Quarterly Review As of 06/30/2021 MassMutual Equity Opportunities Fund* Wellington Management Company LLP | T. Rowe Price & Associates, Inc.

I SHARE CLASS TICKER: MFVZX Fund Objective: This Fund seeks growth of capital over the long-term. Sector Weightings: Defines what % of each sector this fund holds Portfolio Attribution: Describes how fund manager sector and stock compared to its benchmark listed here. weighting decisions affected returns.

Fund Russell 1000® Index QTD YTD

30 1

20 0

10 -1 Percent of Portfolio Value Added vs. Benchmark (%) 0 -2 Cash Cash Utilities Utilities Energy Energy Materials Materials Financials Financials Industrials Industrials Real Estate Real Estate Health Care Health Care Comm. Services Comm. Services Consumer Discr. Consumer Discr. Information Tech. Information Tech. Consumer Staples Consumer Staples

Sector Attribution Details: Quarterly Portfolio Commentary: Sector Fund Weight QTD YTD Communication Services 1.43 -0.32 -0.49 Laurie Goodreau, CFA Investment Director Consumer Discretionary 10.11 -0.07 -0.56 Investment Experience: 30 Years Consumer Staples 16.85 -0.21 -1.20 Energy 1.79 -0.20 -0.55 Financials 17.39 0.40 0.74 HIGHLIGHTS • The Russell 1000 Index outpaced all three Russell value indexes and its Health Care 17.40 -0.71 -0.52 lower capitalization indexes in core while trailing the Russell 1000 Industrials 13.20 -0.05 -0.23 Growth and the Russell Mid-Cap Growth Indexes. Information Technology 7.77 -0.66 0.33 • All economic sectors of the Index delivered positive absolute returns except the utility sector. Materials 4.12 -0.12 -0.25 • Sector allocation was negative due to an overweight to consumer Real Estate 3.20 0.07 0.12 staples and an underweight to information technology. Utilities 2.68 -0.00 0.04 • Stock selection detracted due to weak results in healthcare. Cash 1.67 -0.08 -0.17

*Prior to 05/01/2021, the fund name was MassMutual Select Equity Opportunities Fund. These materials and the platform of investments made available by MassMutual are offered without regard to the individualized needs of any plan, its participants, or beneficiaries. These materials are not intended as impartial investment advice or to give advice in a fiduciary capacity to any plan. Russell 1000® Index measures the performance of the large-cap segment of U.S. equity securities. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE MassMutual Equity Opportunities Fund*

Quarterly Portfolio Commentary:

The Russell 1000 Index® ended the second quarter up 8.54%. The Index garnered positive results across all economic sectors except utilities as equity markets advanced, hoisted by optimism from the Covid-19 vaccine dissemination and the reopening of businesses. With only five of the 11 economic sectors beating the Index, performance within the Index was broad based with most industries (nearly 90%) providing positive contributions to the Index’s overall results. The strongest performing sectors included real estate, energy, and information technology – with the latter the largest contributor to results. The energy sector, which was the strongest sector for the past two quarters, fell to the second strongest advancing nearly 12% in the second quarter. Its contribution was muted, however, given its low weight in the Index. Information technology, which represents a significant weight in the Index, nearly double the next biggest allocation, posted strong results relative to the Russell 1000 Value Index. The Core Index responded less favorably versus its value counterpart during the first part of 2021, but with a drop in interest rates (29 basis point) to end the second quarter in the 10-yr Treasury, the most prominent sector – information technology, defined by allocation weight, and communication services, healthcare, and consumer discretionary responded favorable with strong contributions to results.

The Fund posted good absolute results yet trailed the Russell 1000® Index due to defensive positioning with significant allocation in the consumer staples sector. Performance trailed the peer group ranking below median. Like the Index, the Fund experienced positive results in ten of the 11 economic sectors, with the real estate and information technology sectors having the strongest absolute performance and financials having the greatest contribution impact. Allocation decisions and stock decisions were negative.

Sector allocation was a hindrance mostly due to an overweight to the consumer staples sector and an underweight to the information technology sector. These weightings are process driven as management prefers high-quality franchise businesses with recurring revenues, pricing power, and low capital intensity. Consumer staple stocks held up better during the pandemic onset, but the following months favored technology stocks which posted a nearly 12% return. The Fund also benefited from an overweight to the real estate and the financials sectors, benefactors of economic growth expectations despite declining interest rates.

