august 23, 2016 re: state of iowa's 457 employee contribution

MassMutual Retirement ServicesPO Box 219062Kansas City, MO 64121-9062

First LastStreet Address 1Street Address 2City, ST Zip

October 06, 2017

Re: Iowa RIC 457 Employee Contribution Plan Enclosed is important information about your retirement plan and investment

options. Please review this information carefully.

In an effort to streamline your retirement planning, and help you cut clutter, reduce

waste and increase security, MassMutual is going digital. Your quarterly statements

will be delivered to your online account - to access your statements, simply log into

your account at www.retiresmart.com, and your statement will be posted to your

account in Portable Document Format (PDF). To view the PDF, it is required you

have Adobe® Acrobat® viewer software installed on your personal computer. The

software is available for download, free of charge, from the Adobe® website. If you

do not have the ability to access and retain PDF documents on your personal

computer, then paper statements are available, free of charge, via U.S. mail - to elect

paper delivery of your quarterly statements please contact our Participant

Information Center at 1-800-743-5274 or change your election under the "My

Preferences" tab on RetireSmart.com.

If your plan has elected to send a paper statement, you will automatically receive a

paper version of your quarterly statement delivered via U.S. mail in addition to the

ability to view your statements online.Sincerely,

MassMutual Retirement Services

RSD1010

C:RS-18331-03©2017 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rightsreserved. www.massmutual.com.

PLAN HIGHLIGHTSThe State of Iowa Retirement Investors’ Club (RIC) offers a 457 deferred compensation plan and a 401(a)qualified defined contribution plan, which is a discretionary contribution plan.

The following is a brief overview of important features of your workplace retirement plan. For moreinformation call your plan representative at 1-800-743-5274 or contact your benefits administrator.

Who is eligible to participate in the plan?You are eligible to participate in the plan immediately upon employment. Participation in the plan willoccur immediately upon enrollment.

How can I contribute?Traditional Before-tax and Roth after-tax contributions are available.Through the convenience of payroll deductions, you can make combined before-tax or Roth after-taxcontributions up to the Annual Elective Deferrals Limits not to exceed 100% of includiblecompensation. Your before-tax contributions - and any earnings - will accumulate tax deferred untilwithdrawn (generally at retirement), at which time withdrawals will be taxed as ordinary income. Rothcontributions will be included as taxable income in the year of contribution. Earnings on Rothcontributions will accumulate tax free, and retirement withdrawals may be exempt from federalincome tax if certain requirements are met.

Catch-up contributionsIf you are 50 years of age or older during the calendar year, you may be able to contribute anadditional amount into your 457 plan as a “catch-up” contribution. The 457 Pre-Retirement Catch-Up Limit is subject to change annually. See your Financial Advisor for additional information aboutusing this Catch-Up provision.

How does my employer contribute?

Your employer may make a matching contribution to the 401(a) Plan based on your electivedeferrals to the 457 plan. Matching contributions made by your employer to the 401(a) Plan arealways 100% vested. See your employer for more details.

Are rollovers accepted?As an active participant in the RIC plans you may roll additional retirement assets into the plans atany time barring certain restrictions. The 457 plan can only accept assets from other governmental457 plans. The 401(a) plan can accept rollover assets from most other retirement plans. A rolloverform is available within this booklet

Can I change how much I contribute?You may start, stop, increase or decrease your contribution as often as your employer allows you to makethese changes, submit a new RIC account form to your employer.

What are my investment choices?The RIC plans offer a wide variety of investment options to meet your needs. You can direct yourcontributions into one or more of the available investment options. See the investment section of thisbooklet for more information.

This information was provided to and has not been reviewed by MassMutual. Please refer to your summary plan description for more detailed information.If there are discrepancies between descriptions in the summary and information in the relevant plan documents, the plan documents will govern.

PLAN HIGHLIGHTSWhat are the fees and charges associated with this plan?There are costs associated with the underlying investment options offered under this program. For a completelisting of these fees and charges, please refer to the Participant Fee Disclosure in the investment section ofthis booklet.

Can I take money out of my account?Your account assets may generally be withdrawn from your 457 plan under the followingqualifying circumstances:

Attainment of age 70 1/2 Retirement Separation from service Unforeseeable emergency ("hardship") withdrawal (your plan may limit to a portion of your

account) Death of participant

Your account assets may generally be withdrawn from your 401(a) plan under the followingqualifying circumstances:

Attainment of age 70 1/2 Retirement at/after plan’s normal retirement age Separation from service Death of participant

Withdrawals are subject to the authorization of your employer. However, you must begin liquidatingyour account balances no later than April 1st of the calendar year following the year in which you attainthe age of 70 1/2 or retire (whichever is later). Distributions of before-tax contributions and any tax-deferred earnings are subject to ordinary income tax. Roth 457 contributions and earnings can bewithdrawn tax-free if the Roth contributions have been in place for at least five tax years and thewithdrawal is made after age 59 1/2 or is due to disability or death.

*401(a) withdrawals made prior to 59 1/2 are subject to a 10% federal withdrawal penaltyunless an exception applies.

This information was provided to and has not been reviewed by MassMutual. Please refer to your summary plan description for more detailed information.If there are discrepancies between descriptions in the summary and information in the relevant plan documents, the plan documents will govern.

Enroll in Group Nos.: Plan Name:

Social Security No:

REQUIRED: Employer Location:(see next page)

Employee Name: ( Last, First, M.I.)

Mailing Address:

City: State: Zip: Sex:M F

Daytime Phone: Date of Birth:

C. INVESTMENT ELECTIONI elect to have all future contributions invested among the

investment options I have selected below. I understand that

this Enrollment Form is to be used to record my initial

investment option election and my investment election will be

the same for all my contribution sources when I am enrolled

into the plan. After my enrollment is processed, I may change

my elections or select different investments for each of my

contribution sources. To make investment changes after you

have been enrolled in the plan please call our Participant

Information Center at (800) 743-5274 or visit www.

RetireSmart.com.Selections must be in whole percentages totalling 100%.

% Guaranteed Int. Acct (62069)

% JP Morgan Core Bond Fund

% PIMCO Real Return Fund

% Vanguard Totl Bnd Mrkt Indx Fd

% Eaton Vance Inc Fund of Boston

% American Funds Balanced Fund

% BlackRock Lifepath Inx Rmnt Fd

% MFS Value Fund

% Select Equity Opportunities Fund

% Vanguard 500 Index Fund

% Hartford Capital Appreciation

% Sel TRP/LS Blue Chip Growth Fd

% Vanguard FTSE Social Index Fd

% MFS Mid Cap Value Fund

% Vanguard Mid Cap Index Fund

% JP Morgan Mid Cap Growth Fund

% American Century Sm Cap Val Fd

% Vanguard Small Cap Index Fund

% Sel Wellington/OFI Sm Cp Gr Fd

% MFS International Value Fund

% Vanguard Tot Intl Stck Indx Fd

100%

A. BENEFICIARYI designate the following person(s) as my beneficiary(ies) under the Plan. This designationwill apply to both plans. If different designations are desired, complete two Enrollment Records.See page 2 for examples. Note: Only the Primary Beneficiary will display on your account online,but MassMutual maintains your Contingent Beneficiary on our recordkeeping system.

Primary Beneficiary(ies) name, SSN Date of birth Relationship %address & phone no

Contingent Beneficiary(ies) name, SSN Date of birth Relationship %address & phone no

B. SIGNATURES

I understand that all values provided by the contract, when based on investment experience of

the above named investment choices (except the General Interest Account), are variable and are

not guaranteed as to a fixed dollar amount.

For the 457(b) Plan 62069-1: I wish to participate in the Deferred Compensation Plan and I

understand and agree to the provisions contained in my Employer’s Deferred Compensation

Plan. Together with my heirs, successors, and assigns, I will hold harmless my Employer from

any liability hereunder for all acts performed in good faith, including those related to the

investment of deferred amounts and/or my Employer’s investment preference(s) under my

Employer’s Deferred Compensation Plan

Signed in the state of on

Participant Signature

DateRegistered Representative Signature

Registered Representative Printed Name

Multiple Enrollment Record- 457(b) & 401(a) Accounts

62069-1 & 62069-2 Iowa RIC - 457(b) & 401(a)

D. REPRESENTATIVE INFORMATION

Submit forms to MassMutual at:

Fax No. (816) 701-8005

email: [email protected]

Mail: P.O. Box 219062 Kansas City, MO 64121-9062

Overnight Mail: 430 W 7th St. Kansas City, MO 64105

Rev. 10.17

Email Address:

Tax ID/SSN (Required)

Selling Firm Name/Firm Tax ID

Telephone Number

Date of Hire:

% BlackRock Lifepath Inx 2020 Fd








% Vanguard REIT Index Fund

% Oppnhmr Developing Markets Fnd

Please complete the Beneficiary Designation including name, address, phone number, Social Security number, date of birth, relationship, and percentage

of death benefit (totaling 100%). Married residents of community property states may want to seek legal advice if naming a non- spouse Primary Beneficiary.

Type of Beneficiary: Examples of Designations:

One Beneficiary Jane Doe, wife, 100%

Two or more Primary Beneficiaries, John Doe, son, 33%equally among the survivors Carol Smith, daughter, 33%

Mark Doe, son 34%or equally among the survivors

Two or more Primary Beneficiaries, John Doe, son, 33%with their share to their children Carol Smith, daughter, 33%

Mark Doe, son 34%per stirpes

Primary and Contingent Beneficiaries Primary: Jane Doe, wife, 100% if living;Contingent: John Doe, son, 33%Carol Smith, daughter, 33%Mark Doe, son 34%

either equally among the survivors

or per stirpes

Participant’s Estate Participant’s Estate

Trustee Jane Doe, trustee under trustagreement* dated...

* Date of the execution of the trust agreement or a copy of the trust agreement must be provided.

Beneficiary Designation

If your employer is not listed below, contact MassMutual at (800) 743-5274 to verify that your employer participates in Iowa's Retirement Investors' Club

with MassMutual or visit https://das.iowa.gov/RIC/PSE/plan_details for a complete list of participating public employers.

Massachusetts Mutual Life Insurance Company (MassMutual), 1295 State Street, Springfield, Massachusetts 01111-0001.

Employer Name Subscriber Employer Name Subscriber

State of Iowa (State Employee) 1 Lakes Regional Healthcare 42

Akron Care Center 44 Le Mars, City of 14

Broadlawns Medical Center 18 Lucas County Health Center 25

Cass County Memorial Hospital 34 Madison County Memorial Hospital 13

Cedar Falls, City of 30 Compass Memorial Hospital 4

Clay County 36 Monticello, City of 26

Clear Lakes Sanitary District 40 Pocahontas Community Hospital 15

Colo, City of 47 Region XII Regional Housing Authority 3

Denison Municipal Utilities 45 S. Central Iowa Solid Waste Agency 39

Des Moines Area Comm. College 5 Shelby County 33

Greater Regional Medical Center 17 Spencer Hospital 24

Hansen Family Hospital 20 Story County 46

Harlan Municipal Utilities 2 Story County 46

Hawkeye Community College 7 Warren Water District 22

Heartland AEA 11 31 Washington County Hospital & Clinics 19

Henry County Health Center 27 Waterloo, City of 8

Humboldt County Memorial Hospital 23 Waukee CSD 29

Indian Hills Community College 6 Waverly Health Center 48

INRCOG 16 Wayne County Hospital 37

Iowa State Fair 38 West Des Moines School District 43

Iowa Western Community College 35 West Des Moines Water Works 12

Jefferson County Health Center 28 West Des Moines, City of 49

Jones County 41 Wright County 21Xenia Rural Water District 32

To complete the enrollment process, a RIC Account Form must becompleted and returned to your employer.

For Public Employees (non-state), visithttps://das.iowa.gov/RIC/PSE/plan_details for a list of ParticipatingPublic Sector Employers and the employer specific RIC Account Form.

For State Employees, download the form fromhttps://das.iowa.gov/sites/default/files/hr/ric/documents/RIC_form

_SOI.pdf.

GOVNFP

f6826_62069-2 MassMutual Retirement Services, PO Box 219062, Kansas City MO 64121-9062

For Overnight Mail: MassMutual Retirement Services, 430 W 7th St, Kansas City MO 64105MassMutual Retirement Services (MMRS) is a division of Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates.

State of Iowa 401(a) Employer Match Plan

ROLLOVER STATEMENTGovernmental Plan

Account Number 62069-2

Name: _________________________________________________________________________________________first middle last

Address: ________________________________________________________________________________________street

________________________________________________________________________________________city state zip

Telephone # orSocial Security No.: ___________________________ E-mail Address: _____________________________________

Birth Date: ___________________mm/dd/yyyy

Advisor Name: ___________________________________________ Advisor Telephone #: ______________________

Advisor E-mail Address: _________________________________

ROLLOVER IN INFORMATION

Name of Prior Plan: _____________________________________________________________________________

Amount of Rollover Contribution: $_____________________Contributions and earnings will remain untaxed until they are distributed.

PAYMENT INFORMATION

Payment: " Check attached made payable to State Street Bank. Include the employee’s social security numberand the new plan’s account number on the check.

" Wire or Check sent separately to State Street Bank by the Prior Plan.

SIGNATURE

I certify that, to the best of my knowledge, the funds being rolled over consist entirely of an eligible rollover distribution

from either a 401(a) qualified plan, 403(a) qualified annuity plan, 403(b) tax-sheltered retirement plan, traditional IRA,

or a 457(b) governmental plan. I understand that if I am currently enrolled in the Plan, my rollover will be allocated

among the investment options based upon my current rollover investment elections. If there are no allocations on file,

my rollover will be defaulted to the plan’s default investment option. I understand that I can change my allocation at

the RetireSmart web site at www.massmutual.com/retire at any time or I may contact MassMutual’s Participant

Information Center at 1-800-743-5274 between 8:00 a.m. and 9:00 p.m. ET, Monday through Friday.

_______________________________________________ _______/_______/_______Participant Date

Mail this completed form and your check to MassMutual at the address listed below or fax the form to816-701-8005 and mail your check separately.MassMutual Retirement ServicesPO Box 21906Kansas City MO 64121-9062

For Overnight Mail:MassMutual Retirement Services430 W 7th StKansas City MO 64105Copyright ©2016 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. RS-38897-01

GOVNFP

f6826_62069_1 MassMutual Retirement Services, PO Box 219062, Kansas City MO 64121-9062 COMPLETE BOTH PAGES


State of Iowa 457(b) Employee Contribution Plan

ROLLOVER STATEMENTGovernmental Plan

Account Number 62069-1

Name: ______________________________________________________________________________________first middle last

Address: ________________________________________________________________________________________street

________________________________________________________________________________________city state zip

Telephone # orSocial Security No.: ___________________________ E-mail Address: _____________________________________

Birth Date: __________________mm/dd/yyyy

Advisor Name: ___________________________________________ Advisor Telephone #: ______________________

Advisor E-mail Address: _________________________________

ROTH ROLLOVER IN INFORMATION


Amount of Rollover: Designated Roth Contributions (basis*) $________________________________

Designated Roth Earnings $________________________________

Total Rollover $________________________________Note: Roth Contributions can only be rolled over as part of a direct rollover from a Roth 457(b) plan.* Basis represents the amount of accumulated contributions that have already been taxed. Contact your prior provider or refer

to the distribution confirmation received from your prior provider for this amount.

