MassMutual Select Funds

Transcription

1 MassMutual Select Funds Prospectus Inside Multiclass Shares, April 1, 2015

2 This Prospectus describes the following Funds: Fund Name I R5 MASSMUTUAL SELECT FUNDS Service Administrative A R4 R3 MassMutual Select Total Return Bond Fund MSPZX MSPSX MSPHX MSPLX MPTRX MSPGX MSPNX MassMutual Select Strategic Bond Fund MSBZX MBSSX MBSYX MSBLX MSBAX MSBRX MSBNX MassMutual Select BlackRock Global Allocation Fund MGJIX MGSSX MGSYX MGSLX MGJAX MGJFX MGJRX MassMutual Select Diversified Value Fund MDDIX MDVSX MDVYX MDDLX MDDAX MDDRX MDVNX MassMutual Select Fundamental Value Fund MFUZX MVUSX MFUYX MFULX MFUAX MFUFX MFUNX MassMutual Select Large Cap Value Fund MLVZX MLVSX MMLYX MLVLX MMLAX MLVFX MLVNX MM S&P 500 Index Fund MMIZX MIEZX MMIEX MIEYX MMFFX MIEAX MMINX MassMutual Select Focused Value Fund MFVZX MFVSX MMFYX MMFVX MFVAX MFVFX MFVNX MassMutual Select Fundamental Growth Fund MOTZX MOTCX MOTYX MOTLX MOTAX MFGFX MOTNX MassMutual Select Blue Chip Growth Fund MBCZX MBCSX MBCYX MBCLX MBCGX MBGFX MBCNX MassMutual Select Growth Opportunities Fund MMAZX MGRSX MAGYX MAGLX MMAAX MMGFX MMANX MassMutual Select Mid-Cap Value Fund MLUZX MLUSX MLUYX MLULX MLUAX MLUFX MLUNX MassMutual Select Small Cap Value Equity Fund MMQIX MMQSX MMQYX MMQLX MMQAX MMQFX MMQTX MassMutual Select Small Company Value Fund MSVZX MSVSX MMVYX MMYLX MMYAX MMVFX MSVNX MM S&P Mid Cap Index Fund MDKZX MDKIX MDKSX MDKYX MDKAX MDKFX MDKTX MM Russell 2000 Small Cap Index Fund MCJZX MCJIX MCJSX MCJYX MCJAX MCJFX MCJTX MassMutual Select Mid Cap Growth Equity II Fund MEFZX MGRFX MEFYX MMELX MEFAX MEFFX MEFNX MassMutual Select Small Cap Growth Equity Fund MSGZX MSGSX MSCYX MSGLX MMGEX MSERX MSGNX MassMutual Select Small Company Growth Fund MRWIX MSCSX MMCYX MMCLX MRWAX MRWFX MRWTX MassMutual Select Diversified International Fund MMZIX MMZSX MMZYX MMZLX MMZAX MMZFX MMZTX MM MSCI EAFE International Index Fund MKRZX MKRIX MKRSX MKRYX MKRAX MKRFX MKRTX MassMutual Select Overseas Fund MOSZX MOSSX MOSYX MOSLX MOSAX MOSFX MOSNX The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any statement to the contrary is a crime. PROSPECTUS April 1,

3 MASSMUTUAL SELECT FUNDS MassMutual Select Small Company Value Fund Supplement dated December 14, 2015 to the Prospectus dated April 1, 2015 and the Summary Prospectus dated April 1, 2015 This supplement provides new and additional information beyond that contained in the Prospectus and Summary Prospectus and any previous supplements. It should be retained and read in conjunction with the Prospectus and Summary Prospectus and any previous supplements. The following information pertains to the Small Company Value Fund: Effective immediately, the information for Lawrence R. Creatura under the heading Portfolio Managers in the section titled Management (page 69 in the Prospectus) and under the heading Subadvisers and Portfolio Managers in the section titled Management of the Funds on page 125 of the Prospectus is hereby deleted. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE B3001M SCV 15-01

4 MASSMUTUAL SELECT FUNDS MassMutual Select Small Company Growth Fund Supplement dated October 1, 2015 to the Prospectus dated April 1, 2015 and the Summary Prospectus dated April 1, 2015 This supplement provides new and additional information beyond that contained in the Prospectus and Summary Prospectus and any previous supplements. It should be retained and read in conjunction with the Prospectus and Summary Prospectus and any previous supplements. The following information pertains to the Small Company Growth Fund: Effective September 28, 2015 (the Termination Date ), the Small Company Growth Fund (the Fund ) was dissolved pursuant to a Plan of Liquidation and Termination approved by the Board of Trustees of the MassMutual Select Funds. Shareholders of the various classes of shares of the Fund received proceeds in proportion to the number of shares of such class held by each of them on the Termination Date. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE B3001M SCG 15-03

