Quarterly Investment
                    Fund Summary
                    • VUL GuardSM
                    • Variable Uni...
Information as of December 31, 2009

Quarterly Investment Fund Summary
December 31, 2009
                                 ...
Information as of December 31, 2009

Introduction

VUL GuardSM, Survivorship VUL GuardSM, Variable Universal              ...
Information as of December 31, 2009

Index of Funds1

                                                                    ...
Information as of December 31, 2009

AIM V.I. Financial Services Fund1
(Series I)
Investment Objective                    ...
Information as of December 31, 2009

AIM V.I. Global Health Care Fund1
(Series I)
Investment Objective                    ...
Information as of December 31, 2009

AIM V.I. Technology Fund1
(Series I)
Investment Objective                            ...
Information as of December 31, 2009

Janus Aspen Worldwide Portfolio1, 2
(Institutional & Service)
Investment Objective   ...
Information as of December 31, 2009

Oppenheimer Global Securities Fund/VA1
(Non-Service)
Investment Objective            ...
Information as of December 31, 2009

Oppenheimer International Growth Fund/VA1
(Non-Service)
Investment Objective         ...
Information as of December 31, 2009

Templeton Foreign Securities Fund1
(Class 2)
Investment Objective                    ...
Information as of December 31, 2009

MFS® New Discovery Series1
(Initial Class)
Investment Objective                      ...
Information as of December 31, 2009

MML Emerging Growth Fund1
(Initial Class)
Investment Objective                       ...
Information as of December 31, 2009

MML Small Cap Growth Equity Fund1
(Initial Class)
Investment Objective               ...
Information as of December 31, 2009

Oppenheimer MidCap Fund/VA
(Non-Service)
Investment Objective                        ...
Information as of December 31, 2009

T. Rowe Price Mid-Cap Growth Portfolio

Investment Objective                         ...
Information as of December 31, 2009

DWS Small Cap Index VIP1
(Class A)
Investment Objective                              ...
Information as of December 31, 2009

MML Small Cap Equity Fund1, 2
(Initial Class)
Investment Objective                   ...
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
Quarterly Investment Fund Summary
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Quarterly Investment Fund Summary

