American Century VP Mid Cap Value Portfolio

INVESTMENT OBJECTIVE
American Century VP Mid Cap Value seeks long-term capital growth by selecting companies whose stock price may not reflect the companies’ value. The managers hold these undervalued companies until the stock price has increased to, or is higher than, a level the managers believe more accurately reflects fair value. Income is a secondary objective. There can be no assurance that the investment objective can be achieved.
INVESTMENT DISCIPLINE
American Century VP Mid Cap Value uses a bottom up approach to identify companies that may be undervalued due to market declines, poor economic conditions, cyclical trends, company-specific challenges or simply because they have been overlooked by the market. The managers seek leading, well-managed businesses whose shares are under-priced. To find these companies, the team employs a rigorous investment process to identify earnings, cash flows or assets that are not reflected accurately in stock prices. The fund will invest at least 80% of its assets in equity securities of companies whose market capitalization at the time of purchase is within the capitalization range of the Russell 3000® Index, excluding the largest 100 such companies. The team intends to manage the fund so that its weighted capitalization falls within the capitalization range of the members of the Russell Midcap® Index.

Performance (As of 12/31/2009)

Performance Chart

	YTD	1-YEAR	3-YEAR	5-YEAR	10-YEAR	SINCE INCEPTION
PORTFOLIO: Class I	29.94	29.94	-1.34	4.82	N/A	5.57
RUSSELL MID-CAP VALUE INDEX	34.21	34.21	-6.62	1.98	7.58	3.97
LIPPER (VIP) MID-CAP VALUE FUNDS AVERAGE	34.98	34.98	-4.95	1.71	6.71	3.53

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S UNITS, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PAST PERFORMANCE DATA QUOTED. PERFORMANCE INFORMATION AS OF THE MOST RECENT MONTH-END IS AVAILABLE AT WWW.PRUDENTIAL.COM.

Fund Facts & Holdings (As of 12/31/2009 unless noted otherwise)

Portfolio Data²

Inception Data-Class I : 10/29/2004
Net Assets : $298.5 Million
Number of Holdings : 106

Largest Stock Holdings (% of Assets-Holdings are subject to change)¹
Marsh & McLennan	3.6%
Northern Trust Corp.	3.0
AON Corporation	2.9
Imperial Oil	2.7
Wisconsin Energy	2.4
CHUBB	2.3
Loews	2.1
ConAgra Foods	2.1
Waste Management	2.1
HJ Heinz	1.8

Sector Breakdown (% of Assets)¹
Financials	25.9%
Industrials	12.9
Consumer Discretionary	11.9
Utilities	10.3
Consumer Staples	10.3
Energy	8.4
Health Care	6.5
Information Technology	6.4
Materials	4.3
Telecommunication Services	3.3

PORTFOLIO MANAGMENT

Kevin Toney, CFA, is a member of the U.S. Value Equity management team and has more than 13 years of industry experience. Prior to joining American Century Investments in 1999, he was an associate for TD Securities. Mr. Toney received his bachelor’s degree in commerce from the University of Virginia and his master’s degree in business administration from The Wharton School at the University of Pennsylvania. He is a CFA charter holder.

Philip N. Davidson, CFA is Chief Investment Officer, U.S. Value Equity and joined American Century in September 1993 as a portfolio manager. Prior to joining American Century, he served as an investment manager for Boatman's Trust Company in St. Louis.

Michael Liss, CFA Vice President and Portfolio Manager. Michael Liss joined American Century Investments in 1998. Before joining the company, he was an investment intern with the Indiana University Foundation. Mr. Liss holds a bachelor’s degree in business administration and finance from Albright College in Reading, Pennsylvania. He earned his master’s degree in finance from Indiana University.

FIRM OVERVIEW

Founded in 1958.
American Century Investments is a full-service investment management firm with more than 50 years of experience and nearly two million institutional and retail investors.
Had $85.9 billion in assets under management as of 12/31/09.

Investors should consider the contract and the underlying portfolios' investment objectives, risks, and charges and expenses carefully before investing. The contract's prospectus and the underlying portfolios' prospectus contain this and other important information. Read them carefully before investing or sending money.

FOR USE WITH THE PUBLIC ONLY WHEN PRECEDED OR ACCOMPANIED BY A CURRENT VARIABLE PRODUCT PROSPECTUS, PRODUCT MATERIAL (product brochure or illustration) AND THE CURRENT MONTHLY PERFORMANCE REVIEW FOR THE SPECIFIC PRODUCT.

¹Source: American Century Investment Management. Holdings are unaudited and subject to change. All data came to Prudential Financial directly from American Century Investment Management. Prudential Financial does not guarantee the accuracy or completeness thereof. Negative holding percentages reflect outstanding trades at period end.

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The rates of return reflect the reinvestment of all dividends and capital gains, and the deduction of investment management fees and expenses. They do not reflect charges specific to your contract such as cost of insurance, mortality and expense risk charges, riders and sales charges. If they did, the performance quoted would be significantly lower. For the specific charges and expenses associated with your product, please refer to the prospectus. Returns of less than one year are not annualized. For variable life insurance products, refer to the hypothetical illustrations in the prospectus, which show the effect on performance of various assumptions regarding the cost of insurance protection. You may also obtain a personalized illustration of historical performance, which reflects the cost of your policy's insurance protection.

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