Data as of July 31, 2010 Brian Berghuis Page 1 Portfolio Manager Total Assets Under Management $44,576 mil Years of Experience 27 Largest Fund Size $22,632 mil Manager Overview Investment Name Tenure Role Primary Prospectus Benchmark Investment Investment Ownership Turnover Tenure Bmark Dates Type Size ($Mil) ($Mil) Ratio (Avg) Return Return Mid Cap Growth Fund 06/1992-Present Sole S&P MidCap 400 MF 16,689 > 1 42 12.96 11.44 Met Invt Ser Tr T.Rowe Price MdCpGrw 01/2003-Present Sole Russell Mid Cap Growth MF 1,232 None 38 10.45 8.97 - Md-Cap Gr Strat 06/1997-Present Lead S&P MidCap 400 Growth SA 22,632 43 9.53 10.98 MassMutual Select Mid Cap Growth Eq II 05/2000-Present 1 of 2 Russell Mid Cap Growth MF 1,270 None 45 4.91-0.41 Institutional Mid-Cap Equi 07/1996-Present Sole S&P MidCap 400 MF 566 None 46 10.22 10.70 Highlighted investments based on fund size, tenure, and role, see page 7 for full investment history. Monthly Returns +/ Benchmark Q Domestic Stock Fund Manager of the Year 1996 1997 1998 1999 2000 2001 2002 2003 2004 Q 2005 2006 2007 2008 2009 07/2010 15 10 5 0% -5 Calendar Year Returns +/ Benchmark Trailing Returns +/ Benchmark -10 20 15 10 5 0% -5-10 -15 1-Year 3-Year 5-Year Tenure 6 4 2 0% -2 Style Overview Historical Holdings Based Style Analysis Mid Large Giant Mid Large Giant Current Ownership Zone Micro Small Style Trail Style Trail and Ownership Zone Start Date End Date 09-30-2007 06-30-2010 09-30-2007 06-30-2010 09-30-2007 06-30-2010 08-31-2007 05-31-2010 09-30-2007 06-30-2010 Micro Small Deep Val Core Val Blend Core Grth High Grth Deep Val Core Val Blend Core Grth High Grth Start Date End Date HCentroid
Data as of July 31, 2010 Brian Berghuis Page 2 Portfolio Manager Total Assets Under Management $44,576 mil Years of Experience 27 Largest Fund Size $22,632 mil Top 5 Holdings Share Change Since Market % Net Previous Portfolio Value ($mil) Assets Mid Cap Growth Fund as of 06-30-2010 t McDermott International 238.26 1.51 Ametek, Inc. 230.86 1.46 t Edwards Lifesciences Corporation 224.08 1.42 u Marriott International, Inc. A 223.38 1.41 Agnico-Eagle Mines 208.99 1.32 % in Top 20 24.84 Total # of Holdings 141 Met Invt Ser Tr T.Rowe Price MdCpGrw as of 06-30-2010 t McDermott International 17.28 1.50 u Ametek, Inc. 16.86 1.46 t Edwards Lifesciences Corporation 16.47 1.43 u Marriott International, Inc. A 16.35 1.42 Agnico-Eagle Mines 15.32 1.33 % in Top 20 24.83 Total # of Holdings 144 - Md-Cap Gr Strat as of 06-30-2010* u McDermott International 1.02 1.56 u Ametek, Inc. 1.01 1.55 t Edwards Lifesciences Corporation 0.97 1.50 u Marriott International, Inc. A 0.96 1.47 u Agnico-Eagle Mines 0.92 1.42 % in Top 20 26.31 Total # of Holdings 139 MassMutual Select Mid Cap Growth Eq II as of 05-31-2010 u Marriott International, Inc. A 19.07 1.50 Ametek, Inc. 18.11 1.42 u Chipotle Mexican Grill, Inc. A 17.79 1.40 t Global Payments, Inc. 16.83 1.32 t Juniper Networks, Inc. 16.82 1.32 % in Top 20 24.61 Total # of Holdings 143 Institutional Mid-Cap Equi as of 06-30-2010 t McDermott International 8.30 1.55 t Ametek, Inc. 8.11 1.51 t Marriott International, Inc. A 7.90 1.47 t Edwards Lifesciences Corporation 7.90 1.47 t Agnico-Eagle Mines 7.42 1.38 % in Top 20 25.78 Total # of Holdings 141 Sector Breakdown % Mid Met Invt Ser Tr - MassMutual Select Cap Growth Fund T.Rowe Price Md-Cap Gr Strat Mid Cap Growth Eq Institutional as of 06-30-2010 MdCpGrw as of as of 06-30-2010 II as of 05-31-2010 Mid-Cap Equi 06-30-2010 as of 06-30-2010 Asset Allocation Breakdown % Portfolio