Document ID: SEC-2006-0362-0001
Agency: sec
Document Type: Notice
Title: Massachusetts Mutual Life Insurance Company, et al., Notice of Application
Posted Date: 2006-03-20T05:00Z

[Federal Register: March 20, 2006 (Volume 71, Number 53)]
[Notices]               
[Page 14029-14041]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr20mr06-59]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-27259; File No. 812-13205]

 
Massachusetts Mutual Life Insurance Company, et al., Notice of 
Application

March 10, 2006.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application for an order of approval pursuant to 
section 26(c) of the Investment Company Act of 1940 (``1940 Act'') and 
an order of exemption pursuant to section 17(b) of the 1940 Act.

-----------------------------------------------------------------------

Applicants: Massachusetts Mutual Life Insurance Company 
(``MassMutual''), Massachusetts Mutual Variable Annuity Separate 
Account 4 (``Separate Account 4''), Panorama Separate Account, C.M. 
Life Insurance Company (``C.M. Life''), C.M. Multi-Account A, and 
Panorama Plus Separate Account (together with Separate Account 4, 
Panorama Separate Account, and C.M. Multi-Account A, the ``Separate 
Accounts'') (and, collectively with MassMutual and C.M. Life, the 
``Applicants''), MML Series Investment Fund and MML Series Investment 
Fund II (together with the Applicants, the ``Section 17 Applicants'').

Summary of Application: Applicants request an order approving the 
proposed substitution of shares of American Century VP Income & Growth 
Fund with MML Income & Growth Fund; American Century VP Value Fund with 
MML Value Fund; American Funds Asset Allocation Fund (Class 2) and 
Calvert Social Balanced Portfolio with MML Asset Allocation Fund; 
American Funds Growth-Income Fund (Class 2) and American Fidelity VIP 
Growth Opportunities Portfolio (Service Class) with MML Growth & Income 
Fund; Fidelity VIP Growth Portfolio (Service Class) with MML 
Diversified Growth Fund; Franklin Small Cap Value Securities Fund with 
MML Small Cap Value Fund; Janus Aspen Balanced Portfolio (Service 
Shares and Institutional Shares) with MML Blend Fund; Janus Aspen Forty 
Portfolio (Service Shares and Institutional Shares) with MML Aggressive 
Growth Fund; Janus Aspen Worldwide Growth Portfolio (Service Shares and 
Institutional Shares) with MML Global Fund; MFS Investors Trust Series 
with MML Enhanced Index Core Equity Fund; MFS New Discovery Series and 
Scudder VIT Small Cap Index Fund with MML Small Cap Index Fund; T. Rowe 
Price Blue Chip Growth Portfolio with MML Blue Chip Growth Fund; T. 
Rowe Price Equity Income Portfolio with MML Equity Income Fund; T. Rowe 
Price Mid-Cap Growth Portfolio with MML Mid Cap Growth Fund; and 
Templeton Foreign Securities Fund (Class 2) with MML International Fund 
(the ``Substitutions''). Section 17 Applicants seek an order of 
exemption pursuant to section 17(b) of the 1940 Act from section 17(a) 
of the 1940 Act to the extent necessary to permit MassMutual and C.M. 
Life to carry out certain of the substitutions.

Filing Date: The application was filed on June 24, 2005, and an amended 
and restated application was filed on March 8, 2006.

Hearing or Notification of Hearing: An order granting the application 
will be issued unless the Commission orders a hearing. Interested 
persons may request a hearing by writing to the Secretary of the 
Commission and serving Applicants with a copy of the request, 
personally or by mail. Hearing requests must be received by the 
Commission by 5:30 p.m. on April 4, 2006, and should be accompanied by 
proof of service on Applicants in the form of an affidavit or, for 
lawyers, a certificate of service. Hearing requests should state the 
nature of the requester's interest, the reason for the request, and the 
issues contested. Persons who wish to be notified of a hearing may 
request notification by writing to the Secretary of the Commission.

ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street, 
NE., Washington, DC 20549. Applicants, 1295 State Street, Springfield, 
MA 01111.

FOR FURTHER INFORMATION CONTACT: Mark Cowan, Senior Counsel, or Zandra 
Bailes, Branch Chief, Office of Insurance Products, Division of 
Investment Management, at (202) 551-6795.

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application is available for a fee from the 
Public Reference Branch of the Commission, 100 F Street, NE., 
Washington, DC 20549 (202-551-8090).

Applicants' and Section 17 Applicants' Representations

    1. MassMutual is a mutual life insurance company organized in the 
Commonwealth of Massachusetts as a corporation and was originally 
chartered in 1851. MassMutual is a diversified financial services 
company providing life insurance, annuities, disability income 
insurance, long-term care insurance, structured settlements, retirement 
and other products to individual and institutional customers.
    2. Separate Account 4 was established in 1997. Separate Account 4 
is registered under the 1940 Act as a unit investment trust (File No. 
811-08619) and is used to fund variable annuity contracts issued by 
MassMutual. Six variable annuity contracts funded by Separate Account 4 
are affected by the application.
    3. Panorama Separate Account was established in 1981. Panorama 
Separate Account is registered under the 1940 Act as a unit investment 
trust (File No. 811-03215) and is used to fund variable annuity 
contracts issued by MassMutual. One variable annuity contract funded by 
Panorama Separate Account is affected by the application.
    4. C.M. Life is a wholly-owned stock life insurance subsidiary of 
MassMutual. C.M. Multi-Account A was

[[Page 14030]]

