Mutual Fund Summary Prospectus (497k)
April 05 2013 - 4:40PM
Edgar (US Regulatory)
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Summary Prospectus
April 1, 2013
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MassMutual Select Funds
MassMutual Select Focused Value Fund
Ticker:
Class SMFVSX, Class YMMFYX, Class LMMFVX, Class AMFVAX, Class NMFVNX, Class ZMFVZX
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 Z
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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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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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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 Z
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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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.69%
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.69%
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.69%
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.69%
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.69%
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.69%
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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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None
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.25%
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.50%
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Other Expenses
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.10%
(1)
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.21%
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.31%
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.46%
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.46%
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.51%
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Total Annual Fund Operating Expenses
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.79%
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.90%
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1.00%
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1.15%
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1.40%
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1.70%
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Fee Waiver
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(.10%)
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(.10%)
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(.10%)
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(.10%)
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(.10%)
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(.10%)
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Total Annual Fund Operating Expenses after Fee Waiver
(2)
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.69%
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.80%
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.90%
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1.05%
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1.30%
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1.60%
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(1)
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Other Expenses have been restated to reflect current fees.
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(2)
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The expenses in the above table reflect a written agreement by MassMutual to waive .10% of the management fees of the Fund through March 31, 2014. 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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S-1
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
$10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your
investment earns a 5% return each year and that the Funds operating expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class Z
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$
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70
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$
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242
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$
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429
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$
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969
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Class S
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$
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82
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$
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277
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$
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489
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$
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1,099
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Class Y
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$
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92
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$
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308
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$
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543
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$
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1,216
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Class L
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$
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107
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$
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355
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$
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623
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$
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1,389
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Class A
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$
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700
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$
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983
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$
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1,288
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$
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2,150
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Class N
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$
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263
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$
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526
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$
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914
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$
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2,000
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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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163
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$
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526
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$
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914
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$
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2,000
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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 30% of the
average value of its portfolio.
INVESTMENTS, RISKS, AND PERFORMANCE
Principal Investment Strategies
The Fund invests
primarily in equity securities of U.S. companies that the Funds subadviser,
Harris
Associates L.P.
(Harris), believes are undervalued. Equity securities may include common stocks, preferred stocks, securities
convertible into common or preferred stocks, rights, and warrants, of issuers of any size. The Fund typically invests most of its assets in equity securities of U.S. companies, but may invest in foreign securities and American Depositary
Receipts (ADRs), including emerging market securities. The Fund generally will not invest more than 25% of its total assets in foreign securities, and will not invest more than 5% of
its total assets in emerging market securities. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund is non-diversified, which means that it may hold larger positions in a smaller number of stocks than a diversified fund.
In selecting equity investments for the Fund, Harris uses a value investment philosophy. This investment philosophy is based upon the belief that, over
time, a companys stock price converges with the companys intrinsic or true business value. Harris seeks to identify companies that it believes have discounted stock prices compared to the companies true business values. By
true business value, Harris means an estimate of the price a knowledgeable buyer would pay to acquire the entire business. Harris usually sells a stock when the price approaches its estimated worth. This means that Harris sets specific
buy and sell targets for each stock held by the Fund. Harris also monitors each holding and adjusts those price targets as warranted to reflect changes in a companys fundamentals.
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
S-2
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.
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.
Non-Diversification Risk
Because the Fund may invest its assets in a more limited number of issuers than a diversified fund, a decline in the
market value of a particular security may affect the Funds value more than if the Fund were diversified.
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.
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.
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.
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
(or 1 year and since inception for Class Z shares) compare with those of a broad measure of market performance. 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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3Q 09,
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27.48%
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Lowest
Quarter:
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4Q 08,
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26.95%
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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.
S-3
Average Annual Total Returns
(for the periods ended December 31, 2012)
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One
Year
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Since
Inception
(11/15/10)
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Class Z
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Return Before
Taxes
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21.28%
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11.59%
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Russell 1000 Index (reflects no deduction for fees, expenses, or taxes)
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16.42%
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10.87%
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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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21.17%
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6.57%
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11.04%
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Return After Taxes on Distributions
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19.43%
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5.93%
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9.88%
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Return After Taxes on Distributions
and Sale of Fund Shares
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15.50%
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5.53%
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9.44%
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Class Y
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Return Before
Taxes
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21.03%
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6.47%
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10.93%
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Class L
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Return Before
Taxes
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20.82%
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6.29%
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10.76%
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Class A
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Return Before
Taxes
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13.62%
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4.78%
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9.83%
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Class N
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Return Before
Taxes
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19.13%
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5.71%
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10.15%
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Russell 1000 Index
(reflects no deduction for fees, expenses, or taxes)
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16.42%
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1.92%
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7.52%
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MANAGEMENT
Investment Adviser:
Massachusetts Mutual Life Insurance Company
Subadviser:
Harris Associates L.P.
Portfolio
Managers:
Robert M. Levy, CFA
is the Chairman and Chief Investment Officer, Domestic Equity at Harris. He has managed the Fund
since its inception.
Michael J. Mangan, CFA, CPA
is a Portfolio Manager at Harris. He has managed the Fund since January 2007.
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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