Statistics Current Chg 1-Yr Current Chg 1-Yr Current Chg 1-Yr Current Chg 1-Yr Current Chg 1-Yr h Information r Software 10.2 3.3 10.3 3.3 10.4 3.4 9.7 1.4 10.2 3.1 t Hardware 12.7-1.5 12.8-1.5 12.8-1.6 12.4-2.1 11.5-2.8 y Media 4.8 1.2 4.8 1.2 4.8 1.2 4.9 1.3 4.7 1.2 u Telecomm 3.1-2.7 3.1-2.7 3.2-2.7 3.2-3.2 3.1-2.7 j Service i Healthcare 15.1 0.0 15.2 0.1 15.2-0.2 14.9 1.2 16.0 0.9 o Consumer Services 14.4 2.6 14.5 2.8 13.5 2.2 15.2 4.1 14.1 2.4 p Business Services 7.1-4.7 7.1-4.7 7.2-4.7 7.4-2.9 7.0-4.7 a Financial Services 9.3 0.5 9.3 0.5 9.9 1.6 8.9 2.4 10.3 1.5 k Manufacturing s Consumer Goods 1.4 1.1 1.4 1.1 1.4 1.1 1.4 1.1 1.4 1.1 d Industrial Materials 14.1-0.6 14.2-0.6 14.2-0.9 13.7-2.5 13.9-0.9 f Energy 6.5-0.4 6.0-0.9 6.0-0.8 7.0-2.1 6.5-0.5 g Utilities 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 Current Chg 1-Yr Current Chg 1-Yr Current Chg 1-Yr Current Chg 1-Yr Current Chg 1-Yr Cash 5.6 0.0 5.6 0.1 2.5 0.3 4.9 1.1 1.9-0.9 U.S. Equities 89.1-0.2 89.1-0.2 94.0 0.3 90.0-0.5 92.6 0.8 Non-U.S. Equities 5.3 0.3 4.8-0.3 3.5-0.6 4.8-0.8 5.5 0.2 U.S. Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Non-U.S. Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other 0.0-0.1 0.5 0.4 0.0 0.0 0.3 0.3 0.0-0.1 Port Avg Cat Avg Port Avg Cat Avg Port Avg Cat Avg Port Avg Cat Avg Port Avg Cat Avg Price/Pros Earnings 18.3 16.4 18.2 16.4 18.2 16.4 19.6 18.0 18.3 16.4 Price/Book 2.3 2.2 2.3 2.2 2.3 2.2 2.5 2.4 2.3 2.2 Price/Sales 1.5 1.4 1.5 1.4 1.5 1.4 1.6 1.5 1.5 1.4 Price/Cash Flow 9.2 7.2 9.2 7.2 9.2 7.2 9.8 7.7 9.2 7.2 Dividend Yield 1.2 1.5 1.2 1.5 1.2 1.5 1.2 1.3 1.2 1.5 Long-Term Earnings % 13.5 13.5 13.5 13.5 13.6 13.5 13.6 13.9 13.5 13.5 Historical Earnings % -4.5 0.1-4.5 0.1-4.7 0.1-4.5 1.2-4.5 0.1 Book Value Growth % 1.9 4.3 1.8 4.3 1.8 4.3 1.8 3.7 1.9 4.3 Sales Growth % 1.0-2.0 0.9-2.0 0.8-2.0 0.8-1.5 0.9-2.0 Cash Flow Growth % 2.8 6.9 2.8 6.9 2.6 6.9 3.2 6.8 2.8 6.9 Geo Avg Mkt Cap ($bil) 4.9 5.5 5.0 5.5 5.0 5.5 5.3 5.9 4.9 5.5 *Separate Account holdings information is based on a representative portfolio
Data as of July 31, 2010 Brian Berghuis Page 3 Portfolio Manager Total Assets Under Management $44,576 mil Years of Experience 27 Largest Fund Size $22,632 mil Investment Details 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 07-10 Mid Cap Growth Fund Benchmark: S&P MidCap 400 TR Category: Mid-Cap Growth Role: Sole Investment Return % 24.84 18.33 22.00 23.78 7.43-0.98-21.22 38.21 18.39 14.82 6.79 17.65-39.69 45.46 5.35 +/- Benchmark % 5.58-13.92 2.88 9.06-10.08-0.37-6.69 2.59 1.91 2.26-3.53 9.67-3.46 8.08-0.10 +/- Category % 6.73 0.36 3.24-36.71 12.20 19.00 6.02 2.25 5.16 4.98-2.21 2.56 4.08 6.35 2.74 Category Rank % 12 47 39 85 26 7 24 33 13 15 64 37 20 28 18 Fund Flow ($ Mil) 632 580 979 991 1,001 230 480 1,967 1,021 775-1,486-224 -1,068 1,043 367 Fund Size ($ Mil) 1,021 1,839 3,310 5,243 6,591 6,756 5,764 10,215 13,208 15,902 15,337 17,662 9,849 15,495 16,689 Turnover Ratio % 38 43 47 53 54 43 36 30 30 29 34 35 33 31 Ownership Zone Met Invt Ser Tr T.Rowe Price MdCpGrw Benchmark: Russell Mid Cap Growth TR USD Category: Mid-Cap Growth Role: Sole Investment Return % 36.64 17.82 14.63 6.16 17.64-39.75 45.47 5.17 +/- Benchmark % -6.07 2.34 2.53-4.49 6.21 4.58-0.82 1.82 +/- Category % 0.78 3.33 3.92-2.97 1.70 5.44 3.29 1.34 Category Rank % 44 18 15 70 37 21 27 21 Fund Flow ($ Mil) 162 152 109 109 69 14 138 22 Fund Size ($ Mil) 352 512 707 865 1,085 678 1,150 1,232 Turnover Ratio % 56 52 23 34 36 36 32 Ownership Zone - Md-Cap Gr Strat Benchmark: S&P MidCap 400 Growth TR Category: Mid-Cap Growth Role: Lead Investment Return % 22.36 24.40 7.64-0.74-21.13 38.77 18.69 15.05 6.97 17.84-39.62 45.90 5.49 +/- Benchmark % -14.83-11.70-8.10 1.81-1.42 1.45 2.89 0.66 1.17 4.34-2.01 4.82-0.67 +/- Category % 3.59-26.77 4.68 10.18 0.04-0.94 3.23 4.00-3.69 1.23 1.79 9.21 Category Rank % 35 67 39 23 53 43 30 21 73 44 34 20 21 Fund Flow ($ Mil) 1,437 1,284 1,480 282 261 2,406 985 191-1,244-1,001-1,278 1,803 501.9* Fund Size ($ Mil) 4,517 7,157 9,206 9,462 7,701 13,467 17,177 20,080 20,321 23,026 13,060 21,045 22,632 Turnover Ratio % 59 58 61 44 39 43 36 28 35 33 36 Ownership Zone MassMutual Select Mid Cap Growth Eq II Benchmark: Russell Mid Cap Growth TR USD Category: Mid-Cap Growth Role: 1 of 2 Investment Return % -1.43-21.39 37.56 17.41 12.63 6.97 15.74-41.26 44.23 5.11 +/- Benchmark % 18.72 6.01-5.15 1.93 0.53-3.68 4.31 3.06-2.07 1.77 +/- Category % 18.55 5.85 1.61 4.18 2.79-2.02 0.65 2.51 5.12 2.50 Category Rank % 8 25 37 20 28 63 45 31 33 20 Fund Flow ($ Mil) 22 63 137 308 186-45 126-159 35 4 Fund Size ($ Mil) 240 247 496 922 1,232 1,265 1,574 811 1,206 1,270 Turnover Ratio % 49 61 54 42 28 42 41 33 55 Ownership Zone Institutional Mid-Cap Equi Benchmark: S&P MidCap 400 TR Category: Mid-Cap Growth Role: Sole Investment Return % 18.39 21.45 25.10 7.86-1.18-21.60 40.29 19.09 15.39 6.89 18.00-40.59 46.78 5.59 +/- Benchmark % -13.86 2.34 10.38-9.65-0.57-7.08 4.67 2.61 2.84-3.43 10.02-4.36 9.40 0.14 +/- Category % 0.41 2.69-35.39 12.64 18.79 5.64 4.33 5.86 5.55-2.11 2.91 3.19 7.67 2.98 Category Rank % 46 41 84 24 7 26 25 10 12 63 36 26 23 16 Fund Flow ($ Mil) 38 56 85 25 6 27 15-45 -4-55 32 36-3 54 Fund Size ($ Mil) 58 132 266 308 308 263 382 404 459 429 529 335 484 566 Turnover Ratio % 55 68 49 38 52 40 33 31 52 41 45 Ownership Zone *As of Jun 30, 2010 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Data as of July 31, 2010 Brian Berghuis Page 4 Portfolio Manager Total Assets Under Management $44,576 mil Years of Experience 27 Largest Fund Size $22,632 mil Mid Cap Growth Fund Batting Average % 50.00 61.11 58.33 54.38 Upside Capture Ratio % 143.70 132.74 122.80 134.15 Downside Capture Ratio % 95.77 104.57 100.94 103.33 Growth of $10K as of 07-2010 Investment S&P MidCap 400 Category Average 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 07-10 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Fund Flows ($ Millions) 800 400 0-400 -800-1,200 Met Invt Ser Tr T.Rowe Price MdCpGrw Batting Average % 50.00 58.33 56.67 52.75 Upside Capture Ratio % 143.12 132.52 122.17 101.82 Downside Capture Ratio % 96.41 104.65 101.14 104.21 Growth of $10K as of 07-2010 Investment Russell Mid Cap Growth Category Average 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 07-10 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 Fund Flows ($ Millions) 120 80 40 0-40
Data as of July 31, 2010 Brian Berghuis Page 5 Portfolio Manager Total Assets Under Management $44,576 mil Years of Experience 27 Largest Fund Size $22,632 mil - Md-Cap Gr Strat Batting Average % 50.00 61.11 58.33 52.23 Upside Capture Ratio % 145.73 134.60 125.17 136.85 Downside Capture Ratio % 94.77 103.66 99.88 102.23 Growth of $10K as of 07-2010 Investment S&P MidCap 400 Category Average 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 07-10 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Fund Flows ($ Millions) 2,000 1,000 0-1,000 MassMutual Select Mid Cap Growth Eq II Batting Average % 50.00 63.89 61.67 54.92 Upside Capture Ratio % 142.51 131.22 121.18 132.38 Downside Capture Ratio % 96.40 107.16 104.34 105.91 Growth of $10K as of 07-2010 Investment Russell Mid Cap Growth Category Average 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 07-10 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 Fund Flows ($ Millions) 120 80 40 0-40 -80