  1. 1. Quarterly Investment Fund Summary • VUL GuardSM • Variable Universal Life II • Variable Universal Life • Survivorship VUL GuardSM • Survivorship Variable Universal Life II • Survivorship Variable Universal Life Variable life insurance policies issued by Massachusetts Mutual Life Insurance Company and affiliates. See introduction page for additional information. December 31, 2009 | insure | invest | retire |
  2. 2. Information as of December 31, 2009 Quarterly Investment Fund Summary December 31, 2009 The Quarterly Investment Fund Summary provides information about the investment funds underlying our VUL GuardSM, Survivorship VUL • VUL GuardSM GuardSM,VUL II, SVUL II, VUL, and SVUL products. • Variable Universal Life II Each “division” of the Separate Account invests in the shares of a designated investment fund. These divisions, along with the Guaranteed • Variable Universal Life Principal Account, make-up the selections among which a policy owner can • Survivorship VUL GuardSM allocate policy value. • Survivorship Variable This Quarterly Investment Fund Summary gives you information on each fund’s: Universal Life II • Investment Objective and Strategy • Survivorship Variable • Risk/Reward Profile Universal Life • Investment Adviser and Sub-adviser Profiles • Top 10 Industries/Holdings • Mix of Investment Allocations Review each fund’s Investment Fund Quick Points for its: • Asset Class and Management Style • Inception Date • Investment Adviser name and, where applicable, Sub-adviser This summary is produced quarterly to give you the current end-of- quarter information on the range of underlying funds to which you can allocate your policy values and net premiums. This material may be used only when accompanied or preceded by the current prospectuses for each product and its underlying investment funds. The prospectuses contain more information on charges, expenses, risks and investment options. Please read them carefully before you invest or send money. Please note that an updated Product Prospectus is not available for SVUL, as SVUL is closed to New Business. Existing policy owners, however, may continue to make premium payments under existing policies. Click on the product names above and left to access these prospectuses. See introduction page for additional information. NOT A BANK OR CREDIT UNION DEPOSIT OR OBLIGATION • NOT FDIC OR NCUA INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT GUARANTEED BY ANY BANK OR CREDIT UNION • MAY GO DOWN IN VALUE 1
  3. 3. Information as of December 31, 2009 Introduction VUL GuardSM, Survivorship VUL GuardSM, Variable Universal When the insured dies, if the policy is in force, we will pay the Life II, Survivorship Variable Universal Life II, Variable beneficiary a death benefit. Your life insurance policy provides Universal Life and Survivorship Variable Universal Life are life coverage for as long as the policy has sufficient account value to insurance products. Each product combines death benefit cover policy charges. If the account value is insufficient to cover protection with the opportunity to direct the investment of net policy charges, you may have to pay additional premium or the premium dollars. policy may terminate without value. The products are called variable universal life insurance because The decision to purchase life insurance should be based on you can choose, within certain limitations, the amount and long-term financial goals and the need for a death benefit. Life frequency of premiums and how to allocate your net premium insurance is not an appropriate vehicle for short-term savings or payments among various investment choices. Your investment short-term investment strategies. choices include the funds listed in this summary report and a Generally, early surrender charges apply for the first twenty guaranteed principal account (GPA). Your policy value and the years of the policy. Those charges may decrease the value of the amount of the death benefit we pay may vary due to a number of policy substantially depending on how early the policy, or any factors including, but not limited to, the investment performance portion of it, is surrendered or accessed. While the policy allows of the funds you select, the interest we credit on the GPA, and for access to the cash value in the short-term, through loans and the death benefit option you select. withdrawals, there are costs and risks associated with those Work with your registered representative to determine the transactions. You should know that there may be little to no cash investment options that may be right for you. Take into consid- value available for loans and withdrawals in the policy’s early eration your: years. Additionally, unless required by law, you generally can • Overall investment goals not reinstate a variable life insurance policy once it’s surren- dered. • Time horizon Always remember that the investment options involve various • Risk tolerance types and levels of risk. Market fluctuations will occur and your • Investment allocations in other products policy’s performance may not always meet your expectations. Generally, you are not taxed on policy earnings until you take In addition, frequent transfers and market timing strategies are money out of the policy. In most cases, you will not be taxed on not advantageous in a variable life insurance policy. If this is the amounts you take out until the total of all your withdrawals your investment objective, you should consider another type of exceeds the amount of all your premium payments. This is product. known as tax deferral. VUL GuardSM (Policy Form P3-2003 in most states and P3-2003NC in North Carolina) and Variable Universal Life II (VUL II) (Policy Form P2-2001 in most states and P2-2001NC in North Carolina) are individual, participating, flexible premium, adjustable, variable life insurance policies. Dividends are not expected to be paid. These policies were issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. We no longer offer these policies for sale to the public. Policy owners may continue, however, to make premium payments to their policies. Variable Universal Life (VUL) (Policy Form P2-98 in most states and P2-98NC in North Carolina) is individual, participating, flexible premium, adjustable, variable life insurance and was issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001, in California and New York. Dividends are not expected to be paid. VUL was issued in all other states and the District of Columbia by C.M. Life Insurance Company, Enfield, CT 06082, a wholly owned subsidiary of MassMutual. This policy is non-participating. VUL was not offered in Puerto Rico. We no longer offer this policy for sale to the public. Policy owners may continue, however, to make premium payments to their policies. Survivorship VUL Guard SM (Policy Form P5-2004 in most states and P5-2004NC in North Carolina) is participating, survivorship, flexible premium, adjustable, variable life insurance. Dividends are not expected to be paid. Survivorship VUL Guard was issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. We no longer offer this policy for sale to the public. Policy owners may continue, however, to make premium payments to their policies. Survivorship Variable Universal Life (SVUL) (Policy Form P1-98 in most states and P1-98NC in North Carolina) and Survivorship Variable Universal Life II (SVUL II) (Policy Form P5-99 and P5-99NC in North Carolina) are participating, survivorship, flexible premium, adjustable, variable life insurance policies and were issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001, in California and New York. Dividends are not expected to be paid. SVUL and SVUL II were issued in all other states where available by C.M. Life Insurance Company, Enfield, CT 06082, a wholly owned subsidiary of MassMutual. These policies are non-participating. We no longer offer these policies for sale to the public. Policy owners may continue, however, to make premium payments to their policies. 2
  4. 4. Information as of December 31, 2009 Index of Funds1 1 Investments in the underlying funds are subject to AIM V.I. Financial Services Fund (Series I) 2 . . . . . . . . . . . . . . . . . . . . .4 change, therefore fund profiles may not reflect SECTOR AIM V.I. Global Health Care Fund (Series I) 2 . . . . . . . . . . . . . . . . . . . .5 current holdings. AIM V.I. Technology Fund (Series I) 2 . . . . . . . . . . . . . . . . . . . . . . . . . .6 2 This fund is not associated with Massachusetts Mutual Life Insurance Company. INTERNATIONAL/GLOBAL Janus Aspen Worldwide Portfolio (Institutional & Service) 2, 3, 4 . . . . . . . .7 3 Not available in the SVUL policy. Institutional class Oppenheimer Global Securities Fund/VA(Non-Service) . . . . . . . . . . . .8 is available with VUL II, SVUL II and VUL policies Oppenheimer International Growth Fund/VA(Non-Service) . . . . . . . . .9 only. Service class is available with VUL GuardSM Templeton Foreign Securities Fund (Class 2) 2 . . . . . . . . . . . . . . . . . . .10 and Survivorship VUL GuardSM policies. 4 Prior to May 1, 2009, known as Janus Aspen Worldwide Growth Portfolio. MFS® New Discovery Series (Initial Class) 2 . . . . . . . . . . . . . . . . . . . .11 5 Not available in the Survivorship VUL GuardSM MML Emerging Growth Fund (Initial Class) . . . . . . . . . . . . . . . . . . . .12 CAP GROWTH policy. For all other policies, the T. Rowe Price Mid- SMALL/MID MML Small Cap Growth Equity Fund (Initial Class) . . . . . . . . . . . . .13 Cap Growth Portfolio is not available as an Oppenheimer MidCap Fund/VA(Non-Service) . . . . . . . . . . . . . . . . . .14 investment choice for contracts issued on May 1, T. Rowe Price Mid-Cap Growth Portfolio 2, 5 . . . . . . . . . . . . . . . . . . . . .15 2004, or later. 