MassMutual Small Cap Opportunities Fund

¹Performance shown is for Class I shares. Performance data given represents past performance and does not guarantee future results. Current performance may be lower or higher than return data quoted herein. For more current information, including month-end performance, please call 1-866-444-2601. The investment return and the principal value of an investment will fluctuate; so an investor’s shares, when redeemed, may be worth more or less than their original cost. Investment portfolio statistics change over time. Returns shown do not reflect the impact of plan fees, which will reduce performance. Investment portfolio statistics change over time. You cannot invest directly in an index. Pre-Inception Returns - The inception date listed is that of the oldest share class of the Fund. Performance shown subsequent to the inception date is the actual performance of the share class. Other share classes of the investment itself (depending upon the investment) may have existed longer, which may account for any pre-inception performance shown. If preinception performance is shown, it is generally the performance of an older share class of the investment itself (depending upon the investment) adjusted for fees and expenses of the newer share class. However, if using the expenses of the newer share class rather than the expenses of the older share class (due to lower expenses of the newer share class) would result in better performance, then pre-inception performance represents that of the older share class without any expense adjustment. When pre-inception performance is shown, the Morningstar Rating is based on the oldest surviving share class of the fund and is represented by hollow stars. Performance Returns - reflect performance of the investment without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing investment expenses and assumes reinvestment of dividends and capital gains (if applicable). If adjusted, sales charges would reduce the performance quoted. In addition, due to market volatility, performance may vary greatly over short periods of time. The investment’s performance is generally compared with that of an index. The index is an unmanaged portfolio of specified securities and does not reflect any initial or ongoing expenses nor can it be invested in directly. An investment’s portfolio may differ significantly from the securities in the index. The Index may not be the same as the comparative index noted in the investment’s prospectus (if applicable).

²Risk statistics are calculated over a five year period, computed monthly. Risk Statistics-Information Ratio measures the performance of an investment compared to a benchmark index, after adjusting for its additional risk. Alpha is a measure of the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. A positive alpha figure indicates the fund has performed better than its beta would predict. In contrast, a negative alpha indicates the fund’s underperformance, given the expectations established by the fund’s beta. Beta is a measure of sensitivity to market movements. The beta of the market is 1.00. A beta of 1.10 shows that the fund’s excess return is expected to be 10% better than the market’s excess return in an up market or 10% worse in a down market. A beta of .85 indicates that the fund’s excess return is expected to perform 15% less than the market’s excess return during up markets and 15% greater during down markets. Standard Deviation is a statistical measurement, which for a mutual fund depicts how widely the returns varied over a certain period of time. When a fund has a high standard deviation, performance is wide, implying greater volatility. R-squared (R2) measures the degree of relationship between the performance of the fund and that of the index. The higher the R-squared, the more related the fund’s performance is to its index. Tracking Error is also known as active risk and is the degree to which the strategy differed from its index or benchmark. The higher the Tracking Error, the more the fund deviated from its index. Sharpe Ratio measures risk adjusted performance; it is calculated as the real total return of the fund (total return-risk free rate) divided by the risk of the fund (standard deviation). Upside/downside capture shows whether a given fund has outperformed--gained more or lost less than--a broad market benchmark during periods of market strength and weakness, and if so, by how much. An upside capture ratio over 100 indicates a fund has generally outperformed the benchmark during periods of positive returns for the benchmark. A downside capture ratio of less than 100 indicates that a fund has lost less than its benchmark in periods when the benchmark has been in the red. Batting Average is a measure of a manager’s ability to consistently beat its benchmark over the trailing five-year period. Investors should consider an investment option’s objectives, risks, fees, and expenses carefully before investing. This and other information can be found in the applicable prospectuses or summary prospectuses, which are available from MassMutual by calling 1-866-444-2601. Please read them carefully before investing.

³When the Fund class shown does not have a 1, 3-, 5-, or 10-year performance history, the Morningstar Rating shown for periods beyond the Fund’s inception date are extended ratings. Morningstar provides adjusted historical returns and an Extended Performance Rating for some mutual funds in its universe. This means that any share class that doesn’t have a 1, 3-, 5-, or 10-year performance history may receive a hypothetical Morningstar Rating based on the oldest surviving share class of the fund. First, Morningstar computes the funds’ new return stream by appending an adjusted return history of the oldest share class. Next, the Extended Performance Rating is determined by comparing the adjusted-historical returns to the current open-end mutual fund universe to identify placement in the bell curve used to assign the Morningstar Rating. ©2015-2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

⁴When the fund is subadvised by Barings, please be advised that Barings LLC is a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company.

⁵Morningstar Category: identifies funds based on investment styles as measured by their underlying portfolio holdings/ statistics over 3 years. Investment options can move into other categories, or Morningstar may change their classification methodology. Morningstar calculates adjusted historical returns.

⁶The expenses in the table reflect a contractual agreement by MML Advisers to waive a percentage of the management fees or cap the fees and expenses of the Fund through January 31, 2026. Please refer to the Fund’s prospectus for more information.

All funds carry some level of risk. Before you invest, be sure to read the fund’s prospectus and shareholder reports to learn about its investment strategy and the potential risks. Funds with higher rates of return may take risks that are beyond your comfort level and are inconsistent with your financial goals.

Investors should consider funds’ objectives, risks, fees, and expenses carefully before investing. This and other information can be found in the funds’ prospectuses or summary prospectuses, which are available from MassMutual by calling 1-866-444-2601. Please read them carefully before investing.

MassMutual Investments is the marketing name for certain products and/or services of MassMutual and its subsidiaries, including MML Investment Advisers, LLC (MML Advisers). Investment advisory services of MassMutual Investments are provided exclusively by MML Advisers. Principal Underwriter: MML Distributors, LLC. (MMLD), 1295 State St., Springfield, MA 01111. Member FINRA and member SIPC. MMLD and MML Advisers are subsidiaries of MassMutual.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE