1xfclv1d7h1y4bllove05ypj-wpengine.netdna-ssl.com...portfolio makeups or investment strategies. best...

Important Disclosures

©2019 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. 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 not its content providers are responsible for any damages or losses arising from any use of information. Past Performance is no guarantee of future performance. Visit our investment

website at www.moringstar.com. RS-04746-11

Current performance may be lower or higher than return data quoted herein. For more current information, including month-end performance, please call 877-474-5016 or visit https://retire.massmutual.com. The investment return and the principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Investment portfolio statistics change over time. The investment is not FDIC-insured, may lose value and is not guaranteed by a bank or other financial institution. Some plan investments may be made available through an unregistered group annuity contract issued to your plan by the Massachusetts Mutual Life Insurance Company ("MassMutual"). If that is the case, those plan investments 1.) may be in a separate investment account of MassMutual that purchases shares/units of one or more underlying investments, or 2.) may be invested directly in the investment via a separate arrangement between your plan and a trust company. Pre-inception Returns For newer share classes, Morningstar may provide adjusted historical returns based on the oldest surviving share class of a fund with at least three years of performance history. This enables companies to showcase the complete history of an investment. Morningstar calculates these returns by adjusting the initial share class performance for any difference in fee structure. However, if using the expenses of the newer share class rather than the expenses of the older share class would result in better performance, then pre-inception performance represents that of the older share class without any expense adjustment. The fees and expenses are referenced in the report’s Operations section. Adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the investment itself. Performance These figures reflect performance without adjusting for sales charges or the effects of taxation. They are adjusted, however, to reflect all actual ongoing fund expenses and assume reinvestment of dividends and capital gains. Returns are compared to an appropriate benchmark peer group to help investors evaluate performance. 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). Gross Expense Ratio/Net Expense Ratio Expense ratios reflect the percentage of the investment’s assets paid for operating expenses and management fees. In contrast to net expense ratios, gross expense ratios do not reflect any fee waivers in effect during the time period, which are typically disclosed alongside the expense ratios themselves. Net expense ratios reflect the fees actually borne by investors during the period they are in effect. Investment expense information (including waiver information) is pulled from an investment’s most recent prospectus, if applicable. If an additional separate investment account fee applies, it is added to the gross and net expense ratio listed in the prospectus or other source of the expense information and factored into the performance of the separate investment account. Unitized Plan Fund If this is a unitized plan fund, it will invest in shares of the referenced underlying investment. Depending on the level of administrative services revenue (“ASR”)generated from the underlying investment and MassMutual’s target ASR for the plan, on a periodic basis MassMutual will make adjustments to the unitized plan fund’s expense to cause each unitized plan fund to produce ASR equal to the target ASR. If the ASR MassMutual receives from the underlying investment is more than MassMutual’s target ASR, MassMutual will allocate to the unitized plan fund a share of the revenue MassMutual received from the underlying investment so that the net expense of the unitized plan fund equals MassMutual’s

target revenue. If the ASR MassMutual receives from an underlying investment is less than MassMutual’s target ASR, MassMutual will redeem shares or units from the underlying investment such that the amount of the revenue received from the underlying investment for administrative services and the redeemed share or units equals MassMutual’s target revenue. As a result of this process, the reported performance and expenses of the unitized plan fund is based on but not identical to the performance and expenses reported for the underlying investment. Maximum Sales Charge/12b-1 Fee/Redemption Fee Maximum Sales Charges and Redemption Fees are waived for MassMutual retirement plan participants. In addition, 12b-1 Fees are a component of the Net and Gross Expense Ratio; they are not in addition to the overall expense ratio. Morningstar Proprietary Statistics Some Morningstar proprietary calculations, including the Morningstar Rating, Morningstar Return, and Morningstar Risk may be calculated based on pre-inception returns. Please see the pre-inception returns disclosure (above) for more details. For definitions of these statistics including credit quality, please visit www.MassMutual.com/FF/mstrdisclosure.pdf. Morningstar Rating™ This brings load-adjustments, performance (returns) and risk together into one evaluation. To determine a fund's star rating for a given time period (three, five, or 10 years), the fund's risk-adjusted return is plotted on a bell curve: If the fund scores in the top 10% of its category, it receives 5 stars (Highest); if it falls in the next 22.5% it receives 4 stars (Above Average); a place in the middle 35% earns 3 stars (Average); those lower still, in the next 22.5%, receive 2 stars (Below Average); and the bottom 10% get only 1 star (Lowest). The Overall Morningstar Rating is a weighted average of the available three-, five-, and 10-year ratings. Investment Risk Money market investments are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these investments seek to preserve the value of your investment at $1.00 per share, it cannot guarantee that it will do so. The fund’s sponsor has no legal obligation to provide financial support to a money market option; and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in a money market option. Risks of investing in debt securities investments include the risk that a bond issuer will default by failing to repay principal and interest in a timely manner (credit risk) and/or the risk that the value of these securities will decline when interest rates increase (interest rate risk). Risks of investing in inflation-protected bond investments include credit risk and interest rate risk. Neither the bond investment nor its yield is guaranteed by the U.S. government. High-yield bond investments are generally subject to greater market fluctuations and risk of loss of income and principal than lower-yielding debt securities investments. Investments that track a benchmark index are professionally managed. However, the benchmark index itself is unmanaged and does not incur fees or expenses and cannot be purchased directly. Investments in value stocks may remain undervalued for extended periods of time, and the market may not recognize the intrinsic value of these securities. Investments in growth stocks may experience price volatility due to their sensitivity to market fluctuations and dependence on future earnings expectations. Investments in companies with small or mid market capitalization (“small caps” or “mid caps”) may be subject to special risks given their characteristic narrow markets, limited financial resources, and less liquid stocks, all of which may cause price volatility. International/global investing can involve special risks, such as political changes and currency fluctuations. These risks are heightened in emerging markets.

A significant percentage of the underlying investments in aggressive asset allocation portfolio investments have a higher than average risk exposure. Investors should consider their risk tolerance carefully before choosing such a strategy. An investment with multiple underlying investments (which may include MM RetireSMARTSM by JP Morgan and any other offered proprietary or non-proprietary asset-allocation, lifestyle (risk based), lifecycle (target date) or custom blended investments) may be subject to the expenses of those underlying investments in addition to those of the investment itself. Investments may reside in the specialty category due to 1) allowable investment flexibility that precludes classification in standard asset categories and/or 2) investment concentration in a limited group of securities or industry sectors. Investments in this category may be more volatile than less-flexible and/or less-concentrated investments and may be appropriate as only a minor component in an investor's overall portfolio. Participants with a large ownership interest in a company or employer stock investment may have the potential to manipulate the value of units of this investment option through their trading practices. As a result, special transfer restrictions may apply. This type of investment option presents a higher degree of risk than diversified investment options under the plan because it invests in the securities of a single company. Investments that invest more of their assets in a single issuer or industry sector (such as company stock or sector investments) involve additional risks, including unit price fluctuations, because of the increased concentration of investments. A participant will be prohibited from transferring into most mutual funds and similar investments if they have transferred into and out of the same investment within the previous 60 days. Certain stable value, guaranteed interest, fixed income and other investments are not subject to this rule. This rule does not prohibit participants from transferring out of any investment at any time. Target Date (lifecycle) Generally these investment options are designed to be held beyond the presumed retirement date to offer a continuing investment option for the investor in retirement. The year in the investment option name refers to the approximate year an investor in the option would plan to retire and likely would stop making new contributions to the investment option. However, investors may choose a date other than their presumed retirement date to be more conservative or aggressive depending on their own risk tolerance. They are designed for participants who plan to withdraw the value of their accounts gradually after retirement. Each of these options follows its own asset allocation path (“glide path”) to progressively reduce its equity exposure and become more conservative over time. Options may not reach their most conservative allocation until after their target date. Others may reach their most conservative allocation in their target date year. Investors should consider their own personal risk tolerance, circumstances and financial situation. These options should not be selected solely on a single factor such as age or retirement date. Please consult the prospectus (if applicable) pertaining to the options to determine if their glide path is consistent with your long-term financial plan. Target retirement date investment options’ stated asset allocation may be subject to change. Investments in these options are not guaranteed and you may experience losses, including losses near, at, or after the target date. Additionally, there is no guarantee that the options will provide adequate income at and through retirement. Investors should consider an investment’s objectives, risks, charges and expenses carefully before investing. For this and other information, see a fact sheet (investment profile) or the prospectus, if applicable. You may obtain a prospectus or fact sheet from your plan sponsor or visiting www.retiresmart.com. Read it carefully before investing.

SCB5404 / RS-18151-121

MassMutual SAGIC Core I1

Asset Category: Stable Value Inception: January 1999

Total Portfolio Assets: $2,441 million As of March 31, 2020

0.6 0.6

3.0 3.1

2.4

3.2

0.4 0.4

2.01.7

1.10.6

0.00.51.01.52.02.53.03.54.04.55.0

3 months YTD 1 year 3 year 5 year 10 years

MassMutual SAGIC Core I (Net of standard expense ratio)91-day Treasury Bills

BOOK VALUE PERFORMANCE (%)6

Objective

To provide a stated rate of return, generated from performance of a core bond portfolio, that insulates the account from daily fluctuations in the bond market

• Stable value guarantees with performance pass-through of an intermediate-term bond portfolio

• Provides guarantee of principal and book value participant transactions

• Separate account assets segregated from general obligations of MassMutual2

• Guarantees provided by MassMutual, which is among highest rated insurance companies3

• Transparent structure and expense ratio of 0.76%4

• Principal Preservation• Seeks steady, positive returns in excess of

money market rates• Insulation of participant account values from

market fluctuation• Book value liquidity for bona-fide benefit

payments and participant-directed transfers to non-competing investments5

• Fixed crediting rate with investment experience realized through periodic rate reset that can be quarterly or semi-annual

SAGIC Structure Benefits Expected Benefits of Stable Value Product

CHARACTERISTICS OF THE SEPARATE ACCOUNT(yield data is gross of product expense)

MassMutual SAGIC Core I

Bloomberg Barclays U.S. Aggregate

Bond Index

No. of Holdings 845 11351

Average Quality A1 / A+ Aa2 / AA

Average Coupon 3.69 3.14

Duration (Years) 5.44 5.70

Weighted Yield to Maturity (%) 4.25 1.57

Weighted Current Yield (%) 3.55 2.87

Weighted Average Life (Years) 9.96 7.68

Market-to-book ratio (%)7 98.2

49.8

6.1

16.524.6

2.7 0.3

73.5

2.911.2 12.5

0.0 0.00

10

20

30

40

50

60

70

80

90

AAA AA A BBB BB & Under Cash

MassMutual SAGIC Core IBloomberg Barclays U.S. Aggregate Bond Index

Please see page 2 for important disclosures.* Sector diversification is broken out among common fixed income sectors including U.S. Treasury (TSY) and TSY futures, U.S. Government Agency (AGN), mortgage-backed (MBS), collateralized mortgage obligation (CMO), asset-backed securities (ABS), commercial mortgage-backed (CMBS), corporate bonds (Corp), which includes structured securities such as collateralized loan obligations, convertibles (Conv) and, Cash (Cash/Other).Please note unless otherwise indicated, all data is based on Barings’ internal values and calculations.

