Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest
$10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment
earns a 5% return each year and that the Funds operating expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class I
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$
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66
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$
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422
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$
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803
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$
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1,870
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Class R5
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$
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77
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$
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453
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$
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855
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$
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1,979
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Service Class
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$
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87
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$
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484
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$
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907
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$
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2,087
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Administrative Class
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$
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97
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$
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515
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$
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959
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$
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2,194
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Class A
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$
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690
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$
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1,133
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$
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1,601
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$
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2,889
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Class R4
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$
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112
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$
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561
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$
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1,037
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$
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2,352
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Class R3
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$
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137
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$
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638
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$
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1,165
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$
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2,609
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Portfolio Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 55% of the
average value of its portfolio.
INVESTMENTS, RISKS, AND PERFORMANCE
Principal Investment Strategies
The Fund is a fund
of funds and seeks to achieve its investment objective by investing in a combination of domestic and international mutual funds sponsored by MML Advisers or its affiliates (Underlying Funds) using an asset allocation strategy
designed for investors expecting to retire around the year 2025 and likely stop making new investments in the Fund. Underlying Funds can include MassMutual Select Funds, MassMutual Premier Funds (which are advised by MML Advisers), Babson Funds, and
Oppenheimer Funds (which are advised by Babson Capital Management LLC (Babson Capital) and OFI Global Asset Management, Inc. (OFI Global Asset Management), respectively, each of which is a majority owned, indirect subsidiary
of MassMutual).
The Underlying Funds may invest in various asset classes, including equity securities, fixed income securities, and money market instruments. Underlying Funds may also invest some or all of their
assets in commodities or commodities-related investments.
The Fund is designed for an investor who plans to withdraw the value of the investors
account in the Fund at a modest, regular pace after an assumed retirement date around 2025. The Funds assets are allocated among Underlying Funds according to an asset allocation strategy that becomes increasingly conservative until it reaches
approximately 50% in equity and similar funds and 50% in fixed income funds, including money market funds, in 2025, and approximately 35% in equity and similar funds and 65% in fixed income funds, including money market funds, approximately fifteen
years after that. As the Fund reaches the assumed retirement date stated in the Funds name, and as investors redeem shares of the Fund, the Funds annual fund operating expenses may increase because certain fixed costs of the Fund would
be shared by a smaller pool of assets. However, when the target asset allocation of the Fund matches RetireSMART In Retirements target asset allocation (approximately fifteen years after the Funds retirement date), it is expected that
the Fund will be combined with RetireSMART In Retirement and the Funds shareholders will become shareholders of RetireSMART In Retirement. For more information, see Target-Date RetireSMART Funds in the section titled
Additional
Information Regarding Investment Objectives and Principal Investment Strategies
beginning on page 96 of the Funds Prospectus.
The table below
shows the Funds approximate allocation, as of March 14, 2014, among various asset classes and Underlying Funds in which the Fund invests 5% or more of its assets. Other Underlying Funds in which the Fund invests are listed under
Additional Information Regarding Investment Objectives and Principal Investment Strategies in the Funds Prospectus. The Funds investment adviser, MML Advisers, intends to manage the Fund according to the Funds target
asset allocation strategy, and does not intend to trade actively among Underlying Funds or to attempt to capture short-term market opportunities as primary activities. MML Advisers may modify the target asset allocation strategy or the selection of
Underlying Funds from time to time, and may invest in other Underlying Funds, including any Underlying
Funds that may be created in the future. At any given time, the Funds asset allocation may be affected by a variety of factors (such as, for example, whether an Underlying Fund is accepting
additional investments). A description of the Underlying Funds is included in Appendix A of this Prospectus.
