Massmutual Premier Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08690

MassMutual Premier Funds

(Exact name of registrant as specified in charter)

100 Bright Meadow Blvd., Enfield, CT	06082
(Address of principal executive offices)	(Zip code)

Eric Wietsma

100 Bright Meadow Blvd., Enfield, CT 06082

(Name and address of agent for service)

Registrant's telephone number, including area code: (860) 562-1000

Date of fiscal year end:	9/30/20
Date of reporting period:	3/31/20

Item 1. Reports to Stockholders.

April 2020

To Our Valued Clients:

We are pleased to provide you the Semiannual Report for the MassMutual Premier Funds, covering the fiscal period ended March 31, 2020. Please retain this report along with other investment-related communications in your files to keep records current. You do not need to take any other action in response to this notice and enclosure.

We appreciate the opportunity to be of service to you. If you have any questions about the material, please contact MassMutual.

Cordially,

Eric Wietsma
Senior Vice President

Enclosure

©2020 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-00001.
All rights reserved www.MassMutual.com

Table of Contents
President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	3
Portfolio of Investments (Unaudited)
MassMutual Premier U.S. Government Money Market Fund	17
MassMutual Premier Short-Duration Bond Fund	19
MassMutual Premier Inflation-Protected and Income Fund	34
MassMutual Premier Core Bond Fund	43
MassMutual Premier Diversified Bond Fund	62
MassMutual Premier High Yield Fund	84
MassMutual Premier Balanced Fund	92
MassMutual Premier Disciplined Value Fund	112
MassMutual Premier Main Street Fund	121
MassMutual Premier Disciplined Growth Fund	123
MassMutual Premier Small Cap Opportunities Fund	129
MassMutual Premier Global Fund	132
MassMutual Premier International Equity Fund	134
MassMutual Premier Strategic Emerging Markets Fund	137
Statements of Assets and Liabilities (Unaudited)	140
Statements of Operations (Unaudited)	148
Statements of Changes in Net Assets	156
Financial Highlights	167
Notes to Financial Statements (Unaudited)	194
Other Information (Unaudited)	235
Proxy Voting	235
Quarterly Reporting	235
Liquidity Risk Management Program	235
Trustees’ Approval of Investment Advisory Contracts	235
Fund Expenses	237

This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the MassMutual Premier Funds. Investors should consider a Fund’s investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.

Important Notice: Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer, bank, or retirement plan recordkeeper). Instead, the reports will be made available on the Fund’s website (http://www.massmutual.com/funds), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you would like to receive shareholder reports and other communications electronically from the Fund and are either a direct investor in the Fund or MassMutual serves as your retirement plan recordkeeper, please call (800) 767-1000 extension 43012 or send your request to enroll to RSProspectusFulfillment@massmutual.com. If you have invested in the Fund through another financial intermediary (such as a broker-dealer, bank, or retirement plan recordkeeper), you can request electronic delivery by contacting that financial intermediary. Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest directly with the MassMutual Funds or MassMutual serves as your retirement plan recordkeeper, you can call (800) 767-1000 extension 43012 or send an email request to RSProspectusFulfillment@massmutual.com to inform the Funds or MassMutual that you wish to continue receiving paper copies of your shareholder reports. If you invest through a financial intermediary other than MassMutual, you can contact that financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the fund complex if you invest directly with a Fund.

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MassMutual Premier Funds – President’s Letter to Shareholders (Unaudited)

To Our Shareholders

Eric Wietsma

“As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals.”

March 31, 2020

Welcome to the MassMutual Premier Funds Semiannual Report, covering the six months ended March 31, 2020.

Market Highlights

● During the period, U.S. stock prices ended down nearly 20%, despite being up over 9% in the first half of the period, ending an 11-year bull market.

● The COVID-19 pandemic escalated quickly, shuttering businesses and curtailing economic activity, causing concerned investors to sell stocks in favor of safer investments.

● Markets rebounded in the second half of March in response to emergency interest rate cuts by the Federal Reserve Board (the Fed) and an unprecedented fiscal stimulus package from Congress.

● Developed-market foreign stocks and emerging market stocks both trailed U.S. stock returns for the six-month period, though only slightly.

● U.S. bonds ended the quarter in positive territory benefiting from falling interest rates and investors seeking safer investments due to expectations for a global economic downturn.

Market Commentary

For the six months beginning on October 1, 2019, global stock investors experienced negative returns. U.S. stocks rose steadily in the first half of the period, buoyed by the lower interest rates and expectations for strong economic growth and rising corporate earnings. Then the COVID-19 pandemic struck, shuttering businesses and curtailing economic activity, causing U.S. stocks to fall sharply during the second half of the period.

Volatility is the tendency for markets to fluctuate unpredictably and is a normal risk of investing. Volatility resurfaced in the first quarter of 2020 with the S&P 500^® Index^* gaining or losing three percent of its value on 19 different days during the quarter. The VIX, a measure of market expectation of near term volatility conveyed by stock index option prices, achieved an all-time high of 82.69 on March 16th. Volatility receded somewhat by the end of the period in response to emergency interest rate cuts by the Fed and an unprecedented fiscal stimulus package from Congress.

As a result, the broad market S&P 500 delivered a loss of 12.31% for the period. The technology-heavy NASDAQ Composite Index held up much better, managing to lose only 3.23%. The more economically sensitive Dow Jones Industrial Average lost just 17.58% for the period. Small-cap stocks underperformed their larger peers while growth stocks significantly outperformed their value peers.

The market sell-off and subsequent recovery affected sectors differently. The information technology and health care sectors fared best as these sectors were expected to be less impacted by the COVID-19 pandemic. The energy and financial services sectors experienced the biggest losses due to expectations of a sharp downturn in global economic growth and lower interest rates, respectively. West Texas Intermediate (WTI) crude oil prices ended the period at just $20.51 per barrel, down 62% during the period.

* Indexes referenced, other than the MSCI Indexes, are unmanaged, do not incur fees, expenses, or taxes, and cannot be purchased directly for investment. The MSCI Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment.

(Continued)

1

MassMutual Premier Funds – President’s Letter to Shareholders (Unaudited) (Continued)

Developed international stock markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers, falling 16.52% for the six month period. Japanese stocks fared much better than European stocks as a result of Japan responding quickly and effectively to halt the spread of COVID-19 within its borders. Emerging-market stock markets, as measured in the MSCI Emerging Markets Index, fared only slightly better, falling 14.55% for the period.

In these unprecedented times the Fed asserted its influence on markets during the period through two emergency interest rate cuts in March. On March 3^rd, the Fed slashed interest rates by half a percentage point citing that the “the coronavirus poses evolving risks to economic activity.” On March 15^th, the Fed cut interest rates to nearly zero percent saying it would maintain the low rates “until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.” These are the first emergency interest rate cuts since 2008. Congress also played its part, delivering a roughly $2 trillion coronavirus response bill intended to keep businesses and individuals afloat during these unprecedented times.

Investors entered the period with expectations of stable economic growth and rising corporate earnings and ended the period with expectations of a global recession. Bond yields rose slightly in the first half of the period, with the 10-year U.S. Treasury bond reaching 1.94% in early November before falling to a low of 0.54% in early March. Since falling yields drive bond prices up, the Bloomberg Barclays U.S. Aggregate Bond Index ended the period with a positive return of 3.33%. Investment-grade and high-yield corporate bonds did not fare as well on concerns that defaults would rise. The Bloomberg Barclays U.S. Corporate Bond Index, which tracks investment-grade corporate bonds, ended the period down 2.49%. The Bloomberg Barclays U.S. Corporate High Yield Index performed even worse, ending the period down 10.40%, on concerns over rising defaults, especially in the energy sector.

Review and maintain your strategy

MassMutual is committed to helping people secure their long-term future and protect the ones they love. While the return of volatility and the reality of market sell-offs can test an investor’s mettle, we’d like to remind you as a retirement investor that it’s important to maintain perspective and have realistic expectations about the future performance of your investment accounts. As described in this report, financial markets can reverse suddenly with little or no notice. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement – in all market conditions. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals. Thank you for your confidence in MassMutual.

Sincerely,

Eric Wietsma
President

^© 2020 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 100 Bright Meadow Blvd., Enfield, CT 06082. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of MassMutual. The information provided is the opinion of MML Advisers as of 4/1/20 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

2

MassMutual Premier U.S. Government Money Market Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MassMutual Premier U.S. Government Money Market Fund, and who is the Fund’s subadviser?

The Fund seeks current income consistent with preservation of capital and liquidity. The Fund normally invests at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements fully collateralized by cash or U.S. Government securities. Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. Government securities and repurchase agreements that are fully collateralized by U.S. Government securities. The Fund’s subadviser is Barings LLC (Barings). The Fund seeks to maintain, but does not guarantee, a stable $1.00 share price. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

MassMutual Premier U.S. Government Money Market Fund Portfolio Characteristics (% of Net Assets) on 3/31/20
Discount Notes	88.9%
Repurchase Agreement	12.2%
U.S. Treasury Bonds & Notes	4.8%
Total Short-Term Investments	105.9%
Other Assets & Liabilities	(5.9)%
Net Assets	100.0%

3

MassMutual Premier Short-Duration Bond Fund – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier Short-Duration Bond Fund, and who is the Fund’s subadviser?

The Fund seeks to achieve a high total rate of return primarily from current income while minimizing fluctuations in capital values by investing primarily in a diversified portfolio of short-term investment grade fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s or the equivalent by any NRSRO, or, if unrated, determined to be of comparable quality by the subadviser). The Fund’s subadviser is Barings LLC (Barings).

MassMutual Premier Short-Duration Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/20
Non-U.S. Government Agency Obligations	57.3%
Corporate Debt	39.1%
U.S. Government Agency Obligations and Instrumentalities	0.5%
U.S. Treasury Obligations	0.4%
Municipal Obligations	0.2%
Purchased Options	0.1%
Total Long-Term Investments	97.6%
Short-Term Investments and Other Assets and Liabilities	2.4%
Net Assets	100.0%

4

MassMutual Premier Inflation-Protected and Income Fund– Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier Inflation-Protected and Income Fund, and who is the Fund’s subadviser?

The Fund seeks to achieve as high a total rate of real return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in inflation-indexed bonds and other income-producing securities. The Fund’s subadviser is Barings LLC (Barings).

MassMutual Premier Inflation-Protected and Income Fund Portfolio Characteristics (% of Net Assets) on 3/31/20
Non-U.S. Government Agency Obligations	50.8%
U.S. Treasury Obligations	23.2%
Corporate Debt	0.9%
Purchased Options	0.2%
Total Long-Term Investments	75.1%
Short-Term Investments and Other Assets and Liabilities	24.9%
Net Assets	100.0%

5

MassMutual Premier Core Bond Fund – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier Core Bond Fund, and who is the Fund’s subadviser?

The Fund seeks to achieve a high total rate of return consistent with prudent investment risk and the preservation of capital by investing primarily in a diversified portfolio of investment grade fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s or the equivalent by any NRSRO, or, if unrated, determined to be of comparable quality by the subadviser). The Fund’s subadviser is Barings LLC (Barings).

MassMutual Premier Core Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/20
Corporate Debt	35.4%
Non-U.S. Government Agency Obligations	32.1%
U.S. Government Agency Obligations and Instrumentalities	28.6%
U.S. Treasury Obligations	2.1%
Sovereign Debt Obligations	0.7%
Municipal Obligations	0.6%
Preferred Stock	0.2%
Purchased Options	0.2%
Mutual Funds	0.1%
Total Long-Term Investments	100.0%
Short-Term Investments and Other Assets and Liabilities	0.0%
Net Assets	100.0%

6

MassMutual Premier Diversified Bond Fund – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier Diversified Bond Fund, and who is the Fund’s subadviser?

The Fund seeks a superior total rate of return by investing in fixed income instruments. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund’s subadviser is Barings LLC (Barings).

MassMutual Premier Diversified Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/20
Corporate Debt	43.0%
Non-U.S. Government Agency Obligations	29.0%
U.S. Government Agency Obligations and Instrumentalities	22.2%
U.S. Treasury Obligations	1.9%
Sovereign Debt Obligations	0.6%
Mutual Funds	0.4%
Municipal Obligations	0.3%
Purchased Options	0.2%
Preferred Stock	0.1%
Common Stock	0.0%
Warrants	0.0%
Total Long-Term Investments	97.7%
Short-Term Investments and Other Assets and Liabilities	2.3%
Net Assets	100.0%

7

MassMutual Premier High Yield Fund – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier High Yield Fund, and who is the Fund’s subadviser?

The Fund seeks to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in lower rated fixed income securities (rated below Baa3 by Moody’s, below BBB- by Standard & Poor’s or the equivalent by any NRSRO (using the lower rating) or, if unrated, determined to be of below investment grade quality by the Fund’s subadviser). The Fund’s subadviser is Barings LLC (Barings).

MassMutual Premier High Yield Fund Portfolio Characteristics (% of Net Assets) on 3/31/20
Corporate Debt	93.4%
Bank Loans	3.9%
Mutual Funds	3.4%
Common Stock	0.3%
Warrants	0.0%
Total Long-Term Investments	101.0%
Other Assets and Liabilities	(1.0)%
Net Assets	100.0%

8

MassMutual Premier Balanced Fund – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier Balanced Fund, and who is the Fund’s subadviser?

The Fund seeks to achieve a high total rate of return over an extended period of time consistent with the preservation of capital by investing in a diversified portfolio of equity securities, fixed income securities, and money market instruments. The Fund invests across different asset classes (U.S. equity securities, international equity securities, fixed income securities, including bank loans and Rule 144A securities, and money market instruments), each represented by a different segment of the Fund’s portfolio. The subadviser typically adjusts the allocation among the four segments, based on its judgment about each segment’s potential for returns in comparison with those of other segments and corresponding risk. The Fund’s subadviser is Barings LLC (Barings).

MassMutual Premier Balanced Fund Portfolio Characteristics (% of Net Assets) on 3/31/20
Common Stock	52.5%
Corporate Debt	12.6%
Non-U.S. Government Agency Obligations	12.0%
U.S. Government Agency Obligations and Instrumentalities	11.2%
Mutual Funds	8.6%
U.S. Treasury Obligations	1.9%
Municipal Obligations	0.3%
Sovereign Debt Obligations	0.2%
Preferred Stock	0.1%
Purchased Options	0.1%
Rights	0.0%
Total Long-Term Investments	99.5%
Short-Term Investments and Other Assets and Liabilities	0.5%
Net Assets	100.0%

9

MassMutual Premier Disciplined Value Fund – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier Disciplined Value Fund, and who is the Fund’s subadviser?

The Fund seeks to create a diversified portfolio of equity securities in order to outperform the total return performance of its benchmark, the Russell 1000^® Value Index*. Under normal circumstances, the Fund invests mainly in common stocks of companies that the Fund’s subadviser considers to be undervalued. The Fund will normally invest in common stocks of companies with market capitalizations of at least $200 million at the time of purchase. The Fund’s subadviser is Barings LLC (Barings).

* The Fund is not promoted, sponsored, or endorsed by, nor in any way affiliated with Russell Investment Group (“Russell”). Russell is not responsible for and has not reviewed the Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise. The Russell 1000^® Value Index and Russell^® are trademarks of the Frank Russell Company.

MassMutual Premier Disciplined Value Fund Largest Holdings (% of Net Assets) on 3/31/20
Johnson & Johnson	3.4%
Verizon Communications, Inc.	3.1%
JPMorgan Chase & Co.	3.0%
Intel Corp.	2.8%
Berkshire Hathaway, Inc. Class B	2.7%
Pfizer, Inc.	2.6%
The Procter & Gamble Co.	2.6%
AT&T, Inc.	2.4%
Gilead Sciences, Inc.	1.9%
Bank of America Corp.	1.6%
	26.1%

MassMutual Premier Disciplined Value Fund Sector Table (% of Net Assets) on 3/31/20
Consumer, Non-cyclical	26.7%
Financial	24.5%
Communications	10.3%
Consumer, Cyclical	8.7%
Industrial	8.5%
Technology	7.4%
Utilities	5.7%
Energy	4.4%
Basic Materials	2.6%
Mutual Funds	0.0%
Total Long-Term Investments	98.8%
Short-Term Investments and Other Assets and Liabilities	1.2%
Net Assets	100.0%

10

MassMutual Premier Main Street Fund – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier Main Street Fund, and who is the Fund’s subadviser?

The Fund seeks a high total return by investing primarily in common stocks of U.S. companies of different capitalization ranges. The Fund’s subadviser currently focuses on “large capitalization” issuers, which are considered to be companies with market capitalizations at the time of purchase within the market capitalization range of companies included within the Russell 1000^® Index, although it may purchase stocks of companies with any market capitalization. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco).

* The Fund is not promoted, sponsored, or endorsed by, nor in any way affiliated with Russell Investment Group (“Russell”). Russell is not responsible for and has not reviewed the Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise. The Russell 1000^® Index and Russell^® are trademarks of the Frank Russell Company.

MassMutual Premier Main Street Fund Largest Holdings (% of Net Assets) on 3/31/20
Microsoft Corp.	9.3%
Amazon.com, Inc.	6.1%
UnitedHealth Group, Inc.	4.9%
The Procter & Gamble Co.	4.0%
Berkshire Hathaway, Inc. Class B	3.5%
Lockheed Martin Corp.	3.4%
Merck & Co., Inc.	3.2%
Facebook, Inc. Class A	3.0%
Prologis, Inc.	3.0%
JP Morgan Chase & Co.	2.6%
	43.0%

MassMutual Premier Main Street Fund Sector Table (% of Net Assets) on 3/31/20
Consumer, Non-cyclical	26.9%
Financial	18.0%
Communications	17.6%
Technology	15.8%
Industrial	8.7%
Consumer, Cyclical	3.9%
Energy	2.6%
Utilities	1.9%
Basic Materials	1.0%
Total Long-Term Investments	96.4%
Short-Term Investments and Other Assets and Liabilities	3.6%
Net Assets	100.0%

11

MassMutual Premier Disciplined Growth Fund – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier Disciplined Growth Fund, and who is the Fund’s subadviser?

The Fund seeks to create a diversified portfolio of equity securities in order to outperform the total return performance of its benchmark, the Russell 1000^® Growth Index*. Under normal circumstances, the Fund invests mainly in common stocks of companies that the Fund’s subadviser believes offer the potential for long-term growth. The Fund will normally invest in common stocks of companies with market capitalizations of at least $200 million at the time of purchase. The Fund’s subadviser is Barings LLC (Barings).

* The Fund is not promoted, sponsored, or endorsed by, nor in any way affiliated with Russell Investment Group (“Russell”). Russell is not responsible for and has not reviewed the Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise. The Russell 1000^® Growth Index and Russell^® are trademarks of the Frank Russell Company.

MassMutual Premier Disciplined Growth Fund Largest Holdings (% of Net Assets) on 3/31/20
Microsoft Corp.	10.2%
Apple, Inc.	9.5%
Amazon.com, Inc.	6.3%
Facebook, Inc. Class A	3.3%
Alphabet, Inc. Class C	3.0%
Alphabet, Inc. Class A	2.8%
Mastercard, Inc. Class A	2.3%
Visa, Inc. Class A	2.2%
UnitedHealth Group, Inc.	2.0%
Cisco Systems, Inc.	1.9%
	43.5%

MassMutual Premier Disciplined Growth Fund Sector Table (% of Net Assets) on 3/31/20
Technology	33.3%
Consumer, Non-cyclical	21.4%
Communications	21.0%
Consumer, Cyclical	8.4%
Financial	7.7%
Industrial	7.1%
Basic Materials	0.5%
Mutual Funds	0.2%
Energy	0.1%
Total Long-Term Investments	99.7%
Short-Term Investments and Other Assets and Liabilities	0.3%
Net Assets	100.0%

12

MassMutual Premier Small Cap Opportunities Fund – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier Small Cap Opportunities Fund, and who is the Fund’s subadviser?

The Fund seeks capital appreciation by investing primarily in common stocks of small-capitalization U.S. companies that the Fund’s subadviser believes have favorable business trends or prospects based on fundamental analysis. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of small-cap companies. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco).

MassMutual Premier Small Cap Opportunities Fund Largest Holdings (% of Net Assets) on 3/31/20
LHC Group, Inc.	3.0%
Zynga, Inc. Class A	2.5%
Quidel Corp.	2.2%
CACI International, Inc. Class A	2.2%
j2 Global, Inc.	2.1%
MKS Instruments, Inc.	2.0%
Repligen Corp.	1.9%
Tandem Diabetes Care, Inc.	1.9%
WSFS Financial Corp.	1.8%
BJ’s Wholesale Club Holdings, Inc.	1.8%
	21.4%

MassMutual Premier Small Cap Opportunities Fund Sector Table (% of Net Assets) on 3/31/20
Consumer, Non-cyclical	26.6%
Financial	20.5%
Industrial	15.0%
Technology	15.0%
Consumer, Cyclical	10.9%
Utilities	4.0%
Basic Materials	2.6%
Mutual Funds	1.9%
Energy	1.6%
Communications	1.6%
Total Long-Term Investments	99.7%
Short-Term Investments and Other Assets and Liabilities	0.3%
Net Assets	100.0%

13

MassMutual Premier Global Fund – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier Global Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital appreciation by investing primarily in common stocks of companies in the U.S. and foreign countries. The Fund can invest without limit in foreign securities, including American Depositary Receipts (ADRs), and can invest in any country, including developing or emerging market countries. However, the Fund currently emphasizes investments in developed markets such as the United States, Western European countries, and Japan. As a fundamental policy, the Fund normally will invest in at least three countries (one of which may be the United States) and typically invests in a number of different countries. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco).

MassMutual Premier Global Fund Largest Holdings (% of Net Assets) on 3/31/20
Alphabet, Inc. Class A	8.4%
Adobe, Inc.	4.6%
LVMH Moet Hennessy Louis Vuitton SE	4.5%
S&P Global, Inc.	4.4%
Facebook, Inc. Class A	4.0%
Intuit, Inc.	3.8%
SAP SE	3.3%
JD.com, Inc. ADR	2.9%
Kering SA	2.8%
Murata Manufacturing Co. Ltd.	2.6%
	41.3%

MassMutual Premier Global Fund Sector Table (% of Net Assets) on 3/31/20
Consumer, Non-cyclical	22.2%
Industrial	20.6%
Technology	19.2%
Communications	18.6%
Consumer, Cyclical	9.5%
Financial	8.7%
Total Long-Term Investments	98.8%
Short-Term Investments and Other Assets and Liabilities	1.2%
Net Assets	100.0%

14

MassMutual Premier International Equity Fund – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier International Equity Fund, and who is the Fund’s subadviser?

The Fund seeks to achieve long-term capital appreciation by investing primarily in common stock of foreign companies. The Fund invests primarily in the common stock of growth companies that are domiciled or that have their primary operations outside of the United States. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of foreign companies. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco).

MassMutual Premier International Equity Fund Largest Holdings (% of Net Assets) on 3/31/20
SAP SE	3.3%
Hermes International	3.2%
Grifols SA	3.1%
ASML Holding NV	3.0%
Novo Nordisk A/S Class B	2.9%
Roche Holding AG	2.8%
Keyence Corp.	2.6%
Hitachi Ltd.	2.5%
CSL Ltd.	2.4%
STMicroelectronics NV	2.4%
	28.2%

MassMutual Premier International Equity Fund Sector Table (% of Net Assets) on 3/31/20
Consumer, Non-cyclical	34.0%
Technology	21.4%
Industrial	20.4%
Consumer, Cyclical	15.9%
Financial	3.4%
Communications	2.8%
Mutual Funds	1.7%
Total Long-Term Investments	99.6%
Short-Term Investments and Other Assets and Liabilities	0.4%
Net Assets	100.0%

15

MassMutual Premier Strategic Emerging Markets Fund – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier Strategic Emerging Markets Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital growth by investing mainly in common stocks of issuers in developing and emerging markets throughout the world and at times may invest up to 100% of its total assets in foreign securities. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of issuers whose principal activities are in a developing (or emerging) market, i.e., are in a developing market or are economically tied to a developing market country. The Fund will invest in at least three developing markets. In general, countries may be considered developing or emerging markets if they are included in any one of the MSCI emerging markets indexes, classified as a developing or emerging market, or classified under a similar or corresponding classification, by organizations such as the World Bank and the International Monetary Fund, or have economies, industries, and stock markets with similar characteristics. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco).

MassMutual Premier Strategic Emerging Markets Fund Largest Holdings (% of Net Assets) on 3/31/20
Tencent Holdings Ltd.	6.8%
Kering SA	6.2%
Taiwan Semiconductor Manufacturing Co. Ltd.	5.9%
Alibaba Group Holding Ltd. Sponsored ADR (Cayman Islands)	5.2%
AIA Group Ltd.	4.5%
Housing Development Finance Corp. Ltd.	3.7%
Yum China Holdings, Inc.	3.3%
Novatek PJSC Sponsored GDR Registered	3.2%
Jiangsu Hengrui Medicine Co. Ltd. Class A	3.0%
Kotak Mahindra Bank Ltd.	2.8%
	44.6%

MassMutual Premier Strategic Emerging Markets Fund Sector Table (% of Net Assets) on 3/31/20
Financial	24.8%
Consumer, Cyclical	18.3%
Communications	16.4%
Consumer, Non-cyclical	13.8%
Technology	8.3%
Industrial	5.3%
Energy	4.0%
Basic Materials	3.4%
Mutual Funds	0.5%
Total Long-Term Investments	94.8%
Short-Term Investments and Other Assets and Liabilities	5.2%
Net Assets	100.0%

16

MassMutual Premier U.S. Government Money Market Fund – Portfolio of Investments

March 31, 2020 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 105.9%
Discount Notes — 88.9%
Federal Farm Credit Bank
0.000%, 4/08/20, 4/08/20 (a)	$	4,000,000	$	4,000,000
0.081% , 4/08/20, 4/08/20 (a)		1,300,000		1,299,980
SOFR + .080% 0.090% FRN , 4/01/20, 1/14/21 (a)		3,000,000		3,000,000
1 mo. USD LIBOR - .080%, 0.645% FRN , 4/11/20, 5/11/20 (a)		1,330,000		1,329,901
1 mo. USD LIBOR + .090% 1.014% FRN , 4/21/20, 4/21/21 (a)		5,000,000		5,004,504
1.613% , 11/10/20, 11/10/20 (a)		4,200,000		4,159,154
Federal Home Loan Bank
0.000%, 4/01/20, 4/01/20 (a)		1,500,000		1,500,000
0.001% , 4/16/20, 4/16/20 (a)		900,000		900,000
0.001% , 4/22/20, 4/22/20 (a)		680,000		680,000
0.005% , 4/02/20, 4/02/20 (a)		500,000		500,000
0.005% , 4/09/20, 4/09/20 (a)		3,900,000		3,899,996
0.005% , 4/20/20, 4/20/20 (a)		2,600,000		2,599,993
0.010% , 4/01/20, 4/01/20 (a)		1,900,000		1,900,000
0.010% , 4/02/20, 4/02/20 (a)		2,000,000		2,000,000
0.010% , 4/03/20, 4/03/20 (a)		3,760,000		3,760,000
0.010% , 4/06/20, 4/06/20 (a)		400,000		400,000
0.010% , 4/08/20, 4/08/20 (a)		1,025,000		1,025,000
0.010% , 4/09/20, 4/09/20 (a)		3,127,000		3,127,000
0.010% , 4/13/20, 4/13/20 (a)		1,100,000		1,100,000
0.010% , 4/17/20, 4/17/20 (a)		1,300,000		1,300,000
0.010% , 4/20/20, 4/20/20 (a)		1,600,000		1,600,000
0.010% , 4/22/20, 4/22/20 (a)		1,900,000		1,900,000
0.010% , 4/24/20, 4/24/20 (a)		4,560,000		4,560,000
0.010% , 5/04/20, 5/04/20 (a)		4,100,000		4,100,000
0.010% , 5/19/20, 5/19/20 (a)		3,000,000		3,000,000
0.010% , 4/08/20, 4/08/20 (a)		2,800,000		2,799,995
SOFR + .030% 0.040% FRN , 4/01/20, 1/12/21 (a)		12,000,000		12,000,000
SOFR + .040% 0.050% FRN , 4/01/20, 8/25/20 (a)		3,000,000		3,000,000
0.051% , 4/29/20, 4/29/20 (a)		500,000		499,981
SOFR + .050% 0.060% FRN , 4/01/20, 1/28/21 (a)		4,600,000		4,600,000
SOFR + .065% 0.075% FRN , 4/01/20, 2/26/21 (a)		13,000,000		13,000,000
0.081% , 4/24/20, 4/24/20 (a)		2,695,000		2,694,862
0.081% , 5/04/20, 5/04/20 (a)		2,900,000		2,899,787
SOFR + .080% 0.090% FRN , 4/01/20, 5/11/20 (a)		13,000,000		13,000,000
0.091% , 7/14/20, 7/14/20 (a)		900,000		899,766
0.101% , 5/04/20, 5/04/20 (a)		3,900,000		3,899,642
SOFR + .100% 0.110% FRN , 4/01/20, 12/23/20 (a)		7,000,000		7,000,000

	Principal Amount		Value
0.122% , 6/01/20, 6/01/20 (a)	$	1,200,000	$	1,199,756
0.172% , 5/29/20, 5/29/20 (a)		800,000		799,781
0.172% , 6/03/20, 6/03/20 (a)		1,834,000		1,833,454
0.233% , 6/12/20, 6/12/20 (a)		500,000		499,770
0.376% 1/20/21, 1/20/21 (a)		5,000,000		4,984,892
0.517% , 4/20/20, 4/20/20 (a)		1,800,000		1,799,515
0.518% , 7/22/20, 7/22/20 (a)		3,000,000		2,995,240
0.558% , 4/17/20, 4/17/20 (a)		4,400,000		4,398,924
0.568% , 5/06/20, 5/06/20 (a)		4,000,000		3,997,822
0.609% , 4/08/20, 4/08/20 (a)		300,000		299,965
0.913% , 4/15/20, 4/15/20 (a)		2,300,000		2,299,195
1 mo. USD LIBOR + .060% 0.923% FRN , 4/10/20, 6/10/20 (a)		13,000,000		13,003,299
1.086% , 4/02/20, 4/02/20 (a)		1,600,000		1,599,952
1 mo. USD LIBOR + .150% 1.091% FRN , 4/28/20, 9/28/20 (a)		650,000		650,417
1.448% , 4/15/20, 4/15/20 (a)		800,000		799,557
1.544% , 4/13/20, 4/13/20 (a)		2,000,000		1,998,987
1.560% , 4/08/20, 4/08/20 (a)		2,000,000		1,999,404
1.563% , 8/19/20, 8/19/20 (a)		3,000,000		2,982,150
1.570% , 5/19/20, 5/19/20 (a)		1,125,000		1,122,690
1.578% , 4/01/20, 4/01/20 (a)		2,100,000		2,100,000
1.580% , 4/01/20, 4/01/20 (a)		1,900,000		1,900,000
1.586% , 4/01/20, 4/01/20 (a)		2,500,000		2,500,000
1.587% , 4/22/20, 4/22/20 (a)		4,500,000		4,495,905
1.593% , 5/20/20, 5/20/20 (a)		5,300,000		5,288,710
1.594% , 6/03/20, 6/03/20 (a)		4,430,000		4,417,867
1.598% , 5/06/20, 5/06/20 (a)		5,000,000		4,992,368
3 mo. USD LIBOR - .240% 1.603% FRN , 4/16/20, 7/16/20 (a)		15,000,000		15,000,000
3 mo. USD LIBOR - .240% 1.608% FRN , 4/13/20, 4/13/20 (a)		5,500,000		5,500,118
3 mo. USD LIBOR - .205% 1.626% FRN , 4/15/20, 10/15/20 (a)		18,000,000		18,000,000
3 mo. USD LIBOR - .165% 1.743% FRN , 4/03/20, 4/03/20 (a)		5,200,000		5,200,051
1.817% , 6/12/20, 6/12/20 (a)		1,222,000		1,217,674
Federal National Mortgage Association
SOFR + .040% 0.050% FRN , 4/01/20, 6/05/20 (a)		10,000,000		10,000,000
SOFR + .075% 0.085% FRN , 4/01/20, 10/30/20 (a)		1,000,000		1,000,229
				255,817,253
Repurchase Agreement — 12.2%
HSBC Securities (USA) Inc., Tri-Party Repurchase Agreement, dated 3/31/20, 0.010%, due 4/01/20 (b)		35,000,000		35,000,000

The accompanying notes are an integral part of the financial statements.

17

MassMutual Premier U.S. Government Money Market Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
U.S. Treasury Bonds & Notes — 4.8%
U.S. Treasury Note
1.500% 4/15/20	$	8,800,000	$	8,798,930
2.875% 10/31/20		5,000,000		5,037,791
				13,836,721
TOTAL SHORT-TERM INVESTMENTS (Cost $304,653,974)				304,653,974
TOTAL INVESTMENTS — 105.9% (Cost $304,653,974) (c)				304,653,974
Other Assets/(Liabilities) — (5.9)%				(16,956,358	)
NET ASSETS — 100.0%			$	287,697,616

Abbreviation Legend

FRN Floating Rate Note

SOFR Secured Overnight Financing Rate

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) The stated maturity dates reflect demand date and stated maturity date, respectively.

(b) Maturity value of $35,000,010. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity dates ranging from 5/15/45 - 8/15/49, and an aggregate market value, including accrued interest, of $35,700,000.

(c) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

18

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments

March 31, 2020 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 97.5%
CORPORATE DEBT — 39.1%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.
3.750% 10/01/21	$	560,000	$	565,400
Agriculture — 1.4%
BAT Capital Corp.
3.222% 8/15/24		1,100,000		1,058,524
Bunge Ltd. Finance Corp.
3.500% 11/24/20		1,690,000		1,703,995
Imperial Brands Finance PLC
3.125% 7/26/24 (a)		1,043,000		982,798
3.500% 2/11/23 (a)		979,000		982,276
Reynolds American, Inc.
4.000% 6/12/22		1,500,000		1,521,141
				6,248,734
Airlines — 0.0%
American Airlines Pass-Through Trust, Series 2014-1, Class B,
4.375% 4/01/24		64,133		60,041
Auto Manufacturers — 1.8%
Ford Motor Credit Co. LLC
3 mo. USD LIBOR + .810% 2.710% FRN 4/05/21		660,000		610,500
3 mo. USD LIBOR + 1.235% 2.927% FRN 2/15/23		1,130,000		847,026
3.087% 1/09/23		625,000		575,000
3.350% 11/01/22		935,000		871,888
General Motors Financial Co., Inc.
3.250% 1/05/23		2,465,000		2,236,335
Hyundai Capital America
2.375% 2/10/23 (a)		1,510,000		1,423,615
2.850% 11/01/22 (a)		810,000		790,987
Nissan Motor Acceptance Corp.
1.900% 9/14/21 (a)		485,000		458,284
				7,813,635
Banks — 7.7%
Banco Santander SA
3.500% 4/11/22		1,030,000		1,019,031
Bank of America Corp. 3 mo. USD LIBOR + 0.930%
2.816% VRN 7/21/23		4,630,000		4,649,033
Barclays Bank PLC
10.179% 6/12/21 (a)		1,522,000		1,625,961
Barclays PLC 3 mo. USD LIBOR + 1.380%
3.072% FRN 5/16/24		595,000		523,960

	Principal Amount		Value
Citigroup, Inc. 3 mo. USD LIBOR + .722%
3.142% VRN 1/24/23	$	2,220,000	$	2,246,154
Credit Suisse AG
6.500% 8/08/23 (a)		2,400,000		2,434,992
Discover Bank
3.350% 2/06/23		1,432,000		1,414,443
4.200% 8/08/23		1,000,000		1,052,849
First Horizon National Corp.
3.500% 12/15/20		1,290,000		1,277,101
The Goldman Sachs Group, Inc.
3.200% 2/23/23		4,630,000		4,716,196
HSBC Holdings PLC
4.250% 3/14/24		1,240,000		1,272,439
JP Morgan Chase & Co.
4.500% 1/24/22		2,570,000		2,684,417
Mitsubishi UFJ Financial Group, Inc.
2.665% 7/25/22		1,750,000		1,744,148
Morgan Stanley
3.750% 2/25/23		2,125,000		2,202,973
Sumitomo Mitsui Financial Group, Inc.
2.448% 9/27/24		1,305,000		1,294,214
3.748% 7/19/23		764,000		795,434
Synchrony Bank
3.000% 6/15/22		750,000		744,820
Truist Bank
1.500% 3/10/25		2,660,000		2,569,471
				34,267,636
Beverages — 1.0%
Anheuser-Busch InBev Worldwide, Inc.
3.500% 1/12/24		1,675,000		1,750,680
Bacardi Ltd.
4.450% 5/15/25 (a)		206,000		216,495
Keurig Dr Pepper, Inc.
4.057% 5/25/23		1,450,000		1,508,330
Molson Coors Beverage Co.
2.100% 7/15/21		310,000		303,647
3.500% 5/01/22		720,000		719,770
				4,498,922
Building Materials — 0.4%
Martin Marietta Materials, Inc. 3 mo. USD LIBOR + 0.650%
2.333% FRN 5/22/20		780,000		774,420
Masco Corp.
3.500% 4/01/21		270,000		267,508
Standard Industries, Inc.
5.500% 2/15/23 (a)		648,000		625,320
				1,667,248

The accompanying notes are an integral part of the financial statements.

19

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Chemicals — 1.4%
DuPont de Nemours, Inc.
4.205% 11/15/23	$	1,015,000	$	1,068,755
Huntsman International LLC
5.125% 11/15/22		2,410,000		2,470,250
RPM International, Inc.
3.450% 11/15/22		43,000		43,250
The Sherwin-Williams Co.
2.750% 6/01/22		61,000		60,870
Syngenta Finance NV
3.698% 4/24/20 (a)		1,165,000		1,162,759
4.441% 4/24/23 (a)		1,460,000		1,375,376
				6,181,260
Commercial Services — 0.3%
The ADT Security Corp.
6.250% 10/15/21		1,260,000		1,231,650
Computers — 1.1%
Dell International LLC/EMC Corp.
4.000% 7/15/24 (a)		1,113,000		1,122,716
Genpact Luxembourg Sarl
3.375% 12/01/24		905,000		908,717
3.700% STEP 4/01/22		1,480,000		1,506,600
Leidos Holdings, Inc.
4.450% 12/01/20		1,511,000		1,503,445
				5,041,478
Diversified Financial Services — 3.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
2.875% 8/14/24		2,190,000		1,743,671
Aircastle Ltd.
5.000% 4/01/23		2,390,000		2,333,363
Ameriprise Financial, Inc.
3.000% 3/22/22		405,000		410,068
3.700% 10/15/24		285,000		295,717
4.000% 10/15/23		255,000		269,854
Antares Holdings LP
6.000% 8/15/23 (a)		1,172,000		1,207,163
Avolon Holdings Funding Ltd.
2.875% 2/15/25 (a)		815,000		631,685
Brookfield Finance, Inc.
4.000% 4/01/24		1,520,000		1,512,775
LeasePlan Corp. NV
2.875% 10/24/24 (a)		715,000		700,397
Park Aerospace Holdings Ltd.
5.250% 8/15/22 (a)		3,310,000		2,990,969
Synchrony Financial
2.850% 7/25/22		1,540,000		1,462,173
				13,557,835

	Principal Amount		Value
Electric — 0.9%
Ameren Corp.
2.500% 9/15/24	$	865,000	$	840,918
2.700% 11/15/20		815,000		812,566
Enel Finance International NV
2.875% 5/25/22 (a)		755,000		730,446
Entergy Texas, Inc.
2.550% 6/01/21		605,000		606,753
Puget Energy, Inc.
6.000% 9/01/21		740,000		758,965
6.500% 12/15/20		334,000		341,034
				4,090,682
Electronics — 0.2%
FLIR Systems, Inc.
3.125% 6/15/21		650,000		650,754
Foods — 0.3%
McCormick & Co., Inc.
2.700% 8/15/22		1,270,000		1,273,615
Household Products & Wares — 0.3%
Church & Dwight Co., Inc.
2.875% 10/01/22		1,493,000		1,469,451
Housewares — 0.6%
Newell Brands, Inc.
4.100% STEP 4/01/23		2,415,000		2,451,102
Insurance — 2.8%
American International Group, Inc.
3.750% 7/10/25		1,240,000		1,241,157
AmTrust Financial Services, Inc.
6.125% 8/15/23		1,565,000		1,545,738
Athene Global Funding
2.750% 6/25/24 (a)		2,650,000		2,652,208
CNA Financial Corp.
5.750% 8/15/21		901,000		923,376
Enstar Group Ltd.
4.500% 3/10/22		1,800,000		1,795,369
Jackson National Life Global Funding
2.500% 6/27/22 (a)		1,040,000		1,021,134
Lincoln National Corp.
4.000% 9/01/23		310,000		310,081
Reinsurance Group of America, Inc.
5.000% 6/01/21		1,015,000		1,052,762
Trinity Acquisition PLC
3.500% 9/15/21		1,215,000		1,171,190
Willis Towers Watson PLC
5.750% 3/15/21		840,000		860,731
				12,573,746

The accompanying notes are an integral part of the financial statements.

20

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Investment Companies — 1.4%
Ares Capital Corp.
4.200% 6/10/24	$	2,499,000	$	2,215,245
BlackRock TCP Capital Corp.
3.900% 8/23/24		835,000		768,465
4.125% 8/11/22		1,805,000		1,851,640
TPG Specialty Lending, Inc.
3.875% 11/01/24		1,665,000		1,468,773
				6,304,123
Iron & Steel — 0.1%
Steel Dynamics, Inc.
2.800% 12/15/24		610,000		567,987
Lodging — 0.4%
Las Vegas Sands Corp.
3.200% 8/08/24		2,165,000		1,954,078
Machinery – Diversified — 0.4%
CNH Industrial Capital LLC
3.875% 10/15/21		1,015,000		1,009,698
4.875% 4/01/21		590,000		576,648
				1,586,346
Media — 0.8%
Discovery Communications LLC
2.950% 3/20/23		1,170,000		1,176,784
Sirius XM Radio, Inc.
3.875% 8/01/22 (a)		2,200,000		2,191,750
				3,368,534
Mining — 1.2%
Glencore Funding LLC
4.125% 5/30/23 (a)		1,480,000		1,363,612
Kinross Gold Corp.
5.125% 9/01/21		550,000		551,375
5.950% 3/15/24		1,950,000		1,969,500
Newcrest Finance Pty Ltd.
4.200% 10/01/22 (a)		1,170,000		1,228,465
				5,112,952
Oil & Gas — 0.7%
Continental Resources, Inc.
5.000% 9/15/22		1,017,000		648,785
EQT Corp.
3.000% 10/01/22		1,610,000		1,344,350
6.125% 2/01/25		790,000		608,379
Newfield Exploration Co.
5.625% 7/01/24		1,220,000		654,703
				3,256,217
Packaging & Containers — 0.3%
Graphic Packaging International LLC
4.750% 4/15/21		1,510,000		1,491,578

	Principal Amount		Value
Pharmaceuticals — 2.2%
AbbVie, Inc.
2.300% 11/21/22 (a)	$	1,275,000	$	1,275,999
Allergan Funding SCS
3.800% 3/15/25		1,245,000		1,274,686
Becton Dickinson and Co. 3 mo. USD LIBOR + 0.875%
2.250% FRN 12/29/20		727,000		702,464
Cardinal Health, Inc. 3 mo. USD LIBOR + 0.770%
1.511% FRN 6/15/22		1,345,000		1,242,685
CVS Health Corp.
2.625% 8/15/24		455,000		461,447
3.700% 3/09/23		1,935,000		2,009,822
Mylan, Inc.
3.125% 1/15/23 (a)		1,375,000		1,333,515
Shire Acquisitions Investments Ireland DAC
2.875% 9/23/23		1,000,000		1,007,265
Teva Pharmaceutical Finance Netherlands III BV
2.200% 7/21/21		654,000		624,688
				9,932,571
Pipelines — 1.6%
Energy Transfer Operating LP
4.200% 9/15/23		2,370,000		2,070,254
EnLink Midstream Partners LP
4.400% 4/01/24		1,340,000		676,298
EQM Midstream Partners LP
4.750% 7/15/23		1,305,000		944,429
MPLX LP 3 mo. USD LIBOR + 1.100%
2.099% FRN 9/09/22		2,605,000		2,423,635
Plains All American Pipeline LP/PAA Finance Corp.
3.850% 10/15/23		952,000		824,818
				6,939,434
Private Equity — 0.3%
Hercules Capital, Inc.
4.625% 10/23/22		1,495,000		1,424,098
Real Estate Investment Trusts (REITS) — 2.1%
CubeSmart LP
4.375% 12/15/23		764,000		815,444
Essex Portfolio LP
3.500% 4/01/25		330,000		331,128
3.875% 5/01/24		424,000		424,999
SBA Tower Trust
2.836% 1/15/25 (a)		3,350,000		3,234,673
3.168% 4/09/47 (a)		880,000		875,092

The accompanying notes are an integral part of the financial statements.

21

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Service Properties Trust
4.350% 10/01/24	$	1,215,000	$	891,866
Tanger Properties LP
3.875% 12/01/23		1,325,000		1,380,524
VEREIT Operating Partnership LP
4.600% 2/06/24		1,410,000		1,391,498
				9,345,224
Retail — 1.9%
Advance Auto Parts, Inc.
4.500% 12/01/23		990,000		1,017,271
Dollar Tree, Inc.
3.700% 5/15/23		2,620,000		2,661,908
O’Reilly Automotive, Inc.
3.800% 9/01/22		191,000		192,141
3.850% 6/15/23		2,206,000		2,198,735
QVC, Inc.
4.375% 3/15/23		2,500,000		2,364,289
				8,434,344
Semiconductors — 0.6%
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.000% 1/15/22		885,000		875,150
Microchip Technology, Inc.
3.922% 6/01/21		905,000		881,819
NXP BV/NXP Funding LLC
4.125% 6/01/21 (a)		865,000		872,774
				2,629,743
Telecommunications — 0.9%
Qwest Corp
6.750% 12/01/21		1,255,000		1,300,556
Sprint Communications, Inc.
9.250% 4/15/22		800,000		856,000
Telefonaktiebolaget LM Ericsson
4.125% 5/15/22		2,046,000		2,025,620
				4,182,176
Transportation — 0.3%
Ryder System, Inc.
2.500% 9/01/22		40,000		37,658
3.400% 3/01/23		485,000		489,389
3.750% 6/09/23		920,000		923,477
				1,450,524
Trucking & Leasing — 0.5%
DAE Funding LLC
4.000% 8/01/20 (a)		522,000		511,560

	Principal Amount		Value
Penske Truck Leasing Co. LP/PTL Finance Corp.
4.875% 7/11/22 (a)	$	1,767,000	$	1,837,601
				2,349,161
TOTAL CORPORATE DEBT (Cost $181,421,847)				173,972,279
MUNICIPAL OBLIGATIONS — 0.2%
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR
2.694% FRN 4/26/27		46,648		46,636
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Series 2006-2, Class B, 28 day ARS
2.273% FRN 10/25/42		750,000		740,738
TOTAL MUNICIPAL OBLIGATIONS (Cost $786,336)				787,374
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 57.3%
Auto Floor Plan ABS — 0.5%
Navistar Financial Dealer Note Master Owner Trust II
Series 2019-1, Class C, 1 mo. USD LIBOR + 0.950% 1.897% FRN 5/25/24 (a)		856,000		839,789
Series 2018-1, Class C, 1 mo. USD LIBOR + 1.050% 1.997% FRN 9/25/23 (a)		280,000		274,879
Series 2019-1, Class D, 1 mo. USD LIBOR + 1.450% 2.397% FRN 5/25/24 (a)		768,000		753,012
Series 2018-1, Class D, 1 mo. USD LIBOR + 1.550% 2.497% FRN 9/25/23 (a)		471,000		462,410
				2,330,090
Automobile ABS — 8.0%
American Credit Acceptance Receivables Trust, Series 2019-1, Class C
3.500% 4/14/25 (a)		1,625,000		1,603,038
AmeriCredit Automobile Receivables Trust
Series 2020-1, Class D, 1.800% 12/18/25		2,419,000		2,396,246
Series 2019-3, Class D, 2.580% 9/18/25		1,425,000		1,325,927

The accompanying notes are an integral part of the financial statements.

22

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Avis Budget Rental Car Funding AESOP LLC
Series 2020-1A, Class C, 3.020% 8/20/26 (a)	$	5,143,000	$	4,855,029
Series 2019-3A, Class C, 3.150% 3/20/26 (a)		2,764,000		2,747,008
Series 2019-1A, Class C, 4.530% 3/20/23 (a)		633,000		623,941
Series 2018-1A, Class C, 4.730% 9/20/24 (a)		1,270,000		1,216,510
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B
3.630% 1/19/24 (a)		460,000		466,912
Carmax Auto Owner Trust, Series 2019-4, Class D
2.800% 4/15/26		1,399,000		1,288,345
Carvana Auto Receivables Trust, Series 2019-4A, Class D
3.070% 7/15/25 (a)		1,734,000		1,693,868
Drive Auto Receivables Trust
Series 2019-4, Class D, 2.700% 2/16/27		1,333,000		1,249,207
Series 2019-1, Class C, 3.780% 4/15/25		1,050,000		1,032,933
DT Auto Owner Trust, Series 2019-1A, Class C
3.610% 11/15/24 (a)		240,000		241,593
Exeter Automobile Receivables Trust
Series 2019-3A, Class D, 3.110% 8/15/25 (a)		985,000		968,530
Series 2019-1A, Class B, 3.450% 2/15/23 (a)		400,000		392,696
Ford Credit Auto Owner Trust, Series 2020-1, Class C
2.540% 8/15/31 (a)		2,408,000		2,417,741
Hertz Fleet Lease Funding LP, Series 2019-1, Class D
3.440% 1/10/33 (a)		1,976,000		1,967,916
Hertz Vehicle Financing II LP
Series 2019-3A, Class B, 3.030% 12/26/25 (a)		1,036,000		1,028,037
Series 2017-1A, Class B, 3.560% 10/25/21 (a)		1,430,000		1,386,396
Series 2018-1A, Class B, 3.600% 2/25/24 (a)		1,420,000		1,442,886
Hertz Vehicle Financing LLC, Series 2018-3A, Class B
4.370% 7/25/24 (a)		950,000		856,551
OneMain Direct Auto Receivables Trust, Series 2017-2A, Class C
2.820% 7/15/24 (a)		885,000		870,159

	Principal Amount		Value
Santander Revolving Auto Loan Trust
Series 2019-A, Class B, 2.800% 1/26/32 (a)	$	399,000	$	392,054
Series 2019-A, Class C, 3.000% 1/26/32 (a)		258,000		253,491
Series 2019-A, Class D, 3.450% 1/26/32 (a)		1,720,000		1,689,754
Westlake Automobile Receivables Trust, Series 2019-3A, Class E
3.590% 3/17/25 (a)		1,395,000		1,118,542
				35,525,310
Commercial MBS — 4.2%
BAMLL Commercial Mortgage Securities Trust
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 2.055% FRN 9/15/34 (a)		300,000		246,821
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 (a) (b)		800,000		745,743
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 (a) (b)		1,110,000		945,663
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM,
5.438% VRN 1/12/45 (b)		170,450		166,756
BHMS Mortgage Trust
Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.955% FRN 7/15/35 (a)		1,880,000		1,569,637
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 2.205% FRN 7/15/35 (a)		2,600,000		2,079,717
BX Commercial Mortgage Trust
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 2.305% FRN 12/15/36 (a)		1,883,000		1,656,993
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 2.405% FRN 11/15/35 (a)		1,855,000		1,692,679
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 2.505% FRN 10/15/36 (a)		747,123		653,715
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.705% FRN 10/15/36 (a)		2,911,106		2,503,466
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150%
2.855% FRN 12/15/37 (a)		1,335,725		1,101,973
Commercial Mortgage Trust, Series 2015-DC1, Class B,
4.035% VRN 2/10/48 (b)		797,000		753,473

The accompanying notes are an integral part of the financial statements.

23

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%
2.305% FRN 5/15/36 (a)	$	820,000	$	729,785
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM,
5.513% VRN 7/10/38 (b)		186,322		185,462
GS Mortgage Securities Trust, Series 2015-GC34, Class C,
4.652% VRN 10/10/48 (b)		1,100,000		1,015,629
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
2.505% FRN 5/15/36 (a)		739,000		576,779
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B
3.769% 2/15/46		1,000,000		980,756
Morgan Stanley Capital I Trust, Series 2012-STAR, Class D
4.057% 8/05/34 (a)		1,000,000		952,009
MSCG Trust, Series 2018-SELF, Class C, 1 mo. USD LIBOR + 1.180%
1.885% FRN 10/15/37 (a)		185,000		160,868
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX,
2.997% VRN 10/25/46 (b)		16,334		16,313
				18,734,237
Home Equity ABS — 0.0%
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + 0.240%
1.187% FRN 10/25/34 (a)		213,672		199,642
Other ABS — 25.8%
321 Henderson Receivables I LLC
Series 2006-1A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 3/15/41 (a)		114,204		109,981
Series 2006-2A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 6/15/41 (a)		229,024		213,858
AASET Trust
Series 2017-1A, Class A, 3.967% 5/16/42 (a)		218,853		171,950
Series 2020-1A, Class B, 4.335% 1/16/40 (a)		489,753		324,088
Series 2018-2A, Class A, 4.454% 11/18/38 (a)		1,525,802		1,211,533

	Principal Amount		Value
Adams Outdoor Advertising LP, Series 2018-1, Class A
4.810% 11/15/48 (a)	$	801,423	$	799,180
American Tower Trust #1, Series 13, Class 2A
3.070% 3/15/48 (a)		1,400,000		1,378,233
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.150%
1.855% FRN 6/15/28 (a)		880,000		805,813
Arbys Funding LLC, Series 2015-1A, Class A2
4.969% 10/30/45 (a)		813,875		782,483
Ascentium Equipment Receivables Trust
Series 2019-1A, Class D, 3.470% 5/12/25 (a)		392,000		387,486
Series 2019-2A, Class E, 3.780% 5/10/27 (a)		1,722,000		1,708,386
Series 2019-1A, Class E, 4.310% 4/12/27 (a)		320,000		322,655
Series 2018-2A, Class E, 5.180% 7/10/26 (a)		2,286,000		2,243,190
Series 2018-1A, Class E, 5.360% 3/10/25 (a)		591,000		591,695
Avant Loans Funding Trust, Series 2019-A, Class A
3.480% 7/15/22 (a)		403,850		397,231
Bain Capital Credit CLO Ltd., Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800%
3.631% FRN 1/15/29 (a)		500,000		466,556
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class A2R, 3 mo. USD LIBOR + 1.750%
3.581% FRN 1/15/29 (a)		1,500,000		1,374,828
BlueMountain CLO 2013-1 Ltd., Series 2013-1A, Class A1R2, 3 mo. USD LIBOR + 1.230%
3.049% FRN 1/20/29 (a)		1,000,000		968,940
BRE Grand Islander Timeshare Issuer LLC
Series 2017-1A, Class A, 2.940% 5/25/29 (a)		268,603		269,119
Series 2019-A, Class B, 3.780% 9/26/33 (a)		756,838		778,429
CAL Funding II Ltd., Series 2018-2A, Class A
4.340% 9/25/43 (a)		671,500		660,119
Capital Automotive REIT, Series 2017-1A, Class A1
3.870% 4/15/47 (a)		584,950		580,654

The accompanying notes are an integral part of the financial statements.

24

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
CARS-DB4 LP, Series 2020-1A, Class B1
4.170% 2/15/50 (a)	$	1,100,000	$	1,001,000
Castlelake Aircraft Securitization, Series 2019-1A, Class A
3.967% 4/15/39 (a)		407,073		284,801
Castlelake Aircraft Structured Trust, Series 2018-1, Class A
4.125% 6/15/43 (a)		726,399		527,887
Cbam Clo Management Cbam, Series 2018-6A, Class A1R, 3 mo. USD LIBOR + 1.270%
3.101% FRN 1/15/31 (a)		1,500,000		1,419,489
CIFC Funding V Ltd., Series 2015-4A, Class A2R, 3 mo. USD LIBOR + 1.180%
3.669% FRN 10/20/27 (a)		300,000		283,320
CLI Funding V LLC, Series 2014-1A, Class A
3.290% 6/18/29 (a)		912,719		868,137
CLI Funding VI LLC
Series 2017-1A, Class A, 3.620% 5/18/42 (a)		768,941		632,300
Series 2019-1A, Class A, 3.710% 5/18/44 (a)		748,800		735,720
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + 0.460%
1.407% FRN 9/25/34		5,019		4,131
DB Master Finance LLC
Series 2019-1A, Class A2I, 3.787% 5/20/49 (a)		627,260		593,341
Series 2019-1A, Class A2II, 4.021% 5/20/49 (a)		740,405		685,836
Denali Capital CLO X LLC, Series 2013-1A, Class A1, 3 mo. USD LIBOR + 1.050%
2.844% FRN 10/26/27 (a)		1,850,000		1,796,940
Diamond Resorts Owner Trust
Series 2019-1A, Class A, 2.890% 2/20/32 (a)		1,242,407		1,246,358
Series 2016-1, Class A, 3.080% 11/20/28 (a)		464,210		457,782
Domino’s Pizza Master Issuer LLC
Series 2017-1A, Class A2II, 3.082% 7/25/47 (a)		2,785,875		2,739,863
Series 2018-1A, Class A2I, 4.116% 7/25/48 (a)		955,450		917,572
Elara HGV Timeshare Issuer LLC
Series 2017-A, Class A, 2.690% 3/25/30 (a)		305,119		307,080

	Principal Amount		Value
Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (b)	$	111,654	$	109,785
Series 2019-A, Class C, 3.450% 1/25/34 (a)		1,881,398		1,890,499
Elmwood CLO II Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450%
3.269% FRN 4/20/31 (a)		1,250,000		1,168,160
FCI Funding LLC, Series 2019-1A, Class A
3.630% 2/18/31 (a)		316,220		315,690
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + 1.000%
2.819% FRN 4/20/31 (a)		1,500,000		1,408,960
Global SC Finance IV Ltd., Series 2017-1A, Class A
3.850% 4/15/37 (a)		629,630		629,222
GoldentTree Loan Management US CLO 1 Ltd., Series 2017-1A, Class B1R, 3 mo. USD LIBOR + 1.450%
3.096% FRN 4/20/29 (a)		500,000		472,222
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 10/15/54 (a)		1,513,742		1,434,307
Series 2016-1A, Class A, 3.230% 10/15/52 (a)		811,576		789,720
Series 2019-1A, Class A, 3.860% 10/15/54 (a)		669,123		674,727
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (b)		1,349,109		1,372,824
Hero Funding Trust
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		865,386		849,944
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)		199,938		205,900
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		499,636		516,905
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)		164,712		171,985
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		971,348		1,009,075
Hilton Grand Vacations Trust
Series 2019-AA, Class C, 2.840% 7/25/33 (a)		1,737,012		1,743,659
Series 2017-AA, Class B, 2.960% 12/26/28 (a)		358,381		359,581
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A
4.458% 12/15/38 (a)		462,300		338,451

The accompanying notes are an integral part of the financial statements.

25

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Horizon Aircraft Finance III Ltd, Series 2019-2, Class B, ABS, 144A
4.458% 11/15/39 (a)	$	1,767,857	$	1,083,377
KDAC Aviation Finance Ltd., Series 2017-1A, Class A
4.212% 12/15/42 (a)		386,916		296,390
KREF Ltd., Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350%
2.150% FRN 6/15/36 (a)		2,600,000		2,257,862
Lendmark Funding Trust, Series 2018-1A, Class A
3.810% 12/21/26 (a)		930,000		911,677
Lunar Aircraft Ltd., Series 2020-1A, Class A
3.376% 2/15/45 (a)		857,000		599,172
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 (a)		978,090		683,772
Madison Park Funding XXIII Ltd., Series 2017-23A, Class B, 3 mo. USD LIBOR + 1.700%
3.494% FRN 7/27/30 (a)		1,000,000		919,546
Mariner Finance Issuance Trust, Series 2018-AA, Class A
4.200% 11/20/30 (a)		2,063,000		2,020,840
Marlette Funding Trust
Series 2019-2A, Class A, 3.130% 7/16/29 (a)		417,103		400,411
Series 2019-1A, Class A, 3.440% 4/16/29 (a)		106,623		105,114
Series 2019-2A, Class B, 3.530% 7/16/29 (a)		540,000		496,940
Milos CLO Ltd., Series 2017-1A, Class AR, 3 mo. USD LIBOR + 1.070%
2.757% FRN 10/20/30 (a)		1,150,000		1,083,154
Mosaic Solar Loans LLC
Series 2018-2GS, Class A, 4.200% 2/22/44 (a)		700,690		706,362
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		163,838		160,158
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BR, 3 mo. USD LIBOR + 1.250%
3.081% FRN 1/15/28 (a)		1,500,000		1,428,369
New Residential Advance Receivables Trust Advance Receivables Backed
Series 2019-T3, Class CT3, 2.710% 9/15/52 (a)		887,000		886,911
Series 2019-T4, Class DT4, 2.804% 10/15/51 (a)		1,921,000		1,920,970

	Principal Amount		Value
Series 2019-T3, Class DT3, 3.055% 9/15/52 (a)	$	1,500,000	$	1,504,544
Series 2019-T2, Class DT2, 3.060% 8/15/53 (a)		579,000		542,178
NP SPE II LLC
Series 2019-1A, Class A1, 2.574% 9/20/49 (a)		534,053		509,606
Series 2017-1A, Class A1, 3.372% 10/21/47 (a)		416,009		405,025
OCP CLO Ltd., Series 2015-8A, Class A2AR, 3 mo. USD LIBOR + 1.450%
3.286% FRN 4/17/27 (a)		2,150,000		2,076,694
OneMain Financial Issuance Trust
Series 2019-2A, Class A, 3.140% 10/14/36 (a)		3,650,000		3,594,936
Series 2019-2A, Class C, 3.660% 10/14/36 (a)		1,550,000		1,515,631
Orange Lake Timeshare Trust
Series 2016-A, Class B, 2.910% 3/08/29 (a)		492,969		484,182
Series 2019-A, Class D, 4.930% 4/09/38 (a)		1,515,683		985,372
Oxford Finance Funding Trust
Series 2020-1A, Class A2, 3.101% 2/15/28 (a)		698,000		694,614
Series 2016-1A, Class A, 3.968% 6/17/24 (a)		144,017		143,666
Palmer Square CLO Ltd., Series 2015-1A, Class A2R2, 3 mo. USD LIBOR + 1.650%
3.346% FRN 5/21/29 (a)		1,250,000		1,176,405
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A
3.967% 6/15/44 (a)		697,518		487,627
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
3.797% FRN 2/25/23 (a)		670,000		614,504
Recette Clo Ltd., Series 2015-1A, Class CR, 3 mo. USD LIBOR + 1.700%
3.519% FRN 10/20/27 (a)		700,000		648,889
Rockford Tower CLO Ltd.
Series 2017-2A, Class BR, 3 mo. USD LIBOR + 1.500% 2.754% FRN 10/15/29 (a)		1,000,000		911,251
Series 2017-1A, Class BR, 3 mo. USD LIBOR + 1.450% 3.142% FRN 4/15/29 (a)		550,000		505,525
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%
2.921% FRN 1/15/30 (a)		1,250,000		1,182,972

The accompanying notes are an integral part of the financial statements.

26

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
RR 6 Ltd., Series 2019-6A, Class A2,
3.751% FRN 4/15/30 (a) (b)	$	1,000,000	$	932,587
SBA Tower Trust, Series 2014-2A, Class C,
3.869% STEP 10/15/49 (a)		1,030,000		1,042,398
Sierra Receivables Funding LLC
Series 2016-3A, Class B, 2.630% 10/20/33 (a)		544,422		543,976
Series 2016-2A, Class B, 2.780% 7/20/33 (a)		860,728		854,100
Series 2019-3A, Class C, 3.000% 8/20/36 (a)		1,435,732		1,404,076
Series 2015-3A, Class B, 3.080% 9/20/32 (a)		36,181		35,766
Series 2019-2A, Class C, 3.120% 5/20/36 (a)		194,325		188,429
Series 2019-3A, Class D, 4.180% 8/20/36 (a)		1,053,668		1,034,936
Series 2018-1A, Class B, 4.236% 4/20/35		1,298,374		1,284,160
Series 2019-2A, Class D, 4.540% 5/20/36 (a)		802,977		779,789
Series 2019-1A, Class D, 4.750% 1/20/36 (a)		758,690		754,022
SoFi Consumer Loan Program Trust, Series 2019-3, Class D
3.890% 5/25/28 (a)		2,981,000		2,979,680
Store Master Funding I-VII, Series 2018-1A, Class A3
4.400% 10/20/48 (a)		1,241,146		1,191,782
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 0.800%
1.747% FRN 11/25/35 (a)		1,228,222		1,151,176
Taco Bell Funding LLC, Series 2018-1A, Class A2I
4.318% 11/25/48 (a)		2,291,000		2,207,931
TAL Advantage V LLC, Series 2014-2A, Class A2
3.330% 5/20/39 (a)		568,028		555,951
TAL Advantage VI LLC, Series 2017-1A, Class A
4.500% 4/20/42 (a)		886,421		896,036
TLF National Tax Lien Trust, Series 2017-1A, Class A
3.090% 12/15/29 (a)		1,074,144		1,070,535
Trafigura Securitisation Finance PLC
Series 2018-1A, Class A1, 1 mo. USD LIBOR + 0.730% 1.435% FRN 3/15/22 (a)		1,340,000		1,334,534

	Principal Amount		Value
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 2.405% FRN 12/15/20 (a)	$	670,000	$	665,900
Series 2018-1A, Class B, 4.290% 3/15/22 (a)		1,870,000		1,860,527
Treman Park CLO Ltd., Series 2015-1A, Class ARR, 3 mo. USD LIBOR + 1.070%
2.889% FRN 10/20/28 (a)		1,100,000		1,064,502
Trinity Rail Leasing LP
Series 2018-1A, Class A1, 3.820% 6/17/48 (a)		1,236,361		1,239,495
Series 2019-1A, Class A, 3.820% 4/17/49 (a)		1,601,882		1,490,714
Trip Rail Master Funding LLC
Series 2017-1A, Class A1, 2.709% 8/15/47 (a)		203,490		201,249
Series 2011-1A, Class A2, 6.024% 7/15/41 (a)		2,246,612		2,323,177
Triton Container Finance IV LLC, Series 2017-2A, Class A
3.620% 8/20/42 (a)		1,886,718		1,893,811
Triton Container Finance VI LLC, Series 2018-2A, Class A
4.190% 6/22/43 (a)		1,221,000		1,212,253
VSE VOI Mortgage LLC
Series 2016-A, Class B, 2.740% 7/20/33 (a)		447,169		443,069
Series 2018-A, Class C, 4.020% 2/20/36 (a)		496,577		514,151
Welk Resorts LLC
Series 2015-AA, Class A, 2.790% 6/16/31 (a)		111,124		109,248
Series 2017-AA, Class B, 3.410% 6/15/33 (a)		766,846		752,300
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 (a)		641,006		447,756
				114,914,242
Student Loans ABS — 11.2%
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%
2.447% FRN 7/25/58 (a)		530,000		461,798
AccessLex Institute, Series 2003-A, Class A3, 3 mo. CMT + 1.200%
1.220% FRN 7/01/38		20,866		20,845
College Avenue Student Loans LLC
Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 2.147% FRN 12/26/47 (a)		1,340,026		1,245,278

The accompanying notes are an integral part of the financial statements.

27

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2019-A, Class B, 3.810% 12/28/48 (a)	$	1,038,000	$	990,680
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%
2.321% FRN 1/15/37		529,805		459,130
Commonbond Student Loan Trust
Series 2016-B, Class A1, 2.730% 10/25/40 (a)		275,591		273,406
Series 2019-AGS, Class B, 3.040% 1/25/47 (a)		1,578,000		1,511,570
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)		237,949		229,218
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)		161,719		157,035
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)		170,715		163,198
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)		273,918		264,744
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B
2.500% 1/25/30 (a)		190,856		186,853
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050%
2.997% FRN 2/26/35 (a)		218,188		204,994
ECMC Group Student Loan Trust, Series 2018-2A, Class A, 1 mo. USD LIBOR + 0.800%
1.747% FRN 9/25/68 (a)		1,882,221		1,635,770
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150%
3.600% FRN 12/01/47 (a)		1,484,369		1,468,604
ELFI Graduate Loan Program LLC, Series 2018-A, Class B
4.000% 8/25/42 (a)		630,000		620,574
Laurel Road Prime Student Loan Trust
Series 2017-C, Class B, 2.950% 11/25/42 (a)		471,765		452,370
Series 2019-A, Class BFX, 3.000% 10/25/48 (a)		650,000		648,656
Series 2017-B, Class CFX, 3.610% 8/25/42 (a)		504,875		483,659
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)		607,705		599,194
Navient Student Loan Trust
Series 2018-2A, Class A3, 1 mo. USD LIBOR + 0.750% 1.697% FRN 3/25/67 (a)		1,830,000		1,711,505
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800% 1.747% FRN 3/25/67 (a)		2,500,000		2,449,880

	Principal Amount		Value
Series 2019-2A, Class A2, 1 mo. USD LIBOR + 1.000% 1.947% FRN 2/27/68 (a)	$	919,000	$	864,951
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 2.097% FRN 3/25/66 (a)		1,458,708		1,278,494
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 2.097% FRN 7/26/66 (a)		1,800,000		1,570,931
Nelnet Private Education Loan Trust
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 2.697% FRN 12/26/40 (a)		199,958		189,086
Series 2016-A, Class A1B, 3.600% 12/26/40 (a)		239,452		239,500
Nelnet Student Loan Trust
Series 2018-3A, Class A3, 1 mo. USD LIBOR + 0.750% 1.697% FRN 9/27/66 (a)		1,950,000		1,897,948
Series 2007-2A, Class A4A2, 28 day ARS 2.061% FRN 6/25/35 (a)		2,800,000		2,431,794
Series 2018-5A, Class B, 1 mo. USD LIBOR + 1.450% 2.397% FRN 2/25/67 (a)		1,000,000		938,427
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/54 (a)		395,000		368,448
SLC Student Loan Trust, Series 2005-3, Class B, 3 mo. USD LIBOR + 0.250%
0.991% FRN 6/15/55		1,307,352		1,148,997
SLM Student Loan Trust
Series 2006-2, Class R, 0.000% 1/25/41		3,391		1,695,500
Series 2003-11, Class B, 3 mo. USD LIBOR + 0.650% 1.391% FRN 12/15/38		378,181		335,453
Series 2006-7, Class B, 3 mo. USD LIBOR + 0.200% 1.994% FRN 1/27/42		3,082,898		2,715,141
Series 2005-6, Class B, 3 mo. USD LIBOR + 0.290% 2.084% FRN 1/25/44		1,335,697		1,182,569
Series 2005-9, Class B, 3 mo. USD LIBOR + 0.300% 2.094% FRN 1/25/41		982,783		865,015
Series 2005-8, Class B, 3 mo. USD LIBOR + 0.310% 2.104% FRN 1/25/55		479,794		426,316
SMB Private Education Loan Trust
Series 2018-C, Class A2B, 1 mo. USD LIBOR + 0.750% 1.455% FRN 11/15/35 (a)		1,200,000		1,056,526

The accompanying notes are an integral part of the financial statements.

28

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2019-A, Class A2B, 1 mo. USD LIBOR + 0.870% 1.575% FRN 7/15/36 (a)	$	1,211,000	$	1,066,161
Series 2019-B, Class A2B, 1 mo. USD LIBOR + 1.000% 1.705% FRN 6/15/37 (a)		3,400,000		2,958,213
Series 2016-B, Class A2B, 1 mo. USD LIBOR + 1.450% 2.155% FRN 2/17/32 (a)		277,551		249,919
Series 2015-C, Class A3, 1 mo. USD LIBOR + 1.950% 2.655% FRN 8/16/32 (a)		1,350,000		1,311,126
SoFi Alternative Trust, Series 2019-C, Class PT,
6.163% VRN 1/25/45 (a) (b)		2,879,136		3,035,202
SoFi Professional Loan Program LLC
Series 2015-A, Class RC, 0.000% 3/25/33 (a)		500		412,500
Series 2017-D, Class R1, 0.000% 9/25/40 (a)		2,333,800		1,090,748
Series 2018-A, Class R1, 0.000% 2/25/42 (a)		1,928,100		1,354,490
Series 2018-B, Class R1, 0.000% 8/26/47 (a)		1,727,800		901,332
Series 2018-D, Class R1, 0.000% 2/25/48 (a)		2,069,700		714,047
Series 2019-A, Class R1, 0.000% 6/15/48 (a)		3,162,200		965,303
Series 2016-C, Class A2B, 2.360% 12/27/32 (a)		149,576		145,061
				49,648,159
WL Collateral CMO — 7.2%
Angel Oak Mortgage Trust
Series 2018-3, Class A3, 3.238% VRN 5/25/59 (a) (b)		2,156,589		2,091,127
Series 2019-6, Class M1, 3.389% VRN 11/25/59 (a) (b)		1,900,000		1,577,265
Series 2017-3, Class M1, 3.900% VRN 11/25/47 (a) (b)		650,000		597,407
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
4.615% VRN 8/25/34 (b)		25,831		23,165
Citigroup Mortgage Loan Trust
Series 2019-IMC1, Class A3, 3.030% VRN 7/25/49 (a) (b)		1,141,216		1,118,255
Series 2019-IMC1, Class M1, 3.170% VRN 7/25/49 (a) (b)		1,798,000		1,448,547
Countrywide Home Loans, Inc.
Series 2004-2, Class 1A1, 3.722% VRN 2/25/34 (b)		22,709		20,243
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (b)		4,861		4,521

	Principal Amount		Value
Deephaven Residential Mortgage Trust
Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (b)	$	490,102	$	469,740
Series 2019-4A, Class M1, 3.484% VRN 10/25/59 (a) (b)		1,300,000		1,089,045
Series 2018-2A, Class A3, 3.684% VRN 4/25/58 (a) (b)		1,183,861		1,123,838
Series 2018-3A, Class A3, 3.963% VRN 8/25/58 (a) (b)		300,466		285,796
Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (b)		1,121,004		1,071,626
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1,
4.304% VRN 8/25/34 (b)		7,306		7,063
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A,
3.885% VRN 8/25/34 (b)		46,236		39,740
JP Morgan Mortgage Trust
Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)		681,627		689,671
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)		1,165,557		1,179,446
Series 2018-4, Class A15, 3.500% VRN 10/25/48 (a) (b)		814,330		803,575
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)		979,936		991,940
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A1, Class IA, 3.250% VRN 2/25/34 (b)		2,452		2,194
Series 2004-A1, Class IIA2, 3.869% VRN 2/25/34 (b)		75,717		67,341
Series 2003-A4, Class IA, 4.678% VRN 7/25/33 (b)		2,471		2,191
New Residential Mortgage Loan Trust
Series 2016-4A, Class A1, 3.750% VRN 11/25/56 (a) (b)		617,514		632,990
Series 2019-NQM2, Class A3, 3.752% VRN 4/25/49 (a) (b)		749,883		706,286
Series 2019-NQM1, Class A3, 3.928% VRN 1/25/49 (a) (b)		1,323,454		1,259,371
PSMC Trust
Series 2018-1, Class A3, 3.500% VRN 2/25/48 (a) (b)		1,126,734		1,104,370
Series 2018-2, Class A3, 3.500% VRN 6/25/48 (a) (b)		1,057,870		1,037,299
Sequoia Mortgage Trust
Series 2015-1, Class A6, 2.500% VRN 1/25/45 (a) (b)		630,840		613,332
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b)		1,233,947		1,221,663
Series 2018-5, Class A4, 3.500% VRN 5/25/48 (a) (b)		825,157		811,779

The accompanying notes are an integral part of the financial statements.

29

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (b)	$	611,581	$	608,050
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b)		1,178,873		1,160,416
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b)		644,582		638,380
Series 2018-7, Class A4, 4.000% VRN 9/25/48 (a) (b)		264,790		263,850
Series 2019-1, Class A4, 4.000% VRN 2/25/49 (a) (b)		147,177		144,028
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,
2.916% VRN 9/27/49 (a) (b)		1,416,950		1,343,608
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A,
3.854% VRN 3/25/34 (b)		25,614		23,021
TIAA Bank Mortgage Loan Trust, Series 2018-2, Class A4,
3.500% VRN 7/25/48 (a) (b)		499,033		486,709
Verus Securitization Trust
Series 2020-1, Class M1, 3.021% VRN 1/25/60 (a) (b)		2,551,000		2,031,080
Series 2019-4, Class M1, 3.207% VRN 11/25/59 (a) (b)		1,100,000		888,398
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (b)		1,614,410		1,571,717
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (b)		667,000		528,961
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%
3.366% FRN 4/25/44		64,505		57,761
				31,836,805
WL Collateral Support CMO — 0.4%
OBX Trust, Series 2020-INV1, Class A21,
3.500% VRN 12/25/49 (a) (b)		1,830,976		1,901,640
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $271,832,342)				255,090,125

	Principal Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 0.5%
Collateralized Mortgage Obligations — 0.1%
Government National Mortgage Association (b) Series 2014-131, Class BW 4.047% 5/20/41	$	281,639	$	291,977
Pass-Through Securities — 0.1%
Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.217% 3.977% 3/01/37		136,994		143,669
Federal National Mortgage Association
Pool #888586 1 year CMT + 2.196% 4.328% FRN 10/01/34		100,200		105,083
Pool #725692 1 year CMT + 2.138% 4.355% FRN 10/01/33		39,570		41,498
Pool #775539 12 mo. USD LIBOR + 1.636% 4.511% FRN 5/01/34		32,672		34,076
Pool #844564 5.500% 12/01/20		6,158		6,211
Government National Mortgage Association Pool #507545 7.500% 8/15/29		25,183		29,077
				359,614
Whole Loans — 0.3%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050%
2.997% FRN 7/25/49 (a)		385,830		323,585
Federal National Mortgage Association Connecticut Avenue Securities Trust
Series 2018-C05, Class 1M1, 1 mo. USD LIBOR + 0.720% 1.667% FRN 1/25/31		188,789		187,530
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 3.097% FRN 9/25/31 (a)		132,800		113,268
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 3.247% FRN 8/25/31 (a)		871,407		747,184
				1,371,567
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,226,520)				2,023,158

The accompanying notes are an integral part of the financial statements.

30

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bonds & Notes — 0.4%
U.S. Treasury Note
8.000% 11/15/21 (c)	$	1,720,000	$	1,936,832
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,962,681)				1,936,832
TOTAL BONDS & NOTES (Cost $458,229,726)				433,809,768
TOTAL PURCHASED OPTIONS (#) — 0.1% (Cost $609,046)				366,916
TOTAL LONG-TERM INVESTMENTS (Cost $458,838,772)				434,176,684
SHORT-TERM INVESTMENTS — 3.1%
Commercial Paper — 3.1%
Boeing Co.
2.059% 5/20/20 (a)		4,000,000		3,978,794
General Electric Co.
1.874% 5/11/20		500,000		498,121
1.905% 5/04/20		500,000		498,442
Harley-Davidson, Inc.
2.282% 4/02/20 (a)		2,000,000		1,999,819
VW Credit, Inc.
1.826% 6/12/20 (a)		5,000,000		4,966,542
WRKCO, Inc.
1.827% 4/01/20 (a)		2,000,000		1,999,861
				13,941,579
TOTAL SHORT-TERM INVESTMENTS (Cost $13,969,098)				13,941,579
TOTAL INVESTMENTS — 100.7% (Cost $472,807,870) (d)				448,118,263
Other Assets/(Liabilities) — (0.7)%				(3,250,057	)
NET ASSETS — 100.0%			$	444,868,206

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

FRN Floating Rate Note

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

STEP Step Up Bond

VRN Variable Rate Note

WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $286,284,256 or 64.35% of net assets.

(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2020.

(c) A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(d) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

31

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

(#) Interest Rate Swaptions Purchased

					Paid by Fund					Received by Fund
Description	Counterparty	Expiration Date			Rate		Frequency			Rate		Frequency		Notional Amount			Value		Premium Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*		12/13/32	3-Month USD LIBOR BBA				Quarterly			2.44%		Semi-Annually		USD	800,000	$	128,960	$	39,994	$	88,966
Put
10-Year Interest Rate Swap, 2/02/43	Credit Suisse International*		1/31/33			3.11%		Semi-Annually	3-Month USD LIBOR BBA				Quarterly		USD	11,880,000	$	237,956	$	569,052	$	(331,096	)
																	$	366,916	$	609,046	$	(242,130	)

* Contracts are subject to a Master Netting Agreement.

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Note 10 Year		6/19/20		351	$	46,250,856		$	2,428,457
Short
90 Day Eurodollar		6/15/20		5	$	(1,218,453	)	$	(24,985	)
U.S. Treasury Ultra 10 Year		6/19/20		201		(29,340,649	)		(2,021,632	)
U.S. Treasury Note 2 Year		6/30/20		419		(90,742,870	)		(1,597,528	)
U.S. Treasury Note 5 Year		6/30/20		1,152		(138,794,435	)		(5,619,565	)
90 Day Eurodollar		9/14/20		5		(1,218,984	)		(26,579	)
90 Day Eurodollar		12/14/20		5		(1,218,921	)		(26,829	)
90 Day Eurodollar		3/15/21		4		(975,487	)		(21,663	)
90 Day Eurodollar		9/13/21		8		(1,951,273	)		(42,627	)
90 Day Eurodollar		3/14/22		7		(1,706,840	)		(37,123	)
90 Day Eurodollar		9/19/22		6		(1,462,405	)		(31,295	)
90 Day Eurodollar		3/13/23		5		(1,217,920	)		(25,830	)
90 Day Eurodollar		12/18/23		7		(1,703,515	)		(35,898	)
90 Day Eurodollar		12/16/24		19		(4,618,124	)		(95,776	)
								$	(9,607,330	)

The accompanying notes are an integral part of the financial statements.

