc. Class B (a)		37,031		6,610,404
Chubb Ltd.		31,062		3,933,070
Everest Re Group Ltd.		10,079		2,078,290
Marsh & McLennan Cos., Inc.		14,994		1,609,906
The Progressive Corp.		40,353		3,232,679
Reinsurance Group of America, Inc.		6,039		473,699
RenaissanceRe Holdings Ltd.		2,199		376,095
The Travelers Cos., Inc.		7,659		873,509

				23,504,785

				42,737,789

Industrial — 10.3%
Aerospace & Defense — 0.8%
Howmet Aerospace, Inc.		24,810		393,239
Northrop Grumman Corp.		3,503		1,076,962

				1,470,201

Building Materials — 2.0%
Carrier Global Corp.		34,810		773,478
CRH PLC Sponsored ADR		34,684		1,190,008
Owens Corning		32,743		1,825,750

				3,789,236

Electrical Components & Equipment — 0.4%
AMETEK, Inc.		8,594		768,046

Machinery – Construction & Mining — 0.7%
Caterpillar, Inc.		11,413		1,443,744

Machinery – Diversified — 2.4%
Deere & Co.		11,679		1,835,355
Dover Corp.		18,179		1,755,364
Otis Worldwide Corp.		17,071		970,657

				4,561,376

Miscellaneous – Manufacturing — 1.7%
Eaton Corp. PLC		38,246		3,345,760

Shipbuilding — 0.6%
Huntington Ingalls Industries, Inc.		7,102		1,239,228


	Number of Shares		Value
Transportation — 1.7%
Kansas City Southern		11,666	$	1,741,617
Union Pacific Corp.		8,636		1,460,089

				3,201,706

				19,819,297

Technology — 11.6%
Computers — 0.7%
Western Digital Corp.		30,836		1,361,410

Semiconductors — 7.9%
Applied Materials, Inc.		40,280		2,434,926
KLA Corp.		11,775		2,290,002
Lam Research Corp.		9,367		3,029,850
Micron Technology, Inc. (a)		57,028		2,938,083
NXP Semiconductor NV		23,328		2,660,325
ON Semiconductor Corp. (a)		13,976		277,004
Qorvo, Inc. (a)		14,216		1,571,294

				15,201,484

Software — 3.0%
Microsoft Corp.		11,250		2,289,487
Oracle Corp.		40,662		2,247,389
SS&C Technologies Holdings, Inc		21,096		1,191,502

				5,728,378

				22,291,272

Utilities — 2.2%
Electric — 2.2%
CenterPoint Energy, Inc.		52,057		971,905
Edison International		38,736		2,103,752
Vistra Energy Corp.		55,836		1,039,667

				4,115,324


TOTAL COMMON STOCK (Cost $187,968,647)				188,461,644


TOTAL EQUITIES (Cost $187,968,647)				188,461,644


RIGHTS — 0.0%
Communications — 0.0%
Telecommunications — 0.0%
T-Mobile US, Inc., Expires 7/20/27 (a)		13,644		2,292


TOTAL RIGHTS (Cost $5,048)				2,292


TOTAL LONG-TERM INVESTMENTS (Cost $187,973,695)				188,463,936

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

MML Fundamental Value Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.5%
Repurchase Agreement — 1.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (c)	$	2,791,230	$	2,791,230


TOTAL SHORT-TERM INVESTMENTS (Cost $2,791,230)				2,791,230


TOTAL INVESTMENTS — 99.8% (Cost $190,764,925) (d)				191,255,166

Other Assets/(Liabilities) — 0.2%				409,189


NET ASSETS — 100.0%			$	191,664,355

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, 2020, was $795,936 or 0.42% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $830,907 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 $2,791,230. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $2,847,079.

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

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

MML Global Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 99.2%

COMMON STOCK — 99.2%
Austria — 0.2%
Erste Group Bank AG (a)		41,768	$	981,512

Brazil — 0.2%
Ambev SA		283,831		738,010

Canada — 1.9%
Canadian National Railway Co.		86,226		7,637,037

Cayman Islands — 0.1%
Sands China Ltd.		148,400		580,722

Denmark — 0.6%
Carlsberg A/S Class B		17,096		2,258,381

France — 11.7%
Air Liquide SA		28,787		4,147,886
Danone SA		114,073		7,882,615
EssilorLuxottica SA (a)		11,722		1,502,401
Hermes International		1,340		1,118,394
Legrand SA		60,963		4,625,749
LVMH Moet Hennessy Louis Vuitton SE		21,968		9,621,956
Pernod Ricard SA		38,014		5,974,632
Schneider Electric SE		100,385		11,129,452

				46,003,085

Germany — 4.7%
Bayer AG Registered		98,812		7,252,757
Brenntag AG		38,124		2,001,395
Deutsche Boerse AG		11,812		2,135,006
Deutsche Wohnen SE		34,613		1,552,762
Merck KGaA		30,806		3,571,324
MTU Aero Engines AG (a)		10,577		1,827,988

				18,341,232

Ireland — 9.4%
Accenture PLC Class A		50,364		10,814,158
Aon PLC Class A		25,129		4,839,845
Linde PLC		9,761		2,070,406
Linde PLC (a)		33,319		7,013,234
Medtronic PLC		124,276		11,396,109
Willis Towers Watson PLC		4,169		821,085

				36,954,837

Israel — 1.2%
Check Point Software Technologies Ltd. (a)		44,530		4,783,858

Japan — 2.7%
Hoya Corp.		24,400		2,336,665
Kubota Corp. (b)		355,800		5,306,196
Olympus Corp.		158,300		3,048,896

				10,691,757

Mexico — 0.2%
Grupo Financiero Banorte SAB de CV Class O		188,711		652,970


	Number of Shares		Value
Netherlands — 2.8%
Akzo Nobel NV		55,922	$	5,003,038
Heineken NV		64,385		5,929,334

				10,932,372

Republic of Korea — 0.9%
Samsung Electronics Co. Ltd.		77,216		3,422,918

Spain — 1.0%
Aena SME SA (a) (c)		28,444		3,786,689

Sweden — 2.2%
Essity AB Class B (a)		272,094		8,784,351

Switzerland — 8.1%
Adecco Group AG Registered		33,789		1,583,141
Cie Financiere Richemont SA Registered		60,554		3,856,018
Julius Baer Group Ltd.		35,922		1,500,642
Nestle SA Registered		105,233		11,625,636
Roche Holding AG		26,424		9,148,822
Sonova Holding AG Registered		4,940		985,047
UBS Group AG Registered		282,869		3,249,754

				31,949,060

Thailand — 0.1%
Kasikornbank PCL		125,200		377,379

United Kingdom — 7.0%
Aptiv PLC		20,727		1,615,048
Burberry Group PLC		104,441		2,066,747
Compass Group PLC		174,240		2,397,041
Diageo PLC		237,545		7,885,057
Reckitt Benckiser Group PLC		86,315		7,943,442
Rolls-Royce Holdings PLC		441,879		1,559,731
Whitbread PLC (a)		58,727		1,614,695
WPP PLC		305,658		2,385,304

				27,467,065

United States — 44.2%
3M Co.		37,572		5,860,856
Abbott Laboratories		64,562		5,902,904
American Express Co.		42,957		4,089,506
Amphenol Corp. Class A		22,369		2,143,174
The Bank of New York Mellon Corp.		114,954		4,442,972
Carrier Global Corp.		30,598		679,888
The Charles Schwab Corp.		26,088		880,209
Cisco Systems, Inc.		51,990		2,424,814
Cognizant Technology Solutions Corp. Class A		63,715		3,620,286
Colgate-Palmolive Co.		63,717		4,667,907
Comcast Corp. Class A		322,069		12,554,250
The Cooper Cos., Inc.		13,263		3,761,917
eBay, Inc.		88,603		4,647,227
Equifax, Inc.		27,216		4,677,886
Fidelity National Information Services, Inc.		30,401		4,076,470
The Goldman Sachs Group, Inc.		26,055		5,148,989
Honeywell International, Inc.		57,741		8,348,771

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

MML Global Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Johnson & Johnson		5,767	$	811,013
Kansas City Southern		48,897		7,299,833
Kellogg Co.		19,791		1,307,394
Marriott International, Inc. Class A		23,133		1,983,192
Microchip Technology, Inc.		18,284		1,925,488
Omnicom Group, Inc.		24,003		1,310,564
Oracle Corp.		108,808		6,013,818
Otis Worldwide Corp.		35,424		2,014,209
PayPal Holdings, Inc. (a)		26,165		4,558,728
PPG Industries, Inc.		39,279		4,165,931
State Street Corp.		48,407		3,076,265
Stryker Corp.		37,680		6,789,559
TD Ameritrade Holding Corp.		77,356		2,814,211
Thermo Fisher Scientific, Inc.		37,917		13,738,846
Union Pacific Corp.		19,905		3,365,338
United Parcel Service, Inc. Class B		39,060		4,342,691
Visa, Inc. Class A		68,998		13,328,344
The Walt Disney Co.		61,099		6,813,150
Waters Corp. (a)		21,801		3,932,900
Wynn Resorts Ltd.		5,863		436,735
Zimmer Biomet Holdings, Inc.		52,676		6,287,407

				174,243,642


TOTAL COMMON STOCK (Cost $360,119,342)				390,586,877


TOTAL EQUITIES (Cost $360,119,342)				390,586,877


TOTAL LONG-TERM INVESTMENTS (Cost $360,119,342)				390,586,877


	Principal Amount
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (d)	$	2,462,887		2,462,887


TOTAL SHORT-TERM INVESTMENTS (Cost $2,462,887)				2,462,887


TOTAL INVESTMENTS — 99.8% (Cost $362,582,229) (e)				393,049,764

Other Assets/(Liabilities) — 0.2%				812,436


NET ASSETS — 100.0%			$	393,862,200

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, 2020, was $5,183,427 or 1.32% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $5,469,428 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)

(d)	Maturity value of $2,462,887. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 2/29/24, and an aggregate market value, including accrued interest, of $2,512,197.

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

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


Consumer, Non-cyclical	38.1	%
Industrial	19.3	%
Financial	12.0	%
Technology	8.8	%
Communications	8.4	%
Consumer, Cyclical	6.4	%
Basic Materials	6.2	%

Total Long-Term Investments	99.2	%
Short-Term Investments and Other Assets and Liabilities	0.8	%

Net Assets	100.0	%

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

MML Growth & Income Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 99.4%

COMMON STOCK — 99.4%
Basic Materials — 3.0%
Chemicals — 3.0%
DuPont de Nemours, Inc.		21,618	$	1,148,564
PPG Industries, Inc.		10,258		1,087,964
The Sherwin-Williams Co.		3,386		1,956,600

				4,193,128

Communications — 10.4%
Internet — 7.8%
Alphabet, Inc. Class A (a)		3,825		5,424,041
Alphabet, Inc. Class C (a)		1,417		2,003,085
Facebook, Inc. Class A (a)		11,995		2,723,705
TD Ameritrade Holding Corp.		18,670		679,215

				10,830,046

Media — 1.9%
Comcast Corp. Class A		67,107		2,615,831

Telecommunications — 0.7%
Cisco Systems, Inc.		20,940		976,641

				14,422,518

Consumer, Cyclical — 10.0%
Apparel — 2.2%
LVMH Moet Hennessy Louis Vuitton SE		3,968		1,737,979
NIKE, Inc. Class B		13,040		1,278,572

				3,016,551

Retail — 7.8%
Costco Wholesale Corp.		5,124		1,553,648
Dollar General Corp.		9,826		1,871,951
The Home Depot, Inc.		7,190		1,801,167
Ross Stores, Inc.		4,496		383,239
Starbucks Corp.		14,864		1,093,842
Target Corp.		15,700		1,882,901
Tractor Supply Co.		17,363		2,288,270

				10,875,018

				13,891,569

Consumer, Non-cyclical — 25.3%
Beverages — 2.3%
Diageo PLC		47,332		1,571,136
Pernod Ricard SA		9,989		1,569,964

				3,141,100

Biotechnology — 0.9%
Illumina, Inc. (a)		3,369		1,247,709

Cosmetics & Personal Care — 1.7%
Colgate-Palmolive Co.		22,793		1,669,816
The Estee Lauder Cos., Inc. Class A		3,587		676,795

				2,346,611


	Number of Shares		Value
Foods — 2.1%
Danone SA		22,589	$	1,560,934
Mondelez International, Inc. Class A		26,103		1,334,646

				2,895,580

Health Care – Products — 5.9%
Danaher Corp.		13,332		2,357,497
Medtronic PLC		33,914		3,109,914
Thermo Fisher Scientific, Inc.		7,605		2,755,596

				8,223,007

Health Care – Services — 1.5%
Cigna Corp. (a)		6,268		1,176,190
ICON PLC (a)		5,067		853,587

				2,029,777

Household Products & Wares — 0.9%
Kimberly-Clark Corp.		9,029		1,276,249

Pharmaceuticals — 10.0%
Becton Dickinson and Co.		11,810		2,825,779
Eli Lilly and Co.		15,133		2,484,536
Johnson & Johnson		28,126		3,955,359
Merck & Co., Inc.		22,407		1,732,733
PRA Health Sciences, Inc. (a)		14,326		1,393,777
Zoetis, Inc.		10,607		1,453,583

				13,845,767

				35,005,800

Energy — 2.0%
Oil & Gas — 0.9%
ConocoPhillips		22,478		944,526
EOG Resources, Inc.		7,355		372,604

				1,317,130

Pipelines — 1.1%
Enterprise Products Partners LP (b)		82,205		1,493,665

				2,810,795

Financial — 18.7%
Banks — 6.5%
Bank of America Corp.		108,807		2,584,166
The Goldman Sachs Group, Inc.		9,971		1,970,469
JP Morgan Chase & Co.		32,278		3,036,069
Truist Financial Corp.		37,904		1,423,295

				9,013,999

Diversified Financial Services — 6.7%
Mastercard, Inc. Class A		11,514		3,404,690
Nasdaq, Inc.		20,088		2,399,913
Visa, Inc. Class A		17,944		3,466,243

				9,270,846

Insurance — 1.0%
Chubb Ltd.		10,796		1,366,990

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

MML Growth & Income Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Private Equity — 0.8%
The Blackstone Group, Inc. Class A		18,737	$	1,061,638

Real Estate Investment Trusts (REITS) — 3.7%
American Tower Corp.		12,618		3,262,258
Equinix, Inc.		2,675		1,878,652

				5,140,910

				25,854,383

Industrial — 7.9%
Electrical Components & Equipment — 1.3%
AMETEK, Inc.		19,945		1,782,485

Electronics — 3.9%
Fortive Corp.		24,918		1,685,952
Honeywell International, Inc.		17,416		2,518,179
TE Connectivity Ltd.		13,999		1,141,619

				5,345,750

Packaging & Containers — 1.1%
Crown Holdings, Inc. (a)		23,020		1,499,292

Transportation — 1.6%
Canadian National Railway Co.		21,829		1,933,395
Old Dominion Freight Line, Inc.		1,807		306,449

				2,239,844

				10,867,371

Technology — 21.5%
Computers — 5.2%
Accenture PLC Class A		11,119		2,387,472
Amdocs Ltd.		24,693		1,503,310
Apple, Inc.		7,942		2,897,241
Cognizant Technology Solutions Corp. Class A		7,402		420,582

				7,208,605

Semiconductors — 3.7%
Analog Devices, Inc.		12,220		1,498,661
Intel Corp.		22,050		1,319,251
Texas Instruments, Inc.		17,898		2,272,509

				5,090,421

Software — 12.6%
Adobe, Inc. (a)		6,278		2,732,876
Electronic Arts, Inc. (a)		17,970		2,372,938
Fidelity National Information Services, Inc.		22,088		2,961,780
Microsoft Corp.		37,329		7,596,825
salesforce.com, Inc. (a)		9,467		1,773,453

				17,437,872

				29,736,898


	Number of Shares		Value
Utilities — 0.6%
Electric — 0.6%
American Electric Power Co., Inc.		9,663	$	769,561


TOTAL COMMON STOCK (Cost $88,651,014)				137,552,023


TOTAL EQUITIES (Cost $88,651,014)				137,552,023


TOTAL LONG-TERM INVESTMENTS (Cost $88,651,014)				137,552,023


	Principal Amount
SHORT-TERM INVESTMENTS — 0.5%
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (c)	$	683,134		683,134


TOTAL SHORT-TERM INVESTMENTS (Cost $683,134)				683,134


TOTAL INVESTMENTS — 99.9% (Cost $89,334,148) (d)				138,235,157

Other Assets/(Liabilities) — 0.1%				156,550


NET ASSETS — 100.0%			$	138,391,707

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Security is a Master Limited Partnership.

(c)	Maturity value of $683,134. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $696,848.

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

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

MML Income & Growth Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 99.1%

COMMON STOCK — 99.1%
Basic Materials — 7.4%
Chemicals — 7.4%
Air Products & Chemicals, Inc.		8,194	$	1,978,523
Corteva, Inc.		205,848		5,514,668
DuPont de Nemours, Inc.		80,810		4,293,436
Element Solutions, Inc. (a)		218,033		2,365,658
Linde PLC		20,946		4,442,856

				18,595,141

				18,595,141

Communications — 4.5%
Media — 2.2%
Comcast Corp. Class A		142,108		5,539,370

Telecommunications — 2.3%
AT&T, Inc.		61,213		1,850,469
Verizon Communications, Inc.		69,288		3,819,847

				5,670,316

				11,209,686

Consumer, Cyclical — 9.5%
Entertainment — 1.2%
Marriott Vacations Worldwide Corp.		18,953		1,558,126
SeaWorld Entertainment, Inc. (a) (b)		97,518		1,444,242

				3,002,368

Food Services — 0.7%
Aramark		75,476		1,703,493

Home Builders — 1.2%
Lennar Corp. Class A		49,455		3,047,417

Home Furnishing — 1.1%
Whirlpool Corp.		20,667		2,676,996

Lodging — 1.7%
Las Vegas Sands Corp.		26,334		1,199,250
Marriott International, Inc. Class A		13,836		1,186,160
MGM Resorts International		110,948		1,863,927

				4,249,337

Retail — 3.6%
Advance Auto Parts, Inc.		12,649		1,801,850
Dollar General Corp.		6,745		1,284,990
Lowe’s Cos., Inc.		45,146		6,100,128

				9,186,968

				23,866,579

Consumer, Non-cyclical — 17.0%
Beverages — 2.6%
Coca-Cola European Partners PLC		121,441		4,585,612
Molson Coors Beverage Co. Class B		54,003		1,855,543

				6,441,155


	Number of Shares		Value
Commercial Services — 1.6%
Aaron’s, Inc.		44,980	$	2,042,092
Quanta Services, Inc.		50,077		1,964,521

				4,006,613

Health Care – Products — 3.5%
Envista Holdings Corp. (a)		69,319		1,461,938
Hologic, Inc. (a)		34,880		1,988,160
Medtronic PLC		59,262		5,434,325

				8,884,423

Health Care – Services — 5.2%
Anthem, Inc.		7,632		2,007,063
Cigna Corp.		18,380		3,449,007
Humana, Inc.		3,795		1,471,511
UnitedHealth Group, Inc.		20,764		6,124,342

				13,051,923

Pharmaceuticals — 4.1%
CVS Health Corp.		95,908		6,231,143
Johnson & Johnson		28,127		3,955,500

				10,186,643

				42,570,757

Energy — 6.0%
Oil & Gas — 6.0%
BP PLC Sponsored ADR (b)		75,514		1,760,987
Chevron Corp.		16,638		1,484,609
Hess Corp.		70,695		3,662,708
Phillips 66		72,426		5,207,429
Valero Energy Corp.		49,823		2,930,589

				15,046,322

				15,046,322

Financial — 26.3%
Banks — 9.9%
The Bank of New York Mellon Corp.		45,503		1,758,691
Citigroup, Inc.		31,642		1,616,906
The Goldman Sachs Group, Inc.		10,274		2,030,348
JP Morgan Chase & Co.		57,822		5,438,737
Northern Trust Corp.		59,714		4,737,709
US Bancorp		151,015		5,560,372
Wells Fargo & Co.		142,439		3,646,439

				24,789,202

Diversified Financial Services — 2.9%
American Express Co.		55,970		5,328,344
Navient Corp.		85,038		597,817
SLM Corp.		177,321		1,246,567

				7,172,728

Insurance — 7.3%
American International Group, Inc.		69,474		2,166,199
Aon PLC Class A		13,063		2,515,934
Assurant, Inc.		11,808		1,219,648

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

MML Income & Growth Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Berkshire Hathaway, Inc. Class B (a)		9,172	$	1,637,294
Chubb Ltd.		55,068		6,972,710
Fidelity National Financial, Inc.		40,366		1,237,622
Willis Towers Watson PLC		13,331		2,625,540

				18,374,947

Real Estate Investment Trusts (REITS) — 3.9%
American Campus Communities, Inc.		49,849		1,742,721
Healthpeak Properties, Inc.		147,385		4,061,930
MGM Growth Properties LLC Class A		149,085		4,056,603

				9,861,254

Savings & Loans — 2.3%
New York Community Bancorp, Inc.		562,794		5,740,499

				65,938,630

Industrial — 14.0%
Aerospace & Defense — 3.6%
General Dynamics Corp.		35,218		5,263,682
Raytheon Technologies Corp.		63,049		3,885,080

				9,148,762

Building Materials — 0.8%
Owens Corning		35,564		1,983,049

Electrical Components & Equipment — 0.8%
Emerson Electric Co.		33,519		2,079,183

Engineering & Construction — 1.5%
AECOM (a)		50,762		1,907,636
Jacobs Engineering Group, Inc.		21,220		1,799,456

				3,707,092

Hand & Machine Tools — 2.3%
Stanley Black & Decker, Inc.		41,297		5,755,976

Machinery – Construction & Mining — 0.7%
BWX Technologies, Inc.		32,017		1,813,443

Machinery – Diversified — 3.4%
Deere & Co.		30,333		4,766,831
Westinghouse Air Brake Technologies Corp.		63,305		3,644,468

				8,411,299

Transportation — 0.9%
J.B. Hunt Transport Services, Inc.		17,784		2,140,126

				35,038,930

Technology — 8.9%
Computers — 1.6%
Cognizant Technology Solutions Corp. Class A		68,929		3,916,546

Semiconductors — 5.0%
Broadcom, Inc.		8,338		2,631,556
Marvell Technology Group Ltd.		79,337		2,781,555
Microchip Technology, Inc.		22,139		2,331,458
QUALCOMM, Inc.		23,407		2,134,953


	Number of Shares		Value
Texas Instruments, Inc.		20,568	$	2,611,519

				12,491,041

Software — 2.3%
Oracle Corp.		107,010		5,914,442

				22,322,029

Utilities — 5.5%
Electric — 5.5%
CenterPoint Energy, Inc.		101,854		1,901,614
Dominion Energy, Inc.		14,909		1,210,313
Edison International		33,230		1,804,721
Entergy Corp.		38,584		3,619,565
Exelon Corp.		143,912		5,222,567

				13,758,780


TOTAL COMMON STOCK (Cost $258,256,089)				248,346,854


TOTAL EQUITIES (Cost $258,256,089)				248,346,854


MUTUAL FUNDS — 0.6%
Diversified Financial Services — 0.6%
State Street Navigator Securities Lending Prime Portfolio (c)		1,472,266		1,472,266


TOTAL MUTUAL FUNDS (Cost $1,472,266)				1,472,266


TOTAL LONG-TERM INVESTMENTS (Cost $259,728,355)				249,819,120


	Principal Amount
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (d)	$	2,161,364		2,161,364


TOTAL SHORT-TERM INVESTMENTS (Cost $2,161,364)				2,161,364


TOTAL INVESTMENTS — 100.5% (Cost $261,889,719) (e)				251,980,484

Other Assets/(Liabilities) — (0.5)%				(1,366,363	)


NET ASSETS — 100.0%			$	250,614,121

Abbreviation Legend

ADR	American Depositary Receipt

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

MML Income & Growth Fund – Portfolio of Investments (Continued)

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, 2020, was $3,173,144 or 1.27% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,805,477 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 $2,161,364. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $2,204,692.

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

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


United States	87.3	%
Ireland	6.0	%
Switzerland	2.8	%
United Kingdom	2.5	%
Bermuda	1.1	%

Total Long-Term Investments	99.7	%
Short-Term Investments and Other Assets and Liabilities	0.3	%

Net Assets	100.0	%

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

MML International Equity Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 96.5%

COMMON STOCK — 96.0%
Australia — 3.6%
AMP Ltd. (a)		1,520,394	$	1,949,232
Brambles Ltd.		182,800		1,375,178
Orica Ltd.		181,867		2,090,944

				5,415,354

Canada — 2.4%
Cenovus Energy, Inc.		483,815		2,262,983
Open Text Corp.		33,700		1,431,058

				3,694,041

Cayman Islands — 2.5%
Alibaba Group Holding Ltd. Sponsored ADR (a)		380		81,966
Alibaba Group Holding Ltd. (a)		36,960		998,761
Baidu, Inc. Sponsored ADR (a)		13,605		1,631,104
Trip.com Group Ltd. ADR (a)		39,600		1,026,432

				3,738,263

Finland — 0.9%
UPM-Kymmene OYJ		49,000		1,414,042

France — 11.5%
Accor SA (a)		109,400		2,968,352
BNP Paribas SA (a)		162,350		6,436,055
Bureau Veritas SA (a)		62,987		1,327,085
EssilorLuxottica SA (a)		7,305		936,277
Publicis Groupe SA		90,457		2,924,181
Valeo SA (b)		106,010		2,776,841

				17,368,791

Germany — 16.4%
Allianz SE Registered		19,595		3,996,864
Bayer AG Registered		38,494		2,825,442
Bayerische Motoren Werke AG		79,550		5,068,061
Continental AG (a)		47,755		4,664,456
Daimler AG Registered		141,603		5,739,668
Henkel AG & Co. KGaA		6,200		515,256
thyssenkrupp AG (a)		283,074		2,001,901

				24,811,648

India — 1.0%
Axis Bank Ltd.		284,442		1,553,217

Indonesia — 0.9%
Bank Mandiri Persero Tbk PT		3,773,800		1,308,771

Ireland — 2.1%
Ryanair Holdings PLC Sponsored ADR (a)		47,310		3,138,545

Italy — 4.1%
Intesa Sanpaolo SpA (a)		3,241,600		6,192,624

Japan — 2.7%
Komatsu Ltd.		113,400		2,318,434


	Number of Shares		Value
Toyota Motor Corp.		27,800	$	1,743,940

				4,062,374

Mexico — 0.6%
Grupo Televisa SAB Sponsored ADR (a)		171,500		898,660

Netherlands — 5.3%
CNH Industrial NV (a)		660,053		4,611,025
EXOR NV		58,900		3,358,277

				7,969,302

Republic of Korea — 2.4%
NAVER Corp.		12,630		2,832,494
Samsung Electronics Co. Ltd.		19,450		862,201

				3,694,695

South Africa — 2.2%
Naspers Ltd.		17,990		3,281,921

Spain — 1.3%
Amadeus IT Group SA		36,400		1,893,995

Sweden — 5.3%
Hennes & Mauritz AB Class B (b)		185,018		2,675,302
SKF AB Class B		132,600		2,460,231
Volvo AB Class B (a)		183,270		2,864,784

				8,000,317

Switzerland — 7.3%
Cie Financiere Richemont SA Registered		33,140		2,110,322
Credit Suisse Group AG Registered		511,309		5,275,844
Kuehne & Nagel International AG Registered (a)		2,805		465,456
LafargeHolcim Ltd. Registered		37,659		1,647,130
The Swatch Group AG		8,020		1,597,973

				11,096,725

Taiwan — 0.2%
Taiwan Semiconductor Manufacturing Co. Ltd.		26,000		275,133

United Kingdom — 23.3%
Ashtead Group PLC		80,274		2,698,513
Bunzl PLC		62,700		1,681,037
Compass Group PLC		72,600		998,767
Ferguson PLC		17,670		1,445,494
G4S PLC		797,600		1,124,372
Glencore PLC		3,153,386		6,674,615
Liberty Global PLC Series A (a)		99,700		2,179,442
Liberty Global PLC Series C (a)		11,800		253,818
Lloyds Banking Group PLC		14,624,700		5,641,740
Prudential PLC		186,000		2,801,098
Reckitt Benckiser Group PLC		3,940		362,592
Rolls-Royce Holdings PLC		574,180		2,026,723
Royal Bank of Scotland Group PLC		1,315,500		1,978,602
Schroders PLC		59,000		2,153,099
Smiths Group PLC		72,700		1,269,705

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

MML International Equity Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
WPP PLC		249,592	$	1,947,773

				35,237,390


TOTAL COMMON STOCK (Cost $178,149,628)				145,045,808


PREFERRED STOCK — 0.5%
Germany — 0.5%
Henkel AG & Co. KGaA 1.980%		7,500		697,239


TOTAL PREFERRED STOCK (Cost $763,143)				697,239


TOTAL EQUITIES (Cost $178,912,771)				145,743,047


MUTUAL FUNDS — 0.1%
United States — 0.1%
State Street Navigator Securities Lending Prime Portfolio (c)		159,942		159,942


TOTAL MUTUAL FUNDS (Cost $159,942)				159,942


TOTAL LONG-TERM INVESTMENTS (Cost $179,072,713)				145,902,989


	Principal Amount
SHORT-TERM INVESTMENTS — 3.1%
Repurchase Agreement — 3.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (d)	$	4,628,350		4,628,350


TOTAL SHORT-TERM INVESTMENTS (Cost $4,628,350)				4,628,350


TOTAL INVESTMENTS — 99.7% (Cost $183,701,063) (e)				150,531,339

Other Assets/(Liabilities) — 0.3%				515,089


NET ASSETS — 100.0%			$	151,046,428

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, 2020, was $201,054 or 0.13% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $52,274 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 $4,628,350. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $4,720,939.

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

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


Financial	28.2	%
Consumer, Cyclical	26.1	%
Communications	12.0	%
Industrial	11.2	%
Consumer, Non-cyclical	9.1	%
Basic Materials	6.7	%
Technology	1.7	%
Energy	1.5	%
Mutual Funds	0.1	%

Total Long-Term Investments	96.6	%
Short-Term Investments and Other Assets and Liabilities	3.4	%

Net Assets	100.0	%

Forward contracts

Counterparty

Settlement
Date

Currency
Purchased

Currency
Sold

Unrealized
Appreciation
(Depreciation)

State Street Bank and Trust Co.*

12/16/20

USD

1,375,865

CHF

1,300,000

(3,634

)

*	Contracts are subject to a Master Netting Agreement.

Currency Legend

CHF	Swiss Franc

USD	U.S. Dollar

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

MML Large Cap Growth Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 99.5%

COMMON STOCK — 99.5%
Communications — 30.0%
Internet — 24.1%
Alibaba Group Holding Ltd. Sponsored ADR (a)		32,683	$	7,049,723
Alphabet, Inc. Class A (a)		2,543		3,606,101
Alphabet, Inc. Class C (a)		2,548		3,601,878
Amazon.com, Inc. (a)		3,811		10,513,863
Facebook, Inc. Class A (a)		32,125		7,294,624

				32,066,189

Media — 3.7%
FactSet Research Systems, Inc.		7,407		2,432,978
The Walt Disney Co.		22,457		2,504,180

				4,937,158

Telecommunications — 2.2%
Cisco Systems, Inc.		62,605		2,919,897

				39,923,244

Consumer, Cyclical — 4.1%
Retail — 4.1%
Starbucks Corp.		30,976		2,279,524
Yum China Holdings, Inc.		29,301		1,408,499
Yum! Brands, Inc.		19,782		1,719,253

				5,407,276

				5,407,276

Consumer, Non-cyclical — 20.0%
Beverages — 3.4%
Monster Beverage Corp. (a)		65,987		4,574,219

Biotechnology — 5.9%
Illumina, Inc. (a)		6,113		2,263,950
Regeneron Pharmaceuticals, Inc. (a)		8,953		5,583,538

				7,847,488

Commercial Services — 0.8%
Automatic Data Processing, Inc.		6,748		1,004,710

Cosmetics & Personal Care — 1.7%
Colgate-Palmolive Co.		31,564		2,312,378

Health Care – Products — 1.8%
Intuitive Surgical, Inc. (a)		2,737		1,559,625
Varian Medical Systems, Inc. (a)		6,302		772,121

				2,331,746

Pharmaceuticals — 6.4%
Novartis AG Sponsored ADR		29,714		2,595,221
Novo Nordisk A/S Sponsored ADR		22,232		1,455,751
Roche Holding AG Sponsored ADR		102,935		4,465,320

				8,516,292

				26,586,833


	Number of Shares		Value
Energy — 0.8%
Oil & Gas Services — 0.8%
Schlumberger Ltd.		54,920	$	1,009,979

Financial — 7.9%
Diversified Financial Services — 7.9%
SEI Investments Co.		42,090		2,314,108
Visa, Inc. Class A		42,532		8,215,907

				10,530,015

				10,530,015

Industrial — 8.8%
Aerospace & Defense — 3.5%
The Boeing Co.		25,533		4,680,199

Machinery – Diversified — 2.9%
Deere & Co.		24,548		3,857,718

Transportation — 2.4%
Expeditors International of Washington, Inc.		40,711		3,095,665

				11,633,582

Technology — 27.9%
Semiconductors — 6.3%
NVIDIA Corp.		15,291		5,809,204
QUALCOMM, Inc.		28,379		2,588,448

				8,397,652

Software — 21.6%
Autodesk, Inc. (a)		29,177		6,978,847
Cerner Corp.		36,226		2,483,292
Microsoft Corp.		31,094		6,327,940
Oracle Corp.		98,820		5,461,781
salesforce.com, Inc. (a)		29,075		5,446,620
Workday, Inc. Class A (a)		10,383		1,945,359

				28,643,839

				37,041,491


TOTAL COMMON STOCK (Cost $83,264,717)				132,132,420


TOTAL EQUITIES (Cost $83,264,717)				132,132,420


TOTAL LONG-TERM INVESTMENTS (Cost $83,264,717)				132,132,420

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

MML Large Cap Growth Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (b)	$	829,316	$	829,316


TOTAL SHORT-TERM INVESTMENTS (Cost $829,316)				829,316


TOTAL INVESTMENTS — 100.1% (Cost $84,094,033) (c)				132,961,736

Other Assets/(Liabilities) — (0.1)%				(118,330	)


NET ASSETS — 100.0%			$	132,843,406

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)	Maturity value of $829,316. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 2/29/24, and an aggregate market value, including accrued interest, of $845,988.

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

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


United States	87.0	%
Switzerland	5.3	%
Cayman Islands	5.3	%
Denmark	1.1	%
Netherlands	0.8	%

Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%

Net Assets	100.0	%

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

MML Managed Volatility Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 91.6%

COMMON STOCK — 91.6%
Basic Materials — 2.0%
Chemicals — 1.6%
Air Products & Chemicals, Inc. (a)		1,098	$	265,123
Albemarle Corp. (a)		524		40,458
Celanese Corp. (a)		591		51,027
CF Industries Holdings, Inc. (a)		1,073		30,194
Corteva, Inc. (a) (b)		3,836		102,766
Dow, Inc. (a) (b)		3,692		150,486
DuPont de Nemours, Inc. (a)		3,689		195,997
Eastman Chemical Co. (a)		629		43,804
Ecolab, Inc. (a)		1,232		245,106
FMC Corp. (a)		642		63,956
International Flavors & Fragrances, Inc. (a)		529		64,781
Linde PLC (a)		2,678		568,031
LyondellBasell Industries NV Class A (a)		1,277		83,924
The Mosaic Co. (a)		1,874		23,444
PPG Industries, Inc. (a)		1,175		124,620
The Sherwin-Williams Co. (a)		409		236,341

				2,290,058

Forest Products & Paper — 0.1%
International Paper Co. (a)		1,884		66,336

Iron & Steel — 0.1%
Nucor Corp. (a)		1,576		65,262

Mining — 0.2%
Freeport-McMoRan, Inc. (a)		7,152		82,749
Newmont Corp. (a)		4,077		251,714

				334,463

				2,756,119

Communications — 15.1%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. (a)		1,863		31,969
Omnicom Group, Inc. (a)		1,070		58,422

				90,391

Internet — 10.5%
Alphabet, Inc. Class A (a) (b)		1,498		2,124,239
Alphabet, Inc. Class C (a) (b)		1,474		2,083,661
Amazon.com, Inc. (a) (b)		2,101		5,796,281
Booking Holdings, Inc. (a) (b)		208		331,207
CDW Corp. (a)		720		83,650
eBay, Inc. (a)		3,276		171,826
Expedia Group, Inc. (a)		691		56,800
F5 Networks, Inc. (a) (b)		323		45,052
Facebook, Inc. Class A (a) (b)		12,060		2,738,464
Netflix, Inc. (a) (b)		2,206		1,003,818
NortonLifeLock, Inc. (a)		2,869		56,892


	Number of Shares		Value
Twitter, Inc. (a) (b)		3,850	$	114,692
VeriSign, Inc. (a) (b)		512		105,897

				14,712,479

Media — 1.8%
Charter Communications, Inc. Class A (a) (b)		756		385,590
Comcast Corp. Class A (a)		22,817		889,407
Discovery, Inc. Class A (a) (b) (c)		1,074		22,661
Discovery, Inc. Class C (a) (b)		1,370		26,386
DISH Network Corp. Class A (a) (b)		1,283		44,276
Fox Corp. Class A (a)		1,271		34,088
Fox Corp. Class B (a) (b)		1,296		34,785
News Corp. Class A (a)		1,161		13,770
News Corp. Class B (a)		1,339		16,001
ViacomCBS, Inc. Class B (a)		2,673		62,334
The Walt Disney Co. (a)		9,053		1,009,500

				2,538,798

Telecommunications — 2.7%
Arista Networks, Inc. (a) (b)		273		57,338
AT&T, Inc. (a)		35,806		1,082,415
CenturyLink, Inc. (a)		4,854		48,686
Cisco Systems, Inc. (a)		21,123		985,177
Corning, Inc. (a)		3,805		98,550
Juniper Networks, Inc. (a)		1,719		39,296
Motorola Solutions, Inc. (a)		848		118,830
T-Mobile US, Inc. (a) (b)		1,895		197,364
Verizon Communications, Inc. (a)		20,813		1,147,421

				3,775,077

				21,116,745

Consumer, Cyclical — 7.1%
Airlines — 0.2%
Alaska Air Group, Inc. (a)		695		25,201
American Airlines Group, Inc. (a)		1,913		25,003
Delta Air Lines, Inc. (a)		2,849		79,914
Southwest Airlines Co. (a)		2,606		89,073
United Airlines Holdings, Inc. (a) (b)		1,229		42,536

				261,727

Apparel — 0.6%
Hanesbrands, Inc. (a)		1,795		20,265
NIKE, Inc. Class B (a)		6,202		608,106
PVH Corp. (a)		399		19,172
Ralph Lauren Corp. (a)		271		19,653
Tapestry, Inc. (a)		1,335		17,729
Under Armour, Inc. Class A (a) (b)		1,136		11,065
Under Armour, Inc. Class C (a) (b)		912		8,062
VF Corp. (a)		1,617		98,540

				802,592

Auto Manufacturers — 0.4%
Cummins, Inc. (a)		760		131,677

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Ford Motor Co. (a)		19,383	$	117,849
General Motors Co. (a)		6,259		158,353
PACCAR, Inc. (a)		1,717		128,517

				536,396

Auto Parts & Equipment — 0.1%
Aptiv PLC (a)		1,271		99,036
BorgWarner, Inc. (a)		1,007		35,547

				134,583

Distribution & Wholesale — 0.2%
Copart, Inc. (a) (b)		1,008		83,936
Fastenal Co. (a)		2,927		125,393
LKQ Corp. (a) (b)		1,528		40,034
W.W. Grainger, Inc. (a)		213		66,916

				316,279

Entertainment — 0.0%
Live Nation Entertainment, Inc. (a) (b)		712		31,563

Home Builders — 0.2%
D.R. Horton, Inc. (a)		1,739		96,428
Lennar Corp. Class A (a)		1,380		85,036
NVR, Inc. (a) (b)		17		55,399
PulteGroup, Inc. (a)		1,218		41,448

				278,311

Home Furnishing — 0.0%
Leggett & Platt, Inc. (a)		701		24,640
Whirlpool Corp. (a)		311		40,284

				64,924

Housewares — 0.0%
Newell Brands, Inc. (a)		1,874		29,759

Leisure Time — 0.1%
Carnival Corp. (a) (c)		2,250		36,945
Norwegian Cruise Line Holdings Ltd. (a) (b)		1,207		19,831
Royal Caribbean Cruises Ltd. (a)		867		43,610

				100,386

Lodging — 0.3%
Hilton Worldwide Holdings, Inc. (a)		1,438		105,621
Las Vegas Sands Corp. (a)		1,678		76,416
Marriott International, Inc. Class A (a)		1,349		115,650
MGM Resorts International (a)		2,567		43,125
Wynn Resorts Ltd. (a)		479		35,681

				376,493

Retail — 5.0%
Advance Auto Parts, Inc. (a)		361		51,424
AutoZone, Inc. (a) (b)		118		133,118
Best Buy Co., Inc. (a)		1,127		98,353
CarMax, Inc. (a) (b)		810		72,536
Chipotle Mexican Grill, Inc. (a) (b)		127		133,650
Costco Wholesale Corp. (a)		2,200		667,062
Darden Restaurants, Inc. (a)		643		48,720


	Number of Shares		Value
Dollar General Corp. (a)		1,266	$	241,186
Dollar Tree, Inc. (a) (b)		1,173		108,714
Domino’s Pizza, Inc. (a)		192		70,932
The Gap, Inc. (a)		1,218		15,371
Genuine Parts Co. (a)		726		63,133
The Home Depot, Inc. (a)		5,364		1,343,736
Kohl’s Corp. (a)		816		16,948
L Brands, Inc. (a)		1,263		18,907
Lowe’s Cos., Inc. (a)		3,817		515,753
McDonald’s Corp. (a)		3,753		692,316
O’Reilly Automotive, Inc. (a) (b)		376		158,548
Ross Stores, Inc. (a)		1,795		153,006
Starbucks Corp. (a)		5,883		432,930
Target Corp. (a)		2,522		302,463
Tiffany & Co. (a)		535		65,238
The TJX Cos., Inc. (a)		6,030		304,877
Tractor Supply Co. (a)		585		77,097
Ulta Beauty, Inc. (a) (b)		283		57,568
Walgreens Boots Alliance, Inc. (a)		3,727		157,988
Walmart, Inc. (a)		7,071		846,964
Yum! Brands, Inc. (a)		1,503		130,626

				6,979,164

Textiles — 0.0%
Mohawk Industries, Inc. (a) (b)		291		29,612

Toys, Games & Hobbies — 0.0%
Hasbro, Inc. (a)		626		46,919

				9,988,708

Consumer, Non-cyclical — 20.5%
Agriculture — 0.7%
Altria Group, Inc. (a)		9,295		364,829
Archer-Daniels-Midland Co. (a)		2,746		109,565
Philip Morris International, Inc. (a)		7,749		542,895

				1,017,289

Beverages — 1.5%
Brown-Forman Corp. Class B (a)		957		60,923
The Coca-Cola Co. (a)		19,406		867,060
Constellation Brands, Inc. Class A (a)		854		149,407
Molson Coors Beverage Co. Class B (a)		913		31,371
Monster Beverage Corp. (a) (b)		1,879		130,252
PepsiCo, Inc. (a)		6,941		918,017

				2,157,030

Biotechnology — 1.9%
Alexion Pharmaceuticals, Inc. (a) (b)		1,099		123,352
Amgen, Inc. (a)		2,961		698,382
Bio-Rad Laboratories, Inc. Class A (a) (b)		105		47,406
Biogen, Inc. (a) (b)		820		219,391
Gilead Sciences, Inc. (a)		6,304		485,030
Illumina, Inc. (a) (b)		731		270,726
Incyte Corp. (a) (b)		886		92,117

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Regeneron Pharmaceuticals, Inc. (a) (b)		502	$	313,072
Vertex Pharmaceuticals, Inc. (a) (b)		1,315		381,758

				2,631,234

Commercial Services — 2.3%
Automatic Data Processing, Inc. (a)		2,152		320,411
Cintas Corp. (a)		414		110,273
Equifax, Inc. (a)		600		103,128
FleetCor Technologies, Inc. (a) (b)		431		108,409
Gartner, Inc. (a) (b)		466		56,540
Global Payments, Inc. (a)		1,495		253,582
H&R Block, Inc. (a)		1,020		14,565
IHS Markit Ltd. (a)		1,990		150,245
MarketAxess Holdings, Inc. (a)		188		94,173
Moody’s Corp. (a)		808		221,982
Nielsen Holdings PLC (a)		1,741		25,871
PayPal Holdings, Inc. (a) (b)		5,851		1,019,420
Quanta Services, Inc. (a)		673		26,402
Robert Half International, Inc. (a)		614		32,437
Rollins, Inc. (a)		761		32,259
S&P Global, Inc. (a)		1,218		401,307
United Rentals, Inc. (a) (b)		341		50,823
Verisk Analytics, Inc. (a)		809		137,692

				3,159,519

Cosmetics & Personal Care — 1.4%
Colgate-Palmolive Co. (a)		4,266		312,527
Coty, Inc. Class A (a)		1,451		6,486
The Estee Lauder Cos., Inc. Class A (a)		1,109		209,246
The Procter & Gamble Co. (a)		12,441		1,487,571

				2,015,830

Foods — 1.1%
Campbell Soup Co. (a)		841		41,739
Conagra Brands, Inc. (a)		2,409		84,724
General Mills, Inc. (a)		3,000		184,950
The Hershey Co. (a)		748		96,956
Hormel Foods Corp. (a)		1,451		70,040
The J.M. Smucker Co. (a)		595		62,957
Kellogg Co. (a)		1,229		81,188
The Kraft Heinz Co. (a)		3,089		98,508
The Kroger Co. (a)		3,983		134,825
Lamb Weston Holdings, Inc. (a)		722		46,157
McCormick & Co., Inc. (a)		610		109,440
Mondelez International, Inc. Class A (a)		7,158		365,988
Sysco Corp. (a)		2,536		138,618
Tyson Foods, Inc. Class A (a)		1,465		87,475

				1,603,565

Health Care – Products — 3.6%
Abbott Laboratories (a)		8,802		804,767
ABIOMED, Inc. (a) (b)		230		55,559


	Number of Shares		Value
Align Technology, Inc. (a) (b)		356	$	97,701
Baxter International, Inc. (a)		2,536		218,350
Boston Scientific Corp. (a) (b)		7,210		253,143
The Cooper Cos., Inc. (a)		259		73,463
Danaher Corp. (a)		3,133		554,008
Dentsply Sirona, Inc. (a)		1,087		47,893
Edwards Lifesciences Corp. (a) (b)		3,108		214,794
Henry Schein, Inc. (a) (b)		759		44,318
Hologic, Inc. (a) (b)		1,318		75,126
IDEXX Laboratories, Inc. (a) (b)		425		140,318
Intuitive Surgical, Inc. (a) (b)		574		327,082
Medtronic PLC (a)		6,675		612,098
ResMed, Inc. (a)		735		141,120
Steris PLC (a)		443		67,974
Stryker Corp. (a)		1,601		288,484
Teleflex, Inc. (a)		228		82,987
Thermo Fisher Scientific, Inc. (a)		1,998		723,955
Varian Medical Systems, Inc. (a) (b)		475		58,197
West Pharmaceutical Services, Inc. (a)		365		82,917
Zimmer Biomet Holdings, Inc. (a)		1,019		121,628

				5,085,882

Health Care – Services — 2.2%
Anthem, Inc. (a)		1,262		331,881
Centene Corp. (a) (b)		2,903		184,485
Cigna Corp. (a) (b)		1,858		348,654
DaVita, Inc. (a) (b)		468		37,037
HCA Healthcare, Inc. (a)		1,314		127,537
Humana, Inc. (a)		659		255,527
IQVIA Holdings, Inc. (a) (b)		926		131,381
Laboratory Corp. of America Holdings (a) (b)		480		79,733
Quest Diagnostics, Inc. (a)		666		75,897
UnitedHealth Group, Inc. (a)		4,760		1,403,962
Universal Health Services, Inc. Class B (a)		403		37,435

				3,013,529

Household Products & Wares — 0.4%
Avery Dennison Corp. (a)		437		49,858
Church & Dwight Co., Inc. (a)		1,211		93,610
The Clorox Co. (a)		624		136,887
Kimberly-Clark Corp. (a)		1,706		241,143

				521,498

Pharmaceuticals — 5.4%
AbbVie, Inc. (a)		8,788		862,806
AmerisourceBergen Corp. (a)		766		77,190
Becton Dickinson and Co. (a)		1,468		351,248
Bristol-Myers Squibb Co. (a)		11,365		668,262
Cardinal Health, Inc. (a)		1,447		75,519
CVS Health Corp. (a)		6,479		420,941
DexCom, Inc. (a) (b)		466		188,916
Eli Lilly and Co. (a)		4,209		691,034

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Johnson & Johnson (a)		13,218	$	1,858,847
McKesson Corp. (a)		802		123,043
Merck & Co., Inc. (a)		12,683		980,776
Mylan NV (a) (b)		2,609		41,953
Perrigo Co. PLC (a)		716		39,573
Pfizer, Inc. (a)		27,853		910,793
Zoetis, Inc. (a)		2,370		324,785

				7,615,686

				28,821,062

Energy — 2.6%
Oil & Gas — 2.2%
Apache Corp. (a)		1,857		25,070
Cabot Oil & Gas Corp. (a)		2,099		36,061
Chevron Corp. (a)		9,418		840,368
Concho Resources, Inc. (a)		1,025		52,788
ConocoPhillips (a)		5,451		229,051
Devon Energy Corp. (a)		1,957		22,192
Diamondback Energy, Inc. (a)		834		34,878
EOG Resources, Inc. (a)		2,885		146,154
Exxon Mobil Corp. (a)		21,074		942,429
Hess Corp. (a)		1,279		66,265
HollyFrontier Corp. (a)		726		21,199
Marathon Oil Corp. (a)		3,904		23,893
Marathon Petroleum Corp. (a)		3,229		120,700
Noble Energy, Inc. (a)		2,353		21,083
Occidental Petroleum Corp. (a)		4,433		81,124
Phillips 66 (a)		2,208		158,755
Pioneer Natural Resources Co. (a)		848		82,850
Valero Energy Corp. (a)		2,042		120,110

				3,024,970

Oil & Gas Services — 0.2%
Baker Hughes Co. (a)		3,205		49,325
Halliburton Co. (a)		4,486		58,228
National Oilwell Varco, Inc. (a)		2,062		25,260
Schlumberger Ltd. (a)		6,841		125,806
TechnipFMC PLC (a)		2,016		13,789

				272,408

Pipelines — 0.2%
Kinder Morgan, Inc. (a)		9,667		146,649
ONEOK, Inc. (a)		2,047		68,001
The Williams Cos., Inc. (a)		6,019		114,481

				329,131

				3,626,509

Financial — 13.4%
Banks — 4.0%
Bank of America Corp. (a)		38,905		923,994
The Bank of New York Mellon Corp. (a)		4,165		160,977
Citigroup, Inc. (a)		10,361		529,447
Citizens Financial Group, Inc. (a)		2,202		55,578


	Number of Shares		Value
Comerica, Inc. (a)		693	$	26,403
Fifth Third Bancorp (a)		3,575		68,926
First Republic Bank (a)		874		92,635
The Goldman Sachs Group, Inc. (a)		1,587		313,623
Huntington Bancshares, Inc. (a)		4,932		44,561
JP Morgan Chase & Co. (a)		15,250		1,434,415
KeyCorp (a)		5,009		61,010
M&T Bank Corp. (a)		647		67,269
Morgan Stanley (a)		5,798		280,043
Northern Trust Corp. (a)		1,046		82,990
The PNC Financial Services Group, Inc. (a)		2,176		228,937
Regions Financial Corp. (a)		4,699		52,253
State Street Corp. (a)		1,805		114,708
SVB Financial Group (a) (b)		264		56,900
Truist Financial Corp. (a)		6,669		250,421
US Bancorp (a)		7,058		259,875
Wells Fargo & Co. (a)		18,609		476,390
Zions Bancorp NA (a)		802		27,268

				5,608,623

Diversified Financial Services — 3.8%
American Express Co. (a)		3,338		317,778
Ameriprise Financial, Inc. (a)		646		96,926
BlackRock, Inc. (a)		759		412,964
Capital One Financial Corp. (a)		2,309		144,520
Cboe Global Markets, Inc. (a)		582		54,289
The Charles Schwab Corp. (a)		5,688		191,913
CME Group, Inc. (a)		1,784		289,971
Discover Financial Services (a)		1,549		77,589
E*TRADE Financial Corp. (a)		1,142		56,792
Franklin Resources, Inc. (a)		1,364		28,603
Intercontinental Exchange, Inc. (a)		2,769		253,640
Invesco Ltd. (a)		2,038		21,929
Mastercard, Inc. Class A (a)		4,425		1,308,473
Nasdaq, Inc. (a)		602		71,921
Raymond James Financial, Inc. (a)		605		41,642
Synchrony Financial (a)		2,377		52,674
T. Rowe Price Group, Inc. (a)		1,158		143,013
Visa, Inc. Class A (a)		8,533		1,648,320
The Western Union Co. (a)		2,185		47,240

				5,260,197

Insurance — 3.0%
Aflac, Inc. (a)		3,707		133,563
The Allstate Corp. (a)		1,606		155,766
American International Group, Inc. (a)		4,327		134,916
Aon PLC Class A (a)		1,164		224,186
Arthur J Gallagher & Co. (a)		980		95,540
Assurant, Inc. (a)		278		28,715
Berkshire Hathaway, Inc. Class B (a) (b)		9,752		1,740,829
Chubb Ltd. (a)		2,255		285,528
Cincinnati Financial Corp. (a)		742		47,510

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Everest Re Group Ltd. (a)		199	$	41,034
Globe Life, Inc. (a)		525		38,971
The Hartford Financial Services Group, Inc. (a)		1,854		71,472
Lincoln National Corp. (a)		975		35,870
Loews Corp. (a)		1,250		42,862
Marsh & McLennan Cos., Inc. (a)		2,510		269,499
MetLife, Inc. (a)		3,882		141,771
Principal Financial Group, Inc. (a)		1,342		55,747
The Progressive Corp. (a)		2,907		232,880
Prudential Financial, Inc. (a)		1,997		121,617
The Travelers Cos., Inc. (a)		1,278		145,756
Unum Group (a)		1,068		17,718
W.R. Berkley Corp. (a)		689		39,473
Willis Towers Watson PLC (a)		637		125,457

				4,226,680

Real Estate — 0.1%
CBRE Group, Inc. Class A (a) (b)		1,652		74,703

Real Estate Investment Trusts (REITS) — 2.5%
Alexandria Real Estate Equities, Inc. (a)		603		97,837
American Tower Corp. (a)		2,237		578,354
Apartment Investment and Management Co. Class A (a)		679		25,557
AvalonBay Communities, Inc. (a)		691		106,856
Boston Properties, Inc. (a)		744		67,243
Crown Castle International Corp. (a)		2,070		346,414
Digital Realty Trust, Inc. (a)		1,357		192,843
Duke Realty Corp. (a)		1,793		63,454
Equinix, Inc. (a)		439		308,310
Equity Residential (a)		1,723		101,347
Essex Property Trust, Inc. (a)		325		74,480
Extra Space Storage, Inc. (a)		648		59,856
Federal Realty Investment Trust (a)		323		27,523
Healthpeak Properties, Inc. (a)		2,782		76,672
Host Hotels & Resorts, Inc. (a)		3,716		40,096
Iron Mountain, Inc. (a) (c)		1,409		36,775
Kimco Realty Corp. (a)		2,054		26,373
Mid-America Apartment Communities, Inc. (a)		549		62,954
Prologis, Inc. (a)		3,673		342,801
Public Storage (a)		766		146,988
Realty Income Corp. (a)		1,696		100,912
Regency Centers Corp. (a)		860		39,465
SBA Communications Corp. (a)		560		166,835
Simon Property Group, Inc. (a)		1,527		104,416
SL Green Realty Corp. (a)		430		21,195
UDR, Inc. (a)		1,529		57,154
Ventas, Inc. (a)		1,901		69,615
Vornado Realty Trust (a)		827		31,600
Welltower, Inc. (a)		2,113		109,348


	Number of Shares		Value
Weyerhaeuser Co. (a)		3,689	$	82,855

				3,566,128

Savings & Loans — 0.0%
People’s United Financial, Inc. (a)		2,115		24,471

				18,760,802

Industrial — 7.2%
Aerospace & Defense — 1.6%
The Boeing Co. (a)		2,687		492,527
General Dynamics Corp. (a)		1,197		178,904
Howmet Aerospace, Inc. (a)		1,898		30,083
L3 Harris Technologies, Inc. (a)		1,098		186,298
Lockheed Martin Corp. (a)		1,236		451,041
Northrop Grumman Corp. (a)		780		239,803
Raytheon Technologies Corp. (a)		7,311		450,504
Teledyne Technologies, Inc. (a) (b)		179		55,660
TransDigm Group, Inc. (a)		248		109,628

				2,194,448

Building Materials — 0.3%
Carrier Global Corp. (a)		4,030		89,547
Fortune Brands Home & Security, Inc. (a)		680		43,472
Johnson Controls International PLC (a)		3,852		131,507
Martin Marietta Materials, Inc. (a)		309		63,830
Masco Corp. (a)		1,398		70,194
Vulcan Materials Co. (a)		656		75,998

				474,548

Electrical Components & Equipment — 0.2%
AMETEK, Inc. (a)		1,127		100,720
Emerson Electric Co. (a)		3,025		187,641

				288,361

Electronics — 1.2%
Agilent Technologies, Inc. (a)		1,532		135,383
Allegion PLC (a)		449		45,897
Amphenol Corp. Class A (a)		1,464		140,266
FLIR Systems, Inc. (a)		656		26,614
Fortive Corp. (a)		1,466		99,189
Garmin Ltd. (a)		722		70,395
Honeywell International, Inc. (a)		3,554		513,873
Keysight Technologies, Inc. (a) (b)		927		93,423
Mettler-Toledo International, Inc. (a) (b)		121		97,471
PerkinElmer, Inc. (a)		537		52,674
Roper Technologies, Inc. (a)		516		200,342
TE Connectivity Ltd. (a)		1,656		135,047
Waters Corp. (a) (b)		322		58,089

				1,668,663

Engineering & Construction — 0.0%
Jacobs Engineering Group, Inc. (a)		609		51,643

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Environmental Controls — 0.2%
Pentair PLC (a)		817	$	31,038
Republic Services, Inc. (a)		1,018		83,527
Waste Management, Inc. (a)		1,986		210,337

				324,902

Hand & Machine Tools — 0.1%
Snap-on, Inc. (a)		266		36,844
Stanley Black & Decker, Inc. (a)		755		105,232

				142,076

Machinery – Construction & Mining — 0.3%
Caterpillar, Inc. (a)		2,754		348,381

Machinery – Diversified — 0.6%
Deere & Co. (a)		1,569		246,568
Dover Corp. (a)		714		68,944
Flowserve Corp. (a)		666		18,994
IDEX Corp. (a)		377		59,581
Ingersoll Rand, Inc. (a) (b)		1,734		48,760
Otis Worldwide Corp. (a)		2,015		114,573
Rockwell Automation, Inc. (a)		595		126,735
Westinghouse Air Brake Technologies Corp. (a)		946		54,461
Xylem, Inc. (a)		886		57,555

				796,171

Miscellaneous – Manufacturing — 1.1%
3M Co. (a)		2,863		446,600
A.O. Smith Corp. (a)		731		34,445
Eaton Corp. PLC (a)		2,054		179,684
General Electric Co. (a)		43,478		296,955
Illinois Tool Works, Inc. (a)		1,458		254,931
Parker-Hannifin Corp. (a)		638		116,926
Textron, Inc. (a)		1,130		37,188
Trane Technologies PLC (a)		1,189		105,797

				1,472,526

Packaging & Containers — 0.2%
Amcor PLC (a) (b)		8,071		82,405
Ball Corp. (a)		1,631		113,338
Packaging Corp. of America (a)		466		46,507
Sealed Air Corp. (a)		786		25,820
WestRock Co. (a)		1,272		35,947

				304,017

Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. (a)		199		34,723

Transportation — 1.4%
C.H. Robinson Worldwide, Inc. (a)		661		52,259
CSX Corp. (a)		3,862		269,336
Expeditors International of Washington, Inc. (a)		882		67,067
FedEx Corp. (a)		1,191		167,002
J.B. Hunt Transport Services, Inc. (a)		422		50,784
Kansas City Southern (a)		501		74,794


	Number of Shares		Value
Norfolk Southern Corp. (a)		1,294	$	227,188
Old Dominion Freight Line, Inc. (a)		473		80,216
Union Pacific Corp. (a)		3,375		570,611
United Parcel Service, Inc. Class B (a)		3,491		388,129

				1,947,386

				10,047,845

Technology — 20.9%
Computers — 6.6%
Accenture PLC Class A (a)		3,163		679,159
Apple, Inc. (a)		20,430		7,452,864
Cognizant Technology Solutions Corp. Class A (a)		2,715		154,266
DXC Technology Co. (a)		1,256		20,724
Fortinet, Inc. (a) (b)		705		96,775
Hewlett Packard Enterprise Co. (a)		6,448		62,739
HP, Inc. (a)		7,349		128,093
International Business Machines Corp. (a)		4,414		533,079
Leidos Holdings, Inc. (a)		668		62,572
NetApp, Inc. (a)		1,188		52,712
Seagate Technology PLC (a)		1,160		56,156
Western Digital Corp. (a)		1,470		64,900

				9,364,039

Office & Business Equipment — 0.1%
Xerox Holdings Corp. (a) (b)		877		13,409
Zebra Technologies Corp. Class A (a) (b)		272		69,619

				83,028

Semiconductors — 4.4%
Advanced Micro Devices, Inc. (a) (b)		5,824		306,401
Analog Devices, Inc. (a)		1,827		224,063
Applied Materials, Inc. (a)		4,593		277,647
Broadcom, Inc. (a)		1,976		623,645
Intel Corp. (a)		21,219		1,269,533
IPG Photonics Corp. (a) (b)		184		29,512
KLA Corp. (a)		784		152,472
Lam Research Corp. (a)		722		233,538
Maxim Integrated Products, Inc. (a)		1,408		85,339
Microchip Technology, Inc. (a)		1,185		124,792
Micron Technology, Inc. (a) (b)		5,510		283,875
NVIDIA Corp. (a)		3,088		1,173,162
Qorvo, Inc. (a) (b)		607		67,092
QUALCOMM, Inc. (a)		5,688		518,803
Skyworks Solutions, Inc. (a)		843		107,786
Texas Instruments, Inc. (a)		4,655		591,045
Xilinx, Inc. (a)		1,245		122,496

				6,191,201

Software — 9.8%
Activision Blizzard, Inc. (a)		3,825		290,317
Adobe, Inc. (a) (b)		2,412		1,049,968

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Akamai Technologies, Inc. (a) (b)		800	$	85,672
ANSYS, Inc. (a) (b)		435		126,903
Autodesk, Inc. (a) (b)		1,095		261,913
Broadridge Financial Solutions, Inc. (a)		575		72,559
Cadence Design Systems, Inc. (a) (b)		1,388		133,192
Cerner Corp. (a)		1,550		106,253
Citrix Systems, Inc. (a)		571		84,457
Electronic Arts, Inc. (a) (b)		1,451		191,605
Fidelity National Information Services, Inc. (a)		3,061		410,449
Fiserv, Inc. (a) (b)		2,842		277,436
Intuit, Inc. (a)		1,296		383,862
Jack Henry & Associates, Inc. (a)		379		69,747
Microsoft Corp. (a)		38,024		7,738,264
MSCI, Inc. (a)		421		140,538
Oracle Corp. (a)		10,460		578,124
Paychex, Inc. (a)		1,574		119,230
Paycom Software, Inc. (a) (b)		244		75,574
salesforce.com, Inc. (a) (b)		4,532		848,980
ServiceNow, Inc. (a) (b)		961		389,263
Synopsys, Inc. (a) (b)		744		145,080
Take-Two Interactive Software, Inc. (a) (b)		560		78,159
Tyler Technologies, Inc. (a) (b)		204		70,764

				13,728,309

				29,366,577

Utilities — 2.8%
Electric — 2.6%
AES Corp. (a)		3,294		47,730
Alliant Energy Corp. (a)		1,164		55,686
Ameren Corp. (a)		1,284		90,342
American Electric Power Co., Inc. (a)		2,498		198,941
CenterPoint Energy, Inc. (a)		2,555		47,702
CMS Energy Corp. (a)		1,478		86,345
Consolidated Edison, Inc. (a)		1,637		117,749
Dominion Energy, Inc. (a)		4,313		350,129
DTE Energy Co. (a)		958		102,985
Duke Energy Corp. (a)		3,818		305,020
Edison International (a)		1,922		104,384
Entergy Corp. (a)		974		91,371
Evergy, Inc. (a)		1,183		70,140
Eversource Energy (a)		1,744		145,223
Exelon Corp. (a)		4,820		174,918
FirstEnergy Corp. (a)		2,805		108,778
NextEra Energy, Inc. (a)		2,434		584,574
NRG Energy, Inc. (a)		1,231		40,081
Pinnacle West Capital Corp. (a)		515		37,744
PPL Corp. (a)		3,793		98,011
Public Service Enterprise Group, Inc. (a)		2,498		122,802
Sempra Energy (a)		1,483		173,852


	Number of Shares		Value
The Southern Co. (a)		5,209	$	270,087
WEC Energy Group, Inc. (a)		1,596		139,889
Xcel Energy, Inc. (a)		2,585		161,562

				3,726,045

Gas — 0.1%
Atmos Energy Corp. (a)		581		57,856
NiSource, Inc. (a)		1,986		45,162

				103,018

Water — 0.1%
American Water Works Co., Inc. (a)		896		115,279

				3,944,342


TOTAL COMMON STOCK (Cost $85,302,312)				128,428,709


TOTAL EQUITIES (Cost $85,302,312)				128,428,709


	Principal Amount
BONDS & NOTES — 0.0%

CORPORATE DEBT — 0.0%
Forest Products & Paper — 0.0%
Sino Forest Corp. 5.000% 8/01/49 (d) (e)	$	359,000		—


TOTAL CORPORATE DEBT (Cost $0)				—


TOTAL BONDS & NOTES (Cost $0)				—


	Number of Shares
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (f)		23,120		23,120


TOTAL MUTUAL FUNDS (Cost $23,120)				23,120


TOTAL PURCHASED OPTIONS (#) — 1.1% (Cost $1,474,988)				1,467,250


TOTAL LONG-TERM INVESTMENTS (Cost $86,800,420)				129,919,079

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 4.2%
Repurchase Agreement — 4.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (g)	$	5,875,203	$	5,875,203


TOTAL SHORT-TERM INVESTMENTS (Cost $5,875,203)				5,875,203


TOTAL INVESTMENTS — 96.9% (Cost $92,675,623) (h)				135,794,282

Other Assets/(Liabilities) — 3.1%				4,356,664


NET ASSETS — 100.0%			$	140,150,946

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

(b)	Non-income producing security.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2020, was $58,227 or 0.04% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $36,922 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)	Investment was valued using significant unobservable inputs.

(e)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2020, these securities amounted to a value of $0 or 0.00% of net assets.

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

(g)	Maturity value of $5,875,203. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 2/29/24, and an aggregate market value, including accrued interest, of $5,992,806.

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

(#) Exchange-Traded Options Purchased


Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Put
S&P 500 Index		8/21/20		2,750.00		125		USD	34,375,000	$	481,250	$	620,250	$	(139,000	)
S&P 500 Index		9/18/20		2,800.00		145		USD	40,600,000		986,000		854,738		131,262

										$	1,467,250	$	1,474,988	$	(7,738	)

Exchange-Traded Options Written


Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount		Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
S&P 500 Index		7/17/20		3,025.00		46	USD	13,915,000	$	(511,520	)	$	(449,912	)	$	(61,608	)
S&P 500 Index		7/17/20		3,050.00		46	USD	14,030,000		(418,600	)		(452,257	)		33,657
S&P 500 Index		7/17/20		3,075.00		45	USD	13,837,500		(371,250	)		(389,582	)		18,332
S&P 500 Index		7/17/20		3,100.00		45	USD	13,950,000		(265,005	)		(330,390	)		65,385
S&P 500 Index		7/31/20		3,225.00		45	USD	14,512,500		(103,500	)		(441,202	)		337,702
S&P 500 Index		8/21/20		3,125.00		46	USD	14,375,000		(432,400	)		(570,858	)		138,458
S&P 500 Index		8/21/20		3,150.00		45	USD	14,175,000		(373,500	)		(449,857	)		76,357
S&P 500 Index		8/21/20		3,200.00		46	USD	14,720,000		(274,620	)		(485,177	)		210,557
S&P 500 Index		8/21/20		3,300.00		46	USD	15,180,000		(108,560	)		(311,055	)		202,495

									$	(2,858,955	)	$	(3,880,290	)	$	1,021,335

Currency Legend

USD	U.S. Dollar

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

MML Mid Cap Growth Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 97.4%

COMMON STOCK — 97.0%
Basic Materials — 1.2%
Chemicals — 0.8%
Air Products & Chemicals, Inc.		4,779	$	1,153,937
RPM International, Inc.		38,555		2,893,938

				4,047,875

Mining — 0.4%
Kirkland Lake Gold Ltd. (a)		55,000		2,268,200

				6,316,075

Communications — 4.7%
Internet — 4.0%
CDW Corp.		42,394		4,925,335
Chewy, Inc. Class A (a) (b)		1,000		44,690
Etsy, Inc. (b)		30,123		3,199,966
IAC/InterActiveCorp (b)		27,000		8,731,800
Spotify Technology SA (b)		14,000		3,614,660

				20,516,451

Telecommunications — 0.7%
Corning, Inc.		128,000		3,315,200

				23,831,651

Consumer, Cyclical — 13.3%
Airlines — 0.2%
Alaska Air Group, Inc.		17,000		616,420
United Airlines Holdings, Inc. (b)		12,000		415,320

				1,031,740

Apparel — 0.4%
Tapestry, Inc.		58,000		770,240
VF Corp.		24,000		1,462,560

				2,232,800

Auto Parts & Equipment — 0.9%
Aptiv PLC		41,000		3,194,720
Visteon Corp. (a) (b)		16,000		1,096,000

				4,290,720

Entertainment — 1.4%
DraftKings, Inc. Class A (b)		23,000		764,980
Vail Resorts, Inc.		35,599		6,484,358

				7,249,338

Food Services — 0.8%
Aramark		167,519		3,780,904

Lodging — 1.5%
Hilton Worldwide Holdings, Inc.		46,000		3,378,700
Marriott International, Inc. Class A		17,000		1,457,410
MGM Resorts International (a)		165,406		2,778,821

				7,614,931


	Number of Shares		Value
Retail — 8.1%
Burlington Stores, Inc. (b)		50,414	$	9,928,029
CarMax, Inc. (b)		15,000		1,343,250
Casey’s General Stores, Inc.		26,000		3,887,520
Chipotle Mexican Grill, Inc. (b)		2,300		2,420,428
Darden Restaurants, Inc.		14,000		1,060,780
Dollar General Corp.		35,000		6,667,850
Dollar Tree, Inc. (b)		38,000		3,521,840
Domino’s Pizza, Inc.		7,883		2,912,295
Dunkin’ Brands Group, Inc.		32,000		2,087,360
Five Below, Inc. (a) (b)		7,000		748,370
Lululemon Athletica, Inc. (b)		2,000		624,020
O’Reilly Automotive, Inc. (b)		8,000		3,373,360
Ross Stores, Inc.		19,000		1,619,560
Ulta Beauty, Inc. (b)		5,000		1,017,100

				41,211,762

				67,412,195

Consumer, Non-cyclical — 33.2%
Biotechnology — 5.2%
ACADIA Pharmaceuticals, Inc. (a) (b)		12,000		581,640
Alnylam Pharmaceuticals, Inc. (b)		15,000		2,221,650
Amarin Corp. PLC Sponsored ADR (a) (b)		31,000		214,520
Argenx SE ADR (b)		8,784		1,978,420
Ascendis Pharma A/S ADR (b)		6,000		887,400
Bluebird Bio, Inc. (b)		44,257		2,701,447
Exact Sciences Corp. (a) (b)		23,000		1,999,620
Incyte Corp. (b)		60,995		6,341,650
Ionis Pharmaceuticals, Inc. (b)		23,000		1,356,080
Royalty Pharma PLC Class A (b)		23,000		1,116,650
Seattle Genetics, Inc. (b)		40,444		6,872,245
Ultragenyx Pharmaceutical, Inc. (b)		300		23,466

				26,294,788

Commercial Services — 10.8%
Avalara, Inc. (b)		23,705		3,154,899
Bright Horizons Family Solutions, Inc. (b)		34,930		4,093,796
Clarivate Analytics PLC (a) (b)		173,000		3,863,090
CoreLogic, Inc.		52,000		3,495,440
CoStar Group, Inc. (b)		5,331		3,788,582
Equifax, Inc.		20,000		3,437,600
FleetCor Technologies, Inc. (b)		16,000		4,024,480
Gartner, Inc. (b)		12,000		1,455,960
Global Payments, Inc.		25,000		4,240,500
IHS Markit Ltd.		32,000		2,416,000
MarketAxess Holdings, Inc.		4,000		2,003,680
ServiceMaster Global Holdings, Inc. (b)		86,000		3,069,340
Square, Inc. Class A (b)		25,027		2,626,333
TransUnion		90,234		7,853,967

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

MML Mid Cap Growth Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Verisk Analytics, Inc.		24,000	$	4,084,800
Wework Companies, Inc., Class A (Acquired 5/26/15, Cost $108,169) (b) (c) (d) (e)		4,132		—
WEX, Inc. (b)		8,000		1,320,080

				54,928,547

Foods — 0.6%
Sprouts Farmers Market, Inc. (b)		46,000		1,177,140
TreeHouse Foods, Inc. (b)		41,000		1,795,800

				2,972,940

Health Care – Products — 10.7%
ABIOMED, Inc. (b)		14,308		3,456,240
Alcon, Inc. (a) (b)		38,000		2,178,160
Align Technology, Inc. (b)		4,000		1,097,760
Avantor, Inc. (b)		134,094		2,279,598
Bruker Corp.		109,000		4,434,120
The Cooper Cos., Inc.		23,000		6,523,720
Hologic, Inc. (b)		157,000		8,949,000
ICU Medical, Inc. (b)		9,000		1,658,790
IDEXX Laboratories, Inc. (b)		25,885		8,546,192
Penumbra, Inc. (a) (b)		15,223		2,722,177
Teleflex, Inc.		27,000		9,827,460
West Pharmaceutical Services, Inc.		11,000		2,498,870

				54,172,087

Health Care – Services — 2.6%
Acadia Healthcare Co., Inc. (a) (b)		58,000		1,456,960
Catalent, Inc. (b)		93,000		6,816,900
ICON PLC (b)		25,933		4,368,673
PPD, Inc. (b)		16,000		428,800

				13,071,333

Household Products & Wares — 0.8%
Avery Dennison Corp.		23,000		2,624,070
Reynolds Consumer Products, Inc.		37,000		1,285,380

				3,909,450

Pharmaceuticals — 2.5%
Alkermes PLC (b)		87,000		1,688,235
Elanco Animal Health, Inc. (b)		114,000		2,445,300
Neurocrine Biosciences, Inc. (b)		17,000		2,074,000
Perrigo Co. PLC		58,000		3,205,660
PRA Health Sciences, Inc. (b)		35,000		3,405,150

				12,818,345

				168,167,490

Energy — 1.0%
Oil & Gas — 1.0%
Concho Resources, Inc.		39,000		2,008,500
Continental Resources, Inc. (a)		13,000		227,890
Pioneer Natural Resources Co.		20,000		1,954,000
Venture Global LNG, Inc., Series B (Acquired 3/08/18, Cost $63,420) (b) (c) (d) (e)		21		80,808


	Number of Shares		Value
Venture Global LNG, Inc., Series C (Acquired 10/16/17-3/08/18, Cost $530,257) (b) (c) (d) (e)		144	$	554,112

				4,825,310

				4,825,310

Financial — 5.9%
Banks — 0.3%
Webster Financial Corp.		47,000		1,344,670

Diversified Financial Services — 2.3%
Cboe Global Markets, Inc.		32,350		3,017,608
Hamilton Lane, Inc. Class A		68,277		4,599,821
Raymond James Financial, Inc.		12,000		825,960
SLM Corp.		83,000		583,490
Tradeweb Markets, Inc. Class A		46,000		2,674,440

				11,701,319

Insurance — 1.8%
Assurant, Inc.		23,500		2,427,315
Axis Capital Holdings Ltd.		43,000		1,744,080
Kemper Corp.		7,000		507,640
The Progressive Corp.		12,000		961,320
Selectquote, Inc. (b)		12,000		303,960
Willis Towers Watson PLC		17,000		3,348,150

				9,292,465

Private Equity — 0.5%
KKR & Co., Inc. Class A		82,000		2,532,160

Real Estate Investment Trusts (REITS) — 1.0%
SBA Communications Corp.		17,631		5,252,628

				30,123,242

Industrial — 17.0%
Aerospace & Defense — 1.3%
Hexcel Corp.		101,487		4,589,242
L3 Harris Technologies, Inc.		12,000		2,036,040

				6,625,282

Building Materials — 0.2%
Martin Marietta Materials, Inc.		5,000		1,032,850

Electronics — 6.1%
Agilent Technologies, Inc.		75,000		6,627,750
Allegion PLC		7,000		715,540
Amphenol Corp. Class A		6,000		574,860
Fortive Corp.		52,000		3,518,320
Keysight Technologies, Inc. (b)		50,000		5,039,000
Mettler-Toledo International, Inc. (b)		6,895		5,554,267
National Instruments Corp.		64,000		2,477,440
Roper Technologies, Inc.		11,000		4,270,860
Sensata Technologies Holding PLC (b)		57,000		2,122,110

				30,900,147

Environmental Controls — 0.3%
Waste Connections, Inc.		17,000		1,594,430

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

MML Mid Cap Growth Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Hand & Machine Tools — 0.6%
Colfax Corp. (a) (b)		97,000	$	2,706,300

Machinery – Construction & Mining — 1.6%
BWX Technologies, Inc.		145,596		8,246,558

Machinery – Diversified — 1.9%
Cognex Corp.		14,000		836,080
IDEX Corp.		29,000		4,583,160
Ingersoll Rand, Inc. (b)		154,000		4,330,480

				9,749,720

Miscellaneous – Manufacturing — 0.9%
Textron, Inc.		139,000		4,574,490

Packaging & Containers — 2.1%
Ball Corp.		110,000		7,643,900
Packaging Corp. of America		9,000		898,200
Sealed Air Corp.		64,000		2,102,400

				10,644,500

Transportation — 2.0%
J.B. Hunt Transport Services, Inc.		84,965		10,224,688

				86,298,965

Technology — 19.6%
Computers — 0.2%
Crowdstrike Holdings, Inc. Class A (b)		11,000		1,103,190

Semiconductors — 7.0%
Entegris, Inc.		36,000		2,125,800
KLA Corp.		30,802		5,990,373
Marvell Technology Group Ltd.		160,000		5,609,600
Maxim Integrated Products, Inc.		47,000		2,848,670
Microchip Technology, Inc. (a)		65,000		6,845,150
Monolithic Power Systems, Inc.		18,741		4,441,617
Skyworks Solutions, Inc.		29,000		3,707,940
Xilinx, Inc.		39,000		3,837,210

				35,406,360

Software — 12.4%
Atlassian Corp. PLC Class A (b)		20,000		3,605,400
Bill.com Holdings, Inc. (b)		3,000		270,630
Black Knight, Inc. (b)		43,000		3,120,080
Broadridge Financial Solutions, Inc.		11,000		1,388,090
Ceridian HCM Holding, Inc. (a) (b)		87,035		6,899,265
DocuSign, Inc. (b)		50,609		8,715,376
Fiserv, Inc. (b)		35,000		3,416,700
Guidewire Software, Inc. (b)		40,558		4,495,854
Slack Technologies, Inc. Class A (a) (b)		92,175		2,865,721
Splunk, Inc. (b)		20,000		3,974,000
SS&C Technologies Holdings, Inc		115,924		6,547,388
Take-Two Interactive Software, Inc. (b)		42,227		5,893,622
Tyler Technologies, Inc. (b)		9,559		3,315,826
Veeva Systems, Inc. Class A (b)		18,232		4,273,945


	Number of Shares		Value
Workday, Inc. Class A (b)		14,000	$	2,623,040
Zynga, Inc. Class A (b)		128,000		1,221,120

				62,626,057

				99,135,607

Utilities — 1.1%
Electric — 0.8%
Eversource Energy		12,000		999,240
Sempra Energy		26,000		3,047,980

				4,047,220

Gas — 0.3%
Atmos Energy Corp.		13,000		1,294,540

				5,341,760


TOTAL COMMON STOCK (Cost $391,232,283)				491,452,295


PREFERRED STOCK — 0.4%
Communications — 0.2%
Internet — 0.2%
Roofoods, Ltd., Series F (Acquired 9/12/17, Cost $677,088) (b) (c) (d) (e)		1,915		744,265
Roofoods, Ltd., Series G (Acquired 9/12/17, Cost $677,088) (b) (c) (d) (e)		50		20,895

				765,160

Consumer, Cyclical — 0.2%
Auto Manufacturers — 0.2%
Rivian Automotive, Inc., Series D (Acquired 12/23/19, Cost $900,713) (b) (c) (d) (e)		83,834		900,713

Consumer, Non-cyclical — 0.0%
Commercial Services — 0.0%
Wework Companies, Inc., Series D-1 (Acquired 12/09/14, Cost $369,606) (b) (c) (d) (e)		22,197		—
Wework Companies, Inc., Series D-2 (Acquired 12/09/14, Cost $290,396) (b) (c) (d) (e)		17,440		—

				—

Technology — 0.0%
Software — 0.0%
DoorDash, Inc., Series H (Acquired 6/17/20, Cost $142,309) (b) (c) (d) (e)		620		142,309


TOTAL PREFERRED STOCK (Cost $2,401,007)				1,808,182


TOTAL EQUITIES (Cost $393,633,290)				493,260,477

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

MML Mid Cap Growth Fund – Portfolio of Investments (Continued)


	Number of Shares		Value

MUTUAL FUNDS — 0.5%
Diversified Financial Services — 0.5%
State Street Navigator Securities Lending Prime Portfolio (f)		2,604,158	$	2,604,158


TOTAL MUTUAL FUNDS (Cost $2,604,158)				2,604,158


TOTAL LONG-TERM INVESTMENTS (Cost $396,237,448)				495,864,635


SHORT-TERM INVESTMENTS — 2.9%
Mutual Fund — 1.5%
T. Rowe Price Treasury Reserve Fund		7,791,900		7,791,900


	Principal Amount
Repurchase Agreement — 1.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (g)	$	7,092,935		7,092,935


TOTAL SHORT-TERM INVESTMENTS (Cost $14,884,835)				14,884,835


TOTAL INVESTMENTS — 100.8% (Cost $411,122,283) (h)				510,749,470

Other Assets/(Liabilities) — (0.8)%				(3,859,516	)


NET ASSETS — 100.0%			$	506,889,954

Abbreviation Legend

ADR	American Depositary Receipt

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, 2020, was $23,023,958 or 4.54% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $20,654,888 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b)	Non-income producing security.

(c)	Investment was valued using significant unobservable inputs.

(d)	Restricted security. Certain securities are restricted as to resale. At June 30, 2020, these securities amounted to a value of $2,443,102 or 0.48% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2020, these securities amounted to a value of $2,443,102 or 0.48% of net assets.

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

(g)	Maturity value of $7,092,935. Collateralized by U.S. Government Agency obligations with rates ranging from 0.625% – 2.375%, maturity dates ranging from 1/15/24 –2/29/24, and an aggregate market value, including accrued interest, of $7,234,925.

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

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

MML Mid Cap Value Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 93.8%

COMMON STOCK — 93.8%
Basic Materials — 1.1%
Forest Products & Paper — 1.1%
Mondi PLC		223,187	$	4,170,433

Communications — 3.2%
Internet — 1.2%
F5 Networks, Inc. (a)		33,669		4,696,152

Media — 1.0%
Fox Corp. Class B (a)		142,862		3,834,416

Telecommunications — 1.0%
Rogers Communications, Inc. Class B		94,997		3,817,094

				12,347,662

Consumer, Cyclical — 11.0%
Airlines — 0.9%
Southwest Airlines Co.		103,004		3,520,677

Auto Manufacturers — 3.5%
Cummins, Inc.		30,721		5,322,721
Honda Motor Co. Ltd. Sponsored ADR (b)		118,949		3,040,336
PACCAR, Inc.		66,231		4,957,390

				13,320,447

Auto Parts & Equipment — 1.4%
Aptiv PLC		34,633		2,698,603
BorgWarner, Inc.		72,992		2,576,618

				5,275,221

Food Services — 0.9%
Sodexo SA		53,890		3,640,284

Home Builders — 0.1%
Thor Industries, Inc. (b)		4,485		477,787

Retail — 4.2%
Advance Auto Parts, Inc.		39,069		5,565,379
Genuine Parts Co.		53,744		4,673,578
MSC Industrial Direct Co., Inc. Class A		64,630		4,705,710
Target Corp.		11,271		1,351,731

				16,296,398

				42,530,814

Consumer, Non-cyclical — 20.9%
Foods — 7.9%
Conagra Brands, Inc.		160,466		5,643,589
The J.M. Smucker Co.		46,842		4,956,352
Kellogg Co.		56,251		3,715,941
Koninklijke Ahold Delhaize NV		216,598		5,898,244
Mondelez International, Inc. Class A		59,004		3,016,875
Orkla ASA		371,653		3,257,682


	Number of Shares		Value
Sysco Corp.		72,110	$	3,941,533

				30,430,216

Health Care – Products — 6.4%
Envista Holdings Corp. (a)		229,472		4,839,564
Henry Schein, Inc. (a)		74,307		4,338,786
Hologic, Inc. (a)		45,400		2,587,800
Siemens Healthineers AG (c)		32,449		1,554,043
Zimmer Biomet Holdings, Inc.		95,960		11,453,786

				24,773,979

Health Care – Services — 3.1%
Quest Diagnostics, Inc.		53,621		6,110,649
Universal Health Services, Inc. Class B		62,908		5,843,524

				11,954,173

Household Products & Wares — 0.8%
Kimberly-Clark Corp.		20,313		2,871,243

Pharmaceuticals — 2.7%
Cardinal Health, Inc.		90,328		4,714,218
McKesson Corp.		35,705		5,477,861

				10,192,079

				80,221,690

Energy — 2.4%
Oil & Gas — 1.9%
Cimarex Energy Co.		45,882		1,261,296
ConocoPhillips		116,257		4,885,119
Noble Energy, Inc.		138,718		1,242,914

				7,389,329

Oil & Gas Services — 0.5%
Baker Hughes Co.		116,100		1,786,779

				9,176,108

Financial — 19.3%
Banks — 7.7%
The Bank of New York Mellon Corp.		76,435		2,954,213
Commerce Bancshares, Inc.		78,149		4,647,521
M&T Bank Corp.		14,671		1,525,344
Northern Trust Corp.		140,397		11,139,098
State Street Corp.		37,613		2,390,306
Truist Financial Corp.		96,310		3,616,441
Westamerica Bancorp.		56,251		3,229,932

				29,502,855

Diversified Financial Services — 1.9%
Ameriprise Financial, Inc.		29,715		4,458,439
BlackRock, Inc.		1,583		861,294
T. Rowe Price Group, Inc.		16,080		1,985,880

				7,305,613

Insurance — 5.3%
Aflac, Inc.		104,294		3,757,713

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

MML Mid Cap Value Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Arthur J Gallagher & Co.		31,324	$	3,053,777
Brown & Brown, Inc.		17,985		733,069
Chubb Ltd.		68,961		8,731,842
ProAssurance Corp.		47,500		687,325
Reinsurance Group of America, Inc.		42,324		3,319,894

				20,283,620

Real Estate Investment Trusts (REITS) — 3.6%
MGM Growth Properties LLC Class A		119,040		3,239,078
Piedmont Office Realty Trust, Inc. Class A		115,309		1,915,282
Welltower, Inc.		62,418		3,230,132
Weyerhaeuser Co.		249,215		5,597,369

				13,981,861

Savings & Loans — 0.8%
Capitol Federal Financial, Inc.		292,694		3,222,561

				74,296,510

Industrial — 20.6%
Aerospace & Defense — 1.8%
BAE Systems PLC		477,503		2,856,129
General Dynamics Corp.		25,863		3,865,484

				6,721,613

Building Materials — 1.8%
Johnson Controls International PLC		202,581		6,916,115

Electrical Components & Equipment — 2.2%
Emerson Electric Co.		134,853		8,364,932

Electronics — 5.4%
ABB Ltd. Registered		135,939		3,055,576
Hubbell, Inc.		56,922		7,135,742
nVent Electric PLC		334,240		6,260,315
TE Connectivity Ltd.		50,725		4,136,624

				20,588,257

Environmental Controls — 1.6%
Republic Services, Inc.		77,154		6,330,486

Hand & Machine Tools — 0.2%
Lincoln Electric Holdings, Inc.		7,277		613,014

Miscellaneous – Manufacturing — 1.9%
IMI PLC		332,683		3,798,138
Textron, Inc.		107,250		3,529,598

				7,327,736

Packaging & Containers — 3.6%
Graphic Packaging Holding Co.		151,801		2,123,696
Packaging Corp. of America		46,241		4,614,852
Sonoco Products Co.		106,018		5,543,681
WestRock Co.		60,019		1,696,137

				13,978,366

Transportation — 2.1%
Heartland Express, Inc.		179,674		3,740,813


	Number of Shares		Value
Norfolk Southern Corp.		25,616	$	4,497,401

				8,238,214

				79,078,733

Technology — 5.9%
Computers — 1.1%
HP, Inc.		231,035		4,026,940

Semiconductors — 3.6%
Applied Materials, Inc.		107,263		6,484,048
Maxim Integrated Products, Inc.		81,852		4,961,050
Microchip Technology, Inc.		23,826		2,509,116

				13,954,214

Software — 1.2%
Cerner Corp.		69,255		4,747,430

				22,728,584

Utilities — 9.4%
Electric — 7.7%
Ameren Corp.		26,832		1,887,900
CMS Energy Corp.		24,506		1,431,641
Edison International		97,278		5,283,168
Evergy, Inc.		53,460		3,169,643
Eversource Energy		31,047		2,585,284
NorthWestern Corp.		95,414		5,201,971
Pinnacle West Capital Corp.		83,847		6,145,147
Xcel Energy, Inc.		66,221		4,138,812

				29,843,566

Gas — 1.7%
Atmos Energy Corp.		27,515		2,739,944
Spire, Inc.		56,747		3,728,845

				6,468,789

				36,312,355


TOTAL COMMON STOCK (Cost $361,926,999)				360,862,889


TOTAL EQUITIES (Cost $361,926,999)				360,862,889


MUTUAL FUNDS — 2.9%
Diversified Financial Services — 2.9%
iShares Russell Mid-Cap Value ETF		143,467		10,979,529


TOTAL MUTUAL FUNDS (Cost $10,222,270)				10,979,529


TOTAL LONG-TERM INVESTMENTS (Cost $372,149,269)				371,842,418

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

MML Mid Cap Value Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.2%
Repurchase Agreement — 2.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (d)	$	8,637,648	$	8,637,648


TOTAL SHORT-TERM INVESTMENTS (Cost $8,637,648)				8,637,648


TOTAL INVESTMENTS — 98.9% (Cost $380,786,917) (e)				380,480,066

Other Assets/(Liabilities) — 1.1%				4,093,628


NET ASSETS — 100.0%			$	384,573,694

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, 2020, was $3,438,621 or 0.89% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,513,619 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)

(d)	Maturity value of $8,637,648. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 2/29/24, and an aggregate market value, including accrued interest, of $8,810,411.

