Fund Russell 1000® Value Index

Sector Weightings: Defines what % of each sector this fund holdscompared to its benchmark listed here.

QTD YTD

Portfolio Attribution: Describes how fund manager sector and stockweighting decisions affected returns.

Sector Attribution Details: Sector Fund Weight Q T D Y T D

Communication Services 6.56 0.12 0.12

Consumer Discretionary 8.77 -1.03 -1.03

Consumer Staples 2.75 -1.09 -1.09

Energy 8.49 -0.84 -0.84

Financials 22.89 0.08 0.08

Health Care 13.65 -0.77 -0.77

Industrials 11.56 -0.30 -0.30

Information Technology 8.22 0.23 0.23

Materials 5.37 0.08 0.08

Real Estate 2.40 -0.09 -0.09

Utilities 5.12 -0.50 -0.50

Cash 1.43 0.73 0.73

Quarterly Portfolio Commentary:

Laurie Goodreau, CFA Investment DirectorInvestment Experience: 28 Years

HIGHLIGHTS• U.S. equity indexes plunged during the quarter amidst fear anduncertainty surrounding the outbreak of the corona pandemic.• The Russell 1000® Value Index posted negative results across all 11economic sectors.• Within the benchmark, defensive stocks led cyclical stocks. The large-cap value asset category led the mid-cap value and small-cap valuepeers. • Active large-cap value managers were in-line with passive indexes asthe Morningstar US Large Value Category performance mirrored theRussell 1000 Value Index.• The Fund underperformed its peer group median and the benchmarkdue to unfavorable stock selection and allocation decisions. • The Fund has outperformed its benchmark one out of the last threequarters.

Fund Objective: The Fund seeks long-term total return.

These materials and the platform of investments made available by MassMutual are offered without regard to the individualized needs of any plan, itsparticipants, or beneficiaries. These materials are not intended as impartial investment advice or to give advice in a fiduciary capacity to any plan.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Quarterly Review

I SHARE CLASS TICKER: MFUZX

As of 03/31/2020

MassMutual Select Fundamental Value FundBoston Partners Global Investors, Inc | Barrow, Hanley, Mewhinney & Strauss, LLC

Com

m. Services

Consumer Discr.

Consumer Staples

Energy

Financials

Health Care

Industrials

Information Tech.

Materials

Real Estate

Utilities

Cash

0

6

12

18

24

Percent of P

ortfolio

Percent of P

ortfolio

Com

m. Services

Consumer Discr.

Consumer Staples

Energy

Financials

Health Care

Industrials

Information Tech.

Materials

Real Estate

Utilities

Cash

-1.2

-0.6

0.0

0.6

1.2

Value Added vs. Benchmark (%

)Value Added vs. Benchmark (%

)

Quarterly Portfolio Commentary:

The Russell 1000 Value Index ended the first quarter of the year down 26.7%, erasing the entire gains of 2019. Investment returns plunged across alleconomic sectors as the COVID-19 pandemic quickly spread across the globe, forcing non-essential businesses to close and the labor force to be senthome to work or were laid off. The hardest hit areas in the value index included the energy, consumer discretionary and the financials sectors. Energy wasthe worst performing sector off nearly 51%. This was a result of decreased demand and the ongoing price wars which maintained the imbalance betweensupply and demand. Within consumer discretionary, travel stocks - hotels, cruise lines and leisure - were the hardest hit. The low interest rate environmentalso pressured spreads on loan business in the banking industry and premium received in the capital markets. Insurance companies faced increaseduncertainties in claims. Defensive stocks were the most resilient. Consumer staple stocks, specifically household products, detracted the least as peoplestocked up on cleaning supplies, sanitizers and other necessary items to bunker down. Within health care sector, pharmaceutical and biotechnologycompanies turned their attention to vaccines and acute medical needs.The Fund posted dismal results amidst the COVID-19 pandemic in the quarter, underperforming the Russell 1000 Value Index. The Fund is broadlydiversified, which had proven beneficial over the past year, since the market has not had clear leadership among sectors until the recent quarter whendefensive sectors were clearly more resilient. Management’s process, driven by low valuations and business momentum with attention toward dividendpaying stocks, was not valued in the quarter. The Fund experienced negative results across all economic sectors as COVID-19 shed uncertainty and fear onall areas of the market. In the first quarter of 2020, the Fund’s relative underperformance resulted from allocation and stock selection decisions. Sector allocation hindered results during the quarter driven predominately from an underweight to the consumer staples sector as high valuationscontinued into the quarter making investment less opportunistic for low valuation managers. The Fund also had an overweight to the consumerdiscretionary sector, which was the second hardest hit area due to the pandemic. Consumer spending came under distress as travel was suspended andpublic gatherings were shut down. Airline, hotels, cruise lines, leisure and entertainment stocks plunged. Finally, the Fund carried an overweight throughmuch of the quarter in energy stocks. These positions within the portfolio were built up in 2019 to invest in the benefits of the Clean Fuel Act of 2020.Unfortunately, the benefits were overshadowed when demand turned south as the labor force was sent home to work or were laid off to shelter from thepandemic, coupled with a vast slow-down in travel. Fund management’s stock selection decisions were unfavorable relative to the index during the quarter. During a difficult environment for companies toinvest capital in projects and grow the business, they instead found themselves laying off employees and conserving capital. Stocks that held up better inthe quarter were centered around biotechnology, pharmaceuticals, software, grocery and household products. Business fundamentals didn’t matter in thequarter, but rather products that could best service the needs to battle the COVID-19 pandemic. The portfolio bore the most pain from stock selectionwithin the consumer discretionary sector. Fund management had been employing a theme centered around the consumer and investing in areas that wereexperiencing increased demand. Stocks like Southwest, MGM Resorts, Norwegian Cruise Lines, Royal Caribbean Cruises and Wynn Resorts stood tobenefit from this experience. Instead experienced deterioration in valuations as travel and gatherings were shut down for the prevention of furtherspreading the pandemic.Fund management is very cautious on the outlook given the massive and sudden drop in economic activity. The Fund ended the quarter with anoverweight allocation to the industrials, materials and technology sectors and with an underweight allocation to the consumer staples, real estate andcommunication services sectors.

