Mutual Fund Summary Prospectus (497k)
10 Avril 2014 - 11:03PM
Edgar (US Regulatory)
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Summary Prospectus
April 1, 2014
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MassMutual Select Funds
MassMutual Select Overseas Fund
Ticker:
Class IMOSZX, Class R5MOSSX, Service ClassMOSYX, Administrative ClassMOSLX, Class AMOSAX, Class
R4MOSFX, Class R3MOSNX
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
The
Fund seeks growth of capital over the long-term by investing in foreign equity securities.
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 127 of the
Funds Prospectus or from your financial professional.
Shareholder Fees
(fees paid directly from your investment)
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Class
I
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Class
R5
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Service
Class
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Adminis-
trative
Class
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Class
A
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Class
R4
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Class
R3
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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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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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None
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None
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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
I
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Class
R5
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Service
Class
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Adminis-
trative
Class
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Class
A
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Class
R4
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Class
R3
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Management Fees
(1)
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.80%
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.80%
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.80%
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.80%
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.80%
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.80%
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.80%
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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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.25%
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.50%
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Other Expenses
(1)
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.11%
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.21%
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.31%
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.41%
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.41%
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.31%
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.31%
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Total Annual Fund Operating Expenses
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.91%
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1.01%
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1.11%
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1.21%
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1.46%
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1.36%
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1.61%
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(1)
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Management Fees and Other Expenses have been restated to reflect current fees.
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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
$10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your
investment earns a 5% return each year and that the Funds operating expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class I
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$
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93
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$
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290
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$
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504
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$
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1,120
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Class R5
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$
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103
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$
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322
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$
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558
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$
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1,236
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Service Class
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$
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113
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$
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353
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$
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612
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$
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1,352
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Administrative Class
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$
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123
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$
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384
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$
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665
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$
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1,466
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Class A
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$
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715
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$
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1,010
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$
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1,327
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$
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2,221
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Class R4
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$
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138
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$
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431
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$
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745
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$
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1,635
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Class R3
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$
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164
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$
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508
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$
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876
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$
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1,911
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S-1
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 35% 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 stocks of foreign companies, including companies located in Europe, Latin America, and Asia. The Fund may invest in equity securities of issuers in emerging markets. Equity securities
may include common stocks, preferred stocks, securities convertible into common or preferred stocks, depositary receipts, rights and warrants, of issuers of any size. The Fund may but will not necessarily engage in foreign currency forward contracts
to attempt to protect against adverse changes in currency exchange rates. The Fund may use futures contracts as a substitute for direct investments. Use of derivatives by the Fund may create investment leverage. The Fund may hold a portion of its
assets in cash or cash equivalents.
The Fund is managed by three subadvisers,
J.P. Morgan Investment Management Inc.
(J.P.
Morgan),
Massachusetts Financial Services Company
(MFS), and
Harris Associates L.P.
(Harris), each being responsible for a portion of the portfolio, but not necessarily equally weighted. Each subadviser
may invest a relatively high percentage of the Funds assets in a single country, a small number of countries, or a particular geographic region or sector.
In choosing stocks for the Fund, J.P. Morgan uses a dividend discount model to quantify its fundamental research, producing a ranking of companies in each
industry group according to their relative values. J.P. Morgan then buys and sells stocks, using the research and valuation rankings, as well as its assessment of other factors, including:
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value characteristics such as low price to book and price to earnings ratios;
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catalysts that could trigger a change in a stocks price;
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potential reward compared to potential risk; and
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temporary mispricings caused by market overreactions.
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In selecting investments for the Fund, MFS is not
constrained to any particular investment style. MFS may invest the Funds assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies
it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies. MFS uses a bottom-up investment approach to buying and selling investments for the Fund. Investments are selected
primarily based on fundamental analysis of individual issuers and their potential in light of their financial condition, and market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuers
earnings, cash flows, competitive position, and management ability. Quantitative models that systematically evaluate an issuers valuation, price and earnings momentum, earnings quality, and other factors may also be considered.
Harris uses a value investment philosophy. This investment philosophy is based upon the belief that, over time, a companys stock price converges with
the companys intrinsic or true business value. Harris seeks to identify companies that it believes have discounted stock prices compared to the companies true business values. By true business value, Harris means an estimate
of the price a knowledgeable buyer would pay to acquire the entire business. Harris usually sells a stock when the price approaches its estimated worth. This means that Harris sets specific buy and sell targets for each stock
held by the Fund. Harris also monitors each holding and adjusts those price targets as warranted to reflect changes in a companys fundamentals. Harris may from time to time have significant investments in one or more countries or in particular
sectors.
