Quarterly Investment Fund Summary

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December 31, 2009Variable life insurance policies issued by Massachusetts Mutual Life Insurance Company and affiliates.See introduction page for additional information.

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

The Quarterly Investment Fund Summary provides information about theinvestment funds underlying our VUL GuardSM, Survivorship VULGuardSM,VUL II, SVUL II, VUL, and SVUL products.

Each “division” of the Separate Account invests in the shares of adesignated investment fund. These divisions, along with the GuaranteedPrincipal Account, make-up the selections among which a policy owner canallocate policy value.

This Quarterly Investment Fund Summary gives you information oneach fund’s:

• Investment Objective and Strategy

• Risk/Reward Profile

• 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 canallocate 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.

Quarterly Investment Fund SummaryDecember 31, 2009

1

Information as of December 31, 2009

NOT A BANK OR CREDIT UNION DEPOSIT OR OBLIGATION • NOT FDIC OR NCUA INSURED • NOT INSURED BY ANY FEDERALGOVERNMENT AGENCY • NOT GUARANTEED BY ANY BANK OR CREDIT UNION • MAY GO DOWN IN VALUE

• VUL GuardSM

• Variable Universal Life II

• Variable Universal Life

• Survivorship VUL GuardSM

• Survivorship Variable Universal Life II

• Survivorship Variable Universal Life

http://www.massmutual.com/productssolutions/productperformance/lifeinsurance/vulguard

http://www.massmutual.com/productssolutions/productperformance/lifeinsurance/vul

http://www.massmutual.com/productssolutions/productperformance/lifeinsurance/svulguard

http://www.massmutual.com/productssolutions/productperformance/lifeinsurance/svulii

http://www.massmutual.com/productssolutions/productperformance/lifeinsurance/svul

http://www.massmutual.com/productssolutions/productperformance/lifeinsurance/vulii

VUL GuardSM, Survivorship VUL GuardSM, Variable UniversalLife II, Survivorship Variable Universal Life II, VariableUniversal Life and Survivorship Variable Universal Life are lifeinsurance products. Each product combines death benefitprotection with the opportunity to direct the investment of netpremium dollars.

The products are called variable universal life insurance becauseyou can choose, within certain limitations, the amount andfrequency of premiums and how to allocate your net premiumpayments among various investment choices. Your investmentchoices include the funds listed in this summary report and aguaranteed principal account (GPA). Your policy value and theamount of the death benefit we pay may vary due to a number offactors including, but not limited to, the investment performanceof the funds you select, the interest we credit on the GPA, andthe death benefit option you select.

Work with your registered representative to determine theinvestment options that may be right for you. Take into consid-eration your:

• Overall investment goals

• Time horizon

• Risk tolerance

• Investment allocations in other products

Generally, you are not taxed on policy earnings until you takemoney out of the policy. In most cases, you will not be taxed onthe amounts you take out until the total of all your withdrawalsexceeds the amount of all your premium payments. This isknown as tax deferral.

When the insured dies, if the policy is in force, we will pay thebeneficiary a death benefit. Your life insurance policy providescoverage for as long as the policy has sufficient account value tocover policy charges. If the account value is insufficient to coverpolicy charges, you may have to pay additional premium or thepolicy may terminate without value.

The decision to purchase life insurance should be based onlong-term financial goals and the need for a death benefit. Lifeinsurance is not an appropriate vehicle for short-term savings orshort-term investment strategies.

Generally, early surrender charges apply for the first twentyyears of the policy. Those charges may decrease the value of thepolicy substantially depending on how early the policy, or anyportion of it, is surrendered or accessed. While the policy allowsfor access to the cash value in the short-term, through loans andwithdrawals, there are costs and risks associated with thosetransactions. You should know that there may be little to no cashvalue available for loans and withdrawals in the policy’s earlyyears. Additionally, unless required by law, you generally cannot reinstate a variable life insurance policy once it’s surren-dered.

Always remember that the investment options involve varioustypes and levels of risk. Market fluctuations will occur and yourpolicy’s performance may not always meet your expectations.In addition, frequent transfers and market timing strategies arenot advantageous in a variable life insurance policy. If this isyour investment objective, you should consider another type ofproduct.

Introduction

2


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 moststates and P2-2001NC in North Carolina) are individual, participating, flexible premium, adjustable, variable life insurance policies. Dividends are notexpected to be paid. These policies were issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. We nolonger 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 andNew 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 offerthis policy for sale to the public. Policy owners may continue, however, to make premium payments to their policies. Survivorship VUL GuardSM (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 InsuranceCompany (MassMutual), Springfield, MA 01111-0001. We no longer offer this policy for sale to the public. Policy owners may continue, however, tomake 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 policiesand were issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001, in California and New York. Dividendsare 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, awholly owned subsidiary of MassMutual. These policies are non-participating. We no longer offer these policies for sale to the public. Policy owners maycontinue, however, to make premium payments to their policies.

1 Investments in the underlying funds are subject tochange, therefore fund profiles may not reflectcurrent holdings.2 This fund is not associated with MassachusettsMutual Life Insurance Company.3 Not available in the SVUL policy. Institutional classis available with VUL II, SVUL II and VUL policiesonly. Service class is available with VUL GuardSMand Survivorship VUL GuardSM policies.4 Prior to May 1, 2009, known as Janus AspenWorldwide Growth Portfolio.5 Not available in the Survivorship VUL GuardSMpolicy. For all other policies, the T. Rowe Price Mid-Cap Growth Portfolio is not available as aninvestment choice for contracts issued on May 1,2004, or later.6 Effective May 1, 2009, the MML Small CompanyOpportunities Fund was merged into the MMLSmall Cap Equity Fund.7 Effective May 1, 2009, the MML Growth EquityFund was merged into the MML Blue Chip GrowthFund.8 NASDAQ®, NASDAQ-100® and NASDAQ-100Index® are trademarks of The NASDAQ StockMarket, Inc. (together with its affiliates,“NASDAQ”) and are licensed for use by the Fund.The Fund has not been passed on by NASDAQ as toits legality or suitability. The Fund is not issued,endorsed, sold or promoted by NASDAQ. NASDAQmakes no warranties and bears no liabilitywith respect to the fund.

Index of Funds1

3


LARG

E CA

P GR

OWTH

SMALL/MID

CAP BLEN

DLARG

E CA

P BLEN

DLARG

E CA

P VA

LUE

ASSET ALLOCA

TION

/BA

LANC

EDSM

ALL/MID

CAP GR

OWTH

INTERN

ATIONA

L/GLOB

ALSECTOR

AIM V.I. Financial Services Fund (Series I) 2 . . . . . . . . . . . . . . . . . . . . .4AIM V.I. Global Health Care Fund (Series I) 2 . . . . . . . . . . . . . . . . . . . .5AIM V.I. Technology Fund (Series I) 2 . . . . . . . . . . . . . . . . . . . . . . . . . .6

Janus Aspen Worldwide Portfolio (Institutional & Service) 2, 3, 4 . . . . . . . .7Oppenheimer Global Securities Fund/VA(Non-Service) . . . . . . . . . . . .8Oppenheimer International Growth Fund/VA(Non-Service) . . . . . . . . .9Templeton Foreign Securities Fund (Class 2) 2 . . . . . . . . . . . . . . . . . . .10

MFS® New Discovery Series (Initial Class) 2 . . . . . . . . . . . . . . . . . . . .11MML Emerging Growth Fund (Initial Class) . . . . . . . . . . . . . . . . . . . .12MML Small Cap Growth Equity Fund (Initial Class) . . . . . . . . . . . . .13Oppenheimer MidCap Fund/VA(Non-Service) . . . . . . . . . . . . . . . . . .14T. Rowe Price Mid-Cap Growth Portfolio2, 5 . . . . . . . . . . . . . . . . . . . . .15

DWS Small Cap Index VIP (Class A) 2 . . . . . . . . . . . . . . . . . . . . . . . . .16MML Small Cap Equity Fund (Initial Class) 6 . . . . . . . . . . . . . . . . . . .17

American Century VP Value Fund (Class I) 2 . . . . . . . . . . . . . . . . . . . .18Franklin Small Cap Value Securities Fund (Class 2) 2 . . . . . . . . . . . . .19

Goldman Sachs VIT Capital Growth Fund (Institutional) 2 . . . . . . . . .20Janus Aspen Forty Portfolio (Institutional & Service) 2, 3 . . . . . . . . . . .21MML Blue Chip Growth Fund (Initial Class) 7 . . . . . . . . . . . . . . . . . . .22MML NASDAQ-100® Fund (Initial Class) 8 . . . . . . . . . . . . . . . . . . . .23Oppenheimer Capital Appreciation Fund/VA(Non-Service) . . . . . . . .24T. Rowe Price Blue Chip Growth Portfolio2 . . . . . . . . . . . . . . . . . . . . .25

American Funds® Growth-Income Fund (Class 2) 2 . . . . . . . . . . . . . .26Fidelity® VIP Contrafund® Portfolio (Initial Class) 2 . . . . . . . . . . . . . .27MFS® Investors Trust Series (Initial Class) 2 . . . . . . . . . . . . . . . . . . . .28MML Enhanced Index Core Equity Fund (Initial Class) . . . . . . . . . . .29MML Equity Index Fund (Class II) . . . . . . . . . . . . . . . . . . . . . . . . . . .30Oppenheimer Main Street Fund®/VA(Non-Service) . . . . . . . . . . . . . .31

American Century VP Income & Growth Fund (Class I) 2 . . . . . . . . . .32MML Equity Fund(Initial Class) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33MML Large Cap Value Fund (Initial Class) . . . . . . . . . . . . . . . . . . . . .34T. Rowe Price Equity Income Portfolio2 . . . . . . . . . . . . . . . . . . . . . . . .35

American Funds® Asset Allocation Fund (Class 2) 2 . . . . . . . . . . . . . .36Janus Aspen Balanced Portfolio (Service) 2 . . . . . . . . . . . . . . . . . . . . . .37MML Blend Fund (Initial Class) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38

MML Inflation-Protected and Income Fund (Initial Class) . . . . . . . .39MML Managed Bond Fund (Initial Class) . . . . . . . . . . . . . . . . . . . . . .40Oppenheimer Core Bond Fund/VA (Non-Service) . . . . . . . . . . . . . . . .41Oppenheimer High Income Fund/VA(Non-Service) . . . . . . . . . . . . . .42Oppenheimer Strategic Bond Fund/VA(Non-Service) . . . . . . . . . . . . .43

MML Money Market Fund (Initial Class) . . . . . . . . . . . . . . . . . . . . . .44

FIXED INCO

ME

MON

EYMAR

KET

SMALL/MID

CAP VA

LUE

4

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 andservices 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 aninvestment portfolio.There are special risks associated with international investing, such as political changes and currency fluctuation. These risks are heightened inemerging 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.

Investment ObjectiveSeeks capital growth.

Investment StrategyThe portfolio managers seek to achieve strong long-termperformance by constructing a portfolio of financialcompanies that are significantly undervalued on an absolutebasis and that exhibit superior capital discipline. The fund’sinvestment universe includes companies that derive aminimum of 50% of revenues or earnings from financialservices activities. Such activities include banking, insurance,investment banking and brokerage, credit finance, assetmanagement and administration, and other finance-relatedservices.

Risk/RewardThe fund may be appropriate for aggressive investors who arewilling to accept additional risks in exchange for the potentialfor greater rewards. Sector funds do not represent a completeinvestment program, and investors should be prepared forsignificant volatility. There are special risks associated with aninvestment in this fund. Please see the fund’s prospectus formore details. Fund risks include concentration risk, develop-ing markets risk, equity securities risk, financial servicesindustry risk, foreign securities risk, management risk, marketrisk.

Investment Adviser ProfileInvesco AimSM delivers the strength of global diversification toyour 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 independentinvestment management firms, we provide global reach throughmore than 500 investment professionals in 25 cities in 12countries. While we have many resources, we offer the value ofa single focus: managing money. As of March 31, 2009, Invescomanaged about $348 billion in assets.

AIM V.I. Financial Services Fund1

(Series I)

Investment Fund Quick PointsAsset Class – Management Style . . . . . . . . . . . . . . . . . . SectorInception Date . . . . . . . . . . . . . . . . . . . . . September 20, 1999Investment Adviser . . . . . . . . . . . Invesco Aim Advisors, Inc.

Sector Allocation2,3

Financials 86.6%Information Technology 7.4% Health Care 3.9% Consumer Discretionary 2.1%

Top 10 Equity Holdings2,3

Capital One Financial Corp . . . . . . . . . . . . . . . . . . . . . . 7.20%XL Capital Ltd CL A . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.68%JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 6.63%American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 5.95%Bank of America Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 5.09%SLM Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.65%Moodys Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.64%Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.58%Legg Mason Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.98%UnitedHealth Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . 3.82%

Top 10 Equity Holdings Comprise . . . . . . . . . . . . 53.22%


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Investment StrategyThe fund invests in securities of health care industry companies. Theportfolio managers consider a health care industry company to beone that derives at least 50% of its revenues or earnings from healthcare activities; or devotes at least 50% of its assets to such activities,based on its most recent fiscal year. Such companies include thosethat design, manufacture, or sell products or services used for or inconnection with health care or medicine (such as pharmaceuticalcompanies, biotechnology research firms, companies that sellmedical products, and companies that own or operate health carefacilities). The fund will normally invest in the securities ofcompanies located in at least three different countries, including theUnited States, and may invest a significant portion of its assets in thesecurities of U.S. issuers.

Risk/RewardThe fund may be appropriate for aggressive investors who arewilling to accept additional risks in exchange for the potential forgreater rewards. Sector funds do not represent a complete invest-ment program, and investors should be prepared for significantvolatility. There are special risks associated with an investment inthis fund. Please see the fund’s prospectus for more details. Fundrisks include convertible securities risk, developing markets risk,equity securities risk, foreign securities risk, health care industryrisk, 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.issuers that present risk not associated with investing solely in theUnited States. Securities of Canadian issuers and American Deposi-tary Receipts are not subject to this 25% limitation.

The fund invests in synthetic instruments, the value of which maynot correlate perfectly with the overall securities markets. Risinginterest rates and market price fluctuations will affect the perform-ance of the fund's investments in synthetic instruments.

The prices of initial public offering (IPO) securities may go up anddown more than prices of equity securities of companies withlonger trading histories. In addition, companies offering securitiesin IPOs may have less experienced management or limited operat-ing histories. There can be no assurance that the fund will havefavorable IPO investment opportunities.

Investment Adviser ProfileInvesco AimSM delivers the strength of global diversification toyour portfolio through our global reach and diversified investmentstrategies delivered the way you want. As part of Invesco, one ofthe world’s largest and most diversified independent investmentmanagement firms, we provide global reach through more than500 investment professionals in 25 cities in 12 countries. While wehave many resources, we offer the value of a single focus:managing money. As of March 31, 2009, Invesco managed about$348 billion in assets.