Roth Rollover Information:The Roth contribution start date is: ______________ (enter first taxable year in which Roth contributions were madeor based upon a previous rollover contribution, if earlier)

ROLLOVER IN INFORMATION (applies to assets other than a Designated Roth Account)

The State of Iowa 457(b) Employee Contribution Plan only allows rollovers from other 457(b) eligible deferredcompensation plans sponsored by a governmental employer. Rollovers from other retirement plans such as 401(k) or401(a) qualified annuity plans, 403(b) tax-sheltered plans, 408 IRA, including simplified employee pension andsimple retirement accounts, are not allowed.


Amount of Rollover Contribution: $_____________________Contributions and earnings will remain untaxed until they are distributed.

PAYMENT INFORMATION

Payment: " Check attached made payable to State Street Bank. Include the employee’s social security numberand the new plan’s account number on the check.

" Wire or Check sent separately to State Street Bank by the Prior Plan.

f6826_62069_1 MassMutual Retirement Services, PO Box 219062, Kansas City MO 64121-9062 COMPLETE BOTH PAGES


SIGNATURE

I certify that, to the best of my knowledge, the funds being rolled over consist entirely of an eligible rollover distribution

a 457(b) governmental plan. I understand that if I am currently enrolled in the Plan, my rollover will be allocated

among the investment options based upon my current rollover investment elections. If there are no allocations on file,

my rollover will be defaulted to the plan’s default investment option. I understand that I can change my allocation at

the RetireSmart web site at www.massmutual.com/retire at any time or I may contact MassMutual’s Participant

Information Center at 1-800-743-5274 between 8:00 a.m. and 9:00 p.m. ET, Monday through Friday.

_______________________________________________ _______/_______/_______Participant Date

Mail this completed form and your check to MassMutual at the address listed below or fax the form to816-701-8005 and mail your check separately.MassMutual Retirement ServicesPO Box 219062Kansas City MO 64121-9062

For Overnight Mail:MassMutual Retirement Services430 W 7th StKansas City MO 64105

Copyright ©2016 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. RS-38896-01

GOVNFP

rs3169_62069_2 MassMutual Retirement Services (MMRS) is a division of Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates.

401(a) PROVIDER-TO-PROVIDER TRANSFER INGovernmental Plan

Transfer from an account at another investment provider to MassMutual under the Plan listed below

Account Number: 62069-2

Plan Name: State of Iowa 401(a) Employer Match Plan

Participant's Name: ____________________________________________________________________________first middle last

Participant's Address: ___________________________________________________________________________street

___________________________________________________________________________city state zip

Social Security No.: _______________________ Advisor Name: ___________________________________________

Advisor Telephone #: ________________________ Advisor E-mail Address: ________________________________

TRANSFER INSTRUCTIONS

I hereby request a transfer of the amount indicated below from my account at one of the investment providersavailable under my employer’s 401(a) Plan to my 401(a) Plan account with the Massachusetts Mutual Life InsuranceCompany (MassMutual).

Amount of Transfer: $________________

Name of Prior Provider: _______________________________________ Account No. :______________________

Address: ____________________________________________________ Phone No. :________________________

Make Check payable to: State Street Bank and Trust CompanyFBO: Participant Name ________________________________________________

Account Number and Plan Name: 62069-2 State of Iowa 401(a) Employer Match Plan

The transfer will be allocated among the investment options based upon your existing account investment elections withMassMutual.

PARTICIPANT SIGNATURE

I am a Participant in the governmental 401(a) plan named above and want to transfer the amount indicated toMassMutual. This transfer is intended to qualify as a federal income tax-free direct transfer.

_______________________________________________________________ ____________________Participant Signature Date

Mail this completed form and your check to MassMutual at the address listed below or fax the form to816-701-8005 and mail your check separately.MassMutual Retirement Services, PO Box 219062, Kansas City MO 64121-9062For Overnight Mail:MassMutual Retirement Services, 430 W 7th St, Kansas City MO 64105For questions on this form call MassMutual’s Participant Information Center at 800-743-5274.

Copyright © 2016 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. RS-38859-02

GOVNFP

rs3169_62069_1 MassMutual Retirement Services (MMRS) is a division of Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates.

457(b) PROVIDER-TO-PROVIDER TRANSFER INGovernmental Plan

Transfer from an account at another investment provider to MassMutual under the Plan listed below

Account Number: 62069-1

Plan Name: State of Iowa 457(b) Employee Contribution Plan

Participant's Name: _____________________________________________________________________________first middle last

Participant's Address:___________________________________________________________________________street

___________________________________________________________________________city state zip

Social Security No.: _______________________ Advisor Name: ___________________________________________

Advisor Telephone #: ________________________ Advisor E-mail Address: ________________________________

TRANSFER INSTRUCTIONS

I hereby request a transfer of the amount indicated below from my account at one of the investment providersavailable under my employer’s 457(b) Plan to my 457(b) Plan account with the Massachusetts Mutual Life InsuranceCompany (MassMutual).

Amount of Transfer: $________________

Name of Prior Provider: _______________________________________ Account No. :______________________

Address: ____________________________________________________ Phone No. :________________________

Make Check payable to: State Street Bank and Trust CompanyFBO: Participant Name ________________________________________________Account Number and Plan Name: 62069-1 State of Iowa 457(b) Employee Contribution Plan

The transfer will be allocated among the investment options based upon your existing account investment elections withMassMutual.

PARTICIPANT SIGNATURE

I am a Participant in the governmental 457(b) plan named above and want to transfer the amount indicated toMassMutual. This transfer is intended to qualify as a federal income tax-free direct transfer.

_______________________________________________________________ ____________________Participant Signature Date

Mail this completed form and your check to MassMutual at the address listed below or fax the form to816-701-8005 and mail your check separately.MassMutual Retirement Services, PO Box 219062, Kansas City MO 64121-9062For Overnight Mail:MassMutual Retirement Services, 430 W 7th St, Kansas City MO 64105For questions on this form call MassMutual’s Participant Information Center at 800-743-5274.

Copyright © 2016 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. RS-38860-02

Charles Schwab & Co. Inc.Self-Directed Brokerage Account Provider

Instructions and General Information for the Self-DirectedBrokerage AccountYour employer has arranged with Massachusetts Mutual Life Insurance Company (“MassMutual”) to offer you aSelf-Directed Brokerage Account (SDBA) through Charles Schwab & Co., Inc. Member SIPC (“Schwab”). TheSchwab Personal Choice Retirement Account (PCRA) provides you with the ability to invest in a wide variety ofinvestments, including stocks, bonds, exchange-traded funds and mutual funds. Please review this informationcarefully.

Note: The PCRA is offered through Charles Schwab & Co.. Charles Schwab & Co. is not an affiliate or subsidiary ofMassMutual. This option is intended for knowledgeable investors and the level of risk will vary depending on theinvestment choices a participant makes.

Fees and LimitsThere is no annual charge from Schwab to open or maintain a PCRA account. To obtain more information aboutthe PCRA, including any applicable annual maintenance fees, commissions and/or transaction fees, please contactyour Plan Sponsor, review the Participant Fee Disclosure statement and refer to the Schwab Pricing Summaryattached to this information booklet.

Instructions for Opening an Account

Activating Your Schwab PCRA! Log onto www.schwab.com/pcraopen! Enter your plan’s account number (xxxx-x)* as the Retirement Plan ID, sdba (lower case) as your Plan

Password, and your Social Security Number. Click on “Login” then choose “Open New PCRAAccount”

! Complete and submit the online PCRA Electronic Account Opening Application to open your SchwabPCRA and obtain your account number

! Once you submit the form electronically, your account will be open, and you will receive yourSchwab PCRA account number on the screen soon after.

You will receive a Schwab PCRA Welcome Kit that confirms your account number and explains the detailsof investing through the Schwab PCRA.

Activating Your Schwab Web Access. You will need to activate your account for online access.

! Go to www.schwab.com! Click the “New User” tab, then click the “Register” button to activate your account for online access.! Fill in the required information. You will need your new Schwab PCRA number for this step.! Establish a login and password for your account

! Once your Schwab PCRA is activated, you can place trades and manage your account through Schwab's

electronic channels, such as Schwab.com, mobile applications (via iPhone®

, Apple Watch™, iPad®

, Androidand Kindle Fire) and automated phone services.

If you are already a Schwab client, log in with your ID and password. From the Select Account drop-downmenu, choose your Schwab PCRA account number.

Charles Schwab & Co. Inc.Self-Directed Brokerage Account Provider

Should you have any questions about the completion of your online application, activating your Web access or anyother general investment-related inquiries, please contact Schwab’s PCRA Call Center toll free at 1-888-393-7272between the hours of 9 a.m. and 7:30 p.m. ET.

A variety of information is available on Schwab.com to help you learn about and select investments,including Schwab Equity Ratings™ an independent, third-party research from leading providers such asCredit Suisse, Argus Research, Standard & Poor’s, Morningstar®, Reuters, MarketEdge® and JP MorganFixed Income Research. Equity, mutual fund and fixed income screener tools are also available, as well asonline or in-person investing workshops.

Investment Advisor InstructionsIf you currently have an Investment Advisor, and you would like your Investment Advisor to provide services withrespect to your Schwab SDBA, please contact your Investment Advisor to discuss whether or not he or she currentlymaintains an Investment Advisor Services Agreement with Schwab Advisor Services. Once you have spoken to yourInvestment Advisor, please contact Schwab at 1-888-393-7272 to obtain any forms that may be needed to helpcontinue your Investment Advisor’s services at Schwab (if applicable).

Questions?For more information on how to establish a self-directed brokerage account go to www.RetireSMART.com orcontact MassMutual’s Participant Information Center at 1-877-908-5576 between the hours of 8 a.m. and 8p.m. ET.

* Your plan’s account number is on the top right corner of your Participant Fee Disclosure statement includedin this enrollment package.

Schwab PCRA Pricing Summary–March 2017 | Page 1 of 3

Commissions and Transaction Fees1

Equities

Stocks and Third-Party Exchange-Traded Funds (ETFs) ETFs (including Schwab ETFsTM) participating inper Executed Trade* Schwab ETF OneSourceTM per Executed Trade3

Trading Channel Commission Trading Channel Commission

Electronic2 $4.95 Electronic $0

Broker-Assisted Electronic commission,plus $25 Broker-Assisted Electronic commission,

plus $25

*These fees also apply to trades of Canadian stocks, American Depositary Receipts, and stocks of foreign-incorporatedcompanies that are listed on U.S. or Canadian exchanges or whose trades clear and settle in the U.S. or Canada.

Mutual Funds4

Some funds may also charge sales and/or redemption fees. Please read the prospectuses for details. You can buy shares directlyfrom a fund company or its principal underwriter or distributor without paying Schwab’s transaction or services charges (exceptSchwab Funds®).

No-Transaction-Fee Funds (includes funds available Transaction-Fee Funds5

through the Mutual Fund OneSource® service)5

Trading Channel Transaction Fee Trading Channel Transaction Fee

Electronic $0 Electronic $50 per buy, $0 per sell

Broker-Assisted $25 service charge per trade mayapply

Broker-Assisted Electronic fee, plus $25 servicecharge per trade

Note: For information about offshore funds (funds registered outside the U.S. for purchase by non-U.S. persons only), please call theSchwab PCRA Call Center.

Investors should consider carefully information contained in the prospectus, including investmentobjectives, risks, trading policies, charges, and expenses. You can request a prospectus by callingSchwab’s dedicated PCRA Call Center at 1-888-393-PCRA (7272). You may also request a prospectusonline at www.schwab.com/prospectus. Please read the prospectus carefully before investing.

Schwab provides a broad range of value-added services, some ofwhich have associated fees. This document provides you with asummary of your plan-specific commissions and transaction fees fortrade orders placed in your Schwab PCRA. This pricing summarysupersedes any prior pricing summaries, pricing guides, and noticesthat you may have received. Schwab reserves the right to change orwaive fees at our discretion.

Schwab PersonalChoice RetirementAccount® (PCRA)

Pricing Summary —Effective March 3, 2017


Options6

Options per Executed Trade

Trading Channel Commission

Electronic $4.95, plus $0.65 per contract

Broker-Assisted Electronic commission, plus $25

Note: Stock or option trades resulting from an option exercise or assignment will be subject to the corresponding electroniccommission pricing schedule.

Pricing for Combined Equity and Option Orders

Equity plus option leg orders ( includes Buy/Writes, Sell/Writes, and Unwinds): $0.65 per contract for the option leg, plus $4.95commission for the equity leg. (There is no base commission for the option leg.)

Equities - Foreign Stock

Foreign Stock Transactions* Foreign Stock TransactionsTrades Placed on the U.S. Over-The-Counter Market Trades Placed Directly on a Foreign Exchange

Trading Channel Transaction Fee Trading Channel Transaction Fee

Electronic $4.95, plus a $50 foreign transactionfee7 Electronic Not available

Broker-Assisted$79.95; electronic commission of$4.95, plus $25 for broker assis-tance, plus a $50 foreign transactionfee

Broker-Assisted The greater of $100 or 0.75% ofprincipal, with no maximum

*These fees also apply to trades of foreign ordinary shares placed directly on a foreign exchange or on the U.S. over-the-counter market.

Fixed Income Investments8

Schwab may act as principal on certain fixed income transactions. When Schwab acts as agent, a commission will be charged on the

transaction. When Schwab acts as principal, the mark-up is included in the bond price.

Product TypeElectronic Commissionor Mark-up

Broker-Assisted Commissionor Mark-up

New issues, including Certificates of Deposit $0 (a selling concession is included in the original offering price)

Treasury Bills, Notes, Bonds9, and TIPS (Secondary andAuction)

$0 $25

Secondary transactions for Corporate Bonds, MunicipalBonds, Government Agencies, Zero-Coupon Treasuries( including STRIPS), and Certificates of Deposit

$1 per bond ($10 minimum/$250 maximum)

Electronic commission,plus $25 per trade

Preferred REITS Stock commissions and minimums apply for secondary transactions.

Commercial Paper, Foreign Bonds, Asset-BackedSecurities, Mortgage-Backed Securities and UnitInvestment Trusts

These are specialty products -- please call us for information.

Note: Large block transactions (orders of more than 250 bonds) may be eligible for special handling and/or pricing -- please call theSchwab PCRA Call Center for information.

Our commissions and mark-ups may be slightly less than our published schedule (shown above) due to rounding.


Exchange Process Fee

This is a fee Schwab charges to offset fees imposed on us by national securities and self-regulatory organizations or by U.S. option exchanges.

The Securities and Exchange Commission (SEC) assesses transaction fees on national securities exchanges and self-regulatory organizationsbased on the aggregate dollar amount of sales of certain securities. The SEC recalculates the amount of this fee periodically—at least once peryear but sometimes more often. National securities exchanges and self-regulatory organizations offset the transaction fees by charging theirmember broker-dealers such as Schwab, and we, in turn, offset this fee by charging you an Exchange Process Fee for covered sell transactions.

U.S. option exchanges charge Schwab and other broker-dealers per-contract fees for purchase and sales of exchange-listed options. Theexchanges may charge these fees even on transactions executed on other exchanges, which can result in multiple fees being imposed onSchwab for a single transaction. Schwab offsets these fees by charging you a single Exchange Process Fee for each covered transaction.

Any Exchange Process Fee that appears on your trade confirmation for a sale of an exchange-listed option will combine the offset for the feescharged both by the U.S. option exchanges and by the national securities and self-regulatory organizations.

Schwab’s Exchange Process Fee will rise or fall periodically depending upon the rate set by the SEC or by the U.S. option exchanges, asapplicable.

