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)
Eric Wietsma
1295 State Street, Springfield, MA	01111
(Name and address of agent for service)
Registrant’s telephone number, including area code:   413-788-8411
Date of fiscal year end:   9/30/13
Date of reporting period:   3/31/13

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 Money Market Fund	21
MassMutual Premier Short-Duration Bond Fund	24
MassMutual Premier Inflation-Protected and Income Fund	37
MassMutual Premier Core Bond Fund	46
MassMutual Premier Diversified Bond Fund	68
MassMutual Premier High Yield Fund	80
MassMutual Premier International Bond Fund	85
MassMutual Premier Balanced Fund	88
MassMutual Premier Value Fund	111
MassMutual Premier Disciplined Value Fund	114
MassMutual Premier Main Street Fund	123
MassMutual Premier Capital Appreciation Fund	125
MassMutual Premier Disciplined Growth Fund	127
MassMutual Premier Small Cap Opportunities Fund (formerly known as MassMutual Premier Small/Mid Cap Opportunities Fund)	134
MassMutual Premier Global Fund	137
MassMutual Premier International Equity Fund	140
MassMutual Premier Focused International Fund	143
MassMutual Premier Strategic Emerging Markets Fund	145
Statements of Assets and Liabilities (Unaudited)	148
Statements of Operations (Unaudited)	160
Statements of Changes in Net Assets (Unaudited)	166
Statement of Cash Flows (Unaudited)	178
Financial Highlights (Unaudited)	179
Notes to Financial Statements (Unaudited)	197
Other Information (Unaudited)
Proxy Voting	253
Quarterly Reporting	253
Fund Expenses	254

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.

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

To Our Shareholders

Eric Wietsma

“Thank you for your ongoing confidence in MassMutual. Our overriding objective is to help you plan for a more financially secure future and give you the information you need to make the choices that are appropriate for you, regardless of market conditions.”

March 31, 2013

Welcome to the MassMutual Premier Funds Semiannual Report covering the six months ended March 31, 2013. Most stock markets throughout the world advanced for the six-month period, as investors continued to show a preference for equities over fixed-income investments, despite continued uncertainty in both the U.S. and, in particular, abroad. The economy in the U.S. continued to show signs of improvement, as unemployment levels continued to decline, the housing market began to show signs of sustained recovery (despite a few steps backward), and corporate earnings turned largely positive early in 2013. Elsewhere in the world, problems such as economic challenges in Italy, Portugal, Spain, and Greece and a banking crisis in Cyprus that nearly caused the country’s financial collapse continued to create concerns for investors. Against this backdrop, the price of oil continued, for the most part, to remain above the $90-per-barrel level, while the price of gold dropped more than $150 an ounce, as investors sold the precious metal typically perceived to be an equity alternative.

Key events that defined the period

Signs of continued economic recovery in the United States gave investors some reason for optimism over the period, despite the challenges brought about by the “fiscal cliff” and sequestration. In October 2012, the Department of Labor reported an unexpected drop in the unemployment rate – from 8.1% to 7.8%. That same month, momentum in the housing market continued, as it was reported that the year-over-year median sales price rose the most since 2005 on strong demand, and housing starts surged by 15% to the highest level in four years. In November, equity investors seemed to appreciate resolution of the question of who would win the U.S. presidential election; however, concerns about the “fiscal cliff” began to generate some investor uncertainty in the immediate aftermath. (Fiscal cliff is the term for a combination of tax hikes and spending cuts that were set to take effect early in 2013 unless an alternate plan could be agreed upon.) Investors were also concerned over the effects that Superstorm Sandy would have on economic activity in the near term and during what would likely be a lengthy rebuilding period. With respect to averting the fiscal cliff, congressional votes to secure passage of a deal were finally confirmed late on January 1, 2013. The agreement prevented broad escalation of income taxes for most Americans except top-bracket individual filers. In February, equity investors focused on the specter of sequestration – the automatic, across-the-board series of spending cuts to government agencies set to go into effect March 1, 2013. Ultimately, however, in March, the U.S. Congress passed a stopgap spending bill to keep the federal government running through September 2013. Also in March, the Department of Labor reported that the U.S. unemployment rate fell to its lowest level since December 2008, and the U.S. Federal Reserve continued its commitment to keep the federal funds rate between 0% and 0.25% and announced it will maintain its $85 billion per month bond-buying program until the labor market sees sustainable improvement. (The federal funds rate is the interest rate that banks and other financial institutions charge each other for borrowing funds overnight.)

In news from around the world, the European Union (“EU”) won the Nobel Peace Prize in October 2012, which signaled the Nobel Committee’s approval of European leaders’ commitment to the EU, as indicated by the EU’s and European Central Bank’s support of Greece, Portugal, and Spain. In November, Greece’s parliament hesitated to vote for another round of austerity, which caused European equities and the euro currency to sell off. In December, Japan’s announcement of stimulus to expand the country’s asset purchase program by more than 10% contributed to weakness in the Japanese yen. In Europe, Sweden, Turkey, and Hungary all cut key interest rates. After slowing for much of the year, China’s economy stabilized along with other emerging markets in fourth-quarter

(Continued)

1

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

2012. In January 2013, the Japanese Cabinet approved a ¥20 trillion (yen) ($224 billion) stimulus package which was expected to create 600,000 jobs and help repair tsunami-ravaged coastland. In February, uncertainty over Italian elections led to a hung parliament, which struck fresh fears into the euro zone. In late March, resolution came to the Cyprus banking crisis – although the deal restricted Cyprus’s financial industry and limited its status as an offshore tax haven. Concerns over the details of this bailout and the precedent it set for depositors and creditors pushed down stocks in countries such as Greece, Spain, and Italy. The Chinese economy sent mixed signals in the first part of 2013, but key data points pointed to improvement in the world’s second-largest economy as March drew to a close.

The major stock indexes in the U.S. advanced for the six months ended March 31, 2013 – outperforming, for the most part, their counterparts in other parts of the world. The Russell 2000^® Index, a benchmark of small-cap stocks, gained 14.48% – while its nearest domestic competitor was the S&P 500^® Index, a measure of large-cap stock performance, with its 10.19% return. The Dow Jones Industrial Average^SM (the “Dow”), an indicator of blue-chip domestic stock performance, was close behind, with its 9.99% advance. The NASDAQ Composite^® Index, which tracks the progress of technology stock performance, returned only 4.85% for the six months. Elsewhere in the world, the MSCI EAFE^® Index, an indicator of foreign developed-market stocks, posted a 12.04% advance; while the MSCI Emerging Markets Index, a measure of the performance of emerging stock markets throughout the world, gained only 3.87%. Fixed-income investments advanced very little during the period, as the Barclays U.S. Aggregate Bond Index returned only 0.09%.*

Keeping it in perspective

Some financial commentators have suggested that the dawn of a new bull market might be imminent or even in progress. In our view, it is important for investors to maintain perspective during both positive and negative market environments. We see the market backdrop at present as ambiguous, and we believe it would be unwise for investors to use it to justify major deviations from their long-term plan. In the end, we believe you may be more successful if you focus on maintaining a solid individual investment plan that reflects your long-term objectives, risk tolerance, and investment time horizon.**

Thank you for your ongoing confidence in MassMutual. Our overriding objective is to help you plan for a more financially secure future and give you the information you need to make the choices that are appropriate for you, regardless of market conditions. If you work with a financial professional and haven’t met with him or her recently, we suggest you schedule some time to review your retirement investment strategy in order to assess whether or not your current investments are compatible with your long-term financial goals.

Sincerely,

Eric Wietsma

President

* Indexes are unmanaged, do not incur fees or expenses and cannot be purchased directly for investment.

** Systematic investing does not ensure a profit or protect against loss in a declining market. Systematic investing involves continuous investment in securities regardless of fluctuating price levels. Investors should consider their ability to continue investing through periods of low price levels.

The information provided is the opinion of MassMutual Retirement Services Investment Services as of 4/1/13 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 Funds – Portfolio Summaries (Unaudited)

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

The Fund seeks to maximize current income to the extent consistent with liquidity and the preservation of capital by investing in a diversified portfolio of money market instruments. It is important to note that the Fund seeks to maintain, but does not guarantee, a stable net asset value of $1.00 per share. The Fund’s subadviser is Babson Capital Management LLC (Babson Capital). An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in the Fund.

MassMutual Premier Money Market Fund Asset Allocation (% of Net Assets) on 3/31/13
Commercial Paper	75.4	%
Discount Notes	10.2	%
U.S. Treasury Bonds & Notes	9.1	%
Corporate Debt	4.9	%
Certificates of Deposit	2.4	%
U.S. Treasury Bills	1.1	%
Time Deposits	0.0	%
Total Short-Term Investments	103.1	%
Other Assets and Liabilities	(3.1	)%
Net Assets	100.0	%

3

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

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

MassMutual Premier Short-Duration Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/13
Corporate Debt	40.0	%
Non-U.S. Government Agency Obligations	18.8	%
U.S. Government Agency Obligations and Instrumentalities	5.6	%
Municipal Obligations	0.7	%
U.S. Treasury Obligations	0.1	%
Total Long-Term Investments	65.2	%
Short-Term Investments and Other Assets and Liabilities	34.8	%
Net Assets	100.0	%

4

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

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

MassMutual Premier Inflation-Protected and Income Fund Portfolio Characteristics (% of Net Assets) on 3/31/13
U.S. Treasury Obligations	97.0	%
Non-U.S. Government Agency Obligations	29.9	%
Corporate Debt	3.0	%
Municipal Obligations	0.5	%
U.S. Government Agency Obligations and Instrumentalities	0.1	%
Total Long-Term Investments	130.5	%
Short-Term Investments and Other Assets and Liabilities	(30.5	)%
Net Assets	100.0	%

5

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

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

MassMutual Premier Core Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/13
Corporate Debt	42.3	%
U.S. Government Agency Obligations and Instrumentalities	30.7	%
Non-U.S. Government Agency Obligations	13.7	%
U.S. Treasury Obligations	8.8	%
Sovereign Debt Obligations	1.0	%
Municipal Obligations	0.4	%
Preferred Stock	0.2	%
Total Long-Term Investments	97.1	%
Short-Term Investments and Other Assets and Liabilities	2.9	%
Net Assets	100.0	%

6

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

The Fund seeks a superior total rate of return by investing in fixed income instruments. Under normal circumstances, the Fund invests at least 80% of its net assets in fixed income securities. The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).

MassMutual Premier Diversified Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/13
Corporate Debt	47.7	%
U.S. Government Agency Obligations and Instrumentalities	29.0	%
Non-U.S. Government Agency Obligations	12.1	%
U.S. Treasury Obligations	6.1	%
Sovereign Debt Obligations	0.8	%
Municipal Obligations	0.4	%
Preferred Stock	0.3	%
Common Stock	0.1	%
Total Long-Term Investments	96.5	%
Short-Term Investments and Other Assets and Liabilities	3.5	%
Net Assets	100.0	%

7

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

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

MassMutual Premier High Yield Fund Portfolio Characteristics (% of Net Assets) on 3/31/13
Corporate Debt	91.9	%
Bank Loans	5.0	%
Common Stock	0.3	%
Total Long-Term Investments	97.2	%
Short-Term Investments and Other Assets and Liabilities	2.8	%
Net Assets	100.0	%

8

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

The Fund seeks to achieve a high total rate of return by investing, under normal circumstances, at least 80% of its net assets in fixed income securities. The Fund primarily invests in fixed income securities in markets represented in the Citigroup World Government Bond Index (Excluding US), the Fund’s benchmark index. The Fund’s subadviser is Baring International Investment Limited (Baring).

MassMutual Premier International Bond Fund Country Weightings (% of Net Assets) on 3/31/13
France	9.7	%
Luxembourg	7.3	%
Netherlands	7.3	%
Australia	7.0	%
Italy	6.8	%
Canada	6.4	%
Poland	6.1	%
Mexico	5.4	%
Germany	4.8	%
Belgium	4.4	%
Austria	4.3	%
Spain	4.3	%
Finland	4.3	%
South Africa	3.8	%
Japan	3.4	%
United Kingdom	3.2	%
Sweden	3.0	%
Norway	2.9	%
Singapore	1.7	%
United States	1.3	%
Ireland	0.8	%
Total Long-Term Investments	98.2	%
Short-Term Investments and Other Assets and Liabilities	1.8	%
Net Assets	100.0	%

MassMutual Premier International Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/13
Sovereign Debt Obligations	74.8	%
Corporate Debt	23.4	%
Total Long-Term Investments	98.2	%
Short-Term Investments and Other Assets and Liabilities	1.8	%
Net Assets	100.0	%

9

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

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

MassMutual Premier Balanced Fund Portfolio Characteristics (% of Net Assets) on 3/31/13
Common Stock	51.0	%
Corporate Debt	12.4	%
U.S. Government Agency Obligations and Instrumentalities	10.3	%
Mutual Funds	8.2	%
U.S. Treasury Obligations	6.1	%
Non-U.S. Government Agency Obligations	4.3	%
Sovereign Debt Obligations	0.3	%
Municipal Obligations	0.1	%
Preferred Stock	0.1	%
Total Long-Term Investments	92.8	%
Short-Term Investments and Other Assets and Liabilities	7.2	%
Net Assets	100.0	%

10

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

The Fund seeks to achieve long-term capital appreciation primarily through investment in a portfolio of common stocks of established companies with varying market capitalizations that the Fund’s subadviser believes are undervalued in the marketplace. While the Fund does not limit its investments to issuers in a particular capitalization range, the subadviser currently focuses on securities of larger size companies. The Fund’s subadviser is OFI Global Institutional, Inc. (OFI Global Institutional). Effective April 19, 2013, the name of this subadviser changed from OFI Institutional Asset Management, Inc. to OFI Global Institutional, Inc.

MassMutual Premier Value Fund Largest Holdings (% of Net Assets) on 3/31/13
Chevron Corp.	3.8	%
The Goldman Sachs Group, Inc.	3.4	%
Citigroup, Inc.	3.1	%
Verizon Communications, Inc.	3.1	%
Honeywell International, Inc.	3.0	%
Walgreen Co.	2.9	%
ACE Ltd.	2.7	%
Merck & Co., Inc.	2.6	%
BP PLC Sponsored ADR (United Kingdom)	2.1	%
Humana, Inc.	2.1	%
	28.8	%

MassMutual Premier Value Fund Sector Table (% of Net Assets) on 3/31/13
Financial	24.9	%
Consumer, Non-cyclical	21.8	%
Energy	12.1	%
Consumer, Cyclical	11.7	%
Industrial	11.3	%
Communications	6.4	%
Technology	5.2	%
Utilities	2.7	%
Basic Materials	2.6	%
Mutual Funds	0.7	%
Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%
Net Assets	100.0	%

MassMutual Premier Value Fund Country Weightings (% of Net Assets) on 3/31/13
United States	84.5	%
Switzerland	7.4	%
United Kingdom	3.2	%
Netherlands	1.6	%
Canada	1.0	%
Ireland	0.7	%
France	0.7	%
Israel	0.3	%
Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%
Net Assets	100.0	%

11

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

The Fund seeks to outperform the total return performance of its benchmark index, the Russell 1000^® Value Index,* while maintaining risk characteristics similar to those of the benchmark. Under normal circumstances, the Fund invests substantially all (but not less than 80%) of its net assets in common stocks of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 1000 Value Index. The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).

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

MassMutual Premier Disciplined Value Fund Largest Holdings (% of Net Assets) on 3/31/13
Exxon Mobil Corp.	5.0	%
iShares Russell 1000 Value Index Fund	3.8	%
Chevron Corp.	2.9	%
General Electric Co.	2.8	%
JP Morgan Chase & Co.	2.3	%
Pfizer, Inc.	2.3	%
The Procter & Gamble Co.	2.3	%
AT&T, Inc.	2.2	%
Wells Fargo & Co.	2.1	%
Berkshire Hathaway, Inc. Class B	2.0	%
	27.7	%

MassMutual Premier Disciplined Value Fund Sector Table (% of Net Assets) on 3/31/13
Financial	26.8	%
Consumer, Non-cyclical	17.4	%
Energy	13.2	%
Communications	9.3	%
Industrial	8.5	%
Consumer, Cyclical	6.4	%
Mutual Funds	5.7	%
Utilities	5.6	%
Technology	3.4	%
Basic Materials	3.0	%
Diversified	0.1	%
Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%
Net Assets	100.0	%

12

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

The Fund seeks a high total return by investing primarily in common stocks of U.S. companies of different capitalization ranges. The Fund’s subadviser currently focuses on 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 OFI Global Institutional, Inc. (OFI Global Institutional). Effective April 19, 2013, the name of this subadviser changed from OFI Institutional Asset Management, Inc. to OFI Global Institutional, Inc.

MassMutual Premier Main Street Fund Largest Holdings (% of Net Assets) on 3/31/13
Apple, Inc.	5.3	%
International Business Machines Corp.	4.9	%
Philip Morris International, Inc.	4.8	%
JP Morgan Chase & Co.	4.6	%
Chevron Corp.	3.6	%
eBay, Inc.	3.6	%
National Oilwell Varco, Inc.	3.3	%
Covidien PLC	3.3	%
Express Scripts Holding Co.	3.2	%
CIT Group, Inc.	3.0	%
	39.6	%

MassMutual Premier Main Street Fund Sector Table (% of Net Assets) on 3/31/13
Consumer, Non-cyclical	31.6	%
Financial	16.9	%
Technology	14.3	%
Communications	12.0	%
Energy	8.8	%
Industrial	7.6	%
Consumer, Cyclical	4.7	%
Basic Materials	2.7	%
Total Long-Term Investments	98.6	%
Short-Term Investments and Other Assets and Liabilities	1.4	%
Net Assets	100.0	%

13

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

The Fund seeks long-term capital appreciation by investing primarily in common stocks of companies that the Fund’s subadviser believes may appreciate in value over the long-term, which may include newer companies or established companies of any market capitalization range (“growth companies”). Currently, the Fund primarily focuses on established companies that are similar in size to companies in the S&P 500^® Index or the Russell 1000^® Growth Index. The Fund’s subadviser is OppenheimerFunds, Inc. (OFI).

MassMutual Premier Capital Appreciation Fund Largest Holdings (% of Net Assets) on 3/31/13
Apple, Inc.	5.7	%
QUALCOMM, Inc.	4.1	%
Google, Inc. Class A	3.5	%
Monsanto Co.	2.1	%
The Walt Disney Co.	2.1	%
McDonald’s Corp.	2.1	%
Costco Wholesale Corp.	2.0	%
Salesforce.com, Inc.	1.8	%
eBay, Inc.	1.8	%
Allergan, Inc.	1.7	%
	26.9	%

MassMutual Premier Capital Appreciation Fund Sector Table (% of Net Assets) on 3/31/13
Consumer, Non-cyclical	24.2	%
Technology	16.4	%
Consumer, Cyclical	14.4	%
Industrial	13.8	%
Communications	13.0	%
Energy	8.2	%
Basic Materials	4.6	%
Financial	4.2	%
Total Long-Term Investments	98.8	%
Short-Term Investments and Other Assets and Liabilities	1.2	%
Net Assets	100.0	%

14

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

The Fund seeks to outperform the total return performance of its benchmark index, the Russell 1000^® Growth Index,* while maintaining risk characteristics similar to those of the benchmark. Under normal circumstances, the Fund invests substantially all (but no less than 80%) of its net assets in common stocks of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included within the Russell 1000 Growth Index. The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).

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

MassMutual Premier Disciplined Growth Fund Largest Holdings (% of Net Assets) on 3/31/13
Apple, Inc.	5.6	%
Microsoft Corp.	3.1	%
International Business Machines Corp.	3.0	%
Google, Inc. Class A	2.3	%
Oracle Corp.	2.1	%
Verizon Communications, Inc.	1.7	%
The Coca-Cola Co.	1.7	%
PepsiCo, Inc.	1.6	%
Philip Morris International, Inc.	1.4	%
The Home Depot, Inc.	1.4	%
	23.9	%

MassMutual Premier Disciplined Growth Fund Sector Table (% of Net Assets) on 3/31/13
Consumer, Non-cyclical	27.2	%
Technology	20.6	%
Communications	15.3	%
Industrial	12.5	%
Consumer, Cyclical	12.3	%
Financial	4.6	%
Basic Materials	4.0	%
Energy	2.9	%
Utilities	0.1	%
Diversified	0.1	%
Total Long-Term Investments	99.6	%
Short-Term Investments and Other Assets and Liabilities	0.4	%
Net Assets	100.0	%

15

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Premier Small Cap Opportunities Fund (formerly known as MassMutual Premier Small/Mid 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 will invest at least 80% of its net assets in securities of small-cap companies. The subadviser currently considers “small-cap” companies to be those whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index. Effective April 29, 2013, the name of this Fund changed from MassMutual Premier Small/Mid Cap Opportunities Fund to MassMutual Premier Small Cap Opportunities Fund and the Fund’s investment strategy changed from investing in small- and mid-capitalization companies to investing in small-capitalization companies. The Fund’s subadviser is OFI Global Institutional, Inc. (OFI Global Institutional). Effective April 19, 2013, the name of this subadviser changed from OFI Institutional Asset Management, Inc. to OFI Global Institutional, Inc.

MassMutual Premier Small Cap Opportunities Fund Largest Holdings (% of Net Assets) on 3/31/13
EPL Oil & Gas, Inc.	2.5	%
Imax Corp.	2.4	%
WellCare Health Plans, Inc.	2.3	%
Robert Half International, Inc.	2.2	%
LaSalle Hotel Properties	2.0	%
Fortinet, Inc.	1.9	%
Pier 1 Imports, Inc.	1.9	%
Mid-America Apartment Communities, Inc.	1.9	%
BankUnited, Inc.	1.9	%
Aruba Networks, Inc.	1.8	%
	20.8	%

MassMutual Premier Small Cap Opportunities Fund Sector Table (% of Net Assets) on 3/31/13
Financial	23.1	%
Consumer, Non-cyclical	20.7	%
Industrial	16.1	%
Consumer, Cyclical	10.9	%
Technology	9.1	%
Diversified	8.3	%
Basic Materials	7.0	%
Energy	4.4	%
Communications	4.2	%
Utilities	1.1	%
Total Long-Term Investments	104.9	%
Short-Term Investments and Other Assets and Liabilities	(4.9	)%
Net Assets	100.0	%

16

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

The Fund seeks long-term capital appreciation by investing primarily in common stocks of companies in the U.S. and foreign countries. The Fund’s subadviser is OppenheimerFunds, Inc. (OFI).

MassMutual Premier Global Fund Largest Holdings (% of Net Assets) on 3/31/13
Telefonaktiebolaget LM Ericsson Class B	3.6	%
European Aeronautic Defence and Space Co.	2.4	%
SAP AG	2.3	%
eBay, Inc.	2.2	%
Google, Inc. Class A	2.2	%
Siemens AG	2.0	%
LVMH Moet Hennessy Louis Vuitton SA	2.0	%
UBS AG	2.0	%
PPR	2.0	%
Colgate-Palmolive Co.	2.0	%
	22.7	%

MassMutual Premier Global Fund Country Weightings (% of Net Assets) on 3/31/13
United States	44.1	%
Germany	10.3	%
Japan	8.0	%
France	5.9	%
Switzerland	5.8	%
Sweden	5.3	%
Brazil	4.0	%
India	3.6	%
Spain	3.6	%
United Kingdom	3.4	%
Mexico	2.4	%
Netherlands	2.4	%
Italy	2.0	%
Denmark	1.4	%
Panama	1.3	%
Taiwan	0.9	%
Finland	0.5	%
Russia	0.4	%
Australia	0.2	%
Belgium	0.2	%
Republic of Korea	0.1	%
Total Long-Term Investments	105.8	%
Short-Term Investments and Other Assets and Liabilities	(5.8	)%
Net Assets	100.0	%

17

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

The Fund seeks to achieve long-term capital appreciation by investing primarily in common stock of foreign companies. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of foreign companies. The Fund’s subadviser is OFI Global Institutional, Inc. (OFI Global Institutional). Effective April 19, 2013, the name of this subadviser changed from OFI Institutional Asset Management, Inc. to OFI Global Institutional, Inc.

MassMutual Premier International Equity Fund Largest Holdings (% of Net Assets) on 3/31/13
Oppenheimer Institutional Money Market Fund Class E	3.2	%
BT Group PLC	2.5	%
SAP AG	2.5	%
Experian PLC	2.1	%
Heineken NV	1.9	%
Roche Holding AG	1.8	%
James Hardie Industries NV	1.8	%
Telefonaktiebolaget LM Ericsson Class B	1.8	%
Aalberts Industries NV	1.7	%
William Hill PLC	1.7	%
	21.0	%

MassMutual Premier International Equity Fund Country Weightings (% of Net Assets) on 3/31/13
United Kingdom	28.0	%
United States	11.6	%
France	11.0	%
Netherlands	10.5	%
Switzerland	10.2	%
Germany	6.8	%
Japan	4.8	%
Spain	4.6	%
Australia	3.9	%
Italy	3.2	%
Sweden	2.7	%
India	1.6	%
Canada	1.4	%
Panama	1.4	%
Brazil	1.2	%
Ireland	1.2	%
Denmark	0.8	%
Luxembourg	0.7	%
Austria	0.6	%
Cayman Islands	0.4	%
Mexico	0.3	%
Finland	0.2	%
Republic of Korea	0.1	%
Total Long-Term Investments	107.2	%
Other Assets and Liabilities	(7.2	)%
Net Assets	100.0	%

18

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

The Fund seeks long term capital appreciation by normally investing a minimum of 90% of its net assets in equity securities. The Fund may invest in developed and emerging markets; however, the Fund will typically invest in a minimum of 30 issuers organized, headquartered, or having a substantial portion of their assets in or deriving a substantial portion of their revenues from countries appearing in the Morgan Stanley Capital International (MSCI^®) Europe, Australasia, Far East (EAFE^®) Index. The Fund’s subadviser is Baring International Investment Limited (Baring).

MassMutual Premier Focused International Fund Largest Holdings (% of Net Assets) on 3/31/13
Sanofi	2.7	%
Toyota Motor Corp.	2.4	%
Reckitt Benckiser Group PLC	2.3	%
Mitsubishi Electric Corp.	2.2	%
Fresenius SE & Co. KGaA	2.2	%
Kyocera Corp.	2.2	%
Deutsche Boerse AG	2.1	%
UBS AG	2.1	%
Tokyo Electron Ltd.	2.1	%
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)	2.1	%
	22.4	%

MassMutual Premier Focused International Fund Country Weightings (% of Net Assets) on 3/31/13
Japan	25.0	%
United Kingdom	21.2	%
Germany	11.7	%
Switzerland	9.6	%
United States	8.8	%
France	8.3	%
Israel	3.8	%
Singapore	3.2	%
Russia	2.5	%
Australia	2.3	%
Luxembourg	1.8	%
Cayman Islands	1.7	%
Sweden	1.6	%
China	1.4	%
Mauritius	1.4	%
Canada	1.4	%
Mexico	1.1	%
Channel Islands	0.7	%
Total Long-Term Investments	107.5	%
Short-Term Investments and Other Assets and Liabilities	(7.5	)%
Net Assets	100.0	%

19

MassMutual Premier Funds – Portfolio Summaries (Unaudited) (Continued)

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

The Fund seeks long-term capital growth by investing, under normal circumstances, at least 80% of its net assets in investments tied economically to emerging market countries. The Fund defines an emerging market country as one whose economy or markets are generally considered emerging or developing, and is not classified as a developed country according to the Morgan Stanley Capital International Barra Index. The Fund’s subadviser is Baring International Investment Limited (Baring).

MassMutual Premier Strategic Emerging Markets Fund Largest Holdings (% of Net Assets) on 3/31/13
Samsung Electronics Co., Ltd.	6.5	%
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan)	3.5	%
Hon Hai Precision Industry Co. Ltd.	2.8	%
CNOOC Ltd.	2.6	%
Ping An Insurance Group Co. of China Ltd. Class H	2.5	%
Itau Unibanco Holding SA 3.31%	2.4	%
Sberbank	2.4	%
HDFC Bank Ltd. ADR (India)	2.3	%
China Construction Bank Corp. Class H	2.2	%
Hyundai Mobis	2.2	%
	29.4	%

MassMutual Premier Strategic Emerging Markets Fund Country Weightings (% of Net Assets) on 3/31/13
Republic of Korea	18.8	%
China	12.6	%
Brazil	9.9	%
India	9.5	%
Russia	9.4	%
Taiwan	8.1	%
Hong Kong	6.1	%
Mexico	5.3	%
South Africa	5.1	%
Cayman Islands	3.6	%
Poland	1.7	%
Belgium	1.4	%
Turkey	1.4	%
Bermuda	1.1	%
United Kingdom	1.0	%
Thailand	0.5	%
Hungary	0.5	%
United States	0.0	%
Total Long-Term Investments	96.0	%
Short-Term Investments and Other Assets and Liabilities	4.0	%
Net Assets	100.0	%

20

MassMutual Premier Money Market Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 103.1%
Certificates of Deposit — 2.4%
Bank of Nova Scotia 0.460% 9/16/13	$	2,000,000	$	2,001,966
Bank of Nova Scotia 0.723% 10/18/13		4,900,000		4,912,827
Bank of Nova Scotia 0.781% 12/13/13		3,000,000		3,011,214
				9,926,007
Commercial Paper — 75.4%
7-Eleven (a) 0.121% 4/15/13		5,000,000		4,999,717
7-Eleven (a) 0.131% 4/19/13		5,500,000		5,499,583
Air Products & Chemicals, Inc. (a) 0.131% 4/17/13		10,500,000		10,499,280
Anheuser-Busch InBev Worldwide, Inc. (a) 0.170% 4/17/13		8,000,000		7,999,282
Anheuser-Busch InBev Worldwide, Inc. (a) 0.172% 4/26/13		2,500,000		2,499,669
Astrazeneca PLC (a) 0.121% 4/26/13		7,700,000		7,699,281
Baker Hughes, Inc. (a) 0.200% 4/12/13		4,000,000		3,999,689
Basin Electric Power Cooperative (a) 0.121% 5/08/13		10,000,000		9,998,667
BMW US Capital LLC (a) 0.142% 5/16/13		10,000,000		9,998,133
Caterpillar Financial Services Co. 0.120% 5/24/13		6,500,000		6,498,787
Caterpillar Financial Services Co. 0.152% 6/20/13		4,000,000		3,998,617
The Coca-Cola Co. (a) 0.142% 6/06/13		10,500,000		10,497,183
Dover Corp. (a) 0.120% 4/04/13		6,560,000		6,559,869
Export-Import Bank of Korea 0.240% 5/14/13		10,500,000		10,496,780
General Electric Capital Corp. 0.200% 5/01/13		10,000,000		9,998,167
Google, Inc. (a) 0.142% 7/09/13		10,500,000		10,495,835
Henkel Corp. (a) 0.121% 4/01/13		2,500,000		2,499,975
Henkel Corp. (a) 0.121% 4/02/13		8,000,000		7,999,893
Illinois Tool Works, Inc. (a) 0.111% 4/05/13		10,500,000		10,499,775

	Principal Amount		Value
McDonald’s Corp. (a) 0.100% 5/03/13	$	10,500,000	$	10,498,979
National Rural Utilities Cooperative Finance Corp. 0.140% 5/06/13		10,500,000		10,498,448
Nestle Capital Corp. (a) 0.172% 8/26/13		350,000		349,752
Nestle Capital Corp. (a) 0.203% 5/21/13		4,000,000		3,998,822
Nestle Capital Corp. (a) 0.274% 4/22/13		5,000,000		4,999,100
Nestle Capital Corp. (a) 0.315% 8/27/13		610,000		609,207
NSTAR Electric Co. 0.233% 4/03/13		10,500,000		10,499,665
Paccar Financial Corp. 0.140% 5/09/13		5,000,000		4,999,203
Paccar Financial Corp. 0.142% 6/04/13		5,000,000		4,998,697
Parker-Hannifin Corp. (a) 0.160% 4/24/13		10,500,000		10,498,787
Precision Castparts Corp. (a) 0.160% 5/02/13		3,400,000		3,399,486
Precision Castparts Corp. (a) 0.172% 4/08/13		7,000,000		6,999,669
Reckitt Benckiser Treasury Services PLC (a) 0.140% 5/14/13		10,500,000		10,498,122
Roche Holding, Inc. (a) 0.121% 5/13/13		10,500,000		10,498,425
Rockwell Automation, Inc. (a) 0.180% 4/11/13		10,500,000		10,499,317
Sigma-Aldrich Corp. (a) 0.111% 4/01/13		10,500,000		10,499,904
Unilever Capital Corp. (a) 0.160% 6/07/13		10,000,000		9,996,889
Union Bank NA 0.182% 4/25/13		2,000,000		1,999,730
Union Bank NA 0.182% 5/01/13		3,600,000		3,599,406
Union Bank NA 0.182% 7/01/13		4,900,000		4,897,697
United Healthcare Co. (a) 0.200% 4/01/13		10,500,000		10,499,825
Wal-Mart Stores, Inc. (a) 0.081% 4/09/13		10,500,000		10,499,743
Wisconsin Gas Co. 0.182% 4/03/13		7,750,000		7,749,806
Wisconsin Gas Co. 0.192% 4/04/13		2,750,000		2,749,913
				309,076,774

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

21

MassMutual Premier Money Market Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Corporate Debt — 4.9%
Berkshire Hathaway Finance Corp. FRN 0.635% 1/10/14	$	9,000,000	$	9,030,096
The Procter & Gamble Co., FRN 0.192% 2/14/14		3,000,000		2,999,567
The Procter & Gamble Co., FRN 0.215% 2/06/14		6,200,000		6,199,619
Texas Instruments, Inc. FRN 0.470% 5/15/13		2,000,000		2,000,740
				20,230,022
Discount Notes — 10.2%
Federal Home Loan Bank Discount Notes 0.100% 4/12/13		2,900,000		2,899,887
Federal Home Loan Bank Discount Notes 0.110% 4/12/13		2,000,000		1,999,915
Federal Home Loan Bank Discount Notes 0.130% 5/15/13		700,000		699,881
Federal Home Loan Bank Discount Notes 0.130% 6/26/13		1,000,000		999,679
Federal Home Loan Bank Discount Notes 0.130% 7/24/13		2,154,000		2,153,090
Federal Home Loan Bank Discount Notes 0.140% 6/19/13		700,000		699,777
Federal Home Loan Bank Discount Notes 0.150% 5/31/13		2,300,000		2,299,396
Federal Home Loan Bank Discount Notes 0.150% 6/19/13		1,000,000		999,658
Federal Home Loan Mortgage Corp. 0.115% 4/29/13		3,000,000		2,999,703
Federal Home Loan Mortgage Corp. 0.130% 4/22/13		414,000		413,964
Federal Home Loan Mortgage Corp. 0.130% 5/06/13		1,500,000		1,499,794
Federal Home Loan Mortgage Corp. 0.130% 5/13/13		800,000		799,870
Federal Home Loan Mortgage Corp. 0.130% 5/20/13		4,000,000		3,999,249
Federal Home Loan Mortgage Corp. 0.140% 4/23/13		1,030,000		1,029,900
Federal Home Loan Mortgage Corp. 0.150% 4/01/13		2,850,000		2,849,964
Federal Home Loan Mortgage Corp. 0.150% 10/15/13		1,100,000		1,099,083

	Principal Amount		Value
Federal National Mortgage Association 0.120% 4/24/13	$	1,500,000	$	1,499,870
Federal National Mortgage Association 0.135% 5/08/13		1,300,000		1,299,805
Federal National Mortgage Association 0.135% 5/29/13		5,000,000		4,998,856
Federal National Mortgage Association 0.135% 9/16/13		2,100,000		2,098,654
Federal National Mortgage Association 0.140% 7/31/13		173,000		172,917
Federal National Mortgage Association 0.145% 8/07/13		3,845,000		3,842,971
Federal National Mortgage Association 0.150% 10/01/13		284,000		283,780
				41,639,663
Time Deposits — 0.0%
Euro Time Deposit 0.010% 4/01/13		24,493		24,493
U.S. Treasury Bills — 1.1%
U.S. Treasury Bill 0.125% 4/25/13		4,600,000		4,599,565
U.S. Treasury Bonds & Notes — 9.1%
U.S. Treasury Note 0.125% 8/31/13		12,500,000		12,497,963
U.S. Treasury Note 0.625% 4/30/13		9,800,000		9,803,915
U.S. Treasury Note 0.750% 9/15/13		5,000,000		5,013,782
U.S. Treasury Note 1.250% 2/15/14		5,000,000		5,047,984
U.S. Treasury Note 1.750% 1/31/14		5,000,000		5,066,335
				37,429,979
TOTAL SHORT-TERM INVESTMENTS (Cost $422,926,503)				422,926,503
TOTAL INVESTMENTS — 103.1% (Cost $422,926,503) (b)				422,926,503
Other Assets/(Liabilities) —(3.1)%				(12,841,336	)
NET ASSETS — 100.0%			$	410,085,167

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

22

MassMutual Premier Money Market Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

FRN Floating Rate Note

(a) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, these securities amounted to a value of $226,091,858 or 55.13% of net assets.

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

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

23

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 65.2%
CORPORATE DEBT — 40.0%
Advertising — 0.3%
WPP Finance 8.000% 9/15/14	$	1,515,000	$	1,663,188
Agriculture — 0.1%
Bunge Ltd. Finance Corp. 3.200% 6/15/17		550,000		568,916
Auto Manufacturers — 0.3%
Volvo Treasury AB (a) 5.950% 4/01/15		1,475,000		1,601,910
Automotive & Parts — 0.2%
Lear Corp. 8.125% 3/15/20		911,000		1,015,765
Banks — 1.9%
Associated Banc-Corp. 1.875% 3/12/14		310,000		311,369
Capital One Financial Corp. 2.125% 7/15/14		300,000		304,692
Capital One Financial Corp. 7.375% 5/23/14		270,000		289,837
First Horizon National Corp. 5.375% 12/15/15		1,131,000		1,230,308
ICICI Bank Ltd. (a) 5.500% 3/25/15		4,130,000		4,386,874
Regions Financial Corp. 5.750% 6/15/15		209,000		226,786
Regions Financial Corp. 7.750% 11/10/14		2,500,000		2,756,200
				9,506,066
Beverages — 0.3%
Constellation Brands, Inc. 8.375% 12/15/14		1,385,000		1,532,156
Building Materials — 1.6%
CRH America, Inc. 5.300% 10/15/13		1,675,000		1,713,582
Lafarge North America, Inc. 6.875% 7/15/13		1,250,000		1,270,000
Lafarge SA (a) 6.200% 7/09/15		1,100,000		1,177,000
Masco Corp. 4.800% 6/15/15		1,090,000		1,147,789
Masco Corp. 7.125% 8/15/13		400,000		408,098
Owens Corning 6.500% 12/01/16		1,815,000		2,043,412
				7,759,881

	Principal Amount		Value
Chemicals — 1.8%
Cabot Corp. 5.000% 10/01/16	$	875,000	$	974,010
Incitec Pivot Ltd. (a) 4.000% 12/07/15		2,950,000		3,089,709
LyondellBasell Industries NV 5.000% 4/15/19		450,000		508,500
RPM International, Inc. 6.125% 10/15/19		850,000		997,984
RPM International, Inc. 6.250% 12/15/13		2,300,000		2,379,914
Yara International ASA (a) 5.250% 12/15/14		995,000		1,061,790
				9,011,907
Commercial Services — 0.7%
Brambles USA, Inc. (a) 3.950% 4/01/15		660,000		689,052
Donnelley (R.R.) & Sons Co. 5.500% 5/15/15		465,000		493,481
Equifax, Inc. 4.450% 12/01/14		2,280,000		2,400,471
				3,583,004
Computers — 0.5%
Affiliated Computer Services, Inc. 5.200% 6/01/15		1,145,000		1,227,227
Hewlett-Packard Co. 2.125% 9/13/15		370,000		375,118
Hewlett-Packard Co. 2.200% 12/01/15		675,000		688,234
				2,290,579
Distribution & Wholesale — 0.3%
Arrow Electronics, Inc. 3.000% 3/01/18		295,000		297,615
Arrow Electronics, Inc. 3.375% 11/01/15		935,000		970,819
Arrow Electronics, Inc. 4.500% 3/01/23		260,000		262,247
				1,530,681
Diversified Financial — 5.8%
Citigroup, Inc. 5.500% 10/15/14		320,000		341,470
Citigroup, Inc. 6.375% 8/12/14		2,270,000		2,432,693
CNH Capital LLC 3.875% 11/01/15		450,000		461,250
ERAC USA Finance LLC (a) 5.900% 11/15/15		1,000,000		1,120,811
Ford Motor Credit Co. 12.000% 5/15/15		580,000		700,726

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
Ford Motor Credit Co. LLC 2.750% 5/15/15	$	650,000	$	663,497
Ford Motor Credit Co. LLC 3.000% 6/12/17		550,000		564,070
Ford Motor Credit Co. LLC 3.875% 1/15/15		835,000		868,038
Ford Motor Credit Co. LLC 8.700% 10/01/14		1,125,000		1,242,735
The Goldman Sachs Group, Inc. 1.600% 11/23/15		655,000		660,998
The Goldman Sachs Group, Inc. 3.300% 5/03/15		1,500,000		1,563,789
The Goldman Sachs Group, Inc. 5.150% 1/15/14		1,075,000		1,112,644
The Goldman Sachs Group, Inc. 6.000% 5/01/14		675,000		711,489
Hyundai Capital America (a) 3.750% 4/06/16		2,315,000		2,455,314
International Lease Finance Corp. 3.875% 4/15/18		270,000		269,325
International Lease Finance Corp. 5.625% 9/20/13		300,000		305,250
International Lease Finance Corp. 5.750% 5/15/16		805,000		869,400
Janus Capital Group, Inc. 6.700% 6/15/17		925,000		1,058,864
JP Morgan Chase & Co. 3.450% 3/01/16		2,365,000		2,514,388
JPMorgan Chase & Co. 5.125% 9/15/14		2,300,000		2,439,803
Lazard Group LLC 6.850% 6/15/17		490,000		563,374
Lazard Group LLC 7.125% 5/15/15		805,000		890,487
Merrill Lynch & Co., Inc. 6.050% 5/16/16		2,025,000		2,251,356
Morgan Stanley 2.875% 7/28/14		1,500,000		1,533,055
Morgan Stanley 6.000% 4/28/15		950,000		1,034,821
				28,629,647
Electric — 2.2%
Ameren Corp. 8.875% 5/15/14		3,511,000		3,790,988
CMS Energy Corp. 2.750% 5/15/14		1,575,000		1,601,106
IPALCO Enterprises, Inc. 5.000% 5/01/18		900,000		972,000
Ipalco Enterprises, Inc. (a) 7.250% 4/01/16		3,005,000		3,373,112
Kansas Gas & Electric Co. 5.647% 3/29/21		341,451		381,451

	Principal Amount		Value
Kiowa Power Partners LLC (a) 4.811% 12/30/13	$	47,964	$	48,335
Tenaska Oklahoma I LP (a) 6.528% 12/30/14		104,291		106,589
Tri-State Generation & Transmission Association, Series 2003, Class A (a) 6.040% 1/31/18		310,667		341,535
				10,615,116
Electronics — 0.6%
Avnet, Inc. 5.875% 3/15/14		1,890,000		1,973,642
Avnet, Inc. 6.625% 9/15/16		595,000		676,606
Jabil Circuit, Inc. 7.750% 7/15/16		410,000		472,012
				3,122,260
Engineering & Construction — 0.1%
BAA Funding Ltd. (a) 2.500% 6/25/17		465,000		478,806
Foods — 0.5%
TreeHouse Foods, Inc. 7.750% 3/01/18		875,000		948,281
Tyson Foods, Inc. 6.600% 4/01/16		1,360,000		1,557,875
				2,506,156
Forest Products & Paper — 0.2%
Domtar Corp. 7.125% 8/15/15		750,000		833,303
Gas — 0.1%
Southern Union Co. VRN 3.316% 5/13/13		575,000		504,563
Hand & Machine Tools — 0.1%
Kennametal, Inc. 2.650% 11/01/19		350,000		349,891
Health Care – Products — 0.3%
Boston Scientific Corp. 4.500% 1/15/15		1,265,000		1,341,979
Health Care – Services — 0.2%
WellPoint, Inc. 1.875% 1/15/18		1,055,000		1,068,512
Holding Company – Diversified — 0.5%
Leucadia National Corp. 7.000% 8/15/13		460,000		468,338
Leucadia National Corp. 8.125% 9/15/15		1,700,000		1,927,375
				2,395,713
Home Furnishing — 0.2%
Sealy Mattress Co. (a) 10.875% 4/15/16		932,000		985,599

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
Whirlpool Corp. 8.600% 5/01/14	$	135,000	$	145,899
				1,131,498
Housewares — 0.1%
Newell Rubbermaid, Inc. 2.000% 6/15/15		300,000		305,220
Insurance — 1.0%
American International Group, Inc. 3.000% 3/20/15		1,750,000		1,815,599
American International Group, Inc. 3.650% 1/15/14		120,000		122,798
Genworth Financial, Inc. 5.750% 6/15/14		2,325,000		2,437,827
The Hartford Financial Services Group, Inc. 4.000% 3/30/15		515,000		544,279
				4,920,503
Investment Companies — 0.2%
Xstrata Finance Canada (a) 2.850% 11/10/14		550,000		563,690
Xstrata Finance Canada Ltd. (a) 1.800% 10/23/15		500,000		505,682
				1,069,372
Iron & Steel — 1.1%
ArcelorMittal 4.250% 2/25/15		1,500,000		1,550,625
ArcelorMittal 9.500% 2/15/15		1,290,000		1,457,700
Commercial Metals Co. 5.625% 11/15/13		1,750,000		1,793,750
Reliance Steel & Aluminum Co. 6.200% 11/15/16		499,000		556,333
				5,358,408
Leisure Time — 0.5%
Harley-Davidson Financial Services, Inc. (a) 3.875% 3/15/16		2,300,000		2,469,880
Lodging — 0.3%
Hyatt Hotels Corp. (a) 5.750% 8/15/15		240,000		260,719
Wynn Las Vegas LLC 7.750% 8/15/20		975,000		1,093,219
				1,353,938
Machinery – Diversified — 0.2%
Roper Industries, Inc. 1.850% 11/15/17		1,125,000		1,134,205
Manufacturing — 1.4%
Harsco Corp 2.700% 10/15/15		625,000		630,869

	Principal Amount		Value
Ingersoll-Rand Global Holding Co. Ltd. 9.500% 4/15/14	$	1,779,000	$	1,933,159
Textron, Inc. 6.200% 3/15/15		2,500,000		2,723,130
Tyco Electronics Group SA 6.550% 10/01/17		1,461,000		1,747,114
				7,034,272
Media — 0.2%
Globo Comunicacao e Participacoes SA (a) 4.875% 4/11/22		600,000		648,300
Scholastic Corp. 5.000% 4/15/13		575,000		575,725
				1,224,025
Metal Fabricate & Hardware — 0.1%
The Timken Co. 6.000% 9/15/14		335,000		356,410
Mining — 0.8%
Vale Overseas Ltd. 6.250% 1/11/16		3,330,000		3,723,669
Office Equipment/Supplies — 0.5%
Pitney Bowes Inc, Series MTN 4.750% 1/15/16		300,000		315,350
Xerox Corp. 4.250% 2/15/15		250,000		263,336
Xerox Corp. 8.250% 5/15/14		1,755,000		1,893,727
				2,472,413
Oil & Gas — 1.1%
Chesapeake Energy Corp. 9.500% 2/15/15		660,000		745,800
Chesapeake Energy Corp., Convertible 2.250% 12/15/38		105,000		93,187
Chesapeake Energy Corp., Convertible 2.500% 5/15/37		1,065,000		1,020,403
Newfield Exploration Co. 6.875% 2/01/20		550,000		589,875
Petrobras International Finance Co. 2.875% 2/06/15		1,900,000		1,939,450
Transocean, Inc. 4.950% 11/15/15		925,000		1,000,837
				5,389,552
Oil & Gas Services — 0.3%
Superior Energy Services, Inc. 7.125% 12/15/21		555,000		620,906
Weatherford International Ltd. 4.500% 4/15/22		300,000		309,030
Weatherford International Ltd. 5.500% 2/15/16		600,000		655,154
				1,585,090

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
Packaging & Containers — 0.1%
Rock Tenn Co. 3.500% 3/01/20	$	650,000	$	664,464
Pharmaceuticals — 0.9%
AbbVie, Inc. (a) 1.750% 11/06/17		500,000		506,081
Express Scripts Holding Co. 2.100% 2/12/15		2,500,000		2,553,940
Mylan, Inc. (a) 7.625% 7/15/17		340,000		377,961
Mylan, Inc. (a) 7.875% 7/15/20		950,000		1,108,570
				4,546,552
Pipelines — 0.3%
Enogex LLC (a) 6.875% 7/15/14		930,000		979,255
Gulf South Pipeline Co. LP (a) 5.050% 2/01/15		275,000		293,841
				1,273,096
Real Estate — 2.2%
Colonial Realty LP 6.250% 6/15/14		2,225,000		2,350,274
ProLogis LP 5.625% 11/15/15		2,090,000		2,293,618
ProLogis LP, Series A 5.750% 4/01/16		2,000,000		2,222,858
ProLogis LP 5.900% 8/15/13		1,350,000		1,373,072
Regency Centers LP 5.250% 8/01/15		2,220,000		2,409,910
				10,649,732
Real Estate Investment Trusts (REITS) — 4.8%
American Tower Corp. 4.625% 4/01/15		2,430,000		2,591,247
Boston Properties LP 5.625% 4/15/15		3,000,000		3,278,829
DDR Corp 9.625% 3/15/16		145,000		176,732
Developers Diversified Realty Corp. 5.500% 5/01/15		1,995,000		2,155,657
Duke Realty LP 5.950% 2/15/17		1,494,000		1,709,194
Duke Realty LP 8.250% 8/15/19		550,000		712,300
Federal Realty Investment Trust 6.200% 1/15/17		2,100,000		2,435,992
HCP, Inc. 6.000% 1/30/17		1,450,000		1,678,455
Highwoods Realty LP 5.850% 3/15/17		710,000		796,505

	Principal Amount		Value
Host Hotels & Resorts LP 9.000% 5/15/17	$	200,000	$	210,750
Kimco Realty Corp. 5.190% 10/01/13		750,000		765,822
Realty Income Corp. 2.000% 1/31/18		205,000		206,335
Realty, Inc. 5.950% 9/15/16		1,750,000		2,007,428
UDR, Inc. 5.250% 1/15/15		1,650,000		1,763,096
UDR, Inc. 5.250% 1/15/16		1,500,000		1,646,100
UDR, Inc. 6.050% 6/01/13		800,000		806,766
Ventas Realty LP/Ventas Capital Corp. 3.125% 11/30/15		500,000		528,531
				23,469,739
Retail — 0.5%
Best Buy Co., Inc. 7.250% 7/15/13		550,000		558,250
Macy’s Retail Holdings, Inc. 5.750% 7/15/14		1,681,000		1,783,070
Macy’s Retail Holdings, Inc. 7.450% 7/15/17		250,000		307,329
				2,648,649
Savings & Loans — 0.5%
Glencore Funding LLC (a) 6.000% 4/15/14		2,325,000		2,435,407
Software — 0.4%
ManTech International Corp. 7.250% 4/15/18		1,250,000		1,325,000
Oracle Corp. 1.200% 10/15/17		600,000		600,660
				1,925,660
Telecommunications — 2.2%
CenturyLink, Inc. 5.000% 2/15/15		1,910,000		2,015,123
CenturyLink, Inc. 5.500% 4/01/13		390,000		390,000
Frontier Communications Corp. 7.875% 4/15/15		675,000		770,344
MetroPCS Wireless, Inc. 7.875% 9/01/18		139,000		151,857
Qwest Corp. 8.375% 5/01/16		975,000		1,151,466
Telecom Italia Capital 5.250% 10/01/15		650,000		685,762
Telecom Italia Capital 6.175% 6/18/14		1,690,000		1,768,027
Telefonica Emisiones SAU 2.582% 4/26/13		760,000		760,749

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
Virgin Media Finance PLC 8.375% 10/15/19	$	822,000	$	918,585
Virgin Media Secured Finance PLC 6.500% 1/15/18		2,270,000		2,417,550
				11,029,463
Transportation — 0.8%
Asciano Finance (a) 3.125% 9/23/15		2,485,000		2,560,238
Ryder System, Inc. 2.500% 3/01/18		1,295,000		1,327,966
				3,888,204
Trucking & Leasing — 0.7%
GATX Corp. 3.500% 7/15/16		105,000		111,202
GATX Corp. 8.750% 5/15/14		695,000		753,047
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) 2.500% 7/11/14		1,910,000		1,940,121
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) 3.125% 5/11/15		550,000		569,078
				3,373,448
TOTAL CORPORATE DEBT (Cost $192,986,676)				197,342,868
MUNICIPAL OBLIGATIONS — 0.7%
Louisiana State Public Facilities Authority FRN 0.801% 4/26/27		500,000		505,070
North Carolina State Education Assistance Authority FRN 1.201% 1/26/26		800,000		807,016
North Carolina State Education Assistance Authority Student Loan Revenue Bonds FRN 0.751% 1/25/21		263,133		263,483
State of California 5.950% 4/01/16		245,000		280,611
State of Illinois 5.365% 3/01/17		1,200,000		1,338,216
				3,194,396
TOTAL MUNICIPAL OBLIGATIONS (Cost $3,002,075)				3,194,396

	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 18.8%
Automobile ABS — 2.6%
American Credit Acceptance Receivables Trust, Series 2012-2, Class A (a) 1.890% 7/15/16	$	763,113	$	768,089
AmeriCredit Automobile Receivables Trust, Series 2011-3, Class A2 0.840% 11/10/14		15,756		15,757
ARI Fleet Lease Trust, Series 2012-A, Class A FRN (a) 0.753% 3/15/20		553,473		552,948
Avis Budget Rental Car Funding AESOP LLC, Series 2011-1A, Class A (a) 1.850% 11/20/14		290,000		292,123
Avis Budget Rental Car Funding AESOP LLC, Series 2012-1A, Class A (a) 2.054% 8/20/16		800,000		817,454
California Republic Auto Receivables Trust, Series 2012-1, Class A (a) 1.180% 8/15/17		789,697		788,820
Chesapeake Funding LLC, Series 2012-1A, Class A FRN (a) 0.953% 11/07/23		1,050,000		1,054,591
Chesapeake Funding LLC, Series 2009-2A, Class A FRN (a) 1.953% 9/15/21		1,372,234		1,380,852
Credit Acceptance Auto Loan Trust, Series 2012-1A, Class A (a) 2.200% 9/16/19		1,000,000		1,015,059
Enterprise Fleet Financing LLC, Series 2012-1, Class A2 (a) 1.140% 11/20/17		1,053,942		1,059,425
Enterprise Fleet Financing LLC, Series 2011-2, Class A2 (a) 1.430% 10/20/16		738,277		740,382
Enterprise Fleet Financing LLC, Series 2011-3, Class A2 (a) 1.620% 5/20/17		418,062		420,691
First Investors Auto Owner Trust, Series 2011-1, Class A2 (a) 1.470% 3/16/15		17,988		17,993
First Investors Auto Owner Trust, Series 2012-2A, Class A2 (a) 1.470% 5/15/18		478,960		483,862
First Investors Auto Owner Trust, Series 2012-1A, Class A2 (a) 1.960% 11/15/17		369,108		372,159
Hertz Vehicle Financing LLC, Series 2010-1A, Class A2 (a) 3.740% 2/25/17		450,000		483,003
Hertz Vehicle Financing LLC, Series 2009-2A, Class A2 (a) 5.290% 3/25/16		300,000		324,083

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

28

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

	Principal Amount		Value
LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A (a) 2.550% 9/15/16	$	129,025	$	129,747
Prestige Auto Receivables Trust, Series 2012-1A, Class A2 (a) 1.230% 12/15/15		952,159		954,009
Rental Car Finance Corp., Series 2011-1A, Class A1 (a) 2.510% 2/25/16		340,000		348,997
Santander Consumer Acquired Receivables Trust, Series 2011-WO, Class A3 (a) 1.400% 10/15/14		114,807		114,847
Wheels SPV LLC, Series 2012-1, Class A2 (a) 1.190% 3/20/21		739,420		744,219
				12,879,110
Commercial MBS — 4.8%
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4 VRN 5.754% 2/10/51		825,000		954,885
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class A4 VRN 6.194% 2/10/51		1,275,000		1,529,171
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class A4 5.201% 12/11/38		750,000		847,144
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class AM 5.243% 12/11/38		500,000		537,865
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2 5.330% 1/12/45		59,752		60,919
Bear Stearns Commercial Mortgage Securities, Series 2006-T22, Class AAB VRN 5.581% 4/12/38		722,913		742,785
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4 VRN 5.694% 6/11/50		700,000		816,665
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class A4 5.700% 6/11/50		625,000		730,893
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class AM VRN 5.757% 9/11/38		900,000		993,903
COMM 2007-C9 Mortgage Trust, Series 2007-C9, Class A4 VRN 5.800% 12/10/49		1,055,000		1,240,948

	Principal Amount		Value
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class AM VRN 5.773% 6/10/46	$	400,000	$	431,977
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C1, Class A4 VRN 4.750% 1/15/37		766,805		784,056
DBUBS Mortgage Trust, Series 2011-LC3A, Class A1 2.238% 8/10/44		441,907		447,802
DBUBS Mortgage Trust, Series 2011-LC2A, Class A2 (a) 3.386% 7/10/44		525,000		562,141
DBUBS Mortgage Trust, Series 2011-LC1A, Class A1 (a) 3.742% 11/10/46		906,871		973,162
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4 VRN 5.866% 7/10/38		1,122,000		1,266,099
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 5.429% 12/12/43		1,200,000		1,338,130
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4 5.700% 9/12/49		825,000		954,147
Morgan Stanley Capital I, Series 2005-T19, Class AAB 4.852% 6/12/47		371,334		378,475
Morgan Stanley Capital I, Series 2006-IQ12, Class AM 5.370% 12/15/43		450,000		496,610
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 5.610% 4/15/49		723,337		732,134
Morgan Stanley Capital I, Series 2008-T29, Class A4 VRN 6.275% 1/11/43		400,000		484,102
Morgan Stanley Capital I Trust, Series 2012-C4, Class A2 2.111% 3/15/45		575,000		595,058
STRIPs Ltd., Series 2012-1A, Class A (a) 1.500% 12/25/44		671,185		663,349
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ VRN 5.539% 8/15/39		450,000		491,814
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3 VRN 5.539% 8/15/39		651,883		683,344

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

29

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

	Principal Amount		Value
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 5.509% 4/15/47	$	1,450,000	$	1,656,229
Wells Fargo Reremic Trust, Series 2012-IO, Class A (a) 1.750% 8/20/21		603,613		604,180
WF-RBS Commercial Mortgage Trust, Series 2012-C10, Class A2 1.765% 12/15/45		880,000		896,273
WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class A2 (a) 3.240% 3/15/44		400,000		425,463
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2 (a) 3.791% 2/15/44		475,000		510,697
				23,830,420
Home Equity ABS — 2.5%
ACE Securities Corp., Series 2005-AG1, Class A1B1 FRN 0.474% 8/25/35		330,823		323,766
ACE Securities Corp., Series 2005-ASP1, Class A2D FRN 0.554% 9/25/35		289,400		287,176
Ameriquest Mortgage Securities, Inc., Series 2005-R5, Class A2C FRN 0.564% 7/25/35		196,705		194,185
Ameriquest Mortgage Securities, Inc., Series 2004-R11, Class A2 FRN 0.574% 11/25/34		257,529		255,699
Asset-Backed Funding Certificates, Series 2005-WMC1, Class M1 FRN 0.864% 6/25/35		440,351		432,663
Bayview Financial Acquisition Trust, Series 2004-D, Class A FRN 0.789% 8/28/44		62,530		62,362
Bear Stearns Asset-Backed Securities Trust, Series 2005-HE4, Class M1 FRN 0.634% 4/25/35		82,000		81,402
Carrington Mortgage Loan Trust, Series 2006-RFC1, Class A2 FRN 0.304% 5/25/36		694		694
Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A2 FRN 0.314% 7/25/36		184,665		181,799
Citigroup Mortgage Loan Trust, Inc., Series 2003-HE4, Class A FRN (a) 0.614% 12/25/33		134,778		134,809
Citigroup Mortgage Loan Trust, Inc., Series 2005-OPT4, Class M2 FRN 1.000% 7/25/35		295,000		282,287