AIM V.I. Global Health Care Fund1

(Series I)

Investment Fund Quick PointsAsset Class – Management Style . . . . . . . . . . . . . . . . . . SectorInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . May 21, 1997Investment Adviser . . . . . . . . . . . Invesco Aim Advisors, Inc.


Health Care 94.1% Consumer Staples 4.8%Financials 1.1%


Roche Holding AG Genusss . . . . . . . . . . . . . . . . . . . . . 4.15%Gilead Sciences Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.07%Thermo Fisher Scientific Inc . . . . . . . . . . . . . . . . . . . . . 3.75%Amgen Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.67%Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.36%CVS Caremark Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.14%Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.48%Boston Scientific Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 2.47%Wellpoint Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.39%Baxter Intl Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.39%



6



Investment StrategyThe fund invests primarily in technology related stocks of companies that have a strategic advantage over their competitors or are faster-growing companies that are emerging leaders in their fields. These include, but are not limited to, hardware, software, semiconductors,telecommunications equipment and services, and service relatedcompanies in information technology.

Risk/RewardThe fund may be appropriate for aggressive investors who arewilling to accept additional risks in exchange for the potentialfor greater rewards. Sector funds do not represent a completeinvestment program, and investors should be prepared forsignificant volatility. There are special risks associated with aninvestment in this fund. Please see the fund’s prospectus formore details. Fund risks include active trading risk, developingmarkets risk, equity securities risk, foreign securities risk,management risk, market risk, sector fund risk, technologysector risk.

The fund may invest up to 25% of its assets in securities of non-U.S. issuers that present risk not associated with investing solelyin the United States. Securities of Canadian issuers andAmerican Depositary Receipts are not subject to this 25%limitation.

Investment Adviser ProfileInvesco AimSM delivers the strength of global diversification toyour 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 independentinvestment management firms, we provide global reach throughmore than 500 investment professionals in 25 cities in 12countries. While we have many resources, we offer the value ofa single focus: managing money. As of March 31, 2009, Invescomanaged about $348 billion in assets.

AIM V.I. Technology Fund1

(Series I)

Investment Fund Quick PointsAsset Class – Management Style . . . . . . . . . . . . . . . . . . SectorInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . May 20, 1997Investment Adviser . . . . . . . . . . . Invesco Aim Advisors, Inc.


Information Technology 96.9% Consumer Discretionary 1.3%Telecommunication Services 1.1% Financials 0.7%


Apple Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.21%Google Inc CL A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.62%Hewlett Packard Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.88%Cognizant Tech Solutions Corp . . . . . . . . . . . . . . . . . . . 3.87%Microsoft Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.79%Intel Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.22%Check Point Software Tech . . . . . . . . . . . . . . . . . . . . . . 3.18%Marvell Technology Group Ltd . . . . . . . . . . . . . . . . . . . 3.07%Qualcomm Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.57%EMC Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.42%



7

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.

Investment ObjectiveSeeks long-term growth of capital in a manner consistent withthe preservation of capital.

Investment StrategyThe managers invest in common stocks of companies of anysize throughout the world and:

• Normally invest in stocks in at least five different countries,including the United States;

• May invest, under unusual circumstances, in fewer than fivecountries or even a single country;

• Take a bottom-up approach to selecting companies.

Risk/RewardThe Portfolio is designed for long-term investors who primarilyseek growth of capital and who can tolerate the greater risksassociated with common stock investments. The Portfolio mayhave significant exposure to foreign markets. As a result itsreturns and net asset value may be affected to a large degree byfluctuations in currency exchange rates or political or economicconditions in a particular country. There are special risks associ-ated with international investing, such as differences in account-ing practices, political changes, and currency fluctuations. Theserisks are heightened in emerging markets. The Portfolioprospectus includes additional detail on risk and reward.

Investment Adviser ProfileJanus Capital Management LLC began serving as an invest-ment adviser in 1970 (to the Janus Fund) and currently serves asinvestment adviser to all of the Janus retail funds, acts as sub-adviser for a number of private-label mutual funds, and providesseparate account advisory services for institutional accounts.For the month ended March 31, 2009 Janus reported total assetsunder management of approximately $110.9 billion.

Janus Aspen Worldwide Portfolio1, 2

(Institutional & Service)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . . . . . . . . . . GlobalInception Date . . . . . . . . . . . . . . . . . . . . . September 13, 1993Investment Adviser . . . . . . . Janus Capital Management LLC

Country Allocation3 (% of Equities)

United States 39.59%United Kingdom 15.26%Brazil 6.38%Bermuda 5.98%India 5.80%Canada 4.89%Cayman Islands 3.28%Japan 3.05%Switzerland 2.71%Other 13.06%

Top 10 Holdings3

Aggreko PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.33%Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.09%Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.08%Japan Tobacco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.05%Admiral Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.99%Housing Development Finance Corp. Ltd. . . . . . . . . . . 2.80%Potash Corp of Saskatchewan, Inc. . . . . . . . . . . . . . . . . 2.73%Goldman Sachs Group, Inc. . . . . . . . . . . . . . . . . . . . . . . 2.50%Capita Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.38%Research in Motion, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 2.16%

Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . 28.11%


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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.

Investment ObjectiveSeeks long-term capital appreciation by investing a substantialportion of its assets in securities of foreign issuers, “growth-type” companies, cyclical industries and special situations thatare considered to have appreciation possibilities.

Investment StrategyThe Fund mainly invests in common stocks of U.S. and foreigncompanies. The fund can invest without limit in foreign securi-ties and can invest in any country, including countries withdeveloped or emerging markets. However, the fund currentlyemphasized its investments in developed markets such as theUnited States, Western European countries and Japan. The funddoes not limit its investments to companies in a particularcapitalization range, but primarily invests in mid- and large-capcompanies.

Risk/RewardMay invest in foreign securities, which entail special risks (suchas currency fluctuations and political uncertainties) and mayhave higher expenses and volatility. Investments in emergingand developing markets may be especially volatile. Diversifica-tion does not guarantee profit or protect against loss.

Investment Adviser ProfileOppenheimerFunds, Inc. (“OFI”) is one of the largest and most respected investment managers in the mutual fundbusiness. As of June 30, 2009, the Oppenheimer funds managedby OppenheimerFunds, Inc. and a subsidiary have more than 6 million shareholder accounts. OFI is a registered investmentadviser and a member of the MassMutual Financial Group.

Oppenheimer Global Securities Fund/VA1

(Non-Service)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . . . . . . . . . . GlobalInception Date . . . . . . . . . . . . . . . . . . . . . November 12, 1990Investment Adviser. . . . . . . . . . . . . . OppenheimerFunds, Inc.

Country Allocation2

United States of America 35.93%Japan 9.17%United Kingdom 8.91%France 7.91%Germany 7.31%Sweden 6.43%Switzerland 5.93%Mexico 3.42%India 2.63%Other Countries 12.36%

Top 10 Holdings2

L.M. Ericsson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.79%Siemens AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.42%Credit Suisse Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.22%LVMH Moet Hennessy Louis VUI . . . . . . . . . . . . . . . . 2.18%Ebay Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.04%Microsoft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.04%Juniper Networks Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.02%Infosys Technologies Ltd . . . . . . . . . . . . . . . . . . . . . . . . 1.98%Roche Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.90%Intuit Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.71%



9


Investment ObjectiveSeeks long-term growth of capital by investing in equity securi-ties of companies wherever located, the primary stock market ofwhich is outside the United States.

Investment StrategyThe fund may invest 100% of its assets in securities of foreigncompanies. It mainly invests in the common stock of growthcompanies that are listed on foreign stock exchanges but mayalso buy preferred stocks, securities convertible into commonstocks and other securities having equity features. The fund mayinvest up to 25% of its total assets in emerging markets and mayinvest without limit in developed markets throughout the world.From time to time, the fund may place greater emphasis oninvesting in one or more particular industries, countries, orregions, such as Asia, Europe or Latin America. The fund caninvest up to 20% of its total assets in debt securities when theportfolio manager believes that it is appropriate to do so in orderto seek the fund’s objective. The fund can invest up to 5% of itstotal assets in debt securities that are below investment grade,commonly referred to as “junk bonds.” The fund typically doesnot invest in debt securities to a significant degree. The funddoes not limit its investments to issuers within a specific marketcapitalization range and at times may invest in both smaller,less-well-known companies and larger, more establishedcompanies that the portfolio manager believes have favorableprospects for capital growth relative to the market. The fund canalso use derivative instruments, such as options, futures,forwards and swaps, to seek higher investment returns or to tryto manage investment risks.

Risk/RewardMay invest in foreign securities, which entail special risks (suchas currency fluctuations and political uncertainties) and mayhave higher expenses and volatility. Lower rated (“junk”) bondsare more at risk of default and are subject to liquidity risk.Investments in emerging market, growth and smaller cap maybe especially volatile. Diversification does not guarantee profitor protect against loss.


Oppenheimer International Growth Fund/VA1

(Non-Service)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . . . . . InternationalInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . May 13, 1992Investment Adviser. . . . . . . . . . . . . . OppenheimerFunds, Inc.

Country Allocation2

United Kingdom 22.66%Switzerland 13.78%Japan 12.40%France 8.65%Australia 7.93%Netherlands 4.79%Germany 4.17%Italy 3.69%United States of America 3.64%Other Countries 18.29%

Top 10 Holdings2

Inst MM FD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.72%Autonomy Corp PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.59%Nidec Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.27%Capita Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.11%Sonic Healthcare Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.97%Infosys Technologies Ltd . . . . . . . . . . . . . . . . . . . . . . . . 1.84%L.M. Ericsson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.77%ABB Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.68%Roche Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.67%QBE Insurance Group Limited . . . . . . . . . . . . . . . . . . . 1.64%



10

1 A series of Franklin Templeton Variable Insurance Products Trust, shares of which are generally sold only to insurance company separate accounts toserve as investment options for variable insurance products. The fund is distributed by Franklin Templeton Distributors, Inc. 1 Franklin Parkway, SanMateo, 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.

Investment ObjectiveSeeks long-term capital growth.

Investment StrategyThe Fund normally invests at least 80% of its net assetsin investments of issuers located outside the U.S., includingthose in emerging markets, and normally invests predominantlyin equity securities.

Risk/RewardThe fund’s investments in stocks offer the potential for long-term gains but can be subject to short-term price fluctuations.Foreign investing, especially in emerging markets, involvesadditional risks, including currency fluctuations, economicinstability, market volatility and political and social instability.By having significant investments in one or more countries or inparticular sectors from time to time, the fund may carry greaterrisk of adverse developments in a country or sector than a fundthat invests more broadly. These and other risks are describedmore fully in the fund’s prospectus.

Investment Adviser ProfileTempleton Investment Counsel, LLC (“TIC”), is a subsidiary ofFranklin Templeton Investments, one of the largest mutual fundorganizations in the United States.

Franklin Resources, Inc. (Franklin Templeton Investments orthe “company”) (NYSE: BEN) on March 31, 2009 reportedpreliminary month-end assets under management by thecompany’s subsidiaries of $391.1 billion for the month endedMarch 31, 2009, compared to $377.6 billion in the precedingmonth and $591.1 billion in the same month a year ago.

Templeton Foreign Securities Fund1

(Class 2)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . International EquityInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 19922

Investment Adviser . . . Templeton Investment Counsel, LLC

Equities Allocation by Region3

Europe 66.72%Asia 22.44%North America 3.23%Mid-East/Africa 2.63%L. America/Caribbean 2.16%Australia/NZL 0.58%Other Countries 2.24%

Top 10 Holdings3

Vodafone Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . 3.02%Telenor ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.72%Samsung Electronics Co Ltd . . . . . . . . . . . . . . . . . . . . . 2.30%Siemens AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.21%Sanofi-Aventis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.21%Total SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.19%Statoil ASA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.12%Adecco SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.11%Glaxosmithkline PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.05%ING Groep NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.01%



11

1 Investments in companies with small market capitalizations (“small caps”) may be subject to greater price volatility than investments in companies withlarger 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.

Investment ObjectiveSeeks capital appreciation.

Investment StrategyThe manager and MFS’ large group of equity research analystsuse a bottom-up investment style in managing the equity-oriented Series. Securities are selected based upon Fundamentalanalysis, such as an analysis of earnings, cash flows, competi-tive position and management’s abilities. The Series invests,under normal market conditions, at least 65% of its total assetsin equity securities of emerging growth companies. Equitysecurities include common stocks and related securities, such aspreferred stocks, convertible securities and depository receiptsfor those securities. Emerging growth companies arecompanies, which MFS believes offer superior prospects forgrowth and are either:

• early in their life cycle but which have the potential to becomemajor enterprises, or

• major enterprises whose rates of earnings growth areexpected to accelerate because of special factors, such asrejuvenated managements, new products, changes inconsumer demand, or basic changes in the economic environ-ment.

Risk/RewardThe Series may be appropriate for investors seeking capitalappreciation who want to diversity their investment portfolio byinvesting in smaller, rapidly growing emerging companies.Investments in small capitalization (small cap) companies tendto be more volatile than investments in larger companiesbecause small caps are generally subject to special risks such asnarrower markets, less financial resources and less liquid stocks.Please see the Series prospectus which includes additional detailon risk and reward. The Series’ investment strategy is subject tochange and future performance cannot be guaranteed.

Investment Adviser ProfileEstablished in 1924, Massachusetts Financial ServicesCompany (“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 accountsworldwide, as of March 31, 2009. MFS is a majority ownedsubsidiary of Sun Life of Canada (U.S.) Financial ServicesHoldings, Inc., which is an indirect subsidiary of Sun LifeFinancial, Inc. (a diversified financial services organization).

MFS® New Discovery Series1(Initial Class)

Investment Fund Quick PointsAsset Class - Management Style . . . . Small/Mid Cap GrowthInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 1998Investment Adviser . . . . . . . . . . . . . . Massachusetts Financial

Services Company

Sector Allocation2

Health Care 26.84%Technology 21.78%Special Products & Services 9.43%Industrial Goods & Services 8.28%Financial Services 8.11%Leisure 7.74%Retailing 4.02%Transportation 3.54%Other 9.66%Cash 0.60%

Top 10 Holdings2

Hittite Microwave Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.76%Lincare Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.74%CoStar Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.64%Silicon Laboratories Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.56%Verisk Analytics Inc- Cl A . . . . . . . . . . . . . . . . . . . . . . . 1.54%Micros Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.50%ARM Holdings PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.44%Gen-Probe Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.42%MSCI Inc. (Cl A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.41%NxStage Medical Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.40%



12



Investment StrategyThe Fund seeks to achieve its objective by investing primarily insmaller, rapidly growing, emerging growth companies. For thisFund, emerging growth companies are those whose marketcapitalizations, at the time of purchase, are less than or equal tothe capitalization of the company with the largest capitalizationin the Russell 2000® Index or the S&P SmallCap 600 Index. TheRussell 2000 Index is a broad-based, unmanaged index of thecommon stocks of 2000 of the smallest companies domiciled inthe U.S. (on the basis of capitalization) that are traded on theNew York Stock Exchange, the American Stock Exchange, andNASDAQ. The S&P SmallCap 600 Index is the Standard &Poor’s Composite Index of 600 stocks, an unmanaged index ofcommon stocks of small U.S. companies from a broad range ofindustries.