established in 1994. C.M. Multi-Account A is registered under the 1940 
Act as a unit investment trust (File No. 811-08698) and is used to fund 
variable annuity contracts issued by C.M. Life. Three variable annuity 
contracts funded by C.M. Multi-Account A are affected by the 
application.
    5. Panorama Plus Separate Account was established in 1991. Panorama 
Plus Separate Account is registered under the 1940 Act as a unit 
investment trust (File No. 811-06530) and is used to fund variable 
annuity contracts issued by C.M. Life. One variable annuity contract 
funded by Panorama Plus Separate Account is affected by the application 
(all eleven variable annuity contracts affected by the application are 
hereinafter collectively referred to as the ``Contracts'').
    6. MML Series Investment Fund (``MML Fund'' is an open-end 
management investment company having separate investment portfolios. 
MML Series Investment Fund was organized as a business trust under the 
laws of The Commonwealth of Massachusetts pursuant to an Agreement and 
Declaration of Trust dated December 19, 1984, as amended, by MassMutual 
for the purpose of providing a vehicle for the investment of assets of 
various separate investment accounts established by MassMutual and its 
life insurance company subsidiaries, including C.M. Life.
    7. MML Series Investment Fund II (``MML Fund II'') is an open-end 
management investment company having separate investment portfolios. 
MML Series Investment Fund II was organized as a business trust under 
the laws of The Commonwealth of Massachusetts pursuant to an Agreement 
and Declaration of Trust dated February 8, 2005, which was amended and 
restated as of February 28, 2005, for the purpose of providing a 
vehicle for the investment of assets of various separate investment 
accounts established by MassMutual and its life insurance company 
subsidiaries, including C.M. Life.
    8. Purchase payments under the Contracts may be allocated to one or 
more sub-accounts of the Separate Accounts (the ``Sub-Accounts''). 
Income, gains and losses, whether or not realized, from assets 
allocated to the Separate Accounts are, as provided in the Contracts, 
credited to or charged against the Separate Accounts without regard to 
other income, gains or losses of MassMutual and C.M. Life, as 
applicable. The assets maintained in the Separate Accounts will not be 
charged with any liabilities arising out of any other business 
conducted by MassMutual and C.M. Life, as applicable. Nevertheless, all 
obligations arising under the Contracts, including the commitment to 
make annuity payments or death benefit payments, are general corporate 
obligations of MassMutual and C.M. Life. Accordingly, all of the assets 
of each of MassMutual and C.M. Life are available to meet its 
obligations under the Contracts.
    9. Each of the Contracts permits allocations of accumulation value 
to available Sub-Accounts that invest in specific investment portfolios 
of underlying registered investment companies (the ``Mutual Funds''). 
Among the available Mutual Funds are portfolios of American Century 
Variable Portfolios, Inc., American Funds Insurance Series, Calvert 
Variable Series, Inc., Fidelity Variable Insurance Products Fund, 
Franklin Templeton Variable Insurance Products Trust, AIM Variable 
Insurance Funds, Janus Aspen Series, MFS Variable Insurance Trust, MML 
Series Investment Fund, MML Series Investment Fund II, Oppenheimer 
Variable Account Funds, Panorama Series Fund, Inc., Scudder Investment 
VIT Funds, T. Rowe Price Equity Series, Inc., ING Variable Products 
Trust and PIMCO Variable Insurance Trust. All of these companies are 
registered under the 1940 Act as open-end management investment 
companies.
    10. Each of the Contracts permits transfers of accumulation value 
from one Sub-Account to another Sub-Account at any time subject to 
certain restrictions.
    11. Each of the Contracts reserves the right, upon notice to 
contract owners, to substitute shares of another mutual fund for shares 
of a mutual fund held by a Sub-Account.
    12. The Replaced Funds involved in the Substitutions include 18 
separate portfolios representing ten investment company complexes. 
After the Substitutions, there will be 15 portfolios all of which will 
be portfolios of MML Fund and MML Fund II. The investment objective and 
policies of each Replacement Fund will be the same as or substantially 
similar to the investment objective and policies of the corresponding 
Replaced Fund.
    13. The Substitutions are being proposed to increase the level of 
fund management responsiveness compared to the current structure, which 
includes eight unaffiliated investment company complexes. Currently, a 
majority of the portfolios offered under the contracts consist of 
unaffiliated investment companies, and changes due to investment 
performance, style drift, or management practice issues require 
substantial systems, filing, and printing resources, which slows the 
process to make changes, if necessary. Because MML Fund, MML Fund II, 
and MassMutual have ``manager of managers'' exemptive relief, 
MassMutual, as investment adviser, will be able to act more quickly and 
efficiently to protect contract owners' interests if the investment 
strategy, management team or performance of one or more of the sub-
advisers does not meet expectations. From an investment perspective, 
many of the substitutions will be immaterial because the Replacement 
Funds will retain as sub-adviser the investment adviser to the Replaced 
Fund. In this regard, Applicants believe that in no case will a 
Replacement Fund be more risky than the fund it is replacing. In 
addition, relieving the Separate Accounts of the administrative burdens 
of interfacing with ten unaffiliated investment company complexes is 
expected to simplify compliance, accounting and auditing and, 
generally, to allow MassMutual and C.M. Life each to administer the 
Contracts more efficiently.
    14. Applicants propose the following substitutions of shares:

------------------------------------------------------------------------
              Replaced fund                      Replacement fund*
------------------------------------------------------------------------
1. American Century VP Income & Growth    MML Income & Growth Fund.
 Fund.
2. American Century VP Value Fund.......  MML Mid Cap Value Fund.
3. American Funds[reg] Asset Allocation   MML Asset Allocation Fund.
 Fund (Class 2).
    Calvert Social Balanced Portfolio...
4. American Funds[reg] Growth-Income      MML Growth & Income Fund.
 Fund (Class 2).
    Fidelity[reg] VIP Growth
     Opportunities Portfolio (Service
     Class).
5. Fidelity[reg] VIP Growth Portfolio     MML Large Cap Growth Fund.
 (Service Class).
6. Franklin Small Cap Value Securities    MML Small Cap Value Fund.
 Fund.
7. Janus Aspen Balanced Portfolio         MML Blend Fund.
 (Service Shares and Institutional
 Shares).

[[Page 14031]]

8. Janus Aspen Forty Portfolio (Service   MML Concentrated Growth Fund
 Shares and Institutional Shares).         (Class I and Class II).
9. Janus Aspen Worldwide Growth           MML Global Fund (Class I and
 Portfolio (Service Shares and             Class II).
 Institutional Shares).
10. MFS[reg] Investors Trust Series.....  MML Enhanced Index Core Equity
                                           Fund.
11. MFS[reg] New Discovery Series.......  MML Small Cap Index Fund.
    Scudder VIT Small Cap Index Fund....
12. T. Rowe Price Blue Chip Growth        MML Blue Chip Growth Fund.
 Portfolio.
13. T. Rowe Price Equity Income           MML Equity Income Fund.
 Portfolio.
14. T. Rowe Price Mid-Cap Growth          MML Mid Cap Growth Fund.
 Portfolio.
15. Templeton Foreign Securities Fund     MML Foreign Fund.
 (Class 2).
------------------------------------------------------------------------
* The names of certain MML Funds that will be created prior to the
  Substitutions are subject to change.

    15. For each Replaced Fund and each Replacement Fund, the 
investment objective, principal risks, investment adviser/sub-adviser, 
fee structure, expenses for the fiscal year ending in 2005 and assets 
as of December 31, 2005 are shown in the tables that follow:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                      Replaced Fund                                 Replacement Fund
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    A. Substitution 1
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  American Century VP Income & Growth   MML Income & Growth Fund.
                                                           Fund.
Investment Objective....................................  Seeks growth of capital by investing  Seeks growth of capital by investing in common stocks.
                                                           in common stocks. Income is a         Income is a secondary objective.
                                                           secondary objective. The fund
                                                           pursues a total return and dividend
                                                           yield that exceed those of the S&P
                                                           500[supreg] Index by investing in
                                                           stocks of companies with strong
                                                           expected returns.
Principal Risks.........................................   Market Risk................   Market Risk.
                                                           Company Risk...............   Credit Risk.
                                                           Price Volatility...........   Management Risk.
                                                           Principal Loss.............   Derivative Risk.
                                                                                                 Foreign Investment Risk.
                                                                                                 Currency Risk.
                                                                                                 Leveraging Risk.
Significant Principal Risk Disparities?.................     The MML Fund Board of Trustees has approved American Century as a sub-adviser for the MML
                                                           Income and Growth Fund. The fund is expected to be managed in the same style and strategy and
                                                                   by the same team that manages the American Century VP Income and Growth Fund.
Adviser/Subadviser......................................  American Century Investment           MassMutual/American Century Investment Management, Inc.
                                                           Management, Inc.
Fund Asset Level as of 12/31/05.........................  $800,000,000........................  N/A.
Mgmt. Fee...............................................  0.70%...............................  0.65%.
Mgmt. Fee Schedule......................................  0.70% on 1st $10 billion, 0.65% over  0.65% on all assets.
                                                           $10 billion.
12b-1 Fee.
Other Expenses..........................................  0.00%...............................  0.10%.
Total Annual Operating Expenses.........................  0.70%...............................  0.75%.
Fee Reduction...........................................  ....................................  0.05%.
Net Total Annual Expenses...............................  0.70%...............................  0.70%.*
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    B. Substitution 2
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  American Century VP Value Fund......  MML Mid Cap Value Fund.
Investment Objective....................................  Seeks long-term capital growth by     Seeks long-term capital growth by investing primarily in
                                                           investing primarily in common         common stocks of companies believed to be undervalued
                                                           stocks of companies believed to be    at the time of purchase.
                                                           undervalued at the time of
                                                           purchase. Income is a secondary
                                                           objective.
Principal Risks.........................................   Market Risk................   Market Risk.
                                                           Company Risk...............   Credit Risk.
                                                           Price Volatility...........   Management Risk.
                                                           Principal Loss.............   Liquidity Risk.
                                                                                                 Derivative Risk.
                                                                                                 Foreign Investment Risk.
                                                                                                 Currency Risk.
                                                                                                 Smaller Company Risk.
                                                                                                 Leveraging Risk.
Significant Principal Risk Disparities?.................     The MML Fund Board of Trustees has approved American Century as a sub-adviser for the MML
                                                             Value Fund. The fund is expected to be managed in a similar style and strategy and by the
                                                                       same team that manages the American Century VP Income and Growth Fund.
Adviser/Subadviser......................................  American Century Investment           MassMutual/American Century Investment Management, Inc.
                                                           Management, Inc.
Fund Asset Level as of 12/31/05.........................  $2,950,000,000......................  N/A.
Mgmt. Fee...............................................  0.93%...............................  0.84%.
Mgmt. Fee Schedule......................................  1.00% on 1st $500 million...........  0.84% on all assets.
                                                          0.95% on next $500 million..........
                                                          0.90% over $1 billion...............