Notes:

• This pricing summary applies only to the PCRA accounts held at Charles Schwab & Co., Inc., and established on behalf of retirement planparticipants. You can obtain more information about PCRA commissions and transaction fees by calling Schwab’s dedicated PCRA CallCenter at 1-888-393-PCRA (7272), Monday through Friday, 9:00 am through 7:30 pm (ET). Or, view the current Charles Schwab PricingGuide for Retirement Plan Accounts on www.schwab.com for a more complete description of all other commissions and transaction fees.

• Your PCRA is a cash-up-front account. For all purchases, we require cleared funds in the account. When you’re selling, we requiresecurities on deposit. It is your responsibility to avoid overspending your account. If your account becomes overspent, Schwab reservesthe right to liquidate a portion of your account to cover the debit balance. If liquidation is necessary, a broker-assisted fee of $25 willapply.

1 Excluding mutual funds, commissionable trades that execute over more than one day will be charged a separate commission for each additional day;each separate commission will apply to the portion of the trade executed on the corresponding additional day. Electronic trade orders for which priceor quantity are changed by the client, and as a result execute over multiple trades on the same day, are each charged a separate commission.

2 Trades placed through Schwab’s electronic channels, such as Schwab.com, mobile applications, and automated phone services. Certain securitiesmay not be available through all electronic trading channels. Up to 999,999 shares can be placed per trade.

3 Conditions apply: Trades in ETFs available through Schwab ETF OneSource ( including Schwab ETFs™) are available without commissions when placedonline through a Schwab account. Service charges apply for trade orders placed through a broker ($25). An exchange processing fee applies to selltransactions. Certain types of Schwab ETF OneSource transactions are not eligible for the commission waiver, such as short sells and buys to cover(not including Schwab ETFs). Schwab reserves the right to change the ETFs we make available without commissions. All ETFs are subject to manage-ment fees and expenses. Please see the Charles Schwab Pricing Guide for Retirement Plan Accounts (the “Pricing Guide”) for additional information.As of 03/03/2017, Schwab ETF OneSource had 228 ETFs.Investment returns will fluctuate and are subject to market volatility, so that an investor’s shares, when redeemed or sold, may be worth more or lessthan their original cost. Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV).Charles Schwab & Co., Inc. receives remuneration from third-party ETF companies participating in Schwab ETF OneSource™ for recordkeeping,shareholder services, and other administrative services, including program development and maintenance.Schwab ETFs™ are distributed by SEI Investments Distribution Co. (SIDCO). SIDCO is not affiliated with Charles Schwab & Co., Inc. Learn more atschwab.com/SchwabETFs.Third-party Schwab ETF OneSource shares purchased may not be immediately marginable at Schwab.

4 Charles Schwab & Co., Inc. (Member SIPC) receives remuneration from fund companies for recordkeeping and shareholder services and for otheradministrative services for shares purchased through Schwab’s Mutual Fund OneSource® program. Schwab also may receive remuneration fromtransaction-fee fund companies for certain administrative services.Trades in no-load mutual funds available through OneSource ( including Schwab Funds®), as well as certain other funds, are available withouttransaction fees when placed through Schwab’s electronic channels such as, Schwab.com, mobile applications, or automated phone services.Schwab reserves the right to change the funds we make available without transaction fees and to reinstate fees on any funds. Funds are also subjectto management fees and expenses.Schwab’s short-term redemption fee will be charged on redemption of funds purchased through Schwab’s Mutual Fund OneSource® service (andcertain other funds with no transaction fee) and held for 90 days or less. Schwab reserves the right to exempt some funds from this fee, includingcertain Schwab Funds®, which may charge a separate redemption fee, and funds that accommodate short-term trading.

5 Standard fees apply on both transactions when placing simultaneous orders to sell one or more transaction-fee fund(s) and purchase additionaltransaction-fee fund(s) with the proceeds.

6 Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please readthe Options Disclosure Document titled “Characteristics and Risks of Standardized Options” before considering any option transaction. Call Schwabat 1-888-383-PCRA (7272) to request a current copy. Supporting documentation for any claims or statistical information is available upon request.

7 Transactions in foreign ordinary shares incur additional custody, clearing, and settlement expenses. A foreign transaction fee is added to trades placedon the U.S. over-the-counter market through the online or automated phone channels. The commission and foreign transaction fee will be combinedand appear as one line item, labeled “Commission,” on your trade confirmation.

8 For fixed income trades placed through one of Schwab’s electronic channels, discounts may apply.9 Schwab reserves the right to act as principal on any Bond transaction. In secondary market principal transactions the price will be subject to ourstandard mark up in the case of purchases, and a mark down in the case of sales, and also may include a profit or loss to Schwab in the form of abid-ask spread. When trading as principal, Schwab may also be holding the security in its own account prior to selling it to you and, therefore, maymake (or lose) money depending on whether the price of the security has risen or fallen while Schwab has held it.

Schwab Personal Choice Retirement Account® (PCRA) is offered through Charles Schwab & Co., Inc. (Schwab), a registered broker-dealer that alsoprovides other brokerage and custody services to its customers.

©2017 Charles Schwab & Co., Inc., (Member SIPC). All rights reserved. MR (0217-TNMG) MKT38796IPCRA-11 (03/17)

Flyer Cov Headline White29 pt size/leading

Take a data-driven,customizedapproach toinvesting to helpyou meet yourretirement goals

Need help reaching yourretirement goals?Selecting and monitoring your retirementinvestments can be a challenge. To help, yourplan offers RetireSmart Ready ManagedPath — an easy-to-use online managedaccount service from Envestnet RetirementSolutions, LLC (ERS) that provides a suggestedinvestment strategy that’s customized to you.Using the online RetireSmart ReadyTool, youcan access a personalized recommendation fromERS — both of investment allocation and savingsrate — to help you meet your defined retirementobjectives. ERS then monitors and rebalancesyour account on an ongoing basis to keep pacewith your current situation.

Get personal with MassMutualRetireSmart Ready Managed Path

Who is ERS?

Envestnet Retirement Solutions, LLC(“ERS”) is a federally registeredinvestment adviser and is the investmentmanager for your managed account.ERS is a subsidiary of its parent companyEnvestnet, Inc. (NYSE:ENV).

ERS and Envestnet, Inc. are not affiliatedwith MassMutual or any of its subsidiaries.

A personalized strategyUnlike traditional target date funds that typicallyreallocate portfolios based solely on age,Managed Path provides a more personalizedstrategy with ongoing active managementbased on any changes in your assets, personaldata and/or goals for retirement that are eitherpre-populated or entered into the tool.

The RetireSmart Ready Tool includes personaldata provided by your employer such as age,deferral rate, and current balance. You can thenrefine your retirement goal by adding yourpreferred retirement age, income replacementgoal, savings rate preference, and risktolerance. ERS then uses an analytical enginethat combines your data with Social Securitybenefit estimates and expected mortality tohelp find an allocation that seeks to meet yourretirement goals while minimizing risk.

Stay up-to-date with easeWhen you sign up for Managed Path, you areallowing ERS to exercise discretionary controlover your account and make adjustmentsfor you down the road. ERS will make all theinvestment decisions for you in this account.Over time ERS will use the current informationin the RetireSmart Ready Tool to make sure yourinvestments continue to be tailored to yourcurrent situation, and make changes as neededto help keep you moving toward your goals. Youcan check in as much or as little as you like, butit’s always a good idea to periodically reviewyour account.

Why Managed Path?

• Tailored account allocation basedon your personal data from theRetireSmart Ready Tool

• Efficient with no ongoingcommitment to actively manageyour investments yourself

• Continuous review and adjustmentkeeps your strategy frombecoming outdated

• Cost effective solution — annualizedfee of 0.50 percent of total assets,1 ⁄12 of which is deducted monthly(or approximately $0.42 per monthfor each $1,000 invested)

Getting started in fiveeasy steps

1. Log in to your retirement accountat RetireSmart.com and select theRetireSmart Ready Tool.

2. Review and personalize your Goals andPriorities, and Link Accounts to includeother retirement assets outside ofyour MassMutual plan in your overallretirement projections.

3. Select Do It For Me to implement yourSuggested Retirement Plan, then readthrough the online information aboutERS as Investment Manager, howthey will manage your account, and feesthat apply.

4. Review and accept ERS’s ParticipantAdvice Agreement using an emailverification process.

5. Confirm your strategy to activateManaged Path and adopt ERS’ssuggested strategy.

Learn moreUse the RetireSmart Ready Tool to review yoursuggested strategy and customize it for yourpreferences and retirement goals. MassMutualoffers tools and support to help you makedecisions and manage your account. Pleasesee your enrollment materials or log in toyour account to learn more. To see all of yourinvestment options or obtain a prospectus, log into your account at www.retiresmart.com.

To learn more, call 1-800-743-5274 to speak to acustomer service representative (8 a.m. to 8 p.m. ET).

• Use the RetireSmart Ready Tool tosee your suggested strategy.

• To further customize your results,use the tool to refine. yourretirement goals

© 2017 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.All rights reserved. www.massmutual.com.RS6515 717 C:RS-36558-04

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Important Disclosures

©2017 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 notwarranted 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 investmentwebsite at www.moringstar.com. RS-04746-10

Current performance may be lower or higher thanreturn data quoted herein. For more currentinformation, including month-end performance, pleasecall 877-474-5016 or visit ww.massmutual.com/retire.The investment return and the principal value of aninvestment will fluctuate; so an investor's shares/units, whenredeemed, may be worth more or less than their originalcost. Investment portfolio statistics change over time. Theinvestment is not FDIC-insured, may lose value and is notguaranteed by a bank or other financial institution.Some plan investments may be made available through anunregistered group annuity contract issued to your plan bythe Massachusetts Mutual Life Insurance Company("MassMutual"). If that is the case, those plan investments1.) may be in a separate investment account of MassMutualthat purchases shares/units of one or more underlyinginvestments, or 2.) may be invested directly in theinvestment via a separate arrangement between your planand a trust company.Pre-inception ReturnsFor newer share classes, Morningstar may provide adjustedhistorical returns based on the oldest surviving share class ofa fund with at least three years of performance history. Thisenables companies to showcase the complete history of aninvestment. Morningstar calculates these returns byadjusting the initial share class performance for anydifference in fee structure. However, if using the expenses ofthe newer share class rather than the expenses of the oldershare class would result in better performance, then pre-inception performance represents that of the older shareclass without any expense adjustment. The fees andexpenses are referenced in the report’s Operations section.Adjusted historical returns are not actual returns. Calculationmethodologies utilized by Morningstar may differ from thoseapplied by other entities, including the investment itself.PerformanceThese figures reflect performance without adjusting for salescharges or the effects of taxation. They are adjusted,however, to reflect all actual ongoing fund expenses andassume reinvestment of dividends and capital gains. Returnsare compared to an appropriate benchmark peer group tohelp investors evaluate performance. The investment'sperformance is generally compared with that of an index. Theindex is an unmanaged portfolio of specified securities anddoes not reflect any initial or ongoing expenses nor can it beinvested in directly. An investment’s portfolio may differsignificantly from the securities in the index. The Index maynot be the same as the comparative index noted in theinvestment’s prospectus (if applicable).Gross Expense Ratio/Net Expense RatioExpense ratios reflect the percentage of the investment’sassets paid for operating expenses and management fees. Incontrast to net expense ratios, gross expense ratios do notreflect any fee waivers in effect during the time period, whichare typically disclosed alongside the expense ratiosthemselves. Net expense ratios reflect the fees actuallyborne by investors during the period they are in effect.Investment expense information (including waiverinformation) is pulled from an investment’s most recentprospectus, if applicable. If an additional separate investmentaccount fee applies, it is added to the grossand net expense ratio listed in the prospectus or othersource of the expense information and factored into theperformance of the separate investment account.Unitized Plan FundIf this is a unitized plan fund, it will invest in shares of thereferenced underlying investment. Depending on the level ofadministrative services revenue (“ASR”)generated from theunderlying investment and MassMutual’s target ASR for theplan, on a periodic basis MassMutual will make adjustmentsto the unitized plan fund’s expense to cause each unitizedplan fund to produce ASR equal to the target ASR. If the ASRMassMutual receives from the underlying investment is morethan MassMutual’s target ASR, MassMutual will allocate tothe unitized plan fund a share of the revenue MassMutualreceived from the underlying investment so that the netexpense of the unitized plan fund equals MassMutual’starget 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 underlyinginvestment such that the amount of the revenue receivedfrom the underlying investment for administrative servicesand the redeemed share or units equals MassMutual’s targetrevenue. As a result of this process, the reportedperformance and expenses of the unitized plan fund is basedon but not identical to the performance and expensesreported for the underlying investment.Maximum Sales Charge/12b-1 Fee/Redemption FeeMaximum Sales Charges and Redemption Fees are waivedfor MassMutual retirement plan participants. In addition,12b-1 Fees are a component of the Net and Gross ExpenseRatio; they are not in addition to the overall expense ratio.Morningstar Proprietary StatisticsSome Morningstar proprietary calculations, including theMorningstar Rating, Morningstar Return, and MorningstarRisk may be calculated based on pre-inception returns.Please see the pre-inception returns disclosure (above) formore details. For definitions of these statistics, please visitwww.MassMutual.com/FF/mstrdisclosure.pdf.Morningstar Rating™This brings load-adjustments, performance (returns) and risktogether into one evaluation. To determine a fund's starrating for a given time period (three, five, or 10 years), thefund's risk-adjusted return is plotted on a bell curve: If thefund 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 2stars (Below Average); and the bottom 10% get only 1 star(Lowest). The Overall Morningstar Rating is a weightedaverage of the available three-, five-, and 10-year ratings.Investment RiskMoney market investments are not insured orguaranteed by the Federal Deposit InsuranceCorporation or any other government agency.Although these investments seek to preserve thevalue of your investment at $1.00 per share, it cannotguarantee that it will do so. The fund’s sponsor has nolegal obligation to provide financial support to amoney market option; and you should not expect thatthe sponsor will provide financial support to the fundat any time. You could lose money by investing in amoney market option.Risks of investing in debt securities investments include therisk that a bond issuer will default by failing to repay principaland interest in a timely manner (credit risk) and/or the riskthat the value of these securities will decline when interestrates increase (interest rate risk).Risks of investing in inflation-protected bond investmentsinclude credit risk and interest rate risk. Neither the bondinvestment nor its yield is guaranteed by the U.S.government.High-yield bond investments are generally subject to greatermarket fluctuations and risk of loss of income and principalthan lower-yielding debt securities investments.Investments that track a benchmark index are professionallymanaged. However, the benchmark index itself isunmanaged and does not incur fees or expenses and cannotbe purchased directly.Investments in value stocks may remain undervalued forextended periods of time, and the market may not recognizethe intrinsic value of these securities.Investments in growth stocks may experience price volatilitydue to their sensitivity to market fluctuations anddependence on future earnings expectations.Investments in companies with small or mid marketcapitalization (“small caps” or “mid caps”) may be subject tospecial risks given their characteristic narrow markets,limited financial resources, and less liquid stocks, all of whichmay cause price volatility.International/global investing can involve special risks, suchas political changes and currency fluctuations. These risksare heightened in emerging markets.A significant percentage of the underlying investments inaggressive asset allocation portfolio investments have a