Risk/RewardThe Fund may be appropriate for investors seeking capitalappreciation who want to diversify their investment portfolio byinvesting in smaller, rapidly growing emerging growthcompanies. The Fund is likely to have a portion of its assets intechnology and technology-related stocks, which may be morevolatile than other stocks. Normally the Fund will invest at least80% of its net assets in equity securities (primarily commonstocks) of these emerging growth companies. Investments incompanies with small market capitalizations (“small caps”)may be subject to greater price volatility than investments incompanies with larger capitalizations because small caps aregenerally subject to special risks such as narrower markets, lessfinancial resources and less liquid stocks. The Fund prospectusincludes additional detail on risk and reward.

Investment Sub-Adviser ProfilesEssex Investment Management Company, LLC (“Essex”) wasestablished as a fundamental growth stock investment firm in1976 and, since 1998, has been jointly owned by Essex’semployees and by Boston-based Affiliated Managers Group,Inc. As of December 31, 2008, Essex had approximately $1.5billion in assets under management.

Founded in 1988, Insight Capital Research & Management, Inc.(“Insight Capital”) is an employee-owned investment firm. Asof December 31, 2008, Insight Capital had approximately$749.7 million in assets under management.

MML Emerging Growth Fund1

(Initial Class)


Investment Fund Quick PointsAsset Class - Management Style . . . . Small/Mid Cap GrowthInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 2000Investment Adviser . . . . . . . . . . . . . . . Massachusetts Mutual

Life Insurance CompanySub-Advisers . . . . . . . . . . . . . . . . . . . . . . . . Essex Investment

Management Company, LLC andInsight Capital Research & Management, Inc.

Top 10 Industries2

Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.80%Internet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.98%Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.80%Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.71%Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.27%Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.04%Telecommunications . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.43%Health Care - Products . . . . . . . . . . . . . . . . . . . . . . . . . . 5.12%Household Products & Wares . . . . . . . . . . . . . . . . . . . . 3.12%Auto Parts & Equipment . . . . . . . . . . . . . . . . . . . . . . . . 3.03%

Top 10 Industries Comprise . . . . . . . . . . . . . . . . . . 62.30%

Top 10 Holdings2

Veeco Instruments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 2.95%SXC Health Solutions Corp. . . . . . . . . . . . . . . . . . . . . . 2.44%J Crew Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.90%Oshkosh Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.77%Cooper Tire & Rubber Co. . . . . . . . . . . . . . . . . . . . . . . . 1.76%Green Mountain Coffee Roasters, Inc.. . . . . . . . . . . . . . 1.73%NBTY, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.65%Blackboard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.65%Nutri/System, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.65%MicroStrategy, Inc.-Class A . . . . . . . . . . . . . . . . . . . . . . 1.61%


13


Investment ObjectiveSeeks long-term capital appreciation.

Investment StrategyThe Fund seeks to achieve its objective by investing primarily incommon stocks and equity securities of smaller companieswhich the managers believe offer potential for long-term growth.The Fund may maintain cash reserves for liquidity and defensivepurposes. Normally, the Fund invests at least 80% of its netassets in the securities of companies whose market capitaliza-tions, at the time of purchase, fall within the range of companiesin the Russell 2000® Index or the S&P SmallCap 600 Index. TheRussell 2000 Index is a broad-based, unmanaged index of thecommon stocks of 2000 of the smallest companies domiciled inthe U.S. (on the basis of capitalization) that are traded on theNew York Stock Exchange, the American Stock Exchange, andNASDAQ. The S&P SmallCap 600 Index is the Standard &Poor’s Composite Index of 600 stocks, an unmanaged index ofcommons stocks of small U.S. companies from a broad range ofindustries.

Two Sub-Advisers manage the Fund, Waddell & Reed Invest-ment Management Company (“Waddell & Reed”) and Welling-ton Management Company, LLP (“Wellington Management”).Waddell & Reed uses a bottom-up process of stock selection,generally emphasizing long-term growth potential and superiorfinancial characteristics, such as: annual revenue and earningsgrowth rate of 15-20%+; pre-tax margins of 20%+ and low-debtcapital structure. Wellington Management’s investmentapproach emphasizes its own proprietary fundamental researchand bottom-up stock selection to identify what it believes to bethe best small-capitalization companies.

Risk/RewardThe Fund may be appropriate for investors seeking long-termcapital appreciation who want to diversify their investmentportfolio by investing in small capitalization companies (“smallcaps”). Stocks offer the potential for long-term growth but candecline over short or extended periods of time, thus subjectingthe Fund to unpredictable declines in the value of its shares.Investments in small caps may be subject to greater price volatil-ity than investments in companies with larger capitalizationsbecause small caps are generally subject to special risks such asnarrower markets, less financial resources and less liquid stocks.Growth company securities also tend to be more volatile than theoverall market. The Fund prospectus includes additional detailon risk and reward.

Investment Sub-Adviser ProfilesEstablished in 1937, Waddell & Reed has assets under manage-ment exceeding $47 billion as of December 31, 2008. With along tradition of investment services and consistency of

approach, their seasoned portfolio managers average 21 years ofinvestment experience and 13 years with Waddell & Reed.

Wellington Management serves as investment adviser to morethan 700 institutional clients and over 200 mutual Fund portfo-lios covering a wide range of investment styles, and currentlymanages approximately $420 billion of client assets as ofDecember 31, 2008.

MML Small Cap Growth Equity Fund1

(Initial Class)

Investment Fund Quick PointsAsset Class - Management Style . . . . Small/Mid Cap GrowthInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 3, 1999Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual

Life Insurance CompanySub-Advisers . . . . Waddell & Reed Investment Management

Company and Wellington Management Company, LLP

Top 10 Industries2

Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.39%Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.35%Transportation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.96%Internet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.76%Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.57%Computers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.39%Health Care - Products . . . . . . . . . . . . . . . . . . . . . . . . . . 4.09%Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.02%Health Care - Services . . . . . . . . . . . . . . . . . . . . . . . . . . 3.58%Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.09%


Top 10 Holdings2

Blackboard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.24%Micros Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.92%Blackbaud, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.90%athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.81%Riverbed Technology, Inc. . . . . . . . . . . . . . . . . . . . . . 1.80%CommVault Systems, Inc.. . . . . . . . . . . . . . . . . . . . . . 1.76%Allscripts-Misys Healthcare Solutions, Inc. . . . . . . . . 1.75%JB Hunt Transport Services, Inc. . . . . . . . . . . . . . . . . . . 1.74%LKQ Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.74%Alberto-Culver Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.67%



14

1 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change.

Investment ObjectiveSeeks capital appreciation by investing in “growth type”companies.

Investment StrategyThe fund mainly invests in equity securities, such as commonstocks, preferred stocks, and convertible securities that theportfolio manager expects to have above-average growth rates.Under normal market conditions, the fund invests at least 80%of its net assets, plus borrowings for investment purposes, inequity securities of “mid-cap” companies. Under normal marketconditions the fund can invest up to 20% of its net assets, plusborrowings for investment purposes, in stocks of companies inother market capitalizations, if the Manager believes they offeropportunities for growth. The fund primarily invests in U.S.companies but may also purchase securities of issuers in anycountry, including developed countries and emerging markets.The fund has no limits on the amount of its assets that can beinvested in foreign securities, but has adopted an operatingpolicy limiting its investments in foreign securities to 25% of itstotal assets.

Risk/RewardInvestments in mid-cap and growth may be especially volatile.Diversification does not guarantee profit or protect against loss.


Oppenheimer MidCap Fund/VA (Non-Service)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . Mid Cap GrowthInception Date . . . . . . . . . . . . . . . . . . . . . . . . August 15, 1986Investment Adviser. . . . . . . . . . . . . . OppenheimerFunds, Inc.

Equity Sector Allocation1

Information Technology 26.34%Consumer Discretionary 17.40%Health Care 16.55%Industrials 12.47%Financials 9.15%Energy 7.31%Materials 5.28%Consumer Staples 3.00%Telecommunication Services 2.50%

Top 10 Holdings1

Alexion Pharmaceuticals Inc . . . . . . . . . . . . . . . . . . . . . 2.09%CH Robinson Worldwide . . . . . . . . . . . . . . . . . . . . . . . . 1.91%Inst MM FD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.89%Concho Resources Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 1.86%Edwards LifeSciences CP . . . . . . . . . . . . . . . . . . . . . . . 1.82%Cognizant Tech Solutions Crp . . . . . . . . . . . . . . . . . . . . 1.80%Salesforce.com Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.58%Cooper Cameron. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.53%Lubrizol Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.51%Mednax Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.51%



15


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.


Investment StrategyThe portfolio will normally invest at least 80% of net assets instocks of medium-sized companies that exhibit earnings growthrates in excess of the market and with proven products orservices, which may offer the potential to outperform themarket. T. Rowe Price defines mid-cap companies as those withmarket capitalizations within the range of companies in the S&PMid-Cap 400® Index or the Russell Midcap® Growth Index. T.Rowe Price generally favors companies that also havedemonstrated potential to sustain earnings growth; operate inindustries experiencing increasing demand; or have stock pricesthat appear to undervalue their growth prospects.

Risk/RewardThe portfolio offers the potential to provide above-averagegrowth of capital over time. Mid-cap growth company stocksare generally more volatile than stocks of large-cap companies,but they offer the possibility of more rapid growth. Additionally,mid-cap stocks tend to be less volatile than small-companystocks. The portfolio prospectus includes additional detail onrisk and reward.

Investment Adviser ProfileFounded in 1937 by the late Thomas Rowe Price, Jr., T. Rowe Price is a public company with substantial employeeownership. T. Rowe Price is committed to style discipline,fundamental research, and risk reduction. As of December 31,2008, T. Rowe Price and its affiliates managed assets of $276.3 billion.

T. Rowe Price Mid-Cap Growth Portfolio

Investment Fund Quick PointsAsset Class - Management Style . . . . Small/Mid-Cap GrowthInception Date. . . . . . . . . . . . . . . . . . . . . . December 31, 1996Investment Adviser . . . . . . . . . T. Rowe Price Associates, Inc.

Sector Allocation1

Information Technology 22.99%Health Care 17.33%Industrials & Business Services 16.68%Consumer Discretionary 15.06%Financials 10.05%Energy 6.68%Consumer Staples 1.97%Materials 1.75%Telecommunication Services 1.55%Other 5.94%

Top 10 Holdings1

Global Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6%Expedia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5%AMETEK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4%Marriott . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4%Juniper Networks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4%Western Union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3%Cephalon. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2%Agnico-Eagle Mines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2%McDermott International . . . . . . . . . . . . . . . . . . . . . . . . . 1.2%Roper Industries Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2%

Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . . 13.4%


16


Investment Objective Seeks to match, as closely as possible, before expenses, theperformance of the Russell 2000® Index, which emphasizesstocks of small U.S. companies. The Russell 2000® Index is abroad-based, unmanaged index of the common stocks of 2000of the smallest companies domiciled in the U.S. (on the basis ofcapitalization) that are traded on the New York Stock Exchange,the American Stock Exchange, and NASDAQ. Frank RussellCompany is the owner of the trademarks and copyrights relatingto the Russell indexes, which have been licensed for use byDeutsche Asset Management, Inc.

Investment StrategyIn attempting to match the risk and return characteristics of theRussell 2000® Index as closely as possible, the manager:

• Invests in a statistically selected sample of the securities foundin the Russell 2000® Index, using a process known as“optimization.” The process selects stocks for the portfolio thatindustry weightings, market capitalizations and fundamentalcharacteristics (price-to-book ratios, price-to-earnings ratios,debt-to-asset ratios and dividend yields) closely match those ofthe securities in the Russell 2000® Index.

• Seeks a correlation between the performance of the fund,before expenses, and the Russell 2000® Index of 95% or better.

Risk/RewardThis fund invests for capital appreciation through exposure tothe U.S. equity market as represented by small capitalizationcompanies (“small caps”). Stocks offer the potential for long-term growth but can decline over short or extended periods oftime, thus subjecting the fund to unpredictable declines in thevalue of its shares. Investments in small caps may be subject togreater price volatility than investments in companies withlarger capitalizations because small caps are generally subject tospecial risks such as narrower markets, less financial resourcesand less liquid stocks. Derivatives may be volatile and lessliquid than traditional securities and the fund could suffer losseson its derivative positions. There is no guarantee that the fundwill be able to mirror the Russell 2000® Index closely enough totrack its performance. The fund prospectus includes additionaldetail on risk and reward.

Investment Adviser ProfileDIMA is an indirect, wholly owned subsidiary of DeutscheBank AG, a major global banking institution that is engaged in awide range of financial services, including investment manage-

ment, mutual fund, retail, private and commercial banking,investment banking and insurance.

Northern Trust Investments, N.A. (“NTI”), is the sub-adviserfor the fund. NTI primarily manages assets for defined contribu-tion and benefit plans, investment companies and other institu-tional investors. NTI is a subsidiary of The Northern TrustCompany, a bank holding company. As of December 31, 2008,NTI and it’s affiliates had assets under management of $393.47 billion.

Investment Fund Quick PointsAsset Class - Management Style . . . . . Small/Mid-Cap BlendInception Date . . . . . . . . . . . . . . . . . . . . . . . . August 22, 1997Investment Adviser. . . . . . . . . . . . . . . . . Deutsche Investment

Management Americas, Inc.Sub-Adviser . . . . . . . . . . . . Northern Trust Investments, N.A.

Sector Allocation2

Financials 20%Information Technology 18%Industrials 16%Health Care 14%Consumer Discretionary 14%Energy 5%Materials 5%Consumer Staples 4%Utilities 3%Telecommunication Services 1%

Top 10 Holdings2

Human Genome Sciences, Inc. . . . . . . . . . . . . . . . . . . . . 0.6%Tupperware Brands Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3%3Com Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3%E*TRADE Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.3%Assured Guaranty Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3%Solera Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3%Skyworks Solutions, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3%Highwoods Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.2%Domtar Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2%Informatica Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2%

Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . . . 3.0%


DWS Small Cap Index VIP1

(Class A)

17

1 Investments in companies with small market capitalizations (“small caps”) may be subject to greater price volatility than investments in companies withlarger 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.

Investment ObjectiveSeeks to achieve long-term growth of capital and income byinvesting primarily in a diversified portfolio of equity securitiesof smaller companies.