6 Effective May 1, 2009, the MML Small Company CAP BLEND SMALL/MID DWS Small Cap Index VIP (Class A) 2 . . . . . . . . . . . . . . . . . . . . . . . . .16 Opportunities Fund was merged into the MML MML Small Cap Equity Fund (Initial Class) 6 . . . . . . . . . . . . . . . . . . .17 Small Cap Equity Fund. 7 Effective May 1, 2009, the MML Growth Equity SMALL/MID Fund was merged into the MML Blue Chip Growth CAP VALUE American Century VP Value Fund (Class I) 2 . . . . . . . . . . . . . . . . . . . .18 Franklin Small Cap Value Securities Fund (Class 2) 2 . . . . . . . . . . . . .19 Fund. 8 NASDAQ®, NASDAQ-100® and NASDAQ-100 Goldman Sachs VIT Capital Growth Fund (Institutional) 2 . . . . . . . . .20 Index® are trademarks of The NASDAQ Stock Market, Inc. (together with its affiliates, LARGE CAP GROWTH Janus Aspen Forty Portfolio (Institutional & Service) 2, 3 . . . . . . . . . . .21 “NASDAQ”) and are licensed for use by the Fund. MML Blue Chip Growth Fund (Initial Class) 7 . . . . . . . . . . . . . . . . . . .22 The Fund has not been passed on by NASDAQ as to MML NASDAQ-100® Fund (Initial Class) 8 . . . . . . . . . . . . . . . . . . . .23 its legality or suitability. The Fund is not issued, Oppenheimer Capital Appreciation Fund/VA(Non-Service) . . . . . . . .24 endorsed, sold or promoted by NASDAQ. NASDAQ T. Rowe Price Blue Chip Growth Portfolio 2 . . . . . . . . . . . . . . . . . . . . .25 makes no warranties and bears no liability with respect to the fund. American Funds® Growth-Income Fund (Class 2) 2 . . . . . . . . . . . . . .26 Fidelity® VIP Contrafund® Portfolio (Initial Class) 2 . . . . . . . . . . . . . .27 LARGE CAP BLEND MFS® Investors Trust Series (Initial Class) 2 . . . . . . . . . . . . . . . . . . . .28 MML Enhanced Index Core Equity Fund (Initial Class) . . . . . . . . . . .29 MML Equity Index Fund (Class II) . . . . . . . . . . . . . . . . . . . . . . . . . . .30 Oppenheimer Main Street Fund®/VA(Non-Service) . . . . . . . . . . . . . .31 American Century VP Income & Growth Fund (Class I) 2 . . . . . . . . . .32 LARGE CAP VALUE MML Equity Fund(Initial Class) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 MML Large Cap Value Fund (Initial Class) . . . . . . . . . . . . . . . . . . . . .34 T. Rowe Price Equity Income Portfolio 2 . . . . . . . . . . . . . . . . . . . . . . . .35 ASSET ALLOCATION/ American Funds® Asset Allocation Fund (Class 2) 2 . . . . . . . . . . . . . .36 BALANCED Janus Aspen Balanced Portfolio (Service) 2 . . . . . . . . . . . . . . . . . . . . . .37 MML Blend Fund (Initial Class) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38 MML Inflation-Protected and Income Fund (Initial Class) . . . . . . . .39 MML Managed Bond Fund (Initial Class) . . . . . . . . . . . . . . . . . . . . . .40 FIXED INCOME Oppenheimer Core Bond Fund/VA (Non-Service) . . . . . . . . . . . . . . . .41 Oppenheimer High Income Fund/VA(Non-Service) . . . . . . . . . . . . . .42 Oppenheimer Strategic Bond Fund/VA(Non-Service) . . . . . . . . . . . . .43 MARKET MONEY MML Money Market Fund (Initial Class) . . . . . . . . . . . . . . . . . . . . . .44 3
  5. 5. Information as of December 31, 2009 AIM V.I. Financial Services Fund1 (Series I) Investment Objective Investment Fund Quick Points Seeks capital growth. Asset Class – Management Style . . . . . . . . . . . . . . . . . . Sector Investment Strategy Inception Date . . . . . . . . . . . . . . . . . . . . . September 20, 1999 The portfolio managers seek to achieve strong long-term Investment Adviser . . . . . . . . . . . Invesco Aim Advisors, Inc. performance by constructing a portfolio of financial companies that are significantly undervalued on an absolute Sector Allocation2,3 basis and that exhibit superior capital discipline. The fund’s Financials 86.6% investment universe includes companies that derive a Information Technology 7.4% minimum of 50% of revenues or earnings from financial Health Care 3.9% Consumer Discretionary 2.1% services activities. Such activities include banking, insurance, investment banking and brokerage, credit finance, asset management and administration, and other finance-related services. Risk/Reward The fund may be appropriate for aggressive investors who are Top 10 Equity Holdings2,3 willing to accept additional risks in exchange for the potential for greater rewards. Sector funds do not represent a complete Capital One Financial Corp . . . . . . . . . . . . . . . . . . . . . . 7.20% investment program, and investors should be prepared for XL Capital Ltd CL A . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.68% significant volatility. There are special risks associated with an JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 6.63% investment in this fund. Please see the fund’s prospectus for American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 5.95% more details. Fund risks include concentration risk, develop- Bank of America Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 5.09% ing markets risk, equity securities risk, financial services SLM Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.65% industry risk, foreign securities risk, management risk, market Moodys Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.64% risk. Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.58% Legg Mason Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.98% Investment Adviser Profile UnitedHealth Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . 3.82% Invesco AimSM delivers the strength of global diversification to Top 10 Equity Holdings Comprise . . . . . . . . . . . . 53.22% your portfolio through our global reach and diversified invest- ment strategies delivered the way you want. As part of Invesco, one of the world’s largest and most diversified independent investment management firms, we provide global reach through more than 500 investment professionals in 25 cities in 12 countries. While we have many resources, we offer the value of a single focus: managing money. As of March 31, 2009, Invesco managed about $348 billion in assets. Invesco AimSM is a service mark of Invesco Aim Management Group, Inc. Invesco Aim Advisors, Inc. is one of the investment advisors for the products and services represented by Invesco Aim. 1 Sector funds may experience greater short-term price volatility than more-diversified funds, and are most suitable for use in the aggressive portion of an investment portfolio. There are special risks associated with international investing, such as political changes and currency fluctuation. These risks are heightened in emerging markets. 2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 3 Portfolio turnover is greater than most funds, which may affect performance. 4
  6. 6. Information as of December 31, 2009 AIM V.I. Global Health Care Fund1 (Series I) Investment Objective Investment Adviser Profile Seeks capital growth. Invesco AimSM delivers the strength of global diversification to your portfolio through our global reach and diversified investment Investment Strategy strategies delivered the way you want. As part of Invesco, one of The fund invests in securities of health care industry companies. The the world’s largest and most diversified independent investment portfolio managers consider a health care industry company to be management firms, we provide global reach through more than one that derives at least 50% of its revenues or earnings from health 500 investment professionals in 25 cities in 12 countries. While we care activities; or devotes at least 50% of its assets to such activities, have many resources, we offer the value of a single focus: based on its most recent fiscal year. Such companies include those managing money. As of March 31, 2009, Invesco managed about that design, manufacture, or sell products or services used for or in $348 billion in assets. connection with health care or medicine (such as pharmaceutical companies, biotechnology research firms, companies that sell medical products, and companies that own or operate health care Investment Fund Quick Points facilities). The fund will normally invest in the securities of Asset Class – Management Style . . . . . . . . . . . . . . . . . . Sector companies located in at least three different countries, including the United States, and may invest a significant portion of its assets in the Inception Date . . . . . . . . . . . . . . . . . . . . . . . . . . May 21, 1997 securities of U.S. issuers. Investment Adviser . . . . . . . . . . . Invesco Aim Advisors, Inc. Risk/Reward The fund may be appropriate for aggressive investors who are Sector Allocation2,3 willing to accept additional risks in exchange for the potential for Health Care 94.1% greater rewards. Sector funds do not represent a complete invest- Consumer Staples 4.8% ment program, and investors should be prepared for significant Financials 1.1% volatility. There are special risks associated with an investment in this fund. Please see the fund’s prospectus for more details. Fund risks include convertible securities risk, developing markets risk, equity securities risk, foreign securities risk, health care industry risk, IPO risk, management risk, sector fund risk, synthetic instru- ments risk. The fund may invest up to 25% of its assets in securities of non-U.S. Top 10 Equity Holdings2,3 issuers that present risk not associated with investing solely in the Roche Holding AG Genusss . . . . . . . . . . . . . . . . . . . . . 