[[Page 14032]]

12b-1 Fee.
Other Expenses..........................................  0.00%...............................  0.09%.
Total Annual Operating Expenses.........................  0.93%...............................  0.93%.
Fee Reduction...........................................
Net Total Annual Expenses...............................  0.93%...............................  0.93%.*
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    C. Substitution 3
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  American Funds Asset Allocation Fund  MML Asset Allocation Fund.
                                                           (Class 2).
Investment Objective....................................  Seeks to provide high total return    Seeks to provide high total return consistent with
                                                           (including income and capital         preservation of capital over the long-term by investing
                                                           gains) consistent with preservation   in a diversified portfolio of common stocks and other
                                                           of capital over the long-term by      equity securities, bonds and other intermediate and
                                                           investing in a diversified            long-term debt securities, and money market instruments
                                                           portfolio of common stocks and        (debt securities maturing in one year or less).
                                                           other equity securities, bonds and
                                                           other intermediate and long-term
                                                           debt securities, and money market
                                                           instruments (debt securities
                                                           maturing in one year or less).
Principal Risks.........................................   Market Risk................   Market Risk.
                                                           Management Risk............   Management Risk.
                                                           Foreign Investment Risk....   Foreign Investment Risk.
                                                           Credit Risk................   Credit Risk.
                                                           Currency Risk..............   Currency Risk.
                                                           Growth Company Risk........   Growth Company Risk.
                                                           Pre-payment Risk...........   Pre-payment Risk.
                                                           Political and Economic Risk   Liquidity Risk.
                                                           Emerging Markets Risk......   Derivative Risk.
                                                           Interest Rate Risk.........   Emerging Markets Risk.
                                                                                                 Leveraging Risk.
Significant Principal Risk Disparities?.................    The MML Fund Board of Trustees has approved Capital Guardian Trust Company as a sub-adviser
                                                              for MML Asset Allocation Fund. The fund is expected to be managed in the same style and
                                                                               strategy as the American Funds Asset Allocation Fund.
Adviser/Subadviser......................................  Capital Research and Management       MassMutual/Capital Guardian Trust Company.
                                                           Company.
Fund Asset Level as of 12/31/05.........................  $6,100,000,000......................  N/A.
Mgmt. Fee...............................................  0.35%...............................  0.55%.
Mgmt. Fee Schedule......................................  0.50% on 1st $600 million...........  0.55% on all assets.
                                                          0.42% on $600 million to $1.2
                                                           billion.
                                                          0.36% on $1.2-$2.0 billion..........
                                                          0.32% on $2.0-$3.0 billion..........
                                                          0.28% on $3.0-$5.0 billion..........
                                                          0.26% on $5.0-$8.0 billion..........
                                                          0.250% over $8.0 billion............
12b-1 Fee...............................................  0.25%.
Other Expenses..........................................  0.01%...............................  0.09%.
Total Annual Operating Expenses.........................  0.61%...............................  0.64%.
Fee Reduction...........................................  0.03%...............................  0.06%.
Net Total Annual Expenses...............................  0.58%...............................  0.58%*.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  Calvert Social Balanced Portfolio...  MML Asset Allocation Fund.
Investment Objective....................................  Seeks to achieve a competitive total  Seeks to provide high total return consistent with
                                                           return through an actively managed    preservation of capital over the long-term by investing
                                                           portfolio of stocks, bonds and        in a diversified portfolio of common stocks and other
                                                           money market instruments which        equity securities, bonds and other intermediate and
                                                           offer income and capital growth       long-term debt securities, and money market instruments
                                                           opportunity and that satisfy the      (debt securities maturing in one year or less).
                                                           portfolio's investment and social
                                                           criteria.
Principal Risks.........................................   Market Risk................   Market Risk.
                                                           Credit Risk................   Credit Risk.
                                                           Pre-payment Risk...........   Pre-payment Risk.
                                                           Liquidity Risk.............   Liquidity Risk.
                                                           Currency Risk..............   Currency Risk.
                                                           Transaction Risk...........   Management Risk.
                                                           Correlation Risk...........   Derivative Risk.
                                                           Political Risk.............   Foreign Investment Risk.
                                                           Interest Rate Risk.........   Emerging Markets Risk.
                                                           Information Risk...........   Growth Company Risk.
                                                           Opportunity Risk...........   Leveraging Risk.
Significant Principal Risk Disparities?.................  ....................................  The Replacement Fund is expected to be managed with a
                                                                                                 similar style and strategy as that of the Replaced
                                                                                                 Fund.

[[Page 14033]]

Adviser/Subadviser......................................  Calvert Asset Management Company,     MassMutual/Capital Guardian Trust Company.
                                                           Inc./Brown Capital Management, Inc.
                                                           and SSgA Funds Management, Inc.
Fund Asset Level as of 12/31/05.........................  $483,000,000........................  N/A.
Mgmt. Fee...............................................  0.70%...............................  0.55%.
Mgmt. Fee Schedule......................................  0.425% on 1st $500 million..........  0.55% on all assets.
                                                          0.375% on next $500 million.........
                                                          0.325% over $1 billion..............
12b-1 Fee.
Other Expenses..........................................  0.21%...............................  0.09%.
Total Annual Operating Expenses.........................  0.91%...............................  0.64%.
Fee Reduction...........................................  ....................................  0.06%.
Net Total Annual Expenses...............................  0.91%...............................  0.58%.*
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    D. Substitution 4
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  American Funds[supreg] Growth-Income  MML Growth & Income Fund.
                                                           Fund (Class 2).
Investment Objective....................................  Seeks capital appreciation and        Seeks capital appreciation and income by investing
                                                           income by investing primarily in      primarily in common stocks or other securities which
                                                           common stocks or other securities     demonstrate the potential for appreciation and/or
                                                           which demonstrate the potential for   dividends.
                                                           appreciation and/or dividends.
Principal Risks.........................................   Market Risk................   Market Risk.
                                                           Foreign Investment Risk....   Foreign Investment Risk.
                                                           Growth Company Risk........   Growth Company Risk.
                                                           Emerging Markets Risk......   Emerging Markets Risk.
                                                           Currency Risk..............   Currency Risk.
                                                           Management Risk............   Management Risk.
                                                           Credit Risk................   Credit Risk.
                                                           Political and Economic Risk   Derivative Risk.
                                                                                                 Leveraging Risk.
Significant Principal Risk Disparities?.................    The MML Fund Board of Trustees has approved Capital Guardian Trust Company as a sub-adviser
                                                               for MML Growth & Income Fund. The fund is expected to be managed in the same style and
                                                                                 strategy as the American Fund Growth-Income Fund.
Adviser/Subadviser......................................  Capital Research and Management       MassMutual/Capital Guardian Trust Company.
                                                           Company.
Fund Asset Level as of 12/31/05.........................  $21,900,000,000.....................  N/A.
Mgmt. Fee...............................................  0.28%...............................  0.50%.
Mgmt. Fee Schedule......................................  0.50% on 1st $600 million...........  0.50% on all assets.
                                                          0.45% on $600 million to $1.5
                                                           billion.
                                                          0.40% on $1.5-$2.5 billion..........
                                                          0.32% on $2.5-$4.0 billion..........
                                                          0.285% on $4.0-$6.5 billion.........
                                                          0.256% on $6.5-$10.5 billion........
                                                          0.242% on $10.5-$13.0 billion.......
                                                          0.235% on $13.0-$17.0 billion.......
                                                          0.23% on $17.0-$21.0 billion........
                                                          0.225% over $21.0 billion...........
12b-1 Fee...............................................  0.25%.
Other Expenses..........................................  0.02%...............................  0.08%.
Total Annual Operating Expenses.........................  0.55%...............................  0.58%.
Fee Reduction...........................................  0.02%...............................  0.05%.
Net Total Annual Expenses...............................  0.53%...............................  0.53%.*
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  Fidelity[supreg] VIP Growth           MML Growth & Income Fund.
                                                           Opportunities Portfolio (Service
                                                           Class).
Investment Objective....................................  Seeks to provide capital growth as    Seeks capital appreciation and income by investing
                                                           its investment objective.             primarily in common stocks or other securities which
                                                                                                 demonstrate the potential for appreciation and/or
                                                                                                 dividends.
Principal Risks.........................................   Stock Market Volatility....   Market Risk.
                                                           Foreign Exposure...........   Foreign Investment Risk.
                                                           Issuer-Specific Changes....   Credit Risk.
                                                                                                 Management Risk.
                                                                                                 Derivative Risk.
                                                                                                 Currency Risk.
                                                                                                 Emerging Markets Risk.
                                                                                                 Growth Company Risk.
                                                                                                 Leveraging Risk.

