N-30D 1 dn30d.htm SEMI-ANNUAL REPORT SEMI-ANNUAL REPORT
 
MML Series Investment Fund
Table of Contents
 
       Page
To Our Shareholders      2-11
 
Statement of Assets and Liabilities as of June 30, 2001      12
 
MML Money Market Fund     
MML Managed Bond Fund     
MML Blend Fund     
MML Equity Fund     
 
Statement of Operations For the Six Months Ended June 30, 2001      13
 
MML Money Market Fund     
MML Managed Bond Fund     
MML Blend Fund     
MML Equity Fund     
 
Statement of Changes in Net Assets For the Six Months Ended June 30, 2001 and For the Year Ended
December 31, 2000 		     14
 
MML Money Market Fund     
MML Managed Bond Fund     
MML Blend Fund     
MML Equity Fund     
 
Financial Highlights     
 
MML Money Market Fund      15
MML Managed Bond Fund      16
MML Blend Fund      17
MML Equity Fund      18
 
Portfolio of Investments as of June 30, 2001     
 
MML Money Market Fund      19
MML Managed Bond Fund      20-23
MML Blend Fund      24-31
MML Equity Fund      32-33
 
Notes to Financial Statements      34-40
 
MML Series Investment Fund – Letter to Shareholders
    
To Our Shareholders
 
 
John V. Murphy
 
“The Fed aggressively attempted to stimulate the economy as continued economic uncertainty and low Corporate Profits contributed to volatile financial markets in the first half of 2001.”
August 1, 2001
 
Continued Slowdown Triggers Aggressive Fed Easing
 
The first half of 2001 brought a continuation of the slowing trends evident in the economy and corporate earnings at the end of the previous year. In one important respect, though, the new year brought with it the winds of change. During the entire second half of 2000, the Federal Reserve Board had watched from the sidelines while growth stocks plunged and the economy staggered to a growth rate of just 1.1% in the fourth quarter. In 2001, the Fed dropped short-term interest rates by half of a percentage point on January 3 and another half-point on January 31. Four more rate reductions followed, leaving the target federal funds rate at 3.75% and the discount rate at 3.25% at the end of June. Two of the interventions—on January 3 and April 18—were surprise moves that occurred between regularly scheduled meetings of the Fed’s Open Market Committee, the body that controls short-term interest rates. For the Greenspan Fed, which for most of its tenure has been known for gradualism in monetary policy, the degree and timing of the cuts were remarkable.
 
In January, the Fed’s proactive stance on interest rates triggered a rally in growth stocks. However, the advance was tentative and led by the stocks of companies with the shakiest balance sheets, which had the most to gain from a more favorable credit environment. February and March brought sharp and broadly based declines in the popular stock indexes, as economic statistics continued to look bleak and companies preannounced first quarter earnings shortfalls. Industrial production continued its free fall, registering declines in all three months of the first quarter. Falling production of semiconductors, computers, and electronic components accounted for much of the weakness, as manufacturers attempted to keep inventories in line with receding demand. By the time of the Fed’s half-point rate cut on March 20, investors were so demoralized that the primary response was disappointment that the central bank had decided not to trim rates by a larger three-quarters of a percent.
 
Value stocks outperformed growth shares by a considerable margin during the first quarter, while small-caps beat stocks with larger capitalizations. For example, while the growth-oriented NASDAQ Composite Index and the S&P 500 Index were losing 25.5% and 12.1%, respectively, the Russell 2000 Value Index managed to post a gain of 1.0%.
 
Growth stocks finally found their footing in April, spurred by bargain-hunting and the Fed’s surprise rate cut on April 18. Growth took over the lead from value, as optimism began to build for a possible recovery later in the year. Despite the temporary euphoria, though, depressed corporate earnings and lagging economic statistics weighed on the market as the second quarter progressed. Retail sales, an important gauge of the consumer’s ability and willingness to spend, registered a weak 0.1% increase in May after climbing a robust 1.4% in April. Consumer spending accounts for approximately two-thirds of total economic activity and is considered vital to the Fed’s efforts to avoid a recession.
 
Offsetting the negative news to some extent was strong performance in the housing and auto sectors, stabilizing consumer confidence figures, and a jump of 0.5% in the May Index of Leading Economic Indicators, an important barometer of where the economy is headed over the next three to six months. Moreover, the Fed continued to lower interest rates, making its final move of the period—a quarter-point reduction—on June 27. After five half-point moves, June’s smaller decrease was widely interpreted as a signal that the Fed could be nearing the end of its current easing cycle. During the final six weeks of the period, there was listless trading with no sustained trends up or down. Growth stocks held on to most of their gains from April, while value shares made some headway during May and June.
 
(Continued)
 
 
 
For the entire six-month period, value was the clear winner over growth. The Russell 1000 Value Index, measuring the activity of large-cap value stocks, dipped 1.26%, while the Russell 1000 Growth Index tumbled 14.25%. Small-caps once again were the place to be, as evidenced by the Russell 2000 Value Index’s 12.84% gain during the period. Meanwhile, the Russell 2000 Growth Index was virtually alone among growth-oriented benchmarks in posting a small gain of 0.14% during the period. The venerable Dow Jones Industrial Average fell 1.9%, while the S&P 500 Index gave up 6.7%. The NASDAQ Composite, despite its strong second-quarter performance, still declined 12.4% for the first half.
 
Bonds Turn In Positive Performance
 
After a stellar performance in the fourth quarter of 2000, the bond market’s momentum slowed in the new year. Nevertheless, bonds turned in a reasonably good performance that was reflected in the 3.63% gain of the Lehman Brothers Aggregate Bond Index during the first half. Most of the gains came in the first quarter, when the yield curve steepened considerably because of the Fed’s easing. For example, the 2-year Treasury note’s yield declined by 92 basis points in the first quarter, while the 30-year bond was essentially flat at 5.44%. Longer-term yields held steady because of investors’ expectation that sharply falling short-term interest rates would trigger a recovery and possibly higher inflation. Spreads on corporate securities narrowed, and high-yield products had a particularly good three-month performance.
 
In the second quarter, the yield curve continued to steepen due to downward pressure at the short end. However, this time yields at the long end trended higher, providing a headwind for returns on longer-dated fixed-income securities. Investment-grade corporate spreads continued to narrow, although high-yield securities gave back some of their gains from the first quarter because of increasing concerns about defaults and other credit events. In the final week of the first half, the yield curve flattened a bit when the Fed lowered short-term rates by a quarter-point instead of the half-point investors wanted.
 
Two Opposing Forces
 
For the remainder of the year, the markets will likely be subject to a tug of war between the positive effects of lower interest rates and the negative impact of earnings disappointments, corporate layoffs, and other signs of a slower economy. The Fed’s uncharacteristically aggressive approach to monetary policy during the period indicates a desire to turn the economy around without delay, before consumers become discouraged and rein in their spending even more than they have already. On the positive side, cuts in interest rates of the frequency and magnitude we have just witnessed have historically had extremely beneficial effects on both the economy and stock prices over the following 12 to 18 months. Massive overspending in some industries, such as telecommunications equipment, may keep a lid on profits for a while, and it is doubtful that we will soon see a return to the speculative markets of late 1999 and early 2000. However, there should be ample opportunity for investors who maintain a diversified approach to both the equity and fixed-income markets.
 
John V. Murphy
President
MML Series Investment Fund
 
MML Money Market Fund
 
What are the investment objectives and policies for the MML Money Market Fund?
The objectives and policies of the Fund are to:
Ÿ maximize current income to the extent consistent with liquidity and the preservation of capital
Ÿ invest in a diversified portfolio of money market instruments
Ÿ invest in high quality debt instruments with remaining maturity not to exceed 397 days
 
How did the Fund perform during the first half of 2001?
The Fund’s shares had a net return of 2.25%, lagging the 2.40% return posted by Lipper Taxable Money Market Fund Index.
 
What was the investment background during the period?
Rapidly slowing economic growth and plunging corporate earnings led the Federal Reserve Board to aggressively lower interest rates. On the second business day of the period, following the release of disappointing news on the National Association of Purchasing Management’s index of manufacturing activity, the Fed surprised investors by cutting short-term interest rates by half of a percentage point. Five additional reductions followed, leaving the target federal funds rate at 3.75% by the end of June, while the discount rate stood at 3.25%. In addition to the January 3 intervention, the Fed also made an unscheduled intervention on April 18. The other Fed moves—on January 31, March 20, May 15, and June 27—were widely expected. With the exception of the quarter-point reduction on June 27, all were half-point cuts.
 
Meanwhile, the yield on 90-day T-bills, which had been 5.91% on December 29, 2000, fell to 3.66% by June 29 after getting as low as 3.43% on June 26. In addition to falling yields, commercial paper investors had to cope with narrowing spreads, and the two factors combined to create relatively meager yields by the end of June. For example, 60-day yield on Tier 1 commercial paper plunged from 6.65% near the end of 2000 to 3.84% at the end of the period. Money Market yields rose slightly in the final days of the period because many investors had been expecting the Fed’s June 27 quarter-point rate cut to be a half-point, matching its other interventions during the period.
 
How was the Fund positioned during the period?
The average life of the Fund’s holdings, which normally fluctuates within a few days of our IBC/Donohue Universe benchmark, stayed true to form. In January, for example, the Fund’s average life of 46 days matched that of the benchmark, while June found the Fund’s average life of 56 days slightly longer than the benchmark’s 54 days.
 
Significantly, our commercial paper holdings fell from 86% of total assets on January 31 to just 53% of assets on June 30. Conversely, the Fund’s holdings of government agency discount securities rose from 14% to 47% over the same period. We made this adjustment for two reasons. First, spreads between Tier 1 commercial paper and agency notes narrowed considerably, with yields on agency paper occasionally exceeding those of commercial paper. Since agency notes are considered safer, there was less incentive for us to accept the additional risk of commercial paper. Under normal circumstances, the Fund invests most of its assets in Tier 1 securities, which have received the highest rating from at least two of the nationally recognized rating agencies and normally offer higher yields than agency paper.
 
Furthermore, in response to rising credit risk in a deteriorating economy, we made the decision to reduce the concentration of the Fund’s holdings. Whereas formerly we allowed holdings in any one company to reach approximately 5% of the Fund’s assets, we reduced that figure to 2 1 /2%. With a need to spread our commercial paper holdings among more companies, we found it harder to find commercial paper of acceptable quality and value.
 
What is your outlook?
The Fed’s aggressive easing has yet to bear fruit in the form of a strengthening economy. However, just as there is a lag between policy moves and their effects on the economy when the Fed tightens monetary policy, so there is also a lag when the Fed eases. Thus, the benefits of lower rates might not be evident until the second half of 2001 or possibly later. Moreover, if there is not much
MML Money Market Fund (Continued)
 
improvement by August, there is a good chance that the Fed will trim rates again, probably by a quarter-point. Furthermore, the income tax rebates recently passed by Congress should help stabilize the economy and increase the chances of a recovery. Economic recovery would help the Fund by increasing the financial stability of companies issuing commercial paper and, depending on the strength of the recovery, could eventually lead to higher yields.
 
 
Growth of a $10,000 Investment
 
Hypothetical Investments in MML Money Market Fund and the Lipper Taxable Money Market Fund Index
 
 
MML Series Investment Fund
Total Return
               Five Year    Ten Year
     Year to Date
1/1/01 -
 6/30/01		    One Year
7/1/00 -
 6/30/01		    Average
Annual
7/1/96 -
 6/30/01		    Average
Annual
7/1/91 -
 6/30/01
 
MML Money
Market Fund		    2.25%    5.44%    5.19%    4.67%
 
Lipper Taxable Money
Market Fund Index		    2.40%    5.53%    5.18%    4.64%
    
GROWTH OF A $10,000 INVESTMENT FOR THE PAST TEN YEARS
 
 
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. Investors should note that the Fund is a professionally managed mutual fund, while the Lipper Taxable Money Market Fund Index is unmanaged and does not incur expenses, and cannot be purchased directly by investors. 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. Past performance is no indication of future results.
 
MML Managed Bond Fund
 
What are the investment objectives and policies for the MML Managed Bond Fund?
The objectives and policies of the Fund are to:
Ÿ achieve a high total return consistent with prudent investment risk and the preservation of capital
Ÿ invest primarily in a diversified portfolio of investment grade, fixed income securities
Ÿ match (within 10%) the duration of the Lehman Brothers Aggregate Bond Index.
Ÿ diversify investments by industry, sector, maturity, issuer class, and quality sectors to reduce risk of capital erosion
 
How did the Fund perform during the first half of 2001?
For the six months ending June 30, 2001, the Fund’s shares returned 3.58%, slightly lagging the 3.61% return of the Lehman Brothers Aggregate Bond Index.
 
What factors influenced the Fund’s performance?
Coming into 2001, it was our view—based on the fact that the economy was rapidly slowing and there was no inflation to speak of—that we would see easing by the Federal Reserve Board. What we didn’t foresee was the aggressiveness of the Fed’s activity. Generally, the Greenspan Fed has favored a policy of gradualism, preferring to err on the side of caution. However, during the first six months of the year, the Fed cut short-term interest rates six times, bringing the target federal funds rate down to 3.75% and the discount rate to 3.25%. The first five reductions were half-point cuts, while the final one on June 27 was a quarter-point reduction. This aggressive easing resulted in a steepening of the yield curve, which graphically represents the yields of comparable securities with different maturities. In addition, we saw spreads narrow, as investors began to feel more optimistic
about the economy and consequently demanded a smaller premium for making non-Treasury purchases.
 
Corporate securities did well in this environment, and we increased the Fund’s corporate holdings during the period from 51.7% of assets at the end of January to 53.5% on June 30. This was part of a campaign to boost the Fund’s corporate holdings that actually began around September of 2000, when clearer signs of a weakening economy began to emerge. Although we evaluate securities using primarily a bottom-up approach, we tended to focus our purchases on cyclical Old Economy sectors such as paper and chemicals—industries that should benefit from a revival of the economy. The other part of our corporate strategy was to go out a bit further on the credit quality spectrum. In a period of narrowing spreads, lower-quality issues will generally outperform those with higher credit ratings. Accordingly, we brought up the Fund’s allocation of BBB securities from 21.2% on January 31 to 24.8% at the end of June. Meanwhile, we reduced AAA-rated holdings from 44.7% to 43.9% over the same period.
 
While our overall strategy was on target for the investment climate, a number of credit events exerted a drag on performance during the period. We had no defaults, but there were numerous earnings shortfalls. In one case—Crown Cork & Seal—asbestos litigation negatively affected performance. Our long-term confidence in virtually all of these positions remained unshaken, but over the short term there’s no doubt that the Fund’s returns suffered because of them.
 
Mortgage-backed securities increased too. Why was that?
We boosted mortgage-backed securities from 23.1% at the end of January to 29.3% on June 30. This shift reflected our feeling that after six cuts in interest rates, we were probably nearing the end of the Fed’s easing cycle. Mortgaged-backed securities typically do well in a period of relatively stable interest rates, and it seemed that we might be entering such a period.
 
What is your outlook?
Uncertainty over corporate earnings and further Fed easing could cause corporate and mortgage spreads to widen somewhat over the near term. However, we would view this development as a buying opportunity. Lower rates combined with a stimulative fiscal policy and declining energy prices should eventually trigger an economic recovery and tighter bond spreads.
 
Within this context, we have five goals for the second half of the year. First, we’ll look for chances to improve the credit quality of the Fund. We anticipate doing this on a very selective basis—for example, in situations where we can move up in credit quality without giving up much in yield. Second, we plan to review our industry weightings and fine-tune those to agree with our economic outlook. Third, the steep yield curve provides more incentive to push our durations out a little longer to take advantage of the higher yields. Fourth, we would like to continue to benefit from the premiums provided by new bond issues. Finally, we’ll try to add incrementally to our corporate and mortgage holdings in situations where we see real value.
MML Managed Bond Fund (Continued)
 
Growth of a $10,000 Investment
 
Hypothetical Investments in MML Managed Bond Fund and the Lehman Brothers Aggregate Bond Index
 
 
MML Series Investment Fund
Total Return
               Five Year    Ten Year
     Year to Date
1/1/01 -
 6/30/01		    One Year
7/1/00 -
 6/30/01		    Average
Annual
7/1/96 -
 6/30/01		    Average
Annual
7/1/91 -
 6/30/01
 
MML Managed
Bond Fund		    3.58%    10.62%    7.15%    7.81%
 
Lehman Brothers
Aggregate Bond Index		    3.61%    11.23%    7.48%    7.87%
    
GROWTH OF A $10,000 INVESTMENT FOR THE PAST TEN YEARS
 
 
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. Investors should note that the Fund is a professionally managed mutual fund, while the Lehman Brothers Aggregate Bond Index is unmanaged and does not incur expenses, and cannot be purchased directly by investors. 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. Past performance is no indication of future results.
 