CREDIT QUALITY DIVERSIFICATION OF THE SEPARATE ACCOUNT % of Market Value

9.4

0.0

25.7

1.8

21.4

4.1

37.3

0.3

40.9

1.2

26.6

0.0 0.4 2.1

28.8

0.00

10

20

30

40

50

TSY AGN MBS CMO ABS CMBS Corp Cash/Other

MassMutual SAGIC Core IBloomberg Barclays U.S. Aggregate Bond Index

SECTOR DIVERSIFICATION OF THE SEPARATE ACCOUNT* % of Market Value

SCB5404 / RS-18151-122

MassMutual SAGIC Core I1

Asset Category: Stable Value Inception: January 1999

Total Portfolio Assets: $2,441 million As of March 31, 2020

Investors should consider an investment’s objectives, risks, charges and expenses carefully before investing. Stable value investment risks

include interest rate risk, credit/default risk, liquidity risk, termination risk, event risk, market risk, manager risk, principal risk, regulatory risk and cash flow risk. For more information on stable value investment risks, visit www.massmutual.com/FF/svrisks.pdf.1. MassMutual Core Bond Separate Account Guaranteed Interest Contract.2. Assets allocated to the SAGIC Core I separate account under MassMutual group annuity contracts (the “Contract”) issued in Minnesota are not

segregated from the general obligations of MassMutual in the event of insolvency.3. For more information on MassMutual’s financial strength ratings, visit https://www.massmutual.com/about-us/corporate-governance.4. Some client contracts may have higher or lower fees than the standard expense ratio. 5. Plan sponsor withdrawals at market value or at book value over time in annual installments. Competing investments (which include certain

fixed-income investments and self-directed brokerage accounts) are subject to asset transfer restrictions with regard to the SAGIC.6. This investment is only available through an unregistered MassMutual group annuity contract (a “Contract”). Actual historical crediting rates under

a specific Contract vary from those shown due to cash flow and other fees and expenses associated with such Contract. Trailing period returns are based on an initial lump-sum deposit at the beginning of each period with quarterly book value account crediting rate resets applied. Past performance does not guarantee future results. Performance shown is for a book value account under a hypothetical contract; a higher or lower return might have been realized had the contract been discontinued by the plan sponsor, with the market value account balance distributed at termination. All historical performance reflects an annual expense ratio of 0.76%, which is the current SAGIC Core I expense ratio effective since March 1, 2019. Additionally, for the period from approximately September 2016 through June 2019 underlying portfolio yields and Contract crediting rates based on those yields were overstated. The historical performance shown reflects restated (lower) portfolio yields and crediting rates than were initially reported and applied to in-force Contracts for that time period. Future crediting rates on Contracts in force during that time period may be slightly lower due to the previous overstatement of crediting rates.

7. Represents client assets on an aggregate basis, however, each client contract experiences its own ratio that differs from the aggregate.8. Assets include Barings LLC and are referenced for the prior calendar quarter to the date of this fact sheet.Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and representatives.

• Barings is an investment management firm with over $338.7 billion8 in assets under management focusing on fixed income securities

• Involved with stable value portfolios since 1999 and currently managing $21.8 billion in Stable Value assets

• Team Approach to Portfolio Management

• Emphasis on maximizing total return potential• Relative value oriented approach• Intensive fundamental credit research and

valuation• Focus on spread product, such as corporates and

mortgages• Duration neutral

PORTFOLIO MANAGER PORTFOLIO MANAGEMENT STRATEGY

INVESTMENT SUMMARY

Insight

Seasoned Core Fixed Income team with more than 110 years aggregate experience

Opportunity

Ability to look across market sectors and up and down capital structure

Access

Deep and tenured sector specialist teams to generate value added investment ideas

Execution

Disciplined fundamental research driven process

Deep Investment Resources

Investment Grade Fixed Income Team

Charles Sanford (26)Stephen Ehrenberg, CFA (18)

Credit – Investment Grade/Crossovers

Dave Nagle, CFA (34)Multi-Strategy Portfolios

(xx) = years of investment experience

Douglas Trevallion, CFA (33)Yulia Alekseeva (15)

Securitized / Government

Release Date: 03-31-2020

MM S&P 500 Index Fund MIEZX Class R5..........................................................................................................................................................................................................................................................................................................................................BenchmarkS&P 500 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAbove Average Average

Out of 1214 Large Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Objective & StrategyThe investment 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. The fund invests at least 80% 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® Index. It 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.

Category Description: Large Blend

Large-blend portfolios are fairly representative of the overallUS stock market in size, growth rates and price. Stocks in thetop 70% of the capitalization of the US equity market aredefined as large cap. The blend style is assigned to portfolioswhere neither growth nor value characteristics predominate.These portfolios tend to invest across the spectrum of USindustries, and owing to their broad exposure, the portfolios'returns are often similar to those of the S&P 500 Index.

Volatility Analysis

Low Moderate High

Investment

Category

In the past, this investment has shown a relatively moderaterange of price fluctuations relative to other investments. Thisinvestment may experience larger or smaller price declines orprice increases depending on market conditions. Some of thisrisk may be offset by owning other investments with differentportfolio makeups or investment strategies.

Best 3 Month Return Worst 3 Month Return

25.84% -29.74%(Mar '09 - May '09) (Sep '08 - Nov '08)

Operations as of 02-01-20Expense Ratio % Per $1000

Gross Expense 0.22 2.20Net Expense 0.22 2.20................................................................................................Fund Inception Date 04-30-01

Waiver Data Type Exp. Date %

Portfolio Manager(s)

Brent Reeder................................................................................................Management Company MML Investment Advisers, LLCName of Issuer MassMutual

NotesSee disclosure page for more details.

Performance

10

20

30

40

0

-10

-20

-30

Total Return% as of 03-31-20

InvestmentBenchmark

Average annual, if greaterthan 1 year

YTD 1 Year 3 Year 5 Year 10 Year Since Inception

-19.53 -7.01 4.93 6.52 10.31 5.81 Fund Return %-19.60 -6.98 5.10 6.73 10.53 6.01 Benchmark Return %-20.92 -9.97 2.80 4.46 8.84 4.70 Category Average %..........................................................................................................................................................................................................

Morningstar Rating™30 26 23 17 16 Fund Rank Percentile

1440 1372 1214 1048 800 # of Funds in Category

Performance Disclosure: The performance data given represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; so an investor's shares/units,when redeemed, may be worth more or less than their original cost. Current performance may be lower or higherthan return data quoted herein.

Portfolio Analysis as of 03-31-20Composition as of 03-31-20 % Assets

U.S. Stocks 95.6Non-U.S. Stocks 1.2Bonds 0.2Cash 2.9Other 0.0

Morningstar Equity Style Box™ as of 03-31-20 % Mkt Cap

LargeM

idSm

all

Value Blend Growth

Giant 53.74........................................................Large 34.02Medium 12.04Small 0.21........................................................Micro 0.00

Top 10 Holdings as of 03-31-20 % Assets

Microsoft Corp 5.27Apple Inc 4.66Amazon.com Inc 3.56E-mini S&P 500 Futures June20 06-19-20 2.96Facebook Inc A 1.76.......................................................................................................Berkshire Hathaway Inc B 1.57Alphabet Inc A 1.53Alphabet Inc Class C 1.52Johnson & Johnson 1.51JPMorgan Chase & Co 1.24

.......................................................................................................Total Number of Stock Holdings 505Total Number of Bond Holdings 1Annual Turnover Ratio % 4Total Fund Assets ($mil) 2,892.9

Morningstar Equity Sectors as of 03-31-20 % Fund S&P 500 %

Cyclical 28.49 28.49........................................................................................................

Basic Materials 2.09 2.09Consumer Cyclical 9.60 9.60Financial Services 13.79 13.79Real Estate 3.01 3.01

Sensitive 44.27 44.28........................................................................................................

Communication Services 10.74 10.74Energy 2.65 2.65Industrials 8.70 8.71Technology 22.18 22.18

Defensive 27.26 27.25........................................................................................................

Consumer Defensive 8.14 8.14Healthcare 15.55 15.54Utilities 3.57 3.57

Principal Risks as of 03-31-20Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error, Market/Market Volatility, Equity Securities, Industry and SectorInvesting, Derivatives, Pricing, Cash Drag, Management, Large Cap

©2020 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 arisingfrom any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

rm3535zr


Western Asset Core Plus Bond A WAPAX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkBBgBarc US Universal TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar Risk

QQQQQ High Above AverageOut of 530 Intermediate Core-Plus Bond funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Objective & StrategyFrom investment’s prospectus

The investment seeks to maximize total return, consistent with prudent investment management and liquidity needs.

The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, will invest at least 80% of its net assets in debt and fixed income securities. Although the fund may invest in securities of any maturity, it will normally maintain a dollar-weighted average effective duration within 30% of the average duration of the domestic bond market as a whole as estimated by the fund's subadvisers. The fund may invest up to 20% of its total assets in non-U.S. dollar denominated securities.

Fees and Expenses as of 04-29-19

Prospectus Net Expense Ratio 0.82%Total Annual Operating Expense 0.84%Maximum Sales Charge 4.25%12b-1 Fee 0.25%Redemption Fee/Term .


ExpenseRatio Contractual 12-31-20 0.02

Operations and Management

Fund Inception Date 04-30-12Portfolio Manager(s) Mark S. Lindbloom

S. Kenneth LeechName of Issuer Legg MasonTelephone 877-721-1926Web Site www.leggmason.com

Benchmark Description: BBgBarc US Universal TR USD

The index measures the performance of USD-denominated,taxable bonds that are rated either investment grade or high-yield. It represents the union of the U.S. Aggregate Index,U.S. Corporate High Yield Index, Investment Grade 144AIndex, Eurodollar Index, U.S. Emerging Markets Index, and thenon-ERISA eligible portion of the CMBS Index.

Category Description: Intermediate Core-Plus Bond

Intermediate-term core-plus bond portfolios invest primarily ininvestment-grade U.S. fixed-income issues includinggovernment, corporate, and securitized debt, but generallyhave greater flexibility than core offerings to hold non-coresectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Theirdurations (a measure of interest-rate sensitivity) typicallyrange between 75% and 125% of the three-year average ofthe effective duration of the Morningstar Core Bond Index.

Performance

5

10

15

20

0

-5

-10

-15

YTD YTD YTD YTD YTD

Total Return%as of 03-31-20

InvestmentBenchmark

Average annual, if greaterthan 1 year.

YTD 1 Year 3 Year 5 Year 10 Year Since Inception-2.33 5.01 3.93 3.37 . 3.72 Fund Return %-6.48 0.55 2.43 2.47 . 3.16 Load-Adj. Return %1.30 7.15 4.37 3.35 . 3.30 Benchmark Return %

-1.10 4.24 3.27 2.57 . 2.98 Category Average %........................................................................................................................................................................................................... . QQQQ QQQQQ . . Morningstar Rating™. . 530 442 . . # of Funds in Category

Quarter End Returns as of 03-31-20 YTD 1 Year 3 Year 5 Year 10 Year Since Inception

Fund Return % -2.33 5.01 3.93 3.37 . 3.72Standardized Return % -6.48 0.55 2.43 2.47 . 3.16

Performance Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor’s shares, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein. For performance data current to the most recent month-end please visit the websitelisted under Operations and Management on this page.