[[Page 14034]]

Significant Principal Risk Disparities?.................  ....................................  The Replacement Fund is expected to be managed with a
                                                                                                 similar style and strategy as that of the Replaced
                                                                                                 Fund. Therefore, we do not anticipate any significant
                                                                                                 risk disparities between the funds.
Adviser/Subadviser......................................  Fidelity Management & Research        MassMutual/Capital Guardian Trust Company.
                                                           Company/FMR Co., Inc.
Fund Asset Level as of 12/31/05.........................  $200,900,000........................  N/A.
Mgmt. Fee...............................................  0.58%...............................  0.50%.
Mgmt. Fee Schedule......................................  Group Fee Rate + Individual Fund Fee  0.50% on all assets.
                                                           Rate.
                                                          Group Rate as of 12/31/04: 0.2724%    Individual Fund Fee Rate: 0.30%
12b-1 Fee...............................................  0.10%.
Other Expenses..........................................  0.14%...............................  0.08%.
Total Annual Operating Expenses.........................  0.82%...............................  0.58%.
Fee Reduction...........................................  0.02%...............................  0.05%.
Net Total Annual Expenses...............................  0.80%...............................  0.53%.*
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    E. Substitution 5
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  Fidelity[supreg] VIP Growth           MML Large Cap Growth Fund.
                                                           Portfolio (Service Class).
Investment Objective....................................  Seeks to achieve capital              Seeks long-term capital appreciation as its investment
                                                           appreciation as its investment        objective.
                                                           objective.
Principal Risks.........................................   Stock Market Volatility....   Market Risk.
                                                           Foreign Exposure...........   Foreign Investment Risk.
                                                           ``Growth'' Investing.......   Growth Company Risk.
                                                           Issuer-Specific Changes....   Credit Risk.
                                                                                                 Management Risk.
                                                                                                 Derivative Risk.
                                                                                                 Currency Risk.
                                                                                                 Leveraging Risk.
Significant Principal Risk Disparities?.................  ....................................  The Replacement Fund is expected to be managed with a
                                                                                                 similar style and strategy as that of the Replaced
                                                                                                 Fund.
Adviser/Subadviser......................................  Fidelity Management & Research        MassMutual/Alliance Capital Management, LP.
                                                           Company/FMR Co., Inc.
Fund Asset Level as of 12/31/05.........................  $1,000,000,000......................  N/A.
Mgmt. Fee...............................................  0.59%...............................  0.65%.
Mgmt. Fee Schedule......................................  Group Fee Rate + Individual Fund Fee  0.65% on all assets.
                                                           Rate.
                                                          Group Rate as of 12/31/04: 0.2724%    Individual Fund Fee Rate: 0.30%
12b-1 Fee...............................................  0.10%.
Other Expenses..........................................  0.10%...............................  0.14%.
Total Annual Operating Expenses.........................  0.79%...............................  0.79%.
Fee Reduction...........................................  0.03%...............................  0.04%.
Net Total Annual Expenses...............................  0.76%...............................  0.75%.*
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    F. Substitution 6
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  Franklin Small Cap Value Securities   MML Small Cap Value Fund.
                                                           Fund.
Investment Objective....................................  Seeks long-term total return. The     Seeks long-term total return. The fund normally invests
                                                           fund normally invests at least 80%    at least 80% of its net assets in investments of small
                                                           of its net assets in investments of   capitalization companies.
                                                           small capitalization companies. For
                                                           this fund, small cap companies are
                                                           those with market cap values not
                                                           exceeding $2.5 billion, at the time
                                                           of purchase. The fund's manager
                                                           invests in small companies that it
                                                           believes are undervalued.
Principal Risks.........................................   Stocks Risk................   Market Risk.
                                                           Smaller and Mid-Sized         Smaller Company Risk.
                                                           Companies.                            Foreign Investment Risk.
                                                           Foreign Securities.........   Credit Risk.
                                                           Value Style Investing......   Management Risk.
                                                           Sector Focus...............   Liquidity Risk.
                                                                                                 Derivative Risk.
                                                                                                 Currency Risk.
                                                                                                 Leveraging Risk.
Significant Principal Risk Disparities?.................  ....................................  The Replacement Fund is expected to be managed with a
                                                                                                 similar style and strategy as that of the Replaced
                                                                                                 Fund.
Adviser/Subadviser......................................  Franklin Advisory Services, LLC.....  MassMutual/Goldman Sachs Asset Management, L.P.
Fund Asset Level as of 12/31/05.........................  $1,100,000,000......................  N/A.
Mgmt. Fee...............................................  0.52%...............................  0.75%.

[[Page 14035]]

Mgmt. Fee Schedule......................................  0.60% on 1st $200 million...........  0.75% on all assets.
                                                          0.50% on next $1.1 billion..........
                                                          0.40% over $1.3 billion.............
12b-1 Fee...............................................  0.25%.
Other Expenses..........................................  0.17%...............................  0.14%.
Total Annual Operating Expenses.........................  0.94%...............................  0.89%.
Fee Reduction...........................................  0.05%...............................  0.01%.
Net Total Annual Expenses...............................  0.89%...............................  0.88%.*
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    G. Substitution 7
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  Janus Aspen Balanced Portfolio        MML Blend Fund.
                                                           (Service Shares and Institutional
                                                           Shares).
Investment Objective....................................  Seeks long-term capital growth        Seeks to achieve as high a level of total rate of return
                                                           consistent with preservation of       over an extended period of time as is considered
                                                           capital and balanced by current       consistent with prudent investment risk and the
                                                           income by normally investing 40-60%   preservation of capital.
                                                           of its assets in securities
                                                           selected primarily for their growth
                                                           potential and 40-60% of its assets
                                                           in securities selected primarily
                                                           for their income potential. The
                                                           portfolio will normally invest at
                                                           least 25% of its assets in fixed-
                                                           income securities.
Principal Risks.........................................   Stock Market Risk..........   Market Risk.
                                                           Foreign Securities Risks...   Foreign Investment Risk.
                                                           Derivatives Risk...........   Derivative Risk.
                                                           Non-Investment Grade Bond     Credit Risk.
                                                           Risk.                                 Management Risk.
                                                           Initial Public Offering       Pre-Payment Risk.
                                                           (IPO) Risk.                           Liquidity Risk.
                                                           Small Market Capitalization   Emerging Markets Risk.
                                                           Risk.                                 Currency Risk.
                                                                                                 Leveraging Risk.
Significant Principal Risk Disparities?.................                                        The Replacement Fund is expected to be managed with a
                                                                                                 similar style and strategy as that of the Replaced
                                                                                                 Fund.
Adviser/Subadviser......................................  Janus Capital.......................  MassMutual/Babson Capital Management.
Fund Asset Level as of 12/31/05.........................  $2,159,000,000......................  $921,500,000.
Mgmt. Fee...............................................  0.55%...............................  0.39%.
Mgmt. Fee Schedule......................................  0.55% on all assets.................  0.50% on 1st $100 million.
                                                                                                0.45% on next $200 million.
                                                                                                0.40% on next $200 million.
                                                                                                0.35% over $500 million.
--------------------------------------------------------------------------------------------------------------------------------------------------------