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.
S-2
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.
Credit Risk
The Fund is subject to the risk that the issuer of an investment held by the Fund or the counterparty to a transaction entered
into by the Fund will be unable or unwilling to honor its obligations.
Derivatives Risk
Derivatives 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 and be highly volatile. Derivatives may result in losses greater than the amount invested. 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. Many derivatives are traded in the over-the-counter market and not on exchanges.
Foreign Investment Risk; Emerging Markets Risk; Currency Risk
Foreign securities, including ADRs, are subject to additional risks compared to
securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of the
Funds shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less 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. Investments in foreign currencies themselves (directly or through derivatives transactions) may be highly volatile and may create
investment leverage.
Geographic Focus Risk
When the Fund focuses investments on a particular country, group of countries, or
geographic region, its performance will be closely tied to the market, currency, economic, political, or regulatory conditions and developments in those countries or that region, and could be more volatile than the performance of more geographically
diversified funds.
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.
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.
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 Funds portfolio, and the Funds performance may be more susceptible to developments affecting issuers in those sectors than if the Fund invested more broadly.
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.
S-3
Valuation Risk
The Fund is subject to the risk of mispricing or improper valuation of its
investments, in particular to the extent that its securities are fair valued.
Value Company Risk
The value investment approach entails the
risk that the market will not recognize a securitys intrinsic value for a long time, or that a stock judged to be undervalued may actually be appropriately priced.
Performance Information
The following bar chart and
table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Funds performance from year to year for Class R5 shares. The table shows how the Funds average annual returns for 1, 5, and 10 years
(or 1 year and since inception for Class I shares) compare with those of a broad measure of market performance. Performance for Class R4 shares of the Fund for periods prior to its inception date (04/01/14) is based on the performance of
Administrative Class shares, adjusted for Class R4 expenses. Performance for Class A 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 R5 Shares
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Highest
Quarter:
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2Q 09,
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25.60%
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Lowest Quarter:
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4Q 08,
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21.18%
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as
401(k) plans or individual retirement accounts. After-tax returns are shown for Class R5 only. After-tax returns for other classes will vary.
Average Annual Total Returns
(for the periods ended December 31, 2013)
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One
Year
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Since
Inception
(11/15/10)
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Class I
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Return Before Taxes
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22.65%
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10.15%
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MSCI EAFE
®
Index (reflects no deduction for fees or expenses)
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22.78%
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8.44%
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One
Year
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Five
Years
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Ten
Years
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Class R5
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Return Before Taxes
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22.39%
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15.47%
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8.18%
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Return After Taxes
on Distributions
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21.53%
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15.30%
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7.30%
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Return After Taxes on Distributions and
Sale of Fund Shares
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12.97%
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12.63%
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6.86%
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Service Class
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Return Before Taxes
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22.27%
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15.42%
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8.11%
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Adminis-
trative Class
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Return Before Taxes
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22.02%
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15.35%
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8.03%
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Class A
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Return Before Taxes
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14.86%
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13.71%
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7.14%
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Class R4
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Return Before Taxes
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21.96%
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15.07%
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7.80%
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Class R3
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Return Before Taxes
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21.53%
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14.71%
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7.45%
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MSCI EAFE Index
(reflects no deduction for
fees or expenses)
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22.78%
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12.44%
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6.91%
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MANAGEMENT
Investment Adviser:
MML Investment Advisers, LLC
Subadvisers:
J.P. Morgan Investment Management Inc.
Massachusetts Financial Services Company
Harris Associates L.P.
Portfolio Managers:
Gerd Woort-Menker,
CFA
is a Managing Director and Portfolio Manager at J.P. Morgan. He has managed the Fund since
June 2011.
Jeroen Huysinga
is a Managing Director and Portfolio Manager at J.P. Morgan. He has managed the Fund
since June 2011.
Georgina Perceval Maxwell
is a Managing Director and Portfolio Manager at J.P. Morgan. She
has managed the Fund since June 2011.
S-4
Daniel Ling
is an Investment Officer at MFS. He has managed the Fund since October
2009.
Marcus L. Smith
is an Investment Officer at MFS. He has managed the Fund since September 2005.
David G. Herro, CFA
is the Chief Investment Officer, International Equities at Harris. He has managed the Fund since July 2001.
Robert A. Taylor, CFA
is the Director of International Research at Harris. He has managed the Fund since January 2009.
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, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a
conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your
investment.
S-5
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