0000916053
mmsf2:S000003663Member
mmsf2:C000010204Member
2011-04-03
2012-04-02
0000916053
mmsf2:S000003668Member
mmsf2:C000010229Member
2011-04-03
2012-04-02
0000916053
mmsf2:S000003663Member
mmsf2:C000010205Member
2011-04-03
2012-04-02
0000916053
mmsf2:S000003663Member
mmsf2:C000010206Member
2011-04-03
2012-04-02
0000916053
mmsf2:S000003663Member
mmsf2:C000010203Member
2011-04-03
2012-04-02
0000916053
mmsf2:S000003663Member
mmsf2:C000010202Member
2011-04-03
2012-04-02
0000916053
mmsf2:S000003668Member
mmsf2:C000093671Member
2011-04-03
2012-04-02
0000916053
mmsf2:S000003668Member
mmsf2:C000010230Member
2011-04-03
2012-04-02
0000916053
mmsf2:S000003668Member
mmsf2:C000010231Member
2011-04-03
2012-04-02
0000916053
mmsf2:S000003668Member
mmsf2:C000010228Member
2011-04-03
2012-04-02
0000916053
mmsf2:S000003668Member
mmsf2:C000010227Member
2011-04-03
2012-04-02
0000916053
2011-04-03
2012-04-02
0000916053
mmsf2:S000003663Member
2011-04-03
2012-04-02
0000916053
mmsf2:S000003668Member
2011-04-03
2012-04-02
0000916053
mmsf2:S000013194Member
2011-04-03
2012-04-02
pure
iso4217:USD
847
996
425
474
555
1224
77
847
499
553
628
708
1367
996
MASSMUTUAL SELECT FUNDS
86
101
694
257
1854
87
97
111
126
718
282
2171
<font style="FONT-FAMILY: Times New Roman" size="2">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund’s operating expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font>
<font style="FONT-FAMILY: Times New Roman" size="2">Except for Class N shares, the figures shown above would be the same whether you sold your shares at the end of a period or kept them. For Class N shares, you would pay the following expenses if you did not redeem your shares: </font>
<font style="FONT-FAMILY: Times New Roman" size="2">Except for Class N shares, the figures shown above would be the same whether you sold your shares at the end of a period or kept them. For Class N shares, you would pay the following expenses if you did not redeem your shares: </font>
Other
2011-12-31
2012-09-17
0.0077
0.0086
0.0101
-0.0002
-0.0002
-0.0002
-0.0002
-0.0002
243
271
319
949
490
157
-0.0007
-0.0007
-0.0007
-0.0007
-0.0007
-0.0007
283
314
358
405
1029
574
182
<font style="FONT-FAMILY: Times New Roman" size="2">Other Expenses for Class N have been restated to reflect current fees. </font>
<font style="FONT-FAMILY: Times New Roman" size="2">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund’s operating expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font>
false
2012-04-02
2012-09-17
0000916053
0.0065
0.0065
0.0065
0.0065
0.0065
0
0
0
0.0025
0.005
0.0012
0.0021
0.0036
0.0036
0.0126
0.0156
0.0075
0.0084
0.0099
0.0124
0.0154
951
1058
1233
490
0.0041
0.0082
0.0082
0.0082
0.0082
0.0082
0.0082
0
0
0
0
0.0025
0.005
0.001
0.002
0.0034
0.0049
0.0049
0.0054
0.0092
0.0102
0.0116
0.0131
0.0156
0.0186
0.0085
0.0095
0.0109
0.0124
0.0149
0.0179
574
<font style="FONT-FAMILY: Times New Roman" size="2">March 31, 2014</font>
<font style="font-family:Times New Roman" size="2">The Fund invests primarily in large-capitalization companies that the Fund’s subadvisers, <i>Columbia Management Investment Advisers, LLC</i> (“Columbia Management”) and <i>Huber Capital Management, LLC</i> (“Huber Capital Management”), believe are undervalued. Under normal circumstances, the Fund will invest at least 80% of its net assets in common stocks of companies with market capitalizations at the time of purchase of at least $5 billion. The Fund has the flexibility to invest in companies of any size and invest in non-equity securities. While most assets typically will be invested in equity securities of U.S. companies, the Fund may invest up to 20% of its total assets in foreign securities and American Depositary Receipts (“ADRs”), including emerging market securities. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. The Fund may at times invest a substantial portion of its assets in obligations of issuers in one or more market, economic, or industry sectors. The Fund may hold a portion of its assets in cash or cash equivalents. </font><p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The Fund may use equity-linked notes, a type of derivative, for hedging purposes, to earn additional income, or as a substitute for direct investments. Use of equity-linked notes by the Fund may create investment leverage. </font></p> <p style="margin-top:12px;margin-bottom:0px;padding-bottom:0px;"><font style="font-family:Times New Roman" size="2">In pursuit of the Fund’s objectives, Columbia Management chooses investments by applying quantitative screens to determine yield potential. Columbia Management conducts fundamental research on, and seeks to purchase potentially attractive securities based on, its analysis of various factors, which may include current yield, dividend growth capability and history, balance sheet strength, earnings per share and free cash flow sustainability and dividend payout ratio, as well as other, statistical measures. Preference is generally given to higher dividend paying companies. Columbia Management typically uses the S&P 500<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">®</sup></font> Index for dividend yield comparison purposes. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">In evaluating whether to sell a security, Columbia Management considers, among other factors, whether there is deterioration in value of the business relative to market price, or a more attractive opportunity has been identified. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Huber Capital Management employs a value investing style, investing in stocks which, in Huber Capital Management’s opinion, trade at a significant discount to the present value of future cash flows. Huber Capital Management attempts to identify out-of-favor stocks that represent solid fundamental value. Huber Capital Management identifies these investment opportunities by employing a disciplined, bottom-up investment process that emphasizes internally generated fundamental research. The process includes an initial review, in-depth analysis, and employment of Huber Capital Management’s proprietary valuation methodology. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Huber Capital Management’s decision to sell portfolio securities is based on valuation, risk, and portfolio guidelines. As individual stocks approach their intrinsic value or established target price and decline in their relative attractiveness, they become candidates for sale. Other sell decisions may occur because of deterioration in the fundamentals that supported the initial investment. Proceeds from sales are reinvested in companies that are more attractively valued based on the purchase disciplines. </font></p>
<font style="FONT-FAMILY: Times New Roman" size="2">March 31, 2014</font>
2008
1854
1121
1238
1399
1570
2316
2171