higher than average risk exposure. Investors should considertheir risk tolerance carefully before choosing such a strategy.An investment with multiple underlying investments (whichmay include MM RetireSMARTSM and any other offeredproprietary or non-proprietary asset-allocation, lifestyle (riskbased), lifecycle (target date) or custom blendedinvestments) may be subject to the expenses of thoseunderlying investments in addition to those of the investmentitself.Investments may reside in the specialty category due to 1)allowable investment flexibility that precludes classification instandard asset categories and/or 2) investmentconcentration in a limited group of securities or industrysectors. Investments in this category may be more volatilethan less-flexible and/or less-concentrated investments andmay be appropriate as only a minor component in aninvestor's overall portfolio.Participants with a large ownership interest in a company oremployer stock investment may have the potential tomanipulate the value of units of this investment optionthrough their trading practices. As a result, special transferrestrictions may apply. This type of investment optionpresents a higher degree of risk than diversified investmentoptions under the plan because it invests in the securities ofa single company.Investments that invest more of their assets in a single issueror industry sector (such as company stock or sectorinvestments) involve additional risks, including unit pricefluctuations, because of the increased concentration ofinvestments.A participant will be prohibited from transferring into mostmutual funds and similar investments if they have transferredinto and out of the same investment within the previous 60days. Certain stable value, guaranteed interest, fixed incomeand other investments are not subject to this rule. This ruledoes not prohibit participants from transferring out of anyinvestment at any time.Target Date (lifecycle)Generally these investment options are designed to be heldbeyond the presumed retirement date to offer a continuinginvestment option for the investor in retirement. The year inthe investment option name refers to the approximate yearan investor in the option would plan to retire and likely wouldstop making new contributions to the investment option.However, investors may choose a date other than theirpresumed retirement date to be more conservative oraggressive depending on their own risk tolerance.They are designed for participants who plan to withdraw thevalue of their accounts gradually after retirement. Each ofthese options follows its own asset allocation path (“glidepath”) to progressively reduce its equity exposure andbecome more conservative over time. Options may not reachtheir most conservative allocation until after their target date.Others may reach their most conservative allocation in theirtarget date year. Investors should consider their ownpersonal risk tolerance, circumstances and financial situation.These options should not be selected solely on a single factorsuch as age or retirement date. Please consult theprospectus (if applicable) pertaining to the options todetermine if their glide path is consistent with your long-termfinancial plan. Target retirement date investment options’stated asset allocation may be subject to change.Investments in these options are not guaranteed and youmay experience losses, including losses near, at, or after thetarget date. Additionally, there is no guarantee that theoptions will provide adequate income at and throughretirement.Investors should consider an investment’s objectives,risks, charges and expenses carefully beforeinvesting. For this and other information, see a factsheet (investment profile) or the prospectus, ifapplicable. You may obtain a prospectus or fact sheetfrom your plan sponsor or visitingwww.retiresmart.com. Read it carefully beforeinvesting.

Investors should consider an investment’s objectives, risks, returns and features carefully before investing. For current interest rate informationplease contact your plan sponsor, visit RetireSMART at www.massmutual.com/retire or call 1-800-743-5274 Monday – Friday, 8 a.m. to 9 p.m., E.T.

Guaranteed Interest Account (GIA)1 Offered by MassMutual. Investment support by Barings

Objective and BenefitsThe GIA, backed by MassMutual’s general assets, isdesigned to provide a stable, guaranteed rate ofreturn and guarantee of principal.

Benefits:

•Stated rate feature allows participants to makeinformed decisions regarding current allocations

•Participants’ accounts invested in the GIA areavailable for participant-initiated transactions2 at bookvalue (i.e., principal plus earned interest)

•MassMutual backs guarantees of the GIA with it’sown surplus and capital, and overall financial strength

•MassMutual assumes market, credit and interest raterisk of assets supporting the GIA

*BA Assets: Non-Standard assets listed on Insurance Company filing schedule BA. This schedulemost commonly holds insurance company investments in partnership interests.

The GIA is provided through a group annuity contract backed by MassMutual’s general investmentaccount GIA Contract. MassMutual is not an investment fiduciary to the GIA.Most of the assets in MassMutual’s general investment account, including those in the segment thatdetermine the GIA Contract’s crediting rate, are managed by Barings, a subsidiary of MassMutual.Barings investment professionals specialize in various fixed income sectors, including Treasuries,agencies, public bonds, private placements, bank loans, commercial mortgage loans, mortgage-backed securities, and other types of debt.General investment account assets are managed with reference to their associated liabilities soproduct specifications and obligations to clients can be met with a high degree of certainty, even whenmarket conditions change. Investment risk management is a high priority. Strict diversification amongindustries and individual issuers helps mitigate credit risk. Various quantitative tools and systems, aswell as qualitative approaches, are used to manage interest rate risk and liquidity risk.If the GIA Contract is fully or partially terminated, participants will receive the liquidation value of theGIA instead of the book value (i.e., contract value), which is the value disclosed on participantstatements. The liquidation value is determined in accordance with a formula contained in the GIAContract and is designed to reflect the value of the assets in the general investment account. Thisliquidation value may be more or less than the book value of the plan’s investment in the GIAContract. This means that upon partial or full termination of the GIA Contract a participant’s accountbalance in the GIA may be either increased or decreased.3

© 2017 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.All rights reserved. www.massmutual.com.

Asset Category: Stable ValueTotal MassMutual GIA Assets: $9.43 billionSecond Quarter 2017

Description and Strategy

Portfolio Allocations4

The Investment year method (IYM) takes intoconsideration:• The overall investment results of the RS segment ofMassMutual’s general investment account for that year.• Projected levels of cash flows into and out of the GIAwithin the current interest rate environment.•Projected maturity of the underlying investments in theGIA which are attributable to a specific investment year..•Interest rates that may be applied to the reinvestment ofmonies attributable to the maturing investments.•The target spread which is comprised of the annualadministrative services revenue, and a risk charge for theinterest rate guarantee and other investment expenses.Note: The minimum guaranteed rate for new GIAcontracts effective on or after 10/3/11 is a NAIC basedformula based upon prevailing Treasury rate and in noinstance will it be less than 1%. GIA contracts effectivebefore 10/3/11 generally will have a rate no less than 3%.

Determination of Guaranteed Rate

RS-39295-01

Public Bonds & Private Placements 56.5

Mortgage Loans 14.1

Policy Loans 7.9

BA Assets* 4.7

Common & Preferred Stocks 8.8

Other 8.0

Duration of Assets Backing the GIAAssets in the MassMutual general investment account that back the GIA were managed as of themost recent quarter to a range of 5 to 6 years.

Financial Strength Ratings5

A.M. Best Company: A++ (Superior)

Fitch Ratings: AA+ (Very Strong)

Moody’s Investors Service: Aa2 (Excellent)

Standard and Poor’s: AA+ (Very Strong)

Investor Risk Profile

The GIA may be suitable for a variety of investor types, including the following:•Pre-retirees who are interested in protecting their assets in case of a market downturn•Risk-averse investors of any age who desire a stable value investment with a stated rate of return•Investors with various risk tolerances and an asset allocation strategy that includes a guaranteedrate component

Low Moderate High

1 The product features discussed here describe the current GIA product offering backed by the Massachusetts Mutual Life Insurance Company (MassMutual) general investmentaccount. The focus in this piece is also on the GIA within defined contribution plans; some statements may not apply to defined benefit plans. Contracts may also refer to thisinvestment option as Guaranteed Fund, Fixed Interest Account, Experience Account, Active Life Fund, or some other variation of these names.2 Competing investments are subject to asset transfer restrictions with regard to other investments in a retirement plan. Competing investments for the GIA include certain fixed-income investments and self-directed brokerage accounts.3 Note for 403(b) plans with the GIA: If the liquidation value of a plan’s investment in the GIA is less than the book value, the GIA assets will be liquidated in annual book valueinstallment payments.4 GIA information as of 06/30/2017, data subject to change.5 Ratings are for Massachusetts Mutual Life Insurance Company and do not apply to any separate investment accounts or mutual funds offered by MassMutual or its affiliates. Forcurrent ratings, please visit www.massmutual.com/ratings.

Release Date: 06-30-2017

JPMorgan Core Bond R6 JCBUX..........................................................................................................................................................................................................................................................................................................................................BenchmarkBBgBarc US Agg Bond TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average Below AverageOut of 856 Intermediate-Term Bond 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.

Investment Objective & StrategyFrom investment’s prospectus

The investment seeks maximum total return by investingprimarily in a diversified portfolio of intermediate- and long-termdebt securities.The fund is designed to maximize total return by investing

in a portfolio of investment grade intermediate- and long-termdebt securities. It will invest at least 80% of its net assets plusthe amount of borrowings for investment purposes in bonds.The fund may principally invest in corporate bonds, U.S.treasury obligations and other U.S. government and agencysecurities, and asset-backed, mortgage-related and mortgage-backed securities. The fund's average weighted maturity willordinarily range between 4 and 12 years.

Fees and Expenses as of 07-01-17

Prospectus Net Expense Ratio 0.35%Total Annual Operating Expense 0.41%Maximum Sales Charge .12b-1 Fee .Redemption Fee/Term .

Waiver Data Type Exp. Date %

ExpenseRatio Contractual 10-31-18 0.06

Operations and Management

Initial Class Inception Date 05-31-91Fund Inception Date 02-22-05Portfolio Manager(s) Barbara E. Miller

Richard D. FigulyName of Issuer JPMorganTelephone 800-480-4111Web Site www.jpmorganfunds.com

Benchmark Description: BBgBarc US Agg Bond TR USD

The indexmeasures the performance of investment grade, U.S.dollar-denominated, fixed-rate taxable bond market, includingTreasuries, government-related and corporate securities, MBS(agency fixed-rate and hybrid ARM passthroughs), ABS, andCMBS. It rolls up into other Barclays flagship indices, such asthe multi-currency Global Aggregate Index and the U.S.Universal Index, which includes high yield and emergingmarkets debt.

Category Description: Intermediate-Term Bond

Intermediate-term bond portfolios invest primarily in corporateand other investment-grade U.S. fixed-income issues andtypically have durations of 3.5 to 6.0 years. These portfolios areless sensitive to interest rates, and therefore less volatile, thanportfolios that have longer durations. Morningstar calculatesmonthly breakpoints using the effective duration of theMorningstar Core Bond Index in determining durationassignment. Intermediate-term is defined as 75% to 125% ofthe three-year average effective duration of the MCBI.

Performance

5

10

15

20

0

-5

-10

-15

Total Return%as of 06-30-17InvestmentBenchmark

Average annual, if greaterthan 1 year.

YTD 1 Year 3 Year 5 Year 10 Year Since Inception2.54 -0.09 2.62 2.39 4.96 4.65 Fund Return %2.54 -0.09 2.62 2.39 4.96 4.65 Load-Adj. Return %2.27 -0.31 2.48 2.21 4.48 4.22 Benchmark Return %2.57 0.94 2.21 2.45 4.30 3.82 Category Average %........................................................................................................................................................................................................... . QQQQ QQQ QQQQ . Morningstar Rating™. . 856 767 540 . # of Funds in Category

Quarter End Returns as of 06-30-17 YTD 1 Year 3 Year 5 Year 10 Year Since Inception

Fund Return % 2.54 -0.09 2.62 2.39 4.96 4.65Standardized Return % 2.54 -0.09 2.62 2.39 4.96 4.65

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.

Portfolio Analysis as of 05-31-17Composition as of 05-31-17 % Assets

U.S. Stocks 0.0Non-U.S. Stocks 0.0Bonds 98.5Cash 1.2Other 0.3

Morningstar Fixed Income Style Box™ as of 03-31-17

HighMed

Low

Ltd Mod Ext

Avg Eff Duration 5.47Avg Eff Maturity 7.15Avg Wtd Price 100.51

Top 10 Holdings as of 05-31-17 % Assets

U S Treas Sec Stripped Int Pmt 05-15-20 1.27JPMorgan Prime Money Market Inst 12-31-49 0.94U S Treas Sec Stripped Int Pmt 05-15-23 0.84Resolution Fdg Fed Bk Prin Stp 07-15-20 0.82U S Treas Sec Stripped Int Pmt 08-15-20 0.79.......................................................................................................U S Treas Sec Stripped Int Pmt 02-15-23 0.78U S Treas Sec Stripped Int Pmt 02-15-21 0.76U S Treas Sec Stripped Int Pmt 02-15-22 0.72US Treasury Bond 4.375% 05-15-40 0.66U S Treas Sec Stripped Int Pmt 11-15-22 0.59

.......................................................................................................Total Number of Stock Holdings 0Total Number of Bond Holdings 4409Annual Turnover Ratio % 23.00Total Fund Assets ($mil) 26,096.06

Morningstar Sectors as of 05-31-17 % Fund % Category

⁄ Government 26.50 24.14› Corporate 26.72 27.84€ Securitized 45.46 33.81‹ Municipal 0.08 1.69fi Cash/Cash Equivalents 1.23 6.38± Other 0.00 6.14

Credit Analysis as of 03-31-17 % Bonds

-100 -50 0 50 100

AAA 60AA 5A 11BBB 16BB 1B 0Below B 0Not Rated 7

Principal Risks as of 05-31-17Credit and Counterparty, Prepayment (Call), Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Interest Rate,Market/Market Volatility, Industry and Sector Investing, Mortgage-Backed and Asset-Backed Securities, U.S. GovernmentObligations, Suitability, Shareholder Activity, Management

©2017 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

®


PIMCO Real Return Instl PRRIX..........................................................................................................................................................................................................................................................................................................................................BenchmarkBBgBarc US Treasury US TIPS TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average HighOut of 202 Inflation-Protected Bond 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 real return, consistent withpreservation of capital and prudent investment management.The fund normally invests at least 80% of its net assets in

inflation-indexed bonds of varying maturities issued by the U.S.and non-U.S. governments, their agencies or instrumentalities,and corporations, which may be represented by forwards orderivatives such as options, futures contracts or swapagreements.




. . . .


Fund Inception Date 01-29-97Portfolio Manager(s) Mihir P. Worah

Jeremie BanetName of Issuer PimcoTelephone 888-877-4626Web Site www.pimco.com

Benchmark Description: BBgBarc US Treasury US TIPS TR USD

The index measures the performance of rules-based, marketvalue-weighted inflation-protected securities issued by theU.S.Treasury. It is a subset of the Global Inflation-Linked Index(Series-L).

Category Description: Inflation-Protected Bond

Inflation-protected bond portfolios invest primarily in debtsecurities that adjust their principal values in line with the rateof inflation. These bonds can be issued by any organization, butthe U.S. Treasury is currently the largest issuer for these typesof securities.

Performance

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10

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20

0

-5

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-15



YTD 1 Year 3 Year 5 Year 10 Year Since Inception1.58 0.58 0.25 0.22 4.65 5.94 Fund Return %1.58 0.58 0.25 0.22 4.65 5.94 Load-Adj. Return %0.85 -0.63 0.63 0.27 4.27 . Benchmark Return %0.69 0.10 -0.01 -0.17 3.35 4.77 Category Average %........................................................................................................................................................................................................... . QQQ QQQ QQQQQ . Morningstar Rating™. . 202 172 113 . # of Funds in Category


Fund Return % 1.58 0.58 0.25 0.22 4.65 5.94Standardized Return % 1.58 0.58 0.25 0.22 4.65 5.94


Portfolio Analysis as of 03-31-17Composition as of 03-31-17 % Net

U.S. Stocks 0.0Non-U.S. Stocks 0.0Bonds 75.9Cash 24.9Other -0.8

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


Not

Available

Avg Eff Duration 7.26Avg Eff Maturity 7.83Avg Wtd Price .