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

Forward contracts


Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		9/30/20		USD	2,157,729		JPY	229,737,774	$	27,376
Bank of America N.A.*		9/30/20		JPY	31,369,952		USD	292,483		(1,590	)
Credit Suisse International*		9/30/20		USD	9,926,106		EUR	8,795,217		24,994
Credit Suisse International*		9/30/20		EUR	332,208		USD	373,793		187
Goldman Sachs & Co.*		9/30/20		USD	2,723,889		NOK	26,118,262		9,472
JP Morgan Chase Bank N.A.*		9/30/20		USD	9,689,800		GBP	7,767,178		60,468
JP Morgan Chase Bank N.A.*		9/30/20		GBP	214,944		USD	267,042		(566	)
Morgan Stanley & Co. LLC*		9/30/20		USD	3,379,540		CAD	4,574,343		9,521
Morgan Stanley & Co. LLC*		9/30/20		CAD	110,624		USD	81,147		353
UBS AG*		9/30/20		USD	2,685,865		CHF	2,537,512		434
UBS AG*		9/30/20		CHF	146,820		USD	155,819		(441	)

									$	130,208

*	Contracts are subject to a Master Netting Agreement.

Currency Legend

CAD	Canadian Dollar

CHF	Swiss Franc

EUR

Euro

GBP	British Pound

JPY	Japanese Yen

NOK	Norwegian Krone

USD	U.S. Dollar

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

MML Small Cap Growth Equity Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


		Number of Shares		Value
EQUITIES — 102.3%

COMMON STOCK — 102.1%
Basic Materials — 0.8%
Chemicals — 0.6%
Ingevity Corp. (a)			13,978	$	734,824
Methanex Corp.			18,292		330,719

					1,065,543

Iron & Steel — 0.2%
Carpenter Technology Corp.			15,906		386,197

					1,451,740

Communications — 4.5%
Internet — 2.7%
Cardlytics, Inc. (a) (b)			20,249		1,417,025
Mimecast Ltd. (a)			39,409		1,641,779
Perficient, Inc. (a)			22,764		814,496
Q2 Holdings, Inc. (a) (b)			11,110		953,127
Veracode, Inc. (Escrow Shares) (Acquired 8/26/17, Cost $20,131) (a) (c) (d) (e)			10,688		5,814

					4,832,241

Media — 0.7%
The New York Times Co. Class A			28,357		1,191,845

Telecommunications — 1.1%
Ciena Corp. (a)			14,622		791,928
PagerDuty, Inc. (a) (b)			41,349		1,183,408

					1,975,336

					7,999,422

Consumer, Cyclical — 16.2%
Apparel — 2.5%
Deckers Outdoor Corp. (a)			6,119		1,201,710
Skechers U.S.A., Inc. Class A (a)			29,411		922,917
Steven Madden Ltd.			36,209		894,000
Wolverine World Wide, Inc.			60,491		1,440,291

					4,458,918

Entertainment — 1.1%
Cinemark Holdings, Inc. (b)	��		45,627		526,992
DraftKings, Inc. PIPE (Acquired 8/22/17-6/23/20, Cost $443,801) (a) (d) (e)			24,391		786,351
Penn National Gaming, Inc. (a) (b)			19,600		598,584

					1,911,927

Home Builders — 2.5%
Cavco Industries, Inc. (a)			6,371		1,228,647
Skyline Champion Corp. (a)			90,356		2,199,265
Thor Industries, Inc. (b)			10,146		1,080,854

					4,508,766


	Number of Shares		Value
Leisure Time — 3.9%
Acushnet Holdings Corp.		34,305	$	1,193,471
BRP, Inc. (b)		32,030		1,366,041
Fox Factory Holding Corp. (a)		18,930		1,563,807
Planet Fitness, Inc. Class A (a)		10,264		621,691
Polaris, Inc.		8,209		759,743
YETI Holdings, Inc. (a)		35,239		1,505,762

				7,010,515

Retail — 6.2%
BMC Stock Holdings, Inc. (a)		74,464		1,872,025
FirstCash, Inc.		11,461		773,388
Five Below, Inc. (a) (b)		22,826		2,440,328
Floor & Decor Holdings, Inc. Class A (a)		23,028		1,327,564
La-Z-Boy, Inc.		31,299		846,951
Nu Skin Enterprises, Inc. Class A		23,536		899,781
Ollie’s Bargain Outlet Holdings, Inc. (a)		9,978		974,352
Rush Enterprises, Inc. Class A		42,123		1,746,420
Texas Roadhouse, Inc.		1,800		94,626

				10,975,435

				28,865,561

Consumer, Non-cyclical — 30.3%
Beverages — 0.7%
The Boston Beer Co., Inc. Class A (a)		2,428		1,302,986

Biotechnology — 11.5%
ACADIA Pharmaceuticals, Inc. (a) (b)		14,877		721,088
Acceleron Pharma, Inc. (a)		8,912		849,046
Akouos, Inc. (a)		1,700		38,250
Allakos, Inc. (a) (b)		6,713		482,396
Amicus Therapeutics, Inc. (a) (b)		72,555		1,094,129
Apellis Pharmaceuticals, Inc. (a)		25,863		844,686
Arena Pharmaceuticals, Inc. (a)		27,664		1,741,449
Ascendis Pharma A/S ADR (a)		3,128		462,631
Biohaven Pharmaceutical Holding Co. Ltd. (a)		6,359		464,906
Blueprint Medicines Corp. (a)		14,213		1,108,614
ChemoCentryx, Inc. (a)		17,477		1,005,627
Constellation Pharmaceuticals, Inc. (a)		24,721		742,866
CRISPR Therapeutics AG (a)		13,074		960,808
Dicerna Pharmaceuticals, Inc. (a)		23,842		605,587
ImmunoGen, Inc. (a)		108,461		498,921
Iovance Biotherapeutics, Inc. (a)		19,408		532,750
Karyopharm Therapeutics, Inc. (a)		21,323		403,858
Kodiak Sciences, Inc. (a) (b)		16,249		879,396
Livongo Health, Inc. (a)		27,883		2,096,523
Mersana Therapeutics, Inc. (a)		25,316		592,394
Mirati Therapeutics, Inc. (a) (b)		8,773		1,001,613

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

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


	Number of Shares		Value
PTC Therapeutics, Inc. (a)		14,483	$	734,867
RAPT Therapeutics, Inc. (a)		9,983		289,707
Theravance Biopharma, Inc. (a) (b)		18,330		384,747
Turning Point Therapeutics, Inc. (a)		6,953		449,094
Y-mAbs Therapeutics, Inc. (a)		34,897		1,507,550

				20,493,503

Commercial Services — 6.7%
2U, Inc. (a) (b)		28,375		1,077,115
Avalara, Inc. (a)		5,578		742,376
Cardtronics PLC Class A (a)		31,236		749,039
Chegg, Inc. (a)		30,478		2,049,950
Green Dot Corp. Class A (a)		7,400		363,192
Herc Holdings, Inc. (a)		8,000		245,840
HMS Holdings Corp. (a)		27,811		900,798
Liveramp Holdings, Inc. (a)		29,045		1,233,541
Monro, Inc.		11,786		647,523
Paylocity Holding Corp. (a)		7,709		1,124,666
TriNet Group, Inc. (a)		44,860		2,733,769

				11,867,809

Foods — 0.7%
Performance Food Group Co. (a)		20,414		594,864
Sanderson Farms, Inc. (b)		5,210		603,787

				1,198,651

Health Care – Products — 4.9%
Avanos Medical, Inc. (a)		22,805		670,239
Globus Medical, Inc. Class A (a)		43,084		2,055,538
Haemonetics Corp. (a)		6,686		598,798
Hill-Rom Holdings, Inc.		6,570		721,255
Insulet Corp. (a)		5,992		1,164,006
Kangji Medical Holdings Ltd. (a)		7,100		27,299
NanoString Technologies, Inc. (a) (b)		16,634		488,208
Novocure Ltd. (a)		13,101		776,889
Tandem Diabetes Care, Inc. (a)		21,418		2,118,668

				8,620,900

Health Care – Services — 3.0%
Acadia Healthcare Co., Inc. (a)		23,304		585,397
Amedisys, Inc. (a)		4,840		960,934
LHC Group, Inc. (a)		16,773		2,923,869
Molina Healthcare, Inc. (a)		5,193		924,250

				5,394,450

Pharmaceuticals — 2.8%
Akebia Therapeutics, Inc. (a)		37,527		509,617
Global Blood Therapeutics, Inc. (a)		7,569		477,831
Heron Therapeutics, Inc. (a)		32,429		477,030
MyoKardia, Inc. (a)		11,228		1,084,849
Principia Biopharma, Inc. (a)		6,429		384,390
Reata Pharmaceuticals, Inc. Class A (a) (b)		3,189		497,548
Revance Therapeutics, Inc. (a)		29,236		713,943
Tricida, Inc. (a) (b)		15,391		422,945


	Number of Shares		Value
UroGen Pharma Ltd. (a) (b)		18,043	$	471,283

				5,039,436

				53,917,735

Energy — 2.5%
Energy – Alternate Sources — 2.0%
Atlantica Sustainable Infrastructure PLC		28,660		834,006
First Solar, Inc. (a) (b)		44,109		2,183,395
SunPower Corp. (a) (b)		76,910		589,131

				3,606,532

Oil & Gas — 0.5%
Delek US Holdings, Inc. (b)		30,212		525,991
Viper Energy Partners LP		26,835		278,011

				804,002

				4,410,534

Financial — 15.7%
Banks — 4.3%
Ameris Bancorp		50,121		1,182,355
Atlantic Union Bankshares Corp.		35,173		814,607
BancorpSouth Bank		52,234		1,187,801
First Interstate BancSystem, Inc. Class A		27,003		836,013
National Bank Holdings Corp. Class A		30,598		826,146
Seacoast Banking Corp. of Florida (a)		38,183		778,933
Western Alliance Bancorp		55,345		2,095,915

				7,721,770

Diversified Financial Services — 3.3%
Air Lease Corp.		24,432		715,613
Ares Management Corp. Class A		26,598		1,055,941
Hamilton Lane, Inc. Class A		6,890		464,179
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		56,788		1,616,187
PRA Group, Inc. (a)		52,249		2,019,946

				5,871,866

Insurance — 2.3%
Assured Guaranty Ltd.		26,561		648,354
James River Group Holdings Ltd.		22,801		1,026,045
Kemper Corp.		13,375		969,955
Selective Insurance Group, Inc.		14,825		781,870
Third Point Reinsurance Ltd. (a)		82,958		623,015

				4,049,239

Private Equity — 0.4%
Kennedy-Wilson Holdings, Inc.		45,065		685,889

Real Estate — 0.9%
McGrath RentCorp		14,094		761,217
Redfin Corp. (a) (b)		20,972		878,936

				1,640,153

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

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


	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 3.0%
Essential Properties Realty Trust, Inc. (b)		99,910	$	1,482,665
JBG SMITH Properties		22,773		673,398
Life Storage, Inc.		10,034		952,728
PotlatchDeltic Corp.		31,472		1,196,880
PS Business Parks, Inc.		5,406		715,754
Xenia Hotels & Resorts, Inc.		44,663		416,706

				5,438,131

Savings & Loans — 1.5%
OceanFirst Financial Corp.		49,767		877,392
Sterling Bancorp		150,157		1,759,840

				2,637,232

				28,044,280

Industrial — 16.6%
Aerospace & Defense — 0.4%
Aerojet Rocketdyne Holdings, Inc. (a)		18,418		730,089

Building Materials — 0.5%
Louisiana-Pacific Corp.		33,889		869,253

Electrical Components & Equipment — 1.4%
EnerSys		14,599		939,884
Novanta, Inc. (a)		13,974		1,492,004

				2,431,888

Electronics — 1.0%
II-VI, Inc. (a) (b)		24,042		1,135,263
Watts Water Technologies, Inc. Class A		7,312		592,272

				1,727,535

Engineering & Construction — 0.6%
Comfort Systems USA, Inc.		27,800		1,132,850

Environmental Controls — 1.0%
Clean Harbors, Inc. (a)		13,125		787,238
Tetra Tech, Inc.		13,292		1,051,663

				1,838,901

Hand & Machine Tools — 1.1%
Kennametal, Inc.		67,919		1,949,954

Machinery – Construction & Mining — 1.2%
Argan, Inc.		43,760		2,073,349

Machinery – Diversified — 2.2%
Chart Industries, Inc. (a)		26,577		1,288,719
Curtiss-Wright Corp.		17,214		1,536,866
SPX FLOW, Inc. (a)		27,747		1,038,847

				3,864,432

Metal Fabricate & Hardware — 3.1%
Advanced Drainage Systems, Inc.		57,087		2,820,098
Rexnord Corp.		94,694		2,760,330

				5,580,428


	Number of Shares		Value
Miscellaneous – Manufacturing — 2.1%
Axon Enterprise, Inc. (a)		6,447	$	632,644
Enerpac Tool Group Corp.		45,980		809,248
ITT, Inc.		27,150		1,594,791
John Bean Technologies Corp.		9,187		790,266

				3,826,949

Packaging & Containers — 0.6%
Graphic Packaging Holding Co.		74,592		1,043,542

Transportation — 1.0%
Kirby Corp. (a)		14,449		773,888
Saia, Inc. (a)		9,954		1,106,686

				1,880,574

Trucking & Leasing — 0.4%
GATX Corp.		11,616		708,344

				29,658,088

Technology — 15.1%
Computers — 2.0%
Endava PLC Sponsored ADR (a)		17,383		839,599
Lumentum Holdings, Inc. (a)		6,469		526,771
Rapid7, Inc. (a) (b)		44,605		2,275,747

				3,642,117

Semiconductors — 4.9%
ACM Research, Inc. Class A (a) (b)		18,265		1,139,006
Entegris, Inc.		33,179		1,959,220
Lattice Semiconductor Corp. (a)		30,631		869,614
MKS Instruments, Inc.		14,880		1,685,011
Power Integrations, Inc.		3,300		389,829
Tower Semiconductor Ltd. (a)		137,479		2,624,474

				8,667,154

Software — 8.2%
1Life Healthcare, Inc. (a)		16,185		587,839
Bandwidth, Inc. Class A (a)		18,579		2,359,533
Cloudera, Inc. (a) (b)		69,996		890,349
Five9, Inc. (a)		17,472		1,933,626
Health Catalyst, Inc. (a)		31,214		910,512
HubSpot, Inc. (a)		8,877		1,991,555
j2 Global, Inc. (b)		9,851		622,682
Manhattan Associates, Inc. (a)		13,126		1,236,469
Omnicell, Inc. (a)		32,200		2,273,964
Sprout Social, Inc. Class A (a)		15,100		407,700
SVMK, Inc. (a)		56,296		1,325,208

				14,539,437

				26,848,708

Utilities — 0.4%
Electric — 0.4%
Portland General Electric Co.		17,464		730,171


TOTAL COMMON STOCK (Cost $160,185,622)				181,926,239

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

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


	Number of Shares		Value

PREFERRED STOCK — 0.2%
Communications — 0.1%
Internet — 0.1%
The Honest Company, Inc., Series D (Acquired 8/03/15, Cost $184,255) (a) (c) (d) (e)		4,027	$	165,308

Technology — 0.1%
Software — 0.1%
MarkLogic Corp., Series F (Acquired 4/27/15, Cost $266,732) (a) (c) (d) (e)		22,966		213,354


TOTAL PREFERRED STOCK (Cost $450,987)				378,662


TOTAL EQUITIES (Cost $160,636,609)				182,304,901


WARRANTS — 0.0%
Consumer, Cyclical — 0.0%
Entertainment — 0.0%
DraftKings, Inc. PIPE (Acquired 4/23/20, Cost $0) (a) (d) (e)		171		2,616


TOTAL WARRANTS (Cost $0)				2,616


MUTUAL FUNDS — 1.0%
Diversified Financial Services — 1.0%
iShares Russell 2000 Index Fund (b)		5,476		784,054
State Street Navigator Securities Lending Prime Portfolio (f)		1,042,461		1,042,461

				1,826,515


TOTAL MUTUAL FUNDS (Cost $1,663,592)				1,826,515


TOTAL LONG-TERM INVESTMENTS (Cost $162,300,201)				184,134,032


	Principal Amount		Value

SHORT-TERM INVESTMENTS — 1.5%
Repurchase Agreement — 1.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (g)	$	2,608,166	$	2,608,166


TOTAL SHORT-TERM INVESTMENTS (Cost $2,608,166)				2,608,166


TOTAL INVESTMENTS — 104.8% (Cost $164,908,367) (h)				186,742,198

Other Assets/(Liabilities) — (4.8)%				(8,527,974	)


NET ASSETS — 100.0%			$	178,214,224

Abbreviation Legend

ADR	American Depositary Receipt

PIPE	Private Investment in Public Equity

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, 2020, was $25,956,869 or 14.56% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $25,394,320 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)	Investment was valued using significant unobservable inputs.

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2020, these securities amounted to a value of $1,173,443 or 0.66% of net assets.

(e)	Restricted security. Certain securities are restricted as to resale. At June 30, 2020, these securities amounted to a value of $1,173,444 or 0.66% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

(g)	Maturity value of $2,608,166. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 2/29/24, and an aggregate market value, including accrued interest, of $2,660,389.

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

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

MML Small Company Value Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 98.5%

COMMON STOCK — 98.5%
Basic Materials — 4.0%
Chemicals — 1.5%
American Vanguard Corp.		17,500	$	240,800
Minerals Technologies, Inc.		9,847		462,120
Quaker Chemical Corp. (a)		3,073		570,502

				1,273,422

Forest Products & Paper — 0.8%
Clearwater Paper Corp. (b)		17,664		638,200

Iron & Steel — 1.0%
Carpenter Technology Corp.		14,826		359,975
Reliance Steel & Aluminum Co.		4,700		446,171

				806,146

Mining — 0.7%
Alcoa Corp. (b)		21,556		242,290
Constellium SE (a) (b)		50,459		387,525

				629,815

				3,347,583

Communications — 3.2%
Advertising — 0.2%
Boston Omaha Corp. Class A (b)		11,005		176,080

Internet — 0.4%
Zendesk, Inc. (b)		3,353		296,841

Media — 1.9%
Cable One, Inc.		745		1,322,263
Scholastic Corp.		9,174		274,670

				1,596,933

Telecommunications — 0.7%
Harmonic, Inc. (b)		120,531		572,522

				2,642,376

Consumer, Cyclical — 10.2%
Apparel — 0.9%
Hanesbrands, Inc. (a)		20,257		228,701
Steven Madden Ltd.		21,197		523,354

				752,055

Auto Manufacturers — 0.3%
Blue Bird Corp. (b)		16,600		248,834

Auto Parts & Equipment — 1.0%
Dorman Products, Inc. (b)		6,895		462,448
Visteon Corp. (b)		5,748		393,738

				856,186

Distribution & Wholesale — 1.1%
Pool Corp.		3,311		900,162

Entertainment — 0.4%
Marriott Vacations Worldwide Corp.		4,020		330,484


	Number of Shares		Value
Home Builders — 2.2%
Cavco Industries, Inc. (b)		4,524	$	872,453
LCI Industries		5,795		666,309
Meritage Home Corp. (b)		3,681		280,198

				1,818,960

Lodging — 0.8%
The St. Joe Co. (a) (b)		34,162		663,426

Retail — 3.5%
Beacon Roofing Supply, Inc. (b)		16,991		448,053
BJ’s Restaurants, Inc.		5,800		121,452
Cannae Holdings, Inc. (b)		7,899		324,649
Express, Inc. (a) (b)		60,461		93,110
Lumber Liquidators Holdings, Inc. (b)		24,922		345,419
Papa John’s International, Inc.		6,852		544,117
Red Robin Gourmet Burgers, Inc. (b)		15,786		161,017
Rush Enterprises, Inc. Class A		4,971		206,098
Sportsman’s Warehouse Holdings, Inc. (b)		46,056		656,298

				2,900,213

				8,470,320

Consumer, Non-cyclical — 17.3%
Beverages — 0.4%
Coca-Cola Consolidated, Inc.		1,356		310,782

Biotechnology — 0.9%
Acceleron Pharma, Inc. (a) (b)		1,037		98,795
Cara Therapeutics, Inc. (a) (b)		9,307		159,150
Legend Biotech Corp. ADR (b)		570		24,259
Radius Health, Inc. (a) (b)		6,681		91,062
Ultragenyx Pharmaceutical, Inc. (b)		2,601		203,450
Xencor, Inc. (a) (b)		6,200		200,818

				777,534

Commercial Services — 6.0%
Aaron’s, Inc.		20,695		939,553
Clarivate Analytics PLC (b)		24,258		541,681
FTI Consulting, Inc. (b)		9,253		1,059,931
Green Dot Corp. Class A (b)		15,956		783,120
Korn Ferry		3,630		111,550
Monro, Inc.		6,906		379,416
Shift4 Payments, Inc. Class A (b)		1,747		62,019
Strategic Education, Inc.		6,952		1,068,175

				4,945,445

Foods — 2.8%
Grocery Outlet Holding Corp. (b)		9,350		381,480
Nomad Foods Ltd. (b)		47,810		1,025,524
Post Holdings, Inc. (b)		6,777		593,801
The Simply Good Foods Co. (b)		18,655		346,610

				2,347,415

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

MML Small Company Value Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Health Care – Products — 4.6%
Atrion Corp.		1,056	$	672,682
Avanos Medical, Inc. (b)		13,218		388,477
Envista Holdings Corp. (b)		19,763		416,802
Quidel Corp. (b)		8,136		1,820,349
West Pharmaceutical Services, Inc.		2,319		526,807

				3,825,117

Health Care – Services — 1.8%
The Ensign Group, Inc.		10,442		436,998
Molina Healthcare, Inc. (b)		1,256		223,543
The Pennant Group, Inc. (a) (b)		12,971		293,144
Select Medical Holdings Corp. (b)		37,445		551,565

				1,505,250

Pharmaceuticals — 0.8%
Momenta Pharmaceuticals, Inc. (b)		14,796		492,263
Option Care Health, Inc. (a) (b)		9,940		137,967

				630,230

				14,341,773

Diversified — 0.2%
Holding Company – Diversified — 0.2%
Conyers Park II Acquisition Corp. (b)		14,384		168,293

Energy — 4.1%
Energy – Alternate Sources — 0.6%
REX American Resources Corp. (b)		7,367		511,049

Oil & Gas — 1.8%
Kimbell Royalty Partners LP		28,444		244,618
Kosmos Energy Ltd. (a)		83,066		137,890
Magnolia Oil & Gas Corp. Class A (a) (b)		47,488		287,777
Matador Resources Co. (b)		32,321		274,729
WPX Energy, Inc. (a) (b)		87,595		558,856

				1,503,870

Oil & Gas Services — 1.7%
ChampionX Corp. (b)		54,044		527,469
Dril-Quip, Inc. (b)		7,036		209,602
Frank’s International NV (b)		12,281		27,387
Liberty Oilfield Services, Inc. Class A (a)		58,713		321,747
Thermon Group Holdings, Inc. (b)		17,638		256,986

				1,343,191

				3,358,110

Financial — 33.2%
Banks — 15.3%
Atlantic Capital Bancshares, Inc. (b)		14,253		173,316
BankUnited, Inc.		32,800		664,200
BOK Financial Corp.		2,844		160,515
Columbia Banking System, Inc.		24,700		700,122
CrossFirst Bankshares, Inc. (a) (b)		27,943		273,283
East West Bancorp, Inc.		12,303		445,861


	Number of Shares		Value
FB Financial Corp.		18,370	$	455,025
Glacier Bancorp, Inc.		18,380		648,630
HarborOne Bancorp, Inc. (a) (b)		52,732		450,331
Heritage Commerce Corp.		15,585		116,965
Heritage Financial Corp.		15,409		308,180
Home BancShares, Inc.		79,274		1,219,234
Hope Bancorp, Inc.		37,350		344,367
Howard Bancorp, Inc. (b)		26,725		283,820
Independent Bank Corp.		5,291		354,973
Live Oak Bancshares, Inc. (a)		15,239		221,118
National Bank Holdings Corp. Class A		22,860		617,220
Origin Bancorp, Inc.		15,020		330,440
PCSB Financial Corp.		19,924		252,636
Pinnacle Financial Partners, Inc.		18,108		760,355
Popular, Inc.		13,597		505,401
Prosperity Bancshares, Inc.		10,912		647,955
South State Corp.		9,493		452,436
Towne Bank		34,051		641,521
Walker & Dunlop, Inc.		4,490		228,137
Webster Financial Corp.		18,154		519,386
Western Alliance Bancorp		20,997		795,156
Wintrust Financial Corp.		3,654		159,387

				12,729,970

Diversified Financial Services — 4.0%
Hamilton Lane, Inc. Class A		1,545		104,087
Houlihan Lokey, Inc.		14,850		826,254
I3 Verticals, Inc. Class A (a) (b)		16,565		501,091
PennyMac Financial Services, Inc.		27,311		1,141,327
PRA Group, Inc. (b)		6,470		250,130
Virtus Investment Partners, Inc.		4,381		509,466

				3,332,355

Insurance — 3.5%
Assured Guaranty Ltd.		5,882		143,580
BRP Group, Inc. (b)		16,618		286,993
Employers Holdings, Inc.		10,138		305,661
James River Group Holdings Ltd.		4,480		201,600
Palomar Holdings, Inc. (b)		4,322		370,655
Primerica, Inc.		292		34,047
ProAssurance Corp.		14,875		215,241
Radian Group, Inc.		36,758		570,116
Safety Insurance Group, Inc.		4,353		331,960
Selectquote, Inc. (b)		6,467		163,809
State Auto Financial Corp.		17,762		317,052

				2,940,714

Real Estate — 0.7%
McGrath RentCorp		9,965		538,210

Real Estate Investment Trusts (REITS) — 8.2%
Acadia Realty Trust		12,900		167,442
American Campus Communities, Inc.		10,891		380,749
Cedar Realty Trust, Inc.		153,212		151,680

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

MML Small Company Value Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Douglas Emmett, Inc.		8,690	$	266,435
EastGroup Properties, Inc.		6,441		763,967
Healthcare Realty Trust, Inc.		19,730		577,892
JBG SMITH Properties		24,633		728,398
PotlatchDeltic Corp.		19,336		735,348
PS Business Parks, Inc.		4,371		578,721
Saul Centers, Inc.		12,368		399,115
Sunstone Hotel Investors, Inc.		64,071		522,179
Terreno Realty Corp.		21,422		1,127,654
Washington Real Estate Investment Trust		16,309		362,060

				6,761,640

Savings & Loans — 1.5%
Meridian Bancorp, Inc.		32,160		373,056
WSFS Financial Corp.		30,576		877,531

				1,250,587

				27,553,476

Industrial — 13.7%
Aerospace & Defense — 0.6%
Triumph Group, Inc.		51,696		465,781

Building Materials — 1.5%
SPX Corp. (b)		6,189		254,678
UFP Industries, Inc.		19,081		944,700

				1,199,378

Electrical Components & Equipment — 2.7%
Belden, Inc.		30,221		983,693
Littelfuse, Inc.		7,454		1,271,876

				2,255,569

Electronics — 1.6%
Brady Corp. Class A		8,185		383,222
Knowles Corp. (b)		40,828		623,035
Mesa Laboratories, Inc.		1,511		327,585

				1,333,842

Engineering & Construction — 0.8%
Aegion Corp. (b)		42,358		672,221

Environmental Controls — 0.7%
Stericycle, Inc. (a) (b)		10,970		614,101

Hand & Machine Tools — 0.6%
MSA Safety, Inc.		4,044		462,795

Machinery – Diversified — 1.0%
Cactus, Inc. Class A		22,295		459,946
CIRCOR International, Inc. (b)		14,358		365,842

				825,788

Metal Fabricate & Hardware — 1.0%
Helios Technologies, Inc.		12,926		481,494
RBC Bearings, Inc. (b)		2,657		356,144

				837,638

Miscellaneous – Manufacturing — 1.5%
ESCO Technologies, Inc.		9,957		841,665


	Number of Shares		Value
Myers Industries, Inc.		25,794	$	375,303

				1,216,968

Transportation — 1.7%
International Seaways, Inc.		19,847		324,300
Kirby Corp. (b)		4,250		227,630
Landstar System, Inc.		5,599		628,823
Ryder System, Inc.		6,637		248,954

				1,429,707

				11,313,788

Technology — 6.6%
Computers — 1.2%
Cubic Corp. (a)		12,783		613,968
Parsons Corp. (a) (b)		11,593		420,130

				1,034,098

Semiconductors — 3.1%
Cabot Microelectronics Corp.		4,849		676,629
Entegris, Inc.		11,411		673,819
MaxLinear, Inc. (b)		26,061		559,269
Onto Innovation, Inc. (b)		8,202		279,196
Semtech Corp. (b)		6,812		355,723

				2,544,636

Software — 2.3%
Ceridian HCM Holding, Inc. (a) (b)		13,291		1,053,578
Phreesia, Inc. (b)		8,980		253,954
Rosetta Stone, Inc. (b)		21,883		368,947
Workiva, Inc. (b)		4,503		240,866

				1,917,345

				5,496,079

Utilities — 6.0%
Electric — 2.0%
MGE Energy, Inc.		7,192		463,956
PNM Resources, Inc. (a)		25,655		986,178
Portland General Electric Co.		5,270		220,339

				1,670,473

Gas — 3.4%
Chesapeake Utilities Corp.		12,615		1,059,660
ONE Gas, Inc.		13,011		1,002,497
RGC Resources, Inc.		6,998		169,142
Southwest Gas Holdings, Inc.		9,033		623,729

				2,855,028

Water — 0.6%
California Water Service Group		9,776		466,315

				4,991,816


TOTAL COMMON STOCK (Cost $74,698,644)				81,683,614


TOTAL EQUITIES (Cost $74,698,644)				81,683,614

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

MML Small Company Value Fund – Portfolio of Investments (Continued)


	Number of Shares		Value

MUTUAL FUNDS — 1.0%
Diversified Financial Services — 1.0%
State Street Navigator Securities Lending Prime Portfolio (c)		858,486	$	858,486


TOTAL MUTUAL FUNDS (Cost $858,486)				858,486


TOTAL LONG-TERM INVESTMENTS (Cost $75,557,130)				82,542,100


SHORT-TERM INVESTMENTS — 1.6%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,064		1,064


	Principal Amount
Repurchase Agreement — 1.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (d)	$	1,347,034		1,347,034


TOTAL SHORT-TERM INVESTMENTS (Cost $1,348,098)				1,348,098


TOTAL INVESTMENTS — 101.1% (Cost $76,905,228) (e)				83,890,198

Other Assets/(Liabilities) — (1.1)%				(912,227	)


NET ASSETS — 100.0%			$	82,977,971

Abbreviation Legend

ADR	American Depositary Receipt

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, 2020, was $7,720,657 or 9.30% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $6,972,655 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b)	Non-income producing security.

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

(d)	Maturity value of $1,347,034. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $1,374,071.

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

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

MML Small/Mid Cap Value Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Value
EQUITIES — 99.4%

COMMON STOCK — 99.4%
Basic Materials — 2.3%
Chemicals — 1.6%
GCP Applied Technologies, Inc. (a)		3,735	$	69,396
Orion Engineered Carbons SA		131,440		1,391,950
Westlake Chemical Corp.		22,783		1,222,308

				2,683,654

Iron & Steel — 0.7%
Carpenter Technology Corp.		49,605		1,204,409

				3,888,063

Communications — 0.8%
Internet — 0.6%
Criteo SA Sponsored ADR (a)	��	87,571		997,434

Media — 0.2%
Houghton Mifflin Harcourt Co. (a)		141,140		255,463

				1,252,897

Consumer, Cyclical — 18.2%
Airlines — 1.9%
Alaska Air Group, Inc.		45,032		1,632,860
SkyWest, Inc.		45,477		1,483,460

				3,116,320

Apparel — 3.1%
Capri Holdings Ltd. (a)		45,690		714,135
Crocs, Inc. (a)		49,928		1,838,349
Ralph Lauren Corp.		17,960		1,302,459
Skechers U.S.A., Inc. Class A (a)		40,667		1,276,130

				5,131,073

Auto Parts & Equipment — 2.5%
Dana, Inc.		185,276		2,258,514
Lear Corp.		18,050		1,967,811

				4,226,325

Home Builders — 3.1%
KB Home		38,940		1,194,679
PulteGroup, Inc.		80,550		2,741,117
Taylor Morrison Home Corp. (a)		65,024		1,254,313

				5,190,109

Leisure Time — 3.3%
Brunswick Corp.		44,281		2,834,427
Callaway Golf Co.		150,286		2,631,508

				5,465,935

Retail — 4.3%
Foot Locker, Inc.		53,633		1,563,939
Papa John’s International, Inc.		36,181		2,873,133
Williams-Sonoma, Inc.		34,901		2,862,231

				7,299,303

				30,429,065


	Number of Shares		Value
Consumer, Non-cyclical — 11.9%
Beverages — 1.1%
Primo Water Corp.		135,311	$	1,860,526

Commercial Services — 3.4%
Quanta Services, Inc.		66,118		2,593,809
Robert Half International, Inc.		29,288		1,547,285
United Rentals, Inc. (a)		10,781		1,606,800

				5,747,894

Foods — 4.1%
The Hain Celestial Group, Inc. (a) (b)		90,775		2,860,320
Nomad Foods Ltd. (a)		119,067		2,553,987
US Foods Holding Corp. (a)		67,952		1,340,014

				6,754,321

Health Care – Services — 2.3%
ICON PLC (a)		9,953		1,676,682
Molina Healthcare, Inc. (a)		12,515		2,227,420

				3,904,102

Pharmaceuticals — 1.0%
Perrigo Co. PLC		30,110		1,664,180

				19,931,023

Energy — 3.4%
Oil & Gas — 1.7%
Cimarex Energy Co.		14,774		406,137
HollyFrontier Corp.		86,665		2,530,618

				2,936,755

Oil & Gas Services — 1.7%
Dril-Quip, Inc. (a)		46,672		1,390,359
MRC Global, Inc. (a)		241,865		1,429,422

				2,819,781

				5,756,536

Financial — 31.1%
Banks — 10.2%
Associated Banc-Corp.		161,971		2,215,763
BankUnited, Inc.		103,639		2,098,690
Comerica, Inc.		45,400		1,729,740
First Citizens BancShares, Inc. Class A		3,199		1,295,659
Synovus Financial Corp.		109,244		2,242,779
Texas Capital Bancshares, Inc. (a)		47,808		1,475,833
Umpqua Holdings Corp.		183,088		1,948,056
Webster Financial Corp.		63,329		1,811,843
Zions Bancorp NA		66,438		2,258,892

				17,077,255

Diversified Financial Services — 1.7%
Moelis & Co. Class A		58,441		1,821,022
OneMain Holdings, Inc.		40,934		1,004,520

				2,825,542

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

MML Small/Mid Cap Value Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Insurance — 7.6%
American Financial Group, Inc.		25,578	$	1,623,180
Essent Group Ltd.		51,253		1,858,946
Everest Re Group Ltd.		12,431		2,563,272
First American Financial Corp.		36,111		1,734,050
The Hanover Insurance Group, Inc.		18,518		1,876,429
Kemper Corp.		3,698		268,179
Reinsurance Group of America, Inc.		20,042		1,572,095
Selective Insurance Group, Inc.		23,087		1,217,609

				12,713,760

Real Estate Investment Trusts (REITS) — 10.7%
American Campus Communities, Inc.		58,622		2,049,425
Americold Realty Trust		30,070		1,091,541
Camden Property Trust		27,378		2,497,421
Cousins Properties, Inc.		47,775		1,425,128
CubeSmart		75,924		2,049,189
MGM Growth Properties LLC Class A		85,749		2,333,230
Park Hotels & Resorts, Inc.		85,044		841,085
Physicians Realty Trust		121,643		2,131,186
RLJ Lodging Trust		113,146		1,068,098
STAG Industrial, Inc.		85,262		2,499,882

				17,986,185

Savings & Loans — 0.9%
Sterling Bancorp		120,562		1,412,987

				52,015,729

Industrial — 19.0%
Aerospace & Defense — 0.7%
AAR Corp.		53,388		1,103,530

Building Materials — 1.7%
Masonite International Corp. (a)		35,571		2,766,712

Electrical Components & Equipment — 2.3%
Belden, Inc.		52,324		1,703,146
EnerSys		33,919		2,183,705

				3,886,851

Electronics — 2.8%
Arrow Electronics, Inc. (a)		20,727		1,423,738
TTM Technologies, Inc. (a)		131,482		1,559,376
Vishay Intertechnology, Inc.		113,169		1,728,091

				4,711,205

Engineering & Construction — 1.2%
AECOM (a)		54,040		2,030,823

Hand & Machine Tools — 3.2%
Kennametal, Inc.		86,358		2,479,338
Regal Beloit Corp.		32,882		2,871,257

				5,350,595

Machinery – Construction & Mining — 1.4%
Oshkosh Corp.		33,121		2,372,126


	Number of Shares		Value
Miscellaneous – Manufacturing — 0.5%
Trinseo SA		40,753	$	903,087

Packaging & Containers — 2.5%
Graphic Packaging Holding Co.		134,059		1,875,485
Sealed Air Corp.		71,080		2,334,978

				4,210,463

Transportation — 2.5%
Knight-Swift Transportation Holdings, Inc.		58,413		2,436,406
XPO Logistics, Inc. (a)		22,219		1,716,418

				4,152,824

Trucking & Leasing — 0.2%
GATX Corp.		6,628		404,176

				31,892,392

Technology — 8.7%
Computers — 3.9%
Amdocs Ltd.		35,284		2,148,090
Genpact Ltd.		41,850		1,528,362
NCR Corp. (a)		86,025		1,489,953
NetScout Systems, Inc. (a)		54,246		1,386,528

				6,552,933

Semiconductors — 2.2%
Kulicke & Soffa Industries, Inc.		89,282		1,859,744
MaxLinear, Inc. (a)		80,509		1,727,723

				3,587,467

Software — 2.6%
CommVault Systems, Inc. (a)		52,616		2,036,239
Nuance Communications, Inc. (a)		44,222		1,119,038
Verint Systems, Inc. (a)		27,431		1,239,332

				4,394,609

				14,535,009

Utilities — 4.0%
Electric — 3.1%
Alliant Energy Corp.		51,461		2,461,894
Black Hills Corp.		24,540		1,390,436
PNM Resources, Inc.		36,411		1,399,639

				5,251,969

Gas — 0.9%
Southwest Gas Holdings, Inc.		21,070		1,454,884

				6,706,853


TOTAL COMMON STOCK (Cost $179,103,921)				166,407,567


TOTAL EQUITIES (Cost $179,103,921)				166,407,567


TOTAL LONG-TERM INVESTMENTS (Cost $179,103,921)				166,407,567

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

MML Small/Mid Cap Value Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (c)	$	1,732,466	$	1,732,466


TOTAL SHORT-TERM INVESTMENTS (Cost $1,732,466)				1,732,466


TOTAL INVESTMENTS — 100.4% (Cost $180,836,387) (d)				168,140,033

Other Assets/(Liabilities) — (0.4)%				(684,511	)


NET ASSETS — 100.0%			$	167,455,522

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, 2020, was $2,831,709 or 1.69% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,841,715 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 $1,732,466. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $1,767,144.

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

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

MML Total Return Bond Fund – Portfolio of Investments

June 30, 2020 (Unaudited)


	Principal Amount		Value
BONDS & NOTES — 94.3%

BANK LOANS — 0.7%
Aerospace & Defense — 0.0%
TransDigm, Inc., 2020 Term Loan E, 1 mo. LIBOR + 2.250% 2.428% VRN 5/30/25	$	49,750	$	44,558

Airlines — 0.0%
American Airlines, Inc., 2017 1st Lien Term Loan, 0.000% 1/29/27 (a)		50,000		37,575

Auto Parts & Equipment — 0.0%
Panther BF Aggregator 2 LP, USD Term Loan B, 1 mo. LIBOR + 3.500% 3.678% VRN 4/30/26		49,749		47,262

Diversified Financial Services — 0.2%
Delos Finance S.A.R.L., 2018 Term Loan B, 3 mo. LIBOR + 1.750% 2.058% VRN 10/06/23		796,200		758,627

Environmental Controls — 0.0%
GFL Environmental, Inc., 2018 USD Term Loan B, 1 mo. LIBOR + 3.000%, 3 mo. LIBOR + 3.000% 4.000% VRN 5/30/25		139,865		135,699

Foods — 0.0%
Hostess Brands LLC, 2019 Term Loan, 1 mo. LIBOR + 2.250%, 3 mo. LIBOR + 2.250% 3.000% - 3.010% VRN 8/03/25		129,348		124,562

Health Care – Services — 0.0%
MPH Acquisition Holdings LLC, 2016 Term Loan B, 3 mo. LIBOR + 2.750% 3.750% VRN 6/07/23		50,000		47,438

Packaging & Containers — 0.0%
Berry Global, Inc., Term Loan Y, 0.000% 7/01/26 (a)		99,749		95,135

Pharmaceuticals — 0.2%
Change Healthcare Holdings LLC, 2017 Term Loan B, 1 mo. LIBOR + 2.500%, 3 mo. LIBOR + 2.500% 3.500% VRN 3/01/24		50,000		47,923
Elanco Animal Health, Inc., Term Loan B, 0.000% 2/04/27 (a)		425,000		404,460
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 Week LIBOR + 2.000% 2.109% VRN 11/15/27		49,750		47,816

				500,199


	Principal Amount		Value
Real Estate Investment Trusts (REITS) — 0.0%
VICI Properties 1 LLC, Replacement Term Loan B, 0.000% 12/20/24 (a)	$	50,000	$	46,494

Semiconductors — 0.1%
Broadcom, Inc., 2019 1st Lien Term Loan A3, 1 mo. LIBOR + 1.125% 1.299% VRN 11/04/22		140,625		139,746

Telecommunications — 0.2%
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. LIBOR + 1.750% 1.928% VRN 3/01/27		125,000		117,991
T-Mobile USA, Inc., 2020 Term Loan, 1 mo. LIBOR + 3.000% 3.178% VRN 4/01/27		250,000		249,460
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. LIBOR + 3.000% 3.178% VRN 3/09/27		224,438		212,525

				579,976


TOTAL BANK LOANS (Cost $2,549,622)				2,557,271


CORPORATE DEBT — 28.3%
Agriculture — 0.5%
BAT Capital Corp. 4.390% 8/15/37		400,000		436,443
4.540% 8/15/47		800,000		868,626
Reynolds American, Inc. 5.850% 8/15/45		315,000		387,184

				1,692,253

Airlines — 0.1%
Northwest Airlines Pass-Through Trust 7.041% 10/01/23		295,680		281,034

Auto Manufacturers — 1.4%
Daimler Finance NA LLC 2.000% 7/06/21 (b)		380,000		382,909
2.200% 10/30/21 (b)		580,000		587,830
Ford Motor Credit Co. LLC 3 mo. USD LIBOR + 1.270% 1.576% FRN 3/28/22		90,000		84,155
3 mo. USD LIBOR + .810% 2.183% FRN 4/05/21		260,000		249,539
3 mo. USD LIBOR + .880% 2.191% FRN 10/12/21		405,000		384,304
3.219% 1/09/22		100,000		97,271
3.336% 3/18/21		65,000		64,331
3.813% 10/12/21		185,000		183,206
5.085% 1/07/21		640,000		639,392
5.750% 2/01/21		80,000		80,304

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

MML Total Return Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
General Motors Financial Co., Inc. 3.150% 6/30/22	$	550,000	$	559,554
3.200% 7/06/21		610,000		616,753
3.450% 4/10/22		105,000		107,064
4.200% 11/06/21		675,000		692,227
4.375% 9/25/21		85,000		87,298

				4,816,137

Banks — 4.6%
Bank of America Corp. SOFR + 1.150% 1.319% VRN 6/19/26		330,000		330,859
3 mo. USD LIBOR + 1.190% 2.884% VRN 10/22/30		250,000		270,465
3 mo. USD LIBOR + .790% 3.004% VRN 12/20/23		1,644,000		1,726,874
3 mo. USD LIBOR + 3.150% 4.083% VRN 3/20/51		660,000		827,021
Citigroup, Inc. SOFR + 2.107% 2.572% VRN 6/03/31		435,000		449,903
3 mo. USD LIBOR + .722% 3.142% VRN 1/24/23		750,000		775,733
The Goldman Sachs Group, Inc. 2.600% 2/07/30		215,000		225,448
3 mo. USD LIBOR + 1.201% 3.272% VRN 9/29/25		855,000		921,416
JP Morgan Chase & Co. SOFR + 1.510% 2.739% VRN 10/15/30		325,000		348,672
2.950% 10/01/26		895,000		982,983
3.200% 6/15/26		355,000		394,034
3 mo. USD LIBOR + 1.000% 4.023% VRN 12/05/24		365,000		402,191
JPMorgan Chase & Co. SOFR + 2.040% 2.522% VRN 4/22/31		465,000		491,089
SOFR + 2.440% 3.109% VRN 4/22/51		320,000		344,555
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.249% 2.858% VRN 3/17/23		575,000		592,235
3 mo. USD LIBOR + .810% 2.907% VRN 11/07/23		700,000		728,463
3.900% 3/12/24		400,000		437,808
Morgan Stanley SOFR + .700% 0.761% FRN 1/20/23		735,000		732,512
Santander UK Group Holdings PLC 3 mo. USD LIBOR + 1.080% 3.373% VRN 1/05/24		645,000		676,341
Santander UK PLC 5.000% 11/07/23 (b)		435,000		473,845


	Principal Amount		Value
Wells Fargo & Co. SOFR + 2.100% 2.393% VRN 6/02/28	$	400,000	$	413,286
3 mo. USD LIBOR + 1.170% 2.879% VRN 10/30/30		305,000		326,287
SOFR + 2.530% 3.068% VRN 4/30/41		500,000		521,543
3 mo. USD LIBOR + 4.240% 5.013% VRN 4/04/51		1,690,000		2,345,690

				15,739,253

Beverages — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.900% 2/01/46		295,000		360,987
Anheuser-Busch InBev Worldwide, Inc. 4.500% 6/01/50		585,000		693,529
Bacardi Ltd. 4.700% 5/15/28 (b)		160,000		180,970
5.300% 5/15/48 (b)		130,000		160,561

				1,396,047

Biotechnology — 0.2%
Amgen, Inc. 4.400% 5/01/45		500,000		622,083
4.663% 6/15/51		140,000		186,642

				808,725

Chemicals — 0.2%
International Flavors & Fragrances, Inc. 5.000% 9/26/48		570,000		665,018

Commercial Services — 0.3%
Duke University 2.682% 10/01/44		330,000		346,469
IHS Markit Ltd. 4.000% 3/01/26 (b)		253,000		277,794
4.750% 2/15/25 (b)		120,000		134,400
4.750% 8/01/28		385,000		451,771

				1,210,434

Computers — 0.4%
Apple, Inc. 4.650% 2/23/46		850,000		1,170,578
Dell International LLC/EMC Corp. 4.420% 6/15/21 (b)		265,000		272,407

				1,442,985

Diversified Financial Services — 1.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.500% 5/15/21		490,000		493,068
Air Lease Corp. 3.500% 1/15/22		575,000		580,980

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

MML Total Return Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Avolon Holdings Funding Ltd. 2.875% 2/15/25 (b)	$	335,000	$	281,118
3.950% 7/01/24 (b)		130,000		112,946
5.125% 10/01/23 (b)		40,000		36,994
5.250% 5/15/24 (b)		35,000		31,957
GE Capital Funding LLC 4.400% 5/15/30 (b)		330,000		343,400
GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/35		1,360,000		1,382,785
Mastercard, Inc. 3.850% 3/26/50		215,000		267,459
Park Aerospace Holdings Ltd. 4.500% 3/15/23 (b)		320,000		291,934
5.250% 8/15/22 (b)		675,000		633,604
5.500% 2/15/24 (b)		290,000		265,303
Raymond James Financial, Inc. 4.950% 7/15/46		390,000		471,779

				5,193,327

Electric — 2.1%
AEP Transmission Co. LLC 3.100% 12/01/26		855,000		956,727
Dominion Energy, Inc. 3.300% 3/15/25		425,000		463,522
Duke Energy Carolinas LLC 4.000% 9/30/42		1,000,000		1,203,635
Jersey Central Power & Light Co. 4.700% 4/01/24 (b)		800,000		897,076
6.400% 5/15/36		425,000		567,952
LG&E & KU Energy LLC 4.375% 10/01/21		1,200,000		1,240,609
MidAmerican Energy Co. 4.800% 9/15/43		1,400,000		1,856,460

				7,185,981

Engineering & Construction — 0.1%
PowerTeam Services LLC 9.033% 12/04/25 (b)		310,000		316,200

Entertainment — 0.2%
Churchill Downs, Inc. 4.750% 1/15/28 (b)		80,000		77,200
5.500% 4/01/27 (b)		361,000		353,347
Colt Merger Sub, Inc. 6.250% 7/01/25 (b) (c)		104,000		103,350
Live Nation Entertainment, Inc. 4.750% 10/15/27 (b)		109,000		93,763

				627,660

Environmental Controls — 0.1%
GFL Environmental, Inc. 5.125% 12/15/26 (b)		164,000		169,740


	Principal Amount		Value
Waste Pro USA, Inc. 5.500% 2/15/26 (b)	$	136,000	$	129,811

				299,551

Foods — 1.1%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 5.500% 1/15/30 (b)		35,000		35,875
Kraft Heinz Foods Co. 4.375% 6/01/46		285,000		280,181
4.875% 10/01/49 (b)		1,710,000		1,741,320
5.000% 7/15/35		195,000		214,556
5.000% 6/04/42		350,000		368,762
5.200% 7/15/45		330,000		357,875
6.875% 1/26/39		250,000		309,057
The Kroger Co. 5.400% 1/15/49		190,000		265,811
Pilgrim’s Pride Corp. 5.875% 9/30/27 (b)		30,000		30,006
Post Holdings, Inc. 4.625% 4/15/30 (b)		30,000		29,364
5.750% 3/01/27 (b)		150,000		154,875

				3,787,682

Gas — 0.2%
CenterPoint Energy Resources Corp. 6.250% 2/01/37		595,000		785,563
Southern Co. Gas Capital Corp. 2.450% 10/01/23		100,000		104,894

				890,457

Health Care – Products — 0.3%
Hologic, Inc. 4.625% 2/01/28 (b)		160,000		166,000
Teleflex, Inc. 4.625% 11/15/27		107,000		113,121
Zimmer Biomet Holdings, Inc. 3 mo. USD LIBOR + .750% 1.066% FRN 3/19/21		655,000		654,886

				934,007

Health Care – Services — 1.3%
Aetna, Inc. 2.800% 6/15/23		485,000		511,302
Centene Corp. 3.375% 2/15/30		350,000		353,399
5.375% 8/15/26 (b)		155,000		161,233
Encompass Health Corp. 4.750% 2/01/30		198,000		189,090
HCA, Inc. 5.000% 3/15/24		647,000		719,141
5.125% 6/15/39		230,000		268,093
5.250% 6/15/49		525,000		628,984
IQVIA, Inc. 5.000% 5/15/27 (b)		200,000		204,938

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

MML Total Return Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Molina Healthcare, Inc. 5.375% STEP 11/15/22	$	225,000	$	229,500
Tenet Healthcare Corp. 4.625% 7/15/24		184,000		180,281
4.875% 1/01/26 (b)		345,000		335,944
UnitedHealth Group, Inc. 2.900% 5/15/50		275,000		290,406
3.700% 8/15/49		245,000		289,851

				4,362,162

Household Products & Wares — 0.1%
Central Garden & Pet Co. 5.125% 2/01/28		123,000		127,198
Spectrum Brands, Inc. 5.750% 7/15/25		245,000		251,436

				378,634

Insurance — 0.5%
Farmers Exchange Capital III 3 mo. USD LIBOR + 3.454% 5.454% VRN 10/15/54 (b)		970,000		1,123,580
Teachers Insurance & Annuity Association of America 3.300% 5/15/50 (b)		500,000		515,317

				1,638,897

Media — 1.0%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.500% 8/15/30 (b)		250,000		255,000
4.500% 5/01/32 (b)		195,000		197,438
5.375% 6/01/29 (b)		146,000		154,030
Charter Communications Operating LLC/Charter Communications Operating Capital 3.750% 2/15/28		92,000		100,290
4.800% 3/01/50		230,000		254,569
4.908% 7/23/25		500,000		573,042
6.484% 10/23/45		200,000		264,449
CSC Holdings LLC 5.375% 2/01/28 (b)		30,000		31,350
5.500% 5/15/26 (b)		200,000		205,274
Virgin Media Secured Finance PLC 5.500% 5/15/29 (b)		255,000		266,475
The Walt Disney Co. 2.650% 1/13/31		330,000		349,687
3.600% 1/13/51		665,000		740,771

				3,392,375

Mining — 0.1%
Indonesia Asahan Aluminium Persero PT 6.530% 11/15/28 (b)		200,000		236,006


	Principal Amount		Value
Miscellaneous – Manufacturing — 0.2%
General Electric Co. 6.750% 3/15/32	$	300,000	$	364,966
5.875% 1/14/38		244,000		275,400

				640,366

Oil & Gas — 1.7%
Antero Resources Corp. 5.000% 3/01/25		364,000		214,760
5.125% 12/01/22		176,000		127,160
5.625% 6/01/23		50,000		32,000
BP Capital Markets America, Inc. 3.000% 2/24/50		80,000		78,613
3.633% 4/06/30		190,000		215,596
Canadian Natural Resources Ltd. 3.850% 6/01/27		171,000		183,251
EQT Corp. 3.900% 10/01/27		110,000		89,352
Equinor ASA 3.700% 4/06/50		405,000		462,957
Exxon Mobil Corp. 2.610% 10/15/30		100,000		107,054
3.452% 4/15/51		20,000		22,149
3.482% 3/19/30		300,000		341,418
4.227% 3/19/40		230,000		276,244
4.327% 3/19/50		735,000		916,729
Gulfport Energy Corp. 6.375% 5/15/25		47,000		23,444
Noble Energy, Inc. 5.250% 11/15/43		140,000		130,396
Pertamina Persero PT 3.100% 8/25/30 (b)		400,000		400,908
Petrobras Global Finance BV 5.093% 1/15/30 (b)		201,000		200,196
Petroleos del Peru SA 4.750% 6/19/32 (b)		200,000		222,000
Petroleos Mexicanos 5.950% 1/28/31 (b)		395,000		325,934
6.625% 6/15/35		900,000		732,330
7.690% 1/23/50 (b)		115,000		95,970
Range Resources Corp. 4.875% 5/15/25		66,000		49,830
Saudi Arabian Oil Co. 4.250% 4/16/39 (b)		200,000		222,488
Transocean Guardian Ltd. 5.875% 1/15/24 (b)		126,920		110,387
Transocean Pontus Ltd. 6.125% 8/01/25 (b)		144,455		125,676
Transocean Poseidon Ltd. 6.875% 2/01/27 (b)		98,000		83,300

				5,790,142

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

MML Total Return Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Oil & Gas Services — 0.0%
Transocean Proteus Ltd. 6.250% 12/01/24 (b)	$	53,950	$	49,094
USA Compression Partners LP / USA Compression Finance Corp. 6.875% 4/01/26		30,000		28,988
6.875% 9/01/27		96,000		92,160

				170,242

Packaging & Containers — 0.5%
Amcor Finance USA, Inc. 3.625% 4/28/26		650,000		712,683
Berry Global, Inc. 4.875% 7/15/26 (b)		30,000		30,450
Graphic Packaging International LLC 4.125% 8/15/24		200,000		206,500
Matthews International Corp. 5.250% 12/01/25 (b)		120,000		108,000
Mauser Packaging Solutions Holding Co. 5.500% 4/15/24 (b)		30,000		29,466
Sealed Air Corp. 4.000% 12/01/27 (b)		30,000		30,000
5.500% 9/15/25 (b)		190,000		204,250
Trivium Packaging Finance BV 5.500% 8/15/26 (b)		30,000		30,262
WRKCo, Inc. 4.900% 3/15/29		195,000		233,380

				1,584,991

Pharmaceuticals — 2.9%
AbbVie, Inc. 3.250% 10/01/22 (b)		500,000		523,980
3.600% 5/14/25		215,000		237,741
3.800% 3/15/25 (b)		250,000		277,379
4.250% 11/21/49 (b)		955,000		1,157,622
4.450% 5/14/46		39,000		47,589
4.875% 11/14/48		400,000		525,297
Bausch Health Cos., Inc. 5.500% 3/01/23 (b)		21,000		21,000
5.500% 11/01/25 (b)		124,000		127,100
5.750% 8/15/27 (b)		88,000		93,280
7.000% 3/15/24 (b)		200,000		207,500
Bayer US Finance II LLC 3.875% 12/15/23 (b)		455,000		498,920
4.250% 12/15/25 (b)		180,000		206,660
4.375% 12/15/28 (b)		850,000		993,362
4.625% 6/25/38 (b)		635,000		776,892
4.875% 6/25/48 (b)		505,000		645,670
Becton Dickinson and Co. 2.894% 6/06/22		400,000		414,231
Cigna Corp. 2.400% 3/15/30		185,000		191,959
3.400% 3/15/50		405,000		435,838
4.125% 11/15/25		800,000		919,621


	Principal Amount		Value
CVS Health Corp. 5.050% 3/25/48	$	1,380,000	$	1,807,652
5.125% 7/20/45		20,000		25,770

				10,135,063

Pipelines — 1.3%
Cheniere Energy Partners LP 5.250% 10/01/25		30,000		29,901
Energy Transfer Operating LP 5.150% 3/15/45		400,000		381,206
Energy Transfer Operating LP 5.500% 6/01/27		254,000		283,109
5.875% 1/15/24		400,000		445,321
Plains All American Pipeline LP/PAA Finance Corp. 4.650% 10/15/25		600,000		640,824
Rockies Express Pipeline LLC 4.800% 5/15/30 (b)		250,000		230,000
4.950% 7/15/29 (b)		200,000		186,060
Ruby Pipeline LLC 7.000% STEP 4/01/22 (b)		511,364		475,846
Sabine Pass Liquefaction LLC 4.200% 3/15/28		400,000		429,383
5.750% 5/15/24		290,000		326,583
Sunoco Logistics Partners Operations LP 5.350% 5/15/45		50,000		48,972
5.400% 10/01/47		394,000		394,202
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.875% 1/15/29		72,000		75,420
TC PipeLines LP 3.900% 5/25/27		500,000		525,891
TransMontaigne Partners LP/TLP Finance Corp. 6.125% 2/15/26		81,000		78,165

				4,550,883

Real Estate Investment Trusts (REITS) — 1.5%
American Campus Communities Operating Partnership LP 3.750% 4/15/23		650,000		667,440
GLP Capital LP/GLP Financing II, Inc. 4.000% 1/15/30		35,000		34,694
5.250% 6/01/25		230,000		250,102
5.300% 1/15/29		310,000		335,445
5.375% 4/15/26		695,000		759,350
Healthcare Realty Trust, Inc. 3.750% 4/15/23		235,000		244,655
Healthpeak Properties, Inc. 3.875% 8/15/24		500,000		549,574
4.250% 11/15/23		12,000		13,062

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

MML Total Return Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.625% 5/01/24	$	100,000	$	103,502
SBA Communications Corp. 4.875% 9/01/24		98,000		100,328
SL Green Operating Partnership LP 3.250% 10/15/22		500,000		497,899
Ventas Realty LP 3.500% 2/01/25		1,500,000		1,548,196

				5,104,247

Retail — 0.4%
Alimentation Couche-Tard, Inc. 2.700% 7/26/22 (b)		195,000		199,614
3.800% 1/25/50 (b)		40,000		41,465
Rite Aid Corp. 6.125% 4/01/23 (b)		125,000		121,563
Starbucks Corp. 2.250% 3/12/30		375,000		382,749
Walgreens Boots Alliance, Inc. 3.800% 11/18/24		400,000		440,354
4.800% 11/18/44		275,000		297,780

				1,483,525

Savings & Loans — 0.1%
Nationwide Building Society 3 mo. USD LIBOR + 1.181% 3.622% VRN 4/26/23 (b)		270,000		280,540

Semiconductors — 0.5%
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.625% 1/15/24		560,000		602,000
Intel Corp. 4.100% 5/19/46		250,000		312,008
4.750% 3/25/50		500,000		704,880
NXP BV/NXP Funding LLC 4.125% 6/01/21 (b)		200,000		205,967

				1,824,855

Software — 0.1%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. 5.750% 3/01/25 (b)		144,000		142,200
SS&C Technologies, Inc. 5.500% 9/30/27 (b)		138,000		140,020

				282,220

Telecommunications — 2.4%
AT&T, Inc. 3.950% 1/15/25		160,000		179,065
4.300% 2/15/30		500,000		585,974
4.500% 3/09/48		45,000		53,194
4.750% 5/15/46		110,000		131,872


	Principal Amount		Value
4.800% 6/15/44	$	1,300,000	$	1,539,512
4.900% 8/15/37		155,000		186,280
5.250% 3/01/37		270,000		333,842
CenturyLink, Inc. 4.000% 2/15/27 (b)		76,000		73,815
Intelsat Jackson Holdings SA 8.500% 10/15/24 (b) (d)		171,000		102,814
9.750% 7/15/25 (b) (d)		585,000		359,366
Level 3 Financing, Inc. 4.625% 9/15/27 (b)		109,000		109,818
5.375% 5/01/25		149,000		152,166
Sprint Corp. 7.875% 9/15/23		33,000		37,166
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 3.360% STEP 3/20/23 (b)		360,938		365,334
4.738% 9/20/29 (b)		1,050,000		1,139,481
T-Mobile USA, Inc. 2.550% 2/15/31 (b)		475,000		476,672
3.875% 4/15/30 (b)		290,000		322,758
4.375% 4/15/40 (b)		290,000		335,449
4.500% 2/01/26		104,000		105,244
4.750% 2/01/28		119,000		125,712
6.000% 3/01/23		206,000		206,832
6.000% 4/15/24		122,000		124,647
Vodafone Group PLC 4.875% 6/19/49		1,052,000		1,326,129

				8,373,142


TOTAL CORPORATE DEBT (Cost $91,108,297)				97,515,041


MUNICIPAL OBLIGATIONS — 1.7%
City of New York NY, General Obligation 5.206% 10/01/31		750,000		937,230
Commonwealth of Massachusetts, General Obligation 3.000% 3/01/49		550,000		582,230
Jersey City Municipal Utilities Authority, Revenue Bond 5.470% 5/15/27		850,000		969,400
Los Angeles Unified School District, General Obligation 5.755% 7/01/29		1,000,000		1,272,880
New York State Dormitory Authority, Revenue Bond 5.289% 3/15/33		750,000		948,600
Regents of the University of California Medical Center Pooled, Revenue Bond 3.256% 5/15/60		950,000		987,572

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

MML Total Return Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
State of California, General Obligation 7.950% 3/01/36	$	89	$	86

				5,697,998


TOTAL MUNICIPAL OBLIGATIONS (Cost $5,450,686)				5,697,998


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 13.6%
Commercial MBS — 1.6%
BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A, 4.227% VRN 8/10/38 (b) (e)		620,000		699,088
BX Trust, Series 2019-OC11, Class A 3.202% 12/09/41 (b)		180,000		187,793
CALI Mortgage Trust, Series 2019-101C, Class A 3.957% 3/10/39 (b)		415,000		474,446
Commercial Mortgage Trust, Series 2016-787S, Class A 3.545% 2/10/36 (b)		340,000		368,321
CPT Mortgage Trust, Series 2019-CPT, Class A 2.865% 11/13/39 (b)		355,000		386,880
DC Office Trust, Series 2019-MTC, Class A 2.965% 9/15/45 (b)		375,000		404,413
Hudson Yards Mortgage Trust Series 2019-55HY, Class A, 3.041% VRN 12/10/41 (b) (e)		375,000		412,857
Series 2019-30HY, Class A, 3.228% 7/10/39 (b)		385,000		430,756
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A 3.397% 6/05/39 (b)		385,000		427,994
MKT Mortgage Trust, Series 2020-525M, Class A 2.694% 2/12/40 (b)		465,000		489,798
Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC, Class A 2.966% 12/15/38 (b)		375,000		387,942
One Bryant Park Trust, Series 2019-OBP, Class A 2.516% 9/15/54 (b)		490,000		519,056
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A, 3.961% VRN 1/15/32 (b) (e)		330,000		312,700
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1, 3.872% VRN 1/05/43 (b) (e)		185,000		178,705

				5,680,749


	Principal Amount		Value
Home Equity ABS — 0.9%
Citigroup Mortgage Loan Trust, Inc., Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .290% 0.475% FRN 8/25/36	$	2,400,000	$	2,302,475
Wells Fargo Home Equity Trust, Series 2004-2, Class M3, 1 mo. USD LIBOR + 1.050% 1.235% FRN 10/25/34		825,670		801,412

				3,103,887

Other ABS — 2.4%
Countrywide Asset-Backed Certificates, Series 2006-15, Class A3, 4.549% VRN 10/25/46 (e)		511,818		479,713
Dryden Senior Loan Fund, Series 2013-26A, Class AR, 3 mo. USD LIBOR + .900% 2.119% FRN 4/15/29 (b)		975,000		957,006
LCM LP, Series 21A, Class AR, 3 mo. USD LIBOR + .880% 2.015% FRN 4/20/28 (b)		740,000		727,526
Madison Park Funding Ltd., Series 2018-30A, Class A, 3 mo. USD LIBOR + .750% 1.969% FRN 4/15/29 (b)		750,000		731,680
Magnetite Ltd. Series 2012-7A, Class A1R2, 3 mo. USD LIBOR + .800% 2.019% FRN 1/15/28 (b)		1,000,000		980,793
Series 2019-21A, Class A, 3 mo. USD LIBOR + 1.280% 2.415% FRN 4/20/30 (b)		200,000		197,477
Morgan Stanley Capital, Inc. Trust, Series 2006-HE1, Class A4, 1 mo. USD LIBOR + .290% 0.475% FRN 1/25/36		1,692,048		1,560,521
Saxon Asset Securities Trust Series 2007-2, Class A2C, 1 mo. USD LIBOR + .240% 0.425% FRN 5/25/47		2,089,998		1,662,666
Series 2005-1, Class M1, 1 mo. USD LIBOR + .690% 0.875% FRN 5/25/35		323,383		318,559
TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR, 3 mo. USD LIBOR + 1.220% 2.355% FRN 7/17/28 (b)		225,000		222,034
Voya CLO Ltd., Series 2014-3A, Class A1R, 3 mo. USD LIBOR + .720% 1.711% FRN 7/25/26 (b)		320,703		318,911

				8,156,886

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

MML Total Return Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Student Loans ABS — 4.1%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700% 0.885% FRN 7/25/56 (b)	$	545,184	$	532,685
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 3 mo. USD LIBOR + .200% 1.575% FRN 3/28/35		1,500,000		1,429,089
Navient Student Loan Trust, Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800% 0.985% FRN 3/25/67 (b)		630,000		621,895
Nelnet Student Loan Trust, Series 2015-1A, Class A, 1 mo. USD LIBOR + .590% 0.775% FRN 4/25/46 (b)		986,430		922,373
Pennsylvania Higher Education Assistance Agency, Series 2013-3A, Class A, 1 mo. USD LIBOR + .750% 0.935% FRN 11/25/42 (b)		894,312		835,524
SLC Student Loan Trust, Series 2006-2, Class A6, 3 mo. USD LIBOR + .160% 0.473% FRN 9/15/39		2,300,000		2,165,246
SLM Student Loan Trust Series 2012-7, Class A3, 1 mo. USD LIBOR + .650% 0.835% FRN 5/26/26		802,660		734,758
Series 2012-2, Class A, 1 mo. USD LIBOR + .700% 0.885% FRN 1/25/29		930,494		864,002
Series 2012-1, Class A3, 1 mo. USD LIBOR + .950% 1.135% FRN 9/25/28		786,556		721,705
Series 2007-7, Class A4, 3 mo. USD LIBOR + .330% 1.321% FRN 1/25/22		797,193		751,590
Series 2008-1, Class A4, 3 mo. USD LIBOR + .650% 1.641% FRN 1/25/22		756,285		690,085
Series 2008-6, Class A4, 3 mo. USD LIBOR + 1.100% 2.091% FRN 7/25/23		1,165,453		1,089,713
Series 2008-9, Class A, 3 mo. USD LIBOR + 1.500% 2.491% FRN 4/25/23		900,419		880,998
Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850% 2.841% FRN 7/25/73		700,000		572,437
Series 2008-9, Class B, 3 mo. USD LIBOR + 2.250% 3.241% FRN 10/25/83		1,430,000		1,385,649

				14,197,749


	Principal Amount		Value
WL Collateral CMO — 4.6%
American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 6 mo. USD LIBOR + 2.000% 2.577% FRN 6/25/45	$	948,077	$	927,664
Banc of America Funding Trust, Series 2016-R1, Class A1, 2.500% VRN 3/25/40 (b) (e)		592,028		591,765
Chase Mortgage Finance Trust, Series 2007-A1, Class 11A4, 3.648% VRN 3/25/37 (e)		375,874		359,236
Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 1 year CMT + 2.400% 4.380% FRN 10/25/35		316,691		315,753
Countrywide Alternative Loan Trust Series 2006-OA6, Class 1A2, 1 mo. USD LIBOR + .210% 0.395% FRN 7/25/46		1,286,653		1,116,565
Series 2005-31, Class 2A1, 1 mo. USD LIBOR + .300% 0.485% FRN 8/25/35		1,391,433		1,220,830
Credit Suisse Mortgage Trust, Series 2018-RPL9, Class A, 3.850% VRN 9/25/57 (b) (e)		1,525,464		1,672,014
First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1, 4.328% VRN 11/25/35 (e)		419,964		367,036
GS Mortgage-Backed Securities Trust, Series 2018-RPL1, Class A1A 3.750% 10/25/57 (b)		1,487,778		1,557,843
HarborView Mortgage Loan Trust, Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200% 0.394% FRN 11/19/36		1,694,738		1,416,464
Impac CMB Trust, Series 2005-1, Class 1A1, 1 mo. USD LIBOR + .520% 0.705% FRN 4/25/35		946,633		879,592
IndyMac Index Mortgage Loan Trust Series 2006-AR27, Class 1A3, 1 mo. USD LIBOR + ..270% 0.455% FRN 10/25/36		1,681,500		1,018,882
Series 2005-AR19, Class A1, 3.370% VRN 10/25/35 (e)		883,406		772,749
Morgan Stanley Resecuritization Trust, Series 2014-R9, Class 3A, 12 mo. MTA + .840% 2.530% FRN 11/26/46 (b)		438,307		423,582
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class M1, 1 mo. LIBOR + 1.070% 1.255% FRN 2/25/35		1,236,278		1,183,741

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

MML Total Return Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR13, Class A1A1, 1 mo. USD LIBOR + .290% 0.475% FRN 10/25/45	$	674,630	$	630,702
Series 2005-AR2, Class 2A21, 1 mo. USD LIBOR + .330% 0.515% FRN 1/25/45		630,598		608,196
Series 2006-1 Class 3A2, 5.750% 2/25/36		777,508		759,885

				15,822,499


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $47,450,430)				46,961,770


SOVEREIGN DEBT OBLIGATIONS — 0.8%
Abu Dhabi Government International Bond 2.500% 9/30/29 (b)		200,000		209,500
Colombia Government International Bond 3.000% 1/30/30		200,000		198,102
Dominican Republic International Bond 4.500% 1/30/30 (b)		200,000		180,900
Mexico Government International Bond 3.250% 4/16/30		600,000		594,600
Panama Government International Bond 3.160% 1/23/30		200,000		214,900
3.875% 3/17/28		200,000		224,752
Qatar Government International Bond 4.500% 4/23/28 (b)		200,000		235,688
Republic of South Africa Government International Bond 4.300% 10/12/28		250,000		231,715
Russian Foreign Bond 4.750% 5/27/26 (b)		200,000		227,741
Saudi Government International Bond 3.750% 1/21/55 (b)		200,000		203,841
Uruguay Government International Bond 4.375% 10/27/27		154,423		176,430

				2,698,169


TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $2,683,096)				2,698,169


U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 36.5%
Collateralized Mortgage Obligations — 3.1%
Federal Home Loan Mortgage Corp. Series 4818, Class CA 3.000% 4/15/48		615,704		634,291


	Principal Amount		Value
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series RR06, Class BX, 1.836% VRN 5/27/33 (e)	$	570,000	$	96,717
Series RR06, Class AX, 1.878% VRN 10/27/28 (e)		605,000		78,134
Series S8FX, Class A2, 3.291% 3/25/27		1,775,000		1,976,655
Series K158, Class A3, 3.900% VRN 10/25/33 (e)		785,000		959,063
Series 4846, Class PA, 4.000% 6/15/47		674,350		722,256
Federal Home Loan Mortgage Corp. REMICS Series 4639, Class HZ 3.250% 4/15/53		1,487,817		1,686,710
Federal National Mortgage Association Series 2020-M10, Class X8, 0.776% VRN 12/25/27 (e)		735,000		31,055
Series 2020-M10, Class X9, 0.988% VRN 12/25/27 (e)		639,458		29,880
Series 2020-M10, Class X4, 0.999% VRN 7/25/32 (e)		664,575		55,747
Series 2020-M10, Class X3, 1.438% VRN 11/25/28 (e)		769,403		70,794
Series 2020-M10, Class X6, 1.497% VRN 8/25/28 (e)		800,000		78,783
Series 2020-M10, Class X5, 1.554% VRN 11/25/28 (e)		755,000		78,396
Series 2020-M10, Class X2, 1.826% VRN 12/25/30 (e)		1,898,715		268,766
Series 2020-M10, Class X1, 1.923% VRN 12/25/30 (e)		909,830		134,069
Series 2018-43, Class CT, 3.000% 6/25/48		1,091,449		1,124,130
Federal National Mortgage Association. REMICS Series 2018-57, Class QA, 3.500% 5/25/46		871,405		898,525
Series 2018-55, Class PA, 3.500% 1/25/47		493,884		514,968
Government National Mortgage Association Series 2018-124, Class NW, 3.500% 9/20/48		649,794		691,931
Series 2019-15, Class GT, 3.500% 2/20/49		659,449		702,082

				10,832,952

Pass-Through Securities — 33.4%
Federal Home Loan Mortgage Corp. Pool #G16598 2.500% 12/01/31		1,248,211		1,319,192
Pool #V61427 2.500% 12/01/31		318,889		337,023

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

MML Total Return Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Pool #RB5048 2.500% 5/01/40	$	2,551,881	$	2,665,847
Pool #RB5054 2.500% 6/01/40		2,181,178		2,278,589
Pool #G18592 3.000% 3/01/31		406,292		429,090
Pool #G18627 3.000% 1/01/32		1,184,984		1,249,996
Pool #G08710 3.000% 6/01/46		293,307		309,737
Pool #G08715 3.000% 8/01/46		2,244,064		2,369,772
Pool #G08726 3.000% 10/01/46		2,145,387		2,264,226
Pool #G08732 3.000% 11/01/46		765,806		808,226
Pool #G08737 3.000% 12/01/46		279,002		294,457
Pool #G08741 3.000% 1/01/47		1,959,968		2,068,536
Pool #G08791 3.000% 12/01/47		724,686		763,922
Pool #G08795 3.000% 1/01/48		564,438		594,998
Pool #G18713 3.500% 11/01/33		350,821		369,056
Pool #G07848 3.500% 4/01/44		2,007,259		2,218,517
Pool #G60023 3.500% 4/01/45		2,051,461		2,257,755
Pool #G08711 3.500% 6/01/46		1,028,028		1,091,852
Pool #G67700 3.500% 8/01/46		1,097,569		1,195,250
Pool #G08716 3.500% 8/01/46		1,440,216		1,529,629
Pool #G08722 3.500% 9/01/46		249,522		265,013
Pool #G08742 3.500% 1/01/47		1,077,032		1,141,878
Pool #G08757 3.500% 4/01/47		345,225		365,039
Pool #G67703 3.500% 4/01/47		1,593,923		1,734,781
Pool #G67706 3.500% 12/01/47		1,530,398		1,664,686
Pool #ZA5103 3.500% 12/01/47		16,571		17,486
Pool #G67707 3.500% 1/01/48		3,651,207		4,008,101
Pool #G08800 3.500% 2/01/48		128,245		135,205
Pool #G67710 3.500% 3/01/48		2,323,955		2,490,837
Pool #G67708 3.500% 3/01/48		2,641,273		2,858,180
Pool #G08816 3.500% 6/01/48		1,260,448		1,327,277
Pool #G61556 3.500% 8/01/48		1,212,580		1,311,402
Pool #SD7511 3.500% 1/01/50		1,194,788		1,290,988
Pool #G60344 4.000% 12/01/45		1,251,633		1,379,099
Pool #G67711 4.000% 3/01/48		1,463,362		1,607,360
Pool #G67713 4.000% 6/01/48		1,443,617		1,569,431
Pool #G67718 4.000% 1/01/49		1,340,883		1,453,134
Pool #G08843 4.500% 10/01/48		512,171		550,416
Pool #G08833 5.000% 7/01/48		335,450		366,846
Pool #G08844 5.000% 10/01/48		307,788		336,596
Federal National Mortgage Association Pool #BL6060 2.455% 4/01/40		570,000		601,259
Pool #AM2808 2.700% 3/01/23		375,000		390,484
Pool #MA1607 3.000% 10/01/33		547,060		580,969
Pool #MA3811 3.000% 10/01/49		1,459,542		1,513,064
Pool #AM9188 3.120% 6/01/35		780,000		888,626
Pool #FN0039 3.182% VRN 9/01/27 (e)		645,723		719,916
Pool #AN7345 3.210% 11/01/37		997,201		1,157,501
Pool #BL2360 3.450% 5/01/34		780,000		920,252
Pool #AB4262 3.500% 1/01/32		498,381		531,656
Pool #MA1512 3.500% 7/01/33		248,922		266,320
Pool #MA1148 3.500% 8/01/42		1,749,255		1,890,646
Pool #CA0996 3.500% 1/01/48		298,479		322,698
Pool #MA3305 3.500% 3/01/48		95,872		101,045


	Principal Amount		Value
Pool #BL1132 3.730% 1/01/29	$	920,000	$	1,091,028
Pool #MA1146 4.000% 8/01/42		744,227		810,012
Pool #AS9830 4.000% 6/01/47		673,940		720,454
Pool #MA3027 4.000% 6/01/47		703,655		748,702
Pool #AS9972 4.000% 7/01/47		584,986		625,360
Pool #931504 4.500% 7/01/39		74,426		82,909
Pool #CA1710 4.500% 5/01/48		1,523,790		1,640,809
Pool #CA1711 4.500% 5/01/48		513,190		552,600
Pool #CA2208 4.500% 8/01/48		944,543		1,014,718
Pool #986268 5.000% 7/01/38		1,505		1,725
Pool #AD6374 5.000% 5/01/40		20,485		23,418
Pool #AI2733 5.000% 5/01/41		174,310		198,780
Pool #977014 5.500% 5/01/38		24,566		28,879
Pool #985524 5.500% 6/01/38		19,444		22,819
Pool #988578 5.500% 8/01/38		143,433		168,257
Pool #995482 5.500% 1/01/39		108,729		127,583
Government National Mortgage Association II Pool #MA4126 3.000% 12/20/46		1,746,981		1,855,952
Pool #MA4718 3.000% 9/20/47		203,766		216,349
Pool #MA4836 3.000% 11/20/47		1,565,594		1,662,272
Pool #MA6209 3.000% 10/20/49		1,754,353		1,819,925
Pool #MA3521 3.500% 3/20/46		675,104		722,438
Pool #MA3597 3.500% 4/20/46		208,410		223,022
Pool #MA3663 3.500% 5/20/46		312,052		333,443
Pool #MA3937 3.500% 9/20/46		255,238		272,735
Pool #MA4127 3.500% 12/20/46		867,020		925,643
Pool #MA4262 3.500% 2/20/47		997,180		1,064,603
Pool #MA4382 3.500% 4/20/47		273,042		291,077
Pool #MA4719 3.500% 9/20/47		365,341		388,558
Pool #MA4837 3.500% 11/20/47		730,921		777,371
Pool #MA4900 3.500% 12/20/47		2,659,614		2,828,635
Pool #MA4653 4.000% 8/20/47		136,112		146,367
Pool #MA4838 4.000% 11/20/47		588,631		631,508
Pool #MA4901 4.000% 12/20/47		256,265		274,932
Pool #MA5078 4.000% 3/20/48		1,010,076		1,080,495
Pool #MA5466 4.000% 9/20/48		1,111,299		1,184,608
Pool #MA5399 4.500% 8/20/48		2,140,804		2,303,165
Pool #MA3666 5.000% 5/20/46		197,200		223,955
Pool #MA4199 5.000% 1/20/47		202,167		229,912
Pool #MA4454 5.000% 5/20/47		382,732		423,417
Pool #MA4722 5.000% 9/20/47		473,834		522,722
Government National Mortgage Association II TBA Pool #5 2.500% 7/21/50 (c)		1,925,000		2,026,363
Pool #24 3.000% 7/21/50 (c)		550,000		582,635
Uniform Mortgage-Backed Securities TBA Pool #231 2.000% 7/16/35 (c)		25,000		25,865
Pool #231 2.000% 8/17/35 (c)		575,000		593,777
Pool #199 2.000% 7/14/50 (c)		1,775,000		1,816,463
Pool #199 2.000% 8/13/50 (c)		1,600,000		1,633,563
Pool #1080 2.500% 8/17/35 (c)		3,925,000		4,103,772

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

MML Total Return Bond Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
Pool #983 2.500% 7/14/50 (c)	$	10,125,000	$	10,556,894
Pool#812 2.500% 8/13/50 (c)		1,075,000		1,118,714
Pool #3772 3.000% 8/17/35 (c)		50,000		52,508
Pool #717 3.000% 9/14/50 (c)		1,350,000		1,416,973
Pool #28654 5.000% 7/14/50 (c)		700,000		764,530

				115,127,075


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $120,677,737)				125,960,027


U.S. TREASURY OBLIGATIONS — 12.7%
U.S. Treasury Bonds & Notes — 12.7%
U.S. Treasury Bond 2.000% 2/15/50		2,053,000		2,351,700
U.S. Treasury Inflation Index 0.125% 4/15/25		3,395,444		3,557,098
0.250% 7/15/29		4,348,059		4,756,564
0.250% 2/15/50		4,749,002		5,326,859
U.S. Treasury Note 0.250% 5/31/25		12,030,000		12,014,050
0.250% 6/30/25		6,690,000		6,677,471
0.375% 4/30/25		940,000		944,110
0.625% 5/15/30		4,305,000		4,293,694
U.S.Treasury Bond 1.250% 5/15/50		4,177,000		4,013,991

				43,935,537


TOTAL U.S. TREASURY OBLIGATIONS (Cost $42,760,602)				43,935,537


TOTAL BONDS & NOTES (Cost $312,680,470)				325,325,813


TOTAL LONG-TERM INVESTMENTS (Cost $312,680,470)				325,325,813


SHORT-TERM INVESTMENTS — 12.6%
Commercial Paper — 0.5%
Ford Motor Credit Co. 2.920% 1/08/21 (b)		750,000		730,616
3.245% 10/08/20 (b)		1,000,000		989,678

				1,720,294

Repurchase Agreement — 1.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/20, 0.000%, due 7/01/20 (f)		5,990,047		5,990,047

U.S. Treasury Bill — 10.4%
U.S. Treasury Bill 0.000% 9/10/20 (g)		531,000		530,858


	Principal Amount		Value
0.000% 10/22/20	$	16,790,000	$	16,781,568
0.000% 11/05/20		1,825,000		1,823,970
0.000% 11/27/20		1,005,000		1,004,313
0.000% 12/03/20		11,820,000		11,812,112
0.000% 12/10/20		2,575,000		2,573,146
United States Cash Management Bill 0.000% 11/24/20		1,235,000		1,234,249

				35,760,216


TOTAL SHORT-TERM INVESTMENTS (Cost $43,480,604)				43,470,557


TOTAL INVESTMENTS — 106.9% (Cost $356,161,074) (h)				368,796,370

Other Assets/(Liabilities) — (6.9)%				(23,656,136	)


NET ASSETS — 100.0%			$	345,140,234

Abbreviation Legend

ABS	Asset-Backed Security

CLO	Collateralized Loan Obligation

CMO	Collateralized Mortgage Obligation

CMT	Constant Maturity Treasury Index

FRN	Floating Rate Note

LIBOR

London Inter-Bank Offered Rate

MBS	Mortgage-Backed Security

MTA	Monthly Treasury Average Index

PAC	Planned Amortization Class

SOFR	Secured Overnight Financing Rate

STEP	Step Up Bond

TBA	To Be Announced

VRN	Variable Rate Note

WL	Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	All or a portion of the security represents unsettled loan commitments at June 30, 2020 where the rate will be determined at time of settlement.

(b)

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

(d)	Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At June 30, 2020, these securities amounted to a value of $462,180 or 0.13% of net assets.

(e)	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

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

MML Total Return Bond Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2020.

(f)	Maturity value of $5,990,047. Collateralized by U.S. Government Agency obligations with a rate of 0.625%,

maturity date of 1/15/24, and an aggregate market value, including accrued interest, of $6,109,874.

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

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

Futures contracts


	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra Bond		9/21/20		1	$	219,023		$	(867	)
U.S. Treasury Note 5 Year		9/30/20		177		22,201,224			55,143

								$	54,276

Short
U.S. Treasury Ultra 10 Year		9/21/20		17	$	(2,660,929	)	$	(16,305	)

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

MML Series Investment Fund – Financial Statements

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)


	MML Blue Chip Growth Fund		MML Equity Income Fund
Assets:
Investments, at value (Note 2) (a)	$	481,543,936	$	401,886,505
Repurchase agreements, at value (Note 2) (b)		2,105,356		10,065,801
Other short-term investments, at value (Note 2) (c)		1,075		1,075

Total investments (d)		483,650,367		411,953,381

Cash		-		334
Foreign currency, at value (e)		-		-
Receivables from:
Investments sold
Regular delivery		779,215		153,029
Fund shares sold		487,414		5,633,534
Collateral pledged for open futures contracts (Note 2)		-		264,000
Variation margin on open derivative instruments (Note 2)		-		91,630
Interest and dividends		69,290		949,302
Foreign taxes withheld		-		-

Total assets		484,986,286		419,045,210

Liabilities:
Payables for:
Investments purchased
Regular delivery		236,880		1,410,625
Fund shares repurchased		1,103,957		29,966
Collateral held for securities on loan (Note 2) (f)		58,667		2,014,810
Trustees’ fees and expenses (Note 3)		48,600		68,513
Affiliates (Note 3):
Investment advisory fees		310,085		275,945
Administration fees		-		-
Service fees		86,929		42,848
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		61,970		52,739

Total liabilities		1,907,088		3,895,446

Net assets	$	483,079,198	$	415,149,764

Net assets consist of:
Paid-in capital	$	212,104,531	$	370,480,714
Accumulated Gain (Loss)		270,974,667		44,669,050

Net assets	$	483,079,198	$	415,149,764


(a) Cost of investments:	$	263,876,005	$	401,286,610
(b) Cost of repurchase agreements:	$	2,105,356	$	10,065,801
(c) Cost of other short-term investments:	$	1,075	$	1,075
(d) Securities on loan with market value of:	$	1,507,622	$	2,295,411
(e) Cost of foreign currency:	$	-	$	-

(f)	Non-cash collateral is not included.

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


MML Equity Index Fund		MML Focused Equity Fund		MML Foreign Fund			MML Fundamental Equity Fund		MML Fundamental Value Fund

$	554,960,454	$	293,638,439	$	266,809,968		$	173,297,010	$	188,463,936
	6,912,865		1,126,980		1,456,693			1,498,683		2,791,230
	859,955		-		-			-		-

	562,733,274		294,765,419		268,266,661			174,795,693		191,255,166

	282		-		-			-		-
	-		36,789		30,305			7,239		19,435


	-		1,797,557		-			226,082		571,999
	7,917		1,662		2,053,275			10,762		44,198
	-		-		-			-		-
	112,657		-		-			-		-
	440,211		412,065		539,960			73,732		208,987
	-		-		838,450			-		41,865

	563,294,341		297,013,492		271,728,651			175,113,508		192,141,650




	-		1,044		66			496,584		252,458
	508,875		47,636		34,850			14,484		23,755
	213,727		-		2,469,073			-		-
	88,931		15,996		48,958			17,374		24,299

	48,109		179,899		210,036			86,465		102,855
	51,553		39,511		-			20,919		25,714
	24,835		10,563		4,817			9,700		7,997
	-		-		-			-		-
	86,368		49,168		88,380			35,345		40,217

	1,022,398		343,817		2,856,180			680,871		477,295

$	562,271,943	$	296,669,675	$	268,872,471		$	174,432,637	$	191,664,355


$	202,477,199	$	269,114,746	$	288,317,148		$	134,782,532	$	173,428,132
	359,794,744		27,554,929		(19,444,677	)		39,650,105		18,236,223

$	562,271,943	$	296,669,675	$	268,872,471		$	174,432,637	$	191,664,355


$	356,224,218	$	282,474,145	$	301,345,307		$	164,097,108	$	187,973,695
$	6,912,865	$	1,126,980	$	1,456,693		$	1,498,683	$	2,791,230
$	859,573	$	-	$	-		$	-	$	-
$	829,981	$	-	$	3,166,482		$	937,984	$	795,936
$	-	$	36,516	$	30,064		$	7,263	$	18,758

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)


	MML Blue Chip Growth Fund		MML Equity Income Fund
Initial Class shares:
Net assets	$	329,147,776	$	342,812,685

Shares outstanding (a)		17,995,580		37,776,243

Net asset value, offering price and redemption price per share	$	18.29	$	9.07

Class I shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

Class II shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

Class III shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

Service Class shares:
Net assets	$	153,931,422	$	72,337,079

Shares outstanding (a)		8,848,348		8,087,886

Net asset value, offering price and redemption price per share	$	17.40	$	8.94

Service Class I shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

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

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


MML Equity Index Fund		MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Equity Fund		MML Fundamental Value Fund

$	-	$	-	$	260,582,162	$	-	$	-

	-		-		30,196,124		-		-

$	-	$	-	$	8.63	$	-	$	-


$	52,775,674	$	-	$	-	$	-	$	-

	1,681,417		-		-		-		-

$	31.39	$	-	$	-	$	-	$	-


$	203,316,883	$	279,054,293	$	-	$	157,698,107	$	178,239,228

	6,475,291		43,823,996		-		15,829,245		16,370,708

$	31.40	$	6.37	$	-	$	9.96	$	10.89


$	265,308,942	$	-	$	-	$	-	$	-

	8,459,180		-		-		-		-

$	31.36	$	-	$	-	$	-	$	-


$	-	$	-	$	8,290,309	$	-	$	-

	-		-		967,621		-		-

$	-	$	-	$	8.57	$	-	$	-


$	40,870,444	$	17,615,382	$	-	$	16,734,530	$	13,425,127

	1,350,133		2,871,188		-		1,738,217		1,259,817

$	30.27	$	6.14	$	-	$	9.63	$	10.66

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)


	MML Global Fund		MML Growth & Income Fund
Assets:
Investments, at value (Note 2) (a)	$	390,586,877	$	137,552,023
Repurchase agreements, at value (Note 2) (b)		2,462,887		683,134
Other short-term investments, at value (Note 2) (c)		-		-

Total investments (d)		393,049,764		138,235,157

Cash		31,620		7,833
Foreign currency, at value (e)		2		-
Receivables from:
Investments sold
Regular delivery		83,065		-
Fund shares sold		361,995		296,129
Investment adviser (Note 3)		-		-
Interest and dividends		276,459		101,883
Foreign taxes withheld		643,378		-

Total assets		394,446,283		138,641,002

Liabilities:
Payables for:
Investments purchased
Regular delivery		162,772		-
Written options outstanding, at value (Note 2) (f)		-		-
Open forward contracts (Note 2)		-		-
Fund shares repurchased		49,171		100,313
Collateral held for securities on loan (Note 2) (g)		-		-
Trustees’ fees and expenses (Note 3)		28,202		22,796
Affiliates (Note 3):
Investment advisory fees		209,618		60,613
Administration fees		52,405		-
Service fees		9,094		25,138
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		72,821		40,435

Total liabilities		584,083		249,295

Net assets	$	393,862,200	$	138,391,707

Net assets consist of:
Paid-in capital	$	334,677,975	$	74,785,254
Accumulated Gain (Loss)		59,184,225		63,606,453

Net assets	$	393,862,200	$	138,391,707


(a) Cost of investments:	$	360,119,342	$	88,651,014
(b) Cost of repurchase agreements:	$	2,462,887	$	683,134
(c) Cost of other short-term investments:	$	-	$	-
(d) Securities on loan with market value of:	$	5,183,427	$	-
(e) Cost of foreign currency:	$	2	$	-
(f) Premiums on written options:	$	-	$	-

(g)	Non-cash collateral is not included.

