<Page>
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
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MML Series Investment Fund
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
1295 State Street, Springfield, MA 01111
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(Address of principal executive offices) (Zip code)
David W. O'Leary
1295 State Street, Springfield, MA 01111
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(Name and address of agent for service)
Registrant's telephone number, including area code: 413-788-8411
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Date of fiscal year end: 12/31/2004
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Date of reporting period: 12/31/2004
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ITEM 1 REPORTS TO STOCKHOLDERS.
<Page>
MML SERIES INVESTMENT FUND
ANNUAL REPORT
FOR THE YEAR ENDED
DECEMBER 31, 2004
[GRAPHIC]
MML INFLATION-PROTECTED BOND FUND
MML LARGE CAP VALUE FUND
MML EQUITY INDEX FUND
MML ENHANCED INDEX CORE EQUITY FUND
MML GROWTH EQUITY FUND
MML OTC 100 FUND
MML SMALL CAP EQUITY FUND
MML SMALL COMPANY OPPORTUNITIES FUND
MML SMALL CAP GROWTH EQUITY FUND
MML EMERGING GROWTH FUND
INVEST
INSURE
RETIRE
[MASSMUTUAL FINANCIAL GROUP(SM) LOGO]
YOU CAN'T PREDICT. YOU CAN PREPARE.(R)
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TABLE OF CONTENTS
<Table>
PORTFOLIO MANAGER REPORTS 1
PORTFOLIO OF INVESTMENTS 30
MML Inflation-Protected Bond Fund 30
MML Large Cap Value Fund 31
MML Equity Index Fund 33
MML Enhanced Index Core Equity Fund 39
MML Growth Equity Fund 44
MML OTC 100 Fund 47
MML Small Cap Equity Fund 49
MML Small Company Opportunities Fund 51
MML Small Cap Growth Equity Fund 53
MML Emerging Growth Fund 57
STATEMENT OF ASSETS AND LIABILITIES 60
STATEMENT OF OPERATIONS 62
STATEMENT OF CHANGES IN NET ASSETS 64
FINANCIAL HIGHLIGHTS 68
NOTES TO FINANCIAL STATEMENTS 79
INDEPENDENT AUDITORS' REPORT 91
DIRECTORS AND OFFICERS (UNAUDITED) 92
FEDERAL TAX INFORMATION (UNAUDITED) 95
FUND EXPENSES (UNAUDITED) 96
</Table>
THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS 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.
READ IT CAREFULLY BEFORE INVESTING.
<Page>
MML SERIES INVESTMENT FUND - LETTER TO SHAREHOLDERS
[PHOTO OF DAVID O'LEARY]
DAVID O'LEARY
"IN MASSMUTUAL'S VIEW, INVESTORS SHOULD FOCUS ON THE LONG TERM, WITH A PORTFOLIO
THAT IS APPROPRIATELY DIVERSIFIED BASED ON THEIR FINANCIAL GOALS, TIME HORIZON
AND RISK COMFORT LEVEL. STAYING THE COURSE WITH TIME-TESTED PRINCIPLES, SUCH AS
DIVERSIFICATION, HAS HISTORICALLY PROVEN TO BE A SOUND STRATEGY."
A LOOK BACK AT 2004
During the first half of 2004, the strong market advance of 2003 lost much of
its momentum, as unsettling geopolitical developments, a nebulous market
environment and the uncertainty surrounding the U.S. presidential election
weighed on investors' minds. Although the larger-cap and technology-oriented
market indexes lost some traction in the first quarter, the S&P 500 Index(R)*
held its ground and small-cap and international stocks advanced. The bond market
also benefited from slightly lower interest rates.
A seesaw of positives and negatives kept many investors from making definitive
moves in the second quarter. Despite stronger economic growth and corporate
profits, greater consumer confidence and improving employment statistics, higher
oil prices, renewed inflation concerns and continued terrorist threats unnerved
investors. As a result, many market indexes turned in nearly flat returns.
In the third quarter, stocks lost ground as high energy prices, rising interest
rates, presidential election jitters and the worst hurricane season in 40 years
kept investors on the defensive. Bonds outperformed stocks, despite two
increases in short-term interest rates by the Federal Reserve (Fed).
As 2004 drew to a close, many investors saw gains in the major stock indexes for
both the fourth quarter and the year itself. The fixed income rally that had
buoyed bond prices for a good portion of the year slowed considerably in the
middle of the fourth quarter. Underscoring investor preference for technology
stocks over blue chips as 2004 wound down, the Nasdaq Composite Index and Dow
Jones Industrial Average returned 14.69% and 7.48% for the quarter and 8.59% and
5.29% for the year, respectively. Small-cap stocks easily outdistanced large
caps on both a quarterly basis and for the year. International stocks benefited
from the continued weakening of the dollar relative to other currencies, as the
MSCI EAFE Index outperformed nearly every other major equity index. Despite an
investment trend away from fixed income and toward equities, many bond investors
still notched positive returns for the year.
As with much of the year, economic news in the fourth quarter was generally
mixed. Many investors were encouraged by a swift resolution to the presidential
election and reports of an overall improvement in economic fundamentals.
However, gyrating oil prices, predictions about a weak holiday retailing season,
weak statistics for new home sales and mortgage applications and concerns about
corporate earnings kept an equity rally from sustaining momentum until the
second half of the fourth quarter, when a series of economic reports pointed to
solid expansion and an improved outlook.
THE ROLE OF THE WEAKENING DOLLAR
In the fourth quarter of 2004, the U.S. dollar declined dramatically relative to
its key benchmark currencies, including the euro, the Japanese yen and the
British pound. The strong performance of international markets in 2004 directly
correlates to the dollar's weakness. Currency rates suddenly became a focus for
investors, who wondered about the impact to their portfolios and whether a
falling dollar could be both negative and positive. The answer seems to be yes -
depending on your perspective.
- ----------
* Indexes are unmanaged, do not incur fees or expenses and cannot be
purchased directly for investment.
i
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Put simply, a dollar that is strengthening can buy more units of a foreign
currency; a weakening dollar will buy fewer. When the dollar strengthens, the
prices of goods and services produced abroad go down for American consumers, who
have more purchasing power to buy foreign securities, and a better rate of
exchange when traveling abroad. Viewed differently, a strong dollar means that
U.S. companies have greater difficulty doing business internationally, as they
must compete with the lower prices of foreign products. Conversely, when the
value of the dollar declines, foreign products become more expensive for U.S.
buyers, U.S. companies can offer more competitive pricing on products overseas,
foreign travelers find the U.S. to be more affordable, and securities
denominated in dollars become more attractive. On the other hand, the prices of
foreign-produced goods become higher for U.S. buyers - whose travel to other
countries may become cost-prohibitive and whose foreign securities purchasing
power diminishes.
OUTLOOK
The weakening dollar notwithstanding, as we look toward 2005, there are various
encouraging economic signs on the horizon. Inflation and interest rates are
still low and economic expansion has been widely substantiated. Reports on
personal income, consumer confidence and durable goods have suggested the
economy may sustain above-average growth in the near term, all of which could
translate into stronger corporate earnings figures and higher stock prices. The
Fed will likely continue to raise interest rates at a measured pace - in tandem
with a potentially stronger equity environment, this may present a challenge to
bond investors.
In summary, MassMutual continues to believe that investors should focus on the
long term, with a portfolio that is appropriately diversified based on their
financial goals, time horizon and risk comfort level. Staying the course with
time-tested principles, such as diversification, has historically helped
investors reach their goals, although past performance is no guarantee of future
results.
/s/ David W. O'Leary
David W. O'Leary
PRESIDENT
THE OPINIONS EXPRESSED HEREIN ARE THOSE OF MASSMUTUAL AS OF JANUARY 1, 2005 AND
ARE SUBJECT TO CHANGE WITHOUT NOTICE. THIS INFORMATION IS NOT TO BE CONSTRUED AS
TAX, LEGAL OR INVESTMENT ADVICE.
ii
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MML INFLATION-PROTECTED BOND FUND - PORTFOLIO MANAGER REPORT
WHAT IS THE INVESTMENT OBJECTIVE OF THE MML INFLATION-PROTECTED BOND FUND?
This Fund seeks to achieve as high a total rate of real return on an annual
basis as is considered consistent with prudent investment risk and the
preservation of capital. The Fund normally invests:
- - at least 80% of its assets in inflation-indexed bonds of varying maturities
issued by the U.S. and non-U.S. governments, their agencies or
government-sponsored enterprises and corporations; and
- - up to 20% of its assets in non-inflation-indexed U.S. securities or non-U.S.
securities.
HOW DID THE FUND PERFORM DURING 2004?
For the 12 months ended December 31, 2004, the Fund's shares returned 6.25%,
underperforming the 8.46% return for the Lehman U.S. Treasury Inflation Note
Index.
HOW DO INFLATION-INDEXED BONDS PROTECT AGAINST INFLATION?
Like many other fixed-income securities, inflation-indexed bonds pay income
twice a year, based on a fixed coupon rate. However, both the principal and the
interest payment are adjusted for the level of inflation. The inflation rate -
as measured by the Consumer Price Index - results in an adjustment to the
principal amount of an inflation-protected security. The coupon rate is then
applied to the adjusted principal amount to determine the interest payment. For
example, assuming an inflation rate of 3% and a security with a par value of
$1,000 and a coupon rate of 1.75%, the adjusted principal amount after one year
would be $1,030 ($1,000 increased by 3%). The interest payment would be
calculated by multiplying $1,030 by 1.75% instead of using the original $1,000
par value to calculate the amount of interest.
WHAT WAS THE INVESTMENT BACKGROUND DURING THE PERIOD?
The first quarter of 2004 was characterized by a lackluster stock market,
positive total returns for bonds, and a Federal Reserve (Fed) that remained on
hold. Yields on three- and six-month Treasury bills were little changed.
However, yields on two-year notes declined by 0.25% and three-year notes fared
even better, dropping 0.36%. Bond prices move in the opposite direction to
interest rates (or yields); when yields fall, the prices of existing bonds rise.
The biggest factor behind the strong bond performance was anemic job growth,
which signaled an uneven economic expansion and led investors to prefer the
relative safety of bonds compared to stocks.
Stock and bond returns continued to be subdued in the second quarter. Stocks
outperformed bonds, whose prices were negatively impacted by higher interest
rates. On June 30, the Federal Reserve Open Market Committee (FOMC) raised its
target for the federal funds level 0.25% to 1.25%.
Bonds performed well during the third quarter of 2004, despite rising oil prices
and two interest rate increases by the FOMC. The total return for the Lehman
Brothers Aggregate Bond Index was 3.20% for the period. In contrast, both the
S&P 500 and the Dow Industrials were in negative territory. The final release of
second quarter GDP was 3.3%, a substantial revision from the earlier estimate of
2.7%. Longer-maturity Treasuries outperformed, resulting in a flattening of the
yield curve. The 30-year bond declined by approximately 0.40% to end September
yielding 4.89% and the 10-year note closed the quarter with a yield of 4.12%, a
decline of 0.46%. The two-year note fell by only 0.07% to yield 2.61%.
Bond market returns were muted and unexciting during the fourth quarter. The
excitement was elsewhere - an active Fed, the U.S. presidential election, a
dramatic weakening of the U.S. dollar and a strong rally in the equity markets.
Corporate bonds, agencies, mortgages and other securitized assets all performed
well during the quarter, beating the total return on Treasuries. Lower-credit
quality outperformed versus higher-quality bonds. In a period of strong equity
market performance, low levels of corporate defaults and investors' need to
reach for yield, risk premiums - the difference in yield attributable to
higher-risk investments - continued to decline.
WHAT IS YOUR OUTLOOK?
We remain guardedly optimistic that the economy will continue to grow in the 3+%
range for the foreseeable future. It is unlikely that the extraordinary
performance of bonds over the last two years will be repeated; however, we will
continue to upgrade the portfolio where opportunities present themselves.
1
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MML TREASURY-INFLATION
PROTECTED BOND FUND
QUALITY STRUCTURE
(% OF NET ASSETS) ON 12/31/04
<Table>
U.S. Governments, Aaa/AAA 79.3%
Aa/AA 10.1%
A 8.5%
Short-Term Investments and
Other Assets and Liabilities 2.1%
-----
100.0%
=====
</Table>
GROWTH OF A $10,000 INVESTMENT
Hypothetical Investments in MML Inflation-Protected Bond Fund and the U.S.
Treasury Inflation Note Index
MML SERIES INVESTMENT FUND
TOTAL RETURN
<Table>
<Caption>
SINCE INCEPTION
ONE YEAR AVERAGE ANNUAL
1/1/04 - 12/31/04 8/30/02 - 12/31/04
MML Inflation-Protected
Bond Fund 6.25% 7.06%
Lehman U.S. Treasury
Inflation Note Index 8.46% 8.64%
</Table>
[CHART]
GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION
<Table>
<Caption>
MML INFLATION-PROTECTED BOND FUND LEHMAN U.S. TREASURY INFLATION NOTE INDEX
8/30/02 $ 10,000 $ 10,000
12/02 $ 10,317 $ 10,306
12/03 $ 11,040 $ 11,176
12/04 $ 11,730 $ 12,140
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE; PAST PERFORMANCE IS NOT
PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF
SHARES OF THE FUND WILL FLUCTUATE WITH MARKET CONDITIONS SO THAT SHARES OF THE
FUND, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED.
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED BY
ACCESSING THE WEBSITE AT www.massmutual.com.
INVESTORS SHOULD NOTE THAT THE FUND IS A PROFESSIONALLY MANAGED MUTUAL FUND,
WHILE THE LEHMAN U.S. TREASURY INFLATION NOTE INDEX IS UNMANAGED AND DOES NOT
INCUR EXPENSES, AND CANNOT BE PURCHASED DIRECTLY BY INVESTORS. INVESTORS SHOULD
READ THE FUND'S PROSPECTUS WITH REGARD TO THE FUND'S INVESTMENT OBJECTIVE, RISKS
AND CHARGES AND EXPENSES IN CONJUNCTION WITH THESE FINANCIAL STATEMENTS. THE
FUND'S RETURN REFLECTS CHANGES IN THE NET ASSET VALUE PER SHARE WITHOUT THE
DEDUCTION OF ANY PRODUCT CHARGES. THE INCLUSION OF THESE CHARGES WOULD HAVE
REDUCED THE PERFORMANCE SHOWN HERE.
2
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MML LARGE CAP VALUE FUND - PORTFOLIO MANAGER REPORT
WHAT IS THE INVESTMENT OBJECTIVE OF THE MML LARGE CAP VALUE FUND?
This Fund seeks both capital growth and income by selecting high-quality,
large-capitalization companies primarily in the S&P 500 Index(R).
HOW DID THE FUND PERFORM DURING 2004?
For the 12 months ended December 31, 2004, the Fund's shares returned 11.79%,
outpacing the 10.88% return of the S&P 500 Index(R), a
market-capitalization-weighted, unmanaged index of 500 common stocks.
WHAT WAS THE INVESTMENT BACKGROUND DURING THE PERIOD?
The U.S. stock market moved sideways in the first quarter of 2004, against a
backdrop of unsettling geopolitical events and mixed economic data. Continuing
that trend in both the second and third quarters of the year, geopolitical
concerns, high energy prices and expectations of rising interest rates kept the
equity markets in a narrow trading range. Finally, in the fourth quarter, the
U.S. stock market, as represented by the S&P 500 Index(R), made some progress,
advancing 9.23%.
WHAT FACTORS CONTRIBUTED TO THE FUND'S PERFORMANCE - AND HOW DID YOU RESPOND?
During the first quarter, the Fund's top-performing positions included Bank One,
American Express, Berkshire Hathaway, American International Group, Loews and
Tyco. Microsoft, Sealed Air, Comcast, HSBC Holdings and Wells Fargo were among
the holdings that detracted from returns. During the period, we made notable
changes to the portfolio, including the purchase of Comcast, the largest cable
provider in the U.S. We added this holding at what we believe represents a
reasonable valuation based on our analysis of its management quality, business
fundamentals and competitive advantages.
During the second quarter, top contributors to the Fund's results included Tyco
International, EOG Resources, Costco Wholesale, Devon Energy and ConocoPhillips.
Detractors included Altria Group, Citigroup, Bank One, Berkshire Hathaway and
Golden West Financial. We made no significant changes to the portfolio during
the second quarter.
Our energy positions were among the top performers in the third quarter, while
detractors were largely stock-specific. Top-performing holdings included
Occidental Petroleum, JPMorgan Chase, ConocoPhillips, CenterPoint Properties and
HSBC Holdings. Detractors included Sealed Air, Tyco, Transatlantic Holdings,
American International Group and Lexmark International. Significant changes to
the portfolio included the addition of Marsh & McLennan Companies and Cardinal
Health, Inc. and the sale of Marriott and Kraft Foods.
Turning to the fourth quarter, performance was driven by individual holdings,
including Altria Group, Tyco, American Express and Comcast, Costco Wholesale.
Detracting from performance were Eli Lilly, Pfizer, Aon, American International
Group and Marsh & McLennan. During this timeframe, we purchased Iron Mountain
and sold Pfizer.
WHAT IS YOUR OUTLOOK?
We believe that a competing set of headwinds and tailwinds could result in a
range-bound market for some time and that stock selection will be the key to
generating above-average results.
3
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MML LARGE CAP VALUE FUND
INDUSTRY TABLE
(% OF NET ASSETS) ON 12/31/04
<Table>
Banking, Savings & Loans 17.7%
Financial Services 13.8%
Insurance 13.1%
Energy 8.3%
Broadcasting, Publishing &
Printing 5.8%
Tobacco 4.9%
Commercial Services 4.5%
Industrial - Diversified 4.2%
Retail 4.0%
Containers 2.8%
Pharmaceuticals 2.5%
Beverages 2.0%
Computers & Information 1.6%
Building Materials &
Construction 1.4%
Healthcare 1.3%
Prepackaged Software 1.0%
Foods 1.0%
Transportation 0.8%
Diversified Financial 0.7%
Communications 0.7%
Advertising 0.3%
Household Products 0.0%
Short-Term Investments and
Other Assets and Liabilities 7.6%
-----
100.0%
=====
</Table>
MML LARGE CAP VALUE FUND
LARGEST STOCK HOLDINGS (12/31/04)
American Express Co.
Altria Group, Inc.
Berkshire Hathaway, Inc. Cl. A
American International Group, Inc.
Tyco International Limited
Comcast Corp. Special Cl. A
Wells Fargo & Co.
Costco Wholesale Corp.
JP Morgan Chase & Co.
Citigroup, Inc.
4
<Page>
GROWTH OF A $10,000 INVESTMENT
Hypothetical Investments in MML Large Cap Value Fund and the S&P 500 Index
MML SERIES INVESTMENT FUND
TOTAL RETURN
<Table>
<Caption>
SINCE INCEPTION
ONE YEAR AVERAGE ANNUAL
1/1/04 - 12/31/04 5/1/00 - 12/31/04
MML Large Cap Value Fund 11.79% 1.40%
S&P 500 Index 10.88% -2.29%
</Table>
[CHART]
GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION
<Table>
<Caption>
MML LARGE CAP VALUE FUND S&P 500 INDEX
5/1/2000 $ 10,000 $ 10,000
12/00 $ 9,895 $ 9,162
12/01 $ 8,791 $ 8,074
12/02 $ 7,364 $ 6,290
12/03 $ 9,544 $ 8,094
12/04 $ 10,670 $ 8,974
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE; PAST PERFORMANCE IS NOT
PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF
SHARES OF THE FUND WILL FLUCTUATE WITH MARKET CONDITIONS SO THAT SHARES OF THE
FUND, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED.
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED BY
ACCESSING THE WEBSITE AT www.massmutual.com.
INVESTORS SHOULD NOTE THAT THE FUND IS A PROFESSIONALLY MANAGED MUTUAL FUND,
WHILE THE S&P 500 INDEX IS UNMANAGED AND DOES NOT INCUR EXPENSES, AND CANNOT BE
PURCHASED DIRECTLY BY INVESTORS. INVESTORS SHOULD READ THE FUND'S PROSPECTUS
WITH REGARD TO THE FUND'S INVESTMENT OBJECTIVE, RISKS AND CHARGES AND EXPENSES
IN CONJUNCTION WITH THESE FINANCIAL STATEMENTS. THE FUND'S RETURN REFLECTS
CHANGES IN THE NET ASSET VALUE PER SHARE WITHOUT THE DEDUCTION OF ANY PRODUCT
CHARGES. TOTAL RETURN FIGURES WOULD BE LOWER FOR THE PERIODS PRESENTED IF THEY
REFLECTED THESE CHARGES.
5
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MML EQUITY INDEX FUND - PORTFOLIO MANAGER REPORT
WHAT IS THE INVESTMENT OBJECTIVE OF THE MML EQUITY INDEX FUND?
The Fund seeks to approximate as closely as practicable (before fees and
expenses) the capitalization-weighted total rate of return of that portion of
the U.S. market for publicly traded common stocks composed of larger-capitalized
companies. The Fund pursues this objective by investing at least 80% of its
assets in the equity securities of companies that make up the S&P 500 Index(R).
HOW DID THE FUND PERFORM DURING 2004?
For the 12 months ended December 31, 2004, the Fund's Class I shares returned
10.42%, nearly in line with the 10.88% return of the S&P 500 Index(R), a
market-capitalization-weighted, unmanaged index of 500 common stocks.
WHAT WAS THE INVESTMENT BACKDROP DURING THE PERIOD?
While the U.S. economy continued to demonstrate signs of improvement during the
first few months of 2004, a muted improvement in job growth dampened enthusiasm.
Given the pace of economic growth, the sluggish job market implied a significant
increase in corporate productivity, expected to translate into continued strong
corporate profits. In this environment, value stocks continued to outpace growth
stocks as they did in 2003.
During the second quarter, the U.S. economy was positively impacted by a number
of factors, including a rise in consumer confidence, rising corporate profits
and improvements in the labor market, although the market was held back by a
number of factors, including concerns of a Federal Reserve (Fed) interest rate
hike and the handover of power in Iraq. The market gained some stability with
both events taking place uneventfully at the end of June; however, investors
remained cautious. Fixed-income markets struggled during the period, sparked by
the rate increase and anticipation of further increases.
In the third quarter, rapidly increasing oil prices, continued global
instability and concerns over the lack of job growth tempered the performance of
U.S. equity markets. The Fed raised the federal funds rate by 0.25% and affirmed
its expectations that the flow of future economic data would support continued
tightening at a measured pace. Bonds outperformed stocks for the quarter by
approximately five percentage points. Global equity markets generally fared
better than the U.S. equity markets, led by favorable performance across Europe.
The U.S. economy rallied again in the fourth quarter. Economic growth, changing
from a consumption-driven trend to one fueled by business and business
investment, advanced slightly, although corporate executives were cautiously
optimistic. Inflation remained relatively under control, and expectations
continued that the Fed would maintain a measured pace of interest rate
increases. Although the dollar, on a trade-weighted basis, continued to decline,
the desirability of U.S. assets remained quite high.
WHAT FACTORS CONTRIBUTED TO THE FUND'S PERFORMANCE?
In the first quarter, sector performance was mixed. The financials sector
provided the greatest contribution to the market's return; consumer staples and
energy also helped boost Index performance. Conversely, the information
technology sector, which drove the performance of the Index in 2003, lagged in
the first quarter.
Sector results were also mixed in the second quarter, as the financial services
sector, which has the largest weight in the S&P 500, underperformed all other
groups. On the other hand, the S&P's second-largest sector, information
technology, advanced for the period. Energy was the best-performing sector.
Continuing the trend of the prior two quarters, sector performance throughout
the third quarter was mixed. The energy sector, driven by the rise in oil
prices, advanced the most, while information technology turned in the worst
performance, losing ground during the period.
During the final quarter of 2004, all sectors generated results of 4.7% or
better, with the information technology sector's double-digit advance leading
the way. The financials sector also drove performance for the period.
6
<Page>
MML EQUITY INDEX FUND
INDUSTRY TABLE
(% OF NET ASSETS) ON 12/31/04
<Table>
Banking, Savings & Loans 11.8%
Pharmaceuticals 8.5%
Energy 7.2%
Electrical Equipment &
Electronics 6.8%
Retail 5.7%
Insurance 5.0%
Computers & Information 4.4%
Prepackaged Software 4.2%
Financial Services 3.9%
Broadcasting, Publishing &
Printing 2.8%
Electric Utilities 2.7%
Medical Supplies 2.4%
Cosmetics & Personal Care 2.3%
Beverages 2.2%
Communications 2.2%
Telephone Utilities 2.2%
Commercial Services 2.0%
Foods 1.9%
Aerospace & Defense 1.9%
Transportation 1.9%
Industrial - Diversified 1.9%
Chemicals 1.6%
Tobacco 1.3%
Healthcare 1.1%
Entertainment & Leisure 1.0%
Automotive & Parts 1.0%
Machinery & Components 0.9%
Computers & Office
Equipment 0.9%
Data Processing & Preparation 0.8%
Apparel, Textiles & Shoes 0.8%
Metals & Mining 0.7%
Household Products 0.6%
Restaurants 0.6%
Forest Products & Paper 0.5%
Information Retrieval Services 0.4%
Manufacturing 0.4%
Computer Integrated Systems
Design 0.4%
Communications Equipment 0.4%
Lodging 0.3%
Home Construction,
Furnishings & Appliances 0.3%
Advertising 0.2%
Building Materials &
Construction 0.2%
Real Estate 0.2%
Containers 0.2%
Air Transportation 0.1%
Toys, Games 0.1%
Photography Equipment/
Supplies 0.1%
Retail - Grocery 0.1%
Industrial - Distribution 0.1%
Computer Programming
Services 0.0%
Travel 0.0%
Futures 0.0%
Short-Term Investments and
Other Assets and Liabilities 0.8%
-----
100.0%
=====
</Table>
MML EQUITY INDEX FUND
LARGEST STOCK HOLDINGS (12/31/04)
General Electric Co.
Exxon Mobil Corp.
Microsoft Corp.
Citigroup, Inc.
Wal-Mart Stores, Inc.
Pfizer, Inc.
Bank of America Corp.
Johnson & Johnson
American International Group, Inc.
International Business Machines Corp.
7
<Page>
GROWTH OF A $10,000 INVESTMENT
Hypothetical Investments in MML Equity Index Fund Class I and the S&P 500 Index.
MML SERIES INVESTMENT FUND
TOTAL RETURN
<Table>
<Caption>
FIVE YEAR SINCE INCEPTION
ONE YEAR AVERAGE ANNUAL AVERAGE ANNUAL
1/1/04 - 12/31/04 1/1/00 - 12/31/04 5/1/97 - 12/31/04
MML Equity Index Fund Class I 10.42% -2.75% 6.63%
S&P 500 Index 10.88% -2.30% 7.15%
</Table>
[CHART]
GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION
<Table>
<Caption>
CLASS I S&P 500 INDEX
5/1/97 $ 10,000 $ 10,000
12/97 $ 12,193 $ 12,255
12/98 $ 15,634 $ 15,757
12/99 $ 18,811 $ 19,073
12/00 $ 17,018 $ 17,338
12/01 $ 14,921 $ 15,279
12/02 $ 11,569 $ 11,903
12/03 $ 14,818 $ 15,316
12/04 $ 16,362 $ 16,981
</Table>
Hypothetical Investments in MML Equity Index Fund Class II, Class III and the
S&P 500 Index
MML SERIES INVESTMENT FUND
TOTAL RETURN
<Table>
<Caption>
SINCE INCEPTION
ONE YEAR AVERAGE ANNUAL
1/1/04 - 12/31/04 5/1/00 - 12/31/04
MML Equity Index Fund Class II 10.60% -2.58%
MML Equity Index Fund Class III 10.77% -2.51%
S&P 500 Index 10.88% -2.29%
</Table>
[CHART]
<Table>
<Caption>
CLASS II CLASS III S&P 500 INDEX
5/1/2000 $ 10,000 $ 10,000 $ 10,000
12/00 $ 9,137 $ 9,150 $ 9,162
12/01 $ 8,024 $ 8,024 $ 8,074
12/02 $ 6,236 $ 6,244 $ 6,290
12/03 $ 8,001 $ 8,016 $ 8,094
12/04 $ 8,849 $ 8,879 $ 8,974
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE; PAST PERFORMANCE IS NOT
PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF
SHARES OF THE FUND WILL FLUCTUATE WITH MARKET CONDITIONS SO THAT SHARES OF THE
FUND, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED.
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED BY
ACCESSING THE WEBSITE AT www.massmutual.com.
INVESTORS SHOULD NOTE THAT THE FUND IS A PROFESSIONALLY MANAGED MUTUAL FUND,
WHILE THE S&P 500 INDEX IS UNMANAGED AND DOES NOT INCUR EXPENSES, AND CANNOT BE
PURCHASED DIRECTLY BY INVESTORS. INVESTORS SHOULD READ THE FUND'S PROSPECTUS
WITH REGARD TO THE FUND'S INVESTMENT OBJECTIVE, RISKS AND CHARGES AND EXPENSES
IN CONJUNCTION WITH THESE FINANCIAL STATEMENTS. THE FUND'S RETURN REFLECTS
CHANGES IN THE NET ASSET VALUE PER SHARE WITHOUT THE DEDUCTION OF ANY PRODUCT
CHARGES. TOTAL RETURN FIGURES WOULD BE LOWER FOR THE PERIODS PRESENTED IF THEY
REFLECTED THESE CHARGES.
8
<Page>
MML ENHANCED INDEX CORE EQUITY FUND - PORTFOLIO MANAGER REPORT
WHAT IS THE INVESTMENT OBJECTIVE OF THE MML ENHANCED INDEX CORE EQUITY FUND?
The objective of the Fund is to achieve total returns that slightly exceed those
of the S&P 500 Index over the long term, while maintaining a risk profile
similar to that of the Index. The Fund invests primarily in a diversified
portfolio consisting of approximately 90% of the securities in the S&P 500
Index(R).
HOW DID THE FUND PERFORM DURING 2004?
For the 12 months ended December 31, 2004, the Fund's shares returned 10.81%,
nearly in line with the 10.88% return for the S&P 500 Index(R), a
market-capitalization-weighted, unmanaged index of 500 common stocks.
WHAT WAS THE INVESTMENT BACKGROUND DURING THE PERIOD?
Equity markets recorded modest gains in the first quarter of 2004, as renewed
concerns over terrorism and rising oil prices dampened investor psychology. Job
growth improved during the period, with an increase in temporary employment
across most industries; other positive indicators included favorable corporate
earnings, declining interest rates and healthy consumer spending.
In the second quarter, the pace of the economic recovery quickened with
employment gains, higher commodity prices and increased capital spending. In
response, interest rates rose by more than 1.00% on two- and three-year
Treasuries. The Federal Reserve increased the federal funds and discount rates
by 0.25% at the very end of the quarter, a move the bond market had been
anticipating for months. Throughout the period, investors became increasingly
concerned over higher energy prices.
Third quarter equity market performance resembled a roller-coaster ride. Early
in the quarter, factors such as higher interest rates, rising oil prices and
weak economic data drove markets lower. Things turned around in the middle of
August, when longer-term interest rates trended lower and bargain hunters
feasted on attractive equity valuations. In September, however, headwinds -
including record oil prices and presidential election uncertainty - cast a chill
on the markets.
Equity markets closed 2004 on a strong note, finishing a second straight year in
positive territory. With a major element of uncertainty - political leadership -
eliminated, investors refocused on major economic indicators, such as
strengthening job creation and improved consumer confidence.
WHAT FACTORS CONTRIBUTED TO THE FUND'S PERFORMANCE?
Performance for the more economically sensitive industrial sectors, including
technology, producer durables and autos/transportation generally pulled back in
the first quarter. On the upside, robust consumer spending drove favorable
results in some consumer sectors. Strength was also evident in the energy and
financial services sectors. Looking to the Fund's results, the most favorable
contributions came from the financial services, materials/processing, and
producer durables sectors. Detractors came from the consumer discretionary and
utilities sectors.
Turning to the second quarter, the market rewarded companies with accelerating
sales, increasing margins and earnings momentum. Fund performance was negatively
impacted by the consumer discretionary sector, which experienced a general
pullback driven by rising interest rate fears and slumping retail sales. Our
holdings in the health care sector struggled relative to benchmark sector
performance. Conversely, areas that contributed positively included the
technology, utilities and financial services sectors.
In the third quarter, the Fund showed strength relative to the benchmark on a
broad portfolio basis. In fact, the only economic sectors showing weakness
relative to the S&P 500 Index(R) were consumer staples and financial services.
The Fund's best absolute results were realized in the integrated oils, utilities
and other energy sectors.
As 2004 came to a close, fourth quarter Fund results were highly favorable in
consumer sectors, materials and processing, technology, and autos/transportation
- - while performance trailed the benchmark in financial services, integrated oils
and producer durables.
9
<Page>
WHAT IS YOUR OUTLOOK?
Our 2005 outlook for the U.S. stock market assumes that profit growth will
decelerate from 2004 levels and settle in the 8% to 10% range. It's likely the
market could face downward pressure on valuations as interest rates rise. If
these two trends come to fruition, it may be a lackluster year for equities.
Conversely, the stock market should be able to absorb rising interest rates, as
long as the increases are gradual and inflation does not become troublesome.
MML ENHANCED INDEX CORE EQUITY FUND
INDUSTRY TABLE
(% OF NET ASSETS) ON 12/31/04
<Table>
Banking, Savings & Loans 12.0%
Pharmaceuticals 8.5%
Energy 7.6%
Electrical Equipment &
Electronics 5.9%
Insurance 5.4%
Financial Services 5.4%
Retail 4.8%
Prepackaged Software 4.6%
Computers & Information 4.6%
Electric Utilities 2.8%
Broadcasting, Publishing &
Printing 2.6%
Aerospace & Defense 2.6%
Telephone Utilities 2.5%
Industrial - Diversified 2.4%
Cosmetics & Personal Care 2.3%
Commercial Services 2.1%
Communications 2.0%
Chemicals 1.6%
Beverages 1.6%
Foods 1.6%
Transportation 1.6%
Apparel, Textiles & Shoes 1.1%
Medical Supplies 1.1%
Healthcare 1.1%
Computers & Office
Equipment 1.0%
Tobacco 1.0%
Data Processing &
Preparation 0.9%
Automotive & Parts 0.9%
Computer Integrated
Systems Design 0.9%
Household Products 0.8%
Entertainment & Leisure 0.8%
Restaurants 0.8%
Forest Products & Paper 0.7%
Communications Equipment 0.7%
Machinery & Components 0.6%
Metals & Mining 0.6%
Lodging 0.4%
Information Retrieval Services 0.4%
Building Materials &
Construction 0.3%
Manufacturing 0.2%
Containers 0.2%
Home Construction,
Furnishings & Appliances 0.2%
Real Estate 0.2%
Photography Equipment/
Supplies 0.1%
Advertising 0.1%
Retail - Grocery 0.1%
Toys, Games 0.1%
Industrial - Distribution 0.1%
Travel 0.1%
Short-Term Investments and
Other Assets and Liabilities (0.0)%
-----
100.0%
=====
</Table>
MML ENHANCED INDEX CORE EQUITY FUND
LARGEST STOCK HOLDINGS (12/31/04)
General Electric Co.
Exxon Mobil Corp.
Citigroup, Inc.
Microsoft Corp.
Pfizer, Inc.
Johnson & Johnson
Bank of America Corp.
Wal-Mart Stores, Inc.
International Business Machines Corp.
Standard and Poor's Depository Receipts
Trust Series 1
10
<Page>
GROWTH OF A $10,000 INVESTMENT
Hypothetical Investments in MML Enhanced Index Core Equity Fund and the S&P 500
Index
MML SERIES INVESTMENT FUND
TOTAL RETURN
<Table>
<Caption>
SINCE INCEPTION
ONE YEAR AVERAGE ANNUAL
1/1/04 - 12/31/04 5/2/01 - 12/31/04
MML Enhanced Index Core
Equity Fund 10.81% 0.65%
S&P 500 Index 10.88% 0.84%
</Table>
[CHART]
GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION*
<Table>
<Caption>
MML ENHANCED INDEX CORE EQUITY FUND S&P 500 INDEX
5/2/01 $ 10,000 $ 10,000
12/01 $ 9,292 $ 9,277
12/02 $ 7,267 $ 7,227
12/03 $ 9,242 $ 9,166
12/04 $ 10,241 $ 10,310
</Table>
* PLEASE NOTE, WHILE THE FUND COMMENCED OPERATIONS ON MAY 1, 2001, IT DID NOT
COMMENCE INVESTMENT OPERATIONS UNTIL MAY 2, 2001.
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE; PAST PERFORMANCE IS NOT
PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF
SHARES OF THE FUND WILL FLUCTUATE WITH MARKET CONDITIONS SO THAT SHARES OF THE
FUND, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED.
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED BY
ACCESSING THE WEBSITE AT www.massmutual.com.
INVESTORS SHOULD NOTE THAT THE FUND IS A PROFESSIONALLY MANAGED MUTUAL FUND,
WHILE THE S&P 500 INDEX IS UNMANAGED AND DOES NOT INCUR EXPENSES, AND CANNOT BE
PURCHASED DIRECTLY BY INVESTORS. INVESTORS SHOULD READ THE FUND'S PROSPECTUS
WITH REGARD TO THE FUND'S INVESTMENT OBJECTIVE, RISKS AND CHARGES AND EXPENSES
IN CONJUNCTION WITH THESE FINANCIAL STATEMENTS. THE FUND'S RETURN REFLECTS
CHANGES IN THE NET ASSET VALUE PER SHARE WITHOUT THE DEDUCTION OF ANY PRODUCT
CHARGES. TOTAL RETURN FIGURES WOULD BE LOWER FOR THE PERIODS PRESENTED IF THEY
REFLECTED THESE CHARGES.
11
<Page>
MML GROWTH EQUITY FUND - PORTFOLIO MANAGER REPORT
WHAT IS THE INVESTMENT OBJECTIVE OF THE MML GROWTH EQUITY FUND?
This Fund seeks long-term growth of capital and future income by normally
investing at least 80% of its assets in the common stocks and securities
convertible into common stocks of companies the Fund's sub-adviser believes
offer prospects for long-term growth.
HOW DID THE FUND PERFORM DURING 2004?
For the 12 months ended December 31, 2004, the Fund's shares returned 4.78%,
trailing the 10.88% return of the S&P 500 Index(R), a
market-capitalization-weighted, unmanaged index of 500 common stocks.
WHAT WAS THE INVESTMENT BACKGROUND DURING THE PERIOD?
The close of the first six months of 2004 saw U.S. equity markets in the black,
putting a more positive spin on the overall state of affairs for the economy.
The NASDAQ and the Dow Jones Industrial Average, along with the S&P 500, had
modest gains during the period. In this environment, large-cap stocks beat their
small-cap counterparts and, in the large-cap universe, growth stocks
outperformed value stocks - while in the small-cap universe, value outpaced
growth. The dollar strengthened in anticipation of the Federal Reserve's
interest rate increase as well as on news of positive consumer-confidence data.
Against a backdrop of rising oil prices and interest rates, continued terrorism
fears, and the pending U.S. presidential election, the third quarter saw the
majority of U.S. equities markets end in the red. The S&P 500 Index(R) result
was -1.9%, while the tech-laden NASDAQ declined 7.4%. In addition, the Dow Jones
Industrial Average lost 2.9%. Both large-cap and small-cap stocks produced
negative returns for the period, although the large-cap universe fared better.
In the fourth quarter of 2004, major U.S. equity market indexes posted positive
returns, including those with both value and growth orientations, such as the
Russell 1000 Value and Russell 1000 Growth Indexes. High-risk stocks
outperformed their higher-quality brethren.
WHAT FACTORS CONTRIBUTED TO THE FUND'S PERFORMANCE?
During the first quarter, the largest relative contributor to performance was
strong stock selection in the technology sector. Other contributors included our
overweight position and several strong-performing stocks in both financial
services and utilities/communications. Conversely, the largest detractor during
the period came from our overweighting the leisure sector, which included
several underperforming stocks. Also hampering performance were our holdings in
the health care sector, where a positive contribution from pharmaceuticals was
offset by poor performance in biotechnology.
In the second quarter, sector selection hampered returns, and detractors
included overweight positions in retail stores and manufacturing. Overweight
positions in automotive and consumer goods and an underweight position in food
and beverage contributed to relative returns, but not enough to offset overall
negative sector performance. Conversely, stock-specific selection contributed to
positive relative performance, with strong choices including retail store,
health care and consumer goods securities.
Sector selection was positive in the third quarter. Contributing to performance
was our overweight position in oil/gas and an underweight in technology.
Detractors consisted of underweight positions in both machinery and
metals/mining.
As in the second quarter, sector selection detracted from performance in the
fourth quarter, hindered by overweight positions in oil/gas and consumer goods,
as well as an underweight position in technology. Underweight positions in both
food/beverage and metals/mining contributed to relative returns, but not enough
to offset overall negative sector performance for the period.
WHAT IS YOUR OUTLOOK?
Despite the fact that riskier stocks outperformed their higher-quality
counterparts as 2004 came to a close, we expect higher-quality securities to
return to favor in 2005.
12
<Page>
MML GROWTH EQUITY FUND
INDUSTRY TABLE
(% OF NET ASSETS) ON 12/31/04
<Table>
Pharmaceuticals 13.0%
Retail 10.4%
Energy 7.1%
Computers & Information 7.0%
Prepackaged Software 4.5%
Cosmetics & Personal Care 4.3%
Communications 4.2%
Insurance 3.9%
Electrical Equipment &
Electronics 3.4%
Healthcare 3.4%
Foods 2.9%
Aerospace & Defense 2.7%
Medical Supplies 2.7%
Banking, Savings & Loans 2.6%
Commercial Services 2.4%
Apparel, Textiles & Shoes 2.4%
Industrial - Diversified 2.3%
Automotive & Parts 2.1%
Telephone Utilities 2.0%
Home Construction,
Furnishings & Appliances 1.8%
Data Processing &
Preparation 1.6%
Financial Services 1.4%
Tobacco 1.2%
Restaurants 1.1%
Computer Integrated
Systems Design 1.1%
Household Products 1.0%
Machinery & Components 0.9%
Manufacturing 0.9%
Communications Equipment 0.7%
Transportation 0.6%
Lodging 0.5%
Beverages 0.4%
Information Retrieval
Services 0.4%
Metals & Mining 0.2%
Electric Utilities 0.1%
Retail - Grocery 0.1%
Computer Programming
Services 0.1%
Building Materials &
Construction 0.1%
Broadcasting, Publishing &
Printing 0.1%
Chemicals 0.1%
Industrial - Distribution 0.0%
Advertising 0.0%
Forest Products & Paper 0.0%
Miscellaneous 0.0%
Short-Term Investments and
Other Assets and Liabilities 2.3%
-----
100.0%
=====
</Table>
MML GROWTH EQUITY FUND
LARGEST STOCK HOLDINGS (12/31/04)
Johnson & Johnson
Dell, Inc.
The Home Depot, Inc.
Exxon Mobil Corp.
Qualcomm, Inc.
Pfizer, Inc.
Microsoft Corp.
Wal-Mart Stores, Inc.
Merck & Co., Inc.
The Procter & Gamble Co.