<p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>MASSMUTUAL SELECT FUNDS </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>Supplement dated September 17, 2012 to the </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>Prospectus dated April 2, 2012 </b></font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2">This supplement provides new and additional information beyond that contained in the Prospectus and any previous supplements. It should be retained and read in conjunction with the Prospectus and any previous supplements. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 11, 2012, Columbia Management Investment Advisers, LLC (“Columbia Management”) and Huber Capital Management, LLC (“Huber Capital Management”) replaced Davis Selected Advisers, L.P. (“Davis”) as co-subadvisers to the </i><b><i>Large Cap Value Fund</i></b><i>. </i></font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 12, 2012, Timberline Asset Management LLC (“Timberline”) was added as a co-subadviser to the </i><b><i>Small Cap Growth Equity Fund.</i></b></font></p><p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 11, 2012, the following information replaces similar information for the </i><b><i>Large Cap Value Fund</i></b><i> found on page 40 in the section titled </i><b><i>Fees and Expenses of the Fund</i></b><i>: </i></font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="61%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> <font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class S</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class Y</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class L</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class A</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class N</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Management Fees</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.65%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.65%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.65%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.65%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.65%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Distribution and Service (Rule 12b-1) Fees</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.25%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.50%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other Expenses</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.12%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.21%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.36%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.36%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font> <font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.41%</font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:Times New Roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup> </font><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><b>Total Annual Fund Operating Expenses</b></font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>.77%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>.86%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.01%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.26%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.56%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Fee Waiver</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.02%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.02%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.02%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.02%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.02%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total Annual Fund Operating Expenses after Fee Waiver</font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(2)</sup></font><font style="font-family:Times New Roman" size="2"></font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.75%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.84%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.99%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">1.24%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">1.54%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup> </font><font style="font-family:Times New Roman" size="2"></font></td> <td align="left" valign="top"> <font style="font-family:Times New Roman" size="2">Other Expenses for Class N have been restated to reflect current fees. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(2)</sup> </font><font style="font-family:Times New Roman" size="2"></font></td> <td align="left" valign="top"> <font style="font-family:Times New Roman" size="2">The expenses in the above table reflect a written agreement by MassMutual to waive .02% of the management fees of the Fund through March 31, 2014. The agreement can only be terminated by mutual consent of the Board of Trustees on behalf of the Fund and MassMutual. </font></td></tr></table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Example </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund’s operating expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="40%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>1 Year</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>3 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>5 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>10 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class S</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">77</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">243</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">425</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">951</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class Y</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">86</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">271</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">474</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,058</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class L</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">101</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">319</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">555</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,233</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class A</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">694</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">949</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,224</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,008</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class N</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">257</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">490</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">847</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,854</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> </table> <p style="page-break-before:always"> </p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Except for Class N shares, the figures shown above would be the same whether you sold your shares at the end of a period or kept them. For Class N shares, you would pay the following expenses if you did not redeem your shares: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="42%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>1 Year</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>3 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>5 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>10 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class N</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">157</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">490</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">847</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,854</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 11, 2012, the following information replaces the information found under </i><b><i>Principal Investment Strategies</i></b><i> on pages 40-41 for the </i><b><i>Large Cap Value Fund</i></b><i>. </i></font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The Fund invests primarily in large-capitalization companies that the Fund’s subadvisers, <i>Columbia Management Investment Advisers, LLC</i> (“Columbia Management”) and <i>Huber Capital Management, LLC</i> (“Huber Capital Management”), believe are undervalued. Under normal circumstances, the Fund will invest at least 80% of its net assets in common stocks of companies with market capitalizations at the time of purchase of at least $5 billion. The Fund has the flexibility to invest in companies of any size and invest in non-equity securities. While most assets typically will be invested in equity securities of U.S. companies, the Fund may invest up to 20% of its total assets in foreign securities and American Depositary Receipts (“ADRs”), including emerging market securities. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. The Fund may at times invest a substantial portion of its assets in obligations of issuers in one or more market, economic, or industry sectors. The Fund may hold a portion of its assets in cash or cash equivalents. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The Fund may use equity-linked notes, a type of derivative, for hedging purposes, to earn additional income, or as a substitute for direct investments. Use of equity-linked notes by the Fund may create investment leverage. </font></p> <p style="margin-top:12px;margin-bottom:0px;padding-bottom:0px;"><font style="font-family:Times New Roman" size="2">In pursuit of the Fund’s objectives, Columbia Management chooses investments by applying quantitative screens to determine yield potential. Columbia Management conducts fundamental research on, and seeks to purchase potentially attractive securities based on, its analysis of various factors, which may include current yield, dividend growth capability and history, balance sheet strength, earnings per share and free cash flow sustainability and dividend payout ratio, as well as other, statistical measures. Preference is generally given to higher dividend paying companies. Columbia Management typically uses the S&P 500<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">®</sup></font> Index for dividend yield comparison purposes. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">In evaluating whether to sell a security, Columbia Management considers, among other factors, whether there is deterioration in value of the business relative to market price, or a more attractive opportunity has been identified. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Huber Capital Management employs a value investing style, investing in stocks which, in Huber Capital Management’s opinion, trade at a significant discount to the present value of future cash flows. Huber Capital Management attempts to identify out-of-favor stocks that represent solid fundamental value. Huber Capital Management identifies these investment opportunities by employing a disciplined, bottom-up investment process that emphasizes internally generated fundamental research. The process includes an initial review, in-depth analysis, and employment of Huber Capital Management’s proprietary valuation methodology. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Huber Capital Management’s decision to sell portfolio securities is based on valuation, risk, and portfolio guidelines. As individual stocks approach their intrinsic value or established target price and decline in their relative attractiveness, they become candidates for sale. Other sell decisions may occur because of deterioration in the fundamentals that supported the initial investment. Proceeds from sales are reinvested in companies that are more attractively valued based on the purchase disciplines. </font></p> <p style="page-break-before:always"> </p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 11, 2012, the following information supplements the information found under </i><b><i>Principal Risks</i></b><i> on pages 41-42 for the </i><b><i>Large Cap Value Fund</i></b><i>: </i></font></p> <p style="margin-top:12px;margin-bottom:0px; margin-left:6%"><font style="font-family:Times New Roman" size="2"><b><i>Derivatives Risk </i></b>Derivatives involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage and be highly volatile. Derivatives may result in losses greater than the amount invested. Many derivatives are traded in the over-the-counter market and not on exchanges. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 11, 2012, the following information supplements the information for the </i><b><i>Large Cap Value Fund</i></b><i> found on page 42 in the section titled </i><b><i>Performance Information</i></b><i>: </i></font></p> <p style="margin-top:12px;margin-bottom:0px;padding-bottom:0px;"><font style="font-family:Times New Roman" size="2">Going forward, the Fund’s performance benchmark index will be the Russell 1000<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">®</sup></font> Value Index rather than the S&P 500 Index because the Russell 1000 Value Index more closely represents the Fund’s new investment strategy. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>The following information replaces the information found in the </i><i>second </i><i>paragraph under </i><b><i>Principal Investment Strategies </i></b><i>on page</i><i> 73</i><i> for the </i><b><i>Mid-</i></b><b><i>Cap Value Fund</i></b><i>.</i> </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The Fund is managed by two subadvisers, <i>NFJ Investment Group LLC </i>(“NFJ”) and <i>Systematic Financial Management, L.P. </i>(“Systematic”), each being responsible for a portion of the portfolio, but not necessarily equally weighted. NFJ uses a value investing style focusing on companies whose stocks the portfolio managers believe have low valuations. The portfolio managers classify the Fund selection universe by industry and then identify what they believe to be undervalued stocks in each industry to determine potential holdings for the Fund representing a broad range of industry groups. The portfolio managers then use quantitative factors to screen the Fund’s initial selection. To further narrow the universe, the portfolio managers analyze factors such as price momentum (i.e., changes in stock price relative to changes in overall market prices), earnings estimate revisions (i.e., changes in analysts’ earnings per share estimates), and fundamental changes. In selecting securities for the Fund, Systematic utilizes a two-prong, bottom-up investment strategy that unifies quantitative screening and fundamental research. Systematic’s security selection process generally favors companies with attractive valuation and positive earnings dynamics, and may consider, among other things, a company’s financial characteristics, market position, industry position, and management. </font></p> <p style="page-break-before:always"> </p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 12, 2012, the following information replaces similar information for the </i><b><i>Small Cap Growth Equity Fund</i></b><i> found on page 88 in the section titled </i><b><i>Fees and Expenses of the Fund</i></b><i>: </i></font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="52%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> <font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class Z</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class S</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class Y</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class L</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class A</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class N</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Management Fees</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.82%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.82%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.82%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.82%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.82%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.82%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Distribution and Service (Rule 