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)

1295 State Street, Springfield, MA	01111
(Address of principal executive offices)	(Zip code)

Paul LaPiana

1295 State Street, Springfield, MA 01111

(Name and address of agent for service)

Registrant's telephone number, including area code: (413) 744-1000

Date of fiscal year end:	9/30/2021
Date of reporting period:	3/31/2021

Item 1. Reports to Stockholders.

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	18
MassMutual Premier Inflation-Protected and Income Fund	30
MassMutual Premier Core Bond Fund	40
MassMutual Premier Diversified Bond Fund	57
MassMutual Premier High Yield Fund	76
MassMutual Premier Balanced Fund	85
MassMutual Premier Disciplined Value Fund	94
MassMutual Premier Main Street Fund	97
MassMutual Premier Disciplined Growth Fund	100
MassMutual Premier Small Cap Opportunities Fund	102
MassMutual Premier Global Fund	105
MassMutual Premier International Equity Fund	107
MassMutual Premier Strategic Emerging Markets Fund	110
Statements of Assets and Liabilities (Unaudited)	114
Statements of Operations (Unaudited)	122
Statements of Changes in Net Assets	130
Financial Highlights	141
Notes to Financial Statements (Unaudited)	168
Other Information (Unaudited)	210
Proxy Voting	210
Monthly Reporting	210
Quarterly Reporting	210
Liquidity Risk Management Program	210
Trustees’ Approval of Investment Advisory Contracts	211
Fund Expenses	212

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.

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

To Our Shareholders

Paul LaPiana

“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, 2021

Welcome to the MassMutual Premier Funds Semiannual Report, covering the six months ended March 31, 2021.

Market Highlights

● For the reporting period from October 1, 2020 through March 31, 2021, U.S. stocks were up over 19%, despite being in the midst of a global economic recession brought on by the COVID-19 pandemic.

● In the fourth quarter of 2020 investors looked past rising COVID-19 cases and responded positively to plans to roll out COVID-19 vaccinations globally, further fiscal stimulus in the U.S., and a post-Brexit trade agreement between the U.K. and European Union.

● The first quarter of 2021 was a continuation of the prior quarter with investors embracing falling COVID-19 case counts, a faster than expected vaccination rollout in the U.S., more fiscal stimulus, and upgrades in economic growth and corporate earnings forecasts for the 2021 calendar year.

● Foreign stocks in both developed and emerging markets also experienced strong gains in the reporting period, aided by increasing economic activity and continued weakening of the U.S. dollar.

● U.S. bond investors experienced negative returns in a rising yield environment, fueled by higher economic growth expectations and rising interest rates.

Market Commentary

For the six months beginning on October 1, 2020, global stock investors experienced strong positive returns. U.S. stocks rose steadily in the period, buoyed by the Federal Reserve Board’s (the Fed) commitment to low interest rates, two more rounds of fiscal stimulus, rising expectations for strong economic growth, and a rebound in corporate earnings.

As a result, the broad market S&P 500^® Index* delivered a gain of 19.07% for the period. The technology-heavy NASDAQ Composite^® Index performed similarly, gaining 19.04% for the period. The more economically sensitive Dow Jones Industrial Average was up 19.91% for the period. During this period small-cap stocks significantly outperformed their large cap peers, while value stocks significantly outperformed their growth peers.

The continued market recovery, additional fiscal stimulus and the conclusion of the U.S. Presidential election affected sectors differently. The energy and financial sectors fared the best for this six-month period as investors expected these sectors to benefit the most from the stimulus-boosted economic recovery and corresponding rise in interest rates. The consumer staples and utilities sectors lagged the other sectors, though they were in positive territory for the period, with the reopening of the economy favoring the more economically sensitive sectors over these more defensive sectors. West Texas Intermediate (WTI) crude oil prices ended the period at $59.19 per barrel, up 48% for 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 stocks, as measured by the MSCI EAFE^® Index, led their domestic peers, rising 20.18% for the six-month period, aided by the global economic rebound and a weaker U.S. dollar. European stocks fared better than Japanese stocks in part due to Europe deploying COVID-19 vaccines faster than Japan. Emerging-market stocks, as measured in the MSCI Emerging Markets^® Index, also fared well, rising 22.43% for the period. This was despite weak returns from China after its government cut back stimulus in hopes to curb unfettered credit growth.

The Fed continues to assert its influence on markets by remaining committed to keeping interest rates to nearly zero percent and letting inflation rise above target levels until employment levels have returned to their pre-pandemic levels. Congress also continues to play its part, delivering a $900 billion stimulus bill in December 2020, delivering another $1.9 trillion in stimulus in March 2021, and promising a $2 trillion infrastructure plan before the end of 2021.

Investors entered the period in the midst of a global recession that was being tempered by expectations for a stimulus-fueled economic and corporate earnings recovery in 2021. In this environment bond yields rose, with the 10-year U.S. Treasury bond reaching 1.74% by the end of March. Since rising yields drive bond prices down, the Bloomberg Barclays U.S. Aggregate Bond Index ended the period down 2.73%. Investment-grade bond prices fared better as concerns of defaults diminished. The Bloomberg Barclays U.S. Corporate Bond Index, which tracks investment-grade corporate bonds, ended the period down just 1.74%. Below investment grade bonds, as represented by the Bloomberg Barclays U.S. Corporate High Yield Index, performed significantly better, ending the period up 7.36%, aided by investors’ strong demand for bonds in the energy sector in response to a sharp rise in oil prices that lessened the risk of defaults.

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,

Paul LaPiana
President

^© 2021 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), 1295 State Street, Springfield, MA 01111-0001. 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 4/1/21 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 3/31/21
Discount Notes	76.3%
Repurchase Agreement	12.8%
U.S. Treasury Bill	11.1%
Total Short-Term Investments	100.2%
Other Assets & Liabilities	(0.2)%
Net Assets	100.0%

3

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

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 3/31/21
Non-U.S. Government Agency Obligations	49.6%
Corporate Debt	47.7%
U.S. Government Agency Obligations and Instrumentalities	1.4%
U.S. Treasury Obligations	0.5%
Purchased Options	0.1%
Municipal Obligations	0.1%
Total Long-Term Investments	99.4%
Short-Term Investments and Other Assets and Liabilities	0.6%
Net Assets	100.0%

4

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

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 3/31/21
Non-U.S. Government Agency Obligations	55.7%
U.S. Treasury Obligations	20.6%
U.S. Government Agency Obligations and Instrumentalities	9.8%
Corporate Debt	0.5%
Purchased Options	0.3%
Total Long-Term Investments	86.9%
Short-Term Investments and Other Assets and Liabilities	13.1%
Net Assets	100.0%

5

MassMutual Premier Core Bond Fund – Portfolio Summaries (Unaudited)

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 3/31/21
Corporate Debt	37.8%
Non-U.S. Government Agency Obligations	32.9%
U.S. Government Agency Obligations and Instrumentalities	21.5%
U.S. Treasury Obligations	5.7%
Sovereign Debt Obligations	0.8%
Municipal Obligations	0.3%
Purchased Options	0.3%
Total Long-Term Investments	99.3%
Short-Term Investments and Other Assets and Liabilities	0.7%
Net Assets	100.0%

6

MassMutual Premier Diversified Bond Fund – Portfolio Summaries (Unaudited)

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 3/31/21
Corporate Debt	46.1%
Non-U.S. Government Agency Obligations	31.3%
U.S. Government Agency Obligations and Instrumentalities	15.5%
U.S. Treasury Obligations	2.0%
Preferred Stock	0.7%
Sovereign Debt Obligations	0.6%
Purchased Options	0.3%
Common Stock	0.1%
Warrants	0.0%
Total Long-Term Investments	96.6%
Short-Term Investments and Other Assets and Liabilities	3.4%
Net Assets	100.0%

7

MassMutual Premier High Yield Fund – Portfolio Summaries (Unaudited)

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 3/31/21
Corporate Debt	85.7%
Bank Loans	12.5%
Common Stock	0.6%
Total Long-Term Investments	98.8%
Short-Term Investments and Other Assets and Liabilities	1.2%
Net Assets	100.0%

8

MassMutual Premier Balanced Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks a high total return by investing across different asset classes (U.S. equity securities and fixed income securities) each represented by a different segment of the Fund’s portfolio. Under normal market conditions, the Fund’s subadviser and sub-subadviser expect that 55%-75% of the Fund’s net assets will be invested in U.S. equity securities and 25%-45% of the Fund’s net assets will be invested in fixed income securities that meet certain environmental, social, and governance criteria. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco) and the Fund’s sub-subadviser is Invesco Capital Management (ICM). Effective November 18, 2020, Invesco replaced Barings LLC as subadviser of the Fund and ICM became sub-subadviser of the Fund.

MassMutual Premier Balanced Fund Portfolio Characteristics (% of Net Assets) on 3/31/21
Common Stock	64.3%
U.S. Treasury Obligations	17.8%
Corporate Debt	13.1%
U.S. Government Agency Obligations and Instrumentalities	6.8%
Non-U.S. Government Agency Obligations	0.8%
Mutual Funds	0.2%
Total Long-Term Investments	103.0%
Short-Term Investments and Other Assets and Liabilities	(3.0)%
Net Assets	100.0%

9

MassMutual Premier Disciplined Value Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term total return by investing primarily in equity securities of U.S. large- and mid-cap companies. The Fund currently invests substantially all of its assets in companies represented in the MSCI USA Value Index or the Russell 1000^® Value Index at the time of purchase, although the Fund is actively managed and is not an index fund or a passively managed investment.. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management). Effective November 18, 2020, Wellington Management replaced Barings LLC as subadviser of the Fund.

MassMutual Premier Disciplined Value Fund Largest Holdings (% of Net Assets) on 3/31/21
Bristol-Myers Squibb Co.	3.5%
Devon Energy Corp.	2.9%
Emerson Electric Co.	2.4%
Accenture PLC Class A	2.3%
Danaher Corp.	2.2%
CME Group, Inc.	2.2%
Citigroup, Inc.	2.1%
Fidelity National Information Services, Inc.	2.0%
Anthem, Inc.	2.0%
Omnicom Group, Inc.	2.0%
	23.6%

MassMutual Premier Disciplined Value Fund Sector Table (% of Net Assets) on 3/31/21
Consumer, Non-cyclical	29.7%
Financial	29.6%
Technology	14.2%
Industrial	11.6%
Consumer, Cyclical	5.3%
Communications	3.5%
Energy	2.9%
Mutual Funds	1.8%
Basic Materials	1.2%
Utilities	0.6%
Total Long-Term Investments	100.4%
Short-Term Investments and Other Assets and Liabilities	(0.4)%
Net Assets	100.0%

10

MassMutual Premier Main Street Fund – Portfolio Summaries (Unaudited)

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).

MassMutual Premier Main Street Fund Largest Holdings (% of Net Assets) on 3/31/21
Microsoft Corp.	7.9%
Amazon.com, Inc.	5.6%
JP Morgan Chase & Co.	3.6%
Facebook, Inc. Class A	3.4%
UnitedHealth Group, Inc.	3.3%
Applied Materials, Inc.	3.1%
QUALCOMM, Inc.	2.6%
HCA Healthcare, Inc.	2.5%
Prologis, Inc.	2.5%
United Parcel Service, Inc. Class B	2.3%
	36.8%

MassMutual Premier Main Street Fund Sector Table (% of Net Assets) on 3/31/21
Technology	23.0%
Consumer, Non-cyclical	20.3%
Communications	17.1%
Financial	16.3%
Industrial	10.9%
Consumer, Cyclical	7.5%
Utilities	1.9%
Energy	1.8%
Mutual Funds	0.5%
Basic Materials	0.5%
Total Long-Term Investments	99.8%
Short-Term Investments and Other Assets and Liabilities	0.2%
Net Assets	100.0%

11

MassMutual Premier Disciplined Growth Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term total return by investing primarily in equity securities of U.S. large- and mid-cap companies. The Fund currently invests substantially all of its assets in companies represented in the MSCI USA Growth Index or the Russell 1000^® Growth Index at the time of purchase, although the Fund is actively managed and is not an index fund or a passively managed investment. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management). Effective November 18, 2020, Wellington Management replaced Barings LLC as subadviser of the Fund.

MassMutual Premier Disciplined Growth Fund Largest Holdings (% of Net Assets) on 3/31/21
Microsoft Corp.	9.8%
Amazon.com, Inc.	7.2%
Apple, Inc.	6.1%
Facebook, Inc. Class A	4.1%
Visa, Inc. Class A	3.1%
Adobe, Inc.	3.1%
Tesla, Inc.	2.8%
UnitedHealth Group, Inc.	2.7%
NVIDIA Corp.	2.5%
Mastercard, Inc. Class A	2.5%
	43.9%

MassMutual Premier Disciplined Growth Fund Sector Table (% of Net Assets) on 3/31/21
Technology	33.5%
Communications	21.1%
Consumer, Non-cyclical	19.4%
Consumer, Cyclical	12.4%
Financial	9.2%
Industrial	3.3%
Basic Materials	0.8%
Energy	0.1%
Total Long-Term Investments	99.8%
Short-Term Investments and Other Assets and Liabilities	0.2%
Net Assets	100.0%

12

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

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 3/31/21
AutoNation, Inc.	2.2%
Rexnord Corp.	2.2%
Korn Ferry	2.1%
ASGN, Inc.	2.1%
j2 Global, Inc.	2.1%
WSFS Financial Corp.	1.9%
Stifel Financial Corp.	1.7%
Atkore ,Inc.	1.6%
Monro, Inc.	1.6%
KBR, Inc.	1.5%
	19.0%

MassMutual Premier Small Cap Opportunities Fund Sector Table (% of Net Assets) on 3/31/21
Consumer, Non-cyclical	25.0%
Financial	19.2%
Industrial	17.5%
Consumer, Cyclical	13.4%
Technology	12.4%
Utilities	4.6%
Communications	2.8%
Basic Materials	2.7%
Energy	1.5%
Mutual Funds	0.2%
Total Long-Term Investments	99.3%
Short-Term Investments and Other Assets and Liabilities	0.7%
Net Assets	100.0%

13

MassMutual Premier Global Fund – Portfolio Summaries (Unaudited)

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). Typically, the Fund 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 3/31/21
Alphabet, Inc. Class A	10.1%
LVMH Moet Hennessy Louis Vuitton SE	5.5%
Facebook, Inc. Class A	4.8%
S&P Global, Inc.	4.2%
Intuit, Inc.	4.2%
JD.com, Inc. ADR	4.1%
Adobe, Inc.	3.9%
Nidec Corp.	3.7%
Maxim Integrated Products, Inc.	2.8%
Airbus SE	2.8%
	46.1%

MassMutual Premier Global Fund Sector Table (% of Net Assets) on 3/31/21
Communications	23.5%
Industrial	23.1%
Technology	20.0%
Consumer, Non-cyclical	16.8%
Consumer, Cyclical	10.2%
Financial	6.0%
Total Long-Term Investments	99.6%
Short-Term Investments and Other Assets and Liabilities	0.4%
Net Assets	100.0%

14

MassMutual Premier International Equity Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks to achieve long-term capital appreciation by investing primarily in common stock of foreign companies. 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 may invest up to 100% of its total assets in such securities. The Fund may invest in emerging markets as well as in developed markets throughout the world. From time to time, the Fund may place greater emphasis on investing in one or more particular regions (such as Asia, Europe, or Latin America). The Fund’s subadvisers are Wellington Management Company LLP (Wellington Management), which managed approximately 71% of the Fund’s portfolio; and Thompson, Siegel & Walmsley LLC (TSW), which was responsible for approximately 29% of the Fund’s portfolio, as of March 31, 2021.

MassMutual Premier International Equity Fund Largest Holdings (% of Net Assets) on 3/31/21
AIA Group Ltd.	3.0%
Novartis AG Registered	2.8%
Nestle SA Registered	2.7%
Linde PLC	2.7%
Roche Holding AG	2.6%
Astellas Pharma, Inc.	2.6%
Koninklijke Philips NV	2.6%
KDDI Corp.	2.5%
Heineken NV	2.5%
Smith & Nephew PLC	2.5%
	26.5%

MassMutual Premier International Equity Fund Sector Table (% of Net Assets) on 3/31/21
Consumer, Non-cyclical	40.2%
Financial	14.5%
Industrial	13.3%
Consumer, Cyclical	8.3%
Technology	4.9%
Utilities	4.5%
Basic Materials	4.5%
Communications	3.3%
Energy	2.4%
Mutual Funds	1.3%
Diversified	0.4%
Total Long-Term Investments	97.6%
Short-Term Investments and Other Assets and Liabilities	2.4%
Net Assets	100.0%

15

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

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 3/31/21
Taiwan Semiconductor Manufacturing Co. Ltd.	7.8%
Tencent Holdings Ltd.	6.5%
Housing Development Finance Corp. Ltd.	4.9%
Kering SA	3.9%
AIA Group Ltd.	3.7%
Novatek PJSC Sponsored GDR Registered	3.7%
Huazhu Group Ltd. ADR	3.5%
Yum China Holdings, Inc.	3.3%
Kotak Mahindra Bank Ltd.	3.3%
Yandex NV Class A	2.8%
	43.4%

MassMutual Premier Strategic Emerging Markets Fund Sector Table (% of Net Assets) on 3/31/21
Financial	21.7%
Consumer, Cyclical	19.2%
Communications	17.2%
Technology	13.8%
Consumer, Non-cyclical	11.4%
Basic Materials	5.6%
Industrial	4.6%
Energy	3.9%
Mutual Funds	1.1%
Total Long-Term Investments	98.5%
Short-Term Investments and Other Assets and Liabilities	1.5%
Net Assets	100.0%

16

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

March 31, 2021 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 100.2%
Discount Notes — 76.3%
Federal Farm Credit Bank
0.066% , 10/19/21, 10/19/21 (a)	$	7,700,000	$	7,697,206
0.086% , 6/01/21, 6/01/21 (a)		1,150,000		1,149,834
1 mo. USD LIBOR + .090% 0.201% FRN, 4/21/21, 4/21/21 (a)		5,000,000		5,000,234
Federal Home Loan Bank
0.039% , 9/29/21, 9/29/21 (a)		4,068,000		4,067,223
0.005% , 4/05/21, 4/05/21 (a)		11,000,000		10,999,994
0.005% , 4/09/21, 4/09/21 (a)		2,300,000		2,299,997
SOFR 0.010% FRN, 4/01/21, 5/12/21 (a)		10,000,000		10,000,000
SOFR + .005% 0.015% FRN, 4/01/21, 5/14/21 (a)		10,000,000		10,000,000
SOFR + .005% 0.015% FRN, 4/01/21, 7/26/21 (a)		12,000,000		12,000,000
SOFR + .015% 0.025% FRN, 4/01/21, 5/19/21 (a)		15,000,000		15,000,000
SOFR + .015% 0.025% FRN, 4/01/21, 5/21/21 (a)		3,000,000		3,000,000
SOFR + .015% 0.025% FRN, 4/01/21, 6/15/21 (a)		24,000,000		24,000,000
0.027% , 4/05/21, 4/05/21 (a)		16,000,000		15,999,952
SOFR + .020% 0.030% FRN, 4/01/21, 8/23/21 (a)		15,000,000		15,000,000
0.030% , 4/08/21, 4/08/21 (a)		700,000		699,996
0.030% , 4/21/21, 4/21/21 (a)		9,600,000		9,599,840
0.041% , 5/26/21, 5/26/21 (a)		125,000		124,992
0.051% , 8/25/21, 8/25/21 (a)		4,400,000		4,399,108
0.054% , 8/13/21, 8/13/21 (a)		10,800,000		10,797,869
0.056% , 8/13/21, 8/13/21 (a)		3,800,000		3,799,222
0.056% , 8/18/21, 8/18/21 (a)		9,400,000		9,398,004
SOFR + .055% 0.065% FRN, 4/01/21, 5/13/22 (a)		15,000,000		15,000,000
SOFR + .060% 0.070% FRN, 4/01/21, 2/11/22 (a)		13,000,000		13,000,000
0.107% , 4/28/21, 4/28/21 (a)		16,000,000		15,998,740
				219,032,211
Repurchase Agreement — 12.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (b)		1,572,181		1,572,181
HSBC Securities (USA) Inc., Tri-Party Repurchase Agreement, dated 3/31/21, 0.001%, due 4/01/21 (c)		35,000,000		35,000,000
				36,572,181

	Principal Amount		Value
U.S. Treasury Bill — 11.1%
U.S. Treasury Bill
0.002% 4/06/21	$	8,500,000	$	8,499,998
0.026% 4/01/21		5,000,000		5,000,000
0.041% 8/19/21		2,600,000		2,599,591
0.058% 8/26/21		5,000,000		4,998,826
0.082% 4/08/21		10,800,000		10,799,830
				31,898,245
TOTAL SHORT-TERM INVESTMENTS (Cost $287,502,637)				287,502,637
TOTAL INVESTMENTS — 100.2% (Cost $287,502,637) (d)				287,502,637
Other Assets/(Liabilities) — (0.2)%				(436,643	)
NET ASSETS — 100.0%			$	287,065,994

Abbreviation Legend

FRN Floating Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

(b) Maturity value of $1,572,181. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $1,603,683.

(c) Maturity value of $35,000,001. Collateralized by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 11/15/50, and an aggregate market value, including accrued interest, of $35,700,000.

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

Currency Legend

USD U.S. Dollar

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

17

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments

March 31, 2021 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 99.3%
CORPORATE DEBT — 47.7%
Aerospace & Defense — 0.3%
The Boeing Co.
1.167% 2/04/23	$	1,185,000	$	1,191,005
Agriculture — 1.3%
BAT Capital Corp.
3.222% 8/15/24		1,100,000		1,170,908
4.700% 4/02/27		655,000		736,932
Imperial Brands Finance PLC
3.125% 7/26/24 (a)		1,393,000		1,472,000
3.500% 2/11/23 (a)		579,000		602,294
Wens Foodstuffs Group Co. Ltd.
2.349% 10/29/25 (a)		1,350,000		1,293,124
				5,275,258
Airlines — 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500% 10/20/25 (a)		408,000		434,462
Auto Manufacturers — 2.1%
Ford Motor Credit Co. LLC
3 mo. USD LIBOR + .810% 1.048% FRN 4/05/21		660,000		660,000
3 mo. USD LIBOR + 1.235% 1.429% FRN 2/15/23		1,130,000		1,118,765
3.087% 1/09/23		625,000		635,144
3.350% 11/01/22		935,000		953,887
General Motors Co.
6.125% 10/01/25		282,000		331,480
General Motors Financial Co., Inc.
3.250% 1/05/23		1,706,000		1,777,066
Harley-Davidson Financial Services, Inc.
3.350% 6/08/25 (a)		452,000		473,505
Hyundai Capital America
2.375% 2/10/23 (a)		1,510,000		1,549,959
2.850% 11/01/22 (a)		310,000		319,690
Nissan Motor Acceptance Corp.
1.900% 9/14/21 (a)		485,000		487,167
				8,306,663
Auto Parts & Equipment — 0.3%
Metalsa SA de CV
4.900% 4/24/23 (a)		950,000		999,400
Banks — 9.5%
ABN AMRO Bank NV
4.750% 7/28/25 (a)		1,085,000		1,213,954
Arab National Bank 5 year CMT + 2.974%
3.326% VRN 10/28/30 (a)		1,350,000		1,383,080

	Principal Amount		Value
Banco de Credito del Peru 5 year CMT + 3.000%
3.125% VRN 7/01/30 (a)	$	1,375,000	$	1,375,000
Banco Santander SA
1.849% 3/25/26		1,400,000		1,396,679
Bank of America Corp.
3 mo. USD LIBOR + .930% 2.816% VRN 7/21/23		2,026,000		2,085,610
3.950% 4/21/25		385,000		421,875
4.000% 1/22/25		1,396,000		1,525,228
The Bank of Nova Scotia
4.500% 12/16/25		2,166,000		2,447,250
Barclays Bank PLC
10.179% 6/12/21 (a)		1,522,000		1,548,135
BPCE SA
5.700% 10/22/23 (a)		1,395,000		1,558,623
Citigroup, Inc.
4.400% 6/10/25		2,395,000		2,660,998
Credit Suisse AG
6.500% 8/08/23 (a)		1,750,000		1,924,562
Danske Bank A/S
5.000% 1/12/22 (a)		1,080,000		1,115,550
Deutsche Bank AG SOFR + 2.159%
2.222% VRN 9/18/24		1,425,000		1,462,648
The Goldman Sachs Group, Inc.
4.250% 10/21/25		3,495,000		3,901,305
HSBC Holdings PLC
4.250% 3/14/24		2,125,000		2,309,952
ING Groep NV SOFR + .920%
1.726% VRN 4/01/27 (b)		868,000		866,756
Macquarie Group Ltd. SOFR + 1.069%
1.340% VRN 1/12/27 (a)		1,120,000		1,098,477
Morgan Stanley
4.350% 9/08/26		2,350,000		2,656,382
Sberbank of Russia Via SB Capital SA
5.250% 5/23/23 (a)		1,350,000		1,429,107
Societe Generale SA 1 year CMT + 1.100%
1.488% VRN 12/14/26 (a)		1,469,000		1,443,056
Synchrony Bank
3.000% 6/15/22		750,000		770,451
UBS Group AG
4.125% 9/24/25 (a)		840,000		931,990
				37,526,668
Beverages — 0.3%
Bacardi Ltd.
4.450% 5/15/25 (a)		1,186,000		1,317,963

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

18

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

	Principal Amount		Value
Chemicals — 1.2%
DuPont de Nemours, Inc.
4.493% 11/15/25	$	1,360,000	$	1,536,403
MEGlobal Canada ULC
5.000% 5/18/25 (a)		950,000		1,055,688
RPM International, Inc.
3.450% 11/15/22		43,000		44,510
Syngenta Finance NV
4.441% 4/24/23 (a)		1,460,000		1,529,502
4.892% 4/24/25 (a)		565,000		604,620
				4,770,723
Commercial Services — 1.0%
Adani Ports & Special Economic Zone Ltd.
3.375% 7/24/24 (a)		3,129,000		3,280,624
Element Fleet Management
1.600% 4/06/24 (b)		510,000		509,403
				3,790,027
Computers — 0.8%
Dell International LLC / EMC Corp.
4.000% 7/15/24 (a)		763,000		827,954
5.850% 7/15/25 (a)		836,000		974,246
Genpact Luxembourg Sarl
3.700% STEP 4/01/22		1,480,000		1,516,902
				3,319,102
Distribution & Wholesale — 0.7%
Li & Fung Ltd.
4.500% 8/18/25 (a)		2,850,000		2,900,565
Diversified Financial Services — 4.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.875% 8/14/24		2,190,000		2,258,128
4.500% 9/15/23		590,000		634,582
Aircastle Ltd.
5.000% 4/01/23		1,790,000		1,907,809
Antares Holdings LP
3.950% 7/15/26 (a)		910,000		917,311
6.000% 8/15/23 (a)		1,172,000		1,229,109
Aviation Capital Group LLC
1.950% 1/30/26 (a)		990,000		964,134
Avolon Holdings Funding Ltd.
2.875% 2/15/25 (a)		815,000		811,710
BGC Partners, Inc.
4.375% 12/15/25 (a)		1,075,000		1,144,131
Brookfield Finance, Inc.
4.000% 4/01/24		710,000		770,908
Lazard Group LLC
3.750% 2/13/25		1,840,000		1,998,405

	Principal Amount		Value
LeasePlan Corp. NV
2.875% 10/24/24 (a)	$	920,000	$	967,183
Park Aerospace Holdings Ltd.
5.250% 8/15/22 (a)		2,510,000		2,634,981
SPARC EM SPC Panama Metro Line 2 SP
0.000% 12/05/22 (a)		512,162		499,363
Synchrony Financial
2.850% 7/25/22		1,140,000		1,170,640
				17,908,394
Electric — 1.2%
Alliant Energy Finance LLC
1.400% 3/15/26 (a)		545,000		534,376
National Central Cooling Co. PJSC
2.500% 10/21/27 (a)		1,341,000		1,314,180
Pacific Gas and Electric Co.
1.750% 6/16/22		2,165,000		2,168,278
Puget Energy, Inc.
6.000% 9/01/21		740,000		756,309
				4,773,143
Energy – Alternate Sources — 0.2%
SK Battery America, Inc.
1.625% 1/26/24 (a)		600,000		594,864
Gas — 0.7%
Atmos Energy Corp.
0.625% 3/09/23		775,000		775,302
ONE Gas, Inc.
1.100% 3/11/24		2,045,000		2,044,261
				2,819,563
Housewares — 0.4%
Newell Brands, Inc.
4.350% STEP 4/01/23		1,585,000		1,674,125
Insurance — 2.3%
AmTrust Financial Services, Inc.
6.125% 8/15/23		1,565,000		1,565,848
Athene Global Funding
2.750% 6/25/24 (a)		1,840,000		1,938,171
CNO Financial Group, Inc.
5.250% 5/30/25		1,740,000		1,969,607
Enstar Group Ltd.
4.500% 3/10/22		1,800,000		1,854,318
GA Global Funding Trust
1.625% 1/15/26 (a)		530,000		529,086
Trinity Acquisition PLC
3.500% 9/15/21		295,000		298,143
Unum Group
3.875% 11/05/25		995,000		1,076,470
				9,231,643

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
Internet — 0.3%
Weibo Corp.
3.500% 7/05/24	$	950,000	$	1,000,899
Investment Companies — 2.0%
Ares Capital Corp.
3.875% 1/15/26		1,160,000		1,222,006
4.200% 6/10/24		1,159,000		1,249,563
BlackRock TCP Capital Corp.
3.900% 8/23/24		835,000		885,339
4.125% 8/11/22		1,805,000		1,866,674
Golub Capital BDC, Inc.
2.500% 8/24/26		600,000		586,697
Sixth Street Specialty Lending, Inc.
2.500% 8/01/26		240,000		237,898
3.875% 11/01/24		1,665,000		1,746,886
				7,795,063
Iron & Steel — 1.6%
Reliance Steel & Aluminum Co.
1.300% 8/15/25		810,000		799,602
Severstal OAO Via Steel Capital SA
3.150% 9/16/24 (a)		2,000,000		2,052,112
Steel Dynamics, Inc.
2.400% 6/15/25		375,000		390,696
2.800% 12/15/24		310,000		327,792
Vale Overseas Ltd.
6.250% 8/10/26		2,235,000		2,658,532
				6,228,734
Leisure Time — 0.1%
Harley-Davidson, Inc.
3.500% 7/28/25		540,000		574,371
Lodging — 0.6%
Las Vegas Sands Corp.
3.200% 8/08/24		1,665,000		1,735,826
Marriott International, Inc.
5.750% 5/01/25		389,000		446,219
				2,182,045
Machinery – Diversified — 0.3%
CNH Industrial Capital LLC
3.875% 10/15/21		1,015,000		1,032,179
Media — 1.4%
Cable Onda SA
4.500% 1/30/30 (a)		1,330,000		1,412,420
Sirius XM Radio, Inc.
3.875% 8/01/22 (a)		2,200,000		2,208,250
ViacomCBS, Inc.
4.750% 5/15/25		1,805,000		2,040,629
				5,661,299

	Principal Amount		Value
Mining — 0.4%
Glencore Funding LLC
4.125% 5/30/23 (a)	$	1,050,000	$	1,122,839
Kinross Gold Corp.
5.125% 9/01/21		550,000		553,966
				1,676,805
Multi-National — 0.5%
Africa Finance Corp.
3.125% 6/16/25 (a)		2,075,000		2,132,312
Oil & Gas — 2.9%
Cenovus Energy, Inc.
3.000% 8/15/22		1,065,000		1,089,540
Continental Resources, Inc.
5.000% 9/15/22		372,000		372,298
Diamondback Energy, Inc.
0.900% 3/24/23		1,315,000		1,314,807
EQT Corp.
3.000% 10/01/22		1,305,000		1,324,575
7.625% STEP 2/01/25		790,000		909,199
Occidental Petroleum Corp.
5.500% 12/01/25		2,340,000		2,469,847
Ovintiv Exploration, Inc.
5.625% 7/01/24		1,220,000		1,341,070
Petroleos Mexicanos
4.625% 9/21/23		2,635,000		2,717,212
				11,538,548
Packaging & Containers — 0.2%
Graphic Packaging International LLC
1.512% 4/15/26 (a)		850,000		843,708
Pharmaceuticals — 0.9%
AbbVie, Inc.
3.800% 3/15/25		745,000		814,742
McKesson Corp.
0.900% 12/03/25		1,015,000		993,624
Mylan, Inc.
3.125% 1/15/23 (a)		875,000		911,657
Teva Pharmaceutical Finance Netherlands III BV
2.200% 7/21/21		654,000		653,182
Viatris, Inc.
1.650% 6/22/25 (a)		355,000		356,177
				3,729,382
Pipelines — 1.7%
Energy Transfer Operating LP
4.200% 9/15/23		1,670,000		1,788,286
EnLink Midstream Partners LP
4.400% 4/01/24		1,340,000		1,350,720

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
EQM Midstream Partners LP
4.750% 7/15/23	$	1,305,000	$	1,353,937
Plains All American Pipeline LP / PAA Finance Corp.
4.500% 12/15/26		235,000		257,801
Plains All American Pipeline LP/PAA Finance Corp.
4.650% 10/15/25		1,630,000		1,785,348
				6,536,092
Private Equity — 0.4%
Hercules Capital, Inc.
4.625% 10/23/22		1,495,000		1,521,938
Real Estate — 1.5%
Country Garden Holdings Co. Ltd.
8.000% 1/27/24 (a)		2,930,000		3,115,234
MAF Sukuk Ltd.
4.500% 11/03/25 (a)		1,375,000		1,504,525
Shimao Group Holdings Ltd.
6.125% 2/21/24 (a)		1,200,000		1,260,600
				5,880,359
Real Estate Investment Trusts (REITS) — 2.1%
Host Hotels & Resorts LP
3.750% 10/15/23		2,140,000		2,264,577
Service Properties Trust
4.350% 10/01/24		1,215,000		1,207,877
Tanger Properties LP
3.875% 12/01/23		1,325,000		1,389,117
Trust Fibra Uno
5.250% 1/30/26 (a)		1,475,000		1,629,875
VEREIT Operating Partnership LP
4.600% 2/06/24		1,060,000		1,159,632
4.625% 11/01/25		605,000		682,684
				8,333,762
Retail — 1.0%
Nordstrom, Inc.
2.300% 4/08/24 (a) (b)		480,000		480,762
O’Reilly Automotive, Inc.
3.850% 6/15/23		1,456,000		1,546,982
QVC, Inc.
4.375% 3/15/23		1,850,000		1,937,875
				3,965,619
Storage & Warehousing — 0.4%
GLP China Holdings Ltd.
4.974% 2/26/24		1,584,000		1,703,972
Telecommunications — 2.5%
AT&T, Inc.
1.700% 3/25/26		1,980,000		1,979,453

	Principal Amount		Value
Qwest Corp
6.750% 12/01/21	$	1,255,000	$	1,297,356
Sprint Communications, Inc.
9.250% 4/15/22		800,000		860,000
Telefonaktiebolaget LM Ericsson
4.125% 5/15/22		1,406,000		1,455,688
Tower Bersama Infrastructure Tbk PT
4.250% 1/21/25 (a)		3,070,000		3,223,504
Verizon Communications, Inc.
1.450% 3/20/26		1,050,000		1,050,203
				9,866,204
TOTAL CORPORATE DEBT (Cost $185,865,196)				189,036,859
MUNICIPAL OBLIGATIONS — 0.1%
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR
1.118% FRN 4/26/27		11,820		11,839
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Series 2006-2, Class B,
1.300% FRN 10/25/42 (c)		550,000		547,288
TOTAL MUNICIPAL OBLIGATIONS (Cost $554,257)				559,127
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 49.6%
Auto Floor Plan Asset-Backed Securities — 0.4%
Navistar Financial Dealer Note Master Owner Trust II
Series 2019-1, Class C, 1 mo. USD LIBOR + .950% 1.059% FRN 5/25/24 (a)		856,000		855,937
Series 2019-1, Class D, 1 mo. USD LIBOR + 1.450% 1.559% FRN 5/25/24 (a)		768,000		768,000
				1,623,937
Automobile Asset-Backed Securities — 8.0%
Avis Budget Rental Car Funding AESOP LLC
Series 2020-1A, Class C, 3.020% 8/20/26 (a)		5,143,000		5,268,137
Series 2019-3A, Class C, 3.150% 3/20/26 (a)		2,764,000		2,863,521
Series 2019-1A, Class C, 4.530% 3/20/23 (a)		633,000		647,696

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
Series 2018-1A, Class C, 4.730% 9/20/24 (a)	$	1,270,000	$	1,350,734
Carmax Auto Owner Trust, Series 2019-4, Class D
2.800% 4/15/26		1,399,000		1,450,538
Carvana Auto Receivables Trust, Series 2019-4A, Class D
3.070% 7/15/25 (a)		1,734,000		1,800,324
Carvana Auto Receivables Trust 2021-N1, Series 2021-N1, Class D
1.500% 1/10/28		2,646,000		2,643,769
Exeter Automobile Receivables Trust, Series 2019-3A, Class D
3.110% 8/15/25 (a)		985,000		1,019,785
Hertz Fleet Lease Funding LP, Series 2019-1, Class D
3.440% 1/10/33 (a)		1,976,000		1,979,280
Hertz Vehicle Financing II LP
Series 2019-3A, Class B, 3.030% 12/26/25 (a)		1,036,000		1,035,178
Series 2017-1A, Class B, 3.560% 10/25/21 (a)		1,430,000		1,424,114
Hertz Vehicle Financing LLC, Series 2018-3A, Class B
4.370% 7/25/24 (a)		950,000		949,815
Santander Revolving Auto Loan Trust, Series 2019-A, Class D
3.450% 1/26/32 (a)		1,720,000		1,770,591
Westlake Automobile Receivables Trust, Series 2019-3A, Class E
3.590% 3/17/25 (a)		1,395,000		1,441,919
Westlake Automobile Receivables Trust 2021-1
Series 2021-1A, Class D, 1.230% 4/15/26 (a)		4,720,000		4,715,785
Series 2021-1A, Class E, 2.330% 8/17/26 (a)		1,505,000		1,500,611
				31,861,797
Commercial Mortgage-Backed Securities — 5.3%
BAMLL Commercial Mortgage Securities Trust
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 1.456% FRN 9/15/34 (a)		300,000		297,774
Series 2019-BPR, Class CMP, 3.895% VRN 11/05/32 (a) (c)		800,000		758,292
Series 2019-BPR, Class DMP, 3.895% VRN 11/05/32 (a) (c)		1,110,000		955,437
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM,
5.432% VRN 1/12/45 (c)		167,397		165,681

	Principal Amount		Value
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
1.606% FRN 7/15/35 (a)	$	500,000	$	496,877
BX Commercial Mortgage Trust
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.706% FRN 12/15/36 (a)		1,879,191		1,876,844
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.806% FRN 11/15/35 (a)		1,855,000		1,854,999
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.906% FRN 10/15/36 (a)		735,480		735,020
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.106% FRN 10/15/36 (a)		2,865,738		2,863,055
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150%
2.256% FRN 12/15/37 (a)		1,335,725		1,335,723
CAMB Commercial Mortgage Trust 2019-LIFE, Series 2019-LIFE, Class C, 1 mo. USD LIBOR + 1.450%
1.556% FRN 12/15/37 (a)		2,000,000		2,000,618
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%
1.706% FRN 5/15/36 (a)		820,000		820,513
GS Mortgage Securities Trust, Series 2015-GC34, Class C,
4.648% VRN 10/10/48 (c)		1,100,000		1,133,950
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
1.906% FRN 5/15/36 (a)		739,000		738,769
Life 2021-BMR Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%
1.856% FRN 3/15/38 (a)		796,000		797,274
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B
3.769% 2/15/46		1,000,000		1,015,783
Morgan Stanley Capital I Trust, Series 2012-STAR, Class D,
3.927% VRN 8/05/34 (a) (c)		1,000,000		990,209
One New York Plaza Trust
Series 2020-1NYP, Class C, 1 mo. USD LIBOR + 2.200% 2.306% FRN 1/15/26 (a)		1,319,000		1,332,163

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
Series 2020-1NYP, Class D, 1 mo. USD LIBOR + 2.750% 2.856% FRN 1/15/26 (a)	$	886,000	$	894,842
				21,063,823
Home Equity Asset-Backed Securities — 0.0%
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240%
0.349% FRN 10/25/34 (a)		144,184		143,083
Other Asset-Backed Securities — 21.9%
321 Henderson Receivables I LLC, Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200%
0.306% FRN 3/15/41 (a)		71,979		71,269
321 Henderson Receivables LLC, Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200%
0.306% FRN 6/15/41 (a)		166,610		162,453
AASET Trust, Series 2020-1A, Class B
4.335% 1/16/40 (a)		489,753		460,797
Adams Outdoor Advertising LP, Series 2018-1, Class A
4.810% 11/15/48 (a)		777,577		832,911
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.150%
1.256% FRN 6/15/28 (a)		880,000		880,270
Bain Capital Credit CLO Ltd., Series 2020-2A, Class A, 3 mo. USD LIBOR + 1.850%
2.073% FRN 7/21/31 (a)		1,000,000		1,002,586
BlueMountain CLO Ltd., Series 2013-1A, Class A1R2, 3 mo. USD LIBOR + 1.230%
1.454% FRN 1/20/29 (a)		906,701		906,804
BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + .980%
1.170% FRN 7/20/29 (a)		1,100,000		1,100,001
BRE Grand Islander Timeshare Issuer LLC
Series 2017-1A, Class A, 2.940% 5/25/29 (a)		199,858		200,390
Series 2019-A, Class B, 3.780% 9/26/33 (a)		571,238		574,758
Business Jet Securities LLC
Series 2021-1A, Class A, 2.162% 4/15/36 (a)		2,030,000		2,023,820
Series 2020-1A, Class A, 2.981% 11/15/35 (a)		501,943		508,027

	Principal Amount		Value
Capital Automotive REIT
Series 2017-1A, Class A1, 3.870% 4/15/47 (a)	$	568,554	$	569,496
Series 2020-1A, Class B1, 4.170% 2/15/50 (a)		1,100,000		1,158,172
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A
3.967% 4/15/39 (a)		371,833		371,043
Castlelake Aircraft Structured Trust, Series 2018-1, Class A
4.125% 6/15/43 (a)		629,693		630,960
Cbam CLO Management Cbam, Series 2018-6A, Class A1R, 3 mo. USD LIBOR + 1.270%
1.511% FRN 1/15/31 (a)		1,500,000		1,500,084
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%
1.204% FRN 4/20/31 (a)		300,000		300,001
CF Hippolyta LLC, Series 2020-1, Class B1
2.280% 7/15/60 (a)		212,826		216,331
DataBank Issuer, Series 2021-1A, Class A2
2.060% 2/27/51 (a)		2,170,000		2,165,660
DB Master Finance LLC
Series 2019-1A, Class A2I, 3.787% 5/20/49 (a)		622,520		633,380
Series 2019-1A, Class A2II, 4.021% 5/20/49 (a)		734,810		767,033
Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2I
4.116% 7/25/48 (a)		948,175		991,962
Elara HGV Timeshare Issuer LLC
Series 2017-A, Class A, 2.690% 3/25/30 (a)		228,335		235,184
Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (c)		54,099		54,048
Series 2019-A, Class C, 3.450% 1/25/34 (a)		1,381,399		1,349,674
Elmwood CLO II Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450%
1.674% FRN 4/20/31 (a)		1,250,000		1,250,239
FCI Funding LLC, Series 2019-1A, Class A
3.630% 2/18/31 (a)		149,489		151,695
Flatiron CLO 17 Ltd., Series 2017-1A, Class AR, 3 mo. USD LIBOR + .980%
1.178% FRN 5/15/30 (a)		2,000,000		1,998,938

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
FNA VI LLC, Series 2021-1A, Class A
1.350% 1/10/32 (a)	$	4,252,816	$	4,245,834
GoldentTree Loan Management US CLO 1 Ltd., Series 2017-1A, Class B1R, 3 mo. USD LIBOR + 1.450%
1.674% FRN 4/20/29 (a)		500,000		498,734
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 10/15/54 (a)		1,304,938		1,323,482
Series 2016-1A, Class A, 3.230% 10/15/52 (a)		653,759		665,597
Series 2019-1A, Class A, 3.860% 10/15/54 (a)		549,909		576,952
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (c)		1,116,802		1,200,311
Hero Funding Trust
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		650,534		679,820
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)		151,143		155,518
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		371,435		386,754
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)		124,529		128,423
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		735,873		807,026
Hilton Grand Vacations Trust
Series 2019-AA, Class C, 2.840% 7/25/33 (a)		1,257,432		1,270,453
Series 2017-AA, Class B, 2.960% 12/26/28 (a)		252,207		254,810
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A
4.458% 12/15/38 (a)		454,123		459,483
Horizon Aircraft Finance III Ltd.
Series 2019-2, Class A, 3.425% 11/15/39 (a)		381,392		376,472
Series 2019-2, Class B, 4.458% 11/15/39 (a)		1,757,143		1,697,727
HPS Loan Management Ltd., Series 15A-19, Class A1, 3 mo. USD LIBOR + 1.320%
1.542% FRN 7/22/32 (a)		500,000		501,017
Kayne CLO, 3 mo. USD LIBOR + 1.400%
1.568% FRN 7/15/31 (a)		800,000		800,002
KDAC Aviation Finance Ltd., Series 2017-1A, Class A
4.212% 12/15/42 (a)		376,881		364,676

	Principal Amount		Value
KKR CLO Ltd., Series 28A, Class A, 3 mo. USD LIBOR + 1.140%
1.324% FRN 3/15/31 (a)	$	400,000	$	400,016
KREF Ltd., Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350%
1.458% FRN 6/15/36 (a)		2,600,000		2,598,366
Lunar Aircraft Ltd., Series 2020-1A, Class A
3.376% 2/15/45 (a)		302,202		296,145
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 (a)		846,001		851,030
Milos CLO Ltd., Series 2017-1A, Class AR, 3 mo. USD LIBOR + 1.070%
1.294% FRN 10/20/30 (a)		1,150,000		1,147,126
Mosaic Solar Loans LLC
Series 2018-2GS, Class A, 4.200% 2/22/44 (a)		571,551		621,258
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		128,039		139,544
Neuberger Berman CLO Ltd., Series 2015-20A, Class BR, 3 mo. USD LIBOR + 1.250%
1.491% FRN 1/15/28 (a)		1,500,000		1,497,640
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class BR, 3 mo. USD LIBOR + 1.350%
1.542% FRN 10/18/29 (a)		2,150,000		2,150,009
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD LIBOR + 1.400%
1.584% FRN 7/25/30 (a)		375,000		374,999
NP SPE II LLC
Series 2019-1A, Class A1, 2.574% 9/20/49 (a)		442,038		453,721
Series 2017-1A, Class A1, 3.372% 10/21/47 (a)		359,696		369,635
NRZ Advance Receivables Trust, Series 2020-T3, Class DT3
2.458% 10/15/52 (a)		899,000		899,021
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3
2.260% 11/20/50 (a)		853,000		856,070
Oak Street Investment Grade Net Lease Fund Series 2021-1, Series 2021-1A, Class A3
2.800% 1/20/51 (a)		2,000,000		2,031,929

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
OneMain Financial Issuance Trust, Series 2019-2A, Class C
3.660% 10/14/36 (a)	$	1,550,000	$	1,617,845
Orange Lake Timeshare Trust
Series 2016-A, Class B, 2.910% 3/08/29 (a)		323,072		320,720
Series 2019-A, Class D, 4.930% 4/09/38 (a)		1,184,007		1,179,937
Oxford Finance Funding Trust, Series 2020-1A, Class A2
3.101% 2/15/28 (a)		698,000		713,560
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A
3.967% 6/15/44 (a)		666,146		661,263
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
2.959% FRN 2/25/23 (a)		670,000		669,199
RAMP Trust, Series 2005-EFC1, Class M5, 1 mo. USD LIBOR + .650%
1.093% FRN 5/25/35		2,500,000		2,473,471
Rockford Tower CLO Ltd.
Series 2017-1A, Class BR, 3 mo. USD LIBOR + 1.450% 1.691% FRN 4/15/29 (a)		550,000		548,942
Series 2017-2A, Class BR, 3 mo. USD LIBOR + 1.500% 1.741% FRN 10/15/29 (a)		1,000,000		1,000,068
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%
1.331% FRN 1/15/30 (a)		1,250,000		1,248,802
SBA Tower Trust, Series 2014-2A, Class C,
3.869% STEP 10/15/49 (a)		1,030,000		1,091,155
Sierra Receivables Funding LLC
Series 2019-3A, Class C, 3.000% 8/20/36 (a)		921,336		934,378
Series 2020-2A, Class C, 3.510% 7/20/37 (a)		208,565		214,769
Series 2019-3A, Class D, 4.180% 8/20/36 (a)		676,158		680,348
Series 2019-2A, Class D, 4.540% 5/20/36 (a)		511,516		525,491
Series 2019-1A, Class D, 4.750% 1/20/36 (a)		500,153		515,647
SoFi Consumer Loan Program Trust, Series 2019-3, Class D
3.890% 5/25/28 (a)		2,981,000		3,064,661
Stack Infrastructure Issuer LLC, Series 2020-1A, Class A2
1.893% 8/25/45 (a)		367,000		367,800

	Principal Amount		Value
Store Master Funding I-VII, Series 2018-1A, Class A3
4.400% 10/20/48 (a)	$	1,232,292	$	1,268,765
Structured Asset Investment Loan Trust 2004-11, Series 2004-11, Class M1, 1 mo. USD LIBOR + .930%
1.039% FRN 1/25/35		1,679,970		1,646,375
TAL Advantage VII LLC, Series 2020-1A, Class B
3.820% 9/20/45 (a)		758,000		770,919
TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD LIBOR + 1.180%
1.404% FRN 10/20/31 (a)		850,000		850,036
TLF National Tax Lien Trust, Series 2017-1A, Class A
3.090% 12/15/29 (a)		71,162		71,612
Trafigura Securitisation Finance PLC, Series 2018-1A, Class B
4.290% 3/15/22 (a)		1,870,000		1,872,384
Treman Park CLO Ltd., Series 2015-1A, Class ARR, 3 mo. USD LIBOR + 1.070%
1.294% FRN 10/20/28 (a)		1,007,208		1,007,733
Trinity Rail Leasing LP, Series 2019-1A, Class A
3.820% 4/17/49 (a)		1,522,323		1,555,948
Trip Rail Master Funding LLC
Series 2017-1A, Class A1, 2.709% 8/15/47 (a)		54,454		54,489
Series 2011-1A, Class A2, 6.024% 7/15/41 (a)		2,246,612		2,260,877
Vantage Data Centers LLC, Series 2020-1A, Class A2
1.645% 9/15/45 (a)		1,425,000		1,425,487
VSE VOI Mortgage LLC
Series 2016-A, Class B, 2.740% 7/20/33 (a)		303,340		304,765
Series 2018-A, Class C, 4.020% 2/20/36 (a)		350,892		358,948
Welk Resorts LLC
Series 2015-AA, Class A, 2.790% 6/16/31 (a)		74,340		74,340
Series 2017-AA, Class B, 3.410% 6/15/33 (a)		527,653		521,341
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 (a)		597,626		594,268
				86,613,929

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
Student Loans Asset-Backed Securities — 6.8%
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%
1.609% FRN 7/25/58 (a)	$	530,000	$	484,684
College Ave Student Loans 2021-A LLC, Series 2021-A, Class B
2.320% 7/25/51 (a)		3,419,000		3,381,791
College Avenue Student Loans LLC
Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 1.309% FRN 12/26/47 (a)		1,066,783		1,073,160
Series 2019-A, Class B, 3.810% 12/28/48 (a)		1,038,000		1,066,236
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%
0.731% FRN 1/15/37		466,068		417,597
Commonbond Student Loan Trust
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)		133,669		130,629
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)		96,376		95,199
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)		42,509		41,547
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)		165,289		169,537
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B
2.500% 1/25/30 (a)		159,828		160,279
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050%
2.159% FRN 2/26/35 (a)		137,179		130,251
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150%
2.100% FRN 12/01/47 (a)		1,032,464		1,019,565
ELFI Graduate Loan Program LLC, Series 2018-A, Class B
4.000% 8/25/42 (a)		366,934		375,321
Laurel Road Prime Student Loan Trust
Series 2017-C, Class B, 2.950% 11/25/42 (a)		418,373		407,486
Series 2019-A, Class BFX, 3.000% 10/25/48 (a)		522,946		512,633
Series 2017-B, Class CFX, 3.610% 8/25/42 (a)		452,896		422,522
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)		546,147		542,684

	Principal Amount		Value
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B
2.770% 1/15/69 (a)	$	1,800,000	$	1,845,239
Nelnet Private Education Loan Trust
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 1.859% FRN 12/26/40 (a)		109,735		110,188
Series 2016-A, Class A1B, 3.600% 12/26/40 (a)		131,409		132,031
Nelnet Student Loan Trust
Series 2007-2A, Class A4A2, 1.497% FRN 6/25/35 (a) (c)		2,800,000		2,771,390
Series 2018-5A, Class B, 1 mo. USD LIBOR + 1.450% 1.559% FRN 2/25/67 (a)		1,000,000		958,931
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 6/25/54 (a)		395,000		396,088
SLC Student Loan Trust, Series 2005-3, Class B, 3 mo. USD LIBOR + .250%
0.434% FRN 6/15/55		1,174,892		1,075,493
SLM Student Loan Trust
Series 2006-2, Class R, 0.000% 1/25/41		3,391		2,092,511
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 0.418% FRN 1/27/42		2,744,800		2,498,364
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.508% FRN 1/25/44		1,190,637		1,097,227
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 0.518% FRN 1/25/41		885,109		826,932
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.528% FRN 1/25/55		429,708		402,090
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 0.834% FRN 12/15/38		338,456		310,607
SoFi Alternative Trust, Series 2019-C, Class PT,
2.322% VRN 1/25/45 (a) (c)		1,775,266		1,888,120
				26,836,332
Whole Loan Collateral Collateralized Mortgage Obligations — 7.2%
Angel Oak Mortgage Trust
Series 2020-5, Class A2, 1.579% VRN 5/25/65 (a) (c)		765,111		766,616
Series 2020-5, Class A3, 2.041% VRN 5/25/65 (a) (c)		696,182		702,559
Series 2018-3, Class A3, 3.238% VRN 5/25/59 (a) (c)		1,197,933		1,209,852

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
Series 2019-6, Class M1, 3.389% VRN 11/25/59 (a) (c)	$	1,900,000	$	1,918,335
Angel Oak Mortgage Trust 2021-1, Series 2021-1, Class M1,
2.215% VRN 1/25/66 (a) (c)		670,000		674,786
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
3.074% VRN 8/25/34 (c)		20,799		20,499
Citigroup Mortgage Loan Trust
Series 2019-IMC1, Class A3, 3.030% VRN 7/25/49 (a) (c)		735,912		747,691
Series 2019-IMC1, Class M1, 3.170% VRN 7/25/49 (a) (c)		1,798,000		1,830,480
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A3,
1.538% VRN 2/25/66 (a) (c) (d)		2,400,000		2,399,967
Deephaven Residential Mortgage Trust
Series 2021-1, Class A3, 1.128% VRN 5/25/65 (a) (c)		1,005,780		1,000,527
Series 2019-4A, Class M1, 3.484% VRN 10/25/59 (a) (c)		1,300,000		1,311,584
JP Morgan Mortgage Trust
Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (c)		39,326		39,379
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (c)		71,737		71,872
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IIA2,
2.432% VRN 2/25/34 (c)		60,359		59,140
MFA Trust, Series 2020-NQM1, Class A3,
2.300% VRN 8/25/49 (a) (c)		1,461,708		1,468,358
OBX 2021-NQM1 Trust, Series 2021-NQM1, Class M1,
2.219% VRN 2/25/66 (a) (c)		703,000		703,000
Onslow Bay Financial LLC, Series 2020-INV1, Class A21,
3.500% VRN 12/25/49 (a) (c)		1,034,435		1,034,792
STAR Trust, Series 2021-1, Class A3,
1.528% VRN 5/25/65 (a) (c)		3,750,000		3,751,245
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,
2.916% VRN 9/27/49 (a) (c)		1,372,537		1,397,338
Verus Securitization Trust
Series 2020-1, Class M1, 3.021% VRN 1/25/60 (a) (c)		2,551,000		2,621,931
Series 2019-4, Class M1, 3.207% VRN 11/25/59 (a) (c)		1,100,000		1,113,150
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (c)		1,505,169		1,535,611

	Principal Amount		Value
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (c)	$	667,000	$	685,857
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (c)		1,254,000		1,300,390
				28,364,959
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $194,687,489)				196,507,860
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 1.4%
Pass-Through Securities — 0.1%
Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.212% 2.531% 3/01/37		115,734		121,687
Federal National Mortgage Association Pool #775539 12 mo. USD LIBOR + 1.641% 2.516% 5/01/34		15,964		16,563
Government National Mortgage Association Pool #507545 7.500% 8/15/29		23,182		26,963
				165,213
Whole Loans — 1.3%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2021-DNA2, Class M2, SOFR30A + 2.300% 2.317% FRN 8/25/33 (a)		2,024,000		2,024,811
Series 2020-DNA5, Class M2, SOFR30A + 2.800% 2.817% FRN 10/25/50 (a)		1,236,000		1,243,933
Series 2020-DNA3, Class M2, 1 mo. USD LIBOR + 3.000% 3.109% FRN 6/25/50 (a)		1,415,341		1,420,097
Federal National Mortgage Association Connecticut Avenue Securities Trust
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 2.259% FRN 9/25/31 (a)		63,431		63,573
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 2.409% FRN 8/25/31 (a)		434,632		434,917
				5,187,331
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $5,322,703)				5,352,544

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
U.S. TREASURY OBLIGATIONS — 0.5%
U.S. Treasury Bonds & Notes — 0.5%
U.S. Treasury Note
8.000% 11/15/21 (e)	$	1,720,000	$	1,804,756
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,962,681)				1,804,756
TOTAL BONDS & NOTES (Cost $388,392,326)				393,261,146
TOTAL PURCHASED OPTIONS (#) — 0.1% (Cost $609,046)				579,851
TOTAL LONG-TERM INVESTMENTS (Cost $389,001,372)				393,840,997
SHORT-TERM INVESTMENTS — 1.2%
Commercial Paper — 0.3%
National Grid Holdings
0.172% 4/28/21 (a)		1,000,000		999,863
Repurchase Agreement — 0.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (f)		3,602,981		3,602,981
TOTAL SHORT-TERM INVESTMENTS (Cost $4,602,854)				4,602,844
TOTAL INVESTMENTS — 100.6% (Cost $393,604,226) (g)				398,443,841
Other Assets/(Liabilities) — (0.6)%				(2,187,868	)
NET ASSETS — 100.0%			$	396,255,973

Abbreviation Legend

CLO Collateralized Loan Obligation

FRN Floating Rate Note

STEP Step Up Bond

VRN Variable Rate Note

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, 2021, the aggregate

market value of these securities amounted to $254,841,898 or 64.31% of net assets.

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

(c) 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, 2021.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2021, these securities amounted to a value of $2,399,967 or 0.61% of net assets.

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

(f) Maturity value of $3,602,981. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $3,675,132.

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

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

United States	71.4	%
Cayman Islands	10.8	%
Bermuda	2.0	%
United Kingdom	1.6	%
Netherlands	1.5	%
Canada	1.4	%
Mexico	1.3	%
Luxembourg	1.3	%
Ireland	1.2	%
India	0.8	%
Indonesia	0.8	%
France	0.8	%
Switzerland	0.7	%
Hong Kong	0.4	%
Germany	0.4	%
Sweden	0.4	%
Panama	0.4	%
Spain	0.4	%
Saudi Arabia	0.3	%
Peru	0.3	%
United Arab Emirates	0.3	%
China	0.3	%
Denmark	0.3	%
Australia	0.3	%
Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%
Net Assets	100.0	%

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

28

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	$	46,320	$	39,994	$	6,326
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	$	533,531	$	569,052	$	(35,521	)
																	$	579,851	$	609,046	$	(29,195	)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Note 10 Year		6/21/21		337	$	45,269,655		$	(1,143,717	)
Short
U.S. Treasury Ultra 10 Year		6/21/21		122	$	(18,145,927	)	$	616,052
U.S. Treasury Note 2 Year		6/30/21		220		(48,596,278	)		36,434
U.S. Treasury Note 5 Year		6/30/21		1,368		(170,788,984	)		1,979,921
90 Day Eurodollar		9/13/21		8		(1,951,273	)		(44,927	)
90 Day Eurodollar		3/14/22		7		(1,706,840	)		(39,048	)
90 Day Eurodollar		9/19/22		6		(1,462,405	)		(32,045	)
90 Day Eurodollar		3/13/23		5		(1,217,921	)		(24,517	)
90 Day Eurodollar		12/18/23		7		(1,703,515	)		(25,398	)
90 Day Eurodollar		12/16/24		19		(4,618,124	)		(43,051	)
								$	2,423,421

* 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.