2 Year US Treasury Note Future June17 06-30-17 11.83US Treasury Bond 04-15-28 11.12US Treasury Note 07-15-22 9.10IRS USD 1.20000 02/15/17-1Y (WHT)CME_ 02-15-18

7.20

US 10 Year Note (CBT) June17 06-21-17 5.75.......................................................................................................US Treasury Note 04-15-20 5.68US Treasury Bond 01-15-25 5.67IRS USD 1.25000 02/23/17-1Y (WHT)CME_ 02-23-18

5.44

US Treasury Note 01-15-26 5.32US 5 Year Note (CBT) June17 06-30-17 5.31




Credit Analysis % Bonds

Not Available

Principal Risks as of 03-31-17Short 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 andAsset-BackedSecurities, Restricted/Illiquid Securities, Derivatives, Leverage, Sovereign Debt, Management


®


Vanguard Total Bond Market Index Adm VBTLX..........................................................................................................................................................................................................................................................................................................................................BenchmarkBBgBarc US Agg Bond TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQ Average AverageOut of 856 Intermediate-Term Bond 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 the performance of Bloomberg BarclaysU.S. Aggregate Float Adjusted Index.Bloomberg Barclays U.S. Aggregate Float Adjusted Index

represents a wide spectrum of public, investment-grade,taxable, fixed income securities in the United States-includinggovernment, corporate, and international dollar-denominatedbonds, as well as mortgage-backed and asset-backedsecurities-all with maturities of more than 1 year. All of itsinvestments will be selected through the sampling process,and at least 80% of its assets will be invested in bonds held inthe index.




. . . .


Fund Inception Date 11-12-01Portfolio Manager(s) Joshua C. Barrickman, CFAName of Issuer VanguardTelephone 800-662-7447Web Site www.vanguard.com

Benchmark Description: BBgBarc US Agg Bond TR USD

The indexmeasures the performance of investment grade, U.S.dollar-denominated, fixed-rate taxable bond market, includingTreasuries, government-related and corporate securities, MBS(agency fixed-rate and hybrid ARM passthroughs), ABS, andCMBS. It rolls up into other Barclays flagship indices, such asthe multi-currency Global Aggregate Index and the U.S.Universal Index, which includes high yield and emergingmarkets debt.

Category Description: Intermediate-Term Bond

Intermediate-term bond portfolios invest primarily in corporateand other investment-grade U.S. fixed-income issues andtypically have durations of 3.5 to 6.0 years. These portfolios areless sensitive to interest rates, and therefore less volatile, thanportfolios that have longer durations. Morningstar calculatesmonthly breakpoints using the effective duration of theMorningstar Core Bond Index in determining durationassignment. Intermediate-term is defined as 75% to 125% ofthe three-year average effective duration of the MCBI.

Performance

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10

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20

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-5

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YTD 1 Year 3 Year 5 Year 10 Year Since Inception2.40 -0.44 2.43 2.13 4.45 4.26 Fund Return %2.40 -0.44 2.43 2.13 4.45 4.26 Load-Adj. Return %2.27 -0.31 2.48 2.21 4.48 4.41 Benchmark Return %2.57 0.94 2.21 2.45 4.30 3.97 Category Average %........................................................................................................................................................................................................... . QQQ QQQ QQQ . Morningstar Rating™. . 856 767 540 . # of Funds in Category







HighMed

Low

Ltd Mod Ext

Avg Eff Duration 6.14Avg Eff Maturity 8.30Avg Wtd Price 104.23


US Treasury Note 2.125% 05-15-25 0.53US Treasury Note 3.625% 08-15-19 0.52US Treasury Note 2.625% 11-15-20 0.48US Treasury Note 1% 09-15-18 0.47US Treasury Note 1.75% 05-15-23 0.46.......................................................................................................US Treasury Note 2.25% 11-15-25 0.41US Treasury Note 1% 03-15-19 0.39US Treasury Note 1.25% 03-31-21 0.38US Treasury Note 2.5% 05-15-24 0.37US Treasury Note 1.625% 05-15-26 0.36





-100 -50 0 50 100


Principal Risks as of 05-31-17Credit and Counterparty, Extension, Prepayment (Call), Loss ofMoney, Not FDIC Insured, Income, Interest Rate, ETF,Market Trading,Sampling


®


Eaton Vance Income Fund of Boston R6 EIBRX..........................................................................................................................................................................................................................................................................................................................................BenchmarkBofAML US HY Master II TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average AverageOut of 590 High Yield Bond 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 to provide a high level of current income;the fund's secondary objectives are to seek growth of incomeand capital.The fund currently invests primarily in high yield, high risk

corporate bonds (commonly referred to as "junk bonds") whichare rated lower than investment grade (i.e., bonds rated lowerthan Baa by Moody's Investors Service, Inc. ("Moody's") orlower than BBB by Standard & Poor's Ratings Services ("S&P"))or are unrated and of comparable quality as determined by theinvestment adviser. It is non-diversified.




. . . .


Initial Class Inception Date 06-15-72Fund Inception Date 07-01-14Portfolio Manager(s) Michael W. Weilheimer, CFA

Stephen C. Concannon, CFAName of Issuer Eaton VanceTelephone 800-262-1122Web Site www.eatonvance.com

Benchmark Description: BofAML US HY Master II 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 18months to finalmaturity at the time of issuance,at least one year remaining term to final maturity as of therebalancing date, a fixed coupon schedule and a minimumamount outstanding of $100 million. It is capitalization-weighted.

Category Description: High Yield Bond

High-yield bond portfolios concentrate on lower-quality bonds,which are riskier than those of higher-quality companies. Theseportfolios generally offer higher yields than other types ofportfolios, but they are also more vulnerable to economic andcredit risk. These portfolios primarily invest in U.S. high-incomedebt securities where at least 65% or more of bond assets arenot rated or are rated by a major agency such as Standard &Poor's or Moody's at the level of BB (considered speculative fortaxable bonds) and below.

Performance

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20

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YTD 1 Year 3 Year 5 Year 10 Year Since Inception4.36 10.50 4.40 6.38 6.49 4.41 Fund Return %4.36 10.50 4.40 6.38 6.49 4.41 Load-Adj. Return %4.91 12.75 4.48 6.91 7.54 4.47 Benchmark Return %4.09 10.78 3.02 5.70 6.04 2.92 Category Average %........................................................................................................................................................................................................... . QQQQ QQQQ QQQ . Morningstar Rating™. . 590 474 317 . # of Funds in Category







Not

Available

Avg Eff Duration .Avg Eff Maturity 4.15Avg Wtd Price 104.65


Mph Acquisition Hldgs 144A 7.125% 06-01-24 0.97First Data 144A 7% 12-01-23 0.84Sprint 7.875% 09-15-23 0.77Asurion 03-03-21 0.75Seven Generations Engy 144A 6.75% 05-01-23 0.56.......................................................................................................Jaguar Hldg Co Ii / Jaguar M 144 6.375% 08-01-23 0.55Laureate Educ 144A 9.25% 09-01-19 0.55Vpi Escrow 144A 6.375% 10-15-20 0.54Zebra Tech 7.25% 10-15-22 0.54Park Aerospace Hldgs 144A 5.25% 08-15-22 0.53





-100 -50 0 50 100


Principal Risks as of 04-30-17Short Sale, Credit and Counterparty, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money,Not FDIC Insured, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Convertible Securities, High-YieldSecurities, Municipal Obligations, Leases, and AMT-Subject Bonds, Other, Preferred Stocks, Derivatives, Leverage, Zero-CouponBond


®


American Funds American Balanced R6 RLBGX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Mod Tgt Risk TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQQ High AverageOut of 727 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 incomeand 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 guaranteedby the U.S. government and by federal agencies andinstrumentalities. In addition, the fund may invest a portion ofits assets in common stocks, most of which have a history ofpaying dividends, bonds and other securities of issuersdomiciled outside the United States.




. . . .


Initial Class Inception Date 07-25-75Fund Inception Date 05-01-09Portfolio Manager(s) John H. Smet

Hilda L. Applbaum, CFAName 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 target levelof 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 income andcapital appreciation by investing in multiple asset classes,including stocks, bonds, and cash. These portfolios aredominated by domestic holdings and have equity exposuresbetween 50% and 70%.

Performance

5

10

15

20

0

-5

-10

-15



YTD 1 Year 3 Year 5 Year 10 Year Since Inception6.84 10.73 7.26 10.96 6.87 12.43 Fund Return %6.84 10.73 7.26 10.96 6.87 12.43 Load-Adj. Return %6.90 10.95 4.16 7.74 5.31 . Benchmark Return %6.30 10.67 4.00 7.97 4.89 9.41 Category Average %........................................................................................................................................................................................................... . QQQQQ QQQQQ QQQQQ . Morningstar Rating™. . 727 653 429 . # of Funds in Category






Morningstar Style Box™ as of 03-31-17(EQ) ; 03-31-17(F-I)

LargeMid

Small

Value Blend Growth

HighMed

Low

Ltd Mod Ext


Microsoft Corp 4.10The Home Depot Inc 2.71Comcast Corp Class A 2.57Amazon.com Inc 1.95Berkshire Hathaway Inc A 1.92.......................................................................................................Philip Morris International Inc 1.84UnitedHealth Group Inc 1.82Broadcom Ltd 1.62E.I. du Pont de Nemours & Co 1.35Boeing Co 1.34


Morningstar Sectors as of 03-31-17 % Fund S&P 500 %

h Cyclical 32.37 32.56...............................................................................................r Basic Materials 5.05 2.89t Consumer Cyclical 12.59 11.02y Financial Services 14.29 16.33u Real Estate 0.44 2.32

j Sensitive 45.88 40.34...............................................................................................i Communication Services 6.53 3.89o Energy 11.12 6.01p Industrials 6.23 10.56a Technology 22.00 19.88

k Defensive 21.73 27.09...............................................................................................s Consumer Defensive 10.82 9.12d Healthcare 10.22 14.81f Utilities 0.69 3.16

Principal Risks as of 03-31-17Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Active Management, Income, Issuer, Market/MarketVolatility, Mortgage-Backed and Asset-Backed Securities, Restricted/Illiquid Securities, U.S. Government Obligations, Fixed-IncomeSecurities


®


BlackRock LifePath® Index Retire K LIRKX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod Incm TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average Above AverageOut of 137 Target-Date Retirement 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 to provide for retirement outcomesbased on quantitatively measured risk.The fund is a "feeder" fund that invests all of its assets in

the Master Portfolio, a series of Master Investment Portfoliowith a substantially identical investment objective, whichallocates and reallocates its assets among a combination ofequity and bond index funds and money market funds inproportions based on its own comprehensive investmentstrategy. It will invest, at least 80% of its assets in securitiesor other financial instruments that are components of or haveeconomic characteristics similar to the securities included inits custom benchmark index.






Fund Inception Date 05-31-11Portfolio Manager(s) Alan Mason

Amy WhitelawName of Issuer BlackRockTelephone 800-537-4942Web Site www.blackrock.com

Benchmark Description: Morningstar Lifetime Mod Incm 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 is at least ten years intoretirement. The Moderate risk profile is for investors who arecomfortable with average exposure to equity market volatility.

Category Description: Target-Date Retirement

Retirement income portfolios provide a mix of stocks, bonds,and cash for those investors already in or entering retirement.These portfolios tend to be managed to more of a conservativeasset-allocation strategy. These portfolios aim to provideinvestors with steady income throughout retirement.

Allocation of Assets

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Years Until Retirement

% AllocationBondsU.S. StocksNon-U.S. StocksCashOther

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

Investment Return % 5.44 6.90 3.89 5.76 . 5.38Benchmark Return % 3.83 4.93 2.50 4.64 . 4.35Category Average % 4.44 5.70 2.65 4.36 . 4.29........................................................................................................................................................................................................................Morningstar Rating™ . . QQQQQ QQQQ . .# of Funds in Category . . 137 114 . .


Fund Return % 5.44 6.90 3.89 5.76 . 5.38Standardized Return % 5.44 6.90 3.89 5.76 . 5.38




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


LargeMid

Small

Value Blend Growth

HighMed

Low

Ltd Mod Ext


iShares US Aggregate Bond Index K 51.05iShares Russell 1000 Large-Cap Idx K 21.91iShares Core MSCI Total Intl Stk 11.71iShares TIPS Bond ETF 8.71iShares Russell 2000 Small-Cap Idx K 4.16.......................................................................................................iShares MSCI Total Intl Idx K 1.76iShares Developed Real Estate Idx K 0.49BlackRock Cash Funds Treasury SL Agency 0.20

.......................................................................................................Total Number of Holdings 8Annual Turnover Ratio % 13.00Total Fund Assets ($mil) 1,002.38





Principal Risks as of 05-31-17EmergingMarkets, Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Index Correlation/Tracking Error, Market/Market Volatility, Convertible Securities, Depositary Receipts, Equity Securities, ETF, Mortgage-Backed and Asset-BackedSecurities, Underlying Fund/Fund of Funds, U.S. Government Obligations, Derivatives, Leverage, Fixed-Income Securities,Management, Passive Management, Portfolio Diversification, Target Date, Small Cap, Mid-Cap, Real Estate/REIT Sector, MarketTrading, Replication Management, Sampling


®


BlackRock LifePath® Index 2020 K LIMKX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2020 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQ Average AverageOut of 184 Target-Date 2020 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 Master Portfolio, a series of Master Investment Portfolio("MIP") with a substantially identical investment objective,which allocates and reallocates its assets among acombination of equity and bond index funds and money marketfunds (the "underlying funds") in proportions based on its owncomprehensive investment strategy.








Benchmark Description: Morningstar Lifetime Mod 2020 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 is about ten years away fromretirement. The Moderate risk profile is for investors who arecomfortable with average exposure to equity market volatility.

Category Description: Target-Date 2020

Target-date portfolios provide diversified exposure to stocks,bonds, and cash for those investors who have a specific dateinmind (in this case, the years 2016-2020) for retirement. Theseportfolios aim to provide investorswith an optimal level of returnand risk, based solely on the target date. Management adjuststhe allocation among asset classes tomore-conservativemixesas the target date approaches, following a preset glide path. Atarget-date portfolio is part of a series of funds offering multipleretirement dates to investors.


040 35 30 25 20 15 10 5

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Investment Return % 6.11 8.26 4.20 7.01 . 5.98Benchmark Return % 5.79 7.98 3.61 7.28 . 6.11Category Average % 5.99 8.77 3.50 6.57 . 5.31........................................................................................................................................................................................................................Morningstar Rating™ . . QQQ QQQ . .# of Funds in Category . . 184 148 . .






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


LargeMid

Small

Value Blend Growth

HighMed

Low

Ltd Mod Ext


iShares US Aggregate Bond Index Inv A 43.53iShares Russell 1000 Large-Cap Idx Inv A 26.67iShares Core MSCI Total Intl Stk 12.08iShares TIPS Bond ETF 7.17iShares MSCI Total Intl Idx Inv A 4.25.......................................................................................................iShares Russell 2000 Small-Cap Idx Inv A 3.61iShares Developed Real Estate Idx K 2.53BlackRock Cash Funds Treasury SL Agency 0.19








®


BlackRock LifePath® Index 2025 K LIBKX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2025 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQ Average Below AverageOut of 158 Target-Date 2025 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 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 is about 15 years away fromretirement. The Moderate risk profile is for investors who arecomfortable with average exposure to equity market volatility.




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Investment Return % 7.14 10.11 4.71 7.89 . 6.52Benchmark Return % 6.59 9.75 4.01 8.35 . 6.70Category Average % 7.20 11.04 4.07 7.89 . 6.02........................................................................................................................................................................................................................Morningstar Rating™ . . QQQQ QQQ . .# of Funds in Category . . 158 118 . .