12b-1) Fees</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.25%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.50%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other Expenses</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.10%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.20%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.34%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.49%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.49%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.54%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><b>Total Annual Fund Operating Expenses</b></font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>.92%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.02%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.16%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.31%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.56%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.86%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Fee Waiver</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.07%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.07%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.07%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.07%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.07%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.07%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total Annual Fund Operating Expenses after Fee Waiver</font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup></font><font style="font-family:Times New Roman" size="2"></font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.85%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.95%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">1.09%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">1.24%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">1.49%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">1.79%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup> </font><font style="font-family:Times New Roman" size="2"></font></td> <td align="left" valign="top"> <font style="font-family:Times New Roman" size="2">The expenses in the above table reflect a written agreement by MassMutual to waive .07% of the management fees of the Fund through March 31, 2014. The agreement can only be terminated by mutual consent of the Board of Trustees on behalf of the Fund and MassMutual. </font></td></tr></table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Example </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund’s operating expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="42%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>1 Year</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>3 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>5 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>10 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class Z</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">87</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">283</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">499</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,121</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class S</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">97</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">314</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">553</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,238</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class Y</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">111</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">358</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">628</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,399</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class L</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">126</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">405</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">708</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,570</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class A</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">718</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,029</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,367</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,316</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class N</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">282</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">574</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">996</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,171</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> </table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Except for Class N shares, the figures shown above would be the same whether you sold your shares at the end of a period or kept them. For Class N shares, you would pay the following expenses if you did not redeem your shares: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="42%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>1 Year</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>3 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>5 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>10 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class N</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">182</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">574</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">996</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,171</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 12, 2012, the following information replaces the information found in the first sentence of the second paragraph under </i><b><i>Principal Investment Strategies </i></b><i>on page 89 for the </i><b><i>Small Cap Growth Equity Fund</i></b><i>: </i></font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The Fund is managed by three subadvisers, <i>Wellington Management Company, LLP</i> (“Wellington Management”), <i>Waddell & Reed Investment Management Company </i>(“Waddell & Reed”), and <i>Timberline Asset Management LLC</i> (“Timberline”), each being responsible for a portion of the portfolio, but not necessarily equally weighted. </font></p> <p style="margin-top:24px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE </b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>MASSMUTUAL SELECT FUNDS </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>Supplement dated September 17, 2012 to the </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>Prospectus dated April 2, 2012 </b></font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2">This supplement provides new and additional information beyond that contained in the Prospectus and any previous supplements. It should be retained and read in conjunction with the Prospectus and any previous supplements. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>The following information replaces the information found in the second paragraph under </i><b><i>Principal Investment Strategies</i></b><i> on page 73 for the </i><b><i>Mid-</i></b><i></i><b><i>Cap Value Fund</i></b><i>. </i></font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The Fund is managed by two subadvisers, <i>NFJ Investment Group LLC </i>(“NFJ”) and <i>Systematic Financial Management, L.P. </i>(“Systematic”), each being responsible for a portion of the portfolio, but not necessarily equally weighted. NFJ uses a value investing style focusing on companies whose stocks the portfolio managers believe have low valuations. The portfolio managers classify the Fund selection universe by industry and then identify what they believe to be undervalued stocks in each industry to determine potential holdings for the Fund representing a broad range of industry groups. The portfolio managers then use quantitative factors to screen the Fund’s initial selection. To further narrow the universe, the portfolio managers analyze factors such as price momentum (i.e., changes in stock price relative to changes in overall market prices), earnings estimate revisions (i.e., changes in analysts’ earnings per share estimates), and fundamental changes. In selecting securities for the Fund, Systematic utilizes a two-prong, bottom-up investment strategy that unifies quantitative screening and fundamental research. Systematic’s security selection process generally favors companies with attractive valuation and positive earnings dynamics, and may consider, among other things, a company’s financial characteristics, market position, industry position, and management. </font></p> <p style="margin-top:24px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE </b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>MASSMUTUAL SELECT FUNDS </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>Supplement dated September 17, 2012 to the </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>Prospectus dated April 2, 2012 </b></font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2">This supplement provides new and additional information beyond that contained in the Prospectus and any previous supplements. It should be retained and read in conjunction with the Prospectus and any previous supplements.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 11, 2012, Columbia Management Investment Advisers, LLC (“Columbia Management”) and Huber Capital Management, LLC (“Huber Capital Management”) replaced Davis Selected Advisers, L.P. (“Davis”) as co-subadvisers to the </i><b><i>Large Cap Value Fund</i></b><i>. </i></font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 11, 2012, the following information replaces similar information for the </i><b><i>Large Cap Value Fund</i></b><i> found on page 40 in the section titled </i><b><i>Fees and Expenses of the Fund</i></b><i>: </i></font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="61%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> <font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class S</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class Y</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class L</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class A</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class N</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Management Fees</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.65%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.65%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.65%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.65%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.65%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Distribution and Service (Rule 12b-1) Fees</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.25%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.50%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other Expenses</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.12%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.21%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.36%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.36%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font> <font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.41%</font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:Times New Roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup> </font><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><b>Total Annual Fund Operating Expenses</b></font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>.77%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>.86%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.01%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.26%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.56%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Fee Waiver</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.02%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.02%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.02%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.02%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.02%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total Annual Fund Operating Expenses after Fee Waiver</font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(2)</sup></font><font style="font-family:Times New Roman" size="2"></font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.75%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.84%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.99%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">1.24%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">1.54%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup> </font><font style="font-family:Times New Roman" size="2"></font></td> <td align="left" valign="top"> <font style="font-family:Times New Roman" size="2">Other Expenses for Class N have been restated to reflect current fees. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(2)</sup> </font><font style="font-family:Times New Roman" size="2"></font></td> <td align="left" valign="top"> <font style="font-family:Times New Roman" size="2">The expenses in the above table reflect a written agreement by MassMutual to waive .02% of the management fees of the Fund through March 31, 2014. The agreement can only be terminated by mutual consent of the Board of Trustees on behalf of the Fund and MassMutual. </font></td></tr></table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Example </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund’s operating expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="40%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>1 Year</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>3 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>5 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>10 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class S</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">77</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">243</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">425</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">951</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class Y</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">86</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">271</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">474</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,058</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class L</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">101</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">319</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">555</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,233</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class A</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">694</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">949</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,224</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,008</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class N</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">257</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">490</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">847</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,854</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> </table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Except