                      Share Class                             Service           Institutional
¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤
12b-1 Fee.............................................  0.25%.
Other Expenses........................................  0.01%..............  0.01%..............  0.03%.
Total Annual Operating Expenses.......................  0.81%..............  0.56%..............  0.42%.
Fee Reduction.........................................
Net Total Annual Expenses.............................  0.81%..............  0.56%..............  0.42%.
--------------------------------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                      Replaced fund                                 Replacement fund
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    H. Substitution 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................   Janus Aspen Forty Portfolio          MML Concentrated Growth Fund.
                                                           (Service Shares and Institutional
                                                           Shares).
Investment Objective....................................  Seeks long-term growth of capital.    Seeks long-term growth of capital. The portfolio invests
                                                           The portfolio invests primarily in    primarily in common stocks selected for their growth
                                                           common stocks selected for their      potential.
                                                           growth potential.
Principal Risks.........................................   Stock Market Risk..........   Market Risk.
                                                           Foreign Securities Risks...   Foreign Investment Risk.
                                                           Derivatives Risk...........   Derivative Risk.
                                                           Non-Investment Grade Bond     Credit Risk.
                                                           Risk.
                                                           Initial Public Offering       Management Risk.
                                                           (IPO) Risk.
                                                           Small Market Capitalization   Pre-Payment Risk.
                                                           Risk.                                 Liquidity Risk.
                                                                                                 Emerging Markets Risk.
                                                                                                 Currency Risk.
                                                                                                 Leveraging Risk.

[[Page 14036]]

Significant Principal Risk Disparities?.................  ....................................  The Replacement Fund is expected to be managed with a
                                                                                                 similar style and strategy as that of the Replaced
                                                                                                 Fund.
Adviser/Subadviser......................................  Janus Capital.......................  MassMutual/Legg Mason Capital Management, Inc.
Fund Asset Level as of 12/31/05.........................  $1,025,900,000......................  N/A
Mgmt. Fee...............................................  0.64%...............................  0.60%
Mgmt. Fee Schedule......................................  0.64% on all assets.................  0.60% on all assets.
--------------------------------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------------------------------
           Share Class                        Service                    Institutional                   Class I *                   Class II **
--------------------------------------------------------------------------------------------------------------------------------------------------------
12b-1 Fee........................   0.25%
Other Expenses...................  0.02%.......................  0.02%.......................  0.24%.......................  0.14%
Total Annual Operating Expenses..  0.91%.......................  0.66%.......................  0.84%.......................  0.74%
Fee Reduction....................                                                              0.08%.......................  0.08%
Net Total Annual Expenses........  0.91%.......................  0.66%.......................  0.76%***....................  0.66%***
--------------------------------------------------------------------------------------------------------------------------------------------------------
* Class I shares of the MML Aggressive Growth Fund will replace Service shares of the Janus Aspen Forty Portfolio.
** Class II shares of the MML Aggressive Growth Fund will replace Institutional shares of the Janus Aspen Forty Portfolio.
*** Pro Forma.

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                      Replaced Fund                                 Replacement Fund
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    I. Substitution 9
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  Janus Aspen Worldwide Growth          MML Global Fund.
                                                           Portfolio (Service Shares and
                                                           Institutional Shares).
Investment Objective....................................  Seeks long-term growth of capital in  Seeks long-term capital appreciation. The fund invests
                                                           a manner consistent with the          mainly in common stocks of companies in the U.S. and
                                                           preservation of capital by            foreign countries. The fund can invest without limit in
                                                           investing primarily in common         foreign securities and can invest in any country,
                                                           stocks of companies of any size       including countries with developed or emerging markets.
                                                           located throughout the world. The
                                                           portfolio normally invests in
                                                           issuers from at least five
                                                           different countries, including the
                                                           United States.
Principal Risks.........................................   Stock Market Risk..........   Market Risk.
                                                           Foreign Securities Risks...   Foreign Investment Risk.
                                                           Derivatives Risk...........   Derivative Risk.
                                                           Non-Investment Grade Bond     Credit Risk.
                                                           Risk.
                                                           Initial Public Offering       Management Risk.
                                                           (IPO) Risk.
                                                           Small Market Capitalization   Liquidity Risk.
                                                           Risk.
                                                                                                 Emerging Markets Risk.
                                                                                                 Currency Risk.
                                                                                                 Growth Company Risk.
                                                                                                 Leveraging Risk.
Significant Principal Risk Disparities?.................  ....................................  The Replacement Fund is expected to be managed with a
                                                                                                 similar style and strategy as that of the Replaced Fund
                                                                                                 with no significant risk disparities between the funds.
Adviser/Subadviser......................................  Janus Capital.......................  MassMutual/Neuberger Berman Management Inc.
Fund Asset Level as of 12/31/05.........................  $1,601,200,000......................  N/A.
Mgmt. Fee...............................................  0.60%...............................  0.60%.
Mgmt. Fee Schedule......................................  0.60% on all assets.................  0.60% on all assets.
--------------------------------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------------------------------
           Share Class                        Service                    Institutional                   Class I *                   Class II **
--------------------------------------------------------------------------------------------------------------------------------------------------------
12b-1 Fee........................  0.25%
Other Expenses...................  0.03%.......................  0.03%.......................  0.28%.......................  0.18%
Total Annual Operating Expenses..  0.88%.......................  0.63%.......................  0.88%.......................  0.78%
Fee Reduction....................  ............................  ............................  0.15%.......................  0.15%
Net Total Annual Expenses........  0.88%.......................  0.63%.......................  0.73% ***...................  0.63% ***
--------------------------------------------------------------------------------------------------------------------------------------------------------
* Class I shares of the MML Global Fund will replace Service shares of the Janus Aspen Worldwide Growth Portfolio.
** Class II shares of the MML Global Fund will replace Institutional shares of the Janus Aspen Worldwide Growth Portfolio.
*** Pro Forma.

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                      Replaced fund                                 Replacement fund
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                   J. Substitution 10
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................   MFS[reg] Investors Trust Series....   MML Enhanced Index Core Equity Fund.

[[Page 14037]]