Data as of July 31, 2010 Brian Berghuis Page 6 Portfolio Manager Total Assets Under Management $44,576 mil Years of Experience 27 Largest Fund Size $22,632 mil Institutional Mid-Cap Equi Batting Average % 66.67 66.67 61.67 54.17 Upside Capture Ratio % 149.11 136.75 126.19 138.63 Downside Capture Ratio % 99.12 107.61 103.86 106.52 Growth of $10K as of 07-2010 Investment S&P MidCap 400 Category Average 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 07-10 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Fund Flows ($ Millions) 80 60 40 20-20 0-40 -60
Data as of July 31, 2010 Brian Berghuis Page 7 Portfolio Manager Total Assets Under Management $44,576 mil Years of Experience 27 Largest Fund Size $22,632 mil Information Company Location 100 East Pratt Street Baltimore, MD 21202 Telephone 410-345-7738 Website http://corporate.troweprice.com Biography Berghuis started at in 1985 as an analyst following the retail sector, and he became a portfolio manager in 1992. Previously, Berghuis was a summer research associate at Dominion Securities Pitfield and spent two years at Kidder, Peabody & Co. as a deferred admission associate in utility corporate finance. Berghuis earned a BA, cum laude, from Princeton University s Woodrow Wilson School of Public and International Affairs. He also holds an MBA from Harvard Business School. Berghuis has earned the CFA designation and was named Morningstar s Manager of the Year in 2004. Education and Designations/Awards Education Year Princeton University A.B. Harvard University M.B.A. Employment History Tenure Company Role 1992-Present Portfolio Manager 1985-1992 Analyst 1985-1985 Dominion Securities Pitfield Summer Associate 1983-1985 Kidder, Peabody & Co. Deferred Admission Associate Certificates/Awards Year CFA 1990 Morningstar Manager 2004 of the Year Manager History Detail Investment Name Tenure Role Primary Prospectus Benchmark Investment Investment Ownership Turnover Tenure Bmark Dates Type Size ($Mil) ($Mil) Ratio (Avg) Return Return Mid Cap Growth Fund 06/1992-Present Sole S&P MidCap 400 MF 16,689 > 1 42 12.96 11.44 Met Invt Ser Tr T.Rowe Price MdCpGrw 01/2003-Present Sole Russell Mid Cap Growth MF 1,232 None 38 10.45 8.97 - Md-Cap Gr Strat 06/1997-Present Lead S&P MidCap 400 Growth SA 22,632 43 9.53 10.98 MassMutual Select Mid Cap Growth Eq II 05/2000-Present 1 of 2 Russell Mid Cap Growth MF 1,270 None 45 4.91-0.41 Institutional Mid-Cap Equi 07/1996-Present Sole S&P MidCap 400 MF 566 None 46 10.22 10.70 Maxim Midcap Growth Portfo 07/1997-Present Sole S&P MidCap 400 MF 440 None 47 8.60 9.10 Mid-Cap Growth II 12/1996-Present Sole S&P MidCap 400 MF 308 > 1 37 9.12 9.74 TD US Mid-Cap Growth 12/1993-Present Lead MF 145 35 MML Ser Inv Fund Mid Cap Growth Fund 05/2006-Present 1 of 2 Russell Mid Cap Growth MF 296 None 36 1.80-0.95 JNL/ Mid-Cap Growth Fund 05/1995-Present 1 of 3 Russell Mid Cap Growth MF 998 None 40 11.19 7.53 Allmerica Invmt Tr Select Cap App 04/1998-01/2006 1 of 2 Russell Mid Cap MF 272 61 VALIC Company I Core Equity Fund 04/1994-10/1999 1 of 2 Russell 1000 MF MassMutual Select Small Company Value 12/2001-03/2006 1 of 4 Russell 2000 Value MF 670 62 Only available for relevant investments and when tenure is longer than one year.