	Principal Amount		Value
Countrywide Asset-Backed Certificates, Series 2006-BC1, Class 2A2 FRN 0.384% 4/25/36	$	50,222	$	50,104
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A FRN 0.434% 9/25/34		83,223		82,958
Credit-Based Asset Servicing and Securitization LLC, Series 2006-RP2, Class A2 FRN (a) 0.494% 7/25/36		687,830		680,450
First Frankin Mortgage Loan Trust, Series 2005-FF6, Class M1 FRN 0.624% 5/25/36		500,000		473,511
Fremont Home Loan Trust, Series 2005-E, Class 2A3 FRN 0.444% 1/25/36		334,692		324,567
GSAMP Trust, Series 2005-WMC1, Class A4 FRN 0.584% 9/25/35		202,087		201,669
GSAMP Trust, Series 2005-AHL, Class M1 FRN 0.634% 4/25/35		304,764		285,895
Home Equity Asset Trust, Series 2006-4, Class 2A3 FRN 0.374% 8/25/36		287,964		280,673
Home Equity Asset Trust, Series 2006-3, Class 2A3 FRN 0.384% 7/25/36		215,934		215,294
Home Equity Asset Trust, Series 2005-4, Class M2 FRN 0.644% 10/25/35		472,590		460,980
HSBC Home Equity Loan Trust, Series 2005-1, Class M FRN 0.733% 1/20/34		575,241		501,902
Lake Country Mortgage Loan Trust, Series 2005-HE1, Class M1 FRN (a) 0.984% 12/25/32		568,451		541,411
Long Beach Mortgage Loan Trust, Series 2005-3, Class 2A2 FRN 0.484% 8/25/45		3,044		3,015
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2 FRN 0.754% 6/25/35		998,739		931,988
Long Beach Mortgage Loan Trust, Series 2005-1, Class M1 FRN 0.954% 2/25/35		244,979		241,167
Merrill Lynch Mortgage Synthetic, Series 2005-ACR1, Class M1 FRN (a) 0.939% 6/28/35		780,066		734,908
Morgan Stanley Capital, Inc., Series 2005-WMC6, Class M2 FRN 0.704% 7/25/35		685,000		660,052

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

30

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

	Principal Amount		Value
New Century Home Equity Loan Trust, Series 2005-2, Class A2C FRN 0.504% 6/25/35	$	431,665	$	431,107
New Century Home Equity Loan Trust, Series 1997-NC5, Class A6 STEP 7.200% 10/25/28		605		643
Nomura Home Equity Loan, Inc., Series 2005-FM1, Class M1 FRN 0.674% 5/25/35		293,272		284,803
Park Place Securities, Inc., Series 2005-WCW3, Class A2C FRN 0.584% 8/25/35		524,804		517,125
Park Place Securities, Inc., Series 2005-WHQ1, Class M2 FRN 0.704% 3/25/35		439,210		424,245
RAAC Series, Series 2005-RP1, Class M1 FRN (a) 0.754% 7/25/37		35,393		35,266
RAMP Series, Series 2005-EFC4, Class M1 FRN 0.614% 9/25/35		1,010,000		975,657
Residential Asset Securities Corp., Series 2006-KS2, Class A3 FRN 0.394% 3/25/36		267,331		265,704
Residential Asset Securities Corp., Series 2005-KS12, Class A2 FRN 0.454% 1/25/36		147,531		146,757
Specialty Underwriting & Residential Finance, Series 2005-AB1, Class A1C FRN 0.544% 3/25/36		219,384		217,658
Structured Asset Investment Loan Trust, Series 2005-7, Class A5 FRN 0.564% 8/25/35		395,983		392,707
Truman Capital Mortgage Loan Trust, Series 2004-2, Class A2 FRN (a) 0.754% 12/25/32		19,050		19,037
				12,618,095
Manufactured Housing ABS — 0.1%
Vanderbilt Mortgage Finance, Series 2000-B, Class IIA1 FRN 0.463% 7/07/30		281,165		247,120
Other ABS — 3.6%
ARL First LLC, Series 2012-1A, Class A1 FRN (a) 1.953% 12/15/42		487,959		498,023
CLI Funding LLC, Series 2006-1A, Class A FRN (a) 0.383% 8/18/21		992,305		977,485
CLI Funding LLC, Series 2013-1A (a) 2.830% 3/18/28		490,000		490,341

	Principal Amount		Value
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Class A2 (a) 5.216% 1/25/42	$	635,325	$	720,507
Drug Royalty Corp., Inc., Series 2012-1, Class A1 FRN (a) 5.554% 7/15/24		848,205		873,842
Drug Royalty II LP, Series 2012-1, Class A1 FRN (a) 4.304% 1/15/25		615,440		615,440
Great America Leasing Receivables, Series 2012-1, Class A2 (a) 0.950% 3/17/14		678,000		678,584
Hercules Capital Funding Trust, Series 2012-1A, Class A (a) 3.320% 12/16/17		742,777		746,027
HFG Healthco-4 LLC, Series 2011-1A, Class A FRN (a) 2.454% 6/02/17		575,000		585,971
Icon Brands Holdings LLC, Series 2012-1A, Class A (a) 4.229% 1/25/43		260,000		274,193
Leaf II Receivables Funding LLC, Series 2012-1, Class A2 (a) 0.810% 12/15/15		1,250,000		1,250,000
Marriott Vacation Club Owner Trust, Series 2009-2A, Class A (a) 4.809% 7/20/31		948,585		990,894
New York City Tax Lien, Series 2012-AA, Class A (a) 1.230% 11/10/25		464,518		465,136
New York City Tax Lien, Series 2011-AA, Class A (a) 1.990% 12/10/24		123,546		123,692
Newport Waves CDO (Acquired 3/30/07, Cost $1,598,144), Series 2007-1A, Class A3LS FRN (a) (b) 0.880% 6/20/14		1,600,000		1,529,760
PFS Financing Corp., Series 2011-BA, Class A FRN (a) 1.703% 10/17/16		750,000		758,599
Sierra Receivables Funding Co. LLC, Series 2007-1A, Class A2 FRN (a) 0.353% 3/20/19		240,568		238,264
Sierra Receivables Funding Co. LLC, Series 2007-2A, Class A2 FRN (a) 1.203% 9/20/19		500,217		496,556
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (a) 2.840% 11/20/28		423,348		432,447
Sierra Receivables Funding Co. LLC, Series 2011-3A, Class A (a) 3.370% 7/20/28		275,335		284,842

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

31

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

	Principal Amount		Value
SVO VOI Mortgage LLC, Series 2010-AA, Class A (a) 3.650% 7/20/27	$	306,527	$	317,998
Tax Liens Securitization Trust, Series 2010-1A, Class 1A2 (a) 2.000% 4/15/18		5,946		5,954
Textainer Marine Containers Ltd., Series 2005-1A, Class A FRN (a) 0.450% 5/15/20		283,833		280,955
Textainer Marine Containers Ltd., Series 2012-1A, Class A (a) 4.210% 4/15/27		635,833		662,871
Trafigura Securitisation Finance PLC, Series 2012-1A, Class A FRN (a) 2.603% 10/15/15		340,000		346,687
Trip Rail Master Funding LLC, Series 2011-1A, Class A1B FRN (a) 2.703% 7/15/41		940,217		959,905
Triton Container Finance LLC, Series 2006-1A FRN (a) 0.370% 11/26/21		1,244,833		1,217,731
Triton Container Finance LLC, Series 2012-1A, Class A, ABS, 144A (a) 4.210% 5/14/27		770,000		793,825
				17,616,529
Student Loans ABS — 4.4%
Access Group, Inc., Series 2007-A, Class A2 FRN 0.418% 8/25/26		225,089		219,604
Access Group, Inc., Series 2002-1, Class A2 FRN 0.464% 9/25/25		69,149		69,052
Access Group, Inc., Series 2003-1, Class A2 FRN 0.544% 12/27/16		548,108		546,467
Access Group, Inc., Series 2002-1, Class A4 VRN 1.704% 9/01/37		400,000		347,833
Brazos Higher Education Authority, Series 2005-1, Class 1A2 FRN 0.363% 12/26/18		291,200		290,909
College Loan Corp. Trust, Series 2004-1, Class A3 FRN 0.461% 4/25/21		11,656		11,427
College Loan Corp. Trust, Series 2007-1, Class B2 FRN 1.704% 1/25/47		1,075,000		924,500
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A2 FRN 0.374% 12/28/21		655,786		654,431

	Principal Amount		Value
Education Funding Capital Trust I, Series 2004-1, Class A2 FRN 0.440% 12/15/22	$	644,804	$	643,196
Education Funding Capital Trust I, Series 2004-1, Class A4 FRN 1.702% 6/15/43		650,000		643,500
Education Funding Capital Trust I, Series 2004-1, Class A6 FRN 1.704% 6/15/43		450,000		412,029
Education Funding Capital Trust I, Series 2004-1, Class B1 FRN 1.950% 6/15/43		300,000		232,675
GCO Education Loan Funding Trust, Series 2006-2A, Class A2L FRN (a) 0.388% 8/25/25		1,824,186		1,816,056
Goal Capital Funding Trust, Series 2006-1, Class A3 FRN 0.408% 11/25/26		600,000		590,205
KeyCorp Student Loan Trust, Series 2004-A, Class 2A2 FRN 1.000% 10/28/41		611,886		603,599
Montana Higher Education Student Assistance Corp., Series 2012-1, Class A1 FRN 0.803% 9/20/22		454,986		456,381
National Collegiate Student Loan Trust, Series 2006-3, Class A2 FRN 0.314% 3/25/26		367,788		366,099
Nelnet Education Loan Funding, Inc., Series 2004-2A, Class A5B FRN 1.028% 2/25/39		100,000		90,627
Nelnet Education Loan Funding, Inc., Series 2004-2A, Class A5C FRN 1.028% 2/25/39		150,000		135,941
Nelnet Student Loan Trust, Series 2010-4A, Class A FRN (a) 1.004% 4/25/46		315,605		319,954
Northstar Education Finance, Inc., Series 2005-1, Class A1 FRN 0.401% 10/28/26		440,445		439,076
Northstar Education Finance, Inc., Series 2004-2 FRN 0.420% 4/28/16		452,508		452,183
Northstar Education Finance, Inc., Series 2006-A, Class A3 FRN 0.497% 5/28/26		435,341		431,161
Pennsylvania Higher Education Assistance Agency, Series 2005-1, Class A2 FRN 0.381% 1/25/18		614,860		614,108
SLC Student Loan Trust, Series 2006-A, Class A4 FRN 0.424% 1/15/19		1,111,506		1,107,251

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

32

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

	Principal Amount		Value
SLC Student Loan Trust, Series 2006-A, Class A5 FRN 0.474% 7/15/36	$	1,810,000	$	1,705,991
SLM Student Loan Trust, Series 2003-10A, Class A1F FRN (a) 0.600% 12/15/16		600,000		600,000
SLM Student Loan Trust, Series 2003-11, Class B FRN 0.930% 12/15/38		790,808		702,739
SLM Student Loan Trust, Series 2012-B, Class A1 FRN (a) 1.303% 12/15/21		524,634		527,686
SLM Student Loan Trust, Series 2012-C, Class A1 FRN (a) 1.303% 8/15/23		606,879		611,069
SLM Student Loan Trust, Series 2012-A, Class A1 FRN (a) 1.603% 8/15/25		534,498		541,308
SLM Student Loan Trust, Series 2003-10A, Class A1H FRN (a) 1.692% 12/15/16		500,000		500,000
SLM Student Loan Trust, Series 2003-10A, Class A1D FRN (a) 1.693% 12/15/16		150,000		150,000
SLM Student Loan Trust, Series 2003-10A, Class A1G FRN (a) 1.693% 12/15/16		125,000		125,000
SLM Student Loan Trust, Series 2003-10A, Class A1A FRN (a) 1.694% 12/15/16		950,000		950,000
SLM Student Loan Trust, Series 2010-C, Class A1 FRN (a) 1.853% 12/15/17		557,191		559,823
SLM Student Loan Trust, Series 2003-5, Class A7 FRN 2.500% 6/17/30		100,000		100,000
SLM Student Loan Trust, Series 2003-10A, Class B FRN (a) 3.370% 12/17/46		350,000		280,000
SMS Student Loan Trust, Series 2000-A, Class A2 FRN 0.491% 10/28/28		209,469		208,949
South Carolina Student Loan Corp., Series 2010-1, Class A1 FRN 0.751% 1/25/21		438,205		438,841
Wachovia Student Loan Trust, Series 2005-1, Class A4 FRN 0.411% 7/27/20		224,832		224,587
Wells Fargo Student Loan Trust, Series 2001-1, Class A2 FRN 0.468% 5/25/30		970,206		970,182
				21,614,439

	Principal Amount		Value
WL Collateral CMO — 0.7%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7 FRN 3.127% 8/25/34	$	208,946	$	199,857
Capital Automotive REIT, Series 2012-1A, Class A (a) 4.700% 7/15/42		534,968		539,028
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1 FRN 2.905% 2/25/34		41,412		41,740
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1 FRN 3.148% 9/25/33		20,241		17,742
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1 FRN 2.717% 8/25/34		30,136		28,685
Harborview Mortgage Loan Trust, Series 2006-12, Class 2A2A FRN 0.393% 1/19/38		740,939		585,338
Impac Secured Assets CMN Owner Trust, Series 2007-2, Class 1A1A FRN 0.314% 5/25/37		784,241		472,422
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A FRN 2.534% 8/25/34		124,255		102,587
Merrill Lynch Mortgage Investors, Inc., Series 2005-A8, Class A3A2 FRN 0.454% 8/25/36		221,699		204,789
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IIA2 FRN 2.636% 2/25/34		319,280		329,957
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA FRN 2.696% 7/25/33		7,185		7,329
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA FRN 2.898% 2/25/34		14,167		14,942
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A FRN 2.679% 2/25/34		624		643
Morgan Stanley Reremic Trust, Series 2011-IO, Class A (a) 2.500% 3/23/51		487,233		492,105
Opteum Mortgage Acceptance Corp., Series 2005-3, Class A1B FRN 0.464% 7/25/35		137,080		134,013
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A FRN 2.692% 3/25/34		85,344		85,332
Washington Mutual, Inc., Series 2004-AR2, Class A FRN 1.577% 4/25/44		200,564		201,078
				3,457,587

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

33

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

	Principal Amount		Value
WL Collateral PAC — 0.1%
Structured Asset Securities Corp., Series 2007-BC4, Class A3 FRN 0.454% 11/25/37	$	483,467	$	473,800
Structured Asset Securities Corp., Series 2002-11A, Class 2A1 FRN 2.923% 6/25/32		52,938		46,467
				520,267
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $91,497,248)				92,783,567
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 5.6%
Pass-Through Securities — 5.6%
Federal Home Loan Mortgage Corp. Pool #1Q0239 2.423% 3/01/37		1,001,727		1,077,169
Pool #E00856 7.500% 6/01/15		3,604		3,791
Federal National Mortgage Association Pool #725692 2.300% 10/01/33		243,288		257,510
Pool #888586 2.369% 10/01/34		524,898		557,199
Pool #775539 2.662% 5/01/34		240,050		252,461
Pool #AO8629 3.500% 7/01/42		3,056,756		3,228,937
Pool #AP6609 3.500% 9/01/42		1,148,623		1,213,323
Pool #735925 5.000% 10/01/35		823,774		894,117
Pool #745275 5.000% 2/01/36		2,492,545		2,701,490
Pool #745515 5.000% 5/01/36		633,983		687,129
Pool #684154 5.500% 2/01/18		20,027		21,593
Pool #702331 5.500% 5/01/18		313,949		338,892
Pool #725796 5.500% 9/01/19		1,502,988		1,636,131
Pool #844564 5.500% 12/01/20		308,739		335,960
Federal National Mortgage Association TBA
Pool #299 2.500% 8/01/27 (c)		4,715,000		4,891,444
Pool #3649 3.500% 1/01/42 (c)		500,000		526,602
Pool #45487 5.500% 1/01/35 (c)		3,300,000		3,596,227

	Principal Amount		Value
Government National Mortgage Association
Pool #82488 3.000% 3/20/40	$	672,813	$	702,429
Pool #707760 4.500% 6/15/41		1,195,262		1,306,384
Pool #507545 7.500% 8/15/29		35,523		42,028
Government National Mortgage Association II FRN Pool #82462 3.500% 1/20/40		610,294		645,551
Government National Mortgage Association TBA
Pool #8299 4.500% 7/01/39 (c)		340,000		371,716
Pool #20274 6.000% 8/01/35 (c)		2,000,000		2,251,250
				27,539,333
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $27,273,605)				27,539,333
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bonds & Notes — 0.1%
U.S. Treasury Note (d) 0.125% 12/31/13		75,000		74,988
U.S. Treasury Note (d) 1.500% 8/31/18		275,000		284,303
				359,291
TOTAL U.S. TREASURY OBLIGATIONS (Cost $358,645)				359,291
TOTAL BONDS & NOTES (Cost $315,118,249)				321,219,455
TOTAL LONG-TERM INVESTMENTS (Cost $315,118,249)				321,219,455
SHORT-TERM INVESTMENTS — 37.8%
Commercial Paper — 37.8%
AGL Capital Corp. (a) 0.410% 5/28/13		2,000,000		1,998,633
AGL Capital Corp. (a) 0.426% 4/08/13		4,000,000		3,999,533
AGL Capital Corp. (a) 0.460% 5/20/13		4,000,000		3,997,342
Aon Corp. (a) 0.350% 4/25/13		6,000,000		5,998,425

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

34

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

	Principal Amount		Value
AT&T, Inc. (a) 0.518% 7/23/13	$	10,000,000	$	9,983,567
British Telecommunications PLC (a) 0.457% 5/15/13		800,000		799,530
Canadian Natural Resources Ltd. (a) 0.355% 4/25/13		2,450,000		2,449,357
Celgene Corp. (a) 0.386% 4/01/13		4,052,000		4,051,872
DCP Midstream LLC (a) 0.360% 4/29/13		6,325,000		6,323,039
DCP Midstream LLC (a) 0.370% 4/22/13		2,500,000		2,499,383
Devon Energy Corp. (a) 0.406% 8/13/13		4,000,000		3,993,911
Devon Energy Corp. (a) 0.406% 9/03/13		2,000,000		1,996,489
Devon Energy Corp. (a) 0.417% 8/26/13		3,000,000		2,994,875
Duke Energy Corp. (a) 0.365% 5/20/13		8,000,000		7,995,840
Elsevier Finance SA (a) 0.400% 5/30/13		5,000,000		4,996,556
Enbridge Energy Partners (a) 0.360% 4/26/13		7,730,000		7,727,836
Enbridge Energy Partners LP (a) 0.375% 4/04/13		2,000,000		1,999,877
FMC Technologies, Inc. (a) 0.350% 4/23/13		3,675,000		3,674,107
Glencore Funding LLC 0.569% 5/21/13		8,600,000		8,592,910
Glencore Funding LLC 0.650% 5/21/13		2,400,000		2,397,703
Holcim US Finance Sarl & Cie (a) 0.490% 5/20/13		1,800,000		1,798,726
Holcim US Finance Sarl & Cie (a) 0.490% 5/21/13		2,500,000		2,498,197
Kroger Co. (a) 0.385% 4/09/13		7,500,000		7,499,129
Marriott International, Inc. (a) 0.355% 5/21/13		2,665,000		2,663,627
Marriott International, Inc. (a) 0.360% 4/30/13		5,430,000		5,428,262
National Grid USA (a) 0.426% 5/14/13		10,175,000		10,169,539
NextEra Energy Capital Holding, Inc. (a) 0.355% 4/23/13		10,000,000		9,997,569
ONEOK, Inc. (a) 0.335% 4/12/13		4,900,000		4,899,371
Pentair Finance (a) 0.010% 4/15/13		2,500,000		2,499,587
Pentair Finance (a) 0.355% 4/19/13		4,000,000		3,999,183

	Principal Amount		Value
Sempra Energy Holding (a) 0.355% 4/04/13	$	4,000,000	$	3,999,767
Sempra Energy Holding (a) 0.630% 4/18/13		6,000,000		5,997,900
Stanley Works (a) 0.410% 6/18/13		5,000,000		4,995,387
Talisman Energy, Inc. (a) 0.420% 5/31/13		9,400,000		9,393,091
Tesco Treasury Services PLC (a) 0.400% 8/22/13		3,800,000		3,793,836
Transcanada PipeLines, Ltd. (a) 0.386% 4/12/13		8,800,000		8,798,700
Vodafone Group PLC (a) 0.570% 10/22/13		7,000,000		6,977,057
Volvo Group Treasury NA (a) 0.406% 4/08/13		2,000,000		1,999,778
Westar Energy, Inc. (a) 0.335% 4/19/13		675,000		674,870
				186,554,361
Time Deposits — 0.0%
Euro Time Deposit 0.010% 4/01/13		155,693		155,693
U.S. Treasury Bills — 0.0%
U.S. Treasury Bill (d) 0.071% 6/06/13		50,000		49,993
TOTAL SHORT-TERM INVESTMENTS (Cost $186,760,047)				186,760,047
TOTAL INVESTMENTS — 103.0% (Cost $501,878,296) (e)				507,979,502
Other Assets/(Liabilities) — (3.0)%				(14,978,557	)
NET ASSETS — 100.0%			$	493,000,945

Notes to Portfolio of Investments

ABS Asset-Backed Security

CDO Collateralized Debt Obligation

CMO Collateralized Mortgage Obligation

FRN Floating Rate Note

MBS Mortgage-Backed Security

PAC Planned Amortization Class

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

(a) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, these securities amounted to a value of $256,075,791 or 51.94% of net assets.

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

35

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

Notes to Portfolio Investments (Continued)

(b) Restricted security. Certain securities are restricted as to resale. At March 31, 2013, these securities amounted to a value of $1,529,760 or 0.31% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities.

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

(d) A portion of this security is held as collateral for open futures contracts. (Note 2).

(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

March 31, 2013 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 130.5%
CORPORATE DEBT — 3.0%
Banks — 0.4%
Associated Banc-Corp. 1.875% 3/12/14	$	850,000	$	853,753
First Horizon National Corp. 5.375% 12/15/15		390,000		424,244
				1,277,997
Computers — 0.6%
Hewlett-Packard Co. 2.650% 6/01/16		1,950,000		1,988,973
Diversified Financial — 0.6%
Ford Motor Credit Co. 12.000% 5/15/15		1,600,000		1,933,037
Oil & Gas — 0.5%
Transocean, Inc. 4.950% 11/15/15		1,750,000		1,893,475
Real Estate Investment Trusts (REITS) — 0.3%
DDR Corp 9.625% 3/15/16		945,000		1,151,802
Telecommunications — 0.6%
Telecom Italia Capital 4.950% 9/30/14		2,000,000		2,071,424
TOTAL CORPORATE DEBT (Cost $9,756,477)				10,316,708
MUNICIPAL OBLIGATIONS — 0.5%
Educational Funding of the South, Inc. FRN 0.587% 3/01/16		871,175		870,835
Educational Funding of the South, Inc. FRN 0.637% 9/01/17		545,000		542,226
Louisiana State Public Facilities Authority FRN 0.801% 4/26/27		340,000		343,448
North Carolina State Education Assistance Authority Student Loan Revenue Bonds FRN 0.751% 1/25/21		128,854		129,025
				1,885,534
TOTAL MUNICIPAL OBLIGATIONS (Cost $1,884,308)				1,885,534

	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 29.9%
Automobile ABS — 7.8%
American Credit Acceptance Receivables Trust, Series 2012-3, Class A (a) 1.640% 11/15/16	$	459,075	$	458,921
American Credit Acceptance Receivables Trust, Series 2012-2, Class A (a) 1.890% 7/15/16		1,294,489		1,302,929
AmeriCredit Automobile Receivables Trust, Series 2012-2, Class A2 0.760% 10/08/15		596,972		597,839
ARI Fleet Lease Trust, Series 2012-A, Class A FRN (a) 0.753% 3/15/20		371,153		370,800
Avis Budget Rental Car Funding AESOP LLC, Series 2011-2A, Class A (a) 2.370% 11/20/14		680,000		697,105
Avis Budget Rental Car Funding AESOP LLC, Series 2010-2A, Class A (a) 3.630% 8/20/14		129,167		130,038
California Republic Auto Receivables Trust, Series 2012-1, Class A (a) 1.180% 8/15/17		374,067		373,652
CarNow Auto Receivables Trust, Series 2012-1, Class A (a) 2.090% 1/15/15		93,278		93,304
Chesapeake Funding LLC, Series 2012-2A, Class A FRN (a) 0.653% 5/07/24		750,000		750,013
Chesapeake Funding LLC, Series 2012-1A, Class A FRN (a) 0.953% 11/07/23		700,000		703,060
Chesapeake Funding LLC, Series 2009-2A, Class A FRN (a) 1.953% 9/15/21		1,342,787		1,351,220
CitiFinancial Auto Issuance Trust, Series 2009-1, Class A4 (a) 3.150% 8/15/16		324,212		325,008
CPS Auto Trust, Series 2012-D, Class A (a) 1.480% 3/16/20		641,198		639,579
CPS Auto Trust, Series 2012-C, Class A (a) 1.820% 12/16/19		632,633		637,175
CPS Auto Trust, Series 2011-B, Class A (a) 3.680% 9/17/18		726,842		748,259
Credit Acceptance Auto Loan Trust, Series 2012-2A, Class A (a) 1.520% 3/16/20		855,000		858,926
Credit Acceptance Auto Loan Trust, Series 2011-1, Class A (a) 2.610% 3/15/19		1,150,000		1,166,277

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

37

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

	Principal Amount		Value
Enterprise Fleet Financing LLC, Series 2012-2, Class A2 (a) 0.720% 4/20/18	$	500,000	$	499,804
Enterprise Fleet Financing LLC, Series 2011-2, Class A2 (a) 1.430% 10/20/16		109,551		109,863
Enterprise Fleet Financing LLC, Series 2011-3, Class A2 (a) 1.620% 5/20/17		317,727		319,725
Exeter Automobile Receivables Trust, Series 2012-2A, Class A (a) 1.300% 6/15/17		1,121,843		1,127,751
Exeter Automobile Receivables Trust, Series 2012-1A, Class A (a) 2.020% 8/15/16		744,024		746,497
First Investors Auto Owner Trust, Series 2013-1A, Class A2 (a) 0.900% 10/15/18		610,000		609,227
First Investors Auto Owner Trust, Series 2011-1, Class A2 (a) 1.470% 3/16/15		8,994		8,997
First Investors Auto Owner Trust, Series 2012-1A, Class A2 (a) 1.960% 11/15/17		676,697		682,292
LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A (a) 2.550% 9/15/16		69,233		69,620
Navistar Financial 2012-A Owner Trust, Series 2012-A, Class A3 (a) 1.190% 1/18/19		1,025,000		1,031,295
Prestige Auto Receivables Trust, Series 2012-1A, Class A2 (a) 1.230% 12/15/15		737,155		738,588
Rental Car Finance Corp., Series 2011-1A, Class A1 (a) 2.510% 2/25/16		255,000		261,748
Santander Consumer Acquired Receivables Trust, Series 2011-WO, Class A3 (a) 1.400% 10/15/14		163,599		163,657
Santander Consumer Acquired Receivables Trust, Series 2011-S1A, Class B (a) 1.660% 8/15/16		1,967,183		1,978,402
Santander Consumer Acquired Receivables Trust, Series 2011-WO, Class B (a) 2.320% 4/15/15		990,000		995,511
Santander Drive Auto Receivables Trust, Series 2012-4, Class A2 0.790% 8/17/15		512,128		513,046

	Principal Amount		Value
Santander Drive Auto Receivables Trust, Series 2010-A, Class A3 (a) 1.830% 11/17/14	$	120,462	$	120,988
Santander Drive Auto Receivables Trust, Series 2010-3, Class B 2.050% 5/15/15		1,315,241		1,319,624
Santander Drive Auto Receivables Trust, Series 2011-S2A, Class B (a) 2.060% 6/15/17		699,250		702,367
Santander Drive Auto Receivables Trust, Series 2010-B, Class B (a) 2.100% 9/15/14		777,242		778,076
Santander Drive Auto Receivables Trust, Series 2010-2, Class B 2.240% 12/15/14		1,743,689		1,749,619
Santander Drive Auto Receivables Trust 2011-2, Series 2011-2, Class B 2.660% 1/15/16		330,000		334,151
SNAAC Auto Receivables Trust, Series 2012-1A, Class A (a) 1.780% 6/15/16		202,745		202,995
Tidewater Auto Receivables Trust, Series 2012-AA, Class A2 (a) 1.210% 8/15/15		370,000		369,970
Westlake Automobile Receivables Trust, Series 2012-1A, Class A2 (a) 1.030% 3/15/16		535,000		535,674
Westlake Automobile Receivables Trust, Series 2011-1A, Class B (a) 2.600% 10/15/14		240,000		241,109
				27,414,701
Commercial MBS — 1.3%
Bear Stearns Commercial Mortgage Securities, Series 2006-T22, Class AAB VRN 5.581% 4/12/38		819,301		841,823
GE Capital Commercial Mortgage Corp., Series 2005-C2, Class AAB 4.866% 5/10/43		208,922		209,864
STRIPs Ltd., Series 2012-1A, Class A (a) 1.500% 12/25/44		3,333,251		3,294,334
Wells Fargo Reremic Trust, Series 2012-IO, Class A (a) 1.750% 8/20/21		422,940		423,337
				4,769,358
Home Equity ABS — 2.1%
ACE Securities Corp., Series 2005-AG1, Class A1B1 FRN 0.474% 8/25/35		173,481		169,780
ACE Securities Corp., Series 2005-HE2, Class M2 FRN 0.879% 4/25/35		197,557		195,905

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

38

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

	Principal Amount		Value
Ameriquest Mortgage Securities, Inc., Series 2005-R5, Class A2C FRN 0.564% 7/25/35	$	125,891	$	124,278
Ameriquest Mortgage Securities, Inc., Series 2004-R11, Class A2 FRN 0.574% 11/25/34		229,947		228,313
Bayview Financial Acquisition Trust, Series 2004-D, Class A FRN 0.789% 8/28/44		31,964		31,878
Bear Stearns Asset-Backed Securities Trust, Series 2005-HE4, Class M1 FRN 0.634% 4/25/35		43,102		42,788
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A FRN 0.434% 9/25/34		51,162		50,999
Countrywide Asset-Backed Certificates, Series 2005-BC5, Class 3A3 FRN 0.574% 1/25/36		691,246		685,151
Credit-Based Asset Servicing and Securitization LLC, Series 2006-RP2, Class A2 FRN (a) 0.494% 7/25/36		982,680		972,137
First Frankin Mortgage Loan Trust, Series 2005-FF6, Class M1 FRN 0.624% 5/25/36		520,000		492,451
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FF3, Class M1 FRN 0.604% 4/25/35		113,492		112,705
Home Equity Asset Trust, Series 2006-3, Class 2A3 FRN 0.384% 7/25/36		143,532		143,107
Home Equity Asset Trust, Series 2005-5, Class 2A3 FRN 0.614% 11/25/35		266,566		265,978
Home Equity Asset Trust, Series 2005-4, Class M2 FRN 0.644% 10/25/35		373,097		363,931
Lake Country Mortgage Loan Trust, Series 2005-HE1, Class M1 FRN (a) 0.984% 12/25/32		409,285		389,816
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2 FRN 0.754% 6/25/35		728,328		679,650
Long Beach Mortgage Loan Trust, Series 2005-1, Class M1 FRN 0.954% 2/25/35		74,401		73,244
Mastr Asset Backed Securities Trust, Series 2005-WMC1, Class M2 FRN 0.879% 3/25/35		429,783		422,990
Merrill Lynch Mortgage Synthetic, Series 2005-ACR1, Class M1 FRN (a) 0.939% 6/28/35		508,739		479,288

	Principal Amount		Value
New Century Home Equity Loan Trust, Series 2005-2, Class A2C FRN 0.504% 6/25/35	$	290,393	$	290,018
Nomura Home Equity Loan, Inc., Series 2005-FM1, Class M1 FRN 0.674% 5/25/35		190,627		185,122
Park Place Securities, Inc., Series 2005-WCW3, Class A2C FRN 0.584% 8/25/35		295,203		290,883
Quest Trust, Series 2005-X1, Class M1 FRN (a) 0.704% 3/25/35		97,979		96,854
Residential Asset Securities Corp., Series 2006-KS2, Class A3 FRN 0.394% 3/25/36		131,374		130,574
Structured Asset Investment Loan Trust, Series 2005-HE1, Class A6 FRN 0.564% 7/25/35		558,551		559,487
Truman Capital Mortgage Loan Trust, Series 2004-2, Class A2 FRN (a) 0.754% 12/25/32		11,842		11,834
				7,489,161
Other ABS — 8.2%
321 Henderson Receivables LLC, Series 2006-4A, Class A1 FRN (a) 0.403% 12/15/41		987,369		920,567
321 Henderson Receivables LLC, Series 2005-1A, Class A1 FRN (a) 0.433% 11/15/40		712,592		669,613
ARL First LLC, Series 2012-1A, Class A1 FRN (a) 1.953% 12/15/42		1,083,269		1,105,612
CIT Equipment Collateral, Series 2012-VT1, Class A2 (a) 0.850% 5/20/14		1,099,523		1,100,830
CLI Funding LLC, Series 2006-1A, Class A FRN (a) 0.383% 8/18/21		1,756,690		1,730,454
Direct Capital Funding IV LLC, Series 2013-1, Class A (a) 1.673% 12/20/17		512,897		512,897
Drug Royalty II LP, Series 2012-1, Class A1 FRN (a) 4.304% 1/15/25		1,084,347		1,084,347
GE Seaco Finance SRL, Series 2004-1A, Class A FRN (a) 0.503% 4/17/19		1,625,000		1,620,957
Great America Leasing Receivables, Series 2012-1, Class A2 (a) 0.950% 3/17/14		446,053		446,437
Hercules Capital Funding Trust, Series 2012-1A, Class A (a) 3.320% 12/16/17		895,047		898,963

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

39

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

	Principal Amount		Value
HFG Healthco-4 LLC, Series 2011-1A, Class A FRN (a) 2.454% 6/02/17	$	375,000	$	382,155
HLSS Servicer Advance Receivables Backed Notes, Series 2013-T1, Class A1 (a) 0.898% 1/15/44		600,000		600,600
Leaf II Receivables Funding LLC, Series 2012-1, Class A2 (a) 0.810% 12/15/15		2,530,000		2,530,000
Macquarie Equipment Funding Trust, Series 2012-A, Class A2 (a) 0.610% 4/20/15		825,000		824,244
Marriott Vacation Club Owner Trust, Series 2009-2A, Class A (a) 4.809% 7/20/31		698,957		730,132
New York City Tax Lien, Series 2012-AA, Class A (a) 1.230% 11/10/25		1,268,468		1,270,154
New York City Tax Lien, Series 2011-AA, Class A (a) 1.990% 12/10/24		80,138		80,232
Oxford Finance Funding Trust 2012-1, Series 2012-1A, Class A (a) 3.900% 3/15/17		1,707,576		1,722,518
PFS Financing Corp., Series 2013-AA, Class A FRN (a) 0.753% 2/15/18		2,100,000		2,100,391
PFS Financing Corp., Series 2012-BA, Class A FRN (a) 0.903% 10/17/16		620,000		620,074
PFS Financing Corp., Series 2012-AA, Class A FRN (a) 1.403% 2/15/16		600,000		601,246
Sierra Receivables Funding Co. LLC, Series 2007-1A, Class A2 FRN (a) 0.353% 3/20/19		160,379		158,843
Sierra Receivables Funding Co. LLC, Series 2007-2A, Class A2 FRN (a) 1.203% 9/20/19		530,278		526,397
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (a) 2.840% 11/20/28		310,455		317,128
Sierra Receivables Funding Co. LLC, Series 2011-2A, Class A (a) 3.260% 5/20/28		686,514		708,552
TAL Advantage LLC, Series 2006-1A FRN (a) 0.393% 4/20/21		431,667		424,303
Tax Liens Securitization Trust, Series 2010-1A, Class 1A2 (a) 2.000% 4/15/18		33,483		33,530

	Principal Amount		Value
Tax Liens Securitization Trust, Series 2010-1A, Class 2A2 (a) 2.000% 4/15/18	$	4,823	$	4,823
Textainer Marine Containers Ltd., Series 2005-1A, Class A FRN (a) 0.450% 5/15/20		1,621,750		1,605,301
Textainer Marine Containers Ltd., Series 2012-1A, Class A (a) 4.210% 4/15/27		817,500		852,263
Trafigura Securitisation Finance PLC, Series 2012-1A, Class A FRN (a) 2.603% 10/15/15		324,000		330,372
Trip Rail Master Funding LLC, Series 2011-1A, Class A1B FRN (a) 2.703% 7/15/41		560,129		571,859
Triton Container Finance LLC, Series 2006-1A FRN (a) 0.370% 11/26/21		823,167		805,245
Westgate Resorts LLC, Series 2012-2A, Class A (a) 3.000% 1/20/25		930,438		935,298
				28,826,337
Student Loans ABS — 10.3%
Access Group, Inc., Series 2005-1, Class A2 FRN 0.394% 3/23/20		525,457		524,051
Access Group, Inc., Series 2007-A, Class A2 FRN 0.418% 8/25/26		142,162		138,697
Access Group, Inc., Series 2002-1, Class A2 FRN 0.464% 9/25/25		53,626		53,551
Access Group, Inc., Series 2005-2, Class A3 FRN 0.469% 11/22/24		344,677		340,699
Access Group, Inc., Series 2003-1, Class A2 FRN 0.544% 12/27/16		459,330		457,955
Brazos Higher Education Authority, Series 2005-1, Class 1A2 FRN 0.363% 12/26/18		301,280		300,979
Brazos Higher Education Authority, Series 2005-3, Class A14 FRN 0.394% 9/25/23		134,090		133,956
Brazos Higher Education Authority, Series 2004-I, Class A2 FRN 0.444% 6/27/22		1,309,647		1,306,818
College Loan Corp. Trust, Series 2005-1, Class A2 FRN 0.401% 7/25/24		289,000		282,521
College Loan Corp. Trust, Series 2004-1, Class A3 FRN 0.461% 4/25/21		8,211		8,050

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

40

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

	Principal Amount		Value
College Loan Corp. Trust, Series 2007-1, Class B2 FRN 1.704% 1/25/47	$	675,000	$	580,500
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A2 FRN 0.374% 12/28/21		432,778		431,884
Collegiate Funding Services Education Loan Trust, Series 2005-B, Class A2 FRN 0.384% 12/28/21		151,152		151,008
Collegiate Funding Services Education Loan Trust, Series 2004-A, Class A3 FRN 0.494% 9/28/26		1,177,413		1,167,103
Education Funding Capital Trust I, Series 2004-1, Class A2 FRN 0.440% 12/15/22		716,449		714,662
Education Funding Capital Trust I, Series 2004-1, Class A4 FRN 1.702% 6/15/43		1,150,000		1,138,500
Education Funding Capital Trust I, Series 2004-1, Class A6 FRN 1.704% 6/15/43		350,000		320,467
Education Funding Capital Trust I, Series 2004-1, Class B1 FRN 1.950% 6/15/43		200,000		155,116
Education Loan Asset-Backed Trust I, Series 2012-1, Class A1 FRN 0.651% 6/25/22		1,115,999		1,116,016
GCO Education Loan Funding Trust, Series 2007-1A, Class A5L FRN (a) 0.358% 5/25/23		259,854		257,895
GCO Education Loan Funding Trust, Series 2006-2A, Class A2L FRN (a) 0.388% 8/25/25		1,197,122		1,191,787
GCO Education Loan Funding Trust, Series 2007-1, Class A7AR FRN (a) 1.490% 11/26/46		325,000		301,746
Goal Capital Funding Trust, Series 2006-1, Class A3 FRN 0.408% 11/25/26		445,000		437,735
Higher Education Funding HEF, Series 2005-1, Class A2 FRN 0.388% 2/25/24		340,149		339,872
Higher Education Funding I, Series 2004-1, Class A13 FRN (a) 0.728% 1/01/44		200,000		179,383
Higher Education Funding I, Series 2004-1, Class A15 FRN (a) 1.153% 1/01/44		275,000		252,302
Keycorp Student Loan Trust, Series 2006-A, Class 2A2 FRN 0.363% 6/27/25		39,194		39,144

	Principal Amount		Value
Keycorp Student Loan Trust, Series 2003-A, Class 1A2 FRN 0.561% 10/25/32	$	150,372	$	149,248
KeyCorp Student Loan Trust, Series 2004-A, Class 2A2 FRN 0.601% 10/28/41		2,689,836		2,653,404
Montana Higher Education Student Assistance Corp., Series 2012-1, Class A1 FRN 0.803% 9/20/22		318,959		319,937
National Collegiate Student Loan Trust, Series 2006-3, Class A2 FRN 0.314% 3/25/26		384,355		382,590
National Collegiate Student Loan Trust, Series 2004-2, Class A3 FRN 0.414% 4/26/27		269,855		267,579
Nelnet Student Loan Trust, Series 2010-4A, Class A FRN (a) 1.004% 4/25/46		166,108		168,397
Northstar Education Finance, Inc., Series 2005-1, Class A1 FRN 0.401% 10/28/26		272,657		271,809
Northstar Education Finance, Inc., Series 2004-2 FRN 0.420% 4/28/16		301,672		301,456
Northstar Education Finance, Inc., Series 2006-A, Class A3 FRN 0.497% 5/28/26		1,018,388		1,008,609
Pennsylvania Higher Education Assistance Agency, Series 2005-1, Class A2 FRN 0.381% 1/25/18		464,561		463,992
Pennsylvania Higher Education Assistance Agency FRN 0.901% 4/25/19		1,920,176		1,924,477
SLC Student Loan Trust, Series 2006-A, Class A4 FRN 0.424% 1/15/19		1,146,371		1,141,983
SLC Student Loan Trust, Series 2006-A, Class A5 FRN 0.474% 7/15/36		1,370,000		1,291,275
SLM Student Loan Trust, Series 2005-6, Class A4 FRN 0.391% 4/25/22		1,179		1,180
SLM Student Loan Trust, Series 2002-1, Class A2 FRN 0.411% 4/25/17		9,978		9,978
SLM Student Loan Trust, Series 2006-B, Class A3 FRN 0.420% 12/15/22		282,896		282,136
SLM Student Loan Trust, Series 2002-6, Class A4L FRN 0.460% 3/15/19		236,750		236,708

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

41

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

	Principal Amount		Value
SLM Student Loan Trust, Series 2003-3, Class A4 FRN 0.500% 12/15/17	$	275,954	$	276,245
SLM Student Loan Trust, Series 2007-7, Class A2 FRN 0.501% 1/25/16		51,711		51,750
SLM Student Loan Trust, Series 2003-10A, Class A1F FRN (a) 0.600% 12/15/16		450,000		450,000
SLM Student Loan Trust, Series 2008-7, Class A2 FRN 0.801% 10/25/17		149,833		150,477
SLM Student Loan Trust, Series 2003-11, Class B FRN 0.930% 12/15/38		539,187		479,140
SLM Student Loan Trust, Series 2012-E, Class A1 FRN (a) 0.953% 10/16/23		458,483		459,109
SLM Student Loan Trust, Series 2003-2, Class A7 FRN 1.140% 9/15/28		900,000		900,000
SLM Student Loan Trust, Series 2012-B, Class A1 FRN (a) 1.303% 12/15/21		352,151		354,200
SLM Student Loan Trust, Series 2012-C, Class A1 FRN (a) 1.303% 8/15/23		409,840		412,670
SLM Student Loan Trust, Series 2008-5, Class A2 FRN 1.401% 10/25/16		109,287		109,871
SLM Student Loan Trust, Series 2012-A, Class A1 FRN (a) 1.603% 8/15/25		381,785		386,649
SLM Student Loan Trust, Series 2003-10A, Class A1B FRN (a) 1.693% 12/15/16		350,000		350,000
SLM Student Loan Trust, Series 2003-10A, Class A1D FRN (a) 1.693% 12/15/16		425,000		425,000
SLM Student Loan Trust, Series 2003-10A, Class A1A FRN (a) 1.694% 12/15/16		1,025,000		1,025,000
SLM Student Loan Trust, Series 2003-5, Class A9 FRN 1.750% 6/17/30		600,000		600,000
SLM Student Loan Trust, Series 2010-C, Class A1 FRN (a) 1.853% 12/15/17		477,292		479,547
SLM Student Loan Trust, Series 2003-5, Class A7 FRN 2.500% 6/17/30		500,000		500,000

	Principal Amount		Value
SMS Student Loan Trust, Series 1998-A, Class A2 FRN 0.421% 7/28/26	$	356,507	$	354,400
SMS Student Loan Trust, Series 2000-A, Class A2 FRN 0.491% 10/28/28		521,246		519,953
SMS Student Loan Trust, Series 1999-B, Class A2 FRN 0.541% 4/30/29		500,874		501,181
South Carolina Student Loan Corp., Series 2006-1, Class A1 FRN 0.377% 12/02/19		904,358		900,162
South Carolina Student Loan Corp., Series 2010-1, Class A1 FRN 0.751% 1/25/21		616,733		617,628
US Education Loan Trust IV LLC, Series 2007-1A, Class 1A3 FRN (a) 0.687% 9/01/22		1,522,417		1,522,266
Wachovia Student Loan Trust, Series 2005-1, Class A4 FRN 0.411% 7/27/20		449,665		449,174
Wells Fargo Student Loan Trust, Series 2001-1, Class A2 FRN 0.468% 5/25/30		581,057		581,043
				36,052,620
WL Collateral CMO — 0.1%
Morgan Stanley Reremic Trust, Series 2011-IO, Class A (a) 2.500% 3/23/51		286,608		289,474
WL Collateral PAC — 0.1%
Structured Asset Securities Corp., Series 2007-BC4, Class A3 FRN 0.454% 11/25/37		237,627		232,876
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $102,449,654)				105,074,527
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 0.1%
Pass-Through Securities — 0.1%
Government National Mortgage Association II FRN, Pool #82462 3.500% 1/20/40		406,862		430,367
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $431,910)				430,367

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

42

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

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 97.0%
U.S. Treasury Bonds & Notes — 97.0%
U.S. Treasury Inflation Index (b) 0.125% 4/15/16	$	17,103,068	$	18,169,342
U.S. Treasury Inflation Index (b) (c) 0.125% 4/15/17		17,416,014		18,783,450
U.S. Treasury Inflation Index (b) 0.125% 1/15/22		17,020,164		18,518,739
U.S. Treasury Inflation Index (b) 0.125% 7/15/22		14,269,255		15,550,149
U.S. Treasury Inflation Index (b) 0.125% 1/15/23		6,572,009		7,089,042
U.S. Treasury Inflation Index (b) 0.500% 4/15/15		5,459,708		5,735,254
U.S. Treasury Inflation Index (b) 0.625% 7/15/21		15,151,579		17,329,618
U.S. Treasury Inflation Index (b) 0.625% 2/15/43		3,023,684		3,030,772
U.S. Treasury Inflation Index (b) 0.750% 2/15/42		8,511,489		8,883,203
U.S. Treasury Inflation Index (b) 1.125% 1/15/21		14,274,450		16,828,234
U.S. Treasury Inflation Index (b) 1.250% 4/15/14		1,859,967		1,921,578
U.S. Treasury Inflation Index (b) 1.250% 7/15/20		13,067,338		15,608,321
U.S. Treasury Inflation Index (b) 1.375% 7/15/18		6,105,854		7,151,482
U.S. Treasury Inflation Index (b) 1.375% 1/15/20		8,058,189		9,598,690
U.S. Treasury Inflation Index (b) 1.625% 1/15/15		7,233,240		7,715,270
U.S. Treasury Inflation Index (b) 1.625% 1/15/18		5,746,672		6,699,809
U.S. Treasury Inflation Index (b) 1.750% 1/15/28		6,603,728		8,393,959
U.S. Treasury Inflation Index (b) 1.875% 7/15/15		7,148,038		7,841,062
U.S. Treasury Inflation Index (b) 1.875% 7/15/19		7,056,099		8,637,660
U.S. Treasury Inflation Index (b) 2.000% 7/15/14		9,769,600		10,340,516
U.S. Treasury Inflation Index (b) 2.000% 1/15/16		8,762,213		9,765,075
U.S. Treasury Inflation Index (b) 2.000% 1/15/26		8,385,282		10,912,656
U.S. Treasury Inflation Index (b) 2.125% 1/15/19		5,837,911		7,120,430
U.S. Treasury Inflation Index (b) 2.125% 2/15/40		4,121,627		5,806,021
U.S. Treasury Inflation Index (b) 2.125% 2/15/41		5,492,259		7,771,546

	Principal Amount		Value
U.S. Treasury Inflation Index (b) 2.375% 1/15/17	$	7,305,344	$	8,521,567
U.S. Treasury Inflation Index (b) 2.375% 1/15/25		11,503,704		15,438,327
U.S. Treasury Inflation Index (b) 2.375% 1/15/27		6,340,810		8,628,949
U.S. Treasury Inflation Index (b) 2.500% 7/15/16		8,548,800		9,889,893
U.S. Treasury Inflation Index (b) 2.500% 1/15/29		6,186,363		8,641,576
U.S. Treasury Inflation Index (b) 2.625% 7/15/17		6,341,869		7,629,071
U.S. Treasury Inflation Index (b) 3.375% 4/15/32		2,794,733		4,493,406
U.S. Treasury Inflation Index (b) 3.625% 4/15/28		5,963,292		9,308,329
U.S. Treasury Inflation Index (b) 3.875% 4/15/29		7,883,408		12,807,455
				340,560,451
TOTAL U.S. TREASURY OBLIGATIONS (Cost $308,353,125)				340,560,451
TOTAL BONDS & NOTES (Cost $422,875,474)				458,267,587
TOTAL LONG-TERM INVESTMENTS (Cost $422,875,474)				458,267,587
SHORT-TERM INVESTMENTS — 56.6%
Commercial Paper — 56.5%
AGL Capital Corp. (a) 0.406% 5/13/13		5,500,000		5,497,250
Aon Corp. (a) 0.350% 4/30/13		5,000,000		4,998,444
Archer Daniels Midland Co. (a) 0.427% 8/28/13		8,000,000		7,985,813
AT&T, Inc. (a) 0.518% 7/22/13		7,500,000		7,487,781
Bemis Co., Inc. (a) 0.355% 4/24/13		650,000		649,836
Bemis Co., Inc. (a) 0.355% 4/25/13		3,250,000		3,249,147
Bemis Co., Inc. (a) 0.355% 4/29/13		1,600,000		1,599,518
British Telecommunications PLC (a) 0.375% 5/15/13		2,500,000		2,498,792
British Telecommunications PLC (a) 0.508% 5/15/13		275,000		274,821
British Telecommunications PLC (a) 0.750% 3/10/14		2,500,000		2,481,979

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

43

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

	Principal Amount		Value
Canadian Natural Resources Ltd. (a) 0.355% 4/23/13	$	5,000,000	$	4,998,785
Covidien International Finance SA (a) 0.376% 6/06/13		8,500,000		8,493,972
DCP Midstream LLC (a) 0.375% 4/24/13		5,000,000		4,998,664
DCP Midstream LLC (a) 0.406% 4/02/13		350,000		349,984
Devon Energy Corp. (a) 0.390% 4/25/13		500,000		499,854
Devon Energy Corp. (a) 0.406% 8/13/13		5,000,000		4,992,389
DIRECTV Holdings LLC (a) 0.380% 5/22/13		5,500,000		5,496,865
Dominion Resources (a) 0.340% 4/08/13		4,500,000		4,499,575
Duke Energy Corp. (a) 0.406% 9/10/13		5,000,000		4,990,833
Elsevier Finance SA (a) 0.400% 5/29/13		5,500,000		5,496,272
Enbridge Energy Partners (a) 0.375% 4/23/13		5,300,000		5,298,638
FMC Technologies, Inc. (a) 0.350% 4/12/13		2,275,000		2,274,690
FMC Technologies, Inc. (a) 0.355% 4/26/13		3,225,000		3,224,122
Glencore Funding LLC 0.569% 5/21/13		5,500,000		5,495,466
Holcim US Finance SARL & Cie (a) 0.500% 5/28/13		5,500,000		5,495,417
Kroger Co. (a) 0.385% 4/09/13		5,500,000		5,499,361
Marriott International, Inc. (a) 0.355% 5/21/13		500,000		499,742
Marriott International, Inc. (a) 0.386% 6/26/13		5,000,000		4,995,303
National Grid USA (a) 0.416% 5/13/13		5,500,000		5,497,181
NextEra Energy Capital Holdings, Inc. (a) 0.350% 4/03/13		900,000		899,956
Noble Corp. (a) 0.350% 5/09/13		5,000,000		4,998,007
Noble Corp. (a) 0.355% 4/11/13		500,000		499,937
OGE Energy Corp. (a) 0.345% 4/10/13		1,500,000		1,499,830
OGE Energy Corp. (a) 0.350% 4/12/13		4,000,000		3,999,456
ONEOK, Inc. (a) 0.460% 4/15/13		5,500,000		5,498,805
Pall Corp. (a) 0.365% 4/04/13		550,000		549,967

	Principal Amount		Value
Pentair Finance (a) 0.406% 4/19/13	$	5,500,000	$	5,498,717
Sempra Energy Holding (a) 0.630% 4/18/13		5,000,000		4,998,250
Southern Power Co. (a) 0.350% 4/26/13		5,500,000		5,498,503
Stanley Works (a) 0.410% 6/18/13		8,750,000		8,741,928
Talisman Energy, Inc. (a) 0.406% 5/28/13		5,500,000		5,496,333
Tesco Treasury Services PLC (a) 0.400% 8/22/13		5,000,000		4,991,889
TransCanada PipeLines, Ltd. (a) 0.370% 5/28/13		5,175,000		5,171,809
TransCanada PipeLines, Ltd. (a) 0.375% 5/10/13		500,000		499,784
United Healthcare Co. (a) 0.365% 6/24/13		8,500,000		8,492,605
Vodafone Group PLC (a) 0.570% 10/22/13		5,500,000		5,481,974
Volvo Group Treasury (a) 0.450% 4/16/13		5,500,000		5,498,763
				198,137,007
Repurchase Agreement — 0.1%
State Street Bank & Trust Co. Repurchase Agreement, dated 3/28/13, 0.010%, due 4/01/13 (d)		274,438		274,438
TOTAL SHORT-TERM INVESTMENTS (Cost $198,411,445)				198,411,445
TOTAL INVESTMENTS — 187.1% (Cost $621,286,919) (e)				656,679,032
Other Assets/(Liabilities) — (87.1)%				(305,661,161	)
NET ASSETS — 100.0%			$	351,017,871

Notes to Portfolio of Investments

ABS Asset-Backed Security

CMO Collateralized Mortgage Obligation

FRN Floating Rate Note

MBS Mortgage-Backed Security

PAC Planned Amortization Class

VRN Variable Rate Note

WL Whole Loan

(a) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, these securities amounted to a value of $258,541,325 or 73.65% of net assets.

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

44

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

Notes to Portfolio Investments (Continued)

(b) All or a portion of this security is held as collateral for open reverse repurchase agreements. (Note 2).

(c) A portion of this security is held as collateral for open futures contracts. (Note 2).

(d) Maturity value of $274,438. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 12/01/26, and an aggregate market value, including accrued interest, of $283,247.