Portfolio Analysis as of 12-31-19Composition as of 12-31-19 % Net

U.S. Stocks 0.0Non-U.S. Stocks 0.0Bonds 99.8Cash -0.8Other 1.1

..........................................................................................-100 -50 0 50 100 Total 100.0

Morningstar Fixed Income Style Box™ as of 12-31-19

HighM

edLow

Ltd Mod Ext

Avg Eff Duration 7.01Avg Eff Maturity 13.61Avg Wtd Price 104.50


Western Asset Prem Instl Govtt Rsrv Pref 2.56United States Treasury Bonds 3.12% 2.32United States Treasury Bonds 2.88% 1.91Federal National Mortgage Association 3% 1.41United States Treasury Bonds 3.75% 1.38.......................................................................................................United States Treasury Bonds 2.75% 1.34Mexico (United Mexican States) 8% 1.27Government National Mortgage Association 3% 1.14United States Treasury Bonds 3.62% 1.06United States Treasury Bonds 1% 0.92

.......................................................................................................Total Number of Stock Holdings 0Total Number of Bond Holdings 2297Annual Turnover Ratio % 122.00Total Fund Assets ($mil) 30,616.96

Morningstar Sectors as of 12-31-19 % Fund % Category

⁄ Government 20.16 24.42› Corporate 24.44 26.59€ Securitized 33.00 35.71‹ Municipal 0.00 1.45fi Cash/Cash Equivalents 4.80 6.58± Other 17.59 5.26

Credit Analysis as of 12-31-19 % Bonds

-100 -50 0 50 100

AAA 58AA 3A 17BBB 14BB 6B 2Below B 2Not Rated 0

Principal Risks as of 12-31-19Hedging Strategies, Credit and Counterparty, Extension, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Lossof Money, Not FDIC Insured, Temporary Defensive Measures, Interest Rate, Market/Market Volatility, High-Yield Securities,Mortgage-Backed and Asset-Backed Securities, Other, Restricted/Illiquid Securities, Derivatives, Leverage, Pricing, SovereignDebt, Cash Drag, Shareholder Activity, Management

©2020 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com ß

®


Loomis Sayles Strategic Income A NEFZX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkBBgBarc US Universal TR USD


QQ Average HighOut of 271 Multisector Bond funds. An investment's overall Morningstar Rating, based on its risk-adjusted return,is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks high current income with a secondary objective of capital growth.

The fund will invest substantially all of its assets in income producing securities (including below investment grade securities, or "junk bonds") with a focus on U.S. corporate bonds, convertible securities, foreign debt instruments, including those in emerging markets and related foreign currency transactions, and U.S. government securities. The fund is not limited in the percentage of its assets that it may invest in these instruments.




. . . .


Fund Inception Date 05-01-95Portfolio Manager(s) Daniel J. Fuss, CFA

Matthew J. Eagan, CFAName of Issuer Natixis FundsTelephone 800-225-5478Web Site NGAM.natixis.com

Benchmark Description: BBgBarc US Universal TR USD

The index measures the performance of USD-denominated,taxable bonds that are rated either investment grade or high-yield. It represents the union of the U.S. Aggregate Index,U.S. Corporate High Yield Index, Investment Grade 144AIndex, Eurodollar Index, U.S. Emerging Markets Index, and thenon-ERISA eligible portion of the CMBS Index.

Category Description: Multisector Bond

Multisector-bond portfolios seek income by diversifying theirassets among several fixed-income sectors, usually U.S.government obligations, U.S. corporate bonds, foreign bonds,and high-yield U.S. debt securities. These portfolios typicallyhold 35% to 65% of bond assets in securities that are notrated or are rated by a major agency such as Standard &Poor's or Moody's at the level of BB (considered speculativefor taxable bonds) and below.

Performance

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20

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-5

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YTD YTD YTD YTD YTD YTD


InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-12.33 -7.23 -0.70 0.34 4.15 7.20 Fund Return %-16.06 -11.17 -2.13 -0.53 3.70 7.02 Load-Adj. Return %

1.30 7.15 4.37 3.35 4.05 . Benchmark Return %-8.95 -4.16 0.53 1.66 3.73 5.13 Category Average %........................................................................................................................................................................................................... . QQ Q QQQ . Morningstar Rating™. . 271 226 128 . # of Funds in Category


Fund Return % -12.33 -7.23 -0.70 0.34 4.15 7.20Standardized Return % -16.06 -11.17 -2.13 -0.53 3.70 7.02





HighM

edLow

Ltd Mod Ext



United States Treasury Notes 1.5% 10-31-21 7.46Bristol-Myers Squibb Company 5.07AT&T Inc 4.21Canada (Government of) 0.75% 09-01-20 3.52United States Treasury Bonds 3% 08-15-48 2.85.......................................................................................................United States Treasury Notes 1.5% 11-30-21 2.38Mexico (United Mexican States) 8% 12-07-23 2.20United States Treasury Bills 0% 08-13-20 2.11DISH Network Corporation 3.38% 08-15-26 2.05Morgan Stanley 5% 09-30-21 1.94




Credit Analysis as of 02-29-20 % Bonds

-100 -50 0 50 100

AAA 37AA 0A 13BBB 9BB 18B 8Below B 4Not Rated 12

Principal Risks as of 02-29-20Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Issuer, Interest Rate,Market/Market Volatility, Equity Securities, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Restricted/Illiquid Securities, Derivatives, Leverage, Fixed-Income Securities, Shareholder Activity, Management


®


PIMCO High Yield A PHDAX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkICE BofA US High Yield TR USD


QQQQ Above Average Below AverageOut of 621 High Yield Bond funds. An investment's overall Morningstar Rating, based on its risk-adjusted return,is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks maximum total return, consistent with preservation of capital and prudent investment management.

The fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in high yield investments ("junk bonds"). High yield investments include securities (i) rated below investment grade by each of Moody's, S&P or Fitch that provides a rating on such investment or, if unrated, determined by PIMCO to be of comparable quality, or (ii) comprising the ICE BofAML U.S. High Yield, BB-B Rated, Constrained Index.




. . . .


Fund Inception Date 01-13-97Portfolio Manager(s) Andrew Jessop

Sonali PierName of Issuer PIMCOTelephone 888-877-4626Web Site www.pimco.com

Benchmark Description: ICE BofA US High Yield TR USD

The index measures the performance of short-term US dollardenominated below investment grade corporate debt publiclyissued in the US domestic market. Qualifying securities musthave at least 18 months to final maturity at the time ofissuance, at least one year remaining term to final maturity asof the rebalancing date, a fixed coupon schedule and aminimum amount outstanding of $100 million. It iscapitalization-weighted.

Category Description: High Yield Bond

High-yield bond portfolios concentrate on lower-qualitybonds, which are riskier than those of higher-qualitycompanies. These portfolios generally offer higher yields thanother types of portfolios, but they are also more vulnerable toeconomic and credit risk. These portfolios primarily invest inU.S. high-income debt securities where at least 65% or moreof bond assets are not rated or are rated by a major agencysuch as Standard & Poor's or Moody's at the level of BB(considered speculative for taxable bonds) and below.

Performance

5

10

15

20

0

-5

-10

-15



InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-11.12 -5.18 1.04 2.51 4.90 5.74 Fund Return %-14.46 -8.73 -0.24 1.73 4.50 5.56 Load-Adj. Return %-13.12 -7.45 0.55 2.67 5.50 6.19 Benchmark Return %-12.70 -7.67 -0.18 1.66 4.52 4.82 Category Average %..........................................................................................................................................................................................................

. . QQQQ QQQQ QQQQ . Morningstar Rating™

. . 621 540 338 . # of Funds in Category


Fund Return % -11.12 -5.18 1.04 2.51 4.90 5.74Standardized Return % -14.46 -8.73 -0.24 1.73 4.50 5.56




..........................................................................................-100 -50 0 50 100 Total 100.0


Not

Available



Pimco Fds 02-23-20 5.93Cdx Hy32 5y Ice 06-20-24 2.74Pimco Fds 08-25-20 1.73Cdx Hy31 5y Ice 12-20-23 1.65United States Treasury Notes 2.62% 03-31-25 1.46.......................................................................................................United States Treasury Notes 2.12% 07-31-24 1.09Sotera Health Holdings Llc Tl 1l 12-11-26 0.70Crimson Merger Sub Inc / Ortho-Cl 6.62% 05-15-22 0.68United States Treasury Notes 2.75% 05-31-23 0.61Trs Iboxhy/3ml Indx 03/20/20 Bps 03-20-20 0.59




Credit Analysis % Bonds

Not Available

Principal Risks as of 12-31-19Short Sale, Credit and Counterparty, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDICInsured, Issuer, Interest Rate, Market/Market Volatility, Equity Securities, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Restricted/Illiquid Securities, Derivatives, Leverage, Sovereign Debt, Management


®


PIMCO International Bond (USD-Hdg) Adm PFRAX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkBBgBarc Global Aggregate TR Hdg USD


QQQQQ High AverageOut of 74 World Bond-USD Hedged funds. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks maximum total return, consistent with preservation of capital and prudent investment management.

The fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in Fixed Income Instruments. It will invest under normal circumstances in Fixed Income Instruments that are economically tied to at least three non-U.S. countries. The fund invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in junk bonds as rated by Moody's, S&P or Fitch, or, if unrated, as determined by PIMCO. It is non-diversified.


Prospectus Net Expense Ratio 0.80%Total Annual Operating Expense 0.80%Maximum Sales Charge .12b-1 Fee 0.25%Redemption Fee/Term .


. . . .


Fund Inception Date 01-28-97Portfolio Manager(s) Andrew Thomas Balls

Lorenzo PaganiName of Issuer PIMCOTelephone 888-877-4626Web Site www.pimco.com

Benchmark Description: BBgBarc Global Aggregate TR Hdg USD

The index measures the performance of global investmentgrade fixed-rate debt markets, including the U.S. Aggregate,the Pan-European Aggregate, the Asian-Pacific Aggregate,Global Treasury, Eurodollar, Euro-Yen, Canadian, andInvestment Grade 144A index-eligible securities.

Category Description: World Bond-USD Hedged

USD hedged portfolios typically invest 40% or more of theirassets in fixed-income instruments issued outside of the U.S.These portfolios invest primarily in investment-grade ratedissues, but their strategies can vary. Some follow aconservative approach, sticking with high-quality bonds fromdeveloped markets. Others are more adventurous, owningsome lower-quality bonds from developed or emergingmarkets. Some portfolios invest exclusively outside the U.S.,while others invest in both U.S. and non-U.S. bonds. Funds inthis category hedge most of their non-U.S.-dollar currencyexposure back to the U.S. dollar.

Performance

5

10

15

20

0

-5

-10

-15



InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-1.99 1.97 3.32 2.96 5.08 5.84 Fund Return %-1.99 1.97 3.32 2.96 5.08 5.84 Load-Adj. Return %1.45 6.59 4.65 3.49 4.06 . Benchmark Return %

-1.87 3.19 3.00 2.32 3.19 4.64 Category Average %........................................................................................................................................................................................................... . QQQQ QQQQ QQQQQ . Morningstar Rating™. . 74 58 37 . # of Funds in Category


Fund Return % -1.99 1.97 3.32 2.96 5.08 5.84Standardized Return % -1.99 1.97 3.32 2.96 5.08 5.84




..........................................................................................-100 -50 0 50 100 Total 100.0


Not

Available

Avg Eff Duration 7.96Avg Eff Maturity 9.23Avg Wtd Price .