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Equity Funds
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72.9%
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Domestic Equity Funds
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Premier Disciplined Growth (Babson Capital)
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6.7%
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Premier Disciplined Value (Babson Capital)
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6.7%
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International Equity Funds
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Select Overseas (J.P. Morgan/MFS/Harris)
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6.5%
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MM MSCI EAFE
®
International Index (NTI)
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6.6%
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Fixed Income & Short Term/Money Market Funds
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23.5%
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Premier Core Bond (Babson Capital)
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6.4%
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Other Funds
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3.6%
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Through its investments in Underlying Funds, the Fund may be exposed to a wide range of securities and other instruments with
differing characteristics (such as credit quality, duration, geography, industry, and market capitalization), including, but not limited to, equity securities of
small-,
mid-,
or large-capitalization U.S. or
non-U.S.
issuers, fixed income securities of U.S. or
non-U.S.
private or governmental
issuers (including junk or high yield bonds, including securities in default), inflation-protected securities, bank loans, and short-term investments of any kind. Equity securities may include common stocks, preferred stocks,
securities convertible into common or preferred stock, real estate investment trusts (REITs), rights, and warrants. An Underlying Fund may engage in foreign currency exchange transactions, including forward contracts, options on
currency, futures contracts, and swap contracts, to take long or short positions in foreign currencies in order to enhance its investment return or to attempt to protect against adverse changes in currency exchange rates. An Underlying
Fund may be permitted to use a wide variety of additional exchange-traded and over-the-counter derivatives, including options, futures contracts, swap contracts (including interest rate swaps,
total return swaps, and credit default swaps), and hybrid instruments. An Underlying Fund may typically use these derivatives for hedging purposes, as a substitute for direct investments, to earn additional income, to gain exposure to securities or
markets in which it might not be able to invest directly, or to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Funds portfolio of debt securities. Use of derivatives by an Underlying Fund may
create investment leverage. An Underlying Fund may enter into repurchase agreement transactions. An Underlying Fund may invest in mortgage-backed or other asset-backed securities. An Underlying Fund may enter into dollar roll or reverse repurchase
agreement transactions. The Fund will bear a pro rata share of the Underlying Funds expenses. The Fund also bears all of the risks associated with the investment strategies used by the Underlying Funds.
The following chart illustrates the Funds approximate current target asset allocation among equity, fixed income and certain other asset classes as of
the date of this Prospectus. The Funds target asset allocation may differ from this illustration. MML Advisers periodically reviews the target asset allocation and underlying investment options and may, at any time, in its discretion, change
the target asset allocation or deviate from the target asset allocation. Under normal circumstances, the Funds asset allocation among equity, fixed income and certain other asset classes is generally expected to vary by no more than plus or
minus ten percentage points from the target asset allocation at that time. The chart below is presented only as an illustration of how the process of
re-allocation
occurs as the Fund approaches its target
date.
Principal Risks
The following are the Principal Risks of the Fund. An investment in this Fund is not guaranteed, and you may experience losses, including losses near, at, or
after the target date. There is no guarantee that the Fund will provide adequate income at and through your retirement. Except as otherwise stated, references in this section to the Fund or a Fund may relate to the Fund, one
or more Underlying Funds, or both.
Bank Loans Risk
Bank loans in which the Fund may invest have similar risks to lower-rated fixed income
securities. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Senior secured
bank loans are supported by collateral; however the value of the collateral may be insufficient to cover the amount owed to the Fund. If the Fund relies on a third party to administer a loan, the Fund is subject to the risk that the third party will
fail to perform its obligations. In addition, if the Fund holds only a participation interest in a loan made by a third party, the Funds receipt of payments on the loan will be dependent on the third partys willingness and ability to
make those payments to the Fund.
Cash Position Risk
The ability of the Fund to meet its objective may be limited to the extent that it
holds assets in cash or otherwise uninvested.
Commodities-Related Investments Risk
The Funds investments in commodities markets (including
precious metals) may subject the Fund to greater volatility than investments in traditional securities. The value of commodities may be affected by overall market movements, commodity index volatility, changes in interest rates, or factors affecting
a particular industry or commodity.
Convertible Securities Risk
Convertible securities are subject to the risks of both debt
securities and equity securities. The values of convertible securities tend to decline as interest rates rise and, due to the conversion feature, tend to vary with fluctuations in the market value of the underlying common or preferred stock.
Credit Risk
The Fund is subject to the risk that the issuer of an investment held by the Fund or the counterparty to a transaction entered
into by the Fund will be unable or unwilling to honor its obligations.
Derivatives Risk
Derivatives involve risks different from, and
potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity.