4.15% United States. Securities of Canadian issuers and American Deposi- Gilead Sciences Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.07% tary Receipts are not subject to this 25% limitation. Thermo Fisher Scientific Inc . . . . . . . . . . . . . . . . . . . . . 3.75% The fund invests in synthetic instruments, the value of which may Amgen Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.67% not correlate perfectly with the overall securities markets. Rising Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.36% interest rates and market price fluctuations will affect the perform- CVS Caremark Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.14% ance of the fund's investments in synthetic instruments. Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.48% The prices of initial public offering (IPO) securities may go up and Boston Scientific Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 2.47% down more than prices of equity securities of companies with Wellpoint Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.39% longer trading histories. In addition, companies offering securities Baxter Intl Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.39% in IPOs may have less experienced management or limited operat- ing histories. There can be no assurance that the fund will have Top 10 Equity Holdings Comprise . . . . . . . . . . . . 31.87% favorable IPO investment opportunities. Invesco AimSM is a service mark of Invesco Aim Management Group, Inc. Invesco Aim Advisors, Inc. is one of the investment advisors for the products and services represented by Invesco Aim. 1 Sector funds may experience greater short-term price volatility than more-diversified funds, and are most suitable for use in the aggressive portion of an investment portfolio. There are special risks associated with international investing, such as political changes and currency fluctuation. These risks are heightened in emerging markets. 2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 3 Portfolio turnover is greater than most funds, which may affect performance. 5
  7. 7. Information as of December 31, 2009 AIM V.I. Technology Fund1 (Series I) Investment Objective Investment Fund Quick Points Seeks capital growth. Asset Class – Management Style . . . . . . . . . . . . . . . . . . Sector Investment Strategy Inception Date . . . . . . . . . . . . . . . . . . . . . . . . . . May 20, 1997 The fund invests primarily in technology related stocks Investment Adviser . . . . . . . . . . . Invesco Aim Advisors, Inc. of companies that have a strategic advantage over their competitors or are faster-growing companies that Sector Allocation2,3 are emerging leaders in their fields. These include, but Information Technology 96.9% are not limited to, hardware, software, semiconductors, Consumer Discretionary 1.3% telecommunications equipment and services, and service related Telecommunication Services 1.1% Financials 0.7% companies in information technology. Risk/Reward The fund may be appropriate for aggressive investors who are willing to accept additional risks in exchange for the potential for greater rewards. Sector funds do not represent a complete investment program, and investors should be prepared for Top 10 Equity Holdings2,3 significant volatility. There are special risks associated with an investment in this fund. Please see the fund’s prospectus for Apple Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.21% more details. Fund risks include active trading risk, developing Google Inc CL A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.62% markets risk, equity securities risk, foreign securities risk, Hewlett Packard Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.88% management risk, market risk, sector fund risk, technology Cognizant Tech Solutions Corp . . . . . . . . . . . . . . . . . . . 3.87% sector risk. Microsoft Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.79% Intel Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.22% The fund may invest up to 25% of its assets in securities of non- Check Point Software Tech . . . . . . . . . . . . . . . . . . . . . . 3.18% U.S. issuers that present risk not associated with investing solely Marvell Technology Group Ltd . . . . . . . . . . . . . . . . . . . 3.07% in the United States. Securities of Canadian issuers and Qualcomm Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.57% American Depositary Receipts are not subject to this 25% EMC Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.42% limitation. Top 10 Equity Holdings Comprise . . . . . . . . . . . . 35.83% Investment Adviser Profile Invesco AimSM delivers the strength of global diversification to your portfolio through our global reach and diversified invest- ment strategies delivered the way you want. As part of Invesco, one of the world’s largest and most diversified independent investment management firms, we provide global reach through more than 500 investment professionals in 25 cities in 12 countries. While we have many resources, we offer the value of a single focus: managing money. As of March 31, 2009, Invesco managed about $348 billion in assets. Invesco AimSM is a service mark of Invesco Aim Management Group, Inc. Invesco Aim Advisors, Inc. is one of the investment advisors for the products and services represented by Invesco Aim. 1 Sector funds may experience greater short-term price volatility than more-diversified funds, and are most suitable for use in the aggressive portion of an investment portfolio. There are special risks associated with international investing, such as political changes and currency fluctuation. These risks are heightened in emerging markets. 2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 3 Portfolio turnover is greater than most funds, which may affect performance. 6
  8. 8. Information as of December 31, 2009 Janus Aspen Worldwide Portfolio1, 2 (Institutional & Service) Investment Objective Investment Fund Quick Points Seeks long-term growth of capital in a manner consistent with Asset Class - Management Style . . . . . . . . . . . . . . . . . . Global the preservation of capital. Inception Date . . . . . . . . . . . . . . . . . . . . . September 13, 1993 Investment Strategy Investment Adviser . . . . . . . Janus Capital Management LLC The managers invest in common stocks of companies of any size throughout the world and: Country Allocation3 (% of Equities) • Normally invest in stocks in at least five different countries, United States 39.59% including the United States; United Kingdom 15.26% Brazil 6.38% • May invest, under unusual circumstances, in fewer than five Bermuda 5.98% countries or even a single country; India 5.80% Canada 4.89% • Take a bottom-up approach to selecting companies. Cayman Islands 3.28% Japan 3.05% Risk/Reward Switzerland 2.71% The Portfolio is designed for long-term investors who primarily Other 13.06% seek growth of capital and who can tolerate the greater risks associated with common stock investments. The Portfolio may Top 10 Holdings3 have significant exposure to foreign markets. As a result its Aggreko PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.33% returns and net asset value may be affected to a large degree by Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.09% fluctuations in currency exchange rates or political or economic Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.08% conditions in a particular country. There are special risks associ- Japan Tobacco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.05% ated with international investing, such as differences in account- Admiral Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.99% ing practices, political changes, and currency fluctuations. These Housing Development Finance Corp. Ltd. . . . . . . . . . . 2.80% risks are heightened in emerging markets. The Portfolio Potash Corp of Saskatchewan, Inc. . . . . . . . . . . . . . . . . 2.73% prospectus includes additional detail on risk and reward. Goldman Sachs Group, Inc. . . . . . . . . . . . . . . . . . . . . . . 2.50% Investment Adviser Profile Capita Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.38% Janus Capital Management LLC began serving as an invest- Research in Motion, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 2.16% ment adviser in 1970 (to the Janus Fund) and currently serves as Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . 28.11% investment adviser to all of the Janus retail funds, acts as sub- adviser for a number of private-label mutual funds, and provides separate account advisory services for institutional accounts. For the month ended March 31, 2009 Janus reported total assets under management of approximately $110.9 billion. 1 There are special risks associated with international investing, such as differences in accounting practices, political changes, and currency fluctuations. These risks are heightened in emerging markets. 2 Prior to May 1, 2009, known as Janus Aspen Worldwide Growth Portfolio. 3 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 7
