Fund Russell 2000® Value Index

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

QTD YTD

Sector Attribution: Describes how sector weighting decisions affectedreturns by sector.

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

Communication Services 4.20 -0.01 0.10

Consumer Discretionary 8.30 0.12 0.24

Consumer Staples 2.96 0.01 0.42

Energy 7.35 0.00 -0.15

Financials 26.26 -0.47 -0.96

Health Care 6.25 0.39 0.70

Industrials 11.38 -0.42 -1.51

Information Technology 9.48 -0.43 -0.11

Materials 4.74 -0.11 -0.12

Real Estate 9.74 -0.09 -0.30

Utilities 6.14 -0.04 -0.17

Cash 2.77 0.47 0.50

Tota l 99.57 -0 .58 -1 .36

Quarterly Portfolio Commentary:

Alpha Lyons, CFA Investment DirectorInvestment Experience: 7 Years

HIGHLIGHTS • The Russell 2000® Value Index posted negative results for the quarter,but outperformed the Russell 2000® Growth Index• All sectors in the benchmark delivered negative returns for the quarter,though more defensive sectors, such as utilities and consumer staples,held up better than the broad benchmark• Sector allocation detracted marginally from performance due tooverweight positions in the energy, health care, and materials sectors• Stock selection in the financials, industrials and informationtechnology sectors dragged on performance for the quarter.

Fund Objective: The Fund seeks to achieve long-term growth of capital by investing primarily in a diversified portfolio of equity securities of smallercompanies.

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

R5 SHARE CLASS TICKER: MSVSX

As of 12/31/2018

MassMutual Select Small Company Value FundInvesco Advisers, Inc. | T. Rowe Price Associates, Inc. | Federated Clover Investment Advisors

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*Sector Weighting may not add to 100% due to securities that are not classified according to a specific sector.

Quarterly Portfolio Commentary

The Russell 2000® Value Index posted negative results for the quarter. It lagged the higher market capitalization indexes, but outperformed its smallgrowth counterpart. However, for the full year, small cap value equities underperformed all other major equity indexes. Defensive industries, whichinclude more value-oriented sectors, such as consumer staples and utilities, lagged behind the more cyclical sectors for most of the year This reversed inthe fourth quarter. The utilities sector, which was the best performing sector in the quarter, ended the quarter and the year –down 2.3%. The next bestperforming consumer staples sector ended –down 14%. The worst performing energy sector ended – down 41%. The financials sector, which closed down16%, was the worst overall detractor to relative performance and accounted for nearly 4.5% of the benchmark’s total decline. Only the utilities sectordelivered positive results in the small cap value index for the year.

Weak stock selection weighed on relative results for the quarter. Stock selection in the financials, industrials and information technology sectorsdetracted from performance. In the financials sector, exposure to Chemical Financial Corporation dragged the most. The bank sold off more aggressivelythan other banks in the quarter. Dycom Industries and Welbit detracted the most in the industrials sector. Dycom shares declined after the companyreported lower year over year adjusted earnings per share. Welbit declined after announcing lower earnings with declining margins from freight costs andtariffs on raw materials. In the information technology sector, selection in several names hurt performance including TTM Technologies, Conduent,Belden, and Unisys. Looking at the full calendar year, stock selection was the primary detractor from Fund performance. For the quarter, stock selectionin the financials and industrials sectors hurt performance. Many of the quarter’s detracting securities also proved to be major detractors over the year.

Sector allocations also detracted marginally from relative performance in the quarter. Overweights to the energy, health care, and materials sectors,which were the three worst performing sectors in the quarter, held back relative performance. However, for the year, sector allocations provided amarginal performance lift led by an overweight to the communication services sector. From an industry perspective, overweights to the health careequipment and services and oil, gas and consumable fuels industries helped relative returns. On the downside, within the industrials sector, exposures tomachinery and road and rail industries detracted from returns in both the quarter and year. While not an active investment decision, the portfolio’s cashexposure also helped over both periods with the index declines. From a positioning perspective, the Fund ended the quarter with increased exposure in the information technology, real estate and utilities sectors withoffsetting decreases in the financials, industrials and energy sectors. Relative to the index, the Fund holds overweight exposures in the health care andenergy sectors with underweight exposures to the financials, real estate and industrials sectors.

TICKER: MSVSX Inception: 12/31/2001Morningstar Category: Small Cap Value

Average Annual Total Return

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

MassMutual Select Small Company Val R5 -19.40% -15.19% -15.19% 5.52% 2.67% 10.24%

Russell 2000® Value Index -18.67% -12.86% -12.86% 7.37% 3.61% 10.40%

Category Average Returns -- -- 8.41% 13.75% 8.36% 10.03%

Category Rank -- -- 49 39 40 65

# of Funds in Category -- -- 415 362 317 226

Performance shown is for class R5 shares. Gross expenses = 1.05%, Net expense = 1.05%. Max Sales charge for R5 is 0%Performance shown is past performance. Past performance does not guarantee future results . You can lose money, includingloss of pr incipal , 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.Investment Risks - The Fund’s Princ ipa l R isks include- Cash Position Risk, Convertible Securities Risk, Foreign Investment Risk; Emerging Markets Risk;Currency Risk, Liquidity Risk, Management Risk, Market Risk, Preferred Stock Risk, Real Estate Risk; REIT Risk, Risk of investment in Other Funds andPools, Sector Risk, Smaller and Mid-Cap Company Risk, Valuation Risk, Value Company Risk. Please refer to the summary prospectus (a copy can beobtained by sending an email to fundinfo@massmutual.com) for more information on the specific risks.You cannot invest directly in an index. The Morningstar percenti le ranking is based on the fund’s total-return percenti le rank relat iveto 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 (orleast favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges. ©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.

MassMutual Select Small Company Value Fund

Quarter to Date:

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

AbsoluteReturn*

Portfol ioContr ibut ion

Electro Scientific IndustriesInc 0.08 68.94 0.13

Crocs Inc 0.45 22.03 0.08

Argo Group InternationalHoldings Ltd 0.82 7.08 0.05

Spirit Airlines Inc 0.30 23.31 0.05

Dorman Products Inc 0.27 17.03 0.04

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

AbsoluteReturn*

Portfol ioContr ibut ion

Chemical Financial Corp 1.04 -30.91 -0.34

Vonage Holdings Corp 0.69 -38.35 -0.29

Callon Petroleum Co 0.53 -45.87 -0.27

IBERIABANK Corp 1.19 -20.48 -0.25

Hancock Whitney Corp 0.91 -26.61 -0.24

Year to Date:

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

AbsoluteReturn*

Portfol ioContr ibut ion

Crocs Inc 0.51 105.54 0.40

Weight WatchersInternational Inc 0.19 74.77 0.30

Argo Group InternationalHoldings Ltd 0.73 27.59 0.18

CareDx Inc 0.10 90.02 0.17

Green Dot Corp 0.49 31.96 0.15

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

AbsoluteReturn*

Portfol ioContr ibut ion

Chemical Financial Corp 1.03 -29.89 -0.35

Dycom Industries Inc 0.49 -51.50 -0.34

Ferroglobe PLC 0.20 -89.81 -0.32

Hancock Whitney Corp 0.48 -33.07 -0.31

US Silica Holdings Inc 0.31 -68.32 -0.30

RS9093b 418 RS-45380-02

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.

© 2019 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 Small Company Value Fund

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