Standardized and Tax Adjusted Returns Disclosure Statement Page 8 The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/familyinfo.asp An investment in a money-market vehicle is not insured or guaranteed by the FDIC or any other government agency. The current yield quotation reflects the current earnings of the money market more closely than the value of your investment at $1.00 per share, it is possible to lose money by investment in them. Standardized Returns assume reinvestment of dividends and capital gains. They depict performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses. If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken into account, including M&E risk charges, fund-level expenses such as management fees and operating fees, contract-level administration fees, and charges such as surrender, contract, and sales charges. After-tax returns are calculated using the highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or an IRA. After-tax returns exclude the effects of either the alternative minimum tax or phase-out of certain tax credits. Any taxes due are as of the time the distributions are made, and the taxable amount and tax character of each distribution are as specified by the fund on the dividend declaration date. Due to foreign tax credits or realized capital losses, after-tax returns may be greater than before-tax returns. After-tax returns for exchange-traded funds are based on net asset value.
Standardized and Tax Adjusted Returns Disclosure Statement Page 9 Annualized returns 12-31-2010 Standardized Returns (%) 7-day 1-Yr 5-Yr 10-Yr Since Inception Max Front Max Back Net Exp Gross Exp Yield Inception Date Load % Load % Ratio % Ratio % Mid-Cap Growth 28.06 7.14 7.54 13.85 1992-06-30 4.25 NA 0.85 0.85 Mid-Cap Growth Adv 27.77 6.90 7.30 6.55 2000-03-31 NA NA 1.04 1.04 Mid-Cap Growth R 27.43 6.63 13.13 2002-09-30 NA NA 1.30 1.30 Met Invt Ser Md Cp Gr A 28.07 7.21 2.47 2001-05-01 4.25 NA 0.79 0.79 Met Invt Ser Md Cp Gr B 27.68 6.93 1.90 2001-02-12 NA 4.50 1.04 1.04 Met Invt Ser Md Cp Gr E 27.95 7.06 5.55 2001-11-01 NA NA 0.94 0.94 MassMutual Select Mid Cap Gr Eq II A 20.10 4.72 5.91 6.04 2000-05-31 5.75 NA 1.36 1.46 MassMutual Select Mid Cap Gr Eq II L 27.76 6.24 6.80 6.91 2000-05-31 NA NA 1.11 1.21 MassMutual Select Mid Cap Gr Eq II N 26.05 5.66 11.48 2002-12-30 NA 1.00 1.66 1.76 MassMutual Select Mid Cap Gr Eq II S 28.03 6.50 7.06 7.16 2000-05-31 NA NA 0.87 0.97 MassMutual Select Mid Cap Gr Eq II Y 27.91 6.40 6.97 7.08 2000-05-31 NA NA 0.96 1.06 MassMutual Select Mid Cap Gr Eq II Z 7.50 2010-11-15 NA NA 0.75 0.85 Instl Mid-Cap Equity Gr 29.24 7.29 7.82 11.46 1996-07-31 NA NA 0.66 0.66 Maxim MidCap Growth 27.55 6.57 7.03 9.89 1997-07-01 NA NA 1.05 1.06 Mid-Cap Growth Port 28.12 7.09 7.52 10.37 1996-12-31 NA NA 0.83 0.83 Mid-Cap Growth Port II 27.78 6.83 8.85 2002-04-30 NA NA 1.10 1.10 TD US Mid-Cap Growth - A 26.81 5.25 5.73 55.23 2000-11-01 4.00 NA 2.42 2.44 TD US Mid-Cap Growth - F 28.59 6.79 64.98 2002-01-31 2.00 NA 1.05 1.06 TD US Mid-Cap Growth - I 26.77 5.26 5.70 45.17 1993-12-15 NA NA 2.42 2.44 MML Ser Inv Fund Mid Cap Growth Initial 28.06 5.98 2006-05-01 NA NA 0.84 0.84 MML Ser Inv Fund Mid Cap Growth Svc 27.84 7.19 2008-08-15 NA NA 1.09 1.09 JNL/ Mid-Cap Growth A 27.86 6.88 7.19 12.26 1995-05-15 4.00 NA 1.02 1.02 JNL/ Mid-Cap Growth B 28.10 7.10 9.08 2004-03-05 NA 4.50 0.82 0.82 Russell Mid Cap Growth TR USD 26.38 4.88 3.12 S&P MidCap 400 Growth TR 30.57 6.66 6.98 S&P MidCap 400 TR 26.64 5.74 7.16 The table below contains the funds and their respective share classes that are currently managed by this portfolio manager. Return after Taxes (%) On Distribution On Distribution and Sales of Shares 1-Yr 5-Yr 10-Yr Since Inception Inception Date 1-Yr 5-Yr 10-Yr Since Inception Mid-Cap Growth 27.34 6.15 6.93 13.02 1992-06-30 19.19 5.87 6.48 12.43 Mid-Cap Growth Adv 27.04 5.95 6.71 5.85 2000-03-31 19.02 5.69 6.28 5.53 Mid-Cap Growth R 26.68 5.70 12.38 2002-09-30 18.81 5.47 11.53 Met Invt Ser Md Cp Gr A 28.07 6.32 1.98 2001-05-01 18.25 5.87 1.93 Met Invt Ser Md Cp Gr B 27.68 6.05 1.43 2001-02-12 17.99 5.63 1.44 Met Invt Ser Md Cp Gr E 27.95 6.18 5.02 2001-11-01 18.17 5.74 4.63 MassMutual Select Mid Cap Gr Eq II A 20.10 3.92 5.43 5.59 2000-05-31 13.07 3.86 5.07 5.20 MassMutual Select Mid Cap Gr Eq II L 27.76 5.41 6.32 6.45 2000-05-31 18.05 5.16 5.86 5.98 MassMutual Select Mid Cap Gr Eq II N 26.05 4.87 10.87 2002-12-30 16.93 4.69 10.07 MassMutual Select Mid Cap Gr Eq II S 28.03 5.65 6.57 6.69 2000-05-31 18.22 5.36 6.09 6.20 MassMutual Select Mid Cap Gr Eq II Y 27.91 5.56 6.48 6.61 2000-05-31 18.14 5.29 6.01 6.13 MassMutual Select Mid Cap Gr Eq II Z 7.50 2010-11-15 4.88 Instl Mid-Cap Equity Gr 29.05 6.28 7.07 10.72 1996-07-31 19.06 5.99 6.68 10.16 Maxim MidCap Growth 26.79 5.48 6.11 8.79 1997-07-01 18.93 5.41 5.91 8.41 Mid-Cap Growth 27.15 5.76 6.76 9.75 1996-12-31 19.56 5.76 6.44 9.22 Mid-Cap Growth II 26.79 5.52 7.98 2002-04-30 19.36 5.55 7.59 TD US Mid-Cap Growth - A 26.81 5.25 5.73 55.22 2000-11-01 21.67 4.79 5.38 54.85 TD US Mid-Cap Growth - F 28.59 6.79 64.98 2002-01-31 23.02 5.99 63.89 TD US Mid-Cap Growth - I 26.77 5.26 5.70 44.79 1993-12-15 21.64 4.80 5.36 43.32 MML Ser Inv Fund Mid Cap Growth Initial 28.06 5.68 2006-05-01 18.24 5.06 MML Ser Inv Fund Mid Cap Growth Svc 27.84 7.04 2008-08-15 18.09 6.11 JNL/ Mid-Cap Growth A 27.42 5.72 6.40 11.31 1995-05-15 18.60 5.58 6.09 10.81 JNL/ Mid-Cap Growth B 27.61 5.94 7.92 2004-03-05 18.75 5.77 7.59