13
<Page>
GROWTH OF A $10,000 INVESTMENT
Hypothetical Investments in MML Growth Equity Fund and the S&P 500 Index
MML SERIES INVESTMENT FUND
TOTAL RETURN
<Table>
<Caption>
FIVE YEAR SINCE INCEPTION
ONE YEAR AVERAGE ANNUAL AVERAGE ANNUAL
1/1/04 - 12/31/04 1/1/00 - 12/31/04 5/3/99 - 12/31/04
MML Growth Equity Fund 4.78% -8.24% -2.90%
S&P 500 Index 10.88% -2.30% -0.21%
</Table>
[CHART]
GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION
<Table>
<Caption>
MML GROWTH EQUITY FUND S&P 500 INDEX
5/3/99 $ 10,000 $ 10,000
12/99 $ 13,010 $ 11,100
12/00 $ 12,159 $ 10,090
12/01 $ 9,096 $ 8,892
12/02 $ 6,567 $ 6,928
12/03 $ 8,078 $ 8,913
12/04 $ 8,464 $ 9,883
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE; PAST PERFORMANCE IS NOT
PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF
SHARES OF THE FUND WILL FLUCTUATE WITH MARKET CONDITIONS SO THAT SHARES OF THE
FUND, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED.
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED BY
ACCESSING THE WEBSITE AT www.massmutual.com.
INVESTORS SHOULD NOTE THAT THE FUND IS A PROFESSIONALLY MANAGED MUTUAL FUND,
WHILE THE S&P 500 INDEX IS UNMANAGED AND DOES NOT INCUR EXPENSES, AND CANNOT BE
PURCHASED DIRECTLY BY INVESTORS. INVESTORS SHOULD READ THE FUND'S PROSPECTUS
WITH REGARD TO THE FUND'S INVESTMENT OBJECTIVE, RISKS AND CHARGES AND EXPENSES
IN CONJUNCTION WITH THESE FINANCIAL STATEMENTS. THE FUND'S RETURN REFLECTS
CHANGES IN THE NET ASSET VALUE PER SHARE WITHOUT THE DEDUCTION OF ANY PRODUCT
CHARGES. TOTAL RETURN FIGURES WOULD BE LOWER FOR THE PERIODS PRESENTED IF THEY
REFLECTED THESE CHARGES.
14
<Page>
MML OTC 100 FUND - PORTFOLIO MANAGER REPORT
WHAT IS THE INVESTMENT OBJECTIVE OF THE MML OTC 100 FUND?
This Fund seeks to approximate, as closely as practicable (before fees and
expenses), the total return of the 100 largest publicly traded over-the-counter
common stocks. The Fund pursues this objective by investing at least 80% of its
assets in the equity securities of companies included in the NASDAQ 100
Index(R), which is generally recognized as representative of the
over-the-counter market.
HOW DID THE FUND PERFORM DURING 2004?
For the 12 months ended December 31, 2004, the Fund's shares returned 10.48%,
slightly outperforming the 10.44% return of the NASDAQ 100 Index(R).
The NASDAQ 100 Index(R) represents 100 of the largest non-financial U.S. and
non-U.S. companies listed on the National Tier of the NASDAQ stock market. It is
a modified capitalization-weighted index that is designed to limit domination by
a few large stocks while generally retaining the ranking of companies by
capitalization.
WHAT WAS THE INVESTMENT BACKDROP DURING THE PERIOD?
While the U.S. economy continued to demonstrate signs of improvement during the
first few months of 2004, a muted improvement in job growth dampened enthusiasm.
Given the pace of economic growth, the sluggish job market implied a significant
increase in corporate productivity, expected to translate into continued strong
corporate profits. While strengthening corporate profits is favorable to equity
owners, continued improvement in financial markets has mainly been contingent on
translating growth in profits to more jobs.
During the second quarter, the U.S. economy was positively impacted by a number
of factors, including a rise in consumer confidence, rising corporate profits
and improvements in the labor market. Despite these positive signs, the market
was held back by a number of factors, including concerns of a Federal Reserve
(Fed) interest rate hike and the handover of power in Iraq. The market gained
some stability with both events taking place at the end of June, although
investors remained cautious. Fixed-income markets struggled during the period,
sparked by the increase and anticipation of further increases in interest rates.
In the third quarter, rapidly increasing oil prices, continued global
instability and concerns over the lack of job growth tempered the performance of
U.S. equity markets. The Fed raised the federal funds rate by 0.25% and affirmed
its expectations that the flow of future economic data would support continued
tightening at a measured pace. Bonds outperformed stocks for the quarter by
approximately five percentage points. Global equity markets generally fared
better than the U.S. equity markets, led by favorable performance across Europe.
The U.S. economy rallied again in the fourth quarter. Economic growth advanced
slightly, changing from a consumption-driven trend to one fueled by business and
business investment, although corporate executives were cautiously optimistic.
Inflation remained relatively under control, and expectations continued that the
Fed would maintain a measured pace of interest rate increases. Although the
dollar, on a trade-weighted basis, continued to decline, the willingness to own
U.S. assets remained quite high.
WHAT FACTORS CONTRIBUTED TO THE FUND'S PERFORMANCE?
During the first quarter, sector performance was mixed. Information technology,
which comprises over 60% of the NASDAQ Index, was down 2.77%. Overall,
telecommunication services was the worst-performing sector with a loss of
13.45%, while energy was the best-performing sector with its gain of 7.56%.
The strongest sector of the second quarter was consumer staples (+15.61%),
reflecting a surge in consumer spending during the month of May. In the third
quarter, driven by the rise in oil prices, the sector leader was energy
(+14.3%). In a turnaround from the first quarter, telecommunication services led
sector performance with its gain of 25.99% in the fourth quarter. Information
technology, which accounts for more than half of the index, advanced an
impressive 15.42% during the final quarter of 2004.
15
<Page>
MML OTC 100 FUND
INDUSTRY TABLE
(% OF NET ASSETS) ON 12/31/04
<Table>
Prepackaged Software 16.6%
Communications 14.5%
Electrical Equipment &
Electronics 13.9%
Pharmaceuticals 9.8%
Computers & Information 9.8%
Commercial Services 7.5%
Broadcasting, Publishing &
Printing 4.4%
Retail 4.2%
Foods 2.5%
Information Retrieval Services 1.8%
Medical Supplies 1.8%
Computer Integrated Systems
Design 1.4%
Manufacturing 1.4%
Computer Programming
Services 1.3%
Automotive & Parts 1.2%
Retail - Internet 0.9%
Transportation 0.8%
Data Processing &
Preparation 0.7%
Healthcare 0.7%
Telephone Utilities 0.7%
Lodging 0.5%
Retail - Grocery 0.4%
Communications Equipment 0.4%
Miscellaneous 0.4%
Containers 0.3%
Apparel, Textiles & Shoes 0.3%
Advertising 0.3%
Internet Content 0.2%
Futures 0.0%
Short-Term Investments and
Other Assets and Liabilities 1.3%
-----
100.0%
=====
</Table>
MML OTC 100 FUND
LARGEST STOCK HOLDINGS (12/31/04)
Microsoft Corp.
Qualcomm, Inc.
eBay, Inc.
Intel Corp.
Cisco Systems, Inc.
Nextel Communications, Inc. Cl. A
Dell, Inc.
Amgen, Inc.
Apple Computer, Inc.
Starbucks Corp.
16
<Page>
GROWTH OF A $10,000 INVESTMENT
Hypothetical Investments in MML OTC 100 Fund and the NASDAQ 100 Index
MML SERIES INVESTMENT FUND
TOTAL RETURN
<Table>
<Caption>
SINCE INCEPTION
ONE YEAR AVERAGE ANNUAL
1/1/04 - 12/31/04 5/1/00 - 12/31/04
MML OTC 100 Fund 10.48% -17.02%
NASDAQ 100 Index 10.44% -16.56%
</Table>
[CHART]
GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION
<Table>
<Caption>
MML OTC 100 FUND NASDAQ 100 INDEX
5/1/00 $ 10,000 $ 10,000
12/00 $ 6,110 $ 6,207
12/01 $ 4,087 $ 4,186
12/02 $ 2,547 $ 2,609
12/03 $ 3,785 $ 3,890
12/04 $ 4,182 $ 4,296
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE; PAST PERFORMANCE IS NOT
PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF
SHARES OF THE FUND WILL FLUCTUATE WITH MARKET CONDITIONS SO THAT SHARES OF THE
FUND, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED.
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED BY
ACCESSING THE WEBSITE AT www.massmutual.com.
INVESTORS SHOULD NOTE THAT THE FUND IS A PROFESSIONALLY MANAGED MUTUAL FUND,
WHILE THE NASDAQ 100 INDEX IS UNMANAGED AND DOES NOT INCUR EXPENSES, AND CANNOT
BE PURCHASED DIRECTLY BY INVESTORS. INVESTORS SHOULD READ THE FUND'S PROSPECTUS
WITH REGARD TO THE FUND'S INVESTMENT OBJECTIVE, RISKS AND CHARGES AND EXPENSES
IN CONJUNCTION WITH THESE FINANCIAL STATEMENTS. THE FUND'S RETURN REFLECTS
CHANGES IN THE NET ASSET VALUE PER SHARE WITHOUT THE DEDUCTION OF ANY PRODUCT
CHARGES. TOTAL RETURN FIGURES WOULD BE LOWER FOR THE PERIODS PRESENTED IF THEY
REFLECTED THESE CHARGES.
17
<Page>
MML SMALL CAP EQUITY FUND - PORTFOLIO MANAGER REPORT
WHAT IS THE INVESTMENT OBJECTIVE OF THE MML SMALL CAP EQUITY FUND?
This Fund seeks to achieve long-term growth of capital and income by investing
primarily in a diversified portfolio of equity securities of smaller companies.
HOW DID THE FUND PERFORM DURING 2004?
For the 12 months ended December 31, 2004, the Fund's shares returned 16.36%,
trailing the 18.33% return of the Russell 2000 Index, a broadly based, unmanaged
index of 2000 small-capitalization common stocks.
WHAT WAS THE INVESTMENT BACKGROUND DURING THE PERIOD?
Equity markets recorded modest gains in the first quarter of 2004, as renewed
concerns over terrorism and rising oil prices dampened investor psychology and
enthusiasm after a strong start in January. Job growth improved during the
period; other positive indicators included favorable corporate earnings,
declining interest rates and healthy consumer spending.
During the second quarter, equities posted only a slight gain, as a bit of a
holding pattern set in due to anxiety over how much and when the Federal Reserve
would raise interest rates. Investors got closure at the end of June, when the
central bank boosted rates for the first time since May 2000 by a quarter of a
percentage point. Equity markets, relieved, rose modestly. Additional economic
measures released during the quarter were largely favorable, although a few
wrinkles remained - namely jobs and oil.
Third quarter equity market performance resembled a roller-coaster ride. Early
in the quarter, factors such as higher interest rates, rising oil prices and
weak economic data drove markets lower. Things turned around in the middle of
August, when longer-term interest rates trended lower and bargain hunters
feasted on attractive equity valuations. In September, however, headwinds -
including record oil prices and presidential election uncertainty - cast a chill
on the markets.
Equity markets closed 2004 on a strong note, finishing a second straight year in
positive territory. With a major element of uncertainty - political leadership -
eliminated, investors refocused on major economic indicators, such as
strengthening job creation and improved consumer confidence.
WHAT FACTORS CONTRIBUTED TO THE FUND'S PERFORMANCE?
During the first quarter of 2004, less-than-favorable stock selection hindered
the Fund's progress. In particular, our choices in the consumer discretionary,
financial services and health care sectors hampered performance. The Fund's
emphasis on oil services companies in the energy sector and semiconductor names
in the technology sector also detracted from results, as both areas experienced
a significant price correction during the quarter. Conversely, the Fund
experienced strong results in autos/transportation.
In the second quarter, favorable stock selection, from the autos/transportation
and financial services sectors to the producer durables and technology sectors,
helped to drive returns. Several of the Fund's energy services holdings and
companies specializing in electrical components and equipment realized
particularly strong results. Additionally, in technology, the Fund's holdings
significantly outperformed corresponding benchmark positions and in the consumer
discretionary sector, our holdings added value. The Fund's health care stocks
hampered performance somewhat, although the portfolio held only minimal
positions.
Performance for the Fund's technology holdings was weak in the third quarter,
particularly for a few holdings in the semiconductor space. Our stock selection
was also weak in the financial services and health care sectors. With respect to
areas of strength, our results continued to be highly favorable in the other
energy and autos and transportation sectors, where several energy services
holdings and companies specializing in shipping realized particularly strong
results.
In the final quarter of 2004, our stock selection turned out to be largely
favorable across most economic sectors, with particular strength in the
financial services, materials and processing, and health care sectors. The
portfolio's holdings in the autos and transportation sector, a leading area in
2004, also performed strongly. Areas of weakness relative to the Russell 2000
Index were the technology, producer durables and consumer discretionary sectors.
18
<Page>
WHAT IS YOUR OUTLOOK?
Our 2005 outlook for the U.S. stock market assumes that profit growth will
decelerate from 2004 levels and settle in the 8% to 10% range. It is likely the
market could face downward pressure on valuations as interest rates rise. If
these two trends materialize, we may be faced with a lackluster year for
equities. Conversely, the stock market should be able to take in stride rising
interest rates, as long as the increases are gradual and inflation does not
become troublesome.
MML SMALL CAP EQUITY FUND
INDUSTRY TABLE
(% OF NET ASSETS) ON 12/31/04
<Table>
Machinery & Components 13.1%
Financial Services 10.5%
Banking, Savings & Loans 9.2%
Electrical Equipment &
Electronics 8.9%
Transportation 6.7%
Energy 6.7%
Insurance 6.0%
Commercial Services 6.0%
Medical Supplies 4.5%
Broadcasting, Publishing &
Printing 2.9%
Pharmaceuticals 2.9%
Chemicals 2.8%
Retail 2.5%
Industrial - Diversified 1.9%
Home Construction,
Furnishings & Appliances 1.8%
Household Products 1.7%
Apparel, Textiles & Shoes 1.5%
Prepackaged Software 1.4%
Restaurants 1.3%
Air Transportation 1.1%
Computer Related Services 0.9%
Cosmetics & Personal Care 0.6%
Telephone Utilities 0.2%
Metals & Mining 0.2%
Short-Term Investments and
Other Assets and Liabilities 4.7%
-----
100.0%
=====
</Table>
MML SMALL CAP EQUITY FUND
LARGEST STOCK HOLDINGS (12/31/04)
Eaton Vance Corp.
Roper Industries, Inc.
The Commerce Group, Inc.
Landstar System, Inc.
Jefferies Group, Inc.
Heartland Express, Inc.
Coldwater Creek, Inc.
Kaydon Corp.
Teleflex, Inc.
First Republic Bank
19
<Page>
GROWTH OF A $10,000 INVESTMENT
Hypothetical Investments in MML Small Cap Equity Fund and the Russell 2000 Index
MML SERIES INVESTMENT FUND
TOTAL RETURN
<Table>
<Caption>
FIVE YEAR SINCE INCEPTION
ONE YEAR AVERAGE ANNUAL AVERAGE ANNUAL
1/1/04 - 12/31/04 1/1/00 - 12/31/04 6/1/98 - 12/31/04
MML Small Cap
Equity Fund 16.36% 9.60% 4.47%
Russell 2000 Index 18.33% 6.61% 6.93%
</Table>
[CHART]
GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION
<Table>
<Caption>
MML SMALL CAP EQUITY FUND RUSSELL 2000 INDEX
6/1/98 $ 10,000 $ 10,000
12/98 $ 8,522 $ 9,307
12/99 $ 8,433 $ 11,286
12/00 $ 9,583 $ 10,945
12/01 $ 9,904 $ 11,217
12/02 $ 8,732 $ 8,919
12/03 $ 11,464 $ 13,134
12/04 $ 13,339 $ 15,541
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE; PAST PERFORMANCE IS NOT
PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF
SHARES OF THE FUND WILL FLUCTUATE WITH MARKET CONDITIONS SO THAT SHARES OF THE
FUND, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED.
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED BY
ACCESSING THE WEBSITE AT www.massmutual.com.
INVESTORS SHOULD NOTE THAT THE FUND IS A PROFESSIONALLY MANAGED MUTUAL FUND,
WHILE THE RUSSELL 2000 INDEX IS UNMANAGED AND DOES NOT INCUR EXPENSES, AND
CANNOT BE PURCHASED DIRECTLY BY INVESTORS. INVESTORS SHOULD READ THE FUND'S
PROSPECTUS WITH REGARD TO THE FUND'S INVESTMENT OBJECTIVE, RISKS AND CHARGES AND
EXPENSES IN CONJUNCTION WITH THESE FINANCIAL STATEMENTS. THE FUND'S RETURN
REFLECTS CHANGES IN THE NET ASSET VALUE PER SHARE WITHOUT THE DEDUCTION OF ANY
PRODUCT CHARGES. TOTAL RETURN FIGURES WOULD BE LOWER FOR THE PERIODS PRESENTED
IF THEY REFLECTED THESE CHARGES.
20
<Page>
MML SMALL COMPANY OPPORTUNITIES FUND - PORTFOLIO MANAGER REPORT
WHAT IS THE INVESTMENT OBJECTIVE OF THE MML SMALL COMPANY OPPORTUNITIES FUND?
The objective of the Fund is to achieve long-term growth of capital and income
by investing primarily in a diversified portfolio of equity securities of
micro-capitalization companies (those with market capitalizations at the time of
purchase of no more than 50% of the weighted average market capitalization of
the Russell 2000 Index) using a value-oriented investment strategy.
HOW DID THE FUND PERFORM DURING 2004?
For the 12 months ended December 31, 2004, the Fund returned 18.83%, modestly
outpacing the 18.33% return of the Russell 2000 Index, a broadly based,
unmanaged index of 2000 small-capitalization common stocks.
WHAT WAS THE INVESTMENT BACKGROUND DURING THE PERIOD?
Equity markets recorded modest gains in the first quarter of 2004, as renewed
concerns over terrorism and rising oil prices dampened investor psychology and
enthusiasm after a strong start in January. Economic factors during the quarter
continued to point largely to growth. Although the employment picture continued
to elicit concern, job growth improved during the period. Other positive
indicators included favorable corporate earnings, declining interest rates and
healthy consumer spending.
During the second quarter of 2004, equities posted only slight gains, as a bit
of a holding pattern set in due to anxiety over how much and when the Federal
Reserve (Fed) would raise interest rates. Investors got closure at the end of
June, when the central bank boosted rates for the first time since May 2000 by a
quarter of a percentage point. The move had been widely anticipated by
investors. Equity markets, relieved, rose modestly. Additional economic measures
released during the period were largely favorable, but a few wrinkles remained -
namely jobs and oil. U.S. equity markets were largely flat during the quarter,
with large-cap stocks narrowly outperforming small-cap issues.
Third quarter equity market performance resembled a roller-coaster ride. Early
in the quarter, factors such as higher interest rates, rising oil prices and
weak economic data drove markets lower. Things turned around in the middle of
August, when longer-term interest rates trended lower and bargain hunters
feasted on attractive equity valuations. In September, however, headwinds -
including record oil prices and presidential election uncertainty - cast a chill
on the markets.
Equity markets closed 2004 on a strong note, finishing a second straight year in
positive territory. With a major element of uncertainty - political leadership -
eliminated, investors refocused on major economic indicators, such as
strengthening job creation and improved consumer confidence.
WHAT FACTORS CONTRIBUTED TO THE FUND'S PERFORMANCE?
During the first quarter of 2004, unfortunate stock purchases across the
portfolio, including consumer discretionary, financial services and health care
- - which were some of the largest and best-performing market sectors - hampered
performance versus the benchmark. The Fund's emphasis on oil services companies
in the energy sector and semiconductor names in the technology sector also
detracted from results, as both areas experienced significant price corrections
during the quarter. On a favorable note, the Fund realized gains in the
autos/transportation sector.
Turning to the second quarter, favorable stock selection fueled the Fund's
performance across broad sections of the portfolio, from the
autos/transportation and energy sectors to the producer durables and technology
sectors. Stock selection detracted from results in the health care sector,
particularly pharmaceuticals. Additionally, the Fund's financial services and
materials/processing positions moderately underperformed corresponding benchmark
positions.
During the third quarter, the Fund underperformed due to the market leadership
exhibited by speculative areas in mid-August, such as Internet companies and
homebuilders. As 2004 wound down, however, the Fund's performance was much
stronger, as stock selection in the fourth quarter was highly favorable across
many areas of the portfolio. Notable strength came from the financial services,
materials and processing, and other energy sectors, although holdings in the
autos and transportation, consumer discretionary and technology sectors also
added considerable value. The only areas of stock selection weakness for the
portfolio during the quarter were the health care and producer durables sectors.
21
<Page>
WHAT IS YOUR OUTLOOK?
Our 2005 outlook for the U.S. stock market assumes that profit growth will
decelerate from 2004 levels and settle in the 8% to 10% range. It is likely the
market could face downward pressure on valuations as interest rates rise. If
these two trends materialize, the result could be a lackluster year for
equities. Conversely, the stock market should be able to tolerate rising
interest rates, as long as the increases are gradual and inflation does not
become troublesome.
MML SMALL COMPANY OPPORTUNITIES FUND
INDUSTRY TABLE
(% OF NET ASSETS) ON 12/31/04
<Table>
Electrical Equipment &
Electronics 15.0%
Commercial Services 11.6%
Transportation 11.0%
Banking, Savings & Loans 7.6%
Medical Supplies 6.0%
Insurance 5.8%
Healthcare 4.1%
Entertainment & Leisure 3.8%
Retail 3.7%
Home Construction,
Furnishings & Appliances 3.1%
Prepackaged Software 2.5%
Energy 2.3%
Financial Services 2.2%
Computer Integrated
Systems Design 2.2%
Metals & Mining 1.8%
Data Processing & Preparation 1.7%
Air Transportation 1.5%
Broadcasting, Publishing &
Printing 1.5%
Heavy Machinery 1.3%
Pharmaceuticals 1.1%
Real Estate 1.0%
Machinery & Components 0.9%
Apparel, Textiles & Shoes 0.4%
Chemicals 0.0%
Short-Term Investments and
Other Assets and Liabilities 7.9%
-----
100.0%
=====
</Table>
MML SMALL COMPANY OPPORTUNITIES FUND
LARGEST STOCK HOLDINGS (12/31/04)
Safety Insurance Group, Inc.
First Republic Bank
Sterling Bancorp-NY
Old Dominion Freight Line, Inc.
Ambassadors Group, Inc.
Ultralife Batteries, Inc.
Moldflow Corp.
Knight Transportation, Inc.
Marten Transport Limited
RPC, Inc.
22
<Page>
GROWTH OF A $10,000 INVESTMENT
Hypothetical Investments in MML Small Company Opportunities Fund and the Russell
2000 Index
MML SERIES INVESTMENT FUND
TOTAL RETURN
<Table>
<Caption>
SINCE INCEPTION
ONE YEAR AVERAGE ANNUAL
1/1/04 - 12/31/04 5/1/01 - 12/31/04
MML Small Company
Opportunities Fund 18.83% 16.22%
Russell 2000 Index 18.33% 9.79%
</Table>
[CHART]
GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION
<Table>
<Caption>
MML SMALL COMPANY
OPPORTUNITIES FUND RUSSELL 2000 INDEX
5/1/2001 $ 10,000 $ 10,000
12/01 $ 10,969 $ 10,166
12/02 $ 10,273 $ 8,084
12/03 $ 14,614 $ 11,904
12/04 $ 17,366 $ 14,086
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE; PAST PERFORMANCE IS NOT
PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF
SHARES OF THE FUND WILL FLUCTUATE WITH MARKET CONDITIONS SO THAT SHARES OF THE
FUND, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED.
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED BY
ACCESSING THE WEBSITE AT www.massmutual.com.
INVESTORS SHOULD NOTE THAT THE FUND IS A PROFESSIONALLY MANAGED MUTUAL FUND,
WHILE THE RUSSELL 2000 INDEX IS UNMANAGED AND DOES NOT INCUR EXPENSES, AND
CANNOT BE PURCHASED DIRECTLY BY INVESTORS. INVESTORS SHOULD READ THE FUND'S
PROSPECTUS WITH REGARD TO THE FUND'S INVESTMENT OBJECTIVE, RISKS AND CHARGES AND
EXPENSES IN CONJUNCTION WITH THESE FINANCIAL STATEMENTS. THE FUND'S RETURN
REFLECTS CHANGES IN THE NET ASSET VALUE PER SHARE WITHOUT THE DEDUCTION OF ANY
PRODUCT CHARGES. TOTAL RETURN FIGURES WOULD BE LOWER FOR THE PERIODS PRESENTED
IF THEY REFLECTED THESE CHARGES.
23
<Page>
MML SMALL CAP GROWTH EQUITY FUND - PORTFOLIO MANAGER REPORT
WHAT IS THE INVESTMENT OBJECTIVE OF THE MML SMALL CAP GROWTH EQUITY FUND?
This Fund seeks long-term capital appreciation by investing primarily in common
stocks and equity securities of smaller companies the managers believe offer
potential for long-term growth.
HOW DID THE FUND PERFORM DURING 2004?
For the 12 months ended December 31, 2004, the Fund's shares returned 13.29%,
trailing the 18.33% return of the Russell 2000 Index, an unmanaged index of 2000
small capitalization common stocks, and the 22.65% return of the S&P SmallCap
600 Index, a market-capitalization-weighted index that measures the performance
of 600 domestic small-cap stocks chosen for market size, liquidity and industry
group representation. The Fund also underperformed the 14.30% return of the
Russell 2000 Growth Index, which tracks the performance of stocks in the Russell
2000 Index sharing characteristics common to the growth universe.
WHAT WAS THE INVESTMENT BACKGROUND DURING THE PERIOD?
Early in 2004, equity markets continued to surge and higher-beta investments
outperformed. These trends slowed or reversed later in the quarter, however,
when a job growth slowdown, terrorist attacks and escalating energy prices
served as headwind. Bond yields declined and domestic equity markets
decelerated, as investors expressed a preference for less-risky assets.
As we entered the second quarter, the rising price of oil, China's slowdown and
inflationary concerns hampered equity markets. However, as the period
progressed, corporate profits impressed, economic strength appeared to be broad
based and oil prices receded somewhat. In this environment, small-cap stocks
underperformed large caps for the first time in five quarters.
In the third quarter, equity markets remained burdened by record oil prices, two
interest rate hikes from the Federal Reserve (Fed), continuing violence in Iraq
and falling earnings expectations. In this environment, small-cap stocks
underperformed large caps for the second consecutive quarter, with growth issues
dramatically underperforming their value counterparts.
Shrugging off a decelerating economy, rising rates and record oil prices,
investors sent the markets substantially higher in the fourth quarter, as all
market capitalization styles registered strong returns.
WHAT FACTORS CONTRIBUTED TO THE FUND'S PERFORMANCE?
In the first quarter, unfavorable stock selection in the consumer discretionary
and health care sectors detracted from the Fund's results - as did the Fund's
underweight in real estate and overweight in diversified financials. Conversely,
favorable stock picks in the information technology sector fueled returns during
the period, and the Fund's underweight allocation to banks proved strategically
sound.
Turning to the second quarter, sub-par stock selection in the information
technology and consumer discretionary sectors impaired the Fund's performance.
Our media holdings also hampered relative returns. Contributing to the Fund's
results for the period, however, were positive stock selection in the materials
sector and our lower-than-benchmark exposure to the interest-rate-sensitive
financials sector.
Strong stock picking in the health care and consumer discretionary sectors
contributed to the Fund's performance in the third quarter. Also driving returns
was our greater concentration in the comparatively more stable health care,
finance and consumer discretionary sectors. Detractors from performance were
concentrated in the technology sector.
As the year wound down, lackluster stock selection in the information
technology, telecommunication services and health care sectors hampered the
Fund's progress in the fourth quarter. Offsetting this, however, were several of
the Fund's holdings that posted enormous gains. Leading the charge was Sirius
Satellite, the number-two satellite radio provider, which gained 183% during the
quarter, topping out at $10 billion in market capitalization. We sold this
position to leverage its significant appreciation.
24
<Page>
WHAT IS YOUR OUTLOOK?
We expect 2005 to be a year of slower economic growth, marked by decelerating
business investment and sluggish consumer spending. Absent the U.S. presidential
election, most of 2004's pressures unfortunately look to carry into 2005. We
expect the Fed to continue its interest rate increases, the U.S. dollar to
remain weak, Iraq to continue its state of turmoil and consumer/federal debt to
soar to uncomfortable levels. Consequently, the attributes of quality, which are
primarily visibility and sustainability, will continue to be our prime focus for
portfolio incorporation.
MML SMALL CAP GROWTH EQUITY FUND
INDUSTRY TABLE
(% OF NET ASSETS) ON 12/31/04
<Table>
Commercial Services 9.1%
Healthcare 8.9%
Prepackaged Software 8.1%
Electrical Equipment &
Electronics 7.2%
Banking, Savings & Loans 5.2%
Pharmaceuticals 4.2%
Computer Related Services 3.7%
Energy 3.7%
Transportation 3.5%
Retail 3.4%
Financial Services 3.1%
Medical Supplies 2.6%
Lodging 2.4%
Machinery & Components 2.4%
Communications 2.2%
Chemicals 1.9%
Data Processing & Preparation 1.9%
Advertising 1.8%
Computer Integrated
Systems Design 1.8%
Information Retrieval Services 1.7%
Home Construction,
Furnishings & Appliances 1.7%
Foods 1.7%
Computers & Information 1.4%
Automotive & Parts 1.0%
Metals & Mining 1.0%
Air Transportation 1.0%
Telephone Utilities 0.9%
Broadcasting, Publishing &
Printing 0.9%
Restaurants 0.7%
Insurance 0.6%
Apparel, Textiles & Shoes 0.5%
Entertainment & Leisure 0.4%
Household Products 0.4%
Containers 0.4%
Cosmetics & Personal Care 0.3%
Internet Software 0.3%
Real Estate 0.2%
Building Materials &
Construction 0.1%
Beverages 0.1%
Short-Term Investments and
Other Assets and Liabilities 7.6%
-----
100.0%
=====
</Table>
MML SMALL CAP GROWTH EQUITY FUND
LARGEST STOCK HOLDINGS (12/31/04)
Checkfree Corp.
ITT Educational Services, Inc.
The Corporate Executive Board Co.
Dendrite International, Inc.
Financial Federal Corp.
Vail Resorts, Inc.
AmSurg Corp.
American Healthways, Inc.
Take-Two Interactive Software, Inc.
Cerner Corp.
25
<Page>
GROWTH OF A $10,000 INVESTMENT
Hypothetical Investments in MML Small Cap Growth Equity Fund and the Russell
2000 Index.
MML SERIES INVESTMENT FUND
TOTAL RETURN
<Table>
<Caption>
FIVE YEAR SINCE INCEPTION
ONE YEAR AVERAGE ANNUAL AVERAGE ANNUAL
1/1/04 - 12/31/04 1/1/00 - 12/31/04 5/3/99 - 12/31/04
MML Small Cap
Growth Equity Fund 13.29% -1.29% 8.07%
Russell 2000 Index 18.33% 6.61% 8.89%
</Table>
[CHART]
GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION
<Table>
<Caption>
MML SMALL CAP
GROWTH EQUITY FUND RUSSELL 2000 INDEX
5/3/99 $ 10,000 $ 10,000
12/99 $ 16,568 $ 11,767
12/00 $ 14,270 $ 11,411
12/01 $ 12,456 $ 11,695
12/02 $ 9,225 $ 9,299
12/03 $ 13,702 $ 13,694
12/04 $ 15,524 $ 16,204
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE; PAST PERFORMANCE IS NOT
PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF
SHARES OF THE FUND WILL FLUCTUATE WITH MARKET CONDITIONS SO THAT SHARES OF THE
FUND, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED.
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED BY
ACCESSING THE WEBSITE AT www.massmutual.com.
INVESTORS SHOULD NOTE THAT THE FUND IS A PROFESSIONALLY MANAGED MUTUAL FUND,
WHILE THE RUSSELL 2000 INDEX IS UNMANAGED AND DOES NOT INCUR EXPENSES, AND
CANNOT BE PURCHASED DIRECTLY BY INVESTORS. INVESTORS SHOULD READ THE FUND'S
PROSPECTUS WITH REGARD TO THE FUND'S INVESTMENT OBJECTIVE, RISKS AND CHARGES AND
EXPENSES IN CONJUNCTION WITH THESE FINANCIAL STATEMENTS. THE FUND'S RETURN
REFLECTS CHANGES IN THE NET ASSET VALUE PER SHARE WITHOUT THE DEDUCTION OF ANY
PRODUCT CHARGES. TOTAL RETURN FIGURES WOULD BE LOWER FOR THE PERIODS PRESENTED
IF THEY REFLECTED THESE CHARGES.
26
<Page>
MML EMERGING GROWTH FUND - PORTFOLIO MANAGER REPORT
WHAT IS THE INVESTMENT OBJECTIVE OF THE MML EMERGING GROWTH FUND?
This Fund seeks capital appreciation by investing primarily in smaller, rapidly
growing emerging companies - generally in industry segments experiencing rapid
growth, and often including technology and technology-related concerns.
HOW DID THE FUND PERFORM DURING 2004?
For the 12 months ended December 31, 2004, the Fund's shares returned 14.73%,
trailing the 18.33% return of the Russell 2000 Index, an unmanaged index of 2000
small-capitalization common stocks.
WHAT WAS THE INVESTMENT BACKGROUND DURING THE PERIOD - AND HOW DID YOU RESPOND?
The first half of 2004, and particularly the second quarter, was characterized
by investors' unwillingness to embrace sustainable growth companies, despite
attractive fundamentals and valuations. Instead, growth investors focused on
many of the more muted growth or value sectors of the market. For example,
during the second quarter, the autos/transportation and energy sectors of the
Fund's benchmark index produced returns of 12.37% and 13.21%, respectively -
among the largest of the 11 Russell sectors.
Investor concerns about future technology capital spending trends, which emerged
in the third quarter, continued into the fourth quarter of 2004. In fact, the
market had little appetite for technology companies in the first seven months of
the year - and we used this window to upgrade the technology exposure of the
portfolio, building on high-conviction positions at attractive prices.
WHAT FACTORS CONTRIBUTED TO THE FUND'S PERFORMANCE?
After an excellent start in January, technology stocks fell by about 10% from
their high in the first quarter of 2004. Conversely, consumer discretionary
companies contributed positive returns to the portfolio, as did gaming stocks,
which benefited from improved consumer spending in Las Vegas and a more
favorable legislative environment for gaming expansion worldwide. Also driving
performance were the Fund's holdings within the health care sector and our
overweight in biotechnology.
Health care holdings were positive in the second quarter - and the Fund's
slightly overweight position in this sector amplified their contribution. A
healthy allocation to Internet-related positions also drove performance in the
second quarter. Conversely, technology, in particular the portfolio's specialty
semiconductor holdings, lagged despite solid fundamentals.
Turning to the third quarter, although we endured significant volatility in a
number of our technology-related positions, technology was an overall positive
contributor to returns. In the health care sector, two biotechnology stocks
produced some of our largest gains, both appreciating more than 70% during the
period.
In the fourth quarter, our technology positions provided some of the portfolio's
best returns relative to the benchmark. Two of our retail companies also drove
performance, as did our Internet-related holdings.
WHAT IS YOUR OUTLOOK?
We are cautiously optimistic that investors will look more favorably on growth
stocks in 2005. Our portfolio companies are trading at approximately 28 times
their 2005 earnings-per-share estimates and have an average growth rate of
approximately 50%, which offers investors an attractive rate of earnings growth
at very fair valuations.
27
<Page>
MML EMERGING GROWTH FUND
INDUSTRY TABLE
(% OF NET ASSETS) ON 12/31/04
<Table>
Pharmaceuticals 12.4%
Commercial Services 11.1%
Electrical Equipment &
Electronics 8.8%
Prepackaged Software 4.8%
Apparel, Textiles & Shoes 4.6%
Medical Supplies 4.6%
Financial Services 3.7%
Banking, Savings & Loans 3.4%
Healthcare 3.3%
Computer Programming
Services 3.2%
Insurance 3.0%
Computers & Information 2.9%
Information Retrieval Services 2.9%
Communications 2.7%
Energy 2.6%
Machinery & Components 2.0%
Lodging 1.9%
Telephone Utilities 1.8%
Advertising 1.7%
Restaurants 1.6%
Building Materials &
Construction 1.6%
Computer Related Services 1.4%
Retail - Internet 1.2%
Internet Software 1.2%
Transportation 1.1%
Retail 1.0%
Computer Integrated
Systems Design 0.9%
Photography
Equipment/Supplies 0.8%
Metals & Mining 0.7%
Toys, Games 0.7%
Aerospace & Defense 0.6%
Air Transportation 0.4%
Home Construction,
Furnishings & Appliances 0.3%
Real Estate 0.0%
Short-Term Investments and
Other Assets and Liabilities 5.1%
-----
100.0%
=====
</Table>
MML EMERGING GROWTH FUND
LARGEST STOCK HOLDINGS (12/31/04)
Navigant Consulting, Inc.
bebe stores, inc.
Deckers Outdoor Corp.
Alexion Pharmaceuticals, Inc.
Valueclick, Inc.
Priceline.com, Inc.
WebEx Communications, Inc.
Four Seasons Hotels, Inc.
M-Systems Flash Disk Pioneers Limited
Infospace, Inc.
28
<Page>
GROWTH OF A $10,000 INVESTMENT
MML SERIES INVESTMENT FUND
TOTAL RETURN
<Table>
<Caption>
SINCE INCEPTION
ONE YEAR AVERAGE ANNUAL
1/1/04 - 12/31/04 5/1/00 - 12/31/04
MML Emerging Growth Fund 14.73% -10.62%
Russell 2000 Index 18.33% 6.95%
</Table>
[CHART]
GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION
<Table>
<Caption>
MML EMERGING GROWTH FUND RUSSELL 2000 INDEX
5/1/00 $ 10,000 $ 10,000
12/00 $ 7,350 $ 9,636
12/01 $ 6,150 $ 9,876
12/02 $ 3,540 $ 7,853
12/03 $ 5,160 $ 11,564
12/04 $ 5,920 $ 13,683
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE; PAST PERFORMANCE IS NOT
PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF
SHARES OF THE FUND WILL FLUCTUATE WITH MARKET CONDITIONS SO THAT SHARES OF THE
FUND, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED.
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED BY
ACCESSING THE WEBSITE AT www.massmutual.com.
INVESTORS SHOULD NOTE THAT THE FUND IS A PROFESSIONALLY MANAGED MUTUAL FUND,
WHILE THE RUSSELL 2000 INDEX IS UNMANAGED AND DOES NOT INCUR EXPENSES, AND
CANNOT BE PURCHASED DIRECTLY BY INVESTORS. INVESTORS SHOULD READ THE FUND'S
PROSPECTUS WITH REGARD TO THE FUND'S INVESTMENT OBJECTIVE, RISKS AND CHARGES AND
EXPENSES IN CONJUNCTION WITH THESE FINANCIAL STATEMENTS. THE FUND'S RETURN
REFLECTS CHANGES IN THE NET ASSET VALUE PER SHARE WITHOUT THE DEDUCTION OF ANY
PRODUCT CHARGES. TOTAL RETURN FIGURES WOULD BE LOWER FOR THE PERIODS PRESENTED
IF THEY REFLECTED THESE CHARGES.
29
<Page>
MML INFLATION-PROTECTED BOND FUND - PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2004
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE
---------------- ----------------
BONDS & NOTES -- 97.4%
CORPORATE DEBT -- 21.2%
CIT Group, Inc.
5.390% 12/14/2016 $ 2,000,000 $ 2,000,000
Household Finance Corp.
5.500% 12/10/2013 1,500,000 1,508,805
International Bank for
Reconstruction &
Development
3.550% 12/10/2013 2,421,000 2,402,697
JP Morgan Chase & Co.
Series C
4.920% 06/28/2009 1,500,000 1,540,515
Lehman Brothers
Holdings, Inc. Series G
4.540% 05/12/2014 1,500,000 1,483,365
Merrill Lynch & Co., Inc.
3.700% 03/02/2009 2,400,000 2,386,536
Morgan Stanley
4.290% 02/01/2011 900,000 906,120
Morgan Stanley Series C
4.890% 11/01/2013 1,000,000 1,029,770
Pacific Life
Global Funding+
4.718% 02/06/2016 2,000,000 2,046,620
Principal Life Income
Funding Trusts
4.420% 04/01/2016 1,000,000 987,940
SLM Corp.
4.660% 11/21/2013 2,500,000 2,526,925
----------------
TOTAL CORPORATE DEBT
(COST $18,745,192) 18,819,293
----------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 24.1%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) -- 11.9%
PASS-THROUGH SECURITIES
Federal Home Loan Bank
6.430% 02/20/2007 1,750,000 1,851,658
FHLMC
3.625% 09/15/2008 1,500,000 1,497,659
FHLMC
4.500% 07/15/2013 7,200,000 7,230,420
----------------
TOTAL PASS-THROUGH SECURITIES 10,579,737
----------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION
(FNMA) -- 10.1%
OTHER -- 4.1%
FNMA (Benchmark Note)
4.375% 03/15/2013 3,600,000 3,585,657
----------------
PASS-THROUGH SECURITIES -- 6.0%
FNMA
3.250% 02/15/2009 $ 1,600,000 $ 1,567,311
FNMA
3.678% 02/17/2009 3,755,000 3,789,283
----------------
TOTAL PASS-THROUGH SECURITIES 5,356,594
----------------
TOTAL FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA) 8,942,251
----------------
OTHER AGENCIES -- 2.1%
Tennessee Valley Authority
3.375% 01/15/2007 1,807,050 1,909,130
----------------
TOTAL U.S. GOVERNMENT
AGENCY OBLIGATIONS
(COST $21,373,793) 21,431,118
----------------
U.S. TREASURY OBLIGATIONS -- 52.1%
U.S. TREASURY BONDS -- 15.0%
U.S. Treasury
Inflation Index
2.375% 01/15/2025 2,106,166 2,254,914
U.S. Treasury
Inflation Index
3.375% 04/15/2032 854,871 1,132,438
U.S. Treasury
Inflation Index
3.625% 04/15/2028 3,327,854 4,371,968
U.S. Treasury
Inflation Index
3.875% 04/15/2029 4,075,250 5,597,102
----------------
TOTAL U.S. TREASURY BONDS 13,356,422
----------------
U.S. TREASURY NOTES -- 37.1%
U.S. Treasury
Inflation Index
1.875% 07/15/2013 3,522,956 3,624,241
U.S. Treasury
Inflation Index
2.000% 01/15/2014 3,785,872 3,917,786
U.S. Treasury
Inflation Index
2.000% 07/15/2014 3,280,759 3,385,333
U.S. Treasury
Inflation Index
3.000% 07/15/2012 4,124,161 4,601,661
U.S. Treasury
Inflation Index
3.375% 01/15/2012 1,026,549 1,168,661
U.S. Treasury
Inflation Index
3.500% 01/15/2011 2,242,670 2,548,934
U.S. Treasury
Inflation Index
3.625% 01/15/2008 $ 2,764,570 $ 3,012,085
U.S. Treasury
Inflation Index
3.875% 01/15/2009 5,021,926 5,630,443
U.S. Treasury
Inflation Index
4.250% 01/15/2010 2,376,694 2,756,408
U.S. Treasury
Inflation Index
8.750% 04/15/2010 2,312,235 2,290,558
----------------
TOTAL U.S. TREASURY NOTES 32,936,110
----------------
TOTAL U.S. TREASURY
OBLIGATIONS
(COST $44,261,759) 46,292,532
----------------
TOTAL BONDS & NOTES
(COST $84,380,744) 86,542,943
----------------
SHORT-TERM INVESTMENTS -- 2.5%
REPURCHASE AGREEMENT
Investors Bank & Trust
Company Repurchase
Agreement, dated
12/31/2004, 1.75%,
due 01/03/2005(a) 2,188,832 2,188,832
----------------
TOTAL SHORT-TERM
INVESTMENTS
(AT AMORTIZED COST) 2,188,832
----------------
TOTAL INVESTMENTS -- 99.9%
(COST $86,569,576)* 88,731,775
OTHER ASSETS/
(LIABILITIES) -- 0.1% 106,246
----------------
NET ASSETS -- 100.0% $ 88,838,021
================
</Table>
NOTES TO PORTFOLIO OF INVESTMENTS
* See Note 7 for aggregate cost for Federal tax purposes.