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

100


MML Income & Growth Fund			MML International Equity Fund			MML Large Cap Growth Fund		MML Managed Volatility Fund		MML Mid Cap Growth Fund

$	249,819,120		$	145,902,989		$	132,132,420	$	129,919,079	$	495,864,635
	2,161,364			4,628,350			829,316		5,875,203		7,092,935
	-			-			-		-		7,791,900

	251,980,484			150,531,339			132,961,736		135,794,282		510,749,470

	52,968			-			-		-		-
	-			25,015			-		28,018		-


	-			278,881			-		298		2,952,659
	138,157			100			1,827		7,289,039		23,106
	-			10,983			-		-		-
	340,908			43,534			38,373		101,453		142,090
	-			591,028			50,616		-		-

	252,512,517			151,480,880			133,052,552		143,213,090		513,867,325




	157,138			43,583			-		-		2,180,333
	-			-			-		2,858,955		-
	-			3,634			-		-		-
	27,939			17,909			66,453		645		1,672,533
	1,472,266			159,942			-		23,120		2,604,158
	32,474			15,561			19,556		35,933		56,874

	147,157			107,694			74,912		87,242		342,836
	-			20,193			-		-		-
	13,928			3,141			10,585		16,746		60,047
	-			-			-		-		-
	47,494			62,795			37,640		39,503		60,590

	1,898,396			434,452			209,146		3,062,144		6,977,371

$	250,614,121		$	151,046,428		$	132,843,406	$	140,150,946	$	506,889,954


$	271,733,746		$	186,173,709		$	73,561,203	$	99,998,088	$	306,274,267
	(21,119,625	)		(35,127,281	)		59,282,203		40,152,858		200,615,687

$	250,614,121		$	151,046,428		$	132,843,406	$	140,150,946	$	506,889,954


$	259,728,355		$	179,072,713		$	83,264,717	$	86,800,420	$	396,237,448
$	2,161,364		$	4,628,350		$	829,316	$	5,875,203	$	7,092,935
$	-		$	-		$	-	$	-	$	7,791,900
$	3,173,144		$	201,054		$	-	$	58,227	$	23,023,958
$	-		$	24,972		$	-	$	28,943	$	-
$	-		$	-		$	-	$	3,880,290	$	-

101

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)


	MML Global Fund		MML Growth & Income Fund
Initial Class shares:
Net assets	$	-	$	94,973,260

Shares outstanding (a)		-		5,130,220

Net asset value, offering price and redemption price per share	$	-	$	18.51

Class I shares:
Net assets	$	362,418,383	$	-

Shares outstanding (a)		30,808,907		-

Net asset value, offering price and redemption price per share	$	11.76	$	-

Class II shares:
Net assets	$	15,619,424	$	-

Shares outstanding (a)		1,296,873		-

Net asset value, offering price and redemption price per share	$	12.04	$	-

Service Class shares:
Net assets	$	-	$	43,418,447

Shares outstanding (a)		-		2,369,063

Net asset value, offering price and redemption price per share	$	-	$	18.33

Service Class I shares:
Net assets	$	15,824,393	$	-

Shares outstanding (a)		1,364,754		-

Net asset value, offering price and redemption price per share	$	11.60	$	-

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

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

102


MML Income & Growth Fund		MML International Equity Fund		MML Large Cap Growth Fund		MML Managed Volatility Fund		MML Mid Cap Growth Fund

$	227,296,587	$	-	$	114,385,318	$	112,572,991	$	403,226,111

	28,155,671		-		9,397,677		8,832,653		25,535,040

$	8.07	$	-	$	12.17	$	12.75	$	15.79


$	-	$	-	$	-	$	-	$	-

	-		-		-		-		-

$	-	$	-	$	-	$	-	$	-


$	-	$	145,561,597	$	-	$	-	$	-

	-		18,647,730		-		-		-

$	-	$	7.81	$	-	$	-	$	-


$	23,317,534	$	-	$	18,458,088	$	27,577,955	$	103,663,843

	2,939,365		-		1,579,133		2,184,551		6,911,182

$	7.93	$	-	$	11.69	$	12.62	$	15.00


$	-	$	5,484,831	$	-	$	-	$	-

	-		709,813		-		-		-

$	-	$	7.73	$	-	$	-	$	-

103

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)


	MML Mid Cap Value Fund			MML Small Cap Growth Equity Fund
Assets:
Investments, at value (Note 2) (a)	$	371,842,418		$	184,134,032
Repurchase agreements, at value (Note 2) (b)		8,637,648			2,608,166
Other short-term investments, at value (Note 2) (c)		-			-

Total investments (d)		380,480,066			186,742,198

Cash		30,376			557
Foreign currency, at value (e)		-			11
Receivables from:
Investments sold
Regular delivery		2,282,430			72,854
Delayed delivery		-			-
Open forward contracts (Note 2)		132,805			-
Fund shares sold		2,964,955			7,233
Interest and dividends		704,662			88,571
Foreign taxes withheld		7,718			-

Total assets		386,603,012			186,911,424

Liabilities:
Payables for:
Investments purchased
Regular delivery		1,258,662			267,769
Delayed delivery		-			-
Open forward contracts (Note 2)		2,597			-
Fund shares repurchased		333,747			7,124,114
Collateral held for securities on loan (Note 2) (f)		-			1,042,461
Trustees’ fees and expenses (Note 3)		62,764			36,685
Variation margin on open derivative instruments (Note 2)		-			-
Affiliates (Note 3):
Investment advisory fees		286,219			167,340
Administration fees		-			-
Service fees		26,520			13,651
Commitment and Contingent Liabilities (Note 9)		-			-
Accrued expense and other liabilities		58,809			45,180

Total liabilities		2,029,318			8,697,200

Net assets	$	384,573,694		$	178,214,224

Net assets consist of:
Paid-in capital	$	391,187,727		$	132,947,559
Accumulated Gain (Loss)		(6,614,033	)		45,266,665

Net assets	$	384,573,694		$	178,214,224


(a) Cost of investments:	$	372,149,269		$	162,300,201
(b) Cost of repurchase agreements:	$	8,637,648		$	2,608,166
(c) Cost of other short-term investments:	$	-		$	-
(d) Securities on loan with market value of:	$	3,438,621		$	25,956,869
(e) Cost of foreign currency:	$	-		$	11

(f)	Non-cash collateral is not included.

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

104


MML Small Company Value Fund		MML Small/Mid Cap Value Fund			MML Total Return Bond Fund

$	82,542,100	$	166,407,567		$	325,325,813
	1,347,034		1,732,466			5,990,047
	1,064		-			37,480,510

	83,890,198		168,140,033			368,796,370

	-		-			22,108
	-		-			-


	-		668,616			1,130,244
	-		-			12,941,049
	-		-			-
	26,767		19,212			129,888
	57,926		231,354			1,415,702
	-		-			-

	83,974,891		169,059,215			384,435,361




	-		253,485			1,277,827
	-		-			37,581,266
	-		-			-
	8,299		1,147,568			107,341
	858,486		-			-
	12,516		29,979			43,001
	-		-			2,313

	58,213		112,986			119,250
	10,915		-			44,718
	12,588		10,880			24,845
	-		-			-
	35,903		48,795			94,566

	996,920		1,603,693			39,295,127

$	82,977,971	$	167,455,522		$	345,140,234


$	72,019,754	$	185,144,888		$	305,331,529
	10,958,217		(17,689,366	)		39,808,705

$	82,977,971	$	167,455,522		$	345,140,234


$	75,557,130	$	179,103,921		$	312,680,470
$	1,347,034	$	1,732,466		$	5,990,047
$	1,064	$	-		$	37,490,557
$	7,720,657	$	2,831,709		$	-
$	-	$	-		$	-

105

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)


	MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund
Initial Class shares:
Net assets	$	339,609,435	$	154,116,330

Shares outstanding (a)		38,315,773		11,576,589

Net asset value, offering price and redemption price per share	$	8.86	$	13.31

Class II shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

Service Class shares:
Net assets	$	44,964,259	$	24,097,894

Shares outstanding (a)		5,182,788		1,948,804

Net asset value, offering price and redemption price per share	$	8.68	$	12.37

Service Class I shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

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

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

106


MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund

$	-	$	148,666,328	$	-

	-		17,304,581		-

$	-	$	8.59	$	-


$	61,081,319	$	-	$	302,856,382

	5,019,658		-		26,561,780

$	12.17	$	-	$	11.40


$	-	$	18,789,194	$	-

	-		2,217,516		-

$	-	$	8.47	$	-


$	21,896,652	$	-	$	42,283,852

	1,869,558		-		3,754,924

$	11.71	$	-	$	11.26

107

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2020 (Unaudited)


	MML Blue Chip Growth Fund			MML Equity Income Fund
Investment income (Note 2):
Dividends (a)	$	1,131,346		$	7,127,511
Interest		2,951			42,037
Securities lending net income		6,035			1,363

Total investment income		1,140,332			7,170,911

Expenses (Note 3):
Investment advisory fees		1,637,166			1,571,214
Custody fees		23,911			16,853
Audit fees		19,378			19,022
Legal fees		4,137			4,722
Proxy fees		513			513
Shareholder reporting fees		25,882			28,077
Trustees’ fees		11,027			11,905

		1,722,014			1,652,306
Administration fees:
Class I		-			-
Class II		-			-
Service Class I		-			-
Distribution and Service fees:
Service Class		171,322			91,376
Service Class I		-			-

Total expenses		1,893,336			1,743,682
Expenses waived (Note 3):
Initial Class advisory fees waived		-			(51,888	)
Class II advisory fees waived		-			-
Service Class advisory fees waived		-			(10,961	)
Service Class I advisory fees waived		-			-

Net expenses:		1,893,336			1,680,833

Net investment income (loss)		(753,004	)		5,490,078

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		12,932,680			(1,313,122	)
Futures contracts		-			-
Foreign currency transactions		295			(11,622	)

Net realized gain (loss)		12,932,975			(1,324,744	)

Net change in unrealized appreciation (depreciation) on:
Investment transactions		38,640,058			(93,253,095	)
Futures contracts		-			77,474
Translation of assets and liabilities in foreign currencies		(13	)		(873	)

Net change in unrealized appreciation (depreciation)		38,640,045			(93,176,494	)

Net realized gain (loss) and change in unrealized appreciation (depreciation)		51,573,020			(94,501,238	)

Net increase (decrease) in net assets resulting from operations	$	50,820,016		$	(89,011,160	)


(a) Net of foreign withholding tax of:	$	860		$	116,131

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

108


MML Equity Index Fund			MML Focused Equity Fund			MML Foreign Fund			MML Fundamental Equity Fund			MML Fundamental Value Fund

$	5,440,618		$	3,046,535		$	4,195,446		$	961,444		$	2,969,035
	10,170			8,844			4,496			2,282			8,177
	3,978			1,405			6,568			525			968

	5,454,766			3,056,784			4,206,510			964,251			2,978,180


	263,830			1,015,537			1,188,175			383,685			575,786
	32,066			12,411			9,227			16,228			9,616
	19,523			18,890			21,056			18,765			18,839
	5,711			1,967			3,223			1,125			1,986
	513			513			513			513			513
	35,785			15,806			20,117			10,244			14,733
	14,827			7,233			7,861			2,960			5,119

	372,255			1,072,357			1,250,172			433,520			626,592

	78,173			-			-			-			-
	146,162			209,897			-			81,119			133,691
	61,498			12,958			-			11,708			10,256

	-			-			10,276			-			-
	51,248			21,597			-			19,513			17,093

	709,336			1,316,809			1,260,448			545,860			787,632

	-			-			(64,696	)		-			-
	-			-			-			(7,319	)		(17,827	)
	-			-			(2,055	)		-			-
	-			-			-			(999	)		(1,366	)

	709,336			1,316,809			1,193,697			537,542			768,439

	4,745,430			1,739,975			3,012,813			426,709			2,209,741



	8,543,947			(1,146,136	)		(5,617,321	)		9,133,930			(11,731,130	)
	(274,512	)		-			-			-			-
	-			(4,868	)		(202,346	)		(8,676	)		3

	8,269,435			(1,151,004	)		(5,819,667	)		9,125,254			(11,731,127	)


	(30,023,051	)		(19,705,324	)		(42,253,172	)		(9,793,048	)		(26,732,620	)
	(48,203	)		-			-			-			-
	-			245			11,134			(24	)		1,240

	(30,071,254	)		(19,705,079	)		(42,242,038	)		(9,793,072	)		(26,731,380	)

	(21,801,819	)		(20,856,083	)		(48,061,705	)		(667,818	)		(38,462,507	)

$	(17,056,389	)	$	(19,116,108	)	$	(45,048,892	)	$	(241,109	)	$	(36,252,766	)


$	-		$	14,003		$	469,772		$	7,280		$	22,058

109

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2020 (Unaudited)


	MML Global Fund			MML Growth & Income Fund
Investment income (Note 2):
Dividends (a)	$	4,019,523		$	1,088,473
Interest		4,971			3,528
Securities lending net income		5,964			196

Total investment income		4,030,458			1,092,197

Expenses (Note 3):
Investment advisory fees		1,192,320			341,615
Custody fees		33,213			11,537
Audit fees		21,457			18,793
Legal fees		3,451			1,462
Proxy fees		513			513
Shareholder reporting fees		22,800			11,586
Trustees’ fees		10,526			3,789

		1,284,280			389,295
Administration fees:
Class I		274,875			-
Class II		11,766			-
Service Class I		11,438			-
Distribution and Service fees:
Service Class		-			52,036
Service Class I		19,063			-

Total expenses		1,601,422			441,331
Expenses waived (Note 3):
Class II fees reimbursed by adviser		-			-
Service Class I fees reimbursed by adviser		-			-

Net expenses:		1,601,422			441,331

Net investment income (loss)		2,429,036			650,866

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		6,619,660			2,149,956
Written options		-			-
Foreign currency transactions		(13,641	)		(2,090	)
Forward contracts		-			-

Net realized gain (loss)		6,606,019			2,147,866

Net change in unrealized appreciation (depreciation) on:
Investment transactions		(47,434,314	)		(10,298,563	)
Written options		-			-
Translation of assets and liabilities in foreign currencies		11,892			-
Forward contracts		-			-

Net change in unrealized appreciation (depreciation)		(47,422,422	)		(10,298,563	)

Net realized gain (loss) and change in unrealized appreciation (depreciation)		(40,816,403	)		(8,150,697	)

Net increase (decrease) in net assets resulting from operations	$	(38,387,367	)	$	(7,499,831	)


(a) Net of foreign withholding tax of:	$	305,757		$	3,242
* Net of net increase (decrease) in accrued foreign capital gains tax of:	$	-		$	-

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

110


MML Income & Growth Fund			MML International Equity Fund			MML Large Cap Growth Fund		MML Managed Volatility Fund			MML Mid Cap Growth Fund

$	3,462,164		$	1,260,949		$	688,176	$	1,388,664		$	1,682,807
	16,817			5,957			2,316		5,972			46,181
	889			5,360			19		430			18,254

	3,479,870			1,272,266			690,511		1,395,066			1,747,242


	849,857			604,242			384,301		521,744			1,844,116
	8,410			35,716			13,685		111,836			26,230
	19,258			25,316			18,759		18,801			19,444
	2,892			1,814			1,041		1,583			4,923
	513			513			513		513			513
	18,868			13,836			9,742		16,556			29,869
	7,446			4,480			2,816		3,909			12,887

	907,244			685,917			430,857		674,942			1,937,982

	-			-			-		-			-
	-			109,168			-		-			-
	-			4,127			-		-			-

	30,426			-			20,795		34,736			123,196
	-			6,879			-		-			-

	937,670			806,091			451,652		709,678			2,061,178

	-			(43,057	)		-		-			-
	-			(1,578	)		-		-			-

	937,670			761,456			451,652		709,678			2,061,178

	2,542,200			510,810			238,859		685,388			(313,936	)



	(19,887,917	)		(10,028,423	)		4,072,196		15,636,966			52,124,096
	-			-			-		(8,172,836	)		-
	-			(11,388	)		-		-			3
	-			(22,127	)		-		-			-

	(19,887,917	)		(10,061,938	)		4,072,196		7,464,130			52,124,099


	(40,557,476	)		(31,725,050	)*		8,547,380		(15,320,661	)		(49,820,686	)
	-			-			-		2,239,716			-
	-			4,969			-		(1,274	)		-
	-			18,677			-		-			-

	(40,557,476	)		(31,701,404	)		8,547,380		(13,082,219	)		(49,820,686	)

	(60,445,393	)		(41,763,342	)		12,619,576		(5,618,089	)		2,303,413

$	(57,903,193	)	$	(41,252,532	)	$	12,858,435	$	(4,932,701	)	$	1,989,477


$	(90	)	$	145,504		$	36,402	$	-		$	3,046
$	-		$	26,102		$	-	$	-		$	-

111

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2020 (Unaudited)


	MML Mid Cap Value Fund			MML Small Cap Growth Equity Fund
Investment income (Note 2):
Dividends (a)	$	5,164,690		$	791,230
Interest		9,313			4,438
Securities lending net income		14,942			48,949

Total investment income		5,188,945			844,617

Expenses (Note 3):
Investment advisory fees		1,610,551			899,994
Custody fees		22,872			18,376
Interest expense		-			-
Audit fees		19,380			20,013
Legal fees		4,343			1,987
Proxy fees		513			513
Shareholder reporting fees		26,011			14,054
Trustees’ fees		10,895			4,972

		1,694,565			959,909
Administration fees:
Class II		-			-
Service Class I		-			-
Distribution and Service fees:
Service Class		56,502			28,609
Service Class I		-			-

Total expenses		1,751,067			988,518
Expenses waived (Note 3):
Class II fees reimbursed by adviser		-			-
Service Class I fees reimbursed by adviser		-			-
Initial Class advisory fees waived		-			(15,019	)
Class II advisory fees waived		-			-
Service Class advisory fees waived		-			(2,289	)
Service Class I advisory fees waived		-			-

Net expenses:		1,751,067			971,210

Net investment income (loss)		3,437,878			(126,593	)

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(12,836,990	)		877,452
Futures contracts		-			-
Written options		-			-
Swap agreements		-			-
Foreign currency transactions		(1,185	)		(672	)
Forward contracts		773,264			-

Net realized gain (loss)		(12,064,911	)		876,780

Net change in unrealized appreciation (depreciation) on:
Investment transactions		(60,616,095	)		(10,889,338	)
Futures contracts		-			-
Swap agreements		-			-
Translation of assets and liabilities in foreign currencies		(824	)		(30	)
Forward contracts		452,691			-

Net change in unrealized appreciation (depreciation)		(60,164,228	)		(10,889,368	)

Net realized gain (loss) and change in unrealized appreciation (depreciation)		(72,229,139	)		(10,012,588	)

Net increase (decrease) in net assets resulting from operations	$	(68,791,261	)	$	(10,139,181	)


(a) �� Net of foreign withholding tax of:	$	76,589		$	3,131

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

112


MML Small Company Value Fund			MML Small/Mid Cap Value Fund			MML Total Return Bond Fund

$	615,088		$	1,802,163		$	-
	2,735			4,753			4,693,421
	39,946			2,878			7,482

	657,769			1,809,794			4,700,903


	336,228			629,647			699,182
	15,286			16,980			55,990
	-			-			24
	19,091			18,839			28,415
	992			2,046			5,591
	513			513			513
	9,207			14,715			30,016
	2,506			5,032			9,670

	383,823			687,772			829,401

	46,776			-			233,974
	16,267			-			28,219

	-			23,620			-
	27,110			-			47,031

	473,976			711,392			1,138,625

	-			-			(27,620	)
	-			-			(3,203	)
	-			-			-
	(15,591	)		-			-
	-			-			-
	(5,423	)		-			-

	452,962			711,392			1,107,802

	204,807			1,098,402			3,593,101



	(467,147	)		(15,169,195	)		9,412,336
	-			-			2,523,396
	-			-			80,096
	-			-			18,474
	-			-			297,505
	-			-			133,137

	(467,147	)		(15,169,195	)		12,464,944


	(17,611,439	)		(28,811,805	)		5,172,467
	-			-			117,374
	-			-			(395	)
	-			-			-
	-			-			(77,095	)

	(17,611,439	)		(28,811,805	)		5,212,351

	(18,078,586	)		(43,981,000	)		17,677,295

$	(17,873,779	)	$	(42,882,598	)	$	21,270,396


$	1,088		$	8,239		$	-

113

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Blue Chip Growth Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(753,004	)	$	(687,556	)
Net realized gain (loss)		12,932,975			42,327,464
Net change in unrealized appreciation (depreciation)		38,640,045			61,935,453

Net increase (decrease) in net assets resulting from operations		50,820,016			103,575,361

Distributions to shareholders (Note 2):
Initial Class		-			(35,871,142	)
Class I		-			-
Class II		-			-
Class III		-			-
Service Class		-			(16,692,604	)
Service Class I		-			-

Total distributions		-			(52,563,746	)

Net fund share transactions (Note 5):
Initial Class		(11,318,332	)		12,687,751
Class I		-			-
Class II		-			-
Class III		-			-
Service Class		1,903,892			24,456,475
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		(9,414,440	)		37,144,226

Total increase (decrease) in net assets		41,405,576			88,155,841
Net assets
Beginning of period		441,673,622			353,517,781

End of period	$	483,079,198		$	441,673,622

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

114


MML Equity Income Fund						MML Equity Index Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019


$	5,490,078		$	10,031,026		$	4,745,430		$	9,942,919
	(1,324,744	)		30,331,581			8,269,435			144,142,248
	(93,176,494	)		67,301,960			(30,071,254	)		15,562,877

	(89,011,160	)		107,664,567			(17,056,389	)		169,648,044


	-			(42,720,131	)		-			-
	-			-			-			(6,401,570	)
	-			-			-			(22,586,203	)
	-			-			-			(28,794,121	)
	-			(9,473,801	)		-			-
	-			-			-			(5,197,860	)

	-			(52,193,932	)		-			(62,979,754	)


	18,942,701			(7,947,021	)		-			-
	-			-			(3,253,907	)		(2,739,783	)
	-			-			269,154			23,140,448
	-			-			3,854,471			(187,859,189	)
	1,560,011			1,853,062			-			-
	-			-			(3,619,683	)		(1,480,399	)

	20,502,712			(6,093,959	)		(2,749,965	)		(168,938,923	)

	(68,508,448	)		49,376,676			(19,806,354	)		(62,270,633	)

	483,658,212			434,281,536			582,078,297			644,348,930

$	415,149,764		$	483,658,212		$	562,271,943		$	582,078,297

115

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Focused Equity Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,739,975		$	2,441,289
Net realized gain (loss)		(1,151,004	)		13,584,276
Net change in unrealized appreciation (depreciation)		(19,705,079	)		29,678,837

Net increase (decrease) in net assets resulting from operations		(19,116,108	)		45,704,402

Distributions to shareholders (Note 2):
Initial Class		-			-
Class II		-			(6,676,411	)
Service Class		-			-
Service Class I		-			(359,769	)

Total distributions		-			(7,036,180	)

Net fund share transactions (Note 5):
Initial Class		-			-
Class II		(262,833	)		213,720,336
Service Class		-			-
Service Class I		262,607			4,141,530

Increase (decrease) in net assets from fund share transactions		(226	)		217,861,866

Total increase (decrease) in net assets		(19,116,334	)		256,530,088
Net assets
Beginning of period		315,786,009			59,255,921

End of period	$	296,669,675		$	315,786,009

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

116


MML Foreign Fund						MML Fundamental Equity Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019


$	3,012,813		$	8,348,387		$	426,709		$	68,369
	(5,819,667	)		9,956,326			9,125,254			21,078,335
	(42,242,038	)		20,356,755			(9,793,072	)		10,219,628

	(45,048,892	)		38,661,468			(241,109	)		31,366,332


	-			(9,912,550	)		-			-
	-			-			-			(19,254,998	)
	-			(286,467	)		-			-
	-			-			-			(2,735,384	)

	-			(10,199,017	)		-			(21,990,382	)


	(3,148,189	)		(14,265,626	)		-			-
	-			-			55,841,878			3,267,738
	(117,525	)		(370,549	)		-			-
	-			-			1,437,988			4,203,610

	(3,265,714	)		(14,636,175	)		57,279,866			7,471,348

	(48,314,606	)		13,826,276			57,038,757			16,847,298

	317,187,077			303,360,801			117,393,880			100,546,582

$	268,872,471		$	317,187,077		$	174,432,637		$	117,393,880

117

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Fundamental Value Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	2,209,741		$	2,563,533
Net realized gain (loss)		(11,731,127	)		24,764,253
Net change in unrealized appreciation (depreciation)		(26,731,380	)		12,445,472

Net increase (decrease) in net assets resulting from operations		(36,252,766	)		39,773,258

Distributions to shareholders (Note 2):
Initial Class		-			-
Class I		-			-
Class II		-			(23,310,264	)
Service Class		-			-
Service Class I		-			(1,954,060	)

Total distributions		-			(25,264,324	)

Net fund share transactions (Note 5):
Initial Class		-			-
Class I		-			-
Class II		17,766,428			11,979,316
Service Class		-			-
Service Class I		(16,564	)		1,875,998

Increase (decrease) in net assets from fund share transactions		17,749,864			13,855,314

Total increase (decrease) in net assets		(18,502,902	)		28,364,248
Net assets
Beginning of period		210,167,257			181,803,009

End of period	$	191,664,355		$	210,167,257

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

118


MML Global Fund						MML Growth & Income Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019


$	2,429,036		$	4,484,567		$	650,866		$	1,358,018
	6,606,019			15,833,070			2,147,866			10,419,392
	(47,422,422	)		61,687,460			(10,298,563	)		27,355,920

	(38,387,367	)		82,005,097			(7,499,831	)		39,133,330


	-			-			-			(10,219,127	)
	-			(15,070,765	)		-			-
	-			(629,501	)		-			-
	-			-			-			(4,037,009	)
	-			(555,133	)		-			-

	-			(16,255,399	)		-			(14,256,136	)


	-			-			(6,736,680	)		(3,966,803	)
	(13,457,580	)		172,732,658			-			-
	(717,103	)		(822,522	)		-			-
	-			-			(322,576	)		5,326,441
	246,733			(394,382	)		-			-

	(13,927,950	)		171,515,754			(7,059,256	)		1,359,638

	(52,315,317	)		237,265,452			(14,559,087	)		26,236,832

	446,177,517			208,912,065			152,950,794			126,713,962

$	393,862,200		$	446,177,517		$	138,391,707		$	152,950,794

119

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Income & Growth Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	2,542,200		$	5,603,860
Net realized gain (loss)		(19,887,917	)		837,054
Net change in unrealized appreciation (depreciation)		(40,557,476	)		55,148,141

Net increase (decrease) in net assets resulting from operations		(57,903,193	)		61,589,055

Distributions to shareholders (Note 2):
Initial Class		-			(14,273,421	)
Class II		-			-
Service Class		-			(1,555,938	)
Service Class I		-			-

Total distributions		-			(15,829,359	)

Net fund share transactions (Note 5):
Initial Class		5,337,636			(7,635,976	)
Class II		-			-
Service Class		(546,356	)		706,203
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		4,791,280			(6,929,773	)

Total increase (decrease) in net assets		(53,111,913	)		38,829,923
Net assets
Beginning of period		303,726,034			264,896,111

End of period	$	250,614,121		$	303,726,034

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

120


MML International Equity Fund						MML Large Cap Growth Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)		Year Ended December 31, 2019


$	510,810		$	5,381,324		$	238,859	$	422,714
	(10,061,938	)		4,767,503			4,072,196		5,929,936
	(31,701,404	)		28,879,787			8,547,380		21,742,607

	(41,252,532	)		39,028,614			12,858,435		28,095,257


	-			-			-		(11,308,969	)
	-			(14,661,848	)		-		-
	-			-			-		(1,872,436	)
	-			(485,036	)		-		-

	-			(15,146,884	)		-		(13,181,405	)


	-			-			7,853,706		(1,197,387	)
	6,881,515			746,447			-		-
	-			-			465,927		4,147,375
	198,831			1,283,718			-		-

	7,080,346			2,030,165			8,319,633		2,949,988

	(34,172,186	)		25,911,895			21,178,068		17,863,840

	185,218,614			159,306,719			111,665,338		93,801,498

$	151,046,428		$	185,218,614		$	132,843,406	$	111,665,338

121

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Managed Volatility Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	685,388		$	1,549,347
Net realized gain (loss)		7,464,130			(7,510,563	)
Net change in unrealized appreciation (depreciation)		(13,082,219	)		23,038,840

Net increase (decrease) in net assets resulting from operations		(4,932,701	)		17,077,624

Distributions to shareholders (Note 2):
Initial Class		-			(2,006,227	)
Service Class		-			(406,901	)

Total distributions		-			(2,413,128	)

Net fund share transactions (Note 5):
Initial Class		(7,923,329	)		(8,893,357	)
Service Class		(2,129,541	)		(1,232,645	)

Increase (decrease) in net assets from fund share transactions		(10,052,870	)		(10,126,002	)

Total increase (decrease) in net assets		(14,985,571	)		4,538,494
Net assets
Beginning of period		155,136,517			150,598,023

End of period	$	140,150,946		$	155,136,517

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

122


MML Mid Cap Growth Fund						MML Mid Cap Value Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019


$	(313,936	)	$	343,584		$	3,437,878		$	6,851,877
	52,124,099			49,632,163			(12,064,911	)		771,372
	(49,820,686	)		77,318,464			(60,164,228	)		99,841,377

	1,989,477			127,294,211			(68,791,261	)		107,464,626


	-			(51,794,275	)		-			(43,755,980	)
	-			(14,171,452	)		-			(5,898,516	)

	-			(65,965,727	)		-			(49,654,496	)


	(6,988,855	)		30,146,826			10,639,541			(5,655,588	)
	(4,255,473	)		7,002,228			361,479			3,501,883

	(11,244,328	)		37,149,054			11,001,020			(2,153,705	)

	(9,254,851	)		98,477,538			(57,790,241	)		55,656,425

	516,144,805			417,667,267			442,363,935			386,707,510

$	506,889,954		$	516,144,805		$	384,573,694		$	442,363,935

123

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Small Cap Growth Equity Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(126,593	)	$	(172,814	)
Net realized gain (loss)		876,780			23,812,506
Net change in unrealized appreciation (depreciation)		(10,889,368	)		32,140,744

Net increase (decrease) in net assets resulting from operations		(10,139,181	)		55,780,436

Distributions to shareholders (Note 2):
Initial Class		-			(29,446,089	)
Class II		-			-
Service Class		-			(4,374,302	)
Service Class I		-			-

Total distributions		-			(33,820,391	)

Net fund share transactions (Note 5):
Initial Class		(7,805,590	)		(1,213,463	)
Class II		-			-
Service Class		(293,612	)		4,571,433
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		(8,099,202	)		3,357,970

Total increase (decrease) in net assets		(18,238,383	)		25,318,015
Net assets
Beginning of period		196,452,607			171,134,592

End of period	$	178,214,224		$	196,452,607

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

124


MML Small Company Value Fund						MML Small/Mid Cap Value Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019


$	204,807		$	187,423		$	1,098,402		$	2,015,024
	(467,147	)		4,385,906			(15,169,195	)		7,561,569
	(17,611,439	)		16,789,543			(28,811,805	)		26,811,318

	(17,873,779	)		21,362,872			(42,882,598	)		36,387,911


	-			-			-			(22,035,759	)
	-			(10,637,023	)		-			-
	-			-			-			(2,792,250	)
	-			(3,412,926	)		-			-

	-			(14,049,949	)		-			(24,828,009	)


	-			-			6,964,423			5,435,238
	(367,255	)		2,181,798			-			-
	-			-			575,726			3,006,628
	728,373			4,158,602			-			-

	361,118			6,340,400			7,540,149			8,441,866

	(17,512,661	)		13,653,323			(35,342,449	)		20,001,768

	100,490,632			86,837,309			202,797,971			182,796,203

$	82,977,971		$	100,490,632		$	167,455,522		$	202,797,971

125

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Total Return Bond Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,593,101		$	9,364,596
Net realized gain (loss)		12,464,944			13,369,874
Net change in unrealized appreciation (depreciation)		5,212,351			10,120,500

Net increase (decrease) in net assets resulting from operations		21,270,396			32,854,970

Distributions to shareholders (Note 2):
Class II		-			(10,406,581	)
Service Class I		-			(895,462	)

Total distributions		-			(11,302,043	)

Net fund share transactions (Note 5):
Class II		(58,176,980	)		(31,647,275	)
Service Class I		6,033,732			7,003,083

Increase (decrease) in net assets from fund share transactions		(52,143,248	)		(24,644,192	)

Total increase (decrease) in net assets		(30,872,852	)		(3,091,265	)
Net assets
Beginning of period		376,013,086			379,104,351

End of period	$	345,140,234		$	376,013,086

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

126

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Blue Chip Growth 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
6/30/20^r	$	16.49	$	(0.02	)	$	1.82	$	1.80	$	-		$	-		$	-		$	18.29		10.92%	^b	$	329,148		0.78%	^a		(0.27%	)^a
12/31/19		14.60		(0.02	)		4.16		4.14		-			(2.25	)		(2.25	)		16.49		29.84%			304,381		0.79%			(0.09%	)
12/31/18		17.41		(0.00	)^d		0.86		0.86		-			(3.67	)		(3.67	)		14.60		1.88%			254,050		0.79%			(0.02%	)
12/31/17		13.98		0.00	^d		4.93		4.93		(0.00	)^d		(1.50	)		(1.50	)		17.41		36.22%			301,054		0.80%			0.00%	^e
12/31/16		15.79		0.00	^d		0.13		0.13		-			(1.94	)		(1.94	)		13.98		0.91%			332,688		0.79%			0.03%
12/31/15		17.09		(0.01	)		1.70		1.69		-			(2.99	)		(2.99	)		15.79		11.10%			388,654		0.79%			(0.06%	)
Service Class
6/30/20^r	$	15.71	$	(0.04	)	$	1.73	$	1.69	$	-		$	-		$	-		$	17.40		10.76%	^b	$	153,931		1.03%	^a		(0.51%	)^a
12/31/19		14.03		(0.05	)		3.98		3.93		-			(2.25	)		(2.25	)		15.71		29.56%			137,293		1.04%			(0.35%	)
12/31/18		16.88		(0.05	)		0.87		0.82		-			(3.67	)		(3.67	)		14.03		1.68%			99,468		1.04%			(0.26%	)
12/31/17		13.62		(0.04	)		4.80		4.76		-			(1.50	)		(1.50	)		16.88		35.89%			77,091		1.05%			(0.25%	)
12/31/16		15.47		(0.03	)		0.12		0.09		-			(1.94	)		(1.94	)		13.62		0.65%			47,411		1.04%			(0.22%	)
12/31/15		16.85		(0.05	)		1.66		1.61		-			(2.99	)		(2.99	)		15.47		10.76%			42,486		1.04%			(0.31%	)


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		16	%		33	%		28	%		25	%		29	%		31	%

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%.

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity 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 waiver			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Initial Class
6/30/20^r	$	11.18	$	0.13	$	(2.24	)	$	(2.11	)	$	-		$	-		$	-		$	9.07		(18.87%	)^b	$	342,813		0.79%	^a		0.76	%^a		2.67%	^a
12/31/19		10.04		0.24		2.25			2.49			(0.27	)		(1.08	)		(1.35	)		11.18		26.45%			396,909		0.78%			0.75	%		2.22%
12/31/18		12.50		0.26		(1.23	)		(0.97	)		(0.24	)		(1.25	)		(1.49	)		10.04		(9.36%	)		358,947		0.79%			0.76	%		2.17%
12/31/17		11.78		0.23		1.58			1.81			(0.27	)		(0.82	)		(1.09	)		12.50		16.33%			440,607		0.79%			0.76	%		1.93%
12/31/16		11.29		0.27		1.73			2.00			(0.25	)		(1.26	)		(1.51	)		11.78		18.68%			413,304		0.79%			0.77	%		2.33%
12/31/15		13.93		0.25		(1.28	)		(1.03	)		(0.26	)		(1.35	)		(1.61	)		11.29		(6.88%	)		409,298		0.78%			N/A			1.96%
Service Class
6/30/20^r	$	11.03	$	0.11	$	(2.20	)	$	(2.09	)	$	-		$	-		$	-		$	8.94		(18.95%	)^b	$	72,337		1.04%	^a		1.01	%^a		2.40%	^a
12/31/19		9.92		0.21		2.22			2.43			(0.24	)		(1.08	)		(1.32	)		11.03		26.12%			86,749		1.03%			1.00	%		1.98%
12/31/18		12.37		0.23		(1.22	)		(0.99	)		(0.21	)		(1.25	)		(1.46	)		9.92		(9.60%	)		75,335		1.04%			1.01	%		1.92%
12/31/17		11.68		0.20		1.56			1.76			(0.25	)		(0.82	)		(1.07	)		12.37		15.97%			86,193		1.04%			1.01	%		1.68%
12/31/16		11.20		0.24		1.72			1.96			(0.22	)		(1.26	)		(1.48	)		11.68		18.46%			77,647		1.04%			1.02	%		2.10%
12/31/15		13.83		0.22		(1.27	)		(1.05	)		(0.23	)		(1.35	)		(1.58	)		11.20		(7.10%	)		63,263		1.03%			N/A			1.72%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		19	%		18	%		19	%		25	%		22	%		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.

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.

128

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Index 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 I
6/30/20^r	$	32.46	$	0.24	$	(1.31	)	$	(1.07	)	$	-		$	-		$	-		$	31.39		(3.30%	)^b	$	52,776		0.44%	^a		N/A			1.59%	^a
12/31/19		28.09		0.48		7.71			8.19			(0.90	)		(2.92	)		(3.82	)		32.46		30.86%			57,944		0.44%			N/A			1.51%
12/31/18		31.01		0.49		(1.76	)		(1.27	)		(0.50	)		(1.15	)		(1.65	)		28.09		(4.80%	)		51,998		0.43%			N/A			1.57%
12/31/17		26.53		0.45		5.11			5.56			(0.29	)		(0.79	)		(1.08	)		31.01		21.34%			66,374		0.43%			N/A			1.57%
12/31/16		24.76		0.44		2.37			2.81			(0.43	)		(0.61	)		(1.04	)		26.53		11.48%			66,343		0.43%			N/A			1.76%
12/31/15		25.52		0.42		(0.23	)		0.19			(0.38	)		(0.57	)		(0.95	)		24.76		0.95%			74,631		0.43%			N/A			1.67%
Class II
6/30/20^r	$	32.45	$	0.26	$	(1.31	)	$	(1.05	)	$	-		$	-		$	-		$	31.40		(3.24%	)^b	$	203,317		0.29%	^a		N/A			1.74%	^a
12/31/19		28.10		0.52		7.72			8.24			(0.97	)		(2.92	)		(3.89	)		32.45		31.06%			209,951		0.29%			N/A			1.66%
12/31/18		31.01		0.54		(1.75	)		(1.21	)		(0.55	)		(1.15	)		(1.70	)		28.10		(4.63%	)		159,638		0.28%			N/A			1.72%
12/31/17		26.55		0.50		5.10			5.60			(0.35	)		(0.79	)		(1.14	)		31.01		21.50%			186,674		0.28%			N/A			1.72%
12/31/16		24.80		0.48		2.36			2.84			(0.48	)		(0.61	)		(1.09	)		26.55		11.62%			175,525		0.28%			N/A			1.91%
12/31/15		25.56		0.47		(0.23	)		0.24			(0.43	)		(0.57	)		(1.00	)		24.80		1.17%			164,515		0.30%			0.28	%		1.83%
Class III
6/30/20^r	$	32.39	$	0.28	$	(1.31	)	$	(1.03	)	$	-		$	-		$	-		$	31.36		(3.18%	)^b	$	265,309		0.14%	^a		N/A			1.89%	^a
12/31/19		28.05		0.57		7.70			8.27			(1.01	)		(2.92	)		(3.93	)		32.39		31.27%			268,217		0.14%			N/A			1.82%
12/31/18		30.97		0.59		(1.75	)		(1.16	)		(0.60	)		(1.16	)		(1.76	)		28.05		(4.52%	)		391,891		0.13%			N/A			1.87%
12/31/17		26.51		0.54		5.10			5.64			(0.39	)		(0.79	)		(1.18	)		30.97		21.69%			440,242		0.13%			N/A			1.87%
12/31/16		24.78		0.52		2.34			2.86			(0.52	)		(0.61	)		(1.13	)		26.51		11.69%			279,941		0.13%			N/A			2.05%
12/31/15		25.54		0.50		(0.22	)		0.28			(0.47	)		(0.57	)		(1.04	)		24.78		1.32%			172,992		0.15%			0.13	%		1.97%
Service Class I
6/30/20^r	$	31.35	$	0.19	$	(1.27	)	$	(1.08	)	$	-		$	-		$	-		$	30.27		(3.44%	)^b	$	40,870		0.69%	^a		N/A			1.34%	^a
12/31/19		27.24		0.38		7.48			7.86			(0.83	)		(2.92	)		(3.75	)		31.35		30.56%			45,967		0.69%			N/A			1.26%
12/31/18		30.13		0.40		(1.70	)		(1.30	)		(0.43	)		(1.16	)		(1.59	)		27.24		(5.04%	)		40,822		0.68%			N/A			1.32%
12/31/17		25.84		0.37		4.96			5.33			(0.25	)		(0.79	)		(1.04	)		30.13		21.01%			48,712		0.68%			N/A			1.32%
12/31/16		24.16		0.37		2.31			2.68			(0.39	)		(0.61	)		(1.00	)		25.84		11.24%			42,165		0.68%			N/A			1.51%
12/31/15		24.98		0.35		(0.23	)		0.12			(0.37	)		(0.57	)		(0.94	)		24.16		0.70%			38,691		0.68%			N/A			1.43%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		3	%		5	%		3	%		7	%		8	%		4	%

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.

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.

129

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Focused 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^,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gain			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
6/30/20^r	$	6.77	$	0.04	$	(0.44	)	$	(0.40	)	$	-		$	-		$	-		$	6.37		(5.91%	)^b	$	279,054		0.87%	^a		N/A		1.19%	^a
12/31/19		5.33		0.07		1.53			1.60			(0.02	)		(0.14	)		(0.16	)		6.77		30.15%			297,347		0.89%			0.88%		1.11%
12/31/18		12.69		0.11		0.66			0.77			(0.37	)		(7.76	)		(8.13	)		5.33		1.18%			48,276		0.95%			0.87%		1.25%
12/31/17		13.20		0.27		2.35			2.62			(0.36	)		(2.77	)		(3.13	)		12.69		21.99%			57,382		0.94%			N/A		2.00%
12/31/16		12.15		0.13		1.96			2.09			(0.20	)		(0.84	)		(1.04	)		13.20		17.96%			128,990		0.90%			N/A		1.11%
12/31/15		15.97		0.21		(1.71	)		(1.50	)		(0.28	)		(2.04	)		(2.32	)		12.15		(8.93%	)		147,436		0.90%			N/A		1.43%
Service Class I
6/30/20^r	$	6.53	$	0.03	$	(0.42	)	$	(0.39	)	$	-		$	-		$	-		$	6.14		(5.97%	)^b	$	17,615		1.12%	^a		N/A		0.93%	^a
12/31/19		5.15		0.05		1.47			1.52			(0.00	)^d		(0.14	)		(0.14	)		6.53		29.73%			18,439		1.15%			1.13%		0.90%
12/31/18		12.52		0.09		0.66			0.75			(0.36	)		(7.76	)		(8.12	)		5.15		0.99%			10,980		1.20%			1.12%		1.01%
12/31/17		13.11		0.18		2.37			2.55			(0.37	)		(2.77	)		(3.14	)		12.52		21.61%			9,981		1.19%			N/A		1.39%
12/31/16		12.06		0.10		1.95			2.05			(0.16	)		(0.84	)		(1.00	)		13.11		17.74%			6,829		1.15%			N/A		0.87%
12/31/15		15.87		0.17		(1.69	)		(1.52	)		(0.25	)		(2.04	)		(2.29	)		12.06		(9.16%	)		7,023		1.15%			N/A		1.20%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		19	%		36	%		64	%		108	%		37	%		52	%

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.

130

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Foreign 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
6/30/20^r	$	10.10	$	0.10	$	(1.57	)	$	(1.47	)	$	-		$	-		$	-		$	8.63		(14.55%	)^b	$	260,582		0.94%	^a		0.89%	^a		2.26%	^a
12/31/19		9.25		0.26		0.92			1.18			(0.18	)		(0.15	)		(0.33	)		10.10		13.17%			307,367		0.94%			0.89%			2.69%
12/31/18		11.25		0.20		(1.95	)		(1.75	)		(0.25	)		-			(0.25	)		9.25		(15.90%	)		294,037		0.98%			0.97%			1.81%
12/31/17		9.44		0.19		1.85			2.04			(0.23	)		-			(0.23	)		11.25		21.73%			382,813		0.97%			N/A			1.79%
12/31/16		9.49		0.20		(0.07	)		0.13			(0.18	)		-			(0.18	)		9.44		1.44%			348,836		0.97%			N/A			2.22%
12/31/15		10.22		0.20		(0.63	)		(0.43	)		(0.30	)		-			(0.30	)		9.49		(4.26%	)		347,072		0.97%			N/A			1.89%
Service Class
6/30/20^r	$	10.04	$	0.09	$	(1.56	)	$	(1.47	)	$	-		$	-		$	-		$	8.57		(14.64%	)^b	$	8,290		1.19%	^a		1.14%	^a		2.01%	^a
12/31/19		9.20		0.24		0.90			1.14			(0.15	)		(0.15	)		(0.30	)		10.04		12.78%			9,820		1.19%			1.14%			2.44%
12/31/18		11.18		0.17		(1.93	)		(1.76	)		(0.22	)		-			(0.22	)		9.20		(16.03%	)		9,324		1.23%			1.22%			1.57%
12/31/17		9.38		0.16		1.84			2.00			(0.20	)		-			(0.20	)		11.18		21.45%			11,488		1.22%			N/A			1.53%
12/31/16		9.43		0.18		(0.07	)		0.11			(0.16	)		-			(0.16	)		9.38		1.18%			10,231		1.22%			N/A			2.02%
12/31/15		10.16		0.17		(0.62	)		(0.45	)		(0.28	)		-			(0.28	)		9.43		(4.51%	)		11,396		1.22%			N/A			1.59%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		96	%		43	%		18	%		15	%		19	%		12	%

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.

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.

131

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Fundamental 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,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
6/30/20^r	$	10.02	$	0.03		$	(0.09	)	$	(0.06	)	$	-		$	-		$	-		$	9.96		(0.60%	)^b	$	157,698		0.85%	^a		0.84%	^a		0.72%	^a
12/31/19		9.37		0.01			2.92			2.93			(0.06	)		(2.22	)		(2.28	)		10.02		33.74%			101,937		0.87%			0.87%	^l		0.09%
12/31/18		12.94		0.06			0.66			0.72			(0.15	)		(4.14	)		(4.29	)		9.37		0.80%			90,145		0.83%			0.83%	¹		0.50%
12/31/17		11.42		0.11			2.92			3.03			(0.13	)		(1.38	)		(1.51	)		12.94		27.67%			120,666		0.84%			0.84%	^l		0.84%
12/31/16		12.53		0.09			0.36			0.45			(0.08	)		(1.48	)		(1.56	)		11.42		3.73%			165,183		0.83%			0.83%	^l		0.79%
12/31/15		14.89		0.09			0.64			0.73			(0.13	)		(2.96	)		(3.09	)		12.53		6.22%			183,094		0.84%			0.84%	^l		0.63%
Service Class I
6/30/20^r	$	9.70	$	0.02		$	(0.09	)	$	(0.07	)	$	-		$	-		$	-		$	9.63		(0.72%	)^b	$	16,735		1.10%	^a		1.09%	^a		0.48%	^a
12/31/19		9.15		(0.02	)		2.84			2.82			(0.05	)		(2.22	)		(2.27	)		9.70		33.33%			15,457		1.12%			1.12%	^l		(0.16%	)
12/31/18		12.74		0.03			0.67			0.70			(0.15	)		(4.14	)		(4.29	)		9.15		0.66%			10,401		1.08%			1.08%	¹		0.27%
12/31/17		11.29		0.07			2.89			2.96			(0.13	)		(1.38	)		(1.51	)		12.74		27.32%			6,875		1.09%			1.09%	^l		0.57%
12/31/16		12.41		0.06			0.37			0.43			(0.07	)		(1.48	)		(1.55	)		11.29		3.54%			4,263		1.08%			1.08%	^l		0.54%
12/31/15		14.80		0.05			0.63			0.68			(0.11	)		(2.96	)		(3.07	)		12.41		5.91%			2,955		1.09%			1.09%	^l		0.36%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		83	%		129	%		61	%		40	%		49	%		44	%

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.

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.

132

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Fundamental Value 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
6/30/20^r	$	13.09	$	0.13	$	(2.33	)	$	(2.20	)	$	-		$	-		$	-		$	10.89		(16.81%	)^b	$	178,239		0.80%	^a		0.78	%^a		2.32%	^a
12/31/19		12.38		0.18		2.40			2.58			(0.27	)		(1.60	)		(1.87	)		13.09		22.79%			193,994		0.81%			0.79	%		1.35%
12/31/18		15.42		0.26		(1.63	)		(1.37	)		(0.25	)		(1.42	)		(1.67	)		12.38		(10.34%	)		168,520		0.80%			0.78	%		1.76%
12/31/17		14.74		0.25		1.83			2.08			(0.29	)		(1.11	)		(1.40	)		15.42		15.10%			225,883		0.80%			0.79	%		1.65%
12/31/16		14.20		0.26		1.56			1.82			(0.21	)		(1.07	)		(1.28	)		14.74		13.25%			223,801		0.79%			N/A			1.81%
12/31/15		16.20		0.23		(0.76	)		(0.53	)		(0.22	)		(1.25	)		(1.47	)		14.20		(2.88%	)		217,109		0.79%			N/A			1.51%
Service Class I
6/30/20^r	$	12.83	$	0.11	$	(2.28	)	$	(2.17	)	$	-		$	-		$	-		$	10.66		(16.91%	)^b	$	13,425		1.05%	^a		1.03	%^a		2.11%	^a
12/31/19		12.17		0.14		2.36			2.50			(0.24	)		(1.60	)		(1.84	)		12.83		22.49%			16,173		1.06%			1.04	%		1.10%
12/31/18		15.20		0.22		(1.60	)		(1.38	)		(0.23	)		(1.42	)		(1.65	)		12.17		(10.56%	)		13,283		1.05%			1.03	%		1.53%
12/31/17		14.57		0.21		1.80			2.01			(0.27	)		(1.11	)		(1.38	)		15.20		14.78%			13,212		1.05%			1.04	%		1.39%
12/31/16		14.05		0.22		1.55			1.77			(0.18	)		(1.07	)		(1.25	)		14.57		13.05%			9,319		1.04%			N/A			1.55%
12/31/15		16.07		0.19		(0.76	)		(0.57	)		(0.20	)		(1.25	)		(1.45	)		14.05		(3.18%	)		7,757		1.04%			N/A			1.26%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		53	%		131	%		28	%		18	%		20	%		19	%

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.

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.

133

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Global 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 I
6/30/20^r	$	12.86	$	0.07	$	(1.17	)	$	(1.10	)	$	-		$	-		$	-		$	11.76		(8.48%	)^b	$	362,418		0.80%	^a		N/A			1.23%	^a
12/31/19		10.25		0.15		2.94			3.09			(0.08	)		(0.40	)		(0.48	)		12.86		30.59%			411,174		0.79%			N/A			1.23%
12/31/18		13.04		0.15		(1.16	)		(1.01	)		(0.15	)		(1.63	)		(1.78	)		10.25		(9.53%	)		179,973		0.83%			N/A			1.21%
12/31/17		11.54		0.14		2.56			2.70			(0.16	)		(1.04	)		(1.20	)		13.04		24.16%			206,795		0.83%			N/A			1.10%
12/31/16		11.74		0.14		0.76			0.90			(0.14	)		(0.96	)		(1.10	)		11.54		7.55%			218,698		0.82%			N/A			1.18%
12/31/15		12.61		0.14		(0.33	)		(0.19	)		(0.14	)		(0.54	)		(0.68	)		11.74		(1.36%	)		224,808		0.86%			0.85	%		1.13%
Class II
6/30/20^r	$	13.17	$	0.07	$	(1.20	)	$	(1.13	)	$	-		$	-		$	-		$	12.04		(8.50%	)^b	$	15,619		0.80%	^a		N/A			1.22%	^a
12/31/19		10.48		0.16		3.00			3.16			(0.07	)		(0.40	)		(0.47	)		13.17		30.58%			17,896		0.79%			N/A			1.31%
12/31/18		13.30		0.15		(1.19	)		(1.04	)		(0.15	)		(1.63	)		(1.78	)		10.48		(9.57%	)		14,950		0.83%			N/A			1.21%
12/31/17		11.74		0.14		2.62			2.76			(0.16	)		(1.04	)		(1.20	)		13.30		24.30%			18,082		0.83%			N/A			1.09%
12/31/16		11.93		0.14		0.77			0.91			(0.14	)		(0.96	)		(1.10	)		11.74		7.54%			15,757		0.82%			N/A			1.17%
12/31/15		12.81		0.15		(0.34	)		(0.19	)		(0.15	)		(0.54	)		(0.69	)		11.93		(1.35%	)		15,876		0.83%			0.81	%		1.13%
Service Class I
6/30/20^r	$	12.69	$	0.06	$	(1.15	)	$	(1.09	)	$	-		$	-		$	-		$	11.60		(8.59%	)^b	$	15,824		1.05%	^a		N/A			0.97%	^a
12/31/19		10.11		0.13		2.89			3.02			(0.04	)		(0.40	)		(0.44	)		12.69		30.28%			17,108		1.04%			N/A			1.06%
12/31/18		12.90		0.12		(1.16	)		(1.04	)		(0.12	)		(1.63	)		(1.75	)		10.11		(9.84%	)		13,989		1.08%			N/A			0.97%
12/31/17		11.43		0.11		2.54			2.65			(0.14	)		(1.04	)		(1.18	)		12.90		23.95%			15,989		1.08%			N/A			0.84%
12/31/16		11.65		0.10		0.76			0.86			(0.12	)		(0.96	)		(1.08	)		11.43		7.25%			12,129		1.07%			N/A			0.89%
12/31/15		12.52		0.10		(0.31	)		(0.21	)		(0.12	)		(0.54	)		(0.66	)		11.65		(1.55%	)		10,646		1.11%			1.10	%		0.84%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		10	%		16	%		15	%		10	%		15	%		17	%

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.

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.

134

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Growth & 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		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
6/30/20^r	$	19.43	$	0.09	$	(1.01	)	$	(0.92	)	$	-		$	-		$	-		$	18.51		(4.73%	)^b	$	94,973		0.57%	^a		1.03%	^a
12/31/19		16.35		0.19		4.86			5.05			(0.19	)		(1.78	)		(1.97	)		19.43		32.10%			106,949		0.57%			1.02%
12/31/18		17.39		0.19		(1.07	)		(0.88	)		(0.16	)		-			(0.16	)		16.35		(5.20%	)		92,893		0.56%			1.07%
12/31/17		14.19		0.16		3.19			3.35			(0.15	)		-			(0.15	)		17.39		23.70%			111,830		0.56%			1.02%
12/31/16		13.18		0.15		1.00			1.15			(0.14	)		-			(0.14	)		14.19		8.77%			102,858		0.56%			1.10%
12/31/15		13.28		0.14		(0.08	)		0.06			(0.16	)		-			(0.16	)		13.18		0.49%			106,578		0.56%			1.01%
Service Class
6/30/20^r	$	19.26	$	0.07	$	(1.00	)	$	(0.93	)	$	-		$	-		$	-		$	18.33		(4.83%	)^b	$	43,418		0.82%	^a		0.78%	^a
12/31/19		16.22		0.14		4.83			4.97			(0.15	)		(1.78	)		(1.93	)		19.26		31.82%			46,002		0.82%			0.77%
12/31/18		17.27		0.15		(1.08	)		(0.93	)		(0.12	)		-			(0.12	)		16.22		(5.46%	)		33,821		0.81%			0.83%
12/31/17		14.10		0.12		3.17			3.29			(0.12	)		-			(0.12	)		17.27		23.41%			30,610		0.81%			0.77%
12/31/16		13.10		0.11		1.00			1.11			(0.11	)		-			(0.11	)		14.10		8.50%			23,197		0.81%			0.85%
12/31/15		13.21		0.10		(0.08	)		0.02			(0.13	)		-			(0.13	)		13.10		0.18%			18,797		0.81%			0.76%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		12	%		16	%		15	%		12	%		17	%		17	%

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.

135

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Income & Growth 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
6/30/20^r	$	9.94	$	0.08	$	(1.95	)	$	(1.87	)	$	-		$	-		$	-		$	8.07		(18.81%	)^b	$	227,297		0.69%	^a		1.97%	^a
12/31/19		8.49		0.19		1.82			2.01			(0.19	)		(0.37	)		(0.56	)		9.94		24.43%			274,290		0.69%			2.00%
12/31/18		12.72		0.21		(1.25	)		(1.04	)		(0.22	)		(2.97	)		(3.19	)		8.49		(11.68%	)		240,456		0.70%			1.86%
12/31/17		11.86		0.22		1.74			1.96			(0.21	)		(0.89	)		(1.10	)		12.72		17.43%			289,310		0.70%			1.80%
12/31/16		11.35		0.22		1.55			1.77			(0.21	)		(1.05	)		(1.26	)		11.86		16.40%			257,874		0.69%			1.97%
12/31/15		12.44		0.23		(0.31	)		(0.08	)		(0.24	)		(0.77	)		(1.01	)		11.35		(0.09%	)		221,763		0.69%			1.90%
Service Class
6/30/20^r	$	9.78	$	0.07	$	(1.92	)	$	(1.85	)	$	-		$	-		$	-		$	7.93		(18.92%	)^b	$	23,318		0.94%	^a		1.71%	^a
12/31/19		8.36		0.16		1.80			1.96			(0.17	)		(0.37	)		(0.54	)		9.78		24.14%			29,436		0.94%			1.75%
12/31/18		12.58		0.18		(1.23	)		(1.05	)		(0.20	)		(2.97	)		(3.17	)		8.36		(11.94%	)		24,440		0.95%			1.62%
12/31/17		11.74		0.19		1.73			1.92			(0.19	)		(0.89	)		(1.08	)		12.58		17.21%			27,683		0.95%			1.55%
12/31/16		11.25		0.19		1.54			1.73			(0.19	)		(1.05	)		(1.24	)		11.74		16.10%			20,626		0.94%			1.71%
12/31/15		12.34		0.20		(0.31	)		(0.11	)		(0.21	)		(0.77	)		(0.98	)		11.25		(0.35%	)		16,906		0.94%			1.65%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		27	%		43	%		30	%		110	%		30	%		27	%

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.

136

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML International 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,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
6/30/20^r	$	10.10	$	0.03	$	(2.32	)	$	(2.29	)	$	-		$	-		$	-		$	7.81		(22.67%	)^b	$	145,562		1.06%	^a		1.00%	^a		0.69%	^a
12/31/19		8.91		0.29		1.74			2.03			(0.19	)		(0.65	)		(0.84	)		10.10		24.63%			178,397		1.05%			1.00%			3.02%
12/31/18		11.97		0.21		(3.02	)		(2.81	)		(0.17	)		(0.08	)		(0.25	)		8.91		(23.79%	)		154,540		1.12%			1.00%			1.91%
12/31/17		9.33		0.18		2.64			2.82			(0.18	)		-			(0.18	)		11.97		30.35%			187,213		1.09%			1.00%			1.62%
12/31/16		8.81		0.15		0.56			0.71			(0.17	)		(0.02	)		(0.19	)		9.33		8.27%			150,753		1.07%			1.00%			1.70%
12/31/15		9.27		0.15		(0.59	)		(0.44	)		(0.02	)		-			(0.02	)		8.81		(4.77%	)		164,083		1.09%			1.00%			1.59%
Service Class I
6/30/20^r	$	10.01	$	0.02	$	(2.30	)	$	(2.28	)	$	-		$	-		$	-		$	7.73		(22.78%	)^b	$	5,485		1.31%	^a		1.25%	^a		0.39%	^a
12/31/19		8.84		0.26		1.73			1.99			(0.17	)		(0.65	)		(0.82	)		10.01		24.35%			6,821		1.30%			1.25%			2.70%
12/31/18		11.90		0.18		(2.99	)		(2.81	)		(0.17	)		(0.08	)		(0.25	)		8.84		(23.98%	)		4,767		1.37%			1.25%			1.64%
12/31/17		9.29		0.11		2.67			2.78			(0.17	)		-			(0.17	)		11.90		30.05%			4,000		1.34%			1.25%			0.95%
12/31/16		8.78		0.13		0.56			0.69			(0.16	)		(0.02	)		(0.18	)		9.29		7.97%			1,063		1.32%			1.25%			1.50%
12/31/15		9.27		0.10		(0.57	)		(0.47	)		(0.02	)		-			(0.02	)		8.78		(5.10%	)		1,513		1.35%			1.25%			1.11%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		25	%		37	%		43	%		45	%		50	%		46	%

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.

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.

137

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Large Cap Growth 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
6/30/20^r	$	11.09	$	0.02		$	1.06		$	1.08		$	-		$	-		$	-		$	12.17		9.74%	^b	$	114,385		0.73%	^a		0.44%	^a
12/31/19		9.68		0.05			2.89			2.94			(0.07	)		(1.46	)		(1.53	)		11.09		31.99%			95,272		0.74%			0.45%
12/31/18		10.69		0.06			(0.19	)		(0.13	)		(0.07	)		(0.81	)		(0.88	)		9.68		(2.26%	)		83,211		0.72%			0.56%
12/31/17		10.63		0.07			3.23			3.30			(0.05	)		(3.19	)		(3.24	)		10.69		33.51%			106,989		0.73%			0.58%
12/31/16		11.70		0.03			(0.06	)		(0.03	)		(0.01	)		(1.03	)		(1.04	)		10.63		(0.38%	)		103,315		0.70%			0.24%
12/31/15		14.06		0.01			0.58			0.59			-			(2.95	)		(2.95	)		11.70		5.12%			214,299		0.69%			0.10%
Service Class
6/30/20^r	$	10.66	$	0.01		$	1.02		$	1.03		$	-		$	-		$	-		$	11.69		9.66%	^b	$	18,458		0.98%	^a		0.19%	^a
12/31/19		9.36		0.02			2.79			2.81			(0.05	)		(1.46	)		(1.51	)		10.66		31.66%			16,394		0.99%			0.19%
12/31/18		10.37		0.03			(0.17	)		(0.14	)		(0.06	)		(0.81	)		(0.87	)		9.36		(2.46%	)		10,591		0.97%			0.30%
12/31/17		10.41		0.03			3.15			3.18			(0.03	)		(3.19	)		(3.22	)		10.37		33.00%			7,510		0.98%			0.29%
12/31/16		11.48		(0.00	)^d		(0.04	)		(0.04	)		-			(1.03	)		(1.03	)		10.41		(0.52%	)		3,604		0.95%			(0.02%	)
12/31/15		13.89		(0.02	)		0.56			0.54			-			(2.95	)		(2.95	)		11.48		4.80%			3,501		0.94%			(0.15%	)


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		17	%		11	%		16	%		3	%		134	%		73	%

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.

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.

138

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Managed Volatility 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
6/30/20^r	$	13.10	$	0.06	$	(0.41	)	$	(0.35	)	$	-		$	-		$	-		$	12.75		(2.69%	)^b	$	112,573		0.97%	^a		1.04%	^a
12/31/19		11.90		0.13		1.28			1.41			(0.21	)		-			(0.21	)		13.10		11.90%			124,549		0.97%			1.05%
12/31/18		12.63		0.12		(0.69	)		(0.57	)		(0.16	)		-			(0.16	)		11.90		(4.69%	)		121,635		0.96%			0.99%
12/31/17		11.74		0.14		0.91			1.05			(0.16	)		-			(0.16	)		12.63		9.03%			150,737		0.90%			1.13%
12/31/16		14.27		0.17		0.31			0.48			(0.26	)		(2.75	)		(3.01	)		11.74		3.69%			151,537		0.91%			1.29%
12/31/15		14.11		0.17		0.25			0.42			(0.26	)		-			(0.26	)		14.27		3.01%			162,332		0.89%			1.18%
Service Class
6/30/20^r	$	12.99	$	0.05	$	(0.42	)	$	(0.37	)	$	-		$	-		$	-		$	12.62		(2.81%	)^b	$	27,578		1.22%	^a		0.78%	^a
12/31/19		11.80		0.10		1.26			1.36			(0.17	)		-			(0.17	)		12.99		11.62%			30,588		1.22%			0.81%
12/31/18		12.53		0.09		(0.70	)		(0.61	)		(0.12	)		-			(0.12	)		11.80		(4.93%	)		28,963		1.21%			0.74%
12/31/17		11.64		0.11		0.91			1.02			(0.13	)		-			(0.13	)		12.53		8.76%			33,698		1.15%			0.88%
12/31/16		14.18		0.14		0.29			0.43			(0.22	)		(2.75	)		(2.97	)		11.64		3.42%			32,569		1.16%			1.04%
12/31/15		14.02		0.14		0.24			0.38			(0.22	)		-			(0.22	)		14.18		2.79%			33,180		1.14%			0.95%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		10	%		2	%		5	%		2	%		4	%		3	%

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.

139

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Mid Cap Growth 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
6/30/20^r	$	15.88	$	(0.01	)	$	(0.08	)^aa	$	(0.09	)	$	-		$	-		$	-		$	15.79		(0.57%	)^b	$	403,226		0.81%	^a		(0.08%	)^a
12/31/19		13.94		0.02			4.17			4.19			(0.00	)^d		(2.25	)		(2.25	)		15.88		31.30%			407,351		0.81%			0.12%
12/31/18		16.19		0.01			(0.07	)		(0.06	)		-			(2.19	)		(2.19	)		13.94		(2.17%	)		328,715		0.81%			0.07%
12/31/17		14.35		(0.01	)		3.45			3.44			(0.01	)		(1.59	)		(1.60	)		16.19		24.81%			382,666		0.81%			(0.08%	)
12/31/16		15.50		(0.00	)^d		0.97			0.97			-			(2.12	)		(2.12	)		14.35		6.29%			352,754		0.81%			(0.02%	)
12/31/15		16.41		(0.01	)		1.05			1.04			-			(1.95	)		(1.95	)		15.50		6.78%			375,328		0.81%			(0.07%	)
Service Class
6/30/20^r	$	15.10	$	(0.02	)	$	(0.08	)^aa	$	(0.10	)	$	-		$	-		$	-		$	15.00		(0.66%	)^b	$	103,664		1.06%	^a		(0.33%	)^a
12/31/19		13.37		(0.02	)		4.00			3.98			-			(2.25	)		(2.25	)		15.10		31.01%			108,793		1.06%			(0.13%	)
12/31/18		15.65		(0.03	)		(0.06	)		(0.09	)		-			(2.19	)		(2.19	)		13.37		(2.45%	)		88,952		1.06%			(0.18%	)
12/31/17		13.95		(0.05	)		3.34			3.29			-			(1.59	)		(1.59	)		15.65		24.47%			91,145		1.06%			(0.33%	)
12/31/16		15.16		(0.04	)		0.95			0.91			-			(2.12	)		(2.12	)		13.95		6.02%			71,227		1.06%			(0.27%	)
12/31/15		16.12		(0.05	)		1.04			0.99			-			(1.95	)		(1.95	)		15.16		6.59%			66,936		1.06%			(0.31%	)


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		51	%		28	%		26	%		28	%		29	%		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.

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.

140

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Mid Cap Value 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
6/30/20^r	$	10.60	$	0.08	$	(1.82	)	$	(1.74	)	$	-		$	-		$	-		$	8.86		(16.42%	)^b	$	339,609		0.88%	^a		1.82%	^a
12/31/19		9.35		0.17		2.37			2.54			(0.18	)		(1.11	)		(1.29	)		10.60		29.13%			389,141		0.88%			1.65%
12/31/18		12.14		0.15		(1.48	)		(1.33	)		(0.19	)		(1.27	)		(1.46	)		9.35		(12.99%	)		343,432		0.88%			1.30%
12/31/17		11.79		0.20		1.09			1.29			(0.19	)		(0.75	)		(0.94	)		12.14		11.70%			438,601		0.88%			1.69%
12/31/16		10.74		0.17		2.22			2.39			(0.19	)		(1.15	)		(1.34	)		11.79		23.23%			433,046		0.88%			1.55%
12/31/15		13.12		0.16		(0.43	)		(0.27	)		(0.25	)		(1.86	)		(2.11	)		10.74		(1.45%	)		427,920		0.88%			1.26%
Service Class
6/30/20^r	$	10.39	$	0.07	$	(1.78	)	$	(1.71	)	$	-		$	-		$	-		$	8.68		(16.55%	)^b	$	44,964		1.13%	^a		1.57%	^a
12/31/19		9.18		0.14		2.33			2.47			(0.15	)		(1.11	)		(1.26	)		10.39		28.90%			53,223		1.13%			1.40%
12/31/18		11.96		0.12		(1.47	)		(1.35	)		(0.16	)		(1.27	)		(1.43	)		9.18		(13.31%	)		43,275		1.13%			1.06%
12/31/17		11.63		0.17		1.08			1.25			(0.17	)		(0.75	)		(0.92	)		11.96		11.46%			49,723		1.13%			1.46%
12/31/16		10.62		0.15		2.18			2.33			(0.17	)		(1.15	)		(1.32	)		11.63		22.86%			44,148		1.13%			1.35%
12/31/15		12.99		0.12		(0.41	)		(0.29	)		(0.22	)		(1.86	)		(2.08	)		10.62		(1.60%	)		32,950		1.13%			1.03%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		45	%		39	%		59	%		42	%		52	%		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.

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.

141

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Cap Growth 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,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			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
6/30/20^r	$	14.13	$	(0.01	)	$	(0.81	)	$	(0.82	)	$	-		$	-		$	13.31		(5.81	%)^b	$	154,116		1.11	%^a		1.09	%^a		(0.11	%)^a
12/31/19		12.82		(0.01	)		4.11			4.10			(2.79	)		(2.79	)		14.13		34.32	%		170,426		1.11	%		1.09	%		(0.06	%)
12/31/18		14.98		(0.03	)		(0.32	)		(0.35	)		(1.81	)		(1.81	)		12.82		(4.87	%)		151,854		1.09	%		1.07	%		(0.17	%)
12/31/17		12.69		(0.03	)		2.87			2.84			(0.55	)		(0.55	)		14.98		22.81	%		198,404		1.09	%		1.09	%^k		(0.21	%)
12/31/16		13.51		0.00	^d		1.59			1.59			(2.41	)		(2.41	)		12.69		12.74	%		191,245		1.10	%		N/A			0.01	%
12/31/15		17.85		(0.04	)		(0.74	)		(0.78	)		(3.56	)		(3.56	)		13.51		(5.11	%)		194,889		1.09	%		N/A			(0.22	%)
Service Class
6/30/20^r	$	13.14	$	(0.02	)	$	(0.75	)	$	(0.77	)	$	-		$	-		$	12.37		(5.92	%)^b	$	24,098		1.36	%^a		1.34	%^a		(0.36	%)^a
12/31/19		12.11		(0.04	)		3.86			3.82			(2.79	)		(2.79	)		13.14		33.99	%		26,026		1.36	%		1.34	%		(0.30	%)
12/31/18		14.27		(0.06	)		(0.29	)		(0.35	)		(1.81	)		(1.81	)		12.11		(5.11	%)		19,281		1.34	%		1.32	%		(0.39	%)
12/31/17		12.14		(0.06	)		2.74			2.68			(0.55	)		(0.55	)		14.27		22.51	%		16,124		1.35	%		1.34	%		(0.45	%)
12/31/16		13.05		(0.03	)		1.53			1.50			(2.41	)		(2.41	)		12.14		12.46	%		12,969		1.35	%		N/A			(0.23	%)
12/31/15		17.40		(0.07	)		(0.72	)		(0.79	)		(3.56	)		(3.56	)		13.05		(5.33	%)		11,375		1.34	%		N/A			(0.46	%)


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		50	%		63	%		76	%		74	%		105	%		78	%

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.

142

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Company Value 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
6/30/20^r	$	14.75	$	0.03		$	(2.61	)	$	(2.58	)	$	-		$	-		$	-		$	12.17		(17.49%	)^b	$	61,081		1.06%	^a		1.01%	^a		0.55%	^a
12/31/19		13.86		0.04			3.20			3.24			(0.04	)		(2.31	)		(2.35	)		14.75		25.54%			74,855		1.06%			1.01%			0.25%
12/31/18		16.90		0.05			(2.01	)		(1.96	)		(0.06	)		(1.02	)		(1.08	)		13.86		(12.94%	)		66,976		1.02%			0.97%			0.30%
12/31/17		17.23		0.05			1.73			1.78			(0.10	)		(2.01	)		(2.11	)		16.90		11.69%			89,256		1.02%			0.97%			0.30%
12/31/16		14.88		0.10			4.44			4.54			(0.10	)		(2.09	)		(2.19	)		17.23		32.46%			88,729		1.02%			0.97%			0.66%
12/31/15		17.59		0.10			(1.06	)		(0.96	)		(0.06	)		(1.69	)		(1.75	)		14.88		(5.36%	)		88,068		1.09%			1.05%			0.62%
Service Class I
6/30/20^r	$	14.21	$	0.02		$	(2.52	)	$	(2.50	)	$	-		$	-		$	-		$	11.71		(17.59%	)^b	$	21,897		1.31%	^a		1.26%	^a		0.30%	^a
12/31/19		13.43		0.00	^d		3.10			3.10			(0.01	)		(2.31	)		(2.32	)		14.21		25.26%			25,636		1.31%			1.26%			0.01%
12/31/18		16.43		0.01			(1.96	)		(1.95	)		(0.03	)		(1.02	)		(1.05	)		13.43		(13.19%	)		19,861		1.27%			1.22%			0.06%
12/31/17		16.83		0.01			1.68			1.69			(0.08	)		(2.01	)		(2.09	)		16.43		11.42%			20,671		1.27%			1.22%			0.06%
12/31/16		14.58		0.07			4.34			4.41			(0.07	)		(2.09	)		(2.16	)		16.83		32.16%			15,465		1.27%			1.22%			0.44%
12/31/15		17.29		0.06			(1.06	)		(1.00	)		(0.02	)		(1.69	)		(1.71	)		14.58		(5.65%	)		10,829		1.33%			1.30%			0.37%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		11	%		24	%		22	%		14	%		23	%		44	%

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.

143

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small/Mid Cap Value 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
6/30/20^r	$	11.06	$	0.06	$	(2.53	)	$	(2.47	)	$	-		$	-		$	-		$	8.59		(22.33%	)^b	$	148,666		0.82%	^a		1.34%	^a
12/31/19		10.61		0.12		1.83			1.95			(0.07	)		(1.43	)		(1.50	)		11.06		20.39%			179,503		0.81%			1.04%
12/31/18		13.99		0.09		(1.87	)		(1.78	)		(0.07	)		(1.53	)		(1.60	)		10.61		(15.00%	)		163,607		0.80%			0.63%
12/31/17		13.23		0.06		1.60			1.66			(0.07	)		(0.83	)		(0.90	)		13.99		13.44%			210,030		0.80%			0.47%
12/31/16		11.34		0.06		2.70			2.76			(0.07	)		(0.80	)		(0.87	)		13.23		25.10%			211,849		0.79%			0.51%
12/31/15		14.69		0.07		(0.89	)		(0.82	)		(0.11	)		(2.42	)		(2.53	)		11.34		(5.53%	)		197,297		0.79%			0.50%
Service Class
6/30/20^r	$	10.92	$	0.05	$	(2.50	)	$	(2.45	)	$	-		$	-		$	-		$	8.47		(22.44%	)^b	$	18,789		1.07%	^a		1.09%	^a
12/31/19		10.50		0.09		1.80			1.89			(0.04	)		(1.43	)		(1.47	)		10.92		19.98%			23,295		1.06%			0.80%
12/31/18		13.85		0.05		(1.83	)		(1.78	)		(0.04	)		(1.53	)		(1.57	)		10.50		(15.12%	)		19,189		1.05%			0.39%
12/31/17		13.12		0.03		1.57			1.60			(0.04	)		(0.83	)		(0.87	)		13.85		13.08%			22,386		1.05%			0.23%
12/31/16		11.25		0.03		2.68			2.71			(0.04	)		(0.80	)		(0.84	)		13.12		24.83%			19,563		1.04%			0.26%
12/31/15		14.59		0.04		(0.89	)		(0.85	)		(0.07	)		(2.42	)		(2.49	)		11.25		(5.74%	)		15,919		1.04%			0.27%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		26	%		35	%		38	%		34	%		58	%		42	%

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.

144

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Total Return 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 (including interest expense)
Class II
6/30/20^r	$	10.74	$	0.11	$	0.55		$	0.66		$	-		$	-		$	-		$	11.40		6.15%	^b	$	302,856		0.62%	^a		0.61%	^a		2.08%	^a
12/31/19		10.16		0.26		0.65			0.91			(0.33	)		-			(0.33	)		10.74		8.91%			342,002		0.61%			0.60%			2.48%
12/31/18		10.36		0.25		(0.26	)		(0.01	)		(0.19	)		-			(0.19	)		10.16		(0.07%	)		353,571		0.60%			0.60%	^l		2.51%
12/31/17		10.27		0.19		0.11			0.30			(0.21	)		-			(0.21	)		10.36		2.96%			408,199		0.62%			0.60%			1.85%
12/31/16		10.19		0.17		0.09			0.26			(0.18	)		-			(0.18	)		10.27		2.52%			393,276		0.62%			0.60%			1.67%
12/31/15		10.64		0.14		(0.11	)		0.03			(0.36	)		(0.12	)		(0.48	)		10.19		0.24%			328,928		0.66%			0.60%			1.32%
Service Class I
6/30/20^r	$	10.62	$	0.10	$	0.54		$	0.64		$	-		$	-		$	-		$	11.26		6.03%	^b	$	42,284		0.87%	^a		0.86%	^a		1.82%	^a
12/31/19		10.06		0.23		0.64			0.87			(0.31	)		-			(0.31	)		10.62		8.65%			34,011		0.86%			0.85%			2.21%
12/31/18		10.27		0.23		(0.27	)		(0.04	)		(0.17	)		-			(0.17	)		10.06		(0.35%	)		25,533		0.85%			0.85%	^l		2.28%
12/31/17		10.18		0.16		0.12			0.28			(0.19	)		-			(0.19	)		10.27		2.73%			21,858		0.87%			0.85%			1.60%
12/31/16		10.11		0.15		0.09			0.24			(0.17	)		-			(0.17	)		10.18		2.30%			19,079		0.87%			0.85%			1.43%
12/31/15		10.57		0.11		(0.11	)		(0.00	)^d		(0.34	)		(0.12	)		(0.46	)		10.11		(0.05%	)		17,161		0.90%			0.85%			1.09%


	Six months ended June 30, 2020^b,r			Year ended December 31
	Six months ended June 30, 2020^b,r			2019			2018			2017			2016			2015
Portfolio turnover rate		145	%		219	%		250	%		313	%		278	%		322	%

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.

145

Notes to Financial Statements

The Funds

MML Series Investment Fund (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 December 19, 1984, as restated May 14, 1993, and further amended and restated as of December 15, 2011, as it may be further amended from time to time. The following are 19 series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Blue Chip Growth Fund (“Blue Chip Growth Fund”)

MML Equity Income Fund (“Equity Income Fund”)

MML Equity Index Fund (“Equity Index Fund”)

MML Focused Equity Fund (“Focused Equity Fund”)

MML Foreign Fund (“Foreign Fund”)

MML Fundamental Equity Fund (formerly known as MML Fundamental Growth Fund) (“Fundamental Equity Fund”)

MML Fundamental Value Fund (“Fundamental Value Fund”)

MML Global Fund (“Global Fund”)

MML Growth & Income Fund (“Growth & Income Fund”)

MML Income & Growth Fund (“Income & Growth Fund”)

MML International Equity Fund (“International Equity Fund”)

MML Large Cap Growth Fund (“Large Cap Growth Fund”)

MML Managed Volatility Fund (“Managed Volatility Fund”)

MML Mid Cap Growth Fund (“Mid Cap Growth Fund”)

MML Mid Cap Value Fund (“Mid Cap Value Fund”)

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

MML Small Company Value Fund (“Small Company Value Fund”)

MML Small/Mid Cap Value Fund (“Small/Mid Cap Value Fund”)

MML Total Return Bond Fund (“Total Return Bond 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 Allocation Funds, which are “funds of funds” series of the Trust, are the record owners of all of the outstanding shares of the Funds.

Significant Accounting Policies

146

Notes to Financial Statements (Continued)

Investment Valuation

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. 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 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.

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. Restricted securities are generally valued at a discount to similar publicly traded securities.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or 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) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee¹ in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures 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 voting members of the Valuation Committee consist of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO, Secretary, and Assistant Secretaries) of the Trust, as well as such other members as the Trustees may from time to time designate. The non-voting members of the Valuation Committee consist of the CCO, Secretary, and Assistant Secretaries. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general.

147

Notes to Financial Statements (Continued)

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

For 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, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize 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 indices 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 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

148

Notes to Financial Statements (Continued)

reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

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

Level 2 – other significant observable inputs (including 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 Fundamental Value Fund, Income & Growth Fund, and Small/Mid Cap Value Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of June 30, 2020. For each Fund noted in the preceding sentence, 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, 2020, for the remaining Funds’ investments:


	Level 1		Level 2			Level 3			Total
Blue Chip Growth Fund
Asset Investments
Common Stock	$	467,161,226	$	13,354,209	*	$	969,834	**	$	481,485,269
Mutual Funds		58,667		-			-			58,667
Short-Term Investments		1,075		2,105,356			-			2,106,431

Total Investments	$	467,220,968	$	15,459,565		$	969,834		$	483,650,367


Equity Income Fund
Asset Investments
Common Stock	$	379,891,710	$	10,993,583	*	$	-		$	390,885,293
Preferred Stock		8,169,155		-			-			8,169,155
Corporate Debt		-		817,247			-			817,247
Mutual Funds		2,014,810		-			-			2,014,810
Short-Term Investments		1,075		10,065,801			-			10,066,876

Total Investments	$	390,076,750	$	21,876,631		$	-		$	411,953,381

Asset Derivatives
Futures Contracts	$	77,474	$	-		$	-		$	77,474

149

Notes to Financial Statements (Continued)


	Level 1		Level 2			Level 3		Total
Equity Index Fund
Asset Investments
Common Stock	$	554,745,334	$	-		$	-	$	554,745,334
Rights		1,393		-			-		1,393
Mutual Funds		213,727		-			-		213,727
Short-Term Investments		-		7,772,820			-		7,772,820

Total Investments	$	554,960,454	$	7,772,820		$	-	$	562,733,274

Asset Derivatives
Futures Contracts	$	40,612	$	-		$	-	$	40,612


Focused Equity Fund
Asset Investments
Common Stock	$	283,043,361	$	10,595,078	*	$	-	$	293,638,439
Short-Term Investments		-		1,126,980			-		1,126,980

Total Investments	$	283,043,361	$	11,722,058		$	-	$	294,765,419


Foreign Fund
Asset Investments
Common Stock*
Australia	$	-	$	6,517,709		$	-	$	6,517,709
Belgium		-		5,008,776			-		5,008,776
Cayman Islands		695,362		5,545,896			-		6,241,258
Denmark		-		2,895,806			-		2,895,806
France		-		24,087,942			-		24,087,942
Germany		-		34,306,152			-		34,306,152
Hong Kong		-		2,185,912			-		2,185,912
Ireland		2,687,786		8,300,879			-		10,988,665
Israel		1,622,193		-			-		1,622,193
Italy		-		5,386,376			-		5,386,376
Japan		-		71,890,543			-		71,890,543
Luxembourg		-		1,770,326			-		1,770,326
Netherlands		2,691,344		12,714,684			-		15,406,028
Norway		-		2,360,583			-		2,360,583
Republic of Korea		-		2,903,558			-		2,903,558
Singapore		-		2,948,325			-		2,948,325
Spain		-		2,603,455			-		2,603,455
Sweden		-		3,753,189			-		3,753,189
Switzerland		-		23,988,297			-		23,988,297
United Kingdom		831,230		36,644,572			-		37,475,802
Mutual Funds		2,469,073		-			-		2,469,073
Short-Term Investments		-		1,456,693			-		1,456,693

Total Investments	$	10,996,988	$	257,269,673		$	-	$	268,266,661


Fundamental Equity Fund
Asset Investments
Common Stock	$	172,235,951	$	1,061,059	*	$	-	$	173,297,010
Short-Term Investments		-		1,498,683			-		1,498,683

Total Investments	$	172,235,951	$	2,559,742		$	-	$	174,795,693

150

Notes to Financial Statements (Continued)


	Level 1		Level 2			Level 3		Total
Global Fund
Asset Investments
Common Stock*
Austria	$	-	$	981,512		$	-	$	981,512
Brazil		738,010		-			-		738,010
Canada		7,637,037		-			-		7,637,037
Cayman Islands		-		580,722			-		580,722
Denmark		-		2,258,381			-		2,258,381
France		-		46,003,085			-		46,003,085
Germany		-		18,341,232			-		18,341,232
Ireland		29,941,603		7,013,234			-		36,954,837
Israel		4,783,858		-			-		4,783,858
Japan		-		10,691,757			-		10,691,757
Mexico		652,970		-			-		652,970
Netherlands		-		10,932,372			-		10,932,372
Republic of Korea		-		3,422,918			-		3,422,918
Spain		-		3,786,689			-		3,786,689
Sweden		-		8,784,351			-		8,784,351
Switzerland		-		31,949,060			-		31,949,060
Thailand		-		377,379			-		377,379
United Kingdom		1,615,048		25,852,017			-		27,467,065
United States		174,243,642		-			-		174,243,642
Short-Term Investments		-		2,462,887			-		2,462,887

Total Investments	$	219,612,168	$	173,437,596		$	-	$	393,049,764


Growth & Income Fund
Asset Investments
Common Stock	$	131,112,010	$	6,440,013	*	$	-	$	137,552,023
Short-Term Investments		-		683,134			-		683,134

Total Investments	$	131,112,010	$	7,123,147		$	-	$	138,235,157


International Equity Fund
Asset Investments
Common Stock*
Australia	$	-	$	5,415,354		$	-	$	5,415,354
Canada		3,694,041		-			-		3,694,041
Cayman Islands		2,739,502		998,761			-		3,738,263
Finland		-		1,414,042			-		1,414,042
France		-		17,368,791			-		17,368,791
Germany		-		24,811,648			-		24,811,648
India		-		1,553,217			-		1,553,217
Indonesia		-		1,308,771			-		1,308,771
Ireland		3,138,545		-			-		3,138,545
Italy		-		6,192,624			-		6,192,624
Japan		-		4,062,374			-		4,062,374
Mexico		898,660		-			-		898,660
Netherlands		-		7,969,302			-		7,969,302
Republic of Korea		-		3,694,695			-		3,694,695
South Africa		-		3,281,921			-		3,281,921
Spain		-		1,893,995			-		1,893,995
Sweden		-		8,000,317			-		8,000,317

151

Notes to Financial Statements (Continued)


	Level 1			Level 2			Level 3			Total

International Equity Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Switzerland	$	-		$	11,096,725		$	-		$	11,096,725
Taiwan		-			275,133			-			275,133
United Kingdom		2,433,260			32,804,130			-			35,237,390
Preferred Stock*
Germany		-			697,239			-			697,239
Mutual Funds		159,942			-			-			159,942
Short-Term Investments		-			4,628,350			-			4,628,350

Total Investments	$	13,063,950		$	137,467,389		$	-		$	150,531,339

Liability Derivatives
Forward Contracts	$	-		$	(3,634	)	$	-		$	(3,634	)


Large Cap Growth Fund
Asset Investments
Common Stock	$	127,667,100		$	4,465,320		$	-		$	132,132,420
Short-Term Investments		-			829,316			-			829,316

Total Investments	$	127,667,100		$	5,294,636		$	-		$	132,961,736


Managed Volatility Fund
Asset Investments
Common Stock	$	128,428,709		$	-		$	-		$	128,428,709
Corporate Debt		-			-			-	+**		-
Mutual Funds		23,120			-			-			23,120
Purchased Options		1,467,250			-			-			1,467,250
Short-Term Investments		-			5,875,203			-			5,875,203

Total Investments	$	129,919,079		$	5,875,203		$	-		$	135,794,282

Liability Derivatives
Written Options	$	(2,858,955	)	$	-		$	-		$	(2,858,955	)


Mid Cap Growth Fund
Asset Investments
Common Stock	$	490,817,375		$	-		$	634,920	**	$	491,452,295
Preferred Stock		-			-			1,808,182	**		1,808,182
Mutual Funds		2,604,158			-			-			2,604,158
Short-Term Investments		7,791,900			7,092,935			-			14,884,835

Total Investments	$	501,213,433		$	7,092,935		$	2,443,102		$	510,749,470


Mid Cap Value Fund
Asset Investments
Common Stock	$	332,632,360		$	28,230,529	*	$	-		$	360,862,889
Mutual Funds		10,979,529			-			-			10,979,529
Short-Term Investments		-			8,637,648			-			8,637,648

Total Investments	$	343,611,889		$	36,868,177		$	-		$	380,480,066

Asset Derivatives
Forward Contracts	$	-		$	132,805		$	-		$	132,805

Liability Derivatives
Forward Contracts	$	-		$	(2,597	)	$	-		$	(2,597	)

152

Notes to Financial Statements (Continued)


	Level 1			Level 2		Level 3			Total
Small Cap Growth Equity Fund
Asset Investments
Common Stock	$	181,134,074		$	786,351	$	5,814	**	$	181,926,239
Preferred Stock		-			-		378,662	**		378,662
Warrants		-			2,616		-			2,616
Mutual Funds		1,826,515			-		-			1,826,515
Short-Term Investments		-			2,608,166		-			2,608,166

Total Investments	$	182,960,589		$	3,397,133	$	384,476		$	186,742,198


Small Company Value Fund
Asset Investments
Common Stock	$	81,683,614		$	-	$	-		$	81,683,614
Mutual Funds		858,486			-		-			858,486
Short-Term Investments		1,064			1,347,034		-			1,348,098

Total Investments	$	82,543,164		$	1,347,034	$	-		$	83,890,198


Total Return Bond Fund
Asset Investments
Bank Loans	$	-		$	2,557,271	$	-		$	2,557,271
Corporate Debt		-			97,515,041		-			97,515,041
Municipal Obligations		-			5,697,998		-			5,697,998
Non-U.S. Government Agency Obligations		-			46,961,770		-			46,961,770
Sovereign Debt Obligations		-			2,698,169		-			2,698,169
U.S. Government Agency Obligations and Instrumentalities		-			125,960,027		-			125,960,027
U.S. Treasury Obligations		-			43,935,537		-			43,935,537
Short-Term Investments		-			43,470,557		-			43,470,557

Total Investments	$	-		$	368,796,370	$	-		$	368,796,370

Asset Derivatives
Futures Contracts	$	55,143		$	-	$	-		$	55,143

Liability Derivatives
Futures Contracts	$	(17,172	)	$	-	$	-		$	(17,172	)

*	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.