Federal National Mortgage Associatio 4% 01-14-50 11.06Irs Eur -0.50000 03/18/20-5y Lch 03-18-25 10.72Fin Fut Euro-Schatz 2yr Eux 03/06/20 03-07-20 10.65Fin Fut Eur-Bund 10yr Eux 03/06/20 03-07-20 8.65Irs Usd 1.75000 06/20/18-2y Cme 06-20-20 7.95.......................................................................................................Irs Eur -0.15000 03/18/20-10y Lch 03-18-30 7.64Federal National Mortgage Associat 3.5% 01-14-50 6.50Fin Fut Eux Euro-Btp 03/06/20 03-07-20 6.10Pimco Fds 08-25-20 5.84Fin Fut Eux Short Euro-Btp 03/06/20 03-07-20 5.81




Credit Analysis % Bonds

Not Available

Principal Risks as of 12-31-19Short Sale, Credit and Counterparty, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDICInsured, Nondiversification, Issuer, Interest Rate, Market/Market Volatility, Equity Securities, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Restricted/Illiquid Securities, Derivatives, Leverage, Sovereign Debt, Management


®


American Funds American Balanced R4 RLBEX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Mod Tgt Risk TR USD


QQQQQ High Below AverageOut of 640 Allocation--50% to 70% Equity funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks conservation of capital, current income and long-term growth of capital and income.

The fund uses a balanced approach to invest in a broad range of securities, including common stocks and investment-grade bonds. It also invests in securities issued and guaranteed by the U.S. government and by federal agencies and instrumentalities. In addition, the fund may invest a portion of its assets in common stocks, most of which have a history of paying dividends, bonds and other securities of issuers domiciled outside the United States.




. . . .


Fund Inception Date 06-21-02Portfolio Manager(s) Hilda L. Applbaum, CFA

Gregory D. JohnsonName of Issuer American FundsTelephone 800-421-4225Web Site www.americanfunds.com

Benchmark Description: Morningstar Mod Tgt Risk TR USD

The Morningstar Target Risk Index family is designed to meetthe needs of investors who would like to maintain a targetlevel of equity exposure through a portfolio diversified acrossequities, bonds and inflation-hedged instruments. TheMorningstar Moderate Target Risk Index seeks approximately60% exposure to global equity markets.

Category Description: Allocation--50% to 70% Equity

Funds in allocation categories seek to provide both incomeand capital appreciation by investing in multiple assetclasses, including stocks, bonds, and cash. These portfoliosare dominated by domestic holdings and have equityexposures between 50% and 70%.

Performance

5

10

15

20

0

-5

-10

-15



InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-11.63 -2.40 4.28 5.29 8.30 6.87 Fund Return %-11.63 -2.40 4.28 5.29 8.30 6.87 Load-Adj. Return %-13.38 -5.13 2.62 3.44 5.85 . Benchmark Return %-14.74 -7.01 1.48 2.40 5.75 5.01 Category Average %..........................................................................................................................................................................................................

. . QQQQ QQQQQ QQQQQ . Morningstar Rating™



Fund Return % -11.63 -2.40 4.28 5.29 8.30 6.87Standardized Return % -11.63 -2.40 4.28 5.29 8.30 6.87




Morningstar Style Box™ as of 12-31-19(EQ) ; 12-31-19(F-I)

LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


Microsoft Corp 4.79UnitedHealth Group Inc 3.10Berkshire Hathaway Inc A 2.04Taiwan Semiconductor Manufacturing Co Ltd ADR 2.04Broadcom Inc 1.74.......................................................................................................Philip Morris International Inc 1.55The Home Depot Inc 1.55Boeing Co 1.54Intel Corp 1.33United States Treasury Bonds 2.25% 08-15-49 1.30


Morningstar Sectors as of 12-31-19 % Fund S&P 500 %

h Cyclical 30.78 28.49........................................................................................................r Basic Materials 4.60 2.09t Consumer Cyclical 6.85 9.60y Financial Services 14.81 13.79u Real Estate 4.52 3.01

j Sensitive 44.92 44.28........................................................................................................i Communication Services 7.97 10.74o Energy 6.03 2.65p Industrials 8.72 8.71a Technology 22.20 22.18

k Defensive 24.30 27.25........................................................................................................s Consumer Defensive 7.74 8.14d Healthcare 15.47 15.54f Utilities 1.09 3.57

Principal Risks as of 12-31-19Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Active Management, Issuer, Market/Market Volatility,Equity Securities, Mortgage-Backed and Asset-Backed Securities, Restricted/Illiquid Securities, U.S. Government Obligations,Fixed-Income Securities


®


American Funds 2010 Trgt Date Retire R4 RDATX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2010 TR USD


QQQQ Above Average AverageOut of 92 Target-Date 2000-2010 funds. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks growth, income and conservation of capital.

The fund normally invests a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. The advisor attempts to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives.




. . . .


Fund Inception Date 02-01-07Portfolio Manager(s) James B. Lovelace, CFA

Wesley K.-S. PhoaName of Issuer American FundsTelephone 800-421-4225Web Site www.americanfunds.com

Benchmark Description: Morningstar Lifetime Mod 2010 TR USD

The index measures the performance of a portfolio of globalequities, bonds and traditional inflation hedges such ascommodities and TIPS. This portfolio is held in proportionsappropriate for a US investor who has a target maturity dateof 2010. The Moderate risk profile is for investors who arecomfortable with average exposure to equity market volatility.

Category Description: Target-Date 2000-2010

Target-date portfolios provide diversified exposure to stocks,bonds, and cash for those investors who have a specific datein mind (in this case, the years 2000-2010) for retirement.These portfolios aim to provide investors with an optimal levelof return and risk, based solely on the target date.Management adjusts the allocation among asset classes tomore-conservative mixes as the target date approaches,following a preset glide path. A target-date portfolio is part ofa series of funds offering multiple retirement dates toinvestors.

Allocation of Assets

050 40 30 20 10 -10 -20 -30

10080

60

40

200

Years Until Retirement

% AllocationBondsStocksCashOther

PerformanceTrailing Returns YTD 1 Year 3 Year 5 Year 10 Year Since Inception

Investment Return % -7.78 -1.22 2.73 3.22 5.57 4.06Benchmark Return % -8.00 -1.00 3.24 3.23 5.44 .Category Average % -7.94 -1.14 2.75 2.95 5.09 3.54........................................................................................................................................................................................................................Morningstar Rating™ . . QQQ QQQ QQQQ .# of Funds in Category . . 92 80 58 .







LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


American Funds Interm Bd Fd of Amer R6 13.97American Funds Capital Income Bldr R6 12.00American Funds Income Fund of Amer R6 12.00American Funds Bond Fund of Amer R6 7.96American Funds Inflation Linked Bd R6 6.96.......................................................................................................American Funds Mortgage R6 5.96American Funds American Mutual R6 5.00American Funds American High-Inc R6 4.99American Funds Capital World Bond R6 4.97American Funds ST Bd Fd of Amer R6 4.96

.......................................................................................................Total Number of Holdings 18Annual Turnover Ratio % 5.00Total Fund Assets ($mil) 3,374.09





Principal Risks as of 12-31-19Inflation-Protected Securities, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, ActiveManagement, Issuer, Interest Rate, Market/Market Volatility, Equity Securities, High-Yield Securities, Mortgage-Backed andAsset-Backed Securities, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, U.S. Government Obligations, Derivatives,Fixed-Income Securities, Conflict of Interest, Management


®


American Funds 2015 Trgt Date Retire R4 RDBTX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2015 TR USD


QQQQ Above Average Below AverageOut of 99 Target-Date 2015 funds. An investment's overall Morningstar Rating, based on its risk-adjusted return,is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.



The fund normally invests a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. The advisor attempts to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives.




. . . .






Category Description: Target-Date 2015



050 40 30 20 10 -10 -20 -30

10080

60

40

200




Investment Return % -8.78 -1.77 2.80 3.34 5.89 4.26Benchmark Return % -8.75 -1.23 3.44 3.44 5.83 .Category Average % -9.48 -2.27 2.78 2.89 5.43 3.32........................................................................................................................................................................................................................Morningstar Rating™ . . QQQ QQQQ QQQQ .# of Funds in Category . . 99 74 47 .







LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


American Funds Capital Income Bldr R6 12.00American Funds Income Fund of Amer R6 12.00American Funds Interm Bd Fd of Amer R6 9.00American Funds Bond Fund of Amer R6 8.00American Funds Inflation Linked Bd R6 7.00.......................................................................................................American Funds American Mutual R6 6.00American Funds Mortgage R6 6.00American Funds American High-Inc R6 5.00American Funds Capital World Bond R6 5.00American Funds Invmt Co of Amer R6 5.00








®


American Funds 2020 Trgt Date Retire R4 RDCTX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2020 TR USD


QQQQQ High AverageOut of 198 Target-Date 2020 funds. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.



The fund normally invests a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. The advisor attempts to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives.




. . . .









050 40 30 20 10 -10 -20 -30

10080

60

40

200




Investment Return % -8.96 -1.71 3.26 3.72 6.50 4.53Benchmark Return % -9.98 -1.99 3.48 3.58 6.22 .Category Average % -10.04 -2.82 2.65 2.84 5.46 3.50........................................................................................................................................................................................................................Morningstar Rating™ . . QQQQ QQQQQ QQQQQ .# of Funds in Category . . 198 156 94 .







LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


American Funds Interm Bd Fd of Amer R6 8.86American Funds Income Fund of Amer R6 8.67American Funds Capital Income Bldr R6 8.64American Funds Bond Fund of Amer R6 7.86American Funds Inflation Linked Bd R6 6.85.......................................................................................................American Funds American Mutual R6 6.00American Funds Mortgage R6 5.86American Funds Invmt Co of Amer R6 5.12American Funds Washington Mutual R6 5.12American Funds American High-Inc R6 4.88








®


American Funds 2025 Trgt Date Retire R4 RDDTX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2025 TR USD





The fund normally invests a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. The advisor attempts to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives.




. . . .









050 40 30 20 10 -10 -20 -30

10080

60

40

200




Investment Return % -10.33 -2.28 3.66 4.12 7.26 5.03Benchmark Return % -11.86 -3.44 3.33 3.66 6.61 .Category Average % -12.19 -4.31 2.54 2.91 5.86 3.59........................................................................................................................................................................................................................Morningstar Rating™ . . QQQQQ QQQQQ QQQQQ .# of Funds in Category . . 199 160 84 .







LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


American Funds Interm Bd Fd of Amer R6 8.98American Funds Invmt Co of Amer R6 6.09American Funds Washington Mutual R6 6.01American Funds US Government Sec R6 5.97American Funds Global Balanced R6 5.96.......................................................................................................American Funds American Balanced R6 5.95American Funds American Mutual R6 5.89American Funds Fundamental Invs R6 5.09American Funds Capital World Gr&Inc R6 5.05American Funds Bond Fund of Amer R6 4.97








®


American Funds 2030 Trgt Date Retire R4 RDETX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2030 TR USD









. . . .









050 40 30 20 10 -10 -20 -30

10080

60

40

200











LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


American Funds Washington Mutual R6 7.93American Funds Invmt Co of Amer R6 7.01American Funds US Government Sec R6 6.97American Funds Fundamental Invs R6 6.06American Funds American Balanced R6 5.96.......................................................................................................American Funds Global Balanced R6 5.96American Funds American Mutual R6 5.93American Funds Capital World Bond R6 4.97American Funds Capital World Gr&Inc R6 4.97American Funds Mortgage R6 4.97






Principal Risks as of 12-31-19Inflation-Protected Securities, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, ActiveManagement, Issuer, Interest Rate, Market/Market Volatility, Equity Securities, Mortgage-Backed and Asset-Backed Securities,Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, U.S. Government Obligations, Derivatives, Fixed-Income Securities,Conflict of Interest, Management


®


American Funds 2035 Trgt Date Retire R4 RDFTX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2035 TR USD









. . . .