  9. 9. Information as of December 31, 2009 Oppenheimer Global Securities Fund/VA1 (Non-Service) Investment Objective Investment Fund Quick Points Seeks long-term capital appreciation by investing a substantial Asset Class - Management Style . . . . . . . . . . . . . . . . . . Global portion of its assets in securities of foreign issuers, “growth- Inception Date . . . . . . . . . . . . . . . . . . . . . November 12, 1990 type” companies, cyclical industries and special situations that Investment Adviser. . . . . . . . . . . . . . OppenheimerFunds, Inc. are considered to have appreciation possibilities. Investment Strategy Country Allocation2 The Fund mainly invests in common stocks of U.S. and foreign United States of America 35.93% companies. The fund can invest without limit in foreign securi- Japan 9.17% ties and can invest in any country, including countries with United Kingdom 8.91% France 7.91% developed or emerging markets. However, the fund currently Germany 7.31% emphasized its investments in developed markets such as the Sweden 6.43% United States, Western European countries and Japan. The fund Switzerland 5.93% does not limit its investments to companies in a particular Mexico 3.42% India 2.63% capitalization range, but primarily invests in mid- and large-cap Other Countries 12.36% companies. Top 10 Holdings2 Risk/Reward May invest in foreign securities, which entail special risks (such L.M. Ericsson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.79% as currency fluctuations and political uncertainties) and may Siemens AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.42% have higher expenses and volatility. Investments in emerging Credit Suisse Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.22% and developing markets may be especially volatile. Diversifica- LVMH Moet Hennessy Louis VUI . . . . . . . . . . . . . . . . 2.18% tion does not guarantee profit or protect against loss. Ebay Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.04% Microsoft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.04% Investment Adviser Profile Juniper Networks Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.02% OppenheimerFunds, Inc. (“OFI”) is one of the largest and Infosys Technologies Ltd . . . . . . . . . . . . . . . . . . . . . . . . 1.98% most respected investment managers in the mutual fund Roche Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.90% business. As of June 30, 2009, the Oppenheimer funds managed Intuit Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.71% by OppenheimerFunds, Inc. and a subsidiary have more than Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . 22.30% 6 million shareholder accounts. OFI is a registered investment adviser and a member of the MassMutual Financial Group. 1 There are special risks associated with international investing, such as differences in accounting practices, political changes, and currency fluctuations. These risks are heightened in emerging markets. 2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 8
  10. 10. Information as of December 31, 2009 Oppenheimer International Growth Fund/VA1 (Non-Service) Investment Objective Investment Fund Quick Points Seeks long-term growth of capital by investing in equity securi- Asset Class - Management Style . . . . . . . . . . . . . International ties of companies wherever located, the primary stock market of Inception Date . . . . . . . . . . . . . . . . . . . . . . . . . . May 13, 1992 which is outside the United States. Investment Adviser. . . . . . . . . . . . . . OppenheimerFunds, Inc. Investment Strategy The fund may invest 100% of its assets in securities of foreign Country Allocation2 companies. It mainly invests in the common stock of growth United Kingdom 22.66% companies that are listed on foreign stock exchanges but may Switzerland 13.78% also buy preferred stocks, securities convertible into common Japan 12.40% France 8.65% stocks and other securities having equity features. The fund may Australia 7.93% invest up to 25% of its total assets in emerging markets and may Netherlands 4.79% invest without limit in developed markets throughout the world. Germany 4.17% From time to time, the fund may place greater emphasis on Italy 3.69% United States of America 3.64% investing in one or more particular industries, countries, or Other Countries 18.29% regions, such as Asia, Europe or Latin America. The fund can invest up to 20% of its total assets in debt securities when the Top 10 Holdings2 portfolio manager believes that it is appropriate to do so in order Inst MM FD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.72% to seek the fund’s objective. The fund can invest up to 5% of its Autonomy Corp PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.59% total assets in debt securities that are below investment grade, Nidec Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.27% commonly referred to as “junk bonds.” The fund typically does Capita Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.11% not invest in debt securities to a significant degree. The fund Sonic Healthcare Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.97% does not limit its investments to issuers within a specific market Infosys Technologies Ltd . . . . . . . . . . . . . . . . . . . . . . . . 1.84% capitalization range and at times may invest in both smaller, L.M. Ericsson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.77% less-well-known companies and larger, more established ABB Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.68% companies that the portfolio manager believes have favorable Roche Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.67% prospects for capital growth relative to the market. The fund can QBE Insurance Group Limited . . . . . . . . . . . . . . . . . . . 1.64% also use derivative instruments, such as options, futures, Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . 20.26% forwards and swaps, to seek higher investment returns or to try to manage investment risks. Risk/Reward May invest in foreign securities, which entail special risks (such as currency fluctuations and political uncertainties) and may have higher expenses and volatility. Lower rated (“junk”) bonds are more at risk of default and are subject to liquidity risk. Investments in emerging market, growth and smaller cap may be especially volatile. Diversification does not guarantee profit or protect against loss. Investment Adviser Profile OppenheimerFunds, Inc. (“OFI”) is one of the largest and most respected investment managers in the mutual fund business. As of June 30, 2009, the Oppenheimer funds managed by OppenheimerFunds, Inc. and a subsidiary have more than 6 million shareholder accounts. OFI is a registered investment adviser and a member of the MassMutual Financial Group. 1 There are special risks associated with international investing, such as differences in accounting practices, political changes, and currency fluctuations. These risks are heightened in emerging markets. 2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 9
  11. 11. Information as of December 31, 2009 Templeton Foreign Securities Fund1 (Class 2) Investment Objective Investment Fund Quick Points Seeks long-term capital growth. Asset Class - Management Style . . . . . . . International Equity Investment Strategy Inception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 19922 The Fund normally invests at least 80% of its net assets Investment Adviser . . . Templeton Investment Counsel, LLC in investments of issuers located outside the U.S., including those in emerging markets, and normally invests predominantly Equities Allocation by Region3 in equity securities. Europe 66.72% Asia 22.44% Risk/Reward North America 3.23% The fund’s investments in stocks offer the potential for long- Mid-East/Africa 2.63% term gains but can be subject to short-term price fluctuations. L. America/Caribbean 2.16% Foreign investing, especially in emerging markets, involves Australia/NZL 0.58% Other Countries 2.24% additional risks, including currency fluctuations, economic instability, market volatility and political and social instability. By having significant investments in one or more countries or in particular sectors from time to time, the fund may carry greater risk of adverse developments in a country or sector than a fund Top 10 Holdings3 that invests more broadly. These and other risks are described Vodafone Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . 3.02% more fully in the fund’s prospectus. Telenor ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.72% Investment Adviser Profile Samsung Electronics Co Ltd . . . . . . . . . . . . . . . . . . . . . 2.30% Templeton Investment Counsel, LLC (“TIC”), is a subsidiary of Siemens AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.21% Franklin Templeton Investments, one of the largest mutual fund Sanofi-Aventis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.21% organizations in the United States. Total SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.19% Franklin Resources, Inc. (Franklin Templeton Investments or Statoil ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.12% the “company”) (NYSE: BEN) on March 31, 2009 reported Adecco SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.11% preliminary month-end assets under management by the Glaxosmithkline PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.05% company’s subsidiaries of $391.1 billion for the month ended ING Groep NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.01% March 31, 2009, compared to $377.6 billion in the preceding Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . 22.94% month and $591.1 billion in the same month a year ago. 1 A series of Franklin Templeton Variable Insurance Products Trust, shares of which are generally sold only to insurance company separate accounts to serve as investment options for variable insurance products. The fund is distributed by Franklin Templeton Distributors, Inc. 1 Franklin Parkway, San Mateo, CA 94403. 2 Class 2 shares were not offered until 5/1/1997. 3 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 10