+ Securities exempt from registration under rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At December 31,
2004, these securities amounted to a value of $2,046,620 or 2.3% of net
assets.
(a) Maturity value $2,189,151. Collateralized by U.S. Government Agency
obligation with a rate of 5.625%, maturity date of 08/25/2015, and an
aggregate market value, including accrued interest, of $2,298,274.
The accompanying notes are an integral part of the financial statements.
30
<Page>
MML LARGE CAP VALUE FUND - PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2004
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
EQUITIES -- 92.4%
ADVERTISING -- 0.3%
WPP Group PLC
Sponsored ADR
(United Kingdom)+ 4,200 $ 229,530
----------------
BANKING, SAVINGS & LOANS -- 17.7%
Citigroup, Inc. 52,800 2,543,904
Fifth Third Bancorp 21,800 1,030,704
Golden West
Financial Corp. 34,600 2,125,132
HSBC Holdings PLC 149,082 2,526,415
JP Morgan Chase & Co. 66,816 2,606,492
Lloyds TSB Group PLC
Sponsored ADR
(United Kingdom)+ 15,800 581,282
Providian
Financial Corp.* + 22,100 363,987
State Street Corp. 3,700 181,744
Wells Fargo & Co. 43,100 2,678,665
----------------
14,638,325
----------------
BEVERAGES -- 2.0%
Diageo PLC Sponsored
ADR (United Kingdom) 18,500 1,070,780
Heineken
Holding NV Cl. A+ 19,650 596,288
----------------
1,667,068
----------------
BROADCASTING, PUBLISHING & PRINTING -- 5.8%
Comcast Corp.
Special Cl. A* 90,900 2,985,156
Gannett Co., Inc. 5,700 465,690
IAC/InterActiveCorp* + 17,000 469,540
Lagardere S.C.A. SA 12,100 875,731
----------------
4,796,117
----------------
BUILDING MATERIALS & CONSTRUCTION -- 1.4%
Martin Marietta
Materials, Inc. 10,500 563,430
Vulcan Materials Co. 10,700 584,327
----------------
1,147,757
----------------
COMMERCIAL SERVICES -- 4.5%
Block (H&R), Inc.+ 25,900 1,269,100
Dun & Bradstreet Corp.* 11,450 682,992
Iron Mountain, Inc.* + 24,900 759,201
Moody's Corp. 11,300 981,405
----------------
3,692,698
----------------
COMMUNICATIONS -- 0.7%
Nokia Oyj Sponsored
ADR (Finland) 12,800 200,576
SK Telecom Co. Limited
ADR (South Korea)+ 15,900 $ 353,775
----------------
554,351
----------------
COMPUTERS & INFORMATION -- 1.6%
Lexmark
International, Inc.* 15,900 1,351,500
----------------
CONTAINERS -- 2.8%
Sealed Air Corp.* 43,400 2,311,918
----------------
DIVERSIFIED FINANCIAL -- 0.7%
Takefuji Corp. 8,500 574,237
----------------
ENERGY-- 8.3%
ConocoPhillips 22,430 1,947,597
Devon Energy Corp. 40,800 1,587,936
EOG Resources, Inc. 17,200 1,227,392
Occidental
Petroleum Corp. 27,500 1,604,900
Transocean, Inc.* + 13,100 555,309
----------------
6,923,134
----------------
FINANCIAL SERVICES -- 13.8%
American Express Co. 98,400 5,546,808
Berkshire Hathaway,
Inc. Cl. A* 42 3,691,800
Centerpoint
Properties Corp. 31,700 1,518,113
Morgan Stanley 11,600 644,032
----------------
11,400,753
----------------
FOODS -- 1.0%
Hershey Foods Corp. 14,800 821,992
----------------
HEALTHCARE -- 1.3%
HCA, Inc. 27,500 1,098,900
----------------
HOUSEHOLD PRODUCTS -- 0.0%
Hunter Douglas NV 200 10,703
----------------
INDUSTRIAL - DIVERSIFIED -- 4.2%
Tyco International Limited 98,243 3,511,205
----------------
INSURANCE -- 13.1%
American International
Group, Inc. 55,750 3,661,102
Aon Corp. 24,200 577,412
Chubb Corp. 3,300 253,770
Loews Corp. 21,700 1,525,510
Markel Corp.* 200 72,800
Marsh & McLennan
Companies, Inc. 27,100 891,590
Principal Financial
Group, Inc. 7,700 315,238
Progressive Corp. 29,200 $ 2,477,328
Sun Life Financial, Inc. 4,400 147,576
Transatlantic
Holdings, Inc. 15,500 958,365
----------------
10,880,691
----------------
PHARMACEUTICALS -- 2.5%
Cardinal Health, Inc.+ 17,200 1,000,180
Eli Lilly & Co. 13,300 754,775
Novartis AG 6,300 318,850
----------------
2,073,805
----------------
PREPACKAGED SOFTWARE -- 1.0%
Microsoft Corp. 31,800 849,378
----------------
RETAIL -- 4.0%
AutoZone, Inc.* 7,700 703,087
Costco Wholesale Corp. 54,200 2,623,822
----------------
3,326,909
----------------
TOBACCO -- 4.9%
Altria Group, Inc. 66,600 4,069,260
----------------
TRANSPORTATION -- 0.8%
United Parcel Service,
Inc. Cl. B 8,200 700,772
----------------
TOTAL EQUITIES
(COST $61,425,203) 76,631,003
----------------
<Caption>
PRINCIPAL
AMOUNT
----------------
SHORT-TERM INVESTMENTS -- 14.7%
CASH EQUIVALENTS -- 6.6%**
American AAdvanage
Select Money
Market Fund 63,736 63,736
Bank of America
Bank Note
2.260% 02/15/2005 $ 47,615 47,615
Bank of America
Bank Note
2.270% 01/18/2005 111,101 111,101
Bank of America
Bank Note
2.270% 03/03/2005 206,331 206,331
Bank of America
Bank Note
2.300% 06/09/2005 111,101 111,101
Bank of Montreal
Eurodollar Time Deposit
2.125% 02/02/2005 48,408 48,408
</Table>
The accompanying notes are an integral part of the financial statements.
31
<Page>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE
---------------- ----------------
Bank of Montreal
Eurodollar Time Deposit
2.260% 01/28/2005 $ 50,300 $ 50,300
BGI Institutional Money
Market Fund 571,378 571,378
BNP Paribas
Eurodollar Time Deposit
2.300% 01/03/2005 31,743 31,743
Calyon
Eurodollar Time Deposit
2.435% 03/16/2005 135,861 135,861
Canadian Imperial Bank
of Commerce Bank Note
2.030% 05/18/2005 317,433 317,433
Citigroup
Eurodollar Time Deposit
2.080% 01/28/2005 124,592 124,592
Den Danske Bank
Eurodollar Time Deposit
2.260% 01/20/2005 190,460 190,460
Dexia Group
Eurodollar Time Deposit
2.040% 01/21/2005 63,486 63,486
Federal Home Loan Bank
Discount Note
2.184% 01/05/2005 197,172 197,172
Fortis Bank
Eurodollar Time Deposit
2.140% 01/12/2005 63,486 63,486
Fortis Bank
Eurodollar Time Deposit
2.200% 02/11/2005 47,615 47,615
Fortis Bank
Eurodollar Time Deposit
2.260% 01/05/2005 261,882 261,882
Freddie Mac
Discount Note
2.184% 01/04/2005 221,839 221,839
Freddie Mac
Discount Note
2.228% 02/01/2005 59,224 59,224
Freddie Mac
Discount Note
2.277% 02/01/2005 277,156 277,156
General Electric
Capital Corp.
2.294% 01/21/2005 90,383 90,383
General Electric
Capital Corp.
2.295% 01/10/2005 $ 154,639 $ 154,639
HBOS Halifax Bank
of Scotland
Eurodollar Time Deposit
2.025% 01/21/2005 73,009 73,009
Lloyds TSB Bank
Eurodollar Time Deposit
2.280% 02/02/2005 77,771 77,771
Merrill Lynch Premier
Institutional Money
Market Fund 104,753 104,753
Merrimac Cash Fund,
Premium Class 238,075 238,075
Morgan Stanley Dean
Witter & Co.
2.393% 07/19/2005 209,505 209,505
Royal Bank of Canada
Eurodollar Time Deposit
2.250% 01/19/2005 158,717 158,717
Royal Bank of Canada
Eurodollar Time Deposit
2.260% 02/01/2005 126,973 126,973
Royal Bank of Scotland
Eurodollar Time Deposit
2.015% 01/21/2005 183,158 183,158
Royal Bank of Scotland
Eurodollar Time Deposit
2.270% 02/02/2005 95,230 95,230
Royal Bank of Scotland
Eurodollar Time Deposit
2.360% 02/17/2005 15,871 15,871
Toronto Dominion Bank
Eurodollar Time Deposit
2.420% 03/01/2005 158,717 158,717
Wells Fargo
Eurodollar Time Deposit
2.270% 01/25/2005 39,679 39,679
Wells Fargo
Eurodollar Time Deposit
2.310% 01/28/2005 158,717 158,717
Wells Fargo
Eurodollar Time Deposit
2.320% 01/14/2005 380,285 380,285
----------------
5,467,401
----------------
REPURCHASE AGREEMENT -- 8.1%
Investors Bank & Trust
Company Repurchase
Agreement, dated
12/31/2004, 1.75%,
due 01/03/2005(a) $ 6,705,758 $ 6,705,758
----------------
TOTAL SHORT-TERM
INVESTMENTS
(AT AMORTIZED COST) 12,173,159
----------------
TOTAL INVESTMENTS -- 107.1%
(COST $73,598,362)*** 88,804,162
OTHER ASSETS/
(LIABILITIES) -- (7.1%) (5,906,428)
----------------
NET ASSETS -- 100.0% $ 82,897,734
================
</Table>
NOTES TO PORTFOLIO OF INVESTMENTS
ADR - American Depository Receipt.
* Non-income producing security.
** Represents investments of security lending collateral. (NOTE 2).
*** See Note 7 for aggregate cost for Federal tax purposes.
+ Denotes all or a portion of security on loan.
(a) Maturity value of $6,706,736. Collateralized by U.S. Government Agency
obligation with a rate of 4.875%, maturity date of 09/25/2023, and an
aggregate market value, including accrued interest, of $7,041,046.
The accompanying notes are an integral part of the financial statements.
32
<Page>
MML EQUITY INDEX FUND - PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2004
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
EQUITIES -- 99.2%
ADVERTISING -- 0.2%
Interpublic Group of
Companies, Inc.* + 14,807 $ 198,414
Monster Worldwide, Inc.* 4,276 143,845
Omnicom Group, Inc. 6,706 565,450
----------------
907,709
----------------
AEROSPACE & DEFENSE -- 1.9%
Boeing Co. 29,969 1,551,495
General Dynamics Corp. 7,107 743,392
Goodrich Corp. 4,239 138,361
Honeywell
International, Inc. 30,690 1,086,733
Lockheed Martin Corp. 15,940 885,467
Northrop Grumman Corp. 12,868 699,504
Raytheon Co. 16,088 624,697
Rockwell Collins, Inc. 6,368 251,154
United Technologies Corp. 18,311 1,892,442
----------------
7,873,245
----------------
AIR TRANSPORTATION -- 0.1%
Delta Air Lines, Inc.* + 4,499 33,653
Southwest Airlines Co. 28,240 459,747
----------------
493,400
----------------
APPAREL, TEXTILES & SHOES -- 0.8%
Coach, Inc.* 6,700 377,880
The Gap, Inc. 31,245 659,894
Jones Apparel Group, Inc. 4,496 164,419
Limited Brands 14,430 332,179
Liz Claiborne, Inc. 3,874 163,522
Nike, Inc. Cl. B 9,424 854,663
Nordstrom, Inc. 5,035 235,286
Reebok International
Limited+ 2,156 94,864
VF Corp. 3,951 218,806
----------------
3,101,513
----------------
AUTOMOTIVE & PARTS -- 1.0%
AutoNation, Inc.* 9,600 184,416
Cooper Tire &
Rubber Co.+ 2,346 50,556
Dana Corp. 5,303 91,901
Delphi Corp.+ 20,083 181,149
Ford Motor Co.+ 65,367 956,973
General Motors Corp.+ 20,130 806,408
Genuine Parts Co. 6,229 274,450
The Goodyear Tire &
Rubber Co.* + 6,265 91,845
Harley-Davidson, Inc. 10,520 639,090
Navistar
International Corp.* 2,474 $ 108,807
Paccar, Inc.+ 6,183 497,608
Visteon Corp.+ 4,612 45,059
----------------
3,928,262
----------------
BANKING, SAVINGS & LOANS -- 11.8%
AmSouth Bancorporation+ 12,659 327,868
Bank of America Corp. 143,992 6,766,184
Bank of New York Co., Inc. 27,845 930,580
BB&T Corp. 19,783 831,875
Capital One Financial Corp. 8,600 724,206
Citigroup, Inc. 185,044 8,915,420
Comerica, Inc.+ 6,169 376,432
Compass Bancshares, Inc. 3,800 184,946
Fannie Mae 34,576 2,462,157
Fifth Third Bancorp+ 20,363 962,763
First Horizon
National Corp.+ 4,400 189,684
Freddie Mac 24,586 1,811,988
Golden West
Financial Corp. 10,910 670,092
JP Morgan Chase & Co. 127,247 4,963,905
KeyCorp+ 14,510 491,889
M&T Bank Corp. 4,200 452,928
Marshall and Ilsley Corp. 8,000 353,600
Mellon Financial Corp. 15,194 472,685
National City Corp.+ 23,698 889,860
North Fork
Bancorporation, Inc. 16,750 483,237
Northern Trust Corp. 8,488 412,347
Providian
Financial Corp.* + 10,502 172,968
Regions Financial Corp. 16,470 586,167
SLM Corp. 15,542 829,787
Sovereign Bancorp, Inc.+ 11,677 263,316
State Street Corp. 12,022 590,521
SunTrust Banks, Inc. 12,790 944,925
Synovus Financial Corp. 11,063 316,181
U.S. Bancorp 67,132 2,102,574
Wachovia Corp. 57,351 3,016,663
Washington Mutual, Inc. 31,376 1,326,577
Wells Fargo & Co. 60,329 3,749,447
Zions Bancorp 3,193 217,220
----------------
47,790,992
----------------
BEVERAGES -- 2.2%
Anheuser-Busch
Companies, Inc. 28,148 1,427,948
Brown-Forman Corp. Cl. B 4,380 213,218
The Coca-Cola Co. 86,676 3,608,322
Coca-Cola
Enterprises, Inc. 16,774 $ 349,738
Coors (Adolph) Co. Cl. B+ 1,289 97,539
The Pepsi Bottling
Group, Inc.+ 9,038 244,388
PepsiCo, Inc. 60,008 3,132,418
----------------
9,073,571
----------------
BROADCASTING, PUBLISHING & PRINTING -- 2.8%
Clear Channel
Communications, Inc. 20,449 684,837
Comcast Corp. Cl. A* 79,118 2,633,047
Dow Jones & Co., Inc.+ 2,926 125,994
Gannett Co., Inc. 9,135 746,329
Knight Ridder, Inc.+ 2,755 184,420
The McGraw-Hill
Companies, Inc. 6,830 625,218
Meredith Corp. 1,844 99,945
New York Times Co. Cl. A+ 5,265 214,812
Time Warner, Inc.* 163,408 3,176,652
Tribune Co. 11,409 480,775
Univision Communications,
Inc. Cl. A* + 11,600 339,532
Viacom, Inc. Cl. B 60,768 2,211,348
----------------
11,522,909
----------------
BUILDING MATERIALS & CONSTRUCTION -- 0.2%
Louisiana-Pacific Corp. 3,856 103,109
Masco Corp. 15,467 565,010
Vulcan Materials Co. 3,610 197,142
----------------
865,261
----------------
CHEMICALS -- 1.6%
Air Products &
Chemicals, Inc. 8,158 472,919
Ashland, Inc. 2,503 146,125
Dow Chemical Co. 33,568 1,661,952
Du Pont (E.I.) de
Nemours & Co. 35,604 1,746,376
Eastman Chemical Co. 2,800 161,644
Engelhard Corp. 4,393 134,733
Great Lakes
Chemical Corp.+ 1,855 52,849
Hercules, Inc.* 4,006 59,489
International Flavors &
Fragrances, Inc. 3,346 143,343
Monsanto Co. 9,585 532,447
PPG Industries, Inc. 6,089 415,026
Praxair, Inc. 11,564 510,551
Rohm & Haas Co. 8,040 355,609
----------------
6,393,063
----------------
</Table>
The accompanying notes are an integral part of the financial statements.
33
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
COMMERCIAL SERVICES -- 2.0%
Allied Waste
Industries, Inc.* 11,360 $ 105,421
Apollo Group, Inc. Cl. A* 6,588 531,717
Block (H&R), Inc.+ 5,874 287,826
Cendant Corp. 37,842 884,746
Cintas Corp. 6,190 271,493
Convergys Corp.* 5,116 76,689
Donnelley (R.R.) &
Sons Co. 7,822 276,038
eBay, Inc.* 23,720 2,758,162
Ecolab, Inc.+ 9,216 323,758
Equifax, Inc. 4,859 136,538
Fluor Corp.+ 2,927 159,551
Moody's Corp. 5,246 455,615
Paychex, Inc. 13,497 459,978
PerkinElmer, Inc. 4,608 103,634
Quest Diagnostics, Inc. 3,664 350,095
Robert Half
International, Inc. 6,280 184,820
Ryder System, Inc. 2,382 113,788
Waste Management, Inc. 20,753 621,345
----------------
8,101,214
----------------
COMMUNICATIONS -- 2.2%
ADC
Telecommunications, Inc.* 27,448 73,561
Andrew Corp.* 5,761 78,522
Avaya, Inc.* + 16,176 278,227
Ciena Corp.* 19,241 64,265
Citizens
Communications Co. 12,201 168,252
L-3 Communications
Holdings, Inc. 3,800 278,312
Lucent
Technologies, Inc.* + 153,879 578,585
Network
Appliance, Inc.* + 12,820 425,880
Nextel Communications,
Inc. Cl. A* 39,730 1,191,900
Qualcomm, Inc. 58,160 2,465,984
SBC Communications, Inc. 118,546 3,054,930
Scientific-Atlanta, Inc. 5,510 181,885
Tellabs, Inc.* 14,912 128,094
----------------
8,968,397
----------------
COMMUNICATIONS EQUIPMENT -- 0.4%
Motorola, Inc. 86,010 1,479,372
----------------
COMPUTER INTEGRATED SYSTEMS DESIGN -- 0.4%
Autodesk, Inc. 8,180 310,431
Computer Sciences Corp.* 6,787 382,583
Parametric
Technology Corp.* 9,034 53,210
Sun Microsystems, Inc.* 118,808 639,187
Teradyne, Inc.* 6,960 $ 118,807
Unisys Corp.* 11,915 121,295
----------------
1,625,513
----------------
COMPUTER PROGRAMMING SERVICES -- 0.0%
Mercury
Interactive Corp.* + 3,370 153,503
----------------
COMPUTERS & INFORMATION -- 4.4%
Apple Computer, Inc.* 13,826 890,394
Cisco Systems, Inc.* 234,773 4,531,119
Comverse
Technology, Inc.* 7,022 171,688
Dell, Inc.* 88,547 3,731,371
EMC Corp.* 85,932 1,277,809
Gateway, Inc.* 12,490 75,065
International Business
Machines Corp. 59,344 5,850,132
International
Game Technology 12,316 423,424
Jabil Circuit, Inc.* + 7,178 183,613
Lexmark
International, Inc.* 4,664 396,440
Solectron Corp.* 34,381 183,251
Symbol
Technologies, Inc.+ 8,535 147,655
----------------
17,861,961
----------------
COMPUTERS & OFFICE EQUIPMENT -- 0.9%
Electronic Data
Systems Corp. 17,871 412,820
Hewlett-Packard Co. 107,815 2,260,881
Pitney Bowes, Inc. 8,302 384,217
Xerox Corp.* 34,014 578,578
----------------
3,636,496
----------------
CONTAINERS -- 0.2%
Ball Corp. 4,020 176,800
Bemis Co., Inc. 3,866 112,462
Pactiv Corp.* 5,359 135,529
Sealed Air Corp.* 2,991 159,331
Temple-Inland, Inc. 2,038 139,399
----------------
723,521
----------------
COSMETICS & PERSONAL CARE -- 2.3%
Alberto-Culver Co. 3,207 155,764
Avon Products, Inc. 16,956 656,197
Colgate-Palmolive Co. 18,977 970,863
The Gillette Co. 35,783 1,602,363
Kimberly-Clark Corp. 17,703 1,165,034
The Procter & Gamble Co. 90,408 4,979,673
----------------
9,529,894
----------------
DATA PROCESSING & PREPARATION -- 0.8%
Affiliated Computer
Services, Inc. Cl. A* + 4,600 276,874
Automatic Data
Processing, Inc. 20,904 $ 927,092
First Data Corp. 29,533 1,256,334
Fiserv, Inc.* 7,021 282,174
IMS Health, Inc. 8,324 193,200
NCR Corp.* 3,350 231,920
----------------
3,167,594
----------------
ELECTRIC UTILITIES -- 2.7%
AES Corp.* 23,449 320,548
Allegheny Energy, Inc.* + 5,020 98,944
Ameren Corp.+ 6,481 324,957
American Electric
Power Co.+ 14,257 489,585
Calpine Corp.* + 20,471 80,656
CenterPoint Energy, Inc.+ 11,363 128,402
Cinergy Corp. 6,563 273,218
CMS Energy Corp.* + 5,538 57,872
Consolidated Edison, Inc.+ 8,750 382,812
Constellation Energy
Group, Inc. 5,925 258,982
Dominion Resources, Inc. 11,878 804,616
DTE Energy Co.+ 6,037 260,376
Duke Energy Corp. 33,635 851,975
Edison International 11,730 375,712
Entergy Corp. 8,160 551,534
Exelon Corp.+ 23,636 1,041,639
FirstEnergy Corp. 11,857 468,470
FPL Group, Inc.+ 6,686 499,778
NiSource, Inc. 9,446 215,180
PG&E Corp.* 14,421 479,931
Pinnacle West
Capital Corp. 3,200 142,112
PPL Corp. 6,689 356,390
Progress Energy, Inc.+ 8,872 401,369
Public Service Enterprise
Group, Inc.+ 8,598 445,118
Southern Co.+ 26,487 887,844
Teco Energy, Inc.+ 7,361 112,918
TXU Corp.+ 8,777 566,643
----------------
10,877,581
----------------
ELECTRICAL EQUIPMENT & ELECTRONICS -- 6.8%
Advanced Micro
Devices, Inc.* + 12,760 280,975
Altera Corp.* 13,320 275,724
American Power
Conversion Corp. 7,130 152,582
Analog Devices, Inc. 13,570 501,004
Applied Micro
Circuits Corp.* 10,300 43,363
Broadcom Corp. Cl. A* 11,553 372,931
Emerson Electric Co. 14,957 1,048,486
Freescale Semiconductor,
Inc. Cl. B* 14,325 263,007
</Table>
The accompanying notes are an integral part of the financial statements.
34
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
General Electric Co. 377,093 $ 13,763,894
Intel Corp. 225,402 5,272,153
JDS Uniphase Corp.* + 51,388 162,900
Johnson Controls, Inc. 6,750 428,220
Kla-Tencor Corp.* + 7,006 326,339
Linear Technology Corp. 11,030 427,523
LSI Logic Corp.* 13,828 75,777
Maxim Integrated
Products, Inc. 11,660 494,267
Micron
Technology, Inc.* + 21,917 270,675
Molex, Inc.+ 6,790 203,700
National
Semiconductor Corp. 12,896 231,483
Novellus Systems, Inc. 5,150 143,633
Nvidia Corp.* 6,000 141,360
PMC-Sierra, Inc.* 6,189 69,626
Power-One, Inc.* 3,020 26,938
Qlogic Corp.* 3,300 121,209
Rockwell Automation, Inc. 6,568 325,444
Sanmina-SCI Corp.* + 18,652 157,982
Texas Instruments, Inc. 61,926 1,524,618
Xilinx, Inc. 12,411 367,986
----------------
27,473,799
----------------
ENERGY -- 7.2%
Amerada Hess Corp. 3,253 267,982
Anadarko Petroleum Corp. 8,922 578,235
Apache Corp. 11,700 591,669
BJ Services Co. 5,800 269,932
Burlington Resources, Inc. 14,200 617,700
ChevronTexaco Corp. 75,544 3,966,815
ConocoPhillips 24,664 2,141,575
Devon Energy Corp. 17,370 676,040
Dynegy, Inc. Cl. A* + 14,427 66,653
El Paso Corp. 22,846 237,598
EOG Resources, Inc. 4,200 299,712
Exxon Mobil Corp. 229,934 11,786,417
Halliburton Co. 15,765 618,619
Kerr-McGee Corp. 5,446 314,724
KeySpan Corp. 5,780 228,021
Kinder Morgan, Inc. 4,390 321,041
Marathon Oil Corp. 12,405 466,552
Nabors Industries Limited* 5,315 272,606
Nicor, Inc.+ 1,589 58,698
Noble Corp.* 4,840 240,742
Occidental
Petroleum Corp. 14,004 817,273
Peoples Energy Corp. 1,357 59,640
Rowan Companies, Inc.* 3,821 98,964
Schlumberger Limited 21,139 1,415,256
Sempra Energy+ 8,317 305,068
Sunoco, Inc. 2,693 220,045
Transocean, Inc.* + 11,527 488,630
Unocal Corp. 9,457 $ 408,921
Valero Energy Corp. 9,100 413,140
The Williams
Companies, Inc. 19,818 322,835
Xcel Energy, Inc. 14,472 263,390
XTO Energy, Inc. 9,300 329,034
----------------
29,163,527
----------------
ENTERTAINMENT & LEISURE -- 1.0%
Brunswick Corp. 3,239 160,330
Harrah's
Entertainment, Inc.+ 4,023 269,098
News Corp., Inc. Cl. A+ 92,200 1,720,452
The Walt Disney Co. 73,422 2,041,132
----------------
4,191,012
----------------
FINANCIAL SERVICES -- 3.9%
American Express Co. 44,772 2,523,798
Apartment Investment &
Management Co. Cl. A 3,400 131,036
Archstone-Smith Trust 6,200 237,460
Bear Stearns
Companies, Inc. 3,718 380,389
CIT Group, Inc. 7,500 343,650
Countrywide
Financial Corp. 20,154 745,900
E Trade Financial Corp.* 13,300 198,835
Federated Investors,
Inc. Cl. B 3,900 118,560
Franklin Resources, Inc. 8,928 621,835
The Goldman Sachs
Group, Inc. 17,325 1,802,493
Huntington
Bancshares, Inc.+ 8,234 204,039
Janus Capital Group, Inc. 8,550 143,725
Lehman Brothers
Holdings, Inc. 9,672 846,107
MBNA Corp. 45,621 1,286,056
Merrill Lynch & Co., Inc. 33,169 1,982,511
Morgan Stanley 39,191 2,175,884
PNC Financial Services
Group, Inc. 10,049 577,215
Price (T. Rowe)
Group, Inc. 4,500 279,900
ProLogis Trust 6,500 281,645
The Schwab
(Charles) Corp.+ 48,761 583,182
Simon Property
Group, Inc. 7,700 497,959
----------------
15,962,179
----------------
FOODS -- 1.9%
Archer-Daniels-Midland Co. 23,261 518,953
Campbell Soup Co. 14,702 439,443
ConAgra Foods, Inc. 18,872 $ 555,780
General Mills, Inc.+ 13,008 646,628
Heinz (H. J.) Co. 12,522 488,233
Hershey Foods Corp. 8,844 491,196
Kellogg Co. 14,764 659,360
The Kroger Co.* + 26,418 463,372
McCormick & Co., Inc. 4,900 189,140
Safeway, Inc.* 15,960 315,050
Sara Lee Corp. 28,365 684,731
Starbucks Corp.* 14,230 887,383
SuperValu, Inc. 4,821 166,421
Sysco Corp.+ 22,830 871,421
Wrigley (Wm.) Jr. Co. 8,034 555,872
----------------
7,932,983
----------------
FOREST PRODUCTS & PAPER -- 0.5%
Georgia-Pacific Corp. 9,270 347,440
International Paper Co. 17,389 730,338
MeadWestvaco Corp. 7,201 244,042
OfficeMax, Inc. 3,142 98,596
Plum Creek Timber
Co., Inc. 6,600 253,704
Weyerhaeuser Co. 8,490 570,698
----------------
2,244,818
----------------
HEALTHCARE -- 1.1%
Caremark Rx, Inc.* 16,600 654,538
Express Scripts, Inc.* 2,800 214,032
HCA, Inc. 14,976 598,441
Health Management
Associates, Inc. Cl. A 8,700 197,664
Humana, Inc.* 5,703 169,322
Laboratory Corp. of
America Holdings* 5,000 249,100
Manor Care, Inc. 3,132 110,967
Tenet Healthcare Corp.* + 16,659 182,916
UnitedHealth Group, Inc. 23,240 2,045,817
----------------
4,422,797
----------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES -- 0.3%
Centex Corp.+ 4,446 264,893
KB Home 1,671 174,452
Leggett & Platt, Inc. 6,850 194,745
Maytag Corp.+ 2,786 58,785
Pulte Homes, Inc. 4,522 288,504
Whirlpool Corp.+ 2,369 163,958
----------------
1,145,337
----------------
HOUSEHOLD PRODUCTS -- 0.6%
Black & Decker Corp.+ 2,950 260,573
The Clorox Co. 5,470 322,347
Corning, Inc.* 49,791 586,040
Fortune Brands, Inc. 5,180 399,792
Newell Rubbermaid, Inc. 9,835 237,909
</Table>
The accompanying notes are an integral part of the financial statements.
35
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
Sherwin-Williams Co. 5,129 $ 228,907
Snap-On, Inc. 2,153 73,977
The Stanley Works+ 3,005 147,215
----------------
2,256,760
----------------
INDUSTRIAL - DISTRIBUTION -- 0.1%
Grainger (W.W.), Inc. 3,332 221,978
----------------
INDUSTRIAL - DIVERSIFIED -- 1.9%
3M Co. 27,972 2,295,662
Cooper Industries
Limited Cl. A 3,414 231,776
Danaher Corp. 11,010 632,084
Eaton Corp. 5,394 390,310
Illinois Tool Works, Inc. 10,543 977,125
ITT Industries, Inc. 3,337 281,810
Textron, Inc. 4,932 363,982
Tyco International Limited 71,874 2,568,777
----------------
7,741,526
----------------
INFORMATION RETRIEVAL SERVICES -- 0.4%
Yahoo!, Inc.* 48,816 1,839,387
----------------
INSURANCE -- 5.0%
ACE Limited 10,200 436,050
Aetna, Inc. 5,249 654,813
AFLAC, Inc. 18,120 721,901
Allstate Corp. 24,804 1,282,863
Ambac Financial
Group, Inc. 3,875 318,254
American International
Group, Inc. 93,070 6,111,907
Aon Corp. 11,246 268,330
Chubb Corp. 6,873 528,534
Cigna Corp. 4,940 402,956
Cincinnati Financial Corp. 6,083 269,234
The Hartford Financial
Services Group, Inc.+ 10,558 731,775
Jefferson-Pilot Corp. 4,920 255,643
Lincoln National Corp. 6,341 295,998
Loews Corp. 6,658 468,057
Marsh & McLennan
Companies, Inc. 18,642 613,322
MBIA, Inc.+ 5,175 327,474
Metlife, Inc. 26,832 1,086,964
MGIC Investment Corp. 3,589 247,318
Principal Financial
Group, Inc. 11,200 458,528
Progressive Corp. 7,148 606,436
Prudential Financial, Inc. 18,600 1,022,256
Safeco Corp. 4,559 238,162
St. Paul
Travelers Companies 23,963 888,308
Torchmark Corp. 3,926 224,332
UnumProvident Corp. 10,670 191,420
WellPoint, Inc.* 10,603 $ 1,219,345
XL Capital Limited Cl. A+ 5,027 390,347
----------------
20,260,527
----------------
LODGING -- 0.3%
Hilton Hotels Corp. 13,791 313,607
Marriott International,
Inc. Cl. A 8,164 514,169
Starwood Hotels &
Resorts Worldwide, Inc. 7,440 434,496
----------------
1,262,272
----------------
MACHINERY & COMPONENTS -- 0.9%
Baker Hughes, Inc. 11,898 507,688
Caterpillar, Inc. 12,252 1,194,693
Cummins, Inc. 1,539 128,953
Deere & Co. 8,843 657,919
Dover Corp. 7,335 307,630
Ingersoll-Rand Co. Cl. A 6,283 504,525
Pall Corp.+ 4,592 132,938
Parker-Hannifin Corp. 4,314 326,742
----------------
3,761,088
----------------
MANUFACTURING -- 0.4%
American Standard
Companies, Inc.* 7,700 318,164
Applied Materials, Inc.* 60,706 1,038,073
Avery Dennison Corp. 3,928 235,562
Millipore Corp.* + 1,815 90,405
----------------
1,682,204
----------------
MEDICAL SUPPLIES -- 2.4%
Agilent Technologies, Inc.* 17,383 418,930
Allergan, Inc. 4,707 381,596
Applied Biosystems
Group-Applera Corp. 7,238 151,347
Bard (C.R.), Inc. 3,720 238,006
Bausch & Lomb, Inc. 1,892 121,958
Baxter International, Inc. 21,992 759,604
Becton, Dickinson & Co. 8,948 508,246
Biomet, Inc. 9,055 392,896
Boston Scientific Corp.* 30,122 1,070,837
Fisher
Scientific International* 4,100 255,758
Guidant Corp. 11,188 806,655
Medtronic, Inc. 43,181 2,144,800
St. Jude Medical, Inc.* 12,644 530,163
Stryker Corp. 14,300 689,975
Tektronix, Inc. 3,120 94,255
Thermo Electron Corp.* 5,854 176,732
Waters Corp.* 4,200 196,518
Zimmer Holdings, Inc.* 8,722 698,807
----------------
9,637,083
----------------
METALS & MINING -- 0.7%
Alcoa, Inc. 31,088 $ 976,785
Allegheny
Technologies, Inc. 3,144 68,130
Freeport-McMoRan Copper &
Gold, Inc. Cl. B+ 6,333 242,111
Newmont Mining Corp.+ 15,809 702,078
Nucor Corp.+ 5,712 298,966
Phelps Dodge Corp. 3,385 334,844
United States Steel Corp.+ 4,054 207,767
----------------
2,830,681
----------------
PHARMACEUTICALS -- 8.5%
Abbott Laboratories 55,798 2,602,977
AmerisourceBergen Corp. 4,076 239,180
Amgen, Inc.* 45,206 2,899,965
Biogen Idec, Inc.* + 12,037 801,785
Bristol-Myers Squibb Co. 69,542 1,781,666
Cardinal Health, Inc.+ 15,469 899,522
Chiron Corp.* + 6,660 221,978
Eli Lilly & Co. 40,380 2,291,565
Forest Laboratories, Inc.* + 13,280 595,741
Genzyme Corp.* 8,100 470,367
Gilead Sciences, Inc.* 15,344 536,887
Hospira, Inc.* 5,539 185,556
Johnson & Johnson 106,012 6,723,281
King
Pharmaceuticals, Inc.* 8,867 109,951
McKesson Corp. 10,587 333,067
Medco Health
Solutions, Inc.* 9,720 404,352
Medimmune, Inc.* 8,864 240,303
Merck & Co., Inc. 79,343 2,550,084
Mylan Laboratories, Inc.+ 9,800 173,264
Pfizer, Inc. 268,427 7,218,002
Schering-Plough Corp. 52,688 1,100,125
Sigma-Aldrich Corp. 2,484 150,183
Watson
Pharmaceutical, Inc.* 3,970 130,256
Wyeth 47,656 2,029,669
----------------
34,689,726
----------------
PHOTOGRAPHY EQUIPMENT/SUPPLIES -- 0.1%
Eastman Kodak Co.+ 10,260 330,885
----------------
PREPACKAGED SOFTWARE -- 4.2%
Adobe Systems, Inc. 8,606 539,940
BMC Software, Inc.* 8,065 150,009
Citrix Systems, Inc.* 6,092 149,437
Computer Associates
International, Inc.+ 20,923 649,868
Compuware Corp.* 13,878 89,791
Electronic Arts, Inc.* 10,900 672,312
Intuit, Inc.* 6,910 304,109
</Table>
The accompanying notes are an integral part of the financial statements.
36
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
Microsoft 387,528 $ 10,350,873
Novell, Inc.* 13,976 94,338
Oracle Corp.* 182,861 2,508,853
Siebel Systems, Inc.* 18,118 190,239
SunGard Data
Systems, Inc.* 10,300 291,799
Symantec Corp.* 22,600 582,176
Veritas Software Corp.* 15,546 443,838
----------------
17,017,582
----------------
REAL ESTATE -- 0.2%
Equity Office
Properties Trust 14,460 421,075
Equity Residential 10,000 361,800
----------------
782,875
----------------
RESTAURANTS -- 0.6%
Darden Restaurants, Inc. 5,692 157,896
McDonald's Corp. 44,877 1,438,757
Wendy's International, Inc. 4,075 159,984
Yum! Brands, Inc. 10,398 490,578
----------------
2,247,215
----------------
RETAIL -- 5.7%
AutoZone, Inc.* 2,954 269,730
Bed Bath & Beyond, Inc.* 10,750 428,172
Best Buy Co., Inc. 11,630 691,055
Big Lots, Inc.* 4,174 50,631
Circuit City Stores, Inc.+ 7,100 111,044
Costco Wholesale Corp. 16,442 795,957
CVS Corp. 14,303 644,636
Dillards, Inc. Cl. A 3,001 80,637
Dollar General Corp. 11,714 243,300
Family Dollar Stores, Inc.+ 6,051 188,973
Federated Department
Stores, Inc. 6,063 350,381
The Home Depot, Inc. 78,437 3,352,397
J.C. Penney Co., Inc. 10,309 426,793
Kohl's Corp.* 12,223 601,005
Lowe's Companies, Inc. 27,882 1,605,724
The May Department
Stores Co. 10,432 306,701
Office Depot, Inc.* 11,265 195,560
RadioShack Corp. 5,705 187,580
Sears, Roebuck and Co. 7,629 389,308
Staples, Inc. 17,773 599,128
Target Corp. 32,268 1,675,677
Tiffany & Co. 5,192 165,988
TJX Companies, Inc.+ 17,476 439,172
Toys R Us, Inc.* 7,662 156,841
Walgreen Co. 36,604 1,404,495
Wal-Mart Stores, Inc. 150,912 7,971,172
----------------
23,332,057
----------------
RETAIL - GROCERY -- 0.1%
Albertson's, Inc.+ 13,147 $ 313,950
----------------
TELEPHONE UTILITIES -- 2.2%
Alltel Corp. 10,967 644,421
AT&T Corp. 28,684 546,717
BellSouth Corp. 65,520 1,820,801
CenturyTel, Inc. 4,931 174,903
Qwest Communications
International, Inc.* 66,058 293,298
Sprint Corp. (FON Group) 52,135 1,295,555
Verizon
Communications, Inc. 99,029 4,011,665
----------------
8,787,360
----------------
TOBACCO -- 1.3%
Altria Group, Inc. 73,429 4,486,512
Reynolds American, Inc.+ 5,400 424,440
UST, Inc. 6,022 289,718
----------------
5,200,670
----------------
TOYS, GAMES -- 0.1%
Hasbro, Inc. 6,391 123,858
Mattel, Inc. 14,889 290,187
----------------
414,045
----------------
TRANSPORTATION -- 1.9%
Burlington Northern
Santa Fe Corp. 13,286 628,561
Carnival Corp. 22,585 1,301,574
CSX Corp. 7,665 307,213
FedEx Corp. 10,803 1,063,987
Norfolk Southern Corp. 14,089 509,881
Union Pacific Corp. 9,217 619,843
United Parcel Service,
Inc. Cl. B 39,900 3,409,854
----------------
7,840,913
----------------
TRAVEL -- 0.0%
Sabre Holdings Corp. 4,931 109,271
----------------
TOTAL EQUITIES
(COST $373,180,319) 403,171,478
----------------
<Caption>
PRINCIPAL
AMOUNT
----------------
SHORT-TERM INVESTMENTS -- 7.5%
CASH EQUIVALENTS -- 6.9%**
American AAdvanage
Select Money
Market Fund 325,065 325,065
Bank of America
Bank Note
2.260% 02/15/2005 $ 242,843 242,843
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE
---------------- ----------------
Bank of America
Bank Note
2.270% 01/18/2005 $ 566,633 $ 566,633
Bank of America
Bank Note
2.270% 03/03/2005 1,052,318 1,052,318
Bank of America
Bank Note
2.300% 06/09/2005 566,633 566,633
Bank of Montreal
Eurodollar Time Deposit
2.125% 02/02/2005 246,890 246,890
Bank of Montreal
Eurodollar Time Deposit
2.260% 01/28/2005 256,537 256,537
BGI Institutional Money
Market Fund 2,914,112 2,914,112
BNP Paribas
Eurodollar Time Deposit
2.300% 01/03/2005 161,895 161,895
Calyon
Eurodollar Time Deposit
2.435% 03/16/2005 692,911 692,911
Canadian Imperial Bank
of Commerce Bank Note
2.030% 05/18/2005 1,618,951 1,618,951
Citigroup
Eurodollar Time Deposit
2.080% 01/28/2005 635,438 635,438
Den Danske Bank
Eurodollar Time Deposit
2.260% 01/20/2005 971,371 971,371
Dexia Group
Eurodollar Time Deposit
2.040% 01/21/2005 323,790 323,790
Federal Home Loan Bank
Discount Note
2.184% 01/05/2005 1,005,605 1,005,605
Fortis Bank
Eurodollar Time Deposit
2.140% 01/12/2005 323,790 323,790
Fortis Bank
Eurodollar Time Deposit
2.200% 02/11/2005 242,843 242,843
Fortis Bank
Eurodollar Time Deposit
2.260% 01/05/2005 1,335,635 1,335,635
Freddie Mac
Discount Note
2.184% 01/04/2005 1,131,413 1,131,413
Freddie Mac
Discount Note
2.228% 02/01/2005 302,051 302,051
</Table>
The accompanying notes are an integral part of the financial statements.
37
<Page>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE
---------------- ----------------
Freddie Mac
Discount Note
2.277% 02/01/2005 $ 1,413,534 $ 1,413,534
General Electric
Capital Corp.
2.294% 01/21/2005 460,969 460,969
General Electric
Capital Corp.
2.295% 01/10/2005 788,681 788,681
HBOS Halifax Bank
of Scotland
Eurodollar Time Deposit
2.025% 01/21/2005 372,359 372,359
Lloyds TSB Bank
Eurodollar Time Deposit
2.280% 02/02/2005 396,643 396,643
Merrill Lynch Premier
Institutional Money
Market Fund 534,256 534,256
Merrimac Cash Fund,
Premium Class 1,214,213 1,214,213
Morgan Stanley Dean
Witter & Co.