29

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

March 31, 2021 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 86.6%
CORPORATE DEBT — 0.5%
Real Estate Investment Trusts (REITS) — 0.5%
SBA Tower Trust
3.168% 4/09/47 (a)	$	1,819,000	$	1,822,189
TOTAL CORPORATE DEBT (Cost $1,434,576)				1,822,189
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 55.7%
Auto Floor Plan Asset-Backed Securities — 2.0%
Navistar Financial Dealer Note Master Owner Trust II
Series 2019-1, Class A, 1 mo. USD LIBOR + .640% 0.749% FRN 5/25/24 (a)		2,800,000		2,801,792
Series 2019-1, Class B, 1 mo. USD LIBOR + .750% 0.859% FRN 5/25/24 (a)		3,159,000		3,160,161
Series 2019-1, Class C, 1 mo. USD LIBOR + .950% 1.059% FRN 5/25/24 (a)		1,611,000		1,610,882
				7,572,835
Automobile Asset-Backed Securities — 5.1%
American Credit Acceptance Receivables Trust, Series 2018-3, Class C
3.750% 10/15/24 (a)		540,246		540,966
Avis Budget Rental Car Funding AESOP LLC
Series 2019-1A, Class C, 4.530% 3/20/23 (a)		322,000		329,475
Series 2016-1A, Class C, 4.940% 6/20/22 (a)		575,000		578,013
CarMax Auto Owner Trust, Series 2017-2, Class D
3.390% 10/16/23		2,650,000		2,664,949
Exeter Automobile Receivables Trust, Series 2020-2A, Class A
1.130% 8/15/23 (a)		271,482		272,059
Hertz Vehicle Financing II LP
Series 2016-4A, Class B, 3.290% 7/25/22 (a)		2,000,000		1,994,726
Series 2017-1A, Class B, 3.560% 10/25/21 (a)		2,430,000		2,419,998
Series 2019-1A, Class B, 4.100% 3/25/23 (a)		2,000,000		2,011,204
Series 2017-2A, Class C, 5.310% 10/25/23 (a)		1,750,000		1,751,616

	Principal Amount		Value
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A
3.430% 12/16/24 (a)	$	358,834	$	361,405
OSCAR US Funding Trust
Series 2019-2A, Class A2, 2.490% 8/10/22 (a)		1,318,215		1,322,079
Series 2018-2A, Class A3, 3.390% 9/12/22 (a)		1,155,884		1,161,977
Santander Drive Auto Receivables Trust, Series 2020-2, Class A2A
0.620% 5/15/23		2,094,554		2,095,814
World Omni Auto Receivables Trust, Series 2019-C, Class A2B, 1 mo. USD LIBOR + .230%
0.336% FRN 2/15/23		1,729,416		1,729,840
				19,234,121
Commercial Mortgage-Backed Securities — 3.5%
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
1.606% FRN 7/15/35 (a)		1,150,000		1,142,817
BX Commercial Mortgage Trust
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.706% FRN 12/15/36 (a)		1,197,573		1,196,077
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.806% FRN 11/15/35 (a)		1,449,000		1,448,999
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.106% FRN 10/15/36 (a)		2,304,252		2,302,095
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%
1.856% FRN 12/15/37 (a)		250,836		250,914
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%
1.706% FRN 5/15/36 (a)		6,000,000		6,003,755
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 1 mo. USD LIBOR + 1.000%
1.106% FRN 6/15/32 (a)		554,205		554,205
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
1.906% FRN 5/15/36 (a)		389,000		388,879
				13,287,741

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

30

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

	Principal Amount		Value
Home Equity Asset-Backed Securities — 3.7%
ABFC Trust, Series 2005-WF1, Class M1, 1 mo. USD LIBOR + .540%
0.649% FRN 11/25/34	$	2,049,574	$	2,040,858
Centex Home Equity Loan Trust
Series 2006-A, Class M1, 1 mo. USD LIBOR + .300% 0.409% FRN 6/25/36		1,375,905		1,360,774
Series 2005-D, Class M3, 1 mo. USD LIBOR + .720% 0.829% FRN 10/25/35		2,654,865		2,647,893
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD LIBOR + .615%
0.724% FRN 4/25/36		3,595,377		3,560,693
JP Morgan Mortgage Acquisition Trust, Series 2006-CW1, Class A5, 1 mo. USD LIBOR + .480%
0.589% FRN 5/25/36		1,217,546		1,214,801
Option One Mortgage Loan Trust Asset-Backed Certificates, Series 2005-5, Class M1, 1 mo. USD LIBOR + .585%
0.694% FRN 12/25/35		3,009,339		2,987,548
				13,812,567
Other Asset-Backed Securities — 26.8%
321 Henderson Receivables LLC
Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200% 0.306% FRN 6/15/41 (a)		645,529		629,426
Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 0.306% FRN 9/15/41 (a)		77,576		76,062
Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% 0.306% FRN 3/15/42 (a)		395,891		382,800
Affirm Asset Securitization Trust
Series 2020-Z2, Class A, 1.900% 1/15/25 (a)		5,076,309		5,117,713
Series 2020-A, Class A, 2.100% 2/18/25 (a)		7,757,000		7,838,556
Series 2020-Z1, Class A, 3.460% 10/15/24 (a)		1,976,179		2,002,937
AIMCO CLO, Series 2015-AA, Class AR, 3 mo. USD LIBOR + .850%
1.091% FRN 1/15/28 (a)		1,300,733		1,300,823
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.150%
1.256% FRN 6/15/28 (a)		920,000		920,282

	Principal Amount		Value
Avant Loans Funding Trust, Series 2019-B, Class A
2.720% 10/15/26 (a)	$	178,040	$	178,283
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.100%
1.318% FRN 4/25/26 (a)		15,508		15,512
Carlyle Global Market Strategies CLO Ltd., Series 2013-2A, Class AR, 3 mo. USD LIBOR + .890%
1.113% FRN 1/18/29 (a)		1,877,537		1,877,584
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class M1, 1 mo. USD LIBOR + .405%
0.514% FRN 8/25/36		4,765,617		4,724,515
Crossroads Asset Trust, Series 2021-A, Class A2
0.820% 3/20/24 (a)		810,000		808,795
First Franklin Mortgage Loan Trust
Series 2006-FF15, Class A5, 1 mo. USD LIBOR + .160% 0.269% FRN 11/25/36		1,108,144		1,085,306
Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720% 0.829% FRN 10/25/35		1,336,045		1,328,935
FNA VI LLC, Series 2021-1A, Class A
1.350% 1/10/32 (a)		5,245,602		5,236,990
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD LIBOR + .260%
0.369% FRN 3/25/37		572,277		562,718
KREF Ltd.
Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.100% 1.208% FRN 6/15/36 (a)		4,276,221		4,276,191
Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350% 1.458% FRN 6/15/36 (a)		1,520,000		1,519,045
Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.550% 2.658% FRN 6/15/36 (a)		2,110,000		2,094,185
LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240%
1.481% FRN 7/15/27 (a)		995,314		995,474
Lendmark Funding Trust
Series 2019-2A, Class A, 2.780% 4/20/28 (a)		3,655,000		3,754,412
Series 2018-1A, Class A, 3.810% 12/21/26 (a)		410,000		417,531
Series 2018-2A, Class A, 4.230% 4/20/27 (a)		1,200,000		1,225,784

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

31

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

	Principal Amount		Value
Long Beach Mortgage Loan Trust, Series 2006-WL1, Class 2A4, 1 mo. USD LIBOR + .680%
0.789% FRN 1/25/46	$	557,910	$	551,749
Magnetite XVIII Ltd., Series 2016-18A, Class AR, 3 mo. USD LIBOR + 1.080%
1.274% FRN 11/15/28 (a)		3,000,000		3,000,852
Marlette Funding Trust
Series 2020-1A, Class B, 2.380% 3/15/30 (a)		6,800,000		6,892,861
Series 2019-4A, Class A, 2.390% 12/17/29 (a)		2,404,869		2,423,232
Series 2019-3A, Class A, 2.690% 9/17/29 (a)		1,356,070		1,363,737
Series 2019-4A, Class B, 2.950% 12/17/29 (a)		2,250,000		2,298,411
Series 2019-2A, Class A, 3.130% 7/16/29 (a)		1,634,872		1,647,601
Series 2019-1A, Class A, 3.440% 4/16/29 (a)		2,052,533		2,064,866
Series 2019-2A, Class B, 3.530% 7/16/29 (a)		2,015,000		2,056,437
Series 2018-3A, Class B, 3.860% 9/15/28 (a)		68,377		68,460
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + .800%
1.041% FRN 1/15/28 (a)		1,275,594		1,275,650
New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1, Class DT1
3.011% 8/15/53 (a)		1,510,000		1,518,500
NP SPE II LLC, Series 2019-1A, Class A1
2.574% 9/20/49 (a)		281,157		288,588
NRZ Advance Receivables Trust, Series 2020-T3, Class CT3
1.814% 10/15/52 (a)		965,000		964,999
OCP CLO Ltd., Series 2015-10A, Class A1R, 3 mo. USD LIBOR + .820%
1.035% FRN 10/26/27 (a)		612,252		612,300
Onemain Financial Issuance Trust, Series 2018-1A, Class A
3.300% 3/14/29 (a)		3,646,856		3,661,041
Orange Lake Timeshare Trust, Series 2016-A, Class A
2.610% 3/08/29 (a)		564,381		569,782

	Principal Amount		Value
PFS Financing Corp., Series 2019-B, Class B, 1 mo. USD LIBOR + .800%
0.906% FRN 9/15/23 (a)	$	1,100,000	$	1,100,813
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2I
4.262% 9/05/48 (a)		2,535,000		2,576,724
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
2.959% FRN 2/25/23 (a)		270,000		269,677
RAMP Series Trust, Series 2006-RZ4, Class A3, 1 mo. USD LIBOR + .270%
0.379% FRN 10/25/36		2,824,171		2,799,771
Sierra Receivables Funding LLC
Series 2019-3A, Class C, 3.000% 8/20/36 (a)		1,650,727		1,674,094
Series 2019-1A, Class C, 3.770% 1/20/36 (a)		454,685		466,481
Series 2018-1A, Class B, 4.036% 4/20/35		476,510		489,464
Series 2019-3A, Class D, 4.180% 8/20/36 (a)		414,089		416,655
Series 2019-1A, Class D, 4.750% 1/20/36 (a)		291,756		300,794
SoFi Consumer Loan Program Trust
Series 2017-4, Class A, 2.500% 5/26/26 (a)		14,589		14,608
Series 2017-6, Class A2, 2.820% 11/25/26 (a)		144,633		144,849
Series 2016-1A, Class A, 3.260% 8/25/25 (a)		942,912		944,449
Series 2016-2A, Class B, 4.770% VRN 10/27/25 (a) (b)		1,086,844		1,089,828
Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .735%
0.844% FRN 3/25/35		1,871,270		1,862,592
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC6, Class A4, 1 mo. USD LIBOR + .170% 0.279% FRN 1/25/37		536,034		524,955
Series 2006-WF1, Class M4, 1 mo. USD LIBOR + .645% 0.754% FRN 2/25/36		613,000		603,280
Trafigura Securitisation Finance PLC
Series 2018-1A, Class A1, 1 mo. USD LIBOR + .730% 0.836% FRN 3/15/22 (a)		1,340,000		1,339,644
Series 2018-1A, Class A2, 3.730% 3/15/22 (a)		1,000,000		1,013,387

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

32

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

	Principal Amount		Value
Upstart Securitization Trust
Series 2020-3, Class A, 1.702% 11/20/30 (a)	$	3,267,299	$	3,293,345
Series 2018-2, Class C, 5.494% 12/22/25 (a)		814,006		822,059
Verizon Owner Trust., Series 2018-1A, Class A1A
2.820% 9/20/22 (a)		120,217		120,417
				101,496,811
Student Loans Asset-Backed Securities — 8.0%
Brazos Higher Education Authority, Inc., Series 2006-2, Class B2
1.603% 6/25/42		1,050,000		1,031,054
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100%
0.351% FRN 3/28/68		2,139,882		2,097,654
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%
0.731% FRN 1/15/37		298,283		267,262
Commonbond Student Loan Trust
Series 2019-AGS, Class A2, 1 mo. USD LIBOR + .900% 1.009% FRN 1/25/47 (a)		967,244		968,337
Series 2021-AGS, Class B, 1.400% 3/25/52 (a)		587,000		586,701
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)		21,255		20,774
DRB Prime Student Loan Trust
Series 2017-A, Class A1, 1 mo. USD LIBOR + .850% 0.959% FRN 5/27/42 (a)		922,274		922,697
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 2.109% FRN 4/25/40 (a)		162,367		160,901
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, PRIME - 1.150%
2.100% FRN 12/01/47 (a)		322,645		318,614
Edsouth Indenture, No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500%
1.609% FRN 12/25/58 (a)		750,000		747,251
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750%
0.868% FRN 8/25/42 (a)		1,100,193		1,092,690
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700%
0.888% FRN 8/25/48 (a)		179,293		180,053

	Principal Amount		Value
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350%
0.569% FRN 6/28/39 (a)	$	273,814	$	254,105
KeyCorp Student Loan Trust, Series 2005-A, Class 2B, 3 mo. USD LIBOR + .730%
0.981% FRN 9/27/38		1,221,188		1,222,102
Laurel Road Prime Student Loan Trust
Series 2017-C, Class A1, 1 mo. USD LIBOR + .550% 0.659% FRN 11/25/42 (a)		82,427		79,780
Series 2019-A, Class A1FX, 2.340% 10/25/48 (a)		371,549		362,694
Series 2018-B, Class A2FX, 3.540% 5/26/43 (a)		2,144,133		2,189,834
Navient Student Loan Trust
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 1.259% FRN 3/25/66 (a)		1,435,326		1,452,352
Series 2019-3A, Class B, 1 mo. USD LIBOR + 1.550% 1.659% FRN 7/25/68 (a)		2,550,000		2,552,537
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%
1.859% FRN 12/26/40 (a)		96,740		97,139
Nelnet Student Loan Trust
Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 0.357% FRN 3/23/37		523,365		446,388
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 0.418% FRN 1/25/38		380,656		331,417
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.451% FRN 6/25/41		238,463		211,269
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 0.568% FRN 10/25/40		608,356		552,334
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 6/25/41 (a)		295,000		293,924
SLC Student Loan Trust
Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 0.414% FRN 12/15/39		302,078		269,417
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 0.464% FRN 3/15/40		1,008,758		915,199
SLM Student Loan Trust
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 0.358% FRN 10/25/28		1,157,773		1,151,592

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

33

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

	Principal Amount		Value
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 0.418% FRN 1/25/70	$	198,263	$	181,368
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.428% FRN 10/25/40		242,454		223,783
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 0.438% FRN 1/25/41		288,820		261,657
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.528% FRN 1/25/55		257,825		241,254
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 0.688% FRN 10/25/64		199,311		188,725
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 0.834% FRN 12/15/38		230,765		211,777
SMB Private Education Loan Trust
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 0.976% FRN 7/15/36 (a)		1,551,675		1,562,283
Series 2014-A, Class A2B, 1 mo. USD LIBOR + 1.150% 1.256% FRN 5/15/26 (a)		361,373		361,774
SoFi Alternative Trust, Series 2019-C, Class PT,
2.322% VRN 1/25/45 (a) (b)		1,029,140		1,094,562
SoFi Professional Loan Program LLC
Series 2019-C, Class A1FX, 2.130% 11/16/48 (a)		403,753		404,972
Series 2016-B, Class A2B, 2.740% 10/25/32 (a)		2,575,493		2,606,498
Series 2018-D, Class A2FX, 3.600% 2/25/48 (a)		2,067,331		2,147,595
				30,262,319
Whole Loan Collateral Collateralized Mortgage Obligations — 6.6%
Angel Oak Mortgage Trust, Series 2018-3, Class A3,
3.238% VRN 5/25/59 (a) (b)		515,111		520,236
BRAVO Residential Funding Trust, Series 2019-NQM1, Class A1,
2.666% VRN 7/25/59 (a) (b)		4,831,515		4,922,908
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%
1.068% FRN 8/25/49 (a)		1,954,587		1,958,242
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A3,
3.030% VRN 7/25/49 (a) (b)		656,447		666,954
Deephaven Residential Mortgage Trust
Series 2019-4A, Class A3, 3.047% VRN 10/25/59 (a) (b)		2,743,935		2,745,377

	Principal Amount		Value
Series 2019-2A, Class A1, 3.558% VRN 4/25/59 (a) (b)	$	418,890	$	417,947
HomeBanc Mortgage Trust, Series 2005-3, Class A1, 1 mo. USD LIBOR + .480%
0.589% FRN 7/25/35		1,662,715		1,656,664
JP Morgan Mortgage Trust
Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)		17,875		17,899
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)		82,342		82,871
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)		30,318		30,375
Onslow Bay Financial LLC, Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950%
1.059% FRN 2/25/60 (a)		1,218,120		1,219,964
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-4, Class 1APT, 1 mo. USD LIBOR + .620%
0.729% FRN 11/25/35		504,925		499,925
Sequoia Mortgage Trust, Series 2018-3, Class A4,
3.500% VRN 3/25/48 (a) (b)		36,539		36,623
STAR Trust, Series 2021-1, Class A3,
1.528% VRN 5/25/65 (a) (b)		5,700,000		5,701,893
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,
2.916% VRN 9/27/49 (a) (b)		1,043,657		1,062,515
Verus Securitization Trust
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (b)		1,220,407		1,245,090
Series 2019-2, Class A3, 3.448% VRN 5/25/59 (a) (b)		2,200,373		2,236,411
				25,021,894
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $210,112,437)				210,688,288
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 9.8%
Whole Loans — 9.8%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2021-DNA1, Class M1, SOFR30A + .650% 0.667% FRN 1/25/51 (a)		1,697,000		1,695,970
Series 2020-DNA6, Class M1, SOFR30A + .900% 0.917% FRN 12/25/50 (a)		1,745,014		1,746,217

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
Series 2018-DNA2, Class M2AS, 1 mo. USD LIBOR + .950% 1.059% FRN 12/25/30 (a)	$	1,800,000	$	1,798,495
Series 2020-DNA5, Class M1, SOFR30A + 1.300% 1.317% FRN 10/25/50 (a)		912,988		914,015
Series 2020-DNA4, Class M1, 1 mo. USD LIBOR + 1.500% 1.609% FRN 8/25/50 (a)		726,949		727,305
Series 2018-DNA3, Class M2A, 1 mo. USD LIBOR + 2.100% 2.209% FRN 9/25/48 (a)		1,800,000		1,806,398
Series 2018-DNA2, Class M2A, 1 mo. USD LIBOR + 2.150% 2.259% FRN 12/25/30 (a)		4,710,500		4,741,740
Series 2020-DNA5, Class M2, SOFR30A + 2.800% 2.817% FRN 10/25/50 (a)		1,525,000		1,534,788
Series 2020-DNA3, Class M2, 1 mo. USD LIBOR + 3.000% 3.109% FRN 6/25/50 (a)		1,029,788		1,033,249
Federal National Mortgage Association Connecticut Avenue Securities Trust
Series 2019-R05, Class 1M2, 1 mo. USD LIBOR + 2.000% 2.109% FRN 7/25/39 (a)		7,476,500		7,483,611
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 2.259% FRN 9/25/31 (a)		8,649,632		8,668,977
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 2.409% FRN 8/25/31 (a)		4,884,824		4,888,036
				37,038,801
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $37,099,096)				37,038,801
U.S. TREASURY OBLIGATIONS — 20.6%
U.S. Treasury Bonds & Notes — 20.6%
U.S. Treasury Inflation Index
0.125% 10/15/24		2,854,348		3,086,598
0.125% 4/15/25		1,012,560		1,095,879
0.125% 10/15/25		5,544,000		6,037,005
0.125% 7/15/26		2,695,091		2,943,861
0.125% 1/15/30		3,049,710		3,295,652
0.125% 7/15/30		459,050		497,567
0.125% 1/15/31		9,645,408		10,371,451
0.125% 2/15/51		401,836		401,899
0.250% 1/15/25		2,650,200		2,877,279
0.250% 7/15/29		4,524,518		4,972,905

	Principal Amount		Value
0.250% 2/15/50	$	1,424,234	$	1,477,587
0.375% 7/15/23		1,123,880		1,203,605
0.375% 7/15/25 (c)		3,143,265		3,461,459
0.500% 4/15/24		1,088,871		1,180,000
0.500% 1/15/28		1,484,462		1,651,812
0.625% 4/15/23		547,539		582,766
0.625% 1/15/24		2,241,860		2,429,878
0.625% 1/15/26		2,531,679		2,813,872
0.625% 2/15/43		1,137,600		1,279,400
0.750% 7/15/28		2,469,422		2,813,308
0.750% 2/15/42		1,273,239		1,465,294
0.750% 2/15/45		1,543,859		1,776,554
0.875% 1/15/29		3,728,952		4,271,471
0.875% 2/15/47		1,029,316		1,232,063
1.000% 2/15/46		551,915		672,086
1.000% 2/15/49		1,668,221		2,074,980
1.375% 2/15/44		1,178,342		1,531,591
2.000% 1/15/26		1,449,536		1,712,406
2.125% 2/15/40		605,040		864,155
2.125% 2/15/41		967,399		1,393,754
2.375% 1/15/25		971,278		1,137,628
3.625% 4/15/28		1,495,799		2,012,901
3.875% 4/15/29		2,466,019		3,458,447
				78,077,113
TOTAL U.S. TREASURY OBLIGATIONS (Cost $75,904,308)				78,077,113
TOTAL BONDS & NOTES (Cost $324,550,417)				327,626,391
TOTAL PURCHASED OPTIONS (#) — 0.3% (Cost $1,137,772)				1,120,468
TOTAL LONG-TERM INVESTMENTS (Cost $325,688,189)				328,746,859
SHORT-TERM INVESTMENTS — 15.0%
Commercial Paper — 14.7%
Amcor Flexibles North American
0.203% 4/29/21 (a)		1,000,000		999,856
AT&T, Inc.
0.407% 12/15/21 (a)		5,000,000		4,988,885
BAT International Finance PLC
0.335% 4/22/21		1,000,000		999,896
0.355% 4/22/21		2,000,000		1,999,793

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
E.I. du Point Nemours & Co.
0.244% 5/17/21 (a)	$	2,000,000	$	1,999,457
Ei Dupont
0.325% 12/08/21		1,000,000		997,543
0.325% 12/08/21		2,500,000		2,493,857
Enbridge (us), Inc.
0.356% 9/15/21 (a)		5,000,000		4,992,720
Entergy Corp.
0.386% 5/17/21 (a)		5,000,000		4,998,427
Fidelity National Information Services, Inc.
0.315% 5/27/21 (a)		2,000,000		1,999,287
Holcim US Finance SARL & Cie
0.223% 4/23/21 (a)		4,000,000		3,999,563
Intercontinental Exchange, Inc.
0.406% , 6/08/21 (a)		3,000,000		2,998,188
0.406% , 6/29/21 (a)		2,000,000		1,998,322
PPG Industries, Inc.
0.427% 8/02/21		5,000,000		4,995,126
Rogers Communications, Inc.
0.458% 8/25/21 (a)		4,000,000		3,995,134
Schlumberger Holdings
0.407% 7/29/21 (a)		2,000,000		1,999,233
Walt Disney Co.
0.305% 9/24/21 (a)		2,000,000		1,997,453
0.356% 7/16/21 (a)		2,000,000		1,998,627
Waste Management, Inc.
0.458% 9/15/21 (a)		5,000,000		4,993,887
				55,445,254
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (d)		1,187,731		1,187,731
TOTAL SHORT-TERM INVESTMENTS (Cost $56,615,375)				56,632,985
TOTAL INVESTMENTS — 101.9% (Cost $382,303,564) (e)				385,379,844
Other Assets/(Liabilities) — (1.9)%				(7,109,196	)
NET ASSETS — 100.0%			$	378,270,648

Abbreviation Legend

CLO Collateralized Loan Obligation

FRN Floating Rate Note

VRN Variable Rate Note

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, 2021, the aggregate market value of these securities amounted to $246,711,021 or 65.22% 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, 2021.

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

(d) Maturity value of $1,187,731. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $1,211,518.

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

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

36

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	$	70,623	$	60,978	$	9,645
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	$	705,385	$	709,401	$	(4,016	)
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		344,460		367,393		(22,933	)
																		1,049,845		1,076,794		(26,949	)
																	$	1,120,468	$	1,137,772	$	(17,304	)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Long Bond		6/21/21		5	$	803,065		$	(30,096	)
U.S. Treasury Note 2 Year		6/30/21		100		22,081,990			(9,334	)
U.S. Treasury Note 5 Year		6/30/21		26		3,214,699			(6,340	)
								$	(45,770	)
Short
U.S. Treasury Ultra 10 Year		6/21/21		61	$	(8,819,755	)	$	54,817
U.S. Treasury Ultra Bond		6/21/21		3		(543,271	)		(385	)
								$	54,432

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

37

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)
1.978%		Maturity	U.S. Consumer Price Index		Maturity	Bank of America N.A.*		12/24/22		USD	2,000,000	$	29,759	$	—	$	29,759
1.833%		Maturity	U.S. Consumer Price Index		Maturity	Goldman Sachs International*		8/28/23		USD	1,500,000		45,736		—		45,736
1.880%		Maturity	U.S. Consumer Price Index		Maturity	Goldman Sachs International*		8/28/25		USD	2,000,000		86,149		—		86,149
2.000%		Maturity	U.S. Consumer Price Index		Maturity	JP Morgan Chase Bank N.A.*		12/24/23		USD	4,500,000		89,767		—		89,767
2.295%		Maturity	U.S. Consumer Price Index		Maturity	JPMorgan Chase Bank N.A.*		1/26/26		USD	12,000,000		182,717		—		182,717
												$	434,128	$	—	$	434,128

OTC Total Return Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference		Frequency		Counterparty		Termination Date		No. of Contracts/ Notional		Value			Upfront Premium Received (Paid)/ Received		Unrealized Appreciation (Depreciation)
0.25%		Maturity		Bloomberg Barclays US Treasury Inflation Notes TR Index		Maturity		Barclays Bank PLC*		5/28/21		59,085,890	$	458,932		$	—	$	458,932
0.25%		Maturity		Bloomberg Barclays US Treasury Inflation Notes TR Index		Maturity		BNP Paribas SA*		4/30/21		49,195,793		(167,645	)		—		(167,645	)
0.24%		Maturity		Bloomberg Barclays US Treasury Inflation Notes TR Index		Maturity		BNP Paribas SA*		7/30/21		43,111,313		(774,218	)		—		(774,218	)
0.24%		Maturity		Bloomberg Barclays US Treasury Inflation Notes TR Index		Maturity		BNP Paribas SA*		8/31/21		20,095,298		(37,774	)		—		(37,774	)
0.25%		Maturity		Bloomberg Barclays US Treasury Inflation Notes TR Index		Maturity		Goldman Sachs International*		4/30/21		49,463,384		(168,557	)		—		(168,557	)

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

38

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

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference		Frequency		Counterparty		Termination Date		No. of Contracts/ Notional		Value			Upfront Premium Received (Paid)/ Received		Unrealized Appreciation (Depreciation)
0.24%		Maturity		Bloomberg Barclays US Treasury Inflation Notes TR Index		Maturity		Goldman Sachs International*		7/30/21		28,111,313	$	(504,840	)	$	—	$	(504,840	)
0.24%		Maturity		Bloomberg Barclays US Treasury Inflation Notes TR Index		Maturity		Goldman Sachs International*		8/31/21		41,122,701		(77,299	)		—		(77,299	)
													$	(1,271,401	)	$	—	$	(1,271,401	)

* 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.

39

MassMutual Premier Core Bond Fund — Portfolio of Investments

March 31, 2021 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 99.0%
CORPORATE DEBT — 37.8%
Aerospace & Defense — 0.7%
BAE Systems PLC
1.900% 2/15/31 (a)	$	775,000	$	724,065
The Boeing Co.
1.433% 2/04/24		6,770,000		6,781,916
Raytheon Technologies Corp.
4.500% 6/01/42		1,375,000		1,635,600
				9,141,581
Agriculture — 0.6%
BAT Capital Corp.
2.259% 3/25/28		930,000		914,939
4.700% 4/02/27		1,175,000		1,321,977
4.758% 9/06/49		805,000		824,731
Imperial Brands Finance PLC
3.500% 7/26/26 (a)		1,675,000		1,788,984
3.875% 7/26/29 (a)		1,842,000		1,957,418
Reynolds American, Inc.
5.850% 8/15/45		1,025,000		1,205,314
				8,013,363
Airlines — 0.2%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500% 10/20/25 (a)		1,258,000		1,339,590
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,
4.100% 10/01/29		1,221,456		1,219,135
United Airlines Pass-Through Trust, Series 2018-1, Class B,
4.600% 9/01/27		422,810		427,596
				2,986,321
Auto Manufacturers — 0.7%
Ford Motor Credit Co. LLC
3.087% 1/09/23		1,790,000		1,819,052
4.140% 2/15/23		2,355,000		2,433,657
General Motors Co.
4.200% 10/01/27		1,290,000		1,414,962
5.150% 4/01/38		785,000		897,097
6.800% 10/01/27		1,995,000		2,473,654
				9,038,422
Banks — 5.8%
Associated Banc-Corp.
4.250% 1/15/25		2,580,000		2,778,777
Banco Santander SA
2.958% 3/25/31		2,000,000		1,986,856
Bank of America Corp.
SOFR + 2.150% 2.592% VRN 4/29/31		1,730,000		1,724,262

	Principal Amount		Value
4.183% 11/25/27	$	1,380,000	$	1,533,906
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		1,125,000		1,277,114
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29		615,000		691,058
6.110% 1/29/37		1,275,000		1,685,960
7.750% 5/14/38		1,055,000		1,616,371
The Bank of Nova Scotia
4.500% 12/16/25		1,885,000		2,129,763
3 mo. USD LIBOR + 2.648% 4.650% VRN (b)		3,550,000		3,554,650
Barclays Bank PLC
10.179% 6/12/21 (a)		5,444,000		5,537,480
Barclays PLC
4.337% 1/10/28		1,600,000		1,774,739
BPCE SA
SOFR + 1.520% 1.652% VRN 10/06/26 (a)		2,860,000		2,852,127
4.625% 7/11/24 (a)		1,600,000		1,764,504
Citigroup, Inc.
4.450% 9/29/27		1,075,000		1,210,616
6.000% 10/31/33		510,000		658,578
6.625% 6/15/32		500,000		661,393
8.125% 7/15/39		225,000		368,680
Credit Suisse AG
6.500% 8/08/23 (a)		3,806,000		4,185,648
Discover Bank 5 year USD Swap + 1.730%
4.682% VRN 8/09/28		3,275,000		3,493,115
First Republic Bank
4.375% 8/01/46		4,530,000		5,180,562
Fulton Financial Corp.
3.600% 3/16/22		215,000		221,016
The Goldman Sachs Group, Inc.
4.250% 10/21/25		375,000		418,595
5.950% 1/15/27		1,333,000		1,610,607
6.250% 2/01/41		440,000		619,969
6.750% 10/01/37		1,065,000		1,498,161
HSBC Holdings PLC
4.250% 3/14/24		2,041,000		2,218,641
4.250% 8/18/25		1,739,000		1,911,210
ING Groep NV SOFR + .920%
1.726% VRN 4/01/27 (c)		1,521,000		1,518,819
JP Morgan Chase & Co.
SOFR + 2.515% 2.956% VRN 5/13/31		1,350,000		1,373,021
5.600% 7/15/41		1,225,000		1,633,762
Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250%
3.077% VRN 4/07/31 (a) (c)		3,585,000		3,580,519

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

40

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

	Principal Amount		Value
Morgan Stanley
4.350% 9/08/26	$	3,925,000	$	4,436,723
Nordea Bank Abp 5 year CMT + 4.110%
6.625% VRN (a) (b)		2,892,000		3,304,110
Valley National Bancorp
5.125% 9/27/23		1,710,000		1,865,087
Wells Fargo & Co.
5.375% 11/02/43		851,000		1,061,828
5.606% 1/15/44		620,000		795,535
				74,733,762
Beverages — 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900% 2/01/46		4,975,000		5,892,493
Molson Coors Beverage Co.
4.200% 7/15/46		1,689,000		1,754,466
5.000% 5/01/42		350,000		402,699
				8,049,658
Chemicals — 0.9%
DuPont de Nemours, Inc.
5.319% 11/15/38		2,075,000		2,601,028
Nutrition & Biosciences, Inc.
1.832% 10/15/27 (a)		980,000		957,652
Syngenta Finance NV
4.441% 4/24/23 (a)		2,400,000		2,514,250
Yara International ASA
3.148% 6/04/30 (a)		500,000		514,478
4.750% 6/01/28 (a)		3,932,000		4,476,453
				11,063,861
Computers — 0.8%
Apple, Inc.
2.650% 5/11/50		955,000		865,329
Dell International LLC/ EMC Corp.
6.020% 6/15/26 (a)		3,164,000		3,744,112
8.100% 7/15/36 (a)		450,000		658,714
Genpact Luxembourg Sarl
3.700% STEP 4/01/22		2,295,000		2,352,223
Leidos, Inc.
2.300% 2/15/31 (a)		1,575,000		1,485,792
4.375% 5/15/30 (a)		785,000		872,637
				9,978,807
Diversified Financial Services — 3.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.500% 9/15/23		1,840,000		1,979,034
6.500% 7/15/25		885,000		1,031,341

	Principal Amount		Value
Aircastle Ltd.
4.400% 9/25/23	$	3,835,000	$	4,084,159
Antares Holdings LP
3.950% 7/15/26 (a)		1,215,000		1,224,761
6.000% 8/15/23 (a)		3,935,000		4,126,744
8.500% 5/18/25 (a)		1,185,000		1,383,836
Ares Finance Co. LLC
4.000% 10/08/24 (a)		2,380,000		2,536,084
Aviation Capital Group LLC
1.950% 1/30/26 (a)		1,625,000		1,582,544
Avolon Holdings Funding Ltd.
3.250% 2/15/27 (a)		1,740,000		1,724,862
Brookfield Finance, Inc.
4.350% 4/15/30		4,185,000		4,721,195
4.850% 3/29/29		2,168,000		2,503,850
GE Capital International Funding Co. Unlimited Co.
4.418% 11/15/35		790,000		905,431
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (a)		1,852,328		1,776,383
Lazard Group LLC
3.625% 3/01/27		1,209,000		1,302,373
4.500% 9/19/28		2,055,000		2,316,895
LeasePlan Corp. NV
2.875% 10/24/24 (a)		1,930,000		2,028,981
Legg Mason, Inc.
5.625% 1/15/44		1,346,000		1,753,786
Park Aerospace Holdings Ltd.
4.500% 3/15/23 (a)		2,225,000		2,323,678
5.250% 8/15/22 (a)		6,015,000		6,314,506
				45,620,443
Electric — 1.2%
Appalachian Power Co.
4.500% 3/01/49		1,500,000		1,701,719
The Cleveland Electric Illuminating Co.
5.950% 12/15/36		589,000		708,762
CMS Energy Corp.
4.700% 3/31/43		655,000		742,717
4.875% 3/01/44		700,000		827,620
Duke Energy Progress, Inc.
6.125% 9/15/33		37,000		47,414
Entergy Arkansas LLC
2.650% 6/15/51		2,290,000		2,018,713
FirstEnergy Transmission LLC
4.550% 4/01/49 (a)		1,180,000		1,240,924
Infraestructura Energetica Nova SAB de CV
3.750% 1/14/28 (a)		1,505,000		1,597,181

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

41

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

	Principal Amount		Value
ITC Holdings Corp.
2.950% 5/14/30 (a)	$	1,220,000	$	1,242,718
Nevada Power Co.
6.650% 4/01/36		1,000,000		1,401,799
Oncor Electric Delivery Co.
7.500% 9/01/38		130,000		198,945
Pacific Gas and Electric Co.
2.500% 2/01/31		1,035,000		976,656
PPL Capital Funding, Inc.
4.000% 9/15/47		1,050,000		1,125,301
Tampa Electric Co.
2.400% 3/15/31		1,735,000		1,722,518
				15,552,987
Food — 0.3%
Flowers Foods, Inc.
2.400% 3/15/31		905,000		882,112
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500% 1/15/30 (a)		928,000		1,027,059
Mars, Inc.
3.950% 4/01/49 (a)		1,135,000		1,274,575
Smithfield Foods, Inc.
3.000% 10/15/30 (a)		1,208,000		1,201,344
				4,385,090
Gas — 0.5%
CenterPoint Energy Resources Corp.
6.625% 11/01/37		1,500,000		1,986,631
NiSource, Inc.
4.800% 2/15/44		1,350,000		1,573,994
Piedmont Natural Gas Co., Inc.
2.500% 3/15/31		2,525,000		2,496,690
				6,057,315
Health Care – Services — 0.2%
Advocate Health & Hospitals Corp.
3.829% 8/15/28		960,000		1,066,616
City of Hope
4.378% 8/15/48		1,275,000		1,489,970
				2,556,586
Insurance — 5.1%
Allstate Corp. 3 mo. USD LIBOR + 2.938%
5.750% VRN 8/15/53		4,970,000		5,255,775
American International Group, Inc.
4.500% 7/16/44		1,200,000		1,355,172
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48		4,174,000		4,654,010
AmTrust Financial Services, Inc.
6.125% 8/15/23		4,330,000		4,332,346

	Principal Amount		Value
Arch Capital Group US, Inc.
5.144% 11/01/43	$	500,000	$	612,254
Athene Global Funding
2.500% 1/14/25 (a)		1,765,000		1,827,691
Athene Holding Ltd.
6.150% 4/03/30		5,470,000		6,663,873
AXIS Specialty Finance LLC
3.900% 7/15/29		1,505,000		1,616,285
5 year CMT + 3.186% 4.900% VRN 1/15/40		1,670,000		1,711,750
AXIS Specialty Finance PLC
4.000% 12/06/27		2,760,000		3,089,772
Brighthouse Financial, Inc.
3.700% 6/22/27		1,069,000		1,130,345
4.700% 6/22/47		1,525,000		1,560,811
5.625% 5/15/30		3,207,000		3,748,775
CNO Financial Group, Inc.
5.250% 5/30/29		2,801,000		3,226,045
Enstar Group Ltd.
4.950% 6/01/29		2,050,000		2,289,955
GA Global Funding Trust
1.625% 1/15/26 (a)		1,755,000		1,751,973
Markel Corp. 5 year CMT + 5.662%
6.000% VRN (b)		1,230,000		1,337,625
MetLife Capital Trust IV
7.875% 12/15/67 (a)		925,000		1,285,519
New York Life Insurance Co.
3.750% 5/15/50 (a)		695,000		729,439
Prudential Financial, Inc.
5 year CMT + 3.035% 3.700% VRN 10/01/50		480,000		485,376
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43		1,300,000		1,392,855
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48		3,380,000		3,860,118
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42		650,000		686,295
Reinsurance Group of America, Inc.
3.150% 6/15/30		1,590,000		1,643,473
RenaissanceRe Finance, Inc.
3.450% 7/01/27		2,450,000		2,645,024
Teachers Insurance & Annuity Association of America
4.270% 5/15/47 (a)		1,025,000		1,148,889
USF&G Capital I
8.500% 12/15/45 (a)		1,015,000		1,476,823
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084%
4.700% VRN 1/23/48		1,010,000		1,030,200

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

42

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

	Principal Amount		Value
Willis North America, Inc.
2.950% 9/15/29	$	1,200,000	$	1,238,327
XLIT Ltd.
4.450% 3/31/25		1,640,000		1,826,087
				65,612,882
Internet — 0.1%
Amazon.com, Inc.
4.050% 8/22/47		1,055,000		1,222,555
Investment Companies — 1.5%
Ares Capital Corp.
2.150% 7/15/26		2,275,000		2,212,289
4.200% 6/10/24		2,100,000		2,264,092
BlackRock TCP Capital Corp.
3.900% 8/23/24		4,215,000		4,469,105
4.125% 8/11/22		2,810,000		2,906,013
Golub Capital BDC, Inc.
2.500% 8/24/26		1,165,000		1,139,170
Sixth Street Specialty Lending, Inc.
2.500% 8/01/26		1,305,000		1,293,573
3.875% 11/01/24		4,505,000		4,726,558
				19,010,800
Iron & Steel — 0.2%
Vale Overseas Ltd.
6.250% 8/10/26		1,550,000		1,843,725
6.875% 11/21/36		825,000		1,096,479
				2,940,204
Lodging — 0.1%
Marriott International, Inc. /MD
2.850% 4/15/31		1,470,000		1,444,531
Machinery – Diversified — 0.2%
CNH Industrial Capital LLC
3.875% 10/15/21		2,870,000		2,918,576
Media — 1.2%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.900% 6/01/52		750,000		718,210
6.484% 10/23/45		1,905,000		2,474,459
Comcast Corp.
3.400% 7/15/46		1,450,000		1,487,651
3.450% 2/01/50		675,000		694,215
3.969% 11/01/47		660,000		736,352
4.750% 3/01/44		925,000		1,133,908
Discovery Communications LLC
4.000% 9/15/55 (a)		1,186,000		1,163,647
4.650% 5/15/50		705,000		775,193
Time Warner Cable, Inc.
6.750% 6/15/39		655,000		875,793

	Principal Amount		Value
ViacomCBS, Inc.
4.200% 5/19/32	$	1,131,000	$	1,267,752
4.950% 1/15/31		1,324,000		1,565,037
The Walt Disney Co.
3.600% 1/13/51		1,990,000		2,099,672
				14,991,889
Metal Fabricate & Hardware — 0.2%
The Timken Co.
4.500% 12/15/28		2,730,000		2,927,138
Mining — 0.6%
Glencore Finance Canada Ltd.
5.550% STEP 10/25/42 (a)		857,000		1,042,805
Glencore Funding LLC
3.875% 10/27/27 (a)		950,000		1,042,150
4.625% 4/29/24 (a)		4,085,000		4,497,159
Teck Resources Ltd.
6.000% 8/15/40		1,075,000		1,288,065
				7,870,179
Miscellaneous - Manufacturing — 0.0%
General Electric Co.
6.875% 1/10/39		429,000		601,687
Oil & Gas — 2.7%
BP Capital Markets PLC 5 year CMT + 4.036%
4.375% VRN (b)		3,775,000		3,993,195
Cenovus Energy, Inc.
4.250% 4/15/27		1,475,000		1,594,441
6.750% 11/15/39		1,176,000		1,463,871
Devon Energy Corp.
5.600% 7/15/41		1,075,000		1,237,510
5.850% 12/15/25		2,055,000		2,394,360
EQT Corp.
3.900% 10/01/27		5,620,000		5,737,599
Marathon Petroleum Corp.
4.500% 4/01/48		495,000		522,555
4.750% 9/15/44		625,000		691,478
6.500% 3/01/41		1,060,000		1,406,228
Occidental Petroleum Corp.
6.600% 3/15/46		1,228,000		1,304,750
Ovintiv Exploration, Inc.
5.375% 1/01/26		1,875,000		2,058,287
5.625% 7/01/24		1,200,000		1,319,086
5.750% 1/30/22		2,110,000		2,179,102
Ovintiv, Inc.
6.500% 2/01/38		530,000		640,840
Patterson-UTI Energy, Inc.
3.950% 2/01/28		2,060,000		1,930,666

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

43

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

	Principal Amount		Value
Petroleos Mexicanos
5.350% 2/12/28	$	1,925,000	$	1,871,870
6.375% 1/23/45		640,000		531,200
6.500% 3/13/27		295,000		308,275
6.625% 6/15/38		202,000		183,414
Saudi Arabian Oil Co.
4.250% 4/16/39 (a)		2,580,000		2,777,065
				34,145,792
Oil & Gas Services — 0.4%
Halliburton Co.
5.000% 11/15/45		1,300,000		1,444,981
NOV Inc
3.600% 12/01/29		2,155,000		2,165,879
3.950% 12/01/42		1,778,000		1,620,293
				5,231,153
Pharmaceuticals — 1.3%
AbbVie, Inc.
4.050% 11/21/39		1,345,000		1,501,492
4.700% 5/14/45		1,465,000		1,737,969
Bristol-Myers Squibb Co.
4.350% 11/15/47		1,150,000		1,361,531
Cigna Corp.
4.800% 7/15/46		1,105,000		1,320,811
CVS Health Corp.
4.300% 3/25/28		748,000		849,204
5.050% 3/25/48		370,000		452,801
6.125% 9/15/39		895,000		1,164,368
CVS Pass-Through Trust
5.926% 1/10/34 (a)		1,753,190		2,020,010
McKesson Corp.
4.883% 3/15/44		800,000		941,580
Takeda Pharmaceutical Co. Ltd.
3.375% 7/09/60		1,300,000		1,243,316
Utah Acquisition Sub, Inc.
5.250% 6/15/46		1,750,000		2,053,245
Viatris, Inc.
2.700% 6/22/30 (a)		1,650,000		1,630,974
				16,277,301
Pipelines — 2.2%
Energy Transfer Operating LP
4.200% 4/15/27		2,425,000		2,641,420
6.125% 12/15/45		1,385,000		1,581,420
3 mo. USD LIBOR + 4.028% 6.250% VRN (b)		2,635,000		2,148,052
EnLink Midstream Partners LP
4.150% 6/01/25		2,972,000		2,905,754
4.850% 7/15/26		996,000		962,166

	Principal Amount		Value
Enterprise Products Operating LLC
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77	$	2,550,000	$	2,541,685
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78		1,120,000		1,122,054
EQM Midstream Partners LP
4.750% 7/15/23		2,870,000		2,977,625
MPLX LP
4.500% 4/15/38		1,115,000		1,213,206
3 mo. USD LIBOR + 4.652% 6.875% VRN (b)		3,550,000		3,550,000
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%
6.125% VRN (b)		2,590,000		2,104,530
Plains All American Pipeline LP/PAA Finance Corp.
3.800% 9/15/30		1,570,000		1,597,827
4.700% 6/15/44		1,525,000		1,450,148
6.650% 1/15/37		475,000		554,631
Sunoco Logistics Partners Operations LP
5.300% 4/01/44		500,000		525,017
				27,875,535
Private Equity — 0.6%
Apollo Management Holdings LP 5 year CMT + 3.266%
4.950% VRN 1/14/50 (a)		1,970,000		2,029,100
Carlyle Finance Subsidiary LLC
3.500% 9/19/29 (a)		1,345,000		1,404,364
Hercules Capital, Inc.
4.625% 10/23/22		3,220,000		3,278,020
KKR Group Finance Co. VIII LLC
3.500% 8/25/50 (a)		920,000		908,057
				7,619,541
Real Estate Investment Trusts (REITS) — 2.5%
Agree LP
2.900% 10/01/30		615,000		618,970
American Tower Trust #1
3.652% 3/15/48 (a)		1,810,000		1,959,222
Highwoods Realty LP
4.125% 3/15/28		625,000		675,897
Host Hotels & Resorts LP
3.500% 9/15/30		2,756,000		2,757,485
Kimco Realty Corp.
4.125% 12/01/46		855,000		902,924
4.450% 9/01/47		1,055,000		1,167,266
SBA Tower Trust
1.884% 7/15/50 (a)		1,936,000		1,958,680

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

44

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

	Principal Amount		Value
Service Properties Trust
4.500% 6/15/23	$	953,000	$	968,115
4.950% 10/01/29		1,445,000		1,376,362
Spirit Realty LP
2.700% 2/15/32		715,000		678,758
3.200% 1/15/27		2,455,000		2,562,496
3.400% 1/15/30		490,000		507,842
4.000% 7/15/29		2,405,000		2,603,397
4.450% 9/15/26		298,000		330,420
STORE Capital Corp.
2.750% 11/18/30		565,000		552,757
4.625% 3/15/29		2,177,000		2,421,192
Tanger Properties LP
3.875% 12/01/23		1,777,000		1,862,990
VEREIT Operating Partnership LP
2.850% 12/15/32		265,000		256,415
3.100% 12/15/29		3,615,000		3,690,261
3.400% 1/15/28		710,000		748,174
WEA Finance LLC
2.875% 1/15/27 (a)		1,770,000		1,758,490
WP Carey, Inc.
4.250% 10/01/26		1,036,000		1,162,758
				31,520,871
Retail — 0.6%
El Puerto de Liverpool SAB de CV
3.950% 10/02/24 (a)		3,375,000		3,612,128
O’Reilly Automotive, Inc.
4.200% 4/01/30		1,205,000		1,350,791
Starbucks Corp.
2.550% 11/15/30		2,205,000		2,207,741
				7,170,660
Semiconductors — 0.4%
Broadcom, Inc.
2.450% 2/15/31 (a)		3,485,000		3,293,073
KLA Corp.
3.300% 3/01/50		2,240,000		2,144,654
				5,437,727
Software — 0.4%
Broadridge Financial Solutions, Inc.
2.900% 12/01/29		1,600,000		1,636,247
Microsoft Corp.
2.921% 3/17/52		2,560,000		2,496,247
Oracle Corp.
3.600% 4/01/50		1,215,000		1,176,941
				5,309,435
Telecommunications — 1.3%
AT&T, Inc.
1.650% 2/01/28		895,000		865,456

	Principal Amount		Value
3.500% 9/15/53 (a)	$	2,083,000	$	1,915,729
3.550% 9/15/55 (a)		6,775,000		6,186,761
Crown Castle Towers LLC
4.241% 7/15/48 (a)		1,750,000		1,949,006
Qwest Corp
6.750% 12/01/21		908,000		938,645
Telefonica Emisiones SAU
4.665% 3/06/38		1,040,000		1,175,998
Verizon Communications, Inc.
2.550% 3/21/31		1,000,000		997,333
2.875% 11/20/50		1,000,000		885,822
2.987% 10/30/56 (a)		1,414,000		1,243,678
				16,158,428
Transportation — 0.2%
Canadian Pacific Railway Co.
2.050% 3/05/30		852,000		822,507
CSX Corp.
4.750% 11/15/48		820,000		982,832
Norfolk Southern Corp.
4.050% 8/15/52		1,180,000		1,287,108
				3,092,447
TOTAL CORPORATE DEBT (Cost $466,008,450)				486,557,527
MUNICIPAL OBLIGATIONS — 0.3%
JobsOhio Beverage System Series B, Revenue Bonds
4.532% 1/01/35		3,050,000		3,681,837
TOTAL MUNICIPAL OBLIGATIONS (Cost $3,248,766)				3,681,837
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 32.9%
Automobile Asset-Backed Securities — 1.0%
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C
4.530% 3/20/23 (a)		1,577,000		1,613,611
Carvana Auto Receivables Trust
Series 2021-P1, Class D, 1.820% 12/10/27		2,302,000		2,284,218
Series 2019-4A, Class D, 3.070% 7/15/25 (a)		2,109,000		2,189,667
Hertz Vehicle Financing II LP, Series 2019-3A, Class C
3.430% 12/26/25 (a)		2,971,400		2,961,030

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

45

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

	Principal Amount		Value
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B
3.950% 11/14/28 (a)	$	2,383,000	$	2,539,296
Santander Revolving Auto Loan Trust, Series 2019-A, Class D
3.450% 1/26/32 (a)		1,408,000		1,449,414
				13,037,236
Commercial Mortgage-Backed Securities — 6.7%
Aventura Mall Trust, Series 2018-AVM, Class C,
4.112% VRN 7/05/40 (a) (d)		4,140,000		4,302,449
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350%
1.456% FRN 9/15/34 (a)		760,000		754,360
BANK
Series 2020-BN30, Class MCDF, 2.918% VRN 12/15/53 (d)		3,165,000		2,883,162
Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (d)		917,000		1,025,936
Series 2019-BN16, Class AS, 4.267% 2/15/52		822,500		927,646
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (d)		684,276		777,562
Series 2018-BN14, Class B, 4.577% VRN 9/15/60 (d)		2,500,000		2,813,853
BBCMS Mortgage Trust
Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (a) (d)		2,200,000		2,330,680
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (a) (d)		1,590,000		1,607,868
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (a) (d)		1,220,000		1,178,085
Benchmark Mortgage Trust
Series 2021-B23, Class AS, 2.274% 2/15/54		2,620,000		2,521,661
Series 2021-B23, Class 360A, 2.759% VRN 2/15/54 (a) (d)		3,150,000		3,092,479
Series 2021-B23, Class 360B, 2.759% VRN 2/15/54 (a) (d)		4,800,000		4,581,856
Series 2019-B14, Class AS, 3.352% 12/15/62		3,650,000		3,959,692
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
1.606% FRN 7/15/35 (a)		1,850,000		1,838,445
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.806% FRN 11/15/35 (a)		2,142,000		2,141,999

	Principal Amount		Value
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.906% FRN 10/15/36 (a)	$	2,022,099	$	2,020,835
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.106% FRN 10/15/36 (a)		2,458,496		2,456,195
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%
1.856% FRN 12/15/37 (a)		1,104,426		1,104,768
Century Plaza Towers
Series 2019-CPT, Class D, 2.997% VRN 11/13/39 (a) (d)		1,256,000		1,236,572
Series 2019-CPT, Class E, 2.997% VRN 11/13/39 (a) (d)		1,961,000		1,846,476
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C
3.502% 8/10/56		1,259,000		1,272,227
Cold Storage Trust, Series 2020-ICE5, Class D, 1 mo. USD LIBOR + 2.100%
2.206% FRN 11/15/37 (a)		4,423,457		4,428,980
Commercial Mortgage Pass-Through Certificates
Series 2020-CX, Class B, 2.446% 11/10/46 (a)		1,395,000		1,370,066
Series 2015-CR23, Class B, 4.183% VRN 5/10/48 (d)		1,200,000		1,291,786
Series 2015-CR23, Class C, 4.293% VRN 5/10/48 (d)		1,050,000		1,117,683
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150%
2.256% FRN 5/15/36 (a)		750,000		750,470
GS Mortgage Securities Trust
Series 2019-GC39, Class C, 4.005% VRN 5/10/52 (d)		1,357,000		1,431,605
Series 2012-GC6, Class AS, 4.948% 1/10/45 (a)		800,000		816,319
Jackson Park Trust, Series 2019-LIC, Class C,
3.131% VRN 10/14/39 (a) (d)		2,900,000		2,855,698
JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class B
3.898% 2/15/48		2,800,000		2,993,773
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class C,
4.173% VRN 10/15/50 (d)		2,900,000		3,051,810

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

46

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

	Principal Amount		Value
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
1.906% FRN 5/15/36 (a)	$	1,730,000	$	1,729,460
Life 2021-BMR Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%
1.856% FRN 3/15/38 (a)		2,549,000		2,553,078
Manhattan West Mortgage Trust, Series 2020-1MW, Class B,
2.335% VRN 9/10/39 (a) (d)		2,799,000		2,807,349
MFT Trust
Series 2020-ABC, Class A, 3.358% 2/10/42 (a)		1,185,000		1,211,789
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (d)		1,278,000		1,294,593
MKT Mortgage Trust
Series 2020-525M, Class D, 2.941% VRN 2/12/40 (a) (d)		595,000		586,325
Series 2020-525M, Class E, 2.941% VRN 2/12/40 (a) (d)		1,220,000		1,150,991
Morgan Stanley Capital I Trust
Series 2019-L2, Class AS, 4.272% 3/15/52		2,450,000		2,743,013
Series 2018-H3, Class B, 4.620% VRN 7/15/51 (d)		740,000		839,685
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (a) (d)		825,000		826,204
Wells Fargo Commercial Mortgage Trust
Series 2019-C49, Class AS, 4.244% 3/15/52		1,492,000		1,670,786
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (d)		1,400,000		1,573,470
Series 2018-C45, Class B, 4.556% 6/16/51		390,000		434,422
				86,204,161
Other Asset-Backed Securities — 17.5%
321 Henderson Receivables LLC, Series 2015-1A, Class A
3.260% 9/15/72 (a)		2,698,254		2,845,773
AASET Trust
Series 2020-1A, Class A, 3.351% 1/16/40 (a)		1,879,772		1,876,484
Series 2019-1, Class A, 3.844% 5/15/39 (a)		864,067		857,288
Series 2018-2A, Class A, 4.454% 11/18/38 (a)		237,820		239,738
Adams Outdoor Advertising LP, Series 2018-1, Class A
4.810% 11/15/48 (a)		2,275,835		2,437,787

	Principal Amount		Value
AGL CLO 7 Ltd., Series 2020-7A, Class A1, 3 mo. USD LIBOR + 1.800%
2.041% FRN 7/15/31 (a)	$	500,000	$	501,055
Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class CR, 3 mo. USD LIBOR + 2.850%
3.091% FRN 7/15/32 (a)		1,000,000		1,001,250
Apidos CLO XXV, Series 2016-25A, Class A2R, 3 mo. USD LIBOR + 1.700%
1.924% FRN 10/20/31 (a)		2,610,000		2,610,031
Assurant CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.250%
2.474% FRN 10/20/31 (a)		1,400,000		1,400,108
Atlas Senior Loan Fund VII Ltd., Series 2016-7A, Class A1R, 3 mo. USD LIBOR + 1.280%
1.471% FRN 11/27/31 (a)		2,384,880		2,386,721
Avery Point VII CLO Ltd., Series 2015-7A, Class DR, 3 mo. USD LIBOR + 3.600%
3.841% FRN 1/15/28 (a)		1,000,000		1,000,205
Ballyrock CLO 2019-2 Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 3.150%
3.332% FRN 11/20/30 (a)		800,000		788,962
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, 3 mo. USD LIBOR + 1.090%
1.314% FRN 4/20/31 (a)		1,920,000		1,916,721
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class B, 3 mo. USD LIBOR + 1.950%
2.191% FRN 10/15/32 (a)		750,000		751,677
BlueMountain CLO XXV Ltd., Series 2019-25A, Class B, 3 mo. USD LIBOR + 1.800%
2.041% FRN 7/15/32 (a)		2,750,000		2,753,135
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A
2.940% 5/25/29 (a)		415,330		416,436
Business Jet Securities LLC
Series 2021-1A, Class A, 2.162% 4/15/36 (a)		4,570,000		4,556,087
Series 2020-1A, Class A, 2.981% 11/15/35 (a)		885,005		895,731
Series 2021-1A, Class C, 5.067% 4/15/36 (a)		1,622,000		1,623,181

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

47

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

	Principal Amount		Value
Canyon Capital CLO Ltd.
Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.370% 1.611% FRN 10/15/32 (a)	$	600,000	$	602,103
Series 2019-2A, Class C, 3 mo. USD LIBOR + 2.750% 2.991% FRN 10/15/32 (a)		400,000		400,454
Capital Automotive REIT
Series 2020-1A, Class A3, 3.250% 2/15/50 (a)		575,649		593,093
Series 2014-1A, Class A, 3.660% 10/15/44 (a)		1,011,327		1,025,260
Series 2020-1A, Class A6, 3.810% 2/15/50 (a)		492,486		503,625
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)		880,341		935,475
Carlyle Global Market Strategies CLO Ltd.
Series 2018-4A, Class A2, 3 mo. USD LIBOR + 1.800% 2.024% FRN 1/20/31 (a)		1,080,000		1,080,217
Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.850% 3.069% FRN 7/28/28 (a)		310,000		302,124
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A
3.967% 4/15/39 (a)		2,711,446		2,705,683
Castlelake Aircraft Structured Trust, Series 2018-1, Class A
4.125% 6/15/43 (a)		2,719,127		2,724,599
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100%
2.341% FRN 1/15/31 (a)		1,200,000		1,200,346
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%
1.204% FRN 4/20/31 (a)		1,000,000		1,000,004
CF Hippolyta LLC, Series 2020-1, Class B1
2.280% 7/15/60 (a)		670,928		681,976
CIFC Funding Ltd.
Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180% 1.403% FRN 11/16/30 (a)		2,100,000		2,100,328
Series 2020-1A, Class A1, 3 mo. USD LIBOR + 1.700% 1.941% FRN 7/15/32 (a)		800,000		801,501
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200%
1.424% FRN 10/20/30 (a)		2,120,000		2,120,430