Investment StrategyThe Fund invests mainly in common stocks of small-capitaliza-tion (“small-cap”) U.S. companies that the Fund’s Sub-AdviserOppenheimerFunds, Inc. (“OFI”), believes have favorablebusiness trends or prospects. Normally, the Fund invests at least80% of its net assets in the securities of companies whosemarket capitalizations, at the time of purchase, are included inthe range of companies in the Russell 2000® Index or the S&PSmallCap 600 Index. The Russell 2000 Index, the Fund’sbenchmark, is a widely recognized, unmanaged index represen-tative of common stocks of smaller capitalized U.S. companies.The Index does not incur expenses or reflect any deduction fortaxes and cannot be purchased directly by investors.

Risk/RewardThe Fund may be appropriate for investors seeking long-termgrowth of capital and income who want to diversify their invest-ment portfolio by investing in the securities of smallercompanies (“small caps”). Stocks offer the potential for long-term growth but can decline over short or extended periods oftime, thus subjecting the Fund to unpredictable declines in thevalue of its shares. Investments in small caps may be subject togreater price volatility than investments in companies withlarger capitalizations because small caps are generally subject tospecial risks such as narrower markets, less financial resourcesand less liquid stocks. The Fund prospectus includes additionaldetail on risk and reward.

Investment Sub-Adviser ProfileOppenheimerFunds, Inc. (“OFI”), is one of the largest and mostrespected investment managers in the mutual fund business. Asof December 31, 2008, OFI and its controlled affiliates hadassets under management of approximately $144 billion.

MML Small Cap Equity Fund1, 2

(Initial Class)

Investment Fund Quick PointsAsset Class - Management Style . . . . . Small/Mid Cap BlendInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . June 1, 1998Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual

Life Insurance CompanySub-Adviser . . . . . . . . . . . . . . . . . . . OppenheimerFunds, Inc.

Sector Allocation3

Information Technology 20.6%Financials 19.5%Industrials 15.6%Health Care 14.9%Consumer Discretionary 13.7%Materials 5.0%Energy 4.5%Utilities 3.1%Other 2.6%Cash and Equivalents 0.5%

Top 10 Holdings3

Blue Coat Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.20%Health Management Associates, Inc.-Class A. . . . . . . . 0.97%Tractor Supply Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.86%Gardner Denver, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.86%BE Aerospace, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.86%Mid-America Apartment Communities, Inc. REIT . . . 0.85%Capella Education Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.77%Hanover Insurance Group (The), Inc. . . . . . . . . . . . . . . 0.76%Old Dominion Freight Line, Inc. . . . . . . . . . . . . . . . . . . 0.75%Markwest Energy Partners, LP . . . . . . . . . . . . . . . . . . . 0.75%



18


Investment ObjectiveSeeks long-term capital growth.

Investment StrategyThe managers primarily invest in equity securities of wellestablished businesses with medium-to-large market capitaliza-tion that are undervalued relative to their long-term operatingprospects. They also: employ a disciplined investment strategy,using a fundamental, bottom-up approach; expect to invest atleast 80% of the fund’s total assets in equity securities; look forstocks with better-than average dividends, which can help tooffset the impact of market downturns on fund performance.

Risk/RewardThe value portfolio team applies a consistent risk-controlledprocess that utilizes price filters, fundamental research, and strictsell disciplines designed to capture a wide range of valueopportunities. The goal is to minimize risk while providinglong-term capital growth. The fund is subject to market risk,price volatility risk and as with all funds, the risk of loss ofprincipal. If the market does not consider the individual stockspurchased by the fund to be under-valued, the value of thefund’s shares may not rise as high as other Funds and maydecline, even if stock prices in general are increasing.

Investment Adviser ProfileAmerican Century Investments is a leading investment managerwith more than 50 years of experience helping investors toachieve their financial goals. Serving investment professionals,institutions, corporations and individual investors, AmericanCentury Investments offers an array of products across a varietyof investment disciplines.

Based in Kansas City, Missouri, the company manages approxi-mately $66.7 billion in assets as of March 31, 2009, throughmutual funds, subadvisory accounts and institutional separateaccounts.

American Century VP Value Fund (Class I)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . . . Mid Cap ValueInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 1996Investment Adviser . . . . . . . . . American Century Investment

Management, Inc.


Financials 21.43%Energy 17.69%Industrials 10.60%Health Care 10.23%Consumer Discretionary 9.83%Consumer Staples 9.53%Utilities 6.55%Information Technology 6.26%Telecommunication Services 5.45%Materials 2.43%

Top 10 Equity Holdings1

Exxon Mobil Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.07%AT&T Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.97%Chevron Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.91%Total SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.88%JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 2.84%Pfizer Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75%Marsh & McLennan Cos Inc . . . . . . . . . . . . . . . . . . . . . 2.67%General Electric Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.60%Lowe’s Cos Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.26%Kraft Foods Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.81%



19

1 A series of Franklin Templeton Variable Insurance Products Trust, shares of which are generally sold only to insurance company separate accounts toserve as investment options for variable insurance products. The fund is distributed by Franklin Templeton Distributors, Inc. 1 Franklin Parkway, SanMateo, CA 94403.2 Investments in companies with small market capitalizations (“small caps”) may be subject to special risks given their characteristic narrow markets,limited financial resources, and less liquid stocks, all which may cause price volatility.3 Class 2 shares were not offered until 1/6/1999. 4 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change.

Investment ObjectiveSeeks long-term total return.

Investment StrategyThe Fund normally invests at least 80% of its net assets ininvestments of small capitalization companies, and normallyinvests predominantly in equity securities. For this Fund, small-capitalization companies are those with market capitalizationvalues not exceeding $3.5 billion, at the time of purchase. TheFund generally invests in equity securities of companies that themanager believes are undervalued.

Risk/RewardThe Fund’s investments in stocks offer the potential for long-term gains but can be subject to short term price fluctuations.Smaller or relatively new or unseasoned companies can beparticularly sensitive to changing economic conditions, andtheir prospects for growth are less certain than those of larger,more established companies and their securities are morevolatile, especially over the short term. Foreign investinginvolves additional risks including currency fluctuations,economic instability, market volatility and social and politicalinstability. These and other risks are described in the Fund’sprospectus.

Investment Adviser ProfileFranklin Advisory Services, LLC is a subsidiary of FranklinResources, Inc., which does business as Franklin TempletonInvestments, one of the largest mutual fund organizations in theUnited States. Franklin Templeton Investments’ distinct multi-manager structure combines the specialized expertise of threeworld-class investment management groups - Franklin, Temple-ton and Mutual Series- each backed by over 50 years of experi-ence. Franklin Templeton managed over $391.1 billion in assetsunder management as of March 31, 2009.

Franklin Small Cap Value Securities Fund1, 2

(Class 2)

Investment Fund Quick PointsAsset Class - Management Style. . . . . . . . . . Small Cap ValueInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 19983

Investment Adviser. . . . . . . Franklin Advisory Services, LLC

Sector Allocation4

Equity 93.87%Fixed Income 0.12%Cash & Cash Equivalent 6.01%

Top 10 Holdings4

Thor Industries Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.00%Westlake Chemical Corp . . . . . . . . . . . . . . . . . . . . . . . . 1.77%Benchmark Electronics Inc . . . . . . . . . . . . . . . . . . . . . . 1.71%Protective Life Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.65%Reliance Steel & Aluminum Co. . . . . . . . . . . . . . . . . . . 1.64%Steel Dynamics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.60%Universal Forest Products Inc . . . . . . . . . . . . . . . . . . . . 1.52%Rowan Companies Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 1.52%RPM International Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 1.49%Old Republic International Corp . . . . . . . . . . . . . . . . . . 1.48%



20


Investment ObjectiveLong-term growth of capital.

Investment StrategyThe Fund invests, under normal circumstances, at least 90% ofits total assets (not including securities lending collateral andany investment of that collateral) measured at the time ofpurchase (“Total Assets”) in equity investments. The Fund seeksto achieve its investment objective by investing in a diversifiedportfolio of equity investments that are considered by theInvestment Adviser to have long-term capital appreciationpotential. Although the Fund invests primarily in publicly tradedU.S. securities, it may invest up to 25% of its Total Assets inforeign securities, including securities of issuers in countrieswith emerging markets or economies (“emerging countries”)and securities quoted in foreign currencies.

Risk/RewardThe VIT Capital Growth Fund invests primarily in large-capital-ization U.S. equity investments and is subject to market risk sothat the value of the securities in which it invests may go up ordown in response to the prospects of individual companies,particular industry sectors and/or general economic conditions.The Fund may invest in foreign securities, which may be morevolatile and less liquid than investment in U.S. securities andwill be subject to the risks of currency fluctuations and suddeneconomic or political developments. At times, the Fund may beunable to sell certain of its portfolio securities without a substan-tial drop in price, if at all. These risks are heightened inemerging markets.

The Fund may participate in the Initial Public Offering (IPO)market, and a portion of the Fund’s returns consequently may beattributable to its investment in IPOs. The market value of IPOshares may fluctuate considerably due to factors such as theabsence of a prior public market, unseasoned trading, and thesmall number of shares available for trading and limitedinformation about the issuer. When a fund’s asset base is small,IPOs may have a magnified impact on the fund’s performance.As a fund’s assets grow, it is probable that the effect of thefund’s investment in IPOs on its total returns may not be assignificant, which could reduce the fund’s performance.

Investment Adviser ProfileGoldman Sachs Asset Management, L.P. (“GSAM”), theinvestment arm of The Goldman Sachs Group, Inc., wasfounded in 1988. GSAM is among the world’s top assetmanagers, with over $664 billion in assets under managementas of March 31, 2009. GSAM serves the investment needs of

institutions, governments, foundations, endowments andindividual investors worldwide, offering solutions acrossgeographic borders, investment styles and traditional and non-traditional asset classes. We offer the resources of a large, globalfirm and the specialization of a boutique while seeking todeliver strong performance over full market cycles through ourteam-driven, research-intensive approach to investing.

Goldman Sachs VIT Capital Growth Fund (Institutional)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . Large Cap GrowthInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . April 30, 1998Investment Adviser . . . . . . . . . . . . . . . . Goldman Sachs Asset

Management, L.P.

Sector Allocation1

Information Technology 29.9%Healthcare 18.8%Consumer Staples 11.8%Financials 10.8% Consumer Discretionary 10.6%Energy 7.8%Telecommunication Services 4.3%Industrials 3.3%Materials 1.3%Others 1.4%

Top 10 Holdings1

Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7%Microsoft Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9%PepsiCo, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3%Cisco Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3%Procter & Gamble Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1%American Tower Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1%Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0%Oracle Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0%Baxter International Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9%Qualcomm Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6%



21

1 Not available in the SVUL policy. Institutional class is available with VUL II, SVUL II and VUL policies only. Service class is available with VUL GuardSMand Survivorship VUL GuardSM policies.2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change.

Investment ObjectiveSeeks long-term growth of capital. The Portfolio will pursue itsobjective by investing primarily in a core group of 20 to 40common stocks selected for their growth potential.

Investment Strategy• Applies a bottom-up, one-company-at-a-time approach to

choosing investments, looking for companies with earningsgrowth potential.

• May invest in companies of any size, from larger, well-established companies to smaller, emerging growthcompanies.

Risk/RewardThe Portfolio pursues its objective by investing primarily incommon stocks selected for their growth potential. ThePortfolio is non-diversified, which means that it may hold alarger position in a smaller number of securities than a diversi-fied fund. As a result, a single security’s increase or decrease invalue may have a greater impact on a portfolio’s net asset valueand return.

The portfolio’s use of short sales may cause the portfolio to havehigher expenses than those of other equity portfolios. Short salesare speculative transactions and involve special risks, includinga greater reliance on the investment team’s ability to accuratelyanticipate the future value of a security. The Portfolio’s lossesare potentially unlimited in a short sale transaction. ThePortfolio’s use of short sales in effect leverages the portfolio.The Portfolio’s use of leverage may result in risks and canmagnify the effect of any losses. There is no assurance that aleveraging strategy will be successful.

The Portfolio may invest in a variety of stocks or debt securities,including stock of smaller companies, foreign companies andhigh yield/high risk bonds. These each have their own risksincluding market risk for the stocks and credit risk for the debtsecurities. The fund prospectus includes additional detail on riskand reward.


Janus Aspen Forty Portfolio1

(Institutional & Service)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . Large Cap GrowthInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 1997Investment Adviser . . . . . . . Janus Capital Management LLC

Sector Allocation2

Consumer, Non-Cyclical 29.00%Communications 20.23%Technology 19.89%Financial 14.97%Basic Materials 5.93%Consumer, Cyclical 4.82%Energy 3.14%Industrial 2.02%

Top 10 Industries2

Computers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.59%Medical - Biomedical/Gene . . . . . . . . . . . . . . . . . . . . . 12.52%Diversified Banking Inst . . . . . . . . . . . . . . . . . . . . . . . . 8.24%Brewery. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.07%Web Portals/Internet Service Providers . . . . . . . . . . . . . 6.81%Networking Products . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.52%Enterprise Software/Services . . . . . . . . . . . . . . . . . . . . . 5.31%Retail - Drug Store . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.01%Multi-Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.42%Agricultural Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . 3.06%


Top 5 Holdings2

Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.52%Anheuser-Busch InBev . . . . . . . . . . . . . . . . . . . . . . . . . 7.07%Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.13%Research In Motion Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 6.06%Google Inc. (Cl A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.55%



22

1 Effective May 1, 2009, the MML Growth Equity Fund was merged into the MML Blue Chip Growth Fund.2 There are special risks associated with international investing, such as differences in accounting practices, political changes and currencyfluctuations.These risks are heightened in emerging markets.3 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change.


Investment ObjectiveSeeks long-term capital growth. Income is a secondary

objective.

Investment StrategyThe portfolio normally invests at least 80% of net assets in the

common stocks of large and medium-sized blue chip growth

companies. These are firms that, in the view of the Fund’s Sub-

Adviser T. Rowe Price Associates, Inc. (“T. Rowe Price”), are

well-established in their industries and have the potential for

above-average earnings growth. The Sub-Adviser focuses on

companies with a leading market position, seasoned manage-

ment and strong financial fundamentals. The investment

approach reflects the belief that solid company fundamentals

(with an emphasis on strong growth in earnings per share or

operating cash flow) combined with a positive industry outlook

will ultimately reward investors with strong investment perform-

ance. While most assets will be invested in U.S. common stocks,

foreign stocks2, futures, and options may also be purchased, in

keeping with the Fund’s objectives. For details about the Fund’s

investment program, please refer to the Fund prospectus.

Risk/RewardsThis Fund offers long-term capital appreciation by investing inleading companies in industries T. Rowe Price believes arepoised for long-term growth. It gives investors a low-cost wayto invest in “blue chip” companies that enjoy strong marketpositions, seasoned management teams, solid financialconditions, and above-average earnings growth and profitabil-ity. Because growth stocks have higher valuations and lowerdividend yields than slower-growth or cyclical companies, theshare price volatility may be higher. As such, Fund prices coulddecline further in market downturns than non-growth-orientedfunds. The portfolio prospectus includes additional detail on riskand reward.