Manager Profile Disclosure Statement Page 10 The Manager Profile report is supplemental sales material, and therefore must be preceded or accompanied by the fund s current prospectus and a disclosure statement. Please read the prospectus carefully. In all cases, this disclosure statement should accompany this report. All data is based on the most recent information available to Morningstar, unless noted otherwise. Net Assets reflects the total amount of money managed as a standalone portfolio across share classes/subaccounts. Net Assets can be greater than or equal to the share class/subaccount net assets. Ownership indicates the amount of fund assets owned by the manager in his or her personal portfolio. The performance data given in this report represents past performance and should not be considered indicative of future results. Principal value and investment return will fluctuate, so that an investor s shares when redeemed may be worth more or less than the original investment. Fund portfolio statistics change over time. The fund is not FDIC-insured, may lose value and is not guaranteed by a bank or other financial institution. Ibbotson Associates, Inc. and Morningstar Associates, LLC, both a registered investment advisor and wholly subsidiaries of Morningstar, Inc., provides various institutional investment consulting services, including asset allocation advice to investment advisors who have or will be creating a fund-of-fund/asset allocation product. However, despite such relationships, the information displayed for those products will not be influenced as they objective measures and/or are derived by quantitative-driven formulas (e.g. Morningstar Rating ). Morningstar is not itself a FINRA-member firm. Average Turnover ratio is a proxy for how frequently a manager trades his or her portfolios during the management tenure. Average Turnover is the straight average of annual portfolio turnover ratios during the tenure. Tenure Return is the annualized total return of an investment over the specific management tenure. Tenure Return is provided when tenure is longer than one year. When multiple share classes are available for an investment, the performance of the oldest share class is used as proxy for that of the investment. The investments Tenure Return is compared with that of its Primary Benchmark. The Primary Benchmark is an unmanaged portfolio of specified securities and does not reflect any initial or ongoing expenses. A fund s portfolio may differ significantly from the securities in the primary benchmark. For funds and separate accounts respectively, the primary benchmark is stated in the fund s prospectus or indicated by the firm. Manager Overview Up to five investment vehicles are featured for each portfolio manager in this section. The types of investment vehicles include mutual fund (MF), separate account (SA), hedge fund (HF), closed end fund (CEF), exchange traded fund (ETF). The vehicles are selected based on the following criteria. First, each vehicle is currently being managed by this particular portfolio manager. Second, the manager is the sole manager of the vehicle, is a co-manager of the vehicle with no more than two other managers, or is designated as the lead manager of the vehicle. If more than five vehicles qualify, the top five qualifying vehicles with largest net assets are presented. Total Assets under Management is the sum of net assets of all currently managed investments, of which the portfolio manager is a sole, 1 of 2, 1 of 3 or lead manager. Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term performance and of aligning their interests with shareholders. The Fund Manager of the Year award winners are chosen based on Morningstar s proprietary research and in-depth evaluation by its senior analysts. For the complete report, go to: http://news.morningstar.com/doc/article/0,,124370,00.html For the complete list of past and current winners, go to: http://www.morningstar.com/press/pressrelease.html?id=124703
Manager Profile Disclosure Statement Page 11 Monthly Returns +/- Benchmark Graph The Relative Monthly Returns Graph shows featured funds relative monthly performance against that of their Primary Benchmarks over specific management tenures. The total returns used in the graphs are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses and assume reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. Calendar Year Returns +/- Benchmark Graph The Calendar Year Returns Graph shows featured funds relative annual performance against that of their Primary Benchmarks over specific management tenures. The total returns used in the graphs are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. Trailing Returns +/- Benchmark Graph The Trailing Returns Graph shows featured funds relative performance against that of their Primary Benchmarks over a given time period (one, three, five years or management tenure). The total returns used in the graphs are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. Historical Holdings Based Style Analysis The Historical Holdings Based Style Analysis chart reveals featured funds holdings-based investment strategies and style consistency over specific management tenures. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond s effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis. In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by a Nationally Recognized Statistical Rating Organization (NRSRO). If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixedincome security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weightedaverage credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of low, medium, or high based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than BBB- ; medium are those less than AA-, but greater than or equal to BBB- ; and high are those with a weighted-average credit quality of AA- or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar s analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund s interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI s average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints
Manager Profile Disclosure Statement Page 12 are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderates: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-us taxable and non-us domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderates: greater than 3.5 years and less than or equal to 6 years; and (iii) Extensive: greater than 6 years. Current Ownership Zone chart The Current Ownership Zone Chart provides a graphic representation of the size and investment style of stocks in featured equity portfolios. The Ownership Zone is derived by plotting each stock in the portfolio within the Morningstar Style Box. The Ownership Zone is the shaded area that represents 75% of the assets in the portfolio and indicates the level of concentration in the holdings. The centroid in the middle of the Ownership Zone represents the weighted average of all the holdings. Equity Portfolio Statistics The referenced data elements below are a weighted average of the equity holdings in the portfolio. The Price/Prospective Earnings ratio is calculated by taking an assetweighted average of the earnings yields (E/P) of all the stocks in the portfolio and then taking the reciprocal of the result. Price/earnings (P/E) for a stock is the ratio of the company s most recent monthend share price to the company s estimated earnings per share (EPS) for the current fiscal year. If a third-party estimate for the current year EPS is not available, Morningstar will calculate an internal estimate based on the most recently reported EPS and average historical earnings growth rates. The Price/Book ratio is calculated by taking an asset-weighted average of the book value yields (B/P) of all the stocks in the portfolio and then taking the reciprocal of the result. Price/book (P/B) for a stock is the ratio of the company s most recent month-end share price to the company s estimated book value per share (BPS) for the current fiscal year. Book value is the total assets of a company, less total liabilities. Morningstar calculates internal estimates for the current year BPS based on the most recently reported BPS and average historical book value growth rates. The Price/Sales ratio is calculated by taking an asset-weighted average of the sales yields (S/P) of all the stocks in the portfolio and then taking the reciprocal of the result. Price/Sales (P/S) for a stock is the ratio of the company s most recent month-end share price to the company s estimated sales per share (SPS) for the current fiscal year. Morningstar calculates internal estimates for the current year SPS based on the most recently reported SPS and average historical sales growth rates. The Price/Cash Flow ratio calculated by taking an asset-weighted average of the cash flow yields (C/P) of all the stocks in the portfolio and then taking the reciprocal of the result. Price/Cash Flow (P/C) for a stock is the ratio of the company s most recent month-end share price to the company s estimated cash flow per share (CPS) for the current fiscal year. Cash flow measures the ability of a business to generate cash and it acts as a gauge of liquidity and solvency. Morningstar calculates internal estimates for the current year CPS based on the most recently reported CPS and average historical cash flow growth rates. The Dividend Yield is an asset-weighted average of the dividend yields of the stocks in a fund s portfolio. Dividend yield for a stock is the percentage of its stock price that a company is projected to pay out as dividends. It is calculated by dividing estimated annual dividends per share (DPS) for the current fiscal year by the company s most recent month-end stock price. Morningstar calculates internal estimates for the current year DPS based on the most recently reported DPS and average historical dividend growth rates. Long-Term Earnings % is a share-weighted average of the projected earnings growth rates for all the stocks in the portfolio. The long-term projected earnings growth rate for a stock is the average of the available third-party analysts estimates for three- to five-year EPS growth. Historical Earnings % is a share-weighted collective earnings growth for all the stocks in the portfolio. The historical earnings growth rate for a stock is a measure of how the stock s earnings per share (EPS) has grown over the last five years. Morningstar uses EPS from continuing operations to calculate this growth rate.