050 40 30 20 10 -10 -20 -30

10080

60

40

200











LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


American Funds US Government Sec R6 8.00American Funds Washington Mutual R6 8.00American Funds Invmt Co of Amer R6 7.00American Funds New Perspective R6 7.00American Funds AMCAP R6 6.00.......................................................................................................American Funds American Balanced R6 6.00American Funds American Mutual R6 6.00American Funds Fundamental Invs R6 6.00American Funds Global Balanced R6 6.00American Funds Growth Fund of Amer R6 6.00






Principal Risks as of 12-31-19Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Active Management, Issuer, InterestRate, Market/Market Volatility, Equity Securities, Underlying Fund/Fund of Funds, U.S. Government Obligations, Fixed-IncomeSecurities, Conflict of Interest, Management


®


American Funds 2040 Trgt Date Retire R4 RDGTX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2040 TR USD









. . . .









050 40 30 20 10 -10 -20 -30

10080

60

40

200











LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


American Funds Washington Mutual R6 8.00American Funds AMCAP R6 7.00American Funds Growth Fund of Amer R6 7.00American Funds Invmt Co of Amer R6 7.00American Funds New Perspective R6 7.00.......................................................................................................American Funds SMALLCAP World R6 7.00American Funds American Balanced R6 6.00American Funds American Mutual R6 6.00American Funds Fundamental Invs R6 6.00American Funds Global Balanced R6 6.00








®


American Funds 2045 Trgt Date Retire R4 RDHTX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2045 TR USD


QQQQQ High Below AverageOut of 196 Target-Date 2045 funds. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.







. . . .









050 40 30 20 10 -10 -20 -30

10080

60

40

200











LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


American Funds Invmt Co of Amer R6 8.00American Funds Washington Mutual R6 8.00American Funds AMCAP R6 7.00American Funds American Mutual R6 7.00American Funds Fundamental Invs R6 7.00.......................................................................................................American Funds Growth Fund of Amer R6 7.00American Funds New Perspective R6 7.00American Funds SMALLCAP World R6 7.00American Funds American Balanced R6 6.00American Funds Capital World Gr&Inc R6 6.00








®


American Funds 2050 Trgt Date Retire R4 RDITX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2050 TR USD


QQQQQ High Below AverageOut of 209 Target-Date 2050 funds. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.







. . . .









050 40 30 20 10 -10 -20 -30

10080

60

40

200











LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


American Funds Invmt Co of Amer R6 9.01American Funds Washington Mutual R6 9.00American Funds American Mutual R6 8.00American Funds Fundamental Invs R6 8.00American Funds AMCAP R6 7.00.......................................................................................................American Funds Capital World Gr&Inc R6 7.00American Funds Growth Fund of Amer R6 7.00American Funds New Perspective R6 7.00American Funds SMALLCAP World R6 7.00American Funds US Government Sec R6 5.01








®


American Funds 2055 Trgt Date Retire R4 RDJTX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2055 TR USD


QQQQQ High LowOut of 194 Target-Date 2055 funds. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.







. . . .







Target-date portfolios provide a diversified exposure tostocks, bonds, and cash for those investors who have aspecific date in mind (in this case, the years 2051-2055) forretirement. These portfolios aim to provide investors with anoptimal level of return and risk, based solely on the targetdate. Management adjusts the allocation among assetclasses to more-conservative mixes as the target dateapproaches, following a preset glide path. A target-dateportfolio is part of a series of funds offering multipleretirement dates to investors.


050 40 30 20 10 -10 -20 -30

10080

60

40

200




Investment Return % -17.68 -7.89 3.42 4.53 7.81 8.29Benchmark Return % -22.48 -13.45 0.48 2.38 6.31 6.94Category Average % -20.37 -11.02 1.19 2.57 6.32 6.98........................................................................................................................................................................................................................Morningstar Rating™ . . QQQQQ QQQQQ QQQQQ .# of Funds in Category . . 194 150 31 .







LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext










®


American Funds 2060 Trgt Date Retire R4 RDKTX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2060 TR USD


QQQQQ High LowOut of 150 Target-Date 2060+ funds. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.



The fund normally invests a greater portion of its assets in fixed income, equity income and balanced funds as it approaches and passes its target date. The advisor attempts to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives.




. . . .


Fund Inception Date 03-27-15Portfolio Manager(s) Wesley K.-S. Phoa

James B. Lovelace, CFAName of Issuer American FundsTelephone 800-421-4225Web Site www.americanfunds.com



Category Description: Target-Date 2060+

Target-date portfolios provide a diversified exposure tostocks, bonds, and cash for those investors who have aspecific date in mind (in this case, the years 2056-2060 andbeyond) for retirement. These portfolios aim to provideinvestors with an optimal level of return and risk, based solelyon the target date. Management adjusts the allocationamong asset classes to more-conservative mixes as thetarget date approaches, following a preset glide path. Atarget-date portfolio is part of a series of funds offeringmultiple retirement dates to investors.


050 40 30 20 10 -10 -20 -30

10080

60

40

200




Investment Return % -17.64 -7.85 3.44 4.52 . 4.53Benchmark Return % -22.58 -13.61 0.39 2.29 . 2.32Category Average % -20.71 -11.12 1.31 2.88 . 2.72........................................................................................................................................................................................................................Morningstar Rating™ . . QQQQQ QQQQQ . .# of Funds in Category . . 150 54 . .


Fund Return % -17.64 -7.85 3.44 4.52 . 4.53Standardized Return % -17.64 -7.85 3.44 4.52 . 4.53





LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext










®


MassMutual Select Diversified Value Adm MDDLX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 Value TR USD


QQQ Average AverageOut of 1107 Large Value funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks to achieve long-term growth of capital and income by investing primarily in a diversified portfolio of equity securities of larger, well-established companies.

The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in stocks, securities convertible into stocks, and other securities, such as warrants and stock rights, whose value is based on stock prices. It typically invests most of its assets in securities of U.S. companies, but may invest up to 25% of its total assets in foreign securities and American Depositary Receipts ("ADRs"), including emerging market securities.


Prospectus Net Expense Ratio 0.88%Total Annual Operating Expense 0.88%Maximum Sales Charge .12b-1 Fee .Redemption Fee/Term .


. . . .


Fund Inception Date 10-15-04Portfolio Manager(s) Joseph J. Kirby

Henry F. OttoName of Issuer MassMutualTelephone 888-309-3539Web Site www.massmutual.com

Benchmark Description: Russell 1000 Value TR USD

The index measures the performance of the large-cap valuesegment of the US equity securities. It includes the Russell1000 index companies with lower price-to-book ratios andlower expected growth values. It is market-capitalizationweighted. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related tothe Russell Indexes. Russell® is a trademark of RussellInvestment Group.

Category Description: Large Value

Large-value portfolios invest primarily in big U.S. companiesthat are less expensive or growing more slowly than otherlarge-cap stocks. Stocks in the top 70% of the capitalizationof the U.S. equity market are defined as large cap. Value isdefined based on low valuations (low price ratios and highdividend yields) and slow growth (low growth rates forearnings, sales, book value, and cash flow).

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-27.52 -17.76 -1.59 1.77 7.39 5.02 Fund Return %-27.52 -17.76 -1.59 1.77 7.39 5.02 Load-Adj. Return %-26.73 -17.17 -2.18 1.90 7.67 5.92 Benchmark Return %-26.77 -17.73 -2.11 1.42 6.89 5.13 Category Average %..........................................................................................................................................................................................................

. . QQQ QQQ QQQ . Morningstar Rating™



Fund Return % -27.52 -17.76 -1.59 1.77 7.39 5.02Standardized Return % -27.52 -17.76 -1.59 1.77 7.39 5.02





LargeM

idSm

all

Value Blend Growth



JPMorgan Chase & Co 4.43Johnson & Johnson 3.83Wells Fargo & Co 3.35Verizon Communications Inc 2.57Bank of America Corp 2.37.......................................................................................................Comcast Corp Class A 2.27Exxon Mobil Corp 2.07Intel Corp 1.95Morgan Stanley 1.88Philip Morris International Inc 1.78

.......................................................................................................Total Number of Stock Holdings 253Total Number of Bond Holdings 0Annual Turnover Ratio % 42.00Total Fund Assets ($mil) 273.17





Principal Risks as of 12-31-19Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Quantitative Investing, Value Investing,Market/Market Volatility, Convertible Securities, Equity Securities, Industry and Sector Investing, Restricted/Illiquid Securities,Derivatives, Pricing, Cash Drag, Management, Large Cap


®


Delaware Value® A DDVAX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 Value TR USD


QQQQ Above Average AverageOut of 1107 Large Value funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks long-term capital appreciation.Under normal circumstances, the fund will invest at least

80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of large-capitalization companies (the 80% policy). It invests primarily in securities of large-capitalization companies that the Manager believes have long-term capital appreciation potential. The fund's advisor currently defines large-capitalization stocks as those with market capitalizations of $5 billion or greater at the time of purchase.




. . . .


Fund Inception Date 09-14-98Portfolio Manager(s) Robert A. Vogel, CFA

Nikhil G. Lalvani, CFAName of Issuer Delaware Funds by MacquarieTelephone 800-523-1918Web Site www.delawarefunds.com

Benchmark Description: Russell 1000 Value TR USD

The index measures the performance of the large-cap valuesegment of the US equity securities. It includes the Russell1000 index companies with lower price-to-book ratios andlower expected growth values. It is market-capitalizationweighted. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related tothe Russell Indexes. Russell® is a trademark of RussellInvestment Group.

Category Description: Large Value

Large-value portfolios invest primarily in big U.S. companiesthat are less expensive or growing more slowly than otherlarge-cap stocks. Stocks in the top 70% of the capitalizationof the U.S. equity market are defined as large cap. Value isdefined based on low valuations (low price ratios and highdividend yields) and slow growth (low growth rates forearnings, sales, book value, and cash flow).

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-26.71 -20.19 -2.15 1.54 8.70 6.23 Fund Return %-30.92 -24.78 -4.06 0.34 8.06 5.94 Load-Adj. Return %-26.73 -17.17 -2.18 1.90 7.67 6.06 Benchmark Return %-26.77 -17.73 -2.11 1.42 6.89 5.09 Category Average %..........................................................................................................................................................................................................

. . QQQ QQQ QQQQ . Morningstar Rating™



Fund Return % -26.71 -20.19 -2.15 1.54 8.70 6.23Standardized Return % -30.92 -24.78 -4.06 0.34 8.06 5.94





LargeM

idSm

all

Value Blend Growth



Mondelez International Inc Class A 3.38Marsh & McLennan Companies Inc 3.36AT&T Inc 3.34Johnson & Johnson 3.31Waste Management Inc 3.27.......................................................................................................Edison International 3.23Allstate Corp 3.19Broadcom Inc 3.18Abbott Laboratories 3.16Verizon Communications Inc 3.15






Principal Risks as of 02-29-20Loss of Money, Not FDIC Insured, Active Management, Issuer, Market/Market Volatility, Industry and Sector Investing, Restricted/Illiquid Securities, Regulation/Government Intervention


®


MassMutual Select Equity Opports Adm MMFVX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 TR USD


QQQ High Above AverageOut of 1214 Large Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, isa weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks growth of capital over the long-term.The fund invests primarily in equity securities of U.S.

companies that the fund's subadvisers believe are financially sound, valued conservatively by the market, and have improving prospects. It typically invests most of its assets in equity securities of U.S. companies, but may invest in foreign securities and American Depositary Receipts ("ADRs"), including emerging market securities. The fund generally will not invest more than 30% of its total assets in foreign securities.