5 MASSMUTUAL SELECT FUNDS Supplement dated September 30, 2015 to the Prospectus dated April 1, 2015 This supplement provides new and additional information beyond that contained in the Prospectus and any previous supplements. It should be retained and read in conjunction with the Prospectus and any previous supplements. Effective September 30, 2015, Waddell & Reed Investment Management Company ( Waddell & Reed ) was removed as co-subadviser to the Small Cap Growth Equity Fund therefore all references to Waddell & Reed in the Prospectus are hereby deleted. Effective immediately, the following information replaces the last sentence in the first paragraph on page 52 under Principal Investment Strategies for the Select Growth Opportunities Fund. Note that although the Fund was originally registered as a non-diversified fund, under a position of the SEC, the Fund is currently required to operate as a diversified fund and will not operate as a non-diversified fund in the future until it obtains any necessary shareholder approval. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE B3001M 15-07

6 MASSMUTUAL SELECT FUNDS Supplement dated September 18, 2015 to the Prospectus dated April 1, 2015 This supplement provides new and additional information beyond that contained in the Prospectus and any previous supplements. It should be retained and read in conjunction with the Prospectus and any previous supplements. Important Notice Regarding Change in Investment Policy The 80% test relating the name of the Mid-Cap Value Fund (the Fund ) to its principal investments, as required by Rule 35d-1 under the Investment Company Act, has been modified as described below. The change will take effect no earlier than 60 days from the date of this supplement as described below. On or about November 17, 2015, the following information will replace similar information found in the Supplement dated September 9, 2015, which previously replaced the information for the Mid-Cap Value Fund found in the first paragraph under the heading Principal Investment Strategies on pages 56-57: The Fund invests primarily in equity securities of mid-capitalization companies that the subadvisers believe are undervalued. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stock, stock futures contracts, stock index futures contracts, rights, and warrants. Under normal circumstances, the Fund invests at least 80% of its net assets in the stocks of mid-cap companies. The subadvisers currently define mid-cap companies as those whose market capitalizations at the time of purchase are between $500 million and $40 billion. The Fund typically invests most of its assets in equity securities of U.S. companies, but may gain exposure to non-u.s. issuers, including emerging markets issuers, through the purchase of foreign securities and American Depositary Receipts ( ADRs ). The Fund may also invest a portion of its assets in real estate investment trusts ( REITs ). The Fund may use futures contracts as a substitute for direct investments in equity securities. The Fund may but will not necessarily engage in foreign currency forward contracts to attempt to protect against adverse changes in currency exchange rates. Use of derivatives by the Fund may create investment leverage. The Fund may invest a portion of its assets in debt securities of companies and debt obligations of governments and their agencies, and other similar securities. The Fund may hold a portion of its assets in cash or cash equivalents. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE B3001M-15-06

7 MASSMUTUAL SELECT FUNDS Supplement dated September 9, 2015 to the Prospectus dated April 1, 2015 This supplement provides new and additional information beyond that contained in the Prospectus and any previous supplements. It should be retained and read in conjunction with the Prospectus and any previous supplements. Effective September 9, 2015, American Century Investment Management, Inc. ( American Century ) replaced NFJ Investment Group LLC ( NFJ ) as a co-subadviser to the Mid-Cap Value Fund. Effective September 9, 2015, the following information replaces all of the information for the Mid-Cap Value Fund found on pages under the heading Principal Investment Strategies: The Fund invests primarily in equity securities of mid-capitalization companies that the subadvisers believe are undervalued. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stock, stock futures contracts, stock index futures contracts, rights, and warrants. Under normal circumstances, the Fund invests at least 80% of its net assets in the stocks of mid-cap companies. The subadvisers currently define mid-cap companies as those whose market capitalizations at the time of purchase are between $500 million and $10 billion or fall within the market capitalization range of companies included in the Russell Midcap Value Index (as of January 31, 2015, between $200 million and $32.48 billion). The Fund typically invests most of its assets in equity securities of U.S. companies, but may gain exposure to non-u.s. issuers, including emerging markets issuers, through the purchase of foreign securities and American Depositary Receipts ( ADRs ). The Fund may also invest a portion of its assets in real estate investment trusts ( REITs ). The Fund may use futures contracts as a substitute for direct investments in equity securities. The Fund may but will not necessarily engage in foreign currency forward contracts to attempt to protect against adverse changes in currency exchange rates. Use of derivatives by the Fund may create investment leverage. The Fund may invest a portion of its assets in debt securities of companies and debt obligations of governments and their agencies, and other similar securities. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund is managed by two subadvisers, American Century Investment Management, Inc. ( American Century ) and Systematic Financial Management, L.P. ( Systematic ), each being responsible for a portion of the portfolio, but not necessarily equally weighted. In selecting investments for the Fund, American Century seeks to identify stocks of companies that it believes are undervalued at the time of purchase. American Century attempts to purchase the stocks of these undervalued companies and hold each stock until it has returned to favor in the market and the stock s price has increased to, or is higher than, a level the managers believe more accurately reflects the fair value of the company. Companies may be undervalued due to market declines, poor economic conditions, actual or anticipated bad news regarding the issuer or its industry, or because they have been overlooked by the market. To identify these companies, American Century looks for companies with earnings, cash flows and/or assets that may not be accurately reflected in the companies values, as determined by the managers. The managers also may consider whether the companies securities have a favorable income-paying history and whether income payments are expected to continue or increase. In selecting securities for the Fund, Systematic utilizes a two-prong, bottom-up investment strategy that unifies quantitative screening and fundamental research. Systematic s security selection process generally favors companies with attractive valuation and positive earnings dynamics, and may consider, among other things, a company s financial characteristics, market position, industry position, and management. American Century may sell a stock from the Fund if, for example, in its judgment, a stock no longer meets its valuation criteria, a stock s risk parameters outweigh its return opportunity, more attractive alternatives are identified, or specific events alter a stock s prospects. Systematic generally may consider selling a stock for the Fund if, for example, in its judgment, the stock s price has appreciated to a level that Systematic considers to be the stock s fair value, its analysis leads Systematic to anticipate downward earnings revisions for a company, a company experiences an unexpected earnings announcement, or Systematic identifies other investment opportunities that it believes to be more attractive.