32

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

Centrally Cleared Credit Default Swaps- Buy Protection

Reference Obligation/Index	Rate Paid by Fund		Payment Frequency		Termination Date		Notional Amount			Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG Series 34†		1.000%		Quarterly		6/20/25		USD	2,000,000	$	13,312	$	7,103	$	6,209
CDX.NA.IG Series 34†		1.000%		Quarterly		6/20/25		USD	2,200,000		7,641		9,567		(1,926	)
										$	20,953	$	16,670	$	4,283

† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

Currency Legend

USD U.S. Dollar

Country weightings, as a percentage of net assets, is as follows:

United States	80.6	%
Cayman Islands	7.6	%
Ireland	1.7	%
United Kingdom	1.5	%
Netherlands	1.2	%
Bermuda	1.1	%
Japan	0.9	%
Luxembourg	0.8	%
Canada	0.7	%
Switzerland	0.5	%
Sweden	0.5	%
Australia	0.3	%
Spain	0.2	%
Total Long-Term Investments	97.6	%
Short-Term Investments and Other Assets and Liabilities	2.4	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

33

MassMutual Premier Inflation-Protected and Income Fund — Portfolio of Investments

March 31, 2020 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 74.9%
CORPORATE DEBT — 0.9%
Pharmaceuticals — 0.3%
Becton Dickinson and Co. 3 mo. USD LIBOR + 0.875%
2.250% FRN 12/29/20	$	1,020,000	$	985,575
Real Estate Investment Trusts (REITS) — 0.6%
SBA Tower Trust
3.156% 10/10/45 (a)		2,000,000		1,997,058
TOTAL CORPORATE DEBT (Cost $2,310,158)				2,982,633
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 50.8%
Auto Floor Plan ABS — 1.0%
NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A1, 1 mo. USD LIBOR + .680%
1.385% FRN 10/17/22 (a)		3,300,000		3,127,600
Automobile ABS — 9.6%
Avis Budget Rental Car Funding AESOP LLC
Series 2019-1A, Class C, 4.530% 3/20/23 (a)		322,000		317,392
Series 2016-1A, Class C, 4.940% 6/20/22 (a)		1,150,000		1,135,784
Exeter Automobile Receivables Trust, Series 2019-3A, Class A
2.590% 9/15/22 (a)		412,644		410,155
Hertz Vehicle Financing II LP
Series 2016-4A, Class B, 3.290% 7/25/22 (a)		2,000,000		1,989,736
Series 2017-1A, Class B, 3.560% 10/25/21 (a)		2,430,000		2,355,904
Series 2019-1A, Class B, 4.100% 3/25/23 (a)		2,000,000		1,543,994
Series 2015-3A, Class D, 5.330% 9/25/21 (a)		2,232,000		2,019,686
OneMain Direct Auto Receivables Trust
Series 2017-2A, Class C, 2.820% 7/15/24 (a)		8,300,000		8,160,811
Series 2017-2A, Class E, 4.740% 11/14/25 (a)		900,000		889,442
Tesla Auto Lease Trust, Series 2018-B, Class A
3.710% 8/20/21 (a)		5,947,202		5,966,482

	Principal Amount		Value
World Omni Auto Receivables Trust, Series 2019-C, Class A2B, 1 mo. USD LIBOR + .230%
0.935% FRN 2/15/23	$	6,000,000	$	5,846,377
				30,635,763
Commercial MBS — 2.3%
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
2.205% FRN 7/15/35 (a)		1,150,000		919,875
BX Commercial Mortgage Trust
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 2.305% FRN 12/15/36 (a)		1,200,000		1,055,970
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 2.405% FRN 11/15/35 (a)		1,449,000		1,322,206
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.705% FRN 10/15/36 (a)		2,340,731		2,012,960
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%
2.455% FRN 12/15/37 (a)		250,836		217,133
DBJPM 17-C6 Mortgage Trust, Series 2017-C6, Class A1
1.907% 6/10/50		647,215		642,875
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM,
5.513% VRN 7/10/38 (b)		113,480		112,957
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 1 mo. USD LIBOR + 1.000%
1.705% FRN 6/15/32 (a)		893,494		805,200
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
2.505% FRN 5/15/36 (a)		389,000		303,609
				7,392,785
Other ABS — 14.6%
321 Henderson Receivables LLC
Series 2006-2A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 6/15/41 (a)		887,354		828,594
Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 0.905% FRN 9/15/41 (a)		108,459		106,299
Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% 0.905% FRN 3/15/42 (a)		455,368		439,355

The accompanying notes are an integral part of the financial statements.

34

MassMutual Premier Inflation-Protected and Income Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
AASET Trust
Series 2017-1A, Class A, 3.967% 5/16/42 (a)	$	130,470	$	102,509
Series 2018-2A, Class A, 4.454% 11/18/38 (a)		1,297,808		1,030,499
AIMCO CLO, Series 2015-AA, Class AR, 3 mo. USD LIBOR + .850%
2.681% FRN 1/15/28 (a)		1,450,000		1,373,149
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R10, Class M1, 1 mo. USD LIBOR + .410%
1.357% FRN 1/25/36		1,023,781		1,019,407
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.150%
1.855% FRN 6/15/28 (a)		920,000		842,441
Avant Loans Funding Trust, Series 2019-B, Class A
2.720% 10/15/26 (a)		1,572,459		1,530,431
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.100%
2.894% FRN 4/25/26 (a)		473,304		468,802
Carlyle Global Market Strategies CLO Ltd., Series 2013-2A, Class AR, 3 mo. USD LIBOR + .890%
2.709% FRN 1/18/29 (a)		1,880,000		1,816,531
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH3, Class M1, 1 mo. USD LIBOR + .290%
1.237% FRN 10/25/36		1,309,033		1,293,409
CLI Funding V LLC, Series 2013-1A, Class Note
2.830% 3/18/28 (a)		1,047,939		1,031,615
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + 0.460%
1.407% FRN 9/25/34		3,085		2,540
KREF Ltd.
Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350% 2.150% FRN 6/15/36 (a)		1,520,000		1,319,981
Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.550% 3.350% FRN 6/15/36 (a)		2,110,000		1,371,545
LCM XVIII LP, Series 19A, Class AR, 3 mo. USD LIBOR + 1.240%
3.071% FRN 7/15/27 (a)		1,200,000		1,175,141

	Principal Amount		Value
Lendmark Funding Trust, Series 2018-1A, Class A
3.810% 12/21/26 (a)	$	410,000	$	401,922
Magnetite XVIII Ltd., Series 2016-18A, Class AR, 3 mo. USD LIBOR + 1.080%
2.772% FRN 11/15/28 (a)		3,000,000		2,888,196
Marlette Funding Trust, Series 2019-3A, Class A
2.690% 9/17/29 (a)		3,088,690		2,917,068
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + .800%
2.631% FRN 1/15/28 (a)		1,500,000		1,437,835
NP SPE II LLC, Series 2019-1A, Class A1
2.574% 9/20/49 (a)		339,684		324,134
OCP CLO Ltd., Series 2015-10A, Class A1R, 3 mo. USD LIBOR + .820%
2.614% FRN 10/26/27 (a)		1,191,845		1,136,637
Orange Lake Timeshare Trust
Series 2014-AA, Class A, 2.290% 7/09/29 (a)		642,146		632,456
Series 2016-A, Class A, 2.610% 3/08/29 (a)		861,179		828,751
Oxford Finance Funding Trust, Series 2016-1A, Class A
3.968% 6/17/24 (a)		82,296		82,095
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
3.797% FRN 2/25/23 (a)		270,000		247,636
Sierra Receivables Funding LLC
Series 2019-3A, Class C, 3.000% 8/20/36 (a)		2,572,353		2,515,636
Series 2019-1A, Class C, 3.770% 1/20/36 (a)		689,718		682,171
Series 2019-3A, Class D, 4.180% 8/20/36 (a)		645,282		633,810
Series 2018-1A, Class B, 4.236% 4/20/35		706,468		698,734
Series 2019-1A, Class D, 4.750% 1/20/36 (a)		442,569		439,846
SoFi Consumer Loan Program Trust
Series 2017-4, Class A, 2.500% 5/26/26 (a)		485,296		450,805
Series 2017-6, Class A2, 2.820% 11/25/26 (a)		3,336,204		3,180,069
Series 2016-1A, Class A, 3.260% 8/25/25 (a)		2,472,569		2,459,490
Series 2017-2, Class A, 3.280% 2/25/26 (a)		966,310		962,210

The accompanying notes are an integral part of the financial statements.

35

MassMutual Premier Inflation-Protected and Income Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Textainer Marine Containers VII Ltd., Series 2018-1A, Class A
4.110% 7/20/43 (a)	$	704,000	$	714,941
Trafigura Securitisation Finance PLC
Series 2017-1A, Class A1, 1 mo. USD LIBOR + .850% 1.555% FRN 12/15/20 (a)		2,600,000		2,592,283
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 2.405% FRN 12/15/20 (a)		1,250,000		1,242,350
Series 2017-1A, Class A2, 2.470% 12/15/20 (a)		230,000		229,703
Series 2018-1A, Class A2, 3.730% 3/15/22 (a)		1,000,000		1,022,051
Verizon Owner Trust., Series 2018-1A, Class A1A
2.820% 9/20/22 (a)		1,800,000		1,778,126
				46,251,203
Student Loans ABS — 14.6%
Access Group Inc., Series 2004-A, Class A3, 28 day ARS,
1.699% FRN 7/01/39		800,000		787,228
AccessLex Institute, Series 2005-1, Class B, 3 mo. USD LIBOR + .570%
1.765% FRN 9/22/37		381,055		340,126
Brazos Higher Education Authority, Inc., Series 2006-2, Class B2
2.363% 6/25/42		1,050,000		969,035
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100%
2.061% FRN 6/28/39		3,100,254		2,672,977
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%
2.321% FRN 1/15/37		339,075		293,843
Commonbond Student Loan Trust, Series 2018-CGS, Class C
4.350% 2/25/46 (a)		85,358		81,599
DRB Prime Student Loan Trust
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 2.847% FRN 10/25/44 (a)		1,528,310		1,509,557
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 2.947% FRN 4/25/40 (a)		312,790		294,344
ECMC Group Student Loan Trust
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 2.147% FRN 12/27/66 (a)		1,335,479		1,182,691

	Principal Amount		Value
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 2.297% FRN 7/26/66 (a)	$	1,427,741	$	1,248,052
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, PRIME - 1.150%
3.600% FRN 12/01/47 (a)		463,865		458,939
Edsouth Indenture, No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500%
2.447% FRN 12/25/58 (a)		750,000		711,504
Education Loan Asset-Backed Trust I, Series 2013-1, Class A1, 1 mo. USD LIBOR + .800%
1.747% FRN 6/25/26 (a)		389,718		363,199
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750%
1.697% FRN 8/25/42 (a)		1,637,723		1,521,882
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700%
2.379% FRN 8/25/48 (a)		217,051		203,492
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350%
2.145% FRN 6/28/39 (a)		307,576		271,332
Laurel Road Prime Student Loan Trust
Series 2017-C, Class A1, 1.497% FRN 11/25/42 (a) (b)		109,660		102,319
Series 2019-A, Class A1FX, 2.340% 10/25/48 (a)		1,475,397		1,373,745
Series 2018-B, Class A2FX, 3.540% 5/26/43 (a)		4,703,176		4,431,848
Navient Student Loan Trust
Series 2019-2A, Class A2, 1 mo. USD LIBOR + 1.000% 1.947% FRN 2/27/68 (a)		2,758,000		2,595,795
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 2.097% FRN 3/25/66 (a)		1,525,013		1,336,607
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 2.197% FRN 6/25/65 (a)		1,607,500		1,470,204
Series 2019-3A, Class B, 1 mo. USD LIBOR + 1.550% 2.497% FRN 7/25/68 (a)		2,550,000		1,946,837
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%
2.697% FRN 12/26/40 (a)		176,279		166,695

The accompanying notes are an integral part of the financial statements.

36

MassMutual Premier Inflation-Protected and Income Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Nelnet Student Loan Trust
Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 1.365% FRN 3/23/37	$	523,365	$	502,430
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 1.466% FRN 6/25/41		261,698		227,817
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 1.994% FRN 1/25/38		428,864		370,442
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 2.144% FRN 10/25/40		695,228		623,267
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/41 (a)		295,000		278,870
Northstar Education Finance, Inc., 3 mo. USD LIBOR + 0.000%
1.894% FRN 4/28/30		273,575		260,858
SLC Student Loan Trust
Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 0.971% FRN 12/15/39		336,641		297,531
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 1.021% FRN 3/15/40		1,126,572		988,204
SLM Student Loan Trust
Series 2003-11, Class B, 3 mo. USD LIBOR + 0.650% 1.391% FRN 12/15/38		257,851		228,718
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 1.994% FRN 1/25/70		219,012		195,154
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.004% FRN 10/25/40		270,728		241,762
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 2.014% FRN 1/25/41		318,794		285,537
Series 2005-8, Class B, 3 mo. USD LIBOR + 0.310% 2.104% FRN 1/25/55		287,876		255,789
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 2.264% FRN 10/25/64		223,171		197,888
SMB Private Education Loan Trust
Series 2019-A, Class A1, 1 mo. USD LIBOR + .350% 1.055% FRN 2/16/26 (a)		932,750		884,335
Series 2019-A, Class A2B, 1 mo. USD LIBOR + 0.870% 1.575% FRN 7/15/36 (a)		1,740,000		1,531,891

	Principal Amount		Value
SoFi Alternative Trust, Series 2019-C, Class PT,
6.163% VRN 1/25/45 (a) (b)	$	1,669,064	$	1,759,538
SoFi Professional Loan Program LLC
Series 2019-C, Class A1FX, 2.130% 11/16/48 (a)		1,770,892		1,667,473
Series 2016-B, Class A2B, 2.740% 10/25/32 (a)		5,822,754		5,644,585
Series 2018-D, Class A2FX, 3.600% 2/25/48 (a)		2,540,000		2,488,377
South Carolina Student Loan Corp., Series 2010-1, Class A2, 3 mo. USD LIBOR + 1.000%
2.794% FRN 7/25/25		1,134,855		1,134,855
				46,399,171
WL Collateral CMO — 8.7%
Angel Oak Mortgage Trust, Series 2018-3, Class A3,
3.238% VRN 5/25/59 (a) (b)		927,333		899,184
BRAVO Residential Funding Trust, Series 2019-NQM1, Class A1,
2.666% VRN 7/25/59 (a) (b)		7,814,788		7,602,351
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%
2.577% FRN 8/25/49 (a)		3,646,131		3,345,345
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A3,
3.030% VRN 7/25/49 (a) (b)		1,017,986		997,504
Deephaven Residential Mortgage Trust
Series 2019-2A, Class A1, 3.558% VRN 4/25/59 (a) (b)		822,987		788,301
Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (b)		1,201,797		1,148,860
JP Morgan Mortgage Trust
Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)		309,830		313,487
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)		472,980		478,616
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)		414,139		419,213
New Residential Mortgage Loan Trust
Series 2019-NQM2, Class A3, 3.752% VRN 4/25/49 (a) (b)		417,792		393,502
Series 2019-NQM1, Class A3, 3.928% VRN 1/25/49 (a) (b)		844,758		803,854
Onslow Bay Financial LLC, Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950%
1.897% FRN 2/25/60 (a)		1,881,343		1,818,941
PSMC Trust, Series 2018-1, Class A3,
3.500% VRN 2/25/48 (a) (b)		429,232		420,712

The accompanying notes are an integral part of the financial statements.

37

MassMutual Premier Inflation-Protected and Income Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Sequoia Mortgage Trust, Series 2018-3, Class A4,
3.500% VRN 3/25/48 (a) (b)	$	370,184	$	366,499
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,
2.916% VRN 9/27/49 (a) (b)		1,077,428		1,021,659
Verus Securitization Trust
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (b)		785,388		764,619
Series 2019-1, Class A1, 3.836% VRN 2/25/59 (a) (b)		2,333,548		2,224,636
Series 2019-1, Class A3, 4.040% VRN 2/25/59 (a) (b)		4,060,403		3,889,624
				27,696,907
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $170,430,318)				161,503,429
U.S. TREASURY OBLIGATIONS — 23.2%
U.S. Treasury Bonds & Notes — 23.2%
U.S. Treasury Inflation Index
0.125% 1/15/23		2,005,877		1,981,696
0.125% 7/15/24		2,362,724		2,367,763
0.125% 10/15/24		11,310,188		11,448,032
0.125% 7/15/26		4,487,254		4,527,061
0.125% 1/15/30		3,408,670		3,509,571
0.250% 1/15/25		3,049,256		3,076,633
0.250% 7/15/29		2,672,234		2,774,546
0.375% 7/15/25 (c)		3,480,608		3,550,125
0.375% 1/15/27		2,562,744		2,622,423
0.500% 4/15/24		3,528,384		3,579,351
0.500% 1/15/28		2,300,540		2,395,956
0.625% 4/15/23		3,759,153		3,786,533
0.625% 1/15/24		829,103		842,628
0.625% 1/15/26		3,690,870		3,812,219
0.625% 2/15/43		931,185		1,022,281
0.750% 7/15/28		3,000,534		3,208,725
0.750% 2/15/42		1,255,672		1,406,267
0.750% 2/15/45		3,384,693		3,869,699
0.875% 1/15/29		2,758,131		2,995,975
0.875% 2/15/47		747,985		890,433
1.000% 2/15/49		2,567,750		3,190,149
1.375% 2/15/44		553,375		709,305
1.750% 1/15/28		1,477,476		1,679,623
2.000% 1/15/26		1,819,426		2,023,796
2.125% 2/15/40		835,373		1,167,017

	Principal Amount		Value
2.125% 2/15/41	$	954,059	$	1,328,369
				73,766,176
TOTAL U.S. TREASURY OBLIGATIONS (Cost $71,039,612)				73,766,176
TOTAL BONDS & NOTES (Cost $243,780,088)				238,252,238
TOTAL PURCHASED OPTIONS (#) — 0.2% (Cost $1,137,772)				662,150
TOTAL LONG-TERM INVESTMENTS (Cost $244,917,860)				238,914,388
SHORT-TERM INVESTMENTS — 24.5%
Commercial Paper — 22.9%
Bemis Co., Inc.
1.676% 4/17/20 (a)		1,600,000		1,597,557
1.859% 4/02/20 (a)		2,400,000		2,399,671
Boeing Co.
2.109% 11/10/20 (a)		4,000,000		3,856,142
British Aerospace Pub Ltd. Co.
1.842% 9/08/20 (a)		4,000,000		3,942,756
Carnival Corp.
2.151% 8/25/20 (a)		4,000,000		3,894,323
Dominion Resources
1.865% 5/27/20		4,000,000		3,979,100
Dupont De Nemours, Inc.
1.841% 4/01/20 (a)		2,200,000		2,199,730
4.093% 6/22/20 (a)		4,000,000		3,970,314
Ei Dupont
1.730% 5/22/20 (a)		1,800,000		1,791,501
1.832% 4/08/20 (a)		2,200,000		2,198,136
Enbridge (us), Inc.
2.039% 4/15/20 (a)		700,000		699,052
2.040% 4/30/20 (a)		3,300,000		3,290,925
Entergy Corp.
1.825% 6/15/20 (a)		4,000,000		3,985,163
Fortive Corp.
2.551% 6/11/20 (a)		2,000,000		1,986,800
Marriott Internation
1.844% 9/28/20 (a)		4,000,000		3,935,644
Mondelez Intl, Inc.
1.792% 5/18/20 (a)		2,843,000		2,830,491
Moodys Corp.
1.988% 6/18/20 (a)		4,000,000		3,988,589

The accompanying notes are an integral part of the financial statements.

38

MassMutual Premier Inflation-Protected and Income Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Nextera Energy Cap Hldgs, Inc.
1.873% 4/13/20 (a)	$	1,900,000	$	1,897,847
1.874% 4/15/20 (a)		2,100,000		2,097,156
Nutrien Ltd.
1.904% 9/16/20 (a)		4,000,000		3,939,911
Reckitt Benckiser Treas
1.843% 9/14/20 (a)		3,500,000		3,473,697
Rogers Communications
1.391% 4/13/20 (a)		2,100,000		2,097,626
Sempra Energy Holdings
1.810% 4/08/20 (a)		4,000,000		3,997,461
Suncor Energy, Inc.
1.854% 4/30/20 (a)		2,000,000		1,994,500
1.915% 4/20/20 (a)		1,000,000		998,218
Transcanada Pipelines Ltd.
1.885% 4/29/20 (a)		1,300,000		1,296,556
1.977% 4/08/20 (a)		700,000		699,556
				73,038,422
Repurchase Agreement — 1.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (d)		5,023,196		5,023,196
TOTAL SHORT-TERM INVESTMENTS (Cost $78,330,191)				78,061,618
TOTAL INVESTMENTS — 99.6% (Cost $323,248,051) (e)				316,976,006
Other Assets/(Liabilities) — 0.4%				1,122,767
NET ASSETS — 100.0%			$	318,098,773

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

FRN Floating Rate Note

MBS Mortgage-Backed Security

VRN Variable Rate Note

WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $212,070,049 or 66.67% of net assets.

(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2020.

(c) A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(d) Maturity value of $5,023,196. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $5,123,670.

(e) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

39

MassMutual Premier Inflation-Protected and Income Fund — Portfolio of Investments (Continued)

(#) Interest Rate Swaptions Purchased

				Paid by Fund				Received by Fund
Description	Counterparty	Expiration Date		Rate		Frequency		Rate		Frequency		Notional Amount			Value		Premium Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*		12/13/32		3-Month USD LIBOR BBA		Quarterly		2.44%		Semi-Annually		USD	1,219,750	$	196,624	$	60,978	$	135,646
Put
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*		12/13/32		2.94%		Semi-Annually		3-Month USD LIBOR BBA		Quarterly		USD	14,190,000	$	311,896	$	709,401	$	(397,505	)
10-Year Interest Rate Swap, 2/02/43	Credit Suisse International*		1/31/33		3.11%		Semi-Annually		3-Month USD LIBOR BBA		Quarterly		USD	7,670,000		153,630		367,393		(213,763	)
																465,526		1,076,794		(611,268	)
															$	662,150	$	1,137,772	$	(475,622	)

* Contracts are subject to a Master Netting Agreement.

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra 10 Year		6/19/20		1	$	152,894		$	3,137
U.S. Treasury Note 2 Year		6/30/20		51		11,041,566			197,957
								$	201,094
Short
U.S. Treasury Long Bond		6/19/20		4	$	(704,424	)	$	(11,826	)
U.S. Treasury Note 5 Year		6/30/20		43		(5,367,272	)		(23,180	)
								$	(35,006	)

Centrally Cleared Credit Default Swaps- Buy Protection

Reference Obligation/Index	Rate Paid by Fund		Payment Frequency		Termination Date		Notional Amount			Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG Series 34		1.000%		Quarterly		6/20/25		USD	1,600,000	$	10,649	$	5,682	$	4,967

The accompanying notes are an integral part of the financial statements.

40

MassMutual Premier Inflation-Protected and Income Fund — Portfolio of Investments (Continued)

OTC Interest Rate Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference		Frequency		Counterparty		Termination Date		Notional Amount			Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
1.790%		Maturity		U.S. Consumer Price Index		Maturity		BNP Paribas SA*		1/22/22		USD	3,400,000	$	(122,037	)	$	—	$	(122,037	)
1.823%		Maturity		U.S. Consumer Price Index		Maturity		BNP Paribas SA*		2/04/22		USD	5,500,000		(204,521	)		—		(204,521	)
1.505%		Maturity		U.S. Consumer Price Index		Maturity		BNP Paribas SA*		2/14/22		USD	6,000,000		(188,274	)		—		(188,274	)
1.669%		Maturity		U.S. Consumer Price Index		Maturity		Goldman Sachs International*		11/08/22		USD	2,500,000		(91,333	)		—		(91,333	)
														$	(606,165	)	$	—	$	(606,165	)

* Contracts are subject to a Master Netting Agreement.

OTC Total Return Swaps

Paid by the Fund				Received by the Fund
Rate/ Reference	Notional			Rate/ Reference		No. of Contracts		Frequency		Counterparty		Termination Date		Value			Upfront Premium Received (Paid)/ Received		Unrealized Appreciation (Depreciation)
2.02%		USD	6,094,102		Bloomberg Barclays US Treasury Inflation Notes TR Index		19,302		Maturity		BNP Paribas SA*		4/20/20	$	136,227		$	—	$	136,227
1.95%		USD	16,000,000		Bloomberg Barclays US Treasury Inflation Notes TR Index		50,708		Maturity		BNP Paribas SA*		6/30/20		367,402			—		367,402
1.74%		USD	25,773,818		Bloomberg Barclays US Treasury Inflation Notes TR Index		79,532		Maturity		BNP Paribas SA*		7/31/20		(102,366	)		—		(102,366	)
1.95%		USD	16,000,000		Bloomberg Barclays US Treasury Inflation Notes TR Index		50,729		Maturity		Goldman Sachs International*		4/30/20		374,155			—		374,155
1.98%		USD	16,000,000		Bloomberg Barclays US Treasury Inflation Notes TR Index		50,705		Maturity		Goldman Sachs International*		4/30/20		366,463			—		366,463

The accompanying notes are an integral part of the financial statements.

41

MassMutual Premier Inflation-Protected and Income Fund — Portfolio of Investments (Continued)

Paid by the Fund				Received by the Fund
Rate/ Reference	Notional			Rate/ Reference		No. of Contracts		Frequency		Counterparty		Termination Date		Value			Upfront Premium Received (Paid)/ Received		Unrealized Appreciation (Depreciation)
1.99%		USD	16,000,000		Bloomberg Barclays US Treasury Inflation Notes TR Index		50,809		Maturity		Goldman Sachs International*		5/29/20	$	400,200		$	—	$	400,200
1.96%		USD	16,000,000		Bloomberg Barclays US Treasury Inflation Notes TR Index		50,761		Maturity		Goldman Sachs International*		5/29/20		384,613			—		384,613
1.97%		USD	16,000,000		Bloomberg Barclays US Treasury Inflation Notes TR Index		50,708		Maturity		Goldman Sachs International*		5/29/20		367,402			—		367,402
1.74%		USD	25,773,818		Bloomberg Barclays US Treasury Inflation Notes TR Index		79,532		Maturity		Goldman Sachs International*		7/31/20		(102,366	)		—		(102,366	)
1.40%		USD	38,850,986		Bloomberg Barclays US Treasury Inflation Notes TR Index		118,249		Maturity		Goldman Sachs International*		8/31/20		(682,580	)		—		(682,580	)
2.03%		USD	16,000,000		Bloomberg Barclays US Treasury Inflation Notes TR Index		50,809		Maturity		Morgan Stanley & Co. LLC*		5/01/20		400,200			—		400,200
1.94%		USD	28,871,739		Bloomberg Barclays US Treasury Inflation Notes TR Index		91,307		Maturity		Morgan Stanley & Co. LLC*		6/30/20		600,448			—	��	600,448
														$	2,509,798		$	—	$	2,509,798

* Contracts are subject to a Master Netting Agreement.

Currency Legend

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

42

MassMutual Premier Core Bond Fund — Portfolio of Investments

March 31, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.2%
PREFERRED STOCK — 0.2%
Financial — 0.2%
Insurance — 0.2%
Allstate Corp., The, 3 mo. USD LIBOR + 3.165%
5.100% VRN 1/15/53		130,000	$	3,166,800
TOTAL PREFERRED STOCK (Cost $3,250,000)				3,166,800
TOTAL EQUITIES (Cost $3,250,000)				3,166,800
	Principal Amount
BONDS & NOTES — 99.5%
CORPORATE DEBT — 35.4%
Aerospace & Defense — 0.1%
United Technologies Corp.
6.125% 7/15/38	$	465,000		668,225
Agriculture — 0.8%
Archer-Daniels-Midland Co.
2.750% 3/27/25		840,000		857,290
BAT Capital Corp.
4.758% 9/06/49		805,000		760,040
Bunge Ltd. Finance Corp.
3.250% 8/15/26		1,383,000		1,254,313
4.350% 3/15/24		2,120,000		2,073,149
Imperial Brands Finance PLC
3.500% 7/26/26 (a)		1,675,000		1,545,974
3.875% 7/26/29 (a)		1,842,000		1,722,552
Reynolds American, Inc.
4.450% 6/12/25		1,320,000		1,327,883
5.850% 8/15/45		1,025,000		1,101,003
				10,642,204
Airlines — 0.1%
American Airlines Pass-Through Trust, Series 2014-1, Class B,
4.375% 4/01/24		175,668		164,459
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,
4.100% 10/01/29		1,319,893		1,283,981
United Airlines Pass-Through Trust, Series 2018-1, Class B,
4.600% 9/01/27		474,779		411,305
				1,859,745

	Principal Amount		Value
Auto Manufacturers — 1.7%
Ford Motor Credit Co. LLC
3.087% 1/09/23	$	1,790,000	$	1,646,800
3.336% 3/18/21		5,425,000		5,206,915
4.140% 2/15/23		2,355,000		2,182,614
4.375% 8/06/23		1,154,000		1,049,101
5.085% 1/07/21		1,163,000		1,133,576
General Motors Co.
4.200% 10/01/27		1,290,000		1,065,927
5.150% 4/01/38		785,000		567,730
General Motors Financial Co., Inc.
3.500% 11/07/24		2,990,000		2,630,768
4.150% 6/19/23		3,064,000		2,787,006
4.200% 11/06/21		1,466,000		1,399,215
Hyundai Capital America
2.850% 11/01/22 (a)		2,185,000		2,133,711
				21,803,363
Banks — 5.4%
Associated Banc-Corp.
4.250% 1/15/25		2,580,000		2,657,020
Bank of America Corp.
3 mo. USD LIBOR + 1.060% 3.559% VRN 4/23/27		925,000		967,944
4.183% 11/25/27		1,380,000		1,426,455
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		1,125,000		1,293,736
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29		615,000		664,854
6.110% 1/29/37		1,275,000		1,638,007
7.750% 5/14/38		1,055,000		1,558,512
The Bank of Nova Scotia
Series BKNT, 2.450% 9/19/22		2,800,000		2,822,874
4.500% 12/16/25		1,885,000		1,936,674
3 mo. USD LIBOR + 2.648% 4.650% VRN (b)		3,550,000		2,711,313
Barclays Bank PLC
10.179% 6/12/21 (a)		5,444,000		5,815,853
Barclays PLC
3 mo. USD LIBOR + 1.380% 3.072% FRN 5/16/24		2,290,000		2,016,587
4.337% 1/10/28		1,600,000		1,626,456
BPCE SA
4.625% 7/11/24 (a)		1,600,000		1,572,883
Citigroup, Inc.
3.875% 3/26/25		1,846,000		1,871,301
8.125% 7/15/39		225,000		352,923
Credit Suisse AG
6.500% 8/08/23 (a)		3,806,000		3,861,491

The accompanying notes are an integral part of the financial statements.

43

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Deutsche Bank AG
3.150% 1/22/21	$	2,505,000	$	2,447,258
Discover Bank 5 year USD Swap + 1.730%
4.682% VRN 8/09/28		3,275,000		3,334,638
First Republic Bank
4.375% 8/01/46		4,530,000		4,818,257
Fulton Financial Corp.
3.600% 3/16/22		1,485,000		1,496,222
The Goldman Sachs Group, Inc.
4.250% 10/21/25		375,000		386,557
5.950% 1/15/27		1,333,000		1,509,390
6.250% 2/01/41		440,000		592,209
6.750% 10/01/37		1,065,000		1,409,809
HSBC Holdings PLC
4.250% 3/14/24		2,041,000		2,094,394
4.250% 8/18/25		1,328,000		1,371,274
ING Groep NV
3.550% 4/09/24		1,465,000		1,472,071
4.100% 10/02/23		3,145,000		3,227,708
JP Morgan Chase & Co.
5.600% 7/15/41		1,225,000		1,628,107
Morgan Stanley
4.350% 9/08/26		3,925,000		4,157,638
5.000% 11/24/25		1,250,000		1,368,419
Truist Bank
2.250% 3/11/30		1,755,000		1,604,690
Valley National Bancorp
5.125% 9/27/23		1,710,000		1,784,750
Wells Fargo & Co.
5.375% 11/02/43		851,000		997,600
5.606% 1/15/44		620,000		742,235
				71,238,109
Beverages — 0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900% 2/01/46		4,975,000		5,418,590
The Coca-Cola Co.
2.950% 3/25/25		1,300,000		1,392,758
Keurig Dr Pepper, Inc.
3.551% 5/25/21		820,000		829,619
Molson Coors Beverage Co.
4.200% 7/15/46		1,689,000		1,509,804
5.000% 5/01/42		350,000		339,316
				9,490,087
Building Materials — 0.0%
Standard Industries, Inc.
5.500% 2/15/23 (a)		531,000		512,415

	Principal Amount		Value
Chemicals — 1.0%
CF Industries, Inc.
3.400% 12/01/21 (a)	$	650,000	$	638,717
DuPont de Nemours, Inc.
3.766% 11/15/20		700,000		702,197
5.319% 11/15/38		2,075,000		2,330,670
Huntsman International LLC
5.125% 11/15/22		1,137,000		1,165,425
Syngenta Finance NV
3.698% 4/24/20 (a)		2,040,000		2,036,076
4.441% 4/24/23 (a)		2,400,000		2,260,892
Yara International ASA
4.750% 6/01/28 (a)		3,932,000		3,965,414
				13,099,391
Commercial Services — 0.2%
Cintas Corp. No 2
3.700% 4/01/27		1,675,000		1,720,263
ERAC USA Finance LLC
6.700% 6/01/34 (a)		355,000		460,005
				2,180,268
Computers — 0.7%
Dell International LLC/EMC Corp.
6.020% 6/15/26 (a)		3,164,000		3,265,506
Genpact Luxembourg Sarl
3.375% 12/01/24		4,235,000		4,252,393
3.700% STEP 4/01/22		2,295,000		2,336,249
				9,854,148
Diversified Financial Services — 2.6%
Aircastle Ltd.
4.400% 9/25/23		3,835,000		3,667,466
5.000% 4/01/23		1,950,000		1,903,790
Ameriprise Financial, Inc.
3.000% 4/02/25 (c)		1,190,000		1,184,966
Antares Holdings LP
6.000% 8/15/23 (a)		3,935,000		4,053,060
Ares Finance Co. LLC
4.000% 10/08/24 (a)		2,380,000		2,351,404
Avolon Holdings Funding Ltd.
3.250% 2/15/27 (a)		1,740,000		1,364,565
Brookfield Finance, Inc.
4.850% 3/29/29		2,168,000		2,300,087
GE Capital International Funding Co. Unlimited Co.
4.418% 11/15/35		790,000		842,994
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (a)		1,725,000		1,110,900
Lazard Group LLC
3.625% 3/01/27		1,209,000		1,211,850

The accompanying notes are an integral part of the financial statements.

44

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
3.750% 2/13/25	$	210,000	$	207,109
4.500% 9/19/28		2,055,000		2,060,326
LeasePlan Corp. NV
2.875% 10/24/24 (a)		1,930,000		1,890,583
Legg Mason, Inc.
5.625% 1/15/44		1,161,000		1,233,181
Mastercard, Inc.
3.350% 3/26/30		470,000		520,492
Park Aerospace Holdings Ltd.
4.500% 3/15/23 (a)		2,225,000		1,930,066
5.250% 8/15/22 (a)		6,015,000		5,435,250
5.500% 2/15/24 (a)		685,000		589,442
				33,857,531
Electric — 2.0%
Appalachian Power Co.
4.500% 3/01/49		1,500,000		1,561,629
Avangrid, Inc.
3.800% 6/01/29		1,931,000		1,974,476
CenterPoint Energy, Inc.
2.500% 9/01/22		1,305,000		1,275,518
4.250% 11/01/28		2,000,000		2,049,397
The Cleveland Electric Illuminating Co.
5.950% 12/15/36		589,000		684,448
CMS Energy Corp.
4.700% 3/31/43		655,000		708,578
4.875% 3/01/44		700,000		755,868
Duke Energy Corp.
3.750% 9/01/46		1,340,000		1,282,824
Duke Energy Progress, Inc.
6.125% 9/15/33		37,000		47,121
Florida Power & Light Co.
2.850% 4/01/25		395,000		411,827
Infraestructura Energetica Nova SAB de CV
3.750% 1/14/28 (a)		1,505,000		1,309,350
IPALCO Enterprises, Inc.
3.450% 7/15/20		4,085,000		4,084,385
3.700% 9/01/24		2,040,000		2,114,215
Nevada Power Co.
6.650% 4/01/36		1,000,000		1,321,701
Nextera Energy Capital Co. Guar
2.900% 4/01/22		885,000		899,140
Oncor Electric Delivery Co.
7.500% 9/01/38		130,000		198,079
Pennsylvania Electric Co.
4.150% 4/15/25 (a)		2,090,000		2,070,720
PPL Capital Funding, Inc.
4.000% 9/15/47		1,050,000		973,427

	Principal Amount		Value
Southwestern Electric Power Co.
6.200% 3/15/40	$	1,815,000	$	2,396,675
				26,119,378
Electronics — 0.1%
Arrow Electronics, Inc.
5.125% 3/01/21		750,000		759,777
Foods — 0.4%
Ingredion, Inc.
3.200% 10/01/26		765,000		819,966
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500% 1/15/30 (a)		928,000		958,160
Kraft Heinz Foods Co.
3.950% 7/15/25		1,262,000		1,255,926
Mars, Inc.
3.950% 4/01/49 (a)		2,185,000		2,367,393
				5,401,445
Forest Products & Paper — 0.1%
Fibria Overseas Finance Ltd.
4.000% 1/14/25		1,225,000		1,131,300
Gas — 0.3%
CenterPoint Energy Resources Corp.
6.625% 11/01/37		1,500,000		2,085,532
NiSource, Inc.
4.800% 2/15/44		1,350,000		1,362,372
				3,447,904
Health Care – Services — 0.3%
Advocate Health Corp.
3.829% 8/15/28		960,000		1,053,335
City of Hope
4.378% 8/15/48		1,275,000		1,522,743
Humana, Inc.
4.800% 3/15/47		780,000		869,174
				3,445,252
Housewares — 0.3%
Newell Brands, Inc.
4.100% STEP 4/01/23		3,558,000		3,611,188
Insurance — 4.5%
Aflac, Inc.
3.600% 4/01/30 (c)		1,990,000		2,015,544
Allstate Corp. 3 mo. USD LIBOR + 2.938%
5.750% VRN 8/15/53		4,970,000		4,423,300
American International Group, Inc.
3.300% 3/01/21		1,009,000		1,009,745
4.200% 4/01/28		1,300,000		1,339,538
4.500% 7/16/44		1,200,000		1,216,868
4.750% 4/01/48		450,000		474,910

The accompanying notes are an integral part of the financial statements.

45

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48	$	3,395,000	$	2,971,304
AmTrust Financial Services, Inc.
6.125% 8/15/23		4,330,000		4,276,707
Arch Capital Group US, Inc.
5.144% 11/01/43		500,000		615,736
Athene Global Funding
2.500% 1/14/25 (a)		3,535,000		3,329,819
Athene Holding Ltd.
4.125% 1/12/28		8,157,000		7,366,612
6.150% 4/03/30 (c)		590,000		588,867
AXIS Specialty Finance LLC
3.900% 7/15/29		1,115,000		1,154,101
5 year CMT + 3.186% 4.900% VRN 1/15/40		1,670,000		1,436,200
AXIS Specialty Finance PLC
4.000% 12/06/27		2,760,000		2,892,819
Brown & Brown, Inc.
4.200% 9/15/24		1,278,000		1,347,851
CNO Financial Group, Inc.
5.250% 5/30/25		3,264,000		3,396,599
Enstar Group Ltd.
4.500% 3/10/22		1,815,000		1,810,331
4.950% 6/01/29		2,050,000		1,930,733
Markel Corp.
3.350% 9/17/29		715,000		674,281
The Progressive Corp.
3.950% 3/26/50		245,000		286,108
3 mo. USD LIBOR + 2.539% 5.375% VRN (b)		1,950,000		1,650,714
Prudential Financial, Inc.
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43		1,300,000		1,221,610
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 (d)		2,730,000		2,525,250
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42		650,000		630,500
USF&G Capital I
8.500% 12/15/45 (a)		1,015,000		1,506,484
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084%
4.700% VRN 1/23/48		1,010,000		828,200
Willis North America, Inc.
2.950% 9/15/29		1,200,000		1,139,389
4.500% 9/15/28		2,135,000		2,345,665
XLIT Ltd.
4.450% 3/31/25		2,564,000		2,647,932
				59,053,717

	Principal Amount		Value
Internet — 0.2%
Amazon.com, Inc.
4.050% 8/22/47	$	2,055,000	$	2,677,518
Investment Companies — 1.0%
Ares Capital Corp.
3.500% 2/10/23		3,465,000		3,096,672
BlackRock TCP Capital Corp.
3.900% 8/23/24		4,215,000		3,879,138
4.125% 8/11/22		2,810,000		2,882,609
TPG Specialty Lending, Inc.
3.875% 11/01/24		4,505,000		3,974,068
				13,832,487
Iron & Steel — 0.2%
Vale Overseas Ltd.
6.250% 8/10/26		1,550,000		1,674,031
6.875% 11/21/36		825,000		916,171
				2,590,202
Machinery – Diversified — 0.2%
CNH Industrial Capital LLC
3.875% 10/15/21		2,870,000		2,855,009
Miscellaneous – Manufacturing — 0.1%
Carlisle Cos., Inc.
2.750% 3/01/30		1,485,000		1,296,219
General Electric Co.
6.875% 1/10/39		429,000		530,712
				1,826,931
Media — 1.2%
Charter Communications Operating LLC/Charter Communications Operating Capital
6.484% 10/23/45		1,905,000		2,298,040
Comcast Corp.
3.400% 4/01/30		1,060,000		1,148,933
3.400% 7/15/46		1,450,000		1,566,721
3.450% 2/01/50		1,675,000		1,835,138
3.969% 11/01/47		660,000		750,620
4.750% 3/01/44		925,000		1,174,697
Discovery Communications LLC
3.950% 3/20/28		1,907,000		1,869,477
5.000% 9/20/37		975,000		947,006
Grupo Televisa SAB
6.625% 3/18/25		2,637,000		2,902,446
Time Warner Cable, Inc.
6.750% 6/15/39		655,000		741,717
				15,234,795
Mining — 1.0%
Glencore Finance Canada Ltd.
5.550% STEP 10/25/42 (a)		857,000		688,229

The accompanying notes are an integral part of the financial statements.

46

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Glencore Funding LLC
3.875% 10/27/27 (a)	$	950,000	$	847,245
4.000% 4/16/25 (a)		2,150,000		2,083,291
4.625% 4/29/24 (a)		4,085,000		3,735,733
Kinross Gold Corp.
4.500% 7/15/27		996,000		937,445
5.125% 9/01/21		3,325,000		3,333,313
Teck Resources Ltd.
6.000% 8/15/40		1,075,000		921,576
				12,546,832
Oil & Gas — 1.6%
Cenovus Energy, Inc.
4.250% 4/15/27		1,475,000		722,288
6.750% 11/15/39		1,000,000		484,322
Diamondback Energy, Inc.
3.250% 12/01/26		1,420,000		1,001,898
EQT Corp.
3.000% 10/01/22		1,840,000		1,536,400
3.900% 10/01/27		5,620,000		3,876,114
6.125% STEP 2/01/25		2,200,000		1,694,220
Marathon Petroleum Corp.
4.500% 4/01/48		495,000		356,846
4.750% 9/15/44		625,000		475,180
6.500% 3/01/41		1,060,000		982,856
Newfield Exploration Co.
5.375% 1/01/26		1,875,000		979,294
5.625% 7/01/24		1,200,000		643,970
5.750% 1/30/22		2,110,000		1,436,556
Occidental Petroleum Corp.
6.600% 3/15/46		1,228,000		573,097
Ovintiv, Inc.
6.500% 2/01/38		530,000		230,147
Patterson-UTI Energy, Inc.
3.950% 2/01/28		2,060,000		807,814
Petroleos Mexicanos
5.350% 2/12/28		1,925,000		1,342,707
6.375% 1/23/45		640,000		404,736
6.500% 3/13/27		295,000		217,619
6.625% 6/15/38		202,000		132,310
Saudi Arabian Oil Co.
4.250% 4/16/39 (a)		2,580,000		2,554,430
				20,452,804
Oil & Gas Services — 0.2%
National Oilwell Varco, Inc.
3.600% 12/01/29		1,605,000		1,198,159
3.950% 12/01/42		1,778,000		1,113,722
				2,311,881

	Principal Amount		Value
Packaging & Containers — 0.3%
Amcor Finance USA, Inc.
3.625% 4/28/26 (a)	$	3,960,000	$	4,115,111
Pharmaceuticals — 1.8%
AbbVie, Inc.
2.300% 11/21/22 (a)		1,348,000		1,349,057
4.050% 11/21/39 (a)		1,345,000		1,383,479
4.700% 5/14/45		1,465,000		1,645,474
Allergan Funding SCS
3.800% 3/15/25		1,700,000		1,740,535
Becton Dickinson and Co.
4.685% 12/15/44		800,000		840,640
Bristol-Myers Squibb Co.
4.350% 11/15/47 (a)		1,150,000		1,448,163
Cigna Corp.
4.800% 7/15/46 (a)		1,105,000		1,306,884
CVS Health Corp.
4.300% 3/25/28		1,325,000		1,417,278
5.050% 3/25/48		1,370,000		1,565,263
6.125% 9/15/39		895,000		1,122,224
CVS Pass-Through Trust
5.926% 1/10/34 (a)		1,841,938		2,099,743
McKesson Corp.
4.883% 3/15/44		800,000		898,539
Mylan NV
3.950% 6/15/26		2,765,000		2,728,608
5.250% 6/15/46		1,750,000		1,669,994
Teva Pharmaceutical Finance Netherlands III BV
2.200% 7/21/21		1,352,000		1,291,403
Zoetis, Inc.
4.450% 8/20/48		505,000		561,084
				23,068,368
Pipelines — 1.5%
Cheniere Energy Partners LP
4.500% 10/01/29 (a)		1,440,000		1,252,800
Energy Transfer Operating LP
4.200% 4/15/27		2,425,000		1,954,377
5.875% 1/15/24		1,125,000		1,062,362
6.125% 12/15/45		1,385,000		1,236,555
3 mo. USD LIBOR + 4.028% 6.250% VRN (b)		2,635,000		1,317,500
EnLink Midstream Partners LP
4.150% 6/01/25		2,972,000		1,440,528
4.850% 7/15/26		996,000		489,733
Enterprise Products Operating LLC
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77		1,000,000		685,000

The accompanying notes are an integral part of the financial statements.

47

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78	$	1,120,000	$	784,000
EQM Midstream Partners LP
4.750% 7/15/23		2,870,000		2,077,019
MPLX LP
4.500% 4/15/38		1,115,000		870,642
6.250% 10/15/22 (a)		624,000		561,739
3 mo. USD LIBOR + 4.652% 6.875% VRN (b)		3,550,000		2,165,500
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%
6.125% VRN (b)		2,590,000		1,295,000
Plains All American Pipeline LP/PAA Finance Corp.
4.500% 12/15/26		1,089,000		844,760
4.700% 6/15/44		1,525,000		1,002,855
Sunoco Logistics Partners Operations LP
5.300% 4/01/44		500,000		393,185
Western Midstream Operating LP
4.500% 3/01/28		615,000		295,129
				19,728,684
Private Equity — 0.3%
Apollo Management Holdings LP 5 year CMT + 3.266%
4.950% VRN 1/14/50 (a)		1,045,000		941,379
Carlyle Finance Subsidiary LLC
3.500% 9/19/29 (a)		1,345,000		1,204,061
KKR Group Finance Co. VI LLC
3.750% 7/01/29 (a)		1,480,000		1,475,345
				3,620,785
Real Estate Investment Trusts (REITS) — 1.6%
Alexandria Real Estate Equities, Inc.
2.750% 12/15/29		1,035,000		906,832
American Tower Trust #1
3.652% 3/15/48 (a)		1,810,000		1,758,508
Crown Castle International Corp.
5.200% 2/15/49		729,000		807,740
Healthcare Trust of America Holdings LP
3.500% 8/01/26		2,375,000		2,348,249
Service Properties Trust
4.500% 6/15/23		953,000		715,876
4.950% 10/01/29		1,445,000		1,251,380
Spirit Realty LP
3.200% 1/15/27		1,220,000		1,108,485
3.400% 1/15/30		490,000		421,026
4.000% 7/15/29		1,765,000		1,724,734

	Principal Amount		Value
Store Capital Corp.
4.625% 3/15/29	$	1,360,000	$	1,289,094
Tanger Properties LP
3.875% 12/01/23		1,777,000		1,851,464
UDR, Inc.
3.200% 1/15/30		950,000		934,837
Vereit Operating Partnership LP
3.100% 12/15/29		3,615,000		3,121,485
4.625% 11/01/25		2,525,000		2,356,429
				20,596,139
Retail — 0.3%
El Puerto de Liverpool SAB de CV
3.950% 10/02/24 (a)		3,375,000		3,280,534
O’Reilly Automotive, Inc.
4.200% 4/01/30		1,205,000		1,246,536
				4,527,070
Semiconductors — 0.4%
Intel Corp.
3.750% 3/25/27		2,200,000		2,442,131
KLA Corp.
3.300% 3/01/50		1,540,000		1,442,793
Microchip Technology, Inc.
3.922% 6/01/21		955,000		930,538
				4,815,462
Software — 0.7%
Broadridge Financial Solutions, Inc.
2.900% 12/01/29		1,600,000		1,513,430
Microsoft Corp.
4.450% 11/03/45		2,560,000		3,366,353
Oracle Corp.
2.950% 4/01/30 (c)		3,245,000		3,267,343
3.600% 4/01/50 (c)		1,215,000		1,215,031
				9,362,157
Telecommunications — 1.0%
AT&T, Inc.
3.000% 6/30/22		111,000		111,966
4.750% 5/15/46		4,225,000		4,672,514
5.250% 3/01/37		1,963,000		2,290,214
6.250% 3/29/41		15,000		18,491
Crown Castle Towers LLC
4.241% 7/15/48 (a)		1,750,000		1,769,307
Embarq Corp.
7.995% 6/01/36		200,000		198,000
Qwest Corp
6.750% 12/01/21		908,000		940,960
Telefonica Emisiones SAU
4.665% 3/06/38		1,040,000		1,083,707

The accompanying notes are an integral part of the financial statements.

48

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Verizon Communications, Inc.
3.125% 3/16/22	$	817,000	$	841,161
4.000% 3/22/50		140,000		165,569
6.550% 9/15/43		996,000		1,246,109
				13,337,998
Transportation — 0.3%
Autoridad del Canal de Panama
4.950% 7/29/35 (a)		1,340,000		1,534,300
CSX Corp.
4.750% 11/15/48		820,000		943,997
Kansas City Southern
2.875% 11/15/29		380,000		364,525
Pacific National Finance Pty Ltd.
4.625% 9/23/20 (a)		845,000		854,600
				3,697,422
Venture Capital — 0.2%
Hercules Capital, Inc.
4.625% 10/23/22		3,220,000		3,067,289
TOTAL CORPORATE DEBT (Cost $487,881,060)				462,440,391
MUNICIPAL OBLIGATIONS — 0.6%
JobsOhio Beverage System Series B, Revenue Bonds
4.532% 1/01/35		3,050,000		3,651,734
New York City Water & Sewer System, Revenue Bonds
5.882% 6/15/44		390,000		581,744
State of California BAB
General Obligation, 7.550% 4/01/39		1,405,000		2,279,894
General Obligation, 7.600% 11/01/40		900,000		1,497,708
				8,011,080
TOTAL MUNICIPAL OBLIGATIONS (Cost $7,026,628)				8,011,080
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 32.1%
Automobile ABS — 1.1%
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C
4.530% 3/20/23 (a)		1,577,000		1,554,431
Carvana Auto Receivables Trust, Series 2019-4A, Class D
3.070% 7/15/25 (a)		2,109,000		2,060,189

	Principal Amount		Value
Hertz Vehicle Financing II LP
Series 2019-3A, Class B, 3.030% 12/26/25 (a)	$	2,938,000	$	2,915,419
Series 2019-3A, Class C, 3.430% 12/26/25 (a)		2,971,400		2,967,772
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B
3.950% 11/14/28 (a)		2,383,000		2,349,468
Santander Revolving Auto Loan Trust
Series 2019-A, Class B, 2.800% 1/26/32 (a)		1,111,000		1,091,659
Series 2019-A, Class C, 3.000% 1/26/32 (a)		717,000		704,471
Series 2019-A, Class D, 3.450% 1/26/32 (a)		1,408,000		1,383,240
				15,026,649
Commercial MBS — 4.7%
Aventura Mall Trust, Series 2018-AVM, Class C,
4.112% VRN 7/05/40 (a) (e)		4,140,000		4,813,160
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350%
2.055% FRN 9/15/34 (a)		760,000		625,279
BANK
Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (e)		917,000		850,503
Series 2019-BN16, Class AS, 4.267% 2/15/52		822,500		857,389
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (e)		684,276		650,432
BBCMS Mortgage Trust
Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (a) (e)		2,200,000		1,953,837
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (a) (e)		1,590,000		1,344,234
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (a) (e)		1,220,000		961,644
Benchmark Mortgage Trust, Series 2019-B14, Class AS
3.352% 12/15/62		3,650,000		3,581,129
BHMS Mortgage Trust
Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.955% FRN 7/15/35 (a)		5,180,000		4,324,850
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 2.205% FRN 7/15/35 (a)		4,800,000		3,839,478
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 2.405% FRN 11/15/35 (a)		2,142,000		1,954,565

The accompanying notes are an integral part of the financial statements.

49

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 2.505% FRN 10/15/36 (a)	$	2,054,111	$	1,797,298
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.705% FRN 10/15/36 (a)		2,497,417		2,147,706
BX Trust, Series 2018-IND, Class B, 1 mo. USD LIBOR + .900%
1.605% FRN 11/15/35 (a)		770,000		716,096
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%
2.455% FRN 12/15/37 (a)		1,104,426		956,031
Century Plaza Towers
Series 2019-CPT, Class D, 2.997% VRN 11/13/39 (a) (e)		1,256,000		1,148,192
Series 2019-CPT, Class E, 2.997% VRN 11/13/39 (a) (e)		1,961,000		1,647,088
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C
3.502% 8/10/56		1,259,000		882,167
Commercial Mortgage Pass-Through Certificates
Series 2015-CR23, Class B, 4.183% VRN 5/10/48 (e)		1,200,000		1,171,744
Series 2015-CR23, Class C, 4.304% VRN 5/10/48 (e)		1,050,000		965,002
DBUBS Mortgage Trust, Series 2011-LC1A, Class B,
5.471% VRN 11/10/46 (a) (e)		860,000		862,018
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM,
5.513% VRN 7/10/38 (e)		552,066		549,518
GS Mortgage Securities Corp.
Series 2019-GC39, Class C, 4.005% VRN 5/10/52 (e)		1,357,000		1,129,202
Series 2012-GC6, Class AS, 4.948% 1/10/45 (a)		800,000		820,798
Jackson Park Trust, Series 2019-LIC, Class C,
3.131% VRN 10/14/39 (a) (e)		2,900,000		2,662,967
JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class B
3.898% 2/15/48		2,800,000		2,493,764
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class C,
4.184% VRN 10/15/50 (e)		2,900,000		2,569,010
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
2.505% FRN 5/15/36 (a)		1,730,000		1,350,240

	Principal Amount		Value
MFT Trust
Series 2020-ABC, Class A, 3.358% 2/06/30 (a)	$	1,185,000	$	1,168,514
Series 2020-ABC, Class B, 3.477% VRN 2/06/30 (a) (e)		1,278,000		1,184,039
MKT Mortgage Trust
Series 2020-525M, Class D, 2.941% VRN 2/12/40 (a) (e)		595,000		523,089
Series 2020-525M, Class E, 2.941% VRN 2/12/40 (a) (e)		1,220,000		1,015,026
Morgan Stanley Capital I Trust
Series 2019-L2, Class AS, 4.272% 3/15/52		2,450,000		2,551,395
Series 2018-H3, Class B, 4.620% VRN 7/15/51 (e)		740,000		715,209
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (a) (e)		825,000		820,891
Wells Fargo Commercial Mortgage Trust
Series 2019-C49, Class AS, 4.244% 3/15/52		1,492,000		1,582,797
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (e)		1,400,000		1,464,475
Series 2018-C45, Class B, 4.556% 6/15/51		390,000		376,524
				61,027,300
Other ABS — 14.7%
321 Henderson Receivables LLC, Series 2015-1A, Class A
3.260% 9/15/72 (a)		2,908,470		3,028,670
AASET Trust
Series 2020-1A, Class A, 3.351% 1/16/40 (a)		1,952,156		1,399,219
Series 2019-1, Class A, 3.844% 5/15/39 (a)		2,445,936		1,842,780
Series 2018-2A, Class A, 4.454% 11/18/38 (a)		1,771,333		1,406,492
Adams Outdoor Advertising LP, Series 2018-1, Class A
4.810% 11/15/48 (a)		2,345,628		2,339,063
Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class CR, 3 mo. USD LIBOR + 2.850%
4.681% FRN 7/15/32 (a)		1,000,000		828,190
Apidos CLO XXV, Series 2016-25A, Class A2R, 3 mo. USD LIBOR + 1.700%
3.519% FRN 10/20/31 (a)		2,610,000		2,320,277
Arbys Funding LLC, Series 2015-1A, Class A2
4.969% 10/30/45 (a)		2,106,500		2,025,251

The accompanying notes are an integral part of the financial statements.

50

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Ascentium Equipment Receivables Trust
Series 2018-2A, Class D, 4.150% 7/10/24 (a)	$	2,834,000	$	2,844,163
Series 2019-1A, Class E, 4.310% 4/12/27 (a)		1,506,000		1,518,493
Assurant CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.250%
4.069% FRN 10/20/31 (a)		1,400,000		1,138,019
Atlas Senior Loan Fund VII Ltd., Series 2016-7A, Class A1R, 3 mo. USD LIBOR + 1.280%
2.918% FRN 11/27/31 (a)		2,400,000		2,257,234
Avery Point VII CLO Ltd., Series 2015-7A, Class DR, 3 mo. USD LIBOR + 3.600%
5.431% FRN 1/15/28 (a)		1,000,000		828,325
Ballyrock CLO 2019-2 Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 4.100%
5.998% FRN 11/20/30 (a)		800,000		648,638
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, 3 mo. USD LIBOR + 1.090%
2.909% FRN 4/20/31 (a)		1,920,000		1,803,754
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class CR, 3 mo. USD LIBOR + 3.500%
5.331% FRN 1/15/29 (a)		700,000		565,945
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class B, 3 mo. USD LIBOR + 1.950%
3.859% FRN 10/15/32 (a)		750,000		645,564
BlueMountain CLO XXV Ltd., Series 2019-25A, Class B, 3 mo. USD LIBOR + 1.800%
3.631% FRN 7/15/32 (a)		2,750,000		2,461,885
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A
2.940% 5/25/29 (a)		558,191		559,264
CAL Funding II Ltd., Series 2018-2A, Class A
4.340% 9/25/43 (a)		1,258,000		1,236,679
Canyon Capital CLO Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 2.750%
4.838% FRN 10/15/32 (a)		400,000		331,492
Capital Automotive REIT
Series 2014-1A, Class A, 3.660% 10/15/44 (a)		1,048,533		1,028,265
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)		905,729		901,534

	Principal Amount		Value
Carlyle Global Market Strategies CLO Ltd.
Series 2018-4A, Class A2, 3 mo. USD LIBOR + 1.800% 3.619% FRN 1/20/31 (a)	$	1,080,000	$	969,376
Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.850% 4.645% FRN 7/28/28 (a)		310,000		248,968
CARS-DB4 LP
Series 2020-1A, Class A3, 3.250% 2/15/50 (a)		618,633		599,300
Series 2020-1A, Class A6, 3.810% 2/15/50 (a)		493,000		458,490
Castlelake Aircraft Securitization, Series 2019-1A, Class A
3.967% 4/15/39 (a)		2,968,422		2,076,800
Castlelake Aircraft Structured Trust, Series 2018-1, Class A
4.125% 6/15/43 (a)		3,136,721		2,279,514
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100%
3.931% FRN 1/15/31 (a)		1,200,000		1,090,939
CIFC Funding Ltd., Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180%
3.016% FRN 11/16/30 (a)		2,100,000		1,988,141
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200%
3.019% FRN 10/20/30 (a)		2,120,000		2,002,989
CLI Funding V LLC, Series 2014-1A, Class A
3.290% 6/18/29 (a)		836,659		795,792
CLI Funding VI LLC, Series 2017-1A, Class A
3.620% 5/18/42 (a)		2,107,596		1,733,075
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%
1.407% FRN 9/25/34		15,355		12,640
Crestline Denali CLO XIV Ltd., Series 2016-1A, Class A1R, 3 mo. USD LIBOR + 1.280%
3.086% FRN 10/23/31 (a)		1,300,000		1,190,626
Cronos Containers Program Ltd., Series 2014-2A, Class A
3.270% 11/18/29 (a)		448,148		438,022
DB Master Finance LLC, Series 2019-1A, Class A23
4.352% 5/20/49 (a)		1,922,473		1,713,871
Diamond Resorts Owner Trust, Series 2016-1, Class A
3.080% 11/20/28 (a)		896,406		883,993

The accompanying notes are an integral part of the financial statements.

51

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Domino’s Pizza Master Issuer LLC
Series 2019-1A, Class A2, 3.668% 10/25/49 (a)	$	1,386,525	$	1,233,763
Series 2018-1A, Class A2I, 4.116% 7/25/48 (a)		1,487,350		1,428,385
Series 2017-1A, Class A23, 4.118% 7/25/47 (a)		654,925		594,464
Series 2015-1A, Class A2II, 4.474% 10/25/45 (a)		3,618,750		3,363,501
Dryden 72 CLO Ltd., Series 2019-72A, Class B, 3 mo. USD LIBOR + 1.900%
3.592% FRN 5/15/32 (a)		1,700,000		1,508,917
Eaton Vance CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750%
3.581% FRN 10/15/30 (a)		1,700,000		1,505,930
Elmwood CLO II Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450%
3.269% FRN 4/20/31 (a)		3,500,000		3,270,848
Elmwood CLO III Ltd., Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950%
3.807% FRN 10/15/32 (a)		1,300,000		1,118,749
Elmwood CLO IV Ltd., Series 2020-1A, Class A, 3 mo. USD LIBOR + 1.240%
1.000% FRN 4/15/33 (a)		1,000,000		929,999
FCI Funding LLC, Series 2019-1A, Class A
3.630% 2/18/31 (a)		435,096		434,367
Flatiron CLO Ltd.
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900% 3.795% FRN 11/16/32 (a)		1,300,000		1,124,881
Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.700% 4.595% FRN 11/16/32 (a)		250,000		204,797
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + 1.000%
2.819% FRN 4/20/31 (a)		1,100,000		1,033,238
Global Container Assets Ltd., Series 2015-1A, Class A2
3.450% 2/05/30 (a)		823,472		800,078
Global SC Finance II SRL, Series 2014-1A, Class A1
3.190% 7/17/29 (a)		216,667		184,572
Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class C, 3 mo. USD LIBOR + 2.700%
4.519% FRN 10/20/32 (a)		500,000		418,737

	Principal Amount		Value
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 10/15/54 (a)	$	4,025,375	$	3,814,141
Series 2016-1A, Class A, 3.230% 10/15/52 (a)		1,731,742		1,685,106
Series 2017-1A, Class A, 3.740% 10/15/52 (a)		814,602		819,817
Series 2019-1A, Class A, 3.860% 10/15/54 (a)		1,701,510		1,715,760
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (e)		2,111,957		2,149,081
Helios Issuer LLC, Series 2017-1A, Class A
4.940% 9/20/49 (a)		1,462,820		1,372,830
Hero Funding Trust
Series 2016-3A, Class A1, 3.080% 9/20/42 (a)		980,913		994,921
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		988,091		970,458
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)		299,906		308,850
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		970,167		1,003,698
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)		241,186		251,836
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		1,748,426		1,816,335
Highbridge Loan Management Ltd.
Series 12A-18, Class B, 3 mo. USD LIBOR + 1.850% 3.669% FRN 7/18/31 (a)		1,700,000		1,412,037
Series 13A-18, Class C, 3 mo. USD LIBOR + 2.150% 3.981% FRN 10/15/30 (a)		1,000,000		836,313
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A
4.458% 12/15/38 (a)		1,120,188		820,092
Horizon Aircraft Finance II Ltd., Series 2019-1, Class A
3.721% 7/15/39 (a)		1,550,205		1,084,420
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A
3.425% 11/15/39 (a)		2,990,072		2,092,001
ICG US CLO Ltd., Series 2019-1A, Class A1A, 3 mo. USD LIBOR + 1.380%
3.496% FRN 10/26/32 (a)		900,000		821,897
J.G. Wentworth XXXV LLC, Series 2015-2A, Class A
3.870% 3/15/58 (a)		659,651		622,826
JG Wentworth XLII LLC, Series 2018-2A, Class A
3.960% 10/15/75 (a)		1,619,589		1,692,584

The accompanying notes are an integral part of the financial statements.

52

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
KKR Financial CLO Ltd.
Series 24, Class A1, 3 mo. USD LIBOR + 1.360% 3.179% FRN 4/20/32 (a)	$	1,800,000	$	1,685,122
Series 25, Class B1, 3 mo. USD LIBOR + 2.000% 3.831% FRN 4/15/32 (a)		1,500,000		1,319,346
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1
4.300% 1/15/42 (a)		2,181,667		1,670,161
Lunar Aircraft Ltd., Series 2020-1A, Class A
3.376% 2/15/45 (a)		2,310,000		1,615,038
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 (a)		2,683,700		1,876,146
Madison Park Funding XIV Ltd., Series 2014-14A, Class CRR, 3 mo. USD LIBOR + 2.200%
4.002% FRN 10/22/30 (a)		790,000		670,460
Madison Park Funding XXIX Ltd., Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200%
4.019% FRN 10/18/30 (a)		680,000		575,245
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600%
3.431% FRN 7/15/30 (a)		2,090,000		1,881,803
Madison Park Funding XXXI Ltd., Series 2018-31A, Class B, 3 mo. USD LIBOR + 1.700%
3.506% FRN 1/23/31 (a)		1,000,000		900,743
Magnetite XV Ltd., Series 2015-15A, Class CR, 3 mo. USD LIBOR + 1.800%
3.594% FRN 7/25/31 (a)		2,830,000		2,405,661
Mariner Finance Issuance Trust, Series 2018-AA, Class A
4.200% 11/20/30 (a)		2,235,000		2,189,325
Mosaic Solar Loans LLC
Series 2017-2A, Class A, 3.820% 6/22/43 (a)		664,629		658,855
Series 2018-1A, Class A, 4.010% 6/22/43 (a)		289,740		278,102
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		318,819		311,658
MP CLO III Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250%
3.069% FRN 10/20/30 (a)		1,850,000		1,711,860
MVW Owner Trust, Series 2017-1A, Class A
2.420% 12/20/34 (a)		241,099		229,384

	Principal Amount		Value
NP SPE II LLC, Series 2017-1A, Class A2
4.219% 10/21/47 (a)	$	2,190,000	$	2,144,318
Octagon Investment Partners 39 Ltd., Series 2018-3A, Class C, 3 mo. USD LIBOR + 2.200%
4.019% FRN 10/20/30 (a)		1,180,000		992,070
OHA Credit Funding Ltd.
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 3.266% FRN 10/22/32 (a)		1,250,000		1,175,229
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 4.586% FRN 10/22/32 (a)		1,000,000		847,981
OneMain Financial Issuance Trust, Series 2019-2A, Class A
3.140% 10/14/36 (a)		10,200,000		10,046,124
Oxford Finance Funding Trust
Series 2020-1A, Class A2, 3.101% 2/15/28 (a)		1,894,000		1,884,812
Series 2016-1A, Class A, 3.968% 6/17/24 (a)		308,608		307,857
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A
3.967% 6/15/44 (a)		1,829,446		1,278,946
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2
3.858% 12/05/49 (a)		2,977,538		2,713,106
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
3.797% FRN 2/25/23 (a)		1,180,000		1,082,260
Regatta XIV Funding Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.850%
3.644% FRN 10/25/31 (a)		1,030,000		902,372
Sierra Receivables Funding LLC
Series 2015-3A, Class B, 3.080% 9/20/32 (a)		102,513		101,338
Series 2018-2A, Class C, 3.940% 6/20/35 (a)		724,024		719,986
Series 2019-1A, Class D, 4.750% 1/20/36 (a)		2,080,650		2,067,848
Series 2018-3A, Class D, 5.200% 9/20/35 (a)		1,196,035		1,181,116
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%
3.992% FRN 8/18/31 (a)		1,660,000		1,331,559
Store Master Funding I-VII, Series 2018-1A, Class A2
4.290% 10/20/48 (a)		1,475,509		1,465,175

The accompanying notes are an integral part of the financial statements.

53

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Store Master Funding I-VII and XIV, Series 2019-1, Class A2
3.650% 11/20/49 (a)	$	3,641,841	$	3,271,005
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + .800%
1.747% FRN 11/25/35 (a)		1,535,277		1,438,970
Structured Receivables Finance LLC, Series 2010-B, Class A
3.730% 8/15/36 (a)		233,231		231,497
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A
4.870% 7/20/48 (a)		632,539		565,603
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A
4.190% 1/15/71 (a)		1,880,692		1,915,887
Taco Bell Funding LLC
Series 2018-1A, Class A2II, 4.940% 11/25/48 (a)		1,422,000		1,422,306
Series 2016-1A, Class A23, 4.970% 5/25/46 (a)		1,945,000		1,755,034
TAL Advantage VI LLC, Series 2017-1A, Class A
4.500% 4/20/42 (a)		1,779,878		1,799,183
Textainer Marine Containers VII Ltd., Series 2019-1A, Class A
3.960% 4/20/44 (a)		500,400		478,527
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.700%
3.519% FRN 1/20/31 (a)		2,440,000		2,120,597
TICP CLO XIV Ltd., Series 2019-14A, Class A2, 3 mo. USD LIBOR + 1.900%
4.021% FRN 10/20/32 (a)		250,000		216,622
Trinity Rail Leasing LP
Series 2019-2A, Class A2, 3.100% 10/18/49 (a)		4,127,000		3,671,319
Series 2019-1A, Class A, 3.820% 4/17/49 (a)		4,410,981		4,104,864
Series 2018-1A, Class A2, 4.620% 6/17/48 (a)		2,370,000		2,200,870
Trip Rail Master Funding LLC, Series 2017-1A, Class A1
2.709% 8/15/47 (a)		274,269		271,249
Triton Container Finance IV LLC, Series 2017-2A, Class A
3.620% 8/20/42 (a)		2,571,415		2,581,081
Triton Container Finance VI LLC, Series 2017-1A, Class A
3.520% 6/20/42 (a)		683,832		685,483

	Principal Amount		Value
Vivint Solar Financing V LLC, Series 2018-1A, Class B
7.370% 4/30/48 (a)	$	2,563,891	$	1,692,496
Voya CLO Ltd.
Series 2015-3A, Class A3R, 3 mo. USD LIBOR + 1.700% 3.519% FRN 10/20/31 (a)		1,500,000		1,283,149
Series 2019-3A, Class B1, 3 mo. USD LIBOR + 1.850% 3.852% FRN 10/17/32 (a)		1,500,000		1,287,493
WAVE LLC
Series 2017-1A, Class A, 3.844% 11/15/42 (a)		3,140,786		2,379,224
Series 2017-1A, Class C, 6.656% 11/15/42 (a)		1,718,600		1,206,837
WAVE USA, Series 2019-1A, Class A
3.597% 9/15/44 (a)		4,937,216		3,236,108
Wendy’s Funding LLC, Series 2015-1A, Class A23
4.497% 6/15/45 (a)		3,056,000		2,865,270
Westgate Resorts LLC, Series 2017-1A, Class A
3.050% 12/20/30 (a)		594,463		577,322
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 (a)		1,218,813		851,368
				192,212,331
Student Loans ABS — 10.6%
Access Group Inc., Series 2003-A, Class A3, Update Replacements.xls: H15T3M + 1.200%
1.220% FRN 7/01/38		23,101		23,078
College Avenue Student Loans LLC
Series 2019-A, Class B, 3.810% 12/28/48 (a)		2,630,000		2,510,104
Series 2019-A, Class C, 4.460% 12/28/48 (a)		1,505,000		1,421,254
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS
FRN 1/25/47		875,000		667,939
ECMC Group Student Loan Trust
Series 2018-2A, Class A, 1 mo. USD LIBOR + .800% 1.747% FRN 9/25/68 (a)		4,916,822		4,273,032
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 2.147% FRN 12/27/66 (a)		2,084,651		1,846,152
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 2.297% FRN 7/26/66 (a)		2,958,691		2,586,324

The accompanying notes are an integral part of the financial statements.

54

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150%
3.600% FRN 12/01/47 (a)	$	2,116,386	$	2,093,907
Education Loan Asset-Backed Trust I
Series 2003-1, Class A2, 28 day ARS 0.000%FRN 2/01/43 (a)		1,300,000		1,190,610
Series 2003-2, Class 2A1, 28 day ARS 0.000%FRN 8/01/43 (a)		1,950,000		1,778,018
Series 2013-1, Class B1, 1 mo. USD LIBOR + 1.000% 1.947% FRN 11/25/33 (a)		1,172,975		1,076,798
Higher Education Funding I
Series 2004-1, Class B2, 28 day ARS 0.000%FRN 1/01/44 (a)		600,000		511,648
Series 2004-1, Class B1, 28 day ARS 2.271% FRN 1/01/44 (a)		600,000		523,241
Laurel Road Prime Student Loan Trust
Series 2017-B, Class BFX, 3.020% 8/25/42 (a)		600,582		575,346
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)		486,164		479,355
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 1 mo. USD LIBOR + .720%
1.425% FRN 12/15/59 (a)		850,000		807,679
Navient Private Education Refi Loan Trust
Series 2019-CA, Class B, 3.670% 2/15/68 (a)		1,512,000		1,544,499
Series 2019-A, Class B, 3.900% 1/15/43 (a)		1,500,000		1,520,241
Series 2018-CA, Class B, 4.220% 6/16/42 (a)		1,480,000		1,489,487
Navient Student Loan Trust
Series 2016-1A, Class A, 1 mo. USD LIBOR + .700% 1.647% FRN 2/25/70 (a)		2,766,143		2,543,303
Series 2018-2A, Class A3, 1 mo. USD LIBOR + .750% 1.697% FRN 3/25/67 (a)		3,320,000		3,105,026
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800% 1.747% FRN 3/25/67 (a)		4,650,000		4,556,777
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.847% FRN 12/27/67 (a)		3,100,000		2,884,691
Series 2019-2A, Class A2, 1 mo. USD LIBOR + 1.000% 1.947% FRN 2/27/68 (a)		1,548,000		1,456,958
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 2.097% FRN 3/25/66 (a)		3,315,246		2,905,668

	Principal Amount		Value
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 2.197% FRN 6/25/65 (a)	$	2,430,695	$	2,223,091
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 2.247% FRN 3/25/66 (a)		6,800,000		6,309,235
Series 2014-8, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 7/26/49		2,500,000		2,329,048
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 10/25/58		1,200,000		984,193
Series 2019-BA, Class B, 4.040% 12/15/59 (a)		3,700,000		3,864,934
Series 2018-EA, Class B, 4.440% 12/15/59 (a)		730,000		731,572
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B
3.600% 12/26/40 (a)		457,853		457,946
Nelnet Student Loan Trust
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .750% 1.697% FRN 9/27/66 (a)		4,500,000		4,379,881
Series 2014-3A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 10/25/50 (a)		975,000		901,246
Series 2014-5A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 5/26/54 (a)		1,300,000		1,194,945
Series 2015-2A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 5/26/54 (a)		1,130,000		1,069,230
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/54 (a)		1,100,000		1,026,059
Series 2019-5, Class A, 2.530% 10/25/67 (a)		10,103,181		9,686,514
Series 2019-4A, Class B, 1 mo. USD LIBOR + 1.650% 2.597% FRN 9/26/67 (a)		3,800,000		3,615,293
Series 2019-5, Class B, 3.450% 10/25/67 (a)		2,850,000		2,700,380
SLC Student Loan Trust
Series 2007-1, Class A5, 3 mo. USD LIBOR + .090% 1.782% FRN 2/15/68		8,400,000		7,137,855
Series 2005-1, Class B, 3 mo. USD LIBOR + .200% 1.892% FRN 2/15/45		1,618,985		1,440,629
SLM Student Loan Trust
Series 2006-2, Class R, 0.000%1/25/41		9,078		4,539,000

The accompanying notes are an integral part of the financial statements.

55

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.004% FRN 10/25/40	$	1,899,848	$	1,696,575
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 2.104% FRN 1/25/55		1,395,764		1,240,191
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 2.394% FRN 10/25/65 (a)		9,670,000		8,582,134
Series 2002-7, Class B, 28 day ARS 5.281% FRN 12/15/39		3,800,000		3,535,817
SMB Private Education Loan Trust, Series 2017-A, Class B
3.500% 6/17/41 (a)		1,800,000		1,785,647
SoFi Alternative Trust, Series 2019-C, Class PT,
6.163% VRN 1/25/45 (a) (e)		7,752,835		8,173,085
SoFi Professional Loan Program LLC
Series 2015-A, Class RC, 0.000%3/25/33 (a)		1,200		990,000
Series 2017-D, Class R1, 0.010% 9/25/40 (a)		4,647,800		2,172,242
Series 2018-A, Class R1, 0.010% 2/25/42 (a)		3,470,600		2,438,096
Series 2018-B, Class R1, 0.010% 8/26/47 (a)		3,139,900		1,637,974
Series 2018-D, Class R1, 0.010% 2/25/48 (a)		5,678,800		1,959,186
Series 2019-A, Class R1, 0.010% 6/15/48 (a)		8,126,500		2,480,721
South Carolina Student Loan Corp., Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500%
3.081% FRN 8/01/35		3,025,000		2,897,349
				138,551,203
WL Collateral CMO — 0.8%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
4.615% VRN 8/25/34 (e)		89,562		80,318
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class M1,
3.170% VRN 7/25/49 (a) (e)		1,188,500		957,507
Countrywide Home Loans, Inc.
Series 2004-2, Class 1A1, 3.722% VRN 2/25/34 (e)		79,966		71,284
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (e)		17,624		16,390
Deephaven Residential Mortgage Trust
Series 2018-1A, Class A3, 3.202% VRN 12/25/57 (a) (e)		324,930		309,500

	Principal Amount		Value
Series 2019-1A, Class A3, 3.948% VRN 1/25/59 (a) (e)	$	975,875	$	928,191
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1,
4.304% VRN 8/25/34 (e)		24,947		24,118
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A,
3.885% VRN 8/25/34 (e)		142,552		122,522
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A1, Class IA, 3.250% VRN 2/25/34 (e)		9,305		8,329
Series 2003-A4, Class IA, 4.678% VRN 7/25/33 (e)		6,161		5,464
PSMC Trust, Series 2018-2, Class A1,
3.500% VRN 6/25/48 (a) (e)		2,704,145		2,658,335
Sequoia Mortgage Trust
Series 2018-CH2, Class A3, 4.000% VRN 6/25/48 (a) (e)		2,014,574		2,005,292
Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (a) (e)		897,900		911,938
Series 2019-1, Class A1, 4.000% VRN 2/25/49 (a) (e)		313,584		306,464
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A,
3.854% VRN 3/25/34 (e)		91,844		82,549
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%
3.366% FRN 4/25/44		221,898		198,696
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1,
4.000% VRN 11/25/48 (a) (e)		1,231,643		1,235,396
				9,922,293
WL Collateral Support CMO — 0.2%
JP Morgan Mortgage Trust, Series 2017-1, Class A11,
3.500% VRN 1/25/47 (a) (e)		2,490,040		2,480,740
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $457,580,532)				419,220,516
SOVEREIGN DEBT OBLIGATIONS — 0.7%
Mexico Government International Bond
4.750% 3/08/44		4,328,000		4,356,175
6.750% 9/27/34		950,000		1,249,260

The accompanying notes are an integral part of the financial statements.

56

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Republic of Colombia
6.125% 1/18/41	$	2,980,000	$	3,425,152
				9,030,587
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $8,551,708)				9,030,587
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 28.6%
Collateralized Mortgage Obligations — 0.3%
Federal Home Loan Mortgage Corp.
Series 2617, Class Z, 5.500% 5/15/33		1,074,523		1,239,556
Series 2693, Class Z, 5.500% 10/15/33		1,925,428		2,163,491
Series 2178, Class PB, 7.000% 8/15/29		151,407		171,436
				3,574,483
Pass-Through Securities — 27.9%
Federal Home Loan Mortgage Corp.
Pool #SB8013 2.500% 9/01/34		8,250,086		8,563,576
Pool #SB8020 2.500% 12/01/34		10,182,942		10,569,877
Pool #Z40047 4.000% 10/01/41		210,965		229,229
Pool #ZA5946 4.500% 11/01/48		7,326,593		7,877,671
Pool #ZA6368 4.500% 2/01/49		7,033,009		7,562,665
Pool #C00836 7.000% 7/01/29		6,986		7,957
Pool #C49314 7.000% 4/01/31		4,296		4,991
Pool #C51422 7.000% 5/01/31		1,629		1,894
Pool #C53034 7.000% 6/01/31		11,184		12,906
Pool #G01311 7.000% 9/01/31		34,823		40,147
Pool #G01317 7.000% 10/01/31		20,145		23,210
Pool #G00143 7.500% 6/01/23		157		167
Pool #C55867 7.500% 2/01/30		14,647		16,417
Pool #C41497 7.500% 9/01/30		64		75
Pool #C44830 7.500% 11/01/30		20		23
Pool #C45235 7.500% 12/01/30		13,638		15,762
Pool #C46038 7.500% 12/01/30		543		628
Pool #C46309 7.500% 1/01/31		433		505
Pool #C46810 7.500% 1/01/31		110		129
Pool #C47063 7.500% 1/01/31		2,376		2,762
Pool #C47060 7.500% 1/01/31		591		691
Pool #C01116 7.500% 1/01/31		702		817
Pool #G00653 8.500% 11/01/25		9,944		10,927
Federal National Mortgage Association
Pool #MA3797 2.500% 10/01/34		15,856,525		16,459,046
Pool #MA3029 3.000% 6/01/32		4,462,623		4,685,573
Pool #MA3090 3.000% 8/01/32		1,898,150		1,992,980
Pool #AS1304 3.500% 12/01/28		1,219,790		1,289,247

	Principal Amount		Value
Pool #AV1897 3.500% 12/01/28	$	227,535	$	240,775
Pool #AV2325 3.500% 12/01/28		624,977		660,565
Pool #BF0196 3.500% 2/01/41		1,440,504		1,547,574
Pool #MA1356 3.500% 2/01/43		8,255,077		8,855,758
Pool #CA1073 3.500% 1/01/48		15,899,145		16,832,466
Pool #BJ0686 4.000% 4/01/48		4,520,591		4,829,657
Pool #CA1951 4.000% 7/01/48		3,218,874		3,435,926
Pool #CA2039 4.000% 7/01/48		3,528,318		3,765,685
Pool #888586 1 year CMT + 2.196% 4.328% FRN 10/01/34		305,752		320,651
Pool #725692 1 year CMT + 2.138% 4.355% FRN 10/01/33		134,311		140,856
Pool #CA1952 4.500% 6/01/48		2,158,623		2,324,225
Pool #CA1909 4.500% 6/01/48		8,334,480		8,981,683
Pool #MA3522 4.500% 11/01/48		5,171,995		5,559,074
Pool #MA3537 4.500% 12/01/48		5,130,984		5,514,993
Pool #MA3564 4.500% 1/01/49		4,539,553		4,879,299
Pool #BN5241 4.500% 2/01/49		19,241,606		20,681,671
Pool #MA3639 4.500% 4/01/49		1,577,689		1,695,765
Pool #775539 12 mo. USD LIBOR + 1.636% 4.511% FRN 5/01/34		98,143		102,361
Pool #AD6437 5.000% 6/01/40		453,508		501,809
Pool #AD6996 5.000% 7/01/40		3,022,654		3,344,585
Pool #AL8173 5.000% 2/01/44		1,198,476		1,317,507
Pool #254379 7.000% 7/01/32		24,350		28,253
Pool #252717 7.500% 9/01/29		1,242		1,436
Pool #535996 7.500% 6/01/31		4,715		5,501
Pool #254009 7.500% 10/01/31		13,382		15,515
Pool #323992 8.000% 11/01/29		1,004		1,151
Pool #525725 8.000% 2/01/30		2,895		3,376
Pool #537433 8.000% 5/01/30		1,175		1,375
Pool #253266 8.000% 5/01/30		3,081		3,580
Pool #253347 8.000% 6/01/30		3,161		3,673
Pool #544976 8.000% 7/01/30		354		409
Pool #535428 8.000% 8/01/30		3,494		4,057
Pool #543290 8.000% 9/01/30		49		57
Pool #547786 8.000% 9/01/30		1,279		1,485
Pool #550767 8.000% 9/01/30		1,762		2,065
Pool #553061 8.000% 9/01/30		1,640		1,852
Pool #253481 8.000% 10/01/30		3,124		3,640
Pool #535533 8.000% 10/01/30		3,144		3,658
Pool #253644 8.000% 2/01/31		1,509		1,761
Pool #581170 8.000% 5/01/31		1,156		1,322
Pool #593848 8.000% 7/01/31		813		953
Pool #190317 8.000% 8/01/31		19,030		22,111
Pool #545240 8.000% 9/01/31		1,814		2,109
Pool #541202 8.500% 8/01/26		4,165		4,405

The accompanying notes are an integral part of the financial statements.