MML Blend Fund
 
 
What are the investment objectives and policies for the MML Blend Fund?
The objectives and policies of the Fund are to:
Ÿ  achieve as high a level of total rate of return over an extended period of time consistent with prudent investment risk and the preservation of capital
Ÿ  invest in a diversified portfolio of equity securities, fixed-income securities and money market instruments
Ÿ  manage the allocation of investments, under normal circumstances, in three sectors with the following ranges:
 
Money Market segment no more than 30% of total assets
Bond segment between 20% and 40% of total assets
Equity segment between 50% and 70% of total assets
 
How did the Fund perform during the first half of 2001?
For the six months ending June 30, 2001, the Fund’s shares returned -4.45%, lagging the -1.60% return of the Lipper Balanced Fund Index, an unmanaged index of stock and bond portfolios. A relatively heavy emphasis on equities during the first quarter was one factor that prevented the Fund from keeping pace with the Lipper index. Another challenge was investors’ rapid rotation back and forth between growth and value stocks.
 
What was the Fund’s asset allocation during the period?
We increased the Fund’s exposure to stocks and bonds early in the period in response to the Fed’s aggressive lowering of interest rates, which typically has a beneficial effect on stock and bond prices. At the end of December, the Fund’s allocation of stocks, bonds, and money market securities stood at 58%, 23%, and 19%, respectively. By March 31, the Fund’s stock component increased to 60%, while bonds rose to 28%. At the same time, our money market allocation fell to 12%. As the period progressed and the extent of the slowdown became more evident, we tried to give the Fund a more balanced exposure to equities and bonds. Accordingly, on April 6 we decided to shift towards an allocation of 65% stocks, 30% bonds, and 5% money market securities. We continued this trend in June, moving to 63% stocks, 29% bonds, and 8% money market securities and ended the period at approximately those levels.
MML Blend Fund (Continued)
 
 
How did the equity portfolio’s quantitative strategy work during the period?
It was not an ideal period for our strategy. While the strategy is very flexible and incorporates both growth and value elements, it does best when there are sustained trends in which one or the other style outperforms. During the first half, growth outperformed in January, value took the lead in February and March, and growth came to the fore again in April. In May and June, performance was more balanced, with neither style clearly beating the other. Part of the problem was the two unscheduled Fed easings on January 3 and April 18, which temporarily boosted growth stocks, especially those with weak balance sheets and the most to gain from easier credit conditions. Under normal circumstances, the stock market is not subject to such frequent and unexpected Fed activity, which allows trends to continue with fewer interruptions. We are still confident that the equities component of the Fund can achieve its goal of beating the S&P 500 Index over the long term.
 
What factors affected the Fund’s bond portfolio?
Coming into 2001, it was our view—based on the fact that the economy was rapidly slowing and there was no inflation to speak of—that we would see easing by the Federal Reserve Board. What we didn’t foresee was the aggressiveness of the Fed’s activity. Generally, the Greenspan Fed has favored a policy of gradualism, preferring to err on the side of caution. However, during the first six months of the year, the Fed cut short-term interest rates six times, bringing the target federal funds rate down to 3.75% and the discount rate to 3.25%. The first five reductions were half-point cuts, while the final one on June 27 was a quarter-point reduction. This aggressive easing resulted in a steepening of the yield curve, which graphically represents the yields of comparable securities with different maturities. In addition, we saw spreads narrow, as investors began to feel more optimistic about the economy and consequently demanded a smaller premium for making non-Treasury purchases.
 
 
Part of our corporate securities strategy was to go out a bit further on the credit quality spectrum. In a period of narrowing spreads, lower-quality issues will generally outperform high-quality securities. Accordingly, we brought up the Fund’s allocation of BBB securities from 24.7% on January 31 to 25.9% at the end of June.
 
We also boosted mortgage-backed securities from 4.9% at the end of January to 7.4% on June 30. This shift reflected our feeling that after six cuts in interest rates, we were probably nearing the end of the Fed’s easing cycle. Mortgaged-backed securities typically do well in a period of relatively stable interest rates, and it seemed that we might be entering such a period.
 
While our overall strategy was “right on” for the investment climate, a number of credit events exerted a drag on performance during the period. We had no defaults, but there were numerous earnings shortfalls. In one case—Crown Cork & Seal—asbestos litigation negatively affected performance. Our long-term confidence in virtually all of these positions remained unshaken, but over the short term there’s no doubt that the bond portfolio’s returns suffered because of them.
 
What is your outlook?
There are two major forces at work on the economy. On the one hand, corporate earnings have deteriorated markedly and have shown few signs of turning around, especially in the technology and telecommunications sectors that led the powerful advance of recent years. The Federal Reserve Board, however, is fighting to revive the economy with easier monetary policy. Lower interest rates increase liquidity in the system by reducing borrowing costs for businesses and consumers.
Fortunately, there is no need for us to try to forecast how this situation will resolve itself. We must simply let our model make the calls on how the portfolio should be structured.
 
On the bond side, uncertainty over corporate earnings and further Fed easing could cause corporate and mortgage spreads to widen somewhat over the near term. However, we would view this development as a buying opportunity. Lower rates combined with a stimulative fiscal policy and declining energy prices should eventually trigger an economic recovery and tighter bond spreads.
MML Blend Fund (Continued)
 
Growth of a $10,000 Investment
 
Hypothetical Investments in MML Blend Fund and the corresponding indices
 
 
MML Series Investment Fund
Total Return
 
     Year to Date
1/1/01 - 
6/30/01 		   One Year
7/1/00 - 
6/30/01 		   Five Year
Average
Annual
7/1/96 - 
6/30/01 		   Ten Year
Average
Annual
7/1/91 - 
6/30/01
 
MML Blend
Fund		    -4.45%    -3.95%    6.94%    9.52%
 
Lipper Balanced
Fund Index		    -1.60%    -0.97%    10.46%    11.01%
 
S&P 500 Index    -6.68%    -14.82%    14.48%    15.10%
 
Lehman
Brothers
Aggregate Bond
Index		    3.61%    11.23%    7.48%    7.87%
    
GROWTH OF A $10,000 INVESTMENT FOR THE PAST TEN YEARS
 

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. Investors should note that the Fund is a professionally managed mutual fund, while the Lipper Balanced Fund Index, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index are unmanaged and do not incur expenses, and cannot be purchased directly by investors. 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. Past performance is no indication of future results.
  
MML Equity Fund
 
What are the investment objectives and policies for the MML Equity Fund?
The objectives and policies of the Fund are to:
Ÿ  achieve a superior total return over an extended period of time from both capital appreciation and current income
Ÿ  utilize a value-oriented portfolio strategy in making investment decisions
Ÿ  utilize Fundamental analysis to identify companies which
-have opportunities to reinvest future cash flows at superior returns, including retirement of their own shares
-are attractively valued relative to these reinvestment opportunities
-retain durable advantages in strategic positioning within its competitive industry
Ÿ  invest in a diversified portfolio of equity securities of larger, well established firms (generally with market capitalization exceeding $2 billion)
 
How did the Fund perform during the first half of 2001?
For the six months ending June 30, 2001, the Fund’s shares returned -8.17%, trailing the -6.68% return of the S&P 500 Index and the -1.26% mark posted by the Russell 1000 Value Index.
 
The Russell 1000 Value Index measures the performance of those companies in the Russell 1000 Index with attributes common to the value universe. The Russell 1000 Index tracks the performance of the 1,000 largest U.S. companies based on total market capitalization. The S&P 500 Index is a market capitalization-weighted, unmanaged index of 500 common stocks.
 
What factors influenced the Fund’s performance?
The Fund lagged the Russell 1000 Value Index for three reasons, the first two of which also contributed to the Fund’s underperformance relative to the S&P 500 Index. First, we overweighted a diverse list of energy holdings. During the closing weeks of the first half of 2001, the political capitulation on California energy policy—the president resorted to price controls for electricity— combined with some short-term negative oil inventory data to knock down our energy holdings by a visible amount. We remain bullish on energy over a one-year horizon. However, in June this position hurt.
 
Second, throughout the first half the Federal Reserve Board was easing credit aggressively. This backdrop mandated our careful migration towards a more bullish tilt in portfolio construction, reversing our very defensive bias through the second half of 2000. For example, during the period we reduced or eliminated holdings in pharmaceuticals, household products, foods, and telecomm services, including Proctor Gamble, General Mills, Anheuser Busch, American Home Products, and SBC Communications. Funds were reinvested into more cyclical names such as Dow Chemical, News Corp., Weyerhauser, and Eastman Kodak. The shift was executed methodically and was smoothed over the whole period. Still, on balance, the portfolio was getting more bullish during a sharply down market for most of the largest stocks.
 
Making this portfolio shift too early can look wrong in the short run. It does year-to-date. However, adjusting too late and missing potential upside bursts to equity returns is not a prudent option. The current brew of monetary policy and large uninvested money market balances has very bullish implications for the one- or two-year horizon. We simply must be early to catch any significant advances.
 
Third, the strongest performance in the Russell 1000 Value Index was not to be found in the largest-capitalization, most liquid stocks typical of those held in the Fund. Smaller was better in this time span. This conclusion is visible most clearly with the S&P MidCap 400’s return of about +1%, versus -6.68% for the S&P 500 Index. By an eye-catching 7.7%, the 500 largest-capitalization stocks were outperformed by the next 400 stocks. Ours is truly a large-cap fund, and a smaller capitalization weight would have done much better in this six-month span.
 
What is your outlook?
We firmly believe that the Fed’s aggressive actions will turn the economy around before long, and that the primary risk lies in not being positioned accordingly. Cyclical stocks are capable of very sudden, powerful surges, and we could easily miss the heart of a move if we’re not positioned in advance. In addition to much lower interest rates, positive factors include a money supply that is growing at a year-over-year rate of 11%, roughly twice the rates in Europe and Japan. Moreover, we have a very steep yield curve, which means that there is a wide gap between shorter- and longer-term yields. Since banks typically borrow at the short end of the curve and lend at the long end, a steep yield curve provides them with a strong incentive to push money out the door in the form of loans. Thus, investors should find themselves with plenty of cash to invest in financial assets such as stocks and bonds, and consumers should be liquid enough to increase their spending on goods and services. Consumers who are willing and able to spend should contribute to a recovery in corporate profits, a scenario that is bullish for stocks.
MML Equity Fund (Continued)
 
 
Growth of a $10,000 Investment
 
Hypothetical Investments in MML Equity Fund and the S&P 500 Index
 
 
MML Series Investment Fund
Total Return
     Year to Date
1/1/01 - 
6/30/01		    One Year
7/1/00 -
 6/30/01		    Five Year
Average
Annual
7/1/96 - 
6/30/01 		   Ten Year
Average
Annual
7/1/91 -
6/30/01
 
MML Equity Fund    -8.17%    -1.44%    8.49%    11.49%
 
S&P 500 Index    -6.68%    -14.82%    14.48%    15.10%
    
GROWTH OF A $10,000 INVESTMENT FOR THE PAST TEN YEARS
 
 
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. 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. 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. Past performance is no indication of future results.
 
MML Series Investment Fund
 
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2001 (Unaudited)
 
     MML
Money
Market
Fund
    MML
Managed
Bond
Fund
    MML
Blend
Fund
    MML
Equity
Fund
 
ASSETS:              
 
Investments, at value (cost $0, $225,033,315, $1,439,893,658, $1,744,583,953, respectively) (Note 2)    $                         -      $      226,397,273      $    1,499,531,824      $  1,872,505,172
 
Short-term investments, at amortized cost (Note 2)    190,494,750      12,832,331      140,473,872      130,398,754
    
    
    
    
     Total Investments    190,494,750      239,229,604      1,640,005,696      2,002,903,926
    
    
    
    
 
Cash    3,182      3,649      1,466      47,504,210
 
Receivables from:
 
  Investments sold    -      2,026,132      14,635,511      5,511,373
 
  Interest and dividends    179      3,133,646      7,460,618      2,590,980
 
  Foreign taxes withheld    -      -      4,615      -
    
    
    
    
 
     Total assets    190,498,111      244,393,031      1,662,107,906      2,058,510,489
    
    
    
    
 
LIABILITIES:
 
Payables for:
 
     Investments purchased    -      21,882      6,926,234      18,870,325
 
     Dividends (Note 2)    564,020      -      -      -
 
     Settlement of investments purchased on a commitment basis (Note 2)    -      44,738      105,325      -
 
     Securities on loan (Note 2)    -      2,501,500      38,476,512      130,398,754
 
     Directors’ fees and expenses (Note 3)    3,527      4,664      17,322      19,760
 
     Affiliates (Note 3):
 
       Investment management fees    72,353      90,566      492,197      586,332
 
Accrued expenses and other liabilities    22,421      10,860      146,326      185,949
    
    
    
    
       Total liabilities    662,321      2,674,210      46,163,916      150,061,120
    
    
    
    
 
NET ASSETS    $      189,835,790      $      241,718,821      $    1,615,943,990      $  1,908,449,369
    
    
    
    
 
Net assets consist of:
 
Paid-in capital    $      190,115,638      $      239,916,415      $    1,650,727,871      $  1,246,372,486
 
Undistributed net investment income    23,842      3,370,793      10,736,292      28,707,708
 
Accumulated net realized gain (loss) on investments    (303,690 )    (2,887,607 )    (105,053,014 )    505,447,956
 
Net unrealized appreciation on investments    -      1,319,220      59,532,841      127,921,219
    
    
    
    
        $      189,835,790      $     241,718,821      $   1,615,943,990      $ 1,908,449,369
    
    
    
    
 
Shares outstanding:    190,131,900      19,621,998      105,590,609      60,586,664
    
    
    
    
 
Net asset value, offering price and redemption price per share:    $                    1.00      $                  12.32      $                  15.30      $                31.50
    
    
    
    
                                                           
The accompanying notes are an integral part of the financial statements.
 
 
MML Series Investment Fund
 
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2001 (Unaudited)
 
     MML
Money
Market
Fund
    MML
Managed
Bond
Fund
    MML
Blend
Fund
    MML
Equity
Fund
 
Investment income: (Note 2)
 
Dividends (net of withholding tax of $0, $0, $34,310, $21,078, respectively)    $              -      $              -      $    6,909,437      $  14,372,621  
 
Interest (including securities lending income of $0, $6,222, $59,079, $116,142, respectively)    4,975,099      7,960,437      20,043,009      1,205,627  
    
    
    
    
  
     Total investment income    4,975,099      7,960,437      26,952,446      15,578,248  
    
    
    
    
  
 
Expenses: (Note 3)
 
Investment management fees (Note 3)    447,234      559,095      3,154,051      3,741,553  
 
Custody fees    8,582      -      95,603      121,877  
 
Audit and legal fees    8,315      8,899      75,962      89,197  
 
Shareholder reporting fees    3,521      -      33,896      39,621  
 
Directors’ fees (Note 3)    2,601      3,134      25,407      29,691  
    
    
    
    
  
     Total expenses    470,253      571,128      3,384,919      4,021,939  
    
    
    
    
  
Net investment income    4,504,846      7,389,309      23,567,527      11,556,309  
    
    
    
    
  
 
Realized and unrealized gain (loss):
 
Net realized gain (loss) on:
     Investment transactions    (283,142 )    1,439,182      (72,586,551 )    218,477,561  
 
     Closed futures contracts    -      -      (7,036,106 )    -  
    
    
    
    
  
Net realized gain (loss)    (283,142 )    1,439,182      (79,622,657 )    218,477,561  
    
    
    
    
  
 
Net change in unrealized appreciation (depreciation) on:
     Investments    -      (390,339 )    (24,432,038 )    (405,026,833 )
 
     Open futures contracts    -      -      (555,215 )    -  
    
    
    
    
  
 
Net unrealized loss    -      (390,339 )    (24,987,253 )    (405,026,833 )
    
    
    
    
  
Net realized and unrealized gain (loss)    (283,142 )    1,048,843       (104,609,910 )    (186,549,272 )
    
    
    
    
  
 
Net increase (decrease) in net assets resulting from operations    $4,221,704      $8,438,152      $  (81,042,383 )    $(174,992,963 )
    
    
    
    
  
 
The accompanying notes are an integral part of the financial statements.
 
 
MML Series Investment Fund
 
STATEMENT OF CHANGES IN NET ASSETS
 
     Six months ended June 30, 2001 (Unaudited)
    Year ended December 31, 2000
     MML
Money
Market
Fund
    MML
Managed
Bond
Fund
    MML
Blend
Fund
    MML
Equity
Fund
    MML
Money
Market
Fund
    MML
Managed
Bond
Fund
    MML
Blend
Fund
    MML
Equity
Fund
Increase (Decrease) in Net Assets:
Operations:
 
  Net investment income    $          4,504,846      $          7,389,309      $        23,567,527      $        11,556,309      $        10,938,559      $       14,489,944      $       71,256,671      $       34,431,587  
 
  Net realized gain (loss) on
  investment transactions and
  futures contracts		    (283,142 )    1,439,182      (79,622,657 )    218,477,561      -      (1,972,080 )    509,414,996      462,024,490  
 
  Net change in unrealized
  appreciation (depreciation) on
  investments and futures contracts		    -      (390,339 )    (24,987,253 )    (405,026,833 )    -      10,895,757      (587,509,820 )    (461,495,359 )
    
    
    
    
    
    
    
    
  
Net increase (decrease) in net
assets resulting from operations		    4,221,704      8,438,152      (81,042,383 )    (174,992,963 )    10,938,559      23,413,621      (6,838,153 )    34,960,718  
 
Distributions to shareholders:
(Note 2)
 
  From net investment income:    (4,504,846 )    (5,721,421 )    (20,567,074 )    -      (10,938,559 )    (12,610,230 )    (63,377,558 )    (17,338,918 )
 
  From net realized gains:    -      -      (266,617,010 )    -      -      -      (267,204,540 )    (175,054,095 )
 
Net fund share transactions (Note 5)    8,110,437      6,570,772      148,074,965      (97,298,575 )    (18,561,416 )    (18,281,635 )    (462,805,093 )    (409,982,131 )
    
    
    
    
    
    
    
    
  
     Total increase (decrease) in net
     assets		    7,827,295      9,287,503      (220,151,502 )    (272,291,538 )    (18,561,416 )    (7,478,244 )    (800,225,344 )    (567,414,426 )
 
NET ASSETS:
Beginning of period    182,008,495      232,431,318      1,836,095,492      2,180,740,907      200,569,911      239,909,562      2,636,320,836      2,748,155,333  
    
    
    
    
    
    
    
    
  
End of period    $      189,835,790      $      241,718,821      $    1,615,943,990      $    1,908,449,369      $      182,008,495      $      232,431,318      $    1,836,095,492      $    2,180,740,907  
    
    
    
    
    
    
    
    
  
Undistributed net investment
income included in net assets at
end of period		    $                23,842      $          3,370,793      $        10,736,292      $        28,707,708      $                23,842      $          1,924,723      $          7,989,403      $        17,151,399  
    
    
    
    
    
    
    
    
  
                                                                                                                                                               
The accompanying notes are an integral part of the financial statements.
 