  12. 12. Information as of December 31, 2009 MFS® New Discovery Series1 (Initial Class) Investment Objective Investment Fund Quick Points Seeks capital appreciation. Asset Class - Management Style . . . . Small/Mid Cap Growth Investment Strategy Inception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 1998 The manager and MFS’ large group of equity research analysts Investment Adviser . . . . . . . . . . . . . . Massachusetts Financial use a bottom-up investment style in managing the equity- Services Company oriented Series. Securities are selected based upon Fundamental analysis, such as an analysis of earnings, cash flows, competi- Sector Allocation2 tive position and management’s abilities. The Series invests, Health Care 26.84% under normal market conditions, at least 65% of its total assets Technology 21.78% in equity securities of emerging growth companies. Equity Special Products & Services 9.43% Industrial Goods & Services 8.28% securities include common stocks and related securities, such as Financial Services 8.11% preferred stocks, convertible securities and depository receipts Leisure 7.74% for those securities. Emerging growth companies are Retailing 4.02% companies, which MFS believes offer superior prospects for Transportation 3.54% Other 9.66% growth and are either: Cash 0.60% • early in their life cycle but which have the potential to become major enterprises, or Top 10 Holdings2 Hittite Microwave Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.76% • major enterprises whose rates of earnings growth are Lincare Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.74% expected to accelerate because of special factors, such as CoStar Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.64% rejuvenated managements, new products, changes in Silicon Laboratories Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.56% consumer demand, or basic changes in the economic environ- Verisk Analytics Inc- Cl A . . . . . . . . . . . . . . . . . . . . . . . 1.54% ment. Micros Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.50% Risk/Reward ARM Holdings PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.44% The Series may be appropriate for investors seeking capital Gen-Probe Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.42% appreciation who want to diversity their investment portfolio by MSCI Inc. (Cl A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.41% investing in smaller, rapidly growing emerging companies. NxStage Medical Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.40% Investments in small capitalization (small cap) companies tend Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . 15.41% to be more volatile than investments in larger companies because small caps are generally subject to special risks such as narrower markets, less financial resources and less liquid stocks. Please see the Series prospectus which includes additional detail on risk and reward. The Series’ investment strategy is subject to change and future performance cannot be guaranteed. Investment Adviser Profile Established in 1924, Massachusetts Financial Services Company (“MFS”) is America’s oldest mutual fund company. Committed to primary research on every security they own — which MFS proudly calls Original ResearchSM — MFS has over $117.6 billion in assets with over 5 million investor accounts worldwide, as of March 31, 2009. MFS is a majority owned subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which is an indirect subsidiary of Sun Life Financial, Inc. (a diversified financial services organization). 1 Investments in companies with small market capitalizations (“small caps”) may be subject to greater price volatility than investments in companies with larger capitalizations because small caps are generally subject to special risks such as narrower markets, less financial resources and less liquid stocks. 2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 11
  13. 13. Information as of December 31, 2009 MML Emerging Growth Fund1 (Initial Class) Investment Objective Investment Fund Quick Points Seeks capital appreciation. Asset Class - Management Style . . . . Small/Mid Cap Growth Investment Strategy Inception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 2000 The Fund seeks to achieve its objective by investing primarily in Investment Adviser . . . . . . . . . . . . . . . Massachusetts Mutual smaller, rapidly growing, emerging growth companies. For this Life Insurance Company Fund, emerging growth companies are those whose market Sub-Advisers . . . . . . . . . . . . . . . . . . . . . . . . Essex Investment capitalizations, at the time of purchase, are less than or equal to Management Company, LLC and the capitalization of the company with the largest capitalization Insight Capital Research & Management, Inc. in the Russell 2000® Index or the S&P SmallCap 600 Index. The Russell 2000 Index is a broad-based, unmanaged index of the Top 10 Industries2 common stocks of 2000 of the smallest companies domiciled in Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.80% the U.S. (on the basis of capitalization) that are traded on the Internet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.98% New York Stock Exchange, the American Stock Exchange, and Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.80% NASDAQ. The S&P SmallCap 600 Index is the Standard & Retail. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.71% Poor’s Composite Index of 600 stocks, an unmanaged index of Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.27% common stocks of small U.S. companies from a broad range of Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.04% industries. Telecommunications . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.43% Health Care - Products . . . . . . . . . . . . . . . . . . . . . . . . . . 5.12% Risk/Reward Household Products & Wares . . . . . . . . . . . . . . . . . . . . 3.12% The Fund may be appropriate for investors seeking capital Auto Parts & Equipment . . . . . . . . . . . . . . . . . . . . . . . . 3.03% appreciation who want to diversify their investment portfolio by Top 10 Industries Comprise . . . . . . . . . . . . . . . . . . 62.30% investing in smaller, rapidly growing emerging growth companies. The Fund is likely to have a portion of its assets in Top 10 Holdings2 technology and technology-related stocks, which may be more Veeco Instruments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 2.95% volatile than other stocks. Normally the Fund will invest at least SXC Health Solutions Corp. . . . . . . . . . . . . . . . . . . . . . 2.44% 80% of its net assets in equity securities (primarily common J Crew Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.90% stocks) of these emerging growth companies. Investments in Oshkosh Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.77% companies with small market capitalizations (“small caps”) Cooper Tire & Rubber Co. . . . . . . . . . . . . . . . . . . . . . . . 1.76% may be subject to greater price volatility than investments in Green Mountain Coffee Roasters, Inc.. . . . . . . . . . . . . . 1.73% companies with larger capitalizations because small caps are NBTY, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.65% generally subject to special risks such as narrower markets, less Blackboard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.65% financial resources and less liquid stocks. The Fund prospectus Nutri/System, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.65% includes additional detail on risk and reward. MicroStrategy, Inc.-Class A . . . . . . . . . . . . . . . . . . . . . . 1.61% Investment Sub-Adviser Profiles Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . 19.11% Essex Investment Management Company, LLC (“Essex”) was established as a fundamental growth stock investment firm in 1976 and, since 1998, has been jointly owned by Essex’s employees and by Boston-based Affiliated Managers Group, Inc. As of December 31, 2008, Essex had approximately $1.5 billion in assets under management. Founded in 1988, Insight Capital Research & Management, Inc. (“Insight Capital”) is an employee-owned investment firm. As of December 31, 2008, Insight Capital had approximately $749.7 million in assets under management. 1 Investments in companies with small market capitalizations (“small caps”) may be subject to greater price volatility than investments in companies with larger capitalizations because small caps are generally subject to special risks such as narrower markets, less financial resources and less liquid stocks. 2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 12