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at June 30, 2020 in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended at June 30, 2020 is not presented.

+	Represents a security at $0 value as of June 30, 2020.

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis and collateral pledged for open futures contracts, as well as, any applicable liabilities for investments purchased on a delayed delivery basis and 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, 2020.

The Funds had no Level 3 transfers during the period ended June 30, 2020.

153

Notes to Financial Statements (Continued)

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more 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, 2020, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:


	Equity Risk			Foreign Exchange Risk			Interest Rate Risk		Total
Equity Income Fund
Asset Derivatives
Futures Contracts^^	$	77,474		$	-		$	-	$	77,474

Change in Appreciation (Depreciation)##
Futures Contracts	$	77,474		$	-		$	-	$	77,474


Equity Index Fund
Asset Derivatives
Futures Contracts^^	$	40,612		$	-		$	-	$	40,612

Realized Gain (Loss)#
Futures Contracts	$	(274,512	)	$	-		$	-	$	(274,512	)

Change in Appreciation (Depreciation)##
Futures Contracts	$	(48,203	)	$	-		$	-	$	(48,203	)


International Equity Fund
Liability Derivatives
Forward Contracts^	$	-		$	(3,634	)	$	-	$	(3,634	)

Realized Gain (Loss)#
Forward Contracts	$	-		$	(22,127	)	$	-	$	(22,127	)

Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	18,677		$	-	$	18,677


Managed Volatility Fund
Asset Derivatives
Purchased Options*,^^^	$	1,467,250		$	-		$	-	$	1,467,250

Liability Derivatives
Written Options^,^^^	$	(2,858,955	)	$	-		$	-	$	(2,858,955	)

Realized Gain (Loss)#
Purchased Options	$	5,163,611		$	-		$	-	$	5,163,611
Written Options		(8,172,836	)		-			-		(8,172,836	)

Total Realized Gain (Loss)	$	(3,009,225	)	$	-		$	-	$	(3,009,225	)

Change in Appreciation (Depreciation)##
Purchased Options	$	420,240		$	-		$	-	$	420,240
Written Options		2,239,716			-			-		2,239,716

Total Change in Appreciation (Depreciation)	$	2,659,956		$	-		$	-	$	2,659,956

154

Notes to Financial Statements (Continued)


	Equity Risk		Foreign Exchange Risk			Interest Rate Risk			Total
Mid Cap Value Fund
Asset Derivatives
Forward Contracts*	$	-	$	132,805		$	-		$	132,805

Liability Derivatives
Forward Contracts^	$	-	$	(2,597	)	$	-		$	(2,597	)

Realized Gain (Loss)#
Forward Contracts	$	-	$	773,264		$	-		$	773,264

Change in Appreciation (Depreciation)##
Forward Contracts	$	-	$	452,691		$	-		$	452,691


Total Return Bond Fund
Asset Derivatives
Futures Contracts^^	$	-	$	-		$	55,143		$	55,143

Liability Derivatives
Futures Contracts^^	$	-	$	-		$	(17,172	)	$	(17,172	)

Realized Gain (Loss)#
Forward Contracts	$	-	$	133,137		$	-		$	133,137
Futures Contracts		-		-			2,523,396			2,523,396
Swap Agreements		-		-			18,474			18,474
Written Options		-		-			80,096			80,096

Total Realized Gain (Loss)	$	-	$	133,137		$	2,621,966		$	2,755,103

Change in Appreciation (Depreciation)##
Forward Contracts	$	-	$	(77,095	)	$	-		$	(77,095	)
Futures Contracts		-		-			117,374			117,374
Swap Agreements		-		-			(395	)		(395	)

Total Change in Appreciation (Depreciation)	$	-	$	(77,095	)	$	116,979		$	39,884

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

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

^^	Cumulative appreciation (depreciation) on futures contracts is reported 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 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.

155

Notes to Financial Statements (Continued)

For the period ended June 30, 2020, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:


	Number of Contracts, Notional Amounts, or Shares/Units†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Written Options
Equity Income Fund		22	$	-	$	-		-		-
Equity Index Fund		43		-		-		-		-
International Equity Fund		-		1,566,777		-		-		-
Managed Volatility Fund		-		-		-		289		450
Mid Cap Value Fund		-		37,096,029		-		-		-
Total Return Bond Fund		319		4,301,101		41,710,000		-		80

†

Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and 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, 2020.

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, 2020. 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, 2020.


Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***		Net Amount*
Mid Cap Value Fund
Bank of America N.A.	$	27,376	$	(1,590	)	$	-	$	25,786
Credit Suisse International		25,181		-			-		25,181
Goldman Sachs & Co.		9,472		-			-		9,472
JP Morgan Chase Bank N.A.		60,468		(566	)		-		59,902
Morgan Stanley & Co. LLC		9,874		-			-		9,874
UBS AG		434		(434	)		-		-

	$	132,805	$	(2,590	)	$	-	$	130,215

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, 2020.


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
International Equity Fund
State Street Bank and Trust Co.	$	(3,634	)	$	-	$	-	$	(3,634	)

156

Notes to Financial Statements (Continued)


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Mid Cap Value Fund
Bank of America N.A.	$	(1,590	)	$	1,590	$	-	$	-
JP Morgan Chase Bank N.A.		(566	)		566		-		-
UBS AG		(441	)		434		-		(7	)

	$	(2,597	)	$	2,590	$	-	$	(7	)

*	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. Typically, the Fund(s) and counterparties are not permitted to sell, re-pledge, or use the collateral they receive.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended June 30, 2020, are discussed below.

Foreign Currency Exchange Transactions

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

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

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

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

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Notes to Financial Statements (Continued)

Futures Contracts

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

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

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

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Notes to Financial Statements (Continued)

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.

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. 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 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.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date.

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Notes to Financial Statements (Continued)

Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities,

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Notes to Financial Statements (Continued)

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.

Hybrid Instruments

A hybrid instrument may be a debt security, preferred stock, warrant, convertible security, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement, is determined by reference to one or more underlying assets, indexes, economic factors, or other benchmarks. Because hybrid instruments may be designed to provide indirect exposures to virtually any type of derivative instrument, a Fund may invest in a hybrid instrument for any purpose it might engage in derivatives transactions. Hybrid instruments may take a number of forms, including, for example, debt instruments with interest or principal payments or redemption terms determined by reference to the value of an index, security, or other measure at a future time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities where the conversion terms relate to a particular commodity. The risks of investing in a hybrid instrument may, depending on the nature of the instrument, reflect a combination of the risks of investing in securities, options, futures, currencies or other types of investments, and will depend upon the terms of the instrument. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, and may not be foreseen by the purchaser, such as financial or market developments, economic and political events, the supply and demand of the underlying assets, and interest rate movements. Hybrid instruments may be highly volatile and their use by a Fund may not be successful. The terms of a hybrid instrument may create investment leverage. Hybrid instruments are typically privately issued, presenting credit risk of the issuer, and may be highly illiquid and difficult to value.

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.

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Notes to Financial Statements (Continued)

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 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.

At June 30, 2020, the Funds had no unfunded loan commitments.

Repurchase Agreements

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

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

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

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a

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Notes to Financial Statements (Continued)

Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

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 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, 2020, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

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

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended June 30, 2020, is reflected as securities lending income on the Statement of Operations.

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Notes to Financial Statements (Continued)

Accounting for Investment Transactions

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

Foreign Securities

The Global Fund invests a significant amount of its assets in foreign securities and each of the Foreign Fund and the International Equity Fund invests substantially all of its assets in foreign securities. The other Funds may also 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, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely 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, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

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, 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.

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Notes to Financial Statements (Continued)

Dividends and Distributions to Shareholders

Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

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

MML Advisers has also entered into investment subadvisory agreements for each Fund 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.

The Funds’ subadvisory fees are paid monthly by MML Advisers out of the advisory fees.


Fund	Investment Advisory Fee	Investment Subadviser(s)
Blue Chip Growth Fund	0.75% on the first $400 million; and	T. Rowe Price Associates, Inc.
	0.70% on any excess over $400 million
Equity Income Fund	0.75% on the first $500 million; and	T. Rowe Price Associates, Inc.
	0.70% on any excess over $500 million
Equity Index Fund	0.10% on the first $500 million; and	Northern Trust Investments, Inc.
	0.08% on any excess over $500 million
Focused Equity Fund	0.70% on the first $250 million; and	Wellington Management Company LLP
	0.60% on any excess over $250 million
Foreign Fund*	0.89% on the first $500 million; and	Thompson, Siegel & Walmsley, LLC
	0.85% on any excess over $500 million
Fundamental Equity Fund**	0.62% on the first $250 million; and	Invesco Advisers, Inc.
	0.60% on any excess over $250 million
Fundamental Value Fund	0.60% on the first $500 million; and	Boston Partners Global Investors, Inc.
	0.575% on any excess over $500 million
Global Fund	0.60% on the first $500 million; and	Massachusetts Financial Services Company
	0.55% on any excess over $500 million
Growth & Income Fund	0.50% on the first $500 million; and	Massachusetts Financial Services Company
	0.475% on any excess over $500 million
Income & Growth Fund	0.65% on the first $500 million; and	Barrow, Hanley, Mewhinney & Strauss, LLC
	0.60% on any excess over $500 million

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Notes to Financial Statements (Continued)


Fund	Investment Advisory Fee	Investment Subadviser(s)
International Equity Fund	0.80% on the first $250 million; and	Harris Associates L.P.
	0.75% on any excess over $250 million
Large Cap Growth Fund	0.65% on the first $500 million; and	Loomis, Sayles & Company, L.P.
	0.60% on any excess over $500 million
Managed Volatility Fund	0.75% on the first $500 million; and	Gateway Investment Advisers, LLC
	0.70% on any excess over $500 million
Mid Cap Growth Fund***	0.77% on the first $500 million; and	T. Rowe Price Associates, Inc.; and Wellington Management Company LLP
	0.75% on any excess over $500 million
Mid Cap Value Fund	0.84% on the first $500 million; and	American Century Investment Management, Inc.
	0.80% on any excess over $500 million
Small Cap Growth Equity Fund	1.04% on the first $200 million; and	Wellington Management Company LLP
	1.00% on any excess over $200 million
Small Company Value Fund	0.80% on the first $150 million; and	T. Rowe Price Associates, Inc.
	0.70% on any excess over $150 million
Small/Mid Cap Value Fund	0.75% on the first $500 million; and	AllianceBernstein L.P.
	0.70% on any excess over $500 million
Total Return Bond Fund	0.40% on the first $500 million; and	Metropolitan West Asset Management, LLC
	0.38% on any excess over $500 million

*	Effective January 7, 2020, Thompson, Siegel & Walmsley LLC replaced Templeton Investment Counsel, LLC as subadviser to the Fund.

**	Effective March 2 , 2020, Invesco Advisers, Inc. replaced Wellington Management Company LLP as subadviser to the Fund.

***	Effective January 7, 2020, Wellington Management Company LLP was added as a subadviser to the Fund.

Administration Fees

For the Equity Index Fund, Focused Equity Fund, Fundamental Equity Fund, Fundamental Value Fund, Global Fund, International Equity Fund, Small Company Value Fund, and Total Return Bond Fund, 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 I		Class II		Class III		Service Class I
Equity Index Fund		0.30%		0.15%		None		0.30%
Focused Equity Fund		N/A		0.15%		N/A		0.15%
Fundamental Equity Fund		N/A		0.15%		N/A		0.15%
Fundamental Value Fund		N/A		0.15%		N/A		0.15%
Global Fund		0.15%		0.15%		N/A		0.15%
International Equity Fund		N/A		0.15%		N/A		0.15%
Small Company Value Fund		N/A		0.15%		N/A		0.15%
Total Return Bond Fund		N/A		0.15%		N/A		0.15%

166

Notes to Financial Statements (Continued)

Distribution and Service Fees

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses^#, interest expense, 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
International Equity Fund*		1.00%		1.25%

#	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, 2021.

Prior to May 1, 2020, MML Advisers agreed to cap the fees and expenses of the Fund noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses^#, interest expense, 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
Total Return Bond Fund		0.60%		0.85%

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

MML Advisers has agreed to voluntarily waive 0.03% of the advisory fee of the Equity Income Fund and 0.05% of the advisory fee of the Small Company Value Fund. MML Advisers may amend or discontinue these waivers at any time without advance notice.

MML Advisers has agreed to waive 0.04% of the advisory fee of the Foreign Fund through April 30, 2021. MML Advisers has agreed to voluntarily waive an additional 0.01% of the advisory fee. MML Advisers may amend or discontinue this additional waiver at any time without advance notice.

MML Advisers has agreed to waive 0.02% of the advisory fee of each of the Fundamental Value Fund and Small Cap Growth Equity Fund through April 30, 2021.

Effective March 2, 2020 MML Advisers has agreed to voluntarily waive 0.02% of the advisory fee of the Fundamental Equity Fund. 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.

167

Notes to Financial Statements (Continued)

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the period ended June 30, 2020, brokerage commissions rebated under these agreements were as follows:


	Rebated Commissions
Focused Equity Fund	$	80
Foreign Fund		3,522
Fundamental Equity Fund		1,026
Large Cap Growth Fund		2,955
Managed Volatility Fund		433
Mid Cap Growth Fund		154
Small Cap Growth Equity Fund		1,462

Deferred Compensation

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.

168

Notes to Financial Statements (Continued)

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, 2020, 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
Blue Chip Growth Fund	$	-	$	69,606,916	$	-	$	79,407,597
Equity Income Fund		-		94,475,694		-		77,183,839
Equity Index Fund		-		14,324,636		-		15,734,598
Focused Equity Fund		-		62,512,590		-		56,780,734
Foreign Fund		-		266,985,522		-		254,820,393
Fundamental Equity Fund		-		161,443,261		-		103,180,460
Fundamental Value Fund		-		121,674,052		-		99,147,089
Global Fund		-		37,912,937		-		48,385,413
Growth & Income Fund		-		15,916,021		-		22,297,010
Income & Growth Fund		-		82,241,381		-		69,837,154
International Equity Fund		-		44,507,255		-		37,688,386
Large Cap Growth Fund		-		29,003,807		-		20,428,410
Managed Volatility Fund		-		12,978,881		-		29,563,351
Mid Cap Growth Fund		-		237,979,312		-		241,292,216
Mid Cap Value Fund		-		180,865,149		-		173,370,613
Small Cap Growth Equity Fund		-		85,904,754		-		90,115,217
Small Company Value Fund		-		10,419,796		-		9,195,669
Small/Mid Cap Value Fund		-		54,811,306		-		43,497,547
Total Return Bond Fund		457,135,904		49,346,873		526,123,780		41,380,691

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
Mid Cap Growth Fund	$	-	$	18,180

169

Notes to Financial Statements (Continued)

Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:


	Six Months Ended June 30, 2020						Year Ended December 31, 2019

	Shares			Amount			Shares			Amount

Blue Chip Growth Fund Initial Class
Sold		1,774,710		$	25,913,654			1,945,288		$	30,430,426
Issued as reinvestment of dividends		-			-			2,380,301			35,871,142
Redeemed		(2,235,521	)		(37,231,986	)		(3,267,709	)		(53,613,817	)

Net increase (decrease)		(460,811	)	$	(11,318,332	)		1,057,880		$	12,687,751

Blue Chip Growth Fund Service Class
Sold		764,795		$	11,808,589			1,357,137		$	21,425,008
Issued as reinvestment of dividends		-			-			1,162,438			16,692,604
Redeemed		(658,249	)		(9,904,697	)		(867,459	)		(13,661,137	)

Net increase (decrease)		106,546		$	1,903,892			1,652,116		$	24,456,475

Equity Income Fund Initial Class
Sold		5,102,200		$	45,791,591			2,002,731		$	21,174,454
Issued as reinvestment of dividends		-			-			4,302,128			42,720,131
Redeemed		(2,831,794	)		(26,848,890	)		(6,556,252	)		(71,841,606	)

Net increase (decrease)		2,270,406		$	18,942,701			(251,393	)	$	(7,947,021	)

Equity Income Fund Service Class
Sold		830,687		$	7,185,252			547,258		$	5,901,616
Issued as reinvestment of dividends		-			-			965,729			9,473,801
Redeemed		(606,714	)		(5,625,241	)		(1,243,848	)		(13,522,355	)

Net increase (decrease)		223,973		$	1,560,011			269,139		$	1,853,062

Equity Index Fund Class I
Sold		89,736		$	2,529,254			289,009		$	9,065,259
Issued as reinvestment of dividends		-			-			221,815			6,401,570
Redeemed		(193,344	)		(5,783,161	)		(577,061	)		(18,206,612	)

Net increase (decrease)		(103,608	)	$	(3,253,907	)		(66,237	)	$	(2,739,783	)

Equity Index Fund Class II
Sold		324,844		$	9,823,013			767,421		$	24,666,876
Issued as reinvestment of dividends		-			-			783,155			22,586,203
Redeemed		(319,846	)		(9,553,859	)		(762,223	)		(24,112,631	)

Net increase (decrease)		4,998		$	269,154			788,353		$	23,140,448

Equity Index Fund Class III
Sold		370,559		$	9,974,818			24,627		$	747,178
Issued as reinvestment of dividends		-			-			1,000,838			28,794,121
Redeemed		(192,791	)		(6,120,347	)		(6,715,413	)		(217,400,488	)

Net increase (decrease)		177,768		$	3,854,471			(5,689,948	)	$	(187,859,189	)

Equity Index Fund Service Class I
Sold		60,417		$	1,600,732			52,270		$	1,630,880
Issued as reinvestment of dividends		-			-			186,303			5,197,860
Redeemed		(176,720	)		(5,220,415	)		(270,864	)		(8,309,139	)

Net increase (decrease)		(116,303	)	$	(3,619,683	)		(32,291	)	$	(1,480,399	)

170

Notes to Financial Statements (Continued)


	Six Months Ended June 30, 2020						Year Ended December 31, 2019

	Shares			Amount			Shares			Amount

Focused Equity Fund Class II
Sold		2,854,523		$	18,404,899			40,688,967		$	249,990,138
Issued as reinvestment of dividends		-			-			1,044,822			6,676,411
Redeemed		(2,955,617	)		(18,667,732	)		(6,863,314	)		(42,946,213	)

Net increase (decrease)		(101,094	)	$	(262,833	)		34,870,475		$	213,720,336

Focused Equity Fund Service Class I
Sold		456,022		$	2,746,069			1,054,578		$	6,302,984
Issued as reinvestment of dividends		-			-			58,309			359,769
Redeemed		(408,282	)		(2,483,462	)		(421,874	)		(2,521,223	)

Net increase (decrease)		47,740		$	262,607			691,013		$	4,141,530

Foreign Fund Initial Class
Sold		2,618,271		$	21,663,825			2,376,131		$	23,088,796
Issued as reinvestment of dividends		-			-			1,111,272			9,912,550
Redeemed		(2,841,691	)		(24,812,014	)		(4,840,874	)		(47,266,972	)

Net increase (decrease)		(223,420	)	$	(3,148,189	)		(1,353,471	)	$	(14,265,626	)

Foreign Fund Service Class
Sold		65,566		$	522,103			95,474		$	929,829
Issued as reinvestment of dividends		-			-			32,260			286,467
Redeemed		(75,576	)		(639,628	)		(163,993	)		(1,586,845	)

Net increase (decrease)		(10,010	)	$	(117,525	)		(36,259	)	$	(370,549	)

Fundamental Equity Fund Class II
Sold		6,334,436		$	62,294,316			239,266		$	2,469,054
Issued as reinvestment of dividends		-			-			2,115,934			19,254,998
Redeemed		(676,797	)		(6,452,438	)		(1,799,210	)		(18,456,314	)

Net increase (decrease)		5,657,639		$	55,841,878			555,990		$	3,267,738

Fundamental Equity Fund Service Class I
Sold		262,387		$	2,502,692			334,038		$	3,357,964
Issued as reinvestment of dividends		-			-			310,486			2,735,384
Redeemed		(118,072	)		(1,064,704	)		(187,873	)		(1,889,738	)

Net increase (decrease)		144,315		$	1,437,988			456,651		$	4,203,610

Fundamental Value Fund Class II
Sold		2,941,900		$	33,305,712			1,252,751		$	15,773,985
Issued as reinvestment of dividends		-			-			2,011,239			23,310,264
Redeemed		(1,390,448	)		(15,539,284	)		(2,055,010	)		(27,104,933	)

Net increase (decrease)		1,551,452		$	17,766,428			1,208,980		$	11,979,316

Fundamental Value Fund Service Class I
Sold		98,897		$	1,032,244			194,855		$	2,498,878
Issued as reinvestment of dividends		-			-			171,861			1,954,060
Redeemed		(99,736	)		(1,048,808	)		(197,528	)		(2,576,940	)

Net increase (decrease)		(839	)	$	(16,564	)		169,188		$	1,875,998

Global Fund Class I
Sold		2,444,645		$	27,638,538			18,053,305		$	216,474,156
Issued as reinvestment of dividends		-			-			1,285,902			15,070,765
Redeemed		(3,608,326	)		(41,096,118	)		(4,928,971	)		(58,812,263	)

Net increase (decrease)		(1,163,681	)	$	(13,457,580	)		14,410,236		$	172,732,658

171

Notes to Financial Statements (Continued)


	Six Months Ended June 30, 2020						Year Ended December 31, 2019

	Shares			Amount			Shares			Amount

Global Fund Class II
Sold		23,293		$	269,629			69,934		$	872,601
Issued as reinvestment of dividends		-			-			52,458			629,501
Redeemed		(85,565	)		(986,732	)		(190,256	)		(2,324,624	)

Net increase (decrease)		(62,272	)	$	(717,103	)		(67,864	)	$	(822,522	)

Global Fund Service Class I
Sold		145,585		$	1,638,909			252,500		$	3,001,317
Issued as reinvestment of dividends		-			-			47,939			555,133
Redeemed		(128,721	)		(1,392,176	)		(335,890	)		(3,950,832	)

Net increase (decrease)		16,864		$	246,733			(35,451	)	$	(394,382	)

Growth & Income Fund Initial Class
Sold		80,569		$	1,385,031			94,892		$	1,791,132
Issued as reinvestment of dividends		-			-			578,005			10,219,127
Redeemed		(453,980	)		(8,121,711	)		(851,420	)		(15,977,062	)

Net increase (decrease)		(373,411	)	$	(6,736,680	)		(178,523	)	$	(3,966,803	)

Growth & Income Fund Service Class
Sold		178,205		$	3,105,272			340,550		$	6,266,996
Issued as reinvestment of dividends		-			-			230,160			4,037,009
Redeemed		(197,351	)		(3,427,848	)		(267,163	)		(4,977,564	)

Net increase (decrease)		(19,146	)	$	(322,576	)		303,547		$	5,326,441

Income & Growth Fund Initial Class
Sold		3,186,678		$	27,334,267			2,138,466		$	20,201,336
Issued as reinvestment of dividends		-			-			1,598,367			14,273,421
Redeemed		(2,628,156	)		(21,996,631	)		(4,459,488	)		(42,110,733	)

Net increase (decrease)		558,522		$	5,337,636			(722,655	)	$	(7,635,976	)

Income & Growth Fund Service Class
Sold		206,444		$	1,593,114			298,281		$	2,779,510
Issued as reinvestment of dividends		-			-			177,012			1,555,938
Redeemed		(277,232	)		(2,139,470	)		(388,075	)		(3,629,245	)

Net increase (decrease)		(70,788	)	$	(546,356	)		87,218		$	706,203

International Equity Fund Class II
Sold		3,364,770		$	25,921,314			1,823,191		$	17,380,026
Issued as reinvestment of dividends		-			-			1,724,923			14,661,848
Redeemed		(2,373,518	)		(19,039,799	)		(3,241,156	)		(31,295,427	)

Net increase (decrease)		991,252		$	6,881,515			306,958		$	746,447

International Equity Fund Service Class I
Sold		119,678		$	892,421			180,085		$	1,715,692
Issued as reinvestment of dividends		-			-			57,537			485,036
Redeemed		(91,042	)		(693,590	)		(95,716	)		(917,010	)

Net increase (decrease)		28,636		$	198,831			141,906		$	1,283,718

Large Cap Growth Fund Initial Class
Sold		1,547,382		$	15,904,879			757,370		$	7,797,141
Issued as reinvestment of dividends		-			-			1,125,271			11,308,969
Redeemed		(741,673	)		(8,051,173	)		(1,886,569	)		(20,303,497	)

Net increase (decrease)		805,709		$	7,853,706			(3,928	)	$	(1,197,387	)

172

Notes to Financial Statements (Continued)


	Six Months Ended June 30, 2020						Year Ended December 31, 2019

	Shares			Amount			Shares			Amount

Large Cap Growth Fund Service Class
Sold		220,481		$	2,285,932			456,792		$	4,819,226
Issued as reinvestment of dividends		-			-			193,633			1,872,436
Redeemed		(178,946	)		(1,820,005	)		(243,988	)		(2,544,287	)

Net increase (decrease)		41,535		$	465,927			406,437		$	4,147,375

Managed Volatility Fund Initial Class
Sold		666,771		$	8,477,746			903,580		$	11,523,280
Issued as reinvestment of dividends		-			-			160,936			2,006,227
Redeemed		(1,344,445	)		(16,401,075	)		(1,776,812	)		(22,422,864	)

Net increase (decrease)		(677,674	)	$	(7,923,329	)		(712,296	)	$	(8,893,357	)

Managed Volatility Fund Service Class
Sold		111,446		$	1,380,698			222,820		$	2,815,961
Issued as reinvestment of dividends		-			-			32,885			406,901
Redeemed		(281,979	)		(3,510,239	)		(355,283	)		(4,455,507	)

Net increase (decrease)		(170,533	)	$	(2,129,541	)		(99,578	)	$	(1,232,645	)

Mid Cap Growth Fund Initial Class
Sold		2,646,111		$	33,813,172			2,595,249		$	42,447,148
Issued as reinvestment of dividends		-			-			3,509,097			51,794,275
Redeemed		(2,769,123	)		(40,802,027	)		(4,034,925	)		(64,094,597	)

Net increase (decrease)		(123,012	)	$	(6,988,855	)		2,069,421		$	30,146,826

Mid Cap Growth Fund Service Class
Sold		387,339		$	5,101,537			592,734		$	8,954,435
Issued as reinvestment of dividends		-			-			1,008,644			14,171,452
Redeemed		(681,427	)		(9,357,010	)		(1,048,108	)		(16,123,659	)

Net increase (decrease)		(294,088	)	$	(4,255,473	)		553,270		$	7,002,228

Mid Cap Value Fund Initial Class
Sold		4,310,017		$	35,134,609			1,891,517		$	19,673,030
Issued as reinvestment of dividends		-			-			4,699,890			43,755,980
Redeemed		(2,700,221	)		(24,495,068	)		(6,618,089	)		(69,084,598	)

Net increase (decrease)		1,609,796		$	10,639,541			(26,682	)	$	(5,655,588	)

Mid Cap Value Fund Service Class
Sold		403,245		$	3,397,123			529,499		$	5,430,477
Issued as reinvestment of dividends		-			-			646,059			5,898,516
Redeemed		(342,980	)		(3,035,644	)		(764,722	)		(7,827,110	)

Net increase (decrease)		60,265		$	361,479			410,836		$	3,501,883

Small Cap Growth Equity Fund Initial Class
Sold		995,761		$	11,044,576			667,827		$	9,688,722
Issued as reinvestment of dividends		-			-			2,306,199			29,446,089
Redeemed		(1,477,623	)		(18,850,166	)		(2,763,599	)		(40,348,274	)

Net increase (decrease)		(481,862	)	$	(7,805,590	)		210,427		$	(1,213,463	)

Small Cap Growth Equity Fund Service Class
Sold		148,747		$	1,671,774			318,701		$	4,336,752
Issued as reinvestment of dividends		-			-			368,070			4,374,302
Redeemed		(180,043	)		(1,965,386	)		(299,020	)		(4,139,621	)

Net increase (decrease)		(31,296	)	$	(293,612	)		387,751		$	4,571,433

173

Notes to Financial Statements (Continued)


	Six Months Ended June 30, 2020						Year Ended December 31, 2019

	Shares			Amount			Shares			Amount

Small Company Value Fund Class II
Sold		266,342		$	3,590,417			198,392		$	3,132,613
Issued as reinvestment of dividends		-			-			811,986			10,637,023
Redeemed		(322,895	)		(3,957,672	)		(767,891	)		(11,587,838	)

Net increase (decrease)		(56,553	)	$	(367,255	)		242,487		$	2,181,798

Small Company Value Fund Service Class I
Sold		225,953		$	2,540,222			244,587		$	3,548,308
Issued as reinvestment of dividends		-			-			270,224			3,412,926
Redeemed		(160,308	)		(1,811,849	)		(189,320	)		(2,802,632	)

Net increase (decrease)		65,645		$	728,373			325,491		$	4,158,602

Small/Mid Cap Value Fund Initial Class
Sold		2,443,892		$	19,044,322			1,029,697		$	11,659,265
Issued as reinvestment of dividends		-			-			2,262,398			22,035,759
Redeemed		(1,367,034	)		(12,079,899	)		(2,478,580	)		(28,259,786	)

Net increase (decrease)		1,076,858		$	6,964,423			813,515		$	5,435,238

Small/Mid Cap Value Fund Service Class
Sold		254,305		$	2,011,608			286,077		$	3,241,143
Issued as reinvestment of dividends		-			-			289,953			2,792,250
Redeemed		(169,276	)		(1,435,882	)		(271,623	)		(3,026,765	)

Net increase (decrease)		85,029		$	575,726			304,407		$	3,006,628

Total Return Bond Fund Class II
Sold		2,206,532		$	24,410,205			3,948,884		$	41,406,916
Issued as reinvestment of dividends		-			-			964,465			10,406,581
Redeemed		(7,492,707	)		(82,587,185	)		(7,875,810	)		(83,460,772	)

Net increase (decrease)		(5,286,175	)	$	(58,176,980	)		(2,962,461	)	$	(31,647,275	)

Total Return Bond Fund Service Class I
Sold		909,068		$	9,938,122			923,100		$	9,720,553
Issued as reinvestment of dividends		-			-			83,845			895,462
Redeemed		(357,058	)		(3,904,390	)		(342,465	)		(3,612,932	)

Net increase (decrease)		552,010		$	6,033,732			664,480		$	7,003,083

Federal Income Tax Information


	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Blue Chip Growth Fund	$	265,982,436	$	219,388,414	$	(1,720,483	)	$	217,667,931
Equity Income Fund		411,353,486		47,890,596		(47,290,701	)		599,895
Equity Index Fund		363,996,656		229,209,433		(30,472,815	)		198,736,618
Focused Equity Fund		283,601,125		21,716,537		(10,552,243	)		11,164,294
Foreign Fund		302,802,000		11,343,094		(45,878,433	)		(34,535,339	)
Fundamental Equity Fund		165,595,791		16,210,119		(7,010,217	)		9,199,902
Fundamental Value Fund		190,764,925		14,431,011		(13,940,770	)		490,241

174

Notes to Financial Statements (Continued)


	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Global Fund	$	362,582,229	$	52,562,432	$	(22,094,897	)	$	30,467,535
Growth & Income Fund		89,334,148		51,980,618		(3,079,609	)		48,901,009
Income & Growth Fund		261,889,719		16,558,594		(26,467,829	)		(9,909,235	)
International Equity Fund		183,701,063		5,865,532		(39,035,256	)		(33,169,724	)
Large Cap Growth Fund		84,094,033		50,929,493		(2,061,790	)		48,867,703
Managed Volatility Fund		92,675,623		51,890,567		(8,771,908	)		43,118,659
Mid Cap Growth Fund		411,122,283		121,827,139		(22,199,952	)		99,627,187
Mid Cap Value Fund		380,786,917		24,285,283		(24,592,134	)		(306,851	)
Small Cap Growth Equity Fund		164,908,367		34,181,279		(12,347,448	)		21,833,831
Small Company Value Fund		76,905,228		19,012,589		(12,027,619	)		6,984,970
Small/Mid Cap Value Fund		180,836,387		15,985,842		(28,682,196	)		(12,696,354	)
Total Return Bond Fund		356,161,074		15,870,977		(3,235,681	)		12,635,296

At December 31, 2019, the following Fund(s) had post-enactment accumulated capital loss carryforwards:


	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Managed Volatility Fund	$	14,537,817	$	-
Mid Cap Value Fund		-		263,048

Net capital loss carryforwards for the Fund(s) shown in the above table are from post-enactment years and are, therefore, not subject to the eight-year carryforward period and possible expiration.

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, 2019, was as follows:


	Ordinary Income		Long Term Capital Gain
Blue Chip Growth Fund	$	-	$	52,563,746
Equity Income Fund		10,992,816		41,201,116
Equity Index Fund		15,714,159		47,265,595
Focused Equity Fund		2,445,340		4,590,840
Foreign Fund		5,562,658		4,636,359
Fundamental Equity Fund		804,414		21,185,968
Fundamental Value Fund		5,758,712		19,505,612
Global Fund		2,941,507		13,313,892

175

Notes to Financial Statements (Continued)


	Ordinary Income		Long Term Capital Gain
Growth & Income Fund	$	1,280,311	$	12,975,825
Income & Growth Fund		7,767,467		8,061,892
International Equity Fund		4,167,641		10,979,243
Large Cap Growth Fund		572,002		12,609,403
Managed Volatility Fund		2,413,128		-
Mid Cap Growth Fund		4,508,524		61,457,203
Mid Cap Value Fund		11,796,114		37,858,382
Small Cap Growth Equity Fund		4,266,404		29,553,987
Small Company Value Fund		381,109		13,668,840
Small/Mid Cap Value Fund		2,820,675		22,007,334
Total Return Bond Fund		11,302,043		-

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2019:


	Amount
Foreign Fund	$	836,058
Global Fund		412,623
International Equity Fund		550,670

At December 31, 2019, 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)
Blue Chip Growth Fund	$	-	$	42,271,220		$	(42,790	)	$	177,926,221
Equity Income Fund		11,333,996		28,977,066			(62,197	)		93,431,345
Equity Index Fund		12,233,958		141,163,151			(81,061	)		223,535,085
Focused Equity Fund		6,637,898		9,406,101			(12,321	)		30,639,359
Foreign Fund		8,258,117		9,747,974			(44,775	)		7,642,899
Fundamental Equity Fund		2,072,686		19,099,938			(15,825	)		18,734,415
Fundamental Value Fund		2,681,190		24,797,718			(21,608	)		27,031,689
Global Fund		4,629,310		15,805,864			(22,726	)		77,159,144
Growth & Income Fund		1,349,245		10,395,535			(20,801	)		59,382,305
Income & Growth Fund		6,333,454		4,703			(28,506	)		30,473,917
International Equity Fund		7,760,856		2,402,827			(13,151	)		(4,025,281	)
Large Cap Growth Fund		490,570		6,014,791			(18,111	)		39,936,518
Managed Volatility Fund		1,916,187		(14,537,817	)		(33,906	)		57,741,095
Mid Cap Growth Fund		1,925,355		48,341,351			(50,063	)		148,409,567
Mid Cap Value Fund		7,344,471		(263,048	)		(56,981	)		55,152,786
Small Cap Growth Equity Fund		4,720,842		18,758,147			(34,068	)		31,960,925
Small Company Value Fund		530,140		4,045,419			(11,182	)		24,267,619
Small/Mid Cap Value Fund		2,613,648		6,976,574			(27,292	)		15,630,302
Total Return Bond Fund		11,930,432		-			(37,876	)		6,645,753

176

Notes to Financial Statements (Continued)

Indemnifications

New Accounting Pronouncements

In August 2018, FASB issued Accounting Standards Update 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the impact of ASU 2018-13 and has early adopted the disclosure requirements and the impact, if any, is reflected within the Funds’ financial statements.

In March 2020, FASB issued Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds. On April 5, 2012, the adversary proceeding was transferred to the Southern District of New York for consolidated pretrial proceedings. The action is now being prosecuted by the litigation trustee (“Trustee”) for the Tribune Litigation Trust.

The potential amounts sought to be recovered from the Equity Income Fund and Equity Index Fund are approximately $4,562,800 and $207,706, respectively, plus interest and the Official Committee’s court costs.

In addition, on June 2, 2011, the Equity Income Fund was named as a defendant in two closely related, parallel adversary proceedings brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as

177

Notes to Financial Statements (Continued)

successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”), one in the United States District Court for the District of Massachusetts and one in the United States District Court for the District of Connecticut. The Plaintiffs also seek to recover payments of the Proceeds. On December 20, 2011, these actions were transferred to the Southern District of New York for consolidated pretrial proceedings.

The Funds cannot predict the outcome of these proceedings. Accordingly, the Funds have not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Trustee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds’ net asset values depending on the net assets of each applicable Fund at the time of such judgment or settlement.

10.

Coronavirus (COVID-19) Pandemic

11.

Subsequent Events

Effective July 1, 2020, the advisory fees for the Foreign Fund and Fundamental Equity Fund were updated as follows:


Foreign Fund		0.86% on the first $500 million; and
		0.82% on any excess over $500 million
Fundamental Equity Fund		0.60% on the first $250 million; and
		0.58% on any excess over $250 million

Effective July 1, 2020, MML Advisers agreed to waive 0.02% of the advisory fee of the Foreign Fund through April 30, 2022 and the existing advisory fee waivers for the Foreign Fund were discontinued.

Effective July 1, 2020, the advisory fee waiver for the Fundamental Equity Fund was discontinued.

178

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 Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

Liquidity Risk Management Program

Trustees’ Approval of Investment Advisory Contracts

At their meetings in May and June 2020, 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 Blue Chip Growth Fund, Equity Income Fund, Equity Index Fund, Focused Equity Fund, Foreign Fund, Fundamental Equity Fund, Fundamental Value Fund, Global Fund, Growth & Income Fund, Income & Growth Fund, International Equity Fund, Large Cap Growth Fund, Managed Volatility Fund, Mid Cap Growth Fund, Mid Cap Value Fund, Small Cap Growth Equity Fund, Small Company Value Fund, Small/Mid Cap Value Fund, and Total Return Bond Fund. 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.

179

Other Information (Unaudited) (Continued)

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 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. 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 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. Throughout the discussion, MML Advisers responded to Committee members’ questions and provided additional information concerning each Fund.

The Committee considered that the total net expense ratios for the Focused Equity Fund, Foreign Fund, Income & Growth Fund, Large Cap Growth Fund, Mid Cap Growth Fund, Growth & Income Fund, Managed Volatility Fund, Small/Mid Cap Value Fund, Global Fund, and Equity Index Fund were within the top fifty percent of their peer groups. Of those Funds, all had net advisory fees at or below the medians of their peers, or in the top sixty percent of their peer groups, except the Income & Growth Fund, Large Cap Growth Fund, and Foreign Fund. In the course of the discussion of the Foreign Fund, MML Advisers stated that, of the five basis point fee waiver currently in place, MML Advisers would be converting three basis points to a permanent fee reduction. The Committee considered MML Advisers’ statement, as to the Funds whose net advisory fees fell above the sixtieth comparative percentile of their peer groups, that the advisory arrangements for 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 II. 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 would be less than the applicable peer group median.

In the case of the Fundamental Equity Fund, Fundamental Value Fund, International Equity Fund, and Total Return Bond Fund, the Committee noted that the Funds’ net advisory fees were at or below the medians of their peers, although their total net expense ratios were higher than the sixtieth comparative percentiles of their peer groups. The Committee considered that the Funds’ relatively low net advisory fees, and other factors cited by MML Advisers, including recent and/or long-term favorable investment performance, and/or MML Advisers’ conviction in the Fund’s subadviser, favored continuation of the Funds’ advisory agreements. As to the Fundamental Equity Fund, MML Advisers noted that it expected that anticipated investments in the Fund by MassMutual funds of funds would have the effect of reducing the Fund’s total net expense ratio, and that MML Advisers would be making the Fund’s current two basis point advisory fee waiver a permanent fee reduction.

180

Other Information (Unaudited) (Continued)

The Committee noted that the Mid Cap Value Fund, Equity Income Fund, Blue Chip Growth Fund, Small Cap Growth Equity Fund, and Small Company Value Fund had both total net expense ratios and net advisory fees above the sixtieth comparative percentile of their peers. In each case, the Committee considered that the Fund had achieved favorable three-year performance relative to its peers, notwithstanding the relatively high net advisory fees and total net expenses paid by the Funds. In the case of the Small Company Value Fund, MML Advisers noted that the Fund’s net advisory fee was within three basis points of the Fund’s peer group median. As to the Mid Cap Value Fund, Equity Income Fund, Blue Chip Growth Fund, and Small Cap Growth Equity 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 would be less than, or within what MML Advisers considers an acceptable margin of, the applicable peer group median. In each case, the Committee determined that the Fund’s net advisory fee did not appear unreasonable in light of the information presented.

The Committee considered that the Small Cap Growth Equity Fund, Small Company Value Fund, Mid Cap Value Fund, Equity Income Fund, Small/Mid Cap Value Fund, Large Cap Growth Fund, Fundamental Equity Fund, Global Fund, Focused Equity Fund, and Equity Index Fund achieved one- and three-year investment performance above the medians of their performance categories, or in the top sixty percent of their performance categories. In addition, the Committee considered that the International Equity Fund, Growth & Income Fund, and Managed Volatility Fund all experienced three-year investment performance outside the top sixty percent of their performance categories, but experienced improved performance for the one-year period.

The Committee considered that the Fundamental Value Fund and Foreign Fund had experienced long-term underperformance. The Committee considered that the subadviser for each of those Funds had been replaced recently, in the past year for the Fundamental Value Fund and during the current year for the Foreign Fund, and that MML Advisers expected improvement in the Funds’ investment performance.

The Committee considered that the Mid Cap Growth Fund and Income & Growth Fund had each experienced one- and three-year performance below the sixtieth comparative percentiles of their performance categories. The Committee considered MML Advisers’ statement that a substantial contributor to each Fund’s underperformance was the subadviser’s relatively conservative long-term investment strategy, which caused it to underperform in the recent high-growth-oriented equity markets. The Committee considered MML Advisers’ statement that the Mid Cap Growth Fund had experienced favorable long-term investment performance, and that the Income & Growth Fund’s subadviser had been replaced in December 2017. The Committee took into account MML Advisers’ continuing confidence in the Funds’ subadvisers.

The Committee considered that, although the Total Return Bond Fund has underperformed in recent periods, MML Advisers maintains confidence in the subadviser and the Fund’s portfolio management team, and that the Fund’s relatively defensive interest rate and credit positions underperformed in the recent market.

The Committee considered that the Blue Chip Growth Fund had underperformed for the one-year period, but had three-year performance above the median of its performance category and a subadviser who had shown even longer-term strong performance results.

181

Other Information (Unaudited) (Continued)

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, 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.

182

Other Information (Unaudited) (Continued)

Fund Expenses June 30, 2020

Expense Examples:

The following information is in regards to expenses for the six months ended June 30, 2020:

Actual Expenses:

Hypothetical Example for Comparison Purposes:


	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*
Blue Chip Growth Fund
Initial Class	$	1,000		0.78	%	$	1,109.20	$	4.09	$	1,021.00	$	3.92
Service Class		1,000		1.03	%		1,107.60		5.40		1,019.70		5.17
Equity Income Fund
Initial Class		1,000		0.76	%		811.30		3.42		1,021.10		3.82
Service Class		1,000		1.01	%		810.50		4.55		1,019.80		5.07
Equity Index Fund
Class I		1,000		0.44	%		967.00		2.15		1,022.70		2.21
Class II		1,000		0.29	%		967.60		1.42		1,023.40		1.46
Class III		1,000		0.14	%		968.20		0.69		1,024.20		0.70
Service Class I		1,000		0.69	%		965.60		3.37		1,021.40		3.47
Focused Equity Fund
Class II		1,000		0.87	%		940.90		4.20		1,020.50		4.37
Service Class I		1,000		1.12	%		940.30		5.40		1,019.30		5.62

183

Other Information (Unaudited) (Continued)


	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Foreign Fund
Initial Class	$	1,000		0.89	%	$	854.50	$	4.10	$	1,020.40	$	4.47
Service Class		1,000		1.14	%		853.60		5.25		1,019.20		5.72
Fundamental Equity Fund
Class II		1,000		0.84	%		994.00		4.16		1,020.70		4.22
Service Class I		1,000		1.09	%		992.80		5.40		1,019.40		5.47
Fundamental Value Fund
Class II		1,000		0.78	%		831.90		3.55		1,021.00		3.92
Service Class I		1,000		1.03	%		830.90		4.69		1,019.70		5.17
Global Fund
Class I		1,000		0.80	%		915.20		3.81		1,020.90		4.02
Class II		1,000		0.80	%		915.00		3.81		1,020.90		4.02
Service Class I		1,000		1.05	%		914.10		5.00		1,019.60		5.27
Growth & Income Fund
Initial Class		1,000		0.57	%		952.70		2.77		1,022.00		2.87
Service Class		1,000		0.82	%		951.70		3.98		1,020.80		4.12
Income & Growth Fund
Initial Class		1,000		0.69	%		811.90		3.11		1,021.40		3.47
Service Class		1,000		0.94	%		810.80		4.23		1,020.20		4.72
International Equity Fund
Class II		1,000		1.00	%		773.30		4.41		1,019.90		5.02
Service Class I		1,000		1.25	%		772.20		5.51		1,018.60		6.27
Large Cap Growth Fund
Initial Class		1,000		0.73	%		1,097.40		3.81		1,021.20		3.67
Service Class		1,000		0.98	%		1,096.60		5.11		1,020.00		4.92
Managed Volatility Fund
Initial Class		1,000		0.97	%		973.10		4.76		1,020.00		4.87
Service Class		1,000		1.22	%		971.90		5.98		1,018.80		6.12
Mid Cap Growth Fund
Initial Class		1,000		0.81	%		994.30		4.02		1,020.80		4.07
Service Class		1,000		1.06	%		993.40		5.25		1,019.60		5.32
Mid Cap Value Fund
Initial Class		1,000		0.88	%		835.80		4.02		1,020.50		4.42
Service Class		1,000		1.13	%		834.50		5.15		1,019.20		5.67
Small Cap Growth Equity Fund
Initial Class		1,000		1.09	%		941.90		5.26		1,019.40		5.47
Service Class		1,000		1.34	%		940.80		6.47		1,018.20		6.72
Small Company Value Fund
Class II		1,000		1.01	%		825.10		4.58		1,019.80		5.07
Service Class I		1,000		1.26	%		824.10		5.71		1,018.60		6.32
Small/Mid Cap Value Fund
Initial Class		1,000		0.82	%		776.70		3.62		1,020.80		4.12
Service Class		1,000		1.07	%		775.60		4.72		1,019.50		5.37
Total Return Bond Fund
Class II		1,000		0.61	%		1,061.50		3.13		1,021.80		3.07
Service Class I		1,000		0.86	%		1,060.30		4.41		1,020.60		4.32

184

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, Connecticut
06082-1981

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RS-49851-00

American Funds
Insurance Series^®

Semi-annual report
for the six months ended
June 30, 2020

American Funds Insurance Series, by Capital Group, is the underlying investment vehicle for many variable annuities and insurance products. For nearly 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. Futures may not provide an effective hedge of the underlying securities because changes in the prices of futures may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the applicable underlying funds in certain rising market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Fellow investors:

Shown in the table on the following pages are American Funds Insurance Series’ semi-annual results for the period ended June 30, 2020. Also shown are the results of each fund’s applicable benchmark.

For additional information about the series, its investment results, holdings and portfolio managers, visit capitalgroup.com/individual/products/american-funds-insurance-series. html. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

Contents

American Funds Insurance Series

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Results at a glance

For periods ended June 30, 2020, with all distributions reinvested

	Inception	Cumulative total returns						Average annual total returns
Class 1 shares	date	6 months			1 year			5 years			10 years			Lifetime
Global Growth Fund	4/30/97		4.22	%		16.41	%		11.17	%		13.07	%		10.18	%
MSCI All Country World Index (ACWI)¹			–6.25			2.11			6.46			9.16			6.03
Global Small Capitalization Fund	4/30/98		–3.18			6.10			5.16			9.20			9.31
MSCI All Country World Small Cap Index¹			–12.85			–5.54			3.67			8.61			6.97
Growth Fund	2/8/84		12.10			25.84			15.96			16.22			13.09
Standard & Poor’s 500 Composite Index²			–3.08			7.51			10.73			13.99			11.18
International Fund	5/1/90		–11.20			–4.81			3.50			6.53			7.64
MSCI All Country World Index (ACWI) ex USA¹			–11.00			–4.80			2.26			4.97			5.32
New World Fund	6/17/99		–4.06			4.19			6.44			6.42			8.07
MSCI All Country World Index (ACWI)¹			–6.25			2.11			6.46			9.16			4.70
Blue Chip Income and Growth Fund	7/5/01		–8.27			0.42			6.79			11.40			6.04
Standard & Poor’s 500 Composite Index²			–3.08			7.51			10.73			13.99			7.16
Global Growth and Income Fund	5/1/06		–11.08			–2.21			6.59			9.85			6.40
MSCI All Country World Index (ACWI)¹			–6.25			2.11			6.46			9.16			5.26
Growth-Income Fund	2/8/84		–3.62			4.93			10.19			13.45			11.18
Standard & Poor’s 500 Composite Index²			–3.08			7.51			10.73			13.99			11.18
International Growth and Income Fund	11/18/08		–15.08			–8.98			1.61			5.51			7.38
MSCI All Country World Index (ACWI) ex USA¹			–11.00			–4.80			2.26			4.97			7.17
Capital Income Builder	5/1/14		–6.23			0.67			3.57			—			3.08
MSCI All Country World Index (ACWI)¹			–6.25			2.11			6.46			—			5.98
Bloomberg Barclays U.S. Aggregate Index³			6.14			8.74			4.30			—			3.95
70%/30% MSCI ACWI/Bloomberg Barclays U.S.Aggregate Index⁴			–2.28			4.56			6.05			—			5.58
Asset Allocation Fund	8/1/89		–1.47			6.82			8.05			10.60			8.44
60%/40% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index⁵			0.98			8.58			8.41			10.08			8.49
Standard & Poor’s 500 Composite Index²			–3.08			7.51			10.73			13.99			9.69
Bloomberg Barclays U.S. Aggregate Index³			6.14			8.74			4.30			3.82			6.02
Global Balanced Fund	5/2/11		–2.85			3.84			6.43			—			5.79
MSCI All Country World Index (ACWI)¹			–6.25			2.11			6.46			—			6.45
Bloomberg Barclays Global Aggregate Index³			2.98			4.22			3.56			—			1.93
60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index⁶			–2.28			3.42			5.54			—			4.84
Bond Fund	1/2/96		6.61			9.49			4.67			4.05			4.90
Bloomberg Barclays U.S. Aggregate Index³			6.14			8.74			4.30			3.82			5.21
Capital World Bond Fund	10/4/06		2.14			3.56			3.49			3.13			4.08
Bloomberg Barclays Global Aggregate Index³			2.98			4.22			3.56			2.81			3.68
High-Income Bond Fund	2/8/84		–4.74			–2.11			3.94			5.59			8.40
Bloomberg Barclays U.S. Corporate High Yield 2%Issuer Capped Index³			–3.83			0.00			4.79			6.67			N/A
American Funds Mortgage Fund	5/2/11		5.81			6.97			3.38			—			3.17
Bloomberg Barclays U.S. Mortgage-Backed Securities Index³			3.50			5.67			3.23			—			3.06
Ultra-Short Bond Fund	2/8/84		0.43			1.24			0.91			0.34			3.36
Bloomberg Barclays Short-Term Government/Corporate Index³			1.16			2.32			1.54			0.93			N/A
U.S. Govt./AAA-Rated Securities Fund	12/2/85		8.80			9.84			3.92			3.29			5.88
Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index³			6.59			8.50			3.73			3.23			6.31

2	American Funds Insurance Series

	Inception	Cumulative total returns						Average annual total returns
Class P1 shares	date	6 months			1 year			5 years			Lifetime
Managed Risk Growth Fund	5/1/13		8.57	%		18.75	%		11.03	%		10.49	%
S&P 500 Managed Risk Index — Moderate Aggressive⁷			–2.99			4.70			7.10			8.63
Managed Risk International Fund	5/1/13		–12.33			–7.10			1.43			1.78
S&P EPAC Ex. Korea LargeMidCap Managed Risk Index — Moderate Aggressive⁷			–10.23			–4.59			1.02			1.93
Managed Risk Blue Chip Income and Growth Fund	5/1/13		–8.30			–1.84			4.01			5.30
S&P 500 Managed Risk Index — Moderate⁷			–2.02			5.19			6.84			8.04
Managed Risk Growth-Income Fund	5/1/13		0.66			7.68			7.83			8.42
S&P 500 Managed Risk Index — Moderate⁷			–2.02			5.19			6.84			8.04
Managed Risk Asset Allocation Fund	9/28/12		–3.71			3.71			5.87			6.95
S&P 500 Managed Risk Index — Moderate Conservative⁷			–1.12			5.66			6.64			7.90

The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/ or expense reimbursements, without which results would have been lower. The investment adviser is currently waiving a portion of its management fee for New World Fund, Capital Income Builder, Capital World Bond Fund and American Funds Mortgage Fund. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. Visit capitalgroup.com for more information.

¹	Source: MSCI. Results for MSCI indexes reflect dividends net of withholding taxes and reinvestment of distributions. MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. MSCI All Country World Small Cap Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results of smaller capitalization companies in both developed and emerging markets. MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes.
²	Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.
³	Source: Bloomberg Index Services Ltd. Bloomberg Barclays U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market. Bloomberg Barclays Global Aggregate Index represents the global investment-grade fixed income markets. Bloomberg Barclays U.S. Mortgage Backed Securities Index is a market-value-weighted index that covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%. Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index covers obligations issued by the U.S. Treasury and U.S. government agencies.
⁴	Sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly.
⁵	Sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. Blends the S&P 500 with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly.
⁶	Sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.
⁷	Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.

American Funds Insurance Series

Summary investment portfolios

Summary investment portfolios are designed to streamline this report and help investors better focus on the funds’ principal holdings. Ultra-Short Bond Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund show a complete listing of portfolio holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings for each fund in the series.

Unless otherwise indicated, American Funds Insurance Series investment results are for Class 1 shares (Class P1 shares for managed risk funds). Class 1A shares began operations on January 6, 2017. Class 2 shares began operations on April 30, 1997. Class 3 shares began operations on January 16, 2004. Class 4 shares began operations on December 14, 2012. Results encompassing periods prior to those dates assume a hypothetical investment in Class 1 shares and include the deduction of additional annual expenses (0.25% for Class 1A shares, 0.25% for Class 2 shares, 0.18% for Class 3 shares and 0.50% for Class 4 shares).

The variable annuities and life insurance contracts that use the series funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. The investment adviser is currently waiving a portion of its management fee for New World Fund, Capital Income Builder, Capital World Bond Fund (formerly Global Bond Fund) and American Funds Mortgage Fund (formerly Mortgage Fund). This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. Visit capitalgroup.com for more information.

For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of the funds’ net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund. The waivers and reimbursement will be in effect through at least May 1, 2021, unless modified or terminated by the series board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursement. The waivers may only be modified or terminated with the approval of the series board. Applicable fund results shown reflect the waivers and reimbursement, without which results would have been lower. See the Financial Highlights tables in this report for details.

The Managed Risk Growth Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth Fund^SMand American Funds Insurance Series – Bond Fund^SM. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series – International Fund^SMand American Funds Insurance Series – Bond Fund^SM. The Managed Risk Blue Chip Income and Growth Fund pursues its objective by investing in shares of American Funds Insurance Series – Blue Chip Income and Growth Fund^SMand American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund^SM. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth-Income Fund^SMand American Funds Insurance Series – Bond Fund^SM. The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series – Asset Allocation Fund.^SMThe funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the funds’ managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the funds’ results can be expected to lag those of the underlying fund.

Funds are listed in the report as follows: equity, balanced, fixed income and managed risk.

4	American Funds Insurance Series

Global Growth Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since April 30, 1997)			Expense ratio

Class 1		4.22	%		16.41	%		11.17	%		13.07	%		10.18	%		.57	%
Class 1A		4.13			16.14			10.91			12.80			9.91			.82
Class 2		4.10			16.14			10.90			12.80			9.91			.82
Class 4		3.99			15.85			10.62			12.56			9.65			1.07

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

American Funds Insurance Series

Global Small Capitalization Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since April 30, 1998)			Expense ratio

Class 1		–3.18	%		6.10	%		5.16	%		9.20	%		9.31	%		.76	%
Class 1A		–3.30			5.83			4.92			8.94			9.04			1.01
Class 2		–3.28			5.86			4.91			8.93			9.04			1.01
Class 4		–3.46			5.54			4.63			8.66			8.77			1.26

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

6	American Funds Insurance Series

Growth Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		12.10	%		25.84	%		15.96	%		16.22	%		13.09	%		.36	%
Class 1A		11.95			25.51			15.69			15.94			12.81			.61
Class 2		11.97			25.51			15.67			15.93			12.81			.61
Class 3		12.01			25.61			15.76			16.01			12.89			.54
Class 4		11.81			25.19			15.38			15.66			12.53			.86

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

American Funds Insurance Series

International Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 1990)			Expense ratio

Class 1		–11.20	%		–4.81	%		3.50	%		6.53	%		7.64	%		.55	%
Class 1A		–11.32			–5.03			3.25			6.27			7.38			.80
Class 2		–11.33			–5.07			3.24			6.26			7.38			.80
Class 3		–11.30			–4.98			3.32			6.34			7.45			.73
Class 4		–11.46			–5.29			2.99			6.02			7.11			1.05

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

8	American Funds Insurance Series

New World Fund^®

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since June 17, 1999)			Gross expense ratio			Net expense ratio

Class 1		–4.06	%		4.19	%		6.44	%		6.42	%		8.07	%		.77	%		.59	%
Class 1A		–4.18			3.87			6.17			6.16			7.80			1.02			.84
Class 2		–4.18			3.93			6.18			6.16			7.80			1.02			.84
Class 4		–4.31			3.61			5.90			5.90			7.53			1.27			1.09

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment advisor is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

American Funds Insurance Series

Blue Chip Income and Growth Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since July 5, 2001)			Expense ratio

Class 1		–8.27	%		0.42	%		6.79	%		11.40	%		6.04	%		.43	%
Class 1A		–8.40			0.25			6.54			11.13			5.78			.68
Class 2		–8.41			0.26			6.55			11.12			5.77			.68
Class 4		–8.49			–0.06			6.27			10.91			5.54			.93

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

10	American Funds Insurance Series

Global Growth and Income Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2006)			Expense ratio

Class 1		–11.08	%		–2.21	%		6.59	%		9.85	%		6.40	%		.66	%
Class 1A		–11.20			–2.47			6.36			9.59			6.14			.91
Class 2		–11.20			–2.46			6.31			9.57			6.13			.91
Class 4		–11.29			–2.75			6.04			9.32			5.88			1.16

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

American Funds Insurance Series

Growth-Income Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		–3.62	%		4.93	%		10.19	%		13.45	%		11.18	%		.30	%
Class 1A		–3.73			4.69			9.93			13.18			10.91			.55
Class 2		–3.73			4.67			9.91			13.17			10.91			.55
Class 3		–3.70			4.75			9.99			13.25			10.98			.48
Class 4		–3.86			4.40			9.64			12.90			10.63			.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

12	American Funds Insurance Series

International Growth and Income Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since November 18, 2008)			Expense ratio

Class 1		–15.08	%		–8.98	%		1.61	%		5.51	%		7.38	%		.67	%
Class 1A		–15.19			–9.26			1.37			5.26			7.12			.92
Class 2		–15.17			–9.25			1.35			5.25			7.11			.92
Class 4		–15.29			–9.48			1.09			5.02			6.88			1.17

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

American Funds Insurance Series

Capital Income Builder^®

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			Lifetime (since May 1, 2014)			Gross expense ratio			Net expense ratio

Class 1		–6.23	%		0.67	%		3.57	%		3.08	%		.54	%		.28	%
Class 1A		–6.36			0.41			3.32			2.82			.79			.53
Class 2		–6.36			0.31			3.34			2.91			.79			.53
Class 4		–6.49			0.15			3.05			2.56			1.04			.78

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment advisor is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021.The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

14	American Funds Insurance Series

Asset Allocation Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since August 1,1989)			Expense ratio

Class 1		–1.47	%		6.82	%		8.05	%		10.60	%		8.44	%		.31	%
Class 1A		–1.55			6.57			7.79			10.33			8.17			.56
Class 2		–1.57			6.54			7.78			10.33			8.17			.56
Class 3		–1.54			6.62			7.86			10.41			8.24			.49
Class 4		–1.70			6.26			7.51			10.09			7.91			.81

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

American Funds Insurance Series

Global Balanced Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			Lifetime (since May 2, 2011)			Expense ratio

Class 1		–2.85	%		3.84	%		6.43	%		5.79	%		.73	%
Class 1A		–3.00			3.51			6.20			5.54			.98
Class 2		–2.93			3.59			6.18			5.53			.98
Class 4		–3.11			3.25			5.93			5.39			1.23

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

16	American Funds Insurance Series

Bond Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since January 2, 1996)			Expense ratio

Class 1		6.61	%		9.49	%		4.67	%		4.05	%		4.90	%		.40	%
Class 1A		6.51			9.26			4.42			3.80			4.64			.65
Class 2		6.56			9.25			4.40			3.79			4.64			.65
Class 4		6.36			8.89			4.13			3.54			4.38			.90

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

American Funds Insurance Series

Capital World Bond Fund^®(formerly Global Bond Fund)

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since October 4, 2006)			Gross expense ratio			Net expense ratio

Class 1		2.14	%		3.56	%		3.49	%		3.13	%		4.08	%		.59	%		.49	%
Class 1A		2.03			3.26			3.27			2.89			3.83			.84			.74
Class 2		2.03			3.32			3.23			2.87			3.82			.84			.74
Class 4		1.93			3.06			2.99			2.66			3.60			1.09			.99

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

18	American Funds Insurance Series

High-Income Bond Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		–4.74	%		–2.11	%		3.94	%		5.59	%		8.40	%		.51	%
Class 1A		–4.86			–2.32			3.71			5.34			8.13			.76
Class 2		–4.85			–2.38			3.69			5.33			8.13			.76
Class 3		–4.83			–2.26			3.77			5.40			8.20			.69
Class 4		–4.89			–2.52			3.43			5.12			7.87			1.01

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

American Funds Insurance Series

American Funds Mortgage Fund^®(formerly Mortgage Fund)

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			Lifetime (since May 2, 2011)			Gross expense ratio			Net expense ratio

Class 1		5.81	%		6.97	%		3.38	%		3.17	%		.48	%		.30	%
Class 1A		5.59			6.67			3.12			2.91			.73			.55
Class 2		5.68			6.71			3.13			2.91			.73			.55
Class 4		5.53			6.43			2.87			2.72			.98			.80

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

20	American Funds Insurance Series

Ultra-Short Bond Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		0.43	%		1.24	%		0.91	%		0.34	%		3.36	%		.37	%
Class 1A		0.41			1.23			0.84			0.18			3.13			.62
Class 2		0.31			1.02			0.67			0.09			3.11			.62
Class 3		0.31			1.07			0.72			0.16			3.17			.55
Class 4		0.11			0.73			0.40			–0.09			2.86			.87

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020	Percent of net assets

Commercial paper		68.2	%
Bonds & notes of governments & government agencies outside the U.S.		17.9
Federal agency discount notes		7.0
U.S. Treasury bills		6.8
Other assets less liabilities		.1
Total		100.0	%

American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			10 years			Lifetime (since December 2, 1985)			Expense ratio

Class 1		8.80	%		9.84	%		3.92	%		3.29	%		5.88	%		.38	%
Class 1A		8.64			9.59			3.69			3.05			5.62			.63
Class 2		8.70			9.61			3.65			3.03			5.62			.63
Class 3		8.77			9.73			3.74			3.11			5.70			.56
Class 4		8.53			9.37			3.40			2.82			5.37			.88

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2020

Percent of net assets

22	American Funds Insurance Series

Managed Risk Growth Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		8.57	%		18.75	%		11.03	%		10.49	%		.79	%		.74	%
Class P2		8.42			18.45			10.73			10.17			1.04			.99

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2020.

*	Periods greater than one year are annualized.

American Funds Insurance Series

Managed Risk International Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		–12.33	%		–7.10	%		1.43	%		1.78	%		.97	%		.89	%
Class P2		–12.45			–7.36			1.06			1.41			1.22			1.14

The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2021. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund’s board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2020.

*	Periods greater than one year are annualized.

24	American Funds Insurance Series

Managed Risk Blue Chip Income and Growth Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		–8.30	%		–1.84	%		4.01	%		5.30	%		.84	%		.79	%
Class P2		–8.48			–2.16			3.64			4.93			1.09			1.04

*	Periods greater than one year are annualized.

American Funds Insurance Series

Managed Risk Growth-Income Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		0.66	%		7.68	%		7.83	%		8.42	%		.73	%		.68	%
Class P2		0.62			7.48			7.55			8.11			.98			.93

*	Periods greater than one year are annualized.

26	American Funds Insurance Series

Managed Risk Asset Allocation Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2020*

	6 months			1 year			5 years			Lifetime (since September 28, 2012)			Gross expense ratio			Net expense ratio

Class P1		–3.71	%		3.71	%		5.87	%		6.95	%		.71	%		.66	%
Class P2		–3.80			3.42			5.60			6.69			.96			.91

*	Periods greater than one year are annualized.

American Funds Insurance Series

Global Growth Fund
Summary investment portfolio June 30, 2020	unaudited

Common stocks 95.99%	Shares		Value (000)
Information technology 30.83%
ASML Holding NV¹		624,842	$	229,053
ASML Holding NV (New York registered) (ADR)		488,000		179,599
Microsoft Corp.		1,994,300		405,860
Taiwan Semiconductor Manufacturing Company, Ltd.¹		26,543,000		280,879
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		280,000		15,896
Visa Inc., Class A		1,103,900		213,240
Paycom Software, Inc.²		357,000		110,574
Temenos AG^1,3		608,100		94,283
Adyen NV^1,2		56,700		82,606
Broadcom Inc.		241,200		76,125
Adobe Inc.²		135,000		58,767
PagSeguro Digital Ltd., Class A²		1,340,900		47,387
Zendesk, Inc.²		454,000		40,193
Amphenol Corp., Class A		373,500		35,785
Other securities				213,234
				2,083,481

Consumer discretionary 20.45%
Amazon.com, Inc.²		158,665		437,728
Alibaba Group Holding Ltd.^1,2		6,800,500		183,768
Just Eat Takeaway (GBP denominated)^1,2		640,914		67,122
Just Eat Takeaway (EUR denominated)^1,2		347,000		36,107
Chipotle Mexican Grill, Inc.²		92,200		97,028
Ocado Group PLC^1,2		2,952,000		74,107
LVMH Moët Hennessy-Louis Vuitton SE¹		161,200		70,605
Prosus NV^1,2		570,000		52,902
Moncler SpA^1,2		1,132,370		43,237
NIKE, Inc., Class B		395,200		38,749
Other securities				280,730
				1,382,083

Health care 12.69%
DexCom, Inc.²		253,000		102,566
UnitedHealth Group Inc.		297,500		87,748
Fisher & Paykel Healthcare Corp. Ltd.¹		3,613,500		83,563
AstraZeneca PLC¹		695,300		72,483
Pfizer Inc.		1,699,000		55,557
Regeneron Pharmaceuticals, Inc.²		84,200		52,511
Mettler-Toledo International Inc.²		65,000		52,361
Merck & Co., Inc.		620,000		47,945
Other securities				302,576
				857,310

Financials 9.07%
AIA Group Ltd.¹		12,339,300		114,843
Tradeweb Markets Inc., Class A		1,736,360		100,952
MarketAxess Holdings Inc.		151,400		75,839
Kotak Mahindra Bank Ltd.¹		3,797,000		68,521
JPMorgan Chase & Co.		589,000		55,401
Other securities				196,992
				612,548

Communication services 8.38%
Alphabet Inc., Class A²		98,050		139,039
Alphabet Inc., Class C²		63,852		90,262
Tencent Holdings Ltd.¹		2,215,000		142,278
Facebook, Inc., Class A²		411,640		93,471
Nintendo Co., Ltd.¹		136,100		60,560
Other securities				40,316
				565,926

28	American Funds Insurance Series

Global Growth Fund

Common stocks	Shares		Value (000)
Consumer staples 6.98%
British American Tobacco PLC¹		2,943,800	$	113,104
Philip Morris International Inc.		919,500		64,420
Nestlé SA¹		563,497		62,252
Kweichow Moutai Co., Ltd., Class A¹		269,957		55,868
Altria Group, Inc.		1,248,500		49,004
Keurig Dr Pepper Inc.		1,624,000		46,122
Other securities				81,223
				471,993

Industrials 3.89%
Airbus SE, non-registered shares^1,2	��	667,000		47,463
Other securities				215,407
				262,870

Materials 1.94%
Sherwin-Williams Company		155,500		89,856
Other securities				41,540
				131,396

Energy 1.29%
Reliance Industries Ltd.¹		1,807,924		40,861
Reliance Industries Ltd., interim shares^1,2		106,956		1,130
Other securities				45,266
				87,257

Other 0.47%
Other securities				31,299

Total common stocks (cost: $3,515,921,000)				6,486,163

Preferred securities 2.31%
Health care 1.85%
Sartorius AG, nonvoting preferred, non-registered shares¹		381,500		125,333
				125,333

Information technology 0.46%
Other securities				30,939

Total preferred securities (cost: $43,479,000)				156,272

Short-term securities 2.34%
Money market investments 2.34%
Capital Group Central Cash Fund 0.18%⁴		1,342,495		134,263
Goldman Sachs Financial Square Government Fund 0.15%^4,5		24,225,393		24,225
				158,488

Total short-term securities (cost: $158,464,000)				158,488
Total investment securities 100.64% (cost: $3,717,864,000)				6,800,923
Other assets less liabilities (0.64)%				(43,487	)

Net assets 100.00%			$	6,757,436

American Funds Insurance Series

Global Growth Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $3,104,888,000, which represented 45.95% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
²	Security did not produce income during the last 12 months.
³	All or a portion of this security was on loan. The total value of all such securities was $25,635,000, which represented .38% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁴	Rate represents the seven-day yield at 6/30/2020.
⁵	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviations

ADR = American Depositary Receipts

EUR = Euros

GBP = British pounds

See notes to financial statements.

30	American Funds Insurance Series

Global Small Capitalization Fund
Summary investment portfolio June 30, 2020	unaudited

Common stocks 95.18%	Shares		Value (000)
Information technology 23.87%
Cree, Inc.¹		1,356,800	$	80,309
Ceridian HCM Holding Inc.¹		799,400		63,368
Net One Systems Co., Ltd.²		1,887,865		62,947
Inphi Corp.¹		464,300		54,555
Kingdee International Software Group Co. Ltd.²		21,259,374		49,492
BE Semiconductor Industries NV²		814,330		36,213
Avast PLC²		5,514,043		36,066
Carel Industries SpA^2,3		1,947,251		35,719
Appfolio, Inc., Class A¹		211,503		34,414
SimCorp AS²		287,650		30,991
Silergy Corp.²		451,740		29,317
Alteryx, Inc., Class A¹		173,000		28,420
Avalara, Inc.¹		212,419		28,271
Network International Holdings PLC^1,2		4,570,562		24,940
Other securities				443,962
				1,038,984

Health care 23.79%
Insulet Corp.¹		645,320		125,360
GW Pharmaceuticals PLC (ADR)^1,3		748,218		91,821
Haemonetics Corp.¹		777,300		69,615
CanSino Biologics Inc., Class H^1,2		2,468,200		68,238
Notre Dame Intermédica Participações SA		4,528,600		56,636
Mani, Inc.²		1,808,129		47,710
Allogene Therapeutics, Inc.¹		1,105,188		47,324
Integra LifeSciences Holdings Corp.¹		913,825		42,941
iRhythm Technologies, Inc.¹		328,300		38,047
Allakos Inc.¹		504,880		36,281
Cortexyme, Inc.^1,3		759,458		35,163
Applied Molecular Transport Inc.^1,3		1,365,957		34,340
New Frontier Health Corp., Class A^1,4		2,680,000		22,190
New Frontier Health Corp., Class A^1,3		742,000		6,144
PRA Health Sciences, Inc.¹		288,400		28,058
WuXi Biologics (Cayman) Inc.^1,2		1,412,000		25,872
Other securities				259,977
				1,035,717

Consumer discretionary 14.42%
Thor Industries, Inc.		498,700		53,126
Helen of Troy Ltd.¹		267,200		50,383
frontdoor, inc.¹		1,050,200		46,555
Shop Apotheke Europe NV, non-registered shares^1,2,3		282,300		33,727
Five Below, Inc.¹		305,000		32,608
YETI Holdings, Inc.¹		634,879		27,128
GVC Holdings PLC²		2,934,000		26,883
B2W - Cia. Digital, ordinary nominative¹		1,262,193		24,846
Other securities				332,377
				627,633

Industrials 14.11%
Nihon M&A Center Inc.²		1,652,692		74,654
International Container Terminal Services, Inc.²		23,981,620		49,643
Boyd Group Services Inc.		222,726		33,151
IMCD NV^1,2		293,600		27,563
Other securities				429,222
				614,233

American Funds Insurance Series

Global Small Capitalization Fund

Common stocks (continued)	Shares		Value (000)
Financials 5.86%
Cannae Holdings, Inc.¹		2,004,000	$	82,364
Trupanion, Inc.^1,3		973,800		41,572
Kotak Mahindra Bank Ltd.²		1,946,825		35,132
Other securities				95,980
				255,048

Communication services 3.47%
Bandwidth Inc., Class A¹		290,990		36,956
Other securities				114,292
				151,248

Real estate 2.89%
Altus Group Ltd.		932,800		28,027
Other securities				97,573
				125,600

Consumer staples 2.75%
Grocery Outlet Holding Corp.¹		659,200		26,895
Freshpet, Inc.¹		311,900		26,094
Other securities				66,645
				119,634

Materials 1.76%
Other securities				76,786

Utilities 1.33%
ENN Energy Holdings Ltd.²		4,262,900		47,877
Other securities				9,940
				57,817

Energy 0.93%
Other securities				40,545

Total common stocks (cost: $2,981,131,000)				4,143,245

Preferred securities 1.39%
Information technology 1.04%
Other securities				45,206
				45,206

Other 0.35%
Other securities				15,312

Total preferred securities (cost: $60,016,000)				60,518

Convertible stocks 0.16%
Consumer discretionary 0.16%
Other securities				6,715

Total convertible stocks (cost: $6,380,000)				6,715

32	American Funds Insurance Series

Global Small Capitalization Fund

Short-term securities 5.15%	Shares		Value (000)
Money market investments 5.15%
Capital Group Central Cash Fund 0.18%⁵		1,631,730	$	163,189
Goldman Sachs Financial Square Government Fund 0.15%^5,6		61,015,616		61,016
				224,205

Total short-term securities (cost: $224,170,000)				224,205
Total investment securities 101.88% (cost: $3,271,697,000)				4,434,683
Other assets less liabilities (1.88)%				(81,752	)

Net assets 100.00%			$	4,352,931

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. The value of the fund’s holdings in affiliated companies is included in “Other securities” under the respective industry sectors in the summary investment portfolio. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized (depreciation) appreciation (000)			Dividend income (000)		Value of affiliates at 6/30/2020 (000)
Common stocks 0.65%
Health care 0.26%
NuCana PLC (ADR)^1,3		2,083,704		—		—		2,083,704	$	—	$	(1,459	)	$	—	$	11,252

Consumer discretionary 0.39%
Lands’ End, Inc.¹		—		2,100,000		—		2,100,000		—		2,079			—		16,884
Total 0.65%									$	—	$	620		$	—	$	28,136

¹	Security did not produce income during the last 12 months.
²	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $1,842,689,000, which represented 42.33% of the net assets of the fund. This amount includes $1,772,049,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
³	All or a portion of this security was on loan. The total value of all such securities, including those in “Other securities,” was $69,706,000, which represented 1.60% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁴	Acquired in a transaction exempt from registration under Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $32,675,000, which represented .75% of the net assets of the fund.
⁵	Rate represents the seven-day yield at 6/30/2020.
⁶	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

American Funds Insurance Series

Growth Fund

Summary investment portfolio June 30, 2020

unaudited

Common stocks 95.45%	Shares		Value (000)
Information technology 24.19%
Microsoft Corp.		9,475,683	$	1,928,396
ASML Holding NV (New York registered) (ADR)		1,171,100		431,000
ASML Holding NV¹		770,000		282,265
Broadcom Inc.		2,158,602		681,276
Taiwan Semiconductor Manufacturing Company, Ltd.¹		33,805,000		357,726
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		2,705,092		153,568
RingCentral, Inc., Class A²		1,500,100		427,544
Shopify Inc., Class A, subordinate voting shares²		330,000		313,236
Visa Inc., Class A		1,577,417		304,710
Intel Corp.		3,621,900		216,698
ServiceNow, Inc.²		484,730		196,345
PayPal Holdings, Inc.²		976,700		170,170
MongoDB, Inc., Class A²		603,209		136,530
Autodesk, Inc.²		558,608		133,613
Advanced Micro Devices, Inc.²		2,457,039		129,265
Mastercard Inc., Class A		421,000		124,490
Other securities				1,347,369
				7,334,201

Communication services 19.45%
Facebook, Inc., Class A²		7,548,342		1,714,002
Netflix, Inc.²		3,476,160		1,581,792
Alphabet Inc., Class C²		504,547		713,233
Alphabet Inc., Class A²		60,216		85,389
Charter Communications, Inc., Class A²		879,480		448,570
T-Mobile US, Inc.²		4,061,000		422,953
Activision Blizzard, Inc.		5,286,790		401,267
Snap Inc., Class A²		9,330,000		219,162
Comcast Corp., Class A		5,046,197		196,701
Other securities				113,544
				5,896,613

Consumer discretionary 17.79%
Tesla, Inc.²		1,908,500		2,060,817
Amazon.com, Inc.²		595,716		1,643,473
Dollar General Corp.		1,743,646		332,182
Home Depot, Inc.		831,036		208,183
Toll Brothers, Inc.		3,800,000		123,842
Other securities				1,024,947
				5,393,444

Health care 15.71%
UnitedHealth Group Inc.		2,897,719		854,682
Intuitive Surgical, Inc.²		1,075,500		612,852
Regeneron Pharmaceuticals, Inc.²		842,500		525,425
Humana Inc.		1,084,800		420,631
Vertex Pharmaceuticals Inc.²		1,275,061		370,163
Centene Corp.²		3,835,000		243,714
Thermo Fisher Scientific Inc.		598,500		216,861
Seattle Genetics, Inc.²		1,248,154		212,086
ResMed Inc.		755,000		144,960
Other securities				1,163,370
				4,764,744

Financials 5.07%
Berkshire Hathaway Inc., Class B²		942,100		168,174
Intercontinental Exchange, Inc.		1,592,900		145,910
First Republic Bank		1,296,297		137,395
Other securities				1,086,595
				1,538,074

34	American Funds Insurance Series

Growth Fund

Common stocks		Shares		Value (000)
Industrials 5.02%
TransDigm Group Inc.			736,200	$	325,437
CSX Corp.			1,920,800		133,957
MTU Aero Engines AG^1,2			745,782		128,891
Other securities					932,396
					1,520,681

Materials 2.94%
Franco-Nevada Corp. (CAD denominated)			1,147,206		160,259
Wheaton Precious Metals Corp.			2,833,400		124,811
Other securities					606,480
					891,550

Consumer staples 2.27%
Philip Morris International Inc.			1,985,900		139,132
Costco Wholesale Corp.			411,431		124,750
British American Tobacco PLC¹			3,000,800		115,295
British American Tobacco PLC (ADR)			195,000		7,570
Other securities					302,284
					689,031

Real estate 1.43%
Equinix, Inc. REIT			356,975		250,703
American Tower Corp. REIT			501,188		129,577
Other securities					52,008
					432,288

Energy 1.19%
Other securities					359,863

Utilities 0.39%
Other securities					119,172

Total common stocks (cost: $14,123,528,000)					28,939,661

Preferred securities 0.08%
Information technology 0.08%
Other securities					25,573

Total preferred securities (cost: $27,479,000)					25,573

Rights & warrants 0.00%
Communication services 0.00%
T-Mobile US, Inc., rights, expire 2020²			3,611,200		607
					607

Total rights & warrants (cost: $0)					607


Convertible bonds & notes 0.13%	Principal amount (000)
Consumer staples 0.13%
Other securities					39,060

Total convertible bonds & notes (cost: $39,059,000)					39,060

American Funds Insurance Series

Growth Fund

Short-term securities 3.98%	Shares		Value (000)
Money market investments 3.98%
Capital Group Central Cash Fund 0.18%³	12,050,749	$	1,205,195

Total short-term securities (cost: $1,205,162,000)			1,205,195
Total investment securities 99.64% (cost: $15,395,228,000)			30,210,096
Other assets less liabilities 0.36%			110,241

Net assets 100.00%		$	30,320,337

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. Some securities in “Other securities” (with an aggregate value of $46,931,000, an aggregate cost of $46,526,000, and which represented .15% of the net assets of the fund) were acquired from 12/21/2018 to 4/17/2020 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale. “Other securities” also includes a security (with a value of $9,526,000, which represented .03% of the net assets of the fund) which was acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $1,917,364,000, which represented 6.32% of the net assets of the fund. This amount includes $1,807,025,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
²	Security did not produce income during the last 12 months.
³	Rate represents the seven-day yield at 6/30/2020.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

See notes to financial statements.