 
MML Series Investment Fund
 
FINANCIAL HIGHLIGHTS (For a share outstanding throughout each period)
 
       MML MONEY MARKET FUND
 
 
       Six months ended
6/30/01
(Unaudited)
      Year
ended
12/31/00
      Year
ended
12/31/99
      Year
ended
12/31/98
      Year
ended
12/31/97
      Year
ended
12/31/96
Net asset value, beginning of period      $     1.00        $     1.00        $     1.00        $     1.00        $     1.00        $     1.00  
     
     
     
     
     
     
  
 
Income (loss) from investment operations:
 
Net investment income      0.02        0.06        0.05        0.50        0.05        0.05  
 
Net realized and unrealized loss on investments      (0.00 )***      -        -        -        -        -  
     
     
     
     
     
     
  
Total income from investment operations      0.02        0.06        0.05        0.50        0.05        0.05  
     
     
     
     
     
     
  
 
Less distributions to shareholders:
 
From net investment income      (0.02 )      (0.06 )      (0.05 )      (0.50 )      (0.05 )      (0.05 )
     
     
     
     
     
     
  
Net asset value, end of period      $     1.00        $     1.00        $     1.00        $     1.00        $     1.00        $     1.00  
     
     
     
     
     
     
  
Total Return @      2.25% **      6.03%        4.78%        5.16%        5.18%        5.01%  
 
Ratios/Supplemental Data:
 
Net assets, end of period (000’s)      $189,836        $182,008        $200,570        $178,434        $141,165        $145,231  
 
Net expenses to average daily net assets      0.50% *      0.51%        0.50%        0.49%        0.52%        0.52%  
 
Net investment income to average daily net assets      4.80% *      5.86%        4.68%        5.05%        5.07%        4.92%  
 
*
Annualized
**
Percentage represents results for the period and are not annualized.
***
Net realized and unrealized loss on investments is less than $0.01 per share.
@
Total Return information shown in the Financial Highlights tables does not reflect expenses that apply at the separate account level or to related to 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.
 
MML Series Investment Fund
 
FINANCIAL HIGHLIGHTS (For a share outstanding throughout each period) (Continued)
 
       MML MANAGED BOND FUND
 
 
       Six months ended
6/30/01 +
(Unaudited)
      Year
ended
12/31/00
      Year
ended
12/31/99
      Year
ended
12/31/98
      Year
ended
12/31/97
      Year
ended
12/31/96
 
Net asset value, beginning of period      $   12.19        $   11.61        $   12.60        $   12.41        $   12.05        $   12.45  
     
     
     
     
     
     
  
 
Income (loss) from investment operations:
 
Net investment income      0.38 ***      0.77 ***      0.75        0.76        0.80        0.78  
 
Net realized and unrealized gain (loss) on investments      0.05        0.50        (0.98 )      0.24        0.36        (0.40 )
     
     
     
     
     
     
  
Total income (loss) from investment operations      0.43        1.27        (0.23 )      1.00        1.16        0.38  
     
     
     
     
     
     
  
 
Less distributions to shareholders:
 
From net investment income      (0.30 )      (0.69 )      (0.76 )      (0.75 )      (0.80 )      (0.78 )
 
From net realized gains      -        -        -        (0.06 )      -        -  
     
     
     
     
     
     
  
Total distributions      (0.30 )      (0.69 )      (0.76 )      (0.81 )      (0.80 )      (0.78 )
     
     
     
     
     
     
  
Net asset value, end of period      $   12.32        $   12.19        $   11.61        $   12.60        $   12.41        $   12.05  
     
     
     
     
     
     
  
Total Return @      3.58% **      11.19%        (1.83)%      8.14%        9.91%        3.25%  
 
Ratios/Supplemental Data:
 
Net assets, end of period (000’s)      $241,719        $232,431        $239,910        $254,109        $205,316        $181,572  
 
Net expenses to average daily net assets      0.48% *      0.49%        0.50%        0.48%        0.47%        0.51%  
 
Net investment income to average daily net assets      6.22% *      6.54%        6.19%        6.07%        6.06%        6.54%  
 
Portfolio turnover rate      32% **      20%        41%        41%        42%        46%  
 
*
Annualized
**
Percentage represents results for the period and are not annualized.
***
Per share amount calculated on the average shares method.
@
Total Return information shown in the Financial Highlights tables does not reflect expenses that apply at the separate account level or to related to insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.
+
The Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on debt securities. The effect of this change for the period ended June 30, 2001 was a decrease to net investment income per share of $0.01, an increase to net realized and unrealized gains and losses per share of $0.01 and a decrease of the ratio of net investment income to average net assets from 6.34% to 6.22%. Per share data and ratios/supplemental data for periods prior to January 1, 2001 have not been restated to reflect this change in presentation.
The accompanying notes are an integral part of the financial statements.
 
 
MML Series Investment Fund
 
FINANCIAL HIGHLIGHTS (For a share outstanding throughout each period) (Continued)
 
       MML BLEND FUND
 
 
     Six months ended
6/30/01 +
(Unaudited)
    Year
ended
12/31/00
    Year
ended
12/31/99
    Year
ended
12/31/98
    Year
ended
12/31/97
    Year
ended
12/31/96
Net asset value, beginning of period      $         19.51        $         23.51        $         25.08        $         24.08        $         21.97        $         20.52  
    
    
    
    
    
    
  
 
Income (loss) from investment operations:
 
Net investment income    0.24 ***    0.76 ***    0.84      0.42      0.84      0.82  
 
Net realized and unrealized gain (loss) on investments    (4.10 )    (0.73 )    (1.13 )    2.36      3.69      1.99  
    
    
    
    
    
    
  
Total income (loss) from investment operations    (3.86 )    0.03      (0.29 )    2.78      4.53      2.81  
    
    
    
    
    
    
  
 
Less distributions to shareholders:
 
From net investment income    (0.23 )    (0.70 )    (0.84 )    (0.42 )    (0.84 )    (0.82 )
 
From net realized gains    (0.12 )    (3.33 )    (0.44 )    (1.36 )    (1.58 )    (0.54 )
    
    
    
    
    
    
  
Total distributions    (0.35 )    (4.03 )    (1.28 )    (1.78 )    (2.42 )    (1.36 )
    
    
    
    
    
    
  
Net asset value, end of period      $         15.30        $         19.51        $         23.51        $         25.08        $         24.08        $         21.97  
    
    
    
    
    
    
  
Total Return @    (4.45)% **    0.02%      (1.24)%      13.56%      20.89%      13.95%  
 
Ratios/Supplemental Data:
 
Net assets, end of period (000’s)    $ 1,615,944      $ 1,836,095      $ 2,636,321      $ 2,814,689      $ 2,471,827      $ 2,093,990  
 
Net expenses to average daily net assets    0.40% *    0.39%      0.38%      0.37%      0.38%      0.38%  
 
Net investment income to average daily net assets    2.81% *    3.30%      3.34%      3.43%      3.56%      3.87%  
 
Portfolio turnover rate    41% **    103%      21%      29%      21%      19%  
 
* 
Annualized
** 
Percentage represents results for the period and are not annualized.
*** 
Per share amount calculated on the average shares method.
@ 
Total Return information shown in the Financial Highlights tables 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 Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on debt securities. The effect of this change for the period ended June 30, 2001 was a decrease to net investment income per share of $0.001, an increase to net realized and unrealized gains and losses per share of $0.001 and a decrease of the ratio of net investment income to average net assets from 2.83% to 2.81%. Per share data and ratios/supplemental data for periods prior to January 1, 2001 have not been restated to reflect this change in presentation.
The accompanying notes are an integral part of the financial statements.
 
MML Series Investment Fund
 
FINANCIAL HIGHLIGHTS (For a share outstanding throughout each period) (Continued)
 
       MML EQUITY FUND
 
 
       Six months ended
6/30/01
(Unaudited)
      Year
ended
12/31/00
      Year
ended
12/31/99
      Year
ended
12/31/98
      Year
ended
12/31/97
      Year
ended
12/31/96
 
Net asset value, beginning of period      $       34.30        $       36.56        $       39.20        $       35.44        $       29.79        $       25.92  
     
     
     
     
     
     
  
 
Income (loss) from investment operations:
 
Net investment income      0.19 ***      0.53 ***      0.71        0.72        0.71        0.70  
 
Net realized and unrealized gain (loss) on investments      (2.99 )      0.53        (2.21 )      5.02        7.80        4.56  
     
     
     
     
     
     
  
Total income (loss) from investment operations      (2.80 )      1.06        (1.50 )      5.74        8.51        5.26  
     
     
     
     
     
     
  
 
Less distributions to shareholders:
 
From net investment income      -        (0.30 )      (0.71 )      (0.72 )      (0.71 )      (0.70 )
 
From net realized gains      -        (3.02 )      (0.43 )      (1.26 )      (2.15 )      (0.69 )
     
     
     
     
     
     
  
Total distributions      -        (3.32 )      (1.14 )      (1.98 )      (2.86 )      (1.39 )
     
     
     
     
     
     
  
Net asset value, end of period      $       31.50        $       34.30        $       36.56        $       39.20        $       35.44        $       29.79  
     
     
     
     
     
     
  
Total Return @      (8.17)% **      2.86%        (3.82)%      16.20%        28.59%        20.25%  
 
Ratios/Supplemental Data:
 
Net assets, end of period (000’s)      $1,908,449        $2,180,741        $2,748,155        $2,938,107        $2,363,441        $1,701,998  
 
Net expenses to average daily net assets      0.40% *      0.40%        0.37%        0.37%        0.35%        0.38%  
 
Net investment income to average daily net assets      1.15% *      1.47%        1.78%        1.95%        2.03%        2.65%  
 
Portfolio turnover rate      45% **      69%        16%        14%        15%        11%  
 
*
Annualized
**
Percentage represents results for the period and are not annualized.
***
Per share amount calculated on the average shares method.
@
Total Return information shown in the Financial Highlights tables 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.
 
 
MML Money Market Fund
 
PORTFOLIO OF INVESTMENTS
June 30, 2001 (Unaudited)
 
 
 
         
Principal
Amount
    Market Value
                             
 
SHORT-TERM INVESTMENTS - 100.3%
Commercial Paper - 53.1%
  Alcoa, Inc.
     3.720% 08/17/2001    $    4,400,000    $    4,378,176
  BellSouth Corp.
     3.800% 08/03/2001    3,100,000    3,088,874
  Bemis Co., Inc.
     3.970% 07/10/2001    4,700,000    4,694,817
  Caterpillar Financial Services Corp.
     3.720% 09/13/2001    3,800,000    3,770,550
  The CIT Group, Inc.
     3.730% 09/21/2001    3,780,000    3,747,493
  The CIT Group, Inc.
     3.850% 09/25/2001    865,000    856,952
  Colgate-Palmolive Co.
     3.700% 08/07/2001    3,400,000    3,386,721
  Duke Energy Corp.
     3.880% 07/20/2001    4,900,000    4,889,438
  E. I. du Pont de Nemours and Co.
     3.850% 08/21/2001    1,310,000    1,302,715
  General Electric Capital Corp.
     4.630% 07/02/2001    3,680,000    3,679,054
  The Gillette Co.
     3.820% 08/21/2001    435,000    432,600
  The Gillette Co.
     3.940% 08/10/2001    1,155,000    1,149,817
  The Gillette Co.
     4.720% 08/21/2001    2,800,000    2,780,910
  Hershey Foods Corp.
     3.720% 07/25/2001    4,750,000    4,737,729
  Household Finance Corp.
     3.690% 08/13/2001    1,700,000    1,692,333
  Illinois Tool Works
     4.230% 07/03/2001    3,650,000    3,648,714
  Kimberly-Clark Corp.
     3.930% 07/17/2001    4,140,000    4,132,317
  Minnesota Mining & Manufacturing Co.
     3.680% 08/24/2001    4,515,000    4,489,616
 
         
Principal
Amount
    Market Value
                             
 
  Northern Illinois Gas Co.
     3.570% 03/19/2002    $    4,425,000    $    4,310,031
  NSTAR
     4.430% 07/12/2001    5,000,000    4,992,617
  Pfizer, Inc.
     3.610% 07/27/2001    2,600,000    2,592,960
  The Procter & Gamble Co.
     3.860% 07/13/2001    4,200,000    4,194,146
  Textron Financial Corp.
     3.770% 07/31/2001    4,750,000    4,734,580
  Toyota Motor Credit Corp.
     3.600% 08/15/2001    3,900,000    3,882,060
  Toyota Motor Credit Corp.
     3.750% 07/27/2001    830,000    827,666
  United Parcel Service, Inc.
     3.690% 07/05/2001    4,750,000    4,747,566
  Verizon Network Funding Corp.
     4.180% 07/26/2001    4,650,000    4,635,962
  The Walt Disney Co.
     3.600% 08/31/2001    4,780,000    4,750,364
  Wisconsin Electric Power Co.
     3.930% 07/09/2001    4,330,000    4,325,746
         
                  100,852,524
         
Discount Notes - 47.2%
  Federal Farm Credit Bank
     3.820% 09/14/2001    4,655,000    4,617,460
  Federal Farm Credit Bank
     3.920% 07/16/2001    3,140,000    3,134,529
  Federal Farm Credit Bank
     4.570% 11/26/2001    4,445,000    4,360,924
  Federal Home Loan Bank
     4.140% 07/06/2001    3,075,000    3,072,879
  Federal Home Loan Bank
     4.580% 07/13/2001    7,195,000    7,183,100
  Federal Home Loan Mortgage Corp.
     3.560% 10/12/2001    5,350,000    5,294,978
  Federal Home Loan Mortgage Corp.
     3.710% 11/08/2001    3,845,000    3,793,091
 
         
Principal
Amount
    Market Value
                               
 
  Federal Home Loan Mortgage Corp.
     3.740% 08/09/2001    $    2,665,000    $    2,653,925  
  Federal Home Loan Mortgage Corp.
     3.780% 12/14/2001    4,045,000    3,974,071  
  Federal Home Loan Mortgage Corp.
     3.820% 07/24/2001    3,195,000    3,186,864  
  Federal Home Loan Mortgage Corp.
     3.860% 12/06/2001    5,150,000    5,062,201  
  Federal Home Loan Mortgage Corp.
     3.870% 08/23/2001    6,700,000    6,661,106  
  Federal Home Loan Mortgage Corp.
     4.360% 10/11/2001    6,475,000    6,394,228  
  Federal Home Loan Mortgage Corp.
     4.580% 07/11/2001    3,770,000    3,764,724  
  Federal National Mortgage Association
     3.520% 09/20/2001    4,680,000    4,642,477  
  Federal National Mortgage Association
     3.570% 07/18/2001    3,980,000    3,972,896  
  Federal National Mortgage Association
     3.610% 08/14/2001    2,965,000    2,951,620  
  Federal National Mortgage Association
     3.710% 09/06/2001    4,960,000    4,925,242  
  Federal National Mortgage Association
     3.850% 10/04/2001    3,330,000    3,295,812  
  Federal National Mortgage Association
     4.130% 07/19/2001    4,500,000    4,490,191  
  Federal National Mortgage Association
     4.210% 10/04/2001    2,235,000    2,209,908  
         
  
                  89,642,226  
         
  
 
TOTAL SHORT-TERM INVESTMENTS
(At Amortized Cost)*            190,494,750  
         
  
 
TOTAL INVESTMENTS - 100.3%   
Other Assets/(Liabilities) - (0.3%)    (658,960 )
         
  
 
NET ASSETS - 100.0%            $189,835,790  
         
  
 
Notes to Portfolio of Investments
 
*
Aggregate cost for Federal tax purposes. (Note 7).
The accompanying notes are an integral part of the financial statements.
 