Investment Sub-Adviser ProfileFounded in 1937 by the late Thomas Rowe Price, Jr.,

T. Rowe Price is a public company with substantial employee

ownership. T. Rowe Price is committed to style discipline,

fundamental research, and risk reduction. As of December 31,2008, T. Rowe Price and its affiliates managed assets of $276.3 billion.

MML Blue Chip Growth Fund1

(Initial Class)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . Large Cap GrowthInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 2006Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual

Life Insurance CompanySub-Adviser . . . . . . . . . . . . . . . T. Rowe Price Associates, Inc.

Top 10 Industries3

Internet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.88%Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.57%Computers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.19%Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00%Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.33%Telecommunications . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.14%Diversified Financial Services . . . . . . . . . . . . . . . . . . . . 5.87%Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.46%Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.32%Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.12%


Top 10 Holdings3

Apple, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.11%Google, Inc.-Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.35%Amazon.Com, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.01%Danaher Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.89%Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.74%Medco Health Solutions, Inc.. . . . . . . . . . . . . . . . . . . . . 2.65%Goldman Sachs Group (The), Inc. . . . . . . . . . . . . . . . . . 2.48%Qualcomm, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.00%Franklin Resources, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 1.97%Schlumberger, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.93%



23

1 Prior to November 30, 2007, known as MML OTC 100 Fund.NASDAQ®, NASDAQ-100® and NASDAQ-100 Index® are registered trademarks of The NASDAQ Stock Market, Inc. (together with its affiliates,“NASDAQ”) and are licensed for use by the Fund. The Fund has not been passed on by NASDAQ as to its legality or suitability. The Fund is not issued,endorsed, sold or promoted by NASDAQ. NASDAQ makes no warranties and bears no liability with respect to the Fund.2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change.

Investment ObjectiveSeeks to approximate, as closely as practicable (before fees andexpenses), the total return of the NASDAQ-100® Index.

Investment StrategyThe Fund seeks to achieve its objective by investing at least80% of its net assets in the securities of companies included inthe NASDAQ-100 Index. The NASDAQ-100 Index is amodified capitalization-weighted index composed of the 100largest non-financial companies listed on the National Associa-tion of Securities Dealers Automated Quotations System(“NASDAQ”).

Risk/RewardThe Fund may be appropriate for investors seeking to match, asclosely as possible, the total return of the non-financialNASDAQ-100 Index. The Fund, however, may not hold everystock in the Index. Stocks offer the potential for long-termgrowth but can decline over short or extended periods of time,thus subjecting the Fund to unpredictable declines in the valueof its shares. The Fund may also use derivatives, such as indexfutures and options, whose performance is expected tocorrespond to the Index. For these reasons, as well as due tocash inflows and outflows, administrative expenses and tradingcosts, the Fund’s performance may deviate from the Index. TheFund prospectus includes additional detail on risk and reward.

Investment Sub-Adviser ProfileNorthern Trust Investments, N.A. (“Northern Trust”) acts asSub-Adviser to the Fund and makes the Fund’s investmentdecisions. As of December 31, 2008, Northern Trust hadapproximately $558.8 billion of assets under management.

Northern Trust is a wholly-owned subsidiary of The NorthernTrust Company.

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . Large Cap GrowthInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 2000Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual

Life Insurance CompanySub-Adviser . . . . . . . . . . . . Northern Trust Investments, N.A.

Top 10 Industries2

Computers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.87%Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.78%Internet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.95%Telecommunications . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.55%Biotechnology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.97%Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.38%Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.89%Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.38%Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.91%Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.93%


Top 10 Holdings2

Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.48%Qualcomm, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.10%Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.10%Google, Inc.-Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.01%Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.81%Cisco Systems, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.69%Teva Pharmaceutical Industries, Ltd.,Sponsored ADR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.27%

Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.16%Amazon.Com, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.12%Research In Motion, Ltd. . . . . . . . . . . . . . . . . . . . . . . 2.10%



MML NASDAQ-100® Fund1(Initial Class)

24


Investment ObjectiveSeeks capital appreciation by investing in securities of well-known, established companies.

Investment StrategyThe fund looks for:

• companies in business areas that have above-average growthpotential,

• companies with growth rates that the portfolio managerbelieves are sustainable over time,

• stocks with reasonable valuations relative to their growthpotential.

Risk/RewardMay invest in foreign securities, which entail special risks (suchas currency fluctuations and political uncertainties) and mayhave higher expenses and volatility. Investments in growth andtechnology may be especially volatile. Diversification does notguarantee profit or protect against loss.


Oppenheimer Capital Appreciation Fund/VA (Non-Service)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . Large Cap GrowthInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . April 3, 1985Investment Adviser. . . . . . . . . . . . . . OppenheimerFunds, Inc.


Information Technology 35.62%Health Care 16.21%Consumer Discretionary 9.56%Consumer Staples 8.64%Financials 8.56%Energy 8.18%Industrials 5.98%Materials 4.84%Telecommunication Services 2.41%

Top 10 Holdings1

Google Inc-CL A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.30%Qualcomm Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.31%Apple Computer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.87%Hewlett-Packard Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.53%Visa Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.14%Baxter International . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.00%Monsanto Co/New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.98%Occidental Petroleum. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.92%Nestle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.92%Mastercard Inc - Class A . . . . . . . . . . . . . . . . . . . . . . . . 1.91%



25



Investment ObjectiveSeeks long-term capital growth. Income is a secondaryobjective.

Investment StrategyThe portfolio normally invests at least 80% of net assets in thecommon stocks of large and medium-sized blue chip growthcompanies. These are firms that are considered to be well-established in their industries and have the potential for above-average earnings growth. The adviser focuses on companieswith leading market position, seasoned management and strongfinancial fundamentals. The investment approach reflects thebelief that solid company fundamentals (with emphasis onstrong growth in earnings per share or operating cash flow)combined with a positive industry outlook will ultimatelyreward investors with strong investment performance. Whilemost assets will be invested in U.S. common stocks, othersecurities may also be purchased, including foreign stocks,futures, and options, in keeping with the fund objective. Fordetails about the fund’s investment program, please refer to thefund prospectus.

Risk/RewardsThis fund offers long-term capital appreciation potential byinvesting in leading companies in industries T. Rowe Pricebelieves are poised for long-term growth. It gives investors alow-cost way to invest in “blue chip” companies that enjoystrong market positions, seasoned management teams, solidfinancial conditions, and above-average earnings growth andprofitability. Because growth stocks have higher valuations andlower dividend yields than slower-growth or cyclicalcompanies, the share price volatility may be higher. As such,fund prices could decline further in market downturns than non-growth-oriented funds. The portfolio prospectus includesadditional detail on risk and reward.


T. Rowe Price Blue Chip Growth Portfolio

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . Large Cap GrowthInception Date. . . . . . . . . . . . . . . . . . . . . . December 29, 2000Investment Adviser . . . . . . . . . T. Rowe Price Associates, Inc.

Sector Allocation1

Information Technology 32.93%Consumer Discretionary 17.20%Financials 14.59%Health Care 13.74%Industrials & Business Services 7.18%Energy 6.93%Consumer Staples 2.80%Materials 2.01%Telecommunication Services 1.81%Other 0.81%

Top 10 Holdings1

Apple. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2%Google. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5%Amazon.com Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1%Danaher. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9%Microsoft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8%Medco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7%Goldman Sachs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5%QUALCOMM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0%Franklin Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0%Schlumberger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0%



26


Investment ObjectiveSeeks capital appreciation and income.

Investment StrategyThe fund invests in a diversified portfolio of common stocksand other equity securities, bonds, cash and cash equivalents.

Risk/RewardsThe fund seeks to make your investment grow and provide youwith income over time by investing primarily in common stocksor other securities, which demonstrate the potential for apprecia-tion and/or dividends. The fund may invest a portion of its assetsin securities of issuers domiciled outside the U.S. and notincluded in Standard & Poor’s 500 Composite Index. The S&P500® is Standard & Poor’s Composite Index of 500 stocks, anunmanaged index of common stock prices. The index does notreflect any fees or expenses. Standard & Poor’s is a division ofThe McGraw-Hill Companies, Inc. The S&P 500 Index is aregistered trademark of The McGraw- Hill Companies, Inc. Thefund is not sponsored, endorsed, sold, or promoted by Standard& Poor’s or The McGraw-Hill Companies, Inc. The fund isdesigned for investors seeking both capital appreciation andincome. The prices of securities may decline in response tocertain events, including: those directly involving companieswhose securities are owned in the fund; conditions affecting thegeneral economy; overall market changes; global political,social or economic instability; and currency and interest ratefluctuations.

Investment in securities issued by entities based outside the U.S.may be subject to the risks described above to a greater extentand may also be affected by differing securities regulations,higher transaction costs, and administrative difficulties such asdelays in clearing and settling portfolio transactions. You maylose money by investing in the fund. The likelihood of loss isgreater if you invest for a shorter period of time. Your invest-ment in the fund is not a bank deposit and is not insured orguaranteed by the Federal Deposit Insurance Corporation or anyother government agency, entity or person. The fund prospectusincludes additional detail on risk and reward.

Investment Adviser ProfileAmerican Funds Insurance Series® is managed by CapitalResearch and Management CompanySM, investment adviser tothe American Funds. With more than $725 billion in assetsunder management as of March 31, 2009, American Funds isone of the nation’s largest mutual fund families.

American Funds® Growth-Income Fund1(Class 2)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . Large Cap BlendInception Date . . . . . . . . . . . . . . . . . . . . . . . . February 8, 1984Investment Adviser. . . . . . . . . . . . . . . . . Capital Research and

Management Company

Sector Allocation2

U.S. stocks 81.4%Non-U.S. stocks 10.8%Cash & Equivalents 7.8%

Top 10 Equity Industries2

Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.9%Oil, gas & consumable fuels . . . . . . . . . . . . . . . . . . . . . . 5.9%Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5%Aerospace & defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8%Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7%Internet software & services. . . . . . . . . . . . . . . . . . . . . . . 3.7%Semiconductors & semiconductor equipment. . . . . . . . . 3.6%Computers & peripherals . . . . . . . . . . . . . . . . . . . . . . . . . 3.4%Diversified financial services . . . . . . . . . . . . . . . . . . . . . . 3.2%Diversified telecommication services . . . . . . . . . . . . . . . 3.1%

Top 10 Equity Industries Comprise. . . . . . . . . . . . . 42.8%


Microsoft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6%Oracle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9%Hewlett-Packard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9%Google. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7%Yahoo!. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7%AT&T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6%Merck . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6%ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5%Time Warner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4%Philip Morris International . . . . . . . . . . . . . . . . . . . . . . . . 1.3%

Top 10 Equity Holdings Comprise . . . . . . . . . . . . . 19.2%


27

1 Fidelity, Fidelity Investments & Pyramid Design and Contrafund are registered service marks of FMR Corporation.2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change.


Investment Strategy• Normally investing primarily in common stocks;

• Investing in securities of companies whose value the fundmanager believes is not fully recognized by the public;

• Investing in domestic and foreign issuers;

• Investing in either “growth” stocks or “value” stocks or both;

• Using fundamental analysis of each issuer’s financialcondition and industry position and market and economicconditions to select investments.

Risk/RewardsThis portfolio invests in “growth stocks” and “value stocks.”Growth stocks are attractively priced stocks of companies thatdemonstrate the potential for above-average earnings andrevenue growth, a strategy that may translate into strong returnsfor investors. Growth stocks tend to be sensitive to changes intheir earnings and more volatile than other types of stocks. Valuestocks are those the manager believes are undervalued in themarket, whose value may increase over time. The risk with valuestocks is that the manager’s strategy in selecting them may notachieve its objective. The portfolio may also invest in foreigninvestments which are subject to a number of risks such ascurrency fluctuations, market price swings, less public informa-tion and economic, social and political uncertainty. The portfolioprospectus includes additional detail on risk and reward.

Investment Adviser and Sub-Adviser ProfilesFidelity Management & Research Company (“FMR”) is theinvestment management arm of Fidelity Investments®.Established in 1946, Fidelity Investments is one of the largestmutual fund companies in the United States.

FMR is the portfolio’s manager. As the manager, FMR is responsiblefor choosing the portfolio’s investments and handling its businessaffairs. As of December 31, 2009, Fidelity managed assets of over 1.3trillion dollars and has over 80 million shareholder accounts.

FMR Co., Inc. (“FMRC”), an affiliate of FMR, serves as sub-adviser for the portfolio. FMRC is primarily responsible forchoosing investments for the portfolio.

Affiliates assist FMR with foreign investments. FidelityManagement & Research (U.K.) Inc. (“FMR U.K.”), inLondon, England, and Fidelity Management & Research (FarEast) Inc. (“FMR Far East”) serve as sub-advisers for theportfolio. Both were organized in 1986 to provide investmentresearch and advice to FMR. FMR U.K. and FMR Far East mayprovide investment research and advice on issuers based outsidethe United States and may also provide investment advisoryservices for the portfolio.

Fidelity Investments Japan Limited (“FIJ”), in Tokyo, Japan,also serves as a sub-adviser for the portfolio. FIJ may provideinvestment research and advice on issuers based outside theUnited States for the portfolio.

Fidelity® VIP Contrafund® Portfolio1(Initial Class)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . Large Cap BlendInception Date . . . . . . . . . . . . . . . . . . . . . . . . . January 3, 1995Investment Adviser . . . . . . . . . . . . . . Fidelity Management &

Research CompanySub-Adviser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FMRC

Allocation2

Equities 98.17%Convertibles 0.75%Cash & Other 1.08%

Top 10 Industries2Information Technology. . . . . . . . . . . . . . . . . . . . . . . . 19.93%Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.86%Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.07%Energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.36%Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.34%Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.47%Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . 9.07%Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.70%Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.47%Telecommunication Services . . . . . . . . . . . . . . . . . . . . . 3.33%

Top Industries Comprise . . . . . . . . . . . . . . . . . . . . . 98.6%

Top 10 Holdings2JPMorgan Chase & CoMicrosoft Corp Pfizer IncWells Fargo & CoGoogle Inc AProcter & Gamble Co Merck & Co Inc NewChevron CorpMicron Technology IncASML Hldg Nv (NY Reg Shs)

Top 10 Holdings Comprise . . . . . . . . . . . . . . . . . . . 19.57%Holdings may not be representative of the fund’s current or future investmentsand may change at any time. The top 10 holdings do not include money marketinstruments.


28



Investment StrategyModeled after America’s first mutual fund, the series focuses onlarge-cap, high-quality companies with superior growth charac-teristics whose stocks are selling at reasonable levels.