Investment Objective....................................  Seeks long-term growth of capital     Seeks to outperform the total return performance of its
                                                           with a secondary objective to seek    benchmark index, the S&P 500[reg] Index, while
                                                           reasonable current income. It         maintaining risk characteristics similar to those of
                                                           normally invests at least 65% of      the benchmark.
                                                           its net assets in common stocks and
                                                           related securities with a focus on
                                                           companies with larger market
                                                           capitalizations.
Principal Risks.........................................   Market Risk................   Market Risk.
                                                           Foreign Securities Risk....   Foreign Investment Risk.
                                                           Company Risk...............   Growth Company Risk.
                                                           Large Cap Companies Risk...   Credit Risk.
                                                           Over-the-Counter Risk......   Management Risk.
                                                                                                 Derivative Risk.
                                                                                                 Currency Risk.
                                                                                                 Leveraging Risk.
Significant Principal Risk Disparities?.................                                        The Replacement Fund is expected to be managed with a
                                                                                                 similar style and strategy as that of the Replaced Fund
                                                                                                 with no significant risk disparities between the funds.
Adviser/Subadviser......................................  Massachusetts Financial Services      MassMutual/Babson Capital Management.
                                                           Company.
Fund Asset Level as of 12/31/05.........................  $802,400,000........................  $18,800,000.
Mgmt. Fee...............................................  0.75%...............................  0.55%.
Mgmt. Fee Schedule......................................  0.75% on all assets.................  0.55% on all assets.
12b-1 Fee...............................................
Other Expenses..........................................  0.16%...............................  0.26%.
Total Annual Operating Expenses.........................  0.91%...............................  0.81%.
Fee Reduction...........................................  0.01%...............................  0.15%.
Net Total Annual Expenses...............................  0.90%...............................  0.66%.
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                   K. Substitution 11
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  MFS[reg] New Discovery Fund.........  MML Small Cap Index Fund.
Investment Objective....................................  Seeks capital appreciation. It        Seeks to match, as closely as possible, before expenses,
                                                           normally invests 65% of its net       the performance of an index identified in the fund's
                                                           assets in equity securities of        prospectus, which emphasizes stocks of small U.S.
                                                           smaller emerging growth companies.    companies
Principal Risks.........................................   Market Risk................   Market Risk.
                                                           Emerging Growth Companies     Growth Company Risk.
                                                           Risk.
                                                           Company Risk...............   Credit Risk.
                                                           Small Capitalization          Management Risk.
                                                           Companies Risk.
                                                           Over-the-Counter Risk......   Liquidity Risk.
                                                           Foreign Securities Risk....   Derivative Risk.
                                                           Short Sales Risk...........   Non-Diversification Risk.
                                                                                                 Leveraging Risk.
Significant Principal Risk Disparities?.................                                        The Replacement Fund is expected to be managed with a
                                                                                                 similar style and strategy as that of the Replaced Fund
                                                                                                 with no significant risk disparities between the funds.
Adviser/Subadviser......................................  Massachusetts Financial Services      MassMutual/Northern Trust Investments, Inc.
                                                           Company.
Fund Asset Level as of 12/31/05.........................  $702,500,000........................  N/A.
Mgmt. Fee...............................................  0.90%...............................  0.35%.
Mgmt. Fee Schedule......................................  0.90% on all assets.................  0.35% on all assets.
12b-1 Fee...............................................
Other Expenses..........................................  0.17%...............................  0.18%.
Total Annual Operating Expenses.........................  1.07%...............................  0.53%.
Fee Reduction...........................................  0.01%...............................  0.08%.
Net Total Annual Expenses...............................  .06%................................  0.45%*.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  Scudder VIT Small Cap Index Fund....  MML Small Cap Index Fund.
Investment Objective....................................   Seeks to match, as closely as        Seeks to match, as closely as possible, before expenses,
                                                           possible, before expenses, the        the performance of the an index identified in the
                                                           performance of the Russell            fund's prospectus, which emphasizes stocks of small
                                                           2000[reg] Index, which emphasizes     U.S. companies
                                                           stocks of small U.S. companies.
Principal Risks.........................................   Stock Market Risk..........   Market Risk.
                                                           Tracking Error Risk........   Credit Risk.
                                                           Index Fund Risk............   Management Risk.
                                                           Small Company                 Liquidity Risk.
                                                           Capitalization Risk.
                                                           Futures and Options Risk...   Derivative Risk.
                                                           Pricing Risk...............   Non-Diversification Risk.

[[Page 14038]]

                                                           Securities Lending Risk....   Growth Company Risk.
                                                                                                 Leveraging Risk.
Significant Principal Risk Disparities?.................   The MML Fund Board of Trustees has approved Northern Trust as a subadvisor for the MML Small
                                                              Cap Index Fund. The fund is expected to be managed in the same style and strategy as the
                                                                                         Scudder VIT Small Cap Index Fund.
Adviser/Subadviser......................................  Deutsche Asset Management/Northern    MassMutual/Northern Trust Investments, Inc.
                                                           Trust Investments, Inc.
Fund Asset Level as of 12/31/05.........................  $449,500,000........................  N/A.
Mgmt. Fee...............................................  0.35%...............................  0.35%.
Mgmt. Fee Schedule......................................  0.35% on all assets.................  0.35% on all assets.
12b-1 Fee...............................................
Other Expenses..........................................  0.13%...............................  0.18%.
Total Annual Operating Expenses.........................  0.48%...............................  0.53%.
Fee Reduction...........................................  0.03%...............................  0.08%.
Net Total Annual Expenses...............................  0.45%...............................  0.45%*.
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                   L. Substitution 12
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  T. Rowe Price Blue Chip Growth        MML Blue Chip Growth Fund.
                                                           Portfolio.
Investment Objective....................................  Seeks long-term capital growth        Seeks long-term capital growth through investment in
                                                           through investment in common stocks   common stocks of large and medium-sized blue chip
                                                           of large and medium-sized blue chip   growth companies
                                                           growth companies.
Principal Risks.........................................   Market Risk................   Market Risk.
                                                           Growth Stock Risk..........   Growth Company Risk.
                                                           Industry Risk..............   Credit Risk.
                                                           Company Risk...............   Management Risk.
                                                           Smaller Capitalization        Derivative Risk.
                                                           Company Risk.
                                                           Growth Style Investing Risk   Foreign Investment Risk.
                                                                                                 Currency Risk.
                                                                                                 Leveraging Risk.
Significant Principal Risk Disparities?.................    The MML Fund Board of Trustees has approved T. Rowe Price as a sub-adviser for the MML Blue
                                                             Chip Growth Fund. The fund is expected to be managed in the same style and strategy and by
                                                                        the same team that manages T. Rowe Price Blue Chip Growth Portfolio.
Adviser/Subadviser......................................  T. Rowe Price Associates, Inc.......  MassMutual/T. Rowe Price Associates, Inc.
Fund Asset Level as of 12/31/05.........................  $91,500,000.........................  N/A.
Mgmt. Fee...............................................  0.85%...............................  0.75%.
Mgmt. Fee Schedule......................................  0.85% on all assets.................  0.75% on all assets.
12b-1 Fee...............................................
Other Expenses..........................................  0.00%...............................  0.23%.
Total Annual Operating Expenses.........................  0.85%...............................  0.98%.
Fee Reduction...........................................                                        0.13%.
Net Total Annual Expenses...............................  0.85%...............................  0.85%*.
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                   M. Substitution 13
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  T. Rowe Price Equity Income           MML Equity Income Fund.
                                                           Portfolio.
Investment Objective....................................  Seeks substantial dividend income     Seeks dividend income and long-term capital growth
                                                           and long-term capital growth          through investment in common stocks of established
                                                           through investment in common stocks   companies
                                                           of established companies.
Principal Risks.........................................   Market Risk................   Market Risk.
                                                          Foreign Investment Risk.............   Foreign Investment Risk.
                                                           Currency Risk..............   Currency Risk.
                                                           Growth Stock Risk..........   Credit Risk.
                                                           Industry Risk..............   Management Risk.
                                                           Company Risk...............   Derivative Risk.
                                                           Value Style Investing Risk.   Leveraging Risk.
                                                           Derivatives Risk.
                                                           Interest Rate Risk.
Significant Principal Risk Disparities?.................   The MML Fund Board of Trustees has approved T. Rowe Price as a sub-adviser for the MML Equity
                                                             Income Fund. The fund is expected to be managed in the same style and strategy and by the
                                                                         same team that manages T. Rowe Price Blue Equity Income Portfolio.
Adviser/Subadviser......................................  T. Rowe Price Associates, Inc.......  MassMutual/T. Rowe Price Associates, Inc.
Fund Asset Level as of 12/31/05.........................  $1,400,000,000......................  N/A.
Mgmt. Fee...............................................  0.85%...............................  0.75%.
Mgmt. Fee Schedule......................................  0.85% on all assets.................  0.75% on all assets.
12b-1 Fee...............................................
Other Expenses..........................................  0.00%...............................  0.10%.
Total Annual Operating Expenses.........................  0.85%...............................  0.85%.
Fee Reduction...........................................