MML Managed Bond Fund
 
PORTFOLIO OF INVESTMENTS
June 30, 2001 (Unaudited)
 
 
 
     Principal
Amount
    Market Value
                              
 
BONDS & NOTES - 93.7%
 
Asset Backed Securities - 4.5%
  America West Airlines, Inc.
  1996-1, Class A
     6.850% 01/02/2011    $    1,615,675    $      1,621,992
  California Infrastructure
  SCE-1, 1997-1, Class A5
     6.280% 09/25/2005    300,000    306,452
  California Infrastructure
  SDG&E-1, 1997-1,
  Class A5
     6.190% 09/25/2005    250,000    254,540
  Case Equipment Loan Trust
  1998-A, Class A4
     5.830% 02/15/2005    505,823    507,019
  Chase Manhattan Auto
  Owner Trust 1998-A,
  Class A4
     5.800% 12/16/2002    708,160    712,208
  Chase Manhattan RV Owner
  Trust 1997-A, Class A7
     6.140% 10/16/2006    335,834    336,454
  Conseco Finance
  Securitizations Corp.
  Series 2001-1, Class A4
     6.210% 07/01/2032    925,000    915,353
  Metlife Capital Equipment
  Loan Trust Series 1997-A,
  Class A
     6.850% 05/20/2008    701,760    718,310
  Peco Energy Transition Trust
  Series 1999-A, Class A6
     6.050% 03/01/2009    1,000,000    1,003,443
  Peco Energy Transition Trust
  Series 1999-A, Class A7
     6.130% 03/01/2009    500,000    496,732
  Premier Auto Trust Series
  1998-4, Class A3
     5.690% 06/08/2002    137,791    137,906
  Premier Auto Trust Series
  1998-5, Class A3
     5.070% 07/08/2002    114,520    114,724
  Railcar Trust No. 1992-1,
  Class A
     7.750% 06/01/2004    800,200    830,456
 
     Principal
Amount
    Market Value
                              
 
  Rental Car Finance Corp.
  Series 1999-1A, Class A†
     5.900% 02/25/2007    $        750,000    $          749,841
  Textron Financial Corp.
  Series 1998-A, Class A2†
     5.890% 01/15/2005    918,940    927,165
  Travelers Funding Limited
  Series 1A, Class A1†
     6.300% 02/18/2014    1,400,000    1,279,264
         
Total Asset Backed Securities   
(Cost $10,991,604)            10,911,859
         
 
CORPORATE DEBT - 54.0%
  AirTouch Communications, Inc.
     7.500% 07/15/2006    1,500,000    1,586,730
  Alcan Aluminum Limited
     6.250% 11/01/2008    800,000    788,663
  American Airlines 1994-A
  Pass Through Trusts,
  Class A4*
     9.780% 11/26/2011    1,508,056    1,623,739
  American General Finance Corp.
     5.750% 11/01/2003    1,000,000    1,013,070
  Arrow Electronics, Inc.
     8.700% 10/01/2005    900,000    913,501
  Associates Corp. of North
  America*
     7.875% 09/30/2001    2,000,000    2,017,300
  AT&T—Liberty Media Group
     8.250% 02/01/2030    1,000,000    859,853
  AT&T Wireless Group†
     7.350% 03/01/2006    1,250,000    1,277,313
  Atlantic Richfield Series MTNB
     7.770% 02/13/2002    3,000,000    3,062,634
  Avnet, Inc.
     8.200% 10/17/2003    800,000    810,992
  Barrick Gold Corp.
     7.500% 05/01/2007    2,000,000    2,046,180
  BHP Finance (USA) Limited
     6.420% 03/01/2026    2,000,000    2,030,820
  Boeing Capital Corp.
     7.100% 09/27/2005    650,000    681,323
  Boston Scientific Corp.
     6.625% 03/15/2005          2,500,000    2,415,000
  Capitol Records, Inc.†
     8.375% 08/15/2009    2,000,000    2,133,106
 
 
 
     Principal
Amount
    Market Value
                              
 
  Champion International Corp.
     6.400% 02/15/2026    $    1,500,000    $      1,493,580
  The CIT Group, Inc.
     5.625% 10/15/2003    1,000,000    1,005,140
  CNF, Inc.
     8.875% 05/01/2010    600,000    630,859
  The Columbia
  Gas System, Inc.
     6.610% 11/28/2002    2,000,000    2,036,740
  Comcast Cable
  Communications, Inc.
     8.375% 05/01/2007    1,250,000    1,361,812
  Commercial Credit Co.*
     7.750% 03/01/2005    3,000,000    3,188,370
  Computer Sciences Corp.
     6.750% 06/15/2006    1,250,000    1,247,787
  ConAgra, Inc.
     7.000% 10/01/2028    1,250,000    1,161,187
  Continental Airlines, Inc.,
  Series 1996-2B
     8.560% 07/02/2014    850,429    895,305
  Continental Airlines, Inc.,
  Series 1996-B
     7.820% 10/15/2013    1,256,393    1,302,683
  Crown Cork & Seal Co., Inc.
     7.125% 09/01/2002    1,300,000    754,000
  CSX Corp.
     7.050% 05/01/2002    1,000,000    1,015,940
  CSX Corp.
     7.250% 05/01/2027    2,000,000    2,060,320
  Dominion Resources, Inc.
     7.820% 09/15/2004    1,000,000    1,047,130
  Donnelley (R.R.) & Sons Co.
     6.625% 04/15/2029    1,000,000    865,380
  Dover Corp.
     6.250% 06/01/2008    750,000    735,607
  DPL, Inc.
     8.250% 03/01/2007    1,000,000    1,029,320
  Duke Capital Corp.
     7.500% 10/01/2009    800,000    834,808
  Duke Energy Field Services Corp.
     7.875% 08/16/2010    800,000    838,312
  Ecolab, Inc.
     6.875% 02/01/2011    1,100,000    1,068,188
 
(Continued)
The accompanying notes are an integral part of the financial statements.
 
MML Managed Bond Fund
 
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2001 (Unaudited)
 
 
     Principal
Amount
    Market Value
                              
 
  Emerald Investment Grade
  CBO Limited†
     7.210% 05/24/2011    $    1,000,000    $      1,000,000
  Enterprise Products
  Operating LP
     7.500% 02/01/2011    1,175,000    1,171,017
  ERAC USA Finance Co.†
     6.750% 05/15/2007    2,000,000    1,959,100
  Exxon Mobil Corp.*
     8.625% 08/15/2021    2,000,000    2,384,740
  FBG Finance Limited†
     7.875% 06/01/2016    1,250,000    1,308,912
  Ford Motor Co.
     7.450% 07/16/2031    796,000    764,900
  Ford Motor Credit Corp.
     7.375% 10/28/2009    1,000,000    1,010,720
  General American
  Transportation Corp.
     6.750% 03/01/2006    2,000,000    1,895,840
  General Electric Capital Corp.
     8.750% 05/21/2007    1,000,000    1,143,820
  General Mills, Inc.
     8.900% 06/15/2006    1,000,000    1,133,770
  Goodyear Tire & Rubber Co.
     8.500% 03/15/2007    1,300,000    1,354,610
  Heller Financial, Inc.
     6.400% 01/15/2003    1,150,000    1,172,793
  Heller Financial, Inc.
     7.375% 11/01/2009    1,000,000    1,029,560
  Hershey Foods Corp.*
     7.200% 08/15/2027    1,500,000    1,505,460
  Houghton Mifflin Co.
     7.000% 03/01/2006    550,000    552,915
  ICI Wilmington, Inc.
     7.050% 09/15/2007    750,000    746,557
  IMC Global, Inc.
     6.625% 10/15/2001    1,000,000    992,630
  Imcera Group, Inc.
     6.000% 10/15/2003    2,000,000    2,019,400
  Ingersoll-Rand Co.
     5.750% 02/14/2003          1,200,000    1,210,428
  Interpool, Inc.
     7.350% 08/01/2007    500,000    437,430
  Interpublic Group of
  Companies, Inc.
     7.875% 10/15/2005    1,200,000    1,249,476
 
     Principal
Amount
    Market Value
                              
 
  Jet Equipment Trust Series
  1995-A†
     8.235% 11/01/2012    $    1,700,791    $      1,799,061
  KeySpan Gas East Corp.
  Series MTNA
     6.900% 01/15/2008    1,105,000    1,116,538
  Kimco Realty Corp. Series MTNB
     7.860% 11/01/2007    1,100,000    1,143,327
  Koninklijke KPN NV
     8.000% 10/01/2010    950,000    911,117
  The Kroger Co.
     7.000% 05/01/2018    500,000    473,525
  Lasmo (USA), Inc.
     6.750% 12/15/2007    2,000,000    2,072,090
  Leucadia National Corp.*
     7.750% 08/15/2013    2,000,000    1,902,880
  Marriott International, Inc.
  Series E†
     7.000% 01/15/2008    1,250,000    1,253,620
  Marsh & McLennan
  Companies, Inc.
     7.125% 06/15/2009    750,000    758,014
  Masco Corp.
     6.750% 03/15/2006    1,230,000    1,236,268
  Meritor Automotive, Inc.
     6.800% 02/15/2009    1,000,000    868,140
  Millipore Corp.
     7.500% 04/01/2007    1,000,000    961,810
  Morgan Stanley
  Dean Witter & Co.
     5.625% 01/20/2004    1,300,000    1,308,307
  Newmont Mining Corp.*
     8.625% 04/01/2002    2,000,000    2,039,500
  News America Holdings, Inc.
     9.250% 02/01/2013    2,000,000    2,251,020
  Norfolk Southern Corp.
     7.050% 05/01/2037    2,500,000    2,557,050
  Nortel Networks Limited
     6.125% 02/15/2006    1,240,000    1,061,837
  Pepsi Bottling Holdings, Inc.†
     5.625% 02/17/2009    700,000    672,096
  Progress Energy, Inc.
     6.550% 03/01/2004    745,000    759,364
  Qwest Capital Funding, Inc.†
     7.750% 02/15/2031    1,200,000    1,177,060
 
     Principal
Amount
    Market Value
                              
 
  Raytheon Co.
     6.750% 08/15/2007    $        500,000    $          484,510
  Reliant Energy Resources
  Corp. Series B
     8.125% 07/15/2005    1,235,000    1,282,722
  Republic Services, Inc.
     7.125% 05/15/2009    1,000,000    989,486
  Ryder System, Inc.
     6.600% 11/15/2005    750,000    718,087
  Scholastic Corp.
     7.000% 12/15/2003    1,500,000    1,539,165
  The Schwab (Charles) Corp.
     6.250% 01/23/2003    2,000,000    2,027,993
  Sealed Air Corp.†
     8.750% 07/01/2008    630,000    613,544
  Sears, Roebuck Acceptance Corp.
     6.750% 09/15/2005    1,500,000    1,510,935
  Simon Property Group LP
     7.375% 01/20/2006    1,000,000    1,008,763
  Southern Natural Gas Co.
     7.350% 02/15/2031    800,000    738,064
  Sprint Capital Corp.
     6.125% 11/15/2008    750,000    688,455
  Sprint Capital Corp.
     6.900% 05/01/2019    750,000    655,072
  Sprint Capital Corp.
     7.125% 01/30/2006    865,000    870,943
  Sunoco, Inc.
     6.750% 04/01/2011    600,000    586,188
  SuperValu, Inc.*
     7.875% 08/01/2009    1,000,000    933,756
  Telefonica Europe BV
     7.350% 09/15/2005    1,000,000    1,040,208
  Temple-Inland, Inc.
  Series MTND
     8.125% 12/15/2006    600,000    648,114
  Thomas & Betts Corp.*
     8.250% 01/15/2004    1,500,000    1,282,500
  Time Warner Companies, Inc.
     7.570% 02/01/2024    1,500,000    1,484,205
  Time Warner, Inc. Pass-Thru
  Asset Trust 1997-1†
     6.100% 12/30/2001    500,000    504,000
  Times Mirror Co.
     7.450% 10/15/2009    1,300,000    1,331,907
 
(Continued)
The accompanying notes are an integral part of the financial statements.
 
MML Managed Bond Fund
 
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2001 (Unaudited)
 
 
 
     Principal
Amount
    Market Value
                              
 
  TRW, Inc.
     8.750% 05/15/2006    $    2,000,000    $      2,152,696
  Tyco International Group SA
     6.250% 06/15/2003    1,100,000    1,115,762
  Union Tank Car Co.
     6.790% 05/01/2010    2,000,000    1,910,383
  United Air Lines, Inc.
     10.110% 02/19/2006    306,490    324,034
  US Airways, Inc., Class B
     7.500% 04/15/2008    889,447    846,611
  Vulcan Materials Co.
     6.000% 04/01/2009    800,000    750,402
  WorldCom, Inc.
     8.250% 05/15/2031    1,000,000    977,060
  WPP Finance (USA) Corp.
     6.625% 07/15/2005    1,100,000    1,089,376
         
Total Corporate Debt   
(Cost $130,497,337)            130,304,335
         
 
Non-U.S. Government Agency Obligations - 3.3%
  Asset Securitization Corp.
  Series 1995-MD4,
  Class A1
     7.100% 08/13/2029    2,137,501    2,219,865
  CS First Boston Mortgage
  Securities Corp.
  Series 1998-C2, Class A1
     5.960% 12/15/2007    844,238    846,386
  Merrill Lynch Mortgage
  Investors, Inc.,
  Series 1998-C1, Class A1
     6.310% 11/15/2026    1,250,724    1,258,091
  Residential Funding
  Mortgage Securities I
  Series 1998-S9, Class 1A1
     6.500% 04/25/2013    506,079    506,868
  Salomon Brothers Mortgage
  Securities 1997-TZH,
  Class B†
     7.491% 03/25/2022    1,250,000    1,286,125
  Starwood Commercial
  Mortgage Trust Series
  1999-C1A, Class B†
     6.920% 02/05/2009    1,000,000    997,146
 
     Principal
Amount
    Market Value
                              
 
 
  Structured Asset Securities
  Corp. Series 1998-ALS2,
  Class 1A
     6.750% 03/25/2029    $        900,533    $          903,910
         
Total Non-U.S. Government
Agency Obligations		   
(Cost $8,050,544)            8,018,391
         
 
U.S. Government Agency Obligations - 22.9%
Federal Home Loan Mortgage Corporation
(FHLMC) - 3.5%
Collateralized Mortgage Obligations - 1.2%
  FHLMC Series 1322,
  Class G
     7.500% 02/15/2007    455,880    462,718
  FHLMC Series 1460,
  Class H
     7.000% 05/15/2007    2,000,000    2,052,500
  FHLMC Series W067,
  Class A
     6.420% 12/01/2005    331,296    338,916
         
                     2,854,134
         
 
Pass-Through Securities - 2.3%
  FHLMC 7.500%
     10/01/2030-03/01/2031    4,428,789    4,521,484
  FHLMC
     8.000% 03/01/2027    1,055,344    1,091,944
  FHLMC
     9.000% 03/01/2017    50,432    53,867
         
                     5,667,295
         
                     8,521,429
         
 
Federal National Mortgage Association
(FNMA) - 9.9%
Collateralized Mortgage Obligations - 4.3%
  FNMA Series 1993-186,
  Class G
     6.250% 03/25/2008    1,943,381    1,968,878
  FNMA Series 1993-221,
  Class D
     6.000% 12/25/2008    1,000,000    1,014,680
 
     Principal
Amount
    Market Value
                              
 
  FNMA Series 1993-231,
  Class M
     6.000% 12/25/2008    $    3,322,000    $      3,366,614
  FNMA Series 1996-54,
  Class C
     6.000% 09/25/2008    4,000,000    4,028,720
         
                     10,378,892
         
 
Pass-Through Securities - 5.6%
  FNMA
     6.000% 11/01/2028    1,666,128    1,604,949
  FNMA 7.000%
     03/01/2031-04/01/2031    7,323,288    7,355,291
  FNMA 7.500%
     08/01/2029-04/01/2030    3,747,782    3,823,899
  FNMA 8.000%
     12/01/2029-05/01/2030    664,602    686,409
  FNMA
     9.000% 05/01/2009    108,447    114,928
         
                     13,585,476
         
                     23,964,368
         
 
Government National Mortgage Association
(GNMA) - 9.5%
Pass-Through Securities
  GNMA 6.500%
     05/15/2023-11/15/2028    9,403,220    9,322,836
  GNMA 7.000%
     09/15/2023-09/15/2029    6,131,846    6,192,572
  GNMA 7.250%
     11/20/2021-01/20/2022    2,185,988    2,220,068
  GNMA 7.500%
     03/15/2017-06/15/2024          2,412,020            2,488,057
  GNMA 7.625%
     11/20/2025-11/20/2027    360,856    372,001
  GNMA 8.000%
     12/15/2003-04/15/2008    2,206,835    2,314,587
         
                     22,910,121
         
Total U.S. Government
Agency Obligations		   
(Cost $54,772,150)            55,395,918
         
 
(Continued)
The accompanying notes are an integral part of the financial statements.
 