. . . .


Fund Inception Date 04-28-00Portfolio Manager(s) Donald J. Kilbride

John D. Linehan, CFAName of Issuer MassMutualTelephone 888-309-3539Web Site www.massmutual.com

Benchmark Description: Russell 1000 TR USD

The index measures the performance of the large-capsegment of the US equity securities. It is a subset of theRussell 3000 index and includes approximately 1000 of thelargest securities based on a combination of their market capand current index membership.

Category Description: Large Blend

Large-blend portfolios are fairly representative of the overallUS stock market in size, growth rates and price. Stocks in thetop 70% of the capitalization of the US equity market aredefined as large cap. The blend style is assigned to portfolioswhere neither growth nor value characteristics predominate.These portfolios tend to invest across the spectrum of USindustries, and owing to their broad exposure, the portfolios'returns are often similar to those of the S&P 500 Index.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-19.61 -7.79 5.27 6.20 10.56 10.35 Fund Return %-19.61 -7.79 5.27 6.20 10.56 10.35 Load-Adj. Return %-20.22 -8.03 4.64 6.22 10.39 5.07 Benchmark Return %-20.92 -9.97 2.80 4.46 8.84 3.74 Category Average %..........................................................................................................................................................................................................

. . QQQQ QQQ QQQ . Morningstar Rating™








LargeM

idSm

all

Value Blend Growth



Chubb Ltd 4.16Johnson & Johnson 4.15UnitedHealth Group Inc 4.06Microsoft Corp 3.89Coca-Cola Co 3.72.......................................................................................................McDonald's Corp 3.72Medtronic PLC 3.71Nike Inc B 3.23General Dynamics Corp 3.12PepsiCo Inc 2.98






Principal Risks as of 12-31-19Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Market/Market Volatility,Convertible Securities, Equity Securities, Industry and Sector Investing, Preferred Stocks, Restricted/Illiquid Securities,Derivatives, Pricing, Cash Drag, Management, Small Cap, Mid-Cap, Large Cap


®


Hartford Growth Opportunities R5 HGOTX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 Growth TR USD


QQQ Above Average HighOut of 1231 Large Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, isa weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks capital appreciation.The fund invests primarily in a diversified portfolio of

common stocks covering a broad range of industries, companies and market capitalizations that the sub-adviser believes exhibit long-term growth potential. It may invest up to 25% of its net assets in foreign issuers and non-dollar securities. The fund may trade securities actively.




. . . .


Fund Inception Date 12-22-06Portfolio Manager(s) Mario E. Abularach, CFA

Stephen C. MortimerName of Issuer Hartford Mutual FundsTelephone 888-843-7824Web Site www.hartfordfunds.com

Benchmark Description: Russell 1000 Growth TR USD

The index measures the performance of the large-cap growthsegment of the US equity securities. It includes the Russell1000 index companies with higher price-to-book ratios andhigher forecasted growth values. It is market-capitalizationweighted. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related tothe Russell Indexes. Russell® is a trademark of RussellInvestment Group.

Category Description: Large Growth

Large-growth portfolios invest primarily in big U.S. companiesthat are projected to grow faster than other large-cap stocks.Stocks in the top 70% of the capitalization of the U.S. equitymarket are defined as large cap. Growth is defined based onfast growth (high growth rates for earnings, sales, bookvalue, and cash flow) and high valuations (high price ratiosand low dividend yields). Most of these portfolios focus oncompanies in rapidly expanding industries.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-13.33 -6.65 10.20 8.79 12.41 8.94 Fund Return %-13.33 -6.65 10.20 8.79 12.41 8.94 Load-Adj. Return %-14.10 0.91 11.32 10.36 12.97 9.56 Benchmark Return %-15.48 -3.72 8.65 7.64 10.99 7.44 Category Average %..........................................................................................................................................................................................................

. . QQQ QQQ QQQ . Morningstar Rating™








LargeM

idSm

all

Value Blend Growth



Amazon.com Inc 8.27Workday Inc Class A 3.37Netflix Inc 3.31Advanced Micro Devices Inc 3.28Splunk Inc 3.19.......................................................................................................Spotify Technology SA 2.98NVIDIA Corp 2.92DexCom Inc 2.84Thermo Fisher Scientific Inc 2.73PayPal Holdings Inc 2.50






Principal Risks as of 02-29-20Lending, Currency, Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Active Management, High PortfolioTurnover, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Shareholder Activity, Mid-Cap


®


ClearBridge Large Cap Growth A SBLGX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 Growth TR USD


QQQQ Above Average Below AverageOut of 1231 Large Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, isa weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks long-term capital growth.Under normal circumstances, the fund invests at least

80% of its net assets, plus borrowings for investment purposes, if any, in equity securities or other instruments with similar economic characteristics of U.S. companies with large market capitalizations.




. . . .


Fund Inception Date 08-29-97Portfolio Manager(s) Peter Bourbeau

Margaret B. VitranoName of Issuer Legg MasonTelephone 877-721-1926Web Site http://www.leggmason.com/


The index measures the performance of the large-cap growthsegment of the US equity securities. It includes the Russell1000 index companies with higher price-to-book ratios andhigher forecasted growth values. It is market-capitalizationweighted. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related tothe Russell Indexes. Russell® is a trademark of RussellInvestment Group.

Category Description: Large Growth

Large-growth portfolios invest primarily in big U.S. companiesthat are projected to grow faster than other large-cap stocks.Stocks in the top 70% of the capitalization of the U.S. equitymarket are defined as large cap. Growth is defined based onfast growth (high growth rates for earnings, sales, bookvalue, and cash flow) and high valuations (high price ratiosand low dividend yields). Most of these portfolios focus oncompanies in rapidly expanding industries.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-15.07 -3.30 9.43 9.52 12.07 8.43 Fund Return %-19.95 -8.86 7.29 8.23 11.40 8.14 Load-Adj. Return %-14.10 0.91 11.32 10.36 12.97 7.03 Benchmark Return %-15.48 -3.72 8.65 7.64 10.99 6.20 Category Average %..........................................................................................................................................................................................................

. . QQQ QQQQ QQQQ . Morningstar Rating™








LargeM

idSm

all

Value Blend Growth



Amazon.com Inc 6.80Microsoft Corp 5.22Facebook Inc A 5.15Visa Inc Class A 4.42Apple Inc 3.55.......................................................................................................UnitedHealth Group Inc 3.44Alphabet Inc Class C 3.06Adobe Inc 3.03Zoetis Inc Class A 2.64Thermo Fisher Scientific Inc 2.61






Principal Risks as of 12-31-19Loss of Money, Not FDIC Insured, Growth Investing, Issuer, Market/Market Volatility, Equity Securities, Industry and SectorInvesting, Other, Restricted/Illiquid Securities, Pricing, Management, Large Cap, Technology Sector


®


JPMorgan Mid Cap Value A JAMCX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell Mid Cap Value TR USD


QQQQ Above Average Below AverageOut of 388 Mid-Cap Value funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, isa weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks growth from capital appreciation.Under normal circumstances, the fund invests at least

80% of its assets in equity securities of mid cap companies. "Assets" means net assets, plus the amount of borrowings for investment purposes. Mid cap companies are companies with market capitalizations equal to those within the universe of the Russell Midcap Value Index and/or between $1 billion and $20 billion at the time of purchase.




ExpenseRatio Contractual 10-31-20 0.02


Fund Inception Date 04-30-01Portfolio Manager(s) Jonathan K.L. Simon, CPA

Lawrence E. Playford, CPAName of Issuer JPMorganTelephone 800-480-4111Web Site www.jpmorganfunds.com

Benchmark Description: Russell Mid Cap Value TR USD

The index measures the performance of the mid-cap valuesegment of the US equity universe. It includes Russell midcapindex companies with lower price-to-book ratios and lowerforecasted growth values. It is market-capitalizationweighted.

Category Description: Mid-Cap Value

Some mid-cap value portfolios focus on medium-sizecompanies while others land here because they own a mix ofsmall-, mid-, and large-cap stocks. All look for U.S. stocksthat are less expensive or growing more slowly than themarket. The U.S. mid-cap range for market capitalizationtypically falls between $1 billion and $8 billion and represents20% of the total capitalization of the U.S. equity market. Valueis defined based on low valuations (low price ratios and highdividend yields) and slow growth (low growth rates forearnings, sales, book value, and cash flow).

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-31.90 -25.09 -6.33 -1.80 7.05 7.53 Fund Return %-35.47 -29.02 -8.00 -2.85 6.47 7.22 Load-Adj. Return %-31.71 -24.13 -5.97 -0.76 7.22 7.26 Benchmark Return %-32.53 -25.38 -6.89 -1.79 5.69 5.71 Category Average %..........................................................................................................................................................................................................




Fund Return % -31.90 -25.09 -6.33 -1.80 7.05 7.53Standardized Return % -35.47 -29.02 -8.00 -2.85 6.47 7.22





LargeM

idSm

all

Value Blend Growth



WEC Energy Group Inc 1.97Xcel Energy Inc 1.95Loews Corp 1.93CMS Energy Corp 1.91M&T Bank Corp 1.82.......................................................................................................T. Rowe Price Group Inc 1.78Williams Companies Inc 1.64Sempra Energy 1.60AutoZone Inc 1.53JPMorgan Prime Money Market IM 12-31-49 1.52






Principal Risks as of 02-29-20Loss of Money, Not FDIC Insured, Value Investing, Market/Market Volatility, Equity Securities, Industry and Sector Investing,Derivatives, Suitability, Shareholder Activity, Management, Mid-Cap, Real Estate/REIT Sector


®


MM S&P® Mid Cap Index Fund MDKIX Class R5..........................................................................................................................................................................................................................................................................................................................................BenchmarkS&P MidCap 400 TR

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAverage Average

Out of 363 Mid-Cap Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Objective & StrategyThe investment seeks to provide investment results approximating (before fees and expenses) the aggregate price and dividend performance of the securities included in the S&P MidCap 400 Index. 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 in the index, in weightings that approximate the relative composition of the securities contained in the index, and in S&P MidCap 400 Index futures contracts. The index is a widely recognized, unmanaged index representative of common stocks of mid-capitalized U.S. companies.

Category Description: Mid-Cap Blend

The typical mid-cap blend portfolio invests in U.S. stocks ofvarious sizes and styles, giving it a middle-of-the-road profile.Most shy away from high-priced growth stocks but aren't soprice-conscious that they land in value territory. The U.S. mid-cap range for market capitalization typically falls between $1billion and $8 billion and represents 20% of the totalcapitalization of the U.S. equity market. The blend style isassigned to portfolios where neither growth nor valuecharacteristics predominate.

Volatility Analysis

Low Moderate High

Investment

Category

In the past, this investment has shown a wide range of pricefluctuations relative to other investments. This investmentmay experience significant price increases in favorablemarkets or undergo large price declines in adverse markets.Some of this risk may be offset by owning other investmentsthat follow different investment strategies.