LargeMid

Small

Value Blend Growth

HighMed

Low

Ltd Mod Ext


iShares US Aggregate Bond Index Inv A 33.39iShares Russell 1000 Large-Cap Idx Inv A 32.52iShares Core MSCI Total Intl Stk 17.04iShares Developed Real Estate Idx K 5.64iShares TIPS Bond ETF 5.40.......................................................................................................iShares Russell 2000 Small-Cap Idx Inv A 3.00iShares MSCI Total Intl Idx Inv A 2.80BlackRock Cash Funds Treasury SL Agency 0.20








®


BlackRock LifePath® Index 2030 K LINKX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2030 TR USD

















040 35 30 25 20 15 10 5

10080

60

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200











LargeMid

Small

Value Blend Growth

HighMed

Low

Ltd Mod Ext


iShares Russell 1000 Large-Cap Idx Inv A 37.90iShares US Aggregate Bond Index Inv A 24.34iShares Core MSCI Total Intl Stk 17.63iShares Developed Real Estate Idx K 8.42iShares MSCI Total Intl Idx Inv A 5.31.......................................................................................................iShares TIPS Bond ETF 3.78iShares Russell 2000 Small-Cap Idx Inv A 2.38BlackRock Cash Funds Treasury SL Agency 0.20








®


BlackRock LifePath® Index 2035 K LIJKX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2035 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQ Average Below AverageOut of 158 Target-Date 2035 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.
















040 35 30 25 20 15 10 5

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60

40

200











LargeMid

Small

Value Blend Growth

HighMed

Low

Ltd Mod Ext


iShares Russell 1000 Large-Cap Idx K 43.00iShares Core MSCI Total Intl Stk 21.35iShares US Aggregate Bond Index Inv A 15.70iShares Developed Real Estate Idx K 11.07iShares MSCI Total Intl Idx Inv A 4.57.......................................................................................................iShares TIPS Bond ETF 2.29iShares Russell 2000 Small-Cap Idx Inv A 1.78BlackRock Cash Funds Treasury SL Agency 0.20








®


BlackRock LifePath® Index 2040 K LIKKX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2040 TR USD

















040 35 30 25 20 15 10 5

10080

60

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200











LargeMid

Small

Value Blend Growth

HighMed

Low

Ltd Mod Ext


iShares Russell 1000 Large-Cap Idx Inv A 47.41iShares Core MSCI Total Intl Stk 22.35iShares Developed Real Estate Idx K 13.52iShares US Aggregate Bond Index Inv A 7.86iShares MSCI Total Intl Idx Inv A 6.27.......................................................................................................iShares Russell 2000 Small-Cap Idx Inv A 1.31iShares TIPS Bond ETF 1.02BlackRock Cash Funds Treasury SL Agency 0.23








®


BlackRock LifePath® Index 2045 K LIHKX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2045 TR USD

















040 35 30 25 20 15 10 5

10080

60

40

200











LargeMid

Small

Value Blend Growth

HighMed

Low

Ltd Mod Ext


iShares Russell 1000 Large-Cap Idx Inv A 49.55iShares Core MSCI Total Intl Stk 25.77iShares Developed Real Estate Idx K 15.44iShares MSCI Total Intl Idx Inv A 4.88iShares US Aggregate Bond Index Inv A 2.64.......................................................................................................iShares Russell 2000 Small-Cap Idx Inv A 1.19iShares TIPS Bond ETF 0.27BlackRock Cash Funds Treasury SL Agency 0.23








®


BlackRock LifePath® Index 2050 K LIPKX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2050 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average Above AverageOut of 176 Target-Date 2050 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.
















040 35 30 25 20 15 10 5

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60

40

200




Investment Return % 10.21 15.65 6.04 10.94 . 8.20Benchmark Return % 9.20 16.41 4.81 10.50 . 7.73Category Average % 9.66 15.93 5.10 9.94 . 7.42........................................................................................................................................................................................................................Morningstar Rating™ . . QQQQ QQQQ . .# of Funds in Category . . 176 137 . .







LargeMid

Small

Value Blend Growth

HighMed

Low

Ltd Mod Ext


iShares Russell 1000 Large-Cap Idx Inv A 49.96iShares Core MSCI Total Intl Stk 26.04iShares Developed Real Estate Idx K 16.07iShares MSCI Total Intl Idx Inv A 5.41iShares Russell 2000 Small-Cap Idx Inv A 1.22.......................................................................................................iShares US Aggregate Bond Index Inv A 1.00BlackRock Cash Funds Treasury SL Agency 0.20

.......................................................................................................Total Number of Holdings 8Annual Turnover Ratio % 28.00Total Fund Assets ($mil) 954.76







®


BlackRock LifePath® Index 2055 K LIVKX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2055 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average Above AverageOut of 145 Target-Date 2055 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.














Target-date portfolios provide a diversified exposure to stocks,bonds, and cash for those investors who have a specific datein mind (in this case, the years 2051-2055 and beyond) forretirement. These portfolios aim to provide investors with anoptimal level of 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 to investors.


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Investment Return % 10.26 15.61 6.05 11.34 . 8.40Benchmark Return % 9.29 16.50 4.71 10.40 . 7.60Category Average % 10.07 16.67 5.34 10.49 . 7.84........................................................................................................................................................................................................................Morningstar Rating™ . . QQQQ QQQQ . .# of Funds in Category . . 145 89 . .







LargeMid

Small

Value Blend Growth

HighMed

Low

Ltd Mod Ext


iShares Russell 1000 Large-Cap Idx Inv A 49.90iShares Core MSCI Total Intl Stk 30.33iShares Developed Real Estate Idx K 16.08iShares Russell 2000 Small-Cap Idx Inv A 1.28iShares MSCI Total Intl Idx Inv A 1.04.......................................................................................................iShares US Aggregate Bond Index Inv A 1.00BlackRock Cash Funds Treasury SL Agency 0.27

.......................................................................................................Total Number of Holdings 8Annual Turnover Ratio % 2.45Total Fund Assets ($mil) 402.08







®


MFS Value R6 MEIKX..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 Value TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQQ High AverageOut of 1091 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 capital appreciation.The fund normally invests the fund's assets primarily in equity

securities. Equity securities include common stocks and othersecurities that represent an ownership interest (or right toacquire an ownership interest) in a company or other issuer.MFS focuses on investing the fund's assets in the stocks ofcompanies it believes are undervalued compared to theirperceived worth (value companies).




. . . .


Initial Class Inception Date 01-02-96Fund Inception Date 05-01-06Portfolio Manager(s) Steven R. Gorham, CFA

Nevin P. Chitkara, CFAName of Issuer MFSTelephone 800-225-2606Web Site http://www.mfs.com

Benchmark Description: Russell 1000 Value TR USD

The index measures the performance of the large-cap valuesegment of theUSequity securities. It includes theRussell 1000index companies with lower price-to-book ratios and lowerexpected growth values. It is market-capitalization weighted.Russell Investment Group is the source and owner of thetrademarks, servicemarks and copyrights related to the RussellIndexes. Russell® is a trademark of Russell Investment Group.

Category Description: Large Value

Large-value portfolios invest primarily in big U.S. companiesthat are less expensive or growingmore slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of theU.S. equity market are defined as large cap. Value is definedbased on low valuations (low price ratios and high dividendyields) and slow growth (low growth rates for earnings, sales,book value, and cash flow).

Performance

10

20

30

40

0

-10

-20

-30



YTD 1 Year 3 Year 5 Year 10 Year Since Inception9.16 16.78 9.45 15.03 7.00 8.08 Fund Return %9.16 16.78 9.45 15.03 7.00 8.08 Load-Adj. Return %4.66 15.53 7.36 13.94 5.57 6.70 Benchmark Return %5.55 16.49 6.40 12.64 5.18 5.89 Category Average %........................................................................................................................................................................................................... . QQQQQ QQQQQ QQQQ . Morningstar Rating™. . 1091 936 681 . # of Funds in Category






Morningstar Equity Style Box™ as of 05-31-17 % Mkt Cap

LargeMid

Small

Value Blend Growth

Giant 43.80........................................................Large 49.81Medium 6.39Small 0.00........................................................Micro 0.00


JPMorgan Chase & Co 4.23Philip Morris International Inc 4.01Johnson & Johnson 3.62Wells Fargo & Co 3.10Accenture PLC A 2.62.......................................................................................................Medtronic PLC 2.48US Bancorp 2.213M Co 2.19Johnson Controls International PLC 2.16Pfizer Inc 2.14






Principal Risks as of 05-31-17Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Issuer, Market/Market Volatility, Equity Securities, Industryand Sector Investing, Restricted/Illiquid Securities, Management


®


Select Wellington/T. Rowe Price Equity Opportunities Fund MFVZX Class I..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar Risk... Above Average HighOut of 1223 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 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 financiallysound, valued conservatively by the market, and haveimproving prospects. It typically invests most of its assets inequity securities of U.S. companies, but may invest in foreignsecurities and American Depositary Receipts ("ADRs"),including emerging market securities. The fund generally willnot invest more than 30% of its total assets in foreign securities.Category Description: Large Blend

Large-blend portfolios are fairly representative of the overall USstock market in size, growthrates and price. Stocks in the top70% of the capitalization of the US equity market are definedaslarge cap. The blend style is assigned to portfolios where neithergrowth nor valuecharacteristics predominate. These portfoliostend to invest across the spectrum of USindustries, and owingto their broad exposure, the portfolios' returns are often similarto those of the S&P 500 Index.

Volatility Analysis

Low Moderate High

Investment

Category

In the past, this investment has shown a wide range of pricefluctuations relative to other investments. This investment mayexperience significant price increases in favorable markets orundergo large price declines in adverse markets. Some of thisrisk may be offset by owning other investments that followdifferent investment strategies.

Best 3 Month Return Worst 3 Month Return

15.84% -18.05%(Oct '11 - Dec '11) (Jul '11 - Sep '11)

Operations as of 02-01-17Expense Ratio % Per $1000

Gross Expense 0.73 7.30Net Expense 0.73 7.30................................................................................................Fund Inception Date 11-15-10


( ( ( (Portfolio Manager(s)

Donald KilbrideJohn Linehan................................................................................................Management Company MML Investment Advisers, LLCName of Issuer MassMutualNotes

See disclosure page for more details.

Performance

15

30

45

60

0

-15

-30

-45

Total Return%as of 06-30-17

InvestmentBenchmark

Average annual, if greaterthan 1 year

YTD 1 Year 3 Year 5 Year 10 Year Since Inception

10.18 32.55 7.81 15.74 8.88 13.65 Fund Return %9.27 18.03 9.26 14.67 7.29 13.57 Benchmark Return %8.65 17.17 7.60 13.35 6.21 11.36 Category Average %..........................................................................................................................................................................................................( ( .. .... .... ( Morningstar Rating™16 1 54 3 2 ( Fund Rank Percentile

1459 1392 1223 1080 802 ( # 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, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein.




LargeM

idSm

all

Value Blend Growth



Microsoft Corp 4.35Nike Inc B 4.10Costco Wholesale Corp 3.47PNC Financial Services Group Inc 3.40United Parcel Service Inc Class B 3.23.......................................................................................................Bristol-Myers Squibb Company 3.20Chubb Ltd 3.12American Express Co 3.02Medtronic PLC 2.93Public Storage 2.91

.......................................................................................................Total Number of Stock Holdings 59Total Number of Bond Holdings 0Annual Turnover Ratio % 36Total Fund Assets ($mil) 722.0

Morningstar Equity Sectors as of 06-30-17 % Fund S&P 500 %

) Cyclical 45.80 32.56!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" Basic Materials 4.42 2.89/ Consumer Cyclical 12.81 11.02+ Financial Services 25.02 16.33- Real Estate 3.55 2.32

& Sensitive 26.69 40.34!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!' Communication Services 1.93 3.89$ Energy 3.09 6.01# Industrials 12.04 10.560 Technology 9.63 19.88

% Defensive 27.51 27.09!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Consumer Defensive 10.27 9.12* Healthcare 15.41 14.81, Utilities 1.83 3.16

Principal Risks as of 06-30-17Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Market/Market Volatility,Convertible Securities, Equity Securities, Preferred Stocks, Restricted/Illiquid Securities, Pricing, Cash Drag, Management, SmallCap, Mid-Cap, Large Cap

©2017 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 arising fromany use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

"$ l9640


Vanguard 500 Index Admiral VFIAX..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average AverageOut of 1223 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.


The investment seeks to track the performance of a benchmarkindex that measures the investment return of large-capitalization stocks.The fund employs an indexing investment approach designed

to track the performance of the Standard & Poor's 500 Index,a widely recognized benchmark of U.S. stock marketperformance that is dominated by the stocks of large U.S.companies. The advisor attempts to replicate the target indexby investing all, or substantially all, of its assets in the stocksthat make up the index, holding each stock in approximatelythe same proportion as its weighting in the index.




. . . .


Fund Inception Date 11-13-00Portfolio Manager(s) Scott E. Geiger

Donald M. Butler, CFAName of Issuer VanguardTelephone 800-662-7447Web Site www.vanguard.com

Benchmark Description: Russell 1000 TR USD

The index measures the performance of the large-cap segmentof the US equity securities. It is a subset of the Russell 3000index and includes approximately 1000 of the largest securitiesbased on a combination of their market cap and current indexmembership.

Category Description: Large Blend

Large-blend portfolios are fairly representative of the overall USstock market in size, growth rates and price. Stocks in the top70% of the capitalization of the US equity market are definedas large cap. The blend style is assigned to portfolios whereneither growth nor value characteristics predominate. Theseportfolios tend to invest across the spectrum of US industries,and owing to their broad exposure, the portfolios' returns areoften similar to those of the S&P 500 Index.

Performance

10

20

30

40

0

-10

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-30



YTD 1 Year 3 Year 5 Year 10 Year Since Inception9.31 17.85 9.58 14.59 7.18 5.62 Fund Return %9.31 17.85 9.58 14.59 7.18 5.62 Load-Adj. Return %9.27 18.03 9.26 14.67 7.29 5.86 Benchmark Return %8.65 17.17 7.60 13.35 6.21 4.53 Category Average %........................................................................................................................................................................................................... . QQQQ QQQQ QQQQ . Morningstar Rating™. . 1223 1080 802 . # of Funds in Category







LargeMid

Small

Value Blend Growth



Apple Inc 3.85Microsoft Corp 2.60Amazon.com Inc 1.89Facebook Inc A 1.72Johnson & Johnson 1.67.......................................................................................................Exxon Mobil Corp 1.60Berkshire Hathaway Inc B 1.43Alphabet Inc A 1.41JPMorgan Chase & Co 1.41Alphabet Inc C 1.38






Principal Risks as of 05-31-17Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, ETF, Management, Market Trading


®


Hartford Capital Appreciation R6 ITHVX..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQ Above Average HighOut of 1223 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.


The investment seeks growth of capital.The fund seeks to achieve its investment objective by

investing primarily in stocks selected on the basis of potentialfor capital appreciation. It normally invests at least 65% of itsnet assets in common stocks of medium and large companies.The fund may invest up to 35% of its net assets in securitiesof foreign issuers and non-dollar securities, includingcompanies that conduct their principal business activities inemerging markets or whose securities are traded principallyon exchanges in emerging markets.




. . . .


