Fund MSCI EAFE 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 4.45 -0.78 -0.78

Consumer Discretionary 13.59 -0.91 -0.91

Consumer Staples 10.84 -0.17 -0.17

Energy 1.97 -0.05 -0.05

Financials 18.37 -0.76 -0.76

Health Care 12.74 0.00 0.00

Industrials 17.31 -0.25 -0.25

Information Technology 8.36 -0.20 -0.20

Materials 7.15 -0.44 -0.44

Real Estate 0.00 0.16 0.16

Utilities 0.70 -0.45 -0.45

Cash 1.80 0.44 0.44

Quarterly Portfolio Commentary:

Michael Friedman, CFA Investment DirectorInvestment Experience: 19 Years

HIGHLIGHTS• International markets declined precipitously on the back of the chaoscaused by COVID-19.• Every sector in the MSCI EAFE® Index generated negativeperformance in the quarter though defensive sectors, such as healthcare and utilities, significantly outperformed the more economically-sensitive sectors.• Overall sector selection performed in-line with the MSCI EAFE Index.• The Fund underperformed its peer group and the benchmark due tounfavorable stock selection, particularly in consumer discretionary,financials and communication services. • There were no discernable trends from a regional perspective. Everycountry in the Index underperformed.

Fund Objective: The Fund seeks growth of capital over the long-term by investing in foreign equity securities.

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: MOSZX

As of 03/31/2020

MassMutual Select Overseas FundMassachusetts Financial Services Company | Harris Associates L.P.

Com

m. Services

Consumer Discr.

Consumer Staples

Energy

Financials

Health Care

Industrials

Information Tech.

Materials

Real Estate

Utilities

Cash

0

5

10

15

20

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

-1.35

-0.90

-0.45

0.00

0.45

Value Added vs. Benchmark (%

)Value Added vs. Benchmark (%

)

Quarterly Portfolio Commentary:

The MSCI EAFE Index declined 22.83% in the quarter. Markets plunged as borders around the world closed and both trade and production came to astandstill. With consumers forced to stay home because of the virus, businesses around the world were forced to close. In the “risk-off” market thatCOVID-19 caused, defensive industries such as health care and utilities were the best performers, significantly outperforming their economicallyinfluenced counterparts, such as financials, industrials, and materials. Energy was the worst-performing sector, down over 36%, as the slowdown thatstarted in China spread throughout the rest of the world, depressing demand for gas and oil. The health care sector was the top performer, withpharmaceuticals leading the group. Other defensive sectors, such as utilities and consumer staples, benefited from the stability and demand for their endproducts.The Fund posted weak returns in the quarter, underperforming both its benchmark and peer group. Stock selection was a significant detractor in thequarter. Positions in consumer discretionary, financials, and materials were among the worst performers. Mining and trading corporation Glencore was themost significant detractor on weak materials prices, while financial services companies Intesa Sanpaolo and BNP Paribas were also significant detractors.An underweight in utilities and overweight in consumer discretionary also detracted from performance.The Fund benefited from its positioning in select sectors. The Fund had no positions in real estate and was significantly underweight the energy space,which were two of the worst performing sectors. The Fund also generated modest outperformance through health care stock selection, as pharma andbiotech companies Roche and Novo Nordisk benefited from demand for health care services. The two were among the leading contributors for thequarter.Regional weighting detracted from the Fund’s performance. In particular, overweights in Canada and Ireland, two of the worst performing countries in theIndex, hurt country-weighting attribution. Likewise, the Fund was significantly underweight Japan, one of the better performing countries in the quarter.The Fund benefited from an underweight positioning in Australia and a slight overweight in Switzerland, which was one of the better performingcountries.While the Fund significantly underperformed during the quarter, management remains optimistic regarding the future of the economy and the Fund.Thus, management remains overweight to economically sensitive sectors and underweight certain defensive sectors.

TICKER: MOSZX Fund Inception: 4/30/2001Morningstar Category: Foreign Large Blend

Average Annual Total Return

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

MassMutual Select Overseas I -26.64% -26.64% -15.98% -2.98% -1.20% 2.88%

MSCI EAFE Index -22.83% -22.83% -14.38% -1.82% -0.62% 2.72%

Category Average Returns -- -- -15.67% -2.74% -1.14% 2.15%

Category Rank -- -- 58 64 55 20

# of Funds in Category -- -- 743 638 503 369

Performance shown is for class I shares. Gross expenses = 0.87%, Net expense = 0.79%. 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 05/01/2001). 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, Derivatives Risk, Equity Securities Risk, Foreign Investment Risk;Emerging Markets Risk; Currency Risk, Geographic Focus Risk, Growth Company Risk, Large Company Risk, Liquidity Risk, Management Risk, Market Risk,Preferred Stock Risk, Sector Risk, Small and Mid-Cap Company Risk, Valuation Risk, and Value Company Risk. Please refer to the summary prospectus (acopy can be obtained by sending an email 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 Overseas 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

Qiagen NV 0.44 23.08 0.08

Roche Holding AG DividendRight Cert. 2.21 3.02 0.06

Novo Nordisk A/S B 1.28 5.03 0.05

SMC Corp 0.04 19.02 0.03

Prosus NV Ordinary Shares -Class N 0.09 -6.35 0.01

 

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

AbsoluteReturn*

Portfol ioContr ibut ion

Glencore PLC 1.50 -50.76 -0.84

Intesa Sanpaolo 2.04 -38.05 -0.78

Rolls-Royce Holdings PLC 1.32 -53.34 -0.77

BNP Paribas 1.35 -49.10 -0.74

Lloyds Banking Group PLC 1.20 -52.08 -0.74

Year to Date:

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

AbsoluteReturn*

Portfol ioContr ibut ion

Qiagen NV 0.44 23.08 0.08

Roche Holding AG DividendRight Cert. 2.21 3.02 0.06

Novo Nordisk A/S B 1.28 5.03 0.05

SMC Corp 0.04 19.02 0.03

Prosus NV Ordinary Shares -Class N 0.09 -6.35 0.01

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

AbsoluteReturn*

Portfol ioContr ibut ion

Glencore PLC 1.50 -50.76 -0.84

Intesa Sanpaolo 2.04 -38.05 -0.78

Rolls-Royce Holdings PLC 1.32 -53.34 -0.77

BNP Paribas 1.35 -49.10 -0.74

Lloyds Banking Group PLC 1.20 -52.08 -0.74

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 Overseas Fund

RS-49176-00

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