14.42% -29.70%(Jan '19 - Mar '19) (Jan '20 - Mar '20)





Brent Reeder................................................................................................Management Company MML Investment Advisers, LLCName of Issuer MassMutual


Performance

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InvestmentBenchmark



-29.70 -22.64 -4.36 0.28 7.47 Fund Return %-29.70 -22.51 -4.09 0.56 7.60 Benchmark Return %-28.28 -20.69 -3.71 -0.58 6.34 Category Average %..........................................................................................................................................................................................................

Morningstar Rating™61 62 66 40 Fund Rank Percentile

420 402 363 288 # of Funds in Category





LargeM

idSm

all

Value Blend Growth



E-mini S&P MidCap 400 Future June 2 06-30-20 1.81Domino's Pizza Inc 0.94Tyler Technologies Inc 0.87West Pharmaceutical Services Inc 0.85Teledyne Technologies Inc 0.82.......................................................................................................FactSet Research Systems Inc 0.74Teradyne Inc 0.68Fair Isaac Corp 0.67Medical Properties Trust Inc 0.67Essential Utilities Inc 0.66

.......................................................................................................Total Number of Stock Holdings 400Total Number of Bond Holdings 1Annual Turnover Ratio % 15Total Fund Assets ($mil) 328.2

Morningstar Equity Sectors as of 03-31-20 % Fund S&P 500 %

Cyclical 42.25 28.49........................................................................................................

Basic Materials 4.55 2.09Consumer Cyclical 12.14 9.60Financial Services 15.66 13.79Real Estate 9.90 3.01

Sensitive 36.69 44.28........................................................................................................

Communication Services 2.33 10.74Energy 1.49 2.65Industrials 16.05 8.71Technology 16.82 22.18

Defensive 21.06 27.25........................................................................................................

Consumer Defensive 4.48 8.14Healthcare 12.10 15.54Utilities 4.48 3.57

Principal Risks as of 03-31-20Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error, Market/Market Volatility, Equity Securities, Industry and SectorInvesting, Derivatives, Pricing, Cash Drag, Management, Small Cap, Mid-Cap


l10237


MassMutual Select Mid Cap Growth Adm MMELX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell Mid Cap Growth TR USD


QQQQ Above Average Below AverageOut of 567 Mid-Cap Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return,is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks growth of capital over the long-term.The fund invests primarily in equity securities of mid-

capitalization companies that the fund's subadvisers believe offer the potential for long-term growth. It invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the subadvisers expect to grow at a faster rate than the average company.




. . . .


Fund Inception Date 05-31-00Portfolio Manager(s) Brian W.H. Berghuis, CFA

Christopher J. ScarpaName of Issuer MassMutualTelephone 888-309-3539Web Site www.massmutual.com

Benchmark Description: Russell Mid Cap Growth TR USD

The index measures the performance of the mid-cap growthsegment of the US equity universe. It includes Russell midcapindex companies with higher price-to-book ratios and higherforecasted growth values. It is market-capitalizationweighted. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related tothe Russell Indexes. Russell® is a trademark of RussellInvestment Group.

Category Description: Mid-Cap Growth

Some mid-cap growth portfolios invest in stocks of all sizes,thus leading to a mid-cap profile, but others focus on midsizecompanies. Mid-cap growth portfolios target U.S. firms thatare projected to grow faster than other mid-cap stocks,therefore commanding relatively higher prices. The U.S. mid-cap range for market capitalization typically falls between $1billion and $8 billion and represents 20% of the totalcapitalization of the U.S. equity market. Growth is definedbased on fast growth (high growth rates for earnings, sales,book value, and cash flow) and high valuations (high priceratios and low dividend yields).

Performance

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InvestmentBenchmark











LargeM

idSm

all

Value Blend Growth



Teleflex Inc 2.34Microchip Technology Inc 1.83Ball Corp 1.80The Cooper Companies Inc 1.79Dollar General Corp 1.74.......................................................................................................Global Payments Inc 1.74Reserve Invt Fds 09-19-34 1.67Hologic Inc 1.48L3Harris Technologies Inc 1.48IAC/InterActiveCorp 1.39






Principal Risks as of 12-31-19Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Market/Market Volatility,Convertible Securities, Equity Securities, Industry and Sector Investing, Preferred Stocks, Restricted/Illiquid Securities, Pricing,Cash Drag, Management, Small Cap, Mid-Cap


®


MM Russell 2000® Small Cap Index R5 MCJIX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 2000 TR USD


QQQQ Above Average AverageOut of 628 Small Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks to provide investment results approximating (before fees and expenses) the aggregate price and dividend performance of the securities included in the Russell 2000® Index.

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 in the index, in weightings that approximate the relative composition of the securities contained in the index, and in Russell 2000 Index futures contracts. The index is a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies.




. . . .


Fund Inception Date 07-26-12Portfolio Manager(s) Brent D. ReederName of Issuer MassMutualTelephone 888-309-3539Web Site www.massmutual.com


The index measures the performance of the small-capsegment of the US equity universe. It is a subset of theRussell 3000 and includes approximately 2000 of the smallestsecurities based on a combination of their market cap andcurrent index membership. Russell Investment Group is thesource and owner of the trademarks, service marks andcopyrights related to the Russell Indexes. Russell® is atrademark of Russell Investment Group.

Category Description: Small Blend

Small-blend portfolios favor U.S. firms at the smaller end ofthe market-capitalization range. Some aim to own an array ofvalue and growth stocks while others employ a discipline thatleads to holdings with valuations and growth rates close tothe small-cap averages. Stocks in the bottom 10% of thecapitalization of the U.S. equity market are defined as smallcap. The blend style is assigned to portfolios where neithergrowth nor value characteristics predominate.

Performance

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YTD YTD YTD YTD YTD


InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-30.68 -24.16 -4.83 -0.40 . 6.72 Fund Return %-30.68 -24.16 -4.83 -0.40 . 6.72 Load-Adj. Return %-30.61 -23.99 -4.64 -0.25 . 6.75 Benchmark Return %-32.37 -26.41 -6.82 -1.76 . 5.14 Category Average %..........................................................................................................................................................................................................

. . QQQQ QQQQ . . Morningstar Rating™

. . 628 501 . . # of Funds in Category


Fund Return % -30.68 -24.16 -4.83 -0.40 . 6.72Standardized Return % -30.68 -24.16 -4.83 -0.40 . 6.72





LargeM

idSm

all

Value Blend Growth



E-Mini Russ 2000 Mar20 Xcme 20200320 03-20-20 0.71NovoCure Ltd 0.34The Medicines Co 0.30Generac Holdings Inc 0.29Lumentum Holdings Inc 0.29.......................................................................................................Arrowhead Pharmaceuticals Inc 0.28Haemonetics Corp 0.28Teladoc Health Inc 0.28Amedisys Inc 0.25First Industrial Realty Trust Inc 0.25






Principal Risks as of 12-31-19Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error, Market/Market Volatility, Equity Securities, Industry and SectorInvesting, Derivatives, Pricing, Cash Drag, Management, Small Cap, Mid-Cap


®


Delaware Small Cap Core A DCCAX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 2000 TR USD


QQQQQ High AverageOut of 628 Small Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks long-term capital appreciation.The fund invests primarily in stocks of small companies

that its investment manager believes have a combination of attractive valuations, growth prospects, and strong cash flows. Under normal circumstances, at least 80% of the fund's net assets, plus the amount of any borrowings for investment purposes, will be in investments of small-capitalization companies (80% policy). The fund's manager considers small-capitalization companies to be companies within the market capitalization range of the Russell 2000 ® Index at the time of purchase.




. . . .


Fund Inception Date 12-29-98Portfolio Manager(s) Christopher S. Adams, CFA

Michael S. Morris, CFAName of Issuer Delaware Funds by MacquarieTelephone 800-523-1918Web Site www.delawareinvestments.com


The index measures the performance of the small-capsegment of the US equity universe. It is a subset of theRussell 3000 and includes approximately 2000 of the smallestsecurities based on a combination of their market cap andcurrent index membership. Russell Investment Group is thesource and owner of the trademarks, service marks andcopyrights related to the Russell Indexes. Russell® is atrademark of Russell Investment Group.

Category Description: Small Blend

Small-blend portfolios favor U.S. firms at the smaller end ofthe market-capitalization range. Some aim to own an array ofvalue and growth stocks while others employ a discipline thatleads to holdings with valuations and growth rates close tothe small-cap averages. Stocks in the bottom 10% of thecapitalization of the U.S. equity market are defined as smallcap. The blend style is assigned to portfolios where neithergrowth nor value characteristics predominate.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-27.69 -20.71 -3.44 0.68 8.46 8.63 Fund Return %-31.85 -25.27 -5.33 -0.51 7.82 8.33 Load-Adj. Return %-30.61 -23.99 -4.64 -0.25 6.90 6.40 Benchmark Return %-32.37 -26.41 -6.82 -1.76 5.96 6.53 Category Average %..........................................................................................................................................................................................................

. . QQQQ QQQQQ QQQQQ . Morningstar Rating™



Fund Return % -27.69 -20.71 -3.44 0.68 8.46 8.63Standardized Return % -31.85 -25.27 -5.33 -0.51 7.82 8.33





LargeM

idSm

all

Value Blend Growth



Spire Inc 1.71South Jersey Industries Inc 1.56NorthWestern Corp 1.48ExlService Holdings Inc 1.39Quidel Corp 1.36.......................................................................................................WNS (Holdings) Ltd ADR 1.35Teladoc Health Inc 1.33First Industrial Realty Trust Inc 1.31Boise Cascade Co 1.28J2 Global Inc 1.27






Principal Risks as of 02-29-20Loss of Money, Not FDIC Insured, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Industry and SectorInvesting, Restricted/Illiquid Securities, Regulation/Government Intervention, Financials Sector


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MassMutual Select Small Cap Gr Eq Adm MSGLX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 2000 Growth TR USD


QQQ Average AverageOut of 577 Small Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, isa weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks long-term capital appreciation.The fund normally invests at least 80% of its net assets

(plus the amount of any borrowings for investment purposes) in the equity securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000® Index or the S&P SmallCap 600 Index. While most assets typically will be invested in common stocks of U.S. companies, the fund also may invest up to 20% of its total assets in foreign securities, including emerging market securities.




. . . .


Fund Inception Date 05-03-99Portfolio Manager(s) Daniel J. Fitzpatrick, CFA

Steven C. Angeli, CFAName of Issuer MassMutualTelephone 888-309-3539Web Site www.massmutual.com


The index measures the performance of small-cap growthsegment of the US equity universe. It includes those Russell2000 companies with higher price-to-value ratios and higherforecasted growth values. It is market-capitalizationweighted. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related tothe Russell Indexes. Russell® is a trademark of RussellInvestment Group.

Category Description: Small Growth

Small-growth portfolios focus on faster-growing companieswhose shares are at the lower end of the market-capitalization range. These portfolios tend to favor companiesin up-and-coming industries or young firms in their earlygrowth stages. Because these businesses are fast-growingand often richly valued, their stocks tend to be volatile.Stocks in the bottom 10% of the capitalization of the U.S.equity market are defined as small cap. Growth is definedbased on fast growth (high growth rates for earnings, sales,book value, and cash flow) and high valuations (high priceratios and low dividend yields).