	Principal Amount		Value
CLI Funding VI LLC, Series 2020-3A, Class A
2.070% 10/18/45 (a)	$	1,982,750	$	1,982,688
Crestline Denali CLO XIV Ltd., Series 2016-1A, Class A1R, 3 mo. USD LIBOR + 1.280%
1.498% FRN 10/23/31 (a)		1,298,592		1,298,688
DB Master Finance LLC, Series 2019-1A, Class A23
4.352% 5/20/49 (a)		1,907,945		2,052,578
Domino’s Pizza Master Issuer LLC
Series 2019-1A, Class A2, 3.668% 10/25/49 (a)		1,376,100		1,454,327
Series 2018-1A, Class A2I, 4.116% 7/25/48 (a)		1,476,025		1,544,188
Series 2017-1A, Class A23, 4.118% 7/25/47 (a)		649,900		698,434
Series 2015-1A, Class A2II, 4.474% 10/25/45 (a)		3,590,625		3,788,589
Dryden 72 CLO Ltd., Series 2019-72A, Class B, 3 mo. USD LIBOR + 1.900%
2.094% FRN 5/15/32 (a)		1,700,000		1,700,809
Eaton Vance CLO Ltd.
Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 1.991% FRN 10/15/30 (a)		1,700,000		1,700,192
Series 2020-1A, Class C, 3 mo. USD LIBOR + 2.800% 3.041% FRN 10/15/30 (a)		400,000		401,261
Elmwood CLO II Ltd.
Series 2019-2A, Class AR, 3 mo. USD LIBOR + 1.150% 1.000% FRN 4/20/34 (a) (c)		3,500,000		3,500,000
Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450% 1.674% FRN 4/20/31 (a)		3,500,000		3,500,669
Elmwood CLO III Ltd., Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950%
2.191% FRN 10/15/32 (a)		1,300,000		1,303,904
Elmwood CLO IV Ltd., Series 2020-1A, Class A, 3 mo. USD LIBOR + 1.240%
1.481% FRN 4/15/33 (a)		1,000,000		1,003,982
FCI Funding LLC, Series 2019-1A, Class A
3.630% 2/18/31 (a)		205,686		208,722
Flatiron CLO Ltd.
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900% 2.094% FRN 11/16/32 (a)		1,300,000		1,302,877

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

48

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

	Principal Amount		Value
Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.700% 2.894% FRN 11/16/32 (a)	$	250,000	$	250,344
Global Container Assets Ltd., Series 2015-1A, Class A2
3.450% 2/05/30 (a)		465,305		465,575
Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class C, 3 mo. USD LIBOR + 2.700%
2.924% FRN 10/20/32 (a)		500,000		501,169
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 10/15/54 (a)		3,470,119		3,519,430
Series 2016-1A, Class A, 3.230% 10/15/52 (a)		1,394,992		1,420,253
Series 2017-1A, Class A, 3.740% 10/15/52 (a)		653,023		676,424
Series 2019-1A, Class A, 3.860% 10/15/54 (a)		1,398,362		1,467,128
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (d)		1,748,293		1,879,021
Helios Issuer LLC, Series 2017-1A, Class A
4.940% 9/20/49 (a)		1,411,924		1,497,477
Hero Funding Trust
Series 2016-3A, Class A1, 3.080% 9/20/42 (a)		716,895		736,218
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		742,773		776,212
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)		226,715		233,277
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		721,234		750,979
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)		182,345		188,049
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		1,324,572		1,452,646
Highbridge Loan Management Ltd.
Series 12A-18, Class B, 3 mo. USD LIBOR + 1.850% 2.073% FRN 7/18/31 (a)		1,700,000		1,687,935
Series 13A-18, Class C, 3 mo. USD LIBOR + 2.150% 2.391% FRN 10/15/30 (a)		1,000,000		1,000,028
Horizon Aircraft Finance I Ltd.
Series 2019-1, Class A, 3.721% 7/15/39 (a)		1,518,591		1,516,791
Series 2018-1, Class A, 4.458% 12/15/38 (a)		1,100,374		1,113,363
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A
3.425% 11/15/39 (a)		3,549,811		3,504,011

	Principal Amount		Value
HPS Loan Management Ltd., Series 15A-19, Class A1, 3 mo. USD LIBOR + 1.320%
1.542% FRN 7/22/32 (a)	$	800,000	$	801,627
ICG US CLO Ltd., Series 2019-1A, Class A1A, 3 mo. USD LIBOR + 1.380%
1.595% FRN 10/26/32 (a)		900,000		901,922
ITE Rail Fund Levered LP, Series 2021-1A, Class A
2.250% 2/28/51 (a)		2,941,248		2,929,949
J.G. Wentworth LLC, Series 2018-2A, Class A
3.960% 10/15/75 (a)		1,500,211		1,658,276
J.G. Wentworth XXXV LLC, Series 2015-2A, Class A
3.870% 3/15/58 (a)		619,546		682,694
KKR Financial CLO Ltd.
Series 24, Class A1, 3 mo. USD LIBOR + 1.360% 1.584% FRN 4/20/32 (a)		1,800,000		1,800,164
Series 25, Class B1, 3 mo. USD LIBOR + 2.000% 2.241% FRN 4/15/32 (a)		1,500,000		1,500,231
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1
4.300% 1/15/42 (a)		2,053,633		2,011,017
Lunar Aircraft Ltd., Series 2020-1A, Class A
3.376% 2/15/45 (a)		751,771		736,702
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 (a)		2,321,272		2,335,071
Madison Park Funding Ltd.,
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 1.841% FRN 7/15/30 (a)		2,090,000		2,090,079
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 2.423% FRN 10/18/30 (a)		680,000		680,086
Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000%
2.188% FRN 1/22/31 (a)		1,750,000		1,746,672
Magnetite XV Ltd., Series 2015-15A, Class CR, 3 mo. USD LIBOR + 1.800%
2.018% FRN 7/25/31 (a)		2,830,000		2,824,793
Mariner Finance Issuance Trust 2021-A
Series 2021-AA, Class B, 2.330% 3/20/36 (a)		1,771,000		1,774,276
Series 2021-AA, Class C, 2.960% 3/20/36 (a)		835,000		837,927

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

49

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

	Principal Amount		Value
Mosaic Solar Loans LLC
Series 2017-2A, Class A, 3.820% 6/22/43 (a)	$	538,621	$	578,939
Series 2018-1A, Class A, 4.010% 6/22/43 (a)		237,674		256,175
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		249,156		271,546
MP CLO III Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250%
1.474% FRN 10/20/30 (a)		1,850,000		1,850,139
MVW Owner Trust, Series 2017-1A, Class A
2.420% 12/20/34 (a)		162,526		167,690
New Residential Advance Receivables Trust, Series 2020-T1, Class ET1
5.467% 8/15/53 (a)		2,495,000		2,500,771
NP SPE LLC, Series 2017-1A, Class A2
4.219% 10/21/47 (a)		2,190,000		2,224,532
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5
3.390% 11/20/50 (a)		1,600,000		1,632,951
Octagon Investment Partners 39 Ltd., Series 2018-3A, Class C, 3 mo. USD LIBOR + 2.200%
2.424% FRN 10/20/30 (a)		1,180,000		1,180,104
OHA Credit Funding Ltd.
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 1.552% FRN 10/22/32 (a)		1,250,000		1,253,329
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 2.872% FRN 10/22/32 (a)		1,000,000		1,002,473
OneMain Financial Issuance Trust
Series 2020-2A, Class B, 2.210% 9/14/35 (a)		496,000		498,662
Series 2019-2A, Class A, 3.140% 10/14/36 (a)		10,200,000		10,835,931
Oxford Finance Funding Trust, Series 2020-1A, Class A2
3.101% 2/15/28 (a)		1,894,000		1,936,222
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A
3.967% 6/15/44 (a)		1,747,164		1,734,358
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2
3.858% 12/05/49 (a)		2,947,688		2,809,886

	Principal Amount		Value
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
2.959% FRN 2/25/23 (a)	$	1,180,000	$	1,178,589
Regatta XIV Funding Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.850%
2.068% FRN 10/25/31 (a)		1,030,000		1,030,195
Renew, Series 2021-1, Class A
2.060% 11/20/56 (a) (c)		2,380,000		2,379,642
Sierra Receivables Funding LLC
Series 2020-2A, Class B, 2.320% 7/20/37 (a)		1,013,566		1,028,404
Series 2021-1A, Class D, 3.170% 11/20/37 (a)		2,145,000		2,121,180
Series 2019-1A, Class D, 4.750% 1/20/36 (a)		1,371,632		1,414,122
Series 2018-3A, Class D, 5.200% 9/20/35 (a)		797,990		818,368
Stack Infrastructure Issuer LLC, Series 2020-1A, Class A2
1.893% 8/25/45 (a)		1,135,000		1,137,474
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%
2.489% FRN 8/18/31 (a)		1,660,000		1,606,497
Store Master Funding I-VII
Series 2019-1, Class A2, 3.650% 11/20/49 (a)		3,566,364		3,639,100
Series 2018-1A, Class A2, 4.290% 10/20/48 (a)		1,450,856		1,537,978
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%
0.909% FRN 11/25/35 (a)		1,063,342		1,030,124
Structured Receivables Finance LLC, Series 2010-B, Class A
3.730% 8/15/36 (a)		181,196		189,329
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A
4.870% 7/20/48 (a)		606,674		650,010
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A
4.190% 1/15/71 (a)		1,815,526		1,968,118
Taco Bell Funding LLC, Series 2018-1A, Class A2II
4.940% 11/25/48 (a)		1,407,600		1,517,061
TAL Advantage VII LLC, Series 2020-1A, Class A
2.050% 9/20/45 (a)		5,211,250		5,202,772

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

50

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

	Principal Amount		Value
Textainer Marine Containers VII Ltd., Series 2019-1A, Class A
3.960% 4/20/44 (a)	$	457,200	$	456,564
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.700%
1.924% FRN 1/20/31 (a)		2,440,000		2,440,246
TICP CLO XIV Ltd., Series 2019-14A, Class A2, 3 mo. USD LIBOR + 1.900%
2.124% FRN 10/20/32 (a)		250,000		250,489
Tif Funding II LLC, Series 2020-1A, Class A
2.090% 8/20/45 (a)		805,163		805,568
Trinity Rail Leasing LP
Series 2019-2A, Class A2, 3.100% 10/18/49 (a)		4,127,000		4,208,709
Series 2019-1A, Class A, 3.820% 4/17/49 (a)		4,191,904		4,284,495
Series 2018-1A, Class A2, 4.620% 6/17/48 (a)		2,370,000		2,400,305
Trip Rail Master Funding LLC, Series 2017-1A, Class A1
2.709% 8/15/47 (a)		73,394		73,442
Triton Container Finance VIII LLC, Series 2020-1A, Class A
2.110% 9/20/45 (a)		3,877,875		3,844,283
Vantage Data Centers LLC, Series 2020-2A, Class A2
1.992% 9/15/45 (a)		1,702,000		1,671,651
Vivint Solar Financing V LLC, Series 2018-1A, Class B
7.370% 4/30/48 (a)		2,360,466		2,512,738
Voya CLO Ltd.
Series 2015-3A, Class A3R, 3 mo. USD LIBOR + 1.700% 1.924% FRN 10/20/31 (a)		1,500,000		1,493,189
Series 2019-3A, Class B1, 3 mo. USD LIBOR + 1.850% 2.073% FRN 10/17/32 (a)		1,500,000		1,502,655
WAVE LLC
Series 2019-1A, Class A, 3.597% 9/15/44 (a)		4,723,640		4,724,733
Series 2017-1A, Class C, 6.656% 11/15/42 (a)		1,806,376		1,466,912
WAVE Trust, Series 2017-1A, Class A
3.844% 11/15/42 (a)		1,804,373		1,772,867
Wendy’s Funding LLC, Series 2015-1A, Class A23
4.497% 6/15/45 (a)		3,024,000		2,914,517

	Principal Amount		Value
Westgate Resorts LLC, Series 2017-1A, Class A
3.050% 12/20/30 (a)	$	315,614	$	318,566
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 (a)		1,136,332		1,129,946
				224,479,858
Student Loans Asset-Backed Securities — 6.9%
College Avenue Student Loans LLC
Series 2019-A, Class B, 3.810% 12/28/48 (a)		2,630,000		2,701,542
Series 2019-A, Class C, 4.460% 12/28/48 (a)		1,505,000		1,536,264
College Loan Corp. Trust I, Series 2007-1, Class B2,
1.627% FRN 1/25/47 (d)		875,000		699,584
ECMC Group Student Loan Trust, Series 2018-2A, Class A, 1 mo. USD LIBOR + .800%
0.909% FRN 9/25/68 (a)		4,473,719		4,482,834
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150%
2.100% FRN 12/01/47 (a)		1,472,068		1,453,676
Education Loan Asset-Backed Trust I
Series 2003-1, Class A2, 0.000%FRN 2/01/43 (a) (d)		1,300,000		1,200,066
Series 2003-2, Class 2A1, 0.000%FRN 8/01/43 (a) (d)		1,950,000		1,804,943
Series 2013-1, Class B1, 1 mo. USD LIBOR + 1.000% 1.109% FRN 11/25/33 (a)		1,036,407		1,008,300
Higher Education Funding I
Series 2004-1, Class B2, 0.000%FRN 1/01/44 (a) (d)		600,000		523,747
Series 2004-1, Class B1, 1.796% FRN 1/01/44 (a) (d)		600,000		534,877
Laurel Road Prime Student Loan Trust
Series 2017-B, Class BFX, 3.020% 8/25/42 (a)		538,731		533,509
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)		436,918		434,148
Navient Private Education Loan Trust, Series 2020-IA, Class B
2.950% 4/15/69 (a)		3,080,000		3,090,376
Navient Private Education Refi Loan Trust
Series 2021-BA, Class B, 2.520% 7/15/69 (a)		3,452,000		3,400,920
Series 2020-HA, Class B, 2.780% 1/15/69 (a)		2,425,000		2,410,052

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

51

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

	Principal Amount		Value
Series 2019-CA, Class B, 3.670% 2/15/68 (a)	$	1,512,000	$	1,493,750
Series 2019-A, Class B, 3.900% 1/15/43 (a)		1,500,000		1,483,759
Series 2018-CA, Class B, 4.220% 6/16/42 (a)		1,480,000		1,521,560
Navient Student Loan Trust
Series 2016-1A, Class A, 1 mo. USD LIBOR + .700% 0.809% FRN 2/25/70 (a)		2,478,452		2,483,866
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.009% FRN 12/27/67 (a)		3,089,695		3,137,969
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 1.259% FRN 3/25/66 (a)		3,120,275		3,157,286
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 1.359% FRN 6/25/65 (a)		2,297,711		2,346,472
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 10/25/58		1,200,000		1,208,273
Series 2019-BA, Class B, 4.040% 12/15/59 (a)		3,700,000		3,668,004
Series 2018-EA, Class B, 4.440% 12/15/59 (a)		730,000		755,063
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B
3.600% 12/26/40 (a)		251,266		252,456
Nelnet Student Loan Trust
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .750% 0.859% FRN 9/27/66 (a)		4,500,000		4,497,257
Series 2014-3A, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 10/25/50 (a)		975,000		978,217
Series 2014-5A, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 5/26/54 (a)		1,300,000		1,303,189
Series 2015-2A, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 5/26/54 (a)		1,130,000		1,132,472
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 6/25/54 (a)		1,100,000		1,103,029
Series 2019-4A, Class B, 1 mo. USD LIBOR + 1.650% 1.759% FRN 9/26/67 (a)		3,800,000		3,860,766
Series 2019-5, Class B, 3.450% 10/25/67 (a)		2,850,000		2,663,061

	Principal Amount		Value
SLC Student Loan Trust
Series 2007-1, Class A5, 3 mo. USD LIBOR + .090% 0.284% FRN 2/15/68	$	3,800,000	$	3,658,628
Series 2005-1, Class B, 3 mo. USD LIBOR + .200% 0.398% FRN 2/15/45		1,446,459		1,348,244
SLM Student Loan Trust
Series 2006-2, Class R, 0.000% 1/25/41		9,078		5,601,832
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.428% FRN 10/25/40		1,701,434		1,570,408
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.528% FRN 1/25/55		1,250,060		1,169,717
SMB Private Education Loan Trust
Series 2020-BA, Class B, 2.760% 7/15/53 (a)		3,431,000		3,364,901
Series 2017-A, Class B, 3.500% 6/17/41 (a)		1,800,000		1,740,217
SoFi Alternative Trust, Series 2019-C, Class PT,
2.322% VRN 1/25/45 (a) (d)		4,780,374		5,084,262
South Carolina Student Loan Corp., Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500%
1.615% FRN 8/01/35		3,025,000		2,909,403
				89,308,899
Whole Loan Collateral Collateralized Mortgage Obligations — 0.8%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
3.074% VRN 8/25/34 (d)		72,117		71,076
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class M1,
3.170% VRN 7/25/49 (a) (d)		1,188,500		1,209,970
JP Morgan Mortgage Trust, Series 2017-1, Class A11,
3.500% VRN 1/25/47 (a) (d)		1,182,436		1,184,964
PSMC Trust, Series 2018-2, Class A1,
3.500% VRN 6/25/48 (a) (d)		745,473		754,140
Sequoia Mortgage Trust, Series 2018-CH2, Class A3,
4.000% VRN 6/25/48 (a) (d)		909,320		921,656
STAR 2021-1 Trust, Series 2021-1, Class M1,
2.363% VRN 5/25/65 (a) (d)		5,273,000		5,276,328

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

52

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

	Principal Amount		Value
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1,
4.000% VRN 11/25/48 (a) (d)	$	365,264	$	370,558
				9,788,692
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $416,279,317)				422,818,846
SOVEREIGN DEBT OBLIGATIONS — 0.8%
Colombia Government International Bond
6.125% 1/18/41		2,980,000		3,529,035
Mexico Government International Bond
4.500% 4/22/29		1,175,000		1,301,747
4.750% 3/08/44		4,328,000		4,545,093
6.750% 9/27/34		950,000		1,214,822
				10,590,697
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $9,908,245)				10,590,697
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 21.5%
Collateralized Mortgage Obligations — 1.3%
Federal Home Loan Mortgage Corp. Series 2178, Class PB 7.000% 8/15/29		114,220		128,975
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series K124, Class A2, 1.658% 12/25/30		4,513,000		4,410,498
Series K125, Class A2, 1.846% 1/25/31		7,869,000		7,819,111
Federal National Mortgage Association ACES (d) Series 2021-M4, Class A2 1.466% 2/25/31		4,428,000		4,235,955
				16,594,539
Pass-Through Securities — 19.9%
Federal Home Loan Mortgage Corp.
Pool #RA4245 2.000% 12/01/50		5,346,590		5,342,459
Pool #RA4255 2.000% 1/01/51		11,219,375		11,224,729
Pool #RA2483 3.500% 6/01/50		11,101,602		11,771,131
Pool #Z40047 4.000% 10/01/41		128,134		140,722
Federal National Mortgage Association
Pool #MA4255 2.000% 2/01/51		3,328,678		3,320,904

	Principal Amount		Value
Pool #775539 12 mo. USD LIBOR + 1.641% 2.516% FRN 5/01/34	$	47,954	$	49,753
Pool #MA3029 3.000% 6/01/32		3,360,926		3,558,340
Pool #MA3090 3.000% 8/01/32		1,164,785		1,231,383
Pool #AS1304 3.500% 12/01/28		916,011		982,707
Pool #MA1356 3.500% 2/01/43		6,293,728		6,873,911
Pool #CA6096 3.500% 6/01/50		12,839,634		13,678,180
Pool #FM4017 3.500% 8/01/50		926,347		977,003
Pool #CA1909 4.500% 6/01/48		4,696,435		5,122,975
Pool #AD6437 5.000% 6/01/40		355,538		409,560
Pool #AD6996 5.000% 7/01/40		2,160,046		2,488,255
Pool #AL8173 5.000% 2/01/44		932,684		1,072,360
Government National Mortgage Association
Pool #781038 6.500% 5/15/29		31,489		35,636
Pool #781468 6.500% 7/15/32		2,190		2,538
Pool #781496 6.500% 9/15/32		10,584		12,219
Pool #345964 7.000% 11/15/23		414		438
Pool #380866 7.000% 3/15/24		347		369
Pool #781124 7.000% 12/15/29		4,071		4,654
Pool #781319 7.000% 7/15/31		75,532		87,629
Pool #581417 7.000% 7/15/32		10,545		12,022
Pool #565982 7.000% 7/15/32		12,434		14,584
Pool #357262 7.500% 9/15/23		494		522
Pool #441009 8.000% 11/15/26		581		653
Pool #522777 8.000% 12/15/29		4,076		4,679
Pool #523043 8.000% 3/15/30		219		253
Pool #529134 8.000% 3/15/30		1,387		1,630
Pool #477036 8.000% 4/15/30		557		655
Pool #503157 8.000% 4/15/30		12,001		14,118
Pool #528714 8.000% 4/15/30		1,089		1,283
Pool #544640 8.000% 11/15/30		9,364		11,068
Pool #531298 8.500% 8/15/30		782		905
Government National Mortgage Association II
Pool #MA6038 3.000% 7/20/49		6,491,574		6,793,462
Pool #MA6283 3.000% 11/20/49		11,568,988		12,084,404
Pool #MA6409 3.000% 1/20/50		11,802,773		12,317,539
Pool #MA4321 3.500% 3/20/47		6,619,280		7,040,588
Government National Mortgage Association II TBA
2.500% 6/01/50 (c)		19,500,000		20,101,758
3.000% 8/01/49 (c)		8,575,000		8,925,369
3.500% 6/01/49 (c)		18,830,000		19,865,650
Uniform Mortgage Backed Securities TBA
2.000% 1/01/36 (c)		15,795,000		16,204,683
2.500% 7/01/50 (c)		12,775,000		13,099,365
3.000% 6/01/49 (c)		48,150,000		50,139,948

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

53

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

	Principal Amount		Value
3.500% 3/01/49 (c)	$	15,450,000	$	16,317,856
4.000% 2/01/48 (c)		4,900,000		5,258,313
				256,599,162
Whole Loans — 0.3%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350% 1.459% FRN 3/25/29		44,129		44,149
Series 2020-DNA3, Class M2, 1 mo. USD LIBOR + 3.000% 3.109% FRN 6/25/50 (a)		3,855,527		3,868,483
				3,912,632
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $278,388,544)				277,106,333
U.S. TREASURY OBLIGATIONS — 5.7%
U.S. Treasury Bonds & Notes — 5.7%
U.S. Treasury Bond
2.250% 8/15/49 (e)		18,100,000		17,450,898
3.500% 2/15/39 (e)		19,700,000		23,552,398
U.S. Treasury Note
0.375% 4/30/25		33,200,000		32,772,862
				73,776,158
TOTAL U.S. TREASURY OBLIGATIONS (Cost $79,992,305)				73,776,158
TOTAL BONDS & NOTES (Cost $1,253,825,627)				1,274,531,398
TOTAL PURCHASED OPTIONS (#) — 0.3% (Cost $3,506,056)				3,531,675
TOTAL LONG-TERM INVESTMENTS (Cost $1,257,331,683)				1,278,063,073

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 13.3%
Commercial Paper — 12.6%
AT&T, Inc.
0.387% 11/17/21 (a)	$	5,000,000	$	4,990,824
0.407% 12/15/21 (a)		15,000,000		14,966,654
BAT International Finance
0.335% 4/22/21 (a)		10,000,000		9,998,967
EI Dupont
0.325% 12/08/21 (a)		9,420,000		9,396,855
Entergy Corp.
0.386% 5/17/21 (a)		10,000,000		9,996,854
Fidelity National Information Services, Inc.
0.315% 5/27/21 (a)		3,000,000		2,998,931
Holcim US Finance SARL & Cie
0.223% 4/23/21 (a)		10,000,000		9,998,907
Intercontinental Exchange, Inc.
0.366% 6/03/21 (a)		5,000,000		4,997,245
0.376% 6/29/21		3,000,000		2,997,483
0.406% 5/11/21 (a)		3,200,000		3,198,954
0.406% 6/08/21 (a)		5,000,000		4,996,980
0.427% 6/29/21		3,000,000		2,997,483
Mondelez International, Inc.
0.122% 4/07/21 (a)		7,000,000		6,999,796
Nasdaq, Inc.
0.294% 6/08/21 (a)		7,000,000		6,995,666
OGE Energy Corp.
0.284% 5/26/21 (a)		5,000,000		4,998,266
PPG Industries, Inc.
0.427% 8/02/21		10,000,000		9,990,252
Rogers Communications, Inc.
0.458% 8/25/21 (a)		10,000,000		9,987,832
Suncor Energy, Inc.
0.304% 4/26/21 (a)		2,000,000		1,999,747
Telus Corp.
0.305% 6/16/21 (a)		7,000,000		6,996,392
VW Credit, Inc.
0.213% 4/06/21 (a)		3,000,000		2,999,925
0.356% 2/11/22 (a)		10,000,000		9,968,300
Waste Management, Inc.
0.356% 7/01/21 (a)		5,000,000		4,996,703
0.458% 9/15/21 (a)		15,000,000		14,981,660
				162,450,676

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

54

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

	Principal Amount		Value
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (f)	$	8,453,994	$	8,453,994
TOTAL SHORT-TERM INVESTMENTS (Cost $170,863,948)				170,904,670
TOTAL INVESTMENTS — 112.6% (Cost $1,428,195,631) (g)				1,448,967,743
Other Assets/(Liabilities) — (12.6)%				(162,666,106	)
NET ASSETS — 100.0%			$	1,286,301,637

Abbreviation Legend

CLO Collateralized Loan Obligation

FRN Floating Rate Note

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) 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, 2021, the aggregate market value of these securities amounted to $644,778,777 or 50.13% of net assets.

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

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

(d) 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, 2021.

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

(f) Maturity value of $8,453,994. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $8,623,124.

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

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

United States	82.3	%
Cayman Islands	7.8	%
United Kingdom	1.8	%
Canada	1.5	%
Mexico	1.2	%
Bermuda	1.1	%
Netherlands	0.6	%
Norway	0.4	%
France	0.4	%
Switzerland	0.3	%
Ireland	0.3	%
Israel	0.3	%
Colombia	0.3	%
Finland	0.3	%
Spain	0.2	%
Saudi Arabia	0.2	%
Luxembourg	0.2	%
Japan	0.1	%
Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%
Net Assets	100.0	%

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

55

MassMutual Premier Core 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	5,551,000	$	321,403	$	277,507	$	43,896
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	$	3,210,272	$	3,228,549	$	(18,277	)
					��												$	3,531,675	$	3,506,056	$	25,619

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Long Bond		6/21/21		85	$	13,652,715		$	(512,246	)
U.S. Treasury Ultra Bond		6/21/21		318		60,536,268			(2,908,705	)
U.S. Treasury Note 2 Year		6/30/21		788		174,067,564			(135,033	)
U.S. Treasury Note 5 Year		6/30/21		123		15,350,497			(172,489	)
								$	(3,728,473	)
Short
U.S. Treasury Ultra 10 Year		6/21/21		200	$	(29,330,315	)	$	592,815
90 Day Eurodollar		9/13/21		21		(5,122,093	)		(117,932	)
90 Day Eurodollar		3/14/22		19		(4,632,850	)		(105,988	)
90 Day Eurodollar		9/19/22		17		(4,143,481	)		(90,794	)
90 Day Eurodollar		3/13/23		14		(3,410,179	)		(68,646	)
90 Day Eurodollar		12/18/23		19		(4,623,825	)		(68,938	)
90 Day Eurodollar		12/16/24		50		(12,152,959	)		(113,291	)
								$	27,226

* 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.

56

MassMutual Premier Diversified Bond Fund — Portfolio of Investments

March 31, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.8%
COMMON STOCK — 0.1%
Basic Materials — 0.0%
Forest Products & Paper — 0.0%
The Newark Group, Inc. (a) (b) (c)		26,904	$	—
Energy — 0.1%
Oil & Gas — 0.1%
Tourmaline Oil Corp.		4,408		83,902
Tourmaline Oil Corp. (Escrow Shares) (a) (b)		38,151		30,358
TOTAL COMMON STOCK (Cost $78,834)				114,260
PREFERRED STOCK — 0.7%
Financial — 0.7%
Insurance — 0.7%
Equitable Holdings, Inc.
4.300% (d)		45,600		1,135,440
Selective Insurance Group, Inc.
4.600% (d)		18,825		469,684
TOTAL PREFERRED STOCK (Cost $1,610,625)				1,605,124
TOTAL EQUITIES (Cost $1,689,459)				1,719,384
	Principal Amount
BONDS & NOTES — 95.5%
CORPORATE DEBT — 46.1%
Aerospace & Defense — 1.1%
BAE Systems PLC
3.000% 9/15/50 (e)	$	230,000		208,644
The Boeing Co.
2.196% 2/04/26		1,305,000		1,300,405
TransDigm, Inc.
5.500% 11/15/27		250,000		258,437
6.250% 3/15/26 (e)		500,000		529,950
6.375% 6/15/26		225,000		232,594
				2,530,030
Agriculture — 0.7%
BAT Capital Corp.
2.259% 3/25/28		320,000		314,818
4.700% 4/02/27		200,000		225,017
4.758% 9/06/49		165,000		169,044
Imperial Brands Finance PLC
3.500% 7/26/26 (e)		300,000		320,415

	Principal Amount		Value
3.875% 7/26/29 (e)	$	320,000	$	340,051
Reynolds American, Inc.
5.850% 8/15/45		150,000		176,388
				1,545,733
Airlines — 0.0%
United Airlines Pass-Through Trust, Series 2018-1, Class B,
4.600% 9/01/27		77,580		78,458
Auto Manufacturers — 1.0%
Ford Motor Co.
7.450% 7/16/31		270,000		340,424
Ford Motor Credit Co. LLC
3.087% 1/09/23		310,000		315,031
4.140% 2/15/23		285,000		294,519
General Motors Co.
4.200% 10/01/27		215,000		235,827
5.150% 4/01/38		230,000		262,844
5.200% 4/01/45		225,000		257,701
6.800% 10/01/27		335,000		415,376
				2,121,722
Banks — 5.1%
Associated Banc-Corp.
4.250% 1/15/25		413,000		444,820
Banco General SA
4.125% 8/07/27 (e)		260,000		277,228
Bank of America Corp.
SOFR + 2.150% 2.592% VRN 4/29/31		300,000		299,005
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29		200,000		224,734
6.110% 1/29/37		190,000		251,241
7.750% 5/14/38		125,000		191,513
The Bank of Nova Scotia 3 mo. USD LIBOR + 2.648%
4.650% VRN (d)		575,000		575,753
Barclays Bank PLC
10.179% 6/12/21 (e)		800,000		813,737
Barclays PLC
4.375% 9/11/24		200,000		218,165
Citigroup, Inc.
4.600% 3/09/26		295,000		332,885
5.250% 3/07/25		500,000		563,125
5.875% 1/30/42		100,000		135,414
6.000% 10/31/33		85,000		109,763
Credit Suisse AG
6.500% 8/08/23 (e)		575,000		632,356
First Republic Bank
4.375% 8/01/46		510,000		583,242

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

57

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

	Principal Amount		Value
Fulton Financial Corp.
3.600% 3/16/22	$	35,000	$	35,979
The Goldman Sachs Group, Inc.
5.150% 5/22/45		290,000		361,960
5.950% 1/15/27		170,000		205,404
6.250% 2/01/41		35,000		49,316
6.750% 10/01/37		165,000		232,109
HSBC Holdings PLC
4.250% 3/14/24		200,000		217,407
4.250% 8/18/25		477,000		524,236
6.500% 9/15/37		125,000		166,009
Huntington Bancshares, Inc. 3 mo. USD LIBOR + 2.880%
5.700% VRN (d)		510,000		517,650
JP Morgan Chase & Co.
SOFR + 2.515% 2.956% VRN 5/13/31		235,000		239,007
4.950% 6/01/45		170,000		210,978
Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250%
3.077% VRN 4/07/31 (e) (f)		1,225,000		1,223,469
NBK Tier 1 Financing 2 Ltd. 6 year USD Swap + 2.832%
4.500% VRN (d) (e)		685,000		711,318
Nordea Bank Abp 5 year CMT + 4.110%
6.625% VRN (d) (e)		405,000		462,713
SVB Financial Group 10 year CMT + 3.064%
4.100% VRN (d)		210,000		211,313
Valley National Bancorp
5.125% 9/27/23		110,000		119,976
Wells Fargo & Co.
5.606% 1/15/44		105,000		134,728
				11,276,553
Beverages — 0.6%
Anheuser-Busch InBev Worldwide, Inc.
4.600% 4/15/48		255,000		291,612
8.200% 1/15/39		250,000		399,173
Bacardi Ltd.
5.150% 5/15/38 (e)		200,000		238,704
Molson Coors Beverage Co.
4.200% 7/15/46		191,000		198,403
5.000% 5/01/42		135,000		155,327
				1,283,219
Building Materials — 0.4%
Standard Industries, Inc.
4.375% 7/15/30 (e)		200,000		201,800

	Principal Amount		Value
4.750% 1/15/28 (e)	$	151,000	$	156,527
5.000% 2/15/27 (e)		490,000		510,825
				869,152
Chemicals — 1.2%
Alpek SAB de CV
3.250% 2/25/31 (e)		560,000		553,840
CF Industries, Inc.
4.950% 6/01/43		200,000		229,066
5.375% 3/15/44		128,000		151,840
DuPont de Nemours, Inc.
5.319% 11/15/38		345,000		432,460
Syngenta Finance NV
4.892% 4/24/25 (e)		500,000		535,062
Yara International ASA
4.750% 6/01/28 (e)		690,000		785,542
��				2,687,810
Commercial Services — 0.0%
ERAC USA Finance LLC
7.000% 10/15/37 (e)		50,000		71,954
Computers — 1.1%
Dell International LLC/ EMC Corp.
6.020% 6/15/26 (e)		375,000		443,755
8.100% 7/15/36 (e)		100,000		146,381
8.350% 7/15/46 (e)		275,000		417,440
Genpact Luxembourg Sarl
3.700% STEP 4/01/22		435,000		445,846
Leidos, Inc.
2.300% 2/15/31 (e)		90,000		84,902
4.375% 5/15/30 (e)		135,000		150,071
5.500% 7/01/33		226,000		267,668
Lenovo Group Ltd.
3.421% 11/02/30 (e)		495,000		496,891
				2,452,954
Distribution & Wholesale — 0.3%
H&E Equipment Services, Inc.
3.875% 12/15/28 (e)		600,000		583,500
Diversified Financial Services — 5.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.500% 9/15/23		315,000		338,802
6.500% 7/15/25		285,000		332,127
Air Lease Corp.
2.875% 1/15/26		950,000		985,320
5 year CMT + 4.076% 4.650% VRN (d)		580,000		571,300
Aircastle Ltd.
4.125% 5/01/24		200,000		211,244
4.400% 9/25/23		275,000		292,867

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

58

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

	Principal Amount		Value
5.000% 4/01/23	$	350,000	$	373,035
Alliance Data Systems Corp.
7.000% 1/15/26 (e)		200,000		214,040
Ally Financial, Inc.
8.000% 11/01/31		651,000		906,005
Antares Holdings LP
6.000% 8/15/23 (e)		790,000		828,495
8.500% 5/18/25 (e)		330,000		385,372
Ares Finance Co. LLC
4.000% 10/08/24 (e)		375,000		399,593
Aviation Capital Group LLC
1.950% 1/30/26 (e)		270,000		262,946
Avolon Holdings Funding Ltd.
4.375% 5/01/26 (e)		205,000		214,213
5.125% 10/01/23 (e)		325,000		346,442
BGC Partners, Inc.
4.375% 12/15/25		585,000		622,620
Brookfield Finance, Inc.
4.350% 4/15/30		405,000		456,890
4.850% 3/29/29		208,000		240,222
GE Capital International Funding Co. Unlimited Co.
4.418% 11/15/35		230,000		263,607
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (e)		638,918		612,722
Lazard Group LLC
3.625% 3/01/27		196,000		211,137
4.375% 3/11/29		200,000		222,715
4.500% 9/19/28		275,000		310,047
LeasePlan Corp. NV
2.875% 10/24/24 (e)		330,000		346,924
Legg Mason, Inc.
5.625% 1/15/44		235,000		306,196
OneMain Finance Corp.
4.000% 9/15/30		220,000		213,950
Park Aerospace Holdings Ltd.
4.500% 3/15/23 (e)		250,000		261,087
5.250% 8/15/22 (e)		415,000		435,664
				11,165,582
Electric — 1.3%
Berkshire Hathaway Energy Co.
5.950% 5/15/37		120,000		159,122
The Cleveland Electric Illuminating Co.
5.950% 12/15/36		175,000		210,583
CMS Energy Corp.
4.700% 3/31/43		115,000		130,401
4.875% 3/01/44		180,000		212,817

	Principal Amount		Value
Elwood Energy LLC
8.159% 7/05/26	$	138,074	$	148,775
Enel Finance International NV
6.000% 10/07/39 (e)		175,000		232,511
Entergy Louisiana LLC
4.950% 1/15/45		110,000		119,239
FirstEnergy Transmission LLC
4.550% 4/01/49 (e)		195,000		205,068
Indianapolis Power & Light Co.
4.050% 5/01/46 (e)		110,000		118,143
Infraestructura Energetica Nova SAB de CV
3.750% 1/14/28 (e)		200,000		212,250
ITC Holdings Corp.
2.950% 5/14/30 (e)		210,000		213,910
Pacific Gas and Electric Co.
3.750% 7/01/28		320,000		339,089
4.300% 3/15/45		195,000		188,840
Virginia Electric & Power Co.
6.000% 1/15/36		100,000		133,588
Xcel Energy, Inc.
6.500% 7/01/36		270,000		381,463
				3,005,799
Entertainment — 0.2%
Live Nation Entertainment, Inc.
5.625% 3/15/26 (e)		77,000		79,972
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
5.125% 10/01/29 (e)		382,000		390,977
				470,949
Food — 0.7%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertson’s LLC
4.625% 1/15/27 (e)		521,000		539,988
Flowers Foods, Inc.
2.400% 3/15/31		150,000		146,206
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500% 1/15/30 (e)		700,000		774,722
Smithfield Foods, Inc.
3.000% 10/15/30 (e)		206,000		204,865
				1,665,781
Gas — 0.2%
NiSource, Inc.
4.800% 2/15/44		295,000		343,947
Health Care – Services — 0.9%
Centene Corp.
4.625% 12/15/29		153,000		165,593

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

59

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

	Principal Amount		Value
DaVita, Inc.
4.625% 6/01/30 (e)	$	368,000	$	374,311
HCA, Inc.
3.500% 9/01/30		1,064,000		1,076,284
5.375% 2/01/25		350,000		390,430
				2,006,618
Home Builders — 0.4%
Mattamy Group Corp.
4.625% 3/01/30 (e)		35,000		34,765
5.250% 12/15/27 (e)		227,000		237,498
Taylor Morrison Communities, Inc.
5.750% 1/15/28 (e)		500,000		550,775
				823,038
Insurance — 5.4%
Allstate Corp. 3 mo. USD LIBOR + 2.938%
5.750% VRN 8/15/53		640,000		676,800
American International Group, Inc.
4.750% 4/01/48		95,000		112,821
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48		755,000		841,825
AmTrust Financial Services, Inc.
6.125% 8/15/23		765,000		765,415
Arch Capital Group US, Inc.
5.144% 11/01/43		80,000		97,961
Athene Global Funding
2.500% 1/14/25 (e)		300,000		310,656
Athene Holding Ltd.
4.125% 1/12/28		309,000		336,359
6.150% 4/03/30		595,000		724,864
AXIS Specialty Finance LLC
3.900% 7/15/29		375,000		402,729
5 year CMT + 3.186% 4.900% VRN 1/15/40		490,000		502,250
AXIS Specialty Finance PLC
4.000% 12/06/27		210,000		235,091
Brighthouse Financial, Inc.
4.700% 6/22/47		500,000		511,741
5.625% 5/15/30		485,000		566,934
CNO Financial Group, Inc.
5.250% 5/30/29		666,000		767,064
Enstar Finance LLC 5 year CMT + 5.468%
5.750% VRN 9/01/40		825,000		866,250
Enstar Group Ltd.
4.500% 3/10/22		495,000		509,937
4.950% 6/01/29		575,000		642,305

	Principal Amount		Value
Equitable Holdings, Inc. 5 year CMT + 4.736%
4.950% VRN (d)	$	505,000	$	534,037
Markel Corp. 5 year CMT + 5.662%
6.000% VRN (d)		735,000		799,312
MetLife Capital Trust IV
7.875% 12/15/67 (e)		325,000		451,669
Prudential Financial, Inc.
5 year CMT + 3.035% 3.700% VRN 10/01/50		220,000		222,464
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43		200,000		214,285
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48		350,000		399,716
Teachers Insurance & Annuity Association of America
4.270% 5/15/47 (e)		175,000		196,152
USF&G Capital I
8.500% 12/15/45 (e)		95,000		138,225
XLIT Ltd.
5.500% 3/31/45		200,000		254,077
				12,080,939
Internet — 0.6%
Amazon.com, Inc.
4.050% 8/22/47		260,000		301,293
Expedia Group, Inc.
2.950% 3/15/31 (e)		660,000		650,329
Netflix, Inc.
4.875% 6/15/30 (e)		166,000		191,156
Prosus NV
3.680% 1/21/30 (e)		220,000		226,922
				1,369,700
Investment Companies — 1.5%
Ares Capital Corp.
2.150% 7/15/26		560,000		544,563
4.200% 6/10/24		525,000		566,023
BlackRock TCP Capital Corp.
3.900% 8/23/24		170,000		180,249
Golub Capital BDC, Inc.
2.500% 8/24/26		195,000		190,676
Icahn Enterprises LP/ Icahn Enterprises Finance Corp.
4.750% 9/15/24		500,000		519,217
6.750% 2/01/24		200,000		204,000
Sixth Street Specialty Lending, Inc.
2.500% 8/01/26		310,000		307,286
3.875% 11/01/24		770,000		807,869
				3,319,883

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

60

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

	Principal Amount		Value
Iron & Steel — 0.3%
Vale Overseas Ltd.
6.250% 8/10/26	$	470,000	$	559,065
6.875% 11/21/36		150,000		199,360
				758,425
Lodging — 0.3%
Las Vegas Sands Corp.
3.900% 8/08/29		525,000		540,534
Marriott International, Inc. /MD
2.850% 4/15/31		240,000		235,842
				776,376
Media — 2.3%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.000% 2/01/28 (e)		250,000		264,413
Charter Communications Operating LLC/Charter Communications Operating Capital
3.900% 6/01/52		150,000		143,642
Comcast Corp.
3.450% 2/01/50		145,000		149,128
4.600% 8/15/45		400,000		482,299
CSC Holdings LLC
4.625% 12/01/30 (e)		250,000		245,904
5.750% 1/15/30 (e)		200,000		210,649
Discovery Communications LLC
4.000% 9/15/55 (e)		235,000		230,571
4.650% 5/15/50		55,000		60,476
DISH DBS Corp.
7.375% 7/01/28		500,000		524,525
Grupo Televisa SAB
6.625% 3/18/25		275,000		325,805
Time Warner Cable, Inc.
4.500% 9/15/42		250,000		266,563
6.750% 6/15/39		115,000		153,765
ViacomCBS, Inc.
4.200% 5/19/32		180,000		201,764
4.950% 1/15/31		220,000		260,052
VTR Finance NV
6.375% 7/15/28 (e)		900,000		972,000
The Walt Disney Co.
3.600% 1/13/51		345,000		364,013
6.650% 11/15/37		200,000		292,392
				5,147,961
Mining — 1.1%
First Quantum Minerals Ltd.
6.875% 3/01/26 (e)		1,000,000		1,035,000

	Principal Amount		Value
Glencore Finance Canada Ltd.
5.550% STEP 10/25/42 (e)	$	149,000	$	181,304
Glencore Funding LLC
3.875% 10/27/27 (e)		260,000		285,220
4.625% 4/29/24 (e)		200,000		220,179
Perenti Finance Pty Ltd.
6.500% 10/07/25 (e)		325,000		343,347
Teck Resources Ltd.
5.200% 3/01/42		97,000		106,247
6.250% 7/15/41		143,000		175,630
				2,346,927
Miscellaneous - Manufacturing — 0.1%
General Electric Co.
4.125% 10/09/42		12,000		12,875
6.875% 1/10/39		72,000		100,982
				113,857
Office & Business Equipment — 0.1%
CDW LLC / CDW Finance Corp.
4.250% 4/01/28		206,000		213,210
Oil & Gas — 3.1%
Antero Resources Corp.
7.625% 2/01/29 (e)		150,000		159,750
BP Capital Markets PLC 5 year CMT + 4.036%
4.375% VRN (d)		905,000		957,309
Cenovus Energy, Inc.
4.250% 4/15/27		350,000		378,342
6.750% 11/15/39		175,000		217,838
Continental Resources, Inc.
5.000% 9/15/22		50,000		50,040
Devon Energy Corp.
5.000% 6/15/45		289,000		315,024
EQT Corp.
3.900% 10/01/27		860,000		877,995
7.625% STEP 2/01/25		380,000		437,336
Marathon Petroleum Corp.
4.500% 4/01/48		85,000		89,732
6.500% 3/01/41		175,000		232,160
Occidental Petroleum Corp.
2.900% 8/15/24		187,000		184,926
5.875% 9/01/25		300,000		319,875
6.375% 9/01/28		300,000		329,282
6.600% 3/15/46		235,000		249,688
6.950% 7/01/24		177,000		194,220
Ovintiv Exploration, Inc.
5.750% 1/30/22		93,000		96,046
Ovintiv, Inc.
6.500% 2/01/38		160,000		193,461

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

61

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

	Principal Amount		Value
Patterson-UTI Energy, Inc.
3.950% 2/01/28	$	350,000	$	328,026
5.150% 11/15/29		615,000		610,951
Petroleos Mexicanos
5.350% 2/12/28		190,000		184,756
6.375% 1/23/45		35,000		29,050
6.500% 3/13/27		65,000		67,925
6.625% 6/15/38		51,000		46,307
Saudi Arabian Oil Co.
4.250% 4/16/39 (e)		385,000		414,407
				6,964,446
Oil & Gas Services — 0.4%
Halliburton Co.
5.000% 11/15/45		220,000		244,535
NOV, Inc.
3.600% 12/01/29		275,000		276,388
3.950% 12/01/42		314,000		286,149
				807,072
Packaging & Containers — 0.0%
Mauser Packaging Solutions Holding Co.
5.500% 4/15/24 (e)		49,000		49,763
Pharmaceuticals — 1.7%
AbbVie, Inc.
4.700% 5/14/45		350,000		415,214
Bausch Health Americas, Inc.
9.250% 4/01/26 (e)		400,000		443,200
Bausch Health Cos., Inc.
5.250% 1/30/30 (e)		250,000		251,003
6.125% 4/15/25 (e)		113,000		115,848
7.000% 3/15/24 (e)		103,000		105,369
Bristol-Myers Squibb Co.
4.350% 11/15/47		205,000		242,708
Cigna Corp.
4.800% 7/15/46		185,000		221,131
CVS Health Corp.
5.050% 3/25/48		115,000		140,735
6.125% 9/15/39		25,000		32,524
CVS Pass-Through Trust
5.926% 1/10/34 (e)		182,624		210,418
7.507% 1/10/32 (e)		13,439		16,809
McKesson Corp.
4.883% 3/15/44		70,000		82,388
Par Pharmaceutical, Inc.
7.500% 4/01/27 (e)		488,000		518,842
Takeda Pharmaceutical Co. Ltd.
3.375% 7/09/60		235,000		224,753

	Principal Amount		Value
Utah Acquisition Sub, Inc.
5.250% 6/15/46	$	350,000	$	410,649
Viatris, Inc.
2.700% 6/22/30 (e)		280,000		276,771
				3,708,362
Pipelines — 2.3%
Energy Transfer Operating LP
4.200% 4/15/27		320,000		348,559
4.750% 1/15/26		200,000		221,979
6.125% 12/15/45		280,000		319,709
3 mo. USD LIBOR + 4.028% 6.250% VRN (d)		740,000		603,248
5 year CMT + 5.134% 6.750% VRN (d)		270,000		257,850
EnLink Midstream Partners LP
4.150% 6/01/25		339,000		331,444
4.850% 7/15/26		154,000		148,769
3 mo. USD LIBOR + 4.110% 6.000% VRN (d)		375,000		232,500
Enterprise Products Operating LLC 3 mo. USD LIBOR + 2.570%
5.375% VRN 2/15/78		200,000		200,367
EQM Midstream Partners LP
4.750% 7/15/23		375,000		389,062
MPLX LP
4.500% 4/15/38		195,000		212,175
3 mo. USD LIBOR + 4.652% 6.875% VRN (d)		850,000		850,000
Plains All American Pipeline LP/PAA Finance Corp.
3.800% 9/15/30		265,000		269,697
4.700% 6/15/44		260,000		247,238
6.650% 1/15/37		175,000		204,338
Sunoco Logistics Partners Operations LP
5.300% 4/01/44		175,000		183,756
				5,020,691
Private Equity — 0.7%
Apollo Management Holdings LP 5 year CMT + 3.266%
4.950% VRN 1/14/50 (e)		325,000		334,750
Hercules Capital, Inc.
4.625% 10/23/22		945,000		962,027
KKR Group Finance Co. VIII LLC
3.500% 8/25/50 (e)		160,000		157,923
				1,454,700
Real Estate Investment Trusts (REITS) — 2.1%
Agree LP
2.900% 10/01/30		110,000		110,710

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

62

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

	Principal Amount		Value
ESH Hospitality, Inc.
4.625% 10/01/27 (e)	$	363,000	$	383,923
Host Hotels & Resorts LP
3.500% 9/15/30		476,000		476,257
Iron Mountain, Inc.
5.250% 7/15/30 (e)		250,000		257,950
Kimco Realty Corp.
4.450% 9/01/47		250,000		276,604
Service Properties Trust
4.950% 10/01/29		590,000		561,975
Spirit Realty LP
2.700% 2/15/32		120,000		113,917
3.200% 1/15/27		220,000		229,633
3.400% 1/15/30		325,000		336,834
4.000% 7/15/29		385,000		416,760
4.450% 9/15/26		59,000		65,419
STORE Capital Corp.
4.625% 3/15/29		250,000		278,042
Tanger Properties LP
3.750% 12/01/24		430,000		458,414
Ventas Realty LP
5.700% 9/30/43		85,000		104,843
VEREIT Operating Partnership LP
2.850% 12/15/32		20,000		19,352
3.100% 12/15/29		460,000		469,577
3.400% 1/15/28		105,000		110,646
				4,670,856
Retail — 0.7%
El Puerto de Liverpool SAB de CV
3.950% 10/02/24 (e)		280,000		299,673
Nordstrom, Inc.
4.250% 8/01/31 (e) (f)		440,000		439,628
O’Reilly Automotive, Inc.
4.200% 4/01/30		210,000		235,407
Penske Automotive Group, Inc.
5.500% 5/15/26		500,000		514,525
				1,489,233
Semiconductors — 0.2%
Broadcom, Inc.
3.500% 2/15/41 (e)		240,000		228,466
KLA Corp.
3.300% 3/01/50		190,000		181,913
				410,379
Software — 0.3%
CDK Global, Inc.
5.250% 5/15/29 (e)		256,000		274,642
Oracle Corp.
3.600% 4/01/50		210,000		203,422

	Principal Amount		Value
Solera LLC/ Solera Finance, Inc.
10.500% 3/01/24 (e)	$	237,000	$	244,844
				722,908
Telecommunications — 2.2%
AT&T, Inc.
3.500% 9/15/53 (e)		617,000		567,453
3.550% 9/15/55 (e)		814,000		743,325
CommScope, Inc.
8.250% 3/01/27 (e)		850,000		909,500
Empresa Nacional de Telecomunicaciones SA
4.875% 10/30/24 (e)		200,000		214,765
Hughes Satellite Systems Corp.
6.625% 8/01/26		444,000		491,996
Qwest Corp
6.750% 12/01/21		156,000		161,265
Sprint Capital Corp.
6.875% 11/15/28		500,000		630,485
8.750% 3/15/32		141,000		208,504
T-Mobile USA, Inc.
5.375% 4/15/27		165,000		174,916
Telefonica Emisiones SAU
4.665% 3/06/38		335,000		378,807
Verizon Communications, Inc.
2.875% 11/20/50		160,000		141,732
2.987% 10/30/56 (e)		223,000		196,139
				4,818,887
Transportation — 0.5%
Canadian Pacific Railway Co.
2.050% 3/05/30		144,000		139,015
CSX Corp.
4.750% 11/15/48		145,000		173,794
Kenan Advantage Group, Inc.
7.875% 7/31/23 (e)		720,000		718,200
				1,031,009
TOTAL CORPORATE DEBT (Cost $97,435,087)				102,258,383
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 31.3%
Automobile Asset-Backed Securities — 1.9%
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C
4.530% 3/20/23 (e)		222,000		227,154
Hertz Vehicle Financing II LP
Series 2018-1A, Class B, 3.600% 2/25/24 (e)		650,000		648,629

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

63

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

	Principal Amount		Value
Series 2019-2A, Class C, 4.260% 5/25/25 (e)	$	730,000	$	728,521
Series 2017-2A, Class C, 5.310% 10/25/23 (e)		100,000		100,092
OneMain Direct Auto Receivables Trust
Series 2019-1A, Class C, 4.190% 11/14/28 (e)		888,000		956,364
Series 2019-1A, Class D, 4.680% 4/14/31 (e)		422,000		464,648
Santander Revolving Auto Loan Trust, Series 2019-A, Class D
3.450% 1/26/32 (e)		957,000		985,149
				4,110,557
Commercial Mortgage-Backed Securities — 7.6%
Aventura Mall Trust, Series 2018-AVM, Class D,
4.112% VRN 7/05/40 (e) (g)		530,000		513,422
BAMLL Commercial Mortgage Securities Trust
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 1.456% FRN 9/15/34 (e)		150,000		148,887
Series 2019-BPR, Class CMP, 3.895% VRN 11/05/32 (e) (g)		440,000		417,060
Series 2019-BPR, Class DMP, 3.895% VRN 11/05/32 (e) (g)		540,000		464,807
BANK
Series 2020-BN30, Class MCDF, 2.918% VRN 12/15/53 (g)		500,000		455,476
Series 2019-BN17, Class C, 4.517% VRN 4/15/52 (g)		331,000		357,788
BBCMS Mortgage Trust
Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (e) (g)		400,000		423,760
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (e) (g)		280,000		283,147
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (e) (g)		270,000		260,724
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
1.606% FRN 7/15/35 (e)		900,000		894,379
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.806% FRN 11/15/35 (e)		504,000		504,000
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.906% FRN 10/15/36 (e)		353,632		353,411
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.106% FRN 10/15/36 (e)		648,012		647,406

	Principal Amount		Value
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150%
2.256% FRN 12/15/37 (e)	$	572,453	$	572,452
Century Plaza Towers
Series 2019-CPT, Class D, 2.997% VRN 11/13/39 (e) (g)		225,000		221,520
Series 2019-CPT, Class E, 2.997% VRN 11/13/39 (e) (g)		316,000		297,545
Citigroup Commercial Mortgage Trust
Series 2019-GC41, Class C, 3.502% 8/10/56		222,000		224,332
Series 2019-SMRT, Class C, 4.682% 1/10/36 (e)		315,000		341,471
Cold Storage Trust, Series 2020-ICE5, Class E, 1 mo. USD LIBOR + 2.766%
2.872% FRN 11/15/37 (e)		589,794		590,717
Commercial Mortgage Pass-Through Certificates
Series 2014-UBS2, Class AM, 4.199% 3/10/47		100,000		107,485
Series 2015-CR23, Class C, 4.293% VRN 5/10/48 (g)		110,000		117,091
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%
1.706% FRN 5/15/36 (e)		560,000		560,350
DC Office Trust
Series 2019-MTC, Class D, 3.072% VRN 9/15/45 (e) (g)		357,000		343,468
Series 2019-MTC, Class E, 3.072% VRN 9/15/45 (e) (g)		622,000		572,707
GB Trust
Series 2020-FLIX, Class C, 1 mo. USD LIBOR + 1.600% 1.706% FRN 8/15/37 (e)		242,000		242,301
Series 2020-FLIX, Class D, 1 mo. USD LIBOR + 2.350% 2.456% FRN 8/15/37 (e)		394,000		394,981
GS Mortgage Securities Corp. II, Series 2018-GS10, Class D
3.000% 7/10/51 (e)		599,000		550,965
Hudson Yards Mortgage Trust, Series 2019-30HY, Class E,
3.443% VRN 7/10/39 (e) (g)		630,000		629,891
Jackson Park Trust, Series 2019-LIC, Class D,
3.242% VRN 10/14/39 (e) (g)		686,000		654,432

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

64

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

	Principal Amount		Value
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class E,
3.783% VRN 6/05/39 (e) (g)	$	553,000	$	540,315
JPMBB Commercial Mortgage Securities Trust
Series 2015-C27, Class C, 4.354% VRN 2/15/48 (g)		1,065,400		1,073,841
Series 2014-C21, Class C, 4.655% VRN 8/15/47 (g)		300,000		307,888
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
1.906% FRN 5/15/36 (e)		263,000		262,918
Life 2021-BMR Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%
1.856% FRN 3/15/38 (e)		432,000		432,691
Manhattan West
Series 2020-1MW, Class C, 2.335% VRN 9/10/39 (e) (g)		601,000		597,469
Series 2020-1MW, Class D, 2.335% VRN 9/10/39 (e) (g)		440,000		425,954
MFT Trust
Series 2020-ABC, Class A, 3.358% 2/10/42 (e)		205,000		209,634
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (e) (g)		215,000		217,792
MKT Mortgage Trust, Series 2020-525M, Class E,
2.941% VRN 2/12/40 (e) (g)		213,000		200,952
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class C,
3.848% VRN 5/15/48 (g)		140,000		140,115
WF-RBS Commercial Mortgage Trust
Series 2012-C8, Class C, 4.885% VRN 8/15/45 (g)		100,000		97,815
Series 2011-C5, Class C, 5.673% VRN 11/15/44 (e) (g)		170,000		171,103
Series 2011-C5, Class D, 5.673% VRN 11/15/44 (e) (g)		115,000		113,268
				16,937,730
Home Equity Asset-Backed Securities — 0.0%
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240%
0.349% FRN 10/25/34 (e)		44,628		44,288
Other Asset-Backed Securities — 15.7%
321 Henderson Receivables LLC, Series 2015-1A, Class A
3.260% 9/15/72 (e)		66,624		70,266

	Principal Amount		Value
AASET Trust, Series 2019-2, Class C
6.413% 10/16/39	$	1,133,714	$	960,592
Affirm Asset Securitization Trust, Series 2021-A, Class D
3.490% 8/15/25 (e)		1,350,000		1,358,363
AGL CLO 7 Ltd., Series 2020-7A, Class A1, 3 mo. USD LIBOR + 1.800%
2.041% FRN 7/15/31 (e)		300,000		300,633
AIMCO CLO Series Ltd., Series 2018-AA, Class B, 3 mo. USD LIBOR + 1.400%
1.623% FRN 4/17/31 (e)		250,000		250,004
Anchorage Capital CLO Ltd.
Series 2019-11A, Class A, 3 mo. USD LIBOR + 1.390% 1.612% FRN 7/22/32 (e)		500,000		500,421
Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.850% 2.074% FRN 7/20/31 (e)		250,000		250,591
Series 2019-11A, Class C, 3 mo. USD LIBOR + 3.000% 3.222% FRN 7/22/32 (e)		250,000		250,379
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD LIBOR + .900%
1.009% FRN 10/25/34		217,140		213,226
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750%
1.968% FRN 1/23/31 (e)		250,000		250,032
Avery Point VII CLO Ltd., Series 2015-7A, Class DR, 3 mo. USD LIBOR + 3.600%
3.841% FRN 1/15/28 (e)		250,000		250,051
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class B, 3 mo. USD LIBOR + 1.950%
2.191% FRN 10/15/32 (e)		250,000		250,559
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class A,
4.213% STEP 12/16/41 (e)		369,792		372,207
BRE Grand Islander Timeshare Issuer LLC
Series 2017-1A, Class A, 2.940% 5/25/29 (e)		71,824		72,015
Series 2017-1A, Class B, 3.240% 5/25/29 (e)		59,333		59,288
Business Jet Securities LLC
Series 2020-1A, Class A, 2.981% 11/15/35 (e)		145,299		147,060