57

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Government National Mortgage Association
Pool #404246 6.500% 8/15/28	$	177	$	198
Pool #781038 6.500% 5/15/29		40,620		45,367
Pool #781468 6.500% 7/15/32		2,722		3,108
Pool #781496 6.500% 9/15/32		13,366		15,168
Pool #363066 7.000% 8/15/23		1,495		1,582
Pool #352049 7.000% 10/15/23		920		978
Pool #354674 7.000% 10/15/23		1,337		1,419
Pool #345964 7.000% 11/15/23		579		617
Pool #380866 7.000% 3/15/24		479		512
Pool #781124 7.000% 12/15/29		4,981		5,641
Pool #781319 7.000% 7/15/31		92,397		105,655
Pool #565982 7.000% 7/15/32		13,105		15,199
Pool #357262 7.500% 9/15/23		709		758
Pool #441009 8.000% 11/15/26		669		751
Pool #522777 8.000% 12/15/29		4,514		5,151
Pool #523043 8.000% 3/15/30		241		277
Pool #529134 8.000% 3/15/30		1,488		1,731
Pool #477036 8.000% 4/15/30		597		694
Pool #503157 8.000% 4/15/30		12,863		14,970
Pool #528714 8.000% 4/15/30		1,577		1,826
Pool #544640 8.000% 11/15/30		9,976		11,592
Pool #531298 8.500% 8/15/30		887		1,021
Government National Mortgage Association I Pool #581417 7.000% 7/15/32		27,863		31,915
Government National Mortgage Association II TBA
Pool #304 3.500% 10/01/48 (c)		112,050,000		118,151,470
Pool #1235 4.000% 9/01/48 (c)		50,725,000		53,887,389
Uniform Mortgage Backed Securities TBA
Pool #1058 3.500% 8/01/48 (c)		29,675,000		31,372,039
Pool #11192 4.000% 8/01/48 (c)		4,900,000		5,228,453
				363,921,982
Whole Loans — 0.4%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350% 2.297% FRN 3/25/29		361,595		357,478
Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050% 2.997% FRN 7/25/49 (a)		3,968,816		3,328,540

	Principal Amount		Value
Federal National Mortgage Association Connecticut Avenue Securities, Series 2019-R01, Class 2M2, 1 mo. USD LIBOR + 2.450%
3.397% FRN 7/25/31 (a)	$	2,652,352	$	2,189,323
				5,875,341
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $365,514,954)				373,371,806
U.S. TREASURY OBLIGATIONS — 2.1%
U.S. Treasury Bonds & Notes — 2.1%
U.S. Treasury Bond
3.500% 2/15/39		3,600,000		5,114,044
U.S. Treasury Note
1.625% 8/15/29		3,900,000		4,226,490
2.250% 8/15/49 (f)		14,600,000		17,710,099
				27,050,633
TOTAL U.S. TREASURY OBLIGATIONS (Cost $24,437,644)				27,050,633
TOTAL BONDS & NOTES (Cost $1,350,992,526)				1,299,125,013
TOTAL PURCHASED OPTIONS (#) — 0.2% (Cost $3,506,056)				2,314,290
	Number of Shares
MUTUAL FUNDS — 0.1%
Diversified Financial Services — 0.1%
State Street Navigator Securities Lending Prime Portfolio (g)		1,584,220		1,584,220
TOTAL MUTUAL FUNDS (Cost $1,584,220)				1,584,220
TOTAL LONG-TERM INVESTMENTS (Cost $1,359,332,802)				1,306,190,323

The accompanying notes are an integral part of the financial statements.

58

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 14.7%
Commercial Paper — 14.7%
B A T Intl Fin
1.885% 6/03/20 (a)	$	4,000,000	$	3,976,533
Bemis Co., Inc.
1.676% 4/17/20 (a)		2,000,000		1,996,947
Boeing Co.
2.019% 5/26/20 (a)		1,849,000		1,837,791
2.109% 11/10/20 (a)		4,000,000		3,856,142
2.109% 11/12/20 (a)		5,000,000		4,818,886
2.560% 7/31/20 (a)		4,000,000		3,933,944
British Aerospace Pub Ltd. Co.
1.842% 9/08/20 (a)		3,000,000		2,957,067
Daimler Fin NA
1.854% 5/06/20 (a)		5,000,000		4,983,500
2.040% 4/21/20 (a)		5,000,000		4,990,667
Dominion Resources
1.865% 5/27/20		3,000,000		2,984,325
Dupont De Nemours, Inc.
1.841% 4/01/20 (a)		12,000,000		11,998,525
Ei Dupont
1.812% 5/20/20 (a)		5,000,000		4,977,313
3.483% 6/30/20 (a)		5,000,000		4,959,556
Enbridge (us), Inc.
2.039% 4/15/20 (a)		5,000,000		4,993,229
2.040% 4/30/20 (a)		10,000,000		9,972,500
Entergy Corp.
1.825% 6/15/20 (a)		4,000,000		3,985,163
1.836% 6/10/20 (a)		5,000,000		4,982,763
1.885% 4/28/20 (a)		5,000,000		4,993,688
Experian Finance Plc
1.831% 4/01/20 (a)		2,000,000		1,999,985
Fmc Tech, Inc.
1.984% 4/03/20 (a)		5,000,000		4,998,927
1.984% 4/20/20 (a)		5,000,000		4,991,089
5.324% 4/01/20 (a)		5,000,000		4,999,658
Fortive Corp.
2.551% 6/11/20 (a)		3,000,000		2,980,200
General Electric Co.
2.308% 6/17/20		9,000,000		8,935,650
Marriott Internation
1.581% 7/20/20 (a)		5,000,000		4,950,204
1.842% 9/02/20 (a)		2,000,000		1,972,444
1.844% 9/28/20 (a)		10,000,000		9,839,111
Nissan Mtr Accp Cp
1.867% 6/10/20 (a)		5,000,000		9,934,917
1.887% 6/15/20 (a)		4,000,000		3,972,133
Nutrien Ltd.
1.904% 9/16/20 (a)		5,000,000		4,924,889

	Principal Amount		Value
Parker-hannifin Corp.
2.194% 4/13/20 (a)	$	7,000,000	$	6,997,505
Reckitt Benckiser Treasury Services
2.492% 5/14/20 (a)		4,050,000		4,043,332
Suncor Energy, Inc.
1.813% 5/27/20 (a)		2,000,000		1,989,550
1.854% 4/30/20 (a)		2,000,000		1,994,500
1.915% 4/23/20 (a)		3,000,000		2,993,825
2.141% 4/03/20 (a)		1,000,000		999,785
Telus Corp.
1.884% 4/23/20 (a)		6,000,000		5,987,649
Transcanada Pipelines Ltd.
1.885% 4/29/20 (a)		5,000,000		4,986,753
1.885% 5/06/20 (a)		1,000,000		996,700
1.987% 4/21/20 (a)		6,000,000		5,988,800
1.988% 4/21/20		4,000,000		3,992,533
				192,668,678
TOTAL SHORT-TERM INVESTMENTS (Cost $193,227,021)				192,668,678
TOTAL INVESTMENTS — 114.7% (Cost $1,552,559,823) (h)				1,498,859,001
Other Assets/(Liabilities) — (14.7)%				(192,145,595	)
NET ASSETS — 100.0%			$	1,306,713,406

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

BAB Build America Bonds

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

FRN Floating Rate Note

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $648,292,928 or 49.61% of net assets.

(b) Security is perpetual and has no stated maturity date.

The accompanying notes are an integral part of the financial statements.

59

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

(c) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(d) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $1,550,571 or 0.12% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. (Note 2).

(e) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2020.

(f) A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(g) Represents investment of security lending cash collateral. (Note 2).

(h) See Note 6 for aggregate cost for federal tax purposes.

(#) Interest Rate Swaptions Purchased

					Paid by Fund					Received by Fund
Description	Counterparty	Expiration Date			Rate		Frequency			Rate		Frequency		Notional Amount			Value		Premium Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
10 -Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*		12/13/32	3-Month USD LIBOR BBA				Quarterly			2.44%		Semi-Annually		USD	5,551,000	$	894,821	$	277,507	$	617,314
Put
10 -Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*		12/13/32			2.94%		Semi-Annually	3-Month USD LIBOR BBA				Quarterly		USD	64,580,000	$	1,419,469	$	3,228,549	$	(1,809,080	)
																	$	2,314,290	$	3,506,056	$	(1,191,766	)

* Contracts are subject to a Master Netting Agreement. 

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra Bond		6/19/20		409	$	79,580,283		$	11,166,592
U.S. Treasury Note 2 Year		6/30/20		942		204,530,733			3,069,876
U.S. Treasury Note 5 Year		6/30/20		494		60,739,131			1,188,400
								$	15,424,868
Short
90 Day Eurodollar		6/15/20		13	$	(3,167,976	)	$	(64,962	)
U.S. Treasury Long Bond		6/19/20		13		(2,287,177	)		(40,636	)
U.S. Treasury Ultra 10 Year		6/19/20		3		(461,681	)		(6,413	)
90 Day Eurodollar		9/14/20		13		(3,169,357	)		(69,106	)
90 Day Eurodollar		12/14/20		12		(2,925,410	)		(64,390	)
90 Day Eurodollar		3/15/21		12		(2,926,460	)		(64,990	)
90 Day Eurodollar		9/13/21		21		(5,122,093	)		(111,895	)
90 Day Eurodollar		3/14/22		19		(4,632,850	)		(100,763	)
90 Day Eurodollar		9/19/22		17		(4,143,481	)		(88,669	)
90 Day Eurodollar		3/13/23		14		(3,410,179	)		(72,321	)
90 Day Eurodollar		12/18/23		19		(4,623,825	)		(97,438	)
90 Day Eurodollar		12/16/24		50		(12,152,959	)		(252,041	)
								$	(1,033,624	)

The accompanying notes are an integral part of the financial statements.

60

MassMutual Premier Core Bond Fund — Portfolio of Investments (Continued)

Centrally Cleared Credit Default Swaps- Buy Protection

Reference Obligation/Index	Rate Paid by Fund		Payment Frequency		Termination Date		Notional Amount			Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG.34†		1.00%		Quarterly		6/20/25		USD	5,400,000	$	35,942	$	19,177	$	16,765
CDX.NA.IG.34†		1.00%		Quarterly		6/20/25		USD	6,200,000		21,533		26,962		(5,429	)
										$	57,475	$	46,139	$	11,336

† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

Country weightings, as a percentage of net assets, is as follows:

United States	84.2	%
Cayman Islands	6.6	%
Bermuda	1.5	%
United Kingdom	1.5	%
Canada	1.3	%
Netherlands	1.3	%
Mexico	1.2	%
Luxembourg	0.6	%
Norway	0.3	%
Switzerland	0.3	%
Colombia	0.3	%
Saudi Arabia	0.2	%
Germany	0.2	%
France	0.1	%
Panama	0.1	%
Spain	0.1	%
Australia	0.1	%
Ireland	0.1	%
Barbados	0.0	%
Total Long-Term Investments	100.0	%
Short-Term Investments and Other Assets and Liabilities	0.0	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

61

MassMutual Premier Diversified Bond Fund — Portfolio of Investments

March 31, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.1%
COMMON STOCK — 0.0%
Basic Materials — 0.0%
Forest Products & Paper — 0.0%
The Newark Group, Inc. (a) (b)		26,904	$	807
Energy — 0.0%
Oil & Gas — 0.0%
Jupiter Resources, Inc. (b)		18,661		18,661
TOTAL COMMON STOCK (Cost $92,228)				19,468
PREFERRED STOCK — 0.1%
Financial — 0.1%
Insurance — 0.1%
The Allstate Corp., 3 mo. USD LIBOR + 3.165%
5.100% VRN		10,000		243,600
TOTAL PREFERRED STOCK (Cost $250,000)				243,600
TOTAL EQUITIES (Cost $342,228)				263,068
	Principal Amount
BONDS & NOTES — 97.0%
CORPORATE DEBT — 43.0%
Aerospace & Defense — 0.5%
TransDigm, Inc.
5.500% 11/15/27	$	250,000		224,375
6.250% 3/15/26 (c)		500,000		498,125
6.375% 6/15/26		225,000		215,437
United Technologies Corp.
6.125% 7/15/38		105,000		150,890
				1,088,827
Agriculture — 0.9%
Archer-Daniels-Midland Co.
2.750% 3/27/25		145,000		147,985
BAT Capital Corp.
4.758% 9/06/49		165,000		155,785
Bunge Ltd. Finance Corp.
3.250% 8/15/26		220,000		199,529
4.350% 3/15/24		360,000		352,044
Imperial Brands Finance PLC
3.500% 7/26/26 (c)		300,000		276,891
3.875% 7/26/29 (c)		320,000		299,249

	Principal Amount		Value
Imperial Tobacco Finance PLC
4.250% 7/21/25 (c)	$	300,000	$	291,842
Reynolds American, Inc.
4.450% 6/12/25		200,000		201,194
5.850% 8/15/45		150,000		161,122
				2,085,641
Airlines — 0.0%
American Airlines Pass-Through Trust, Series 2014-1, Class B,
4.375% 4/01/24		13,942		13,052
United Airlines Pass-Through Trust, Series 2018-1, Class B,
4.600% 9/01/27		87,115		75,469
				88,521
Auto Manufacturers — 1.5%
Ford Motor Co.
7.450% 7/16/31		270,000		194,400
Ford Motor Credit Co. LLC
3.087% 1/09/23		310,000		285,200
3.336% 3/18/21		825,000		791,835
4.140% 2/15/23		285,000		264,138
4.375% 8/06/23		550,000		500,005
5.085% 1/07/21		200,000		194,940
General Motors Co.
4.200% 10/01/27		215,000		177,655
5.150% 4/01/38		230,000		166,341
5.200% 4/01/45		225,000		178,154
General Motors Financial Co., Inc.
3.500% 11/07/24		315,000		277,154
4.150% 6/19/23		255,000		231,947
4.200% 11/06/21		245,000		233,839
				3,495,608
Banks — 5.6%
Associated Banc-Corp.
4.250% 1/15/25		413,000		425,329
Banco General SA
4.125% 8/07/27 (c)		260,000		239,203
Bank of America Corp.
4.183% 11/25/27		200,000		206,733
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		210,000		241,497
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29		200,000		216,213
6.110% 1/29/37		190,000		244,095
7.750% 5/14/38		125,000		184,658
The Bank of Nova Scotia
4.500% 12/16/25		300,000		308,224
3 mo. USD LIBOR + 2.648% 4.650% VRN (d)		550,000		420,062

The accompanying notes are an integral part of the financial statements.

62

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Barclays Bank PLC
10.179% 6/12/21 (c)	$	800,000	$	854,644
Barclays PLC
3 mo. USD LIBOR + 1.380% 3.072% FRN 5/16/24		365,000		321,421
4.375% 9/11/24		600,000		597,897
Citigroup, Inc.
4.600% 3/09/26		495,000		525,053
5.250% 3/07/25		500,000		487,500
5.875% 1/30/42		100,000		126,895
6.125% 3/09/28		484,000		454,960
Credit Suisse AG
6.500% 8/08/23 (c)		575,000		583,383
Danske Bank A/S 3 mo. USD LIBOR + 1.249%
3.001% VRN 9/20/22 (c)		370,000		368,337
Deutsche Bank AG
3.150% 1/22/21		395,000		385,895
First Republic Bank
4.375% 8/01/46		810,000		861,543
Fulton Financial Corp.
3.600% 3/16/22		240,000		241,814
The Goldman Sachs Group, Inc.
5.150% 5/22/45		290,000		334,865
5.750% 1/24/22		225,000		238,378
5.950% 1/15/27		370,000		418,961
6.250% 2/01/41		35,000		47,108
6.750% 10/01/37		165,000		218,421
HSBC Holdings PLC
4.250% 3/14/24		200,000		205,232
6.500% 9/15/37		125,000		150,303
Huntington Bancshares, Inc. 3 mo. USD LIBOR + 2.880%
5.700% VRN (d)		510,000		408,000
JP Morgan Chase & Co.
4.950% 6/01/45		170,000		212,916
Morgan Stanley
4.350% 9/08/26		450,000		476,672
5.000% 11/24/25		175,000		191,579
NBK Tier 1 Financing 2 Ltd. 6 year USD Swap + 2.832%
4.500% VRN (c) (d)		685,000		643,900
Nordea Bank Abp 5 year CMT + 4.110%
6.625% VRN (c) (d)		405,000		366,525
Truist Bank
2.250% 3/11/30		315,000		288,021
Valley National Bancorp
5.125% 9/27/23		110,000		114,808

	Principal Amount		Value
Wells Fargo & Co.
5.606% 1/15/44	$	105,000	$	125,701
				12,736,746
Beverages — 0.7%
Anheuser-Busch InBev Worldwide, Inc.
4.600% 4/15/48		255,000		269,778
8.200% 1/15/39		250,000		374,164
Becle SAB de CV
3.750% 5/13/25 (c)		350,000		333,085
The Coca-Cola Co.
2.950% 3/25/25		230,000		246,411
Keurig Dr Pepper, Inc.
3.551% 5/25/21		140,000		141,642
Molson Coors Beverage Co.
4.200% 7/15/46		191,000		170,736
5.000% 5/01/42		135,000		130,879
				1,666,695
Building Materials — 0.3%
Standard Industries, Inc.
4.750% 1/15/28 (c)		151,000		139,063
5.000% 2/15/27 (c)		490,000		445,900
				584,963
Chemicals — 1.5%
CF Industries, Inc.
4.950% 6/01/43		200,000		189,940
5.375% 3/15/44		128,000		121,924
DuPont de Nemours, Inc.
3.766% 11/15/20		120,000		120,377
5.319% 11/15/38		345,000		387,509
LYB International Finance BV
5.250% 7/15/43		250,000		254,885
Methanex Corp.
5.250% 3/01/22		40,000		36,692
Syngenta Finance NV
3.698% 4/24/20 (c)		325,000		324,375
3.933% 4/23/21 (c)		325,000		306,256
4.441% 4/24/23 (c)		425,000		400,366
4.892% 4/24/25 (c)		500,000		490,244
Yara International ASA
4.750% 6/01/28 (c)		690,000		695,864
				3,328,432
Commercial Services — 0.5%
The ADT Security Corp.
6.250% 10/15/21		593,000		579,657
Cintas Corp. No 2
3.700% 4/01/27		290,000		297,837

The accompanying notes are an integral part of the financial statements.

63

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
ERAC USA Finance LLC
7.000% 10/15/37 (c)	$	50,000	$	63,572
United Rentals North America, Inc.
6.500% 12/15/26		254,000		257,810
				1,198,876
Computers — 0.9%
Dell International LLC/EMC Corp.
6.020% 6/15/26 (c)		375,000		387,031
8.350% 7/15/46 (c)		275,000		326,495
Genpact Luxembourg Sarl
3.375% 12/01/24		660,000		662,710
3.700% STEP 4/01/22		435,000		442,818
Leidos Inc.
5.500% 7/01/33		226,000		209,000
				2,028,054
Diversified Financial Services — 3.1%
Aircastle Ltd.
4.125% 5/01/24		200,000		175,476
4.400% 9/25/23		275,000		262,987
Ally Financial, Inc.
5.125% 9/30/24		317,000		308,913
8.000% 11/01/31		651,000		754,314
Ameriprise Financial, Inc.
3.000% 4/02/25 (e)		205,000		204,133
Antares Holdings LP
6.000% 8/15/23 (c)		790,000		813,702
Ares Finance Co. LLC
4.000% 10/08/24 (c)		375,000		370,494
Avolon Holdings Funding Ltd.
4.375% 5/01/26 (c)		205,000		164,031
5.125% 10/01/23 (c)		325,000		280,696
Brookfield Finance, Inc.
4.250% 6/02/26		280,000		293,624
4.850% 3/29/29		408,000		432,858
GE Capital International Funding Co. Unlimited Co.
4.418% 11/15/35		230,000		245,429
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (c)		595,000		383,180
Lazard Group LLC
3.625% 3/01/27		196,000		196,462
3.750% 2/13/25		125,000		123,279
4.500% 9/19/28		275,000		275,713
LeasePlan Corp. NV
2.875% 10/24/24 (c)		330,000		323,260
Legg Mason, Inc.
5.625% 1/15/44		235,000		249,610

	Principal Amount		Value
Mastercard, Inc.
3.350% 3/26/30	$	85,000	$	94,131
Park Aerospace Holdings Ltd.
4.500% 3/15/23 (c)		250,000		216,861
5.250% 8/15/22 (c)		615,000		555,724
The Western Union Co.
2.850% 1/10/25		325,000		323,421
				7,048,298
Electric — 1.7%
Berkshire Hathaway Energy Co.
5.950% 5/15/37		120,000		134,757
CenterPoint Energy, Inc.
2.500% 9/01/22		225,000		219,917
The Cleveland Electric Illuminating Co.
5.950% 12/15/36		175,000		203,359
CMS Energy Corp.
4.700% 3/31/43		115,000		124,407
4.875% 3/01/44		180,000		194,366
Duke Energy Corp.
3.750% 9/01/46		175,000		167,533
Elwood Energy LLC
8.159% 7/05/26		173,053		189,493
Enel Finance International NV
6.000% 10/07/39 (c)		175,000		188,377
Entergy Louisiana LLC
4.950% 1/15/45		110,000		116,273
FirstEnergy Corp.
3.400% 3/01/50		200,000		188,793
Florida Power & Light Co.
2.850% 4/01/25		70,000		72,982
Indianapolis Power & Light Co.
4.050% 5/01/46 (c)		110,000		115,215
Infraestructura Energetica Nova SAB de CV
3.750% 1/14/28 (c)		200,000		174,000
IPALCO Enterprises, Inc.
3.450% 7/15/20		290,000		289,956
3.700% 9/01/24		175,000		181,367
Nextera Energy Capital Co. Guar
2.900% 4/01/22		155,000		157,476
Pennsylvania Electric Co.
4.150% 4/15/25 (c)		150,000		148,616
Potomac Electric Power Co.
4.150% 3/15/43		400,000		437,206
Southwestern Electric Power Co.
6.200% 3/15/40		100,000		132,048
Virginia Electric & Power Co.
6.000% 1/15/36		100,000		127,113

The accompanying notes are an integral part of the financial statements.

64

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Xcel Energy, Inc.
6.500% 7/01/36	$	270,000	$	352,346
				3,915,600
Electronics — 0.1%
Ingram Micro, Inc.
5.450% STEP 12/15/24		335,000		273,509
Entertainment — 0.2%
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
5.125% 10/01/29 (c)		382,000		347,620
Foods — 0.7%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertson’s LLC
4.625% 1/15/27 (c)		521,000		518,395
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500% 1/15/30 (c)		700,000		722,750
Mars, Inc.
3.950% 4/01/49 (c)		330,000		357,547
				1,598,692
Forest Products & Paper — 0.1%
Fibria Overseas Finance Ltd.
4.000% 1/14/25		225,000		207,790
Gas — 0.2%
NiSource, Inc.
4.800% 2/15/44		545,000		549,995
Health Care – Products — 0.1%
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA
6.625% 5/15/22 (c)		162,000		153,090
Health Care – Services — 0.9%
Centene Corp.
4.250% 12/15/27 (c)		140,000		137,200
4.625% 12/15/29 (c)		153,000		153,765
HCA, Inc.
3.500% 9/01/30		1,064,000		965,273
5.375% 2/01/25		350,000		357,875
Humana, Inc.
4.800% 3/15/47		130,000		144,862
IHC Health Services, Inc.
4.131% 5/15/48		275,000		319,280
				2,078,255
Home Builders — 0.8%
Lennar Corp.
4.750% 11/29/27		592,000		590,520
Mattamy Group Corp.
5.250% 12/15/27 (c)		227,000		211,110

	Principal Amount		Value
PulteGroup, Inc.
5.000% 1/15/27	$	198,000	$	197,564
5.500% 3/01/26		441,000		433,708
Taylor Morrison Communities, Inc.
5.750% 1/15/28 (c)		500,000		446,458
				1,879,360
Housewares — 0.4%
Newell Brands, Inc.
3.850% STEP 4/01/23		495,000		502,400
4.200% STEP 4/01/26		200,000		196,359
The Toro Co.
7.800% 6/15/27		170,000		214,584
				913,343
Insurance — 4.4%
Aflac, Inc.
3.600% 4/01/30 (e)		345,000		349,428
Allstate Corp. 3 mo. USD LIBOR + 2.938%
5.750% VRN 8/15/53		890,000		792,100
American International Group, Inc.
3.300% 3/01/21		175,000		175,129
3.900% 4/01/26		135,000		139,040
4.750% 4/01/48		95,000		100,259
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48		755,000		660,776
AmTrust Financial Services, Inc.
6.125% 8/15/23		765,000		755,584
Arch Capital Group US, Inc.
5.144% 11/01/43		80,000		98,518
Athene Global Funding
2.500% 1/14/25 (c)		615,000		579,304
Athene Holding Ltd.
4.125% 1/12/28		1,029,000		929,293
6.150% 4/03/30 (e)		445,000		444,146
AXIS Specialty Finance LLC
3.900% 7/15/29		375,000		388,150
5 year CMT + 3.186% 4.900% VRN 1/15/40		490,000		421,400
AXIS Specialty Finance PLC
4.000% 12/06/27		420,000		440,211
CNO Financial Group, Inc.
5.250% 5/30/25		535,000		556,734
Enstar Group Ltd.
4.500% 3/10/22		495,000		493,727
4.950% 6/01/29		575,000		541,547
Markel Corp.
3.350% 9/17/29		125,000		117,881
MetLife Capital Trust IV
7.875% 12/15/67 (c)		225,000		261,000

The accompanying notes are an integral part of the financial statements.

65

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
The Progressive Corp.
3.950% 3/26/50	$	45,000	$	52,551
3 mo. USD LIBOR + 2.539% 5.375% VRN (d)		573,000		485,056
Prudential Financial, Inc.
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43		200,000		187,940
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 (f)		350,000		323,750
6.200% 11/15/40		125,000		141,304
Trinity Acquisition PLC
4.400% 3/15/26		140,000		145,846
Unum Group
4.000% 6/15/29		155,000		148,692
USF&G Capital I
8.500% 12/15/45 (c)		95,000		141,001
XLIT Ltd.
5.500% 3/31/45		200,000		210,733
				10,081,100
Internet — 0.4%
Amazon.com, Inc.
4.050% 8/22/47		350,000		456,025
Netflix, Inc.
4.875% 6/15/30 (c)		166,000		168,515
Prosus NV
3.680% 1/21/30 (c)		220,000		198,888
				823,428
Investment Companies — 1.6%
Ares Capital Corp.
3.500% 2/10/23		610,000		545,157
4.200% 6/10/24		525,000		465,388
BlackRock TCP Capital Corp.
3.900% 8/23/24		370,000		340,518
4.125% 8/11/22		845,000		866,834
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.750% 9/15/24		500,000		459,855
Icahn Enterprises LP/ Icahn Enterprises Finance Corp.
6.750% 2/01/24		200,000		193,000
TPG Specialty Lending, Inc.
3.875% 11/01/24		770,000		679,252
				3,550,004
Iron & Steel — 0.4%
Steel Dynamics, Inc.
5.000% 12/15/26		385,000		381,852
Vale Overseas Ltd.
6.250% 8/10/26		275,000		297,005

	Principal Amount		Value
6.875% 11/21/36	$	150,000	$	166,577
				845,434
Lodging — 0.2%
MGM Resorts International
4.625% 9/01/26		409,000		347,773
Media — 2.3%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.000% 2/01/28 (c)		250,000		250,625
Comcast Corp.
3.400% 4/01/30		190,000		205,941
3.400% 7/15/46		140,000		151,270
3.450% 2/01/50		295,000		323,203
4.600% 8/15/45		400,000		509,165
CSC Holdings LLC
5.750% 1/15/30 (c)		200,000		201,692
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.375% 8/15/26 (c)		250,000		203,130
Discovery Communications LLC
3.950% 3/20/28		130,000		127,442
4.125% 5/15/29		150,000		145,227
4.875% 4/01/43		200,000		187,006
5.000% 9/20/37		165,000		160,263
Grupo Televisa SAB
6.625% 3/18/25		475,000		522,815
Sirius XM Radio, Inc.
4.625% 7/15/24 (c)		214,000		217,195
5.375% 4/15/25 (c)		1,000,000		1,009,990
Time Warner Cable, Inc.
4.500% 9/15/42		250,000		234,741
6.750% 6/15/39		275,000		311,408
Virgin Media Secured Finance PLC
5.500% 5/15/29 (c)		336,000		334,790
				5,095,903
Mining — 0.9%
First Quantum Minerals Ltd.
6.875% 3/01/26 (c)		1,000,000		802,500
Glencore Finance Canada Ltd.
5.550% STEP 10/25/42 (c)		149,000		119,657
Glencore Funding LLC
3.875% 10/27/27 (c)		260,000		231,878
4.000% 4/16/25 (c)		180,000		174,415
4.625% 4/29/24 (c)		200,000		182,900
Kinross Gold Corp.
4.500% 7/15/27		225,000		211,772
5.950% 3/15/24		200,000		202,000

The accompanying notes are an integral part of the financial statements.

66

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Teck Resources Ltd.
5.200% 3/01/42	$	97,000	$	73,207
6.250% 7/15/41		143,000		123,611
				2,121,940
Miscellaneous - Manufacturing — 0.1%
Carlisle Cos., Inc.
2.750% 3/01/30		260,000		226,947
General Electric Co.
6.875% 1/10/39		72,000		89,071
4.125% 10/09/42		12,000		11,329
				327,347
Office Equipment/Supplies — 0.1%
CDW LLC / CDW Finance Corp.
4.250% 4/01/28		206,000		207,030
Oil & Gas — 1.9%
Calumet Specialty Products Partners LP/Calumet Finance Corp.
11.000% 4/15/25 (c) (f)		250,000		180,087
Cenovus Energy, Inc.
4.250% 4/15/27		350,000		171,391
6.750% 11/15/39		175,000		84,756
Continental Resources, Inc.
5.000% 9/15/22		137,000		87,398
Diamondback Energy, Inc.
3.500% 12/01/29		620,000		421,552
EQT Corp.
3.000% 10/01/22		625,000		521,875
3.900% 10/01/27		860,000		593,142
6.125% 2/01/25		380,000		292,638
Jupiter Resources Inc.
10.000% 1/31/24 (a) (g)		22,586		22,586
Laredo Petroleum, Inc.
9.500% 1/15/25		138,000		55,200
10.125% 1/15/28		170,000		64,600
Marathon Petroleum Corp.
4.500% 4/01/48		85,000		61,277
6.500% 3/01/41		175,000		162,264
Occidental Petroleum Corp.
2.600% 4/15/22		153,000		110,144
2.900% 8/15/24		187,000		102,350
6.600% 3/15/46		235,000		109,672
6.950% 7/01/24		177,000		99,523
Ovintiv, Inc.
6.500% 2/01/38		160,000		69,478
Patterson-UTI Energy, Inc.
3.950% 2/01/28		350,000		137,250
5.150% 11/15/29		615,000		245,821

	Principal Amount		Value
Petroleos Mexicanos
5.350% 2/12/28	$	190,000	$	132,527
6.375% 1/23/45		35,000		22,134
6.500% 3/13/27		65,000		47,950
6.625% 6/15/38		51,000		33,405
Saudi Arabian Oil Co.
4.250% 4/16/39 (c)		585,000		579,202
				4,408,222
Oil & Gas Services — 0.2%
National Oilwell Varco, Inc.
3.600% 12/01/29		275,000		205,292
3.950% 12/01/42		314,000		196,687
				401,979
Packaging & Containers — 0.1%
Mauser Packaging Solutions Holding Co.
5.500% 4/15/24 (c)		138,000		126,960
Pharmaceuticals — 2.1%
AbbVie, Inc.
2.300% 11/21/22 (c)		234,000		234,183
4.050% 11/21/39 (c)		230,000		236,580
4.700% 5/14/45		350,000		393,117
Allergan Funding SCS
3.800% 3/15/25		300,000		307,153
Bausch Health Americas, Inc.
9.250% 4/01/26 (c)		400,000		422,720
Bausch Health Cos., Inc.
5.250% 1/30/30 (c)		250,000		236,390
6.125% 4/15/25 (c)		113,000		111,305
7.000% 3/15/24 (c)		115,000		117,155
Becton Dickinson and Co.
4.685% 12/15/44		125,000		131,350
Bristol-Myers Squibb Co.
4.350% 11/15/47 (c)		205,000		258,151
Cigna Corp.
4.800% 7/15/46 (c)		185,000		218,800
CVS Health Corp.
5.050% 3/25/48		315,000		359,896
6.125% 9/15/39		25,000		31,347
CVS Pass-Through Trust
5.926% 1/10/34 (c)		191,869		218,724
7.507% 1/10/32 (c)		14,238		18,500
McKesson Corp.
4.883% 3/15/44		70,000		78,622
Mylan NV
3.150% 6/15/21		250,000		246,595
3.950% 6/15/26		240,000		236,841
5.250% 6/15/46		350,000		333,999

The accompanying notes are an integral part of the financial statements.

67

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Par Pharmaceutical, Inc.
7.500% 4/01/27 (c)	$	488,000	$	485,560
Teva Pharmaceutical Finance Netherlands III BV
2.200% 7/21/21		50,000		47,759
Zoetis, Inc.
4.450% 8/20/48		85,000		94,440
				4,819,187
Pipelines — 1.7%
Cheniere Corpus Christi Holdings LLC
3.700% 11/15/29 (c)		220,000		164,351
Cheniere Energy Partners LP
4.500% 10/01/29 (c)		138,000		120,060
Energy Transfer Operating LP
4.200% 4/15/27		320,000		257,897
4.750% 1/15/26		200,000		182,313
6.125% 12/15/45		280,000		249,990
3 mo. USD LIBOR + 4.028% 6.250% VRN (d)		740,000		370,000
5 year CMT + 5.134% 6.750% VRN (d)		270,000		164,700
EnLink Midstream Partners LP
4.150% 6/01/25		339,000		164,313
4.850% 7/15/26		154,000		75,722
3 mo. USD LIBOR + 4.110% 6.000% VRN (d)		375,000		67,500
Enterprise Products Operating LLC 3 mo. USD LIBOR + 2.570%
5.375% VRN 2/15/78		200,000		140,000
EQM Midstream Partners LP
4.750% 7/15/23		375,000		271,388
MPLX LP
4.500% 4/15/38		195,000		152,265
3 mo. USD LIBOR + 4.652% 6.875% VRN (d)		850,000		518,500
Plains All American Pipeline LP/PAA Finance Corp.
4.500% 12/15/26		482,000		373,897
4.700% 6/15/44		260,000		170,978
Sabine Pass Liquefaction LLC
5.625% 3/01/25		200,000		183,578
Sunoco Logistics Partners Operations LP
5.300% 4/01/44		175,000		137,615
Western Midstream Operating LP
4.500% 3/01/28		110,000		52,787
				3,817,854

	Principal Amount		Value
Private Equity — 0.6%
Apollo Management Holdings LP 5 year CMT + 3.266%
4.950% VRN 1/14/50 (c)	$	175,000	$	157,647
Hercules Capital, Inc.
4.625% 10/23/22		945,000		900,183
KKR Group Finance Co. VI LLC
3.750% 7/01/29 (c)		280,000		279,119
				1,336,949
Real Estate Investment Trusts (REITS) — 1.7%
Crown Castle International Corp.
4.750% 5/15/47		70,000		73,556
5.200% 2/15/49		120,000		132,961
ESH Hospitality, Inc.
4.625% 10/01/27 (c)		363,000		283,140
Healthcare Trust of America Holdings LP
3.500% 8/01/26		175,000		173,029
3.750% 7/01/27		240,000		221,332
Service Properties Trust
4.950% 10/01/29		590,000		510,944
Spirit Realty LP
3.400% 1/15/30		325,000		279,252
4.000% 7/15/29		275,000		268,726
Store Capital Corp.
4.625% 3/15/29		250,000		236,966
Tanger Properties LP
3.750% 12/01/24		430,000		445,786
UDR, Inc.
3.200% 1/15/30		145,000		142,686
Vereit Operating Partnership LP
3.100% 12/15/29		610,000		526,724
4.625% 11/01/25		495,000		461,953
				3,757,055
Retail — 0.4%
El Puerto de Liverpool SAB de CV
3.950% 10/02/24 (c)		280,000		272,163
O’Reilly Automotive, Inc.
4.200% 4/01/30		210,000		217,238
Penske Automotive Group, Inc.
5.500% 5/15/26		500,000		456,100
				945,501
Semiconductors — 0.5%
Intel Corp.
3.750% 3/25/27		395,000		438,474
KLA Corp.
3.300% 3/01/50		280,000		262,326

The accompanying notes are an integral part of the financial statements.

68

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Microchip Technology, Inc.
3.922% 6/01/21	$	525,000	$	511,552
				1,212,352
Software — 0.5%
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho
10.000% 11/30/24 (c)		50,000		51,140
Oracle Corp.
2.950% 4/01/30 (e)		565,000		568,890
3.600% 4/01/50 (e)		210,000		210,005
Solera LLC/ Solera Finance, Inc.
10.500% 3/01/24 (c)		237,000		232,260
				1,062,295
Telecommunications — 1.8%
AT&T, Inc.
3.000% 6/30/22		20,000		20,174
4.750% 5/15/46		440,000		486,605
5.250% 3/01/37		758,000		884,351
CommScope, Inc.
8.250% 3/01/27 (c)		350,000		337,365
Embarq Corp.
7.995% 6/01/36		45,000		44,550
Empresa Nacional de Telecomunicaciones SA
4.875% 10/30/24 (c)		200,000		191,509
Hughes Satellite Systems Corp.
6.625% 8/01/26		444,000		449,734
Qwest Corp
6.750% 12/01/21		156,000		161,663
Sprint Capital Corp.
6.875% 11/15/28		500,000		571,100
T-Mobile USA, Inc.
5.375% 4/15/27		165,000		169,950
Telefonica Emisiones SAU
4.665% 3/06/38		335,000		349,079
Verizon Communications, Inc.
3.125% 3/16/22		147,000		151,347
4.000% 3/22/50		30,000		35,479
6.550% 9/15/43		157,000		196,425
				4,049,331
Transportation — 0.4%
CSX Corp.
4.750% 11/15/48		145,000		166,927
Kansas City Southern
2.875% 11/15/29		66,000		63,312
Kenan Advantage Group, Inc.
7.875% 7/31/23 (c) (f)		720,000		604,350

	Principal Amount		Value
Pacific National Finance Pty Ltd.
4.625% 9/23/20 (c)	$	45,000	$	45,511
				880,100
TOTAL CORPORATE DEBT (Cost $104,701,942)				97,485,659
MUNICIPAL OBLIGATIONS — 0.3%
State of California BAB
General Obligation, 7.550% 4/01/39		275,000		446,242
General Obligation, 7.600% 11/01/40		150,000		249,618
				695,860
TOTAL MUNICIPAL OBLIGATIONS (Cost $574,223)				695,860
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 29.0%
Automobile ABS — 1.9%
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C
4.530% 3/20/23 (c)		222,000		218,823
Hertz Vehicle Financing II LP
Series 2018-1A, Class B, 3.600% 2/25/24 (c)		650,000		660,476
Series 2019-2A, Class C, 4.260% 5/25/25 (c)		730,000		753,633
Series 2017-2A, Class C, 5.310% 10/25/23 (c)		100,000		103,457
OneMain Direct Auto Receivables Trust
Series 2019-1A, Class C, 4.190% 11/14/28 (c)		888,000		873,695
Series 2019-1A, Class D, 4.680% 4/14/31 (c)		422,000		413,521
Santander Revolving Auto Loan Trust
Series 2019-A, Class B, 2.800% 1/26/32 (c)		195,000		191,605
Series 2019-A, Class C, 3.000% 1/26/32 (c)		121,000		118,886
Series 2019-A, Class D, 3.450% 1/26/32 (c)		957,000		940,171
				4,274,267
Commercial MBS — 5.2%
Aventura Mall Trust, Series 2018-AVM, Class D,
4.112% VRN 7/05/40 (c) (h)		530,000		416,322

The accompanying notes are an integral part of the financial statements.

69

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
BAMLL Commercial Mortgage Securities Trust
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 2.055% FRN 9/15/34 (c)	$	150,000	$	123,410
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 (c) (h)		440,000		410,159
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 (c) (h)		540,000		460,052
BANK, Series 2019-BN17, Class C,
4.517% VRN 4/15/52 (h)		331,000		218,672
BBCMS Mortgage Trust
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (c) (h)		270,000		212,823
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (c) (h)		280,000		236,720
Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (c) (h)		400,000		355,243
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
2.205% FRN 7/15/35 (c)		900,000		719,902
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 2.405% FRN 11/15/35 (c)		504,000		459,898
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 2.505% FRN 10/15/36 (c)		359,231		314,318
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.705% FRN 10/15/36 (c)		658,271		566,094
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150%
2.855% FRN 12/15/37 (c)		572,453		472,274
Century Plaza Towers
Series 2019-CPT, Class D, 2.997% VRN 11/13/39 (c) (h)		225,000		205,687
Series 2019-CPT, Class E, 2.997% VRN 11/13/39 (c) (h)		316,000		265,416
Citigroup Commercial Mortgage Trust
Series 2019-GC41, Class C, 3.502% 8/10/56		222,000		155,553
Series 2019-SMRT, Class C, 4.682% 1/10/36 (c)		315,000		310,572
Commercial Mortgage Pass-Through Certificates
Series 2014-UBS2, Class AM, 4.199% 3/10/47		100,000		102,326
Series 2015-CR23, Class C, 4.304% VRN 5/10/48 (h)		110,000		101,095

	Principal Amount		Value
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%
2.305% FRN 5/15/36 (c)	$	260,000	$	231,395
DC Office Trust
Series 2019-MTC, Class D, 3.174% VRN 9/15/45 (c) (h)		357,000		286,323
Series 2019-MTC, Class E, 3.174% VRN 9/15/45 (c) (h)		622,000		435,018
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM,
5.513% VRN 7/10/38 (h)		55,973		55,715
GS Mortgage Securities Corp. II, Series 2018-GS10, Class D
3.000% 7/10/51 (c)		599,000		403,952
Hudson Yards Mortgage Trust, Series 2019-30HY, Class E,
3.443% VRN 7/10/39 (c) (h)		630,000		477,520
Jackson Park Trust, Series 2019-LIC, Class D,
3.242% VRN 10/14/39 (c) (h)		686,000		588,415
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class E,
3.783% VRN 6/05/39 (c) (h)		553,000		446,531
JPMBB Commercial Mortgage Securities Trust
Series 2015-C27, Class C, 4.307% VRN 2/15/48 (h)		1,065,400		913,236
Series 2014-C21, Class C, 4.657% VRN 8/15/47 (h)		300,000		281,319
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
2.505% FRN 5/15/36 (c)		263,000		205,268
MFT Trust
Series 2020-ABC, Class A, 3.358% 2/06/30 (c)		205,000		202,148
Series 2020-ABC, Class B, 3.477% VRN 2/06/30 (c) (h)		215,000		199,193
MKT Mortgage Trust, Series 2020-525M, Class E,
2.941% VRN 2/12/40 (c) (h)		213,000		177,213
Morgan Stanley Capital I Trust, Series 2019-L2, Class AS
4.272% 3/15/52		400,000		416,554
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class C,
3.848% VRN 5/15/48 (h)		140,000		125,885

The accompanying notes are an integral part of the financial statements.

70

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
WF-RBS Commercial Mortgage Trust
Series 2012-C8, Class C, 4.885% VRN 8/15/45 (h)	$	100,000	$	98,152
Series 2011-C5, Class D, 5.661% VRN 11/15/44 (c) (h)		115,000		112,141
Series 2011-C5, Class C, 5.661% VRN 11/15/44 (c) (h)		170,000		169,259
				11,931,773
Home Equity ABS — 0.1%
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + 0.240%
1.187% FRN 10/25/34 (c)		66,137		61,794
Mastr Asset-Backed Securities Trust, Series 2005, Class NC1 M1, 1 mo. USD LIBOR + .720%
1.667% FRN 12/25/34		97,866		78,243
				140,037
Other ABS — 14.5%
321 Henderson Receivables LLC, Series 2015-1A, Class A
3.260% 9/15/72 (c)		71,814		74,782
AASET Trust
Series 2019-1, Class A, 3.844% 5/15/39 (c)		372,169		280,394
Series 2018-2A, Class A, 4.454% 11/18/38 (c)		622,597		494,361
Series 2019-2, Class C, 6.413% 10/16/39 (c)		1,133,714		719,945
AIMCO CLO Series Ltd., Series 2018-AA, Class B, 3 mo. USD LIBOR + 1.400%
3.236% FRN 4/17/31 (c)		250,000		222,824
Anchorage Capital CLO Ltd.
Series 2019-11A, Class A, 3 mo. USD LIBOR + 1.390% 3.192% FRN 7/22/32 (c)		500,000		468,288
Series 2019-11A, Class C, 3 mo. USD LIBOR + 3.000% 4.802% FRN 7/22/32 (c)		250,000		210,341
Arbys Funding LLC, Series 2015-1A, Class A2
4.969% 10/30/45 (c)		258,525		248,554
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD LIBOR + .900%
1.847% FRN 10/25/34		274,641		247,335
Ascentium Equipment Receivables Trust
Series 2019-2A, Class E, 3.780% 5/10/27 (c)		787,000		780,778

	Principal Amount		Value
Series 2019-1A, Class E, 4.310% 4/12/27 (c)	$	228,000	$	229,891
Series 2018-2A, Class E, 5.180% 7/10/26 (c)		998,000		979,310
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750%
3.556% FRN 1/23/31 (c)		250,000		224,624
Avery Point VII CLO Ltd., Series 2015-7A, Class DR, 3 mo. USD LIBOR + 3.600%
5.431% FRN 1/15/28 (c)		250,000		207,081
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class CR, 3 mo. USD LIBOR + 3.500%
5.331% FRN 1/15/29 (c)		250,000		202,123
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class B, 3 mo. USD LIBOR + 1.950%
3.859% FRN 10/15/32 (c)		250,000		215,188
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class A,
4.213% STEP 12/16/41 (c)		401,042		293,446
BRE Grand Islander Timeshare Issuer LLC
Series 2017-1A, Class A, 2.940% 5/25/29 (c)		96,529		96,715
Series 2017-1A, Class B, 3.240% 5/25/29 (c)		79,742		79,974
Canyon Capital CLO Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 2.750%
4.838% FRN 10/15/32 (c)		250,000		207,182
Capital Automotive REIT
Series 2014-1A, Class A, 3.660% 10/15/44 (c)		95,321		93,479
Series 2017-1A, Class A2, 4.180% 4/15/47 (c)		150,955		150,256
CARS-DB4 LP
Series 2020-1A, Class B1, 4.170% 2/15/50 (c)		242,000		220,220
Series 2020-1A, Class B3, 4.950% 2/15/50 (c)		671,000		563,640
Castlelake Aircraft Securitization, Series 2019-1A, Class A
3.967% 4/15/39 (c)		216,990		151,813
CIFC Funding Ltd., Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180%
3.016% FRN 11/16/30 (c)		250,000		236,683
CLI Funding V LLC, Series 2014-2A, Class A
3.380% 10/18/29 (c)		42,978		38,759

The accompanying notes are an integral part of the financial statements.

71

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
CLI Funding VI LLC
Series 2017-1A, Class A, 3.620% 5/18/42 (c)	$	265,634	$	218,431
Series 2019-1A, Class B, 4.640% 5/18/44 (c)		117,605		114,367
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%
1.407% FRN 9/25/34		3,291		2,709
Crestline Denali CLO XIV Ltd.
Series 2016-1A, Class A1R, 3 mo. USD LIBOR + 1.280% 3.086% FRN 10/23/31 (c)		350,000		320,553
Series 2016-1A, Class BR, 3 mo. USD LIBOR + 1.800% 3.606% FRN 10/23/31 (c)		250,000		210,354
CWABS Asset-Backed Certificates Trust, Series 2005-4, Class MV5, 1 mo. USD LIBOR + 1.005%
1.952% FRN 10/25/35		440,000		400,462
DB Master Finance LLC
Series 2019-1A, Class A2II, 4.021% 5/20/49 (c)		323,555		299,708
Series 2019-1A, Class A23, 4.352% 5/20/49 (c)		292,788		261,018
Domino’s Pizza Master Issuer LLC
Series 2019-1A, Class A2, 3.668% 10/25/49 (c)		249,375		221,900
Series 2018-1A, Class A2I, 4.116% 7/25/48 (c)		265,950		255,407
Series 2017-1A, Class A23, 4.118% 7/25/47 (c)		166,175		150,834
Series 2015-1A, Class A2II, 4.474% 10/25/45 (c)		598,300		556,099
Eaton Vance CLO Ltd., Series 2013-1A, Class BRR, 3 mo. USD LIBOR + 2.800%
4.631% FRN 1/15/28 (c)		250,000		221,365
Elara HGV Timeshare Issuer LLC
Series 2016-A, Class A, 2.730% 4/25/28 (c)		124,382		124,527
Series 2016-A, Class B, 3.220% 4/25/28 (c)		75,843		76,049
Elmwood CLO II Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450%
3.269% FRN 4/20/31 (c)		450,000		420,538
Elmwood CLO III Ltd., Series 2019-3A, Class A1, 3 mo. USD LIBOR + 1.370%
3.227% FRN 10/15/32 (c)		250,000		227,945

	Principal Amount		Value
Falcon Aerospace Ltd., Series 2019-1, Class C
6.656% 9/15/39 (c)	$	371,440	$	227,779
FCI Funding LLC, Series 2019-1A, Class A
3.630% 2/18/31 (c)		63,432		63,326
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + 1.000%
2.819% FRN 4/20/31 (c)		250,000		234,827
Global SC Finance IV Ltd., Series 2017-1A, Class A
3.850% 4/15/37 (c)		209,877		209,741
Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class C, 3 mo. USD LIBOR + 2.700%
4.519% FRN 10/20/32 (c)		250,000		209,368
Goodgreen Trust
Series 2016-1A, Class A, 3.230% 10/15/52 (c)		280,051		272,509
Series 2017-1A, Class A, 3.740% 10/15/52 (c)		150,388		151,351
Series 2019-2A, Class B, 3.860% 10/15/54 (c)		163,256		159,435
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700%
3.519% FRN 1/20/31 (c)		280,000		252,200
Helios Issuer LLC, Series 2017-1A, Class A
4.940% 9/20/49 (c)		258,145		242,264
Hero Funding Trust
Series 2016-3A, Class A1, 3.080% 9/20/42 (c)		133,370		135,274
Series 2017-3A, Class A1, 3.190% 9/20/48 (c)		167,911		164,914
Series 2017-2A, Class A1, 3.280% 9/20/48 (c)		64,686		66,615
Series 2016-4A, Class A2, 4.290% 9/20/47 (c)		130,972		137,991
Horizon Aircraft Finance I Ltd., Series 2018-1, Class B
5.270% 12/15/38 (c)		225,200		150,021
Horizon Aircraft Finance II Ltd., Series 2019-1, Class B
4.703% 7/15/39 (c)		273,167		172,469
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A
3.425% 11/15/39 (c)		511,524		357,887

The accompanying notes are an integral part of the financial statements.

72

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
HPS Loan Management Ltd., Series 15A-19, Class C, 3 mo. USD LIBOR + 2.700%
4.502% FRN 7/22/32 (c)	$	250,000	$	206,950
ICG US CLO Ltd., Series 2019-1A, Class A1A, 3 mo. USD LIBOR + 1.380%
3.496% FRN 10/26/32 (c)		250,000		228,305
J.G. Wentworth XLIII LLC, Series 2019-1A, Class B
4.510% 8/15/73 (c)		138,000		145,481
Kayne CLO 4 Ltd., Series 2019-4A, Class B1, 3 mo. USD LIBOR + 2.100%
3.894% FRN 4/25/32 (c)		250,000		219,098
KDAC Aviation Finance Ltd., Series 2017-1A, Class A
4.212% 12/15/42 (c)		340,486		260,823
Kestrel Aircraft Fundig Limited, Series 2018-1A, Class A
4.250% 12/15/38 (c)		397,200		290,217
KKR Financial CLO Ltd., Series 26, Class B1, 3 mo. USD LIBOR + 2.050%
3.881% FRN 7/15/32 (c)		250,000		217,743
KREF Ltd., Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.550%
3.350% FRN 6/15/36 (c)		450,000		292,510
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1
4.300% 1/15/42 (c)		376,979		288,594
Lunar Aircraft Ltd., Series 2020-1A, Class A
3.376% 2/15/45 (c)		415,000		290,147
LUNAR AIRCRAFT Ltd.
Series 2020-1A, Class B, 4.335% 2/15/45 (c)		262,000		169,794
Series 2020-1A, Class C, 6.413% 2/15/45 (c)		382,000		234,492
MACH 1 Cayman Ltd., Series 2019-1, Class B
4.335% 10/15/39 (c)		356,114		218,613
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600%
3.431% FRN 7/15/30 (c)		950,000		855,365
Madison Park Funding XXXI Ltd., Series 2018-31A, Class B, 3 mo. USD LIBOR + 1.700%
3.506% FRN 1/23/31 (c)		250,000		225,186

	Principal Amount		Value
Magnetite XV Ltd., Series 2015-15A, Class CR, 3 mo. USD LIBOR + 1.800%
3.594% FRN 7/25/31 (c)	$	490,000	$	416,528
Mosaic Solar Loans LLC, Series 2017-1A, Class A
4.450% 6/20/42 (c)		53,137		51,943
MP CLO III Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250%
3.069% FRN 10/20/30 (c)		250,000		231,332
New Residential Advance Receivables Trust Advance Receivables Backed, Series 2019-T2, Class DT2
3.060% 8/15/53 (c)		262,000		245,338
NP SPE II LLC, Series 2017-1A, Class A2
4.219% 10/21/47 (c)		380,000		372,073
OHA Credit Funding Ltd., Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330%
3.266% FRN 10/22/32 (c)		250,000		235,046
OHA Credit Partners Ltd., Series 2015-11A, Class CR, 3 mo. USD LIBOR + 2.150%
3.969% FRN 1/20/32 (c)		300,000		253,216
OneMain Financial Issuance Trust
Series 2019-2A, Class A, 3.140% 10/14/36 (c)		1,700,000		1,674,354
Series 2019-2A, Class C, 3.660% 10/14/36 (c)		400,000		391,131
Orange Lake Timeshare Trust, Series 2019-A, Class D
4.930% 4/09/38 (c)		622,873		404,941
Oxford Finance Funding Trust, Series 2020-1A, Class A2
3.101% 2/15/28 (c)		344,000		342,331
Park Place Securities, Inc., Series 2005-WCW3, Class M1, 1 mo. USD LIBOR + .480%
1.427% FRN 8/25/35		45,928		44,313
Pioneer Aircraft Finance Ltd., Series 2019-1, Class B
4.948% 6/15/44 (c)		343,810		218,080
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2
3.858% 12/05/49 (c)		507,728		462,637
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
3.797% FRN 2/25/23 (c)		210,000		192,606

The accompanying notes are an integral part of the financial statements.

73

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Popular ABS Mortgage Pass-Through Trust, Series 2006-B, Class A3, 1 mo. USD LIBOR + .280%
1.227% FRN 5/25/36	$	15,601	$	14,679
Primose Funding LLC, Series 2019-1A, Class A2
4.475% 7/30/49 (c)		228,428		207,506
Rockford Tower CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.720%
3.415% FRN 5/20/31 (c)		250,000		219,684
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%
2.921% FRN 1/15/30 (c)		500,000		473,189
Sierra Receivables Funding LLC
Series 2015-3A, Class B, 3.080% 9/20/32 (c)		13,266		13,114
Series 2019-2A, Class C, 3.120% 5/20/36 (c)		138,803		134,592
Series 2016-1A, Class B, 3.670% 3/21/33 (c)		31,137		30,872
Series 2019-1A, Class D, 4.750% 1/20/36 (c)		459,812		456,983
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%
3.992% FRN 8/18/31 (c)		490,000		393,051
Store Master Funding I-VII and XIV
Series 2019-1, Class A4, 4.490% 11/20/49 (c)		768,717		382,831
Series 2018-1A, Class A4, 4.740% 10/20/48 (c)		238,300		166,684
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A
4.870% 7/20/48 (c)		116,296		103,990
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A
4.190% 1/15/71 (c)		297,456		303,023
Taco Bell Funding LLC
Series 2018-1A, Class A2II, 4.940% 11/25/48 (c)		306,125		306,191
Series 2016-1A, Class A23, 4.970% 5/25/46 (c)		427,900		386,107
Textainer Marine Containers V Ltd.
Series 2017-2A, Class A, 3.520% 6/20/42 (c)		178,660		179,381
Series 2017-1A, Class A, 3.720% 5/20/42 (c)		225,135		219,519
Textainer Marine Containers VII Ltd.
Series 2018-1A, Class A, 4.110% 7/20/43 (c)		352,000		357,470	��

	Principal Amount		Value
Series 2019-1A, Class B, 5.280% 4/20/44 (c)	$	198,307	$	205,940
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.700%
3.519% FRN 1/20/31 (c)		490,000		425,858
TICP CLO VI Ltd, Series 2016-6A, Class DR, 3 mo. USD LIBOR + 3.300%
5.131% FRN 1/15/29 (c)		350,000		285,018
TICP CLO XIV Ltd., Series 2019-14A, Class A2, 3 mo. USD LIBOR + 1.900%
4.021% FRN 10/20/32 (c)		250,000		216,622
Trinity Rail Leasing LP
Series 2019-2A, Class A2, 3.100% 10/18/49 (c)		700,000		622,710
Series 2018-1A, Class A2, 4.620% 6/17/48 (c)		430,000		399,314
Triton Container Finance IV LLC, Series 2017-2A, Class A
3.620% 8/20/42 (c)		448,856		450,544
Triton Container Finance VI LLC, Series 2017-1A, Class A
3.520% 6/20/42 (c)		138,221		138,555
VSE VOI Mortgage LLC, Series 2016-A, Class B
2.740% 7/20/33 (c)		39,127		38,769
Wave USA
4.581% 9/15/44 (c)		612,331		362,123
Westgate Resorts LLC, Series 2017-1A, Class A
3.050% 12/20/30 (c)		94,973		92,235
Willis Engine Structured Trust III, Series 2017-A, Class A,
4.690% STEP 8/15/42 (c)		390,189		272,509
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 (c)		234,734		163,967
				32,930,440
Student Loans ABS — 6.4%
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%
2.447% FRN 7/25/58 (c)		130,000		113,271
AccessLex Institute, Series 2004-A, Class A3, 28 day ARS
1.699% 7/01/39		250,000		246,009
Series 2003-A, Class A3, 3 mo. CMT + 1.200% 1.220% FRN 7/01/38		1,490		1,489

The accompanying notes are an integral part of the financial statements.

74

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2005-1, Class B, 3 mo. USD LIBOR + .570% 1.765% FRN 9/22/37	$	285,791	$	255,095
Brazos Higher Education Authority, Inc.
2.225% 6/25/42		450,000		419,744
College Avenue Student Loans LLC
Series 2019-A, Class C, 4.460% 12/28/48 (c)		225,000		212,480
Series 2019-A, Class D, 5.500% 12/28/48 (c)		174,000		163,841
Commonbond Student Loan Trust, Series 2017-AGS, Class C
5.280% 5/25/41 (c)		93,381		90,254
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B
2.500% 1/25/30 (c)		95,106		93,112
DRB Prime Student Loan Trust, Series 2015-A, Class A2
3.060% 7/25/31 (c)		45,965		44,804
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, PRIME - 1.150%
3.600% FRN 12/01/47 (c)		347,899		344,204
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450%
2.129% FRN 8/25/42		535,537		464,959
KeyCorp Student Loan Trust, Series 1999-B, Class CTFS, 3 mo. USD LIBOR + .900%
2.579% FRN 11/25/36		12,773		12,678
Navient Private Education Refi Loan Trust, Series 2018-CA, Class B
4.220% 6/16/42 (c)		530,000		533,397
Navient Student Loan Trust
Series 2019-BA, Class A2B, 1 mo. USD LIBOR + .980% 1.685% FRN 12/15/59 (c)		1,000,000		946,782
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.847% FRN 12/27/67 (c)		700,000		651,382
Series 2018-1A, Class B, 1 mo. USD LIBOR + 1.200% 2.147% FRN 3/25/67 (c)		250,000		234,879
Series 2018-EA, Class B, 4.440% 12/15/59 (c)		140,000		140,301
Nelnet Private Education Loan Trust
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 2.697% FRN 12/26/40 (c)		65,776		62,199
Series 2016-A, Class A1B, 3.600% 12/26/40 (c)		73,678		73,692

	Principal Amount		Value
Nelnet Student Loan Trust
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 1.466% FRN 6/25/41	$	124,810	$	108,651
Series 2005-4, Class A4R2, 28 day ARS 1.612% FRN 3/22/32		144,420		136,581
Series 2012-2A, Class B, 1 mo. USD LIBOR + 1.000% 1.947% FRN 11/25/36 (c)		200,000		180,750
Series 2012-1A, Class B, 1 mo. USD LIBOR + 1.000% 1.947% FRN 6/25/42 (c)		150,000		134,661
Series 2012-4A, Class B, 1 mo. USD LIBOR + 1.000% 1.947% FRN 7/26/49 (c)		350,000		318,392
Series 2018-5A, Class B, 1 mo. USD LIBOR + 1.450% 2.397% FRN 2/25/67 (c)		500,000		469,213
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/41 (c)		100,000		94,532
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 10/25/47 (c)		440,000		410,164
Series 2014-5A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 5/26/54 (c)		100,000		91,919
SLM Student Loan Trust
Series 2006-2, Class R, 0.000% 1/25/41		1,363		681,500
Series 2006-7, Class B, 3 mo. USD LIBOR + 0.200% 1.994% FRN 1/27/42		320,658		282,407
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 1.994% FRN 1/25/70		170,343		151,786
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.004% FRN 10/25/40		142,489		127,243
Series 2005-6, Class B, 3 mo. USD LIBOR + 0.290% 2.084% FRN 1/25/44		344,696		305,179
Series 2005-9, Class B, 3 mo. USD LIBOR + 0.300% 2.094% FRN 1/25/41		426,311		375,226
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 2.264% FRN 10/25/64		115,305		102,242
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 2.394% FRN 10/25/65 (c)		910,000		807,626
Series 2002-7, Class B, 28 day ARS 5.281% FRN 12/15/39		600,000		558,287

The accompanying notes are an integral part of the financial statements.

75

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
SMB Private Education Loan Trust
Series 2019-A, Class A2B, 1 mo. USD LIBOR + 0.870% 1.575% FRN 7/15/36 (c)	$	101,000	$	88,920
Series 2019-A, Class B, 4.000% 11/17/42 (c)		185,000		183,660
Series 2015-C, Class C, 4.500% 9/17/46 (c)		350,000		334,065
SoFi Professional Loan Program LLC
Series 2015-A, Class RC, 0.000%3/25/33 (c)		200		165,000
Series 2018-A, Class R1, 0.000%2/25/42 (c)		1,000,000		702,500
Series 2019-A, Class R1, 0.000%6/15/48 (c)		1,361,200		415,524
Series 2017-D, Class R1, 0.010% 9/25/40 (c)		1,000,000		467,370
Series 2018-D, Class R1, 0.010% 2/25/48 (c)		911,500		314,468
Series 2017-D, Class BFX, 3.610% 9/25/40 (c)		500,000		465,395
Series 2017-C, Class C, 4.210% VRN 7/25/40 (c) (h)		180,000		167,513
Series 2017-A, Class C, 4.430% VRN 3/26/40 (c) (h)		170,000		154,860
South Carolina Student Loan Corp.
Series 2015-A, Class A, 1 mo. USD LIBOR + 1.500% 2.447% FRN 1/25/36		96,688		93,702
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 3.081% FRN 8/01/35		550,000		526,791
				14,520,699
WL Collateral CMO — 0.9%
Angel Oak Mortgage Trust I LLC
Series 2019-4, Class M1, 3.459% VRN 7/26/49 (c) (h)		492,000		422,217
Series 2019-2, Class M1, 4.065% VRN 3/25/49 (c) (h)		260,000		225,540
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
4.615% VRN 8/25/34 (h)		14,324		12,846
Countrywide Home Loans, Inc.
Series 2004-2, Class 1A1, 3.722% VRN 2/25/34 (h)		10,007		8,921
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (h)		2,294		2,133
Deephaven Residential Mortgage Trust
Series 2019-3A, Class M1, 3.405% VRN 7/25/59 (c) (h)		800,000		657,042

	Principal Amount		Value
Series 2019-1A, Class M1, 4.402% VRN 1/25/59 (c) (h)	$	250,000	$	220,903
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1,
4.304% VRN 8/25/34 (h)		3,653		3,531
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A,
3.885% VRN 8/25/34 (h)		22,251		19,125
JP Morgan Mortgage Trust, Series 2017-1, Class A11,
3.500% VRN 1/25/47 (c) (h)		396,963		395,480
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A1, Class IA, 3.250% VRN 2/25/34 (h)		1,037		928
Series 2003-A4, Class IA, 4.678% VRN 7/25/33 (h)		1,081		959
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A,
3.854% VRN 3/25/34 (h)		10,337		9,291
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%
3.366% FRN 4/25/44		28,545		25,560
				2,004,476
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $74,576,068)				65,801,692
SOVEREIGN DEBT OBLIGATIONS — 0.6%
Colombia Government International Bond
6.125% 1/18/41		440,000		505,727
Mexico Government International Bond
4.750% 3/08/44		354,000		356,304
6.750% 9/27/34		375,000		493,129
				1,355,160
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,341,522)				1,355,160
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 22.2%
Collateralized Mortgage Obligations — 0.1%
Federal Home Loan Mortgage Corp.
Series 2617, Class Z, 5.500% 5/15/33		78,222		90,236

The accompanying notes are an integral part of the financial statements.

76

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2693, Class Z, 5.500% 10/15/33	$	142,234	$	159,820
Series 2178, Class PB, 7.000% 8/15/29		8,229		9,317
				259,373
Pass-Through Securities — 21.6%
Federal Home Loan Mortgage Corp.
Pool #SB8013 2.500% 9/01/34		1,420,848		1,474,838
Pool #SB8020 2.500% 12/01/34		1,333,481		1,384,151
Pool #ZA5946 4.500% 11/01/48		1,129,396		1,214,345
Pool #ZA6368 4.500% 2/01/49		626,855		674,064
Pool #G01311 7.000% 9/01/31		735		847
Pool #C80207 7.500% 9/01/24		512		560
Pool #C00530 7.500% 7/01/27		511		577
Pool #C00563 7.500% 11/01/27		1,829		2,076
Pool #C00612 7.500% 4/01/28		61		69
Pool #C55867 7.500% 2/01/30		2,211		2,479
Federal National Mortgage Association
Pool #MA3797 2.500% 10/01/34		2,737,138		2,841,145
Pool #MA3029 3.000% 6/01/32		764,575		802,773
Pool #MA3090 3.000% 8/01/32		321,720		337,793
Pool #AR3007 3.000% 2/01/43		188,930		199,980
Pool #AV2325 3.500% 12/01/28		86,204		91,112
Pool #AV1897 3.500% 12/01/28		28,442		30,097
Pool #AS1304 3.500% 12/01/28		166,995		176,504
Pool #BF0196 3.500% 2/01/41		225,621		242,391
Pool #MA1356 3.500% 2/01/43		1,093,467		1,173,033
Pool #BJ0686 4.000% 4/01/48		979,461		1,046,426
Pool #CA1951 4.000% 7/01/48		478,233		510,480
Pool #CA2039 4.000% 7/01/48		847,488		904,503
Pool #888586 1 year CMT + 2.196% 4.328% FRN 10/01/34		92,571		97,082
Pool #725692 1 year CMT + 2.138% 4.355% FRN 10/01/33		34,945		36,647
Pool #CA1909 4.500% 6/01/48		1,356,007		1,461,306
Pool #CA1952 4.500% 6/01/48		566,305		609,750
Pool #BK7877 4.500% 7/01/48		330,898		356,283
Pool #MA3522 4.500% 11/01/48		473,048		508,452
Pool #MA3537 4.500% 12/01/48		436,061		468,696
Pool #MA3564 4.500% 1/01/49		400,549		430,526
Pool #BN5241 4.500% 2/01/49		3,147,144		3,382,680
Pool #MA3639 4.500% 4/01/49		312,070		335,426
Pool #AD6437 5.000% 6/01/40		59,028		65,315
Pool #AD6996 5.000% 7/01/40		394,960		437,026
Pool #AL8173 5.000% 2/01/44		158,370		174,099
Pool #575579 7.500% 4/01/31		4,059		4,717
Pool #535996 7.500% 6/01/31		652		761

	Principal Amount		Value
Government National Mortgage Association I
Pool #579140 6.500% 1/15/32	$	607	$	688
Pool #587280 6.500% 9/15/32		944		1,060
Pool #550659 6.500% 9/15/35		66,290		76,751
Pool #538689 6.500% 12/15/35		15,205		17,668
Pool #780651 7.000% 10/15/27		782		868
Pool #462384 7.000% 11/15/27		416		462
Pool #482668 7.000% 8/15/28		809		909
Pool #581417 7.000% 7/15/32		1,695		1,942
Pool #423836 8.000% 8/15/26		534		595
Pool #444619 8.000% 3/15/27		5,148		5,711
Government National Mortgage Association II TBA
Pool #304 3.500% 4/21/50 (e)		14,450,000		15,236,847
Pool #1235 4.000% 4/21/50 (e)		6,450,000		6,852,117
Uniform Mortgage Backed Securities TBA(e) Pool #1058 3.500% 4/15/50		5,125,000		5,418,086
				49,092,713
Whole Loans — 0.5%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050%
2.997% FRN 7/25/49 (c)		425,576		356,920
Federal National Mortgage Association Connecticut Avenue Securities Trust
Series 2019-R04, Class 2M2, 1 mo. USD LIBOR + 2.100% 3.047% FRN 6/25/39 (c)		200,000		162,173
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 3.097% FRN 9/25/31 (c)		139,300		118,812
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 3.247% FRN 8/25/31 (c)		462,717		396,754
				1,034,659
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $49,351,892)				50,386,745
U.S. TREASURY OBLIGATIONS — 1.9%
U.S. Treasury Bonds & Notes — 1.9%
U.S. Treasury Note
1.500% 1/15/23		700,000		723,601
1.500% 11/30/24		700,000		736,633

The accompanying notes are an integral part of the financial statements.

77

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
2.250% 8/15/49 (i)	$	2,410,000	$	2,923,380
				4,383,614
TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,968,646)				4,383,614
TOTAL BONDS & NOTES (Cost $234,514,293)				220,108,730
TOTAL PURCHASED OPTIONS (#) — 0.2% (Cost $710,400)				423,712
	Number of Shares
WARRANTS — 0.0%
Consumer, Non-cyclical — 0.0%
Chemicals — 0.0%
Hercules LLC, Expires 3/31/29, Strike 0.09 (a) (b) (g)		150		3,788
TOTAL WARRANTS (Cost $0)				3,788
MUTUAL FUNDS — 0.4%
Diversified Financial Services — 0.4%
State Street Navigator Securities Lending Prime Portfolio (j)		915,752		915,752
TOTAL MUTUAL FUNDS (Cost $915,752)				915,752
TOTAL LONG-TERM INVESTMENTS (Cost $236,482,673)				221,715,050
	Principal Amount
SHORT-TERM INVESTMENTS — 12.3%
Commercial Paper — 12.3%
Avangrid, Inc.
1.318% 4/03/20 (c)	$	3,000,000		2,999,356
Boeing Co.
2.092% 6/10/20 (c)		3,000,000		2,976,629
Carnival Corp.
1.902% 11/25/20 (c)		2,000,000		1,909,844
CenterPoint Energy, Inc.
1.788% 4/06/20 (c)		1,000,000		999,518
Daimler Finance North America LLC
2.942% 4/06/20 (c)		1,000,000		999,543

	Principal Amount		Value
DuPont de Nemours, Inc.
1.821% 4/13/20 (c)	$	1,000,000	$	998,781
Ei Dupont
1.801% 4/06/20 (c)		2,000,000		1,998,671
Entergy Corp.
1.811% 5/04/20 (c)		2,000,000		1,996,897
1.834% 5/01/20 (c)		1,000,000		998,594
General Electric Co.
1.844% 5/20/20		2,000,000		1,990,833
1.874% 5/11/20		1,000,000		996,242
HP, Inc.
1.830% 4/06/20 (c)		1,000,000		999,524
NiSource, Inc.
1.809% 4/08/20 (c)		3,000,000		2,998,096
Suncor Energy, Inc
1.813% 5/13/20 (c)		2,000,000		1,992,117
ViacomCBS, Inc.
1.523% 4/15/20 (c)		3,000,000		2,995,937
				27,850,582
TOTAL SHORT-TERM INVESTMENTS (Cost $27,942,702)				27,850,582
TOTAL INVESTMENTS — 110.0% (Cost $264,425,375) (k)				249,565,632
Other Assets/(Liabilities) — (10.0)%				(22,764,562	)
NET ASSETS — 100.0%			$	226,801,070

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

BAB Build America Bonds

CLO Collateralized Loan Obligation

CMT Constant Maturity Treasury Index

FRN Floating Rate Note

MTA Monthly Treasury Average Index

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2020, these securities amounted to a value of $27,181 or 0.01% of net assets.

(b) Non-income producing security.

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities

The accompanying notes are an integral part of the financial statements.

78

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $109,887,600 or 48.45% of net assets.

(d) Security is perpetual and has no stated maturity date.

(e) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(f) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $897,203 or 0.40% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. (Note 2)

(g) Investment was valued using significant unobservable inputs.

(h) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2020.

(i) All or a portion of this security is held as collateral for open derivatives. (Note 2)

(j) Represents investment of security lending cash collateral. (Note 2).

(k) See Note 6 for aggregate cost for federal tax purposes.

(#) Interest Rate Swaptions Purchased

					Paid by Fund					Received by Fund
Description	Counterparty	Expiration Date			Rate		Frequency			Rate		Frequency		Notional Amount			Value		Premium Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*		12/13/32	3-Month USD LIBOR BBA				Quarterly			2.44%		Semi-Annually		USD	800,000	$	128,960	$	39,994	$	88,966
Put
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*		12/13/32			2.94%		Semi- Annually	3-Month USD LIBOR BBA				Quarterly		USD	13,410,000	$	294,752	$	670,406	$	(375,654	)
																	$	423,712	$	710,400	$	(286,688	)

* Contracts are subject to a Master Netting Agreement.

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		4/07/20		MXN	844,220		USD	40,000	$	(4,438	)
Bank of America N.A.*		4/14/20		EUR	90,903		HUF	30,306,528		7,617
Bank of America N.A.*		4/14/20		PLN	1,904,384		EUR	448,555		(34,589	)
Bank of America N.A.*		4/14/20		PLN	27,209		USD	7,000		(423	)
Bank of America N.A.*		4/14/20		EUR	10,783		USD	12,000		(102	)
Bank of America N.A.*		4/14/20		USD	17,161		PLN	64,998		1,450
Bank of America N.A.*		4/14/20		USD	252,058		ZAR	3,664,416		47,550
Bank of America N.A.*		4/14/20		RUB	2,912,983		USD	43,000		(5,980	)

The accompanying notes are an integral part of the financial statements.

79

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		4/21/20		AUD	7,457		USD	5,000	$	(413	)
Bank of America N.A.*		4/21/20		USD	224,808		SGD	303,067		11,519
Bank of America N.A.*		5/12/20		EUR	232,652		USD	257,533		(546	)
Bank of America N.A.*		5/12/20		USD	3,000		CHF	2,918		(38	)
Bank of America N.A.*		5/12/20		USD	251,970		EUR	232,652		(5,018	)
Bank of America N.A.*		5/19/20		AUD	233,701		USD	157,076		(13,300	)
Barclays Bank PLC*		4/07/20		MXN	5,848,097		USD	296,524		(50,179	)
Barclays Bank PLC*		4/14/20		HUF	30,306,528		EUR	85,464		(1,616	)
Barclays Bank PLC*		4/14/20		USD	153,000		HUF	49,413,421		1,887
Barclays Bank PLC*		4/21/20		MYR	1,042,741		USD	255,919		(14,668	)
Barclays Bank PLC*		4/21/20		USD	102,711		IDR	1,411,134,000		16,340
Barclays Bank PLC*		4/21/20		USD	253,462		MYR	1,042,741		12,211
Barclays Bank PLC*		5/19/20		USD	269,281		SGD	372,968		6,683
Barclays Bank PLC*		7/14/20		USD	92,366		HUF	30,311,609		(509	)
BNP Paribas SA*		4/21/20		USD	246,467		THB	7,489,392		18,248
Citibank N.A.*		4/07/20		USD	149,000		CLP	121,584,000		6,930
Citibank N.A.*		4/07/20		CLP	18,788,000		USD	22,000		(46	)
Citibank N.A.*		4/07/20		USD	7,000		COP	28,371,000		17
Citibank N.A.*		4/14/20		RUB	7,969,170		USD	128,059		(26,782	)
Citibank N.A.*		4/14/20		EUR	131,225		USD	147,241		(2,454	)
Citibank N.A.*		4/14/20		USD	5,000		HUF	1,520,694		350
Citibank N.A.*		4/14/20		PLN	68,922		USD	17,000		(340	)
Citibank N.A.*		4/14/20		EUR	415,066		PLN	1,904,384		(2,361	)
Citibank N.A.*		4/14/20		ILS	331,239		USD	92,380		1,180
Citibank N.A.*		4/15/20		GTQ	235,541		USD	30,340		311
Citibank N.A.*		4/21/20		USD	246,613		JPY	26,962,134		(4,343	)
Citibank N.A.*		4/21/20		IDR	261,293,400		USD	16,224		(231	)
Citibank N.A.*		4/21/20		USD	6,000		THB	196,026		27
Citibank N.A.*		4/29/20		GTQ	114,875		USD	14,897		52
Citibank N.A.*		5/05/20		BRL	46,917		USD	9,000		10
Citibank N.A.*		5/12/20		RON	1,068,791		USD	245,831		(2,745	)
Citibank N.A.*		5/12/20		USD	275,418		ILS	943,651		8,557
Citibank N.A.*		5/12/20		USD	1,000		RON	4,443		(11	)
Citibank N.A.*		5/12/20		EUR	15,298		PLN	70,291		(89	)
Citibank N.A.*		5/12/20		ILS	943,651		USD	263,560		3,301
Citibank N.A.*		5/19/20		SGD	14,250		USD	10,193		(160	)
Citibank N.A.*		5/19/20		IDR	540,503,500		USD	33,478		(477	)
Citibank N.A.*		7/14/20		PLN	1,978,350		USD	466,688		11,432
Citibank N.A.*		9/18/20		PKR	3,774,046		USD	22,804		(577	)
Citibank N.A.*		11/16/20		PKR	6,689,150		USD	41,000		(1,966	)

The accompanying notes are an integral part of the financial statements.

80

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Goldman Sachs International*		4/07/20		MXN	4,677,553		USD	244,000	$	(46,963	)
Goldman Sachs International*		4/07/20		USD	28,000		MXN	663,016		71
Goldman Sachs International*		4/14/20		USD	102,168		ILS	351,745		2,816
Goldman Sachs International*		4/14/20		RUB	863,191		USD	11,000		(30	)
Goldman Sachs International*		4/21/20		SGD	303,067		USD	216,740		(3,451	)
Goldman Sachs International*		4/21/20		JPY	970,418		USD	9,000		32
Goldman Sachs International*		5/19/20		SGD	5,696		USD	4,000		10
HSBC Bank USA*		4/07/20		USD	11,000		COP	41,800,000		712
HSBC Bank USA*		4/14/20		USD	97,469		HUF	28,978,420		8,849
HSBC Bank USA*		5/12/20		PLN	70,291		EUR	16,463		(1,198	)
HSBC Bank USA*		5/19/20		USD	6,000		IDR	87,312,000		669
JP Morgan Chase Bank N.A.*		4/07/20		BRL	520,599		USD	127,326		(27,170	)
JP Morgan Chase Bank N.A.*		4/14/20		USD	103,861		CHF	99,609		313
JP Morgan Chase Bank N.A.*		4/14/20		USD	153,086		KZT	58,914,394		22,250
JP Morgan Chase Bank N.A.*		4/14/20		USD	9,000		ZAR	137,605		1,320
JP Morgan Chase Bank N.A.*		4/14/20		ZAR	3,802,021		USD	217,817		(5,629	)
JP Morgan Chase Bank N.A.*		4/14/20		USD	120,146		EUR	111,152		(2,493	)
JP Morgan Chase Bank N.A.*		4/21/20		AUD	360,122		USD	246,919		(25,385	)
JP Morgan Chase Bank N.A.*		4/21/20		PHP	12,717,823		USD	248,455		1,276
JP Morgan Chase Bank N.A.*		4/21/20		USD	4,000		JPY	440,532		(100	)
JP Morgan Chase Bank N.A.*		4/21/20		IDR	261,293,400		USD	16,109		(116	)
JP Morgan Chase Bank N.A.*		5/12/20		USD	95,000		KZT	36,874,278		13,777
JP Morgan Chase Bank N.A.*		5/12/20		KZT	12,825,890		USD	28,115		137
JP Morgan Chase Bank N.A.*		5/12/20		USD	237,181		RON	1,064,348		(4,895	)
JP Morgan Chase Bank N.A.*		5/12/20		USD	41,000		CHF	39,549		(172	)
JP Morgan Chase Bank N.A.*		5/19/20		USD	150,461		IDR	2,074,702,000		23,786
JP Morgan Chase Bank N.A.*		5/19/20		IDR	540,503,500		USD	33,058		(57	)
JP Morgan Chase Bank N.A.*		11/16/20		PKR	5,521,717		USD	34,131		(1,909	)
Morgan Stanley & Co. LLC*		4/07/20		USD	124,000		COP	427,552,000		18,769
Morgan Stanley & Co. LLC*		4/07/20		MXN	3,833,303		USD	152,000		9,474
Morgan Stanley & Co. LLC*		4/14/20		ILS	20,506		USD	6,000		(209	)
Morgan Stanley & Co. LLC*		4/21/20		IDR	365,960,400		USD	26,000		(3,602	)
Morgan Stanley & Co. LLC*		4/21/20		USD	12,000		THB	381,762		366
Morgan Stanley & Co. LLC*		5/12/20		USD	146,000		CHF	139,872		385
									$	(37,096	)

* Contracts are subject to a Master Netting Agreement.

The accompanying notes are an integral part of the financial statements.

81

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra Bond		6/19/20		73	$	14,203,816		$	1,993,059
U.S. Treasury Note 2 Year		6/30/20		175		38,049,385			517,607
U.S. Treasury Note 5 Year		6/30/20		22		2,720,797			37,109
								$	2,547,775
Short
90 Day Eurodollar		6/15/20		2	$	(487,381	)	$	(9,994	)
U.S. Treasury Ultra 10 Year		6/19/20		28		(4,243,525	)		(125,350	)
90 Day Eurodollar		9/14/20		2		(487,593	)		(10,632	)
90 Day Eurodollar		12/14/20		2		(487,568	)		(10,732	)
90 Day Eurodollar		3/15/21		2		(487,743	)		(10,832	)
90 Day Eurodollar		9/13/21		3		(731,728	)		(15,985	)
90 Day Eurodollar		3/14/22		3		(731,503	)		(15,910	)
90 Day Eurodollar		9/19/22		3		(731,203	)		(15,647	)
90 Day Eurodollar		3/13/23		2		(487,168	)		(10,332	)
90 Day Eurodollar		12/18/23		3		(730,078	)		(15,385	)
90 Day Eurodollar		12/16/24		6		(1,458,355	)		(30,245	)
								$	(271,044	)

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Obligation/Index	Rate Paid by Fund		Payment Frequency		Termination Date		Notional Amount			Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG Series 34†		1.00%		Quarterly		6/20/25		USD	1,100,000	$	3,821	$	4,784	$	(963	)
CDX.NA.IG Series 34†		1.00%		Quarterly		6/20/25		USD	900,000		5,990		3,196		2,794
										$	9,811	$	7,980	$	1,831

† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

Currency Legend

AUD Australian Dollar

BRL Brazilian Real

CHF Swiss Franc

CLP Chilean Peso

COP Colombian Peso

EUR Euro

GTQ Guatemalan Quetzal

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

JPY Japanese Yen

KZT Kazakhstan Tenge

MXN Mexican Peso

MYR Malaysian Ringgit

PHP Philippine Peso

PKR Pakistan Rupee

PLN Polish Zloty

RON New Romanian Leu

RUB Russian Ruble

SGD Singapore Dollar

The accompanying notes are an integral part of the financial statements.