Derivatives can create investment leverage and be highly volatile. Derivatives may result in losses greater than the amount invested. If the value of a derivative does not correlate well with the particular market or asset class the derivative is
designed to provide exposure to, the derivative may not have the effect anticipated. Many derivatives are traded in the over-the-counter market and not on exchanges.
S-4
Dollar Roll and Reverse Repurchase Agreement Transaction Risk
These transactions generally create
leverage and subject the Fund to the credit risk of the counterparty.
Fixed Income Securities Risk
The values of fixed income securities
typically will decline during periods of rising interest rates, and can also decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral assets, or changes in market, economic, industry,
political, and regulatory conditions affecting a particular type of security or issuer or fixed income securities generally. Fixed income securities are subject to interest rate risk (the risk that the value of a fixed income security will fall when
interest rates rise), extension risk (the risk that the average life of a security will be extended through a slowing of principal payments), prepayment risk (the risk that a security will be prepaid and the Fund will be required to reinvest at a
less favorable rate), and credit risk.
Foreign Investment Risk; Emerging Markets Risk; Currency Risk
Foreign securities, including ADRs,
are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of
foreign securities and the price of the Funds shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of
inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates. Investments in foreign currencies themselves (directly or through derivatives transactions) may
be highly volatile and may create investment leverage.
Growth Company Risk
The prices of growth securities are often more sensitive to
market fluctuations because of their heavy dependence on future earnings expectations, and can be more volatile than the market in general.
Inflation Risk
The value of assets or income from the Funds investments will be less in the future as inflation decreases the value of
money. As inflation increases, the value of the Funds assets can decline as can the value of the Funds distributions.
Liquidity
Risk
Certain securities may be difficult (or impossible) to sell or positions difficult to close out at a desirable time and price, and the Fund may be required to hold an investment that is declining in value or be prevented from
realizing capital gains.
Lower-Rated Fixed Income Securities Risk
Lower-rated securities, commonly known as
junk or high yield bonds, have speculative characteristics and involve greater volatility of price and yield, greater risk of loss of principal and interest, and generally reflect a greater possibility of an adverse change in
financial condition that could affect an issuers ability to honor its obligations.
Management Risk
The Fund relies on the
managers ability to achieve its investment objective. There can be no assurance that the Fund will achieve the desired results and the Fund may incur significant losses.
Market Risk
The value of the Funds portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable
market- induced changes affecting particular industries, sectors, or issuers. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.
Mortgage- and Asset-Backed Securities Risk
Investments in
mortgage-
and asset-backed securities subject
the Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by
government agencies. The types of mortgages (for example, residential or commercial mortgages) underlying securities held by the Fund may differ and be affected differently by market factors. Investments that receive only the interest portion or the
principal portion of payments on the underlying assets may be more volatile than other investments. The market for mortgage- and asset-backed securities has recently experienced high volatility and a lack of liquidity. As a result, the value of many
of these securities has significantly declined.
Preferred Stock Risk
Preferred stocks are subject to the risks associated with other
types of equity securities, as well as additional risks, such as potentially greater volatility and risks related to deferral, non-cumulative dividends, subordination, liquidity, limited voting rights, and special redemption rights.
Real Estate Risk; REIT Risk
Real estate-related investments may decline in value as a result of factors affecting the real estate industry, such
as the
S-5
supply of real property in certain markets, changes in zoning laws, delays in completion of construction, changes in real estate values, changes in property taxes, levels of occupancy, and local
and regional market conditions. Investments in REITs may be subject to risks similar to those associated with direct investment in real estate, as well as additional risks associated with equity investments.
Repurchase Agreement Risk
These transactions must be fully collateralized at all times, but involve some risk to a Fund if the
other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral.
Risk of Investment in Other Funds
or Pools
The Fund is indirectly exposed to all of the risks of the Underlying Funds, including exchange-traded funds, in which it invests, including the risk that the Underlying Funds will not perform as expected. The Fund indirectly pays a
portion of the expenses incurred by the Underlying Funds.
Smaller and Mid-Cap Company Risk
Market risk and liquidity risk are
particularly pronounced for securities of smaller companies, which may trade less frequently and in smaller volumes than more widely-held securities, and may fluctuate in price more than other securities. Smaller companies may have limited product
lines, markets, or financial resources and may be dependent on a limited management group; they may have been recently organized and have little or no track record of success.
