Strategy. Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large cap companies. The Funds subadviser, T. Rowe Price Associates, Inc. (T. Rowe Price), currently defines large cap companies as those whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the S&P 500 Index or the Russell 1000 Index (as of December 31, 2024, between $351.61 million and $3.81 trillion). The Fund may invest up to 20% of its net assets in companies whose market capitalizations at the time of investment are outside of that capitalization range. Equity securities may include common … Show more… Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large cap companies. The Funds subadviser, T. Rowe Price Associates, Inc. (T. Rowe Price), currently defines large cap companies as those whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the S&P 500 Index or the Russell 1000 Index (as of December 31, 2024, between $351.61 million and $3.81 trillion). The Fund may invest up to 20% of its net assets in companies whose market capitalizations at the time of investment are outside of that capitalization range. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stock, rights, warrants, and real estate investment trusts (REITs). The Fund typically invests most of its assets in common stocks of U.S. companies, but may invest up to 30% of its total assets in foreign securities and American Depositary Receipts (ADRs), including emerging market securities. The Fund may at times invest a substantial portion of its assets in obligations of issuers in one or more market, economic, or industry sectors. The Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivatives, for hedging purposes, to adjust various portfolio characteristics, or as a substitute for direct investments in securities. Such derivatives may include futures contracts, swaps, and options. The Fund may also, but will not necessarily, engage in foreign currency transactions, including forward contracts, options on currencies, futures contracts, and swap contracts, to seek to hedge or to attempt to protect against adverse changes in currency exchange rates or otherwise to adjust the currency exposures within the Funds portfolio. Use of derivatives by the Fund may create investment leverage. The Funds investments may include holdings in privately held companies and companies that only recently began to trade publicly. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund expects to allocate a portion of its assets to a passively managed strategy that uses a full replication approach to invest substantially all of the strategys assets in all of the stocks in the strategys index in proportion to each stocks weighting in the index. As of the date of this Prospectus, the relevant index for this passively managed strategy was the S&P 500 Index * . Because a portion of the Funds investments passively track the index, the Fund will be exposed to index fund risk. The Funds holdings will be widely diversified by industry and issuer. T. Rowe Price may employ a growth or value approach in selecting investments. For example, T. Rowe Price may seek to identify companies whose price/earnings ratios are attractive relative to the underlying earnings growth rates (e.g., emerging growth companies) and/or companies that appear to be undervalued by various measures and may be temporarily out of favor but have good prospects for capital appreciation. T. Rowe Price generally looks for companies with one or more of the following: strong cash flow; an above-average rate of earnings growth; the ability to sustain earnings momentum during economic downturns; occupation of a lucrative ? * The S&P 500 Index is a product of S&P Dow Jones Indices LLC or its affiliates (SPDJI), and has been licensed for use by MassMutual. S&P , S&P 500 , US 500, The 500, iBoxx , iTraxx and CDX are trademarks of S&P Global, Inc. or its affiliates (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index. ? niche in the economy and the ability to expand even during times of slow economic growth; low price/earnings, price/book value, price/sales, or price/cash flow ratios relative to the S&P 500 Index, a companys peers, or a companys own historical norm; low stock price relative to a companys underlying asset values; companies that may benefit from restructuring activity and/or a sound balance sheet and other positive financial characteristics; and a seasoned management team with a track record of providing superior financial results. In pursuing the Funds investment objective, T. Rowe Price has the discretion to purchase some securities that do not meet its normal investment criteria 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). T. Rowe Price may sell assets for a variety of reasons, including in response to a change in the original investment considerations or to limit losses, adjust the characteristics of the overall portfolio, or redeploy assets into different opportunities. The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate. Show less