82

MassMutual Premier Diversified Bond Fund — Portfolio of Investments (Continued)

Currency Legend (Continued)

THB Thai Baht

USD United States Dollar

ZAR South African Rand

Country weightings, as a percentage of net assets, is as follows:

United Statess	81.3	%
Cayman Islands	6.0	%
Canada	1.8	%
United Kingdom	1.7	%
Netherlands	1.5	%
Bermuda	1.3	%
Mexico	1.0	%
Luxembourg	0.6	%
Norway	0.3	%
United Arab Emirates	0.3	%
Switzerland	0.3	%
Saudi Arabia	0.3	%
Colombia	0.2	%
Germany	0.2	%
Denmark	0.2	%
Finland	0.2	%
Spain	0.2	%
Ireland	0.1	%
Panama	0.1	%
Chile	0.1	%
Australia	0.0	%
Total Long-Term Investments	97.7	%
Short-Term Investments and Other Assets and Liabilities	2.3	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

83

MassMutual Premier High Yield Fund — Portfolio of Investments

March 31, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.3%
COMMON STOCK — 0.3%
Basic Materials — 0.0%
Forest Products & Paper — 0.0%
Appvion Inc. (Escrow Shares) (a) (b) (c)		5,428,000	$	—
The Newark Group, Inc. (b) (c)		329,969		9,899
				9,899
				9,899
Consumer, Non-cyclical — 0.1%
Agriculture — 0.1%
Pinnacle Operating Corp. (b) (c)		313,098		—
Pinnacle Operating Corp. (b) (c)		665,333		598,800
				598,800
				598,800
Energy — 0.2%
Oil & Gas — 0.2%
Fieldwood Energy LLC (b)		10,960		10,960
Fieldwood Energy LLC (b)		44,668		44,668
Jupiter Resources, Inc.		610,239		610,239
				665,867
				665,867
TOTAL COMMON STOCK (Cost $10,301,907)				1,274,566
TOTAL EQUITIES (Cost $10,301,907)				1,274,566
	Principal Amount
BONDS & NOTES — 97.3%
BANK LOANS — 3.9%
Aerospace & Defense — 0.4%
Veritas Bermuda Ltd., USD Repriced Term Loan B, 3 mo. LIBOR + 4.500%
5.950% VRN 1/27/23	$	2,468,193		2,097,964
Electronics — 0.1%
Vertafore, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.250%
4.239% VRN 7/02/25		414,750		363,284
Oil & Gas — 0.3%
Fieldwood Energy LLC
Exit 1st Lien Term Loan, 3 mo. LIBOR + 5.250%
7.027% VRN 4/11/22		3,755,879		1,173,712

	Principal Amount		Value
Exit 2nd Lien Term Loan, 3 mo. LIBOR + 7.250%
9.027% VRN 4/11/23	$	3,084,695	$	197,421
				1,371,133
Packaging & Containers — 1.8%
BWAY Holding Co., 2017 Term Loan B, 3 mo. LIBOR + 3.250%
5.084% VRN 4/03/24		4,585,209		3,716,908
Consolidated Energy Finance, SA, Term Loan B, 3 mo. LIBOR + 2.500%
3.205% VRN 5/07/25		3,150,611		2,205,427
Flex Acquisition Co., Inc., 1st Lien Term Loan, 3 mo. LIBOR + 3.000%
4.909% VRN 12/29/23		1,908,002		1,726,742
Trident TPI Holdings, Inc., 2017 USD Term Loan B1, 3 mo. LIBOR + 3.250%
4.323% VRN 10/17/24		677,304		555,389
				8,204,466
Software — 1.3%
Almonde, Inc.
USD 1st Lien Term Loan, 3 mo. LIBOR + 3.500%
5.277% VRN 6/13/24		2,486,574		2,113,588
USD 2nd Lien Term Loan, 3 mo. LIBOR + 7.250%
9.027% VRN 6/13/25		3,000,000		2,226,000
Banff Merger Sub, Inc., 2018 USD Term Loan B, 1 mo. LIBOR + 4.250%
5.239% VRN 10/02/25		2,248,522		1,855,593
				6,195,181
TOTAL BANK LOANS (Cost $26,197,571)				18,232,028
CORPORATE DEBT — 93.4%
Advertising — 0.5%
Terrier Media Buyer, Inc.
8.875% 12/15/27 (d)		2,561,000		2,164,045
Aerospace & Defense — 2.9%
Signature Aviation US Holdings, Inc.
4.000% 3/01/28 (d)		2,864,000		2,585,619
TransDigm, Inc.
5.500% 11/15/27 (d)		4,192,000		3,762,320
6.375% 6/15/26		1,510,000		1,445,825
Triumph Group, Inc.
5.250% 6/01/22		1,825,000		1,505,625
6.250% 9/15/24 (d)		1,347,000		1,200,595

The accompanying notes are an integral part of the financial statements.

84

MassMutual Premier High Yield Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
7.750% 8/15/25 (e)	$	4,319,000	$	3,131,275
				13,631,259
Agriculture — 0.3%
JBS Investments II GmbH
7.000% 1/15/26 (d)		1,574,000		1,568,617
Airlines — 1.5%
American Airlines Group, Inc.
5.000% 6/01/22 (d)		466,000		373,965
3.750% 3/01/25 (d)		9,300,000		6,510,000
				6,883,965
Apparel — 0.1%
Hanesbrands, Inc.
4.875% 5/15/26 (d)		596,000		584,146
Auto Manufacturers — 2.2%
Allison Transmission, Inc.
4.750% 10/01/27 (d)		2,473,000		2,275,160
Ford Motor Credit Co. LLC
3.087% 1/09/23		1,420,000		1,306,400
3.664% 9/08/24		646,000		581,400
4.134% 8/04/25		771,000		683,877
4.140% 2/15/23		342,000		316,965
4.389% 1/08/26		1,891,000		1,654,625
4.687% 6/09/25		1,000,000		890,000
5.113% 5/03/29		322,000		279,134
5.596% 1/07/22		396,000		383,130
5.875% 8/02/21		1,796,000		1,760,080
				10,130,771
Auto Parts & Equipment — 0.3%
Panther BF Aggregator 2 LP / Panther Finance Co., Inc.
8.500% 5/15/27 (d)		1,642,000		1,432,481
Building Materials — 1.8%
Griffon Corp.
5.750% 3/01/28 (d)		1,873,000		1,760,620
James Hardie International Finance DAC
4.750% 1/15/25 (d)		1,027,000		967,958
5.000% 1/15/28 (d)		1,668,000		1,576,260
PGT Innovations, Inc.
6.750% 8/01/26 (d)		1,279,000		1,224,643
Standard Industries, Inc.
4.750% 1/15/28 (d)		3,393,000		3,124,783
				8,654,264
Chemicals — 1.8%
CF Industries, Inc.
4.950% 6/01/43		266,000		252,620
5.375% 3/15/44		1,040,000		990,631

	Principal Amount		Value
Consolidated Energy Finance SA
6.875% 6/15/25 (d)	$	4,286,000	$	3,707,390
CVR Partners LP/CVR Nitrogen Finance Corp.
9.250% 6/15/23 (d)		2,500,000		2,004,250
Valvoline, Inc.
4.250% 2/15/30 (d)		1,390,000		1,302,986
				8,257,877
Coal — 2.6%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.
7.500% 5/01/25 (d) (e)		1,275,000		765,000
Peabody Energy Corp.
6.000% 3/31/22 (d)		8,054,000		5,476,720
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
7.500% 6/15/25 (d)		5,145,000		3,704,400
Warrior Met Coal, Inc.
8.000% 11/01/24 (d)		2,960,000		2,456,800
				12,402,920
Commercial Services — 2.0%
Allied Universal Holdco LLC
6.625% 7/15/26 (d)		1,067,000		1,048,328
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.750% 7/15/27 (d)		596,000		473,880
Prime Security Services Borrower LLC / Prime Finance, Inc.
6.250% 1/15/28 (d)		3,925,000		3,385,312
Service Corp. International
5.125% 6/01/29		1,625,000		1,657,500
The Hertz Corp.
6.000% 1/15/28 (d)		2,935,000		1,540,875
TMS International Holding Corp.
7.250% 8/15/25 (d)		1,046,000		941,400
United Rentals North America, Inc.
4.000% 7/15/30		596,000		533,420
				9,580,715
Computers — 1.6%
Banff Merger Sub, Inc.
9.750% 9/01/26 (d)		2,072,000		1,823,360
Dell International LLC/EMC Corp.
7.125% 6/15/24 (d)		3,673,000		3,792,372
Presidio Holdings, Inc.
8.250% 2/01/28 (d)		442,000		389,513

The accompanying notes are an integral part of the financial statements.

85

MassMutual Premier High Yield Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Science Applications International Corp.
4.875% 4/01/28 (d)	$	861,000	$	826,560
Western Digital Corp.
4.750% 2/15/26		447,000		453,705
				7,285,510
Distribution & Wholesale — 0.7%
Resideo Funding, Inc.
6.125% 11/01/26 (d)		4,000,000		3,490,000
Diversified Financial Services — 3.0%
Alliance Data Systems Corp.
4.750% 12/15/24 (d)		3,554,000		2,701,040
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (d)		6,000,000		3,864,000
LPL Holdings, Inc.
4.625% 11/15/27 (d)		1,796,000		1,642,658
5.750% 9/15/25 (d)		4,012,000		3,851,520
Springleaf Finance Corp.
5.375% 11/15/29		2,393,000		2,189,595
				14,248,813
Electric — 1.9%
Calpine Corp.
4.500% 2/15/28 (d)		2,626,000		2,545,251
NRG Energy, Inc.
5.250% 6/15/29 (d)		1,660,000		1,709,800
Vistra Operations Co. LLC
3.550% 7/15/24 (d)		2,302,000		2,163,505
4.300% 7/15/29 (d)		2,779,000		2,463,890
				8,882,446
Electrical Components & Equipment — 0.4%
Energizer Holdings, Inc.
7.750% 1/15/27 (d)		1,753,000		1,812,076
Entertainment — 0.9%
Banijay Entertainment SASU
5.375% 3/01/25 (d)		1,083,000		990,945
Boyne USA, Inc.
7.250% 5/01/25 (d)		632,000		603,560
Live Nation Entertainment, Inc.
4.750% 10/15/27 (d)		2,788,000		2,481,320
				4,075,825
Environmental Controls — 0.1%
Clean Harbors, Inc.
4.875% 7/15/27 (d)		638,000		624,538
Foods — 6.1%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
4.875% 2/15/30 (d)		734,000		732,165

	Principal Amount		Value
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC
7.500% 3/15/26 (d)	$	1,430,000	$	1,541,254
JBS USA LUX SA/JBS USA Finance, Inc.
5.750% 6/15/25 (d)		1,329,000		1,342,290
6.500% 4/15/29 (d)		4,969,000		5,330,246
6.750% 2/15/28 (d)		2,816,000		3,006,080
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500% 1/15/30 (d)		3,745,000		3,866,713
Kraft Heinz Foods Co.
3.950% 7/15/25		1,430,000		1,423,118
4.625% 1/30/29		2,213,000		2,214,222
5.200% 7/15/45		830,000		797,956
6.500% 2/09/40		2,000,000		2,182,341
6.875% 1/26/39		434,000		496,420
Pilgrim’s Pride Corp.
5.875% 9/30/27 (d)		1,756,000		1,749,678
Post Holdings, Inc.
4.625% 4/15/30 (d)		1,702,000		1,629,665
Simmons Foods, Inc.
7.750% 1/15/24 (d)		1,051,000		1,051,000
Smithfield Foods, Inc.
5.200% 4/01/29 (d)		1,063,000		1,069,063
				28,432,211
Hand & Machine Tools — 0.9%
Apex Tool Group LLC/BC Mountain Finance, Inc.
9.000% 2/15/23 (d)		5,236,000		3,403,400
Colfax Corp.
6.375% 2/15/26 (d)		723,000		712,155
				4,115,555
Health Care – Products — 2.1%
Avanos Medical, Inc.
6.250% 10/15/22		3,824,000		3,757,080
Avantor, Inc.
6.000% 10/01/24 (d)		213,000		223,160
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA
7.250% 2/01/28 (d)		3,756,000		3,229,784
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA
6.625% 5/15/22 (d) (e)		2,837,000		2,680,965
				9,890,989
Health Care – Services — 5.4%
Catalent Pharma Solutions, Inc.
5.000% 7/15/27 (d)		665,000		645,050

The accompanying notes are an integral part of the financial statements.

86

MassMutual Premier High Yield Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Centene Corp.
4.250% 12/15/27 (d)	$	1,641,000	$	1,608,180
4.625% 12/15/29 (d)		3,765,000		3,783,825
5.375% 6/01/26 (d)		226,000		232,805
Envision Healthcare Corp.
8.750% 10/15/26 (d)		5,174,000		1,267,630
HCA, Inc.
3.500% 9/01/30		6,313,000		5,727,226
5.875% 2/15/26		3,067,000		3,228,017
LifePoint Health, Inc.
4.375% 2/15/27 (d)		1,000,000		942,000
Radiology Partners, Inc.
9.250% 2/01/28 (d)		1,333,000		1,154,044
Tenet Healthcare Corp.
4.625% 9/01/24 (d)		806,000		771,987
4.875% 1/01/26 (d)		2,600,000		2,476,500
5.125% 11/01/27 (d)		2,600,000		2,476,500
8.125% 4/01/22		968,000		922,020
				25,235,784
Home Builders — 1.7%
Brookfield Residential Properties, Inc.
6.375% 5/15/25 (d)		827,000		744,300
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp.
4.875% 2/15/30 (d)		1,165,000		885,050
M/I Homes, Inc.
4.950% 2/01/28 (d)		1,544,000		1,310,470
5.625% 8/01/25		1,629,000		1,457,955
Mattamy Group Corp.
4.625% 3/01/30 (d)		4,214,000		3,624,040
				8,021,815
Household Products & Wares — 0.1%
Spectrum Brands, Inc.
5.000% 10/01/29 (d)		359,000		305,150
Housewares — 0.4%
Newell Brands, Inc.
4.200% STEP 4/01/26		1,351,000		1,326,409
5.625% STEP 4/01/36		596,000		590,841
				1,917,250
Insurance — 0.7%
Acrisure LLC/Acrisure Finance, Inc.
7.000% 11/15/25 (d)		3,199,000		2,751,140
8.125% 2/15/24 (d)		448,000		436,374
				3,187,514
Internet — 1.3%
Netflix, Inc.
4.875% 6/15/30 (d)		1,353,000		1,373,498

	Principal Amount		Value
5.375% 11/15/29 (d)	$	2,115,000	$	2,194,630
5.875% 2/15/25		368,000		388,608
5.875% 11/15/28		1,961,000		2,095,328
				6,052,064
Investment Companies — 0.9%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.375% 12/15/25		4,385,000		4,143,825
Iron & Steel — 0.6%
Cleveland-Cliffs, Inc.
6.750% 3/15/26 (d)		3,026,000		2,693,140
Leisure Time — 1.4%
Brunswick Corp.
7.375% 9/01/23		650,000		780,644
7.125% 8/01/27		2,494,000		3,128,410
Carlson Travel, Inc.
6.750% 12/15/23 (d)		1,198,000		814,640
9.500% 12/15/24 (d)		3,108,000		2,051,280
				6,774,974
Lodging — 1.1%
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.250% 5/15/27 (d)		1,195,000		1,081,475
5.500% 3/01/25 (d)		3,361,000		3,125,730
Wynn Macau Ltd.
5.125% 12/15/29 (d)		1,114,000		935,760
				5,142,965
Media — 12.2%
Altice Financing SA
5.000% 1/15/28 (d)		1,325,000		1,172,625
7.500% 5/15/26 (d)		3,289,000		3,186,712
Block Communications, Inc.
4.875% 3/01/28 (d)		1,516,000		1,409,880
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500% 8/15/30 (d)		3,525,000		3,454,500
4.500% 5/01/32 (d)		2,223,000		2,167,870
4.750% 3/01/30 (d)		486,000		483,570
5.125% 5/01/27 (d)		872,000		874,267
5.375% 6/01/29 (d)		2,500,000		2,569,000
5.875% 5/01/27 (d)		4,402,000		4,534,060
Clear Channel Worldwide Holdings, Inc.
5.125% 8/15/27 (d)		1,740,000		1,646,475
9.250% 2/15/24 (d)		865,000		741,737
CSC Holdings LLC
5.750% 1/15/30 (d)		3,360,000		3,388,426
7.500% 4/01/28 (d)		2,001,000		2,131,905

The accompanying notes are an integral part of the financial statements.

87

MassMutual Premier High Yield Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
DISH DBS Corp.
5.000% 3/15/23	$	902,000	$	863,034
DISH Network Corp.
3.375% 8/15/26		1,543,000		1,252,687
GCI LLC
6.625% 6/15/24 (d)		1,137,000		1,125,630
6.875% 4/15/25		1,439,000		1,424,610
LCPR Senior Secured Financing DAC
6.750% 10/15/27 (d)		1,343,000		1,322,855
Midcontinent Communications / Midcontinent Finance Corp.
5.375% 8/15/27 (d)		930,000		900,440
Sirius XM Radio, Inc.
4.625% 7/15/24 (d)		3,046,000		3,091,477
5.375% 4/15/25 (d)		1,799,000		1,816,972
5.375% 7/15/26 (d)		2,668,000		2,721,093
5.500% 7/01/29 (d)		3,113,000		3,175,260
TEGNA, Inc.
4.625% 3/15/28 (d)		1,877,000		1,649,414
Videotron Ltd.
5.125% 4/15/27 (d)		125,000		125,000
Virgin Media Secured Finance PLC
5.500% 8/15/26 (d)		647,000		656,705
5.500% 5/15/29 (d)		7,354,000		7,327,526
Ziggo BV
4.875% 1/15/30 (d)		656,000		638,901
5.500% 1/15/27 (d)		1,449,000		1,449,000
				57,301,631
Mining — 4.4%
Arconic Corp.
6.125% 2/15/28 (d)		455,000		465,238
Compass Minerals International, Inc.
4.875% 7/15/24 (d)		1,040,000		977,600
6.750% 12/01/27 (d)		1,855,000		1,674,601
First Quantum Minerals Ltd.
6.500% 3/01/24 (d)		2,110,000		1,751,300
6.875% 3/01/26 (d)		1,191,000		955,777
7.500% 4/01/25 (d)		2,796,000		2,326,803
Freeport-McMoRan, Inc.
4.125% 3/01/28		713,000		622,093
4.250% 3/01/30		2,301,000		2,001,870
Kinross Gold Corp.
4.500% 7/15/27		2,042,000		1,921,951
5.950% 3/15/24		1,633,000		1,649,330
6.875% 9/01/41		1,177,000		1,177,000
New Gold, Inc.
6.375% 5/15/25 (d)		1,608,000		1,494,435

	Principal Amount		Value
Northwest Acquisitions ULC/Dominion Finco, Inc.
7.125% 11/01/22 (d)	$	3,748,000	$	1,836,520
Novelis Corp.
4.750% 1/30/30 (d)		1,808,000		1,609,120
				20,463,638
Miscellaneous - Manufacturing — 1.1%
Amsted Industries, Inc.
5.625% 7/01/27 (d)		2,783,000		2,707,622
Gates Global LLC / Gates Corp.
6.250% 1/15/26 (d)		2,800,000		2,478,000
				5,185,622
Office Equipment/Supplies — 0.6%
Xerox Corp.
4.125% STEP 3/15/23		2,898,000		2,880,612
Oil & Gas — 5.1%
Antero Resources Corp.
5.375% 11/01/21		1,684,000		1,225,110
Calumet Specialty Products Partners LP/Calumet Finance Corp.
7.625% 1/15/22 (e)		3,273,000		2,536,575
CVR Energy, Inc.
5.250% 2/15/25 (d)		1,500,000		1,166,250
5.750% 2/15/28 (d)		6,102,000		4,561,245
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250% 11/01/28 (d)		682,000		300,080
Hilcorp Energy I LP/Hilcorp Finance Co.
5.000% 12/01/24 (d)		166,000		76,360
Jonah Energy LLC/Jonah Energy Finance Corp.
7.250% 10/15/25 (d)		2,599,000		116,955
Jupiter Resources Inc.
10.000% 1/31/24 (a) (c)		738,589		738,589
Laredo Petroleum, Inc.
9.500% 1/15/25		1,117,000		446,800
10.125% 1/15/28		1,373,000		521,740
MEG Energy Corp.
7.125% 2/01/27 (d)		1,635,000		807,886
Nabors Industries Ltd.
7.250% 1/15/26 (d)		769,000		261,460
7.500% 1/15/28 (d)		465,000		148,800
Neptune Energy Bondco PLC
6.625% 5/15/25 (d)		2,750,000		1,540,000
Occidental Petroleum Corp.
2.600% 4/15/22		320,000		230,368
2.700% 8/15/22		747,000		532,645
2.700% 2/15/23		299,000		177,071

The accompanying notes are an integral part of the financial statements.

88

MassMutual Premier High Yield Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
2.900% 8/15/24	$	391,000	$	214,004
3 mo. USD LIBOR + 1.450% 3.142% FRN 8/15/22		392,000		262,701
4.100% 2/01/21		1,670,000		1,419,476
6.950% 7/01/24		369,000		207,479
Parkland Fuel Corp.
5.875% 7/15/27 (d)		1,149,000		1,077,073
PBF Holding Co. LLC / PBF Finance Corp.
6.000% 2/15/28 (d)		4,293,000		2,833,380
PBF Holding Co. LLC/PBF Finance Corp.
7.250% 6/15/25		2,184,000		1,463,935
Tullow Oil PLC
6.250% 4/15/22 (d)		3,878,000		959,805
				23,825,787
Oil & Gas Services — 0.5%
Welltec A/S
9.500% 12/01/22 (d)		2,492,000		2,342,480
Packaging & Containers — 1.4%
Graphic Packaging International LLC
3.500% 3/15/28 (d)		2,149,000		1,933,455
Mauser Packaging Solutions Holding Co.
7.250% 4/15/25 (d)		3,211,000		2,552,745
Silgan Holdings, Inc.
4.125% 2/01/28 (d)		1,060,000		977,850
Trident TPI Holdings, Inc.
9.250% 8/01/24 (d)		1,614,000		1,339,620
				6,803,670
Pharmaceuticals — 2.2%
Bausch Health Americas, Inc.
9.250% 4/01/26 (d)		4,611,000		4,872,905
Bausch Health Cos., Inc.
5.000% 1/30/28 (d)		812,000		768,720
5.250% 1/30/30 (d)		916,000		866,133
6.125% 4/15/25 (d)		250,000		246,250
9.000% 12/15/25 (d)		870,000		917,154
Par Pharmaceutical, Inc.
7.500% 4/01/27 (d)		2,647,000		2,633,765
				10,304,927
Pipelines — 1.2%
Cheniere Energy Partners LP
4.500% 10/01/29 (d)		1,184,000		1,030,080
5.625% 10/01/26		2,397,000		2,205,240
Genesis Energy LP/Genesis Energy Finance Corp.
6.000% 5/15/23		635,000		460,597
6.250% 5/15/26		290,000		203,000

	Principal Amount		Value
6.500% 10/01/25	$	2,243,000	$	1,621,241
				5,520,158
Real Estate — 0.1%
Realogy Group LLC/Realogy Co-Issuer Corp.
9.375% 4/01/27 (d)		742,000		625,350
Real Estate Investment Trusts (REITS) — 1.2%
ESH Hospitality, Inc.
4.625% 10/01/27 (d)		1,689,000		1,317,420
MPT Operating Partnership LP/MPT Finance Corp.
5.000% 10/15/27		1,778,000		1,724,660
RHP Hotel Properties LP/RHP Finance Corp.
5.000% 4/15/23		1,315,000		1,025,700
Ryman Hospitality Properties, Inc.
4.750% 10/15/27 (d)		1,850,000		1,387,500
				5,455,280
Retail — 1.8%
Asbury Automotive Group, Inc.
4.500% 3/01/28 (d)		940,000		799,000
4.750% 3/01/30 (d)		277,000		235,450
Beacon Roofing Supply, Inc.
4.875% 11/01/25 (d)		1,917,000		1,730,092
Golden Nugget, Inc.
8.750% 10/01/25 (d)		2,257,000		1,151,070
KGA Escrow LLC
7.500% 8/15/23 (d)		1,402,000		1,275,820
Penske Automotive Group, Inc.
5.500% 5/15/26		3,689,000		3,365,106
				8,556,538
Software — 3.4%
Open Text Corp.
3.875% 2/15/28 (d)		1,384,000		1,300,960
Open Text Holdings, Inc.
4.125% 2/15/30 (d)		1,433,000		1,347,378
RP Crown Parent LLC
7.375% 10/15/24 (d)		1,007,000		959,470
Solera LLC/ Solera Finance, Inc.
10.500% 3/01/24 (d)		508,000		497,840
SS&C Technologies, Inc.
5.500% 9/30/27 (d)		3,873,000		4,036,479
Veritas US, Inc./Veritas Bermuda Ltd.
10.500% 2/01/24 (d) (e)		9,225,000		7,772,063
				15,914,190

The accompanying notes are an integral part of the financial statements.

89

MassMutual Premier High Yield Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Storage & Warehousing — 0.6%
LBC Tank Terminals Holding Netherlands BV
6.875% 5/15/23 (d)	$	3,188,000	$	2,988,750
Telecommunications — 7.7%
CenturyLink, Inc.
5.125% 12/15/26 (d)		2,211,000		2,211,000
6.750% 12/01/23		2,447,000		2,600,672
CommScope Technologies Finance LLC
6.000% 6/15/25 (d)		582,000		532,646
CommScope Technologies LLC
5.000% 3/15/27 (d)		1,427,000		1,237,922
CommScope, Inc.
6.000% 3/01/26 (d)		617,000		616,075
8.250% 3/01/27 (d)		2,298,000		2,215,042
Front Range BidCo, Inc.
6.125% 3/01/28 (d)		2,000,000		1,900,000
Hughes Satellite Systems Corp.
6.625% 8/01/26		3,035,000		3,074,197
Intelsat Jackson Holdings SA
8.500% 10/15/24 (d)		588,000		370,264
9.750% 7/15/25 (d)		2,147,000		1,417,020
Sprint Capital Corp.
8.750% 3/15/32		2,219,000		2,934,627
Sprint Corp.
7.625% 3/01/26		3,526,000		3,990,727
7.875% 9/15/23		3,858,000		4,234,464
T-Mobile USA, Inc.
4.500% 2/01/26		488,000		498,980
4.750% 2/01/28		1,328,000		1,383,510
5.375% 4/15/27		1,038,000		1,069,140
6.000% 4/15/24		877,000		894,101
Telecom Italia Capital
6.000% 9/30/34		704,000		696,960
Telecom Italia SpA
5.303% 5/30/24 (d)		2,027,000		2,037,257
ViaSat, Inc.
5.625% 9/15/25 (d)		1,272,000		1,189,193
5.625% 4/15/27 (d)		796,000		786,050
				35,889,847
Toys, Games & Hobbies — 0.5%
Mattel, Inc.
6.750% 12/31/25 (d)		2,428,000		2,469,032
Transportation — 2.1%
Kenan Advantage Group, Inc.
7.875% 7/31/23 (d) (e)		6,737,000		5,654,869

	Principal Amount		Value
XPO Logistics, Inc.
6.750% 8/15/24 (d)	$	4,277,000	$	4,182,051
				9,836,920
TOTAL CORPORATE DEBT (Cost $496,910,615)				437,987,936
TOTAL BONDS & NOTES (Cost $523,108,186)				456,219,964
	Number of Shares
WARRANTS — 0.0%
Basic Materials — 0.0%
Forest Products & Paper — 0.0%
Appvion Holding Corp. Tranche A, Expires 6/13/23, Strike price 31.25 (a) (b) (c)		5,301		663
Appvion Holding Corp. Tranche B, Expires 6/13/23, Strike price 31.25 (a) (b) (c)		5,301		—
				663
TOTAL WARRANTS (Cost $0)				663
MUTUAL FUNDS — 3.4%
Diversified Financial Services — 3.4%
State Street Navigator Securities Lending Prime Portfolio (f)		15,820,543		15,820,543
TOTAL MUTUAL FUNDS (Cost $15,820,543)				15,820,543
TOTAL LONG-TERM INVESTMENTS (Cost $549,230,636)				473,315,736
TOTAL INVESTMENTS — 101.0% (Cost $549,230,636) (g)				473,315,736
Other Assets/(Liabilities) — (1.0)%				(4,699,664	)
NET ASSETS — 100.0%			$	468,616,072

Abbreviation Legend

FRN Floating Rate Note

STEP Step Up Bond

VRN Variable Rate Note

The accompanying notes are an integral part of the financial statements.

90

MassMutual Premier High Yield Fund — Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Investment was valued using significant unobservable inputs.

(b) Non-income producing security.

(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2020, these securities amounted to a value of $1,347,951 or 0.29% of net assets.

(d) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $327,559,107 or 69.90% of net assets.

(e) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $18,147,076 or 3.87% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,637,909 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(f) Represents investment of security lending cash collateral. (Note 2).

(g) See Note 6 for aggregate cost for federal tax purposes.

Country weightings, as a percentage of net assets, is as follows:

United States	86.6	%
Canada	5.5	%
Luxembourg	2.3	%
United Kingdom	2.2	%
Netherlands	1.1	%
Cayman Islands	1.0	%
Ireland	0.8	%
Denmark	0.5	%
Italy	0.4	%
Austria	0.3	%
France	0.2	%
Bermuda	0.1	%
Total Long-Term Investments	101.0	%
Other Assets and Liabilities	(1.0	)%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

91

MassMutual Premier Balanced Fund — Portfolio of Investments

March 31, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 52.6%
COMMON STOCK — 52.5%
Basic Materials — 0.8%
Chemicals — 0.5%
Air Products & Chemicals, Inc.		370	$	73,856
Celanese Corp.		720		52,841
CF Industries Holdings, Inc.		1,525		41,480
Dow, Inc. (a)		3,020		88,305
DuPont de Nemours, Inc.		2,320		79,112
Eastman Chemical Co.		894		41,643
Ecolab, Inc.		4		623
International Flavors & Fragrances, Inc.		3		306
Linde PLC		54		9,342
LyondellBasell Industries NV Class A		2,280		113,156
PPG Industries, Inc.		388		32,437
The Sherwin-Williams Co.		247		113,501
				646,602
Forest Products & Paper — 0.1%
International Paper Co.		2,707		84,269
Iron & Steel — 0.1%
Nucor Corp.		1,761		63,431
Mining — 0.1%
Freeport-McMoRan, Inc.		48		324
Newmont Corp.		2,484		112,476
				112,800
				907,102
Communications — 8.4%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		3,133		50,723
Omnicom Group, Inc.		1,198		65,770
				116,493
Internet — 5.2%
Alphabet, Inc. Class A (a)		714		829,632
Alphabet, Inc. Class C (a)		796		925,597
Amazon.com, Inc. (a)		1,106		2,156,390
Booking Holdings, Inc. (a)		234		314,805
CDW Corp.		910		84,876
eBay, Inc.		6,265		188,326
Expedia Group, Inc.		103		5,796
F5 Networks, Inc. (a)		200		21,326
Facebook, Inc. Class A (a)		7,070		1,179,276
Netflix, Inc. (a)		22		8,261
NortonLifeLock, Inc.		79		1,478
TripAdvisor, Inc.		43		748
VeriSign, Inc. (a)		229		41,240
				5,757,751

	Number of Shares		Value
Media — 0.9%
Charter Communications, Inc. Class A (a)		306	$	133,511
Comcast Corp. Class A		14,162		486,890
Discovery, Inc. Class A (a) (b)		2,500		48,600
Discovery, Inc. Class C (a)		3,095		54,286
DISH Network Corp. Class A (a)		1,000		19,990
Fox Corp. Class A		2,173		51,348
Fox Corp. Class B (a)		433		9,907
News Corp. Class A		30		269
ViacomCBS, Inc. Class B		2,852		39,957
The Walt Disney Co.		1,677		161,998
				1,006,756
Telecommunications — 2.2%
AT&T, Inc.		14,635		426,610
CenturyLink, Inc.		4,254		40,243
Cisco Systems, Inc.		23,324		916,867
Corning, Inc.		1,174		24,114
Juniper Networks, Inc.		1,048		20,059
Motorola Solutions, Inc.		324		43,066
Verizon Communications, Inc.		17,132		920,502
				2,391,461
				9,272,461
Consumer, Cyclical — 4.3%
Airlines — 0.3%
Alaska Air Group, Inc.		100		2,847
American Airlines Group, Inc.		400		4,876
Delta Air Lines, Inc.		3,300		94,149
Southwest Airlines Co.		4,066		144,790
United Airlines Holdings, Inc. (a)		1,700		53,635
				300,297
Apparel — 0.3%
Capri Holdings Ltd. (a)		400		4,316
Hanesbrands, Inc. (b)		5,100		40,137
NIKE, Inc. Class B		2,684		222,074
PVH Corp.		240		9,034
Ralph Lauren Corp.		400		26,732
Tapestry, Inc.		84		1,088
Under Armour, Inc. Class C (a)		300		2,418
VF Corp.		400		21,632
				327,431
Auto Manufacturers — 0.4%
Cummins, Inc.		773		104,602
Ford Motor Co.		10,362		50,049
General Motors Co.		8,000		166,240
PACCAR, Inc.		1,834		112,112
				433,003

The accompanying notes are an integral part of the financial statements.

92

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Auto Parts & Equipment — 0.0%
BorgWarner, Inc.		700	$	17,059
Distribution & Wholesale — 0.1%
Copart, Inc. (a)		600		41,112
Fastenal Co.		140		4,375
W.W. Grainger, Inc.		164		40,754
				86,241
Home Builders — 0.1%
D.R. Horton, Inc.		759		25,806
PulteGroup, Inc.		1,274		28,436
				54,242
Home Furnishing — 0.0%
Leggett & Platt, Inc.		95		2,535
Whirlpool Corp.		444		38,095
				40,630
Housewares — 0.0%
Newell Brands, Inc.		683		9,070
Leisure Time — 0.0%
Harley-Davidson, Inc.		508		9,616
Norwegian Cruise Line Holdings Ltd. (a)		200		2,192
Royal Caribbean Cruises Ltd.		100		3,217
				15,025
Lodging — 0.2%
Hilton Worldwide Holdings, Inc.		1,800		122,832
Las Vegas Sands Corp.		1,300		55,211
Marriott International, Inc. Class A		911		68,152
Wynn Resorts Ltd.		9		542
				246,737
Retail — 2.9%
Advance Auto Parts, Inc.		140		13,065
AutoZone, Inc. (a)		76		64,296
Best Buy Co., Inc.		1,908		108,756
Costco Wholesale Corp.		88		25,091
Darden Restaurants, Inc.		373		20,314
Dollar General Corp.		570		86,076
Dollar Tree, Inc. (a)		71		5,216
The Gap, Inc. (b)		1,705		12,003
Genuine Parts Co.		446		30,029
The Home Depot, Inc.		3,530		659,086
Kohl’s Corp.		1,261		18,398
L Brands, Inc.		600		6,936
Lowe’s Cos., Inc.		5,879		505,888
Macy’s, Inc. (b)		1,440		7,070
McDonald’s Corp.		495		81,848
Nordstrom, Inc. (b)		1,511		23,179
O’Reilly Automotive, Inc. (a)		554		166,782

	Number of Shares		Value
Ross Stores, Inc.		1,512	$	131,499
Starbucks Corp.		5,990		393,783
Target Corp.		2,067		192,169
Tiffany & Co.		111		14,375
The TJX Cos., Inc.		3,680		175,941
Walgreens Boots Alliance, Inc.		1,606		73,474
Walmart, Inc.		2,773		315,068
Yum! Brands, Inc.		506		34,676
				3,165,018
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		387		27,690
				4,722,443
Consumer, Non-cyclical — 12.0%
Agriculture — 0.7%
Altria Group, Inc.		11,141		430,822
Archer-Daniels-Midland Co.		26		915
Philip Morris International, Inc.		4,746		346,268
				778,005
Beverages — 0.9%
Brown-Forman Corp. Class B (b)		2		111
The Coca-Cola Co.		10,924		483,387
Constellation Brands, Inc. Class A		82		11,756
Molson Coors Beverage Co. Class B		236		9,206
Monster Beverage Corp. (a)		750		42,195
PepsiCo, Inc.		3,352		402,575
				949,230
Biotechnology — 1.9%
Alexion Pharmaceuticals, Inc. (a)		1,270		114,033
Amgen, Inc.		3,875		785,579
Biogen, Inc. (a)		1,424		450,525
Corteva, Inc. (a)		20		470
Gilead Sciences, Inc.		7,052		527,208
Incyte Corp. (a)		400		29,292
Regeneron Pharmaceuticals, Inc. (a)		290		141,604
Vertex Pharmaceuticals, Inc. (a)		190		45,210
				2,093,921
Commercial Services — 0.7%
Automatic Data Processing, Inc.		661		90,345
Cintas Corp.		349		60,454
Equifax, Inc.		6		717
Gartner, Inc. (a)		20		1,991
H&R Block, Inc. (b)		3,942		55,503
Moody’s Corp.		695		146,993
Nielsen Holdings PLC		3,200		40,128
PayPal Holdings, Inc. (a)		5		479
Quanta Services, Inc.		324		10,281
Robert Half International, Inc.		1,535		57,946

The accompanying notes are an integral part of the financial statements.

93

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
S&P Global, Inc.		879	$	215,399
United Rentals, Inc. (a)		850		87,465
Verisk Analytics, Inc.		380		52,964
				820,665
Cosmetics & Personal Care — 0.9%
Colgate-Palmolive Co.		2,906		192,842
The Estee Lauder Cos., Inc. Class A		426		67,879
The Procter & Gamble Co.		6,673		734,030
				994,751
Foods — 0.6%
Campbell Soup Co.		1,265		58,392
Conagra Brands, Inc.		1,184		34,739
General Mills, Inc.		2,594		136,885
The Hershey Co.		649		85,992
Hormel Foods Corp.		488		22,760
The J.M. Smucker Co.		274		30,414
Kellogg Co.		135		8,099
The Kraft Heinz Co.		173		4,280
The Kroger Co.		3,368		101,444
McCormick & Co., Inc.		13		1,836
Mondelez International, Inc. Class A		221		11,068
Sysco Corp.		2,066		94,272
Tyson Foods, Inc. Class A		720		41,666
				631,847
Health Care – Products — 0.5%
Abbott Laboratories		89		7,023
Align Technology, Inc. (a)		190		33,051
Baxter International, Inc.		1,122		91,095
Boston Scientific Corp. (a)		21		685
The Cooper Cos., Inc.		190		52,377
Danaher Corp.		12		1,661
Dentsply Sirona, Inc.		61		2,369
Edwards Lifesciences Corp. (a)		240		45,269
Henry Schein, Inc. (a)		100		5,052
IDEXX Laboratories, Inc. (a)		250		60,560
Intuitive Surgical, Inc. (a)		2		990
Medtronic PLC		236		21,282
ResMed, Inc.		300		44,187
Stryker Corp.		389		64,765
Thermo Fisher Scientific, Inc.		348		98,693
Varian Medical Systems, Inc. (a)		4		411
Zimmer Biomet Holdings, Inc.		4		404
				529,874
Health Care – Services — 0.9%
Anthem, Inc.		818		185,719
Centene Corp. (a)		380		22,576
DaVita, Inc. (a)		1,146		87,165
HCA Healthcare, Inc.		1,360		122,196

	Number of Shares		Value
Humana, Inc.		315	$	98,916
Laboratory Corp. of America Holdings (a)		1		126
Quest Diagnostics, Inc.		95		7,629
UnitedHealth Group, Inc.		2,101		523,947
Universal Health Services, Inc. Class B		10		991
				1,049,265
Household Products & Wares — 0.4%
Avery Dennison Corp.		382		38,914
Church & Dwight Co., Inc.		400		25,672
The Clorox Co.		587		101,698
Kimberly-Clark Corp.		2,550		326,069
				492,353
Pharmaceuticals — 4.5%
AbbVie, Inc.		8,804		670,777
Allergan PLC		179		31,701
AmerisourceBergen Corp.		1,630		144,255
Becton Dickinson and Co.		8		1,838
Bristol-Myers Squibb Co.		9,710		541,235
Cardinal Health, Inc.		955		45,783
Cigna Corp. (a)		414		73,353
CVS Health Corp.		1,446		85,791
Eli Lilly & Co.		6,517		904,038
Johnson & Johnson		7,509		984,655
McKesson Corp.		1,741		235,488
Merck & Co., Inc.		7,429		571,587
Mylan NV (a)		2,659		39,646
Pfizer, Inc.		17,222		562,126
Zoetis, Inc.		610		71,791
				4,964,064
				13,303,975
Energy — 1.1%
Oil & Gas — 1.1%
Apache Corp.		98		410
Cabot Oil & Gas Corp.		4,492		77,217
Chevron Corp.		3,500		253,610
Cimarex Energy Co.		1,500		25,245
ConocoPhillips		1,910		58,828
Devon Energy Corp.		917		6,336
Diamondback Energy, Inc.		340		8,908
EOG Resources, Inc.		702		25,216
Exxon Mobil Corp.		5,449		206,899
Helmerich & Payne, Inc.		40		626
Hess Corp.		447		14,885
HollyFrontier Corp.		1,900		46,569
Marathon Oil Corp.		1,085		3,570
Marathon Petroleum Corp.		5,675		134,043

The accompanying notes are an integral part of the financial statements.

94

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Noble Energy, Inc.		66	$	399
Occidental Petroleum Corp.		158		1,830
Phillips 66		3,845		206,284
Pioneer Natural Resources Co.		3		210
Valero Energy Corp.		3,430		155,585
				1,226,670
Oil & Gas Services — 0.0%
Baker Hughes Co.		74		777
Halliburton Co.		2,271		15,556
National Oilwell Varco, Inc.		1,009		9,919
Schlumberger Ltd.		687		9,268
TechnipFMC PLC		72		485
				36,005
Pipelines — 0.0%
Kinder Morgan, Inc.		60		835
The Williams Cos., Inc.		33		467
				1,302
				1,263,977
Financial — 8.1%
Banks — 2.9%
Bank of America Corp.		20,442		433,984
The Bank of New York Mellon Corp.		5,295		178,336
Citigroup, Inc.		9,784		412,102
Citizens Financial Group, Inc.		900		16,929
Comerica, Inc.		924		27,110
Fifth Third Bancorp		1,621		24,072
The Goldman Sachs Group, Inc.		728		112,541
Huntington Bancshares, Inc.		1,110		9,113
JP Morgan Chase & Co.		9,575		862,037
KeyCorp		2,272		23,561
M&T Bank Corp.		361		37,338
Morgan Stanley		8,496		288,864
Northern Trust Corp.		511		38,560
The PNC Financial Services Group, Inc.		1,155		110,557
Regions Financial Corp.		3,743		33,575
State Street Corp.		185		9,855
SVB Financial Group (a)		290		43,813
Truist Financial Corp.		2,066		63,715
US Bancorp		3,229		111,239
Wells Fargo & Co.		11,764		337,627
Zions Bancorp NA		349		9,339
				3,184,267
Diversified Financial Services — 2.5%
Alliance Data Systems Corp.		530		17,834
American Express Co.		1,408		120,539
Ameriprise Financial, Inc.		1,115		114,265
BlackRock, Inc.		200		87,994

	Number of Shares		Value
Capital One Financial Corp.		1,275	$	64,285
The Charles Schwab Corp.		3,022		101,600
CME Group, Inc.		5		865
Discover Financial Services		2,395		85,430
E*TRADE Financial Corp.		893		30,648
Franklin Resources, Inc.		848		14,153
Intercontinental Exchange, Inc.		310		25,032
Invesco Ltd.		5,923		53,781
Jefferies Financial Group, Inc.		36		492
Mastercard, Inc. Class A		4,240		1,024,214
Nasdaq, Inc.		22		2,089
Raymond James Financial, Inc.		1,200		75,840
Synchrony Financial		5,900		94,931
T. Rowe Price Group, Inc.		686		66,988
Visa, Inc. Class A		4,410		710,539
The Western Union Co. (b)		3,107		56,330
				2,747,849
Insurance — 1.4%
Aflac, Inc.		1,990		68,138
The Allstate Corp.		586		53,754
American International Group, Inc.		1,811		43,917
Aon PLC		456		75,258
Assurant, Inc.		30		3,123
Berkshire Hathaway, Inc. Class B (a)		3,253		594,746
Chubb Ltd.		614		68,578
Cincinnati Financial Corp.		334		25,200
Everest Re Group Ltd.		10		1,924
Globe Life, Inc.		480		34,546
The Hartford Financial Services Group, Inc.		790		27,840
Lincoln National Corp.		1,058		27,847
Loews Corp.		134		4,667
Marsh & McLennan Cos., Inc.		230		19,886
MetLife, Inc.		4,729		144,565
Principal Financial Group, Inc.		1,235		38,705
The Progressive Corp.		1,834		135,422
Prudential Financial, Inc.		1,795		93,591
The Travelers Cos., Inc.		797		79,182
Unum Group		2,335		35,048
				1,575,937
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		1,098		41,406
Real Estate Investment Trusts (REITS) — 1.2%
Alexandria Real Estate Equities, Inc.		360		49,342
American Tower Corp.		1,958		426,354
Apartment Investment & Management Co. Class A		63		2,214
AvalonBay Communities, Inc.		54		7,947

The accompanying notes are an integral part of the financial statements.

95

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

		Number of Shares		Value
Boston Properties, Inc.			527	$	48,605
Crown Castle International Corp.			210		30,324
Digital Realty Trust, Inc. (b)			50		6,946
Duke Realty Corp.			1,400		45,332
Equinix, Inc.			40		24,983
Equity Residential	��		201		12,404
Essex Property Trust, Inc.			30		6,607
Extra Space Storage, Inc.			800		76,608
Federal Realty Investment Trust			10		746
Healthpeak Properties, Inc.			676		16,123
Host Hotels & Resorts, Inc.			6,030		66,571
Iron Mountain, Inc. (b)			73		1,737
Kimco Realty Corp.			2,310		22,338
The Macerich Co. (b)			900		5,067
Mid-America Apartment Communities, Inc.			300		30,909
Prologis, Inc.			1,716		137,915
Public Storage			427		84,806
Realty Income Corp.			1,000		49,860
Regency Centers Corp.			500		19,215
Simon Property Group, Inc.			2,294		125,849
SL Green Realty Corp.			410		17,671
Ventas, Inc.			1,136		30,445
Vornado Realty Trust			265		9,596
Welltower, Inc.			274		12,544
Weyerhaeuser Co.			93		1,576
					1,370,634
Savings & Loans — 0.0%
People’s United Financial, Inc.			1,159		12,807
					8,932,900
Industrial — 3.7%
Aerospace & Defense — 0.9%
The Boeing Co.			16		2,386
General Dynamics Corp.			88		11,643
Howmet Aerospace, Inc.			815		13,089
L3 Harris Technologies, Inc.			176		31,701
Lockheed Martin Corp.			1,991		674,850
Northrop Grumman Corp.			393		118,902
Raytheon Co.			786		103,084
Raytheon Technologies Corp.			374		35,280
					990,935
Building Materials — 0.1%
Johnson Controls International PLC			426		11,485
Masco Corp.			2,794		96,589
Vulcan Materials Co.			8		864
					108,938
Electrical Components & Equipment — 0.1%
AMETEK, Inc.			400		28,808

	Number of Shares		Value
Emerson Electric Co.		1,843	$	87,819
				116,627
Electronics — 0.7%
Agilent Technologies, Inc.		73		5,228
Allegion PLC		300		27,606
Amphenol Corp. Class A		732		53,348
FLIR Systems, Inc.		435		13,872
Fortive Corp.		836		46,139
Garmin Ltd.		400		29,984
Honeywell International, Inc.		2,015		269,587
Keysight Technologies, Inc. (a)		600		50,208
Mettler-Toledo International, Inc. (a)		100		69,051
PerkinElmer, Inc.		24		1,807
Roper Technologies, Inc.		184		57,373
TE Connectivity Ltd.		1,100		69,278
Waters Corp. (a)		300		54,615
				748,096
Engineering & Construction — 0.0%
Jacobs Engineering Group, Inc.		124		9,830
Environmental Controls — 0.1%
Pentair PLC		400		11,904
Republic Services, Inc.		87		6,530
Waste Management, Inc.		1,305		120,791
				139,225
Hand & Machine Tools — 0.0%
Snap-on, Inc.		165		17,955
Stanley Black & Decker, Inc.		2		200
				18,155
Machinery – Construction & Mining — 0.2%
Caterpillar, Inc.		2,380		276,175
Machinery – Diversified — 0.2%
Deere & Co.		1		138
Dover Corp.		203		17,040
Flowserve Corp.		291		6,952
Ingersoll Rand, Inc. (a)		52		1,290
Rockwell Automation, Inc.		1,016		153,324
Xylem, Inc.		1		65
				178,809
Miscellaneous – Manufacturing — 0.7%
3M Co.		2,105		287,353
Eaton Corp. PLC		1,082		84,061
General Electric Co.		386		3,065
Illinois Tool Works, Inc.		2,370		336,824
Parker-Hannifin Corp.		320		41,514
Textron, Inc.		485		12,935
Trane Technologies PLC		60		4,955
				770,707

The accompanying notes are an integral part of the financial statements.

96

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Packaging & Containers — 0.1%
Ball Corp.		40	$	2,587
Packaging Corp. of America		410		35,600
Sealed Air Corp.		47		1,161
WestRock Co.		1,105		31,227
				70,575
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		170		30,976
Transportation — 0.6%
C.H. Robinson Worldwide, Inc.		254		16,815
CSX Corp.		2,673		153,163
Expeditors International of Washington, Inc.		84		5,604
FedEx Corp.		6		728
Norfolk Southern Corp.		3		438
Union Pacific Corp.		1,810		255,282
United Parcel Service, Inc. Class B		2,695		251,767
				683,797
				4,142,845
Technology — 12.5%
Computers — 4.4%
Accenture PLC Class A		2,350		383,661
Apple, Inc.		12,526		3,185,237
Cognizant Technology Solutions Corp. Class A		2,118		98,423
DXC Technology Co.		1,145		14,942
Fortinet, Inc. (a)		1,000		101,170
Hewlett Packard Enterprise Co.		7,163		69,553
HP, Inc.		6,163		106,990
International Business Machines Corp.		6,330		702,187
Leidos Holdings, Inc.		700		64,155
NetApp, Inc.		1,309		54,572
Seagate Technology PLC		1,400		68,320
Western Digital Corp.		1,120		46,614
				4,895,824
Office & Business Equipment — 0.0%
Xerox Holdings Corp. (a)		943		17,860
Semiconductors — 3.1%
Analog Devices, Inc.		217		19,454
Applied Materials, Inc.		5,267		241,334
Broadcom, Inc.		1,104		261,759
Intel Corp.		19,811		1,072,171
KLA Corp.		818		117,579
Lam Research Corp.		863		207,120
Maxim Integrated Products, Inc.		900		43,749
Microchip Technology, Inc. (b)		24		1,627
Micron Technology, Inc. (a)		4,433		186,452
NVIDIA Corp.		335		88,306

	Number of Shares		Value
QUALCOMM, Inc.		8,888	$	601,273
Skyworks Solutions, Inc.		890		79,548
Texas Instruments, Inc.		4,455		445,188
Xilinx, Inc.		561		43,725
				3,409,285
Software — 5.0%
Activision Blizzard, Inc.		100		5,948
Adobe, Inc. (a)		545		173,441
Akamai Technologies, Inc. (a)		310		28,362
Autodesk, Inc. (a)		7		1,093
Broadridge Financial Solutions, Inc.		100		9,483
Cadence Design Systems, Inc. (a)		1,400		92,456
Cerner Corp.		700		44,093
Citrix Systems, Inc.		695		98,377
Electronic Arts, Inc. (a)		2,116		211,960
Fidelity National Information Services, Inc.		80		9,731
Fiserv, Inc. (a)		78		7,409
Intuit, Inc.		859		197,570
Microsoft Corp.		23,821		3,756,810
MSCI, Inc.		230		66,461
Oracle Corp.		15,288		738,869
Paychex, Inc.		813		51,154
Synopsys, Inc. (a)		360		46,364
				5,539,581
				13,862,550
Utilities — 1.6%
Electric — 1.6%
AES Corp.		7,277		98,967
Alliant Energy Corp.		700		33,803
Ameren Corp.		172		12,527
American Electric Power Co., Inc.		1,096		87,658
CenterPoint Energy, Inc.		635		9,811
CMS Energy Corp.		1,110		65,212
Consolidated Edison, Inc.		909		70,902
Dominion Energy, Inc.		910		65,693
DTE Energy Co.		452		42,926
Duke Energy Corp.		986		79,748
Edison International		134		7,342
Entergy Corp.		101		9,491
Evergy, Inc.		700		38,535
Eversource Energy		122		9,542
Exelon Corp.		2,923		107,596
FirstEnergy Corp.		2,866		114,841
NextEra Energy, Inc.		196		47,162
NRG Energy, Inc.		4,220		115,037
Pinnacle West Capital Corp.		250		18,947
PPL Corp.		6,284		155,089

The accompanying notes are an integral part of the financial statements.

97

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Public Service Enterprise Group, Inc.		1,209	$	54,296
Sempra Energy		652		73,669
The Southern Co.		6,234		337,509
WEC Energy Group, Inc.		364		32,079
Xcel Energy, Inc.		1,145		69,043
				1,757,425
Gas — 0.0%
NiSource, Inc.		172		4,295
Water — 0.0%
American Water Works Co., Inc.		50		5,978
				1,767,698
TOTAL COMMON STOCK (Cost $63,077,618)				58,175,951
PREFERRED STOCK — 0.1%
Financial — 0.1%
Insurance — 0.1%
The Allstate Corp., 3 mo. USD LIBOR + 3.165%
5.100% VRN (b)		5,000		121,800
TOTAL PREFERRED STOCK (Cost $125,000)				121,800
TOTAL EQUITIES (Cost $63,202,618)				58,297,751
	Principal Amount
BONDS & NOTES — 38.2%
CORPORATE DEBT — 12.6%
Aerospace & Defense — 0.0%
United Technologies Corp.
6.125% 7/15/38	$	15,000		21,556
Agriculture — 0.2%
BAT Capital Corp.
4.758% 9/06/49		25,000		23,604
Bunge Ltd. Finance Corp.
3.250% 8/15/26		51,000		46,254
4.350% 3/15/24		85,000		83,122
Reynolds American, Inc.
4.450% 6/12/25		45,000		45,269
5.850% 8/15/45		35,000		37,595
				235,844
Airlines — 0.1%
American Airlines Group, Inc.
5.000% 6/01/22 (c)		94,000		75,435

	Principal Amount		Value
American Airlines Pass-Through Trust, Series 2014-1, Class B,
4.375% 4/01/24	$	8,365	$	7,831
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,
4.100% 10/01/29		65,038		63,269
United Airlines Pass-Through Trust, Series 2018-1, Class B,
4.600% 9/01/27		13,067		11,320
				157,855
Auto Manufacturers — 0.4%
Ford Motor Co.
4.346% 12/08/26		50,000		39,014
Ford Motor Credit Co. LLC
3.810% 1/09/24		200,000		181,000
General Motors Co.
4.200% 10/01/27		30,000		24,789
5.150% 4/01/38		20,000		14,464
General Motors Financial Co., Inc.
3.500% 11/07/24		100,000		87,986
4.150% 6/19/23		78,000		70,949
4.200% 11/06/21		52,000		49,631
				467,833
Banks — 1.4%
Bank of America Corp.
3 mo. USD LIBOR + 1.060% 3.559% VRN 4/23/27		30,000		31,393
4.183% 11/25/27		45,000		46,515
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		25,000		28,750
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29		20,000		21,621
4.750% 4/21/45		70,000		79,524
7.750% 5/14/38		20,000		29,545
The Bank of Nova Scotia
4.500% 12/16/25		40,000		41,096
3 mo. USD LIBOR + 2.648% 4.650% VRN (d)		125,000		95,469
Barclays Bank PLC
10.179% 6/12/21 (c)		160,000		170,929
Citigroup, Inc.
5.500% 9/13/25		60,000		65,702
5.875% 1/30/42		20,000		25,379
8.125% 7/15/39		15,000		23,528
First Republic Bank
4.375% 8/01/46		250,000		265,908
Fulton Financial Corp.
3.600% 3/16/22		45,000		45,340

The accompanying notes are an integral part of the financial statements.

98

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
The Goldman Sachs Group, Inc.
4.250% 10/21/25	$	35,000	$	36,079
5.950% 1/15/27		80,000		90,586
6.750% 10/01/37		35,000		46,332
JP Morgan Chase & Co.
5.600% 7/15/41		45,000		59,808
Morgan Stanley
4.350% 9/08/26		135,000		143,002
5.000% 11/24/25		40,000		43,789
SVB Financial Group
3.500% 1/29/25		85,000		85,613
Valley National Bancorp
5.125% 9/27/23		50,000		52,186
Wells Fargo & Co.
5.375% 11/02/43		14,000		16,412
5.606% 1/15/44		15,000		17,957
				1,562,463
Beverages — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900% 2/01/46		170,000		185,158
Molson Coors Beverage Co.
4.200% 7/15/46		39,000		34,862
5.000% 5/01/42		5,000		4,847
				224,867
Building Materials — 0.1%
Standard Industries, Inc.
5.000% 2/15/27 (c)		156,000		141,960
5.500% 2/15/23 (c)		14,000		13,510
				155,470
Chemicals — 0.4%
DuPont de Nemours, Inc.
5.319% 11/15/38		55,000		61,777
Huntsman International LLC
5.125% 11/15/22		30,000		30,750
Syngenta Finance NV
3.698% 4/24/20 (c)		200,000		199,615
Yara International ASA
4.750% 6/01/28 (c)		132,000		133,122
				425,264
Commercial Services — 0.1%
The ADT Security Corp.
6.250% 10/15/21		140,000		136,850
Computers — 0.5%
Dell International LLC/EMC Corp.
6.020% 6/15/26 (c)		113,000		116,625

	Principal Amount		Value
Genpact Luxembourg Sarl
3.375% 12/01/24	$	140,000	$	140,575
3.700% STEP 4/01/22		65,000		66,169
Leidos Holdings, Inc.
4.450% 12/01/20		200,000		199,000
				522,369
Diversified Financial Services — 1.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.500% 5/15/21		105,000		96,328
Aircastle Ltd.
4.400% 9/25/23		25,000		23,908
5.000% 4/01/23		100,000		97,630
Ally Financial, Inc.
4.125% 2/13/22		65,000		62,542
Antares Holdings LP
6.000% 8/15/23 (c)		250,000		257,501
Ares Finance Co. LLC
4.000% 10/08/24 (c)		85,000		83,979
Avolon Holdings Funding Ltd.
3.250% 2/15/27 (c)		55,000		43,133
Brookfield Finance, Inc.
4.850% 3/29/29		75,000		79,569
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (c)		60,000		38,640
Lazard Group LLC
3.625% 3/01/27		34,000		34,080
3.750% 2/13/25		20,000		19,725
4.500% 9/19/28		60,000		60,155
Legg Mason, Inc.
5.625% 1/15/44		35,000		37,176
Park Aerospace Holdings Ltd.
4.500% 3/15/23 (c)		50,000		43,372
5.250% 8/15/22 (c)		260,000		234,940
				1,212,678
Electric — 0.8%
Avangrid, Inc.
3.800% 6/01/29		64,000		65,441
The Cleveland Electric Illuminating Co.
3.500% 4/01/28 (c)		25,000		23,516
CMS Energy Corp.
4.700% 3/31/43		25,000		27,045
4.875% 3/01/44		130,000		140,375
Entergy Louisiana LLC
4.950% 1/15/45		40,000		42,281
IPALCO Enterprises, Inc.
3.450% 7/15/20		115,000		114,983
3.700% 9/01/24		75,000		77,729

The accompanying notes are an integral part of the financial statements.

99

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Metropolitan Edison Co.
4.300% 1/15/29 (c)	$	56,000	$	58,442
Nevada Power Co.
6.650% 4/01/36		20,000		26,434
Pennsylvania Electric Co.
4.150% 4/15/25 (c)		70,000		69,354
Puget Energy, Inc.
3.650% 5/15/25		5,000		4,889
Southwestern Electric Power Co.
6.200% 3/15/40		100,000		132,048
Xcel Energy, Inc.
6.500% 7/01/36		110,000		143,548
				926,085
Electronics — 0.1%
Arrow Electronics, Inc.
3.250% 9/08/24		75,000		69,418
Foods — 0.2%
Ingredion, Inc.
3.200% 10/01/26		27,000		28,940
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500% 1/15/30 (c)		32,000		33,040
Kraft Heinz Foods Co.
3.950% 7/15/25		100,000		99,519
Mars, Inc.
3.950% 4/01/49 (c)		75,000		81,260
				242,759
Forest Products & Paper — 0.0%
Fibria Overseas Finance Ltd.
4.000% 1/14/25		35,000		32,323
Gas — 0.0%
CenterPoint Energy Resources Corp.
6.250% 2/01/37		35,000		43,164
Health Care – Services — 0.1%
Advocate Health Corp.
3.829% 8/15/28		25,000		27,431
HCA, Inc.
4.750% 5/01/23		70,000		71,715
Humana, Inc.
4.800% 3/15/47		25,000		27,858
				127,004
Home Builders — 0.0%
Lennar Corp.
4.750% 5/30/25		30,000		28,650
Housewares — 0.1%
Newell Brands, Inc.
3.850% STEP 4/01/23		89,000		90,330

	Principal Amount		Value
Insurance — 1.7%
Allstate Corp. 3 mo. USD LIBOR + 2.938%
5.750% VRN 8/15/53	$	175,000	$	155,750
American International Group, Inc.
3.900% 4/01/26		100,000		102,993
4.200% 4/01/28		40,000		41,217
4.500% 7/16/44		25,000		25,351
4.750% 4/01/48		15,000		15,830
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48		115,000		100,648
AmTrust Financial Services, Inc.
6.125% 8/15/23		145,000		143,215
Arch Capital Finance LLC
5.031% 12/15/46		30,000		34,936
Athene Global Funding
2.500% 1/14/25 (c)		115,000		108,325
Athene Holding Ltd.
4.125% 1/12/28		240,000		216,745
AXIS Specialty Finance LLC
3.900% 7/15/29		55,000		56,929
5 year CMT + 3.186% 4.900% VRN 1/15/40		55,000		47,300
AXIS Specialty Finance PLC
4.000% 12/06/27		60,000		62,887
Brown & Brown, Inc.
4.200% 9/15/24		42,000		44,296
CNO Financial Group, Inc.
5.250% 5/30/25		107,000		111,347
Enstar Group Ltd.
4.500% 3/10/22		70,000		69,820
Markel Corp.
3.350% 9/17/29		25,000		23,576
The Progressive Corp. 3 mo. USD LIBOR + 2.539%
5.375% VRN (d)		70,000		59,256
Prudential Financial, Inc.
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43		45,000		42,287
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 (b)		65,000		60,125
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42		25,000		24,250
USF&G Capital I
8.500% 12/15/45 (c)		35,000		51,948
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084%
4.700% VRN 1/23/48		25,000		20,500
Willis North America, Inc.
2.950% 9/15/29		45,000		42,727

The accompanying notes are an integral part of the financial statements.

100

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
4.500% 9/15/28	$	65,000	$	71,414
XLIT Ltd.
4.450% 3/31/25		89,000		91,913
				1,825,585
Internet — 0.1%
Amazon.com, Inc.
4.050% 8/22/47		45,000		58,632
Investment Companies — 0.5%
Ares Capital Corp.
3.500% 2/10/23		125,000		111,713
BlackRock TCP Capital Corp.
3.900% 8/23/24		180,000		165,657
4.125% 8/11/22		70,000		71,809
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.250% 2/01/22		105,000		105,262
TPG Specialty Lending, Inc.
3.875% 11/01/24		145,000		127,911
				582,352
Iron & Steel — 0.1%
Vale Overseas Ltd.
6.250% 8/10/26		50,000		54,001
6.875% 11/21/36		35,000		38,868
				92,869
Machinery – Diversified — 0.1%
CNH Industrial Capital LLC
3.875% 10/15/21		95,000		94,504
Media — 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.125% 5/01/27 (c)		30,000		30,078
Charter Communications Operating LLC/Charter Communications Operating Capital
6.484% 10/23/45		35,000		42,221
Comcast Corp.
3.400% 7/15/46		45,000		48,623
3.450% 2/01/50		55,000		60,258
3.969% 11/01/47		25,000		28,433
4.750% 3/01/44		35,000		44,448
Discovery Communications LLC
3.950% 3/20/28		62,000		60,780
5.000% 9/20/37		25,000		24,282
Grupo Televisa SAB
6.625% 3/18/25		100,000		110,066
Time Warner Cable, Inc.
6.750% 6/15/39		30,000		33,972
				483,161

	Principal Amount		Value
Mining — 0.3%
Glencore Finance Canada Ltd.
5.550% STEP 10/25/42 (c)	$	23,000	$	18,471
Glencore Funding LLC
3.875% 10/27/27 (c)		25,000		22,296
4.625% 4/29/24 (c)		85,000		77,732
Kinross Gold Corp.
4.500% 7/15/27		31,000		29,178
5.125% 9/01/21		135,000		135,337
Teck Resources Ltd.
6.000% 8/15/40		35,000		30,005
				313,019
Miscellaneous - Manufacturing — 0.1%
Carlisle Cos., Inc.
2.750% 3/01/30		50,000		43,644
General Electric Co.
4.125% 10/09/42		5,000		4,720
				48,364
Oil & Gas — 0.5%
Cenovus Energy, Inc.
4.250% 4/15/27		50,000		24,484
6.750% 11/15/39		15,000		7,265
Diamondback Energy, Inc.
3.250% 12/01/26		45,000		31,750
EQT Corp.
3.000% 10/01/22		65,000		54,275
3.900% 10/01/27		195,000		134,492
6.125% 2/01/25		70,000		53,907
Marathon Petroleum Corp.
4.500% 4/01/48		10,000		7,209
6.500% 3/01/41		35,000		32,453
Newfield Exploration Co.
5.375% 1/01/26		60,000		31,337
5.625% 7/01/24		40,000		21,466
5.750% 1/30/22		66,000		44,935
Occidental Petroleum Corp.
6.600% 3/15/46		81,000		37,802
Ovintiv, Inc.
6.500% 2/01/38		15,000		6,514
Patterson-UTI Energy, Inc.
3.950% 2/01/28		72,000		28,234
Petroleos Mexicanos
5.350% 2/12/28		30,000		20,925
6.375% 1/23/45		15,000		9,486
6.500% 3/13/27		10,000		7,377
6.625% 6/15/38		5,000		3,275
				557,186

The accompanying notes are an integral part of the financial statements.

101

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Oil & Gas Services — 0.1%
National Oilwell Varco, Inc.
3.600% 12/01/29	$	50,000	$	37,326
3.950% 12/01/42		60,000		37,583
				74,909
Packaging & Containers — 0.1%
Amcor Finance USA, Inc.
3.625% 4/28/26 (c)		95,000		98,721
Pharmaceuticals — 0.6%
AbbVie, Inc.
4.050% 11/21/39 (c)		40,000		41,144
4.700% 5/14/45		75,000		84,239
Allergan Funding SCS
3.800% 3/15/25		55,000		56,311
Becton Dickinson and Co.
4.685% 12/15/44		25,000		26,270
Bristol-Myers Squibb Co.
4.350% 11/15/47 (c)		30,000		37,778
Cigna Corp.
4.800% 7/15/46 (c)		30,000		35,481
CVS Health Corp.
4.300% 3/25/28		45,000		48,134
5.050% 3/25/48		20,000		22,851
6.125% 9/15/39		10,000		12,539
CVS Pass-Through Trust
5.926% 1/10/34 (c)		46,049		52,494
McKesson Corp.
4.883% 3/15/44		10,000		11,232
6.000% 3/01/41		30,000		38,168
Mylan NV
3.950% 6/15/26		90,000		88,815
5.250% 6/15/46		60,000		57,257
Teva Pharmaceutical Finance Netherlands III BV
2.200% 7/21/21		59,000		56,356
				669,069
Pipelines — 0.6%
Cheniere Energy Partners LP
4.500% 10/01/29 (c)		45,000		39,150
Energy Transfer Operating LP
4.200% 4/15/27		30,000		24,178
5.875% 1/15/24		30,000		28,330
6.125% 12/15/45		40,000		35,713
3 mo. USD LIBOR + 4.028% 6.250% VRN (d)		95,000		47,500
5 year CMT + 5.134% 6.750% VRN (d)		45,000		27,450

	Principal Amount		Value
EnLink Midstream Partners LP
4.150% 6/01/25	$	125,000	$	60,588
4.850% 7/15/26		24,000		11,801
Enterprise Products Operating LLC
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77		45,000		30,825
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78		30,000		21,000
EQM Midstream Partners LP
4.750% 7/15/23		70,000		50,659
MPLX LP
4.500% 4/15/38		30,000		23,425
6.250% 10/15/22 (c)		19,000		17,104
3 mo. USD LIBOR + 4.652% 6.875% VRN (d)		90,000		54,900
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%
6.125% VRN (d)		105,000		52,500
Plains All American Pipeline LP/PAA Finance Corp.
4.500% 12/15/26		67,000		51,973
4.700% 6/15/44		50,000		32,880
Sunoco Logistics Partners Operations LP
5.300% 4/01/44		25,000		19,659
Western Midstream Operating LP
4.500% 3/01/28		15,000		7,198
				636,833
Private Equity — 0.2%
Apollo Management Holdings LP 5 year CMT + 3.266%
4.950% VRN 1/14/50 (c)		35,000		31,529
Carlyle Finance Subsidiary LLC
3.500% 9/19/29 (c)		45,000		40,285
Hercules Capital, Inc.
4.625% 10/23/22		70,000		66,680
KKR Group Finance Co. VI LLC
3.750% 7/01/29 (c)		50,000		49,843
				188,337
Real Estate Investment Trusts (REITS) — 0.6%
Alexandria Real Estate Equities, Inc.
2.750% 12/15/29		35,000		30,666
American Tower Trust #1
3.652% 3/15/48 (c)		50,000		48,578
Crown Castle International Corp.
5.200% 2/15/49		26,000		28,808
Healthcare Trust of America Holdings LP
3.500% 8/01/26		75,000		74,155

The accompanying notes are an integral part of the financial statements.

102

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
SBA Tower Trust
2.877% 7/15/46 (c)	$	40,000	$	39,863
Service Properties Trust
4.500% 6/15/23		30,000		22,535
4.950% 10/01/29		45,000		38,970
Spirit Realty LP
3.200% 1/15/27		55,000		49,973
3.400% 1/15/30		25,000		21,481
4.000% 7/15/29		35,000		34,202
Store Capital Corp.
4.625% 3/15/29		50,000		47,393
Tanger Properties LP
3.875% 12/01/23		58,000		60,431
UDR, Inc.
3.200% 1/15/30		35,000		34,441
Vereit Operating Partnership LP
3.100% 12/15/29		115,000		99,300
4.625% 11/01/25		85,000		79,325
				710,121
Semiconductors — 0.1%
KLA Corp.
3.300% 3/01/50		55,000		51,528
Microchip Technology, Inc.
3.922% 6/01/21		25,000		24,360
				75,888
Software — 0.2%
Broadridge Financial Solutions, Inc.
2.900% 12/01/29		50,000		47,295
Microsoft Corp.
4.450% 11/03/45		89,000		117,033
				164,328
Telecommunications — 0.5%
AT&T, Inc.
4.750% 5/15/46		105,000		116,122
5.250% 3/01/37		110,000		128,336
6.250% 3/29/41		5,000		6,164
Crown Castle Towers LLC
4.241% 7/15/48 (c)		40,000		40,441
Qwest Corp
6.750% 12/01/21		29,000		30,053
Sprint Communications, Inc.
9.250% 4/15/22		65,000		69,550
Telefonaktiebolaget LM Ericsson
4.125% 5/15/22		63,000		62,372
Verizon Communications, Inc.
6.550% 9/15/43		34,000		42,538
				495,576

	Principal Amount		Value
Transportation — 0.0%
CSX Corp.
4.750% 11/15/48	$	20,000	$	23,025
Pacific National Finance Pty Ltd.
4.625% 9/23/20 (c)		20,000		20,227
				43,252
Trucking & Leasing — 0.0%
DAE Funding LLC
4.000% 8/01/20 (c)		25,000		24,500
TOTAL CORPORATE DEBT (Cost $14,715,093)				13,919,988
MUNICIPAL OBLIGATIONS — 0.3%
JobsOhio Beverage System Series B, Revenue Bonds,
4.532% 1/01/35		150,000		179,594
State of California BAB
General Obligation, 7.550% 4/01/39		120,000		194,724
General Obligation, 7.600% 11/01/40		10,000		16,641
				390,959
TOTAL MUNICIPAL OBLIGATIONS (Cost $335,822)				390,959
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 12.0%
Automobile ABS — 0.5%
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C
4.530% 3/20/23 (c)		100,000		98,569
Hertz Vehicle Financing LLC, Series 2018-3A, Class A
4.030% 7/25/24 (c)		250,000		238,236
Santander Revolving Auto Loan Trust
Series 2019-A, Class B, 2.800% 1/26/32 (c)		34,000		33,408
Series 2019-A, Class C, 3.000% 1/26/32 (c)		20,000		19,650
Series 2019-A, Class D, 3.450% 1/26/32 (c)		147,000		144,415
				534,278
Commercial MBS — 1.9%
Aventura Mall Trust, Series 2018-AVM, Class C,
4.112% VRN 7/05/40 (c) (e)		190,000		220,894

The accompanying notes are an integral part of the financial statements.

103

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
BANK
Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (e)	$	29,000	$	26,897
Series 2019-BN16, Class AS, 4.267% 2/15/52		31,333		32,662
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (e)		24,330		23,127
BBCMS Mortgage Trust
Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (c) (e)		100,000		88,811
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (c) (e)		100,000		84,543
Benchmark Mortgage Trust, Series 2019-B14, Class AS
3.352% 12/15/62		150,000		147,170
BHMS Mortgage Trust
Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.955% FRN 7/15/35 (c)		150,000		125,237
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 2.205% FRN 7/15/35 (c)		100,000		79,989
BX Trust, Series 2018-IND, Class B, 1 mo. USD LIBOR + .900%
1.605% FRN 11/15/35 (c)		70,000		65,100
CD Commercial Mortgage Trust
Series 2019-CD8, Class B, 3.366% 8/15/57		78,000		67,561
Series 2019-CD8, Class C, 3.719% 8/15/57		94,000		73,670
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class C,
4.192% VRN 10/12/50 (e)		70,000		59,904
Commercial Mortgage Pass-Through Certificates
Series 2013-GAM, Class A1, 1.705% 2/10/28 (c)		18,124		17,983
Series 2012-CR4, Class B, 3.703% 10/15/45 (c)		35,000		31,869
Series 2015-CR23, Class C, 4.304% VRN 5/10/48 (e)		35,000		32,167
Series 2014-UBS5, Class B, 4.514% VRN 9/10/47 (e)		50,000		49,149
Series 2014-LC17, Class C, 4.572% VRN 10/10/47 (e)		100,000		94,458
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM,
5.513% VRN 7/10/38 (e)		15,335		15,264
GS Mortgage Securities Trust, Series 2017-GS6, Class B
3.869% 5/10/50		79,000		73,734

	Principal Amount		Value
Jackson Park Trust, Series 2019-LIC, Class C,
3.131% VRN 10/14/39 (c) (e)	$	100,000	$	91,826
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class AS
3.056% 8/15/49		140,000		135,538
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class C,
4.184% VRN 10/15/50 (e)		100,000		88,586
Morgan Stanley Capital I Trust
Series 2019-L2, Class AS, 4.272% 3/15/52		100,000		104,139
Series 2018-H3, Class B, 4.620% VRN 7/15/51 (e)		20,000		19,330
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (c) (e)		100,000		99,502
Wells Fargo Commercial Mortgage Trust
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (e)		30,000		31,382
Series 2018-C45, Class B, 4.556% 6/15/51		10,000		9,654
WF-RBS Commercial Mortgage Trust
Series 2012-C8, Class B, 4.311% 8/15/45		40,000		39,906
Series 2011-C3, Class B, 4.740% 3/15/44 (c)		50,000		50,020
				2,080,072
Other ABS — 5.9%
321 Henderson Receivables LLC, Series 2015-1A, Class A
3.260% 9/15/72 (c)		107,721		112,173
AASET Trust, Series 2018-2A, Class A
4.454% 11/18/38 (c)		219,224		174,071
Adams Outdoor Advertising LP, Series 2018-1, Class A
4.810% 11/15/48 (c)		97,735		97,461
American Tower Trust #1, Series 13, Class 2A
3.070% 3/15/48 (c)		50,000		49,223
Anchorage Capital CLO Ltd., Series 2019-11A, Class A, 3 mo. USD LIBOR + 1.390%
3.192% FRN 7/22/32 (c)		250,000		234,144
Arbys Funding LLC, Series 2015-1A, Class A2
4.969% 10/30/45 (c)		67,025		64,440

The accompanying notes are an integral part of the financial statements.

104

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Ascentium Equipment Receivables Trust
Series 2019-2A, Class E, 3.780% 5/10/27 (c)	$	177,000	$	175,601
Series 2018-2A, Class D, 4.150% 7/10/24 (c)		71,000		71,255
BlueMountain CLO XXV Ltd., Series 2019-25A, Class B, 3 mo. USD LIBOR + 1.800%
3.631% FRN 7/15/32 (c)		250,000		223,808
Castlelake Aircraft Securitization, Series 2019-1A, Class A
3.967% 4/15/39 (c)		216,990		151,813
CLI Funding V LLC, Series 2014-1A, Class A
3.290% 6/18/29 (c)		43,463		41,340
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%
1.407% FRN 9/25/34		535		440
DB Master Finance LLC
Series 2019-1A, Class A2II, 4.021% 5/20/49 (c)		74,438		68,951
Series 2019-1A, Class A23, 4.352% 5/20/49 (c)		66,498		59,282
Diamond Resorts Owner Trust, Series 2016-1, Class A
3.080% 11/20/28 (c)		32,014		31,571
Domino’s Pizza Master Issuer LLC
Series 2019-1A, Class A2, 3.668% 10/25/49 (c)		49,875		44,380
Series 2015-1A, Class A2II, 4.474% 10/25/45 (c)		106,150		98,663
Eaton Vance CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750%
3.581% FRN 10/15/30 (c)		250,000		221,460
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A
2.730% 4/25/28 (c)		30,337		30,372
Elmwood CLO II Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450%
3.269% FRN 4/20/31 (c)		250,000		233,632
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M6, 1 mo. USD LIBOR + 1.725%
2.672% FRN 1/25/35		80,000		69,572
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 10/15/54 (c)		128,480		121,738
Series 2016-1A, Class A, 3.230% 10/15/52 (c)		57,153		55,614

	Principal Amount		Value
Series 2017-1A, Class A, 3.740% 10/15/52 (c)	$	93,993	$	94,594
Series 2019-1A, Class A, 3.860% 10/15/54 (c)		134,542		135,669
Helios Issuer LLC, Series 2017-1A, Class A
4.940% 9/20/49 (c)		86,048		80,755
Hero Funding Trust
Series 2016-4A, Class A1, 3.570% 9/20/47 (c)		63,061		65,240
Series 2018-1A, Class A2, 4.670% 9/20/48 (c)		76,320		79,284
Highbridge Loan Management Ltd., Series 13A-18, Class C, 3 mo. USD LIBOR + 2.150%
3.981% FRN 10/15/30 (c)		250,000		209,078
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A
3.425% 11/15/39 (c)		341,667		239,047
J.G. Wentworth XXXVIII LLC, Series 2017-1A, Class B
5.430% 8/15/62 (c)		200,000		229,041
KKR Financial CLO Ltd.
Series 24, Class A1, 3 mo. USD LIBOR + 1.360% 3.179% FRN 4/20/32 (c)		250,000		234,045
Series 24, Class C, 3 mo. USD LIBOR + 2.700% 4.519% FRN 4/20/32 (c)		250,000		207,099
MP CLO III Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250%
3.069% FRN 10/20/30 (c)		250,000		231,332
OneMain Financial Issuance Trust, Series 2019-2A, Class A
3.140% 10/14/36 (c)		330,000		325,022
Orange Lake Timeshare Trust, Series 2016-A, Class B
2.910% 3/08/29 (c)		15,215		14,944
Oxford Finance Funding Trust
Series 2020-1A, Class A2, 3.101% 2/15/28 (c)		68,000		67,670
Series 2016-1A, Class A, 3.968% 6/17/24 (c)		10,287		10,262
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2
3.858% 12/05/49 (c)		92,768		84,529
Rockford Tower CLO Ltd., Series 2019-1A, Class B1, 3 mo. USD LIBOR + 2.050%
3.869% FRN 4/20/32 (c)		300,000		261,838

The accompanying notes are an integral part of the financial statements.

105

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
SBA Tower Trust, Series 2014-2A, Class C,
3.869% STEP 10/15/49 (c)	$	100,000	$	101,204
Sierra Receivables Funding LLC
Series 2015-3A, Class B, 3.080% 9/20/32 (c)		12,060		11,922
Series 2018-3A, Class C, 4.170% 9/20/35 (c)		124,683		123,882
Store Master Funding I-VII and XIV, Series 2019-1, Class A2
3.650% 11/20/49 (c)		116,197		104,365
Taco Bell Funding LLC
Series 2018-1A, Class A2II, 4.940% 11/25/48 (c)		39,500		39,508
Series 2016-1A, Class A23, 4.970% 5/25/46 (c)		218,813		197,441
Textainer Marine Containers V Ltd.
Series 2017-2A, Class A, 3.520% 6/20/42 (c)		116,517		116,988
Series 2017-1A, Class A, 3.720% 5/20/42 (c)		73,815		71,973
Textainer Marine Containers VII Ltd., Series 2018-1A, Class A
4.110% 7/20/43 (c)		88,000		89,368
Trinity Rail Leasing LP
Series 2019-2A, Class A2, 3.100% 10/18/49 (c)		122,000		108,529
Series 2018-1A, Class A2, 4.620% 6/17/48 (c)		230,000		213,586
WAVE Trust, Series 2017-1A, Class B
5.682% 11/15/42 (c)		202,760		146,174
Welk Resorts LLC, Series 2015-AA, Class A
2.790% 6/16/31 (c)		10,289		10,116
Willis Engine Structured Trust III, Series 2017-A, Class A,
4.690% STEP 8/15/42 (c)		216,772		151,394
				6,486,903
Student Loans ABS — 3.5%
Access Group Inc., Series 2004-A, Class A3, 28 day ARS, FRN
1.699% 7/01/39 (e)		50,000		49,202
Access Group Inc., Series 2003-A, Class A3, 3 mo. CMT + 1.200%
1.220% FRN 7/01/38		745		744
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%
2.447% FRN 7/25/58 (c)		100,000		87,132

	Principal Amount		Value
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS
FRN 1/25/47	$	35,000	$	26,718
Commonbond Student Loan Trust, Series 2017-AGS, Class B
3.470% 5/25/41 (c)		87,036		82,958
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050%
2.997% FRN 2/26/35 (c)		12,973		12,189
ECMC Group Student Loan Trust
Series 2018-2A, Class A, 1 mo. USD LIBOR + 0.800% 1.747% FRN 9/25/68 (c)		76,825		66,766
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 2.147% FRN 12/27/66 (c)		65,145		57,692
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 2.297% FRN 7/26/66 (c)		80,275		70,171
EdLinc Student Loan Funding Trust
Series 2017-A, Class A, Update Replacements.xls: PRIME - 1.150% 3.600% FRN 12/01/47 (c)		57,983		57,367
Series 2012-1, Class B, 1 mo. USD LIBOR + 4.240% 5.187% FRN 11/26/40 (c)		65,000		69,719
Education Loan Asset-Backed Trust I, Series 2003-2, Class 2A1, 28 day ARS
FRN 8/01/43 (c)		50,000		45,590
ELFI Graduate Loan Program LLC, Series 2019-A, Class B,
2.940% VRN 3/25/44 (c) (e)		151,000		143,411
KnowledgeWorks Foundation, Series 2010-1, Class A, 3 mo. USD LIBOR + .950%
2.629% FRN 2/25/42		21,770		20,257
Navient Private Education Refi Loan Trust
Series 2019-EA, Class A2B, 1 mo. USD LIBOR + .920% 1.625% FRN 5/15/68 (c)		100,000		95,003
Series 2019-EA, Class B, 3.390% 5/15/68 (c)		156,000		154,806
Navient Student Loan Trust
Series 2016-1A, Class A, 1 mo. USD LIBOR + .700% 1.647% FRN 2/25/70 (c)		61,470		56,518
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800% 1.747% FRN 3/25/67 (c)		100,000		97,995

The accompanying notes are an integral part of the financial statements.