8 The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate. Effective September 9, 2015, the following information supplements the information for the Mid-Cap Value Fund found on pages under the heading Principal Risks: Credit Risk Credit risk is the risk that an issuer, guarantor, or liquidity provider of a fixed income security held by the Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. The Fund may also be exposed to the credit risk of its counterparty to repurchase agreements, reverse repurchase agreements, swap transactions, and other derivatives transactions. The value of such transactions to the Fund will depend on the willingness and ability of the counterparty to perform its obligations, including among other things the obligation to return collateral or margin to the Fund. Derivatives Risk Derivatives can be highly volatile and involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage. Gains or losses from derivatives can be substantially greater than the derivatives original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges. Fixed Income Securities Risk The values of fixed income securities typically will decline during periods of rising interest rates, and can also decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral assets, or changes in market, economic, industry, political, and regulatory conditions affecting a particular type of security or issuer or fixed income securities generally. Certain events, such as market or economic developments, regulatory or government actions, natural disasters, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Fixed income securities are subject to interest rate risk (the risk that the value of a fixed income security will fall when interest rates rise), extension risk (the risk that the average life of a security will be extended through a slowing of principal payments), prepayment risk (the risk that a security will be prepaid and the Fund will be required to reinvest at a less favorable rate), and credit risk. These risks may be heightened due to the current historically low interest rate environment. Sovereign Debt Obligations Risk Investments in debt securities issued by governments or by government agencies and instrumentalities involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. Many sovereign debt obligations may be rated below investment grade ( junk or high yield bonds). Any restructuring of a sovereign debt obligation held by the Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt.

9 Effective September 9, 2015, the following information replaces similar information for the Mid Cap Value Fund found on page 59 under the headings Subadvisers and Portfolio Managers in the section titled Management: Subadvisers: American Century Investment Management, Inc. Systematic Financial Management, L.P. Portfolio Managers: Phillip N. Davidson, CFA is Chief Investment Officer U.S. Value Equity, Senior Vice President, and Senior Portfolio Manager at American Century. He has managed the Fund since September Michael Liss, CFA is a Vice President and Senior Portfolio Manager at American Century. He has managed the Fund since September Kevin Toney, CFA is a Senior Vice President and Senior Portfolio Manager at American Century. He has managed the Fund since September Brian Woglom, CFA is a Vice President and Portfolio Manager at American Century. He has managed the Fund since September Ronald M. Mushock, CFA is a Managing Partner at Systematic and is the Lead Portfolio Manager of Systematic s Mid Cap Portfolios. He has managed the Fund since June D. Kevin McCreesh, CFA is a Managing Partner at Systematic and is Systematic s Chief Investment Officer. He has managed the Fund since June Effective September 9, 2015, the following information replaces the information for NFJ Investment Group LLC found on pages under the heading Subadvisers and Portfolio Managers in the section titled Management of the Funds: American Century Investment Management, Inc. ( American Century ), located at 4500 Main Street, Kansas City, Missouri 64111, manages the investments of the Mid-Cap Value Fund. American Century is a privately held subsidiary of American Century Companies, Inc. As of August 31, 2015, American Century had approximately $144.8 billion in total assets under management. American Century replaced NFJ Investment Group LLC as a co-subadviser of the Mid-Cap Value Fund on September 9, NFJ Investment Group LLC had been a co-subadviser of the Mid-Cap Value Fund since March Phillip N. Davidson, CFA is a portfolio manager of a portion of the Mid-Cap Value Fund, which is managed on a team basis. He is jointly and primarily responsible for the day-to-day management of the Fund. Mr. Davidson is the Chief Investment Officer U.S. Value Equity, Senior Vice President and Senior Portfolio Manager for American Century. He joined American Century in 1993 as a portfolio manager. Michael Liss, CFA is a portfolio manager of a portion of the Mid-Cap Value Fund, which is managed on a team basis. He is jointly and primarily responsible for the day-to-day management of the Fund. Mr. Liss is a Vice President and Senior Portfolio Manager for American Century. Mr. Liss joined American Century in 1998 and became a portfolio manager in 2004.