The series invests, under normal market conditions, at least 65%of its net assets in common stocks and related securities, such aspreferred stock, convertible securities and depository receiptsfor those securities. These securities may be listed on a securi-ties exchange, or traded on the over-the-counter (OTC) markets.While the series may invest in companies of any size, itgenerally focuses on companies with larger market capitaliza-tions that MFS believes have sustainable growth prospects andattractive valuations based on current and expected earnings orcash flow. The adviser considers the portfolio’s overallprospects for appreciation as well as income in managing theseries.

Risk/RewardThe series invests primarily in quality stocks representing well-known companies across a wide range of industries.

Investments in foreign securities may be unfavorably affectedby interest-rate and currency-exchange-rate changes as well asby market, economic, and political conditions of the countrieswhere investments are made. There may be greater returns butalso greater risk than with U.S. Investments. These risks mayincrease share price volatility. Please see the prospectus fordetails. The Series’ investment strategy is subject to change, andfuture performance cannot be guaranteed. The fund prospectusincludes additional detail on risk and reward.

Investment Adviser ProfileEstablished in 1924, Massachusetts Financial ServicesCompany (“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 accountsworldwide, as of March 31, 2009. MFS is a majority ownedsubsidiary of Sun Life of Canada (U.S.) Financial ServicesHoldings, Inc., which is an indirect subsidiary of Sun LifeFinancial, Inc. (a diversified financial services organization).

MFS® Investors Trust Series (Initial Class)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . Large Cap BlendInception Date . . . . . . . . . . . . . . . . . . . . . . . October 9, 1995Investment Adviser. . . . . . . . . . . . . Massachusetts Financial

Services Company

Sector Allocation1

Technology 18.30%Financial Services 15.16%Health Care 12.64%Consumer Staples 11.60%Energy 9.65%Utilities & Communications 7.03%Retailing 5.73%Industrial Goods & Services 5.52%Other 13.12%Cash 1.25%

Top 10 Holdings1

JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 2.56%Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.39%Hewlett-Packard Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.36%Google Inc. (Cl A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.36%Cisco Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.35%Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.34%Procter & Gamble Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.29%Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.26%AT&T Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.06%Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.05%



29


Investment ObjectiveSeeks to outperform the total return performance of itsbenchmark index, the S&P 500® Index, while maintaining riskcharacteristics similar to those of the benchmark. The S&P 500Index is the Standard & Poor’s Composite Index of 500 stocks,an unmanaged index of common stock prices. The Index doesnot reflect any fees or expenses. Standard & Poor’s is a divisionof The McGraw-Hill Companies, Inc. The S&P 500 Index is aregistered trademark of The McGraw-Hill Companies, Inc. TheFund is not sponsored, endorsed, sold, or promoted by Standard& Poor’s or The McGraw-Hill Companies, Inc.

Investment StrategyUnder normal market conditions, the Fund will invest substan-tially all (but no less than 80%) of its net assets in commonstocks of companies included in the Fund’s benchmark index.The Sub-Adviser to the Fund, Babson Capital ManagementLLC (“Babson Capital”), believes that a systematic strategythat exploits market inefficiencies can be used to produce aportfolio for the Fund that will outperform the Fund’sbenchmark index over time while maintaining risk characteris-tics similar to the benchmark.

Risk/RewardThe Fund may be appropriate for investors seeking to outper-form the total return performance of the S&P 500 Index whileassuming a similar level of risk as the Index. The Fund willgenerally hold approximately 90% of the securities in the Indexand will overweight, underweight or market weight stocksbased on a proprietary quantitative model. There is always therisk that the Fund will not achieve its objective. Stocks offer thepotential for long-term growth but can decline over short orextended periods of time, thus subjecting the Fund tounpredictable declines in the value of its shares. Risks of invest-ing in the Fund also include, but are not limited to, managementrisk, derivative risk and foreign investment risk. The Fundprospectus includes additional detail on risk and reward.

Investment Sub-Adviser ProfileBabson Capital is a subsidiary of Massachusetts Mutual LifeInsurance Company. Babson Capital has provided investmentadvice to individual and institutional investors for more than 50years and, as of December 31, 2008, had more than $98 billionin assets under management. Babson Capital is a registeredinvestment adviser.

MML Enhanced Index Core Equity Fund(Initial Class)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . Large Cap BlendInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 2, 2001Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual

Life Insurance CompanySub-Adviser . . . . . . . . . . . Babson Capital Management LLC

Top 10 Industries1

Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.66%Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.24%Computers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39%Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.60%Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.06%Telecommunications . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.69%Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.04%Miscellaneous - Manufacturing . . . . . . . . . . . . . . . . . . . 3.90%Health Care - Products . . . . . . . . . . . . . . . . . . . . . . . . . . 3.31%Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.18%


Top 10 Holdings1

Exxon Mobil Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.43%Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.80%Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.14%International Business Machines Corp. . . . . . . . . . . . . . 2.02%Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.93%Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.82%JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 1.81%AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.75%General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.71%Procter & Gamble Co. (The) . . . . . . . . . . . . . . . . . . . . . 1.68%



30


Investment ObjectiveSeeks to provide investment results that correspond to the priceand yield performance of publicly traded common stocks in theaggregate as represented by the S&P 500® Index. The S&P 500Index is the Standard & Poor’s Composite Index of 500 stocks,an unmanaged index of common stock prices. The Index doesnot reflect any fees or expenses. Standard & Poor’s is a divisionof The McGraw-Hill Companies, Inc. The S&P 500 Index is aregistered trademark of The McGraw-Hill Companies, Inc. TheFund is not sponsored, endorsed, sold, or promoted by Standard& Poor’s or The McGraw-Hill Companies, Inc.

Investment StrategyThe Fund seeks to achieve its objective by investing at least80% of its assets in the securities of companies that make up theS&P 500 Index. The S&P 500 Index is a widely recognized,capitalization-weighted unmanaged index of common stocks ofthe 500 largest capitalized U.S. companies.

Risk/RewardThe Fund may be appropriate for investors seeking to match, asclosely as possible, the investment results of the S&P 500 Index.The Fund, however, may not hold every stock in the Index.Stocks offer the potential for long-term growth but can declineover short or extended periods of time, thus subjecting the Fundto unpredictable declines in the value of its shares. The Fundmay also use derivatives, such as index futures and options,whose performance is expected to correspond to the Index. Forthese reasons, as well as due to cash inflows and outflows,administrative expenses and trading costs, the Fund’s perform-ance may deviate from the Index. The Fund prospectus includesadditional detail on risk and reward.

Investment Sub-Adviser ProfileNorthern Trust Investments, N.A. (“Northern Trust”) acts asSub-Adviser to the Fund and makes the Fund’s investmentdecisions. As of December 31, 2008, Northern Trust and itsaffiliates had assets under custody of $3.0 trillion and assetsunder investment management of $558.8 billion.

Northern Trust is a wholly-owned subsidiary of The NorthernTrust Company.

MML Equity Index Fund (Class II)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . Large Cap BlendInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 2000Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual

Life Insurance CompanySub-Adviser . . . . . . . . . . . . Northern Trust Investments, N.A.

Top 10 Industries1

Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.14%Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.48%Computers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.05%Telecommunications . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.91%Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.89%Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.57%Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.29%Health Care - Products . . . . . . . . . . . . . . . . . . . . . . . . . . 3.73%Miscellaneous - Manufacturing . . . . . . . . . . . . . . . . . . . 3.31%Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.24%


Top 10 Holdings1

Exxon Mobil Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.18%Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.32%Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.87%Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.75%Procter & Gamble Co. (The) . . . . . . . . . . . . . . . . . . . . . 1.74%International Business Machines Corp. . . . . . . . . . . . . . 1.69%AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.63%JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 1.61%General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.58%Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.52%



31


Investment ObjectiveSeeks high total return.

Investment StrategyThe fund mainly invests in common stocks of U.S. companiesof different capitalization ranges based on fundamental analysisand quantitative models. The fund currently focuses on largercapitalization issuers.

Risk/RewardMay invest in foreign securities, which entail special risks (suchas currency fluctuations and political uncertainties) and mayhave higher expenses and volatility. May invest no more than10% in non-convertible, but up to 25% in lower rated and belowinvestment grade (“junk”) bonds, which are more at risk ofdefault than other bond investments and are subject to liquidityrisk. Diversification does not guarantee profit or protect againstloss.


Oppenheimer Main Street Fund®/VA (Non-Service)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . Large Cap BlendInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 5, 1995Investment Adviser. . . . . . . . . . . . . . OppenheimerFunds, Inc.


Information Technology 18.30%Health Care 14.04%Industrials 12.91%Financials 12.81%Energy 12.09%Consumer Discretionary 11.04%Consumer Staples 10.41%Utilities 3.56%Materials 3.19%Telecommunication Services 1.65%

Top 10 Holdings1

Philip Morris International . . . . . . . . . . . . . . . . . . . . . . . 3.98%Apple Computer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.25%ChevronTexaco Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.21%Occidental Petroleum. . . . . . . . . . . . . . . . . . . . . . . . . . . 3.13%Qualcomm Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.76%Merck & Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.72%General Mills Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.68%McDonald’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.65%Microsoft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.43%Ebay Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.36%



32

1 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change

Investment ObjectivesSeeks growth of capital. Income is a secondary objective.

Investment StrategyAdvanced financial models rank 1,500 of the largest stockstraded on the U.S. exchanges according to growth and valuationmeasures. The manager uses quantitative management strate-gies in pursuit of the fund’s investment objective. Quantitativemanagement combines two investment approaches:

• It ranks stocks based on their relative attractiveness. Theattractiveness of a stock is determined analytically by using acomputer model to combine valuation and growth measures.

• It uses a technique referred to as “portfolio optimization”.Using a computer, the manager constructs a portfolio, whichseeks the optimal tradeoff between the risk of the portfoliorelative to a benchmark (i.e., the S&P 500® Index), and theexpected return of the portfolio as measured by the stock-ranking model.

• The managers also attempt to create a dividend yield for thefund that will be greater than that of the S&P 500.

The S&P 500® Index is the Standard & Poor’s Composite Indexof 500 stocks, an unmanaged index of common stock prices.The index does not reflect any fees or expenses. Standard &Poor’s is a division of The McGraw-Hill Companies, Inc. TheS&P 500® Index is a registered trademark of The McGraw-HillCompanies, Inc. The Fund is not sponsored, endorsed, sold, orpromoted by Standard & Poor’s or The McGraw-HillCompanies, Inc.

Risk/RewardThe fund managers build a value-oriented, risk-controlledportfolio by utilizing sophisticated stock ranking and portfolioconstruction tools combined with fundamental analysis. Whilethe goal is to minimize risk while providing capital growth byinvesting in common stocks, the fund is still subject to themarket risk, price volatility risk and as with all mutual funds, therisk of loss of principal. Because the fund is managed to theS&P 500® Index, its performance will be closely tied to theindex’s performance. If the index goes down, it is likely that thefund’s performance will go down.

Investment Adviser ProfileAmerican Century Investments is a leading investment managerwith more than 50 years of experience helping investors toachieve their financial goals. Serving investment professionals,institutions, corporations and individual investors, American

Century Investments offers an array of products across a varietyof investment disciplines.

Based in Kansas City, Missouri, the company manages approxi-mately $66.7 billion in assets as of March 31, 2009, throughmutual funds, subadvisory accounts and institutional separateaccounts.

American Century VP Income & Growth Fund (Class I)

Investment Fund Quick PointsAsset Class - Management Style. . . . . . . . . . Large Cap ValueInception Date. . . . . . . . . . . . . . . . . . . . . . . . October 30, 1997Investment Adviser . . . . . . . . . American Century Investment

Management, Inc.


Information Technology 20.66%Health Care 13.34%Financials 13.34%Energy 12.16%Industrials 11.91%Consumer Discretionary 9.77%Consumer Staples 7.66%Telecommunication Services 4.49%Utilities 4.39%Materials 2.28%


Exxon Mobil Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.92%Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.80%International Business Machines Corp . . . . . . . . . . . . . 2.75%Chevron Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.56%Microsoft Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.32%Pfizer Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.21%AT&T Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.19%JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 1.87%Verizon Communications Inc. . . . . . . . . . . . . . . . . . . . . 1.86%Procter & Gamble Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.77%



33


Investment ObjectiveSeeks as its primary objective to achieve a superior total rate ofreturn over an extended period of time from both capitalappreciation and current income. Its secondary objective is thepreservation of capital when business and economic conditionsindicate that investing for defensive purposes is appropriate.

Investment StrategyThe Fund normally invests at least 80% of its net assets instocks, securities convertible into stocks and other securities,such as warrants and stock rights, whose value is based on stockprices. The Fund is managed by two Sub-Advisers, each beingresponsible for a portion of the portfolio, but not necessarilyequal weighted.

Risk/RewardThe Fund may be appropriate for investors seeking both capitalappreciation and current income who want to invest in thestocks of well-established companies with large market capital-izations. Stocks offer the potential for long-term growth but candecline over short or extended periods of time, thus subjectingthe Fund to unpredictable declines in the value of its shares. TheFund is also subject to other risks including management riskand foreign investment risk. The Fund prospectus includesadditional detail on risk and reward.

Investment Sub-Adviser ProfilesOppenheimerFunds, Inc. (“OFI”), is one of the largest and mostrespected investment managers in the mutual fund business. Asof December 31, 2008, OFI and its controlled affiliates hadassets under management of approximately $144 billion.

AllianceBernstein L.P. (“AllianceBernstein”) is well known forhaving one of the largest and farthest-reaching investmentforces in the industry. As of December 31, 2008, AllianceBern-stein managed approximately $462 billion in assets.

MML Equity Fund (Initial Class)

Investment Fund Quick PointsAsset Class - Management Style. . . . . . . . . . Large Cap ValueInception Date . . . . . . . . . . . . . . . . . . . . . September 15, 1971Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual

Life Insurance CompanySub-Adviser. . . . . . . . . . . . . . . . . . AllianceBernstein L.P. and

OppenheimerFunds, Inc.

Top 10 Industries1

Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.88%Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.30%Telecommunications . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.98%Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.53%Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.86%Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.36%Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.06%Miscellaneous - Manufacturing . . . . . . . . . . . . . . . . . . . 3.98%Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.56%Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.46%


Top 10 Holdings1

JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 4.19%Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.19%AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.58%Merck & Co., Inc./NJ . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.22%Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.89%Tyco International, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 2.69%Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50%Time Warner Cable, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 2.48%Exxon Mobil Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.47%Motorola, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.46%



34


Investment ObjectiveSeeks both capital growth and income.

Investment StrategyThe Fund seeks to achieve its investment objective by selectinghigh quality, large capitalization companies primarily in theS&P 500® Index. The S&P 500 Index is the Standard & Poor’sComposite Index of 500 stocks, an unmanaged index ofcommon stock prices. The index does not reflect any fees orexpenses. Standard & Poor’s is a division of The McGraw-HillCompanies, Inc. The S&P 500 Index is a registered trademarkof The McGraw-Hill Companies, Inc. The Fund is notsponsored, endorsed, sold, or promoted by Standard & Poor’s orThe McGraw-Hill Companies, Inc. The Sub-Adviser to theFund, Davis Selected Advisers, L.P. (“Davis”), will normallyinvest at least 80% of the Fund’s net assets in common stock ofcompanies with market capitalizations of at least $5 billion.