2.393% 07/19/2005 1,068,508 1,068,508
Royal Bank of Canada
Eurodollar Time Deposit
2.250% 01/19/2005 809,476 809,476
Royal Bank of Canada
Eurodollar Time Deposit
2.260% 02/01/2005 647,580 647,580
Royal Bank of Scotland
Eurodollar Time Deposit
2.015% 01/21/2005 934,135 934,135
Royal Bank of Scotland
Eurodollar Time Deposit
2.270% 02/02/2005 485,685 485,685
Royal Bank of Scotland
Eurodollar Time Deposit
2.360% 02/17/2005 80,948 80,948
Toronto Dominion Bank
Eurodollar Time Deposit
2.420% 03/01/2005 809,476 809,476
Wells Fargo
Eurodollar Time Deposit
2.270% 01/25/2005 202,369 202,369
Wells Fargo
Eurodollar Time Deposit
2.310% 01/28/2005 809,476 809,476
Wells Fargo
Eurodollar Time Deposit
2.320% 01/14/2005 1,939,503 1,939,503
----------------
27,884,535
----------------
REPURCHASE AGREEMENT -- 0.5%
Investors Bank & Trust
Company Repurchase
Agreement, dated
12/31/2004, 1.75%,
due 01/03/2005(a) $ 2,030,018 $ 2,030,018
----------------
U.S. TREASURY BILLS -- 0.1%
U.S. Treasury Bill
2.140% 03/24/2005 385,000 383,152
----------------
TOTAL SHORT-TERM
INVESTMENTS
(COST $30,297,676) 30,297,705
----------------
TOTAL INVESTMENTS -- 106.7%
(COST $403,477,995)*** 433,469,183
OTHER ASSETS/
(LIABILITIES) -- (6.7%) (27,132,777)
----------------
NET ASSETS -- 100.0% $ 406,336,406
================
</Table>
NOTES TO PORTFOLIO OF INVESTMENTS
* Non-income producing security.
** Represents investments of security lending collateral. (NOTE 2).
*** See Note 7 for aggregate cost for Federal tax purposes.
+ Denotes all or a portion of security on loan.
(a) Maturity value of $2,030,314. Collateralized by U.S. Government Agency
obligation with a rate of 5.875%, maturity date of 5/25/2015, and an
aggregate market value, including accrued interest, of $2,131,519.
The accompanying notes are an integral part of the financial statements.
38
<Page>
MML ENHANCED INDEX CORE EQUITY FUND -- PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2004
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
EQUITIES -- 100.0%
ADVERTISING -- 0.1%
Omnicom Group, Inc.+ 200 $ 16,864
----------------
AEROSPACE & DEFENSE -- 2.6%
Boeing Co. 2,500 129,425
General Dynamics Corp. 600 62,760
Goodrich Corp. 1,000 32,640
Honeywell
International, Inc. 1,300 46,033
Lockheed Martin Corp. 700 38,885
Northrop Grumman Corp. 600 32,616
Raytheon Co. 800 31,064
Rockwell Collins, Inc. 300 11,832
United Technologies Corp. 800 82,680
----------------
467,935
----------------
APPAREL, TEXTILES & SHOES -- 1.1%
Coach, Inc.* 200 11,280
The Gap, Inc. 2,600 54,912
Jones Apparel Group, Inc. 300 10,971
Limited Brands 1,600 36,832
Liz Claiborne, Inc. 200 8,442
Nike, Inc. Cl. B 400 36,276
Nordstrom, Inc. 300 14,019
Reebok International
Limited+ 100 4,400
VF Corp. 500 27,690
----------------
204,822
----------------
AUTOMOTIVE & PARTS -- 0.9%
Cooper Tire & Rubber Co.+ 100 2,155
Ford Motor Co.+ 6,700 98,088
General Motors Corp.+ 100 4,006
Genuine Parts Co. 400 17,624
The Goodyear Tire &
Rubber Co.* + 300 4,398
Harley-Davidson, Inc. 300 18,225
Paccar, Inc. 300 24,144
----------------
168,640
----------------
BANKING, SAVINGS & LOANS -- 12.0%
AmSouth Bancorporation+ 900 23,310
Bank of America Corp. 6,700 314,833
Bank of New York Co., Inc. 800 26,736
BB&T Corp. 900 37,845
Citigroup, Inc. 9,600 462,528
Comerica, Inc.+ 600 36,612
Fannie Mae 1,500 106,815
Fifth Third Bancorp 900 42,552
First Horizon
National Corp.+ 200 8,622
Freddie Mac 1,100 $ 81,070
Golden West
Financial Corp. 400 24,568
JP Morgan Chase & Co. 5,900 230,159
KeyCorp 1,300 44,070
M&T Bank Corp. 200 21,568
Marshall and Ilsley Corp. 400 17,680
Mellon Financial Corp. 700 21,777
National City Corp.+ 2,400 90,120
North Fork
Bancorporation, Inc. 750 21,637
Northern Trust Corp. 300 14,574
Providian
Financial Corp.* + 2,000 32,940
Regions Financial Corp. 670 23,845
SLM Corp. 700 37,373
Sovereign Bancorp, Inc. 600 13,530
SunTrust Banks, Inc. 600 44,328
Synovus Financial Corp. 300 8,574
U.S. Bancorp 3,000 93,960
Wachovia Corp. 2,445 128,607
Washington Mutual, Inc. 1,300 54,964
Wells Fargo & Co. 1,600 99,440
Zions Bancorp 100 6,803
----------------
2,171,440
----------------
BEVERAGES -- 1.6%
Brown-Forman Corp. Cl. B 200 9,736
The Coca-Cola Co. 2,200 91,586
Coca-Cola Enterprises, Inc. 800 16,680
Coors (Adolph) Co. Cl. B 100 7,567
The Pepsi Bottling
Group, Inc.+ 1,000 27,040
PepsiCo, Inc. 2,800 146,160
----------------
298,769
----------------
BROADCASTING, PUBLISHING & PRINTING -- 2.6%
Clear Channel
Communications, Inc.+ 900 30,141
Comcast Corp. Cl. A* 2,200 73,216
Dow Jones & Co., Inc.+ 100 4,306
Gannett Co., Inc. 300 24,510
Knight Ridder, Inc.+ 200 13,388
The McGraw-Hill
Companies, Inc. 400 36,616
Meredith Corp. 300 16,260
New York Times Co. Cl. A+ 200 8,160
Time Warner, Inc.* 7,500 145,800
Tribune Co. 300 12,642
Univision Communications,
Inc. Cl. A* + 100 2,927
Viacom, Inc. Cl. B 2,800 $ 101,892
----------------
469,858
----------------
BUILDING MATERIALS & CONSTRUCTION -- 0.3%
Louisiana-Pacific Corp. 300 8,022
Masco Corp. 800 29,224
Vulcan Materials Co. 200 10,922
----------------
48,168
----------------
CHEMICALS -- 1.6%
Air Products &
Chemicals, Inc. 300 17,391
Ashland, Inc. 100 5,838
Dow Chemical Co. 1,600 79,216
Du Pont (E.I.)
de Nemours & Co. 1,600 78,480
Eastman Chemical Co. 100 5,773
Engelhard Corp. 200 6,134
International Flavors &
Fragrances, Inc. 100 4,284
Monsanto Co. 900 49,995
PPG Industries, Inc. 500 34,080
Rohm & Haas Co. 400 17,692
----------------
298,883
----------------
COMMERCIAL SERVICES -- 2.1%
Apollo Group, Inc. Cl. A* 100 8,071
Block (H&R), Inc.+ 300 14,700
Cendant Corp. 1,700 39,746
Cintas Corp.+ 200 8,772
Convergys Corp.* 300 4,497
Donnelley (R.R.) &
Sons Co. 100 3,529
eBay, Inc.* 1,100 127,908
Ecolab, Inc.+ 200 7,026
Equifax, Inc. 700 19,670
Moody's Corp. 300 26,055
Paychex, Inc. 500 17,040
PerkinElmer, Inc. 2,100 47,229
Quest Diagnostics, Inc. 200 19,110
Robert Half
International, Inc. 100 2,943
Ryder System, Inc. 100 4,777
Waste Management, Inc. 900 26,946
----------------
378,019
----------------
COMMUNICATIONS -- 2.0%
Avaya, Inc.* + 800 13,760
Citizens
Communications Co. 500 6,895
Lucent Technologies, Inc.* + 7,200 27,072
Network Appliance, Inc.* 600 19,932
</Table>
The accompanying notes are an integral part of the financial statements.
39
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
Nextel Communications,
Inc. Cl. A* 500 $ 15,000
Qualcomm, Inc. 1,900 80,560
SBC Communications, Inc. 7,100 182,967
Scientific-Atlanta, Inc. 300 9,903
Tellabs, Inc.* 700 6,013
----------------
362,102
----------------
COMMUNICATIONS EQUIPMENT -- 0.7%
Motorola, Inc. 7,000 120,400
----------------
COMPUTER INTEGRATED SYSTEMS DESIGN -- 0.9%
Autodesk, Inc. 800 30,360
Computer Sciences Corp.* 500 28,185
Parametric
Technology Corp.* 3,300 19,437
Sun Microsystems, Inc.* 14,600 78,548
Unisys Corp.* 500 5,090
----------------
161,620
----------------
COMPUTERS & INFORMATION -- 4.6%
Apple Computer, Inc.* 600 38,640
Cisco Systems, Inc.* 11,300 218,090
Comverse Technology, Inc.* 300 7,335
Dell, Inc.* 4,100 172,774
EMC Corp.* 3,900 57,993
Gateway, Inc.* 600 3,606
International Business
Machines Corp. 3,000 295,740
International
Game Technology 400 13,752
Jabil Circuit, Inc.* + 200 5,116
Lexmark
International, Inc.* 200 17,000
Solectron Corp.* 100 533
Symbol Technologies, Inc. 300 5,190
----------------
835,769
----------------
COMPUTERS & OFFICE EQUIPMENT -- 1.0%
Electronic Data
Systems Corp. 800 18,480
Hewlett-Packard Co. 4,900 102,753
Pitney Bowes, Inc. 300 13,884
Xerox Corp.* 3,200 54,432
----------------
189,549
----------------
CONTAINERS -- 0.2%
Ball Corp. 200 8,796
Bemis Co., Inc. 200 5,818
Pactiv Corp.* 300 7,587
Sealed Air Corp.* 200 10,654
Temple-Inland, Inc. 100 6,840
----------------
39,695
----------------
COSMETICS & PERSONAL CARE -- 2.3%
Alberto-Culver Co. 150 $ 7,286
Avon Products, Inc. 800 30,960
The Gillette Co. 1,700 76,126
Kimberly-Clark Corp. 800 52,648
The Procter & Gamble Co. 4,400 242,352
----------------
409,372
----------------
DATA PROCESSING & PREPARATION -- 0.9%
Affiliated Computer
Services, Inc. Cl. A* + 200 12,038
Automatic Data
Processing, Inc. 900 39,915
Deluxe Corp.+ 300 11,199
First Data Corp. 1,300 55,302
Fiserv, Inc.* 50 2,010
IMS Health, Inc. 400 9,284
NCR Corp.* 600 41,538
----------------
171,286
----------------
ELECTRIC UTILITIES -- 2.8%
Allegheny Energy, Inc.* + 200 3,942
Ameren Corp.+ 300 15,042
American Electric Power Co. 400 13,736
CenterPoint Energy, Inc. 500 5,650
Cinergy Corp. 300 12,489
CMS Energy Corp.* + 200 2,090
Consolidated Edison, Inc. 400 17,500
Constellation Energy
Group, Inc. 200 8,742
Dominion Resources, Inc. 500 33,870
DTE Energy Co. 300 12,939
Duke Energy Corp. 2,800 70,924
Edison International 700 22,421
Entergy Corp. 300 20,277
Exelon Corp. 1,100 48,477
FirstEnergy Corp. 500 19,755
FPL Group, Inc. 300 22,425
NiSource, Inc. 400 9,112
PG&E Corp.* 600 19,968
Pinnacle West Capital Corp. 100 4,441
PPL Corp. 500 26,640
Progress Energy, Inc. 400 18,096
Public Service Enterprise
Group, Inc. 500 25,885
Southern Co. 1,200 40,224
Teco Energy, Inc.+ 300 4,602
TXU Corp. 400 25,824
----------------
505,071
----------------
ELECTRICAL EQUIPMENT & ELECTRONICS -- 5.9%
Altera Corp.* 100 2,070
American Power
Conversion Corp. 300 6,420
Analog Devices, Inc. 200 $ 7,384
Broadcom Corp. Cl. A* 100 3,228
Emerson Electric Co. 1,200 84,120
Freescale Semiconductor,
Inc. Cl. B* 772 14,174
General Electric Co. 15,200 554,800
Intel Corp. 10,700 250,273
Johnson Controls, Inc. 100 6,344
Kla-Tencor Corp.* 200 9,316
Linear Technology Corp.+ 500 19,380
Maxim Integrated
Products, Inc. 100 4,239
Micron Technology, Inc.* + 100 1,235
National
Semiconductor Corp. 100 1,795
Rockwell Automation, Inc. 700 34,685
Texas Instruments, Inc. 2,800 68,936
Xilinx, Inc. 200 5,930
----------------
1,074,329
----------------
ENERGY -- 7.6%.
Amerada Hess Corp. 200 16,476
Anadarko Petroleum Corp. 500 32,405
Apache Corp. 500 25,285
BJ Services Co. 200 9,308
Burlington Resources, Inc. 600 26,100
ChevronTexaco Corp. 3,100 162,781
ConocoPhillips 1,400 121,562
Devon Energy Corp. 1,100 42,812
Dynegy, Inc. Cl. A* 600 2,772
El Paso Corp. 1,800 18,720
EOG Resources, Inc. 200 14,272
Exxon Mobil Corp. 10,300 527,978
Halliburton Co. 800 31,392
Kerr-McGee Corp. 400 23,116
KeySpan Corp. 400 15,780
Kinder Morgan, Inc. 300 21,939
Marathon Oil Corp. 600 22,566
Nabors Industries Limited* 300 15,387
Nicor, Inc.+ 100 3,694
Noble Corp.* 300 14,922
Occidental Petroleum Corp. 1,100 64,196
Peoples Energy Corp. 100 4,395
Rowan Companies, Inc.* 200 5,180
Schlumberger Limited 500 33,475
Sempra Energy+ 700 25,676
Sunoco, Inc. 100 8,171
Transocean, Inc.* 400 16,956
Unocal Corp. 400 17,296
Valero Energy Corp. 600 27,240
The Williams
Companies, Inc. 1,200 19,548
Xcel Energy, Inc. 600 10,920
----------------
1,382,320
----------------
</Table>
The accompanying notes are an integral part of the financial statements.
40
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
ENTERTAINMENT & LEISURE -- 0.8%
Harrah's
Entertainment, Inc. 200 $ 13,378
News Corp., Inc. Cl. A+ 2,000 37,320
The Walt Disney Co. 3,400 94,520
----------------
145,218
----------------
FINANCIAL SERVICES -- 5.4%
American Express Co. 2,000 112,740
Bear Stearns
Companies, Inc. 300 30,693
CIT Group, Inc. 300 13,746
Countrywide
Financial Corp. 598 22,132
E Trade Financial Corp.* 300 4,485
Federated Investors,
Inc. Cl. B 200 6,080
Franklin Resources, Inc. 400 27,860
The Goldman Sachs
Group, Inc. 800 83,232
Huntington
Bancshares, Inc.+ 400 9,912
Janus Capital Group, Inc. 400 6,724
Lehman Brothers
Holdings, Inc. 700 61,236
MBNA Corp. 1,900 53,561
Merrill Lynch & Co., Inc. 1,500 89,655
Morgan Stanley 1,700 94,384
PNC Financial Services
Group, Inc. 400 22,976
Price (T. Rowe) Group, Inc. 100 6,220
ProLogis Trust 300 12,999
The Schwab
(Charles) Corp. 600 7,176
Simon Property
Group, Inc.+ 300 19,401
Standard and Poor's
Depository Receipts
Trust Series 1 2,400 290,160
----------------
975,372
----------------
FOODS -- 1.6%
Archer-Daniels-Midland Co. 1,100 24,541
Campbell Soup Co. 700 20,923
ConAgra Foods, Inc. 900 26,505
Heinz (H. J.) Co. 400 15,596
Hershey Foods Corp. 600 33,324
Kellogg Co. 700 31,262
McCormick & Co., Inc. 100 3,860
Safeway, Inc.* 800 15,792
Sara Lee Corp. 1,300 31,382
Starbucks Corp.* 600 37,416
SuperValu, Inc. 1,000 34,520
Wrigley (Wm.) Jr. Co. 300 $ 20,757
----------------
295,878
----------------
FOREST PRODUCTS & PAPER -- 0.7%
Georgia-Pacific Corp. 700 26,236
International Paper Co. 100 4,200
MeadWestvaco Corp. 800 27,112
Neenah Paper, Inc.* + 24 782
Plum Creek Timber
Co., Inc. 700 26,908
Weyerhaeuser Co. 600 40,332
----------------
125,570
----------------
HEALTHCARE -- 1.1%
Caremark Rx, Inc.* 800 31,544
Express Scripts, Inc.* 200 15,288
HCA, Inc. 600 23,976
Humana, Inc.* 300 8,907
Laboratory Corp. of
America Holdings* 300 14,946
Manor Care, Inc. 100 3,543
UnitedHealth Group, Inc. 1,100 96,833
----------------
195,037
----------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES -- 0.2%
Centex Corp. 200 11,916
KB Home 100 10,440
Leggett & Platt, Inc. 200 5,686
Whirlpool Corp.+ 100 6,921
----------------
34,963
----------------
HOUSEHOLD PRODUCTS -- 0.8%
Black & Decker Corp. 300 26,499
The Clorox Co. 300 17,679
Corning, Inc.* 2,200 25,894
Fortune Brands, Inc. 200 15,436
Newell Rubbermaid, Inc. 600 14,514
Sherwin-Williams Co. 300 13,389
Snap-On, Inc. 100 3,436
The Stanley Works 600 29,394
----------------
146,241
----------------
INDUSTRIAL - DISTRIBUTION -- 0.1%
Grainger (W.W.), Inc. 200 13,324
----------------
INDUSTRIAL - DIVERSIFIED -- 2.4%
3M Co. 700 57,449
Cooper Industries
Limited Cl. A 400 27,156
Danaher Corp. 800 45,928
Eaton Corp. 300 21,708
Illinois Tool Works, Inc. 500 46,340
ITT Industries, Inc. 100 8,445
Textron, Inc. 500 36,900
Tyco International Limited 5,200 $ 185,848
----------------
429,774
----------------
INFORMATION RETRIEVAL SERVICES -- 0.4%
Yahoo!, Inc.* 1,900 71,592
----------------
INSURANCE -- 5.4%
ACE Limited 500 21,375
Aetna, Inc. 300 37,425
AFLAC, Inc. 500 19,920
Allstate Corp. 1,200 62,064
Ambac Financial
Group, Inc. 200 16,426
American International
Group, Inc. 3,100 203,577
Aon Corp. 800 19,088
Chubb Corp. 600 46,140
Cigna Corp. 500 40,785
Cincinnati Financial Corp. 210 9,295
The Hartford Financial
Services Group, Inc. 500 34,655
Jefferson-Pilot Corp. 300 15,588
Lincoln National Corp. 500 23,340
Loews Corp. 600 42,180
MBIA, Inc.+ 300 18,984
Metlife, Inc.+ 1,900 76,969
MGIC Investment Corp. 300 20,673
Principal Financial
Group, Inc. 500 20,470
Progressive Corp. 300 25,452
Prudential Financial, Inc. 1,300 71,448
Safeco Corp. 300 15,672
St. Paul
Travelers Companies 1,130 41,889
Torchmark Corp. 100 5,714
UnumProvident Corp.+ 800 14,352
WellPoint, Inc.* 600 69,000
XL Capital Limited Cl. A+ 200 15,530
----------------
988,011
----------------
LODGING -- 0.4%
Hilton Hotels Corp. 1,300 29,562
Marriott International,
Inc. Cl. A 400 25,192
Starwood Hotels & Resorts
Worldwide, Inc. 400 23,360
----------------
78,114
----------------
MACHINERY & COMPONENTS -- 0.6%
Baker Hughes, Inc. 600 25,602
Cummins, Inc. 200 16,758
Dover Corp. 300 12,582
Ingersoll-Rand Co. Cl. A 300 24,090
Pall Corp. 200 5,790
</Table>
The accompanying notes are an integral part of the financial statements.
41
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
Parker-Hannifin Corp. 400 $ 30,296
----------------
115,118
----------------
MANUFACTURING -- 0.2%
American Standard
Companies, Inc.* 400 16,528
Applied Materials, Inc.* 1,400 23,940
----------------
40,468
----------------
MEDICAL SUPPLIES -- 1.1%
Agilent Technologies, Inc.* 200 4,820
Applied Biosystems
Group-Applera Corp. 400 8,364
Bard (C.R.), Inc. 200 12,796
Bausch & Lomb, Inc. 300 19,338
Becton, Dickinson & Co. 700 39,760
Fisher
Scientific International* 200 12,476
Medtronic, Inc. 600 29,802
St. Jude Medical, Inc.* 600 25,158
Tektronix, Inc. 200 6,042
Thermo Electron Corp.* 1,000 30,190
Waters Corp.* 200 9,358
----------------
198,104
----------------
METALS & MINING -- 0.6%
Alcoa, Inc. 300 9,426
Allegheny
Technologies, Inc. 100 2,167
Crane Co. 500 14,420
Nucor Corp.+ 500 26,170
Phelps Dodge Corp. 400 39,568
United States Steel Corp. 300 15,375
Worthington Industries, Inc. 200 3,916
----------------
111,042
----------------
PHARMACEUTICALS -- 8.5%
Abbott Laboratories 2,800 130,620
AmerisourceBergen Corp. 300 17,604
Amgen, Inc.* 1,500 96,225
Biogen Idec, Inc.* 300 19,983
Bristol-Myers Squibb Co. 3,500 89,670
Cardinal Health, Inc.+ 800 46,520
Eli Lilly & Co. 600 34,050
Forest Laboratories, Inc.* + 500 22,430
Genzyme Corp.* 300 17,421
Hospira, Inc.* 200 6,700
Johnson & Johnson 5,500 348,810
King Pharmaceuticals, Inc.* 500 6,200
McKesson Corp. 600 18,876
Medco Health Solutions, Inc.* 500 20,800
Merck & Co., Inc. 5,900 189,626
Pfizer, Inc. 13,900 373,771
Sigma-Aldrich Corp. 100 6,046
Wyeth 2,400 $ 102,216
----------------
1,547,568
----------------
PHOTOGRAPHY EQUIPMENT/SUPPLIES -- 0.1%
Eastman Kodak Co.+ 600 19,350
----------------
PREPACKAGED SOFTWARE -- 4.6%
Adobe Systems, Inc. 400 25,096
BMC Software, Inc.* 1,800 33,480
Citrix Systems, Inc.* 1,500 36,795
Computer Associates
International, Inc. 1,500 46,590
Compuware Corp.* 400 2,588
Intuit, Inc.* 500 22,005
Microsoft Corp. 15,200 405,992
Oracle Corp.* 11,700 160,524
Peoplesoft, Inc.* 400 10,592
Siebel Systems, Inc.* 800 8,400
SunGard Data
Systems, Inc.* 500 14,165
Symantec Corp.* 2,200 56,672
Veritas Software Corp.* 700 19,985
----------------
842,884
----------------
REAL ESTATE -- 0.2%
Equity Office
Properties Trust 700 20,384
Equity Residential 400 14,472
----------------
34,856
----------------
RESTAURANTS -- 0.8%
Darden Restaurants, Inc. 300 8,322
McDonald's Corp. 3,300 105,798
Yum! Brands, Inc. 500 23,590
----------------
137,710
----------------
RETAIL -- 4.8%
AutoZone, Inc.* 100 9,131
Best Buy Co., Inc. 600 35,652
Circuit City Stores, Inc. 2,800 43,792
Costco Wholesale Corp. 1,300 62,933
Dillards, Inc. Cl. A 200 5,374
Dollar General Corp. 100 2,077
Federated Department
Stores, Inc. 400 23,116
The Home Depot, Inc. 3,900 166,686
J.C. Penney Co., Inc. 800 33,120
Kohl's Corp.* 100 4,917
Lowe's Companies, Inc.+ 200 11,518
The May Department
Stores Co. 500 14,700
Office Depot, Inc.* 400 6,944
RadioShack Corp. 300 9,864
Sears, Roebuck and Co. 400 20,412
Staples, Inc. 1,000 33,710
Target Corp. 900 $ 46,737
TJX Companies, Inc.+ 800 20,104
Wal-Mart Stores, Inc. 5,900 311,638
----------------
862,425
----------------
RETAIL - GROCERY -- 0.1%
Albertson's, Inc.+ 700 16,716
----------------
TELEPHONE UTILITIES -- 2.5%
Alltel Corp. 700 41,132
AT&T Corp. 2,800 53,368
BellSouth Corp. 1,600 44,464
CenturyTel, Inc. 400 14,188
Qwest Communications
International, Inc.* 400 1,776
Sprint Corp. (FON Group) 4,900 121,765
Verizon
Communications, Inc. 4,200 170,142
----------------
446,835
----------------
TOBACCO -- 1.0%
Altria Group, Inc. 2,200 134,420
Reynolds American, Inc.+ 300 23,580
UST, Inc. 600 28,866
----------------
186,866
----------------
TOYS, GAMES -- 0.1%
Hasbro, Inc. 300 5,814
Mattel, Inc. 500 9,745
----------------
15,559
----------------
TRANSPORTATION -- 1.6%
Burlington Northern
Santa Fe Corp. 600 28,386
CSX Corp. 400 16,032
FedEx Corp. 900 88,641
Norfolk Southern Corp. 1,400 50,666
United Parcel Service,
Inc. Cl. B 1,200 102,552
----------------
286,277
----------------
TRAVEL -- 0.1%
Sabre Holdings Corp. 400 8,864
----------------
TOTAL EQUITIES
(COST $16,271,641) 18,144,647
----------------
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE
---------------- ----------------
SHORT-TERM INVESTMENTS -- 6.7%
CASH EQUIVALENTS -- 5.3%**
American AAdvanage
Select Money
Market Fund 11,203 11,203
</Table>
The accompanying notes are an integral part of the financial statements.
42
<Page>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE
---------------- ----------------
Bank of America Bank Note
2.260% 02/15/2005 $ 8,369 $ 8,369
Bank of America Bank Note
2.270% 01/18/2005 19,529 19,529
Bank of America Bank Note
2.270% 03/03/2005 36,267 36,267
Bank of America Bank Note
2.300% 06/09/2005 19,529 19,529
Bank of Montreal
Eurodollar Time Deposit
2.125% 02/02/2005 8,509 8,509
Bank of Montreal
Eurodollar Time Deposit
2.260% 01/28/2005 8,841 8,841
BGI Institutional Money
Market Fund 100,432 100,432
BNP Paribas
Eurodollar Time Deposit
2.300% 01/03/2005 5,580 5,580
Calyon
Eurodollar Time Deposit
2.435% 03/16/2005 23,881 23,881
Canadian Imperial Bank of
Commerce Bank Note
2.030% 05/18/2005 55,796 55,796
Citigroup
Eurodollar Time Deposit
2.080% 01/28/2005 21,900 21,900
Den Danske Bank
Eurodollar Time Deposit
2.260% 01/20/2005 33,478 33,478
Dexia Group
Eurodollar Time Deposit
2.040% 01/21/2005 11,159 11,159
Federal Home Loan Bank
Discount Note
2.184% 01/05/2005 34,658 34,658
Fortis Bank
Eurodollar Time Deposit
2.140% 01/12/2005 11,159 11,159
Fortis Bank
Eurodollar Time Deposit
2.200% 02/11/2005 8,369 8,369
Fortis Bank
Eurodollar Time Deposit
2.260% 01/05/2005 46,031 46,031
Freddie Mac Discount Note
2.184% 01/04/2005 38,993 38,993
Freddie Mac Discount Note
2.228% 02/01/2005 10,410 10,410
Freddie Mac Discount Note
2.277% 02/01/2005 48,716 48,716
General Electric
Capital Corp.
2.294% 01/21/2005 $ 15,887 $ 15,887
General Electric
Capital Corp.
2.295% 01/10/2005 27,181 27,181
HBOS Halifax
Bank of Scotland
Eurodollar Time Deposit
2.025% 01/21/2005 12,833 12,833
Lloyds TSB Bank
Eurodollar Time Deposit
2.280% 02/02/2005 13,670 13,670
Merrill Lynch Premier
Institutional Money
Market Fund 18,413 18,413
Merrimac Cash Fund,
Premium Class 41,847 41,847
Morgan Stanley Dean
Witter & Co.
2.393% 07/19/2005 36,825 36,825
Royal Bank of Canada
Eurodollar Time Deposit
2.250% 01/19/2005 27,898 27,898
Royal Bank of Canada
Eurodollar Time Deposit
2.260% 02/01/2005 22,318 22,318
Royal Bank of Scotland
Eurodollar Time Deposit
2.015% 01/21/2005 32,194 32,194
Royal Bank of Scotland
Eurodollar Time Deposit
2.270% 02/02/2005 16,739 16,739
Royal Bank of Scotland
Eurodollar Time Deposit
2.360% 02/17/2005 2,790 2,790
Toronto Dominion Bank
Eurodollar Time Deposit
2.420% 03/01/2005 27,898 27,898
Wells Fargo
Eurodollar Time Deposit
2.270% 01/25/2005 6,974 6,974
Wells Fargo
Eurodollar Time Deposit
2.310% 01/28/2005 27,898 27,898
Wells Fargo
Eurodollar Time Deposit
2.320% 01/14/2005 66,842 66,842
----------------
961,016
----------------
REPURCHASE AGREEMENT -- 1.4%
Investors Bank & Trust
Company Repurchase
Agreement, dated
12/31/2004, 1.75%,
due 01/03/2005(a) $ 260,423 $ 260,423
----------------
TOTAL SHORT-TERM
INVESTMENTS
(AT AMORTIZED COST) $ 1,221,439
----------------
TOTAL INVESTMENTS -- 106.7%
(COST $17,493,080)*** 19,366,086
OTHER ASSETS/
(LIABILITIES) -- (6.7%) (1,209,606)
----------------
NET ASSETS -- 100.0% $ 18,156,480
================
</Table>
NOTES TO PORTFOLIO OF INVESTMENTS
* Non-income producing security.
** Represents investments of security lending collateral. (NOTE 2).
*** See Note 7 for aggregate cost for Federal tax purposes.
+ Denotes all or a portion of security on loan.
(a) Maturity value of $260,461. Collaterized by U.S. Government Agency
obligation with a rate of 4.875%, maturity date of 9/25/2016 and an
aggregate market value, including accrued interest, of $273,445.
The accompanying notes are an integral part of the financial statements.
43
<Page>
MML GROWTH EQUITY FUND - PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2004
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
EQUITIES -- 97.7%
ADVERTISING -- 0.0%
Catalina Marketing Corp. 200 $ 5,926
----------------
AEROSPACE & DEFENSE -- 2.7%
Boeing Co. 8,000 414,160
Lockheed Martin Corp. 1,300 72,215
Rockwell Collins, Inc. 400 15,776
United Defense
Industries, Inc.* + 600 28,350
United Technologies Corp. 900 93,015
----------------
623,516
----------------
APPAREL, TEXTILES & SHOES -- 2.4%
Abercrombie & Fitch
Co. Cl. A 2,200 103,290
American Eagle
Outfitters, Inc. 1,400 65,940
Chico's FAS, Inc.* 300 13,659
Coach, Inc.* 1,500 84,600
Columbia
Sportswear Co.* + 500 29,805
Nike, Inc. Cl. B 600 54,414
Nordstrom, Inc. 800 37,384
Pacific Sunwear of
California, Inc.* 600 13,356
Ross Stores, Inc.+ 1,300 37,531
Timberland Co. Cl. A* 200 12,534
Urban Outfitters, Inc.* 2,200 97,680
----------------
550,193
----------------
AUTOMOTIVE & PARTS -- 2.1%
Harley-Davidson, Inc. 6,500 394,875
Oshkosh Truck Corp. 500 34,190
Paccar, Inc. 500 40,240
----------------
469,305
----------------
BANKING, SAVINGS & LOANS -- 2.6%
Fannie Mae 7,600 541,196
Freddie Mac 800 58,960
----------------
600,156
----------------
BEVERAGES -- 0.4%
Coca-Cola Enterprises, Inc. 200 4,170
PepsiCo, Inc. 1,600 83,520
----------------
87,690
----------------
BROADCASTING, PUBLISHING & PRINTING -- 0.1%
The McGraw-Hill
Companies, Inc. 200 18,308
----------------
BUILDING MATERIALS & CONSTRUCTION -- 0.1%
Kinetic Concepts, Inc.* 300 22,890
----------------
CHEMICALS -- 0.1%
Church & Dwight, Inc. 350 $ 11,767
----------------
COMMERCIAL SERVICES -- 2.4%
Apollo Group, Inc. Cl. A* 400 32,284
Cendant Corp. 600 14,028
Convergys Corp.* 1,700 25,483
eBay, Inc.* 1,300 151,164
Ecolab, Inc.+ 800 28,104
Fastenal Co. 700 43,092
ITT Educational
Services, Inc.* 1,100 52,305
Jacobs Engineering
Group, Inc.* 400 19,116
Manpower, Inc. 100 4,830
Pharmaceutical Product
Development, Inc.* 10 413
Quest Diagnostics, Inc. 600 57,330
Regis Corp. 800 36,920
Rent-A-Center, Inc.* 2,800 74,200
Robert Half
International, Inc. 500 14,715
----------------
553,984
----------------
COMMUNICATIONS -- 4.2%
Plantronics, Inc. 300 12,441
Qualcomm, Inc. 22,400 949,760
----------------
962,201
----------------
COMMUNICATIONS EQUIPMENT -- 0.7%
Motorola, Inc. 9,300 159,960
----------------
COMPUTER INTEGRATED SYSTEMS DESIGN -- 1.1%
Autodesk, Inc. 5,800 220,110
National Instruments Corp. 700 19,075
----------------
239,185
----------------
COMPUTER PROGRAMMING SERVICES -- 0.1%
VeriSign, Inc.* 700 23,464
----------------
COMPUTERS & INFORMATION -- 7.0%
Apple Computer, Inc.* 1,000 64,400
CDW Corp. 100 6,635
Cisco Systems, Inc.* 6,200 119,660
Dell, Inc.* 30,500 1,285,270
Lexmark
International, Inc.* 1,600 136,000
----------------
1,611,965
----------------
COSMETICS & PERSONAL CARE -- 4.3%
Avon Products, Inc. 1,570 60,759
The Gillette Co. 4,600 205,988
Kimberly-Clark Corp. 2,300 151,363
The Procter & Gamble Co. 10,400 $ 572,832
----------------
990,942
----------------
DATA PROCESSING & PREPARATION -- 1.6%
Alliance Data
Systems Corp.* 600 28,488
Factset Research
Systems, Inc.+ 400 23,376
First Data Corp. 6,700 285,018
Total System Services, Inc.+ 1,100 26,730
----------------
363,612
----------------
ELECTRIC UTILITIES -- 0.1%
AES Corp.* 2,100 28,707
Mirant Corp.* 300 115
----------------
28,822
----------------
ELECTRICAL EQUIPMENT & ELECTRONICS -- 3.4%
Amphenol Corp. Cl. A* 300 11,022
Emerson Electric Co. 700 49,070
Freescale Semiconductor,
Inc. Cl. B* 1,534 28,164
General Electric Co. 9,800 357,700
Intel Corp. 14,000 327,460
----------------
773,416
----------------
ENERGY -- 7.1%
BJ Services Co. 3,000 139,620
Burlington Resources, Inc. 2,000 87,000
EOG Resources, Inc. 600 42,816
Equitable Resources, Inc. 400 24,264
Exxon Mobil Corp. 21,900 1,122,594
Halliburton Co. 900 35,316
National-Oilwell, Inc.* + 1,700 59,993
Patterson-UTI Energy, Inc. 2,600 50,570
Southwestern Energy Co.* 200 10,138
Western Gas
Resources, Inc. 500 14,625
XTO Energy, Inc. 1,130 39,979
----------------
1,626,915
----------------
FINANCIAL SERVICES -- 1.4%
MBNA Corp. 11,600 327,004
----------------
FOODS -- 2.9%
Del Monte Foods Co.* 2,000 22,040
Hershey Foods Corp. 600 33,324
Hormel Foods Corp. 200 6,270
The J.M. Smucker Co. 830 39,068
The Kroger Co.* 1,200 21,048
Sara Lee Corp. 4,800 115,872
Starbucks Corp.* 6,900 430,284
----------------
667,906
----------------
</Table>
The accompanying notes are an integral part of the financial statements.
44
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
FOREST PRODUCTS & PAPER -- 0.0%
Neenah Paper, Inc.* 96 $ 3,130
----------------
HEALTHCARE -- 3.4%
Coventry Health Care, Inc.* 500 26,540
Health Management
Associates, Inc. Cl. A 500 11,360
Health Net, Inc.* 1,900 54,853
Lincare Holdings, Inc.* 3,000 127,950
Renal Care Group, Inc.* 1,700 61,183
Tenet Healthcare Corp.* 3,100 34,038
UnitedHealth Group, Inc. 5,044 444,023
Universal Health
Services Cl. B 300 13,350
----------------
773,297
----------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES -- 1.8%
D.R. Horton, Inc.+ 1,300 52,403
Fossil, Inc.* 700 17,948
Harman
International Industries 1,200 152,400
Lennar Corp.+ 300 17,004
Maytag Corp.+ 1,000 21,100
Miller (Herman), Inc. 800 22,104
Mohawk Industries, Inc.* 1,100 100,375
NVR, Inc.* 25 19,235
----------------
402,569
----------------
HOUSEHOLD PRODUCTS -- 1.0%
Black & Decker Corp.+ 1,300 114,829
Fortune Brands, Inc. 400 30,872
Sherwin-Williams Co. 1,700 75,871
----------------
221,572
----------------
INDUSTRIAL - DISTRIBUTION -- 0.0%
Grainger (W.W.), Inc. 100 6,662
----------------
INDUSTRIAL - DIVERSIFIED -- 2.3%
3M Co. 1,800 147,726
Danaher Corp. 1,700 97,597
Illinois Tool Works, Inc.+ 2,900 268,772
----------------
514,095
----------------
INFORMATION RETRIEVAL SERVICES -- 0.4%
Yahoo!, Inc.* 2,200 82,896
----------------
INSURANCE -- 3.9%
Aetna, Inc. 1,200 149,700
Ambac Financial Group, Inc. 900 73,917
American International
Group, Inc. 6,800 446,556
Marsh & McLennan
Companies, Inc. 3,100 101,990
Radian Group, Inc. 700 37,268
WellPoint, Inc.* 800 92,000
----------------
901,431
----------------
LODGING -- 0.5%
Mandalay Resort Group+ 800 $ 56,344
Marriott International,
Inc. Cl. A 400 25,192
Starwood Hotels & Resorts
Worldwide, Inc. 600 35,040
----------------
116,576
----------------
MACHINERY & COMPONENTS -- 0.9%
Baker Hughes, Inc. 1,200 51,204
Caterpillar, Inc. 300 29,253
FMC Technologies, Inc.* 600 19,320
Grant Prideco, Inc.* 200 4,010
Smith International, Inc.* 2,000 108,820
----------------
212,607
----------------
MANUFACTURING -- 0.9%
American Standard
Companies, Inc.* 4,400 181,808
Avery Dennison Corp.+ 500 29,985
----------------
211,793
----------------
MEDICAL SUPPLIES -- 2.7%
Bard (C.R.), Inc. 1,820 116,444
Bausch & Lomb, Inc. 600 38,676
Becton, Dickinson & Co. 1,800 102,240
Biomet, Inc. 2,000 86,780
Cooper Cos., Inc. 200 14,118
Dentsply International, Inc. 200 11,240
Guidant Corp. 1,800 129,780
Stryker Corp. 600 28,950
Zimmer Holdings, Inc.* 1,100 88,132
----------------
616,360
----------------
METALS & MINING -- 0.2%
Nucor Corp.+ 800 41,872
----------------
MISCELLANEOUS -- 0.0%
Handleman Co. 10 215
----------------
PHARMACEUTICALS -- 13.0%
AmerisourceBergen Corp. 1,500 88,020
Charles River Laboratories
International, Inc.* 400 18,404
Hospira, Inc.* 300 10,050
Johnson & Johnson 22,900 1,452,318
Merck & Co., Inc. 19,200 617,088
Pfizer, Inc. 29,200 785,188
Valeant Pharmaceuticals
International+ 500 13,175
----------------
2,984,243
----------------
PREPACKAGED SOFTWARE -- 4.5%
Adobe Systems, Inc.+ 1,300 81,562
Microsoft Corp. 28,000 747,880
Oracle Corp.* 3,300 45,276
Symantec Corp.* 6,000 $ 154,560
----------------
1,029,278
----------------
RESTAURANTS -- 1.1%
Applebee's
International, Inc. 2,450 64,803
Brinker International, Inc.* 1,500 52,605
Outback Steakhouse, Inc. 2,000 91,560
Yum! Brands, Inc. 1,000 47,180
----------------
256,148
----------------
RETAIL -- 10.4%
Bed Bath & Beyond, Inc.* 4,600 183,218
Dollar General Corp. 2,400 49,848
Dollar Tree Stores, Inc.* 2,200 63,096
The Home Depot, Inc. 27,200 1,162,528
Lowe's Companies, Inc.+ 2,100 120,939
MSC Industrial Direct
Co. Cl. A 700 25,186
Pier 1 Imports, Inc.+ 1,600 31,520
TJX Companies, Inc. 3,700 92,981
Walgreen Co. 700 26,859
Wal-Mart Stores, Inc. 11,800 623,276
----------------
2,379,451
----------------
RETAIL - GROCERY -- 0.1%
Whole Foods Market, Inc. 300 28,605
----------------
TELEPHONE UTILITIES -- 2.0%
Verizon
Communications, Inc. 11,300 457,763
----------------
TOBACCO -- 1.2%
Altria Group, Inc. 4,400 268,840
----------------
TRANSPORTATION -- 0.6%
Expeditors International of
Washington, Inc.+ 1,200 67,056
FedEx Corp. 500 49,245
J.B. Hunt Transport
Services, Inc. 600 26,910
----------------
143,211
----------------
TOTAL EQUITIES
(COST $20,751,048) 22,371,741
----------------
RIGHTS -- 0.0%
COMPUTERS & INFORMATION
Seagate Technology* ++ 11,100 -
----------------
TOTAL RIGHTS
(COST $0) -
----------------
</Table>
The accompanying notes are an integral part of the financial statements.
45
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
WARRANTS -- 0.0%
COMMUNICATIONS
Lucent Technologies, Inc
Warrants, Expires
12/10/2007* 71 $ 112
----------------
TOTAL WARRANTS
(COST $0) 112
----------------
TOTAL LONG TERM
INVESTMENTS
(COST $20,751,048) 22,371,853
----------------
<Caption>
PRINCIPAL
AMOUNT
---------------
SHORT-TERM INVESTMENTS -- 5.7%
CASH EQUIVALENTS -- 4.5%**
American AAdvanage Select
Money Market Fund 11,946 11,946
Bank of America Bank Note
2.260% 02/15/2005 $ 8,924 8,924
Bank of America Bank Note
2.270% 01/18/2005 20,823 20,823
Bank of America Bank Note
2.270% 03/03/2005 38,671 38,671
Bank of America Bank Note
2.300% 06/09/2005 20,823 20,823
Bank of Montreal
Eurodollar Time Deposit
2.125% 02/02/2005 9,073 9,073
Bank of Montreal
Eurodollar Time Deposit
2.260% 01/28/2005 9,427 9,427
BGI Institutional Money
Market Fund 107,088 107,088
BNP Paribas
Eurodollar Time Deposit
2.300% 01/03/2005 5,949 5,949
Calyon
Eurodollar Time Deposit
2.435% 03/16/2005 25,463 25,463
Canadian Imperial Bank of
Commerce Bank Note
2.030% 05/18/2005 59,494 59,494
Citigroup
Eurodollar Time Deposit
2.080% 01/28/2005 23,351 23,351
Den Danske Bank
Eurodollar Time Deposit
2.260% 01/20/2005 35,696 35,696
Dexia Group
Eurodollar Time Deposit
2.040% 01/21/2005 11,899 11,899
Federal Home Loan Bank
Discount Note
2.184% 01/05/2005 $ 36,954 $ 36,954
Fortis Bank
Eurodollar Time Deposit
2.140% 01/12/2005 11,898 11,898
Fortis Bank
Eurodollar Time Deposit
2.200% 02/11/2005 8,924 8,924
Fortis Bank
Eurodollar Time Deposit
2.260% 01/05/2005 49,081 49,081
Freddie Mac Discount Note
2.184% 01/04/2005 41,578 41,578
Freddie Mac Discount Note
2.228% 02/01/2005 11,100 11,100
Freddie Mac Discount Note
2.277% 02/01/2005 51,945 51,945
General Electric
Capital Corp.