[[Page 14039]]

Net Total Annual Expenses...............................  0.85%...............................  0.85%*.
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                   N. Substitution 14
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................   T. Rowe Price Mid-Cap Growth         MML Mid Cap Growth Fund.
                                                           Portfolio.
Investment Objective....................................  Seeks long-term capital appreciation  Seeks long-term capital appreciation through investment
                                                           through investment in stocks of mid-  in stocks of mid-cap companies with potential for above-
                                                           cap companies with potential for      average earnings growth.
                                                           above-average earnings growth.
Principal Risks.........................................   Market Risk................   Market Risk.
                                                           Smaller Capitalization        Smaller Company Risk.
                                                           Company Risk.
                                                           Growth Stock Risk..........  Growth Company Risk.
                                                           Derivatives Risk...........   Derivative Risk.
                                                           Industry Risk..............   Credit Risk.
                                                           Company Risk...............   Management Risk.
                                                           Foreign Investment Risk....   Liquidity Risk.
                                                           Currency Risk..............   Leveraging Risk.
Significant Principal Risk Disparities?.................                                        The Replacement Fund is expected to be managed with a
                                                                                                 similar style and strategy as that of the Replaced Fund
                                                                                                 with no significant risk disparities between the funds.
Adviser/Subadviser......................................   T. Rowe Price Associates, Inc......  MassMutual/T. Rowe Price Associates, Inc.
Fund Asset Level as of 12/31/05.........................  $651,000,000........................  N/A.
Mgmt. Fee...............................................  0.85%...............................  0.77%.
Mgmt. Fee Schedule......................................  0.85% on all assets.................  0.77% on all assets.
12b-1 Fee...............................................
Other Expenses..........................................  0.00%...............................  0.08%.
Total Annual Operating Expenses.........................  0.85%...............................  0.85%.
Fee Reduction...........................................
Net Total Annual Expenses...............................  0.85%...............................  0.85%*.
--------------------------------------------------------------------------------------------------------------------------------------------------------
* Pro Forma.

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                      Replaced Fund                                 Replacement Fund
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                   O. Substitution 15
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fund Name...............................................  Templeton Foreign Securities Fund     MML Foreign Fund.
                                                           (Class 2).
Investment Objective....................................  Seeks long-term capital growth. The   Seeks long-term capital growth. The fund normally
                                                           Fund normally invests at least 80%    invests at least 80% of its net assets in investments
                                                           of its net assets in investments of   of issuers located outside the U.S., including those in
                                                           issuers located outside the U.S.,     emerging markets.
                                                           including those in emerging markets.
Principal Risks.........................................   Foreign Investment Risk       Foreign Investment Risk.
                                                           Including:.
                                                          [cir] Currency Risk.................   Emerging Markets Risk.
                                                          [cir] Political and Economic           Currency Risk.
                                                           Development Risk.
                                                          [cir] Trading Practice Risk.........   Liquidity Risk.
                                                          [cir] Availability of Information...   Market Risk
                                                          [cir] Limited Markets Risk..........   Credit Risk.
                                                          [cir] Emerging Markets Risk.........   Management Risk.
                                                           Stock Specific Risk........   Derivative Risk.
                                                           Value Style Investment Risk   Growth Company Risk.
                                                           Sector Focus Risk..........   Leveraging Risk.
                                                           Derivatives Securities Risk
Significant Principal Risk Disparities?.................  ....................................  The Replacement Fund is expected to be managed with a
                                                                                                 similar style and strategy as that of the Replaced Fund
                                                                                                 with no significant risk disparities between the funds.
Adviser/Subadviser......................................   Templeton Investment Counsel, LLC..  MassMutual/Templeton Investment Counsel, LLC
Fund Asset Level as of 12/31/05.........................  $2,800,000,000......................  N/A.
Mgmt. Fee...............................................  0.64%...............................  0.89%*.
Mgmt. Fee Schedule......................................  0.75% on 1st $200 million...........  0.89% on all assets*.
                                                          0.675% on next $1.1 billion.........
                                                          0.60% over $1.3 billion.............
12b-1 Fee...............................................  0.25%...............................
Other Expenses..........................................  0.19%...............................  0.13%.
Total Annual Operating Expenses.........................  1.08%...............................  1.02%.
Fee Reduction...........................................  0.05%...............................
Net Total Annual Expenses...............................  1.03%...............................  1.02%**.
--------------------------------------------------------------------------------------------------------------------------------------------------------
* Contractual rate to be in effect as of the date of the Substitution.

[[Page 14040]]

** Pro Forma.

    16. The Substitutions will take place at MML Fund and MML Fund II's 
relative net asset values determined on the date of the Substitutions 
in accordance with section 22 of the 1940 Act and Rule 22c-1 thereunder 
with no change in the amount of any contract owner's account value or 
death benefit or in the dollar value of his or her investment in any of 
the Sub-Accounts. Accordingly, there will be no financial impact on any 
contract owner. The Substitutions will generally be effected by having 
each of the Sub-Accounts that invests in the Replaced Funds redeem its 
shares at the net asset value calculated on the date of the 
Substitutions and purchase shares of the respective Replacement Funds 
at the net asset value calculated on the same date.
    17. Alternatively, a Replaced Fund may redeem the interest ``in-
kind,'' for example, if it determines that a cash redemption might 
adversely affect its shareholders. In that case, the Substitutions will 
be effected by the Sub-Account contributing all the securities it 
receives from the Replaced Fund for an amount of Replacement Fund 
shares equal to the fair market value of the securities contributed. 
All in-kind redemptions from a Replaced Fund of which any of the 
Applicants is an affiliated person will be effected in accordance with 
the conditions set forth in the Commission's no-action letter issued to 
Signature Financial Group, Inc. (available December 28, 1999). In-kind 
purchases of shares of a Replacement Fund will be conducted as 
described herein.
    18. The Substitutions were described in a supplement to the 
prospectuses for the Contracts (``Supplements'') filed with the 
Commission and mailed to contract owners. The Supplements provided 
contract owners with notice of the Substitutions and described the 
reasons for engaging in the Substitutions. The Supplements also 
informed contract owners with assets allocated to a Sub-Account 
investing in the Replaced Funds that no additional amount may be 
invested in the Replaced Funds on or after the date of the 
Substitutions. In addition, the Supplements informed affected contract 
owners that they will have the opportunity to reallocate account value 
once:
     Prior to the Substitutions, from each Sub-Account 
investing in a Replaced Fund, and
     For 30 days after the Substitutions, from each Sub-Account 
investing in a Replacement Fund to Sub-Account investing in other 
Mutual Funds available under the respective Contracts,

without diminishing the number of free transfers that may be made in a 
given contract year and without the imposition of any transfer charge 
or limitation, other than any applicable limitations in place to deter 
potentially harmful excessive trading or disintermediation involving 
the fixed accounts available with the variable annuity contracts.
    19. Within five days after a Substitution, MassMutual and C.M. Life 
will send affected contract owners written confirmation that a 
Substitution has occurred. The prospectuses for the Contracts, as 
revised by the Supplements, will reflect the Substitutions. Each 
contract owner will be provided with a prospectus for the Replacement 
Funds before the Substitutions, except that with respect to Replacement 
Funds that become effective contemporaneously with the Substitutions, a 
prospectus will be sent to affected contract owners with the written 
confirmation.
    20. MassMutual and C.M. Life will pay all expenses and transaction 
costs of the Substitutions, including all legal, accounting and 
brokerage expenses relating to the Substitutions. No costs will be 
borne by contract owners. Affected contract owners will not incur any 
fees or charges as a result of the Substitutions, nor will their rights 
or the obligations of the Applicants under the Contracts be altered in 
any way. The Substitutions will not cause the fees and charges under 
the Contracts currently being paid by contract owners to be greater 
after the Substitutions than before the Substitutions. The 
Substitutions will have no adverse tax consequences to contract owners 
and will in no way alter the tax benefits to contract owners.
    21. Applicants believe that their request satisfies the standards 
for relief pursuant to section 26(c) of the 1940 Act, as set forth 
below, because the affected contract owners will have:
    (1) Account values allocated to a Sub-Account invested in a 
Replacement Fund with an investment objective and policies 
substantially similar to the investment objective and policies of the 
Replaced Fund; and
    (2) Replacement Funds whose current total annual expenses are equal 
to or lower than those of the Replaced Funds for their 2005 fiscal 
year. In addition, as described below, MassMutual and C.M. Life have 
agreed to, for a period of 24 months following the Substitution, 
reimburse affected contract owners to the extent the expenses of a 
Replacement Fund exceed those of the Replaced Fund for the 2005 fiscal 
year.