Performance

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InvestmentBenchmark



. . QQQQ QQQ QQQ . Morningstar Rating™








LargeM

idSm

all

Value Blend Growth



Omnicell Inc 1.25Insulet Corp 1.23iShares Russell 2000 ETF 1.18Amedisys Inc 1.13Advanced Drainage Systems Inc 1.04.......................................................................................................Haemonetics Corp 1.03Planet Fitness Inc A 1.03Aerojet Rocketdyne Holdings Inc 1.02Chart Industries Inc 1.00Rexnord Corp 0.99






Principal Risks as of 12-31-19Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Quantitative Investing,Market/Market Volatility, Convertible Securities, Equity Securities, Industry and Sector Investing, Preferred Stocks, Restricted/Illiquid Securities, Pricing, Cash Drag, Management, Small Cap, Mid-Cap


®


Oakmark International Service OARIX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMSCI ACWI Ex USA NR USD


Q Below Average HighOut of 638 Foreign Large Blend funds. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks long-term capital appreciation.The fund invests primarily in a diversified portfolio of

common stocks of non-U.S. companies. It may invest in non-U.S. markets throughout the world, including emerging markets. Ordinarily, the fund will invest in the securities of at least five countries outside of the U.S. There are no geographic limits on the fund's non-U.S. investments. The fund may invest in securities of large-, mid-, and small- capitalization companies.




ManagementFee Contractual 01-27-21 0.05


Fund Inception Date 11-04-99Portfolio Manager(s) David G. Herro, CFA

Michael L. Manelli, CFAName of Issuer OakmarkTelephone 800-625-6275Web Site www.oakmark.com

Benchmark Description: MSCI ACWI Ex USA NR USD

The index measures the performance of the large and midcap segments of the particular regions, excluding USA equitysecurities, including developed and emerging market. It isfree float-adjusted market-capitalization weighted.

Category Description: Foreign Large Blend

Foreign large-blend portfolios invest in a variety of biginternational stocks. Most of these portfolios divide theirassets among a dozen or more developed markets, includingJapan, Britain, France, and Germany. These portfoliosprimarily invest in stocks that have market caps in the top70% of each economically integrated market (such as Europeor Asia ex-Japan). The blend style is assigned to portfolioswhere neither growth nor value characteristics predominate.These portfolios typically will have less than 20% of assetsinvested in U.S. stocks.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-38.16 -29.68 -11.53 -6.02 1.37 5.04 Fund Return %-38.16 -29.68 -11.53 -6.02 1.37 5.04 Load-Adj. Return %-23.36 -15.57 -1.96 -0.64 2.05 . Benchmark Return %-23.39 -15.67 -2.74 -1.14 2.15 2.00 Category Average %........................................................................................................................................................................................................... . Q Q Q . Morningstar Rating™. . 638 503 369 . # of Funds in Category


Fund Return % -38.16 -29.68 -11.53 -6.02 1.37 5.04Standardized Return % -38.16 -29.68 -11.53 -6.02 1.37 5.04





LargeM

idSm

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Value Blend Growth



Glencore PLC 4.35BNP Paribas 3.75Intesa Sanpaolo 3.62Continental AG 3.56Credit Suisse Group AG 3.55.......................................................................................................Daimler AG 3.49CNH Industrial NV 3.34Bayerische Motoren Werke AG 3.23Lloyds Banking Group PLC 3.03Bayer AG 2.97


Morningstar World Regions as of 12-31-19 % Fund S&P 500

Americas 7.72 98.74........................................................................................................North America 6.74 98.74Latin America 0.99 0.00

Greater Europe 79.64 1.21........................................................................................................United Kingdom 17.70 0.64Europe Developed 59.92 0.56Europe Emerging 0.00 0.01Africa/Middle East 2.02 0.00

Greater Asia 12.64 0.05........................................................................................................Japan 3.76 0.00Australasia 2.19 0.00Asia Developed 3.47 0.05Asia Emerging 3.22 0.00

Principal Risks as of 12-31-19Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Capitalization, ValueInvesting, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Portfolio Diversification


®


MM MSCI EAFE® International Index Fund MKRIX Class R5..........................................................................................................................................................................................................................................................................................................................................BenchmarkMSCI EAFE NR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAverage Below Average

Out of 638 Foreign Large Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return,is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Objective & StrategyThe investment seeks to provide investment results approximating (before fees and expenses) the aggregate price and dividend performance of the securities included in the MSCI EAFE Index. The fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) 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 MSCI EAFE Index futures contracts. The index is a widely recognized, unmanaged index representative of equity securities in developed markets, excluding the U.S. and Canada.

Category Description: Foreign Large Blend

Foreign large-blend portfolios invest in a variety of biginternational stocks. Most of these portfolios divide theirassets among a dozen or more developed markets, includingJapan, Britain, France, and Germany. These portfoliosprimarily invest in stocks that have market caps in the top70% of each economically integrated market (such as Europeor Asia ex-Japan). The blend style is assigned to portfolioswhere neither growth nor value characteristics predominate.These portfolios typically will have less than 20% of assetsinvested in U.S. stocks.

Volatility Analysis

Low Moderate High

Investment

Category

In the past, this investment has shown a relatively moderaterange of price fluctuations relative to other investments. Thisinvestment may experience larger or smaller price declines orprice increases depending on market conditions. Some of thisrisk may be offset by owning other investments with differentportfolio makeups or investment strategies.


11.73% -22.71%(Sep '13 - Nov '13) (Jan '20 - Mar '20)





Steven Santiccioli................................................................................................Management Company MML Investment Advisers, LLCName of Issuer MassMutual


Performance

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-22.71 -14.50 -1.95 -0.70 4.45 Fund Return %-22.83 -14.38 -1.82 -0.62 4.59 Benchmark Return %-23.39 -15.67 -2.74 -1.14 3.61 Category Average %..........................................................................................................................................................................................................

Morningstar Rating™37 36 37 38 Fund Rank Percentile

790 743 638 503 # of Funds in Category





LargeM

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Nestle SA 2.50Roche Holding AG Dividend Right Cert. 1.86Euro Stoxx 50 Future June 20 06-30-20 1.65Novartis AG 1.45Toyota Motor Corp 1.12.......................................................................................................AstraZeneca PLC 0.97TOPIX Future June 20 06-30-20 0.96HSBC Holdings PLC 0.93SAP SE 0.93ASML Holding NV ADR 0.92

.......................................................................................................Total Number of Stock Holdings 920Total Number of Bond Holdings 0Annual Turnover Ratio % 7Total Fund Assets ($mil) 184.3





Principal Risks as of 03-31-20Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Index Correlation/TrackingError, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Derivatives, Pricing, Cash Drag, Management,Large Cap


l10219


ClearBridge International Growth A LGGAX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMSCI ACWI Ex USA Growth NR USD


QQQQQ High AverageOut of 409 Foreign Large Growth funds. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks long-term growth of capital.The fund normally invests primarily in common stocks of

foreign companies that, in the portfolio managers' opinion, appear to offer above average growth potential and trade at a significant discount to the portfolio managers' assessment of their intrinsic value. It may invest in common stocks of foreign companies of any size located throughout the world. The fund is non-diversified.




. . . .


Fund Inception Date 02-03-09Portfolio Manager(s) Elisa A. Mazen

Michael Testorf, CFAName of Issuer Legg MasonTelephone 877-721-1926Web Site www.leggmason.com

Benchmark Description: MSCI ACWI Ex USA Growth NR USD

The index measures the performance of the growth large andmid cap segments of the particular regions, excluding USAequity securities, including developed and emerging market.It is free float-adjusted market-capitalization weighted.

Category Description: Foreign Large Growth

Foreign large-growth portfolios focus on high-priced growthstocks, mainly outside of the United States. Most of theseportfolios divide their assets among a dozen or moredeveloped markets, including Japan, Britain, France, andGermany. These portfolios primarily invest in stocks that havemarket caps in the top 70% of each economically integratedmarket (such as Europe or Asia ex-Japan). Growth is definedbased on fast growth (high growth rates for earnings, sales,book value, and cash flow) and high valuations (high priceratios and low dividend yields). These portfolios typically willhave less than 20% of assets invested in U.S. stocks.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-17.61 -5.38 6.76 4.24 8.21 11.65 Fund Return %-22.34 -10.83 4.67 3.01 7.57 11.06 Load-Adj. Return %-18.25 -7.31 2.53 2.10 3.91 7.57 Benchmark Return %-19.08 -8.32 2.03 1.79 4.46 7.78 Category Average %........................................................................................................................................................................................................... . QQQQQ QQQQ QQQQQ . Morningstar Rating™. . 409 340 248 . # of Funds in Category







LargeM

idSm

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Value Blend Growth



Roche Holding AG Dividend Right Cert. 3.42Nestle SA ADR 3.41Novartis AG 3.33SAP SE 3.27Shiseido Co Ltd 3.21.......................................................................................................London Stock Exchange Group PLC 2.90Diageo PLC ADR 2.88Icon PLC 2.68Nintendo Co Ltd 2.62LVMH Moet Hennessy Louis Vuitton SE 2.61






Principal Risks as of 12-31-19Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Nondiversification, Issuer,Market/Market Volatility, Equity Securities, Industry and Sector Investing, Other, Restricted/Illiquid Securities, Management, SmallCap, Mid-Cap, Large Cap


®


Invesco Oppenheimer Developing Markets Y ODVYX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMSCI EM NR USD


QQQQQ High Below AverageOut of 707 Diversified Emerging Mkts funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks capital appreciation.The fund mainly invests in common stocks of issuers in

developing and emerging markets throughout the world and at times it may invest up to 100% of its total assets in foreign securities. Under normal market conditions, it will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of issuers whose principal activities are in a developing market, i.e. are in a developing market or are economically tied to a developing market country, and in derivatives and other instruments that have economic characteristics similar to such securities.




. . . .


Fund Inception Date 09-07-05Portfolio Manager(s) Justin M. Leverenz, CFAName of Issuer InvescoTelephone 800-959-4246Web Site www.invesco.com

Benchmark Description: MSCI EM NR USD

The index measures the performance of the large and midcap segments of emerging market equity securities. It is freefloat-adjusted market-capitalization weighted.

Category Description: Diversified Emerging Mkts

Diversified emerging-markets portfolios tend to divide theirassets among 20 or more nations, although they tend tofocus on the emerging markets of Asia and Latin Americarather than on those of the Middle East, Africa, or Europe.These portfolios invest predominantly in emerging marketequities, but some funds also invest in both equities and fixedincome investments from emerging markets.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception-22.83 -14.65 0.92 1.31 3.03 6.87 Fund Return %-22.83 -14.65 0.92 1.31 3.03 6.87 Load-Adj. Return %-23.60 -17.69 -1.62 -0.37 0.68 4.51 Benchmark Return %-25.26 -19.17 -3.34 -1.35 0.49 3.59 Category Average %........................................................................................................................................................................................................... . QQQQ QQQQ QQQQQ . Morningstar Rating™. . 707 580 237 . # of Funds in Category







LargeM

idSm

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Value Blend Growth



Alibaba Group Holding Ltd ADR 6.98Master China Series 1 5.95Taiwan Semiconductor Manufacturing Co Ltd 5.13Kering SA 5.10Tencent Holdings Ltd 4.89.......................................................................................................Housing Development Finance Corp Ltd 4.55NOVATEK PJSC GDR 4.55AIA Group Ltd 3.51Kotak Mahindra Bank Ltd 2.84Huazhu Group Ltd ADR 2.73






Principal Risks as of 12-31-19Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Growth Investing, ActiveManagement, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Restricted/Illiquid Securities, ChinaRegion, Small Cap, Mid-Cap


®

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