2.294% 01/21/2005 16,940 16,940
General Electric
Capital Corp.
2.295% 01/10/2005 28,983 28,983
HBOS Halifax
Bank of Scotland
Eurodollar Time Deposit
2.025% 01/21/2005 13,684 13,684
Lloyds TSB Bank
Eurodollar Time Deposit
2.280% 02/02/2005 14,576 14,576
Merrill Lynch Premier
Institutional Money
Market Fund 19,633 19,633
Merrimac Cash Fund,
Premium Class 44,620 44,620
Morgan Stanley
Dean Witter & Co.
2.393% 07/19/2005 39,266 39,266
Royal Bank of Canada
Eurodollar Time Deposit
2.250% 01/19/2005 29,747 29,747
Royal Bank of Canada
Eurodollar Time Deposit
2.260% 02/01/2005 23,798 23,798
Royal Bank of Scotland
Eurodollar Time Deposit
2.015% 01/21/2005 34,328 34,328
Royal Bank of Scotland
Eurodollar Time Deposit
2.270% 02/02/2005 17,848 17,848
Royal Bank of Scotland
Eurodollar Time Deposit
2.360% 02/17/2005 2,975 2,975
Toronto Dominion Bank
Eurodollar Time Deposit
2.420% 03/01/2005 $ 29,747 $ 29,747
Wells Fargo
Eurodollar Time Deposit
2.270% 01/25/2005 7,437 7,437
Wells Fargo
Eurodollar Time Deposit
2.310% 01/28/2005 29,747 29,747
Wells Fargo
Eurodollar Time Deposit
2.320% 01/14/2005 71,274 71,274
----------------
1,024,710
----------------
REPURCHASE AGREEMENT -- 1.2%
Investors Bank & Trust
Company Repurchase
Agreement, dated
12/31/2004, 1.75%,
due 01/03/2005(a) 275,007 275,007
----------------
TOTAL SHORT-TERM
INVESTMENTS
(AT AMORTIZED COST) 1,299,717
----------------
TOTAL INVESTMENTS -- 103.4%
(COST $22,050,765)*** 23,671,570
OTHER ASSETS/
(LIABILITIES) -- (3.4%) (777,938)
----------------
NET ASSETS -- 100.0% $ 22,893,632
================
</Table>
NOTES TO PORTFOLIO OF INVESTMENTS
* Non-income producing security.
** Represents investments of security lending collateral. (NOTE 2).
*** See Note 7 for aggregate cost for Federal tax purposes.
+ Denotes all or a portion of security on loan.
++ This security is valued in good faith under procedures established by the
board of trustees.
(a) Maturity value of $275,047. Collateralized by U.S. Government Agency
Obligation with a rate of 4.61%, maturity date of 09/25/2029, and an
aggregate market value, including accrued interest, of $288,757.
The accompanying notes are an integral part of the financial statements.
46
<Page>
MML OTC 100 FUND - PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2004
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
EQUITIES -- 98.7%
ADVERTISING -- 0.3%
Lamar Advertising Co.* 759 $ 32,470
----------------
APPAREL, TEXTILES & SHOES -- 0.3%
Ross Stores, Inc. 1,297 37,444
----------------
AUTOMOTIVE & PARTS -- 1.2%
Paccar, Inc. 1,738 139,874
----------------
BROADCASTING, PUBLISHING & PRINTING -- 4.4%
Comcast Corp. Cl. A* 8,496 282,747
IAC/InterActiveCorp* 6,400 176,768
Liberty Media
International, Inc. Cl. A* 1,578 72,951
----------------
532,466
----------------
COMMERCIAL SERVICES -- 7.5%
Apollo Group, Inc. Cl. A* 1,672 134,947
Career Education Corp.* 931 37,240
Cintas Corp. 1,838 80,615
eBay, Inc.* 4,413 513,144
Fastenal Co. 648 39,891
Paychex, Inc. 3,203 109,158
----------------
914,995
----------------
COMMUNICATIONS -- 14.5%
EchoStar Communications
Corp. Cl. A 1,991 66,181
Juniper Networks, Inc.* 3,154 85,757
Network Appliance, Inc.* 3,349 111,254
Nextel Communications,
Inc. Cl. A* 12,435 373,050
NTL, Inc.* 853 62,235
Qualcomm, Inc. 17,647 748,233
Research In
Motion Limited* 1,676 138,136
Sirius Satellite Radio, Inc.* 12,210 93,407
Tellabs, Inc.* 2,123 18,237
XM Satellite Radio
Holdings, Inc. Cl. A* 1,884 70,876
----------------
1,767,366
----------------
COMMUNICATIONS EQUIPMENT -- 0.4%
Ericsson (LM) Cl. B
Sponsored
ADR (Sweden)* 1,555 48,967
----------------
COMPUTER INTEGRATED SYSTEMS DESIGN -- 1.4%
Autodesk, Inc. 2,150 81,593
Sun Microsystems, Inc.* 13,060 70,263
Synopsys, Inc.* 1,213 23,799
----------------
175,655
----------------
COMPUTER PROGRAMMING SERVICES -- 1.3%
Cognizant Technology
Solutions Corp.* 1,169 $ 49,484
Mercury Interactive Corp.* 802 36,531
VeriSign, Inc.* 2,144 71,867
----------------
157,882
----------------
COMPUTERS & INFORMATION -- 9.8%
Apple Computer, Inc.* 5,006 322,386
CDW Corp. 772 51,222
Cisco Systems, Inc.* 21,001 405,319
Comverse Technology, Inc.* 1,832 44,792
Dell, Inc.* 8,159 343,820
Sandisk Corp.* 1,334 33,310
----------------
1,200,849
----------------
CONTAINERS -- 0.3%
Smurfit-Stone
Container Corp. 2,223 41,526
----------------
DATA PROCESSING & PREPARATION -- 0.7%
Fiserv, Inc.* 2,184 87,775
----------------
ELECTRICAL EQUIPMENT & ELECTRONICS -- 13.9%
Altera Corp.* 4,674 96,752
American Power
Conversion Corp. 1,716 36,722
ATI Technologies, Inc.* 2,188 42,425
Broadcom Corp. Cl. A* 2,201 71,048
Flextronics International
Limited* 5,418 74,877
Garmin Limited 895 54,452
Intel Corp. 19,765 462,303
Intersil Corp. Cl. A 1,356 22,699
JDS Uniphase Corp.* 14,638 46,402
Kla-Tencor Corp.* 2,114 98,470
Linear Technology Corp. 3,663 141,978
Marvell Technology Group
Limited* 2,299 81,546
Maxim Integrated
Products, Inc. 4,068 172,443
Microchip Technology, Inc. 1,531 40,816
Molex, Inc. 882 26,460
Novellus Systems, Inc. 1,272 35,476
Qlogic Corp.* 842 30,927
Sanmina-SCI Corp.* 4,966 42,062
Xilinx, Inc. 4,125 122,306
----------------
1,700,164
----------------
FOODS -- 2.5%
Starbucks Corp.* 4,933 307,622
----------------
HEALTHCARE -- 0.7%
Express Scripts, Inc.* 605 $ 46,246
Lincare Holdings, Inc.* 864 36,850
----------------
83,096
----------------
INFORMATION RETRIEVAL SERVICES -- 1.8%
Yahoo!, Inc.* 5,900 222,312
----------------
INTERNET CONTENT -- 0.2%
BEA Systems, Inc.* 3,347 29,654
----------------
LODGING -- 0.5%
Wynn Resorts Limited* 954 63,842
----------------
MANUFACTURING -- 1.4%
Applied Materials, Inc.* 7,840 134,064
Lam Research Corp.* 1,256 36,311
----------------
170,375
----------------
MEDICAL SUPPLIES -- 1.8%
Biomet, Inc. 3,043 132,036
Dentsply International, Inc. 691 38,834
Patterson Cos., Inc.* 1,175 50,983
----------------
221,853
----------------
MISCELLANEOUS -- 0.4%
Nasdaq-100 Index
Tracking Stock 1,217 48,570
----------------
PHARMACEUTICALS -- 9.8%
Amgen, Inc.* 5,285 339,033
Biogen Idec, Inc.* 3,237 215,617
Chiron Corp.* 2,333 77,759
Genzyme Corp.* 2,568 149,124
Gilead Sciences, Inc.* 3,806 133,172
Invitrogen Corp.* 430 28,866
Medimmune, Inc.* 2,376 64,413
Millennium
Pharmaceuticals, Inc.* 2,995 36,299
Sigma-Aldrich Corp. 592 35,792
Teva Pharmaceutical
Sponsored ADR (Israel) 4,106 122,605
----------------
1,202,680
----------------
PREPACKAGED SOFTWARE -- 16.6%
Adobe Systems, Inc. 2,088 131,001
Check Point Software
Technologies Limited* 2,271 55,935
Citrix Systems, Inc.* 1,797 44,080
Electronic Arts, Inc.* 2,748 169,497
Intuit, Inc.* 2,104 92,597
Microsoft Corp. 33,381 891,607
Oracle Corp.* 19,089 261,901
Pixar, Inc.* 519 44,432
</Table>
The accompanying notes are an integral part of the financial statements.
47
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
Siebel Systems, Inc.* 5,314 $ 55,797
Symantec Corp.* 6,566 169,140
Veritas Software Corp.* 3,852 109,975
----------------
2,025,962
----------------
RETAIL -- 4.2%
Bed Bath & Beyond, Inc.* 3,613 143,906
Costco Wholesale Corp. 2,206 106,792
Dollar Tree Stores, Inc.* 971 27,848
Kmart Holding Corp.* 833 82,425
Petsmart, Inc. 1,290 45,834
Staples, Inc. 2,986 100,658
----------------
507,463
----------------
RETAIL - GROCERY -- 0.4%
Whole Foods Market, Inc. 546 52,061
----------------
RETAIL - INTERNET -- 0.9%
Amazon.com, Inc.* 2,419 107,138
----------------
TELEPHONE UTILITIES -- 0.7%
Level 3
Communications, Inc.* 6,044 20,489
MCI, Inc. 3,090 62,294
----------------
82,783
----------------
TRANSPORTATION -- 0.8%
Expeditors International of
Washington, Inc. 934 52,192
Robinson (C.H.)
Worldwide, Inc. 753 41,807
----------------
93,999
----------------
TOTAL EQUITIES
(COST $9,749,219) 12,056,843
----------------
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE
---------------- ----------------
SHORT-TERM INVESTMENTS -- 1.7%
REPURCHASE AGREEMENT -- 1.3%
Investors Bank & Trust
Company Repurchase
Agreement, dated
12/31/2004, 1.75%,
due 01/03/2005(a) $ 159,202 $ 159,202
----------------
U.S. TREASURY BILLS -- 0.4%
U.S. Treasury Bill**
2.140% 03/24/2005 50,000 49,760
----------------
TOTAL SHORT-TERM
INVESTMENTS
(COST $208,958) 208,962
----------------
TOTAL INVESTMENTS -- 100.4%
(COST $9,958,177)*** 12,265,805
OTHER ASSETS/
(LIABILITIES) -- (0.4%) (42,776)
----------------
NET ASSETS -- 100.0% $ 12,223,029
================
</Table>
NOTES TO PORTFOLIO OF INVESTMENTS
ADR - American Depository Receipt.
* Non-income producing security.
** This security is held as collateral for open futures contracts. (NOTE 2).
*** See Note 7 for aggregate cost for Federal tax purposes.
(a) Maturity value of $159,225. Collateralized by a U.S. Government Agency
obligation with a rate of 5.375%, maturity date of 01/25/2016 and an
aggregate market value, including accrued interest, of $167,162.
The accompanying notes are an integral part of the financial statements.
48
<Page>
MML SMALL CAP EQUITY FUND - PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2004
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
EQUITIES -- 95.3%
AIR TRANSPORTATION -- 1.1%
SkyWest, Inc.+ 56,800 $ 1,139,408
----------------
APPAREL, TEXTILES & SHOES -- 1.5%
Carter's, Inc.* + 44,900 1,526,151
----------------
BANKING, SAVINGS & LOANS -- 9.2%
Alabama National Bancorp 5,900 380,550
First Republic Bank 45,100 2,390,300
First State Bancorp 11,300 415,388
Hanmi Financial Corp. 41,300 1,484,322
Pacific Capital Bancorp 69,554 2,364,140
UMB Financial Corp. 8,400 475,944
Webster Financial Corp. 34,680 1,756,195
----------------
9,266,839
----------------
BROADCASTING, PUBLISHING & PRINTING -- 2.9%
Gray Television, Inc. 107,100 1,660,050
Lin TV Corp. Cl. A* 66,800 1,275,880
----------------
2,935,930
----------------
CHEMICALS -- 2.8%
MacDermid, Inc. 39,600 1,429,560
Spartech Corp. 52,500 1,422,225
----------------
2,851,785
----------------
COMMERCIAL SERVICES -- 6.0%
ADVO, Inc. 56,100 1,999,965
Arbitron, Inc.* 57,800 2,264,604
G&K Services, Inc. Cl. A 41,400 1,797,588
----------------
6,062,157
----------------
COMPUTER RELATED SERVICES -- 0.9%
eSpeed, Inc. Cl. A* 70,000 865,900
----------------
COSMETICS & PERSONAL CARE -- 0.6%
Revlon, Inc. Cl. A* 262,700 604,210
----------------
ELECTRICAL EQUIPMENT & ELECTRONICS -- 8.9%
Baldor Electric Co. 56,500 1,555,445
Cognex Corp. 52,800 1,473,120
Micrel, Inc.* + 136,400 1,503,128
Mykrolis Corp.* 143,400 2,031,978
Teleflex, Inc. 46,600 2,420,404
----------------
8,984,075
----------------
ENERGY -- 6.7%
Headwaters, Inc.* 45,400 1,293,900
Rowan Companies, Inc.* 36,100 934,990
St. Mary Land &
Exploration Co. 22,800 951,672
Unit Corp.* 48,500 1,853,185
W-H Energy Services, Inc.* 77,200 1,726,192
----------------
6,759,939
----------------
FINANCIAL SERVICES -- 10.5%
Chittenden Corp. 73,450 $ 2,110,219
Eaton Vance Corp. 61,500 3,207,225
Fidelity Bankshares, Inc. 37,100 1,586,396
Jefferies Group, Inc.+ 64,800 2,610,144
Piper Jaffray Cos.* 22,200 1,064,490
----------------
10,578,474
----------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES -- 1.8%
Fossil, Inc.* 72,350 1,855,054
----------------
HOUSEHOLD PRODUCTS -- 1.7%
Trex Company, Inc.* + 33,200 1,741,008
----------------
INDUSTRIAL - DIVERSIFIED -- 1.9%
Carlisle Companies, Inc. 29,300 1,902,156
----------------
INSURANCE -- 6.0%
The Commerce Group, Inc. 46,000 2,807,840
HCC Insurance Holdings, Inc. 50,500 1,672,560
IPC Holdings Limited 37,000 1,609,870
----------------
6,090,270
----------------
MACHINERY & COMPONENTS -- 13.1%
Actuant Corp. Cl. A* 33,500 1,747,025
Global Power Equipment
Group, Inc.* 202,800 1,995,552
Helix Technology Corp. 101,400 1,763,346
IDEX Corp. 56,300 2,280,150
Kaydon Corp.+ 74,000 2,443,480
Roper Industries, Inc. 49,200 2,989,884
----------------
13,219,437
----------------
MEDICAL SUPPLIES -- 4.5%
Coherent, Inc.* 58,900 1,792,916
Dionex Corp.* 28,500 1,615,095
Mine Safety Appliances Co. 21,900 1,110,330
----------------
4,518,341
----------------
METALS & MINING -- 0.2%
Foundation Coal
Holdings, Inc.* + 6,400 147,584
----------------
PHARMACEUTICALS -- 2.9%
Taro Pharmaceutical
Industries Limited* + 37,400 1,272,722
Valeant Pharmaceuticals
International+ 62,200 1,638,970
----------------
2,911,692
----------------
PREPACKAGED SOFTWARE -- 1.4%
Dendrite International, Inc.* 71,100 1,379,340
----------------
RESTAURANTS -- 1.3%
RARE Hospitality
International, Inc.* 42,000 $ 1,338,120
----------------
RETAIL -- 2.5%
Coldwater Creek, Inc.* 82,000 2,531,340
----------------
TELEPHONE UTILITIES -- 0.2%
Iowa Telecommunications
Services, Inc.+ 6,900 148,833
----------------
TRANSPORTATION -- 6.7%
Heartland Express, Inc. 115,415 2,593,375
Landstar System, Inc.* 37,000 2,724,680
Robinson (C.H.)
Worldwide, Inc.+ 26,700 1,482,384
----------------
6,800,439
----------------
TOTAL EQUITIES
(COST $69,160,640) 96,158,482
----------------
<Caption>
PRINCIPAL
AMOUNT
----------------
SHORT-TERM INVESTMENTS -- 17.4%
CASH EQUIVALENTS -- 12.1%**
American AAdvanage
Select Money
Market Fund 141,612 141,612
Bank of America
Bank Note
2.260% 02/15/2005 $ 105,793 105,793
Bank of America
Bank Note
2.270% 01/18/2005 246,849 246,849
Bank of America
Bank Note
2.270% 03/03/2005 458,434 458,434
Bank of America
Bank Note
2.300% 06/09/2005 246,849 246,849
Bank of Montreal
Eurodollar Time Deposit
2.125% 02/02/2005 107,556 107,556
Bank of Montreal
Eurodollar Time Deposit
2.260% 01/28/2005 111,759 111,759
BGI Institutional Money
Market Fund 1,269,510 1,269,510
BNP Paribas
Eurodollar Time Deposit
2.300% 01/03/2005 70,528 70,528
</Table>
The accompanying notes are an integral part of the financial statements.
49
<Page>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE
---------------- ----------------
Calyon
Eurodollar Time Deposit
2.435% 03/16/2005 $ 301,861 $ 301,861
Canadian Imperial Bank
of Commerce Bank Note
2.030% 05/18/2005 705,283 705,283
Citigroup
Eurodollar Time Deposit
2.080% 01/28/2005 276,824 276,824
Den Danske Bank
Eurodollar Time Deposit
2.260% 01/20/2005 423,170 423,170
Dexia Group
Eurodollar Time Deposit
2.040% 01/21/2005 141,057 141,057
Federal Home Loan Bank
Discount Note
2.184% 01/05/2005 438,084 438,084
Fortis Bank
Eurodollar Time Deposit
2.140% 01/12/2005 141,057 141,057
Fortis Bank
Eurodollar Time Deposit
2.200% 02/11/2005 105,793 105,793
Fortis Bank
Eurodollar Time Deposit
2.260% 01/05/2005 581,859 581,859
Freddie Mac
Discount Note
2.184% 01/04/2005 492,891 492,891
Freddie Mac
Discount Note
2.228% 02/01/2005 131,586 131,586
Freddie Mac
Discount Note
2.277% 02/01/2005 615,795 615,795
General Electric
Capital Corp.
2.294% 01/21/2005 200,818 200,818
General Electric
Capital Corp.
2.295% 01/10/2005 343,583 343,583
HBOS Halifax
Bank of Scotland
Eurodollar Time Deposit
2.025% 01/21/2005 162,215 162,215
Lloyds TSB Bank
Eurodollar Time Deposit
2.280% 02/02/2005 172,794 172,794
Merrill Lynch Premier
Institutional Money
Market Fund 232,744 232,744
Merrimac Cash Fund,
Premium Class 528,962 528,962
Morgan Stanley
Dean Witter & Co.
2.393% 07/19/2005 $ 465,487 $ 465,487
Royal Bank of Canada
Eurodollar Time Deposit
2.250% 01/19/2005 352,642 352,642
Royal Bank of Canada
Eurodollar Time Deposit
2.260% 02/01/2005 282,113 282,113
Royal Bank of Scotland
Eurodollar Time Deposit
2.015% 01/21/2005 406,948 406,948
Royal Bank of Scotland
Eurodollar Time Deposit
2.270% 02/02/2005 211,585 211,585
Royal Bank of Scotland
Eurodollar Time Deposit
2.360% 02/17/2005 35,264 35,264
Toronto Dominion Bank
Eurodollar Time Deposit
2.420% 03/01/2005 352,642 352,642
Wells Fargo
Eurodollar Time Deposit
2.270% 01/25/2005 88,160 88,160
Wells Fargo
Eurodollar Time Deposit
2.310% 01/28/2005 352,642 352,642
Wells Fargo
Eurodollar Time Deposit
2.320% 01/14/2005 844,929 844,929
----------------
12,147,678
----------------
REPURCHASE AGREEMENT -- 5.3%
Investors Bank & Trust
Company Repurchase
Agreement, dated
12/31/2004, 1.75%,
due 01/03/2005(a) 5,375,141 5,375,141
----------------
TOTAL SHORT-TERM
INVESTMENTS
(AT AMORTIZED COST) 17,522,819
----------------
TOTAL INVESTMENTS -- 112.7%
(COST $86,683,459)*** 113,681,301
OTHER ASSETS/
(LIABILITIES) -- (12.7%) (12,766,704)
----------------
NET ASSETS -- 100.0% $ 100,914,597
================
</Table>
NOTES TO PORTFOLIO OF INVESTMENTS
* Non-income producing security.
** Represents investments of security lending collateral. (NOTE 2).
*** See Note 7 for aggregate cost for Federal tax purposes.
+ Denotes all or a portion of security on loan.
(a) Maturity value of $5,375,925. Collaterized by U.S. Government Agency
obligation with a rate of 4.126%, maturity date of 02/01/2033, and an
aggregate market value, including accrued interest, of $5,643,898.
The accompanying notes are an integral part of the financial statements.
50
<Page>
MML SMALL COMPANY OPPORTUNITIES FUND - PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2004
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
EQUITIES -- 92.1%
AIR TRANSPORTATION -- 1.5%
Republic Airways
Holdings, Inc.* 72,400 $ 960,748
----------------
APPAREL, TEXTILES & SHOES -- 0.4%
Penn Engineering &
Manufacturing Corp. 12,800 231,680
----------------
BANKING, SAVINGS & LOANS -- 7.6%
Enterprise Financial
Services Corp.* 4,800 88,800
Financial Institutions, Inc. 21,100 490,575
First Republic Bank 32,600 1,727,800
First State Bancorp 21,900 805,044
Sterling Bancorp-NY 61,102 1,726,132
----------------
4,838,351
----------------
BROADCASTING, PUBLISHING & PRINTING -- 1.5%
Saga Communications,
Inc. Cl. A* 56,675 954,974
----------------
CHEMICALS -- 0.0%
American Vanguard Corp.+ 100 3,678
----------------
COMMERCIAL SERVICES -- 11.6%
Ambassadors Group, Inc. 46,700 1,662,987
American Bank Note
Holographics, Inc.* 65,900 207,585
Casella Waste Systems,
Inc. Cl. A* 49,100 718,824
Clean Harbors, Inc.* + 61,100 921,388
First Advantage Corp. Cl. A* 300 6,120
iPayment, Inc.* 18,200 901,264
Lo-Jack Corp.* 55,000 667,150
Multi-Color Corp.* 18,900 339,444
On Assignment, Inc.* 169,000 877,110
Team, Inc.* 65,800 1,023,190
----------------
7,325,062
----------------
COMPUTER INTEGRATED SYSTEMS DESIGN -- 2.2%
Ansoft Corp.* 48,400 977,680
SI International, Inc.* 13,500 415,260
----------------
1,392,940
----------------
DATA PROCESSING & PREPARATION -- 1.7%
HMS Holdings Corp.* 116,900 1,050,931
----------------
ELECTRICAL EQUIPMENT & ELECTRONICS -- 15.0%
Actel Corp.* 47,300 829,642
Axsys Technologies, Inc.* 58,450 1,027,551
AZZ, Inc.* 41,000 666,250
Bel Fuse, Inc. Cl. B 23,800 804,202
The Eastern Co. 48,100 962,000
EDO Corp. 37,600 $ 1,193,800
Mykrolis Corp.* 51,400 728,338
Nu Horizons
Electronics Corp.* 114,788 916,008
Ultralife Batteries, Inc.* 85,000 1,653,250
ZiLOG, Inc.* 91,750 734,000
----------------
9,515,041
----------------
ENERGY -- 2.3%
RPC, Inc. 58,100 1,459,472
----------------
ENTERTAINMENT & LEISURE -- 3.8%
Pinnacle
Entertainment, Inc.* 68,200 1,348,996
Steinway Musical
Instruments, Inc.* 36,300 1,050,522
----------------
2,399,518
----------------
FINANCIAL SERVICES -- 2.2%
Boston Private Financial
Holdings, Inc. 49,500 1,394,415
----------------
HEALTHCARE -- 4.1%
Bio-Imaging
Technologies, Inc.* + 141,400 774,872
Bio-Reference Labs, Inc.* 65,900 1,146,660
CorVel Corp.* 24,700 661,466
Life Sciences
Research, Inc.* 1,000 11,300
----------------
2,594,298
----------------
HEAVY MACHINERY -- 1.3%
Natural Gas Services
Group, Inc.* + 90,000 848,700
----------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES -- 3.1%
MITY Enterprises, Inc.* 40,886 614,925
Movado Group, Inc. 73,600 1,372,640
----------------
1,987,565
----------------
INSURANCE -- 5.8%
Donegal Group, Inc. Cl. A 46,700 1,070,831
EMC Insurance Group, Inc. 36,800 796,352
Safety Insurance Group, Inc. 58,800 1,831,620
----------------
3,698,803
----------------
MACHINERY & COMPONENTS -- 0.9%
Met-Pro Corp. 43,266 575,438
----------------
MEDICAL SUPPLIES -- 6.0%
ADE Corp.* + 32,500 608,400
Excel Technology, Inc.* 25,683 667,758
II-VI, Inc.* 21,000 892,290
Inficon Holding AG, ADR
(Switzerland)* 400 $ 3,000
MTS Medication
Technologies, Inc.* 29,500 217,415
Neogen Corp.* 61,425 1,391,276
----------------
3,780,139
----------------
METALS & MINING -- 1.8%
Foundation Coal
Holdings, Inc.* + 5,200 119,912
Gibraltar Industries, Inc. 44,150 1,042,823
----------------
1,162,735
----------------
PHARMACEUTICALS -- 1.1%
Stratagene Corp.* 87,800 680,450
----------------
PREPACKAGED SOFTWARE -- 2.5%
Moldflow Corp.* 100,400 1,596,360
----------------
REAL ESTATE -- 1.0%
United Capital Corp.* 27,500 622,875
----------------
RETAIL -- 3.7%
Big 5 Sporting Goods Corp. 48,800 1,422,032
Sportsman's Guide, Inc.* 40,800 918,000
----------------
2,340,032
----------------
TRANSPORTATION -- 11.0%
Knight Transportation, Inc. 57,325 1,421,660
Marine Products Corp. 50,600 1,321,166
Marten Transport Limited* 64,550 1,467,222
Old Dominion Freight
Line, Inc.* 49,600 1,726,080
Pegasus Solutions, Inc.* 35,744 450,374
Portec Rail Products, Inc. 53,160 552,864
----------------
6,939,366
----------------
TOTAL EQUITIES
(COST $45,545,473) 58,353,571
----------------
<Caption>
PRINCIPAL
AMOUNT
----------------
SHORT-TERM INVESTMENTS -- 11.3%
CASH EQUIVALENTS -- 3.3%**
American AAdvanage
Select Money
Market Fund 24,437 24,437
Bank of America
Bank Note
2.260% 02/15/2005 $ 18,256 18,256
Bank of America
Bank Note
2.270% 01/18/2005 42,596 42,596
</Table>
The accompanying notes are an integral part of the financial statements.
51
<Page>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE
---------------- ----------------
Bank of America
Bank Note
2.270% 03/03/2005 $ 79,107 $ 79,107
Bank of America
Bank Note
2.300% 06/09/2005 42,596 42,596
Bank of Montreal
Eurodollar Time Deposit
2.125% 02/02/2005 18,560 18,560
Bank of Montreal
Eurodollar Time Deposit
2.260% 01/28/2005 19,285 19,285
BGI Institutional Money
Market Fund 219,066 219,066
BNP Paribas
Eurodollar Time Deposit
2.300% 01/03/2005 12,170 12,170
Calyon
Eurodollar Time Deposit
2.435% 03/16/2005 52,089 52,089
Canadian Imperial Bank of
Commerce Bank Note
2.030% 05/18/2005 121,703 121,703
Citigroup
Eurodollar Time Deposit
2.080% 01/28/2005 47,769 47,769
Den Danske Bank
Eurodollar Time Deposit
2.260% 01/20/2005 73,022 73,022
Dexia Group
Eurodollar Time Deposit
2.040% 01/21/2005 24,341 24,341
Federal Home Loan
Bank Discount Note
2.184% 01/05/2005 75,596 75,596
Fortis Bank
Eurodollar Time Deposit
2.140% 01/12/2005 24,341 24,341
Fortis Bank
Eurodollar Time Deposit
2.200% 02/11/2005 18,256 18,256
Fortis Bank
Eurodollar Time Deposit
2.260% 01/05/2005 100,405 100,405
Freddie Mac
Discount Note
2.184% 01/04/2005 85,053 85,053
Freddie Mac
Discount Note
2.228% 02/01/2005 22,706 22,706
Freddie Mac
Discount Note
2.277% 02/01/2005 $ 106,261 $ 106,261
General Electric
Capital Corp.
2.294% 01/21/2005 34,653 34,653
General Electric
Capital Corp.
2.295% 01/10/2005 59,289 59,289
HBOS Halifax
Bank of Scotland
Eurodollar Time Deposit
2.025% 01/21/2005 27,992 27,992
Lloyds TSB Bank
Eurodollar Time Deposit
2.280% 02/02/2005 29,817 29,817
Merrill Lynch
Premier Institutional
Money Market Fund 40,162 40,162
Merrimac Cash Fund,
Premium Class 91,278 91,278
Morgan Stanley Dean
Witter & Co.
2.393% 07/19/2005 80,324 80,324
Royal Bank of Canada
Eurodollar Time Deposit
2.250% 01/19/2005 60,852 60,852
Royal Bank of Canada
Eurodollar Time Deposit
2.260% 02/01/2005 48,682 48,682
Royal Bank of Scotland
Eurodollar Time Deposit
2.015% 01/21/2005 70,222 70,222
Royal Bank of Scotland
Eurodollar Time Deposit
2.270% 02/02/2005 36,511 36,511
Royal Bank of Scotland
Eurodollar Time Deposit
2.360% 02/17/2005 6,085 6,085
Toronto Dominion Bank
Eurodollar Time Deposit
2.420% 03/01/2005 60,852 60,852
Wells Fargo
Eurodollar Time Deposit
2.270% 01/25/2005 15,213 15,213
Wells Fargo
Eurodollar Time Deposit
2.310% 01/28/2005 60,852 60,852
Wells Fargo
Eurodollar Time Deposit
2.320% 01/14/2005 145,801 145,801
----------------
2,096,200
----------------
REPURCHASE AGREEMENT -- 8.0%
Investors Bank & Trust
Company Repurchase
Agreement, dated
12/31/2004, 1.75%,
due 01/03/2005(a) $ 5,053,706 $ 5,053,706
----------------
TOTAL SHORT-TERM
INVESTMENTS
(AT AMORTIZED COST) 7,149,906
----------------
TOTAL INVESTMENTS -- 103.4%
(COST $52,695,379)*** 65,503,477
OTHER ASSETS/
(LIABILITIES) -- (3.4%) (2,172,403)
----------------
NET ASSETS -- 100.0% $ 63,331,074
================
</Table>
NOTES TO PORTFOLIO OF INVESTMENTS
ADR - American Depository Receipt.
* Non-income producing security.
** Represents investments of security lending collateral. (NOTE 2).
*** See Note 7 for aggregate cost for Federal tax purposes.
+ Denotes all or a portion of security on loan.
(a) Maturity value of $5,054,443. Collateralized by U.S. Government Agency
obligation with a rate of 5.70%, maturity date of 03/25/2018, and an
aggregate market value, including accrued interest, of $5,306,391.
The accompanying notes are an integral part of the financial statements.
52
<Page>
MML SMALL CAP GROWTH EQUITY FUND - PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2004
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
EQUITIES -- 92.4%
ADVERTISING -- 1.8%
Catalina Marketing Corp. 7,400 $ 219,262
Getty Images, Inc.* + 13,175 907,099
----------------
1,126,361
----------------
AIR TRANSPORTATION -- 1.0%
Airtran Holdings, Inc.* + 21,900 234,330
AMR Corp.* + 19,800 216,810
Forward Air Corp.* 1,280 57,216
Gol Linhas
Aereas Inteligentes
SA ADR (Brazil)* 2,630 83,844
----------------
592,200
----------------
APPAREL, TEXTILES & SHOES -- 0.5%
HOT Topic, Inc.* 2,330 40,053
Quiksilver, Inc.* 8,970 267,216
----------------
307,269
----------------
AUTOMOTIVE & PARTS -- 1.0%
LKQ Corp.* 21,172 424,922
Visteon Corp.+ 22,000 214,940
----------------
639,862
----------------
BANKING, SAVINGS & LOANS -- 5.2%
Advanta Corp. Cl. B 11,700 283,959
Amcore Financial, Inc. 7,190 231,374
City National Corp. 5,100 360,315
Financial Federal Corp.* 25,725 1,008,420
Hancock Holding Co. 4,700 157,262
Providian
Financial Corp.* + 16,800 276,696
Southwest Bancorp. of
Texas, Inc. 23,400 544,986
UMB Financial Corp. 2,100 118,986
Westcorp 4,900 225,057
----------------
3,207,055
----------------
BEVERAGES -- 0.1%
Peet's Coffee & Tea, Inc.* 2,080 55,058
----------------
BROADCASTING, PUBLISHING & PRINTING -- 0.9%
LodgeNet
Entertainment Corp.* 10,400 183,976
Playboy Enterprises,
Inc. Cl. B* 15,600 191,724
TiVo, Inc.* + 30,610 179,681
----------------
555,381
----------------
BUILDING MATERIALS & CONSTRUCTION -- 0.1%
Eagle Materials, Inc. 960 82,896
----------------
CHEMICALS -- 1.9%
Cytec Industries, Inc. 3,825 $ 196,681
Hercules, Inc.* 16,310 242,203
Minerals Technologies, Inc. 3,300 220,110
The Scotts Co. Cl. A* 7,300 536,696
----------------
1,195,690
----------------
COMMERCIAL SERVICES -- 9.1%
The Advisory Board Co.* 1,790 66,015
ADVO, Inc. 7,300 260,245
The Corporate Executive
Board Co. 15,250 1,020,835
DiamondCluster
International, Inc. Cl. A* 2,130 30,523
Exelixis, Inc.* 24,190 229,805
Fluor Corp. 4,300 234,393
Harris Interactive, Inc.* 25,000 197,500
Incyte Corp.* + 23,900 238,761
ITT Educational
Services, Inc.* + 21,750 1,034,213
Jackson Hewitt Tax
Service, Inc. 2,540 64,135
Navigant Consulting, Inc.* 2,920 77,672
Netease.com,
Inc. Sponsored
ADR (China)* + 9,200 486,036
Opsware, Inc.* + 28,700 210,658
Stericycle, Inc.* 14,310 657,545
Strayer Education, Inc. 720 79,049
Vertrue, Inc.* 12,850 485,345
Washington Group
International, Inc.* 6,560 270,600
----------------
5,643,330
----------------
COMMUNICATIONS -- 2.2%
American Tower
Corp. Cl. A* 10,070 185,288
AudioCodes Limited* 2,730 45,345
Crown Castle
International Corp.* 11,090 184,538
EFJ, Inc.* 4,070 39,276
Openwave Systems, Inc.* 29,400 454,524
Polycom, Inc.* 4,020 93,746
Spectrasite, Inc.* 1,240 71,796
Westell Technologies,
Inc. Cl. A* 44,100 299,880
----------------
1,374,393
----------------
COMPUTER INTEGRATED SYSTEMS DESIGN -- 1.8%
Avid Technology, Inc.* 13,000 802,750
F5 Networks, Inc.* 900 43,848
IDX Systems Corp.* 7,300 251,558
----------------
1,098,156
----------------
COMPUTER RELATED SERVICES -- 3.7%
Acxiom Corp. 18,260 $ 480,238
Checkfree Corp.* 36,892 1,404,847
Ingram Micro, Inc. Cl. A* 15,600 324,480
Kanbay International, Inc.* 1,750 54,775
Sierra Wireless* 1,680 29,702
----------------
2,294,042
----------------
COMPUTERS & INFORMATION -- 1.4%
Extreme Networks, Inc.* 29,600 193,880
Mikohn Gaming Corp.* 2,770 28,309
Scientific Games
Corp. Cl. A* 26,150 623,416
----------------
845,605
----------------
CONTAINERS -- 0.4%
Pactiv Corp.* 9,500 240,255
----------------
COSMETICS & PERSONAL CARE -- 0.3%
Nu Skin Enterprises,
Inc. Cl. A 8,400 213,192
----------------
DATA PROCESSING & PREPARATION -- 1.9%
The BISYS Group, Inc.* 14,100 231,945
CSG Systems
International, Inc.* 2,150 40,205
Factset Research
Systems, Inc.+ 15,775 921,891
----------------
1,194,041
----------------
ELECTRICAL EQUIPMENT & ELECTRONICS -- 7.2%
Aeroflex, Inc.* 8,390 101,687
Agere Systems, Inc. Cl. A* 173,100 237,147
Benchmark
Electronics, Inc.* + 5,700 194,370
Cree, Inc.* + 23,150 927,852
ESCO Technologies, Inc.* 1,060 81,249
Fairchild Semiconductor
International, Inc. Cl. A* 4,220 68,617
FuelCell Energy, Inc.* + 18,680 184,932
Gentex Corp.+ 20,400 755,208
Graftech
International Limited* 6,830 64,612
MEMC Electronic
Materials, Inc.* 9,080 120,310
Microsemi Corp.* 4,190 72,738
Moog, Inc. Cl. A* 6,590 298,857
ON Semiconductor Corp.* 56,800 257,872
SBS Technologies, Inc.* 4,740 66,170
Semtech Corp.* 3,070 67,141
Teledyne
Technologies, Inc.* 7,100 208,953
Visx, Inc.* 28,900 747,643
----------------
4,455,358
----------------
</Table>
The accompanying notes are an integral part of the financial statements.
53
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
ENERGY -- 3.7%
Arch Coal, Inc. 2,100 $ 74,634
Cabot Oil & Gas Corp. Cl. A 1,330 58,853
CAL Dive
International, Inc.* 2,700 110,025
Grey Wolf, Inc.* 58,300 307,241
Newfield Exploration Co.* 12,450 735,173
Patina Oil & Gas Corp. 1,400 52,500
Premcor, Inc. 2,600 109,642
Range Resources Corp. 2,560 52,378
TETRA Technologies, Inc.* 9,000 254,700
UGI Corp. 5,400 220,914
Vintage Petroleum, Inc. 10,300 233,707
Whiting Petroleum Corp.* 2,100 63,525
----------------
2,273,292
----------------
ENTERTAINMENT & LEISURE -- 0.4%
Churchill Downs, Inc. 4,400 196,680
Lions Gate
Entertainment Corp.* 5,450 57,879
----------------
254,559
----------------
FINANCIAL SERVICES -- 3.1%
Affiliated Managers
Group, Inc.* + 4,550 308,217
The Chicago
Mercantile Exchange+ 3,600 823,320
IndyMac Bancorp, Inc. 8,010 275,945
Investment Technology
Group, Inc.* 15,050 301,000
Spirit Finance Corp. REIT* 590 7,464
Ventas, Inc. 7,400 202,834
----------------
1,918,780
----------------
FOODS -- 1.7%
The J.M. Smucker Co. 12,650 595,436
Panera Bread Co. Cl. A* + 10,650 429,408
Wild Oats Markets, Inc.* 1,000 8,810
----------------
1,033,654
----------------
HEALTHCARE -- 8.9%
Allscripts Healthcare
Solutions, Inc.* 27,029 288,399
American
Healthways, Inc.* + 29,700 981,288
AmSurg Corp.* 33,450 988,113
Genesis HealthCare Corp.* 11,040 386,731
Human Genome
Sciences, Inc.* 22,820 274,296
Humana, Inc.* 14,700 436,443
Manor Care, Inc. 8,500 301,155
Matria Healthcare, Inc.* + 6,100 238,327
Odyssey Healthcare, Inc.* + 51,600 705,888
Psychiatric
Solutions, Inc.* 4,900 179,144
Symbion, Inc.* 3,220 $ 71,098
Triad Hospitals, Inc.* 9,600 357,216
VCA Antech, Inc.* 15,250 298,900
----------------
5,506,998
----------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES -- 1.7%
Fossil, Inc.* 26,000 666,640
Furniture Brands
International, Inc.+ 7,925 198,521
Helen of Troy Limited* 2,310 77,639
Standard-Pacific Corp. 1,490 95,569
Tempur-Pedic
International, Inc.* 1,730 36,676
----------------
1,075,045
----------------
HOUSEHOLD PRODUCTS -- 0.4%
Ferro Corp. 8,900 206,391
Jarden Corp.* 820 35,621
----------------
242,012
----------------
INFORMATION RETRIEVAL SERVICES -- 1.7%
Agile Software Corp.* 25,590 209,070
CoStar Group, Inc.* + 12,100 558,778
Intergraph Corp.* + 11,450 308,349
----------------
1,076,197
----------------
INSURANCE -- 0.6%
American Equity
Investment Life
Holding Co. 3,310 35,649
Arch Capital
Group Limited* 1,240 47,988
HealthExtras, Inc.* 1,580 25,754
Platinum Underwriters
Holdings Limited 1,310 40,741
Reinsurance Group of
America, Inc. 4,500 218,025
USI Holdings Corp.* 1,100 12,727
----------------
380,884
----------------
INTERNET SOFTWARE -- 0.3%
webMethods, Inc.* 22,900 165,109
----------------
LODGING -- 2.4%
Aztar Corp.* 6,300 219,996
La Quinta Corp.* 30,160 274,154
Vail Resorts, Inc.* 44,800 1,004,416
----------------
1,498,566
----------------
MACHINERY & COMPONENTS -- 2.4%
Agco Corp.* 11,600 253,924
Chicago Bridge &
Iron Co. NV 14,700 588,000
Global Power Equipment
Group, Inc.* + 15,400 151,536
Kennametal, Inc. 4,100 $ 204,057
Techtronic Industries Co.