MML Managed Bond Fund
 
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2001 (Unaudited)
 
 
     Principal
Amount
    Market Value
                              
 
U.S. Treasury Obligations - 9.0%
U.S. Treasury Bonds - 4.3%
  U.S. Treasury Bond
     7.125% 02/15/2023    $    1,000,000    $      1,146,560
  U.S. Treasury Bond
     7.500% 11/15/2016    7,850,000    9,145,250
         
                     10,291,810
         
 
U.S. Treasury Strips - 4.7%
  U.S. Treasury Strip—
Principal Only
     0.000% 05/15/2016    28,000,000    11,474,960
         
 
Total U.S. Treasury Obligations   
(Cost $20,721,680)            21,766,770
         
TOTAL BONDS & NOTES   
(Cost $225,033,315)            226,397,273
         
 
SHORT-TERM INVESTMENTS - 5.3%
Cash Equivalents - 1.0%
  AT&T**
     3.980% 07/19/2001    118,958    118,958
  Banc One Bank Note**
     4.060% 07/02/2001    44,609    44,609
  Fleet National Bank Note**
     4.210% 10/31/2001    70,770    70,770
  GMAC Bank Note**
     4.110% 03/08/2002    74,349    74,349
  Merrill Lynch Bank Note**
     3.940% 04/05/2002    104,089    104,089
  Merrimac Money Market Fund**
     4.120% 07/02/2001    1,434,454    1,434,454
  Morgan Stanley Dean Witter & Co.**
     3.960% 07/16/2001    44,609    44,609
 
     Principal
Amount
    Market Value
                              
 
  Morgan Stanley Dean Witter & Co.**
     3.980% 09/14/2001    $          89,219    $            89,219
  Provident Institutional Money
  Market Fund**
     4.000% 07/02/2001    297,396    297,396
  Royal Bank of Canada
  Eurodollar Time Deposit**
     4.000% 07/02/2001    223,047    223,047
         
                     2,501,500
         
Commercial Paper - 4.3%
  Enron Corp.
     4.130% 07/05/2001    3,230,000    3,228,147
  KeySpan Corp.
     3.830% 07/02/2001    1,070,000    1,069,772
  Solutia, Inc.
     4.050% 07/18/2001    3,000,000    2,993,925
  TRW, Inc.
     4.000% 07/03/2001    3,040,000    3,038,987
         
                     10,330,831
         
TOTAL SHORT-TERM INVESTMENTS   
(At Amortized Cost)            12,832,331
         
 
TOTAL INVESTMENTS - 99.0%   
(Cost $237,865,646)***            239,229,604
Other Assets/(Liabilities) - 1.0%    2,489,217
 
         
NET ASSETS - 100.0%            $  241,718,821
         
 
Notes to Portfolio of Investments
 
* 
All or a portion of this security is segregated to cover forward purchase commitments. (Note 2).
 
** 
Represents investment of security lending collateral. (Note 2).
 
*** 
Aggregate cost for Federal tax purposes. (Note 7).
 
† 
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.
 
 
The accompanying notes are an integral part of the financial statements.
 
MML Blend Fund
 
PORTFOLIO OF INVESTMENTS
June 30, 2001 (Unaudited)
 
     Number
of
Shares
    Market Value
                             
 
EQUITIES - 63.6%
 
Advertising - 0.1%
  Interpublic Group of
  Companies, Inc.		    29,200    $              857,020
  Omnicom Group, Inc.    16,200    1,393,200
         
                  2,250,220
         
 
Aerospace & Defense - 0.9%
  Boeing Co.    89,000    4,948,400
  General Dynamics Corp.    23,700    1,844,097
  Goodrich (B.F.) Co.    9,700    368,406
  Honeywell International, Inc.    76,987    2,693,775
  Lockheed Martin Corp.    91,900    3,404,895
  Northrop Grumman Corp.    7,900    632,790
  Raytheon Co.*    31,400    833,670
  TRW, Inc.    12,900    528,900
         
                  15,254,933
         
 
Air Transportation - 0.1%
  Delta Air Lines, Inc.    11,300    498,104
  Southwest Airlines Co.    78,200    1,445,918
         
                  1,944,022
         
 
Apparel, Textiles & Shoes - 0.5%
  Gap, Inc.    29,956    868,724
  Liz Claiborne, Inc.    6,800    343,060
  The Limited, Inc.    16,500    272,580
  Nike, Inc. Cl. B    27,100    1,137,929
  Reebok International
  Limited*		    7,068    225,823
  VF Corp.    123,400    4,489,292
         
                  7,337,408
         
 
Automotive & Parts - 1.1%
  Cooper Tire & Rubber Co.    7,500    106,500
  Dana Corp.    6,100    142,374
  Delphi Automotive
  Systems Corp.		    68,900    1,097,577
  Ford Motor Co.    246,309    6,046,886
  General Motors Corp.    120,500    7,754,175
  Genuine Parts Co.    18,100    570,150
  Harley-Davidson, Inc.    8,800    414,304
  Navistar International Corp.*    6,100    171,593
 
     Number
of
Shares
    Market Value
                             
 
  Paccar, Inc.    7,900    $              406,218
  Visteon Corp.    20,700    380,466
         
                  17,090,243
         
 
Banking, Savings & Loans - 7.3%
  Amsouth Bancorp.    34,900    645,301
  Bank of America Corp.    153,600    9,220,608
  Bank of New York Co., Inc.    70,000    3,360,000
  Bank One Corp.    33,100    1,184,980
  BB&T Corp.    36,800    1,350,560
  Capital One Financial Corp.    76,100    4,566,000
  Charter One Financial, Inc.    20,700    660,330
  Citigroup, Inc.    470,085    24,839,291
  Comerica, Inc.    14,400    829,440
  Federal Home Loan
  Mortgage Corp.		    72,900    5,103,000
  Federal National
  Mortgage Association		    95,100    8,097,765
  Fifth Third Bancorp    46,966    2,820,308
  First Union Corp.    97,000    3,389,180
  Fleet Boston Financial
  Corp.		    107,474    4,239,849
  Golden West Financial
  Corp.		    32,200    2,068,528
  Huntington Bancshares, Inc.    9,200    150,420
  J.P. Morgan Chase & Co.    178,182    7,946,917
  KeyCorp.    39,800    1,036,790
  Mellon Financial Corp.    45,200    2,079,200
  National City Corp.    56,200    1,729,836
  Northern Trust Corp.    21,800    1,362,500
  PNC Financial Services
  Group		    26,800    1,763,172
  Providian Financial Corp.    36,300    2,148,960
  Regions Financial Corp.    8,000    256,000
  SouthTrust Corp.    199,600    5,189,600
  State Street Corp.    33,500    1,657,915
  SunTrust Banks, Inc.    27,600    1,787,928
  Synovus Financial Corp.    29,500    925,710
  U.S. Bancorp    177,621    4,047,983
  Union Planters Corp.    14,000    610,400
  Wachovia Corp.    20,800    1,479,920
  Washington Mutual, Inc.    94,950    3,565,372
  Wells Fargo & Co.    161,700    7,507,731
         
                  117,621,494
         
 
     Number
of
Shares
    Market Value
                             
 
Beverages - 1.0%
  Anheuser-Busch
  Companies, Inc.		    83,300    $          3,431,960
  Brown-Forman Corp. Cl. B    7,100    453,974
  The Coca-Cola Co.    105,400    4,743,000
  Coors (Adolph) Co. Cl. B    4,900    245,882
  Pepsi Bottling Group, Inc.    4,700    188,470
  PepsiCo, Inc.    144,700    6,395,740
         
                  15,459,026
         
 
Broadcasting, Publishing & Printing - 2.1%
  American Greetings
  Corp. Cl. A		    6,600    72,600
  AOL Time Warner, Inc.*    415,606    22,027,118
  Comcast Corp. Cl. A*    83,800    3,636,920
  Dow Jones & Co., Inc.    11,300    674,723
  Gannett Co., Inc.    23,900    1,575,010
  Harcourt General, Inc.    6,700    389,873
  Knight Ridder, Inc.    2,800    166,040
  The McGraw-Hill
  Companies, Inc.		    17,600    1,164,240
  Meredith Corp.    2,000    71,620
  New York Times Co. Cl. A    17,300    726,600
  Tribune Co.    28,600    1,144,286
  Viacom, Inc. Cl. B*    57,800    2,991,150
         
                  34,640,180
         
 
Building Materials & Construction - 1.0%
  Centex Corp.    6,100    248,575
  The Home Depot, Inc.    224,700    10,459,785
  Lowe’s Companies, Inc.    48,600    3,525,930
  Masco Corp.    42,100    1,050,816
  Vulcan Materials Co.    9,600    516,000
         
                  15,801,106
         
 
Chemicals - 1.0%
  Air Products and
  Chemicals, Inc.		    20,800    951,600
  Ashland, Inc.    6,700    268,670
  Dow Chemical Co.    29,859    992,812
  E. I. du Pont de Nemours
  and Co.		    104,500    5,041,080
  Eastman Chemical Co.    8,900    423,907
  Engelhard Corp.    134,600    3,471,334
  FMC Corp.*    29,800    2,043,088
 
(Continued)
The accompanying notes are an integral part of the financial statements.
 
MML Blend Fund
 
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2001 (Unaudited)
 
     Number
of
Shares
    Market Value
                             
 
  Great Lakes Chemical Corp.    5,500    $              169,675
  International Flavors &
  Fragrances, Inc.		    9,600    241,248
  PPG Industries, Inc.    18,000    946,260
  Praxair, Inc.    15,100    709,700
  Rohm & Haas Co.    20,000    658,000
         
                  15,917,374
         
 
Commercial Services - 1.1%
  Allied Waste Industries, Inc.*    19,400    362,392
  Block (H & R), Inc.    90,000    5,809,500
  Cendant Corp.*    263,600    5,140,200
  Convergys Corp.*    14,500    438,625
  Donnelley (R.R.) & Sons Co.    11,600    344,520
  Ecolab, Inc.    12,200    499,834
  Equifax, Inc.    13,500    495,180
  Moody’s Corp.    14,700    492,450
  Paychex, Inc.    36,700    1,468,000
  PerkinElmer, Inc.    10,900    300,077
  Robert Half International, Inc.*    22,200    552,558
  Ryder System, Inc.    7,700    150,920
  Waste Management, Inc.    76,052    2,343,923
         
                  18,398,179
         
 
Communications - 0.9%
  ADC Telecommunications,
  Inc.*		    82,700    545,820
  Andrew Corp.*    3,400    62,730
  Avaya, Inc.*    25,600    350,720
  SBC Communications, Inc.    321,236    12,868,714
  Scientific-Atlanta, Inc.    14,200    576,520
  Tellabs, Inc.*    40,800    786,624
         
                  15,191,128
         
 
Computer Integrated Systems Design - 0.4%
  Autodesk, Inc.    5,400    201,420
  Cabletron Systems, Inc.*    16,900    386,165
  Computer Sciences Corp.*    16,100    557,060
  Parametric Technology Corp.*    9,900    138,501
  Sun Microsystems, Inc.*    309,700    4,868,484
  Teradyne, Inc.*    13,864    458,898
  Unisys Corp.*    29,900    439,829
         
                  7,050,357
         
 
     Number
of
Shares
    Market Value
                             
 
Computer Programming Services - 0.0%
  Mercury Interactive Corp.*    2,800    $              167,720
         
 
Computers & Information - 1.8%
  Cisco Systems, Inc.*    653,100    11,886,420
  Compaq Computer Corp.    54,900    850,401
  Comverse Technology, Inc.*    16,200    933,444
  Dell Computer Corp.*    240,000    6,228,000
  EMC Corp.*    206,400    5,995,920
  Gateway, Inc.*    33,400    549,430
  Jabil Circuit, Inc.*    17,800    549,308
  Lexmark International
  Group, Inc.*		    16,400    1,102,900
  Solectron Corp.*    21,600    395,280
         
                  28,491,103
         
 
Computers & Office Equipment - 1.7%
  Electronic Data Systems
  Corp.		    42,800    2,675,000
  Hewlett-Packard Co.    182,200    5,210,920
  International Business
  Machines Corp.		    166,100    18,769,300
  Pitney Bowes, Inc.    23,400    985,608
         
                  27,640,828
         
 
Containers - 0.3%
  Ball Corp.    3,000    142,680
  Bemis Co., Inc.    5,600    224,952
  Pactiv Corp.*    257,300    3,447,820
  Temple-Inland, Inc.    5,400    287,766
         
                  4,103,218
         
 
Cosmetics & Personal Care - 0.7%
  Alberto-Culver Co. Cl. B    5,400    227,016
  Avon Products, Inc.    21,600    999,648
  Colgate-Palmolive Co.    58,200    3,433,218
  The Gillette Co.    19,300    559,507
  Kimberly-Clark Corp.    51,800    2,895,620
  The Procter & Gamble Co.    43,052    2,746,718
         
                  10,861,727
         
 
Data Processing and Preparation - 1.0%
  Automatic Data Processing,
  Inc.		    56,900    2,827,930
  Deluxe Corp.    249,300    7,204,770
  First Data Corp.    68,400    4,394,700
  Fiserv, Inc.*    11,900    761,362
 
     Number
of
Shares
    Market Value
                             
 
  IMS Health, Inc.    28,400    $              809,400
  NCR Corp.*    9,900    465,300
         
                  16,463,462
         
 
Electric Utilities - 1.6%
  Allegheny Energy, Inc.    80,300    3,874,475
  Ameren Corp.    12,600    538,020
  American Electric Power Co.    30,600    1,412,802
  Calpine Corp.*    29,400    1,111,320
  Cinergy Corp.    14,600    510,270
  Consolidated Edison, Inc.    19,400    772,120
  Constellation Energy
  Group, Inc.		    13,800    587,880
  Dominion Resources, Inc.    22,200    1,334,886
  DTE Energy Co.    13,700    636,228
  Duke Energy Corp.    68,900    2,687,789
  Edison International    42,200    470,530
  Entergy Corp.    21,500    825,385
  Exelon Corp.    30,100    1,930,012
  FirstEnergy Corp.    21,000    675,360
  FPL Group, Inc.    16,400    987,444
  GPU, Inc.    14,500    509,675
  Mirant Corp.*    11,607    399,281
  NiSource, Inc.    19,216    525,173
  PG&E Corp.    35,500    397,600
  Pinnacle West Capital Corp.    3,700    175,380
  PPL Corp.    13,800    759,000
  Progress Energy, Inc.    18,930    850,336
  Public Service Enterprise
  Group, Inc.		    25,600    1,251,840
  Reliant Energy, Inc.    38,100    1,227,201
  Southern Co.    29,200    678,900
  TXU Corp.    26,500    1,277,035
         
                  26,405,942
         
 
Electrical Equipment & Electronics - 5.2%
  Advanced Micro Devices,
  Inc.*		    150,200    4,337,776
  Altera Corp.*    13,000    377,000
  Analog Devices, Inc.*    34,100    1,474,825
  Emerson Electric Co.    39,600    2,395,800
  General Electric Co.    802,100    39,102,375
  Intel Corp.    636,700    18,623,475
  Johnson Controls, Inc.    10,200    739,194
  Kla-Tencor Corp.*    16,900    988,143
 
(Continued)
The accompanying notes are an integral part of the financial statements.
 
MML Blend Fund
 
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2001 (Unaudited)
 
     Number
of
Shares
    Market Value
                             
 
  Linear Technology Corp.    88,600    $          3,917,892
  Maxim Integrated
  Products, Inc.*		    27,000    1,193,670
  Micron Technology, Inc.*    56,100    2,305,710
  Molex, Inc.    20,300    741,559
  Novellus Systems, Inc.*    13,600    772,344
  Qlogic Corp.*    8,300    534,935
  Rockwell International Corp.    16,900    644,228
  Sanmina Corp.*    27,900    653,139
  Texas Instruments, Inc.    161,200    5,077,800
  Vitesse Semiconductor
  Corp.*		    18,700    393,448
         
                  84,273,313
         
 
Energy - 5.3%
  Amerada Hess Corp.    7,300    589,840
  Apache Corp.    9,600    487,200
  Burlington Resources, Inc.    6,300    251,685
  Chevron Corp.    59,700    5,402,850
  Conoco, Inc. Cl. B    55,100    1,592,390
  Devon Energy Corp.    11,700    614,250
  Dynegy, Inc.    30,500    1,418,250
  El Paso Corp.    48,795    2,563,689
  Enron Corp.    72,800    3,567,200
  EOG Resources, Inc.    14,300    508,365
  Exxon Mobil Corp.    328,999    28,738,063
  Halliburton Co.    18,800    669,280
  Kerr-McGee Corp.    11,200    742,224
  KeySpan Corp.    12,700    463,296
  Kinder Morgan, Inc.    48,200    2,422,050
  Nabors Industries, Inc.*    13,800    513,360
  Nicor, Inc.    4,300    167,614
  Occidental Petroleum Corp.    35,300    938,627
  Oneok, Inc.    5,600    110,320
  Peoples Energy Corp.    3,700    148,740
  Phillips Petroleum Co.    31,900    1,818,300
  Rowan Companies, Inc.*    9,000    198,900
  Royal Dutch Petroleum
  Co. NY Shares		    207,600    12,096,852
  Schlumberger Limited    52,300    2,753,595
  Sempra Energy    21,600    590,544
  Sunoco, Inc.    115,200    4,219,776
  Texaco, Inc.    110,100    7,332,660
  Tosco Corp.    15,100    665,155
  Unocal Corp.    22,100    754,715
 
     Number
of
Shares
    Market Value
                             
 
  USX-Marathon Group    38,800    $          1,144,988
  The Williams Companies, Inc.    40,100    1,321,295
  Xcel Energy, Inc.    14,700    418,215
         