Stock selection decisions hampered Fund performance predominantly due to positions not held within the health care sector. The Fund lacked exposure to the strongest performing industry – life science tools and services, which posted a 15.5% return. The lack of exposure is not surprising given the developmental nature of the companies that comprise this industry. Management did not own some of the leading performers that comprise pharma and equipment & supplies such as Reata Pharmacy and Novocure which returned nearly 42% and 68% respectively. Exposure to managed care companies - United Health, CVS, and Anthem in the Fund were positive contributors and relative outperformers to the Index.

The Fund maintains large allocations to the consumer staples and health care sectors which are comprised of many stable businesses and which characterize management’s defensive posture. The Fund ended the quarter with an overweight allocation to the consumer staples and financials sectors and with an underweight allocation to the information technology and communication services.

TICKER: MFVZX Fund Inception: 4/28/2000 Average Annual Total Return Morningstar Category: Large Cap Blend QTD YTD 1 Year 3 Year 5 Year 10 Year MassMutual Equity Opportunities I 6.17% 11.70% 34.97% 15.03% 17.95% 13.88% Russell 1000® Index 8.54% 14.95% 43.07% 19.16% 17.99% 14.90% Category Average Returns -- -- 40.47% 16.77% 16.15% 13.21% Category Rank1 -- -- 84 80 17 44 # of Funds in Category -- -- 1386 1257 1099 820

Performance shown is for class I shares. Gross expenses = 0.74%, Net expense = 0.74%. Max Sales charge for I is 0.00%. Performance shown is past performance. Past performance does not guarantee future results. You can lose money, including loss of principal, by investing in this fund. Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from www.massmutualfunds.com and should be read carefully before investing. A list of the Fund’s holdings can also be obtained from www.massmutualfunds.com. 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. You cannot invest directly in an index. The Fund’s Principal Risks include - Equity Securities Risk, Derivatives Risk, Foreign Investment Risk, Emerging Markets Risk, Currency Risk, Large Company Risk, Small and Mid-Cap Company Risk, Value Company Risk, Cash Position Risk, Convertible Securities Risk, Liquidity Risk, Management Risk, Market Risk, Preferred Stock Risk, Sector Risk, Valuation Risk. 1 The Morningstar percentile ranking is based on the fund’s total-return percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges. ©2021 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. MassMutual Equity Opportunities Fund*

Portfolio Holdings:

Quarter to Date: Year to Date:

Fund Absolute Portfolio Fund Absolute Portfolio Top 5 Contributors Weight Return** Contribution Top 5 Contributors Weight Return** Contribution

American Express Co 3.67 16.82 0.61 American Express Co 3.80 37.56 1.32

Marsh & McLennan 3.68 15.93 0.58 Marsh & McLennan 3.62 21.20 0.79 Companies Inc Companies Inc

Diageo PLC 3.66 15.92 0.54 Diageo PLC 3.57 22.70 0.77

Nike Inc 2.67 16.49 0.49 Northrop Grumman Corp 3.29 20.37 0.68

Microsoft Corp 3.10 15.16 0.46 Microsoft Corp 3.13 22.36 0.67

Fund Absolute Portfolio Fund Absolute Portfolio Top 5 Detractors Weight Return** Contribution Top 5 Detractors Weight Return** Contribution

Canadian National Railway 1.25 -4.41 -0.11 Colgate-Palmolive Co 3.36 -3.80 -0.14 Co

Baxter International Inc 2.11 -4.23 -0.09 Ecolab Inc 2.07 -4.38 -0.11

Ecolab Inc 2.04 -3.57 -0.09 Qualcomm Inc 1.12 -5.23 -0.07

Las Vegas Sands Corp 0.46 -13.28 -0.07 Las Vegas Sands Corp 0.44 -11.59 -0.06

Boeing Co 0.44 -5.95 -0.03 Coca-Cola Co 2.74 0.24 -0.05

Fund Weightings are shown as an average for the time period. **Absolute Return is the return that an asset achieves over a certain period of time. This measure looks at the appreciation or depreciation (expressed as a percentage) that a holding achieves over a given period of time. For a complete listing of fund holdings, visit massmutualfunds.com or please call 1-866-444-2601. The mention of individual stocks and other securities in this document does not constitute investment advice.

©2021 Massachusetts Mutual Life Insurance Company (MassMutual®), Springfield, MA. All rights reserved. www.MassMutual.com Principal Underwriter: MML Distributors, LLC. (MMLD), 1295 State St., Springfield, MA 01111. Member FINRA and SIPC (www.FINRA.org and www.SIPC.org). Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Investment Advisers). MMLD and MML Investment Advisers are subsidiaries of Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. RS9093b RS-49177-05 THIS PAGE INTENTIONALLY LEFT BLANK