10 Kevin Toney, CFA is a portfolio manager of a portion of the Mid-Cap Value Fund, which is managed on a team basis. He is jointly and primarily responsible for the day-to-day management of the Fund. Mr. Toney is a Senior Vice President and Senior Portfolio Manager for American Century. Mr. Toney joined American Century in 1999 as an investment analyst and became a portfolio manager in Brian Woglom, CFA is a portfolio manager of a portion of the Mid-Cap Value Fund, which is managed on a team basis. He is jointly and primarily responsible for the day-to-day management of the Fund. Mr. Woglom is a Vice President and Portfolio Manager for American Century. Mr. Woglom joined American Century in 2005 as an investment analyst and became a portfolio manager in PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE B3001M-15-05

11 MASSMUTUAL SELECT FUNDS MassMutual Select Small Company Growth Fund Supplement dated August 31, 2015 to the Prospectus dated April 1, 2015 and the Summary Prospectus dated April 1, 2015 This supplement provides new and additional information beyond that contained in the Prospectus and Summary Prospectus, and any previous supplements. It should be retained and read in conjunction with the Prospectus, Summary Prospectus, and any previous supplements. The following information pertains to the Small Company Growth Fund: Effective September 1, 2015, Montibus Capital Management LLC ( Montibus ) will no longer act as subadviser to the Small Company Growth Fund. In order to achieve its investment objective until it dissolves on or about September 28, 2015, the Small Company Growth Fund s principal investment strategy will be to invest in one or more Exchange-Traded Funds ( ETFs ) that seek to replicate the investment performance of the Small Company Growth Fund s benchmark index, the Russell 2000 Growth Index. Effective September 1, 2015, MML Investment Advisers, LLC, the Small Company Growth Fund s investment adviser, will waive the portion of the Fund s investment management fees that it otherwise would have paid to Montibus. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE B3001M SCG-15-02

12 MASSMUTUAL SELECT FUNDS MassMutual Select Small Cap Growth Equity Fund Supplement dated July 10, 2015 to the Prospectus dated April 1, 2015 This supplement provides new and additional information beyond that contained in the Prospectus, and any previous supplements. It should be retained and read in conjunction with the Prospectus, and any previous supplements. Effective July 7, 2015, OFI Global Institutional, Inc. ( OFI Global ) replaced Montibus Capital Management LLC ( Montibus ) as subadviser to the Small Cap Growth Equity Fund. The following information replaces the information found in the second paragraph under Principal Investment Strategies on page 83 for the Small Cap Growth Equity Fund: The Fund is managed by three subadvisers, Wellington Management Company LLP ( Wellington Management ), Waddell & Reed Investment Management Company ( Waddell & Reed ), and OFI Global Institutional, Inc. ( OFI Global ), each being responsible for a portion of the portfolio, but not necessarily equally weighted. Each subadviser employs a growth-based investment approach and may perform a number of analyses in considering whether to buy or sell a security for the Fund. Wellington Management and Waddell & Reed use a combination of fundamental and quantitative analyses to identify small-cap companies that it believes are experiencing or will experience rapid earnings or revenue growth and OFI Global uses fundamental research to select securities for the Fund s portfolio. A subadviser may consider selling a security for the Fund if, for example, in its judgment, target prices are reached, future upside potential is limited, company fundamentals are no longer attractive, superior purchase candidates are identified, or market capitalization ceilings are exceeded. The following information supplements the information found under Principal Risks on pages 83 and 84 for the Small Cap Growth Equity Fund: Sector Risk The Fund may allocate more of its assets to certain economic, market, or industry sectors than to others. This could increase the volatility of the Fund s portfolio, and the Fund s performance may be more susceptible to developments affecting issuers in those sectors than if the Fund invested more broadly. The information under the heading Subadvisers and under the heading Portfolio Managers relating to the Small Cap Growth Equity Fund found on page 85 in the section titled Management is hereby replaced by the following information: Subadvisers: Wellington Management Company LLP Waddell & Reed Investment Management Company OFI Global Institutional, Inc. Portfolio Managers: Kenneth L. Abrams is a Senior Managing Director and Equity Portfolio Manager at Wellington Management. He has managed the Fund since November Daniel J. Fitzpatrick, CFA is a Managing Director and Equity Research Analyst at Wellington Management. He has managed the Fund since November Steven C. Angeli, CFA is a Senior Managing Director and Equity Portfolio Manager at Wellington Management. He has managed the Fund since April 2004.