106

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 2.097% FRN 3/25/66 (c)	$	132,610	$	116,227
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 2.197% FRN 6/25/65 (c)		71,300		65,211
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 2.247% FRN 3/25/66 (c)		210,000		194,844
Series 2018-4A, Class B, 1 mo. USD LIBOR + 1.300% 2.247% FRN 6/27/67 (c)		100,000		93,861
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 10/25/58		40,000		32,806
Series 2019-BA, Class B, 4.040% 12/15/59 (c)		150,000		156,686
Nelnet Private Education Loan Trust
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 2.697% FRN 12/26/40 (c)		26,310		24,880
Series 2016-A, Class A1B, 3.600% 12/26/40 (c)		26,313		26,319
Nelnet Student Loan Trust
Series 2018-3A, Class A3, 1 mo. USD LIBOR + 0.750% 1.697% FRN 9/27/66 (c)		100,000		97,331
Series 2018-5A, Class B, 1 mo. USD LIBOR + 1.450% 2.397% FRN 2/25/67 (c)		200,000		187,685
Series 2019-5, Class A, 2.530% 10/25/67 (c)		290,043		278,082
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200%
1.892% FRN 2/15/45		39,487		35,137
SLM Student Loan Trust
Series 2003-11, Class B, 3 mo. USD LIBOR + 0.650% 1.391% FRN 12/15/38		85,950		76,239
Series 2005-4, Class B, 3 mo. USD LIBOR + .180% 1.974% FRN 7/25/55		226,550		196,200
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.004% FRN 10/25/40		132,514		118,336
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 2.014% FRN 1/25/41		56,560		50,660
Series 2005-6, Class B, 3 mo. USD LIBOR + 0.290% 2.084% FRN 1/25/44		77,557		68,665

	Principal Amount		Value
Series 2005-8, Class B, 3 mo. USD LIBOR + 0.310% 2.104% FRN 1/25/55	$	43,618	$	38,756
Series 2004-1 Class B, 3 mo. USD LIBOR + .500% 2.294% FRN 7/25/39		40,625		36,463
Series 2014-2, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 1/25/72		300,000		282,054
SMB Private Education Loan Trust
Series 2019-B, Class A2B, 1 mo. USD LIBOR + 1.000% 1.705% FRN 6/15/37 (c)		250,000		217,516
Series 2017-A, Class B, 3.500% 6/17/41 (c)		100,000		99,203
SoFi Professional Loan Program LLC
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 2.147% FRN 6/25/33 (c)		15,016		14,369
Series 2019-C, Class BFX, 3.050% 11/16/48 (c)		123,000		120,190
South Carolina Student Loan Corp., Series 2010-1, Class A3, 3 mo. USD LIBOR + 1.050%
2.844% FRN 10/27/36		100,000		99,477
				3,921,435
WL Collateral CMO — 0.2%
Countrywide Home Loans, Inc.
Series 2004-2, Class 1A1, 3.722% VRN 2/25/34 (e)		5,004		4,460
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (e)		1,063		989
Deephaven Residential Mortgage Trust, Series 2018-1A, Class A1,
2.976% VRN 12/25/57 (c) (e)		32,493		31,235
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1,
4.304% VRN 8/25/34 (e)		1,548		1,497
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A,
3.885% VRN 8/25/34 (e)		10,114		8,693
JP Morgan Mortgage Trust, Series 2017-1, Class A11,
3.500% VRN 1/25/47 (c) (e)		72,175		71,906
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A1, Class IA, 3.250% VRN 2/25/34 (e)		566		506
Series 2003-A4, Class IA, 4.678% VRN 7/25/33 (e)		618		548
PSMC Trust, Series 2018-2, Class A1,
3.500% VRN 6/25/48 (c) (e)		73,085		71,847

The accompanying notes are an integral part of the financial statements.

107

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A,
3.854% VRN 3/25/34 (e)	$	5,717	$	5,139
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%
3.366% FRN 4/25/44		13,714		12,280
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1,
4.000% VRN 11/25/48 (c) (e)		57,286		57,460
				266,560
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $14,368,626)				13,289,248
SOVEREIGN DEBT OBLIGATIONS — 0.2%
Mexico Government International Bond
4.750% 3/08/44		163,000		164,061
Republic of Colombia
6.125% 1/18/41		100,000		114,938
				278,999
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $262,980)				278,999
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 11.2%
Collateralized Mortgage Obligations — 0.1%
Federal Home Loan Mortgage Corp.
Series 2617, Class Z, 5.500% 5/15/33		35,680		41,160
Series 2693, Class Z, 5.500% 10/15/33		65,849		73,991
				115,151
Pass-Through Securities — 10.9%
Federal Home Loan Mortgage Corp.
Pool #SB8013 2.500% 9/01/34		252,086		261,665
Pool #SB8020 2.500% 12/01/34		96,980		100,665
Pool #ZA5946 4.500% 11/01/48		550,218		591,604
Pool #ZA6368 4.500% 2/01/49		107,024		115,084
Pool #G05253 5.000% 2/01/39		5,615		6,295
Pool #G00729 8.000% 6/01/27		7,716		8,747
Federal National Mortgage Association
Pool #MA3797 2.500% 10/01/34		495,516		514,345
Pool #MA3029 3.000% 6/01/32		140,432		147,448

	Principal Amount		Value
Pool #MA3090 3.000% 8/01/32	$	64,344	$	67,559
Pool #AS1304 3.500% 12/01/28		29,043		30,696
Pool #AV2325 3.500% 12/01/28		14,367		15,185
Pool #BF0196 3.500% 2/01/41		34,711		37,291
Pool #MA1356 3.500% 2/01/43		240,322		257,809
Pool #CA1073 3.500% 1/01/48		195,802		207,296
Pool #BJ0686 4.000% 4/01/48		82,878		88,544
Pool #CA2039 4.000% 7/01/48		138,365		147,674
Pool #CA1951 4.000% 7/01/48		91,968		98,169
Pool #888586 1 year CMT + 2.196% 4.328% FRN 10/01/34		11,265		11,814
Pool #725692 1 year CMT + 2.138% 4.355% FRN 10/01/33		5,139		5,389
Pool #CA1909 4.500% 6/01/48		198,440		213,850
Pool #CA1952 4.500% 6/01/48		33,312		35,868
Pool #MA3522 4.500% 11/01/48		157,683		169,484
Pool #MA3537 4.500% 12/01/48		159,889		171,855
Pool #MA3564 4.500% 1/01/49		133,516		143,509
Pool #BN5241 4.500% 2/01/49		570,726		613,439
Pool #MA3639 4.500% 4/01/49		104,023		111,809
Pool #AD6437 5.000% 6/01/40		11,518		12,744
Pool #AD6996 5.000% 7/01/40		80,604		89,189
Pool #AL8173 5.000% 2/01/44		29,962		32,938
Pool #564594 7.000% 1/01/31		5,850		6,639
Pool #253795 7.000% 5/01/31		2,730		3,134
Pool #507061 7.500% 10/01/29		480		551
Pool #527761 7.500% 2/01/30		612		645
Pool #253183 7.500% 4/01/30		1,177		1,363
Pool #253265 7.500% 5/01/30		689		796
Pool #535248 8.000% 4/01/30		70		81
Pool #539460 8.000% 5/01/30		989		1,155
Pool #190317 8.000% 8/01/31		964		1,121
Government National Mortgage Association Pool #352049 7.000% 10/15/23		308		328
Government National Mortgage Association II TBA
Pool #304 3.500% 10/01/47 (f)		4,065,000		4,286,352
Pool #1235 4.000% 10/01/47 (f)		1,500,000		1,593,516
Uniform Mortgage Backed Securities TBA
Pool #299 2.500% 8/01/33 (f)		175,000		181,535
Pool #1058 3.500% 8/01/47 (f)		1,225,000		1,295,055
Pool #20567 4.500% 9/01/47 (f)		375,000		403,183
				12,083,418

The accompanying notes are an integral part of the financial statements.

108

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Whole Loans — 0.2%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050%
2.997% FRN 7/25/49 (c)	$	135,719	$	113,824
Federal National Mortgage Association Connecticut Avenue Securities, Series 2019-R01, Class 2M2, 1 mo. USD LIBOR + 2.450%
3.397% FRN 7/25/31 (c)		186,647		154,064
				267,888
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $12,243,399)				12,466,457
U.S. TREASURY OBLIGATIONS — 1.9%
U.S. Treasury Bonds & Notes — 1.9%
U.S. Treasury Note
1.500% 11/30/24		750,000		789,250
1.625% 8/15/29		340,000		368,463
2.250% 8/15/49 (g)		760,000		921,895
				2,079,608
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,941,433)				2,079,608
TOTAL BONDS & NOTES (Cost $43,867,353)				42,425,259
TOTAL PURCHASED OPTIONS (#) — 0.1% (Cost $130,082)				74,270
RIGHTS — 0.0%
Consumer, Non-cyclical — 0.0%
Pharmaceuticals — 0.0%
Bristol-Myers Squibb Co., Expires 03/31/21 (a)		3,598		13,672
TOTAL RIGHTS (Cost $7,664)				13,672

	Number of Shares		Value
MUTUAL FUNDS — 8.6%
Diversified Financial Services — 8.6%
iShares China Large-Cap ETF		2,800	$	105,112
iShares MSCI Australia ETF (b)		7,000		108,780
iShares MSCI EAFE ETF (b)		43,430		2,321,768
iShares MSCI France ETF		8,500		199,240
iShares MSCI Germany ETF (b)		7,200		154,656
iShares MSCI India ETF (b)		13,000		313,430
iShares MSCI Italy ETF		2,900		60,233
iShares MSCI Japan ETF (b)		10,300		508,717
iShares MSCI Singapore ETF (b)		1,150		19,952
iShares MSCI South Korea ETF		1,800		84,456
iShares MSCI Spain ETF		3,400		69,088
iShares MSCI Sweden ETF		2,100		53,739
iShares MSCI Switzerland Capped ETF (b)		6,400		226,304
iShares MSCI Turkey Investable Market ETF (b)		1,700		31,943
iShares MSCI United Kingdom ETF		10,500		250,740
State Street Navigator Securities Lending Prime Portfolio (h)		1,352,148		1,352,148
Vanguard FTSE Developed Markets ETF		74,840		2,495,166
Vanguard FTSE Emerging Markets ETF		35,200		1,180,960
TOTAL MUTUAL FUNDS (Cost $10,627,372)				9,536,432
TOTAL LONG-TERM INVESTMENTS (Cost $117,835,089)				110,347,384
	Principal Amount
SHORT-TERM INVESTMENTS — 7.3%
Commercial Paper — 4.9%
Avangrid, Inc.
1.318% 4/03/20 (c)	$	1,000,000		999,784
Boeing Co.
2.092% 6/10/20 (c)		1,000,000		992,210
Carnival Corp.
1.746% 11/25/20 (c)		1,000,000		954,922
Harley-Davidson, Inc.
2.028% 4/02/20 (c)		1,000,000		999,910
HP, Inc.
1.830% 4/06/20 (c)		1,000,000		999,524
Reckitt Benckiser Treasury Services PLC
2.526% 4/01/20 (c)		500,000		499,999
				5,446,349

The accompanying notes are an integral part of the financial statements.

109

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Repurchase Agreement — 2.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (i)	$	2,653,538	$	2,653,538
TOTAL SHORT-TERM INVESTMENTS (Cost $8,137,935)				8,099,887
TOTAL INVESTMENTS — 106.8% (Cost $125,973,024) (j)				118,447,271
Other Assets/(Liabilities) — (6.8)%				(7,586,999	)
NET ASSETS — 100.0%			$	110,860,272

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

BAB Build America Bonds

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

ETF Exchange-Traded Fund

FRN Floating Rate Note

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $3,987,885 or 3.60% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,752,063 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $19,387,710 or 17.49% of net assets.

(d) Security is perpetual and has no stated maturity date.

(e) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2020.

(f) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(g) A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(h) Represents investment of security lending cash collateral. (Note 2).

(i) Maturity value of $2,653,538. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $2,709,783.

(j) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

110

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

(#) Interest Rate Swaptions Purchased

					Paid by Fund					Received by Fund
Description	Counterparty	Expiration Date			Rate		Frequency			Rate		Frequency		Notional Amount			Value		Premium Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
10-Year Interest Rate Swap 12/15/42	Barclays Bank PLC*		12/13/32	3-Month USD LIBOR BBA				Quarterly			2.44%		Semi-Annually		USD	129,250	$	20,835	$	6,462	$	14,373
Put
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*		12/13/32			2.94%		Semi-Annually	3-Month USD LIBOR BBA				Quarterly		USD	1,620,000	$	35,608	$	80,989	$	(45,381	)
10-Year Interest Rate Swap, 2/02/43	Credit Suisse International*		1/31/33			3.11%		Semi-Annually	3-Month USD LIBOR BBA				Quarterly		USD	890,000		17,827		42,631		(24,804	)
																		53,435		123,620		(70,185	)
																	$	74,270	$	130,082	$	(55,812	)

* Contracts are subject to a Master Netting Agreement.

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
E-MINI MSCI EAFE INDEX		6/19/20		17	$	1,172,033		$	153,372
U.S. Treasury Long Bond		6/19/20		5		819,978			75,335
U.S. Treasury Ultra Bond		6/19/20		11		2,140,301			300,324
U.S. Treasury Note 2 Year		6/30/20		32		6,950,481			101,769
U.S. Treasury Note 5 Year		6/30/20		12		1,459,186			45,127
								$	675,927
Short
U.S. Treasury Ultra 10 Year		6/19/20		2	$	(297,705	)	$	(14,358	)

Centrally Cleared Credit Default Swaps- Buy Protection

Reference Obligation/Index	Rate Paid by Fund		Payment Frequency		Termination Date		Notional Amount			Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG Series 34†		1.000%		Quarterly		6/20/25		USD	200,000	$	695	$	870	$	(175	)
CDX.NA.IG Series 34†		1.000%		Quarterly		6/20/25		USD	200,000		1,331		710		621
										$	2,026	$	1,580	$	446

† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

Currency Legend

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

111

MassMutual Premier Disciplined Value Fund — Portfolio of Investments

March 31, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.8%
COMMON STOCK — 98.8%
Basic Materials — 2.6%
Chemicals — 1.5%
Air Products & Chemicals, Inc.		20	$	3,992
Albemarle Corp.		10		564
Cabot Corp.		200		5,224
Celanese Corp.		2,410		176,870
CF Industries Holdings, Inc.		1,700		46,240
The Chemours Co.		4,600		40,802
Dow, Inc. (a)		5,003		146,288
DuPont de Nemours, Inc.		3		102
Eastman Chemical Co.		360		16,769
Element Solutions, Inc. (a)		1,800		15,048
FMC Corp.		500		40,845
Huntsman Corp.		2,900		41,847
Linde PLC		230		39,790
LyondellBasell Industries NV Class A		6,100		302,743
NewMarket Corp.		160		61,259
Olin Corp.		3,000		35,010
PPG Industries, Inc.		1,320		110,352
Westlake Chemical Corp.		260		9,924
				1,093,669
Forest Products & Paper — 0.3%
Domtar Corp.		1,837		39,753
International Paper Co.		5,800		180,554
				220,307
Iron & Steel — 0.5%
Nucor Corp.		3,500		126,070
Reliance Steel & Aluminum Co.		780		68,320
Steel Dynamics, Inc.		4,100		92,414
United States Steel Corp. (b)		4,390		27,701
				314,505
Mining — 0.3%
Alcoa Corp. (a)		1,500		9,240
Freeport-McMoRan, Inc.		31		209
Newmont Corp.		4,300		194,704
Southern Copper Corp.		800		22,528
				226,681
				1,855,162
Communications — 10.3%
Advertising — 0.2%
The Interpublic Group of Cos., Inc.		5,200		84,188
Omnicom Group, Inc.		1,800		98,820
				183,008
Internet — 0.1%
F5 Networks, Inc. (a)		210		22,392

	Number of Shares		Value
IAC/InterActiveCorp (a)		30	$	5,377
NortonLifeLock, Inc.		1,900		35,549
TripAdvisor, Inc.		100		1,739
VeriSign, Inc. (a)		170		30,616
				95,673
Media — 3.7%
Charter Communications, Inc. Class A (a)		320		139,619
Comcast Corp. Class A		30,900		1,062,342
Discovery, Inc. Class A (a) (b)		3,800		73,872
Discovery, Inc. Class C (a)		4,928		86,437
DISH Network Corp. Class A (a)		2,241		44,797
Fox Corp. Class A		6,733		159,101
Fox Corp. Class B (a)		1,433		32,787
John Wiley & Sons, Inc. Class A		700		26,243
Liberty Media Corp-Liberty SiriusXM Class A (a)		1,300		41,197
Liberty Media Corp-Liberty SiriusXM Class C (a)		2,100		66,402
The New York Times Co. Class A		1,100		33,781
Nexstar Media Group, Inc. Class A		430		24,824
Sinclair Broadcast Group, Inc. Class A		2,400		38,592
ViacomCBS, Inc. Class A (b)		293		5,224
ViacomCBS, Inc. Class B		4,760		66,688
The Walt Disney Co.		7,918		764,879
				2,666,785
Telecommunications — 6.3%
AT&T, Inc.		58,536		1,706,324
CenturyLink, Inc.		13,007		123,046
Ciena Corp. (a)		1,400		55,734
EchoStar Corp. Class A (a)		600		19,182
Juniper Networks, Inc.		3,600		68,904
LogMeIn, Inc.		20		1,666
Motorola Solutions, Inc.		270		35,888
Sprint Corp. (a)		12,400		106,888
T-Mobile US, Inc. (a)		1,250		104,875
Telephone & Data Systems, Inc.		1,918		32,146
Verizon Communications, Inc.		42,400		2,278,152
				4,532,805
				7,478,271
Consumer, Cyclical — 8.7%
Airlines — 0.9%
Alaska Air Group, Inc.		500		14,235
American Airlines Group, Inc.		5,200		63,388
Copa Holdings SA Class A		80		3,623
Delta Air Lines, Inc.		9,500		271,035
JetBlue Airways Corp. (a)		1,900		17,005
Southwest Airlines Co.		3,900		138,879

The accompanying notes are an integral part of the financial statements.

112

MassMutual Premier Disciplined Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
United Airlines Holdings, Inc. (a)		3,800	$	119,890
				628,055
Apparel — 0.2%
Capri Holdings Ltd. (a)		2,500		26,975
Columbia Sportswear Co.		100		6,977
Hanesbrands, Inc.		7,600		59,812
PVH Corp.		400		15,056
Ralph Lauren Corp.		80		5,347
Skechers U.S.A., Inc. Class A (a)		100		2,374
Tapestry, Inc.		600		7,770
				124,311
Auto Manufacturers — 1.7%
Cummins, Inc.		2,910		393,781
Ford Motor Co.		30,600		147,798
General Motors Co.		18,500		384,430
PACCAR, Inc.		4,900		299,537
				1,225,546
Auto Parts & Equipment — 0.2%
Aptiv PLC		1,400		68,936
BorgWarner, Inc.		3,300		80,421
				149,357
Automotive & Parts — 0.1%
Lear Corp.		480		39,000
The The Goodyear Tire & Rubber Co.		3,400		19,788
				58,788
Distribution & Wholesale — 0.2%
Fastenal Co.		1,400		43,750
HD Supply Holdings, Inc. (a)		2,800		79,604
KAR Auction Services, Inc.		3,900		46,800
Resideo Technologies, Inc. (a)		118		571
WESCO International, Inc. (a)		500		11,425
				182,150
Entertainment — 0.0%
Cinemark Holdings, Inc. (b)		1,500		15,285
Food Services — 0.0%
Aramark		1,400		27,958
Home Builders — 0.3%
D.R. Horton, Inc.		2,600		88,400
Lennar Corp. Class A		70		2,674
Lennar Corp. Class B		49		1,417
PulteGroup, Inc.		4,200		93,744
Toll Brothers, Inc.		1,200		23,100
				209,335
Home Furnishing — 0.1%
Dolby Laboratories, Inc. Class A		300		16,263
Whirlpool Corp.		550		47,190
				63,453

	Number of Shares		Value
Housewares — 0.0%
Newell Brands, Inc.		1,700	$	22,576
Leisure Time — 0.1%
Carnival Corp.		100		1,317
Harley-Davidson, Inc. (b)		1,200		22,716
Norwegian Cruise Line Holdings Ltd. (a)		1,200		13,152
Polaris, Inc.		420		20,223
Royal Caribbean Cruises Ltd.		1,360		43,751
				101,159
Lodging — 0.4%
Caesars Entertainment Corp. (a)		1,200		8,112
Extended Stay America, Inc.		300		2,193
Hilton Grand Vacations, Inc. (a)		4,000		63,080
Las Vegas Sands Corp.		2,800		118,916
MGM Resorts International		100		1,180
Wyndham Destinations, Inc.		2,900		62,930
				256,411
Retail — 4.5%
Advance Auto Parts, Inc.		40		3,733
AutoNation, Inc. (a)		800		22,448
Best Buy Co., Inc.		3,400		193,800
Casey’s General Stores, Inc.		50		6,625
Dick’s Sporting Goods, Inc.		800		17,008
Foot Locker, Inc.		1,700		37,485
The Gap, Inc. (b)		4,300		30,272
Genuine Parts Co.		170		11,446
The Home Depot, Inc.		2,420		451,838
Kohl’s Corp.		1,900		27,721
Macy’s, Inc. (b)		2,244		11,018
McDonald’s Corp.		2,340		386,919
Penske Automotive Group, Inc.		200		5,600
Qurate Retail, Inc. (a)		6,600		40,293
Target Corp.		8,730		811,628
Tiffany & Co.		100		12,950
Walgreens Boots Alliance, Inc.		3,639		166,484
Walmart, Inc.		7,960		904,415
Williams-Sonoma, Inc. (b)		300		12,756
Yum China Holdings, Inc.		900		38,367
Yum! Brands, Inc.		590		40,433
				3,233,239
				6,297,623
Consumer, Non-cyclical — 26.7%
Agriculture — 2.5%
Altria Group, Inc.		19,900		769,533
Bunge Ltd.		300		12,309
Philip Morris International, Inc.		13,760		1,003,930
				1,785,772

The accompanying notes are an integral part of the financial statements.

113

MassMutual Premier Disciplined Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Beverages — 1.1%
Brown-Forman Corp. Class A		500	$	25,690
Brown-Forman Corp. Class B (b)		100		5,551
The Coca-Cola Co.		9,700		429,225
Constellation Brands, Inc. Class A		210		30,105
Keurig Dr Pepper, Inc. (b)		100		2,427
Molson Coors Beverage Co. Class B		360		14,044
PepsiCo, Inc.		2,710		325,471
				832,513
Biotechnology — 3.7%
Alexion Pharmaceuticals, Inc. (a)		900		80,811
Amgen, Inc.		920		186,512
Biogen, Inc. (a)		2,360		746,657
Corteva, Inc. (a)		3		70
Exelixis, Inc. (a)		2,100		36,162
Gilead Sciences, Inc.		18,800		1,405,488
Regeneron Pharmaceuticals, Inc. (a)		380		185,550
United Therapeutics Corp. (a)		290		27,499
				2,668,749
Commercial Services — 0.6%
ADT, Inc.		22,300		96,336
AMERCO		70		20,338
CoreLogic, Inc.		400		12,216
Graham Holdings Co. Class B		6		2,047
H&R Block, Inc. (b)		4,600		64,768
ManpowerGroup, Inc.		1,430		75,776
Nielsen Holdings PLC		3,700		46,398
Quanta Services, Inc.		600		19,038
Sabre Corp.		2,000		11,860
United Rentals, Inc. (a)		560		57,624
				406,401
Cosmetics & Personal Care — 3.5%
Colgate-Palmolive Co.		10,200		676,872
The Procter & Gamble Co.		17,110		1,882,100
				2,558,972
Foods — 1.7%
Campbell Soup Co.		1,000		46,160
Conagra Brands, Inc.		64		1,878
Flowers Foods, Inc.		1,900		38,988
General Mills, Inc.		9,600		506,592
The Hershey Co.		380		50,350
Ingredion, Inc.		160		12,080
The J.M. Smucker Co.		290		32,190
The Kroger Co.		9,000		271,080
Lamb Weston Holdings, Inc.		33		1,884
McCormick & Co., Inc.		60		8,473
Mondelez International, Inc. Class A		450		22,536
Pilgrim’s Pride Corp. (a)		1,500		27,180

	Number of Shares		Value
Post Holdings, Inc. (a)		260	$	21,572
Sprouts Farmers Market, Inc. (a)		5,500		102,245
Tyson Foods, Inc. Class A		2,000		115,740
US Foods Holding Corp. (a)		400		7,084
				1,266,032
Health Care – Products — 1.7%
Abbott Laboratories		1,900		149,929
Baxter International, Inc.		700		56,833
Henry Schein, Inc. (a)		300		15,156
Medtronic PLC		7,469		673,555
Steris PLC		630		88,181
Thermo Fisher Scientific, Inc.		700		198,520
Zimmer Biomet Holdings, Inc.		780		78,842
				1,261,016
Health Care – Services — 1.0%
Anthem, Inc.		700		158,928
Centene Corp. (a)		656		38,973
DaVita, Inc. (a)		1,300		98,878
Encompass Health Corp.		100		6,403
HCA Healthcare, Inc.		1,210		108,719
Humana, Inc.		580		182,132
IQVIA Holdings, Inc. (a)		120		12,943
MEDNAX, Inc. (a)		1,600		18,624
Molina Healthcare, Inc. (a)		140		19,559
Quest Diagnostics, Inc.		10		803
Universal Health Services, Inc. Class B		690		68,365
				714,327
Household Products & Wares — 1.2%
Avery Dennison Corp.		510		51,954
The Clorox Co.		250		43,312
Kimberly-Clark Corp.		5,960		762,105
Spectrum Brands Holdings, Inc.		100		3,637
				861,008
Pharmaceuticals — 9.7%
Allergan PLC		1,810		320,551
Bristol-Myers Squibb Co.		14,100		785,934
Cardinal Health, Inc.		2,100		100,674
Cigna Corp. (a)		1,683		298,194
CVS Health Corp.		8,089		479,920
Herbalife Nutrition Ltd. (a)		500		14,580
Horizon Therapeutics PLC (a)		100		2,962
Jazz Pharmaceuticals PLC (a)		790		78,795
Johnson & Johnson		18,790		2,463,933
McKesson Corp.		2,220		300,277
Merck & Co., Inc.		2,228		171,422
Mylan NV (a)		5,500		82,005

The accompanying notes are an integral part of the financial statements.

114

MassMutual Premier Disciplined Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Pfizer, Inc.		58,015	$	1,893,610
				6,992,857
				19,347,647
Energy — 4.4%
Oil & Gas — 4.3%
Apache Corp.		28		117
Cabot Oil & Gas Corp.		4,500		77,355
Centennial Resource Development, Inc. Class A (a)		200		53
Chesapeake Energy Corp. (a) (b)		2,900		501
Chevron Corp.		10,195		738,730
Cimarex Energy Co.		500		8,415
ConocoPhillips		7,148		220,158
Devon Energy Corp.		50		346
Diamondback Energy, Inc.		670		17,554
EOG Resources, Inc.		390		14,009
EQT Corp. (b)		2,800		19,796
Exxon Mobil Corp.		20,890		793,193
Hess Corp.		200		6,660
HollyFrontier Corp.		2,800		68,628
Marathon Oil Corp.		2,900		9,541
Marathon Petroleum Corp.		11,477		271,087
Murphy Oil Corp. (b)		1,700		10,421
Noble Energy, Inc.		80		483
Occidental Petroleum Corp.		1,288		14,915
Parsley Energy, Inc. Class A		400		2,292
Patterson-UTI Energy, Inc.		6,700		15,745
PBF Energy, Inc. Class A		1,200		8,496
Phillips 66		8,760		469,974
Valero Energy Corp.		7,034		319,062
WPX Energy, Inc. (a)		66		201
				3,087,732
Oil & Gas Services — 0.0%
Apergy Corp. (a)		50		287
Baker Hughes Co.		3		31
Halliburton Co.		300		2,055
Schlumberger Ltd.		40		540
				2,913
Pipelines — 0.1%
Kinder Morgan, Inc.		5,900		82,128
ONEOK, Inc.		800		17,448
				99,576
				3,190,221
Financial — 24.5%
Banks — 10.9%
Associated Banc-Corp.		1,350		17,266
Bank of America Corp.		54,573		1,158,585
Bank of Hawaii Corp.		820		45,297

	Number of Shares		Value
The Bank of New York Mellon Corp.		9,250	$	311,540
Bank OZK		2,500		41,750
BankUnited, Inc.		200		3,740
BOK Financial Corp.		100		4,256
CIT Group, Inc.		2,500		43,150
Citigroup, Inc.		25,771		1,085,474
Citizens Financial Group, Inc.		3,800		71,478
Comerica, Inc.		3,000		88,020
Commerce Bancshares, Inc.		334		16,817
Cullen/Frost Bankers, Inc.		70		3,905
East West Bancorp, Inc.		1,600		41,184
F.N.B. Corp.		2,900		21,373
Fifth Third Bancorp		8,960		133,056
First Horizon National Corp.		3,016		24,309
The Goldman Sachs Group, Inc.		2,050		316,909
Huntington Bancshares, Inc.		5,871		48,201
JPMorgan Chase & Co.		24,127		2,172,154
KeyCorp		5,896		61,142
M&T Bank Corp.		1,255		129,805
Morgan Stanley		16,900		574,600
Northern Trust Corp.		630		47,540
PacWest Bancorp		2,400		43,008
The PNC Financial Services Group, Inc.		2,396		229,345
Popular, Inc.		900		31,500
Prosperity Bancshares, Inc.		900		43,425
Regions Financial Corp.		10,560		94,723
State Street Corp.		1,000		53,270
SVB Financial Group (a)		220		33,238
Synovus Financial Corp.		1,271		22,319
TCF Financial Corp.		9		204
Umpqua Holdings Corp.		3,300		35,970
US Bancorp		9,690		333,820
Webster Financial Corp.		600		13,740
Wells Fargo & Co.		16,553		475,071
Western Alliance Bancorp		1,000		30,610
Zions Bancorp NA		350		9,366
				7,911,160
Diversified Financial Services — 3.3%
Alliance Data Systems Corp.		780		26,247
Ally Financial, Inc.		6,900		99,567
American Express Co.		1,390		118,998
Ameriprise Financial, Inc.		2,060		211,109
BGC Partners, Inc. Class A		1,200		3,024
BlackRock, Inc.		850		373,974
Capital One Financial Corp.		3,150		158,823
The Charles Schwab Corp.		1,400		47,068
CME Group, Inc.		810		140,057
Credit Acceptance Corp. (a)		10		2,557

The accompanying notes are an integral part of the financial statements.

115

MassMutual Premier Disciplined Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Discover Financial Services		3,200	$	114,144
E*TRADE Financial Corp.		2,200		75,504
Eaton Vance Corp.		1,400		45,150
Evercore, Inc. Class A		1,500		69,090
Franklin Resources, Inc.		2,600		43,394
Intercontinental Exchange, Inc.		35		2,826
Invesco Ltd.		7,700		69,916
Janus Henderson Group PLC		1,900		29,108
Lazard Ltd. Class A		2,100		49,476
Legg Mason, Inc.		600		29,310
Navient Corp.		8,900		67,462
OneMain Holdings, Inc.		2,500		47,800
Raymond James Financial, Inc.		900		56,880
Santander Consumer USA Holdings, Inc.		1,800		25,038
SEI Investments Co.		500		23,170
SLM Corp.		3,800		27,322
Synchrony Financial		11,900		191,471
T. Rowe Price Group, Inc.		1,600		156,240
TD Ameritrade Holding Corp.		400		13,864
The Western Union Co.		3,700		67,081
				2,385,670
Insurance — 6.5%
Aflac, Inc.		5,600		191,744
Alleghany Corp.		5		2,762
The Allstate Corp.		1,980		181,625
American Financial Group, Inc.		250		17,520
American International Group, Inc.		3,102		75,224
American National Insurance Co.		450		37,071
Arch Capital Group Ltd. (a)		3,400		96,764
Arthur J Gallagher & Co.		400		32,604
Assurant, Inc.		50		5,205
Assured Guaranty Ltd.		1,600		41,264
Athene Holding Ltd. Class A (a)		1,800		44,676
Axis Capital Holdings Ltd.		400		15,460
Berkshire Hathaway, Inc. Class B (a)		10,730		1,961,766
Brighthouse Financial, Inc. (a)		230		5,559
Chubb Ltd.		631		70,476
Cincinnati Financial Corp.		110		8,300
CNA Financial Corp.		400		12,416
Equitable Holdings, Inc.		5,400		78,030
Erie Indemnity Co. Class A		20		2,965
Everest Re Group Ltd.		10		1,924
Fidelity National Financial, Inc.		2,557		63,618
First American Financial Corp.		1,400		59,374
The Hanover Insurance Group, Inc.		430		38,949
The Hartford Financial Services Group, Inc.		2,690		94,796
Kemper Corp.		400		29,748

	Number of Shares		Value
Lincoln National Corp.		3,398	$	89,435
Loews Corp.		20		697
Markel Corp. (a)		5		4,639
Marsh & McLennan Cos., Inc.		500		43,230
Mercury General Corp.		90		3,665
MetLife, Inc.		13,940		426,146
MGIC Investment Corp.		5,600		35,560
Old Republic International Corp.		3,100		47,275
Primerica, Inc.		100		8,848
Principal Financial Group, Inc.		3,200		100,288
The Progressive Corp.		3,800		280,592
Prudential Financial, Inc.		3,760		196,046
Reinsurance Group of America, Inc.		300		25,242
RenaissanceRe Holdings Ltd.		10		1,493
The Travelers Cos., Inc.		1,569		155,880
Unum Group		2,600		39,026
Voya Financial, Inc. (b)		1,400		56,770
W.R. Berkley Corp.		450		23,477
White Mountains Insurance Group Ltd.		3		2,730
				4,710,879
Real Estate — 0.3%
CBRE Group, Inc. Class A (a)		4,800		181,008
Jones Lang LaSalle, Inc.		670		67,657
				248,665
Real Estate Investment Trusts (REITS) — 3.4%
AGNC Investment Corp.		3,400		35,972
Alexandria Real Estate Equities, Inc.		20		2,741
American Campus Communities, Inc.		100		2,775
Annaly Capital Management, Inc.		14,960		75,847
Apartment Investment & Management Co. Class A		899		31,600
Apple Hospitality REIT, Inc.		6,600		60,522
AvalonBay Communities, Inc.		324		47,683
Boston Properties, Inc.		40		3,689
Brixmor Property Group, Inc.		3,300		31,350
Camden Property Trust		100		7,924
Chimera Investment Corp.		3,820		34,762
Columbia Property Trust, Inc.		1,900		23,750
CubeSmart		200		5,358
Digital Realty Trust, Inc. (b)		30		4,167
Douglas Emmett, Inc.		1,200		36,612
Duke Realty Corp.		2,400		77,712
EPR Properties		500		12,110
Equity Commonwealth		1,567		49,690
Equity Residential		600		37,026
Essex Property Trust, Inc.		113		24,887
Extra Space Storage, Inc.		370		35,431

The accompanying notes are an integral part of the financial statements.

116

MassMutual Premier Disciplined Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Federal Realty Investment Trust		90	$	6,715
Gaming and Leisure Properties, Inc.		4,400		121,924
Healthpeak Properties, Inc.		2,700		64,395
Highwoods Properties, Inc.		800		28,336
Host Hotels & Resorts, Inc.		9,703		107,121
Hudson Pacific Properties, Inc.		300		7,608
Iron Mountain, Inc. (b)		4,400		104,720
JBG SMITH Properties		19		605
Kilroy Realty Corp.		100		6,370
Kimco Realty Corp.		4,900		47,383
Life Storage, Inc.		400		37,820
The Macerich Co. (b)		882		4,966
Medical Properties Trust, Inc.		300		5,187
MFA Financial, Inc.		19,700		30,535
Mid-America Apartment Communities, Inc.		1,423		146,612
National Retail Properties, Inc.		300		9,657
New Residential Investment Corp.		5,800		29,058
Omega Healthcare Investors, Inc.		2,000		53,080
Outfront Media, Inc.		3,300		44,484
Paramount Group, Inc.		2,600		22,880
Park Hotels & Resorts, Inc.		2,900		22,939
Prologis, Inc.		2,607		209,525
Public Storage		510		101,291
Realty Income Corp.		900		44,874
Retail Properties of America, Inc. Class A		3,300		17,061
Service Properties Trust		3,140		16,956
Simon Property Group, Inc.		930		51,020
SL Green Realty Corp.		180		7,758
Spirit Realty Capital, Inc.		240		6,276
Starwood Property Trust, Inc.		4,000		41,000
STORE Capital Corp.		500		9,060
Sun Communities, Inc.		100		12,485
Two Harbors Investment Corp.		4,250		16,192
UDR, Inc.		300		10,962
Ventas, Inc.		1,400		37,520
VEREIT, Inc.		900		4,401
VICI Properties, Inc. (b)		4,200		69,888
Vornado Realty Trust		2,538		91,901
Weingarten Realty Investors		3,100		44,733
Welltower, Inc.		1,100		50,358
WP Carey, Inc.		800		46,464
				2,433,728
Savings & Loans — 0.1%
New York Community Bancorp, Inc.		1,590		14,930
People’s United Financial, Inc.		600		6,630

	Number of Shares		Value
Sterling Bancorp		1,700	$	17,765
				39,325
				17,729,427
Industrial — 8.5%
Aerospace & Defense — 1.0%
General Dynamics Corp.		1,440		190,526
Hexcel Corp.		100		3,719
Howmet Aerospace, Inc.		3,100		49,786
L3 Harris Technologies, Inc.		727		130,947
Raytheon Co.		1,190		156,069
Raytheon Technologies Corp.		2,190		206,583
Spirit AeroSystems Holdings, Inc. Class A		500		11,965
				749,595
Building Materials — 0.5%
Eagle Materials, Inc.		600		35,052
Fortune Brands Home & Security, Inc.		200		8,650
Johnson Controls International PLC		3,329		89,750
Lennox International, Inc.		30		5,454
Masco Corp.		5,600		193,592
MDU Resources Group, Inc.		2,400		51,600
Owens Corning		200		7,762
				391,860
Electrical Components & Equipment — 0.4%
Acuity Brands, Inc.		250		21,415
AMETEK, Inc.		300		21,606
Emerson Electric Co.		5,800		276,370
				319,391
Electronics — 1.4%
Agilent Technologies, Inc.		1,100		78,782
Allegion PLC		390		35,888
Arrow Electronics, Inc. (a)		500		25,935
Avnet, Inc.		1,700		42,670
FLIR Systems, Inc.		500		15,945
Fortive Corp.		300		16,557
Garmin Ltd.		500		37,480
Gentex Corp.		4,400		97,504
Honeywell International, Inc.		3,470		464,251
Hubbell, Inc.		260		29,832
Jabil, Inc.		2,100		51,618
National Instruments Corp.		1,500		49,620
nVent Electric PLC		1,519		25,626
PerkinElmer, Inc.		10		753
Roper Technologies, Inc.		10		3,118
Trimble, Inc. (a)		200		6,366
				981,945

The accompanying notes are an integral part of the financial statements.

117

MassMutual Premier Disciplined Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Engineering & Construction — 0.1%
AECOM (a)		2,311	$	68,983
frontdoor, Inc. (a)		800		27,824
Jacobs Engineering Group, Inc.		100		7,927
				104,734
Environmental Controls — 0.5%
Clean Harbors, Inc. (a)		600		30,804
Pentair PLC		1,019		30,326
Republic Services, Inc.		2,690		201,911
Waste Management, Inc.		1,400		129,584
				392,625
Hand & Machine Tools — 0.2%
Lincoln Electric Holdings, Inc.		600		41,400
Regal Beloit Corp.		600		37,770
Snap-on, Inc.		360		39,175
Stanley Black & Decker, Inc.		5		500
				118,845
Machinery – Construction & Mining — 1.4%
Caterpillar, Inc.		8,540		990,982
Oshkosh Corp.		300		19,299
				1,010,281
Machinery – Diversified — 0.5%
AGCO Corp.		566		26,744
Crane Co.		120		5,902
Curtiss-Wright Corp.		220		20,330
Deere & Co.		1,020		140,923
Dover Corp.		560		47,006
Flowserve Corp.		600		14,334
GrafTech International Ltd. (b)		7,200		58,464
IDEX Corp.		200		27,622
Ingersoll Rand, Inc. (a)		11		273
				341,598
Metal Fabricate & Hardware — 0.1%
The Timken Co.		1,700		54,978
Miscellaneous - Manufacturing — 1.1%
Carlisle Cos., Inc.		370		46,354
ITT, Inc.		400		18,144
3M Co.		1,980		270,290
AptarGroup, Inc.		20		1,991
Eaton Corp. PLC		3,072		238,664
General Electric Co.		890		7,066
Parker-Hannifin Corp.		1,200		155,676
Textron, Inc.		200		5,334
Trane Technologies PLC		240		19,821

	Number of Shares		Value
Trinity Industries, Inc. (b)		800	$	12,856
				776,196
Packaging & Containers — 0.4%
Ardagh Group SA		400		4,744
Berry Global Group, Inc. (a)		2,100		70,791
Crown Holdings, Inc. (a)		600		34,824
Graphic Packaging Holding Co.		2,900		35,380
O-I Glass, Inc.		3,000		21,330
Packaging Corp. of America		300		26,049
Silgan Holdings, Inc.		900		26,118
Sonoco Products Co.		800		37,080
WestRock Co.		1,440		40,694
				297,010
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		180		32,798
Transportation — 0.8%
C.H. Robinson Worldwide, Inc.		700		46,340
CSX Corp.		4,300		246,390
Expeditors International of Washington, Inc.		600		40,032
FedEx Corp.		40		4,850
Landstar System, Inc.		440		42,178
Norfolk Southern Corp.		850		124,100
Ryder System, Inc.		790		20,888
XPO Logistics, Inc. (a)		1,200		58,500
				583,278
				6,155,134
Technology — 7.4%
Computers — 2.2%
Amdocs Ltd.		1,000		54,970
CACI International, Inc. Class A (a)		210		44,342
Cognizant Technology Solutions Corp. Class A		4,600		213,762
Dell Technologies C (a)		793		31,363
DXC Technology Co.		2,700		35,235
Hewlett Packard Enterprise Co.		8,900		86,419
HP, Inc.		18,300		317,688
International Business Machines Corp.		5,970		662,252
Leidos Holdings, Inc.		1,650		151,223
Western Digital Corp.		36		1,498
				1,598,752
Office & Business Equipment — 0.1%
Xerox Holdings Corp. (a)		2,814		53,297
Semiconductors — 4.7%
Analog Devices, Inc.		520		46,618
Applied Materials, Inc.		6,900		316,158
Cypress Semiconductor Corp.		1,700		39,644
Intel Corp.		37,700		2,040,324

The accompanying notes are an integral part of the financial statements.

118

MassMutual Premier Disciplined Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Lam Research Corp.		330	$	79,200
Maxim Integrated Products, Inc.		3,400		165,274
Micron Technology, Inc. (a)		5,600		235,536
ON Semiconductor Corp. (a)		2,700		33,588
Qorvo, Inc. (a)		1,740		140,296
Skyworks Solutions, Inc.		2,990		267,246
				3,363,884
Software — 0.4%
Activision Blizzard, Inc.		1,300		77,324
Akamai Technologies, Inc. (a)		100		9,149
Cerence, Inc. (a)		75		1,155
Citrix Systems, Inc.		490		69,360
Electronic Arts, Inc. (a)		1,050		105,178
Nuance Communications, Inc. (a)		600		10,068
SS&C Technologies Holdings, Inc		100		4,382
Zynga, Inc. Class A (a)		2,700		18,495
				295,111
				5,311,044
Utilities — 5.7%
Electric — 5.6%
AES Corp.		15,200		206,720
Alliant Energy Corp.		1,000		48,290
Ameren Corp.		660		48,068
American Electric Power Co., Inc.		2,530		202,350
Avangrid, Inc.		100		4,378
CenterPoint Energy, Inc.		2,000		30,900
CMS Energy Corp.		1,200		70,500
Consolidated Edison, Inc.		1,760		137,280
Dominion Energy, Inc.		985		71,107
DTE Energy Co.		120		11,396
Duke Energy Corp.		1,114		90,100
Edison International		780		42,736
Entergy Corp.		610		57,322
Evergy, Inc.		3,460		190,473
Eversource Energy		881		68,903
Exelon Corp.		8,975		330,370
FirstEnergy Corp.		8,827		353,698
Hawaiian Electric Industries, Inc.		600		25,830
IDACORP, Inc.		400		35,116
NextEra Energy, Inc.		522		125,604
NRG Energy, Inc.		9,600		261,696
OGE Energy Corp.		600		18,438

	Number of Shares		Value
Pinnacle West Capital Corp.		560	$	42,442
PPL Corp.		10,500		259,140
Public Service Enterprise Group, Inc.		4,300		193,113
Sempra Energy		470		53,105
The Southern Co.		12,350		668,629
Vistra Energy Corp.		9,700		154,812
WEC Energy Group, Inc.		1,120		98,706
Xcel Energy, Inc.		2,020		121,806
				4,023,028
Gas — 0.1%
Atmos Energy Corp.		250		24,808
National Fuel Gas Co.		1,350		50,342
NiSource, Inc.		490		12,235
UGI Corp.		435		11,601
				98,986
Water — 0.0%
American Water Works Co., Inc.		180		21,521
Essential Utilities, Inc.		125		5,086
				26,607
				4,148,621
TOTAL COMMON STOCK (Cost $92,152,779)				71,513,150
TOTAL EQUITIES (Cost $92,152,779)				71,513,150
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (c)		31,120		31,120
TOTAL MUTUAL FUNDS (Cost $31,120)				31,120
TOTAL LONG-TERM INVESTMENTS (Cost $92,183,899)				71,544,270

The accompanying notes are an integral part of the financial statements.

119

MassMutual Premier Disciplined Value Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (d)	$	727,205	$	727,205
TOTAL SHORT-TERM INVESTMENTS (Cost $727,205)				727,205
TOTAL INVESTMENTS — 99.8% (Cost $92,911,104) (e)				72,271,475
Other Assets/(Liabilities) — 0.2%				141,879
NET ASSETS — 100.0%			$	72,413,354

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $587,228 or 0.81% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $579,797 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Represents investment of security lending cash collateral. (Note 2).

(d) Maturity value of $727,205. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $742,335.

(e) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

120

MassMutual Premier Main Street Fund — Portfolio of Investments

March 31, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.4%
COMMON STOCK — 96.4%
Basic Materials — 1.0%
Chemicals — 1.0%
Ecolab, Inc.		3,478	$	541,977
Valvoline, Inc.		29,521		386,430
				928,407
Communications — 17.6%
Internet — 12.7%
Alphabet, Inc. Class A (a)		1,843		2,141,474
Amazon.com, Inc. (a)		3,023		5,894,003
Booking Holdings, Inc. (a)		977		1,314,378
Facebook, Inc. Class A (a)		17,596		2,935,013
				12,284,868
Telecommunications — 4.9%
Motorola Solutions, Inc.		18,755		2,492,915
Verizon Communications, Inc.		42,854		2,302,545
				4,795,460
				17,080,328
Consumer, Cyclical — 3.9%
Auto Manufacturers — 0.4%
General Motors Co.		20,582		427,694
Retail — 3.5%
The Home Depot, Inc.		10,559		1,971,471
O’Reilly Automotive, Inc. (a)		1,729		520,515
Ulta Beauty Inc (a)		4,934		866,904
				3,358,890
				3,786,584
Consumer, Non-cyclical — 26.9%
Beverages — 2.2%
Anheuser-Busch InBev SA		6,989		310,370
Constellation Brands, Inc. Class A		6,320		906,035
PepsiCo, Inc.		7,883		946,748
				2,163,153
Biotechnology — 1.3%
Gilead Sciences, Inc.		16,540		1,236,530
Commercial Services — 0.5%
S&P Global, Inc.		1,934		473,927
Cosmetics & Personal Care — 4.0%
The Procter & Gamble Co.		35,467		3,901,370
Foods — 0.8%
a2 Milk Co. Ltd. (a)		18,382		190,207
Mondelez International, Inc. Class A		12,551		628,554
				818,761
Health Care – Products — 4.2%
Alcon, Inc. (a)		10,302		523,548

	Number of Shares		Value
Thermo Fisher Scientific, Inc.		6,125	$	1,737,050
Zimmer Biomet Holdings, Inc.		18,087		1,828,234
				4,088,832
Health Care – Services — 5.5%
Laboratory Corp. of America Holdings (a)		3,251		410,894
PPD, Inc. (a) (b)		8,889		158,313
UnitedHealth Group, Inc.		19,241		4,798,320
				5,367,527
Household Products & Wares — 1.4%
Church & Dwight Co., Inc.		14,940		958,849
Reckitt Benckiser Group PLC		5,169		396,709
				1,355,558
Pharmaceuticals — 7.0%
AstraZeneca PLC Sponsored ADR		54,546		2,436,024
Elanco Animal Health, Inc. (a)		52,800		1,182,192
Merck & Co., Inc.		41,069		3,159,849
				6,778,065
				26,183,723
Energy — 2.6%
Oil & Gas — 1.2%
Suncor Energy, Inc.		73,229		1,157,018
Oil & Gas Services — 0.2%
Schlumberger Ltd.		16,048		216,488
Pipelines — 1.2%
Magellan Midstream Partners LP (c)		32,029		1,168,738
				2,542,244
Financial — 18.0%
Banks — 2.9%
Danske Bank A/S		20,725		234,909
JP Morgan Chase & Co.		28,324		2,550,010
				2,784,919
Diversified Financial Services — 4.7%
Capital One Financial Corp.		29,390		1,481,844
Intercontinental Exchange, Inc.		24,737		1,997,513
Mastercard, Inc. Class A		4,737		1,144,269
				4,623,626
Insurance — 6.9%
Berkshire Hathaway, Inc. Class B (a)		18,585		3,397,896
Equitable Holdings, Inc.		96,807		1,398,861
Fidelity National Financial, Inc.		17,984		447,442
The Progressive Corp.		19,798		1,461,884
				6,706,083
Real Estate Investment Trusts (REITS) — 3.5%
Prologis, Inc.		36,143		2,904,813

The accompanying notes are an integral part of the financial statements.

121

MassMutual Premier Main Street Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Simon Property Group, Inc.		8,298	$	455,228
				3,360,041
				17,474,669
Industrial — 8.7%
Aerospace & Defense — 3.4%
Lockheed Martin Corp.		9,679		3,280,697
Building Materials — 0.6%
Vulcan Materials Co.		5,280		570,610
Electronics — 1.1%
Honeywell International, Inc.		7,776		1,040,351
Environmental Controls — 1.1%
Waste Connections, Inc.		13,885		1,076,088
Transportation — 2.5%
C.H. Robinson Worldwide, Inc. (b)		7,932		525,098
Union Pacific Corp.		8,397		1,184,313
United Parcel Service, Inc. Class B		8,348		779,870
				2,489,281
				8,457,027
Technology — 15.8%
Computers — 1.3%
Accenture PLC Class A		1,144		186,769
Amdocs Ltd.		18,969		1,042,726
				1,229,495
Semiconductors — 5.2%
Applied Materials, Inc.		42,058		1,927,098
QUALCOMM, Inc.		24,949		1,687,800
Texas Instruments, Inc.		14,970		1,495,952
				5,110,850
Software — 9.3%
Microsoft Corp.		57,476		9,064,540
				15,404,885
Utilities — 1.9%
Electric — 1.4%
Duke Energy Corp.		17,439		1,410,466
Gas — 0.5%
UGI Corp.		17,706		472,219
				1,882,685
TOTAL COMMON STOCK (Cost $97,068,132)				93,740,552
TOTAL EQUITIES (Cost $97,068,132)				93,740,552
TOTAL LONG-TERM INVESTMENTS (Cost $97,068,132)				93,740,552

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.5%
Repurchase Agreement — 3.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (d)	$	3,448,180	$	3,448,180
TOTAL SHORT-TERM INVESTMENTS (Cost $3,448,180)				3,448,180
TOTAL INVESTMENTS — 99.9% (Cost $100,516,312) (e)				97,188,732
Other Assets/(Liabilities) — 0.1%				76,032
NET ASSETS — 100.0%			$	97,264,764

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $686,183 or 0.71% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $694,986 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Security is a Master Limited Partnership.

(d) Maturity value of $3,448,180. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $3,519,603.

(e) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

122

MassMutual Premier Disciplined Growth Fund — Portfolio of Investments

March 31, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.4%
COMMON STOCK — 99.4%
Basic Materials — 0.5%
Chemicals — 0.5%
Axalta Coating Systems Ltd. (a)		2,500	$	43,175
CF Industries Holdings, Inc.		930		25,296
Ecolab, Inc.		148		23,063
Element Solutions, Inc. (a)		2,000		16,720
NewMarket Corp.		210		80,403
PPG Industries, Inc.		1,310		109,516
The Sherwin-Williams Co.		1,510		693,875
				992,048
Mining — 0.0%
Southern Copper Corp.		2,802		78,904
				1,070,952
Communications — 21.0%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		2,800		45,332
Omnicom Group, Inc.		3,900		214,110
				259,442
Internet — 17.3%
Alphabet, Inc. Class A (a)		4,769		5,541,340
Alphabet, Inc. Class C (a)		5,119		5,952,424
Amazon.com, Inc. (a)		6,461		12,597,141
Booking Holdings, Inc. (a)		935		1,257,874
CDW Corp.		4,000		373,080
eBay, Inc.		26,200		787,572
Etsy, Inc. (a)		2,500		96,100
Expedia Group, Inc.		1,291		72,645
F5 Networks, Inc. (a)		711		75,814
Facebook, Inc. Class A (a)		38,850		6,480,180
GoDaddy, Inc. Class A (a)		1,800		102,798
IAC/InterActiveCorp (a)		240		43,015
Match Group, Inc. (a) (b)		4,300		283,972
Netflix, Inc. (a)		1,127		423,189
TripAdvisor, Inc.		2,200		38,258
VeriSign, Inc. (a)		1,270		228,714
				34,354,116
Media — 1.3%
Altice USA, Inc. Class A (a)		10,000		222,900
AMC Networks, Inc. Class A (a) (b)		4,300		104,533
Charter Communications, Inc. Class A (a)		850		370,863
Comcast Corp. Class A		42,100		1,447,398
FactSet Research Systems, Inc.		185		48,226
Fox Corp. Class B (a)		1,600		36,608
Nexstar Media Group, Inc. Class A		710		40,988

	Number of Shares		Value
Sinclair Broadcast Group, Inc. Class A		4,411	$	70,929
Sirius XM Holdings, Inc. (b)		20,300		100,282
ViacomCBS, Inc. Class B		6,300		88,263
				2,530,990
Telecommunications — 2.3%
Arista Networks, Inc. (a)		780		157,989
Cisco Systems, Inc.		97,300		3,824,863
Corning, Inc.		154		3,163
Motorola Solutions, Inc.		1,480		196,721
T-Mobile US, Inc. (a)		4,200		352,380
Ubiquiti, Inc. (b)		646		91,461
				4,626,577
				41,771,125
Consumer, Cyclical — 8.4%
Airlines — 0.2%
Alaska Air Group, Inc.		1,500		42,705
Delta Air Lines, Inc.		2,700		77,031
JetBlue Airways Corp. (a)		2,600		23,270
Southwest Airlines Co.		6,300		224,343
United Airlines Holdings, Inc. (a)		3,300		104,115
				471,464
Apparel — 0.8%
Capri Holdings Ltd. (a)		2,400		25,896
Carter’s, Inc.		100		6,573
Hanesbrands, Inc. (b)		18,800		147,956
NIKE, Inc. Class B		14,570		1,205,522
Skechers U.S.A., Inc. Class A (a)		4,210		99,945
VF Corp.		1,300		70,304
				1,556,196
Auto Parts & Equipment — 0.0%
Aptiv PLC		300		14,772
Automotive & Parts — 0.1%
Allison Transmission Holdings, Inc.		5,700		185,877
Distribution & Wholesale — 0.1%
Copart, Inc. (a)		700		47,964
Fastenal Co.		3,600		112,500
IAA, Inc. (a)		300		8,988
KAR Auction Services, Inc.		700		8,400
W.W. Grainger, Inc.		200		49,700
				227,552
Entertainment — 0.0%
The Madison Square Garden Co. Class A (a)		3		634
Six Flags Entertainment Corp.		1,900		23,826
				24,460
Home Builders — 0.2%
Lennar Corp. Class A		400		15,280

The accompanying notes are an integral part of the financial statements.

123

MassMutual Premier Disciplined Growth Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
NVR, Inc. (a)		140	$	359,676
				374,956
Home Furnishing — 0.0%
Tempur Sealy International, Inc. (a)		1,200		52,452
Housewares — 0.0%
The Scotts Miracle-Gro Co.		174		17,818
The Toro Co.		60		3,905
				21,723
Leisure Time — 0.1%
Norwegian Cruise Line Holdings Ltd. (a)		400		4,384
Planet Fitness, Inc. Class A (a)		1,400		68,180
Polaris, Inc.		1,500		72,225
				144,789
Lodging — 0.5%
Choice Hotels International, Inc.		170		10,413
Hilton Grand Vacations, Inc. (a)		4,000		63,080
Hilton Worldwide Holdings, Inc.		5,100		348,024
Las Vegas Sands Corp.		3,400		144,398
Marriott International, Inc. Class A		4,577		342,405
MGM Resorts International		400		4,720
Wyndham Hotels & Resorts, Inc.		50		1,576
Wynn Resorts Ltd.		180		10,834
				925,450
Retail — 6.3%
AutoZone, Inc. (a)		438		370,548
Best Buy Co., Inc.		3,200		182,400
Burlington Stores, Inc. (a)		1,160		183,814
CarMax, Inc. (a)		82		4,414
Chipotle Mexican Grill, Inc. (a)		7		4,581
Costco Wholesale Corp.		3,800		1,083,494
Darden Restaurants, Inc.		2,080		113,277
Dollar General Corp.		3,655		551,942
Dollar Tree, Inc. (a)		27		1,984
Domino’s Pizza, Inc.		20		6,481
Dunkin’ Brands Group, Inc.		700		37,170
The Home Depot, Inc.		12,980		2,423,496
L Brands, Inc.		1,395		16,126
Lowe’s Cos., Inc.		26,440		2,275,162
Lululemon Athletica, Inc. (a)		1,410		267,265
McDonald’s Corp.		780		128,973
Nordstrom, Inc. (b)		6,637		101,812
O’Reilly Automotive, Inc. (a)		1,330		400,396
Ross Stores, Inc.		7,080		615,748
Starbucks Corp.		27,600		1,814,424
Target Corp.		1,930		179,432
The TJX Cos., Inc.		25,940		1,240,191
Tractor Supply Co.		1,530		129,361

	Number of Shares		Value
The Wendy’s Co.		5,300	$	78,864
Williams-Sonoma, Inc. (b)		1,500		63,780
Yum China Holdings, Inc.		5,200		221,676
Yum! Brands, Inc.		1,770		121,298
				12,618,109
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		1,180		84,429
				16,702,229
Consumer, Non-cyclical — 21.3%
Agriculture — 0.7%
Altria Group, Inc.		34,270		1,325,221
Beverages — 1.7%
Brown-Forman Corp. Class A		516		26,512
Brown-Forman Corp. Class B (b)		1,717		95,311
The Coca-Cola Co.		28,960		1,281,480
Monster Beverage Corp. (a)		3,650		205,349
PepsiCo, Inc.		14,389		1,728,119
				3,336,771
Biotechnology — 3.0%
Alexion Pharmaceuticals, Inc. (a)		4,058		364,368
Amgen, Inc.		15,810		3,205,161
Biogen, Inc. (a)		1,990		629,596
Exelixis, Inc. (a)		3,400		58,548
Gilead Sciences, Inc.		5,520		412,675
Illumina, Inc. (a)		20		5,462
Incyte Corp. (a)		2,208		161,692
Regeneron Pharmaceuticals, Inc. (a)		281		137,210
Vertex Pharmaceuticals, Inc. (a)		4,100		975,595
				5,950,307
Commercial Services — 3.1%
Automatic Data Processing, Inc.		5,830		796,844
Booz Allen Hamilton Holding Corp.		2,900		199,056
Cintas Corp.		770		133,379
CoreLogic, Inc.		1,600		48,864
CoStar Group, Inc. (a)		10		5,872
Euronet Worldwide, Inc. (a)		903		77,405
FleetCor Technologies, Inc. (a)		972		181,317
Gartner, Inc. (a)		10		996
Global Payments, Inc.		1		144
Grand Canyon Education, Inc. (a)		100		7,629
H&R Block, Inc. (b)		10,400		146,432
Moody’s Corp.		2,390		505,485
Nielsen Holdings PLC		4,000		50,160
PayPal Holdings, Inc. (a)		16,900		1,618,006
Robert Half International, Inc.		6,100		230,275
Rollins, Inc.		1,500		54,210
S&P Global, Inc.		5,010		1,227,701

The accompanying notes are an integral part of the financial statements.

124

MassMutual Premier Disciplined Growth Fund — Portfolio of Investments (Continued)

	Number of Shares			Value
Sabre Corp.		1,000		$	5,930
TransUnion		3,800			251,484
United Rentals, Inc. (a)		1,540			158,466
Verisk Analytics, Inc.		2,830			394,445
					6,094,100
Cosmetics & Personal Care — 0.1%
The Estee Lauder Cos., Inc. Class A		149			23,742
The Procter & Gamble Co.		1,080			118,800
					142,542
Foods — 0.6%
Campbell Soup Co.		2,600			120,016
The Hershey Co.		3,420	��		453,150
Kellogg Co.		340			20,397
Pilgrim’s Pride Corp. (a)		150			2,718
Post Holdings, Inc. (a)		20			1,659
Sprouts Farmers Market, Inc. (a)		600			11,154
Sysco Corp.		13,400			611,442
					1,220,536
Health Care – Products — 2.1%
Abbott Laboratories		3,800			299,858
ABIOMED, Inc. (a)		400			58,064
Align Technology, Inc. (a)		1,480			257,446
Baxter International, Inc.		2,620			212,718
Boston Scientific Corp. (a)		7,500			244,725
Bruker Corp.		1,800			64,548
Edwards Lifesciences Corp. (a)		3,100			584,722
Henry Schein, Inc. (a)		180			9,094
Hill-Rom Holdings, Inc.		168			16,901
IDEXX Laboratories, Inc. (a)		1,520			368,205
Intuitive Surgical, Inc. (a)		858			424,890
ResMed, Inc.		1,860			273,959
Stryker Corp.		4,810			800,817
Thermo Fisher Scientific, Inc.		1,970			558,692
					4,174,639
Health Care – Services — 2.7%
Anthem, Inc.		670			152,117
Centene Corp. (a)		6,438			382,481
Charles River Laboratories International, Inc. (a)		800			100,968
Chemed Corp.		440			190,608
Encompass Health Corp.		2,100			134,463
HCA Healthcare, Inc.		2,420			217,437
Humana, Inc.		480			150,730
IQVIA Holdings, Inc. (a)		40			4,314
Molina Healthcare, Inc. (a)		929			129,791
UnitedHealth Group, Inc.		15,830			3,947,685
					5,410,594

	Number of Shares		Value
Household Products & Wares — 0.2%
Avery Dennison Corp.		1,830	$	186,422
Church & Dwight Co., Inc.		220		14,120
The Clorox Co.		1,800		311,850
				512,392
Pharmaceuticals — 7.1%
AbbVie, Inc.		37,583		2,863,449
AmerisourceBergen Corp.		4,488		397,188
Becton Dickinson and Co.		13		2,987
Bristol-Myers Squibb Co.		31,580		1,760,269
Cigna Corp. (a)		1,851		327,960
Eli Lilly & Co.		20,219		2,804,780
Herbalife Nutrition Ltd. (a)		760		22,161
Horizon Therapeutics PLC (a)		4,200		124,404
Jazz Pharmaceuticals PLC (a)		1,760		175,542
Johnson & Johnson		6,990		916,599
McKesson Corp.		1,550		209,653
Merck & Co., Inc.		47,600		3,662,344
PRA Health Sciences, Inc. (a)		1,700		141,168
Zoetis, Inc.		6,810		801,469
				14,209,973
				42,377,075
Energy — 0.1%
Oil & Gas — 0.1%
Cabot Oil & Gas Corp.		12,639		217,264
Parsley Energy, Inc. Class A		100		573
				217,837
Pipelines — 0.0%
ONEOK, Inc.		17		371
				218,208
Financial — 7.7%
Banks — 0.0%
CIT Group, Inc.		128		2,209
Comerica, Inc.		900		26,406
SVB Financial Group (a)		80		12,087
Synovus Financial Corp.		1,600		28,096
Western Alliance Bancorp		212		6,489
				75,287
Diversified Financial Services — 5.3%
Air Lease Corp.		100		2,214
Alliance Data Systems Corp.		1,840		61,916
American Express Co.		1,680		143,825
Ameriprise Financial, Inc.		1,550		158,844
The Charles Schwab Corp.		5,000		168,100
Credit Acceptance Corp. (a)		70		17,898
Discover Financial Services		3,500		124,845
E*TRADE Financial Corp.		2,200		75,504

The accompanying notes are an integral part of the financial statements.

125

MassMutual Premier Disciplined Growth Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Evercore, Inc. Class A		910	$	41,915
Intercontinental Exchange, Inc.		661		53,376
Lazard Ltd. Class A		2,800		65,968
LPL Financial Holdings, Inc.		2,600		141,518
Mastercard, Inc. Class A		18,950		4,577,562
Raymond James Financial, Inc.		800		50,560
SEI Investments Co.		400		18,536
Synchrony Financial		8,500		136,765
T. Rowe Price Group, Inc.		1,850		180,652
TD Ameritrade Holding Corp.		2,100		72,786
Visa, Inc. Class A		26,630		4,290,625
The Western Union Co.		9,520		172,598
				10,556,007
Insurance — 0.8%
Aon PLC		4,330		714,623
Arch Capital Group Ltd. (a)		3,800		108,148
Athene Holding Ltd. Class A (a)		1,600		39,712
Erie Indemnity Co. Class A		70		10,377
Everest Re Group Ltd.		30		5,773
Marsh & McLennan Cos., Inc.		297		25,679
Primerica, Inc.		670		59,281
The Progressive Corp.		6,500		479,960
The Travelers Cos., Inc.		1,390		138,096
Voya Financial, Inc. (b)		1,200		48,660
				1,630,309
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		3,500		131,985
Jones Lang LaSalle, Inc.		160		16,157
				148,142
Real Estate Investment Trusts (REITS) — 1.5%
American Tower Corp.		7,025		1,529,694
Brookfield Property REIT, Inc. Class A		1,252		10,629
Colony Capital, Inc.		3,400		5,950
CoreSite Realty Corp.		1,660		192,394
Crown Castle International Corp.		3,010		434,644
Equinix, Inc.		127		79,320
Equity LifeStyle Properties, Inc.		200		11,496
Extra Space Storage, Inc.		1,760		168,538
Lamar Advertising Co. Class A		2,000		102,560
Outfront Media, Inc.		800		10,784
Public Storage		220		43,694
Simon Property Group, Inc.		6,959		381,771
				2,971,474
				15,381,219
Industrial — 7.1%
Aerospace & Defense — 2.4%
The Boeing Co.		2,830		422,066

	Number of Shares		Value
General Dynamics Corp.		470	$	62,186
HEICO Corp. Class A		1,288		82,303
Hexcel Corp.		1,800		66,942
L3 Harris Technologies, Inc.		720		129,686
Lockheed Martin Corp.		7,350		2,491,282
Northrop Grumman Corp.		2,840		859,242
Raytheon Co.		3,050		400,008
Spirit AeroSystems Holdings, Inc. Class A		2,102		50,301
TransDigm Group, Inc.		540		172,903
				4,736,919
Building Materials — 0.1%
Armstrong World Industries, Inc.		600		47,652
Eagle Materials, Inc.		2,230		130,277
Fortune Brands Home & Security, Inc.		200		8,650
Lennox International, Inc.		10		1,818
				188,397
Electrical Components & Equipment — 0.0%
Acuity Brands, Inc.		340		29,124
AMETEK, Inc.		75		5,402
Emerson Electric Co.		110		5,242
Universal Display Corp.		30		3,953
				43,721
Electronics — 1.0%
Allegion PLC		1,570		144,471
Amphenol Corp. Class A		60		4,373
Fortive Corp.		13		718
Honeywell International, Inc.		5,460		730,493
Hubbell, Inc.		660		75,728
Jabil, Inc.		2,700		66,366
Keysight Technologies, Inc. (a)		2,864		239,660
Mettler-Toledo International, Inc. (a)		600		414,306
National Instruments Corp.		600		19,848
Roper Technologies, Inc.		130		40,535
Sensata Technologies Holding PLC (a)		1,300		37,609
Waters Corp. (a)		1,360		247,588
				2,021,695
Environmental Controls — 0.3%
Waste Management, Inc.		6,320		584,979
Hand & Machine Tools — 0.0%
Lincoln Electric Holdings, Inc.		500		34,500
Machinery – Construction & Mining — 0.1%
Caterpillar, Inc.		890		103,276
Machinery – Diversified — 0.4%
Dover Corp.		280		23,503
Graco, Inc.		3,390		165,195
IDEX Corp.		9		1,243

The accompanying notes are an integral part of the financial statements.

126

MassMutual Premier Disciplined Growth Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Rockwell Automation, Inc.		4,100	$	618,731
				808,672
Miscellaneous - Manufacturing — 1.3%
3M Co.		6,683		912,296
Carlisle Cos., Inc.		690		86,443
Illinois Tool Works, Inc.		10,600		1,506,472
Trane Technologies PLC		30		2,478
				2,507,689
Packaging & Containers — 0.2%
Ball Corp.		1,700		109,922
Berry Global Group, Inc. (a)		3,800		128,098
Crown Holdings, Inc. (a)		2,600		150,904
Sealed Air Corp.		1,400		34,594
				423,518
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		130		23,687
Transportation — 1.3%
C.H. Robinson Worldwide, Inc.		1,900		125,780
CSX Corp.		6,200		355,260
Expeditors International of Washington, Inc.		2,000		133,440
Landstar System, Inc.		536		51,381
Norfolk Southern Corp.		160		23,360
Old Dominion Freight Line, Inc.		450		59,067
Union Pacific Corp.		5,980		843,419
United Parcel Service, Inc. Class B		9,190		858,530
XPO Logistics, Inc. (a)		2,700		131,625
				2,581,862
				14,058,915
Technology — 33.3%
Computers — 12.0%
Accenture PLC Class A		11,390		1,859,532
Apple, Inc.		74,483		18,940,282
Cognizant Technology Solutions Corp. Class A		500		23,235
Dell Technologies C (a)		2,148		84,953
EPAM Systems, Inc. (a)		190		35,275
Fortinet, Inc. (a)		1,720		174,012
Genpact Ltd.		1,700		49,640
HP, Inc.		3,038		52,740
International Business Machines Corp.		19,480		2,160,917
NCR Corp. (a)		5,600		99,120
NetApp, Inc.		9,100		379,379
				23,859,085
Office & Business Equipment — 0.1%
Zebra Technologies Corp. Class A (a)		1,060		194,616

	Number of Shares		Value
Semiconductors — 5.4%
Advanced Micro Devices, Inc. (a)		400	$	18,192
Analog Devices, Inc.		395		35,412
Applied Materials, Inc.		12,200		559,004
Broadcom, Inc.		6,266		1,485,669
KLA Corp.		5,250		754,635
Lam Research Corp.		3,930		943,200
Maxim Integrated Products, Inc.		2,400		116,664
NVIDIA Corp.		4,430		1,167,748
QUALCOMM, Inc.		37,800		2,557,170
Skyworks Solutions, Inc.		953		85,179
Teradyne, Inc.		3,500		189,595
Texas Instruments, Inc.		24,610		2,459,277
Xilinx, Inc.		4,130		321,892
				10,693,637
Software — 15.8%
Adobe, Inc. (a)		6,250		1,989,000
Akamai Technologies, Inc. (a)		2,100		192,129
ANSYS, Inc. (a)		450		104,611
Aspen Technology, Inc. (a)		2,180		207,253
Atlassian Corp. PLC Class A (a)		660		90,592
Broadridge Financial Solutions, Inc.		2,000		189,660
Cadence Design Systems, Inc. (a)		9,500		627,380
CDK Global, Inc.		200		6,570
Cerner Corp.		2,200		138,578
Citrix Systems, Inc.		3,580		506,749
Dropbox, Inc. Class A (a)		4,000		72,400
Electronic Arts, Inc. (a)		5,730		573,974
Fair Isaac Corp. (a)		720		221,537
Fidelity National Information Services, Inc.		157		19,097
Fiserv, Inc. (a)		294		27,927
Intuit, Inc.		4,284		985,320
Jack Henry & Associates, Inc.		260		40,362
Manhattan Associates, Inc. (a)		2,800		139,496
Microsoft Corp.		128,360		20,243,656
MSCI, Inc.		1,080		312,077
Oracle Corp.		68,100		3,291,273
Paychex, Inc.		5,568		350,339
Paycom Software, Inc. (a)		1,020		206,050
salesforce.com, Inc. (a)		2,020		290,840
ServiceNow, Inc. (a)		230		65,913
Synopsys, Inc. (a)		1,470		189,321
Take-Two Interactive Software, Inc. (a)		230		27,280
Teradata Corp. (a)		900		18,441
Twilio, Inc. Class A (a) (b)		10		895
Veeva Systems, Inc. Class A (a)		790		123,532

The accompanying notes are an integral part of the financial statements.

127

MassMutual Premier Disciplined Growth Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
VMware, Inc. Class A (a) (b)		1,806	$	218,707
				31,470,959
				66,218,297
TOTAL COMMON STOCK (Cost $191,670,972)				197,798,020
TOTAL EQUITIES (Cost $191,670,972)				197,798,020
RIGHTS — 0.1%
Consumer, Non-cyclical — 0.1%
Pharmaceuticals — 0.1%
Bristol-Myers Squibb Co., Expires 03/31/21 (a)		29,980		113,924
TOTAL RIGHTS (Cost $63,857)				113,924
MUTUAL FUNDS — 0.2%
Diversified Financial Services — 0.2%
State Street Navigator Securities Lending Prime Portfolio (c)		483,161		483,161
TOTAL MUTUAL FUNDS (Cost $483,161)				483,161
TOTAL LONG-TERM INVESTMENTS (Cost $192,217,990)				198,395,105

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.1%
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (d)	$	2,140,214	$	2,140,214
TOTAL SHORT-TERM INVESTMENTS (Cost $2,140,214)				2,140,214
TOTAL INVESTMENTS — 100.8% (Cost $194,358,204) (e)				200,535,319
Other Assets/(Liabilities) — (0.8)%				(1,501,622	)
NET ASSETS — 100.0%			$	199,033,697

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $1,389,435 or 0.70% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $950,200 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Represents investment of security lending cash collateral. (Note 2).

(d) Maturity value of $2,140,214. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $2,185,476.

(e) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

128

MassMutual Premier Small Cap Opportunities Fund — Portfolio of Investments

March 31, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.8%
COMMON STOCK — 97.8%
Basic Materials — 2.6%
Mining — 2.6%
Compass Minerals International, Inc. (a)		43,805	$	1,685,178
Kaiser Aluminum Corp.		37,651		2,608,461
				4,293,639
				4,293,639
Communications — 1.6%
Internet — 1.2%
Q2 Holdings, Inc. (a) (b)		33,276		1,965,281
Media — 0.4%
Houghton Mifflin Harcourt Co. (b)		366,015		688,108
				2,653,389
Consumer, Cyclical — 10.9%
Automotive & Parts — 2.5%
Dorman Products, Inc. (b)		35,497		1,961,919
Visteon Corp. (a) (b)		45,827		2,198,780
				4,160,699
Entertainment — 0.2%
Cedar Fair LP (c)		22,151		406,249
Retail — 8.2%
AutoNation, Inc. (b)		78,862		2,212,868
BJ’s Wholesale Club Holdings, Inc. (a) (b)		116,572		2,969,089
Jack in the Box, Inc.		38,656		1,354,893
Suburban Propane Partners LP (c)		183,730		2,597,942
Texas Roadhouse, Inc.		59,157		2,443,184
The Wendy’s Co.		146,698		2,182,866
				13,760,842
				18,327,790
Consumer, Non-cyclical — 26.6%
Biotechnology — 2.1%
Emergent BioSolutions, Inc. (b)		46,071		2,665,668
Twist Bioscience Corp. (a) (b)		26,490		810,064
				3,475,732
Commercial Services — 5.4%
ASGN, Inc. (b)		62,586		2,210,538
Korn Ferry		101,345		2,464,710
Monro, Inc. (a)		49,602		2,173,064
Paylocity Holding Corp. (b)		25,051		2,212,504
				9,060,816
Foods — 2.0%
BellRing Brands, Inc. Class A (b)		89,272		1,522,088

	Number of Shares		Value
The Simply Good Foods Co. (b)		92,338	$	1,778,430
				3,300,518
Health Care – Products — 9.1%
Adaptive Biotechnologies Corp. (a) (b)		28,285		785,757
AtriCure, Inc. (b)		46,948		1,576,983
Inspire Medical Systems, Inc. (b)		36,004		2,170,321
Intersect ENT, Inc. (b)		55,479		657,426
Quidel Corp. (b)		37,444		3,662,398
Repligen Corp. (b)		33,035		3,189,199
Tandem Diabetes Care, Inc. (a) (b)		48,517		3,122,069
				15,164,153
Health Care – Services — 5.0%
Addus HomeCare Corp. (b)		31,990		2,162,524
LHC Group, Inc. (b)		35,397		4,962,659
Teladoc Health, Inc. (b)		8,200		1,271,082
				8,396,265
Household Products & Wares — 1.3%
Acco Brands Corp.		427,637		2,159,567
Pharmaceuticals — 1.7%
Axsome Therapeutics, Inc. (b)		10,679		628,246
Collegium Pharmaceutical, Inc. (a) (b)		58,322		952,398
G1 Therapeutics, Inc. (a) (b)		26,448		291,457
uniQure NV (a) (b)		20,980		995,501
				2,867,602
				44,424,653
Energy — 1.6%
Energy – Alternate Sources — 1.4%
Renewable Energy Group, Inc. (a) (b)		111,076		2,280,390
Pipelines — 0.2%
Noble Midstream Partners LP (c)		111,399		389,897
				2,670,287
Financial — 20.5%
Banks — 4.5%
The Bank of NT Butterfield & Son Ltd.		83,465		1,421,409
BankUnited, Inc.		36,156		676,117
Cathay General Bancorp		51,697		1,186,446
CrossFirst Bankshares, Inc. (a) (b)		18,031		151,460
Heritage Financial Corp.		92,014		1,840,280
IBERIABANK Corp.		41,940		1,516,551
Signature Bank		9,766		785,089
				7,577,352
Diversified Financial Services — 2.4%
Federated Hermes, Inc.		42,865		816,578
Focus Financial Partners, Inc. Class A (a) (b)		56,065		1,290,056

The accompanying notes are an integral part of the financial statements.

129

MassMutual Premier Small Cap Opportunities Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Stifel Financial Corp.		46,453	$	1,917,580
				4,024,214
Insurance — 2.0%
ProAssurance Corp.		95,491		2,387,275
ProSight Global, Inc. (b)		90,132		878,787
				3,266,062
Real Estate Investment Trusts (REITS) — 6.5%
Brandywine Realty Trust		219,907		2,313,422
DiamondRock Hospitality Co.		378,954		1,925,086
EPR Properties		42,923		1,039,595
Four Corners Property Trust, Inc.		139,767		2,615,041
National Storage Affiliates Trust		65,056		1,925,658
SL Green Realty Corp.		24,554		1,058,277
				10,877,079
Savings & Loans — 5.1%
Berkshire Hills Bancorp, Inc.		77,218		1,147,459
OceanFirst Financial Corp.		90,084		1,433,236
Pacific Premier Bancorp, Inc.		86,487		1,629,415
Sterling Bancorp		118,302		1,236,256
WSFS Financial Corp.		122,804		3,060,276
				8,506,642
				34,251,349
Industrial — 15.0%
Building Materials — 2.7%
Masonite International Corp. (b)		40,155		1,905,355
Summit Materials, Inc. Class A (b)		176,333		2,644,995
				4,550,350
Electrical Components & Equipment — 3.0%
Energizer Holdings, Inc. (a)		53,850		1,628,962
EnerSys		26,950		1,334,564
Generac Holdings, Inc. (b)		22,300		2,077,691
				5,041,217
Electronics — 0.8%
Atkore International Group, Inc. (b)		65,060		1,370,814
Engineering & Construction — 3.1%
Comfort Systems USA, Inc.		22,683		829,064
KBR, Inc.		136,706		2,827,080
TopBuild Corp. (b)		21,330		1,528,081
				5,184,225
Environmental Controls — 1.2%
Evoqua Water Technologies Corp. (b)		105,540		1,183,104
US Ecology, Inc.		27,528		836,851
				2,019,955
Machinery – Diversified — 0.4%
Chart Industries, Inc. (b)		20,582		596,466

	Number of Shares		Value
Metal Fabricate & Hardware — 1.9%
Mayville Engineering Co., Inc. (b)		74,015	$	453,712
Rexnord Corp.		120,391		2,729,264
				3,182,976
Miscellaneous - Manufacturing — 0.8%
EnPro Industries, Inc.		33,197		1,313,937
Transportation — 0.6%
CryoPort, Inc. (a) (b)		57,523		981,918
Trucking & Leasing — 0.5%
The Greenbrier Cos., Inc.		50,917		903,268
				25,145,126
Technology — 15.0%
Computers — 3.4%
CACI International, Inc. Class A (b)		17,184		3,628,402
Perspecta, Inc.		116,705		2,128,699
				5,757,101
Semiconductors — 5.0%
Brooks Automation, Inc.		83,460		2,545,530
MKS Instruments, Inc.		41,223		3,357,613
Semtech Corp. (b)		64,882		2,433,075
				8,336,218
Software — 6.6%
Bottomline Technologies de, Inc. (b)		58,938		2,160,078
Envestnet, Inc. (b)		21,272		1,144,008
j2 Global, Inc. (a)		46,810		3,503,729
Zynga, Inc. Class A (b)		614,472		4,209,133
				11,016,948
				25,110,267
Utilities — 4.0%
Electric — 1.4%
Avista Corp.		54,611		2,320,421
Gas — 2.6%
National Fuel Gas Co. (a)		37,925		1,414,223
South Jersey Industries, Inc. (a)		117,419		2,935,475
				4,349,698
				6,670,119
TOTAL COMMON STOCK (Cost $211,788,239)				163,546,619
TOTAL EQUITIES (Cost $211,788,239)				163,546,619

The accompanying notes are an integral part of the financial statements.