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

65

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

	Principal Amount		Value
Series 2021-1A, Class C, 5.067% 4/15/36 (e)	$	400,000	$	400,291
Canyon Capital CLO Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 2.750%
2.991% FRN 10/15/32 (e)		250,000		250,284
Capital Automotive REIT
Series 2014-1A, Class A, 3.660% 10/15/44 (e)		91,939		93,205
Series 2020-1A, Class B1, 4.170% 2/15/50 (e)		242,000		254,798
Series 2017-1A, Class A2, 4.180% 4/15/47 (e)		146,724		155,913
CARS-DB4 LP, Series 2020-1A, Class B3
4.950% 2/15/50 (e)		671,000		677,387
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A
3.967% 4/15/39 (e)		198,205		197,784
CF Hippolyta LLC, Series 2020-1, Class B1
2.280% 7/15/60 (e)		122,160		124,172
CIFC Funding Ltd., Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180%
1.403% FRN 11/16/30 (e)		250,000		250,039
CLI Funding VI LLC, Series 2019-1A, Class B
4.640% 5/18/44 (e)		104,538		105,968
Crestline Denali CLO XIV Ltd.
Series 2016-1A, Class A1R, 3 mo. USD LIBOR + 1.280% 1.498% FRN 10/23/31 (e)		349,621		349,647
Series 2016-1A, Class BR, 3 mo. USD LIBOR + 1.800% 2.018% FRN 10/23/31 (e)		250,000		250,002
DataBank Issuer, Series 2021-1A, Class B
2.650% 2/27/51 (e)		300,000		297,468
DB Master Finance LLC
Series 2019-1A, Class A2II, 4.021% 5/20/49 (e)		321,110		335,191
Series 2019-1A, Class A23, 4.352% 5/20/49 (e)		290,575		312,602
Domino’s Pizza Master Issuer LLC
Series 2019-1A, Class A2, 3.668% 10/25/49 (e)		247,500		261,570
Series 2018-1A, Class A2I, 4.116% 7/25/48 (e)		263,925		276,113
Series 2017-1A, Class A23, 4.118% 7/25/47 (e)		164,900		177,215
Series 2015-1A, Class A2II, 4.474% 10/25/45 (e)		593,650		626,380

	Principal Amount		Value
Elara HGV Timeshare Issuer LLC
Series 2016-A, Class A, 2.730% 4/25/28 (e)	$	89,393	$	88,908
Series 2016-A, Class B, 3.220% 4/25/28 (e)		54,508		54,166
Elmwood CLO II Ltd.
Series 2019-2A, Class AR, 3 mo. USD LIBOR + 1.150% 1.000% FRN 4/20/34 (e) (f)		450,000		450,000
Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450% 1.674% FRN 4/20/31 (e)		450,000		450,086
Elmwood CLO III Ltd., Series 2019-3A, Class A1, 3 mo. USD LIBOR + 1.370%
1.611% FRN 10/15/32 (e)		250,000		250,314
Falcon Aerospace Ltd., Series 2019-1, Class C
6.656% 9/15/39 (e)		316,208		282,045
FCI Funding LLC, Series 2019-1A, Class A
3.630% 2/18/31 (e)		29,987		30,429
Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class C, 3 mo. USD LIBOR + 2.700%
2.924% FRN 10/20/32 (e)		250,000		250,584
Goodgreen Trust
Series 2016-1A, Class A, 3.230% 10/15/52 (e)		225,593		229,678
Series 2017-1A, Class A, 3.740% 10/15/52 (e)		120,558		124,878
Series 2019-2A, Class B, 3.860% 10/15/54 (e)		140,737		144,072
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700%
1.924% FRN 1/20/31 (e)		280,000		280,053
Helios Issuer LLC, Series 2017-1A, Class A
4.940% 9/20/49 (e)		249,163		264,261
Hero Funding Trust
Series 2016-3A, Class A1, 3.080% 9/20/42 (e)		97,473		100,100
Series 2017-3A, Class A1, 3.190% 9/20/48 (e)		126,223		131,905
Series 2017-2A, Class A1, 3.280% 9/20/48 (e)		48,899		50,315
Series 2016-4A, Class A2, 4.290% 9/20/47 (e)		97,367		101,395
Horizon Aircraft Finance I Ltd., Series 2018-1, Class B
5.270% 12/15/38 (e)		225,200		218,109

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

66

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

	Principal Amount		Value
Horizon Aircraft Finance II Ltd., Series 2019-1, Class B
4.703% 7/15/39 (e)	$	273,167	$	263,779
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A
3.425% 11/15/39 (e)		499,624		493,178
HPS Loan Management Ltd., Series 15A-19, Class C, 3 mo. USD LIBOR + 2.700%
2.922% FRN 7/22/32 (e)		250,000		250,153
ICG US CLO Ltd., Series 2019-1A, Class A1A, 3 mo. USD LIBOR + 1.380%
1.595% FRN 10/26/32 (e)		250,000		250,534
ITE Rail Fund Levered LP
Series 2021-1A, Class A, 2.250% 2/28/51 (e)		503,816		501,880
Series 2021-2A, Class B, 2.980% 2/28/51 (e)		800,000		800,000
J.G. Wentworth XLIII LLC, Series 2019-1A, Class B
4.510% 8/15/73 (e)		138,000		141,772
Kayne CLO 4 Ltd., Series 2019-4A, Class B1, 3 mo. USD LIBOR + 2.100%
2.318% FRN 4/25/32 (e)		250,000		251,498
KDAC Aviation Finance Ltd., Series 2017-1A, Class A
4.212% 12/15/42 (e)		331,655		320,915
Kestrel Aircraft Fundig Limited, Series 2018-1A, Class A
4.250% 12/15/38 (e)		370,019		370,565
KKR Financial CLO Ltd., Series 26, Class B1, 3 mo. USD LIBOR + 2.050%
2.291% FRN 7/15/32 (e)		250,000		250,321
KREF Ltd., Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.550%
2.658% FRN 6/15/36 (e)		450,000		446,627
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1
4.300% 1/15/42 (e)		354,856		347,492
Lunar Aircraft Ltd.
Series 2020-1A, Class A, 3.376% 2/15/45 (e)		206,613		202,471
Series 2020-1A, Class B, 4.335% 2/15/45 (e)		133,095		128,566
Series 2020-1A, Class C, 6.413% 2/15/45 (e)		208,384		169,718
MACH 1 Cayman Ltd., Series 2019-1, Class B
4.335% 10/15/39 (e)		319,562		310,884

	Principal Amount		Value
Madison Park Funding Ltd.
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 1.841% FRN 7/15/30 (e)	$	950,000	$	950,036
Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 2.188% FRN 1/22/31 (e)		300,000		299,429
Magnetite XV Ltd., Series 2015-15A, Class CR, 3 mo. USD LIBOR + 1.800%
2.018% FRN 7/25/31 (e)		490,000		489,098
Mariner Finance Issuance Trust, Series 2021-AA, Class D
3.830% 3/20/36 (e)		381,000		382,853
Mosaic Solar Loans LLC, Series 2017-1A, Class A
4.450% 6/20/42 (e)		41,526		45,258
MP CLO III Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250%
1.474% FRN 10/20/30 (e)		250,000		250,019
NP SPE LLC, Series 2017-1A, Class A2
4.219% 10/21/47 (e)		380,000		385,992
Oak Street Investment Grade Net Lease Fund
Series 2021-1A, Class A4, 3.260% 1/20/51 (e)		485,000		482,634
Series 2020-1A, Class A5, 3.390% 11/20/50 (e)		600,000		612,357
OHA Credit Funding Ltd.
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 1.552% FRN 10/22/32 (e)		250,000		250,666
Series 2015-11A, Class CR, 3 mo. USD LIBOR + 2.150% 2.374% FRN 1/20/32 (e)		300,000		300,000
OneMain Financial Issuance Trust
Series 2020-2A, Class D, 3.450% 9/14/35 (e)		280,000		295,626
Series 2019-2A, Class C, 3.660% 10/14/36 (e)		400,000		417,508
Orange Lake Timeshare Trust, Series 2019-A, Class D
4.930% 4/09/38 (e)		486,571		484,898
Oxford Finance Funding Trust, Series 2020-1A, Class A2
3.101% 2/15/28 (e)		344,000		351,669
Park Place Securities, Inc., Series 2005-WCW3, Class M1, 1 mo. USD LIBOR + .720%
0.829% FRN 8/25/35		29,047		29,152

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

67

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

	Principal Amount		Value
Pioneer Aircraft Finance Ltd., Series 2019-1, Class B
4.948% 6/15/44 (e)	$	341,661	$	331,801
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2
3.858% 12/05/49 (e)		502,638		479,140
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
2.959% FRN 2/25/23 (e)		210,000		209,749
Renew, Series 2021-1, Class M
3.210% 11/20/56 (e) (f)		250,000		249,966
Rockford Tower CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.720%
1.902% FRN 5/20/31 (e)		250,000		249,481
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%
1.331% FRN 1/15/30 (e)		500,000		499,521
Sierra Receivables Funding LLC
Series 2020-2A, Class C, 3.510% 7/20/37 (e)		113,285		116,655
Series 2019-1A, Class D, 4.750% 1/20/36 (e)		303,123		312,513
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%
2.489% FRN 8/18/31 (e)		490,000		474,207
Store Master Funding I-VII and XIV
Series 2019-1, Class A4, 4.490% 11/20/49 (e)		764,867		756,492
Series 2018-1A, Class A4, 4.740% 10/20/48 (e)		236,600		251,915
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A
4.870% 7/20/48 (e)		111,541		119,509
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A
4.190% 1/15/71 (e)		287,150		311,284
Taco Bell Funding LLC
Series 2018-1A, Class A2II, 4.940% 11/25/48 (e)		303,025		326,590
Series 2016-1A, Class A23, 4.970% 5/25/46 (e)		423,500		458,834
Textainer Marine Containers VII Ltd., Series 2019-1A, Class B
5.280% 4/20/44 (e)		181,187		189,022
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.700%
1.924% FRN 1/20/31 (e)		490,000		490,049

	Principal Amount		Value
TICP CLO XIV Ltd., Series 2019-14A, Class A2, 3 mo. USD LIBOR + 1.900%
2.124% FRN 10/20/32 (e)	$	250,000	$	250,489
Tif Funding II LLC, Series 2020-1A, Class A
2.090% 8/20/45 (e)		139,613		139,683
Trinity Rail Leasing LP
Series 2019-2A, Class A2, 3.100% 10/18/49 (e)		700,000		713,859
Series 2018-1A, Class A2, 4.620% 6/17/48 (e)		430,000		435,498
Vantage Data Centers LLC, Series 2020-2A, Class A2
1.992% 9/15/45 (e)		300,000		294,651
VSE VOI Mortgage LLC, Series 2016-A, Class B
2.740% 7/20/33 (e)		26,542		26,667
Wave USA
4.581% 9/15/44 (e)		608,521		562,630
Westgate Resorts LLC, Series 2017-1A, Class A
3.050% 12/20/30 (e)		50,424		50,895
Willis Engine Structured Trust III, Series 2017-A, Class A,
4.690% STEP 8/15/42 (e)		343,822		340,379
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 (e)		218,849		217,619
				34,839,660
Student Loans Asset-Backed Securities — 5.3%
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%
1.609% FRN 7/25/58 (e)		130,000		118,885
Brazos Higher Education Authority, Inc.
1.606% 6/25/42		450,000		442,979
College Avenue Student Loans LLC
Series 2021-A, Class C, 2.920% 7/25/51 (e)		576,000		573,610
Series 2021-A, Class D, 4.120% 7/25/51 (e)		284,000		282,735
Series 2019-A, Class C, 4.460% 12/28/48 (e)		225,000		229,674
Series 2019-A, Class D, 5.500% 12/28/48 (e)		174,000		179,152
Commonbond Student Loan Trust, Series 2017-AGS, Class C
5.280% 5/25/41 (e)		56,349		57,797

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

68

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

	Principal Amount		Value
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B
2.500% 1/25/30 (e)	$	79,645	$	79,869
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, PRIME - 1.150%
2.100% FRN 12/01/47 (e)		241,984		238,960
EDvestinU Private Education Loan Issue No 3 LLC, Series 2021-A, Class B
3.500% 11/25/50 (e)		600,000		591,703
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450%
0.638% FRN 8/25/42		590,986		568,956
KeyCorp Student Loan Trust, Series 1999-B, Class CTFS, 3 mo. USD LIBOR + .900%
1.088% FRN 11/25/36		2,892		2,892
Navient Private Education Refi Loan Trust
Series 2020-DA, Class B, 3.330% 5/15/69 (e)		1,003,000		1,002,034
Series 2018-CA, Class B, 4.220% 6/16/42 (e)		530,000		544,883
Navient Student Loan Trust
Series 2018-1A, Class B, 1 mo. USD LIBOR + 1.200% 1.309% FRN 3/25/67 (e)		250,000		239,072
Series 2018-EA, Class B, 4.440% 12/15/59 (e)		140,000		144,807
Nelnet Private Education Loan Trust
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 1.859% FRN 12/26/40 (e)		36,097		36,246
Series 2016-A, Class A1B, 3.600% 12/26/40 (e)		40,434		40,625
Nelnet Student Loan Trust
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.451% FRN 6/25/41		113,728		100,759
Series 2012-2A, Class B, 1 mo. USD LIBOR + 1.000% 1.109% FRN 11/25/36 (e)		200,000		196,732
Series 2012-1A, Class B, 1 mo. USD LIBOR + 1.000% 1.109% FRN 6/25/42 (e)		150,000		147,459
Series 2012-4A, Class B, 1 mo. USD LIBOR + 1.000% 1.109% FRN 7/26/49 (e)		350,000		335,075
Series 2005-4, Class A4R2, 1.191% FRN 3/22/32 (g)		145,411		139,948

	Principal Amount		Value
Series 2018-5A, Class B, 1 mo. USD LIBOR + 1.450% 1.559% FRN 2/25/67 (e)	$	1,000,000	$	958,931
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 6/25/41 (e)		100,000		99,635
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 10/25/47 (e)		440,000		440,995
Series 2014-5A, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 5/26/54 (e)		100,000		100,245
SLM Student Loan Trust
Series 2006-2, Class R, 0.000% 1/25/41		1,363		841,077
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 0.418% FRN 1/27/42		285,492		259,860
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 0.418% FRN 1/25/70		154,205		141,064
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.428% FRN 10/25/40		127,608		117,781
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.508% FRN 1/25/44		307,261		283,155
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 0.518% FRN 1/25/41		383,942		358,706
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 0.688% FRN 10/25/64		102,978		97,508
SMB Private Education Loan Trust, Series 2019-A, Class B
4.000% 11/17/42 (e)		185,000		180,892
SoFi Professional Loan Program LLC
Series 2017-D, Class BFX, 3.610% 9/25/40 (e)		500,000		505,276
Series 2017-C, Class C, 4.210% VRN 7/25/40 (e) (g)		180,000		184,875
Series 2017-A, Class C, 4.430% VRN 3/26/40 (e) (g)		170,000		175,232
South Carolina Student Loan Corp.
Series 2015-A, Class A, 1 mo. USD LIBOR + 1.500% 1.609% FRN 1/25/36		77,780		79,365
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 1.615% FRN 8/01/35		550,000		528,982
				11,648,431

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

69

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

	Principal Amount		Value
Whole Loan Collateral Collateralized Mortgage Obligations — 0.8%
Angel Oak Mortgage Trust I LLC
Series 2019-4, Class M1, 3.459% VRN 7/26/49 (e) (g)	$	492,000	$	494,255
Series 2019-2, Class M1, 4.065% VRN 3/25/49 (e) (g)		260,000		265,066
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
3.074% VRN 8/25/34 (g)		11,534		11,368
Deephaven Residential Mortgage Trust, Series 2019-3A, Class M1,
3.405% VRN 7/25/59 (e) (g)		800,000		800,340
JP Morgan Mortgage Trust, Series 2017-1, Class A11,
3.500% VRN 1/25/47 (e) (g)		188,504		188,907
				1,759,936
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $68,792,785)				69,340,602
SOVEREIGN DEBT OBLIGATIONS — 0.6%
Colombia Government International Bond
6.125% 1/18/41		440,000		521,066
Mexico Government International Bond
4.750% 3/08/44		414,000		434,766
6.750% 9/27/34		375,000		479,535
				1,435,367
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,430,910)				1,435,367
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 15.5%
Collateralized Mortgage Obligations — 1.2%
Federal Home Loan Mortgage Corp. Series 2178, Class PB 7.000% 8/15/29		6,208		7,010
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series K124, Class A2, 1.658% 12/25/30		747,000		730,034
Series K125, Class A2, 1.846% 1/25/31		1,178,000		1,170,531

	Principal Amount		Value
Federal National Mortgage Association ACES (g) Series 2021-M4, Class A2 1.466% 2/25/31	$	759,000	$	726,082
				2,633,657
Pass-Through Securities — 13.4%
Federal Home Loan Mortgage Corp.
Pool #RA4245 2.000% 12/01/50		569,313		568,873
Pool #RA4255 2.000% 1/01/51		1,186,189		1,186,755
Federal National Mortgage Association
Pool #MA3029 3.000% 6/01/32		475,969		503,927
Pool #MA3090 3.000% 8/01/32		197,421		208,709
Pool #AR3007 3.000% 2/01/43		124,318		131,861
Pool #AS1304 3.500% 12/01/28		125,406		134,537
Pool #MA1356 3.500% 2/01/43		833,667		910,518
Pool #CA6096 3.500% 6/01/50		1,813,853		1,932,314
Pool #FM4017 3.500% 8/01/50		157,676		166,298
Pool #CA1909 4.500% 6/01/48		764,102		833,500
Pool #AD6437 5.000% 6/01/40		46,276		53,308
Pool #AD6996 5.000% 7/01/40		282,246		325,132
Pool #AL8173 5.000% 2/01/44		123,247		141,705
Government National Mortgage Association
Pool #579140 6.500% 1/15/32		547		631
Pool #587280 6.500% 9/15/32		836		949
Pool #550659 6.500% 9/15/35		62,761		73,695
Pool #538689 6.500% 12/15/35		12,567		14,864
Pool #780651 7.000% 10/15/27		594		663
Pool #462384 7.000% 11/15/27		357		399
Pool #482668 7.000% 8/15/28		724		820
Pool #581417 7.000% 7/15/32		642		731
Pool #423836 8.000% 8/15/26		426		474
Pool #444619 8.000% 3/15/27		3,964		4,424
Government National Mortgage Association II
Pool #MA6038 3.000% 7/20/49		1,091,021		1,141,758
Pool #MA6283 3.000% 11/20/49		1,937,390		2,023,704
Pool #MA6409 3.000% 1/20/50		1,984,150		2,070,687
Pool #MA4321 3.500% 3/20/47		1,172,164		1,246,771
Government National Mortgage Association II TBA
2.500% 6/01/50 (f)		300,000		309,258
3.000% 8/01/49 (f)		2,350,000		2,446,020
3.500% 6/01/49 (f)		480,000		506,400
Uniform Mortgage Backed Securities TBA
2.000% 1/01/36 (f)		2,620,000		2,687,956
2.500% 7/01/50 (f)		2,150,000		2,204,590

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

70

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

	Principal Amount		Value
3.000% 6/01/49 (f)	$	7,600,000	$	7,914,094
				29,746,325
Whole Loans — 0.9%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2020-DNA6, Class M2, SOFR + 2.000% 2.017% FRN 12/25/50 (e)		1,000,000		995,632
Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050% 2.159% FRN 7/25/49 (e)		285,628		284,846
Series 2021-DNA2, Class M2, SOFR30A + 2.300% 2.317% FRN 8/25/33 (e)		418,000		418,167
Federal National Mortgage Association Connecticut Avenue Securities Trust
Series 2019-R04, Class 2M2, 1 mo. USD LIBOR + 2.100% 2.209% FRN 6/25/39 (e)		85,569		85,655
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 2.259% FRN 9/25/31 (e)		66,536		66,684
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 2.409% FRN 8/25/31 (e)		230,789		230,941
				2,081,925
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $34,588,149)				34,461,907
U.S. TREASURY OBLIGATIONS — 2.0%
U.S. Treasury Bonds & Notes — 2.0%
U.S. Treasury Bond
2.250% 8/15/49 (h)		2,070,000		1,995,765
3.500% 2/15/39		600,000		717,332

	Principal Amount		Value
U.S. Treasury Note
0.500% 2/28/26	$	1,700,000	$	1,665,971
				4,379,068
TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,617,086)				4,379,068
TOTAL BONDS & NOTES (Cost $206,864,017)				211,875,327
TOTAL PURCHASED OPTIONS (#) — 0.3% (Cost $710,400)				712,931
	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) (c)		150		4,029
TOTAL WARRANTS (Cost $0)				4,029
TOTAL LONG-TERM INVESTMENTS (Cost $209,263,876)				214,311,671
	Principal Amount
SHORT-TERM INVESTMENTS — 12.3%
Commercial Paper — 10.8%
Amcor Flexibles North Amer
0.193% 4/30/21 (e)	$	3,000,000		2,999,551
American Electric Power Co., Inc.
0.203% 4/19/21 (e)		1,000,000		999,912
American Honda Finan
0.254% 6/04/21		3,000,000		2,998,797
At&t, Inc.
0.386% 10/19/21 (e)		1,000,000		998,463
Dominion Resources
0.203% 4/12/21		2,000,000		1,999,896
Ei Dupont
0.213% 5/05/21 (e)		2,000,000		1,999,634
Entergy Corp.
0.233% 5/18/21 (e)		3,000,000		2,999,032
Oge Energy Corp.
0.284% 5/27/21 (e)		3,000,000		2,998,931

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

71

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

	Principal Amount		Value
VW Credit, Inc.
0.213% 4/06/21 (e)	$	3,000,000	$	2,999,925
Walgreens Boots
0.243% 4/20/21 (e)		3,000,000		2,999,672
				23,993,813
Repurchase Agreement — 1.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/2021, 0.000%, due 4/01/21 (i)		3,337,204		3,337,204
TOTAL SHORT-TERM INVESTMENTS (Cost $27,329,996)				27,331,017
TOTAL INVESTMENTS — 108.9% (Cost $236,593,872) (j)				241,642,688
Other Assets/(Liabilities) — (8.9)%				(19,748,108	)
NET ASSETS — 100.0%			$	221,894,580

Abbreviation Legend

CLO Collateralized Loan Obligation

FRN Floating Rate Note

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) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2021, these securities amounted to a value of $34,387 or 0.02% of net assets.

(b) Investment was valued using significant unobservable inputs.

(c) Non-income producing security.

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

(e) 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, 2021, the aggregate market value of these securities amounted to $116,419,831 or 52.47% of net assets.

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

(g) 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, 2021.

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

(i) Maturity value of $3,337,204. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $3,403,972.

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

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

United States	78.0	%
Cayman Islands	7.0	%
Canada	2.1	%
United Kingdom	1.8	%
Bermuda	1.6	%
Netherlands	1.2	%
Mexico	1.2	%
Israel	0.6	%
Ireland	0.4	%
Norway	0.4	%
United Arab Emirates	0.3	%
Switzerland	0.3	%
Colombia	0.2	%
Hong Kong	0.2	%
Finland	0.2	%
Luxembourg	0.2	%
Saudi Arabia	0.2	%
Spain	0.2	%
Australia	0.2	%
Panama	0.1	%
Japan	0.1	%
Chile	0.1	%
Total Long-Term Investments	96.6	%
Short-Term Investments and Other Assets and Liabilities	3.4	%
Net Assets	100.0	%

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

72

MassMutual Premier Diversified 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-Annual		USD	800,000	$	46,320	$	39,994	$	6,326
Put
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC*		12/13/32			2.94%		Semi-Annual	3-Month USD LIBOR BBA				Quarterly		USD	13,410,000	$	666,611	$	670,406	$	(3,795	)
																	$	712,931	$	710,400	$	2,531

OTC Options Written

Description	Counterparty	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
USD Call BRL Put	Bank of America N.A.*		10/01/21		6.32		256,666		USD	256,666	$	(5,501	)	$	(5,544	)	$	43
USD Call MXN Put	Bank of America N.A.*		10/04/21		22.96		256,666		USD	256,666		(4,091	)		(3,881	)		(210	)
USD Call MXN Put	Barclays Bank PLC*		9/28/21		23.09		256,666		USD	256,666		(3,683	)		(4,448	)		765
USD Call BRL Put	Barclays Bank PLC*		9/29/21		6.45		256,666		USD	256,666		(4,464	)		(5,701	)		1,237
USD Call RUB Put	Barclays Bank PLC*		9/29/21		85.58		256,666		USD	256,666		(4,183	)		(4,361	)		178
USD Call MXN Put	Barclays Bank PLC*		10/01/21		23.14		256,666		USD	256,666		(3,696	)		(4,368	)		672
USD Call RUB Put	Citibank N.A.*		9/30/21		85.05		256,666		USD	256,666		(4,459	)		(4,326	)		(133	)
USD Call BRL Put	HSBC Bank USA*		9/28/21		6.38		256,666		USD	256,666		(4,914	)		(5,910	)		996
USD Call RUB Put	HSBC Bank USA*		9/28/21		85.55		256,666		USD	256,666		(4,164	)		(4,582	)		418
											$	(39,155	)	$	(43,121	)	$	3,966

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

73

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

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		4/20/21		PLN	1,978,257		USD	531,447	$	(30,825	)
Bank of America N.A.*		4/27/21		AUD	11,811		USD	9,000		(28	)
Bank of America N.A.*		4/27/21		JPY	418,740		USD	4,000		(217	)
Bank of America N.A.*		5/18/21		EUR	327		USD	398		(14	)
Barclays Bank PLC*		4/13/21		MXN	3,130,537		USD	157,058		(4,016	)
BNP Paribas SA*		4/20/21		RUB	7,753,635		USD	104,070		(1,748	)
BNP Paribas SA*		4/27/21		USD	262,037		JPY	27,151,713		16,760
Canadian Imperial Bank of Commerce*		5/18/21		USD	163,000		EUR	137,658		1,427
Citibank N.A.*		4/13/21		USD	103,000		CLP	75,657,620		(2,026	)
Citibank N.A.*		4/20/21		RUB	455,766		USD	6,000		15
Citibank N.A.*		5/11/21		BRL	2,448,560		USD	457,812		(23,752	)
Citibank N.A.*		5/18/21		USD	123,258		CHF	109,465		7,309
Citibank N.A.*		5/18/21		RUB	11,400,466		USD	152,669		(2,751	)
Citibank N.A.*		5/25/21		INR	37,728,190		USD	511,253		1,419
Citibank N.A.*		5/25/21		USD	102,975		SGD	137,011		1,148
Citibank N.A.*		7/27/21		USD	514,000		THB	16,083,831		(461	)
Goldman Sachs International*		4/20/21		EUR	214,794		USD	259,000		(7,037	)
Goldman Sachs International*		4/27/21		USD	32,060		AUD	41,765		334
Goldman Sachs International*		5/11/21		BRL	32,209		USD	6,000		(290	)
Goldman Sachs International*		5/11/21		MXN	3,134,545		USD	153,604		(829	)
HSBC Bank USA*		4/20/21		USD	267,913		ILS	838,835		16,967
HSBC Bank USA*		4/20/21		ILS	838,835		USD	256,313		(5,367	)
JP Morgan Chase Bank N.A.*		4/13/21		BRL	937,066		USD	174,613		(8,215	)
JP Morgan Chase Bank N.A.*		4/20/21		USD	412,000		EUR	338,663		14,734
JP Morgan Chase Bank N.A.*		4/27/21		USD	63,000		JPY	6,834,708		1,258
JP Morgan Chase Bank N.A.*		5/18/21		UAH	1,482,052		USD	51,820		918
JP Morgan Chase Bank N.A.*		7/27/21		USD	258,000		CNH	1,699,523		1,285
Morgan Stanley & Co. LLC*		4/13/21		MXN	101,940		USD	5,000		(16	)
Morgan Stanley & Co. LLC*		4/20/21		PLN	31,307		USD	8,000		(77	)
Morgan Stanley & Co. LLC*		4/20/21		USD	263,000		CHF	233,413		15,948
Morgan Stanley & Co. LLC*		4/27/21		AUD	165,477		USD	127,987		(2,283	)
Morgan Stanley & Co. LLC*		5/18/21		USD	19,000		CHF	17,743		206
									$	(10,224	)

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

74

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 Long Bond		6/21/21		38	$	6,091,282		$	(216,719	)
U.S. Treasury Ultra Bond		6/21/21		76		14,471,609			(698,984	)
U.S. Treasury Note 2 Year		6/30/21		139		30,709,662			(28,670	)
								$	(944,373	)
Short
U.S. Treasury Ultra 10 Year		6/21/21		41	$	(6,067,128	)	$	175,940
90 Day Eurodollar		9/13/21		3		(731,728	)		(16,847	)
90 Day Eurodollar		3/14/22		3		(731,503	)		(16,735	)
90 Day Eurodollar		9/19/22		3		(731,203	)		(16,022	)
90 Day Eurodollar		3/13/23		2		(487,168	)		(9,807	)
90 Day Eurodollar		12/18/23		3		(730,078	)		(10,885	)
90 Day Eurodollar		12/16/24		6		(1,458,355	)		(13,595	)
								$	92,049

* Contracts are subject to a Master Netting Agreement.

Currency Legend

AUD Australian Dollar

BRL Brazilian Real

CHF Swiss Franc

CLP Chilean Peso

CNH Offshore Chinese Yuan

EUR Euro

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

MXN Mexican Peso

PLN Polish Zloty

RUB Russian Ruble

SGD Singapore Dollar

THB Thai Baht

UAH Ukrainian Hryvnia

USD U.S. Dollar

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

75

MassMutual Premier High Yield Fund — Portfolio of Investments

March 31, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.6%
COMMON STOCK — 0.6%
Basic Materials — 0.0%
Forest Products & Paper — 0.0%
The Newark Group, Inc. (a) (b) (g)		329,969	$	—
Energy — 0.6%
Oil & Gas — 0.6%
Fieldwood Energy LLC (g)		10,960		—
Fieldwood Energy LLC (g)		44,668		—
Tourmaline Oil Corp.		144,159		2,743,919
Tourmaline Oil Corp. (Escrow Shares) (a) (b) (g)		623,848		496,418
				3,240,337
TOTAL COMMON STOCK (Cost $3,928,046)				3,240,337
TOTAL EQUITIES (Cost $3,928,046)				3,240,337
	Principal Amount
BONDS & NOTES — 98.2%
BANK LOANS — 12.5%
Advertising — 0.7%
Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.500%
3.712% VRN 8/21/26	$	4,380,737		4,201,872
Aerospace & Defense — 1.3%
AAdvantage Loyalty IP Ltd., 2021 Term Loan,
0.000% 4/20/28 (c)		3,039,074		3,110,310
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000%
4.750% VRN 3/01/28		4,182,156		4,143,304
				7,253,614
Chemicals — 0.4%
Consolidated Energy Finance, SA, Term Loan B, 1 mo. USD LIBOR + 2.500%
2.609% VRN 5/07/25		2,460,998		2,399,473
Commercial Services — 1.2%
City Brewing Company, LLC, Term Loan B,
0.000% 3/31/28 (c)		1,457,301		1,457,301

	Principal Amount		Value
Syniverse Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 5.000%
6.000% VRN 3/09/23	$	5,635,531	$	5,551,618
				7,008,919
Entertainment — 0.5%
Delta 2 (LUX) S.A.R.L., 2018 USD Term Loan, 1 mo. USD LIBOR + 2.500%
3.500% VRN 2/01/24		1,559,709		1,542,646
Storable, Inc., Term Loan B,
0.000% 2/26/28 (c)		1,272,727		1,260,000
				2,802,646
Health Care – Services — 0.5%
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250%, 3 mo. USD LIBOR + 4.250%
4.357% - 5.295% VRN 7/09/25		2,829,000		2,804,246
Oil & Gas — 0.0%
Fieldwood Energy LLC, Exit 2nd Lien Term Loan,
0.000% 4/11/23 (d)		3,084,695		142,667
Packaging & Containers — 2.3%
BWAY Holding Co., 2017 Term Loan B, 3 mo. USD LIBOR + 3.250%
3.443% VRN 4/03/24		4,538,060		4,435,954
Flex Acquisition Company, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.500%
4.000% VRN 2/23/28		3,922,296		3,868,992
Proampac PG Borrower LLC, 2020 Term Loan, 1 mo. USD LIBOR + 4.000%, 3 mo. USD LIBOR + 4.000%
5.000% VRN 11/03/25		4,185,003		4,179,102
Trident TPI Holdings, Inc., 2017 USD Term Loan B1, 3 mo. USD LIBOR + 3.000%
4.000% VRN 10/17/24		670,375		662,940
				13,146,988
Retail — 0.5%
Great Outdoors Group LLC, 2021 Term Loan B, 6 mo. USD LIBOR + 4.250%
5.000% VRN 3/06/28		2,996,191		2,997,689

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

76

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

	Principal Amount		Value
Software — 5.1%
Banff Merger Sub, Inc., 2021 USD Term Loan, 1 mo. USD LIBOR + 3.750%
3.859% VRN 10/02/25	$	2,544,527	$	2,531,805
Cvent, Inc., 1st Lien Term Loan, 2 mo. USD LIBOR + 3.750%
3.900% VRN 11/29/24		4,810,838		4,673,873
Finastra USA, Inc.
USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500%
4.500% VRN 6/13/24		13,615,942		13,330,551
USD 2nd Lien Term Loan, 6 mo. USD LIBOR + 7.250%
8.250% VRN 6/13/25		6,000,000		6,022,500
Renaissance Holding Corp., 2018 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.000%
7.203% VRN 5/29/26		3,443,850		3,430,075
				29,988,804
TOTAL BANK LOANS (Cost $74,524,653)				72,746,918
CORPORATE DEBT — 85.7%
Advertising — 1.0%
Clear Channel Outdoor Holdings, Inc.
7.750% 4/15/28 (e)		1,853,000		1,836,934
Outfront Media Capital LLC / Outfront Media Capital Corp.
4.250% 1/15/29 (e)		1,190,000		1,145,637
Terrier Media Buyer, Inc.
8.875% 12/15/27 (e)		2,561,000		2,755,764
				5,738,335
Aerospace & Defense — 2.8%
Rolls-Royce PLC
5.750% 10/15/27 (e)		1,151,000		1,224,722
Signature Aviation US Holdings, Inc.
4.000% 3/01/28 (e)		2,864,000		2,912,459
TransDigm, Inc.
4.625% 1/15/29 (e)		990,000		974,942
6.250% 3/15/26 (e)		1,250,000		1,324,875
6.375% 6/15/26		1,510,000		1,560,962
8.000% 12/15/25 (e)		1,076,000		1,171,764
Triumph Group, Inc.
6.250% 9/15/24 (e)		1,347,000		1,366,801
7.750% 8/15/25		5,636,000		5,664,180
				16,200,705

	Principal Amount		Value
Agriculture — 0.3%
JBS Investments II GmbH
7.000% 1/15/26 (e)	$	1,574,000	$	1,675,476
Airlines — 2.1%
American Airlines, Inc.
11.750% 7/15/25 (e)		1,962,000		2,425,522
American Airlines, Inc. /AAdvantage Loyalty IP Ltd.
5.500% 4/20/26 (e)		3,568,000		3,719,640
5.750% 4/20/29 (e)		1,374,000		1,464,409
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500% 10/20/25 (e)		1,085,000		1,155,370
4.750% 10/20/28 (e)		1,998,000		2,171,576
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 (e)		1,137,000		1,245,015
				12,181,532
Auto Manufacturers — 3.9%
Ford Motor Co.
7.450% 7/16/31		3,209,000		4,046,003
8.500% 4/21/23		1,325,000		1,477,375
9.000% 4/22/25		1,029,000		1,246,237
9.625% 4/22/30		3,100,000		4,326,174
Ford Motor Credit Co. LLC
3.087% 1/09/23		650,000		660,550
3.375% 11/13/25		1,000,000		1,017,000
3.664% 9/08/24		646,000		668,613
4.000% 11/13/30		1,000,000		991,990
4.125% 8/17/27		1,335,000		1,378,388
4.134% 8/04/25		771,000		806,408
4.140% 2/15/23		342,000		353,423
4.389% 1/08/26		712,000		748,362
4.687% 6/09/25		1,000,000		1,061,325
5.113% 5/03/29		322,000		345,023
5.125% 6/16/25		1,236,000		1,333,619
JB Poindexter & Co., Inc.
7.125% 4/15/26 (e)		2,198,000		2,321,638
				22,782,128
Auto Parts & Equipment — 0.8%
Adient Global Holdings Ltd.
4.875% 8/15/26 (e)		762,000		782,003
American Axle & Manufacturing, Inc.
6.500% 4/01/27		1,064,000		1,103,900
Clarios Global LP
6.750% 5/15/25 (e)		452,000		483,504

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

77

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

	Principal Amount		Value
Clarios Global LP/Clarios US Finance Co.
8.500% 5/15/27 (e)	$	1,946,000	$	2,095,375
				4,464,782
Building Materials — 1.1%
Cornerstone Building Brands, Inc.
6.125% 1/15/29 (e)		1,575,000		1,677,375
CP Atlas Buyer, Inc.
7.000% 12/01/28 (e)		3,010,000		3,163,660
PGT Innovations, Inc.
6.750% 8/01/26 (e)		1,279,000		1,358,938
				6,199,973
Chemicals — 1.1%
CF Industries, Inc.
4.950% 6/01/43		266,000		304,658
5.375% 3/15/44		1,040,000		1,233,700
Consolidated Energy Finance SA
6.875% 6/15/25 (e)		3,816,000		3,887,550
Kraton Polymers LLC / Kraton Polymers Capital Corp.
4.250% 12/15/25 (e)		605,000		607,269
Nouryon Holding BV
8.000% 10/01/26 (e)		604,000		641,623
				6,674,800
Coal — 1.9%
Peabody Energy Corp.
8.500% 12/31/24 (e)		3,392,000		1,424,640
PIC AU Holdings LLC / PIC AU Holdings Corp.
10.000% 12/31/24 (e)		3,825,000		3,509,437
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
7.500% 6/15/25 (e)		3,168,000		3,290,760
Warrior Met Coal, Inc.
8.000% 11/01/24 (e)		2,960,000		3,034,000
				11,258,837
Commercial Services — 0.9%
Alta Equipment Group, Inc.
5.625% 4/15/26 (e) (f)		353,000		357,854
NESCO Holdings II, Inc.
5.500% 4/15/29 (e) (f)		255,000		261,502
Prime Security Services Borrower LLC / Prime Finance, Inc.
6.250% 1/15/28 (e)		2,383,000		2,480,679
Rent-A-Center, Inc. /TX
6.375% 2/15/29 (e)		436,000		462,160
Sabre GLBL, Inc.
9.250% 4/15/25 (e)		306,000		364,905

	Principal Amount		Value
TMS International Holding Corp.
7.250% 8/15/25 (e)	$	1,046,000	$	1,064,305
				4,991,405
Computers — 1.4%
Austin BidCo, Inc.
7.125% 12/15/28 (e)		574,000		584,045
Banff Merger Sub, Inc.
9.750% 9/01/26 (e)		4,005,000		4,267,640
Diebold Nixdorf, Inc.
9.375% 7/15/25 (e)		3,050,000		3,396,937
				8,248,622
Distribution & Wholesale — 1.1%
Core & Main Holdings LP
8.625% 9/15/24 (e)		657,000		666,855
Core & Main LP
6.125% 8/15/25 (e)		1,330,000		1,365,032
KAR Auction Services, Inc.
5.125% 6/01/25 (e)		1,673,000		1,692,240
Resideo Funding, Inc.
6.125% 11/01/26 (e)		2,600,000		2,738,866
				6,462,993
Diversified Financial Services — 3.1%
Alliance Data Systems Corp.
4.750% 12/15/24 (e)		3,554,000		3,647,292
7.000% 1/15/26 (e)		1,069,000		1,144,044
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (e)		8,465,644		8,118,553
LPL Holdings, Inc.
4.625% 11/15/27 (e)		1,425,000		1,478,437
OneMain Finance Corp.
4.000% 9/15/30		1,047,000		1,018,208
5.375% 11/15/29		2,393,000		2,545,554
				17,952,088
Electric — 1.7%
FirstEnergy Corp.
2.250% 9/01/30		898,000		832,895
5.350% STEP 7/15/47		2,101,000		2,359,785
7.375% 11/15/31		275,000		367,733
PG&E Corp.
5.000% 7/01/28		3,549,000		3,749,430
5.250% 7/01/30		501,000		531,836
Pike Corp.
5.500% 9/01/28 (e)		2,046,000		2,081,805
				9,923,484
Engineering & Construction — 0.4%
Arcosa, Inc. Co.
4.375% 4/15/29 (f)		649,000		649,000

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

78

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

	Principal Amount		Value
New Enterprise Stone & Lime Co., Inc.
9.750% 7/15/28 (e)	$	1,374,000	$	1,538,880
				2,187,880
Entertainment — 2.5%
Banijay Entertainment SASU
5.375% 3/01/25 (e)		1,083,000		1,118,197
Boyne USA, Inc.
7.250% 5/01/25 (e)		632,000		656,964
Caesars Entertainment, Inc.
6.250% 7/01/25 (e)		1,847,000		1,964,839
8.125% 7/01/27 (e)		1,888,000		2,082,842
Caesars Resort Collection LLC/CRC Finco, Inc.
5.250% 10/15/25 (e)		1,123,000		1,132,731
5.750% 7/01/25 (e)		1,035,000		1,092,236
CCM Merger, Inc.
6.375% 5/01/26 (e)		1,005,000		1,067,179
Live Nation Entertainment, Inc.
4.750% 10/15/27 (e)		2,788,000		2,808,910
Scientific Games International, Inc.
5.000% 10/15/25 (e)		873,000		904,166
7.250% 11/15/29 (e)		800,000		868,000
8.250% 3/15/26 (e)		160,000		171,600
8.625% 7/01/25 (e)		627,000		681,674
				14,549,338
Food — 3.1%
JBS USA LUX SA/JBS USA Finance, Inc.
6.750% 2/15/28 (e)		2,816,000		3,094,925
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500% 1/15/30 (e)		3,745,000		4,144,760
6.500% 4/15/29 (e)		4,969,000		5,612,485
Kraft Heinz Foods Co.
6.500% 2/09/40		1,780,000		2,319,698
6.875% 1/26/39		434,000		596,681
Simmons Foods, Inc. /Simmons Prepared Foods, Inc. /Simmons Pet Food, Inc. /Simmons Feed
4.625% 3/01/29 (e)		989,000		997,674
US Foods, Inc.
4.750% 2/15/29 (e)		1,594,000		1,594,000
				18,360,223
Forest Products & Paper — 0.2%
Clearwater Paper Corp.
4.750% 8/15/28 (e)		1,055,000		1,062,913
Health Care – Services — 1.9%
CHS/Community Health Systems, Inc.
4.750% 2/15/31 (e)		659,000		643,777

	Principal Amount		Value
5.625% 3/15/27 (e)	$	485,000	$	510,123
6.000% 1/15/29 (e)		241,000		254,858
6.875% 4/15/29 (e)		472,000		493,358
Molina Healthcare, Inc.
4.375% 6/15/28 (e)		860,000		884,906
Radiology Partners, Inc.
9.250% 2/01/28 (e)		1,333,000		1,451,304
RP Escrow Issuer LLC
5.250% 12/15/25 (e)		1,166,000		1,208,267
Tenet Healthcare Corp.
4.625% 9/01/24 (e)		806,000		829,172
4.875% 1/01/26 (e)		2,600,000		2,702,336
6.125% 10/01/28 (e)		1,400,000		1,458,100
US Acute Care Solutions LLC
6.375% 3/01/26 (e)		615,000		638,062
				11,074,263
Home Builders — 2.2%
Brookfield Residential Properties, Inc.
6.375% 5/15/25 (e)		827,000		846,641
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp.
4.875% 2/15/30 (e)		1,165,000		1,165,723
Empire Communities Corp.
7.000% 12/15/25 (e)		765,000		806,119
M/I Homes, Inc.
4.950% 2/01/28		1,544,000		1,599,005
5.625% 8/01/25		1,629,000		1,677,870
Mattamy Group Corp.
4.625% 3/01/30 (e)		4,214,000		4,185,682
STL Holding Co. LLC
7.500% 2/15/26 (e)		2,000,000		2,080,000
TRI Pointe Group, Inc.
5.700% 6/15/28		649,000		717,281
				13,078,321
Insurance — 0.6%
Amwins Group, Inc.
7.750% 7/01/26 (e)		1,100,000		1,177,000
AssuredPartners, Inc.
5.625% 1/15/29 (e)		936,000		953,784
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc.
7.625% 10/15/25 (e)		1,471,000		1,577,648
				3,708,432
Internet — 1.4%
Endure Digital Inc
6.000% 2/15/29 (e)		1,700,000		1,659,625

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

79

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

	Principal Amount		Value
Netflix, Inc.
5.375% 11/15/29 (e)	$	2,115,000	$	2,501,093
5.875% 11/15/28		388,000		469,313
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.
6.000% 2/15/28 (e)		1,059,000		1,056,352
10.750% 6/01/28 (e)		845,000		954,596
Uber Technologies, Inc.
6.250% 1/15/28 (e)		1,640,000		1,773,152
				8,414,131
Investment Companies — 1.4%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.250% 5/15/27		2,581,000		2,664,883
6.250% 5/15/26		1,000,000		1,047,500
6.375% 12/15/25		4,385,000		4,527,512
				8,239,895
Iron & Steel — 0.4%
United States Steel Corp.
6.875% 3/01/29		2,222,000		2,277,550
Leisure Time — 1.8%
Carlson Travel, Inc.
6.750% 12/15/25 (e)		1,198,000		1,096,170
11.500% 12/15/26 (e)		3,127,683		2,377,039
Carnival Corp.
7.625% 3/01/26 (e)		566,000		608,054
5.750% 3/01/27 (e)		2,462,000		2,530,838
NCL Corp. Ltd.
5.875% 3/15/26 (e)		3,042,000		3,082,732
NCL Finance Ltd.
6.125% 3/15/28 (e)		564,000		574,575
				10,269,408
Lodging — 1.3%
Wyndham Destinations, Inc.
6.625% 7/31/26 (e)		1,980,000		2,247,993
Wyndham Hotels & Resorts, Inc.
4.375% 8/15/28 (e)		854,000		863,821
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.500% 3/01/25 (e)		3,361,000		3,550,896
Wynn Macau Ltd.
5.125% 12/15/29 (e)		1,114,000		1,141,850
				7,804,560
Machinery – Diversified — 0.3%
Clark Equipment Co.
5.875% 6/01/25 (e)		1,412,000		1,493,190

	Principal Amount		Value
Media — 6.6%
Altice Financing SA
5.000% 1/15/28 (e)	$	1,325,000	$	1,310,173
7.500% 5/15/26 (e)		3,289,000		3,437,005
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500% 5/01/32 (e)		223,000		225,788
4.750% 3/01/30 (e)		486,000		503,618
5.125% 5/01/27 (e)		872,000		921,979
5.375% 6/01/29 (e)		2,500,000		2,681,250
Clear Channel Worldwide Holdings, Inc.
5.125% 8/15/27 (e)		1,398,000		1,407,157
9.250% 2/15/24		1,297,000		1,349,269
CSC Holdings LLC
7.500% 4/01/28 (e)		2,001,000		2,206,703
DISH DBS Corp.
5.000% 3/15/23		902,000		941,011
DISH Network Corp.
3.375% 8/15/26		2,964,000		2,849,293
iHeartCommunications, Inc.
8.375% 5/01/27		2,677,000		2,874,429
LCPR Senior Secured Financing DAC
5.125% 7/15/29 (e)		2,940,000		2,991,803
6.750% 10/15/27 (e)		1,343,000		1,431,839
McGraw Hill LLC / McGraw-Hill Global Education Finance, Inc.
8.000% 11/30/24 (e)		2,253,000		2,272,826
Midcontinent Communications / Midcontinent Finance Corp.
5.375% 8/15/27 (e)		930,000		966,921
Nexstar Broadcasting, Inc.
4.750% 11/01/28 (e)		596,000		602,279
Radiate Holdco LLC / Radiate Finance, Inc.
6.500% 9/15/28 (e)		2,620,000		2,766,589
Virgin Media Finance PLC
5.000% 7/15/30 (e)		626,000		625,218
Virgin Media Secured Finance PLC
5.500% 5/15/29 (e)		4,137,000		4,390,391
Ziggo BV
4.875% 1/15/30 (e)		1,284,000		1,312,421
5.500% 1/15/27 (e)		436,000		453,985
				38,521,947
Mining — 3.9%
Arconic Corp.
6.125% 2/15/28 (e)		455,000		486,031
Compass Minerals International, Inc.
4.875% 7/15/24 (e)		1,040,000		1,077,939

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

80

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

	Principal Amount		Value
6.750% 12/01/27 (e)	$	1,018,000	$	1,089,260
First Quantum Minerals Ltd.
6.500% 3/01/24 (e)		2,110,000		2,141,650
6.875% 3/01/26 (e)		1,191,000		1,232,685
6.875% 10/15/27 (e)		3,700,000		3,968,250
7.500% 4/01/25 (e)		2,796,000		2,886,870
Freeport-McMoRan, Inc.
4.125% 3/01/28		326,000		342,691
4.375% 8/01/28		1,544,000		1,637,798
4.625% 8/01/30		2,600,000		2,829,385
Hecla Mining Co.
7.250% 2/15/28		2,643,000		2,834,617
Hudbay Minerals, Inc.
6.125% 4/01/29 (e)		678,000		723,765
Kinross Gold Corp.
6.875% 9/01/41		1,177,000		1,528,379
Northwest Acquisitions ULC/Dominion Finco, Inc.
7.125% 11/01/22 (d) (e)		3,748,000		375
				22,779,695
Miscellaneous - Manufacturing — 0.5%
Gates Global LLC / Gates Corp.
6.250% 1/15/26 (e)		2,800,000		2,933,000
Oil & Gas — 9.4%
Antero Resources Corp.
7.625% 2/01/29 (e)		767,000		816,855
8.375% 7/15/26 (e)		965,000		1,063,913
Apache Corp.
4.750% 4/15/43		749,000		694,698
5.100% 9/01/40		556,000		543,490
5.350% 7/01/49		832,000		794,560
Chesapeake Energy Corp.
5.500% 2/01/26 (e)		548,000		570,410
5.875% 2/01/29 (e)		1,129,000		1,196,740
Comstock Resources, Inc.
6.750% 3/01/29 (e)		1,443,000		1,479,075
Continental Resources, Inc.
3.800% 6/01/24		624,000		639,600
4.375% 1/15/28		719,000		759,300
CVR Energy, Inc.
5.250% 2/15/25 (e)		1,500,000		1,468,800
5.750% 2/15/28 (e)		6,102,000		5,934,195
EQT Corp.
8.500% STEP 2/01/30		340,000		433,602
Hilcorp Energy I LP / Hilcorp Finance Co.
5.000% 12/01/24 (e)		338,000		340,535
5.750% 10/01/25 (e)		186,000		186,465
5.750% 2/01/29 (e)		448,000		451,920

	Principal Amount		Value
6.000% 2/01/31 (e)	$	382,000	$	387,730
6.250% 11/01/28 (e)		1,910,000		1,967,300
MEG Energy Corp.
7.125% 2/01/27 (e)		2,722,000		2,851,295
Murphy Oil Corp.
6.375% 7/15/28		1,090,000		1,091,363
Nabors Industries Ltd.
7.250% 1/15/26 (e)		1,262,000		1,047,460
7.500% 1/15/28 (e)		465,000		382,463
Neptune Energy Bondco PLC
6.625% 5/15/25 (e)		2,923,000		2,933,961
Occidental Petroleum Corp.
2.700% 2/15/23		131,000		130,701
2.900% 8/15/24		391,000		386,664
3.500% 6/15/25		804,000		795,960
4.200% 3/15/48		133,000		107,065
4.400% 4/15/46		838,000		710,205
4.400% 8/15/49		328,000		272,240
4.500% 7/15/44		340,000		289,000
5.875% 9/01/25		2,994,000		3,192,353
6.200% 3/15/40		2,447,000		2,514,293
6.375% 9/01/28		1,860,000		2,041,545
6.450% 9/15/36		954,000		1,053,335
6.600% 3/15/46		1,500,000		1,593,750
6.950% 7/01/24		369,000		404,900
Ovintiv Exploration, Inc.
5.375% 1/01/26		537,000		589,493
5.625% 7/01/24		1,554,000		1,708,216
Ovintiv, Inc.
6.500% 8/15/34		458,000		550,697
6.500% 2/01/38		214,000		258,754
6.625% 8/15/37		614,000		742,338
7.200% 11/01/31		129,000		160,622
7.375% 11/01/31		441,000		560,286
8.125% 9/15/30		510,000		661,139
Parkland Corp.
5.875% 7/15/27 (e)		1,149,000		1,225,121
PBF Holding Co. LLC / PBF Finance Corp.
6.000% 2/15/28		5,518,000		4,076,422
7.250% 6/15/25		2,184,000		1,779,086
9.250% 5/15/25 (e)		352,000		358,926
Range Resources Corp.
8.250% 1/15/29 (e)		759,000		812,130
				55,010,971
Oil & Gas Services — 0.6%
CGG SA
8.750% 4/01/27 (e) (f)		1,068,000		1,076,224

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

81

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

	Principal Amount		Value
Welltec A/S
9.500% 12/01/22 (e)	$	2,445,000	$	2,408,325
				3,484,549
Packaging & Containers — 0.8%
Mauser Packaging Solutions Holding Co.
7.250% 4/15/25 (e)		3,211,000		3,211,000
Trident TPI Holdings, Inc.
9.250% 8/01/24 (e)		1,614,000		1,710,840
				4,921,840
Pharmaceuticals — 1.9%
Bausch Health Americas, Inc.
9.250% 4/01/26 (e)		1,611,000		1,784,988
Bausch Health Cos., Inc.
5.000% 1/30/28 (e)		439,000		447,429
5.000% 2/15/29 (e)		1,629,000		1,608,638
5.250% 1/30/30 (e)		916,000		919,673
5.250% 2/15/31 (e)		1,202,000		1,196,254
6.125% 4/15/25 (e)		250,000		256,300
9.000% 12/15/25 (e)		870,000		945,038
Endo DAC / Endo Finance LLC / Endo Finco, Inc.
6.000% 6/30/28 (e)		1,133,000		917,730
Par Pharmaceutical, Inc.
7.500% 4/01/27 (e)		2,647,000		2,814,290
				10,890,340
Pipelines — 4.7%
Buckeye Partners LP
5.850% 11/15/43		277,000		269,068
Cheniere Energy Partners LP
5.625% 10/01/26		2,397,000		2,506,543
DCP Midstream Operating LP
5.625% 7/15/27		924,000		1,003,159
6.450% 11/03/36 (e)		43,000		48,053
EnLink Midstream LLC
5.375% 6/01/29		786,000		734,910
5.625% 1/15/28 (e)		449,000		434,174
EnLink Midstream Partners LP
4.850% 7/15/26		254,000		245,372
5.050% 4/01/45		160,000		123,765
5.450% 6/01/47		604,000		487,198
5.600% 4/01/44		2,931,000		2,432,730
EQM Midstream Partners LP
4.500% 1/15/29 (e)		962,000		937,431
4.750% 1/15/31 (e)		867,000		840,990
6.000% 7/01/25 (e)		777,000		836,246
6.500% 7/01/27 (e)		644,000		700,189

	Principal Amount		Value
Genesis Energy LP/Genesis Energy Finance Corp.
5.625% 6/15/24	$	610,000	$	596,275
6.250% 5/15/26		290,000		276,950
6.500% 10/01/25		3,466,000		3,397,546
8.000% 1/15/27		1,656,000		1,676,733
Harvest Midstream I LP
7.500% 9/01/28 (e)		1,621,000		1,742,089
NGL Energy Operating LLC / NGL Energy Finance Corp.
7.500% 2/01/26 (e)		1,444,000		1,481,637
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
7.500% 10/01/25 (e)		1,400,000		1,506,890
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.875% 2/01/31 (e)		1,354,000		1,371,940
5.000% 1/15/28		139,000		144,734
5.500% 3/01/30		122,000		128,100
6.875% 1/15/29		259,000		285,340
Western Midstream Operating LP
5.300% STEP 2/01/30		618,000		669,758
5.300% 3/01/48		1,707,000		1,713,043
5.450% 4/01/44		850,000		871,675
				27,462,538
Real Estate — 0.5%
Realogy Group LLC/Realogy Co-Issuer Corp.
5.750% 1/15/29 (e)		2,396,000		2,363,055
9.375% 4/01/27 (e)		742,000		821,753
				3,184,808
Real Estate Investment Trusts (REITS) — 2.1%
ESH Hospitality, Inc.
4.625% 10/01/27 (e)		1,689,000		1,786,354
Iron Mountain, Inc.
5.250% 7/15/30 (e)		1,273,000		1,313,481
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.875% 10/01/28 (e)		1,082,000		1,147,190
RHP Hotel Properties LP/RHP Finance Corp.
4.750% 10/15/27		1,850,000		1,893,697
Service Properties Trust
3.950% 1/15/28		330,000		305,250
4.375% 2/15/30		521,000		478,643
4.950% 2/15/27		261,000		258,064
5.500% 12/15/27		822,000		869,001
7.500% 9/15/25		2,061,000		2,341,341

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

82

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

	Principal Amount		Value
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC
7.125% 12/15/24 (e)	$	277,000	$	284,964
7.875% 2/15/25 (e)		153,000		165,546
8.250% 10/15/23		1,030,000		1,032,575
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
6.500% 2/15/29 (e)		560,000		556,640
				12,432,746
Retail — 3.3%
BCPE Ulysses Intermediate, Inc.
7.750% 4/01/27 (e)		2,931,000		3,040,912
Beacon Roofing Supply, Inc.
4.875% 11/01/25 (e)		1,171,000		1,197,347
L Brands, Inc.
6.750% 7/01/36		606,000		715,080
6.875% 11/01/35		1,869,000		2,227,456
LBM Acquisition LLC
6.250% 1/15/29 (e)		885,000		911,550
Macy’s Retail Holdings LLC
5.875% 4/01/29 (e)		237,000		243,033
NMG Holding Co., Inc. / Neiman Marcus Group LLC
7.125% 4/01/26 (e)		2,913,000		2,971,260
Nordstrom, Inc.
4.000% 3/15/27		407,000		419,210
4.375% 4/01/30		408,000		416,435
5.000% 1/15/44		2,076,000		2,041,889
Park River Holdings, Inc.
5.625% 2/01/29 (e)		644,000		623,875
Party City Holdings, Inc.
8.750% 2/15/26 (e)		464,000		477,920
Staples, Inc.
7.500% 4/15/26 (e)		2,885,000		3,043,675
Superior Plus LP / Superior General Partner, Inc.
4.500% 3/15/29 (e)		870,000		878,874
				19,208,516
Software — 4.5%
Avaya Holdings Corp., Convertible,
2.250% 6/15/23		1,640,000		2,023,760
BY Crown Parent LLC
7.375% 10/15/24 (e)		1,007,000		1,023,364

	Principal Amount		Value
BY Crown Parent LLC / BY Bond Finance, Inc.
4.250% 1/31/26 (e)	$	4,709,000	$	4,867,929
Solera LLC/ Solera Finance, Inc.
10.500% 3/01/24 (e)		3,995,000		4,127,234
Veritas US, Inc./Veritas Bermuda Ltd.
7.500% 9/01/25 (e)		2,800,000		2,912,000
10.500% 2/01/24 (e)		11,098,000		11,361,577
				26,315,864
Storage & Warehousing — 0.6%
LBC Tank Terminals Holding Netherlands BV
6.875% 5/15/23 (e)		3,188,000		3,188,000
Telecommunications — 4.4%
Avaya, Inc.
6.125% 9/15/28 (e)		580,000		617,004
CenturyLink, Inc.
5.125% 12/15/26 (e)		461,000		485,608
CommScope Technologies Finance LLC
6.000% 6/15/25 (e)		862,000		879,283
CommScope Technologies LLC
5.000% 3/15/27 (e)		1,015,000		1,005,489
CommScope, Inc.
7.125% 7/01/28 (e)		500,000		531,040
Consolidated Communications, Inc.
6.500% 10/01/28 (e)		2,049,000		2,213,186
Frontier Communications Corp.
5.000% 5/01/28 (e)		2,881,000		2,931,418
6.750% 5/01/29 (e)		783,000		825,830
Hughes Satellite Systems Corp.
6.625% 8/01/26		3,035,000		3,363,083
Sprint Capital Corp.
8.750% 3/15/32		2,219,000		3,281,346
Sprint Corp.
7.625% 3/01/26		3,526,000		4,319,121
7.875% 9/15/23		1,858,000		2,122,765
Telecom Italia Capital
6.000% 9/30/34		704,000		798,442
Windstream Escrow LLC / Windstream Escrow Finance Corp.
7.750% 8/15/28 (e)		2,106,000		2,140,223
				25,513,838
Transportation — 1.2%
Kenan Advantage Group, Inc.
7.875% 7/31/23 (e)		6,737,000		6,720,157

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

83

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

	Principal Amount		Value
XPO Logistics, Inc.
6.250% 5/01/25 (e)	$	500,000	$	535,650
				7,255,807
TOTAL CORPORATE DEBT (Cost $481,648,926)				500,379,723
TOTAL BONDS & NOTES (Cost $556,173,579)				573,126,641
TOTAL LONG-TERM INVESTMENTS (Cost $560,101,625)				576,366,978
SHORT-TERM INVESTMENTS — 2.6%
Commercial Paper — 1.5%
Mondelez International, Inc.
0.122% 4/07/21 (e)		5,000,000		4,999,854
VW Credit, Inc.
0.213% 4/06/21 (e)		4,000,000		3,999,900
				8,999,754
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (h)		6,638,274		6,638,274
TOTAL SHORT-TERM INVESTMENTS (Cost $15,638,057)				15,638,028
TOTAL INVESTMENTS — 101.4% (Cost $575,739,682) (i)				592,005,006
Other Assets/(Liabilities) — (1.4)%				(7,913,157	)
NET ASSETS — 100.0%			$	584,091,849

Abbreviation Legend

STEP Step Up Bond

VRN Variable Rate Note

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, 2021, these securities amounted to a value of $496,418 or 0.08% of net assets.