Risk/RewardThe Fund may be appropriate for investors seeking both capitalgrowth and income. The Fund invests primarily in large capital-ization U.S. common stocks but may also invest up to 20% of itstotal assets in foreign securities and may, but generally does not,use derivatives as a hedge against currency risks. Stocks offerthe potential for long-term growth but can decline over short orextended periods of time, thus subjecting the Fund tounpredictable declines in the value of its shares. The Fund issubject to risks related to foreign investments, such as currencyfluctuations, market price swings, less public information andeconomic, social and political uncertainty. The use of deriva-tives, which may increase opportunities for gain, also involvesgreater risk. The Fund prospectus includes additional detail onrisk and reward.

Investment Sub-Adviser ProfileDavis Selected Advisers, L.P. (“Davis”), manages the Fund’sinvestments and, as of December 31, 2008, had assets undermanagement of approximately $60 billion.

MML Large Cap Value Fund(Initial Class)

Investment Fund Quick PointsAsset Class - Management Style. . . . . . . . . . Large Cap ValueInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 1, 2000Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual

Life Insurance CompanySub-Adviser. . . . . . . . . . . . . . . . Davis Selected Advisers, L.P.

Top 10 Industries1

Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.43%Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.36%Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.77%Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.71%Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.58%Diversified Financial Services . . . . . . . . . . . . . . . . . . . . 5.32%Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.50%Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.30%Health Care - Products . . . . . . . . . . . . . . . . . . . . . . . . . . 3.28%Beverages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.99%


Top 10 Holdings1

Berkshire Hathaway, Inc.-Class A . . . . . . . . . . . . . . . . . 4.55%Occidental Petroleum Corp.. . . . . . . . . . . . . . . . . . . . . . 4.54%Costco Wholesale Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 4.29%Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.21%American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 4.03%EOG Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.55%Devon Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.25%Loews Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.60%Merck & Co., Inc./NJ. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.46%JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 2.45%



35



Investment ObjectiveSeeks substantial dividend income and long-term capitalgrowth.

Investment StrategyThe portfolio normally invests at least 80% of net assets incommon stocks, with 65% in the common stocks of well-established companies paying above-average dividends. Theportfolio tends to take a “value” approach and invests in stocksand other securities that appear to be undervalued by variousmeasures and may be temporarily out of favor, but have goodprospects for capital appreciation and dividend growth. Theinvestment approach is to look for companies with anestablished operating history; a sound balance sheet and otherpositive financial characteristics; above-average dividend yieldrelative to the S&P 500; low price/earnings ratio relative to theS&P 500; and low stock price relative to a company’s underly-ing value as measured by assets, cash flow, or businessfranchises. While most assets are invested in U.S. commonstocks, other securities may also be purchased, including foreignstocks, futures, and options, in keeping with fund objectives.For details about the portfolio’s investment program, pleaserefer to the portfolio prospectus.

Risk/RewardThis fund offers a relatively conservative, value-oriented way topursue substantial dividend income and long-term capitalgrowth potential. It invests in common stocks of establishedfirms that are expected to pay above-average dividends. Byinvesting in stocks that already appear to be out of favor orundervalued, the fund should be less volatile than one investingin growth stocks. If, as the manager expects, the underpricedholdings regain favor in the marketplace, their stock prices mayrise – providing capital appreciation opportunities.

The value approach carries the risk that the market will notrecognize a security’s intrinsic value for a long time, or that astock judged to be undervalued may actually be appropriatelypriced. The portfolio’s emphasis on stocks of establishedcompanies paying high dividends and its potential investmentsin fixed-income securities may limit its potential for apprecia-tion in a broad market advance. Such securities may be hurtwhen interest rates rise sharply. The portfolio prospectusincludes additional detail on risk and reward.


T. Rowe Price Equity Income Portfolio

Investment Fund Quick PointsAsset Class - Management Style. . . . . . . . . . Large Cap ValueInception Date . . . . . . . . . . . . . . . . . . . . . . . . . March 31, 1994Investment Adviser . . . . . . . . . T. Rowe Price Associates, Inc.

Sector Allocation1

Financials 20.26%Consumer Discretionary 15.77%Energy 13.67%Industrials & Business Services 13.44%Utilities 7.43%Information Technology 6.52%Materials 6.49%Health Care 5.44%Telecommunications Services 4.31%Other 6.67%

Top 10 Holdings1

JPMorgan Chase. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4%Chevron. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7%Exxon Mobil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4%General Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3%American Express. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2%Bank of America. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2%AT&T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0%Royal Dutch Shell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0%Wells Fargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9%3M. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8%



36


Investment ObjectiveSeeks to provide high total return (including income and capitalgains) consistent with preservation of capital over the long-term.

Investment StrategyThe fund invests in a diversified portfolio of common stocksand other equity securities, bonds and other intermediate andlong-term debt securities, and money market instruments (debtsecurities maturing in one year or less).

Risk/RewardsThe fund seeks to provide you with high total return and isdesigned for investors seeking above average total return. Theprices of securities may decline in response to certain events,including: those directly involving companies whose securitiesare owned in the fund; conditions affecting the generaleconomy; overall market changes; global political, social oreconomic instability; and currency and interest rate fluctuations.

Investments in securities issued by entities based outside theU.S. may be subject to the risks described above to a greaterextent and may also be affected by differing securities regula-tions, higher transaction costs, and administrative difficultiessuch as delays in clearing and settling portfolio transactions. Thevalues of most debt securities held by the fund may be affectedby changing interest rates and by changes in effective maturitiesand credit ratings of these securities. You may lose money byinvesting in the fund. The likelihood of loss is greater if youinvest for a shorter period of time. Your investment in the fund isnot a bank deposit and is not insured or guaranteed by theFederal Deposit Insurance Corporation or any other governmentagency, entity or person. There are special risks associated withinternational investing, such as differences in accountingpractices, political changes, and currency fluctuations. Theserisks are heightened in emerging markets. The fund prospectusincluded additional detail on risk and reward.

Investment Adviser ProfileAmerican Funds Insurance Series® is managed by CapitalResearch and Management CompanySM, investment adviser tothe American Funds. With more than $725 billion in assetsunder management as of March 31, 2009, American Funds isone of the nation’s largest mutual fund families.

American Funds® Asset Allocation Fund1(Class 2)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . . Asset AllocationInception Date . . . . . . . . . . . . . . . . . . . . . . . . . August 1, 1989Investment Adviser. . . . . . . . . . . . . . . . . Capital Research and

Management Company

Sector Allocation2

U.S. stocks 61.6%U.S. bonds 21.3%Non-U.S. stocks 8.7%Non-U.S. bonds 1.9%Cash & equivalents 6.5%

Top 10 Equity Industries2

Pharmaceuticals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8%Computers & peripherals . . . . . . . . . . . . . . . . . . . . . . . . 4.7%Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1%Oil, gas & consumable fuels . . . . . . . . . . . . . . . . . . . . . . 4.1%Metals & mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1%Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8%Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3%Energy equipment & services . . . . . . . . . . . . . . . . . . . . . 2.9%Health care providers & services . . . . . . . . . . . . . . . . . . 2.0%Specialty retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9%

Top 10 Equity Industries Comprise. . . . . . . . . . . . . 35.7%


Cisco Systems. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8%Hewlett-Packard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7%BHP Billiton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7%Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7%Monsanto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6%IBM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6%Oracle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4%Microsoft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4%Chevron. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3%Boeing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3%

Top 10 Equity Holdings Comprise . . . . . . . . . . . . . 15.5%


37


Investment ObjectiveSeeks long-term capital growth consistent with the preservationof capital and balanced by current income.

Investment StrategyBalanced Portfolio normally invests 50-60% of its assets inequity securities selected primarily for their growth potentialand 40-50% of its assets in securities selected primarily for theirincome potential. The Portfolio will normally invest at least25% of its assets in fixed-income senior securities.

Risk/RewardThe Portfolio is designed for investors seeking long-termgrowth of capital, consistent with preservation of capital andbalanced with current income. The value of the Portfolio’sholdings may decrease if the value of an individual company inthe Portfolio decreases or if the stock market goes down. If thevalue of the Portfolio’s holdings decreases, the Portfolio’s netasset value will also decrease, which means if you sell yourshares in the Portfolio you may get back less money.


Janus Aspen Balanced Portfolio(Service)

Investment Fund Quick PointsAsset Class - Management Style. . . . . . . . . . . . . . . . BalancedInception Date . . . . . . . . . . . . . . . . . . . . . September 13, 1993Investment Adviser . . . . . . . Janus Capital Management LLC

Asset Allocation1

Total Fixed Income 40.46%Common Stock - Domestic 36.95%Common Stock - Foreign 21.83%Preferred Stock - Domestic 0.06%Cash & Equivalent 0.70%

Top 10 Holdings1

Philip Morris International . . . . . . . . . . . . . . . . . . . . . . . 1.88%Reckitt Benckiser Group PLC . . . . . . . . . . . . . . . . . . . . 1.84%Bristol-Myers Squibb Co . . . . . . . . . . . . . . . . . . . . . . . . 1.82%Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.78%Roche Holding AG-Genusschein. . . . . . . . . . . . . . . . . . 1.77%Anheuser-Busch InBev NV . . . . . . . . . . . . . . . . . . . . . . 1.73%Nestle SA-Reg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.58%Goldman Sachs Group Inc . . . . . . . . . . . . . . . . . . . . . . . 1.46%Baxter International Inc . . . . . . . . . . . . . . . . . . . . . . . . . 1.44%Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.41%



38


Investment ObjectiveSeeks to achieve as high a level of total rate of return over anextended period of time as is considered consistent with prudentinvestment risk and the preservation of capital.

Investment StrategyThe Fund’s portfolio consists of three segments; each of whichhas its own strategy:

• Money Market Segment’s objectives are to achieve highcurrent income and to preserve capital.

• Bond Segment’s objective is to achieve as high a total rate ofreturn on an annual basis as is considered consistent with thepreservation of capital.

• Equity Segment’s objective is to achieve a superior rate ofreturn over time from capital appreciation.

Risk/RewardThe Fund may be appropriate for investors seeking a high levelof total rate of return over an extended period of time. The Fundattempts to spread risk by investing in money market, fixedincome and equity securities. The Fund’s yield, share price andtotal return change daily and are based on interest rates, marketconditions, other economic and political news, and on thequality and maturity of its investments. In general, as interestrates rise, fixed income securities lose value. Stocks offer thepotential for long-term growth but can decline over short orextended periods of time, thus subjecting the Fund tounpredictable declines in the value of its shares. The Fundprospectus includes additional detail on risk and reward.

Investment Sub-Adviser ProfileBabson Capital Management LLC (“Babson Capital”) is asubsidiary of Massachusetts Mutual Life Insurance Company.Babson Capital has provided investment advice to individualand institutional investors for more than 50 years and, as ofDecember 31, 2008, had more than $98 billion in assets undermanagement. Babson Capital is a registered investment adviser.

MML Blend Fund(Initial Class)

Investment Fund Quick PointsAsset Class - Management Style. . . . . . . . . . . . . . . . BalancedInception Date . . . . . . . . . . . . . . . . . . . . . . . . February 3, 1984Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual


Asset Allocation1

Stocks 59.3%Bonds 31.0%Cash Equivalents/Other 9.7%

Top 10 Industries1 (% of Equities)U.S. Government & Agency . . . . . . . . . . . . . . . . . . . . 14.33%Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.89%Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.75%Computers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.39%Telecommunications . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.33%Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.99%Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.67%Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.02%Diversified Financial Services . . . . . . . . . . . . . . . . . . . . 2.94%Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75%


Top 10 Holdings1

GNMA TBA (matures 1/1/2034) . . . . . . . . . . . . . . . . . . 5.79%Exxon Mobil Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.21%GNMA TBA (matures 1/1/2036) . . . . . . . . . . . . . . . . . . 1.64%Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.64%U.S. Treasury Note (matures 8/15/2015). . . . . . . . . . . . 1.25%Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25%International Business Machines Corp. . . . . . . . . . . . . . 1.16%Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.12%Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.06%JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 1.05%



39

1 Prior to May 1, 2008, known as MML Inflation-Protected Bond Fund.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 Average Credit Rating is intended to indicate the overall investment-grade quality of the portfolio. It is a weighted average of the ratings for theinvestments, as determined by the fund manager.3 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change.

Investment ObjectiveSeeks to achieve as high a total rate of real return on an annualbasis as is considered consistent with prudent investment riskand the preservation of capital.

Investment StrategyThe Fund normally invests at least 80% of its net assets ininflation-indexed bonds and other income-producing securities.

The Fund will invest in inflation-indexed bonds of variousmaturities issued by the U.S. and non-U.S. governments or theiragencies or instrumentalities, or by government-sponsoredenterprises, or by corporations.

The Fund expects to enter into reverse repurchase agreements ormay use other investment techniques such as dollar rolls orforward commitments, in an aggregate amount up to the valueof the Fund’s total net assets. The Fund may invest the proceedsfrom such transactions in additional inflation-indexed securitiesor other income-producing securities, such as, but not limited to,corporate bonds and notes, U.S. and non-U.S. government andagency or instrumentality bonds, money market instruments,and mortgage-related and asset-backed securities. The Fundmay, alternatively or in addition, engage in derivative transac-tions that may have a similar effect.

The Fund will maintain an average credit quality of A or better(determined on the basis of the credit ratings of the Fund’sinvestments at the time of their purchase).

The Fund may invest up to 20% of its assets in non-U.S.holdings, but will normally (though it will not necessarily)hedge foreign - currency risk back to the U.S. dollar.

Risk/RewardThe Fund’s use of the investment techniques described abovewill have the effect of creating investment leverage in the Fund.The Fund’s Sub-Adviser, Babson Capital Management LLC(“Babson Capital”), will invest any cash proceeds of leverage-creating transactions in securities that it believes have thepotential to provide current income with the limited risk of lossof principal. There can, of course, be no assurance that theFund’s use of leverage will have the effect of enhancing theFund’s total rate of real return and it may result in losses.Neither the Fund nor its yield is guaranteed by the U.S. Govern-ment. The Fund prospectus includes additional detail on riskand reward.