130

MassMutual Premier Small Cap Opportunities Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 1.9%
Diversified Financial Services — 1.9%
State Street Navigator Securities Lending Prime Portfolio (d)		3,238,130	$	3,238,130
TOTAL MUTUAL FUNDS (Cost $3,238,130)				3,238,130
TOTAL LONG-TERM INVESTMENTS (Cost $215,026,369)				166,784,749
	Principal Amount
SHORT-TERM INVESTMENTS — 2.7%
Repurchase Agreement — 2.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%,due 4/01/20 (e)	$	4,464,964		4,464,964
TOTAL SHORT-TERM INVESTMENTS (Cost $4,464,964)				4,464,964
TOTAL INVESTMENTS — 102.4% (Cost $219,491,333) (f)				171,249,713
Other Assets/(Liabilities) — (2.4)%				(4,019,538	)
NET ASSETS — 100.0%			$	167,230,175

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $26,032,394 or 15.57% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $23,700,833 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b) Non-income producing security.

(c) Security is a Master Limited Partnership.

(d) Represents investment of security lending cash collateral. (Note 2).

(e) Maturity value of $4,464,964. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $4,557,834.

(f) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

131

MassMutual Premier Global Fund — Portfolio of Investments

March 31, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.8%
COMMON STOCK — 98.8%
Cayman Islands — 3.6%
Farfetch Ltd. Class A (a) (b)		88,990	$	703,021
JD.com, Inc. ADR (b)		175,354		7,101,837
StoneCo Ltd. Class A (a) (b)		46,074		1,003,031
				8,807,889
France — 8.1%
Dassault Systemes SE		3,344		495,904
Kering SA		13,052		6,810,464
LVMH Moet Hennessy Louis Vuitton SE		29,602		10,988,123
Societe Generale SA		77,805		1,308,864
				19,603,355
Germany — 4.6%
Allianz SE Registered		7,363		1,269,245
Bayer AG Registered		32,358		1,899,421
SAP SE		68,442		7,860,776
				11,029,442
India — 3.4%
DLF Ltd.		2,531,173		4,529,211
ICICI Bank Ltd. Sponsored ADR		418,572		3,557,862
				8,087,073
Italy — 0.3%
Brunello Cucinelli SpA		22,473		683,574
Japan — 14.2%
Capcom Co. Ltd.		81,300		2,546,014
FANUC Corp.		17,000		2,305,339
Keyence Corp.		18,700		6,034,779
MinebeaMitsumi, Inc.		53,500		797,734
Murata Manufacturing Co. Ltd.		123,230		6,237,276
Nidec Corp.		108,800		5,643,593
Omron Corp.		63,900		3,324,299
Takeda Pharmaceutical Co. Ltd.		74,608		2,283,198
TDK Corp.		66,500		5,145,858
				34,318,090
Netherlands — 3.2%
Airbus SE		89,053		5,778,045
ASML Holding NV		1,823		484,481
uniQure NV (a) (b)		29,368		1,393,512
				7,656,038

	Number of Shares		Value
Spain — 1.6%
Industria de Diseno Textil SA		149,371	$	3,877,933
Sweden — 3.0%
Assa Abloy AB Class B		182,188		3,444,260
Atlas Copco AB Class A		113,809		3,824,875
				7,269,135
Switzerland — 0.5%
Credit Suisse Group AG Registered		140,566		1,160,708
United Kingdom — 2.5%
International Game Technology PLC (a)		96,849		576,252
Prudential PLC		243,216		3,104,660
Unilever PLC		48,752		2,461,174
				6,142,086
United States — 53.8%
Adobe, Inc. (b)		34,881		11,100,530
Agilent Technologies, Inc.		52,841		3,784,473
Alphabet, Inc. Class A (b)		17,503		20,337,611
Amazon.com, Inc. (b)		1,517		2,957,725
Anthem, Inc.		17,012		3,862,405
Avantor, Inc. (b)		167,181		2,088,091
Blueprint Medicines Corp. (b)		19,081		1,115,857
Centene Corp. (b)		48,271		2,867,780
Citigroup, Inc.		95,955		4,041,625
Colgate-Palmolive Co.		53,387		3,542,761
Electronic Arts, Inc. (b)		22,467		2,250,519
Equifax, Inc.		29,822		3,562,238
Facebook, Inc. Class A (b)		58,358		9,734,114
Fidelity National Information Services, Inc.		23,516		2,860,486
GlycoMimetics, Inc. (a) (b)		35,564		81,086
Illumina, Inc. (b)		3,422		934,617
Incyte Corp. (b)		23,552		1,724,713
Intel Corp.		22,727		1,229,985
Intuit, Inc.		39,414		9,065,220
Ionis Pharmaceuticals, Inc. (b)		35,302		1,669,079
IQVIA Holdings, Inc. (b)		6,298		679,302
MacroGenics, Inc. (b)		69,816		406,329
Maxim Integrated Products, Inc.		120,114		5,838,742
Microsoft Corp.		16,278		2,567,203
PayPal Holdings, Inc. (b)		56,726		5,430,947
Phathom Pharmaceuticals, Inc. (b)		31,962		825,259
S&P Global, Inc.		43,248		10,597,922

The accompanying notes are an integral part of the financial statements.

132

MassMutual Premier Global Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Sage Therapeutics, Inc. (a) (b)		16,088	$	462,047
Sarepta Therapeutics, Inc. (a) (b)		14,898		1,457,322
United Parcel Service, Inc. Class B		35,950		3,358,449
Veracyte, Inc. (a) (b)		38,017		924,193
Visa, Inc. Class A		13,288		2,140,963
The Walt Disney Co.		41,194		3,979,340
Zimmer Biomet Holdings, Inc.		24,273		2,453,515
				129,932,448
TOTAL COMMON STOCK (Cost $175,360,896)				238,567,771
PREFERRED STOCK — 0.0%
India — 0.0%
Zee Entertainment Enterprises Ltd.
6.000%		573,050		22,346
TOTAL PREFERRED STOCK (Cost $22,480)				22,346
TOTAL EQUITIES (Cost $175,383,376)				238,590,117
TOTAL LONG-TERM INVESTMENTS (Cost $175,383,376)				238,590,117
	Principal Amount
SHORT-TERM INVESTMENTS — 1.4%
Repurchase Agreement — 1.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (c)	$	3,363,436		3,363,436
TOTAL SHORT-TERM INVESTMENTS (Cost $3,363,436)				3,363,436
TOTAL INVESTMENTS — 100.2% (Cost $178,746,812) (d)				241,953,553
Other Assets/(Liabilities) — (0.2)%				(363,381	)
NET ASSETS — 100.0%			$	241,590,172

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $6,252,714 or 2.59% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $6,421,005 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b) Non-income producing security.

(c) Maturity value of $3,363,436. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $3,431,353.

(d) See Note 6 for aggregate cost for federal tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

Consumer, Non-cyclical	22.2	%
Industrial	20.6	%
Technology	19.2	%
Communications	18.6	%
Consumer, Cyclical	9.5	%
Financial	8.7	%
Total Long-Term Investments	98.8	%
Short-Term Investments and Other Assets and Liabilities	1.2	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

133

MassMutual Premier International Equity Fund — Portfolio of Investments

March 31, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.9%
COMMON STOCK — 97.9%
Australia — 2.4%
CSL Ltd.		22,966	$	4,166,101
Belgium — 0.8%
Galapagos NV (a)		7,197		1,428,046
Canada — 5.4%
Alimentation Couche-Tard, Inc. Class B		148,193		3,490,797
CAE, Inc.		19,656		248,476
CCL Industries, Inc. Class B		51,054		1,552,335
Dollarama, Inc.		74,388		2,063,602
Saputo, Inc.		70,561		1,696,713
Shopify, Inc. Class A (a)		548		229,597
				9,281,520
Cayman Islands — 3.3%
Alibaba Group Holding Ltd. Sponsored ADR (a)		17,479		3,399,316
Tencent Holdings Ltd.		9,300		453,483
WH Group Ltd. (b)		2,028,000		1,883,279
				5,736,078
Denmark — 3.3%
Ascendis Pharma A/S ADR (a) (c)		6,584		741,424
Novo Nordisk A/S Class B		81,967		4,944,368
				5,685,792
France — 15.6%
Dassault Systemes SE		16,747		2,483,526
Edenred		55,070		2,304,858
EssilorLuxottica SA		4,254		458,964
Hermes International		7,870		5,435,503
Kering SA		822		428,915
L’Oreal SA		1,289		338,344
Legrand SA		26,264		1,687,715
LVMH Moet Hennessy Louis Vuitton SE		8,864		3,290,275
Pernod Ricard SA		12,018		1,709,426
Sartorius Stedim Biotech		1,334		267,892
SEB SA		28,034		3,498,322
Ubisoft Entertainment SA (a)		39,599		2,920,272
Worldline SA (a) (b)		31,867		1,873,209
				26,697,221
Germany — 7.5%
Fresenius Medical Care AG & Co. KGaA		39,375		2,626,452
Infineon Technologies AG		139,464		2,088,980
SAP SE		49,147		5,644,686

	Number of Shares			Value
Siemens Healthineers AG (b)		62,104		$	2,464,184
					12,824,302
India — 0.7%
ICICI Bank Ltd. Sponsored ADR		143,096			1,216,316
Ireland — 2.6%
Flutter Entertainment PLC		14,876			1,341,664
James Hardie Industries PLC		96,870			1,129,839
Medtronic PLC		22,083			1,991,445
			��		4,462,948
Italy — 0.6%
Davide Campari-Milano SpA		149,456			1,075,039
Japan — 10.2%
Daikin Industries Ltd.		11,500			1,402,380
Hitachi Ltd.		144,500			4,206,371
Hoya Corp.		47,200			4,014,781
Keyence Corp.		14,000			4,518,016
Nidec Corp.		32,200			1,670,254
Nitori Holdings Co. Ltd.		11,900			1,608,527
					17,420,329
Netherlands — 9.0%
Aalberts NV		58,380			1,386,151
Adyen NV (a) (b)		688			582,273
Airbus SE		26,935			1,747,629
ASML Holding NV		19,577			5,202,792
Boskalis Westminster		26,927			486,232
Heineken NV (c)		23,055			1,929,658
STMicroelectronics NV		191,228			4,161,825
					15,496,560
New Zealand — 1.3%
Xero Ltd. (a)		50,568			2,168,509
Panama — 0.2%
Carnival Corp.		21,084			277,676
Spain — 4.6%
Amadeus IT Group SA		36,168			1,715,282
Grifols SA		157,280			5,356,972
Prosegur Cash SA (b)		750,635			721,609
Prosegur Cia de Seguridad SA		25,413			63,967
					7,857,830
Sweden — 4.7%
Atlas Copco AB Class A		103,587			3,481,336
Epiroc AB Class A		178,844			1,772,954
Swedish Match AB (c)		49,804			2,848,887
					8,103,177

The accompanying notes are an integral part of the financial statements.

134

MassMutual Premier International Equity Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Switzerland — 11.3%
Barry Callebaut AG Registered		1,814	$	3,647,440
Lonza Group AG Registered		6,770		2,816,666
Novartis AG Registered		3,099		256,117
Roche Holding AG		14,992		4,874,109
Sika AG Registered		17,009		2,814,249
Temenos Group AG Registered		16,676		2,186,633
VAT Group AG (a) (b)		20,390		2,824,882
				19,420,096
Taiwan — 2.1%
Taiwan Semiconductor Manufacturing Co. Ltd.		393,000		3,507,923
Thailand — 0.6%
CP ALL PCL		533,600		987,772
United Kingdom — 8.4%
Atlassian Corp. PLC Class A (a)		7,615		1,045,235
Blue Prism Group PLC (a) (c)		30,978		431,001
boohoo Group PLC (a)		377,267		890,546
Britvic PLC		162,947		1,415,896
Compass Group PLC		48,701		760,934
Ferguson PLC		18,828		1,177,330
GVC Holdings PLC		100,948		700,745
Intertek Group PLC		2,740		160,150
Legal & General Group PLC		899,345		2,151,550
LivaNova PLC (a)		17,789		804,952
London Stock Exchange Group PLC		4,579		412,575
Melrose Industries PLC		1,026,568		1,159,302
Next PLC		25,456		1,282,240
Ocado Group PLC (a)		35,888		541,913
Prudential PLC		68,149		869,924
Trainline PLC (a) (b)		154,519		646,304
				14,450,597
United States — 3.3%
EPAM Systems, Inc. (a)		16,224		3,012,148
ResMed, Inc.		17,917		2,638,995
				5,651,143
TOTAL COMMON STOCK (Cost $161,596,788)				167,914,975
PREFERRED STOCK — 0.0%
India — 0.0%
Zee Entertainment Enterprises Ltd.
6.000%		653,347		25,477
TOTAL PREFERRED STOCK (Cost $19,495)				25,477

	Number of Shares		Value
TOTAL EQUITIES (Cost $161,616,283)			$	167,940,452
MUTUAL FUNDS — 1.7%
United States — 1.7%
State Street Navigator Securities Lending Prime Portfolio (d)		2,933,315		2,933,315
TOTAL MUTUAL FUNDS (Cost $2,933,315)				2,933,315
TOTAL LONG-TERM INVESTMENTS (Cost $164,549,598)				170,873,767
	Principal Amount
SHORT-TERM INVESTMENTS — 4.0%
Repurchase Agreement — 4.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (e)	$	6,821,305		6,821,305
TOTAL SHORT-TERM INVESTMENTS (Cost $6,821,305)				6,821,305
TOTAL INVESTMENTS — 103.6% (Cost $171,370,903) (f)				177,695,072
Other Assets/(Liabilities) — (3.6)%				(6,207,943	)
NET ASSETS — 100.0%			$	171,487,129

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $10,995,740 or 6.41% of net assets.

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $5,766,233 or 3.36% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,028,167 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the

The accompanying notes are an integral part of the financial statements.

135

MassMutual Premier International Equity Fund — Portfolio of Investments (Continued)

Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(d) Represents investment of security lending cash collateral. (Note 2).

(e) Maturity value of $6,821,305. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $6,961,339.

(f) See Note 6 for aggregate cost for federal tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

Consumer, Non-cyclical	34.0	%
Technology	21.4	%
Industrial	20.4	%
Consumer, Cyclical	15.9	%
Financial	3.4	%
Communications	2.8	%
Mutual Funds	1.7	%
Total Long-Term Investments	99.6	%
Short-Term Investments and Other Assets and Liabilities	0.4	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

136

MassMutual Premier Strategic Emerging Markets Fund — Portfolio of Investments

March 31, 2020 (Unaudited)

	Number of Shares		Value
EQUITIES — 94.3%
COMMON STOCK — 91.3%
Bermuda — 2.6%
Credicorp Ltd.		14,708	$	2,104,274
Jardine Strategic Holdings Ltd.		53,171		1,176,936
				3,281,210
Brazil — 4.4%
Ambev SA		307,639		705,733
Ambev SA ADR		69,874		160,710
Atacadao SA		279,000		1,107,710
B3 SA - Brasil Bolsa Balcao		136,026		939,807
Itau Unibanco Holding SA Sponsored ADR		259,251		1,164,037
Vale SA Sponsored ADR		184,108		1,526,255
				5,604,252
Cayman Islands — 24.0%
Alibaba Group Holding Ltd. Sponsored ADR (a)		33,959		6,604,346
Baozun, Inc. ADR (a) (b)		21,913		612,249
Budweiser Brewing Co. APAC Ltd. (a) (c)		832,600		2,139,298
Hansoh Pharmaceutical Group Co. Ltd. (a) (c)		110,000		371,572
Huazhu Group Ltd. ADR (b)		121,778		3,498,682
Hutchison China MediTech Ltd. ADR (a)		11,712		209,059
Innovent Biologics, Inc. (a) (c)		167,500		704,191
Meituan Dianping Class B (a)		134,600		1,615,271
OneConnect Financial Technology Co. Ltd. (a)		56,425		572,714
Pagseguro Digital Ltd. Class A (a) (b)		60,104		1,161,810
StoneCo Ltd. Class A (a) (b)		18,366		399,828
Tencent Holdings Ltd.		177,090		8,635,187
Wuxi Biologics Cayman, Inc. (a) (c)		50,000		644,578
ZTO Express Cayman, Inc. ADR (a)		129,302		3,423,917
				30,592,702
Chile — 0.6%
SACI Falabella		368,890		812,860
China — 5.0%
China International Capital Corp. Ltd. Class H (c)		346,000		557,006
Jiangsu Hengrui Medicine Co. Ltd. Class A		294,563		3,833,385
Ping An Insurance Group Co. of China Ltd. Class A		191,572		1,874,981
Shanghai Junshi Bioscience Class H (a) (c)		30,200		112,384
				6,377,756

	Number of Shares		Value
Colombia — 0.4%
Grupo Aval Acciones y Valores SA		102,859	$	450,522
Egypt — 0.5%
Commercial International Bank Egypt SAE		177,207		658,616
France — 6.2%
Kering SA		15,099		7,878,577
LVMH Moet Hennessy Louis Vuitton SE		124		46,028
				7,924,605
Hong Kong — 4.5%
AIA Group Ltd.		641,600		5,772,027
India — 9.1%
Housing Development Finance Corp. Ltd.		220,648		4,689,128
Kotak Mahindra Bank Ltd.		211,862		3,560,253
Oberoi Realty Ltd.		62,190		275,779
Tata Consultancy Services Ltd.		105,045		2,507,501
Zee Entertainment Enterprises Ltd.		353,109		575,869
				11,608,530
Indonesia — 0.9%
Bank Central Asia Tbk PT		428,500		724,566
Indocement Tunggal Prakarsa Tbk PT		380,435		290,647
Semen Indonesia Persero Tbk PT		392,000		182,812
				1,198,025
Italy — 2.0%
Brunello Cucinelli SpA		178		5,414
Moncler SpA		31,899		1,164,477
PRADA SpA		466,700		1,362,376
				2,532,267
Mexico — 6.1%
Alsea SAB de CV (a)		273,628		173,595
America Movil SAB de CV Sponsored ADR		71,175		838,441
Fomento Economico Mexicano SAB de CV		482,194		2,931,683
Fomento Economico Mexicano SAB de CV Sponsored ADR		12,238		740,521
Grupo Aeroportuario del Sureste SAB de CV Class B		47,588		448,568
Grupo Financiero Banorte SAB de CV Class O		185,444		508,119
Grupo Financiero Inbursa SAB de CV Class O		640,327		458,871
Grupo Mexico SAB de CV Series B		914,867		1,696,491
				7,796,289
Netherlands — 1.5%
Yandex NV Class A (a)		55,526		1,890,660

The accompanying notes are an integral part of the financial statements.

137

MassMutual Premier Strategic Emerging Markets Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Philippines — 2.3%
Ayala Land, Inc.		1,630,300	$	973,692
SM Investments Corp.		105,730		1,707,956
SM Prime Holdings, Inc.		476,057		266,906
				2,948,554
Republic of Korea — 2.1%
Amorepacific Corp.		4,495		619,641
AMOREPACIFIC Group		5,709		257,383
Samsung Biologics Co. Ltd. (a) (c)		4,645		1,820,299
				2,697,323
Russia — 6.7%
LUKOIL PJSC Sponsored ADR		1,664		98,442
LUKOIL PJSC Sponsored ADR		8,026		478,342
MMC Norilsk Nickel PJSC		1,187		294,025
MMC Norilsk Nickel PJSC ADR (b)		2,617		63,489
MMC Norilsk Nickel PJSC ADR (Russia)		14,148		350,351
Novatek PJSC Sponsored GDR Registered (b)		35,732		4,097,660
Novatek PJSC Sponsored GDR Registered		3,641		419,807
Polyus PJSC GDR (c) (d)		5,075		346,115
Sberbank of Russia PJSC		1,027,096		2,435,672
				8,583,903
South Africa — 1.5%
FirstRand Ltd. (b)		846,908		1,902,734
Taiwan — 5.9%
Taiwan Semiconductor Manufacturing Co. Ltd.		845,000		7,542,481
Turkey — 1.5%
Akbank T.A.S. (a)		867,481		721,348
Anadolu Efes Biracilik Ve Malt Sanayii AS		150,998		392,756
BIM Birlesik Magazalar AS		51,589		388,149
Turkiye Garanti Bankasi AS (a)		382,413		460,226
				1,962,479
United Kingdom — 0.1%
Glencore PLC		81,511		124,407
United States — 3.4%
MercadoLibre, Inc. (a)		228		111,396
Yum China Holdings, Inc.		98,627		4,204,469
				4,315,865
TOTAL COMMON STOCK (Cost $136,264,799)				116,578,067

	Number of Shares		Value
PREFERRED STOCK — 3.0%
Brazil — 1.1%
Lojas Americanas SA 0.640%		396,301	$	1,372,841
India — 0.0%
Zee Entertainment Enterprises Ltd.
6.000%		742,906		28,969
Singapore — 1.9%
Grab Holdings, Inc., (acquired 6/18/19, Cost $2,438,401) (a) (d) (e) (f)		395,658		2,438,401
TOTAL PREFERRED STOCK (Cost $4,601,873)				3,840,211
TOTAL EQUITIES (Cost $140,866,672)				120,418,278
MUTUAL FUNDS — 0.5%
United States — 0.5%
State Street Navigator Securities Lending Prime Portfolio (g)		618,251		618,251
TOTAL MUTUAL FUNDS (Cost $618,251)				618,251
TOTAL LONG-TERM INVESTMENTS (Cost $141,484,923)				121,036,529

The accompanying notes are an integral part of the financial statements.

138

MassMutual Premier Strategic Emerging Markets Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.7%
Repurchase Agreement — 3.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (h)	$	4,687,332	$	4,687,332
TOTAL SHORT-TERM INVESTMENTS (Cost $4,687,332)				4,687,332
TOTAL INVESTMENTS — 98.5% (Cost $146,172,255) (i)				125,723,861
Other Assets/(Liabilities) — 1.5%				1,867,769
NET ASSETS — 100.0%			$	127,591,630

Abbreviation Legend

ADR American Depositary Receipt

GDR Global Depositary Receipt

PJSC Public Joint Stock Company

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $3,779,165 or 2.96% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,173,958 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $6,695,443 or 5.25% of net assets.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2020, these securities amounted to a value of $2,784,516 or 2.18% of net assets.

(e) Investment was valued using significant unobservable inputs.

(f) Restricted security. Certain securities are restricted as to resale. At March 31, 2020, these securities amounted to a value of $2,438,401 or 1.91% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(g) Represents investment of security lending cash collateral. (Note 2).

(h) Maturity value of $4,687,332. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $4,786,245.

(i) See Note 6 for aggregate cost for federal tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

Financial	24.8	%
Consumer, Cyclical	18.3	%
Communications	16.4	%
Consumer, Non-cyclical	13.8	%
Technology	8.3	%
Industrial	5.3	%
Energy	4.0	%
Basic Materials	3.4	%
Mutual Funds	0.5	%
Total Long-Term Investments	94.8	%
Short-Term Investments and Other Assets and Liabilities	5.2	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

139

MassMutual Premier Funds – Financial Statements

Statements of Assets and Liabilities
March 31, 2020 (Unaudited)

	MassMutual Premier U.S. Government Money Market Fund			MassMutual Premier Short-Duration Bond Fund
Assets:
Investments, at value (Note 2) (a)	$	—		$	434,176,684
Repurchase agreements, at value (Note 2) (b)		35,000,000			—
Other short-term investments, at value (Note 2) (c)		269,653,974			13,941,579
Total investments (d)		304,653,974			448,118,263
Cash		2,310,791			825,805
Foreign currency, at value (e)		—			—
Receivables from:
Investments sold		—			1,166,489
Open forward contracts (Note 2)		—			—
Investments sold on a when-issued basis (Note 2)		—			—
Investment adviser (Note 3)		—			—
Fund shares sold		21,788			366,416
Collateral pledged for open futures contracts (Note 2)		—			340,000
Collateral pledged for open swap agreements (Note 2)		—			40,000
Variation margin on open derivative instruments (Note 2)		—			94,316
Interest and dividends		377,384			2,341,515
Interest tax reclaim receivable		—			2,384
Open swap agreements, at value (Note 2)		—			—
Prepaid expenses		17,261			66,914
Total assets		307,381,198			453,362,102
Liabilities:
Payables for:
Investments purchased		—			—
Collateral held for open swap agreements (Note 2)		—			—
Collateral held for open purchased options (Note 2)		—			1,569,000
Collateral held for when-issued securities (Note 2)		—			—
Open forward contracts (Note 2)		—			—
Interest and dividends		—			—
Investments purchased on a when-issued basis (Note 2)		—			—
Fund shares repurchased		19,452,182			6,561,217
Collateral held for securities on loan (Note 2) (f)		—			—
Open swap agreements, at value (Note 2)		—			—
Trustees’ fees and expenses (Note 3)		50,665			55,238
Variation margin on open derivative instruments (Note 2)		—			—
Affiliates (Note 3):
Investment advisory fees		92,928			147,157
Administration fees		39,229			47,064
Service fees		—			46,766
Shareholder service fees		—			12,858
Distribution fees		—			4,268
Commitment and Contingent Liabilities (Note 9)		—			—
Accrued expense and other liabilities		48,578			50,328
Total liabilities		19,683,582			8,493,896
Net assets	$	287,697,616		$	444,868,206
Net assets consist of:
Paid-in capital	$	287,750,579		$	496,306,874
Accumulated Gain (Loss)		(52,963	)		(51,438,668	)
Net assets	$	287,697,616		$	444,868,206

(a)	Cost of investments:	$	—	$	458,838,772
(b)	Cost of repurchase agreements:	$	35,000,000	$	—
(c)	Cost of other short-term investments:	$	269,653,974	$	13,969,098
(d)	Securities on loan with market value of:	$	—	$	—
(e)	Cost of foreign currency:	$	—	$	—
(f)	Non-cash collateral is not included.

The accompanying notes are an integral part of the financial statements.

140

MassMutual Premier Inflation- Protected and Income Fund			MassMutual Premier Core Bond Fund			MassMutual Premier Diversified Bond Fund			MassMutual Premier High Yield Fund			MassMutual Premier Balanced Fund
$	238,914,388		$	1,306,190,323		$	221,715,050		$	473,315,736		$	110,347,384
	5,023,196			—			—			—			2,653,538
	73,038,422			192,668,678			27,850,582			—			5,446,349
	316,976,006			1,498,859,001			249,565,632			473,315,736			118,447,271
	4,322,132			17,044,953			5,125,260			2,828,748			1,471,213
	286			—			2,396			—			—
	69,209			12,278,105			1,436,121			4,345,796			44,191
	—			—			260,684			—			—
	—			—			2,327,313			—			—
	—			—			—			—			3
	654,788			2,120,165			52,981			2,385,468			47,338
	—			—			1,095,457			—			361,350
	80,000			—			—			—			—
	22,392			30,859			2,394			—			1,064
	338,958			7,349,105			1,590,382			7,954,937			309,229
	—			—			1,117			—			—
	3,397,110			—			—			—			—
	62,897			58,873			59,767			65,487			65,624
	325,923,778			1,537,741,061			261,519,504			490,896,172			120,747,283
	—			5,015,374			1,141,454			4,012,799			236,283
	1,880,000			—			—			—			—
	700,000			2,199,000			610,000			—			270,000
	—			—			118,269			—			—
	—			—			297,780			—			—
	1,147,704			—			—			—			—
	—			212,752,364			31,042,506			—			7,617,127
	2,364,036			7,267,047			149,691			2,004,868			194,901
	—			1,584,220			915,752			15,820,543			1,352,148
	1,493,477			—			—			—			—
	29,637			148,991			19,468			32,892			15,971
	12,058			1,366,232			240,669			—			54,882
	111,140			452,566			76,095			209,928			48,608
	25,214			82,244			35,218			38,737			24,084
	16,891			58,125			20,739			69,453			22,537
	6,484			22,953			6,087			8,105			3,967
	2,130			859			1,959			24,052			4,549
	—			—			—			—			—
	36,234			77,680			42,747			58,723			41,954
	7,825,005			231,027,655			34,718,434			22,280,100			9,887,011
$	318,098,773		$	1,306,713,406		$	226,801,070		$	468,616,072		$	110,860,272
$	321,978,137		$	1,336,300,309		$	234,702,381		$	561,220,611		$	116,311,417
	(3,879,364	)		(29,586,903	)		(7,901,311	)		(92,604,539	)		(5,451,145	)
$	318,098,773		$	1,306,713,406		$	226,801,070		$	468,616,072		$	110,860,272

$	244,917,860	$	1,359,332,802	$	236,482,673	$	549,230,636	$	117,835,089
$	5,023,196	$	—	$	—	$	—	$	2,653,538
$	73,306,995	$	193,227,021	$	27,942,702	$	—	$	5,484,397
$	—	$	1,550,571	$	897,203	$	18,147,076	$	3,987,885
$	315	$	—	$	2,371	$	—	$	—

The accompanying notes are an integral part of the financial statements.

141

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2020 (Unaudited)

	MassMutual Premier U.S. Government Money Market Fund		MassMutual Premier Short-Duration Bond Fund
Class I shares:
Net assets	$	—	$	184,983,508
Shares outstanding (a)		—		19,744,606
Net asset value, offering price and redemption price per share	$	—	$	9.37
Class R5 shares:
Net assets	$	287,697,616	$	132,396,854
Shares outstanding (a)		287,912,692		14,082,525
Net asset value, offering price and redemption price per share	$	1.00	$	9.40
Service Class shares:
Net assets	$	—	$	32,248,519
Shares outstanding (a)		—		3,453,641
Net asset value, offering price and redemption price per share	$	—	$	9.34
Administrative Class shares:
Net assets	$	—	$	28,629,427
Shares outstanding (a)		—		3,078,497
Net asset value, offering price and redemption price per share	$	—	$	9.30
Class A shares:
Net assets	$	—	$	49,176,985
Shares outstanding (a)		—		5,324,458
Net asset value, offering price and redemption price per share	$	—	$	9.24
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	—	$	9.48
Class R4 shares:
Net assets	$	—	$	10,923,637
Shares outstanding (a)		—		1,167,454
Net asset value, offering price and redemption price per share	$	—	$	9.36
Class R3 shares:
Net assets	$	—	$	6,509,276
Shares outstanding (a)		—		699,864
Net asset value, offering price and redemption price per share	$	—	$	9.30

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

142

MassMutual Premier Inflation- Protected and Income Fund		MassMutual Premier Core Bond Fund		MassMutual Premier Diversified Bond Fund		MassMutual Premier High Yield Fund		MassMutual Premier Balanced Fund
$	154,983,616	$	765,637,189	$	60,486,013	$	277,763,063	$	32,558,751
	15,007,847		71,938,042		5,820,254		36,082,437		3,179,581
$	10.33	$	10.64	$	10.39	$	7.70	$	10.24
$	78,030,283	$	299,673,465	$	105,367,684	$	38,407,943	$	36,387,574
	7,550,269		28,057,229		11,021,724		4,957,791		3,552,881
$	10.33	$	10.68	$	9.56	$	7.75	$	10.24
$	46,218,753	$	89,779,143	$	12,084,585	$	33,049,952	$	5,721,253
	4,486,052		8,454,456		1,245,685		4,266,341		527,369
$	10.30	$	10.62	$	9.70	$	7.75	$	10.85
$	14,871,963	$	65,427,671	$	17,647,745	$	22,120,196	$	4,500,711
	1,427,757		6,209,671		1,822,353		2,903,325		437,361
$	10.42	$	10.54	$	9.68	$	7.62	$	10.29
$	17,622,237	$	75,379,254	$	22,689,601	$	24,768,729	$	23,000,602
	1,734,648		7,211,832		2,345,502		3,260,649		2,307,732
$	10.16	$	10.45	$	9.67	$	7.60	$	9.97
$	10.61	$	10.91	$	10.10	$	8.04	$	10.55
$	3,360,641	$	9,361,253	$	5,472,594	$	38,627,826	$	2,529,315
	332,925		901,522		572,302		5,153,215		256,290
$	10.09	$	10.38	$	9.56	$	7.50	$	9.87
$	3,011,280	$	1,455,431	$	3,052,848	$	33,878,363	$	6,162,066
	297,888		136,458		319,838		4,401,333		627,341
$	10.11	$	10.67	$	9.54	$	7.70	$	9.82

The accompanying notes are an integral part of the financial statements.

143

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2020 (Unaudited)

	MassMutual Premier Disciplined Value Fund			MassMutual Premier Main Street Fund
Assets:
Investments, at value (Note 2) (a)	$	71,544,270		$	93,740,552
Repurchase agreements, at value (Note 2) (b)		—			3,448,180
Other short-term investments, at value (Note 2) (b) (c)		727,205			—
Total investments (d)		72,271,475			97,188,732
Cash		13			—
Foreign currency, at value (e)		—			—
Receivables from:
Investments sold		—			451,350
Investment adviser (Note 3)		—			—
Fund shares sold		74,395			346,622
Interest and dividends		139,479			80,597
Foreign taxes withheld		—			1,663
Prepaid expenses		65,332			67,750
Total assets		72,550,694			98,136,714
Liabilities:
Payables for:
Investments purchased		—			603,190
Fund shares repurchased		5,318			138,001
Collateral held for securities on loan (Note 2) (f)		31,120			—
Trustees’ fees and expenses (Note 3)		25,030			15,659
Affiliates (Note 3):
Investment advisory fees		30,624			48,542
Administration fees		12,164			12,917
Service fees		8,303			12,385
Shareholder service fees		1,617			3,879
Distribution fees		2,449			722
Due to custodian		—			—
Commitment and Contingent Liabilities (Note 9)		—			—
Accrued expense and other liabilities		20,715			36,655
Total liabilities		137,340			871,950
Net assets	$	72,413,354		$	97,264,764
Net assets consist of:
Paid-in capital	$	90,393,883		$	99,032,458
Accumulated Gain (Loss)		(17,980,529	)		(1,767,694	)
Net assets	$	72,413,354		$	97,264,764

(a)	Cost of investments:	$	92,183,899	$	97,068,132
(b)	Cost of repurchase agreements:	$	—	$	3,448,180
(c)	Cost of other short-term investments:	$	727,205	$	—
(d)	Securities on loan with market value of:	$	587,228	$	686,183
(e)	Cost of foreign currency:	$	—	$	—
(f)	Non-cash collateral is not included.

The accompanying notes are an integral part of the financial statements.

144

MassMutual Premier Disciplined Growth Fund		MassMutual Premier Small Cap Opportunities Fund			MassMutual Premier Global Fund		MassMutual Premier International Equity Fund		MassMutual Premier Strategic Emerging Markets Fund
$	198,395,105	$	166,784,749		$	238,590,117	$	170,873,767	$	121,036,529
	—		4,464,964			3,363,436		6,821,305		4,687,332
	2,140,214		—			—		—		—
	200,535,319		171,249,713			241,953,553		177,695,072		125,723,861
	—		—			—		—		1
	—		—			16,505		77,317		204,478
	—		80,546			914,605		1,296,389		182,574
	—		—			—		—		16,264
	553,637		284,274			525,413		975,360		2,562,163
	135,137		201,652			324,125		230,471		219,888
	—		—			321,378		837,623		339
	61,317		58,841			67,706		67,916		58,530
	201,285,410		171,875,026			244,123,285		181,180,148		128,968,098
	—		—			1,019,382		722,739		373,516
	1,555,887		1,179,972			1,184,150		5,700,605		115,917
	483,161		3,238,130			—		2,933,315		618,251
	31,591		23,648			35,471		60,212		16,215
	82,008		92,748			165,930		136,329		131,032
	25,712		22,121			28,450		15,813		8,389
	36,580		39,698			25,918		17,270		2,118
	8,409		7,622			11,552		2,871		314
	3,293		4,462			6,600		2,524		438
	28		—			—		—		—
	—		—			—		—		—
	25,044		36,450			55,660		101,341		110,278
	2,251,713		4,644,851			2,533,113		9,693,019		1,376,468
$	199,033,697	$	167,230,175		$	241,590,172	$	171,487,129	$	127,591,630
$	183,047,555	$	210,344,773		$	167,026,947	$	144,666,971	$	149,795,825
	15,986,142		(43,114,598	)		74,563,225		26,820,158		(22,204,195	)
$	199,033,697	$	167,230,175		$	241,590,172	$	171,487,129	$	127,591,630

$	192,217,990	$	215,026,369	$	175,383,376	$	164,549,598	$	141,484,923
$	—	$	4,464,964	$	3,363,436	$	6,821,305	$	4,687,332
$	2,140,214	$	—	$	—	$	—	$	—
$	1,389,435	$	26,032,394	$	6,252,714	$	5,766,233	$	3,779,165
$	—	$	—	$	16,842	$	77,751	$	205,613

The accompanying notes are an integral part of the financial statements.

145

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2020 (Unaudited)

	MassMutual Premier Disciplined Value Fund		MassMutual Premier Main Street Fund
Class I shares:
Net assets	$	8,786,078	$	24,198,488
Shares outstanding (a)		864,124		2,784,787
Net asset value, offering price and redemption price per share	$	10.17	$	8.69
Class R5 shares:
Net assets	$	39,920,128	$	38,633,222
Shares outstanding (a)		3,915,141		4,447,998
Net asset value, offering price and redemption price per share	$	10.20	$	8.69
Service Class shares:
Net assets	$	10,069,067	$	139,638
Shares outstanding (a)		995,943		15,406
Net asset value, offering price and redemption price per share	$	10.11	$	9.06
Administrative Class shares:
Net assets	$	3,121,125	$	17,876,457
Shares outstanding (a)		301,325		2,059,107
Net asset value, offering price and redemption price per share	$	10.36	$	8.68
Class A shares:
Net assets	$	4,960,039	$	10,264,470
Shares outstanding (a)		495,900		1,203,087
Net asset value, offering price and redemption price per share	$	10.00	$	8.53
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	10.58	$	9.03
Class R4 shares:
Net assets	$	2,295,458	$	5,194,286
Shares outstanding (a)		231,378		614,735
Net asset value, offering price and redemption price per share	$	9.92	$	8.45
Class R3 shares:
Net assets	$	3,261,459	$	958,203
Shares outstanding (a)		322,949		111,980
Net asset value, offering price and redemption price per share	$	10.10	$	8.56

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

146

MassMutual Premier Disciplined Growth Fund		MassMutual Premier Small Cap Opportunities Fund		MassMutual Premier Global Fund		MassMutual Premier International Equity Fund		MassMutual Premier Strategic Emerging Markets Fund
$	25,889,132	$	26,331,095	$	56,085,433	$	75,958,668	$	119,125,152
	2,845,638		2,574,501		5,186,520		7,296,032		11,477,169
$	9.10	$	10.23	$	10.81	$	10.41	$	10.38
$	74,571,373	$	66,658,999	$	83,951,151	$	67,403,504	$	3,714,441
	8,189,036		6,529,809		7,753,891		6,475,058		352,426
$	9.11	$	10.21	$	10.83	$	10.41	$	10.54
$	18,933,151	$	12,639,882	$	5,709,568	$	4,853,949	$	1,373,887
	2,067,782		1,240,695		532,164		467,287		132,012
$	9.16	$	10.19	$	10.73	$	10.39	$	10.41
$	32,308,174	$	14,838,346	$	64,674,741	$	3,739,100	$	743,170
	3,477,169		1,465,419		5,973,855		361,754		71,169
$	9.29	$	10.13	$	10.83	$	10.34	$	10.44
$	22,135,272	$	34,469,682	$	17,438,058	$	15,172,328	$	982,305
	2,476,126		3,497,163		1,631,668		1,514,311		94,861
$	8.94	$	9.86	$	10.69	$	10.02	$	10.36
$	9.46	$	10.43	$	11.31	$	10.60	$	10.96
$	20,705,900	$	7,054,973	$	6,080,213	$	1,735,794	$	1,112,004
	2,343,330		720,399		578,130		174,873		107,986
$	8.84	$	9.79	$	10.52	$	9.93	$	10.30
$	4,490,695	$	5,237,198	$	7,651,008	$	2,623,786	$	540,671
	508,493		540,352		720,036		265,432		52,638
$	8.83	$	9.69	$	10.63	$	9.88	$	10.27

The accompanying notes are an integral part of the financial statements.

147

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2020 (Unaudited)

	MassMutual Premier U.S. Government Money Market Fund		MassMutual Premier Short-Duration Bond Fund
Investment income (Note 2):
Dividends	$	—	$	187,064
Interest (a)		2,696,134		9,764,753
Securities lending net income		—		2,680
Total investment income		2,696,134		9,954,497
Expenses (Note 3):
Investment advisory fees		581,286		884,979
Custody fees		15,070		25,877
Interest expense		—		21
Audit fees		17,098		20,129
Legal fees		2,544		4,455
Proxy fees		547		547
Accounting & Administration fees		34,574		40,772
Shareholder reporting fees		8,392		20,605
Trustees’ fees		7,504		11,304
Registration and filing fees		13,181		49,976
Transfer agent fees		1,511		1,511
		681,707		1,060,176
Administration fees:
Class R5		166,082		75,934
Service Class		—		36,557
Administrative Class		—		23,597
Class A		—		42,392
Class R4		—		12,546
Class R3		—		6,989
Distribution and Service fees:
Class A		—		70,653
Class R4		—		15,683
Class R3		—		17,472
Shareholder service fees:
Service Class		—		12,186
Administrative Class		—		23,597
Class A		—		42,392
Total expenses		847,789		1,440,174
Net investment income (loss)		1,848,345		8,514,323

The accompanying notes are an integral part of the financial statements.

148

MassMutual Premier Inflation- Protected and Income Fund		MassMutual Premier Core Bond Fund		MassMutual Premier Diversified Bond Fund		MassMutual Premier High Yield Fund		MassMutual Premier Balanced Fund
$	—	$	583,662	$	81,565	$	—	$	863,374
	4,099,927		26,370,669		4,931,414		17,044,842		760,689
	4,671		29,415		13,086		161,233		5,729
	4,104,598		26,983,746		5,026,065		17,206,075		1,629,792
	624,733		2,679,796		442,833		1,295,699		308,352
	19,118		51,939		25,312		39,757		21,352
	—		—		—		—		—
	20,211		20,828		20,652		19,628		20,607
	2,723		11,873		2,502		4,144		1,060
	547		547		547		547		547
	22,937		63,019		43,143		30,901		35,916
	16,473		33,020		14,637		21,571		13,089
	6,856		33,077		5,003		13,647		2,700
	50,035		51,090		50,977		51,126		49,645
	1,511		1,511		1,511		1,511		1,511
	765,144		2,946,700		607,117		1,478,531		454,779
	37,995		158,976		56,094		22,163		22,247
	36,124		63,499		9,065		34,189		4,540
	11,421		51,080		15,278		19,188		4,436
	12,970		64,900		19,074		22,458		19,944
	6,471		13,605		6,494		45,067		2,958
	3,804		1,319		3,191		39,849		7,337
	21,617		108,166		31,791		37,430		33,240
	8,089		17,006		8,118		56,334		3,698
	9,510		3,298		7,978		99,624		18,342
	12,041		21,166		3,022		11,396		1,513
	11,421		51,080		15,278		19,188		4,436
	12,970		64,900		19,074		22,458		19,944
	949,577		3,565,695		801,574		1,907,875		597,414
	3,155,021		23,418,051		4,224,491		15,298,200		1,032,378

The accompanying notes are an integral part of the financial statements.

149

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2020 (Unaudited)

	MassMutual Premier U.S. Government Money Market Fund		MassMutual Premier Short-Duration Bond Fund
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions	$	12,444	$	734,018
Futures contracts		—		(1,176,349	)
Swap agreements		—		561,823
Foreign currency transactions		—		—
Forward contracts		—		—
Net realized gain (loss)		12,444		119,492
Net change in unrealized appreciation (depreciation) on:
Investment transactions		—		(30,128,752	)
Futures contracts		—		(7,881,652	)
Swap agreements		—		4,283
Translation of assets and liabilities in foreign currencies		—		—
Forward contracts		—		—
Net change in unrealized appreciation (depreciation)		—		(38,006,121	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		12,444		(37,886,629	)
Net increase (decrease) in net assets resulting from operations	$	1,860,789	$	(29,372,306	)

^(a) Net of foreign withholding tax of: $ — $ 1,671

The accompanying notes are an integral part of the financial statements.

150

MassMutual Premier Inflation- Protected and Income Fund			MassMutual Premier Core Bond Fund			MassMutual Premier Diversified Bond Fund			MassMutual Premier High Yield Fund			MassMutual Premier Balanced Fund
$	5,014,012		$	9,063,258		$	1,886,519		$	(7,755,566	)	$	1,376,722
	150,969			687,453			239,162			—			(179,792	)
	1,047,809			1,573,941			276,447			—			52,448
	—			—			(4,806	)		—			—
	—			—			(23,599	)		—			—
	6,212,790			11,324,652			2,373,723			(7,755,566	)		1,249,378
	(13,096,956	)		(91,538,957	)		(21,288,475	)		(72,300,961	)		(15,244,197	)
	262,713			17,113,720			2,724,892			—			781,695
	1,698,910			11,336			1,831			—			446
	(29	)		—			(1,812	)		—			—
	—			—			31,636			—			—
	(11,135,362	)		(74,413,901	)		(18,531,928	)		(72,300,961	)		(14,462,056	)
	(4,922,572	)		(63,089,249	)		(16,158,205	)		(80,056,527	)		(13,212,678	)
$	(1,767,551	)	$	(39,671,198	)	$	(11,933,714	)	$	(64,758,327	)	$	(12,180,300	)

$ — $ — $ 2,795 $ — $ —

The accompanying notes are an integral part of the financial statements.

151

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2020 (Unaudited)

	MassMutual Premier Disciplined Value Fund		MassMutual Premier Main Street Fund
Investment income (Note 2):
Dividends (a)	$	1,570,870	$	1,106,134
Interest		863		5,028
Securities lending net income		5,541		187
Total investment income		1,577,274		1,111,349
Expenses (Note 3):
Investment advisory fees		234,906		324,981
Custody fees		11,825		12,229
Audit fees		19,901		18,539
Legal fees		960		2,618
Proxy fees		547		547
Accounting & Administration fees		15,809		14,066
Shareholder reporting fees		25,814		11,028
Trustees’ fees		2,810		2,753
Registration and filing fees		48,376		48,932
Transfer agent fees		1,510		1,511
		362,458		437,204
Administration fees:
Class R5		26,604		23,829
Service Class		12,730		350
Administrative Class		3,881		17,836
Class A		4,801		9,555
Class R4		3,517		6,374
Class R3		4,102		1,188
Distribution and Service fees:
Class A		8,002		15,926
Class R4		4,397		7,968
Class R3		10,256		2,970
Shareholder service fees:
Service Class		4,243		117
Administrative Class		3,881		17,836
Class A		4,801		9,555
Total expenses		453,673		550,708
Expenses waived (Note 3):
Class I fees reimbursed by adviser		—		—
Class R5 fees reimbursed by adviser		—		—
Service Class fees reimbursed by adviser		—		—
Administrative Class fees reimbursed by adviser		—		—
Class A fees reimbursed by adviser		—		—
Class R4 fees reimbursed by adviser		—		—
Class R3 fees reimbursed by adviser		—		—
Class I advisory fees waived		—		—
Class R5 advisory fees waived		—		—
Service Class advisory fees waived		—		—
Administrative Class advisory fees waived		—		—
Class A advisory fees waived		—		—
Class R4 advisory fees waived		—		—
Class R3 advisory fees waived		—		—
Net expenses:		453,673		550,708
Net investment income (loss)		1,123,601		560,641

The accompanying notes are an integral part of the financial statements.

152

MassMutual Premier Disciplined Growth Fund		MassMutual Premier Small Cap Opportunities Fund		MassMutual Premier Global Fund			MassMutual Premier International Equity Fund			MassMutual Premier Strategic Emerging Markets Fund
$	1,814,950	$	1,756,972	$	1,301,569		$	1,231,204		$	857,584
	4,462		12,101		17,689			19,380			31,739
	5,668		34,375		4,605			10,817			24,741
	1,825,080		1,803,448		1,323,863			1,261,401			914,064
	556,974		659,583		1,147,348			1,141,226			857,833
	11,325		11,861		32,984			61,570			97,537
	19,927		19,063		22,519			23,183			33,310
	2,081		4,418		6,264			7,767			3,753
	547		547		547			547			547
	15,653		14,298		20,124			19,597			18,558
	28,330		14,518		15,952			18,048			13,019
	6,337		4,944		6,787			7,670			4,056
	48,779		50,232		49,081			50,846			49,468
	1,511		1,511		1,511			1,511			1,511
	691,464		780,975		1,303,117			1,331,965			1,079,592
	45,590		43,144		51,912			45,539			2,256
	19,227		13,037		5,060			6,448			792
	29,058		15,213		59,982			4,093			740
	21,998		36,832		18,445			15,813			892
	24,686		10,437		7,741			4,489			1,400
	5,446		7,945		10,870			4,791			743
	36,664		61,386		30,742			26,355			1,487
	30,858		13,047		9,677			5,611			1,750
	13,614		19,864		27,174			11,976			1,856
	6,409		4,346		1,687			2,149			264
	29,058		15,213		59,982			4,093			740
	21,998		36,832		18,445			15,813			892
	976,070		1,058,271		1,604,834			1,479,135			1,093,404
	—		—		—			—			(87,518	)
	—		—		—			—			(2,573	)
	—		—		—			—			(564	)
	—		—		—			—			(557	)
	—		—		—			—			(659	)
	—		—		—			—			(794	)
	—		—		—			—			(418	)
	—		—		—			(13,293	)		—
	—		—		—			(9,116	)		—
	—		—		—			(860	)		—
	—		—		—			(546	)		—
	—		—		—			(2,111	)		—
	—		—		—			(449	)		—
	—		—		—			(478	)		—
	976,070		1,058,271		1,604,834			1,452,282			1,000,321
	849,010		745,177		(280,971	)		(190,881	)		(86,257	)

The accompanying notes are an integral part of the financial statements.

153

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2020 (Unaudited)

	MassMutual Premier Disciplined Value Fund			MassMutual Premier Main Street Fund
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions	$	2,521,557		$	2,272,203
Futures contracts		2,399			—
Foreign currency transactions		—			(2,480	)
Net realized gain (loss)		2,523,956			2,269,723
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(23,426,392	)		(18,115,709	)
Translation of assets and liabilities in foreign currencies		—			(7	)
Net change in unrealized appreciation (depreciation)		(23,426,392	)		(18,115,716	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(20,902,436	)		(15,845,993	)
Net increase (decrease) in net assets resulting from operations	$	(19,778,835	)	$	(15,285,352	)

(a)	Net of foreign withholding tax of:	$	212	$	11,241
*	Net of net increase (decrease) in accrued foreign capital gains tax of:	$	—	$	—

The accompanying notes are an integral part of the financial statements.

154

MassMutual Premier Disciplined Growth Fund			MassMutual Premier Small Cap Opportunities Fund			MassMutual Premier Global Fund			MassMutual Premier International Equity Fund			MassMutual Premier Strategic Emerging Markets Fund
$	15,889,829		$	4,264,399		$	14,169,906		$	24,051,248		$	1,380,875
	6,286			—			—			—			—
	—			—			(1,635	)		(62,306	)		(108,442	)
	15,896,115			4,264,399			14,168,271			23,988,942			1,272,433
	(29,338,938	)		(62,818,970	)		(44,736,451	)		(34,155,662	)*		(30,687,747	)*
	—			—			10,278			19,317			(5,243	)
	(29,338,938	)		(62,818,970	)		(44,726,173	)		(34,136,345	)		(30,692,990	)
	(13,442,823	)		(58,554,571	)		(30,557,902	)		(10,147,403	)		(29,420,557	)
$	(12,593,813	)	$	(57,809,394	)	$	(30,838,873	)	$	(10,338,284	)	$	(29,506,814	)

$	—	$	—	$	73,080	$	160,656	$	92,290
$	—	$	—	$	—	$	154,560	$	254,329

The accompanying notes are an integral part of the financial statements.

155

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier U.S. Government Money Market Fund
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,848,345		$	6,230,984
Net realized gain (loss)		12,444			19,866
Net change in unrealized appreciation (depreciation)		—			—
Net increase (decrease) in net assets resulting from operations		1,860,789			6,250,850
Distributions to shareholders (Note 2):
Class I		—			—
Class R5		(1,848,349	)		(6,235,386	)
Service Class		—			—
Administrative Class		—			—
Class A		—			—
Class R4		—			—
Class R3		—			—
Total distributions		(1,848,349	)		(6,235,386	)
Net fund share transactions (Note 5):
Class I		—			—
Class R5		(45,888,461	)		(5,992,795	)
Service Class		—			—
Administrative Class		—			—
Class A		—			—
Class R4		—			—
Class R3		—			—
Increase (decrease) in net assets from fund share transactions		(45,888,461	)		(5,992,795	)
Total increase (decrease) in net assets		(45,876,021	)		(5,977,331	)
Net assets
Beginning of period		333,573,637			339,550,968
End of period	$	287,697,616		$	333,573,637

The accompanying notes are an integral part of the financial statements.

156

MassMutual Premier Short-Duration Bond Fund						MassMutual Premier Inflation-Protected and Income Fund
Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
$	8,514,323		$	14,885,046		$	3,155,021		$	6,804,543
	119,492			(6,421,931	)		6,212,790			2,393,072
	(38,006,121	)		10,537,281			(11,135,362	)		10,347,105
	(29,372,306	)		19,000,396			(1,767,551	)		19,544,720
	(6,439,923	)		(7,202,599	)		(3,271,533	)		(4,218,564	)
	(5,030,849	)		(4,696,245	)		(1,477,050	)		(1,880,006	)
	(1,504,685	)		(2,172,717	)		(871,286	)		(1,448,100	)
	(942,181	)		(1,112,224	)		(263,596	)		(423,256	)
	(1,619,767	)		(1,926,511	)		(266,814	)		(494,124	)
	(362,441	)		(442,706	)		(119,159	)		(173,122	)
	(188,593	)		(256,012	)		(58,266	)		(110,088	)
	(16,088,439	)		(17,809,014	)		(6,327,704	)		(8,747,260	)
	(714,453	)		40,461,522			4,788,871			15,862,514
	(12,926,921	)		22,850,387			6,690,312			10,753,653
	(15,300,511	)		(21,398,810	)		(3,524,614	)		(1,240,989	)
	217,908			(3,125,703	)		(936,756	)		859,652
	(1,080,863	)		2,157,648			1,899,230			(4,935,725	)
	(454,470	)		(1,201,825	)		(3,565,503	)		(106,040	)
	91,296			(922,444	)		(1,205,254	)		(401,142	)
	(30,168,014	)		38,820,775			4,146,286			20,791,923
	(75,628,759	)		40,012,157			(3,948,969	)		31,589,383
	520,496,965			480,484,808			322,047,742			290,458,359
$	444,868,206		$	520,496,965		$	318,098,773		$	322,047,742

The accompanying notes are an integral part of the financial statements.

157

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Core Bond Fund
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	23,418,051		$	43,994,608
Net realized gain (loss)		11,324,652			27,040,977
Net change in unrealized appreciation (depreciation)		(74,413,901	)		54,727,210
Net increase (decrease) in net assets resulting from operations		(39,671,198	)		125,762,795
Distributions to shareholders (Note 2):
Class I		(28,739,602	)		(23,843,483	)
Class R5		(10,399,843	)		(8,771,104	)
Service Class		(2,527,437	)		(2,820,260	)
Administrative Class		(2,078,397	)		(2,086,599	)
Class A		(2,633,014	)		(2,821,022	)
Class R4		(424,542	)		(348,493	)
Class R3		(36,423	)		(21,641	)
Total distributions		(46,839,258	)		(40,712,602	)
Net fund share transactions (Note 5):
Class I		(30,650,978	)		101,765,720
Class R5		1,574,994			5,469,665
Service Class		8,385,211			(20,315,656	)
Administrative Class		2,341,034			(6,188,523	)
Class A		(16,717,485	)		(15,445,413	)
Class R4		(4,082,813	)		2,525,433
Class R3		299,103			373,534
Increase (decrease) in net assets from fund share transactions		(38,850,934	)		68,184,760
Total increase (decrease) in net assets		(125,361,390	)		153,234,953
Net assets
Beginning of period		1,432,074,796			1,278,839,843
End of period	$	1,306,713,406		$	1,432,074,796

The accompanying notes are an integral part of the financial statements.

158

MassMutual Premier Diversified Bond Fund						MassMutual Premier High Yield Fund
Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
$	4,224,491		$	7,189,341		$	15,298,200		$	33,965,154
	2,373,723			3,561,731			(7,755,566	)		(11,040,111	)
	(18,531,928	)		9,393,591			(72,300,961	)		3,399,787
	(11,933,714	)		20,144,663			(64,758,327	)		26,324,830
	(2,101,217	)		(803,296	)		(19,290,018	)		(19,353,739	)
	(3,753,102	)		(3,456,741	)		(2,645,773	)		(2,275,582	)
	(378,278	)		(472,306	)		(2,839,443	)		(2,454,456	)
	(659,827	)		(665,828	)		(1,494,189	)		(1,468,139	)
	(716,898	)		(858,563	)		(1,705,017	)		(1,360,141	)
	(215,413	)		(193,130	)		(2,695,196	)		(1,787,546	)
	(82,760	)		(114,013	)		(2,129,846	)		(2,230,290	)
	(7,907,495	)		(6,563,877	)		(32,799,482	)		(30,929,893	)
	4,670,350			36,705,887			10,188,230			(52,274,023	)
	5,091,819			4,937,951			4,630,222			(1,906,593	)
	154,073			(6,688,264	)		(9,106,562	)		4,024,313
	(2,669,389	)		(6,599,351	)		459,329			(4,907,364	)
	(4,370,826	)		(5,421,141	)		(1,622,180	)		4,042,626
	(926,267	)		1,770,981			(680,690	)		11,588,566
	(228,234	)		(1,217,048	)		(2,011,045	)		(2,079,165	)
	1,721,526			23,489,015			1,857,304			(41,511,640	)
	(18,119,683	)		37,069,801			(95,700,505	)		(46,116,703	)
	244,920,753			207,850,952			564,316,577			610,433,280
$	226,801,070		$	244,920,753		$	468,616,072		$	564,316,577

The accompanying notes are an integral part of the financial statements.

159

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Balanced Fund
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,032,378		$	2,110,305
Net realized gain (loss)		1,249,378			5,301,636
Net change in unrealized appreciation (depreciation)		(14,462,056	)		(4,984,154	)
Net increase (decrease) in net assets resulting from operations		(12,180,300	)		2,427,787
Distributions to shareholders (Note 2):
Class I		(2,058,041	)		(1,128,296	)
Class R5		(2,810,372	)		(3,512,186	)
Service Class		(333,607	)		(470,839	)
Administrative Class		(416,607	)		(535,122	)
Class A		(1,592,729	)		(1,935,646	)
Class R4		(186,063	)		(231,293	)
Class R3		(431,814	)		(645,997	)
Total distributions		(7,829,233	)		(8,459,379	)
Net fund share transactions (Note 5):
Class I		6,931,357			20,038,802
Class R5		(2,286,551	)		2,754,926
Service Class		669,648			(834,845	)
Administrative Class		(1,672,746	)		(653,383	)
Class A		33,137			(1,884,375	)
Class R4		139,466			(410,358	)
Class R3		71,484			(233,401	)
Increase (decrease) in net assets from fund share transactions		3,885,795			18,777,366
Total increase (decrease) in net assets		(16,123,738	)		12,745,774
Net assets
Beginning of period		126,984,010			114,238,236
End of period	$	110,860,272		$	126,984,010

The accompanying notes are an integral part of the financial statements.

160

MassMutual Premier Disciplined Value Fund						MassMutual Premier Main Street Fund
Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
$	1,123,601		$	2,438,165		$	560,641		$	1,386,706
	2,523,956			6,496,723			2,269,723			10,434,330
	(23,426,392	)		(11,828,423	)		(18,115,716	)		(6,202,846	)
	(19,778,835	)		(2,893,535	)		(15,285,352	)		5,618,190
	(1,207,781	)		(2,950,659	)		(2,335,592	)		(2,939,489	)
	(3,793,792	)		(8,804,772	)		(4,468,709	)		(7,652,907	)
	(1,356,284	)		(6,451,380	)		(60,335	)		(74,980	)
	(384,917	)		(1,338,400	)		(2,255,886	)		(3,133,171	)
	(462,189	)		(1,275,458	)		(1,188,476	)		(1,597,880	)
	(270,247	)		(948,544	)		(593,581	)		(719,840	)
	(271,118	)		(634,881	)		(106,551	)		(205,497	)
	(7,746,328	)		(22,404,094	)		(11,009,130	)		(16,323,764	)
	(4,348,300	)		439,475			5,771,918			2,210,454
	1,248,747			3,498,339			1,000,406			(14,185,696	)
	(6,618,755	)		(22,292,084	)		(480,308	)		(43,915	)
	(1,383,566	)		(1,787,052	)		(1,561,608	)		(1,861,173	)
	878,705			(1,408,783	)		192,772			(596,316	)
	(888,334	)		(1,284,893	)		225,584			415,047
	30,753			859,475			(24,220	)		(350,994	)
	(11,080,750	)		(21,975,523	)		5,124,544			(14,412,593	)
	(38,605,913	)		(47,273,152	)		(21,169,938	)		(25,118,167	)
	111,019,267			158,292,419			118,434,702			143,552,869
$	72,413,354		$	111,019,267		$	97,264,764		$	118,434,702

The accompanying notes are an integral part of the financial statements.

161

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Disciplined Growth Fund
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	849,010		$	1,944,500
Net realized gain (loss)		15,896,115			23,547,277
Net change in unrealized appreciation (depreciation)		(29,338,938	)		(25,336,115	)
Net increase (decrease) in net assets resulting from operations		(12,593,813	)		155,662
Distributions to shareholders (Note 2):
Class I		(4,066,618	)		(6,509,520	)
Class R5		(10,651,101	)		(22,374,835	)
Service Class		(3,510,848	)		(15,117,227	)
Administrative Class		(4,502,486	)		(8,539,033	)
Class A		(3,558,796	)		(7,985,405	)
Class R4		(3,012,939	)		(6,472,019	)
Class R3		(622,111	)		(1,501,736	)
Total distributions		(29,924,899	)		(68,499,775	)
Net fund share transactions (Note 5):
Class I		3,056,548			4,404,455
Class R5		(9,671,983	)		10,887,227
Service Class		(9,258,848	)		(27,992,682	)
Administrative Class		1,891,773			3,128,965
Class A		(2,305,844	)		(1,612,036	)
Class R4		993,442			(546,976	)
Class R3		(656,827	)		423,218
Increase (decrease) in net assets from fund share transactions		(15,951,739	)		(11,307,829	)
Total increase (decrease) in net assets		(58,470,451	)		(79,651,942	)
Net assets
Beginning of period		257,504,148			337,156,090
End of period	$	199,033,697		$	257,504,148

The accompanying notes are an integral part of the financial statements.

162

MassMutual Premier Small Cap Opportunities Fund						MassMutual Premier Global Fund
Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
$	745,177		$	1,153,352		$	(280,971	)	$	1,627,212
	4,264,399			4,354,988			14,168,271			3,878,613
	(62,818,970	)		(25,144,927	)		(44,726,173	)		(11,127,382	)
	(57,809,394	)		(19,636,587	)		(30,838,873	)		(5,621,557	)
	(319,615	)		(3,656,500	)		(704,508	)		(10,142,807	)
	(868,871	)		(6,499,034	)		(889,590	)		(18,881,920	)
	(121,119	)		(1,491,884	)		(46,110	)		(2,220,861	)
	(120,787	)		(1,983,912	)		(520,255	)		(16,324,130	)
	(240,626	)		(5,673,440	)		(96,678	)		(5,808,841	)
	(53,838	)		(1,018,771	)		(37,330	)		(1,601,209	)
	(41,924	)		(886,852	)		(33,038	)		(2,011,068	)
	(1,766,780	)		(21,210,393	)		(2,327,509	)		(56,990,836	)
	66,132			859,274			(6,732,949	)		29,493,708
	30,205,632			(2,681,256	)		(2,467,542	)		17,371,070
	(94,909	)		1,700,754			233,523			(6,812,076	)
	(567,098	)		(1,928,523	)		(3,556,421	)		5,597,866
	(4,283,921	)		(6,923,243	)		(5,085,708	)		(414,975	)
	(1,193,398	)		728,250			(677,039	)		1,437,489
	(1,593,328	)		(294,957	)		(1,386,563	)		1,442,706
	22,539,110			(8,539,701	)		(19,672,699	)		48,115,788
	(37,037,064	)		(49,386,681	)		(52,839,081	)		(14,496,605	)
	204,267,239			253,653,920			294,429,253			308,925,858
$	167,230,175		$	204,267,239		$	241,590,172		$	294,429,253

The accompanying notes are an integral part of the financial statements.

163

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier International Equity Fund
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(190,881	)	$	2,997,156
Net realized gain (loss)		23,988,942			13,863,056
Net change in unrealized appreciation (depreciation)		(34,136,345	)		(37,392,335	)
Net increase (decrease) in net assets resulting from operations		(10,338,284	)		(20,532,123	)
Distributions to shareholders (Note 2):
Class I		(5,748,906	)		(13,156,184	)
Class R5		(3,666,648	)		(6,231,478	)
Service Class		(339,316	)		(718,289	)
Administrative Class		(208,684	)		(460,669	)
Class A		(760,247	)		(1,213,354	)
Class R4		(173,825	)		(451,336	)
Class R3		(178,640	)		(377,140	)
Total distributions		(11,076,266	)		(22,608,450	)
Net fund share transactions (Note 5):
Class I		(65,629,897	)		(119,556,080	)
Class R5		(17,965,040	)		(41,389,928	)
Service Class		(4,102,329	)		(11,670,069	)
Administrative Class		(1,222,078	)		(5,312,397	)
Class A		(4,599,502	)		(6,051,775	)
Class R4		(2,999,974	)		(4,928,933	)
Class R3		(2,558,074	)		(2,594,867	)
Increase (decrease) in net assets from fund share transactions		(99,076,894	)		(191,504,049	)
Total increase (decrease) in net assets		(120,491,444	)		(234,644,622	)
Net assets
Beginning of period		291,978,573			526,623,195
End of period	$	171,487,129		$	291,978,573

The accompanying notes are an integral part of the financial statements.

164

MassMutual Premier Strategic Emerging Markets Fund
Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
$	(86,257	)	$	1,012,926
	1,272,433			20,636,717
	(30,692,990	)		(18,190,614	)
	(29,506,814	)		3,459,029
	(13,661,324	)		(1,339,579	)
	(365,359	)		(22,332	)
	(41,689	)		(247	)
	(79,749	)		(2,174	)
	(90,537	)		(1,818	)
	(112,016	)		(2,905	)
	(60,918	)		—
	(14,411,592	)		(1,369,055	)
	18,764,030			(75,951,493	)
	365,974			157,072
	1,380,747			185,417
	19,784			23,815
	391,863			461,858
	60,630			(24,886	)
	(74,285	)		(24,279	)
	20,908,743			(75,172,496	)
	(23,009,663	)		(73,082,522	)
	150,601,293			223,683,815
$	127,591,630		$	150,601,293

The accompanying notes are an integral part of the financial statements.

165

[THIS PAGE INTENTIONALLY LEFT BLANK]

MassMutual Premier U.S. Government Money Market Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class R5
3/31/20r	$ 1.00	$ 0.01	$ 0.00d	$ 0.01	$ (0.01)	$ —	$ (0.01)	$ 1.00	0.55%b	$ 287,698	0.51%a	N/A	1.11%a
9/30/19	1.00	0.02	0.00d	0.02	(0.02)	(0.00)d	(0.02)	1.00	1.85%	333,574	0.52%	N/A	1.83%
9/30/18	1.00	0.01	0.00d	0.01	(0.01)	(0.00)d	(0.01)	1.00	1.08%	339,551	0.50%	N/A	1.04%
9/30/17	1.00	0.00d	0.00d	0.00d	(0.00)d	—	(0.00)d	1.00	0.23%	352,317	0.52%	0.51%	0.22%
9/30/16	1.00	0.00d	0.00d	0.00d	(0.00)d	—	(0.00)d	1.00	0.00%e	334,720	0.51%	0.36%	0.00%e
9/30/15	1.00	0.00d	0.00d	0.00d	(0.00)d	—	(0.00)d	1.00	0.01%	400,017	0.50%	0.14%	0.00%e

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

e Amount is less than 0.005%.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

167

MassMutual Premier Short-Duration Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/20r	$ 10.31	$ 0.18	$ (0.77)	$ (0.59)	$ (0.35)	$ —	$ (0.35)	$ 9.37	(5.97%)b	$ 184,984	0.42%a	3.52%a
9/30/19	10.30	0.32	0.08	0.40	(0.39)	—	(0.39)	10.31	4.05%	204,282	0.43%	3.13%
9/30/18	10.40	0.27	(0.10)	0.17	(0.27)	—	(0.27)	10.30	1.65%	163,465	0.39%	2.64%
9/30/17	10.39	0.23	0.03	0.26	(0.25)	—	(0.25)	10.40	2.57%	299,768	0.40%	2.20%
9/30/16	10.46	0.20	0.00d	0.20	(0.27)	—	(0.27)	10.39	1.98%	166,281	0.40%	1.97%
9/30/15	10.50	0.19	0.01	0.20	(0.24)	(0.00)d	(0.24)	10.46	2.00%	154,219	0.40%	1.83%
Class R5
3/31/20r	$ 10.34	$ 0.17	$ (0.77)	$ (0.60)	$ (0.34)	$ —	$ (0.34)	$ 9.40	(6.04%)b	$ 132,397	0.52%a	3.40%a
9/30/19	10.33	0.31	0.08	0.39	(0.38)	—	(0.38)	10.34	3.92%	158,895	0.53%	3.03%
9/30/18	10.42	0.26	(0.09)	0.17	(0.26)	—	(0.26)	10.33	1.63%	135,411	0.49%	2.55%
9/30/17	10.42	0.22	0.02	0.24	(0.24)	—	(0.24)	10.42	2.36%	155,172	0.50%	2.09%
9/30/16	10.49	0.19	0.00d	0.19	(0.26)	—	(0.26)	10.42	1.88%	199,354	0.50%	1.87%
9/30/15	10.52	0.18	0.02	0.20	(0.23)	(0.00)d	(0.23)	10.49	1.95%	159,429	0.50%	1.73%
Service Class
3/31/20r	$ 10.26	$ 0.16	$ (0.76)	$ (0.60)	$ (0.32)	$ —	$ (0.32)	$ 9.34	(6.04%)b	$ 32,249	0.62%a	3.25%a
9/30/19	10.25	0.30	0.08	0.38	(0.37)	—	(0.37)	10.26	3.82%	51,201	0.63%	2.92%
9/30/18	10.35	0.25	(0.10)	0.15	(0.25)	—	(0.25)	10.25	1.50%	72,408	0.59%	2.45%
9/30/17	10.35	0.21	0.02	0.23	(0.23)	—	(0.23)	10.35	2.24%	75,544	0.60%	2.00%
9/30/16	10.42	0.18	0.00d	0.18	(0.25)	—	(0.25)	10.35	1.78%	55,309	0.60%	1.75%
9/30/15	10.45	0.17	0.02	0.19	(0.22)	(0.00)d	(0.22)	10.42	1.87%	86,058	0.60%	1.64%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	19%	55%	68%	72%	87%	59%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

168

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/20r	$ 10.22	$ 0.16	$ (0.76)	$ (0.60)	$ (0.32)	$ —	$ (0.32)	$ 9.30	(6.12%)b	$ 28,629	0.72%a	3.22%a
9/30/19	10.21	0.29	0.08	0.37	(0.36)	—	(0.36)	10.22	3.76%	31,270	0.73%	2.83%
9/30/18	10.31	0.24	(0.10)	0.14	(0.24)	—	(0.24)	10.21	1.35%	34,342	0.69%	2.37%
9/30/17	10.30	0.19	0.04	0.23	(0.22)	—	(0.22)	10.31	2.24%	28,771	0.70%	1.89%
9/30/16	10.37	0.17	0.00d	0.17	(0.24)	—	(0.24)	10.30	1.69%	32,906	0.70%	1.66%
9/30/15	10.41	0.16	0.01	0.17	(0.21)	(0.00)d	(0.21)	10.37	1.69%	36,789	0.70%	1.53%
Class A
3/31/20r	$ 10.14	$ 0.15	$ (0.76)	$ (0.61)	$ (0.29)	$ —	$ (0.29)	$ 9.24	(6.19%)b	$ 49,177	0.97%a	2.96%a
9/30/19	10.14	0.26	0.08	0.34	(0.34)	—	(0.34)	10.14	3.44%	55,315	0.98%	2.58%
9/30/18	10.24	0.21	(0.10)	0.11	(0.21)	—	(0.21)	10.14	1.10%	53,188	0.94%	2.11%
9/30/17	10.23	0.16	0.04	0.20	(0.19)	—	(0.19)	10.24	2.00%	50,893	0.95%	1.62%
9/30/16	10.30	0.14	0.00d	0.14	(0.21)	—	(0.21)	10.23	1.49%	87,598	0.95%	1.42%
9/30/15	10.34	0.13	0.02	0.15	(0.19)	(0.00)d	(0.19)	10.30	1.44%	75,507	0.95%	1.28%
Class R4
3/31/20r	$ 10.27	$ 0.15	$ (0.76)	$ (0.61)	$ (0.30)	$ —	$ (0.30)	$ 9.36	(6.13%)b	$ 10,924	0.87%a	3.06%a
9/30/19	10.26	0.27	0.08	0.35	(0.34)	—	(0.34)	10.27	3.57%	12,494	0.88%	2.67%
9/30/18	10.36	0.23	(0.11)	0.12	(0.22)	—	(0.22)	10.26	1.21%	13,691	0.84%	2.21%
9/30/17	10.36	0.18	0.03	0.21	(0.21)	—	(0.21)	10.36	2.05%	13,693	0.85%	1.75%
9/30/16	10.45	0.16	0.00d	0.16	(0.25)	—	(0.25)	10.36	1.59%	9,446	0.85%	1.53%
9/30/15	10.50	0.14	0.02	0.16	(0.21)	(0.00)d	(0.21)	10.45	1.57%	5,881	0.85%	1.39%
Class R3
3/31/20r	$ 10.20	$ 0.14	$ (0.77)	$ (0.63)	$ (0.27)	$ —	$ (0.27)	$ 9.30	(6.32%)b	$ 6,509	1.12%a	2.82%a
9/30/19	10.20	0.24	0.09	0.33	(0.33)	—	(0.33)	10.20	3.29%	7,040	1.13%	2.43%
9/30/18	10.30	0.20	(0.10)	0.10	(0.20)	—	(0.20)	10.20	0.97%	7,980	1.09%	1.97%
9/30/17	10.31	0.15	0.03	0.18	(0.19)	—	(0.19)	10.30	1.79%	6,689	1.10%	1.50%
9/30/16	10.42	0.13	0.00d	0.13	(0.24)	—	(0.24)	10.31	1.27%	3,661	1.10%	1.29%
9/30/15	10.46	0.12	0.01	0.13	(0.17)	(0.00)d	(0.17)	10.42	1.27%	1,561	1.10%	1.15%

The accompanying notes are an integral part of the financial statements.

169

MassMutual Premier Inflation-Protected and Income Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers (including interest expense)p	Ratio of expenses to average daily net assets after expense waivers (including interest expense)j,p	Ratio of expenses to average daily net assets after expense waivers (excluding interest expense)j	Net investment income (loss) to average daily net assets (including interest expense)p
Class I
3/31/20r	$ 10.59	$ 0.11	$ (0.15)	$ (0.04)	$ (0.22)	$ —	$ (0.22)	$ 10.33	(0.39%)b	$ 154,984	0.47%a	0.47%a, n	0.47%a, n	2.03%a
9/30/19	10.24	0.25	0.42	0.67	(0.32)	—	(0.32)	10.59	6.80%	154,260	0.50%	0.49%	0.46%	2.40%
9/30/18	10.46	0.34	(0.26)	0.08	(0.30)	—	(0.30)	10.24	0.74%	133,153	1.74%	1.71%	0.45%	3.33%
9/30/17	10.79	0.23	(0.27)	(0.04)	(0.29)	—	(0.29)	10.46	(0.32%)	98,194	1.26%	1.23%	0.45%	2.24%
9/30/16	10.19	0.13	0.59	0.72	(0.12)	—	(0.12)	10.79	7.16%	122,515	0.91%	0.90%	0.46%	1.23%
9/30/15	10.56	0.06	(0.17)	(0.11)	(0.26)	—	(0.26)	10.19	(1.12%)	153,421	0.67%	N/A	0.47%	0.56%
Class R5
3/31/20r	$ 10.59	$ 0.10	$ (0.15)	$ (0.05)	$ (0.21)	$ —	$ (0.21)	$ 10.33	(0.49%)b	$ 78,030	0.57%a	0.57%a, n	0.57%a, n	1.94%a
9/30/19	10.24	0.24	0.42	0.66	(0.31)	—	(0.31)	10.59	6.68%	73,365	0.60%	0.59%	0.56%	2.30%
9/30/18	10.46	0.34	(0.27)	0.07	(0.29)	—	(0.29)	10.24	0.63%	60,121	1.84%	1.81%	0.55%	3.29%
9/30/17	10.80	0.22	(0.28)	(0.06)	(0.28)	—	(0.28)	10.46	(0.51%)	60,155	1.36%	1.33%	0.55%	2.07%
9/30/16	10.19	0.13	0.59	0.72	(0.11)	—	(0.11)	10.80	7.14%	65,361	1.01%	1.00%	0.56%	1.22%
9/30/15	10.56	0.05	(0.18)	(0.13)	(0.24)	—	(0.24)	10.19	(1.22%)	60,285	0.77%	N/A	0.57%	0.48%
Service Class
3/31/20r	$ 10.55	$ 0.10	$ (0.15)	$ (0.05)	$ (0.20)	$ —	$ (0.20)	$ 10.30	(0.51%)b	$ 46,219	0.67%a	0.67%a, n	0.67%a, n	1.84%a
9/30/19	10.20	0.22	0.43	0.65	(0.30)	—	(0.30)	10.55	6.60%	50,873	0.71%	0.70%	0.67%	2.17%
9/30/18	10.42	0.32	(0.27)	0.05	(0.27)	—	(0.27)	10.20	0.51%	50,449	1.94%	1.91%	0.65%	3.16%
9/30/17	10.76	0.21	(0.29)	(0.08)	(0.26)	—	(0.26)	10.42	(0.63%)	57,719	1.46%	1.43%	0.65%	2.00%
9/30/16	10.16	0.10	0.60	0.70	(0.10)	—	(0.10)	10.76	6.96%	71,040	1.11%	1.10%	0.66%	0.95%
9/30/15	10.52	0.04	(0.17)	(0.13)	(0.23)	—	(0.23)	10.16	(1.23%)	77,147	0.87%	N/A	0.67%	0.37%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	73%	42%	62%	25%	46%	59%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

n Expenses incurred during the period fell under the expense cap.

p Interest expense incurred as a result of entering into reverse repurchase agreements and Treasury roll transactions is included in the Fund’s net expenses in the Statements of Operations. Income earned on investing proceeds from reverse repurchase agreements and Treasury roll transactions is included in interest income in the Statements of Operations.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

170

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers (including interest expense)p	Ratio of expenses to average daily net assets after expense waivers (including interest expense)j,p	Ratio of expenses to average daily net assets after expense waivers (excluding interest expense)j	Net investment income (loss) to average daily net assets (including interest expense)p
Administrative Class
3/31/20r	$ 10.66	$ 0.09	$ (0.14)	$ (0.05)	$ (0.19)	$ —	$ (0.19)	$ 10.42	(0.51%)b	$ 14,872	0.77%a	0.77%a, n	0.77%a, n	1.73%a
9/30/19	10.30	0.21	0.44	0.65	(0.29)	—	(0.29)	10.66	6.53%	16,168	0.80%	0.79%	0.76%	2.03%
9/30/18	10.53	0.31	(0.28)	0.03	(0.26)	—	(0.26)	10.30	0.31%	14,744	2.04%	2.01%	0.75%	3.02%
9/30/17	10.86	0.20	(0.27)	(0.07)	(0.26)	—	(0.26)	10.53	(0.58%)	14,519	1.56%	1.53%	0.75%	1.94%
9/30/16	10.26	0.10	0.59	0.69	(0.09)	—	(0.09)	10.86	6.80%	14,408	1.21%	1.20%	0.76%	0.96%
9/30/15	10.62	0.04	(0.17)	(0.13)	(0.23)	—	(0.23)	10.26	(1.30%)	11,859	0.97%	N/A	0.77%	0.36%
Class A
3/31/20r	$ 10.39	$ 0.08	$ (0.15)	$ (0.07)	$ (0.16)	$ —	$ (0.16)	$ 10.16	(0.65%)b	$ 17,622	1.02%a	1.02%a, n	1.02%a, n	1.49%a
9/30/19	10.05	0.18	0.42	0.60	(0.26)	—	(0.26)	10.39	6.16%	16,136	1.06%	1.05%	1.02%	1.78%
9/30/18	10.27	0.28	(0.26)	0.02	(0.24)	—	(0.24)	10.05	0.16%	20,582	2.29%	2.26%	1.00%	2.80%
9/30/17	10.60	0.17	(0.27)	(0.10)	(0.23)	—	(0.23)	10.27	(0.92%)	22,180	1.81%	1.78%	1.00%	1.67%
9/30/16	10.00	0.08	0.58	0.66	(0.06)	—	(0.06)	10.60	6.65%	23,476	1.46%	1.45%	1.01%	0.76%
9/30/15	10.36	(0.00)d	(0.16)	(0.16)	(0.20)	—	(0.20)	10.00	(1.58%)	22,320	1.22%	N/A	1.02%	(0.02%)
Class R4
3/31/20r	$ 10.33	$ 0.08	$ (0.14)	$ (0.06)	$ (0.18)	$ —	$ (0.18)	$ 10.09	(0.63%)b	$ 3,361	0.92%a	0.92%a, n	0.92%a, n	1.51%a
9/30/19	10.00	0.19	0.42	0.61	(0.28)	—	(0.28)	10.33	6.27%	6,949	0.96%	0.95%	0.92%	1.95%
9/30/18	10.22	0.29	(0.26)	0.03	(0.25)	—	(0.25)	10.00	0.31%	6,840	2.19%	2.16%	0.90%	2.87%
9/30/17	10.57	0.18	(0.28)	(0.10)	(0.25)	—	(0.25)	10.22	(0.84%)	6,231	1.71%	1.68%	0.90%	1.78%
9/30/16	10.00	0.12	0.55	0.67	(0.10)	—	(0.10)	10.57	6.77%	5,352	1.36%	1.35%	0.91%	1.21%
9/30/15	10.37	0.14	(0.29)	(0.15)	(0.22)	—	(0.22)	10.00	(1.47%)	996	1.12%	N/A	0.92%	1.42%
Class R3
3/31/20r	$ 10.33	$ 0.07	$ (0.14)	$ (0.07)	$ (0.15)	$ —	$ (0.15)	$ 10.11	(0.72%)b	$ 3,011	1.17%a	1.17%a, n	1.17%a, n	1.32%a
9/30/19	9.99	0.17	0.41	0.58	(0.24)	—	(0.24)	10.33	6.03%	4,297	1.21%	1.20%	1.17%	1.68%
9/30/18	10.22	0.27	(0.27)	0.00d	(0.23)	—	(0.23)	9.99	0.03%	4,569	2.44%	2.41%	1.15%	2.69%
9/30/17	10.57	0.16	(0.27)	(0.11)	(0.24)	—	(0.24)	10.22	(1.00%)	4,686	1.97%	1.94%	1.16%	1.54%
9/30/16	10.01	0.15	0.48	0.63	(0.07)	—	(0.07)	10.57	6.37%	2,792	1.61%	1.60%	1.16%	1.46%
9/30/15	10.37	(0.03)	(0.15)	(0.18)	(0.18)	—	(0.18)	10.01	(1.76%)	386	1.37%	N/A	1.17%	(0.30%)

The accompanying notes are an integral part of the financial statements.