(b) Investment was valued using significant unobservable inputs.

(c) All or a portion of the security represents unsettled loan commitments at March 31, 2021 where the rate will be determined at time of settlement.

(d) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2021, these securities amounted to a value of $143,042 or 0.02% of net assets.

(e) 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, 2021, the aggregate market value of these securities amounted to $355,907,247 or 60.93% of net assets.

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

(g) Non-income producing security.

(h) Maturity value of $6,638,274. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $6,771,140.

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

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

United States	83.2	%
Canada	5.8	%
Luxembourg	1.9	%
United Kingdom	1.7	%
Cayman Islands	1.6	%
Bermuda	1.1	%
Netherlands	1.0	%
Ireland	0.9	%
Panama	0.5	%
Denmark	0.4	%
France	0.4	%
Austria	0.3	%
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.

84

MassMutual Premier Balanced Fund — Portfolio of Investments

March 31, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 64.3%
COMMON STOCK — 64.3%
Basic Materials — 1.0%
Chemicals — 0.6%
Celanese Corp.		1,469	$	220,071
Eastman Chemical Co.		2,326		256,139
LyondellBasell Industries NV Class A		5,117		532,424
				1,008,634
Forest Products & Paper — 0.3%
International Paper Co.		9,861		533,184
Iron & Steel — 0.1%
Steel Dynamics, Inc.		3,603		182,888
				1,724,706
Communications — 9.1%
Internet — 0.5%
eBay, Inc.		13,321		815,778
Media — 0.5%
Fox Corp. Class A		9,871		356,442
Liberty Global PLC Class C (a)		14,675		374,799
TEGNA, Inc.		3,132		58,976
				790,217
Telecommunications — 8.1%
AT&T, Inc.		139,146		4,211,949
Ciena Corp. (a)		1,986		108,674
Cisco Systems, Inc.		75,092		3,883,007
Corning, Inc.		11,849		515,550
Juniper Networks, Inc.		6,546		165,810
Lumen Technologies, Inc.		19,273		257,295
Verizon Communications, Inc.		75,364		4,382,417
				13,524,702
				15,130,697
Consumer, Cyclical — 9.8%
Apparel — 0.1%
Carter’s, Inc.		562		49,979
Hanesbrands, Inc.		5,381		105,844
				155,823
Auto Manufacturers — 1.7%
Cummins, Inc.		2,472		640,520
Ford Motor Co. (a)		139,336		1,706,866
PACCAR, Inc.		5,026		467,016
				2,814,402
Auto Parts & Equipment — 0.1%
Allison Transmission Holdings, Inc.		2,841		115,998
Gentex Corp.		3,767		134,369
				250,367

	Number of Shares		Value
Home Builders — 0.1%
Toll Brothers, Inc.		1,497	$	84,925
Home Furnishing — 0.1%
Whirlpool Corp.		1,383		304,744
Housewares — 0.1%
Newell Brands, Inc.		5,717		153,101
Leisure Time — 0.1%
Harley-Davidson, Inc.		2,915		116,891
Retail — 7.4%
AutoNation, Inc. (a)		1,602		149,338
AutoZone, Inc. (a)		342		480,271
Best Buy Co., Inc.		4,274		490,698
Costco Wholesale Corp.		5,876		2,071,172
The Home Depot, Inc.		16,087		4,910,557
Kohl’s Corp.		2,008		119,697
Lowe’s Cos., Inc.		11,255		2,140,476
Target Corp.		7,485		1,482,554
Tractor Supply Co.		1,907		337,691
Williams-Sonoma, Inc.		1,204		215,757
				12,398,211
Textiles — 0.1%
Mohawk Industries, Inc. (a)		838		161,156
				16,439,620
Consumer, Non-cyclical — 16.1%
Beverages — 0.2%
Molson Coors Beverage Co. Class B		4,661		238,410
Biotechnology — 2.8%
Alexion Pharmaceuticals, Inc. (a)		3,115		476,315
Amgen, Inc.		6,344		1,578,450
Biogen, Inc. (a)		4,427		1,238,453
Gilead Sciences, Inc.		19,525		1,261,901
United Therapeutics Corp. (a)		692		115,751
				4,670,870
Commercial Services — 0.7%
Booz Allen Hamilton Holding Corp.		1,908		153,651
ManpowerGroup, Inc.		953		94,252
Quanta Services, Inc.		4,013		353,064
United Rentals, Inc. (a)		1,878		618,444
				1,219,411
Cosmetics & Personal Care — 3.2%
Colgate-Palmolive Co.		12,412		978,438
The Procter & Gamble Co.		32,230		4,364,909
				5,343,347
Food — 1.4%
Flowers Foods, Inc.		3,259		77,564
The Hershey Co.		1,838		290,698
Ingredion, Inc.		1,339		120,403

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

85

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
The J.M. Smucker Co.		3,040	$	384,651
The Kroger Co.		35,490		1,277,285
Sprouts Farmers Market, Inc. (a)		2,866		76,293
				2,226,894
Health Care – Products — 0.9%
Thermo Fisher Scientific, Inc.		3,396		1,549,867
Health Care – Services — 3.7%
Anthem, Inc.		3,390		1,216,840
DaVita, Inc. (a)		1,941		209,182
HCA Healthcare, Inc.		2,476		466,330
Humana, Inc.		1,907		799,510
Laboratory Corp. of America Holdings (a)		1,094		279,003
Quest Diagnostics, Inc.		1,328		170,435
UnitedHealth Group, Inc.		8,315		3,093,762
				6,235,062
Household Products & Wares — 0.2%
The Clorox Co.		1,947		375,537
Pharmaceuticals — 3.0%
CVS Health Corp.		12,708		956,023
Jazz Pharmaceuticals PLC (a)		882		144,974
Merck & Co., Inc.		25,439		1,961,093
Pfizer, Inc.		51,875		1,879,431
				4,941,521
				26,800,919
Energy — 0.7%
Oil & Gas — 0.3%
Valero Energy Corp.		6,746		483,014
Pipelines — 0.4%
Kinder Morgan, Inc.		36,767		612,170
				1,095,184
Financial — 4.0%
Banks — 0.9%
Associated Banc-Corp.		2,283		48,719
Morgan Stanley		19,459		1,511,186
				1,559,905
Diversified Financial Services — 0.3%
Affiliated Managers Group, Inc.		787		117,286
Alliance Data Systems Corp.		1,509		169,144
SLM Corp.		6,176		110,983
				397,413
Insurance — 2.4%
Aflac, Inc.		11,598		593,586
The Allstate Corp.		5,382		618,392
Enstar Group Ltd. (a)		779		192,203
Everest Re Group Ltd.		518		128,365
The Hanover Insurance Group, Inc.		468		60,587

	Number of Shares		Value
The Hartford Financial Services Group, Inc.		4,587	$	306,366
MetLife, Inc.		15,619		949,479
Prudential Financial, Inc.		5,940		541,134
The Travelers Cos., Inc.		3,556		534,822
Unum Group		4,577		127,378
				4,052,312
Real Estate Investment Trusts (REITS) — 0.4%
Brixmor Property Group, Inc.		3,873		78,351
Kimco Realty Corp.		6,846		128,363
Regency Centers Corp.		2,262		128,278
SL Green Realty Corp. (b)		3,500		244,965
Weingarten Realty Investors		1,600		43,056
				623,013
				6,632,643
Industrial — 5.3%
Building Materials — 0.7%
Johnson Controls International PLC		17,477		1,042,853
Lennox International, Inc.		478		148,940
				1,191,793
Electrical Components & Equipment — 0.5%
Acuity Brands, Inc.		540		89,100
Emerson Electric Co.		8,177		737,729
				826,829
Electronics — 0.3%
Arrow Electronics, Inc. (a)		2,329		258,100
Avnet, Inc.		2,003		83,145
Jabil, Inc.		1,821		94,983
				436,228
Engineering & Construction — 0.1%
Jacobs Engineering Group, Inc.		1,623		209,805
Environmental Controls — 0.4%
Pentair PLC		2,369		147,636
Republic Services, Inc.		4,870		483,835
				631,471
Hand & Machine Tools — 0.1%
Snap-on, Inc.		1,035		238,816
Machinery – Diversified — 1.2%
AGCO Corp.		1,372		197,088
Deere & Co.		5,029		1,881,550
				2,078,638
Metal Fabricate & Hardware — 0.1%
The Timken Co.		1,353		109,823
Miscellaneous - Manufacturing — 1.4%
3M Co.		7,337		1,413,693
Carlisle Cos., Inc.		900		148,122

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

86

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Eaton Corp. PLC		5,958	$	823,872
				2,385,687
Packaging & Containers — 0.4%
Berry Global Group, Inc. (a)		3,647		223,926
Packaging Corp. of America		1,286		172,941
Sealed Air Corp.		2,751		126,051
Sonoco Products Co.		1,781		112,737
				635,655
Transportation — 0.1%
XPO Logistics, Inc. (a)		1,465		180,634
				8,925,379
Technology — 14.0%
Computers — 4.0%
Accenture PLC Class A		8,940		2,469,675
Amdocs Ltd.		2,296		161,064
Cognizant Technology Solutions Corp. Class A		9,975		779,247
Dell Technologies C (a)		3,881		342,110
HP, Inc.		20,839		661,638
International Business Machines Corp.		12,725		1,695,734
Leidos Holdings, Inc.		2,310		222,407
NCR Corp. (a)		2,098		79,619
Seagate Technology PLC		3,894		298,865
				6,710,359
Office & Business Equipment — 0.1%
Xerox Holdings Corp.		4,190		101,691
Semiconductors — 7.2%
Broadcom, Inc.		5,172		2,398,050
Intel Corp.		99,688		6,380,032
Qorvo, Inc. (a)		1,637		299,080
Skyworks Solutions, Inc.		2,134		391,546
Teradyne, Inc.		2,290		278,647
Texas Instruments, Inc.		12,035		2,274,495
				12,021,850
Software — 2.7%
Akamai Technologies, Inc. (a)		2,006		204,411
Cerner Corp.		3,769		270,916
Citrix Systems, Inc.		1,543		216,575
Electronic Arts, Inc.		4,257		576,270
Oracle Corp.		44,250		3,105,023
Teradata Corp. (a)		1,657		63,861
VMware, Inc. Class A (a)		1,198		180,239
				4,617,295
				23,451,195
Utilities — 4.3%
Electric — 4.3%
AES Corp.		14,830		397,592

	Number of Shares		Value
Ameren Corp.		2,353	$	191,440
Avangrid, Inc.		558		27,794
Consolidated Edison, Inc.		3,868		289,327
DTE Energy Co.		2,442		325,128
Duke Energy Corp.		7,462		720,307
Exelon Corp.		14,598		638,517
NextEra Energy, Inc.		39,806		3,009,732
OGE Energy Corp.		2,859		92,517
Pinnacle West Capital Corp.		1,004		81,675
PPL Corp.		9,061		261,319
Public Service Enterprise Group, Inc.		11,792		709,996
WEC Energy Group, Inc.		4,915		459,995
				7,205,339
TOTAL COMMON STOCK (Cost $95,993,279)				107,405,682
TOTAL EQUITIES (Cost $95,993,279)				107,405,682
	Principal Amount
BONDS & NOTES — 38.5%
CORPORATE DEBT — 13.1%
Advertising — 0.3%
The Goldman Sachs Group, Inc. SOFR + 1.090%
1.992% VRN 1/27/32	$	149,000		140,894
The Interpublic Group of Cos., Inc.
4.650% 10/01/28		344,000		395,622
				536,516
Agriculture — 0.1%
Bunge Ltd. Finance Corp.
1.630% 8/17/25		15,000		15,000
3.250% 8/15/26		51,000		54,284
4.350% 3/15/24		85,000		93,151
				162,435
Airlines — 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500% 10/20/25 (c)		92,000		97,967
Banks — 2.6%
Australia & New Zealand Banking Group Ltd. 5 year CMT + 1.700%
2.570% VRN 11/25/35 (c)		225,000		211,297
Bank of America Corp.
4.183% 11/25/27		45,000		50,019
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		25,000		28,380

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

87

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29	$	20,000	$	22,473
4.750% 4/21/45		70,000		83,423
7.750% 5/14/38		20,000		30,642
The Bank of Nova Scotia
4.500% 12/16/25		40,000		45,194
3 mo. USD LIBOR + 2.648% 4.650% VRN (d)		125,000		125,164
Citigroup, Inc.
4.450% 9/29/27		30,000		33,785
5.500% 9/13/25		60,000		69,538
5.875% 1/30/42		20,000		27,083
6.000% 10/31/33		17,000		21,953
6.625% 6/15/32		15,000		19,842
8.125% 7/15/39		15,000		24,579
Cooperatieve Rabobank UA 1 year CMT + .550%
1.106% VRN 2/24/27 (c)		250,000		244,076
Credit Suisse Group AG SOFR + 2.044%
2.193% VRN 6/05/26 (c)		393,000		399,237
The Goldman Sachs Group, Inc.
SOFR + .798% 1.431% VRN 3/09/27		251,000		248,639
4.250% 10/21/25		35,000		39,069
5.950% 1/15/27		80,000		96,660
6.750% 10/01/37		35,000		49,235
ING Groep NV
4.050% 4/09/29		344,000		382,483
JP Morgan Chase & Co.
5.600% 7/15/41		45,000		60,016
JPMorgan Chase & Co. 3 mo. USD LIBOR + 1.160%
3.702% VRN 5/06/30		354,000		384,759
KeyBank NA/Cleveland OH
3.900% 4/13/29		356,000		388,778
Morgan Stanley
4.350% 9/08/26		135,000		152,601
3 mo. USD LIBOR + 1.628% 4.431% VRN 1/23/30		337,000		385,638
5.000% 11/24/25		40,000		45,959
SVB Financial Group
1.800% 2/02/31		209,000		192,549
3.125% 6/05/30		20,000		20,760
3.500% 1/29/25		85,000		91,734
The Toronto-Dominion Bank 5 year USD Swap + 2.205%
3.625% VRN 9/15/31		414,000		453,517
				4,429,082

	Principal Amount		Value
Beverages — 0.3%
Keurig Dr Pepper, Inc.
2.250% 3/15/31	$	34,000	$	33,374
3.400% 11/15/25		365,000		397,478
				430,852
Biotechnology — 0.4%
Amgen, Inc.
2.200% 2/21/27		385,000		394,724
Illumina, Inc.
0.550% 3/23/23		215,000		214,811
				609,535
Commercial Services — 0.3%
Element Fleet Management
1.600% 4/06/24 (e)		23,000		22,973
Moody’s Corp.
4.250% 2/01/29		342,000		387,949
PayPal Holdings, Inc.
3.250% 6/01/50		30,000		29,752
				440,674
Computers — 0.8%
Apple, Inc.
1.650% 5/11/30		50,000		47,789
2.650% 5/11/50		30,000		27,183
2.650% 2/08/51		100,000		91,081
3.000% 6/20/27		362,000		391,586
Dell International LLC / EMC Corp.
4.000% 7/15/24 (c)		372,000		403,668
Hewlett Packard Enterprise Co.
4.900% STEP 10/15/25		353,000		402,406
				1,363,713
Diversified Financial Services — 0.2%
The Charles Schwab Corp. 10 year CMT + 3.079%
4.000% VRN (d)		103,000		101,110
CI Financial Corp.
3.200% 12/17/30		72,000		71,568
LSEGA Financing PLC
1.375% 4/06/26 (c) (e)		218,000		215,905
				388,583
Electric — 0.2%
Entergy Arkansas LLC
2.650% 6/15/51		80,000		70,523
Entergy Louisiana LLC
4.950% 1/15/45		40,000		43,359
Nevada Power Co.
6.650% 4/01/36		20,000		28,036

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

88

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Xcel Energy, Inc.
6.500% 7/01/36	$	110,000	$	155,411
				297,329
Electronics — 0.1%
Vontier Corp.
2.400% 4/01/28 (c)		242,000		237,763
Food — 0.4%
Conagra Brands, Inc.
4.850% 11/01/28		329,000		382,683
General Mills, Inc.
3.000% 2/01/51 (c)		180,000		167,728
Ingredion, Inc.
3.200% 10/01/26		27,000		29,092
Mars, Inc.
3.950% 4/01/49 (c)		75,000		84,223
				663,726
Health Care – Products — 0.1%
STERIS Irish FinCo UnLtd Co.
3.750% 3/15/51 (e)		253,000		252,785
Health Care – Services — 0.4%
HCA, Inc.
5.000% 3/15/24		363,000		403,864
Humana, Inc.
4.800% 3/15/47		25,000		29,744
Mayo Clinic
3.196% 11/15/61 (e)		118,000		116,638
UnitedHealth Group, Inc.
3.125% 5/15/60		40,000		39,115
				589,361
Insurance — 0.9%
Allstate Corp. 3 mo. USD LIBOR + 2.938%
5.750% VRN 8/15/53		175,000		185,062
American International Group, Inc.
4.200% 4/01/28		40,000		44,900
4.500% 7/16/44		25,000		28,233
4.750% 4/01/48		15,000		17,814
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48		115,000		128,225
Arch Capital Finance LLC
5.031% 12/15/46		30,000		36,496
Arch Capital Group Ltd.
3.635% 6/30/50		55,000		54,991
Athene Global Funding
1.450% 1/08/26 (c)		129,000		126,897
GA Global Funding Trust
1.625% 1/15/26 (c)		41,000		40,929

	Principal Amount		Value
Marsh & McLennan Cos., Inc.
4.375% 3/15/29	$	334,000	$	382,714
New York Life Insurance Co.
3.750% 5/15/50 (c)		25,000		26,239
Prudential Financial, Inc.
5 year CMT + 3.035% 3.700% VRN 10/01/50		20,000		20,224
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43		45,000		48,214
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48		110,000		125,625
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42		50,000		52,792
Reinsurance Group of America, Inc.
3.150% 6/15/30		55,000		56,850
3.900% 5/15/29		60,000		65,727
USF&G Capital I
8.500% 12/15/45 (c)		35,000		50,925
				1,492,857
Internet — 0.2%
Alphabet, Inc.
2.250% 8/15/60		35,000		28,440
Expedia Group, Inc.
2.950% 3/15/31 (c)		43,000		42,370
Prosus NV
3.832% 2/08/51 (b) (c)		233,000		204,040
				274,850
Investment Companies — 0.1%
Blackstone Secured Lending Fund
2.750% 9/16/26 (c)		175,000		173,789
Media — 0.8%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.500% 6/01/41		131,000		124,254
3.750% 2/15/28		212,000		229,450
3.850% 4/01/61		150,000		135,375
6.484% 10/23/45		35,000		45,462
Comcast Corp.
3.400% 7/15/46		45,000		46,168
3.450% 2/01/50		55,000		56,566
3.750% 4/01/40		168,000		183,941
3.969% 11/01/47		25,000		27,892
4.750% 3/01/44		35,000		42,905
Discovery Communications LLC
3.625% 5/15/30		178,000		190,354
3.950% 3/20/28		62,000		67,690
4.000% 9/15/55 (c)		30,000		29,435
4.650% 5/15/50		30,000		32,987

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

89

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Time Warner Cable, Inc.
6.750% 6/15/39	$	30,000	$	40,113
The Walt Disney Co.
3.600% 1/13/51		65,000		68,582
				1,321,174
Mining — 0.0%
Teck Resources Ltd.
6.000% 8/15/40		35,000		41,937
Miscellaneous - Manufacturing — 0.0%
General Electric Co.
4.125% 10/09/42		5,000		5,365
Oil & Gas — 0.1%
BP Capital Markets America, Inc.
3.379% 2/08/61		105,000		96,961
BP Capital Markets PLC 5 year CMT + 4.036%
4.375% VRN (d)		65,000		68,757
				165,718
Packaging & Containers — 0.2%
Berry Global, Inc.
1.570% 1/15/26 (c)		53,000		52,181
Silgan Holdings, Inc.
1.400% 4/01/26 (c)		55,000		53,831
WRKCo, Inc.
3.000% 6/15/33		30,000		30,369
4.650% 3/15/26		213,000		241,625
				378,006
Pharmaceuticals — 0.8%
AbbVie, Inc.
4.700% 5/14/45		75,000		88,975
Becton Dickinson and Co.
4.685% 12/15/44		25,000		29,711
Bristol-Myers Squibb Co.
3.900% 2/20/28		345,000		387,773
4.350% 11/15/47		30,000		35,518
Cigna Corp.
2.400% 3/15/30		387,000		383,448
3.400% 3/15/51		51,000		50,060
4.800% 7/15/46		30,000		35,859
CVS Health Corp.
4.300% 3/25/28		26,000		29,518
5.050% 3/25/48		209,000		255,771
6.125% 9/15/39		10,000		13,010
				1,309,643
Pipelines — 0.8%
Enterprise Products Operating LLC
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77		45,000		44,853

	Principal Amount		Value
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78	$	30,000	$	30,055
Kinder Morgan, Inc.
3.250% 8/01/50		263,000		229,192
MPLX LP
1.750% 3/01/26		405,000		405,438
4.500% 4/15/38		30,000		32,643
ONEOK, Inc.
6.350% 1/15/31		336,000		420,647
Sabine Pass Liquefaction LLC
4.500% 5/15/30		217,000		243,358
				1,406,186
Real Estate — 0.2%
CBRE Services, Inc.
2.500% 4/01/31		269,000		260,508
Real Estate Investment Trusts (REITS) — 0.5%
American Tower Corp.
1.600% 4/15/26		106,000		106,193
2.700% 4/15/31		131,000		130,921
Brixmor Operating Partnership LP
2.250% 4/01/28		26,000		25,492
Crown Castle International Corp.
3.700% 6/15/26		268,000		292,786
5.200% 2/15/49		13,000		15,726
Host Hotels & Resorts LP
3.500% 9/15/30 (b)		93,000		93,050
Kite Realty Group LP
4.000% 10/01/26		122,000		127,711
Spirit Realty LP
2.100% 3/15/28		74,000		71,893
				863,772
Retail — 0.9%
Advance Auto Parts, Inc.
1.750% 10/01/27		15,000		14,726
3.900% 4/15/30		357,000		386,505
AutoZone, Inc.
1.650% 1/15/31		45,000		41,162
The Home Depot, Inc.
2.375% 3/15/51		53,000		45,321
2.700% 4/15/30		224,000		232,176
Lowe’s Cos., Inc.
3.000% 10/15/50		236,000		219,099
McDonald’s Corp.
3.300% 7/01/25		367,000		397,148
Starbucks Corp.
2.550% 11/15/30		70,000		70,087
4.450% 8/15/49		95,000		109,902
				1,516,126

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

90

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Semiconductors — 0.5%
Lam Research Corp.
3.750% 3/15/26	$	355,000	$	393,313
Micron Technology, Inc.
4.185% 2/15/27		356,000		395,070
				788,383
Software — 0.2%
Electronic Arts, Inc.
2.950% 2/15/51		46,000		42,414
Microsoft Corp.
2.921% 3/17/52		89,000		86,784
Oracle Corp.
3.600% 4/01/40		218,000		218,861
				348,059
Telecommunications — 0.3%
Verizon Communications, Inc.
2.550% 3/21/31		95,000		94,747
3.550% 3/22/51		51,000		50,774
3.700% 3/22/61		52,000		51,107
3.875% 2/08/29		347,000		385,791
				582,419
Transportation — 0.3%
CSX Corp.
4.750% 11/15/48		20,000		23,971
Ryder System, Inc.
3.650% 3/18/24		374,000		403,695
				427,666
TOTAL CORPORATE DEBT (Cost $22,195,267)				21,856,779
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.8%
Commercial Mortgage-Backed Securities — 0.8%
BANK
Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (f)		29,000		32,445
Series 2019-BN16, Class AS, 4.267% 2/15/52		31,333		35,338
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (f)		24,330		27,647
BBCMS Mortgage Trust, Series 2020-C7, Class AS
2.444% 4/15/53		57,000		56,431
Benchmark Mortgage Trust, Series 2019-B9, Class AAB
3.932% 3/15/52		274,000		306,226
Benchmark Mortgage Trust, Series 2019-B14, Class AS
3.352% 12/15/62		150,000		162,727

	Principal Amount		Value
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class C,
4.202% VRN 10/12/50 (f)	$	70,000	$	71,696
Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class C,
4.553% VRN 10/10/47 (f)		100,000		105,407
GS Mortgage Securities Trust, Series 2017-GS6, Class B
3.869% 5/10/50		79,000		85,847
GS Mortgage Securities Trust, Series 2020-GC45, Class A5
2.911% 2/13/53		140,000		146,306
Life 2021-BMR Mortgage Trust
Series 2021-BMR, Class A, 1 mo. USD LIBOR + .700% 0.806% FRN 3/15/38 (c)		100,000		100,060
Series 2021-BMR, Class B, 1 mo. USD LIBOR + .880% 0.986% FRN 3/15/38 (c)		100,000		100,060
Morgan Stanley Capital I Trust, Series 2018-H3, Class B,
4.620% VRN 7/15/51 (f)		20,000		22,694
Wells Fargo Commercial Mortgage Trust
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (f)		30,000		33,717
Series 2018-C45, Class B, 4.556% 6/16/51		10,000		11,139
				1,297,740
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $1,265,515)				1,297,740
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 6.8%
Pass-Through Securities — 6.8%
Federal Home Loan Mortgage Corp. Pool #SD8100 3.000% 10/01/50 (e)		537,705		559,997
Federal National Mortgage Association Pool #BO7245 3.000% 1/01/50		508,554		530,035
Uniform Mortgage Backed Securities TBA
2.000% 1/01/36 (e)		3,500,000		3,590,781
2.000% 12/01/50 (e)		4,500,000		4,478,555
2.500% 7/01/50 (e)		2,200,000		2,251,133
				11,410,501

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

91

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $11,453,936)			$	11,410,501
U.S. TREASURY OBLIGATIONS — 17.8%
U.S. Treasury Bonds & Notes — 17.8%
U.S. Treasury Bond
1.625% 11/15/50	$	1,325,300		1,100,516
1.875% 2/15/41		1,040,000		965,619
2.250% 8/15/49		873,900		842,560
U.S. Treasury Note
0.125% 3/31/23		5,480,600		5,476,772
0.125% 5/15/23		1,900,000		1,897,518
0.250% 11/15/23		2,000,000		1,998,828
0.250% 3/15/24		3,963,400		3,952,233
0.375% 4/30/25		2,043,600		2,017,308
0.750% 3/31/26		1,340,700		1,328,433
1.125% 2/15/31		1,131,700		1,068,208
1.250% 3/31/28		662,400		655,112
1.500% 11/30/21		8,388,400		8,468,773
				29,771,880
TOTAL U.S. TREASURY OBLIGATIONS (Cost $30,169,633)				29,771,880
TOTAL BONDS & NOTES (Cost $65,084,351)				64,336,900
	Number of Shares
MUTUAL FUNDS — 0.2%
Diversified Financial Services — 0.2%
State Street Navigator Securities Lending Prime Portfolio (g)		269,308		269,308
TOTAL MUTUAL FUNDS (Cost $269,308)				269,308
TOTAL LONG-TERM INVESTMENTS (Cost $161,346,938)				172,011,890

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.6%
Repurchase Agreement — 3.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (h)	$	6,019,291	$	6,019,291
U.S. Treasury Bill — 0.0%
U.S. Treasury Bill
0.016% 7/15/21 (i)		1,000		1,000
0.042% 7/15/21 (i)		2,000		2,000
0.043% 7/15/21 (i)		8,000		8,000
0.054% 7/15/21 (i)		10,000		9,999
0.089% 7/15/21 (i)		5,000		5,000
				25,999
TOTAL SHORT-TERM INVESTMENTS (Cost $6,045,287)				6,045,290
TOTAL INVESTMENTS — 106.6% (Cost $167,392,225) (j)				178,057,180
Other Assets/(Liabilities) — (6.6)%				(11,045,142	)
NET ASSETS — 100.0%			$	167,012,038

Abbreviation Legend

FRN Floating Rate Note

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, 2021, was $399,828 or 0.24% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $139,427 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, 2021, the aggregate market value of these securities amounted to $3,062,620 or 1.83% 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).

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

92

MassMutual Premier Balanced Fund — Portfolio of Investments (Continued)

Notes to Portfolio of Investments (continued)

(f) 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, 2021.

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

(h) Maturity value of $6,019,291. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $6,139,691.

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

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Note 5 Year		6/30/21		5	$	624,580		$	(7,588	)
Short
U.S. Treasury Note 10 Year		6/21/21		2	$	(268,636	)	$	6,761
U.S. Treasury Ultra 10 Year		6/21/21		9		(1,339,716	)		46,528
								$	53,289

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

93

MassMutual Premier Disciplined Value Fund — Portfolio of Investments

March 31, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.6%
COMMON STOCK — 98.6%
Basic Materials — 1.2%
Chemicals — 0.3%
Axalta Coating Systems Ltd. (a)		9,943	$	294,114
Iron & Steel — 0.9%
Steel Dynamics, Inc.		16,885		857,082
				1,151,196
Communications — 3.5%
Advertising — 2.0%
Omnicom Group, Inc.		25,990		1,927,159
Internet — 0.2%
Roku, Inc. (a)		618		201,326
Media — 0.6%
ViacomCBS, Inc. Class B		13,741		619,719
Telecommunications — 0.7%
Lumen Technologies, Inc.		49,489		660,678
				3,408,882
Consumer, Cyclical — 5.3%
Auto Manufacturers — 1.3%
Ford Motor Co. (a)		101,600		1,244,600
Auto Parts & Equipment — 0.4%
Autoliv, Inc.		3,893		361,270
Home Builders — 1.4%
D.R. Horton, Inc.		8,491		756,718
NVR, Inc. (a)		73		343,898
PulteGroup, Inc.		5,484		287,581
				1,388,197
Retail — 2.2%
McDonald’s Corp.		4,018		900,594
Walmart, Inc.		6,961		945,513
Yum! Brands, Inc.		2,592		280,403
				2,126,510
				5,120,577
Consumer, Non-cyclical — 29.7%
Agriculture — 2.1%
Altria Group, Inc.		18,429		942,828
Philip Morris International, Inc.		12,442		1,104,103
				2,046,931
Beverages — 4.3%
Brown-Forman Corp. Class B		13,274		915,508
The Coca-Cola Co.		23,756		1,252,179
Keurig Dr Pepper, Inc.		22,471		772,328
PepsiCo, Inc.		8,445		1,194,545
				4,134,560

	Number of Shares		Value
Biotechnology — 1.7%
Alexion Pharmaceuticals, Inc. (a)		9,646	$	1,474,970
Moderna, Inc. (a)		1,505		197,080
				1,672,050
Commercial Services — 2.7%
Booz Allen Hamilton Holding Corp.		3,252		261,883
Equifax, Inc.		4,994		904,563
Global Payments, Inc.		1,372		276,568
Rollins, Inc.		10,073		346,713
Verisk Analytics, Inc.		4,774		843,518
				2,633,245
Cosmetics & Personal Care — 2.0%
Colgate-Palmolive Co.		5,119		403,531
The Procter & Gamble Co.		11,238		1,521,962
				1,925,493
Food — 2.0%
Campbell Soup Co.		5,819		292,521
General Mills, Inc.		8,293		508,527
Kellogg Co.		5,135		325,046
Mondelez International, Inc. Class A		13,338		780,673
				1,906,767
Health Care – Products — 3.1%
Danaher Corp.		9,432		2,122,955
PerkinElmer, Inc.		4,591		588,979
Varian Medical Systems, Inc. (a)		1,555		274,504
				2,986,438
Health Care – Services — 3.5%
Anthem, Inc.		5,372		1,928,279
Centene Corp. (a)		12,883		823,353
Quest Diagnostics, Inc.		2,712		348,058
UnitedHealth Group, Inc.		816		303,609
				3,403,299
Household Products & Wares — 0.6%
Kimberly-Clark Corp.		4,288		596,246
Pharmaceuticals — 7.7%
AmerisourceBergen Corp.		8,559		1,010,561
Bristol-Myers Squibb Co.		52,967		3,343,807
Cigna Corp.		7,710		1,863,815
Jazz Pharmaceuticals PLC (a)		6,950		1,142,372
				7,360,555
				28,665,584
Energy — 2.9%
Oil & Gas — 2.9%
Devon Energy Corp.		129,863		2,837,506

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

94

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

	Number of Shares		Value
Financial — 29.6%
Banks — 3.0%
The Bank of New York Mellon Corp.		11,611	$	549,084
Citigroup, Inc.		27,338		1,988,840
US Bancorp		5,787		320,079
				2,858,003
Diversified Financial Services — 7.4%
Ally Financial, Inc.		6,679		301,958
American Express Co.		2,126		300,701
BlackRock, Inc.		1,329		1,002,013
Capital One Financial Corp.		6,860		872,798
CME Group, Inc.		10,230		2,089,273
Franklin Resources, Inc.		9,994		295,822
Synchrony Financial		18,084		735,295
T. Rowe Price Group, Inc.		8,696		1,492,234
				7,090,094
Insurance — 13.8%
Aflac, Inc.		29,610		1,515,440
The Allstate Corp.		8,101		930,805
American International Group, Inc.		6,550		302,675
Arthur J Gallagher & Co.		9,205		1,148,508
Athene Holding Ltd. Class A (a)		7,977		402,041
Brown & Brown, Inc.		12,634		577,500
Equitable Holdings, Inc.		15,411		502,707
Everest Re Group Ltd.		1,719		425,985
Fidelity National Financial, Inc.		6,963		283,116
Globe Life, Inc.		7,628		737,094
The Hartford Financial Services Group, Inc.		5,387		359,798
Loews Corp.		11,037		565,977
Marsh & McLennan Cos., Inc.		11,557		1,407,643
MetLife, Inc.		18,647		1,133,551
Principal Financial Group, Inc.		10,816		648,527
The Progressive Corp.		16,928		1,618,486
Reinsurance Group of America, Inc.		3,390		427,309
Voya Financial, Inc.		5,631		358,357
				13,345,519
Private Equity — 0.8%
The Blackstone Group, Inc. Class A		10,925		814,240
Real Estate — 1.0%
CBRE Group, Inc. Class A (a)		11,929		943,703
Real Estate Investment Trusts (REITS) — 3.6%
AGNC Investment Corp.		16,770		281,065
Annaly Capital Management, Inc.		32,209		276,998
Apartment Income REIT Corp.		167		7,141
Apartment Investment and Management Co. Class A		167		1,025
Omega Healthcare Investors, Inc.		7,211		264,139

	Number of Shares		Value
Regency Centers Corp.		9,061	$	513,849
Simon Property Group, Inc.		4,155		472,714
VEREIT, Inc.		9,257		357,505
VICI Properties, Inc. (b)		10,140		286,354
Vornado Realty Trust		10,166		461,435
WP Carey, Inc.		7,564		535,229
				3,457,454
				28,509,013
Industrial — 11.6%
Aerospace & Defense — 3.3%
General Dynamics Corp.		3,538		642,359
L3 Harris Technologies, Inc.		7,648		1,550,097
Raytheon Technologies Corp.		12,842		992,301
				3,184,757
Electrical Components & Equipment — 2.4%
Emerson Electric Co.		26,039		2,349,239
Electronics — 0.8%
Arrow Electronics, Inc. (a)		6,661		738,172
Machinery – Diversified — 1.7%
Dover Corp.		4,934		676,599
Westinghouse Air Brake Technologies Corp.		12,136		960,686
				1,637,285
Miscellaneous - Manufacturing — 1.3%
3M Co.		4,959		955,500
Illinois Tool Works, Inc.		1,360		301,267
				1,256,767
Transportation — 2.1%
C.H. Robinson Worldwide, Inc.		5,324		508,069
Knight-Swift Transportation Holdings, Inc.		6,408		308,161
United Parcel Service, Inc. Class B		6,957		1,182,621
				1,998,851
				11,165,071
Technology — 14.2%
Computers — 4.2%
Accenture PLC Class A		8,038		2,220,497
Dell Technologies C (a)		9,199		810,892
International Business Machines Corp.		7,450		992,787
				4,024,176
Semiconductors — 3.0%
Skyworks Solutions, Inc.		5,915		1,085,284
Texas Instruments, Inc.		9,446		1,785,200
				2,870,484
Software — 7.0%
Black Knight, Inc. (a)		8,892		657,919
Broadridge Financial Solutions, Inc.		1,891		289,512

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

95

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

	Number of Shares		Value
Fidelity National Information Services, Inc.		13,843	$	1,946,464
Fiserv, Inc. (a)		2,522		300,219
Oracle Corp.		16,853		1,182,575
Paychex, Inc.		9,686		949,422
Roper Technologies, Inc.		2,650		1,068,851
SS&C Technologies Holdings, Inc		5,088		355,499
				6,750,461
				13,645,121
Utilities — 0.6%
Electric — 0.6%
CenterPoint Energy, Inc.		24,347		551,459
TOTAL COMMON STOCK (Cost $87,205,994)				95,054,409
TOTAL EQUITIES (Cost $87,205,994)				95,054,409
MUTUAL FUNDS — 1.8%
Diversified Financial Services — 1.8%
iShares Russell 1000 Value ETF		11,545		1,749,645
TOTAL MUTUAL FUNDS (Cost $1,702,830)				1,749,645
TOTAL LONG-TERM INVESTMENTS (Cost $88,908,824)				96,804,054
	Principal Amount
SHORT-TERM INVESTMENTS — 0.4%
Repurchase Agreement — 0.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (c)	$	390,168		390,168
TOTAL SHORT-TERM INVESTMENTS (Cost $390,168)				390,168
TOTAL INVESTMENTS — 100.8% (Cost $89,298,992) (d)				97,194,222
Other Assets/(Liabilities) — (0.8)%				(786,812	)
NET ASSETS — 100.0%			$	96,407,410

Abbreviation Legend

ETF Exchange-Traded Fund

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, 2021, was $283,172 or 0.29% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $288,858 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) Maturity value of $390,168. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $398,037.

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

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

96

MassMutual Premier Main Street Fund — Portfolio of Investments

March 31, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Basic Materials — 0.5%
Chemicals — 0.5%
Valvoline, Inc.		21,443	$	559,019
Communications — 17.1%
Internet — 12.1%
Airbnb, Inc. Class A (a) (b)		2,045		384,337
Amazon.com, Inc. (a)		2,188		6,769,847
Booking Holdings, Inc. (a)		548		1,276,753
Facebook, Inc. Class A (a)		13,930		4,102,803
Netflix, Inc. (a)		2,950		1,538,897
Snap, Inc. Class A (a)		8,531		446,086
				14,518,723
Media — 1.7%
Comcast Corp. Class A		37,975		2,054,827
Telecommunications — 3.3%
Motorola Solutions, Inc.		8,574		1,612,341
Verizon Communications, Inc.		39,742		2,310,997
				3,923,338
				20,496,888
Consumer, Cyclical — 7.5%
Auto Manufacturers — 1.2%
General Motors Co.		26,320		1,512,347
Entertainment — 0.2%
Warner Music Group Corp. Class A		5,823		199,904
Home Builders — 0.9%
D.R. Horton, Inc.		12,412		1,106,157
Retail — 5.2%
CarMax, Inc. (a)		8,970		1,189,960
The Home Depot, Inc.		8,198		2,502,439
O’Reilly Automotive, Inc. (a)		2,054		1,041,892
Target Corp.		7,579		1,501,173
				6,235,464
				9,053,872
Consumer, Non-cyclical — 20.3%
Beverages — 1.5%
Constellation Brands, Inc. Class A		8,168		1,862,304
Cosmetics & Personal Care — 2.1%
The Procter & Gamble Co.		18,490		2,504,101
Food — 2.4%
The a2 Milk Co. Ltd. (a) (b)		30,160		179,010
Mondelez International, Inc. Class A		23,485		1,374,577
Sysco Corp.		16,465		1,296,454
				2,850,041

	Number of Shares		Value
Health Care – Products — 2.5%
Alcon, Inc. (a)		7,208	$	505,857
Avantor, Inc. (a)		20,703		598,938
Thermo Fisher Scientific, Inc.		4,254		1,941,441
				3,046,236
Health Care – Services — 5.8%
HCA Healthcare, Inc.		16,044		3,021,727
UnitedHealth Group, Inc.		10,547		3,924,222
				6,945,949
Household Products & Wares — 0.4%
Reckitt Benckiser Group PLC		4,753		425,825
Pharmaceuticals — 5.6%
AstraZeneca PLC Sponsored ADR (b)		46,265		2,300,296
CVS Health Corp.		23,198		1,745,186
Eli Lilly and Co.		12,575		2,349,261
Neurocrine Biosciences, Inc. (a)		3,640		353,990
				6,748,733
				24,383,189
Energy — 1.8%
Oil & Gas — 1.2%
Cabot Oil & Gas Corp.		36,254		680,850
Valero Energy Corp.		10,782		771,991
				1,452,841
Pipelines — 0.6%
Magellan Midstream Partners LP (c)		17,255		748,177
				2,201,018
Financial — 16.3%
Banks — 3.9%
CIT Group, Inc.		5,802		298,861
JP Morgan Chase & Co.		28,362		4,317,547
				4,616,408
Diversified Financial Services — 6.0%
Capital One Financial Corp.		20,527		2,611,650
Intercontinental Exchange, Inc.		16,848		1,881,585
Mastercard, Inc. Class A		5,549		1,975,722
Rocket Cos., Inc. Class A (b)		33,734		778,918
				7,247,875
Insurance — 3.9%
Equitable Holdings, Inc.		80,724		2,633,217
The Progressive Corp.		21,994		2,102,846
				4,736,063
Real Estate Investment Trusts (REITS) — 2.5%
Prologis, Inc.		27,862		2,953,372
				19,553,718

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

97

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

	Number of Shares		Value
Industrial — 10.9%
Aerospace & Defense — 1.5%
Lockheed Martin Corp.		4,952	$	1,829,764
Building Materials — 0.9%
Vulcan Materials Co.		6,567		1,108,181
Electronics — 1.5%
Honeywell International, Inc.		6,019		1,306,545
Hubbell, Inc.		2,453		458,441
				1,764,986
Environmental Controls — 0.7%
Waste Connections, Inc.		7,657		826,803
Machinery – Construction & Mining — 1.0%
Caterpillar, Inc.		4,960		1,150,075
Machinery – Diversified — 1.7%
Otis Worldwide Corp.		19,234		1,316,567
Rockwell Automation, Inc.		2,920		775,085
				2,091,652
Transportation — 3.6%
Union Pacific Corp.		7,356		1,621,336
United Parcel Service, Inc. Class B		15,968		2,714,400
				4,335,736
				13,107,197
Technology — 23.0%
Computers — 3.7%
Accenture PLC Class A		6,582		1,818,278
Amdocs Ltd.		9,914		695,467
Apple, Inc.		15,809		1,931,069
				4,444,814
Semiconductors — 7.6%
Applied Materials, Inc.		27,609		3,688,562
QUALCOMM, Inc.		23,137		3,067,735
Texas Instruments, Inc.		12,620		2,385,054
				9,141,351
Software — 11.7%
Fiserv, Inc. (a)		16,199		1,928,329
Microsoft Corp.		40,380		9,520,393
Snowflake, Inc. Class A (a)		626		143,529
Workday, Inc. Class A (a)		4,976		1,236,188
Zynga, Inc. Class A (a)		114,331		1,167,319
				13,995,758
				27,581,923
Utilities — 1.9%
Electric — 1.4%
FirstEnergy Corp.		49,354		1,712,090

	Number of Shares		Value
Water — 0.5%
American Water Works Co., Inc.		3,605	$	540,462
				2,252,552
TOTAL COMMON STOCK (Cost $85,339,486)				119,189,376
TOTAL EQUITIES (Cost $85,339,486)				119,189,376
MUTUAL FUNDS — 0.5%
Diversified Financial Services — 0.5%
State Street Navigator Securities Lending Prime Portfolio (d)		643,628		643,628
TOTAL MUTUAL FUNDS (Cost $643,628)				643,628
TOTAL LONG-TERM INVESTMENTS (Cost $85,983,114)				119,833,004
	Principal Amount
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (e)	$	912,985		912,985
TOTAL SHORT-TERM INVESTMENTS (Cost $912,985)				912,985
TOTAL INVESTMENTS — 100.6% (Cost $86,896,099) (f)				120,745,989
Other Assets/(Liabilities) — (0.6)%				(746,853	)
NET ASSETS — 100.0%			$	119,999,136

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, 2021, was $3,540,223 or 2.95% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,983,090 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities

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

98

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

Notes to Portfolio of Investments (continued)

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

(e) Maturity value of $912,985. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $931,340.

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

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

99

MassMutual Premier Disciplined Growth Fund — Portfolio of Investments

March 31, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.8%
COMMON STOCK — 99.8%
Basic Materials — 0.8%
Chemicals — 0.2%
FMC Corp.		4,830	$	534,246
Mining — 0.6%
Newmont Corp.		23,383		1,409,294
				1,943,540
Communications — 21.1%
Internet — 19.2%
Alphabet, Inc. Class A (a)		2,863		5,904,995
Alphabet, Inc. Class C (a)		2,841		5,876,978
Amazon.com, Inc. (a)		5,664		17,524,869
eBay, Inc.		30,393		1,861,267
Facebook, Inc. Class A (a)		33,827		9,963,066
GoDaddy, Inc. Class A (a)		11,548		896,356
Match Group, Inc. (a)		9,474		1,301,538
Netflix, Inc. (a)		6,733		3,512,337
				46,841,406
Media — 1.9%
Altice USA, Inc. Class A (a)		30,432		989,953
Charter Communications, Inc. Class A (a)		4,100		2,529,782
The Walt Disney Co. (a)		5,673		1,046,782
				4,566,517
				51,407,923
Consumer, Cyclical — 12.4%
Apparel — 1.8%
NIKE, Inc. Class B		33,036	��	4,390,154
Auto Manufacturers — 2.8%
Tesla, Inc. (a)		10,110		6,752,772
Home Builders — 0.6%
D.R. Horton, Inc.		5,613		500,230
NVR, Inc. (a)		191		899,788
				1,400,018
Retail — 7.2%
AutoZone, Inc. (a)		1,294		1,817,164
Costco Wholesale Corp.		12,362		4,357,358
Lowe’s Cos., Inc.		22,429		4,265,547
McDonald’s Corp.		11,410		2,557,438
Starbucks Corp.		17,241		1,883,924
Walmart, Inc.		20,252		2,750,829
				17,632,260
				30,175,204

	Number of Shares		Value
Consumer, Non-cyclical — 19.4%
Beverages — 1.4%
Monster Beverage Corp. (a)		36,436	$	3,318,955
Biotechnology — 2.9%
Alexion Pharmaceuticals, Inc. (a)		7,051		1,078,168
Incyte Corp. (a)		13,657		1,109,904
Moderna, Inc. (a)		6,425		841,354
Regeneron Pharmaceuticals, Inc. (a)		2,653		1,255,240
Vertex Pharmaceuticals, Inc. (a)		12,514		2,689,134
				6,973,800
Commercial Services — 5.5%
FleetCor Technologies, Inc. (a)		2,376		638,265
Gartner, Inc. (a)		6,726		1,227,831
Global Payments, Inc.		4,156		837,766
MarketAxess Holdings, Inc.		2,075		1,033,184
PayPal Holdings, Inc. (a)		21,345		5,183,420
S&P Global, Inc.		6,827		2,409,044
Square, Inc. Class A (a)		9,073		2,060,025
				13,389,535
Health Care – Products — 4.1%
Align Technology, Inc. (a)		2,824		1,529,281
Avantor, Inc. (a)		29,217		845,248
Hologic, Inc. (a)		18,137		1,349,030
Thermo Fisher Scientific, Inc.		9,431		4,304,120
Varian Medical Systems, Inc. (a)		11,178		1,973,252
				10,000,931
Health Care – Services — 3.7%
DaVita, Inc. (a)		7,308		787,583
HCA Healthcare, Inc.		6,484		1,221,197
Molina Healthcare, Inc. (a)		2,188		511,467
UnitedHealth Group, Inc.		17,716		6,591,592
				9,111,839
Pharmaceuticals — 1.8%
Bristol-Myers Squibb Co.		69,908		4,413,292
				47,208,352
Energy — 0.1%
Pipelines — 0.1%
Cheniere Energy, Inc. (a)		3,930		282,999
Financial — 9.2%
Diversified Financial Services — 6.4%
Capital One Financial Corp.		2,339		297,591
Intercontinental Exchange, Inc.		14,180		1,583,623
Mastercard, Inc. Class A		16,779		5,974,163
Visa, Inc. Class A		36,058		7,634,560
				15,489,937

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

100

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

	Number of Shares		Value
Insurance — 1.3%
Brown & Brown, Inc.		58,434	$	2,671,018
RenaissanceRe Holdings Ltd.		1,604		257,041
Voya Financial, Inc.		4,404		280,271
				3,208,330
Private Equity — 0.4%
The Blackstone Group, Inc. Class A		13,434		1,001,236
Real Estate — 0.5%
CBRE Group, Inc. Class A (a)		14,774		1,168,771
Real Estate Investment Trusts (REITS) — 0.6%
VEREIT, Inc.		36,718		1,418,049
				22,286,323
Industrial — 3.3%
Aerospace & Defense — 1.3%
The Boeing Co.		1,219		310,504
Lockheed Martin Corp.		7,827		2,892,076
				3,202,580
Building Materials — 0.6%
Masco Corp.		26,293		1,574,951
Electrical Components & Equipment — 0.7%
Generac Holdings, Inc. (a)		5,086		1,665,411
Transportation — 0.7%
FedEx Corp.		5,633		1,599,997
				8,042,939
Technology — 33.5%
Computers — 6.9%
Apple, Inc.		120,849		14,761,706
Fortinet, Inc. (a)		11,024		2,033,046
				16,794,752
Office & Business Equipment — 1.1%
Zebra Technologies Corp. Class A (a)		5,613		2,723,315
Semiconductors — 8.1%
Advanced Micro Devices, Inc. (a)		24,827		1,948,920
Applied Materials, Inc.		21,882		2,923,435
KLA Corp.		6,588		2,176,675
Lam Research Corp.		4,928		2,933,343
NVIDIA Corp.		11,284		6,024,866
Qorvo, Inc. (a)		5,206		951,136
QUALCOMM, Inc.		20,837		2,762,778
				19,721,153
Software — 17.4%
Adobe, Inc. (a)		15,812		7,516,550
CDK Global, Inc.		9,142		494,217
Datadog, Inc. Class A (a)		5,564		463,704
Fiserv, Inc. (a)		9,083		1,081,240
Microsoft Corp.		101,472		23,924,053

	Number of Shares		Value
MSCI, Inc.		2,647	$	1,109,834
Paycom Software, Inc. (a)		3,235		1,197,144
salesforce.com, Inc. (a)		16,054		3,401,361
SS&C Technologies Holdings, Inc		23,095		1,613,648
Zoom Video Communications, Inc. Class A (a)		4,286		1,377,049
				42,178,800
				81,418,020
TOTAL COMMON STOCK (Cost $198,831,660)				242,765,300
TOTAL EQUITIES (Cost $198,831,660)				242,765,300
TOTAL LONG-TERM INVESTMENTS (Cost $198,831,660)				242,765,300
	Principal Amount
SHORT-TERM INVESTMENTS — 0.3%
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (b)	$	673,882		673,882
TOTAL SHORT-TERM INVESTMENTS (Cost $673,882)				673,882
TOTAL INVESTMENTS — 100.1% (Cost $199,505,542) (c)				243,439,182
Other Assets/(Liabilities) — (0.1)%				(126,837	)
NET ASSETS — 100.0%			$	243,312,345

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Maturity value of $673,882. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $687,442.

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

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

101

MassMutual Premier Small Cap Opportunities Fund — Portfolio of Investments

March 31, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.1%
COMMON STOCK — 99.1%
Basic Materials — 2.7%
Chemicals — 0.5%
Diversey Holdings Ltd. (a)		121,748	$	1,790,913
Mining — 2.2%
Compass Minerals International, Inc.		58,270		3,654,695
Kaiser Aluminum Corp.		38,208		4,221,984
				7,876,679
				9,667,592
Communications — 2.8%
Internet — 2.3%
Overstock.com, Inc. (a)		57,931		3,838,508
Q2 Holdings, Inc. (a) (b)		42,264		4,234,853
				8,073,361
Telecommunications — 0.5%
EchoStar Corp. Class A (a)		72,993		1,751,832
				9,825,193
Consumer, Cyclical — 13.4%
Apparel — 0.5%
Carter’s, Inc.		18,847		1,676,064
Auto Parts & Equipment — 3.1%
Allison Transmission Holdings, Inc.		46,192		1,886,019
Dorman Products, Inc. (a)		41,946		4,305,338
Visteon Corp. (a)		37,793		4,608,856
				10,800,213
Entertainment — 0.7%
Cedar Fair LP (c)		51,511		2,559,066
Retail — 9.1%
AutoNation, Inc. (a)		84,726		7,898,158
BJ’s Wholesale Club Holdings, Inc. (a)		107,319		4,814,330
Denny’s Corp. (a)		221,693		4,014,860
Foot Locker, Inc.		39,245		2,207,531
Jack in the Box, Inc.		40,829		4,482,208
Suburban Propane Partners LP (c)		244,524		3,623,846
Texas Roadhouse, Inc.		51,547		4,945,419
				31,986,352
				47,021,695
Consumer, Non-cyclical — 25.0%
Biotechnology — 4.0%
ADC Therapeutics SA (a) (b)		25,908		632,414
Avid Bioservices, Inc. (a)		63,475		1,157,149
Axsome Therapeutics, Inc. (a) (b)		13,824		782,715
Emergent BioSolutions, Inc. (a)		50,002		4,645,686
NeoGenomics, Inc. (a)		67,296		3,245,686
Twist Bioscience Corp. (a)		21,315		2,640,076

	Number of Shares		Value
Zai Lab Ltd. ADR (a)		7,527	$	1,004,328
				14,108,054
Commercial Services — 6.2%
ASGN, Inc. (a)		78,543		7,496,144
Korn Ferry		120,759		7,531,739
Monro, Inc.		82,851		5,451,596
Paya Holdings, Inc. Class A (a)		131,770		1,444,199
				21,923,678
Food — 2.4%
BellRing Brands, Inc. Class A (a)		158,004		3,730,474
The Simply Good Foods Co. (a)		157,283		4,784,549
				8,515,023
Health Care – Products — 6.0%
Adaptive Biotechnologies Corp. (a)		33,171		1,335,465
AtriCure, Inc. (a)		61,990		4,061,585
BioLife Solutions, Inc. (a)		46,060		1,658,160
Inspire Medical Systems, Inc. (a)		21,365		4,422,341
iRhythm Technologies, Inc. (a)		12,154		1,687,704
OraSure Technologies, Inc. (a)		148,882		1,737,453
Repligen Corp. (a)		10,498		2,040,916
Tandem Diabetes Care, Inc. (a)		45,573		4,021,817
				20,965,441
Health Care – Services — 4.6%
Addus HomeCare Corp. (a)		43,177		4,515,883
LHC Group, Inc. (a)		27,259		5,212,193
Ortho Clinical Diagnostics Holdings PLC (a)		88,756		1,712,547
Tenet Healthcare Corp. (a)		87,415		4,545,580
				15,986,203
Household Products & Wares — 1.3%
ACCO Brands Corp.		530,351		4,476,162
Pharmaceuticals — 0.5%
Collegium Pharmaceutical, Inc. (a)		76,067		1,802,788
				87,777,349
Energy — 1.5%
Oil & Gas — 1.0%
CNX Resources Corp. (a)		234,396		3,445,621
Pipelines — 0.5%
Noble Midstream Partners LP (c)		116,656		1,691,512
				5,137,133
Financial — 19.2%
Banks — 5.5%
The Bank of NT Butterfield & Son Ltd.		112,534		4,301,049
BankUnited, Inc.		98,432		4,326,086
Cathay General Bancorp		83,165		3,391,469
Heritage Financial Corp.		99,419		2,807,593

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

102

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

	Number of Shares		Value
Signature Bank		12,091	$	2,733,775
Silvergate Capital Corp. Class A (a)		12,363		1,757,648
				19,317,620
Diversified Financial Services — 3.7%
Federated Hermes, Inc.		97,497		3,051,656
Focus Financial Partners, Inc. Class A (a)		97,642		4,063,860
Stifel Financial Corp.		91,501		5,861,554
				12,977,070
Real Estate Investment Trusts (REITS) — 4.2%
DiamondRock Hospitality Co. (a)		326,133		3,359,170
EPR Properties		68,511		3,191,927
Four Corners Property Trust, Inc.		173,229		4,746,475
National Storage Affiliates Trust		88,158		3,520,149
				14,817,721
Savings & Loans — 5.8%
Berkshire Hills Bancorp, Inc.		84,406		1,883,942
OceanFirst Financial Corp.		122,480		2,932,171
Pacific Premier Bancorp, Inc.		102,461		4,450,906
Sterling Bancorp		195,659		4,504,070
WSFS Financial Corp.		130,872		6,516,117
				20,287,206
				67,399,617
Industrial — 17.5%
Building Materials — 2.2%
Masonite International Corp. (a)		34,178		3,938,673
Summit Materials, Inc. Class A (a)		141,141		3,954,771
				7,893,444
Electrical Components & Equipment — 1.9%
Energizer Holdings, Inc.		70,276		3,335,299
EnerSys		35,445		3,218,406
				6,553,705
Electronics — 1.6%
Atkore ,Inc. (a)		76,412		5,494,023
Engineering & Construction — 3.5%
Comfort Systems USA, Inc.		30,107		2,251,100
KBR, Inc.		140,916		5,409,765
TopBuild Corp. (a)		22,129		4,634,477
				12,295,342
Environmental Controls — 0.4%
US Ecology, Inc. (a)		37,583		1,564,956
Machinery – Diversified — 1.4%
Chart Industries, Inc. (a)		20,911		2,976,681
Curtiss-Wright Corp.		15,847		1,879,454
				4,856,135
Metal Fabricate & Hardware — 3.0%
Rexnord Corp.		163,050		7,678,025

	Number of Shares		Value
Valmont Industries, Inc.		12,044	$	2,862,497
				10,540,522
Miscellaneous - Manufacturing — 1.1%
EnPro Industries, Inc.		46,240		3,942,885
Packaging & Containers — 0.8%
Silgan Holdings, Inc.		63,117		2,652,807
Transportation — 1.6%
CryoPort, Inc. (a) (b)		63,180		3,285,992
Hub Group, Inc. Class A (a)		33,528		2,255,764
				5,541,756
				61,335,575
Technology — 12.4%
Computers — 2.5%
CACI International, Inc. Class A (a)		17,432		4,299,777
Perspecta, Inc.		154,241		4,480,701
				8,780,478
Semiconductors — 4.5%
Allegro MicroSystems, Inc. (a)		71,858		1,821,601
Brooks Automation, Inc.		65,771		5,370,202
MKS Instruments, Inc.		25,479		4,724,316
Semtech Corp. (a)		59,125		4,079,625
				15,995,744
Software — 5.4%
1Life Healthcare, Inc. (a)		56,803		2,219,861
Bottomline Technologies de, Inc. (a)		91,490		4,139,922
Envestnet, Inc. (a)		28,470		2,056,388
Everbridge, Inc. (a)		12,371		1,499,118
j2 Global, Inc. (a)		61,710		7,396,561
Olo, Inc. Class A (a)		60,725		1,602,533
				18,914,383
				43,690,605
Utilities — 4.6%
Electric — 2.6%
Avista Corp.		110,834		5,292,323
Evoqua Water Technologies Corp. (a)		153,300		4,031,790
				9,324,113
Gas — 2.0%
National Fuel Gas Co.		94,964		4,747,250
Northwest Natural Holding Co.		42,149		2,273,939
				7,021,189
				16,345,302
TOTAL COMMON STOCK (Cost $268,629,779)				348,200,061
TOTAL EQUITIES (Cost $268,629,779)				348,200,061

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

103

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

	Number of Shares		Value
MUTUAL FUNDS — 0.2%
Diversified Financial Services — 0.2%
State Street Navigator Securities Lending Prime Portfolio (d)		618,530	$	618,530
TOTAL MUTUAL FUNDS (Cost $618,530)				618,530
TOTAL LONG-TERM INVESTMENTS (Cost $269,248,309)				348,818,591
	Principal Amount
SHORT-TERM INVESTMENTS — 1.1%
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (e)	$	3,895,360		3,895,360
TOTAL SHORT-TERM INVESTMENTS (Cost $3,895,360)				3,895,360
TOTAL INVESTMENTS — 100.4% (Cost $273,143,669) (f)				352,713,951
Other Assets/(Liabilities) — (0.4)%				(1,424,102	)
NET ASSETS — 100.0%			$	351,289,849

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, 2021, was $5,806,645 or 1.65% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $5,314,732 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) Represents investment of security lending cash collateral. (Note 2).