36	American Funds Insurance Series

International Fund
Summary investment portfolio June 30, 2020	unaudited

Common stocks 88.05%	Shares		Value (000)
Consumer discretionary 16.11%
Alibaba Group Holding Ltd.^1,2		10,117,800	$	273,411
Alibaba Group Holding Ltd. (ADR)²		17,700		3,818
MercadoLibre, Inc.²		223,000		219,827
Sony Corp.¹		2,242,700		153,583
Meituan Dianping, Class B^1,2		3,440,364		76,422
Fast Retailing Co., Ltd.¹		125,900		72,085
Galaxy Entertainment Group Ltd.¹		9,826,000		66,717
adidas AG^1,2		216,336		56,598
Delivery Hero SE^1,2		547,143		55,747
Kering SA¹		99,188		53,876
Other securities				406,812
				1,438,896

Financials 16.04%
AIA Group Ltd.¹		39,521,100		367,826
HDFC Bank Ltd.¹		17,086,200		243,557
HDFC Bank Ltd. (ADR)		531,294		24,153
Kotak Mahindra Bank Ltd.¹		10,657,149		192,318
Ping An Insurance (Group) Co. of China, Ltd., Class H¹		9,161,100		91,492
Ping An Insurance (Group) Co. of China, Ltd., Class A¹		612,202		6,185
BNP Paribas SA^1,2		1,851,058		73,382
Axis Bank Ltd.¹		10,492,355		57,203
Other securities				377,089
				1,433,205

Health care 15.93%
Chugai Pharmaceutical Company, Ltd.¹		3,896,700		208,306
Daiichi Sankyo Company, Ltd.¹		2,160,000		176,400
Novartis AG¹		1,808,333		157,127
Alcon Inc.^1,2		1,988,239		113,919
Takeda Pharmaceutical Company, Ltd.¹		2,859,865		102,070
Grifols, SA, Class A, non-registered shares¹		2,691,000		81,631
Grifols, SA, Class B (ADR)		793,690		14,477
Teva Pharmaceutical Industries Ltd. (ADR)²		7,216,598		88,981
Fresenius SE & Co. KGaA^1,2		1,740,654		85,920
Hikma Pharmaceuticals PLC¹		2,371,000		65,169
WuXi Biologics (Cayman) Inc.^1,2		2,304,000		42,216
WuXi Biologics (Cayman) Inc.²		1,065,000		18,825
Olympus Corp.¹		2,963,000		57,068
Other securities				210,929
				1,423,038

Industrials 10.57%
Airbus SE, non-registered shares^1,2		2,732,749		194,459
Recruit Holdings Co., Ltd.¹		3,646,709		124,659
Knorr-Bremse AG, non-registered shares^1,2		847,671		85,768
Safran SA^1,2		681,300		68,152
Melrose Industries PLC¹		45,834,933		64,602
NIBE Industrier AB, Class B^1,2		2,534,550		55,936
Other securities				350,450
				944,026

Communication services 6.25%
SoftBank Group Corp.¹		3,657,500		184,293
Tencent Holdings Ltd.¹		2,179,387		139,990
Altice Europe NV, Class A^1,2		13,236,760		50,964
Other securities				182,944
				558,191

American Funds Insurance Series

International Fund

Common stocks (continued)	Shares		Value (000)
Consumer staples 5.47%
Nestlé SA¹		976,000	$	107,824
Pernod Ricard SA¹		536,814		84,371
Kirin Holdings Company, Ltd.¹		2,605,800		54,954
Other securities				241,286
				488,435

Energy 4.20%
Reliance Industries Ltd.¹		8,663,364		195,802
Reliance Industries Ltd., interim shares^1,2		196,599		2,077
BP PLC¹		13,959,863		53,053
Other securities				124,124
				375,056

Information technology 4.18%
ASML Holding NV¹		373,435		136,893
PagSeguro Digital Ltd., Class A²		1,392,000		49,193
Other securities				187,660
				373,746

Utilities 3.86%
ENN Energy Holdings Ltd.¹		14,004,000		157,281
E.ON SE¹		7,101,000		79,835
China Gas Holdings Ltd.¹		24,134,000		74,320
Other securities				33,159
				344,595

Materials 3.79%
Vale SA, ordinary nominative (ADR)		7,755,993		79,964
Vale SA, ordinary nominative		102,481		1,054
First Quantum Minerals Ltd.		6,215,400		49,537
Other securities				208,271
				338,826

Real estate 1.65%
China Overseas Land & Investment Ltd.¹		17,790,000		53,723
Other securities				93,642
				147,365

Total common stocks (cost: $6,302,499,000)				7,865,379

Preferred securities 1.01%
Health care 0.62%
Grifols, SA, Class B, nonvoting preferred, non-registered shares¹		3,026,230		55,587
				55,587

Energy 0.39%
Other securities				34,408

Total preferred securities (cost: $86,966,000)				89,995

Rights & warrants 0.27%
Health care 0.27%
Other securities				24,374

Total rights & warrants (cost: $21,623,000)				24,374

38	American Funds Insurance Series

International Fund

Convertible bonds & notes 0.03%	Principal amount (000)		Value (000)
Health care 0.03%
Other securities			$	2,624

Total convertible bonds & notes (cost: $5,855,000)				2,624

Bonds, notes & other debt instruments 0.46%
Corporate bonds & notes 0.35%
Other 0.35%
Other securities				31,462

Bonds & notes of governments & government agencies outside the U.S. 0.11%
Bonds & notes of governments & government agencies outside the U.S. 0.11%
Other securities				9,738

Total bonds, notes & other debt instruments (cost: $38,545,000)				41,200

Short-term securities 9.92%		Shares
Money market investments 9.92%
Capital Group Central Cash Fund 0.18%³		8,753,403		875,428
Goldman Sachs Financial Square Government Fund 0.15%^3,4		10,827,238		10,827
				886,255

Total short-term securities (cost: $886,243,000)				886,255
Total investment securities 99.74% (cost: $7,341,731,000)				8,909,827
Other assets less liabilities 0.26%				23,140

Net assets 100.00%			$	8,932,967

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes securities (with an aggregate value of $49,611,000, which represented .56% of the net assets of the fund) which were acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. “Other securities” also includes securities on loan. The total value of securities on loan was $11,451,000, which represented .13% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $7,037,313,000, which represented 78.78% of the net assets of the fund. This amount includes $7,012,933,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
²	Security did not produce income during the last 12 months.
³	Rate represents the seven-day yield at 6/30/2020.
⁴	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

American Funds Insurance Series

New World Fund
Summary investment portfolio June 30, 2020	unaudited

Common stocks 90.74%	Shares		Value (000)
Information technology 18.11%
Microsoft Corp.		451,633	$	91,912
Taiwan Semiconductor Manufacturing Company, Ltd.¹		4,327,000		45,788
Mastercard Inc., Class A		145,400		42,995
PagSeguro Digital Ltd., Class A²		1,198,655		42,360
PayPal Holdings, Inc.²		208,035		36,246
Adobe Inc.²		74,959		32,630
Keyence Corp.¹		76,200		31,815
ASML Holding NV¹		84,165		30,853
Broadcom Inc.		91,846		28,988
StoneCo Ltd., Class A²		740,635		28,707
Visa Inc., Class A		130,469		25,203
Silergy Corp.¹		357,000		23,168
Other securities				162,980
				623,645

Consumer discretionary 13.72%
Alibaba Group Holding Ltd.^1,2		2,541,204		68,670
MercadoLibre, Inc.²		64,355		63,439
Naspers Ltd., Class N¹		158,714		28,954
Delivery Hero SE^1,2		281,369		28,668
LVMH Moët Hennessy-Louis Vuitton SE¹		62,064		27,184
Meituan Dianping, Class B^1,2		947,102		21,038
Galaxy Entertainment Group Ltd.¹		2,944,000		19,989
Hermès International¹		21,010		17,535
Other securities				197,128
				472,605

Health care 12.60%
Thermo Fisher Scientific Inc.		89,671		32,491
Zai Lab Ltd. (ADR)²		341,308		28,032
AstraZeneca PLC¹		252,263		26,298
BioMarin Pharmaceutical Inc.²		180,963		22,320
Abbott Laboratories		222,506		20,344
Notre Dame Intermédica Participações SA		1,575,057		19,698
Other securities				284,950
				434,133

Financials 11.57%
Kotak Mahindra Bank Ltd.¹		3,140,269		56,669
AIA Group Ltd.¹		4,670,200		43,466
HDFC Bank Ltd.¹		2,485,232		35,426
HDFC Bank Ltd. (ADR)		80,205		3,646
B3 SA - Brasil, Bolsa, Balcao		3,275,259		33,180
Sberbank of Russia PJSC (ADR)^1,2		1,384,243		15,726
Sberbank of Russia PJSC (ADR)²		237,133		2,689
Société Générale^1,2		1,090,697		18,146
XP Inc., Class A²		425,619		17,880
Ping An Insurance (Group) Co. of China, Ltd., Class H¹		1,711,300		17,091
Other securities				154,652
				398,571

Communication services 9.91%
Tencent Holdings Ltd.¹		1,292,200		83,003
Facebook, Inc., Class A²		224,314		50,935
Alphabet Inc., Class C²		29,315		41,440
Alphabet Inc., Class A²		6,339		8,989
Sea Ltd., Class A (ADR)²		366,159		39,267
Netflix, Inc.²		49,819		22,670
Other securities				95,102
				341,406

40	American Funds Insurance Series

New World Fund

Common stocks		Shares		Value (000)
Consumer staples 6.27%
Kweichow Moutai Co., Ltd., Class A¹			276,007	$	57,121
Nestlé SA¹			220,716		24,384
Other securities					134,367
					215,872

Materials 5.59%
Vale SA, ordinary nominative			1,359,115		13,976
Vale SA, ordinary nominative (ADR)			1,244,771		12,833
Other securities					165,754
					192,563

Industrials 5.39%
Shanghai International Airport Co., Ltd., Class A¹			2,645,527		26,833
Airbus SE, non-registered shares^1,2			248,789		17,704
CCR SA, ordinary nominative			6,508,731		17,355
Other securities					123,791
					185,683

Energy 3.85%
Reliance Industries Ltd.¹			3,061,067		69,184
Reliance Industries Ltd., interim shares^1,2			201,053		2,124
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR)			4,191,104		34,660
Other securities					26,668
					132,636

Utilities 1.94%
China Gas Holdings Ltd.¹			6,426,600		19,790
ENN Energy Holdings Ltd.¹			1,704,800		19,147
Other securities					27,954
					66,891

Real estate 1.79%
Other securities					61,656

Total common stocks (cost: $2,345,591,000)					3,125,661

Preferred securities 1.03%
Energy 0.11%
Petróleo Brasileiro SA (Petrobras), preferred nominative (ADR)			391,890		3,123
Petróleo Brasileiro SA (Petrobras), preferred nominative			195,166		774
					3,897

Other 0.92%
Other securities					31,650

Total preferred securities (cost: $30,146,000)					35,547

Rights & warrants 0.23%
Other 0.23%
Other securities					7,781

Total rights & warrants (cost: $3,911,000)					7,781

Convertible bonds & notes 0.00%	Principal amount (000)
Health care 0.00%
Other securities					133

Total convertible bonds & notes (cost: $121,000)					133

American Funds Insurance Series

New World Fund

Bonds, notes & other debt instruments 3.38%	Principal amount (000)			Value (000)
Bonds & notes of governments & government agencies outside the U.S. 2.94%
Other securities				$	101,283

Corporate bonds & notes 0.41%
Communication services 0.04%
Tencent Holdings Ltd. 3.24%–3.98% 2029–2050³		BRL	980		1,035
Other securities					213
					1,248

Other 0.37%
Other securities					12,853

Total corporate bonds & notes					14,101

U.S. Treasury bonds & notes 0.03%
U.S. Treasury 0.03%
Other securities					864

Total bonds, notes & other debt instruments (cost: $115,629,000)					116,248

Short-term securities 4.68%			Shares
Money market investments 4.68%
Capital Group Central Cash Fund 0.18%⁴			1,531,568		153,172
Goldman Sachs Financial Square Government Fund 0.15%^4,5			8,081,474		8,082
					161,254

Total short-term securities (cost: $161,255,000)					161,254
Total investment securities 100.06% (cost: $2,656,653,000)					3,446,624
Other assets less liabilities (0.06)%					(2,169	)

Net assets 100.00%				$	3,444,455

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes securities which were pledged as collateral. The total value of pledged collateral was $171,000, which represented less than .01% of the net assets of the fund. “Other securities” also includes securities on loan. The total value of securities on loan was $8,556,000, which represented .25% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

42	American Funds Insurance Series

New World Fund

Futures contracts

Contracts

Type

Number of
contracts

Expiration

Notional
amount
(000)

⁶

Value at
6/30/2020
(000)

⁷

Unrealized
appreciation
at 6/30/2020
(000)

30 Year Ultra U.S. Treasury Bond Futures

Long

September 2020

$1,500

$3,272

$73

Forward currency contracts

				Unrealized
				appreciation
Contract amount				(depreciation)
Purchases	Sales		Settlement	at 6/30/2020
(000)	(000)	Counterparty	date	(000)
USD3,190	EUR2,830	Bank of New York Mellon	7/20/2020		$	10
USD2,062	CNH14,620	Standard Chartered Bank	7/20/2020			(4	)
					$	6

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $1,876,796,000, which represented 54.49% of the net assets of the fund. This amount includes $1,863,131,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
²	Security did not produce income during the last 12 months.
³	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $47,913,000, which represented 1.39% of the net assets of the fund.
⁴	Rate represents the seven-day yield at 6/30/2020.
⁵	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁶	Notional amount is calculated based on the number of contracts and notional contract size.
⁷	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

ADR = American Depositary Receipts
BRL = Brazilian reais
CNH = Chinese yuan renminbi
EUR = Euros
USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

Blue Chip Income and Growth Fund
Summary investment portfolio June 30, 2020	unaudited

Common stocks 95.13%	Shares		Value (000)
Health care 20.22%
Abbott Laboratories	3,635,500	$	332,394
Amgen Inc.	1,258,510		296,832
Gilead Sciences, Inc.	3,005,712		231,260
AbbVie Inc.	2,227,460		218,692
UnitedHealth Group Inc.	574,000		169,301
Teva Pharmaceutical Industries Ltd. (ADR)¹	10,333,800		127,416
Humana Inc.	172,700		66,964
Medtronic PLC	700,000		64,190
Stryker Corp.	296,800		53,480
Other securities			141,203
			1,701,732

Information technology 15.23%
Microsoft Corp.	2,498,500		508,470
Broadcom Inc.	951,400		300,271
Mastercard Inc., Class A	579,900		171,476
Apple Inc.	400,000		145,920
Intel Corp.	1,100,000		65,813
SS&C Technologies Holdings, Inc.	1,153,800		65,167
Other securities			24,369
			1,281,486

Industrials 12.24%
CSX Corp.	3,780,162		263,628
Raytheon Technologies Corp.	3,589,236		221,169
General Dynamics Corp.	980,000		146,471
Union Pacific Corp.	540,200		91,331
Illinois Tool Works Inc.	450,000		78,682
Carrier Global Corp.	2,817,000		62,594
L3Harris Technologies, Inc.	309,200		52,462
Other securities			113,518
			1,029,855

Energy 9.98%
EOG Resources, Inc.	4,588,100		232,433
Exxon Mobil Corp.	3,868,166		172,985
Baker Hughes Co., Class A	9,448,000		145,405
Diamondback Energy, Inc.	1,320,033		55,204
Pioneer Natural Resources Company	486,800		47,560
Other securities			186,359
			839,946

Consumer staples 9.67%
Constellation Brands, Inc., Class A	1,221,600		213,719
Philip Morris International Inc.	2,485,000		174,099
British American Tobacco PLC (ADR)	2,630,706		102,124
Altria Group, Inc.	2,092,000		82,111
Coca-Cola Company	1,250,000		55,850
PepsiCo, Inc.	400,000		52,904
Keurig Dr Pepper Inc.	1,746,500		49,600
Other securities			83,915
			814,322

Communication services 9.43%
Facebook, Inc., Class A¹	1,478,100		335,632
Comcast Corp., Class A	5,789,400		225,671
Alphabet Inc., Class A¹	80,975		114,826
Alphabet Inc., Class C¹	3,000		4,241
Netflix, Inc.¹	201,800		91,827
Other securities			21,560
			793,757

44	American Funds Insurance Series

Blue Chip Income and Growth Fund

Common stocks	Shares		Value (000)
Consumer discretionary 6.30%
Royal Caribbean Cruises Ltd.	2,011,200	$	101,164
McDonald’s Corp.	500,000		92,235
Home Depot, Inc.	303,099		75,929
General Motors Company	2,901,500		73,408
Lowe’s Companies, Inc.	429,900		58,088
Other securities			129,340
			530,164

Financials 4.65%
JPMorgan Chase & Co.	1,269,000		119,362
American International Group, Inc.	2,597,300		80,984
Citigroup Inc.	1,290,000		65,919
Other securities			124,936
			391,201

Utilities 3.38%
Public Service Enterprise Group Inc.	2,888,000		141,974
Other securities			142,281
			284,255

Materials 2.19%
Linde PLC	782,200		165,912
Other securities			18,107
			184,019

Real estate 1.84%
Crown Castle International Corp. REIT	525,000		87,859
Other securities			67,519
			155,378

Total common stocks (cost: $6,644,891,000)			8,006,115

Rights & warrants 0.02%
Financials 0.02%
Other securities			1,612

Total rights & warrants (cost: $17,793,000)			1,612

Convertible stocks 0.71%
Other 0.71%
Other securities			60,007

Total convertible stocks (cost: $57,918,000)			60,007

Short-term securities 4.16%
Money market investments 4.16%
Capital Group Central Cash Fund 0.18%²	3,495,899		349,625

Total short-term securities (cost: $349,565,000)			349,625
Total investment securities 100.02% (cost: $7,070,167,000)			8,417,359
Other assets less liabilities (0.02)%			(1,690	)

Net assets 100.00%		$	8,415,669

American Funds Insurance Series

Blue Chip Income and Growth Fund

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

¹	Security did not produce income during the last 12 months.
²	Rate represents the seven-day yield at 6/30/2020.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

46	American Funds Insurance Series

Global Growth and Income Fund
Summary investment portfolio June 30, 2020	unaudited

Common stocks 92.02%	Shares		Value (000)
Information technology 17.72%
Microsoft Corp.	281,000	$	57,186
Taiwan Semiconductor Manufacturing Company, Ltd.¹	4,912,800		51,987
PagSeguro Digital Ltd., Class A²	1,128,752		39,890
Apple Inc.	105,990		38,665
Broadcom Inc.	121,200		38,252
ASML Holding NV¹	70,000		25,660
Other securities			87,750
			339,390

Financials 14.22%
Société Générale^1,2	2,106,881		35,052
Fannie Mae²	13,706,000		29,742
Sberbank of Russia PJSC (ADR)^1,2	1,710,000		19,427
AIA Group Ltd.¹	1,753,000		16,315
UniCredit SpA^1,2	1,686,696		15,485
B3 SA - Brasil, Bolsa, Balcao	1,500,000		15,196
DBS Group Holdings Ltd.¹	1,005,000		15,033
Toronto-Dominion Bank (CAD denominated)	300,700		13,420
HDFC Bank Ltd.¹	888,000		12,658
Discover Financial Services	249,000		12,472
Other securities			87,499
			272,299

Health care 12.30%
Novartis AG¹	360,000		31,281
UnitedHealth Group Inc.	86,300		25,454
Allogene Therapeutics, Inc.²	461,000		19,740
Abbott Laboratories	171,000		15,635
Sarepta Therapeutics, Inc.²	94,500		15,152
Eli Lilly and Company	88,000		14,448
Centene Corp.²	202,000		12,837
Illumina, Inc.²	34,000		12,592
Boston Scientific Corp.²	351,000		12,324
Other securities			76,184
			235,647

Consumer discretionary 9.09%
LVMH Moët Hennessy-Louis Vuitton SE¹	74,096		32,454
Home Depot, Inc.	75,500		18,914
Flutter Entertainment PLC (EUR denominated)¹	126,077		16,549
Alibaba Group Holding Ltd.^1,2	553,000		14,944
Other securities			91,293
			174,154

Industrials 8.83%
Airbus SE, non-registered shares^1,2	607,200		43,208
Lockheed Martin Corp.	66,000		24,085
CCR SA, ordinary nominative	7,680,800		20,480
Safran SA^1,2	123,500		12,354
Other securities			68,940
			169,067

Communication services 7.18%
Alphabet Inc., Class A²	21,800		30,914
Alphabet Inc., Class C²	7,000		9,895
Comcast Corp., Class A	546,000		21,283
Facebook, Inc., Class A²	65,000		14,760
Other securities			60,685
			137,537

American Funds Insurance Series

Global Growth and Income Fund

Common stocks (continued)	Shares		Value (000)
Utilities 7.10%
E.ON SE¹		3,644,000	$	40,969
Enel SpA¹		3,539,000		30,489
Ørsted AS¹		215,107		24,808
Dominion Energy, Inc.		150,000		12,177
Other securities				27,512
				135,955

Energy 5.26%
Reliance Industries Ltd.¹		1,606,099		36,300
Reliance Industries Ltd., interim shares^1,2		107,073		1,131
EOG Resources, Inc.		652,000		33,030
Gazprom PJSC (ADR)¹		3,431,000		18,479
Other securities				11,753
				100,693

Consumer staples 4.04%
Nestlé SA¹		315,275		34,830
Other securities				42,560
				77,390

Materials 3.36%
Koninklijke DSM NV¹		109,000		15,066
Fortescue Metals Group Ltd.¹		1,441,882		13,835
Vale SA, ordinary nominative		1,320,000		13,573
Other securities				21,822
				64,296

Real estate 2.92%
Alexandria Real Estate Equities, Inc. REIT		103,000		16,712
Other securities				39,154
				55,866

Total common stocks (cost: $1,380,244,000)				1,762,294

Bonds, notes & other debt instruments 1.81%	Principal amount (000)
Corporate bonds & notes 1.81%
Communication services 1.81%
Sprint Corp. 7.25% 2021	$	33,000		34,634

Total bonds, notes & other debt instruments (cost: $32,282,000)				34,634

Short-term securities 6.44%	Shares
Money market investments 6.44%
Capital Group Central Cash Fund 0.18%³		1,232,229		123,235

Total short-term securities (cost: $123,219,000)				123,235
Total investment securities 100.27% (cost: $1,535,745,000)				1,920,163
Other assets less liabilities (0.27)%				(5,094	)

Net assets 100.00%			$	1,915,069

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

48	American Funds Insurance Series

Global Growth and Income Fund

Forward currency contracts

Contract amount

Unrealized
depreciation

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

at 6/30/2020
(000)

USD7,220

AUD10,500

Standard Chartered Bank

7/10/2020

(27

)

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $859,944,000, which represented 44.90% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
²	Security did not produce income during the last 12 months.
³	Rate represents the seven-day yield at 6/30/2020.

Key to abbreviations and symbol

ADR = American Depositary Receipts

AUD = Australian dollars

CAD = Canadian dollars

EUR = Euros

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

Growth-Income Fund
Summary investment portfolio June 30, 2020	unaudited

Common stocks 92.90%	Shares		Value (000)
Information technology 17.83%
Microsoft Corp.		9,389,500	$	1,910,857
Broadcom Inc.		2,606,134		822,522
Intel Corp.		6,447,300		385,742
Mastercard Inc., Class A		1,269,700		375,450
Autodesk, Inc.¹		921,000		220,294
Visa Inc., Class A		1,093,800		211,289
Accenture PLC, Class A		890,900		191,294
Adobe Inc.¹		375,900		163,633
Other securities				1,774,661
				6,055,742

Health care 16.77%
Gilead Sciences, Inc.		11,967,500		920,779
UnitedHealth Group Inc.		2,545,641		750,837
Abbott Laboratories		6,125,669		560,070
Amgen Inc.		2,030,500		478,914
Merck & Co., Inc.		3,038,880		234,997
Seattle Genetics, Inc.¹		1,242,606		211,144
AstraZeneca PLC²		1,631,800		170,110
AstraZeneca PLC (ADR)		721,200		38,144
Eli Lilly and Company		1,077,600		176,920
Other securities				2,153,303
				5,695,218

Communication services 14.54%
Facebook, Inc., Class A¹		8,465,200		1,922,192
Netflix, Inc.¹		1,945,925		885,474
Alphabet Inc., Class C¹		296,784		419,537
Alphabet Inc., Class A¹		288,980		409,788
Comcast Corp., Class A		10,924,800		425,849
Charter Communications, Inc., Class A¹		401,569		204,816
Verizon Communications Inc.		3,001,600		165,478
Other securities				503,307
				4,936,441

Industrials 9.14%
Northrop Grumman Corp.		733,200		225,415
BWX Technologies, Inc.		3,880,911		219,815
CSX Corp.		3,131,000		218,356
L3Harris Technologies, Inc.		1,035,500		175,693
Norfolk Southern Corp.		964,300		169,302
Woodward, Inc.		2,086,500		161,808
Other securities				1,934,101
				3,104,490

Financials 8.69%
Intercontinental Exchange, Inc.		3,183,555		291,614
CME Group Inc., Class A		1,779,800		289,289
JPMorgan Chase & Co.		2,584,530		243,101
Aon PLC, Class A		1,214,800		233,970
Marsh & McLennan Companies, Inc.		2,162,201		232,155
Nasdaq, Inc.		1,719,600		205,441
Moody’s Corp.		674,558		185,321
Other securities				1,268,303
				2,949,194

Consumer discretionary 6.48%
Amazon.com, Inc.¹		395,030		1,089,817
Lowe’s Companies, Inc.		1,360,900		183,885
Other securities				926,728
				2,200,430

50	American Funds Insurance Series

Growth-Income Fund

Common stocks		Shares		Value (000)
Consumer staples 5.98%
British American Tobacco PLC²		8,069,260	$	310,032
British American Tobacco PLC (ADR)		479,440		18,612
Keurig Dr Pepper Inc.		8,760,935		248,811
Philip Morris International Inc.		2,743,640		192,219
Carlsberg A/S, Class B²		1,326,568		175,240
Other securities				1,087,456
				2,032,370

Materials 4.13%
Celanese Corp.		2,996,633		258,729
Linde PLC		892,800		189,372
LyondellBasell Industries NV		2,453,100		161,218
Other securities				792,562
				1,401,881

Energy 3.74%
Chevron Corp.		2,625,200		234,247
Other securities				1,034,631
				1,268,878

Utilities 2.88%
CenterPoint Energy, Inc.³		11,210,255		209,296
CenterPoint Energy, Inc.		1,111,000		20,742
Other securities				746,495
				976,533

Real estate 2.72%
Equinix, Inc. REIT		555,418		390,070
Crown Castle International Corp. REIT		1,418,300		237,353
Other securities				296,588
				924,011

Total common stocks (cost: $22,200,125,000)				31,545,188

Convertible stocks 0.92%
Information technology 0.26%
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		78,400		87,365


Other 0.66%
Other securities				224,617

Total convertible stocks (cost: $268,527,000)				311,982

Bonds, notes & other debt instruments 0.12%	Principal amount (000)
Corporate bonds & notes 0.12%
Other 0.12%
Other securities				39,975

Total corporate bonds & notes				39,975

Total bonds, notes & other debt instruments (cost: $38,346,000)				39,975

American Funds Insurance Series

Growth-Income Fund

Short-term securities 6.14%	Shares		Value (000)
Money market investments 6.14%
Capital Group Central Cash Fund 0.18%⁴		20,848,370	$	2,085,046

Total short-term securities (cost: $2,084,942,000)				2,085,046
Total investment securities 100.08% (cost: $24,591,940,000)				33,982,191
Other assets less liabilities (0.08)%				(27,852	)

Net assets 100.00%			$	33,954,339

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. Further details on this holding and related transactions during the six months ended June 30, 2020, appear below.

									Net			Net					Value of
									realized			unrealized			Dividend		affiliate at
	Beginning						Ending		loss			depreciation			income		6/30/2020
	shares		Additions		Reductions		shares		(000)			(000)			(000)		(000)
Common stocks 0.00%
Industrials 0.00%
BWX Technologies, Inc.⁵		5,414,670		279,000		1,812,759		3,880,911	$	(16,774	)	$	(23,515	)	$	1,697	$	—

¹	Security did not produce income during the last 12 months.
²	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $2,744,357,000, which represented 8.08% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
³	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $243,073,000, which represented .72% of the net assets of the fund.
⁴	Rate represents the seven-day yield at 6/30/2020.
⁵	Unaffiliated issuer at 6/30/2020.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

52	American Funds Insurance Series

International Growth and Income Fund
Summary investment portfolio June 30, 2020	unaudited

Common stocks 88.70%	Shares		Value (000)
Financials 18.26%
HDFC Bank Ltd.¹		2,457,600	$	35,032
Zurich Insurance Group AG¹		92,200		32,470
AIA Group Ltd.¹		2,338,600		21,766
Banco Santander, SA¹		8,856,538		21,597
ING Groep NV¹		2,789,300		19,377
Insurance Australia Group Ltd.¹		3,666,000		14,654
B3 SA - Brasil, Bolsa, Balcao		1,302,000		13,190
Sberbank of Russia PJSC (ADR)^1,2		999,000		11,350
Sony Financial Holdings Inc.¹		410,400		9,877
Other securities				58,197
				237,510

Industrials 14.69%
Shanghai International Airport Co., Ltd., Class A¹		3,091,967		31,361
Aena SME, SA, non-registered shares^1,2		121,450		16,168
Airbus SE, non-registered shares^1,2		216,160		15,382
ASSA ABLOY AB, Class B¹		681,100		13,829
SAAB AB, Class B^1,2		510,000		12,711
Singapore Technologies Engineering Ltd¹		5,270,000		12,506
Deutsche Post AG^1,2		342,000		12,476
Recruit Holdings Co., Ltd.¹		350,100		11,968
Airports of Thailand PCL, foreign registered¹		5,250,000		10,297
Other securities				54,440
				191,138

Health care 12.55%
Novartis AG¹		502,545		43,667
Daiichi Sankyo Company, Ltd.¹		453,000		36,995
Takeda Pharmaceutical Company, Ltd.¹		518,353		18,500
Fresenius SE & Co. KGaA^1,2		283,701		14,004
Chugai Pharmaceutical Company, Ltd.¹		228,900		12,236
Aier Eye Hospital Group Co., Ltd., Class A¹		1,784,955		11,008
Other securities				26,926
				163,336

Consumer discretionary 11.14%
Sony Corp.¹		498,900		34,165
LVMH Moët Hennessy-Louis Vuitton SE¹		48,000		21,024
GVC Holdings PLC¹		1,975,100		18,097
Galaxy Entertainment Group Ltd.¹		2,365,000		16,058
Kering SA¹		29,000		15,752
Taylor Wimpey PLC¹		7,352,400		12,971
Alibaba Group Holding Ltd.^1,2		430,800		11,641
Other securities				15,234
				144,942

Utilities 9.15%
E.ON SE¹		3,629,500		40,806
SSE PLC¹		1,320,450		22,295
ENN Energy Holdings Ltd.¹		1,658,000		18,621
National Grid PLC¹		887,664		10,870
Ørsted AS¹		92,807		10,703
Other securities				15,821
				119,116

Communication services 6.65%
SoftBank Group Corp.¹		580,800		29,265
Yandex NV, Class A²		470,000		23,509
Tencent Holdings Ltd.¹		297,700		19,123
Other securities				14,575
				86,472

American Funds Insurance Series

International Growth and Income Fund

Common stocks (continued)	Shares		Value (000)
Information technology 4.03%
SUMCO Corp.¹		1,230,000	$	18,830
ASML Holding NV¹		47,800		17,522
Taiwan Semiconductor Manufacturing Company, Ltd.¹		1,520,000		16,085
				52,437

Consumer staples 3.89%
British American Tobacco PLC¹		548,402		21,070
Imperial Brands PLC¹		557,516		10,617
Other securities				18,953
				50,640

Materials 3.83%
Rio Tinto PLC¹		243,800		13,719
UPL Ltd.^1,2		2,118,000		11,961
Air Liquide SA, non-registered shares¹		79,200		11,412
Other securities				12,780
				49,872

Real estate 2.80%
Sun Hung Kai Properties Ltd.¹		1,241,000		15,816
CK Asset Holdings Ltd.¹		2,626,000		15,615
Other securities				4,943
				36,374

Energy 1.71%
Other securities				22,204

Total common stocks (cost: $1,056,951,000)				1,154,041

Preferred securities 0.50%
Energy 0.50%
Other securities				6,478

Total preferred securities (cost: $5,126,000)				6,478

Rights & warrants 0.62%
Health care 0.62%
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expires 2021^1,3		958,500		5,734
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expires 2021^1,2,3		382,799		2,290
				8,024

Total rights & warrants (cost: $8,134,000)				8,024

Bonds, notes & other debt instruments 0.66%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 0.37%
Bonds & notes of governments & government agencies outside the U.S. 0.37%
Other securities				4,738

Corporate bonds & notes 0.29%
Health care 0.29%
Other securities				3,823

Total bonds, notes & other debt instruments (cost: $9,513,000)				8,561

54	American Funds Insurance Series

International Growth and Income Fund

Short-term securities 9.32%	Shares		Value (000)
Money market investments 9.32%
Capital Group Central Cash Fund 0.18%⁴	1,213,278	$	121,340

Total short-term securities (cost: $121,328,000)			121,340
Total investment securities 99.80% (cost: $1,201,052,000)			1,298,444
Other assets less liabilities 0.20%			2,540

Net assets 100.00%		$	1,300,984

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $1,088,755,000, which represented 83.69% of the net assets of the fund. This amount includes $1,080,727,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
²	Security did not produce income during the last 12 months.
³	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $9,918,000, which represented .76% of the net assets of the fund.
⁴	Rate represents the seven-day yield at 6/30/2020.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

American Funds Insurance Series

Capital Income Builder
Summary investment portfolio June 30, 2020	unaudited

Common stocks 70.00%	Shares		Value (000)
Health care 11.51%
Gilead Sciences, Inc.		302,403	$	23,267
AbbVie Inc.		225,462		22,136
Amgen Inc.		75,995		17,924
GlaxoSmithKline PLC¹		865,174		17,530
Novartis AG¹		152,562		13,256
AstraZeneca PLC¹		52,858		5,510
AstraZeneca PLC (ADR)		11,454		606
Other securities				10,470
				110,699

Consumer staples 9.86%
British American Tobacco PLC¹		550,162		21,138
Philip Morris International Inc.		262,907		18,419
Coca-Cola Company		207,076		9,252
General Mills, Inc.		130,025		8,016
Nestlé SA¹		58,460		6,458
Altria Group, Inc.		131,620		5,166
Other securities				26,345
				94,794

Utilities 9.02%
Dominion Energy, Inc.		177,399		14,401
National Grid PLC¹		720,349		8,821
Iberdrola, SA, non-registered shares¹		716,931		8,304
E.ON SE¹		734,500		8,258
SSE PLC¹		443,987		7,496
EDP - Energias de Portugal, SA¹		1,291,886		6,161
Enel SpA¹		619,762		5,339
Other securities				27,908
				86,688

Financials 9.00%
Zurich Insurance Group AG¹		25,819		9,093
CME Group Inc., Class A		41,952		6,819
Münchener Rückversicherungs-Gesellschaft AG¹		20,578		5,340
Truist Financial Corp.		139,222		5,228
JPMorgan Chase & Co.		50,001		4,703
DBS Group Holdings Ltd.¹		312,400		4,673
Other securities				50,676
				86,532

Information technology 8.08%
Broadcom Inc.		84,199		26,574
Microsoft Corp.		96,458		19,630
Taiwan Semiconductor Manufacturing Company, Ltd.¹		790,800		8,368
Intel Corp.		82,778		4,953
Other securities				18,178
				77,703

Real estate 6.15%
Crown Castle International Corp. REIT		117,596		19,680
Digital Realty Trust, Inc. REIT		37,881		5,383
CK Asset Holdings Ltd.¹		891,000		5,298
Other securities				28,763
				59,124

56	American Funds Insurance Series

Capital Income Builder

Common stocks	Shares		Value (000)
Energy 4.40%
Chevron Corp.		108,909	$	9,718
TC Energy Corp. (CAD denominated)		133,253		5,693
TC Energy Corp.		36,765		1,576
Enbridge Inc. (CAD denominated)		216,401		6,580
Other securities				18,693
				42,260

Communication services 4.26%
Verizon Communications Inc.		143,888		7,933
BCE Inc. (CAD denominated)		179,328		7,479
Nippon Telegraph and Telephone Corp.¹		208,800		4,861
Other securities				20,643
				40,916

Industrials 3.74%
United Parcel Service, Inc., Class B		63,582		7,069
Raytheon Technologies Corp.		80,975		4,990
Other securities				23,888
				35,947

Materials 2.91%
Dow Inc.		181,570		7,401
Other securities				20,591
				27,992

Consumer discretionary 1.07%
Other securities				10,286

Total common stocks (cost: $613,582,000)				672,941

Preferred securities 0.09%
Information technology 0.09%
Other securities				808

Total preferred securities (cost: $689,000)				808

Rights & warrants 0.00%
Energy 0.00%
Other securities				—	²

Total rights & warrants (cost: $0)				—	²

Convertible stocks 1.36%
Utilities 0.44%
Dominion Energy, Inc., Series A, convertible preferred shares, 7.25% 2022		9,000		912
Other securities				3,302
				4,214

Information technology 0.42%
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		3,638		4,054


Real estate 0.15%
Crown Castle International Corp. REIT, Series A, convertible preferred shares, 6.875% 2020		968		1,438

American Funds Insurance Series

Capital Income Builder

Convertible stocks (continued)	Shares		Value (000)
Other 0.35%
Other securities			$	3,389

Total convertible stocks (cost: $12,012,000)				13,095

Convertible bonds & notes 0.06%	Principal amount (000)
Consumer discretionary 0.06%
Other securities				544

Total convertible bonds & notes (cost: $541,000)				544

Bonds, notes & other debt instruments 24.34%
U.S. Treasury bonds & notes 8.96%
U.S. Treasury 8.11%
U.S. Treasury 0.125% 2022	$	20,800		20,788
U.S. Treasury 0.375% 2025		13,757		13,819
U.S. Treasury 2.00% 2025³		13,200		14,334
U.S. Treasury 1.875% 2026		6,300		6,849
U.S. Treasury 0.13%–2.00% 2022–2050³		21,458		22,216
				78,006

U.S. Treasury inflation-protected securities 0.85%
U.S. Treasury Inflation-Protected Securities 0.13%–0.25% 2025–2050^3,4		7,611		8,156

Total U.S. Treasury bonds & notes				86,162

Mortgage-backed obligations 7.22%
Federal agency mortgage-backed obligations 6.75%
Fannie Mae Pool #MA4042 2.00% 2035⁵		15,895		16,458
Fannie Mae Pool #CA5540 3.00% 2050⁵		5,581		5,932
Fannie Mae 3.50%–5.00% 2033–2049⁵		4,496		4,901
Freddie Mac Pool #SD7512 3.00% 2050⁵		7,699		8,199
Freddie Mac 3.50%–4.50% 2048–2049⁵		1,453		1,576
Uniform Mortgage-Backed Security 3.50% 2050^5,6		10,080		10,601
Uniform Mortgage-Backed Securities 2.50%–3.00% 2035^5,6		4,125		4,319
Other securities				12,852
				64,838

Other 0.47%
Other securities				4,574

Total mortgage-backed obligations				69,412

Corporate bonds & notes 6.98%
Utilities 1.01%
Virginia Electric and Power Co. 4.00% 2046		85		102
Other securities				9,599
				9,701

Health care 1.01%
AbbVie Inc. 2.95%–4.25% 2026–2049⁷		461		515
Amgen Inc. 3.375% 2050		150		165
Novartis Capital Corp. 1.75%–2.00% 2025–2027		328		345
Other securities				8,628
				9,653

58	American Funds Insurance Series

Capital Income Builder

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Consumer staples 0.50%
British American Tobacco PLC 3.22%–4.91% 2026–2049	$	1,540	$	1,705
Philip Morris International Inc. 3.375% 2029		450		512
Other securities				2,534
				4,751

Information technology 0.40%
Broadcom Corp. 3.875% 2027		370		400
Broadcom Inc. 5.00% 2030⁷		805		927
Other securities				2,507
				3,834

Other 4.06%
Other securities				39,138

Total corporate bonds & notes				67,077

Bonds & notes of governments & government agencies outside the U.S. 0.14%
Bonds & notes of governments & government agencies outside the U.S. 0.14%
Other securities				1,339

Other bonds & notes 1.04%
Other securities				10,027

Total bonds, notes & other debt instruments (cost: $225,620,000)				234,017

Short-term securities 5.56%		Shares
Money market investments 5.56%
Capital Group Central Cash Fund 0.18%⁸		500,631		50,070
Goldman Sachs Financial Square Government Fund 0.15%^8,9		3,395,926		3,396
				53,466

Total short-term securities (cost: $53,463,000)				53,466
Total investment securities 101.41% (cost: $905,907,000)				974,871
Other assets less liabilities (1.41)%				(13,570	)

Net assets 100.00%			$	961,301

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes securities on loan. The total value of securities on loan was $3,593,000, which represented .37% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

American Funds Insurance Series

Capital Income Builder

Futures contracts

										Unrealized
										(depreciation)
				Notional			Value at			appreciation
		Number of		amount		¹⁰	6/30/2020		¹¹	at 6/30/2020
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
90 Day Euro Dollar Futures	Short	130	September 2020	$	(32,500	)	$	(32,414	)		$	(12	)
90 Day Euro Dollar Futures	Short	80	March 2021		(20,000	)		(19,960	)			(7	)
90 Day Euro Dollar Futures	Short	168	March 2022		(42,000	)		(41,924	)			(15	)
2 Year U.S. Treasury Note Futures	Long	15	October 2020		3,000			3,312				1
5 Year U.S. Treasury Note Futures	Long	91	October 2020		9,100			11,442				30
10 Year U.S. Treasury Note Futures	Short	23	September 2020		(2,300	)		(3,201	)			(12	)
10 Year Ultra U.S. Treasury Note Futures	Short	31	September 2020		(3,100	)		(4,882	)			(24	)
20 Year U.S. Treasury Bond Futures	Long	7	September 2020		700			1,250				18
30 Year Ultra U.S. Treasury Bond Futures	Long	56	September 2020		5,600			12,217				114
											$	93

Forward currency contracts

Contract amount				Unrealized depreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2020 (000)
MXN2,100	USD95	Goldman Sachs	7/20/2020	$	(4	)

Swap contracts

Interest rate swaps

										Unrealized
								Upfront		(depreciation)
					Value at			premium		appreciation
		Expiration	Notional		6/30/2020			paid		at 6/30/2020
Receive	Pay	date	(000)		(000)			(000)		(000)
U.S. EFFR	0.11%	5/18/2024	$	6,200	$	—	²	$	—		$	—	²
3-month USD-LIBOR	0.337%	5/18/2025		21,500		(19	)		—			(19	)
U.S. EFFR	0.1275%	6/25/2025		2,700		(6	)		—			(6	)
U.S. EFFR	0.0975%	6/30/2025		1,460		(1	)		—			(1	)
U.S. EFFR	0.106%	6/30/2025		1,190		(1	)		—			(1	)
U.S. EFFR	0.105%	6/30/2025		2,700		(2	)		—			(2	)
3-month USD-LIBOR	0.5935%	5/18/2030		7,200		26			—			26
3-month USD-LIBOR	0.807%	5/18/2050		1,800		55			—			55
								$	—		$	52

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Unrealized

Value at

Upfront

appreciation

Receive/

Expiration

Notional

6/30/2020

receipts

at 6/30/2020

Payment frequency

Pay

date

(000)

5.00%/Quarterly

CDX.NA.HY.25

6/20/2025

3,444

(24

)

(251

)

227

60	American Funds Insurance Series

Capital Income Builder

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $273,388,000, which represented 28.44% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
²	Amount less than one thousand.
³	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,514,000, which represented .26% of the net assets of the fund.
⁴	Index-linked bond whose principal amount moves with a government price index.
⁵	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁶	Purchased on a TBA basis.
⁷	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $22,007,000, which represented 2.29% of the net assets of the fund.
⁸	Rate represents the seven-day yield at 6/30/2020.
⁹	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁰	Notional amount is calculated based on the number of contracts and notional contract size.
¹¹	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

ADR = American Depositary Receipts

CAD = Canadian dollars

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

TBA = To-be-announced

USD/$= U.S. dollars

See notes to financial statements.

American Funds Insurance Series

Asset Allocation Fund

Summary investment portfolio June 30, 2020

unaudited

Common stocks 59.62%	Shares		Value (000)
Information technology 14.52%
Microsoft Corp.		5,441,900	$	1,107,481
Broadcom Inc.		1,490,000		470,259
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		6,056,700		343,839
ASML Holding NV (New York registered) (ADR)		795,900		292,915
ASML Holding NV¹		70,000		25,661
MKS Instruments, Inc.		2,200,000		249,128
VeriSign, Inc.²		1,100,000		227,513
Dell Technologies Inc., Class C²		3,250,000		178,555
Other securities				938,740
				3,834,091

Health care 11.48%
Johnson & Johnson		3,885,000		546,348
UnitedHealth Group Inc.		1,322,300		390,012
Humana Inc.		965,000		374,179
Gilead Sciences, Inc.		3,647,800		280,662
Cigna Corp.		1,275,000		239,254
Abbott Laboratories		2,200,000		201,146
Thermo Fisher Scientific Inc.		507,000		183,706
Vertex Pharmaceuticals Inc.²		550,000		159,670
Other securities				655,341
				3,030,318

Financials 9.23%
Chubb Ltd.		2,200,000		278,564
First Republic Bank		1,980,000		209,860
CME Group Inc., Class A		977,200		158,834
Apollo Global Management, Inc., Class A		2,769,732		138,265
Bank of America Corp.		5,750,000		136,563
JPMorgan Chase & Co.		1,400,000		131,684
Other securities				1,383,859
				2,437,629

Consumer discretionary 5.26%
Amazon.com, Inc.²		171,400		472,862
Home Depot, Inc.		1,113,000		278,818
Aramark		8,000,000		180,560
Other securities				456,858
				1,389,098

Consumer staples 4.83%
Philip Morris International Inc.		7,343,000		514,451
Nestlé SA¹		3,130,000		345,787
Nestlé SA (ADR)		900,000		99,396
Altria Group, Inc.		3,300,000		129,525
Other securities				184,718
				1,273,877

Industrials 4.16%
Northrop Grumman Corp.		1,249,400		384,115
Lockheed Martin Corp.		663,000		241,942
CSX Corp.		2,038,000		142,130
L3Harris Technologies, Inc.		791,100		134,226
Other securities				195,431
				1,097,844

Communication services 3.72%
Charter Communications, Inc., Class A²		727,126		370,863
Facebook, Inc., Class A²		952,100		216,194
Other securities				394,665
				981,722

62	American Funds Insurance Series

Asset Allocation Fund

Common stocks	Shares		Value (000)
Materials 2.86%
Dow Inc.		4,800,000	$	195,648
LyondellBasell Industries NV		2,368,100		155,631
Other securities				404,438
				755,717

Utilities 1.48%
Enel SpA¹		24,000,000		206,764
CMS Energy Corp.		2,284,700		133,472
Other securities				49,295
				389,531

Energy 1.28%
Other securities				337,131

Real estate 0.80%
Crown Castle International Corp. REIT		755,000		126,349
Other securities				84,827
				211,176

Total common stocks (cost: $10,640,057,000)				15,738,134

Rights & warrants 0.00%
Other 0.00%
Other securities				133

Total rights & warrants (cost: $181,000)				133

Convertible stocks 0.63%
Information technology 0.25%
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		60,000		66,861

Other 0.38%
Other securities				100,262

Total convertible stocks (cost: $154,257,000)				167,123

Convertible bonds & notes 0.00%	Principal amount (000)
Communication services 0.00%
Other securities				71

Total convertible bonds & notes (cost: $101,000)				71

Bonds, notes & other debt instruments 33.05%
Corporate bonds & notes 13.30%
Financials 2.36%
ACE INA Holdings Inc. 2.30%–4.35% 2020–2045	$	7,405		8,053
Other securities				615,296
				623,349

Health care 1.99%
UnitedHealth Group Inc. 2.38%–4.45% 2024–2048		14,200		17,007
Other securities				510,034
				527,041

American Funds Insurance Series

Asset Allocation Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds & notes (continued)
Utilities 1.78%
Other securities			$	470,370

Communication services 1.39%
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80%–5.75% 2025–2051³	$	32,594		33,583
Other securities				333,739
				367,322

Industrials 1.04%
Northrop Grumman Corp. 2.55%–5.25% 2022–2050		13,454		15,313
Other securities				258,848
				274,161

Consumer discretionary 0.92%
Amazon.com, Inc. 1.50%–2.80% 2023–2060		11,555		11,823
Home Depot, Inc. 2.70%–4.50% 2028–2050		19,294		22,364
Other securities				209,411
				243,598

Consumer staples 0.82%
Nestlé Holdings, Inc. 3.35% 2023³		750		816
Philip Morris International Inc. 1.88%–3.38% 2021–2030		13,663		14,607
Other securities				200,236
				215,659

Information technology 0.80%
Broadcom Corp. 3.875% 2027		3,060		3,311
Broadcom Inc. 3.13%–5.00% 2022–2030³		45,777		51,495
Broadcom Ltd. 3.50%–3.63% 2024–2028		2,187		2,329
Microsoft Corp. 2.53%–4.20% 2027–2050		11,250		13,861
Other securities				141,396
				212,392

Other 2.20%
Other securities				578,658

Total corporate bonds & notes				3,512,550

U.S. Treasury bonds & notes 10.32%
U.S. Treasury 8.67%
U.S. Treasury 2.50% 2021		200,000		202,718
U.S. Treasury 2.50% 2024		225,000		243,475
U.S. Treasury 1.375% 2025		131,900		138,562
U.S. Treasury 0.625% 2030		174,477		173,945
U.S. Treasury 2.375% 2049⁴		103,700		128,014
U.S. Treasury 2.00% 2050⁴		131,548		150,590
U.S. Treasury 0.13%–3.00% 2020–2049⁴		1,195,247		1,252,209
				2,289,513

U.S. Treasury inflation-protected securities 1.65%
U.S. Treasury Inflation-Protected Security 1.00% 2049^4,5		100,974		135,026
U.S. Treasury Inflation-Protected Securities 0.13%–1.00% 2024–2050^4,5		278,644		300,565
				435,591

Total U.S. Treasury bonds & notes				2,725,104

Mortgage-backed obligations 8.55%
Federal agency mortgage-backed obligations 8.24%
Fannie Mae 0%–7.50% 2021–2049^6,7		284,078		304,340
Government National Mortgage Assn. 2.50% 2050^6,8		127,582		133,981
Government National Mortgage Assn. 3.00%–4.50% 2048–2050^6,8		333,349		353,346
Uniform Mortgage-Backed Security 2.50% 2050^6,8		213,217		221,323

64	American Funds Insurance Series

Asset Allocation Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Uniform Mortgage-Backed Security 3.00% 2050^6,8	$	203,153	$	213,613
Uniform Mortgage-Backed Security 3.50% 2050^6,8		147,711		155,364
Uniform Mortgage-Backed Securities 2.00%–4.50% 2035–2050^6,8		386,355		404,676
Other securities				387,369
				2,174,012

Other 0.31%
Other securities				82,566

Total mortgage-backed obligations				2,256,578

Federal agency bonds & notes 0.05%
Fannie Mae 1.875% 2026		13,000		14,005

Other 0.83%
Other securities				217,692

Total bonds, notes & other debt instruments (cost: $8,377,384,000)				8,725,929

Short-term securities 11.51%	Shares
Money market investments 11.51%
Capital Group Central Cash Fund 0.18%⁹		29,928,879		2,993,187
Goldman Sachs Financial Square Government Fund 0.15%^9,10		45,304,569		45,304
				3,038,491

Total short-term securities (cost: $3,038,192,000)				3,038,491
Total investment securities 104.81% (cost: $22,210,172,000)				27,669,881
Other assets less liabilities (4.81)%				(1,271,034	)

Net assets 100.00%			$	26,398,847

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $38,597,000, which represented .15% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $9,374,000, an aggregate cost of $9,168,000, and which represented .04% of the net assets of the fund) were acquired from 9/26/2013 to 9/4/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

American Funds Insurance Series

Asset Allocation Fund

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		¹¹	Value at 6/30/2020 (000)		¹²	Unrealized appreciation (depreciation) at 6/30/2020 (000)
2 Year U.S. Treasury Note Futures	Long	3,513	October 2020	$	702,600		$	775,769			$	121
5 Year U.S. Treasury Note Futures	Long	1,746	October 2020		174,600			219,546				568
10 Year U.S. Treasury Note Futures	Long	35	September 2020		3,500			4,871				19
10 Year Ultra U.S. Treasury Note Futures	Short	1,117	September 2020		(111,700	)		(175,910	)			(726	)
20 Year U.S. Treasury Bond Futures	Long	911	September 2020		91,100			162,670				709
30 Year Ultra U.S. Treasury Bond Futures	Long	280	September 2020		28,000			61,084				57
											$	748

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Receive/
Payment frequency

Pay

Expiration
date

Notional
(000)

Value at
6/30/2020
(000)

Upfront
receipts
(000)

Unrealized
appreciation
at 6/30/2020
(000)

1.00%/Quarterly

CDX.NA.IG.34

6/20/2025

$100

$—

¹³

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. The value of the fund’s affiliated-company holdings is either shown in the summary investment portfolio or included in the value of “Other securities” under the respective industry sectors. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized appreciation (depreciation) (000)			Dividend income (000)		Value of affiliates at 6/30/2020 (000)
Common stocks 0.29%
Information technology 0.00%
MKS Instruments, Inc.¹⁴		2,800,000		200,000		800,000		2,200,000	$	13,498	$	967		$	1,160	$	—
Health care 0.04%
NuCana PLC (ADR)^2,15		1,189,677		742,476		—		1,932,153		—		(694	)		—		10,434
Consumer discretionary 0.25%
Kontoor Brands, Inc.		3,250,000		450,000		—		3,700,000		—		(79,883	)		1,820		65,897
Total 0.29%									$	13,498	$	(79,610	)	$	2,980	$	76,331

66	American Funds Insurance Series

Asset Allocation Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $1,138,575,000, which represented 4.31% of the net assets of the fund. This amount includes $1,119,010,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
²	Security did not produce income during the last 12 months.
³	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $1,109,444,000, which represented 4.20% of the net assets of the fund.
⁴	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $9,317,000, which represented .04% of the net assets of the fund.
⁵	Index-linked bond whose principal amount moves with a government price index.
⁶	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁷	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁸	Purchased on a TBA basis.
⁹	Rate represents the seven-day yield at 6/30/2020.
¹⁰	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹¹	Notional amount is calculated based on the number of contracts and notional contract size.
¹²	Value is calculated based on the notional amount and current market price.
¹³	Amount less than one thousand.
¹⁴	Unaffiliated issuer at 6/30/2020.
¹⁵	All or a portion of this security was on loan. The total value of all such securities, including those in “Other securities,” was $47,984,000, which represented .18% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

Key to abbreviations

ADR = American Depositary Receipts

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

Global Balanced Fund
Summary investment portfolio June 30, 2020	unaudited

Common stocks 58.88%	Shares		Value (000)
Information technology 13.45%
ASML Holding NV¹		32,700	$	11,986
Taiwan Semiconductor Manufacturing Company, Ltd.¹		860,000		9,101
Broadcom Inc.		26,895		8,488
Microsoft Corp.		40,420		8,226
PagSeguro Digital Ltd., Class A²		154,528		5,461
Tokyo Electron Ltd.¹		11,800		2,896
Visa Inc., Class A		14,600		2,820
Keyence Corp.¹		5,800		2,422
Other securities				4,189
				55,589

Health care 11.13%
AstraZeneca PLC¹		102,050		10,638
Merck & Co., Inc.		116,325		8,995
Humana Inc.		14,800		5,739
Coloplast A/S, Class B¹		23,150		3,589
Fisher & Paykel Healthcare Corp. Ltd.¹		134,000		3,099
Pfizer Inc.		78,500		2,567
UnitedHealth Group Inc.		8,045		2,373
Other securities				9,011
				46,011

Consumer staples 8.31%
Philip Morris International Inc.		110,300		7,728
Nestlé SA¹		59,100		6,529
British American Tobacco PLC¹		156,300		6,005
Altria Group, Inc.		131,700		5,169
Keurig Dr Pepper Inc.		106,000		3,010
Other securities				5,883
				34,324

Financials 7.35%
Zurich Insurance Group AG¹		13,940		4,909
Berkshire Hathaway Inc., Class A²		16		4,277
JPMorgan Chase & Co.		43,800		4,120
B3 SA - Brasil, Bolsa, Balcao		376,000		3,809
BlackRock, Inc.		5,730		3,118
S&P Global Inc.		8,000		2,636
Other securities				7,504
				30,373

Industrials 5.82%
Lockheed Martin Corp.		7,300		2,664
SMC Corp.¹		5,000		2,552
Boeing Company		12,700		2,328
Other securities				16,515
				24,059

Consumer discretionary 4.40%
Home Depot, Inc.		20,475		5,129
Amazon.com, Inc.²		1,375		3,793
Alibaba Group Holding Ltd.^1,2		109,600		2,962
Ocado Group PLC^1,2		109,500		2,749
LVMH Moët Hennessy-Louis Vuitton SE¹		5,765		2,525
Other securities				1,012
				18,170

68	American Funds Insurance Series

Global Balanced Fund

Common stocks		Shares		Value (000)
Real estate 2.90%
Crown Castle International Corp. REIT			23,940	$	4,006
Equinix, Inc. REIT			3,755		2,637
American Tower Corp. REIT			9,800		2,534
Other securities					2,810
					11,987

Materials 2.57%
Givaudan SA¹			815		3,031
Other securities					7,610
					10,641

Communication services 2.24%
Alphabet Inc., Class C²			2,160		3,053
Verizon Communications Inc.			49,500		2,729
Nintendo Co., Ltd.¹			5,700		2,536
Other securities					955
					9,273

Other 0.71%
Other securities					2,918

Total common stocks (cost: $183,353,000)					243,345

Bonds, notes & other debt instruments 36.11%	Principal amount (000)
U.S. Treasury bonds & notes 14.20%
U.S. Treasury 12.41%
U.S. Treasury 0.375% 2022		$	9,765		9,802
U.S. Treasury 0.50% 2025			9,785		9,888
U.S. Treasury 1.50% 2030³			14,168		15,312
U.S. Treasury 2.375% 2049³			6,898		8,515
U.S. Treasury 1.88%–2.88% 2022–2050³			6,900		7,789
					51,306

U.S. Treasury inflation-protected securities 1.79%
U.S. Treasury Inflation-Protected Security 0.875% 2029⁴			3,352		3,825
U.S. Treasury Inflation-Protected Securities 0.25%–1.38% 2029–2049^3,4			2,818		3,558
					7,383

Total U.S. Treasury bonds & notes					58,689

Bonds & notes of governments & government agencies outside the U.S. 14.14%
Germany (Federal Republic of) 0%–0.50% 2025–2050⁴		€	3,639		4,289
Japan, Series 346, 0.10% 2027		¥	304,250		2,856
Japan, Series 358, 0.10% 2030			488,100		4,555
Japan 0.10%–1.70% 2020–2044⁴			988,369		9,557
Other securities					37,193
					58,450

Corporate bonds & notes 6.06%
Financials 1.47%
JPMorgan Chase & Co. 2.55%–4.49% 2021–2031⁵			484		547
Other securities					5,531
					6,078

Utilities 1.31%
Berkshire Hathaway Energy Co. 3.70% 2030⁶			25		29
Other securities					5,367
					5,396

American Funds Insurance Series

Global Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds & notes (continued)
Health care 0.79%
AstraZeneca PLC 3.50% 2023		¥	150	$	162
Other securities					3,118
					3,280

Consumer discretionary 0.57%
Amazon.com, Inc. 2.50%–3.15% 2024–2050			525		552
Other securities					1,791
					2,343

Consumer staples 0.45%
Altria Group, Inc. 1.00%–2.20% 2023–2027		€	380		445
British American Tobacco PLC 3.22%–4.76% 2026–2049		$	380		413
Reynolds American Inc. 4.00% 2022			15		16
Other securities					981
					1,855

Information technology 0.16%
Broadcom Inc. 3.15%–4.15% 2025–2030⁶			140		151
Microsoft Corp. 2.40% 2026			187		204
Other securities					311
					666

Other 1.31%
Other securities					5,425

Total corporate bonds & notes					25,043

Mortgage-backed obligations 1.64%
Federal agency mortgage-backed obligations 1.10%
Uniform Mortgage-Backed Security 2.50% 2050^7,8			2,653		2,754
Uniform Mortgage-Backed Securities 3.50%–4.00% 2050^7,8			1,321		1,395
Other securities					351
					4,500

Other mortgage-backed securities 0.54%
Other securities					2,285

Total mortgage-backed obligations					6,785

Other 0.07%
Other securities					287

Total bonds, notes & other debt instruments (cost: $145,164,000)					149,254

Short-term securities 5.67%
Money market investments 5.67%
Capital Group Central Cash Fund 0.18%⁹			234,095		23,412

Total short-term securities (cost: $23,409,000)					23,412
Total investment securities 100.66% (cost: $351,926,000)					416,011
Other assets less liabilities (0.66)%					(2,723	)

Net assets 100.00%				$	413,288

70	American Funds Insurance Series

Global Balanced Fund

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Futures contracts

		Number of		Notional amount		¹⁰	Value at 6/30/2020		¹¹	Unrealized appreciation (depreciation) at 6/30/2020
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
5 Year U.S. Treasury Note Futures	Long	15	October 2020	$	1,500		$	1,886			$	6
10 Year Ultra U.S. Treasury Note Futures	Short	6	September 2020		(600	)		(945	)			(5	)
											$	1

Forward currency contracts

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2020 (000)
CZK12,000	EUR445	JPMorgan Chase	7/2/2020		$	6
EUR451	CZK12,000	JPMorgan Chase	7/2/2020			—	¹²
JPY72,000	USD663	Goldman Sachs	7/6/2020			4
GBP30	USD37	Barclays Bank PLC	7/6/2020			—	¹²
GBP205	USD258	HSBC Bank	7/6/2020			(4	)
CAD1,400	USD1,037	Morgan Stanley	7/6/2020			(5	)
JPY66,000	USD619	Bank of America	7/6/2020			(7	)
USD500	CZK11,700	Standard Chartered Bank	7/9/2020			7
JPY107,900	USD994	Barclays Bank PLC	7/9/2020			6
EUR900	USD1,008	Bank of New York Mellon	7/9/2020			4
CZK11,700	EUR440	Standard Chartered Bank	7/9/2020			(1	)
CZK5,450	USD232	HSBC Bank	7/9/2020			(2	)
EUR217	USD246	HSBC Bank	7/9/2020			(2	)
USD510	CAD700	Citibank	7/9/2020			(6	)
USD957	CNH6,860	UBS AG	7/9/2020			(12	)
USD490	ILS1,700	Bank of America	7/10/2020			(1	)
USD245	MXN5,500	Citibank	7/13/2020			6
USD11	ZAR180	Standard Chartered Bank	7/13/2020			—	¹²
ILS2,000	USD579	Standard Chartered Bank	7/13/2020			(2	)
EUR400	USD452	Citibank	7/13/2020			(3	)
EUR1,241	USD1,403	JPMorgan Chase	7/13/2020			(9	)
MXN8,300	USD382	Citibank	7/13/2020			(22	)
USD513	JPY55,000	Goldman Sachs	7/14/2020			4
EUR1,594	USD1,811	Barclays Bank PLC	7/14/2020			(20	)
USD522	ILS1,800	JPMorgan Chase	7/15/2020			2
USD118	JPY12,600	Citibank	7/15/2020			1
EUR400	USD456	Morgan Stanley	7/15/2020			(6	)
CAD2,335	USD1,731	HSBC Bank	7/15/2020			(11	)
NOK10,850	USD1,148	HSBC Bank	7/15/2020			(21	)
KRW341,300	USD283	Standard Chartered Bank	7/16/2020			1
GBP200	EUR222	Goldman Sachs	7/16/2020			(2	)
USD280	KRW341,285	JPMorgan Chase	7/16/2020			(3	)
GBP726	USD910	Citibank	7/16/2020			(10	)
ILS2,600	USD745	HSBC Bank	7/17/2020			6
AUD775	USD530	UBS AG	7/17/2020			5
USD245	MXN5,550	JPMorgan Chase	7/17/2020			4
CAD10	USD7	Standard Chartered Bank	7/17/2020			—	¹²
EUR460	USD519	Morgan Stanley	7/17/2020			(2	)

American Funds Insurance Series

Global Balanced Fund

Forward currency contracts (continued)

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2020 (000)
GBP200	USD251	Bank of New York Mellon	7/17/2020		$	(3	)
PLN1,400	USD357	Citibank	7/17/2020			(3	)
USD708	MXN15,615	Goldman Sachs	7/20/2020			31
USD152	CNH1,080	Standard Chartered Bank	7/20/2020			—	¹²
EUR615	USD693	Bank of New York Mellon	7/20/2020			(2	)
USD61	BRL300	JPMorgan Chase	7/21/2020			6
BRL48	USD9	Standard Chartered Bank	7/21/2020			—	¹²
USD859	ILS2,960	Standard Chartered Bank	7/22/2020			4
USD233	MYR1,000	Standard Chartered Bank	7/22/2020			—	¹²
MYR1,000	USD234	Standard Chartered Bank	7/22/2020			(1	)
USD217	ZAR3,800	HSBC Bank	7/22/2020			(1	)
USD476	BRL2,536	JPMorgan Chase	7/23/2020			10
USD337	EUR300	Morgan Stanley	7/23/2020			(1	)
USD352	PLN1,400	Bank of America	7/23/2020			(2	)
USD397	MYR1,700	Standard Chartered Bank	7/27/2020			1
CZK12,000	EUR450	JPMorgan Chase	8/7/2020			—	¹²
USD165	BRL900	JPMorgan Chase	8/7/2020			(1	)
					$	(57	)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2020 (000)				Upfront premium paid (000)			Unrealized (depreciation) appreciation at 6/30/2020 (000)
0.525%	6-month HUF-BUBOR	1/29/2022		HUF1,141,000		$	(5	)		$	—		$	(5	)
1.01%	6-month HUF-BUBOR	2/25/2022		600,000			12				—			12
0.965%	6-month HUF-BUBOR	2/26/2022		895,000			16				—			16
(0.0955)%	6-month EURIBOR	7/22/2024		€2,200			13				—			13
6-month HUF-BUBOR	1.39%	11/11/2029		HUF161,000			(5	)			—			(5	)
6-month HUF-BUBOR	1.80%	1/22/2030		95,000			(14	)			—			(14	)
6-month PLN-WIBOR	2.155%	1/22/2030		PLN2,400			(73	)			—			(73	)
6-month HUF-BUBOR	1.845%	2/25/2030		HUF136,500			(22	)			—			(22	)
6-month HUF-BUBOR	1.79%	2/26/2030		136,500			(20	)			—			(20	)
										$	—		$	(98	)

72	American Funds Insurance Series

Global Balanced Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $113,585,000, which represented 27.48% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
²	Security did not produce income during the last 12 months.
³	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $114,000, which represented .03% of the net assets of the fund.
⁴	Index-linked bond whose principal amount moves with a government price index.
⁵	Step bond; coupon rate may change at a later date.
⁶	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $8,885,000, which represented 2.15% of the net assets of the fund.
⁷	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁸	Purchased on a TBA basis.
⁹	Rate represents the seven-day yield at 6/30/2020.
¹⁰	Notional amount is calculated based on the number of contracts and notional contract size.
¹¹	Value is calculated based on the notional amount and current market price.
¹²	Amount less than one thousand.

Key to abbreviations and symbols

AUD = Australian dollars

BRL = Brazilian reais

BUBOR = Budapest Interbank Offered Rate

CAD = Canadian dollars

CNH = Chinese yuan renminbi

CZK = Czech korunas

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

GBP = British pounds

HUF = Hungarian forints

ILS = Israeli shekels

JPY/¥ = Japanese yen

KRW = South Korean won

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

PLN = Polish zloty

TBA = To-be-announced

USD/$ = U.S. dollars

WIBOR = Warsaw Interbank Offer Rate

ZAR = South African rand

See notes to financial statements.

American Funds Insurance Series

Bond Fund
Summary investment portfolio June 30, 2020	unaudited

Bonds, notes & other debt instruments 97.67%	Principal amount (000)		Value (000)
Corporate bonds & notes 38.25%
Financials 9.60%
Intesa Sanpaolo SpA 5.017% 2024¹	$	67,843	$	69,554
Intesa Sanpaolo SpA 3.38%–5.71% 2023–2028¹		32,991		34,477
Other securities				891,606
				995,637

Energy 5.63%
Petróleos Mexicanos 6.875% 2026		43,810		41,495
Other securities				542,736
				584,231

Utilities 5.08%
Edison International 3.13%–5.75% 2022–2028		16,750		17,936
Pacific Gas and Electric Co. 1.75%–6.35% 2020–2050²		109,876		115,412
Southern California Edison Co. 2.85%–5.95% 2021–2050		106,765		125,398
Other securities				268,112
				526,858

Health care 4.73%
Teva Pharmaceutical Finance Co. BV 2.80% 2023		56,064		53,136
Teva Pharmaceutical Finance Co. BV 4.10% 2046		46,666		39,351
Teva Pharmaceutical Finance Co. BV 2.20%–7.13% 2021–2028¹		120,655		120,454
Other securities				277,418
				490,359

Consumer discretionary 4.06%
Other securities				421,476

Consumer staples 2.58%
Other securities				267,256

Communication services 2.20%
Other securities				227,753

Industrials 1.97%
Other securities				204,372

Information technology 1.80%
Broadcom Corp. 3.875% 2027		14,860		16,078
Broadcom Inc. 4.25% 2026¹		41,375		46,105
Broadcom Inc. 4.75% 2029¹		61,009		69,289
Broadcom Inc. 3.15%–3.63% 2024–2025¹		8,000		8,577
Other securities				46,156
				186,205

Other 0.60%
Other securities				62,253

Total corporate bonds & notes				3,966,400

Mortgage-backed obligations 28.50%
Federal agency mortgage-backed obligations 27.63%
Fannie Mae Pool #AJ9355 3.00% 2027³		107		112
Fannie Mae Pool #CA0858 3.50% 2047³		47,482		50,189
Fannie Mae Pool #FM0007 3.50% 2049³		40,442		43,476
Fannie Mae Pool #CA5912 2.50% 2050³		124,753		130,884
Fannie Mae Pool #CA5701 2.50% 2050³		114,562		120,452

74	American Funds Insurance Series

Bond Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Fannie Mae 3.00%–9.12% 2023–2059^3,4	$	312,064	$	334,966
Freddie Mac 3.50% 2047³		44,237		46,752
Freddie Mac 3.50% 2047³		43,947		46,528
Freddie Mac Pool #SD7509 3.00% 2049³		57,549		61,310
Freddie Mac Pool #QA4673 3.00% 2049³		46,062		49,460
Freddie Mac Pool #SD7514 3.50% 2050³		47,392		50,886
Freddie Mac 0%–5.50% 2021–2050^3,4		286,957		309,401
Government National Mortgage Assn. 2.50% 2050^3,5		173,100		181,782
Government National Mortgage Assn. Pool #MA5817 4.00% 2049³		55,134		58,510
Government National Mortgage Assn. Pool #MA5878 5.00% 2049³		60,402		65,661
Government National Mortgage Assn. 4.00%–5.00% 2049³		38,263		40,796
Uniform Mortgage-Backed Security 2.00% 2035^3,5		297,150		306,877
Uniform Mortgage-Backed Security 2.50% 2035^3,5		334,518		349,622
Uniform Mortgage-Backed Security 2.50% 2050^3,5		192,804		200,135
Uniform Mortgage-Backed Security 3.00% 2050^3,5		100,000		105,149
Uniform Mortgage-Backed Security 4.00% 2050^3,5		183,583		194,533
Uniform Mortgage-Backed Security 4.50% 2050^3,5		66,937		71,931
Uniform Mortgage-Backed Securities 3.00%–3.50% 2035–2050^3,5		18,090		19,022
Other securities				26,478
				2,864,912

Other 0.87%
Other securities				90,131

Total mortgage-backed obligations				2,955,043

U.S. Treasury bonds & notes 22.97%
U.S. Treasury 19.66%
U.S. Treasury 2.625% 2023		70,000		75,928
U.S. Treasury 2.75% 2023		173,600		186,240
U.S. Treasury 2.125% 2024		72,100		77,834
U.S. Treasury 2.125% 2024⁶		72,100		77,643
U.S. Treasury 0.25% 2025		140,050		139,869
U.S. Treasury 0.25% 2025		81,433		81,283
U.S. Treasury 0.375% 2025		70,600		70,917
U.S. Treasury 2.875% 2025⁶		96,200		108,665
U.S. Treasury 2.875% 2025		72,100		81,065
U.S. Treasury 1.375% 2026⁶		75,000		79,349
U.S. Treasury 1.625% 2026		50,000		53,681
U.S. Treasury 1.75% 2026		40,800		44,188
U.S. Treasury 0.50% 2027⁶		212,200		212,476
U.S. Treasury 2.25% 2027⁶		120,200		135,338
U.S. Treasury 2.25% 2027⁶		72,100		80,521
U.S. Treasury 2.875% 2028		72,100		85,376
U.S. Treasury 1.125% 2040		88,288		87,460
U.S. Treasury 2.25% 2049⁶		51,052		61,375
U.S. Treasury 3.00% 2049⁶		150,000		207,033
U.S. Treasury 1.25%–8.75% 2020–2050⁶		81,781		92,419
				2,038,660

U.S. Treasury inflation-protected securities 3.31%
U.S. Treasury Inflation-Protected Security 0.375% 2027^6,7		78,626		85,537
U.S. Treasury Inflation-Protected Security 0.50% 2028^6,7		77,974		85,561
U.S. Treasury Inflation-Protected Security 1.00% 2049^6,7		106,447		142,344
U.S. Treasury Inflation-Protected Security 0.25% 2050⁷		26,433		29,712
				343,154

Total U.S. Treasury bonds & notes				2,381,814

American Funds Insurance Series

Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 3.32%
Italy (Republic of) 0.95% 2023	€	45,000	$	51,552
Japan, Series 20, 0.10% 2025⁷	¥	11,441,250		105,411
Other securities				187,525
				344,488

Asset-backed obligations 2.26%
Other securities				234,532

Municipals 2.25%
Illinois 2.00%
G.O. Bonds, Pension Funding, Series 2003, 4.95% 2023	$	22,553		22,791
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033		107,310		109,019
G.O. Bonds, Series 2013-B, 4.11% 2022		750		743
G.O. Bonds, Series 2013-B, 4.31% 2023		2,125		2,104
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022		2,370		2,441
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023		3,210		3,361
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 6.20% 2021		3,892		3,926
Other securities				62,830
				207,215

Other 0.25%
Other securities				25,975

Total municipals				233,190

Federal agency bonds & notes 0.12%
Fannie Mae 2.125% 2026		11,910		12,984

Total bonds, notes & other debt instruments (cost: $9,593,431,000)				10,128,451

Common stocks 0.00%	Shares
Other 0.00%
Other securities				55

Total common stocks (cost: $605,000)				55

Rights & warrants 0.00%
Energy 0.00%
Other securities				—	⁸

Total rights & warrants (cost: $18,000)				—	⁸

Short-term securities 15.05%
Money market investments 15.05%
Capital Group Central Cash Fund 0.18%⁹		15,608,123		1,560,968

Total short-term securities (cost: $1,561,082,000)				1,560,968
Total investment securities 112.72% (cost: $11,155,136,000)				11,689,474
Other assets less liabilities (12.72)%				(1,319,171	)

Net assets 100.00%			$	10,370,303

76	American Funds Insurance Series

Bond Fund

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		¹⁰	Value at 6/30/2020 (000)		¹¹	Unrealized (depreciation) appreciation at 6/30/2020 (000)
90 Day Euro Dollar Futures	Short	8,002	March 2022	$	(2,000,500	)	$	(1,996,899	)		$	(1,117	)
2 Year U.S. Treasury Note Futures	Long	4,554	October 2020		910,800			1,005,651				158
5 Year Euro-Bobl Futures	Short	1,473	September 2020	€	(147,300	)		(223,380	)			(1,060	)
5 Year U.S. Treasury Note Futures	Long	18,481	October 2020	$	1,848,100			2,323,841				6,308
10 Year Euro-Bund Futures	Short	496	September 2020	€	(49,600	)		(98,367	)			(1,054	)
10 Year U.S. Treasury Note Futures	Short	1,329	September 2020	$	(132,900	)		(184,959	)			(1,365	)
10 Year Ultra U.S. Treasury Note Futures	Short	3,029	September 2020		(302,900	)		(477,020	)			(2,235	)
30 Year Euro-Buxl Futures	Long	245	September 2020	€	24,500			60,546				1,423
30 Year Ultra U.S. Treasury Bond Futures	Long	90	September 2020	$	9,000			19,634				172
											$	1,230

Forward currency contracts

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2020 (000)
USD34,862	MXN755,000	Goldman Sachs	7/6/2020		$	2,038
USD122,735	EUR109,250	Citibank	7/6/2020			(22	)
USD98,493	JPY10,730,000	Standard Chartered Bank	7/9/2020			(892	)
USD13,461	JPY1,445,000	Morgan Stanley	7/16/2020			76
USD51,859	EUR46,000	Bank of New York Mellon	7/20/2020			155
KRW37,816,057	USD31,778	JPMorgan Chase	7/24/2020			(338	)
KRW112,842,000	USD93,109	Morgan Stanley	7/27/2020			710
					$	1,727

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2020 (000)				Upfront premium paid (000)			Unrealized (depreciation) appreciation at 6/30/2020 (000)
3-month USD-LIBOR	2.18075%	3/29/2024	$	31,600		$	(2,280	)		$	—		$	(2,280	)
3-month USD-LIBOR	2.194%	3/29/2024		31,900			(2,317	)			—			(2,317	)
3-month USD-LIBOR	2.21875%	3/29/2024		33,500			(2,464	)			—			(2,464	)
3-month USD-LIBOR	2.3105%	5/3/2024		275,590			(21,654	)			—			(21,654	)
6-month EURIBOR	0.9852%	10/17/2024	€	25,000			(1,655	)			—			(1,655	)
6-month JPY-LIBOR	0.0875%	3/10/2026	¥	11,100,000			(652	)			—			(652	)
6-month JPY-LIBOR	0.58295%	3/23/2046		2,000,000			(1,380	)			—			(1,380	)
0.64355%	6-month JPY-LIBOR	4/27/2046		2,000,000			1,663				—			1,663
										$	—		$	(30,739	)

American Funds Insurance Series

Bond Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $1,393,295,000, which represented 13.44% of the net assets of the fund.
²	Scheduled interest and/or principal payment was not received.
³	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁴	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁵	Purchased on a TBA basis.
⁶	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $19,605,000, which represented .19% of the net assets of the fund.
⁷	Index-linked bond whose principal amount moves with a government price index.
⁸	Amount less than one thousand.
⁹	Rate represents the seven-day yield at 6/30/2020.
¹⁰	Notional amount is calculated based on the number of contracts and notional contract size.
¹¹	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbols

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

G.O. = General Obligation

JPY/¥ = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

78	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund)
Summary investment portfolio June 30, 2020	unaudited

Bonds, notes & other debt instruments 96.43%	Principal amount (000)			Value (000)
Euros 18.52%
Belgium (Kingdom of) 0% 2027		€	9,160	$	10,518
Belgium (Kingdom of) 0.80%–0.80% 2027–2028			9,810		11,948
Germany (Federal Republic of) 0% 2030			9,000		10,609
Germany (Federal Republic of) 0%–0.50% 2026–2050¹			11,882		14,602
Goldman Sachs Group, Inc. 3.375% 2025²			5,000		6,271
Greece (Hellenic Republic of) 3.45% 2024			9,595		11,968
Greece (Hellenic Republic of) 3.375% 2025			10,805		13,660
Greece (Hellenic Republic of) 3.75% 2028			9,564		12,885
Greece (Hellenic Republic of) 3.875% 2029			10,824		14,904
Greece (Hellenic Republic of) 1.50% 2030			10,670		12,324
Israel (State of) 1.50%–1.50% 2027–2029			1,500		1,804
Italy (Republic of) 0.10% 2023¹			25,258		28,969
Italy (Republic of) 1.85% 2025			11,220		13,307
Italy (Republic of) 2.80% 2028			22,918		29,258
Italy (Republic of) 1.65% 2030			8,102		9,398
Italy (Republic of) 0.05%–1.35% 2023–2030			6,967		7,832
Romania 4.625% 2049			11,045		14,243
Romania 2.00%–4.63% 2030–2049			15,160		17,682
Russian Federation 2.88%–2.88% 2025–2025			4,500		5,580
Serbia (Republic of) 3.125% 2027			13,987		16,481
Serbia (Republic of) 1.50% 2029			4,943		5,219
State Grid Europe Development (2014) PLC 1.50% 2022			194		221
State Grid Overseas Investment Ltd. 1.25%–2.13% 2022–2030			1,406		1,618
Other securities					114,163
					385,464

Japanese yen 9.37%
Goldman Sachs Group, Inc. 1.00%–2.80% 2021–2022²		¥	128,000		1,222
Japan, Series 19, 0.10% 2024¹			1,846,386		17,054
Japan, Series 18, 0.10% 2024¹			1,025,165		9,507
Japan, Series 346, 0.10% 2027			1,040,000		9,764
Japan, Series 23, 0.10% 2028¹			1,995,731		18,424
Japan, Series 356, 0.10% 2029			3,529,000		32,987
Japan, Series 24, 0.10% 2029¹			1,610,533		14,920
Japan, Series 145, 1.70% 2033			2,210,000		24,471
Japan 0.10%–2.30% 2025–2059¹			4,520,223		47,255
United Mexican States 0.62%–0.70% 2021–2022			700,000		6,462
Other securities					12,926
					194,992

Chinese yuan renminbi 4.68%
China (People’s Republic of), Series 1906, 3.29% 2029		CNY	73,800		10,733
China (People’s Republic of), Series 1910, 3.86% 2049			259,860		38,385
China Development Bank Corp., Series 2004, 3.43% 2027			73,800		10,524
China Development Bank Corp., Series 1905, 3.48% 2029			128,200		18,199
China Development Bank Corp. 3.50%–4.15% 2025–2028			83,100		12,249
Other securities					7,216
					97,306

British pounds 3.04%
United Kingdom 4.75% 2030		£	14,360		26,226
United Kingdom 0.38%–4.25% 2024–2050			23,304		35,397
Other securities					1,654
					63,277

Canadian dollars 1.90%
Canada 2.25% 2025		C$	15,900		12,814
Canada 2.25% 2029			26,105		22,208
Canada 1.00%–2.75% 2022–2048			4,550		4,486
					39,508

American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Danish kroner 1.88%
Nykredit Realkredit AS, Series 01E, 0.50% 2040³		DKr	108,121	$	16,060
Nykredit Realkredit AS, Series 01E, 1.50% 2040³			103,266		16,029
Nykredit Realkredit AS 1.50%–2.50% 2037–2047³			45,660		7,146
					39,235

Mexican pesos 1.52%
Petróleos Mexicanos 7.19%–7.47% 2024–2026		MXN	99,000		3,403
United Mexican States, Series M, 7.50% 2027			279,920		13,577
United Mexican States, Series M20, 8.50% 2029			178,400		9,195
United Mexican States 8.00%–8.50% 2038–2047			110,600		5,457
					31,632

Malaysian ringgits 1.48%
Malaysia (Federation of), Series 0418, 4.893% 2038		MYR	64,732		17,627
Malaysia (Federation of) 3.76%–4.94% 2030–2048			52,914		13,298
					30,925

Israeli shekels 1.16%
Israel (State of) 2.00% 2027		ILS	42,900		13,686
Israel (State of) 5.50% 2042			20,200		10,393
					24,079

Russian rubles 1.14%
Russian Federation 6.90%–8.50% 2023–2034		RUB	1,521,250		23,744

South Korean won 0.92%
South Korea (Republic of), Series 2503, 1.50% 2025		KRW	13,411,000		11,353
Other securities					7,747
					19,100

Brazilian reais 0.81%
Brazil (Federative Republic of) 0% 2020		BRL	91,700		16,861

Romanian leu 0.06%
Romania 4.75% 2025		RON	5,000		1,217

U.S. dollars 47.29%
CCCI Treasure Ltd. 3.43%–3.65% 2049⁴		$	3,190		3,167
Equinix, Inc. 2.15% 2030			9,390		9,311
Goldman Sachs Group, Inc. 2.91%–4.75% 2023–2045⁴			12,037		13,492
Israel (State of) 2.50%–3.88% 2030–2050			7,720		8,545
Pacific Gas and Electric Co. 2.10% 2027			9,935		9,836
Petróleos Mexicanos 6.35%–6.95% 2048–2060²			924		693
PETRONAS Capital Ltd. 3.50%–4.55% 2030–2050²			1,565		1,896
Russian Federation 4.25% 2027			1,400		1,568
State Grid Overseas Investment Ltd. 3.50% 2027²			5,600		6,201
T-Mobile US, Inc. 2.55% 2031²			9,390		9,447
U.S. Treasury 2.75% 2025			10,140		11,374
U.S. Treasury 2.00% 2050			8,100		9,272
U.S. Treasury 1.13%–3.00% 2023–2048⁵			29,015		32,845
U.S. Treasury Inflation-Protected Security 0.25% 2029^1,5			13,735		15,035
U.S. Treasury Inflation-Protected Security 0.875% 2029^1,5			19,576		22,344
U.S. Treasury Inflation-Protected Security 0.125% 2030¹			20,613		22,288
U.S. Treasury Inflation-Protected Security 1.00% 2049^1,5			17,570		23,495
U.S. Treasury Inflation-Protected Securities 0.25%–1.38% 2042–2050^1,5			13,466		16,685
Uniform Mortgage-Backed Security 2.00% 2035^3,6			15,050		15,543
Uniform Mortgage-Backed Security 2.00% 2050^3,6			10,000		10,207
Uniform Mortgage-Backed Security 2.50% 2050^3,6			28,025		29,091

80	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund)

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Uniform Mortgage-Backed Securities 2.50%–3.50% 2035–2050^3,6		$	12,000	$	12,589
United Mexican States 3.25%–5.00% 2025–2051			5,605		5,834
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)⁴			11,775		12,176
Other securities					681,092
					984,026

Other 2.66%
Other securities					55,091

Total bonds, notes & other debt instruments (cost: $1,943,661,000)					2,006,457

Convertible bonds & notes 0.00%
U.S. dollars 0.00%
Other securities					6

Total convertible bonds & notes (cost: $8,000)					6

Convertible stocks 0.00%			Shares
U.S. dollars 0.00%
Other securities					96

Total convertible stocks (cost: $816,000)					96

Common stocks 0.01%
U.S. dollars 0.01%
Other securities					219

Total common stocks (cost: $2,936,000)					219

Rights & warrants 0.00%
U.S. dollars 0.00%
Other securities					14

Total rights & warrants (cost: $22,000)					14

Short-term securities 6.28%
Money market investments 6.28%
Capital Group Central Cash Fund 0.18%⁷			1,305,640		130,577

Total short-term securities (cost: $130,578,000)					130,577
Total investment securities 102.72% (cost: $2,078,021,000)					2,137,369
Other assets less liabilities (2.72)%					(56,568	)

Net assets 100.00%				$	2,080,801

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities that were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities that were valued under fair value procedures was $267,000, which represented .01% of the net assets of the fund. “Other securities” also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $4,783,000, which represented .23% of the net assets of the fund. One security in “Other securities” (with a value of $28,000, an aggregate cost of $116,000, and which represented less than .01% of the net assets of the fund) was acquired on 8/31/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject it to legal or contractual restrictions on resale.

American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		⁸	Value at 6/30/2020 (000)		⁹	Unrealized (depreciation) appreciation at 6/30/2020 (000)
5 Year Euro-Bobl Futures	Short	59	September 2020	€	(5,900	)	$	(8,947	)		$	(42	)
5 Year U.S. Treasury Note Futures	Short	72	October 2020	$	(7,200	)		(9,053	)			(63	)
10 Year Euro-Bund Futures	Long	121	September 2020	€	12,100			23,997				261
10 Year U.S. Treasury Note Futures	Short	201	September 2020	$	(20,100	)		(27,974	)			(157	)
10 Year Ultra U.S. Treasury Note Futures	Short	225	September 2020		(22,500	)		(35,434	)			(174	)
20 Year U.S. Treasury Bond Futures	Long	11	September 2020		1,100			1,964				9
30 Year Euro-Buxl Futures	Long	50	September 2020	€	5,000			12,356				290
											$	124

Forward currency contracts

				Unrealized
				appreciation
Contract amount				(depreciation)
Purchases	Sales		Settlement	at 6/30/2020
(000)	(000)	Counterparty	date	(000)
USD4,101	MXN91,990	Standard Chartered Bank	7/6/2020		$	102
CAD9,500	USD6,787	UBS AG	7/8/2020			210
USD6,833	CAD9,500	UBS AG	7/8/2020			(165	)
USD3,130	DKK20,600	Standard Chartered Bank	7/9/2020			24
USD2,118	CNH15,000	Bank of New York Mellon	7/10/2020			(3	)
USD6,210	CNH44,100	JPMorgan Chase	7/10/2020			(24	)
USD2,912	JPY311,200	Bank of New York Mellon	7/14/2020			29
USD2,078	JPY223,000	Bank of New York Mellon	7/14/2020			12
JPY222,000	USD2,077	Bank of New York Mellon	7/14/2020			(21	)
JPY447,000	USD4,187	UBS AG	7/14/2020			(46	)
USD2,273	GBP1,830	UBS AG	7/21/2020			5
USD19,540	CNH138,600	Bank of America	7/21/2020			(40	)
USD16,421	ILS56,300	JPMorgan Chase	7/27/2020			157
USD6,281	MXN142,000	Citibank	7/27/2020			127
CZK306,030	EUR11,465	JPMorgan Chase	7/27/2020			14
USD2,851	THB88,000	JPMorgan Chase	7/27/2020			4
CHF800	USD845	JPMorgan Chase	7/27/2020			—	¹⁰
USD2,067	EUR1,840	Barclays Bank PLC	7/27/2020			(1	)
EUR10,102	DKK75,300	JPMorgan Chase	7/27/2020			(3	)
EUR1,639	RON7,960	Citibank	7/27/2020			(3	)
SEK23,400	USD2,515	Citibank	7/27/2020			(3	)
AUD12,000	USD8,289	JPMorgan Chase	7/27/2020			(7	)
PLN12,600	USD3,194	Citibank	7/27/2020			(9	)
USD7,408	ZAR129,100	JPMorgan Chase	7/27/2020			(9	)
CZK133,600	USD5,645	JPMorgan Chase	7/27/2020			(13	)
USD4,134	CZK98,590	Bank of America	7/27/2020			(23	)
CAD49,400	USD36,420	JPMorgan Chase	7/27/2020			(29	)
GBP5,330	USD6,657	JPMorgan Chase	7/27/2020			(51	)
NOK144,985	USD15,204	Citibank	7/27/2020			(139	)
EUR56,180	USD63,365	JPMorgan Chase	7/27/2020			(207	)
JPY9,971,500	USD93,462	JPMorgan Chase	7/27/2020			(1,079	)
KRW6,785,200	USD5,622	Goldman Sachs	7/28/2020			19
COP14,642,500	USD3,936	Standard Chartered Bank	7/28/2020			(49	)
USD12,392	MYR53,000	Standard Chartered Bank	7/29/2020			39
USD14,848	BRL81,200	JPMorgan Chase	8/7/2020			(55	)
					$	(1,237	)

82	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2020 (000)			Upfront premium (received) paid (000)				Unrealized appreciation (depreciation) at 6/30/2020 (000)
0.525%	6-month HUF-BUBOR	1/29/2022	HUF	16,744,000	$	(76	)		$	(297	)		$	221
1.01%	6-month HUF-BUBOR	2/25/2022		9,100,000		182				66				116
0.965%	6-month HUF-BUBOR	2/26/2022		13,039,000		232				63				169
6-month HUF-BUBOR	1.39%	11/11/2029		2,335,000		(72	)			53				(125	)
6-month PLN-WIBOR	2.155%	1/22/2030	PLN	35,000		(1,073	)			(1,122	)			49
6-month HUF-BUBOR	1.80%	1/22/2030	HUF	1,418,000		(212	)			(137	)			(75	)
6-month HUF-BUBOR	1.845%	2/25/2030		2,024,500		(325	)			(217	)			(108	)
6-month HUF-BUBOR	1.79%	2/26/2030		2,024,500		(292	)			(184	)			(108	)
0.0079%	6-month JPY-LIBOR	4/8/2030	¥	1,620,000		(56	)			30				(86	)
									$	(1,745	)		$	53

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Receive/
Payment frequency

Pay

Expiration
date

Notional
(000)

Value at
6/30/2020
(000)

Upfront
receipts
(000)

Unrealized
appreciation
at 6/30/2020
(000)

1.00%/Quarterly

CDX.NA.IG.34

6/20/2025

$91,850

$1,074

$555

$519

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Index-linked bond whose principal amount moves with a government price index.
²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $273,114,000, which represented 13.13% of the net assets of the fund.
³	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁴	Step bond; coupon rate may change at a later date.
⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $8,973,000, which represented .43% of the net assets of the fund.
⁶	Purchased on a TBA basis.
⁷	Rate represents the seven-day yield at 6/30/2020.
⁸	Notional amount is calculated based on the number of contracts and notional contract size.
⁹	Value is calculated based on the notional amount and current market price.
¹⁰	Amount less than one thousand.

Key to abbreviations and symbols

AUD = Australian dollars
BRL = Brazilian reais
BUBOR = Budapest Interbank Offered Rate
CAD/C$ = Canadian dollars
CHF = Swiss francs
CNH/CNY= Chinese yuan renminbi
COP = Colombian pesos
CZK = Czech korunas
DKK/DKr = Danish kroner
EUR/€ = Euros
GBP/£ = British pounds
HUF = Hungarian forints
ILS = Israeli shekels
JPY/¥ = Japanese yen
KRW = South Korean won
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
MYR = Malaysian ringgits
NOK = Norwegian kroner
PLN = Polish zloty
RON = Romanian leu
RUB = Russian rubles
SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
THB = Thai baht
USD/$ = U.S. dollars
WIBOR = Warsaw Interbank Offer Rate
ZAR = South African rand

See notes to financial statements.

American Funds Insurance Series

High-Income Bond Fund
Summary investment portfolio June 30, 2020	unaudited

Bonds, notes & other debt instruments 92.29%	Principal amount (000)		Value (000)
Corporate bonds & notes 92.27%
Communication services 13.84%
Cablevision Systems Corp. 6.75% 2021	$	3,513	$	3,698
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2026¹		3,182		3,298
CenturyLink, Inc. 6.75% 2023		2,760		2,974
Gogo Inc. 9.875% 2024¹		11,114		9,420
Intelsat Jackson Holding Co., Term Loan, 6.625% 2024²		3,900		3,917
MDC Partners Inc. 6.50% 2024¹		5,170		4,824
Sprint Corp. 6.875% 2028		4,171		5,095
Sprint Corp. 8.75% 2032		2,165		3,097
Sprint Corp. 7.63%–11.50% 2021–2026		3,385		3,909
T-Mobile US, Inc. 3.88%–6.50% 2025–2050¹		1,333		1,462
Trilogy International Partners, LLC 8.875% 2022¹		4,500		3,998
Univision Communications Inc. 5.125% 2023¹		3,308		3,348
Univision Communications Inc. 5.125% 2025¹		3,195		3,019
Univision Communications Inc. 6.625% 2027¹		3,050		2,924
Other securities				53,542
				108,525

Health care 12.90%
Bausch Health Companies Inc. 5.00%–9.25% 2026–2030¹		6,633		6,823
Endo Dac / Endo Finance LLC / Endo Finco 6.00%–9.50% 2027–2028¹		6,477		5,301
Endo International PLC 5.75%–5.88% 2022–2024¹		3,837		3,576
Mallinckrodt PLC 10.00% 2025¹		8,538		7,236
Molina Healthcare, Inc. 5.375% 2022		5,264		5,381
Molina Healthcare, Inc. 4.38%–4.88% 2025–2028¹		2,698		2,716
Par Pharmaceutical Inc. 7.50% 2027¹		4,672		4,810
Rotech Healthcare Inc., Term Loan,
(3-month USD-LIBOR + 11.00%) 13.00% 2023 (100% PIK)^2,3,4,5,6		6,046		6,106
Tenet Healthcare Corp. 4.875% 2026¹		6,380		6,259
Tenet Healthcare Corp. 4.63%–8.13% 2022–2027¹		3,235		3,260
Teva Pharmaceutical Finance Co. BV 2.80% 2023		3,915		3,711
Teva Pharmaceutical Finance Co. BV 6.00% 2024		4,779		4,921
Teva Pharmaceutical Finance Co. BV 2.20%–7.13% 2021–2028¹		4,374		4,423
Valeant Pharmaceuticals International, Inc. 5.88%–9.00% 2023–2027¹		3,320		3,434
Other securities				33,228
				101,185

Consumer discretionary 12.57%
Ford Motor Co. 4.35%–9.63% 2023–2030		3,819		4,073
Ford Motor Credit Co. 5.125% 2025		3,485		3,502
Ford Motor Credit Co. 3.09%–5.58% 2021–2024		2,252		2,181
PetSmart, Inc. 7.125% 2023¹		7,039		6,955
PetSmart, Inc. 5.875% 2025¹		4,091		4,114
PetSmart, Inc. 8.875% 2025¹		3,941		3,946
Scientific Games Corp. 8.25% 2026¹		5,279		4,694
Scientific Games Corp. 5.00%–8.63% 2021–2029¹		4,109		3,716
Staples, Inc. 7.50% 2026¹		3,870		3,049
Other securities				62,369
				98,599

Materials 11.51%
Cleveland-Cliffs Inc. 5.75% 2025		3,789		3,237
Cleveland-Cliffs Inc. 5.875% 2027		6,060		5,017
Cleveland-Cliffs Inc. 4.88%–9.88% 2024–2027¹		5,083		4,826
First Quantum Minerals Ltd. 7.25% 2022¹		3,229		3,168
First Quantum Minerals Ltd. 7.25% 2023¹		3,072		2,953
First Quantum Minerals Ltd. 7.50% 2025¹		8,243		7,906
First Quantum Minerals Ltd. 6.50%–6.88% 2024–2026¹		3,687		3,499
FXI Holdings, Inc. 7.875% 2024¹		3,530		3,047
FXI Holdings, Inc. 12.25% 2026¹		3,976		3,868
LSB Industries, Inc. 9.625% 2023¹		3,638		3,516

84	American Funds Insurance Series

High-Income Bond Fund

Bonds, notes & other debt instruments		Principal amount (000	)		Value (000	)
Ryerson Inc. 11.00% 2022¹	$	3,113		$	3,189
Venator Materials Corp. 5.75% 2025¹		5,426			3,876
Other securities					42,176
					90,278

Industrials 10.51%
ADT Corp. 3.50% 2022		3,465			3,455
Associated Materials, LLC 9.00% 2024¹		5,773			4,970
Delta Air Lines, Inc. 7.00% 2025¹		3,195			3,301
Dun & Bradstreet Corp. 10.25% 2027¹		3,497			3,890
United Airlines Holdings, Inc. 6.50% 2027¹		4,375			4,397
Other securities					62,393
					82,406

Energy 9.60%
CONSOL Energy Inc. 5.875% 2022		3,120			3,075
Teekay Corp. 9.25% 2022¹		3,108			2,995
Other securities					69,241
					75,311

Financials 6.60%
Compass Diversified Holdings 8.00% 2026¹		3,394			3,464
FS Energy and Power Fund 7.50% 2023¹		3,999			3,420
Navient Corp. 6.50% 2022		3,533			3,482
Navient Corp. 5.00%–6.13% 2023–2033		6,364			5,762
Other securities					35,618
					51,746

Information technology 6.11%
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 2025^2,6		3,924			3,425
Genesys Telecommunications Laboratories, Inc. 10.00% 2024¹		3,341			3,483
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 9.25% 2024^2,6		6,753			6,757
Other securities					34,243
					47,908

Real estate 3.32%
Iron Mountain Inc. 5.75% 2024		3,027			3,065
Iron Mountain Inc. 4.88%–5.25% 2027–2030¹		5,997			5,901
Other securities					17,062
					26,028

Utilities 2.87%
Other securities					22,507

Consumer staples 2.44%
Other securities					19,127

Total corporate bonds & notes					723,620

Bonds & notes of governments & government agencies outside the U.S. 0.02%
Bonds & notes of governments & government agencies outside the U.S. 0.02%
Other securities					194

Municipals 0.00%
Other securities					5

Total bonds, notes & other debt instruments (cost: $783,720,000)					723,819

American Funds Insurance Series

High-Income Bond Fund

Convertible bonds & notes 0.63%	Principal amount (000)		Value (000)
Communication services 0.20%
Gogo Inc., convertible notes, 6.00% 2022	$	422	$	297
Other securities				1,285
				1,582
Other 0.43%
Other securities				3,345

Total convertible bonds & notes (cost: $4,765,000)				4,927

Convertible stocks 0.50%		Shares
Other 0.50%
Other securities				3,892

Total convertible stocks (cost: $7,788,000)				3,892

Preferred securities 0.23%
Consumer discretionary 0.23%
Other securities				1,789

Total preferred securities (cost: $1,655,000)				1,789

Common stocks 1.88%
Health care 1.28%
Rotech Healthcare Inc.^3,4,7,8		201,793		9,686
Other securities				335
				10,021

Materials 0.11%
First Quantum Minerals Ltd.		44,800		357
Other securities				504
				861
Other 0.49%
Other securities				3,912

Total common stocks (cost: $21,518,000)				14,794

Rights & warrants 0.02%
Other 0.02%
Other securities				147

Total rights & warrants (cost: $216,000)				147

Short-term securities 4.84%
Money market investments 4.84%
Capital Group Central Cash Fund 0.18%⁹		379,651		37,969

Total short-term securities (cost: $37,962,000)				37,969
Total investment securities 100.39% (cost: $857,624,000)				787,337
Other assets less liabilities (0.39)%				(3,086	)

Net assets 100.00%			$	784,251

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

86	American Funds Insurance Series

High-Income Bond Fund

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive		Pay/ Payment frequency		Expiration date		Notional (000)				Value at 6/30/2020 (000)			Upfront premium received (000)			Unrealized appreciation at 6/30/2020 (000)
CDX.NA.HY.25		5.00%/Quarterly		6/20/2025		$	12,160			$	84		$	(235	)	$	319

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $464,508,000, which represented 59.23% of the net assets of the fund.
²	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans, including those in “Other securities,” was $51,618,000, which represented 6.58% of the net assets of the fund.
³	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $21,408,000, which represented 2.73% of the net assets of the fund.
⁴	Value determined using significant unobservable inputs.
⁵	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted.
⁶	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁷	Security did not produce income during the last 12 months.
⁸	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
⁹	Rate represents the seven-day yield at 6/30/2020.