Sponsored ADR
(Hong Kong) 27,280 297,447
----------------
1,494,964
----------------
MEDICAL SUPPLIES -- 2.6%
Arrow International, Inc. 6,300 195,237
CONMED Corp.* 7,500 213,150
CTI Molecular
Imaging, Inc.* 18,000 255,420
Foxhollow
Technologies, Inc.* 410 10,082
Kensey Nash Corp.* + 6,100 210,633
PSS World Medical, Inc.* 18,600 232,779
Resmed, Inc.* + 7,850 401,135
Respironics, Inc.* 810 44,032
Zoll Medical Corp.* 1,410 48,504
----------------
1,610,972
----------------
METALS & MINING -- 1.0%
Carpenter Technology 6,220 363,621
Precision Castparts Corp. 3,600 236,448
----------------
600,069
----------------
PHARMACEUTICALS -- 4.2%
Abgenix, Inc.* 20,910 216,209
Alkermes, Inc.* + 14,920 210,223
Amylin
Pharmaceuticals, Inc.* + 11,140 260,230
Angiotech
Pharmaceuticals, Inc.* 11,600 214,020
Atherogenics, Inc.* 2,270 53,481
Encysive
Pharmaceuticals, Inc.* 3,370 33,464
EPIX
Pharmaceuticals, Inc.* 22,400 401,184
Eyetech
Pharmaceuticals, Inc.* 830 37,765
ICOS Corp.* 1,580 44,682
Impax Laboratories, Inc.* 2,830 44,940
Martek Biosciences Corp.* 13,400 686,080
The Medicines Co.* + 9,830 283,104
Neurocrine
Biosciences, Inc.* 670 33,031
NPS Pharmaceuticals, Inc.* 1,990 36,377
Salix Pharmaceuticals
Limited* 2,370 41,688
----------------
2,596,478
----------------
PREPACKAGED SOFTWARE -- 8.1%
Blackboard, Inc.* + 22,900 339,149
Cerner Corp.* + 18,125 963,706
Dendrite
International, Inc.* 52,150 1,011,710
</Table>
The accompanying notes are an integral part of the financial statements.
54
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
EPIQ Systems, Inc.* + 16,440 $ 240,682
Hyperion Solutions Corp.* 4,800 223,776
MicroStrategy, Inc. Cl. A* 9,700 584,425
Motive, Inc.* + 13,700 155,906
NAVTEQ Corp.* 1,470 68,149
Red Hat, Inc.* + 16,100 214,935
Salesforce.com, Inc.* 4,210 71,317
Seebeyond
Technology Corp.* 13,700 49,046
Take-Two Interactive
Software, Inc.* + 27,930 971,685
THQ, Inc.* 4,100 94,054
Verint Systems, Inc.* 1,680 61,034
----------------
5,049,574
----------------
REAL ESTATE -- 0.2%
CB Richard Ellis
Group, Inc. Cl. A* 3,390 113,735
----------------
RESTAURANTS -- 0.7%
Landry's Restaurants, Inc. 1,620 47,077
RARE Hospitality
International, Inc.* 9,670 308,086
Red Robin Gourmet
Burgers, Inc.* 1,350 72,185
----------------
427,348
----------------
RETAIL -- 3.4%
A.C. Moore Arts &
Crafts, Inc.* 2,690 77,499
Borders Group, Inc. 9,300 236,220
Electronics Boutique
Holdings Corp.* 460 19,752
Foot Locker, Inc. 15,800 425,494
Insight Enterprises, Inc.* 3,450 70,794
Men's Wearhouse, Inc.* 2,430 77,663
O'Reilly
Automotive, Inc.* + 16,345 736,342
Stamps.com, Inc. 11,250 178,200
Tuesday Morning Corp.* 9,200 281,796
----------------
2,103,760
----------------
TELEPHONE UTILITIES -- 0.9%
General Communication,
Inc. Cl. A* 21,200 234,048
Nextel Partners,
Inc. Cl. A* + 11,700 228,618
Novatel Wireless, Inc.* 1,990 38,566
Rural Cellular
Corp. Cl. A* + 9,900 61,667
----------------
562,899
----------------
TRANSPORTATION -- 3.5%
Arkansas Best Corp. 1,946 87,356
CNF, Inc. 4,200 210,420
Fleetwood
Enterprises, Inc.* 4,200 $ 56,532
J.B. Hunt Transport
Services, Inc. 21,400 959,790
Kansas City Southern* + 33,025 585,533
Knight Transportation, Inc. 1,970 48,856
OMI Corp. 1,900 32,015
Sirva, Inc.* 4,700 90,334
Yellow Roadway Corp.* 1,760 98,050
----------------
2,168,886
----------------
TOTAL EQUITIES
(COST $43,340,948) 57,273,925
----------------
<Caption>
PRINCIPAL
AMOUNT
----------------
SHORT-TERM INVESTMENTS -- 31.6%
CASH EQUIVALENTS -- 23.0%**
American AAdvanage
Select Money
Market Fund 166,068 166,068
Bank of America
Bank Note
2.260% 02/15/2005 $ 124,063 124,063
Bank of America
Bank Note
2.270% 01/18/2005 289,481 289,481
Bank of America
Bank Note
2.270% 03/03/2005 537,608 537,608
Bank of America
Bank Note
2.300% 06/09/2005 289,481 289,481
Bank of Montreal
Eurodollar Time Deposit
2.125% 02/02/2005 126,130 126,130
Bank of Montreal
Eurodollar Time Deposit
2.260% 01/28/2005 131,058 131,058
BGI Institutional Money
Market Fund 1,488,761 1,488,761
BNP Paribas
Eurodollar Time Deposit
2.300% 01/03/2005 82,709 82,709
Calyon
Eurodollar Time Deposit
2.435% 03/16/2005 353,994 353,994
Canadian Imperial Bank
of Commerce Bank Note
2.030% 05/18/2005 827,089 827,089
Citigroup
Eurodollar Time Deposit
2.080% 01/28/2005 324,633 324,633
Den Danske Bank
Eurodollar Time Deposit
2.260% 01/20/2005 $ 496,254 $ 496,254
Dexia Group
Eurodollar Time Deposit
2.040% 01/21/2005 165,418 165,418
Federal Home Loan Bank
Discount Note
2.184% 01/05/2005 513,744 513,744
Fortis Bank
Eurodollar Time Deposit
2.140% 01/12/2005 165,418 165,418
Fortis Bank
Eurodollar Time Deposit
2.200% 02/11/2005 124,064 124,064
Fortis Bank
Eurodollar Time Deposit
2.260% 01/05/2005 682,349 682,349
Freddie Mac
Discount Note
2.184% 01/04/2005 578,017 578,017
Freddie Mac
Discount Note
2.228% 02/01/2005 154,312 154,312
Freddie Mac
Discount Note
2.277% 02/01/2005 722,147 722,147
General Electric
Capital Corp.
2.294% 01/21/2005 235,500 235,500
General Electric
Capital Corp.
2.295% 01/10/2005 402,922 402,922
HBOS Halifax
Bank of Scotland
Eurodollar Time Deposit
2.025% 01/21/2005 190,231 190,231
Lloyds TSB Bank
Eurodollar Time Deposit
2.280% 02/02/2005 202,637 202,637
Merrill Lynch Premier
Institutional Money
Market Fund 272,941 272,941
Merrimac Cash Fund,
Premium Class 620,317 620,317
Morgan Stanley Dean
Witter & Co.
2.393% 07/19/2005 545,879 545,879
Royal Bank of Canada
Eurodollar Time Deposit
2.250% 01/19/2005 413,545 413,545
Royal Bank of Canada
Eurodollar Time Deposit
2.260% 02/01/2005 330,837 330,837
</Table>
The accompanying notes are an integral part of the financial statements.
55
<Page>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE
---------------- ----------------
Royal Bank of Scotland
Eurodollar Time Deposit
2.015% 01/21/2005 $ 477,230 $ 477,230
Royal Bank of Scotland
Eurodollar Time Deposit
2.270% 02/02/2005 248,127 248,127
Royal Bank of Scotland
Eurodollar Time Deposit
2.360% 02/17/2005 41,354 41,354
Toronto Dominion Bank
Eurodollar Time Deposit
2.420% 03/01/2005 413,545 413,545
Wells Fargo
Eurodollar Time Deposit
2.270% 01/25/2005 103,386 103,386
Wells Fargo
Eurodollar Time Deposit
2.310% 01/28/2005 413,545 413,545
Wells Fargo
Eurodollar Time Deposit
2.320% 01/14/2005 990,854 990,854
----------------
14,245,648
----------------
REPURCHASE AGREEMENT -- 8.6%
Investors Bank & Trust
Company Repurchase
Agreement, dated
12/31/2004, 1.75%,
due 01/03/2005(a) 5,346,782 5,346,782
----------------
TOTAL SHORT-TERM INVESTMENTS
(AT AMORTIZED COST) 19,592,430
----------------
TOTAL INVESTMENTS -- 124.0%
(COST $62,933,378)*** 76,866,355
OTHER ASSETS/
(LIABILITIES) -- (24.0%) (14,857,367)
----------------
NET ASSETS -- 100.0% $ 62,008,988
================
</Table>
NOTES TO PORTFOLIO OF INVESTMENTS
ADR - American Depository Receipt.
* Non-income producing security.
** Represents investments of security lending collateral. (NOTE 2).
*** See Note 7 for aggregate cost for Federal tax purposes.
+ Denotes all or a portion of security on loan.
(a) Maturity value of $5,347,562. Collateralized by U.S. Government Agency
obligation with a rate of 5.125%, maturity date of 09/25/2022, and an
aggregate market value, including accrued interest, of $5,614,121.
The remainder of this page is intentionally left blank.
The accompanying notes are an integral part of the financial statements.
56
<Page>
MML EMERGING GROWTH FUND - PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2004
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
EQUITIES -- 94.9%
ADVERTISING -- 1.7%
Jupitermedia Corp.* 3,000 $ 71,340
Valueclick, Inc.* 13,120 174,890
----------------
246,230
----------------
AEROSPACE & DEFENSE -- 0.6%
Engineered Support
Systems, Inc. 1,420 84,092
----------------
AIR TRANSPORTATION -- 0.4%
Forward Air Corp.* 1,300 58,110
----------------
APPAREL, TEXTILES & SHOES -- 4.6%
American Eagle
Outfitters, Inc. 930 43,803
bebe stores, inc. 8,188 220,899
Deckers Outdoor Corp.* 3,890 182,791
Oxford Industries, Inc. 1,710 70,623
Urban Outfitters, Inc.* 3,110 138,084
----------------
656,200
----------------
BANKING, SAVINGS & LOANS -- 3.4%
Advance America Cash
Advance Centers, Inc.* 390 8,931
Commercial Capital
Bancorp, Inc. 4,940 114,509
Community Bancorp/NV* 50 1,530
Nara Bancorp, Inc. 4,150 88,270
PrivateBancorp, Inc. 2,700 87,021
Signature Bank* 1,500 48,540
Silicon Valley Bancshares* 2,850 127,737
----------------
476,538
----------------
BUILDING MATERIALS & CONSTRUCTION -- 1.6%
Chemed Corp. 2,110 141,602
Merge Technologies, Inc.* 3,500 77,875
----------------
219,477
----------------
COMMERCIAL SERVICES -- 11.1%
Aaron Rents, Inc. 3,085 77,125
Arbinet-thexchange, Inc.* 310 7,703
Bright Horizons Family
Solutions, Inc.* 1,760 113,978
eResearch
Technology, Inc.* 180 2,853
Global Payments, Inc. 2,130 124,690
Greenfield Online, Inc.* 6,740 148,213
Heidrick & Struggles
International, Inc.* 3,320 113,776
Huron Consulting
Group, Inc.* 990 21,978
Magellan Health
Services, Inc.* 1,610 $ 54,998
Marlin Business
Services Corp.* 3,530 67,070
MPS Group, Inc.* 12,190 149,449
Navigant Consulting, Inc.* 8,510 226,366
Netease.com, Inc.
Sponsored ADR (China)* 2,440 128,905
Resources
Connection, Inc.* 2,320 125,999
Universal Technical
Institute, Inc.* 2,800 106,736
Wind River Systems, Inc.* 7,000 94,850
----------------
1,564,689
----------------
COMMUNICATIONS -- 2.7%
Alvarion Limited* 3,200 42,496
AudioCodes Limited* 5,790 96,172
InPhonic, Inc.* 1,360 37,373
Lifeline Systems, Inc.* 3,070 79,083
Openwave Systems, Inc.* 8,440 130,482
----------------
385,606
----------------
COMPUTER INTEGRATED SYSTEMS DESIGN -- 0.9%
F5 Networks, Inc.* 660 32,155
Mercury Computer
Systems, Inc.* 2,130 63,218
Sapient Corp.* 4,350 34,408
----------------
129,781
----------------
COMPUTER PROGRAMMING SERVICES -- 3.2%
CACI International,
Inc. Cl. A* 1,500 102,195
Innovative Solutions &
Support, Inc.* 1,040 34,694
Jamdat Mobile, Inc.* 3,740 77,231
Macromedia, Inc.* 4,460 138,795
Shanda Interactive
Entertainment Limited
ADR (Cayman Islands)* 2,230 94,775
----------------
447,690
----------------
COMPUTER RELATED SERVICES -- 1.4%
Checkfree Corp.* 2,080 79,206
CNET Networks, Inc.* 10,140 113,872
----------------
193,078
----------------
COMPUTERS & INFORMATION -- 2.9%
Emulex Corp.* 1,500 25,260
M-Systems Flash Disk
Pioneers Limited* 8,250 162,690
PalmOne, Inc.* 2,730 86,131
Scientific Games
Corp. Cl. A* 5,710 $ 136,126
----------------
410,207
----------------
ELECTRICAL EQUIPMENT & ELECTRONICS -- 8.8%
August Technology Corp.* 7,310 76,974
California Micro
Devices Corp.* 1,780 12,620
Cascade Microtech, Inc.* 260 3,489
Ceradyne, Inc.* 1,755 100,404
Credence Systems Corp.* 4,880 44,652
Cree, Inc.* 1,040 41,683
DRS Technologies, Inc.* 3,060 130,693
FormFactor, Inc.* 2,550 69,207
Ixia* 7,120 119,687
O2Micro
International Limited* 6,170 70,585
Photon Dynamics, Inc.* 3,680 89,350
Power Integrations, Inc.* 2,590 51,230
Sigmatel, Inc.* 3,010 106,945
Skyworks Solutions, Inc.* 1,910 18,011
Synaptics, Inc.* 1,710 52,292
Tessera
Technologies, Inc.* 3,790 141,026
Virage Logic Corp.* 6,510 120,891
----------------
1,249,739
----------------
ENERGY -- 2.6%
CAL Dive
International, Inc.* 2,290 93,318
Denbury Resources, Inc.* 4,720 129,564
Superior Energy
Services, Inc.* 1,560 24,040
Unit Corp.* 3,340 127,621
----------------
374,543
----------------
FINANCIAL SERVICES -- 3.7%
Accredited Home Lenders
Holding Co.* 1,710 84,952
Affiliated Managers
Group, Inc.* 2,300 155,802
Boston Private Financial
Holdings, Inc. 4,820 135,779
East West Bancorp, Inc. 1,500 62,940
First Cash Financial
Services, Inc.* 3,265 87,208
----------------
526,681
----------------
HEALTHCARE -- 3.3%
American
Healthways, Inc.* 4,250 140,420
Matria Healthcare, Inc.* 3,680 143,778
</Table>
The accompanying notes are an integral part of the financial statements.
57
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE
---------------- ----------------
United Surgical Partners
International, Inc.* 3,740 $ 155,958
VistaCare, Inc. Cl. A* 1,970 32,761
----------------
472,917
----------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES -- 0.3%
Miller (Herman), Inc. 1,620 44,761
----------------
INFORMATION RETRIEVAL SERVICES -- 2.9%
Ask Jeeves, Inc.* 4,450 119,038
CoStar Group, Inc.* 880 40,638
Digital River, Inc.* 2,010 83,636
Infospace, Inc.* 3,410 162,146
----------------
405,458
----------------
INSURANCE -- 3.0%
AMERIGROUP Corp.* 1,890 142,997
Centene Corp.* 3,420 96,957
HealthExtras, Inc.* 5,780 94,214
ProAssurance Corp.* 670 26,204
Tower Group, Inc. 5,240 62,880
----------------
423,252
----------------
INTERNET SOFTWARE -- 1.2%
WebEx
Communications, Inc.* 7,110 169,076
----------------
LODGING -- 1.9%
Four Seasons Hotels, Inc. 2,020 165,216
Las Vegas Sands Corp.* 50 2,400
Station Casinos, Inc. 1,870 102,252
----------------
269,868
----------------
MACHINERY & COMPONENTS -- 2.0%
Axcelis Technologies, Inc.* 3,990 32,439
Grant Prideco, Inc.* 7,420 148,771
IDEX Corp. 930 37,665
Ultratech, Inc.* 3,370 63,525
----------------
282,400
----------------
MEDICAL SUPPLIES -- 4.6%
Advanced Neuromodulation
Systems, Inc.* 1,500 59,191
American Medical Systems
Holdings, Inc.* 2,285 95,536
Armor Holdings, Inc.* 2,300 108,146
BEI Technologies, Inc. 2,540 78,435
I-Flow Corp.* 1,970 35,913
Intuitive Surgical, Inc.* 2,830 113,257
Laserscope* 2,960 106,294
Ventana Medical
Systems, Inc.* 830 53,112
----------------
649,884
----------------
METALS & MINING -- 0.7%
Maverick Tube Corp.* 3,420 103,626
----------------
PHARMACEUTICALS -- 12.4%
Able Laboratories, Inc.* 5,600 127,400
Alexion
Pharmaceuticals, Inc.* 7,000 $ 176,400
Angiotech
Pharmaceuticals, Inc.* 7,750 142,988
Atherogenics, Inc.* 2,570 60,549
Bone Care
International, Inc.* 2,600 72,410
CV Therapeutics, Inc.* 2,770 63,710
Cypress Bioscience, Inc.* 5,450 76,627
Discovery
Laboratories, Inc.* 13,380 106,103
EPIX
Pharmaceuticals, Inc.* 4,100 73,431
First Horizon
Pharmaceutical Corp.* 2,150 49,214
Inspire
Pharmaceuticals, Inc.* 6,070 101,794
The Medicines Co.* 1,500 43,200
Nabi Biopharmaceuticals* 8,820 129,213
NitroMed, Inc.* 2,750 73,288
Nuvelo, Inc.* 7,420 73,087
Orchid Biosciences, Inc.* 1,440 16,560
QLT, Inc.* 3,480 55,958
Rigel
Pharmaceuticals, Inc.* 5,290 129,182
Salix
Pharmaceuticals Limited* 4,985 87,686
Theravance, Inc.* 2,850 51,015
Vaxgen, Inc.* 2,160 36,720
----------------
1,746,535
----------------
PHOTOGRAPHY EQUIPMENT/SUPPLIES -- 0.8%
Sonic Solutions, Inc.* 5,220 117,137
----------------
PREPACKAGED SOFTWARE -- 4.8%
Altiris, Inc.* 4,360 154,475
Dendrite
International, Inc.* 5,450 105,730
Epicor Software Corp.* 7,220 101,730
FalconStor Software, Inc.* 930 8,900
MicroStrategy, Inc. Cl. A* 1,530 92,183
Open Solutions, Inc.* 3,160 82,034
Quest Software, Inc.* 4,460 71,137
THQ, Inc.* 2,440 55,974
----------------
672,163
----------------
REAL ESTATE -- 0.0%
Housevalues, Inc.* 310 4,656
----------------
RESTAURANTS -- 1.6%
P.F. Chang's China
Bistro, Inc.* 1,610 90,724
RARE Hospitality
International, Inc.* 4,150 132,219
----------------
222,943
----------------
RETAIL -- 1.0%
GSI Commerce, Inc.* 3,430 60,985
Kenneth Cole Productions,
Inc. Cl. A 2,390 $ 73,755
----------------
134,740
----------------
RETAIL - INTERNET -- 1.2%
Priceline.com, Inc.* 7,353 173,457
----------------
TELEPHONE UTILITIES -- 1.8%
j2 Global
Communications, Inc.* 3,740 129,030
Novatel Wireless, Inc.* 6,130 118,799
----------------
247,829
----------------
TOYS, GAMES -- 0.7%
K2, Inc.* 5,990 95,121
----------------
TRANSPORTATION -- 1.1%
Old Dominion Freight
Line, Inc.* 2,180 75,864
UTI Worldwide, Inc. 1,190 80,944
----------------
156,808
----------------
TOTAL EQUITIES
(COST $11,424,870) 13,415,292
----------------
<Caption>
PRINCIPAL
AMOUNT
----------------
SHORT-TERM INVESTMENTS -- 7.5%
REPURCHASE AGREEMENT
Investors Bank & Trust
Company Repurchase
Agreement, dated
12/31/2004, 1.75%,
due 01/03/2005(a) $ 1,060,566 1,060,566
----------------
TOTAL SHORT-TERM INVESTMENTS
(AT AMORTIZED COST) 1,060,566
----------------
TOTAL INVESTMENTS -- 102.4%
(COST $12,485,436)** 14,475,858
OTHER ASSETS/
(LIABILITIES) -- (2.4%) (339,952)
----------------
NET ASSETS -- 100.0% $ 14,135,906
================
</Table>
NOTES TO PORTFOLIO OF INVESTMENTS
ADR - American Depository Receipt.
* Non-income producing security.
** See Note 7 for aggregate cost for Federal tax purposes.
(a) Maturity value of $1,060,721. Collaterized by U.S. Government Agency
obligation with a rate of 2.903%, maturity date of 04/15/2028, and an
aggregate market value, including accrued interest, of $1,114,071.
The accompanying notes are an integral part of the financial statements.
58
<Page>
[This page is intentionally left blank.]
<Page>
MML SERIES INVESTMENT FUND - FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2004
<Table>
<Caption>
MML MML MML MML
INFLATION-PROTECTED LARGE CAP EQUITY ENHANCED INDEX
BOND VALUE INDEX CORE EQUITY
FUND FUND FUND FUND
------------------- -------------- -------------- --------------
ASSETS:
Investments, at value (NOTE 2)(a) $ 86,542,943 $ 76,631,003 $ 403,171,478 $ 18,144,647
Short-term investments, at value (NOTE 2)(b) 2,188,832 12,173,159 30,297,705 1,221,439
-------------- -------------- -------------- --------------
Total Investments(c) 88,731,775 88,804,162 433,469,183 19,366,086
-------------- -------------- -------------- --------------
Cash - - - 2
Receivables from:
Investments sold - - 357,222 -
Investment adviser (NOTE 3) - - - 902
Fund shares sold 354,593 45,177 23,550 1,444
Interest and dividends 832,847 117,980 566,409 27,335
Variation margin on open futures
contracts (NOTE 2) - - - -
Foreign taxes withheld - 1,111 - -
-------------- -------------- -------------- --------------
Total assets 89,919,215 88,968,430 434,416,364 19,395,769
-------------- -------------- -------------- --------------
LIABILITIES:
Payables for:
Investments purchased 1,008,987 512,993 - 242,800
Fund shares repurchased 939 2,951 51,064 293
Variation margin on open futures
contracts (NOTE 2) - - 2,750 -
Securities on loan (NOTE 2) - 5,467,401 27,884,535 961,016
Directors' fees and expenses (NOTE 3) 3,086 6,059 33,144 1,199
Affiliates (NOTE 3):
Investment management fees 43,336 54,688 34,053 8,283
Administration fees - - 42,943 -
Investment advisor - - - -
Due to custodian - - - -
Accrued expenses and other liabilities 24,846 26,604 31,469 25,698
-------------- -------------- -------------- --------------
Total liabilities 1,081,194 6,070,696 28,079,958 1,239,289
-------------- -------------- -------------- --------------
NET ASSETS $ 88,838,021 $ 82,897,734 $ 406,336,406 $ 18,156,480
============== ============== ============== ==============
NET ASSETS CONSIST OF:
Paid-in capital $ 87,094,687 $ 73,464,054 $ 391,561,349 $ 17,144,523
Undistributed net investment income
(distributions in excess of net
investment income) (1,050) (33,074) (10,102) (492)
Accumulated net realized gain (loss) on
investments, futures contracts and
foreign currency translations (417,815) (5,739,034) (15,284,575) (860,557)
Net unrealized appreciation on investments,
futures contracts, foreign currency and
other assets and liabilities 2,162,199 15,205,788 30,069,734 1,873,006
-------------- -------------- -------------- --------------
NET ASSETS $ 88,838,021 $ 82,897,734 $ 406,336,406 $ 18,156,480
============== ============== ============== ==============
Shares outstanding: 8,146,288 7,983,354 - 1,846,371
============== ============== ============== ==============
Net asset value, offering price and redemption
price per share: $ 10.91 $ 10.38 $ - $ 9.83
============== ============== ============== ==============
Class I shares:
Net assets $ - $ - $ 85,138,011 $ -
============== ============== ============== ==============
Shares outstanding - - 5,712,676 -
============== ============== ============== ==============
Net asset value, offering price and
redemption price per share $ - $ - $ 14.90 $ -
============== ============== ============== ==============
Class II shares:
Net assets $ - $ - $ 184,271,177 $ -
============== ============== ============== ==============
Shares outstanding - - 12,374,179 -
============== ============== ============== ==============
Net asset value, offering price and
redemption price per share $ - $ - $ 14.89 $ -
============== ============== ============== ==============
Class III shares:
Net assets $ - $ - $ 136,927,218 $ -
============== ============== ============== ==============
Shares outstanding - - 9,213,017 -
============== ============== ============== ==============
Net asset value, offering price and
redemption price per share $ - $ - $ 14.86 $ -
============== ============== ============== ==============
(a) Cost of investments: $ 84,380,744 $ 61,425,203 $ 373,180,319 $ 16,271,641
(b) Cost of short-term investments: $ 2,188,832 $ 12,173,159 $ 30,297,676 $ 1,221,439
(c) Securities on loan with market value of: $ - $ 5,273,924 $ 26,729,027 $ 924,618
</Table>
The accompanying notes are an integral part of the financial statements.
60
<Page>
<Table>
<Caption>
MML MML
GROWTH MML SMALL CAP
EQUITY OTC 100 EQUITY
FUND FUND FUND
-------------- -------------- --------------
ASSETS:
Investments, at value (NOTE 2)(a) $ 22,371,853 $ 12,056,843 $ 96,158,482
Short-term investments, at value (NOTE 2)(b) 1,299,717 208,962 17,522,819
-------------- -------------- --------------
Total Investments(c) 23,671,570 12,265,805 113,681,301
-------------- -------------- --------------
Cash 206 - 1,627
Receivables from:
Investments sold 891,010 19,984 -
Investment adviser (NOTE 3) - - -
Fund shares sold 9,355 5,283 45,637
Interest and dividends 24,254 5,619 63,907
Variation margin on open futures
contracts (NOTE 2) - 60 -
Foreign taxes withheld 17 - -
-------------- -------------- --------------
Total assets 24,596,412 12,296,751 113,792,472
-------------- -------------- --------------
LIABILITIES:
Payables for:
Investments purchased 629,810 38,036 610,441
Fund shares repurchased 1,496 162 27,249
Variation margin on open futures
contracts (NOTE 2) - - -
Securities on loan (NOTE 2) 1,024,710 - 12,147,678
Directors' fees and expenses (NOTE 3) 4,236 2,325 8,726
Affiliates (NOTE 3):
Investment management fees 15,352 4,639 54,580
Administration fees - - -
Investment advisor 1,145 1,784 -
Due to custodian - - -
Accrued expenses and other liabilities 26,031 26,776 29,201
-------------- -------------- --------------
Total liabilities 1,702,780 73,722 12,877,875
-------------- -------------- --------------
NET ASSETS $ 22,893,632 $ 12,223,029 $ 100,914,597
============== ============== ==============
NET ASSETS CONSIST OF:
Paid-in capital $ 46,341,829 $ 20,150,994 $ 73,993,478
Undistributed net investment income
(distributions in excess of net
investment income) (2,794) 885 (7,904)
Accumulated net realized gain (loss) on
investments, futures contracts and
foreign currency translations (25,066,210) (10,237,742) (68,819)
Net unrealized appreciation on investments,
futures contracts, foreign currency and
other assets and liabilities 1,620,807 2,308,892 26,997,842
-------------- -------------- --------------
NET ASSETS $ 22,893,632 $ 12,223,029 $ 100,914,597
============== ============== ==============
Shares outstanding: 3,255,224 2,959,478 7,937,656
============== ============== ==============
Net asset value, offering price and redemption
price per share: $ 7.03 $ 4.13 $ 12.71
============== ============== ==============
Class I shares:
Net assets $ - $ - $ -
============== ============== ==============
Shares outstanding - - -
============== ============== ==============
Net asset value, offering price and
redemption price per share $ - $ - $ -
============== ============== ==============
Class II shares:
Net assets $ - $ - $ -
============== ============== ==============
Shares outstanding - - -
============== ============== ==============
Net asset value, offering price and
redemption price per share $ - $ - $ -
============== ============== ==============
Class III shares:
Net assets $ - $ - $-
============== ============== ==============
Shares outstanding - - -
============== ============== ==============
Net asset value, offering price and
redemption price per share $ - $ - $ -
============== ============== ==============
(a) Cost of investments: $ 20,751,048 $ 9,749,219 $ 69,160,640
(b) Cost of short-term investments: $ 1,299,717 $208,958 $ 17,522,819
(c) Securities on loan with market value of: $ 996,564 $ - $ 11,715,677
<Caption>
MML MML MML
SMALL COMPANY SMALL CAP EMERGING
OPPORTUNITIES GROWTH EQUITY GROWTH
FUND FUND FUND
-------------- -------------- --------------
ASSETS:
Investments, at value (NOTE 2)(a) $ 58,353,571 $ 57,273,925 $ 13,415,292
Short-term investments, at value (NOTE 2)(b) 7,149,906 19,592,430 1,060,566
-------------- -------------- --------------
Total Investments(c) 65,503,477 76,866,355 14,475,858
-------------- -------------- --------------
Cash - - -
Receivables from:
Investments sold 21,491 93,814 11,825
Investment adviser (NOTE 3) - 1,080 3,207
Fund shares sold 51,760 27,900 153,469
Interest and dividends 22,835 4,617 423
Variation margin on open futures
contracts (NOTE 2) - - -
Foreign taxes withheld - 41 9
-------------- -------------- --------------
Total assets 65,599,563 76,993,807 14,644,791
-------------- -------------- --------------
LIABILITIES:
Payables for:
Investments purchased 88,476 545,488 461,065
Fund shares repurchased 324 103,298 5,386
Variation margin on open futures
contracts (NOTE 2) - - -
Securities on loan (NOTE 2) 2,096,200 14,245,648 -
Directors' fees and expenses (NOTE 3) 3,110 6,025 2,366
Affiliates (NOTE 3):
Investment management fees 53,549 54,732 12,008
Administration fees - - -
Investment advisor - - -
Due to custodian 499 - -
Accrued expenses and other liabilities 26,331 29,628 28,060
-------------- -------------- --------------
Total liabilities 2,268,489 14,984,819 508,885
-------------- -------------- --------------
NET ASSETS $ 63,331,074 $ 62,008,988 $ 14,135,906
============== ============== ==============
NET ASSETS CONSIST OF:
Paid-in capital $ 49,632,418 $ 64,446,109 $ 20,585,839
Undistributed net investment income
(distributions in excess of net
investment income) (2,641) (5,543) (2,256)
Accumulated net realized gain (loss) on
investments, futures contracts and
foreign currency translations 893,199 (16,364,555) (8,438,099)
Net unrealized appreciation on investments,
futures contracts, foreign currency and
other assets and liabilities 12,808,098 13,932,977 1,990,422
-------------- -------------- --------------
NET ASSETS $ 63,331,074 $ 62,008,988 $ 14,135,906
============== ============== ==============
Shares outstanding: 4,169,521 4,695,392 2,389,768
============== ============== ==============
Net asset value, offering price and redemption
price per share: $ 15.19 $ 13.21 $ 5.92
============== ============== ==============
Class I shares:
Net assets $ - $ - $ -
============== ============== ==============
Shares outstanding - - -
============== ============== ==============
Net asset value, offering price and
redemption price per share $ - $ - $ -
============== ============== ==============
Class II shares:
Net assets $ - $ - $ -
============== ============== ==============
Shares outstanding - - -
============== ============== ==============
Net asset value, offering price and
redemption price per share $ - $ - $ -
============== ============== ==============
Class III shares:
Net assets $ - $ - $ -
============== ============== ==============
Shares outstanding - - -
============== ============== ==============
Net asset value, offering price and
redemption price per share $ - $ - $ -
============== ============== ==============
(a) Cost of investments: $ 45,545,473 $ 43,340,948 $ 11,424,870
(b) Cost of short-term investments: $ 7,149,906 $ 19,592,430 $ 1,060,566
(c) Securities on loan with market value of: $ 1,954,329 $ 13,693,919 $ -
</Table>
61
<Page>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
<Table>
<Caption>
MML MML MML MML
INFLATION-PROTECTED LARGE CAP EQUITY ENHANCED INDEX
BOND VALUE INDEX CORE EQUITY
FUND FUND FUND FUND
------------------- -------------- -------------- --------------
INVESTMENT INCOME (NOTE 2):
Dividends(a) $ - $ 1,064,929 $ 8,067,833 $ 351,627
Interest(b) 2,644,017 37,240 52,528 77
-------------- -------------- -------------- --------------
Total investment income 2,644,017 1,102,169 8,120,361 351,704
-------------- -------------- -------------- --------------
EXPENSES (NOTE 2):
Investment management fees (NOTE 3) 364,588 534,531 401,854 92,690
Custody fees 4,833 9,088 61,689 13,161
Trustee reporting 2,711 4,371 5,039 6,934
Audit and legal fees 22,238 22,250 27,923 21,481
Proxy fees 527 984 921 126
Shareholder reporting fees 807 1,764 19,585 434
Directors' fees (NOTE 3) 4,883 5,863 36,827 1,533
Administration fees (NOTE 3):
Class I - - 241,990 -
Class II - - 350,614 -
Class III - - 68,329 -
-------------- -------------- -------------- --------------
Total expenses 400,587 578,851 1,214,771 136,359
Expenses waived (NOTE 3) - - - (25,132)
Class II Administration fees waived (NOTE 3) - - (111,436) -
Class III Administration fees waived (NOTE 3) - - (68,329) -
Fees paid indirectly (NOTE 3) - (23) - -
-------------- -------------- -------------- --------------
Net expenses 400,587 578,828 1,035,006 111,227
-------------- -------------- -------------- --------------
NET INVESTMENT INCOME (LOSS) 2,243,430 523,341 7,085,355 240,477
-------------- -------------- -------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investment transactions 244,266 (393,269) (5,834,571) 1,297,969
Closed futures contracts - - 505,241 -
Foreign currency transactions - (1,089) - -
-------------- -------------- -------------- --------------
Net realized gain (loss) 244,266 (394,358) (5,329,330) 1,297,969
-------------- -------------- -------------- --------------
Net change in unrealized appreciation
(depreciation) on:
Investments 1,275,812 7,873,765 38,250,052 200,309
Open futures contracts - - (10,845) -
Translation of assets and liabilities in
foreign currencies - (12) - -
-------------- -------------- -------------- --------------
Net unrealized gain 1,275,812 7,873,753 38,239,207 200,309
-------------- -------------- -------------- --------------
NET REALIZED AND UNREALIZED GAIN 1,520,078 7,479,395 32,909,877 1,498,278
-------------- -------------- -------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 3,763,508 $ 8,002,736 $ 39,995,232 $ 1,738,755
============== ============== ============== ==============
(a) Net of withholding tax of: $ - $ 20,083 $ - $ -
(b) Including securities lending income of: $ - $ 7,400 $ 19,210 $ 77
</Table>
The accompanying notes are an integral part of the financial statements.
62
<Page>
<Table>
<Caption>
MML MML
GROWTH MML SMALL CAP
EQUITY OTC 100 EQUITY
FUND FUND FUND
-------------- -------------- --------------
INVESTMENT INCOME (NOTE 2):
Dividends(a) $ 273,597 $ 137,630 $ 747,032
Interest(b) 24,668 1,437 42,120
-------------- -------------- --------------
Total investment income 298,265 139,067 789,152
-------------- -------------- --------------
EXPENSES (NOTE 2):
Investment management fees (NOTE 3) 176,033 52,526 580,751
Custody fees 15,234 8,309 15,952
Trustee reporting 4,263 4,241 4,411
Audit and legal fees 21,550 22,324 23,319
Proxy fees 984 922 126
Shareholder reporting fees 961 471 2,326
Directors' fees (NOTE 3) 1,999 1,132 8,092
Administration fees (NOTE 3):
Class I - - -
Class II - - -
Class III - - -
-------------- -------------- --------------
Total expenses 221,024 89,925 634,977
Expenses waived (NOTE 3) (20,786) (24,559) -
Class II Administration fees waived (NOTE 3) - - -
Class III Administration fees waived (NOTE 3) - - -
Fees paid indirectly (NOTE 3) (5,452) - -
-------------- -------------- --------------
Net expenses 194,786 65,366 634,977
-------------- -------------- --------------
NET INVESTMENT INCOME (LOSS) 103,479 73,701 154,175
-------------- -------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investment transactions 461,452 750,030 2,541,228
Closed futures contracts - 22,086 -
Foreign currency transactions (300) - -
-------------- -------------- --------------
Net realized gain (loss) 461,152 772,116 2,541,228
-------------- -------------- --------------
Net change in unrealized appreciation
(depreciation) on:
Investments 478,767 158,232 11,469,589
Open futures contracts - (5,182) -
Translation of assets and liabilities in
foreign currencies (22) - -
-------------- -------------- --------------
Net unrealized gain 478,745 153,050 11,469,589
-------------- -------------- --------------
NET REALIZED AND UNREALIZED GAIN 939,897 925,166 14,010,817
-------------- -------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 1,043,376 $ 998,867 $ 14,164,992
============== ============== ==============
(a) Net of withholding tax of: $ 559 $ 191 $ -
(b) Including securities lending income of: $ 1,865 $ - $ 6,137
<Caption>
MML MML MML
SMALL COMPANY SMALL CAP EMERGING
OPPORTUNITIES GROWTH EQUITY GROWTH
FUND FUND FUND
-------------- -------------- --------------
INVESTMENT INCOME (NOTE 2):
Dividends(a) $ 266,659 $ 177,534 $ 9,647
Interest(b) 30,880 86,552 12,979
-------------- -------------- --------------
Total investment income 297,539 264,086 22,626
-------------- -------------- --------------
EXPENSES (NOTE 2):
Investment management fees (NOTE 3) 520,418 549,086 124,263
Custody fees 14,666 35,377 38,644
Trustee reporting 6,934 4,329 4,243
Audit and legal fees 22,003 22,426 21,495
Proxy fees 126 1,067 1,234
Shareholder reporting fees 1,361 1,252 286
Directors' fees (NOTE 3) 4,393 4,648 1,057
Administration fees (NOTE 3):
Class I - - -
Class II - - -
Class III - - -
-------------- -------------- --------------
Total expenses 569,901 618,185 191,222
Expenses waived (NOTE 3) - (12,913) (53,941)
Class II Administration fees waived (NOTE 3) - - -
Class III Administration fees waived (NOTE 3) - - -
Fees paid indirectly (NOTE 3) - (20,496) -
-------------- -------------- --------------
Net expenses 569,901 584,776 137,281
-------------- -------------- --------------
NET INVESTMENT INCOME (LOSS) (272,362) (320,690) (114,655)
-------------- -------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investment transactions 4,781,901 3,138,016 734,464
Closed futures contracts - - -
Foreign currency transactions - - -
-------------- -------------- --------------
Net realized gain (loss) 4,781,901 3,138,016 734,464
-------------- -------------- --------------
Net change in unrealized appreciation
(depreciation) on:
Investments 5,038,175 4,254,359 1,032,165
Open futures contracts - - -
Translation of assets and liabilities in
foreign currencies - - -
-------------- -------------- --------------
Net unrealized gain 5,038,175 4,254,359 1,032,165
-------------- -------------- --------------
NET REALIZED AND UNREALIZED GAIN 9,820,076 7,392,375 1,766,629
-------------- -------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 9,547,714 $ 7,071,685 $ 1,651,974
============== ============== ==============
(a) Net of withholding tax of: $ - $ 443 $ 16
(b) Including securities lending income of: $ 2,068 $ 19,902 $ -
</Table>
63
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
MML INFLATION-PROTECTED BOND FUND MML LARGE CAP VALUE FUND
------------------------------------- -------------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003 DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- ----------------- ----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 2,243,430 $ 474,742 $ 523,341 $ 338,897
Net realized gain (loss) on investment
transactions, futures contracts and
foreign currency transactions 244,266 163,191 (394,358) (796,004)
Net change in unrealized appreciation
(depreciation) on investments, futures
contracts and translation of assets
and liabilities in foreign currencies 1,275,812 647,327 7,873,753 12,346,148
-------------- -------------- -------------- --------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 3,763,508 1,285,260 8,002,736 11,889,041
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
From net investment income (2,595,759) (474,521) (573,534) (359,133)
Class I - - - -
Class II - - - -
Class III - - - -
-------------- -------------- -------------- --------------
TOTAL DISTRIBUTIONS FROM NET INVESTMENT
INCOME (2,595,759) (474,521) (573,534) (359,133)
-------------- -------------- -------------- --------------
FROM NET REALIZED GAINS (453,773) (21,371) - -
NET FUND SHARE TRANSACTIONS (NOTE 5):
Class I - - - -
Class II - - - -
Class III - - - -
-------------- -------------- -------------- --------------
NET FUND SHARE TRANSACTIONS (NOTE 5) 52,688,262 23,856,740 18,193,811 11,826,285
-------------- -------------- -------------- --------------
TOTAL INCREASE IN NET ASSETS 53,402,238 24,646,108 25,623,013 23,356,193
NET ASSETS:
Beginning of year 35,435,783 10,789,675 57,274,721 33,918,528
-------------- -------------- -------------- --------------
End of year $ 88,838,021 $ 35,435,783 $ 82,897,734 $ 57,274,721
============== ============== ============== ==============
Undistributed net investment income
(distributions in excess of net
investment income) included in net
assets at end of the year $ (1,050) $ 850 $ (33,074) $ 18,208
============== ============== ============== ==============
</Table>
The accompanying notes are an integral part of the financial statements.