(e) Maturity value of $3,895,360. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $3,973,346.

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

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

104

MassMutual Premier Global Fund — Portfolio of Investments

March 31, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.6%
COMMON STOCK — 99.6%
Cayman Islands — 6.5%
Farfetch Ltd. Class A (a)		101,917	$	5,403,639
JD.com, Inc. ADR (a)		170,188		14,351,954
StoneCo Ltd. Class A (a)		47,317		2,896,747
				22,652,340
Denmark — 0.3%
Ambu A/S Class B		18,887		887,142
Ascendis Pharma A/S ADR (a)		1,434		184,814
				1,071,956
France — 8.3%
Dassault Systemes SE		4,926		1,053,922
Kering SA		12,668		8,746,769
LVMH Moet Hennessy Louis Vuitton SE		28,730		19,145,426
				28,946,117
Germany — 2.3%
SAP SE		66,426		8,135,460
India — 3.7%
DLF Ltd.		1,943,300		7,644,313
ICICI Bank Ltd. Sponsored ADR (a)		328,818		5,270,953
				12,915,266
Italy — 0.3%
Brunello Cucinelli SpA (a) (b)		21,354		919,288
Japan — 14.8%
Capcom Co. Ltd.		122,400		3,990,630
FANUC Corp.		16,600		3,950,554
Keyence Corp.		18,200		8,307,328
Murata Manufacturing Co. Ltd.		119,630		9,645,243
Nidec Corp.		105,500		12,887,385
Omron Corp.		62,100		4,866,804
Takeda Pharmaceutical Co. Ltd.		51,108		1,846,690
TDK Corp.		43,900		6,122,124
				51,616,758
Netherlands — 3.7%
Airbus SE (a)		86,430		9,789,532
ASML Holding NV		3,510		2,140,885
uniQure NV (a)		28,503		960,266
				12,890,683
Spain — 1.3%
Industria de Diseno Textil SA		133,210		4,391,008
Sweden — 3.4%
Assa Abloy AB Class B		176,819		5,077,711
Atlas Copco AB Class A		110,456		6,725,281
				11,802,992

	Number of Shares		Value
Switzerland — 0.5%
Zur Rose Group AG (a)		4,774	$	1,793,390
United Kingdom — 1.3%
Prudential PLC		213,412		4,524,232
United States — 53.2%
Adobe, Inc. (a)		28,777		13,679,722
Agilent Technologies, Inc.		51,283		6,520,121
Alphabet, Inc. Class A (a)		16,988		35,038,090
Amazon.com, Inc. (a)		1,018		3,149,773
Analog Devices, Inc.		4,763		738,646
Avantor, Inc. (a)		162,255		4,694,037
Blueprint Medicines Corp. (a)		18,396		1,788,643
Boston Scientific Corp. (a)		46,279		1,788,683
Castle Biosciences, Inc. (a)		11,236		769,217
Charles River Laboratories International, Inc. (a)		5,206		1,508,855
Dun & Bradstreet Holdings, Inc. (a)		19,399		461,890
Electronic Arts, Inc.		21,805		2,951,743
Equifax, Inc.		28,944		5,242,627
Facebook, Inc. Class A (a)		56,632		16,679,823
Fate Therapeutics, Inc. (a)		8,195		675,678
Fidelity National Information Services, Inc.		32,532		4,574,325
Illumina, Inc. (a)		6,178		2,372,723
Intuit, Inc.		38,253		14,653,194
Ionis Pharmaceuticals, Inc. (a)		34,262		1,540,420
IQVIA Holdings, Inc. (a)		9,844		1,901,270
Marriott International, Inc. Class A		3,471		514,090
Maxim Integrated Products, Inc.		107,507		9,822,915
Microsoft Corp.		15,116		3,563,899
Nuance Communications, Inc. (a)		51,733		2,257,628
PayPal Holdings, Inc. (a)		38,607		9,375,324
Pegasystems, Inc.		16,318		1,865,800
Phathom Pharmaceuticals, Inc. (a) (b)		31,030		1,165,487
Qualtrics International Inc (a)		6,908		227,342
S&P Global, Inc.		41,974		14,811,365
Sage Therapeutics, Inc. (a)		12,452		932,032
Twist Bioscience Corp. (a)		1,607		199,043
United Parcel Service, Inc. Class B		38,455		6,536,965
Veracyte, Inc. (a)		45,781		2,460,729
Visa, Inc. Class A		16,991		3,597,504
The Walt Disney Co. (a)		39,981		7,377,294
				185,436,897
TOTAL COMMON STOCK (Cost $151,202,770)				347,096,387

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

105

MassMutual Premier Global Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
PREFERRED STOCK — 0.0%
India — 0.0%
Zee Entertainment Enterprises Ltd. 6.000%		573,050	$	14,892
TOTAL PREFERRED STOCK (Cost $22,479)				14,892
TOTAL EQUITIES (Cost $151,225,249)				347,111,279
TOTAL LONG-TERM INVESTMENTS (Cost $151,225,249)				347,111,279
	Principal Amount
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (c)	$	2,899,204		2,899,204
TOTAL SHORT-TERM INVESTMENTS (Cost $2,899,204)				2,899,204
TOTAL INVESTMENTS — 100.4% (Cost $154,124,453) (d)				350,010,483
Other Assets/(Liabilities) — (0.4)%				(1,503,382	)
NET ASSETS — 100.0%			$	348,507,101

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, 2021, was $438,929 or 0.13% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $450,641 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) Maturity value of $2,899,204. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $2,957,281.

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

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

Communications	23.5	%
Industrial	23.1	%
Technology	20.0	%
Consumer, Non-cyclical	16.8	%
Consumer, Cyclical	10.2	%
Financial	6.0	%
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.

106

MassMutual Premier International Equity Fund — Portfolio of Investments

March 31, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.3%
COMMON STOCK — 96.3%
Australia — 1.0%
Challenger Ltd.		64,000	$	312,597
Lendlease Corp Ltd.		32,000		314,913
Macquarie Group Ltd.		5,400		626,105
Santos Ltd.		74,500		403,155
				1,656,770
Belgium — 0.7%
Anheuser-Busch InBev SA		2,100		132,396
Groupe Bruxelles Lambert SA		4,200		434,392
KBC Group NV (a)		8,200		595,445
				1,162,233
Canada — 5.4%
The Bank of Nova Scotia		35,936		2,248,180
Canadian National Railway Co.		32,038		3,718,009
Intact Financial Corp.		25,612		3,138,576
				9,104,765
Cayman Islands — 0.6%
CK Asset Holdings Ltd.		63,500		385,989
CK Hutchison Holdings Ltd.		88,200		703,754
				1,089,743
Denmark — 0.1%
AP Moller - Maersk A/S Class B		90		209,403
France — 11.1%
Arkema SA		2,900		351,453
AXA SA		90,586		2,428,679
Capgemini SE		15,185		2,584,654
Dassault Aviation SA (a)		160		178,097
Engie SA (a)		62,400		886,060
LVMH Moet Hennessy Louis Vuitton SE		1,970		1,312,791
Rexel SA (a)		17,400		344,943
Sanofi		8,000		790,703
Schneider Electric SE		16,246		2,482,157
TOTAL SE (b)		53,806		2,505,950
Ubisoft Entertainment SA (a)		4,100		311,995
Veolia Environnement SA		22,400		574,696
Vinci SA		38,546		3,950,165
				18,702,343
Germany — 4.6%
Allianz SE Registered		1,960		498,977
BASF SE		4,800		398,671
Bayer AG Registered		2,900		183,514
Deutsche Boerse AG		3,280		545,184
Deutsche Post AG Registered		9,900		542,409
Fresenius SE & Co. KGaA		15,500		690,409

	Number of Shares		Value
HeidelbergCement AG		9,000	$	817,409
Infineon Technologies AG		12,500		530,129
Merck KGaA		9,389		1,605,367
SAP SE		5,200		636,865
Siemens AG Registered		5,260		863,803
Siemens Energy AG (a)		8,780		315,189
Talanx AG (a)		4,500		190,837
				7,818,763
Hong Kong — 3.0%
AIA Group Ltd.		415,155		5,050,569
Ireland — 3.9%
AIB Group PLC (a)		103,900		270,148
DCC PLC		6,800		589,822
Linde PLC		1,270		355,778
Linde PLC (a)		16,008		4,483,406
Ryanair Holdings PLC Sponsored ADR (a)		1,800		207,000
Smurfit Kappa Group PLC		14,000		659,490
				6,565,644
Israel — 0.3%
Check Point Software Technologies Ltd. (a)		3,890		435,563
Italy — 0.4%
Mediobanca Banca di Credito Finanziario SpA (a)		38,800		431,634
Prysmian SpA		7,600		247,458
				679,092
Japan — 18.4%
Astellas Pharma, Inc.		283,350		4,374,973
Chugai Pharmaceutical Co. Ltd.		35,430		1,441,918
Denka Co. Ltd.		8,700		347,031
FANUC Corp.		2,200		523,567
Fujitsu Ltd.		2,800		406,402
Hitachi Ltd. (b)		11,900		540,576
Japan Airlines Co. Ltd. (a)		9,900		222,110
Kao Corp.		54,450		3,607,082
KDDI Corp.		139,020		4,271,690
Kirin Holdings Co. Ltd.		126,340		2,422,404
Kyocera Corp.		7,500		477,533
Matsumotokiyoshi Holdings Co. Ltd.		5,200		232,187
Nintendo Co. Ltd.		1,200		671,697
Olympus Corp.		30,700		636,853
ORIX Corp.		43,400		734,903
Rakuten, Inc.		49,600		591,100
Sega Sammy Holdings, Inc.		20,000		312,800
Seven & i Holdings Co. Ltd.		20,400		824,409
Shiseido Co. Ltd.		45,680		3,077,212
Sony Corp.		12,600		1,326,546

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

107

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

	Number of Shares		Value
Square Enix Holdings Co. Ltd.		5,700	$	317,170
Sumitomo Mitsui Financial Group, Inc.		18,400		669,079
Sysmex Corp.		11,850		1,280,343
Toshiba Corp.		18,700		633,574
Toyota Industries Corp.		10,200		912,060
				30,855,219
Luxembourg — 0.3%
ArcelorMittal SA (a)		19,900		577,476
Netherlands — 6.3%
Airbus SE (a)		900		101,939
ASML Holding NV		890		542,846
EXOR NV		2,600		220,141
Heineken Holding NV		7,300		649,829
Heineken NV		41,467		4,261,374
Koninklijke Philips NV (a)		75,528		4,312,158
NXP Semiconductor NV		2,300		463,082
				10,551,369
Norway — 0.3%
Mowi ASA		18,600		461,427
Singapore — 0.4%
DBS Group Holdings, Ltd.		29,300		632,058
Spain — 3.7%
Iberdrola SA		218,204		2,813,202
Industria de Diseno Textil SA		98,099		3,233,642
Siemens Gamesa Renewable Energy SA		2,800		108,399
				6,155,243
Sweden — 2.7%
Assa Abloy AB Class B		115,945		3,329,592
Essity AB Class B (b)		6,700		211,680
Investor AB Class B		6,400		510,431
Lundin Energy AB		2,800		87,990
Volvo AB Class B (a)		16,100		407,365
				4,547,058
Switzerland — 10.8%
ABB Ltd. Registered		19,000		577,879
Alcon, Inc. (a)		7,600		532,119
Cie Financiere Richemont SA Registered		2,900		278,475
Nestle SA Registered		41,008		4,570,560
Novartis AG Registered		55,304		4,724,223
Roche Holding AG		13,691		4,425,473
Temenos Group AG Registered		14,147		2,036,204
UBS Group AG Registered		61,700		955,317
				18,100,250

	Number of Shares		Value
United Kingdom — 22.3%
Ashtead Group PLC		5,900	$	352,042
AstraZeneca PLC		25,844		2,577,157
Aviva PLC		136,800		770,128
BAE Systems PLC		414,116		2,882,785
Barratt Developments PLC (a)		21,000		216,279
BHP Group PLC ADR		3,200		185,152
The British Land Co. PLC		73,900		513,816
Bunzl PLC		8,800		281,785
Compass Group PLC (a)		128,788		2,595,893
Diageo PLC		96,859		3,983,413
Entain PLC (a)		18,979		397,324
Experian PLC		52,880		1,821,632
Glencore PLC (a)		56,100		219,799
Imperial Brands PLC		19,000		390,899
Inchcape PLC (a)		30,956		320,788
Informa PLC (a)		28,000		216,171
Kingfisher PLC (a)		49,300		216,373
Liberty Global PLC Class C (a)		18,000		459,720
National Grid PLC		282,719		3,371,790
Persimmon PLC		11,700		474,395
Prudential PLC		102,917		2,181,791
Reckitt Benckiser Group PLC		46,118		4,131,752
Smith & Nephew PLC		220,014		4,154,436
Tesco PLC		189,000		596,466
Unilever PLC		59,857		3,339,728
Unilever PLC		15,600		870,580
				37,522,094
TOTAL COMMON STOCK (Cost $144,806,785)				161,877,082
TOTAL EQUITIES (Cost $144,806,785)				161,877,082
MUTUAL FUNDS — 1.3%
United States — 1.3%
State Street Navigator Securities Lending Prime Portfolio (c)		2,209,185		2,209,185
TOTAL MUTUAL FUNDS (Cost $2,209,185)				2,209,185
TOTAL LONG-TERM INVESTMENTS (Cost $147,015,970)				164,086,267

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

108

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.4%
Repurchase Agreement — 3.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (d)	$	5,696,936	$	5,696,936
TOTAL SHORT-TERM INVESTMENTS (Cost $5,696,936)				5,696,936
TOTAL INVESTMENTS — 101.0% (Cost $152,712,906) (e)				169,783,203
Other Assets/(Liabilities) — (1.0)%				(1,689,164	)
NET ASSETS — 100.0%			$	168,094,039

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, 2021, was $2,712,092 or 1.61% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $643,603 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 $5,696,936. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $5,810,964.

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

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

Consumer, Non-cyclical	40.2	%
Financial	14.5	%
Industrial	13.3	%
Consumer, Cyclical	8.3	%
Technology	4.9	%
Utilities	4.5	%
Basic Materials	4.5	%
Communications	3.3	%
Energy	2.4	%
Mutual Funds	1.3	%
Diversified	0.4	%
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.

109

MassMutual Premier Strategic Emerging Markets Fund — Portfolio of Investments

March 31, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.4%
COMMON STOCK — 94.4%
Bermuda — 1.1%
Credicorp Ltd.		8,246	$	1,126,156
Jardine Strategic Holdings Ltd. (a)		26,871		889,203
				2,015,359
Brazil — 3.5%
Ambev SA		316,139		858,779
B3 SA - Brasil Bolsa Balcao		156,426		1,517,946
Vale SA Sponsored ADR		248,466		4,318,339
				6,695,064
Cayman Islands — 26.6%
Alibaba Group Holding Ltd. (b)		1,700		48,107
Alibaba Group Holding Ltd. Sponsored ADR (b)		23,156		5,250,160
Baidu, Inc. Sponsored ADR (b)		2,249		489,270
BeiGene Ltd. (b)		6,024		2,096,834
Blue Moon Group Holdings Ltd. (b) (c)		214,960		309,143
Budweiser Brewing Co. APAC Ltd. (c)		391,400		1,169,783
Hansoh Pharmaceutical Group Co. Ltd. (b) (c)		70,000		335,811
Huazhu Group Ltd. ADR (a) (b)		122,097		6,703,125
Innovent Biologics, Inc. (b) (c)		81,500		832,011
JD.com, Inc. ADR (b)		18,265		1,540,287
Kuaishou Technology (b) (c)		52,900		1,837,255
Meituan Class B (b) (c)		71,600		2,758,338
NetEase, Inc. ADR		19,980		2,063,135
New Horizon Health Ltd. (b) (c)		41,000		306,415
New Oriental Education & Technology Group, Inc. Sponsored ADR (b)		129,852		1,817,928
OneConnect Financial Technology Co. Ltd. (a) (b)		63,182		933,830
Pagseguro Digital Ltd. Class A (b)		14,073		651,580
Pinduoduo, Inc. ADR (b)		13,099		1,753,694
TAL Education Group Sponsored ADR (b)		5,553		299,029
Tencent Holdings Ltd.		155,490		12,258,361
Tencent Music Entertainment Group ADR (b)		18,047		369,783
Wuxi Biologics Cayman, Inc. (b) (c)		215,500		2,718,320
ZTO Express Cayman, Inc. (b)		8,520		242,204
ZTO Express Cayman, Inc. ADR		129,640		3,779,006
				50,563,409
Chile — 0.9%
Falabella SA		367,770		1,670,301

	Number of Shares		Value
China — 4.0%
Contemporary Amperex Technology Co. Ltd. Class A		4,000	$	197,684
Gree Electric Appliances, Inc. of Zhuhai Class A		78,800		754,056
Jiangsu Hengrui Medicine Co. Ltd. Class A		159,838		2,251,095
Ping An Insurance Group Co. of China Ltd. Class A		339,771		4,086,876
Remegen Co. Ltd. (b) (c)		19,231		240,064
				7,529,775
Colombia — 0.4%
Grupo Aval Acciones y Valores SA (a)		106,654		663,388
Egypt — 0.6%
Commercial International Bank Egypt SAE		313,651		1,157,421
France — 5.0%
Kering SA		10,640		7,346,513
LVMH Moet Hennessy Louis Vuitton SE		148		98,626
Pernod Ricard SA		11,121		2,087,652
				9,532,791
Hong Kong — 3.7%
AIA Group Ltd.		582,200		7,082,755
India — 13.8%
Godrej Properties Ltd. (b)		25,220		485,484
Havells India Ltd.		13,039		188,297
HDFC Bank Ltd. (b)		50,838		1,035,121
Housing Development Finance Corp. Ltd.		268,454		9,228,078
Infosys Ltd.		131,698		2,468,969
Kotak Mahindra Bank Ltd. (b)		256,607		6,178,552
Oberoi Realty Ltd. (b)		99,570		791,774
Tata Consultancy Services Ltd.		112,435		4,889,871
Zee Entertainment Enterprises Ltd.		353,109		980,733
				26,246,879
Indonesia — 1.0%
Bank Central Asia Tbk PT		592,400		1,269,644
Bank Rakyat Indonesia Persero Tbk PT		312,900		94,954
Indocement Tunggal Prakarsa Tbk PT		415,535		350,856
Semen Indonesia Persero Tbk PT		378,900		272,656
				1,988,110
Italy — 1.5%
Moncler SpA (b)		5,171		297,040
PRADA SpA (b)		422,000		2,638,572
				2,935,612

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

110

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

	Number of Shares		Value
Luxembourg — 0.2%
InPost SA (b)		21,557	$	353,056
Mexico — 6.0%
Alsea SAB de CV (b)		294,101		434,831
Fomento Economico Mexicano SAB de CV		380,454		2,866,504
Fomento Economico Mexicano SAB de CV Sponsored ADR		8,394		632,320
Grupo Aeroportuario del Sureste SAB de CV Class B (b)		49,175		873,335
Grupo Mexico SAB de CV Series B		909,086		4,791,943
Wal-Mart de Mexico SAB de CV		568,793		1,796,306
				11,395,239
Netherlands — 2.8%
Yandex NV Class A (b)		84,340		5,402,820
Philippines — 2.2%
Ayala Land, Inc.		1,838,400		1,300,984
SM Investments Corp.		108,010		2,137,942
SM Prime Holdings, Inc.		952,057		686,777
				4,125,703
Republic of Korea — 2.1%
Samsung Biologics Co. Ltd. (b) (c)		4,189		2,777,077
Samsung Electronics Co. Ltd.		16,517		1,193,042
				3,970,119
Russia — 4.8%
Novatek PJSC Sponsored GDR Registered		1,286		253,985
Novatek PJSC Sponsored GDR Registered		35,732		7,060,542
Polyus PJSC (b)		5,350		986,223
Polyus PJSC GDR (c) (d)		4,797		441,564
Polyus PJSC GDR (c) (d)		243		22,368
Sberbank of Russia PJSC		102,430		394,048
				9,158,730
South Africa — 0.6%
FirstRand Ltd. (a)		322,438		1,126,872
Switzerland — 1.8%
Cie Financiere Richemont SA Registered		35,022		3,363,016
Taiwan — 7.8%
Taiwan Semiconductor Manufacturing Co. Ltd.		708,000		14,721,738
Turkey — 0.3%
Akbank TAS		915,931		519,501
United Kingdom — 0.4%
Prudential PLC		36,078		764,836

	Number of Shares		Value
United States — 3.3%
Yum China Holdings, Inc.		104,501	$	6,187,504
TOTAL COMMON STOCK (Cost $142,622,544)				179,169,998
PREFERRED STOCK — 3.0%
Brazil — 1.7%
Banco Bradesco SA 3.340%		221,200		1,052,032
Lojas Americanas SA 0.640%		534,872		2,124,797
				3,176,829
India — 0.0%
Zee Entertainment Enterprises Ltd.
6.000%		742,906		19,306
Singapore — 1.3%
Grab Holdings, Inc., Series H (Acquired 6/18/19, Cost $2,438,401) (b) (d) (e) (f)		395,658		2,438,401
TOTAL PREFERRED STOCK (Cost $6,662,039)				5,634,536
TOTAL EQUITIES (Cost $149,284,583)				184,804,534
		��
MUTUAL FUNDS — 1.1%
United States — 1.1%
State Street Navigator Securities Lending Prime Portfolio (g)		2,127,537		2,127,537
TOTAL MUTUAL FUNDS (Cost $2,127,537)				2,127,537
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA, Expires 11/22/23 (b)		68,286		26,009
TOTAL WARRANTS (Cost $0)				26,009
TOTAL LONG-TERM INVESTMENTS (Cost $151,412,120)				186,958,080

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

111

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.2%
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (h)	$	2,342,819	$	2,342,819
TOTAL SHORT-TERM INVESTMENTS (Cost $2,342,819)				2,342,819
TOTAL INVESTMENTS — 99.7% (Cost $153,754,939) (i)				189,300,899
Other Assets/(Liabilities) — 0.3%				630,585
NET ASSETS — 100.0%			$	189,931,484

Abbreviation Legend

ADR American Depositary Receipt

GDR Global 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, 2021, was $5,067,884 or 2.67% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,119,993 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 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, 2021, the aggregate market value of these securities amounted to $13,748,149 or 7.24% 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, 2021, these securities amounted to a value of $2,902,333 or 1.53% of net assets.

(e) Investment was valued using significant unobservable inputs.

(f) Restricted security. Certain securities are restricted as to resale. At March 31, 2021, these securities amounted to a value of $2,438,401 or 1.28% 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 $2,342,819. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $2,389,691.

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

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

Financial	21.7	%
Consumer, Cyclical	19.2	%
Communications	17.2	%
Technology	13.8	%
Consumer, Non-cyclical	11.4	%
Basic Materials	5.6	%
Industrial	4.6	%
Energy	3.9	%
Mutual Funds	1.1	%
Total Long-Term Investments	98.5	%
Short-Term Investments and Other Assets and Liabilities	1.5	%
Net Assets	100.0	%

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

112

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MassMutual Premier Funds – Financial Statements

Statements of Assets and Liabilities
March 31, 2021 (Unaudited)

	MassMutual Premier U.S. Government Money Market Fund			MassMutual Premier Short-Duration Bond Fund
Assets:
Investments, at value (Note 2) (a)	$	—		$	393,840,997
Repurchase agreements, at value (Note 2) (b)		36,572,181			3,602,981
Other short-term investments, at value (Note 2) (c)		250,930,456			999,863
Total investments (d)		287,502,637			398,443,841
Cash		—			—
Foreign currency, at value (e)		—			—
Receivables from:
Investments sold
Regular delivery		—			3,509,775
Delayed delivery		—			—
Open forward contracts (Note 2)		—			—
Fund shares sold		7,839,025			416,567
Collateral pledged for open swap agreements (Note 2)		—			—
Investment adviser (Note 3)		115,348			—
Variation margin on open derivative instruments (Note 2)		—			195,675
Interest and dividends		5,477			2,042,258
Interest tax reclaim		—			713
Open swap agreements, at value (Note 2)		—			—
Prepaid expenses		16,712			61,866
Total assets		295,479,199			404,670,695
Liabilities:
Payables for:
Investments purchased
Regular delivery		—			—
Delayed delivery		—			1,857,403
Collateral held for open swap agreements (Note 2)		—			—
Collateral held for open purchased options (Note 2)		—			689,000
Written options outstanding, at value (Note 2) (f)		—			—
Open forward contracts (Note 2)		—			—
Interest and dividends		—			—
Fund shares repurchased		8,182,383			5,531,655
Collateral held for securities on loan (Note 2) (g)		—			—
Open swap agreements, at value (Note 2)		—			—
Trustees’ fees and expenses (Note 3)		49,130			54,163
Variation margin on open derivative instruments (Note 2)		—			—
Affiliates (Note 3):
Administration fees		54,872			64,128
Investment advisory fees		94,101			128,542
Service fees		—			39,537
Distribution fees		—			5,189
Commitment and Contingent Liabilities (Note 9)		—			—
Accrued expense and other liabilities		32,719			45,105
Total liabilities		8,413,205			8,414,722
Net assets	$	287,065,994		$	396,255,973
Net assets consist of:
Paid-in capital	$	287,108,580		$	419,979,520
Accumulated Gain (Loss)		(42,586	)		(23,723,547	)
Net assets	$	287,065,994		$	396,255,973

(a)	Cost of investments:	$	—	$	389,001,372
(b)	Cost of repurchase agreements:	$	36,572,181	$	3,602,981
(c)	Cost of other short-term investments:	$	250,930,456	$	999,873
(d)	Securities on loan with market value of:	$	—	$	—
(e)	Cost of foreign currency:	$	—	$	—
(f)	Premiums on written options:	$	—	$	—
(g)	Non-cash collateral is not included.

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

114

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
$	328,746,859	$	1,278,063,073	$	214,311,671	$	576,366,978		$	172,011,890
	1,187,731		8,453,994		3,337,204		6,638,274			6,019,291
	55,445,254		162,450,676		23,993,813		8,999,754			25,999
	385,379,844		1,448,967,743		241,642,688		592,005,006			178,057,180
	2,285,441		—		19,300		75,064			23,169
	—		—		3,327		—			—
	—		5,926,881		394,726		744,796			1,603,925
	—		72,213,502		316,547		—			7,168,739
	—		—		79,728		—			—
	110,655		1,345,096		16,792		95,050			21,490
	1,390,000		—		—		—			—
	—		—		—		—			3
	12,618		—		—		—			2,773
	341,629		6,461,185		1,367,401		7,706,544			302,824
	—		—		415		—			—
	893,060		—		—		—			—
	58,245		53,998		56,982		52,185			59,823
	390,471,492		1,534,968,405		243,897,906		600,678,645			187,239,926
	6,072,287		3,468,979		1,144,923		11,196,660			1,340,538
	—		233,709,964		18,831,197		2,325,000			18,349,092
	270,000		—		—		—			—
	1,440,000		3,489,000		630,000		—			—
	—		—		39,155		—			—
	—		—		89,952		—			—
	189,680		—		—		—			—
	2,228,295		6,740,948		975,171		2,580,754			69,711
	—		—		—		—			269,308
	1,730,333		—		—		—			—
	29,642		147,409		19,699		33,127			15,703
	—		379,091		95,006		—			—
	50,591		137,393		51,464		64,369			45,375
	129,650		447,975		73,415		249,338			71,403
	20,568		43,699		13,615		61,942			27,647
	1,977		517		2,107		21,605			6,281
	—		—		—		—			—
	37,821		101,793		37,622		54,001			32,830
	12,200,844		248,666,768		22,003,326		16,586,796			20,227,888
$	378,270,648	$	1,286,301,637	$	221,894,580	$	584,091,849		$	167,012,038
$	366,012,490	$	1,270,822,380	$	217,072,756	$	599,333,886		$	135,104,279
	12,258,158		15,479,257		4,821,824		(15,242,037	)		31,907,759
$	378,270,648	$	1,286,301,637	$	221,894,580	$	584,091,849		$	167,012,038

$	325,688,189	$	1,257,331,683	$	209,263,876	$	560,101,625	$	161,346,938
$	1,187,731	$	8,453,994	$	3,337,204	$	6,638,274	$	6,019,291
$	55,427,644	$	162,409,954	$	23,992,792	$	8,999,783	$	25,996
$	—	$	—	$	—	$	—	$	399,828
$	—	$	—	$	2,995	$	—	$	—
$	—	$	—	$	43,121	$	—	$	—

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

115

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2021 (Unaudited)

	MassMutual Premier U.S. Government Money Market Fund		MassMutual Premier Short-Duration Bond Fund
Class I shares:
Net assets	$	—	$	199,290,058
Shares outstanding (a)		—		19,963,810
Net asset value, offering price and redemption price per share	$	—	$	9.98
Class R5 shares:
Net assets	$	287,065,994	$	85,306,548
Shares outstanding (a)		287,270,693		8,513,693
Net asset value, offering price and redemption price per share	$	1.00	$	10.02
Service Class shares:
Net assets	$	—	$	27,735,679
Shares outstanding (a)		—		2,785,669
Net asset value, offering price and redemption price per share	$	—	$	9.96
Administrative Class shares:
Net assets	$	—	$	24,153,691
Shares outstanding (a)		—		2,437,476
Net asset value, offering price and redemption price per share	$	—	$	9.91
Class A shares:
Net assets	$	—	$	39,165,530
Shares outstanding (a)		—		3,980,973
Net asset value, and redemption price per share	$	—	$	9.84
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	—	$	10.09
Class R4 shares:
Net assets	$	—	$	10,894,510
Shares outstanding (a)		—		1,092,497
Net asset value, offering price and redemption price per share	$	—	$	9.97
Class R3 shares:
Net assets	$	—	$	9,709,957
Shares outstanding (a)		—		980,492
Net asset value, offering price and redemption price per share	$	—	$	9.90

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

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

116

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
$	191,075,288	$	706,844,518	$	103,950,566	$	375,660,669	$	58,023,711
	17,544,170		64,275,703		9,495,105		42,059,288		4,263,774
$	10.89	$	11.00	$	10.95	$	8.93	$	13.61
$	84,882,808	$	365,874,469	$	71,947,970	$	49,518,941	$	40,978,248
	7,787,641		33,147,951		7,188,010		5,508,290		3,010,645
$	10.90	$	11.04	$	10.01	$	8.99	$	13.61
$	54,906,528	$	57,168,804	$	11,389,904	$	33,405,170	$	9,765,310
	5,054,280		5,207,353		1,120,336		3,715,229		676,355
$	10.86	$	10.98	$	10.17	$	8.99	$	14.44
$	14,632,329	$	86,846,133	$	13,412,087	$	25,665,465	$	6,961,918
	1,331,231		7,984,945		1,320,529		2,905,399		509,191
$	10.99	$	10.88	$	10.16	$	8.83	$	13.67
$	24,764,218	$	59,204,442	$	11,509,558	$	23,880,784	$	29,289,895
	2,315,429		5,482,624		1,131,766		2,711,282		2,213,906
$	10.70	$	10.80	$	10.17	$	8.81	$	13.23
$	11.17	$	11.28	$	10.62	$	9.32	$	14.00
$	4,821,821	$	9,531,467	$	6,187,680	$	41,490,926	$	9,372,965
	453,676		889,676		618,289		4,777,491		715,670
$	10.63	$	10.71	$	10.01	$	8.68	$	13.10
$	3,187,656	$	831,804	$	3,496,815	$	34,469,894	$	12,619,991
	299,316		75,298		349,897		3,859,224		968,215
$	10.65	$	11.05	$	9.99	$	8.93	$	13.03

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

117

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2021 (Unaudited)

	MassMutual Premier Disciplined Value Fund		MassMutual Premier Main Street Fund
Assets:
Investments, at value (Note 2) (a)	$	96,804,054	$	119,833,004
Repurchase agreements, at value (Note 2) (b)		390,168		912,985
Total investments (c)		97,194,222		120,745,989
Foreign currency, at value (d)		—		—
Receivables from:
Investments sold
Regular delivery		—		460
Fund shares sold		2,470		23,139
Investment adviser (Note 3)		—		—
Interest and dividends		168,456		33,263
Foreign taxes withheld		—		1,768
Prepaid expenses		60,757		61,838
Other assets		—		—
Total assets		97,425,905		120,866,457
Liabilities:
Payables for:
Investments purchased
Regular delivery		—		—
Fund shares repurchased		915,167		82,746
Collateral held for securities on loan (Note 2) (e)		—		643,628
Trustees’ fees and expenses (Note 3)		23,669		15,108
Affiliates (Note 3):
Administration fees		22,125		27,081
Investment advisory fees		39,229		58,521
Service fees		8,494		12,702
Distribution fees		2,664		827
Commitment and Contingent Liabilities (Note 9)		—		—
Accrued expense and other liabilities		7,147		26,708
Total liabilities		1,018,495		867,321
Net assets	$	96,407,410	$	119,999,136
Net assets consist of:
Paid-in capital	$	80,928,444	$	76,608,535
Accumulated Gain (Loss)		15,478,966		43,390,601
Net assets	$	96,407,410	$	119,999,136

(a)	Cost of investments:	$	88,908,824	$	85,983,114
(b)	Cost of repurchase agreements:	$	390,168	$	912,985
(c)	Securities on loan with market value of:	$	283,172	$	3,540,223
(d)	Cost of foreign currency:	$	—	$	—
(e)	Non-cash collateral is not included.

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

118

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
$	242,765,300	$	348,818,591	$	347,111,279	$	164,086,267	$	186,958,080
	673,882		3,895,360		2,899,204		5,696,936		2,342,819
	243,439,182		352,713,951		350,010,483		169,783,203		189,300,899
	—		—		29,492		55,014		81,205
	—		1,393,234		—		139,941		562,623
	122,076		117,823		34,301		38,833		3,227,383
	—		—		—		—		9,498
	87,089		131,032		252,086		336,848		160,603
	—		—		345,472		651,141		3,836
	57,966		55,044		61,900		66,209		52,783
	—		—		—		—		42,080
	243,706,313		354,411,084		350,733,734		171,071,189		193,440,910
	—		1,850,666		—		48,320		287,705
	167,068		306,383		1,624,632		414,278		80,970
	—		618,530		—		2,209,185		2,127,537
	30,098		23,245		34,717		56,119		15,353
	47,296		55,855		61,192		28,859		17,029
	98,263		180,961		238,032		126,021		175,695
	35,885		49,276		29,402		14,083		2,990
	3,853		5,335		6,385		1,545		750
	—		—		—		—		—
	11,505		30,984		232,273		78,740		801,397
	393,968		3,121,235		2,226,633		2,977,150		3,509,426
$	243,312,345	$	351,289,849	$	348,507,101	$	168,094,039	$	189,931,484
$	130,617,519	$	255,101,848	$	141,882,159	$	142,584,411	$	144,179,453
	112,694,826		96,188,001		206,624,942		25,509,628		45,752,031
$	243,312,345	$	351,289,849	$	348,507,101	$	168,094,039	$	189,931,484

$	198,831,660	$	269,248,309	$	151,225,249	$	147,015,970	$	151,412,120
$	673,882	$	3,895,360	$	2,899,204	$	5,696,936	$	2,342,819
$	—	$	5,806,645	$	438,929	$	2,712,092	$	5,067,884
$	—	$	—	$	29,729	$	54,923	$	80,903

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

119

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2021 (Unaudited)

	MassMutual Premier Disciplined Value Fund		MassMutual Premier Main Street Fund
Class I shares:
Net assets	$	29,154,520	$	29,342,375
Shares outstanding (a)		1,938,924		2,254,400
Net asset value, offering price and redemption price per share	$	15.04	$	13.02
Class R5 shares:
Net assets	$	36,997,610	$	46,607,203
Shares outstanding (a)		2,453,245		3,582,618
Net asset value, offering price and redemption price per share	$	15.08	$	13.01
Service Class shares:
Net assets	$	14,705,382	$	148,476
Shares outstanding (a)		983,983		10,915
Net asset value, offering price and redemption price per share	$	14.94	$	13.60
Administrative Class shares:
Net assets	$	1,643,631	$	22,737,082
Shares outstanding (a)		107,338		1,748,694
Net asset value, offering price and redemption price per share	$	15.31	$	13.00
Class A shares:
Net assets	$	6,796,123	$	11,906,033
Shares outstanding (a)		459,865		932,126
Net asset value, and redemption price per share	$	14.78	$	12.77
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	15.64	$	13.51
Class R4 shares:
Net assets	$	2,903,595	$	7,852,854
Shares outstanding (a)		198,131		621,348
Net asset value, offering price and redemption price per share	$	14.65	$	12.64
Class R3 shares:
Net assets	$	4,206,549	$	1,405,113
Shares outstanding (a)		281,974		109,733
Net asset value, offering price and redemption price per share	$	14.92	$	12.80

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

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

120

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
$	29,495,117	$	81,342,062	$	92,170,998	$	83,829,090	$	178,074,386
	2,157,705		4,371,749		5,435,252		8,550,009		11,354,505
$	13.67	$	18.61	$	16.96	$	9.80	$	15.68
$	98,010,192	$	134,469,992	$	117,641,649	$	55,602,917	$	3,427,312
	7,164,016		7,242,912		6,935,353		5,669,061		215,372
$	13.68	$	18.57	$	16.96	$	9.81	$	15.91
$	24,122,232	$	24,498,511	$	7,187,548	$	3,863,300	$	2,711,357
	1,753,376		1,322,629		428,243		394,821		172,763
$	13.76	$	18.52	$	16.78	$	9.78	$	15.69
$	34,682,385	$	26,639,554	$	85,374,302	$	3,065,874	$	1,026,002
	2,481,747		1,448,061		5,043,852		316,025		65,213
$	13.97	$	18.40	$	16.93	$	9.70	$	15.73
$	26,612,742	$	59,227,373	$	24,975,064	$	17,486,960	$	2,421,602
	1,984,320		3,315,305		1,499,578		1,897,850		155,632
$	13.41	$	17.86	$	16.65	$	9.21	$	15.56
$	14.19	$	18.90	$	17.62	$	9.75	$	16.47
$	24,019,073	$	14,907,887	$	11,851,578	$	1,703,500	$	1,096,610
	1,811,313		840,422		722,995		187,350		70,809
$	13.26	$	17.74	$	16.39	$	9.09	$	15.49
$	6,370,604	$	10,204,470	$	9,305,962	$	2,542,398	$	1,174,215
	481,836		581,465		563,053		282,430		76,209
$	13.22	$	17.55	$	16.53	$	9.00	$	15.41

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

121

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2021 (Unaudited)

	MassMutual Premier U.S. Government Money Market Fund			MassMutual Premier Short-Duration Bond Fund
Investment income (Note 2):
Dividends (a)	$	—		$	200,260
Interest (b)		138,341			6,174,219
Securities lending net income		—			—
Total investment income		138,341			6,374,479
Expenses (Note 3):
Investment advisory fees		520,326			717,843
Custody fees		11,116			19,781
Audit fees		17,247			20,870
Legal fees		6,440			9,318
Proxy fees		309			309
Accounting & Administration fees		32,350			34,843
Shareholder reporting fees		8,771			21,110
Trustees’ fees		6,413			9,102
Registration and filing fees		12,469			50,702
Transfer agent fees		1,484			1,485
		616,925			885,363
Administration fees:
Class R5		148,665			50,026
Service Class		—			25,042
Administrative Class		—			31,726
Class A		—			50,289
Class R4		—			10,960
Class R3		—			7,971
Distribution and Service fees:
Class A		—			56,189
Class R4		—			13,700
Class R3		—			19,926
Shareholder service fees:
Service Class		—			3,809
Administrative Class		—			10,600
Class A		—			17,138
Total expenses		765,590			1,182,739
Expenses waived (Note 3):
Class R5 fees reimbursed by adviser		(627,249	)		—
Net expenses:		138,341			1,182,739
Net investment income (loss)		—			5,191,740

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

122

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
$	—	$	536,114	$	95,827	$	15,712	$	1,034,412
	3,466,403		19,292,297		3,930,555		18,330,124		410,372
	—		—		—		—		773
	3,466,403		19,828,411		4,026,382		18,345,836		1,445,557
	706,467		2,537,898		408,326		1,389,758		355,251
	20,627		50,433		20,353		39,609		21,610
	20,981		21,551		21,425		20,489		21,130
	6,763		27,833		8,467		11,105		2,857
	310		309		309		309		309
	25,727		61,316		41,731		34,140		31,133
	18,089		35,993		15,083		22,363		13,288
	7,460		28,638		4,930		11,602		2,838
	53,361		52,037		50,264		53,145		49,425
	1,484		1,484		1,484		1,484		1,484
	861,269		2,817,492		572,372		1,584,004		499,325
	44,319		176,172		35,796		24,651		20,998
	46,962		53,473		10,232		30,325		8,018
	16,687		92,176		16,224		28,281		7,225
	27,865		66,998		14,492		27,272		31,210
	4,359		10,191		6,228		40,890		4,733
	3,222		868		3,349		34,910		8,742
	30,523		74,447		16,478		30,635		34,606
	5,449		12,739		7,785		51,113		5,917
	8,054		2,171		8,372		87,274		21,856
	6,659		8,477		1,501		4,330		1,121
	5,730		29,885		6,042		9,207		2,307
	8,762		22,338		5,283		9,490		10,318
	1,069,860		3,367,427		704,154		1,962,382		656,376
	—		—		—		—		—
	1,069,860		3,367,427		704,154		1,962,382		656,376
	2,396,543		16,460,984		3,322,228		16,383,454		789,181

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

123

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2021 (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	$	1,354	$	1,144,470
Futures contracts		—		898,624
Swap agreements		—		(110,701	)
Foreign currency transactions		—		—
Forward contracts		—		—
Net realized gain (loss)		1,354		1,932,393
Net change in unrealized appreciation (depreciation) on:
Investment transactions		—		4,863,019
Futures contracts		—		1,799,349
Written options		—		—
Swap agreements		—		(14,042	)
Translation of assets and liabilities in foreign currencies		—		—
Forward contracts		—		—
Net change in unrealized appreciation (depreciation)		—		6,648,326
Net realized gain (loss) and change in unrealized appreciation (depreciation)		1,354		8,580,719
Net increase (decrease) in net assets resulting from operations	$	1,354	$	13,772,459

(a)	Net of foreign withholding tax of:	$	—	$	—
(b)	Net of foreign withholding tax of:	$	—	$	4,270

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

124

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
$	1,633,520		$	7,348,412		$	1,112,803		$	6,023,578		$	21,348,460
	434,276			(12,001,273	)		(2,057,153	)		—			74,726
	7,376,111			(340,097	)		(124,409	)		—			641
	—			—			(1,437	)		(8,079	)		—
	—			—			119,828			—			—
	9,443,907			(4,992,958	)		(950,368	)		6,015,499			21,423,827
	(2,246,456	)		(5,695,861	)		3,242,129			30,047,197			(3,665,260	)
	572			(1,831,912	)		(534,625	)		—			65,900
	—			—			3,966			—			—
	(6,910,682	)		(38,709	)		(6,655	)		—			(1,343	)
	—			—			1,255			(111	)		—
	—			—			(23,505	)		—			—
	(9,156,566	)		(7,566,482	)		2,682,565			30,047,086			(3,600,703	)
	287,341			(12,559,440	)		1,732,197			36,062,585			17,823,124
$	2,683,884		$	3,901,544		$	5,054,425		$	52,446,039		$	18,612,305

$	—	$	—	$	128	$	2,773	$	—
$	—	$	—	$	1,477	$	—	$	—

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

125

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2021 (Unaudited)

	MassMutual Premier Disciplined Value Fund		MassMutual Premier Main Street Fund
Investment income (Note 2):
Dividends (a)	$	1,200,384	$	1,035,841
Securities lending net income		399		60,742
Total investment income		1,200,783		1,096,583
Expenses (Note 3):
Investment advisory fees		205,128		327,474
Custody fees		7,971		8,597
Audit fees		20,420		19,058
Legal fees		2,276		3,153
Proxy fees		309		309
Accounting & Administration fees		15,439		14,298
Shareholder reporting fees		24,254		9,715
Trustees’ fees		1,766		2,436
Registration and filing fees		50,270		51,484
Transfer agent fees		1,484		1,486
		329,317		438,010
Administration fees:
Class R5		17,671		23,346
Service Class		11,497		132
Administrative Class		4,469		24,979
Class A		7,099		13,075
Class R4		2,885		7,279
Class R3		4,267		1,296
Distribution and Service fees:
Class A		7,785		14,590
Class R4		3,606		9,099
Class R3		10,666		3,240
Shareholder service fees:
Service Class		1,546		21
Administrative Class		1,731		8,339
Class A		2,242		4,433
Total expenses		404,781		547,839
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:		404,781		547,839
Net investment income (loss)		796,002		548,744

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

126

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
$	1,082,870	$	1,695,068	$	817,058		$	1,678,269		$	1,040,915
	535		10,241		4,682			8,964			2,520
	1,083,405		1,705,309		821,740			1,687,233			1,043,435
	587,613		836,558		1,297,148			756,365			976,058
	8,767		12,047		20,377			49,067			81,012
	20,437		19,549		22,416			23,136			29,777
	4,881		5,180		7,096			5,966			3,858
	309		309		309			310			310
	15,151		14,053		19,721			18,561			18,055
	27,066		13,512		15,038			14,784			11,743
	5,306		5,012		6,612			4,020			3,684
	51,282		50,579		51,684			45,809			50,849
	1,484		1,482		1,486			1,482			1,484
	722,296		958,281		1,441,887			919,500			1,176,830
	52,499		57,028		60,432			29,360			1,733
	23,125		18,787		6,075			3,740			2,338
	40,837		26,785		96,859			3,659			1,232
	30,889		59,920		28,493			20,860			2,724
	25,251		12,808		10,401			1,919			1,223
	6,121		7,599		10,368			2,390			1,154
	34,585		64,921		31,444			23,362			2,976
	31,564		16,010		13,001			2,399			1,529
	15,302		18,997		25,921			5,974			2,886
	3,303		2,412		825			558			316
	14,223		8,160		31,821			1,334			399
	10,613		17,985		9,240			7,174			847
	1,010,608		1,269,693		1,766,767			1,022,229			1,196,187
	—		—		—			—			(51,007	)
	—		—		—			—			(938	)
	—		—		—			—			(755	)
	—		—		—			—			(306	)
	—		—		—			—			(672	)
	—		—		—			—			(354	)
	—		—		—			—			(338	)
	—		—		—			(9,293	)		—
	—		—		—			(5,870	)		—
	—		—		—			(430	)		—
	—		—		—			(332	)		—
	—		—		—			(1,870	)		—
	—		—		—			(192	)		—
	—		—		—			(239	)		—
	1,010,608		1,269,693		1,766,767			1,004,003			1,141,817
	72,797		435,616		(945,027	)		683,230			(98,382	)

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

127

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2021 (Unaudited)

	MassMutual Premier Disciplined Value Fund		MassMutual Premier Main Street Fund
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions	$	9,209,810	$	10,163,909
Foreign currency transactions		—		(1,771	)
Net realized gain (loss)		9,209,810		10,162,138
Net change in unrealized appreciation (depreciation) on:
Investment transactions		11,545,184		10,088,113
Translation of assets and liabilities in foreign currencies		—		(1	)
Net change in unrealized appreciation (depreciation)		11,545,184		10,088,112
Net realized gain (loss) and change in unrealized appreciation (depreciation)		20,754,994		20,250,250
Net increase (decrease) in net assets resulting from operations	$	21,550,996	$	20,798,994

(a)	Net of foreign withholding tax of:	$	—	$	702
*	Net of net increase (decrease) in accrued foreign capital gains tax of:	$	—	$	—

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

128

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
$	70,068,665		$	18,944,510	$	14,207,178		$	8,162,542		$	16,274,976
	—			—		(3,795	)		42,842			(40,059	)
	70,068,665			18,944,510		14,203,383			8,205,384			16,234,917
	(41,469,631	)		79,209,759		43,863,955	*		17,323,577			19,504,784	*
	—			—		(3,375	)		(29,582	)		634
	(41,469,631	)		79,209,759		43,860,580			17,293,995			19,505,418
	28,599,034			98,154,269		58,063,963			25,499,379			35,740,335
$	28,671,831		$	98,589,885	$	57,118,936		$	26,182,609		$	35,641,953

$	—	$	—	$	66,441		$	148,621	$	136,445
$	—	$	—	$	(185,394	)	$	—	$	(686,784	)

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

129

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, 2021 (Unaudited)		Year Ended September 30, 2020
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	—	$	1,857,155
Net realized gain (loss)		1,354		21,481
Net change in unrealized appreciation (depreciation)		—		—
Net increase (decrease) in net assets resulting from operations		1,354		1,878,636
Distributions to shareholders (Note 2):
Class I		—		—
Class R5		—		(1,857,173	)
Service Class		—		—
Administrative Class		—		—
Class A		—		—
Class R4		—		—
Class R3		—		—
Total distributions		—		(1,857,173	)
Net fund share transactions (Note 5):
Class I		—		—
Class R5		9,073,390		(55,603,850	)
Service Class		—		—
Administrative Class		—		—
Class A		—		—
Class R4		—		—
Class R3		—		—
Increase (decrease) in net assets from fund share transactions		9,073,390		(55,603,850	)
Total increase (decrease) in net assets		9,074,744		(55,582,387	)
Net assets
Beginning of period		277,991,250		333,573,637
End of period	$	287,065,994	$	277,991,250

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

130

MassMutual Premier Short-Duration Bond Fund						MassMutual Premier Inflation-Protected and Income Fund
Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
$	5,191,740		$	15,373,312		$	2,396,543		$	5,836,563
	1,932,393			(6,469,525	)		9,443,907			21,002,663
	6,648,326			(6,670,931	)		(9,156,566	)		4,466,259
	13,772,459			2,232,856			2,683,884			31,305,485
	(7,873,751	)		(6,439,923	)		(9,795,008	)		(3,271,533	)
	(4,984,608	)		(5,030,849	)		(4,785,258	)		(1,477,050	)
	(1,102,450	)		(1,504,685	)		(2,728,473	)		(871,286	)
	(1,110,963	)		(942,181	)		(731,102	)		(263,596	)
	(1,786,717	)		(1,619,767	)		(1,177,744	)		(266,814	)
	(429,664	)		(362,441	)		(251,270	)		(119,159	)
	(286,518	)		(188,593	)		(150,543	)		(58,266	)
	(17,574,671	)		(16,088,439	)		(19,619,398	)		(6,327,704	)
	10,896,505			(9,507,555	)		22,681,614			10,466,269
	(23,856,204	)		(43,468,770	)		2,609,686			6,927,049
	(10,683,208	)		(11,656,238	)		2,548,234			151,557
	(3,315,628	)		(2,599,555	)		(27,949	)		(1,966,880	)
	(2,424,509	)		(11,610,572	)		3,814,621			4,411,119
	(555,274	)		(653,230	)		687,654			(2,929,193	)
	2,016,878			834,163			64,950			(1,258,092	)
	(27,921,440	)		(78,661,757	)		32,378,810			15,801,829
	(31,723,652	)		(92,517,340	)		15,443,296			40,779,610
	427,979,625			520,496,965			362,827,352			322,047,742
$	396,255,973		$	427,979,625		$	378,270,648		$	362,827,352

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

131

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Core Bond Fund
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	16,460,984		$	43,862,112
Net realized gain (loss)		(4,992,958	)		46,344,248
Net change in unrealized appreciation (depreciation)		(7,566,482	)		(10,478,312	)
Net increase (decrease) in net assets resulting from operations		3,901,544			79,728,048
Distributions to shareholders (Note 2):
Class I		(46,632,100	)		(28,739,602	)
Class R5		(20,107,290	)		(10,399,843	)
Service Class		(3,177,296	)		(2,527,437	)
Administrative Class		(4,484,059	)		(2,078,397	)
Class A		(3,188,483	)		(2,633,014	)
Class R4		(599,635	)		(424,542	)
Class R3		(45,768	)		(36,423	)
Total distributions		(78,234,631	)		(46,839,258	)
Net fund share transactions (Note 5):
Class I		(36,620,080	)		(80,854,947	)
Class R5		69,769,935			(9,818,466	)
Service Class		(23,784,307	)		(4,972,926	)
Administrative Class		14,689,573			7,845,267
Class A		3,832,376			(39,811,644	)
Class R4		(338,139	)		(3,869,904	)
Class R3		9,543			(405,143	)
Increase (decrease) in net assets from fund share transactions		27,558,901			(131,887,763	)
Total increase (decrease) in net assets		(46,774,186	)		(98,998,973	)
Net assets
Beginning of period		1,333,075,823			1,432,074,796
End of period	$	1,286,301,637		$	1,333,075,823

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

132

MassMutual Premier Diversified Bond Fund						MassMutual Premier High Yield Fund
Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
$	3,322,228		$	8,133,898		$	16,383,454		$	30,240,223
	(950,368	)		7,876,995			6,015,499			(28,586,034	)
	2,682,565			(4,395,961	)		30,047,086			(10,167,934	)
	5,054,425			11,614,932			52,446,039			(8,513,745	)
	(6,953,342	)		(2,101,217	)		(20,884,324	)		(19,290,018	)
	(5,506,098	)		(3,753,102	)		(2,613,072	)		(2,645,773	)
	(846,408	)		(378,278	)		(1,719,188	)		(2,839,443	)
	(993,842	)		(659,827	)		(1,271,060	)		(1,494,189	)
	(900,019	)		(716,898	)		(1,209,194	)		(1,705,017	)
	(453,530	)		(215,413	)		(2,023,612	)		(2,695,196	)
	(226,697	)		(82,760	)		(1,607,669	)		(2,129,846	)
	(15,879,936	)		(7,907,495	)		(31,328,119	)		(32,799,482	)
	11,519,495			34,615,594			(13,574,242	)		74,242,644
	(2,531,487	)		(32,548,751	)		(1,360,666	)		10,728,146
	(100,196	)		(1,130,942	)		(1,786,856	)		(12,136,187	)
	(3,077,288	)		(5,019,779	)		1,251,201			(756,700	)
	(2,657,710	)		(14,533,794	)		(1,593,744	)		(4,678,180	)
	272,487			(750,863	)		(197,382	)		(3,613,189	)
	(221,947	)		257,082			(1,896,893	)		(4,657,373	)
	3,203,354			(19,111,453	)		(19,158,582	)		59,129,161
	(7,622,157	)		(15,404,016	)		1,959,338			17,815,934
	229,516,737			244,920,753			582,132,511			564,316,577
$	221,894,580		$	229,516,737		$	584,091,849		$	582,132,511

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

133

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Balanced Fund
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	789,181		$	1,968,097
Net realized gain (loss)		21,423,827			2,411,893
Net change in unrealized appreciation (depreciation)		(3,600,703	)		6,713,042
Net increase (decrease) in net assets resulting from operations		18,612,305			11,093,032
Distributions to shareholders (Note 2):
Class I		(1,547,830	)		(2,058,041	)
Class R5		(1,408,864	)		(2,810,372	)
Service Class		(269,648	)		(333,607	)
Administrative Class		(195,297	)		(416,607	)
Class A		(806,699	)		(1,592,728	)
Class R4		(96,702	)		(186,064	)
Class R3		(201,693	)		(431,814	)
Total distributions		(4,526,733	)		(7,829,233	)
Net fund share transactions (Note 5):
Class I		10,881,619			9,819,379
Class R5		(5,109,623	)		(4,017,631	)
Service Class		250,287			2,376,960
Administrative Class		506,258			(1,278,102	)
Class A		16,004			(1,098,652	)
Class R4		5,888,984			79,759
Class R3		4,229,636			133,779
Increase (decrease) in net assets from fund share transactions		16,663,165			6,015,492
Total increase (decrease) in net assets		30,748,737			9,279,291
Net assets
Beginning of period		136,263,301			126,984,010
End of period	$	167,012,038		$	136,263,301

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

134

MassMutual Premier Disciplined Value Fund						MassMutual Premier Main Street Fund
Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
$	796,002		$	1,887,721		$	548,744		$	970,167
	9,209,810			(1,588,139	)		10,162,138			2,853,730
	11,545,184			(6,436,717	)		10,088,112			8,973,746
	21,550,996			(6,137,135	)		20,798,994			12,797,643
	(527,416	)		(1,207,781	)		(1,017,015	)		(2,335,592	)
	(675,986	)		(3,793,792	)		(1,482,317	)		(4,468,709	)
	(236,749	)		(1,356,284	)		(3,852	)		(60,335	)
	(82,862	)		(384,917	)		(656,288	)		(2,255,886	)
	(96,647	)		(462,189	)		(323,920	)		(1,188,476	)
	(50,170	)		(270,247	)		(207,357	)		(593,581	)
	(63,371	)		(271,118	)		(33,250	)		(106,551	)
	(1,733,201	)		(7,746,328	)		(3,723,999	)		(11,009,130	)
	3,060,149			5,690,091			(5,069,498	)		4,720,668
	(3,179,746	)		(13,564,584	)		(5,501,334	)		(3,314,019	)
	257,482			(7,037,326	)		(56,892	)		(480,381	)
	(3,416,106	)		(923,700	)		(1,743,951	)		(3,288,186	)
	(132,295	)		590,977			(1,874,430	)		(940,432	)
	(442,224	)		(902,025	)		374,316			(75,478	)
	(720,501	)		173,619			(4,450	)		(45,007	)
	(4,573,241	)		(15,972,948	)		(13,876,239	)		(3,422,835	)
	15,244,554			(29,856,411	)		3,198,756			(1,634,322	)
	81,162,856			111,019,267			116,800,380			118,434,702
$	96,407,410		$	81,162,856		$	119,999,136		$	116,800,380

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

135

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Disciplined Growth Fund
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	72,797		$	1,324,014
Net realized gain (loss)		70,068,665			15,787,087
Net change in unrealized appreciation (depreciation)		(41,469,631	)		49,887,218
Net increase (decrease) in net assets resulting from operations		28,671,831			66,998,319
Distributions to shareholders (Note 2):
Class I		(1,624,765	)		(4,066,618	)
Class R5		(4,826,119	)		(10,651,101	)
Service Class		(1,123,937	)		(3,510,848	)
Administrative Class		(1,558,139	)		(4,502,486	)
Class A		(1,133,688	)		(3,558,796	)
Class R4		(1,039,743	)		(3,012,939	)
Class R3		(248,888	)		(622,111	)
Total distributions		(11,555,279	)		(29,924,899	)
Net fund share transactions (Note 5):
Class I		(8,456,031	)		2,527,124
Class R5		(10,269,710	)		(12,423,986	)
Service Class		(3,251,131	)		(10,042,051	)
Administrative Class		(4,719,494	)		(6,249,077	)
Class A		(3,173,040	)		(5,224,452	)
Class R4		(6,535,793	)		554,847
Class R3		112,311			(1,231,292	)
Increase (decrease) in net assets from fund share transactions		(36,292,888	)		(32,088,887	)
Total increase (decrease) in net assets		(19,176,336	)		4,984,533
Net assets
Beginning of period		262,488,681			257,504,148
End of period	$	243,312,345		$	262,488,681

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

136

MassMutual Premier Small Cap Opportunities Fund						MassMutual Premier Global Fund
Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
$	435,616		$	1,192,338		$	(945,027	)	$	(566,185	)
	18,944,510			16,322,661			14,203,383			17,565,691
	79,209,759			(14,216,827	)		43,860,580			43,925,160
	98,589,885			3,298,172			57,118,936			60,924,666
	(3,764,337	)		(319,615	)		(4,141,170	)		(704,508	)
	(8,238,297	)		(868,871	)		(6,060,786	)		(889,589	)
	(1,528,937	)		(121,119	)		(336,406	)		(46,110	)
	(1,730,097	)		(120,787	)		(4,196,349	)		(520,255	)
	(3,793,992	)		(240,626	)		(1,270,495	)		(96,678	)
	(881,116	)		(53,838	)		(507,173	)		(37,330	)
	(478,467	)		(41,924	)		(540,776	)		(33,038	)
	(20,415,243	)		(1,766,780	)		(17,053,155	)		(2,327,508	)
	26,028,879			3,750,962			6,607,313			(8,188,470	)
	10,981,799			31,631,154			(7,726,001	)		(7,862,395	)
	1,522,592			(277,871	)		233,016			(1,349,526	)
	1,827,009			(2,309,215	)		(5,278,102	)		(11,808,341	)
	2,617,730			(8,630,606	)		(793,755	)		(6,273,139	)
	1,996,635			(1,391,345	)		1,865,957			(242,789	)
	2,191,583			(2,622,730	)		(1,743,552	)		(2,025,307	)
	47,166,227			20,150,349			(6,835,124	)		(37,749,967	)
	125,340,869			21,681,741			33,230,657			20,847,191
	225,948,980			204,267,239			315,276,444			294,429,253
$	351,289,849		$	225,948,980		$	348,507,101		$	315,276,444

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

137

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier International Equity Fund
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	683,230		$	370,313
Net realized gain (loss)		8,205,384			72,163,422
Net change in unrealized appreciation (depreciation)		17,293,995			(40,628,603	)
Net increase (decrease) in net assets resulting from operations		26,182,609			31,905,132
Distributions to shareholders (Note 2):
Class I		(36,392,504	)		(5,748,906	)
Class R5		(21,915,668	)		(3,666,648	)
Service Class		(1,504,920	)		(339,316	)
Administrative Class		(1,216,848	)		(208,684	)
Class A		(7,088,870	)		(760,247	)
Class R4		(756,235	)		(173,825	)
Class R3		(861,510	)		(178,640	)
Total distributions		(69,736,555	)		(11,076,266	)
Net fund share transactions (Note 5):
Class I		10,214,920			(64,531,410	)
Class R5		7,831,027			(39,999,853	)
Service Class		231,958			(5,596,696	)
Administrative Class		232,896			(2,311,502	)
Class A		3,342,451			(4,918,009	)
Class R4		243,182			(3,192,959	)
Class R3		661,558			(3,367,017	)
Increase (decrease) in net assets from fund share transactions		22,757,992			(123,917,446	)
Total increase (decrease) in net assets		(20,795,954	)		(103,088,580	)
Net assets
Beginning of period		188,889,993			291,978,573
End of period	$	168,094,039		$	188,889,993

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

138

MassMutual Premier Strategic Emerging Markets Fund
Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
$	(98,382	)	$	169,245
	16,234,917			476,390
	19,505,418			5,113,197
	35,641,953			5,758,832
	(2,772,142	)		(13,661,324	)
	(51,087	)		(365,359	)
	(38,555	)		(41,689	)
	(16,503	)		(79,749	)
	(34,506	)		(90,537	)
	(21,224	)		(112,016	)
	(17,356	)		(60,918	)
	(2,951,373	)		(14,411,592	)
	(22,009,199	)		36,043,075
	(321,761	)		(1,169,915	)
	(190,586	)		2,095,511
	(140,504	)		49,690
	16,833			1,149,943
	(363,620	)		(88,054	)
	(1,246	)		222,204
	(23,010,083	)		38,302,454
	9,680,497			29,649,694
	180,250,987			150,601,293
$	189,931,484		$	180,250,987

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

139

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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
3/31/21r	$ 1.00	$ —	$ 0.00d	$ 0.00d	$ —	$ —	$ —	$ 1.00	0.00%b	$ 287,066	0.51%a	0.09%a	0.00%a
9/30/20	1.00	0.01	0.00d	0.01	(0.01)	—	(0.01)	1.00	0.56%	277,991	0.51%	0.40%	0.59%
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

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.