Initial Class Inception Date 07-22-96Fund Inception Date 11-07-14Portfolio Manager(s) Saul J. Pannell, CFA

Kent M. Stahl, CFAName of Issuer Hartford Mutual FundsTelephone 888-843-7824Web Site www.hartfordfunds.com





Performance

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YTD 1 Year 3 Year 5 Year 10 Year Since Inception13.11 20.48 7.14 15.62 5.88 7.61 Fund Return %13.11 20.48 7.14 15.62 5.88 7.61 Load-Adj. Return %9.27 18.03 9.26 14.67 7.29 9.00 Benchmark Return %8.65 17.17 7.60 13.35 6.21 7.03 Category Average %........................................................................................................................................................................................................... . QQ QQQQQ QQ . Morningstar Rating™. . 1223 1080 802 . # of Funds in Category







LargeMid

Small

Value Blend Growth



Bristol-Myers Squibb Company 2.56Facebook Inc A 2.07Bank of America Corporation 1.91PNC Financial Services Group Inc 1.42Nike Inc B 1.40.......................................................................................................Chubb Ltd 1.39Citigroup Inc 1.39Netflix Inc 1.39Banco Santander SA 1.38Alibaba Group Holding Ltd ADR 1.25






Principal Risks as of 05-31-17Currency, EmergingMarkets, Foreign Securities, Loss of Money, Not FDIC Insured, High Portfolio Turnover, Market/Market Volatility,Equity Securities, Management, Mid-Cap


®


Select TRP/LS Blue Chip Growth Fund MBCZX Class I..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 Growth TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar Risk..... High Above AverageOut of 1277 Large Growth 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 growth of capital over the long term.

Under normal circumstances, the fund invests at least 80%of net assets (plus the amount of any borrowings for investmentpurposes) in the common stocks of large- and medium-sizedblue chip growth companies. The fund's subadvisers currentlydefine blue chip growth companies to mean firms that, in theirview, are well-established in their industries and have thepotential for above-average earnings growth.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, book value,and cash flow) and high valuations (high price ratios and lowdividend yields). Most of these portfolios focus on companiesin rapidly expanding industries.

Volatility Analysis

Low Moderate High

Investment

Category



9.96% -9.99%(Oct '15 - Dec '15) (Dec '15 - Feb '16)





Larry PugliaAziz Hamzaogullari................................................................................................Management Company MML Investment Advisers, LLCName of Issuer MassMutualNotes


Performance

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InvestmentBenchmark



18.68 25.73 12.66 17.07 9.57 12.50 Fund Return %14.00 20.42 11.11 15.30 8.91 11.57 Benchmark Return %14.14 20.02 8.80 13.87 7.51 8.90 Category Average %..........................................................................................................................................................................................................

( ( ..... ..... .... ( Morningstar Rating™11 11 5 4 8 ( Fund Rank Percentile






LargeM

idSm

all

Value Blend Growth



Amazon.com Inc 8.01Facebook Inc A 5.63Alibaba Group Holding Ltd ADR 4.17Visa Inc Class A 3.77Alphabet Inc C 3.67.......................................................................................................Microsoft Corp 3.19The Priceline Group Inc 2.77Alphabet Inc A 2.55Oracle Corp 1.80Cisco Systems Inc 1.68

.......................................................................................................Total Number of Stock Holdings 154Total Number of Bond Holdings 0Annual Turnover Ratio % 30Total Fund Assets ($mil) 2,044.4





Principal Risks as of 06-30-17Currency, 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, CashDrag, Management, Small Cap, Mid-Cap, Large Cap


"$ rmmbczx


Vanguard FTSE Social Index Inv VFTSX..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average Above AverageOut of 1223 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.


The investment seeks to track the performance of a benchmarkindex that measures the investment return of large- and mid-capitalization stocks.The fund employs an indexing investment approach designed

to track the performance of the FTSE4Good US Select Index.The index is composed of the stocks of companies that havebeen screened for certain social and environmental criteria bythe index sponsor, which is independent of Vanguard. TheAdvisor attempts to replicate the index by investing all, orsubstantially all, of its assets in the stocks that make up theindex.




. . . .


Fund Inception Date 05-31-00Portfolio Manager(s) William A. Coleman

Gerard C. O’ReillyName of Issuer VanguardTelephone 800-662-7447Web Site www.vanguard.com





Performance

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YTD 1 Year 3 Year 5 Year 10 Year Since Inception10.91 21.37 10.21 16.39 6.66 4.03 Fund Return %10.91 21.37 10.21 16.39 6.66 4.03 Load-Adj. Return %9.27 18.03 9.26 14.67 7.29 5.45 Benchmark Return %8.65 17.17 7.60 13.35 6.21 4.17 Category Average %........................................................................................................................................................................................................... . QQQQQ QQQQQ QQQ . Morningstar Rating™. . 1223 1080 802 . # of Funds in Category







LargeMid

Small

Value Blend Growth



Apple Inc 5.33Microsoft Corp 3.51Johnson & Johnson 2.34Facebook Inc A 2.24JPMorgan Chase & Co 1.97.......................................................................................................Alphabet Inc A 1.92Alphabet Inc C 1.88Wells Fargo & Co 1.71Bank of America Corporation 1.51Procter & Gamble Co 1.50








®


MFS Mid Cap Value R6 MVCKX..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell Mid Cap Value TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Average AverageOut of 356 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 capital appreciation.The fund normally invests at least 80% of the fund's net

assets in issuers with medium market capitalizations. Theadviser generally defines mediummarket capitalization issuersas issuerswithmarket capitalizations similar to those of issuersincluded in the Russell Midcap® Value Index over the last 13months at the time of purchase. It normally invests the fund'sassets primarily in equity securities.




. . . .


Initial Class Inception Date 08-31-01Fund Inception Date 02-01-13Portfolio Manager(s) Kevin J. Schmitz

Brooks A. TaylorName of Issuer MFSTelephone 800-225-2606Web Site http://www.mfs.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-capitalization weighted.

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. stocks thatare less expensive or growingmore slowly than themarket. TheU.S. mid-cap range for market capitalization typically fallsbetween $1 billion and $8 billion and represents 20% of thetotal capitalization of the U.S. equity market. Value is definedbased on low valuations (low price ratios and high dividendyields) and slow growth (low growth rates for earnings, sales,book value, and cash flow).

Performance

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LargeMid

Small

Value Blend Growth



The Hartford Financial Services Group Inc 1.36Fifth Third Bancorp 1.25Pinnacle Foods Inc 1.22XL Group Ltd 1.16Zimmer Biomet Holdings Inc 1.11.......................................................................................................Stanley Black & Decker Inc 1.10Huntington Bancshares Inc 1.06Nasdaq Inc 1.06Newell Brands Inc 1.06Delphi Automotive PLC 1.05






Principal Risks as of 05-31-17Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Issuer, Market/Market Volatility, Equity Securities, Industryand Sector Investing, Restricted/Illiquid Securities, Management, Mid-Cap, Real Estate/REIT Sector


®


Vanguard Mid Cap Index Admiral VIMAX..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell Mid Cap TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average AverageOut of 368 Mid-Cap 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 to track the performance of a benchmarkindex thatmeasures the investment return ofmid-capitalizationstocks.The fund employs an indexing investment approach designed

to track the performance of the CRSP US Mid Cap Index, abroadly diversified index of stocks of mid-size U.S. companies.The advisor attempts to replicate the target index by investingall, or substantially all, of its assets in the stocks that make upthe index, holding each stock in approximately the sameproportion as its weighting in the index.




. . . .


Fund Inception Date 11-12-01Portfolio Manager(s) Donald M. Butler, CFA

Michael A. JohnsonName of Issuer VanguardTelephone 800-662-7447Web Site www.vanguard.com

Benchmark Description: Russell Mid Cap TR USD

The index measures the performance of the mid-cap segmentof the US equity universe. It is a subset of Russell 1000 indexand includes approximately 800 of the smallest securities basedon a combination of their market cap and current indexmembership. The index represents approximately 31% of thetotal market capitalization of the Russell 1000 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.

Performance

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LargeMid

Small

Value Blend Growth



Electronic Arts Inc 0.99Equinix Inc 0.96Fiserv Inc 0.76Western Digital Corp 0.73Lam Research Corp 0.72.......................................................................................................Newell Brands Inc 0.72Edwards Lifesciences Corp 0.69Autodesk Inc 0.67Amphenol Corp Class A 0.65Roper Technologies Inc 0.65








®


JPMorgan Mid Cap Growth R6 JMGMX..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell Mid Cap Growth TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average Above AverageOut of 576 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.Under normal circumstances, at least 80% of the fund's

assets will be invested in equity securities of mid capcompanies, including common stocks and debt securities andpreferred stocks that are convertible to common stocks."Assets" means net assets, plus the amount of borrowings forinvestment purposes. The fund invests primarily in commonstocks of mid cap companies which the fund's adviser believesare capable of achieving sustained growth.






Initial Class Inception Date 03-02-89Fund Inception Date 11-01-11Portfolio Manager(s) Timothy RV Parton, CFA

Felise L AgranoffName of Issuer JPMorganTelephone 800-480-4111Web Site www.jpmorganfunds.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-capitalization weighted.Russell Investment Group is the source and owner of thetrademarks, servicemarks and copyrights related to the RussellIndexes. Russell® is a trademark of Russell Investment 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 that areprojected to grow faster than other mid-cap stocks, thereforecommanding relatively higher prices. The U.S. mid-cap rangefor market capitalization typically falls between $1 billion and$8 billion and represents 20% of the total capitalization of theU.S. equity market. Growth is defined based on fast growth(high growth rates for earnings, sales, book value, and cashflow) and high valuations (high price ratios and low dividendyields).

Performance

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YTD 1 Year 3 Year 5 Year 10 Year Since Inception15.74 20.11 6.96 15.31 8.21 14.92 Fund Return %15.74 20.11 6.96 15.31 8.21 14.92 Load-Adj. Return %11.40 17.05 7.83 14.19 7.87 14.15 Benchmark Return %12.37 18.58 6.86 12.72 6.81 12.38 Category Average %..........................................................................................................................................................................................................

. . QQQ QQQQ QQQ . Morningstar Rating™

. . 576 502 370 . # of Funds in Category







LargeMid

Small

Value Blend Growth



JPMorgan US Government MMkt Instl 12-31-49 4.08Electronic Arts Inc 3.27Mohawk Industries Inc 3.03Waste Connections Inc 3.00NVIDIA Corp 2.76.......................................................................................................Hilton Worldwide Holdings Inc 1.89Amphenol Corp Class A 1.86Vantiv Inc 1.73Global Payments Inc 1.70Gartner Inc A 1.60






Principal Risks as of 05-31-17Loss of Money, Not FDIC Insured, Growth Investing, Market/Market Volatility, Equity Securities, Industry and Sector Investing,Derivatives, Suitability, Shareholder Activity, Management, Mid-Cap


®


American Century Small Cap Value R6 ASVDX..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 2000 Value TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ High AverageOut of 337 Small 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 growth; income is asecondary consideration.Under normal market conditions, the portfolio managers will

invest at least 80% of the fund's net assets in small capcompanies. The portfolio managers consider small capcompanies to include those with a market capitalization nolarger than that of the largest company in the S&P Small Cap600® Index or the Russell 2000® Index.




. . . .


Initial Class Inception Date 07-31-98Fund Inception Date 07-26-13Portfolio Manager(s) Jeff John, CFA

Miles Lewis, CFAName of Issuer American Century InvestmentsTelephone 800-345-2021Web Site www.americancentury.com

Benchmark Description: Russell 2000 Value TR USD

The index measures the performance of small-cap valuesegment of the US equity universe. It includes those Russell2000 companies with lower price-to-book ratios and lowerforecasted growth values. It is market-capitalization weighted.Russell Investment Group is the source and owner of thetrademarks, servicemarks and copyrights related to the RussellIndexes. Russell® is a trademark of Russell Investment Group.

Category Description: Small Value

Small-value portfolios invest in small U.S. companies withvaluations and growth rates below other small-cap peers.Stocks in the bottom 10% of the capitalization of the U.S. equitymarket are defined as small cap. Value is defined based on lowvaluations (low price ratios and high dividend yields) and slowgrowth (low growth rates for earnings, sales, book value, andcash flow).

Performance

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YTD 1 Year 3 Year 5 Year 10 Year Since Inception3.18 28.58 8.77 14.51 8.23 10.48 Fund Return %3.18 28.58 8.77 14.51 8.23 10.48 Load-Adj. Return %0.54 24.86 7.02 13.39 5.92 8.93 Benchmark Return %0.52 21.15 5.18 12.47 5.97 7.90 Category Average %........................................................................................................................................................................................................... . QQQQ QQQQ QQQQQ . Morningstar Rating™. . 337 294 198 . # of Funds in Category







LargeMid

Small

Value Blend Growth



Graphic Packaging Holding Co 2.56Capital Bank Financial Corp Class A 2.31BankUnited Inc 2.26The Hanover Insurance Group Inc 2.26Bank of the Ozarks Inc 2.15.......................................................................................................Entravision Communications Corp 1.88Valley National Bancorp 1.81Compass Diversified Holdings 1.68CSW Industrials Inc 1.68Silgan Holdings Inc 1.67






Principal Risks as of 03-31-17Loss of Money, Not FDIC Insured, Market/Market Volatility, IPO, Shareholder Activity, Management, Small Cap, Real Estate/REITSector


®


Vanguard Small Cap Index Adm VSMAX..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 2000 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average AverageOut of 646 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 track the performance of a benchmarkindex that measures the investment return of small-capitalization stocks.The fund employs an indexing investment approach designed

to track the performance of the CRSP US Small Cap Index, abroadly diversified index of stocks of small U.S. companies. Theadvisor attempts to replicate the target index by investing all,or substantially all, of its assets in the stocks that make up theindex, holding each stock in approximately the same proportionas its weighting in the index.




. . . .


Fund Inception Date 11-13-00Portfolio Manager(s) William A. Coleman

Gerard C. O’ReillyName of Issuer VanguardTelephone 800-662-7447Web Site www.vanguard.com


The indexmeasures the performance of the small-cap segmentof the US equity universe. It is a subset of the Russell 3000 andincludes approximately 2000 of the smallest securities basedon a combination of their market cap and current indexmembership. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related to theRussell Indexes. Russell® is a trademark of Russell InvestmentGroup.

Category Description: Small Blend

Small-blend portfolios favor U.S. firms at the smaller end of themarket-capitalization range. Some aim to own an array of valueand growth stocks while others employ a discipline that leadsto holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization ofthe U.S. equity market are defined as small cap. The blend styleis assigned to portfolios where neither growth nor valuecharacteristics predominate.

Performance

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YTD 1 Year 3 Year 5 Year 10 Year Since Inception5.76 19.14 6.78 14.13 7.83 9.09 Fund Return %5.76 19.14 6.78 14.13 7.83 9.09 Load-Adj. Return %4.99 24.60 7.36 13.70 6.92 8.21 Benchmark Return %3.24 20.96 5.70 12.75 6.12 8.23 Category Average %........................................................................................................................................................................................................... . QQQ QQQQ QQQQ . Morningstar Rating™. . 646 545 389 . # of Funds in Category







LargeMid

Small

Value Blend Growth



Align Technology Inc 0.32Domino's Pizza Inc 0.31Cadence Design Systems Inc 0.30CDW Corp 0.30Packaging Corp of America 0.30.......................................................................................................Broadridge Financial Solutions Inc 0.28Teleflex Inc 0.28Atmos Energy Corp 0.27UGI Corp 0.27CoStar Group Inc 0.26








®


Select Wellington/OFI Small Cap Growth Fund MSGZX Class I..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 2000 Growth TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar Risk.... Average AverageOut of 599 Small Growth 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 long-term capital appreciation.