64
<Page>
<Table>
<Caption>
MML EQUITY INDEX FUND MML ENHANCED INDEX CORE EQUITY FUND
------------------------------------- -------------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003 DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- ----------------- ----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 7,085,355 $ 5,321,954 $ 240,477 $ 138,465
Net realized gain (loss) on investment
transactions, futures contracts and
foreign currency transactions (5,329,330) (2,518,982) 1,297,969 (264,783)
Net change in unrealized appreciation
(depreciation) on investments, futures
contracts and translation of assets
and liabilities in foreign currencies 38,239,207 84,005,759 200,309 3,213,416
-------------- -------------- -------------- --------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 39,995,232 86,808,731 1,738,755 3,087,098
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
From net investment income - - (240,282) (138,749)
Class I (1,343,883) (913,733) - -
Class II (3,190,498) (2,486,104) - -
Class III (2,549,489) (1,931,671) - -
-------------- -------------- -------------- --------------
TOTAL DISTRIBUTIONS FROM NET INVESTMENT
INCOME (7,083,870) (5,331,508) (240,282) (138,749)
-------------- -------------- -------------- --------------
FROM NET REALIZED GAINS - - - -
NET FUND SHARE TRANSACTIONS (NOTE 5):
Class I 1,433 4,695,413 - -
Class II (19,877,415) 26,828,374 - -
Class III (11,810,653) (7,355,331) - -
-------------- -------------- -------------- --------------
NET FUND SHARE TRANSACTIONS (NOTE 5) (31,686,635) 24,168,456 575,490 3,467,743
-------------- -------------- -------------- --------------
TOTAL INCREASE IN NET ASSETS 1,224,727 105,645,679 2,073,963 6,416,092
NET ASSETS:
Beginning of year 405,111,679 299,466,000 16,082,517 9,666,425
-------------- -------------- -------------- --------------
End of year $ 406,336,406 $ 405,111,679 $ 18,156,480 $ 16,082,517
============== ============== ============== ==============
Undistributed net investment income
(distributions in excess of net
investment income) included in net
assets at end of the year $ (10,102) $ (12,524) $ (492) $ (475)
============== ============== ============== ==============
<Caption>
MML GROWTH EQUITY FUND
-------------------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 103,479 $ 2,972
Net realized gain (loss) on investment
transactions, futures contracts and
foreign currency transactions 461,152 2,295,983
Net change in unrealized appreciation
(depreciation) on investments, futures
contracts and translation of assets
and liabilities in foreign currencies 478,745 1,464,571
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 1,043,376 3,763,526
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
From net investment income (103,437) (4,061)
Class I - -
Class II - -
Class III - -
-------------- --------------
TOTAL DISTRIBUTIONS FROM NET INVESTMENT
INCOME (103,437) (4,061)
-------------- --------------
FROM NET REALIZED GAINS - -
NET FUND SHARE TRANSACTIONS (NOTE 5):
Class I - -
Class II - -
Class III - -
-------------- --------------
NET FUND SHARE TRANSACTIONS (NOTE 5) 493,476 1,132,622
-------------- --------------
TOTAL INCREASE IN NET ASSETS 1,433,415 4,892,087
NET ASSETS:
Beginning of year 21,460,217 16,568,130
-------------- --------------
End of year $ 22,893,632 $ 21,460,217
============== ==============
Undistributed net investment income
(distributions in excess of net
investment income) included in net
assets at end of the year $ (2,794) $ (3,633)
============== ==============
</Table>
65
<Page>
<Table>
<Caption>
MML OTC 100 FUND MML SMALL CAP EQUITY FUND
------------------------------------- -------------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003 DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- ----------------- ----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ 73,701 $ (23,146) $ 154,175 $ 141,322
Net realized gain (loss) on investment
transactions, futures contracts and
translation of assets and liabilities
in foreign currencies 772,116 (392,827) 2,541,228 2,035,667
Net change in unrealized appreciation on
investments and futures contracts 153,050 3,332,472 11,469,589 17,469,139
-------------- -------------- -------------- --------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 998,867 2,916,499 14,164,992 19,646,128
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
From net investment income (71,288) - (159,391) (142,999)
From net realized gains - - (1,804,441) -
NET FUND SHARE TRANSACTIONS (NOTE 5) (978,802) 5,261,985 2,809,366 4,892,753
-------------- -------------- -------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (51,223) 8,178,484 15,010,526 24,395,882
NET ASSETS:
Beginning of year 12,274,252 4,095,768 85,904,071 61,508,189
-------------- -------------- -------------- --------------
End of year $ 12,223,029 $ 12,274,252 $ 100,914,597 $ 85,904,071
============== ============== ============== ==============
Undistributed net investment income
(distributions in excess of net
investment income) included in net
assets at end of the year $ 885 $ (1,847) $ (7,904) $ (5,072)
============== ============== ============== ==============
</Table>
The accompanying notes are an integral part of the financial statements.
66
<Page>
<Table>
<Caption>
MML SMALL COMPANY OPPORTUNITIES FUND MML SMALL CAP GROWTH EQUITY FUND
------------------------------------- -------------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003 DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- ----------------- ----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ (272,362) $ (114,489) $ (320,690) $ (272,859)
Net realized gain (loss) on investment
transactions, futures contracts and
translation of assets and liabilities
in foreign currencies 4,781,901 3,385,671 3,138,016 1,394,593
Net change in unrealized appreciation on
investments and futures contracts 5,038,175 8,075,407 4,254,359 12,478,220
-------------- -------------- -------------- --------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 9,547,714 11,346,589 7,071,685 13,599,954
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
From net investment income - - - -
From net realized gains (4,414,393) (1,853,674) - -
NET FUND SHARE TRANSACTIONS (NOTE 5) 15,025,867 10,475,678 7,250,402 7,302,485
-------------- -------------- -------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 20,159,188 19,968,593 14,322,087 20,902,439
NET ASSETS:
Beginning of year 43,171,886 23,203,293 47,686,901 26,784,462
-------------- -------------- -------------- --------------
End of year $ 63,331,074 $ 43,171,886 $ 62,008,988 $ 47,686,901
============== ============== ============== ==============
Undistributed net investment income
(distributions in excess of net
investment income) included in net
assets at end of the year $ (2,641) $ (1,079) $ (5,543) $ (3,923)
============== ============== ============== ==============
<Caption>
MML EMERGING GROWTH FUND
-------------------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ (114,655) $ (70,583)
Net realized gain (loss) on investment
transactions, futures contracts and
translation of assets and liabilities
in foreign currencies 734,464 1,222,283
Net change in unrealized appreciation on
investments and futures contracts 1,032,165 1,137,693
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 1,651,974 2,289,393
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
From net investment income - -
From net realized gains - -
NET FUND SHARE TRANSACTIONS (NOTE 5) 2,419,889 3,441,673
-------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 4,071,863 5,731,066
NET ASSETS:
Beginning of year 10,064,043 4,332,977
-------------- --------------
End of year $ 14,135,906 $ 10,064,043
============== ==============
Undistributed net investment income
(distributions in excess of net
investment income) included in net
assets at end of the year $ (2,256) $ (1,883)
============== ==============
</Table>
67
<Page>
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<Table>
<Caption>
YEAR ENDED YEAR ENDED PERIOD ENDED
12/31/04 12/31/03 12/31/02+
-------------- -------------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.72 $ 10.23 $ 10.00
-------------- -------------- --------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.36 0.23 0.09
Net realized and unrealized gain on investments 0.29 0.50 0.23
-------------- -------------- --------------
Total income from investment operations 0.65 0.73 0.32
-------------- -------------- --------------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.40) (0.23) (0.09)
From net realized gains (0.06) (0.01) -
-------------- -------------- --------------
Total distributions (0.46) (0.24) (0.09)
-------------- -------------- --------------
NET ASSET VALUE, END OF PERIOD $ 10.91 $ 10.72 $ 10.23
============== ============== ==============
TOTAL RETURN(a) 6.25% 7.01% 3.17%**
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 88,838 $ 35,436 $ 10,790
Ratio of expenses to average daily net assets:
Before expense waiver 0.66% 0.78% 1.57%*
After expense waiver# N/A 0.71% 0.71%*
Net investment income to average daily net assets 3.69% 2.53% 2.54%*
Portfolio turnover rate 15% 25% 0%**
</Table>
* ANNUALIZED.
** PERCENTAGE REPRESENTS RESULTS FOR THE PERIOD AND ARE NOT ANNUALIZED.
+ FOR THE PERIOD FROM AUGUST 30, 2002 (COMMENCEMENT OF OPERATIONS) THROUGH
DECEMBER 31, 2002.
# COMPUTED AFTER GIVING EFFECT TO AN AGREEMENT BY MASSMUTUAL TO WAIVE
CERTAIN FEES AND EXPENSES OF THE FUND FOR THE PERIOD AUGUST 30, 2002
THROUGH DECEMBER 31, 2002 AND FOR THE YEAR ENDED DECEMBER 31, 2003.
(a) TOTAL RETURN INFORMATION SHOWN IN THE FINANCIAL HIGHLIGHTS TABLE DOES NOT
REFLECT EXPENSES THAT APPLY AT THE SEPARATE ACCOUNT LEVEL OR TO RELATED
INSURANCE PRODUCTS. INCLUSION OF THESE CHARGES WOULD REDUCE THE TOTAL
RETURN FIGURES FOR ALL PERIODS SHOWN.
The accompanying notes are an integral part of the financial statements.
68
<Page>
<Table>
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
12/31/04 12/31/03 12/31/02 12/31/01 12/31/00+
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.35 $ 7.26 $ 8.73 $ 9.86 $ 10.00
---------- ---------- ---------- ---------- ----------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.06 0.06 0.05 0.03 0.05***
Net realized and unrealized gain (loss)
on investments 1.04 2.09 (1.47) (1.13) (0.15)
---------- ---------- ---------- ---------- ----------
Total income (loss) from investment
operations 1.10 2.15 (1.42) (1.10) (0.10)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.07) (0.06) (0.05) (0.03) (0.04)
Tax return of capital - - (0.00)^ - -
---------- ---------- ---------- ---------- ----------
Total distributions (0.07) (0.06) (0.05) (0.03) (0.04)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 10.38 $ 9.35 $ 7.26 $ 8.73 $ 9.86
========== ========== ========== ========== ==========
TOTAL RETURN(a) 11.79% 29.60% (16.23)% (11.16)% (1.05)%**
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 82,898 $ 57,275 $ 33,919 $ 36,171 $ 18,052
Ratio of expenses to average daily net assets:
Before expense waiver 0.87% 0.92% 0.92% 0.87% 1.07%*
After expense waiver# 0.87%(b) 0.90%(b) 0.90%(b) N/A 0.91%*
Net investment income to average daily net assets 0.78% 0.79% 0.61% 0.48% 0.78%*
Portfolio turnover rate 3% 7% 32% 19% 14%**
</Table>
* ANNUALIZED.
** PERCENTAGE REPRESENTS RESULTS FOR THE PERIOD AND ARE NOT ANNUALIZED.
*** PER SHARE AMOUNT CALCULATED ON THE AVERAGE SHARES METHOD.
^ TAX RETURN OF CAPITAL IS LESS THAN $0.01 PER SHARE.
+ FOR THE PERIOD FROM MAY 1, 2000 (COMMENCEMENT OF OPERATIONS) THROUGH
DECEMBER 31, 2000.
# COMPUTED AFTER GIVING EFFECT TO AN AGREEMENT BY MASSMUTUAL TO WAIVE
CERTAIN FEES AND EXPENSES OF THE FUND FOR THE PERIOD MAY 1, 2000 THROUGH
DECEMBER 31, 2000 AND FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2003.
(a) TOTAL RETURN INFORMATION SHOWN IN THE FINANCIAL HIGHLIGHTS TABLE 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.
(b) THE FUND HAS ENTERED INTO AGREEMENTS WITH CERTAIN BROKERS TO REBATE A
PORTION OF BROKERAGE COMMISSIONS. THE REBATED COMMISSIONS ARE USED TO
REDUCE OPERATING EXPENSES OF THE FUND.
The accompanying notes are an integral part of the financial statements.
69
<Page>
<Table>
<Caption>
CLASS I
----------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
12/31/04 12/31/03 12/31/02 12/31/01 12/31/00
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.71 $ 10.83 $ 14.14 $ 16.27 $ 18.13
---------- ---------- ---------- ---------- ----------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.22*** 0.16*** 0.14*** 0.14*** 0.16***
Net realized and unrealized gain (loss)
on investments 1.21 2.88 (3.31) (2.14) (1.88)
---------- ---------- ---------- ---------- ----------
Total income (loss) from investment
operations 1.43 3.04 (3.17) (2.00) (1.72)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.24) (0.16) (0.14) (0.07) (0.14)
From net realized gains - - - (0.06) -
---------- ---------- ---------- ---------- ----------
Total distributions (0.24) (0.16) (0.14) (0.13) (0.14)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 14.90 $ 13.71 $ 10.83 $ 14.14 $ 16.27
========== ========== ========== ========== ==========
TOTAL RETURN(a) 10.42% 28.08% (22.46)% (12.32)% (9.53)%
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 85,138 $ 78,597 $ 58,454 $ 81,535 $ 82,798
Ratio of expenses to average daily net assets:
Before expense waiver 0.44% 0.44% 0.44% 0.45% 0.45%
After expense waiver# N/A N/A N/A N/A 0.45%
Net investment income to average daily net assets 1.60% 1.37% 1.16% 0.92% 0.89%
Portfolio turnover rate 4% 5% 6% 5% 3%
<Caption>
CLASS II
----------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
12/31/04 12/31/03 12/31/02 12/31/01 12/31/00+
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.70 $ 10.82 $ 14.13 $ 16.26 $ 17.96
---------- ---------- ---------- ---------- ----------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.25*** 0.19*** 0.17*** 0.16*** 0.13***
Net realized and unrealized gain (loss)
on investments 1.20 2.87 (3.32) (2.14) (1.68)
---------- ---------- ---------- ---------- ----------
Total income (loss) from investment
operations 1.45 3.06 (3.15) (1.98) (1.55)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.26) (0.18) (0.16) (0.09) (0.15)
From net realized gains - - - (0.06) -
---------- ---------- ---------- ---------- ----------
Total distributions (0.26) (0.18) (0.16) (0.15) (0.15)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 14.89 $ 13.70 $ 10.82 $ 14.13 $ 16.26
========== ========== ========== ========== ==========
TOTAL RETURN(a) 10.60% 28.31% (22.29)% (12.18)% (8.63)%**
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 184,271 $ 188,869 $ 125,942 $ 74,636 $ 56,998
Ratio of expenses to average daily net assets:
Before expense waiver 0.33% 0.33% 0.33% 0.34% 0.34%*
After expense waiver## 0.27% 0.25% 0.26% 0.29% 0.29%*
Net investment income to average daily net assets 1.75% 1.56% 1.37% 1.08% 1.10%*
Portfolio turnover rate 4% 5% 6% 5% 3%**
</Table>
* ANNUALIZED.
** PERCENTAGE REPRESENTS RESULTS FOR THE PERIOD AND ARE NOT ANNUALIZED.
*** PER SHARE AMOUNT CALCULATED ON THE AVERAGE SHARES METHOD.
+ FOR THE PERIOD FROM MAY 1, 2000 (COMMENCEMENT OF OPERATIONS) THROUGH
DECEMBER 31, 2000.
# COMPUTED AFTER GIVING EFFECT TO AN AGREEMENT BY MASSMUTUAL TO WAIVE
CERTAIN FEES AND EXPENSES OF THE FUND FOR THE YEAR ENDED DECEMBER 31,
2000.
## COMPUTED AFTER GIVING EFFECT TO AN AGREEMENT BY MASSMUTUAL TO WAIVE
CERTAIN FEES AND EXPENSES OF THE FUND FOR THE PERIOD MAY 1, 2000 THROUGH
DECEMBER 31, 2000, THE YEARS ENDED DECEMBER 31, 2001, 2002, 2003 AND
2004.
(a) TOTAL RETURN INFORMATION SHOWN IN THE FINANCIAL HIGHLIGHTS TABLE DOES NOT
REFLECT EXPENSES THAT APPLY AT THE SEPARATE ACCOUNT LEVEL OR TO RELATED
INSURANCE PRODUCTS. INCLUSION OF THESE CHARGES WOULD REDUCE THE TOTAL
RETURN FIGURES FOR ALL PERIODS SHOWN.
The accompanying notes are an integral part of the financial statements.
70
<Page>
<Table>
<Caption>
CLASS III
----------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
12/31/04 12/31/03 12/31/02 12/31/01 12/31/00+
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.67 $ 10.80 $ 14.10 $ 16.27 $ 17.96
---------- ---------- ---------- ---------- ----------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.26*** 0.20*** 0.18*** 0.19*** 0.15***
Net realized and unrealized gain (loss)
on investments 1.21 2.86 (3.31) (2.19) (1.67)
---------- ---------- ---------- ---------- ----------
Total income (loss) from investment
operations 1.47 3.06 (3.13) (2.00) (1.52)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.28) (0.19) (0.17) (0.11) (0.17)
From net realized gains - - - (0.06) -
---------- ---------- ---------- ---------- ----------
Total distributions (0.28) (0.19) (0.17) (0.17) (0.17)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 14.86 $ 13.67 $ 10.80 $ 14.10 $ 16.27
========== ========== ========== ========== ==========
TOTAL RETURN(a) 10.77% 28.38% (22.18)% (12.30)% (8.50)%**
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 136,927 $ 137,646 $ 115,070 $ 154,588 $ 34,111
Ratio of expenses to average daily net assets:
Before expense waiver 0.19% 0.19% 0.19% 0.20% 0.20%*
After expense waiver## 0.14% 0.14% 0.14% 0.15% 0.15%*
Net investment income to average daily net assets 1.88% 1.67% 1.46% 1.32% 1.25%*
Portfolio turnover rate 4% 5% 6% 5% 3%**
</Table>
* ANNUALIZED.
** PERCENTAGE REPRESENTS RESULTS FOR THE PERIOD AND ARE NOT ANNUALIZED.
*** PER SHARE AMOUNT CALCULATED ON THE AVERAGE SHARES METHOD.
+ FOR THE PERIOD FROM MAY 1, 2000 (COMMENCEMENT OF OPERATIONS) THROUGH
DECEMBER 31, 2000.
## COMPUTED AFTER GIVING EFFECT TO AN AGREEMENT BY MASSMUTUAL TO WAIVE
CERTAIN FEES AND EXPENSES OF THE FUND FOR THE PERIOD MAY 1, 2000 THROUGH
DECEMBER 31, 2000, THE YEARS ENDED DECEMBER 31, 2001, 2002, 2003 AND
2004.
(a) TOTAL RETURN INFORMATION SHOWN IN THE FINANCIAL HIGHLIGHTS TABLE DOES NOT
REFLECT EXPENSES THAT APPLY AT THE SEPARATE ACCOUNT LEVEL OR TO RELATED
INSURANCE PRODUCTS. INCLUSION OF THESE CHARGES WOULD REDUCE THE TOTAL
RETURN FIGURES FOR ALL PERIODS SHOWN.
The accompanying notes are an integral part of the financial statements.
71
<Page>
<Table>
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
12/31/04 12/31/03 12/31/02 12/31/01+
-------------- -------------- -------------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.99 $ 7.13 $ 9.21 $ 10.00
-------------- -------------- -------------- --------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.13 0.08 0.07 0.06***
Net realized and unrealized gain (loss) on investments 0.84 1.86 (2.08) (0.80)
-------------- -------------- -------------- --------------
Total income (loss) from investment operations 0.97 1.94 (2.01) (0.74)
-------------- -------------- -------------- --------------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.13) (0.08) (0.07) (0.05)
-------------- -------------- -------------- --------------
NET ASSET VALUE, END OF PERIOD $ 9.83 $ 8.99 $ 7.13 $ 9.21
============== ============== ============== ==============
TOTAL RETURN(a) 10.81% 27.19% (21.80)% (7.08)%**
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 18,156 $ 16,083 $ 9,666 $ 10,560
Ratio of expenses to average daily net assets:
Before expense waiver 0.81% 0.80% 0.95% 0.76%*
After expense waiver# 0.66% 0.66% 0.66% 0.66%*
Net investment income to average daily net assets 1.43% 1.14% 0.96% 0.93%*
Portfolio turnover rate 120% 78% 82% 59%**
</Table>
* ANNUALIZED.
** PERCENTAGE REPRESENTS RESULTS FOR THE PERIOD AND ARE NOT ANNUALIZED.
*** PER SHARE AMOUNT CALCULATED ON THE AVERAGE SHARES METHOD.
+ FOR THE PERIOD FROM MAY 1, 2001 (COMMENCEMENT OF OPERATIONS) THROUGH
DECEMBER 31, 2001.
# COMPUTED AFTER GIVING EFFECT TO AN AGREEMENT BY MASSMUTUAL TO WAIVE
CERTAIN FEES AND EXPENSES OF THE FUND FOR THE PERIOD MAY 1, 2001 THROUGH
DECEMBER 31, 2001 AND THE YEARS ENDED DECEMBER 31, 2002, 2003 AND 2004.
(a) TOTAL RETURN INFORMATION SHOWN IN THE FINANCIAL HIGHLIGHTS TABLE DOES NOT
REFLECT EXPENSES THAT APPLY AT THE SEPARATE ACCOUNT LEVEL OR TO RELATED
INSURANCE PRODUCTS. INCLUSION OF THESE CHARGES WOULD REDUCE THE TOTAL
RETURN FIGURES FOR ALL PERIODS SHOWN.
The accompanying notes are an integral part of the financial statements.
72
<Page>
<Table>
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
12/31/04 12/31/03 12/31/02 12/31/01 12/31/00
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 6.74 $ 5.48 $ 7.59 $ 10.15 $ 13.01
---------- ---------- ---------- ---------- ------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.03 0.00+ (0.01) (0.00)+ (0.01)
Net realized and unrealized gain (loss)
on investments 0.29 1.26 (2.10) (2.56) (0.77)
---------- ---------- ---------- ---------- ------------
Total income (loss) from
investment operations 0.32 1.26 (2.11) (2.56) (0.78)
---------- ---------- ---------- ---------- ------------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.03) (0.00)++ - (0.00)++ (0.00)++
Tax return of capital - - - - (0.00)++
From net realized gains - - - - (2.08)
---------- ---------- ---------- ---------- ------------
Total distributions (0.03) (0.00) - (0.00) (2.08)
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, END OF PERIOD $ 7.03 $ 6.74 $ 5.48 $ 7.59 $ 10.15
========== ========== ========== ========== ============
TOTAL RETURN(a) 4.78% 23.02% (27.80)% (25.20)% (6.54)%
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 22,894 $ 21,460 $ 16,568 $ 44,745 $ 53,081
Ratio of expenses to average daily
net assets:
Before expense waiver 1.00% 1.28% 1.08% 0.99% 1.08%
After expense waiver# 0.89%(b) 0.86%(b) 0.89%(b) 0.91% 0.91%
Net investment income (loss) to average
daily net assets 0.47% 0.02% (0.10)% (0.06)% (0.10)%
Portfolio turnover rate 184% 271% 219% 292% 271%
</Table>
+ NET INVESTMENT INCOME (LOSS) IS LESS THAN $0.01 PER SHARE.
++ DISTRIBUTIONS FROM NET INVESTMENT INCOME AND TAX RETURN OF CAPITAL ARE
LESS THAN $0.01 PER SHARE.
# COMPUTED AFTER GIVING EFFECT TO AN AGREEMENT BY MASSMUTUAL TO WAIVE
CERTAIN FEES AND EXPENSES OF THE FUND FOR THE YEARS ENDING DECEMBER 31,
2000, 2001, 2002, 2003 AND 2004.
(a) TOTAL RETURN INFORMATION SHOWN IN THE FINANCIAL HIGHLIGHTS TABLE 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.
(b) THE FUND HAS ENTERED INTO AN AGREEMENT WITH CERTAIN BROKERS TO REBATE A
PORTION OF BROKERAGE COMMISSIONS. THE RELATED COMMISSIONS ARE USED TO
REDUCE OPERATING EXPENSES OF THE FUND.
The accompanying notes are an integral part of the financial statements.
73
<Page>
<Table>
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
12/31/04 12/31/03 12/31/02 12/31/01 12/31/00+
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 3.76 $ 2.53 $ 4.06 $ 6.07 $ 10.00
---------- ---------- ---------- ---------- ------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.02 (0.01) (0.02) (0.02)*** (0.02)***
Net realized and unrealized gain (loss)
on investments 0.37 1.24 (1.51) (1.99) (3.87)
---------- ---------- ---------- ---------- ------------
Total income (loss) from investment
operations 0.39 1.23 (1.53) (2.01) (3.89)
---------- ---------- ---------- ---------- ------------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.02) - - - -
From net realized gains - - - (0.00)+ (0.04)
---------- ---------- ---------- ---------- ------------
Total distributions (0.02) - - (0.00) (0.04)
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, END OF PERIOD $ 4.13 $ 3.76 $ 2.53 $ 4.06 $ 6.07
========== ========== ========== ========== ============
TOTAL RETURN(a) 10.48% 48.62% (37.68)% (33.11)% (38.90)%**
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 12,223 $ 12,274 $ 4,096 $ 10,749 $ 8,032
Ratio of expenses to average daily net
assets:
Before expense waiver 0.77% 1.22% 1.08% 0.71% 0.88%*
After expense waiver# 0.56% 0.56% 0.56% 0.56% 0.56%*
Net investment income (loss) to average
daily net assets 0.63% (0.31)% (0.45)% (0.40)% (0.36)%*
Portfolio turnover rate 35% 48% 64% 67% 51%**
</Table>
* ANNUALIZED.
** PERCENTAGE REPRESENTS RESULTS FOR THE PERIOD AND ARE NOT ANNUALIZED.
*** PER SHARE AMOUNT CALCULATED ON THE AVERAGE SHARES METHOD.
+ DISTRIBUTIONS FROM NET REALIZED GAINS ARE LESS THAN $0.01 PER SHARE.
+ FOR THE PERIOD FROM MAY 1, 2000 (COMMENCEMENT OF OPERATIONS) THROUGH
DECEMBER 31, 2000.
# COMPUTED AFTER GIVING EFFECT TO AN AGREEMENT BY MASSMUTUAL TO WAIVE
CERTAIN FEES AND EXPENSES OF THE FUND FOR THE PERIOD MAY 1, 2000 THROUGH
DECEMBER 31, 2000, THE YEARS ENDED DECEMBER 31, 2001, 2002, 2003 AND
2004.
(a) TOTAL RETURN INFORMATION SHOWN IN THE FINANCIAL HIGHLIGHTS TABLE DOES NOT
REFLECT EXPENSES THAT APPLY AT THE SEPARATE ACCOUNT LEVEL OR TO RELATED
INSURANCE PRODUCTS. INCLUSION OF THESE CHARGES WOULD REDUCE THE TOTAL
RETURN FIGURES FOR ALL PERIODS SHOWN.
The accompanying notes are an integral part of the financial statements.
74
<Page>
<Table>
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
12/31/04 12/31/03 12/31/02 12/31/01 12/31/00
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, BEGINNING OF YEAR $ 11.14 $ 8.50 $ 9.67 $ 9.40 $ 8.34
---------- ---------- ---------- ---------- ----------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.02 0.02 0.02 0.05 0.08
Net realized and unrealized gain (loss)
on investments 1.80 2.64 (1.17) 0.27 1.06
---------- ---------- ---------- ---------- ----------
Total income (loss) from investment
operations 1.82 2.66 (1.15) 0.32 1.14
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.02) (0.02) (0.02) (0.05) (0.08)
From net realized gains (0.23) - - - -
---------- ---------- ---------- ---------- ----------
Total distributions (0.25) (0.02) (0.02) (0.05) (0.08)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 12.71 $ 11.14 $ 8.50 $ 9.67 $ 9.40
========== ========== ========== ========== ==========
TOTAL RETURN(a) 16.36% 31.29% (11.84)% 3.36% 13.63%
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of year (000's) $ 100,915 $ 85,904 $ 61,508 $ 57,096 $ 42,661
Ratio of expenses to average daily net assets:
Before expense waiver 0.71% 0.73% 0.77% 0.69% 0.80%
After expense waiver# N/A 0.73%(b) 0.76%(b) N/A 0.76%
Net investment income to average daily net assets 0.17% 0.20% 0.25% 0.59% 1.12%
Portfolio turnover rate 39% 43% 44% 97% 65%
</Table>
# COMPUTED AFTER GIVING EFFECT TO AN AGREEMENT BY MASSMUTUAL TO WAIVE
CERTAIN FEES AND EXPENSES OF THE FUND, FOR THE YEARS ENDED DECEMBER 31,
2000 AND 2002.
(a) TOTAL RETURN INFORMATION SHOWN IN THE FINANCIAL HIGHLIGHTS TABLE 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.
(b) THE FUND HAS ENTERED INTO AN AGREEMENT WITH CERTAIN BROKERS TO REBATE A
PORTION OF BROKERAGE COMMISSIONS. THE REBATED COMMISSIONS ARE USED TO
REDUCE OPERATING EXPENSES OF THE FUND.
The accompanying notes are an integral part of the financial statements.
75
<Page>
<Table>
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
12/31/04 12/31/03 12/31/02 12/31/01+
------------ ------------ ------------ ------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.79 $ 10.13 $ 10.84 $ 10.00
------------ ------------ ------------ ------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (0.07) (0.04) (0.03) 0.00+
Net realized and unrealized gain (loss) on investments 2.62 4.32 (0.66) 0.97
------------ ------------ ------------ ------------
Total income (loss) from investment operations 2.55 4.28 (0.69) 0.97
------------ ------------ ------------ ------------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income - - - (0.00)++
From net realized gains (1.15) (0.62) (0.02) (0.13)
------------ ------------ ------------ ------------
Total distributions (1.15) (0.62) (0.02) (0.13)
------------ ------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $ 15.19 $ 13.79 $ 10.13 $ 10.84
============ ============ ============ ============
TOTAL RETURN(a) 18.83% 42.25% (6.34)% 9.69%**
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 63,331 $ 43,172 $ 23,203 $ 13,830
Ratio of expenses to average daily net assets:
Before expense waiver 1.15% 1.18% 1.29% 1.34%*
After expense waiver# N/A 1.16% 1.16% 1.16%*
Net investment income (loss) to average daily net assets (0.55)% (0.38)% (0.41)% 0.04%*
Portfolio turnover rate 59% 57% 43% 50%**
</Table>
* ANNUALIZED.
** PERCENTAGE REPRESENTS RESULTS FOR THE PERIOD AND ARE NOT ANNUALIZED.
+ NET INVESTMENT INCOME IS LESS THAN $0.01 PER SHARE.
++ DISTRIBUTIONS FROM NET INVESTMENT INCOME IS LESS THAN $0.01 PER SHARE.
+ FOR THE PERIOD FROM MAY 1, 2001 (COMMENCEMENT OF OPERATIONS) THROUGH
DECEMBER 31, 2001.
# COMPUTED AFTER GIVING EFFECT TO AN AGREEMENT BY MASSMUTUAL TO WAIVE
CERTAIN FEES AND EXPENSES OF THE FUND FOR THE PERIOD MAY 1, 2001 THROUGH
DECEMBER 31, 2001 AND THE YEARS ENDED DECEMBER 31, 2002 AND 2003.
(a) TOTAL RETURN INFORMATION SHOWN IN THE FINANCIAL HIGHLIGHTS TABLE DOES NOT
REFLECT EXPENSES THAT APPLY AT THE SEPARATE ACCOUNT LEVEL OR TO RELATED
INSURANCE PRODUCTS. INCLUSION OF THESE CHARGES WOULD REDUCE THE TOTAL
RETURN FIGURES FOR ALL PERIODS SHOWN.
The accompanying notes are an integral part of the financial statements.
76
<Page>
<Table>
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
12/31/04 12/31/03 12/31/02 12/31/01 12/31/00
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.66 $ 7.85 $ 10.60 $ 12.20 $ 16.15
---------- ---------- ---------- ---------- ----------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (0.07) (0.07) (0.09) (0.06) (0.01)*
Net realized and unrealized gain (loss)
on investments 1.62 3.88 (2.66) (1.49) (2.09)
---------- ---------- ---------- ---------- ----------
Total income (loss) from investment
operations 1.55 3.81 (2.75) (1.55) (2.10)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net realized gains - - - (0.05) (1.85)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 13.21 $ 11.66 $ 7.85 $ 10.60 $ 12.20
========== ========== ========== ========== ==========
TOTAL RETURN(a) 13.29% 48.54% (25.94)% (12.71)% (13.87)%
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 62,009 $ 47,687 $ 26,784 $ 48,983 $ 70,380
Ratio of expenses to average daily net assets:
Before expense waiver 1.21% 1.25% 1.24% 1.15% 1.25%
After expense waiver# 1.14%(b) 1.16%(b) 1.16%(b) N/A 1.18%
Net investment loss to average daily net assets (0.63)% (0.79)% (0.84)% (0.46)% (0.04)%
Portfolio turnover rate 62% 59% 53% 104% 95%
</Table>
* PER SHARE AMOUNT CALCULATED ON THE AVERAGE SHARES METHOD.
# COMPUTED AFTER GIVING EFFECT TO AN AGREEMENT BY MASSMUTUAL TO WAIVE
CERTAIN FEES AND EXPENSES OF THE FUND FOR THE YEARS ENDED DECEMBER 31,
2000, 2002, 2003 AND 2004.
(a) TOTAL RETURN INFORMATION SHOWN IN THE FINANCIAL HIGHLIGHTS TABLE 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.
(b) THE FUND HAS ENTERED INTO AN AGREEMENT WITH CERTAIN BROKERS TO REBATE A
PORTION OF BROKERAGE COMMISSIONS. THE REBATED COMMISSIONS ARE USED TO
REDUCE OPERATING EXPENSES OF THE FUND.
The accompanying notes are an integral part of the financial statements.
77
<Page>
<Table>
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
12/31/04 12/31/03 12/31/02 12/31/01 12/31/00+
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 5.16 $ 3.54 $ 6.15 $ 7.34 $ 10.00
---------- ---------- ---------- ---------- ------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (0.05) (0.04) (0.05)*** (0.04) (0.04)***
Net realized and unrealized gain (loss)
on investments 0.81 1.66 (2.56) (1.15) (2.62)
---------- ---------- ---------- ---------- ------------
Total income (loss) from investment
operations 0.76 1.62 (2.61) (1.19) (2.66)
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, END OF PERIOD $ 5.92 $ 5.16 $ 3.54 $ 6.15 $ 7.34
========== ========== ========== ========== ============
TOTAL RETURN(a) 14.73% 45.76% (42.44)% (16.33)% (26.50)%**
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 14,136 $ 10,064 $ 4,333 $ 12,184 $ 11,095
Ratio of expenses to average daily net assets:
Before expense waiver 1.62% 2.28% 1.76% 1.37% 1.56%*
After expense waiver# 1.16% 1.16% 1.16% 1.16% 1.16%*
Net investment loss to average daily net assets (0.97)% (1.09)% (1.09)% (0.81)% (0.63)%*
Portfolio turnover rate 184% 195% 190% 139% 119%**
</Table>
* ANNUALIZED.
** PERCENTAGE REPRESENTS RESULTS FROM THE PERIOD AND ARE NOT ANNUALIZED.
*** PER SHARE AMOUNT CALCULATED ON THE AVERAGE SHARES METHOD.
+ FOR THE PERIOD FROM MAY 1, 2000 (COMMENCEMENT OF OPERATIONS) THROUGH
DECEMBER 31, 2000.
# COMPUTED AFTER GIVING EFFECT TO AN AGREEMENT BY MASSMUTUAL TO WAIVE
CERTAIN FEES AND EXPENSES OF THE FUND FOR THE PERIOD MAY 1, 2000 THROUGH
DECEMBER 31, 2000, AND THE YEARS ENDED DECEMBER 31, 2001, 2002, 2003, AND
2004.
(a) TOTAL RETURN INFORMATION SHOWN IN THE FINANCIAL HIGHLIGHTS TABLE DOES NOT
REFLECT EXPENSES THAT APPLY AT THE SEPARATE ACCOUNT LEVEL OR TO RELATED
INSURANCE PRODUCTS. INCLUSION OF THESE CHARGES WOULD REDUCE THE TOTAL
RETURN FIGURES FOR ALL PERIODS SHOWN.
The accompanying notes are an integral part of the financial statements.
78
<Page>
NOTES TO FINANCIAL STATEMENTS
1. THE FUND
MML Series Investment Fund ("MML Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a no-load, 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 May 14, 1993, as amended. The following
are ten series of the Trust (each individually referred to as a "Fund" or
collectively as the "Funds"): MML Inflation-Protected Bond Fund
("Inflation-Protected Bond Fund"), MML Large Cap Value Fund ("Large Cap Value
Fund"), MML Equity Index Fund ("Equity Index Fund"), MML Enhanced Index Core
Equity Fund ("Enhanced Index Core Equity Fund"), MML Growth Equity Fund ("Growth
Equity Fund"), MML OTC 100 Fund ("OTC 100 Fund"), MML Small Cap Equity Fund
("Small Cap Equity Fund"), MML Small Company Opportunities Fund ("Small Company
Opportunities Fund"), MML Small Cap Growth Equity Fund ("Small Cap Growth Equity
Fund") and MML Emerging Growth Fund ("Emerging Growth Fund").
The MML Trust was established by Massachusetts Mutual Life Insurance Company
("MassMutual") for the purpose of providing vehicles for the investment of
assets of various separate investment accounts established by MassMutual and by
life insurance companies which are subsidiaries of MassMutual. Shares of MML
Trust are not offered to the general public.
The Equity Index Fund offers three classes of shares: Class I, Class II and
Class III. Each share class invests in the same portfolio of assets. The
principal difference among the classes is the level of service and
administration fees borne by the classes. Because each class will have different
fees and expenses, performance and share prices among the classes will vary. The
classes of shares are offered to different types of investors, as outlined in
the Fund's Prospectus.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed
consistently by each Fund in the preparation of the financial statements in
conformity with accounting principles generally accepted in the United States of
America ("generally accepted accounting principles"). The preparation of the
financial statements in accordance with generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results could differ
from those estimates.
INVESTMENT VALUATION
Equity securities are valued on the basis of valuations furnished by a pricing
service, authorized by the Trustees, which provides the last reported sale price
for securities listed on a national securities exchange or the official closing
price on the NASDAQ National Market System, or in the case of over-the-counter
securities not so listed, the last reported bid price. Debt securities (other
than short-term obligations with a remaining maturity of sixty days or less) are
valued on the basis of valuations furnished by a pricing service, authorized 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. Short-term securities with a remaining maturity of sixty
days or less are valued at either amortized cost or at original cost plus
accrued interest, whichever approximates current market value. All other
securities and other assets, including debt securities for which the prices
supplied by a pricing agent are deemed by MassMutual not to be representative of
market values, including restricted securities and securities for which no
market quotation is available, are valued at fair value in accordance with
procedures approved by and determined in good faith by the Trustees, although
the actual calculation may be done by others. Securities are typically valued on
the basis of valuations furnished by a primary pricing service or, if no such
valuation is available, from a secondary pricing service. However, valuation
methods approved by the Trust's Board of Trustees which are intended to reflect
fair value may be used when pricing service information is not readily available
or when a security's value is believed to have been materially affected by a
significant event, such as a natural disaster, an economic event like a
bankruptcy filing, or a substantial fluctuation in domestic or foreign markets,
that has occurred after the close of the exchange or market on which the
security is principally traded (for example, a foreign exchange or market). In
such a case, a Fund's value for a security is likely to be different from the
last
79
<Page>
quoted market price or pricing service information. Due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale.
Portfolio securities traded on more than one national securities exchange are
valued at the last price on the business day as of which such value is being
determined at the close of the exchange representing the principal market for
such securities. 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 U.S. dollars last quoted by any major bank. If such
quotations are not available, the rate of exchange is determined in accordance
with policies established by the Trustees.
SECURITIES LENDING
Each Fund may lend its securities to qualified brokers; however, securities
lending cannot exceed 33% of the total assets of the Funds taken at current
value. The loans are collateralized at all times with cash or securities with a
market value at least equal to 100% of the market value of the securities on
loan. The market value of the loaned securities is determined at the close of
business of the Fund and any additional collateral is delivered to the Fund the
next business day. As with other extensions of credit, the Funds may bear the
risk of delay in recovery or even loss of rights in the collateral should the
borrower of the securities fail financially. The Funds receive compensation for
lending their securities. At December 31, 2004, the Funds loaned securities
having the following market values, collateralized by cash, which was invested
in short-term instruments in the following amounts:
<Table>
<Caption>
SECURITIES ON LOAN COLLATERAL
------------------ ---------------
Large Cap Value Fund $ 5,273,924 $ 5,467,401
Equity Index Fund 26,729,027 27,884,535
Enhanced Index Core Equity Fund 924,618 961,016
Growth Equity Fund 996,564 1,024,710
Small Cap Equity Fund 11,715,677 12,147,678
Small Company Opportunities Fund 1,954,329 2,096,200
Small Cap Growth Equity Fund 13,693,919 14,245,648
</Table>
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. The Funds, through their custodian, take possession of the
securities collateralizing the repurchase agreement. The collateral is marked to
market daily to ensure that the market value of the underlying assets remains
sufficient to protect the Funds in the event of default by the seller.
Collateral for certain tri-party repurchase agreements is held at the
counterparty's custodian in a segregated account for the benefit of the Funds
and the counterparty. In connection with transactions in repurchase agreements,
if the seller defaults and the value of the collateral declines or if the seller
enters insolvency proceedings, realization of collateral by the Funds may be
delayed or limited.
ACCOUNTING FOR INVESTMENTS
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 on the specific identification cost method. 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.
FEDERAL INCOME TAX
It is each Fund's intent to continue to comply with the provisions of subchapter
M of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to a
regulated investment company. Under such provisions, the Funds will 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, no Federal income tax provision is
required.
80
<Page>
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income are declared and paid quarterly for the
Inflation-Protected Bond Fund. Dividends from net investment income are declared
and paid annually and at other times as may be required to satisfy tax or
regulatory requirements for the Large Cap Value Fund, Equity Index Fund,
Enhanced Index Core Equity Fund, Growth Equity Fund, OTC 100 Fund, Small Cap
Equity Fund, Small Company Opportunities Fund, Small Cap Growth Equity Fund and
Emerging Growth Fund. 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. These differences are primarily due to
investments in forward contracts, passive foreign investment companies, the
deferral of wash sale losses, and paydowns on certain mortgage-backed
securities. As a result, net investment income and net realized gain on
investment transactions for a reporting period may differ significantly from
distributions during such period.
Accordingly, the Funds may periodically make reclassifications among certain of
their capital accounts without impacting the net asset value of the Funds.
During the year ended December 31, 2004, the following amounts were reclassified
due to differences between book and tax accounting:
<Table>
<Caption>
ACCUMULATED
NET REALIZED UNDISTRIBUTED
PAID-IN GAIN (LOSS) ON NET INVESTMENT
CAPITAL INVESTMENTS INCOME (LOSS)
-------------- -------------- --------------
Inflation-Protected Bond Fund $ (1,081) $ (349,348) $ 350,429
Large Cap Value Fund (810) 1,899 (1,089)
Equity Index Fund (48,163) 47,226 937
Enhanced Index Core Equity Fund (1,026) 1,238 (212)
Growth Equity Fund (1,938) 1,141 797
OTC 100 Fund (753) 434 319
Small Cap Equity Fund 1 (2,385) 2,384
Small Company Opportunities Fund 1 (270,801) 270,800
Small Cap Growth Equity Fund (369,659) 50,589 319,070
Emerging Growth Fund (114,282) - 114,282
</Table>
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 recorded on the
books of the Funds and the amount actually received.
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<Page>
FORWARD FOREIGN CURRENCY CONTRACTS
Each Fund may enter into forward foreign currency contracts in order to hedge
the effect of currency movements of foreign denominated securities or
obligations.
A forward foreign currency contract is an agreement between two parties to buy
and sell a currency at a set price on a future date. The market value of a
forward foreign currency contract fluctuates with changes in foreign currency
exchange and interest rates. 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. 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.
Forward foreign currency contracts involve a risk of loss from the potential
inability of counterparties to meet the terms of their contracts and from
unanticipated movements in foreign currency values and interest rates.
The notional or contractual amounts of these instruments represent the
investments the Funds have in particular classes of financial instruments and 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 are considered.
At December 31, 2004, the Funds had no open forward foreign currency contracts.
FORWARD COMMITMENTS
Each Fund may purchase or sell securities on a "when issued" or delayed delivery
or on a forward commitment basis. The Funds use forward commitments to manage
interest rate exposure or as a temporary substitute for purchasing or selling
particular debt securities. Delivery and payment for securities purchased on a
forward commitment basis can take place a month or more after the date of the
transaction. The Funds instruct the custodian to segregate assets in a separate
account with a current market value at least equal to the amount of its forward
purchase commitments. The price of the underlying security and the date when the
securities will be delivered and paid for are fixed at the time the transaction
is negotiated. Forward commitments are valued on the basis of valuations
furnished by a pricing service, authorized 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 and determined in good faith by the Trustees,
although the actual calculation may be done by others. The Funds record on a
daily basis the unrealized appreciation (depreciation) based upon changes in the
value of the forward commitment. When a forward commitment contract is closed,
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. Forward commitments involve a risk of loss if the
value of the security to be purchased declines prior to the settlement date. The
Funds could also be exposed to loss if they cannot close out their forward
commitments because of an illiquid secondary market, or the inability of
counterparties to perform. The Funds monitor exposure to ensure counterparties
are creditworthy and concentration of exposure is minimized.