141

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
3/31/21r	$ 10.09	$ 0.13	$ 0.21	$ 0.34	$ (0.45)	$ —	$ (0.45)	$ 9.98	3.45%b	$ 199,290	0.43%a	2.67%a
9/30/20	10.31	0.34	(0.21)	0.13	(0.35)	—	(0.35)	10.09	1.26%	189,805	0.42%	3.41%
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%
Class R5
3/31/21r	$ 10.12	$ 0.13	$ 0.21	$ 0.34	$ (0.44)	$ —	$ (0.44)	$ 10.02	3.42%b	$ 85,307	0.53%a	2.57%a
9/30/20	10.34	0.33	(0.21)	0.12	(0.34)	—	(0.34)	10.12	1.15%	110,813	0.52%	3.31%
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%
Service Class
3/31/21r	$ 10.04	$ 0.12	$ 0.22	$ 0.34	$ (0.42)	$ —	$ (0.42)	$ 9.96	3.47%b	$ 27,736	0.63%a	2.47%a
9/30/20	10.26	0.32	(0.22)	0.10	(0.32)	—	(0.32)	10.04	1.00%	38,559	0.62%	3.19%
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	40%	37%	55%	68%	72%	87%

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.

142

		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
3/31/21r	$ 10.00	$ 0.12	$ 0.21	$ 0.33	$ (0.42)	$ —	$ (0.42)	$ 9.91	3.36%b	$ 24,154	0.73%a	2.38%a
9/30/20	10.22	0.31	(0.21)	0.10	(0.32)	—	(0.32)	10.00	0.94%	27,628	0.72%	3.12%
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%
Class A
3/31/21r	$ 9.92	$ 0.11	$ 0.20	$ 0.31	$ (0.39)	$ —	$ (0.39)	$ 9.84	3.21%b	$ 39,166	0.98%a	2.15%a
9/30/20	10.14	0.28	(0.21)	0.07	(0.29)	—	(0.29)	9.92	0.71%	41,913	0.97%	2.87%
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%
Class R4
3/31/21r	$ 10.05	$ 0.11	$ 0.21	$ 0.32	$ (0.40)	$ —	$ (0.40)	$ 9.97	3.26%b	$ 10,895	0.88%a	2.23%a
9/30/20	10.27	0.29	(0.21)	0.08	(0.30)	—	(0.30)	10.05	0.79%	11,525	0.87%	2.96%
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%
Class R3
3/31/21r	$ 9.98	$ 0.10	$ 0.20	$ 0.30	$ (0.38)	$ —	$ (0.38)	$ 9.90	3.10%b	$ 9,710	1.13%a	1.98%a
9/30/20	10.20	0.27	(0.22)	0.05	(0.27)	—	(0.27)	9.98	0.53%	7,737	1.12%	2.72%
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%

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

143

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
3/31/21r	$ 11.40	$ 0.08	$ 0.02	$ 0.10	$ (0.12)	$ (0.49)	$ (0.61)	$ 10.89	0.84%b	$ 191,075	0.46%a	0.46%a,n	0.46%a,n	1.39%a
9/30/20	10.59	0.20	0.83	1.03	(0.22)	—	(0.22)	11.40	9.93%	176,809	0.47%	0.47%n	0.47%n	1.86%
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%
Class R5
3/31/21r	$ 11.41	$ 0.07	$ 0.02	$ 0.09	$ (0.11)	$ (0.49)	$ (0.60)	$ 10.90	0.75%b	$ 84,883	0.56%a	0.56%a,n	0.56%a,n	1.29%a
9/30/20	10.59	0.19	0.84	1.03	(0.21)	—	(0.21)	11.41	9.92%	86,369	0.57%	0.57%n	0.57%n	1.75%
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%
Service Class
3/31/21r	$ 11.37	$ 0.07	$ 0.01	$ 0.08	$ (0.10)	$ (0.49)	$ (0.59)	$ 10.86	0.65%b	$ 54,907	0.66%a	0.66%a,n	0.66%a,n	1.19%a
9/30/20	10.55	0.18	0.84	1.02	(0.20)	—	(0.20)	11.37	9.82%	54,729	0.67%	0.67%n	0.67%n	1.66%
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	52%	110%	42%	62%	25%	46%

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.

144

		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
3/31/21r	$ 11.49	$ 0.06	$ 0.02	$ 0.08	$ (0.09)	$ (0.49)	$ (0.58)	$ 10.99	0.61%b	$ 14,632	0.76%a	0.76%a,n	0.76%a,n	1.10%a
9/30/20	10.66	0.17	0.85	1.02	(0.19)	—	(0.19)	11.49	9.70%	15,288	0.77%	0.77%n	0.77%n	1.56%
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%
Class A
3/31/21r	$ 11.19	$ 0.05	$ 0.02	$ 0.07	$ (0.07)	$ (0.49)	$ (0.56)	$ 10.70	0.56%b	$ 24,764	1.01%a	1.01%a,n	1.01%a,n	0.83%a
9/30/20	10.39	0.14	0.82	0.96	(0.16)	—	(0.16)	11.19	9.42%	22,018	1.02%	1.02%n	1.02%n	1.30%
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%
Class R4
3/31/21r	$ 11.12	$ 0.05	$ 0.03	$ 0.08	$ (0.08)	$ (0.49)	$ (0.57)	$ 10.63	0.63%b	$ 4,822	0.91%a	0.91%a,n	0.91%a,n	0.95%a
9/30/20	10.33	0.15	0.82	0.97	(0.18)	—	(0.18)	11.12	9.51%	4,358	0.92%	0.92%n	0.92%n	1.40%
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%
Class R3
3/31/21r	$ 11.12	$ 0.04	$ 0.02	$ 0.06	$ (0.04)	$ (0.49)	$ (0.53)	$ 10.65	0.50%b	$ 3,188	1.16%a	1.16%a,n	1.16%a,n	0.70%a
9/30/20	10.33	0.12	0.82	0.94	(0.15)	—	(0.15)	11.12	9.20%	3,256	1.17%	1.17%n	1.17%n	1.16%
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%

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

145

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
3/31/21r	$ 11.64	$ 0.14	$ (0.09)	$ 0.05	$ (0.43)	$ (0.26)	$ (0.69)	$ 11.00	0.30%b	$ 706,845	0.42%a	2.55%a
9/30/20	11.33	0.37	0.32	0.69	(0.38)	—	(0.38)	11.64	6.28%	786,360	0.42%	3.27%
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%
Class R5
3/31/21r	$ 11.68	$ 0.14	$ (0.10)	$ 0.04	$ (0.42)	$ (0.26)	$ (0.68)	$ 11.04	0.20%b	$ 365,874	0.52%a	2.45%a
9/30/20	11.37	0.36	0.32	0.68	(0.37)	—	(0.37)	11.68	6.16%	316,359	0.52%	3.17%
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%
Service Class
3/31/21r	$ 11.60	$ 0.13	$ (0.10)	$ 0.03	$ (0.39)	$ (0.26)	$ (0.65)	$ 10.98	0.19%b	$ 57,169	0.62%a	2.34%a
9/30/20	11.29	0.35	0.31	0.66	(0.35)	—	(0.35)	11.60	6.06%	83,876	0.62%	3.08%
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	137%	231%	261%	140%	213%	330%

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.

146

		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
3/31/21r	$ 11.51	$ 0.13	$ (0.10)	$ 0.03	$ (0.40)	$ (0.26)	$ (0.66)	$ 10.88	0.11%b	$ 86,846	0.72%a	2.25%a
9/30/20	11.21	0.33	0.32	0.65	(0.35)	—	(0.35)	11.51	5.94%	76,597	0.72%	2.97%
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%
Class A
3/31/21r	$ 11.40	$ 0.11	$ (0.10)	$ 0.01	$ (0.35)	$ (0.26)	$ (0.61)	$ 10.80	0.01%b	$ 59,204	0.97%a	2.00%a
9/30/20	11.10	0.30	0.32	0.62	(0.32)	—	(0.32)	11.40	5.70%	58,572	0.97%	2.72%
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%
Class R4
3/31/21r	$ 11.33	$ 0.12	$ (0.11)	$ 0.01	$ (0.37)	$ (0.26)	$ (0.63)	$ 10.71	0.02%b	$ 9,531	0.87%a	2.10%a
9/30/20	11.04	0.31	0.31	0.62	(0.33)	—	(0.33)	11.33	5.80%	10,444	0.87%	2.80%
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%
Class R3
3/31/21r	$ 11.63	$ 0.11	$ (0.11)	$ 0.00	$ (0.32)	$ (0.26)	$ (0.58)	$ 11.05	(0.08%)b	$ 832	1.12%a	1.85%a
9/30/20	11.34	0.29	0.32	0.61	(0.32)	—	(0.32)	11.63	5.54%	867	1.12%	2.57%
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%

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

147

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
3/31/21r	$ 11.51	$ 0.17	$ 0.10	$ 0.27	$ (0.46)	$ (0.37)	$ (0.83)	$ 10.95	2.34%b	$ 103,951	0.51%a	N/A	3.11%a
9/30/20	11.28	0.39	0.20	0.59	(0.36)	(0.00)d	(0.36)	11.51	5.43%	97,183	0.51%	N/A	3.54%
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%
Class R5
3/31/21r	$ 10.58	$ 0.15	$ 0.10	$ 0.25	$ (0.45)	$ (0.37)	$ (0.82)	$ 10.01	2.31%b	$ 71,948	0.61%a	N/A	3.01%a
9/30/20	10.40	0.35	0.18	0.53	(0.35)	(0.00)d	(0.35)	10.58	5.30%	78,289	0.61%	N/A	3.46%
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%
Service Class
3/31/21r	$ 10.73	$ 0.15	$ 0.10	$ 0.25	$ (0.44)	$ (0.37)	$ (0.81)	$ 10.17	2.29%b	$ 11,390	0.71%a	N/A	2.91%a
9/30/20	10.54	0.35	0.18	0.53	(0.34)	(0.00)d	(0.34)	10.73	5.20%	12,067	0.71%	N/A	3.36%
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	98%	186%	236%	142%	207%	314%

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.

r Unaudited.

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

148

		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
3/31/21r	$ 10.71	$ 0.15	$ 0.09	$ 0.24	$ (0.42)	$ (0.37)	$ (0.79)	$ 10.16	2.20%b	$ 13,412	0.81%a	N/A	2.79%a
9/30/20	10.52	0.34	0.18	0.52	(0.33)	(0.00)d	(0.33)	10.71	5.10%	17,108	0.81%	N/A	3.25%
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%
Class A
3/31/21r	$ 10.69	$ 0.13	$ 0.09	$ 0.22	$ (0.37)	$ (0.37)	$ (0.74)	$ 10.17	2.02%b	$ 11,510	1.06%a	N/A	2.55%a
9/30/20	10.48	0.31	0.20	0.51	(0.30)	(0.00)d	(0.30)	10.69	4.96%	14,756	1.06%	N/A	2.99%
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%
Class R4
3/31/21r	$ 10.57	$ 0.14	$ 0.08	$ 0.22	$ (0.41)	$ (0.37)	$ (0.78)	$ 10.01	2.09%b	$ 6,188	0.96%a	N/A	2.66%a
9/30/20	10.38	0.32	0.19	0.51	(0.32)	(0.00)d	(0.32)	10.57	5.05%	6,233	0.96%	N/A	3.10%
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%
Class R3
3/31/21r	$ 10.53	$ 0.12	$ 0.09	$ 0.21	$ (0.38)	$ (0.37)	$ (0.75)	$ 9.99	1.98%b	$ 3,497	1.21%a	N/A	2.41%a
9/30/20	10.34	0.29	0.17	0.46	(0.27)	(0.00)d	(0.27)	10.53	4.61%	3,881	1.21%	N/A	2.85%
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%

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

149

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
3/31/21r	$ 8.63	$ 0.25	$ 0.53	$ 0.78	$ (0.48)	$ —	$ (0.48)	$ 8.93	9.19%b	$ 375,661	0.53%a	N/A	5.63%a
9/30/20	9.21	0.50	(0.52)	(0.02)	(0.56)	—	(0.56)	8.63	(0.28%)	375,807	0.53%	N/A	5.79%
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%
Class R5
3/31/21r	$ 8.68	$ 0.24	$ 0.54	$ 0.78	$ (0.47)	$ —	$ (0.47)	$ 8.99	9.15%b	$ 49,519	0.63%a	N/A	5.53%a
9/30/20	9.25	0.49	(0.51)	(0.02)	(0.55)	—	(0.55)	8.68	(0.28%)	49,116	0.63%	N/A	5.69%
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%
Service Class
3/31/21r	$ 8.67	$ 0.24	$ 0.54	$ 0.78	$ (0.46)	$ —	$ (0.46)	$ 8.99	9.14%b	$ 33,405	0.73%a	N/A	5.44%a
9/30/20	9.25	0.48	(0.52)	(0.04)	(0.54)	—	(0.54)	8.67	(0.48%)	33,897	0.73%	N/A	5.58%
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	37%	79%	54%	38%	70%	50%

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.

150

		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
3/31/21r	$ 8.53	$ 0.23	$ 0.52	$ 0.75	$ (0.45)	$ —	$ (0.45)	$ 8.83	8.97%b	$ 25,665	0.83%a	N/A	5.34%a
9/30/20	9.10	0.47	(0.51)	(0.04)	(0.53)	—	(0.53)	8.53	(0.55%)	23,549	0.83%	N/A	5.49%
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%
Class A
3/31/21r	$ 8.49	$ 0.22	$ 0.53	$ 0.75	$ (0.43)	$ —	$ (0.43)	$ 8.81	8.95%b	$ 23,881	1.08%a	N/A	5.08%a
9/30/20	9.07	0.44	(0.50)	(0.06)	(0.52)	—	(0.52)	8.49	(0.81%)	24,556	1.08%	N/A	5.24%
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%
Class R4
3/31/21r	$ 8.38	$ 0.22	$ 0.52	$ 0.74	$ (0.44)	$ —	$ (0.44)	$ 8.68	8.96%b	$ 41,491	0.98%a	N/A	5.19%a
9/30/20	8.97	0.45	(0.51)	(0.06)	(0.53)	—	(0.53)	8.38	(0.75%)	40,160	0.98%	N/A	5.34%
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%
Class R3
3/31/21r	$ 8.60	$ 0.22	$ 0.52	$ 0.74	$ (0.41)	$ —	$ (0.41)	$ 8.93	8.78%b	$ 34,470	1.23%a	N/A	4.93%a
9/30/20	9.17	0.44	(0.52)	(0.08)	(0.49)	—	(0.49)	8.60	(0.96%)	35,047	1.23%	N/A	5.09%
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%

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

151

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
3/31/21r	$ 12.40	$ 0.08	$ 1.56	$ 1.64	$ (0.21)	$ (0.22)	$ (0.43)	$ 13.61	13.51%b	$ 58,024	0.67%a	N/A	1.29%a
9/30/20	12.07	0.21	0.90	1.11	(0.27)	(0.51)	(0.78)	12.40	9.49%	42,455	0.71%	N/A	1.75%
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%
Class R5
3/31/21r	$ 12.39	$ 0.08	$ 1.56	$ 1.64	$ (0.20)	$ (0.22)	$ (0.42)	$ 13.61	13.49%b	$ 40,978	0.77%a	N/A	1.17%a
9/30/20	12.07	0.20	0.89	1.09	(0.26)	(0.51)	(0.77)	12.39	9.29%	42,199	0.81%	N/A	1.66%
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%
Service Class
3/31/21r	$ 13.12	$ 0.07	$ 1.66	$ 1.73	$ (0.19)	$ (0.22)	$ (0.41)	$ 14.44	13.43%b	$ 9,765	0.87%a	N/A	1.08%a
9/30/20	12.73	0.19	0.95	1.14	(0.24)	(0.51)	(0.75)	13.12	9.22%	8,637	0.91%	N/A	1.56%
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	199%	113%	161%	77%	108%	176%

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.

152

		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
3/31/21r	$ 12.44	$ 0.06	$ 1.57	$ 1.63	$ (0.18)	$ (0.22)	$ (0.40)	$ 13.67	13.33%b	$ 6,962	0.97%a	N/A	0.98%a
9/30/20	12.11	0.17	0.90	1.07	(0.23)	(0.51)	(0.74)	12.44	9.13%	5,849	1.01%	N/A	1.44%
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%
Class A
3/31/21r	$ 12.03	$ 0.05	$ 1.52	$ 1.57	$ (0.15)	$ (0.22)	$ (0.37)	$ 13.23	13.25%b	$ 29,290	1.22%a	N/A	0.73%a
9/30/20	11.74	0.14	0.86	1.00	(0.20)	(0.51)	(0.71)	12.03	8.80%	26,626	1.26%	N/A	1.21%
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%
Class R4
3/31/21r	$ 11.92	$ 0.05	$ 1.51	$ 1.56	$ (0.16)	$ (0.22)	$ (0.38)	$ 13.10	13.33%b	$ 9,373	1.12%a	N/A	0.81%a
9/30/20	11.64	0.15	0.86	1.01	(0.22)	(0.51)	(0.73)	11.92	8.94%	2,994	1.16%	N/A	1.31%
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%
Class R3
3/31/21r	$ 11.85	$ 0.04	$ 1.48	$ 1.52	$ (0.12)	$ (0.22)	$ (0.34)	$ 13.03	13.09%b	$ 12,620	1.37%a	N/A	0.58%a
9/30/20	11.57	0.12	0.85	0.97	(0.18)	(0.51)	(0.69)	11.85	8.66%	7,503	1.41%	N/A	1.06%
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%

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

153

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
3/31/21r	$ 12.08	$ 0.13	$ 3.11	$ 3.24	$ (0.28)	$ —	$ (0.28)	$ 15.04	27.10%b	$ 29,155	0.72%a	1.92%a
9/30/20	13.98	0.28	(1.16)	(0.88)	(0.31)	(0.71)	(1.02)	12.08	(7.26%)	20,650	0.72%	2.20%
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%
Class R5
3/31/21r	$ 12.11	$ 0.12	$ 3.11	$ 3.23	$ (0.26)	$ —	$ (0.26)	$ 15.08	26.96%b	$ 36,998	0.82%a	1.82%a
9/30/20	14.01	0.27	(1.17)	(0.90)	(0.29)	(0.71)	(1.00)	12.11	(7.34%)	32,418	0.82%	2.10%
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%
Service Class
3/31/21r	$ 12.00	$ 0.12	$ 3.07	$ 3.19	$ (0.25)	$ —	$ (0.25)	$ 14.94	26.97%b	$ 14,705	0.92%a	1.72%a
9/30/20	13.88	0.25	(1.16)	(0.91)	(0.26)	(0.71)	(0.97)	12.00	(7.46%)	11,618	0.92%	1.98%
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	146%	57%	53%	80%	102%	109%

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.

154

		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
3/31/21r	$ 12.28	$ 0.10	$ 3.17	$ 3.27	$ (0.24)	$ —	$ (0.24)	$ 15.31	26.88%b	$ 1,644	1.02%a	1.47%a
9/30/20	14.20	0.24	(1.20)	(0.96)	(0.25)	(0.71)	(0.96)	12.28	(7.62%)	4,214	1.02%	1.88%
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%
Class A
3/31/21r	$ 11.85	$ 0.09	$ 3.05	$ 3.14	$ (0.21)	$ —	$ (0.21)	$ 14.78	26.71%b	$ 6,796	1.27%a	1.36%a
9/30/20	13.73	0.21	(1.15)	(0.94)	(0.23)	(0.71)	(0.94)	11.85	(7.77%)	5,569	1.27%	1.66%
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%
Class R4
3/31/21r	$ 11.76	$ 0.10	$ 3.01	$ 3.11	$ (0.22)	$ —	$ (0.22)	$ 14.65	26.71%b	$ 2,904	1.17%a	1.47%a
9/30/20	13.63	0.21	(1.13)	(0.92)	(0.24)	(0.71)	(0.95)	11.76	(7.70%)	2,707	1.17%	1.73%
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%
Class R3
3/31/21r	$ 11.95	$ 0.08	$ 3.08	$ 3.16	$ (0.19)	$ —	$ (0.19)	$ 14.92	26.68%b	$ 4,207	1.42%a	1.22%a
9/30/20	13.85	0.19	(1.17)	(0.98)	(0.21)	(0.71)	(0.92)	11.95	(7.98%)	3,988	1.42%	1.50%
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%

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

155

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
3/31/21r	$ 11.28	$ 0.07	$ 2.06	$ 2.13	$ (0.12)	$ (0.27)	$ (0.39)	$ 13.02	19.24%b	$ 29,342	0.74%a	1.08%a
9/30/20	11.07	0.11	1.19	1.30	(0.13)	(0.96)	(1.09)	11.28	12.22%	30,273	0.74%	1.03%
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%
Class R5
3/31/21r	$ 11.27	$ 0.06	$ 2.05	$ 2.11	$ (0.10)	$ (0.27)	$ (0.37)	$ 13.01	19.14%b	$ 46,607	0.84%a	1.01%a
9/30/20	11.06	0.10	1.18	1.28	(0.11)	(0.96)	(1.07)	11.27	12.10%	45,358	0.84%	0.93%
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%
Service Class
3/31/21r	$ 11.75	$ 0.05	$ 2.15	$ 2.20	$ (0.08)	$ (0.27)	$ (0.35)	$ 13.60	19.07%b	$ 148	0.94%a	0.87%a
9/30/20	11.50	0.09	1.22	1.31	(0.10)	(0.96)	(1.06)	11.75	11.88%	182	0.94%	0.82%
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	23%	38%	55%	64%	35%	38%

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.

156

		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
3/31/21r	$ 11.25	$ 0.05	$ 2.05	$ 2.10	$ (0.08)	$ (0.27)	$ (0.35)	$ 13.00	19.03%b	$ 22,737	1.04%a	0.81%a
9/30/20	11.05	0.08	1.17	1.25	(0.09)	(0.96)	(1.05)	11.25	11.79%	21,264	1.04%	0.73%
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%
Class A
3/31/21r	$ 11.04	$ 0.03	$ 2.02	$ 2.05	$ (0.05)	$ (0.27)	$ (0.32)	$ 12.77	18.90%b	$ 11,906	1.29%a	0.57%a
9/30/20	10.86	0.05	1.15	1.20	(0.06)	(0.96)	(1.02)	11.04	11.53%	12,086	1.29%	0.48%
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%
Class R4
3/31/21r	$ 10.94	$ 0.04	$ 2.00	$ 2.04	$ (0.07)	$ (0.27)	$ (0.34)	$ 12.64	18.98%b	$ 7,853	1.19%a	0.67%a
9/30/20	10.77	0.06	1.15	1.21	(0.08)	(0.96)	(1.04)	10.94	11.68%	6,418	1.19%	0.58%
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%
Class R3
3/31/21r	$ 11.07	$ 0.02	$ 2.02	$ 2.04	$ (0.04)	$ (0.27)	$ (0.31)	$ 12.80	18.73%b	$ 1,405	1.44%a	0.42%a
9/30/20	10.88	0.03	1.16	1.19	(0.04)	(0.96)	(1.00)	11.07	11.41%	1,219	1.44%	0.33%
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%

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

157

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
3/31/21r	$ 12.85	$ 0.02	$ 1.40	$ 1.42	$ (0.06)	$ (0.54)	$ (0.60)	$ 13.67	11.36%b	$ 29,495	0.55%a	0.29%a
9/30/20	11.00	0.09	3.18	3.27	(0.11)	(1.31)	(1.42)	12.85	32.63%	35,702	0.56%	0.77%
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%
Class R5
3/31/21r	$ 12.85	$ 0.01	$ 1.41	$ 1.42	$ (0.05)	$ (0.54)	$ (0.59)	$ 13.68	11.33%b	$ 98,010	0.65%a	0.18%a
9/30/20	11.00	0.07	3.19	3.26	(0.10)	(1.31)	(1.41)	12.85	32.48%	101,466	0.66%	0.67%
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%
Service Class
3/31/21r	$ 12.92	$ 0.00d	$ 1.42	$ 1.42	$ (0.04)	$ (0.54)	$ (0.58)	$ 13.76	11.25%b	$ 24,122	0.75%a	0.07%a
9/30/20	11.04	0.06	3.20	3.26	(0.07)	(1.31)	(1.38)	12.92	32.33%	25,668	0.76%	0.57%
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	74%	50%	49%	73%	105%	124%

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.

158

		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
3/31/21r	$ 13.10	$ (0.00)d	$ 1.43	$ 1.43	$ (0.02)	$ (0.54)	$ (0.56)	$ 13.97	11.18%b	$ 34,682	0.85%a	(0.02%)a
9/30/20	11.19	0.05	3.25	3.30	(0.08)	(1.31)	(1.39)	13.10	32.19%	36,957	0.86%	0.47%
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%
Class A
3/31/21r	$ 12.59	$ (0.02)	$ 1.38	$ 1.36	$ —	$ (0.54)	$ (0.54)	$ 13.41	11.04%b	$ 26,613	1.10%a	(0.27%)a
9/30/20	10.80	0.02	3.13	3.15	(0.05)	(1.31)	(1.36)	12.59	31.87%	27,988	1.11%	0.22%
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%
Class R4
3/31/21r	$ 12.45	$ (0.01)	$ 1.36	$ 1.35	$ (0.00)d	$ (0.54)	$ (0.54)	$ 13.26	11.12%b	$ 24,019	1.00%a	(0.18%)a
9/30/20	10.70	0.03	3.09	3.12	(0.06)	(1.31)	(1.37)	12.45	31.97%	28,832	1.01%	0.31%
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%
Class R3
3/31/21r	$ 12.43	$ (0.03)	$ 1.36	$ 1.33	$ —	$ (0.54)	$ (0.54)	$ 13.22	10.95%b	$ 6,371	1.25%a	(0.43%)a
9/30/20	10.66	0.01	3.09	3.10	(0.02)	(1.31)	(1.33)	12.43	31.78%	5,875	1.26%	0.05%
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%

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

159

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
3/31/21r	$ 13.96	$ 0.04	$ 5.93	$ 5.97	$ (0.11)	$ (1.21)	$ (1.32)	$ 18.61	44.30%b	$ 81,342	0.66%a	0.51%a
9/30/20	13.72	0.10	0.27	0.37	(0.06)	(0.07)	(0.13)	13.96	2.62%	39,988	0.69%	0.77%
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%
Class R5
3/31/21r	$ 13.93	$ 0.04	$ 5.90	$ 5.94	$ (0.09)	$ (1.21)	$ (1.30)	$ 18.57	44.20%b	$ 134,470	0.76%a	0.42%a
9/30/20	13.69	0.09	0.27	0.36	(0.05)	(0.07)	(0.12)	13.93	2.56%	92,440	0.79%	0.68%
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%
Service Class
3/31/21r	$ 13.89	$ 0.03	$ 5.89	$ 5.92	$ (0.08)	$ (1.21)	$ (1.29)	$ 18.52	44.13%b	$ 24,499	0.86%a	0.32%a
9/30/20	13.66	0.08	0.25	0.33	(0.03)	(0.07)	(0.10)	13.89	2.37%	17,146	0.89%	0.58%
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	25%	47%	34%	57%	62%	57%

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.

160

		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
3/31/21r	$ 13.80	$ 0.02	$ 5.86	$ 5.88	$ (0.07)	$ (1.21)	$ (1.28)	$ 18.40	44.08%b	$ 26,640	0.96%a	0.22%a
9/30/20	13.57	0.06	0.26	0.32	(0.02)	(0.07)	(0.09)	13.80	2.27%	18,422	0.99%	0.48%
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%
Class A
3/31/21r	$ 13.42	$ (0.00)d	$ 5.68	$ 5.68	$ (0.03)	$ (1.21)	$ (1.24)	$ 17.86	43.88%b	$ 59,227	1.21%a	(0.03%)a
9/30/20	13.21	0.03	0.25	0.28	—	(0.07)	(0.07)	13.42	2.07%	42,491	1.24%	0.22%
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%
Class R4
3/31/21r	$ 13.34	$ 0.00d	$ 5.66	$ 5.66	$ (0.05)	$ (1.21)	$ (1.26)	$ 17.74	43.93%b	$ 14,908	1.11%a	0.06%a
9/30/20	13.12	0.04	0.25	0.29	—	(0.07)	(0.07)	13.34	2.16%	9,413	1.14%	0.32%
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%
Class R3
3/31/21r	$ 13.18	$ (0.01)	$ 5.59	$ 5.58	$ —	$ (1.21)	$ (1.21)	$ 17.55	43.82%b	$ 10,204	1.36%a	(0.17%)a
9/30/20	13.00	0.01	0.24	0.25	—	(0.07)	(0.07)	13.18	1.87%	6,048	1.39%	0.07%
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%

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

161

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
3/31/21r	$ 15.04	$ (0.03)	$ 2.79	$ 2.76	$ —	$ (0.84)	$ (0.84)	$ 16.96	18.56%b	$ 92,171	0.83%a	(0.35%)a
9/30/20	12.35	0.00d	2.81	2.81	(0.09)	(0.03)	(0.12)	15.04	22.90%	75,893	0.85%	0.00%e
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%
Class R5
3/31/21r	$ 15.05	$ (0.04)	$ 2.79	$ 2.75	$ —	$ (0.84)	$ (0.84)	$ 16.96	18.48%b	$ 117,642	0.93%a	(0.46%)a
9/30/20	12.36	(0.01)	2.81	2.80	(0.08)	(0.03)	(0.11)	15.05	22.77%	111,038	0.95%	(0.09%)
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%
Service Class
3/31/21r	$ 14.91	$ (0.05)	$ 2.76	$ 2.71	$ —	$ (0.84)	$ (0.84)	$ 16.78	18.46%b	$ 7,188	1.03%a	(0.56%)a
9/30/20	12.23	(0.03)	2.80	2.77	(0.06)	(0.03)	(0.09)	14.91	22.75%	6,166	1.05%	(0.19%)
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	4%	12%	32%	42%	30%	25%

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%.

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.

162

		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
3/31/21r	$ 15.03	$ (0.05)	$ 2.79	$ 2.74	$ —	$ (0.84)	$ (0.84)	$ 16.93	18.44%b	$ 85,374	1.13%a	(0.66%)a
9/30/20	12.34	(0.04)	2.81	2.77	(0.05)	(0.03)	(0.08)	15.03	22.56%	80,607	1.15%	(0.29%)
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%
Class A
3/31/21r	$ 14.82	$ (0.07)	$ 2.74	$ 2.67	$ —	$ (0.84)	$ (0.84)	$ 16.65	18.29%b	$ 24,975	1.38%a	(0.91%)a
9/30/20	12.17	(0.07)	2.77	2.70	(0.02)	(0.03)	(0.05)	14.82	22.22%	22,903	1.40%	(0.55%)
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%
Class R4
3/31/21r	$ 14.59	$ (0.06)	$ 2.70	$ 2.64	$ —	$ (0.84)	$ (0.84)	$ 16.39	18.30%b	$ 11,852	1.28%a	(0.80%)a
9/30/20	11.98	(0.06)	2.73	2.67	(0.03)	(0.03)	(0.06)	14.59	22.36%	8,878	1.30%	(0.45%)
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%
Class R3
3/31/21r	$ 14.72	$ (0.09)	$ 2.74	$ 2.65	$ —	$ (0.84)	$ (0.84)	$ 16.53	18.21%b	$ 9,306	1.53%a	(1.07%)a
9/30/20	12.10	(0.09)	2.75	2.66	(0.01)	(0.03)	(0.04)	14.72	21.99%	9,792	1.55%	(0.69%)
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%

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

163

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
3/31/21r	$ 13.08	$ 0.05	$ 1.65	$ 1.70	$ (0.04)	$ (4.94)	$ (4.98)	$ 9.80	14.69%b	$ 83,829	1.01%a	0.99%a	0.84%a
9/30/20	12.01	0.03	1.54	1.57	(0.13)	(0.37)	(0.50)	13.08	13.17%	96,308	1.02%	1.00%	0.26%
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%
Class R5
3/31/21r	$ 13.08	$ 0.04	$ 1.66	$ 1.70	$ (0.03)	$ (4.94)	$ (4.97)	$ 9.81	14.64%b	$ 55,603	1.11%a	1.09%a	0.78%a
9/30/20	12.00	0.02	1.55	1.57	(0.12)	(0.37)	(0.49)	13.08	13.14%	61,444	1.12%	1.10%	0.20%
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%
Service Class
3/31/21r	$ 13.04	$ 0.04	$ 1.65	$ 1.69	$ (0.01)	$ (4.94)	$ (4.95)	$ 9.78	14.56%b	$ 3,863	1.21%a	1.19%a	0.69%a
9/30/20	11.97	0.00d	1.54	1.54	(0.10)	(0.37)	(0.47)	13.04	12.94%	4,524	1.22%	1.20%	0.00%e
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	11%	106%	52%	70%	44%	36%

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.

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.

164

		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
3/31/21r	$ 12.97	$ 0.03	$ 1.64	$ 1.67	$ —	$ (4.94)	$ (4.94)	$ 9.70	14.52%b	$ 3,066	1.31%a	1.29%a	0.57%a
9/30/20	11.91	(0.00)d	1.52	1.52	(0.09)	(0.37)	(0.46)	12.97	12.81%	3,565	1.32%	1.30%	(0.02%)
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%
Class A
3/31/21r	$ 12.56	$ 0.02	$ 1.57	$ 1.59	$ —	$ (4.94)	$ (4.94)	$ 9.21	14.32%b	$ 17,487	1.56%a	1.54%a	0.34%a
9/30/20	11.54	(0.03)	1.48	1.45	(0.06)	(0.37)	(0.43)	12.56	12.61%	18,670	1.57%	1.55%	(0.22%)
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%
Class R4
3/31/21r	$ 12.45	$ 0.02	$ 1.56	$ 1.58	$ —	$ (4.94)	$ (4.94)	$ 9.09	14.39%b	$ 1,704	1.46%a	1.44%a	0.39%a
9/30/20	11.43	(0.04)	1.48	1.44	(0.05)	(0.37)	(0.42)	12.45	12.70%	1,951	1.47%	1.45%	(0.31%)
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%
Class R3
3/31/21r	$ 12.38	$ 0.01	$ 1.55	$ 1.56	$ —	$ (4.94)	$ (4.94)	$ 9.00	14.27%b	$ 2,542	1.71%a	1.69%a	0.27%a
9/30/20	11.38	(0.06)	1.47	1.41	(0.04)	(0.37)	(0.41)	12.38	12.42%	2,427	1.72%	1.70%	(0.49%)
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%

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

165

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
3/31/21r	$ 13.23	$ (0.01)	$ 2.68	$ 2.67	$ —	$ (0.22)	$ (0.22)	$ 15.68	20.28%b	$ 178,074	1.21%a	1.15%a	(0.08%)a
9/30/20	13.02	0.02	1.33	1.35	(0.08)	(1.06)	(1.14)	13.23	10.33%	169,366	1.27%	1.15%	0.12%
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%
Class R5
3/31/21r	$ 13.43	$ (0.01)	$ 2.71	$ 2.70	$ —	$ (0.22)	$ (0.22)	$ 15.91	20.20%b	$ 3,427	1.31%a	1.25%a	(0.18%)a
9/30/20	13.20	0.00d	1.35	1.35	(0.06)	(1.06)	(1.12)	13.43	10.23%	3,165	1.37%	1.25%	0.02%
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%
Service Class
3/31/21r	$ 13.25	$ (0.02)	$ 2.68	$ 2.66	$ —	$ (0.22)	$ (0.22)	$ 15.69	20.17%b	$ 2,711	1.41%a	1.35%a	(0.28%)a
9/30/20	13.05	(0.01)	1.33	1.32	(0.06)	(1.06)	(1.12)	13.25	10.12%	2,473	1.47%	1.35%	(0.05%)
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%

		Year ended September 30
	Six months ended March 31, 2021b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	23%	71%	32%	38%	51%	33%

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.

166

		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
3/31/21r	$ 13.29	$ (0.03)	$ 2.69	$ 2.66	$ —	$ (0.22)	$ (0.22)	$ 15.73	20.11%b	$ 1,026	1.51%a	1.45%a	(0.38%)a
9/30/20	13.08	(0.02)	1.33	1.31	(0.04)	(1.06)	(1.10)	13.29	9.96%	989	1.57%	1.45%	(0.16%)
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%
Class A
3/31/21r	$ 13.17	$ (0.05)	$ 2.66	$ 2.61	$ —	$ (0.22)	$ (0.22)	$ 15.56	19.92%b	$ 2,422	1.76%a	1.70%a	(0.64%)a
9/30/20	12.98	(0.05)	1.32	1.27	(0.02)	(1.06)	(1.08)	13.17	9.75%	2,029	1.82%	1.70%	(0.42%)
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%
Class R4
3/31/21r	$ 13.10	$ (0.04)	$ 2.65	$ 2.61	$ —	$ (0.22)	$ (0.22)	$ 15.49	19.94%b	$ 1,097	1.66%a	1.60%a	(0.53%)a
9/30/20	12.90	(0.04)	1.32	1.28	(0.02)	(1.06)	(1.08)	13.10	9.84%	1,237	1.72%	1.60%	(0.30%)
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%
Class R3
3/31/21r	$ 13.05	$ (0.06)	$ 2.64	$ 2.58	$ —	$ (0.22)	$ (0.22)	$ 15.41	19.79%b	$ 1,174	1.91%a	1.85%a	(0.78%)a
9/30/20	12.87	(0.07)	1.31	1.24	(0.00)d	(1.06)	(1.06)	13.05	9.57%	992	1.97%	1.85%	(0.58%)
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%

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

167

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 Trust consists of the following series (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.

168

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.

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 broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by

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.

169

Notes to Financial Statements (Unaudited) (Continued)

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 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.

170

Notes to Financial Statements (Unaudited) (Continued)

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, 2021. 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, 2021. 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, 2021, for the remaining Funds’ investments:

	Level 1			Level 2		Level 3		Total
Short-Duration Bond Fund
Asset Investments
Corporate Debt	$	—		$	189,036,859	$	—	$	189,036,859
Municipal Obligations		—			559,127		—		559,127
Non-U.S. Government Agency Obligations		—			196,507,860		—		196,507,860
U.S. Government Agency Obligations and Instrumentalities		—			5,352,544		—		5,352,544
U.S. Treasury Obligations		—			1,804,756		—		1,804,756
Purchased Options		—			579,851		—		579,851
Short-Term Investments		—			4,602,844		—		4,602,844
Total Investments	$	—		$	398,443,841	$	—	$	398,443,841
Asset Derivatives
Futures Contracts	$	2,632,407		$	—	$	—	$	2,632,407
Liability Derivatives
Futures Contracts	$	(1,352,703	)	$	—	$	—	$	(1,352,703	)

171

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Inflation-Protected and Income Fund
Asset Investments
Corporate Debt	$	—		$	1,822,189		$	—		$	1,822,189
Non-U.S. Government Agency Obligations		—			210,688,288			—			210,688,288
U.S. Government Agency Obligations and Instrumentalities		—			37,038,801			—			37,038,801
U.S. Treasury Obligations		—			78,077,113			—			78,077,113
Purchased Options		—			1,120,468			—			1,120,468
Short-Term Investments		—			56,632,985			—			56,632,985
Total Investments	$	—		$	385,379,844		$	—		$	385,379,844
Asset Derivatives
Futures Contracts	$	54,817		$	—		$	—		$	54,817
Swap Agreements		—			893,060			—			893,060
Total	$	54,817		$	893,060		$	—		$	947,877
Liability Derivatives
Futures Contracts	$	(46,155	)	$	—		$	—		$	(46,155	)
Swap Agreements		—			(1,730,333	)		—			(1,730,333	)
Total	$	(46,155	)	$	(1,730,333	)	$	—		$	(1,776,488	)
Core Bond Fund
Asset Investments
Corporate Debt	$	—		$	486,557,527		$	—		$	486,557,527
Municipal Obligations		—			3,681,837			—			3,681,837
Non-U.S. Government Agency Obligations		—			422,818,846			—			422,818,846
Sovereign Debt Obligations		—			10,590,697			—			10,590,697
U.S. Government Agency Obligations and Instrumentalities		—			277,106,333			—			277,106,333
U.S. Treasury Obligations		—			73,776,158			—			73,776,158
Purchased Options		—			3,531,675			—			3,531,675
Short-Term Investments		—			170,904,670			—			170,904,670
Total Investments	$	—		$	1,448,967,743		$	—		$	1,448,967,743
Asset Derivatives
Futures Contracts	$	592,815		$	—		$	—		$	592,815
Liability Derivatives
Futures Contracts	$	(4,294,062	)	$	—		$	—		$	(4,294,062	)
Diversified Bond Fund
Asset Investments
Common Stock	$	83,902		$	—		$	30,358	**	$	114,260
Preferred Stock		1,605,124			—			—			1,605,124
Corporate Debt		—			102,258,383			—			102,258,383
Non-U.S. Government Agency Obligations		—			69,340,602			—			69,340,602
Sovereign Debt Obligations		—			1,435,367			—			1,435,367
U.S. Government Agency Obligations and Instrumentalities		—			34,461,907			—			34,461,907
U.S. Treasury Obligations		—			4,379,068			—			4,379,068
Purchased Options		—			712,931			—			712,931
Warrants		—			—			4,029	**		4,029
Short-Term Investments		—			27,331,017			—			27,331,017
Total Investments	$	1,689,026		$	239,919,275		$	34,387		$	241,642,688
Asset Derivatives
Forwards Contracts	$	—		$	79,728		$	—		$	79,728
Futures Contracts		175,940			—			—			175,940
Total	$	175,940		$	79,728		$	—		$	255,668

172

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Diversified Bond Fund (Continued)
Liability Derivatives
Forwards Contracts	$	—		$	(89,952	)	$	—		$	(89,952	)
Futures Contracts		(1,028,264	)		—			—			(1,028,264	)
Written Options		—			(39,155	)		—			(39,155	)
Total	$	(1,028,264	)	$	(129,107	)	$	—		$	(1,157,371	)
High Yield Fund
Asset Investments
Common Stock	$	2,743,919		$	—	+	$	496,418	**	$	3,240,337
Bank Loans		—			72,746,918			—			72,746,918
Corporate Debt		—			500,379,723			—			500,379,723
Short-Term Investments		—			15,638,028			—			15,638,028
Total Investments	$	2,743,919		$	588,764,669		$	496,418		$	592,005,006
Balanced Fund
Asset Investments
Common Stock	$	107,405,682		$	—		$	—		$	107,405,682
Corporate Debt		—			21,856,779			—			21,856,779
Non-U.S. Government Agency Obligations		—			1,297,740			—			1,297,740
U.S. Government Agency Obligations and Instrumentalities		—			11,410,501			—			11,410,501
U.S. Treasury Obligations		—			29,771,880			—			29,771,880
Mutual Funds		269,308			—			—			269,308
Short-Term Investments		—			6,045,290			—			6,045,290
Total Investments	$	107,674,990		$	70,382,190		$	—		$	178,057,180
Asset Derivatives
Futures Contracts	$	53,289		$	—		$	—		$	53,289
Liability Derivatives
Futures Contracts	$	(7,588	)	$	—		$	—		$	(7,588	)
Main Street Fund
Asset Investments
Common Stock	$	118,584,541		$	604,835	*	$	—		$	119,189,376
Mutual Funds		643,628			—			—			643,628
Short-Term Investments		—			912,985			—			912,985
Total Investments	$	119,228,169		$	1,517,820		$	—		$	120,745,989
Global Fund
Asset Investments
Common Stock*
Cayman Islands	$	22,652,340		$	—		$	—		$	22,652,340
Denmark		184,814			887,142			—			1,071,956
France		—			28,946,117			—			28,946,117
Germany		—			8,135,460			—			8,135,460
India		5,270,953			7,644,313			—			12,915,266
Italy		—			919,288			—			919,288
Japan		—			51,616,758			—			51,616,758
Netherlands		960,266			11,930,417			—			12,890,683
Spain		—			4,391,008			—			4,391,008
Sweden		—			11,802,992			—			11,802,992
Switzerland		—			1,793,390			—			1,793,390
United Kingdom		—			4,524,232			—			4,524,232
United States		185,436,897			—			—			185,436,897

173

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2		Level 3		Total
Global Fund (Continued)
Asset Investments (Continued)
Preferred Stock
India	$	14,892	$	—	$	—	$	14,892
Short-Term Investments		—		2,899,204		—		2,899,204
Total Investments	$	214,520,162	$	135,490,321	$	—	$	350,010,483
International Equity Fund
Asset Investments
Common Stock*
Australia	$	—	$	1,656,770	$	—	$	1,656,770
Belgium		—		1,162,233		—		1,162,233
Canada		9,104,765		—		—		9,104,765
Cayman Islands		—		1,089,743		—		1,089,743
Denmark		—		209,403		—		209,403
France		—		18,702,343		—		18,702,343
Germany		—		7,818,763		—		7,818,763
Hong Kong		—		5,050,569		—		5,050,569
Ireland		562,778		6,002,866		—		6,565,644
Israel		435,563		—		—		435,563
Italy		—		679,092		—		679,092
Japan		—		30,855,219		—		30,855,219
Luxembourg		—		577,476		—		577,476
Netherlands		463,082		10,088,287		—		10,551,369
Norway		—		461,427		—		461,427
Singapore		—		632,058		—		632,058
Spain		—		6,155,243		—		6,155,243
Sweden		—		4,547,058		—		4,547,058
Switzerland		—		18,100,250		—		18,100,250
United Kingdom		644,872		36,877,222		—		37,522,094
Mutual Funds		2,209,185		—		—		2,209,185
Short-Term Investments		—		5,696,936		—		5,696,936
Total Investments	$	13,420,245	$	156,362,958	$	—	$	169,783,203
Strategic Emerging Markets Fund
Asset Investments
Common Stock*
Bermuda	$	1,126,156	$	889,203	$	—	$	2,015,359
Brazil		6,695,064		—		—		6,695,064
Cayman Islands		29,891,331		20,672,078		—		50,563,409
Chile		1,670,301		—		—		1,670,301
China		—		7,529,775		—		7,529,775
Colombia		663,388		—		—		663,388
Egypt		—		1,157,421		—		1,157,421
France		—		9,532,791		—		9,532,791
Hong Kong		—		7,082,755		—		7,082,755
India		—		26,246,879		—		26,246,879
Indonesia		—		1,988,110		—		1,988,110
Italy		—		2,935,612		—		2,935,612
Luxembourg		—		353,056		—		353,056
Mexico		11,395,239		—		—		11,395,239
Netherlands		5,402,820		—		—		5,402,820
Philippines		—		4,125,703		—		4,125,703

174

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2		Level 3		Total
Strategic Emerging Markets Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Republic of Korea	$	—	$	3,970,119	$	—	$	3,970,119
Russia		253,985		8,904,745		—		9,158,730
South Africa		—		1,126,872		—		1,126,872
Switzerland		—		3,363,016		—		3,363,016
Taiwan		—		14,721,738		—		14,721,738
Turkey		—		519,501		—		519,501
United Kingdom		—		764,836		—		764,836
United States		6,187,504		—		—		6,187,504
Preferred Stock
Brazil		3,176,829		—		—		3,176,829
India		19,306		—		—		19,306
Singapore		—		—		2,438,401		2,438,401
Mutual Funds		2,127,537		—		—		2,127,537
Warrants		26,009		—		—		26,009
Short-Term Investments		—		2,342,819		—		2,342,819
Total Investments	$	68,635,469	$	118,227,029	$	2,438,401	$	189,300,899

* 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 March 31, 2021 in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2021 is not presented.

+ Represents a security at $0 value as of March 31, 2021.

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis and collateral pledged for open swap agreements, as well as, any applicable liabilities for investments purchased on a delayed delivery basis, collateral held for open purchased options, collateral held for open swap agreements, 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, 2021.

The Funds, with the exception of the Diversified Bond Fund and High Yield Fund, had no Level 3 transfers during the period ended March 31, 2021. The Diversified Bond Fund and High Yield Fund had Level 3 transfers during the period ended March 31, 2021; however, none of the transfers individually or collectively had a material impact on the Diversified Bond Fund and High Yield Fund.

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 9/30/20		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 3/31/21		Net Change in Unrealized Appreciation (Depreciation) from Investments Still held as of 3/31/21
Strategic Emerging Markets Fund
Preferred Stock	$	2,438,401	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,438,401	$	—

175

Notes to Financial Statements (Unaudited) (Continued)

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		Valuation Technique(s)		Unobservable Input Description		Amount or Range/ Weighting of Unobservable Input		Impact to Valuation from an Increase in Input (a)
Preferred Stock — $2,438,401
Grab Holdings, Inc., Series H	$	2,438,401		Market approach		Transaction price	$	6.16		Increase
Total	$	2,438,401

(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of the reporting date. A decrease in the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at the reporting date.

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, 2021, 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*	$	—		$	—	$	—	$	579,851		$	579,851
Futures Contracts^^		—			—		—		2,632,407			2,632,407
Total Value	$	—		$	—	$	—	$	3,212,258		$	3,212,258
Liability Derivatives
Futures Contracts^^	$	—		$	—	$	—	$	(1,352,703	)	$	(1,352,703	)
Realized Gain (Loss)#
Futures Contracts	$	—		$	—	$	—	$	898,624		$	898,624
Swap Agreements		(110,701	)		—		—		—			(110,701	)
Total Realized Gain (Loss)	$	(110,701	)	$	—	$	—	$	898,624		$	787,923

176

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk			Equity Risk			Foreign Exchange Risk		Interest Rate Risk			Total
Short-Duration Bond Fund (Continued)
Change in Appreciation (Depreciation)##
Purchased Options	$	—		$	—		$	—	$	184,301		$	184,301
Futures Contracts		—			—			—		1,799,349			1,799,349
Swap Agreements		(14,042	)		—			—		—			(14,042	)
Total Change in Appreciation (Depreciation)	$	(14,042	)		—		$	—	$	1,983,650		$	1,969,608
Inflation-Protected and Income Fund
Asset Derivatives
Purchased Options*	$	—		$	—		$	—	$	1,120,468		$	1,120,468
Futures Contracts^^		—			—			—		54,817			54,817
Swap Agreements*		—			458,932			—		434,128			893,060
Total Value	$	—		$	458,932		$	—	$	1,609,413		$	2,068,345
Liability Derivatives
Futures Contracts^^	$	—		$	—		$	—	$	(46,155	)	$	(46,155	)
Swap Agreements^		—			(1,730,333	)		—		—			(1,730,333	)
Total Value	$	—		$	(1,730,333	)	$	—	$	(46,155	)	$	(1,776,488	)
Realized Gain (Loss)#
Futures Contracts	$	—		$	—		$	—	$	434,276		$	434,276
Swap Agreements		(175,325	)		6,259,497			—		1,291,939			7,376,111
Total Realized Gain (Loss)	$	(175,325	)	$	6,259,497		$	—	$	1,726,215		$	7,810,387
Change in Appreciation (Depreciation)##
Purchased Options	$	—		$	—		$	—	$	384,063		$	384,063
Futures Contracts		—			—			—		572			572
Swap Agreements		(4,888	)		(7,518,671	)		—		612,877			(6,910,682	)
Total Change in Appreciation (Depreciation)	$	(4,888	)	$	(7,518,671	)	$	—	$	997,512		$	(6,526,047	)
Core Bond Fund
Asset Derivatives
Purchased Options*	$	—		$	—		$	—	$	3,531,675		$	3,531,675
Futures Contracts^^		—			—			—		592,815			592,815
Total Value	$	—		$	—		$	—	$	4,124,490		$	4,124,490
Liability Derivatives
Futures Contracts^^	$	—		$	—		$	—	$	(4,294,062	)	$	(4,294,062	)
Realized Gain (Loss)#
Futures Contracts	$	—		$	—		$	—	$	(12,001,273	)	$	(12,001,273	)
Swap Agreements		(338,372	)		—			—		(1,725	)		(340,097	)
Total Realized Gain (Loss)	$	(338,372	)	$	—		$	—	$	(12,002,998	)	$	(12,341,370	)
Change in Appreciation (Depreciation)##
Purchased Options	$	—		$	—		$	—	$	1,044,199		$	1,044,199
Futures Contracts		—			—			—		(1,831,912	)		(1,831,912	)
Swap Agreements		(38,709	)		—			—		—			(38,709	)
Total Change in Appreciation (Depreciation)	$	(38,709	)	$	—		$	—	$	(787,713	)	$	(826,422	)
Diversified Bond Fund
Asset Derivatives
Purchased Options*	$	—		$	—		$	—	$	712,931		$	712,931
Forward Contracts*		—			—			79,728		—			79,728
Futures Contracts^^		—			—			—		175,940			175,940
Total Value	$	—		$	—		$	79,728	$	888,871		$	968,599

177

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk			Equity Risk		Foreign Exchange Risk			Interest Rate Risk			Total
Diversified Bond Fund (Continued)
Liability Derivatives
Forward Contracts^	$	—		$	—	$	(89,952	)	$	—		$	(89,952	)
Futures Contracts^^		—			—		—			(1,028,264	)		(1,028,264	)
Written Options^		—			—		(39,155	)		—			(39,155	)
Total Value	$	—		$	—	$	(129,107	)	$	(1,028,264	)	$	(1,157,371	)
Realized Gain (Loss)#
Forward Contracts	$	—		$	—	$	119,828		$	—		$	119,828
Futures Contracts		—			—		—			(2,057,153	)		(2,057,153	)
Swap Agreements		(124,409	)		—		—			—			(124,409	)
Total Realized Gain (Loss)	$	(124,409	)	$	—	$	119,828		$	(2,057,153	)	$	(2,061,734	)
Change in Appreciation (Depreciation)##
Purchased Options	$	—		$	—	$	—		$	241,161		$	241,161
Forward Contracts		—			—		(23,505	)		—			(23,505	)
Futures Contracts		—			—		—			(534,625	)		(534,625	)
Swap Agreements		(6,655	)		—		—			—			(6,655	)
Written Options		—			—		3,966			—			3,966
Total Change in Appreciation (Depreciation)	$	(6,655	)	$	—	$	(19,539	)	$	(293,464	)	$	(319,658	)
Balanced Fund
Asset Derivatives
Futures Contracts^^	$	—		$	—	$	—		$	53,289		$	53,289
Liability Derivatives
Futures Contracts^^	$	—		$	—	$	—		$	(7,588	)	$	(7,588	)
Realized Gain (Loss)#
Purchased Options	$	—		$	—	$	—		$	(45,028	)	$	(45,028	)
Futures Contracts		—			—		—			74,726			74,726
Swap Agreements		851			—		—			(210	)		641
Total Realized Gain (Loss)	$	851		$	—	$	—		$	29,488		$	30,339
Change in Appreciation (Depreciation)##
Purchased Options	$	—		$	—	$	—		$	46,231		$	46,231
Futures Contracts		—			—		—			65,900			65,900
Swap Agreements		(1,343	)		—		—			—			(1,343	)
Total Change in Appreciation (Depreciation)	$	(1,343	)	$	—	$	—		$	112,131		$	110,788

* 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, open swap agreements, at value, or written options outstanding, at value, as applicable.

^^ Cumulative appreciation (depreciation) on futures contracts is reported in “Futures Contracts” 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.

# 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, swap agreements, or written options, as applicable.

178

Notes to Financial Statements (Unaudited) (Continued)

For the period ended March 31, 2021, 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		Written Options
Short-Duration Bond Fund	$	1,995	$	—	$	21,100,000	$	12,680,000	$	—
Inflation-Protected and Income Fund		126		—		241,867,043		23,079,750		—
Core Bond Fund		1,638		—		63,800,000		70,131,000		—
Diversified Bond Fund		301		4,981,739		21,500,000		14,210,000		2,309,990
Balanced Fund		42		—		400,000		2,648,250		—

† Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, and purchased swaptions, or shares/units outstanding for written options, 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, 2021.

The Portfolio of Investments included in a Fund’s financial statements shows the assets or liabilities of the 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, 2021. 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, 2021.

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	$	46,320	$	—		$	(46,320	)	$	—
Credit Suisse International		533,531		—			(533,531	)		—
	$	579,851	$	—		$	(579,851	)	$	—
Inflation-Protected and Income Fund
Bank of America N.A.	$	29,759	$	—		$	—		$	29,759
Barclays Bank PLC		1,234,940		—			(1,140,000	)		94,940
Credit Suisse International		344,460		—			(300,000	)		44,460
Goldman Sachs International		131,885		(131,885	)		—			—
JP Morgan Chase Bank N.A.		272,484		—			(270,000	)		2,484
	$	2,013,528	$	(131,885	)	$	(1,710,000	)	$	171,643
Core Bond Fund
Barclays Bank PLC	$	3,531,675	$	—		$	(3,489,000	)	$	42,675

179

Notes to Financial Statements (Unaudited) (Continued)

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***			Net Amount*
Diversified Bond Fund
Barclays Bank PLC	$	712,931	$	(20,042	)	$	(630,000	)	$	62,889
BNP Paribas SA		16,760		(1,748	)		—			15,012
Canadian Imperial Bank of Commerce		1,427		—			—			1,427
Citibank N.A.		9,891		(9,891	)		—			—
Goldman Sachs International		334		(334	)		—			—
HSBC Bank USA		16,967		(14,445	)		—			2,522
JP Morgan Chase Bank N.A.		18,195		(8,215	)		—			9,980
Morgan Stanley & Co. LLC		16,154		(2,376	)		—			13,778
	$	792,659	$	(57,051	)	$	(630,000	)	$	105,608

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, 2021.