Private placement securities	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare Inc.	9/26/2013	$	4,331	$	9,686		1.24	%
Other securities	11/15/2016-8/31/2018		1,319		1,505		.19
Total private placement securities		$	5,650	$	11,191		1.43	%

Key to abbreviations and symbol

LIBOR = London Interbank Offered Rate

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

American Funds Mortgage Fund (formerly Mortgage Fund)
Summary investment portfolio June 30, 2020	unaudited

Bonds, notes & other debt instruments 96.81%	Principal amount (000)		Value (000)
Mortgage-backed obligations 91.85%
Federal agency mortgage-backed obligations 87.49%
Fannie Mae Pool #AL9335 3.872% 2040^1,2	$	1,629	$	1,711
Fannie Mae Pool #AL9327 3.406% 2041^1,2		1,450		1,526
Fannie Mae Pool #AL9326 3.743% 2041^1,2		2,055		2,163
Fannie Mae Pool #CA2804 4.50% 2048¹		2,992		3,216
Fannie Mae Pool #CA4867 3.00% 2049^1,3		4,891		5,271
Fannie Mae Pool #CA5496 3.00% 2050¹		9,932		10,744
Fannie Mae 2.50%–5.00% 2031–2049^1,2,3		6,489		6,954
Freddie Mac Pool #C91883 4.00% 2036¹		3,627		3,908
Freddie Mac Pool #RA1339 3.00% 2049¹		3,720		3,952
Freddie Mac Pool #QA8936 3.00% 2050¹		7,973		8,494
Freddie Mac Pool #SD7514 3.50% 2050^1,3		12,796		13,739
Freddie Mac, Series K030, Class A2, Multi Family, 3.25% 2023¹		1,746		1,861
Freddie Mac, Series K031, Class A2, Multi Family, 3.30% 2023¹		4,722		5,060
Freddie Mac 3.10%–5.00% 2034–2049^1,2,3		5,346		5,811
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.939% 2056^1,2		1,387		1,479
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056¹		1,362		1,460
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^1,2		5,099		5,608
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057¹		3,008		3,261
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057¹		2,256		2,547
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028¹		6,352		6,935
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 2028¹		1,762		1,910
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 2029¹		1,891		1,997
Government National Mortgage Assn. 4.25% 2044¹		1,551		1,718
Government National Mortgage Assn. 2.50% 2050^1,4		5,000		5,251
Government National Mortgage Assn. 2.50% 2050^1,4		3,500		3,668
Government National Mortgage Assn. Pool #AA7301 3.50% 2043¹		1,515		1,624
Government National Mortgage Assn. 3.50%–6.50% 2034–2066^1,4		13,221		14,153
Uniform Mortgage-Backed Security 2.00% 2035^1,4		41,500		42,858
Uniform Mortgage-Backed Security 2.50% 2035^1,4		11,500		12,019
Uniform Mortgage-Backed Security 3.00% 2035^1,4		41,432		43,543
Uniform Mortgage-Backed Security 3.00% 2050^1,4		1,406		1,480
Uniform Mortgage-Backed Security 3.50% 2050^1,4		12,585		13,237
Uniform Mortgage-Backed Security 4.50% 2050^1,4		5,250		5,642
Uniform Mortgage-Backed Securities 2.50%–4.00% 2050^1,4		1,088		1,131
Other securities				5,021
				250,952

Collateralized mortgage-backed obligations (privately originated) 4.36%
Other securities				12,498

Total mortgage-backed obligations				263,450

U.S. Treasury bonds & notes 4.07%
U.S. Treasury 2.95%
U.S. Treasury 0.125% 2023		3,500		3,496
U.S. Treasury 1.25% 2050		5,155		4,950
				8,446

U.S. Treasury inflation-protected securities 1.12%
U.S. Treasury Inflation-Protected Security 2.125% 2041⁵		129		192
U.S. Treasury Inflation-Protected Security 0.75% 2042^3,5		2,523		3,029
				3,221

Total U.S. Treasury bonds & notes				11,667

88	American Funds Insurance Series

American Funds Mortgage Fund (formerly Mortgage Fund)

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Asset-backed obligations 0.89%
Other securities			$	2,561

Total bonds, notes & other debt instruments (cost: $271,718,000)				277,678

Short-term securities 47.13%
Commercial paper 24.85%
Apple Inc. 0.12% due 7/8/2020⁶	$	8,000		8,000
Chariot Funding, LLC 0.25% due 9/25/2020⁶		7,000		6,998
Coca-Cola Co. 0.18% due 11/20/2020⁶		6,850		6,845
Eli Lilly and Co. 0.12% due 8/4/2020⁶		7,000		6,996
Emerson Electric Co. 0.10%–0.15% due 7/6/2020–8/11/2020⁶		8,000		7,997
ExxonMobil Corp. 0.26% due 9/25/2020		3,450		3,449
Merck & Co. Inc. 0.20% due 8/27/2020⁶		8,000		7,998
National Rural Utilities Cooperative Finance Corp. 0.09% due 7/1/2020		5,000		5,000
Nordea Bank AB 0.05% due 7/1/2020⁶		3,000		3,000
Paccar Financial Corp. 0.12% due 7/9/2020		2,000		2,000
Pfizer Inc. 0.21% due 10/16/2020⁶		5,000		4,997
Simon Property Group, LP 0.15% due 7/23/2020⁶		8,000		8,000
				71,280

Federal agency discount notes 16.00%
Federal Farm Credit Banks 0.12%–0.20% due 7/10/2020–11/6/2020		15,000		14,995
Federal Home Loan Bank 0.11%–0.12% due 7/20/2020–8/21/2020		20,800		20,797
Tennessee Valley Authority 0.11% due 7/15/2020		10,100		10,099
				45,891

U.S. Treasury bills 6.28%
U.S. Treasury Bills 0.08%–0.10% due 7/2/2020–7/21/2020		18,000		17,999

Total short-term securities (cost: $135,172,000)				135,170
Total investment securities 143.94% (cost: $406,890,000)				412,848
Other assets less liabilities (43.94)%				(126,023	)

Net assets 100.00%			$	286,825

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes a security that was valued under fair value procedures adopted by authority of the board of trustees. The total value of the security that was valued under fair value procedures was $750,000, which represented .26% of the net assets of the fund.

American Funds Insurance Series

American Funds Mortgage Fund (formerly Mortgage Fund)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		⁷	Value at 6/30/2020 (000)		⁸	Unrealized (depreciation) appreciation at 6/30/2020 (000)
90 Day Euro Dollar Futures	Short	207	September 2020	$	(51,750	)		$(51,613	)		$	(18	)
90 Day Euro Dollar Futures	Short	123	March 2021		(30,750	)		(30,689	)			(6	)
5 Year U.S. Treasury Note Futures	Long	226	October 2020		22,600			28,418				66
10 Year U.S. Treasury Note Futures	Long	1	September 2020		100			139				1
10 Year Ultra U.S. Treasury Note Futures	Short	62	September 2020		(6,200	)		(9,764	)			(50	)
20 Year U.S. Treasury Bond Futures	Long	14	September 2020		1,400			2,500				11
30 Year Ultra U.S. Treasury Bond Futures	Long	19	September 2020		1,900			4,145				30
											$	34

Swap contracts

Interest rate swaps
Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2020 (000)			Upfront premium paid (000)			Unrealized depreciation at 6/30/2020 (000)
3-month USD-LIBOR	2.322%	5/2/2024	$	10,100	$	(797	)		$	—		$	(797	)
3-month USD-LIBOR	2.325%	5/2/2024		23,300		(1,843	)			—			(1,843	)
U.S. EFFR	0.11%	5/18/2024		9,400		—	⁹			—			—	⁹
U.S. EFFR	0.1275%	6/25/2025		4,400		(9	)			—			(9	)
U.S. EFFR	0.0975%	6/30/2025		2,387		(1	)			—			(1	)
U.S. EFFR	0.106%	6/30/2025		1,913		(2	)			—			(2	)
U.S. EFFR	0.105%	6/30/2025		4,300		(3	)			—			(3	)
3-month USD-LIBOR	3.238%	8/8/2044		2,000		(1,054	)			—			(1,054	)
3-month USD-LIBOR	3.2265%	9/25/2044		3,000		(1,581	)			—			(1,581	)
3-month USD-LIBOR	1.961%	1/9/2050		2,400		(677	)			—			(677	)
									$	—		$	(5,967	)

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
²	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
³	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,618,000, which represented .91% of the net assets of the fund.
⁴	Purchased on a TBA basis.
⁵	Index-linked bond whose principal amount moves with a government price index.
⁶	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $74,419,000, which represented 25.95% of the net assets of the fund.
⁷	Notional amount is calculated based on the number of contracts and notional contract size.
⁸	Value is calculated based on the notional amount and current market price.
⁹	Amount less than one thousand.

Key to abbreviations and symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

90	American Funds Insurance Series

Ultra-Short Bond Fund
Investment portfolio June 30, 2020	unaudited

Short-term securities 99.93%	Principal amount (000)		Value (000)
Commercial paper 68.21%
Amazon.com, Inc. 0.14% due 7/20/2020¹	$	10,000	$	9,999
Caisse d’Amortissement de la Dette Sociale 0.15% due 7/8/2020		10,000		10,000
Chariot Funding, LLC 0.15% due 7/29/2020¹		4,700		4,699
CRC Funding, LLC 0.23% due 9/17/2020¹		10,000		9,995
Credit Agricole North America, Inc. 0.20% due 8/13/2020		4,400		4,399
DBS Bank Ltd. 0.21% due 8/21/2020¹		6,500		6,499
Eli Lilly and Co. 0.15% due 7/28/2020¹		10,000		9,996
Emerson Electric Co. 0.85% due 7/1/2020¹		10,000		10,000
ExxonMobil Corp. 0.23% due 10/6/2020		10,000		9,995
Henkel of America, Inc. 0.30% due 8/6/2020¹		7,600		7,599
Inova Health System Foundation 0.22% due 9/17/2020		7,900		7,897
Kaiser Foundation Hospitals 0.25% due 8/5/2020		8,700		8,697
Liberty Street Funding LLC 0.25% due 8/4/2020¹		10,000		9,998
L’Oréal USA, Inc. 0.25% due 7/28/2020¹		10,000		9,999
LVMH Moët Hennessy Louis Vuitton Inc. 0.18%–0.25% due 7/16/2020–8/19/2020¹		10,800		10,799
Merck & Co. Inc. 0.25% due 8/13/2020¹		6,800		6,799
Mizuho Bank, Ltd. 0.24% due 8/20/2020¹		10,000		9,997
Nederlandse Waterschapsbank NV 0.19% due 8/25/2020¹		5,800		5,799
Novartis Finance Corp. 0.20% due 7/20/2020¹		10,000		9,999
OMERS Finance Trust 0.14% due 7/3/2020		10,000		10,000
Oversea-Chinese Banking Corp. Ltd. 0.21% due 8/27/2020¹		800		800
Pfizer Inc. 0.22% due 10/30/2020¹		10,900		10,892
Siemens Capital Co. LLC 0.11% due 7/6/2020¹		10,500		10,500
Simon Property Group, LP 0.20% due 7/27/2020¹		8,400		8,399
Société Générale 0.26% due 8/14/2020¹		5,000		4,999
Starbird Funding Corp. 0.07% due 7/1/2020¹		8,000		8,000
Sumitomo Mitsui Banking Corp. 0.25% due 8/5/2020¹		10,000		9,999
Victory Receivables Corp. 0.23% due 8/24/2020¹		8,000		7,996
				234,750

Bills & notes of governments & government agencies outside the U.S. 17.95%
Alberta (Province of) 0.18%–0.20% due 8/20/2020–9/14/2020¹		10,500		10,497
British Columbia (Province of) 0.07% due 7/13/2020		5,000		5,000
Canada Bill 0.16% due 8/12/2020		9,400		9,399
Denmark (Kingdom of) 0.15%–0.24% due 7/8/2020–7/31/2020		11,300		11,300
KFW 0.18% due 8/10/2020¹		10,000		9,999
Oesterreich Kontrollbank 0.22% due 10/22/2020		5,600		5,597
Québec (Province of) 0.16% due 8/17/2020¹		10,000		9,999
				61,791

Federal agency discount notes 7.00%
Fannie Mae 0.20% due 10/16/2020		5,700		5,697
Federal Home Loan Bank 0.13% due 7/27/2020–8/19/2020		13,400		13,398
Freddie Mac 0.13% due 8/19/2020		5,000		4,999
				24,094

U.S. Treasury bills 6.77%
U.S. Treasury Bills 0.08%–0.15% due 7/2/2020–10/13/2020		23,300		23,296

Total short-term securities (cost: $343,921,000)				343,931
Total investment securities 99.93% (cost: $343,921,000)				343,931
Other assets less liabilities 0.07%				255

Net assets 100.00%			$	344,186

American Funds Insurance Series

Ultra-Short Bond Fund

The following footnote applies to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $214,257,000, which represented 62.25% of the net assets of the fund.

See notes to financial statements.

92	American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund
Summary investment portfolio June 30, 2020	unaudited

Bonds, notes & other debt instruments 93.58%	Principal amount (000)		Value (000)
Mortgage-backed obligations 57.56%
Federal agency mortgage-backed obligations 57.56%
Fannie Mae Pool #AP7553 3.00% 2042¹	$	22,474	$	24,088
Fannie Mae Pool #CA5229 3.00% 2050¹		30,248		32,616
Fannie Mae Pool #FM2179 3.00% 2050¹		11,827		12,650
Fannie Mae 2.72%–9.12% 2022–2049^1,2		30,723		33,566
Freddie Mac Pool #QA8801 3.00% 2050¹		49,691		52,815
Freddie Mac 0.58%–4.22% 2022–2049^1,2		14,804		15,958
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028¹		36,532		39,879
Government National Mortgage Assn. 4.50% 2049¹		14,125		15,092
Government National Mortgage Assn. 2.50% 2050^1,3		46,800		49,147
Government National Mortgage Assn. 3.50% 2050^1,3		15,413		16,265
Government National Mortgage Assn. 3.00%–6.50% 2038–2061¹		16,840		18,547
Uniform Mortgage-Backed Security 2.00% 2035^1,3		217,355		224,470
Uniform Mortgage-Backed Security 2.00% 2035^1,3		121,790		125,568
Uniform Mortgage-Backed Security 2.50% 2035^1,3		60,000		62,709
Uniform Mortgage-Backed Security 2.00% 2050^1,3		15,966		16,297
Uniform Mortgage-Backed Security 3.00% 2050^1,3		59,000		62,038
Uniform Mortgage-Backed Security 3.50% 2050^1,3		83,539		87,867
Uniform Mortgage-Backed Security 3.50% 2050^1,3		70,084		73,709
Uniform Mortgage-Backed Security 4.50% 2050^1,3		15,431		16,582
Uniform Mortgage-Backed Securities 2.00%–4.00% 2035–2050^1,3		15,040		15,704
Other securities				135,131
				1,130,698

Federal agency bonds & notes 19.03%
Fannie Mae 2.875% 2023		36,000		39,014
Fannie Mae 0.63%–7.13% 2021–2030		14,900		16,129
Federal Home Loan Bank 3.375% 2023		16,715		18,357
Federal Home Loan Bank 3.25%–5.50% 2028–2036		6,800		8,205
Freddie Mac 2.375% 2021		40,000		40,541
Private Export Funding Corp. 3.266% 2021⁴		34,000		35,291
Private Export Funding Corp. 3.55% 2024		3,190		3,535
Tennessee Valley Authority, Series A, 3.875% 2021		32,975		33,727
Tennessee Valley Authority 0.75%–5.88% 2025–2060		9,705		11,686
U.S. Agency for International Development, Iraq (State of) 2.149% 2022		3,370		3,455
U.S. Agency for International Development, Jordan (Kingdom of) 2.578% 2022		41,500		43,356
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 2025		42,625		47,465
U.S. Agency for International Development, Jordan (Kingdom of) 2.503% 2020		2,500		2,524
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 2026		2,843		3,469
U.S. Agency for International Development, Tunisia (Kingdom of) 1.416% 2021		1,500		1,523
U.S. Agency for International Development, Ukraine 1.471% 2021		2,210		2,249
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 2027		11,482		12,700
U.S. Department of Housing and Urban Development 1.98%–3.70% 2020–2034		44,025		46,939
Other securities				3,673
				373,838

U.S. Treasury bonds & notes 16.99%
U.S. Treasury 14.85%
U.S. Treasury 1.75% 2022		45,700		47,085
U.S. Treasury 1.625% 2026		50,000		53,731
U.S. Treasury 2.25% 2049⁵		25,700		30,896
U.S. Treasury 2.375% 2049⁵		13,000		16,048
U.S. Treasury 2.875% 2049⁵		26,000		35,164
U.S. Treasury 3.00% 2049⁵		22,500		31,055
U.S. Treasury 1.25% 2050⁵		42,800		41,098
U.S. Treasury 0.63%–2.88% 2022–2046		33,100		36,545
				291,622

American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities 2.14%
U.S. Treasury Inflation-Protected Security 0.75% 2042^5,6	$	14,970	$	17,968
U.S. Treasury Inflation-Protected Securities 0.13%–2.13% 2022–2049^5,6		20,649		24,160
				42,128

Total U.S. Treasury bonds & notes				333,750
Total bonds, notes & other debt instruments (cost: $1,770,195,000)				1,838,286

Short-term securities 42.61%
Commercial paper 22.09%
Apple Inc. 0.14% due 9/2/2020⁴		45,000		44,989
CAFCO, LLC 0.16% due 7/20/2020⁴		25,000		24,999
Chariot Funding, LLC 0.15%–0.25% due 8/3/2020–9/25/2020⁴		30,000		29,994
CRC Funding, LLC 0.23% due 9/21/2020⁴		15,000		14,991
Eli Lilly and Co. 0.15% due 7/28/2020⁴		20,000		19,992
Emerson Electric Co. 0.15% due 8/13/2020⁴		13,500		13,488
ExxonMobil Corp. 0.18%–0.19% due 8/24/2020–9/3/2020		34,300		34,290
Johnson & Johnson 0.11%–0.15% due 8/3/2020–9/8/2020⁴		38,225		38,217
Merck & Co. Inc. 0.25% due 8/13/2020⁴		25,000		24,997
OMERS Finance Trust 0.14% due 7/13/2020⁴		20,000		19,999
Paccar Financial Corp. 0.10%–0.12% due 7/2/2020–7/9/2020		49,000		49,000
Pfizer Inc. 0.21%–0.23% due 10/16/2020–10/28/2020⁴		50,000		49,966
Simon Property Group, LP 0.15%–0.15% due 7/20/2020–7/23/2020⁴		30,500		30,498
Other securities				38,587
				434,007

Federal agency discount notes 18.23%
Federal Farm Credit Banks 0.12%–0.22% due 8/7/2020–11/6/2020		110,700		110,658
Federal Home Loan Bank 0.03%–0.27% due 7/1/2020–9/15/2020		233,700		233,663
Tennessee Valley Authority 0.11% due 7/15/2020		13,700		13,699
				358,020

U.S. Treasury bills 2.29%
U.S. Treasury Bills 0.10%–0.11% due 7/21/2020–7/23/2020		45,000		44,996

Total short-term securities (cost: $837,023,000)				837,023
Total investment securities 136.19% (cost: $2,607,218,000)				2,675,309
Other assets less liabilities (36.19)%				(710,931	)

Net assets 100.00%			$	1,964,378

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

94	American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount (000)		⁷	Value at 6/30/2020 (000)		⁸	Unrealized (depreciation) appreciation at 6/30/2020 (000)
30 Day Federal Funds Futures	Short		1,028	October 2020	$	(428,368	)	$	(428,175	)		$	(90	)
30 Day Federal Funds Futures	Short		759	January 2021		(316,275	)		(316,196	)			(1	)
90 Day Euro Dollar Futures	Short		4,418	September 2020		(1,104,500	)		(1,101,573	)			(251	)
90 Day Euro Dollar Futures	Short		841	March 2021		(210,250	)		(209,830	)			(38	)
2 Year U.S. Treasury Note Futures	Short		255	October 2020		(51,000	)		(56,311	)			(2	)
5 Year U.S. Treasury Note Futures	Long		2,405	October 2020		240,500			302,410				838
10 Year U.S. Treasury Note Futures	Short		445	September 2020		(44,500	)		(61,932	)			(167	)
10 Year Ultra U.S. Treasury Note Futures	Short		628	September 2020		(62,800	)		(98,900	)			(1,408	)
20 Year U.S. Treasury Bond Futures	Long		225	September 2020		22,500			40,177				253
30 Year Ultra U.S. Treasury Bond Futures	Long		1,159	September 2020		115,900			252,843				1,085
												$	219

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2020 (000)			Upfront premium paid (000)		Unrealized appreciation (depreciation) at 6/30/2020 (000)
1.309%	U.S. EFFR	12/16/2020	$	356,850	$	1,141		$	—		$	1,141
1.33075%	U.S. EFFR	12/16/2020		236,600		769			—			769
2.5775%	U.S. EFFR	7/16/2022		181,639		4,836			—			4,836
1.2525%	U.S. EFFR	2/14/2023		156,941		5,141			—			5,141
U.S. EFFR	0.11%	5/18/2024		163,600		(4	)		—			(4	)
U.S. EFFR	0.126%	6/25/2025		20,100		(38	)		—			(38	)
U.S. EFFR	0.1275%	6/25/2025		20,100		(40	)		—			(40	)
U.S. EFFR	0.1275%	6/25/2025		28,500		(56	)		—			(56	)
U.S. EFFR	0.0975%	6/30/2025		15,429		(7	)		—			(7	)
U.S. EFFR	0.105%	6/30/2025		28,500		(23	)		—			(23	)
U.S. EFFR	0.106%	6/30/2025		35,063		(30	)		—			(30	)
U.S. EFFR	0.093%	7/2/2025		25,600		(5	)		—			(5	)
U.S. EFFR	0.096%	7/2/2025		25,500		(8	)		—			(8	)
3-month USD-LIBOR	1.867%	7/11/2025		49,400		(2,174	)		—			(2,174	)
2.91%	3-month USD-LIBOR	2/1/2028		16,000		1,795			—			1,795
2.908%	3-month USD-LIBOR	2/1/2028		16,000		1,793			—			1,793
2.925%	3-month USD-LIBOR	2/1/2028		12,800		1,445			—			1,445
2.92%	3-month USD-LIBOR	2/2/2028		12,200		1,374			—			1,374
U.S. EFFR	0.5385%	3/26/2030		49,000		(755	)		—			(755	)
0.913%	3-month USD-LIBOR	6/9/2030		31,000		854			—			854
3-month USD-LIBOR	2.986%	2/1/2038		7,800		(1,356	)		—			(1,356	)
3-month USD-LIBOR	2.9625%	2/1/2038		9,800		(1,682	)		—			(1,682	)
3-month USD-LIBOR	2.963%	2/1/2038		9,800		(1,682	)		—			(1,682	)
0.833%	3-month USD-LIBOR	4/3/2040		15,800		(131	)		—			(131	)
3-month USD-LIBOR	3.34%	6/27/2044		10,000		(5,477	)		—			(5,477	)
3-month USD-LIBOR	3.206%	7/31/2044		16,000		(8,307	)		—			(8,307	)
3-month USD-LIBOR	3.238%	8/8/2044		16,000		(8,429	)		—			(8,429	)
3-month USD-LIBOR	2.7045%	1/2/2045		12,000		(4,947	)		—			(4,947	)
3-month USD-LIBOR	2.4945%	1/9/2045		2,000		(728	)		—			(728	)
3-month USD-LIBOR	2.5055%	1/9/2045		11,000		(4,034	)		—			(4,034	)
3-month USD-LIBOR	2.52822%	11/23/2045		4,390		(1,683	)		—			(1,683	)
3-month USD-LIBOR	1.934%	12/12/2049		15,000		(4,117	)		—			(4,117	)
3-month USD-LIBOR	1.935%	12/17/2049		17,280		(4,750	)		—			(4,750	)
3-month USD-LIBOR	2.007%	12/19/2049		16,300		(4,798	)		—			(4,798	)

American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Swap contracts (continued)

Interest rate swaps (continued)

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2020 (000)			Upfront premium paid (000)		Unrealized appreciation (depreciation) at 6/30/2020 (000)
3-month USD-LIBOR	2.045%	12/27/2049	$	15,100	$	(4,604	)	$	—		$	(4,604	)
3-month USD-LIBOR	2.0375%	1/6/2050		8,480		(2,568	)		—			(2,568	)
3-month USD-LIBOR	1.961%	1/9/2050		17,700		(4,995	)		—			(4,995	)
3-month USD-LIBOR	1.678%	2/21/2050		15,865		(3,274	)		—			(3,274	)
0.8235%	3-month USD-LIBOR	4/24/2050		5,300		(139	)		—			(139	)
								$	—		$	(51,693	)

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
²	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
³	Purchased on a TBA basis.
⁴	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $381,008,000, which represented 19.40% of the net assets of the fund.
⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $47,020,000, which represented 2.39% of the net assets of the fund.
⁶	Index-linked bond whose principal amount moves with a government price index.
⁷	Notional amount is calculated based on the number of contracts and notional contract size.
⁸	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

96	American Funds Insurance Series

Managed Risk Growth Fund
Investment portfolio June 30, 2020	unaudited

Growth funds 80.77%	Shares		Value (000)
American Funds Insurance Series – Growth Fund, Class 1	4,337,694	$	384,320

Total growth funds (cost: $325,521,000)			384,320

Fixed income funds 11.85%
American Funds Insurance Series – Bond Fund, Class 1	4,800,568		56,359

Total fixed income funds (cost: $55,586,000)			56,359

Short-term securities 4.36%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%¹	20,768,279		20,768

Total short-term securities (cost: $20,768,000)			20,768
Total investment securities 96.98% (cost: $401,875,000)			461,447
Other assets less liabilities 3.02%			14,347

Net assets 100.00%		$	475,794

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		²	Value at 6/30/2020 (000)		³	Unrealized appreciation (depreciation) at 6/30/2020 (000)
5 Year U.S. Treasury Note Futures	Long	1,830	September 2020	$	183,000		$	230,108			$	521
Euro Stoxx 50 Index Contracts	Short	115	September 2020	€	(1	)		(4,176	)			(58	)
FTSE 100 Index Contracts	Short	88	September 2020	£	(1	)		(6,693	)			28
S&P Mid 400 E-mini Index Contracts	Short	16	September 2020	$	(2	)		(2,847	)			(31	)
Mini MSCI Emerging Market Index Contracts	Short	81	September 2020		(4	)		(3,992	)			(57	)
Nikkei 225 Index Contracts	Short	4	September 2020	¥	(4	)		(829	)			20
Russell 2000 Mini Index Contracts	Short	74	September 2020	$	(4	)		(5,319	)			(142	)
S&P 500 E-mini Index Contracts	Short	934	September 2020		(47	)		(144,312	)			(1,226	)
Euro Currency Contracts	Short	33	September 2020	€	(4,125	)		(4,642	)			47
British Pound Currency Contracts	Short	95	September 2020	£	(5,937	)		(7,361	)			147
Japanese Yen Currency Contracts	Short	7	September 2020	¥	(87,500	)		(811	)			3
											$	(748	)

American Funds Insurance Series

Managed Risk Growth Fund

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized appreciation (depreciation) (000)			Dividend income (000)		Value of affiliates at 6/30/2020 (000)
Growth funds 80.77%
American Funds Insurance Series – Growth Fund, Class 1		4,413,020		2,704,845		2,780,171		4,337,694	$	19,348	$	14,700		$	1,044	$	384,320
Fixed income funds 11.85%
American Funds Insurance Series – Bond Fund, Class 1		5,970,036		4,753,074		5,922,542		4,800,568		3,228		(1,124	)		278		56,359
Total 92.62%									$	22,576	$	13,576		$	1,322	$	440,679

¹	Rate represents the seven-day yield at 6/30/2020.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

$ = U.S. dollars

See notes to financial statements.

98	American Funds Insurance Series

Managed Risk International Fund
Investment portfolio June 30, 2020	unaudited

Growth funds 80.16%	Shares		Value (000)
American Funds Insurance Series – International Fund, Class 1		6,722,659	$	124,235

Total growth funds (cost: $123,593,000)				124,235

Fixed income funds 10.54%
American Funds Insurance Series – Bond Fund, Class 1		1,391,875		16,340

Total fixed income funds (cost: $16,266,000)				16,340

Short-term securities 5.51%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%¹		8,534,973		8,535

Total short-term securities (cost: $8,535,000)				8,535
Total investment securities 96.21% (cost: $148,394,000)				149,110
Other assets less liabilities 3.79%				5,881

Net assets 100.00%			$	154,991

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		²	Value at 6/30/2020 (000)		³	Unrealized appreciation (depreciation) at 6/30/2020 (000)
5 Year U.S. Treasury Note Futures	Long	591	September 2020	$	59,100		$	74,314			$	169
Russell 2000 Mini Index Contracts	Short	4	September 2020		—	⁴		(288	)			(6	)
FTSE 100 Index Contracts	Short	53	September 2020	£	(1	)		(4,031	)			27
S&P 500 E-mini Index Contracts	Short	18	September 2020	$	(1	)		(2,781	)			(11	)
Euro Stoxx 50 Index Contracts	Short	398	September 2020	€	(4	)		(14,452	)			(201	)
Mini MSCI Emerging Market Index Contracts	Short	430	September 2020	$	(21	)		(21,193	)			(335	)
Nikkei 225 Index Contracts	Short	46	September 2020	¥	(46	)		(9,531	)			168
British Pound Currency Contracts	Short	58	September 2020	£	(3,625	)		(4,494	)			124
Euro Currency Contracts	Short	113	September 2020	€	(14,125	)		(15,896	)			176
Japanese Yen Currency Contracts	Short	87	September 2020	¥	(1,087,500	)		(10,082	)			35
											$	146

American Funds Insurance Series

Managed Risk International Fund

Investments in affiliates

	Beginning shares		Additions		Reductions		Ending shares		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 6/30/2020 (000)
Growth funds 80.16%
American Funds Insurance Series – International Fund, Class 1		6,417,163		3,607,142		3,301,646		6,722,659	$	(274	)	$	(13,491	)	$	291	$	124,235
Fixed income funds 10.54%
American Funds Insurance Series – Bond Fund, Class 1		2,190,172		1,552,632		2,350,929		1,391,875		1,004			(602	)		76		16,340
Total 90.70%									$	730		$	(14,093	)	$	367	$	140,575

¹	Rate represents the seven-day yield at 6/30/2020.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.
⁴	Amount less than one thousand.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

$ = U.S. dollars

See notes to financial statements.

100	American Funds Insurance Series

Managed Risk Blue Chip Income and Growth Fund

Investment portfolio June 30, 2020

unaudited

Growth-and-income funds 80.69%	Shares		Value (000)
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		22,665,236	$	277,422

Total growth-and-income funds (cost: $256,393,000)				277,422

Fixed income funds 11.98%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		3,150,130		41,204

Total fixed income funds (cost: $41,869,000)				41,204

Short-term securities 4.16%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%¹		14,294,614		14,295

Total short-term securities (cost: $14,295,000)				14,295
Total investment securities 96.83% (cost: $312,557,000)				332,921
Other assets less liabilities 3.17%				10,910

Net assets 100.00%			$	343,831

Futures contracts

Contracts	Type	Number of contracts	Expiration		Notional amount (000)	²	Value at 6/30/2020 (000)		³	Unrealized appreciation (depreciation) at 6/30/2020 (000)
5 Year U.S. Treasury Note Futures	Long	1,326	September 2020	$	132,600		$	166,734			$	358
Euro Stoxx 50 Index Contracts	Short	27	September 2020	€	—	⁴		(980	)			(15	)
FTSE 100 Index Contracts	Short	19	September 2020	£	—	⁴		(1,445	)			7
S&P Mid 400 E-mini Index Contracts	Short	4	September 2020	$	—	⁴		(712	)			5
Russell 2000 Mini Index Contracts	Short	24	September 2020		(1	)		(1,725	)			(46	)
Nikkei 225 Index Contracts	Short	3	September 2020	¥	(3	)		(622	)			13
S&P 500 E-mini Index Contracts	Short	843	September 2020	$	(42	)		(130,252	)			(1,128	)
Euro Currency Contracts	Short	8	September 2020	€	(1,000	)		(1,125	)			12
British Pound Currency Contracts	Short	20	September 2020	£	(1,250	)		(1,550	)			21
Japanese Yen Currency Contracts	Short	6	September 2020	¥	(75,000	)		(695	)			2
											$	(771	)

American Funds Insurance Series

101

Managed Risk Blue Chip Income and Growth Fund

Investments in affiliates

	Beginning shares		Additions		Reductions		Ending shares		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Dividend income (000)		Value of affiliates at 6/30/2020 (000)
Growth-and-income funds 80.69%
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		22,089,727		17,541,545		16,966,036		22,665,236	$	(44,343	)	$	17,301		$	1,252	$	277,422
Fixed income funds 11.98%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		4,337,434		4,396,329		5,583,633		3,150,130		4,403			(1,398	)		249		41,204
Total 92.67%									$	(39,940	)	$	15,903		$	1,501	$	318,626

¹	Rate represents the seven-day yield at 6/30/2020.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.
⁴	Amount less than one thousand.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

$ = U.S. dollars

See notes to financial statements.

102	American Funds Insurance Series

Managed Risk Growth-Income Fund

Investment portfolio June 30, 2020

unaudited

Growth-and-income funds 79.81%	Shares		Value (000)
American Funds Insurance Series – Growth-Income Fund, Class 1		37,428,324	$	1,774,103

Total growth-and-income funds (cost: $1,699,817,000)				1,774,103

Fixed income funds 14.34%
American Funds Insurance Series – Bond Fund, Class 1		27,153,850		318,786

Total fixed income funds (cost: $301,353,000)				318,786

Short-term securities 3.45%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%¹		76,700,100		76,700

Total short-term securities (cost: $76,700,000)				76,700

Options purchased 0.91%
Options purchased*				20,156

Total options purchased (cost: $14,491,000)				20,156
Total investment securities 98.51% (cost: $2,092,361,000)				2,189,745
Other assets less liabilities 1.49%				33,195

Net assets 100.00%			$	2,222,940

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 6/30/2020 (000)
S&P 500 Index	15	$	47	$	2,325.00	9/18/2020		$	26
S&P 500 Index	205		636		2,375.00	9/18/2020			414
S&P 500 Index	130		403		2,400.00	9/18/2020			283
S&P 500 Index	140		434		2,425.00	9/18/2020			330
S&P 500 Index	390		1,209		2,450.00	9/18/2020			996
S&P 500 Index	150		465		2,475.00	9/18/2020			412
S&P 500 Index	85		264		2,500.00	9/18/2020			238
S&P 500 Index	2,845		8,820		2,525.00	9/18/2020			9,047
S&P 500 Index	500		1,550		1,775.00	12/18/2020			722
S&P 500 Index	805		2,496		1,950.00	12/18/2020			1,707
S&P 500 Index	250		775		2,025.00	12/18/2020			700
S&P 500 Index	1,205		3,736		2,050.00	12/18/2020			3,446
S&P 500 Index	570		1,767		2,075.00	12/18/2020			1,835
								$	20,156

American Funds Insurance Series

103

Managed Risk Growth-Income Fund

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		²	Value at 6/30/2020 (000)		³	Unrealized appreciation (depreciation) at 6/30/2020 (000)
5 Year U.S. Treasury Note Futures	Long	6,944	September 2020	$	694,400		$	873,154			$	1,869
FTSE 100 Index Contracts	Short	472	September 2020	£	(5	)		(35,898	)			125
Russell 2000 Mini Index Contracts	Short	115	September 2020	$	(6	)		(8,266	)			(252	)
Euro Stoxx 50 Index Contracts	Short	653	September 2020	€	(7	)		(23,712	)			(336	)
S&P Mid 400 E-mini Index Contracts	Short	93	September 2020	$	(9	)		(16,546	)			(86	)
Mini MSCI Emerging Market Index Contracts	Short	196	September 2020		(10	)		(9,660	)			(124	)
Nikkei 225 Index Contracts	Short	21	September 2020	¥	(21	)		(4,351	)			10
S&P 500 E-mini Index Contracts	Short	2,188	September 2020	$	(109	)		(338,068	)			(647	)
Euro Currency Contracts	Short	192	September 2020	€	(24,000	)		(27,009	)			191
British Pound Currency Contracts	Short	514	September 2020	£	(32,125	)		(39,825	)			664
Japanese Yen Currency Contracts	Short	42	September 2020	¥	(525,000	)		(4,867	)			28
											$	1,442

Investments in affiliates

	Beginning shares		Additions		Reductions		Ending shares		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 6/30/2020 (000)
Growth-and-income funds 79.81%
American Funds Insurance Series – Growth-Income Fund, Class 1		36,320,774		8,983,578		7,876,028		37,428,324	$	(18,289	)	$	(88,186	)	$	7,790	$	1,774,103
Fixed income funds 14.34%
American Funds Insurance Series – Bond Fund, Class 1		30,186,789		13,872,805		16,905,744		27,153,850		15,325			(2,561	)		1,520		318,786
Total 94.15%									$	(2,964	)	$	(90,747	)	$	9,310	$	2,092,889

¹	Rate represents the seven-day yield at 6/30/2020.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

$ = U.S. dollars

See notes to financial statements.

104	American Funds Insurance Series

Managed Risk Asset Allocation Fund

Investment portfolio June 30, 2020

unaudited

Asset allocation funds 94.87%	Shares	Value (000)
American Funds Insurance Series – Asset Allocation Fund, Class 1	106,445,576	$	2,499,342

Total asset allocation funds (cost: $2,371,532,000)			2,499,342

Short-term securities 3.36%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%¹	88,533,146		88,533

Total short-term securities (cost: $88,533,000)			88,533
Total investment securities 98.23% (cost: $2,460,065,000)			2,587,875
Other assets less liabilities 1.77%			46,716

Net assets 100.00%		$	2,634,591

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		²	Value at 6/30/2020 (000)		³	Unrealized appreciation (depreciation) at 6/30/2020 (000)
5 Year U.S. Treasury Note Futures	Long	6,187	September 2020	$	618,700		$	777,967			$	1,825
FTSE 100 Index Contracts	Short	155	September 2020	£	(2	)		(11,789	)			57
Euro Stoxx 50 Index Contracts	Short	744	September 2020	€	(7	)		(27,016	)			(415	)
S&P Mid 400 E-mini Index Contracts	Short	74	September 2020	$	(7	)		(13,165	)			(72	)
Russell 2000 Mini Index Contracts	Short	182	September 2020		(9	)		(13,082	)			(386	)
Nikkei 225 Index Contracts	Short	18	September 2020	¥	(18	)		(3,730	)			33
Mini MSCI Emerging Market Index Contracts	Short	380	September 2020	$	(19	)		(18,728	)			(230	)
S&P 500 E-mini Index Contracts	Short	2,871	September 2020		(144	)		(443,598	)			(5,339	)
British Pound Currency Contracts	Short	171	September 2020	£	(10,688	)		(13,249	)			243
Euro Currency Contracts	Short	213	September 2020	€	(26,625	)		(29,962	)			216
Japanese Yen Currency Contracts	Short	34	September 2020	¥	(425,000	)		(3,940	)			17
											$	(4,051	)

Investment in affiliates

This holding is an affiliate of the fund under the Investment Company Act of 1940 since it is controlled by the same board of trustees as the series. Further details on this holding and related transactions during the six months ended June 30, 2020, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized depreciation (000)			Dividend income (000)		Value of affiliate at 6/30/2020 (000)
Asset allocation funds 94.87%
American Funds Insurance Series – Asset Allocation Fund, Class 1		112,462,863		30,198,966		36,216,253		106,445,576	$	31,110	$	(115,825	)	$	11,742	$	2,499,342

¹	Rate represents the seven-day yield at 6/30/2020.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

105

Financial statements

Statements of assets and liabilities
at June 30, 2020

	Global Growth Fund		Global Small Capitalization Fund			Growth Fund		International Fund		New World Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	6,800,923	$	4,406,547		$	30,210,096	$	8,909,827	$	3,446,624
Affiliated issuers		—		28,136			—		—		—
Cash		1,219		140			1,290		51		652
Cash collateral received for securities on loan		2,692		6,779			—		1,203		898
Cash denominated in currencies other than U.S. dollars		755		282			182		1,477		5,282
Unrealized appreciation on open forward currency contracts		—		—			—		—		10
Receivables for:
Sales of investments		—		1,722			239,774		64,948		22,688
Sales of fund’s shares		1,823		163			20,147		1,931		1,596
Dividends and interest		8,335		3,570			16,137		22,780		8,580
Closed forward currency contracts		—		—			—		—		—
Variation margin on futures contracts		—		—			—		—		—
Variation margin on swap contracts		—		—			—		—		—
Securities lending income		17		409			—		53		11
Other		512		—	*		8		327		1,814
		6,816,276		4,447,748			30,487,634		9,002,597		3,488,155
Liabilities:
Collateral for securities on loan		26,917		67,795			—		12,030		8,979
Unrealized depreciation on open forward currency contracts		—		—			—		—		4
Payables for:
Purchases of investments		27		9,377			35,543		29,973		17,929
Repurchases of fund’s shares		24,159		14,174			117,041		14,206		7,519
Investment advisory services		2,819		2,483			7,790		3,658		1,460
Insurance administrative fees		231		113			966		201		363
Services provided by related parties		1,010		599			4,420		1,085		395
Trustees’ deferred compensation		73		50			465		192		34
Closed forward currency contracts		—		—			—		—		—
Variation margin on futures contracts		—		—			—		—		16
Variation margin on swap contracts		—		—			—		—		—
Non-U.S. taxes		2,859		139			992		8,079		6,580
Other		745		87			80		206		421
		58,840		94,817			167,297		69,630		43,700
Net assets at June 30, 2020	$	6,757,436	$	4,352,931		$	30,320,337	$	8,932,967	$	3,444,455

Net assets consist of:
Capital paid in on shares of beneficial interest	$	3,642,424	$	3,312,498		$	14,523,960	$	7,757,420	$	2,642,985
Total distributable earnings (accumulated loss)		3,115,012		1,040,433			15,796,377		1,175,547		801,470
Net assets at June 30, 2020	$	6,757,436	$	4,352,931		$	30,320,337	$	8,932,967	$	3,444,455

Investment securities on loan, at value	$	25,635	$	69,706		$	—	$	11,451	$	8,556
Investment securities, at cost:
Unaffiliated issuers		3,717,864		3,210,976			15,395,228		7,341,731		2,656,688
Affiliated issuers		—		60,721			—		—		—
Cash denominated in currencies other than U.S. dollars, at cost		755		282			183		1,477		5,283

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

106	American Funds Insurance Series

unaudited

(dollars in thousands)

Blue Chip Income and Growth Fund		Global Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder			Asset Allocation Fund			Global Balanced Fund		Bond Fund			Capital World Bond Fund (formerly Global Bond Fund)

$	8,417,359	$	1,920,163	$	33,982,191	$	1,298,444	$	974,871		$	27,593,550		$	416,011	$	11,689,474		$	2,137,369
	—		—		—		—		—			76,331			—		—			—
	2,792		887		3,520		50		701			2,526			133		6,655			537
	—		—		—		—		377			5,034			—		—			—
	—		75		—		232		366			—			9		—	*		64
	—		—		—		—		—			—			108		2,979			742

	—		4,998		50,811		—		15,078			1,174,758			6,689		1,909,331			83,348
	2,684		571		5,896		239		1,529			9,474			75		34,126			3,504
	10,614		4,733		40,582		4,075		3,336			77,276			1,374		58,586			14,841
	—		—		—		—		—			—			47		—			5,787
	—		—		—		—		12			334			1		1,252			95
	—		—		—		—		69			—	*		11		296			295
	—		—		—		—		13			60			—		—			—
	—		183		—		18		16			140			21		80			66
	8,433,449		1,931,610		34,083,000		1,303,058		996,368			28,939,483			424,479		13,702,779			2,246,648

	—		—		—		—		3,773			50,338			—		—			—
	—		27		—		—		4			—			165		1,252			1,979

	6,195		9,766		75,860		23		27,339			2,458,118			10,537		3,321,101			160,470
	7,390		3,444		39,467		1,061		3,215			19,456			84		4,381			818
	2,725		948		7,130		660		174			5,749			224		3,069			737
	374		77		691		53		253			2,627			56		342			30
	911		321		3,660		90		109			2,547			68		1,093			258
	87		23		540		11		4			269			3		116			25
	—		—		—		—		—			—			—		—			1,089
	—		—		—		—		66			776			—		968			90
	—		—		—		—		—	*		—			7		142			126
	95		1,905		186		140		120			724			41		—			137
	3		30		1,127		36		10			32			6		12			88
	17,780		16,541		128,661		2,074		35,067			2,540,636			11,191		3,332,476			165,847
$	8,415,669	$	1,915,069	$	33,954,339	$	1,300,984	$	961,301		$	26,398,847		$	413,288	$	10,370,303		$	2,080,801

$	7,039,795	$	1,507,479	$	24,581,668	$	1,287,115	$	966,903		$	20,193,336		$	345,828	$	9,435,457		$	1,992,653
	1,375,874		407,590		9,372,671		13,869		(5,602	)		6,205,511			67,460		934,846			88,148
$	8,415,669	$	1,915,069	$	33,954,339	$	1,300,984	$	961,301		$	26,398,847		$	413,288	$	10,370,303		$	2,080,801

$	—	$	—	$	—	$	—	$	3,593		$	47,984		$	—	$	—		$	—

	7,070,167		1,535,745		24,591,940		1,201,052		905,907			22,097,199			351,926		11,155,136			2,078,021
	—		—		—		—		—			112,973			—		—			—
	—		75		—		237		366			—			9		—	*		78

American Funds Insurance Series

107

Statements of assets and liabilities
at June 30, 2020

	High- Income Bond Fund			American Funds Mortgage Fund (formerly Mortgage Fund)		Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund		Managed Risk Growth Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	787,337		$	412,848	$	343,931		$	2,675,309	$	20,768
Affiliated issuers		—			—		—			—		440,679
Cash		710			274		64			1,214		—
Cash collateral pledged for futures contracts		—			—		—			—		14,719
Cash collateral pledged for swap contracts		1,087			—		—			—		—
Cash denominated in currencies other than U.S. dollars		—	*		—		—			—		—
Receivables for:
Sales of investments		4,471			84,455		—			838,085		3,201
Sales of fund’s shares		1,729			325		544			8,786		33
Dividends and interest		13,600			526		—			5,505		2
Variation margin on futures contracts		—			15		—			227		86
Variation margin on swap contracts		—			72		—			1,651		—
Other		3			1		—			—		—
		808,937			498,516		344,539			3,530,777		479,488
Liabilities:
Payables for:
Purchases of investments		21,311			211,160		—			1,560,978		—
Repurchases of fund’s shares		2,723			387		157			2,636		1,082
Investment advisory services		319			56		90			571		38
Insurance administrative fees		30			23		21			155		277
Services provided by related parties		159			26		70			367		92
Trustees’ deferred compensation		41			3		15			52		2
Variation margin on futures contracts		—			33		—			1,390		2,203
Variation margin on swap contracts		102			3		—			249		—
Other		1			—		—	*		1		—
		24,686			211,691		353			1,566,399		3,694
Net assets at June 30, 2020	$	784,251		$	286,825	$	344,186		$	1,964,378	$	475,794

Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,067,386		$	269,291	$	343,495		$	1,711,687	$	400,000
Total distributable earnings (accumulated loss)		(283,135	)		17,534		691			252,691		75,794
Net assets at June 30, 2020	$	784,251		$	286,825	$	344,186		$	1,964,378	$	475,794

Investment securities, at cost:
Unaffiliated issuers	$	857,624		$	406,890	$	343,921		$	2,607,218	$	20,768
Affiliated issuers		—			—		—			—		381,107
Cash denominated in currencies other than U.S. dollars, at cost		—	*		—		—			—		—

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

108	American Funds Insurance Series

unaudited
(dollars in thousands)

Managed Risk International Fund			Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund

$	8,535		$	14,295		$	96,856	$	88,533
	140,575			318,626			2,092,889		2,499,342
	—			—			—		—
	6,156			11,264			39,871		48,572
	—			—			—		—
	—			—			—		—

	115			2,343			—		9,272
	—	*		360			143		283
	1			1			8		9
	159			16			417		213
	—			—			—		—
	—			—			—		—
	155,541			346,905			2,230,184		2,646,224

	—			326			107		—
	127			571			30		2,393
	13			29			183		217
	92			207			1,329		1,612
	31			69			57		535
	1			2			6		25
	286			1,870			5,532		6,851
	—			—			—		—
	—			—			—		—
	550			3,074			7,244		11,633
$	154,991		$	343,831		$	2,222,940	$	2,634,591

$	167,076		$	371,801		$	2,034,478	$	2,507,349
	(12,085	)		(27,970	)		188,462		127,242
$	154,991		$	343,831		$	2,222,940	$	2,634,591

$	8,535		$	14,295		$	91,191	$	88,533
	139,859			298,262			2,001,170		2,371,532
	—			—			—		—

American Funds Insurance Series

109

Statements of assets and liabilities
at June 30, 2020

		Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	2,577,265	$	1,953,722	$	11,854,034	$	4,728,600	$	1,892,168
	Shares outstanding		78,302		80,407		133,807		255,867		77,279
	Net asset value per share	$	32.91	$	24.30	$	88.59	$	18.48	$	24.48
Class 1A:	Net assets	$	7,122	$	678	$	25,600	$	7,547	$	6,554
	Shares outstanding		217		28		290		410		269
	Net asset value per share	$	32.79	$	24.22	$	88.16	$	18.41	$	24.37
Class 2:	Net assets	$	3,771,308	$	2,197,405	$	16,504,586	$	3,834,301	$	901,859
	Shares outstanding		115,891		93,404		188,011		208,477		37,228
	Net asset value per share	$	32.54	$	23.53	$	87.79	$	18.39	$	24.23
Class 3:	Net assets					$	224,772	$	21,011
	Shares outstanding		Not applicable		Not applicable		2,519		1,134		Not applicable
	Net asset value per share					$	89.23	$	18.52
Class 4:	Net assets	$	401,741	$	201,126	$	1,711,345	$	341,508	$	643,874
	Shares outstanding		12,429		8,510		19,805		18,806		26,726
	Net asset value per share	$	32.32	$	23.63	$	86.41	$	18.16	$	24.09

		High- Income Bond Fund		American Funds Mortgage Fund (formerly Mortgage Fund)		Ultra-Short Bond Fund		U.S. Government/ AAA-Rated Securities Fund		Managed Risk Growth Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	114,962	$	191,924	$	42,342	$	375,307
	Shares outstanding		12,425		17,278		3,741		28,687		Not applicable
	Net asset value per share	$	9.25	$	11.11	$	11.32	$	13.08
Class 1A:	Net assets	$	879	$	600	$	10	$	3,167
	Shares outstanding		95		54		1		243		Not applicable
	Net asset value per share	$	9.23	$	11.08	$	11.32	$	13.04
Class 2:	Net assets	$	609,375	$	56,036	$	264,574	$	1,327,819
	Shares outstanding		67,113		5,058		24,017		102,663		Not applicable
	Net asset value per share	$	9.08	$	11.08	$	11.02	$	12.93
Class 3:	Net assets	$	8,885			$	3,704	$	10,561
	Shares outstanding		956		Not applicable		333		806		Not applicable
	Net asset value per share	$	9.29			$	11.14	$	13.10
Class 4:	Net assets	$	50,150	$	38,265	$	33,556	$	247,524
	Shares outstanding		5,067		3,492		3,016		19,159		Not applicable
	Net asset value per share	$	9.90	$	10.96	$	11.12	$	12.92
Class P1:	Net assets									$	8,933
	Shares outstanding		Not applicable		Not applicable		Not applicable		Not applicable		632
	Net asset value per share									$	14.14
Class P2:	Net assets									$	466,861
	Shares outstanding		Not applicable		Not applicable		Not applicable		Not applicable		33,228
	Net asset value per share									$	14.05


*	Amount less than one thousand.

See notes to financial statements.

110	American Funds Insurance Series

unaudited

(dollars and shares in thousands, except per-share amounts)

Blue Chip Income and Growth Fund		Global Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder		Asset Allocation Fund		Global Balanced Fund		Bond Fund		Capital World Bond Fund (formerly Global Bond Fund)

$	5,012,447	$	595,521	$	20,113,557	$	1,018,911	$	531,064	$	17,060,999	$	127,192	$	6,193,266	$	1,063,326
	409,370		43,360		424,334		66,159		53,711		726,468		9,725		527,359		87,569
$	12.24	$	13.73	$	47.40	$	15.40	$	9.89	$	23.48	$	13.08	$	11.74	$	12.14
$	12,167	$	1,947	$	11,148	$	2,228	$	5,218	$	11,158	$	2,179	$	7,741	$	589
	998		142		236		145		528		477		167		662		49
$	12.18	$	13.69	$	47.20	$	15.36	$	9.88	$	23.41	$	13.04	$	11.69	$	12.11
$	2,750,308	$	1,184,793	$	12,503,946	$	190,263	$	5,976	$	4,808,231	$	192,194	$	3,588,958	$	968,059
	227,855		86,504		267,435		12,402		605		207,145		14,739		309,891		80,404
$	12.07	$	13.70	$	46.76	$	15.34	$	9.88	$	23.21	$	13.04	$	11.58	$	12.04
				$	142,104					$	30,325
	Not applicable		Not applicable		2,994		Not applicable		Not applicable		1,290		Not applicable		Not applicable		Not applicable
				$	47.47					$	23.50
$	640,747	$	132,808	$	1,183,584	$	89,582	$	419,043	$	4,488,134	$	91,723	$	580,338	$	48,827
	53,430		9,866		25,635		5,881		42,463		194,512		7,109		50,272		4,097
$	11.99	$	13.46	$	46.17	$	15.23	$	9.87	$	23.07	$	12.90	$	11.54	$	11.92

Managed Risk International Fund		Managed Risk Blue Chip Income and Growth Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund

	Not applicable		Not applicable		Not applicable		Not applicable


	Not applicable		Not applicable		Not applicable		Not applicable


	Not applicable		Not applicable		Not applicable		Not applicable


	Not applicable		Not applicable		Not applicable		Not applicable


	Not applicable		Not applicable		Not applicable		Not applicable

$	1,287	$	1,200	$	1,938,294	$	3,884
	137		115		150,354		309
$	9.41	$	10.44	$	12.89	$	12.56
$	153,704	$	342,631	$	284,646	$	2,630,707
	16,426		33,045		22,208		215,304
$	9.36	$	10.37	$	12.82	$	12.22


American Funds Insurance Series	111

Statements of operations
for the six months ended June 30, 2020

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends	$	40,163		$	16,488		$	123,178		$	70,461		$	21,534
Interest		6			3			1,279			2,634			3,317
Securities lending income		46			1,880			—			95			40
		40,215			18,371			124,457			73,190			24,891
*Fees and expenses:**
Investment advisory services		16,284			14,314			44,278			21,651			11,609
Distribution services		4,928			2,830			21,161			5,104			1,819
Insurance administrative services		469			233			1,915			423			746
Transfer agent services		—	^†		—	^†		2			1			—	^†
Administrative services		948			616			4,150			1,312			496
Reports to shareholders		86			55			356			120			54
Registration statement and prospectus		34			69			187			77			24
Trustees’ compensation		10			7			44			14			5
Auditing and legal		14			29			16			28			56
Custodian		356			295			242			834			410
Other		3			40			13			5			32
Total fees and expenses before waivers/reimbursements		23,132			18,488			72,364			29,569			15,251
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		—			—			—			—			984
Total fees and expenses after waivers		23,132			18,488			72,364			29,569			14,267
Net investment income (loss)		17,083			(117	)		52,093			43,621			10,624
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments
Unaffiliated issuers		42,774			(126,951	)		946,951			(232,455	)		15,408
Affiliated issuers		—			—			—			—			—
Futures contracts		—			—			—			—			—
Forward currency contracts		—			—			—			182			(23	)
Swap contracts		—			—			—			—			—
Currency transactions		(885	)		(560	)		(847	)		(1,833	)		(1,402	)
		41,889			(127,511	)		946,104			(234,106	)		13,983
Net unrealized appreciation (depreciation) on:
Investments
Unaffiliated issuers		198,615			1,895			2,294,869			(896,169	)		(185,316	)
Affiliated issuers		—			620			—			—			—
Futures contracts		—			—			—			—			73
Forward currency contracts		—			—			—			131			6
Swap contracts		—			—			—			—			—
Currency translations		44			(242	)		(45	)		214			(150	)
		198,659			2,273			2,294,824			(895,824	)		(185,387	)
Net realized gain (loss) and unrealized appreciation (depreciation)		240,548			(125,238	)		3,240,928			(1,129,930	)		(171,404	)
Net increase (decrease) in net assets resulting from operations	$	257,631		$	(125,355	)	$	3,293,021		$	(1,086,309	)	$	(160,780	)

See end of statements of operations for footnotes.

See notes to financial statements.

112	American Funds Insurance Series

unaudited
(dollars in thousands)

Blue Chip Income and Growth Fund			Global Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			Global Balanced Fund			Bond Fund			Capital World Bond Fund (formerly Global Bond Fund)

$	102,649		$	19,233		$	310,513		$	17,964		$	13,592		$	169,401		$	3,127		$	4,210		$	376
	2			1,466			1,160			461			2,363			111,253			1,343			129,403			26,598
	—			—			—			—			26			492			—			—			—
	102,651			20,699			311,673			18,425			15,981			281,146			4,470			133,613			26,974

	16,131			5,622			42,043			3,906			2,264			34,143			1,343			18,900			5,455
	4,140			1,623			16,805			351			528			11,343			350			5,091			1,265
	750			162			1,425			112			528			5,389			114			680			63
	—	^†		—	^†		2			—	^†		—	^†		2			—	^†		1			—	^†
	1,237			281			4,915			190			141			3,856			61			1,563			306
	94			23			437			9			5			288			3			140			22
	102			16			190			5			31			291			3			65			17
	14			3			53			2			2			39			1			14			2
	5			21			22			9			1			14			4			6			4
	48			117			285			192			48			123			36			70			174
	4			1			17			1			—	^†		13			1			5			7
	22,525			7,869			66,194			4,777			3,548			55,501			1,916			26,535			7,315

	—			—			—			—			406			—			—			—			340
	22,525			7,869			66,194			4,777			3,142			55,501			1,916			26,535			6,975
	80,126			12,830			245,479			13,648			12,839			225,645			2,554			107,078			19,999

	(50,918	)		13,838			(270,288	)		(61,926	)		(58,786	)		493,330			1,258			263,827			11,840
	—			—			—			—			—			13,498			—			—			—
	—			—			—			—			3,729			36,972			449			85,319			(1,040	)
	—			25			—			18			24			—			398			(6,097	)		8,589
	—			—			—			—			2,323			(10,838	)		(24	)		6,561			(3,720	)
	—	^†		(630	)		663			624			11			(137	)		(203	)		(88	)		(992	)
	(50,918	)		13,233			(269,625	)		(61,284	)		(52,699	)		532,825			1,878			349,522			14,677

	(769,382	)		(252,148	)		(1,252,158	)		(165,604	)		(25,949	)		(1,159,291	)		(18,130	)		214,368			1,713
	—			—			—			—			—			(79,610	)		—			—			—
	—			—			—			—			424			3,710			17			5,309			929
	—			110			—			12			(4	)		—			42			2,917			973
	—			—			—			—			(550	)		3,812			(96	)		(24,633	)		380
	(11	)		(210	)		(470	)		(28	)		(6	)		(20	)		(11	)		6			(110	)
	(769,393	)		(252,248	)		(1,252,628	)		(165,620	)		(26,085	)		(1,231,399	)		(18,178	)		197,967			3,885

	(820,311	)		(239,015	)		(1,522,253	)		(226,904	)		(78,784	)		(698,574	)		(16,300	)		547,489			18,562
$	(740,185	)	$	(226,185	)	$	(1,276,774	)	$	(213,256	)	$	(65,945	)	$	(472,929	)	$	(13,746	)	$	654,567		$	38,561


American Funds Insurance Series	113

Statements of operations
for the six months ended June 30, 2020

	High- Income Bond Fund			American Funds Mortgage Fund (formerly Mortgage Fund)			Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund			Managed Risk Growth Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends	$	288		$	—		$	—		$	—		$	1,322
Interest		37,081			2,376			1,652			22,392			53
		37,369			2,376			1,652			22,392			1,375
*Fees and expenses:**
Investment advisory services		2,499			607			509			4,542			331
Distribution services		839			112			351			1,952			543
Insurance administrative services		65			42			37			251			552
Transfer agent services		—	^†		—	^†		—	^†		—	^†		—	^†
Administrative services		156			43			48			397			—
Accounting and administrative services		—			—			—			—			40
Reports to shareholders		15			2			3			68			4
Registration statement and prospectus		5			1			1			12			7
Trustees’ compensation		1			—	^†		1			2			1
Auditing and legal		2			1			4			2			1
Custodian		9			13			—	^†		19			7
Other		11			—	^†		—	^†		1			1
Total fees and expenses before waivers/reimbursements		3,602			821			954			7,246			1,487
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		—			85			—			—			110
Miscellaneous fee reimbursements		—			—			—			—			—
Total waivers/reimbursements of fees and expenses		—			85			—			—			110
Total fees and expenses after waivers		3,602			736			954			7,246			1,377
Net investment income (loss)		33,767			1,640			698			15,146			(2	)
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments
Unaffiliated issuers		(52,614	)		9,528			—			125,165			—
Affiliated issuers		—			—			—			—			22,576
Futures contracts		(144	)		8,464			—			87,073			(7,772	)
Swap contracts		4,677			(2,463	)		—			15,421			—
Currency transactions		1			—			—			—			(15	)
Capital gain distributions received from affiliated issuers		—			—			—			—			9,678
		(48,080	)		15,529			—			227,659			24,467
Net unrealized appreciation (depreciation) on:
Investments
Unaffiliated issuers		(67,914	)		1,496			3			29,510			—
Affiliated issuers		—			—			—			—			13,576
Futures contracts		(159	)		780			—			8,167			(687	)
Swap contracts		1,897			(3,135	)		—			(31,391	)		—
		(66,176	)		(859	)		3			6,286			12,889
Net realized gain (loss) and unrealized appreciation (depreciation)		(114,256	)		14,670			3			233,945			37,356
Net increase (decrease) in net assets resulting from operations	$	(80,489	)	$	16,310		$	701		$	249,091		$	37,354


*	Additional information related to non-U.S. taxes, class-specific fees and expenses and affiliated income is included in the notes to financial statements.
^†	Amount less than one thousand.

See notes to financial statements.

114	American Funds Insurance Series

unaudited
(dollars in thousands)

Managed Risk International Fund			Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund

$	367		$	1,501		$	9,310		$	11,742
	25			43			280			412
	392			1,544			9,590			12,154

	115			255			1,640			1,995
	190			424			344			3,321
	191			426			2,732			3,325
	—	^†		—	^†		—	^†		—	^†
	—			—			—			—
	36			39			66			65
	2			3			11			32
	—	^†		2			13			9
	—	^†		—	^†		3			4
	1			1			2			2
	7			7			7			7
	1			1			2			2
	543			1,158			4,820			8,762

	38			85			546			665
	2			—			—			—
	40			85			546			665
	503			1,073			4,274			8,097
	(111	)		471			5,316			4,057

	—			—			(9,526	)		—
	730			(39,940	)		(2,964	)		31,110
	(7,162	)		(10,119	)		42,265			(36,051	)
	—			—			—			—
	39			(9	)		(128	)		(116	)
	159			4,329			49,797			11,667
	(6,234	)		(45,739	)		79,444			6,610

	—			—			15,786			—
	(14,093	)		15,903			(90,747	)		(115,825	)
	176			(719	)		772			(3,526	)
	—			—			—			—
	(13,917	)		15,184			(74,189	)		(119,351	)

	(20,151	)		(30,555	)		5,255			(112,741	)
$	(20,262	)	$	(30,084	)	$	10,571		$	(108,684	)


American Funds Insurance Series	115

Statements of changes in net assets

	Global Growth Fund						Global Small Capitalization Fund						Growth Fund
	Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019
Operations:
Net investment income (loss)	$	17,083		$	56,332		$	(117	)	$	13,730		$	52,093		$	241,310
Net realized gain (loss)		41,889			193,918			(127,511	)		251,270			946,104			745,536
Net unrealized appreciation (depreciation)		198,659			1,619,747			2,273			882,559			2,294,824			6,038,232
Net increase (decrease) in net assets resulting from operations		257,631			1,869,997			(125,355	)		1,147,559			3,293,021			7,025,078
Distributions paid to shareholders		(207,222	)		(417,934	)		(284,490	)		(284,752	)		(815,133	)		(2,978,202	)
Net capital share transactions		(93,420	)		(153,769	)		142,503			102,952			(627,210	)		974,922
Total (decrease) increase in net assets		(43,011	)		1,298,294			(267,342	)		965,759			1,850,678			5,021,798
Net assets:
Beginning of period		6,800,447			5,502,153			4,620,273			3,654,514			28,469,659			23,447,861
End of period	$	6,757,436		$	6,800,447		$	4,352,931		$	4,620,273		$	30,320,337		$	28,469,659

	International Growth and Income Fund						Capital Income Builder						Asset Allocation Fund
	Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019
Operations:
Net investment income (loss)	$	13,648		$	37,530		$	12,839		$	24,376		$	225,645		$	527,540
Net realized gain (loss)		(61,284	)		(37,024	)		(52,699	)		(6,878	)		532,825			20,909
Net unrealized appreciation (depreciation)		(165,620	)		293,939			(26,085	)		117,343			(1,231,399	)		4,312,978
Net increase (decrease) in net assets resulting from operations		(213,256	)		294,445			(65,945	)		134,841			(472,929	)		4,861,427
Distributions paid to shareholders		(3,243	)		(53,548	)		(14,279	)		(24,614	)		(242,551	)		(1,801,337	)
Net capital share transactions		17,397			(78,069	)		42,809			213,209			(305,328	)		1,434,114
Total (decrease) increase in net assets		(199,102	)		162,828			(37,415	)		323,436			(1,020,808	)		4,494,204
Net assets:
Beginning of period		1,500,086			1,337,258			998,716			675,280			27,419,655			22,925,451
End of period	$	1,300,984		$	1,500,086		$	961,301		$	998,716		$	26,398,847		$	27,419,655

See end of statements of changes in net assets for footnote.

See notes to financial statements.

116	American Funds Insurance Series

(dollars in thousands)

International Fund						New World Fund						Blue Chip Income and Growth Fund						Global Growth and Income Fund						Growth-Income Fund
Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019

$	43,621		$	136,307		$	10,624		$	34,732		$	80,126		$	189,701		$	12,830		$	38,039		$	245,479		$	648,555
	(234,106	)		(127,992	)		13,983			32,951			(50,918	)		85,829			13,233			51,837			(269,625	)		902,476
	(895,824	)		1,988,427			(185,387	)		791,400			(769,393	)		1,423,960			(252,248	)		449,868			(1,252,628	)		6,175,985

	(1,086,309	)		1,996,742			(160,780	)		859,083			(740,185	)		1,699,490			(226,185	)		539,744			(1,276,774	)		7,727,016
	(19,263	)		(394,620	)		(41,502	)		(164,192	)		(141,493	)		(878,225	)		(58,009	)		(140,198	)		(1,058,736	)		(3,957,175	)
	(36,892	)		(536,801	)		(113,674	)		54,641			14,986			429,824			60,780			(76,937	)		263,583			2,392,290
	(1,142,464	)		1,065,321			(315,956	)		749,532			(866,692	)		1,251,089			(223,414	)		322,609			(2,071,927	)		6,162,131

	10,075,431			9,010,110			3,760,411			3,010,879			9,282,361			8,031,272			2,138,483			1,815,874			36,026,266			29,864,135
$	8,932,967		$	10,075,431		$	3,444,455		$	3,760,411		$	8,415,669		$	9,282,361		$	1,915,069		$	2,138,483		$	33,954,339		$	36,026,266

Global Balanced Fund						Bond Fund						Capital World Bond Fund (formerly Global Bond Fund)						High-Income Bond Fund						American Funds Mortgage Fund (formerly Mortgage Fund)
Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019

$	2,554		$	6,777		$	107,078		$	272,023		$	19,999		$	52,158		$	33,767		$	82,861		$	1,640		$	6,346
	1,878			9,826			349,522			243,332			14,677			21,665			(48,080	)		(19,893	)		15,529			9,940
	(18,178	)		58,663			197,967			411,625			3,885			87,557			(66,176	)		86,931			(859	)		(1,209	)

	(13,746	)		75,266			654,567			926,980			38,561			161,380			(80,489	)		149,899			16,310			15,077
	(1,456	)		(16,934	)		(144,034	)		(280,200	)		(39,902	)		(35,756	)		(12,904	)		(79,066	)		(1,602	)		(7,525	)
	(8,460	)		12,429			(691,390	)		49,693			(46,502	)		(84,997	)		(388,649	)		(8,439	)		(22,393	)		(4,217	)
	(23,662	)		70,761			(180,857	)		696,473			(47,843	)		40,627			(482,042	)		62,394			(7,685	)		3,335

	436,950			366,189			10,551,160			9,854,687			2,128,644			2,088,017			1,266,293			1,203,899			294,510			291,175
$	413,288		$	436,950		$	10,370,303		$	10,551,160		$	2,080,801		$	2,128,644		$	784,251		$	1,266,293		$	286,825		$	294,510

American Funds Insurance Series

117

Statements of changes in net assets

	Ultra-Short Bond Fund						U.S. Government/ AAA-Rated Securities Fund						Managed Risk Growth Fund
	Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019
Operations:
Net investment income (loss)	$	698		$	4,833		$	15,146		$	55,852		$	(2	)	$	2,886
Net realized gain (loss)		—			(1	)		227,659			122,154			24,467			30,629
Net unrealized appreciation (depreciation)		3			15			6,286			(22,336	)		12,889			43,736
Net increase (decrease) in net assets resulting from operations		701			4,847			249,091			155,670			37,354			77,251
Distributions paid to shareholders		(737	)		(5,093	)		(49,531	)		(60,961	)		(25,274	)		(30,222	)
Net capital share transactions		59,592			(21,528	)		(1,131,516	)		(67,678	)		24,064			49,348
Total (decrease) increase in net assets		59,556			(21,774	)		(931,956	)		27,031			36,144			96,377
Net assets:
Beginning of period		284,630			306,404			2,896,334			2,869,303			439,650			343,273
End of period	$	344,186		$	284,630		$	1,964,378		$	2,896,334		$	475,794		$	439,650

*	Unaudited.

See notes to financial statements.

118	American Funds Insurance Series

(dollars in thousands)

Managed Risk International Fund						Managed Risk Blue Chip Income and Growth Fund						Managed Risk Growth-Income Fund						Managed Risk Asset Allocation Fund
Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019			Six months ended June 30, 2020*			Year ended December 31, 2019

$	(111	)	$	1,940		$	471		$	5,680		$	5,316		$	35,433		$	4,057		$	40,653
	(6,234	)		2,677			(45,739	)		16,823			79,444			149,567			6,610			131,826
	(13,917	)		21,114			15,184			23,125			(74,189	)		180,419			(119,351	)		271,610

	(20,262	)		25,731			(30,084	)		45,628			10,571			365,419			(108,684	)		444,089
	(3,247	)		(7,796	)		(16,570	)		(23,415	)		(151,686	)		(32,440	)		(146,678	)		(177,811	)
	12,731			(3,125	)		25,050			6,553			94,331			44,643			57,449			23,729
	(10,778	)		14,810			(21,604	)		28,766			(46,784	)		377,622			(197,913	)		290,007

	165,769			150,959			365,435			336,669			2,269,724			1,892,102			2,832,504			2,542,497
$	154,991		$	165,769		$	343,831		$	365,435		$	2,222,940		$	2,269,724		$	2,634,591		$	2,832,504

American Funds Insurance Series

119

Notes to financial statements

unaudited

1. Organization

American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company with 34 different funds (“the funds”), including 23 funds in the series covered in this report. The other 11 funds in the series are covered in separate reports. Six funds in the series are covered in the American Funds Insurance Series -Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the “underlying funds”) and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily short positions on exchange-traded futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

Global Growth Fund — To provide long-term growth of capital.

Global Small Capitalization Fund — To provide long-term growth of capital.

Growth Fund — To provide growth of capital.

International Fund — To provide long-term growth of capital.

New World Fund — To provide long-term capital appreciation.

Blue Chip Income and Growth Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

Global Growth and Income Fund — To provide long-term growth of capital while providing current income.

Growth-Income Fund — To achieve long-term growth of capital and income.

International Growth and Income Fund — To provide long-term growth of capital while providing current income.

Capital Income Builder — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

Global Balanced Fund — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

Bond Fund — To provide as high a level of current income as is consistent with the preservation of capital.

Capital World Bond Fund (formerly Global Bond Fund) — To provide, over the long term, a high level of total return consistent with prudent investment management.

120	American Funds Insurance Series

High-Income Bond Fund — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

American Funds Mortgage Fund (formerly Mortgage Fund) — To provide current income and preservation of capital.

Ultra-Short Bond Fund — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

U.S. Government/AAA-Rated Securities Fund — To provide a high level of current income consistent with preservation of capital.

Managed Risk Growth Fund — To provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Blue Chip Income and Growth Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

Managed Risk Growth-Income Fund — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

Managed Risk Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Fees and expenses — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

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121

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

CRMC, the series’ investment adviser, values the funds’ investments at fair value as defined by U.S. GAAP. The net asset value of each share class of each fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

Methods and inputs — The series’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class		Examples of standard inputs
All		Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds & notes; convertible securities		Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies		Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations		Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities		Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

When the series’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

122	American Funds Insurance Series

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series’ investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors. Interest rate swaps and credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series’ investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the series’ board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations and valuations of investments and futures that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The series’ board of trustees has delegated authority to the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.

The series’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

Classifications — The series’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the funds’ valuation levels as of June 30, 2020 (dollars in thousands):

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123

Global Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	1,284,484	$	798,997	$	—	$	2,083,481
Consumer discretionary		644,467		737,616		—		1,382,083
Health care		594,181		263,129		—		857,310
Financials		288,296		324,252		—		612,548
Communication services		363,088		202,838		—		565,926
Consumer staples		226,669		245,324		—		471,993
Industrials		35,710		227,160		—		262,870
Materials		100,652		30,744		—		131,396
Energy		—		87,257		—		87,257
Other		—		31,299		—		31,299
Preferred securities		—		156,272		—		156,272
Short-term securities		158,488		—		—		158,488
Total	$	3,696,035	$	3,104,888	$	—	$	6,800,923

Global Small Capitalization Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	597,103	$	441,881	$	—	$	1,038,984
Health care		798,293		237,421		3		1,035,717
Consumer discretionary		361,327		266,306		—		627,633
Industrials		167,492		446,741		—		614,233
Financials		176,658		78,390		—		255,048
Communication services		71,494		79,754		—		151,248
Real estate		66,801		58,799		—		125,600
Consumer staples		57,052		62,582		—		119,634
Materials		30,216		46,570		—		76,786
Utilities		9,940		47,877		—		57,817
Energy		24,332		5,728		10,485		40,545
Preferred securities		7,081		—		53,437		60,518
Convertible stocks		—		—		6,715		6,715
Short-term securities		224,205		—		—		224,205
Total	$	2,591,994	$	1,772,049	$	70,640	$	4,434,683

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended June 30, 2020 (dollars in thousands):

	Beginning value at 1/1/2020		Transfers into Level 3*		Purchases		Sales			Net realized loss^†			Unrealized depreciation^†			Transfers out of Level 3*		Ending value at 6/30/2020
Investment securities	$	44,058	$	913	$	35,620	$	(17	)	$	(4,876	)	$	(5,058	)	$	—	$	70,640
Net unrealized depreciation during the period on Level 3 investment securities held at June 30, 2020																		$	(5,058	)

*	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred.
^†	Net realized loss and unrealized depreciation are included in the related amounts on investments in the statement of operations.

124	American Funds Insurance Series

Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

Value at
6/30/2020

Valuation
techniques

Unobservable
inputs

Range
(if appropriate)

Weighted
average

Impact to
valuation from
an increase in
input*

Liquidation value

N/A

Price/cash flow multiple

7.8x

Increase

Common stocks

10,488

Market comparables

DLOM

24%

Decrease

$ per one billion Btu

$2.25

Increase

MMTPA

10 MMTPA

Increase

Preferred securities

53,437

Transaction price

N/A

Inputs to market comparables and transaction price

Weight ascribed to transaction price

50%

N/A

Weight ascribed to market comparables

50%

N/A

Convertible stocks

6,715

Market comparables discount

20%

Decrease

Market comparables

Enterprise value/sales multiple

11.6x

Increase

Transaction point multiple discount

Decrease

70,640

This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations

Btu = British thermal unit

DLOM = Discount for lack of marketability

MMTPA = Million metric tonnes per annum

Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	6,511,810	$	822,391	$	—	$	7,334,201
Communication services		5,872,265		24,348		—		5,896,613
Consumer discretionary		5,200,060		193,384		—		5,393,444
Health care		4,687,932		29,881		46,931		4,764,744
Financials		1,416,856		121,218		—		1,538,074
Industrials		1,193,617		327,064		—		1,520,681
Materials		833,367		58,183		—		891,550
Consumer staples		459,700		229,331		—		689,031
Real estate		432,288		—		—		432,288
Energy		359,863		—		—		359,863
Utilities		119,172		—		—		119,172
Preferred securities		—		25,573		—		25,573
Rights & warrants		607		—		—		607
Convertible bonds & notes		—		—		39,060		39,060
Short-term securities		1,205,195		—		—		1,205,195
Total	$	28,292,732	$	1,831,373	$	85,991	$	30,210,096

American Funds Insurance Series

125

International Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Consumer discretionary	$	307,245	$	1,131,651	$	—	$	1,438,896
Financials		67,130		1,366,075		—		1,433,205
Health care		161,190		1,261,842		6		1,423,038
Industrials		30,210		913,816		—		944,026
Communication services		54,694		503,497		—		558,191
Consumer staples		15,660		472,775		—		488,435
Energy		67,608		307,448		—		375,056
Information technology		56,751		316,995		—		373,746
Utilities		—		344,595		—		344,595
Materials		147,539		191,287		—		338,826
Real estate		—		147,365		—		147,365
Preferred securities		34,408		55,587		—		89,995
Rights & warrants		—		24,374		—		24,374
Convertible bonds & notes		—		2,624		—		2,624
Bonds, notes & other debt instruments		—		41,200		—		41,200
Short-term securities		886,255		—		—		886,255
Total	$	1,828,690	$	7,081,131	$	6	$	8,909,827

New World Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	419,393	$	204,252	$	—	$	623,645
Consumer discretionary		118,253		354,352		—		472,605
Health care		194,913		239,219		1		434,133
Financials		88,601		309,970		—		398,571
Communication services		225,302		116,104		—		341,406
Consumer staples		34,107		181,765		—		215,872
Materials		76,585		115,978		—		192,563
Industrials		45,539		140,144		—		185,683
Energy		42,194		90,442		—		132,636
Utilities		10,719		56,172		—		66,891
Real estate		15,884		45,772		—		61,656
Preferred securities		20,703		14,844		—		35,547
Rights & warrants		—		7,781		—		7,781
Convertible bonds & notes		—		133		—		133
Bonds, notes & other debt instruments		—		116,248		—		116,248
Short-term securities		161,254		—		—		161,254
Total	$	1,453,447	$	1,993,176	$	1	$	3,446,624


	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	73	$	—		$	—	$	73
Unrealized appreciation on open forward currency contracts		—		10			—		10
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(4	)		—		(4	)
Total	$	73	$	6		$	—	$	79

*	Futures contracts and forward currency contracts are not included in the investment portfolio.

Blue Chip Income and Growth Fund

At June 30, 2020, all of the fund’s investment securities were classified as Level 1.

126	American Funds Insurance Series

Global Growth and Income Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	207,857	$	131,533		$	—	$	339,390
Financials		113,922		158,377			—		272,299
Health care		163,530		72,117			—		235,647
Consumer discretionary		78,955		95,199			—		174,154
Industrials		85,232		83,835			—		169,067
Communication services		112,102		25,435			—		137,537
Utilities		23,936		112,019			—		135,955
Energy		33,030		67,663			—		100,693
Consumer staples		14,691		62,699			—		77,390
Materials		28,030		36,266			—		64,296
Real estate		41,065		14,801			—		55,866
Bonds, notes & other debt instruments		—		34,634			—		34,634	��
Short-term securities		123,235		—			—		123,235
Total	$	1,025,585	$	894,578		$	—	$	1,920,163

	Other investments*
	Level 1		Level 2			Level 3		Total
Liabilities:
Unrealized depreciation on open forward currency contracts	$	—	$	(27	)	$	—	$	(27	)

*	Forward currency contracts are not included in the investment portfolio.

Growth-Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	5,780,358	$	275,384	$	—	$	6,055,742
Health care		4,920,099		775,119		—		5,695,218
Communication services		4,790,029		146,412		—		4,936,441
Industrials		2,836,211		268,279		—		3,104,490
Financials		2,735,821		213,373		—		2,949,194
Consumer discretionary		2,181,687		18,743		—		2,200,430
Consumer staples		1,240,176		792,194		—		2,032,370
Materials		1,325,013		76,868		—		1,401,881
Energy		1,248,892		19,986		—		1,268,878
Utilities		818,534		157,999		—		976,533
Real estate		924,011		—		—		924,011
Convertible stocks		311,982		—		—		311,982
Bonds, notes & other debt instruments		—		39,975		—		39,975
Short-term securities		2,085,046		—		—		2,085,046
Total	$	31,197,859	$	2,784,332	$	—	$	33,982,191

American Funds Insurance Series

127

International Growth and Income Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Common stocks:
Financials	$	17,539	$	219,971		$	—	$	237,510
Industrials		9,022		182,116			—		191,138
Health care		8,162		155,170			4		163,336
Consumer discretionary		—		144,942			—		144,942
Utilities		—		119,116			—		119,116
Communication services		23,509		62,963			—		86,472
Information technology		—		52,437			—		52,437
Consumer staples		—		50,640			—		50,640
Materials		4,374		45,498			—		49,872
Real estate		—		36,374	��		—		36,374
Energy		10,704		11,500			—		22,204
Preferred securities		6,478		—			—		6,478
Rights & warrants		—		8,024			—		8,024
Bonds, notes & other debt instruments		—		8,561			—		8,561
Short-term securities		121,340		—			—		121,340
Total	$	201,128	$	1,097,312		$	4	$	1,298,444

Capital Income Builder

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	72,348	$	38,351	$	—	$	110,699
Consumer staples		47,839		46,955		—		94,794
Utilities		33,782		52,906		—		86,688
Financials		44,159		42,373		—		86,532
Information technology		65,463		12,240		—		77,703
Real estate		40,897		18,227		—		59,124
Energy		35,849		6,411		—		42,260
Communication services		22,882		18,034		—		40,916
Industrials		19,481		16,466		—		35,947
Materials		13,100		14,892		—		27,992
Consumer discretionary		4,561		5,725		—		10,286
Preferred securities		—		808		—		808
Rights & warrants		—		—		—		—
Convertible stocks		13,095		—		—		13,095
Convertible bonds & notes		—		544		—		544
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—		86,162		—		86,162
Mortgage-backed obligations		—		69,412		—		69,412
Corporate bonds & notes		—		67,077		—		67,077
Other bonds & notes		—		11,366		—		11,366
Short-term securities		53,466		—		—		53,466
Total	$	466,922	$	507,949	$	—	$	974,871

128	American Funds Insurance Series

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	163		$	—		$	—	$	163
Unrealized appreciation on interest rate swaps		—			81			—		81
Unrealized appreciation on credit default swaps		—			227			—		227
Liabilities:
Unrealized depreciation on futures contracts		(70	)		—			—		(70	)
Unrealized depreciation on open forward currency contracts		—			(4	)		—		(4	)
Unrealized depreciation on interest rate swaps		—			(29	)		—		(29	)
Total	$	93		$	275		$	—	$	368

*	Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the investment portfolio.

Asset Allocation Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	3,808,430		$	25,661		$	—	$	3,834,091
Health care		2,916,023			105,456			8,839		3,030,318
Financials		2,277,466			160,163			—		2,437,629
Consumer discretionary		1,308,114			80,984			—		1,389,098
Consumer staples		857,812			416,065			—		1,273,877
Industrials		1,062,976			34,868			—		1,097,844
Communication services		981,722			—			—		981,722
Materials		685,380			70,337			—		755,717
Utilities		182,767			206,764			—		389,531
Energy		317,713			18,712			706		337,131
Real estate		211,176			—			—		211,176
Rights & warrants		—			—			133		133
Convertible stocks		127,927			38,630			566		167,123
Convertible bonds & notes		—			71			—		71
Bonds, notes & other debt instruments:
Corporate bonds & notes		—			3,505,729			6,821		3,512,550
U.S. Treasury bonds & notes		—			2,725,104			—		2,725,104
Mortgage-backed obligations		—			2,256,578			—		2,256,578
Federal agency bonds & notes		—			14,005			—		14,005
Other		—			217,692			—		217,692
Short-term securities		3,038,491			—			—		3,038,491
Total	$	17,775,997		$	9,876,819		$	17,065	$	27,669,881

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	1,474		$	—		$	—	$	1,474
Unrealized appreciation on credit default swaps		—			—	^†		—		—	^†
Liabilities:
Unrealized depreciation on futures contracts		(726	)		—			—		(726	)
Total	$	748		$	—		$	—	$	748

*	Futures contracts and credit default swaps are not included in the investment portfolio.
^†	Amount less than one thousand.

American Funds Insurance Series

129

Global Balanced Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	27,242		$	28,347		$	—	$	55,589
Health care		23,356			22,655			—		46,011
Consumer staples		20,814			13,510			—		34,324
Financials		17,960			12,413			—		30,373
Industrials		9,838			14,221			—		24,059
Consumer discretionary		9,934			8,236			—		18,170
Real estate		11,269			718			—		11,987
Materials		1,406			9,235			—		10,641
Communication services		5,782			3,491			—		9,273
Other		2,159			759			—		2,918
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—			58,689			—		58,689
Bonds & notes of governments & government agencies outside the U.S.		—			58,450			—		58,450
Corporate bonds & notes		—			25,043			—		25,043
Mortgage-backed obligations		—			6,785			—		6,785
Other bonds & notes		—			287			—		287
Short-term securities		23,412			—			—		23,412
Total	$	153,172		$	262,839		$	—	$	416,011

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	6		$	—		$	—	$	6
Unrealized appreciation on open forward currency contracts		—			108			—		108
Unrealized appreciation on interest rate swaps		—			41			—		41
Liabilities:
Unrealized depreciation on futures contracts		(5	)		—			—		(5	)
Unrealized depreciation on open forward currency contracts		—			(165	)		—		(165	)
Unrealized depreciation on interest rate swaps		—			(139	)		—		(139	)
Total	$	1		$	(155	)	$	—	$	(154	)

*	Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

Bond Fund

	Investment securities
	Level 1		Level 2			Level 3			Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	—	$	3,966,400		$	—		$	3,966,400
Mortgage-backed obligations		—		2,955,043			—			2,955,043
U.S. Treasury bonds & notes		—		2,381,814			—			2,381,814
Bonds & notes of governments & government agencies outside the U.S.		—		344,488			—			344,488
Asset-backed obligations		—		234,532			—			234,532
Municipals		—		233,190			—			233,190
Federal agency bonds & notes		—		12,984			—			12,984
Common stocks		—		—			55			55
Rights & warrants		—		—	*		—	*		—	*
Short-term securities		1,560,968		—			—			1,560,968
Total	$	1,560,968	$	10,128,451		$	55		$	11,689,474

130	American Funds Insurance Series

	Other investments^†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	8,061		$	—		$	—	$	8,061
Unrealized appreciation on open forward currency contracts		—			2,979			—		2,979
Unrealized appreciation on interest rate swaps		—			1,663			—		1,663
Liabilities:
Unrealized depreciation on futures contracts		(6,831	)		—			—		(6,831	)
Unrealized depreciation on open forward currency contracts		—			(1,252	)		—		(1,252	)
Unrealized depreciation on interest rate swaps		—			(32,402	)		—		(32,402	)
Total	$	1,230		$	(29,012	)	$	—	$	(27,782	)

*	Amount less than one thousand.
^†	Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

Capital World Bond Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Euros	$	—		$	385,464		$	—	$	385,464
Japanese yen		—			194,992			—		194,992
Chinese yuan renminbi		—			97,306			—		97,306
British pounds		—			63,277			—		63,277
Canadian dollars		—			39,508			—		39,508
Danish kroner		—			39,235			—		39,235
Mexican pesos		—			31,632			—		31,632
Malaysian ringgits		—			30,925			—		30,925
Israeli shekels		—			24,079			—		24,079
Russian rubles		—			23,744			—		23,744
South Korean won		—			19,100			—		19,100
Brazilian reais		—			16,861			—		16,861
Romanian leu		—			1,217			—		1,217
U.S. dollars		—			983,983			43		984,026
Other		—			55,091			—		55,091
Convertible bonds & notes		—			6			—		6
Convertible stocks		—			—			96		96
Common stocks		105			—			114		219
Rights & warrants		—			—			14		14
Short-term securities		130,577			—			—		130,577
Total	$	130,682		$	2,006,420		$	267	$	2,137,369

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	560		$	—		$	—	$	560
Unrealized appreciation on open forward currency contracts		—			742			—		742
Unrealized appreciation on interest rate swaps		—			555			—		555
Unrealized appreciation on credit default swaps		—			519			—		519
Liabilities:
Unrealized depreciation on futures contracts		(436	)		—			—		(436	)
Unrealized depreciation on open forward currency contracts		—			(1,979	)		—		(1,979	)
Unrealized depreciation on interest rate swaps		—			(502	)		—		(502	)
Total	$	124		$	(665	)	$	—	$	(541	)

*	Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the investment portfolio.

American Funds Insurance Series

131

High-Income Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	—	$	715,908	$	7,712	$	723,620
Bonds & notes of governments & government agencies outside the U.S.		—		194		—		194
Municipals		—		5		—		5
Convertible bonds & notes		—		4,927		—		4,927
Convertible stocks		2,923		420		549		3,892
Preferred securities		—		1,789		—		1,789
Common stocks		2,872		—		11,922		14,794
Rights & warrants		—		3		144		147
Short-term securities		37,969		—		—		37,969
Total	$	43,764	$	723,246	$	20,327	$	787,337

	Other investments¹
	Level 1		Level 2		Level 3		Total
Assets:
Unrealized appreciation on credit default swaps	$	—	$	319	$	—	$	319

¹	Credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended June 30, 2020 (dollars in thousands):

	Beginning value at 1/1/2020		Transfers into Level 3²		Purchases		Sales			Net realized loss³			Unrealized depreciation³			Transfers out of Level 3²			Ending value at 6/30/2020
Investment securities	$	19,675	$	2,956	$	1,962	$	(567	)	$	(207	)	$	(121	)	$	(3,371	)	$	20,327
Net unrealized appreciation during the period on Level 3 investment securities held at June 30, 2020																			$	34

²	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred.
³	Net realized loss and unrealized depreciation are included in the related amounts on investments in the statement of operations.