At December 31, 2004, the Funds had no open forward commitments.
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<Page>
FINANCIAL FUTURES CONTRACTS
The Funds may purchase or sell financial futures contracts and options on such
futures contracts for the purpose of hedging the market risk on existing
securities or as a substitute for the purchase of securities. Futures contracts
are contracts for delayed delivery of securities at a specific future date and
at a specific price or yield. Upon entering into a contract, the Funds deposit
and maintain as collateral such initial margin as required by the exchange on
which the transaction is effected. Pursuant to the contract, the Fund agrees to
receive from or pay to the broker an amount of cash equal to the daily
fluctuation in value of the contract. Such receipts or payments are known as
variation margin and are recorded by the Funds as unrealized gains or losses.
When the contract is closed, each 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.
A summary of open futures contracts for the Equity Index Fund and the OTC 100
Fund at December 31, 2004, is as follows:
<Table>
<Caption>
NOTIONAL
NUMBER OF CONTRACT NET UNREALIZED
CONTRACTS TYPE EXPIRATION DATE VALUE APPRECIATION
- ----------------- ---------------- ---------------- --------------- ----------------
EQUITY INDEX FUND
BUYS
11 S&P 500 Index 03/17/05 $ 3,337,675 $ 78,546
OTC 100 FUND
BUYS
6 NASDAQ 100 Index 03/18/05 195,420 1,264
</Table>
ALLOCATION OF OPERATING ACTIVITY
In maintaining the records for the Equity Index Fund, the income and expense
accounts are allocated to each class of shares. Investment income, 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 fees, which are
directly attributable to a class of shares, are charged to that class'
operations. Expenses of the Fund not directly attributable to the operations of
any class of shares are prorated among the classes to which the expense relates
based on the relative net assets of each.
3. MANAGEMENT FEES AND OTHER TRANSACTIONS
INVESTMENT MANAGEMENT FEES
Under agreements between the Trust and MassMutual on behalf of each Fund,
MassMutual is responsible for providing investment management services for each
Fund. In return for this service, MassMutual receives advisory fees monthly
based on the following annual rates.
For the Inflation-Protected Bond Fund, MassMutual receives a fee from the Fund
at an annual rate of 0.60% of the first $100,000,000, 0.55% of the next
$200,000,000, 0.50% of the next $200,000,000 and 0.45% on assets over
$500,000,000, of the average daily net asset value of the Fund.
For the Large Cap Value Fund, MassMutual receives a fee from the Fund at an
annual rate of 0.80% of the first $100,000,000, 0.75% on the next $400,000,000
and 0.70% on assets over $500,000,000, of the average daily net asset value of
the Fund.
For the Equity Index Fund, MassMutual receives a fee from the Fund at an annual
rate of 0.10% of the average daily net asset value of the Fund.
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<Page>
For the Enhanced Index Core Equity Fund, MassMutual receives a fee from the Fund
at an annual rate of 0.55% of the average daily net asset value of the Fund.
For the Growth Equity Fund, MassMutual receives a fee from the Fund at an annual
rate of 0.80% of the first $300,000,000, 0.77% of the next $300,000,000, 0.75%
of the next $300,000,0000, 0.72% of the next $600,000,000 and 0.65% of assets
over $1,500,000,000, of the average daily net asset value of the Fund.
For the OTC 100 Fund, MassMutual receives a fee from the Fund at an annual rate
of 0.45% of the first $200,000,000, 0.44% on the next $200,000,000 and 0.42% on
assets over $400,000,000, of the average daily net asset value of the Fund.
For the Small Cap Equity Fund, MassMutual receives a fee from the Fund at the
annual rate of 0.65% of the first $100,000,000, 0.60% of the next $100,000,000,
0.55% of the next $300,000,000 and 0.50% of any excess over $500,000,000 of the
average daily net asset value of the Fund.
For the Small Company Opportunities Fund, MassMutual receives a fee from the
Fund at an annual rate of 1.05% of the average daily net asset value of the
Fund.
For the Small Cap Growth Equity Fund, MassMutual receives a fee from the Fund at
the annual rate of 1.075% of the first $200,000,000, 1.05% of the next
$200,000,000, 1.025% of the next $600,000,000 and 1.00% of assets over
$1,000,000,000, of the average daily net asset value of the Fund.
For the Emerging Growth Fund, MassMutual receives a fee from the Fund at the
annual rate of 1.05% of the first $200,000,000, 1.00% on the next $200,000,000
and 0.95% on assets over $400,000,000, of the average daily net asset value of
the Fund.
MassMutual has entered into investment sub-advisory agreements with Babson
Capital Management LLC ("Babson Capital"), (formerly known as David L. Babson &
Company Inc.) pursuant to which Babson Capital serves as certain Funds'
sub-adviser providing day-to-day management of the Funds' investments. Babson
Capital is a wholly owned subsidiary of DLB Acquisition Corporation, which is a
controlled subsidiary of MassMutual. The sub-advisory agreements with Babson
Capital provide that Babson Capital manage the investment and reinvestment of
the assets of the Inflation-Protected Bond Fund, Enhanced Index Core Equity
Fund, Small Cap Equity Fund and Small Company Opportunities Fund. Babson Capital
receives a fee from MassMutual equal to an annual rate of 0.08% of the average
daily net assets under management of the Inflation-Protected Bond Fund, 0.25% of
the average daily net assets under management of the Enhanced Index Core Equity
Fund and Small Cap Equity Fund, and 0.75% of the average daily net assets under
management of the Small Company Opportunities Fund.
MassMutual has also entered into investment sub-advisory agreements with the
following unaffiliated investment sub-advisers; Davis Selected Advisers, L.P.
for the Large Cap Value Fund, Northern Trust Investments, Inc. for the Equity
Index Fund and the OTC 100 Fund, Grantham, Mayo, Van Otterloo and Co. LLC for
the Growth Equity Fund, Waddell & Reed Investment Management Company for a
portion of the Small Cap Growth Equity Fund, RS Investment Management L.P. for
the Emerging Growth Fund and Wellington Management Company, LLP for a portion of
the Small Cap Growth Equity Fund. Prior to June 1, 2004, Massachusetts Financial
Services Company managed the investment and reinvestment of the Growth Equity
Fund. MassMutual pays a sub-advisory fee to each of these sub-advisers based
upon the aggregate net assets under management which include (1) the average
daily net assets of the specified Fund which it manages, and (2) the average
daily net assets of all other funds or accounts of MassMutual or its affiliates
for which the sub-adviser provides sub-advisory services and which have
substantially the same investment objectives, policies and investment
strategies.
84
<Page>
ADMINISTRATION & SHAREHOLDER SERVICE FEES
For the Equity Index Fund, under a separate administrative and shareholder
services agreement between the Fund and MassMutual, MassMutual provides certain
administrative and shareholder services and bears some class specific
administrative expenses. In return for these services, MassMutual receives an
administrative services fee monthly based upon the average daily net assets of
the applicable class of shares of the Fund at the following annual rates: 0.30%
on the first $100,000,000, 0.28% on the next $150,000,000 and 0.26% on assets in
excess of $250,000,000 of Class I shares of the Fund, 0.19% of the average daily
net assets of Class II shares of the Fund, and for Class III shares, an amount
not to exceed 0.05% of the average daily net assets of the Fund.
EXPENSE WAIVERS
For all Funds, except the Equity Index Fund, MassMutual has agreed, at least
through April 30, 2005, to bear the expenses of the Fund to the extent that the
aggregate expenses (excluding the Fund's management fee, interest, taxes,
brokerage commissions and extraordinary expenses) incurred during the Fund's
fiscal year exceed 0.11% of the average daily net assets of the Fund for such
year.
For Class II and Class III of the Equity Index Fund, MassMutual has agreed, at
least through April 30, 2005, to bear the expenses of the Fund, to the extent
that the aggregate expenses (excluding the Fund's management and administrative
fees, interest, taxes, brokerage commissions and extraordinary expenses)
incurred during the Fund's fiscal year exceed 0.05% of the average daily net
assets of the Fund for such year. MassMutual has also agreed to waive certain
administrative and shareholder service fees payable by the Fund on account of
Class II or Class III shares.
EXPENSE REDUCTIONS
The Large Cap Value Fund, Growth Equity Fund, Small Cap Equity Fund and the
Small Cap Growth Equity Fund have entered into agreements with certain brokers
whereby the brokers will rebate, in cash, a portion of brokerage commissions and
such cash will be applied to reduce fund expenses. Amounts earned by the Funds
under such agreements are presented as a reduction of expenses in the statement
of operations. For the year ended December 31, 2004, expenses were reduced under
these agreements as follows:
<Table>
<Caption>
REDUCTIONS
----------
Large Cap Value Fund $ 23
Growth Equity Fund 5,452
Small Cap Growth Equity Fund 20,496
</Table>
OTHER
Certain officers and trustees of the Funds are also officers of MassMutual. The
compensation of each trustee who is not an officer or employee of MassMutual is
borne by the Funds.
DEFERRED COMPENSATION
Trustees of the Funds that are not employees of MassMutual or its subsidiaries
may elect to defer receipt of their annual fees in accordance with terms of the
Non-Qualified Deferred Compensation Plan. Any amounts deferred shall accrue
interest at a rate equal to eight percent (8%) per annum.
For the year ended December 31, 2004, no significant amounts have been deferred.
85
<Page>
4. PURCHASES AND SALES OF INVESTMENTS
Cost of purchases and proceeds from sales of investment securities (excluding
short-term investments) for the year ended December 31, 2004, were as follows:
<Table>
<Caption>
LONG-TERM U.S. OTHER LONG-TERM
GOVERNMENT SECURITIES SECURITIES
--------------------- ---------------
PURCHASES
Inflation-Protected Bond Fund $ 45,194,971 $ 13,256,020
Large Cap Value Fund - 18,959,639
Equity Index Fund - 15,643,905
Enhanced Index Core Equity Fund - 20,846,933
Growth Equity Fund - 40,048,901
OTC 100 Fund - 4,004,309
Small Cap Equity Fund - 36,726,714
Small Company Opportunities Fund - 35,496,725
Small Cap Growth Equity Fund - 36,847,271
Emerging Growth Fund - 22,555,137
SALES
Inflation-Protected Bond Fund $ 8,721,669 $ -
Large Cap Value Fund - 1,809,238
Equity Index Fund - 45,944,963
Enhanced Index Core Equity Fund - 20,082,196
Growth Equity Fund - 39,476,119
OTC 100 Fund - 4,897,575
Small Cap Equity Fund - 32,652,163
Small Company Opportunities Fund - 26,837,913
Small Cap Growth Equity Fund - 29,255,984
Emerging Growth Fund - 20,507,963
</Table>
86
<Page>
5. CAPITAL SHARE TRANSACTIONS
The Funds are authorized to issue an unlimited number of shares, with no par
value in each class of shares. Changes in shares outstanding for each Fund are
as follows:
<Table>
<Caption>
YEAR ENDED DECEMBER 31, 2004 YEAR ENDED DECEMBER 31, 2003
SHARES AMOUNT SHARES AMOUNT
--------------- --------------- --------------- ---------------
INFLATION-PROTECTED BOND FUND
Sold 5,551,354 $ 60,432,532 2,692,560 $ 28,521,490
Issued as reinvestment of dividends 281,030 3,049,532 46,497 495,892
Redeemed (992,526) (10,793,802) (487,070) (5,160,642)
--------------- --------------- --------------- ---------------
Net increase (decrease) 4,839,858 $ 52,688,262 2,251,987 $ 23,856,740
=============== =============== =============== ===============
LARGE CAP VALUE FUND
Sold 2,631,604 $ 25,654,263 2,108,779 $ 16,987,215
Issued as reinvestment of dividends 55,176 573,534 38,468 359,133
Redeemed (829,329) (8,033,986) (692,939) (5,520,063)
--------------- --------------- --------------- ---------------
Net increase (decrease) 1,857,451 $ 18,193,811 1,454,308 $ 11,826,285
=============== =============== =============== ===============
EQUITY INDEX FUND CLASS I
Sold 1,190,416 $ 16,724,615 1,373,601 $ 16,523,967
Issued as reinvestment of dividends 90,073 1,343,884 66,793 913,733
Redeemed (1,299,529) (18,067,066) (1,104,652) (12,742,287)
--------------- --------------- --------------- ---------------
Net increase (decrease) (19,040) $ 1,433 335,742 $ 4,695,413
=============== =============== =============== ===============
EQUITY INDEX FUND CLASS II
Sold 1,537,829 $ 21,537,619 3,785,872 $ 45,312,735
Issued as reinvestment of dividends 213,984 3,190,498 181,866 2,486,104
Redeemed (3,163,722) (44,605,532) (1,822,195) (20,970,465)
--------------- --------------- --------------- ---------------
Net increase (decrease) (1,411,909) $ (19,877,415) 2,145,543 $ 26,828,374
=============== =============== =============== ===============
EQUITY INDEX FUND CLASS III
Sold 19,216 $ 267,033 766,101 $ 8,254,570
Issued as reinvestment of dividends 171,337 2,549,488 141,618 1,931,671
Redeemed (1,043,953) (14,627,174) (1,499,750) (17,541,572)
--------------- --------------- --------------- ---------------
Net increase (decrease) (853,400) $ (11,810,653) (592,031) $ (7,355,331)
=============== =============== =============== ===============
ENHANCED INDEX CORE EQUITY FUND
Sold 275,790 $ 2,543,049 537,899 $ 4,237,161
Issued as reinvestment of dividends 24,396 240,282 15,472 138,749
Redeemed (243,289) (2,207,841) (119,693) (908,167)
--------------- --------------- --------------- ---------------
Net increase (decrease) 56,897 $ 575,490 433,678 $ 3,467,743
=============== =============== =============== ===============
GROWTH EQUITY FUND
Sold 623,314 $ 4,226,011 764,121 $ 4,707,919
Issued as reinvestment of dividends 14,687 103,437 605 4,061
Redeemed (567,821) (3,835,972) (601,626) (3,579,358)
--------------- --------------- --------------- ---------------
Net increase (decrease) 70,180 $ 493,476 163,100 $ 1,132,622
=============== =============== =============== ===============
OTC 100 FUND
Sold 1,371,368 $ 5,164,134 3,381,484 $ 10,712,617
Issued as reinvestment of dividends 17,232 71,288 - -
Redeemed (1,689,804) (6,214,224) (1,738,007) (5,450,632)
--------------- --------------- --------------- ---------------
Net increase (decrease) (301,204) $ (978,802) 1,643,477 $ 5,261,985
=============== =============== =============== ===============
SMALL CAP EQUITY FUND
Sold 1,158,338 $ 13,270,784 1,543,870 $ 14,782,305
Issued as reinvestment of dividends 154,079 1,963,832 12,718 142,999
Redeemed (1,084,794) (12,425,250) (1,081,987) (10,032,551)
--------------- --------------- --------------- ---------------
Net increase (decrease) 227,623 $ 2,809,366 474,601 $ 4,892,753
=============== =============== =============== ===============
SMALL COMPANY OPPORTUNITIES FUND
Sold 1,115,355 $ 15,884,314 968,295 $ 11,536,096
Issued as reinvestment of dividends 298,344 4,414,393 134,135 1,853,674
Redeemed (374,453) (5,272,840) (263,399) (2,914,092)
--------------- --------------- --------------- ---------------
Net increase (decrease) 1,039,246 $ 15,025,867 839,031 $ 10,475,678
=============== =============== =============== ===============
SMALL CAP GROWTH EQUITY FUND
Sold 1,344,400 $ 15,934,204 1,211,042 $ 12,118,367
Issued as reinvestment of dividends - - - -
Redeemed (738,234) (8,683,802) (533,737) (4,815,882)
--------------- --------------- --------------- ---------------
Net increase (decrease) 606,166 $ 7,250,402 677,305 $ 7,302,485
=============== =============== =============== ===============
</Table>
87
<Page>
<Table>
<Caption>
YEAR ENDED DECEMBER 31, 2004 YEAR ENDED DECEMBER 31, 2003
SHARES AMOUNT SHARES AMOUNT
--------------- --------------- --------------- ---------------
EMERGING GROWTH FUND
Sold 1,156,307 $ 6,126,885 1,672,583 $ 7,604,348
Issued as reinvestment of dividends - - - -
Redeemed (717,582) (3,706,996) (947,231) (4,162,675)
--------------- --------------- --------------- ---------------
Net increase (decrease) 438,725 $ 2,419,889 725,352 $ 3,441,673
=============== =============== =============== ===============
</Table>
6. FOREIGN SECURITIES
The Funds may also invest in foreign securities, subject to certain percentage
restrictions. Investing in securities of foreign companies and foreign
governments involves special risks and considerations not typically associated
with investing in securities issued by U.S. companies and the U.S. Government.
These risks include revaluation of currencies and future adverse political and
economic developments. Moreover, securities of many foreign companies and
foreign governments and their markets may be less liquid and their prices more
volatile than those of securities of comparable U.S. companies and the U.S.
Government.
7. FEDERAL INCOME TAX INFORMATION
At December 31, 2004, the cost of securities and the unrealized appreciation
(depreciation) in the value of investments owned by the Funds, as computed on a
Federal income tax basis, were as follows:
<Table>
<Caption>
FEDERAL TAX BASIS TAX BASIS NET UNREALIZED
INCOME TAX UNREALIZED UNREALIZED APPRECIATION/
COST APPRECIATION DEPRECIATION (DEPRECIATION)
--------------- --------------- --------------- ---------------
Inflation-Protected Bond Fund $ 86,985,976 $ 1,876,986 $ (131,187) $ 1,745,799
Large Cap Value Fund 73,913,786 15,817,741 (927,365) 14,890,376
Equity Index Fund 408,584,626 67,282,198 (42,397,641) 24,884,557
Enhanced Index Core Equity Fund 17,890,137 1,762,172 (286,223) 1,475,949
Growth Equity Fund 22,093,165 2,188,966 (610,561) 1,578,405
OTC 100 Fund 10,736,184 1,784,422 (254,801) 1,529,621
Small Cap Equity Fund 86,990,030 28,219,593 (1,528,322) 26,691,271
Small Company Opportunities Fund 52,831,703 14,055,436 (1,383,662) 12,671,774
Small Cap Growth Equity Fund 63,295,339 14,692,325 (1,121,309) 13,571,016
Emerging Growth Fund 12,594,984 2,175,291 (294,417) 1,880,874
</Table>
At December 31, 2004, the following Funds had available, for Federal income tax
purposes, unused capital losses:
<Table>
<Caption>
EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
2008 2009 2010 2011 2012
------------ ------------ ------------ ------------ ------------
Large Cap Value Fund $ 8,346 $ 1,160,333 $ 2,527,171 $ 1,015,022 $ 578,706
Equity Index Fund - - 6,501,477 110,945 2,367,627
Enhanced Index Core
Equity Fund - - 88,480 374,765 -
Growth Equity Fund - 16,919,579 7,953,799 - -
OTC 100 Fund - 943,131 4,762,508 2,362,711 1,300,985
Small Cap Growth Equity
Fund - 6,913,107 8,158,841 930,646 -
Emerging Growth Fund 55,612 4,870,511 3,402,428 - -
</Table>
Net capital loss carryforwards may be applied against any net realized taxable
gains in each succeeding year, or until their respective expiration dates,
whichever occurs first.
88
<Page>
Certain differences exist from the amounts reflected in the Statement of Changes
in Net Assets primarily due to the character of short-term capital gains treated
as ordinary income for tax purposes. The tax character of distributions paid
during the year ended December 31, 2004 was as follows:
<Table>
<Caption>
ORDINARY LONG TERM RETURN OF
INCOME CAPITAL GAIN CAPITAL
-------------- -------------- --------------
Inflation-Protected Bond Fund $ 2,675,014 $ 374,518 $ -
Large Cap Value Fund 573,534 - -
Equity Index Fund 7,083,870 - -
Enhanced Index Core Equity Fund 240,282 - -
Growth Equity Fund 103,437 - -
OTC 100 Fund 71,288 - -
Small Cap Equity Fund 516,795 1,447,037 -
Small Company Opportunities Fund 1,625,403 2,788,990 -
</Table>
The tax character of distributions paid during the year ended December 31, 2003
was as follows:
<Table>
<Caption>
ORDINARY LONG TERM RETURN OF
INCOME CAPITAL GAIN CAPITAL
-------------- -------------- --------------
Inflation-Protected Bond Fund $ 495,892 $ - $ -
Large Cap Value Fund 359,133 - -
Equity Index Fund 5,331,508 - -
Enhanced Index Core Equity Fund 138,749 - -
Growth Equity Fund 4,061 - -
Small Cap Equity Fund 142,999 - -
Small Company Opportunities Fund 599,939 1,253,735 -
</Table>
At December 31, 2004, the components of distributable earnings on a tax basis
were as follows:
<Table>
<Caption>
UNDISTRIBUTED
LONG TERM
UNDISTRIBUTED CAPITAL GAIN/
ORDINARY (CAPITAL LOSS OTHER TEMPORARY UNREALIZED
INCOME CARRYOVER) DIFFERENCES APPRECIATION*
--------------- --------------- --------------- ---------------
Inflation-Protected
Bond Fund $ - $ - $ (2,465) $ 1,745,799
Large Cap Value Fund 29,648 (5,289,578) (196,754) 14,890,364
Equity Index Fund - (8,980,049) (1,207,997) 24,963,103
Enhanced Index Core
Equity Fund 300 (463,245) (1,047) 1,475,949
Growth Equity Fund - (24,873,378) (153,226) 1,578,407
OTC 100 Fund - (9,369,335) (89,515) 1,530,885
Small Cap Equity Fund 358,180 - (128,332) 26,691,271
Small Company
Opportunities Fund 23,213 1,006,310 (2,641) 12,671,774
Small Cap Growth
Equity Fund - (16,002,594) (5,543) 13,571,016
Emerging Growth Fund - (8,328,551) (2,256) 1,880,874
</Table>
* INCLUDES UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS, DERIVATIVES
AND FOREIGN CURRENCY DENOMINATED ASSETS AND LIABILITIES IF ANY.
89
<Page>
The following Funds elected to defer to January 1, 2005 post-October losses:
<Table>
<Caption>
AMOUNT
------------
Large Cap Value Fund $ 191,334
Equity Index Fund 1,178,443
Growth Equity Fund 149,187
OTC 100 Fund 87,295
Small Cap Equity Fund 120,428
</Table>
8. PROXY VOTING (UNAUDITED)
A description of the policies and procedures that each Fund's investment adviser
and sub-advisers 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 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/retire and on the Securities and Exchange Commission's
website at http://www.sec.gov.
9. QUARTERLY REPORTING (UNAUDITED)
The Funds file their complete schedule of portfolio holdings with the SEC for
the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms
N-Q are available on the SEC website at http://www.sec.gov. The Funds' Forms N-Q
may be reviewed and copied at the SEC's Public Reference Room, which may be
obtained by calling 1-800-SEC-0330.
90
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF MML SERIES INVESTMENT FUND
We have audited the accompanying statement of assets and liabilities, including
the portfolios of investments, of the MML Inflation-Protected Bond Fund, the MML
Large Cap Value Fund, the MML Equity Index Fund, the MML Enhanced Index Core
Equity Fund, the MML Growth Equity Fund, the MML OTC 100 Fund, the MML Small Cap
Equity Fund, the MML Small Company Opportunities Fund, the MML Small Cap Growth
Equity Fund and the MML Emerging Growth Fund (collectively the "Funds") which
are components of the MML Series Investment Fund ("The MML Trust"), as of
December 31, 2004, and the related statements of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the MML Trust's management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion of the effectiveness of the Funds' internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of December 31, 2004 by correspondence with the custodian
and brokers; where replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, such financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Funds as of December 31, 2004, and the results of their operations, the changes
in their net assets for each of the two years in the period then ended, and
their financial highlights for each of the five years in the period then ended
in conformity with accounting principles generally accepted in the United States
of America.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
Boston, Massachusetts
February 11, 2005
91
<Page>
TRUSTEES AND OFFICERS (UNAUDITED)
The following table lists the Trust's trustees and officers as of December 31,
2004; their address and age; their position with the Trust; the length of time
holding that position with the Trust; their principal occupation(s) during the
past five years; the number of portfolios in the fund complex they oversee; and
other directorships they hold in companies subject to registration or reporting
requirements of the Securities Exchange Act of 1934 (generally called "public
companies") or in registered investment companies. The Trust's Statement of
Additional Information includes additional information about the Trust's
trustees and is available, without charge, upon request by calling
1-888-309-3539 or by writing MML Series Investment Fund, c/o Massachusetts
Mutual Life Insurance Company, 1295 State Street, Springfield, Massachusetts
01111-0111, Attention: Retirement Services Marketing.
DISINTERESTED TRUSTEES
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE** PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS*, HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
AND AGE TRUST SERVED PAST 5 YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------ -------------- ----------- ------------------------ ------------- -------------------------
Richard H. Ayers Trustee of Since Retired. 39 Director, Applera
Age: 62 the Trust 1999 Corporation; Director
(since 2002), Instron
Corporation.
Mary E. Boland Trustee of Since Attorney at Law (since 39 Director (since 1999),
Age: 65 the Trust 1973 2004); Attorney at Law BankNorth Massachusetts;
(1965-2004), Egan, Director (since 1999),
Flanagan Massachusetts Educational
and Cohen, P.C. (law Financing Authority.
firm),
Springfield, MA.
Richard W. Greene Trustee of Since Retired; Vice President 39
Age: 69 the Trust 1999 for Investments and
Treasurer (1998-2000),
University of Rochester
(private university).
F. William Marshall, Jr. Trustee of Since Consultant (since 39 Trustee (since 2000),
Age: 62 the Trust 1996 1999); Chairman (1999), Board II Oppenheimer
Family Bank, F.S.B. Funds.
(formerly SIS Bank);
Executive Vice President
(1999), Peoples Heritage
Financial Group;
President, Chief
Executive Officer and
Director (1993-1999),
SIS Bancorp, Inc. and
SIS Bank (formerly,
Springfield Institution
for Savings).
Allan W. Blair Trustee of Since President and Chief 39 Director (since 2001),
Age: 56 the Trust 2003 Executive Officer (since Future Works, Inc.
1996), Economic
Development Council of
Western Massachusetts;
President and Chief
Operating Officer (since
1993), Westmass Area
Development Corporation;
President and Chief
Operating Officer
(since 1984), Westover
Metropolitan Development
Corporation.
R. Alan Hunter, Jr. Trustee of Since Retired. 39
Age: 58 the Trust 2003
</Table>
92
<Page>
INTERESTED TRUSTEES
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE** PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS*, HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
AND AGE TRUST SERVED PAST 5 YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------ -------------- ----------- ------------------------ ------------- -------------------------
Stuart H. Reese Chairman and Since Executive Vice President 41 Chairman (since 1999),
Age: 49 Trustee of the 1999 and Chief Investment President (1995-1999),
Trust Officer (since 1999), MassMutual Corporate
Chief Executive Director Investors and MassMutual
(1997-1999), MassMutual; Participation Investors
Chairman and Chief (closed-end investment
Executive Officer (since companies); Director
2001), President and (since 1999), Merrill
Chief Executive Officer Lynch Derivative
(1999-2001), Babson Products; Chairman (since
Capital Management LLC 1999), Director (since
(investment adviser). 1996), Antares Capital
Corporation (finance
company); Director (since
1996), HYP Management,
Inc. (managing member of
MassMutual High Yield
Partners LLC), and MMHC
Investment, Inc.
(investor in funds
sponsored by MassMutual);
Director (since 1994),
MassMutual Corporate
Value Partners Limited
(investor in debt and
equity securities) and
MassMutual Corporate
Value Limited (parent of
MassMutual Corporate
Value Partners Limited);
President (since 1997),
MassMutual/Darby CBO IM
Inc. (manager of
MassMutual/Darby CBO LLC,
a high yield bond fund);
Advisory Board Member
(since 1995), Kirtland
Capital Partners.
Frederick C. Castellani Trustee of Since Executive Vice President 39
Age: 58 the Trust 2001 (since 2001), Senior
Vice President (1996-
2001), MassMutual.
</Table>
93
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE** PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS*, HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
AND AGE TRUST SERVED PAST 5 YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------ -------------- ------------ -------------------------- ------------- -------------------------
Robert E. Joyal Trustee of Since Retired; President (2001- 41 Trustee (since
Age: 59 the Trust 2003 2003), Managing Director 2003), President
(2000-2001) and Executive (1999-2003),
Director (1999-2000), MassMutual Corporate
David L. Babson & Company Investors and
Inc.; Executive Director MassMutual
(1997-1999), Participation
Massachusetts Mutual Life Investors
Insurance Company. (closed-end
investment
companies); Director
(since 1996),
Antares Capital
Corporation (bank
loan syndication);
Director (since
1996), First Israel
Mezzanine Investors
Ltd. (general
partner and manager
of The Israel
Mezzanine Fund,
L.P.); Director
(since 2003), Pemco
Aviation Group, Inc.
</Table>
94
<Page>
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX
NAME, ADDRESS*, HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY
AND AGE TRUST SERVED PAST 5 YEARS OFFICER
- ----------------- --------------------- ----------- --------------------------------------------------- -------------
David W. O'Leary President Since Senior Vice President (since 2001), MassMutual; 14
Age: 44 of the Trust 2004 Senior Vice President (1999-2001), Vice President
(1996-1999), Aetna Financial Services.
James S. Collins Chief Financial Since Vice President (since 1999), Second Vice President 39
Age: 46 Officer and Treasurer 2000 (1990-1999), MassMutual.
of Trust
Thomas M. Kinzler Vice President and Since Vice President and Associate General Counsel (since 59
Age: 49 Secretary of the 1999 1999), Second Vice President and Associate General
Trust Counsel (1996-1999), MassMutual.
Toby Slodden Vice President of the Since Executive Vice President (since 2003), Senior Vice 39
Age: 47 Trust 2003 President (1999-2003), Vice President (1997-1999),
MassMutual.
Michael A. Chong Vice President and Since Vice President, Compliance (since 2004), Vice 59
Age: 47 Chief Compliance 2004 President and Associate General Counsel (1999-
Officer of the Trust 2004), Second Vice President (1996-1999),
MassMutual.
Ian W. Sheridan Vice President Since Vice President (since 2003), MassMutual; Vice 39
Age: 39 of the Trust 2004 President of Marketing and Business Development
(1999-2003), Automatic Data Processing (ADP).
</Table>
* The address of each Trustee and Principal Officer is the same as that for
the Trust; 1295 State Street, Springfield, Massachusetts 01111.
** Each Trustee of the Trust serves until the next meeting of shareholders
called for the purpose of electing Trustees and until the election and
qualification of his successor or until he dies, resigns or is removed.
Notwithstanding the foregoing, a Trustee shall retire and cease to serve as
a Trustee as of the first board meeting following the date on which the
Trustee attains the age of seventy-two years.
FEDERAL TAX INFORMATION (UNAUDITED)
For corporate shareholders, a portion of the ordinary dividends paid during the
Fund's year ended December 31, 2004 qualified for the dividends received
deduction, as follows:
<Table>
Large Cap Value Fund 100.00%
Equity Index Fund 100.00%
Enhanced Index Core Equity Fund 100.00%
Growth Equity Fund 100.00%
Small Cap Equity Fund 100.00%
Small Companies Opportunities Fund 9.61%
</Table>
95
<Page>
OTHER INFORMATION (UNAUDITED)
FUND EXPENSES DECEMBER 31, 2004
EXPENSE EXAMPLES
The following information is in regards to expenses for the six month period
ended December 31, 2004:
As a shareholder of the Funds, you incur ongoing costs, including management
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 month
period ended December 31, 2004.
ACTUAL EXPENSES
The first line of each table 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 entitled "Operating Expenses
Incurred" to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of each table on the following pages provides 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 tables are meant to highlight your
ongoing costs only. Therefore, the second line of the table is useful in
comparing ongoing costs only, and will not help you determine the relative total
costs of owning different funds.
96
<Page>
The Funds incur ongoing operating expenses during the normal course of business,
such as management fees and other expenses. The following tables, assuming a
$1,000 investment in a class of shares, disclose the ending account value and
operating expenses incurred for the six months ended December 31, 2004, based
on, (1) the Fund's actual return and actual expenses, and (2) a hypothetical
annualized 5% return and the Fund's actual expenses:
INFLATION-PROTECTED BOND FUND
<Table>
<Caption>
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED*
--------------- --------------- ---------------
1) Actual $ 1,000.00 $ 1,055.50 $ 3.31
2) Hypothetical 1,000.00 1,021.92 3.25
</Table>
* EXPENSES ARE CALCULATED USING THE ANNUALIZED EXPENSE RATIO FOR THE SIX
MONTHS ENDED DECEMBER 31, 2004 OF 0.64%, MULTIPLIED BY THE AVERAGE ACCOUNT
VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE PERIOD,
DIVIDED BY THE NUMBER OF DAYS IN THE YEAR.
LARGE CAP VALUE FUND
<Table>
<Caption>
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED*
--------------- --------------- ---------------
1) Actual $ 1,000.00 $ 1,069.80 $ 4.47
2) Hypothetical 1,000.00 1,020.81 4.37
</Table>
* EXPENSES ARE CALCULATED USING THE ANNUALIZED EXPENSE RATIO FOR THE SIX
MONTHS ENDED DECEMBER 31, 2004 OF 0.86%, MULTIPLIED BY THE AVERAGE ACCOUNT
VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE PERIOD,
DIVIDED BY THE NUMBER OF DAYS IN THE YEAR.
EQUITY INDEX FUND
CLASS I
<Table>
<Caption>
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED*
--------------- --------------- ---------------
1) Actual $ 1,000.00 $ 1,069.10 $ 2.34
2) Hypothetical 1,000.00 1,022.87 2.29
</Table>
* EXPENSES ARE CALCULATED USING THE ANNUALIZED EXPENSE RATIO FOR THE SIX
MONTHS ENDED DECEMBER 31, 2004 OF 0.45%, MULTIPLIED BY THE AVERAGE ACCOUNT
VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE PERIOD,
DIVIDED BY THE NUMBER OF DAYS IN THE YEAR.
CLASS II
<Table>
<Caption>
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED*
--------------- --------------- ---------------
1) Actual $ 1,000.00 $ 1,070.10 $ 1.51
2) Hypothetical 1,000.00 1,023.68 1.48
</Table>
* EXPENSES ARE CALCULATED USING THE ANNUALIZED EXPENSE RATIO FOR THE SIX
MONTHS ENDED DECEMBER 31, 2004 OF 0.29%, MULTIPLIED BY THE AVERAGE ACCOUNT
VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE PERIOD,
DIVIDED BY THE NUMBER OF DAYS IN THE YEAR.
97
<Page>
CLASS III
<Table>
<Caption>
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED*
--------------- --------------- ---------------
1) Actual $ 1,000.00 $ 1,070.80 $ .78
2) Hypothetical 1,000.00 1,024.38 .76
</Table>
* EXPENSES ARE CALCULATED USING THE ANNUALIZED EXPENSE RATIO FOR THE SIX
MONTHS ENDED DECEMBER 31, 2004 OF 0.15%, MULTIPLIED BY THE AVERAGE ACCOUNT
VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE PERIOD,
DIVIDED BY THE NUMBER OF DAYS IN THE YEAR.
ENHANCED INDEX CORE EQUITY FUND
<Table>
<Caption>
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED*
--------------- --------------- ---------------
1) Actual $ 1,000.00 $ 1,071.10 $ 3.44
2) Hypothetical 1,000.00 1,021.82 3.35
</Table>
* EXPENSES ARE CALCULATED USING THE ANNUALIZED EXPENSE RATIO FOR THE SIX
MONTHS ENDED DECEMBER 31, 2004 OF 0.66%, MULTIPLIED BY THE AVERAGE ACCOUNT
VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE PERIOD,
DIVIDED BY THE NUMBER OF DAYS IN THE YEAR.
GROWTH EQUITY FUND
<Table>
<Caption>
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED*
--------------- --------------- ---------------
1) Actual $ 1,000.00 $ 1,023.50 $ 4.48
2) Hypothetical 1,000.00 1,020.71 4.47
</Table>
* EXPENSES ARE CALCULATED USING THE ANNUALIZED EXPENSE RATIO FOR THE SIX
MONTHS ENDED DECEMBER 31, 2004 OF 0.88%, MULTIPLIED BY THE AVERAGE ACCOUNT
VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE PERIOD,
DIVIDED BY THE NUMBER OF DAYS IN THE YEAR.
OTC 100 FUND
<Table>
<Caption>
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED*
--------------- --------------- ---------------
1) Actual $ 1,000.00 $ 1,067.90 $ 2.91
2) Hypothetical 1,000.00 1,022.32 2.85
</Table>
* EXPENSES ARE CALCULATED USING THE ANNUALIZED EXPENSE RATIO FOR THE SIX
MONTHS ENDED DECEMBER 31, 2004 OF 0.56%, MULTIPLIED BY THE AVERAGE ACCOUNT
VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE PERIOD,
DIVIDED BY THE NUMBER OF DAYS IN THE YEAR.
SMALL CAP EQUITY FUND
<Table>
<Caption>
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED*
--------------- --------------- ---------------
1) Actual $ 1,000.00 $ 1,109.90 $ 3.71
2) Hypothetical 1,000.00 1,021.62 3.56
</Table>
* EXPENSES ARE CALCULATED USING THE ANNUALIZED EXPENSE RATIO FOR THE SIX
MONTHS ENDED DECEMBER 31, 2004 OF 0.70%, MULTIPLIED BY THE AVERAGE ACCOUNT
VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE PERIOD,
DIVIDED BY THE NUMBER OF DAYS IN THE YEAR.
98
<Page>
SMALL COMPANY OPPORTUNITIES FUND
<Table>
<Caption>
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED*
--------------- --------------- ---------------
1) Actual $ 1,000.00 $ 1,120.10 $ 6.08
2) Hypothetical 1,000.00 1,019.41 5.79
</Table>
* EXPENSES ARE CALCULATED USING THE ANNUALIZED EXPENSE RATIO FOR THE SIX
MONTHS ENDED DECEMBER 31, 2004 OF 1.14%, MULTIPLIED BY THE AVERAGE ACCOUNT
VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE PERIOD,
DIVIDED BY THE NUMBER OF DAYS IN THE YEAR.
SMALL CAP GROWTH EQUITY FUND
<Table>
<Caption>
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED*
--------------- --------------- ---------------
1) Actual $ 1,000.00 $ 1,095.40 $ 6.00
2) Hypothetical 1,000.00 1,019.41 5.79
</Table>
* EXPENSES ARE CALCULATED USING THE ANNUALIZED EXPENSE RATIO FOR THE SIX
MONTHS ENDED DECEMBER 31, 2004 OF 1.14%, MULTIPLIED BY THE AVERAGE ACCOUNT
VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE PERIOD,
DIVIDED BY THE NUMBER OF DAYS IN THE YEAR.
EMERGING GROWTH FUND
<Table>
<Caption>
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED*
--------------- --------------- ---------------
1) Actual $ 1,000.00 $ 1,098.30 $ 6.12
2) Hypothetical 1,000.00 1,019.30 5.89
</Table>
* EXPENSES ARE CALCULATED USING THE ANNUALIZED EXPENSE RATIO FOR THE SIX
MONTHS ENDED DECEMBER 31, 2004 OF 1.16%, MULTIPLIED BY THE AVERAGE ACCOUNT
VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE PERIOD,
DIVIDED BY THE NUMBER OF DAYS IN THE YEAR.
99
<Page>
[This page is intentionally left blank.]
<Page>
[MASSMUTUAL FINANCIAL GROUP(SM) LOGO]
Massachusetts Mutual Life Insurance Company
and affiliates, Springfield, MA 01111-0001
www.massmutual.com
MassMutual Financial Group is a marketing designation (or fleet name) for
Massachusetts Mutual Life Insurance Company (MassMutual) and its
affiliates.
L4540A 205
<Page>
ITEM 2 CODE OF ETHICS.
As of December 31, 2004, the Registrant adopted a Code of Ethics that
applies to the Principal Executive Officer and Principal Financial Officer
pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31,
2004, there were no amendments to a provision of the Code of Ethics. A copy of
its Code of Ethics is filed with this Form N-CSR under item 10 (a).
ITEM 3 AUDIT COMMITTEE FINANCIAL EXPERT.
The Registrant's Board of Trustees has determined that Richard H. Ayers and
Richard W. Greene, both members of the Audit Committee, are audit committee
financial experts as defined by the Securities and Exchange Commission (the
"SEC"). Mr. Ayers and Mr. Greene are "independent" as defined by the SEC for
purposes of audit committee financial expert determinations.
ITEM 4 PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) AUDIT FEES: The aggregate fees paid and accrued by the Registrant for
professional services rendered by its independent auditors, Deloitte &
Touche LLP, for the audit of the Registrant's annual financial
statements for 2004 and 2003 were $187,500 and $175,204, respectively.
(b) AUDIT RELATED FEES: No such fees were billed to the Registrant by
Deloitte & Touche LLP for 2004 and 2003.
(c) TAX FEES: The aggregate fees paid or accrued by the Registrant for
professional services rendered by Deloitte & Touche LLP for the review
of Form 1120-RIC, Form 8613, excise distribution projections,
distribution calculation and reasonable out of pocket expenses for
2004 and 2003 were $27,071 and $30,286, respectively.
(d) ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte
& Touche LLP for 2004 or 2003.
(e) (1) AUDIT COMMITTEE PRE-APPROVAL POLICY: All services to be performed
for the Registrant by Deloitte & Touche LLP must be pre-approved by
the audit committee. All services performed during 2004 and 2003 were
pre-approved by the committee.
(2) Not applicable.
(f) Not applicable.
(g) Not applicable.
(h) Not applicable.
ITEM 5 AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6 SCHEDULE OF INVESTMENTS
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.
<Page>
ITEM 8 PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY
AND AFFILIATED PURCHASERS.
Not applicable to this filing.
ITEM 9 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable to this filing.
ITEM 10 CONTROLS AND PROCEDURES.
(a) The Registrant's Principal Executive Officer and Principal Financial
Officer concluded that the Registrant's disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were
effective based as of a date within 90 days prior to the filing date of
this report (the "Evaluation Date"), based on their evaluation of the
effectiveness of the Registrant's disclosure controls and procedures as of
the Evaluation Date.
(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 Registrant's last fiscal half-year
(the Registrant's second fiscal half-year in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect,
the Registrant's internal control over financial reporting.
ITEM 11 (EXHIBITS):
(a)(1) Code of Ethics Described in Item 2 is attached.
(a)(2) Certifications of the Principal Executive Officer and Principal
Financial Officer of the Registrant as required by Rule 30a-2(a) under the
Investment Company Act of 1940 (17 CFR 270.30a-2(a) are attached hereto as
Exhibit 99CERT.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1
under the Act (17 CFR 270.23c-1) sent or given during the period covered by
the report by or on behalf of the registrant to 10 or more persons.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940
(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) is 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/ David W. O'Leary
------------------------------------------
David W. O'Leary, President and Principal Executive
Officer
Date 2/24/05
---------
<Page>
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/ David W. O'Leary
-----------------------------------------
David W. O'Leary, President and Principal Executive
Officer
Date 2/24/05
----------
By (Signature and Title): /s/ James S. Collins
----------------------------------------
James S. Collins, Treasurer and Principal Financial
Officer
Date 3/1/05
--------