for Class N shares, the figures shown above would be the same whether you sold your shares at the end of a period or kept them. For Class N shares, you would pay the following expenses if you did not redeem your shares: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="42%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>1 Year</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>3 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>5 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>10 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class N</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">157</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">490</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">847</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,854</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> </table> <p style="page-break-before:always"> </p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 11, 2012, the following information replaces the information found under </i><b><i>Principal Investment Strategies </i></b><i>on pages 40-41 for the </i><b><i>Large Cap Value Fund</i></b><i>. </i></font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The Fund invests primarily in large-capitalization companies that the Fund’s subadvisers, <i>Columbia Management Investment Advisers, LLC</i> (“Columbia Management”) and <i>Huber Capital Management, LLC</i> (“Huber Capital Management”), believe are undervalued. Under normal circumstances, the Fund will invest at least 80% of its net assets in common stocks of companies with market capitalizations at the time of purchase of at least $5 billion. The Fund has the flexibility to invest in companies of any size and invest in non-equity securities. While most assets typically will be invested in equity securities of U.S. companies, the Fund may invest up to 20% of its total assets in foreign securities and American Depositary Receipts (“ADRs”), including emerging market securities. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. The Fund may at times invest a substantial portion of its assets in obligations of issuers in one or more market, economic, or industry sectors. The Fund may hold a portion of its assets in cash or cash equivalents. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The Fund may use equity-linked notes, a type of derivative, for hedging purposes, to earn additional income, or as a substitute for direct investments. Use of equity-linked notes by the Fund may create investment leverage. </font></p> <p style="margin-top:12px;margin-bottom:0px;padding-bottom:0px;"><font style="font-family:Times New Roman" size="2">In pursuit of the Fund’s objectives, Columbia Management chooses investments by applying quantitative screens to determine yield potential. Columbia Management conducts fundamental research on, and seeks to purchase potentially attractive securities based on, its analysis of various factors, which may include current yield, dividend growth capability and history, balance sheet strength, earnings per share and free cash flow sustainability and dividend payout ratio, as well as other, statistical measures. Preference is generally given to higher dividend paying companies. Columbia Management typically uses the S&P 500<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">®</sup></font> Index for dividend yield comparison purposes. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">In evaluating whether to sell a security, Columbia Management considers, among other factors, whether there is deterioration in value of the business relative to market price, or a more attractive opportunity has been identified. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Huber Capital Management employs a value investing style, investing in stocks which, in Huber Capital Management’s opinion, trade at a significant discount to the present value of future cash flows. Huber Capital Management attempts to identify out-of-favor stocks that represent solid fundamental value. Huber Capital Management identifies these investment opportunities by employing a disciplined, bottom-up investment process that emphasizes internally generated fundamental research. The process includes an initial review, in-depth analysis, and employment of Huber Capital Management’s proprietary valuation methodology. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Huber Capital Management’s decision to sell portfolio securities is based on valuation, risk, and portfolio guidelines. As individual stocks approach their intrinsic value or established target price and decline in their relative attractiveness, they become candidates for sale. Other sell decisions may occur because of deterioration in the fundamentals that supported the initial investment. Proceeds from sales are reinvested in companies that are more attractively valued based on the purchase disciplines. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 11, 2012, the following information supplements the information found under </i><b><i>Principal Risks</i></b><i> on pages 41-42 for the </i><b><i>Large Cap Value Fund</i></b><i>: </i></font></p> <p style="margin-top:12px;margin-bottom:0px; margin-left:6%"><font style="font-family:Times New Roman" size="2"><b><i>Derivatives Risk </i></b>Derivatives involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage and be highly volatile. Derivatives may result in losses greater than the amount invested. Many derivatives are traded in the over-the-counter market and not on exchanges. </font></p> <p style="page-break-before:always"> </p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 11, 2012, the following information supplements the information for the </i><b><i>Large Cap Value Fund</i></b><i> found on page 42 in the section titled </i><b><i>Performance Information</i></b><i>: </i></font></p> <p style="margin-top:12px;margin-bottom:0px;padding-bottom:0px;"><font style="font-family:Times New Roman" size="2">Going forward, the Fund’s performance benchmark index will be the Russell 1000<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">®</sup></font> Value Index rather than the S&P 500 Index because the Russell 1000 Value Index more closely represents the Fund’s new investment strategy. </font></p> <p style="margin-top:24px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE </b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>MASSMUTUAL SELECT FUNDS </b></font></p><p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>Supplement dated September 17, 2012 to the </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b> Prospectus dated April 2, 2012 </b></font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2">This supplement provides new and additional information beyond that contained in the Prospectus and any previous supplements. It should be retained and read in conjunction with the Prospectus and any previous supplements. </font></p><p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 12, 2012, Timberline Asset Management LLC (“Timberline”) was added as a co-subadviser to the </i><b><i>Small Cap Growth Equity Fund.