171

MassMutual Premier Core Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/20r	$ 11.33	$ 0.19	$ (0.50)	$ (0.31)	$ (0.38)	$ —	$ (0.38)	$ 10.64	(2.85%)b	$ 765,637	0.42%a	3.41%a
9/30/19	10.66	0.37	0.66	1.03	(0.36)	—	(0.36)	11.33	9.98%	847,736	0.43%	3.42%
9/30/18	11.04	0.34	(0.39)	(0.05)	(0.33)	—	(0.33)	10.66	(0.46%)	695,501	0.42%	3.19%
9/30/17	11.26	0.29	(0.15)	0.14	(0.36)	—	(0.36)	11.04	1.41%	546,975	0.42%	2.70%
9/30/16	11.27	0.29	0.19	0.48	(0.34)	(0.15)	(0.49)	11.26	4.54%	501,737	0.42%	2.59%
9/30/15	11.43	0.30	(0.11)	0.19	(0.30)	(0.05)	(0.35)	11.27	1.67%	677,427	0.42%	2.61%
Class R5
3/31/20r	$ 11.37	$ 0.19	$ (0.51)	$ (0.32)	$ (0.37)	$ —	$ (0.37)	$ 10.68	(2.93%)b	$ 299,673	0.52%a	3.31%a
9/30/19	10.69	0.36	0.67	1.03	(0.35)	—	(0.35)	11.37	9.92%	317,805	0.53%	3.32%
9/30/18	11.07	0.33	(0.39)	(0.06)	(0.32)	—	(0.32)	10.69	(0.57%)	294,370	0.52%	3.07%
9/30/17	11.29	0.28	(0.15)	0.13	(0.35)	—	(0.35)	11.07	1.30%	358,319	0.52%	2.58%
9/30/16	11.30	0.28	0.19	0.47	(0.33)	(0.15)	(0.48)	11.29	4.40%	408,472	0.52%	2.49%
9/30/15	11.45	0.29	(0.11)	0.18	(0.28)	(0.05)	(0.33)	11.30	1.63%	489,222	0.52%	2.51%
Service Class
3/31/20r	$ 11.29	$ 0.18	$ (0.50)	$ (0.32)	$ (0.35)	$ —	$ (0.35)	$ 10.62	(2.90%)b	$ 89,779	0.62%a	3.24%a
9/30/19	10.63	0.35	0.64	0.99	(0.33)	—	(0.33)	11.29	9.67%	86,988	0.63%	3.22%
9/30/18	11.01	0.32	(0.39)	(0.07)	(0.31)	—	(0.31)	10.63	(0.66%)	101,502	0.62%	2.98%
9/30/17	11.22	0.27	(0.15)	0.12	(0.33)	—	(0.33)	11.01	1.24%	100,903	0.62%	2.51%
9/30/16	11.23	0.26	0.20	0.46	(0.32)	(0.15)	(0.47)	11.22	4.34%	91,885	0.62%	2.40%
9/30/15	11.38	0.27	(0.10)	0.17	(0.27)	(0.05)	(0.32)	11.23	1.49%	130,923	0.62%	2.40%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	101%	261%	140%	213%	330%	361%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

172

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/20r	$ 11.21	$ 0.17	$ (0.49)	$ (0.32)	$ (0.35)	$ —	$ (0.35)	$ 10.54	(2.98%)b	$ 65,428	0.72%a	3.12%a
9/30/19	10.55	0.33	0.66	0.99	(0.33)	—	(0.33)	11.21	9.65%	67,239	0.73%	3.13%
9/30/18	10.92	0.31	(0.38)	(0.07)	(0.30)	—	(0.30)	10.55	(0.70%)	69,478	0.72%	2.88%
9/30/17	11.14	0.26	(0.15)	0.11	(0.33)	—	(0.33)	10.92	1.11%	71,425	0.72%	2.38%
9/30/16	11.16	0.25	0.19	0.44	(0.31)	(0.15)	(0.46)	11.14	4.19%	85,249	0.72%	2.29%
9/30/15	11.32	0.26	(0.10)	0.16	(0.27)	(0.05)	(0.32)	11.16	1.38%	84,709	0.72%	2.31%
Class A
3/31/20r	$ 11.10	$ 0.16	$ (0.49)	$ (0.33)	$ (0.32)	$ —	$ (0.32)	$ 10.45	(3.11%)b	$ 75,379	0.97%a	2.84%a
9/30/19	10.45	0.30	0.65	0.95	(0.30)	—	(0.30)	11.10	9.32%	97,070	0.98%	2.87%
9/30/18	10.82	0.28	(0.38)	(0.10)	(0.27)	—	(0.27)	10.45	(1.00%)	106,562	0.97%	2.63%
9/30/17	11.03	0.23	(0.15)	0.08	(0.29)	—	(0.29)	10.82	0.87%	114,317	0.97%	2.13%
9/30/16	11.04	0.22	0.20	0.42	(0.28)	(0.15)	(0.43)	11.03	4.01%	150,014	0.97%	2.04%
9/30/15	11.20	0.23	(0.10)	0.13	(0.24)	(0.05)	(0.29)	11.04	1.12%	166,649	0.97%	2.06%
Class R4
3/31/20r	$ 11.04	$ 0.16	$ (0.49)	$ (0.33)	$ (0.33)	$ —	$ (0.33)	$ 10.38	(3.07%)b	$ 9,361	0.87%a	2.89%a
9/30/19	10.39	0.31	0.64	0.95	(0.30)	—	(0.30)	11.04	9.47%	14,011	0.88%	2.98%
9/30/18	10.78	0.29	(0.39)	(0.10)	(0.29)	—	(0.29)	10.39	(0.97%)	10,624	0.87%	2.72%
9/30/17	11.00	0.24	(0.14)	0.10	(0.32)	—	(0.32)	10.78	1.03%	14,811	0.87%	2.23%
9/30/16	11.03	0.23	0.19	0.42	(0.30)	(0.15)	(0.45)	11.00	4.09%	14,906	0.87%	2.14%
9/30/15	11.20	0.25	(0.11)	0.14	(0.26)	(0.05)	(0.31)	11.03	1.28%	8,960	0.87%	2.21%
Class R3
3/31/20r	$ 11.34	$ 0.15	$ (0.50)	$ (0.35)	$ (0.32)	$ —	$ (0.32)	$ 10.67	(3.17%)b	$ 1,455	1.12%a	2.73%a
9/30/19	10.67	0.29	0.67	0.96	(0.29)	—	(0.29)	11.34	9.24%	1,225	1.13%	2.72%
9/30/18	11.02	0.27	(0.39)	(0.12)	(0.23)	—	(0.23)	10.67	(1.13%)	803	1.12%	2.49%
9/30/17	11.25	0.22	(0.16)	0.06	(0.29)	—	(0.29)	11.02	0.64%	828	1.12%	1.99%
9/30/16	11.25	0.21	0.20	0.41	(0.26)	(0.15)	(0.41)	11.25	3.89%	783	1.12%	1.89%
9/30/15	11.40	0.22	(0.10)	0.12	(0.22)	(0.05)	(0.27)	11.25	1.02%	625	1.12%	1.90%

The accompanying notes are an integral part of the financial statements.

173

MassMutual Premier Diversified Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/20r	$ 11.28	$ 0.20	$ (0.73)	$ (0.53)	$ (0.36)	$ (0.00)d	$ (0.36)	$ 10.39	(4.83%)b	$ 60,486	0.50%a	N/A	3.60%a
9/30/19	10.59	0.38	0.64	1.02	(0.33)	—	(0.33)	11.28	9.98%	60,965	0.55%	0.55%n	3.54%
9/30/18	10.97	0.35	(0.41)	(0.06)	(0.32)	—	(0.32)	10.59	(0.55%)	21,746	0.50%	0.50%n	3.33%
9/30/17	11.01	0.31	(0.09)	0.22	(0.26)	—	(0.26)	10.97	2.16%	27,548	0.51%	0.51%n	2.87%
9/30/16	10.73	0.28	0.31	0.59	(0.26)	(0.05)	(0.31)	11.01	5.71%	20,147	0.53%	0.52%	2.60%
9/30/15	10.88	0.28	(0.19)	0.09	(0.23)	(0.01)	(0.24)	10.73	0.81%	15,756	0.56%	0.52%	2.54%
Class R5
3/31/20r	$ 10.40	$ 0.18	$ (0.67)	$ (0.49)	$ (0.35)	$ (0.00)d	$ (0.35)	$ 9.56	(4.85%)b	$ 105,368	0.60%a	N/A	3.51%a
9/30/19	9.78	0.34	0.60	0.94	(0.32)	—	(0.32)	10.40	9.99%	109,659	0.65%	0.65%n	3.46%
9/30/18	10.16	0.32	(0.39)	(0.07)	(0.31)	—	(0.31)	9.78	(0.69%)	98,402	0.60%	0.60%n	3.24%
9/30/17	10.22	0.28	(0.09)	0.19	(0.25)	—	(0.25)	10.16	2.02%	88,740	0.61%	0.61%n	2.76%
9/30/16	9.98	0.25	0.29	0.54	(0.25)	(0.05)	(0.30)	10.22	5.63%	77,693	0.63%	0.62%	2.50%
9/30/15	10.14	0.24	(0.17)	0.07	(0.22)	(0.01)	(0.23)	9.98	0.66%	65,209	0.66%	0.62%	2.41%
Service Class
3/31/20r	$ 10.54	$ 0.18	$ (0.68)	$ (0.50)	$ (0.34)	$ (0.00)d	$ (0.34)	$ 9.70	(4.90%)b	$ 12,085	0.70%a	N/A	3.42%a
9/30/19	9.91	0.33	0.61	0.94	(0.31)	—	(0.31)	10.54	9.80%	12,976	0.75%	0.75%n	3.35%
9/30/18	10.28	0.31	(0.38)	(0.07)	(0.30)	—	(0.30)	9.91	(0.69%)	18,946	0.70%	0.70%n	3.14%
9/30/17	10.34	0.27	(0.09)	0.18	(0.24)	—	(0.24)	10.28	1.89%	16,047	0.71%	0.71%n	2.65%
9/30/16	10.09	0.24	0.30	0.54	(0.24)	(0.05)	(0.29)	10.34	5.53%	16,990	0.73%	0.72%	2.39%
9/30/15	10.24	0.24	(0.17)	0.07	(0.21)	(0.01)	(0.22)	10.09	0.59%	20,226	0.76%	0.72%	2.32%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	86%	236%	142%	207%	314%	362%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

n Expenses incurred during the period fell under the expense cap.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

174

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/20r	$ 10.52	$ 0.17	$ (0.68)	$ (0.51)	$ (0.33)	$ (0.00)d	$ (0.33)	$ 9.68	(5.01%)b	$ 17,648	0.80%a	N/A	3.29%a
9/30/19	9.88	0.32	0.62	0.94	(0.30)	—	(0.30)	10.52	9.79%	21,870	0.85%	0.85%n	3.25%
9/30/18	10.25	0.30	(0.38)	(0.08)	(0.29)	—	(0.29)	9.88	(0.83%)	27,039	0.80%	0.80%n	3.03%
9/30/17	10.31	0.26	(0.09)	0.17	(0.23)	—	(0.23)	10.25	1.78%	26,601	0.81%	0.81%n	2.54%
9/30/16	10.07	0.23	0.29	0.52	(0.23)	(0.05)	(0.28)	10.31	5.38%	34,731	0.83%	0.82%	2.29%
9/30/15	10.22	0.23	(0.17)	0.06	(0.20)	(0.01)	(0.21)	10.07	0.54%	35,581	0.86%	0.82%	2.22%
Class A
3/31/20r	$ 10.48	$ 0.16	$ (0.67)	$ (0.51)	$ (0.30)	$ (0.00)d	$ (0.30)	$ 9.67	(5.05%)b	$ 22,690	1.05%a	N/A	3.04%a
9/30/19	9.85	0.30	0.60	0.90	(0.27)	—	(0.27)	10.48	9.45%	28,973	1.10%	1.10%n	3.01%
9/30/18	10.23	0.28	(0.40)	(0.12)	(0.26)	—	(0.26)	9.85	(1.17%)	32,456	1.05%	1.05%n	2.78%
9/30/17	10.28	0.23	(0.07)	0.16	(0.21)	—	(0.21)	10.23	1.63%	34,137	1.06%	1.06%n	2.30%
9/30/16	10.04	0.20	0.29	0.49	(0.20)	(0.05)	(0.25)	10.28	5.06%	37,243	1.08%	1.07%	2.04%
9/30/15	10.17	0.20	(0.16)	0.04	(0.16)	(0.01)	(0.17)	10.04	0.21%	36,941	1.11%	1.07%	1.96%
Class R4
3/31/20r	$ 10.38	$ 0.16	$ (0.66)	$ (0.50)	$ (0.32)	$ (0.00)d	$ (0.32)	$ 9.56	(4.99%)b	$ 5,473	0.95%a	N/A	3.14%a
9/30/19	9.78	0.31	0.59	0.90	(0.30)	—	(0.30)	10.38	9.49%	6,925	1.00%	1.00%n	3.12%
9/30/18	10.16	0.28	(0.38)	(0.10)	(0.28)	—	(0.28)	9.78	(1.01%)	4,730	0.95%	0.95%n	2.87%
9/30/17	10.22	0.24	(0.07)	0.17	(0.23)	—	(0.23)	10.16	1.77%	5,032	0.96%	0.96%n	2.41%
9/30/16	10.01	0.21	0.29	0.50	(0.24)	(0.05)	(0.29)	10.22	5.18%	3,765	0.98%	0.97%	2.15%
9/30/15	10.18	0.22	(0.18)	0.04	(0.20)	(0.01)	(0.21)	10.01	0.34%	2,959	1.01%	0.97%	2.17%
Class R3
3/31/20r	$ 10.34	$ 0.15	$ (0.68)	$ (0.53)	$ (0.27)	$ (0.00)d	$ (0.27)	$ 9.54	(5.22%)b	$ 3,053	1.20%a	N/A	2.90%a
9/30/19	9.72	0.28	0.60	0.88	(0.26)	—	(0.26)	10.34	9.35%	3,553	1.25%	1.25%n	2.85%
9/30/18	10.10	0.26	(0.38)	(0.12)	(0.26)	—	(0.26)	9.72	(1.24%)	4,530	1.20%	1.20%n	2.64%
9/30/17	10.19	0.22	(0.09)	0.13	(0.22)	—	(0.22)	10.10	1.41%	3,869	1.21%	1.21%n	2.18%
9/30/16	9.99	0.19	0.29	0.48	(0.23)	(0.05)	(0.28)	10.19	4.94%	2,592	1.23%	1.22%	1.95%
9/30/15	10.16	0.19	(0.17)	0.02	(0.18)	(0.01)	(0.19)	9.99	0.15%	412	1.26%	1.22%	1.84%

The accompanying notes are an integral part of the financial statements.

175

MassMutual Premier High Yield Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/20r	$ 9.21	$ 0.25	$ (1.20)	$ (0.95)	$ (0.56)	$ —	$ (0.56)	$ 7.70	(11.03%)b	$ 277,763	0.53%a	N/A	5.66%a
9/30/19	9.27	0.56	(0.10)	0.46	(0.52)	—	(0.52)	9.21	5.45%	326,836	0.54%	0.54%n	6.31%
9/30/18	9.62	0.58	(0.33)	0.25	(0.60)	—	(0.60)	9.27	2.78%	382,927	0.54%	0.54%n	6.32%
9/30/17	9.29	0.62	0.28	0.90	(0.57)	—	(0.57)	9.62	10.22%	242,645	0.54%	0.54%n	6.63%
9/30/16	8.98	0.62	0.28	0.90	(0.59)	—	(0.59)	9.29	10.86%	220,759	0.57%	0.55%	7.05%
9/30/15	10.16	0.61	(0.86)	(0.25)	(0.69)	(0.24)	(0.93)	8.98	(2.27%)	106,575	0.58%	0.55%	6.47%
Class R5
3/31/20r	$ 9.25	$ 0.25	$ (1.20)	$ (0.95)	$ (0.55)	$ —	$ (0.55)	$ 7.75	(10.97%)b	$ 38,408	0.63%a	N/A	5.56%a
9/30/19	9.31	0.56	(0.11)	0.45	(0.51)	—	(0.51)	9.25	5.29%	41,369	0.64%	0.64%n	6.23%
9/30/18	9.66	0.57	(0.33)	0.24	(0.59)	—	(0.59)	9.31	2.65%	43,613	0.64%	0.64%n	6.20%
9/30/17	9.33	0.61	0.28	0.89	(0.56)	—	(0.56)	9.66	10.08%	55,628	0.64%	0.64%n	6.54%
9/30/16	9.02	0.61	0.28	0.89	(0.58)	—	(0.58)	9.33	10.68%	45,867	0.67%	0.65%	6.93%
9/30/15	10.19	0.60	(0.85)	(0.25)	(0.68)	(0.24)	(0.92)	9.02	(2.28%)	41,616	0.68%	0.65%	6.38%
Service Class
3/31/20r	$ 9.25	$ 0.24	$ (1.20)	$ (0.96)	$ (0.54)	$ —	$ (0.54)	$ 7.75	(11.04%)b	$ 33,050	0.73%a	N/A	5.44%a
9/30/19	9.31	0.55	(0.11)	0.44	(0.50)	—	(0.50)	9.25	5.20%	49,174	0.74%	0.74%n	6.13%
9/30/18	9.66	0.56	(0.33)	0.23	(0.58)	—	(0.58)	9.31	2.55%	45,296	0.74%	0.74%n	6.11%
9/30/17	9.33	0.60	0.28	0.88	(0.55)	—	(0.55)	9.66	9.93%	49,581	0.74%	0.74%n	6.45%
9/30/16	9.01	0.60	0.29	0.89	(0.57)	—	(0.57)	9.33	10.70%	59,787	0.77%	0.75%	6.83%
9/30/15	10.18	0.59	(0.86)	(0.27)	(0.66)	(0.24)	(0.90)	9.01	(2.40%)	62,734	0.78%	0.75%	6.27%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	44%	54%	38%	70%	50%	76%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

n Expenses incurred during the period fell under the expense cap.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

176

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/20r	$ 9.10	$ 0.23	$ (1.18)	$ (0.95)	$ (0.53)	$ —	$ (0.53)	$ 7.62	(11.16%)b	$ 22,120	0.83%a	N/A	5.37%a
9/30/19	9.16	0.53	(0.10)	0.43	(0.49)	—	(0.49)	9.10	5.13%	25,980	0.84%	0.84%n	6.03%
9/30/18	9.51	0.55	(0.33)	0.22	(0.57)	—	(0.57)	9.16	2.49%	31,250	0.84%	0.84%n	6.01%
9/30/17	9.20	0.58	0.28	0.86	(0.55)	—	(0.55)	9.51	9.79%	32,889	0.84%	0.84%n	6.34%
9/30/16	8.89	0.58	0.29	0.87	(0.56)	—	(0.56)	9.20	10.63%	28,948	0.87%	0.85%	6.74%
9/30/15	10.07	0.57	(0.85)	(0.28)	(0.66)	(0.24)	(0.90)	8.89	(2.58%)	24,221	0.88%	0.85%	6.18%
Class A
3/31/20r	$ 9.07	$ 0.22	$ (1.17)	$ (0.95)	$ (0.52)	$ —	$ (0.52)	$ 7.60	(11.21%)b	$ 24,769	1.08%a	N/A	5.11%a
9/30/19	9.13	0.51	(0.10)	0.41	(0.47)	—	(0.47)	9.07	4.89%	31,392	1.09%	1.09%n	5.77%
9/30/18	9.49	0.52	(0.33)	0.19	(0.55)	—	(0.55)	9.13	2.10%	27,393	1.09%	1.09%n	5.76%
9/30/17	9.17	0.56	0.28	0.84	(0.52)	—	(0.52)	9.49	9.63%	29,357	1.09%	1.09%n	6.09%
9/30/16	8.86	0.56	0.29	0.85	(0.54)	—	(0.54)	9.17	10.31%	29,055	1.12%	1.10%	6.49%
9/30/15	10.02	0.55	(0.85)	(0.30)	(0.62)	(0.24)	(0.86)	8.86	(2.78%)	28,572	1.13%	1.10%	5.93%
Class R4
3/31/20r	$ 8.97	$ 0.22	$ (1.16)	$ (0.94)	$ (0.53)	$ —	$ (0.53)	$ 7.50	(11.17%)b	$ 38,628	0.98%a	N/A	5.21%a
9/30/19	9.04	0.51	(0.10)	0.41	(0.48)	—	(0.48)	8.97	4.97%	47,055	0.99%	0.99%n	5.88%
9/30/18	9.40	0.53	(0.33)	0.20	(0.56)	—	(0.56)	9.04	2.30%	35,011	0.99%	0.99%n	5.87%
9/30/17	9.11	0.56	0.28	0.84	(0.55)	—	(0.55)	9.40	9.66%	30,611	0.99%	0.99%n	6.18%
9/30/16	8.84	0.57	0.28	0.85	(0.58)	—	(0.58)	9.11	10.44%	18,428	1.02%	1.00%	6.66%
9/30/15	10.02	0.54	(0.83)	(0.29)	(0.65)	(0.24)	(0.89)	8.84	(2.67%)	2,672	1.03%	1.00%	5.97%
Class R3
3/31/20r	$ 9.17	$ 0.22	$ (1.20)	$ (0.98)	$ (0.49)	$ —	$ (0.49)	$ 7.70	(11.32%)b	$ 33,878	1.23%a	N/A	4.96%a
9/30/19	9.23	0.50	(0.10)	0.40	(0.46)	—	(0.46)	9.17	4.71%	42,509	1.24%	1.24%n	5.63%
9/30/18	9.60	0.51	(0.33)	0.18	(0.55)	—	(0.55)	9.23	2.04%	44,944	1.24%	1.24%n	5.62%
9/30/17	9.29	0.55	0.29	0.84	(0.53)	—	(0.53)	9.60	9.43%	36,626	1.24%	1.24%n	5.93%
9/30/16	9.01	0.56	0.28	0.84	(0.56)	—	(0.56)	9.29	10.12%	13,928	1.27%	1.25%	6.38%
9/30/15	10.17	0.54	(0.85)	(0.31)	(0.61)	(0.24)	(0.85)	9.01	(2.91%)	3,423	1.28%	1.25%	5.74%

The accompanying notes are an integral part of the financial statements.

177

MassMutual Premier Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/20r	$ 12.07	$ 0.11	$ (1.16)	$ (1.05)	$ (0.27)	$ (0.51)	$ (0.78)	$ 10.24	(9.58%)b	$ 32,559	0.71%a	N/A	1.83%a
9/30/19	12.86	0.24	(0.09)aa	0.15	(0.22)	(0.72)	(0.94)	12.07	1.91%	31,567	0.76%	0.74%	2.06%
9/30/18	12.53	0.22	1.02	1.24	(0.24)	(0.67)	(0.91)	12.86	10.21%	11,637	0.70%	0.60%	1.79%
9/30/17	11.32	0.21	1.28	1.49	(0.22)	(0.06)	(0.28)	12.53	13.39%	8,270	0.68%	0.60%	1.76%
9/30/16	11.48	0.22	0.84	1.06	(0.29)	(0.93)	(1.22)	11.32	9.96%	967	0.68%	0.60%	1.98%
9/30/15	13.01	0.22	(0.44)	(0.22)	(0.24)	(1.07)	(1.31)	11.48	(1.96%)	376	0.65%	0.60%	1.77%
Class R5
3/31/20r	$ 12.07	$ 0.10	$ (1.16)	$ (1.06)	$ (0.26)	$ (0.51)	$ (0.77)	$ 10.24	(9.67%)b	$ 36,388	0.81%a	N/A	1.73%a
9/30/19	12.85	0.23	(0.09)aa	0.14	(0.20)	(0.72)	(0.92)	12.07	1.88%	45,321	0.86%	0.83%	1.94%
9/30/18	12.53	0.21	1.01	1.22	(0.23)	(0.67)	(0.90)	12.85	10.01%	45,211	0.80%	0.70%	1.67%
9/30/17	11.32	0.20	1.28	1.48	(0.21)	(0.06)	(0.27)	12.53	13.27%	49,381	0.78%	0.70%	1.66%
9/30/16	11.48	0.21	0.84	1.05	(0.28)	(0.93)	(1.21)	11.32	9.82%	53,727	0.78%	0.70%	1.87%
9/30/15	13.00	0.21	(0.44)	(0.23)	(0.22)	(1.07)	(1.29)	11.48	(2.03%)	62,971	0.75%	0.70%	1.70%
Service Class
3/31/20r	$ 12.73	$ 0.10	$ (1.23)	$ (1.13)	$ (0.24)	$ (0.51)	$ (0.75)	$ 10.85	(9.67%)b	$ 5,721	0.91%a	N/A	1.64%a
9/30/19	13.50	0.23	(0.09)aa	0.14	(0.19)	(0.72)	(0.91)	12.73	1.73%	6,045	0.96%	0.92%	1.84%
9/30/18	13.11	0.21	1.06	1.27	(0.21)	(0.67)	(0.88)	13.50	9.94%	7,243	0.90%	0.80%	1.58%
9/30/17	11.83	0.19	1.34	1.53	(0.19)	(0.06)	(0.25)	13.11	13.11%	6,978	0.88%	0.80%	1.54%
9/30/16	11.94	0.20	0.89	1.09	(0.27)	(0.93)	(1.20)	11.83	9.76%	14,130	0.88%	0.80%	1.87%
9/30/15	13.48	0.20	(0.46)	(0.26)	(0.21)	(1.07)	(1.28)	11.94	(2.18%)	12,545	0.85%	0.80%	1.60%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	50%	161%	77%	108%	176%	204%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

178

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/20r	$ 12.11	$ 0.09	$ (1.17)	$ (1.08)	$ (0.23)	$ (0.51)	$ (0.74)	$ 10.29	(9.73%)b	$ 4,501	1.01%a	N/A	1.49%a
9/30/19	12.89	0.20	(0.09)aa	0.11	(0.17)	(0.72)	(0.89)	12.11	1.62%	6,981	1.06%	1.02%	1.73%
9/30/18	12.55	0.18	1.02	1.20	(0.19)	(0.67)	(0.86)	12.89	9.88%	8,129	1.00%	0.90%	1.47%
9/30/17	11.35	0.17	1.28	1.45	(0.19)	(0.06)	(0.25)	12.55	13.01%	9,413	0.98%	0.90%	1.46%
9/30/16	11.51	0.19	0.84	1.03	(0.26)	(0.93)	(1.19)	11.35	9.59%	9,751	0.98%	0.90%	1.68%
9/30/15	13.04	0.19	(0.44)	(0.25)	(0.21)	(1.07)	(1.28)	11.51	(2.23%)	8,691	0.95%	0.90%	1.51%
Class A
3/31/20r	$ 11.74	$ 0.07	$ (1.13)	$ (1.06)	$ (0.20)	$ (0.51)	$ (0.71)	$ 9.97	(9.83%)b	$ 23,001	1.26%a	N/A	1.28%a
9/30/19	12.51	0.17	(0.08)aa	0.09	(0.14)	(0.72)	(0.86)	11.74	1.44%	26,981	1.31%	1.27%	1.49%
9/30/18	12.22	0.15	0.98	1.13	(0.17)	(0.67)	(0.84)	12.51	9.48%	30,517	1.25%	1.15%	1.22%
9/30/17	11.05	0.14	1.25	1.39	(0.16)	(0.06)	(0.22)	12.22	12.78%	32,637	1.23%	1.15%	1.21%
9/30/16	11.22	0.15	0.83	0.98	(0.22)	(0.93)	(1.15)	11.05	9.38%	30,781	1.23%	1.15%	1.42%
9/30/15	12.73	0.15	(0.43)	(0.28)	(0.16)	(1.07)	(1.23)	11.22	(2.49%)	31,375	1.20%	1.15%	1.26%
Class R4
3/31/20r	$ 11.64	$ 0.08	$ (1.12)	$ (1.04)	$ (0.22)	$ (0.51)	$ (0.73)	$ 9.87	(9.80%)b	$ 2,529	1.16%a	N/A	1.39%a
9/30/19	12.42	0.18	(0.08)aa	0.10	(0.16)	(0.72)	(0.88)	11.64	1.52%	2,853	1.21%	1.17%	1.59%
9/30/18	12.15	0.16	0.97	1.13	(0.19)	(0.67)	(0.86)	12.42	9.58%	3,499	1.15%	1.05%	1.34%
9/30/17	10.99	0.15	1.24	1.39	(0.17)	(0.06)	(0.23)	12.15	12.88%	2,822	1.13%	1.05%	1.32%
9/30/16	11.20	0.16	0.83	0.99	(0.27)	(0.93)	(1.20)	10.99	9.51%	2,373	1.13%	1.05%	1.54%
9/30/15	12.74	0.17	(0.44)	(0.27)	(0.20)	(1.07)	(1.27)	11.20	(2.46%)	2,010	1.10%	1.05%	1.49%
Class R3
3/31/20r	$ 11.57	$ 0.06	$ (1.12)	$ (1.06)	$ (0.18)	$ (0.51)	$ (0.69)	$ 9.82	(9.95%)b	$ 6,162	1.41%a	N/A	1.13%a
9/30/19	12.36	0.15	(0.08)aa	0.07	(0.14)	(0.72)	(0.86)	11.57	1.27%	7,236	1.46%	1.42%	1.35%
9/30/18	12.09	0.13	0.97	1.10	(0.16)	(0.67)	(0.83)	12.36	9.32%	8,002	1.40%	1.30%	1.08%
9/30/17	10.95	0.12	1.24	1.36	(0.16)	(0.06)	(0.22)	12.09	12.58%	7,251	1.38%	1.30%	1.08%
9/30/16	11.18	0.14	0.82	0.96	(0.26)	(0.93)	(1.19)	10.95	9.29%	5,002	1.38%	1.30%	1.31%
9/30/15	12.72	0.14	(0.44)	(0.30)	(0.17)	(1.07)	(1.24)	11.18	(2.66%)	1,734	1.35%	1.30%	1.16%

The accompanying notes are an integral part of the financial statements.

179

MassMutual Premier Disciplined Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/20r	$ 13.98	$ 0.16	$ (2.95)	$ (2.79)	$ (0.31)	$ (0.71)	$ (1.02)	$ 10.17	(21.92%)b	$ 8,786	0.69%a	2.31%a
9/30/19	17.06	0.28	(0.76)	(0.48)	(0.40)	(2.20)	(2.60)	13.98	(1.20%)	16,781	0.64%	2.03%
9/30/18	17.67	0.29	1.28	1.57	(0.36)	(1.82)	(2.18)	17.06	9.34%	19,546	0.57%	1.74%
9/30/17	16.05	0.31	2.40	2.71	(0.53)	(0.56)	(1.09)	17.67	17.36%	79,531	0.57%	1.87%
9/30/16	14.75	0.35	1.56	1.91	(0.32)	(0.29)	(0.61)	16.05	13.26%	73,202	0.53%	2.29%
9/30/15	15.75	0.29	(1.00)	(0.71)	(0.29)	—	(0.29)	14.75	(4.64%)	163,640	0.53%	1.84%
Class R5
3/31/20r	$ 14.01	$ 0.15	$ (2.96)	$ (2.81)	$ (0.29)	$ (0.71)	$ (1.00)	$ 10.20	(21.95%)b	$ 39,920	0.79%a	2.24%a
9/30/19	17.09	0.27	(0.76)	(0.49)	(0.39)	(2.20)	(2.59)	14.01	(1.32%)	53,709	0.74%	1.92%
9/30/18	17.69	0.28	1.28	1.56	(0.34)	(1.82)	(2.16)	17.09	9.27%	59,987	0.67%	1.65%
9/30/17	16.06	0.30	2.40	2.70	(0.51)	(0.56)	(1.07)	17.69	17.31%	46,583	0.67%	1.78%
9/30/16	14.76	0.34	1.55	1.89	(0.30)	(0.29)	(0.59)	16.06	13.11%	46,644	0.63%	2.22%
9/30/15	15.76	0.28	(1.01)	(0.73)	(0.27)	—	(0.27)	14.76	(4.74%)	46,754	0.63%	1.73%
Service Class
3/31/20r	$ 13.88	$ 0.14	$ (2.94)	$ (2.80)	$ (0.26)	$ (0.71)	$ (0.97)	$ 10.11	(22.03%)b	$ 10,069	0.89%a	2.09%a
9/30/19	16.95	0.25	(0.76)	(0.51)	(0.36)	(2.20)	(2.56)	13.88	(1.43%)	20,401	0.84%	1.82%
9/30/18	17.57	0.26	1.26	1.52	(0.32)	(1.82)	(2.14)	16.95	9.10%	50,102	0.77%	1.55%
9/30/17	15.95	0.28	2.39	2.67	(0.49)	(0.56)	(1.05)	17.57	17.19%	49,413	0.77%	1.65%
9/30/16	14.66	0.32	1.55	1.87	(0.29)	(0.29)	(0.58)	15.95	13.03%	64,634	0.73%	2.12%
9/30/15	15.66	0.26	(1.00)	(0.74)	(0.26)	—	(0.26)	14.66	(4.84%)	65,799	0.73%	1.65%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	24%	53%	80%	102%	109%	113%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

180

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/20r	$ 14.20	$ 0.14	$ (3.02)	$ (2.88)	$ (0.25)	$ (0.71)	$ (0.96)	$ 10.36	(22.07%)b	$ 3,121	0.99%a	2.01%a
9/30/19	17.27	0.25	(0.76)	(0.51)	(0.36)	(2.20)	(2.56)	14.20	(1.46%)	5,731	0.94%	1.72%
9/30/18	17.86	0.25	1.29	1.54	(0.31)	(1.82)	(2.13)	17.27	9.02%	9,147	0.87%	1.46%
9/30/17	16.21	0.27	2.41	2.68	(0.47)	(0.56)	(1.03)	17.86	17.01%	5,970	0.87%	1.57%
9/30/16	14.88	0.31	1.58	1.89	(0.27)	(0.29)	(0.56)	16.21	12.97%	5,801	0.83%	2.00%
9/30/15	15.90	0.25	(1.02)	(0.77)	(0.25)	—	(0.25)	14.88	(4.97%)	7,460	0.83%	1.55%
Class A
3/31/20r	$ 13.73	$ 0.12	$ (2.91)	$ (2.79)	$ (0.23)	$ (0.71)	$ (0.94)	$ 10.00	(22.17%)b	$ 4,960	1.24%a	1.81%a
9/30/19	16.78	0.20	(0.74)	(0.54)	(0.31)	(2.20)	(2.51)	13.73	(1.75%)	6,012	1.19%	1.48%
9/30/18	17.39	0.20	1.25	1.45	(0.24)	(1.82)	(2.06)	16.78	8.74%	8,886	1.12%	1.20%
9/30/17	15.82	0.22	2.36	2.58	(0.45)	(0.56)	(1.01)	17.39	16.74%	9,120	1.12%	1.32%
9/30/16	14.53	0.27	1.53	1.80	(0.22)	(0.29)	(0.51)	15.82	12.65%	10,415	1.08%	1.78%
9/30/15	15.51	0.20	(0.98)	(0.78)	(0.20)	—	(0.20)	14.53	(5.13%)	8,081	1.08%	1.30%
Class R4
3/31/20r	$ 13.63	$ 0.12	$ (2.88)	$ (2.76)	$ (0.24)	$ (0.71)	$ (0.95)	$ 9.92	(22.14%)b	$ 2,295	1.14%a	1.85%a
9/30/19	16.67	0.22	(0.75)	(0.53)	(0.31)	(2.20)	(2.51)	13.63	(1.65%)	4,039	1.09%	1.58%
9/30/18	17.32	0.22	1.24	1.46	(0.29)	(1.82)	(2.11)	16.67	8.84%	6,428	1.02%	1.30%
9/30/17	15.77	0.24	2.36	2.60	(0.49)	(0.56)	(1.05)	17.32	16.94%	10,139	1.02%	1.43%
9/30/16	14.51	0.28	1.53	1.81	(0.26)	(0.29)	(0.55)	15.77	12.75%	4,127	0.98%	1.90%
9/30/15	15.52	0.21	(0.98)	(0.77)	(0.24)	—	(0.24)	14.51	(5.10%)	2,524	0.98%	1.34%
Class R3
3/31/20r	$ 13.85	$ 0.11	$ (2.94)	$ (2.83)	$ (0.21)	$ (0.71)	$ (0.92)	$ 10.10	(22.22%)b	$ 3,261	1.39%a	1.64%a
9/30/19	16.90	0.18	(0.74)	(0.56)	(0.29)	(2.20)	(2.49)	13.85	(1.85%)	4,346	1.34%	1.33%
9/30/18	17.56	0.18	1.25	1.43	(0.27)	(1.82)	(2.09)	16.90	8.53%	4,196	1.27%	1.05%
9/30/17	15.92	0.20	2.38	2.58	(0.38)	(0.56)	(0.94)	17.56	16.62%	3,820	1.27%	1.18%
9/30/16	14.62	0.25	1.54	1.79	(0.20)	(0.29)	(0.49)	15.92	12.49%	648	1.23%	1.66%
9/30/15	15.61	0.19	(1.00)	(0.81)	(0.18)	—	(0.18)	14.62	(5.29%)	185	1.23%	1.19%

The accompanying notes are an integral part of the financial statements.

181

MassMutual Premier Main Street Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/20r	$ 11.07	$ 0.06	$ (1.35)	$ (1.29)	$ (0.13)	$ (0.96)	$ (1.09)	$ 8.69	(13.54%)b	$ 24,198	0.74%a	1.16%a
9/30/19	12.04	0.14	0.30	0.44	(0.13)	(1.28)	(1.41)	11.07	5.60%	24,639	0.73%	1.29%
9/30/18	11.94	0.14	0.89	1.03	(0.14)	(0.79)	(0.93)	12.04	9.11%	24,123	0.71%	1.17%
9/30/17	10.42	0.16	1.81	1.97	(0.15)	(0.30)	(0.45)	11.94	19.50%	8,516	0.71%	1.40%
9/30/16	13.75	0.18	1.43	1.61	(0.22)	(4.72)	(4.94)	10.42	14.34%	739	0.72%	1.68%
9/30/15	14.23	0.14	(0.19)	(0.05)	(0.13)	(0.30)	(0.43)	13.75	(0.36%)	37	0.65%	0.99%
Class R5
3/31/20r	$ 11.06	$ 0.06	$ (1.36)	$ (1.30)	$ (0.11)	$ (0.96)	$ (1.07)	$ 8.69	(13.56%)b	$ 38,633	0.84%a	1.04%a
9/30/19	12.03	0.13	0.29	0.42	(0.11)	(1.28)	(1.39)	11.06	5.47%	48,226	0.83%	1.19%
9/30/18	11.93	0.12	0.90	1.02	(0.13)	(0.79)	(0.92)	12.03	9.00%	67,695	0.81%	1.04%
9/30/17	10.41	0.15	1.81	1.96	(0.14)	(0.30)	(0.44)	11.93	19.40%	78,580	0.81%	1.36%
9/30/16	13.73	0.13	1.48	1.61	(0.21)	(4.72)	(4.93)	10.41	14.28%	73,380	0.82%	1.27%
9/30/15	14.22	0.14	(0.21)	(0.07)	(0.12)	(0.30)	(0.42)	13.73	(0.50%)	69,529	0.76%	0.95%
Service Class
3/31/20r	$ 11.50	$ 0.05	$ (1.43)	$ (1.38)	$ (0.10)	$ (0.96)	$ (1.06)	$ 9.06	(13.73%)b	$ 140	0.94%a	0.85%a
9/30/19	12.44	0.12	0.32	0.44	(0.10)	(1.28)	(1.38)	11.50	5.38%	652	0.93%	1.08%
9/30/18	12.30	0.11	0.93	1.04	(0.11)	(0.79)	(0.90)	12.44	8.94%	738	0.91%	0.95%
9/30/17	10.71	0.15	1.85	2.00	(0.11)	(0.30)	(0.41)	12.30	19.21%	1,133	0.91%	1.28%
9/30/16	13.91	0.12	1.51	1.63	(0.11)	(4.72)	(4.83)	10.71	14.21%	1,979	0.92%	0.98%
9/30/15	14.40	0.13	(0.21)	(0.08)	(0.11)	(0.30)	(0.41)	13.91	(0.57%)	6,517	0.86%	0.88%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	20%	55%	64%	35%	38%	54%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

182

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/20r	$ 11.05	$ 0.04	$ (1.36)	$ (1.32)	$ (0.09)	$ (0.96)	$ (1.05)	$ 8.68	(13.75%)b	$ 17,876	1.04%a	0.83%a
9/30/19	12.01	0.10	0.31	0.41	(0.09)	(1.28)	(1.37)	11.05	5.30%	24,458	1.03%	0.98%
9/30/18	11.91	0.10	0.89	0.99	(0.10)	(0.79)	(0.89)	12.01	8.79%	28,295	1.01%	0.84%
9/30/17	10.40	0.13	1.80	1.93	(0.12)	(0.30)	(0.42)	11.91	19.07%	30,996	1.01%	1.17%
9/30/16	13.71	0.11	1.48	1.59	(0.18)	(4.72)	(4.90)	10.40	14.11%	29,371	1.02%	1.05%
9/30/15	14.19	0.11	(0.20)	(0.09)	(0.09)	(0.30)	(0.39)	13.71	(0.63%)	31,644	0.96%	0.77%
Class A
3/31/20r	$ 10.86	$ 0.03	$ (1.34)	$ (1.31)	$ (0.06)	$ (0.96)	$ (1.02)	$ 8.53	(13.83%)b	$ 10,264	1.29%a	0.59%a
9/30/19	11.83	0.08	0.29	0.37	(0.06)	(1.28)	(1.34)	10.86	5.01%	12,843	1.28%	0.74%
9/30/18	11.75	0.07	0.88	0.95	(0.08)	(0.79)	(0.87)	11.83	8.49%	14,495	1.26%	0.60%
9/30/17	10.26	0.10	1.79	1.89	(0.10)	(0.30)	(0.40)	11.75	18.88%	13,096	1.26%	0.90%
9/30/16	13.58	0.09	1.45	1.54	(0.14)	(4.72)	(4.86)	10.26	13.78%	11,877	1.27%	0.82%
9/30/15	14.07	0.07	(0.20)	(0.13)	(0.06)	(0.30)	(0.36)	13.58	(0.96%)	12,906	1.21%	0.52%
Class R4
3/31/20r	$ 10.77	$ 0.04	$ (1.32)	$ (1.28)	$ (0.08)	$ (0.96)	$ (1.04)	$ 8.45	(13.74%)b	$ 5,194	1.19%a	0.69%a
9/30/19	11.75	0.09	0.29	0.38	(0.08)	(1.28)	(1.36)	10.77	5.08%	6,379	1.18%	0.83%
9/30/18	11.67	0.08	0.87	0.95	(0.08)	(0.79)	(0.87)	11.75	8.63%	6,394	1.16%	0.70%
9/30/17	10.22	0.11	1.78	1.89	(0.14)	(0.30)	(0.44)	11.67	19.02%	5,268	1.16%	0.99%
9/30/16	13.57	0.15	1.40	1.55	(0.18)	(4.72)	(4.90)	10.22	13.88%	3,421	1.17%	1.45%
9/30/15	14.07	0.09	(0.21)	(0.12)	(0.08)	(0.30)	(0.38)	13.57	(0.85%)	105	1.11%	0.63%
Class R3
3/31/20r	$ 10.88	$ 0.02	$ (1.34)	$ (1.32)	$ (0.04)	$ (0.96)	$ (1.00)	$ 8.56	(13.85%)b	$ 958	1.44%a	0.43%a
9/30/19	11.85	0.06	0.30	0.36	(0.05)	(1.28)	(1.33)	10.88	4.87%	1,239	1.43%	0.61%
9/30/18	11.76	0.05	0.88	0.93	(0.05)	(0.79)	(0.84)	11.85	8.34%	1,813	1.41%	0.45%
9/30/17	10.30	0.08	1.79	1.87	(0.11)	(0.30)	(0.41)	11.76	18.69%	1,144	1.41%	0.74%
9/30/16	13.66	0.07	1.46	1.53	(0.17)	(4.72)	(4.89)	10.30	13.60%	802	1.42%	0.70%
9/30/15	14.15	0.05	(0.20)	(0.15)	(0.04)	(0.30)	(0.34)	13.66	(1.07%)	140	1.36%	0.38%

The accompanying notes are an integral part of the financial statements.

183

MassMutual Premier Disciplined Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/20r	$ 11.00	$ 0.05	$ (0.53)	$ (0.48)	$ (0.11)	$ (1.31)	$ (1.42)	$ 9.10	(6.07%)b	$ 25,889	0.56%a	0.92%a
9/30/19	14.37	0.10	(0.47)	(0.37)	(0.15)	(2.85)	(3.00)	11.00	0.99%	28,367	0.55%	0.89%
9/30/18	13.13	0.10	2.81	2.91	(0.12)	(1.55)	(1.67)	14.37	23.95%	30,279	0.52%	0.78%
9/30/17	11.69	0.13	2.30	2.43	(0.17)	(0.82)	(0.99)	13.13	22.32%	113,313	0.53%	1.09%
9/30/16	11.37	0.14	1.17	1.31	(0.14)	(0.85)	(0.99)	11.69	11.94%	107,336	0.51%	1.22%
9/30/15	12.87	0.15	0.04	0.19	(0.14)	(1.55)	(1.69)	11.37	1.30%	184,981	0.50%	1.21%
Class R5
3/31/20r	$ 11.00	$ 0.04	$ (0.52)	$ (0.48)	$ (0.10)	$ (1.31)	$ (1.41)	$ 9.11	(6.08%)b	$ 74,571	0.66%a	0.82%a
9/30/19	14.37	0.09	(0.48)	(0.39)	(0.13)	(2.85)	(2.98)	11.00	0.85%	100,651	0.65%	0.79%
9/30/18	13.14	0.09	2.80	2.89	(0.11)	(1.55)	(1.66)	14.37	23.72%	112,178	0.62%	0.69%
9/30/17	11.69	0.12	2.31	2.43	(0.16)	(0.82)	(0.98)	13.14	22.27%	87,103	0.63%	1.00%
9/30/16	11.38	0.13	1.16	1.29	(0.13)	(0.85)	(0.98)	11.69	11.70%	76,893	0.61%	1.12%
9/30/15	12.88	0.14	0.04	0.18	(0.13)	(1.55)	(1.68)	11.38	1.29%	85,630	0.60%	1.12%
Service Class
3/31/20r	$ 11.04	$ 0.04	$ (0.54)	$ (0.50)	$ (0.07)	$ (1.31)	$ (1.38)	$ 9.16	(6.18%)b	$ 18,933	0.76%a	0.71%a
9/30/19	14.40	0.08	(0.47)	(0.39)	(0.12)	(2.85)	(2.97)	11.04	0.79%	31,895	0.75%	0.71%
9/30/18	13.17	0.08	2.80	2.88	(0.10)	(1.55)	(1.65)	14.40	23.54%	74,294	0.72%	0.59%
9/30/17	11.71	0.11	2.31	2.42	(0.14)	(0.82)	(0.96)	13.17	22.15%	73,755	0.73%	0.89%
9/30/16	11.40	0.12	1.16	1.28	(0.12)	(0.85)	(0.97)	11.71	11.58%	80,551	0.71%	1.02%
9/30/15	12.90	0.12	0.05	0.17	(0.12)	(1.55)	(1.67)	11.40	1.19%	87,882	0.70%	1.02%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	25%	49%	73%	105%	124%	138%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

184

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/20r	$ 11.19	$ 0.03	$ (0.54)	$ (0.51)	$ (0.08)	$ (1.31)	$ (1.39)	$ 9.29	(6.26%)b	$ 32,308	0.86%a	0.62%a
9/30/19	14.55	0.07	(0.47)	(0.40)	(0.11)	(2.85)	(2.96)	11.19	0.66%	37,316	0.85%	0.60%
9/30/18	13.28	0.07	2.83	2.90	(0.08)	(1.55)	(1.63)	14.55	23.51%	42,622	0.82%	0.49%
9/30/17	11.81	0.09	2.34	2.43	(0.14)	(0.82)	(0.96)	13.28	21.95%	41,678	0.83%	0.78%
9/30/16	11.48	0.10	1.19	1.29	(0.11)	(0.85)	(0.96)	11.81	11.57%	38,399	0.81%	0.91%
9/30/15	12.98	0.11	0.04	0.15	(0.10)	(1.55)	(1.65)	11.48	1.08%	33,634	0.80%	0.91%
Class A
3/31/20r	$ 10.80	$ 0.02	$ (0.52)	$ (0.50)	$ (0.05)	$ (1.31)	$ (1.36)	$ 8.94	(6.36%)b	$ 22,135	1.11%a	0.36%a
9/30/19	14.15	0.04	(0.47)	(0.43)	(0.07)	(2.85)	(2.92)	10.80	0.42%	29,210	1.10%	0.35%
9/30/18	12.95	0.03	2.77	2.80	(0.05)	(1.55)	(1.60)	14.15	23.22%	39,399	1.07%	0.24%
9/30/17	11.53	0.07	2.28	2.35	(0.11)	(0.82)	(0.93)	12.95	21.73%	36,625	1.08%	0.55%
9/30/16	11.23	0.07	1.15	1.22	(0.07)	(0.85)	(0.92)	11.53	11.23%	38,743	1.06%	0.67%
9/30/15	12.74	0.08	0.04	0.12	(0.08)	(1.55)	(1.63)	11.23	0.78%	38,035	1.05%	0.66%
Class R4
3/31/20r	$ 10.70	$ 0.02	$ (0.51)	$ (0.49)	$ (0.06)	$ (1.31)	$ (1.37)	$ 8.84	(6.29%)b	$ 20,706	1.01%a	0.47%a
9/30/19	14.05	0.05	(0.46)	(0.41)	(0.09)	(2.85)	(2.94)	10.70	0.59%	24,049	1.00%	0.45%
9/30/18	12.89	0.04	2.74	2.78	(0.07)	(1.55)	(1.62)	14.05	23.26%	31,265	0.97%	0.34%
9/30/17	11.50	0.07	2.27	2.34	(0.13)	(0.82)	(0.95)	12.89	21.80%	26,809	0.98%	0.61%
9/30/16	11.23	0.08	1.16	1.24	(0.12)	(0.85)	(0.97)	11.50	11.38%	14,016	0.96%	0.75%
9/30/15	12.74	0.09	0.05	0.14	(0.10)	(1.55)	(1.65)	11.23	0.94%	6,003	0.95%	0.78%
Class R3
3/31/20r	$ 10.66	$ 0.01	$ (0.51)	$ (0.50)	$ (0.02)	$ (1.31)	$ (1.33)	$ 8.83	(6.39%)b	$ 4,491	1.26%a	0.21%a
9/30/19	14.02	0.02	(0.47)	(0.45)	(0.06)	(2.85)	(2.91)	10.66	0.23%	6,015	1.25%	0.20%
9/30/18	12.86	0.01	2.74	2.75	(0.04)	(1.55)	(1.59)	14.02	23.01%	7,119	1.22%	0.10%
9/30/17	11.45	0.04	2.27	2.31	(0.08)	(0.82)	(0.90)	12.86	21.52%	4,310	1.23%	0.38%
9/30/16	11.21	0.06	1.14	1.20	(0.11)	(0.85)	(0.96)	11.45	11.01%	3,159	1.21%	0.55%
9/30/15	12.73	0.06	0.04	0.10	(0.07)	(1.55)	(1.62)	11.21	0.66%	3,637	1.20%	0.51%

The accompanying notes are an integral part of the financial statements.

185

MassMutual Premier Small Cap Opportunities Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/20r	$ 13.72	$ 0.06	$ (3.42)	$ (3.36)	$ (0.06)	$ (0.07)	$ (0.13)	$ 10.23	(24.80%)b	$ 26,331	0.69%a	0.90%a
9/30/19	16.47	0.11	(1.43)	(1.32)	(0.07)	(1.36)	(1.43)	13.72	(7.01%)	35,326	0.70%	0.82%
9/30/18	16.41	0.11	1.96	2.07	(0.07)	(1.94)	(2.01)	16.47	13.93%	40,439	0.69%	0.73%
9/30/17	13.81	0.11	3.01	3.12	(0.18)	(0.34)	(0.52)	16.41	23.05%	15,105	0.70%	0.75%
9/30/16	13.84	0.17	1.31	1.48	(0.12)	(1.39)	(1.51)	13.81	11.60%	3,642	0.71%	1.33%
9/30/15	15.78	0.13	0.44	0.57	(0.17)	(2.34)	(2.51)	13.84	2.63%	0f	0.68%	0.84%
Class R5
3/31/20r	$ 13.69	$ 0.06	$ (3.42)	$ (3.36)	$ (0.05)	$ (0.07)	$ (0.12)	$ 10.21	(24.83%)b	$ 66,659	0.79%a	0.81%a
9/30/19	16.44	0.10	(1.43)	(1.33)	(0.06)	(1.36)	(1.42)	13.69	(7.14%)	61,826	0.80%	0.71%
9/30/18	16.38	0.10	1.96	2.06	(0.06)	(1.94)	(2.00)	16.44	13.82%	77,025	0.79%	0.62%
9/30/17	13.78	0.10	3.00	3.10	(0.16)	(0.34)	(0.50)	16.38	22.99%	64,889	0.80%	0.63%
9/30/16	13.82	0.15	1.30	1.45	(0.10)	(1.39)	(1.49)	13.78	11.40%	61,310	0.81%	1.16%
9/30/15	15.77	0.13	0.41	0.54	(0.15)	(2.34)	(2.49)	13.82	2.44%	58,840	0.79%	0.82%
Service Class
3/31/20r	$ 13.66	$ 0.05	$ (3.42)	$ (3.37)	$ (0.03)	$ (0.07)	$ (0.10)	$ 10.19	(24.90%)b	$ 12,640	0.89%a	0.69%a
9/30/19	16.39	0.08	(1.41)	(1.33)	(0.04)	(1.36)	(1.40)	13.66	(7.16%)	17,073	0.90%	0.61%
9/30/18	16.34	0.08	1.95	2.03	(0.04)	(1.94)	(1.98)	16.39	13.68%	18,192	0.89%	0.52%
9/30/17	13.75	0.08	3.00	3.08	(0.15)	(0.34)	(0.49)	16.34	22.87%	14,726	0.90%	0.54%
9/30/16	13.81	0.14	1.29	1.43	(0.10)	(1.39)	(1.49)	13.75	11.23%	13,313	0.91%	1.08%
9/30/15	15.76	0.11	0.43	0.54	(0.15)	(2.34)	(2.49)	13.81	2.41%	6,927	0.89%	0.73%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	26%	34%	57%	62%	57%	52%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

f Amount is less than $500.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

186

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/20r	$ 13.57	$ 0.04	$ (3.39)	$ (3.35)	$ (0.02)	$ (0.07)	$ (0.09)	$ 10.13	(24.92%)b	$ 14,838	0.99%a	0.59%a
9/30/19	16.29	0.07	(1.41)	(1.34)	(0.02)	(1.36)	(1.38)	13.57	(7.28%)	20,377	1.00%	0.51%
9/30/18	16.25	0.07	1.94	2.01	(0.03)	(1.94)	(1.97)	16.29	13.59%	26,503	0.99%	0.42%
9/30/17	13.68	0.07	2.98	3.05	(0.14)	(0.34)	(0.48)	16.25	22.75%	23,967	1.00%	0.44%
9/30/16	13.72	0.12	1.29	1.41	(0.06)	(1.39)	(1.45)	13.68	11.17%	17,641	1.01%	0.94%
9/30/15	15.68	0.10	0.41	0.51	(0.13)	(2.34)	(2.47)	13.72	2.25%	18,171	0.99%	0.64%
Class A
3/31/20r	$ 13.21	$ 0.02	$ (3.30)	$ (3.28)	$ —	$ (0.07)	$ (0.07)	$ 9.86	(25.01%)b	$ 34,470	1.24%a	0.34%a
9/30/19	15.92	0.03	(1.38)	(1.35)	—	(1.36)	(1.36)	13.21	(7.54%)	50,524	1.25%	0.26%
9/30/18	15.93	0.03	1.90	1.93	—	(1.94)	(1.94)	15.92	13.34%	69,157	1.24%	0.17%
9/30/17	13.42	0.03	2.92	2.95	(0.10)	(0.34)	(0.44)	15.93	22.42%	73,462	1.25%	0.19%
9/30/16	13.49	0.09	1.26	1.35	(0.03)	(1.39)	(1.42)	13.42	10.88%	69,495	1.26%	0.70%
9/30/15	15.43	0.06	0.42	0.48	(0.08)	(2.34)	(2.42)	13.49	2.04%	66,359	1.24%	0.38%
Class R4
3/31/20r	$ 13.12	$ 0.03	$ (3.29)	$ (3.26)	$ —	$ (0.07)	$ (0.07)	$ 9.79	(25.03%)b	$ 7,055	1.14%a	0.44%a
9/30/19	15.81	0.05	(1.38)	(1.33)	(0.00)d	(1.36)	(1.36)	13.12	(7.43%)	10,591	1.15%	0.36%
9/30/18	15.83	0.04	1.89	1.93	(0.01)	(1.94)	(1.95)	15.81	13.42%	11,773	1.14%	0.26%
9/30/17	13.36	0.04	2.91	2.95	(0.14)	(0.34)	(0.48)	15.83	22.50%	9,717	1.15%	0.29%
9/30/16	13.48	0.10	1.27	1.37	(0.10)	(1.39)	(1.49)	13.36	11.06%	4,467	1.16%	0.75%
9/30/15	15.44	0.12	0.38	0.50	(0.12)	(2.34)	(2.46)	13.48	2.17%	571	1.14%	0.84%
Class R3
3/31/20r	$ 13.00	$ 0.01	$ (3.25)	$ (3.24)	$ —	$ (0.07)	$ (0.07)	$ 9.69	(25.10%)b	$ 5,237	1.39%a	0.18%a
9/30/19	15.71	0.01	(1.36)	(1.35)	—	(1.36)	(1.36)	13.00	(7.66%)	8,551	1.40%	0.11%
9/30/18	15.77	0.00d	1.88	1.88	—	(1.94)	(1.94)	15.71	13.14%	10,564	1.39%	0.02%
9/30/17	13.32	0.01	2.89	2.90	(0.11)	(0.34)	(0.45)	15.77	22.19%	9,008	1.40%	0.04%
9/30/16	13.46	0.07	1.25	1.32	(0.07)	(1.39)	(1.46)	13.32	10.72%	5,524	1.41%	0.51%
9/30/15	15.42	0.07	0.40	0.47	(0.09)	(2.34)	(2.43)	13.46	1.97%	1,245	1.39%	0.45%

The accompanying notes are an integral part of the financial statements.

187

MassMutual Premier Global Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/20r	$ 12.35	$ 0.00d	$ (1.42)	$ (1.42)	$ (0.09)	$ (0.03)	$ (0.12)	$ 10.81	(11.67%)b	$ 56,085	0.85%a	0.01%a
9/30/19	16.08	0.10	(0.83)	(0.73)	(0.11)	(2.89)	(3.00)	12.35	(1.93%)	70,159	0.84%	0.79%
9/30/18	16.46	0.13	1.52	1.65	(0.16)	(1.87)	(2.03)	16.08	10.39%	50,503	0.86%	0.79%
9/30/17	13.47	0.12	3.43	3.55	(0.18)	(0.38)	(0.56)	16.46	27.53%	34,308	0.86%	0.78%
9/30/16	13.94	0.11	0.66	0.77	(0.14)	(1.10)	(1.24)	13.47	5.50%	16,576	0.85%	0.85%
9/30/15	15.11	0.18	(0.46)	(0.28)	(0.19)	(0.70)	(0.89)	13.94	(1.92%)	1,044	0.84%	1.16%
Class R5
3/31/20r	$ 12.36	$ (0.01)	$ (1.41)	$ (1.42)	$ (0.08)	$ (0.03)	$ (0.11)	$ 10.83	(11.66%)b	$ 83,951	0.95%a	(0.08%)a
9/30/19	16.09	0.08	(0.83)	(0.75)	(0.09)	(2.89)	(2.98)	12.36	(2.07%)	98,379	0.94%	0.66%
9/30/18	16.47	0.11	1.53	1.64	(0.15)	(1.87)	(2.02)	16.09	10.28%	101,536	0.96%	0.65%
9/30/17	13.46	0.08	3.48	3.56	(0.17)	(0.38)	(0.55)	16.47	27.55%	120,521	0.96%	0.54%
9/30/16	13.93	0.12	0.63	0.75	(0.12)	(1.10)	(1.22)	13.46	5.37%	125,171	0.95%	0.89%
9/30/15	15.11	0.15	(0.46)	(0.31)	(0.17)	(0.70)	(0.87)	13.93	(2.07%)	166,316	0.94%	0.99%
Service Class
3/31/20r	$ 12.23	$ (0.01)	$ (1.40)	$ (1.41)	$ (0.06)	$ (0.03)	$ (0.09)	$ 10.73	(11.66%)b	$ 5,710	1.05%a	(0.18%)a
9/30/19	15.94	0.06	(0.82)	(0.76)	(0.06)	(2.89)	(2.95)	12.23	(2.23%)	6,361	1.04%	0.43%
9/30/18	16.33	0.10	1.51	1.61	(0.13)	(1.87)	(2.00)	15.94	10.17%	16,104	1.06%	0.60%
9/30/17	13.35	0.07	3.44	3.51	(0.15)	(0.38)	(0.53)	16.33	27.37%	19,086	1.06%	0.46%
9/30/16	13.83	0.11	0.62	0.73	(0.11)	(1.10)	(1.21)	13.35	5.28%	28,699	1.05%	0.87%
9/30/15	15.01	0.14	(0.46)	(0.32)	(0.16)	(0.70)	(0.86)	13.83	(2.15%)	30,582	1.04%	0.95%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	9%	32%	42%	30%	25%	32%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

188

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/20r	$ 12.34	$ (0.02)	$ (1.41)	$ (1.43)	$ (0.05)	$ (0.03)	$ (0.08)	$ 10.83	(11.69%)b	$ 64,675	1.15%a	(0.28%)a
9/30/19	16.06	0.06	(0.83)	(0.77)	(0.06)	(2.89)	(2.95)	12.34	(2.30%)	77,097	1.14%	0.45%
9/30/18	16.44	0.07	1.53	1.60	(0.11)	(1.87)	(1.98)	16.06	10.07%	90,239	1.16%	0.46%
9/30/17	13.44	0.05	3.47	3.52	(0.14)	(0.38)	(0.52)	16.44	27.24%	103,200	1.16%	0.36%
9/30/16	13.91	0.09	0.63	0.72	(0.09)	(1.10)	(1.19)	13.44	5.15%	99,085	1.15%	0.68%
9/30/15	15.08	0.12	(0.45)	(0.33)	(0.14)	(0.70)	(0.84)	13.91	(2.23%)	120,753	1.14%	0.79%
Class A
3/31/20r	$ 12.17	$ (0.04)	$ (1.39)	$ (1.43)	$ (0.02)	$ (0.03)	$ (0.05)	$ 10.69	(11.84%)b	$ 17,438	1.40%a	(0.55%)a
9/30/19	15.87	0.03	(0.82)	(0.79)	(0.02)	(2.89)	(2.91)	12.17	(2.48%)	24,676	1.39%	0.20%
9/30/18	16.27	0.03	1.51	1.54	(0.07)	(1.87)	(1.94)	15.87	9.74%	31,725	1.41%	0.21%
9/30/17	13.29	0.02	3.44	3.46	(0.10)	(0.38)	(0.48)	16.27	26.99%	30,769	1.41%	0.12%
9/30/16	13.77	0.06	0.61	0.67	(0.05)	(1.10)	(1.15)	13.29	4.85%	32,200	1.40%	0.44%
9/30/15	14.92	0.08	(0.44)	(0.36)	(0.09)	(0.70)	(0.79)	13.77	(2.44%)	40,690	1.39%	0.54%
Class R4
3/31/20r	$ 11.98	$ (0.03)	$ (1.37)	$ (1.40)	$ (0.03)	$ (0.03)	$ (0.06)	$ 10.52	(11.77%)b	$ 6,080	1.30%a	(0.44%)a
9/30/19	15.71	0.04	(0.82)	(0.78)	(0.06)	(2.89)	(2.95)	11.98	(2.45%)	7,531	1.29%	0.32%
9/30/18	16.13	0.04	1.51	1.55	(0.10)	(1.87)	(1.97)	15.71	9.90%	7,790	1.31%	0.27%
9/30/17	13.21	0.03	3.41	3.44	(0.14)	(0.38)	(0.52)	16.13	27.05%	5,560	1.31%	0.20%
9/30/16	13.74	0.09	0.61	0.70	(0.13)	(1.10)	(1.23)	13.21	5.05%	4,322	1.30%	0.73%
9/30/15	14.93	0.12	(0.48)	(0.36)	(0.13)	(0.70)	(0.83)	13.74	(2.44%)	729	1.29%	0.79%
Class R3
3/31/20r	$ 12.10	$ (0.04)	$ (1.39)	$ (1.43)	$ (0.01)	$ (0.03)	$ (0.04)	$ 10.63	(11.90%)b	$ 7,651	1.55%a	(0.69%)a
9/30/19	15.80	0.01	(0.82)	(0.81)	—	(2.89)	(2.89)	12.10	(2.69%)	10,226	1.54%	0.06%
9/30/18	16.21	0.01	1.51	1.52	(0.06)	(1.87)	(1.93)	15.80	9.64%	11,029	1.56%	0.06%
9/30/17	13.27	(0.00)d	3.42	3.42	(0.10)	(0.38)	(0.48)	16.21	26.73%	10,696	1.56%	(0.03%)
9/30/16	13.79	0.05	0.61	0.66	(0.08)	(1.10)	(1.18)	13.27	4.78%	8,702	1.55%	0.42%
9/30/15	14.97	0.05	(0.43)	(0.38)	(0.10)	(0.70)	(0.80)	13.79	(2.63%)	2,905	1.54%	0.36%

The accompanying notes are an integral part of the financial statements.

189

MassMutual Premier International Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiver	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/20r	$ 12.01	$ (0.00)d	$ (1.10)	$ (1.10)	$ (0.13)	$ (0.37)	$ (0.50)	$ 10.41	(9.93%)b	$ 75,959	0.99%a	0.97%a	(0.05%)a
9/30/19	12.99	0.09	(0.49)	(0.40)	(0.12)	(0.46)	(0.58)	12.01	(2.49%)	149,979	0.93%	0.92%	0.81%
9/30/18	13.44	0.14	(0.42)	(0.28)	(0.17)	—	(0.17)	12.99	(2.14%)	293,575	0.96%	0.94%	1.01%
9/30/17	11.97	0.18	1.61	1.79	(0.15)	(0.17)	(0.32)	13.44	15.60%	246,510	0.96%	0.94%	1.46%
9/30/16	11.55	0.15	0.85	1.00	(0.14)	(0.44)	(0.58)	11.97	8.86%	195,019	0.95%	0.94%	1.30%
9/30/15	14.39	0.18	(0.60)	(0.42)	(0.18)	(2.24)	(2.42)	11.55	(3.02%)	169,842	0.96%	N/A	1.42%
Class R5
3/31/20r	$ 12.00	$ (0.01)	$ (1.09)	$ (1.10)	$ (0.12)	$ (0.37)	$ (0.49)	$ 10.41	(9.95%)b	$ 67,404	1.09%a	1.07%a	(0.10%)a
9/30/19	12.98	0.10	(0.51)	(0.41)	(0.11)	(0.46)	(0.57)	12.00	(2.63%)	94,827	1.03%	1.02%	0.89%
9/30/18	13.44	0.12	(0.42)	(0.30)	(0.16)	—	(0.16)	12.98	(2.32%)	147,654	1.06%	1.04%	0.85%
9/30/17	11.97	0.17	1.61	1.78	(0.14)	(0.17)	(0.31)	13.44	15.47%	195,316	1.06%	1.04%	1.38%
9/30/16	11.54	0.14	0.85	0.99	(0.12)	(0.44)	(0.56)	11.97	8.83%	221,320	1.05%	1.04%	1.18%
9/30/15	14.38	0.13	(0.57)	(0.44)	(0.16)	(2.24)	(2.40)	11.54	(3.17%)	251,687	1.06%	N/A	1.05%
Service Class
3/31/20r	$ 11.97	$ (0.02)	$ (1.09)	$ (1.11)	$ (0.10)	$ (0.37)	$ (0.47)	$ 10.39	(10.01%)b	$ 4,854	1.19%a	1.17%a	(0.28%)a
9/30/19	12.94	0.07	(0.49)	(0.42)	(0.09)	(0.46)	(0.55)	11.97	(2.74%)	9,393	1.13%	1.12%	0.60%
9/30/18	13.39	0.11	(0.41)	(0.30)	(0.15)	—	(0.15)	12.94	(2.33%)	23,069	1.16%	1.14%	0.79%
9/30/17	11.93	0.15	1.61	1.76	(0.13)	(0.17)	(0.30)	13.39	15.33%	21,422	1.16%	1.14%	1.25%
9/30/16	11.51	0.13	0.84	0.97	(0.11)	(0.44)	(0.55)	11.93	8.66%	22,510	1.15%	1.14%	1.09%
9/30/15	14.34	0.13	(0.57)	(0.44)	(0.15)	(2.24)	(2.39)	11.51	(3.20%)	21,741	1.16%	N/A	1.03%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	10%	52%	70%	44%	36%	45%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

190

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/20r	$ 11.91	$ (0.02)	$ (1.09)	$ (1.11)	$ (0.09)	$ (0.37)	$ (0.46)	$ 10.34	(10.07%)b	$ 3,739	1.29%a	1.27%a	(0.32%)a
9/30/19	12.87	0.08	(0.51)	(0.43)	(0.07)	(0.46)	(0.53)	11.91	(2.77%)	5,465	1.23%	1.22%	0.65%
9/30/18	13.32	0.08	(0.40)	(0.32)	(0.13)	—	(0.13)	12.87	(2.49%)	11,908	1.26%	1.24%	0.58%
9/30/17	11.87	0.15	1.58	1.73	(0.11)	(0.17)	(0.28)	13.32	15.19%	17,968	1.26%	1.24%	1.22%
9/30/16	11.45	0.11	0.85	0.96	(0.10)	(0.44)	(0.54)	11.87	8.59%	18,407	1.25%	1.24%	0.97%
9/30/15	14.27	0.12	(0.56)	(0.44)	(0.14)	(2.24)	(2.38)	11.45	(3.28%)	19,307	1.26%	N/A	0.96%
Class A
3/31/20r	$ 11.54	$ (0.03)	$ (1.06)	$ (1.09)	$ (0.06)	$ (0.37)	$ (0.43)	$ 10.02	(10.16%)b	$ 15,172	1.54%a	1.52%a	(0.55%)a
9/30/19	12.49	0.05	(0.50)	(0.45)	(0.04)	(0.46)	(0.50)	11.54	(3.09%)	22,004	1.48%	1.47%	0.46%
9/30/18	12.93	0.05	(0.39)	(0.34)	(0.10)	—	(0.10)	12.49	(2.70%)	30,719	1.51%	1.49%	0.41%
9/30/17	11.52	0.10	1.56	1.66	(0.08)	(0.17)	(0.25)	12.93	14.95%	39,746	1.51%	1.49%	0.90%
9/30/16	11.12	0.08	0.83	0.91	(0.07)	(0.44)	(0.51)	11.52	8.34%	42,907	1.50%	1.49%	0.72%
9/30/15	13.94	0.08	(0.56)	(0.48)	(0.10)	(2.24)	(2.34)	11.12	(3.54%)	47,166	1.51%	N/A	0.65%
Class R4
3/31/20r	$ 11.43	$ (0.03)	$ (1.05)	$ (1.08)	$ (0.05)	$ (0.37)	$ (0.42)	$ 9.93	(10.20%)b	$ 1,736	1.44%a	1.42%a	(0.54%)a
9/30/19	12.38	0.05	(0.48)	(0.43)	(0.06)	(0.46)	(0.52)	11.43	(2.95%)	4,895	1.38%	1.37%	0.48%
9/30/18	12.84	0.07	(0.40)	(0.33)	(0.13)	—	(0.13)	12.38	(2.63%)	10,673	1.41%	1.39%	0.54%
9/30/17	11.47	0.13	1.53	1.66	(0.12)	(0.17)	(0.29)	12.84	15.10%	10,932	1.41%	1.39%	1.10%
9/30/16	11.11	0.14	0.77	0.91	(0.11)	(0.44)	(0.55)	11.47	8.42%	3,648	1.40%	1.39%	1.28%
9/30/15	13.94	0.09	(0.55)	(0.46)	(0.13)	(2.24)	(2.37)	11.11	(3.46%)	349	1.41%	N/A	0.73%
Class R3
3/31/20r	$ 11.38	$ (0.04)	$ (1.05)	$ (1.09)	$ (0.04)	$ (0.37)	$ (0.41)	$ 9.88	(10.19%)b	$ 2,624	1.69%a	1.67%a	(0.76%)a
9/30/19	12.34	0.02	(0.48)	(0.46)	(0.04)	(0.46)	(0.50)	11.38	(3.24%)	5,415	1.63%	1.62%	0.21%
9/30/18	12.79	0.03	(0.39)	(0.36)	(0.09)	—	(0.09)	12.34	(2.88%)	9,024	1.66%	1.64%	0.25%
9/30/17	11.43	0.09	1.54	1.63	(0.10)	(0.17)	(0.27)	12.79	14.77%	9,045	1.66%	1.64%	0.77%
9/30/16	11.09	0.09	0.80	0.89	(0.11)	(0.44)	(0.55)	11.43	8.24%	3,618	1.65%	1.64%	0.82%
9/30/15	13.93	0.05	(0.54)	(0.49)	(0.11)	(2.24)	(2.35)	11.09	(3.76%)	524	1.66%	N/A	0.41%

The accompanying notes are an integral part of the financial statements.

191

MassMutual Premier Strategic Emerging Markets Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/20r	$ 13.02	$ (0.01)	$ (1.49)	$ (1.50)	$ (0.08)	$ (1.06)	$ (1.14)	$ 10.38	(13.51%)b	$ 119,125	1.26%a	1.15%a	(0.09%)a
9/30/19	12.75	0.07	0.28	0.35	(0.08)	—	(0.08)	13.02	2.85%	141,988	1.21%	1.10%	0.55%
9/30/18	12.88	0.08	(0.04)	0.04	(0.17)	—	(0.17)	12.75	0.31%	216,085	1.27%	1.05%	0.62%
9/30/17	10.79	0.07	2.14	2.21	(0.12)	—	(0.12)	12.88	20.85%	236,991	1.28%	1.05%	0.65%
9/30/16	9.19	0.07	1.61	1.68	(0.08)	—	(0.08)	10.79	18.36%	204,626	1.31%	1.05%	0.69%
9/30/15	12.11	0.09	(2.87)	(2.78)	(0.14)	—	(0.14)	9.19	(23.13%)	127,823	1.37%	1.05%	0.77%
Class R5
3/31/20r	$ 13.20	$ (0.01)	$ (1.53)	$ (1.54)	$ (0.06)	$ (1.06)	$ (1.12)	$ 10.54	(13.55%)b	$ 3,714	1.36%a	1.25%a	(0.15%)a
9/30/19	12.92	0.06	0.29	0.35	(0.07)	—	(0.07)	13.20	2.78%	4,295	1.31%	1.22%	0.45%
9/30/18	13.05	0.07	(0.04)	0.03	(0.16)	—	(0.16)	12.92	0.21%	4,047	1.37%	1.15%	0.53%
9/30/17	10.94	0.06	2.16	2.22	(0.11)	—	(0.11)	13.05	20.59%	3,887	1.38%	1.15%	0.54%
9/30/16	9.30	0.04	1.65	1.69	(0.05)	—	(0.05)	10.94	18.22%	3,148	1.41%	1.15%	0.38%
9/30/15	12.24	0.08	(2.89)	(2.81)	(0.13)	—	(0.13)	9.30	(23.20%)	7,389	1.47%	1.15%	0.67%
Service Class
3/31/20r	$ 13.05	$ (0.02)	$ (1.50)	$ (1.52)	$ (0.06)	$ (1.06)	$ (1.12)	$ 10.41	(13.55%)b	$ 1,374	1.46%a	1.35%a	(0.36%)a
9/30/19	12.73	0.05	0.29	0.34	(0.02)	—	(0.02)	13.05	2.71%	419	1.41%	1.31%	0.42%
9/30/18	12.85	0.05	(0.03)	0.02	(0.14)	—	(0.14)	12.73	0.10%	230	1.47%	1.25%	0.41%
9/30/17	10.78	(0.02)	2.19	2.17	(0.10)	—	(0.10)	12.85	20.41%	434	1.48%	1.25%	(0.20%)
9/30/16	9.17	0.04	1.63	1.67	(0.06)	—	(0.06)	10.78	18.27%	8,238	1.51%	1.25%	0.43%
9/30/15	12.09	0.07	(2.87)	(2.80)	(0.12)	—	(0.12)	9.17	(23.23%)	7,015	1.57%	1.25%	0.63%

		Year ended September 30
	Six months ended March 31, 2020b,r	2019	2018	2017	2016	2015
Portfolio turnover rate	48%	32%	38%	51%	33%	40%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

192

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/20r	$ 13.08	$ (0.02)	$ (1.52)	$ (1.54)	$ (0.04)	$ (1.06)	$ (1.10)	$ 10.44	(13.68%)b	$ 743	1.56%a	1.45%a	(0.35%)a
9/30/19	12.78	0.03	0.30	0.33	(0.03)	—	(0.03)	13.08	2.61%	927	1.51%	1.41%	0.24%
9/30/18	12.91	0.04	(0.03)	0.01	(0.14)	—	(0.14)	12.78	0.02%	879	1.57%	1.35%	0.33%
9/30/17	10.84	0.05	2.13	2.18	(0.11)	—	(0.11)	12.91	20.35%	1,565	1.58%	1.35%	0.41%
9/30/16	9.23	0.04	1.62	1.66	(0.05)	—	(0.05)	10.84	18.02%	677	1.61%	1.35%	0.42%
9/30/15	12.15	0.06	(2.88)	(2.82)	(0.10)	—	(0.10)	9.23	(23.32%)	431	1.67%	1.35%	0.54%
Class A
3/31/20r	$ 12.98	$ (0.04)	$ (1.50)	$ (1.54)	$ (0.02)	$ (1.06)	$ (1.08)	$ 10.36	(13.73%)b	$ 982	1.81%a	1.70%a	(0.65%)a
9/30/19	12.73	0.01	0.28	0.29	(0.04)	—	(0.04)	12.98	2.32%	885	1.76%	1.68%	0.09%
9/30/18	12.88	0.04	(0.07)	(0.03)	(0.12)	—	(0.12)	12.73	(0.23%)	386	1.82%	1.60%	0.30%
9/30/17	10.74	0.02	2.14	2.16	(0.02)	—	(0.02)	12.88	20.18%	118	1.83%	1.60%	0.14%
9/30/16	9.13	0.01	1.60	1.61	(0.00)d	—	(0.00)d	10.74	17.68%	95	1.86%	1.60%	0.11%
9/30/15	12.04	0.00d	(2.81)	(2.81)	(0.10)	—	(0.10)	9.13	(23.47%)	190	1.92%	1.60%	0.02%
Class R4
3/31/20r	$ 12.90	$ (0.03)	$ (1.49)	$ (1.52)	$ (0.02)	$ (1.06)	$ (1.08)	$ 10.30	(13.70%)b	$ 1,112	1.71%a	1.60%a	(0.51%)a
9/30/19	12.63	0.01	0.29	0.30	(0.03)	—	(0.03)	12.90	2.38%	1,337	1.66%	1.57%	0.05%
9/30/18	12.76	0.03	(0.04)	(0.01)	(0.12)	—	(0.12)	12.63	(0.10%)	1,295	1.72%	1.50%	0.22%
9/30/17	10.72	0.03	2.11	2.14	(0.10)	—	(0.10)	12.76	20.23%	1,019	1.73%	1.50%	0.24%
9/30/16	9.14	0.02	1.61	1.63	(0.05)	—	(0.05)	10.72	17.87%	599	1.76%	1.50%	0.23%
9/30/15	12.05	0.03	(2.84)	(2.81)	(0.10)	—	(0.10)	9.14	(23.45%)	112	1.82%	1.50%	0.27%
Class R3
3/31/20r	$ 12.87	$ (0.05)	$ (1.49)	$ (1.54)	$ —	$ (1.06)	$ (1.06)	$ 10.27	(13.84%)b	$ 541	1.96%a	1.85%a	(0.76%)a
9/30/19	12.60	(0.02)	0.29	0.27	—	—	—	12.87	2.14%	750	1.91%	1.81%	(0.15%)
9/30/18	12.73	(0.01)	(0.04)	(0.05)	(0.08)	—	(0.08)	12.60	(0.39%)	761	1.97%	1.75%	(0.09%)
9/30/17	10.70	(0.01)	2.12	2.11	(0.08)	—	(0.08)	12.73	19.88%	821	1.98%	1.75%	(0.07%)
9/30/16	9.12	0.00d	1.61	1.61	(0.03)	—	(0.03)	10.70	17.66%	642	2.01%	1.75%	0.04%
9/30/15	12.03	0.03	(2.86)	(2.83)	(0.08)	—	(0.08)	9.12	(23.57%)	184	2.07%	1.75%	0.24%

The accompanying notes are an integral part of the financial statements.

193

Notes to Financial Statements (Unaudited)

1. The Funds

MassMutual Premier Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The following are 14 series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MassMutual Premier U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)
MassMutual Premier Short-Duration Bond Fund (“Short-Duration Bond Fund”)
MassMutual Premier Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)
MassMutual Premier Core Bond Fund (“Core Bond Fund”)
MassMutual Premier Diversified Bond Fund (“Diversified Bond Fund”)
MassMutual Premier High Yield Fund (“High Yield Fund”)
MassMutual Premier Balanced Fund (“Balanced Fund”)
MassMutual Premier Disciplined Value Fund (“Disciplined Value Fund”)
MassMutual Premier Main Street Fund (“Main Street Fund”)
MassMutual Premier Disciplined Growth Fund (“Disciplined Growth Fund”)
MassMutual Premier Small Cap Opportunities Fund (“Small Cap Opportunities Fund”)
MassMutual Premier Global Fund (“Global Fund”)
MassMutual Premier International Equity Fund (“International Equity Fund”)
MassMutual Premier Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Investment Valuation

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

194

Notes to Financial Statements (Unaudited) (Continued)

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (with the exception of debt securities held by the U.S. Government Money Market Fund) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day. The U.S. Government Money Market Fund’s debt securities are typically valued at amortized cost, but may be valued using a vendor quote if the Fund’s investment adviser determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the U.S. Government Money Market Fund must adhere to certain conditions. It is the intention of the U.S. Government Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral. Restricted securities are generally valued at a discount to similar publicly traded securities.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee¹ in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including

1 The voting members of the Valuation Committee consist of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO, Secretary, and Assistant Secretaries) of the Trust, as well as such other members as the Trustees may from time to time designate. The non-voting members of the Valuation Committee consist of the CCO, Secretary, and Assistant Secretaries. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general.

195

Notes to Financial Statements (Unaudited) (Continued)

broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized

196

Notes to Financial Statements (Unaudited) (Continued)

in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.

In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.