  14. 14. Information as of December 31, 2009 MML Small Cap Growth Equity Fund1 (Initial Class) Investment Objective approach, their seasoned portfolio managers average 21 years of Seeks long-term capital appreciation. investment experience and 13 years with Waddell & Reed. Investment Strategy Wellington Management serves as investment adviser to more The Fund seeks to achieve its objective by investing primarily in than 700 institutional clients and over 200 mutual Fund portfo- common stocks and equity securities of smaller companies lios covering a wide range of investment styles, and currently which the managers believe offer potential for long-term growth. manages approximately $420 billion of client assets as of The Fund may maintain cash reserves for liquidity and defensive December 31, 2008. purposes. Normally, the Fund invests at least 80% of its net assets in the securities of companies whose market capitaliza- tions, at the time of purchase, fall within the range of companies Investment Fund Quick Points in the Russell 2000® Index or the S&P SmallCap 600 Index. The Asset Class - Management Style . . . . Small/Mid Cap Growth Russell 2000 Index is a broad-based, unmanaged index of the Inception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 3, 1999 common stocks of 2000 of the smallest companies domiciled in Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual the U.S. (on the basis of capitalization) that are traded on the Life Insurance Company New York Stock Exchange, the American Stock Exchange, and Sub-Advisers . . . . Waddell & Reed Investment Management NASDAQ. The S&P SmallCap 600 Index is the Standard & Company and Wellington Management Company, LLP Poor’s Composite Index of 600 stocks, an unmanaged index of commons stocks of small U.S. companies from a broad range of Top 10 Industries2 industries. Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.39% Two Sub-Advisers manage the Fund, Waddell & Reed Invest- Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.35% ment Management Company (“Waddell & Reed”) and Welling- Transportation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.96% ton Management Company, LLP (“Wellington Management”). Internet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.76% Waddell & Reed uses a bottom-up process of stock selection, Retail. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.57% generally emphasizing long-term growth potential and superior Computers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.39% financial characteristics, such as: annual revenue and earnings Health Care - Products . . . . . . . . . . . . . . . . . . . . . . . . . . 4.09% growth rate of 15-20%+; pre-tax margins of 20%+ and low-debt capital structure. Wellington Management’s investment Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.02% approach emphasizes its own proprietary fundamental research Health Care - Services . . . . . . . . . . . . . . . . . . . . . . . . . . 3.58% and bottom-up stock selection to identify what it believes to be Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.09% the best small-capitalization companies. Top 10 Industries Comprise . . . . . . . . . . . . . . . . . . 54.20% Risk/Reward Top 10 Holdings2 The Fund may be appropriate for investors seeking long-term Blackboard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.24% capital appreciation who want to diversify their investment Micros Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.92% portfolio by investing in small capitalization companies (“small caps”). Stocks offer the potential for long-term growth but can Blackbaud, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.90% decline over short or extended periods of time, thus subjecting athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.81% the Fund to unpredictable declines in the value of its shares. Riverbed Technology, Inc. . . . . . . . . . . . . . . . . . . . . . 1.80% Investments in small caps may be subject to greater price volatil- CommVault Systems, Inc.. . . . . . . . . . . . . . . . . . . . . . 1.76% ity than investments in companies with larger capitalizations Allscripts-Misys Healthcare Solutions, Inc. . . . . . . . . 1.75% because small caps are generally subject to special risks such as JB Hunt Transport Services, Inc. . . . . . . . . . . . . . . . . . . 1.74% narrower markets, less financial resources and less liquid stocks. LKQ Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.74% Growth company securities also tend to be more volatile than the Alberto-Culver Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.67% overall market. The Fund prospectus includes additional detail on risk and reward. Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . 18.33% Investment Sub-Adviser Profiles Established in 1937, Waddell & Reed has assets under manage- ment exceeding $47 billion as of December 31, 2008. With a long tradition of investment services and consistency of 1 Investments in companies with small market capitalizations (“small caps”) may be subject to greater price volatility than investments in companies with larger capitalizations because small caps are generally subject to special risks such as narrower markets, less financial resources and less liquid stocks. 2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 13
  15. 15. Information as of December 31, 2009 Oppenheimer MidCap Fund/VA (Non-Service) Investment Objective Investment Fund Quick Points Seeks capital appreciation by investing in “growth type” Asset Class - Management Style . . . . . . . . . Mid Cap Growth companies. Inception Date . . . . . . . . . . . . . . . . . . . . . . . . August 15, 1986 Investment Strategy Investment Adviser. . . . . . . . . . . . . . OppenheimerFunds, Inc. The fund mainly invests in equity securities, such as common stocks, preferred stocks, and convertible securities that the Equity Sector Allocation1 portfolio manager expects to have above-average growth rates. Information Technology 26.34% Under normal market conditions, the fund invests at least 80% Consumer Discretionary 17.40% of its net assets, plus borrowings for investment purposes, in Health Care 16.55% Industrials 12.47% equity securities of “mid-cap” companies. Under normal market Financials 9.15% conditions the fund can invest up to 20% of its net assets, plus Energy 7.31% borrowings for investment purposes, in stocks of companies in Materials 5.28% other market capitalizations, if the Manager believes they offer Consumer Staples 3.00% Telecommunication Services 2.50% opportunities for growth. The fund primarily invests in U.S. companies but may also purchase securities of issuers in any country, including developed countries and emerging markets. Top 10 Holdings1 The fund has no limits on the amount of its assets that can be Alexion Pharmaceuticals Inc . . . . . . . . . . . . . . . . . . . . . 2.09% invested in foreign securities, but has adopted an operating CH Robinson Worldwide . . . . . . . . . . . . . . . . . . . . . . . . 1.91% policy limiting its investments in foreign securities to 25% of its Inst MM FD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.89% total assets. Concho Resources Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 1.86% Risk/Reward Edwards LifeSciences CP . . . . . . . . . . . . . . . . . . . . . . . 1.82% Investments in mid-cap and growth may be especially volatile. Cognizant Tech Solutions Crp . . . . . . . . . . . . . . . . . . . . 1.80% Diversification does not guarantee profit or protect against loss. Salesforce.com Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.58% Cooper Cameron. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.53% Investment Adviser Profile Lubrizol Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.51% OppenheimerFunds, Inc. (“OFI”) is one of the largest and Mednax Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.51% most respected investment managers in the mutual fund Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . 17.50% business. As of June 30, 2009, the Oppenheimer funds managed by OppenheimerFunds, Inc. and a subsidiary have more than 6 million shareholder accounts. OFI is a registered investment adviser and a member of the MassMutual Financial Group. 1 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 14
  16. 16. Information as of December 31, 2009 T. Rowe Price Mid-Cap Growth Portfolio Investment Objective Investment Fund Quick Points Seeks long-term capital appreciation. Asset Class - Management Style . . . . Small/Mid-Cap Growth Investment Strategy Inception Date. . . . . . . . . . . . . . . . . . . . . . December 31, 1996 The portfolio will normally invest at least 80% of net assets in Investment Adviser . . . . . . . . . T. Rowe Price Associates, Inc. stocks of medium-sized companies that exhibit earnings growth rates in excess of the market and with proven products or Sector Allocation1 services, which may offer the potential to outperform the Information Technology 22.99% market. T. Rowe Price defines mid-cap companies as those with Health Care 17.33% market capitalizations within the range of companies in the S&P Industrials & Business Services 16.68% Consumer Discretionary 15.06% Mid-Cap 400® Index or the Russell Midcap® Growth Index. T. Financials 10.05% Rowe Price generally favors companies that also have Energy 6.68% demonstrated potential to sustain earnings growth; operate in Consumer Staples 1.97% industries experiencing increasing demand; or have stock prices Materials 1.75% Telecommunication Services 1.55% that appear to undervalue their growth prospects. Other 5.94% Risk/Reward Top 10 Holdings1 The portfolio offers the potential to provide above-average growth of capital over time. Mid-cap growth company stocks Global Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6% are generally more volatile than stocks of large-cap companies, Expedia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5% but they offer the possibility of more rapid growth. Additionally, AMETEK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4% mid-cap stocks tend to be less volatile than small-company Marriott . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4% stocks. The portfolio prospectus includes additional detail on Juniper Networks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4% risk and reward. Western Union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3% Cephalon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2% Investment Adviser Profile Agnico-Eagle Mines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2% Founded in 1937 by the late Thomas Rowe Price, Jr., McDermott International . . . . . . . . . . . . . . . . . . . . . . . . . 1.2% T. Rowe Price is a public company with substantial employee Roper Industries Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2% ownership. T. Rowe Price is committed to style discipline, Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . . 13.4% fundamental research, and risk reduction. As of December 31, 2008, T. Rowe Price and its affiliates managed assets of $276.3 billion. 1 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. T. Rowe Price, Invest With Confidence, the Big Horn Sheep and the logo they compose are trademarks or registered trademarks of T. Rowe Price Group, Inc. in the U.S. and other countries. 15