                  85,224,288
         
 
Entertainment & Leisure - 0.4%
  Brunswick Corp.    10,700    257,121
  Harrah’s Entertainment Inc.*    10,700    377,710
  The Walt Disney Co.    196,100    5,665,329
         
                  6,300,160
         
 
Financial Services - 2.1%
  American Express Co.    126,800    4,919,840
  American General Corp.    47,000    2,183,150
  Bear Stearns Companies,
  Inc.		    9,800    577,906
  Countrywide Credit
  Industries, Inc.		    14,800    679,024
  Franklin Resources, Inc.    31,000    1,418,870
  Household International,
  Inc.		    80,600    5,376,020
  Lehman Brothers
  Holdings, Inc.		    30,300    2,355,825
  MBNA Corp.    88,400    2,912,780
  Merrill Lynch & Co., Inc.    84,500    5,006,625
  Morgan Stanley Dean
  Witter & Co.		    105,700    6,789,111
  Price (T. Rowe) Group, Inc.    12,600    471,114
  Stillwell Financial, Inc.    20,600    691,336
  USA Education, Inc.    5,000    365,000
         
                  33,746,601
         
 
Foods - 1.1%
  Archer-Daniels-Midland Co.    15,100    196,300
  Campbell Soup Co.    38,800    999,100
  ConAgra, Inc.    49,900    988,519
  General Mills, Inc.    26,800    1,173,304
  Heinz (H. J.) Co.    36,100    1,476,129
  Hershey Foods Corp.    13,100    808,401
  Kellogg Co.    42,000    1,218,000
  The Kroger Co.*    76,400    1,910,000
  Quaker Oats Co.    12,700    1,158,875
  Ralston Purina Group    28,300    849,566
  Safeway, Inc.*    45,100    2,164,800
  Sara Lee Corp.    80,500    1,524,670
  Starbucks Corp.*    38,900    894,700
 
     Number
of
Shares
    Market Value
                             
 
  SuperValu, Inc.    12,600    $              221,130
  SYSCO Corp.    70,100    1,903,215
  Wrigley (WM.) Jr. Co.    21,600    1,011,960
         
                  18,498,669
         
 
Forest Products & Paper - 0.2%
  Boise Cascade Corp.    5,900    207,503
  Georgia-Pacific Corp.    21,116    714,777
  International Paper Co.    44,900    1,602,930
  Westvaco Corp.    12,000    291,480
  Weyerhaeuser Co.    21,600    1,187,352
         
                  4,004,042
         
 
Healthcare - 1.1%
  Becton, Dickinson and Co.    24,200    866,118
  Bristol-Myers Squibb Co.    83,300    4,356,590
  The Healthcare Co.    51,600    2,331,804
  Healthsouth Corp.*    35,700    570,129
  Manor Care, Inc.*    10,200    323,850
  Schering-Plough Corp.    135,500    4,910,520
  Tenet Healthcare Corp.*    33,200    1,712,788
  UnitedHealth Group, Inc.    30,600    1,889,550
  Wellpoint Health
  Networks, Inc.*		    6,800    640,832
         
                  17,602,181
         
 
Home Construction, Furnishings & Appliances - 0.1%
  KB HOME    5,100    153,867
  Maytag Corp.    8,000    234,080
  Pulte Corp.    32,000    1,364,160
  Whirlpool Corp.    7,400    462,500
         
                  2,214,607
         
 
Household Products - 0.4%
  The Clorox Co.    22,400    758,240
  Corning, Inc.    87,500    1,462,125
  Fortune Brands, Inc.    14,800    567,728
  Snap-On, Inc.    2,300    55,568
  Tupperware Corp.    5,400    126,522
  Unilever NV NY Shares    52,200    3,109,554
         
                  6,079,737
         
 
Industrial—Diversified - 0.5%
  Illinois Tool Works, Inc.    10,600    670,980
  McDermott International, Inc.*    2,400    27,960
 
(Continued)
The accompanying notes are an integral part of the financial statements.
 
MML Blend Fund
 
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2001 (Unaudited)
 
     Number
of
Shares
    Market Value
                             
 
  Tyco International Limited    145,431    $          7,925,989
         
                  8,624,929
         
 
Information Retrieval Services - 0.1%
  Yahoo!, Inc.*    52,800    1,055,472
         
 
Insurance - 2.4%
  Aetna, Inc.*    14,600    377,702
  AFLAC, Inc.    65,300    2,056,297
  Allstate Corp.    153,000    6,730,470
  Ambac Financial Group,
  Inc.		    7,400    430,680
  American International
  Group, Inc.		    104,996    9,029,656
  Aon Corp.    25,200    882,000
  Chubb Corp.    16,100    1,246,623
  Cigna Corp.    6,600    632,412
  Conseco, Inc.*    42,000    573,300
  The Hartford Financial
  Services Group, Inc.		    10,300    704,520
  Jefferson-Pilot Corp.    14,800    715,136
  John Hancock Financial
  Services, Inc.		    76,500    3,079,890
  Lincoln National Corp.    18,300    947,025
  Loews Corp.    20,700    1,333,701
  Marsh & McLennan
  Companies, Inc.		    26,500    2,676,500
  MBIA, Inc.    39,550    2,202,144
  Metlife, Inc.    79,500    2,462,910
  MGIC Investment Corp.    10,100    733,664
  Progressive Corp.    6,700    905,773
  St. Paul Companies, Inc.    9,500    481,555
  Torchmark Corp.    12,200    490,562
         
                  38,692,520
         
 
Lodging - 0.2%
  Hilton Hotels Corp.    34,100    395,560
  Marriott International, Inc.
  Cl. A		    22,900    1,084,086
  Starwood Hotels &
  Resorts Worldwide, Inc.		    24,400    909,632
         
                  2,389,278
         
 
Machinery & Components - 1.2%
  Applied Materials, Inc.*    76,700    3,765,970
  Baker Hughes, Inc.    30,300    1,015,050
 
     Number
of
Shares
    Market Value
                             
 
  Black & Decker Corp.    7,600    $              299,896
  Briggs & Stratton Corp.    2,200    92,620
  Caterpillar, Inc.    102,300    5,120,115
  Cummins, Inc.    4,400    170,280
  Danaher Corp.    13,200    739,200
  Deere & Co.    23,100    874,335
  Dover Corp.    18,600    700,290
  Ingersoll-Rand Co.    16,800    692,160
  Pall Corp.    11,800    277,654
  Parker-Hannifin Corp.    11,600    492,304
  The Stanley Works    3,600    150,768
  Timken Co.    5,700    96,558
  United Technologies Corp.    71,300    5,223,438
         
                  19,710,638
         
 
Manufacturing - 0.0%
  Millipore Corp.    5,900    365,682
         
 
Manufacturing—Diversified - 0.6%
  Cooper Industries, Inc.    9,700    384,023
  Eaton Corp.    7,500    525,750
  ITT Industries, Inc.    88,000    3,894,000
  National Service
  Industries, Inc.		    1,600    36,112
  Textron, Inc.    77,000    4,238,080
         
                  9,077,965
         
 
Medical Supplies - 1.3%
  Agilent Technologies, Inc.*    13,100    425,750
  Allergan, Inc.    12,100    1,034,550
  Applera Corp.-Applied
  Biosystems Group		    19,700    526,975
  Bard (C.R.), Inc.    5,300    301,835
  Baxter International, Inc.    181,300    8,883,700
  Biomet, Inc.    18,400    884,304
  Boston Scientific Corp.*    37,800    642,600
  Guidant Corp.*    28,300    1,018,800
  Medtronic, Inc.    109,800    5,051,898
  St. Jude Medical, Inc.*    3,500    210,000
  Stryker Corp.    20,400    1,118,940
  Tektronix, Inc.*    8,800    238,920
  Thermo Electron Corp.*    17,900    394,158
         
                  20,732,430
         
 
Metals & Mining - 0.6%
  Alcan Aluminum Limited    20,900    878,218
  Alcoa, Inc.    82,400    3,246,560
 
     Number
of
Shares
    Market Value
                             
 
  Allegheny Technologies,
  Inc.		    8,400    $              151,956
  Barrick Gold Corp.    41,100    622,665
  Crane Co.    128,800    3,992,800
  Inco Limited*    18,800    324,488
  Placer Dome, Inc.    33,400    327,320
  Worthington Industries, Inc.    8,200    111,520
         
                  9,655,527
         
 
Miscellaneous - 0.3%
  Avery-Dennison Corp.    3,645    186,077
  Minnesota Mining &
  Manufacturing Co.		    36,600    4,176,060
         
                  4,362,137
         
 
Pharmaceuticals - 5.3%
  Abbott Laboratories    66,800    3,207,068
  American Home Products
  Corp.		    120,800    7,059,552
  Amgen, Inc.*    98,400    5,970,912
  Biogen, Inc.*    15,400    837,144
  Cardinal Health, Inc.    36,750    2,535,750
  Chiron Corp.*    17,300    882,300
  Eli Lilly & Co.    104,700    7,747,800
  Forest Laboratories, Inc.
  Cl. A*		    16,700    1,185,700
  Johnson & Johnson    280,820    14,041,000
  King Pharmaceuticals, Inc.*    15,900    854,625
  McKesson HBOC, Inc.    27,300    1,013,376
  Medimmune, Inc.*    19,800    934,560
  Merck & Co., Inc.    214,200    13,689,522
  Pfizer, Inc.    596,800    23,901,840
  Pharmacia Corp.    42,288    1,943,134
         
                  85,804,283
         
 
Photography Equipment / Supplies - 0.1%
  Eastman Kodak Co.    29,400    1,372,392
         
 
Prepackaged Software - 4.2%
  Adobe Systems, Inc.    138,600    6,514,200
  BMC Software, Inc.*    31,500    710,010
  Computer Associates
  International, Inc.		    23,400    842,400
  Intuit, Inc.*    19,300    771,807
  Microsoft Corp.*    586,531    42,582,151
  Oracle Corp.*    527,860    10,029,340
 
(Continued)
The accompanying notes are an integral part of the financial statements.
 
MML Blend Fund
 
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2001 (Unaudited)
 
 
 
     Number
of
Shares
    Market Value
                             
 
  Peoplesoft, Inc.*    28,000    $          1,378,440
  Siebel Systems, Inc.*    41,000    1,922,900
  Veritas Software Corp.*    36,789    2,447,572
         
                  67,198,820
         
 
Restaurants - 0.8%
  Darden Restaurants, Inc.    170,900    4,768,110
  McDonald’s Corp.    131,600    3,561,096
  Tricon Global
  Restaurants, Inc.*		    91,200    4,003,680
  Wendy’s International, Inc.    10,900    278,386
         
                  12,611,272
         
 
Retail - 2.7%
  AutoZone, Inc.*    152,800    5,730,000
  Bed Bath & Beyond, Inc.*    25,900    777,000
  Best Buy Co., Inc.*    24,200    1,537,184
  Big Lots, Inc.*    10,600    145,008
  Circuit City Stores-Circuit
  City Group		    20,500    369,000
  Costco Wholesale Corp.*    14,800    607,984
  CVS Corp.    36,500    1,408,900
  Dillards, Inc. Cl. A    10,700    163,389
  Federated Department
  Stores, Inc.*		    20,500    871,250
  Kohls Corp.*    31,300    1,963,449
  The May Department
  Stores Co.		    29,300    1,003,818
  Newell Rubbermaid, Inc.    25,600    642,560
  J.C. Penney Co., Inc.    166,900    4,399,484
  RadioShack Corp.    17,000    518,500
  Sears, Roebuck and Co.    43,200    1,827,792
  Sherwin-Williams Co.    16,900    375,180
  Staples, Inc.*    42,900    685,971
  Target Corp.    92,300    3,193,580
  Tiffany & Co.    13,400    485,348
  TJX Companies, Inc.    30,300    965,661
  Toys R Us, Inc.*    19,600    485,100
  Walgreen Co.    92,600    3,162,290
  Wal-Mart Stores, Inc.    258,660    12,622,608
         
                  43,941,056
         
 
Retail—Grocery - 0.0%
  Albertson’s, Inc.    13,300    398,867
         
 
 
     Number
of
Shares
    Market Value
                             
 
Telephone Utilities - 1.9%
  Alltel Corp.    29,200    $          1,788,792
  BellSouth Corp.    175,600    7,071,412
  CenturyTel, Inc.    13,200    399,960
  Qwest Communications
  International, Inc.		    55,200    1,759,224
  Sprint Corp. (FON Group)    81,500    1,740,840
  Verizon Communications,
  Inc.		    262,668    14,052,738
  Worldcom, Inc.*    259,300    3,879,128
         
                  30,692,094
         
 
Tobacco - 0.3%
  Philip Morris Companies,
  Inc.		    73,100    3,709,825
  UST, Inc.    18,300    528,138
         
                  4,237,963
         
 
Toys, Games - 0.0%
  Mattel, Inc.    40,600    768,152
         
 
Transportation - 0.6%
  Burlington Northern
  Santa Fe Corp.		    41,100    1,239,987
  Carnival Corp.    59,800    1,835,860
  CSX Corp.    6,900    250,056
  FedEx Corp.*    28,500    1,145,700
  Norfolk Southern Corp.    209,800    4,342,860
  Union Pacific Corp.    23,100    1,268,421
         
                  10,082,884
         
 
Travel - 0.0%
  Sabre Holdings Corp.*    12,600    630,000
         
 
TOTAL EQUITIES
(Cost $971,783,786)    1,028,437,629
         
 
RIGHTS - 0.0%
Computers & Information - 0.0%
  Veritas Software Corp.    21,700    0
         
 
TOTAL RIGHTS
(Cost $0)    0
         
 
         
Principal
Amount
    Market Value
                             
 
BONDS & NOTES - 29.1%
Asset Backed Securities - 1.2%
  America West Airlines, Inc. 1996-1,
  Class A
     6.850% 01/02/2011    $3,923,782    $          3,939,124
  California Infrastructure SCE-1,
  1997-1, Class A5
     6.280% 09/25/2005    650,000    663,979
  California Infrastructure SDG&E-1,
  1997-1, Class A5
     6.190% 09/25/2005    500,000    509,080
  Chase Manhattan Auto Owner Trust
  1998-A, Class A4
     5.800% 12/16/2002    1,770,401    1,780,521
  Chase Manhattan RV Owner Trust
  1997-A, Class A7
     6.140% 10/16/2006    755,626    757,022
  Conseco Finance Securitizations
  Corp. Series 2001-1, Class A4
     6.210% 07/01/2032    1,900,000    1,880,185
  Metlife Capital Equipment Loan Trust
  Series 1997-A, Class A
     6.850% 05/20/2008    1,754,401    1,795,775
  Railcar Trust No. 1992-1, Class A
     7.750% 06/01/2004    724,181    751,562
  Rental Car Finance Corp. Series
  1999-1A, Class A†
     5.900% 02/25/2007    2,400,000    2,399,491
  Textron Financial Corp. Series
  1998-A, Class A2†
     5.890% 01/15/2005    2,144,193    2,163,386
  Travelers Funding Limited Series 1A,
  Class A1†
     6.300% 02/18/2014    3,400,000    3,106,784
         
 
TOTAL ASSET BACKED SECURITIES
(Cost $19,936,709)    19,746,909
         
 
CORPORATE DEBT - 16.2%
  AirTouch Communications, Inc.
     7.500% 07/15/2006    4,000,000    4,231,280
  American Airlines 1994-A Pass
  Through Trusts, Class A4**
     9.780% 11/26/2011    3,770,140    4,059,347
  American General Finance Corp.
     5.750% 11/01/2003    2,000,000    2,026,140
 
(Continued)
The accompanying notes are an integral part of the financial statements.
 