The U.S. Government Money Market Fund characterized all investments at Level 2, as of March 31, 2020. The Disciplined Value Fund, Disciplined Growth Fund, and Small Cap Opportunities Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of March 31, 2020. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of March 31, 2020, for the remaining Funds’ investments:

	Level 1			Level 2		Level 3		Total
Short-Duration Bond Fund
Asset Investments
Corporate Debt	$	—		$	173,972,279	$	—	$	173,972,279
Municipal Obligations		—			787,374		—		787,374
Non-U.S. Government Agency Obligations		—			255,090,125		—		255,090,125
U.S. Government Agency Obligations and Instrumentalities		—			2,023,158		—		2,023,158
U.S. Treasury Obligations		—			1,936,832		—		1,936,832
Purchased Options		—			366,916		—		366,916
Short-Term Investments		—			13,941,579		—		13,941,579
Total Investments	$	—		$	448,118,263	$	—	$	448,118,263
Asset Derivatives
Futures Contracts	$	2,428,457		$	—	$	—	$	2,428,457
Swap Agreements		—			20,953		—		20,953
Total	$	2,428,457		$	20,953	$	—	$	2,449,410
Liability Derivatives
Futures Contracts	$	(9,607,330	)	$	—	$	—	$	(9,607,330	)

197

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Inflation-Protected and Income Fund
Asset Investments
Corporate Debt	$	—		$	2,982,633		$	—		$	2,982,633
Non-U.S. Government Agency Obligations		—			161,503,429			—			161,503,429
U.S. Treasury Obligations		—			73,766,176			—			73,766,176
Purchased Options		—			662,150			—			662,150
Short-Term Investments		—			78,061,618			—			78,061,618
Total Investments	$	—		$	316,976,006		$	—		$	316,976,006
Asset Derivatives
Futures Contracts	$	201,094		$	—		$	—		$	201,094
Swap Agreements		—			3,407,759			—			3,407,759
Total	$	201,094		$	3,407,759		$	—		$	3,608,853
Liability Derivatives
Futures Contracts	$	(35,006	)	$	—		$	—			(35,006	)
Swap Agreements		—			(1,493,477	)		—			(1,493,477	)
Total	$	(35,006	)	$	(1,493,477	)	$	—		$	(1,528,483	)
Core Bond Fund
Asset Investments
Preferred Stock	$	3,166,800		$	—		$	—		$	3,166,800
Corporate Debt		—			462,440,391			—			462,440,391
Municipal Obligations		—			8,011,080			—			8,011,080
Non-U.S. Government Agency Obligations		—			419,220,516			—			419,220,516
Sovereign Debt Obligations		—			9,030,587			—			9,030,587
U.S. Government Agency Obligations and Instrumentalities		—			373,371,806			—			373,371,806
U.S. Treasury Obligations		—			27,050,633			—			27,050,633
Purchased Options		—			2,314,290			—			2,314,290
Mutual Funds		1,584,220			—			—			1,584,220
Short-Term Investments		—			192,668,678			—			192,668,678
Total Investments	$	4,751,020		$	1,494,107,981		$	—		$	1,498,859,001
Asset Derivatives
Futures Contracts	$	15,424,868		$	—		$	—		$	15,424,868
Swap Agreements		—			57,475			—			57,475
Total	$	15,424,868		$	57,475		$	—		$	15,482,343
Liability Derivatives
Futures Contracts	$	(1,033,624	)	$	—		$	—		$	(1,033,624	)
Diversified Bond Fund
Asset Investments
Common Stock	$	18,661		$	807		$	—		$	19,468
Preferred Stock		243,600			—			—			243,600
Corporate Debt		—			97,463,073			22,586	**		97,485,659
Municipal Obligations		—			695,860			—			695,860
Non-U.S. Government Agency Obligations		—			65,801,692			—			65,801,692
Sovereign Debt Obligations		—			1,355,160			—			1,355,160
U.S. Government Agency Obligations and Instrumentalities		—			50,386,745			—			50,386,745
U.S. Treasury Obligations		—			4,383,614			—			4,383,614
Purchased Options		—			423,712			—			423,712
Warrants		—			—			3,788	**		3,788
Mutual Funds		915,752			—			—			915,752
Short-Term Investments		—			27,850,582			—			27,850,582
Total Investments	$	1,178,013		$	248,361,245		$	26,374		$	249,565,632

198

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Diversified Bond Fund (Continued)
Asset Derivatives
Futures Contracts	$	2,547,775		$	—		$	—		$	2,547,775
Forwards Contracts		—			260,684			—			260,684
Swap Agreements		—			9,811			—			9,811
Total	$	2,547,775		$	270,495		$	—		$	2,818,270
Liability Derivatives
Futures Contracts	$	(271,044	)	$	—		$	—		$	(271,044	)
Forwards Contracts		—			(297,780	)		—			(297,780	)
Total	$	(271,044	)	$	(297,780	)	$	—		$	(568,824	)
High Yield Fund
Asset Investments
Common Stock	$	610,239		$	664,327		$	—	+,**	$	1,274,566
Bank Loans		—			18,232,028			—			18,232,028
Corporate Debt		—			437,249,347			738,589	**		437,987,936
Warrants		—			—			663	**		663
Mutual Funds		15,820,543			—			—			15,820,543
Total Investments	$	16,430,782		$	456,145,702		$	739,252		$	473,315,736
Balanced Fund
Asset Investments
Common Stock	$	58,175,951		$	—		$	—		$	58,175,951
Preferred Stock		121,800			—			—			121,800
Corporate Debt		—			13,919,988			—			13,919,988
Municipal Obligations		—			390,959			—			390,959
Non-U.S. Government Agency Obligations		—			13,289,248			—			13,289,248
Sovereign Debt Obligations		—			278,999			—			278,999
U.S. Government Agency Obligations and Instrumentalities		—			12,466,457			—			12,466,457
U.S. Treasury Obligations		—			2,079,608			—			2,079,608
Purchased Options		—			74,270			—			74,270
Rights		13,672			—			—			13,672
Mutual Funds		9,536,432			—			—			9,536,432
Short-Term Investments		—			8,099,887			—			8,099,887
Total Investments	$	67,847,855		$	50,599,416		$	—		$	118,447,271
Asset Derivatives
Futures Contracts	$	675,927		$	—		$	—		$	675,927
Swap Agreements		—			2,026			—			2,026
Total	$	675,927		$	2,026		$	—		$	677,953
Liability Derivatives
Futures Contracts	$	(14,358	)	$	—		$	—		$	(14,358	)
Main Street Fund
Asset Investments
Common Stock	$	92,608,357		$	1,132,195	*	$	—		$	93,740,552
Short-Term Investments		—			3,448,180			—			3,448,180
Total Investments	$	92,608,357		$	4,580,375		$	—		$	97,188,732

199

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2		Level 3		Total
Global Fund
Asset Investments
Common Stock*
Cayman Islands	$	8,807,889	$	—	$	—	$	8,807,889
France		—		19,603,355		—		19,603,355
Germany		—		11,029,442		—		11,029,442
India		3,557,862		4,529,211		—		8,087,073
Italy		—		683,574		—		683,574
Japan		—		34,318,090		—		34,318,090
Netherlands		1,393,512		6,262,526		—		7,656,038
Spain		—		3,877,933		—		3,877,933
Sweden		—		7,269,135		—		7,269,135
Switzerland		—		1,160,708		—		1,160,708
United Kingdom		576,252		5,565,834		—		6,142,086
United States		129,932,448		—		—		129,932,448
Preferred Stock
India		22,346		—		—		22,346
Short-Term Investments		—		3,363,436		—		3,363,436
Total Investments	$	144,290,309	$	97,663,244	$	—	$	241,953,553
International Equity Fund
Asset Investments
Common Stock*
Australia	$	—	$	4,166,101	$	—	$	4,166,101
Belgium		—		1,428,046		—		1,428,046
Canada		9,281,520		—		—		9,281,520
Cayman Islands		3,399,316		2,336,762		—		5,736,078
Denmark		741,424		4,944,368		—		5,685,792
France		—		26,697,221		—		26,697,221
Germany		—		12,824,302		—		12,824,302
India		1,216,316		—		—		1,216,316
Ireland		1,991,445		2,471,503		—		4,462,948
Italy		—		1,075,039		—		1,075,039
Japan		—		17,420,329		—		17,420,329
Netherlands		—		15,496,560		—		15,496,560
New Zealand		—		2,168,509		—		2,168,509
Panama		277,676		—		—		277,676
Spain		—		7,857,830		—		7,857,830
Sweden		—		8,103,177		—		8,103,177
Switzerland		—		19,420,096		—		19,420,096
Taiwan		—		3,507,923		—		3,507,923
Thailand		987,772		—		—		987,772
United Kingdom		1,850,187		12,600,410		—		14,450,597
United States		5,651,143		—		—		5,651,143
Preferred Stock
India		25,477		—		—		25,477
Mutual Funds		2,933,315		—		—		2,933,315
Short-Term Investments		—		6,821,305		—		6,821,305
Total Investments	$	28,355,591	$	149,339,481	$	—	$	177,695,072

200

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2		Level 3		Total
Strategic Emerging Markets Fund
Asset Investments
Common Stock*
Bermuda	$	2,104,274	$	1,176,936	$	—	$	3,281,210
Brazil		5,604,252		—		—		5,604,252
Cayman Islands		16,482,605		14,110,097		—		30,592,702
Chile		812,860		—		—		812,860
China		—		6,377,756		—		6,377,756
Colombia		450,522		—		—		450,522
Egypt		—		658,616		—		658,616
France		—		7,924,605		—		7,924,605
Hong Kong		—		5,772,027		—		5,772,027
India		—		11,608,530		—		11,608,530
Indonesia		—		1,198,025		—		1,198,025
Italy		—		2,532,267		—		2,532,267
Mexico		7,796,289		—		—		7,796,289
Netherlands		1,890,660		—		—		1,890,660
Philippines		—		2,948,554		—		2,948,554
Republic of Korea		—		2,697,323		—		2,697,323
Russia		713,832		7,870,071		—		8,583,903
South Africa		—		1,902,734		—		1,902,734
Taiwan		—		7,542,481		—		7,542,481
Turkey		—		1,962,479		—		1,962,479
United Kingdom		—		124,407		—		124,407
United States		4,315,865		—		—		4,315,865
Preferred Stock
Brazil		1,372,841		—		—		1,372,841
India		28,969		—		—		28,969
Singapore		—		—		2,438,401		2,438,401
Mutual Funds		618,251		—		—		618,251
Short-Term Investments		—		4,687,332		—		4,687,332
Total Investments	$	42,191,220	$	81,094,240	$	2,438,401	$	125,723,861

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2020 is not presented.

For certain Fund(s) the Statement of Assets and Liabilities show any applicable Fund(s) receivables from investments sold on a when-issued basis, collateral pledged for open futures contracts, collateral pledged/held for open swap agreements, collateral held for open purchased options, and collateral held for when-issued securities, as well as, any applicable liabilities for investments purchased on a when-issued basis, amounts due to custodian, and collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of March 31, 2020.

The Funds had no Level 3 transfers at March 31, 2020.

201

Notes to Financial Statements (Unaudited) (Continued)

Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:

Asset Valuation Inputs

	Investments in Securities
	Balance as of 9/30/19		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		(Sales)		Transfers into Level 3		Transfers (out) of Level 3		Balance as of 3/31/20		Net Change in Unrealized Appreciation (Depreciation) from Investments Still held as of 3/31/2020
Strategic Emerging Markets Fund
Preferred Stock	$	2,438,401	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,438,401	$	—

The Strategic Emerging Markets Fund fair values certain of its Level 3 investments using acquisition cost, although the transaction may not have occurred during the current reporting period. These investments are generally privately held investments, but may include defaulted securities and new debt issuances. There may not be a secondary market for such investments, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Valuation Committee. Valuations are reviewed by members of the Valuation Committee utilizing available market information to determine if the carrying value of these investments should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment, also referred to as enterprise value (EV) to earnings before interest, taxes, depreciation, and amortization (EBITDA) ratios. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment and the fact that comparable public companies are not identical to the investments being fair valued by the Strategic Emerging Markets Fund. All market variables are assessed on a regular frequency and calibrated as necessary.

Strategic Emerging Markets Fund	Fair Value Amount		Valuation Technique	Unobservable Input Description	Value/ Weighted Average Range
Preferred Stock — $2,438,401
Grab Holdings, Inc.	$	2,438,401	Market Approach	Market Transaction		$6.16
Total	$	2,438,401

202

Notes to Financial Statements (Unaudited) (Continued)

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

At March 31, 2020, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Credit Risk		Equity Risk			Foreign Exchange Risk		Interest Rate Risk			Total
Short-Duration Bond Fund
Asset Derivatives
Purchased Options*	$	—	$	—		$	—	$	366,916		$	366,916
Futures Contracts^^		—		—			—		2,428,457			2,428,457
Swap Agreements^^,^^^		20,953		—			—		—			20,953
Total Value	$	20,953	$	—		$	—	$	2,795,373		$	2,816,326
Liability Derivatives
Futures Contracts^^	$	—	$	—		$	—	$	(9,607,330	)	$	(9,607,330	)
Realized Gain (Loss)#
Purchased Options	$	—	$	—		$	—	$	302,738		$	302,738
Futures Contracts		—		—			—		(1,176,349	)		(1,176,349	)
Swap Agreements		562,240		—			—		(417	)		561,823
Total Realized Gain (Loss)	$	562,240	$	—		$	—	$	(874,028	)	$	(311,788	)
Change in Appreciation (Depreciation)##
Purchased Options	$	—	$	—		$	—	$	(96,480	)	$	(96,480	)
Futures Contracts		—		—			—		(7,881,652	)		(7,881,652	)
Swap Agreements		4,283		—			—		—			4,283
Total Change in Appreciation (Depreciation)	$	4,283	$	—		$	—	$	(7,978,132	)	$	(7,973,849	)
Inflation-Protected and Income Fund
Asset Derivatives
Purchased Options*	$	—	$	—		$	—	$	662,150		$	662,150
Futures Contracts^^		—		—			—		201,094			201,094
Swap Agreements*		—		3,397,110			—		—			3,397,110
Swap Agreements^^,^^^		10,649		—			—		—			10,649
Total Value	$	10,649	$	3,397,110		$	—	$	863,244		$	4,271,003
Liability Derivatives
Futures Contracts^^	$	—	$	—		$	—	$	(35,006	)	$	(35,006	)
Swap Agreements^		—		(887,312	)		—		(606,165	)		(1,493,477	)
Total Value	$	—	$	(887,312	)	$	—	$	(641,171	)	$	(1,528,483	)
Realized Gain (Loss)#
Purchased Options	$	—	$	—		$	—	$	436,179		$	436,179
Futures Contracts		—		—			—		150,969			150,969
Swap Agreements		228,305		1,210,240			—		(390,736	)		1,047,809
Total Realized Gain (Loss)	$	228,305	$	1,210,240		$	—	$	196,412		$	1,634,957

203

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk		Equity Risk		Foreign Exchange Risk			Interest Rate Risk			Total
Change in Appreciation (Depreciation)##
Purchased Options	$	—	$	—	$	—		$	(423,431	)	$	(423,431	)
Futures Contracts		—		—		—			262,713			262,713
Swap Agreements		4,967		2,175,376		—			(481,433	)		1,698,910
Total Change in Appreciation (Depreciation)	$	4,967	$	2,175,376	$	—		$	(642,151	)	$	1,538,192
Core Bond Fund
Asset Derivatives
Purchased Options*	$	—	$	—	$	—		$	2,314,290		$	2,314,290
Futures Contracts^^		—		—		—			15,424,868			15,424,868
Swap Agreements^^,^^^		57,475		—		—			—			57,475
Total Value	$	57,475	$	—	$	—		$	17,739,158		$	17,796,633
Liability Derivatives
Futures Contracts^^	$	—	$	—	$	—		$	(1,033,624	)	$	(1,033,624	)
Realized Gain (Loss)#
Purchased Options	$	—	$	—	$	—		$	1,833,926		$	1,833,926
Futures Contracts		—		—		—			687,453			687,453
Swap Agreements		1,574,817		—		—			(876	)		1,573,941
Total Realized Gain (Loss)	$	1,574,817	$	—	$	—		$	2,520,503		$	4,095,320
Change in Appreciation (Depreciation)##
Purchased Options	$	—	$	—	$	—		$	(918,251	)	$	(918,251	)
Futures Contracts		—		—		—			17,113,720			17,113,720
Swap Agreements		11,336		—		—			—			11,336
Total Change in Appreciation (Depreciation)	$	11,336	$	—	$	—		$	16,195,469		$	16,206,805
Diversified Bond Fund
Asset Derivatives
Purchased Options*	$	—	$	—	$	—		$	423,712		$	423,712
Forward Contracts*		—		—		260,684			—			260,684
Futures Contracts^^		—		—		—			2,547,775			2,547,775
Swap Agreements^^,^^^		9,811		—		—			—			9,811
Total Value	$	9,811	$	—	$	260,684		$	2,971,487		$	3,241,982
Liability Derivatives
Forward Contracts^	$	—	$	—	$	(297,780	)	$	—		$	(297,780	)
Futures Contracts^^		—		—		—			(271,044	)		(271,044	)
Total Value	$	—	$	—	$	(297,780	)	$	(271,044	)	$	(568,824	)
Realized Gain (Loss)#
Purchased Options	$	—	$	—	$	—		$	452,543		$	452,543
Forward Contracts		—		—		(23,599	)		—			(23,599	)
Futures Contracts		—		—		—			239,162			239,162
Swap Agreements		276,447		—		—			—			276,447
Total Realized Gain (Loss)	$	276,447	$	—	$	(23,599	)	$	691,705		$	944,553
Change in Appreciation (Depreciation)##
Purchased Options	$	—	$	—	$	—		$	(216,118	)	$	(216,118	)
Forward Contracts		—		—		31,636			—			31,636
Futures Contracts		—		—		—			2,724,892			2,724,892
Swap Agreements		1,831		—		—			—			1,831
Total Change in Appreciation (Depreciation)	$	1,831	$	—	$	31,636		$	2,508,774		$	2,542,241

204

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk		Equity Risk			Foreign Exchange Risk		Interest Rate Risk			Total
Balanced Fund
Asset Derivatives
Purchased Options*	$	—	$	—		$	—	$	74,270		$	74,270
Futures Contracts^^		—		153,372			—		522,555			675,927
Swap Agreements^^,^^^		2,026		—			—		—			2,026
Total Value	$	2,026	$	153,372		$	—	$	596,825		$	752,223
Liability Derivatives
Futures Contracts^^	$	—	$	—		$	—	$	(14,358	)	$	(14,358	)
Realized Gain (Loss)#
Purchased Options	$	—	$	—		$	—	$	58,033		$	58,033
Futures Contracts		—		(185,508	)		—		5,716			(179,792	)
Swap Agreements		52,669		—			—		(221	)		52,448
Total Realized Gain (Loss)	$	52,669	$	(185,508	)	$	—	$	63,528		$	(69,311	)
Change in Appreciation (Depreciation)##
Purchased Options	$	—	$	—		$	—	$	(48,691	)	$	(48,691	)
Futures Contracts		—		197,277			—		584,418			781,695
Swap Agreements		446		—			—		—			446
Total Change in Appreciation (Depreciation)	$	446	$	197,277		$	—	$	535,727		$	733,450
Disciplined Value Fund
Realized Gain (Loss)#
Futures Contracts	$	—	$	—		$	—	$	2,399		$	2,399
Disciplined Growth Fund
Realized Gain (Loss)#
Futures Contracts	$	—	$	—		$	—	$	6,286		$	6,286

* Statements of Assets and Liabilities location: Investments, at value, or Receivables from: open forward contracts or open swap agreements, at value, as applicable.

^ Statements of Assets and Liabilities location: Payables for: open forward contracts or open swap agreements, at value, as applicable.

^^ Cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^ Represents centrally cleared swaps, which are not subject to a master netting agreement or similar agreement.

# Statements of Operations location: Amounts are included in net realized gain (loss) on: investment transactions, forward contracts, futures contracts, or swap agreements, as applicable.

## Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, forward contracts, futures contracts, or swap agreements, as applicable.

For the period ended March 31, 2020, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Number of Contracts, Notional Amounts, or Shares/Units†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Swaptions
Short-Duration Bond Fund		2,433	$	—	$	12,300,000	$	75,971,667
Inflation-Protected and Income Fund		178		—		28,909,058		26,571,625
Core Bond Fund		1,895		—		34,566,667		148,788,500
Diversified Bond Fund		329		6,565,331		6,066,667		37,951,667
Balanced Fund		87		—		1,166,667		3,931,542

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Notes to Financial Statements (Unaudited) (Continued)

	Number of Contracts, Notional Amounts, or Shares/Units†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Swaptions
Disciplined Value Fund		14	$	—	$	—	$	—
Disciplined Growth Fund		23		—		—		—

† Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, or purchased swaptions, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended March 31, 2020.

The Portfolio of Investments included in a Fund’s financial statements shows the assets or liabilities of a Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund’s derivatives exposure as of March 31, 2020. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) or similar agreement and net of the related collateral received by the Fund(s) as of March 31, 2020.

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***			Net Amount*
Short-Duration Bond Fund
Barclays Bank PLC	$	128,960	$	—		$	(128,960	)	$	—
Credit Suisse International		237,956		—			(237,956	)		—
	$	366,916	$	—		$	(366,916	)	$	—
Inflation-Protected and Income Fund
Barclays Bank PLC	$	508,520	$	—		$	(508,520	)	$	—
BNP Paribas SA		503,629		(503,629	)		—			—
Credit Suisse International		153,630		—			(150,000	)		3,630
Goldman Sachs International		1,892,833		(876,279	)		(1,016,554	)		—
Morgan Stanley & Co. LLC		1,000,648		—			(30,000	)		970,648
	$	4,059,260	$	(1,379,908	)	$	(1,705,074	)	$	974,278
Core Bond Fund
Barclays Bank PLC	$	2,314,290	$	—		$	(2,199,000	)	$	115,290
Diversified Bond Fund
Bank of America N.A.	$	68,136	$	(64,847	)	$	—		$	3,289
Barclays Bank PLC		460,833		(66,972	)		(393,861	)		—
BNP Paribas SA		18,248		—			—			18,248
Citibank N.A.		32,167		(32,167	)		—			—
Goldman Sachs International		2,929		(2,929	)		—			—
HSBC Bank USA		10,230		(1,198	)		—			9,032
JP Morgan Chase Bank N.A.		62,859		(62,859	)		—			—
Morgan Stanley & Co. LLC		28,994		(3,811	)		—			25,183
	$	684,396	$	(234,783	)	$	(393,861	)	$	55,752

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Notes to Financial Statements (Unaudited) (Continued)

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset		Collateral Received***			Net Amount*
Balanced Fund
Barclays Bank PLC	$	56,443	$	—	$	(56,443	)	$	—
Credit Suisse International		17,827		—		(17,827	)		—
	$	74,270	$	—	$	(74,270	)	$	—

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of March 31, 2020.

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Inflation-Protected and Income Fund
BNP Paribas SA	$	(617,198	)	$	503,629	$	—	$	(113,569	)
Goldman Sachs International		(876,279	)		876,279		—		—
	$	(1,493,477	)	$	1,379,908	$	—	$	(113,569	)
Diversified Bond Fund
Bank of America N.A.	$	(64,847	)	$	64,847	$	—	$	—
Barclays Bank PLC		(66,972	)		66,972		—		—
Citibank N.A.		(42,582	)		32,167		—		(10,415	)
Goldman Sachs International		(50,444	)		2,929		—		(47,515	)
HSBC Bank USA		(1,198	)		1,198		—		—
JP Morgan Chase Bank N.A.		(67,926	)		62,859		—		(5,067	)
Morgan Stanley & Co. LLC		(3,811	)		3,811		—		—
	$	(297,780	)	$	234,783	$	—	$	(62,997	)

* Represents the net amount receivable from the counterparty in the event of default.

** Represents the net amount payable to the counterparty in the event of default.

*** The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

† The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. Typically, the Fund(s) and counterparties are not permitted to sell, re-pledge, or use the collateral they receive.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended March 31, 2020, are discussed below.

Foreign Currency Exchange Transactions

A Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

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Notes to Financial Statements (Unaudited) (Continued)

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

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Notes to Financial Statements (Unaudited) (Continued)

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Total Return Swaps. A Fund also may enter into total return swaps. In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund’s bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment and stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a “synthetic” long position.

209

Notes to Financial Statements (Unaudited) (Continued)

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Swaptions. A Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked-to-market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on a Fund’s Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund’s current exposure to a counterparty is the fair value of the transaction.

210

Notes to Financial Statements (Unaudited) (Continued)

Options, Rights, and Warrants

A Fund may purchase and sell put and call options on securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date.

Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

211

Notes to Financial Statements (Unaudited) (Continued)

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

212

Notes to Financial Statements (Unaudited) (Continued)

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

At March 31, 2020, the Funds had no unfunded loan commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Collateral for certain tri-party repurchase agreements is held at the Fund’s custodian or sub-custodian in a segregated account for the benefit of the Fund and the counterparty.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The

213

Notes to Financial Statements (Unaudited) (Continued)

Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.

Securities Lending

Each Fund, other than the U.S. Government Money Market Fund, may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2020, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended March 31, 2020, is reflected as securities lending income on the Statement of Operations.

214

Notes to Financial Statements (Unaudited) (Continued)

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets or another alternative method.

Foreign Securities

The Global Fund invests a significant amount of its assets in foreign securities and each of the International Equity Fund and Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

215

Notes to Financial Statements (Unaudited) (Continued)

Dividends and Distributions to Shareholders

Dividends from net investment income of each Fund, other than the U.S. Government Money Market Fund, are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements. Dividends from net investment income are declared daily and paid monthly for the U.S. Government Money Market Fund. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

3. Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

Fund	Investment Advisory Fee
U.S. Government Money Market Fund	0.35% on the first $1 billion; and
	0.33% on any excess over $1 billion
Short-Duration Bond Fund	0.35% on the first $500 million; and
	0.30% on any excess over $500 million
Inflation-Protected and Income Fund	0.38% on the first $350 million; and
	0.33% on any excess over $350 million
Core Bond Fund	0.38% on the first $1.5 billion;
	0.33% on the next $500 million; and
	0.28% on any excess over $2 billion
Diversified Bond Fund	0.40% on the first $150 million; and
	0.30% on any excess over $150 million
High Yield Fund	0.48% on the first $250 million; and
	0.455% on any excess over $250 million
Balanced Fund	0.48% on the first $300 million; and
	0.43% on any excess over $300 million
Disciplined Value Fund	0.45% on the first $400 million; and
	0.40% on any excess over $400 million
Main Street Fund	0.55% on the first $300 million; and
	0.50% on any excess over $300 million
Disciplined Growth Fund	0.45% on the first $400 million; and
	0.40% on any excess over $400 million
Small Cap Opportunities Fund	0.58% on the first $300 million; and
	0.53% on any excess over $300 million
Global Fund	0.75% on the first $400 million; and
	0.70% on any excess over $400 million
International Equity Fund	0.85% on the first $500 million;
	0.80% on the next $500 million; and
	0.75% on any excess over $1 billion
Strategic Emerging Markets Fund	1.00% on the first $350 million; and
	0.95% on any excess over $350 million

216

Notes to Financial Statements (Unaudited) (Continued)

MML Advisers has entered into investment subadvisory agreements with Barings LLC (“Barings”), a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual, on behalf of certain Funds. These agreements provide that Barings manage the investment and reinvestment of assets of these Funds. Barings receives a subadvisory fee from MML Advisers, based upon each Fund’s average daily net assets, at the following annual rates:

U.S. Government Money Market Fund	0.05%
Short-Duration Bond Fund	0.08%
Inflation-Protected and Income Fund	0.08%
Core Bond Fund	0.10%
Diversified Bond Fund	0.10%
High Yield Fund	0.20%
Balanced Fund: fixed income portion	0.09%
Balanced Fund: equity portion*	0.22% of the first $50 million;
	0.21% of the next $50 million; and
	0.20% of any excess over $100 million
Disciplined Value Fund*	0.25% of the first $50 million;
	0.21% of the next $50 million;
	0.17% of the next $650 million; and
	0.14% of any excess over $750 million
Disciplined Growth Fund*	0.25% of the first $50 million;
	0.21% of the next $50 million;
	0.17% of the next $650 million; and
	0.14% of any excess over $750 million

* Subadvisory fee based on Aggregate Assets. For purposes of these subadvisory agreements, “Aggregate Assets” means the aggregate of (i) the average daily net assets of the Fund determined at the close of the NYSE on each day that the NYSE is open for trading, and (ii) the average daily net assets of certain other funds or accounts of MML Advisers or its affiliates, including other funds registered under the 1940 Act, for which Barings provides investment advisory services, as agreed upon from time to time by MML Advisers and Barings, determined at the close of the NYSE on each day that the NYSE is open for trading.

MML Advisers has entered into investment subadvisory agreements with Invesco Advisers, Inc. (“Invesco”), pursuant to which Invesco serves as the subadviser to the Global Fund, Main Street Fund, Small Cap Opportunities Fund, International Equity Fund, and Strategic Emerging Markets Fund. These agreements provide that Invesco manage the investment and reinvestment of the assets of each Fund. Invesco receives a subadvisory fee from MML Advisers, based upon the average daily net assets of each Fund.

The Funds’ subadvisory fees are paid monthly by MML Advisers out of the advisory fees previously disclosed above.

217

Notes to Financial Statements (Unaudited) (Continued)

Administration Fees

Under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

	Class I	Class R5	Service Class	Administrative Class	Class A	Class R4	Class R3
U.S. Government Money Market Fund	N/A	0.10%	N/A	N/A	N/A	N/A	N/A
Short-Duration Bond Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%
Inflation-Protected and Income Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%
Core Bond Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%
Diversified Bond Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%
High Yield Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%
Balanced Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%
Disciplined Value Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%
Main Street Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%
Disciplined Growth Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%
Small Cap Opportunities Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%
Global Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%
International Equity Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%
Strategic Emerging Markets Fund	None	0.10%	0.15%	0.15%	0.15%	0.20%	0.20%

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as distributor to each Fund. Pursuant to a 12b-1 Plan adopted by the Trust, Class A shares and Class R4 shares of each Fund pay an annual fee of 0.25% of the average daily net assets of the class; and Class R3 shares of each Fund pay an annual fee of 0.50% of the average daily net assets of the class, to the Distributor. Such payments compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to each Fund’s shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Effective April 1, 2014, the Trust entered into a separate Supplemental Shareholder Services Agreement with MassMutual, on behalf of Service Class shares, Administrative Class shares, and Class A shares of each Fund. Fees payable under the Supplemental Shareholder Services Agreement are intended to compensate MassMutual for its provision of shareholder services to the Funds’ investors and are calculated and paid based on the average daily net assets attributable to the relevant share classes of the Funds separately, at the following annual rates: 0.05% for Service Class shares, and 0.15% for Administrative Class shares and Class A shares. MassMutual may pay these fees to other intermediaries for providing shareholder services to the Funds’ investors.

218

Notes to Financial Statements (Unaudited) (Continued)

Expense Caps and Waivers

MML Advisers contractually agreed to cap the fees and expenses of the Fund noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2021, based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Class I	Class R5	Service Class	Administrative Class	Class A	Class R4	Class R3
Inflation-Protected and Income Fund	0.48%	0.58%	0.68%	0.78%	1.03%	0.93%	1.18%
Strategic Emerging Markets Fund	1.15%	1.25%	1.35%	1.45%	1.70%	1.60%	1.85%

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

MML Advisers has agreed to waive 0.02% of the advisory fees of the International Equity Fund through January 31, 2021.

For the U.S. Government Money Market Fund, MML Advisers has agreed to voluntarily waive some or all of its fees in an attempt to allow the Fund to avoid a negative yield. There is no guarantee that the Fund will be able to avoid a negative yield. Payments made to intermediaries will be unaffected. MML Advisers may amend or discontinue this waiver at any time without advance notice.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

The following table shows beneficial ownership of Funds’ shares by affiliated parties at March 31, 2020:

	Total % Ownership by Related Party
U.S. Government Money Market Fund	47.5%
Short-Duration Bond Fund	81.4%
Inflation-Protected and Income Fund	71.7%
Core Bond Fund	77.0%
Diversified Bond Fund	53.0%
High Yield Fund	70.5%
Balanced Fund	71.9%
Disciplined Value Fund	88.3%
Main Street Fund	74.8%
Disciplined Growth Fund	75.9%
Small Cap Opportunities Fund	68.3%

219

Notes to Financial Statements (Unaudited) (Continued)

	Total % Ownership by Related Party
Global Fund	77.4%
International Equity Fund	83.2%
Strategic Emerging Markets Fund	98.1%

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended March 31, 2020, were as follows:

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long- Term Securities		Long-Term U.S. Government Securities		Other Long- Term Securities
Short-Duration Bond Fund	$	—	$	90,811,476	$	3,851,440	$	125,828,416
Inflation-Protected and Income Fund		53,876,229		109,163,794		151,448,047		33,046,412
Core Bond Fund		1,219,818,097		195,595,181		1,272,728,468		184,857,076
Diversified Bond Fund		163,868,630		42,178,089		168,632,881		35,454,744
High Yield Fund		—		233,565,970		—		252,474,240
Balanced Fund		44,967,123		21,067,259		44,795,124		15,686,448
Disciplined Value Fund		—		24,832,499		—		43,245,939
Main Street Fund		—		22,969,319		—		30,836,178
Disciplined Growth Fund		—		60,799,814		—		105,242,136
Small Cap Opportunities Fund		—		77,310,315		—		56,673,172
Global Fund		—		25,944,545		—		46,755,423
International Equity Fund		—		25,649,714		—		136,614,905
Strategic Emerging Markets Fund		—		81,919,645		—		76,588,906

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The Funds did not have any cross trade activity during the period.

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended March 31, 2020						Year Ended September 30, 2019
	Shares			Amount			Shares			Amount
U.S. Government Money Market Fund Class R5
Sold		703,068,810		$	703,068,810			1,331,672,991		$	1,331,672,991
Issued as reinvestment of dividends		1,848,246			1,848,246			6,237,689			6,237,689
Redeemed		(750,805,517	)		(750,805,517	)		(1,343,903,475	)		(1,343,903,475	)
Net increase (decrease)		(45,888,461	)	$	(45,888,461	)		(5,992,795	)	$	(5,992,795	)
Short-Duration Bond Fund Class I
Sold		7,907,641		$	79,738,093			11,237,045		$	114,624,486
Issued as reinvestment of dividends		640,826			6,427,487			722,304			7,172,482
Redeemed		(8,625,130	)		(86,880,033	)		(8,009,695	)		(81,335,446	)
Net increase (decrease)		(76,663	)	$	(714,453	)		3,949,654		$	40,461,522

220

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2020						Year Ended September 30, 2019
	Shares			Amount			Shares			Amount
Short-Duration Bond Fund Class R5
Sold		1,290,057		$	13,167,755			5,675,044		$	57,906,445
Issued as reinvestment of dividends		499,588			5,030,849			471,038			4,696,245
Redeemed		(3,078,599	)		(31,125,525	)		(3,886,993	)		(39,752,303	)
Net increase (decrease)		(1,288,954	)	$	(12,926,921	)		2,259,089		$	22,850,387
Short-Duration Bond Fund Service Class
Sold		721,303		$	7,302,091			1,403,928		$	14,169,640
Issued as reinvestment of dividends		150,318			1,504,685			219,466			2,172,717
Redeemed		(2,408,457	)		(24,107,287	)		(3,697,465	)		(37,741,167	)
Net increase (decrease)		(1,536,836	)	$	(15,300,511	)		(2,074,071	)	$	(21,398,810	)
Short-Duration Bond Fund Administrative Class
Sold		488,771		$	4,896,381			603,747		$	6,077,886
Issued as reinvestment of dividends		94,502			942,181			112,687			1,112,224
Redeemed		(565,339	)		(5,620,654	)		(1,018,975	)		(10,315,813	)
Net increase (decrease)		17,934		$	217,908			(302,541	)	$	(3,125,703	)
Short-Duration Bond Fund Class A
Sold		809,144		$	8,098,787			1,517,014		$	15,272,722
Issued as reinvestment of dividends		163,447			1,619,767			196,382			1,926,511
Redeemed		(1,104,385	)		(10,799,417	)		(1,504,303	)		(15,041,585	)
Net increase (decrease)		(131,794	)	$	(1,080,863	)		209,093		$	2,157,648
Short-Duration Bond Fund Class R4
Sold		214,123		$	2,152,980			338,663		$	3,420,688
Issued as reinvestment of dividends		36,136			362,441			44,583			442,706
Redeemed		(299,333	)		(2,969,891	)		(500,995	)		(5,065,219	)
Net increase (decrease)		(49,074	)	$	(454,470	)		(117,749	)	$	(1,201,825	)
Short-Duration Bond Fund Class R3
Sold		246,338		$	2,433,348			346,491		$	3,499,365
Issued as reinvestment of dividends		18,897			188,593			25,912			256,012
Redeemed		(255,813	)		(2,530,645	)		(464,621	)		(4,677,821	)
Net increase (decrease)		9,422		$	91,296			(92,218	)	$	(922,444	)
Inflation-Protected and Income Fund Class I
Sold		4,756,353		$	50,426,526			4,769,855		$	48,558,437
Issued as reinvestment of dividends		314,268			3,271,533			430,466			4,218,564
Redeemed		(4,634,258	)		(48,909,188	)		(3,634,908	)		(36,914,487	)
Net increase (decrease)		436,363		$	4,788,871			1,565,413		$	15,862,514
Inflation-Protected and Income Fund Class R5
Sold		1,207,904		$	12,808,189			2,002,638		$	20,550,947
Issued as reinvestment of dividends		141,751			1,477,050			191,642			1,880,006
Redeemed		(727,257	)		(7,594,927	)		(1,137,534	)		(11,677,300	)
Net increase (decrease)		622,398		$	6,690,312			1,056,746		$	10,753,653
Inflation-Protected and Income Fund Service Class
Sold		951,581		$	10,108,114			738,699		$	7,545,447
Issued as reinvestment of dividends		83,858			871,286			148,067			1,448,100
Redeemed		(1,371,232	)		(14,504,014	)		(1,009,421	)		(10,234,536	)
Net increase (decrease)		(335,793	)	$	(3,524,614	)		(122,655	)	$	(1,240,989	)
Inflation-Protected and Income Fund Administrative Class
Sold		187,765		$	2,004,593			481,364		$	4,895,076
Issued as reinvestment of dividends		25,080			263,596			42,796			423,256
Redeemed		(301,904	)		(3,204,945	)		(438,145	)		(4,458,680	)
Net increase (decrease)		(89,059	)	$	(936,756	)		86,015		$	859,652

221

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2020						Year Ended September 30, 2019
	Shares			Amount			Shares			Amount
Inflation-Protected and Income Fund Class A
Sold		425,846		$	4,435,572			473,235		$	4,758,574
Issued as reinvestment of dividends		26,021			266,713			51,135			493,963
Redeemed		(270,306	)		(2,803,055	)		(1,019,829	)		(10,188,262	)
Net increase (decrease)		181,561		$	1,899,230			(495,459	)	$	(4,935,725	)
Inflation-Protected and Income Fund Class R4
Sold		138,154		$	1,421,229			233,527		$	2,326,856
Issued as reinvestment of dividends		11,705			119,159			18,033			173,122
Redeemed		(489,649	)		(5,105,891	)		(263,174	)		(2,606,018	)
Net increase (decrease)		(339,790	)	$	(3,565,503	)		(11,614	)	$	(106,040	)
Inflation-Protected and Income Fund Class R3
Sold		46,373		$	476,545			141,891		$	1,412,120
Issued as reinvestment of dividends		5,707			58,266			11,444			110,088
Redeemed		(170,115	)		(1,740,065	)		(194,688	)		(1,923,350	)
Net increase (decrease)		(118,035	)	$	(1,205,254	)		(41,353	)	$	(401,142	)
Core Bond Fund Class I
Sold		15,322,985		$	171,355,553			24,647,274		$	264,896,073
Issued as reinvestment of dividends		2,610,318			28,739,602			2,312,656			23,843,483
Redeemed		(20,793,434	)		(230,746,133	)		(17,383,135	)		(186,973,836	)
Net increase (decrease)		(2,860,131	)	$	(30,650,978	)		9,576,795		$	101,765,720
Core Bond Fund Class R5
Sold		2,264,043		$	25,432,526			4,982,113		$	54,433,354
Issued as reinvestment of dividends		941,162			10,399,843			847,450			8,771,104
Redeemed		(3,104,225	)		(34,257,375	)		(5,402,116	)		(57,734,793	)
Net increase (decrease)		100,980		$	1,574,994			427,447		$	5,469,665
Core Bond Fund Service Class
Sold		1,930,791		$	21,680,655			1,125,854		$	12,212,574
Issued as reinvestment of dividends		229,976			2,527,437			274,078			2,820,260
Redeemed		(1,408,100	)		(15,822,881	)		(3,250,559	)		(35,348,490	)
Net increase (decrease)		752,667		$	8,385,211			(1,850,627	)	$	(20,315,656	)
Core Bond Fund Administrative Class
Sold		597,632		$	6,605,737			932,538		$	10,063,209
Issued as reinvestment of dividends		190,504			2,078,397			204,168			2,086,599
Redeemed		(577,857	)		(6,343,100	)		(1,723,811	)		(18,338,331	)
Net increase (decrease)		210,279		$	2,341,034			(587,105	)	$	(6,188,523	)
Core Bond Fund Class A
Sold		726,981		$	7,850,217			1,004,600		$	10,668,442
Issued as reinvestment of dividends		243,108			2,632,864			277,919			2,820,882
Redeemed		(2,499,706	)		(27,200,566	)		(2,739,046	)		(28,934,737	)
Net increase (decrease)		(1,529,617	)	$	(16,717,485	)		(1,456,527	)	$	(15,445,413	)
Core Bond Fund Class R4
Sold		273,398		$	2,990,688			493,233		$	5,135,939
Issued as reinvestment of dividends		39,456			424,542			34,573			348,493
Redeemed		(680,105	)		(7,498,043	)		(281,474	)		(2,958,999	)
Net increase (decrease)		(367,251	)	$	(4,082,813	)		246,332		$	2,525,433
Core Bond Fund Class R3
Sold		48,298		$	524,461			77,905		$	868,497
Issued as reinvestment of dividends		3,293			36,423			2,087			21,641
Redeemed		(23,187	)		(261,781	)		(47,161	)		(516,604	)
Net increase (decrease)		28,404		$	299,103			32,831		$	373,534

222

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2020						Year Ended September 30, 2019
	Shares			Amount			Shares			Amount
Diversified Bond Fund Class I
Sold		950,227		$	10,637,451			4,432,486		$	48,173,645
Issued as reinvestment of dividends		191,020			2,101,217			78,600			803,296
Redeemed		(726,579	)		(8,068,318	)		(1,159,866	)		(12,271,054	)
Net increase (decrease)		414,668		$	4,670,350			3,351,220		$	36,705,887
Diversified Bond Fund Class R5
Sold		1,059,364		$	10,753,624			2,119,174		$	20,940,783
Issued as reinvestment of dividends		370,860			3,753,102			366,569			3,456,741
Redeemed		(953,209	)		(9,414,907	)		(1,997,969	)		(19,459,573	)
Net increase (decrease)		477,015		$	5,091,819			487,774		$	4,937,951
Diversified Bond Fund Service Class
Sold		165,414		$	1,719,446			168,384		$	1,696,825
Issued as reinvestment of dividends		36,833			378,278			49,353			472,306
Redeemed		(187,746	)		(1,943,651	)		(898,867	)		(8,857,395	)
Net increase (decrease)		14,501		$	154,073			(681,130	)	$	(6,688,264	)
Diversified Bond Fund Administrative Class
Sold		143,379		$	1,470,981			414,721		$	4,131,180
Issued as reinvestment of dividends		64,311			659,827			69,720			665,828
Redeemed		(464,994	)		(4,800,197	)		(1,140,810	)		(11,396,359	)
Net increase (decrease)		(257,304	)	$	(2,669,389	)		(656,369	)	$	(6,599,351	)
Diversified Bond Fund Class A
Sold		212,449		$	2,200,959			388,197		$	3,877,401
Issued as reinvestment of dividends		69,941			716,898			89,996			858,563
Redeemed		(700,403	)		(7,288,683	)		(1,008,253	)		(10,157,105	)
Net increase (decrease)		(418,013	)	$	(4,370,826	)		(530,060	)	$	(5,421,141	)
Diversified Bond Fund Class R4
Sold		96,504		$	988,403			363,034		$	3,570,002
Issued as reinvestment of dividends		21,265			215,413			20,459			193,130
Redeemed		(212,310	)		(2,130,083	)		(200,398	)		(1,992,151	)
Net increase (decrease)		(94,541	)	$	(926,267	)		183,095		$	1,770,981
Diversified Bond Fund Class R3
Sold		72,372		$	743,748			85,656		$	843,759
Issued as reinvestment of dividends		8,178			82,760			12,103			114,013
Redeemed		(104,501	)		(1,054,742	)		(219,953	)		(2,174,820	)
Net increase (decrease)		(23,951	)	$	(228,234	)		(122,194	)	$	(1,217,048	)
High Yield Fund Class I
Sold		11,107,170		$	98,700,790			13,454,925		$	119,780,618
Issued as reinvestment of dividends		2,201,075			19,281,414			2,286,979			19,347,843
Redeemed		(12,730,726	)		(107,793,974	)		(21,562,709	)		(191,402,484	)
Net increase (decrease)		577,519		$	10,188,230			(5,820,805	)	$	(52,274,023	)
High Yield Fund Class R5
Sold		862,486		$	7,788,910			999,091		$	8,984,134
Issued as reinvestment of dividends		299,974			2,645,773			267,401			2,275,582
Redeemed		(674,767	)		(5,804,461	)		(1,480,564	)		(13,166,309	)
Net increase (decrease)		487,693		$	4,630,222			(214,072	)	$	(1,906,593	)
High Yield Fund Service Class
Sold		462,067		$	4,072,611			823,525		$	7,456,934
Issued as reinvestment of dividends		321,932			2,839,443			288,420			2,454,456
Redeemed		(1,832,934	)		(16,018,616	)		(662,544	)		(5,887,077	)
Net increase (decrease)		(1,048,935	)	$	(9,106,562	)		449,401		$	4,024,313

223

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2020						Year Ended September 30, 2019
	Shares			Amount			Shares			Amount
High Yield Fund Administrative Class
Sold		292,534		$	2,576,665			539,634		$	4,801,988
Issued as reinvestment of dividends		172,142			1,494,189			175,196			1,468,139
Redeemed		(417,590	)		(3,611,525	)		(1,271,243	)		(11,177,491	)
Net increase (decrease)		47,086		$	459,329			(556,413	)	$	(4,907,364	)
High Yield Fund Class A
Sold		547,515		$	4,781,464			1,265,970		$	11,204,745
Issued as reinvestment of dividends		196,591			1,702,479			162,228			1,357,846
Redeemed		(944,749	)		(8,106,123	)		(966,562	)		(8,519,965	)
Net increase (decrease)		(200,643	)	$	(1,622,180	)		461,636		$	4,042,626
High Yield Fund Class R4
Sold		519,177		$	4,373,612			2,578,632		$	22,111,480
Issued as reinvestment of dividends		315,597			2,695,196			216,148			1,787,546
Redeemed		(928,427	)		(7,749,498	)		(1,421,349	)		(12,310,460	)
Net increase (decrease)		(93,653	)	$	(680,690	)		1,373,431		$	11,588,566
High Yield Fund Class R3
Sold		428,844		$	3,746,800			745,706		$	6,655,229
Issued as reinvestment of dividends		242,579			2,129,846			263,316			2,230,290
Redeemed		(907,692	)		(7,887,691	)		(1,242,387	)		(10,964,684	)
Net increase (decrease)		(236,269	)	$	(2,011,045	)		(233,365	)	$	(2,079,165	)
Balanced Fund Class I
Sold		908,124		$	10,860,438			2,015,264		$	23,672,797
Issued as reinvestment of dividends		173,528			2,058,041			103,704			1,128,296
Redeemed		(516,640	)		(5,987,122	)		(409,628	)		(4,762,291	)
Net increase (decrease)		565,012		$	6,931,357			1,709,340		$	20,038,802
Balanced Fund Class R5
Sold		83,934		$	1,013,246			533,987		$	6,498,013
Issued as reinvestment of dividends		236,763			2,810,372			322,811			3,512,186
Redeemed		(522,910	)		(6,110,169	)		(619,845	)		(7,255,273	)
Net increase (decrease)		(202,213	)	$	(2,286,551	)		236,953		$	2,754,926
Balanced Fund Service Class
Sold		84,114		$	1,053,509			56,864		$	704,414
Issued as reinvestment of dividends		26,519			333,607			40,978			470,839
Redeemed		(58,087	)		(717,468	)		(159,632	)		(2,010,098	)
Net increase (decrease)		52,546		$	669,648			(61,790	)	$	(834,845	)
Balanced Fund Administrative Class
Sold		42,603		$	514,115			87,979		$	1,039,911
Issued as reinvestment of dividends		34,921			416,607			48,914			535,122
Redeemed		(216,575	)		(2,603,468	)		(191,364	)		(2,228,416	)
Net increase (decrease)		(139,051	)	$	(1,672,746	)		(54,471	)	$	(653,383	)
Balanced Fund Class A
Sold		86,673		$	979,403			160,969		$	1,848,162
Issued as reinvestment of dividends		137,628			1,592,357			182,222			1,935,198
Redeemed		(215,008	)		(2,538,623	)		(483,832	)		(5,667,735	)
Net increase (decrease)		9,293		$	33,137			(140,641	)	$	(1,884,375	)
Balanced Fund Class R4
Sold		15,246		$	179,759			67,879		$	775,293
Issued as reinvestment of dividends		16,250			186,063			21,965			231,293
Redeemed		(20,317	)		(226,356	)		(126,383	)		(1,416,944	)
Net increase (decrease)		11,179		$	139,466			(36,539	)	$	(410,358	)

224

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2020						Year Ended September 30, 2019
	Shares			Amount			Shares			Amount
Balanced Fund Class R3
Sold		23,655		$	266,562			168,771		$	1,930,659
Issued as reinvestment of dividends		37,878			431,814			61,641			645,997
Redeemed		(59,677	)		(626,892	)		(252,274	)		(2,810,057	)
Net increase (decrease)		1,856		$	71,484			(21,862	)	$	(233,401	)
Disciplined Value Fund Class I
Sold		51,551		$	672,872			160,261		$	2,202,983
Issued as reinvestment of dividends		87,394			1,207,781			233,069			2,950,659
Redeemed		(474,954	)		(6,228,953	)		(338,730	)		(4,714,167	)
Net increase (decrease)		(336,009	)	$	(4,348,300	)		54,600		$	439,475
Disciplined Value Fund Class R5
Sold		53,586		$	661,070			123,108		$	1,736,363
Issued as reinvestment of dividends		273,525			3,793,792			693,290			8,804,772
Redeemed		(244,750	)		(3,206,115	)		(493,934	)		(7,042,796	)
Net increase (decrease)		82,361		$	1,248,747			322,464		$	3,498,339
Disciplined Value Fund Service Class
Sold		39,473		$	517,387			326,225		$	4,391,304
Issued as reinvestment of dividends		98,567			1,356,284			512,421			6,451,380
Redeemed		(611,597	)		(8,492,426	)		(2,324,597	)		(33,134,768	)
Net increase (decrease)		(473,557	)	$	(6,618,755	)		(1,485,951	)	$	(22,292,084	)
Disciplined Value Fund Administrative Class
Sold		7,682		$	105,972			35,597		$	497,307
Issued as reinvestment of dividends		27,299			384,917			103,832			1,338,400
Redeemed		(137,250	)		(1,874,455	)		(265,367	)		(3,622,759	)
Net increase (decrease)		(102,269	)	$	(1,383,566	)		(125,938	)	$	(1,787,052	)
Disciplined Value Fund Class A
Sold		90,829		$	1,275,573			76,285		$	1,015,797
Issued as reinvestment of dividends		33,935			462,189			102,118			1,275,458
Redeemed		(66,629	)		(859,057	)		(270,115	)		(3,700,038	)
Net increase (decrease)		58,135		$	878,705			(91,712	)	$	(1,408,783	)
Disciplined Value Fund Class R4
Sold		5,751		$	76,538			30,449		$	407,194
Issued as reinvestment of dividends		20,004			270,247			76,557			948,544
Redeemed		(90,713	)		(1,235,119	)		(196,329	)		(2,640,631	)
Net increase (decrease)		(64,958	)	$	(888,334	)		(89,323	)	$	(1,284,893	)
Disciplined Value Fund Class R3
Sold		38,447		$	426,739			62,163		$	861,475
Issued as reinvestment of dividends		19,703			271,118			50,347			634,881
Redeemed		(48,998	)		(667,104	)		(46,924	)		(636,881	)
Net increase (decrease)		9,152		$	30,753			65,586		$	859,475
Main Street Fund Class I
Sold		699,011		$	7,238,198			707,690		$	7,459,768
Issued as reinvestment of dividends		218,688			2,335,592			311,387			2,939,489
Redeemed		(359,098	)		(3,801,872	)		(795,786	)		(8,188,803	)
Net increase (decrease)		558,601		$	5,771,918			223,291		$	2,210,454
Main Street Fund Class R5
Sold		171,851		$	1,800,192			320,187		$	3,429,258
Issued as reinvestment of dividends		418,418			4,468,709			810,689			7,652,907
Redeemed		(502,327	)		(5,268,495	)		(2,396,090	)		(25,267,861	)
Net increase (decrease)		87,942		$	1,000,406			(1,265,214	)	$	(14,185,696	)

225

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2020						Year Ended September 30, 2019
	Shares			Amount			Shares			Amount
Main Street Fund Service Class
Sold		438		$	4,832			7,141		$	83,854
Issued as reinvestment of dividends		4,458			49,701			7,635			74,980
Redeemed		(46,207	)		(534,841	)		(17,365	)		(202,749	)
Net increase (decrease)		(41,311	)	$	(480,308	)		(2,589	)	$	(43,915	)
Main Street Fund Administrative Class
Sold		82,888		$	847,421			169,186		$	1,816,324
Issued as reinvestment of dividends		211,225			2,255,886			331,904			3,133,171
Redeemed		(449,346	)		(4,664,915	)		(642,203	)		(6,810,668	)
Net increase (decrease)		(155,233	)	$	(1,561,608	)		(141,113	)	$	(1,861,173	)
Main Street Fund Class A
Sold		60,305		$	605,698			89,198		$	909,751
Issued as reinvestment of dividends		113,081			1,188,476			171,815			1,597,879
Redeemed		(152,953	)		(1,601,402	)		(303,230	)		(3,103,946	)
Net increase (decrease)		20,433		$	192,772			(42,217	)	$	(596,316	)
Main Street Fund Class R4
Sold		14,434		$	148,790			41,075		$	431,892
Issued as reinvestment of dividends		57,075			593,581			78,074			719,840
Redeemed		(48,952	)		(516,787	)		(71,044	)		(736,685	)
Net increase (decrease)		22,557		$	225,584			48,105		$	415,047
Main Street Fund Class R3
Sold		3,759		$	37,824			8,724		$	91,217
Issued as reinvestment of dividends		10,109			106,551			22,025			205,497
Redeemed		(15,771	)		(168,595	)		(69,865	)		(647,708	)
Net increase (decrease)		(1,903	)	$	(24,220	)		(39,116	)	$	(350,994	)
Disciplined Growth Fund Class I
Sold		658,708		$	7,106,520			679,048		$	7,752,566
Issued as reinvestment of dividends		388,407			4,066,618			693,240			6,509,520
Redeemed		(780,403	)		(8,116,590	)		(900,524	)		(9,857,631	)
Net increase (decrease)		266,712		$	3,056,548			471,764		$	4,404,455
Disciplined Growth Fund Class R5
Sold		1,156,838		$	12,685,257			911,451		$	10,250,074
Issued as reinvestment of dividends		1,016,326			10,651,101			2,380,302			22,374,835
Redeemed		(3,131,904	)		(33,008,341	)		(1,951,550	)		(21,737,682	)
Net increase (decrease)		(958,740	)	$	(9,671,983	)		1,340,203		$	10,887,227
Disciplined Growth Fund Service Class
Sold		195,244		$	1,932,629			772,192		$	8,172,909
Issued as reinvestment of dividends		333,098			3,510,848			1,601,401			15,117,227
Redeemed		(1,350,069	)		(14,702,325	)		(4,642,422	)		(51,282,818	)
Net increase (decrease)		(821,727	)	$	(9,258,848	)		(2,268,829	)	$	(27,992,682	)
Disciplined Growth Fund Administrative Class
Sold		249,941		$	2,679,298			265,275		$	3,046,171
Issued as reinvestment of dividends		420,793			4,502,486			892,271			8,539,033
Redeemed		(528,691	)		(5,290,011	)		(752,716	)		(8,456,239	)
Net increase (decrease)		142,043		$	1,891,773			404,830		$	3,128,965
Disciplined Growth Fund Class A
Sold		215,444		$	2,259,218			231,268		$	2,609,037
Issued as reinvestment of dividends		345,514			3,558,796			862,355			7,985,405
Redeemed		(789,915	)		(8,123,858	)		(1,173,716	)		(12,206,478	)
Net increase (decrease)		(228,957	)	$	(2,305,844	)		(80,093	)	$	(1,612,036	)

226

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2020							Year Ended September 30, 2019
	Shares				Amount			Shares			Amount
Disciplined Growth Fund Class R4
Sold		137,299			$	1,434,884			218,067		$	2,411,721
Issued as reinvestment of dividends		295,967				3,012,939			706,552			6,472,019
Redeemed		(338,341	)			(3,454,381	)		(901,113	)		(9,430,716	)
Net increase (decrease)		94,925			$	993,442			23,506		$	(546,976	)
Disciplined Growth Fund Class R3
Sold		105,281			$	1,070,190			91,777		$	1,001,124
Issued as reinvestment of dividends		61,111				622,111			164,124			1,501,736
Redeemed		(221,933	)			(2,349,128	)		(199,714	)		(2,079,642	)
Net increase (decrease)		(55,541	)		$	(656,827	)		56,187		$	423,218
Small Cap Opportunities Fund Class I
Sold		374,686			$	4,987,979			1,065,052		$	14,069,847
Issued as reinvestment of dividends		22,012				318,077			296,313			3,656,500
Redeemed		(396,731	)			(5,239,924	)		(1,242,218	)		(16,867,073	)
Net increase (decrease)		(33	)		$	66,132			119,147		$	859,274
Small Cap Opportunities Fund Class R5
Sold		3,374,791		��	$	48,191,355			717,156		$	10,241,766
Issued as reinvestment of dividends		60,213				868,871			527,091			6,499,034
Redeemed		(1,420,129	)			(18,854,594	)		(1,415,334	)		(19,422,056	)
Net increase (decrease)		2,014,875			$	30,205,632			(171,087	)	$	(2,681,256	)
Small Cap Opportunities Fund Service Class
Sold		132,562			$	1,813,297			286,283		$	3,814,895
Issued as reinvestment of dividends		8,411				121,119			121,291			1,491,884
Redeemed		(150,405	)			(2,029,325	)		(267,221	)		(3,606,025	)
Net increase (decrease)		(9,432	)		$	(94,909	)		140,353		$	1,700,754
Small Cap Opportunities Fund Administrative Class
Sold		95,678			$	1,188,586			262,124		$	3,520,679
Issued as reinvestment of dividends		8,435				120,787			162,217			1,983,912
Redeemed		(140,730	)			(1,876,471	)		(549,601	)		(7,433,114	)
Net increase (decrease)		(36,617	)		$	(567,098	)		(125,260	)	$	(1,928,523	)
Small Cap Opportunities Fund Class A
Sold		173,623			$	2,167,401			543,203		$	7,122,888
Issued as reinvestment of dividends		17,248				240,612			475,538			5,673,168
Redeemed		(518,652	)			(6,691,934	)		(1,539,107	)		(19,719,299	)
Net increase (decrease)		(327,781	)		$	(4,283,921	)		(520,366	)	$	(6,923,243	)
Small Cap Opportunities Fund Class R4
Sold		73,457			$	915,854			121,027		$	1,577,885
Issued as reinvestment of dividends		3,887				53,838			86,045			1,018,771
Redeemed		(164,254	)			(2,163,090	)		(144,511	)		(1,868,406	)
Net increase (decrease)		(86,910	)		$	(1,193,398	)		62,561		$	728,250
Small Cap Opportunities Fund Class R3
Sold		51,440			$	608,920			125,331		$	1,561,072
Issued as reinvestment of dividends		3,056				41,924			75,413			886,852
Redeemed		(171,936	)			(2,244,172	)		(215,349	)		(2,742,881	)
Net increase (decrease)		(117,440	)		$	(1,593,328	)		(14,605	)	$	(294,957	)
Global Fund Class I
Sold		539,781			$	6,917,025			2,716,764		$	33,263,336
Issued as reinvestment of dividends		51,537				704,508			934,821			10,142,807
Redeemed		(1,087,833	)			(14,354,482	)		(1,108,583	)		(13,912,435	)
Net increase (decrease)		(496,515	)		$	(6,732,949	)		2,543,002		$	29,493,708

227

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2020						Year Ended September 30, 2019
	Shares			Amount			Shares			Amount
Global Fund Class R5
Sold		529,326		$	6,915,972			1,193,730		$	14,732,552
Issued as reinvestment of dividends		64,981			889,590			1,737,067			18,881,920
Redeemed		(803,092	)		(10,273,104	)		(1,279,751	)		(16,243,402	)
Net increase (decrease)		(208,785	)	$	(2,467,542	)		1,651,046		$	17,371,070
Global Fund Service Class
Sold		104,210		$	1,430,300			137,582		$	1,743,409
Issued as reinvestment of dividends		3,398			46,110			206,208			2,220,861
Redeemed		(95,458	)		(1,242,887	)		(834,039	)		(10,776,346	)
Net increase (decrease)		12,150		$	233,523			(490,249	)	$	(6,812,076	)
Global Fund Administrative Class
Sold		216,801		$	2,611,025			531,169		$	6,831,201
Issued as reinvestment of dividends		37,975			520,255			1,501,760			16,324,130
Redeemed		(527,534	)		(6,687,701	)		(1,404,831	)		(17,557,465	)
Net increase (decrease)		(272,758	)	$	(3,556,421	)		628,098		$	5,597,866
Global Fund Class A
Sold		191,925		$	2,497,125			316,115		$	3,994,179
Issued as reinvestment of dividends		7,138			96,655			540,734			5,807,488
Redeemed		(595,379	)		(7,679,488	)		(827,277	)		(10,216,642	)
Net increase (decrease)		(396,316	)	$	(5,085,708	)		29,572		$	(414,975	)
Global Fund Class R4
Sold		152,000		$	1,851,217			197,998		$	2,453,024
Issued as reinvestment of dividends		2,803			37,330			151,487			1,601,209
Redeemed		(205,245	)		(2,565,586	)		(216,855	)		(2,616,744	)
Net increase (decrease)		(50,442	)	$	(677,039	)		132,630		$	1,437,489
Global Fund Class R3
Sold		115,104		$	1,439,014			261,788		$	3,012,181
Issued as reinvestment of dividends		2,453			33,038			188,126			2,011,068
Redeemed		(242,857	)		(2,858,615	)		(302,818	)		(3,580,543	)
Net increase (decrease)		(125,300	)	$	(1,386,563	)		147,096		$	1,442,706
International Equity Fund Class I
Sold		2,849,864		$	34,956,807			3,634,930		$	42,635,723
Issued as reinvestment of dividends		449,133			5,748,906			1,237,647			13,156,184
Redeemed		(8,489,925	)		(106,335,610	)		(14,992,578	)		(175,347,987	)
Net increase (decrease)		(5,190,928	)	$	(65,629,897	)		(10,120,001	)	$	(119,556,080	)
International Equity Fund Class R5
Sold		211,453		$	2,690,953			342,264		$	3,957,527
Issued as reinvestment of dividends		286,457			3,666,648			585,665			6,231,478
Redeemed		(1,923,073	)		(24,322,641	)		(4,400,311	)		(51,578,933	)
Net increase (decrease)		(1,425,163	)	$	(17,965,040	)		(3,472,382	)	$	(41,389,928	)
International Equity Fund Service Class
Sold		20,944		$	255,739			104,243		$	1,209,070
Issued as reinvestment of dividends		26,551			339,316			67,635			718,289
Redeemed		(365,048	)		(4,697,384	)		(1,170,201	)		(13,597,428	)
Net increase (decrease)		(317,553	)	$	(4,102,329	)		(998,323	)	$	(11,670,069	)

228

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2020						Year Ended September 30, 2019
	Shares			Amount			Shares			Amount
International Equity Fund Administrative Class
Sold		20,294		$	251,998			91,345		$	1,054,123
Issued as reinvestment of dividends		16,406			208,684			43,583			460,669
Redeemed		(133,998	)		(1,682,760	)		(600,981	)		(6,827,189	)
Net increase (decrease)		(97,298	)	$	(1,222,078	)		(466,053	)	$	(5,312,397	)
International Equity Fund Class A
Sold		101,885		$	1,227,292			205,857		$	2,323,334
Issued as reinvestment of dividends		61,598			760,119			118,131			1,213,203
Redeemed		(555,674	)		(6,586,913	)		(876,926	)		(9,588,312	)
Net increase (decrease)		(392,191	)	$	(4,599,502	)		(552,938	)	$	(6,051,775	)
International Equity Fund Class R4
Sold		22,953		$	255,363			91,803		$	1,012,410
Issued as reinvestment of dividends		14,225			173,825			44,423			451,336
Redeemed		(290,705	)		(3,429,162	)		(570,047	)		(6,392,679	)
Net increase (decrease)		(253,527	)	$	(2,999,974	)		(433,821	)	$	(4,928,933	)
International Equity Fund Class R3
Sold		23,502		$	259,001			88,507		$	974,430
Issued as reinvestment of dividends		14,667			178,640			37,193			377,140
Redeemed		(248,485	)		(2,995,715	)		(381,182	)		(3,946,437	)
Net increase (decrease)		(210,316	)	$	(2,558,074	)		(255,482	)	$	(2,594,867	)
Strategic Emerging Markets Fund Class I
Sold		6,941,041		$	93,093,079			2,656,702		$	34,135,959
Issued as reinvestment of dividends		1,034,165			13,661,324			114,592			1,339,579
Redeemed		(7,401,466	)		(87,990,373	)		(8,819,308	)		(111,427,031	)
Net increase (decrease)		573,740		$	18,764,030			(6,048,014	)	$	(75,951,493	)
Strategic Emerging Markets Fund Class R5
Sold		2,955		$	40,684			11,142		$	145,745
Issued as reinvestment of dividends		26,614			357,160			1,883			22,332
Redeemed		(2,474	)		(31,870	)		(933	)		(11,005	)
Net increase (decrease)		27,095		$	365,974			12,092		$	157,072
Strategic Emerging Markets Fund Service Class
Sold		104,214		$	1,424,377			24,803		$	315,789
Issued as reinvestment of dividends		3,146			41,689			21			247
Redeemed		(7,463	)		(85,319	)		(10,805	)		(130,619	)
Net increase (decrease)		99,897		$	1,380,747			14,019		$	185,417
Strategic Emerging Markets Fund Administrative Class
Sold		8,187		$	108,661			11,605		$	144,773
Issued as reinvestment of dividends		5,996			79,749			185			2,174
Redeemed		(13,877	)		(168,626	)		(9,726	)		(123,132	)
Net increase (decrease)		306		$	19,784			2,064		$	23,815
Strategic Emerging Markets Fund Class A
Sold		73,938		$	972,313			51,270		$	639,433
Issued as reinvestment of dividends		6,859			90,537			155			1,818
Redeemed		(54,136	)		(670,987	)		(13,550	)		(179,393	)
Net increase (decrease)		26,661		$	391,863			37,875		$	461,858

229

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2020						Year Ended September 30, 2019
	Shares			Amount			Shares			Amount
Strategic Emerging Markets Fund Class R4
Sold		7,201		$	85,829			50,999		$	614,004
Issued as reinvestment of dividends		8,531			112,016			250			2,905
Redeemed		(11,399	)		(137,215	)		(50,142	)		(641,795	)
Net increase (decrease)		4,333		$	60,630			1,107		$	(24,886	)
Strategic Emerging Markets Fund Class R3
Sold		6,188		$	69,800			18,121		$	228,206
Issued as reinvestment of dividends		4,650			60,918			—			—
Redeemed		(16,431	)		(205,003	)		(20,308	)		(252,485	)
Net increase (decrease)		(5,593	)	$	(74,285	)		(2,187	)	$	(24,279	)

Purchases of Class A shares are subject to a front-end sales charge of up to 5.50% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. For the period ended March 31, 2020, no amounts have been retained by the Distributor.

Redemptions of Class A shares made within eighteen months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1% of the amount redeemed. The Distributor receives all contingent deferred sales charges. Any contingent deferred sales charges imposed during the year ended March 31, 2020, were waived for any redemptions subject to such a charge.

6. Federal Income Tax Information

At March 31, 2020, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
U.S. Government Money Market Fund	$	304,653,974	$	—	$	—		$	—
Short-Duration Bond Fund		472,807,870		2,883,795		(27,573,402	)		(24,689,607	)
Inflation-Protected and Income Fund		323,248,051		3,924,825		(10,196,870	)		(6,272,045	)
Core Bond Fund		1,552,559,823		29,457,770		(83,158,592	)		(53,700,822	)
Diversified Bond Fund		264,425,375		4,201,050		(19,060,793	)		(14,859,743	)
High Yield Fund		549,230,636		5,175,538		(81,090,438	)		(75,914,900	)
Balanced Fund		125,973,024		6,197,321		(13,723,074	)		(7,525,753	)
Disciplined Value Fund		92,911,104		1,440,691		(22,080,320	)		(20,639,629	)
Main Street Fund		100,516,312		8,143,288		(11,470,868	)		(3,327,580	)
Disciplined Growth Fund		194,358,204		27,581,121		(21,404,006	)		6,177,115
Small Cap Opportunities Fund		219,491,333		11,714,574		(59,956,194	)		(48,241,620	)
Global Fund		178,746,812		76,464,076		(13,257,335	)		63,206,741
International Equity Fund		171,370,903		23,718,457		(17,394,288	)		6,324,169
Strategic Emerging Markets Fund		146,172,255		4,198,373		(24,646,767	)		(20,448,394	)

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at March 31, 2020, is the same for financial reporting and federal income tax purposes.

230

Notes to Financial Statements (Unaudited) (Continued)

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.

At September 30, 2019, for federal income tax purposes, there were no unused capital losses.

At September 30, 2019, the following Fund(s) had post-enactment accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Short-Duration Bond Fund	$	3,074,646	$	19,144,330
Inflation-Protected and Income Fund		1,602,347		5,704,207
Core Bond Fund		—		15,012,224
Diversified Bond Fund		—		278,677
High Yield Fund		3,743,060		12,679,386

Net capital loss carryforwards for the Fund(s) shown in the above table are from post-enactment years and are, therefore, not subject to the eight-year carryforward period and possible expiration.

The following Fund(s) elected to defer to the fiscal year October 1, 2019, post-October capital losses:

	Post-October Loss		Post-October Currency Loss
Disciplined Growth Fund	$	98,417	$	—

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

231

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2019, was as follows:

	Ordinary Income		Long Term Capital Gain
U.S. Government Money Market Fund	$	6,235,386	$	—
Short-Duration Bond Fund		17,809,014		—
Inflation-Protected and Income Fund		8,747,260		—
Core Bond Fund		40,712,602		—
Diversified Bond Fund		6,563,877		—
High Yield Fund		30,929,893		—
Balanced Fund		2,960,247		5,499,132
Disciplined Value Fund		8,020,020		14,384,074
Main Street Fund		2,485,726		13,838,038
Disciplined Growth Fund		22,346,107		46,153,668
Small Cap Opportunities Fund		3,770,587		17,439,806
Global Fund		1,949,949		55,040,887
International Equity Fund		4,243,842		18,364,608
Strategic Emerging Markets Fund		1,369,055		—

The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2019:

	Amount
International Equity Fund	$	497,028
Strategic Emerging Markets Fund		267,497

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2019, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

232

Notes to Financial Statements (Unaudited) (Continued)

At September 30, 2019, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
U.S. Government Money Market Fund	$	—	$	—		$	(65,403	)	$	—
Short-Duration Bond Fund		11,557,532		(22,218,976	)		(69,118	)		4,752,639
Inflation-Protected and Income Fund		5,994,405		(7,306,554	)		(36,568	)		5,564,608
Core Bond Fund		34,483,925		(15,012,224	)		(187,019	)		37,638,871
Diversified Bond Fund		6,107,149		(278,677	)		(23,806	)		6,135,232
High Yield Fund		24,968,273		(16,422,446	)		(36,841	)		(3,555,716	)
Balanced Fund		2,077,644		4,916,385			(20,432	)		7,584,791
Disciplined Value Fund		1,622,718		5,534,198			(32,800	)		2,420,518
Main Street Fund		829,158		8,877,143			(19,791	)		14,840,278
Disciplined Growth Fund		1,388,529		21,737,925			(137,615	)		35,516,015
Small Cap Opportunities Fund		576,036		1,182,756			(29,453	)		14,732,237
Global Fund		1,587,972		739,537			(44,706	)		105,446,804
International Equity Fund		2,633,421		8,442,845			(77,149	)		37,235,591
Strategic Emerging Markets Fund		954,257		13,050,144			(19,088	)		7,728,898

The Funds did not have any unrecognized tax benefits at March 31, 2020, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended March 31, 2020, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

7. Indemnifications

Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

8. New Accounting Pronouncements

In March 2017, FASB issued Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For entities that hold callable debt securities at a premium, ASU 2017-08 requires that the premium be amortized to the earliest call date. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management has evaluated the impact of ASU 2017-08 and has adopted the disclosure requirements, and the impact, if any, is reflected within the Funds’ financial statements.

In August 2018, FASB issued Accounting Standards Update 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as

233

Notes to Financial Statements (Unaudited) (Continued)

of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the impact of ASU 2018-13 and has early adopted the disclosure requirements and the impact, if any, is reflected within the Funds’ financial statements.

9. Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds. On April 5, 2012, the adversary proceeding was transferred to the Southern District of New York for consolidated pretrial proceedings. The action is now being prosecuted by the litigation trustee (“Trustee”) for the Tribune Litigation Trust.

The potential amounts sought to be recovered from the Balanced Fund, Disciplined Value Fund, and Small Cap Opportunities Fund, are approximately $44,200, $299,880, and $414,800, respectively, plus interest and the Official Committee’s court costs.

In addition, on June 2, 2011, the Disciplined Value Fund and Small Cap Opportunities Fund were named as defendants in a closely related, parallel adversary proceeding brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”), in the United States District Court for the District of Massachusetts. The Plaintiffs also seek to recover payments of the Proceeds. On December 20, 2011, this action was transferred to the Southern District of New York for consolidated pretrial proceedings.

The Funds cannot predict the outcome of these proceedings. Accordingly, the Funds have not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Trustee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds’ net asset values depending on the net assets of each applicable Fund at the time of such judgment or settlement.

10. Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 has produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, and global business disruption, and it may result in future significant adverse effects, such as exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadvisers, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

234

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser and subadvisers use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

The Funds, except for the U.S. Government Money Market Fund, file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s EDGAR database on its website at http://www.sec.gov.

Liquidity Risk Management Program

In 2016, the SEC adopted Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of fund shareholders. Pursuant to the Liquidity Rule, the Funds have adopted a Liquidity Risk Management Program (the “Program”). The Program is administered by MML Advisers, which has established a Liquidity Risk Management Program Committee (the “Committee”) to oversee the required management, assessments, reviews, and reports for the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 10, 2020, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period December 1, 2018 through December 1, 2019. No significant liquidity events impacting any of the Funds or their ability to timely meet redemptions without dilution to existing shareholders were noted in the report. In addition, the Committee provided its assessment that the Program had been effective in managing each Fund’s liquidity risk.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Trustees’ Approval of Investment Advisory Contracts

At their meeting in December 2019, the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the “Independent Trustees”), reviewed and approved a proposal to make changes to the existing subadvisory agreement between MML Advisers and Invesco Advisers, Inc. (“Invesco”) for the Main Street Fund (the “Amended Agreement”) intended to lower the subadvisory fee paid to Invesco. In arriving at their decision, the Trustees discussed the fees payable to Invesco under the Amended Agreement and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers’ projected level of profitability due to the Amended Agreement was not excessive and the subadvisory fee amount under the Amended Agreement was fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

235

Other Information (Unaudited) (Continued)

Prior to the vote being taken to approve the Amended Agreement, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The Amended Agreement became effective on March 2, 2020.

236

Other Information (Unaudited) (Continued)

Fund Expenses March 31, 2020

Expense Examples:

The following information is in regards to expenses for the six months ended March 31, 2020:

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended March 31, 2020.

Actual Expenses:

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
U.S. Government Money Market Fund
Class R5	$1,000	0.51%	$1,005.50	$2.56	$1,022.50	$2.58
Short-Duration Bond Fund
Class I	1,000	0.42%	940.30	2.04	1,022.90	2.12
Class R5	1,000	0.52%	939.60	2.52	1,022.40	2.63
Service Class	1,000	0.62%	939.60	3.01	1,021.90	3.13
Administrative Class	1,000	0.72%	938.80	3.49	1,021.40	3.64
Class A	1,000	0.97%	938.10	4.70	1,020.20	4.90
Class R4	1,000	0.87%	938.70	4.22	1,020.70	4.40
Class R3	1,000	1.12%	936.80	5.42	1,019.40	5.65
Inflation-Protected and Income Fund
Class I	1,000	0.47%	996.10	2.35	1,022.70	2.38
Class R5	1,000	0.57%	995.10	2.84	1,022.20	2.88
Service Class	1,000	0.67%	994.90	3.34	1,021.70	3.39
Administrative Class	1,000	0.76%	994.90	3.79	1,021.20	3.84
Class A	1,000	1.02%	993.50	5.08	1,019.90	5.15
Class R4	1,000	0.91%	993.70	4.54	1,020.50	4.60
Class R3	1,000	1.17%	992.80	5.83	1,019.20	5.91

237

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Core Bond Fund
Class I	$1,000	0.42%	$971.50	$2.07	$1,022.90	$2.12
Class R5	1,000	0.52%	970.70	2.56	1,022.40	2.63
Service Class	1,000	0.62%	971.00	3.06	1,021.90	3.13
Administrative Class	1,000	0.72%	970.20	3.55	1,021.40	3.64
Class A	1,000	0.97%	968.90	4.77	1,020.20	4.90
Class R4	1,000	0.87%	969.30	4.28	1,020.70	4.40
Class R3	1,000	1.12%	968.30	5.51	1,019.40	5.65
Diversified Bond Fund
Class I	1,000	0.50%	951.70	2.44	1,022.50	2.53
Class R5	1,000	0.60%	951.50	2.93	1,022.00	3.03
Service Class	1,000	0.70%	951.00	3.41	1,021.50	3.54
Administrative Class	1,000	0.80%	949.90	3.90	1,021.00	4.04
Class A	1,000	1.05%	949.50	5.12	1,019.80	5.30
Class R4	1,000	0.95%	950.10	4.63	1,020.30	4.80
Class R3	1,000	1.20%	947.80	5.84	1,019.00	6.06
High Yield Fund
Class I	1,000	0.53%	889.70	2.50	1,022.40	2.68
Class R5	1,000	0.63%	890.30	2.98	1,021.90	3.18
Service Class	1,000	0.73%	889.60	3.45	1,021.40	3.69
Administrative Class	1,000	0.83%	888.40	3.92	1,020.90	4.19
Class A	1,000	1.08%	887.90	5.10	1,019.60	5.45
Class R4	1,000	0.98%	888.30	4.63	1,020.10	4.95
Class R3	1,000	1.23%	886.80	5.80	1,018.90	6.21
Balanced Fund
Class I	1,000	0.71%	904.20	3.38	1,021.50	3.59
Class R5	1,000	0.81%	903.30	3.85	1,021.00	4.09
Service Class	1,000	0.91%	903.30	4.33	1,020.50	4.60
Administrative Class	1,000	1.01%	902.70	4.80	1,020.00	5.10
Class A	1,000	1.26%	901.70	5.99	1,018.70	6.36
Class R4	1,000	1.16%	902.00	5.52	1,019.20	5.86
Class R3	1,000	1.41%	900.50	6.70	1,018.00	7.11
Disciplined Value Fund
Class I	1,000	0.69%	780.80	3.07	1,021.60	3.49
Class R5	1,000	0.79%	780.50	3.52	1,021.10	3.99
Service Class	1,000	0.89%	779.70	3.96	1,020.60	4.50
Administrative Class	1,000	0.99%	779.30	4.40	1,020.10	5.00
Class A	1,000	1.24%	778.30	5.51	1,018.80	6.26
Class R4	1,000	1.14%	778.60	5.07	1,019.30	5.76
Class R3	1,000	1.39%	777.80	6.18	1,018.10	7.01
Main Street Fund
Class I	1,000	0.74%	864.60	3.45	1,021.30	3.74
Class R5	1,000	0.84%	864.40	3.92	1,020.80	4.24
Service Class	1,000	0.94%	862.70	4.38	1,020.30	4.75
Administrative Class	1,000	1.04%	862.50	4.84	1,019.80	5.25
Class A	1,000	1.29%	861.70	6.00	1,018.60	6.51

238

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Class R4	$1,000	1.19%	$862.60	$5.54	$1,019.10	$6.01
Class R3	1,000	1.44%	861.50	6.70	1,017.80	7.26
Disciplined Growth Fund
Class I	1,000	0.56%	939.30	2.72	1,022.20	2.83
Class R5	1,000	0.66%	939.20	3.20	1,021.70	3.34
Service Class	1,000	0.76%	938.20	3.68	1,021.20	3.84
Administrative Class	1,000	0.86%	937.40	4.17	1,020.70	4.34
Class A	1,000	1.11%	936.40	5.37	1,019.50	5.60
Class R4	1,000	1.01%	937.10	4.89	1,020.00	5.10
Class R3	1,000	1.26%	936.10	6.10	1,018.70	6.36
Small Cap Opportunities Fund
Class I	1,000	0.69%	752.00	3.02	1,021.60	3.49
Class R5	1,000	0.79%	751.70	3.46	1,021.10	3.99
Service Class	1,000	0.89%	751.00	3.90	1,020.60	4.50
Administrative Class	1,000	0.99%	750.80	4.33	1,020.10	5.00
Class A	1,000	1.24%	749.90	5.42	1,018.80	6.26
Class R4	1,000	1.14%	749.70	4.99	1,019.30	5.76
Class R3	1,000	1.39%	749.00	6.08	1,018.10	7.01
Global Fund
Class I	1,000	0.85%	883.30	4.00	1,020.80	4.29
Class R5	1,000	0.95%	883.40	4.47	1,020.30	4.80
Service Class	1,000	1.05%	883.40	4.94	1,019.80	5.30
Administrative Class	1,000	1.15%	883.10	5.41	1,019.30	5.81
Class A	1,000	1.40%	881.60	6.59	1,018.00	7.06
Class R4	1,000	1.30%	882.30	6.12	1,018.50	6.56
Class R3	1,000	1.55%	881.00	7.29	1,017.30	7.82
International Equity Fund
Class I	1,000	0.97%	900.70	4.61	1,020.20	4.90
Class R5	1,000	1.07%	900.50	5.08	1,019.70	5.40
Service Class	1,000	1.17%	899.90	5.56	1,019.20	5.91
Administrative Class	1,000	1.27%	899.30	6.03	1,018.70	6.41
Class A	1,000	1.52%	898.40	7.21	1,017.40	7.67
Class R4	1,000	1.42%	898.00	6.74	1,017.90	7.16
Class R3	1,000	1.67%	898.10	7.92	1,016.70	8.42
Strategic Emerging Markets Fund
Class I	1,000	1.15%	864.90	5.36	1,019.30	5.81
Class R5	1,000	1.25%	864.50	5.83	1,018.80	6.31
Service Class	1,000	1.35%	864.50	6.29	1,018.30	6.81
Administrative Class	1,000	1.45%	863.20	6.75	1,017.80	7.31
Class A	1,000	1.70%	862.70	7.92	1,016.50	8.57
Class R4	1,000	1.60%	863.00	7.45	1,017.00	8.07
Class R3	1,000	1.85%	861.60	8.61	1,015.80	9.32

* Expenses are calculated using the annualized expense ratio for the six months ended March 31, 2020, multiplied by the average account value over the period, multiplied by 183 days in the period, divided by 366 days in the year, unless stated otherwise.

239

Underwriter:
MML Distributors, LLC
100 Bright Meadow Blvd.
Enfield, Connecticut 06082-1981

^© 2020 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com. Investment Adviser: MML Investment Advisers, LLC RS-49057-00

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a) Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

(b) Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable to this filing.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this filing.

Item 13. Exhibits.

(a)(1) Code of Ethics (Item 2) is not applicable to this filing.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	MassMutual Premier Funds
By (Signature and Title)	/s/ Eric Wietsma
	Eric Wietsma, President and Principal Executive Officer
Date	5/19/2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Eric Wietsma
	Eric Wietsma, President and Principal Executive Officer
Date	5/19/2020
By (Signature and Title)	/s/ Renee Hitchcock
	Renée Hitchcock, Treasurer and Principal Financial Officer
Date	5/19/2020