13 Mario E. Abularach, CFA is a Senior Managing Director and Equity Research Analyst at Wellington Management. He has managed the Fund since April Stephen Mortimer is a Senior Managing Director and Equity Portfolio Manager at Wellington Management. He has managed the Fund since April Gilbert C. Scott is a Senior Vice President and Portfolio Manager at Waddell & Reed. He has managed the Fund since April Ronald Zibelli, Jr., CFA is a Senior Portfolio Manager at OFI Global. He has managed the Fund since July Ash Shah, CFA is a Portfolio Manager at OFI Global. He has managed the Fund since July The following information replaces the information for Montibus Capital Management LLC found under the heading Subadvisers and Portfolio Managers on page 130 in the section titled Management of the Funds: Montibus Capital Management LLC ( Montibus ), a Delaware limited liability company with principal offices located at 805 SW Broadway, Portland, Oregon 97205, manages the investments of the Small Company Growth Fund. Montibus is an indirect subsidiary of Stifel Financial Corp. Montibus was founded in As of December 31, 2014, Montibus managed approximately $982 million in U.S. small and small/mid cap growth portfolios. Kenneth A. Korngiebel, CFA is the portfolio manager of the Small Company Growth Fund. Mr. Korngiebel is Montibus s Chief Investment Officer and Lead Portfolio Manager. He has been an investment professional since 1996, and joined Montibus at its inception in The following information supplements the information found under the heading Subadvisers and Portfolio Managers on pages in the section titled Management of the Funds: OFI Global Institutional, Inc. ( OFI Global ), located at 225 Liberty Street, 11th Floor, New York, NY 10281, manages a portion of the investments of the Small Cap Growth Equity Fund. OFI Global is a wholly owned subsidiary of OppenheimerFunds, Inc. ( OFI ), a majority owned, indirect subsidiary of MassMutual. As of May 31, 2015, OFI Global had approximately $8.1 billion in assets under management. Ronald Zibelli, Jr., CFA is a co-portfolio manager of a portion of the Small Cap Growth Equity Fund. Mr. Zibelli has been a Senior Portfolio Manager at OFI Global since May Prior to joining OFI Global, he spent six years at Merrill Lynch Investment Managers, during which time he was a Managing Director and Small Cap Growth Team Leader, responsible for managing 11 portfolios. Prior to joining Merrill Lynch Investment Managers, Mr. Zibelli spent 12 years with Chase Manhattan Bank, including two years as Senior Portfolio Manager (U.S. Small Cap Equity) at Chase Asset Management. Ash Shah, CFA is a co-portfolio manager of a portion of the Small Cap Growth Equity Fund. Mr. Shah has been a Senior Portfolio Manager at OFI Global since February Mr. Shah was a Senior Research Analyst of OFI Global from February 2006 to February Prior to joining OFI Global, Mr. Shah was a Vice President and Senior Analyst with Merrill Lynch Investment Managers. Prior to that, he was a Vice President and Senior Analyst for BlackRock Financial Management. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE B3001M-15-03

14 MASSMUTUAL SELECT FUNDS MassMutual Select Small Company Growth Fund Supplement dated July 1, 2015 to the Prospectus dated April 1, 2015 and the Summary Prospectus dated April 1, 2015 This supplement provides new and additional information beyond that contained in the Prospectus and Summary Prospectus, and any previous supplements. It should be retained and read in conjunction with the Prospectus and Summary Prospectus, and any previous supplements. The following information pertains to the Small Company Growth Fund: The Board of Trustees of the MassMutual Select Funds has approved a Plan of Liquidation and Termination pursuant to which it is expected that the Small Company Growth Fund (the Fund ) will be dissolved. Effective on or about September 28, 2015 (the Termination Date ), shareholders of the various classes of shares of the Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date. Please note that prior to the Termination Date, the Fund may hold most or all of its assets in cash or cash equivalents and therefore may not be able to meet its investment objective. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE B3001M SCG-15-01

15 MASSMUTUAL SELECT FUNDS Supplement dated May 12, 2015 to the Prospectus dated April 1, 2015 This supplement provides new and additional information beyond that contained in the Prospectus. It should be retained and read in conjunction with the Prospectus. Effective immediately, the following information under the heading Annual Fund Operating Expenses found on page 48 in the section titled Fees and Expenses of the Fund relating to the Blue Chip Growth Fund is hereby replaced by the following information: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Administrative I R5 Service A R4 R3 Management Fees.63%.63%.63%.63%.63%.63%.63% Distribution and Service (Rule 12b-1) Fees None None None None.25%.25%.50% Other Expenses (1).04%.14%.24%.34%.34%.24%.24% Total Annual Fund Operating Expenses.67%.77%.87%.97% 1.22% 1.12% 1.37% (1) Other Expenses have been restated to reflect current fees. 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 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 Fund s 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: 1 Year 3 Years 5 Years 10 Years I $ 68 $214 $ 373 $ 835 R5 $ 79 $246 $ 428 $ 954 Service $ 89 $278 $ 482 $1,073 Administrative $ 99 $309 $ 536 $1,190 A $692 $940 $1,207 $1,967 R4 $114 $356 $ 617 $1,363 R3 $139 $434 $ 750 $1,646 Effective immediately, the following information replaces similar information relating to the Blue Chip Growth Fund found under the heading Subadvisers and Portfolio Managers on page 132 in the section titled Management of the Funds: T. Rowe Price Associates, Inc. ( T. Rowe Price ), located at 100 East Pratt Street, Baltimore, Maryland 21202, manages a portion of the portfolio of the Blue Chip Growth Fund, Mid Cap Growth Equity II Fund, and Small Company Value Fund. T. Rowe Price, a wholly-owned subsidiary of T. Rowe Price Group, Inc., a publiclytraded financial services holding company, has been managing assets since As of December 31, 2014, T. Rowe Price and its affiliates had approximately $746.8 billion in assets under management.

16 Larry J. Puglia, CFA, CPA is the portfolio manager of a portion of the Blue Chip Growth Fund. Mr. Puglia, investment advisory committee chairman of the T. Rowe Price Blue Chip Growth Fund, has day-to-day responsibility for managing the portfolio and works with the committee in developing and executing the portfolio s investment program. He is a Vice President of T. Rowe Price. Mr. Puglia joined T. Rowe Price in PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE B3001M-15-01

17 Table Of Contents Page About the Funds MassMutual Select Total Return Bond Fund (formerly known as MassMutual Select PIMCO Total Return Fund)... 4 MassMutual Select Strategic Bond Fund MassMutual Select BlackRock Global Allocation Fund MassMutual Select Diversified Value Fund MassMutual Select Fundamental Value Fund MassMutual Select Large Cap Value Fund MM S&P 500 Index Fund MassMutual Select Focused Value Fund MassMutual Select Fundamental Growth Fund MassMutual Select Blue Chip Growth Fund MassMutual Select Growth Opportunities Fund MassMutual Select Mid-Cap Value Fund MassMutual Select Small Cap Value Equity Fund MassMutual Select Small Company Value Fund MM S&P Mid Cap Index Fund MM Russell 2000 Small Cap Index Fund MassMutual Select Mid Cap Growth Equity II Fund MassMutual Select Small Cap Growth Equity Fund MassMutual Select Small Company Growth Fund MassMutual Select Diversified International Fund MM MSCI EAFE International Index Fund MassMutual Select Overseas Fund Additional Information Regarding Investment Objectives and Principal Investment Strategies Disclosure of Portfolio Holdings Additional Information Regarding Principal Risks Management of the Funds Investment Adviser Subadvisers and Portfolio Managers About the es of Shares I, R5, Service, Administrative, A, R4, and R3 Shares Sales Charges by Sales Charge Waivers by Distribution Plans and Payments to Intermediaries Buying, Redeeming, and Exchanging Shares Cost Basis Reporting Frequent Trading Policies Determining Asset Value Taxation and Distributions Financial Highlights Index Descriptions