MML Blend Fund
 
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2001 (Unaudited)
 
 
 
     Principal
Amount
    Market Value
                             
 
  Arrow Electronics, Inc.
     8.700% 10/01/2005    $2,000,000    $          2,030,002
  AT&T—Liberty Media Group
     8.250% 02/01/2030    5,695,000    4,896,863
  AT&T Wireless Group†
     7.350% 03/01/2006    2,600,000    2,656,810
  Avnet, Inc.
     8.200% 10/17/2003    2,400,000    2,432,976
  Barrick Gold Corp.
     7.500% 05/01/2007    4,250,000    4,348,133
  BHP Finance (USA) Limited
     6.420% 03/01/2026    4,500,000    4,569,345
  Boeing Capital Corp.
     7.100% 09/27/2005    1,350,000    1,415,057
  Bombardier Capital, Inc.†
     6.000% 01/15/2002    4,000,000    4,027,016
  Boston Scientific Corp.
     6.625% 03/15/2005    6,050,000    5,844,300
  Champion International Corp.
     6.400% 02/15/2026    3,500,000    3,485,020
  The CIT Group, Inc.
     5.625% 10/15/2003    2,500,000    2,512,850
  The CIT Group, Inc.
     6.375% 10/01/2002    4,000,000    4,067,320
  The Columbia Gas System, Inc.
     6.610% 11/28/2002    3,000,000    3,055,110
  Comcast Cable Communications, Inc.
     8.375% 05/01/2007    2,500,000    2,723,625
  Commercial Credit Co.**
     7.750% 03/01/2005    2,500,000    2,656,975
  ConAgra, Inc.
     7.000% 10/01/2028    3,000,000    2,786,850
  Continental Airlines, Inc.,
  Series 1996-2B
     8.560% 07/02/2014    1,488,251    1,566,784
  Continental Airlines, Inc.,
  Series 1996-B
     7.820% 10/15/2013    1,675,190    1,736,911
  Crown Cork & Seal Co., Inc.
     7.125% 09/01/2002    3,200,000    1,856,000
  CSX Corp.
     7.050% 05/01/2002    2,000,000    2,031,880
  CSX Corp.
     7.250% 05/01/2027    4,500,000    4,635,720
  Cytec Industries, Inc.
     6.750% 03/15/2008    1,545,000    1,416,456
 
     Principal
Amount
    Market Value
                             
 
  DaimlerChrysler NA Holding Corp.
     6.400% 05/15/2006    $1,250,000    $          1,240,063
  Dominion Resources, Inc.
     7.820% 09/15/2004    2,130,000    2,230,387
  Donnelley (R.R.) & Sons Co.
     6.625% 04/15/2029    3,000,000    2,596,140
  Dover Corp.
     6.250% 06/01/2008    2,000,000    1,961,620
  Duke Capital Corp.
     7.500% 10/01/2009    3,800,000    3,965,338
  Duke Energy Field Services Corp.
     7.875% 08/16/2010    1,800,000    1,886,202
  Emerald Investment Grade CBO
  Limited†
     7.210% 05/24/2011    3,000,000    3,000,000
  ERAC USA Finance Co.†
     6.750% 05/15/2007    6,000,000    5,877,300
  Exxon Mobil Corp.
     8.625% 08/15/2021    4,500,000    5,365,665
  FBG Finance Limited†
     7.875% 06/01/2016    4,000,000    4,188,520
  Ford Motor Credit Corp.**
     7.375% 10/28/2009    3,000,000    3,032,160
  General American Transportation Corp.
     6.750% 03/01/2006    3,000,000    2,843,760
  General Electric Capital Corp.
     8.750% 05/21/2007    1,500,000    1,715,730
  General Mills, Inc.
     8.900% 06/15/2006    2,250,000    2,550,983
  Goodyear Tire & Rubber Co.
     8.500% 03/15/2007    3,350,000    3,490,727
  Halliburton Co.
     5.625% 12/01/2008    1,500,000    1,441,806
  Heller Financial, Inc.
     6.400% 01/15/2003    2,250,000    2,294,595
  Hershey Foods Corp.
     7.200% 08/15/2027    5,300,000    5,319,292
  Houghton Mifflin Co.
     7.000% 03/01/2006    1,200,000    1,206,360
  Household Finance Corp.
     6.500% 11/15/2008    2,500,000    2,463,050
  ICI Wilmington, Inc.
     7.050% 09/15/2007    2,500,000    2,488,525
  IMC Global, Inc.
     6.625% 10/15/2001    2,500,000    2,481,575
  Ingersoll-Rand Co.
     5.750% 02/14/2003    2,300,000    2,319,987
 
     Principal
Amount
    Market Value
                             
 
  Interpool, Inc.
     7.350% 08/01/2007    $2,000,000    $          1,749,722
  Interpublic Group of Companies, Inc.
     7.875% 10/15/2005    2,600,000    2,707,198
  KeySpan Gas East Corp. Series MTNA
     6.900% 01/15/2008    2,500,000    2,526,105
  Kimco Realty Corp. Series MTNB
     7.860% 11/01/2007    2,500,000    2,598,471
  Koninklijke KPN NV
     8.000% 10/01/2010    2,100,000    2,014,049
  The Kroger Co.
     7.000% 05/01/2018    2,000,000    1,894,100
  Leucadia National Corp.**
     7.750% 08/15/2013    3,000,000    2,854,320
  Marriott International, Inc. Series E†
     7.000% 01/15/2008    2,445,000    2,452,081
  Marsh & McLennan Companies, Inc.
     7.125% 06/15/2009    2,000,000    2,021,372
  Meritor Automotive, Inc.
     6.800% 02/15/2009    4,000,000    3,472,560
  Midway Airlines Corp. Pass Through
  Certificates Class B
     8.140% 01/02/2013    2,352,875    2,249,960
  Millipore Corp.
     7.500% 04/01/2007    4,250,000    4,087,693
  Newmont Mining Corp.**
     8.625% 04/01/2002    5,000,000    5,098,750
  News America Holdings, Inc.
     9.250% 02/01/2013    4,000,000    4,502,040
  Norfolk Southern Corp.
     7.050% 05/01/2037    6,000,000    6,136,920
  North Finance (Bermuda) Limited†
     7.000% 09/15/2005    4,000,000    4,095,360
  Pepsi Bottling Holdings, Inc.†
     5.625% 02/17/2009    2,250,000    2,160,308
  Progress Energy, Inc.
     6.550% 03/01/2004    1,490,000    1,518,727
  Qwest Capital Funding, Inc.†
     7.750% 02/15/2031    2,300,000    2,256,031
  Raytheon Co.
     6.750% 08/15/2007    2,700,000    2,616,354
  Republic Services, Inc.
     7.125% 05/15/2009    3,000,000    2,968,459
  Ryder System, Inc.
     6.600% 11/15/2005    3,500,000    3,351,075
 
(Continued)
The accompanying notes are an integral part of the financial statements.
 
MML Blend Fund
 
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2001 (Unaudited)
 
     Principal
Amount
    Market Value
                             
 
  Scholastic Corp.
     7.000% 12/15/2003    $3,000,000    $          3,078,330
  The Schwab (Charles) Corp.
     6.250% 01/23/2003    2,500,000    2,534,991
  The Scripps (E.W.) Co.
     6.625% 10/15/2007    5,000,000    4,888,350
  Sealed Air Corp.†
     8.750% 07/01/2008    1,245,000    1,212,481
  Simon Property Group LP
     7.375% 01/20/2006    1,895,000    1,911,606
  Southern Natural Gas Co.
     7.350% 02/15/2031    1,500,000    1,383,870
  Sprint Capital Corp.
     6.125% 11/15/2008    2,000,000    1,835,880
  Sprint Capital Corp.
     6.900% 05/01/2019    2,000,000    1,746,860
  SuperValu, Inc.
     7.875% 08/01/2009    3,000,000    2,801,268
  Telefonica Europe BV
     7.350% 09/15/2005    2,400,000    2,496,499
  Thomas & Betts Corp.**
     8.250% 01/15/2004    1,000,000    855,000
  Time Warner, Inc. Pass-Thru
  Asset Trust 1997-1†
     6.100% 12/30/2001    4,750,000    4,788,000
  Times Mirror Co.
     7.450% 10/15/2009    3,600,000    3,688,359
  TRW, Inc.
     8.750% 05/15/2006    5,500,000    5,919,914
  Tyco International Group SA
     6.250% 06/15/2003    2,500,000    2,535,823
  Union Tank Car Co.
     6.790% 05/01/2010    4,000,000    3,820,766
  US Airways, Inc., Class B
     7.500% 04/15/2008    889,447    846,611
  Vulcan Materials Co.
     6.000% 04/01/2009    3,500,000    3,283,008
  WorldCom, Inc.
     8.250% 05/15/2031    2,000,000    1,954,120
  WPP Finance (USA) Corp.
     6.625% 07/15/2005    2,550,000    2,525,372
         
Total Corporate Debt
(Cost $263,677,320)            262,467,318
         
 
 
     Principal
Amount
    Market Value
                             
Non-U.S. Government Agency Obligations - 1.4%
  Collateralized Mortgage Obligations
  Asset Securitization Corp.
  Series 1995- MD4,
  Class A1
     7.100% 08/13/2029    $5,557,503    $          5,771,650
  CS First Boston Mortgage
  Securities Corp. Series
  1998-C2, Class A1
     5.960% 12/15/2007    2,532,715    2,539,158
  Merrill Lynch Mortgage
  Investors, Inc., Series
  1998-C1, Class A1
     6.310% 11/15/2026    3,215,938    3,234,880
  Residential Funding
  Mortgage Securities I
  Series 1998-S9, Class 1A1
     6.500% 04/25/2013    1,648,371    1,650,943
  Salomon Brothers
  Mortgage Securities
  1997-TZH, Class B†
     7.491% 03/25/2022    3,000,000    3,086,700
  Starwood Commercial
  Mortgage Trust Series
  1999-C1A, Class B†
     6.920% 02/05/2009    3,000,000    2,991,438
  Structured Asset
  Securities Corp. Series
  1998-ALS2, Class 1A
     6.750% 03/25/2029    3,602,131    3,615,639
         
Total Non-U.S. Government
Agency Obligations
(Cost $22,952,378)            22,890,408
         
 
U.S. Government Agency Obligations - 7.4%
Federal Home Loan Mortgage Corporation (FHLMC) - 1.4%
Collateralized Mortgage Obligations - 0.4%
  FHLMC Series 1322,
  Class G
     7.500% 02/15/2007    1,139,699    1,156,795
  FHLMC Series 1460,
  Class H
     7.000% 05/15/2007    1,789,000    1,835,961
 
     Principal
Amount
    Market Value
                             
 
  FHLMC Series 1490,
  Class PG
     6.300% 05/15/2007    $1,719,961    $          1,725,327
  FHLMC Series W067,
  Class A
     6.420% 12/01/2005    855,345    875,018
         
                     5,593,101
         
 
Pass-Through Securities - 1.0%
  FHLMC 7.500%
     10/01/2030-03/01/2031    13,286,308    13,564,390
  FHLMC 8.000%
     08/01/2026-03/01/2028    2,708,766    2,805,252
  FHLMC
     9.000% 03/01/2017    151,295    161,601
         
                     16,531,243
         
                     22,124,344
         
 
Federal National Mortgage Association (FNMA) - 3.9%
Collateralized Mortgage Obligations - 1.4%
  FNMA Series 1993-107,
  Class E
     6.500% 06/25/2008    5,000,000    5,121,850
  FNMA Series 1993-175,
  Class PU
     6.350% 09/25/2008    7,015,000    7,157,475
  FNMA Series 1993-186,
  Class G
     6.250% 03/25/2008    2,626,192    2,660,647
  FNMA Series 1993-71,
  Class PG
     6.250% 07/25/2007    3,078,102    3,087,705
  FNMA Series 1996-54,
  Class C
     6.000% 09/25/2008    4,000,000    4,028,720
         
                     22,056,397
         
Pass-Through Securities - 2.5%
  FNMA 6.000%
     11/01/2028-12/01/2028    5,003,218    4,819,500
  FNMA 7.000%
     01/01/2031-04/01/2031    19,684,852    19,770,875
 
(Continued)
The accompanying notes are an integral part of the financial statements.
 
 
MML Blend Fund
 
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2001 (Unaudited)
 
     Principal
Amount
    Market Value
                             
 
  FNMA 7.500%
     09/01/2029-05/01/2030    $13,302,652    $        13,572,827
  FNMA 8.000%
     05/01/2013-05/01/2030    3,053,453    3,150,391
         
                     41,313,593
         
                     63,369,990
         
 
Government National Mortgage Association
(GNMA) - 2.0%
Pass-Through Securities
  GNMA 6.500%
     10/15/2028-03/15/2029    18,963,600    18,762,587
  GNMA 7.000%
     04/15/2023-11/15/2023    2,633,619    2,673,122
  GNMA 7.250%
     06/20/2021-05/20/2022    5,522,136    5,608,224
  GNMA 7.500%
     09/15/2016-10/15/2017    1,855,006    1,913,788
  GNMA 8.000%
     01/15/2004-05/15/2008    2,459,041    2,580,832
  GNMA 9.000%
     08/15/2008-09/15/2009    648,543    694,820
         
                     32,233,373
         
 
U.S. Government Guaranteed Notes - 0.1%
  1991-A Caguas, PR
     8.740% 08/01/2001    280,000    280,874
  1991-A Cncl. Bluffs, IA
     8.740% 08/01/2001    155,000    155,484
  1991-A Fairfax County, VA
     8.740% 08/01/2001    85,000    85,265
  1991-A Fajardo, PR
     8.740% 08/01/2001    210,000    210,655
  1991-A Gadsden, AL
     8.740% 08/01/2001    100,000    100,312
  1991-A Lorain, OH
     8.740% 08/01/2001    30,000    30,094
  1991-A Mayaguez, PR
     8.740% 08/01/2001    150,000    150,468
         
                     1,013,152
         
Total U.S. Government Agency Obligations
(Cost $117,560,255)            118,740,859
         
 
     Principal
Amount
    Market Value
                             
 
U.S. Treasury Obligations - 2.9%
U.S. Treasury Bonds - 2.8%
  U.S. Treasury Bond
     7.500% 11/15/2016    $11,598,000    $        13,511,670
  U.S. Treasury Bond**
     8.750% 05/15/2017    25,100,000    32,571,266
         
                     46,082,936
         
 
U.S. Treasury Notes - 0.0%
  U.S. Treasury Note
     5.500% 05/15/2009    300,000    302,625
         
 
U.S. Treasury Strips - 0.1%
  U.S. Treasury Strip — Principal Only
     0.000% 08/15/2015    2,000,000    863,140
         
Total U.S. Treasury Obligations
(Cost $43,983,210)            47,248,701
         
TOTAL BONDS & NOTES
(Cost $468,109,872)            471,094,195
         
 
SHORT-TERM INVESTMENTS - 8.7%
Cash Equivalents - 2.4%
  AT&T***
     3.980% 07/19/2001    229,745    229,745
  Banc One Bank Note***
     4.060% 07/02/2001    686,153    686,153
  First Union II***
     4.000% 03/12/2002    287,181    287,181
  Fleet National Bank Note***
     4.210% 10/31/2001    1,563,203    1,563,203
  GMAC Bank Note***
     4.110% 03/08/2002    143,593    143,593
  Goldman Sachs Bank Note***
     3.840% 03/21/2002    293,589    293,589
  Merrill Lynch Bank Note***
     3.940% 04/05/2002    501,027    501,027
  Merrimac Money Market Fund***
     4.120% 07/02/2001    31,708,425    31,708,425
  Morgan Stanley Dean Witter & Co.***
     3.960% 07/16/2001    686,153    686,153
  Morgan Stanley Dean Witter & Co.***
     3.980% 09/14/2001    372,308    372,308
  Provident Institutional Money Market
  Fund***
     4.000% 07/02/2001    574,363    574,363
  Royal Bank of Canada Eurodollar Time
  Deposit***
     4.000% 07/02/2001    1,430,772    1,430,772
         
                     38,476,512
         
 
     Principal
Amount
    Market Value
                             
 
Commercial Paper - 6.3%
  Autoliv ASP, Inc.
     4.100% 07/16/2001    $  5,255,000    $        5,245,424  
  Avnet, Inc.
     4.130% 07/10/2001    8,790,000    8,779,916  
  Carolina Power & Light Co.
     4.100% 07/09/2001    6,715,000    6,708,117  
  Cox Enterprises, Inc.
     3.990% 07/25/2001    6,175,000    6,157,890  
  Dominion Resources, Inc.
     4.060% 07/02/2001     10,000,000    9,997,744  
  Dominion Resources, Inc.
     4.170% 07/11/2001    4,685,000    4,679,031  
  Federal Signal Corp.
     4.100% 07/06/2001    10,210,000     10,203,023  
  Florida Power Corp.
     4.000% 07/17/2001    11,670,000    11,647,957  
  Ingersoll-Rand Co.
     4.000% 07/19/2001    4,655,000    4,645,173  
  Public Service Co. of Colorado
     4.000% 07/03/2001    5,325,000    5,323,225  
  Solutia, Inc.
     4.050% 07/18/2001    3,540,000    3,532,832  
  UOP
     4.330% 07/12/2001    10,795,000    10,779,419  
  UOP
     4.330% 07/13/2001    14,320,000    14,297,609  
         
  
                     101,997,360  
         
  
TOTAL SHORT-TERM INVESTMENTS
(At Amortized Cost)            140,473,872  
         
  
 
TOTAL INVESTMENTS - 101.4%   
(Cost $1,580,367,530)****    $  1,640,005,696  
Other Assets/(Liabilities) - (1.4%)    (24,061,706 )
         
  
 
NET ASSETS - 100.0%    $1,615,943,990  
         
  
Notes to Portfolio of Investments
 
*    
Non-income producing security.
 
**   
All or a portion of this security is segregated to cover forward purchase commitments. (Note 2).
 
***  
Represents investment of security lending collateral. (Note 2).
 
**** 
Aggregate cost for Federal tax purposes. (Note 7).
 
†    
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.
The accompanying notes are an integral part of the financial statements.
 