  17. 17. Information as of December 31, 2009 DWS Small Cap Index VIP1 (Class A) Investment Objective ment, mutual fund, retail, private and commercial banking, Seeks to match, as closely as possible, before expenses, the investment banking and insurance. performance of the Russell 2000® Index, which emphasizes Northern Trust Investments, N.A. (“NTI”), is the sub-adviser stocks of small U.S. companies. The Russell 2000® Index is a for the fund. NTI primarily manages assets for defined contribu- broad-based, unmanaged index of the common stocks of 2000 tion and benefit plans, investment companies and other institu- of the smallest companies domiciled in the U.S. (on the basis of tional investors. NTI is a subsidiary of The Northern Trust capitalization) that are traded on the New York Stock Exchange, Company, a bank holding company. As of December 31, 2008, the American Stock Exchange, and NASDAQ. Frank Russell NTI and it’s affiliates had assets under management of Company is the owner of the trademarks and copyrights relating $393.47 billion. to the Russell indexes, which have been licensed for use by Deutsche Asset Management, Inc. Investment Strategy Investment Fund Quick Points In attempting to match the risk and return characteristics of the Asset Class - Management Style . . . . . Small/Mid-Cap Blend Russell 2000® Index as closely as possible, the manager: Inception Date . . . . . . . . . . . . . . . . . . . . . . . . August 22, 1997 Investment Adviser. . . . . . . . . . . . . . . . . Deutsche Investment • Invests in a statistically selected sample of the securities found Management Americas, Inc. in the Russell 2000® Index, using a process known as Sub-Adviser . . . . . . . . . . . . Northern Trust Investments, N.A. “optimization.” The process selects stocks for the portfolio that industry weightings, market capitalizations and fundamental characteristics (price-to-book ratios, price-to-earnings ratios, Sector Allocation2 debt-to-asset ratios and dividend yields) closely match those of Financials 20% the securities in the Russell 2000® Index. Information Technology 18% Industrials 16% • Seeks a correlation between the performance of the fund, Health Care 14% before expenses, and the Russell 2000® Index of 95% or better. Consumer Discretionary 14% Energy 5% Risk/Reward Materials 5% This fund invests for capital appreciation through exposure to Consumer Staples 4% Utilities 3% the U.S. equity market as represented by small capitalization Telecommunication Services 1% companies (“small caps”). Stocks offer the potential for long- term growth but can decline over short or extended periods of Top 10 Holdings2 time, thus subjecting the fund to unpredictable declines in the Human Genome Sciences, Inc. . . . . . . . . . . . . . . . . . . . . 0.6% value of its shares. Investments in small caps may be subject to Tupperware Brands Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3% greater price volatility than investments in companies with 3Com Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3% larger capitalizations because small caps are generally subject to E*TRADE Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.3% special risks such as narrower markets, less financial resources Assured Guaranty Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3% and less liquid stocks. Derivatives may be volatile and less Solera Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3% liquid than traditional securities and the fund could suffer losses Skyworks Solutions, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3% on its derivative positions. There is no guarantee that the fund Highwoods Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.2% will be able to mirror the Russell 2000® Index closely enough to Domtar Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2% track its performance. The fund prospectus includes additional Informatica Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2% detail on risk and reward. Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . . . 3.0% Investment Adviser Profile DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG, a major global banking institution that is engaged in a wide range of financial services, including investment manage- 1 Investments in companies with small market capitalizations (“small caps”) may be subject to greater price volatility than investments in companies with larger capitalizations because small caps are generally subject to special risks such as narrower markets, less financial resources and less liquid stocks. 2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 16
  18. 18. Information as of December 31, 2009 MML Small Cap Equity Fund1, 2 (Initial Class) Investment Objective Investment Fund Quick Points Seeks to achieve long-term growth of capital and income by Asset Class - Management Style . . . . . Small/Mid Cap Blend investing primarily in a diversified portfolio of equity securities Inception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . June 1, 1998 of smaller companies. Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual Investment Strategy Life Insurance Company The Fund invests mainly in common stocks of small-capitaliza- Sub-Adviser . . . . . . . . . . . . . . . . . . . OppenheimerFunds, Inc. tion (“small-cap”) U.S. companies that the Fund’s Sub-Adviser OppenheimerFunds, Inc. (“OFI”), believes have favorable Sector Allocation3 business trends or prospects. Normally, the Fund invests at least Information Technology 20.6% 80% of its net assets in the securities of companies whose Financials 19.5% market capitalizations, at the time of purchase, are included in Industrials 15.6% Health Care 14.9% the range of companies in the Russell 2000® Index or the S&P Consumer Discretionary 13.7% SmallCap 600 Index. The Russell 2000 Index, the Fund’s Materials 5.0% benchmark, is a widely recognized, unmanaged index represen- Energy 4.5% tative of common stocks of smaller capitalized U.S. companies. Utilities 3.1% Other 2.6% The Index does not incur expenses or reflect any deduction for Cash and Equivalents 0.5% taxes and cannot be purchased directly by investors. Top 10 Holdings3 Risk/Reward The Fund may be appropriate for investors seeking long-term Blue Coat Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.20% growth of capital and income who want to diversify their invest- Health Management Associates, Inc.-Class A. . . . . . . . 0.97% ment portfolio by investing in the securities of smaller Tractor Supply Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.86% companies (“small caps”). Stocks offer the potential for long- Gardner Denver, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.86% term growth but can decline over short or extended periods of BE Aerospace, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.86% time, thus subjecting the Fund to unpredictable declines in the Mid-America Apartment Communities, Inc. REIT . . . 0.85% value of its shares. Investments in small caps may be subject to Capella Education Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.77% greater price volatility than investments in companies with Hanover Insurance Group (The), Inc. . . . . . . . . . . . . . . 0.76% larger capitalizations because small caps are generally subject to Old Dominion Freight Line, Inc. . . . . . . . . . . . . . . . . . . 0.75% special risks such as narrower markets, less financial resources Markwest Energy Partners, LP . . . . . . . . . . . . . . . . . . . 0.75% and less liquid stocks. The Fund prospectus includes additional Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . . 8.63% detail on risk and reward. Investment Sub-Adviser Profile OppenheimerFunds, Inc. (“OFI”), is one of the largest and most respected investment managers in the mutual fund business. As of December 31, 2008, OFI and its controlled affiliates had assets under management of approximately $144 billion. 1 Investments in companies with small market capitalizations (“small caps”) may be subject to greater price volatility than investments in companies with larger capitalizations because small caps are generally subject to special risks such as narrower markets, less financial resources and less liquid stocks. 2 Effective May 1, 2009, the MML Small Company Opportunities Fund was merged into the MML Small Cap Equity Fund. 3 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change. 17

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