TICKER: MFUZX Fund Inception: 12/31/2001Morningstar Category: Large Cap Value

Average Annual Total Return

Q T D Y T D 1 Year 3 Year 5 Year 10 year

MassMutual Select Fundamental Value I -29.97% -29.97% -21.28% -5.03% -0.64% 5.82%

Russell 1000® Value Index -26.73% -26.73% -17.17% -2.18% 1.90% 7.67%

Category Average Returns -- -- -17.73% -2.11% 1.42% 6.89%

Category Rank -- -- 77 86 84 79

# of Funds in Category -- -- 1212 1107 957 703 Performance shown is for class I shares. Gross expenses = 0.64%, Net expense = 0.64%. Max Sales charge for I is 0.00%Performance shown is past performance. Past performance does not guarantee future results . You can lose money, includingloss of principal , by invest ing in this fund. Investors should careful ly consider investment objectives, r isks , charges andexpenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can beobtained from www.massmutualfunds.com and should be read careful ly before invest ing. A l ist of the Fund’s holdings can alsobe obtained from www.massmutualfunds.com. Current performance may be lower or higher than return data quoted herein. Formore current information, including month-end performance, please cal l 1-866-444-2601. You cannot invest directly in an index.Pre-Inception Returns - The inception date listed is that of the oldest share class of the Fund. Performance shown subsequent to the inception date

is the actual performance of the share class. Other share classes of the investment itself have existed longer, which accounts for any pre-inceptionperformance shown. The pre-inception performance of Class I for the periods prior to its inception date of (11/15/2010) is based on the performance of anolder share class, Class R5, using the expenses and fees of Class R5 (inception date 12/31/2001). If the expenses of the newer share class was used ratherthan the expenses of the old share class (due to lower expenses of the new share class), it would have resulted in better performance.The Fund’s Princ ipa l R isks include- Cash Position Risk, Convertible Securities Risk, Equity Securities Risk, Foreign Investment Risk; Emerging MarketsRisk; Currency Risk, Large Company Risk, Liquidity Risk, Management Risk, Market Risk, Preferred Stock Risk, Restricted Securities Risk, Sector Risk,Small and Mid-Cap Company Risk, Valuation Risk, Value Company Risk. Please refer to the summary prospectus (a copy can be obtained by sending anemail to fundinfo@massmutual.com) for more information on the specific risks.The Morningstar percenti le ranking is based on the fund’s total-return percenti le rank relat ive to al l funds that have the same

category for the same t ime period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%.Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges. © 2020 Morningstar, Inc. All RightsReserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) isnot warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from anyuse of this information.

MassMutual Select Fundamental Value Fund

1

2

1

2

Quarter to Date:

Top 5 Contributors F u n dW e i g h t

AbsoluteReturn*

Portfol ioContr ibut ion

NortonLifeLock Inc 0.25 19.61 0.07

E*TRADE Financial Corp 0.15 17.59 0.05

Cisco Systems Inc 0.06 6.10 0.02

AMETEK Inc 0.02 4.36 0.02

Novartis AG ADR 0.05 7.15 0.02

 

Top 5 Detractors F u n dW e i g h t

AbsoluteReturn*

Portfol ioContr ibut ion

Wells Fargo & Co 2.04 -46.09 -1.05

Valero Energy Corp 1.65 -51.00 -0.99

JPMorgan Chase & Co 2.77 -35.00 -0.98

Bank of America Corp 2.05 -39.32 -0.86

United Technologies Corp 2.07 -36.71 -0.75

Year to Date:

Top 5 Contributors F u n dW e i g h t

AbsoluteReturn*

Portfol ioContr ibut ion

NortonLifeLock Inc 0.25 19.61 0.07

E*TRADE Financial Corp 0.15 17.59 0.05

Cisco Systems Inc 0.06 6.10 0.02

AMETEK Inc 0.02 4.36 0.02

Novartis AG ADR 0.05 7.15 0.02

Top 5 Detractors F u n dW e i g h t

AbsoluteReturn*

Portfol ioContr ibut ion

Wells Fargo & Co 2.04 -46.09 -1.05

Valero Energy Corp 1.65 -51.00 -0.99

JPMorgan Chase & Co 2.77 -35.00 -0.98

Bank of America Corp 2.05 -39.32 -0.86

United Technologies Corp 2.07 -36.71 -0.75

RS9093b

Portfolio Holdings:

 Fund Weightings are shown as an average for the time period.*Absolute Return is the return that an asset achieves over a certain period of time. This measure looks at the appreciation or depreciation (expressed as apercentage) that a holding achieves over a given period of time.For a complete listing of fund holdings, visit massmutualfunds.com or please call 1-866-444-2601. The mention of individual stocks and other securities inthis document does not constitute investment advice.

© 2020 Massachusetts Mutual Life Insurance Company (MassMutual® ), Springfield, MA. All rights reserved. www.MassMutual.com Principal Underwriter:MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org) MMLD is a subsidiary of Massachusetts Mutual LifeInsurance Company, 100 Bright Meadow Blvd., Enfield, CT 06082. Investment advisory services provided to the Funds by MML Investment Advisers, LLC.

MassMutual Select Fundamental Value Fund

RS-49214-00

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