132	American Funds Insurance Series

Value at
6/30/2020

Valuation
techniques

Unobservable
inputs

Range
(if applicable)

Weighted
average

Impact to
valuation from
an increase in
input*

Bonds, notes & other debt instruments

$ per acre

$2.7K

Increase

Market Comparables

$ per thousand Boe per day

$12.5K

Increase

Enterprise value/EBITDA multiple

2.0x - 4.0x

3.0x

Increase

Risk discount

0.0%

Decrease

7,712

Recent market information

N/A

Estimated recovery value

N/A

Yield analysis

Yield to maturity risk premium

200 bps

Decrease

Convertible stocks

549

Enterprise value multiple

Enterprise value/EBITDA less CapEx multiple

10.0x

Increase

Estimated recovery value

N/A

Enterprise value/EBITDA multiple

7.1x -7.3x

7.2x

Increase

Market comparables

DLOM

21%

Decrease

Common stocks

11,922

Risk discount

0.0%

Decrease

Enterprise value multiple

Enterprise value/EBITDA less CapEx multiple

10.2x

Increase

Recent market information

N/A

Rights & warrants

Black-Scholes

Implied volatility

30%

Increase

144

Underlying share price

N/A

Recent market information

N/A

20,327


*	This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations

Boe = Barrels of oil equivalent

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

American Funds Insurance Series

133

American Funds Mortgage Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—		$	263,450		$	—	$	263,450
U.S. Treasury bonds & notes		—			11,667			—		11,667
Asset-backed obligations		—			2,561			—		2,561
Short-term securities		—			135,170			—		135,170
Total	$	—		$	412,848		$	—	$	412,848

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	108		$	—		$	—	$	108
Liabilities:
Unrealized depreciation on futures contracts		(74	)		—			—		(74	)
Unrealized depreciation on interest rate swaps		—			(5,967	)		—		(5,967	)
Total	$	34		$	(5,967	)	$	—	$	(5,933	)

*	Futures contracts and interest rate swaps are not included in the investment portfolio.

Ultra-Short Bond Fund

At June 30, 2020, all of the fund’s investment securities were classified as Level 2.

U.S. Government/AAA-Rated Securities Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—		$	1,130,698		$	—	$	1,130,698
Federal agency bonds & notes		—			373,838			—		373,838
U.S. Treasury bonds & notes		—			333,750			—		333,750
Short-term securities		—			837,023			—		837,023
Total	$	—		$	2,675,309		$	—	$	2,675,309

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	2,176		$	—		$	—	$	2,176
Unrealized appreciation on interest rate swaps		—			19,148			—		19,148
Liabilities:
Unrealized depreciation on futures contracts		(1,957	)		—			—		(1,957	)
Unrealized depreciation on interest rate swaps		—			(70,841	)		—		(70,841	)
Total	$	219		$	(51,693	)	$	—	$	(51,474	)


*	Futures contracts and interest rate swaps are not included in the investment portfolio.

Managed Risk Growth Fund

At June 30, 2020, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

At June 30, 2020, all of the fund’s investments were classified as Level 1.

Managed Risk Blue Chip Income and Growth Fund

At June 30, 2020, all of the fund’s investments were classified as Level 1.

134	American Funds Insurance Series

Managed Risk Growth-Income Fund

At June 30, 2020, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

At June 30, 2020, all of the fund’s investments were classified as Level 1.

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of a fund may be subject to sharp declines in value. Income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. These risks may be even greater in the case of smaller capitalization stocks.

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in developing countries — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, emerging market countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading

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volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. A downgrade or default affecting any of a fund’s securities could cause the value of a fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose a fund to losses in excess of its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result additional losses.

Currency — The prices of, and the income generated by, most debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.

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Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

Investing in future delivery contracts — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund’s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of a fund.

Investing in inflation linked bonds — The values of inflation linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation linked bonds may also reduce a fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation linked securities may decline and result in losses to a fund.

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

Investing in repurchase agreements — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

Interest rate risk — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, given the current low interest rate environment, risks associated with rising rates are currently heightened.

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

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Asset allocation — A fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

Nondiversification risk— As nondiversified funds, certain funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. Although the funds do not intend to limit their investments to the securities of a small number of issuers, if they were to do so, poor performance by a single large holding could adversely impact the funds’ investment results more than if the funds were invested in a larger number of issuers.

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.

Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

Fund structure — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

Management — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Underlying fund risks — Because the managed risk funds’ investments consist of investments in underlying funds, the managed risk funds’ risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could be exposed to the risk of loss. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

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Hedging — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

Short positions — Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

5. Certain investment techniques

Securities lending — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

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The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

			Collateral type
Fund	Values of securities on loan		Cash		U.S. government securities			Value of investment securities purchased
Global Growth Fund	$	25,635	$	26,917	$	—		$	24,225
Global Small Capitalization Fund		69,706		67,795		6,705			61,016
International Fund		11,451		12,030		—	*		10,827
New World Fund		8,556		8,979		—			8,081
Capital Income Builder		3,593		3,773		—			3,396
Asset Allocation Fund		47,984		50,338		—			45,305


*	Amount less than one thousand.

Investment securities purchased from cash collateral are disclosed in the summary investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

Index-linked bonds — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds’ portfolio turnover rates.

Loan transactions — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

Short-term securities — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

Unfunded commitments — Asset Allocation Fund and High-Income Bond Fund have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of June 30, 2020, the maximum exposure from these unfunded commitments for Asset Allocation Fund and High-Income Bond Fund was $3,705,000 and $4,038,000, respectively, which would represent 0.01% and 0.51%, respectively, of the net assets of each fund should such commitments become due.

Options contracts — The Managed Risk Growth-Income Fund has entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of its managed risk strategy, the Managed Risk Growth-Income Fund will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the fund obtains the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the fund pays the current market price, or the option premium, for the option.

The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire premium. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

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Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in the fund’s statement of operations.

Futures contracts — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.

Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series’ investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series’ investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.

Interest rate swaps — Some of the funds have entered into interest rate swaps, which are agreements to exchange one stream of future interest payments for another based on a specified notional amount. Typically, interest rate swaps exchange a fixed interest rate for a payment that floats relative to a benchmark or vice versa. The series’ investment adviser uses interest rate swaps to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. Risks may arise as a result of the series’ investment adviser incorrectly anticipating changes in interest rates, increased volatility, reduced liquidity and the potential inability of counterparties to meet the terms of their agreements.

Upon entering into an interest rate swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular interest rate swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, the series’ investment adviser records daily interest accruals related to the exchange of future payments as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the interest rate swaps, including accrued interest, and records variation margin on interest rate swaps in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the interest rate swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from interest rate swaps are recorded in each fund’s statement of operations.

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Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap agreements on credit indices (“CDSI”) that involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified return upon the occurrence of a credit event, such as a default or restructuring, with respect to any of the underlying issuers (reference obligations) in the referenced index. The series’ investment adviser uses credit default swaps to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks.

CDSI are portfolios of credit instruments or exposures designed to be representative of some part of the credit market, such as the high-yield or investment-grade credit market. CDSI are generally traded using standardized terms, including a fixed spread and standard maturity dates, and reference all the names in the index. If there is a credit event, it is settled based on that name’s weight in the index. The composition of the underlying issuers or obligations within a particular index may change periodically, usually every six months. A specified credit event may affect all or individual underlying reference obligations included in the index, and will be settled based upon the relative weighting of the affected obligation(s) within the index. The value of each CDSI can be used as a measure of the current payment/performance risk of the CDSI and represents the likelihood of an expected liability or profit should the notional amount of the CDSI be closed or sold as of the period end. An increasing value, as compared to the notional amount of the CDSI, represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When a fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.

Upon entering into a centrally cleared CDSI contract, the fund is required to deposit with a derivatives clearing member (“DCM”) in a segregated account in the name of the DCM an amount of cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular credit default swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract. Securities deposited as initial margin are designated on the investment portfolio.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the centrally cleared swaps, and records variation margin in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from credit default swaps are recorded in each fund’s statement of operations.

The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

	Options contracts purchased	Futures contracts		Forward currency contracts		Interest rate swaps		Credit default swaps
International Fund	Not applicable	Not applicable		$66,613	*	Not applicable		Not applicable
New World Fund	Not applicable	$1,500		8,630		Not applicable		Not applicable
Global Growth and Income Fund	Not applicable	Not applicable		7,019		Not applicable		Not applicable
International Growth and Income Fund	Not applicable	Not applicable		1,782	*	Not applicable		Not applicable
Capital Income Builder	Not applicable	89,483		744		$180,215		$3,498
Asset Allocation Fund	Not applicable	1,944,475		Not applicable		354,805	*	101,240
Global Balanced Fund	Not applicable	7,592		26,310		8,915		Not applicable
Bond Fund	Not applicable	4,105,464		603,989		900,759		178,200	*
Capital World Bond Fund	Not applicable	267,583		746,695		179,345		123,637
High-Income Bond Fund	Not applicable	65,117	*	Not applicable		Not applicable		52,956
American Funds Mortgage Fund	Not applicable	138,142		Not applicable		567,228		Not applicable
U.S. Government/AAA-Rated Securities Fund	Not applicable	2,252,820		Not applicable		8,224,363		Not applicable
Managed Risk Growth Fund	Not applicable	116,162		Not applicable		Not applicable		Not applicable
Managed Risk International Fund	Not applicable	532,070		Not applicable		Not applicable		Not applicable
Managed Risk Blue Chip Income and Growth Fund	Not applicable	75,332		Not applicable		Not applicable		Not applicable
Managed Risk Growth-Income Fund	$25,963	564,546		Not applicable		Not applicable		Not applicable
Managed Risk Asset Allocation Fund	Not applicable	557,511		Not applicable		Not applicable		Not applicable


*	No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

142	American Funds Insurance Series

The following tables identify the location and fair value amounts on the funds’ statements of assets and liabilities and the effect on the funds’ statements of operations resulting from the funds’ use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the six months ended June 30, 2020 (dollars in thousands):

International Fund

Net realized gain

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Forward currency

Currency

Net realized gain on forward currency contracts

182

Net unrealized appreciation on forward currency contracts

131

New World Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

Unrealized depreciation¹

—

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

Unrealized depreciation on open forward currency contracts

Net realized loss

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

—

Net unrealized appreciation on futures contracts

Forward currency

Currency

Net realized loss on forward currency contracts

(23

)

Net unrealized appreciation on forward currency contracts

(23

)

Global Growth and Income Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

—

Unrealized depreciation on open forward currency contracts

Net realized gain

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Forward currency

Currency

Net realized gain on forward currency contracts

Net unrealized appreciation on forward currency contracts

110

See end of tables for footnotes.

American Funds Insurance Series

143

International Growth and Income Fund

Net realized gain

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Forward currency

Currency

Net realized gain on forward currency contracts

Net unrealized appreciation on forward currency contracts

Capital Income Builder

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

163

Unrealized depreciation¹

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

—

Unrealized depreciation on open forward currency contracts

Swap

Interest

Unrealized appreciation¹

Unrealized depreciation¹

Swap

Credit

Unrealized appreciation¹

227

Unrealized depreciation¹

—

471

103

Net realized gain

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

3,729

Net unrealized appreciation on futures contracts

424

Forward currency

Currency

Net realized gain on forward currency contracts

Net unrealized depreciation on forward currency contracts

)

Swap

Interest

Net realized gain on swap contracts

2,303

Net unrealized depreciation on swap contracts

(777

)

Swap

Credit

Net realized gain on swap contracts

Net unrealized appreciation on swap contracts

227

6,076

(130

)

Asset Allocation Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

1,474

Unrealized depreciation¹

726

Swap

Credit

Unrealized appreciation¹

—

Unrealized depreciation¹

—

1,474

726

Net realized gain (loss)

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

36,972

Net unrealized appreciation on futures contracts

3,710

Swap

Interest

Net realized loss on swap contracts

(13,562

)

Net unrealized appreciation on swap contracts

3,812

Swap

Credit

Net realized gain on swap contracts

2,724

Net unrealized appreciation on swap contracts

—

26,134

7,522

144	American Funds Insurance Series

Global Balanced Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

Unrealized depreciation¹

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

108

Unrealized depreciation on open forward currency contracts

165

Forward currency

Currency

Receivables for closed forward currency contracts

Payables for closed forward currency contracts

—

Swap

Interest

Unrealized appreciation¹

Unrealized depreciation¹

139

202

309

Net realized gain (loss)

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

449

Net unrealized appreciation on futures contracts

Forward currency

Currency

Net realized gain on forward currency contracts

398

Net unrealized appreciation on forward currency contracts

Swap

Interest

Net realized loss on swap contracts

(24

)

Net unrealized depreciation on swap contracts

(96

)

823

(37

)

Bond Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

8,061

Unrealized depreciation¹

6,831

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

2,979

Unrealized depreciation on open forward currency contracts

1,252

Swap

Interest

Unrealized appreciation¹

1,663

Unrealized depreciation¹

32,402

12,703

40,485

Net realized gain (loss)

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

85,319

Net unrealized appreciation on futures contracts

5,309

Forward currency

Currency

Net realized loss on forward currency contracts

(6,097

)

Net unrealized appreciation on forward currency contracts

2,917

Swap

Interest

Net realized loss on swap contracts

(18,656

)

Net unrealized depreciation on swap contracts

(24,633

)

Swap

Credit

Net realized gain on swap contracts

25,217

Net unrealized appreciation on swap contracts

—

85,783

(16,407

)

See end of tables for footnotes.

American Funds Insurance Series

145

Capital World Bond Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

560

Unrealized depreciation¹

436

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

742

Unrealized depreciation on open forward currency contracts

1,979

Forward currency

Currency

Receivables for closed forward currency contracts

5,787

Payables for closed forward currency contracts

1,089

Swap

Interest

Unrealized appreciation¹

555

Unrealized depreciation¹

502

Swap

Credit

Unrealized appreciation¹

519

Unrealized depreciation¹

—

8,163

4,006

Net realized (loss) gain

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized loss on futures contracts

(1,040

)

Net unrealized appreciation on futures contracts

929

Forward currency

Currency

Net realized gain on forward currency contracts

8,589

Net unrealized appreciation on forward currency contracts

973

Swap

Interest

Net realized loss on swap contracts

(2,885

)

Net unrealized appreciation on swap contracts

592

Swap

Credit

Net realized loss on swap contracts

(835

)

Net unrealized depreciation on swap contracts

(212

)

3,829

2,282

High-Income Bond Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Swap

Credit

Unrealized appreciation¹

319

Unrealized depreciation¹

—

Net realized (loss) gain

Net unrealized (depreciation) appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized loss on futures contracts

(144

)

Net unrealized depreciation on futures contracts

(159

)

Swap

Interest

Net realized gain on swap contracts

Net unrealized appreciation on swap contracts

—

Swap

Credit

Net realized gain on swap contracts

4,676

Net unrealized appreciation on swap contracts

1,897

4,533

1,738

146	American Funds Insurance Series

American Funds Mortgage Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	108		Unrealized depreciation¹	$	74
Swap	Interest	Unrealized appreciation¹		—		Unrealized depreciation¹		5,967
			$	108			$	6,041

		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	8,464		Net unrealized appreciation on futures contracts	$	780
Swap	Interest	Net realized loss on swap contracts		(2,463	)	Net unrealized depreciation on swap contracts		(3,135	)
			$	6,001			$	(2,355	)

U.S. Government/AAA-Rated Securities Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	2,176		Unrealized depreciation¹	$	1,957
Swap	Interest	Unrealized appreciation¹		19,148		Unrealized depreciation¹		70,841
			$	21,324			$	72,798

		Net realized gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	87,073		Net unrealized appreciation on futures contracts	$	8,167
Swap	Interest	Net realized gain on swap contracts		15,421		Net unrealized depreciation on swap contracts		(31,391	)
			$	102,494			$	(23,224	)

See end of tables for footnotes.

American Funds Insurance Series

147

Managed Risk Growth Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Currency	Unrealized appreciation¹	$	197		Unrealized depreciation¹	$	—
Futures	Equity	Unrealized appreciation¹		48		Unrealized depreciation¹		1,514
Futures	Interest	Unrealized appreciation¹		521		Unrealized depreciation¹		—
			$	766			$	1,514

		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	186		Net unrealized appreciation on futures contracts	$	197
Futures	Equity	Net realized loss on futures contracts		(13,472	)	Net unrealized depreciation on futures contracts		(1,466	)
Futures	Interest	Net realized gain on futures contracts		5,514		Net unrealized appreciation on futures contracts		582
			$	(7,772	)		$	(687	)

Managed Risk International Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Currency	Unrealized appreciation¹	$	335		Unrealized depreciation¹	$	—
Futures	Equity	Unrealized appreciation¹		195		Unrealized depreciation¹		553
Futures	Interest	Unrealized appreciation¹		169		Unrealized depreciation¹		—
			$	699			$	553

		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	86		Net unrealized appreciation on futures contracts	$	335
Futures	Equity	Net realized loss on futures contracts		(8,257	)	Net unrealized depreciation on futures contracts		(358	)
Futures	Interest	Net realized gain on futures contracts		1,009		Net unrealized appreciation on futures contracts		199
			$	(7,162	)		$	176

148	American Funds Insurance Series

Managed Risk Blue Chip Income and Growth Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Currency

Unrealized appreciation¹

Unrealized depreciation¹

—

Futures

��

Equity

Unrealized appreciation¹

Unrealized depreciation¹

1,189

Futures

Interest

Unrealized appreciation¹

358

Unrealized depreciation¹

—

418

1,189

Net realized gain (loss)

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Currency

Net realized gain on futures contracts

Net unrealized appreciation on futures contracts

Futures

Equity

Net realized loss on futures contracts

(13,739

)

Net unrealized depreciation on futures contracts

(1,164

)

Futures

Interest

Net realized gain on futures contracts

3,564

Net unrealized appreciation on futures contracts

410

(10,119

)

(719

)

Managed Risk Growth-Income Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Options purchased

Equity

Investment securities of unaffiliated issuers³

20,156

Investment securities of unaffiliated issuers³

—

Futures

Currency

Unrealized appreciation¹

883

Unrealized depreciation¹

—

Futures

Equity

Unrealized appreciation¹

135

Unrealized depreciation¹

1,445

Futures

Interest

Unrealized appreciation¹

1,869

Unrealized depreciation¹

—

23,043

1,445

Net realized (loss) gain

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Options purchased

Equity

Net realized loss on options purchased contracts⁴

(9,526

)

Net unrealized appreciation on options purchased contracts⁵

15,786

Futures

Currency

Net realized gain on futures contracts

1,772

Net unrealized appreciation on futures contracts

883

Futures

Equity

Net realized gain on futures contracts

16,550

Net unrealized depreciation on futures contracts

(2,355

)

Futures

Interest

Net realized gain on futures contracts

23,943

Net unrealized appreciation on futures contracts

2,244

32,739

16,558

See end of tables for footnotes.

American Funds Insurance Series

149

Managed Risk Asset Allocation Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Currency	Unrealized appreciation¹	$	476		Unrealized depreciation¹	$	—
Futures	Equity	Unrealized appreciation¹		90		Unrealized depreciation¹		6,442
Futures	Interest	Unrealized appreciation¹		1,825		Unrealized depreciation¹		—
			$	2,391			$	6,442

		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	1,597		Net unrealized appreciation on futures contracts	$	476
Futures	Equity	Net realized loss on futures contracts		(59,487	)	Net unrealized depreciation on futures contracts		(6,352	)
Futures	Interest	Net realized gain on futures contracts		21,839		Net unrealized appreciation on futures contracts		2,350
			$	(36,051	)		$	(3,526	)

¹	Includes cumulative appreciation/depreciation on futures contracts, interest rate swaps and/or credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities.
²	Amount less than one thousand.
³	Includes options purchased as reported in the fund’s investment portfolio.
⁴	Options purchased are included in net realized gain (loss) on unaffiliated investments.
⁵	Options purchased are included in net unrealized appreciation (depreciation) on unaffiliated investments.

150	American Funds Insurance Series

Collateral — Some funds participate in a collateral program that calls for the funds to either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The purpose of the collateral is to cover potential losses that could occur in the event that the borrower cannot meet its contractual obligation. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, interest rate swaps and credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled forward currency contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash in each fund’s statement of assets and liabilities.

Rights of offset — Funds that hold forward currency contracts have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counter-party) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting”). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the funds’ statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds’ statement of assets and liabilities as of June 30, 2020, if close-out netting was exercised (dollars in thousands):

New World Fund


			Gross amounts not offset in the
	Gross amounts		statement of assets and liabilities and
	recognized in the		subject to a master netting agreement
	statement of assets		Available		Non-cash		Cash		Net
Counterparty	and liabilities		to offset		collateral*		collateral*		amount
Assets:
Bank of New York Mellon	$	10	$	—	$	—	$	—	$	10
Liabilities:
Standard Chartered Bank	$	4	$	—	$	—	$	—	$	4

Global Growth and Income Fund

Gross amounts not offset in the

Gross amounts

statement of assets and liabilities and

recognized in the

subject to a master netting agreement

statement of assets

Available

Non-cash

Cash

Net

Counterparty

and liabilities

to offset

collateral*

amount

Liabilities:

Standard Chartered Bank

—

Capital Income Builder

Gross amounts not offset in the

Gross amounts

statement of assets and liabilities and

recognized in the

subject to a master netting agreement

statement of assets

Available

Non-cash

Cash

Net

Counterparty

and liabilities

to offset

collateral*

amount

Liabilities:

Goldman Sachs

—

See end of tables for footnote.

American Funds Insurance Series

151

Global Balanced Fund

			Gross amounts not offset in the
	Gross amounts		statement of assets and liabilities and
	recognized in the		subject to a master netting agreement
	statement of assets		Available			Non-cash			Cash			Net
Counterparty	and liabilities		to offset			collateral*			collateral*			amount
Assets:
Bank of New York Mellon	$	4	$	(4	)	$	—		$	—		$	—
Barclays Bank PLC		6		(6	)		—			—			—
Citibank		7		(7	)		—			—			—
Goldman Sachs		39		(2	)		—			—			37
HSBC Bank		6		(6	)		—			—			—
JPMorgan Chase		75		(13	)		—			—			62
Standard Chartered Bank		13		(4	)		—			—			9
UBS AG		5		(5	)		—			—			—
Total	$	155	$	(47	)	$	—		$	—		$	108
Liabilities:
Bank of America	$	10	$	—		$	—		$	—		$	10
Bank of New York Mellon		5		(4	)		—			—			1
Barclays Bank PLC		20		(6	)		—			—			14
Citibank		44		(7	)		—			—			37
Goldman Sachs		2		(2	)		—			—			—
HSBC Bank		41		(6	)		—			—			35
JPMorgan Chase		13		(13	)		—			—			—
Morgan Stanley		14		—			—			—			14
Standard Chartered Bank		4		(4	)		—			—			—
UBS AG		12		(5	)		—			—			7
Total	$	165	$	(47	)	$	—		$	—		$	118

Bond Fund

			Gross amounts not offset in the
	Gross amounts		statement of assets and liabilities and
	recognized in the		subject to a master netting agreement
	statement of assets		Available			Non-cash			Cash			Net
Counterparty	and liabilities		to offset			collateral*			collateral*			amount
Assets:
Bank of New York Mellon	$	155	$	—		$	(2	)	$	—		$	153
Goldman Sachs		2,038		—			—			(2,038	)		—
Morgan Stanley		786		—			—			(660	)		126
Total	$	2,979	$	—		$	(2	)	$	(2,698	)	$	279
Liabilities:
Citibank	$	22	$	—		$	—		$	—		$	22
JPMorgan Chase		338		—			(338	)		—			—
Standard Chartered Bank		892		—			(892	)		—			—
Total	$	1,252	$	—		$	(1,230	)	$	—		$	22

152	American Funds Insurance Series

Capital World Bond Fund

			Gross amounts not offset in the
	Gross amounts		statement of assets and liabilities and
	recognized in the		subject to a master netting agreement
	statement of assets		Available			Non-cash			Cash			Net
Counterparty	and liabilities		to offset			collateral*			collateral*			amount
Assets:
Bank of New York Mellon	$	41	$	(24	)	$	(15	)	$	—		$	2
Citibank		5,861		(1,170	)		—			(4,561	)		130
Goldman Sachs		19		—			—			(19	)		—
JPMorgan Chase		228		(228	)		—			—			—
Standard Chartered Bank		165		(122	)		—			—			43
UBS AG		215		(211	)		(4	)		—			—
Total	$	6,529	$	(1,755	)	$	(19	)	$	(4,580	)	$	175
Liabilities:
Bank of America	$	63	$	—		$	—		$	—		$	63
Bank of New York Mellon		24		(24	)		—			—			—
Barclays Bank PLC		1		—			—			—			1
Citibank		1,170		(1,170	)		—			—			—
JPMorgan Chase		1,477		(228	)		(1,249	)		—			—
Standard Chartered Bank		122		(122	)		—			—			—
UBS AG		211		(211	)		—			—			—
Total	$	3,068	$	(1,755	)	$	(1,249	)	$	—		$	64

*	Collateral is shown on a settlement basis.

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended June 30, 2020, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund’s tax returns are not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is generally three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

American Funds Insurance Series

153

Distributions — Distributions paid to shareholders are based on each fund’s net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund			Blue Chip Income and Growth Fund
As of December 31, 2019:
Undistributed ordinary income	$	13,148		$	11,186		$	76,916		$	19,253		$	25,462		$	37,136
Undistributed long-term capital gains		194,055			273,289			738,170			—			16,027			104,256
Capital loss carryforward*		—			—			—			(149,822	)		—			—
As of June 30, 2020:
Gross unrealized appreciation on investments		3,290,168			1,403,687			15,459,590			2,184,656			849,823			2,142,014
Gross unrealized depreciation on investments		(231,687	)		(234,502	)		(660,874	)		(661,590	)		(68,144	)		(795,155	)
Net unrealized appreciation (depreciation) on investments		3,058,481			1,169,185			14,798,716			1,523,066			781,679			1,346,859
Cost of investments		3,742,442			3,265,498			15,411,380			7,386,761			2,665,024			7,070,500

		Global Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			Global Balanced Fund
As of December 31, 2019:
Undistributed ordinary income	$	6,550		$	238,333		$	3,236		$	1,926		$	118,751		$	17
Undistributed long-term capital gains		51,450			820,299			—			—			123,690			1,437
Capital loss carryforward*		—			—			(35,828	)		(19,754	)		—			—
As of June 30, 2020:
Gross unrealized appreciation on investments		496,090			10,887,937			217,631			88,825			6,357,435			76,582
Gross unrealized depreciation on investments		(112,894	)		(1,490,177	)		(120,291	)		(24,589	)		(885,733	)		(13,557	)
Net unrealized appreciation (depreciation) on investments		383,196			9,397,760			97,340			64,236			5,471,702			63,025
Cost of investments		1,536,941			24,584,431			1,201,104			911,253			22,198,926			352,832

154	American Funds Insurance Series

	Bond Fund			Capital World Bond Fund			High- Income Bond Fund			American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund
As of December 31, 2019:
Undistributed ordinary income	$	101,879		$	31,468		$	12,900		$	1,209		$	737		$	33,112
Undistributed long-term capital gains		42,007			8,412			—			390			—			16,400
Capital loss carryforward*		—			—			(190,113	)		—			(1	)		—
As of June 30, 2020:
Gross unrealized appreciation on investments		595,588			107,962			23,524			7,011			16			97,437
Gross unrealized depreciation on investments		(88,272	)		(49,046	)		(101,057	)		(6,240	)		(6	)		(73,407	)
Net unrealized appreciation (depreciation) on investments		507,316			58,916			(77,533	)		771			10			24,030
Cost of investments		11,154,376			2,079,102			865,424			406,144			343,921			2,599,805

	Managed Risk Growth Fund			Managed Risk International Fund			Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
As of December 31, 2019:
Undistributed ordinary income	$	3,505		$	1,934		$	5,703		$	33,307		$	40,690
Undistributed long-term capital gains		21,766			1,312			10,865			118,369			105,973
As of June 30, 2020:
Gross unrealized appreciation on investments		55,343			—			—			71,911			110,722
Gross unrealized depreciation on investments		—			(7,385	)		(25,977	)		(938	)		—
Net unrealized appreciation (depreciation) on investments		55,343			(7,385	)		(25,977	)		70,973			110,722
Cost of investments		406,104			156,495			358,898			2,118,772			2,477,153

*	Capital loss carryforwards will be used to offset any capital gains realized by the funds in the current year or in subsequent years. The funds will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	5,668	$	73,033	$	78,701	$	31,022	$	121,251	$	152,273
Class 1A		13		205		218		82		367		449
Class 2		6,888		109,286		116,174		40,119		204,481		244,600
Class 4		592		11,537		12,129		3,204		17,408		20,612
Total	$	13,161	$	194,061	$	207,222	$	74,427	$	343,507	$	417,934

American Funds Insurance Series

155

Global Small Capitalization Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	5,414	$	120,074	$	125,488	$	28,009	$	97,912	$	125,921
Class 1A		2		42		44		6		23		29
Class 2		5,373		140,495		145,868		28,406		119,280		147,686
Class 4		408		12,682		13,090		1,932		9,184		11,116
Total	$	11,197	$	273,293	$	284,490	$	58,353	$	226,399	$	284,752

Growth Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	32,752	$	285,315	$	318,067	$	150,838	$	964,757	$	1,115,595
Class 1A		56		547		603		193		1,290		1,483
Class 2		39,943		404,657		444,600		192,058		1,500,212		1,692,270
Class 3		560		5,433		5,993		2,713		20,442		23,155
Class 4		3,629		42,241		45,870		14,770		130,929		145,699
Total	$	76,940	$	738,193	$	815,133	$	360,572	$	2,617,630	$	2,978,202

International Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	11,268	$	—	$	11,268	$	85,943	$	130,060	$	216,003
Class 1A		13		—		13		95		141		236
Class 2		7,417		—		7,417		59,246		104,778		164,024
Class 3		43		—		43		354		637		991
Class 4		522		—		522		4,496		8,870		13,366
Total	$	19,263	$	—	$	19,263	$	150,134	$	244,486	$	394,620

New World Fund
	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	14,407	$	8,752	$	23,159	$	23,315	$	71,500	$	94,815
Class 1A		42		26		68		39		132		171
Class 2		6,569		4,233		10,802		8,693		34,958		43,651
Class 4		4,454		3,019		7,473		4,452		21,103		25,555
Total	$	25,472	$	16,030	$	41,502	$	36,499	$	127,693	$	164,192


156	American Funds Insurance Series

Blue Chip Income and Growth Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	22,973	$	61,517	$	84,490	$	118,657	$	410,713	$	529,370
Class 1A		47		134		181		163		435		598
Class 2		11,675		34,662		46,337		60,118		238,793		298,911
Class 4		2,493		7,992		10,485		10,646		38,700		49,346
Total	$	37,188	$	104,305	$	141,493	$	189,584	$	688,641	$	878,225

Global Growth and Income Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	2,206	$	15,679	$	17,885	$	12,475	$	27,971	$	40,446
Class 1A		7		53		60		33		66		99
Class 2		3,948		32,112		36,060		24,591		66,794		91,385
Class 4		392		3,612		4,004		2,298		5,970		8,268
Total	$	6,553	$	51,456	$	58,009	$	39,397	$	100,801	$	140,198

Growth-Income Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	144,011	$	482,142	$	626,153	$	455,391	$	1,825,184	$	2,280,575
Class 1A		75		265		340		206		825		1,031
Class 2		85,637		305,445		391,082		272,097		1,260,360		1,532,457
Class 3		973		3,413		4,386		3,204		14,500		17,704
Class 4		7,703		29,072		36,775		21,474		103,934		125,408
Total	$	238,399	$	820,337	$	1,058,736	$	752,372	$	3,204,803	$	3,957,175

International Growth and Income Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	2,681	$	—	$	2,681	$	41,626	$	—	$	41,626
Class 1A		5		—		5		84		—		84
Class 2		399		—		399		8,726		—		8,726
Class 4		158		—		158		3,112		—		3,112
Total	$	3,243	$	—	$	3,243	$	53,548	$	—	$	53,548

Capital Income Builder

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	8,420	$	—	$	8,420	$	13,476	$	—	$	13,476
Class 1A		78		—		78		126		—		126
Class 2		82		—		82		137		—		137
Class 4		5,699		—		5,699		10,875		—		10,875
Total	$	14,279	$	—	$	14,279	$	24,614	$	—	$	24,614

American Funds Insurance Series

157

Asset Allocation Fund

	Six months ended June 30, 2020							Year ended December 31, 2019
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	80,116		$	79,610	$	159,726	$	356,589	$	816,841	$	1,173,430
Class 1A		46			51		97		189		416		605
Class 2		20,767			22,747		43,514		94,178		253,101		347,279
Class 3		133			141		274		608		1,581		2,189
Class 4		17,719			21,221		38,940		71,682		206,152		277,834
Total	$	118,781		$	123,770	$	242,551	$	523,246	$	1,278,091	$	1,801,337

Global Balanced Fund

	Six months ended June 30, 2020							Year ended December 31, 2019
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	6		$	440	$	446	$	1,912	$	3,479	$	5,391
Class 1A		—	*		8		8		28		61		89
Class 2		9			668		677		2,521		5,487		8,008
Class 4		3			322		325		954		2,492		3,446
Total	$	18		$	1,438	$	1,456	$	5,415	$	11,519	$	16,934

Bond Fund

	Six months ended June 30, 2020							Year ended December 31, 2019
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	62,335		$	25,238	$	87,573	$	177,855	$	—	$	177,855
Class 1A		75			31		106		165		—		165
Class 2		34,283			14,478		48,761		90,796		—		90,796
Class 4		5,291			2,303		7,594		11,384		—		11,384
Total	$	101,984		$	42,050	$	144,034	$	280,200	$	—	$	280,200

Capital World Bond Fund

	Six months ended June 30, 2020							Year ended December 31, 2019
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	16,454		$	4,335	$	20,789	$	19,173	$	—	$	19,173
Class 1A		9			3		12		7		—		7
Class 2		14,282			3,871		18,153		15,927		—		15,927
Class 4		742			206		948		649		—		649
Total	$	31,487		$	8,415	$	39,902	$	35,756	$	—	$	35,756

158	American Funds Insurance Series

High-Income Bond Fund

	Six months ended June 30, 2020								Year ended December 31, 2019
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	1,904		$	—	$	1,904		$	33,304		$	—	$	33,304
Class 1A		14			—		14			45			—		45
Class 2		10,081			—		10,081			41,753			—		41,753
Class 3		147			—		147			611			—		611
Class 4		758			—		758			3,353			—		3,353
Total	$	12,904		$	—	$	12,904		$	79,066		$	—	$	79,066

American Funds Mortgage Fund

	Six months ended June 30, 2020								Year ended December 31, 2019
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	845		$	263	$	1,108		$	5,573		$	—	$	5,573
Class 1A		2			1		3			12			—		12
Class 2		217			75		292			1,355			—		1,355
Class 4		147			52		199			585			—		585
Total	$	1,211		$	391	$	1,602		$	7,525		$	—	$	7,525

Ultra-Short Bond Fund

	Six months ended June 30, 2020								Year ended December 31, 2019
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	104		$	—	$	104		$	604		$	—	$	604
Class 1A		—	*		—		—	*		—	*		—		—	*
Class 2		558			—		558			4,088			—		4,088
Class 3		8			—		8			59			—		59
Class 4		67			—		67			342			—		342
Total	$	737		$	—	$	737		$	5,093		$	—	$	5,093

U.S. Government/AAA-Rated Securities Fund

	Six months ended June 30, 2020								Year ended December 31, 2019
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	6,611		$	3,231	$	9,842		$	31,700		$	—	$	31,700
Class 1A		59			29		88			50			—		50
Class 2		22,261			11,067		33,328			26,790			—		26,790
Class 3		181			89		270			180			—		180
Class 4		4,011			1,992		6,003			2,241			—		2,241
Total	$	33,123		$	16,408	$	49,531		$	60,961		$	—	$	60,961

See end of tables for footnote.

American Funds Insurance Series

159

Managed Risk Growth Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	64	$	375	$	439	$	61	$	256	$	317
Class P2		3,441		21,394		24,835		3,581		26,324		29,905
Total	$	3,505	$	21,769	$	25,274	$	3,642	$	26,580	$	30,222

Managed Risk International Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	21	$	10	$	31	$	11	$	16	$	27
Class P2		1,913		1,303		3,216		2,974		4,795		7,769
Total	$	1,934	$	1,313	$	3,247	$	2,985	$	4,811	$	7,796

Managed Risk Blue Chip Income and Growth Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	25	$	37	$	62	$	13	$	40	$	53
Class P2		5,680		10,828		16,508		5,566		17,796		23,362
Total	$	5,705	$	10,865	$	16,570	$	5,579	$	17,836	$	23,415

Managed Risk Growth-Income Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	29,129	$	103,176	$	132,305	$	14,564	$	14,505	$	29,069
Class P2		4,182		15,199		19,381		1,352		2,019		3,371
Total	$	33,311	$	118,375	$	151,686	$	15,916	$	16,524	$	32,440

Managed Risk Asset Allocation Fund

	Six months ended June 30, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	58	$	146	$	204	$	5	$	65	$	70
Class P2		40,641		105,833		146,474		62,691		115,050		177,741
Total	$	40,699	$	105,979	$	146,678	$	62,696	$	115,115	$	177,811

*	Amount less than one thousand.

7. Fees and transactions

CRMC, the series’ investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company^® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.

160	American Funds Insurance Series

Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

Investment advisory services waivers — CRMC is waiving a portion of its investment advisory services fees for New World Fund, Capital Income Builder, Capital World Bond Fund, American Funds Mortgage Fund and each of the managed risk funds. Investment advisory services fees are presented in each fund’s statement of operations gross of the waivers from CRMC. For the six months ended June 30, 2020, total investment advisory services fees waived by CRMC were $3,259,000.

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers (if applicable), are as follows:

	Rates						Net asset level (in billions)				For the six months ended June 30,			For the six months ended June 30,
Fund	Beginning with			Ending with			Up to		In excess of		2020, before waiver			2020, after waiver
Global Growth Fund		.690	%		.460	%	$	.6	$	5.0		.515	%		.515	%
Global Small Capitalization Fund		.800			.635			.6		5.0		.697			.697
Growth Fund		.500			.280			.6		34.0		.320			.320
International Fund		.690			.430			.5		21.0		.495			.495
New World Fund		.850			.580			.5		4.0		.703			.643
Blue Chip Income and Growth Fund		.500			.350			.6		10.5		.391			.391
Global Growth and Income Fund		.690			.480			.6		3.0		.599			.599
Growth-Income Fund		.500			.219			.6		34.0		.257			.257
International Growth and Income Fund		.690			.500			.5		1.5		.616			.616
Capital Income Builder		.500			.410			.6		1.0		.482			.395
Asset Allocation Fund		.500			.240			.6		21.0		.266			.266
Global Balanced Fund		.660			.510			.5		1.0		.660			.660
Bond Fund		.480			.320			.6		13.0		.363			.363
Capital World Bond Fund		.570			.450			1.0		3.0		.534			.501
High-Income Bond Fund		.500			.420			.6		2.0		.481			.481
American Funds Mortgage Fund		.420			.290			.6		3.0		.420			.361
Ultra-Short Bond Fund		.320			.270			1.0		2.0		.320			.320
U.S. Government/AAA-Rated Securities Fund		.420			.290			.6		3.0		.343			.343
Managed Risk Growth Fund		.150						all				.150			.100
Managed Risk International Fund		.150						all				.150			.100
Managed Risk Blue Chip Income and Growth Fund		.150						all				.150			.100
Managed Risk Growth-Income Fund		.150						all				.150			.100
Managed Risk Asset Allocation Fund		.150						all				.150			.100

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

Share class	Currently approved limits			Plan limits
Class 1A		0.00	%		0.25	%
Class 2		0.25			0.25
Class 3		0.18			0.18
Class 4		0.25			0.25
Class P1		0.00			0.25
Class P2		0.25			0.50


American Funds Insurance Series	161

Insurance administrative services — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company’s respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of daily net assets of each share class for CRMC’s provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

Accounting and administrative services — The managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon”) under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund
Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	356
Class 1A	$	—	$	9			1
Class 2		4,467		Not applicable			536
Class 4		461		460			55
Total class-specific expenses	$	4,928	$	469		$	948

Growth Fund
Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	1,599
Class 1A	$	—	$	23			3
Class 2		19,081		Not applicable			2,290
Class 3		187		Not applicable			31
Class 4		1,893		1,892			227
Total class-specific expenses	$	21,161	$	1,915		$	4,150

Global Small Capitalization Fund
Share class		Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	276
Class 1A	$	—	$	—	*		—	*
Class 2		2,597		Not applicable			312
Class 4		233		233			28
Total class-specific expenses	$	2,830	$	233		$	616

International Fund
Share class		Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	697
Class 1A	$	—	$	8			1
Class 2		4,670		Not applicable			561
Class 3		19		Not applicable			3
Class 4		415		415			50
Total class-specific expenses	$	5,104	$	423		$	1,312


162	American Funds Insurance Series

New World Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	277
Class 1A	$	—	$	5		1
Class 2		1,078		Not applicable		129
Class 4		741		741		89
Total class-specific expenses	$	1,819	$	746	$	496

Global Growth and Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	86
Class 1A	$	—	$	2		—	*
Class 2		1,463		Not applicable		176
Class 4		160		160		19
Total class-specific expenses	$	1,623	$	162	$	281

International Growth and Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	148
Class 1A	$	—	$	2		—	*
Class 2		241		Not applicable		29
Class 4		110		110		13
Total class-specific expenses	$	351	$	112	$	190

Asset Allocation Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	2,492
Class 1A	$	—	$	13		2
Class 2		5,940		Not applicable		713
Class 3		27		Not applicable		4
Class 4		5,376		5,376		645
Total class-specific expenses	$	11,343	$	5,389	$	3,856

Blue Chip Income and Growth Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	739
Class 1A	$	—	$	11		1
Class 2		3,401		Not applicable		408
Class 4		739		739		89
Total class-specific expenses	$	4,140	$	750	$	1,237

Growth-Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	2,891
Class 1A	$	—	$	13		2
Class 2		15,267		Not applicable		1,832
Class 3		126		Not applicable		21
Class 4		1,412		1,412		169
Total class-specific expenses	$	16,805	$	1,425	$	4,915

Capital Income Builder
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	77
Class 1A	$	—	$	7		1
Class 2		7		Not applicable		1
Class 4		521		521		62
Total class-specific expenses	$	528	$	528	$	141

Global Balanced Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	19
Class 1A	$	—	$	2		—	*
Class 2		238		Not applicable		29
Class 4		112		112		13
Total class-specific expenses	$	350	$	114	$	61

See end of tables for footnote.

American Funds Insurance Series

163

Bond Fund
Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	951
Class 1A	$	—	$	9			1
Class 2		4,420		Not applicable			530
Class 4		671		671			81
Total class-specific expenses	$	5,091	$	680		$	1,563

High-Income Bond Fund
Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	55
Class 1A	$	—	$	1			—	*
Class 2		767		Not applicable			92
Class 3		8		Not applicable			1
Class 4		64		64			8
Total class-specific expenses	$	839	$	65		$	156

Ultra-Short Bond Fund
Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	5
Class 1A	$	—	$	—	*		—	*
Class 2		311		Not applicable			37
Class 3		3		Not applicable			1
Class 4		37		37			5
Total class-specific expenses	$	351	$	37		$	48

Managed Risk Growth Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	9
Class P2	$	543		543
Total class-specific expenses	$	543	$	552

Managed Risk Blue Chip Income and Growth Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	2
Class P2	$	424		424
Total class-specific expenses	$	424	$	426

Capital World Bond Fund
Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	155
Class 1A	$	—	$	1			—	*
Class 2		1,203		Not applicable			144
Class 4		62		62			7
Total class-specific expenses	$	1,265	$	63		$	306

American Funds Mortgage Fund
Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	30
Class 1A	$	—	$	1			—	*
Class 2		70		Not applicable			8
Class 4		42		41			5
Total class-specific expenses	$	112	$	42		$	43

U.S. Government/AAA-Rated Securities Fund
Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	162
Class 1A	$	—	$	4			—	*
Class 2		1,696		Not applicable			204
Class 3		9		Not applicable			1
Class 4		247		247			30
Total class-specific expenses	$	1,952	$	251		$	397

Managed Risk International Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	1
Class P2	$	190		190
Total class-specific expenses	$	190	$	191

Managed Risk Growth-Income Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	2,388
Class P2	$	344		344
Total class-specific expenses	$	344	$	2,732


164	American Funds Insurance Series

Managed Risk Asset Allocation Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	4
Class P2	$	3,321		3,321
Total class-specific expenses	$	3,321	$	3,325


*	Amount less than one thousand.

Miscellaneous fee reimbursements — CRMC has agreed to reimburse a portion of miscellaneous fees and expenses of Managed Risk International Fund. Miscellaneous expenses exclude investment advisory services and distribution services fees. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the six months ended June 30, 2020, total fees and expenses reimbursed by CRMC were $2,000. Fees and expenses in the fund’s statement of operations are presented gross of any reimbursements from CRMC.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net decrease in the value of the deferred amounts as follows (dollars in thousands):

Fund	Current fees			(Decrease) increase in value of deferred amounts			Total trustees’ compensation
Global Growth Fund	$	11		$	(1	)	$	10
Global Small Capitalization Fund		7			—	*		7
Growth Fund		47			(3	)		44
International Fund		16			(2	)		14
New World Fund		6			(1	)		5
Blue Chip Income and Growth Fund		15			(1	)		14
Global Growth and Income Fund		3			—	*		3
Growth-Income Fund		58			(5	)		53
International Growth and Income Fund		2			—	*		2
Capital Income Builder		2			—	*		2
Asset Allocation Fund		45			(6	)		39
Global Balanced Fund		1			—	*		1
Bond Fund		18			(4	)		14
Capital World Bond Fund		3			(1	)		2
High-Income Bond Fund		2			(1	)		1
American Funds Mortgage Fund		—	*		—	*		—	*
Ultra-Short Bond Fund		1			—	*		1
U.S. Government/AAA-Rated Securities Fund		5			(3	)		2
Managed Risk Growth Fund		1			—	*		1
Managed Risk International Fund		—	*		—	*		—	*
Managed Risk Blue Chip Income and Growth Fund		—	*		—	*		—	*
Managed Risk Growth-Income Fund		2			1			3
Managed Risk Asset Allocation Fund		3			1			4


*	Amount less than one thousand.

Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

Investment in CCF — Some of the funds hold shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for each fund’s short-term investments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC. CCF shares are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

American Funds Insurance Series

165

Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds as of June 30, 2020 (dollars in thousands):

Fund	Purchases		Sales		Net realized gain (loss)
Global Growth Fund	$	9,302	$	26,059	$	5,116
Global Small Capitalization Fund		34,841		36,098		916
Growth Fund		253,054		262,317		27,602
International Fund		46,693		59,299		7,938
New World Fund		42,173		38,710		(2,212	)
Blue Chip Income and Growth Fund		143,063		55,397		(1,792	)
Global Growth and Income Fund		1,744		23,222		(11,375	)
Growth-Income Fund		309,537		470,032		26,622
International Growth and Income Fund		16,181		11,355		(860	)
Capital Income Builder		70,291		40,039		(9,814	)
Asset Allocation Fund		186,945		314,271		52,102
Bond Fund		33,448		14,511		1,255
Capital World Bond Fund		11,099		185		7
High-Income Bond Fund		2,877		365,982		(18,814	)
U.S. Government/AAA-Rated Securities Fund		—		444,556		22,675

8. Committed line of credit

Global Small Capitalization Fund, New World Fund and High-Income Bond Fund participate with other funds managed by CRMC in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund’s statement of operations. None of the funds borrowed on this line of credit at any time during the six months ended June 30, 2020.

9. Capital share transactions

Capital share transactions in the funds were as follows (dollars and shares in thousands):

Global Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	137,872		4,527	$	78,701		2,393	$	(178,482	)		(5,864	)	$	38,091			1,056
Class 1A		1,052		35		217		7		(1,893	)		(69	)		(624	)		(27	)
Class 2		20,996		726		116,174		3,572		(285,902	)		(9,235	)		(148,732	)		(4,937	)
Class 4		33,776		1,095		12,130		375		(28,061	)		(958	)		17,845			512
Total net increase (decrease)	$	193,696		6,383	$	207,222		6,347	$	(494,338	)		(16,126	)	$	(93,420	)		(3,396	)

Year ended December 31, 2019
Class 1	$	230,089		7,777	$	152,273		5,192	$	(333,318	)		(11,180	)	$	49,044			1,789
Class 1A		1,744		62		449		15		(572	)		(19	)		1,621			58
Class 2		44,842		1,552		244,600		8,453		(555,704	)		(18,803	)		(266,262	)		(8,798	)
Class 4		70,615		2,415		20,612		716		(29,399	)		(1,009	)		61,828			2,122
Total net increase (decrease)	$	347,290		11,806	$	417,934		14,376	$	(918,993	)		(31,011	)	$	(153,769	)		(4,829	)

166	American Funds Insurance Series

Global Small Capitalization Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	172,768		8,351	$	125,091		5,146	$	(219,411	)		(9,590	)	$	78,448			3,907
Class 1A		163		7		43		2		(57	)		(3	)		149			6
Class 2		51,360		2,516		145,869		6,194		(147,706	)		(6,121	)		49,523			2,589
Class 4		16,798		743		13,089		553		(15,504	)		(673	)		14,383			623
Total net increase (decrease)	$	241,089		11,617	$	284,092		11,895	$	(382,678	)		(16,387	)	$	142,503			7,125

Year ended December 31, 2019
Class 1	$	337,817		13,612	$	125,498		5,216	$	(226,381	)		(9,119	)	$	236,934			9,709
Class 1A		196		8		28		2		(96	)		(4	)		128			6
Class 2		21,553		917		147,687		6,340		(327,909	)		(13,596	)		(158,669	)		(6,339	)
Class 4		35,449		1,468		11,115		475		(22,005	)		(911	)		24,559			1,032
Total net increase (decrease)	$	395,015		16,005	$	284,328		12,033	$	(576,391	)		(23,630	)	$	102,952			4,408

Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	1,201,297		15,603	$	317,441		3,607	$	(1,495,269	)		(18,874	)	$	23,469			336
Class 1A		7,999		95		603		7		(2,682	)		(35	)		5,920			67
Class 2		228,247		2,918		444,599		5,098		(1,385,153	)		(17,154	)		(712,307	)		(9,138	)
Class 3		1,018		14		5,993		67		(14,242	)		(171	)		(7,231	)		(90	)
Class 4		138,894		1,789		45,870		534		(121,825	)		(1,569	)		62,939			754
Total net increase (decrease)	$	1,577,455		20,419	$	814,506		9,313	$	(3,019,171	)		(37,803	)	$	(627,210	)		(8,071	)

Year ended December 31, 2019
Class 1	$	896,700		11,839	$	1,112,851		15,532	$	(1,155,174	)		(15,026	)	$	854,377			12,345
Class 1A		6,106		81		1,482		21		(1,574	)		(20	)		6,014			82
Class 2		294,401		3,907		1,692,272		23,866		(2,108,133	)		(27,828	)		(121,460	)		(55	)
Class 3		1,763		23		23,154		321		(29,706	)		(390	)		(4,789	)		(46	)
Class 4		227,023		3,055		145,699		2,087		(131,942	)		(1,767	)		240,780			3,375
Total net increase (decrease)	$	1,425,993		18,905	$	2,975,458		41,827	$	(3,426,529	)		(45,031	)	$	974,922			15,701

See end of tables for footnotes.

American Funds Insurance Series

167

International Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	388,665		23,703	$	11,267		597	$	(440,804	)		(24,999	)	$	(40,872	)		(699	)
Class 1A		1,828		102		13		1		(573	)		(32	)		1,268			71
Class 2		199,891		11,906		7,418		395		(208,199	)		(11,265	)		(890	)		1,036
Class 3		158		9		42		2		(1,059	)		(58	)		(859	)		(47	)
Class 4		30,329		1,783		522		28		(26,390	)		(1,483	)		4,461			328
Total net increase (decrease)	$	620,871		37,503	$	19,262		1,023	$	(677,025	)		(37,837	)	$	(36,892	)		689

Year ended December 31, 2019
Class 1	$	171,233		8,812	$	215,640		10,988	$	(699,395	)		(35,642	)	$	(312,522	)		(15,842	)
Class 1A		2,060		106		236		12		(1,174	)		(59	)		1,122			59
Class 2		175,514		9,064		164,024		8,407		(591,706	)		(30,261	)		(252,168	)		(12,790	)
Class 3		238		13		991		50		(4,348	)		(224	)		(3,119	)		(161	)
Class 4		60,129		3,112		13,366		694		(43,609	)		(2,263	)		29,886			1,543
Total net increase (decrease)	$	409,174		21,107	$	394,257		20,151	$	(1,340,232	)		(68,449	)	$	(536,801	)		(27,191	)

New World Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	44,914		2,137	$	23,133		946	$	(185,645	)		(8,197	)	$	(117,598	)		(5,114	)
Class 1A		2,951		128		67		3		(781	)		(35	)		2,237			96
Class 2		37,068		1,679		10,803		446		(76,551	)		(3,236	)		(28,680	)		(1,111	)
Class 4		50,331		2,264		7,473		311		(27,437	)		(1,209	)		30,367			1,366
Total net increase (decrease)	$	135,264		6,208	$	41,476		1,706	$	(290,414	)		(12,677	)	$	(113,674	)		(4,763	)

Year ended December 31, 2019
Class 1	$	149,338		6,057	$	94,601		3,981	$	(207,841	)		(8,743	)	$	36,098			1,295
Class 1A		1,685		70		171		7		(408	)		(17	)		1,448			60
Class 2		68,793		2,911		43,651		1,861		(165,106	)		(6,991	)		(52,662	)		(2,219	)
Class 4		83,946		3,576		25,555		1,096		(39,744	)		(1,687	)		69,757			2,985
Total net increase (decrease)	$	303,762		12,614	$	163,978		6,945	$	(413,099	)		(17,438	)	$	54,641			2,121

Blue Chip Income and Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	376,445		34,283	$	83,851		6,495	$	(479,153	)		(41,220	)	$	(18,857	)		(442	)
Class 1A		4,165		355		180		14		(496	)		(42	)		3,849			327
Class 2		57,979		5,410		46,338		3,643		(152,947	)		(12,250	)		(48,630	)		(3,197	)
Class 4		94,984		8,201		10,485		830		(26,845	)		(2,297	)		78,624			6,734
Total net increase (decrease)	$	533,573		48,249	$	140,854		10,982	$	(659,441	)		(55,809	)	$	14,986			3,422

Year ended December 31, 2019
Class 1	$	213,624		16,737	$	525,212		41,913	$	(484,978	)		(37,271	)	$	253,858			21,379
Class 1A		5,177		403		598		47		(451	)		(35	)		5,324			415
Class 2		28,815		2,244		298,911		24,211		(366,595	)		(28,328	)		(38,869	)		(1,873	)
Class 4		198,327		15,485		49,345		4,013		(38,161	)		(2,979	)		209,511			16,519
Total net increase (decrease)	$	445,943		34,869	$	874,066		70,184	$	(890,185	)		(68,613	)	$	429,824			36,440

168	American Funds Insurance Series

Global Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	220,708		17,518	$	17,145		1,207	$	(186,270	)		(14,634	)	$	51,583			4,091
Class 1A		283		23		59		4		(63	)		(5	)		279			22
Class 2		33,099		2,678		36,059		2,547		(68,359	)		(4,755	)		799			470
Class 4		14,786		1,123		4,005		288		(10,672	)		(813	)		8,119			598
Total net increase (decrease)	$	268,876		21,342	$	57,268		4,046	$	(265,364	)		(20,207	)	$	60,780			5,181

Year ended December 31, 2019
Class 1	$	43,801		2,986	$	38,762		2,639	$	(61,157	)		(4,174	)	$	21,406			1,451
Class 1A		809		55		100		7		(205	)		(14	)		704			48
Class 2		15,277		1,057		91,385		6,251		(232,647	)		(15,758	)		(125,985	)		(8,450	)
Class 4		34,845		2,405		8,268		574		(16,175	)		(1,116	)		26,938			1,863
Total net increase (decrease)	$	94,732		6,503	$	138,515		9,471	$	(310,184	)		(21,062	)	$	(76,937	)		(5,088	)

Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	1,399,453		32,553	$	625,200		12,835	$	(1,625,978	)		(36,304	)	$	398,675			9,084
Class 1A		1,291		29		340		7		(692	)		(15	)		939			21
Class 2		153,560		3,505		391,083		8,139		(726,766	)		(15,483	)		(182,123	)		(3,839	)
Class 3		1,033		22		4,386		90		(9,423	)		(197	)		(4,004	)		(85	)
Class 4		88,454		1,971		36,775		775		(75,133	)		(1,678	)		50,096			1,068
Total net increase (decrease)	$	1,643,791		38,080	$	1,057,784		21,846	$	(2,437,992	)		(53,677	)	$	263,583			6,249

Year ended December 31, 2019
Class 1	$	1,061,581		21,810	$	2,276,758		48,690	$	(1,229,398	)		(25,018	)	$	2,108,941			45,482
Class 1A		3,121		63		1,031		22		(929	)		(19	)		3,223			66
Class 2		173,237		3,593		1,532,457		33,240		(1,626,668	)		(33,632	)		79,026			3,201
Class 3		2,080		42		17,705		379		(21,190	)		(431	)		(1,405	)		(10	)
Class 4		180,857		3,787		125,407		2,752		(103,759	)		(2,175	)		202,505			4,364
Total net increase (decrease)	$	1,420,876		29,295	$	3,953,358		85,083	$	(2,981,944	)		(61,275	)	$	2,392,290			53,103

See end of tables for footnotes.

American Funds Insurance Series

169

International Growth and Income Fund

	Sales*				Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	71,907		5,085	$	2,659		168		$	(27,857	)		(1,832	)	$	46,709			3,421
Class 1A		734		52		5		—	^†		(706	)		(44	)		33			8
Class 2		11,558		828		399		25			(45,938	)		(2,621	)		(33,981	)		(1,768	)
Class 4		11,342		746		158		10			(6,864	)		(461	)		4,636			295
Total net increase (decrease)	$	95,541		6,711	$	3,221		203		$	(81,365	)		(4,958	)	$	17,397			1,956

Year ended December 31, 2019
Class 1	$	9,331		555	$	41,626		2,406		$	(130,370	)		(7,620	)	$	(79,413	)		(4,659	)
Class 1A		364		22		83		5			(75	)		(4	)		372			23
Class 2		14,448		831		8,726		507			(37,612	)		(2,202	)		(14,438	)		(864	)
Class 4		20,154		1,195		3,113		182			(7,857	)		(466	)		15,410			911
Total net increase (decrease)	$	44,297		2,603	$	53,548		3,100		$	(175,914	)		(10,292	)	$	(78,069	)		(4,589	)

Capital Income Builder

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	155,944		16,257	$	8,420		910	$	(123,750	)		(13,164	)	$	40,614			4,003
Class 1A		108		12		78		8		(242	)		(25	)		(56	)		(5	)
Class 2		914		93		82		9		(163	)		(16	)		833			86
Class 4		28,162		2,825		5,699		616		(32,443	)		(3,386	)		1,418			55
Total net increase (decrease)	$	185,128		19,187	$	14,279		1,543	$	(156,598	)		(16,591	)	$	42,809			4,139

Year ended December 31, 2019
Class 1	$	160,592		15,806	$	13,476		1,322	$	(12,510	)		(1,240	)	$	161,558			15,888
Class 1A		2,709		268		126		12		(345	)		(34	)		2,490			246
Class 2		1,661		165		137		13		(567	)		(56	)		1,231			122
Class 4		66,462		6,575		10,875		1,070		(29,407	)		(2,903	)		47,930			4,742
Total net increase (decrease)	$	231,424		22,814	$	24,614		2,417	$	(42,829	)		(4,233	)	$	213,209			20,998

Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	1,338,592		60,714	$	159,726		6,661	$	(1,705,001	)		(78,164	)	$	(206,683	)		(10,789	)
Class 1A		1,697		73		97		4		(1,033	)		(47	)		761			30
Class 2		58,203		2,570		43,514		1,835		(310,423	)		(13,890	)		(208,706	)		(9,485	)
Class 3		357		15		274		12		(1,998	)		(89	)		(1,367	)		(62	)
Class 4		213,254		9,477		38,940		1,652		(141,527	)		(6,432	)		110,667			4,697
Total net increase (decrease)	$	1,612,103		72,849	$	242,551		10,164	$	(2,159,982	)		(98,622	)	$	(305,328	)		(15,609	)

Year ended December 31, 2019
Class 1	$	1,081,611		47,062	$	1,173,430		52,076	$	(1,121,605	)		(48,857	)	$	1,133,436			50,281
Class 1A		2,765		122		605		27		(689	)		(30	)		2,681			119
Class 2		111,154		4,871		347,279		15,613		(575,603	)		(25,266	)		(117,170	)		(4,782	)
Class 3		991		43		2,189		97		(4,150	)		(180	)		(970	)		(40	)
Class 4		356,681		15,732		277,834		12,559		(218,378	)		(9,706	)		416,137			18,585
Total net increase (decrease)	$	1,553,202		67,830	$	1,801,337		80,372	$	(1,920,425	)		(84,039	)	$	1,434,114			64,163

170	American Funds Insurance Series

Global Balanced Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	22,993		1,858	$	446		33	$	(24,873	)		(2,043	)	$	(1,434	)		(152	)
Class 1A		28		2		8		1		(61	)		(5	)		(25	)		(2	)
Class 2		5,600		454		676		51		(14,204	)		(1,124	)		(7,928	)		(619	)
Class 4		5,141		401		326		25		(4,540	)		(365	)		927			61
Total net increase (decrease)	$	33,762		2,715	$	1,456		110	$	(43,678	)		(3,537	)	$	(8,460	)		(712	)

Year ended December 31, 2019
Class 1	$	10,073		777	$	5,390		408	$	(9,768	)		(718	)	$	5,695			467
Class 1A		111		9		89		7		(237	)		(19	)		(37	)		(3	)
Class 2		7,858		607		8,009		608		(22,255	)		(1,722	)		(6,388	)		(507	)
Class 4		15,727		1,225		3,446		264		(6,014	)		(470	)		13,159			1,019
Total net increase (decrease)	$	33,769		2,618	$	16,934		1,287	$	(38,274	)		(2,929	)	$	12,429			976

Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	732,040		63,595	$	86,833		7,428	$	(1,418,621	)		(124,125	)	$	(599,748	)		(53,102	)
Class 1A		1,618		142		106		9		(988	)		(87	)		736			64
Class 2		174,874		15,300		48,761		4,229		(369,090	)		(32,700	)		(145,455	)		(13,171	)
Class 4		103,567		9,145		7,594		661		(58,084	)		(5,161	)		53,077			4,645
Total net increase (decrease)	$	1,012,099		88,182	$	143,294		12,327	$	(1,846,783	)		(162,073	)	$	(691,390	)		(61,564	)

Year ended December 31, 2019
Class 1	$	562,508		51,468	$	176,372		15,842	$	(614,303	)		(56,025	)	$	124,577			11,285
Class 1A		3,719		336		165		15		(744	)		(67	)		3,140			284
Class 2		133,036		12,239		90,797		8,262		(413,489	)		(38,133	)		(189,656	)		(17,632	)
Class 4		149,767		13,753		11,384		1,037		(49,519	)		(4,574	)		111,632			10,216
Total net increase (decrease)	$	849,030		77,796	$	278,718		25,156	$	(1,078,055	)		(98,799	)	$	49,693			4,153

Capital World Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	168,432		14,048	$	20,667		1,702	$	(202,146	)		(17,074	)	$	(13,047	)		(1,324	)
Class 1A		179		15		11		1		(58	)		(5	)		132			11
Class 2		58,590		4,952		18,154		1,508		(110,293	)		(9,359	)		(33,549	)		(2,899	)
Class 4		10,509		878		948		80		(11,495	)		(973	)		(38	)		(15	)
Total net increase (decrease)	$	237,710		19,893	$	39,780		3,291	$	(323,992	)		(27,411	)	$	(46,502	)		(4,227	)

Year ended December 31, 2019
Class 1	$	94,035		7,945	$	19,056		1,588	$	(113,011	)		(9,529	)	$	80			4
Class 1A		84		7		7		1		(59	)		(5	)		32			3
Class 2		33,181		2,816		15,927		1,338		(140,715	)		(11,911	)		(91,607	)		(7,757	)
Class 4		13,230		1,132		649		55		(7,381	)		(629	)		6,498			558
Total net increase (decrease)	$	140,530		11,900	$	35,639		2,982	$	(261,166	)		(22,074	)	$	(84,997	)		(7,192	)

See end of tables for footnotes.

American Funds Insurance Series

171

High-Income Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	14,699		1,681	$	1,802		191	$	(379,982	)		(42,604	)	$	(363,481	)		(40,732	)
Class 1A		236		26		14		1		(50	)		(6	)		200			21
Class 2		9,966		1,072		10,081		1,088		(34,953	)		(3,866	)		(14,906	)		(1,706	)
Class 3		243		26		148		15		(807	)		(87	)		(416	)		(46	)
Class 4		33,852		3,350		758		75		(44,656	)		(4,355	)		(10,046	)		(930	)
Total net increase (decrease)	$	58,996		6,155	$	12,803		1,370	$	(460,448	)		(50,918	)	$	(388,649	)		(43,393	)

Year ended December 31, 2019
Class 1	$	9,412		933	$	33,027		3,374	$	(48,250	)		(4,826	)	$	(5,811	)		(519	)
Class 1A		353		35		45		5		(350	)		(35	)		48			5
Class 2		10,165		1,039		41,753		4,340		(84,344	)		(8,552	)		(32,426	)		(3,173	)
Class 3		613		61		611		62		(1,328	)		(132	)		(104	)		(9	)
Class 4		64,302		6,070		3,353		321		(37,801	)		(3,523	)		29,854			2,868
Total net increase (decrease)	$	84,845		8,138	$	78,789		8,102	$	(172,073	)		(17,068	)	$	(8,439	)		(828	)

Mortgage Fund

	Sales*				Reinvestments of distributions					Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	25,935		2,378	$	1,109		100		$	(55,643	)		(5,106	)	$	(28,599	)		(2,628	)
Class 1A		198		18		3		—	^†		(124	)		(11	)		77			7
Class 2		3,290		303		292		27			(6,669	)		(610	)		(3,087	)		(280	)
Class 4		17,488		1,618		198		18			(8,470	)		(781	)		9,216			855
Total net increase (decrease)	$	46,911		4,317	$	1,602		145		$	(70,906	)		(6,508	)	$	(22,393	)		(2,046	)

Year ended December 31, 2019
Class 1	$	31,595		3,007	$	5,573		528		$	(41,843	)		(3,959	)	$	(4,675	)		(424	)
Class 1A		166		16		12		1			(444	)		(42	)		(266	)		(25	)
Class 2		4,351		413		1,355		129			(7,802	)		(738	)		(2,096	)		(196	)
Class 4		11,996		1,146		585		56			(9,761	)		(944	)		2,820			258
Total net increase (decrease)	$	48,108		4,582	$	7,525		714		$	(59,850	)		(5,683	)	$	(4,217	)		(387	)

172	American Funds Insurance Series

Ultra-Short Bond Fund

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	19,129		1,687	$	104			9		$	(6,205	)		(547	)	$	13,028			1,149
Class 1A		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 2		83,973		7,609		558			51			(50,003	)		(4,532	)		34,528			3,128
Class 3		1,092		98		8			1			(584	)		(52	)		516			47
Class 4		23,847		2,138		67			6			(12,394	)		(1,112	)		11,520			1,032
Total net increase (decrease)	$	128,041		11,532	$	737			67		$	(69,186	)		(6,243	)	$	59,592			5,356

Year ended December 31, 2019
Class 1	$	9,753		856	$	604			53		$	(17,930	)		(1,576	)	$	(7,573	)		(667	)
Class 1A		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 2		85,259		7,676		4,088			371			(106,127	)		(9,561	)		(16,780	)		(1,514	)
Class 3		714		64		59			5			(2,101	)		(188	)		(1,328	)		(119	)
Class 4		21,513		1,920		342			31			(17,702	)		(1,580	)		4,153			371
Total net increase (decrease)	$	117,239		10,516	$	5,093			460		$	(143,860	)		(12,905	)	$	(21,528	)		(1,929	)

U.S. Government/AAA-Rated Securities Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class 1	$	105,013		8,023	$	9,624		740	$	(1,265,074	)		(95,013	)	$	(1,150,437	)		(86,250	)
Class 1A		1,904		145		89		7		(1,446	)		(110	)		547			42
Class 2		81,686		6,412		33,328		2,592		(213,441	)		(16,303	)		(98,427	)		(7,299	)
Class 3		1,932		149		269		20		(985	)		(76	)		1,216			93
Class 4		188,266		14,581		6,004		467		(78,685	)		(6,017	)		115,585			9,031
Total net increase (decrease)	$	378,801		29,310	$	49,314		3,826	$	(1,559,631	)		(117,519	)	$	(1,131,516	)		(84,383	)

Year ended December 31, 2019
Class 1	$	63,401		5,184	$	31,462		2,550	$	(170,411	)		(13,819	)	$	(75,548	)		(6,085	)
Class 1A		1,348		110		50		4		(488	)		(40	)		910			74
Class 2		105,457		8,638		26,789		2,193		(155,177	)		(12,760	)		(22,931	)		(1,929	)
Class 3		975		79		180		15		(1,521	)		(124	)		(366	)		(30	)
Class 4		69,032		5,652		2,241		183		(41,016	)		(3,366	)		30,257			2,469
Total net increase (decrease)	$	240,213		19,663	$	60,722		4,945	$	(368,613	)		(30,109	)	$	(67,678	)		(5,501	)

Managed Risk Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended June 30, 2020
Class P1	$	3,420		245	$	439		32	$	(852	)		(62	)	$	3,007		215
Class P2		29,202		2,123		24,835		1,827		(32,980	)		(2,378	)		21,057		1,572
Total net increase (decrease)	$	32,622		2,368	$	25,274		1,859	$	(33,832	)		(2,440	)	$	24,064		1,787

Year ended December 31, 2019
Class P1	$	2,619		201	$	317		25	$	(523	)		(41	)	$	2,413		185
Class P2		47,485		3,690		29,905		2,419		(30,455	)		(2,336	)		46,935		3,773
Total net increase (decrease)	$	50,104		3,891	$	30,222		2,444	$	(30,978	)		(2,377	)	$	49,348		3,958

See end of tables for footnotes.

American Funds Insurance Series

173

Managed Risk International Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2020
Class P1	$	903		88	$	31		4	$	(174	)		(17	)	$	760			75
Class P2		14,137		1,495		3,216		348		(5,382	)		(539	)		11,971			1,304
Total net increase (decrease)	$	15,040		1,583	$	3,247		352	$	(5,556	)		(556	)	$	12,731			1,379

Year ended December 31, 2019
Class P1	$	357		34	$	27		3	$	(140	)		(14	)	$	244			23
Class P2		7,251		702		7,769		772		(18,389	)		(1,773	)		(3,369	)		(299	)
Total net increase (decrease)	$	7,608		736	$	7,796		775	$	(18,529	)		(1,787	)	$	(3,125	)		(276	)

Managed Risk Blue Chip Income and Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended June 30, 2020
Class P1	$	525		45	$	62		6	$	(38	)		(3	)	$	549		48
Class P2		19,849		1,862		16,508		1,610		(11,856	)		(1,052	)		24,501		2,420
Total net increase (decrease)	$	20,374		1,907	$	16,570		1,616	$	(11,894	)		(1,055	)	$	25,050		2,468

Year ended December 31, 2019
Class P1	$	547		46	$	53		5	$	(313	)		(28	)	$	287		23
Class P2		16,518		1,448		23,362		2,128		(33,614	)		(2,932	)		6,266		644
Total net increase (decrease)	$	17,065		1,494	$	23,415		2,133	$	(33,927	)		(2,960	)	$	6,553		667

Managed Risk Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended June 30, 2020
Class P1	$	32,108		2,384	$	132,305		10,410	$	(89,691	)		(6,882	)	$	74,722		5,912
Class P2		12,333		929		19,381		1,533		(12,105	)		(899	)		19,609		1,563
Total net increase (decrease)	$	44,441		3,313	$	151,686		11,943	$	(101,796	)		(7,781	)	$	94,331		7,475

Year ended December 31, 2019
Class P1	$	86,511		6,809	$	29,069		2,244	$	(82,465	)		(6,312	)	$	33,115		2,741
Class P2		28,190		2,218		3,371		263		(20,033	)		(1,562	)		11,528		919
Total net increase (decrease)	$	114,701		9,027	$	32,440		2,507	$	(102,498	)		(7,874	)	$	44,643		3,660

174	American Funds Insurance Series

Managed Risk Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended June 30, 2020
Class P1	$	2,240		176	$	204		17	$	(561	)		(41	)	$	1,883		152
Class P2		42,169		3,302		146,474		12,155		(133,077	)		(10,395	)		55,566		5,062
Total net increase (decrease)	$	44,409		3,478	$	146,678		12,172	$	(133,638	)		(10,436	)	$	57,449		5,214

Year ended December 31, 2019
Class P1	$	626		47	$	70		5	$	(334	)		(25	)	$	362		27
Class P2		106,039		8,229		177,741		14,380		(260,413	)		(20,223	)		23,367		2,386
Total net increase (decrease)	$	106,665		8,276	$	177,811		14,385	$	(260,747	)		(20,248	)	$	23,729		2,413

*	Includes exchanges between share classes of the fund.
^†	Amount less than one thousand.

American Funds Insurance Series

175

10. Investment transactions and other disclosures

The following tables present additional information for each of the funds for the six months ended June 30, 2020 (dollars in thousands):

	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund			Blue Chip Income and Growth Fund
Purchases of investment securities*	$	534,335	$	922,816	$	3,248,088	$	1,745,943	$	1,807,749		$	2,328,314
Sales of investment securities*		829,429		1,009,463		4,901,588		2,133,214		1,868,740			2,400,012
Non-U.S. taxes paid on dividend income		3,150		1,363		3,249		6,316		1,319			249
Non-U.S. taxes paid on interest income		—		—		—		—		(4	)		—
Non-U.S. taxes paid on realized gains		—		—		—		—		550			—
Non-U.S. taxes provided on unrealized gains		2,859		1,040		—		7,323		6,580			—

		Global Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder		Asset Allocation Fund			Global Balanced Fund
Purchases of investment securities*	$	417,183	$	6,304,391	$	388,541	$	1,037,086	$	13,158,932		$	91,666
Sales of investment securities*		491,469		6,969,380		358,483		915,970		13,037,652			107,936
Non-U.S. taxes paid on dividend income		1,268		6,123		2,064		475		3,891			160
Non-U.S. taxes paid on interest income		—		—		—		—		—			10
Non-U.S. taxes paid on realized gains		179		165		—		1		27			3
Non-U.S. taxes provided on unrealized gains		1,818		186		—		27		—			25
Dividend income from affiliated issuers		—		—		—		—		2,980			—

		Bond Fund		Capital World Bond Fund		High- Income Bond Fund		American Funds Mortgage Fund		Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund
Purchases of investment securities*	$	18,899,658	$	1,507,104	$	411,403	$	1,224,594	$	—		$	9,526,222
Sales of investment securities*		18,603,064		1,343,214		763,140		1,175,864		—			9,403,975
Non-U.S. taxes paid on interest income		—		175		—		—		—			—
Non-U.S. taxes paid on realized gains		—		72		—		—		—			—
Non-U.S. taxes provided on unrealized gains		—		92		—		—		—			—
		Managed Risk Growth Fund		Managed Risk International Fund		Managed Risk Blue Chip Income and Growth Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Purchases of investment securities*	$	259,669	$	78,217	$	249,515	$	547,458	$	657,004
Sales of investment securities*		280,254		82,606		259,913		539,871		777,679
Dividend income from affiliated issuers		1,322		367		1,501		9,310		11,742

*	Excludes short-term securities and U.S. government obligations, if any.

11. Ownership concentration

At June 30, 2020, American Funds Insurance Series - Portfolio Series Managed Risk Growth and Income Portfolio held 33% and 13% of the outstanding shares of Capital Income Builder and Global Growth and Income Fund, respectively. In addition, American Funds Insurance Series - Portfolio Series Managed Risk Global Allocation Portfolio held 25% of the outstanding shares of Global Balanced Fund.

176	American Funds Insurance Series

Financial highlights

			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets²			Ratio of net income (loss) to average net assets

Global Growth Fund

Class 1:
6/30/2020^3,4	$	32.57	$	.11		$	1.26		$	1.37		$	(.07	)	$	(.96	)	$	(1.03	)	$	32.91		4.22	%⁵	$	2,577			.56	%⁶		.71	%⁶
12/31/2019		25.74		.32			8.60			8.92			(.41	)		(1.68	)		(2.09	)		32.57		35.61			2,515			.56			1.07
12/31/2018		30.51		.29			(2.65	)		(2.36	)		(.28	)		(2.13	)		(2.41	)		25.74		(8.81	)		1,942			.55			.98
12/31/2017		24.05		.26			7.30			7.56			(.26	)		(.84	)		(1.10	)		30.51		31.80			2,010			.55			.94
12/31/2016		26.39		.25			(.14	)		.11			(.29	)		(2.16	)		(2.45	)		24.05		.87			1,630			.56			1.00
12/31/2015		27.48		.25			1.80			2.05			(.35	)		(2.79	)		(3.14	)		26.39		7.24			1,626			.55			.90
Class 1A:
6/30/2020^3,4		32.47		.07			1.27			1.34			(.06	)		(.96	)		(1.02	)		32.79		4.13	⁵		7			.81	⁶		.44	⁶
12/31/2019		25.69		.25			8.55			8.80			(.34	)		(1.68	)		(2.02	)		32.47		35.22			8			.81			.83
12/31/2018		30.46		.23			(2.66	)		(2.43	)		(.21	)		(2.13	)		(2.34	)		25.69		(9.02	)		5			.80			.77
12/31/2017^3,7		24.50		.11			6.94			7.05			(.25	)		(.84	)		(1.09	)		30.46		29.13	⁵		2			.80	⁶		.39	⁶
Class 2:
6/30/2020^3,4		32.24		.07			1.25			1.32			(.06	)		(.96	)		(1.02	)		32.54		4.10	⁵		3,771			.81	⁶		.46	⁶
12/31/2019		25.50		.24			8.51			8.75			(.33	)		(1.68	)		(2.01	)		32.24		35.28			3,895			.81			.83
12/31/2018		30.24		.22			(2.63	)		(2.41	)		(.20	)		(2.13	)		(2.33	)		25.50		(9.04	)		3,306			.80			.73
12/31/2017		23.85		.19			7.23			7.42			(.19	)		(.84	)		(1.03	)		30.24		31.47			4,012			.80			.69
12/31/2016		26.19		.18			(.14	)		.04			(.22	)		(2.16	)		(2.38	)		23.85		.62			3,483			.81			.76
12/31/2015		27.30		.18			1.78			1.96			(.28	)		(2.79	)		(3.07	)		26.19		6.94			3,817			.80			.66
Class 4:
6/30/2020^3,4		32.05		.03			1.25			1.28			(.05	)		(.96	)		(1.01	)		32.32		3.99	⁵		402			1.06	⁶		.22	⁶
12/31/2019		25.39		.17			8.45			8.62			(.28	)		(1.68	)		(1.96	)		32.05		34.87			382			1.06			.57
12/31/2018		30.13		.14			(2.60	)		(2.46	)		(.15	)		(2.13	)		(2.28	)		25.39		(9.24	)		249			1.05			.47
12/31/2017		23.81		.10			7.22			7.32			(.16	)		(.84	)		(1.00	)		30.13		31.11			211			1.05			.37
12/31/2016		26.16		.12			(.14	)		(.02	)		(.17	)		(2.16	)		(2.33	)		23.81		.37			94			1.06			.50
12/31/2015		27.34		.09			1.81			1.90			(.29	)		(2.79	)		(3.08	)		26.16		6.69			91			1.05			.34

Global Small Capitalization Fund

Class 1:
6/30/2020^3,4	$	26.80	$	.02		$	(.88	)	$	(.86	)	$	(.05	)	$	(1.59	)	$	(1.64	)	$	24.30		(3.18	)%⁵	$	1,954			.75	%⁶		.15	%⁶
12/31/2019		21.75		.12			6.61			6.73			(.10	)		(1.58	)		(1.68	)		26.80		31.84			2,050			.75			.48
12/31/2018		25.38		.11			(2.51	)		(2.40	)		(.09	)		(1.14	)		(1.23	)		21.75		(10.31	)		1,453			.73			.42
12/31/2017		20.24		.12			5.17			5.29			(.15	)		—			(.15	)		25.38		26.22			1,639			.73			.54
12/31/2016		24.41		.12			.17			.29			(.11	)		(4.35	)		(4.46	)		20.24		2.35			1,532			.74			.57
12/31/2015		26.09		.04			.36			.40			—			(2.08	)		(2.08	)		24.41		.50			1,706			.73			.15
Class 1A:
6/30/2020^3,4		26.74		(.01	)		(.87	)		(.88	)		(.05	)		(1.59	)		(1.64	)		24.22		(3.30	)⁵		1			1.00	⁶		(.06	)⁶
12/31/2019		21.71		.05			6.61			6.66			(.05	)		(1.58	)		(1.63	)		26.74		31.56			1			.99			.22
12/31/2018		25.36		.05			(2.52	)		(2.47	)		(.04	)		(1.14	)		(1.18	)		21.71		(10.56	)		—	⁸		.98			.21
12/31/2017^3,7		20.70		.08			4.71			4.79			(.13	)		—			(.13	)		25.36		23.19	⁵		—	⁸		.96	⁶		.35	⁶
Class 2:
6/30/2020^3,4		26.02		(.01	)		(.85	)		(.86	)		(.04	)		(1.59	)		(1.63	)		23.53		(3.28	)⁵		2,197			1.00	⁶		(.11	)⁶
12/31/2019		21.16		.05			6.43			6.48			(.04	)		(1.58	)		(1.62	)		26.02		31.52			2,363			1.00			.22
12/31/2018		24.72		.04			(2.44	)		(2.40	)		(.02	)		(1.14	)		(1.16	)		21.16		(10.55	)		2,056			.98			.17
12/31/2017		19.72		.06			5.04			5.10	��		(.10	)		—			(.10	)		24.72		25.89			2,551			.98			.27
12/31/2016		23.90		.07			.15			.22			(.05	)		(4.35	)		(4.40	)		19.72		2.10			2,303			.99			.31
12/31/2015		25.64		(.03	)		.37			.34			—			(2.08	)		(2.08	)		23.90		.27			2,492			.98			(.10	)
Class 4:
6/30/2020^3,4		26.16		(.04	)		(.87	)		(.91	)		(.03	)		(1.59	)		(1.62	)		23.63		(3.46	)⁵		201			1.25	⁶		(.35	)⁶
12/31/2019		21.28		(.01	)		6.47			6.46			—	⁹		(1.58	)		(1.58	)		26.16		31.24			206			1.25			(.04	)
12/31/2018		24.91		(.02	)		(2.46	)		(2.48	)		(.01	)		(1.14	)		(1.15	)		21.28		(10.80	)		146			1.24			(.08	)
12/31/2017		19.91		—	⁹		5.09			5.09			(.09	)		—			(.09	)		24.91		25.62			125			1.23			—	¹⁰
12/31/2016		24.11		.01			.16			.17			(.02	)		(4.35	)		(4.37	)		19.91		1.85			42			1.24			.03
12/31/2015		25.92		(.10	)		.37			.27			—			(2.08	)		(2.08	)		24.11		(.02	)		34			1.23			(.37	)

See end of tables for footnotes.

American Funds Insurance Series

177

Financial highlights (continued)

			Income (loss) from investment operations¹						Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets²			Ratio of net income (loss) to average net assets

Growth Fund

Class 1:
6/30/2020^3,4	$	81.22	$	.22	$	9.58	$	9.80	$	(.25	)	$	(2.18	)	$	(2.43	)	$	88.59		12.10	%⁵		$11,854		.36	%⁶		.54	%⁶
12/31/2019		69.96		.83		19.63		20.46		(.76	)		(8.44	)		(9.20	)		81.22		31.11			10,841		.35			1.09
12/31/2018		77.85		.64		.25		.89		(.54	)		(8.24	)		(8.78	)		69.96		(.01	)		8,474		.34			.81
12/31/2017		67.29		.55		17.89		18.44		(.55	)		(7.33	)		(7.88	)		77.85		28.62			8,100		.35			.75
12/31/2016		68.02		.67		5.40		6.07		(.67	)		(6.13	)		(6.80	)		67.29		9.77			6,931		.35			1.03
12/31/2015		80.15		.64		5.08		5.72		(.61	)		(17.24	)		(17.85	)		68.02		7.12			6,796		.35			.87
Class 1A:
6/30/2020^3,4		80.92		.12		9.52		9.64		(.22	)		(2.18	)		(2.40	)		88.16		11.95	⁵		26		.61	⁶		.30	⁶
12/31/2019		69.77		.65		19.55		20.20		(.61	)		(8.44	)		(9.05	)		80.92		30.79			18		.60			.85
12/31/2018		77.74		.47		.24		.71		(.44	)		(8.24	)		(8.68	)		69.77		(.26	)		10		.59			.60
12/31/2017^3,7		68.84		.35		16.38		16.73		(.50	)		(7.33	)		(7.83	)		77.74		25.47	⁵		3		.59	⁶		.47	⁶
Class 2:
6/30/2020^3,4		80.57		.12		9.50		9.62		(.22	)		(2.18	)		(2.40	)		87.79		11.97	⁵		16,504		.61	⁶		.29	⁶
12/31/2019		69.48		.63		19.47		20.10		(.57	)		(8.44	)		(9.01	)		80.57		30.77			15,885		.60			.83
12/31/2018		77.35		.44		.27		.71		(.34	)		(8.24	)		(8.58	)		69.48		(.25	)		13,701		.59			.55
12/31/2017		66.92		.37		17.76		18.13		(.37	)		(7.33	)		(7.70	)		77.35		28.28			15,716		.60			.50
12/31/2016		67.69		.51		5.36		5.87		(.51	)		(6.13	)		(6.64	)		66.92		9.49			13,978		.60			.78
12/31/2015		79.84		.46		5.06		5.52		(.43	)		(17.24	)		(17.67	)		67.69		6.86			14,414		.60			.62
Class 3:
6/30/2020^3,4		81.84		.15		9.65		9.80		(.23	)		(2.18	)		(2.41	)		89.23		12.01	⁵		225		.54	⁶		.36	⁶
12/31/2019		70.44		.69		19.77		20.46		(.62	)		(8.44	)		(9.06	)		81.84		30.86			213		.53			.90
12/31/2018		78.32		.50		.26		.76		(.40	)		(8.24	)		(8.64	)		70.44		(.18	)		187		.52			.62
12/31/2017		67.67		.42		17.98		18.40		(.42	)		(7.33	)		(7.75	)		78.32		28.39			212		.53			.57
12/31/2016		68.37		.56		5.42		5.98		(.55	)		(6.13	)		(6.68	)		67.67		9.56			183		.53			.85
12/31/2015		80.47		.51		5.11		5.62		(.48	)		(17.24	)		(17.72	)		68.37		6.92			194		.53			.69
Class 4:
6/30/2020^3,4		79.41		.02		9.35		9.37		(.19	)		(2.18	)		(2.37	)		86.41		11.81	⁵		1,711		.86	⁶		.05	⁶
12/31/2019		68.64		.44		19.19		19.63		(.42	)		(8.44	)		(8.86	)		79.41		30.44			1,513		.85			.59
12/31/2018		76.56		.24		.28		.52		(.20	)		(8.24	)		(8.44	)		68.64		(.50	)		1,076		.84			.31
12/31/2017		66.41		.18		17.61		17.79		(.31	)		(7.33	)		(7.64	)		76.56		27.99			954		.85			.25
12/31/2016		67.26		.34		5.32		5.66		(.38	)		(6.13	)		(6.51	)		66.41		9.22			458		.85			.53
12/31/2015		79.74		.29		5.02		5.31		(.55	)		(17.24	)		(17.79	)		67.26		6.59			394		.85			.42

178	American Funds Insurance Series

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets²			Ratio of net income (loss) to average net assets

International Fund

Class 1:
6/30/2020^3,4	$	20.86	$	.10	$	(2.44	)	$	(2.34	)	$	(.04	)	$	—		$	(.04	)	$	18.48		(11.20	)%⁵	$	4,729		.55	%⁶		1.13	%⁶
12/31/2019		17.66		.30		3.74			4.04			(.34	)		(.50	)		(.84	)		20.86		23.21			5,353		.54			1.54
12/31/2018		21.71		.34		(2.97	)		(2.63	)		(.40	)		(1.02	)		(1.42	)		17.66		(12.94	)		4,811		.53			1.62
12/31/2017		16.82		.26		5.16			5.42			(.30	)		(.23	)		(.53	)		21.71		32.46			5,014		.53			1.33
12/31/2016		18.08		.27		.30			.57			(.28	)		(1.55	)		(1.83	)		16.82		3.78			3,652		.54			1.57
12/31/2015		20.35		.29		(1.03	)		(.74	)		(.35	)		(1.18	)		(1.53	)		18.08		(4.25	)		3,427		.54			1.41
Class 1A:
6/30/2020^3,4		20.80		.08		(2.43	)		(2.35	)		(.04	)		—			(.04	)		18.41		(11.32	)⁵		8		.80	⁶		.88	⁶
12/31/2019		17.62		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.80		22.90			7		.79			1.27
12/31/2018		21.67		.27		(2.93	)		(2.66	)		(.37	)		(1.02	)		(1.39	)		17.62		(13.11	)		5		.78			1.32
12/31/2017^3,7		17.17		.09		4.93			5.02			(.29	)		(.23	)		(.52	)		21.67		29.46	⁵		2		.77	⁶		.43	⁶
Class 2:
6/30/2020^3,4		20.78		.08		(2.43	)		(2.35	)		(.04	)		—			(.04	)		18.39		(11.33	)⁵		3,834		.80	⁶		.87	⁶
12/31/2019		17.60		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.78		22.88			4,311		.79			1.29
12/31/2018		21.63		.29		(2.95	)		(2.66	)		(.35	)		(1.02	)		(1.37	)		17.60		(13.13	)		3,875		.78			1.40
12/31/2017		16.76		.22		5.13			5.35			(.25	)		(.23	)		(.48	)		21.63		32.14			4,422		.78			1.10
12/31/2016		18.02		.23		.30			.53			(.24	)		(1.55	)		(1.79	)		16.76		3.53			3,710		.79			1.35
12/31/2015		20.29		.24		(1.03	)		(.79	)		(.30	)		(1.18	)		(1.48	)		18.02		(4.53	)		3,978		.79			1.17
Class 3:
6/30/2020^3,4		20.92		.09		(2.45	)		(2.36	)		(.04	)		—			(.04	)		18.52		(11.30	)⁵		21		.73	⁶		.94	⁶
12/31/2019		17.70		.27		3.75			4.02			(.30	)		(.50	)		(.80	)		20.92		23.05			25		.72			1.37
12/31/2018		21.75		.31		(2.98	)		(2.67	)		(.36	)		(1.02	)		(1.38	)		17.70		(13.10	)		24		.71			1.48
12/31/2017		16.85		.23		5.17			5.40			(.27	)		(.23	)		(.50	)		21.75		32.23			31		.71			1.17
12/31/2016		18.11		.24		.30			.54			(.25	)		(1.55	)		(1.80	)		16.85		3.57			27		.72			1.42
12/31/2015		20.38		.25		(1.03	)		(.78	)		(.31	)		(1.18	)		(1.49	)		18.11		(4.44	)		32		.72			1.24
Class 4:
6/30/2020^3,4		20.54		.06		(2.41	)		(2.35	)		(.03	)		—			(.03	)		18.16		(11.46	)⁵		341		1.05	⁶		.62	⁶
12/31/2019		17.40		.20		3.69			3.89			(.25	)		(.50	)		(.75	)		20.54		22.67			379		1.04			1.03
12/31/2018		21.42		.23		(2.93	)		(2.70	)		(.30	)		(1.02	)		(1.32	)		17.40		(13.41	)		295		1.03			1.13
12/31/2017		16.64		.11		5.16			5.27			(.26	)		(.23	)		(.49	)		21.42		31.89			289		1.03			.55
12/31/2016		17.93		.18		.29			.47			(.21	)		(1.55	)		(1.76	)		16.64		3.21			66		1.04			1.03
12/31/2015		20.23		.17		(1.00	)		(.83	)		(.29	)		(1.18	)		(1.47	)		17.93		(4.75	)		46		1.04			.88

See end of tables for footnotes.