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19 MassMutual Select Total Return Bond Fund INVESTMENT OBJECTIVE This Fund seeks maximum total return, consistent with preservation of capital and prudent investment management. 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 A shares, you may qualify for sales charge discounts if you 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 beginning on page 137 of the Fund s Prospectus or from your financial professional. Shareholder Fees (fees paid directly from your investment) I R5 Service Administrative A R4 R3 Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) None None None None 4.75% None None Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds) None None None None None None None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) I R5 Service Administrative A R4 R3 Management Fees.35%.35%.35%.35%.35%.35%.35% Distribution and Service (Rule 12b-1) Fees None None None None.25%.25%.50% Other Expenses (1).06%.16%.26%.36%.36%.26%.26% Total Annual Fund Operating Expenses.41%.51%.61%.71%.96%.86% 1.11% Fee Waiver (.05%)(.05%) (.05%) (.05%) (.05%)(.05%) (.05%) Total Annual Fund Operating Expenses after Fee Waiver (2).36%.46%.56%.66%.91%.81% 1.06% (1) Other Expenses have been restated to reflect current fees. (2) The expenses in the above table reflect a written agreement by MML Advisers to waive.05% of the management fees of the Fund through March 31, The agreement can only be terminated by mutual consent of the Board of Trustees on behalf of the Fund and MML Advisers. 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 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 Fund s 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: 1 Year 3 Years 5 Years 10 Years I $ 37 $127 $225 $ 513 R5 $ 47 $159 $280 $ 636 Service $ 57 $190 $335 $ 757 Administrative $ 67 $222 $390 $ 878 A $563 $762 $976 $1,593 R4 $ 83 $269 $472 $1,056 R3 $108 $348 $607 $1,347 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 Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 453% of the average value of its portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody s, BBB- or higher by Standard & Poor s, BBB- or higher by Fitch, or A-2 by S&P, P-2 by Moody s, or F-2 by Fitch for short-term debt obligations, or, if unrated, determined by the Fund s subadviser, Metropolitan West Asset Management, 4

20 LLC ( MetWest ), to be of comparable quality). These typically include bonds, notes, collateralized bond obligations, collateralized debt obligations, mortgage-related and asset-backed securities, municipal securities, private placements, and securities subject to legal restrictions on resale pursuant to Rule 144A. These investments may have interest rates that are fixed, variable, or floating. The Fund invests in securities of varying maturities issued by domestic and foreign corporations and governments (and their agencies and instrumentalities). The subadviser focuses the Fund s portfolio holdings in areas of the bond market (based on quality, sector, coupon, or maturity) that the subadviser believes to be relatively undervalued. The Fund may invest up to 20% of its net assets in below investment grade debt securities ( junk or high yield bonds), including securities in default and bank loans. In the event that a security is downgraded after its purchase by the Fund, the Fund may continue to hold the security if the Fund s subadviser considers doing so would be consistent with the Fund s investment objective. The Fund may invest up to 25% of its total assets in foreign securities that are denominated in U.S. dollars. The Fund may also invest up to 15% of its total assets in foreign securities that are not denominated in U.S. dollars and up to 10% of its total assets in emerging market foreign securities. The Fund may but will not necessarily engage in foreign currency forward transactions to take long or short positions in foreign currencies in order to enhance the Fund s investment return or to attempt to protect against adverse changes in currency exchange rates. In pursuing its investment objective, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivatives, including options, futures contracts, and swap contracts for hedging or investment purposes as a substitute for investing directly in securities or to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund s portfolio. Use of derivatives by the Fund may create investment leverage. The Fund may purchase and sell securities on a when-issued, delayed delivery, or forward commitment basis. The Fund may normally short sell up to 25% of the value of its total assets for hedging or investment purposes. The Fund may also invest in money market securities, including commercial paper. The Fund may enter into repurchase agreement transactions. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund may enter into dollar roll or reverse repurchase agreement transactions. MetWest intends for the Fund s portfolio duration to be between two to eight years. The dollar-weighted average maturity of the Fund s portfolio is expected to range from two to fifteen years. Duration measures the price sensitivity of a bond to changes in interest rates. Duration is the dollar weighted average time to maturity of a bond utilizing the present value of all future cash flows. MetWest employs a value-oriented fixed income management philosophy with a goal of consistently outperforming the portfolio benchmark while maintaining volatility similar to the benchmark. The investment process is predicated on a long-term economic outlook, which is determined by the investment team on a quarterly basis and is reviewed constantly. Investments are characterized by diversification among the sectors of the fixed income marketplace. The investment management team seeks to achieve the desired outperformance through the measured and disciplined application of five fixed income management strategies which include duration management, yield curve positioning, sector allocation, security selection, and opportunistic execution. The first three strategies are top-down in orientation and start with a decision of where within the plus-or-minus one year range around the benchmark the duration should be established. Then comes a determination of how the overall average duration is to be effected with a concentration of intermediate maturity issues or a combination of long- and short-term issues. The relative value decision regarding where to overweight/ underweight sectors, including governments, agencies, corporates, mortgages, or asset-backed securities, is dependent on the current market environment. Bottomup security selection involves the day-to-day fundamental analysis of available bond market opportunities, while execution is characterized by the aggressive and informed negotiation of the prices at which transactions take place. The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate. Principal Risks The following are the Principal Risks of the Fund. The value of your investment in the Fund could go 5