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	$	(979,637	)	$	—	$	910,000	$	(69,637	)
Goldman Sachs International		(750,696	)		131,885		480,000		(138,811	)
	$	(1,730,333	)	$	131,885	$	1,390,000	$	(208,448	)
Diversified Bond Fund
Bank of America N.A.	$	(40,676	)	$	—	$	—	$	(40,676	)
Barclays Bank PLC		(20,042	)		20,042		—		—
BNP Paribas SA		(1,748	)		1,748		—		—
Citibank N.A.		(33,449	)		9,891		—		(23,558	)
Goldman Sachs International		(8,156	)		334		—		(7,822	)
HSBC Bank USA		(14,445	)		14,445		—		—
JP Morgan Chase Bank N.A.		(8,215	)		8,215		—		—
Morgan Stanley & Co. LLC		(2,376	)		2,376		—		—
	$	(129,107	)	$	57,051	$	—	$	(72,056	)

* 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. The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended March 31, 2021, are discussed below.

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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.

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. A Fund may also buy and sell options on currencies. When the Fund buys an option, its loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a currency, it is subject generally to the same risks as if it had entered into a futures contract or forward contract with respect to that currency. For example, futures contracts are exchange-traded and typically have minimal exposure to counterparty risk and 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. 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. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

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.

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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.

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

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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.

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.

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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.

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.

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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.

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.

Hybrid Instruments

A hybrid instrument may be a debt security, preferred stock, warrant, convertible security, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement, is determined by reference to one or more underlying assets, indexes, economic factors, or other benchmarks. Because hybrid instruments may be designed to provide indirect exposures to virtually any type of derivative instrument, a Fund may invest in a hybrid instrument for any purpose it might engage in derivatives transactions. Hybrid instruments may take a number of forms, including, for example, debt instruments with interest or principal payments or redemption terms determined by reference to the value of an index, security, or other measure at a future time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities where the conversion terms relate to a particular commodity. The risks of investing in a hybrid instrument may, depending on the nature of the instrument, reflect a combination of the risks of investing in securities, options, futures, currencies or other types of investments, and will depend upon the terms of the instrument. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, and may not be foreseen by the purchaser, such as financial or market developments, economic and political events, the supply and demand of the underlying assets, and interest rate movements. Hybrid instruments may be highly volatile and their use by a Fund may not be successful. The terms of a hybrid instrument may create investment leverage. Hybrid instruments are typically privately issued, presenting credit risk of the issuer, and may be highly illiquid and difficult to value.

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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.

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, 2021, 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.

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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 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”).

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Notes to Financial Statements (Unaudited) (Continued)

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, 2021, 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, 2021, is reflected as securities lending income on the Statement of Operations.

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. Non-cash dividends received in the form of stock are recorded as dividend income at market value. 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

188

Notes to Financial Statements (Unaudited) (Continued)

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.

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

189

Notes to Financial Statements (Unaudited) (Continued)

Fund	Investment Advisory Fee
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	0.83% on the first $500 million;
	0.78% on the next $500 million; and
	0.73% 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

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

* Effective November 18, 2020, Invesco Advisers, Inc. replaced Barings LLC as subadviser to the Fund. In addition, on November 18, 2020, Invesco Capital Management LLC was added as a sub-subadviser to the Fund.

190

Notes to Financial Statements (Unaudited) (Continued)

** 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.

*** Effective November 18, 2020, Wellington Management Company LLP replaced Barings LLC as subadviser to the Fund.

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, 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.

Effective November 18, 2020, MML Advisers has entered into an investment subadvisory agreement with Invesco, pursuant to which Invesco serves as subadviser to the Balanced Fund. This agreement provides that Invesco manage the investment and reinvestment of the assets of the Balanced Fund. Invesco receives a subadvisory fee from MML Advisers, based upon the average daily net assets of the Balanced Fund. In addition, effective November 18, 2020, Invesco Capital Management LLC serves as a sub-subadviser to the Balanced Fund.

MML Advisers has entered into an investment subadvisory agreement with Thompson, Siegel & Walmsley LLC (“TSW”) and Wellington Management Company LLP (“Wellington Management”), pursuant to which TSW and Wellington Management serve as the subadvisers to the International Equity Fund. This agreement provides that TSW and Wellington Management manage the investment and reinvestment of the assets of the International Equity Fund. TSW and Wellington Management receive a subadvisory fee from MML Advisers, based upon the International Equity Fund’s average daily net assets.

Effective November 18, 2020, MML Advisers has entered into an investment subadvisory agreement with Wellington Management, pursuant to which Wellington Management serves as subadviser to the Disciplined Value Fund and Disciplined Growth Fund. These agreements provide that Wellington Management manage the investment and reinvestment of the assets of each Fund. Wellington Management 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.

Administration Fees

Effective December 31, 2020, 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%	0.20%	0.30%	0.30%	0.20%	0.20%
Inflation-Protected and Income Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Core Bond Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Diversified Bond Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
High Yield Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Balanced Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Disciplined Value Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Main Street Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Disciplined Growth Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Small Cap Opportunities Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Global Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
International Equity Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Strategic Emerging Markets Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%

191

Notes to Financial Statements (Unaudited) (Continued)

Prior to December 31, 2020, under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers was obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers received 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 December 31, 2020, the Supplemental Shareholder Services Agreement was terminated and the fees were transferred into the Administrative and Shareholder Services Agreement.

Prior to December 31, 2020, 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 were intended to compensate MassMutual for its provision of shareholder services to the Funds’ investors and were 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 have paid these fees to other intermediaries for providing shareholder services to the Funds’ investors.

192

Notes to Financial Statements (Unaudited) (Continued)

Expense Caps and Waivers

Effective February 1, 2021, MML Advisers agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses^#, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, 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, 2022, 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
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.

Prior to February 1, 2021, MML Advisers agreed to cap the Fees and Expenses of the Funds 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), 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, 2022.

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.

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the period ended March 31, 2021, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Main Street Fund	$	1,020
Small Cap Opportunities Fund		943
Global Fund		42
International Equity Fund		776
Strategic Emerging Markets Fund		97

193

Notes to Financial Statements (Unaudited) (Continued)

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, 2021:

	Total % Ownership by Related Party
U.S. Government Money Market Fund	51.5%
Short-Duration Bond Fund	78.6%
Inflation-Protected and Income Fund	64.2%
Core Bond Fund	80.8%
Diversified Bond Fund	68.7%
High Yield Fund	65.9%
Balanced Fund	64.9%
Disciplined Value Fund	89.7%
Main Street Fund	65.6%
Disciplined Growth Fund	76.4%
Small Cap Opportunities Fund	58.5%
Global Fund	73.5%
International Equity Fund	89.6%
Strategic Emerging Markets Fund	95.1%

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, 2021, 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	$	3,260,000	$	152,100,870	$	2,318,413	$	170,830,200
Inflation-Protected and Income Fund		80,727,534		97,473,645		60,278,562		105,034,579
Core Bond Fund		1,654,162,310		168,819,894		1,640,358,524		231,089,987
Diversified Bond Fund		182,372,366		29,149,753		186,590,534		37,505,607
High Yield Fund		—		217,278,399		—		236,314,258
Balanced Fund		173,633,086		145,324,935		146,324,500		150,204,686
Disciplined Value Fund		—		129,734,095		—		134,705,037
Main Street Fund		—		27,071,543		—		43,985,740
Disciplined Growth Fund		—		189,357,701		—		239,954,667

194

Notes to Financial Statements (Unaudited) (Continued)

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long- Term Securities		Long-Term U.S. Government Securities		Other Long- Term Securities
Small Cap Opportunities Fund	$	—	$	96,149,142	$	—	$	68,758,256
Global Fund		—		12,720,369		—		33,508,433
International Equity Fund		—		19,532,846		—		64,026,985
Strategic Emerging Markets Fund		—		42,441,037		—		67,046,369

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 cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

	Purchases		Sales		Realized Gains/Losses
Small Cap Opportunities Fund	$	—	$	720,860	$	70,252

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended March 31, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
U.S. Government Money Market Fund Class R5
Sold		836,626,973		$	836,626,973			1,260,957,196		$	1,260,957,196
Issued as reinvestment of dividends		—			—			1,857,069			1,857,069
Redeemed		(827,553,583	)		(827,553,583	)		(1,318,418,115	)		(1,318,418,115	)
Net increase (decrease)		9,073,390		$	9,073,390			(55,603,850	)	$	(55,603,850	)
Short-Duration Bond Fund Class I
Sold		5,536,098		$	55,080,461			12,835,373		$	127,961,423
Issued as reinvestment of dividends		801,172			7,859,494			640,826			6,427,487
Redeemed		(5,191,617	)		(52,043,450	)		(14,479,311	)		(143,896,465	)
Net increase (decrease)		1,145,653		$	10,896,505			(1,003,112	)	$	(9,507,555	)
Short-Duration Bond Fund Class R5
Sold		7,712,382		$	77,970,045			2,163,376		$	21,647,086
Issued as reinvestment of dividends		506,052			4,984,608			499,588			5,030,849
Redeemed		(10,658,169	)		(106,810,857	)		(7,081,015	)		(70,146,705	)
Net increase (decrease)		(2,439,735	)	$	(23,856,204	)		(4,418,051	)	$	(43,468,770	)
Short-Duration Bond Fund Service Class
Sold		867,195		$	8,642,819			1,339,391		$	13,197,026
Issued as reinvestment of dividends		112,610			1,102,450			150,318			1,504,685
Redeemed		(2,033,347	)		(20,428,477	)		(2,640,975	)		(26,357,949	)
Net increase (decrease)		(1,053,542	)	$	(10,683,208	)		(1,151,266	)	$	(11,656,238	)
Short-Duration Bond Fund Administrative Class
Sold		697,618		$	6,858,858			1,351,878		$	13,256,835
Issued as reinvestment of dividends		114,062			1,110,963			94,502			942,181
Redeemed		(1,137,441	)		(11,285,449	)		(1,743,706	)		(16,798,571	)
Net increase (decrease)		(325,761	)	$	(3,315,628	)		(297,326	)	$	(2,599,555	)

195

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Short-Duration Bond Fund Class A
Sold		797,872		$	7,884,287			1,082,005		$	10,695,588
Issued as reinvestment of dividends		184,578			1,786,717			163,448			1,619,767
Redeemed		(1,228,224	)		(12,095,513	)		(2,474,958	)		(23,925,927	)
Net increase (decrease)		(245,774	)	$	(2,424,509	)		(1,229,505	)	$	(11,610,572	)
Short-Duration Bond Fund Class R4
Sold		76,133		$	757,486			298,178		$	2,974,097
Issued as reinvestment of dividends		43,799			429,664			36,136			362,441
Redeemed		(174,107	)		(1,742,424	)		(404,170	)		(3,989,768	)
Net increase (decrease)		(54,175	)	$	(555,274	)		(69,856	)	$	(653,230	)
Short-Duration Bond Fund Class R3
Sold		283,412		$	2,800,127			415,940		$	4,079,377
Issued as reinvestment of dividends		29,386			286,518			18,897			188,593
Redeemed		(107,688	)		(1,069,767	)		(349,897	)		(3,433,807	)
Net increase (decrease)		205,110		$	2,016,878			84,940		$	834,163
Inflation-Protected and Income Fund Class I
Sold		3,764,049		$	41,829,951			7,760,605		$	83,482,222
Issued as reinvestment of dividends		895,339			9,795,008			314,268			3,271,533
Redeemed		(2,618,910	)		(28,943,345	)		(7,142,665	)		(76,287,486	)
Net increase (decrease)		2,040,478		$	22,681,614			932,208		$	10,466,269
Inflation-Protected and Income Fund Class R5
Sold		3,010,019		$	34,062,801			2,226,519		$	24,025,442
Issued as reinvestment of dividends		437,010			4,785,258			141,751			1,477,050
Redeemed		(3,230,734	)		(36,238,373	)		(1,724,795	)		(18,575,443	)
Net increase (decrease)		216,295		$	2,609,686			643,475		$	6,927,049
Inflation-Protected and Income Fund Service Class
Sold		1,038,098		$	11,454,460			1,675,741		$	18,087,230
Issued as reinvestment of dividends		249,860			2,728,473			83,858			871,286
Redeemed		(1,048,644	)		(11,634,699	)		(1,766,478	)		(18,806,959	)
Net increase (decrease)		239,314		$	2,548,234			(6,879	)	$	151,557
Inflation-Protected and Income Fund Administrative Class
Sold		340,683		$	3,800,787			349,137		$	3,795,425
Issued as reinvestment of dividends		66,163			731,102			25,080			263,596
Redeemed		(406,604	)		(4,559,838	)		(560,044	)		(6,025,901	)
Net increase (decrease)		242		$	(27,949	)		(185,827	)	$	(1,966,880	)
Inflation-Protected and Income Fund Class A
Sold		685,130		$	7,513,196			1,007,170		$	10,700,612
Issued as reinvestment of dividends		109,424			1,177,400			26,021			266,713
Redeemed		(447,121	)		(4,875,975	)		(618,282	)		(6,556,206	)
Net increase (decrease)		347,433		$	3,814,621			414,909		$	4,411,119
Inflation-Protected and Income Fund Class R4
Sold		177,721		$	1,947,985			235,320		$	2,463,941
Issued as reinvestment of dividends		23,505			251,270			11,705			119,159
Redeemed		(139,380	)		(1,511,601	)		(527,910	)		(5,512,293	)
Net increase (decrease)		61,846		$	687,654			(280,885	)	$	(2,929,193	)
Inflation-Protected and Income Fund Class R3
Sold		49,108		$	531,675			102,480		$	1,081,508
Issued as reinvestment of dividends		14,043			150,543			5,707			58,266
Redeemed		(56,558	)		(617,268	)		(231,387	)		(2,397,866	)
Net increase (decrease)		6,593		$	64,950			(123,200	)	$	(1,258,092	)

196

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Core Bond Fund Class I
Sold		11,705,865		$	132,354,080			24,413,460		$	273,343,665
Issued as reinvestment of dividends		4,167,301			46,632,100			2,610,318			28,739,602
Redeemed		(19,149,511	)		(215,606,260	)		(34,269,903	)		(382,938,214	)
Net increase (decrease)		(3,276,345	)	$	(36,620,080	)		(7,246,125	)	$	(80,854,947	)
Core Bond Fund Class R5
Sold		8,901,558		$	102,373,372			5,063,905		$	56,714,126
Issued as reinvestment of dividends		1,788,905			20,107,290			941,162			10,399,843
Redeemed		(4,636,524	)		(52,710,727	)		(6,867,304	)		(76,932,435	)
Net increase (decrease)		6,053,939		$	69,769,935			(862,237	)	$	(9,818,466	)
Core Bond Fund Service Class
Sold		677,098		$	7,671,032			2,668,588		$	29,923,393
Issued as reinvestment of dividends		284,195			3,177,296			229,976			2,527,437
Redeemed		(2,982,394	)		(34,632,635	)		(3,371,899	)		(37,423,756	)
Net increase (decrease)		(2,021,101	)	$	(23,784,307	)		(473,335	)	$	(4,972,926	)
Core Bond Fund Administrative Class
Sold		1,525,410		$	16,909,047			2,198,816		$	24,708,162
Issued as reinvestment of dividends		404,698			4,484,059			190,504			2,078,397
Redeemed		(602,217	)		(6,703,533	)		(1,731,658	)		(18,941,292	)
Net increase (decrease)		1,327,891		$	14,689,573			657,662		$	7,845,267
Core Bond Fund Class A
Sold		544,436		$	6,066,750			963,175		$	10,457,461
Issued as reinvestment of dividends		289,572			3,188,192			243,108			2,632,864
Redeemed		(488,607	)		(5,422,566	)		(4,810,509	)		(52,901,969	)
Net increase (decrease)		345,401		$	3,832,376			(3,604,226	)	$	(39,811,644	)
Core Bond Fund Class R4
Sold		198,919		$	2,193,916			531,392		$	5,876,894
Issued as reinvestment of dividends		54,912			599,635			39,456			424,542
Redeemed		(285,786	)		(3,131,690	)		(917,990	)		(10,171,340	)
Net increase (decrease)		(31,955	)	$	(338,139	)		(347,142	)	$	(3,869,904	)
Core Bond Fund Class R3
Sold		12,957		$	147,602			53,276		$	580,775
Issued as reinvestment of dividends		4,061			45,768			3,293			36,423
Redeemed		(16,289	)		(183,827	)		(90,054	)		(1,022,341	)
Net increase (decrease)		729		$	9,543			(33,485	)	$	(405,143	)
Diversified Bond Fund Class I
Sold		1,255,060		$	13,977,726			4,134,009		$	46,830,084
Issued as reinvestment of dividends		630,975			6,953,342			191,020			2,101,217
Redeemed		(835,485	)		(9,411,573	)		(1,286,060	)		(14,315,707	)
Net increase (decrease)		1,050,550		$	11,519,495			3,038,969		$	34,615,594
Diversified Bond Fund Class R5
Sold		1,125,396		$	11,506,331			1,925,744		$	19,642,775
Issued as reinvestment of dividends		546,240			5,506,098			370,860			3,753,102
Redeemed		(1,882,018	)		(19,543,916	)		(5,442,921	)		(55,944,628	)
Net increase (decrease)		(210,382	)	$	(2,531,487	)		(3,146,317	)	$	(32,548,751	)

197

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Diversified Bond Fund Service Class
Sold		139,178		$	1,434,726			245,368		$	2,548,809
Issued as reinvestment of dividends		82,657			846,408			36,833			378,278
Redeemed		(225,850	)		(2,381,330	)		(389,034	)		(4,058,029	)
Net increase (decrease)		(4,015	)	$	(100,196	)		(106,833	)	$	(1,130,942	)
Diversified Bond Fund Administrative Class
Sold		204,644		$	2,123,181			276,225		$	2,862,991
Issued as reinvestment of dividends		97,055			993,842			64,311			659,827
Redeemed		(578,721	)		(6,194,311	)		(822,642	)		(8,542,597	)
Net increase (decrease)		(277,022	)	$	(3,077,288	)		(482,106	)	$	(5,019,779	)
Diversified Bond Fund Class A
Sold		36,950		$	386,909			384,376		$	4,009,085
Issued as reinvestment of dividends		87,721			900,019			69,941			716,898
Redeemed		(373,842	)		(3,944,638	)		(1,836,895	)		(19,259,777	)
Net increase (decrease)		(249,171	)	$	(2,657,710	)		(1,382,578	)	$	(14,533,794	)
Diversified Bond Fund Class R4
Sold		63,270		$	651,154			157,101		$	1,603,381
Issued as reinvestment of dividends		44,948			453,530			21,265			215,413
Redeemed		(79,839	)		(832,197	)		(255,299	)		(2,569,657	)
Net increase (decrease)		28,379		$	272,487			(76,933	)	$	(750,863	)
Diversified Bond Fund Class R3
Sold		77,981		$	795,883			163,943		$	1,665,074
Issued as reinvestment of dividends		22,490			226,697			8,178			82,760
Redeemed		(119,007	)		(1,244,527	)		(147,477	)		(1,490,752	)
Net increase (decrease)		(18,536	)	$	(221,947	)		24,644		$	257,082
High Yield Fund Class I
Sold		4,018,344		$	35,528,248			23,198,015		$	201,062,141
Issued as reinvestment of dividends		2,408,156			20,878,712			2,201,075			19,281,414
Redeemed		(7,921,925	)		(69,981,202	)		(17,349,295	)		(146,100,911	)
Net increase (decrease)		(1,495,425	)	$	(13,574,242	)		8,049,795		$	74,242,644
High Yield Fund Class R5
Sold		540,135		$	4,795,707			2,816,499		$	24,326,317
Issued as reinvestment of dividends		299,321			2,613,072			299,974			2,645,773
Redeemed		(990,649	)		(8,769,445	)		(1,927,088	)		(16,243,944	)
Net increase (decrease)		(151,193	)	$	(1,360,666	)		1,189,385		$	10,728,146
High Yield Fund Service Class
Sold		366,636		$	3,264,107			816,911		$	7,021,989
Issued as reinvestment of dividends		196,929			1,719,188			321,932			2,839,443
Redeemed		(756,515	)		(6,770,151	)		(2,545,940	)		(21,997,619	)
Net increase (decrease)		(192,950	)	$	(1,786,856	)		(1,407,097	)	$	(12,136,187	)
High Yield Fund Administrative Class
Sold		442,409		$	3,892,131			591,674		$	5,006,524
Issued as reinvestment of dividends		148,142			1,271,060			172,142			1,494,189
Redeemed		(447,008	)		(3,911,990	)		(858,199	)		(7,257,413	)
Net increase (decrease)		143,543		$	1,251,201			(94,383	)	$	(756,700	)
High Yield Fund Class A
Sold		290,070		$	2,529,235			814,241		$	6,961,351
Issued as reinvestment of dividends		141,016			1,207,095			196,591			1,702,479
Redeemed		(612,081	)		(5,330,074	)		(1,579,847	)		(13,342,010	)
Net increase (decrease)		(180,995	)	$	(1,593,744	)		(569,015	)	$	(4,678,180	)

198

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
High Yield Fund Class R4
Sold		633,619		$	5,408,507			941,583		$	7,788,215
Issued as reinvestment of dividends		239,764			2,023,612			315,597			2,695,196
Redeemed		(886,883	)		(7,629,501	)		(1,713,057	)		(14,096,600	)
Net increase (decrease)		(13,500	)	$	(197,382	)		(455,877	)	$	(3,613,189	)
High Yield Fund Class R3
Sold		476,986		$	4,221,379			837,762		$	7,144,883
Issued as reinvestment of dividends		185,002			1,607,669			242,579			2,129,846
Redeemed		(879,400	)		(7,725,941	)		(1,641,307	)		(13,932,102	)
Net increase (decrease)		(217,412	)	$	(1,896,893	)		(560,966	)	$	(4,657,373	)
Balanced Fund Class I
Sold		1,054,585		$	13,698,898			1,379,938		$	16,405,193
Issued as reinvestment of dividends		121,303			1,547,830			173,528			2,058,041
Redeemed		(336,502	)		(4,365,109	)		(743,647	)		(8,643,855	)
Net increase (decrease)		839,386		$	10,881,619			809,819		$	9,819,379
Balanced Fund Class R5
Sold		128,589		$	1,678,145			198,510		$	2,366,990
Issued as reinvestment of dividends		110,326			1,408,864			236,763			2,810,372
Redeemed		(633,094	)		(8,196,632	)		(785,543	)		(9,194,993	)
Net increase (decrease)		(394,179	)	$	(5,109,623	)		(350,270	)	$	(4,017,631	)
Balanced Fund Service Class
Sold		14,857		$	205,324			248,919		$	3,177,238
Issued as reinvestment of dividends		19,900			269,648			26,519			333,607
Redeemed		(16,640	)		(224,685	)		(92,023	)		(1,133,885	)
Net increase (decrease)		18,117		$	250,287			183,415		$	2,376,960
Balanced Fund Administrative Class
Sold		43,680		$	571,132			83,672		$	1,005,361
Issued as reinvestment of dividends		15,210			195,297			34,921			416,607
Redeemed		(19,873	)		(260,171	)		(224,831	)		(2,700,070	)
Net increase (decrease)		39,017		$	506,258			(106,238	)	$	(1,278,102	)
Balanced Fund Class A
Sold		89,466		$	1,139,591			127,744		$	1,449,420
Issued as reinvestment of dividends		64,884			806,506			137,628			1,592,357
Redeemed		(153,052	)		(1,930,093	)		(351,203	)		(4,140,429	)
Net increase (decrease)		1,298		$	16,004			(85,831	)	$	(1,098,652	)
Balanced Fund Class R4
Sold		515,836		$	6,564,728			35,848		$	417,440
Issued as reinvestment of dividends		7,862			96,702			16,250			186,064
Redeemed		(59,193	)		(772,446	)		(46,044	)		(523,745	)
Net increase (decrease)		464,505		$	5,888,984			6,054		$	79,759
Balanced Fund Class R3
Sold		438,168		$	5,522,012			136,736		$	1,578,091
Issued as reinvestment of dividends		16,465			201,693			37,878			431,814
Redeemed		(119,554	)		(1,494,069	)		(166,963	)		(1,876,126	)
Net increase (decrease)		335,079		$	4,229,636			7,651		$	133,779
Disciplined Value Fund Class I
Sold		295,482		$	3,930,389			1,135,891		$	13,574,006
Issued as reinvestment of dividends		39,626			527,416			87,394			1,207,781
Redeemed		(105,825	)		(1,397,656	)		(713,777	)		(9,091,696	)
Net increase (decrease)		229,283		$	3,060,149			509,508		$	5,690,091

199

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Disciplined Value Fund Class R5
Sold		103,872		$	1,468,849			113,957		$	1,355,314
Issued as reinvestment of dividends		50,636			675,986			273,525			3,793,792
Redeemed		(379,163	)		(5,324,581	)		(1,542,362	)		(18,713,690	)
Net increase (decrease)		(224,655	)	$	(3,179,746	)		(1,154,880	)	$	(13,564,584	)
Disciplined Value Fund Service Class
Sold		69,876		$	955,149			124,315		$	1,406,469
Issued as reinvestment of dividends		17,881			236,749			98,567			1,356,284
Redeemed		(72,303	)		(934,416	)		(723,853	)		(9,800,079	)
Net increase (decrease)		15,454		$	257,482			(500,971	)	$	(7,037,326	)
Disciplined Value Fund Administrative Class
Sold		15,599		$	211,477			63,218		$	727,009
Issued as reinvestment of dividends		6,106			82,862			27,299			384,917
Redeemed		(257,426	)		(3,710,445	)		(151,052	)		(2,035,626	)
Net increase (decrease)		(235,721	)	$	(3,416,106	)		(60,535	)	$	(923,700	)
Disciplined Value Fund Class A
Sold		43,001		$	580,643			114,031		$	1,542,202
Issued as reinvestment of dividends		7,378			96,647			33,935			462,189
Redeemed		(60,619	)		(809,585	)		(115,626	)		(1,413,414	)
Net increase (decrease)		(10,240	)	$	(132,295	)		32,340		$	590,977
Disciplined Value Fund Class R4
Sold		5,668		$	74,302			11,708		$	144,273
Issued as reinvestment of dividends		3,862			50,170			20,004			270,247
Redeemed		(41,652	)		(566,696	)		(97,795	)		(1,316,545	)
Net increase (decrease)		(32,122	)	$	(442,224	)		(66,083	)	$	(902,025	)
Disciplined Value Fund Class R3
Sold		29,725		$	408,104			93,605		$	1,087,951
Issued as reinvestment of dividends		4,790			63,371			19,703			271,118
Redeemed		(86,191	)		(1,191,976	)		(93,455	)		(1,185,450	)
Net increase (decrease)		(51,676	)	$	(720,501	)		19,853		$	173,619
Main Street Fund Class I
Sold		243,776		$	2,975,747			994,249		$	10,263,296
Issued as reinvestment of dividends		86,188			1,017,015			218,688			2,335,592
Redeemed		(759,384	)		(9,062,260	)		(755,303	)		(7,878,220	)
Net increase (decrease)		(429,420	)	$	(5,069,498	)		457,634		$	4,720,668
Main Street Fund Class R5
Sold		277,893		$	3,334,052			386,916		$	4,034,496
Issued as reinvestment of dividends		125,727			1,482,317			418,418			4,468,709
Redeemed		(846,028	)		(10,317,703	)		(1,140,364	)		(11,817,224	)
Net increase (decrease)		(442,408	)	$	(5,501,334	)		(335,030	)	$	(3,314,019	)
Main Street Fund Service Class
Sold		4,514		$	56,210			961		$	10,148
Issued as reinvestment of dividends		24			297			4,458			49,701
Redeemed		(9,088	)		(113,399	)		(46,671	)		(540,230	)
Net increase (decrease)		(4,550	)	$	(56,892	)		(41,252	)	$	(480,381	)
Main Street Fund Administrative Class
Sold		59,782		$	730,072			159,554		$	1,628,522
Issued as reinvestment of dividends		55,665			656,288			211,225			2,255,886
Redeemed		(256,348	)		(3,130,311	)		(695,524	)		(7,172,594	)
Net increase (decrease)		(140,901	)	$	(1,743,951	)		(324,745	)	$	(3,288,186	)

200

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Main Street Fund Class A
Sold		41,093		$	493,001			95,643		$	957,087
Issued as reinvestment of dividends		27,948			323,920			113,081			1,188,476
Redeemed		(231,177	)		(2,691,351	)		(297,116	)		(3,085,995	)
Net increase (decrease)		(162,136	)	$	(1,874,430	)		(88,392	)	$	(940,432	)
Main Street Fund Class R4
Sold		89,067		$	999,819			34,580		$	348,669
Issued as reinvestment of dividends		18,078			207,357			57,075			593,581
Redeemed		(72,275	)		(832,860	)		(97,355	)		(1,017,728	)
Net increase (decrease)		34,870		$	374,316			(5,700	)	$	(75,478	)
Main Street Fund Class R3
Sold		2,767		$	32,914			6,232		$	62,801
Issued as reinvestment of dividends		2,859			33,250			10,109			106,551
Redeemed		(6,051	)		(70,614	)		(20,066	)		(214,359	)
Net increase (decrease)		(425	)	$	(4,450	)		(3,725	)	$	(45,007	)
Disciplined Growth Fund Class I
Sold		263,350		$	3,514,410			910,715		$	10,042,476
Issued as reinvestment of dividends		124,790			1,624,765			388,407			4,066,618
Redeemed		(1,009,698	)		(13,595,206	)		(1,098,785	)		(11,581,970	)
Net increase (decrease)		(621,558	)	$	(8,456,031	)		200,337		$	2,527,124
Disciplined Growth Fund Class R5
Sold		697,349		$	9,269,795			2,424,223		$	27,834,294
Issued as reinvestment of dividends		370,102			4,826,119			1,016,326			10,651,101
Redeemed		(1,798,608	)		(24,365,624	)		(4,693,152	)		(50,909,381	)
Net increase (decrease)		(731,157	)	$	(10,269,710	)		(1,252,603	)	$	(12,423,986	)
Disciplined Growth Fund Service Class
Sold		125,093		$	1,698,336			296,296		$	3,124,088
Issued as reinvestment of dividends		85,731			1,123,937			333,098			3,510,848
Redeemed		(444,755	)		(6,073,404	)		(1,531,596	)		(16,676,987	)
Net increase (decrease)		(233,931	)	$	(3,251,131	)		(902,202	)	$	(10,042,051	)
Disciplined Growth Fund Administrative Class
Sold		141,562		$	1,948,140			532,032		$	6,171,096
Issued as reinvestment of dividends		116,977			1,558,139			420,793			4,502,486
Redeemed		(597,885	)		(8,225,773	)		(1,466,858	)		(16,922,659	)
Net increase (decrease)		(339,346	)	$	(4,719,494	)		(514,033	)	$	(6,249,077	)
Disciplined Growth Fund Class A
Sold		72,549		$	949,028			393,717		$	4,306,687
Issued as reinvestment of dividends		88,569			1,133,688			345,514			3,558,796
Redeemed		(400,319	)		(5,255,756	)		(1,220,793	)		(13,089,935	)
Net increase (decrease)		(239,201	)	$	(3,173,040	)		(481,562	)	$	(5,224,452	)
Disciplined Growth Fund Class R4
Sold		83,968		$	1,089,756			307,472		$	3,317,709
Issued as reinvestment of dividends		82,193			1,039,743			295,967			3,012,939
Redeemed		(670,982	)		(8,665,292	)		(535,710	)		(5,775,801	)
Net increase (decrease)		(504,821	)	$	(6,535,793	)		67,729		$	554,847
Disciplined Growth Fund Class R3
Sold		39,795		$	516,034			217,261		$	2,285,159
Issued as reinvestment of dividends		19,722			248,888			61,111			622,111
Redeemed		(50,489	)		(652,611	)		(369,598	)		(4,138,562	)
Net increase (decrease)		9,028		$	112,311			(91,226	)	$	(1,231,292	)

201

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Small Cap Opportunities Fund Class I
Sold		1,803,317		$	31,432,457			1,129,713		$	14,966,938
Issued as reinvestment of dividends		230,205			3,678,677			22,012			318,077
Redeemed		(526,268	)		(9,082,255	)		(861,764	)		(11,534,053	)
Net increase (decrease)		1,507,254		$	26,028,879			289,961		$	3,750,962
Small Cap Opportunities Fund Class R5
Sold		1,013,729		$	17,856,703			4,536,074		$	63,396,996
Issued as reinvestment of dividends		516,508			8,238,297			60,213			868,871
Redeemed		(925,128	)		(15,113,201	)		(2,473,418	)		(32,634,713	)
Net increase (decrease)		605,109		$	10,981,799			2,122,869		$	31,631,154
Small Cap Opportunities Fund Service Class
Sold		124,416		$	2,171,407			267,039		$	3,571,361
Issued as reinvestment of dividends		96,039			1,528,937			8,411			121,119
Redeemed		(132,093	)		(2,177,752	)		(291,310	)		(3,970,351	)
Net increase (decrease)		88,362		$	1,522,592			(15,860	)	$	(277,871	)
Small Cap Opportunities Fund Administrative Class
Sold		258,885		$	4,325,007			217,960		$	2,785,560
Issued as reinvestment of dividends		109,361			1,730,097			8,435			120,787
Redeemed		(255,154	)		(4,228,095	)		(393,462	)		(5,215,562	)
Net increase (decrease)		113,092		$	1,827,009			(167,067	)	$	(2,309,215	)
Small Cap Opportunities Fund Class A
Sold		424,065		$	7,244,784			332,943		$	4,038,283
Issued as reinvestment of dividends		246,828			3,793,745			17,248			240,612
Redeemed		(522,720	)		(8,420,799	)		(1,008,003	)		(12,909,501	)
Net increase (decrease)		148,173		$	2,617,730			(657,812	)	$	(8,630,606	)
Small Cap Opportunities Fund Class R4
Sold		211,560		$	3,286,495			162,115		$	1,965,065
Issued as reinvestment of dividends		57,740			881,116			3,887			53,838
Redeemed		(134,679	)		(2,170,976	)		(267,510	)		(3,410,248	)
Net increase (decrease)		134,621		$	1,996,635			(101,508	)	$	(1,391,345	)
Small Cap Opportunities Fund Class R3
Sold		244,920		$	4,232,672			84,454		$	1,008,882
Issued as reinvestment of dividends		31,666			478,467			3,056			41,924
Redeemed		(153,925	)		(2,519,556	)		(286,498	)		(3,673,536	)
Net increase (decrease)		122,661		$	2,191,583			(198,988	)	$	(2,622,730	)
Global Fund Class I
Sold		867,799		$	14,676,860			1,095,137		$	14,750,065
Issued as reinvestment of dividends		254,998			4,141,170			51,537			704,508
Redeemed		(734,367	)		(12,210,717	)		(1,782,887	)		(23,643,043	)
Net increase (decrease)		388,430		$	6,607,313			(636,213	)	$	(8,188,470	)
Global Fund Class R5
Sold		243,118		$	4,011,928			827,558		$	10,875,255
Issued as reinvestment of dividends		372,971			6,060,786			64,981			889,589
Redeemed		(1,059,348	)		(17,798,715	)		(1,476,603	)		(19,627,239	)
Net increase (decrease)		(443,259	)	$	(7,726,001	)		(584,064	)	$	(7,862,395	)
Global Fund Service Class
Sold		51,948		$	851,757			150,261		$	2,068,706
Issued as reinvestment of dividends		20,921			336,406			3,398			46,110
Redeemed		(58,297	)		(955,147	)		(260,002	)		(3,464,342	)
Net increase (decrease)		14,572		$	233,016			(106,343	)	$	(1,349,526	)

202

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Global Fund Administrative Class
Sold		313,307		$	5,270,643			335,946		$	4,152,508
Issued as reinvestment of dividends		258,714			4,196,349			37,975			520,255
Redeemed		(890,240	)		(14,745,094	)		(1,258,463	)		(16,481,104	)
Net increase (decrease)		(318,219	)	$	(5,278,102	)		(884,542	)	$	(11,808,341	)
Global Fund Class A
Sold		124,370		$	2,026,977			370,819		$	4,911,097
Issued as reinvestment of dividends		79,531			1,270,108			7,138			96,655
Redeemed		(249,615	)		(4,090,840	)		(860,649	)		(11,280,891	)
Net increase (decrease)		(45,714	)	$	(793,755	)		(482,692	)	$	(6,273,139	)
Global Fund Class R4
Sold		152,473		$	2,482,688			238,864		$	3,003,018
Issued as reinvestment of dividends		32,263			507,173			2,803			37,330
Redeemed		(70,109	)		(1,123,904	)		(261,871	)		(3,283,137	)
Net increase (decrease)		114,627		$	1,865,957			(20,204	)	$	(242,789	)
Global Fund Class R3
Sold		41,540		$	668,426			195,546		$	2,567,993
Issued as reinvestment of dividends		34,097			540,776			2,453			33,038
Redeemed		(177,616	)		(2,952,754	)		(378,303	)		(4,626,338	)
Net increase (decrease)		(101,979	)	$	(1,743,552	)		(180,304	)	$	(2,025,307	)
International Equity Fund Class I
Sold		1,348,539		$	14,174,219			4,180,532		$	51,140,629
Issued as reinvestment of dividends		3,875,666			36,392,504			449,133			5,748,906
Redeemed		(4,035,322	)		(40,351,803	)		(9,755,499	)		(121,420,945	)
Net increase (decrease)		1,188,883		$	10,214,920			(5,125,834	)	$	(64,531,410	)
International Equity Fund Class R5
Sold		188,610		$	2,047,489			366,810		$	4,608,798
Issued as reinvestment of dividends		2,331,454			21,915,668			286,457			3,666,648
Redeemed		(1,550,305	)		(16,132,130	)		(3,854,186	)		(48,275,299	)
Net increase (decrease)		969,759		$	7,831,027			(3,200,919	)	$	(39,999,853	)
International Equity Fund Service Class
Sold		13,981		$	157,256			49,413		$	601,437
Issued as reinvestment of dividends		160,439			1,504,920			26,551			339,316
Redeemed		(126,459	)		(1,430,218	)		(513,944	)		(6,537,449	)
Net increase (decrease)		47,961		$	231,958			(437,980	)	$	(5,596,696	)
International Equity Fund Administrative Class
Sold		12,818		$	153,316			35,747		$	435,111
Issued as reinvestment of dividends		130,844			1,216,848			16,406			208,684
Redeemed		(102,527	)		(1,137,268	)		(236,315	)		(2,955,297	)
Net increase (decrease)		41,135		$	232,896			(184,162	)	$	(2,311,502	)
International Equity Fund Class A
Sold		152,675		$	1,663,538			270,031		$	3,232,288
Issued as reinvestment of dividends		801,741			7,087,390			61,598			760,119
Redeemed		(543,472	)		(5,408,477	)		(751,225	)		(8,910,416	)
Net increase (decrease)		410,944		$	3,342,451			(419,596	)	$	(4,918,009	)
International Equity Fund Class R4
Sold		6,963		$	69,666			28,978		$	324,669
Issued as reinvestment of dividends		86,724			756,235			14,225			173,825
Redeemed		(63,080	)		(582,719	)		(314,860	)		(3,691,453	)
Net increase (decrease)		30,607		$	243,182			(271,657	)	$	(3,192,959	)

203

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
International Equity Fund Class R3
Sold		16,803		$	159,781			33,535		$	375,960
Issued as reinvestment of dividends		99,712			861,510			14,667			178,640
Redeemed		(30,185	)		(359,733	)		(327,850	)		(3,921,617	)
Net increase (decrease)		86,330		$	661,558			(279,648	)	$	(3,367,017	)
Strategic Emerging Markets Fund Class I
Sold		1,403,845		$	21,986,108			10,127,465		$	132,216,588
Issued as reinvestment of dividends		183,464			2,772,142			1,034,165			13,661,324
Redeemed		(3,032,272	)		(46,767,449	)		(9,265,591	)		(109,834,837	)
Net increase (decrease)		(1,444,963	)	$	(22,009,199	)		1,896,039		$	36,043,075
Strategic Emerging Markets Fund Class R5
Sold		5,147		$	79,015			219,944		$	2,913,595
Issued as reinvestment of dividends		3,223			49,442			26,614			357,160
Redeemed		(28,666	)		(450,218	)		(336,221	)		(4,440,670	)
Net increase (decrease)		(20,296	)	$	(321,761	)		(89,663	)	$	(1,169,915	)
Strategic Emerging Markets Fund Service Class
Sold		9,026		$	140,713			166,762		$	2,238,544
Issued as reinvestment of dividends		2,548			38,555			3,146			41,689
Redeemed		(25,372	)		(369,854	)		(15,462	)		(184,722	)
Net increase (decrease)		(13,798	)	$	(190,586	)		154,446		$	2,095,511
Strategic Emerging Markets Fund Administrative Class
Sold		6,072		$	92,929			16,959		$	209,276
Issued as reinvestment of dividends		1,087			16,503			5,996			79,749
Redeemed		(16,348	)		(249,936	)		(19,416	)		(239,335	)
Net increase (decrease)		(9,189	)	$	(140,504	)		3,539		$	49,690
Strategic Emerging Markets Fund Class A
Sold		25,853		$	395,673			155,124		$	1,998,164
Issued as reinvestment of dividends		2,297			34,506			6,859			90,537
Redeemed		(26,614	)		(413,346	)		(76,087	)		(938,758	)
Net increase (decrease)		1,536		$	16,833			85,896		$	1,149,943
Strategic Emerging Markets Fund Class R4
Sold		7,165		$	109,871			19,713		$	244,996
Issued as reinvestment of dividends		1,420			21,224			8,531			112,016
Redeemed		(32,220	)		(494,715	)		(37,453	)		(445,066	)
Net increase (decrease)		(23,635	)	$	(363,620	)		(9,209	)	$	(88,054	)
Strategic Emerging Markets Fund Class R3
Sold		6,313		$	91,058			42,579		$	524,514
Issued as reinvestment of dividends		1,166			17,356			4,650			60,918
Redeemed		(7,318	)		(109,660	)		(29,412	)		(363,228	)
Net increase (decrease)		161		$	(1,246	)		17,817		$	222,204

204

Notes to Financial Statements (Unaudited) (Continued)

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. The Distributor retained the following amounts during the period ended March 31, 2021:

	Front-End Sales Charges Retained by Distributor
High Yield Fund	$	1,050

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 period ended March 31, 2021, were waived for any redemptions subject to such a charge.

6. Federal Income Tax Information

At March 31, 2021, 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	$	287,502,637	$	—	$	—		$	—
Short-Duration Bond Fund		393,604,226		7,518,906		(2,679,291	)		4,839,615
Inflation-Protected and Income Fund		382,303,564		4,502,092		(1,425,812	)		3,076,280
Core Bond Fund		1,428,195,631		38,217,133		(17,445,021	)		20,772,112
Diversified Bond Fund		236,593,872		7,459,454		(2,410,638	)		5,048,816
High Yield Fund		575,739,682		28,135,586		(11,870,262	)		16,265,324
Balanced Fund		167,392,225		12,395,370		(1,730,415	)		10,664,955
Disciplined Value Fund		89,298,992		8,764,758		(869,528	)		7,895,230
Main Street Fund		86,896,099		34,263,349		(413,459	)		33,849,890
Disciplined Growth Fund		199,505,542		46,824,744		(2,891,104	)		43,933,640
Small Cap Opportunities Fund		273,143,669		87,098,936		(7,528,654	)		79,570,282
Global Fund		154,124,453		196,176,814		(290,784	)		195,886,030
International Equity Fund		152,712,906		20,360,872		(3,290,575	)		17,070,297
Strategic Emerging Markets Fund		153,754,939		40,274,594		(4,728,634	)		35,545,960

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at March 31, 2021, is the same for financial reporting and federal income tax purposes.

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.

At September 30, 2020, for federal income tax purposes, there were no unused capital losses.

205

Notes to Financial Statements (Unaudited) (Continued)

At September 30, 2020, 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	$	7,030,277	$	24,002,870
High Yield Fund		11,863,676		33,648,988
Disciplined Value Fund		1,223,150		670,427

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 beginning October 1, 2020, late year ordinary losses:

	Amount
Global Fund	$	346,647
Strategic Emerging Markets Fund		248,688

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.

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, 2020, was as follows:

	Ordinary Income		Long Term Capital Gain
U.S. Government Money Market Fund	$	1,857,173	$	—
Short-Duration Bond Fund		16,088,439		—
Inflation-Protected and Income Fund		6,327,704		—
Core Bond Fund		46,839,258		—
Diversified Bond Fund		7,907,495		—
High Yield Fund		32,799,482		—
Balanced Fund		2,773,051		5,056,182
Disciplined Value Fund		2,190,398		5,555,930
Main Street Fund		1,136,104		9,873,026
Disciplined Growth Fund		2,181,534		27,743,365
Small Cap Opportunities Fund		574,557		1,192,223
Global Fund		1,587,972		739,536
International Equity Fund		2,633,421		8,442,845
Strategic Emerging Markets Fund		997,920		13,413,672

The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2020:

	Amount
International Equity Fund	$	368,565
Strategic Emerging Markets Fund		212,623

206

Notes to Financial Statements (Unaudited) (Continued)

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, 2020, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At September 30, 2020, 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	$	5,411	$	—		$	(49,351	)	$	—
Short-Duration Bond Fund		12,835,373		(31,033,147	)		(52,919	)		(1,670,642	)
Inflation-Protected and Income Fund		17,935,589		—			(28,246	)		11,286,329
Core Bond Fund		62,332,631		3,758,523			(143,285	)		23,864,475
Diversified Bond Fund		10,922,079		3,426,266			(18,544	)		1,317,534
High Yield Fund		23,193,558		(45,512,664	)		(29,657	)		(14,011,194	)
Balanced Fund		2,006,178		1,770,969			(15,525	)		14,060,565
Disciplined Value Fund		1,294,893		(1,893,577	)		(24,475	)		(3,715,670	)
Main Street Fund		802,120		2,071,832			(15,033	)		23,456,687
Disciplined Growth Fund		557,495		10,014,433			(29,878	)		85,036,224
Small Cap Opportunities Fund		736,693		17,204,870			(22,608	)		94,404
Global Fund		—		16,859,727			(380,787	)		150,080,221
International Equity Fund		12,178,079		57,558,476			(57,772	)		(615,209	)
Strategic Emerging Markets Fund		—		2,939,347			(263,478	)		10,385,582

The Funds did not have any unrecognized tax benefits at March 31, 2021, 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, 2021, 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 October 2020, Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”) was amended by Accounting Standards Update 2020-08, Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 requires entities to reevaluate whether callable debt securities fall within the scope of ASU 2017-08 at each reporting period. ASU 2020-08 also amends the relevant guidance to require premiums to be amortized to the “next call date” rather than the “earliest call date,” and further clarifies the definition of “next call date.” ASU 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU 2020-08 is not permitted. Management is currently evaluating the impact, if any, of applying ASU 2020-08.

207

Notes to Financial Statements (Unaudited) (Continued)

In March 2020, FASB issued Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not believe the impact of adopting ASU 2020-04 will have a material impact on the 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, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

11. Subsequent Events

In preparation of these financial statements, management has evaluated the events and transactions subsequent to March 31, 2021, through the date when the financial statements were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Funds’ financial statements other than those disclosed below.

208

Notes to Financial Statements (Unaudited) (Continued)

Effective April 1, 2021, Baring International Investment Limited serves as a sub-subadviser to the Core Bond Fund, Diversified Bond Fund, Inflation-Protected and Income Fund, and Short-Duration Bond Fund.

Effective May 1, 2021, the Trust will change its address from 100 Bright Meadow Boulevard, Enfield, Connecticut 06082-1981 to 1295 State Street, Springfield, Massachusetts 01111-0001. In addition, each Fund noted below will change its name as follows:

Current Name	Updated Name
MassMutual Premier U.S. Government Money Market Fund	MassMutual U.S. Government Money Market Fund
MassMutual Premier Short-Duration Bond Fund	MassMutual Short-Duration Bond Fund
MassMutual Premier Inflation-Protected and Income Fund	MassMutual Inflation-Protected and Income Fund
MassMutual Premier Core Bond Fund	MassMutual Core Bond Fund
MassMutual Premier Diversified Bond Fund	MassMutual Diversified Bond Fund
MassMutual Premier High Yield Fund	MassMutual High Yield Fund
MassMutual Premier Balanced Fund	MassMutual Balanced Fund
MassMutual Premier Disciplined Value Fund	MassMutual Disciplined Value Fund
MassMutual Premier Main Street Fund	MassMutual Main Street Fund
MassMutual Premier Disciplined Growth Fund	MassMutual Disciplined Growth Fund
MassMutual Premier Small Cap Opportunities Fund	MassMutual Small Cap Opportunities Fund
MassMutual Premier Global Fund	MassMutual Global Fund
MassMutual Premier International Equity Fund	MassMutual International Equity Fund
MassMutual Premier Strategic Emerging Markets Fund	MassMutual Strategic Emerging Markets Fund

209

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.

Monthly Reporting

The U.S. Government Money Market Fund files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The U.S. Government Money Market Fund’s reports on Form N-MFP are available on the SEC’s EDGAR database on its website at http://www.sec.gov. In addition, the U.S. Government Money Market Fund makes portfolio holdings information available to shareholders at http://www.massmutual.com/funds.

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. In addition, the Funds make the complete schedule of portfolio holdings from their filings on Form N-PORT available to shareholders at http://www.massmutual.com/funds.

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 established and maintain a Liquidity Risk Management Program (the “Program”) that incorporates the requirements of the Liquidity Rule. 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 MML Advisers’ assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 16, 2021, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2020 through December 31, 2020. In the report, the Committee concluded that the Program proved to be adequately designed to address the Funds’ liquidity risks and operated effectively.

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.

210

Other Information (Unaudited) (Continued)

Trustees’ Approval of Investment Advisory Contracts

At their meeting in March 2021, 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 agreements between MML Advisers and Barings for the Core Bond Fund, Diversified Bond Fund, Inflation-Protected and Income Fund, and Short-Duration Bond Fund (the “Amended Agreements”) intended to permit Barings to delegate to its advisory affiliates. The Trustees considered, among other things, that any such delegation by Barings would be subject to the consent of MML Advisers and the Board. At the same time, the Trustees, including the Independent Trustees, approved sub-subadvisory agreements between Barings and Baring International Investment Limited (the “New Sub-Subadvisory Agreements”) for the Core Bond Fund, Diversified Bond Fund, Inflation-Protected and Income Fund, and Short-Duration Bond Fund. The Trustees considered, among other things, that the New Sub-Subadvisory Agreements would not result in any changes in the fees payable by the Core Bond Fund, Diversified Bond Fund, Inflation-Protected and Income Fund, and Short-Duration Bond Fund or MML Advisers and that the services provided would continue to be subject to the supervision of Barings. The Trustees concluded that the Amended Agreements and New Sub-Subadvisory Agreements are in the best interests of the Core Bond Fund, Diversified Bond Fund, Inflation-Protected and Income Fund, and Short-Duration Bond Fund and their shareholders. In their deliberations, the Trustees were advised by independent counsel.

Prior to the votes being taken to approve the Amended Agreements and New Sub-Subadvisory Agreements, the Independent Trustees met separately in executive session to discuss the appropriateness of such contracts. 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 Agreements and New Sub-Subadvisory Agreements became effective on May 1, 2021.

211

Other Information (Unaudited) (Continued)

Fund Expenses March 31, 2021

Expense Examples:

The following information is in regards to expenses for the six months ended March 31, 2021:

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, 2021.

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	0.09%	$1,000.00	$0.45	$1,024.50	$0.45
Short-Duration Bond Fund
Class I	1,000	0.43%	1,034.50	2.18	1,022.80	2.17
Class R5	1,000	0.53%	1,034.20	2.69	1,022.30	2.67
Service Class	1,000	0.63%	1,034.70	3.20	1,021.80	3.18
Administrative Class	1,000	0.73%	1,033.60	3.70	1,021.30	3.68
Class A	1,000	0.98%	1,032.10	4.97	1,020.00	4.94
Class R4	1,000	0.88%	1,032.60	4.46	1,020.50	4.43
Class R3	1,000	1.13%	1,031.00	5.72	1,019.30	5.69

212

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*
Inflation-Protected and Income Fund
Class I	$1,000	0.46%	$1,008.40	$2.30	$1,022.60	$2.32
Class R5	1,000	0.56%	1,007.50	2.80	1,022.10	2.82
Service Class	1,000	0.66%	1,006.50	3.30	1,021.60	3.33
Administrative Class	1,000	0.76%	1,006.10	3.80	1,021.10	3.83
Class A	1,000	1.01%	1,005.60	5.05	1,019.90	5.09
Class R4	1,000	0.91%	1,006.30	4.55	1,020.40	4.58
Class R3	1,000	1.16%	1,005.00	5.80	1,019.10	5.84
Core Bond Fund
Class I	1,000	0.42%	1,003.00	2.10	1,022.80	2.12
Class R5	1,000	0.52%	1,002.00	2.60	1,022.30	2.62
Service Class	1,000	0.62%	1,001.90	3.09	1,021.80	3.13
Administrative Class	1,000	0.72%	1,001.10	3.59	1,021.30	3.63
Class A	1,000	0.97%	1,000.10	4.84	1,020.10	4.89
Class R4	1,000	0.87%	1,000.20	4.34	1,020.60	4.38
Class R3	1,000	1.12%	999.20	5.58	1,019.30	5.64
Diversified Bond Fund
Class I	1,000	0.51%	1,023.40	2.57	1,022.30	2.57
Class R5	1,000	0.61%	1,023.10	3.08	1,021.90	3.07
Service Class	1,000	0.71%	1,022.90	3.58	1,021.40	3.58
Administrative Class	1,000	0.81%	1,022.00	4.08	1,020.90	4.08
Class A	1,000	1.06%	1,020.20	5.34	1,019.60	5.34
Class R4	1,000	0.96%	1,020.90	4.84	1,020.10	4.83
Class R3	1,000	1.21%	1,019.80	6.09	1,018.90	6.09
High Yield Fund
Class I	1,000	0.53%	1,091.90	2.76	1,022.30	2.67
Class R5	1,000	0.63%	1,091.50	3.29	1,021.80	3.18
Service Class	1,000	0.73%	1,091.40	3.81	1,021.30	3.68
Administrative Class	1,000	0.83%	1,089.70	4.32	1,020.80	4.18
Class A	1,000	1.08%	1,089.50	5.63	1,019.50	5.44
Class R4	1,000	0.98%	1,089.60	5.11	1,020.00	4.94
Class R3	1,000	1.23%	1,087.80	6.40	1,018.80	6.19
Balanced Fund
Class I	1,000	0.67%	1,135.10	3.57	1,021.60	3.38
Class R5	1,000	0.77%	1,134.90	4.10	1,021.10	3.88
Service Class	1,000	0.87%	1,134.30	4.63	1,020.60	4.38
Administrative Class	1,000	0.97%	1,133.30	5.16	1,020.10	4.89
Class A	1,000	1.22%	1,132.50	6.49	1,018.80	6.14
Class R4	1,000	1.12%	1,133.30	5.96	1,019.30	5.64
Class R3	1,000	1.37%	1,130.90	7.28	1,018.10	6.89
Disciplined Value Fund
Class I	1,000	0.72%	1,271.00	4.08	1,021.30	3.63
Class R5	1,000	0.82%	1,269.60	4.64	1,020.80	4.13
Service Class	1,000	0.92%	1,269.70	5.21	1,020.30	4.63
Administrative Class	1,000	1.02%	1,268.80	5.77	1,019.80	5.14
Class A	1,000	1.27%	1,267.10	7.18	1,018.60	6.39
Class R4	1,000	1.17%	1,267.10	6.61	1,019.10	5.89
Class R3	1,000	1.42%	1,266.80	8.03	1,017.90	7.14

213

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*
Main Street Fund
Class I	$1,000	0.74%	$1,192.40	$4.04	$1,021.20	$3.73
Class R5	1,000	0.84%	1,191.40	4.59	1,020.70	4.23
Service Class	1,000	0.94%	1,190.70	5.13	1,020.20	4.73
Administrative Class	1,000	1.04%	1,190.30	5.68	1,019.70	5.24
Class A	1,000	1.29%	1,189.00	7.04	1,018.50	6.49
Class R4	1,000	1.19%	1,189.80	6.50	1,019.00	5.99
Class R3	1,000	1.44%	1,187.30	7.85	1,017.80	7.24
Disciplined Growth Fund
Class I	1,000	0.55%	1,113.60	2.90	1,022.20	2.77
Class R5	1,000	0.65%	1,113.30	3.42	1,021.70	3.28
Service Class	1,000	0.75%	1,112.50	3.95	1,021.20	3.78
Administrative Class	1,000	0.85%	1,111.80	4.48	1,020.70	4.28
Class A	1,000	1.10%	1,110.40	5.79	1,019.40	5.54
Class R4	1,000	1.00%	1,111.20	5.26	1,019.90	5.04
Class R3	1,000	1.25%	1,109.50	6.57	1,018.70	6.29
Small Cap Opportunities Fund
Class I	1,000	0.66%	1,443.00	4.02	1,021.60	3.33
Class R5	1,000	0.76%	1,442.00	4.63	1,021.10	3.83
Service Class	1,000	0.86%	1,441.30	5.23	1,020.60	4.33
Administrative Class	1,000	0.96%	1,440.80	5.84	1,020.10	4.83
Class A	1,000	1.21%	1,438.80	7.36	1,018.90	6.09
Class R4	1,000	1.11%	1,439.30	6.75	1,019.40	5.59
Class R3	1,000	1.36%	1,438.20	8.27	1,018.20	6.84
Global Fund
Class I	1,000	0.83%	1,185.60	4.52	1,020.80	4.18
Class R5	1,000	0.93%	1,184.80	5.07	1,020.30	4.68
Service Class	1,000	1.03%	1,184.60	5.61	1,019.80	5.19
Administrative Class	1,000	1.13%	1,184.40	6.15	1,019.30	5.69
Class A	1,000	1.38%	1,182.90	7.51	1,018.10	6.94
Class R4	1,000	1.28%	1,183.00	6.97	1,018.50	6.44
Class R3	1,000	1.53%	1,182.10	8.32	1,017.30	7.70
International Equity Fund
Class I	1,000	0.99%	1,146.90	5.30	1,020.00	4.99
Class R5	1,000	1.09%	1,146.40	5.83	1,019.50	5.49
Service Class	1,000	1.19%	1,145.60	6.37	1,019.00	5.99
Administrative Class	1,000	1.29%	1,145.20	6.90	1,018.50	6.49
Class A	1,000	1.54%	1,143.20	8.23	1,017.30	7.75
Class R4	1,000	1.44%	1,143.90	7.70	1,017.80	7.24
Class R3	1,000	1.69%	1,142.70	9.03	1,016.50	8.50
Strategic Emerging Markets Fund
Class I	1,000	1.15%	1,202.80	6.32	1,019.20	5.79
Class R5	1,000	1.25%	1,202.00	6.86	1,018.70	6.29
Service Class	1,000	1.35%	1,201.70	7.41	1,018.20	6.79
Administrative Class	1,000	1.45%	1,201.10	7.96	1,017.70	7.29
Class A	1,000	1.70%	1,199.20	9.32	1,016.50	8.55
Class R4	1,000	1.60%	1,199.40	8.77	1,017.00	8.05
Class R3	1,000	1.85%	1,197.90	10.14	1,015.70	9.30

* Expenses are calculated using the annualized expense ratio for the six months ended March 31, 2021, multiplied by the average account value over the period, multiplied by 182 days in the period, divided by 365 days in the year, unless stated otherwise.

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Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

^© 2021 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com. Investment Adviser: MML Investment Advisers, LLC RS-50580-00

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/ Paul LaPiana
	Paul LaPiana, President and Principal Executive Officer
Date	5/19/2021

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/ Paul LaPiana
	Paul LaPiana, President and Principal Executive Officer
Date	5/19/2021
By (Signature and Title)	/s/ Renee Hitchcock
	Renée Hitchcock, Treasurer and Principal Financial Officer
Date	5/19/2021