</i></b></font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 12, 2012, the following information replaces similar information for the </i><b><i>Small Cap Growth Equity Fund</i></b><i> found on page 88 in the section titled </i><b><i>Fees and Expenses of the Fund</i></b><i>: </i></font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="52%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> <font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class Z</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class S</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class Y</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class L</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class A</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>Class N</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Management Fees</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.82%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.82%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.82%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.82%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.82%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.82%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Distribution and Service (Rule 12b-1) Fees</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">None</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.25%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.50%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other Expenses</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.10%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.20%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.34%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.49%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.49%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.54%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><b>Total Annual Fund Operating Expenses</b></font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>.92%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.02%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.16%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.31%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.56%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2"><b>1.86%</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b> </b></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Fee Waiver</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.07%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.07%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.07%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.07%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.07%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">(.07%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2">) </font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total Annual Fund Operating Expenses after Fee Waiver</font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup></font><font style="font-family:Times New Roman" size="2"></font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.85%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">.95%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">1.09%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">1.24%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">1.49%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Times New Roman" size="2">1.79%</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Times New Roman" size="2"> </font></td></tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup> </font><font style="font-family:Times New Roman" size="2"></font></td> <td align="left" valign="top"> <font style="font-family:Times New Roman" size="2">The expenses in the above table reflect a written agreement by MassMutual to waive .07% of the management fees of the Fund through March 31, 2014. The agreement can only be terminated by mutual consent of the Board of Trustees on behalf of the Fund and MassMutual. </font></td></tr></table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Example </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund’s operating expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="42%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>1 Year</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>3 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>5 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>10 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class Z</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">87</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">283</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">499</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,121</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class S</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">97</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">314</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">553</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,238</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class Y</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">111</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">358</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">628</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,399</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class L</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">126</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">405</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">708</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,570</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class A</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">718</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,029</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,367</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,316</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class N</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">282</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">574</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">996</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,171</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> </table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Except for Class N shares, the figures shown above would be the same whether you sold your shares at the end of a period or kept them. For Class N shares, you would pay the following expenses if you did not redeem your shares: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="42%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>1 Year</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>3 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>5 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2"><b>10 Years</b></font></td> <td valign="bottom"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Class N</font></div></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">182</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">574</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">996</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,171</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td></tr> </table> <p style="page-break-before:always"> </p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:Times New Roman" size="2"><i>Effective September 12, 2012, the following information replaces the information found in the first sentence of the second paragraph under </i><b><i>Principal Investment Strategies</i></b><i> on page 89 for the </i><b><i>Small Cap Growth Equity Fund</i></b><i>: </i> </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The Fund is managed by three subadvisers, <i>Wellington Management Company, LLP</i> (“Wellington Management”), <i>Waddell & Reed Investment Management Company </i>(“Waddell & Reed”), and <i>Timberline Asset Management LLC</i> (“Timberline”), each being responsible for a portion of the portfolio, but not necessarily equally weighted. </font></p> <p style="margin-top:24px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE </b></font></p>