American Funds Insurance Series

179

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers²			Ratio of net income (loss) to average net assets
																														��
New World Fund

Class 1:
6/30/2020^3,4	$	25.84	$	.09	$	(1.15	)	$	(1.06	)	$	(.03	)	$	(.27	)	$	(.30	)	$	24.48		(4.06	)%⁵	$	1,892		.77	%⁶		.71	%⁶		.79	%⁶
12/31/2019		20.98		.28		5.79			6.07			(.29	)		(.92	)		(1.21	)		25.84		29.47			2,129		.76			.76			1.18
12/31/2018		25.30		.27		(3.65	)		(3.38	)		(.27	)		(.67	)		(.94	)		20.98		(13.83	)		1,702		.77			.77			1.11
12/31/2017		19.72		.26		5.59			5.85			(.27	)		—			(.27	)		25.30		29.73			2,050		.77			.77			1.14
12/31/2016		18.87		.24		.81			1.05			(.20	)		—			(.20	)		19.72		5.59			1,743		.78			.78			1.25
12/31/2015		20.72		.19		(.71	)		(.52	)		(.17	)		(1.16	)		(1.33	)		18.87		(2.96	)		1,562		.79			.79			.92
Class 1A:
6/30/2020^3,4		25.74		.07		(1.15	)		(1.08	)		(.02	)		(.27	)		(.29	)		24.37		(4.18	)⁵		6		1.02	⁶		.95	⁶		.62	⁶
12/31/2019		20.92		.22		5.76			5.98			(.24	)		(.92	)		(1.16	)		25.74		29.11			4		1.01			1.01			.92
12/31/2018		25.25		.21		(3.64	)		(3.43	)		(.23	)		(.67	)		(.90	)		20.92		(14.02	)		2		1.02			1.02			.91
12/31/2017^3,7		20.14		.13		5.24			5.37			(.26	)		—			(.26	)		25.25		26.72	⁵		1		1.00	⁶		1.00	⁶		.53	⁶
Class 2:
6/30/2020^3,4		25.59		.06		(1.13	)		(1.07	)		(.02	)		(.27	)		(.29	)		24.23		(4.18	)⁵		902		1.02	⁶		.96	⁶		.55	⁶
12/31/2019		20.79		.22		5.73			5.95			(.23	)		(.92	)		(1.15	)		25.59		29.15			981		1.01			1.01			.93
12/31/2018		25.07		.20		(3.61	)		(3.41	)		(.20	)		(.67	)		(.87	)		20.79		(14.04	)		843		1.02			1.02			.85
12/31/2017		19.54		.20		5.55			5.75			(.22	)		—			(.22	)		25.07		29.44			1,055		1.02			1.02			.89
12/31/2016		18.71		.19		.79			.98			(.15	)		—			(.15	)		19.54		5.26			911		1.03			1.03			1.00
12/31/2015		20.54		.14		(.69	)		(.55	)		(.12	)		(1.16	)		(1.28	)		18.71		(3.14	)		961		1.04			1.04			.68
Class 4:
6/30/2020^3,4		25.47		.04		(1.14	)		(1.10	)		(.01	)		(.27	)		(.28	)		24.09		(4.31	)⁵		644		1.27	⁶		1.21	⁶		.31	⁶
12/31/2019		20.71		.16		5.70			5.86			(.18	)		(.92	)		(1.10	)		25.47		28.82			646		1.26			1.26			.67
12/31/2018		24.99		.14		(3.59	)		(3.45	)		(.16	)		(.67	)		(.83	)		20.71		(14.25	)		464		1.27			1.27			.61
12/31/2017		19.51		.14		5.52			5.66			(.18	)		—			(.18	)		24.99		29.06			427		1.27			1.27			.61
12/31/2016		18.69		.14		.80			.94			(.12	)		—			(.12	)		19.51		5.04			240		1.28			1.28			.75
12/31/2015		20.56		.08		(.68	)		(.60	)		(.11	)		(1.16	)		(1.27	)		18.69		(3.37	)		171		1.29			1.29			.39

180	American Funds Insurance Series

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets²			Ratio of net income (loss) to average net assets

Blue Chip Income and Growth Fund

Class 1:
6/30/2020^3,4	$	13.56	$	.13	$	(1.24	)	$	(1.11	)	$	(.06	)	$	(.15	)	$	(.21	)	$	12.24		(8.27	)%⁵	$	5,013			.43	%⁶		2.06	%⁶
12/31/2019		12.38		.30		2.25			2.55			(.30	)		(1.07	)		(1.37	)		13.56		21.66			5,559			.42			2.28
12/31/2018		14.96		.31		(1.44	)		(1.13	)		(.31	)		(1.14	)		(1.45	)		12.38		(8.45	)		4,810			.41			2.13
12/31/2017		13.53		.32		1.96			2.28			(.32	)		(.53	)		(.85	)		14.96		17.30			5,581			.41			2.27
12/31/2016		12.62		.31		1.97			2.28			(.29	)		(1.08	)		(1.37	)		13.53		19.06			5,099			.41			2.39
12/31/2015		14.69		.31		(.64	)		(.33	)		(.29	)		(1.45	)		(1.74	)		12.62		(2.72	)		3,638			.41			2.23
Class 1A:
6/30/2020^3,4		13.51		.11		(1.24	)		(1.13	)		(.05	)		(.15	)		(.20	)		12.18		(8.40	)⁵		12			.68	⁶		1.84	⁶
12/31/2019		12.35		.26		2.24			2.50			(.27	)		(1.07	)		(1.34	)		13.51		21.35			9			.67			2.03
12/31/2018		14.94		.26		(1.42	)		(1.16	)		(.29	)		(1.14	)		(1.43	)		12.35		(8.67	)		3			.66			1.84
12/31/2017^3,7		13.75		.28		1.75			2.03			(.31	)		(.53	)		(.84	)		14.94		15.21	⁵		1			.65	⁶		2.01	⁶
Class 2:
6/30/2020^3,4		13.39		.11		(1.23	)		(1.12	)		(.05	)		(.15	)		(.20	)		12.07		(8.41	)⁵		2,750			.68	⁶		1.81	⁶
12/31/2019		12.24		.26		2.22			2.48			(.26	)		(1.07	)		(1.33	)		13.39		21.38			3,093			.67			2.03
12/31/2018		14.80		.27		(1.42	)		(1.15	)		(.27	)		(1.14	)		(1.41	)		12.24		(8.66	)		2,850			.66			1.88
12/31/2017		13.39		.28		1.94			2.22			(.28	)		(.53	)		(.81	)		14.80		17.04			3,551			.66			2.02
12/31/2016		12.51		.28		1.94			2.22			(.26	)		(1.08	)		(1.34	)		13.39		18.70			3,412			.66			2.16
12/31/2015		14.57		.27		(.62	)		(.35	)		(.26	)		(1.45	)		(1.71	)		12.51		(2.93	)		3,228			.66			1.97
Class 4:
6/30/2020^3,4		13.31		.09		(1.21	)		(1.12	)		(.05	)		(.15	)		(.20	)		11.99		(8.49	)⁵		641			.93	⁶		1.57	⁶
12/31/2019		12.19		.23		2.20			2.43			(.24	)		(1.07	)		(1.31	)		13.31		21.03			621			.92			1.78
12/31/2018		14.77		.23		(1.42	)		(1.19	)		(.25	)		(1.14	)		(1.39	)		12.19		(8.92	)		368			.91			1.62
12/31/2017		13.39		.25		1.93			2.18			(.27	)		(.53	)		(.80	)		14.77		16.70			247			.91			1.76
12/31/2016		12.53		.24		1.96			2.20			(.26	)		(1.08	)		(1.34	)		13.39		18.49			132			.91			1.81
12/31/2015		14.63		.24		(.63	)		(.39	)		(.26	)		(1.45	)		(1.71	)		12.53		(3.21	)		32			.91			1.75

Global Growth and Income Fund

Class 1:
6/30/2020^3,4	$	15.92	$	.11	$	(1.87	)	$	(1.76	)	$	(.05	)	$	(.38	)	$	(.43	)	$	13.73		(11.08	)%⁵	$	595			.65	%⁶		1.57	%⁶
12/31/2019		13.02		.31		3.67			3.98			(.32	)		(.76	)		(1.08	)		15.92		31.39			625			.65			2.08
12/31/2018		15.81		.29		(1.62	)		(1.33	)		(.28	)		(1.18	)		(1.46	)		13.02		(9.36	)		492			.63			1.94
12/31/2017		13.02		.35		3.06			3.41			(.36	)		(.26	)		(.62	)		15.81		26.40			485			.63			2.43
12/31/2016		12.35		.28		.66			.94			(.27	)		—			(.27	)		13.02		7.61			571			.63			2.18
12/31/2015		12.78		.36		(.50	)		(.14	)		(.29	)		—			(.29	)		12.35		(1.14	)		293			.64			2.79
Class 1A:
6/30/2020^3,4		15.88		.09		(1.85	)		(1.76	)		(.05	)		(.38	)		(.43	)		13.69		(11.20	)⁵		2			.90	⁶		1.32	⁶
12/31/2019		13.00		.26		3.68			3.94			(.30	)		(.76	)		(1.06	)		15.88		31.04			2			.90			1.77
12/31/2018		15.81		.26		(1.63	)		(1.37	)		(.26	)		(1.18	)		(1.44	)		13.00		(9.62	)		1			.88			1.74
12/31/2017^3,7		13.21		.18		3.03			3.21			(.35	)		(.26	)		(.61	)		15.81		24.54	⁵		—	⁸		.84	⁶		1.20	⁶
Class 2:
6/30/2020^3,4		15.89		.09		(1.85	)		(1.76	)		(.05	)		(.38	)		(.43	)		13.70		(11.20	)⁵		1,185			.90	⁶		1.30	⁶
12/31/2019		12.99		.27		3.68			3.95			(.29	)		(.76	)		(1.05	)		15.89		31.14			1,366			.90			1.84
12/31/2018		15.78		.26		(1.63	)		(1.37	)		(.24	)		(1.18	)		(1.42	)		12.99		(9.63	)		1,228			.88			1.70
12/31/2017		13.00		.31		3.05			3.36			(.32	)		(.26	)		(.58	)		15.78		26.06			1,538			.88			2.11
12/31/2016		12.33		.25		.65			.90			(.23	)		—			(.23	)		13.00		7.34			1,405			.88			1.98
12/31/2015		12.75		.22		(.39	)		(.17	)		(.25	)		—			(.25	)		12.33		(1.34	)		1,479			.89			1.73
Class 4:
6/30/2020^3,4		15.63		.07		(1.82	)		(1.75	)		(.04	)		(.38	)		(.42	)		13.46		(11.29	)⁵		133			1.15	⁶		1.05	⁶
12/31/2019		12.81		.23		3.61			3.84			(.26	)		(.76	)		(1.02	)		15.63		30.73			145			1.15			1.56
12/31/2018		15.60		.21		(1.60	)		(1.39	)		(.22	)		(1.18	)		(1.40	)		12.81		(9.89	)		95			1.13			1.43
12/31/2017		12.89		.22		3.08			3.30			(.33	)		(.26	)		(.59	)		15.60		25.83			79			1.14			1.49
12/31/2016		12.26		.21		.65			.86			(.23	)		—			(.23	)		12.89		7.04			16			1.13			1.63
12/31/2015		12.71		.17		(.37	)		(.20	)		(.25	)		—			(.25	)		12.26		(1.60	)		5			1.14			1.32

See end of tables for footnotes.

American Funds Insurance Series

181

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets²			Ratio of net income (loss) to average net assets

Growth-Income Fund

Class 1:
6/30/2020^3,4	$	50.71	$	.38	$	(2.17	)	$	(1.79	)	$	(.22	)	$	(1.30	)	$	(1.52	)	$	47.40		(3.62	)%⁵	$	20,113		.29	%⁶		1.61	%⁶
12/31/2019		45.39		1.00		10.40			11.40			(.92	)		(5.16	)		(6.08	)		50.71		26.46			21,057		.29			2.05
12/31/2018		50.22		.84		(1.25	)		(.41	)		(.84	)		(3.58	)		(4.42	)		45.39		(1.55	)		16,783		.28			1.65
12/31/2017		44.41		.81		8.89			9.70			(.78	)		(3.11	)		(3.89	)		50.22		22.68			15,765		.28			1.69
12/31/2016		45.40		.79		4.09			4.88			(.75	)		(5.12	)		(5.87	)		44.41		11.80			12,588		.29			1.79
12/31/2015		52.76		.79		.37			1.16			(.75	)		(7.77	)		(8.52	)		45.40		1.72			10,747		.29			1.59

Class 1A:
6/30/2020^3,4		50.54		.32		(2.16	)		(1.84	)		(.20	)		(1.30	)		(1.50	)		47.20		(3.73	)⁵		11		.54	⁶		1.36	⁶
12/31/2019		45.28		.89		10.36			11.25			(.83	)		(5.16	)		(5.99	)		50.54		26.14			11		.54			1.82
12/31/2018		50.15		.72		(1.25	)		(.53	)		(.76	)		(3.58	)		(4.34	)		45.28		(1.78	)		7		.53			1.43
12/31/2017^3,7		45.39		.67		7.96			8.63			(.76	)		(3.11	)		(3.87	)		50.15		19.83	⁵		2		.52	⁶		1.41	⁶

Class 2:
6/30/2020^3,4		50.08		.31		(2.13	)		(1.82	)		(.20	)		(1.30	)		(1.50	)		46.76		(3.73	)⁵		12,504		.54	⁶		1.36	⁶
12/31/2019		44.90		.87		10.27			11.14			(.80	)		(5.16	)		(5.96	)		50.08		26.14			13,586		.53			1.80
12/31/2018		49.71		.71		(1.23	)		(.52	)		(.71	)		(3.58	)		(4.29	)		44.90		(1.79	)		12,035		.53			1.40
12/31/2017		44.00		.68		8.80			9.48			(.66	)		(3.11	)		(3.77	)		49.71		22.38			13,930		.53			1.45
12/31/2016		45.04		.67		4.05			4.72			(.64	)		(5.12	)		(5.76	)		44.00		11.51			12,854		.54			1.54
12/31/2015		52.41		.66		.37			1.03			(.63	)		(7.77	)		(8.40	)		45.04		1.45			12,895		.54			1.34

Class 3:
6/30/2020^3,4		50.81		.33		(2.17	)		(1.84	)		(.20	)		(1.30	)		(1.50	)		47.47		(3.70	)⁵		142		.47	⁶		1.43	⁶
12/31/2019		45.47		.91		10.43			11.34			(.84	)		(5.16	)		(6.00	)		50.81		26.24			156		.46			1.87
12/31/2018		50.29		.75		(1.25	)		(.50	)		(.74	)		(3.58	)		(4.32	)		45.47		(1.72	)		140		.46			1.47
12/31/2017		44.47		.72		8.90			9.62			(.69	)		(3.11	)		(3.80	)		50.29		22.47			168		.46			1.52
12/31/2016		45.46		.71		4.09			4.80			(.67	)		(5.12	)		(5.79	)		44.47		11.59			156		.47			1.61
12/31/2015		52.82		.70		.37			1.07			(.66	)		(7.77	)		(8.43	)		45.46		1.53			161		.47			1.41

Class 4:
6/30/2020^3,4		49.52		.25		(2.12	)		(1.87	)		(.18	)		(1.30	)		(1.48	)		46.17		(3.86	)⁵		1,184		.79	⁶		1.11	⁶
12/31/2019		44.47		.74		10.18			10.92			(.71	)		(5.16	)		(5.87	)		49.52		25.86			1,216		.79			1.56
12/31/2018		49.31		.58		(1.23	)		(.65	)		(.61	)		(3.58	)		(4.19	)		44.47		(2.05	)		899		.78			1.15
12/31/2017		43.73		.56		8.73			9.29			(.60	)		(3.11	)		(3.71	)		49.31		22.08			827		.78			1.19
12/31/2016		44.82		.56		4.02			4.58			(.55	)		(5.12	)		(5.67	)		43.73		11.25			495		.79			1.29
12/31/2015		52.39		.58		.33			.91			(.71	)		(7.77	)		(8.48	)		44.82		1.21			410		.79			1.25

182	American Funds Insurance Series

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets²			Ratio of net income (loss) to average net assets

International Growth and Income Fund

Class 1:
6/30/2020^3,4	$	18.18	$	.17	$	(2.91	)	$	(2.74	)	$	(.04	)	$	—		$	(.04	)	$	15.40		(15.08	)%⁵	$	1,019		.68	%⁶		2.24	%⁶
12/31/2019		15.35		.46		3.03			3.49			(.47	)		(.19	)		(.66	)		18.18		23.06			1,140		.66			2.73
12/31/2018		17.72		.45		(2.39	)		(1.94	)		(.43	)		—			(.43	)		15.35		(11.00	)		1,034		.65			2.62
12/31/2017		14.48		.46		3.20			3.66			(.42	)		—			(.42	)		17.72		25.31			1,121		.66			2.75
12/31/2016		14.72		.43		(.19	)		.24			(.42	)		(.06	)		(.48	)		14.48		1.71			820		.68			2.93
12/31/2015		16.27		.42		(1.25	)		(.83	)		(.38	)		(.34	)		(.72	)		14.72		(5.34	)		707		.68			2.60
Class 1A:
6/30/2020^3,4		18.15		.15		(2.91	)		(2.76	)		(.03	)		—			(.03	)		15.36		(15.19	)⁵		2		.93	⁶		1.92	⁶
12/31/2019		15.33		.41		3.04			3.45			(.44	)		(.19	)		(.63	)		18.15		22.76			2		.91			2.41
12/31/2018		17.70		.41		(2.39	)		(1.98	)		(.39	)		—			(.39	)		15.33		(11.24	)		2		.90			2.35
12/31/2017^3,7		14.69		.34		3.08			3.42			(.41	)		—			(.41	)		17.70		23.36	⁵		2		.91	⁶		1.99	⁶
Class 2:
6/30/2020^3,4		18.12		.15		(2.90	)		(2.75	)		(.03	)		—			(.03	)		15.34		(15.17	)⁵		190		.93	⁶		1.93	⁶
12/31/2019		15.30		.42		3.02			3.44			(.43	)		(.19	)		(.62	)		18.12		22.76			257		.91			2.49
12/31/2018		17.66		.41		(2.38	)		(1.97	)		(.39	)		—			(.39	)		15.30		(11.23	)		230		.90			2.38
12/31/2017		14.43		.43		3.17			3.60			(.37	)		—			(.37	)		17.66		25.03			276		.91			2.60
12/31/2016		14.68		.40		(.21	)		.19			(.38	)		(.06	)		(.44	)		14.43		1.44			244		.93			2.72
12/31/2015		16.22		.38		(1.24	)		(.86	)		(.34	)		(.34	)		(.68	)		14.68		(5.60	)		254		.93			2.32
Class 4:
6/30/2020^3,4		18.01		.13		(2.88	)		(2.75	)		(.03	)		—			(.03	)		15.23		(15.29	)⁵		90		1.18	⁶		1.73	⁶
12/31/2019		15.22		.37		3.01			3.38			(.40	)	��	(.19	)		(.59	)		18.01		22.47			101		1.16			2.18
12/31/2018		17.58		.36		(2.36	)		(2.00	)		(.36	)		—			(.36	)		15.22		(11.46	)		71		1.15			2.10
12/31/2017		14.38		.37		3.18			3.55			(.35	)		—			(.35	)		17.58		24.72			63		1.16			2.24
12/31/2016		14.63		.36		(.19	)		.17			(.36	)		(.06	)		(.42	)		14.38		1.18			37		1.18			2.43
12/31/2015		16.19		.33		(1.23	)		(.90	)		(.32	)		(.34	)		(.66	)		14.63		(5.82	)		32		1.18			2.02

See end of tables for footnotes.

American Funds Insurance Series

183

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers²			Ratio of net income (loss) to average net assets

Capital Income Builder

Class 1:
6/30/2020^3,4	$	10.73	$	.15	$	(.83	)	$	(.68	)	$	(.16	)	$	—		$	(.16	)	$	9.89		(6.23	)%⁵	$	531			.53	%⁶		.44	%⁶		2.97	%⁶
12/31/2019		9.37		.32		1.36			1.68			(.32	)		—			(.32	)		10.73		18.16			533			.53			.53			3.17
12/31/2018		10.40		.31		(1.00	)		(.69	)		(.32	)		(.02	)		(.34	)		9.37		(6.77	)		317			.54			.54			3.08
12/31/2017		9.46		.32		.93			1.25			(.31	)		—			(.31	)		10.40		13.29			254			.54			.54			3.21
12/31/2016		9.40		.32		.07			.39			(.33	)		—			(.33	)		9.46		4.17			156			.54			.54			3.39
12/31/2015		9.81		.28		(.40	)		(.12	)		(.29	)		—			(.29	)		9.40		(1.23	)		80			.56			.56			2.88
Class 1A:
6/30/2020^3,4		10.72		.13		(.82	)		(.69	)		(.15	)		—			(.15	)		9.88		(6.36	)⁵		5			.78	⁶		.69	⁶		2.70	⁶
12/31/2019		9.36		.29		1.37			1.66			(.30	)		—			(.30	)		10.72		17.90			6			.78			.78			2.84
12/31/2018		10.39		.28		(.99	)		(.71	)		(.30	)		(.02	)		(.32	)		9.36		(7.01	)		2			.79			.79			2.82
12/31/2017^3,7		9.57		.27		.84			1.11			(.29	)		—			(.29	)		10.39		11.72	⁵		1			.79	⁶		.79	⁶		2.63	⁶
Class 2:
6/30/2020^3,4		10.72		.13		(.82	)		(.69	)		(.15	)		—			(.15	)		9.88		(6.36	)⁵		6			.78	⁶		.69	⁶		2.72	⁶
12/31/2019		9.36		.30		1.35			1.65			(.29	)		—			(.29	)		10.72		17.89			6			.78			.78			2.91
12/31/2018		10.40		.28		(1.00	)		(.72	)		(.30	)		(.02	)		(.32	)		9.36		(7.08	)		4			.79			.79			2.83
12/31/2017		9.46		.29		.93			1.22			(.28	)		—			(.28	)		10.40		13.04			1			.79			.79			2.82
12/31/2016		9.40		.27		.11			.38			(.32	)		—			(.32	)		9.46		4.08			—	⁸		.80			.80			2.82
12/31/2015		9.81		.31		(.43	)		(.12	)		(.29	)		—			(.29	)		9.40		(1.23	)¹¹		—	⁸		.46	¹¹		.46	¹¹		3.12	¹¹
Class 4:
6/30/2020^3,4		10.71		.12		(.82	)		(.70	)		(.14	)		—			(.14	)		9.87		(6.49	)⁵		419			1.03	⁶		.94	⁶		2.44	⁶
12/31/2019		9.35		.27		1.36			1.63			(.27	)		—			(.27	)		10.71		17.62			454			1.03			1.03			2.68
12/31/2018		10.38		.26		(1.00	)		(.74	)		(.27	)		(.02	)		(.29	)		9.35		(7.25	)		352			1.04			1.04			2.58
12/31/2017		9.45		.27		.92			1.19			(.26	)		—			(.26	)		10.38		12.65			338			1.04			1.04			2.72
12/31/2016		9.38		.27		.08			.35			(.28	)		—			(.28	)		9.45		3.78			256			1.04			1.04			2.88
12/31/2015		9.80		.25		(.42	)		(.17	)		(.25	)		—			(.25	)		9.38		(1.79	)		157			1.05			1.05			2.55


184	American Funds Insurance Series

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets²			Ratio of net income (loss) to average net assets

Asset Allocation Fund

Class 1:
6/30/2020^3,4	$	24.05	$	.22	$	(.57	)	$	(.35	)	$	(.11	)	$	(.11	)	$	(.22	)	$	23.48		(1.47	)%⁵	$	17,061		.30	%⁶		1.89	%⁶
12/31/2019		21.29		.51		3.94			4.45			(.50	)		(1.19	)		(1.69	)		24.05		21.54			17,730		.29			2.21
12/31/2018		23.71		.48		(1.43	)		(.95	)		(.44	)		(1.03	)		(1.47	)		21.29		(4.35	)		14,627		.28			2.04
12/31/2017		21.68		.44		3.06			3.50			(.41	)		(1.06	)		(1.47	)		23.71		16.51			16,556		.29			1.90
12/31/2016		20.62		.42		1.54			1.96			(.39	)		(.51	)		(.90	)		21.68		9.69			13,008		.29			1.97
12/31/2015		22.23		.40		(.02	)		.38			(.40	)		(1.59	)		(1.99	)		20.62		1.64			10,913		.29			1.85
Class 1A:
6/30/2020^3,4		23.99		.19		(.56	)		(.37	)		(.10	)		(.11	)		(.21	)		23.41		(1.55	)⁵		11		.55	⁶		1.64	⁶
12/31/2019		21.26		.45		3.92			4.37			(.45	)		(1.19	)		(1.64	)		23.99		21.19			11		.54			1.95
12/31/2018		23.69		.42		(1.42	)		(1.00	)		(.40	)		(1.03	)		(1.43	)		21.26		(4.58	)		7		.53			1.82
12/31/2017^3,7		21.97		.39		2.78			3.17			(.39	)		(1.06	)		(1.45	)		23.69		14.78	⁵		4		.53	⁶		1.69	⁶
Class 2:
6/30/2020^3,4		23.79		.18		(.55	)		(.37	)		(.10	)		(.11	)		(.21	)		23.21		(1.57	)⁵		4,808		.55	⁶		1.63	⁶
12/31/2019		21.08		.45		3.89			4.34			(.44	)		(1.19	)		(1.63	)		23.79		21.23			5,154		.54			1.96
12/31/2018		23.49		.41		(1.41	)		(1.00	)		(.38	)		(1.03	)		(1.41	)		21.08		(4.60	)		4,668		.53			1.78
12/31/2017		21.49		.37		3.04			3.41			(.35	)		(1.06	)		(1.41	)		23.49		16.23			5,480		.54			1.64
12/31/2016		20.45		.36		1.53			1.89			(.34	)		(.51	)		(.85	)		21.49		9.41			5,144		.54			1.72
12/31/2015		22.06		.34		(.01	)		.33			(.35	)		(1.59	)		(1.94	)		20.45		1.40			5,008		.54			1.60
Class 3:
6/30/2020^3,4		24.08		.19		(.56	)		(.37	)		(.10	)		(.11	)		(.21	)		23.50		(1.54	)⁵		31		.48	⁶		1.70	⁶
12/31/2019		21.32		.47		3.93			4.40			(.45	)		(1.19	)		(1.64	)		24.08		21.30			32		.47			2.02
12/31/2018		23.73		.43		(1.41	)		(.98	)		(.40	)		(1.03	)		(1.43	)		21.32		(4.49	)		29		.46			1.85
12/31/2017		21.70		.39		3.07			3.46			(.37	)		(1.06	)		(1.43	)		23.73		16.29			38		.47			1.72
12/31/2016		20.64		.38		1.54			1.92			(.35	)		(.51	)		(.86	)		21.70		9.49			35		.47			1.79
12/31/2015		22.25		.36		(.02	)		.34			(.36	)		(1.59	)		(1.95	)		20.64		1.46			36		.47			1.67
Class 4:
6/30/2020^3,4		23.67		.16		(.56	)		(.40	)		(.09	)		(.11	)		(.20	)		23.07		(1.70	)⁵		4,488		.80	⁶		1.39	⁶
12/31/2019		20.99		.39		3.87			4.26			(.39	)		(1.19	)		(1.58	)		23.67		20.92			4,493		.79			1.71
12/31/2018		23.40		.35		(1.40	)		(1.05	)		(.33	)		(1.03	)		(1.36	)		20.99		(4.83	)		3,594		.78			1.54
12/31/2017		21.43		.32		3.02			3.34			(.31	)		(1.06	)		(1.37	)		23.40		15.91			3,582		.79			1.40
12/31/2016		20.40		.31		1.53			1.84			(.30	)		(.51	)		(.81	)		21.43		9.16			2,861		.79			1.47
12/31/2015		22.11		.30		(.02	)		.28			(.40	)		(1.59	)		(1.99	)		20.40		1.14			2,414		.79			1.45

See end of tables for footnotes.

American Funds Insurance Series

185

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)				Ratio of expenses to average net assets²			Ratio of net income (loss) to average net assets

Global Balanced Fund

Class 1:
6/30/2020^3,4	$	13.51	$	.09		$	(.47	)	$	(.38	)	$	—	⁹	$	(.05	)	$	(.05	)	$	13.08		(2.85	)%⁵	$	127				.71	%⁶		1.49	%⁶
12/31/2019		11.67		.24			2.17			2.41			(.20	)		(.37	)		(.57	)		13.51		20.79			134				.72			1.88
12/31/2018		12.75		.23			(.96	)		(.73	)		(.20	)		(.15	)		(.35	)		11.67		(5.81	)		110				.72			1.82
12/31/2017		11.08		.21			1.99			2.20			(.15	)		(.38	)		(.53	)		12.75		19.91			93				.72			1.68
12/31/2016		10.74		.19			.32			.51			(.17	)		—			(.17	)		11.08		4.73			64				.72			1.73
12/31/2015		11.11		.20			(.28	)		(.08	)		(.14	)		(.15	)		(.29	)		10.74		(.69	)		47				.72			1.80
Class 1A:
6/30/2020^3,4		13.49		.08			(.48	)		(.40	)		—	⁹		(.05	)		(.05	)		13.04		(3.00	)⁵		2				.96	⁶		1.23	⁶
12/31/2019		11.65		.21			2.17			2.38			(.17	)		(.37	)		(.54	)		13.49		20.54			2				.97			1.63
12/31/2018		12.74		.18			(.94	)		(.76	)		(.18	)		(.15	)		(.33	)		11.65		(6.03	)		2				.98			1.44
12/31/2017^3,7		11.18		.16			1.92			2.08			(.14	)		(.38	)		(.52	)		12.74		18.71	⁵		—	⁸			.94	⁶		1.27	⁶
Class 2:
6/30/2020^3,4		13.48		.08			(.47	)		(.39	)		—	⁹		(.05	)		(.05	)		13.04		(2.93	)⁵		192				.96	⁶		1.23	⁶
12/31/2019		11.65		.21			2.16			2.37			(.17	)		(.37	)		(.54	)		13.48		20.44			207				.97			1.64
12/31/2018		12.72		.20			(.96	)		(.76	)		(.16	)		(.15	)		(.31	)		11.65		(6.01	)		185				.97			1.57
12/31/2017		11.06		.18			1.98			2.16			(.12	)		(.38	)		(.50	)		12.72		19.57			210				.96			1.43
12/31/2016		10.72		.16			.32			.48			(.14	)		—			(.14	)		11.06		4.48			178				.97			1.48
12/31/2015		11.09		.18			(.28	)		(.10	)		(.12	)		(.15	)		(.27	)		10.72		(.95	)		171				.97			1.60
Class 4:
6/30/2020^3,4		13.36		.06			(.47	)		(.41	)		—	⁹		(.05	)		(.05	)		12.90		(3.11	)⁵		92				1.21	⁶		.98	⁶
12/31/2019		11.55		.18			2.14			2.32			(.14	)		(.37	)		(.51	)		13.36		20.21			94				1.22			1.37
12/31/2018		12.63		.17			(.96	)		(.79	)		(.14	)		(.15	)		(.29	)		11.55		(6.31	)		69				1.22			1.34
12/31/2017		11.00		.13	��		1.99			2.12			(.11	)		(.38	)		(.49	)		12.63		19.38			51				1.22			1.07
12/31/2016		10.69		.12			.33			.45			(.14	)		—			(.14	)		11.00		4.21			10				1.24			1.12
12/31/2015		11.09		.06			(.17	)		(.11	)		(.14	)		(.15	)		(.29	)		10.69		(1.00	)		1				1.34			.58

Bond Fund

Class 1:
6/30/2020^3,4	$	11.17	$	.12		$	.61		$	.73		$	(.05	)	$	(.11	)	$	(.16	)	$	11.74		6.61	%⁵	$	6,193				.40	%⁶		2.17	%⁶
12/31/2019		10.47		.30			.71			1.01			(.31	)		—			(.31	)		11.17		9.70			6,481				.39			2.76
12/31/2018		10.82		.29			(.35	)		(.06	)		(.28	)		(.01	)		(.29	)		10.47		(.45	)		5,962				.38			2.70
12/31/2017		10.80		.24			.18			.42			(.24	)		(.16	)		(.40	)		10.82		3.88			6,434				.38			2.19
12/31/2016		10.70		.21			.14			.35			(.21	)		(.04	)		(.25	)		10.80		3.27			6,829				.38			1.91
12/31/2015		11.08		.22			(.17	)		.05			(.21	)		(.22	)		(.43	)		10.70		.45			5,731				.38			1.95
Class 1A:
6/30/2020^3,4		11.13		.11			.61			.72			(.05	)		(.11	)		(.16	)		11.69		6.51	⁵		8				.65	⁶		1.91	⁶
12/31/2019		10.45		.27			.71			.98			(.30	)		—			(.30	)		11.13		9.36			7				.64			2.48
12/31/2018		10.80		.26			(.33	)		(.07	)		(.27	)		(.01	)		(.28	)		10.45		(.60	)		3				.63			2.50
12/31/2017^3,7		10.82		.22			.15			.37			(.23	)		(.16	)		(.39	)		10.80		3.46	⁵		1				.62	⁶		2.01	⁶
Class 2:
6/30/2020^3,4		11.02		.11			.61			.72			(.05	)		(.11	)		(.16	)		11.58		6.56	⁵		3,589				.65	⁶		1.92	⁶
12/31/2019		10.34		.27			.70			.97			(.29	)		—			(.29	)		11.02		9.36			3,561				.64			2.51
12/31/2018		10.69		.26			(.34	)		(.08	)		(.26	)		(.01	)		(.27	)		10.34		(.71	)		3,524				.63			2.45
12/31/2017		10.67		.21			.18			.39			(.21	)		(.16	)		(.37	)		10.69		3.67			3,966				.63			1.94
12/31/2016		10.58		.18			.13			.31			(.18	)		(.04	)		(.22	)		10.67		2.95			3,959				.63			1.65
12/31/2015		10.95		.18			(.15	)		.03			(.18	)		(.22	)		(.40	)		10.58		.28			4,135				.63			1.69
Class 4:
6/30/2020^3,4		11.00		.09			.61			.70			(.05	)		(.11	)		(.16	)		11.54		6.36	⁵		580				.90	⁶		1.66	⁶
12/31/2019		10.33		.24			.70			.94			(.27	)		—			(.27	)		11.00		9.08			502				.89			2.25
12/31/2018		10.68		.23			(.33	)		(.10	)		(.24	)		(.01	)		(.25	)		10.33		(.89	)		366		��		.88			2.22
12/31/2017		10.70		.19			.16			.35			(.21	)		(.16	)		(.37	)		10.68		3.29			297				.88			1.72
12/31/2016		10.61		.15			.15			.30			(.17	)		(.04	)		(.21	)		10.70		2.80			102				.88			1.41
12/31/2015		11.01		.16			(.16	)		—			(.18	)		(.22	)		(.40	)		10.61		(.08	)		59				.88			1.47


186	American Funds Insurance Series

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers²			Ratio of net income (loss) to average net assets

Capital World Bond Fund

Class 1:
6/30/2020^3,4	$	12.12	$	.12	$	.14		$	.26		$	(.03	)	$	(.21	)	$	(.24	)	$	12.14		2.14	%⁵	$	1,063			.59	%⁶		.55	%⁶		2.09	%⁶
12/31/2019		11.42		.31		.61			.92			(.22	)		—			(.22	)		12.12		8.08			1,077			.58			.58			2.60
12/31/2018		11.88		.30		(.44	)		(.14	)		(.28	)		(.04	)		(.32	)		11.42		(1.14	)		1,015			.57			.57			2.56
12/31/2017		11.22		.28		.52			.80			(.07	)		(.07	)		(.14	)		11.88		7.11			1,273			.56			.56			2.37
12/31/2016		11.01		.26		.06			.32			(.09	)		(.02	)		(.11	)		11.22		2.92			1,115			.57			.57			2.26
12/31/2015		11.77		.27		(.71	)		(.44	)		(.01	)		(.31	)		(.32	)		11.01		(3.75	)		1,032			.57			.57			2.34
Class 1A:
6/30/2020^3,4		12.10		.11		.13			.24			(.02	)		(.21	)		(.23	)		12.11		2.03	⁵		1			.83	⁶		.80	⁶		1.84	⁶
12/31/2019		11.41		.28		.60			.88			(.19	)		—			(.19	)		12.10		7.75			1			.83			.83			2.35
12/31/2018		11.87		.27		(.43	)		(.16	)		(.26	)		(.04	)		(.30	)		11.41		(1.29	)		1			.82			.82			2.36
12/31/2017^3,7		11.22		.26		.52			.78			(.06	)		(.07	)		(.13	)		11.87		7.00	⁵		—	⁸		.72	⁶		.72	⁶		2.27	⁶
Class 2:
6/30/2020^3,4		12.03		.11		.13			.24			(.02	)		(.21	)		(.23	)		12.04		2.03	⁵		968			.84	⁶		.80	⁶		1.84	⁶
12/31/2019		11.34		.28		.60			.88			(.19	)		—			(.19	)		12.03		7.77			1,002			.83			.83			2.35
12/31/2018		11.79		.27		(.43	)		(.16	)		(.25	)		(.04	)		(.29	)		11.34		(1.33	)		1,032			.82			.82			2.32
12/31/2017		11.14		.25		.51			.76			(.04	)		(.07	)		(.11	)		11.79		6.86			1,164			.81			.81			2.12
12/31/2016		10.93		.23		.07			.30			(.07	)		(.02	)		(.09	)		11.14		2.71			1,121			.82			.82			2.01
12/31/2015		11.72		.24		(.71	)		(.47	)		(.01	)		(.31	)		(.32	)		10.93		(4.07	)		1,208			.82			.82			2.09
Class 4:
6/30/2020^3,4		11.92		.09		.14			.23			(.02	)		(.21	)		(.23	)		11.92		1.93	⁵		49			1.09	⁶		1.05	⁶		1.59	⁶
12/31/2019		11.24		.24		.60			.84			(.16	)		—			(.16	)		11.92		7.54			49			1.08			1.08			2.09
12/31/2018		11.70		.24		(.43	)		(.19	)		(.23	)		(.04	)		(.27	)		11.24		(1.61	)		40			1.07			1.07			2.09
12/31/2017		11.08		.22		.51			.73			(.04	)		(.07	)		(.11	)		11.70		6.63			31			1.06			1.06			1.89
12/31/2016		10.89		.20		.06			.26			(.05	)		(.02	)		(.07	)		11.08		2.42			12			1.07			1.07			1.76
12/31/2015		11.70		.21		(.71	)		(.50	)		—	⁹		(.31	)		(.31	)		10.89		(4.27	)		6			1.07			1.07			1.86

See end of tables for footnotes.

American Funds Insurance Series

187

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets²			Ratio of net income (loss) to average net assets

High-Income Bond Fund

Class 1:
6/30/2020^3,4	$	9.87	$	.31	$	(.77	)	$	(.46	)	$	(.16	)	$	—	$	(.16	)	$	9.25		(4.74	)%⁵	$	115			.52	%⁶		6.73	%⁶
12/31/2019		9.34		.67		.52			1.19			(.66	)		—		(.66	)		9.87		12.85			525			.51			6.71
12/31/2018		10.19		.64		(.84	)		(.20	)		(.65	)		—		(.65	)		9.34		(2.15	)		501			.50			6.32
12/31/2017		10.18		.63		.10			.73			(.72	)		—		(.72	)		10.19		7.25			632			.49			5.98
12/31/2016		9.19		.61		1.02			1.63			(.64	)		—		(.64	)		10.18		17.83			949			.49			6.18
12/31/2015		10.54		.64		(1.36	)		(.72	)		(.63	)		—		(.63	)		9.19		(6.94	)		1,017			.48			6.12
Class 1A:
6/30/2020^3,4		9.86		.30		(.78	)		(.48	)		(.15	)		—		(.15	)		9.23		(4.86	)⁵		1			.77	⁶		6.39	⁶
12/31/2019		9.33		.65		.51			1.16			(.63	)		—		(.63	)		9.86		12.61			1			.75			6.47
12/31/2018		10.18		.62		(.84	)		(.22	)		(.63	)		—		(.63	)		9.33		(2.35	)		1			.75			6.11
12/31/2017^3,7		10.28		.60		.02			.62			(.72	)		—		(.72	)		10.18		6.02	⁵		—	⁸		.72	⁶		5.74	⁶
Class 2:
6/30/2020^3,4		9.70		.29		(.76	)		(.47	)		(.15	)		—		(.15	)		9.08		(4.85	)⁵		609			.77	⁶		6.39	⁶
12/31/2019		9.19		.64		.50			1.14			(.63	)		—		(.63	)		9.70		12.55			667			.76			6.45
12/31/2018		10.03		.61		(.83	)		(.22	)		(.62	)		—		(.62	)		9.19		(2.34	)		661			.75			6.07
12/31/2017		10.04		.59		.10			.69			(.70	)		—		(.70	)		10.03		6.89			776			.74			5.72
12/31/2016		9.06		.58		1.01			1.59			(.61	)		—		(.61	)		10.04		17.69			799			.74			5.92
12/31/2015		10.41		.60		(1.35	)		(.75	)		(.60	)		—		(.60	)		9.06		(7.30	)		765			.73			5.85
Class 3:
6/30/2020^3,4		9.92		.30		(.78	)		(.48	)		(.15	)		—		(.15	)		9.29		(4.83	)⁵		9			.70	⁶		6.46	⁶
12/31/2019		9.38		.66		.52			1.18			(.64	)		—		(.64	)		9.92		12.70			10			.69			6.52
12/31/2018		10.23		.63		(.85	)		(.22	)		(.63	)		—		(.63	)		9.38		(2.33	)		10			.68			6.14
12/31/2017		10.22		.61		.10			.71			(.70	)		—		(.70	)		10.23		7.02			12			.67			5.79
12/31/2016		9.22		.59		1.03			1.62			(.62	)		—		(.62	)		10.22		17.68			13			.67			5.99
12/31/2015		10.57		.62		(1.37	)		(.75	)		(.60	)		—		(.60	)		9.22		(7.13	)		12			.66			5.91
Class 4:
6/30/2020^3,4		10.56		.30		(.81	)		(.51	)		(.15	)		—		(.15	)		9.90		(4.89	)⁵		50			1.02	⁶		6.12	⁶
12/31/2019		9.96		.67		.54			1.21			(.61	)		—		(.61	)		10.56		12.27			63			1.01			6.21
12/31/2018		10.82		.63		(.90	)		(.27	)		(.59	)		—		(.59	)		9.96		(2.64	)		31			1.00			5.83
12/31/2017		10.79		.61		.10			.71			(.68	)		—		(.68	)		10.82		6.63			34			.99			5.46
12/31/2016		9.73		.60		1.07			1.67			(.61	)		—		(.61	)		10.79		17.29			21			.99			5.55
12/31/2015		11.05		.62		(1.43	)		(.81	)		(.51	)		—		(.51	)		9.73		(7.42	)		1			.98			5.51

188	American Funds Insurance Series

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers²			Ratio of net income (loss) to average net assets

American Funds Mortgage Fund

Class 1:
6/30/2020^3,4	$	10.56	$	.07	$	.54		$	.61		$	(.04	)	$	(.02	)	$	(.06	)	$	11.11		5.81	%⁵	$	192			.46	%⁶		.40	%⁶		1.25	%⁶
12/31/2019		10.30		.24		.30			.54			(.28	)		—			(.28	)		10.56		5.30			210			.47			.47			2.26
12/31/2018		10.47		.20		(.14	)		.06			(.23	)		—			(.23	)		10.30		.58			209			.48			.48			1.97
12/31/2017		10.56		.16		—	⁹		.16			(.18	)		(.07	)		(.25	)		10.47		1.47			265			.47			.47			1.52
12/31/2016		10.61		.15		.11			.26			(.20	)		(.11	)		(.31	)		10.56		2.50			269			.46			.46			1.39
12/31/2015		10.70		.10		.13			.23			(.18	)		(.14	)		(.32	)		10.61		2.09			272			.45			.45			.89
Class 1A:
6/30/2020^3,4		10.55		.05		.54			.59			(.04	)		(.02	)		(.06	)		11.08		5.59	⁵		1			.71	⁶		.65	⁶		.99	⁶
12/31/2019		10.28		.22		.30			.52			(.25	)		—			(.25	)		10.55		5.09			1			.71			.71			2.04
12/31/2018		10.46		.18		(.14	)		.04			(.22	)		—			(.22	)		10.28		.36			1			.73			.73			1.77
12/31/2017^3,7		10.55		.14		—	⁹		.14			(.16	)		(.07	)		(.23	)		10.46		1.31	⁵		—	⁸		.70	⁶		.70	⁶		1.38	⁶
Class 2:
6/30/2020^3,4		10.54		.05		.55			.60			(.04	)		(.02	)		(.06	)		11.08		5.68	⁵		56			.71	⁶		.65	⁶		.99	⁶
12/31/2019		10.28		.21		.31			.52			(.26	)		—			(.26	)		10.54		5.04			56			.72			.72			2.01
12/31/2018		10.45		.18		(.15	)		.03			(.20	)		—			(.20	)		10.28		.32			57			.73			.73			1.72
12/31/2017		10.54		.14		(.01	)		.13			(.15	)		(.07	)		(.22	)		10.45		1.22			63			.72			.72			1.27
12/31/2016		10.59		.12		.12			.24			(.18	)		(.11	)		(.29	)		10.54		2.25			63			.71			.71			1.14
12/31/2015		10.68		.07		.13			.20			(.15	)		(.14	)		(.29	)		10.59		1.86			59			.70			.70			.65
Class 4:
6/30/2020^3,4		10.44		.04		.54			.58			(.04	)		(.02	)		(.06	)		10.96		5.53	⁵		38			.96	⁶		.89	⁶		.70	⁶
12/31/2019		10.19		.18		.31			.49			(.24	)		—			(.24	)		10.44		4.80			28			.97			.97			1.71
12/31/2018		10.38		.15		(.15	)		—	⁹		(.19	)		—			(.19	)		10.19		.07			24			.98			.98			1.49
12/31/2017		10.48		.11		—	⁹		.11			(.14	)		(.07	)		(.21	)		10.38		.97			12			.97			.97			1.03
12/31/2016		10.52		.09		.12			.21			(.14	)		(.11	)		(.25	)		10.48		2.01			8			.96			.96			.86
12/31/2015		10.65		.04		.14			.18			(.17	)		(.14	)		(.31	)		10.52		1.62			11			.97			.97			.37

See end of tables for footnotes.

American Funds Insurance Series

189

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Ultra-Short Bond Fund

Class 1:
6/30/2020^3,4	$	11.30	$	.04		$	.01		$	.05		$	(.03	)	$	—	$	(.03	)	$	11.32		.43	%⁵	$	42			.36	%⁶		.64	%⁶
12/31/2019		11.31		.22			—	⁹		.22			(.23	)		—		(.23	)		11.30		1.92			30			.36			1.92
12/31/2018		11.29		.18			—	⁹		.18			(.16	)		—		(.16	)		11.31		1.58			37			.35			1.60
12/31/2017		11.27		.08			(.01	)		.07			(.05	)		—		(.05	)		11.29		.66			37			.35			.68
12/31/2016¹²		11.26		.01			—	⁹		.01			—			—		—			11.27		.09			37			.35			.11
12/31/2015		11.28		(.03	)		.01			(.02	)		—			—		—			11.26		(.18	)		39			.34			(.24	)
Class 1A:
6/30/2020^3,4		11.30		.04			.01			.05			(.03	)		—		(.03	)		11.32		.41	^5,11		—	⁸		.33	^6,11		.76	^6,11
12/31/2019		11.31		.22			—	⁹		.22			(.23	)		—		(.23	)		11.30		1.92	¹¹		—	⁸		.37	¹¹		1.90	¹¹
12/31/2018		11.29		.18			—	⁹		.18			(.16	)		—		(.16	)		11.31		1.58	¹¹		—	⁸		.35	¹¹		1.60	¹¹
12/31/2017^3,7		11.27		.08			—	⁹		.08			(.06	)		—		(.06	)		11.29		.67	^5,11		—	⁸		.34	^6,11		.69	^6,11
Class 2:
6/30/2020^3,4		11.01		.02			.01			.03			(.02	)		—		(.02	)		11.02		.31	⁵		265			.61	⁶		.44	⁶
12/31/2019		11.03		.18			—	⁹		.18			(.20	)		—		(.20	)		11.01		1.62			230			.61			1.66
12/31/2018		11.01		.15			—	⁹		.15			(.13	)		—		(.13	)		11.03		1.36			247			.60			1.34
12/31/2017		10.99		.05			—	⁹		.05			(.03	)		—		(.03	)		11.01		.46			249			.60			.42
12/31/2016¹²		11.01		(.02	)		—	⁹		(.02	)		—			—		—			10.99		(.18	)		297			.60			(.14	)
12/31/2015		11.06		(.05	)		—	⁹		(.05	)		—			—		—			11.01		(.45	)		302			.59			(.49	)
Class 3:
6/30/2020^3,4		11.13		.03			.01			.04			(.03	)		—		(.03	)		11.14		.31	⁵		4			.54	⁶		.53	⁶
12/31/2019		11.14		.20			—	⁹		.20			(.21	)		—		(.21	)		11.13		1.76			3			.54			1.74
12/31/2018		11.12		.16			(.01	)		.15			(.13	)		—		(.13	)		11.14		1.38			4			.53			1.42
12/31/2017		11.10		.06			—	⁹		.06			(.04	)		—		(.04	)		11.12		.54			4			.53			.50
12/31/2016¹²		11.11		(.01	)		—	⁹		(.01	)		—			—		—			11.10		(.09	)		4			.53			(.08	)
12/31/2015		11.16		(.05	)		—	⁹		(.05	)		—			—		—			11.11		(.45	)		6			.52			(.42	)
Class 4:
6/30/2020^3,4		11.13		.01			—	⁹		.01			(.02	)		—		(.02	)		11.12		.11	⁵		33			.86	⁶		.14	⁶
12/31/2019		11.15		.16			—	⁹		.16			(.18	)		—		(.18	)		11.13		1.40			22			.86			1.40
12/31/2018		11.13		.12			.01			.13			(.11	)		—		(.11	)		11.15		1.14			18			.86			1.11
12/31/2017		11.12		.02			—	⁹		.02			(.01	)		—		(.01	)		11.13		.16			15			.85			.19
12/31/2016¹²		11.17		(.04	)		(.01	)		(.05	)		—			—		—			11.12		(.45	)		13			.85			(.40	)
12/31/2015		11.25		(.08	)		—	⁹		(.08	)		—			—		—			11.17		(.71	)		16			.85			(.74	)

190	American Funds Insurance Series

				Income (loss) from investment operations¹							Dividends and distributions
Period ended		Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period	Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets		Ratio of net income (loss) to average net assets

U.S. Government/AAA-Rated Securities Fund

Class 1:
6/30/2020^3,4	$	12.34	$	.09	$	.99		$	1.08	$	(.07	)	$	(.27	)	$	(.34	)	$	13.08	8.80	%⁵	$	375		.38	%⁶	1.40	%⁶
12/31/2019		11.94		.25		.43			.68		(.28	)		—			(.28	)		12.34	5.69			1,418		.37		2.07
12/31/2018		12.08		.24		(.13	)		.11		(.25	)		—			(.25	)		11.94	.91			1,445		.36		2.02
12/31/2017		12.05		.21		.01			.22		(.19	)		—			(.19	)		12.08	1.83			1,558		.36		1.68
12/31/2016		12.31		.16		.03			.19		(.20	)		(.25	)		(.45	)		12.05	1.44			1,467		.36		1.31
12/31/2015		12.40		.13		.09			.22		(.21	)		(.10	)		(.31	)		12.31	1.93			1,426		.35		1.02
Class 1A:
6/30/2020^3,4		12.32		.06		1.00			1.06		(.07	)		(.27	)		(.34	)		13.04	8.64	⁵		3		.64	⁶	.96	⁶
12/31/2019		11.93		.22		.43			.65		(.26	)		—			(.26	)		12.32	5.42			2		.62		1.82
12/31/2018		12.08		.22		(.14	)		.08		(.23	)		—			(.23	)		11.93	.70			1		.61		1.82
12/31/2017^3,7		12.05		.18		.03			.21		(.18	)		—			(.18	)		12.08	1.73	⁵		—	⁸	.58	⁶	1.53	⁶
Class 2:
6/30/2020^3,4		12.21		.06		1.00			1.06		(.07	)		(.27	)		(.34	)		12.93	8.70	⁵		1,328		.63	⁶	1.01	⁶
12/31/2019		11.82		.22		.42			.64		(.25	)		—			(.25	)		12.21	5.31			1,343		.62		1.82
12/31/2018		11.96		.21		(.14	)		.07		(.21	)		—			(.21	)		11.82	.73			1,323		.61		1.77
12/31/2017		11.93		.17		.02			.19		(.16	)		—			(.16	)		11.96	1.59			1,473		.61		1.43
12/31/2016		12.20		.13		.02			.15		(.17	)		(.25	)		(.42	)		11.93	1.19			1,503		.61		1.05
12/31/2015		12.29		.10		.09			.19		(.18	)		(.10	)		(.28	)		12.20	1.59			1,579		.60		.79
Class 3:
6/30/2020^3,4		12.37		.07		1.00			1.07		(.07	)		(.27	)		(.34	)		13.10	8.77	⁵		11		.57	⁶	1.05	⁶
12/31/2019		11.97		.23		.43			.66		(.26	)		—			(.26	)		12.37	5.49			9		.55		1.88
12/31/2018		12.11		.22		(.14	)		.08		(.22	)		—			(.22	)		11.97	.71			9		.54		1.84
12/31/2017		12.07		.18		.03			.21		(.17	)		—			(.17	)		12.11	1.72			10		.54		1.50
12/31/2016		12.34		.14		.02			.16		(.18	)		(.25	)		(.43	)		12.07	1.24			11		.54		1.12
12/31/2015		12.43		.11		.09			.20		(.19	)		(.10	)		(.29	)		12.34	1.64			11		.53		.85
Class 4:
6/30/2020^3,4		12.22		.04		1.00			1.04		(.07	)		(.27	)		(.34	)		12.92	8.53	⁵		247		.89	⁶	.69	⁶
12/31/2019		11.84		.19		.42			.61		(.23	)		—			(.23	)		12.22	5.14			124		.87		1.56
12/31/2018		11.98		.18		(.12	)		.06		(.20	)		—			(.20	)		11.84	.50			91		.86		1.53
12/31/2017		11.96		.14		.01			.15		(.13	)		—			(.13	)		11.98	1.28			62		.86		1.18
12/31/2016		12.22		.10		.03			.13		(.14	)		(.25	)		(.39	)		11.96	.99			57		.86		.82
12/31/2015		12.34		.07		.08			.15		(.17	)		(.10	)		(.27	)		12.22	1.29			46		.85		.56

See end of tables for footnotes.

American Funds Insurance Series

191

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions																	Ratio of expenses			Ratio of expenses
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distribu- tions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of period		Total return¹³			Net assets, end of period (in millions)			to average net assets before waivers/ reimburse- ments¹⁴			to average net assets after waivers/ reimburse- ments^13,14			Net effective expense ratio^13,15			Ratio of net income (loss) to average net assets¹³

Managed Risk Growth Fund

Class P1:
6/30/2020^3,4	$	13.78	$	.02		$	1.14		$	1.16		$	(.12	)	$	(.68	)	$	(.80	)	$	14.14		8.57	%⁵	$	9			.42	%⁶		.37	%⁶		.73	%⁶		.30	%⁶
12/31/2019		12.30		.15			2.44			2.59			(.19	)		(.92	)		(1.11	)		13.78		22.01			6			.42			.37			.73			1.19
12/31/2018		13.22		.11			(.04	)		.07			(.10	)		(.89	)		(.99	)		12.30		(.04	)¹¹		3			.42	¹¹		.37	¹¹		.71	¹¹		.82	¹¹
12/31/2017		10.71		.08			2.70			2.78			(.07	)		(.20	)		(.27	)		13.22		26.23	¹¹		2			.42	¹¹		.36	¹¹		.70	¹¹		.69	¹¹
12/31/2016		11.49		.08			.20			.28			(.05	)		(1.01	)		(1.06	)		10.71		2.89	¹¹		1			.50	¹¹		.34	¹¹		.68	¹¹		.79	¹¹
12/31/2015		11.37		.09			.03			.12			—			—			—			11.49		1.06	¹¹		—	⁸		.53	¹¹		.29	¹¹		.63	¹¹		.80	¹¹
Class P2:
6/30/2020^3,4		13.71		—	⁹		1.13			1.13			(.11	)		(.68	)		(.79	)		14.05		8.42	⁵		467			.68	⁶		.63	⁶		.99	⁶		(.01	)⁶
12/31/2019		12.21		.09			2.45			2.54			(.12	)		(.92	)		(1.04	)		13.71		21.74			434			.68			.63			.99			.73
12/31/2018		13.14		.06			(.04	)		.02			(.06	)		(.89	)		(.95	)		12.21		(.37	)		340			.68			.63			.97			.46
12/31/2017		10.64		.04			2.70			2.74			(.04	)		(.20	)		(.24	)		13.14		25.99			286			.69			.63			.97			.34
12/31/2016		11.43		.05			.19			.24			(.02	)		(1.01	)		(1.03	)		10.64		2.52			200			.79			.63			.97			.43
12/31/2015		11.35		.04			.04			.08			—			—			—			11.43		.71			146			.89			.66			1.00			.31

Managed Risk International Fund

Class P1:
6/30/2020^3,4	$	11.01	$	.01		$	(1.37	)	$	(1.36	)	$	(.16	)	$	(.08	)	$	(.24	)	$	9.41		(12.33	)%^5,11	$	1			.44	%^6,11		.39	%^6,11		.90	%^6,11		.21	%^6,11
12/31/2019		9.82		.17			1.54			1.71			(.20	)		(.32	)		(.52	)		11.01		17.91	¹¹		1			.41	¹¹		.33	¹¹		.84	¹¹		1.64	¹¹
12/31/2018		11.25		.32			(1.44	)		(1.12	)		(.26	)		(.05	)		(.31	)		9.82		(10.11	)¹¹		—	⁸		.33	¹¹		.28	¹¹		.77	¹¹		3.02	¹¹
12/31/2017		8.89		.11			2.47			2.58			(.10	)		(.12	)		(.22	)		11.25		29.28	¹¹		—	⁸		.28	¹¹		.20	¹¹		.69	¹¹		1.13	¹¹
12/31/2016		9.48		.10			(.35	)		(.25	)		(.12	)		(.22	)		(.34	)		8.89		(2.59	)¹¹		—	⁸		.39	¹¹		.23	¹¹		.74	¹¹		1.15	¹¹
12/31/2015		10.10		.18			(.80	)		(.62	)		—	⁹		—			—	⁹		9.48		(6.12	)¹¹		—	⁸		.45	¹¹		.21	¹¹		.72	¹¹		1.75	¹¹
Class P2:
6/30/2020^3,4		10.92		(.01	)		(1.35	)		(1.36	)		(.12	)		(.08	)		(.20	)		9.36		(12.45	)⁵		154			.71	⁶		.66	⁶		1.17	⁶		(.15	)⁶
12/31/2019		9.76		.13			1.55			1.68			(.20	)		(.32	)		(.52	)		10.92		17.64			165			.71			.63			1.14			1.21
12/31/2018		11.15		.16			(1.32	)		(1.16	)		(.18	)		(.05	)		(.23	)		9.76		(10.50	)		151			.69			.64			1.13			1.49
12/31/2017		8.83		.11			2.41			2.52			(.08	)		(.12	)		(.20	)		11.15		28.69			148			.71			.63			1.12			1.03
12/31/2016		9.43		.09			(.38	)		(.29	)		(.09	)		(.22	)		(.31	)		8.83		(3.05	)		97			.79			.63			1.14			.97
12/31/2015		10.09		.13			(.79	)		(.66	)		—	⁹		—			—	⁹		9.43		(6.52	)		83			.90			.66			1.17			1.30

Managed Risk Blue Chip Income and Growth Fund

Class P1:
6/30/2020^3,4	$	12.01	$	.03		$	(1.04	)	$	(1.01	)	$	(.22	)	$	(.34	)	$	(.56	)	$	10.44		(8.30	)%^5,11	$	1			.40	%^6,11		.35	%^6,11		.76	%^6,11		.63	%^6,11
12/31/2019		11.28		.25			1.28			1.53			(.20	)		(.60	)		(.80	)		12.01		14.14	¹¹		1			.38	¹¹		.33	¹¹		.74	¹¹		2.14	¹¹
12/31/2018		13.04		.40			(1.27	)		(.87	)		(.45	)		(.44	)		(.89	)		11.28		(6.99	)¹¹		—	⁸		.33	¹¹		.28	¹¹		.67	¹¹		3.21	¹¹
12/31/2017		11.67		.19			1.59			1.78			(.22	)		(.19	)		(.41	)		13.04		15.48	¹¹		—	⁸		.30	¹¹		.25	¹¹		.64	¹¹		1.59	¹¹
12/31/2016		10.80		.20			1.25			1.45			(.21	)		(.37	)		(.58	)		11.67		13.77	¹¹		—	⁸		.43	¹¹		.27	¹¹		.67	¹¹		1.83	¹¹
12/31/2015		11.70		.19			(1.02	)		(.83	)		(.07	)		—			(.07	)		10.80		(7.07	)¹¹		—	⁸		.50	¹¹		.27	¹¹		.66	¹¹		1.64	¹¹
Class P2:
6/30/2020^3,4		11.91		.02			(1.04	)		(1.02	)		(.18	)		(.34	)		(.52	)		10.37		(8.48	)⁵		343			.68	⁶		.63	⁶		1.04	⁶		.28	⁶
12/31/2019		11.21		.18			1.31			1.49			(.19	)		(.60	)		(.79	)		11.91		13.88			365			.68			.63			1.04			1.62
12/31/2018		12.96		.19			(1.10	)		(.91	)		(.40	)		(.44	)		(.84	)		11.21		(7.38	)		336			.68			.63			1.02			1.49
12/31/2017		11.61		.17			1.55			1.72			(.18	)		(.19	)		(.37	)		12.96		15.03			367			.68			.63			1.02			1.43
12/31/2016		10.76		.23			1.18			1.41			(.19	)		(.37	)		(.56	)		11.61		13.39			291			.79			.63			1.03			2.04
12/31/2015		11.67		.18			(1.05	)		(.87	)		(.04	)		—			(.04	)		10.76		(7.43	)		137			.89			.66			1.05			1.57

192	American Funds Insurance Series

			Income (loss) from investment operations¹									Dividends and distributions																Ratio of expenses			Ratio of expenses
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distribu- tions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of period		Total return¹³			Net assets, end of period (in millions)		to average net assets before waivers/ reimburse- ments¹⁴			to average net assets after waivers/ reimburse- ments^13,14			Net effective expense ratio^13,15			Ratio of net income (loss) to average net assets¹³

Managed Risk Growth-Income Fund

Class P1:
6/30/2020^3,4	$	13.76	$	.03		$	.05		$	.08		$	(.21	)	$	(.74	)	$	(.95	)	$	12.89		.66	%⁵	$	1,938		.41	%⁶		.36	%⁶		.67	%⁶		.52	%⁶
12/31/2019		11.73		.22			2.01			2.23			(.10	)		(.10	)		(.20	)		13.76		19.14			1,987		.42			.37			.67			1.71
12/31/2018		12.66		(.02	)		(.15	)		(.17	)		(.19	)		(.57	)		(.76	)		11.73		(1.66	)		1,662		.40			.35			.64			(.20	)
12/31/2017		11.07		.19			2.03			2.22			(.13	)		(.50	)		(.63	)		12.66		20.64	¹¹		2		.44	¹¹		.37	¹¹		.66	¹¹		1.61	¹¹
12/31/2016		11.25		.16			.52			.68			(.16	)		(.70	)		(.86	)		11.07		6.49	¹¹		1		.52	¹¹		.36	¹¹		.64	¹¹		1.46	¹¹
12/31/2015		11.67		.25			(.63	)		(.38	)		(.04	)		—			(.04	)		11.25		(3.27	)¹¹		1		.56	¹¹		.31	¹¹		.59	¹¹		2.17	¹¹
Class P2:
6/30/2020^3,4		13.69		.02			.05			.07			(.20	)		(.74	)		(.94	)		12.82		.62	⁵		285		.66	⁶		.61	⁶		.92	⁶		.28	⁶
12/31/2019		11.67		.19			2.00			2.19			(.07	)		(.10	)		(.17	)		13.69		18.84			283		.67			.62			.92			1.47
12/31/2018		12.58		.16			(.36	)		(.20	)		(.14	)		(.57	)		(.71	)		11.67		(1.97	)		230		.69			.64			.93			1.25
12/31/2017		11.02		.13			2.05			2.18			(.12	)		(.50	)		(.62	)		12.58		20.40			206		.70			.63			.92			1.08
12/31/2016		11.22		.12			.52			.64			(.14	)		(.70	)		(.84	)		11.02		6.08			160		.79			.63			.91			1.13
12/31/2015		11.65		.12			(.54	)		(.42	)		(.01	)		—			(.01	)		11.22		(3.64	)		122		.89			.66			.94			1.04

Managed Risk Asset Allocation Fund

Class P1:
6/30/2020^3,4	$	13.81	$	.06		$	(.58	)	$	(.52	)	$	(.21	)	$	(.52	)	$	(.73	)	$	12.56		(3.71	)%⁵	$	4		.41	%⁶		.36	%⁶		.66	%⁶		.93	%⁶
12/31/2019		12.23		.26			1.92			2.18			(.03	)		(.57	)		(.60	)		13.81		18.25			2		.41			.36			.65			2.01
12/31/2018		13.59		.22			(.80	)		(.58	)		(.25	)		(.53	)		(.78	)		12.23		(4.63	)		2		.37			.32			.59			1.67
12/31/2017		12.02		.19			1.60			1.79			(.10	)		(.12	)		(.22	)		13.59		15.06			1,656		.43			.38			.66			1.45
12/31/2016		11.72		.19			.67			.86			(.19	)		(.37	)		(.56	)		12.02		7.57			1,217		.43			.38			.66			1.65
12/31/2015		12.29		.25			(.34	)		(.09	)		(.22	)		(.26	)		(.48	)		11.72		(.83	)		712		.54			.40			.68			2.06
Class P2:
6/30/2020^3,4		13.46		.02			(.54	)		(.52	)		(.20	)		(.52	)		(.72	)		12.22		(3.80	)⁵		2,631		.66	⁶		.61	⁶		.91	⁶		.30	⁶
12/31/2019		12.22		.19			1.93			2.12			(.31	)		(.57	)		(.88	)		13.46		17.98			2,830		.66			.61			.90			1.51
12/31/2018		13.55		.17			(.79	)		(.62	)		(.18	)		(.53	)		(.71	)		12.22		(4.89	)		2,541		.62			.57			.84			1.27
12/31/2017		12.01		.15			1.61			1.76			(.10	)		(.12	)		(.22	)		13.55		14.80			2,798		.68			.63			.91			1.13
12/31/2016		11.71		.14			.69			.83			(.16	)		(.37	)		(.53	)		12.01		7.27			2,342		.68			.63			.91			1.20
12/31/2015		12.27		.14			(.26	)		(.12	)		(.18	)		(.26	)		(.44	)		11.71		(1.07	)		1,953		.79			.66			.94			1.16

See end of tables for footnotes.

American Funds Insurance Series

193

Financial highlights (continued)

Portfolio turnover rate for all share classes	Six months ended			Period ended December 31,
excluding mortgage dollar roll transactions^16,17	June 30, 2020^3,4,5			2019			2018			2017			2016			2015

Capital Income Builder		84	%		44	%		42	%		59	%		41	%		38	%
Asset Allocation Fund		31			47			34			39			43			28
Global Balanced Fund		28			60			30			28			43			36
Bond Fund		47			146			98			153			108			141
Capital World Bond Fund		59			110			78			74			70			88
American Funds Mortgage Fund		85			84			60			98			113			138
U.S. Government/AAA-Rated Securities Fund		65			103			76			120			273			352

Portfolio turnover rate for all share classes		Six months ended		Period ended December 31,
including mortgage dollar roll transactions, if applicable^16,17		June 30, 2020^3,4,5			2019			2018			2017			2016			2015

Global Growth Fund		9			14	%		25	%		31	%		27	%		29	%
Global Small Capitalization Fund		24			50			43			33			40			36
Growth Fund		12			21			35			24			26			20
International Fund		21			32			29			29			31			37
New World Fund		60			38			58			56			32			39
Blue Chip Income and Growth Fund		29			37			49			34			30			26
Global Growth and Income Fund		24			29			49			41			57			37
Growth-Income Fund		20			27			39			27			27			25
International Growth and Income Fund		31			28			38			51			32			35
Capital Income Builder Fund		118			72			98			88			53			128
Asset Allocation Fund		63			79			86			85			83			76
Global Balanced Fund		35			74			51			41			65			76
Bond Fund		205			373			514			502			375			434
Capital World Bond Fund		84			159			125			105			154			159
High-Income Bond Fund		41			58			67			78			89			66
American Funds Mortgage Fund		466			350			811			680			713			1103
U.S. Government/AAA-Rated Securities Fund		403			277			446			551			539			901
Ultra-Short Bond Fund		—	¹⁸		—	¹⁸		—	¹⁸		—	¹⁸		—	^12,18		N/A
Managed Risk Growth Fund		63			10			7			25			15			16
Managed Risk International Fund		56			8			8			25			26			15
Managed Risk Blue Chip Income and Growth Fund		79			13			11			32			9			20
Managed Risk Growth-Income Fund		26			6			14			26			14			11
Managed Risk Asset Allocation Fund		26			8			12			1			3			3

¹	Based on average shares outstanding.
²	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.
³	Based on operations for a period that is less than a full year.
⁴	Unaudited.
⁵	Not annualized.
⁶	Annualized.
⁷	Class 1A shares began investment operations on January 6, 2017.
⁸	Amount less than $1 million.
⁹	Amount less than $.01.
¹⁰	Amount less than .01%.
¹¹	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Certain fees (including, where applicable, fees for distribution services) are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
¹²	On May 1, 2016, the fund converted from a cash fund to an ultra-short-term bond fund and changed its name from Cash Management Fund to Ultra-Short Bond Fund.
¹³	This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the periods shown, CRMC waived a portion of investment advisory services fees on some of the funds, including each of the managed risk funds. In addition, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds.
¹⁴	This column does not include expenses of the underlying funds in which each fund invests.
¹⁵	This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See expense example for further information regarding fees and expenses.
¹⁶	Refer to Note 5 for further information on mortgage dollar rolls.
¹⁷	Rates do not include the fund’s portfolio activity with respect to any Central Funds, if applicable.
¹⁸	Amount is either less than 1% or there is no turnover.

See notes to financial statements.

194	American Funds Insurance Series

Expense example

unaudited

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (January 1, 2020, through June 30, 2020).

Actual expenses:

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, 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 in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. 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 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is 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.

American Funds Insurance Series

195

	Beginning account value 1/1/2020		Ending account value 6/30/2020		Expenses paid during period¹		Annualized expense ratio
Global Growth Fund
Class 1 – actual return	$	1,000.00	$	1,042.23	$	2.84		.56	%
Class 1 – assumed 5% return		1,000.00		1,022.08		2.82		.56
Class 1A – actual return		1,000.00		1,041.28		4.11		.81
Class 1A – assumed 5% return		1,000.00		1,020.84		4.07		.81
Class 2 – actual return		1,000.00		1,040.99		4.11		.81
Class 2 – assumed 5% return		1,000.00		1,020.84		4.07		.81
Class 4 – actual return		1,000.00		1,039.93		5.38		1.06
Class 4 – assumed 5% return		1,000.00		1,019.59		5.32		1.06
Global Small Capitalization Fund
Class 1 – actual return	$	1,000.00	$	968.16	$	3.67		.75	%
Class 1 – assumed 5% return		1,000.00		1,021.13		3.77		.75
Class 1A – actual return		1,000.00		967.03		4.89		1.00
Class 1A – assumed 5% return		1,000.00		1,019.89		5.02		1.00
Class 2 – actual return		1,000.00		967.18		4.89		1.00
Class 2 – assumed 5% return		1,000.00		1,019.89		5.02		1.00
Class 4 – actual return		1,000.00		965.40		6.11		1.25
Class 4 – assumed 5% return		1,000.00		1,018.65		6.27		1.25
Growth Fund
Class 1 – actual return	$	1,000.00	$	1,120.97	$	1.90		.36	%
Class 1 – assumed 5% return		1,000.00		1,023.07		1.81		.36
Class 1A – actual return		1,000.00		1,119.49		3.21		.61
Class 1A – assumed 5% return		1,000.00		1,021.83		3.07		.61
Class 2 – actual return		1,000.00		1,119.67		3.21		.61
Class 2 – assumed 5% return		1,000.00		1,021.83		3.07		.61
Class 3 – actual return		1,000.00		1,120.05		2.85		.54
Class 3 – assumed 5% return		1,000.00		1,022.18		2.72		.54
Class 4 – actual return		1,000.00		1,118.15		4.53		.86
Class 4 – assumed 5% return		1,000.00		1,020.59		4.32		.86
International Fund
Class 1 – actual return	$	1,000.00	$	887.96	$	2.58		.55	%
Class 1 – assumed 5% return		1,000.00		1,022.13		2.77		.55
Class 1A – actual return		1,000.00		886.81		3.75		.80
Class 1A – assumed 5% return		1,000.00		1,020.89		4.02		.80
Class 2 – actual return		1,000.00		886.66		3.75		.80
Class 2 – assumed 5% return		1,000.00		1,020.89		4.02		.80
Class 3 – actual return		1,000.00		887.02		3.42		.73
Class 3 – assumed 5% return		1,000.00		1,021.23		3.67		.73
Class 4 – actual return		1,000.00		885.43		4.92		1.05
Class 4 – assumed 5% return		1,000.00		1,019.64		5.27		1.05
New World Fund
Class 1 – actual return	$	1,000.00	$	959.42	$	3.46		.71	%
Class 1 – assumed 5% return		1,000.00		1,021.33		3.57		.71
Class 1A – actual return		1,000.00		958.20		4.63		.95
Class 1A – assumed 5% return		1,000.00		1,020.14		4.77		.95
Class 2 – actual return		1,000.00		958.22		4.67		.96
Class 2 – assumed 5% return		1,000.00		1,020.09		4.82		.96
Class 4 – actual return		1,000.00		956.88		5.89		1.21
Class 4 – assumed 5% return		1,000.00		1,018.85		6.07		1.21

196	American Funds Insurance Series

	Beginning account value 1/1/2020		Ending account value 6/30/2020		Expenses paid during period¹		Annualized expense ratio
Blue Chip Income and Growth Fund
Class 1 – actual return	$	1,000.00	$	917.33	$	2.05		.43	%
Class 1 – assumed 5% return		1,000.00		1,022.73		2.16		.43
Class 1A – actual return		1,000.00		916.02		3.24		.68
Class 1A – assumed 5% return		1,000.00		1,021.48		3.42		.68
Class 2 – actual return		1,000.00		915.91		3.24		.68
Class 2 – assumed 5% return		1,000.00		1,021.48		3.42		.68
Class 4 – actual return		1,000.00		915.12		4.43		.93
Class 4 – assumed 5% return		1,000.00		1,020.24		4.67		.93
Global Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	889.23	$	3.05		.65	%
Class 1 – assumed 5% return		1,000.00		1,021.63		3.27		.65
Class 1A – actual return		1,000.00		887.99		4.22		.90
Class 1A – assumed 5% return		1,000.00		1,020.39		4.52		.90
Class 2 – actual return		1,000.00		887.98		4.22		.90
Class 2 – assumed 5% return		1,000.00		1,020.39		4.52		.90
Class 4 – actual return		1,000.00		887.05		5.40		1.15
Class 4 – assumed 5% return		1,000.00		1,019.14		5.77		1.15
Growth-Income Fund
Class 1 – actual return	$	1,000.00	$	963.83	$	1.42		.29	%
Class 1 – assumed 5% return		1,000.00		1,023.42		1.46		.29
Class 1A – actual return		1,000.00		962.74		2.64		.54
Class 1A – assumed 5% return		1,000.00		1,022.18		2.72		.54
Class 2 – actual return		1,000.00		962.74		2.64		.54
Class 2 – assumed 5% return		1,000.00		1,022.18		2.72		.54
Class 3 – actual return		1,000.00		962.98		2.29		.47
Class 3 – assumed 5% return		1,000.00		1,022.53		2.36		.47
Class 4 – actual return		1,000.00		961.40		3.85		.79
Class 4 – assumed 5% return		1,000.00		1,020.93		3.97		.79
International Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	849.25	$	3.13		.68	%
Class 1 – assumed 5% return		1,000.00		1,021.48		3.42		.68
Class 1A – actual return		1,000.00		848.07		4.27		.93
Class 1A – assumed 5% return		1,000.00		1,020.24		4.67		.93
Class 2 – actual return		1,000.00		848.30		4.27		.93
Class 2 – assumed 5% return		1,000.00		1,020.24		4.67		.93
Class 4 – actual return		1,000.00		847.09		5.42		1.18
Class 4 – assumed 5% return		1,000.00		1,019.00		5.92		1.18
Capital Income Builder
Class 1 – actual return	$	1,000.00	$	937.71	$	2.12		.44	%
Class 1 – assumed 5% return		1,000.00		1,022.68		2.21		.44
Class 1A – actual return		1,000.00		936.40		3.32		.69
Class 1A – assumed 5% return		1,000.00		1,021.43		3.47		.69
Class 2 – actual return		1,000.00		936.41		3.32		.69
Class 2 – assumed 5% return		1,000.00		1,021.43		3.47		.69
Class 4 – actual return		1,000.00		935.07		4.52		.94
Class 4 – assumed 5% return		1,000.00		1,020.19		4.72		.94

See end of tables for footnotes.

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197

	Beginning account value 1/1/2020		Ending account value 6/30/2020		Expenses paid during period¹		Annualized expense ratio
Asset Allocation Fund
Class 1 – actual return	$	1,000.00	$	985.29	$	1.48		.30	%
Class 1 – assumed 5% return		1,000.00		1,023.37		1.51		.30
Class 1A – actual return		1,000.00		984.46		2.71		.55
Class 1A – assumed 5% return		1,000.00		1,022.13		2.77		.55
Class 2 – actual return		1,000.00		984.31		2.71		.55
Class 2 – assumed 5% return		1,000.00		1,022.13		2.77		.55
Class 3 – actual return		1,000.00		984.60		2.37		.48
Class 3 – assumed 5% return		1,000.00		1,022.48		2.41		.48
Class 4 – actual return		1,000.00		983.04		3.94		.80
Class 4 – assumed 5% return		1,000.00		1,020.89		4.02		.80
Global Balanced Fund
Class 1 – actual return	$	1,000.00	$	971.52	$	3.48		.71	%
Class 1 – assumed 5% return		1,000.00		1,021.33		3.57		.71
Class 1A – actual return		1,000.00		969.99		4.70		.96
Class 1A – assumed 5% return		1,000.00		1,020.09		4.82		.96
Class 2 – actual return		1,000.00		970.71		4.70		.96
Class 2 – assumed 5% return		1,000.00		1,020.09		4.82		.96
Class 4 – actual return		1,000.00		968.94		5.92		1.21
Class 4 – assumed 5% return		1,000.00		1,018.85		6.07		1.21
Bond Fund
Class 1 – actual return	$	1,000.00	$	1,066.05	$	2.05		.40	%
Class 1 – assumed 5% return		1,000.00		1,022.87		2.01		.40
Class 1A – actual return		1,000.00		1,065.05		3.34		.65
Class 1A – assumed 5% return		1,000.00		1,021.63		3.27		.65
Class 2 – actual return		1,000.00		1,065.58		3.34		.65
Class 2 – assumed 5% return		1,000.00		1,021.63		3.27		.65
Class 4 – actual return		1,000.00		1,063.57		4.62		.90
Class 4 – assumed 5% return		1,000.00		1,020.39		4.52		.90
Capital World Bond Fund
Class 1 – actual return	$	1,000.00	$	1,021.40	$	2.76		.55	%
Class 1 – assumed 5% return		1,000.00		1,022.13		2.77		.55
Class 1A – actual return		1,000.00		1,020.30		4.02		.80
Class 1A – assumed 5% return		1,000.00		1,020.89		4.02		.80
Class 2 – actual return		1,000.00		1,020.29		4.02		.80
Class 2 – assumed 5% return		1,000.00		1,020.89		4.02		.80
Class 4 – actual return		1,000.00		1,019.27		5.27		1.05
Class 4 – assumed 5% return		1,000.00		1,019.64		5.27		1.05
High-Income Bond Fund
Class 1 – actual return	$	1,000.00	$	952.57	$	2.52		.52	%
Class 1 – assumed 5% return		1,000.00		1,022.28		2.61		.52
Class 1A – actual return		1,000.00		951.37		3.74		.77
Class 1A – assumed 5% return		1,000.00		1,021.03		3.87		.77
Class 2 – actual return		1,000.00		951.48		3.74		.77
Class 2 – assumed 5% return		1,000.00		1,021.03		3.87		.77
Class 3 – actual return		1,000.00		951.66		3.40		.70
Class 3 – assumed 5% return		1,000.00		1,021.38		3.52		.70
Class 4 – actual return		1,000.00		951.12		4.95		1.02
Class 4 – assumed 5% return		1,000.00		1,019.79		5.12		1.02

198	American Funds Insurance Series

	Beginning account value 1/1/2020		Ending account value 6/30/2020		Expenses paid during period¹		Annualized expense ratio
American Funds Mortgage Fund
Class 1 – actual return	$	1,000.00	$	1,058.13	$	2.05		.40	%
Class 1 – assumed 5% return		1,000.00		1,022.87		2.01		.40
Class 1A – actual return		1,000.00		1,055.92		3.32		.65
Class 1A – assumed 5% return		1,000.00		1,021.63		3.27		.65
Class 2 – actual return		1,000.00		1,056.83		3.32		.65
Class 2 – assumed 5% return		1,000.00		1,021.63		3.27		.65
Class 4 – actual return		1,000.00		1,055.32		4.55		.89
Class 4 – assumed 5% return		1,000.00		1,020.44		4.47		.89
Ultra-Short Bond Fund
Class 1 – actual return	$	1,000.00	$	1,004.25	$	1.79		.36	%
Class 1 – assumed 5% return		1,000.00		1,023.07		1.81		.36
Class 1A – actual return		1,000.00		1,004.11		1.64		.33
Class 1A – assumed 5% return		1,000.00		1,023.22		1.66		.33
Class 2 – actual return		1,000.00		1,003.06		3.04		.61
Class 2 – assumed 5% return		1,000.00		1,021.83		3.07		.61
Class 3 – actual return		1,000.00		1,003.15		2.69		.54
Class 3 – assumed 5% return		1,000.00		1,022.18		2.72		.54
Class 4 – actual return		1,000.00		1,001.08		4.28		.86
Class 4 – assumed 5% return		1,000.00		1,020.59		4.32		.86
U.S. Government/AAA-Rated Securities Fund
Class 1 – actual return	$	1,000.00	$	1,088.03	$	1.97		.38	%
Class 1 – assumed 5% return		1,000.00		1,022.97		1.91		.38
Class 1A – actual return		1,000.00		1,086.41		3.32		.64
Class 1A – assumed 5% return		1,000.00		1,021.68		3.22		.64
Class 2 – actual return		1,000.00		1,087.01		3.27		.63
Class 2 – assumed 5% return		1,000.00		1,021.73		3.17		.63
Class 3 – actual return		1,000.00		1,087.72		2.96		.57
Class 3 – assumed 5% return		1,000.00		1,022.03		2.87		.57
Class 4 – actual return		1,000.00		1,085.32		4.61		.89
Class 4 – assumed 5% return		1,000.00		1,020.44		4.47		.89

See end of tables for footnotes.

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	Beginning account value 1/1/2020		Ending account value 6/30/2020		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Managed Risk Growth Fund
Class P1 – actual return	$	1,000.00	$	1,085.74	$	1.92		.37	%	$	3.79		.73	%
Class P1 – assumed 5% return		1,000.00		1,023.02		1.86		.37			3.67		.73
Class P2 – actual return		1,000.00		1,084.18		3.26		.63			5.13		.99
Class P2 – assumed 5% return		1,000.00		1,021.73		3.17		.63			4.97		.99
Managed Risk International Fund
Class P1 – actual return	$	1,000.00	$	876.65	$	1.82		.39	%	$	4.20		.90	%
Class P1 – assumed 5% return		1,000.00		1,022.92		1.96		.39			4.52		.90
Class P2 – actual return		1,000.00		875.51		3.08		.66			5.46		1.17
Class P2 – assumed 5% return		1,000.00		1,021.58		3.32		.66			5.87		1.17
Managed Risk Blue Chip Income and Growth Fund
Class P1 – actual return	$	1,000.00	$	917.01	$	1.67		.35	%	$	3.62		.76	%
Class P1 – assumed 5% return		1,000.00		1,023.12		1.76		.35			3.82		.76
Class P2 – actual return		1,000.00		915.15		3.00		.63			4.95		1.04
Class P2 – assumed 5% return		1,000.00		1,021.73		3.17		.63			5.22		1.04
Managed Risk Growth-Income Fund
Class P1 – actual return	$	1,000.00	$	1,006.57	$	1.80		.36	%	$	3.34		.67	%
Class P1 – assumed 5% return		1,000.00		1,023.07		1.81		.36			3.37		.67
Class P2 – actual return		1,000.00		1,006.22		3.04		.61			4.59		.92
Class P2 – assumed 5% return		1,000.00		1,021.83		3.07		.61			4.62		.92
Managed Risk Asset Allocation Fund
Class P1 – actual return	$	1,000.00	$	962.89	$	1.76		.36	%	$	3.22		.66	%
Class P1 – assumed 5% return		1,000.00		1,023.07		1.81		.36			3.32		.66
Class P2 – actual return		1,000.00		962.00		2.98		.61			4.44		.91
Class P2 – assumed 5% return		1,000.00		1,021.83		3.07		.61			4.57		.91

¹	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 366 (to reflect the one-half year period).
²	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
³	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 366 (to reflect the period).
⁴	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

200	American Funds Insurance Series

Approval of Investment Advisory and Service Agreement — American Funds Insurance Series

The series’ board has approved the continuation of the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through April 30, 2021. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interaction with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through September 30, 2019. They generally placed greater emphasis on longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain of the reporting periods, the board and the committee concluded that each fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. They observed that the advisory fees and total expenses of each fund are competitive with those of other similar funds included in the comparable Lipper category.

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The board and the committee also considered the breakpoint discounts in each fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, as well as the risks assumed by the adviser, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by each fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds’ advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.

202	American Funds Insurance Series

Approval of Investment Advisory and Service Agreement and Subadvisory Agreement — American Funds Insurance Series Managed Risk Funds

The series’ board has approved the continuation of the series’ Investment Advisory and Service Agreement (the “advisory agreement”) with Capital Research and Management Company (“CRMC”) with respect to the Managed Risk Funds for an additional one-year term through April 30, 2021. The board has also approved the series’ Subadvisory Agreement (the “subadvisory agreement”) with CRMC and Milliman Financial Risk Management LLC (“Milliman FRM”) with respect to these funds for the same term. The advisory and subadvisory agreements are jointly referred to below as the “agreements.” The board approved the agreements following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund in the series was fair and reasonable in relation to the services provided, and that approving the agreements was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interaction with CRMC and Milliman FRM as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreements, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of the oversight of Milliman FRM’s services provided by CRMC, administrative and shareholder services provided by CRMC to the funds under the advisory agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

The board and the committee also considered the depth and quality of Milliman FRM’s investment management process, including its experience in applying the Milliman Managed Risk Strategy to other funds in the series and risk management services for other clients; the experience, capability and integrity of its senior management and other personnel; and the services provided to each fund under the subadvisory agreement. The board and the committee concluded that the nature, extent and quality of the services provided by Milliman FRM have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included), and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through September 30, 2019. They generally placed greater emphasis on longer term periods. The board and the committee also considered the volatility of the funds compared with the S&P 500 Managed Risk indexes and those of a group of funds with volatility management strategies identified by management over various periods (includingeach fund’s lifetime) through September 30, 2019. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain of the reporting periods, the board and the committee concluded that each fund’s investment results

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and the results of the services provided by CRMC and Milliman FRM have been satisfactory for renewal of the agreement, and that CRMC’s and Milliman FRM’s record in managing the funds indicated that their continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. The board and the committee noted CRMC’s waiver of a portion of the advisory fee payable by each fund under the advisory agreement, CRMC’s commitment not to remove the waiver without board approval and CRMC’s agreement to pay the fees due to Milliman FRM under the subadvisory agreement. They observed that each fund’s advisory fees and expenses are competitive with those of other similar funds included in the comparable Lipper category.

The board and the committee also considered the breakpoint discounts in each underlying fund’s advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. They also reviewed the fees paid to Milliman FRM by other funds which it advised or subadvised. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services that CRMC provided, directly and through Milliman FRM, as well as the risks assumed by the adviser, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee also reviewed similar ancillary benefits received by Milliman FRM as a result of its relationship with the series. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by each fund.

5. Adviser financial information

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Office of the series

333 South Hope Street
Los Angeles, CA 90071-1406

Investment adviser

Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Investment subadviser

Milliman Financial Risk Management LLC
(Managed Risk Funds only)
71 South Wacker Drive, 31st Floor
Chicago, IL 60606

Custodian of assets

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

Counsel

Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874

208	American Funds Insurance Series

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.

Complete June 30, 2020, portfolios of American Funds Insurance Series’ investments are available free of charge by calling AFS or visiting the SEC website (where they are part of Form N-CSR).

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after September 30, 2020, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

Fund attribution data was produced using FactSet, a third-party software system, based on daily portfolios. Securities in their initial period of acquisition may not be included in this analysis. The analysis includes equity investments only and excludes forward contracts and fixed income investments, if applicable. It does not account for buy-and-sell transactions that might have occurred intraday. As a result, average portfolio weight percentages are approximate, and the actual average portfolio weight percentages might be higher or lower. Data elements, such as pricing, income, market cap, etc., were provided by FactSet. The indexes provided for attribution are based on FactSet’s methodology. The indexes are broad-based market benchmarks and may not be used by Capital Group^® as the sole comparative index for the funds. Capital Group believes the software and information from FactSet to be reliable. However, Capital Group cannot be responsible for inaccuracies, incomplete information or updating of information by FactSet.

Futures may not provide an effective hedge of the underlying securities because changes in the prices of futures may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the fund from market declines and will limit the fund’s participation in market gains. The use of the managed risk strategy could cause the fund’s return to lag that of the underlying fund in certain market conditions.

Bloomberg^® is a trademark and service mark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. The S&P 500 is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2020 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

American Funds Insurance Series

209

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^SM— has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds Insurance Series superior outcomes

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 90% of 10-year periods and 100% of 20-year periods.²Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.⁴

	¹	Investment industry experience as of the American Funds Insurance Series prospectus dated May 1, 2020.
	²	Based on Class 1 share results for rolling periods through December 31, 2019. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Global Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Blue Chip Income and Growth Fund, Growth-Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.
	³	Based on Class 1 share results as of December 31, 2019. Four of our five fixed income funds showed a three-year correlation below 0.1. Standard & Poor’s 500 Composite Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	⁴	Based on management fees for the 20-year period ended December 31, 2019, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

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 Reports 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.

(b)(2) Certifications pursuant to Sections 302 and 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



By (Signature and Title)		/s/ Eric Wietsma
		Eric Wietsma, President and Principal Executive Officer


Date		8/19/2020

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/ Eric Wietsma
		Eric Wietsma, President and Principal Executive Officer


Date		8/19/2020



By (Signature and Title)		/s/ Renee Hitchcock
		Renée Hitchcock, Treasurer and Principal Financial Officer


Date		8/19/2020

MML Series Investment Fund N-CSRSCertified semi-annual shareholder report (management investment company)