MML Inflation–Protected and Income Fund1

(Initial Class)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . . . . Fixed IncomeInception Date . . . . . . . . . . . . . . . . . . . . . . . . August 30, 2002Average Credit Rating2. . . . . . . . . . . . . . . . . . . . . . . . . . . AAAInvestment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual


Top 10 Holdings3U.S. Treasury Inflation Indexed Bond (matures 1/15/2025) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.19%

U.S. Treasury Inflation Indexed Bond (matures 4/15/2014) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.04%








U.S. Treasury Inflation Indexed Bond (matures 1/15/2017) . . . . . . . . . . . . . . . . . . . . . . . . . 2.07%



40

1 A security that is rated by Moody’s Investors Services, Inc., Standard & Poor’s, or another nationally recognized statistical rating organization to be inone of its top four rating categories is considered to be “investment grade”.2 Modified Duration indicates the price sensitivity of a bond portfolio to changes in prevailing interest rates. It is a complex calculation, but longerMaturity Durations generally indicate greater sensitivity. 3 Weighted Average Life can indicate relative price sensitivity to changes in the level of prevailing interest rates — a higher average could indicategreater sensitivity. Determined by: [a] for each bond, multiplying the principal repayment amount by the time (in days, months, or years) to maturity; [b]summing these products; and then [c] dividing the sum by the total of principal to be repaid for all bonds.4 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change.

Investment ObjectiveSeeks to achieve as high a total rate of return on an annual basisas is considered consistent with the preservation of capital.

Investment StrategyThe Fund normally invests at least 80% of its net assets ininvestment grade fixed income debt securities1, including:

• U.S. dollar-denominated corporate obligations;

• securities issued or guaranteed by the U.S. Government or itsagencies and instrumentalities;

• U.S. dollar-denominated bonds of foreign issuers; and

• securities subject to resale pursuant to Rule 144A; and

• mortgage-backed and other asset-backed securities.

Securities issued by U.S. Government agencies may not beguaranteed by the U.S. Treasury. The Fund may invest up to10% of its total assets in below investment grade debt securities(also known as “junk bonds”).

Risk/RewardThe Fund is designed for investors seeking total investmentreturn over the long term from a flexible portfolio investing indifferent asset classes, including stocks, bonds and moneymarket instruments. In the short-term, the stock markets can bevolatile, and the price of the Fund’s shares can go up and downas a result. The Fund’s fixed-income securities have their ownrisks, such as risk of default and changes in value when interestrates change. The Fund seeks to reduce the effects of these risksby diversifying its investments over different asset classes. TheFund may be less volatile than those that invest only in stocks,but may be more volatile than those that invest solely in invest-ment grade bonds. The Fund prospectus includes additionaldetail on risk and reward.


MML Managed Bond Fund(Initial Class)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . . . . Fixed Income Inception Date. . . . . . . . . . . . . . . . . . . . . . December 16, 1981Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual


Statistical DataModified Duration2. . . . . . . . . . . . . . . . . . . . . . . . . . 4.46 yearsWeighted Average Life3 . . . . . . . . . . . . . . . . . . . . . . 6.68 years

Top 10 Holdings4

GNMA (matures 5/15/2039) . . . . . . . . . . . . . . . . . . . . . 5.59%GNMA (matures 9/15/2039) . . . . . . . . . . . . . . . . . . . . . 4.76%U.S. Treasury Note (matures 5/31/2011) . . . . . . . . . . . . 4.39%GNMA (matures 2/15/2039) . . . . . . . . . . . . . . . . . . . . . 3.63%U.S. Treasury Note (matures 8/15/2015). . . . . . . . . . . . 3.37%GNMA (matures 11/15/2039) . . . . . . . . . . . . . . . . . . . . 2.33%GNMA (matures 9/15/2039) . . . . . . . . . . . . . . . . . . . . . 1.59%GNMA (matures 6/15/2039) . . . . . . . . . . . . . . . . . . . . . 1.56%GNMA (matures 11/15/2039) . . . . . . . . . . . . . . . . . . . . 1.54%GNMA (matures 5/15/2039) . . . . . . . . . . . . . . . . . . . . . 1.11%



41

1 Average Credit Rating is intended to indicate the overall investment-grade quality of the portfolio. It is a weighted average of the ratings for theinvestments, as determined by the fund manager.2 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change.

Investment ObjectivesSeeks a high level of current income with a secondary objectiveto seek capital appreciation when consistent with its primaryobjective.

Investment StrategyUnder normal market conditions, the fund invests at least 80%of its net assets (plus borrowings for investment purposes) ininvestment grade debt securities1. Those securities, generallyreferred to as “bonds,” can include:

• Domestic and foreign corporate debt obligations.

• Domestic and foreign government bonds, including U.S.government securities

• Mortgage-related securities

• Asset-backed securities, and

• Other debt obligations.

The fund’s investments in U.S. Government securities mayinclude securities issued or guaranteed by the U.S. Governmentor by its agencies or federally-chartered entities referred to as“instrumentalities.” These include mortgage-related U.S.Government securities. There is no set allocation of the fund’sassets among the classes of securities, but it focuses mainly onU.S. government securities and investment-grade corporatedebt securities. The fund can also invest in money market instru-ments and other debt obligations. If market conditions change,the portfolio managers might change the fund’s relative assetallocation.

Risk/RewardBonds are exposed to credit and interest rate risks (when ratesrise, bond/fund prices generally fall). May invest in lower ratedand below investment grade (“junk”) bonds, which are more atrisk of default than other bond investments and are subject toliquidity risk.


Oppenheimer Core Bond Fund/VA(Non-Service)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . . . . Fixed IncomeInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . April 3, 1985Average Credit Rating1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . AAInvestment Adviser. . . . . . . . . . . . . . OppenheimerFunds, Inc.

Asset Allocation2

Bonds 90.50%Cash and Cash Equivalents 9.50%

Top 10 Holdings2

Fed Nat Mortgage Assoc.. . . . . . . . . . . . . . . . . . . . . . . 33.13%Federal Home Loan Mortgage Corp.. . . . . . . . . . . . . . 15.00%Inst MM Fd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.50%Future (US Tsy 30 yr). . . . . . . . . . . . . . . . . . . . . . . . . . . 5.74%Future (US Tsy 10 yr). . . . . . . . . . . . . . . . . . . . . . . . . . . 5.43%Govt Nat Mtg Assn. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.14%JP Morgan Chase Comm . . . . . . . . . . . . . . . . . . . . . . . . 1.52%Banc of America Commercial Mortgage Inc. . . . . . . . . 1.28%Wells Fargo Mortgage Backed Securities . . . . . . . . . . . 0.97%Bank of America Auto Trust . . . . . . . . . . . . . . . . . . . . . 0.82%



42

1 Investments in high yielding debt securities are generally subject to greater market fluctuations and risk of loss of income and principal, than areinvestments in lower yielding debt securities.2 Average Credit Rating is intended to indicate the overall investment-grade quality of the portfolio. It is a weighted average of the ratings for theinvestments, as determined by the fund manager.3 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change.

Investment ObjectiveSeeks a high level of current income by investing mainly in adiversified portfolio of high-yield, lower-grade, fixed-incomesecurities.

Investment StrategyThe Fund invests in a variety of high-yield debt securities andrelated instruments. Those investments include primarily:

• Lower-grade corporate bonds.

• Foreign corporate and government bonds.

• Swaps, including single name and index-linked credit defaultswaps.

Under normal market conditions, the fund invests at least 65%of its total assets in high-yield, lower-grade, fixed-incomesecurities, also referred to as “junk” bonds. The remainder of thefund’s assets may be invested in other debt securities, commonstocks (and other equity securities), cash or cash equivalents.The fund has no requirements as to the range of maturities of thedebt securities it can buy or as to the market capitalization of theissuers of those securities.

Risk/RewardBonds are exposed to credit and interest rate risks (when ratesrise, bond/fund prices generally fall). May invest in lower ratedand below investment grade (“junk”) bonds, which are more atrisk of default than other bond investments and are subject toliquidity risk. Diversification does not guarantee profit or protectagainst loss.


Oppenheimer High Income Fund/VA1

(Non-Service)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . . . . Fixed IncomeInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . April 30, 1986Average Credit Rating2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BInvestment Adviser. . . . . . . . . . . . . . OppenheimerFunds, Inc.

Asset Allocation3

Bonds 95.36%Loans 2.11%Equities 1.03%Cash and Cash Equivalents 1.50%

Top Corporate Bond Sectors3

Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . 24.99%Energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.65%Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.70%Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.22%Telecommunication Services . . . . . . . . . . . . . . . . . . . . . 8.30%Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.75%Consumer Staples. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.51%Information Technology. . . . . . . . . . . . . . . . . . . . . . . . . 5.76%Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5.07%Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.05%

Top Corporate Bond Sectors Comprise . . . . . . . 100.00%

Top 10 Holdings3

Momentive Performance . . . . . . . . . . . . . . . . . . . . . . . . 1.50%Inst MM FD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.47%Sungard Data Systems . . . . . . . . . . . . . . . . . . . . . . . . . . 1.39%NRG Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.21%Nuveen Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.20%Harrahs Operating Co Inc . . . . . . . . . . . . . . . . . . . . . . . 1.07%Lin Television . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.05%Select Medical Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.04%Quicksilver Resources Inc . . . . . . . . . . . . . . . . . . . . . . . 1.03%Charter Communications . . . . . . . . . . . . . . . . . . . . . . . . 1.02%



43

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 Investments in high yielding debt securities are generally subject to greater market fluctuations and risk of loss of income and principal than areinvestments in lower yielding debt securities.3 Average Credit Rating is intended to indicate the overall investment-grade quality of the portfolio. It is a weighted average of the ratings for theinvestments, as determined by the fund manager.4 Percentages are based on dollar-weighted values of invested assets. Holdings are subject to change.

Investment ObjectiveSeeks a high level of current income principally derived frominterest on debt securities.

Investment StrategyUnder normal market conditions, the fund invests at least 80%of its net assets, including any borrowings for investmentpurposes, in debt securities. The fund invests mainly in debtsecurities of issuers in three market sectors:

• Foreign governments and companies,

• U.S. Government securities, and

• Lower rated high-yield securities of U.S. and foreigncompanies (commonly referred to as “junk bonds”).

Under normal market conditions, the fund invests in each of thethree market sectors. However, the fund is not required to investin all three sectors at all times, and the amount of its assets ineach of the three sectors will vary over time. The fund can investup to 100% of its assets in any one sector at any time, if thefund’s portfolio managers believe that the fund can achieve itsobjective without undue risk. The fund’s foreign investmentsmay include debt securities of issuers in both developed oremerging markets. The fund has no requirements regarding therange of maturities of the debt securities it can buy or the marketcapitalization of the issuers of those securities. The fund alsouses certain types of derivative instruments for investmentpurposes or hedging including: options, futures, forwardcontracts, swaps, certain mortgage-related securities and“structured” notes.

Risk/RewardBonds are exposed to credit and interest rate risks (when ratesrise, bond/fund prices generally fall). May invest in foreignsecurities, which entail special risks (such as currency fluctua-tions and political uncertainties) and may have higher expensesand volatility. May invest in lower rated and below investmentgrade (“junk”) bonds, which are more at risk of default thanother bond investments and are subject to liquidity risk. Diversi-fication does not guarantee profit or protect against loss.

Investment Adviser ProfileOppenheimerFunds, Inc. (“OFI”) is one of the largest and most respected investment managers in the mutual fundbusiness. 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 investmentadviser and a member of the MassMutual Financial Group.

Oppenheimer Strategic Bond Fund/VA1, 2

(Non-Service)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . . . . Fixed IncomeInception Date . . . . . . . . . . . . . . . . . . . . . . . . . . . May 3, 1993Average Credit Rating3 . . . . . . . . . . . . . . . . . . . . . . . . . . BBB+Investment Adviser. . . . . . . . . . . . . . OppenheimerFunds, Inc.

Asset Allocation4

Bonds 86.09%Equities 6.90%Structured Notes 4.12%Loans 0.31%Cash and Cash Equivalents 2.58%

Top 10 Holdings4

Germany (Republic of). . . . . . . . . . . . . . . . . . . . . . . . . . 9.13%Master Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.86%Brazil (Federal Republic of). . . . . . . . . . . . . . . . . . . . . . 5.40%Fed Nat Mortgage Assoc.. . . . . . . . . . . . . . . . . . . . . . . . 5.04%Future (US Tsy 10 Yr) . . . . . . . . . . . . . . . . . . . . . . . . . . 4.91%France (Government of). . . . . . . . . . . . . . . . . . . . . . . . . 4.79%Turkey (Republic of) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.34%Future (US Tsy 30 Yr) . . . . . . . . . . . . . . . . . . . . . . . . . . 3.62%Japan (Government of). . . . . . . . . . . . . . . . . . . . . . . . . . 2.91%Mexico (United Mexican States). . . . . . . . . . . . . . . . . . 2.69%



44

1 Weighted Average Maturity can indicate relative price sensitivity to changes in the weighted level of prevailing interest rates — a higher average couldindicate greater sensitivity. Determined by: [a] for each bond, multiplying the principal repayment amount by the time (in days, months, or years) tomaturity; [b] summing these products; and then [c] dividing the sum by the total of principal to be repaid for all bonds.

Investment ObjectivesSeeks to achieve high current income, the preservation ofcapital and liquidity. These objectives are of equal importance.

Investment StrategyThe Fund invests in high quality debt instruments that have aremaining maturity not exceeding 397 days. The Fund investsprincipally in the following types of short-term securities:

• commercial paper and other corporate obligations;

• securities issued or guaranteed by the U.S. Government or itsagencies and instrumentalities; and

• certificates of deposit and bankers’ acceptances.

Securities issued by U.S. Government agencies may not beguaranteed by the U.S. Treasury.

Risk/RewardThe Fund may be appropriate for investors seeking to achievehigh current income, the preservation of capital and liquidity.The Fund seeks to maintain, but does not guarantee, a stable netasset value of $1.00 per share. An investment in the Fund is notinsured or guaranteed by the Federal Deposit InsuranceCorporation or any other government agency. Although theFund seeks to preserve the value of your investment at $1.00per share, it is possible to lose money by investing in the Fund.The Fund prospectus includes additional detail on risk andreward.


MML Money Market Fund(Initial Class)

Investment Fund Quick PointsAsset Class - Management Style . . . . . . . . . . . Money MarketInception Date. . . . . . . . . . . . . . . . . . . . . . December 16, 1981Investment Adviser. . . . . . . . . . . . . . . . Massachusetts Mutual


Statistical DataWeighted Average Maturity1 . . . . . . . . . . . . . . . . 50.49 days


Securities offered through registered representatives of MML Investors Services, Inc., Member of SIPC, 1295 State Street, Springfield, MA 01111, or a broker-dealer that has a selling agreement with MML Distributors, LLC, Member of SIPC.

© 2010 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual Financial Groupis a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.

LI4205 0210CRN201108-112866

Principal Underwriters:

MML Investors Services, Inc. MML Distributors, LLC.

Subsidiaries ofMassachusetts Mutual Life Insurance Company1295 State StreetSpringfield, MA 01111-0001

Quarterly Investment Fund Summary

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