MML Equity Fund
 
PORTFOLIO OF INVESTMENTS
June 30, 2001 (Unaudited)
 
 
 
     Number
of
Shares
    Market Value
                              
 
EQUITIES - 98.1%
 
Aerospace & Defense - 3.0%
  Boeing Co.    1,028,800    $        57,201,280
         
 
Automotive & Parts - 1.0%
  Ford Motor Co.    746,887    18,336,076
         
 
Banking, Savings & Loans - 8.4%
  Bank of New York Co., Inc.    967,500    46,440,000
  Citigroup, Inc.    1,261,300    66,647,092
  Federal National Mortgage
  Association		    292,200    24,880,830
  Wells Fargo & Co.    472,400    21,933,532
         
                  159,901,454
         
 
Broadcasting, Publishing & Printing - 5.0%
  The McGraw-Hill Companies,
  Inc.		    702,000    46,437,300
  News Corporation Limited
  Sponsored†		    1,294,800    48,101,820
         
                  94,539,120
         
 
Chemicals - 3.5%
  Dow Chemical Co.    1,984,400    65,981,300
         
 
Communications Equipment - 2.3%
  Ericsson (LM) Cl. B†    8,195,500    44,419,610
         
 
Computers & Information - 1.5%
  Compaq Computer Corp.    1,797,600    27,844,824
         
 
Cosmetics & Personal Care - 2.5%
  Kimberly-Clark Corp.    855,100    47,800,090
         
 
Data Processing and Preparation - 0.5%
  First Data Corp.    159,700    10,260,725
         
 
Electric Utilities - 1.4%
  Dominion Resources, Inc.    457,100    27,485,423
         
 
Electrical Equipment & Electronics - 4.7%
  Flextronics International
  Limited*		    313,400    8,182,874
  Micron Technology, Inc.*    739,500    30,393,450
  Rockwell International Corp.    1,339,600    51,065,552
         
                  89,641,876
         
 
 
     Number
of
Shares
    Market Value
                              
 
Energy - 15.9%
  Amerada Hess Corp.    371,000    $        29,976,800
  Apache Corp.    334,000    16,950,500
  BJ Services Co.*    611,000    17,340,180
  Chevron Corp.    669,100    60,553,550
  El Paso Corp.    682,035    35,834,119
  Ensco International, Inc.    691,800    16,188,120
  Phillips Petroleum Co.    727,500    41,467,500
  Santa Fe International Corp.    1,162,300    33,706,700
  Tosco Corp.    381,600    16,809,480
  Valero Energy Corp.    918,000    33,764,040
         
                  302,590,989
         
 
Entertainment & Leisure - 3.1%
  AT&T—Liberty Media Group*    3,374,300    59,016,507
         
 
Financial Services - 6.7%
  American Express Co.    557,400    21,627,120
  Franklin Resources, Inc.    780,600    35,728,062
  The Goldman Sachs Group,
  L.P.		    211,800    18,172,440
  Merrill Lynch & Co., Inc.    581,200    34,436,100
  Morgan Stanley Dean Witter
  & Co.		    294,300    18,902,889
         
                  128,866,611
         
 
Foods - 1.1%
  Kellogg Co.    744,800    21,599,200
         
 
Forest Products & Paper - 2.3%
  Weyerhaeuser Co.    797,300    43,827,581
         
 
Healthcare - 2.4%
  Schering-Plough Corp.    1,277,000    46,278,480
         
 
Industrial—Diversified - 1.5%
  Illinois Tool Works, Inc.    445,700    28,212,810
         
 
Insurance - 7.4%
  American International
  Group, Inc.		    277,900    23,899,400
  The Hartford Financial
  Services Group, Inc.		    557,400    38,126,160
  Marsh & McLennan
  Companies, Inc.		    508,300    51,338,300
  Radian Group, Inc.    711,800    28,792,310
         
                  142,156,170
         
 
 
     Number
of
Shares
    Market Value
                              
 
Machinery & Components - 1.2%
  Weatherford International,
  Inc.*		    468,100    $        22,468,800
         
 
Pharmaceuticals - 1.5%
  Merck & Co., Inc.    456,500    29,174,915
         
 
Photography Equipment / Supplies - 3.5%
  Eastman Kodak Co.    1,418,500    66,215,580
         
 
Prepackaged Software - 6.3%
  Informix Corp.*    5,129,300    29,955,112
  Intuit, Inc.*    1,184,300    47,360,157
  Symantec Corp.*    1,004,800    43,899,712
         
                  121,214,981
         
 
Real Estate - 1.1%
  Equity Office Properties
  Trust		    642,400    20,319,112
         
 
Restaurants - 3.0%
  McDonald’s Corp.    2,119,900    57,364,494
         
 
Retail - 1.4%
  RadioShack Corp.    890,300    27,154,150
         
 
Telephone Utilities - 3.5%
  BellSouth Corp.    961,400    38,715,578
  Verizon Communications,
  Inc.		    517,896    27,707,436
         
                  66,423,014
         
 
Travel - 2.4%
  Sabre Holdings Corp.*    924,200    46,210,000
         
 
TOTAL EQUITIES      
(Cost $1,744,583,953)            1,872,505,172
         
 
     Principal
Amount
   
SHORT-TERM INVESTMENTS - 6.8%
Cash Equivalents
  AT&T**
     3.980% 07/19/2001    $2,326,349    2,326,349
  Banc One Bank Note**
     4.060% 07/02/2001    2,325,409    2,325,409
  Fleet National Bank Note**
     4.210% 10/31/2001    265,424    265,424
  GMAC Bank Note**
     4.110% 03/08/2002    4,373,456    4,373,456
 
(Continued)
The accompanying notes are an integral part of the financial statements.
 
MML Equity Fund
 
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2001 (Unaudited)
 
 
     Principal
Amount
    Market Value
                              
 
  Goldman Sachs Bank Note**
     3.840% 03/21/2002    $    339,008    $            339,008  
  Merrill Lynch Bank Note**
     3.940% 04/05/2002    5,425,958    5,425,958  
  Merrimac Money Market
  Fund**
     4.120% 07/02/2001    81,237,125    81,237,125  
  Morgan Stanley Dean
  Witter & Co.**
     3.960% 07/16/2001    2,325,415    2,325,415  
  Morgan Stanley Dean
  Witter & Co.**
     3.980% 09/14/2001    4,650,821    4,650,821  
  Provident Institutional
  Money Market Fund**
     4.000% 07/02/2001    15,502,737    15,502,737  
  Royal Bank of Canada
  Eurodollar Time Deposit**
     4.000% 07/02/2001    11,627,052    11,627,052  
         
  
                  130,398,754  
         
  
 
TOTAL SHORT-TERM INVESTMENTS
(At Amortized Cost)            130,398,754  
         
  
 
TOTAL INVESTMENTS - 104.9%   
(Cost $1,874,982,707)***    $2,002,903,926  
 
Other Assets/(Liabilities) - (4.9%)    (94,454,557 )
         
  
 
NET ASSETS - 100.0%    $  1,908,449,369  
         
  
 
Notes to Portfolio of Investments
 
* 
Non-income producing security.
 
** 
Represents investment of security lending collateral. (Note 2).
 
*** 
Aggregate cost for Federal tax purposes. (Note 7).
 
† 
American Depository Receipt.
 
 
The remainder of this page is intentionally left blank.
 
The accompanying notes are an integral part of the financial statements.
 
 
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, registered 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 four series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”): MML Money Market Fund (“Money Market Fund”), MML Managed Bond Fund (“Managed Bond Fund”), MML Blend Fund (“Blend Fund”) and MML Equity Fund (“Equity 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.
 
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. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America 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 Board of Trustees (“Trustees”), which provides the last reported sale price for securities listed on a national securities exchange or 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. For the Managed Bond Fund, Blend Fund and Equity Fund, 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. The Money Market Fund’s portfolio securities are valued at amortized cost in accordance with a rule of the Securities and Exchange Commission pursuant to which the Money Market Fund must adhere to certain conditions. It is the intention of the Money Market Fund to maintain a per-share net asset value of $1.00. 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.
 
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 will be 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 will be determined in accordance with policies established by the Trustees.
 
Securities Lending
The Managed Bond Fund, Blend Fund and Equity Fund may lend their securities to qualified brokers; however, securities lending cannot exceed 10% of the total assets of the Managed Bond Fund taken at current value, and 33% of the total assets of the Blend Fund and the Equity Fund 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. 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 June 30, 2001, the Funds had the following:
 
     Securities
on Loan
    Collateral
Managed Bond Fund    $    2,445,498    $    2,501,500
Blend Fund    37,076,228    38,476,512
Equity Fund     126,597,761     130,398,754
 
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 short-term securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date.
 
Effective January 1, 2001, each Fund has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies. As required, each Fund began amortizing premiums and discounts on debt securities using the daily effective yield method. Prior to this date, the Funds did not amortize premiums or discounts on debt securities. The cumulative effect of this accounting change had no impact on total net assets of each Fund, but resulted in the following reclassification of the components of net assets as of December 31, 2000, based on securities held by the Funds as of that date:
 
     Net
Unrealized
Appreciation/
(Depreciation)
    Accumulated
Undistributed
Net Investment
Income
Managed Bond Fund    $221,818    $(221,818 )
Blend Fund    253,564    (253,564 )
 
The effect of this change for the period ended June 30, 2001 was as follows:
 
     Net
Investment
Income
    Unrealized
Appreciation/
(Depreciation)
    Net
Realized
Gain/(Loss)
Managed Bond Fund    $(146,002 )    $112,294    $33,708  
Blend Fund    (124,076 )    129,675    (5,599 )
 
The statement of changes in net assets and financial highlights for prior periods have not been restated to reflect this change in policy.
 
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.
 
Dividends and
Distributions to
Shareholders
Dividends from net investment income are declared and paid quarterly for the Managed Bond and Blend Funds and annually for the Equity Fund and at other times as may be required to satisfy tax or regulatory requirements. Dividends from net investment income are declared daily and paid monthly for the Money Market 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.
 
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 price 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.
 
Forward Foreign
Currency Contracts
Managed Bond and Blend Funds may enter into forward foreign currency contracts in order to convert foreign denominated securities or obligations to U.S. dollar denominated investments. 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 currency contract fluctuates with changes in forward foreign currency exchange 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.
 
There were no outstanding forward foreign currency contracts at June 30, 2001.
 
Forward
Commitments
Each Fund may purchase or sell securities on a “when issued,” delayed delivery or 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. The value of the forward commitment is determined by management using a commonly accepted pricing model and fluctuates based upon changes in the value of the underlying security and market repurchase rates. Such rates equate the counterparty’s cost to purchase and finance the underlying security to the earnings received on the security and forward delivery proceeds. 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. A summary of open obligations for the Managed Bond Fund and Blend Fund under these forward commitments at June 30, 2001, is as follows:
 
     Forward
Commitment
Contracts to
Buy
    Expiration
of
Contracts
    Aggregate
Face
Value of
Contracts
    Cost
    Market
Value
    Unrealized
Depreciation
Managed Bond                  
FGCI                            
  6.5%    08/01/2015    August-01    $2,000,000    $2,006,563    $2,003,120    $    (3,443 )
FGLMC                  
  6.5%    08/01/2031    August-01    1,000,000    989,922    982,190    (7,732 )
FNMA                  
  6.0%    03/01/2012    July-01    1,300,000    1,291,063    1,280,500    (10,563 )
  6.5%    02/15/2013    July-01    3,200,000    3,231,000    3,208,000    (23,000 )
                             
  
                                                  (44,738 )
Blend
FNMA
  6.0%    11/15/2028    July-01    $3,500,000    $3,475,938    $3,447,500    $  (28,438 )
  6.5%    07/01/2016    July-01    9,500,000    9,592,031    9,523,750    (68,281 )
FHLMC
  6.5%    08/01/2015    August-01    5,000,000    5,016,406    5,007,800    (8,606 )
                             
  
                                                  $(105,325 )
 
  
 
Financial Futures
Contracts
Each Fund 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 the intended 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 Funds agree 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. There were no outstanding futures contracts at June 30, 2001.
 
3.
Management
Fees and Other
Transactions
with Affiliates
 
Investment Management Fee
MassMutual serves as investment adviser to the Funds and provides administrative services needed by the Funds. For acting as such, MassMutual receives a monthly fee from each Fund at the annual rate of 0.50% of the first $100,000,000, 0.45% of the next $200,000,000, 0.40% of the next $200,000,000 and 0.35% of any excess over $500,000,000 of the average daily net asset value of each Fund.
 
MassMutual has entered into an investment sub-advisory agreement with David L. Babson & Company Inc. (“DLB”), pursuant to which DLB serves as the Funds’ sub-adviser providing day-to- day management of the Funds’ investments. DLB is a wholly-owned subsidiary of DLB Acquisition Corporation, which is a controlled subsidiary of MassMutual. MassMutual pays DLB a monthly fee equal to an annual rate of 0.13% of the average daily net asset value of the Equity Fund and the Equity Segment of the Blend Fund, 0.05% of the average daily net asset value of the Money Market Fund, 0.10% of the average daily net asset value of the Managed Bond Fund and 0.09% of the average daily net asset value of the Money Market and Bond Segments of the Blend Fund.
 
MassMutual has agreed, at least through April 30, 2002, to bear the expenses of each Fund to the extent that the aggregate expenses (excluding each 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 asset value of each Fund for such year.
 
Other
Certain officers and trustees of the Funds are also officers of MassMutual. The compensation of unaffiliated directors of the Funds is borne by the Funds.
 
Deferred Compensation
Trustees of the Funds who are not employees of MassMutual or its subsidiaries may elect to defer receipt of their annual fees in accordance with the 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 period ended June 30, 2001, no significant amounts have been deferred.
 
4.  Purchases and
Sales of
Investments
Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended June 30, 2001, were as follows:
 
     Long-Term
U.S. Government
Securities
    Other Long-Term
Securities
 Purchases
Managed Bond Fund    $ 45,075,048    $   27,601,522
Blend Fund    46,641,569    598,909,262
Equity Fund    -    898,003,751
 Sales
Managed Bond Fund    $ 67,055,903    $   23,758,342
Blend Fund    28,491,636    627,078,028
Equity Fund    -     1,019,624,536
 
5.  Capital Share
Transactions
The Funds are authorized to issue an unlimited number of shares, with no par value. The change in shares outstanding for each Fund are as follows:
 
     For the Six Months Ended June 30, 2001
     MML
Money Market
Fund
    MML
Managed Bond
Fund
    MML
Blend Fund
    MML
Equity Fund
 Shares
Reinvestment of dividends    4,908,516      466,893      19,623,048      -  
Sales of shares    77,714,563      3,239,551      1,629,953      1,598,295  
Redemptions of shares    (74,499,674 )    (3,157,355 )    (9,750,550 )    (4,587,151 )
    
    
    
    
  
    Net increase (decrease)    8,123,405      549,089      11,502,451      (2,988,856 )
    
    
    
    
  
 Amount
Reinvestment of dividends    $ 4,902,130      $ 5,721,421      $ 287,184,084      $                 -  
Sales of shares    77,595,273      40,087,198      27,897,040      52,657,965  
Redemptions of shares     (74,386,966 )     (39,237,847 )    (167,006,159 )    (149,956,540 )
    
    
    
    
  
    Net increase (decrease)    $ 8,110,437      $ 6,570,772      $ 148,074,965      $ (97,298,575 )
    
    
    
    
  
Notes to Financial Statements (Continued)
 
     For the Year Ended December 31, 2000
     MML
Money Market
Fund
    MML
Managed Bond
Fund
    MML
Blend Fund
    MML
Equity Fund
 Shares
Reinvestment of dividends    10,851,817      1,381,428      19,441,948      7,937,306  
Sales of shares    181,030,266      4,262,518      4,907,304      4,019,338  
Redemptions of shares    (210,443,499 )    (7,234,441 )    (42,412,884 )    (23,557,696 )
    
    
    
    
  
    Net decrease    (18,561,416 )    (1,590,495 )    (18,063,632 )    (11,601,052 )
    
    
    
    
  
 Amount
Reinvestment of dividends    $ 10,851,817      $ 16,260,230      $ 403,236,946      $ 278,507,688  
Sales of shares    181,030,266      50,655,531      113,982,882      143,468,383  
Redemptions of shares    (210,443,499 )    (85,197,396 )    (980,024,921 )    (831,958,202 )
    
    
    
    
  
    Net decrease    $ (18,561,416 )    $ (18,281,635 )    $ (462,805,093 )    $ (409,982,131 )
    
    
    
    
  
 
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 June 30, 2001, 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:
     Federal
Income Tax
Cost
    Tax Basis
Unrealized
Appreciation
    Tax Basis
Unrealized
Depreciation
    Net
Unrealized
Appreciation
  Managed Bond Fund    $  237,865,646    $    4,246,779    $    (3,216,933 )    $    1,029,846
  Blend Fund     1,580,367,530     174,682,422     (115,427,495 )    59,254,927
  Equity Fund    1,874,982,707    292,482,835    (164,561,616 )     127,921,219
 
Note: The aggregate cost for investments for the Money Market Fund as of June 30, 2001, is the same for financial reporting and Federal income tax purposes.
 
At December 31, 2000, the following Funds had available, for Federal income tax purposes, unused capital losses:
 
     Amount
    Expiration Date
Money Market Fund    $         201    December 31, 2001
Money Market Fund    5,364    December 31, 2002
Money Market Fund    841    December 31, 2003
Money Market Fund    4,291    December 31, 2005
Money Market Fund    96    December 31, 2006
Money Market Fund    2,451    December 31, 2007
Money Market Fund    7,304    December 31, 2008
Managed Bond Fund     1,987,536    December 31, 2007
Managed Bond Fund    1,878,211    December 31, 2008
Notes to Financial Statements (Continued)
 
 
The following Fund has elected to defer to January 1, 2001 post-October losses:
 
       Amount
Blend Fund      $    4,661,233
 
                                                        Pursuant to Section 852 of the Internal Revenue Code, the Funds designate the following capital gain dividends for the year ended December 31, 2000:
 
       Capital Gains
Dividend
Blend Fund      $257,022,937
Equity Fund      175,054,095