Mutual Fund Summary Prospectus (497k)
05 Aprile 2013 - 10:41PM
Edgar (US Regulatory)
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Summary Prospectus
April 1, 2013
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MassMutual Select Funds
MassMutual Select Blue Chip Growth Fund
Ticker:
Class SMBCSX, Class YMBCYX, Class LMBCLX, Class AMBCGX, Class NMBCNX
Before you invest, you may want to review the Funds prospectus, which contains more information about
the Fund and its risks. You can find the Funds prospectus and other information about the Fund online at www.massmutual.com/funds. You can also get this information at no cost by calling 1-888-309-3539 or by sending an email request to
fundinfo@massmutual.com.
INVESTMENT OBJECTIVE
This
Fund seeks growth of capital over the long term.
FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. For Class A shares, you may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled
Sales Charges by Class
on page 129 of the
Funds Prospectus or from your financial professional.
Shareholder Fees
(fees paid directly from your investment)
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Class S
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Class Y
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Class L
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Class A
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Class N
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Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)
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None
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None
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None
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5.75%
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None
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Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or
redemption proceeds)
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None
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None
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None
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None
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1.00%
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment)
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Class S
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Class Y
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Class L
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Class A
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Class N
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Management Fees
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.64%
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.64%
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.64%
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.64%
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.64%
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Distribution and Service (Rule 12b-1) Fees
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None
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None
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None
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.25%
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.50%
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Other Expenses
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.18%
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.31%
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.43%
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.43%
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.48%
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Total Annual Fund Operating
Expenses
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.82%
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.95%
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1.07%
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1.32%
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1.62%
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Expense Reimbursement
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(.06%)
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(.13%)
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(.09%)
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(.13%)
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(.11%)
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Total Annual Fund Operating Expenses after Expense Reimbursement
(1)
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.76%
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.82%
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.98%
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1.19%
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1.51%
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(1)
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The expenses in the above table reflect a written agreement by MassMutual to cap the fees and expenses of the Fund (other than extraordinary litigation and legal
expenses, Acquired Fund fees and expenses, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as, for example, organizational expenses and shareholder meeting expenses) through March 31,
2014, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed .76%, .82%, .98%, 1.19%, and 1.51% for Classes S, Y, L, A, and N, respectively. The Total Annual Fund Operating Expenses after Expense
Reimbursement shown in the above table may exceed these amounts, because, as noted in the previous sentence, certain fees and expenses are excluded from the cap. The agreement can only be terminated by mutual consent of the Board of Trustees on
behalf of the Fund and MassMutual.
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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
$10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment
earns a 5% return each year and that the Funds operating
S-1
expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class S
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$
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78
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$
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256
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$
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449
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$
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1,008
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Class Y
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$
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84
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$
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290
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$
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513
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$
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1,155
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Class L
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$
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100
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$
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331
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$
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581
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$
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1,298
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Class A
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$
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689
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$
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957
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$
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1,245
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$
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2,063
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Class N
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$
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254
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$
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500
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$
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871
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$
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1,913
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Except for Class N shares, the figures shown above would be the same whether you sold your shares at the end of a period or
kept them. For Class N shares, you would pay the following expenses if you did not redeem your shares:
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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 N
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$
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154
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$
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500
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$
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871
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$
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1,913
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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 20% of the
average value of its portfolio.
INVESTMENTS, RISKS, AND PERFORMANCE
Principal Investment Strategies
Under normal
circumstances, the Fund invests at least 80% of net assets in the common stocks of large- and medium-sized blue chip growth companies. The Funds subadviser,
T. Rowe Price Associates, Inc.
(T. Rowe Price), currently defines
blue chip growth companies to mean firms that, in its view, are well-established in their industries and have the potential for above-average earnings growth. Equity securities may include common stocks, preferred stocks, securities convertible into
common or preferred stock, rights, and warrants. While most assets will be invested in equity securities of U.S. companies, the Fund may also invest up to 20% of its total assets in foreign securities and American Depositary Receipts
(ADRs), including emerging market securities. The Fund may hold a portion of its assets in cash or cash equivalents.
In selecting securities,
T. Rowe Price generally seeks to identify companies with a leading market position,
seasoned management, and strong financial fundamentals. T. Rowe Price believes that solid company fundamentals (with an emphasis on strong growth in earnings per share or operating cash flow)
combined with a positive industry outlook may potentially reward investors with strong investment performance. It is anticipated that some of the companies targeted will have good prospects for dividend growth.
In pursuing its investment objective, T. Rowe Price has the discretion to purchase some securities that do not meet its normal investment criteria, as
described above, when it believes there is an opportunity for substantial appreciation (such as, for example, T. Rowe Price believes a security could increase in value as a result of a change in management, an extraordinary corporate event, a new
product introduction or innovation, or a favorable competitive development). The Fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.
Principal Risks
The following are the Principal Risks of
the Fund. You have the potential to make money by investing in the Fund, but you can also lose money.
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.
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.
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.
S-2
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.
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.
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. Stock market prices in general may decline over short or
extended periods, subjecting the Fund to unpredictable declines in the value of its shares and poor performance. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced
demand for goods or services.
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.
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.
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 Class S shares. The table shows how the Funds average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance (Russell
1000
®
Growth Index) and an additional index that provides a comparison for the Funds returns without regard to investment style. Performance for Class A and Class N shares of the Fund
reflects any applicable sales charge. 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
Class S Shares
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Highest
Quarter:
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1Q 12,
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18.59%
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Lowest Quarter:
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4Q 08,
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24.74%
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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 Class S only. After-tax returns for other classes will vary.
Average Annual Total Returns
(for the periods ended December 31, 2012)
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One
Year
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Five
Years
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Ten
Years
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Class S
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Return Before Taxes
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18.43%
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2.91%
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6.82%
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Return After Taxes on Distributions
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18.38%
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2.89%
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6.78%
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Return After Taxes on Distributions and Sale of Fund Shares
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12.04%
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2.49%
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6.01%
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Class Y
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Return Before Taxes
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18.23%
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2.84%
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6.71%
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Class L
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Return Before Taxes
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18.07%
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2.69%
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6.56%
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Class A
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Return Before Taxes
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11.07%
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1.25%
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5.70%
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Class N
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Return Before Taxes
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16.58%
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2.14%
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6.00%
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Russell 1000 Growth Index (reflects no deduction for fees, expenses, or taxes)
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15.26%
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3.12%
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7.52%
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S&P 500 Index (reflects no deduction for fees, expenses, or taxes)
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16.00%
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1.66%
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7.10%
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S-3
MANAGEMENT
Investment Adviser:
Massachusetts Mutual Life Insurance Company
Subadviser:
T. Rowe Price Associates, Inc.
Portfolio
Manager: Larry J. Puglia, CFA, CPA
is a Vice President at T. Rowe Price. He has managed the Fund since February 2006.
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,
MassMutual 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-4
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