Manager Profile Disclosure Statement Page 13 Book Value Growth % is a share-weighted collective book value growth for all the stocks in a portfolio. The book value growth rate for a stock is a measure of how the stock s book value per share (BVPS) has grown over the last year. Sales Growth % is a share-weighted collective sales growth for all the stocks in a fund s portfolio. The sales growth rate for a stock is a measure of how the stock s sales per share (SPS) has grown over the last five years. Cash Flow Growth % is a share-weighted collective cash flow growth for all the stocks in a portfolio. The cash flow growth rate for a stock is a measure of how the stock s cash flow per share (CFPS) has grown over the last three years. The geometric average market capitalization of a fund s equity portfolio offers a measure of the size of the companies in which the fund invests. Fixed-Income Portfolio Statistics The referenced data elements below are a weighted average of the fixed income holdings in the portfolio. Average effective duration is a weighted average of the duration of the underlying fixed income securities within the portfolio. Duration is a time measure of a bond s interest rate sensitivity. Average effective maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each bond s effective maturity by the market value of the security. Average credit quality is an average of each bond s credit rating, adjusted for its relative weighting in the portfolio. The average is calculated using an exponential approach instead of a linear approach to better account for the default rates of bonds with different ratings. Average weighted price is generated from the fund s portfolio by weighting the price of each bond by its relative size in the portfolio. This number reveals if the fund favors bonds selling at prices above or below face value (premium or discount securities, respectively). A higher number indicates a bias toward premiums. This statistic is expressed as a percentage of par (face) value. Investment Details Total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. Gross Return is calculated by computing returns without accounting for expenses of any kind. Gross returns are used only for separate accounts in this report and are collected from the firms. The fund s performance is compared with that of its primary benchmark and with that of the average for all funds in its Morningstar category. The primary benchmark is an unmanaged portfolio of specified securities and does not reflect any initial or ongoing expenses. A fund s portfolio may differ significantly from the securities in the primary benchmark. For funds and separate accounts respectively, the primary benchmark is stated in the fund s prospectus or indicated by the firm. Fund Flows reflect the total net asset value of new money flowing into a fund. Given the beginning net asset and ending net assets, a fund s net cash flow is estimated by stripping out two types of activities natural growth of the assets due to capital market movements and reinvestment of the capital gains and dividends distributions that occur during the calculation month. Turnover Ratio % is a proxy for how frequently a manager trades his or her portfolio. It is computed by taking the lesser of purchases or sales and dividing by average monthly net assets. Average weighted coupon is generated from the fund s portfolio by weighting the coupon of each bond by its relative size in the portfolio. It indicates whether the underlying fund owns more high- or lowcoupon bonds. Coupons are fixed percentages paid out on a fixedincome security on an annual basis. Category Rank % within Morningstar Category does not account for a fund s sales charge (if applicable). Ranks will not be provided for periods less than one year.
Manager Profile Disclosure Statement Page 14 Batting Average % is a measure of a manager s ability to consistently beat the category average. It is calculated by dividing the number of months in which the fund beat or matched the average for all funds in its Morningstar category by the total number of months in the period. Sector Funds The investor should note that funds that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks. Capture Ratios measure a manager s performance in up or down markets relative to the market (benchmark) itself. Upside capture ratio is calculated by taking the fund s upside capture return and dividing it by the benchmark s upside capture return. The upside capture return is the annualized return the fund generated over those months in which the benchmark had a positive return. To calculate the downside capture ratio, we use the same methodology except that the benchmark s negative return months are selected. Growth of $10,000 Graph The graph compares the growth of $10,000 in a fund with that of its Primary Benchmark and with that of the average for all funds in its Morningstar category over specific management tenure. The growth of $10,000 begins at the date the manager started his or her tenure, or the first year listed on the graph, whichever is appropriate. The total returns used in the graph are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. Fund Flows Graph The graph shows the amount of new money flowing into a fund over specific management tenure. The graph begins at the date the manager started his or her tenure, or the first year listed on the graph, whichever is appropriate. Investment Risk International Funds/Emerging Market Funds The investor should note that funds that invest in foreign securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks. Non-Diversified Funds The investor should note that funds that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments. Small Cap Funds The investor should note that funds that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and are not as well established as larger bluechip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average. Mid Cap Funds The investor should note that funds that invest in companies with market capitalizations below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies. High-Yield Bond Funds The investor should note that funds that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default. Tax-Free Municipal Bond Funds The investor should note that the income from tax-free municipal bond funds may be subject to state and local taxation and the Alternative Minimum Tax. Fund of Funds It is important to note that an investment option with mutual funds in its portfolio may be subject to the expenses of those mutual funds in addition to those of the investment option itself.