21 down as well as up. You can lose money by investing in the Fund. Bank Loans Risk Bank loans in which the Fund may invest have similar risks to below investment grade debt securities. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Senior secured bank loans are typically supported by collateral; however the value of the collateral may be insufficient to cover the amount owed to the Fund, or the Fund may be prevented or delayed from realizing on the collateral. If the Fund relies on a third party to administer a loan, the Fund is subject to the risk that the third party will fail to perform its obligations. In addition, if the Fund holds only a participation interest in a loan made by a third party, the Fund s receipt of payments on the loan will depend on the third party s willingness and ability to make those payments to the Fund. The settlement time for certain loans is longer than the settlement time for many other types of investments, and the Fund may not receive the payment for a loan sold by it until well after the sale; that cash would be unavailable for payment of redemption proceeds or for reinvestment. Below Investment Grade Debt Securities Risk Below investment grade debt securities, commonly known as junk or high yield bonds, have speculative characteristics and involve greater volatility of price and yield, greater risk of loss of principal and interest, and generally reflect a greater possibility of an adverse change in financial condition that could affect an issuer s ability to honor its obligations. Cash Position Risk If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective. Credit Risk Credit risk is the risk that an issuer, guarantor, or liquidity provider of a fixed income security held by the Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. The Fund may also be exposed to the credit risk of its counterparty to repurchase agreements, reverse repurchase agreements, swap transactions, and other derivatives transactions. The value of such transactions to the Fund will depend on the willingness and ability of the counterparty to perform its obligations, including among other things the obligation to return collateral or margin to the Fund. Defaulted Securities Risk Because the issuer of such securities is in default and is likely to be in distressed financial condition, repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring, or in bankruptcy or insolvency proceedings) is uncertain. Derivatives Risk Derivatives can be highly volatile and involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage. Gains or losses from derivatives can be substantially greater than the derivatives original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges. Dollar Roll and Reverse Repurchase Agreement Transaction Risk These transactions generally create leverage and subject the Fund to the credit risk of the counterparty. Fixed Income Securities Risk The values of fixed income securities typically will decline during periods of rising interest rates, and can also decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral assets, or changes in market, economic, industry, political, and regulatory conditions affecting a particular type of security or issuer or fixed income securities generally. Certain events, such as market or economic developments, regulatory or government actions, natural disasters, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities. During those periods, the Fund may experience high levels of shareholder 6

22 redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Fixed income securities are subject to interest rate risk (the risk that the value of a fixed income security will fall when interest rates rise), extension risk (the risk that the average life of a security will be extended through a slowing of principal payments), prepayment risk (the risk that a security will be prepaid and the Fund will be required to reinvest at a less favorable rate), and credit risk. These risks may be heightened due to the current historically low interest rate environment. Foreign Investment Risk; Emerging Markets Risk; Currency Risk Investments in securities of non-u.s. issuers (including depositary receipts) entail risks not typically associated with investing in securities of U.S. issuers. Similar risks may apply to securities traded on a U.S. securities exchange that are issued by companies with significant exposure to non-u.s. countries. In certain countries, legal remedies available to investors may be more limited than those available with regard to U.S. investments. Because non-u.s. securities are normally denominated and traded in currencies other than the U.S. dollar, the value of the Fund s assets may be affected favorably or unfavorably by currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-u.s. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-u.s. company than about a U.S. company, and many non-u.s. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S. The securities of some non-u.s. companies, especially those in emerging markets, are less liquid and at times more volatile than securities of comparable U.S. companies. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less 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. Non-U.S. transaction costs, such as brokerage commissions and custody costs may be higher than in the United States. In addition, there may be a possibility of nationalization or expropriation of assets, imposition of currency exchange controls, confiscatory taxation, political or financial instability, and diplomatic developments that could adversely affect the values of the Fund s investments in certain non-u.s. countries. Frequent Trading/Portfolio Turnover Risk Portfolio turnover generally involves some expense to the Fund and may result in the realization of taxable capital gains (including short-term gains). The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund s performance. Inflation Risk The value of assets or income from the Fund s investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund s assets can decline as can the value of the Fund s distributions. Leveraging Risk Instruments and transactions, including derivatives and reverse repurchase agreement transactions, that create leverage may cause the value of an investment in the Fund to be more volatile and all other risks will tend to be compounded. 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 illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. Management Risk The Fund relies on the manager s investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses. Market Risk The value of the Fund s portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services. Mortgage- and Asset-Backed Securities Risk Investments in mortgage- and asset-backed securities subject the Fund to credit risk, interest rate risk, 7