U.S. Government Securities Risk
Obligations of certain U.S. government agencies and instrumentalities are not backed by the full faith and
credit of the U.S. government, and there can be no assurance that the U.S. government would provide financial support to such agencies and instrumentalities.
Valuation Risk
The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its
securities are fair valued.
Value Company Risk
The value investment approach entails the risk that the market will not recognize a
securitys intrinsic value for a long time, or that a stock judged to be undervalued may actually be appropriately priced.
When-Issued,
Delayed Delivery, TBA, and Forward Commitment Transaction Risk
These transactions
may create leverage and
involve a risk of loss if the value of the securities declines
prior to settlement.
Performance Information
The following bar chart and
table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Funds performance from year to year for Service Class shares. The table shows how the Funds average annual returns for 1 year, and
since inception, compare with those of a broad measure of market performance (S&P 500
®
Index) and additional indexes, including an index that provides a comparison relevant to the
Funds allocation to fixed income investments, an index of funds with similar investment objectives, and a hypothetical custom index which comprises the MSCI
®
EAFE
®
, Dow Jones Wilshire 5000 (full cap), and Barclays U.S. Aggregate Bond Indexes. Performance for Class A shares of the Fund reflects any applicable sales charge. Performance for Class I, Class
R5, Class R4, and Class R3 shares of the Fund for periods prior to their inception date (04/01/14) is based on the performance of Service Class shares, adjusted for Class R4 and Class R3 shares to reflect Class R4 and Class R3 expenses. Past
performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More
up-to-date
performance information is
available at http://www.massmutual.com/funds or by calling
1-888-309-3539.
Annual Performance
Service Class Shares
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Highest
Quarter:
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1Q 12,
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10.83%
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Lowest Quarter:
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3Q 11,
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-
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14.87%
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After-tax
returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax
returns depend on an investors tax situation and may differ from those shown.
After-tax
returns are not relevant to investors who hold Fund shares through
tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts.
After-tax
returns are shown for Service Class only.
After-tax
returns for other classes will vary.
S-6
Average Annual Total Returns
(for the periods ended December 31, 2013)
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One
Year
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Since
Inception
(04/01/10)
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Service Class
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Return Before Taxes
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20.38%
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11.09%
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Return After Taxes on
Distributions
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18.08%
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9.93%
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Return After Taxes on
Distributions and Sale
of
Fund Shares
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12.50%
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8.65%
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Class I
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Return Before Taxes
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20.38%
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11.09%
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Class R5
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Return Before Taxes
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20.38%
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11.09%
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Adminis-
trative Class
|
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Return Before Taxes
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20.33%
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11.04%
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Class A
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Return Before Taxes
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12.98%
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8.92%
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Class R4
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Return Before Taxes
|
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20.08%
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10.82%
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Class R3
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Return Before Taxes
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19.79%
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10.55%
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S&P 500 Index (reflects no deduction for fees, expenses, or taxes)
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32.39%
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15.40%
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Barclays U.S. Aggregate Bond Index (reflects no deduction for taxes)
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-2.02%
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3.86%
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Lipper Balanced Fund Index (reflects no deduction for taxes)
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16.52%
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9.69%
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Custom RetireSMART 2025 Index (reflects no deduction for fees, expenses, or taxes)
|
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23.60%
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12.12%
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MANAGEMENT
Investment Adviser:
MML Investment Advisers, LLC
Portfolio Managers:
Bruce Picard Jr.,
CFA
is an Investment Director and portfolio manager at MML Advisers. He has managed the Fund since its inception.
Michael C. Eldredge, CFA
is Head of Investments and a portfolio manager at MML Advisers.
He has managed the Fund since its inception.
Frederick (Rick) Schulitz, CFA
is an Investment Director and portfolio manager at MML
Advisers. He has managed the Fund since its inception.
PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable
on any business day by written request, telephone, or internet (available to certain customers).
TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are an investor eligible for preferential tax
treatment.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a
one-time
or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a
conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your
investment.
S-7