Applicants' and Section 17 Applicants' Legal Analysis

    1. Section 26(c) of the 1940 Act makes it unlawful for any 
depositor or trustee of a registered unit investment trust holding the 
security of a single issuer to substitute another security for such 
security unless the Commission approves the substitution. The 
Commission will approve such a substitution if the evidence establishes 
that it is consistent with the protection of investors and the purposes 
fairly intended by the policy and provisions of the 1940 Act.
    2. The purpose of section 26(c) is to protect the expectation of 
investors in a unit investment trust that the unit investment trust 
will accumulate shares of a particular issuer by preventing 
unscrutinized substitutions that might, in effect, force shareholders 
dissatisfied with the substituted security to redeem their shares, 
thereby possibly incurring either a loss of the sales load deducted 
from initial premium payments, an additional sales load upon 
reinvestment of the redemption proceeds, or both. Moreover, in the 
insurance product context, a contract owner forced to redeem may suffer 
adverse tax consequences. Section 26(c) affords this protection to 
investors by preventing a depositor or trustee of a unit investment 
trust that holds shares of one issuer from substituting for those 
shares the shares of another issuer, unless the Commission approves 
that substitution.
    3. Applicants assert that the purposes, terms and conditions of the 
Substitutions are consistent with the principles and purposes of 
section 26(c) and do not entail any of the abuses that section 26(c) is 
designed to prevent. Applicants have reserved the right to make such a 
substitution under the Contracts and this reserved right is disclosed 
in each Contract's prospectus.
    4. In all cases, the investment objectives and policies of the 
Replacement Funds are sufficiently similar to those of the 
corresponding Replaced Funds that contract owners will have reasonable 
continuity in investment expectations. Accordingly, the Replacement 
Funds are appropriate investment vehicles for those contract owners who 
have account values allocated to the Replaced Funds.
    5. For the 24 month period following the date of the Substitutions,

[[Page 14041]]

MassMutual agrees that if, on the last day of each fiscal quarter 
during the 24 month period, the total operating expenses of a 
Replacement Fund (taking into account any expense waiver or 
reimbursement) exceed on an annualized basis the net expense level of 
the corresponding Replaced Fund for the 2005 fiscal year, it will, for 
each Contract outstanding on the date of the Substitutions, make a 
corresponding reimbursement of Separate Account expenses as of the last 
day of such fiscal quarter period, such that the amount of the 
Replacement Fund's net expenses, together with those of the 
corresponding Separate Account will, on an annualized basis, be no 
greater than the sum of the net expenses of the corresponding Replaced 
Fund and the expenses of the Separate Account for the 2005 fiscal year.
    6. Applicants assert that the Substitutions will not result in the 
type of costly forced redemption that section 26(c) was intended to 
guard against and, for the following reasons, is consistent with the 
protection of investors and the purposes fairly intended by the 1940 
Act:
    (1) Each of the Replacement Funds is an appropriate fund to which 
to move contract owners with account values allocated to the Replaced 
Funds because the new funds have substantially similar investment 
objectives and policies.
    (2) The costs of the Substitutions, including any brokerage costs, 
will be borne by MassMutual and C.M. Life and will not be borne by 
contract owners. No charges will be assessed to effect the 
Substitutions.
    (3) The Substitutions will be at the net asset values of the 
respective shares without the imposition of any transfer or similar 
charge and with no change in the amount of any contract owner's account 
value.
    (4) The Substitutions will not cause the fees and charges under the 
Contracts currently being paid by contract owners to be greater after 
the Substitutions than before the Substitutions and will result in 
contract owners' account values being moved to a Mutual Fund with the 
same or lower current total annual expenses.
    (5) All contract owners will be given notice of the Substitutions 
prior to the Substitutions and will have an opportunity for 30 days 
after a Substitution to reallocate account value among other available 
Sub-Accounts without diminishing the number of free transfers that may 
be made in a given contract year and without the imposition of any 
transfer charge or limitation, other than any applicable limitations in 
place to deter potentially harmful excessive trading or 
disintermediation involving the fixed accounts available with the 
variable annuity contracts.
    (6) Within five days after a Substitution, MassMutual and C.M. Life 
will send to its affected contract owners written confirmation that a 
Substitution has occurred.
    (7) The Substitutions will in no way alter the insurance benefits 
to contract owners or the contractual obligations of MassMutual and 
C.M. Life.
    (8) The Substitutions will have no adverse tax consequences to 
contract owners and will in no way alter the tax benefits to contract 
owners.
    7. The section 17 Applicants request an order under section 17(b) 
exempting them from the provisions of section 17(a) to the extent 
necessary to permit MassMutual and C.M. Life to carry out each of the 
proposed substitutions. Sections 17(a)(1) and (2) of the 1940 Act 
prohibit an affiliated person of a registered investment company, or 
affiliated persons of any such affiliated person, or any principal 
underwriter for such company (collectively, ``Transaction Affiliates'') 
from selling a security to, or purchasing a security from, the 
registered investment company. Applicants may be deemed to be 
Transaction Affiliates of one another based upon the definition of 
``affiliated person'' under section 2(a)(3) of the 1940 Act. Because 
the Substitutions may be effected, in whole or in part, by means of in-
kind redemptions and purchases, the Substitutions may be deemed to 
involve one or more purchases or sales of securities or property 
between Transaction Affiliates.
    8. Section 17(b) provides that the Commission may grant an 
application exempting proposed transactions from the prohibitions of 
section 17(a) if the terms of the proposed transactions are reasonable 
and fair and do not involve overreaching on the part of any person 
concerned; the transaction is consistent with the investment policies 
of each registered investment company concerned; and the transaction is 
consistent with the general purposes of the 1940 Act. Applicants state 
that the consideration to be paid by the Replacement Fund, and each of 
the Substituted Funds, will be fair and reasonable and will not involve 
overreaching. The proposed transactions will take place at relative net 
asset value in conformity with the requirements of section 22(c) of the 
1940 Act and Rule 22c-1 thereunder with no change in the amount of any 
contract owner's account value or death benefit or in the dollar value 
of his or her investment in any Sub-Account.
    9. In addition, Applicants state that to the extent the 
Substitutions are effected by redeeming shares of the Substituted Funds 
and using the redemption proceeds to purchase shares of the Replacement 
Funds, the Substitutions will satisfy each of the procedural safeguards 
adopted by the Board of Directors responsible for each of the Ameritas 
Portfolios and the Substituted Funds, respectively under Rule 17a-7 
under the 1940 Act.

Conclusions

    1. Applicants request an order of the Commission pursuant to 
Section 26(c) of the 1940 Act approving the Substitutions. Section 
26(c), in pertinent part, provides that the Commission shall issue an 
order approving a substitution of securities if the evidence 
establishes that it is consistent with the protection of investors and 
the purposes fairly intended by the policy and provisions of the 1940 
Act. For the reasons and upon the facts set forth above, the requested 
order meets the standards set forth in section 26(c) and should, 
therefore, be granted.
    2. The Section 17 Applicants request that the Commission issue an 
order pursuant to section 17(b) of the 1940 Act exempting the Separate 
Accounts, MassMutual, C.M. Life, and each Replacement Fund from the 
provisions of section 17(a) of the 1940 Act to the extent necessary to 
permit, as part of the substitutions, the in-kind purchase of shares of 
the Replacement Funds which may be deemed to be prohibited by section 
17(a) of the 1940 Act. The Section 17 Applicants represent that the 
proposed in-kind transactions meet all of the requirements of section 
17(b) of the 1940 Act and that an exemption should be granted, to the 
extent necessary, from the provisions of section 17(a).

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Nancy M. Morris,
Secretary.
[FR Doc. 06-2598 Filed 3-17-06; 8:45 am]

BILLING CODE 8010-01-P