The fund normally invests at least 80% of its net assets (plusthe amount of any borrowings for investment purposes) in theequity securities of companies whose market capitalizationsat the time of purchase are within the market capitalizationrange of companies included in the Russell 2000® Index orthe S&P SmallCap 600 Index. While most assets typically willbe invested in common stocks of U.S. companies, the fund alsomay invest up to 20% of its total assets in foreign securities,including emerging market securities.Category Description: Small Growth

Small-growth portfolios focus on faster-growing companieswhose shares are at the lower end of the market-capitalizationrange. These portfolios tend to favor companies in up-and-coming industries or young firms in their early growth stages.Because these businesses are fast-growing and often richlyvalued, their stocks tend to be volatile. Stocks in the bottom10% of the capitalization of the U.S. equity market are definedas small cap. Growth is defined based on fast growth (highgrowth rates for earnings, sales, book value, and cash flow) andhigh valuations (high price ratios and low dividend yields).

Volatility Analysis

Low Moderate High

Investment

Category



14.55% -23.01%(Jan '12 - Mar '12) (Jul '11 - Sep '11)





Kenneth AbramsDaniel FitzpatrickSteven AngeliStephen Mortimer................................................................................................Management Company MML Investment Advisers, LLCName of Issuer MassMutualNotes


Performance

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InvestmentBenchmark



12.06 23.03 6.29 13.88 7.29 12.13 Fund Return %9.97 24.40 7.64 13.98 7.82 12.90 Benchmark Return %

10.15 23.12 6.67 12.81 7.05 11.50 Category Average %..........................................................................................................................................................................................................( ( ... .... ... ( Morningstar Rating™32 47 57 29 47 ( Fund Rank Percentile






LargeM

idSm

all

Value Blend Growth



Western Alliance Bancorp 1.17HubSpot Inc 1.16Sterling Bancorp 1.152U Inc 1.09Insulet Corp 1.06.......................................................................................................John Bean Technologies Corp 0.95Entegris Inc 0.94iShares Russell 2000 ETF 0.88Cavium Inc 0.85MB Financial Inc 0.83

.......................................................................................................Total Number of Stock Holdings 268Total Number of Bond Holdings 0Annual Turnover Ratio % 85Total Fund Assets ($mil) 522.9





Principal Risks as of 06-30-17Currency, 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, CashDrag, Management, Small Cap, Mid-Cap


"$ l9643


MFS International Value R6 MINJX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMSCI ACWI Ex USA NR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQQ High LowOut of 595 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.


The investment seeks capital appreciation.The fund normally invests its assets primarily in foreign equity

securities, including emerging market equity securities. Equitysecurities include common stocks and other securities thatrepresent an ownership interest (or right to acquire anownership interest) in a company or other issuer. The advisorfocuses on investing the fund's assets in the stocks ofcompanies it believes are undervalued compared to theirintrinsic value (value companies).




. . . .


Initial Class Inception Date 10-24-95Fund Inception Date 05-01-06Portfolio Manager(s) Benjamin Stone, IIMR

Pablo de la Mata, CFAName of Issuer MFSTelephone 800-225-2606Web Site http://www.mfs.com

Benchmark Description: MSCI ACWI Ex USA NR USD

The index measures the performance of the large and mid capsegments of the particular regions, excluding USA equitysecurities, including developed and emerging market. It is freefloat-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 their assetsamong a dozen or more developed markets, including Japan,Britain, France, and Germany. These portfolios primarily investin stocks that have market caps in the top 70% of eacheconomically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to portfolios where neithergrowth nor value characteristics predominate. These portfoliostypically will have less than 20% of assets invested in U.S.stocks.

Performance

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. . QQQQQ QQQQQ QQQQQ . Morningstar Rating™








LargeMid

Small

Value Blend Growth



Nestle SA 4.50Reckitt Benckiser Group PLC 3.52Danone SA 2.99Compass Group PLC 2.70Henkel AG & Co KGaA Pfd Shs - Non-voting 2.46.......................................................................................................Colgate-Palmolive Co 2.33Taiwan Semiconductor Manufacturing Co Ltd ADR 2.30Kao Corp 2.24Pernod Ricard SA 2.15Brambles Ltd 2.11


Morningstar World Regions as of 05-31-17 % Fund S&P 500

Americas 11.65 99.11...............................................................................................North America 11.65 99.11Latin America 0.00 0.00

Greater Europe 60.05 0.39...............................................................................................United Kingdom 16.27 0.06Europe Developed 43.23 0.33Europe Emerging 0.00 0.00Africa/Middle East 0.56 0.00

Greater Asia 28.30 0.51...............................................................................................Japan 22.87 0.00Australasia 2.75 0.00Asia Developed 2.68 0.06Asia Emerging 0.00 0.45

Principal Risks as of 05-31-17Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region,Value Investing, Issuer, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Restricted/Illiquid Securities,Derivatives, Leverage, Management


®


Vanguard Total Intl Stock Index Admiral VTIAX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMSCI ACWI Ex USA NR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQ Average AverageOut of 595 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.


The investment seeks to track the performance of a benchmarkindex that measures the investment return of stocks issued bycompanies located in developed and emerging markets,excluding the United States.The fund employs an indexing investment approach designed

to track the performance of the FTSEGlobal All Cap exUS Index,a float-adjusted market-capitalization-weighted indexdesigned tomeasure equity market performance of companieslocated in developed and emerging markets, excluding theUnited States. The index includes approximately 5,800 stocksof companies located in over 45 countries.




. . . .


Initial Class Inception Date 04-29-96Fund Inception Date 11-29-10Portfolio Manager(s) Michael Perre

Michelle Louie, CFAName of Issuer VanguardTelephone 800-662-7447Web Site www.vanguard.com

Benchmark Description: MSCI ACWI Ex USA NR USD

The index measures the performance of the large and mid capsegments of the particular regions, excluding USA equitysecurities, including developed and emerging market. It is freefloat-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 their assetsamong a dozen or more developed markets, including Japan,Britain, France, and Germany. These portfolios primarily investin stocks that have market caps in the top 70% of eacheconomically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to portfolios where neithergrowth nor value characteristics predominate. These portfoliostypically will have less than 20% of assets invested in U.S.stocks.

Performance

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30

40

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. . QQQ QQQ QQQ . Morningstar Rating™








LargeMid

Small

Value Blend Growth



Nestle SA 1.14Samsung Electronics Co Ltd 0.87Roche Holding AG Dividend Right Cert. 0.84Novartis AG 0.83Tencent Holdings Ltd 0.80.......................................................................................................HSBC Holdings PLC 0.75Taiwan Semiconductor Manufacturing Co Ltd 0.67Toyota Motor Corp 0.63British American Tobacco PLC 0.58Royal Dutch Shell PLC Class A 0.52






Principal Risks as of 05-31-17Emerging Markets, Loss of Money, Not FDIC Insured, Country or Region, Market/Market Volatility, Equity Securities, Management


®


Oppenheimer Developing Markets I ODVIX..........................................................................................................................................................................................................................................................................................................................................BenchmarkMSCI EM NR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average AverageOut of 634 Diversified Emerging Mkts 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 capital appreciation.The fund mainly invests in common stocks of issuers in

developing and emerging markets throughout the world and attimes it may invest up to 100% of its total assets in foreignsecurities. Under normal market conditions, it will invest atleast 80% of its net assets, plus borrowings for investmentpurposes, in equity securities of issuers whose principalactivities are in a developing market, i.e. are in a developingmarket or are economically tied to a developingmarket country.The fund will invest in at least three developing markets.




. . . .


Initial Class Inception Date 11-18-96Fund Inception Date 12-29-11Portfolio Manager(s) Justin M. Leverenz, CFAName of Issuer OppenheimerFundsTelephone 800-225-5677Web Site www.oppenheimerfunds.com

Benchmark Description: MSCI EM NR USD

The index measures the performance of the large and mid capsegments of emerging market equity securities. It is free float-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 to focuson the emerging markets of Asia and Latin America rather thanon those of the Middle East, Africa, or Europe. These portfoliosinvest predominantly in emerging market equities, but somefunds also invest in both equities and fixed income investmentsfrom emerging markets.

Performance

10

20

30

40

0

-10

-20

-30



YTD 1 Year 3 Year 5 Year 10 Year Since Inception18.84 22.81 -0.24 5.17 4.58 6.24 Fund Return %18.84 22.81 -0.24 5.17 4.58 6.24 Load-Adj. Return %18.43 23.75 1.07 3.96 1.91 4.36 Benchmark Return %18.14 20.48 0.48 4.07 1.48 4.28 Category Average %..........................................................................................................................................................................................................

. . QQQ QQQQ QQQQQ . Morningstar Rating™



Fund Return % 18.84 22.81 -0.24 5.17 4.58 6.24Standardized Return % 18.84 22.81 -0.24 5.17 4.58 6.24





LargeMid

Small

Value Blend Growth



Tencent Holdings Ltd 5.76Taiwan Semiconductor Manufacturing Co Ltd 5.74Alibaba Group Holding Ltd ADR 5.39Housing Development Finance Corp Ltd 4.73Oppenheimer Institutional Govt MM E 06-02-17 3.15.......................................................................................................Magnit PJSC 2.91AIA Group Ltd 2.85Master China Series 1 2.79NOVATEK PJSC GDR 2.55Infosys Ltd 2.44






Principal Risks as of 05-31-17Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Market/Market Volatility, Equity Securities, Suitability, ChinaRegion, Management, Small Cap, Mid-Cap


®


Vanguard REIT Index Admiral VGSLX..........................................................................................................................................................................................................................................................................................................................................BenchmarkS&P United States REIT TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average Above AverageOut of 230 Real Estate 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 a high level of income andmoderate long-term capital appreciation by tracking theperformance of a benchmark index that measures theperformance of publicly traded equity REITs.The fund employs an indexing investment approach designed

to track the performance of the MSCI US REIT Index. The indexis composed of stocks of publicly traded equity real estateinvestment trusts (known as REITs). The adviser attempts toreplicate the index by investing all, or substantially all, of itsassets in the stocks that make up the index, holding each stockin approximately the same proportion as its weighting in theindex.




. . . .


Fund Inception Date 11-12-01Portfolio Manager(s) Gerard C. O’Reilly

Walter NejmanName of Issuer VanguardTelephone 800-662-7447Web Site www.vanguard.com

Benchmark Description: S&P United States REIT TR USD

The index measures the performance of investable universe ofpubilcly traded real estate investment trusts domiciled in theUnited States.

Category Description: Real Estate

Real estate portfolios invest primarily in real estate investmenttrusts of various types. REITs are companies that develop andmanage real estate properties. There are several different typesof REITs, including apartment, factory-outlet, health-care, hotel,industrial, mortgage, office, and shopping center REITs. Someportfolios in this category also invest in real estate operatingcompanies.

Performance

5

10

15

20

0

-5

-10

-15



YTD 1 Year 3 Year 5 Year 10 Year Since Inception2.59 -1.93 8.06 9.28 6.18 10.92 Fund Return %2.59 -1.93 8.06 9.28 6.18 10.92 Load-Adj. Return %2.07 -2.25 7.93 9.23 5.78 10.82 Benchmark Return %2.89 -0.61 7.25 8.49 5.19 10.52 Category Average %........................................................................................................................................................................................................... . QQQ QQQ QQQQ . Morningstar Rating™. . 230 201 141 . # of Funds in Category







LargeMid

Small

Value Blend Growth



Simon Property Group Inc 5.94Equinix Inc 4.08Public Storage 4.04Prologis Inc 3.54AvalonBay Communities Inc 3.16.......................................................................................................Welltower Inc 3.16Equity Residential 2.88Ventas Inc 2.84Digital Realty Trust Inc 2.26Boston Properties Inc 2.25






Principal Risks as of 05-31-17Loss of Money, Not FDIC Insured, Interest Rate, Market/Market Volatility, Equity Securities, ETF, Derivatives, Early Close/Late Close/Trading Halt, Management, Portfolio Diversification, Real Estate/REIT Sector, Market Trading


®

MassMutual Investment Profile Available through Charles Schwab & Co., Inc.

Self-Directed Brokerage AccountSecond Quarter 2017

OverviewThe self-directed brokerageaccount offers great investmentflexibility to investors who want tomanage their own money and maketheir own decisions. Generally, itrequires more knowledge andattention than other investmentoptions may require. It will alsolikely cost investors more in fees.

About Charles Schwab &Co., Inc.Charles Schwab & Co., Inc. (Schwab)provides an SDBA account calledPCRA along with other brokerage andcustody services to its customers.Schwab] will provide investors in theself-directed brokerage account withmutual fund prospectuses, quotes anddaily account trading. Schwab will senda PCRA statement each month.Participants can enroll in Schwab’sPaperless Service through AlertPreferences (in the Account Settingssection under the Service tab) toelectronically receive trade confirmsand other regulatory materials viaemail. Participants may also accessyour PCRA balance and see all thetransactions made within the last twoyears in the History section of theAccounts tab.

Schwab is not affiliated with or partof MassMutual.

Investing involves risks includingthe possible loss of principal.

Investors should consider aninvestment’s objectives, risks,charges and expenses carefullybefore investing. Thisinformation is available throughSchwab at (888)-393-PCRA(7272).

About the AccountAfter completing the application process, assets in core plan investments (anySeparate Investment Account (SIA) or the Guaranteed or Fixed Interest Accountavailable in the plan) can be transferred to the brokerage account, subject to thefollowing restrictions.

Money in a stable value product, which would include the MassMutual GuaranteedInterest Account (GIA), Fixed Interest Account, SAGIC, and Capital PreservationAccount or, if applicable, another stable value fund or product made available in theplan cannot be transferred directly or indirectly to the Self-Directed BrokerageAccount. It first must be transferred to other core investments in the plan and remainthere for a minimum of 90 days before being transferred to your Brokerage Account.Specifically,

! Any direct transfer between the stable value product and your BrokerageAccount is not allowed.

! If you make a transfer from the stable value product to any core planinvestment, you will not be permitted to transfer into your Brokerage Accountfrom any core investment for a period of 90 days.

! If you make a transfer to the stable value product from any core planinvestment, you will not be permitted to transfer from your Brokerage Accountto any core investment for a period of 90 days.

! If you make a transfer from your Brokerage Account to any core planinvestment; you will not be permitted to transfer to the stable value productfrom any core investment for a period of 90 days.

! If you make a transfer to your Brokerage Account from any core planinvestment; you will not be permitted to transfer from the stable value productto any core investment for a period of 90 days.

To protect long term investors, MassMutual imposes transfer restrictions on thecore investment options (those other than the brokerage account) available inyour plan.! A participant will be prohibited from transferring into most core investment

options if the participant has transferred into and out of the same optionwithin the previous 60 days. Certain stable value, fixed income andguaranteed interest options are not subject to this rule. This rule does notprohibit participants from transferring out of any option at any time.

! Requests to transfer into certain global or international investment options willnot be accepted if received by MassMutual after 2:30 p.m. Eastern time. Allcore investment options are also subject to the restrictions described inMassMutual’s Excessive Trade Policy which is available on RetireSMARTSM

or by calling MassMutual’s participant Information Center at1-800-7435274.

Minimum trade amounts, minimum account balances and maximum allowablecontributions to the SDBA will vary by plan. Please visit RetireSMARTSM atwww.massmutual.com/ or call 1-800-743-5274 for information about the SDBA thatis specific to your plan.

Specific transaction fees, sales loads and/or commissions may be charged withevery trade and will be deducted from the brokerage account balance. A feeschedule will be provided with the application.

Massachusetts Mutual Life Insurance Company (MassMutual) and affiliated companies – Springfield, MA 01111-0001.Copyright © 2017 Massachusetts Mutual Life Insurance Company. All rights reserved. RS-16448-02

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