Mutual Fund Summary Prospectus (497k)
April 05 2013 - 4:41PM
Edgar (US Regulatory)
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Summary Prospectus
April 1, 2013
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MassMutual Select Funds
MassMutual Select Growth Opportunities Fund
Ticker:
Class SMGRSX, Class YMAGYX, Class LMAGLX, Class AMMAAX, Class NMMANX, Class ZMMAZX
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 long-term capital appreciation.
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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.73%
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.73%
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.73%
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.73%
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.73%
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.73%
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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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.12%
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.27%
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.37%
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.52%
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.52%
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.57%
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Total Annual
Fund Operating Expenses
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.85%
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1.00%
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1.10%
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1.25%
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1.50%
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1.80%
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Fee Waiver
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(.15%)
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(.15%)
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(.15%)
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(.15%)
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(.15%)
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(.15%)
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Total Annual Fund Operating Expenses after Fee Waiver
(1)
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.70%
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.85%
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.95%
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1.10%
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1.35%
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1.65%
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(1)
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The expenses in the above table reflect a written agreement by MassMutual to waive .15% 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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72
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$
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256
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$
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457
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$
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1,035
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Class S
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$
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87
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$
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303
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$
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538
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$
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1,211
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Class Y
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$
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97
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$
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335
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$
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592
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$
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1,327
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Class L
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$
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112
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$
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382
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$
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672
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$
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1,498
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Class A
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$
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705
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$
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1,008
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$
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1,333
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$
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2,250
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Class N
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$
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268
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$
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552
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$
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961
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$
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2,104
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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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168
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$
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552
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$
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961
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$
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2,104
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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 19% of the
average value of its portfolio.
INVESTMENTS, RISKS, AND PERFORMANCE
Principal Investment Strategies
This Fund seeks to
achieve its objective by investing primarily in equity securities of U.S. companies. Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities. Equity securities may include common stocks, preferred stocks,
securities convertible into common or preferred stock, rights, and warrants. The Fund typically invests most of its assets in equity securities of U.S. companies, but may invest up to 20% of its total assets in foreign securities and American
Depositary Receipts
(ADRs), including 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.
The Fund is managed by two subadvisers,
Sands Capital Management, LLC
(Sands Capital) and
Delaware Management Company
(DMC), each being responsible for a portion of the portfolio, but not necessarily equally weighted. Sands Capital seeks long-term capital appreciation by investing in
stocks believed to have potential for dramatic wealth creation using bottom-up, fundamental research and focusing on six key investment criteria: sustainable, above average earnings growth, a leadership position in a promising business space,
significant competitive advantages/unique business franchise, a clear mission and value-added focus, financial strength, and rational valuation relative to the market and business prospects. Sands Capital does not typically invest in companies with
market capitalizations less than $1 billion. DMC seeks to select securities that it believes are undervalued in relation to their intrinsic value, as indicated by multiple factors, including the return on capital above its cost of capital. DMC will
normally invest in common stocks of companies with market capitalizations of at least $3 billion at the time of purchase. Each subadviser may consider selling a security for the Fund, if, for example, in its judgment, the prospects for future growth
do not look promising
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a more attractive opportunity is identified, if fundamentals unexpectedly change or if valuations are stretched past fair value.
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,
S-2
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 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.
Growth Company Risk
The prices of growth securities are often more sensitive to market fluctuations because of their heavy dependence on future
earnings expectations, and can be more volatile than the market in general.
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.
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.
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.
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.
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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1Q 12,
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20.14%
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Lowest Quarter:
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4Q 08,
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-
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27.26%
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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
S-3
401(k) plans or individual retirement accounts. After-tax returns are shown for Class S only. After-tax returns for other classes will vary.
Average Annual Total Returns
(for the periods ended December 31, 2012)
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One
Year
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Since
Inception
(12/07/11)
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Class Z
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Return Before Taxes
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20.14%
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17.99%
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Russell 1000
Growth Index (reflects no
deduction for fees,
expenses, or
taxes)
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15.26%
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13.12%
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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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19.86%
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4.87%
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9.35%
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Return After Taxes
on Distributions
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19.86%
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4.70%
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9.26%
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Return After Taxes
on Distributions and
Sale of Fund Shares
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12.91%
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4.10%
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8.29%
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Class Y
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Return Before Taxes
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19.84%
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4.79%
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9.25%
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Class L
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Return Before Taxes
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19.61%
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4.65%
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9.08%
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Class A
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Return Before Taxes
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12.51%
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3.16%
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8.15%
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Class N
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Return Before Taxes
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17.87%
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4.02%
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8.47%
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Russell 1000
Growth Index (reflects no
deduction for fees,
expenses, or taxes)
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15.26%
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3.12%
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7.52%
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MANAGEMENT
Investment Adviser:
Massachusetts Mutual Life Insurance Company
Subadvisers:
Sands Capital Management, LLC
Delaware Management Company
Portfolio Managers:
Frank M. Sands, Jr.
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CFA
is the Chief Investment Officer and Chief Executive Officer at Sands Capital. He has managed the Fund
since January 2004.
Thomas M. Ricketts, CFA
is a Senior Research Analyst, Senior Portfolio Manager, and Executive Managing Director
at Sands Capital. He has managed the Fund since September 2009.
T. Perry Williams, CFA
is a Senior Research Analyst, Senior
Portfolio Manager, and Executive Managing Director at Sands Capital. He has managed the Fund since September 2009.
Jeffrey S. Van Harte
,
CFA
is a Senior Vice President and Chief Investment Officer
Focus Growth Equity at DMC. He has managed the Fund since June 2006.
Christopher J. Bonavico
,
CFA
is a Vice
President, Senior Portfolio Manager, and Equity Analyst at DMC. He has managed the Fund since June 2006.
Christopher M. Ericksen
,
CFA
is a Vice President, Portfolio Manager, and Equity Analyst at DMC. He has managed the Fund since June 2006.
Daniel J.
Prislin
,
CFA
is a Vice President, Senior Portfolio Manager, and Equity Analyst at DMC. He has managed the Fund since June 2006.
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.
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