# EDGAR Filing Document

**Accession Number:** 0000916053
**File Stem:** 0001104659-23-008706
**Filing Date:** 2023-1
**Character Count:** 17851
**Document Hash:** 9bdb294474bb9707adbfa32c106ca594
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-008706.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001104659-23-008706

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASSMUTUAL SELECT FUNDS
- **CENTRAL INDEX KEY:** 0000916053
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-73824
- **FILM NUMBER:** 23573576

**BUSINESS ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111
- **BUSINESS PHONE:** 413-744-1000

**MAIL ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSMUTUAL INSTITUTIONAL FUNDS
- **DATE OF NAME CHANGE:** 19931213

## Series and Classes Contracts Data

### MM S&P 500 Index Fund (Series ID: S000003661)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010191 | Class R4             | MIEAX           |
| C000010193 | Class R3             | MMINX           |
| C000010194 | Service Class        | MMIEX           |
| C000010195 | Administrative Class | MIEYX           |
| C000010196 | Class R5             | MIEZX           |
| C000108421 | Class I              | MMIZX           |
| C000140354 | Class A              | MMFFX           |

![[MISSING IMAGE: lg_massmutualdots-k.jpg]](lg_massmutualdots-k.jpg)

Summary Prospectus February 1, 2023

## MassMutual Funds

#### MM S&P 500 <sup>®</sup> Index Fund
**Ticker:** Class I–MMIZX, Class R5–MIEZX, Service Class–MMIEX, Administrative Class–MIEYX, Class R4–MIEAX, Class A–MMFFX, Class R3–MMINX

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund online at https://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 to approximate as closely as practicable (before fees and expenses) the capitalization-weighted total rate of return of that portion of the U.S. market for publicly-traded common stocks composed of larger-capitalized companies.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class 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 Class* beginning on page 142 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 5.50%  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |

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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**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  |
| Management Fees | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |
| Other Expenses | 0.02%  | 0.12%  | 0.27%  | 0.37%  | 0.27% | 0.37% | 0.27%  |
|  **Total Annual Fund Operating Expenses**  | **0.12%**  | **0.22%**  | **0.37%**  | **0.47%**  | **0.62%**  | **0.72%**  | **0.87%**  |

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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

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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 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $12 | $39 | $68 | $154 |
| Class R5 | $23 | $71 | $124 | $280 |
| Service Class | $38 | $119 | $208 | $468 |
| Administrative Class  | $48 | $151 | $263 | $591 |
| Class R4 | $63 | $199 | $346 | $774 |
| Class A | $619 | $768 | $929 | $1395 |
| Class R3 | $89 | $278 | $482 | $1073 |

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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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 2% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% (and, typically, substantially all) of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies included within the S&P 500<sup>®</sup> Index\* ("Index"). The Fund invests in the equity securities of companies included in the Index in weightings that approximate the relative composition of the securities contained in the Index, and in S&P 500 Index futures contracts. The Index is a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S.

companies. As of December 31, 2022, the market capitalization range of companies included in the Index was $3.56 billion to $2,066.94 billion. If the securities represented in the Index were to become concentrated in any particular industry, the Fund's investments would likewise be concentrated in securities of issuers in that industry; the Index is not currently concentrated in any single industry.

The Fund is passively managed, which means it tries to replicate the investment composition and performance of the Index by using computer programs and statistical procedures. The Fund's subadviser, *Northern Trust Investments, Inc.* ("NTI"), will buy and sell securities in response to changes in the Index. The Fund may use Index futures contracts, a type of derivative, to gain exposure to the Index in lieu of investing in cash, or to reduce its exposure to the Index while it sells the securities in its portfolio. Use of Index futures contracts by the Fund may create investment leverage. Because the Fund, unlike the Index, is subject to fees and transaction expenses, the Fund's returns are likely to be less than those of the Index. NTI expects that, under normal circumstances, the annual performance of the Fund, before fees and expenses, will track the performance of the Index within a 0.95 correlation coefficient.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Equity Securities Risk*** Although stocks may have the potential to outperform other asset classes over the long term, their prices tend to fluctuate more dramatically over the shorter term. These movements may result from factors affecting individual companies, or from broader influences like changes in interest rates, market conditions, or investor confidence, or announcements of economic, political, or financial information.

***Indexing Risk*** The Fund's performance may not track the performance of the index due to a

\*

The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P<sup>®</sup>, S&P 500<sup>®</sup>, US 500, The 500, iBoxx<sup>®</sup>, iTraxx<sup>®</sup> and CDX<sup>®</sup> are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

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number of factors, including fees and expenses of the Fund, the Fund's cash positions, and differences between securities held by the Fund and the securities comprising the index which may result from legal restrictions, costs, or liquidity constraints, especially during times when a sampling methodology is used.

***Industry Concentration Risk*** The Fund may concentrate its assets in a particular industry or group of industries. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in that industry or group of industries than if the Fund invested more broadly.

***Large Company Risk*** Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund's investments in large-capitalization stocks to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

***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.

***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. 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 or benefit 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.

***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 and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, 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.

***Passive Management Risk*** With an indexing strategy, there is no attempt to seek returns in excess of a benchmark index, to use defensive strategies, or to reduce the effects of any long-term poor investment performance. Therefore, the Fund would not necessarily buy or sell a security unless that security is added to, or removed from, the index, even if that security generally is underperforming.

***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 Fund's performance from year to year for Service Class shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. Performance for Class A shares of the Fund for periods prior to its inception date (04/01/14) is based on the performance of Service Class shares, adjusted for Class A 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 https://www.massmutual.com/funds or by calling 1-888-309-3539.

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#### Annual Performance

#### Service Class Shares
![[MISSING IMAGE: past-performance.jpg]](past-performance.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarter:  | 2Q '20,  | 20.35%  | Lowest Quarter: | 1Q '20,  | –19.53% |

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After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Service Class  | Return Before <br> Taxes  | -18.42% | 9.04% | 12.15% |
| Service Class  | Return After Taxes on Distributions | -23.01% | 5.33% | 9.30% |
| Service Class  | Return After Taxes on Distributions and Sales of Fund Shares | -7.39% | 6.97% | 9.73% |
| Class I | Return Before <br> Taxes | -18.21% | 9.31% | 12.45% |
| Class R5 | Return Before <br> Taxes | -18.31% | 9.20% | 12.33% |
| Administrative <br> Class | Return Before <br> Taxes | -18.49% | 8.94% | 12.05% |
| Class R4 | Return Before <br> Taxes | -18.60% | 8.78% | 11.88% |
| Class A | Return Before <br> Taxes | -23.16% | 7.45% | 11.14% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class R3 | Return Before <br> Taxes | -18.81% | 8.50% | 11.60% |
| S&P 500 Index (reflects no <br> deduction for fees, expenses, or <br> taxes) | S&P 500 Index (reflects no <br> deduction for fees, expenses, or <br> taxes) | -18.11% | 9.42% | 12.56% |

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#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Northern Trust Investments, Inc. ("NTI")

#### Portfolio Manager(s):
**Brent Reeder** is a Senior Vice President at NTI. He has managed the Fund since April 2007.

#### 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, qualified dividend 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.

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