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

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

45

MassMutual Premier Core Bond Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.2%
PREFERRED STOCK — 0.2%
Financial — 0.2%
Insurance — 0.2%
The Allstate Corp. 5.100%		130,000	$	3,403,400
TOTAL PREFERRED STOCK (Cost $3,250,000)				3,403,400
TOTAL EQUITIES (Cost $3,250,000)				3,403,400
	Principal Amount
BONDS & NOTES — 96.9%
CORPORATE DEBT — 42.3%
Advertising — 0.4%
The Interpublic Group of Cos., Inc. 2.250% 11/15/17	$	1,600,000		1,599,633
WPP Finance 8.000% 9/15/14		4,405,000		4,835,871
WPP Finance 2010 4.750% 11/21/21		635,000		685,863
				7,121,367
Aerospace & Defense — 0.2%
BAE Systems Holdings, Inc. (a) 6.375% 6/01/19		1,375,000		1,646,606
Goodrich Corp. 6.125% 3/01/19		595,000		744,172
L-3 Communications Corp. 4.750% 7/15/20		105,000		116,148
United Technologies Corp. 6.125% 7/15/38		465,000		605,311
				3,112,237
Agriculture — 0.3%
Altria Group, Inc. 2.850% 8/09/22		1,400,000		1,376,330
Altria Group, Inc. 4.250% 8/09/42		775,000		730,324
Bunge Ltd. Finance Corp. 3.200% 6/15/17		1,785,000		1,846,390
Philip Morris International, Inc. 6.375% 5/16/38		225,000		291,726
				4,244,770
Airlines — 0.0%
United Air Lines, Inc. (b) 10.110% 2/19/49		231,622		101,334

	Principal Amount		Value
Auto Manufacturers — 0.4%
Daimler Finance NA LLC (a) 2.625% 9/15/16	$	1,450,000	$	1,511,909
Volvo Treasury AB (a) 5.950% 4/01/15		4,000,000		4,344,164
				5,856,073
Automotive & Parts — 0.2%
Lear Corp. (a) 4.750% 1/15/23		625,000		609,375
Lear Corp. 8.125% 3/15/20		2,204,000		2,457,460
				3,066,835
Banks — 2.4%
Associated Banc-Corp. 5.125% 3/28/16		2,000,000		2,187,046
Bank of America Corp. 3.625% 3/17/16		1,600,000		1,697,258
Bank of America Corp. 4.500% 4/01/15		1,000,000		1,059,623
Bank of America Corp. 5.750% 12/01/17		1,555,000		1,798,603
Bank of America Corp. 5.875% 2/07/42		750,000		891,023
Bank of America Corp. Series L 5.650% 5/01/18		1,150,000		1,330,328
Capital One Financial Corp. 2.125% 7/15/14		850,000		863,295
Capital One Financial Corp. 7.375% 5/23/14		930,000		998,329
Credit Suisse AG 5.400% 1/14/20		2,035,000		2,280,950
Credit Suisse New York 5.500% 5/01/14		585,000		615,446
Discover Bank 2.000% 2/21/18		1,920,000		1,925,772
Export-Import Bank of Korea 1.750% 2/27/18		705,000		702,856
Export-Import Bank of Korea 4.000% 1/11/17		1,000,000		1,089,222
First Horizon National Corp. 5.375% 12/15/15		2,576,000		2,802,188
FirstMerit Corp. 4.350% 2/04/23		645,000		668,547
HSBC Holdings PLC 6.500% 9/15/37		930,000		1,139,141
ICICI Bank Ltd. (a) 4.700% 2/21/18		1,800,000		1,899,846
ICICI Bank Ltd. (a) 4.750% 11/25/16		1,300,000		1,391,588
ICICI Bank Ltd. (a) 5.500% 3/25/15		2,725,000		2,894,487

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

46

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

	Principal Amount		Value
Morgan Stanley 4.875% 11/01/22	$	750,000	$	795,084
Regions Financial Corp. 5.750% 6/15/15		1,990,000		2,159,349
The Toronto-Dominion Bank 2.375% 10/19/16		1,650,000		1,726,220
UBS AG 5.750% 4/25/18		1,500,000		1,776,993
Wachovia Bank NA 6.600% 1/15/38		690,000		913,827
Wachovia Corp. 5.750% 6/15/17		220,000		258,553
Wells Fargo & Co. 3.450% 2/13/23		2,600,000		2,617,472
Wells Fargo & Co. 3.625% 4/15/15		1,100,000		1,162,869
Wells Fargo & Co. 4.600% 4/01/21		345,000		394,009
Wells Fargo & Co. 5.625% 12/11/17		575,000		680,132
				40,720,056
Beverages — 0.2%
Anheuser-Busch Cos, Inc. 6.500% 2/01/43		119,000		162,509
Molson Coors Brewing Co. 5.000% 5/01/42		600,000		635,256
Pernod-Ricard SA (a) 2.950% 1/15/17		2,200,000		2,310,649
				3,108,414
Biotechnology — 0.1%
Amgen, Inc. 5.150% 11/15/41		1,600,000		1,716,837
Building Materials — 1.1%
CRH America, Inc. 8.125% 7/15/18		1,730,000		2,150,051
Lafarge North America, Inc. 6.875% 7/15/13		5,345,000		5,430,520
Lafarge SA (a) 6.200% 7/09/15		3,300,000		3,531,000
Masco Corp. 4.800% 6/15/15		2,510,000		2,643,073
Masco Corp. 7.125% 8/15/13		1,250,000		1,275,306
Owens Corning, Inc. 4.200% 12/15/22		1,785,000		1,825,603
Owens Corning, Inc. 9.000% 6/15/19		1,245,000		1,595,140
				18,450,693
Chemicals — 1.1%
Cabot Corp. 5.000% 10/01/16		2,440,000		2,716,096

	Principal Amount		Value
Cytec Industries, Inc. 3.500% 4/01/23	$	520,000	$	521,320
Cytec Industries, Inc. 8.950% 7/01/17		450,000		558,873
The Dow Chemical Co. 3.000% 11/15/22		1,775,000		1,744,474
The Dow Chemical Co. 8.550% 5/15/19		375,000		504,063
E.I. du Pont de Nemours & Co. 6.000% 7/15/18		160,000		196,848
Ecolab, Inc. 4.350% 12/08/21		650,000		717,176
Incitec Pivot Ltd. (a) 4.000% 12/07/15		1,815,000		1,900,957
Methanex Corp. 5.250% 3/01/22		550,000		613,354
Rohm & Haas Co. 7.850% 7/15/29		1,000,000		1,372,319
RPM International, Inc. 3.450% 11/15/22		2,075,000		2,056,642
RPM International, Inc. 6.125% 10/15/19		800,000		939,279
RPM International, Inc. 6.250% 12/15/13		3,815,000		3,947,552
Valspar Corp. 7.250% 6/15/19		650,000		804,983
				18,593,936
Commercial Services — 0.3%
Brambles USA, Inc. (a) 3.950% 4/01/15		1,400,000		1,461,627
Donnelley (R.R.) & Sons Co. 5.500% 5/15/15		1,970,000		2,090,662
ERAC USA Finance Co. (a) 6.700% 6/01/34		355,000		434,281
ERAC USA Finance LLC (a) 3.300% 10/15/22		1,325,000		1,334,825
				5,321,395
Computers — 0.3%
Brocade Communications Systems, Inc. 6.875% 1/15/20		115,000		125,925
Hewlett-Packard Co. 2.125% 9/13/15		1,280,000		1,297,706
Hewlett-Packard Co. 2.200% 12/01/15		1,475,000		1,503,919
HP Enterprise Services LLC Series B 6.000% 8/01/13		1,646,000		1,674,291
International Business Machines Corp. 5.600% 11/30/39		825,000		1,027,583
				5,629,424
Cosmetics & Personal Care — 0.1%
Avon Products, Inc. 5.000% 3/15/23		1,120,000		1,149,198

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

47

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

	Principal Amount		Value
The Procter & Gamble Co. 5.800% 8/15/34	$	270,000	$	349,916
				1,499,114
Distribution & Wholesale — 0.0%
Arrow Electronics, Inc. 4.500% 3/01/23		170,000		171,469
Diversified Financial — 5.7%
American Express Co. 6.150% 8/28/17		1,060,000		1,267,974
American Express Co. 8.125% 5/20/19		610,000		820,563
American Honda Finance Corp. (a) 2.600% 9/20/16		2,000,000		2,104,198
The Bear Stearns Cos., Inc. 7.250% 2/01/18		1,520,000		1,889,007
BlackRock, Inc. 5.000% 12/10/19		525,000		622,915
BlackRock, Inc. 6.250% 9/15/17		1,075,000		1,307,725
Citigroup, Inc. 4.750% 5/19/15		590,000		632,882
Citigroup, Inc. 5.375% 8/09/20		1,545,000		1,808,803
Citigroup, Inc. 5.500% 10/15/14		1,025,000		1,093,772
Citigroup, Inc. 5.500% 2/15/17		2,495,000		2,774,515
Citigroup, Inc. 5.875% 5/29/37		550,000		650,692
Citigroup, Inc. 5.875% 1/30/42		800,000		956,114
Citigroup, Inc. 6.375% 8/12/14		2,015,000		2,159,417
Citigroup, Inc. 8.125% 7/15/39		225,000		329,810
Citigroup, Inc. 8.500% 5/22/19		688,000		916,587
Eaton Vance Corp. 6.500% 10/02/17		485,000		582,470
Ford Motor Credit Co. LLC 2.750% 5/15/15		2,200,000		2,245,681
Ford Motor Credit Co. LLC 3.000% 6/12/17		1,850,000		1,897,325
Ford Motor Credit Co. LLC 3.875% 1/15/15		3,760,000		3,908,768
Ford Motor Credit Co. LLC 8.700% 10/01/14		3,100,000		3,424,424
General Electric Capital Corp. 1.600% 11/20/17		1,970,000		1,977,449
General Electric Capital Corp. 2.150% 1/09/15		1,500,000		1,538,222
General Electric Capital Corp. 3.350% 10/17/16		1,390,000		1,492,536

	Principal Amount		Value
General Electric Capital Corp. 4.625% 1/07/21	$	2,500,000	$	2,814,517
General Electric Capital Corp. 5.500% 1/08/20		600,000		710,980
General Electric Capital Corp. 6.875% 1/10/39		1,495,000		1,958,795
The Goldman Sachs Group, Inc. 1.600% 11/23/15		2,275,000		2,295,832
The Goldman Sachs Group, Inc. 3.625% 2/07/16		5,755,000		6,111,770
The Goldman Sachs Group, Inc. 5.375% 3/15/20		900,000		1,025,369
The Goldman Sachs Group, Inc. 5.625% 1/15/17		3,540,000		3,963,342
The Goldman Sachs Group, Inc. 5.750% 1/24/22		1,600,000		1,860,358
The Goldman Sachs Group, Inc. 6.150% 4/01/18		420,000		494,914
The Goldman Sachs Group, Inc. 6.250% 2/01/41		440,000		522,876
The Goldman Sachs Group, Inc. 6.345% 2/15/34		550,000		573,033
The Goldman Sachs Group, Inc. 6.750% 10/01/37		565,000		633,133
Hyundai Capital America (a) 1.625% 10/02/15		995,000		1,001,795
Hyundai Capital America (a) 4.000% 6/08/17		1,000,000		1,076,264
International Lease Finance Corp. 3.875% 4/15/18		2,065,000		2,059,838
International Lease Finance Corp. 5.750% 5/15/16		2,810,000		3,034,800
Janus Capital Group, Inc. 6.700% 6/15/17		2,500,000		2,861,795
JP Morgan Chase & Co. 3.450% 3/01/16		2,460,000		2,615,388
JP Morgan Chase & Co. 4.500% 1/24/22		1,500,000		1,643,882
JP Morgan Chase & Co. 4.950% 3/25/20		2,125,000		2,436,092
JP Morgan Chase & Co. 5.600% 7/15/41		1,470,000		1,748,369
Lazard Group LLC 6.850% 6/15/17		3,348,000		3,849,336
Lazard Group LLC 7.125% 5/15/15		2,407,000		2,662,611
Merrill Lynch & Co., Inc. 7.750% 5/14/38		555,000		739,694
Morgan Stanley 3.800% 4/29/16		850,000		901,785
Morgan Stanley 4.200% 11/20/14		4,085,000		4,275,737
Morgan Stanley 5.450% 1/09/17		1,526,000		1,708,096

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

48

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

	Principal Amount		Value
Morgan Stanley 5.625% 9/23/19	$	1,415,000	$	1,627,080
Morgan Stanley 5.750% 1/25/21		225,000		260,007
TD Ameritrade Holding Corp. 4.150% 12/01/14		510,000		538,015
				94,407,352
Electric — 2.3%
The AES Corp. 7.750% 10/15/15		1,050,000		1,179,938
Ameren Corp. 8.875% 5/15/14		3,375,000		3,644,143
Carolina Power & Light Co. 6.125% 9/15/33		37,000		46,240
CMS Energy Corp. 2.750% 5/15/14		4,795,000		4,874,477
CMS Energy Corp. 5.050% 2/15/18		1,875,000		2,138,430
CMS Energy Corp. 6.875% 12/15/15		2,403,000		2,740,283
Florida Power & Light Co. 4.950% 6/01/35		950,000		1,092,437
Georgia Power Co. 4.300% 3/15/42		717,000		719,352
IPALCO Enterprises, Inc. 5.000% 5/01/18		3,135,000		3,385,800
Kansas Gas & Electric Co. 5.647% 3/29/21		1,129,066		1,261,331
Kiowa Power Partners LLC (a) 4.811% 12/30/13		148,978		150,128
LG&E and KU Energy LLC 4.375% 10/01/21		1,900,000		2,078,359
MidAmerican Energy Holdings Co. 5.950% 5/15/37		1,525,000		1,879,280
National Fuel Gas Co. 3.750% 3/01/23		985,000		998,637
Nevada Power Co. Series N 6.650% 4/01/36		1,000,000		1,335,712
Niagara Mohawk Power Corp. (a) 2.721% 11/28/22		1,560,000		1,536,733
NiSource Finance Corp. 5.800% 2/01/42		1,625,000		1,820,687
Oncor Electric Delivery Co. 6.800% 9/01/18		75,000		93,352
Oncor Electric Delivery Co. 7.500% 9/01/38		130,000		181,694
Pacific Gas & Electric Co. 5.800% 3/01/37		800,000		975,402
PPL Capital Funding, Inc. 3.500% 12/01/22		1,325,000		1,334,780
Southern California Edison Co. 5.950% 2/01/38		820,000		1,060,947

	Principal Amount		Value
Tenaska Oklahoma I LP (a) 6.528% 12/30/14	$	390,675	$	399,283
Tri-State Generation & Transmission Association, Series 2003, Class A (a) 6.040% 1/31/18		889,395		977,766
Virginia Electric and Power Co. 6.350% 11/30/37		925,000		1,249,482
Wisconsin Public Service Corp. 5.650% 11/01/17		1,405,000		1,644,687
				38,799,360
Electrical Components & Equipment — 0.3%
Anixter, Inc. 5.950% 3/01/15		2,800,000		2,975,000
Energizer Holdings, Inc. 4.700% 5/24/22		1,535,000		1,633,582
				4,608,582
Electronics — 0.7%
Amphenol Corp. 4.000% 2/01/22		800,000		837,937
Arrow Electronics, Inc. 5.125% 3/01/21		750,000		800,995
Arrow Electronics, Inc. 6.000% 4/01/20		1,195,000		1,338,870
Avnet, Inc. 4.875% 12/01/22		1,449,000		1,502,722
Avnet, Inc. 5.875% 3/15/14		3,570,000		3,727,990
Jabil Circuit, Inc. 7.750% 7/15/16		1,430,000		1,646,287
PerkinElmer, Inc. 5.000% 11/15/21		1,000,000		1,099,686
Tech Data Corp. 3.750% 9/21/17		1,345,000		1,400,873
				12,355,360
Engineering & Construction — 0.1%
BAA Funding Ltd. (a) 2.500% 6/25/17		1,755,000		1,807,106
Entertainment — 0.0%
International Game Technology 5.500% 6/15/20		750,000		807,625
Environmental Controls — 0.1%
Republic Services, Inc. 3.800% 5/15/18		840,000		923,700
Republic Services, Inc. 5.000% 3/01/20		40,000		46,286
Republic Services, Inc. 5.250% 11/15/21		795,000		929,316
				1,899,302
Foods — 0.7%
ConAgra Foods, Inc. (a) 4.950% 8/15/20		850,000		973,339

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

49

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

	Principal Amount		Value
ConAgra Foods, Inc. (a) 6.625% 8/15/39	$	500,000	$	624,245
ConAgra Foods, Inc. 7.000% 4/15/19		965,000		1,207,706
General Mills, Inc. 5.400% 6/15/40		65,000		76,629
Kraft Foods, Inc. 4.125% 2/09/16		1,580,000		1,720,053
Kraft Foods, Inc. 6.500% 2/09/40		550,000		714,216
TreeHouse Foods, Inc. 7.750% 3/01/18		3,050,000		3,305,437
Tyson Foods, Inc. 4.500% 6/15/22		1,300,000		1,414,563
Tyson Foods, Inc. 6.600% 4/01/16		1,675,000		1,918,706
				11,954,894
Forest Products & Paper — 0.3%
International Paper Co. 4.750% 2/15/22		700,000		787,937
International Paper Co. 7.300% 11/15/39		820,000		1,081,077
International Paper Co. 9.375% 5/15/19		290,000		398,553
The Mead Corp. 7.550% 3/01/47		1,460,000		1,618,908
Plum Creek Timberlands LP 3.250% 3/15/23		1,480,000		1,456,580
				5,343,055
Gas — 0.2%
Boston Gas Co. (a) 4.487% 2/15/42		700,000		732,190
Southern Union Co. VRN 3.316% 11/01/66		2,000,000		1,755,000
				2,487,190
Hand & Machine Tools — 0.1%
Kennametal, Inc. 2.650% 11/01/19		1,200,000		1,199,627
Health Care – Products — 0.3%
Boston Scientific Corp. 4.500% 1/15/15		3,805,000		4,036,546
Boston Scientific Corp. 5.450% 6/15/14		91,000		95,754
Boston Scientific Corp. 6.000% 1/15/20		950,000		1,110,423
Covidien International Finance SA 6.550% 10/15/37		95,000		128,622
Johnson & Johnson 5.850% 7/15/38		245,000		323,726
				5,695,071

	Principal Amount		Value
Health Care – Services — 0.9%
Cigna Corp. 2.750% 11/15/16	$	1,400,000	$	1,477,895
Cigna Corp. 5.125% 6/15/20		650,000		749,776
HCA, Inc. 8.500% 4/15/19		1,230,000		1,357,613
Kaiser Foundation Hospitals 3.500% 4/01/22		600,000		629,826
Roche Holdings, Inc. (a) 6.000% 3/01/19		370,000		460,168
Roche Holdings, Inc. (a) 7.000% 3/01/39		250,000		362,963
UnitedHealth Group, Inc. 0.850% 10/15/15		1,000,000		1,003,031
UnitedHealth Group, Inc. 2.750% 2/15/23		1,245,000		1,228,103
UnitedHealth Group, Inc. 3.950% 10/15/42		550,000		517,969
UnitedHealth Group, Inc. 6.875% 2/15/38		1,775,000		2,388,818
WellPoint, Inc., Convertible (a) 2.750% 10/15/42		1,000,000		1,092,500
WellPoint, Inc. 3.300% 1/15/23		1,385,000		1,403,476
WellPoint, Inc. 4.350% 8/15/20		1,665,000		1,852,189
				14,524,327
Holding Company – Diversified — 0.2%
Hutchison Whampoa International Ltd. (a) 5.750% 9/11/19		1,220,000		1,446,072
Leucadia National Corp. 7.000% 8/15/13		636,000		647,528
Leucadia National Corp. 7.750% 8/15/13		1,848,000		1,887,270
				3,980,870
Home Furnishing — 0.1%
Whirlpool Corp. 3.700% 3/01/23		870,000		886,708
Whirlpool Corp. 5.150% 3/01/43		295,000		298,141
Whirlpool Corp. 8.600% 5/01/14		460,000		497,138
				1,681,987
Household Products — 0.1%
Church & Dwight Co., Inc. 3.350% 12/15/15		845,000		892,743
Housewares — 0.1%
Newell Rubbermaid, Inc. 2.050% 12/01/17		1,250,000		1,256,921

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

50

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

	Principal Amount		Value
Toro Co. 7.800% 6/15/27	$	773,000	$	916,195
				2,173,116
Insurance — 1.8%
Aflac, Inc. 8.500% 5/15/19		585,000		790,628
The Allstate Corp. 5.550% 5/09/35		875,000		1,051,057
The Allstate Corp. 7.450% 5/16/19		200,000		262,954
American International Group, Inc. 3.000% 3/20/15		2,000,000		2,074,970
American International Group, Inc. 3.650% 1/15/14		325,000		332,579
CNA Financial Corp. 7.350% 11/15/19		1,000,000		1,265,778
Genworth Financial, Inc. 5.750% 6/15/14		1,744,000		1,828,633
The Hartford Financial Services Group, Inc. 4.000% 3/30/15		1,820,000		1,923,471
The Hartford Financial Services Group, Inc. 4.000% 10/15/17		1,650,000		1,827,447
ING US, Inc. (a) 5.500% 7/15/22		900,000		995,754
Lincoln National Corp. 4.300% 6/15/15		600,000		642,481
Lincoln National Corp. 8.750% 7/01/19		1,350,000		1,829,793
Marsh & McLennan Cos., Inc. 4.800% 7/15/21		1,300,000		1,483,967
Marsh & McLennan Cos., Inc. 5.875% 8/01/33		900,000		1,059,652
MetLife, Inc. Series A 6.817% 8/15/18		235,000		292,935
Principal Financial Group, Inc. 8.875% 5/15/19		620,000		843,498
The Progressive Corp. 3.750% 8/23/21		40,000		43,575
Prudential Financial, Inc. 3.875% 1/14/15		1,190,000		1,252,035
Prudential Financial, Inc. 4.500% 11/15/20		700,000		786,767
Prudential Financial, Inc. 4.750% 9/17/15		2,055,000		2,238,842
Prudential Financial, Inc. VRN 5.200% 3/15/44		2,380,000		2,385,950
Prudential Financial, Inc. VRN 5.625% 6/15/43		1,685,000		1,743,975
Prudential Financial, Inc. 6.200% 11/15/40		500,000		604,700

	Principal Amount		Value
Reinsurance Group of America, Inc. 5.000% 6/01/21	$	1,775,000	$	1,978,651
The Travelers Cos., Inc. 6.250% 6/15/37		775,000		1,033,483
				30,573,575
Internet — 0.1%
Expedia, Inc. 7.456% 8/15/18		1,765,000		2,109,074
Investment Companies — 0.3%
Xstrata Finance Canada (a) 2.850% 11/10/14		1,800,000		1,844,802
Xstrata Finance Canada (a) 5.800% 11/15/16		1,023,000		1,164,710
Xstrata Finance Canada Ltd. (a) 1.800% 10/23/15		1,700,000		1,719,319
				4,728,831
Iron & Steel — 1.1%
Allegheny Technologies, Inc. 5.950% 1/15/21		1,979,000		2,212,474
Allegheny Technologies, Inc. 9.375% 6/01/19		710,000		914,036
ArcelorMittal 4.250% 8/05/15		1,500,000		1,559,025
ArcelorMittal 5.750% 8/05/20		1,700,000		1,793,500
ArcelorMittal 9.500% 2/15/15		3,080,000		3,480,400
Carpenter Technology Corp. 4.450% 3/01/23		1,500,000		1,540,441
Cliffs Natural Resources, Inc. 3.950% 1/15/18		1,500,000		1,506,045
Reliance Steel & Aluminum Co. 6.200% 11/15/16		2,562,000		2,856,361
Reliance Steel & Aluminum Co. 6.850% 11/15/36		1,536,000		1,672,921
				17,535,203
Leisure Time — 0.1%
Carnival Corp. 1.875% 12/15/17		1,100,000		1,103,442
Lodging — 1.0%
Choice Hotels International, Inc. 5.700% 8/28/20		1,500,000		1,646,250
Hyatt Hotels Corp. (a) 5.750% 8/15/15		800,000		869,065
Marriott International, Inc. 3.250% 9/15/22		2,000,000		2,008,098
Marriott International, Inc. 5.810% 11/10/15		425,000		468,719
Marriott International, Inc. 6.200% 6/15/16		4,038,000		4,625,420

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

51

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

	Principal Amount		Value
Starwood Hotels & Resorts Worldwide, Inc. 6.750% 5/15/18	$	305,000	$	370,235
Wyndham Worldwide Corp. 2.500% 3/01/18		1,605,000		1,614,088
Wyndham Worldwide Corp. 2.950% 3/01/17		550,000		565,982
Wyndham Worldwide Corp. 6.000% 12/01/16		9,000		10,263
Wynn Las Vegas LLC 7.750% 8/15/20		3,450,000		3,868,312
				16,046,432
Machinery – Diversified — 0.2%
Roper Industries, Inc. 3.125% 11/15/22		1,525,000		1,530,675
Xylem, Inc. 3.550% 9/20/16		1,265,000		1,348,940
Xylem, Inc. 4.875% 10/01/21		585,000		660,673
				3,540,288
Manufacturing — 1.5%
Bombardier, Inc. (a) 4.250% 1/15/16		1,750,000		1,815,625
Carlisle Cos., Inc. 3.750% 11/15/22		1,270,000		1,270,065
Eaton Corp. (a) 1.500% 11/02/17		1,040,000		1,042,984
General Electric Co. 4.125% 10/09/42		2,120,000		2,125,395
General Electric Co. 5.250% 12/06/17		1,145,000		1,341,240
Harsco Corp 2.700% 10/15/15		2,110,000		2,129,815
Ingersoll-Rand Global Holding Co. Ltd. 6.875% 8/15/18		960,000		1,158,684
Siemens Financieringsmaatschappij NV (a) 5.750% 10/17/16		1,000,000		1,155,020
Textron, Inc. 4.625% 9/21/16		5,000,000		5,484,280
Textron, Inc. 6.200% 3/15/15		3,000,000		3,267,756
Tyco Electronics Group SA 6.550% 10/01/17		2,935,000		3,509,773
				24,300,637
Media — 0.8%
CBS Corp. 7.875% 7/30/30		970,000		1,282,480
Comcast Corp. 6.400% 5/15/38		1,035,000		1,301,673

	Principal Amount		Value
Globo Comunicacao e Participacoes SA (a) 4.875% 4/11/22	$	2,100,000	$	2,269,050
Grupo Televisa SAB 6.625% 1/15/40		164,000		199,743
NBCUniversal Media LLC 6.400% 4/30/40		100,000		126,789
News America, Inc. 6.900% 8/15/39		525,000		668,374
Scholastic Corp. 5.000% 4/15/13		2,024,000		2,026,550
Time Warner Cable, Inc. 4.000% 9/01/21		900,000		960,304
Time Warner Cable, Inc. 6.750% 6/15/39		655,000		772,977
Time Warner Cable, Inc. 8.250% 4/01/19		235,000		305,905
Time Warner Cable, Inc. 8.750% 2/14/19		365,000		482,717
Time Warner, Inc. 4.700% 1/15/21		900,000		1,014,853
Time Warner, Inc. 6.100% 7/15/40		950,000		1,101,454
Time Warner, Inc. 6.250% 3/29/41		15,000		17,732
Viacom, Inc. 6.250% 4/30/16		1,188,000		1,364,528
				13,895,129
Metal Fabricate & Hardware — 0.0%
The Timken Co. 6.000% 9/15/14		705,000		750,056
Mining — 0.6%
AngloGold Ashanti Holdings PLC 5.125% 8/01/22		642,000		650,794
Freeport-McMoRan Copper & Gold, Inc. (a) 2.375% 3/15/18		810,000		813,384
Freeport-McMoRan Copper & Gold, Inc. (a) 3.875% 3/15/23		1,545,000		1,549,470
Freeport-McMoRan Copper & Gold, Inc. (a) 5.450% 3/15/43		1,210,000		1,195,837
Newcrest Finance Property Ltd. (a) 4.450% 11/15/21		1,850,000		1,950,252
Vale Overseas Ltd. 6.250% 1/23/17		1,626,000		1,855,173
Vale Overseas Ltd. 6.875% 11/10/39		490,000		558,749
Vulcan Materials Co. 6.500% 12/01/16		810,000		907,200
				9,480,859

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

52

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

	Principal Amount		Value
Office Equipment/Supplies — 0.1%
Pitney Bowes Inc, Series MTN 4.750% 1/15/16	$	1,140,000	$	1,198,330
Xerox Corp. 4.250% 2/15/15		800,000		842,674
				2,041,004
Office Furnishings — 0.0%
Steelcase, Inc. 6.375% 2/15/21		100,000		110,559
Oil & Gas — 3.2%
Anadarko Petroleum Corp. 6.375% 9/15/17		2,800,000		3,342,114
Anadarko Petroleum Corp. 6.450% 9/15/36		900,000		1,106,165
Chesapeake Energy Corp. 9.500% 2/15/15		4,450,000		5,028,500
Chesapeake Energy Corp., Convertible 2.250% 12/15/38		360,000		319,500
Chesapeake Energy Corp., Convertible 2.500% 5/15/37		3,530,000		3,382,181
Conoco, Inc. 6.950% 4/15/29		230,000		310,717
ConocoPhillips 6.500% 2/01/39		675,000		902,627
Devon Energy Corp. 5.600% 7/15/41		1,145,000		1,251,109
Devon Energy Corp. 6.300% 1/15/19		660,000		796,805
EQT Corp. 4.875% 11/15/21		835,000		884,714
Motiva Enterprises LLC (a) 5.750% 1/15/20		1,285,000		1,542,726
Motiva Enterprises LLC (a) 6.850% 1/15/40		945,000		1,268,617
Newfield Exploration Co. 6.875% 2/01/20		1,700,000		1,823,250
Nexen, Inc. 7.500% 7/30/39		145,000		210,818
Pemex Project Funding Master Trust 6.625% 6/15/38		202,000		241,390
Petrobras International Finance Co. 3.875% 1/27/16		1,275,000		1,334,270
Petrobras International Finance Co. 5.375% 1/27/21		1,430,000		1,542,960
Petrobras International Finance Co. 6.750% 1/27/41		2,210,000		2,497,948
Petroleos Mexicanos 5.500% 1/21/21		1,690,000		1,939,275
Phillips 66 4.300% 4/01/22		800,000		878,210
Phillips 66 5.875% 5/01/42		700,000		822,184

	Principal Amount		Value
Pioneer Natural Resources Co. 5.875% 7/15/16	$	1,370,000	$	1,549,326
Pride International, Inc. 6.875% 8/15/20		2,000,000		2,507,378
Rosneft Oil Co. via Rosneft International Finance Ltd. (a) 3.149% 3/06/17		1,300,000		1,306,500
Rowan Cos., Inc. 4.875% 6/01/22		2,700,000		2,934,881
Rowan Cos., Inc. 5.000% 9/01/17		1,000,000		1,114,624
Rowan Cos., Inc. 5.400% 12/01/42		1,410,000		1,407,836
Shell International Finance BV 5.500% 3/25/40		450,000		560,687
Talisman Energy, Inc. 5.500% 5/15/42		900,000		936,072
Tesoro Corp. 9.750% 6/01/19		1,950,000		2,198,625
Transocean, Inc. 4.950% 11/15/15		3,455,000		3,738,262
Transocean, Inc. 5.050% 12/15/16		1,500,000		1,666,646
Valero Energy Corp. 6.125% 2/01/20		1,145,000		1,391,249
				52,738,166
Oil & Gas Services — 0.4%
Baker Hughes, Inc. 5.125% 9/15/40		1,100,000		1,278,703
Superior Energy Services, Inc. 7.125% 12/15/21		1,940,000		2,170,375
Weatherford International Ltd. 4.500% 4/15/22		1,000,000		1,030,099
Weatherford International Ltd. 5.950% 4/15/42		700,000		721,498
Weatherford International Ltd. 6.000% 3/15/18		725,000		827,032
				6,027,707
Packaging & Containers — 0.1%
Brambles USA Inc., Series A (a) 5.350% 4/01/20		685,000		769,387
Sonoco Products Co. 4.375% 11/01/21		800,000		867,704
				1,637,091
Pharmaceuticals — 0.7%
AbbVie, Inc. (a) 4.400% 11/06/42		750,000		756,182
McKesson Corp. 4.750% 3/01/21		850,000		984,573
McKesson Corp. 6.000% 3/01/41		800,000		1,030,646

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

53

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

	Principal Amount		Value
Merck Sharp & Dohme Corp. 5.850% 6/30/39	$	255,000	$	329,723
Mylan, Inc. (a) 7.625% 7/15/17		800,000		889,320
Mylan, Inc. (a) 7.875% 7/15/20		4,250,000		4,959,393
Pfizer, Inc. 7.200% 3/15/39		970,000		1,429,223
Teva Pharmaceutical Finance Co. LLC 6.150% 2/01/36		630,000		800,585
Zoetis, Inc. (a) 3.250% 2/01/23		625,000		633,802
				11,813,447
Pipelines — 1.9%
Alliance Pipeline LP (a) 6.996% 12/31/19		785,445		918,236
Boardwalk Pipelines LLC 5.500% 2/01/17		914,000		1,020,373
CenterPoint Energy Resources Corp. 4.500% 1/15/21		650,000		738,504
CenterPoint Energy Resources Corp. 5.850% 1/15/41		645,000		808,600
DCP Midstream LLC (a) 9.750% 3/15/19		70,000		92,188
DCP Midstream Operating LLC 3.875% 3/15/23		225,000		226,216
Duke Energy Field Services LLC (a) 5.375% 10/15/15		500,000		543,472
El Paso Pipeline Partners Operating Co. LLC 4.100% 11/15/15		2,900,000		3,112,396
Enogex LLC (a) 6.875% 7/15/14		3,300,000		3,474,775
Enterprise Products Operating LP 3.200% 2/01/16		600,000		636,639
Enterprise Products Operating LP 5.950% 2/01/41		630,000		729,851
Gulf South Pipeline Co. LP (a) 5.050% 2/01/15		868,000		927,470
Kern River Funding Corp. (a) 4.893% 4/30/18		1,770,221		1,934,284
Kinder Morgan Energy Partners LP 6.000% 2/01/17		685,000		796,319
Kinder Morgan Energy Partners LP 6.500% 2/01/37		571,000		684,939
Kinder Morgan Energy Partners LP 6.950% 1/15/38		65,000		81,589
Kinder Morgan Finance Co. LLC (a) 6.000% 1/15/18		3,900,000		4,315,806
Magellan Midstream Partners LP 6.550% 7/15/19		1,125,000		1,386,531
ONEOK Partners LP 3.250% 2/01/16		600,000		633,850

	Principal Amount		Value
ONEOK Partners LP 6.125% 2/01/41	$	1,500,000	$	1,744,461
Southern Natural Gas Co. LLC (a) 5.900% 4/01/17		1,345,000		1,567,643
Texas Eastern Transmission LP (a) 6.000% 9/15/17		850,000		1,001,803
TransCanada PipeLines Ltd. 6.200% 10/15/37		840,000		1,056,646
The Williams Cos., Inc. 3.700% 1/15/23		830,000		823,949
Williams Partners LP 5.250% 3/15/20		2,045,000		2,330,447
				31,586,987
Real Estate — 0.4%
AMB Property LP 4.500% 8/15/17		1,050,000		1,154,367
Colonial Realty LP 6.250% 6/15/14		1,460,000		1,542,202
Post Apartment Homes LP 3.375% 12/01/22		600,000		606,078
ProLogis LP 6.625% 5/15/18		3,250,000		3,908,210
				7,210,857
Real Estate Investment Trusts (REITS) — 2.1%
Boston Properties LP 3.700% 11/15/18		800,000		877,214
Boston Properties LP 4.125% 5/15/21		840,000		910,190
Brandywine Operating Partners LP 4.950% 4/15/18		1,100,000		1,212,746
BRE Properties, Inc. 3.375% 1/15/23		1,680,000		1,668,312
DDR Corp 9.625% 3/15/16		1,730,000		2,108,590
DDR Corp. 4.625% 7/15/22		1,275,000		1,379,196
DDR Corp. 4.750% 4/15/18		1,400,000		1,547,752
DDR Corp. 7.875% 9/01/20		1,600,000		2,034,342
Duke Realty LP 3.625% 4/15/23		1,135,000		1,136,465
Duke Realty LP 8.250% 8/15/19		1,975,000		2,557,805
ERP Operating LP 4.625% 12/15/21		600,000		672,817
HCP, Inc. 2.625% 2/01/20		1,415,000		1,424,038
Highwoods Realty LP 5.850% 3/15/17		2,600,000		2,916,779
Host Hotels & Resorts LP 9.000% 5/15/17		2,800,000		2,950,500

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

54

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

	Principal Amount		Value
Liberty Property LP 3.375% 6/15/23	$	975,000	$	967,974
Realty Income Corp. 2.000% 1/31/18		3,625,000		3,648,606
Realty Income Corp. 3.250% 10/15/22		1,925,000		1,884,879
Simon Property Group LP 5.650% 2/01/20		225,000		271,436
UDR, Inc. 4.625% 1/10/22		1,500,000		1,647,830
UDR, Inc. 5.130% 1/15/14		429,000		442,680
Ventas Realty LP/Ventas Capital Corp. 4.250% 3/01/22		800,000		859,414
Weingarten Realty Investors 3.500% 4/15/23		1,725,000		1,716,423
				34,835,988
Retail — 0.9%
Best Buy Co., Inc. 7.250% 7/15/13		2,340,000		2,375,100
CVS Caremark Corp. 6.125% 9/15/39		895,000		1,105,747
CVS Pass-Through Trust (a) 5.926% 1/10/34		2,335,790		2,760,700
Darden Restaurants, Inc. 3.350% 11/01/22		930,000		884,475
The Home Depot, Inc. 5.950% 4/01/41		800,000		1,016,758
Macy’s Retail Holdings, Inc. 7.450% 7/15/17		860,000		1,057,212
McDonald’s Corp. 6.300% 10/15/37		645,000		871,790
O’Reilly Automotive, Inc. 4.875% 1/14/21		875,000		970,591
QVC, Inc. (a) 4.375% 3/15/23		1,140,000		1,152,465
QVC, Inc. 5.125% 7/02/22		750,000		794,461
Wal-Mart Stores, Inc. 5.625% 4/01/40		2,085,000		2,597,266
				15,586,565
Savings & Loans — 0.3%
First Niagara Financial Group, Inc. 7.250% 12/15/21		1,400,000		1,705,071
Glencore Funding LLC (a) 6.000% 4/15/14		2,330,000		2,440,645
Washington Mutual Bank (b) 5.650% 8/15/14		4,038,000		404
				4,146,120
Semiconductors — 0.3%
Applied Materials, Inc. 5.850% 6/15/41		1,500,000		1,786,412

	Principal Amount		Value
Intel Corp., Convertible 2.950% 12/15/35	$	1,525,000	$	1,618,406
Micron Technology, Inc., Convertible (a) 2.125% 2/15/33		1,752,000		1,984,140
				5,388,958
Software — 0.5%
CA, Inc. 5.375% 12/01/19		2,115,000		2,393,647
ManTech International Corp. 7.250% 4/15/18		1,770,000		1,876,200
Microsoft Corp. 3.000% 10/01/20		525,000		561,030
Oracle Corp. 1.200% 10/15/17		2,075,000		2,077,283
Oracle Corp. 2.500% 10/15/22		1,575,000		1,546,196
				8,454,356
Telecommunications — 2.8%
America Movil SAB de CV 5.000% 3/30/20		730,000		821,026
America Movil SAB de CV 6.125% 3/30/40		760,000		884,654
American Tower Corp. 4.500% 1/15/18		1,900,000		2,089,612
AT&T, Inc. 6.500% 9/01/37		1,485,000		1,821,070
AT&T, Inc. 6.550% 2/15/39		1,005,000		1,241,468
British Telecom PLC STEP 9.625% 12/15/30		1,050,000		1,627,519
CenturyLink, Inc. 5.500% 4/01/13		1,225,000		1,225,000
CenturyLink, Inc. 6.150% 9/15/19		760,000		805,600
CenturyLink, Inc. 7.650% 3/15/42		2,000,000		1,932,500
Cisco Systems, Inc. 5.500% 1/15/40		485,000		578,743
Deutsche Telekom International Finance BV STEP 8.750% 6/15/30		290,000		410,646
Embarq Corp. 7.082% 6/01/16		561,000		642,245
Embarq Corp. 7.995% 6/01/36		200,000		210,542
Frontier Communications Corp. 7.875% 4/15/15		2,270,000		2,590,638
Juniper Networks, Inc. 4.600% 3/15/21		700,000		751,063
Juniper Networks, Inc. 5.950% 3/15/41		1,000,000		1,114,611

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

55

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

	Principal Amount		Value
Motorola Solutions, Inc. 3.500% 3/01/23	$	1,630,000	$	1,639,614
Rogers Communications, Inc. 7.500% 8/15/38		160,000		220,604
Telecom Italia Capital 4.950% 9/30/14		2,645,000		2,739,458
Telecom Italia Capital 5.250% 10/01/15		2,200,000		2,321,042
Telecom Italia Capital 6.000% 9/30/34		153,000		142,039
Telecom Italia Capital 6.175% 6/18/14		1,825,000		1,909,260
Telefonaktiebolaget LM Ericsson 4.125% 5/15/22		1,250,000		1,299,689
Telefonica Emisiones SAU 2.582% 4/26/13		2,195,000		2,197,162
Telefonica Emisiones SAU 3.992% 2/16/16		1,900,000		1,980,446
Telefonica Emisiones SAU 5.462% 2/16/21		650,000		699,535
Verizon Communications, Inc. 8.750% 11/01/18		1,180,000		1,586,899
Verizon Global Funding Corp. 7.750% 12/01/30		987,000		1,348,347
Virgin Media Finance PLC 8.375% 10/15/19		4,900,000		5,475,750
Virgin Media Secured Finance PLC 6.500% 1/15/18		2,680,000		2,854,200
WCP Wireless Site Funding (a) 4.141% 11/15/15		1,683,362		1,749,145
				46,910,127
Transportation — 0.8%
Asciano Finance (a) 3.125% 9/23/15		1,300,000		1,339,360
Asciano Finance (a) 5.000% 4/07/18		1,650,000		1,810,119
Burlington Northern Santa Fe LLC 6.750% 3/15/29		1,053,000		1,302,777
Canadian National Railway Co. 5.850% 11/15/17		725,000		872,155
Con-way, Inc. 7.250% 1/15/18		570,000		671,458
CSX Corp. 7.250% 5/01/27		733,000		948,755
Norfolk Southern Corp. (a) 2.903% 2/15/23		116,000		116,136
Norfolk Southern Corp. 4.837% 10/01/41		19,000		20,634
Norfolk Southern Corp. 6.000% 5/23/2111		500,000		611,238
Ryder System, Inc. 2.500% 3/01/18		4,430,000		4,542,770

	Principal Amount		Value
Union Pacific Corp. 4.000% 2/01/21	$	700,000	$	781,648
				13,017,050
Trucking & Leasing — 1.0%
GATX Corp. 2.375% 7/30/18		1,175,000		1,188,434
GATX Corp. 3.500% 7/15/16		1,650,000		1,747,465
GATX Corp. 3.900% 3/30/23		735,000		740,497
GATX Corp. 4.750% 5/15/15		905,000		960,264
GATX Corp. 4.750% 6/15/22		1,200,000		1,272,529
GATX Corp. 8.750% 5/15/14		2,385,000		2,584,197
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) 2.500% 3/15/16		5,020,000		5,141,765
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) 3.125% 5/11/15		1,800,000		1,862,437
TTX Co. (a) 3.050% 11/15/22		1,400,000		1,364,670
				16,862,258
TOTAL CORPORATE DEBT (Cost $661,851,843)				705,762,287
MUNICIPAL OBLIGATIONS — 0.4%
New York City Municipal Water Finance Authority 5.882% 6/15/44		390,000		515,584
State of California 5.950% 4/01/16		895,000		1,025,088
State of California BAB 7.550% 4/01/39		505,000		729,053
State of California BAB 7.600% 11/01/40		1,160,000		1,697,069
State of Illinois 5.365% 3/01/17		2,910,000		3,245,174
				7,211,968
TOTAL MUNICIPAL OBLIGATIONS (Cost $6,211,028)				7,211,968
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 13.7%
Automobile ABS — 0.7%
California Republic Auto Receivables Trust, Series 2012-1, Class A (a) 1.180% 8/15/17		2,709,907		2,706,899

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

56

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

	Principal Amount		Value
Chesapeake Funding LLC, Series 2009-2A, Class A FRN (a) 1.953% 9/15/21	$	341,586	$	343,731
CPS Auto Trust, Series 2011-B, Class A (a) 3.680% 9/17/18		1,038,723		1,069,331
Credit Acceptance Auto Loan Trust, Series 2011-1, Class A (a) 2.610% 3/15/19		1,800,000		1,825,477
First Investors Auto Owner Trust, Series 2011-1, Class A2 (a) 1.470% 3/16/15		47,488		47,502
First Investors Auto Owner Trust, Series 2012-2A, Class A2 (a) 1.470% 5/15/18		1,651,272		1,668,172
LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A (a) 2.550% 9/15/16		213,993		215,189
Prestige Auto Receivables Trust, Series 2012-1A, Class A2 (a) 1.230% 12/15/15		1,351,452		1,354,078
Rental Car Finance Corp., Series 2011-1A, Class A1 (a) 2.510% 2/25/16		1,180,000		1,211,225
Tidewater Auto Receivables Trust, Series 2012-AA, Class A2 (a) 1.210% 8/15/15		1,970,000		1,969,840
				12,411,444
Commercial MBS — 4.5%
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4 VRN 5.754% 2/10/51		2,790,000		3,229,249
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR7, Class A3 VRN 5.116% 2/11/41		820,000		879,351
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class A4 5.201% 12/11/38		2,790,000		3,151,376
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class AM 5.243% 12/11/38		1,295,000		1,393,070
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2 5.330% 1/12/45		186,724		190,370
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A4, VRN 5.471% 1/12/45		750,000		860,386

	Principal Amount		Value
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4 VRN 5.694% 6/11/50	$	2,200,000	$	2,566,662
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class A4 5.700% 6/11/50		2,150,000		2,514,272
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class AM VRN 5.757% 9/11/38		2,375,000		2,622,800
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, Class AM VRN 5.835% 9/11/42		1,170,000		1,345,340
COMM 2007-C9 Mortgage Trust, Series 2007-C9, Class A4 VRN 5.799% 12/10/49		3,693,000		4,343,905
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, CMO, VRN 5.748% 6/10/46		1,343,000		1,509,013
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C1, Class A4 VRN 4.750% 1/15/37		2,255,309		2,306,046
DBUBS Mortgage Trust, Series 2011-LC2A, Class A2 (a) 3.386% 7/10/44		2,160,000		2,312,809
DBUBS Mortgage Trust, Series 2011-LC3A, Class A2 3.642% 8/10/44		1,600,000		1,728,763
DBUBS Mortgage Trust, Series 2011-LC1A, Class A1 (a) 3.742% 11/10/46		715,951		768,286
DBUBS Mortgage Trust, Series 2011-LC1A, Class B VRN (a) 5.471% 11/10/46		860,000		1,006,140
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4 VRN 5.866% 7/10/38		3,861,617		4,357,567
GS Mortgage Securities Corp. II, Series 2012-GC6, Class AS (a) 4.948% 1/10/45		800,000		934,206
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2011-C4, Class A2 (a) 3.341% 7/15/46		650,000		693,125
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class AM, CMO 4.780% 7/15/42		200,000		213,010

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

57

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

	Principal Amount		Value
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 5.429% 12/12/43	$	3,000,000	$	3,345,326
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4 VRN 5.481% 2/12/39		340,000		379,239
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4 VRN 5.891% 6/12/46		1,600,000		1,811,552
Morgan Stanley Capital I, Series 2011-C2, Class B VRN (a) 5.200% 6/15/44		825,000		948,483
Morgan Stanley Capital I, Series 2006-IQ12, Class A4 5.332% 12/15/43		1,150,000		1,307,550
Morgan Stanley Capital I, Series 2006-IQ12, Class AM 5.370% 12/15/43		1,525,000		1,682,955
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 5.610% 4/15/49		1,843,626		1,866,048
Morgan Stanley Capital I, Series 2008-T29, Class A4 VRN 6.275% 1/11/43		1,375,000		1,664,099
STRIPs Ltd., Series 2012-1A, Class A (a) 1.500% 12/25/44		2,358,218		2,330,685
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3 VRN 5.539% 8/15/39		1,303,767		1,366,688
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ VRN 5.539% 8/15/39		1,525,000		1,666,704
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class AM VRN 5.466% 1/15/45		2,220,000		2,465,581
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 5.509% 4/15/47		4,525,000		5,168,576
Wachovia Bank Commercial Mortgage Trust, Series 2006-C25, Class AM VRN 5.734% 5/15/43		1,250,000		1,410,768
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4 VRN 5.926% 2/15/51		2,170,000		2,497,820
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1 (a) 3.349% 11/15/43		549,950		588,260
Wells Fargo Reremic Trust, Series 2012-IO, Class A (a) 1.750% 8/20/21		2,073,636		2,075,585

	Principal Amount		Value
WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class A2 (a) 3.240% 3/15/44	$	1,997,629	$	2,124,792
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class AS 3.660% 8/15/45		800,000		844,987
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2 (a) 3.791% 2/15/44		1,225,000		1,317,062
				75,788,506
Home Equity ABS — 2.9%
Aames Mortgage Investment Trust, Series 2004-1, Class M5 FRN 1.929% 1/25/35		3,130,000		2,841,469
ACE Securities Corp., Series 2005-AG1, Class A1B1 FRN 0.474% 8/25/35		897,661		878,511
ACE Securities Corp., Series 2005-ASP1, Class A2D FRN 0.554% 9/25/35		926,080		918,964
Ameriquest Mortgage Securities, Inc., Series 2005-R10, Class A2B FRN 0.458% 1/25/36		82,201		81,251
Ameriquest Mortgage Securities, Inc., Series 2005-R5, Class A2C FRN 0.564% 7/25/35		660,928		652,460
Ameriquest Mortgage Securities, Inc., Series 2004-R11, Class A2 FRN 0.574% 11/25/34		662,412		657,705
Asset-Backed Funding Certificates, Series 2005-WMC1, Class M1 FRN 0.864% 6/25/35		1,149,444		1,129,379
Bayview Financial Mortgage Pass-Through Trust, Series 2005-B, Class M1 FRN 0.654% 4/28/39		1,770,000		1,559,670
Bear Stearns Asset Backed Securities Trust, Series 2006-EC2, Class A4 FRN 0.514% 2/25/36		140,922		140,566
Carrington Mortgage Loan Trust, Series 2006-RFC1, Class A2 FRN 0.304% 5/25/36		2,080		2,080
Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A2 FRN 0.314% 7/25/36		482,970		475,475
Citigroup Mortgage Loan Trus, Inc., Series 2005-HE2, Class A (a) 0.604% 5/25/35		645,462		642,880
Citigroup Mortgage Loan Trust, Inc., Series 2003-HE4, Class A FRN (a) 0.614% 12/25/33		985,150		985,376

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

58

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

	Principal Amount		Value
Citigroup Mortgage Loan Trust, Inc., Series 2005-OPT4, Class M2 FRN 1.000% 7/25/35	$	945,000	$	904,275
Countrywide Asset-Backed Certificates, Series 2006-BC1, Class 2A2 FRN 0.384% 4/25/36		176,231		175,816
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A FRN 0.434% 9/25/34		254,615		253,805
Countrywide Asset-Backed Certificates, Series 2005-6, Class M1 FRN 0.694% 12/25/35		708,080		679,054
Countrywide Partnership Trust, Series 2004-EC1, Class M1 FRN 1.104% 2/25/35		773,329		610,815
Credit-Based Asset Servicing and Securitization LLC, Series 2006-RP2, Class A2 FRN (a) 0.494% 7/25/36		2,308,121		2,283,357
First Frankin Mortgage Loan Trust, Series 2005-FF6, Class M1 FRN 0.624% 5/25/36		1,800,000		1,704,639
First Frankin Mortgage Loan Trust, Series 2005-FF7, Class M1 FRN 0.654% 7/25/35		2,500,000		2,368,328
Fremont Home Loan Trust, Series 2005-E, Class 2A3 FRN 0.444% 1/25/36		867,157		840,925
GSAMP Trust, Series 2005-HE5, Class M1 FRN 0.624% 11/25/35		880,000		791,959
GSAMP Trust, Series 2005-AHL, Class M1 FRN 0.634% 4/25/35		761,909		714,738
Home Equity Asset Trust, Series 2006-4, Class 2A3 FRN 0.374% 8/25/36		767,903		748,460
Home Equity Asset Trust, Series 2006-3, Class 2A3 FRN 0.384% 7/25/36		711,310		709,204
Home Equity Asset Trust, Series 2005-4, Class M2 FRN 0.644% 10/25/35		1,470,624		1,434,496
Lake Country Mortgage Loan Trust, Series 2005-HE1, Class M1 FRN (a) 0.984% 12/25/32		1,970,630		1,876,893
Long Beach Mortgage Loan Trust, Series 2005-3, Class 2A2 FRN 0.484% 8/25/45		338,822		335,514
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2 FRN 0.754% 6/25/35		3,471,179		3,239,182

	Principal Amount		Value
Long Beach Mortgage Loan Trust, Series 2005-1, Class M1 FRN 0.954% 2/25/35	$	685,033	$	674,374
Long Beach Mortgage Loan Trust, Series 2005-1, Class M2 FRN 0.999% 2/25/35		1,690,000		1,576,104
Merrill Lynch Mortgage Synthetic, Series 2005-ACR1, Class M1 FRN (a) 0.939% 6/28/35		2,492,136		2,347,868
Merrill Lynch Mortgage Synthetic, Series 2005-ACR1, Class M2 FRN (a) 0.969% 6/28/35		1,300,000		1,060,074
Morgan Stanley Capital, Inc., Series 2005-WMC6, Class M2 FRN 0.704% 7/25/35		2,305,000		2,221,050
New Century Home Equity Loan Trust, Series 2005-2, Class A2MZ FRN 0.464% 6/25/35		2,155,219		2,134,631
New Century Home Equity Loan Trust, Series 1997-NC5, Class A6 STEP 7.200% 10/25/28		2,330		2,478
Nomura Home Equity Loan, Inc., Series 2005-FM1, Class M1 FRN 0.674% 5/25/35		527,890		512,646
Park Place Securities, Inc., Series 2005-WCW3, Class A2C FRN 0.584% 8/25/35		1,361,211		1,341,294
Park Place Securities, Inc., Series 2005-WHQ1, Class M2 FRN 0.704% 3/25/35		1,171,227		1,131,319
Residential Asset Mortgage Products, Inc., Series 2005-EFC6, Class 1A2 FRN 0.434% 11/25/35		215,408		215,130
Residential Asset Securities Corp., Series 2006-KS2, Class A3 FRN 0.394% 3/25/36		924,200		918,575
Residential Asset Securities Corp., Series 2005-KS12, Class A2 FRN 0.454% 1/25/36		948,983		944,004
Specialty Underwriting & Residential Finance, Series 2005-AB1, Class A1C FRN 0.544% 3/25/36		648,376		643,273
Structured Asset Investment Loan Trust, Series 2005-7, Class A5 FRN 0.564% 8/25/35		1,235,589		1,225,368
				47,585,434

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

59

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

	Principal Amount		Value
Other ABS — 2.6%
321 Henderson Receivables,LLC, Series 2010-2, Class A (a) 4.070% 1/15/48	$	382,556	$	421,950
ARL First LLC, Series 2012-1A, Class A2 (a) 3.810% 12/15/42		1,060,000		1,110,019
CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2 (a) (c) 4.000% 3/20/43		1,660,000		1,660,018
CLI Funding LLC, Series 2006-1A, Class A FRN (a) 0.383% 8/18/21		2,277,650		2,243,633
CLI Funding LLC, Series 2012-1A, Class A (a) 4.210% 6/18/27		274,117		285,639
Cronos Containers Program Ltd., Series 2012-2A, Class A (a) 3.810% 9/18/27		1,496,250		1,556,351
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Class A2 (a) 5.216% 1/25/42		2,255,650		2,558,080
Drug Royalty Corp., Inc., Series 2012-1, Class A2 (a) 5.800% 7/15/24		1,484,359		1,532,528
Drug Royalty II LP 1, Series 2012-1, Class A2 (a) 4.474% 1/15/25		1,064,809		1,068,856
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 (a) 4.212% 10/15/42		3,342,470		3,475,911
Global SC Finance II SRL, Series 2012-1A, Class A (a) 4.110% 7/19/27		1,400,000		1,451,359
Hercules Capital Funding Trust, Series 2012-1A, Class A (a) 3.320% 12/16/17		2,804,913		2,817,185
HFG Healthco-4 LLC, Series 2011-1A, Class A FRN (a) 2.454% 6/02/17		2,125,000		2,165,543
Icon Brands Holdings LLC, Series 2012-1A, Class A (a) 4.229% 1/25/43		930,000		980,769
New York City Tax Lien, Series 2012-AA, Class A (a) 1.230% 11/10/25		1,600,614		1,602,741
Newport Waves CDO (Acquired 3/30/07, Cost $4,994,200), Series 2007-1A, Class A3LS FRN (a) (d) 0.880% 6/20/14		5,000,000		4,780,500
PFS Financing Corp., Series 2011-BA, Class A FRN (a) 1.703% 10/17/16		600,000		606,879

	Principal Amount		Value
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (a) 2.840% 11/20/28	$	804,360	$	821,650
Sierra Receivables Funding Co. LLC, Series 2011-1A, Class A (a) 3.350% 4/20/26		2,006,616		2,096,674
Structured Receivables Finance LLC, Series 2010-B, Class A (a) 3.730% 8/15/36		733,578		782,897
TAL Advantage LLC, Series 2006-1A FRN (a) 0.376% 4/20/21		740,000		727,377
Tax Liens Securitization Trust, Series 2010-1A, Class 1A2 (a) 2.000% 4/15/18		16,585		16,608
Textainer Marine Containers Ltd., Series 2012-1A, Class A (a) 4.210% 4/15/27		1,907,500		1,988,613
Trafigura Securitisation Finance PLC, Series 2012-1A, Class A FRN (a) 2.603% 10/15/15		1,119,000		1,141,009
Trinity Rail Leasing LP, Series 2012-1A, Class A1 (a) 2.266% 1/15/43		863,418		879,702
Trinity Rail Leasing LP, Series 2006-1A, Class A1 (a) 5.900% 5/14/36		518,611		606,127
Trip Rail Master Funding LLC, Series 2011-1A, Class A1A (a) 4.370% 7/15/41		1,400,323		1,517,604
Triton Container Finance LLC, Series 2006-1A FRN (a) 0.370% 11/26/21		861,667		842,907
Westgate Resorts LLC, Series 2012-2A, Class A (a) 3.000% 1/20/25		1,266,205		1,272,818
				43,011,947
Student Loans ABS — 2.3%
Access Group, Inc., Series 2007-A, Class A2 FRN 0.418% 8/25/26		651,574		635,695
Access Group, Inc., Series 2005-2, Class A3 FRN 0.469% 11/22/24		1,667,493		1,648,246
Access Group, Inc., Series 2003-1, Class A2 FRN 0.544% 12/27/16		237,308		236,597
Access Group, Inc., Series 2004-1, Class A4 FRN 1.702% 12/27/32		500,000		436,367
Access Group, Inc., Series 2002-1, Class A4 VRN 1.704% 9/01/37		1,250,000		1,086,977

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

60

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

	Principal Amount		Value
College Loan Corp. Trust, Series 2003-1, Class A3 FRN (a) 1.689% 3/01/42	$	1,100,000	$	947,100
College Loan Corp. Trust, Series 2007-1, Class B2 FRN 1.704% 1/25/47		2,075,000		1,784,500
Education Funding Capital Trust I, Series 2004-1, Class A4 FRN 1.702% 6/15/43		2,600,000		2,574,000
Education Funding Capital Trust I, Series 2004-1, Class A5 FRN 1.703% 6/15/43		2,475,000		2,401,690
Education Funding Capital Trust I, Series 2004-1, Class A6 FRN 1.704% 6/15/43		1,700,000		1,556,554
Education Funding Capital Trust I, Series 2004-1, Class B1 FRN 1.950% 6/15/43		1,000,000		775,582
GCO Education Loan Funding Trust, Series 2006-2A, Class A2L FRN (a) 0.388% 8/25/25		969,099		964,780
GCO Education Loan Funding Trust, Series 2007-1, Class A7AR FRN (a) 1.490% 11/26/46		1,625,000		1,508,731
GCO Education Loan Funding Trust, Series 2005-1, Class A6AR FRN 2.180% 3/25/42		1,150,000		1,014,553
Goal Capital Funding Trust, Series 2006-1, Class A3 FRN 0.408% 11/25/26		2,075,000		2,041,125
National Collegiate Student Loan Trust, Series 2006-3, Class A2 FRN 0.314% 3/25/26		844,919		841,039
Nelnet Education Loan Funding, Inc., Series 2004-2A, Class A5C FRN 1.028% 2/25/39		625,000		566,421
Nelnet Student Loan Trust, Series 2010-4A, Class A FRN (a) 1.004% 4/25/46		896,983		909,343
Northstar Education Finance, Inc., Series 2006-A, Class A3 FRN 0.497% 5/28/26		1,527,581		1,512,913
SLC Student Loan Trust, Series 2006-A, Class A5 FRN 0.474% 7/15/36		6,340,000		5,975,681
SLC Student Loan Trust, Series 2006-A, Class B FRN 0.604% 7/15/36		697,000		621,015
SLM Student Loan Trust, Series 2003-10A, Class A1F FRN (a) 0.600% 12/15/16		200,000		200,000

	Principal Amount		Value
SLM Student Loan Trust, Series 2003-2, Class A7 FRN 1.140% 9/15/28	$	1,350,000	$	1,350,000
SLM Student Loan Trust, Series 2003-10A, Class A1H FRN (a) 1.692% 12/15/16		1,600,000		1,600,000
SLM Student Loan Trust, Series 2003-10A, Class A1G FRN (a) 1.693% 12/15/16		400,000		400,000
SLM Student Loan Trust, Series 2003-10A, Class A1D FRN (a) 1.693% 12/15/16		150,000		150,000
SLM Student Loan Trust, Series 2003-10A, Class A1E FRN (a) 1.693% 12/15/16		350,000		350,000
SLM Student Loan Trust, Series 2003-10A, Class A1B FRN (a) 1.693% 12/15/16		450,000		450,000
SLM Student Loan Trust, Series 2003-10A, Class A1A FRN (a) 1.694% 12/15/16		600,000		600,000
SLM Student Loan Trust, Series 2003-5, Class A7 FRN 2.500% 6/17/30		450,000		450,000
SLM Student Loan Trust, Series 2003-10A, Class B FRN (a) 3.370% 12/17/46		2,200,000		1,760,000
US Education Loan Trust LLC, Series 2006-1, Class A2 FRN (a) 0.417% 3/01/25		1,015,788		1,011,366
				38,360,275
WL Collateral CMO — 0.6%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7 FRN 3.127% 8/25/34		724,473		692,958
Capital Automotive REIT, Series 2012-1A, Class A (a) 4.700% 7/15/42		1,842,666		1,856,652
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1 FRN 2.905% 2/25/34		145,827		146,980
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1 FRN 3.148% 9/25/33		73,388		64,326
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1 FRN 2.717% 8/25/34		102,906		97,952
Harborview Mortgage Loan Trust, Series 2006-12, Class 2A2A FRN 0.393% 1/19/38		2,369,563		1,871,942
HSI Asset Securitization Corp. Trust, Series 2005, Class IIA3 FRN 0.564% 7/25/35		559,354		539,789

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

61

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

	Principal Amount		Value
Impac Secured Assets CMN Owner Trust, Series 2007-2, Class 1A1A FRN 0.314% 5/25/37	$	2,367,520	$	1,426,178
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A FRN 2.534% 8/25/34		383,093		316,290
Merrill Lynch Mortgage Investors, Inc., Series 2005-A8, Class A3A2 FRN 0.454% 8/25/36		656,570		606,489
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA FRN 2.696% 7/25/33		16,821		17,157
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA FRN 2.898% 2/25/34		53,770		56,712
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A FRN 2.679% 2/25/34		2,079		2,142
Morgan Stanley Reremic Trust, Series 2011-IO, Class A (a) 2.500% 3/23/51		1,356,609		1,370,175
Opteum Mortgage Acceptance Corp., Series 2005-3, Class A1B FRN 0.464% 7/25/35		459,217		448,943
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A FRN 2.692% 3/25/34		306,017		305,978
Washington Mutual, Inc., Series 2004-AR2, Class A FRN 1.577% 4/25/44		689,940		691,708
				10,512,371
WL Collateral PAC — 0.1%
Structured Asset Securities Corp., Series 2007-BC4, Class A3 FRN 0.454% 11/25/37		1,272,453		1,247,012
Structured Asset Securities Corp., Series 2002-11A, Class 2A1 FRN 2.923% 6/25/32		188,415		165,384
				1,412,396
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $224,335,576)				229,082,373
SOVEREIGN DEBT OBLIGATIONS — 1.0%
Brazilian Government International Bond 4.875% 1/22/21		700,000		812,000

	Principal Amount		Value
Colombia Government International Bond 7.375% 3/18/19	$	1,175,000	$	1,512,813
Mexico Government International Bond		3,050,000		3,164,375
Peruvian Government International Bond 6.550% 3/14/37		560,000		758,800
Poland Government International Bond 6.375% 7/15/19		1,260,000		1,547,973
Province of Quebec Canada 7.500% 9/15/29		540,000		805,856
Republic of Brazil International Bond 5.625% 1/07/41		1,825,000		2,135,250
Republic of Brazil International Bond 5.875% 1/15/19		2,243,000		2,697,207
United Mexican States 5.125% 1/15/20		1,110,000		1,299,810
United Mexican States 6.750% 9/27/34		950,000		1,263,500
				15,997,584
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $13,868,168)				15,997,584
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 30.7%
Collateralized Mortgage Obligations — 0.1%
Federal Home Loan Mortgage Corp., Series 2178, Class PB 7.000% 8/15/29		641,139		742,944
Federal National Mortgage Association, Series 1989-20, Class A 6.750% 4/25/18		208,889		218,876
U.S. Department of Veteran Affairs, Series 1992-1, Class 2Z 7.750% 5/15/22		530,411		606,937
				1,568,757
Pass-Through Securities — 30.6%
Federal Home Loan Mortgage Corp. Pool #Q15841 3.000% 2/01/43		31,961,358		32,869,009
Pool #G18363 3.500% 9/01/25		1,372,401		1,447,883
Pool #J13013 3.500% 9/01/25		888,271		937,126
Pool #J13495 3.500% 11/01/25		1,168,906		1,233,196
Pool #J15111 3.500% 4/01/26		1,731,632		1,826,872

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

62

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

	Principal Amount		Value
Pool #J15891 3.500% 7/01/26	$	1,352,147	$	1,426,515
Pool #J16192 3.500% 8/01/26		960,658		1,013,494
Pool #J16476 3.500% 9/01/26		717,472		756,933
Pool #G05262 4.500% 3/01/39		1,614,095		1,726,578
Pool #A92183 4.500% 5/01/40		792,739		849,469
Pool #Q01704 4.500% 6/01/41		3,175,801		3,407,039
Pool #Q03086 4.500% 9/01/41		15,856,109		17,050,272
Pool #E84025 6.000% 6/01/16		123,528		130,958
Pool #G11431 6.000% 2/01/18		14,015		15,062
Pool #G11122 6.500% 5/01/16		63,261		66,590
Pool #E84450 6.500% 7/01/16		20,526		21,950
Pool #E84580 6.500% 7/01/16		22,054		23,501
Pool #E84660 6.500% 7/01/16		5,688		6,109
Pool #E90508 6.500% 7/01/17		73,383		79,764
Pool #C00836 7.000% 7/01/29		28,230		33,108
Pool #C49314 7.000% 4/01/31		8,140		9,630
Pool #C51422 7.000% 5/01/31		4,072		4,821
Pool #C51550 7.000% 5/01/31		1,980		2,344
Pool #C53034 7.000% 6/01/31		15,630		18,492
Pool #G01311 7.000% 9/01/31		150,792		177,975
Pool #G01317 7.000% 10/01/31		98,239		115,908
Pool #E00856 7.500% 6/01/15		9,714		10,216
Pool #G00143 7.500% 6/01/23		2,052		2,347
Pool #C55867 7.500% 2/01/30		63,343		73,342
Pool #C37986 7.500% 5/01/30		1,996		2,332
Pool #C39755 7.500% 6/01/30		392		454
Pool #C40675 7.500% 7/01/30		433		506

	Principal Amount		Value
Pool #C41497 7.500% 9/01/30	$	205	$	239
Pool #C42340 7.500% 9/01/30		406		475
Pool #C43930 7.500% 10/01/30		13,901		16,256
Pool #C43962 7.500% 10/01/30		6,307		7,363
Pool #C44509 7.500% 11/01/30		16,049		18,793
Pool #C44830 7.500% 11/01/30		29		34
Pool #C45235 7.500% 12/01/30		40,917		47,843
Pool #C46038 7.500% 12/01/30		1,629		1,904
Pool #C01116 7.500% 1/01/31		3,688		4,313
Pool #C46309 7.500% 1/01/31		612		717
Pool #C46560 7.500% 1/01/31		706		819
Pool #C46810 7.500% 1/01/31		750		878
Pool #C47060 7.500% 1/01/31		1,883		2,201
Pool #C47063 7.500% 1/01/31		5,424		6,330
Pool #E00842 8.000% 3/01/15		31,197		32,792
Pool #E00843 8.000% 4/01/15		8,132		8,518
Pool #E00852 8.000% 5/01/15		10,451		11,022
Pool #E80782 8.000% 7/01/15		1,071		1,135
Pool #E80998 8.000% 7/01/15		7,473		7,855
Pool #E81091 8.000% 7/01/15		9,797		10,380
Pool #E81151 8.000% 8/01/15		12,129		12,852
Pool #555481 8.250% 5/01/17		9,735		10,656
Pool #G00653 8.500% 11/01/25		37,101		43,903
Pool #554904 9.000% 3/01/17		148		148
Federal Home Loan Mortgage Corp. TBA Pool #2499 3.500% 5/01/25 (c)		2,600,000		2,743,000

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

63

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

	Principal Amount		Value
Pool #270 3.500% 12/01/41 (c)	$	16,100,000	$	16,943,993
Pool #2789 4.000% 6/01/40 (c)		38,000,000		40,392,814
Pool #6949 4.500% 5/01/39 (c)		7,600,000		8,132,000
Federal National Mortgage Association Pool #725692 2.300% 10/01/33		825,790		874,063
Pool #888586 2.369% 10/01/34		1,601,683		1,700,249
Pool #775539 2.662% 5/01/34		721,080		758,361
Pool #AO8629 3.500% 7/01/42		10,467,074		11,056,664
Pool #AP6609 3.500% 9/01/42		3,949,342		4,171,801
Pool #675713 5.000% 3/01/18		16,869		18,177
Pool #735925 5.000% 10/01/35		9,250,846		10,040,781
Pool #745275 5.000% 2/01/36		27,063,603		29,332,294
Pool #745515 5.000% 5/01/36		7,073,716		7,666,692
Pool #545636 6.500% 5/01/17		110,604		118,746
Pool #524355 7.000% 12/01/29		146		169
Pool #254379 7.000% 7/01/32		91,219		105,486
Pool #252717 7.500% 9/01/29		6,015		7,020
Pool #535996 7.500% 6/01/31		20,753		24,274
Pool #254009 7.500% 10/01/31		66,286		77,617
Pool #253394 8.000% 7/01/20		29,953		34,104
Pool #323992 8.000% 11/01/29		4,093		4,862
Pool #525725 8.000% 2/01/30		8,945		10,576
Pool #253266 8.000% 5/01/30		9,323		11,112
Pool #537433 8.000% 5/01/30		6,118		7,309
Pool #253347 8.000% 6/01/30		12,911		15,409
Pool #544976 8.000% 7/01/30		947		1,130
Pool #535428 8.000% 8/01/30		14,983		17,868

	Principal Amount		Value
Pool #543290 8.000% 9/01/30	$	66	$	79
Pool #547786 8.000% 9/01/30		2,828		3,348
Pool #550767 8.000% 9/01/30		8,674		10,289
Pool #553061 8.000% 9/01/30		14,794		17,604
Pool #253481 8.000% 10/01/30		11,010		13,142
Pool #535533 8.000% 10/01/30		11,548		13,768
Pool #560741 8.000% 11/01/30		3,176		3,798
Pool #253644 8.000% 2/01/31		6,294		7,517
Pool #581170 8.000% 5/01/31		1,719		2,044
Pool #583916 8.000% 5/01/31		5,265		6,304
Pool #593848 8.000% 7/01/31		1,073		1,284
Pool #190317 8.000% 8/01/31		69,439		82,775
Pool #545240 8.000% 9/01/31		7,531		8,987
Pool #541202 8.500% 8/01/26		79,254		93,043
Federal National Mortgage Association TBA Pool #299 2.500% 8/01/27 (c)		15,935,000		16,531,318
Pool #5650 3.000% 11/01/26 (c)		23,250,000		24,454,278
Pool #6985 3.000% 9/01/42 (c)		36,356,000		37,391,237
Pool #3649 3.500% 1/01/42 (c)		9,050,000		9,531,488
Pool #29986 5.000% 1/01/37 (c)		29,800,000		32,273,632
Pool #45487 5.500% 1/01/35 (c)		21,974,000		23,946,509
Pool #53246 6.000% 5/01/35 (c)		22,925,000		25,109,143
Government National Mortgage Association Pool #82488 3.000% 3/20/40		2,876,747		3,003,375
Pool #734716 4.500% 4/15/40		5,723,124		6,294,543
Pool #617994 4.500% 5/15/40		13,790		15,167
Pool #734672 4.500% 5/15/40		250,208		275,190

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

64

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

	Principal Amount		Value
Pool #738019 4.500% 2/15/41	$	5,773,297	$	6,331,684
Pool #707760 4.500% 6/15/41		2,146,653		2,346,225
Pool #593946 5.000% 4/15/33		20,359		22,248
Pool #612902 5.000% 7/15/33		3,959		4,327
Pool #626512 5.000% 4/15/34		10,358		11,317
Pool #648526 5.000% 12/15/35		42,453		46,372
Pool #650254 5.000% 4/15/36		104,396		113,935
Pool #658256 5.000% 1/15/37		11,987		13,064
Pool #663769 5.000% 1/15/37		8,842		9,636
Pool #684647 5.000% 3/15/38		6,724		7,313
Pool #684733 5.000% 3/15/38		281,433		306,091
Pool #632260 5.000% 6/15/38		151,642		164,928
Pool #704182 5.000% 1/15/39		197,735		214,999
Pool #782562 5.000% 2/15/39		17,875,905		19,458,899
Pool #704584 5.000% 6/15/39		106,572		115,876
Pool #723436 5.000% 11/15/39		319,510		352,996
Pool #783065 5.000% 8/15/40		148,147		161,405
Pool #404246 6.500% 8/15/28		820		942
Pool #418295 6.500% 1/15/29		153		175
Pool #781038 6.500% 5/15/29		137,765		158,245
Pool #527586 6.500% 5/15/31		801		925
Pool #781468 6.500% 7/15/32		10,050		11,610
Pool #781496 6.500% 9/15/32		50,546		58,271
Pool #363066 7.000% 8/15/23		10,741		12,143
Pool #352049 7.000% 10/15/23		7,616		8,662
Pool #354674 7.000% 10/15/23		9,549		10,830
Pool #358555 7.000% 10/15/23		8,392		9,536

	Principal Amount		Value
Pool #345964 7.000% 11/15/23	$	7,219	$	8,187
Pool #380866 7.000% 3/15/24		1,592		1,805
Pool #781124 7.000% 12/15/29		16,198		18,834
Pool #781319 7.000% 7/15/31		332,202		387,440
Pool #565982 7.000% 7/15/32		16,631		19,448
Pool #581417 7.000% 7/15/32		100,703		117,581
Pool #588012 7.000% 7/15/32		40,786		47,476
Pool #591581 7.000% 8/15/32		11,514		13,464
Pool #190766 7.500% 1/15/17		20,443		22,126
Pool #187548 7.500% 4/15/17		6,373		6,916
Pool #203940 7.500% 4/15/17		28,209		30,656
Pool #181168 7.500% 5/15/17		16,842		18,420
Pool #201622 7.500% 5/15/17		17,399		19,029
Pool #210627 7.500% 5/15/17		4,716		5,138
Pool #192796 7.500% 6/15/17		4,322		4,709
Pool #357262 7.500% 9/15/23		5,541		6,374
Pool #441009 8.000% 11/15/26		1,285		1,508
Pool #522777 8.000% 12/15/29		6,886		8,152
Pool #434719 8.000% 2/15/30		176		209
Pool #523043 8.000% 3/15/30		357		423
Pool #529134 8.000% 3/15/30		2,001		2,375
Pool #477036 8.000% 4/15/30		803		953
Pool #503157 8.000% 4/15/30		29,830		35,200
Pool #528714 8.000% 4/15/30		2,110		2,505
Pool #544640 8.000% 11/15/30		35,967		42,743
Pool #531298 8.500% 8/15/30		2,975		3,537

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

65

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

	Principal Amount		Value
Government National Mortgage Association II FRN Pool #82462 3.500% 1/20/40	$	2,586,482	$	2,735,906
Government National Mortgage Association TBA Pool #82484 3.000% 9/01/42 (c)		7,500,000		7,838,086
Pool #304 3.500% 4/01/42 (c)		31,500,000		33,685,313
Pool #3236 4.000% 8/01/40 (c)		7,600,000		8,285,187
Pool #1235 4.000% 4/01/41 (c)		23,600,000		25,535,936
Pool #8299 4.500% 7/01/39 (c)		14,500,000		15,852,577
Pool #20274 6.000% 8/01/35 (c)		6,000,000		6,753,750
				510,408,271
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $510,691,451)				511,977,028
U.S. TREASURY OBLIGATIONS — 8.8%
U.S. Treasury Bonds & Notes — 8.8%
U.S. Treasury Bond (e) 2.750% 8/15/42		15,380,000		14,269,456
U.S. Treasury Bond 3.125% 11/15/41		7,570,000		7,615,686
U.S. Treasury Bond 3.500% 2/15/39		3,895,000		4,235,204
U.S. Treasury Bond (f) 4.500% 2/15/36		11,115,000		14,117,786
U.S. Treasury Note 0.250% 9/15/15		33,750,000		33,702,210
U.S. Treasury Note 0.625% 9/30/17		45,405,000		45,316,760
U.S. Treasury Note 1.625% 8/15/22		27,080,000		26,730,392
U.S. Treasury Note (e) 1.875% 9/30/17		400,000		421,477
				146,408,971
TOTAL U.S. TREASURY OBLIGATIONS (Cost $146,543,158)				146,408,971
TOTAL BONDS & NOTES (Cost $1,563,501,224)				1,616,440,211
TOTAL LONG-TERM INVESTMENTS (Cost $1,566,751,224)				1,619,843,611

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 23.3%
Commercial Paper — 23.3%
AGL Capital Corp. (a) 0.386% 5/20/13	$	5,000,000	$	4,997,256
AGL Capital Corp. (a) 0.406% 5/03/13		11,000,000		10,995,722
AGL Capital Corp. (a) 0.406% 5/13/13		3,000,000		2,998,500
AGL Capital Corp. (a) 0.406% 4/08/13		5,000,000		4,999,444
AGL Capital Corp. (a) 0.410% 5/28/13		5,000,000		4,996,583
AGL Capital Corp. (a) 0.426% 4/01/13		4,000,000		3,999,860
Aon Corp. (a) 0.350% 4/22/13		5,000,000		4,998,833
AT&T, Inc. (a) 0.518% 7/22/13		8,500,000		8,486,152
Bacardi USA, Inc. (a) 0.314% 4/17/13		7,500,000		7,498,773
Bemis Co., Inc. (a) 0.335% 4/15/13		14,500,000		14,497,740
Canadian Natural Resources Ltd. (a) 0.355% 4/23/13		2,000,000		1,999,514
CBS Corp. (a) 0.335% 4/26/13		10,000,000		9,997,433
CBS Corp. (a) 0.345% 4/12/13		13,105,000		13,103,267
Daimler Finance North America (a) 0.365% 5/06/13		12,500,000		12,495,250
Devon Energy Corp. (a) 0.406% 9/03/13		12,500,000		12,478,056
Devon Energy Corp. (a) 0.417% 8/26/13		7,500,000		7,487,187
DIRECTV Holdings LLC (a) 0.380% 5/22/13		10,000,000		9,994,300
Dominion Resources (a) 0.345% 4/08/13		2,500,000		2,499,764
Dominion Resources (a) 0.345% 4/09/13		2,500,000		2,499,740
Duke Energy Corp. (a) 0.406% 9/10/13		5,000,000		4,990,833
Elsevier Finance SA (a) 0.400% 5/29/13		5,000,000		4,996,611
Elsevier Finance SA (a) 0.400% 5/30/13		5,000,000		4,996,556
Enbridge Energy Partners (a) 0.355% 4/30/13		10,500,000		10,496,733
Enbridge Energy Partners (a) 0.370% 4/26/13		9,200,000		9,197,352
FMC Technologies, Inc. (a) 0.350% 4/23/13		13,700,000		13,696,670

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

66

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

	Principal Amount		Value
Glencore Funding LLC 0.569% 5/21/13	$	11,000,000	$	10,990,931
Holcim US Finance Sarl & Cie (a) 0.470% 6/24/13		7,500,000		7,491,481
Holcim US Finance Sarl & Cie (a) 0.490% 6/05/13		2,500,000		2,497,686
Johnson Controls, Inc. (a) 0.300% 4/03/13		5,000,000		4,999,792
Kroger Co. (a) 0.385% 4/09/13		12,500,000		12,498,549
Marriott International, Inc. (a) 0.304% 4/01/13		10,000,000		9,999,750
Marriott International, Inc. (a) 0.375% 5/14/13		5,000,000		4,997,636
Marriott International, Inc. (a) 0.380% 6/20/13		4,800,000		4,795,795
National Grid USA (a) 0.457% 5/07/13		10,000,000		9,995,125
NextEra Energy Capital Holdings, Inc. (a) 0.325% 4/29/13		4,000,000		3,998,898
NextEra Energy Capital Holdings, Inc. (a) 0.345% 4/16/13		14,900,000		14,897,467
NextEra Energy Capital Holdings, Inc. (a) 0.345% 4/19/13		12,000,000		11,997,620
OGE Energy Corp. (a) 0.325% 4/02/13		6,000,000		5,999,787
ONEOK, Inc. (a) 0.460% 4/15/13		3,000,000		2,999,348
Pall Corp. (a) 0.335% 4/15/13		4,500,000		4,499,299
Pentair Finance (a) 0.355% 4/16/13		9,800,000		9,798,285
Sempra Energy Holding (a) 0.355% 4/02/13		6,000,000		5,999,767
Sempra Energy Holding (a) 0.355% 4/05/13		8,600,000		8,599,415
Sempra Energy Holding (a) 0.630% 4/18/13		5,000,000		4,998,250
Spectra Energy Capita (a) 0.365% 4/04/13		2,750,000		2,749,835
Spectra Energy Capita (a) 0.365% 4/04/13		7,000,000		6,999,568
Tesco Treasury Services PLC (a) 0.400% 8/22/13		5,000,000		4,991,889
TransCanada PipeLines, Ltd. (a) 0.375% 5/10/13		11,000,000		10,995,252
United Healthcare Co. (a) 0.360% 6/24/13		9,700,000		9,691,561
Vodafone Group PLC (a) 0.570% 10/22/13		5,500,000		5,481,974

	Principal Amount		Value
Volvo Group Treasury (a) 0.406% 4/16/13	$	4,000,000	$	3,999,200
Volvo Group Treasury (a) 0.406% 4/23/13		8,350,000		8,347,681
Volvo Group Treasury (a) 0.450% 4/16/13		4,500,000		4,498,988
				389,208,958
Time Deposits — 0.0%
Euro Time Deposit 0.010% 4/01/13		434,446		434,446
TOTAL SHORT-TERM INVESTMENTS (Cost $389,643,404)				389,643,404
TOTAL INVESTMENTS — 120.4% (Cost $1,956,394,628) (g)				2,009,487,015
Other Assets/(Liabilities) — (20.4)%				(340,780,466	)
NET ASSETS — 100.0%			$	1,668,706,549

Notes to Portfolio of Investments

ABS Asset-Backed Security

BAB Build America Bonds

CDO Collateralized Debt Obligation

CMO Collateralized Mortgage Obligation

FRN Floating Rate Note

MBS Mortgage-Backed Security

PAC Planned Amortization Class

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

(a) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, these securities amounted to a value of $579,039,968 or 34.70% of net assets.

(b) 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, 2013, these securities amounted to a value of $101,738 or 0.01% of net assets.

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

(d) Restricted security. Certain securities are restricted as to resale. At March 31, 2013, these securities amounted to a value of $4,780,500 or 0.29% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities.

(e) A portion of this security is held as collateral for open futures contracts. (Note 2).

(f) All or a portion of this security is held as collateral for open swap agreements. (Note 2).

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

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

67

MassMutual Premier Diversified Bond Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.4%
COMMON STOCK — 0.1%
Basic Materials — 0.1%
Forest Products & Paper — 0.1%
The Newark Group, Inc. (a) (b)		26,904	$	51,884
TOTAL COMMON STOCK (Cost $165,688)				51,884
PREFERRED STOCK — 0.3%
Insurance — 0.3%
The Allstate Corp. 5.100%		10,000		261,800
TOTAL PREFERRED STOCK (Cost $250,000)				261,800
TOTAL EQUITIES (Cost $415,688)				313,684
	Principal Amount
BONDS & NOTES — 96.1%
CORPORATE DEBT — 47.7%
Advertising — 0.2%
Omnicom Group, Inc. 3.625% 5/01/22	$	150,000		153,331
Aerospace & Defense — 0.5%
BE Aerospace, Inc. 6.875% 10/01/20		125,000		138,281
Goodrich Corp. 6.125% 3/01/19		160,000		200,114
United Technologies Corp. 6.125% 7/15/38		105,000		136,683
				475,078
Agriculture — 0.4%
Altria Group, Inc. 2.850% 8/09/22		110,000		108,140
Altria Group, Inc. 4.250% 8/09/42		50,000		47,118
Bunge Ltd. Finance Corp. 3.200% 6/15/17		200,000		206,878
				362,136
Auto Manufacturers — 0.1%
Ford Motor Co. 6.500% 8/01/18		100,000		117,621
Auto Parts & Equipment — 0.1%
Affinia Group, Inc. 9.000% 11/30/14		90,000		90,226

	Principal Amount		Value
Automotive & Parts — 1.0%
Cooper Tire & Rubber Co. 8.000% 12/15/19	$	280,000	$	322,700
International Automotive Components Group SA (c) 9.125% 6/01/18		9,000		8,910
Meritor, Inc., Convertible (c) 7.875% 3/01/26		115,000		116,653
Titan International, Inc. 7.875% 10/01/17		163,000		175,429
Tomkins LLC/Tomkins, Inc. 9.000% 10/01/18		98,000		109,147
UCI International, Inc. 8.625% 2/15/19		115,000		119,025
Visteon Corp 6.750% 4/15/19		131,000		140,170
				992,034
Banks — 2.2%
Associated Banc-Corp. 1.875% 3/12/14		60,000		60,265
Bank of America Corp. 3.625% 3/17/16		165,000		175,030
Bank of America Corp. 5.875% 2/07/42		55,000		65,342
Bank of America Corp. 6.000% 9/01/17		115,000		133,509
Bank of America Corp. Series L 5.650% 5/01/18		30,000		34,704
Credit Suisse AG 5.400% 1/14/20		130,000		145,712
Discover Bank 2.000% 2/21/18		110,000		110,331
Export-Import Bank of Korea 1.750% 2/27/18		35,000		34,894
First Horizon National Corp. 5.375% 12/15/15		10,000		10,878
FirstMerit Corp. 4.350% 2/04/23		35,000		36,278
HSBC Holdings PLC 6.500% 9/15/37		125,000		153,110
ICICI Bank Ltd. (c) 4.750% 11/25/16		275,000		294,374
ICICI Bank Ltd. (c) 5.500% 3/25/15		475,000		504,544
PNC Funding Corp. 4.375% 8/11/20		105,000		118,609
UBS AG 5.750% 4/25/18		100,000		118,466
Wells Fargo & Co. 3.450% 2/13/23		145,000		145,974

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

68

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

	Principal Amount		Value
Wells Fargo & Co. 4.600% 4/01/21	$	25,000	$	28,551
				2,170,571
Beverages — 0.1%
Molson Coors Brewing Co. 5.000% 5/01/42		65,000		68,819
Biotechnology — 0.2%
Amgen, Inc. 5.150% 11/15/41		175,000		187,779
Building Materials — 0.1%
CRH America, Inc. 8.125% 7/15/18		95,000		118,066
Chemicals — 1.9%
Ashland, Inc. (c) 3.875% 4/15/18		210,000		212,625
Cytec Industries, Inc. 3.500% 4/01/23		30,000		30,076
Cytec Industries, Inc. 8.950% 7/01/17		175,000		217,339
The Dow Chemical Co. 3.000% 11/15/22		125,000		122,850
The Dow Chemical Co. 8.550% 5/15/19		100,000		134,417
Incitec Pivot Ltd. (c) 4.000% 12/07/15		475,000		497,496
Methanex Corp. 5.250% 3/01/22		40,000		44,608
Nexeo Solutions LLC/Nexeo Solutions Finance Corp. 8.375% 3/01/18		50,000		48,750
RPM International, Inc. 6.125% 10/15/19		50,000		58,705
Tronox Finance LLC (c) 6.375% 8/15/20		340,000		329,800
Valspar Corp. 7.250% 6/15/19		150,000		185,765
				1,882,431
Commercial Services — 0.4%
Donnelley (R.R.) & Sons Co. 5.500% 5/15/15		285,000		302,456
ERAC USA Finance LLC (c) 3.300% 10/15/22		75,000		75,556
ERAC USA Finance LLC (c) 7.000% 10/15/37		50,000		63,793
				441,805
Computers — 0.2%
Hewlett-Packard Co. 2.125% 9/13/15		90,000		91,245
Hewlett-Packard Co. 2.200% 12/01/15		125,000		127,451
				218,696

	Principal Amount		Value
Cosmetics & Personal Care — 0.1%
Avon Products, Inc. 5.000% 3/15/23	$	65,000	$	66,695
Distribution & Wholesale — 0.1%
Arrow Electronics, Inc. 3.000% 3/01/18		45,000		45,399
Arrow Electronics, Inc. 4.500% 3/01/23		45,000		45,389
				90,788
Diversified Financial — 4.1%
American Express Co. 8.125% 5/20/19		100,000		134,518
BlackRock, Inc. 5.000% 12/10/19		110,000		130,516
Citigroup, Inc. 4.750% 5/19/15		15,000		16,090
Citigroup, Inc. 5.875% 5/29/37		60,000		70,985
Citigroup, Inc. 5.875% 1/30/42		75,000		89,636
Citigroup, Inc. 6.125% 11/21/17		45,000		53,207
Citigroup, Inc. 8.500% 5/22/19		76,000		101,251
Eaton Vance Corp. 6.500% 10/02/17		130,000		156,126
Ford Motor Credit Co. 12.000% 5/15/15		150,000		181,222
Ford Motor Credit Co. LLC 3.000% 6/12/17		200,000		205,116
General Electric Capital Corp. 5.625% 5/01/18		170,000		201,190
The Goldman Sachs Group, Inc. 1.600% 11/23/15		130,000		131,190
The Goldman Sachs Group, Inc. 3.625% 2/07/16		170,000		180,539
The Goldman Sachs Group, Inc. 5.750% 1/24/22		175,000		203,477
The Goldman Sachs Group, Inc. 6.250% 2/01/41		35,000		41,592
The Goldman Sachs Group, Inc. 6.345% 2/15/34		40,000		41,675
The Goldman Sachs Group, Inc. 6.750% 10/01/37		40,000		44,824
Hyundai Capital America (c) 1.625% 10/02/15		80,000		80,546
International Lease Finance Corp. 5.875% 4/01/19		200,000		216,031
Janus Capital Group, Inc. 6.700% 6/15/17		525,000		600,977
JP Morgan Chase & Co. 4.350% 8/15/21		145,000		159,960

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

69

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

	Principal Amount		Value
JP Morgan Chase & Co. 4.500% 1/24/22	$	175,000	$	191,786
Lazard Group LLC 6.850% 6/15/17		135,000		155,215
Merrill Lynch & Co., Inc. 7.750% 5/14/38		125,000		166,598
Morgan Stanley 3.800% 4/29/16		200,000		212,185
Morgan Stanley 4.000% 7/24/15		150,000		158,313
Morgan Stanley 5.750% 1/25/21		60,000		69,335
				3,994,100
Electric — 2.6%
Ameren Corp. 8.875% 5/15/14		170,000		183,557
Elwood Energy LLC 8.159% 7/05/26		297,180		309,068
Florida Power & Light Co. 4.950% 6/01/35		65,000		74,746
Georgia Power Co. 4.300% 3/15/42		63,000		63,207
Kiowa Power Partners LLC (c) 4.811% 12/30/13		28,779		29,001
LG&E and KU Energy LLC 4.375% 10/01/21		250,000		273,468
MidAmerican Energy Holdings Co. 5.950% 5/15/37		120,000		147,878
National Fuel Gas Co. 3.750% 3/01/23		55,000		55,762
NiSource Finance Corp. 5.800% 2/01/42		150,000		168,063
NRG Energy, Inc. 8.500% 6/15/19		250,000		274,375
Pacific Gas & Electric Co. 5.800% 3/01/37		160,000		195,080
PPL Capital Funding, Inc. 3.500% 12/01/22		75,000		75,554
Southern California Edison Co. 5.950% 2/01/38		60,000		77,630
Tenaska Oklahoma I LP (c) 6.528% 12/30/14		74,047		75,678
Tri-State Generation & Transmission Association, Series 2003, Class A (c) 6.040% 1/31/18		66,572		73,186
Tri-State Generation & Transmission Association, Series 2003, Class B (c) 7.144% 7/31/33		185,000		243,802
Virginia Electric and Power Co. 6.350% 11/30/37		200,000		270,158
				2,590,213

	Principal Amount		Value
Electrical Components & Equipment — 0.3%
Anixter, Inc. 5.950% 3/01/15	$	10,000	$	10,625
Legrand France SA 8.500% 2/15/25		250,000		332,141
				342,766
Electronics — 0.2%
Avnet, Inc. 4.875% 12/01/22		103,000		106,819
PerkinElmer, Inc. 5.000% 11/15/21		125,000		137,461
				244,280
Entertainment — 0.1%
Speedway Motorsports, Inc. 8.750% 6/01/16		50,000		52,750
Foods — 0.8%
ConAgra Foods, Inc. (c) 4.950% 8/15/20		275,000		314,904
ConAgra Foods, Inc. (c) 6.625% 8/15/39		30,000		37,454
ConAgra Foods, Inc. 7.000% 4/15/19		165,000		206,499
Tyson Foods, Inc. 4.500% 6/15/22		150,000		163,219
Tyson Foods, Inc. 6.600% 4/01/16		95,000		108,822
				830,898
Forest Products & Paper — 0.6%
Celulosa Arauco y Constitucion SA 4.750% 1/11/22		200,000		208,005
International Paper Co. 4.750% 2/15/22		75,000		84,422
International Paper Co. 9.375% 5/15/19		110,000		151,175
Plum Creek Timberlands LP 3.250% 3/15/23		105,000		103,339
				546,941
Hand & Machine Tools — 0.4%
Kennametal, Inc. 2.650% 11/01/19		50,000		49,984
Thermadyne Holdings Corp. 9.000% 12/15/17		280,000		305,200
				355,184
Health Care – Products — 0.9%
Alere, Inc. 9.000% 5/15/16		590,000		620,237
Boston Scientific Corp. 7.375% 1/15/40		120,000		161,362
Teleflex, Inc. 6.875% 6/01/19		90,000		97,425
				879,024

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

70

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

	Principal Amount		Value
Health Care – Services — 0.7%
HCA Holdings, Inc. 7.750% 5/15/21	$	140,000	$	156,013
Kaiser Foundation Hospitals 3.500% 4/01/22		65,000		68,231
UnitedHealth Group, Inc. 3.950% 10/15/42		85,000		80,050
UnitedHealth Group, Inc. 6.875% 2/15/38		75,000		100,936
WellPoint, Inc., Convertible (c) 2.750% 10/15/42		100,000		109,250
WellPoint, Inc. 4.350% 8/15/20		130,000		144,615
				659,095
Home Furnishing — 0.1%
Whirlpool Corp. 3.700% 3/01/23		50,000		50,960
Whirlpool Corp. 5.150% 3/01/43		20,000		20,213
				71,173
Housewares — 0.3%
Newell Rubbermaid, Inc. 2.050% 12/01/17		100,000		100,554
Toro Co. 7.800% 6/15/27		170,000		201,491
				302,045
Insurance — 1.6%
Aflac, Inc. 8.500% 5/15/19		150,000		202,725
The Allstate Corp. 5.550% 5/09/35		50,000		60,060
The Allstate Corp. 7.450% 5/16/19		60,000		78,886
The Hartford Financial Services Group, Inc. 4.000% 3/30/15		390,000		412,172
ING US, Inc. (c) 5.500% 7/15/22		100,000		110,639
Marsh & McLennan Cos., Inc. 5.875% 8/01/33		150,000		176,609
Prudential Financial, Inc. VRN 5.200% 3/15/44		135,000		135,338
Prudential Financial, Inc. VRN 5.625% 6/15/43		117,000		121,095
Prudential Financial, Inc. 6.200% 11/15/40		125,000		151,175
Reinsurance Group of America, Inc. 5.000% 6/01/21		95,000		105,900
				1,554,599
Internet — 0.4%
Expedia, Inc. 7.456% 8/15/18		300,000		358,483

	Principal Amount		Value
Investment Companies — 0.6%
PBF Holding Co. LLC/PBF Finance Corp. (c) 8.250% 2/15/20	$	555,000	$	610,500
Iron & Steel — 1.7%
AK Steel Corp., Convertible 5.000% 11/15/19		192,000		179,640
Allegheny Technologies, Inc. 5.950% 1/15/21		143,000		159,871
Allegheny Technologies, Inc. 9.375% 6/01/19		105,000		135,174
ArcelorMittal 9.500% 2/15/15		425,000		480,250
Reliance Steel & Aluminum Co. 6.200% 11/15/16		395,000		440,383
Reliance Steel & Aluminum Co. 6.850% 11/15/36		269,000		292,979
				1,688,297
Leisure Time — 0.1%
Carnival Corp. 1.875% 12/15/17		75,000		75,235
Lodging — 0.4%
Hyatt Hotels Corp. (c) 5.750% 8/15/15		45,000		48,885
Starwood Hotels & Resorts Worldwide, Inc. 6.750% 5/15/18		145,000		176,013
Wyndham Worldwide Corp. 2.500% 3/01/18		85,000		85,481
Wyndham Worldwide Corp. 2.950% 3/01/17		60,000		61,744
Wyndham Worldwide Corp. 6.000% 12/01/16		2,000		2,281
				374,404
Machinery – Diversified — 1.0%
Briggs & Stratton Corp. 6.875% 12/15/20		340,000		380,800
The Manitowoc Co., Inc. 8.500% 11/01/20		175,000		197,750
Roper Industries, Inc. 3.125% 11/15/22		100,000		100,372
Xylem, Inc. 3.550% 9/20/16		200,000		213,271
Xylem, Inc. 4.875% 10/01/21		100,000		112,936
				1,005,129
Manufacturing — 0.8%
Bombardier, Inc. Series A (c) 7.750% 3/15/20		70,000		80,500
Carlisle Cos., Inc. 3.750% 11/15/22		85,000		85,004

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

71

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

	Principal Amount		Value
Griffon Corp. 7.125% 4/01/18	$	180,000	$	194,400
Harsco Corp 2.700% 10/15/15		120,000		121,127
Polypore International, Inc. 7.500% 11/15/17		285,000		305,663
				786,694
Media — 1.4%
CBS Corp. 7.875% 7/30/30		100,000		132,214
Globo Comunicacao e Participacoes SA (c) 4.875% 4/11/22		200,000		216,100
News America, Inc. 6.900% 8/15/39		125,000		159,137
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc. 8.875% 4/15/17		125,000		137,500
Sinclair Television Group, Inc. (c) 9.250% 11/01/17		425,000		460,594
Univision Communications, Inc. (c) 7.875% 11/01/20		250,000		275,000
				1,380,545
Metal Fabricate & Hardware — 0.8%
Ardagh Packaging Finance PLC (c) 7.375% 10/15/17		250,000		273,750
Mueller Water Products, Inc. 8.750% 9/01/20		196,000		222,950
The Timken Co. 6.000% 9/15/14		275,000		292,575
				789,275
Mining — 1.4%
AngloGold Ashanti Holdings PLC 5.125% 8/01/22		69,000		69,945
Detour Gold Corp., Convertible 5.500% 11/30/17		105,000		107,100
FMG Resources Property Ltd. (c) 6.875% 4/01/22		250,000		261,875
FMG Resources Property Ltd. (c) 7.000% 11/01/15		215,000		225,212
Freeport-McMoRan Copper & Gold, Inc. (c) 2.375% 3/15/18		45,000		45,188
Freeport-McMoRan Copper & Gold, Inc. (c) 3.875% 3/15/23		75,000		75,217
Freeport-McMoRan Copper & Gold, Inc. (c) 5.450% 3/15/43		70,000		69,181
Newcrest Finance Property Ltd. (c) 4.450% 11/15/21		200,000		210,838

	Principal Amount		Value
Vale Overseas Ltd. 6.250% 1/23/17	$	215,000	$	245,303
Vale Overseas Ltd. 6.875% 11/10/39		85,000		96,926
				1,406,785
Office Equipment/Supplies — 0.1%
Pitney Bowes Inc, Series MTN 4.750% 1/15/16		50,000		52,558
Oil & Gas — 5.5%
Alta Mesa Holdings/Alta Mesa Finance Services Corp. 9.625% 10/15/18		655,000		691,025
Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.375% 5/01/19		120,000		134,400
Chesapeake Energy Corp., Convertible 2.250% 12/15/38		80,000		71,000
Chesapeake Energy Corp., Convertible 2.500% 5/15/37		780,000		747,337
MEG Energy Corp. (c) 6.500% 3/15/21		150,000		159,750
Pemex Project Funding Master Trust 6.625% 6/15/38		51,000		60,945
Petrobras International Finance Co. 3.875% 1/27/16		220,000		230,227
Petrobras International Finance Co. 6.750% 1/27/41		115,000		129,984
Petroleos Mexicanos 5.500% 1/21/21		375,000		430,313
Phillips 66 4.300% 4/01/22		75,000		82,332
Phillips 66 5.875% 5/01/42		75,000		88,091
Precision Drilling Corp. 6.625% 11/15/20		85,000		90,738
Rosneft Oil Co. via Rosneft International Finance Ltd. (c) 3.149% 3/06/17		1,000,000		1,005,000
Rowan Cos., Inc. 4.875% 6/01/22		175,000		190,224
Rowan Cos., Inc. 5.000% 9/01/17		185,000		206,205
Rowan Cos., Inc. 5.400% 12/01/42		95,000		94,854
Shell International Finance BV 5.500% 3/25/40		110,000		137,057
SM Energy Co. 6.625% 2/15/19		100,000		107,250
Talisman Energy, Inc. 5.500% 5/15/42		100,000		104,008
Transocean, Inc. 4.950% 11/15/15		190,000		205,577

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

72

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

	Principal Amount		Value
Transocean, Inc. 5.050% 12/15/16	$	150,000	$	166,665
Venoco, Inc. 8.875% 2/15/19		330,000		320,100
				5,453,082
Oil & Gas Services — 0.2%
Weatherford International Ltd. 4.500% 4/15/22		100,000		103,010
Weatherford International Ltd. 5.950% 4/15/42		75,000		77,304
Weatherford International Ltd. 6.000% 3/15/18		25,000		28,518
				208,832
Packaging & Containers — 0.1%
Brambles USA Inc., Series A (c) 5.350% 4/01/20		35,000		39,312
Sonoco Products Co. 4.375% 11/01/21		100,000		108,463
				147,775
Pharmaceuticals — 1.3%
AbbVie, Inc. (c) 4.400% 11/06/42		50,000		50,412
Mylan, Inc. (c) 7.625% 7/15/17		80,000		88,932
Mylan, Inc. (c) 7.875% 7/15/20		250,000		291,729
Valeant Pharmaceuticals International (c) 6.750% 10/01/17		100,000		107,375
Valeant Pharmaceuticals International (c) 6.875% 12/01/18		135,000		145,041
Valeant Pharmaceuticals International (c) 7.000% 10/01/20		200,000		215,500
Warner Chilcott Corp. LLC 7.750% 9/15/18		350,000		374,062
Zoetis, Inc. (c) 3.250% 2/01/23		35,000		35,493
				1,308,544
Pipelines — 1.5%
CenterPoint Energy Resources Corp. 4.500% 1/15/21		175,000		198,828
CenterPoint Energy Resources Corp. 5.850% 1/15/41		150,000		188,047
DCP Midstream Operating LLC 3.875% 3/15/23		15,000		15,081
Energy Transfer Equity LP 7.500% 10/15/20		100,000		115,250
Enogex LLC (c) 6.875% 7/15/14		305,000		321,153
Enterprise Products Operating LP 5.950% 2/01/41		135,000		156,397
Kern River Funding Corp. (c) 4.893% 4/30/18		81,309		88,845

	Principal Amount		Value
Kinder Morgan Energy Partners LP 6.000% 2/01/17	$	110,000	$	127,876
Kinder Morgan Energy Partners LP 6.500% 2/01/37		85,000		101,961
Kinder Morgan Energy Partners LP 6.950% 1/15/38		15,000		18,828
ONEOK Partners LP 6.125% 2/01/41		100,000		116,297
The Williams Cos., Inc. 3.700% 1/15/23		45,000		44,672
				1,493,235
Real Estate — 0.2%
AMB Property LP 4.500% 8/15/17		225,000		247,364
Real Estate Investment Trusts (REITS) — 1.6%
Brandywine Operating Partners LP 4.950% 4/15/18		300,000		330,749
BRE Properties, Inc. 3.375% 1/15/23		120,000		119,165
DDR Corp 9.625% 3/15/16		95,000		115,789
DDR Corp. 4.625% 7/15/22		200,000		216,344
DDR Corp. 4.750% 4/15/18		275,000		304,023
Duke Realty LP 3.625% 4/15/23		65,000		65,084
Duke Realty LP 8.250% 8/15/19		125,000		161,886
HCP, Inc. 2.625% 2/01/20		95,000		95,607
Liberty Property LP 3.375% 6/15/23		50,000		49,640
Weingarten Realty Investors 3.500% 4/15/23		95,000		94,528
				1,552,815
Retail — 1.1%
CVS Caremark Corp. 6.125% 9/15/39		25,000		30,887
CVS Pass-Through Trust (c) 5.926% 1/10/34		243,311		287,573
CVS Pass-Through Trust (c) 7.507% 1/10/32		18,727		24,275
The Home Depot, Inc. 5.950% 4/01/41		100,000		127,095
Macy’s Retail Holdings, Inc. 7.450% 7/15/17		50,000		61,466
O’Reilly Automotive, Inc. 4.875% 1/14/21		225,000		249,580
Wal-Mart Stores, Inc. 5.625% 4/01/40		205,000		255,366
				1,036,242

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

73

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

	Principal Amount		Value
Savings & Loans — 0.4%
Education Loan Co. Trust I (c) 0.008% 8/01/41	$	200,000	$	165,409
First Niagara Financial Group, Inc. 7.250% 12/15/21		150,000		182,686
Washington Mutual Bank (d) 5.650% 8/15/14		1,225,000		123
				348,218
Semiconductors — 0.4%
Intel Corp., Convertible 2.950% 12/15/35		125,000		132,656
Micron Technology, Inc., Convertible (c) 3.125% 5/01/32		225,000		280,688
				413,344
Software — 0.4%
CA, Inc. 5.375% 12/01/19		105,000		118,834
Fidelity National Information Services, Inc. 5.000% 3/15/22		125,000		132,656
First Data Corp. 9.875% 9/24/15		35,000		36,050
Oracle Corp. 2.500% 10/15/22		90,000		88,354
				375,894
Storage & Warehousing — 0.6%
Niska Gas Storage US LLC/Niska Gas Storage Canada LLC 8.875% 3/15/18		600,000		625,500
Telecommunications — 2.8%
AT&T, Inc. 6.550% 2/15/39		175,000		216,176
CenturyLink, Inc. 6.150% 9/15/19		195,000		206,700
CenturyLink, Inc. 7.650% 3/15/42		150,000		144,938
Embarq Corp. 7.082% 6/01/16		210,000		240,413
Embarq Corp. 7.995% 6/01/36		45,000		47,372
Motorola Solutions, Inc. 3.500% 3/01/23		90,000		90,531
Sprint Capital Corp. 6.900% 5/01/19		100,000		109,750
Sprint Nextel Corp. 11.500% 11/15/21		200,000		280,000
Telecom Italia Capital 4.950% 9/30/14		30,000		31,071
Telecom Italia Capital 5.250% 10/01/15		225,000		237,379

	Principal Amount		Value
Telecom Italia Capital 6.000% 9/30/34	$	80,000	$	74,269
Telecom Italia Capital 6.175% 6/18/14		170,000		177,849
Telefonaktiebolaget LM Ericsson 4.125% 5/15/22		225,000		233,944
Telefonica Emisiones SAU 3.992% 2/16/16		275,000		286,643
WCP Wireless Site Funding (c) 4.141% 11/15/15		126,252		131,186
Windstream Corp. 7.750% 10/01/21		190,000		207,100
				2,715,321
Transportation — 1.7%
Asciano Finance (c) 3.125% 9/23/15		70,000		72,119
Asciano Finance (c) 5.000% 4/07/18		345,000		378,479
Burlington Northern Santa Fe LLC 6.750% 3/15/29		160,000		197,953
CHC Helicopter SA 9.250% 10/15/20		800,000		850,500
Con-way, Inc. 7.250% 1/15/18		30,000		35,340
Norfolk Southern Corp. 6.000% 5/23/2111		125,000		152,810
				1,687,201
Trucking & Leasing — 0.9%
GATX Corp. 2.375% 7/30/18		65,000		65,743
GATX Corp. 3.500% 7/15/16		90,000		95,316
GATX Corp. 4.750% 5/15/15		115,000		122,023
GATX Corp. 4.750% 6/15/22		125,000		132,555
Penske Truck Leasing Co. LP/PTL Finance Corp. (c) 2.500% 3/15/16		240,000		245,822
Penske Truck Leasing Co. LP/PTL Finance Corp. (c) 3.125% 5/11/15		200,000		206,937
				868,396
TOTAL CORPORATE DEBT (Cost $44,605,731)				46,868,812
MUNICIPAL OBLIGATIONS — 0.4%
State of California 5.950% 4/01/16		225,000		257,704

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

74

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

	Principal Amount		Value
State of California BAB 7.550% 4/01/39	$	125,000	$	180,459
				438,163
TOTAL MUNICIPAL OBLIGATIONS (Cost $352,859)				438,163
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 12.1%
Auto Floor Plan ABS — 0.2%
Capital Automotive REIT, Series 2010-1A, Class A (c) 5.730% 12/15/38		217,939		233,403
Automobile ABS — 0.1%
California Republic Auto Receivables Trust, Series 2012-1, Class A (c) 1.180% 8/15/17		149,627		149,461
Commercial MBS — 3.6%
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2 5.330% 1/12/45		40,631		41,425
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4 VRN 5.694% 6/11/50		635,000		740,832
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class A4 5.700% 6/11/50		155,000		181,262
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 5.429% 12/12/43		305,000		340,108
Morgan Stanley Capital I, Series 2006-IQ12, Class AM 5.370% 12/15/43		110,000		121,394
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 5.610% 4/15/49		137,610		139,284
STRIPs Ltd., Series 2012-1A, Class A (c) 1.500% 12/25/44		172,331		170,319
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ VRN 5.538% 8/15/39		100,000		109,292
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class AM VRN 5.466% 1/15/45		150,000		166,593
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 5.509% 4/15/47		535,000		611,091
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4 VRN 5.925% 2/15/51		100,000		115,107

	Principal Amount		Value
Wells Fargo Reremic Trust, Series 2012-IO, Class A (c) 1.750% 8/20/21	$	205,311	$	205,504
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class AS 3.660% 8/15/45		50,000		52,812
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B 4.311% 8/15/45		110,000		118,294
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class C VRN 4.880% 8/15/45		100,000		107,455
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class C VRN (c) 5.636% 11/15/44		170,000		193,874
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class D VRN (c) 5.636% 11/15/44		115,000		124,088
				3,538,734
Home Equity ABS — 2.1%
Aames Mortgage Investment Trust, Series 2004-1, Class M5 FRN 1.929% 1/25/35		200,000		181,563
Asset-Backed Securities Corporation Home Equity, Series 2005-HE3, Class M3 FRN 0.909% 4/25/35		247,000		233,973
Carrington Mortgage Loan Trust, Series 2006-RFC1, Class A2 FRN 0.304% 5/25/36		520		520
Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A2 FRN 0.314% 7/25/36		85,230		83,907
Citigroup Mortgage Loan Trust, Inc., Series 2005-WF2, Class MV1 FRN 0.849% 8/25/35		75,000		72,529
Countrywide Asset-Backed Certificates, Series 2006-BC1, Class 2A2 FRN 0.384% 4/25/36		12,159		12,130
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A FRN 0.434% 9/25/34		54,573		54,399
Countrywide Partnership Trust, Series 2004-EC1, Class M1 FRN 1.104% 2/25/35		193,391		152,750
First Frankin Mortgage Loan Trust, Series 2005-FF7, Class M1 FRN 0.654% 7/25/35		180,000		170,520
Fremont Home Loan Trust, Series 2005-E, Class 2A3 FRN 0.444% 1/25/36		152,133		147,531

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

75

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

	Principal Amount		Value
Long Beach Mortgage Loan Trust, Series 2005-1, Class M2 FRN 0.999% 2/25/35	$	300,000	$	279,782
MASTR Asset-Backed Securities Trust, Series 2005-WMC1, Class M3 FRN 0.924% 3/25/35		225,000		207,773
Merrill Lynch Mortgage Investors, Inc., Series 2005-WMC2, Class M3 FRN 0.909% 4/25/36		200,000		188,754
Merrill Lynch Mortgage Synthetic, Series 2005-ACR1, Class M1 FRN (c) 0.938% 6/28/35		159,405		150,177
Merrill Lynch Mortgage Synthetic, Series 2005-ACR1, Class M2 FRN (c) 0.968% 6/28/35		220,000		179,397
New Century Home Equity Loan Trust, Series 1997-NC5, Class A6 STEP 7.200% 10/25/28		106		113
				2,115,818
Other ABS — 2.5%
ARL First LLC, Series 2012-1A, Class A2 (c) 3.810% 12/15/42		100,000		104,719
CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2 (c) (e) 4.474% 3/20/43		95,000		95,001
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Class A2 (c) 5.216% 1/25/42		172,375		195,486
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 (c) 4.212% 10/15/42		232,735		242,026
Global SC Finance II SRL, Series 2012-1A, Class A (c) 4.110% 7/19/27		233,333		241,893
HFG Healthco-4 LLC, Series 2011-1A, Class A FRN (c) 2.453% 6/02/17		250,000		254,770
Icon Brands Holdings LLC, Series 2012-1A, Class A (c) 4.229% 1/25/43		50,000		52,730
Newport Waves CDO (Acquired 3/30/07, Cost $1,173,637), Series 2007-1A, Class A3LS FRN (c) (f) 0.880% 6/20/14		1,175,000		1,123,418
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (c) 2.840% 11/20/28		56,446		57,660
Trip Rail Master Funding LLC, Series 2011-1A, Class A1A (c) 4.370% 7/15/41		80,018		86,720
				2,454,423

	Principal Amount		Value
Student Loans ABS — 1.9%
Access Group, Inc., Series 2003-1, Class A2 FRN 0.544% 12/27/16	$	57,899	$	57,726
Access Group, Inc., Series 2003-1, Class B FRN 1.702% 12/26/35		500,000		300,000
Access Group, Inc., Series 2002-1, Class A4 VRN 1.704% 9/01/37		315,000		273,918
Access Group, Inc., Delaware FRN 1.704% 9/01/37		150,000		87,000
Education Funding Capital Trust I, Series 2004-1, Class A4 FRN 1.702% 6/15/43		100,000		99,000
Education Funding Capital Trust I, Series 2004-1, Class A5 FRN 1.703% 6/15/43		150,000		145,557
Education Funding Capital Trust I, Series 2004-1, Class A6 FRN 1.704% 6/15/43		200,000		183,124
Education Funding Capital Trust I, Series 2004-1, Class B1 FRN 1.950% 6/15/43		50,000		38,779
GCO Education Loan Funding Trust, Series 2005-1, Class A6AR FRN 2.180% 3/25/42		250,000		220,555
KeyCorp Student Loan Trust, Series 2004-A, Class 2A2 FRN 0.601% 10/28/41		119,092		117,479
National Collegiate Student Loan Trust, Series 2006-3, Class A2 FRN 0.314% 3/25/26		36,448		36,280
SLM Student Loan Trust, Series 2003-2, Class A7 FRN 1.140% 9/15/28		100,000		100,000
SLM Student Loan Trust, Series 2003-5, Class A7 FRN 2.500% 6/17/30		50,000		50,000
SLM Student Loan Trust 2004-10, Series 2004-10, Class B FRN 0.671% 1/25/40		153,761		124,590
				1,834,008
WL Collateral CMO — 1.6%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7 FRN 3.126% 8/25/34		115,870		110,830
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1 FRN 2.905% 2/25/34		18,250		18,394
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1 FRN 3.148% 9/25/33		9,551		8,372

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

76

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

	Principal Amount		Value
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1 FRN 2.717% 8/25/34	$	15,068	$	14,342
Harborview Mortgage Loan Trust, Series 2006-12, Class 2A2A FRN 0.393% 1/19/38		620,657		490,316
Impac Secured Assets CMN Owner Trust, Series 2007-2, Class 1A1A FRN 0.314% 5/25/37		710,256		427,854
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A FRN 2.533% 8/25/34		59,798		49,370
Merrill Lynch Mortgage Investors, Inc., Series 2005-A8, Class A3A2 FRN 0.454% 8/25/36		201,235		185,885
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA FRN 2.696% 7/25/33		3,144		3,206
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA FRN 2.898% 2/25/34		5,994		6,322
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A FRN 2.679% 2/25/34		257		265
Morgan Stanley Reremic Trust, Series 2011-IO, Class A (c) 2.500% 3/23/51		95,536		96,491
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A FRN 2.691% 3/25/34		34,442		34,438
Washington Mutual, Inc., Series 2004-AR2, Class A FRN 1.576% 4/25/44		88,754		88,981
				1,535,066
WL Collateral PAC — 0.1%
Structured Asset Securities Corp., Series 2007-BC4, Class A3 FRN 0.454% 11/25/37		42,433		41,585
Structured Asset Securities Corp., Series 2002-11A, Class 2A1 FRN 2.923% 6/25/32		23,459		20,591
				62,176
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $11,868,783)				11,923,089
SOVEREIGN DEBT OBLIGATIONS — 0.8%
Brazilian Government International Bond 4.875% 1/22/21		100,000		116,000
Province of Quebec Canada 7.500% 9/15/29		125,000		186,541

	Principal Amount		Value
Republic of Brazil International Bond 5.625% 1/07/41	$	235,000	$	274,950
United Mexican States 5.125% 1/15/20		95,000		111,245
United Mexican States 6.750% 9/27/34		75,000		99,750
				788,486
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $698,624)				788,486
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 29.0%
Collateralized Mortgage Obligations — 0.1%
Federal Home Loan Mortgage Corp., Series 2178, Class PB 7.000% 8/15/29		34,844		40,378
U.S. Department of Veteran Affairs, Series 1992-1, Class 2Z 7.750% 5/15/22		19,256		22,034
				62,412
Pass-Through Securities — 28.9%
Federal Home Loan Mortgage Corp.
Pool #Q15841 3.000% 2/01/43		1,845,459		1,897,867
Pool #Q01704 4.500% 6/01/41		346,451		371,677
Pool #Q03086 4.500% 9/01/41		350,806		377,226
Pool #G11476 5.000% 11/01/18		93,032		100,002
Pool #B16010 5.000% 8/01/19		2,186		2,364
Pool #B17058 5.000% 9/01/19		5,361		5,762
Pool #B18677 5.000% 1/01/20		6,163		6,670
Pool #E89199 6.000% 4/01/17		4,750		5,111
Pool #G11431 6.000% 2/01/18		1,057		1,136
Pool #G01311 7.000% 9/01/31		3,181		3,754
Pool #C80207 7.500% 9/01/24		2,794		3,224
Pool #C00530 7.500% 7/01/27		2,480		2,878
Pool #C00563 7.500% 11/01/27		8,116		9,426
Pool #C00612 7.500% 4/01/28		519		603

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

77

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

	Principal Amount		Value
Pool #C55867 7.500% 2/01/30	$	9,563	$	11,073
Federal Home Loan Mortgage Corp. TBA
Pool #2499 3.500% 5/01/25 (e)		185,000		195,175
Pool #2789 4.000% 6/01/40 (e)		1,860,000		1,977,122
Pool #6949 4.500% 5/01/39 (e)		432,000		462,240
Federal National Mortgage Association
Pool #725692 2.300% 10/01/33		214,852		227,411
Pool #888586 2.369% 10/01/34		484,935		514,777
Pool #AO8629 3.500% 7/01/42		741,032		782,773
Pool #AP6609 3.500% 9/01/42		279,917		295,684
Pool #735010 5.000% 11/01/19		335,889		363,343
Pool #735925 5.000% 10/01/35		503,530		546,526
Pool #745275 5.000% 2/01/36		1,521,909		1,649,488
Pool #745515 5.000% 5/01/36		386,153		418,524
Pool #253880 6.500% 7/01/16		2,903		3,092
Pool #575579 7.500% 4/01/31		11,910		13,924
Pool #535996 7.500% 6/01/31		2,871		3,358
Federal National Mortgage Association TBA
Pool #299 2.500% 8/01/27 (e)		920,000		954,428
Pool #5650 3.000% 11/01/26 (e)		1,410,000		1,483,034
Pool #6985 3.000% 9/01/42 (e)		2,170,000		2,232,068
Pool #3649 3.500% 1/01/42 (e)		340,000		358,089
Pool #29986 5.000% 1/01/37 (e)		1,770,000		1,916,924
Pool #45487 5.500% 1/01/35 (e)		1,114,000		1,213,999
Pool #53246 6.000% 5/01/35 (e)		1,305,000		1,429,332
Government National Mortgage Association
Pool #82488 3.000% 3/20/40		169,775		177,248

	Principal Amount		Value
Pool #782562 5.000% 2/15/39	$	1,054,399	$	1,147,771
Pool #782564 5.000% 2/15/39		65,498		71,360
Pool #579140 6.500% 1/15/32		3,307		3,817
Pool #587280 6.500% 9/15/32		2,642		3,050
Pool #550659 6.500% 9/15/35		134,547		155,229
Pool #538689 6.500% 12/15/35		44,520		51,252
Pool #780651 7.000% 10/15/27		3,375		3,895
Pool #462384 7.000% 11/15/27		2,277		2,626
Pool #482668 7.000% 8/15/28		2,261		2,616
Pool #506804 7.000% 5/15/29		9,057		10,475
Pool #506914 7.000% 5/15/29		35,167		40,630
Pool #581417 7.000% 7/15/32		6,127		7,154
Pool #591581 7.000% 8/15/32		989		1,156
Pool #423836 8.000% 8/15/26		1,587		1,860
Pool #444619 8.000% 3/15/27		11,560		13,603
Government National Mortgage Association II FRN Pool #82462 3.500% 1/20/40		145,308		153,703
Government National Mortgage Association TBA Pool #82484 3.000% 9/01/42 (e)		500,000		522,539
Pool #304 3.500% 4/01/42 (e)		1,800,000		1,924,875
Pool #3236 4.000% 8/01/40 (e)		500,000		545,078
Pool #1235 4.000% 3/01/41 (e)		1,400,000		1,514,844
Pool #8299 4.500% 7/01/39 (e)		1,560,000		1,705,519
Pool #20274 6.000% 8/01/35 (e)		500,000		562,812
				28,463,196
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $28,370,189)				28,525,608

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

78

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

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 6.1%
U.S. Treasury Bonds & Notes — 6.1%
U.S. Treasury Bond 2.750% 8/15/42	$	1,670,000	$	1,549,414
U.S. Treasury Bond (g) 3.125% 11/15/41		215,000		216,298
U.S. Treasury Bond 4.500% 2/15/36		880,000		1,117,737
U.S. Treasury Note 0.625% 9/30/17		2,350,000		2,345,433
U.S. Treasury Note 1.625% 8/15/22		830,000		819,285
				6,048,167
TOTAL U.S. TREASURY OBLIGATIONS (Cost $6,028,304)				6,048,167
TOTAL BONDS & NOTES (Cost $91,924,490)				94,592,325
TOTAL LONG-TERM INVESTMENTS (Cost $92,340,178)				94,906,009
SHORT-TERM INVESTMENTS — 23.7%
Commercial Paper — 23.2%
AGL Capital Corp. (c) 0.335% 4/10/13		2,400,000		2,399,736
Avery Dennison Corp. (c) 0.270% 4/01/13		1,180,000		1,179,973
CBS Corp. (c) 0.335% 4/19/13		2,400,000		2,399,538
DCP Midstream LLC (c) 0.386% 4/02/13		2,400,000		2,399,899
Duke Energy Corp. (c) 0.360% 5/20/13		2,400,000		2,398,752
Enbridge Energy Partners LP (c) 0.335% 4/11/13		2,400,000		2,399,714
Marriott International, Inc. (c) 0.365% 5/28/13		2,400,000		2,398,560
Pentair Finance (c) 0.355% 4/04/13		2,400,000		2,399,860
Sempra Energy Holdings (c) 0.355% 4/01/13		2,400,000		2,399,930
Volvo Group Treasury NA (c) 0.400% 4/08/13		2,400,000		2,399,733
				22,775,695
Time Deposits — 0.0%
Euro Time Deposit 0.010% 4/01/13		4,341		4,341

	Principal Amount		Value
U.S. Treasury Bills — 0.5%
U.S. Treasury Bill 0.010% 5/30/13 (h)	$	500,000	$	499,919
TOTAL SHORT-TERM INVESTMENTS (Cost $23,279,955)				23,279,955
TOTAL INVESTMENTS — 120.2% (Cost $115,620,133) (i)				118,185,964
Other Assets/(Liabilities) — (20.2)%				(19,900,312	)
NET ASSETS — 100.0%			$	98,285,652

Notes to Portfolio of Investments

ABS Asset-Backed Security

BAB Build America Bonds

CDO Collateralized Debt Obligation

CMO Collateralized Mortgage Obligation

FRN Floating Rate Note

MBS Mortgage-Backed Security

PAC Planned Amortization Class

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

(a) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2013, these securities amounted to a value of $51,884 or 0.05% of net assets.

(b) Non-income producing security.

(c) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, these securities amounted to a value of $37,104,913 or 37.75% of net assets.

(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, 2013, these securities amounted to a value of $123 or 0.00% of net assets.

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

(f) Restricted security. Certain securities are restricted as to resale. At March 31, 2013, these securities amounted to a value of $1,123,418 or 1.14% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities.

(g) A portion of this security is held as collateral for open futures contracts. (Note 2).

(h) All or a portion of this security is held as collateral for open swap agreements. (Note 2).

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

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

79

MassMutual Premier High Yield Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.3%
COMMON STOCK — 0.3%
Basic Materials — 0.3%
Forest Products & Paper — 0.3%
The Newark Group, Inc. (a) (b)		329,969	$	636,345
TOTAL COMMON STOCK (Cost $2,113,591)				636,345
TOTAL EQUITIES (Cost $2,113,591)				636,345
	Principal Amount
BONDS & NOTES — 96.9%
BANK LOANS — 5.0%
Chemicals — 0.7%
Jimmy Sanders, Inc., 2nd Lien Term Loan 11.500% 5/13/19	$	1,739,659		1,651,233
Electronics — 1.4%
Kronos, Inc., 2nd Lien Term Loan 9.750% 4/30/20		661,249		689,352
RP Crown Parent, LLC, 1st Lien Term Loan 6.750% 12/21/18		1,246,875		1,270,254
Wall Street Systems, Inc., New 2nd Lien Term Loan 9.250% 4/24/20		1,275,537		1,281,914
				3,241,520
Health Care – Products — 0.3%
Connolly Holdings, Inc., 2nd Lien Term Loan 10.500% 7/15/19		673,421		687,731
Household Products & Wares — 0.3%
Quality Home Brands Holdings, LLC, PIK Term Loan 0.000% 6/30/14		367,012		311,501
Quality Home Brands Holdings, LLC, Cash Pay Term Loan 0.000% 6/30/14		344,282		292,210
				603,711
Iron & Steel — 1.0%
FMG America Finance, Inc., Term Loan 5.250% 10/18/17		2,238,750		2,264,137
Machinery – Diversified — 0.4%
Intelligrated, Inc., 2nd Lien Term Loan 10.500% 12/31/19		902,464		923,898

	Principal Amount		Value
Retail — 0.9%
BJ’s Wholesale Club, Inc., 2nd Lien Term Loan 9.750% 3/26/20	$	800,000	$	826,336
Northern Tool & Equipment Co., Inc., Term Loan 7.000% 12/13/19		1,243,267		1,255,699
				2,082,035
TOTAL BANK LOANS (Cost $11,220,831)				11,454,265
CORPORATE DEBT — 91.9%
Aerospace & Defense — 2.8%
AAR Corp. 7.250% 1/15/22		2,300,000		2,495,500
DAE Aviation Holdings, Inc. (c) 11.250% 8/01/15		1,361,000		1,396,726
Ducommun, Inc. 9.750% 7/15/18		2,265,000		2,491,500
				6,383,726
Agriculture — 0.7%
American Rock Salt Co. LLC/American Rock Capital Corp. (c) 8.250% 5/01/18		1,640,000		1,558,000
Apparel — 2.1%
Perry Ellis International, Inc. 7.875% 4/01/19		4,696,000		4,930,800
Auto Parts & Equipment — 1.6%
Affinia Group, Inc. 9.000% 11/30/14		3,755,000		3,764,425
Automotive & Parts — 4.3%
Accuride Corp. 9.500% 8/01/18		2,790,000		2,852,775
Cooper Tire & Rubber Co. 8.000% 12/15/19		760,000		875,900
Cooper-Standard Automotive, Inc. 8.500% 5/01/18		1,300,000		1,417,000
Cooper-Standard Holding, Inc. (c) (d) 7.375% 4/01/18		1,330,000		1,330,000
Meritor, Inc., Convertible (c) 7.875% 3/01/26		648,000		657,315
Titan International, Inc. 7.875% 10/01/17		850,000		914,812
Tomkins LLC/Tomkins, Inc. 9.000% 10/01/18		544,000		605,880
UCI International, Inc. 8.625% 2/15/19		1,300,000		1,345,500
				9,999,182

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

80

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

	Principal Amount		Value
Banks — 1.2%
Ally Financial, Inc. 8.000% 11/01/31	$	2,175,000	$	2,751,375
Building Materials — 1.8%
Cemex Finance LLC (c) 9.375% 10/12/22		1,350,000		1,569,375
Isabelle Acquisition Sub, Inc. (c) 10.000% 11/15/18		1,045,000		1,157,337
Roofing Supply Group LLC/Roofing Supply Finance, Inc. (c) 10.000% 6/01/20		1,170,000		1,322,100
				4,048,812
Chemicals — 5.4%
Ashland, Inc. (c) 4.750% 8/15/22		1,920,000		1,953,600
Axiall Corp. (c) 4.875% 5/15/23		815,000		829,263
Eagle Spinco, Inc. (c) 4.625% 2/15/21		1,085,000		1,103,987
Ineos Finance PLC (c) 8.375% 2/15/19		2,610,000		2,887,312
Omnova Solutions, Inc. 7.875% 11/01/18		2,075,000		2,209,875
Tronox Finance LLC (c) 6.375% 8/15/20		3,480,000		3,375,600
				12,359,637
Coal — 0.6%
CONSOL Energy, Inc. 8.250% 4/01/20		560,000		620,200
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. (c) 7.375% 2/01/20		725,000		763,063
				1,383,263
Commercial Services — 2.5%
Cenveo Corp. 8.875% 2/01/18		1,175,000		1,175,000
Rent-A-Center, Inc. 6.625% 11/15/20		880,000		946,000
RR Donnelley & Sons Co. 7.250% 5/15/18		1,157,000		1,216,296
RR Donnelley & Sons Co. 7.875% 3/15/21		2,270,000		2,366,475
				5,703,771
Computers — 0.3%
NCR Corp. (c) 5.000% 7/15/22		750,000		751,875
Distribution & Wholesale — 1.3%
HD Supply, Inc. 10.500% 1/15/21		370,000		384,800

	Principal Amount		Value
HD Supply, Inc. 11.500% 7/15/20	$	2,170,000	$	2,571,450
				2,956,250
Diversified Financial — 0.7%
Nuveen Investments, Inc. (c) 9.125% 10/15/17		1,630,000		1,682,975
Electrical Components & Equipment — 1.2%
Anixter, Inc. 5.625% 5/01/19		906,000		962,625
International Wire Group Holdings, Inc. (c) 8.500% 10/15/17		1,700,000		1,751,000
				2,713,625
Electronics — 0.7%
Rexel SA (c) (d) 5.250% 6/15/20		1,570,000		1,589,625
Engineering & Construction — 1.1%
Weekley Homes LLC/Weekley Finance Corp. (c) 6.000% 2/01/23		1,440,000		1,483,200
Zachry Holdings, Inc. (c) 7.500% 2/01/20		1,085,000		1,141,963
				2,625,163
Entertainment — 0.2%
Vail Resorts, Inc. 6.500% 5/01/19		525,000		563,391
Environmental Controls — 0.4%
Clean Harbors, Inc. (c) 5.125% 6/01/21		325,000		332,719
Clean Harbors, Inc. 5.250% 8/01/20		520,000		536,900
				869,619
Foods — 1.3%
Chiquita Brands International, Inc., Convertible 4.250% 8/15/16		1,305,000		1,190,812
Chiquita Brands International, Inc./Chiquita Brands LLC (c) 7.875% 2/01/21		1,760,000		1,845,800
				3,036,612
Forest Products & Paper — 1.4%
Unifrax I LLC/Unifrax Holding Co. (c) 7.500% 2/15/19		1,415,000		1,457,450
Xerium Technologies, Inc. 8.875% 6/15/18		1,810,000		1,733,075
				3,190,525
Hand & Machine Tools — 2.4%
BC Mountain LLC/BC Mountain Finance, Inc. (c) 7.000% 2/01/21		1,050,000		1,113,000

81

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

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

	Principal Amount		Value
Mcron Finance Sub LLC/Mcron Finance Corp. (c) 8.375% 5/15/19	$	1,650,000	$	1,823,250
Milacron LLC/Mcron Finance Corp. (c) 7.750% 2/15/21		1,285,000		1,328,369
Thermadyne Holdings Corp. 9.000% 12/15/17		1,094,000		1,192,460
				5,457,079
Health Care – Products — 0.8%
Alere, Inc. 9.000% 5/15/16		1,145,000		1,203,681
Teleflex, Inc. 6.875% 6/01/19		610,000		660,325
				1,864,006
Health Care – Services — 1.2%
HCA Holdings, Inc. 6.250% 2/15/21		1,400,000		1,492,750
HEALTHSOUTH Corp. 5.750% 11/01/24		1,315,000		1,318,287
				2,811,037
Home Builders — 3.6%
Brookfield Residential Properties, Inc. (c) 6.500% 12/15/20		2,230,000		2,386,100
K Hovnanian Enterprises, Inc. (c) 9.125% 11/15/20		1,045,000		1,163,869
William Lyon Homes, Inc. (c) 8.500% 11/15/20		4,345,000		4,736,050
				8,286,019
Insurance — 1.5%
CNO Financial Group, Inc. (c) 6.375% 10/01/20		1,465,000		1,558,394
Hub International Ltd. (c) 8.125% 10/15/18		1,860,000		1,957,650
				3,516,044
Internet — 0.7%
Equinix, Inc. 4.875% 4/01/20		1,625,000		1,637,188
Investment Companies — 1.4%
PBF Holding Co. LLC/PBF Finance Corp. (c) 8.250% 2/15/20		2,815,000		3,096,500
Leisure Time — 2.9%
Brunswick Corp. 7.125% 8/01/27		3,993,000		4,202,632
Brunswick Corp. 7.375% 9/01/23		650,000		695,500
Carlson Wagonlit BV (c) 6.875% 6/15/19		1,785,000		1,860,863
				6,758,995

	Principal Amount		Value
Lodging — 1.0%
MCE Finance Ltd. (c) 5.000% 2/15/21	$	1,170,000	$	1,181,700
MGM Mirage 7.625% 1/15/17		1,040,000		1,154,400
				2,336,100
Machinery – Diversified — 1.4%
Welltec A/S (c) 8.000% 2/01/19		2,950,000		3,222,875
Manufacturing — 2.5%
Griffon Corp. 7.125% 4/01/18		2,375,000		2,565,000
JB Poindexter & Co., Inc. (c) 9.000% 4/01/22		3,105,000		3,244,725
				5,809,725
Media — 4.0%
Harron Communications LP/Harron Finance Corp. (c) 9.125% 4/01/20		1,610,000		1,787,100
Nara Cable Funding Ltd. (c) 8.875% 12/01/18		2,325,000		2,435,437
Nexstar Broadcasting, Inc. (c) 6.875% 11/15/20		3,020,000		3,186,100
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (c) 5.500% 1/15/23		1,675,000		1,721,063
				9,129,700
Metal Fabricate & Hardware — 0.3%
Mueller Water Products, Inc. 7.375% 6/01/17		770,000		792,138
Mining — 1.6%
Coeur d’Alene Mines Corp. (c) 7.875% 2/01/21		1,150,000		1,214,688
FMG Resources Property Ltd. (c) 7.000% 11/01/15		1,175,000		1,230,812
Kaiser Aluminum Corp. 8.250% 6/01/20		1,110,000		1,243,200
				3,688,700
Oil & Gas — 14.5%
Alta Mesa Holdings/Alta Mesa Finance Services Corp. 9.625% 10/15/18		3,644,000		3,844,420
Aurora USA Oil & Gas, Inc. (c) 7.500% 4/01/20		1,380,000		1,393,800
Aurora USA Oil & Gas, Inc. (c) 9.875% 2/15/17		2,720,000		2,985,200
Chesapeake Energy Corp. 5.375% 6/15/21		2,110,000		2,117,912
Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc. (c) 6.625% 11/15/19		680,000		700,400

82

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

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

	Principal Amount		Value
CVR Refining LLC/Coffeyville Finance, Inc. (c) 6.500% 11/01/22	$	2,300,000	$	2,351,750
Halcon Resources Corp. (c) 8.875% 5/15/21		1,110,000		1,196,025
Halcon Resources Corp. (c) 9.750% 7/15/20		2,190,000		2,419,950
Hercules Offshore, Inc. (c) 10.250% 4/01/19		1,240,000		1,379,500
Magnum Hunter Resources Corp. (c) 9.750% 5/15/20		935,000		981,750
Magnum Hunter Resources Corp. (c) 9.750% 5/15/20		1,065,000		1,118,250
MEG Energy Corp. (c) 6.500% 3/15/21		725,000		772,125
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC (c) 10.750% 10/01/20		1,650,000		1,831,500
Northern Tier Energy LLC/Northern Tier Finance Corp. (c) 7.125% 11/15/20		2,320,000		2,459,200
Quicksilver Resources, Inc. 7.125% 4/01/16		1,585,000		1,339,325
Resolute Energy Corp. (c) 8.500% 5/01/20		1,690,000		1,749,150
SM Energy Co. 6.500% 1/01/23		1,235,000		1,352,325
Unit Corp. 6.625% 5/15/21		1,070,000		1,120,825
Venoco, Inc. 8.875% 2/15/19		2,435,000		2,361,950
				33,475,357
Packaging & Containers — 1.0%
Sealed Air Corp. (c) 6.875% 7/15/33		2,334,000		2,217,300
Pharmaceuticals — 1.0%
Warner Chilcott Corp. LLC 7.750% 9/15/18		2,225,000		2,377,969
Pipelines — 1.1%
Inergy Midstream LP/NRGM Finance Corp. (c) 6.000% 12/15/20		1,100,000		1,144,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.875% 2/01/21		1,240,000		1,357,800
				2,501,800
Retail — 1.4%
Landry’s, Inc. (c) 9.375% 5/01/20		1,850,000		1,993,375
The Pantry, Inc. (c) 8.375% 8/01/20		1,080,000		1,158,300
				3,151,675

	Principal Amount		Value
Savings & Loans — 0.0%
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co. (e) 9.750% 4/01/17	$	1,805,000	$	181
Semiconductors — 0.8%
NXP BV/NXP Funding LLC (c) 5.750% 3/15/23		1,760,000		1,795,200
Software — 6.0%
Audatex North America, Inc. (c) 6.750% 6/15/18		2,700,000		2,895,750
EVERTEC, Inc. 11.000% 10/01/18		5,320,000		6,038,200
First Data Corp. (c) 7.375% 6/15/19		1,915,000		2,037,081
Nuance Communications, Inc. (c) 5.375% 8/15/20		1,350,000		1,366,875
Sophia LP/Sophia Finance, Inc. (c) 9.750% 1/15/19		1,300,000		1,449,500
				13,787,406
Storage & Warehousing — 1.2%
Niska Gas Storage US LLC/Niska Gas Storage Canada LLC 8.875% 3/15/18		2,595,000		2,705,288
Telecommunications — 3.8%
CenturyLink, Inc. 5.625% 4/01/20		655,000		669,738
DigitalGlobe, Inc. (c) 5.250% 2/01/21		1,050,000		1,043,438
Frontier Communications Corp. (d) 7.625% 4/15/24		600,000		617,250
Frontier Communications Corp. 9.250% 7/01/21		1,655,000		1,899,112
Lynx II Corp. (c) 6.375% 4/15/23		1,355,000		1,419,362
Sprint Capital Corp. 6.900% 5/01/19		1,265,000		1,388,337
Sprint Nextel Corp. (c) 11.500% 11/15/21		673,000		942,200
Windstream Corp. 7.500% 6/01/22		780,000		834,600
				8,814,037
Transportation — 4.2%
CHC Helicopter SA 9.250% 10/15/20		1,670,000		1,775,419
The Kenan Advantage Group, Inc. (c) 8.375% 12/15/18		2,525,000		2,651,250
Martin Midstream Partners LP/Martin Midstream Finance Corp. (c) 7.250% 2/15/21		1,625,000		1,641,250

83

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

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

	Principal Amount		Value
Quality Distribution LLC/QD Capital Corp. 9.875% 11/01/18	$	1,985,000	$	2,183,500
Watco Cos. LLC/Watco Finance Corp. (c) 6.375% 4/01/23		1,326,000		1,364,122
				9,615,541
TOTAL CORPORATE DEBT (Cost $201,355,744)				211,710,511
TOTAL BONDS & NOTES (Cost $212,576,575)				223,164,776
TOTAL LONG-TERM INVESTMENTS (Cost $214,690,166)				223,801,121
SHORT-TERM INVESTMENTS — 3.2%
Time Deposits — 3.2%
Euro Time Deposit 0.010% 4/01/13		7,418,226		7,418,226
TOTAL SHORT-TERM INVESTMENTS (Cost $7,418,226)				7,418,226
TOTAL INVESTMENTS — 100.4% (Cost $222,108,392) (f)				231,219,347
Other Assets/(Liabilities) — (0.4)%				(975,385	)
NET ASSETS — 100.0%			$	230,243,962

Notes to Portfolio of Investments

(a) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2013, these securities amounted to a value of $636,345 or 0.28% of net assets.

(b) Non-income producing security.

(c) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, these securities amounted to a value of $118,646,433 or 51.53% of net assets.

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

(e) 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, 2013, these securities amounted to a value of $181 or 0.00% of net assets.

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

84

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

MassMutual Premier International Bond Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 98.2%
CORPORATE DEBT — 23.4%
Banks — 11.6%
Cooperatieve Centrale Raiffeisen-Boerenleenbank JPY (a) 1.850% 4/12/17		70,000,000	$	782,736
Dexia Municipal Agency SA JPY (a) 1.800% 5/09/17		160,000,000		1,725,314
Eurofima AUD (a) 6.000% 1/28/14		500,000		531,490
ING Bank NV GBP (a) 5.375% 4/15/21		800,000		1,425,478
KFW JPY (a) 2.050% 2/16/26		140,000,000		1,719,181
Rabobank Nederland NV GBP (a) 4.000% 9/10/15		300,000		485,832
Skandinaviska Enskilda Banken AB EUR (a) (b) 2.500% 9/01/15		400,000		532,767
				7,202,798
Multi-National — 9.4%
Asian Development Bank JPY (a) 2.350% 6/21/27		100,000,000		1,263,974
European Investment Bank JPY (a) 1.400% 6/20/17		150,000,000		1,675,172
European Investment Bank JPY (a) (b) 1.900% 1/26/26		80,900,000		944,828
European Investment Bank EUR (a) 4.000% 10/15/37		400,000		635,709
International Bank for Reconstruction & Development, Class E GBP (a) 5.400% 6/07/21		400,000		783,547
Nordic Investment Bank JPY (a) 1.700% 4/27/17		50,000,000		565,700
				5,868,930
Oil & Gas — 1.7%
BP Capital Markets PLC GBP (a) (b) 4.325% 12/10/18		600,000		1,037,995
Telecommunications — 0.7%
Deutsche Telekom International Finance BV EUR (a) 4.250% 7/13/22		200,000		297,732
Telstra Corp. Ltd. EUR (a) 4.250% 3/23/20		100,000		150,153
				447,885
TOTAL CORPORATE DEBT (Cost $15,275,953)				14,557,608

	Principal Amount		Value
SOVEREIGN DEBT OBLIGATIONS — 74.8%
Agence Francaise de Developpement JPY (a) 1.800% 6/19/15		100,000,000	$	1,080,309
Belgium Government Bond EUR (a) 4.000% 3/28/18		320,000		471,249
Belgium Government Bond EUR (a) 4.250% 9/28/21		1,500,000		2,288,604
Bundesrepublik Deutschland EUR (a) 2.500% 1/04/21		400,000		576,453
Canada Housing Trust No 1 CAD (a) (c) 1.850% 12/15/16		875,000		875,086
Finland Government Bond EUR (a) 1.625% 9/15/22		550,000		708,613
Finland Government Bond EUR (a) 2.750% 7/04/28		1,000,000		1,384,126
French Republic EUR (a) 5.750% 10/25/32		950,000		1,739,032
Government of France OAT EUR (a) 3.750% 4/25/21		950,000		1,412,354
Ireland Government Bond EUR (a) 4.000% 1/15/14		400,000		524,826
Italy Buoni Poliennali Del Tesoro EUR (a) 3.750% 8/01/21		1,300,000		1,632,778
Italy Buoni Poliennali Del Tesoro EUR (a) 4.000% 2/01/17		500,000		660,292
Italy Buoni Poliennali Del Tesoro EUR (a) 4.750% 8/01/23		1,500,000		1,941,427
Japan Government JPY (a) 1.700% 6/20/33		193,000,000		2,144,183
Kingdom of Spain EUR (a) 3.800% 1/31/17		250,000		323,349
Kingdom of the Netherlands EUR (a) (c) 3.750% 1/15/23		1,000,000		1,522,203
Mexican Bonos MXN (a) 6.000% 6/18/15		11,000,000		923,038
Mexican Bonos MXN (a) 7.250% 12/15/16		20,500,000		1,810,591
Mexican Bonos MXN (a) 8.000% 12/07/23		6,300,000		636,386
New South Wales Treasury Corp. AUD (a) 5.500% 3/01/17		615,000		690,675
Norway Government Bond NOK (a) 2.000% 5/24/23		5,500,000		928,382
Norway Government Bond NOK (a) 4.250% 5/19/17		4,700,000		895,954

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

85

MassMutual Premier International Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Poland Government Bond PLN (a) 4.750% 10/25/16		4,700,000	$	1,513,755
Poland Government Bond PLN (a) 5.250% 10/25/17		2,500,000		828,063
Poland Government Bond PLN (a) 5.750% 9/23/22		4,200,000		1,475,132
Province of Alberta Canada CAD (a) 1.750% 6/15/17		600,000		594,176
Province of British Columbia CAD (a) 3.700% 12/18/20		500,000		541,660
Province of Ontario Canada JPY (a) 1.650% 6/08/20		100,000,000		1,143,751
Province of Ontario Canada CAD (a) 3.150% 9/08/15		800,000		822,224
Queensland Treasury Corp. AUD (a) 6.000% 9/14/17		1,450,000		1,666,837
Queensland Treasury Corp. AUD (a) 6.250% 6/14/19		600,000		710,973
Republic of Austria EUR (a) (c) 4.650% 1/15/18		790,000		1,199,093
Republic of Austria EUR (Acquired 11/22/10-6/03/11, Cost $1,012,738) (a) (c) (d) 3.500% 9/15/21		1,000,000		1,485,255
Republic of Germany EUR (a) 4.750% 7/04/28		400,000		706,684
Singapore Government Bond SGD (a) 2.500% 6/01/19		1,200,000		1,065,876
South Africa Government Bond ZAR (a) 7.250% 1/15/20		1,700,000		193,123
South Africa Government Bond ZAR (a) 8.000% 12/21/18		14,500,000		1,711,559
South Africa Government Bond ZAR (a) 8.250% 9/15/17		4,000,000		473,677
Spain Government Bond EUR (a) 3.750% 10/31/15		1,500,000		1,961,232
Spain Government Bond EUR (a) 4.100% 7/30/18		300,000		387,747
Sweden Government Bond SEK (a) 3.000% 7/12/16		8,000,000		1,302,876
United Kingdom Gilt GBP (a) 4.500% 9/07/34		510,000		976,234
Western Australian Treasury Corp. AUD (a) 8.000% 7/15/17		500,000		612,414
				46,542,251

	Principal Amount		Value
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $46,808,755)			$	46,542,251
TOTAL BONDS & NOTES (Cost $62,084,708)				61,099,859
TOTAL LONG-TERM INVESTMENTS (Cost $62,084,708)				61,099,859
SHORT-TERM INVESTMENTS — 0.2%
Repurchase Agreement — 0.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 3/28/13, 0.010%, due 4/01/13 (e)	$	116,890		116,890
TOTAL SHORT-TERM INVESTMENTS (Cost $116,890)				116,890
TOTAL INVESTMENTS — 98.4% (Cost $62,201,598) (f)				61,216,749
Other Assets/(Liabilities) — 1.6%				1,008,112
NET ASSETS — 100.0%			$	62,224,861

Notes to Portfolio of Investments

AUD Australian Dollar

CAD Canadian Dollar

EUR Euro

GBP British Pound

JPY Japanese Yen

MXN Mexican Peso

NOK Norwegian Krone

OAT Obligations Assimilables du Tresor

PLN Polish Zloty

SEK Swedish Krona

SGD Singapore Dollar

ZAR South African Rand

(a) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At March 31, 2013, these securities amounted to a value of $2,515,590 or 4.04% of net assets.

(c) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, these securities amounted to a value of $5,081,637 or 8.17% of net assets.

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

86

MassMutual Premier International Bond Fund – Portfolio of Investments (Continued)

Notes to Portfolio Investments (Continued)

(d) Restricted security. Certain securities are restricted as to resale. At March 31, 2013, these securities amounted to a value of $1,485,255 or 2.39% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities.

(e) Maturity value of $116,890. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 2/01/32, and an aggregate market value, including accrued interest, of $120,823.

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

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

87

MassMutual Premier Balanced Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 51.1%
COMMON STOCK — 51.0%
Basic Materials — 1.5%
Chemicals — 1.1%
Air Products & Chemicals, Inc.		1,010	$	87,991
Airgas, Inc.		93		9,222
CF Industries Holdings, Inc.		1,135		216,070
The Dow Chemical Co.		2,693		85,745
E.I. du Pont de Nemours & Co.		2,371		116,558
Eastman Chemical Co.		694		48,490
Ecolab, Inc.		324		25,978
International Flavors & Fragrances, Inc.		473		36,265
LyondellBasell Industries NV Class A		4,800		303,792
Monsanto Co.		3,699		390,726
The Mosaic Co.		700		41,727
PPG Industries, Inc.		1,024		137,155
Praxair, Inc.		294		32,793
The Sherwin-Williams Co.		317		53,538
Sigma-Aldrich Corp.		249		19,342
				1,605,392
Forest Products & Paper — 0.1%
International Paper Co.		2,607		121,434
MeadWestvaco Corp.		407		14,774
				136,208
Iron & Steel — 0.1%
Allegheny Technologies, Inc.		19		602
Cliffs Natural Resources, Inc.		260		4,943
Nucor Corp.		461		21,275
United States Steel Corp.		4,467		87,107
				113,927
Mining — 0.2%
Alcoa, Inc.		16,046		136,712
Freeport-McMoRan Copper & Gold, Inc.		3,048		100,889
Newmont Mining Corp.		484		20,275
Vulcan Materials Co.		1,298		67,106
				324,982
				2,180,509
Communications — 6.6%
Advertising — 0.1%
The Interpublic Group of Companies, Inc.		1,433		18,672
Omnicom Group, Inc.		898		52,892
				71,564
Internet — 1.8%
Akamai Technologies, Inc. (a)		610		21,527
Amazon.com, Inc. (a)		1,616		430,648

	Number of Shares		Value
eBay, Inc. (a)		5,765	$	312,578
Expedia, Inc.		2,973		178,410
F5 Networks, Inc. (a)		160		14,253
Google, Inc. Class A (a)		1,144		908,370
Netflix, Inc. (a)		116		21,971
Priceline.com, Inc. (a)		284		195,372
Symantec Corp. (a)		7,279		179,646
TripAdvisor, Inc. (a)		73		3,834
VeriSign, Inc. (a)		3,689		174,416
Yahoo!, Inc. (a)		5,634		132,568
				2,573,593
Media — 2.2%
Cablevision Systems Corp. Class A		9,300		139,128
CBS Corp. Class B		3,770		176,021
Comcast Corp. Class A		22,481		944,427
DIRECTV (a)		4,186		236,969
Discovery Communications, Inc. Series A (a)		1,100		86,614
Gannett Co., Inc.		6,807		148,869
The McGraw-Hill Cos., Inc.		709		36,925
News Corp. Class A		9,921		302,789
Scripps Networks Interactive Class A		324		20,846
Time Warner Cable, Inc.		1,768		169,834
Time Warner, Inc.		6,888		396,887
Viacom, Inc. Class B		2,790		171,780
The Walt Disney Co.		3,682		209,138
The Washington Post Co. Class B		281		125,607
				3,165,834
Telecommunications — 2.5%
AT&T, Inc.		30,570		1,121,613
CenturyLink, Inc.		4,154		145,930
Cisco Systems, Inc.		45,624		953,998
Corning, Inc.		3,574		47,641
Crown Castle International Corp. (a)		700		48,748
Frontier Communications Corp.		36,270		144,355
Harris Corp.		1,354		62,744
JDS Uniphase Corp. (a)		4		54
Juniper Networks, Inc. (a)		2,348		43,532
MetroPCS Communications, Inc. (a)		5,465		59,569
Motorola Solutions, Inc.		1,134		72,610
QUALCOMM, Inc.		5,588		374,117
Sprint Nextel Corp. (a)		25,687		159,516
Verizon Communications, Inc.		8,132		399,688
Windstream Corp.		451		3,585
				3,637,700
				9,448,691
Consumer, Cyclical — 4.1%
Airlines — 0.3%
Southwest Airlines Co.		28,466		383,722

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

88

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Apparel — 0.1%
Nike, Inc. Class B		2,202	$	129,940
Ralph Lauren Corp.		240		40,634
VF Corp.		170		28,518
				199,092
Auto Manufacturers — 0.2%
Ford Motor Co.		16,862		221,735
Paccar, Inc.		34		1,719
				223,454
Automotive & Parts — 0.1%
BorgWarner, Inc. (a)		400		30,936
Delphi Automotive PLC		1,400		62,160
The Goodyear Tire & Rubber Co. (a)		7,361		92,822
Johnson Controls, Inc.		205		7,190
				193,108
Distribution & Wholesale — 0.0%
Fastenal Co.		370		19,000
Genuine Parts Co.		536		41,808
W.W. Grainger, Inc.		4		900
				61,708
Entertainment — 0.1%
International Game Technology		7,010		115,665
Home Builders — 0.1%
D.R. Horton, Inc.		759		18,444
Lennar Corp. Class A		400		16,592
PulteGroup, Inc. (a)		6,974		141,154
				176,190
Home Furnishing — 0.1%
Harman International Industries, Inc.		474		21,154
Whirlpool Corp.		534		63,258
				84,412
Housewares — 0.1%
Newell Rubbermaid, Inc.		2,783		72,636
Leisure Time — 0.0%
Carnival Corp.		1,473		50,524
Harley-Davidson, Inc.		308		16,416
				66,940
Lodging — 0.2%
Marriott International, Inc. Class A		813		34,333
Starwood Hotels & Resorts Worldwide, Inc.		1,060		67,554
Wyndham Worldwide Corp.		722		46,554
Wynn Resorts Ltd.		529		66,210
				214,651
Retail — 2.7%
Abercrombie & Fitch Co. Class A		1,127		52,067
AutoNation, Inc. (a)		120		5,250
AutoZone, Inc. (a)		176		69,831

	Number of Shares		Value
Bed Bath & Beyond, Inc. (a)		173	$	11,145
Best Buy Co., Inc.		1,108		24,542
Coach, Inc.		184		9,198
Costco Wholesale Corp.		2,298		243,841
CVS Caremark Corp.		9,013		495,625
Darden Restaurants, Inc.		173		8,941
Dollar Tree, Inc. (a)		60		2,906
Family Dollar Stores, Inc.		47		2,775
GameStop Corp. Class A		7,861		219,872
The Gap, Inc.		2,805		99,297
The Home Depot, Inc.		7,210		503,114
J.C. Penney Co., Inc.		96		1,451
Kohl’s Corp.		561		25,879
Limited Brands, Inc.		1,260		56,272
Lowe’s Cos., Inc.		6,029		228,620
Macy’s, Inc.		2,040		85,354
McDonald’s Corp.		865		86,232
Nordstrom, Inc.		711		39,268
O’Reilly Automotive, Inc. (a)		774		79,374
PetSmart, Inc.		800		49,680
PVH Corp.		400		42,724
Ross Stores, Inc.		1,496		90,687
Staples, Inc.		6,183		83,038
Starbucks Corp.		2,495		142,115
Target Corp.		2,167		148,331
Tiffany & Co.		11		765
The TJX Cos., Inc.		4,340		202,895
Urban Outfitters, Inc. (a)		760		29,442
Wal-Mart Stores, Inc.		6,853		512,810
Walgreen Co.		3,706		176,702
Yum! Brands, Inc.		636		45,754
				3,875,797
Textiles — 0.0%
Cintas Corp.		649		28,640
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		1,147		50,399
Mattel, Inc.		1,461		63,977
				114,376
				5,810,391
Consumer, Non-cyclical — 12.1%
Agriculture — 1.0%
Altria Group, Inc.		15,741		541,333
Archer-Daniels-Midland Co.		2,526		85,202
Lorillard, Inc.		2,479		100,028
Philip Morris International, Inc.		5,496		509,534
Reynolds American, Inc.		2,544		113,182
				1,349,279
Beverages — 1.1%
Brown-Forman Corp. Class B		11		785
The Coca-Cola Co.		12,824		518,603
Coca-Cola Enterprises, Inc.		4,285		158,202

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

89

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Constellation Brands, Inc. Class A (a)		2,222	$	105,856
Dr. Pepper Snapple Group, Inc.		710		33,335
Molson Coors Brewing Co. Class B		2,436		119,193
Monster Beverage Corp. (a)		400		19,096
PepsiCo, Inc.		7,892		624,336
				1,579,406
Biotechnology — 0.8%
Alexion Pharmaceuticals, Inc. (a)		200		18,428
Amgen, Inc.		6,305		646,326
Biogen Idec, Inc. (a)		774		149,312
Celgene Corp. (a)		1,999		231,704
Life Technologies Corp. (a)		371		23,978
				1,069,748
Commercial Services — 1.2%
The ADT Corp.		250		12,235
Apollo Group, Inc. Class A (a)		7,060		122,773
Automatic Data Processing, Inc.		1,121		72,888
Equifax, Inc.		836		48,145
H&R Block, Inc.		7,942		233,654
Iron Mountain, Inc.		869		31,553
MasterCard, Inc. Class A		305		165,045
McKesson Corp.		961		103,750
Moody’s Corp.		2,335		124,502
Paychex, Inc.		813		28,512
Quanta Services, Inc. (a)		1,324		37,840
Robert Half International, Inc.		335		12,573
Total System Services, Inc.		521		12,910
Visa, Inc. Class A		3,160		536,694
Western Union Co.		8,307		124,937
				1,668,011
Cosmetics & Personal Care — 1.1%
Avon Products, Inc.		6,409		132,858
Colgate-Palmolive Co.		1,363		160,875
The Estee Lauder Cos., Inc. Class A		296		18,953
The Procter & Gamble Co.		16,233		1,250,915
				1,563,601
Foods — 0.8%
Campbell Soup Co.		165		7,484
ConAgra Foods, Inc.		1,884		67,466
Dean Foods Co. (a)		510		9,246
General Mills, Inc.		2,194		108,186
H.J. Heinz Co.		1,635		118,162
The Hershey Co.		719		62,934
Hormel Foods Corp.		194		8,016
The J.M. Smucker Co.		634		62,868
Kellogg Co.		1,135		73,128
Kraft Foods Group, Inc.		2,173		111,975
The Kroger Co.		2,934		97,233
McCormick & Co., Inc.		73		5,369
Mondelez International, Inc. Class A		4,421		135,327
Safeway, Inc.		2,421		63,793

	Number of Shares		Value
Sysco Corp.		1,566	$	55,076
Tyson Foods, Inc. Class A		6,120		151,898
Whole Foods Market, Inc.		536		46,498
				1,184,659
Health Care – Products — 1.7%
Baxter International, Inc.		422		30,654
Becton, Dickinson & Co.		1,702		162,728
Boston Scientific Corp. (a)		8,221		64,206
C.R. Bard, Inc.		204		20,559
CareFusion Corp. (a)		6,548		229,115
Covidien PLC		2,300		156,032
Intuitive Surgical, Inc. (a)		14		6,877
Johnson & Johnson		12,399		1,010,891
Medtronic, Inc.		7,969		374,224
St. Jude Medical, Inc.		3,898		157,635
Stryker Corp.		1,459		95,185
Varian Medical Systems, Inc. (a)		274		19,728
Zimmer Holdings, Inc.		1,224		92,069
				2,419,903
Health Care – Services — 0.7%
Aetna, Inc.		2,394		122,381
Cigna Corp.		1,959		122,183
Coventry Health Care, Inc.		2,776		130,555
DaVita HealthCare Partners, Inc. (a)		373		44,234
Humana, Inc.		1,855		128,199
Laboratory Corporation of America Holdings (a)		161		14,522
Quest Diagnostics, Inc.		735		41,491
Tenet Healthcare Corp. (a)		1,029		48,960
UnitedHealth Group, Inc.		5,281		302,126
WellPoint, Inc.		1,558		103,187
				1,057,838
Household Products — 0.4%
Avery Dennison Corp.		6,682		287,794
Beam, Inc.		173		10,992
The Clorox Co.		447		39,573
Kimberly-Clark Corp.		2,060		201,839
				540,198
Pharmaceuticals — 3.3%
Abbott Laboratories		11,404		402,789
AbbVie, Inc.		15,604		636,331
Actavis, Inc. (a)		361		33,252
Allergan, Inc.		1,081		120,672
AmerisourceBergen Corp.		1,460		75,117
Bristol-Myers Squibb Co.		4,512		185,849
Cardinal Health, Inc.		2,855		118,825
DENTSPLY International, Inc.		861		36,524
Eli Lilly & Co.		10,807		613,730
Express Scripts Holding Co. (a)		4,945		285,079
Forest Laboratories, Inc. (a)		734		27,921
Gilead Sciences, Inc. (a)		3,252		159,120

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

90

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Hospira, Inc. (a)		624	$	20,486
Mead Johnson Nutrition Co.		1,124		87,054
Merck & Co., Inc.		14,729		651,464
Mylan, Inc. (a)		1,859		53,800
Patterson Cos., Inc.		4,861		184,912
Perrigo Co.		40		4,749
Pfizer, Inc.		37,057		1,069,465
				4,767,139
				17,199,782
Diversified — 0.0%
Holding Company – Diversified — 0.0%
Leucadia National Corp.		2,236		61,333
Energy — 4.8%
Coal — 0.0%
CONSOL Energy, Inc.		257		8,648
Peabody Energy Corp.		1,459		30,858
				39,506
Energy – Alternate Sources — 0.1%
First Solar, Inc. (a)		8,700		234,552
Oil & Gas — 4.2%
Anadarko Petroleum Corp.		617		53,957
Apache Corp.		1,158		89,351
Cabot Oil & Gas Corp.		96		6,491
Chesapeake Energy Corp.		98		2,000
Chevron Corp.		10,120		1,202,458
ConocoPhillips		2,610		156,861
Denbury Resources, Inc. (a)		3,885		72,455
Devon Energy Corp.		1,017		57,379
Diamond Offshore Drilling, Inc.		1,785		124,165
Ensco PLC Class A		3,600		216,000
EOG Resources, Inc.		1		128
EQT Corp.		69		4,675
Exxon Mobil Corp.		23,029		2,075,143
Helmerich & Payne, Inc.		1,440		87,408
Hess Corp.		647		46,332
Marathon Oil Corp.		2,485		83,794
Marathon Petroleum Corp.		3,742		335,283
Murphy Oil Corp.		1,322		84,251
Nabors Industries Ltd.		8,099		131,366
Newfield Exploration Co. (a)		400		8,968
Noble Corp.		1,000		38,150
Noble Energy, Inc.		283		32,732
Occidental Petroleum Corp.		730		57,210
Phillips 66		7,305		511,131
Pioneer Natural Resources Co.		3		373
QEP Resources, Inc.		98		3,120
Range Resources Corp.		99		8,023
Rowan Cos. PLC Class A (a)		9		318
Tesoro Corp.		3,886		227,525
Valero Energy Corp.		6,210		282,493
WPX Energy, Inc. (a)		677		10,846
				6,010,386

	Number of Shares		Value
Oil & Gas Services — 0.4%
Baker Hughes, Inc.		1,574	$	73,049
Cameron International Corp. (a)		37		2,412
FMC Technologies, Inc. (a)		72		3,916
Halliburton Co.		4,771		192,796
National Oilwell Varco, Inc.		409		28,937
Schlumberger Ltd.		3,095		231,785
				532,895
Pipelines — 0.1%
ONEOK, Inc.		900		42,903
Spectra Energy Corp.		171		5,258
The Williams Cos., Inc.		1,133		42,442
				90,603
				6,907,942
Financial — 8.6%
Banks — 2.5%
Bank of America Corp.		68,742		837,278
Bank of New York Mellon Corp.		6,095		170,599
BB&T Corp.		3,412		107,103
Capital One Financial Corp.		2,975		163,476
Comerica, Inc.		1,324		47,598
Fifth Third Bancorp		7,421		121,036
First Horizon National Corp.		80		854
Huntington Bancshares, Inc.		8,210		60,672
KeyCorp		6,872		68,445
M&T Bank Corp.		861		88,821
Northern Trust Corp.		661		36,064
PNC Financial Services Group, Inc.		2,545		169,242
Regions Financial Corp.		13,843		113,374
State Street Corp.		4,385		259,110
SunTrust Banks, Inc.		4,700		135,407
U.S. Bancorp		7,729		262,245
Wells Fargo & Co.		26,764		990,000
Zions Bancorp		549		13,720
				3,645,044
Diversified Financial — 2.7%
American Express Co.		4,588		309,506
Ameriprise Financial, Inc.		1,295		95,377
BlackRock, Inc.		740		190,091
The Charles Schwab Corp.		3,222		56,997
Citigroup, Inc.		15,884		702,708
CME Group, Inc.		655		40,210
Discover Financial Services		2,795		125,328
E*TRADE Financial Corp. (a)		93		996
Franklin Resources, Inc.		716		107,980
The Goldman Sachs Group, Inc.		3,588		527,974
IntercontinentalExchange, Inc. (a)		184		30,005
Invesco Ltd.		1,223		35,418
JP Morgan Chase & Co.		24,765		1,175,347
Legg Mason, Inc.		147		4,726
Morgan Stanley		11,696		257,078

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

91

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
The NASDAQ OMX Group, Inc.		522	$	16,861
NYSE Euronext		1,636		63,215
SLM Corp.		2,718		55,665
T. Rowe Price Group, Inc.		1,186		88,796
				3,884,278
Insurance — 2.8%
ACE Ltd.		1,900		169,043
Aflac, Inc.		2,445		127,189
The Allstate Corp.		4,186		205,407
American International Group, Inc. (a)		9,911		384,745
Aon PLC		1,636		100,614
Assurant, Inc.		2,910		130,979
Berkshire Hathaway, Inc. Class B (a)		9,143		952,701
The Chubb Corp.		1,664		145,650
Cincinnati Financial Corp.		2,524		119,107
Genworth Financial, Inc. Class A (a)		11,955		119,550
The Hartford Financial Services Group, Inc.		3,890		100,362
Lincoln National Corp.		4,458		145,375
Loews Corp.		934		41,161
Marsh & McLennan Cos., Inc.		1,030		39,109
MetLife, Inc.		6,429		244,431
Principal Financial Group, Inc.		2,235		76,057
The Progressive Corp.		2,734		69,088
Prudential Financial, Inc.		2,435		143,641
Torchmark Corp.		720		43,056
The Travelers Cos., Inc.		2,963		249,455
Unum Group		3,935		111,164
XL Group PLC		7,697		233,219
				3,951,103
Real Estate — 0.0%
CBRE Group, Inc. (a)		98		2,475
Real Estate Investment Trusts (REITS) — 0.5%
American Tower Corp.		198		15,230
Apartment Investment & Management Co. Class A		1,064		32,622
AvalonBay Communities, Inc.		164		20,774
Boston Properties, Inc.		347		35,068
Equity Residential		801		44,103
HCP, Inc.		1,576		78,579
Health Care REIT, Inc.		674		45,771
Host Hotels & Resorts, Inc.		1,730		30,258
Kimco Realty Corp.		1,410		31,584
Plum Creek Timber Co., Inc.		673		35,131
Prologis, Inc.		916		36,622
Public Storage		407		61,994
Simon Property Group, Inc.		594		94,185
Ventas, Inc.		536		39,235
Vornado Realty Trust		565		47,257
Weyerhaeuser Co.		2,577		80,866
				729,279

	Number of Shares		Value
Savings & Loans — 0.1%
Hudson City Bancorp, Inc.		7,735	$	66,831
People’s United Financial, Inc.		1,059		14,233
				81,064
				12,293,243
Industrial — 5.3%
Aerospace & Defense — 1.1%
The Boeing Co.		4,896		420,322
General Dynamics Corp.		1,648		116,200
L-3 Communications Holdings, Inc.		2,944		238,228
Lockheed Martin Corp.		961		92,756
Northrop Grumman Corp.		3,023		212,063
Raytheon Co.		2,396		140,861
Rockwell Collins, Inc.		957		60,406
United Technologies Corp.		3,572		333,732
				1,614,568
Building Materials — 0.1%
Masco Corp.		6,694		135,554
Electrical Components & Equipment — 0.2%
Emerson Electric Co.		4,543		253,817
Molex, Inc.		1,409		41,256
				295,073
Electronics — 0.2%
Agilent Technologies, Inc.		573		24,049
Amphenol Corp. Class A		536		40,013
FLIR Systems, Inc.		35		910
Garmin Ltd.		900		29,736
Jabil Circuit, Inc.		2,202		40,693
PerkinElmer, Inc.		224		7,535
TE Connectivity Ltd.		1,800		75,474
Waters Corp. (a)		60		5,635
				224,045
Engineering & Construction — 0.3%
Fluor Corp.		4,647		308,235
Jacobs Engineering Group, Inc. (a)		2,824		158,822
				467,057
Environmental Controls — 0.1%
Republic Services, Inc.		3,787		124,971
Stericycle, Inc. (a)		87		9,238
Waste Management, Inc.		645		25,290
				159,499
Hand & Machine Tools — 0.1%
Snap-on, Inc.		85		7,029
Stanley Black & Decker, Inc.		642		51,983
				59,012
Health Care – Services — 0.1%
Thermo Fisher Scientific, Inc.		1,998		152,827

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

92

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Machinery – Construction & Mining — 0.1%
Caterpillar, Inc.		330	$	28,700
Ingersoll-Rand PLC		1,800		99,018
Joy Global, Inc.		400		23,808
				151,526
Machinery – Diversified — 0.2%
Cummins, Inc.		43		4,980
Deere & Co.		881		75,748
Flowserve Corp.		297		49,810
Rockwell Automation, Inc.		936		80,824
Roper Industries, Inc.		774		98,538
Xylem, Inc.		701		19,319
				329,219
Manufacturing — 2.0%
3M Co.		2,895		307,767
Danaher Corp.		2,572		159,850
Dover Corp.		903		65,811
Eaton Corp. PLC		582		35,648
General Electric Co.		63,586		1,470,108
Honeywell International, Inc.		4,075		307,051
Illinois Tool Works, Inc.		2,360		143,818
Leggett & Platt, Inc.		495		16,721
Pall Corp.		461		31,519
Parker Hannifin Corp.		660		60,443
Pentair Ltd.		119		6,277
Textron, Inc.		6,585		196,299
Tyco International Ltd.		1,300		41,600
				2,842,912
Metal Fabricate & Hardware — 0.0%
Precision Castparts Corp.		9		1,707
Packaging & Containers — 0.3%
Ball Corp.		2,620		124,660
Bemis Co., Inc.		1,777		71,720
Owens-Illinois, Inc. (a)		7,122		189,801
Sealed Air Corp.		47		1,133
				387,314
Transportation — 0.5%
C.H. Robinson Worldwide, Inc.		154		9,157
CSX Corp.		2,173		53,521
Expeditors International of Washington, Inc.		84		3,000
FedEx Corp.		236		23,175
Norfolk Southern Corp.		773		59,583
Ryder System, Inc.		274		16,371
Union Pacific Corp.		2,070		294,789
United Parcel Service, Inc. Class B		2,515		216,038
				675,634
				7,495,947

	Number of Shares		Value
Technology — 6.3%
Commercial Services — 0.0%
SAIC, Inc.		686	$	9,295
Computers — 3.3%
Accenture PLC Class A		3,100		235,507
Apple, Inc.		4,258		1,884,719
Cognizant Technology Solutions Corp. Class A (a)		459		35,164
Computer Sciences Corp.		4,875		239,996
Dell, Inc.		7,894		113,121
EMC Corp. (a)		7,353		175,663
Hewlett-Packard Co.		16,863		402,014
International Business Machines Corp.		5,000		1,066,500
NetApp, Inc. (a)		3,709		126,699
SanDisk Corp. (a)		50		2,750
Seagate Technology PLC		6,500		237,640
Teradata Corp. (a)		198		11,585
Western Digital Corp.		4,731		237,875
				4,769,233
Office Equipment/Supplies — 0.4%
Pitney Bowes, Inc.		20,699		307,587
Xerox Corp.		22,273		191,548
				499,135
Semiconductors — 0.6%
Advanced Micro Devices, Inc. (a)		29,790		75,964
Altera Corp.		197		6,988
Analog Devices, Inc.		759		35,286
Applied Materials, Inc.		11,967		161,315
Broadcom Corp. Class A		1,024		35,502
Intel Corp.		7,911		172,855
KLA-Tencor Corp.		1,198		63,183
Lam Research Corp. (a)		463		19,196
Linear Technology Corp.		681		26,130
LSI Corp. (a)		926		6,278
Microchip Technology, Inc.		24		882
Micron Technology, Inc. (a)		5,933		59,211
NVIDIA Corp.		85		1,090
Teradyne, Inc. (a)		880		14,274
Texas Instruments, Inc.		5,045		178,997
Xilinx, Inc.		1,361		51,949
				909,100
Software — 2.0%
Adobe Systems, Inc. (a)		2,305		100,291
Autodesk, Inc. (a)		547		22,558
BMC Software, Inc. (a)		2,622		121,477
CA, Inc.		6,485		163,228
Cerner Corp. (a)		400		37,900
Citrix Systems, Inc. (a)		345		24,895
The Dun & Bradstreet Corp.		449		37,559
Electronic Arts, Inc. (a)		786		13,912

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

93

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Fidelity National Information Services, Inc.		1,960	$	77,655
Fiserv, Inc. (a)		747		65,609
Intuit, Inc.		589		38,668
Microsoft Corp.		38,441		1,099,797
Oracle Corp.		29,688		960,110
Red Hat, Inc. (a)		124		6,269
Salesforce.com, Inc. (a)		415		74,215
				2,844,143
				9,030,906
Utilities — 1.7%
Electric — 1.6%
The AES Corp.		6,377		80,159
Ameren Corp.		972		34,039
American Electric Power Co., Inc.		3,396		165,147
CenterPoint Energy, Inc.		3,535		84,699
CMS Energy Corp.		1,410		39,395
Consolidated Edison, Inc.		309		18,858
Dominion Resources, Inc.		1,062		61,787
DTE Energy Co.		1,312		89,662
Duke Energy Corp.		2,786		202,236
Edison International		2,734		137,575
Entergy Corp.		1,611		101,880
Exelon Corp.		1,023		35,273
FirstEnergy Corp.		1,466		61,865
Integrys Energy Group, Inc.		261		15,180
NextEra Energy, Inc.		2,936		228,069
Northeast Utilities		1,222		53,108
NRG Energy, Inc.		7,820		207,152
Pepco Holdings, Inc.		998		21,357
PG&E Corp.		923		41,101
Pinnacle West Capital Corp.		450		26,051
PPL Corp.		3,784		118,477
Public Service Enterprise Group, Inc.		2,109		72,423
SCANA Corp.		772		39,496
The Southern Co.		4,234		198,659
TECO Energy, Inc.		798		14,220
Wisconsin Energy Corp.		1,096		47,007
Xcel Energy, Inc.		2,845		84,497
				2,279,372
Gas — 0.1%
AGL Resources, Inc.		1,216		51,011
NiSource, Inc.		172		5,046
Sempra Energy		302		24,142
				80,199
Pipelines — 0.0%
Kinder Morgan, Inc.		60		2,321
				2,361,892
TOTAL COMMON STOCK (Cost $63,639,055)				72,790,636

	Number of Shares		Value
PREFERRED STOCK — 0.1%
Consumer, Cyclical — 0.0%
Retail — 0.0%
Orchard Supply Hardware Stores Corp. Series A (a)		5	$	6
Financial — 0.1%
Insurance — 0.1%
The Allstate Corp. 5.100%		5,000		130,900
TOTAL PREFERRED STOCK (Cost $125,012)				130,906
TOTAL EQUITIES (Cost $63,764,067)				72,921,542
	Principal Amount
BONDS & NOTES — 33.5%
CORPORATE DEBT — 12.4%
Advertising — 0.1%
WPP Finance 8.000% 9/15/14	$	90,000		98,803
WPP Finance 2010 4.750% 11/21/21		20,000		21,602
				120,405
Aerospace & Defense — 0.1%
BAE Systems Holdings, Inc. (b) 6.375% 6/01/19		50,000		59,877
Goodrich Corp. 6.125% 3/01/19		20,000		25,014
L-3 Communications Corp. 4.750% 7/15/20		5,000		5,531
United Technologies Corp. 6.125% 7/15/38		15,000		19,526
				109,948
Agriculture — 0.1%
Altria Group, Inc. 2.850% 8/09/22		35,000		34,408
Altria Group, Inc. 4.250% 8/09/42		20,000		18,847
Bunge Ltd. Finance Corp. 3.200% 6/15/17		45,000		46,548
Philip Morris International, Inc. 6.375% 5/16/38		5,000		6,483
				106,286
Auto Manufacturers — 0.3%
Oshkosh Corp. 8.500% 3/01/20		277,000		310,240
Volvo Treasury AB (b) 5.950% 4/01/15		100,000		108,604
				418,844

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

94

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Automotive & Parts — 0.1%
Lear Corp. 8.125% 3/15/20	$	53,000	$	59,095
Banks — 0.7%
Associated Banc-Corp. 5.125% 3/28/16		75,000		82,014
Bank of America Corp. 3.625% 3/17/16		55,000		58,343
Bank of America Corp. 4.500% 4/01/15		35,000		37,087
Bank of America Corp. 5.875% 2/07/42		40,000		47,521
Bank of America Corp. Series L 5.650% 5/01/18		60,000		69,408
Capital One Financial Corp. 2.125% 7/15/14		30,000		30,469
Capital One Financial Corp. 7.375% 5/23/14		35,000		37,572
Credit Suisse AG 5.400% 1/14/20		70,000		78,460
Credit Suisse New York 5.500% 5/01/14		35,000		36,822
Discover Bank 2.000% 2/21/18		45,000		45,135
Export-Import Bank of Korea 1.750% 2/27/18		10,000		9,970
First Horizon National Corp. 5.375% 12/15/15		70,000		76,147
FirstMerit Corp. 4.350% 2/04/23		15,000		15,548
ICICI Bank Ltd. (b) 4.750% 11/25/16		45,000		48,170
ICICI Bank Ltd. (b) 5.500% 3/25/15		70,000		74,354
Regions Financial Corp. 5.750% 6/15/15		50,000		54,255
The Toronto-Dominion Bank 2.375% 10/19/16		60,000		62,772
UBS AG 5.750% 4/25/18		55,000		65,156
Wachovia Corp. 5.750% 6/15/17		5,000		5,876
Wells Fargo & Co. 3.450% 2/13/23		70,000		70,470
Wells Fargo & Co. 3.625% 4/15/15		40,000		42,286
				1,047,835
Beverages — 0.0%
Molson Coors Brewing Co. 5.000% 5/01/42		15,000		15,881

	Principal Amount		Value
Biotechnology — 0.0%
Amgen, Inc. 5.150% 11/15/41	$	45,000	$	48,286
Building Materials — 0.3%
CRH America, Inc. 8.125% 7/15/18		50,000		62,140
Lafarge North America, Inc. 6.875% 7/15/13		60,000		60,960
Lafarge SA (b) 6.200% 7/09/15		125,000		133,750
Masco Corp. 7.125% 8/15/13		45,000		45,911
Owens Corning, Inc. 4.200% 12/15/22		40,000		40,910
Owens Corning, Inc. 9.000% 6/15/19		10,000		12,813
				356,484
Chemicals — 0.4%
Cabot Corp. 5.000% 10/01/16		75,000		83,487
Cytec Industries, Inc. 3.500% 4/01/23		10,000		10,025
Cytec Industries, Inc. 8.950% 7/01/17		15,000		18,629
The Dow Chemical Co. 3.000% 11/15/22		50,000		49,140
The Dow Chemical Co. 8.550% 5/15/19		15,000		20,163
E.I. du Pont de Nemours & Co. 6.000% 7/15/18		5,000		6,151
Ecolab, Inc. 4.350% 12/08/21		15,000		16,550
Incitec Pivot Ltd. (b) 4.000% 12/07/15		75,000		78,552
Methanex Corp. 5.250% 3/01/22		5,000		5,576
RPM International, Inc. 3.450% 11/15/22		50,000		49,558
RPM International, Inc. 6.125% 10/15/19		50,000		58,705
RPM International, Inc. 6.250% 12/15/13		70,000		72,432
Valspar Corp. 7.250% 6/15/19		25,000		30,961
				499,929
Commercial Services — 0.1%
Brambles USA, Inc. (b) 3.950% 4/01/15		55,000		57,421
Donnelley (R.R.) & Sons Co. 5.500% 5/15/15		30,000		31,838
ERAC USA Finance Co. (b) 6.700% 6/01/34		35,000		42,816

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

95

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
ERAC USA Finance LLC (b) 3.300% 10/15/22	$	25,000	$	25,185
				157,260
Computers — 0.1%
Brocade Communications Systems, Inc. 6.875% 1/15/20		5,000		5,475
Hewlett-Packard Co. 2.200% 12/01/15		50,000		50,980
International Business Machines Corp. 5.600% 11/30/39		30,000		37,367
				93,822
Cosmetics & Personal Care — 0.0%
Avon Products, Inc. 5.000% 3/15/23		30,000		30,782
The Procter & Gamble Co. 5.800% 8/15/34		10,000		12,960
				43,742
Distribution & Wholesale — 0.0%
Arrow Electronics, Inc. 4.500% 3/01/23		15,000		15,130
Diversified Financial — 1.8%
American Express Co. 6.150% 8/28/17		50,000		59,810
American Express Co. 8.125% 5/20/19		30,000		40,356
The Bear Stearns Cos., Inc. 7.250% 2/01/18		60,000		74,566
BlackRock, Inc. 5.000% 12/10/19		20,000		23,730
BlackRock, Inc. 6.250% 9/15/17		45,000		54,742
Citigroup, Inc. 5.375% 8/09/20		50,000		58,537
Citigroup, Inc. 5.500% 10/15/14		40,000		42,684
Citigroup, Inc. 5.500% 2/15/17		115,000		127,883
Citigroup, Inc. 5.875% 5/29/37		5,000		5,915
Citigroup, Inc. 5.875% 1/30/42		20,000		23,903
Citigroup, Inc. 6.375% 8/12/14		80,000		85,734
Citigroup, Inc. 8.125% 7/15/39		15,000		21,987
Citigroup, Inc. 8.500% 5/22/19		30,000		39,967
CNH Capital LLC 3.875% 11/01/15		70,000		71,750
Eaton Vance Corp. 6.500% 10/02/17		20,000		24,019

	Principal Amount		Value
Ford Motor Credit Co. LLC 2.750% 5/15/15	$	15,000	$	15,311
Ford Motor Credit Co. LLC 3.875% 1/15/15		245,000		254,694
Ford Motor Credit Co. LLC 8.700% 10/01/14		25,000		27,616
General Electric Capital Corp. 1.600% 11/20/17		60,000		60,227
General Electric Capital Corp. 5.625% 5/01/18		25,000		29,587
General Electric Capital Corp. 6.000% 8/07/19		30,000		36,422
General Electric Capital Corp. 6.875% 1/10/39		55,000		72,063
The Goldman Sachs Group, Inc. 1.600% 11/23/15		55,000		55,504
The Goldman Sachs Group, Inc. 5.375% 3/15/20		45,000		51,268
The Goldman Sachs Group, Inc. 5.625% 1/15/17		35,000		39,186
The Goldman Sachs Group, Inc. 5.750% 1/24/22		40,000		46,509
The Goldman Sachs Group, Inc. 6.150% 4/01/18		20,000		23,567
The Goldman Sachs Group, Inc. 6.345% 2/15/34		20,000		20,838
HSBC Finance Corp. 6.676% 1/15/21		30,000		35,500
Hyundai Capital America (b) 1.625% 10/02/15		30,000		30,205
International Lease Finance Corp. 3.875% 4/15/18		55,000		54,862
International Lease Finance Corp. 5.750% 5/15/16		65,000		70,200
Janus Capital Group, Inc. 6.700% 6/15/17		50,000		57,236
JP Morgan Chase & Co. 3.450% 3/01/16		85,000		90,369
JP Morgan Chase & Co. 4.500% 1/24/22		40,000		43,837
JP Morgan Chase & Co. 4.950% 3/25/20		70,000		80,248
JP Morgan Chase & Co. 5.600% 7/15/41		20,000		23,787
Lazard Group LLC 6.850% 6/15/17		75,000		86,231
Lazard Group LLC 7.125% 5/15/15		95,000		105,088
Merrill Lynch & Co., Inc. 7.750% 5/14/38		20,000		26,656
Morgan Stanley 3.800% 4/29/16		30,000		31,828

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

96

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Morgan Stanley 4.200% 11/20/14	$	130,000	$	136,070
Morgan Stanley 5.450% 1/09/17		60,000		67,160
Morgan Stanley 5.625% 9/23/19		50,000		57,494
Morgan Stanley 5.750% 1/25/21		20,000		23,112
TD Ameritrade Holding Corp. 4.150% 12/01/14		15,000		15,824
				2,524,082
Electric — 0.8%
The AES Corp. 7.750% 10/15/15		25,000		28,094
Ameren Corp. 8.875% 5/15/14		95,000		102,576
CMS Energy Corp. 2.750% 5/15/14		115,000		116,906
CMS Energy Corp. 5.050% 2/15/18		80,000		91,240
CMS Energy Corp. 6.875% 12/15/15		10,000		11,404
Florida Power & Light Co. 4.950% 6/01/35		25,000		28,748
Georgia Power Co. 4.300% 3/15/42		10,000		10,033
IPALCO Enterprises, Inc. 5.000% 5/01/18		75,000		81,000
Kansas Gas & Electric Co. 5.647% 3/29/21		55,283		61,759
LG&E and KU Energy LLC 4.375% 10/01/21		60,000		65,632
MidAmerican Energy Holdings Co. 5.950% 5/15/37		70,000		86,262
National Fuel Gas Co. 3.750% 3/01/23		20,000		20,277
Nevada Power Co. Series N 6.650% 4/01/36		20,000		26,714
Niagara Mohawk Power Corp. (b) 2.721% 11/28/22		35,000		34,478
NiSource Finance Corp. 5.800% 2/01/42		40,000		44,817
Oncor Electric Delivery Co. 6.800% 9/01/18		5,000		6,223
Oncor Electric Delivery Co. 7.500% 9/01/38		15,000		20,965
Pacific Gas & Electric Co. 5.800% 3/01/37		25,000		30,481
PPL Capital Funding, Inc. 3.500% 12/01/22		25,000		25,184
Southern California Edison Co. 5.950% 2/01/38		20,000		25,877

	Principal Amount		Value
Tenaska Oklahoma I LP (b) 6.528% 12/30/14	$	33,373	$	34,108
Tri-State Generation & Transmission Association, Series 2003, Class A (b) 6.040% 1/31/18		53,257		58,549
Virginia Electric and Power Co. 6.350% 11/30/37		30,000		40,524
Wisconsin Public Service Corp. 5.650% 11/01/17		50,000		58,530
				1,110,381
Electrical Components & Equipment — 0.1%
Anixter, Inc. 5.950% 3/01/15		130,000		138,125
Energizer Holdings, Inc. 4.700% 5/24/22		40,000		42,569
				180,694
Electronics — 0.1%
Amphenol Corp. 4.000% 2/01/22		20,000		20,948
Arrow Electronics, Inc. 6.000% 4/01/20		45,000		50,418
Avnet, Inc. 4.875% 12/01/22		36,000		37,335
Jabil Circuit, Inc. 7.750% 7/15/16		35,000		40,294
PerkinElmer, Inc. 5.000% 11/15/21		30,000		32,990
				181,985
Entertainment — 0.0%
International Game Technology 5.500% 6/15/20		25,000		26,921
Environmental Controls — 0.0%
Republic Services, Inc. 3.800% 5/15/18		30,000		32,989
Republic Services, Inc. 5.250% 11/15/21		5,000		5,845
				38,834
Foods — 0.3%
ConAgra Foods, Inc. (b) 4.950% 8/15/20		30,000		34,353
ConAgra Foods, Inc. (b) 6.625% 8/15/39		15,000		18,727
ConAgra Foods, Inc. 7.000% 4/15/19		40,000		50,060
Kraft Foods, Inc. 4.125% 2/09/16		60,000		65,319
Kraft Foods, Inc. 6.500% 2/09/40		20,000		25,972
TreeHouse Foods, Inc. 7.750% 3/01/18		75,000		81,281

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

97

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Tyson Foods, Inc. 4.500% 6/15/22	$	30,000	$	32,644
Tyson Foods, Inc. 6.600% 4/01/16		45,000		51,547
				359,903
Forest Products & Paper — 0.1%
International Paper Co. 4.750% 2/15/22		20,000		22,512
International Paper Co. 7.300% 11/15/39		25,000		32,960
International Paper Co. 9.375% 5/15/19		15,000		20,615
The Mead Corp. 7.550% 3/01/47		50,000		55,442
Plum Creek Timberlands LP 3.250% 3/15/23		35,000		34,446
				165,975
Gas — 0.0%
Boston Gas Co. (b) 4.487% 2/15/42		10,000		10,460
Southern Union Co. VRN 3.316% 5/13/13		50,000		43,875
				54,335
Health Care – Products — 0.0%
Boston Scientific Corp. 6.000% 1/15/20		35,000		40,910
Johnson & Johnson 5.850% 7/15/38		10,000		13,214
				54,124
Health Care – Services — 0.2%
Cigna Corp. 2.750% 11/15/16		40,000		42,226
Cigna Corp. 5.125% 6/15/20		20,000		23,070
HCA, Inc. 8.500% 4/15/19		30,000		33,112
Kaiser Foundation Hospitals 3.500% 4/01/22		15,000		15,746
Roche Holdings, Inc. (b) 6.000% 3/01/19		15,000		18,655
Roche Holdings, Inc. (b) 7.000% 3/01/39		5,000		7,259
UnitedHealth Group, Inc. 6.875% 2/15/38		45,000		60,562
				200,630
Holding Company – Diversified — 0.3%
Hutchison Whampoa International Ltd. (b) 5.750% 9/11/19		45,000		53,339
Leucadia National Corp. 7.750% 8/15/13		350,000		357,437
				410,776

	Principal Amount		Value
Home Furnishing — 0.0%
Whirlpool Corp. 3.700% 3/01/23	$	20,000	$	20,384
Whirlpool Corp. 5.150% 3/01/43		10,000		10,106
Whirlpool Corp. 8.600% 5/01/14		20,000		21,615
				52,105
Household Products — 0.0%
Church & Dwight Co., Inc. 3.350% 12/15/15		30,000		31,695
Housewares — 0.1%
Newell Rubbermaid, Inc. 2.050% 12/01/17		15,000		15,083
Toro Co. 7.800% 6/15/27		40,000		47,410
				62,493
Insurance — 0.6%
Aflac, Inc. 8.500% 5/15/19		25,000		33,788
The Allstate Corp. 5.550% 5/09/35		30,000		36,036
The Allstate Corp. 7.450% 5/16/19		10,000		13,148
American International Group, Inc. 3.000% 3/20/15		50,000		51,874
American International Group, Inc. 3.650% 1/15/14		10,000		10,233
CNA Financial Corp. 7.350% 11/15/19		40,000		50,631
The Hartford Financial Services Group, Inc. 4.000% 3/30/15		60,000		63,411
ING US, Inc. (b) 5.500% 7/15/22		30,000		33,192
Lincoln National Corp. 4.300% 6/15/15		20,000		21,416
Lincoln National Corp. 8.750% 7/01/19		50,000		67,770
Marsh & McLennan Cos., Inc. 4.800% 7/15/21		45,000		51,368
Marsh & McLennan Cos., Inc. 5.875% 8/01/33		50,000		58,870
MetLife, Inc. Series A 6.817% 8/15/18		10,000		12,465
Principal Financial Group, Inc. 8.875% 5/15/19		30,000		40,814
Prudential Financial, Inc. 3.875% 1/14/15		45,000		47,346
Prudential Financial, Inc. 4.500% 11/15/20		25,000		28,099
Prudential Financial, Inc. 4.750% 9/17/15		75,000		81,710

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

98

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Prudential Financial, Inc. VRN 5.200% 3/15/44	$	65,000	$	65,163
Prudential Financial, Inc. VRN 5.625% 6/15/43		39,000		40,365
Prudential Financial, Inc. 6.200% 11/15/40		15,000		18,141
Reinsurance Group of America, Inc. 5.000% 6/01/21		40,000		44,589
The Travelers Cos., Inc. 6.250% 6/15/37		25,000		33,338
				903,767
Internet — 0.1%
Expedia, Inc. 7.456% 8/15/18		65,000		77,671
Investment Companies — 0.1%
Xstrata Finance Canada (b) 2.850% 11/10/14		50,000		51,244
Xstrata Finance Canada (b) 5.800% 11/15/16		45,000		51,234
Xstrata Finance Canada Ltd. (b) 1.800% 10/23/15		50,000		50,568
				153,046
Iron & Steel — 0.3%
Allegheny Technologies, Inc. 5.950% 1/15/21		48,000		53,663
Allegheny Technologies, Inc. 9.375% 6/01/19		25,000		32,184
ArcelorMittal 4.250% 8/05/15		50,000		51,967
ArcelorMittal 5.750% 8/05/20		60,000		63,300
ArcelorMittal 9.500% 2/15/15		115,000		129,950
Cliffs Natural Resources, Inc. 3.950% 1/15/18		25,000		25,101
Reliance Steel & Aluminum Co. 6.200% 11/15/16		55,000		61,319
Reliance Steel & Aluminum Co. 6.850% 11/15/36		55,000		59,903
				477,387
Leisure Time — 0.0%
Carnival Corp. 1.875% 12/15/17		50,000		50,157
Lodging — 0.3%
Choice Hotels International, Inc. 5.700% 8/28/20		55,000		60,363
Hyatt Hotels Corp. (b) 5.750% 8/15/15		20,000		21,727
Marriott International, Inc. 5.810% 11/10/15		15,000		16,543

	Principal Amount		Value
Marriott International, Inc. 6.200% 6/15/16	$	180,000	$	206,185
Starwood Hotels & Resorts Worldwide, Inc. 6.750% 5/15/18		5,000		6,069
Wyndham Worldwide Corp. 2.500% 3/01/18		35,000		35,198
Wyndham Worldwide Corp. 2.950% 3/01/17		15,000		15,436
Wynn Las Vegas LLC 7.750% 8/15/20		90,000		100,912
				462,433
Machinery – Diversified — 0.1%
Roper Industries, Inc. 3.125% 11/15/22		25,000		25,093
Xylem, Inc. 3.550% 9/20/16		40,000		42,654
Xylem, Inc. 4.875% 10/01/21		20,000		22,587
				90,334
Manufacturing — 0.2%
Eaton Corp. (b) 1.500% 11/02/17		25,000		25,072
General Electric Co. 4.125% 10/09/42		50,000		50,127
Harsco Corp 2.700% 10/15/15		50,000		50,470
Ingersoll-Rand Global Holding Co. Ltd. 6.875% 8/15/18		40,000		48,278
Tyco Electronics Group SA 6.550% 10/01/17		40,000		47,833
				221,780
Media — 0.3%
CBS Corp. 7.875% 7/30/30		40,000		52,886
Comcast Corp. 6.400% 5/15/38		35,000		44,018
NBCUniversal Media LLC 6.400% 4/30/40		5,000		6,339
News America, Inc. 6.900% 8/15/39		25,000		31,827
Scholastic Corp. 5.000% 4/15/13		80,000		80,101
Time Warner Cable, Inc. 4.000% 9/01/21		30,000		32,010
Time Warner Cable, Inc. 6.750% 6/15/39		25,000		29,503
Time Warner Cable, Inc. 8.250% 4/01/19		10,000		13,017
Time Warner Cable, Inc. 8.750% 2/14/19		10,000		13,225

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

99

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Time Warner, Inc. 4.700% 1/15/21	$	35,000	$	39,466
Time Warner, Inc. 6.100% 7/15/40		25,000		28,986
Time Warner, Inc. 6.250% 3/29/41		5,000		5,911
Viacom, Inc. 6.250% 4/30/16		40,000		45,944
				423,233
Metal Fabricate & Hardware — 0.0%
The Timken Co. 6.000% 9/15/14		25,000		26,598
Mining — 0.2%
AngloGold Ashanti Holdings PLC 5.125% 8/01/22		16,000		16,219
Freeport-McMoRan Copper & Gold, Inc. (b) 2.375% 3/15/18		20,000		20,083
Freeport-McMoRan Copper & Gold, Inc. (b) 3.875% 3/15/23		30,000		30,087
Freeport-McMoRan Copper & Gold, Inc. (b) 5.450% 3/15/43		30,000		29,649
Newcrest Finance Property Ltd. (b) 4.450% 11/15/21		50,000		52,709
Rio Tinto Finance USA Ltd. 9.000% 5/01/19		50,000		68,882
Vale Overseas Ltd. 6.250% 1/23/17		65,000		74,161
Vale Overseas Ltd. 6.875% 11/10/39		15,000		17,105
Vulcan Materials Co. 6.500% 12/01/16		20,000		22,400
				331,295
Office Equipment/Supplies — 0.1%
Pitney Bowes Inc, Series MTN 4.750% 1/15/16		25,000		26,279
Xerox Corp. 4.250% 2/15/15		30,000		31,600
				57,879
Office Furnishings — 0.0%
Steelcase, Inc. 6.375% 2/15/21		50,000		55,280
Oil & Gas — 0.7%
Anadarko Petroleum Corp. 6.450% 9/15/36		30,000		36,872
Chesapeake Energy Corp. 9.500% 2/15/15		60,000		67,800
Chesapeake Energy Corp., Convertible 2.250% 12/15/38		10,000		8,875
Chesapeake Energy Corp., Convertible 2.500% 5/15/37		90,000		86,231

	Principal Amount		Value
ConocoPhillips 6.500% 2/01/39	$	20,000	$	26,744
Devon Energy Corp. 5.600% 7/15/41		40,000		43,707
EQT Corp. 4.875% 11/15/21		25,000		26,488
Motiva Enterprises LLC (b) 5.750% 1/15/20		40,000		48,023
Motiva Enterprises LLC (b) 6.850% 1/15/40		35,000		46,986
Nexen, Inc. 7.500% 7/30/39		5,000		7,269
Pemex Project Funding Master Trust 6.625% 6/15/38		5,000		5,975
Petrobras International Finance Co. 3.875% 1/27/16		45,000		47,092
Petrobras International Finance Co. 5.375% 1/27/21		50,000		53,950
Petrobras International Finance Co. 6.750% 1/27/41		20,000		22,606
Petroleos Mexicanos 5.500% 1/21/21		60,000		68,850
Phillips 66 4.300% 4/01/22		20,000		21,955
Phillips 66 5.875% 5/01/42		20,000		23,491
Pioneer Natural Resources Co. 5.875% 7/15/16		50,000		56,545
Rowan Cos., Inc. 4.875% 6/01/22		50,000		54,350
Rowan Cos., Inc. 5.000% 9/01/17		30,000		33,439
Rowan Cos., Inc. 5.400% 12/01/42		35,000		34,946
Shell International Finance BV 5.500% 3/25/40		15,000		18,689
Talisman Energy, Inc. 5.500% 5/15/42		20,000		20,802
Transocean, Inc. 4.950% 11/15/15		70,000		75,739
Transocean, Inc. 5.050% 12/15/16		40,000		44,444
Valero Energy Corp. 6.125% 2/01/20		40,000		48,603
				1,030,471
Oil & Gas Services — 0.1%
Baker Hughes, Inc. 5.125% 9/15/40		40,000		46,498
Superior Energy Services, Inc. 7.125% 12/15/21		45,000		50,344
Weatherford International Ltd. 4.500% 4/15/22		25,000		25,753

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

100

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Weatherford International Ltd. 5.950% 4/15/42	$	20,000	$	20,614
				143,209
Packaging & Containers — 0.0%
Brambles USA Inc., Series A (b) 5.350% 4/01/20		15,000		16,848
Sonoco Products Co. 4.375% 11/01/21		25,000		27,116
				43,964
Pharmaceuticals — 0.2%
McKesson Corp. 4.750% 3/01/21		30,000		34,750
McKesson Corp. 6.000% 3/01/41		30,000		38,649
Merck Sharp & Dohme Corp. 5.850% 6/30/39		10,000		12,930
Mylan, Inc. (b) 7.625% 7/15/17		10,000		11,117
Mylan, Inc. (b) 7.875% 7/15/20		100,000		116,692
Pfizer, Inc. 7.200% 3/15/39		35,000		51,570
Teva Pharmaceutical Finance Co. LLC 6.150% 2/01/36		25,000		31,769
Zoetis, Inc. (b) 3.250% 2/01/23		15,000		15,211
				312,688
Pipelines — 0.6%
Boardwalk Pipelines LLC 5.500% 2/01/17		40,000		44,655
CenterPoint Energy Resources Corp. 4.500% 1/15/21		25,000		28,404
CenterPoint Energy Resources Corp. 5.850% 1/15/41		20,000		25,073
DCP Midstream LLC (b) 9.750% 3/15/19		5,000		6,585
El Paso Pipeline Partners Operating Co. LLC 4.100% 11/15/15		25,000		26,831
Enogex LLC (b) 6.875% 7/15/14		120,000		126,355
Enterprise Products Operating LP 3.200% 2/01/16		25,000		26,527
Gulf South Pipeline Co. LP (b) 5.050% 2/01/15		40,000		42,741
Kern River Funding Corp. (b) 4.893% 4/30/18		92,925		101,537
Kinder Morgan Energy Partners LP 6.000% 2/01/17		25,000		29,063
Kinder Morgan Energy Partners LP 6.500% 2/01/37		25,000		29,989

	Principal Amount		Value
Kinder Morgan Energy Partners LP 6.950% 1/15/38	$	5,000	$	6,276
Kinder Morgan Finance Co. LLC (b) 6.000% 1/15/18		35,000		38,732
ONEOK Partners LP 3.250% 2/01/16		25,000		26,410
ONEOK Partners LP 6.125% 2/01/41		30,000		34,889
Southern Natural Gas Co. LLC (b) 5.900% 4/01/17		55,000		64,104
TransCanada PipeLines Ltd. 6.200% 10/15/37		30,000		37,737
The Williams Cos., Inc. 3.700% 1/15/23		20,000		19,854
Williams Partners LP 5.250% 3/15/20		75,000		85,469
				801,231
Real Estate Investment Trusts (REITS) — 0.5%
Boston Properties LP 3.700% 11/15/18		20,000		21,930
Boston Properties LP 4.125% 5/15/21		30,000		32,507
Brandywine Operating Partners LP 4.950% 4/15/18		40,000		44,100
BRE Properties, Inc. 3.375% 1/15/23		40,000		39,722
DDR Corp. 4.625% 7/15/22		50,000		54,086
DDR Corp. 4.750% 4/15/18		15,000		16,583
DDR Corp. 7.875% 9/01/20		15,000		19,072
Developers Diversified Realty Corp. 5.500% 5/01/15		75,000		81,040
Duke Realty LP 3.625% 4/15/23		30,000		30,039
Duke Realty LP 8.250% 8/15/19		50,000		64,755
ERP Operating LP 4.625% 12/15/21		15,000		16,820
HCP, Inc. 2.625% 2/01/20		35,000		35,224
Host Hotels & Resorts LP 9.000% 5/15/17		20,000		21,075
Realty Income Corp. 2.000% 1/31/18		90,000		90,586
Realty Income Corp. 3.250% 10/15/22		50,000		48,958
UDR, Inc. 4.625% 1/10/22		40,000		43,942
Ventas Realty LP/Ventas Capital Corp. 4.250% 3/01/22		20,000		21,485

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

101

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Weingarten Realty Investors 3.500% 4/15/23	$	45,000	$	44,776
				726,700
Retail — 0.2%
Best Buy Co., Inc. 7.250% 7/15/13		25,000		25,375
CVS Caremark Corp. 6.125% 9/15/39		10,000		12,355
CVS Pass-Through Trust (b) 5.926% 1/10/34		58,395		69,018
Darden Restaurants, Inc. 3.350% 11/01/22		20,000		19,021
The Home Depot, Inc. 5.950% 4/01/41		30,000		38,128
McDonald’s Corp. 6.300% 10/15/37		25,000		33,790
O’Reilly Automotive, Inc. 4.875% 1/14/21		40,000		44,370
QVC, Inc. (b) 4.375% 3/15/23		25,000		25,273
QVC, Inc. 5.125% 7/02/22		10,000		10,593
Wal-Mart Stores, Inc. 5.625% 4/15/41		40,000		50,031
				327,954
Savings & Loans — 0.1%
First Niagara Financial Group, Inc. 7.250% 12/15/21		35,000		42,627
Glencore Funding LLC (b) 6.000% 4/15/14		150,000		157,123
Washington Mutual Bank (c) 5.650% 8/15/14		180,000		18
				199,768
Semiconductors — 0.1%
Intel Corp., Convertible 2.950% 12/15/35		50,000		53,063
Micron Technology, Inc., Convertible (b) 2.125% 2/15/33		44,000		49,830
				102,893
Software — 0.1%
CA, Inc. 5.375% 12/01/19		40,000		45,270
ManTech International Corp. 7.250% 4/15/18		35,000		37,100
Microsoft Corp. 3.000% 10/01/20		5,000		5,343
Oracle Corp. 1.200% 10/15/17		50,000		50,055
				137,768

	Principal Amount		Value
Telecommunications — 0.9%
America Movil SAB de CV 5.000% 3/30/20	$	25,000	$	28,117
America Movil SAB de CV 6.125% 3/30/40		30,000		34,921
American Tower Corp. 4.500% 1/15/18		60,000		65,988
AT&T, Inc. 6.500% 9/01/37		65,000		79,710
British Telecom PLC STEP 9.625% 12/15/30		15,000		23,250
CenturyLink, Inc. 5.500% 4/01/13		45,000		45,000
CenturyLink, Inc. 6.150% 9/15/19		30,000		31,800
CenturyLink, Inc. 7.600% 9/15/39		10,000		9,700
CenturyLink, Inc. 7.650% 3/15/42		10,000		9,662
Cisco Systems, Inc. 5.500% 1/15/40		10,000		11,933
Deutsche Telekom International Finance BV STEP 8.750% 6/15/30		15,000		21,240
Embarq Corp. 7.082% 6/01/16		30,000		34,345
Frontier Communications Corp. 7.875% 4/15/15		65,000		74,181
Juniper Networks, Inc. 4.600% 3/15/21		25,000		26,824
Juniper Networks, Inc. 5.950% 3/15/41		35,000		39,011
Motorola Solutions, Inc. 3.500% 3/01/23		40,000		40,236
Rogers Communications, Inc. 7.500% 8/15/38		5,000		6,894
Telecom Italia Capital 4.950% 9/30/14		60,000		62,143
Telecom Italia Capital 6.000% 9/30/34		10,000		9,284
Telecom Italia Capital 6.175% 6/18/14		70,000		73,232
Telefonaktiebolaget LM Ericsson 4.125% 5/15/22		25,000		25,994
Telefonica Emisiones SAU 2.582% 4/26/13		75,000		75,074
Telefonica Emisiones SAU 3.992% 2/16/16		65,000		67,752
Telefonica Emisiones SAU 5.462% 2/16/21		30,000		32,286
Verizon Communications, Inc. 8.750% 11/01/18		19,000		25,552

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

102

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Verizon Global Funding Corp. 7.750% 12/01/30	$	40,000	$	54,644
Virgin Media Finance PLC 8.375% 10/15/19		100,000		111,750
Virgin Media Secured Finance PLC 6.500% 1/15/18		100,000		106,500
				1,227,023
Transportation — 0.2%
Asciano Finance (b) 3.125% 9/23/15		25,000		25,757
Asciano Finance (b) 5.000% 4/07/18		55,000		60,337
Canadian National Railway Co. 5.850% 11/15/17		30,000		36,089
Canadian National Railway Co. 6.375% 11/15/37		20,000		27,708
Con-way, Inc. 7.250% 1/15/18		10,000		11,780
CSX Corp. 7.250% 5/01/27		10,000		12,943
Norfolk Southern Corp. 6.000% 5/23/2111		20,000		24,450
Ryder System, Inc. 2.500% 3/01/18		110,000		112,800
Union Pacific Corp. 4.000% 2/01/21		25,000		27,916
				339,780
Trucking & Leasing — 0.3%
GATX Corp. 2.375% 7/30/18		30,000		30,343
GATX Corp. 3.500% 7/15/16		40,000		42,363
GATX Corp. 3.900% 3/30/23		20,000		20,150
GATX Corp. 4.750% 5/15/15		35,000		37,137
GATX Corp. 4.750% 6/15/22		30,000		31,813
GATX Corp. 8.750% 5/15/14		100,000		108,352
Penske Truck Leasing Co. LP/PTL Finance Corp. (b) 2.500% 3/15/16		130,000		133,153
Penske Truck Leasing Co. LP/PTL Finance Corp. (b) 3.125% 5/11/15		45,000		46,561
				449,872
TOTAL CORPORATE DEBT (Cost $16,534,435)				17,722,061

	Principal Amount		Value
MUNICIPAL OBLIGATIONS — 0.1%
State of California 5.950% 4/01/16	$	35,000	$	40,087
State of California BAB 7.550% 4/01/39		25,000		36,092
State of Illinois 5.365% 3/01/17		100,000		111,518
				187,697
TOTAL MUNICIPAL OBLIGATIONS (Cost $263,020)				187,697
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.3%
Automobile ABS — 0.2%
American Credit Acceptance Receivables Trust, Series 2012-3, Class A (b) 1.640% 11/15/16		55,259		55,241
American Credit Acceptance Receivables Trust, Series 2012-2, Class A (b) 1.890% 7/15/16		25,541		25,707
California Republic Auto Receivables Trust, Series 2012-1, Class A (b) 1.180% 8/15/17		83,126		83,034
Chesapeake Funding LLC, Series 2009-2A, Class A FRN (b) 1.953% 9/15/21		47,115		47,411
First Investors Auto Owner Trust, Series 2012-2A, Class A2 (b) 1.470% 5/15/18		45,615		46,082
Santander Consumer Acquired Receivables Trust, Series 2011-WO, Class A3 (b) 1.400% 10/15/14		11,481		11,485
Santander Drive Auto Receivables Trust, Series 2011-S2A, Class B (b) 2.060% 6/15/17		31,217		31,356
				300,316
Commercial MBS — 1.5%
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4 VRN 5.754% 2/10/51		75,000		86,808
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class A4 VRN 6.194% 2/10/51		75,000		89,951
Banc of America Reremic Trust, Series 2012-PARK, Class A (b) 2.959% 12/10/30		100,000		101,484
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class A4 5.201% 12/11/38		75,000		84,714
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class AM 5.243% 12/11/38		50,000		53,786

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

103

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2 5.330% 1/12/45	$	8,963	$	9,138
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4 VRN 5.694% 6/11/50		75,000		87,500
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class AM VRN 5.757% 9/11/38		85,000		93,869
COMM 2007-C9 Mortgage Trust, Series 2007-C9, Class A4 VRN 5.800% 12/10/49		83,000		97,629
Commercial Mortgage Pass Through Certificates, Series 2013-GAM, Class A1 (b) 1.705% 2/10/28		140,000		140,234
Commercial Mortgage Pass Through Certificates, Series 2012-CR4, Class B (b) 3.703% 10/15/45		35,000		36,057
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C1, Class A4 VRN 4.750% 1/15/37		90,212		92,242
GS Mortgage Securities Trust 01/18 Series 2013-NYC5 2.318% 1/10/18		100,000		102,539
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 5.429% 12/12/43		100,000		111,511
Morgan Stanley Capital I, Series 2011-C2, Class B VRN (b) 5.200% 6/15/44		100,000		114,968
Morgan Stanley Capital I, Series 2006-IQ12, Class AM 5.370% 12/15/43		40,000		44,143
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 5.610% 4/15/49		74,098		74,999
Morgan Stanley Capital I, Series 2008-T29, Class A4 VRN 6.275% 1/11/43		35,000		42,359
STRIPs Ltd., Series 2012-1A, Class A (b) 1.500% 12/25/44		90,701		89,642
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ VRN 5.539% 8/15/39		50,000		54,646
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 5.509% 4/15/47		150,000		171,334

	Principal Amount		Value
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4 VRN 5.926% 2/15/51	$	35,000	$	40,287
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1 (b) 3.349% 11/15/43		84,608		90,502
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2 (b) 3.791% 2/15/44		100,000		107,515
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B 4.311% 8/15/45		40,000		43,016
WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class B (b) 4.740% 3/15/44		50,000		55,648
				2,116,521
Home Equity ABS — 0.9%
ACE Securities Corp., Series 2005-AG1, Class A1B1 FRN 0.474% 8/25/35		68,585		67,122
Ameriquest Mortgage Securities, Inc., Series 2005-R5, Class A2C FRN 0.564% 7/25/35		23,605		23,302
Ameriquest Mortgage Securities, Inc., Series 2004-R11, Class A2 FRN 0.574% 11/25/34		29,528		29,318
Asset-Backed Funding Certificates, Series 2005-WMC1, Class M1 FRN 0.864% 6/25/35		42,092		41,358
Bayview Financial Mortgage Pass-Through Trust, Series 2005-B, Class M1 FRN 0.654% 4/28/39		40,000		35,247
Carrington Mortgage Loan Trust, Series 2006-RFC1, Class A2 FRN 0.301% 5/25/36		58		58
Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A2 FRN 0.314% 7/25/36		28,410		27,969
Citigroup Mortgage Loan Trust, Inc., Series 2003-HE4, Class A FRN (b) 0.614% 12/25/33		12,715		12,718
Citigroup Mortgage Loan Trust, Inc., Series 2005-OPT4, Class M2 FRN 1.000% 7/25/35		30,000		28,707
Countrywide Asset-Backed Certificates, Series 2005-6, Class M1 FRN 0.694% 12/25/35		26,225		25,150
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A FRN 4.434% 9/25/34		8,868		8,840

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

104

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Credit-Based Asset Servicing and Securitization LLC, Series 2006-RP2, Class A2 FRN (b) 0.494% 7/25/36	$	65,225	$	64,526
First Frankin Mortgage Loan Trust, Series 2005-FF6, Class M1 FRN 0.624% 5/25/36		40,000		37,881
First Frankin Mortgage Loan Trust, Series 2005-FF7, Class M1 FRN 0.654% 7/25/35		83,000		78,629
Fremont Home Loan Trust, Series 2005-E, Class 2A3 FRN 0.444% 1/25/36		30,427		29,506
GSAMP Trust, Series 2005-AHL, Class M1 FRN 0.634% 4/25/35		30,476		28,590
Home Equity Asset Trust, Series 2007-2, Class 2A1 FRN 0.314% 7/25/37		8,183		8,166
Home Equity Asset Trust, Series 2006-4, Class 2A3 FRN 0.374% 8/25/36		31,996		31,186
Home Equity Asset Trust, Series 2006-3, Class 2A3 FRN 0.384% 7/25/36		22,229		22,163
Home Equity Asset Trust, Series 2005-4, Class M2 FRN 0.644% 10/25/35		40,419		39,426
JP Morgan Mortgage Acquisition Corp., Series 2005-FLD1, Class M2 FRN 0.694% 7/25/35		41,422		40,169
Lake Country Mortgage Loan Trust, Series 2005-HE1, Class M1 FRN (b) 0.984% 12/25/32		45,476		43,313
Long Beach Mortgage Loan Trust, Series 2005-3, Class 2A2 FRN 0.484% 8/25/45		12,177		12,058
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2 FRN 0.754% 6/25/35		89,103		83,148
Long Beach Mortgage Loan Trust, Series 2005-1, Class M2 FRN 0.999% 2/25/35		60,000		55,956
Merrill Lynch Mortgage Synthetic, Series 2005-ACR1, Class M1 FRN (b) 0.939% 6/28/35		67,832		63,905
Morgan Stanley Capital, Inc., Series 2005-WMC6, Class M2 FRN 0.704% 7/25/35		55,000		52,997
Nomura Home Equity Loan, Inc., Series 2005-FM1, Class M1 FRN 0.674% 5/25/35		29,327		28,480

	Principal Amount		Value
Park Place Securities, Inc., Series 2005-WCW3, Class A2C FRN 0.584% 8/25/35	$	49,200	$	48,481
Park Place Securities, Inc., Series 2005-WHQ1, Class M2 FRN 0.704% 3/25/35		41,830		40,404
Residential Asset Securities Corp., Series 2006-KS2, Class A3 FRN 0.394% 3/25/36		24,442		24,293
Specialty Underwriting & Residential Finance, Series 2005-AB1, Class A1C FRN 0.544% 3/25/36		25,810		25,607
Structured Asset Investment Loan Trust, Series 2005-7, Class A5 FRN 0.564% 8/25/35		31,032		30,775
Wells Fargo Home Equity Trust, Series 2006-1, Class A3 FRN 0.354% 5/25/36		7,465		7,457
				1,196,905
Other ABS — 0.7%
CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2 (b) (d) 4.000% 3/20/43		50,000		50,001
CLI Funding LLC, Series 2006-1A, Class A FRN (b) 0.383% 8/18/21		77,524		76,366
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Class A2 (b) 5.216% 1/25/42		49,250		55,853
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 (b) 4.212% 10/15/42		99,036		102,990
Icon Brands Holdings LLC, Series 2012-1A, Class A (b) 4.229% 1/25/43		50,000		52,729
Newport Waves CDO (Acquired 3/30/07, Cost $249,710), Series 2007-1A, Class A3LS FRN (b) (e) 0.880% 6/20/14		250,000		239,025
Sierra Receivables Funding Co. LLC, Series 2012-3A, Class A (b) 1.870% 8/20/29		80,869		81,843
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (b) 2.840% 11/20/28		56,446		57,660
Sierra Receivables Funding Co. LLC, Series 2011-1A, Class A (b) 3.350% 4/20/26		49,597		51,823
Trip Rail Master Funding LLC, Series 2011-1A, Class A1A (b) 4.370% 7/15/41		80,018		86,720

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

105

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Triton Container Finance LLC, Series 2006-1A FRN (b) 0.370% 11/26/21	$	73,333	$	71,737
				926,747
Student Loans ABS — 0.8%
Access Group, Inc., Series 2007-A, Class A2 FRN 0.418% 8/25/26		47,387		46,232
Access Group, Inc., Series 2004-1, Class A4 FRN 1.702% 12/27/32		25,000		21,818
Access Group, Inc., Series 2002-1, Class A4 VRN 1.704% 9/01/37		50,000		43,479
College Loan Corp. Trust, Series 2007-1, Class B2 FRN 1.704% 1/25/47		75,000		64,500
Education Funding Capital Trust I, Series 2004-1, Class A2 FRN 0.440% 12/15/22		52,281		52,151
Education Funding Capital Trust I, Series 2004-1, Class A4 FRN 1.702% 6/15/43		50,000		49,500
Education Funding Capital Trust I, Series 2004-1, Class A6 FRN 1.704% 6/15/43		50,000		45,781
Education Funding Capital Trust I, Series 2004-1, Class B1 FRN 1.950% 6/15/43		50,000		38,779
Goal Capital Funding Trust, Series 2006-1, Class A3 FRN 0.408% 11/25/26		100,000		98,368
KeyCorp Student Loan Trust, Series 2004-A, Class 2A2 FRN 0.601% 10/28/41		82,132		81,020
National Collegiate Student Loan Trust, Series 2006-3, Class A2 FRN 0.314% 3/25/26		16,567		16,491
National Collegiate Student Loan Trust, Series 2004-2, Class A3 FRN 0.414% 4/26/27		31,379		31,114
Nelnet Student Loan Trust, Series 2010-4A, Class A FRN (b) 1.004% 4/25/46		33,222		33,679
Northstar Education Finance, Inc., Series 2006-A, Class A3 FRN 0.497% 5/28/26		77,740		76,993
SLC Student Loan Trust, Series 2006-A, Class A5 FRN 0.474% 7/15/36		100,000		94,254
SLM Student Loan Trust, Series 2003-2, Class A7 FRN 1.140% 9/15/28		50,000		50,000

	Principal Amount		Value
SLM Student Loan Trust, Series 2003-10A, Class A1H FRN (b) 1.692% 12/15/16	$	100,000	$	100,000
SLM Student Loan Trust, Series 2003-10A, Class A1G FRN (b) 1.693% 12/15/16		50,000		50,000
SLM Student Loan Trust, Series 2003-5, Class A9 FRN 1.750% 6/17/30		50,000		50,000
SLM Student Loan Trust, Series 2003-5, Class A7 FRN 2.500% 6/17/30		50,000		50,000
SLM Student Loan Trust, Series 2003-10A, Class B FRN (b) 3.370% 12/17/46		75,000		60,000
				1,154,159
WL Collateral CMO — 0.2%
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1 FRN 2.905% 2/25/34		9,125		9,197
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1 FRN 3.148% 9/25/33		4,428		3,881
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1 FRN 2.717% 8/25/34		6,386		6,078
Harborview Mortgage Loan Trust, Series 2006-12, Class 2A2A FRN 0.393% 1/19/38		81,792		64,615
HSI Asset Securitization Corp. Trust, Series 2005, Class IIA3 FRN 0.564% 7/25/35		21,222		20,480
Impac Secured Assets CMN Owner Trust, Series 2007-2, Class 1A1A FRN 0.314% 5/25/37		88,782		53,482
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A FRN 2.534% 8/25/34		27,181		22,441
Merrill Lynch Mortgage Investors, Inc., Series 2005-A8, Class A3A2 FRN 0.454% 8/25/36		23,875		22,054
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA FRN 2.696% 7/25/33		1,796		1,832
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA FRN 2.898% 2/25/34		3,269		3,448
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A FRN 2.679% 2/25/34		147		151
Morgan Stanley Reremic Trust, Series 2011-IO, Class A (b) 2.500% 3/23/51		47,768		48,246

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

106

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Opteum Mortgage Acceptance Corp., Series 2005-3, Class A1B FRN 0.464% 7/25/35	$	11,138	$	10,889
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A FRN 2.692% 3/25/34		19,050		19,048
Washington Mutual, Inc., Series 2004-AR2, Class A FRN 1.577% 4/25/44		42,640		42,749
				328,591
WL Collateral PAC — 0.0%
Structured Asset Securities Corp., Series 2007-BC4, Class A3 FRN 0.454% 11/25/37		42,434		41,585
Structured Asset Securities Corp., Series 2002-11A, Class 2A1 FRN 2.923% 6/25/32		11,418		10,022
				51,607
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $5,868,650)				6,074,846
SOVEREIGN DEBT OBLIGATIONS — 0.3%
Colombia Government International Bond 7.375% 3/18/19		40,000		51,500
Mexico Government International Bond 4.750% 3/08/44		65,000		67,438
Peruvian Government International Bond 6.550% 3/14/37		20,000		27,100
Poland Government International Bond 6.375% 7/15/19		50,000		61,427
Province of Quebec Canada 7.500% 9/15/29		20,000		29,847
Republic of Brazil International Bond 5.625% 1/07/41		65,000		76,050
United Mexican States 5.125% 1/15/20		35,000		40,985
United Mexican States 6.750% 9/27/34		35,000		46,550
				400,897
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $354,162)				400,897
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 10.3%
Collateralized Mortgage Obligations — 0.1%
U.S. Department of Veteran Affairs Series 1992-1, Class 2Z 7.750% 5/15/22		61,269		70,108

	Principal Amount		Value
Pass-Through Securities — 10.2%
Federal Home Loan Mortgage Corp. Pool #Q15841 3.000% 2/01/43	$	798,036	$	820,699
Pool #J14564 3.500% 2/01/26		227,258		239,757
Pool #Q01704 4.500% 6/01/41		115,484		123,892
Pool #Q03086 4.500% 9/01/41		414,583		445,806
Pool #G05253 5.000% 2/01/39		44,140		47,463
Pool #E85389 6.000% 9/01/16		10,024		10,677
Pool #G11431 6.000% 2/01/18		3,795		4,079
Pool #E85015 6.500% 8/01/16		3,867		4,130
Pool #G00729 8.000% 6/01/27		28,408		33,269
Pool #554904 9.000% 3/01/17		100		100
Federal Home Loan Mortgage Corp. TBA Pool #2879 3.000% 12/01/99 (d)		100,000		102,664
Pool #2499 3.500% 5/01/25 (d)		200,000		211,000
Pool #270 3.500% 12/01/41 (d)		450,000		473,590
Pool #2789 4.000% 6/01/40 (d)		975,000		1,036,395
Pool #6949 4.500% 5/01/39 (d)		300,000		321,000
Federal National Mortgage Association Pool #725692 2.300% 10/01/33		31,596		33,443
Pool #888586 2.369% 10/01/34		59,012		62,644
Pool #AO8629 3.500% 7/01/42		277,887		293,540
Pool #AP6609 3.500% 9/01/42		96,523		101,960
Pool #735925 5.000% 10/01/35		233,638		253,588
Pool #745275 5.000% 2/01/36		669,404		725,519
Pool #745515 5.000% 5/01/36		180,589		195,728
Pool #586036 6.000% 5/01/16		974		1,000
Pool #564594 7.000% 1/01/31		8,766		10,101

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

107

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #253795 7.000% 5/01/31	$	11,092	$	12,828
Pool #507061 7.500% 10/01/29		916		1,069
Pool #527761 7.500% 2/01/30		2,241		2,589
Pool #531196 7.500% 2/01/30		1,700		1,990
Pool #534119 7.500% 3/01/30		704		824
Pool #534420 7.500% 3/01/30		720		843
Pool #253183 7.500% 4/01/30		4,663		5,444
Pool #529259 7.500% 4/01/30		2,802		3,259
Pool #253265 7.500% 5/01/30		6,216		7,252
Pool #535248 8.000% 4/01/30		271		322
Pool #539460 8.000% 5/01/30		2,096		2,502
Pool #546988 8.000% 7/01/30		2,348		2,567
Pool #190317 8.000% 8/01/31		3,519		4,195
Federal National Mortgage Association TBA Pool #299 2.500% 8/01/27 (d)		445,000		461,653
Pool #5650 3.000% 11/01/26 (d)		700,000		736,258
Pool #6985 3.000% 9/01/42 (d)		1,029,000		1,058,292
Pool #3649 3.500% 1/01/42 (d)		290,000		305,429
Pool #29986 5.000% 1/01/37 (d)		1,050,000		1,137,158
Pool #45487 5.500% 1/01/35 (d)		544,000		592,832
Pool #53246 6.000% 5/01/35 (d)		600,000		657,164
Government National Mortgage Association Pool #82488 3.000% 3/20/40		56,592		59,083
Pool #782562 5.000% 2/15/39		488,794		532,079
Pool #351528 7.000% 8/15/23		9,087		9,966
Pool #352049 7.000% 10/15/23		2,552		2,903

	Principal Amount		Value
Pool #588012 7.000% 7/15/32	$	6,896	$	8,027
Pool #591581 7.000% 8/15/32		3,108		3,634
Pool #185306 7.500% 4/15/17		3,182		3,430
Pool #199170 7.500% 5/15/17		106		110
Pool #189371 7.500% 6/15/17		1,466		1,591
Government National Mortgage Association II FRN Pool #82462 3.500% 1/20/40		58,123		61,481
Government National Mortgage Association TBA Pool #82484 3.000% 9/01/42 (d)		200,000		209,016
Pool #304 3.500% 4/01/42 (d)		900,000		962,437
Pool #3236 4.000% 8/01/40 (d)		200,000		218,031
Pool #1235 4.000% 4/01/41 (d)		700,000		757,422
Pool #8299 4.500% 7/01/39 (d)		900,000		983,953
Pool #20274 6.000% 8/01/35 (d)		200,000		225,125
				14,584,802
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $14,604,222)				14,654,910
U.S. TREASURY OBLIGATIONS — 6.1%
U.S. Treasury Bonds & Notes — 6.1%
U.S. Treasury Bond 2.750% 8/15/42		500,000		463,896
U.S. Treasury Bond 3.125% 11/15/41		645,000		648,893
U.S. Treasury Bond 4.375% 5/15/40		10,000		12,535
U.S. Treasury Bond 4.500% 2/15/36		470,000		596,973
U.S. Treasury Bond 5.375% 2/15/31		150,000		208,673
U.S. Treasury Note (f) 0.250% 5/15/15		25,000		24,988
U.S. Treasury Note 0.250% 9/15/15		2,330,000		2,326,701
U.S. Treasury Note 0.625% 9/30/17		3,090,000		3,083,995

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

108

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
U.S. Treasury Note 1.625% 8/15/22	$	1,300,000	$	1,283,217
				8,649,871
TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,698,280)				8,649,871
TOTAL BONDS & NOTES (Cost $46,322,769)				47,690,282
	Number of Shares
MUTUAL FUNDS — 8.2%
Diversified Financial — 8.2%
iPath Goldman Sachs Crude Oil Total Return Index ETN (a)		13,400		305,118
iShares FTSE/Xinhua China 25 Index Fund		47,800		1,763,820
iShares MSCI Australia Index Fund		6,900		186,576
iShares MSCI Brazil Capped Index Fund		3,500		190,680
iShares MSCI Chile Capped Investable Market Index Fund		1,800		116,838
iShares MSCI EAFE Index Fund		25,430		1,499,862
iShares MSCI France Index Fund		1,600		37,136
iShares MSCI Germany Index Fund		6,100		149,267
iShares MSCI Hong Kong Index Fund		13,300		263,872
iShares MSCI Indonesia Investable Market Index Fund		1,200		41,808
iShares MSCI Italy Capped Index Fund		21,400		252,520
iShares MSCI Japan Index Fund		3,600		38,880
iShares MSCI Malaysia Index Fund		5,200		77,844
iShares MSCI Mexico Capped Investable Market Index Fund		3,200		238,688
iShares MSCI Netherlands Investable Market Index Fund		3,700		76,183
iShares MSCI New Zealand Capped Investable Market Index Fund		8,400		312,984
iShares MSCI Philippines Investable Market Index Fund		6,600		271,524
iShares MSCI Poland Capped Investable Market Index Fund		2,800		71,960
iShares MSCI Russia Capped Index Fund		14,900		327,651
iShares MSCI Singapore Index Fund		25,100		350,396
iShares MSCI South Africa Index Fund		4,600		293,710
iShares MSCI South Korea Capped Index Fund		1,900		112,917

	Number of Shares		Value
iShares MSCI Switzerland Capped Index Fund		6,500	$	190,840
iShares MSCI Taiwan Index Fund		16,900		225,446
iShares MSCI Thailand Capped Investable Market Index Fund		1,600		145,760
iShares MSCI United Kingdom Index Fund		8,300		151,641
Vanguard Europe Pacific ETF		74,840		2,726,421
Vanguard MSCI Emerging Markets ETF		30,800		1,321,012
				11,741,354
TOTAL MUTUAL FUNDS (Cost $11,735,081)				11,741,354
TOTAL LONG-TERM INVESTMENTS (Cost $121,821,917)				132,353,178
	Principal Amount
SHORT-TERM INVESTMENTS — 14.5%
Commercial Paper — 13.6%
American Electric Power Co., Inc. (b) 0.314% 4/03/13	$	417,000		416,982
AutoZone, Inc. (b) 0.294% 4/09/13		1,000,000		999,911
Bank of Nova Scotia 0.127% 4/04/13		729,000		728,985
Baxter International, Inc. (b) 0.223% 4/11/13		500,000		499,960
Canadian Natural Resources Ltd. (b) 0.355% 4/23/13		715,000		714,826
CBS Corp. (b) 0.345% 4/12/13		1,095,000		1,094,855
DCP Midstream LLC (b) 0.365% 4/15/13		1,000,000		999,830
Dominion Resources (b) 0.345% 4/08/13		1,000,000		999,906
Enbridge Energy Partners (b) 0.300% 4/01/13		500,000		499,988
Enbridge Energy Partners (b) 0.375% 4/23/13		500,000		499,872
FMC Tech, Inc. (b) 0.314% 4/08/13		564,000		563,951
Glencore Funding LLC 0.569% 5/21/13		1,000,000		999,176
Holcim US Finance SARL & Cie (b) 0.375% 4/10/13		391,000		390,952
Holcim US Finance SARL & Cie (b) 0.500% 5/28/13		1,000,000		999,167
Illinois Tool Works, Inc. (b) 0.120% 4/02/13		563,000		562,993

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

109

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Kroger Co. (b) 0.330% 4/02/13	$	1,000,000	$	999,963
Marriott International, Inc. (b) 0.335% 4/03/13		1,000,000		999,954
NextEra Energy Capital Holdings, Inc. (b) 0.345% 4/19/13		422,000		421,916
Noble Corp. (b) 0.284% 4/05/13		842,000		841,954
Pentair Finance (b) 0.355% 4/10/13		1,000,000		999,883
Ryder System, Inc. 0.294% 4/16/13		550,000		549,920
Spectra Energy Capital LLC (b) 0.365% 4/04/13		1,000,000		999,940
Talisman Energy, Inc. (b) 0.406% 5/28/13		1,000,000		999,333
TransCanada PipeLines, Ltd. (b) 0.370% 5/28/13		325,000		324,800
Vodafone Group PLC (b) 0.274% 4/16/13		500,000		499,933
WellPoint, Inc. (b) 0.213% 4/17/13		817,000		816,909
				19,425,859
Repurchase Agreement — 0.9%
State Street Bank & Trust Co. Repurchase Agreement, dated 3/28/13, 0.010%, due 4/01/13 (g)		1,232,907		1,232,907
Time Deposits — 0.0%
Euro Time Deposit 0.010% 4/01/13		26,834		26,834
TOTAL SHORT-TERM INVESTMENTS (Cost $20,685,600)				20,685,600
TOTAL INVESTMENTS — 107.3% (Cost $142,507,517) (h)				153,038,778
Other Assets/(Liabilities) — (7.3)%				(10,363,778	)
NET ASSETS — 100.0%			$	142,675,000

Notes to Portfolio of Investments

ABS Asset-Backed Security

BAB Build America Bonds

CDO Collateralized Debt Obligation

CMO Collateralized Mortgage Obligation

ETF Exchange-Traded Fund

FRN Floating Rate Note

MBS Mortgage-Backed Security

PAC Planned Amortization Class

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

(a) Non-income producing security.

(b) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, these securities amounted to a value of $22,083,688 or 15.48% of net assets.

(c) Security is currently in default due to bankruptcy or payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2013, these securities amounted to a value of $18 or 0.00% of net assets.

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

(e) Restricted security. Certain securities are restricted as to resale. At March 31, 2013, these securities amounted to a value of $239,025 or 0.17% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities.

(f) A portion of this security is held as collateral for open futures contracts. (Note 2).

(g) Maturity value of $1,232,908. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 12/01/26, and an aggregate market value, including accrued interest, of $1,259,300.

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

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

110

MassMutual Premier Value Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.7%
COMMON STOCK — 98.7%
Basic Materials — 2.6%
Chemicals — 2.6%
Celanese Corp. Series A		17,200	$	757,660
LyondellBasell Industries NV Class A		18,922		1,197,574
The Mosaic Co.		18,330		1,092,651
				3,047,885
Communications — 6.4%
Media — 1.0%
Comcast Corp. Class A		27,930		1,173,339
Telecommunications — 5.4%
CenturyLink, Inc.		16,950		595,454
Cisco Systems, Inc.		38,750		810,263
Verizon Communications, Inc.		76,210		3,745,721
Vodafone Group PLC Sponsored ADR (United Kingdom)		48,740		1,384,703
				6,536,141
				7,709,480
Consumer, Cyclical — 11.7%
Airlines — 0.5%
Delta Air Lines, Inc. (a)		35,760		590,398
Auto Manufacturers — 1.5%
Ford Motor Co.		76,320		1,003,608
Navistar International Corp. (a) (b)		22,820		788,887
				1,792,495
Distribution & Wholesale — 0.9%
WESCO International, Inc. (a)		15,430		1,120,372
Housewares — 1.3%
Newell Rubbermaid, Inc.		59,920		1,563,912
Lodging — 1.3%
Las Vegas Sands Corp.		6,400		360,640
MGM Resorts International (a)		87,470		1,150,231
				1,510,871
Retail — 6.2%
Lowe’s Cos., Inc.		44,100		1,672,272
Target Corp.		32,540		2,227,363
Walgreen Co.		73,870		3,522,122
				7,421,757
				13,999,805
Consumer, Non-cyclical — 21.8%
Agriculture — 0.5%
Lorillard, Inc.		14,890		600,812
Beverages — 2.3%
Molson Coors Brewing Co. Class B		29,560		1,446,371

	Number of Shares		Value
PepsiCo, Inc.		17,010	$	1,345,661
				2,792,032
Biotechnology — 0.8%
Amgen, Inc.		8,750		896,962
Commercial Services — 0.9%
Quanta Services, Inc. (a)		38,310		1,094,900
Cosmetics & Personal Care — 2.0%
The Procter & Gamble Co.		31,250		2,408,125
Foods — 3.6%
ConAgra Foods, Inc.		19,690		705,099
Kellogg Co.		18,370		1,183,579
Sysco Corp.		16,690		586,987
Tyson Foods, Inc. Class A		46,540		1,155,123
Unilever NV NY Shares		16,180		663,380
				4,294,168
Health Care – Products — 2.0%
Baxter International, Inc.		32,550		2,364,432
Health Care – Services — 2.6%
Humana, Inc.		35,860		2,478,284
UnitedHealth Group, Inc.		10,860		621,301
				3,099,585
Pharmaceuticals — 7.1%
Bristol-Myers Squibb Co.		22,590		930,482
Cardinal Health, Inc.		8,500		353,770
Merck & Co., Inc.		71,050		3,142,542
Novartis AG ADR (Switzerland)		16,060		1,144,115
Pfizer, Inc.		31,740		916,016
Roche Holding AG Sponsored ADR (Switzerland)		14,280		836,808
Sanofi ADR (France)		16,350		835,158
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)		8,180		324,582
				8,483,473
				26,034,489
Energy — 12.1%
Oil & Gas — 11.2%
Anadarko Petroleum Corp.		8,460		739,827
Apache Corp.		10,990		847,988
BP PLC Sponsored ADR (United Kingdom)		59,050		2,500,767
Chevron Corp.		37,850		4,497,337
Devon Energy Corp.		24,180		1,364,236
Exxon Mobil Corp.		25,520		2,299,607
Suncor Energy, Inc.		38,560		1,157,186
				13,406,948
Oil & Gas Services — 0.9%
Baker Hughes, Inc.		24,170		1,121,730
				14,528,678

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

111

MassMutual Premier Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Financial — 24.9%
Banks — 8.1%
Bank of America Corp.		162,040	$	1,973,647
Capital One Financial Corp.		6,660		365,967
M&T Bank Corp.		23,930		2,468,619
Northern Trust Corp.		20,770		1,133,211
SunTrust Banks, Inc.		71,000		2,045,510
Wells Fargo & Co.		45,160		1,670,468
				9,657,422
Diversified Financial — 9.8%
BlackRock, Inc.		2,440		626,787
The Charles Schwab Corp.		41,190		728,651
CIT Group, Inc. (a)		15,950		693,506
Citigroup, Inc.		85,260		3,771,903
The Goldman Sachs Group, Inc.		27,880		4,102,542
JP Morgan Chase & Co.		39,520		1,875,619
				11,799,008
Insurance — 7.0%
ACE Ltd.		36,500		3,247,405
Aflac, Inc.		11,890		618,518
The Allstate Corp.		12,270		602,089
American International Group, Inc. (a)		19,090		741,074
Marsh & McLennan Cos., Inc.		45,050		1,710,548
The Travelers Cos., Inc.		17,440		1,468,274
				8,387,908
				29,844,338
Industrial — 11.3%
Aerospace & Defense — 1.4%
United Technologies Corp.		18,330		1,712,572
Electronics — 1.2%
TE Connectivity Ltd.		33,330		1,397,527
Engineering & Construction — 0.3%
ABB Ltd. Sponsored ADR (Switzerland)		15,710		357,559
Machinery – Diversified — 1.5%
AGCO Corp.		33,690		1,755,923
Manufacturing — 5.3%
Eaton Corp. PLC		14,390		881,388
Honeywell International, Inc.		47,450		3,575,357
Tyco International Ltd.		59,860		1,915,520
				6,372,265
Transportation — 1.6%
FedEx Corp.		2,620		257,284
United Continental Holdings, Inc. (a)		52,810		1,690,448
				1,947,732
				13,543,578

	Number of Shares		Value
Technology — 5.2%
Computers — 2.6%
Apple, Inc.		2,680	$	1,186,248
EMC Corp. (a)		14,710		351,422
SanDisk Corp. (a)		29,130		1,602,150
				3,139,820
Semiconductors — 2.1%
Microchip Technology, Inc.		9,870		362,821
Micron Technology, Inc. (a)		58,880		587,623
Xilinx, Inc.		40,990		1,564,588
				2,515,032
Software — 0.5%
Oracle Corp.		18,580		600,877
				6,255,729
Utilities — 2.7%
Electric — 2.7%
American Electric Power Co., Inc.		33,310		1,619,865
Edison International		25,280		1,272,090
PG&E Corp.		8,170		363,810
				3,255,765
TOTAL COMMON STOCK (Cost $104,657,209)				118,219,747
TOTAL EQUITIES (Cost $104,657,209)				118,219,747
MUTUAL FUNDS — 0.7%
Diversified Financial — 0.7%
State Street Navigator Securities Lending Prime Portfolio (c)		801,981		801,981
TOTAL MUTUAL FUNDS (Cost $801,981)				801,981
TOTAL LONG-TERM INVESTMENTS (Cost $105,459,190)				119,021,728
	Principal Amount
SHORT-TERM INVESTMENTS — 2.0%
Repurchase Agreement — 2.0%
State Street Bank & Trust Co. Repurchase Agreement, dated 3/28/13, 0.010%, due 4/01/13 (d)	$	2,447,475		2,447,475

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

112

MassMutual Premier Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Time Deposits — 0.0%
Euro Time Deposit 0.010% 4/01/13	$	32,177	$	32,177
TOTAL SHORT-TERM INVESTMENTS (Cost $2,479,652)				2,479,652
TOTAL INVESTMENTS — 101.4% (Cost $107,938,842) (e)				121,501,380
Other Assets/(Liabilities) — (1.4)%				(1,734,524	)
NET ASSETS — 100.0%			$	119,766,856

Notes to Portfolio of Investments

ADR American Depositary Receipt

(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, 2013, was $780,971. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(d) Maturity value of $2,447,478. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 2/01/32, and an aggregate market value, including accrued interest, of $2,499,790.

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

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

113

MassMutual Premier Disciplined Value Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 93.7%
COMMON STOCK — 93.7%
Basic Materials — 3.0%
Chemicals — 1.4%
Air Products & Chemicals, Inc.		4,600	$	400,752
Ashland, Inc.		2,800		208,040
Cabot Corp.		2,700		92,340
CF Industries Holdings, Inc.		4,428		842,958
Cytec Industries, Inc.		1,200		88,896
The Dow Chemical Co.		12,710		404,687
Eastman Chemical Co.		700		48,909
Huntsman Corp.		17,600		327,184
Kronos Worldwide, Inc.		300		4,695
LyondellBasell Industries NV Class A		21,000		1,329,090
The Mosaic Co.		3,100		184,791
RPM International, Inc.		2,500		78,950
W.R. Grace & Co. (a)		2,300		178,273
Westlake Chemical Corp.		6,700		626,450
				4,816,015
Forest Products & Paper — 0.4%
Domtar Corp.		2,500		194,050
International Paper Co.		22,500		1,048,050
Rock-Tenn Co. Class A		2,000		185,580
				1,427,680
Iron & Steel — 0.3%
Allegheny Technologies, Inc.		4,100		130,011
Cliffs Natural Resources, Inc.		4,600		87,446
Nucor Corp.		2,400		110,760
Reliance Steel & Aluminum Co.		7,900		562,243
Steel Dynamics, Inc.		6,400		101,568
United States Steel Corp.		7,490		146,055
				1,138,083
Mining — 0.9%
Alcoa, Inc.		40,200		342,504
Freeport-McMoRan Copper & Gold, Inc.		54,300		1,797,330
Newmont Mining Corp.		12,400		519,436
Vulcan Materials Co.		5,100		263,670
				2,922,940
				10,304,718
Communications — 9.3%
Advertising — 0.1%
Clear Channel Outdoor Holdings, Inc. Class A (a)		500		3,745
The Interpublic Group of Companies, Inc.		8,900		115,967
Lamar Advertising Co. Class A (a)		1,100		53,471
				173,183

	Number of Shares		Value
Internet — 0.9%
AOL, Inc.		8,400	$	323,316
Expedia, Inc.		8,800		528,088
IAC/InterActiveCorp		1,550		69,254
Liberty Interactive Corp. Class A (a)		11,300		241,594
Liberty Ventures Series A (a)		5,300		400,574
Symantec Corp. (a)		20,200		498,536
VeriSign, Inc. (a)		8,000		378,240
Yahoo!, Inc. (a)		33,800		795,314
				3,234,916
Media — 3.2%
Cablevision Systems Corp. Class A		7,000		104,720
CBS Corp. Class B		21,900		1,022,511
Comcast Corp. Class A		69,300		2,911,293
DISH Network Corp. Class A		13,900		526,810
Gannett Co., Inc.		20,555		449,538
John Wiley & Sons, Inc. Class A		2,800		109,088
Liberty Media Corp. (a)		3,020		337,123
News Corp. Class A		44,100		1,345,932
Starz - Liberty Capital (a)		4,357		96,507
Thomson Reuters Corp.		6,100		198,128
Time Warner, Inc.		42,090		2,425,226
The Walt Disney Co.		26,090		1,481,912
The Washington Post Co. Class B		266		118,902
				11,127,690
Telecommunications — 5.1%
Amdocs Ltd.		4,400		159,500
AT&T, Inc.		208,114		7,635,703
CenturyLink, Inc.		24,107		846,879
Cisco Systems, Inc.		255,500		5,342,505
Clearwire Corp. Class A (a)		43,200		139,968
Corning, Inc.		39,600		527,868
EchoStar Corp. (a)		8,900		346,833
Frontier Communications Corp.		120,689		480,342
Harris Corp.		7,300		338,282
Juniper Networks, Inc. (a)		7,200		133,488
Level 3 Communications, Inc. (a)		3,500		71,015
MetroPCS Communications, Inc. (a)		34,300		373,870
NII Holdings, Inc. (a)		5,200		22,516
Palo Alto Networks, Inc. (a)		1,100		62,260
Sprint Nextel Corp. (a)		116,800		725,328
Telephone & Data Systems, Inc.		8,918		187,902
US Cellular Corp. (a)		300		10,800
Windstream Corp.		2,762		21,958
				17,427,017
				31,962,806
Consumer, Cyclical — 6.4%
Airlines — 0.7%
Copa Holdings SA Class A		8,000		956,880
Delta Air Lines, Inc. (a)		44,500		734,695

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

114

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

	Number of Shares		Value
Southwest Airlines Co.		44,100	$	594,468
				2,286,043
Auto Manufacturers — 1.1%
Ford Motor Co.		156,600		2,059,290
General Motors Co. (a)		36,600		1,018,212
Navistar International Corp. (a)		700		24,199
Oshkosh Corp. (a)		15,400		654,346
				3,756,047
Automotive & Parts — 0.2%
Lear Corp.		4,700		257,889
TRW Automotive Holdings Corp. (a)		8,890		488,950
Visteon Corp/New (a)		1,600		92,320
WABCO Holdings, Inc. (a)		200		14,118
				853,277
Distribution & Wholesale — 0.1%
Ingram Micro, Inc. Class A (a)		10,100		198,768
Tech Data Corp. (a)		4,500		205,245
WESCO International, Inc. (a)		1,200		87,132
				491,145
Entertainment — 0.1%
International Game Technology		18,400		303,600
The Madison Square Garden Co. Class A (a)		1,600		92,160
Penn National Gaming, Inc. (a)		900		48,987
Regal Entertainment Group Class A		2,000		33,340
				478,087
Home Builders — 0.2%
D.R. Horton, Inc.		800		19,440
Lennar Corp. Class A		2,700		111,996
PulteGroup, Inc. (a)		27,257		551,682
Thor Industries, Inc.		2,400		88,296
				771,414
Home Furnishing — 0.2%
Harman International Industries, Inc.		4,300		191,909
Whirlpool Corp.		3,400		402,764
				594,673
Housewares — 0.1%
Newell Rubbermaid, Inc.		10,700		279,270
Leisure Time — 0.1%
Carnival Corp.		4,300		147,490
Royal Caribbean Cruises Ltd.		2,300		76,406
				223,896
Lodging — 0.1%
Choice Hotels International, Inc.		900		38,079
Marriott International, Inc. Class A		3,000		126,690
MGM Resorts International (a)		7,200		94,680
				259,449

	Number of Shares		Value
Retail — 3.3%
Abercrombie & Fitch Co. Class A		3,800	$	175,560
American Eagle Outfitters, Inc.		24,800		463,760
AutoNation, Inc. (a)		40		1,750
Best Buy Co., Inc.		3,900		86,385
Chico’s FAS, Inc.		12,100		203,280
CVS Caremark Corp.		42,300		2,326,077
Dillard’s, Inc. Class A		6,300		494,865
DSW, Inc. Class A		900		57,420
Foot Locker, Inc.		7,300		249,952
GameStop Corp. Class A		11,500		321,655
Guess?, Inc.		4,400		109,252
Kohl’s Corp.		7,100		327,523
Lowe’s Cos., Inc.		36,100		1,368,912
Macy’s, Inc.		13,644		570,865
PVH Corp.		1,230		131,376
Sally Beauty Holdings, Inc. (a)		3,900		114,582
Sears Holdings Corp. (a)		2,500		124,925
Sears Hometown and Outlet Stores, Inc. (a)		200		8,070
Signet Jewelers Ltd.		2,800		187,600
Staples, Inc.		23,800		319,634
Target Corp.		18,100		1,238,945
Wal-Mart Stores, Inc.		11,100		830,613
Walgreen Co.		29,900		1,425,632
Williams-Sonoma, Inc.		800		41,216
				11,179,849
Textiles — 0.1%
Cintas Corp.		800		35,304
Mohawk Industries, Inc. (a)		1,730		195,697
				231,001
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		3,800		166,972
Mattel, Inc.		5,300		232,087
				399,059
				21,803,210
Consumer, Non-cyclical — 17.4%
Agriculture — 0.7%
Altria Group, Inc.		23,700		815,043
Archer-Daniels-Midland Co.		23,900		806,147
Bunge Ltd.		400		29,532
Philip Morris International, Inc.		2,100		194,691
Reynolds American, Inc.		9,440		419,985
				2,265,398
Beverages — 0.4%
Brown-Forman Corp. Class B		1,050		74,970
Coca-Cola Enterprises, Inc.		15,420		569,306
Constellation Brands, Inc. Class A (a)		8,730		415,897
Molson Coors Brewing Co. Class B		8,160		399,269
				1,459,442

115

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

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

	Number of Shares		Value
Biotechnology — 0.1%
Bio-Rad Laboratories, Inc. Class A (a)		720	$	90,720
Charles River Laboratories International, Inc. (a)		2,000		88,540
Life Technologies Corp. (a)		2,560		165,453
				344,713
Commercial Services — 0.9%
Aaron’s, Inc.		500		14,340
The ADT Corp.		4,200		205,548
Booz Allen Hamilton Holding Corp.		53,400		717,696
CoreLogic, Inc. (a)		11,700		302,562
Corrections Corporation of America		5,700		222,699
DeVry, Inc.		1,400		44,450
Donnelley (R.R.) & Sons Co.		11,300		136,165
Equifax, Inc.		2,300		132,457
Genpact Ltd.		6,200		112,778
H&R Block, Inc.		17,300		508,966
Hertz Global Holdings, Inc. (a)		6,500		144,690
KAR Auction Services, Inc.		900		18,027
Manpower, Inc.		800		45,376
Paychex, Inc.		300		10,521
Quanta Services, Inc. (a)		800		22,864
Service Corp. International		15,100		252,623
Total System Services, Inc.		5,200		128,856
Towers Watson & Co. Class A		1,200		83,184
				3,103,802
Cosmetics & Personal Care — 2.4%
Avon Products, Inc.		14,500		300,585
Colgate-Palmolive Co.		1,310		154,619
The Procter & Gamble Co.		100,310		7,729,889
				8,185,093
Foods — 1.5%
Campbell Soup Co.		1,000		45,360
ConAgra Foods, Inc.		8,900		318,709
Dean Foods Co. (a)		500		9,065
General Mills, Inc.		4,540		223,867
H.J. Heinz Co.		4,230		305,702
Hillshire Brands Co.		12,860		452,029
Hormel Foods Corp.		2,900		119,828
Ingredion, Inc.		5,170		373,894
The J.M. Smucker Co.		4,440		440,271
Kraft Foods Group, Inc.		16,283		839,063
Mondelez International, Inc. Class A		44,550		1,363,676
Safeway, Inc.		7,300		192,355
Smithfield Foods, Inc. (a)		6,100		161,528
Sysco Corp.		400		14,068
Tyson Foods, Inc. Class A		16,700		414,494
				5,273,909
Health Care – Products — 3.4%
Alere, Inc. (a)		900		22,977
Baxter International, Inc.		300		21,792

	Number of Shares		Value
Becton, Dickinson & Co.		4,200	$	401,562
Boston Scientific Corp. (a)		33,300		260,073
CareFusion Corp. (a)		10,300		360,397
The Cooper Cos., Inc.		1,200		129,456
Covidien PLC		16,500		1,119,360
Henry Schein, Inc. (a)		500		46,275
Hill-Rom Holdings, Inc.		5,600		197,232
Hologic, Inc. (a)		7,500		169,500
Johnson & Johnson		64,900		5,291,297
Medtronic, Inc.		53,900		2,531,144
QIAGEN NV (a)		10,100		212,908
St. Jude Medical, Inc.		8,700		351,828
Stryker Corp.		3,100		202,244
Zimmer Holdings, Inc.		6,000		451,320
				11,769,365
Health Care – Services — 2.1%
Aetna, Inc.		13,020		665,582
Cigna Corp.		12,300		767,151
Community Health Systems, Inc.		8,000		379,120
Covance, Inc. (a)		2,700		200,664
Coventry Health Care, Inc.		6,000		282,180
HCA Holdings, Inc.		2,300		93,449
Health Management Associates, Inc. Class A (a)		33,300		428,571
Health Net, Inc. (a)		2,600		74,412
Humana, Inc.		6,700		463,037
LifePoint Hospitals, Inc. (a)		1,700		82,382
MEDNAX, Inc. (a)		1,500		134,445
Quest Diagnostics, Inc.		4,800		270,960
Tenet Healthcare Corp. (a)		4,475		212,921
UnitedHealth Group, Inc.		37,400		2,139,654
Universal Health Services, Inc. Class B		3,000		191,610
WellPoint, Inc.		11,700		774,891
				7,161,029
Household Products — 0.5%
Avery Dennison Corp.		15,500		667,585
Beam, Inc.		960		60,999
Church & Dwight Co., Inc.		500		32,315
The Clorox Co.		5,000		442,650
Jarden Corp. (a)		11,100		475,635
Kimberly-Clark Corp.		440		43,111
				1,722,295
Pharmaceuticals — 5.4%
Abbott Laboratories		14,500		512,140
AbbVie, Inc.		16,700		681,026
Bristol-Myers Squibb Co.		2,300		94,737
Cardinal Health, Inc.		2,500		104,050
DENTSPLY International, Inc.		100		4,242
Eli Lilly & Co.		37,520		2,130,761
Endo Health Solutions, Inc. (a)		3,400		104,584
Forest Laboratories, Inc. (a)		5,100		194,004

116

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

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

	Number of Shares		Value
Hospira, Inc. (a)		4,800	$	157,584
Merck & Co., Inc.		131,428		5,813,060
Omnicare, Inc.		13,600		553,792
Patterson Cos., Inc.		8,800		334,752
Pfizer, Inc.		270,036		7,793,239
				18,477,971
				59,763,017
Diversified — 0.1%
Holding Company – Diversified — 0.1%
Leucadia National Corp.		7,800		213,954
Energy — 13.2%
Coal — 0.1%
Alpha Natural Resources, Inc. (a)		12,657		103,914
Peabody Energy Corp.		8,400		177,660
				281,574
Energy – Alternate Sources — 0.0%
Covanta Holding Corp.		2,900		58,435
Oil & Gas — 12.2%
Anadarko Petroleum Corp.		4,650		406,643
Apache Corp.		4,128		318,516
Chevron Corp.		83,515		9,923,252
Cimarex Energy Co.		2,100		158,424
ConocoPhillips		26,148		1,571,495
Denbury Resources, Inc. (a)		15,814		294,931
Devon Energy Corp.		5,850		330,057
Diamond Offshore Drilling, Inc.		5,300		368,668
EQT Corp.		1,800		121,950
Exxon Mobil Corp.		191,900		17,292,109
Helmerich & Payne, Inc.		5,600		339,920
Hess Corp.		1,100		78,771
Marathon Oil Corp.		18,700		630,564
Marathon Petroleum Corp.		21,900		1,962,240
Murphy Oil Corp.		4,600		293,158
Nabors Industries Ltd.		13,700		222,214
Newfield Exploration Co. (a)		2,700		60,534
Noble Energy, Inc.		1,410		163,081
Occidental Petroleum Corp.		8,970		702,979
Patterson-UTI Energy, Inc.		29,600		705,664
Phillips 66		39,500		2,763,815
Plains Exploration & Production Co. (a)		4,200		199,374
Questar Corp.		6,100		148,413
SandRidge Energy, Inc. (a)		7,700		40,579
Tesoro Corp.		14,100		825,555
Unit Corp. (a)		3,200		145,760
Valero Energy Corp.		35,164		1,599,610
WPX Energy, Inc. (a)		66		1,057
				41,669,333
Oil & Gas Services — 0.8%
Baker Hughes, Inc.		703		32,626

	Number of Shares		Value
Halliburton Co.		12,200	$	493,002
HollyFrontier Corp.		15,200		782,040
National Oilwell Varco, Inc.		2,200		155,650
RPC, Inc.		69,000		1,046,730
Superior Energy Services, Inc. (a)		7,300		189,581
Tidewater, Inc.		2,630		132,815
				2,832,444
Pipelines — 0.1%
National Fuel Gas Co.		2,450		150,308
Spectra Energy Corp.		8,300		255,225
				405,533
				45,247,319
Financial — 26.8%
Banks — 8.3%
Associated Banc-Corp.		6,950		105,571
Bank of America Corp.		497,873		6,064,093
Bank of Hawaii Corp.		3,320		168,689
Bank of New York Mellon Corp.		46,050		1,288,939
BB&T Corp.		27,819		873,238
BOK Financial Corp.		700		43,610
Capital One Financial Corp.		21,450		1,178,677
CapitalSource, Inc.		41,000		394,420
City National Corp.		1,970		116,053
Comerica, Inc.		8,600		309,170
Commerce Bancshares, Inc.		3,553		145,069
Cullen/Frost Bankers, Inc.		1,300		81,289
East West Bancorp, Inc.		6,900		177,123
Fifth Third Bancorp		49,760		811,586
First Citizens BancShares, Inc. Class A		438		80,023
First Horizon National Corp.		3,016		32,211
First Republic Bank		2,600		100,412
Fulton Financial Corp.		4,800		56,160
Huntington Bancshares, Inc.		45,171		333,814
KeyCorp		48,700		485,052
M&T Bank Corp.		4,745		489,494
Northern Trust Corp.		4,700		256,432
PNC Financial Services Group, Inc.		20,236		1,345,694
Popular, Inc. (a)		16,100		444,521
Regions Financial Corp.		63,360		518,918
Signature Bank (a)		1,500		118,140
State Street Corp.		25,100		1,483,159
SunTrust Banks, Inc.		28,500		821,085
SVB Financial Group (a)		1,700		120,598
Synovus Financial Corp.		66,500		184,205
U.S. Bancorp		69,190		2,347,617
Valley National Bancorp		13,668		139,960
Wells Fargo & Co.		196,810		7,280,002
Zions Bancorp		9,850		246,152
				28,641,176

117

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

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

	Number of Shares		Value
Diversified Financial — 7.2%
American Express Co.		13,800	$	930,948
Ameriprise Financial, Inc.		7,830		576,680
BlackRock, Inc.		2,180		559,998
CBOE Holdings, Inc.		400		14,776
The Charles Schwab Corp.		22,900		405,101
CIT Group, Inc. (a)		5,000		217,400
Citigroup, Inc.		112,271		4,966,869
CME Group, Inc.		5,760		353,606
Discover Financial Services		17,700		793,668
E*TRADE Financial Corp. (a)		16,100		172,431
Federated Investors, Inc. Class B		13,500		319,545
Franklin Resources, Inc.		4,110		619,829
The Goldman Sachs Group, Inc.		23,960		3,525,714
Interactive Brokers Group, Inc. Class A		2,900		43,239
Invesco Ltd.		12,300		356,208
Janus Capital Group, Inc.		9,600		90,240
JP Morgan Chase & Co.		164,227		7,794,214
Legg Mason, Inc.		4,000		128,600
Morgan Stanley		68,700		1,510,026
The NASDAQ OMX Group, Inc.		4,800		155,040
NYSE Euronext		10,200		394,128
Raymond James Financial, Inc.		4,500		207,450
SLM Corp.		16,300		333,824
TD Ameritrade Holding Corp.		5,100		105,162
				24,574,696
Insurance — 7.4%
ACE Ltd.		10,100		898,597
Aflac, Inc.		16,000		832,320
Alleghany Corp. (a)		525		207,858
Allied World Assurance Co. Holdings Ltd.		4,400		407,968
The Allstate Corp.		23,800		1,167,866
American Financial Group, Inc.		6,300		298,494
American International Group, Inc. (a)		28,502		1,106,448
American National Insurance Co.		1,580		137,255
Aon PLC		9,160		563,340
Arch Capital Group Ltd. (a)		4,100		215,537
Aspen Insurance Holdings Ltd.		15,100		582,558
Assurant, Inc.		5,190		233,602
Assured Guaranty Ltd.		11,000		226,710
Axis Capital Holdings Ltd.		9,200		382,904
Berkshire Hathaway, Inc. Class B (a)		66,040		6,881,368
Brown & Brown, Inc.		1,100		35,244
The Chubb Corp.		10,260		898,058
Cincinnati Financial Corp.		6,220		293,522
CNA Financial Corp.		1,000		32,690
Endurance Specialty Holdings Ltd.		1,000		47,810
Everest Re Group Ltd.		4,190		544,113
Fidelity National Financial, Inc. Class A		21,000		529,830

	Number of Shares		Value
Genworth Financial, Inc. Class A (a)		35,260	$	352,600
The Hanover Insurance Group, Inc.		800		39,744
The Hartford Financial Services Group, Inc.		22,090		569,922
HCC Insurance Holdings, Inc.		8,370		351,791
Kemper Corp.		1,650		53,807
Lincoln National Corp.		17,998		586,915
Loews Corp.		5,020		221,231
Markel Corp. (a)		285		143,497
Marsh & McLennan Cos., Inc.		3,600		136,692
MBIA, Inc. (a)		700		7,189
Mercury General Corp.		790		29,965
MetLife, Inc.		25,140		955,823
Old Republic International Corp.		1,400		17,794
PartnerRe Ltd.		6,800		633,148
Principal Financial Group, Inc.		10,600		360,718
ProAssurance Corp.		3,800		179,854
The Progressive Corp.		15,500		391,685
Protective Life Corp.		15,180		543,444
Prudential Financial, Inc.		13,600		802,264
Reinsurance Group of America, Inc. Class A		1,850		110,389
RenaissanceRe Holdings Ltd.		1,100		101,189
StanCorp Financial Group, Inc.		1,670		71,409
Torchmark Corp.		3,660		218,868
The Travelers Cos., Inc.		8,469		713,005
Unum Group		13,900		392,675
Validus Holdings Ltd.		4,800		179,376
W.R. Berkley Corp.		2,100		93,177
White Mountains Insurance Group Ltd.		353		200,193
XL Group PLC		17,050		516,615
				25,499,071
Investment Companies — 0.2%
American Capital Ltd. (a)		38,300		558,989
Ares Capital Corp.		8,100		146,610
				705,599
Real Estate — 0.1%
Alexander & Baldwin, Inc. (a)		700		25,025
The Howard Hughes Corp. (a)		800		67,048
Jones Lang LaSalle, Inc.		1,300		129,233
Realogy Holdings Corp. (a)		4,000		195,360
				416,666
Real Estate Investment Trusts (REITS) — 3.3%
Alexandria Real Estate Equities, Inc.		1,600		113,568
American Campus Communities, Inc.		100		4,534
American Capital Agency Corp.		24,900		816,222
Annaly Capital Management, Inc.		50,160		797,042
AvalonBay Communities, Inc.		834		105,643
Boston Properties, Inc.		910		91,965
Brandywine Realty Trust		7,200		106,920
BRE Properties, Inc.		2,200		107,096

118

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

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

	Number of Shares		Value
Camden Property Trust		1,600	$	109,888
CBL & Associates Properties, Inc.		6,500		153,400
Chimera Investment Corp.		193,900		618,541
CommonWealth		3,467		77,799
Corporate Office Properties Trust		600		16,008
DDR Corp.		8,400		146,328
Douglas Emmett, Inc.		4,700		117,171
Duke Realty Corp.		6,100		103,578
Equity Residential		1,800		99,108
Extra Space Storage, Inc.		3,100		121,737
Federal Realty Investment Trust		700		75,628
General Growth Properties, Inc.		8,040		159,835
Hatteras Financial Corp.		8,700		238,641
HCP, Inc.		15,100		752,886
Health Care, Inc.		12,300		835,293
Hospitality Properties Trust		4,540		124,578
Host Hotels & Resorts, Inc.		5,703		99,745
Kilroy Realty Corp.		2,700		141,480
Kimco Realty Corp.		17,200		385,280
Liberty Property Trust		5,170		205,508
The Macerich Co.		6,782		436,625
Mack-Cali Realty Corp.		3,560		101,852
MFA Financial, Inc.		83,100		774,492
Mid-America Apartment Communities, Inc.		100		6,906
National Retail Properties, Inc.		4,300		155,531
Piedmont Office Realty Trust, Inc. Class A		7,600		148,884
Post Properties, Inc.		3,700		174,270
Prologis, Inc.		12,785		511,144
Realty Income Corp.		5,000		226,750
Regency Centers Corp.		3,000		158,730
Senior Housing Properties Trust		1,600		42,928
Simon Property Group, Inc.		330		52,325
SL Green Realty Corp.		2,600		223,886
Taubman Centers, Inc.		200		15,532
UDR, Inc.		4,700		113,693
Ventas, Inc.		5,200		380,640
Vornado Realty Trust		5,658		473,235
Weingarten Realty Investors		5,400		170,370
Weyerhaeuser Co.		14,622		458,838
				11,352,053
Savings & Loans — 0.3%
BankUnited, Inc.		4,500		115,290
Capitol Federal Financial, Inc.		4,400		53,108
First Niagara Financial Group, Inc.		5,000		44,300
Hudson City Bancorp, Inc.		27,850		240,624
New York Community Bancorp, Inc.		21,290		305,511
People’s United Financial, Inc.		6,300		84,672
Washington Federal, Inc.		3,816		66,780
				910,285
				92,099,546

	Number of Shares		Value
Industrial — 8.5%
Aerospace & Defense — 1.1%
Alliant Techsystems, Inc.		5,400	$	391,122
The Boeing Co.		2,400		206,040
Exelis, Inc.		15,600		169,884
General Dynamics Corp.		3,580		252,426
L-3 Communications Holdings, Inc.		5,360		433,731
Lockheed Martin Corp.		3,100		299,212
Northrop Grumman Corp.		12,550		880,383
Raytheon Co.		16,570		974,150
				3,606,948
Building Materials — 0.1%
Fortune Brands Home & Security, Inc. (a)		600		22,458
Martin Marietta Materials, Inc.		700		71,414
Owens Corning, Inc. (a)		4,000		157,720
				251,592
Electrical Components & Equipment — 0.3%
Emerson Electric Co.		5,100		284,937
Energizer Holdings, Inc.		4,400		438,812
General Cable Corp. (a)		4,100		150,183
Hubbell, Inc. Class B		400		38,844
Molex, Inc.		5,100		149,328
				1,062,104
Electronics — 0.4%
Arrow Electronics, Inc. (a)		9,800		398,076
Avnet, Inc. (a)		9,500		343,900
AVX Corp.		700		8,330
Dolby Laboratories, Inc. Class A		1,400		46,984
Garmin Ltd.		3,300		109,032
Itron, Inc. (a)		800		37,120
Jabil Circuit, Inc.		5,100		94,248
PerkinElmer, Inc.		4,410		148,352
Vishay Intertechnology, Inc. (a)		25,300		344,333
				1,530,375
Engineering & Construction — 0.7%
AECOM Technology Corp. (a)		24,000		787,200
Chicago Bridge & Iron Co. NV		3,069		190,585
Engility Holdings, Inc. (a)		8,400		201,432
Fluor Corp.		2,400		159,192
Jacobs Engineering Group, Inc. (a)		9,900		556,776
KBR, Inc.		1,400		44,912
McDermott International, Inc. (a)		9,900		108,801
URS Corp.		4,900		232,309
				2,281,207
Environmental Controls — 0.1%
Republic Services, Inc.		5,190		171,270
Waste Connections, Inc.		450		16,191
Waste Management, Inc.		4,540		178,013
				365,474

119

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

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

	Number of Shares		Value
Hand & Machine Tools — 0.2%
Regal-Beloit Corp.		4,000	$	326,240
Snap-on, Inc.		2,030		167,881
Stanley Black & Decker, Inc.		2,735		221,453
				715,574
Health Care – Services — 0.3%
Thermo Fisher Scientific, Inc.		12,910		987,486
Machinery – Construction & Mining — 0.2%
Ingersoll-Rand PLC		4,100		225,541
Terex Corp. (a)		9,500		326,990
				552,531
Machinery – Diversified — 0.3%
AGCO Corp.		3,370		175,644
CNH Global NV		800		33,056
Flowserve Corp.		280		46,959
Gardner Denver, Inc.		900		67,599
IDEX Corp.		3,400		181,628
The Manitowoc Co., Inc.		1,000		20,560
Nordson Corp.		200		13,190
Xylem, Inc.		4,200		115,752
Zebra Technologies Corp. Class A (a)		8,800		414,744
				1,069,132
Manufacturing — 3.9%
3M Co.		1,600		170,096
AptarGroup, Inc.		1,000		57,350
Carlisle Cos., Inc.		1,800		122,022
Crane Co.		3,220		179,869
Danaher Corp.		14,700		913,605
Dover Corp.		7,500		546,600
Eaton Corp. PLC		2,072		126,910
General Electric Co.		419,190		9,691,673
Illinois Tool Works, Inc.		3,800		231,572
ITT Corp.		5,550		157,787
Leggett & Platt, Inc.		3,410		115,190
Parker Hannifin Corp.		2,800		256,424
Pentair Ltd.		19		1,002
Teleflex, Inc.		1,020		86,200
Textron, Inc.		12,700		378,587
Trinity Industries, Inc.		2,900		131,457
Tyco International Ltd.		7,000		224,000
				13,390,344
Metal Fabricate & Hardware — 0.1%
Commercial Metals Co.		10,300		163,255
The Timken Co.		4,300		243,294
				406,549
Packaging & Containers — 0.3%
Bemis Co., Inc.		4,360		175,970
Crown Holdings, Inc. (a)		5,200		216,372
Greif, Inc. Class A		8,900		477,218
Owens-Illinois, Inc. (a)		1,800		47,970

	Number of Shares		Value
Sonoco Products Co.		4,200	$	146,958
				1,064,488
Shipbuilding — 0.2%
Huntington Ingalls Industries, Inc.		12,008		640,387
Transportation — 0.3%
Con-way, Inc.		800		28,168
CSX Corp.		4,700		115,761
FedEx Corp.		1,430		140,426
Matson, Inc.		7,900		194,340
Norfolk Southern Corp.		3,700		285,196
Ryder System, Inc.		3,290		196,577
Teekay Corp.		1,000		35,960
UTI Worldwide, Inc.		1,600		23,168
				1,019,596
Trucking & Leasing — 0.0%
GATX Corp.		1,200		62,364
				29,006,151
Technology — 3.4%
Commercial Services — 0.0%
SAIC, Inc.		4,100		55,555
Computers — 1.5%
Brocade Communications Systems, Inc. (a)		89,300		515,261
Computer Sciences Corp.		9,670		476,054
Dell, Inc.		54,500		780,985
Diebold, Inc.		600		18,192
DST Systems, Inc.		3,100		220,937
Hewlett-Packard Co.		77,900		1,857,136
Lexmark International, Inc. Class A		2,800		73,920
NetApp, Inc. (a)		8,800		300,608
SanDisk Corp. (a)		2,600		143,000
Synopsys, Inc. (a)		7,700		276,276
Western Digital Corp.		10,800		543,024
				5,205,393
Office Equipment/Supplies — 0.4%
Pitney Bowes, Inc.		55,200		820,272
Xerox Corp.		67,956		584,422
				1,404,694
Semiconductors — 1.1%
Analog Devices, Inc.		6,800		316,132
Applied Materials, Inc.		51,500		694,220
Broadcom Corp. Class A		2,700		93,609
Cree, Inc. (a)		5,000		273,550
Freescale Semiconductor Ltd. (a)		13,600		202,504
Intel Corp.		28,200		616,170
KLA-Tencor Corp.		8,500		448,290
Lam Research Corp. (a)		952		39,470
Marvell Technology Group Ltd.		21,500		227,470
Maxim Integrated Products, Inc.		100		3,265
Micron Technology, Inc. (a)		11,500		114,770

120

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

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

	Number of Shares		Value
NVIDIA Corp.		3,700	$	47,434
PMC-Sierra, Inc. (a)		4,500		30,555
Rovi Corp. (a)		1,400		29,974
Teradyne, Inc. (a)		4,300		69,746
Texas Instruments, Inc.		11,800		418,664
				3,625,823
Software — 0.4%
Activision Blizzard, Inc.		11,200		163,184
Adobe Systems, Inc. (a)		900		39,159
Allscripts Healthcare Solutions, Inc. (a)		1,300		17,667
CA, Inc.		13,490		339,543
Compuware Corp. (a)		190		2,375
The Dun & Bradstreet Corp.		4,000		334,600
Electronic Arts, Inc. (a)		8,400		148,680
Fidelity National Information Services, Inc.		4,500		178,290
Fiserv, Inc. (a)		1,200		105,396
				1,328,894
				11,620,359
Utilities — 5.6%
Electric — 5.1%
The AES Corp.		27,300		343,161
Alliant Energy Corp.		5,800		291,044
Ameren Corp.		7,360		257,747
American Electric Power Co., Inc.		24,830		1,207,483
Calpine Corp. (a)		5,400		111,240
CenterPoint Energy, Inc.		24,800		594,208
CMS Energy Corp.		13,900		388,366
Consolidated Edison, Inc.		3,360		205,061
Dominion Resources, Inc.		16,800		977,424
DTE Energy Co.		6,810		465,395
Duke Energy Corp.		24,314		1,764,953
Edison International		19,580		985,266
Entergy Corp.		8,100		512,244
Exelon Corp.		14,475		499,098
FirstEnergy Corp.		14,127		596,160
Great Plains Energy, Inc.		2,537		58,833
Hawaiian Electric Industries, Inc.		1,700		47,107
Integrys Energy Group, Inc.		940		54,670
MDU Resources Group, Inc.		3,700		92,463
NextEra Energy, Inc.		21,710		1,686,433
Northeast Utilities		4,581		199,090
NRG Energy, Inc.		20,800		550,992
NV Energy, Inc.		11,900		238,357
OGE Energy Corp.		3,360		235,133
Pepco Holdings, Inc.		6,910		147,874
PG&E Corp.		5,630		250,704
Pinnacle West Capital Corp.		4,760		275,556
PPL Corp.		32,800		1,026,968

	Number of Shares		Value
Public Service Enterprise Group, Inc.		17,900	$	614,686
SCANA Corp.		4,420		226,127
The Southern Co.		38,350		1,799,382
TECO Energy, Inc.		8,030		143,095
Westar Energy, Inc.		4,400		145,992
Wisconsin Energy Corp.		6,560		281,358
Xcel Energy, Inc.		14,420		428,274
				17,701,944
Gas — 0.3%
AGL Resources, Inc.		1,160		48,662
Atmos Energy Corp.		2,850		121,667
Energen Corp.		2,000		104,020
NiSource, Inc.		3,290		96,529
Sempra Energy		2,310		184,661
UGI Corp.		5,390		206,922
Vectren Corp.		4,150		146,993
				909,454
Water — 0.2%
American Water Works Co., Inc.		9,000		372,960
Aqua America, Inc.		9,800		308,112
				681,072
				19,292,470
TOTAL COMMON STOCK (Cost $273,566,089)				321,313,550
TOTAL EQUITIES (Cost $273,566,089)				321,313,550
MUTUAL FUNDS — 5.7%
Diversified Financial — 5.7%
iShares Russell 1000 Value Index Fund		160,100		12,995,317
Vanguard Value ETF		98,900		6,487,840
				19,483,157
TOTAL MUTUAL FUNDS (Cost $19,435,158)				19,483,157
TOTAL LONG-TERM INVESTMENTS (Cost $293,001,247)				340,796,707
	Principal Amount
SHORT-TERM INVESTMENTS — 0.5%
Repurchase Agreement — 0.5%
State Street Bank & Trust Co. Repurchase Agreement, dated 3/28/13, 0.010%, due 4/01/13 (b)	$	1,821,759		1,821,759

121

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

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

	Principal Amount		Value
Time Deposits — 0.0%
Euro Time Deposit 0.010% 4/01/13	$	61,631	$	61,631
TOTAL SHORT-TERM INVESTMENTS (Cost $1,883,390)				1,883,390
TOTAL INVESTMENTS — 99.9% (Cost $294,884,637) (c)				342,680,097
Other Assets/(Liabilities) — 0.1%				274,461
NET ASSETS — 100.0%			$	342,954,558

Notes to Portfolio of Investments

ETF Exchange-Traded Fund

(a) Non-income producing security.

(b) Maturity value of $1,821,761. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 12/01/26, and an aggregate market value, including accrued interest, of $1,860,242.

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

122

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

MassMutual Premier Main Street Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.6%
COMMON STOCK — 97.2%
Basic Materials — 2.7%
Chemicals — 0.4%
PPG Industries, Inc.		4,280	$	573,263
Mining — 2.3%
Vulcan Materials Co.		77,115		3,986,846
				4,560,109
Communications — 12.0%
Internet — 5.5%
eBay, Inc. (a)		113,950		6,178,369
Facebook, Inc. Class A (a)		20,375		521,192
Google, Inc. Class A (a)		3,598		2,856,920
				9,556,481
Media — 2.2%
The McGraw-Hill Cos., Inc.		72,700		3,786,216
Telecommunications — 4.3%
Amdocs Ltd.		17,760		643,800
America Movil SAB de CV Series L ADR (Mexico)		61,351		1,285,917
Corning, Inc.		124,234		1,656,039
QUALCOMM, Inc.		56,133		3,758,105
				7,343,861
				20,686,558
Consumer, Cyclical — 4.7%
Auto Manufacturers — 1.0%
Ford Motor Co.		131,290		1,726,464
Retail — 3.7%
AutoZone, Inc. (a)		10,286		4,081,176
The TJX Cos., Inc.		50,100		2,342,175
				6,423,351
				8,149,815
Consumer, Non-cyclical — 30.2%
Agriculture — 4.8%
Philip Morris International, Inc.		89,511		8,298,565
Beverages — 2.3%
Dr. Pepper Snapple Group, Inc.		85,210		4,000,609
Commercial Services — 3.2%
The ADT Corp.		45,765		2,239,739
Moody’s Corp.		17,150		914,438
Towers Watson & Co. Class A		33,196		2,301,147
				5,455,324
Foods — 3.6%
The J.M. Smucker Co.		35,339		3,504,215
Kraft Foods Group, Inc.		53,133		2,737,944
				6,242,159

	Number of Shares		Value
Health Care – Products — 3.3%
Covidien PLC		83,949	$	5,695,100
Health Care – Services — 0.6%
UnitedHealth Group, Inc.		19,750		1,129,897
Pharmaceuticals — 12.4%
Abbott Laboratories		56,168		1,983,854
AbbVie, Inc.		56,688		2,311,736
Actavis, Inc. (a)		50,634		4,663,898
Bristol-Myers Squibb Co.		43,126		1,776,360
Express Scripts Holding Co. (a)		96,620		5,570,143
Pfizer, Inc.		108,220		3,123,229
Sanofi		18,720		1,908,983
				21,338,203
				52,159,857
Energy — 8.8%
Oil & Gas — 5.5%
Chevron Corp.		52,180		6,200,027
Noble Energy, Inc.		27,915		3,228,649
				9,428,676
Oil & Gas Services — 3.3%
National Oilwell Varco, Inc.		81,142		5,740,797
				15,169,473
Financial — 16.9%
Banks — 0.3%
M&T Bank Corp.		4,970		512,705
Diversified Financial — 13.2%
CIT Group, Inc. (a)		120,458		5,237,514
Citigroup, Inc.		103,174		4,564,418
CME Group, Inc.		33,255		2,041,524
Discover Financial Services		65,860		2,953,162
JP Morgan Chase & Co.		166,021		7,879,357
				22,675,975
Insurance — 3.4%
American International Group, Inc. (a)		46,730		1,814,059
Lincoln National Corp.		37,890		1,235,593
Marsh & McLennan Cos., Inc.		75,753		2,876,341
				5,925,993
				29,114,673
Industrial — 7.6%
Aerospace & Defense — 0.8%
L-3 Communications Holdings, Inc.		16,500		1,335,180
Manufacturing — 1.7%
Tyco International Ltd.		91,520		2,928,640
Transportation — 5.1%
CSX Corp.		178,999		4,408,745

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

123

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

	Number of Shares		Value
United Parcel Service, Inc. Class B		51,259	$	4,403,148
				8,811,893
				13,075,713
Technology — 14.3%
Computers — 11.6%
Apple, Inc.		20,725		9,173,507
International Business Machines Corp.		39,498		8,424,923
Western Digital Corp.		49,016		2,464,525
				20,062,955
Software — 2.7%
Microsoft Corp.		122,480		3,504,153
MSCI, Inc. (a)		33,883		1,149,650
				4,653,803
				24,716,758
TOTAL COMMON STOCK (Cost $126,859,997)				167,632,956
PREFERRED STOCK — 1.4%
Consumer, Non-cyclical — 1.4%
Household Products — 1.4%
Henkel AG & Co. KGaA 1.270%		25,692		2,473,692
TOTAL PREFERRED STOCK (Cost $2,133,451)				2,473,692
TOTAL EQUITIES (Cost $128,993,448)				170,106,648
TOTAL LONG-TERM INVESTMENTS (Cost $128,993,448)				170,106,648
	Principal Amount
SHORT-TERM INVESTMENTS — 1.2%
Repurchase Agreement — 1.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 3/28/13, 0.010%, due 4/01/13 (b)	$	2,086,104		2,086,104
Time Deposits — 0.0%
Euro Time Deposit 0.010% 4/01/13		14,028		14,028
TOTAL SHORT-TERM INVESTMENTS (Cost $2,100,132)				2,100,132

	Value
TOTAL INVESTMENTS — 99.8% (Cost $131,093,580) (c)	$	172,206,780
Other Assets/(Liabilities) — 0.2%		316,159
NET ASSETS — 100.0%	$	172,522,939

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $2,086,107. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 9/25/39, and an aggregate market value, including accrued interest, of $2,129,646.

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

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

124

MassMutual Premier Capital Appreciation Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.8%
COMMON STOCK — 98.8%
Basic Materials — 4.6%
Chemicals — 4.6%
Ecolab, Inc.		51,980	$	4,167,756
Monsanto Co.		58,950		6,226,889
PPG Industries, Inc.		24,910		3,336,445
				13,731,090
Communications — 13.0%
Internet — 6.9%
Amazon.com, Inc. (a)		18,708		4,985,495
eBay, Inc. (a)		96,053		5,207,993
Google, Inc. Class A (a)		12,960		10,290,629
				20,484,117
Media — 2.1%
The Walt Disney Co.		109,550		6,222,440
Telecommunications — 4.0%
QUALCOMM, Inc.		181,090		12,123,976
				38,830,533
Consumer, Cyclical — 14.4%
Apparel — 2.5%
Nike, Inc. Class B		78,940		4,658,249
Ralph Lauren Corp.		15,611		2,643,099
				7,301,348
Automotive & Parts — 0.9%
Johnson Controls, Inc.		71,720		2,515,220
Distribution & Wholesale — 0.8%
W.W. Grainger, Inc.		10,770		2,423,035
Retail — 10.2%
Coach, Inc.		58,520		2,925,415
Costco Wholesale Corp.		55,670		5,907,144
McDonald’s Corp.		62,150		6,195,733
O’Reilly Automotive, Inc. (a)		49,580		5,084,429
Tiffany & Co.		38,670		2,689,112
The TJX Cos., Inc.		92,430		4,321,102
Yum! Brands, Inc.		46,440		3,340,894
				30,463,829
				42,703,432
Consumer, Non-cyclical — 24.2%
Agriculture — 0.9%
Philip Morris International, Inc.		30,050		2,785,935
Beverages — 4.4%
Brown-Forman Corp. Class B		46,445		3,316,173
The Coca-Cola Co.		114,560		4,632,806
SABMiller PLC		95,910		5,051,161
				13,000,140

	Number of Shares		Value
Biotechnology — 2.8%
Alexion Pharmaceuticals, Inc. (a)		6,810	$	627,473
Biogen Idec, Inc. (a)		19,650		3,790,682
Vertex Pharmaceuticals, Inc. (a)		73,450		4,038,281
				8,456,436
Commercial Services — 2.2%
United Rentals, Inc. (a)		29,860		1,641,404
Visa, Inc. Class A		29,120		4,945,741
				6,587,145
Cosmetics & Personal Care — 2.4%
Colgate-Palmolive Co.		33,570		3,962,267
The Estee Lauder Cos., Inc. Class A		51,540		3,300,106
				7,262,373
Foods — 1.6%
Nestle SA		65,576		4,744,163
Health Care – Products — 1.2%
Baxter International, Inc.		47,340		3,438,778
Pharmaceuticals — 8.7%
Allergan, Inc.		46,402		5,179,855
Bristol-Myers Squibb Co.		106,070		4,369,023
Mead Johnson Nutrition Co.		39,900		3,090,255
Medivation, Inc. (a)		20,040		937,271
Novo Nordisk A/S Class B		31,276		5,105,508
Perrigo Co.		24,090		2,860,206
Roche Holding AG		18,035		4,210,688
				25,752,806
				72,027,776
Energy — 8.2%
Oil & Gas — 4.1%
Chevron Corp.		21,120		2,509,478
Concho Resources, Inc. (a)		19,050		1,856,042
Ensco PLC Class A		32,270		1,936,200
Noble Energy, Inc.		28,720		3,321,755
Phillips 66		36,730		2,569,998
				12,193,473
Oil & Gas Services — 4.1%
Cameron International Corp. (a)		58,750		3,830,500
FMC Technologies, Inc. (a)		48,340		2,629,213
Oceaneering International, Inc.		28,440		1,888,700
Schlumberger Ltd.		52,186		3,908,210
				12,256,623
				24,450,096
Financial — 4.2%
Banks — 1.9%
Northern Trust Corp.		49,890		2,721,999
Standard Chartered PLC		113,764		2,947,056
				5,669,055

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

125

MassMutual Premier Capital Appreciation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Diversified Financial — 2.3%
American Express Co.		50,380	$	3,398,635
The Charles Schwab Corp.		32,840		580,940
The Goldman Sachs Group, Inc.		18,590		2,735,518
				6,715,093
				12,384,148
Industrial — 13.8%
Aerospace & Defense — 2.1%
TransDigm Group, Inc.		16,630		2,543,060
United Technologies Corp.		40,270		3,762,426
				6,305,486
Electrical Components & Equipment — 0.5%
AMETEK, Inc.		36,940		1,601,718
Electronics — 0.9%
Mettler-Toledo International, Inc. (a)		11,840		2,524,525
Machinery – Diversified — 1.8%
Cummins, Inc.		29,070		3,366,597
Roper Industries, Inc.		14,310		1,821,806
				5,188,403
Manufacturing — 3.1%
Eaton Corp. PLC		49,380		3,024,525
Honeywell International, Inc.		40,980		3,087,843
Parker Hannifin Corp.		35,050		3,209,879
				9,322,247
Metal Fabricate & Hardware — 0.9%
Precision Castparts Corp.		14,550		2,758,971
Packaging & Containers — 1.0%
Crown Holdings, Inc. (a)		71,500		2,975,115

Transportation — 3.5%
J.B. Hunt Transport Services, Inc.	36,480	2,717,030
Kansas City Southern	33,100	3,670,790
Union Pacific Corp.	28,110	4,003,145
		10,390,965
		41,067,430
Technology — 16.4%
Computers — 8.3%
Apple, Inc.	38,512	17,046,567
Cognizant Technology Solutions Corp. Class A (a)	47,010	3,601,436
Teradata Corp. (a)	70,800	4,142,508
		24,790,511
Semiconductors — 2.5%
Avago Technologies Ltd.	73,780	2,650,177
Broadcom Corp. Class A	114,298	3,962,712
Texas Instruments, Inc.	24,200	858,616
		7,471,505

	Number of Shares		Value
Software — 5.6%
Cerner Corp. (a)		39,960	$	3,786,210
Fiserv, Inc. (a)		31,510		2,767,523
Intuit, Inc.		53,040		3,482,076
Salesforce.com, Inc. (a)		30,480		5,450,738
VMware, Inc. Class A (a)		13,760		1,085,389
				16,571,936
				48,833,952
TOTAL COMMON STOCK (Cost $212,551,488)				294,028,457
TOTAL EQUITIES (Cost $212,551,488)				294,028,457
TOTAL LONG-TERM INVESTMENTS (Cost $212,551,488)				294,028,457
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Repurchase Agreement — 0.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 3/28/13, 0.010%, due 4/01/13 (b)	$	493,199		493,199
TOTAL SHORT-TERM INVESTMENTS (Cost $493,199)				493,199
TOTAL INVESTMENTS — 99.0% (Cost $213,044,687) (c)				294,521,656
Other Assets/(Liabilities) — 1.0%				3,066,056
NET ASSETS — 100.0%			$	297,587,712

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Maturity value of $493,199. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 9/25/39, and an aggregate market value, including accrued interest, of $503,286.

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

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

126

MassMutual Premier Disciplined Growth Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.6%
COMMON STOCK — 99.6%
Basic Materials — 4.0%
Chemicals — 3.7%
Albemarle Corp.		2,000	$	125,040
Celanese Corp. Series A		7,090		312,315
CF Industries Holdings, Inc.		3,384		644,212
E.I. du Pont de Nemours & Co.		33,700		1,656,692
Eastman Chemical Co.		5,396		377,019
Ecolab, Inc.		2,778		222,740
International Flavors & Fragrances, Inc.		2,500		191,675
LyondellBasell Industries NV Class A		30,500		1,930,345
Monsanto Co.		26,370		2,785,463
NewMarket Corp.		600		156,216
PPG Industries, Inc.		6,860		918,828
Praxair, Inc.		410		45,731
Rockwood Holdings, Inc.		200		13,088
RPM International, Inc.		1,700		53,686
The Sherwin-Williams Co.		3,190		538,759
Sigma-Aldrich Corp.		3,170		246,246
The Valspar Corp.		3,500		217,875
W.R. Grace & Co. (a)		3,100		240,281
Westlake Chemical Corp.		4,400		411,400
				11,087,611
Forest Products & Paper — 0.2%
Rayonier, Inc.		3,265		194,822
Rock-Tenn Co. Class A		3,600		334,044
				528,866
Iron & Steel — 0.1%
Steel Dynamics, Inc.		26,200		415,794
Mining — 0.0%
Royal Gold, Inc.		400		28,412
Southern Copper Corp.		102		3,832
				32,244
				12,064,515
Communications — 15.3%
Advertising — 0.2%
Clear Channel Outdoor Holdings, Inc. Class A (a)		200		1,498
The Interpublic Group of Companies, Inc.		800		10,424
Lamar Advertising Co. Class A (a)		2,000		97,220
Omnicom Group, Inc.		10,100		594,890
				704,032
Internet — 5.6%
Akamai Technologies, Inc. (a)		7,100		250,559
Amazon.com, Inc. (a)		9,891		2,635,853

	Number of Shares		Value
AOL, Inc.		17,400	$	669,726
eBay, Inc. (a)		45,330		2,457,793
Equinix, Inc. (a)		1,820		393,684
Expedia, Inc.		10,600		636,106
F5 Networks, Inc. (a)		1,330		118,476
Facebook, Inc. Class A (a)		500		12,790
Google, Inc. Class A (a)		8,589		6,819,924
Groupon, Inc. (a)		1,000		6,120
HomeAway, Inc. (a)		800		26,000
IAC/InterActiveCorp		600		26,808
Liberty Interactive Corp. Class A (a)		11,200		239,456
Liberty Ventures Series A (a)		200		15,116
LinkedIn Corp. (a)		420		73,945
Netflix, Inc. (a)		1,721		325,975
Priceline.com, Inc. (a)		1,435		987,179
Rackspace Hosting, Inc. (a)		1,900		95,912
Symantec Corp. (a)		24,500		604,660
TripAdvisor, Inc. (a)		2,300		120,796
VeriSign, Inc. (a)		10,640		503,059
				17,019,937
Media — 5.3%
AMC Networks, Inc. (a)		5,200		328,536
Cablevision Systems Corp. Class A		35,800		535,568
CBS Corp. Class B		7,400		345,506
Charter Communications, Inc. Class A (a)		1,600		166,688
Comcast Corp. Class A		77,800		3,268,378
DIRECTV (a)		33,100		1,873,791
Discovery Communications, Inc. Series A (a)		7,100		559,054
DISH Network Corp. Class A		18,100		685,990
FactSet Research Systems, Inc.		1,200		111,120
John Wiley & Sons, Inc. Class A		13,400		522,064
Liberty Global, Inc. Class A (a)		11,200		822,080
The McGraw-Hill Cos., Inc.		3,470		180,718
News Corp. Class A		28,900		882,028
Scripps Networks Interactive Class A		4,400		283,096
Sirius XM Radio, Inc.		109,800		338,184
Starz - Liberty Capital (a)		31,500		697,725
Time Warner Cable, Inc.		14,490		1,391,909
Viacom, Inc. Class B		30,800		1,896,356
The Walt Disney Co.		19,200		1,090,560
				15,979,351
Telecommunications — 4.2%
Crown Castle International Corp. (a)		500		34,820
EchoStar Corp. (a)		15,800		615,726
Harris Corp.		7,670		355,428
Level 3 Communications, Inc. (a)		2,900		58,841
Motorola Solutions, Inc.		11,500		736,345
NeuStar, Inc. Class A (a)		5,400		251,262
Palo Alto Networks, Inc. (a)		1,700		96,220

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

127

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

	Number of Shares		Value
QUALCOMM, Inc.		59,290	$	3,969,465
SBA Communications Corp. Class A (a)		2,070		149,081
tw telecom, Inc. (a)		3,800		95,722
Verizon Communications, Inc.		106,200		5,219,730
Virgin Media, Inc.		15,400		754,138
Windstream Corp.		26,270		208,847
				12,545,625
				46,248,945
Consumer, Cyclical — 12.3%
Airlines — 0.8%
Copa Holdings SA Class A		8,520		1,019,077
Delta Air Lines, Inc. (a)		39,900		658,749
Southwest Airlines Co.		63,300		853,284
				2,531,110
Apparel — 0.7%
Ascena Retail Group, Inc. (a)		2,800		51,940
Carter’s, Inc. (a)		10,300		589,881
Nike, Inc. Class B		19,180		1,131,812
Ralph Lauren Corp.		1,530		259,044
VF Corp.		980		164,395
				2,197,072
Automotive & Parts — 0.5%
BorgWarner, Inc. (a)		4,540		351,124
Delphi Automotive PLC		12,700		563,880
The Goodyear Tire & Rubber Co. (a)		25,900		326,599
Visteon Corp/New (a)		1,400		80,780
WABCO Holdings, Inc. (a)		2,300		162,357
				1,484,740
Distribution & Wholesale — 0.2%
Fastenal Co.		100		5,135
Genuine Parts Co.		6,800		530,400
MRC Global, Inc. (a)		400		13,172
W.W. Grainger, Inc.		450		101,241
				649,948
Entertainment — 0.5%
Bally Technologies, Inc. (a)		4,200		218,274
Cinemark Holdings, Inc.		11,100		326,784
International Game Technology		31,700		523,050
The Madison Square Garden Co. Class A (a)		2,800		161,280
Penn National Gaming, Inc. (a)		200		10,886
Regal Entertainment Group Class A		14,300		238,381
				1,478,655
Home Builders — 0.1%
D.R. Horton, Inc.		4,000		97,200
NVR, Inc. (a)		120		129,613
Thor Industries, Inc.		4,600		169,234
				396,047

	Number of Shares		Value
Housewares — 0.1%
The Toro Co.		3,580	$	164,823
Leisure Time — 0.2%
Harley-Davidson, Inc.		7,300		389,090
Polaris Industries, Inc.		2,300		212,727
				601,817
Lodging — 0.6%
Choice Hotels International, Inc.		5,900		249,629
Las Vegas Sands Corp.		3,700		208,495
Marriott International, Inc. Class A		5,067		213,980
Starwood Hotels & Resorts Worldwide, Inc.		8,400		535,332
Wyndham Worldwide Corp.		5,600		361,088
Wynn Resorts Ltd.		2,720		340,435
				1,908,959
Retail — 8.3%
Advance Auto Parts, Inc.		2,740		226,461
American Eagle Outfitters, Inc.		33,000		617,100
AutoZone, Inc. (a)		1,168		463,427
Bed Bath & Beyond, Inc. (a)		5,300		341,426
Big Lots, Inc. (a)		2,000		70,540
Brinker International, Inc.		4,200		158,130
Chico’s FAS, Inc.		14,300		240,240
Chipotle Mexican Grill, Inc. (a)		3		978
Coach, Inc.		1,109		55,439
Copart, Inc. (a)		100		3,428
Costco Wholesale Corp.		19,460		2,064,900
CVS Caremark Corp.		15,900		874,341
Darden Restaurants, Inc.		2,700		139,536
Dick’s Sporting Goods, Inc.		400		18,920
Dollar Tree, Inc. (a)		20		969
DSW, Inc. Class A		1,700		108,460
Dunkin’ Brands Group, Inc.		3,700		136,456
Family Dollar Stores, Inc.		130		7,676
Foot Locker, Inc.		5,000		171,200
The Gap, Inc.		19,600		693,840
GNC Holdings, Inc. Class A		3,600		141,408
Hanesbrands, Inc. (a)		15,200		692,512
The Home Depot, Inc.		59,700		4,165,866
Kohl’s Corp.		7,400		341,362
Limited Brands, Inc.		5,700		254,562
Lowe’s Cos., Inc.		8,800		333,696
Macy’s, Inc.		13,900		581,576
McDonald’s Corp.		23,680		2,360,659
Michael Kors Holdings Ltd. (a)		100		5,679
MSC Industrial Direct Co., Inc. Class A		200		17,156
Nordstrom, Inc.		5,800		320,334
Nu Skin Enterprises, Inc. Class A		8,500		375,700
O’Reilly Automotive, Inc. (a)		5,480		561,974
Panera Bread Co. Class A (a)		900		148,716
PetSmart, Inc.		5,800		360,180

128

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

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

	Number of Shares		Value
PVH Corp.		3,320	$	354,609
Ross Stores, Inc.		9,180		556,492
Sally Beauty Holdings, Inc. (a)		2,100		61,698
Starbucks Corp.		18,500		1,053,760
Target Corp.		3,200		219,040
The TJX Cos., Inc.		35,120		1,641,860
Tractor Supply Co.		900		93,717
Ulta Salon Cosmetics & Fragrance, Inc. (a)		100		8,117
Urban Outfitters, Inc. (a)		6,100		236,314
Wal-Mart Stores, Inc.		48,240		3,609,799
Williams-Sonoma, Inc.		1,800		92,736
Yum! Brands, Inc.		2,940		211,504
				25,194,493
Textiles — 0.1%
Cintas Corp.		3,000		132,390
Toys, Games & Hobbies — 0.2%
Hasbro, Inc.		5,770		253,534
Mattel, Inc.		7,800		341,562
				595,096
				37,335,150
Consumer, Non-cyclical — 27.2%
Agriculture — 2.7%
Altria Group, Inc.		86,970		2,990,898
Lorillard, Inc.		18,790		758,176
Philip Morris International, Inc.		44,970		4,169,169
Reynolds American, Inc.		8,100		360,369
				8,278,612
Beverages — 3.7%
Brown-Forman Corp. Class B		987		70,472
The Coca-Cola Co.		128,560		5,198,966
Coca-Cola Enterprises, Inc.		19,300		712,556
Dr. Pepper Snapple Group, Inc.		5,800		272,310
Monster Beverage Corp. (a)		600		28,644
PepsiCo, Inc.		61,323		4,851,263
				11,134,211
Biotechnology — 2.6%
Alexion Pharmaceuticals, Inc. (a)		3,230		297,612
Amgen, Inc.		37,500		3,844,125
Biogen Idec, Inc. (a)		6,890		1,329,150
Celgene Corp. (a)		15,800		1,831,378
Charles River Laboratories International, Inc. (a)		1,300		57,551
Illumina, Inc. (a)		100		5,400
Life Technologies Corp. (a)		645		41,686
Myriad Genetics, Inc. (a)		9,500		241,300
Regeneron Pharmaceuticals, Inc. (a)		630		111,132
Vertex Pharmaceuticals, Inc. (a)		2,000		109,960
				7,869,294

	Number of Shares		Value
Commercial Services — 4.4%
Aaron’s, Inc.		2,750	$	78,870
Alliance Data Systems Corp. (a)		1,660		268,737
Apollo Group, Inc. Class A (a)		13,810		240,156
Automatic Data Processing, Inc.		11,080		720,422
Equifax, Inc.		4,100		236,119
FleetCor Technologies, Inc. (a)		4,400		337,348
Gartner, Inc. (a)		1,400		76,174
Genpact Ltd.		7,000		127,330
Global Payments, Inc.		8,150		404,729
H&R Block, Inc.		15,600		458,952
Hertz Global Holdings, Inc. (a)		18,400		409,584
Iron Mountain, Inc.		1,999		72,584
ITT Educational Services, Inc. (a)		29,500		406,510
Lender Processing Services, Inc.		27,900		710,334
MasterCard, Inc. Class A		2,446		1,323,604
McKesson Corp.		8,720		941,411
Moody’s Corp.		10,800		575,856
Morningstar, Inc.		1,500		104,880
Paychex, Inc.		6,600		231,462
Robert Half International, Inc.		4,100		153,873
Rollins, Inc.		1,400		34,370
Total System Services, Inc.		8,900		220,542
United Rentals, Inc. (a)		7,200		395,784
Vantiv, Inc. (a)		10,100		239,774
Verisk Analytics, Inc. Class A (a)		2,500		154,075
Visa, Inc. Class A		22,250		3,778,940
Weight Watchers International, Inc.		800		33,688
Western Union Co.		37,520		564,301
				13,300,409
Cosmetics & Personal Care — 0.9%
Avon Products, Inc.		22,800		472,644
Colgate-Palmolive Co.		11,730		1,384,492
The Estee Lauder Cos., Inc. Class A		2,960		189,529
The Procter & Gamble Co.		8,857		682,520
				2,729,185
Foods — 2.1%
Campbell Soup Co.		3,600		163,296
Dean Foods Co. (a)		10,900		197,617
Flowers Foods, Inc.		1,000		32,940
General Mills, Inc.		17,960		885,608
H.J. Heinz Co.		8,340		602,732
The Hershey Co.		4,000		350,120
Hillshire Brands Co.		18,880		663,632
Hormel Foods Corp.		3,000		123,960
Ingredion, Inc.		5,900		426,688
Kellogg Co.		8,240		530,903
Kraft Foods Group, Inc.		966		49,778
The Kroger Co.		31,760		1,052,526
McCormick & Co., Inc.		700		51,485
Mondelez International, Inc. Class A		2,900		88,769
Safeway, Inc.		23,000		606,050

129

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

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

	Number of Shares		Value
Sysco Corp.		5,000	$	175,850
Whole Foods Market, Inc.		2,900		251,575
				6,253,529
Health Care – Products — 2.7%
Baxter International, Inc.		9,920		720,589
Becton, Dickinson & Co.		11,670		1,115,769
C.R. Bard, Inc.		2,340		235,825
The Cooper Cos., Inc.		400		43,152
Covidien PLC		1,000		67,840
Edwards Lifesciences Corp. (a)		1,820		149,531
Henry Schein, Inc. (a)		2,100		194,355
IDEXX Laboratories, Inc. (a)		800		73,912
Intuitive Surgical, Inc. (a)		696		341,868
Johnson & Johnson		23,180		1,889,866
Medtronic, Inc.		17,690		830,722
ResMed, Inc.		10,100		468,236
St. Jude Medical, Inc.		15,340		620,350
Stryker Corp.		9,100		593,684
Techne Corp.		840		56,994
Thoratec Corp. (a)		4,000		150,000
Varian Medical Systems, Inc. (a)		2,500		180,000
Zimmer Holdings, Inc.		5,300		398,666
				8,131,359
Health Care – Services — 0.9%
Catamaran Corp. (a)		5,460		289,544
Covance, Inc. (a)		3,900		289,848
DaVita HealthCare Partners, Inc. (a)		3,330		394,905
HCA Holdings, Inc.		8,700		353,481
Laboratory Corporation of America Holdings (a)		3,210		289,542
Quest Diagnostics, Inc.		6,800		383,860
Tenet Healthcare Corp. (a)		3,600		171,288
Universal Health Services, Inc. Class B		3,600		229,932
WellPoint, Inc.		5,000		331,150
				2,733,550
Household Products — 0.8%
Church & Dwight Co., Inc.		3,360		217,157
The Clorox Co.		180		15,935
Jarden Corp. (a)		12,150		520,627
Kimberly-Clark Corp.		14,070		1,378,579
Tupperware Brands Corp.		2,000		163,480
				2,295,778
Pharmaceuticals — 6.4%
Abbott Laboratories		96,920		3,423,214
AbbVie, Inc.		97,800		3,988,284
Actavis, Inc. (a)		5,100		469,761
Allergan, Inc.		8,630		963,367
AmerisourceBergen Corp.		11,000		565,950
Bristol-Myers Squibb Co.		43,100		1,775,289
Cardinal Health, Inc.		9,200		382,904
DENTSPLY International, Inc.		1,950		82,719

	Number of Shares		Value
Eli Lilly & Co.		26,720	$	1,517,429
Endo Health Solutions, Inc. (a)		2,500		76,900
Express Scripts Holding Co. (a)		27,480		1,584,222
Gilead Sciences, Inc. (a)		38,000		1,859,340
Herbalife Ltd.		11,880		444,906
Mead Johnson Nutrition Co.		7,600		588,620
Mylan, Inc. (a)		13,500		390,690
Onyx Pharmaceuticals, Inc. (a)		1,300		115,518
Patterson Cos., Inc.		9,300		353,772
Perrigo Co.		1,690		200,654
Salix Pharmaceuticals Ltd. (a)		1,500		76,770
Sirona Dental Systems, Inc. (a)		200		14,746
United Therapeutics Corp. (a)		5,900		359,133
Warner Chilcott PLC Class A		18,300		247,965
				19,482,153
				82,208,080
Diversified — 0.1%
Holding Company – Diversified — 0.1%
Leucadia National Corp.		11,100		304,473
Energy — 2.9%
Energy – Alternate Sources — 0.1%
Covanta Holding Corp.		8,300		167,245
Oil & Gas — 0.8%
Atwood Oceanics, Inc. (a)		5,000		262,700
Cabot Oil & Gas Corp.		6,300		425,943
Cheniere Energy, Inc. (a)		2,800		78,400
Cobalt International Energy, Inc. (a)		5,300		149,460
Continental Resources, Inc. (a)		2,100		182,553
EOG Resources, Inc.		2,180		279,193
Helmerich & Payne, Inc.		10,100		613,070
Noble Energy, Inc.		2,510		290,307
Pioneer Natural Resources Co.		1,070		132,947
Questar Corp.		900		21,897
Whiting Petroleum Corp. (a)		1,400		71,176
				2,507,646
Oil & Gas Services — 1.9%
Cameron International Corp. (a)		80		5,216
Dresser-Rand Group, Inc. (a)		70		4,316
Halliburton Co.		13,700		553,617
National Oilwell Varco, Inc.		800		56,600
Oceaneering International, Inc.		5,600		371,896
Oil States International, Inc. (a)		4,900		399,693
RPC, Inc.		71,050		1,077,828
Schlumberger Ltd.		43,000		3,220,270
SEACOR Holdings, Inc.		400		29,472
				5,718,908
Pipelines — 0.1%
ONEOK, Inc.		4,800		228,816
The Williams Cos., Inc.		3,200		119,872
				348,688
				8,742,487

130

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

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

	Number of Shares		Value
Financial — 4.6%
Banks — 0.1%
Signature Bank (a)		1,500	$	118,140
Diversified Financial — 1.8%
Affiliated Managers Group, Inc. (a)		1,860		285,640
American Express Co.		24,000		1,619,040
BlackRock, Inc.		3,360		863,117
CBOE Holdings, Inc.		2,000		73,880
Eaton Vance Corp.		3,500		146,405
Federated Investors, Inc. Class B		28,680		678,856
Franklin Resources, Inc.		1,730		260,901
IntercontinentalExchange, Inc. (a)		1,600		260,912
Lazard Ltd. Class A		8,500		290,105
LPL Financial Holdings, Inc.		1,700		54,808
T. Rowe Price Group, Inc.		7,400		554,038
Waddell & Reed Financial, Inc. Class A		8,800		385,264
				5,472,966
Insurance — 1.4%
Allied World Assurance Co. Holdings Ltd.		9,000		834,480
Aon PLC		1,300		79,950
Arch Capital Group Ltd. (a)		10,000		525,700
Arthur J. Gallagher & Co.		3,200		132,192
Endurance Specialty Holdings Ltd.		14,800		707,588
Erie Indemnity Co. Class A		90		6,798
The Hanover Insurance Group, Inc.		900		44,712
Marsh & McLennan Cos., Inc.		17,600		668,272
The Travelers Cos., Inc.		11,200		942,928
Validus Holdings Ltd.		9,200		343,804
				4,286,424
Real Estate — 0.2%
CBRE Group, Inc. (a)		9,600		242,400
Realogy Holdings Corp. (a)		6,200		302,808
The St. Joe Co. (a)		300		6,375
				551,583
Real Estate Investment Trusts (REITS) — 1.1%
American Tower Corp.		3,215		247,298
Apartment Investment & Management Co. Class A		1,400		42,924
Boston Properties, Inc.		930		93,986
BRE Properties, Inc.		400		19,472
Camden Property Trust		1,600		109,888
Digital Realty Trust, Inc.		1,900		127,129
Equity Residential		500		27,530
Essex Property Trust, Inc.		1,370		206,295
Extra Space Storage, Inc.		4,400		172,788
Federal Realty Investment Trust		1,030		111,281
HCP, Inc.		2,800		139,608
Kilroy Realty Corp.		1,100		57,640
Mid-America Apartment Communities, Inc.		1,200		82,872

	Number of Shares		Value
Plum Creek Timber Co., Inc.		6,600	$	344,520
Post Properties, Inc.		3,400		160,140
Public Storage		3,580		545,305
Regency Centers Corp.		2,100		111,111
Simon Property Group, Inc.		3,049		483,449
Weyerhaeuser Co.		7,800		244,764
				3,328,000
Savings & Loans — 0.0%
People’s United Financial, Inc.		8,000		107,520
				13,864,633
Industrial — 12.5%
Aerospace & Defense — 2.8%
BE Aerospace, Inc. (a)		2,600		156,754
The Boeing Co.		39,500		3,391,075
Lockheed Martin Corp.		10,530		1,016,356
Rockwell Collins, Inc.		6,400		403,968
Spirit AeroSystems Holdings, Inc. Class A (a)		6,700		127,233
TransDigm Group, Inc.		1,620		247,730
United Technologies Corp.		34,670		3,239,218
				8,582,334
Building Materials — 0.2%
Armstrong World Industries, Inc.		800		44,712
Fortune Brands Home & Security, Inc. (a)		700		26,201
Lennox International, Inc.		1,410		89,521
Martin Marietta Materials, Inc.		1,040		106,101
Masco Corp.		13,200		267,300
				533,835
Electrical Components & Equipment — 0.9%
AMETEK, Inc.		9,675		419,508
The Babcock & Wilcox Co.		3,400		96,594
Emerson Electric Co.		28,610		1,598,441
General Cable Corp. (a)		12,400		454,212
Hubbell, Inc. Class B		2,100		203,931
				2,772,686
Electronics — 0.8%
Agilent Technologies, Inc.		7,820		328,205
Amphenol Corp. Class A		6,100		455,365
Dolby Laboratories, Inc. Class A		4,530		152,027
FLIR Systems, Inc.		4,900		127,449
Garmin Ltd.		7,240		239,210
Gentex Corp/MI		18,460		369,384
Jabil Circuit, Inc.		12,700		234,696
Mettler-Toledo International, Inc. (a)		780		166,312
Trimble Navigation Ltd. (a)		5,420		162,383
Waters Corp. (a)		2,190		205,663
				2,440,694

131

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

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

	Number of Shares		Value
Engineering & Construction — 0.3%
Chicago Bridge & Iron Co. NV		4,000	$	248,400
Fluor Corp.		9,600		636,768
				885,168
Environmental Controls — 0.1%
Clean Harbors, Inc. (a)		700		40,663
Stericycle, Inc. (a)		1,630		173,073
Waste Connections, Inc.		3,300		118,734
				332,470
Hand & Machine Tools — 0.2%
Lincoln Electric Holdings, Inc.		6,700		363,006
Snap-on, Inc.		2,800		231,560
				594,566
Machinery – Construction & Mining — 0.7%
Caterpillar, Inc.		13,490		1,173,225
Ingersoll-Rand PLC		13,300		731,633
Joy Global, Inc.		4,300		255,936
				2,160,794
Machinery – Diversified — 1.1%
Cummins, Inc.		390		45,166
Deere & Co.		11,300		971,574
Flowserve Corp.		1,930		323,680
Graco, Inc.		1,200		69,636
IDEX Corp.		1,950		104,169
The Manitowoc Co., Inc.		4,500		92,520
Nordson Corp.		2,200		145,090
Rockwell Automation, Inc.		5,400		466,290
Roper Industries, Inc.		4,510		574,168
Wabtec Corp.		1,400		142,954
Zebra Technologies Corp. Class A (a)		8,450		398,249
				3,333,496
Manufacturing — 2.9%
3M Co.		24,300		2,583,333
Carlisle Cos., Inc.		7,500		508,425
Danaher Corp.		9,720		604,098
Donaldson Co., Inc.		200		7,238
Eaton Corp. PLC		1,428		87,465
Honeywell International, Inc.		30,260		2,280,091
Illinois Tool Works, Inc.		17,100		1,042,074
ITT Corp.		14,000		398,020
Pall Corp.		3,300		225,621
Parker Hannifin Corp.		2,700		247,266
Textron, Inc.		24,000		715,440
				8,699,071
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp.		210		39,820
The Timken Co.		2,600		147,108
Valmont Industries, Inc.		920		144,689
				331,617

	Number of Shares		Value
Packaging & Containers — 0.5%
Ball Corp.		10,400	$	494,832
Crown Holdings, Inc. (a)		5,600		233,016
Owens-Illinois, Inc. (a)		20,100		535,665
Packaging Corporation of America		3,300		148,071
Silgan Holdings, Inc.		1,500		70,875
				1,482,459
Transportation — 1.9%
C.H. Robinson Worldwide, Inc.		2,800		166,488
Con-way, Inc.		1,200		42,252
CSX Corp.		19,300		475,359
Era Group, Inc. (a)		13,500		283,500
Expeditors International of Washington, Inc.		2,700		96,417
FedEx Corp.		500		49,100
J.B. Hunt Transport Services, Inc.		100		7,448
Kansas City Southern		2,600		288,340
Kirby Corp. (a)		40		3,072
Landstar System, Inc.		1,060		60,515
Matson, Inc.		8,200		201,720
Union Pacific Corp.		18,740		2,668,763
United Continental Holdings, Inc. (a)		11,455		366,675
United Parcel Service, Inc. Class B		10,000		859,000
				5,568,649
				37,717,839
Technology — 20.6%
Computers — 11.2%
Accenture PLC Class A		26,900		2,043,593
Apple, Inc.		38,309		16,956,713
Cadence Design Systems, Inc. (a)		19,800		275,814
Cognizant Technology Solutions Corp. Class A (a)		1,400		107,254
Diebold, Inc.		200		6,064
DST Systems, Inc.		11,220		799,649
EMC Corp. (a)		81,380		1,944,168
Fortinet, Inc. (a)		1,200		28,416
IHS, Inc. Class A (a)		200		20,944
International Business Machines Corp.		42,360		9,035,388
Jack Henry & Associates, Inc.		7,500		346,575
MICROS Systems, Inc. (a)		600		27,306
NCR Corp. (a)		11,360		313,082
NetApp, Inc. (a)		11,460		391,474
Riverbed Technology, Inc. (a)		7,500		111,825
Synopsys, Inc. (a)		11,400		409,032
Teradata Corp. (a)		2,200		128,722
Western Digital Corp.		16,200		814,536
				33,760,555
Office Equipment/Supplies — 0.3%
Pitney Bowes, Inc.		67,600		1,004,536

132

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

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

	Number of Shares		Value
Semiconductors — 2.0%
Advanced Micro Devices, Inc. (a)		47,100	$	120,105
Altera Corp.		1,000		35,470
Analog Devices, Inc.		1,080		50,209
Avago Technologies Ltd.		5,700		204,744
Broadcom Corp. Class A		8,000		277,360
Cypress Semiconductor Corp.		1,900		20,957
Freescale Semiconductor Ltd. (a)		15,800		235,262
Intel Corp.		120,700		2,637,295
Lam Research Corp. (a)		1,300		53,898
Linear Technology Corp.		8,620		330,749
LSI Corp. (a)		21,900		148,482
Maxim Integrated Products, Inc.		5,500		179,575
Microchip Technology, Inc.		6,600		242,616
Rovi Corp. (a)		8,600		184,126
Silicon Laboratories, Inc. (a)		1,400		57,904
Skyworks Solutions, Inc. (a)		3,000		66,090
Teradyne, Inc. (a)		2,500		40,550
Texas Instruments, Inc.		26,050		924,254
Xilinx, Inc.		9,610		366,814
				6,176,460
Software — 7.1%
Adobe Systems, Inc. (a)		9,650		419,872
ANSYS, Inc. (a)		2,300		187,266
Autodesk, Inc. (a)		5,550		228,882
BMC Software, Inc. (a)		12,430		575,882
Broadridge Financial Solutions, Inc.		11,660		289,634
CA, Inc.		28,300		712,311
Cerner Corp. (a)		2,000		189,500
Citrix Systems, Inc. (a)		4,300		310,288
Compuware Corp. (a)		12,100		151,250
The Dun & Bradstreet Corp.		5,220		436,653
Fiserv, Inc. (a)		5,250		461,107
Intuit, Inc.		4,660		305,929
Microsoft Corp.		327,660		9,374,353
MSCI, Inc. (a)		2,700		91,611
NetSuite, Inc. (a)		300		24,018
Nuance Communications, Inc. (a)		2,600		52,468
Oracle Corp.		200,900		6,497,106
Red Hat, Inc. (a)		700		35,392
SAIC, Inc.		16,600		224,930
Salesforce.com, Inc. (a)		920		164,524
SEI Investments Co.		1,900		54,815
Servicenow, Inc. (a)		200		7,240
Solarwinds, Inc. (a)		4,600		271,860
Solera Holdings, Inc.		3,800		221,654
VeriFone Systems, Inc. (a)		2,500		51,700
VMware, Inc. Class A (a)		580		45,750
				21,385,995
				62,327,546

	Number of Shares		Value
Utilities — 0.1%
Electric — 0.0%
ITC Holdings Corp.		1,300	$	116,038
Pipelines — 0.1%
Kinder Morgan, Inc.		5,454		210,961
Water — 0.0%
Aqua America, Inc.		5,200		163,488
				490,487
TOTAL COMMON STOCK (Cost $263,732,264)				301,304,155
TOTAL EQUITIES (Cost $263,732,264)				301,304,155
TOTAL LONG-TERM INVESTMENTS (Cost $263,732,264)				301,304,155
	Principal Amount
SHORT-TERM INVESTMENTS — 0.3%
Repurchase Agreement — 0.3%
State Street Bank & Trust Co. Repurchase Agreement, dated 03/28/13, 0.010%, due 4/01/13 (b)	$	752,882		752,882
Time Deposits — 0.0%
Euro Time Deposit 0.010% 4/01/13		93,940		93,940
TOTAL SHORT-TERM INVESTMENTS (Cost $846,822)				846,822
TOTAL INVESTMENTS — 99.9% (Cost $264,579,086) (c)				302,150,977
Other Assets/(Liabilities) — 0.1%				240,557
NET ASSETS — 100.0%			$	302,391,534

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Maturity value of $752,883. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 12/01/26, and an aggregate market value, including accrued interest, of $769,359.

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

133

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

MassMutual Premier Small Cap Opportunities Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.6%
COMMON STOCK — 96.6%
Basic Materials — 7.0%
Chemicals — 3.4%
A. Schulman, Inc.		43,311	$	1,366,895
Cytec Industries, Inc.		31,177		2,309,592
W.R. Grace & Co. (a)		20,308		1,574,073
				5,250,560
Forest Products & Paper — 1.5%
P.H. Glatfelter Co.		98,829		2,310,622
Mining — 2.1%
Compass Minerals International, Inc.		21,674		1,710,079
Kaiser Aluminum Corp.		23,860		1,542,549
				3,252,628
				10,813,810
Communications — 4.2%
Internet — 1.5%
TIBCO Software, Inc. (a)		111,749		2,259,565
Telecommunications — 2.7%
Aruba Networks, Inc. (a)		113,881		2,817,416
Finisar Corp. (a) (b)		102,837		1,356,420
				4,173,836
				6,433,401
Consumer, Cyclical — 10.9%
Automotive & Parts — 1.6%
Dana Holding Corp.		139,796		2,492,563
Distribution & Wholesale — 1.4%
Fossil, Inc. (a)		8,694		839,840
Pool Corp.		26,692		1,281,216
				2,121,056
Home Builders — 0.5%
Toll Brothers, Inc. (a)		24,623		843,091
Retail — 6.0%
Brinker International, Inc.		20,200		760,530
Dunkin’ Brands Group, Inc.		62,374		2,300,353
Nu Skin Enterprises, Inc. Class A (b)		36,750		1,624,350
Pier 1 Imports, Inc.		126,453		2,908,419
Texas Roadhouse, Inc.		82,040		1,656,388
				9,250,040
Storage & Warehousing — 1.4%
Mobile Mini, Inc. (a)		40,730		1,198,684
Wesco Aircraft Holdings, Inc. (a)		61,000		897,920
				2,096,604
				16,803,354

	Number of Shares		Value
Consumer, Non-cyclical — 20.7%
Biotechnology — 0.3%
Merrimack Pharmaceuticals, Inc. (a) (b)		62,350	$	380,335
Commercial Services — 8.7%
Bright Horizons Family Solutions, Inc. (a) (b)		24,890		841,033
KAR Auction Services, Inc.		116,660		2,336,700
Korn/Ferry International (a)		114,033		2,036,629
MAXIMUS, Inc.		18,629		1,489,761
Monro Muffler Brake, Inc. (b)		39,812		1,580,934
Robert Half International, Inc.		92,141		3,458,052
Team Health Holdings, Inc. (a)		45,520		1,656,018
				13,399,127
Foods — 1.5%
Flowers Foods, Inc.		70,800		2,332,152
Health Care – Products — 2.3%
Cepheid, Inc. (a)		35,420		1,359,065
Dexcom, Inc. (a)		72,680		1,215,210
Orthofix International NV (a)		28,301		1,015,157
				3,589,432
Health Care – Services — 4.9%
Community Health Systems, Inc.		35,350		1,675,236
HealthSouth Corp. (a)		88,153		2,324,595
WellCare Health Plans, Inc. (a)		61,720		3,577,291
				7,577,122
Pharmaceuticals — 3.0%
Achillion Pharmaceuticals, Inc. (a)		59,935		523,832
Medivation, Inc. (a)		15,880		742,708
Questcor Pharmaceuticals, Inc. (b)		33,835		1,100,991
Santarus, Inc. (a)		88,135		1,527,380
Sarepta Therapeutics, Inc. (a) (b)		16,730		618,173
				4,513,084
				31,791,252
Energy — 4.4%
Energy – Alternate Sources — 0.7%
Renewable Energy Group, Inc. (a)		129,672		997,178
Oil & Gas — 3.1%
CVR Energy, Inc. (c)		5,896		-
EPL Oil & Gas, Inc. (a)		142,205		3,812,516
Western Refining, Inc. (b)		26,960		954,654
				4,767,170
Pipelines — 0.6%
MPLX LP		24,690		924,640
				6,688,988

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

134

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

	Number of Shares		Value
Financial — 23.1%
Banks — 2.1%
CapitalSource, Inc.		148,702	$	1,430,513
FirstMerit Corp. (b)		113,049		1,868,700
				3,299,213
Diversified Financial — 3.2%
Financial Engines, Inc.		68,104		2,466,727
Ocwen Financial Corp. (a)		35,384		1,341,761
WisdomTree Investments, Inc. (a)		109,690		1,140,776
				4,949,264
Insurance — 1.6%
Alterra Capital Holdings Ltd.		20,985		661,028
AmTrust Financial Services, Inc. (b)		50,762		1,758,903
				2,419,931
Investment Companies — 1.8%
Home Loan Servicing Solutions Ltd.		116,140		2,709,546
Real Estate Investment Trusts (REITS) — 10.6%
Apollo Commercial Real Estate Finance, Inc.		11,370		199,998
Ares Commercial Real Estate Corp.		42,689		722,298
CapLease, Inc.		183,690		1,170,105
Chatham Lodging Trust		72,795		1,281,920
CYS Investments, Inc.		126,339		1,483,220
Hatteras Financial Corp.		100,935		2,768,647
LaSalle Hotel Properties		120,136		3,049,052
Mid-America Apartment Communities, Inc.		41,951		2,897,136
Starwood Property Trust, Inc.		97,246		2,699,549
				16,271,925
Savings & Loans — 3.8%
BankUnited, Inc.		112,248		2,875,794
First Niagara Financial Group, Inc.		217,500		1,927,050
Oritani Financial Corp.		72,428		1,121,910
				5,924,754
				35,574,633
Industrial — 16.1%
Aerospace & Defense — 1.6%
BE Aerospace, Inc. (a)		28,430		1,714,045
Triumph Group, Inc.		10,080		791,280
				2,505,325
Building Materials — 0.1%
Boise Cascade Co. (a)		4,970		168,682
Electrical Components & Equipment — 0.9%
Greatbatch, Inc. (a)		48,182		1,439,196
Electronics — 2.4%
Imax Corp. (a) (b)		138,191		3,693,845

	Number of Shares		Value
Engineering & Construction — 1.5%
AECOM Technology Corp. (a)		30,536	$	1,001,581
KBR, Inc.		41,216		1,322,209
				2,323,790
Environmental Controls — 1.5%
Waste Connections, Inc.		63,104		2,270,482
Hand & Machine Tools — 1.0%
Regal-Beloit Corp.		18,980		1,548,009
Machinery – Diversified — 1.1%
Wabtec Corp.		15,961		1,629,778
Packaging & Containers — 1.2%
Packaging Corporation of America		41,049		1,841,868
Transportation — 3.8%
Atlas Air Worldwide Holdings, Inc. (a)		24,690		1,006,364
Hub Group, Inc. Class A (a)		51,377		1,975,960
Old Dominion Freight Line, Inc. (a)		40,301		1,539,498
Swift Transportation Co. (a)		89,479		1,268,812
				5,790,634
Trucking & Leasing — 1.0%
The Greenbrier Cos., Inc. (a)		68,900		1,564,719
				24,776,328
Technology — 9.1%
Computers — 2.6%
Fortinet, Inc. (a)		123,247		2,918,489
j2 Global, Inc.		28,576		1,120,465
				4,038,954
Semiconductors — 4.8%
Cavium, Inc. (a)		53,810		2,088,366
Cirrus Logic, Inc. (a)		32,890		748,248
Semtech Corp. (a)		74,819		2,647,844
Skyworks Solutions, Inc. (a)		85,928		1,892,994
				7,377,452
Software — 1.7%
Guidewire Software, Inc. (a)		23,350		897,574
Servicenow, Inc. (a) (b)		21,790		788,798
Splunk, Inc. (a)		20,703		828,741
				2,515,113
				13,931,519
Utilities — 1.1%
Gas — 0.6%
PAA Natural Gas Storage LP		41,090		878,915
Water — 0.5%
Aqua America, Inc.		27,397		861,362
				1,740,277

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

135

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

	Number of Shares		Value
TOTAL COMMON STOCK (Cost $125,326,915)			$	148,553,562
TOTAL EQUITIES (Cost $125,326,915)				148,553,562
MUTUAL FUNDS — 8.3%
Diversified Financial — 8.3%
State Street Navigator Securities Lending Prime Portfolio (d)		12,812,845		12,812,845
TOTAL MUTUAL FUNDS (Cost $12,812,845)				12,812,845
RIGHTS — 0.0%
Consumer, Non-cyclical — 0.0%
Pharmaceuticals — 0.0%
Indevus Pharmaceuticals, Inc. (Escrow Shares) (a) (b) (c)		600		-
TOTAL RIGHTS (Cost $0)				-
TOTAL LONG-TERM INVESTMENTS (Cost $138,139,760)				161,366,407
	Principal Amount
SHORT-TERM INVESTMENTS — 2.5%
Repurchase Agreement — 2.5%
State Street Bank & Trust Co. Repurchase Agreement, dated 03/28/13, 0.010%, due 4/01/13 (e)	$	3,793,775		3,793,775
Time Deposits — 0.0%
Euro Time Deposit 0.010% 4/01/13		19,124		19,124
TOTAL SHORT-TERM INVESTMENTS (Cost $3,812,899)				3,812,899
TOTAL INVESTMENTS — 107.4% (Cost $141,952,659) (f)				165,179,306
Other Assets/(Liabilities) — (7.4)%				(11,370,103	)
NET ASSETS — 100.0%			$	153,809,203

Notes to Portfolio of Investments

(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, 2013, was $12,495,485. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2013, these securities amounted to a value of $0 or 0.00% of net assets.

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

(e) Maturity value of $3,793,779. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 2/01/32, and an aggregate market value, including accrued interest, of $3,870,509.

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

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

136

MassMutual Premier Global Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.3%
COMMON STOCK — 96.5%
Basic Materials — 1.2%
Chemicals — 1.0%
Linde AG		21,019	$	3,909,978
Mining — 0.2%
Iluka Resources Ltd. (a)		77,500		757,783
				4,667,761
Communications — 15.9%
Internet — 4.9%
eBay, Inc. (b)		158,800		8,610,136
Facebook, Inc. Class A (b)		94,510		2,417,566
Google, Inc. Class A (b)		10,710		8,504,061
				19,531,763
Media — 5.0%
Grupo Televisa SAB Sponsored ADR (Mexico)		133,360		3,548,710
The McGraw-Hill Cos., Inc.		119,680		6,232,934
The Walt Disney Co.		132,600		7,531,680
Zee Entertainment Enterprises Ltd.		570,693		2,218,811
				19,532,135
Telecommunications — 6.0%
Juniper Networks, Inc. (b)		205,700		3,813,678
KDDI Corp. (a)		131,846		5,516,172
Telefonaktiebolaget LM Ericsson Class B		1,138,017		14,199,554
				23,529,404
				62,593,302
Consumer, Cyclical — 9.9%
Apparel — 1.0%
Tod’s SpA (a)		28,458		4,083,728
Entertainment — 0.4%
Lottomatica SpA		63,438		1,493,576
Leisure Time — 1.3%
Carnival Corp.		147,030		5,043,129
Retail — 7.1%
E-Mart Co. Ltd.		1,745		344,191
Inditex SA		50,364		6,711,729
McDonald’s Corp.		70,380		7,016,182
PPR		35,250		7,760,534
Tiffany & Co.		85,970		5,978,354
				27,810,990
Textiles — 0.1%
Brunello Cucinelli SpA (a) (b)		20,760		437,433
				38,868,856

	Number of Shares		Value
Consumer, Non-cyclical — 18.7%
Beverages — 3.1%
Carlsberg A/S Class B (a)		27,970	$	2,728,257
Companhia de Bebidas das Americas ADR (Brazil)		82,000		3,471,060
Fomento Economico Mexicano SAB de CV		536,962		6,095,465
				12,294,782
Biotechnology — 0.3%
Vertex Pharmaceuticals, Inc. (b)		19,210		1,056,166
Cosmetics & Personal Care — 2.0%
Colgate-Palmolive Co.		65,730		7,758,112
Foods — 3.1%
Nestle SA		65,630		4,748,069
Unilever PLC		175,672		7,453,286
				12,201,355
Health Care – Products — 1.9%
St. Jude Medical, Inc.		42,390		1,714,252
Zimmer Holdings, Inc.		75,150		5,652,783
				7,367,035
Health Care – Services — 3.3%
Aetna, Inc.		119,480		6,107,817
WellPoint, Inc.		107,260		7,103,830
				13,211,647
Pharmaceuticals — 5.0%
Allergan, Inc.		13,300		1,484,679
Bayer AG		61,290		6,323,765
Gilead Sciences, Inc. (b)		80,560		3,941,801
Medivation, Inc. (b)		20,930		978,896
Roche Holding AG		18,453		4,308,280
Theravance, Inc. (a) (b)		83,430		1,970,617
ThromboGenics NV (b)		13,372		645,563
				19,653,601
				73,542,698
Diversified — 2.0%
Holding Company – Diversified — 2.0%
LVMH Moet Hennessy Louis Vuitton SA		45,290		7,780,665
Energy — 3.2%
Oil & Gas — 0.7%
Repsol YPF SA		133,780		2,722,051
Oil & Gas Services — 2.5%
Technip SA		60,550		6,211,588
Transocean Ltd.		72,912		3,788,508
				10,000,096
				12,722,147

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

137

MassMutual Premier Global Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Financial — 15.9%
Banks — 5.1%
Banco Bilbao Vizcaya Argentaria SA		534,499	$	4,660,828
ICICI Bank Ltd. Sponsored ADR (India) (a)		138,710		5,950,659
Itau Unibanco Holding SA Sponsored ADR (Brazil)		235,510		4,192,078
Societe Generale SA (b)		48,220		1,590,737
Sumitomo Mitsui Financial Group, Inc. (a)		87,400		3,586,508
				19,980,810
Diversified Financial — 5.6%
BM&F BOVESPA SA		580,300		3,917,007
Citigroup, Inc.		70,890		3,136,174
Credit Suisse Group		90,619		2,391,567
The Goldman Sachs Group, Inc.		23,280		3,425,652
Moscow Exchange OAO (b)		818,958		1,491,650
UBS AG		506,215		7,774,029
				22,136,079
Insurance — 4.7%
Allianz SE		45,678		6,206,584
The Dai-ichi Life Insurance Co. Ltd.		3,117		4,187,375
Fidelity National Financial, Inc. Class A		95,480		2,408,961
Prudential PLC		353,262		5,748,427
				18,551,347
Real Estate — 0.5%
DLF Ltd.		439,907		1,922,769
				62,591,005
Industrial — 16.4%
Aerospace & Defense — 3.5%
Embraer SA Sponsored ADR (Brazil)		119,000		4,244,730
European Aeronautic Defence and Space Co.		186,720		9,519,833
				13,764,563
Electrical Components & Equipment — 1.4%
Emerson Electric Co.		61,210		3,419,803
Prysmian SpA		96,680		1,994,229
				5,414,032
Electronics — 4.7%
Fanuc Corp.		16,400		2,523,078
Hoya Corp. (a)		18,900		355,547
Keyence Corp.		15,420		4,737,238
Kyocera Corp.		26,200		2,405,324
Murata Manufacturing Co. Ltd. (a)		79,810		6,030,795
Nidec Corp. (a)		38,100		2,282,804
				18,334,786
Machinery – Diversified — 0.7%
FLSmidth & Co. A/S (a)		46,037		2,796,919

	Number of Shares		Value
Manufacturing — 3.5%
3M Co.		56,180	$	5,972,496
Siemens AG		73,001		7,864,395
				13,836,891
Metal Fabricate & Hardware — 1.6%
Assa Abloy AB Series B		158,654		6,489,465
Transportation — 1.0%
United Parcel Service, Inc. Class B		48,020		4,124,918
				64,761,574
Technology — 12.8%
Computers — 0.5%
Fusion-io, Inc. (a) (b)		115,830		1,896,137
Semiconductors — 4.4%
Altera Corp.		200,070		7,096,483
Maxim Integrated Products, Inc.		208,410		6,804,587
Taiwan Semiconductor Manufacturing Co. Ltd.		1,086,505		3,629,880
				17,530,950
Software — 7.9%
Adobe Systems, Inc. (b)		143,290		6,234,548
Infosys Technologies Ltd.		75,509		4,033,796
Intuit, Inc.		93,130		6,113,984
Microsoft Corp.		187,800		5,372,958
SAP AG		114,528		9,178,222
				30,933,508
				50,360,595
Utilities — 0.5%
Electric — 0.5%
Fortum OYJ		102,617		2,074,199
TOTAL COMMON STOCK (Cost $270,829,411)				379,962,802
PREFERRED STOCK — 1.8%
Consumer, Cyclical — 1.8%
Auto Manufacturers — 1.8%
Bayerische Motoren Werke AG 5.450%		113,107		7,227,256
TOTAL PREFERRED STOCK (Cost $4,222,177)				7,227,256
TOTAL EQUITIES (Cost $275,051,588)				387,190,058
MUTUAL FUNDS — 7.5%
Diversified Financial — 7.5%
Oppenheimer Institutional Money Market Fund Class E (c)		6,126,494		6,126,494

138

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

MassMutual Premier Global Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
State Street Navigator Securities Lending Prime Portfolio (d)		23,434,876	$	23,434,876
				29,561,370
TOTAL MUTUAL FUNDS (Cost $29,561,370)				29,561,370
TOTAL LONG-TERM INVESTMENTS (Cost $304,612,958)				416,751,428
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Time Deposits — 0.1%
Euro Time Deposit 0.010% 4/01/13	$	289,127		289,127
TOTAL SHORT-TERM INVESTMENTS (Cost $289,127)				289,127
TOTAL INVESTMENTS —105.9% (Cost $304,902,085) (e)				417,040,555
Other Assets/(Liabilities) — (5.9)%				(23,131,296	)
NET ASSETS — 100.0%			$	393,909,259

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2013, was $22,400,308. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(b) Non-income producing security.

(c) Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers).

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

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

139

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

MassMutual Premier International Equity Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.5%
COMMON STOCK — 96.5%
Basic Materials — 3.1%
Chemicals — 2.9%
Brenntag AG		45,922	$	7,171,918
Filtrona PLC		723,810		8,029,943
				15,201,861
Mining — 0.2%
Orica Ltd.		36,286		926,026
				16,127,887
Communications — 12.2%
Internet — 2.6%
Ctrip.com International Ltd. ADR (Cayman Islands) (a) (b)		97,500		2,084,550
United Internet AG		283,290		6,890,547
Yahoo! Japan Corp. (b)		3,573		1,646,385
Yoox SpA (a)		156,702		2,939,914
				13,561,396
Media — 0.7%
Grupo Televisa SAB Sponsored ADR (Mexico)		57,330		1,525,551
Zee Entertainment Enterprises Ltd.		461,759		1,795,284
				3,320,835
Telecommunications — 8.9%
BT Group PLC		3,037,239		12,797,691
Inmarsat PLC		509,530		5,451,621
SES SA		119,880		3,759,090
Telecity Group PLC		365,830		5,034,487
Telefonaktiebolaget LM Ericsson Class B		723,063		9,021,984
Virgin Media, Inc.		91,780		4,494,467
Ziggo NV		140,638		4,951,595
				45,510,935
				62,393,166
Consumer, Cyclical — 12.7%
Apparel — 0.9%
Burberry Group PLC		235,988		4,769,881
Auto Manufacturers — 0.7%
Bayerische Motoren Werke AG		40,516		3,497,835
Distribution & Wholesale — 1.1%
Wolseley PLC		108,408		5,417,763
Entertainment — 1.7%
William Hill PLC		1,507,265		8,503,104
Home Furnishing — 0.8%
SEB SA		61,829		4,276,742
Leisure Time — 1.4%
Carnival Corp.		210,780		7,229,754

	Number of Shares		Value
Retail — 6.0%
Cie Financiere Richemont SA		24,245	$	1,905,919
Domino’s Pizza UK & IRL PLC		595,580		5,460,323
Inditex SA		51,368		6,845,526
PPR		31,880		7,018,605
Shoppers Drug Mart Corp. (b)		171,758		7,349,826
Swatch Group AG		3,389		1,973,126
				30,553,325
Toys, Games & Hobbies — 0.1%
Nintendo Co. Ltd. (b)		5,900		638,472
				64,886,876
Consumer, Non-cyclical — 29.7%
Agriculture — 0.2%
Swedish Match AB		38,054		1,182,454
Beverages — 5.7%
C&C Group PLC		909,056		5,913,652
Diageo PLC		196,020		6,172,464
Heineken NV		126,624		9,558,334
Pernod-Ricard SA		59,055		7,366,517
				29,010,967
Biotechnology — 1.4%
Ceres, Inc. (a) (b)		73,793		256,800
CSL Ltd.		115,500		7,152,485
				7,409,285
Commercial Services — 7.5%
Aggreko PLC		109,890		2,987,724
Benesse Holdings, Inc. (b)		88,447		3,765,554
BTG PLC (a)		158,269		859,386
Bunzl PLC		430,020		8,480,530
Dignity PLC		260,792		5,637,143
Edenred		51,720		1,693,564
Experian PLC		606,956		10,555,695
MegaStudy Co. Ltd.		7,179		460,478
Prosegur Cia de Seguridad SA		693,205		3,823,580
Zee Learn Ltd. (a)		152,101		60,823
				38,324,477
Cosmetics & Personal Care — 0.3%
L’Oreal		10,620		1,685,073
Foods — 4.3%
Aryzta AG		122,415		7,233,094
Barry Callebaut AG		4,863		4,693,083
Nestle SA		21,643		1,565,785
Unilever PLC		147,456		6,256,158
Woolworths Ltd.		66,865		2,360,053
				22,108,173
Health Care – Products — 4.8%
Cie Generale d’Optique Essilor International SA		51,140		5,692,062

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

140

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

	Number of Shares		Value
DiaSorin SpA (b)		103,099	$	3,609,254
Luxottica Group SpA		107,015		5,375,121
Ortivus AB Class A (a)		84,243		76,273
Ortivus AB Class B (a)		625,144		362,950
Sonova Holding AG		40,671		4,884,436
Straumann Holding AG (b)		3,333		450,147
William Demant Holding (a) (b)		48,112		4,037,930
				24,488,173
Health Care – Services — 1.1%
Sonic Healthcare Ltd.		379,967		5,544,743
Household Products — 1.1%
Reckitt Benckiser Group PLC		74,882		5,373,192
Pharmaceuticals — 3.3%
Grifols SA (a)		202,394		7,526,003
Novogen Ltd. (a) (b)		1,019,755		190,944
Roche Holding AG		39,217		9,156,115
				16,873,062
				151,999,599
Diversified — 0.9%
Holding Company – Diversified — 0.9%
LVMH Moet Hennessy Louis Vuitton SA		25,600		4,397,991
Energy — 3.1%
Oil & Gas — 1.2%
BG Group PLC		294,670		5,058,546
Cairn Energy PLC (a)		266,321		1,105,203
				6,163,749
Oil & Gas Services — 1.9%
Hunting PLC		45,390		613,253
Saipem SpA		46,440		1,431,187
Schoeller-Bleckmann Oilfield Equipment AG		31,158		3,115,279
Technip SA		44,320		4,546,616
				9,706,335
				15,870,084
Financial — 4.7%
Banks — 0.9%
ICICI Bank Ltd. Sponsored ADR (India)		105,545		4,527,881
Diversified Financial — 2.7%
BinckBank NV		209,417		1,970,682
Housing Development Finance Corp.		43,522		659,879
ICAP PLC		1,038,155		4,585,621
Tullett Prebon PLC		605,520		2,386,598
UBS AG		293,041		4,500,280
				14,103,060

	Number of Shares		Value
Insurance — 1.1%
Prudential PLC		344,478	$	5,605,490
				24,236,431
Industrial — 19.4%
Aerospace & Defense — 2.1%
Empresa Brasileira de Aeronautica SA		671,619		5,982,503
European Aeronautic Defence and Space Co.		93,950		4,789,997
				10,772,500
Building Materials — 2.7%
James Hardie Industries NV		875,200		9,154,972
Sika AG		1,842		4,479,373
				13,634,345
Electrical Components & Equipment — 2.0%
Legrand SA		114,810		5,009,483
Schneider Electric SA		68,450		5,006,630
				10,016,113
Electronics — 3.6%
Fanuc Corp.		14,600		2,246,155
Hoya Corp. (b)		257,600		4,845,979
Ibiden Co. Ltd. (b)		30,994		485,214
Keyence Corp.		20,709		6,362,092
Nidec Corp. (b)		41,900		2,510,485
Omron Corp.		73,321		1,855,891
				18,305,816
Engineering & Construction — 3.2%
ABB Ltd.		220,761		4,985,596
Boskalis Westminster		119,292		4,741,992
Leighton Holdings Ltd. (b)		171,642		3,683,935
Trevi Finanziaria SpA (b)		456,005		3,136,275
				16,547,798
Machinery – Construction & Mining — 0.9%
Atlas Copco AB A Shares		112,493		3,205,501
Outotec OYJ (b)		77,208		1,135,292
				4,340,793
Machinery – Diversified — 1.7%
Alstom SA		86,720		3,537,888
The Weir Group PLC		155,399		5,348,414
				8,886,302
Manufacturing — 2.4%
Aalberts Industries NV		388,827		8,710,939
Siemens AG		35,102		3,781,537
				12,492,476
Transportation — 0.8%
Koninklijke Vopak NV		68,654		4,141,068
				99,137,211

141

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

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

	Number of Shares		Value
Technology — 10.0%
Biotechnology — 0.0%
Tyrian Diagnostics Ltd. (a)		16,676,300	$	17,362
Computers — 1.1%
Gemalto NV		65,960		5,756,311
Semiconductors — 1.0%
ARM Holdings PLC		357,190		5,024,546
Software — 7.9%
Amadeus IT Holding SA		194,455		5,264,072
Aveva Group PLC		93,023		3,203,348
Compugroup Holding AG		47,829		1,052,471
Dassault Systemes SA		52,210		6,039,681
Infosys Technologies Ltd.		20,317		1,085,362
SAP AG		156,585		12,548,651
Temenos Group AG (a) (b)		271,413		6,453,157
The Sage Group PLC		962,310		5,025,929
				40,672,671
				51,470,890
Utilities — 0.7%
Electric — 0.7%
APR Energy PLC (b)		274,600		3,529,884
TOTAL COMMON STOCK (Cost $373,554,610)				494,050,019
TOTAL EQUITIES (Cost $373,554,610)				494,050,019
MUTUAL FUNDS — 10.6%
Diversified Financial — 10.6%
Oppenheimer Institutional Money Market Fund Class E (c)		16,502,385		16,502,385
State Street Navigator Securities Lending Prime Portfolio (d)		37,924,458		37,924,458
				54,426,843
TOTAL MUTUAL FUNDS (Cost $54,426,843)				54,426,843
RIGHTS — 0.1%
Consumer, Cyclical — 0.1%
Entertainment — 0.1%
William Hill PLC, Expires 4/04/13, Strike 2.45 GBP (a)		347,416		654,573
TOTAL RIGHTS (Cost $0)				654,573

	Number of Shares		Value
WARRANTS — 0.0%
Consumer, Non-cyclical — 0.0%
Biotechnology — 0.0%
Mei Pharma, Inc., Expires 5/10/17, Strike 1.19 (a) (e)		301,298	$	112,234
Tyrian Diagnostics Ltd., Expires 12/20/13, Strike 0.08 (a)		4,657,320		4,849
				117,083
TOTAL WARRANTS (Cost $0)				117,083
TOTAL LONG-TERM INVESTMENTS (Cost $427,981,453)				549,248,518
TOTAL INVESTMENTS — 107.2% (Cost $427,981,453) (f)				549,248,518
Other Assets/(Liabilities) — (7.2)%				(37,069,381	)
NET ASSETS — 100.0%			$	512,179,137

Notes to Portfolio of Investments

ADR American Depositary Receipt

GBP British Pound

(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, 2013, was $36,118,395. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(c) Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers).

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

(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2013, these securities amounted to a value of $112,234 or 0.02% of net assets.

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

142

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

MassMutual Premier Focused International Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.7%
COMMON STOCK — 98.7%
Basic Materials — 11.2%
Chemicals — 3.9%
Israel Chemicals Ltd.		180,935	$	2,340,781
Lintec Corp.		28,900		551,908
Syngenta AG		5,735		2,397,120
				5,289,809
Iron & Steel — 1.3%
Hitachi Metals Ltd. (a)		188,000		1,799,730
Mining — 6.0%
Fresnillo PLC		96,178		1,987,805
Newcrest Mining Ltd.		89,890		1,878,460
Paladin Energy Ltd. (a) (b)		1,181,687		1,228,001
Randgold Resources Ltd.		11,646		1,002,869
Yamana Gold, Inc. (a)		122,975		1,887,666
				7,984,801
				15,074,340
Communications — 9.2%
Internet — 3.3%
Baidu, Inc. Sponsored ADR (Cayman Islands) (b)		25,200		2,210,040
Rakuten, Inc.		219,900		2,249,882
				4,459,922
Media — 1.7%
WPP PLC		139,088		2,224,669
Telecommunications — 4.2%
America Movil SAB de CV Series L ADR (Mexico)		70,969		1,487,510
Mobile TeleSystems Sponsored ADR (Russia)		81,440		1,689,065
SES SA		77,620		2,433,939
				5,610,514
				12,295,105
Consumer, Cyclical — 6.0%
Apparel — 1.8%
Adidas AG		22,537		2,340,082
Auto Manufacturers — 2.4%
Toyota Motor Corp.		63,100		3,251,953
Automotive & Parts — 1.8%
Denso Corp. (a)		55,600		2,364,240
				7,956,275
Consumer, Non-cyclical — 25.5%
Agriculture — 4.5%
Golden Agri-Resources Ltd. (a)		4,060,000		1,902,719
Imperial Tobacco Group PLC		41,062		1,437,706

	Number of Shares		Value
Japan Tobacco, Inc. (a)		81,700	$	2,614,870
				5,955,295
Beverages — 1.8%
SABMiller PLC		46,913		2,470,703
Commercial Services — 1.1%
Experian PLC		82,111		1,428,009
Health Care – Products — 3.9%
Elekta AB		144,373		2,192,759
Fresenius SE & Co. KGaA		24,320		3,001,905
				5,194,664
Household Products — 3.8%
Reckitt Benckiser Group PLC		42,776		3,069,411
Societe BIC SA		17,579		2,042,771
				5,112,182
Pharmaceuticals — 10.4%
Bayer AG		22,892		2,361,945
Chugai Pharmaceutical Co. Ltd.		59,200		1,320,263
GlaxoSmithKline PLC		87,671		2,052,083
Sanofi		35,244		3,594,027
Takeda Pharmaceutical Co. Ltd.		33,900		1,855,669
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)		69,621		2,762,561
				13,946,548
				34,107,401
Diversified — 1.5%
Holding Company – Diversified — 1.5%
Keppel Corp. Ltd.		224,400		2,030,323
Energy — 6.5%
Oil & Gas — 6.5%
BG Group PLC		146,260		2,510,819
Royal Dutch Shell PLC Class A		79,078		2,565,849
Total SA		39,801		1,902,350
Tullow Oil PLC		92,420		1,729,892
				8,708,910
Financial — 24.6%
Banks — 6.7%
DBS Group Holdings, Ltd.		179,000		2,315,671
Julius Baer Group Ltd.		70,798		2,757,972
Sberbank of Russia Sponsored ADR (Russia)		130,851		1,680,867
Sumitomo Mitsui Trust Holdings, Inc.		457,000		2,173,753
				8,928,263
Diversified Financial — 5.9%
Credit Suisse Group		87,233		2,302,206
Deutsche Boerse AG		47,422		2,871,897

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

143

MassMutual Premier Focused International Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
UBS AG		181,914	$	2,793,684
				7,967,787
Insurance — 12.0%
Admiral Group PLC		120,314		2,441,136
China Pacific Insurance Group Co. Ltd. Class H		580,600		1,917,582
Muenchener Rueckversicherungs AG		13,161		2,462,381
Prudential PLC		137,876		2,243,576
SCOR SE		67,779		1,947,172
Tokio Marine Holdings, Inc.		83,000		2,399,090
Zurich Insurance Group AG		9,455		2,633,221
				16,044,158
				32,940,208
Industrial — 9.1%
Aerospace & Defense — 1.5%
Rolls-Royce Holdings PLC		117,192		2,013,783
Electrical Components & Equipment — 2.3%
Mitsubishi Electric Corp.		368,000		3,002,239
Electronics — 3.5%
Keyence Corp.		5,800		1,781,841
Kyocera Corp. (a)		31,700		2,910,259
				4,692,100
Transportation — 1.8%
East Japan Railway		29,600		2,436,453
				12,144,575
Technology — 3.9%
Semiconductors — 2.1%
Tokyo Electron Ltd. (a)		65,000		2,771,525
Software — 1.8%
SAP AG		31,082		2,490,898
				5,262,423
Utilities — 1.2%
Water — 1.2%
Suez Environnement Co.		121,797		1,554,339
TOTAL COMMON STOCK (Cost $124,558,254)				132,073,899
TOTAL EQUITIES (Cost $124,558,254)				132,073,899
MUTUAL FUNDS — 8.8%
Diversified Financial — 8.8%
State Street Navigator Securities Lending Prime Portfolio (c)		11,777,673		11,777,673
TOTAL MUTUAL FUNDS (Cost $11,777,673)				11,777,673

	Principal Amount		Value
TOTAL LONG-TERM INVESTMENTS (Cost $136,335,927)			$	143,851,572
SHORT-TERM INVESTMENTS — 1.3%
Repurchase Agreement — 1.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 3/28/13, 0.010%, due 4/01/13 (d)	$	1,550,604		1,550,604
Time Deposits — 0.1%
Euro Time Deposit 0.010% 4/01/13		104,895		104,895
TOTAL SHORT-TERM INVESTMENTS (Cost $1,655,499)				1,655,499
TOTAL INVESTMENTS — 108.8% (Cost $137,991,426) (e)				145,507,071
Other Assets/(Liabilities) — (8.8)%				(11,758,072	)
NET ASSETS — 100.0%			$	133,748,999

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2013, was $11,207,428. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(b) Non-income producing security.

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

(d) Maturity value of $1,550,606. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 8/15/39, and an aggregate market value, including accrued interest, of $1,583,226.

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

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

144

MassMutual Premier Strategic Emerging Markets Fund – Portfolio of Investments

March 31, 2013 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.0%
COMMON STOCK — 88.5%
Basic Materials — 3.6%
Chemicals — 1.9%
LG Chem Ltd.		10,637	$	2,544,437
Iron & Steel — 1.7%
POSCO		7,506		2,211,131
				4,755,568
Communications — 9.2%
Internet — 1.5%
Baidu, Inc. Sponsored ADR (Cayman Islands) (a)		6,200		543,740
NHN Corp.		6,177		1,494,996
				2,038,736
Media — 2.5%
Naspers Ltd.		33,549		2,089,981
Sun TV Network Ltd.		173,632		1,247,052
				3,337,033
Telecommunications — 5.2%
China Mobile Ltd.		220,500		2,334,648
Mobile TeleSystems Sponsored ADR (Russia)		96,591		2,003,298
MTN Group Ltd.		65,955		1,158,222
SK Telecom Co. Ltd.		8,199		1,333,449
				6,829,617
				12,205,386
Consumer, Cyclical — 3.5%
Automotive & Parts — 2.2%
Hyundai Mobis		10,491		2,936,047
Retail — 1.3%
Golden Eagle Retail Group Ltd.		932,000		1,688,572
				4,624,619
Consumer, Non-cyclical — 7.4%
Agriculture — 2.3%
British American Tobacco PLC		23,532		1,268,550
KT&G Corp.		26,245		1,780,019
				3,048,569
Beverages — 1.4%
Anheuser-Busch InBev NV Sponsored ADR (Belgium)		19,140		1,905,387
Commercial Services — 0.7%
CCR SA		84,966		863,641
Foods — 1.2%
Magnit OJSC GDR (Russia) (b)		35,041		1,582,101
Health Care – Products — 1.1%
Hengan International Group Co. Ltd.		144,000		1,408,242

	Number of Shares		Value
Household Products — 0.7%
Kimberly-Clark de Mexico SAB de CV Class A (Mexico)		269,544	$	941,200
				9,749,140
Diversified — 1.9%
Holding Company – Diversified — 1.9%
Koc Holding AS		67,403		391,163
Bidvest Group Ltd.		83,274		2,194,796
				2,585,959
Energy — 10.0%
Oil & Gas — 10.0%
CNOOC Ltd.		1,789,000		3,424,304
Gazprom OAO Sponsored ADR (Russia)		87,078		740,163
Kunlun Energy Co. Ltd		666,000		1,416,715
LUKOIL OAO Sponsored ADR (Russia)		16,944		1,092,722
NovaTek OAO GDR (Russia) (b)		24,094		2,597,333
Petroleo Brasileiro SA Sponsored ADR (Brazil)		79,238		1,438,170
Rosneft Oil Co. GDR (Russia) (b)		173,505		1,325,092
Sasol Ltd.		28,726		1,272,963
				13,307,462
Financial — 29.7%
Banks — 18.5%
Bank Zachodni WBK SA		14,912		1,153,861
China Construction Bank Corp. Class H		3,636,890		2,978,706
Grupo Financiero Santander Mexico SAB de CV Sponsored ADR Class B (Mexico) (a)		93,663		1,445,220
HDFC Bank Ltd. ADR (India)		79,800		2,986,116
ICICI Bank Ltd.		109,757		2,127,711
Industrial & Commercial Bank of China		3,524,670		2,476,809
Kasikornbank PCL Sponsored ADR (Thailand)		94,000		669,201
KB Financial Group, Inc.		77,835		2,599,741
OTP Bank PLC		36,509		658,632
Powszechna Kasa Oszczednosci Bank Polski SA		99,709		1,058,529
Sberbank		985,394		3,117,836
State Bank of India		43,902		1,682,319
Turkiye Halk Bankasi AS		139,800		1,495,678
				24,450,359
Diversified Financial — 4.3%
Bolsa Mexicana de Valores SAB de CV		393,315		1,129,612
CITIC Securities Co. Ltd.		581,000		1,254,220

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

145

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

	Number of Shares		Value
Grupo Financiero Banorte SAB de CV Class O		107,302	$	861,095
Mega Financial Holding Co. Ltd.		3,030,560		2,456,932
				5,701,859
Insurance — 2.5%
Ping An Insurance Group Co. of China Ltd. Class H		432,000		3,353,549
Real Estate — 3.3%
BR Malls Participacoes SA		77,237		961,664
Agile Property Holdings Ltd.		932,000		1,113,270
China Overseas Land & Investment Ltd.		820,000		2,275,033
				4,349,967
Real Estate Investment Trusts (REITS) — 1.1%
Fibra Uno Administracion SA de CV		427,300		1,411,244
				39,266,978
Industrial — 12.2%
Building Materials — 3.9%
Anhui Conch Cement Co. Ltd. Class H		720,000		2,404,194
BBMG Corp.		1,830,500		1,492,233
Cemex SAB de CV Sponsored ADR (Mexico) (a) (c)		100,055		1,221,671
				5,118,098
Electrical Components & Equipment — 1.1%
Bharat Heavy Electricals Ltd.		466,185		1,532,727
Electronics — 2.8%
Hon Hai Precision Industry Co. Ltd.		1,326,671		3,683,549
Engineering & Construction — 3.4%
Larsen & Toubro Ltd.		66,083		1,666,041
Hyundai Engineering & Construction Co. Ltd.		23,148		1,386,211
China Communications Construction Co. Ltd. Class H		1,561,000		1,458,179
				4,510,431
Machinery – Construction & Mining — 1.0%
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H		1,091,800		1,323,327
				16,168,132
Technology — 11.0%
Semiconductors — 10.0%
Samsung Electronics Co., Ltd.		6,326		8,616,034
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan)		267,517		4,598,617
				13,214,651

	Number of Shares		Value
Software — 1.0%
Tech Mahindra Ltd.		68,617	$	1,338,199
				14,552,850
TOTAL COMMON STOCK (Cost $112,307,618)				117,216,094
PREFERRED STOCK — 7.5%
Basic Materials — 2.4%
Iron & Steel — 0.9%
Usinas Siderurgicas de Minas Gerais SA Class A (a)		218,100		1,167,805
Mining — 1.5%
Vale SA Sponsored ADR 6.700%		119,694		1,978,542
				3,146,347
Consumer, Non-cyclical — 1.1%
Foods — 1.1%
Cia Brasileira de Distribuicao Grupo Pao de Acucar Class A 0.690%		27,200		1,437,700
Financial — 3.2%
Banks — 3.2%
Itau Unibanco Holding SA 3.310%		177,460		3,160,601
Banco do Estado do Rio Grande do Sul SA Class B 4.890%		119,700		1,037,805
				4,198,406
Utilities — 0.8%
Electric — 0.8%
Cia Energetica de Minas Gerais 6.010%		93,200		1,089,390
TOTAL PREFERRED STOCK (Cost $9,915,081)				9,871,843
TOTAL EQUITIES (Cost $122,222,699)				127,087,937
MUTUAL FUNDS — 0.0%
Diversified Financial — 0.0%
State Street Navigator Securities Lending Prime Portfolio (d)		2,500		2,500
TOTAL MUTUAL FUNDS (Cost $2,500)				2,500
TOTAL LONG-TERM INVESTMENTS (Cost $122,225,199)				127,090,437

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

146

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 5.2%
Repurchase Agreement — 5.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 03/28/13, 0.010%, due 4/01/13 (e)	$	6,904,134	$	6,904,134
TOTAL SHORT-TERM INVESTMENTS (Cost $6,904,134)				6,904,134
TOTAL INVESTMENTS — 101.2% (Cost $129,129,333) (f)				133,994,571
Other Assets/(Liabilities) — (1.2)%				(1,582,191	)
NET ASSETS — 100.0%			$	132,412,380

Notes to Portfolio of Investments

ADR American Depositary Receipt

GDR Global Depositary Receipt

(a) Non-income producing security.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At March 31, 2013, these securities amounted to a value of $5,504,526 or 4.16% of net assets.

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2013, was $2,442. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(e) Maturity value of $6,904,142. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 6/01/32, and an aggregate market value, including accrued interest, of $7,046,705.

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

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

147

MassMutual Premier Funds – Financial Statements

Statements of Assets and Liabilities

March 31, 2013 (Unaudited)

	MassMutual Premier Money Market Fund			MassMutual Premier Short- Duration Bond Fund
Assets:
Investments, at value (Note 2) (a)	$	-		$	321,219,455
Short-term investments, at value (Note 2) (b)		422,926,503			186,760,047
Total investments		422,926,503			507,979,502
Cash		-			-
Foreign currency, at value (c)		-			-
Receivables from:
Investments sold		-			456,872
Investments sold on a when-issued basis (Note 2)		-			14,551,495
Collateral held for reverse repurchase agreements (Note 2)		-			-
Open forward foreign currency contracts (Note 2)		-			-
Investment adviser (Note 3)		158,217			53,221
Fund shares sold		6,925,361			496,287
Variation margin on open futures contracts (Note 2)		-			51,434
Interest and dividends		73,104			3,078,326
Open swap agreements, at value (Note 2)		-			-
Total assets		430,083,185			526,667,137
Liabilities:
Payables for:
Investments purchased		-			3,629,643
Collateral pledged for reverse repurchase agreements (Note 2)		-			-
Reverse repurchase agreements (Note 2)		-			-
Interest for reverse repurchase agreements (Note 2)		-			-
Open forward foreign currency contracts (Note 2)		-			-
Fund shares repurchased		19,623,920			3,279,354
Interest and dividends		-			6,194
Investments purchased on a when-issued basis (Note 2)		-			26,116,744
Variation margin on open futures contracts (Note 2)		-			-
Open swap agreements, at value (Note 2)		-			241,186
Trustees’ fees and expenses (Note 3)		69,775			49,791
Affiliates (Note 3):
Investment management fees		114,900			152,060
Administration fees		60,299			90,639
Service fees		83,185			46,797
Distribution fees		-			589
Due to custodian		-			2,208
Accrued expense and other liabilities		45,939			50,987
Total liabilities		19,998,018			33,666,192
Net assets	$	410,085,167		$	493,000,945
Net assets consist of:
Paid-in capital	$	410,981,939		$	487,452,988
Undistributed (accumulated) net investment income (loss)		-			1,800,902
Distributions in excess of net investment income		(65,142	)		-
Accumulated net realized gain (loss) on investments and foreign currency transactions		(831,630	)		(1,572,908	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		-			5,319,963
Net assets	$	410,085,167		$	493,000,945
(a)        Cost of investments:	$	-		$	315,118,249
(b)        Cost of short-term investments:	$	422,926,503		$	186,760,047
(c)        Cost of foreign currency:	$	-		$	-

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

148

MassMutual Premier Inflation- Protected and Income Fund			MassMutual Premier Core Bond Fund			MassMutual Premier Diversified Bond Fund		MassMutual Premier High Yield Fund			MassMutual Premier International Bond Fund
$	458,267,587		$	1,619,843,611		$	94,906,009	$	223,801,121		$	61,099,859
	198,411,445			389,643,404			23,279,955		7,418,226			116,890
	656,679,032			2,009,487,015			118,185,964		231,219,347			61,216,749
	-			117,476			5,565		-			-
	-			-			14,242		-			22,759
	2,196,916			5,089,762			372,413		2,386,512			-
	-			203,833,395			11,486,453		1,228,150			-
	44,754			-			-		-			-
	-			-			-		-			494,520
	35,154			228,179			12,701		17,634			1,782
	715,440			1,052,657			21,412		617,773			757,517
	1,891			-			6,889		-			-
	1,247,470			10,015,160			806,913		4,776,298			818,595
	-			-			20,993		-			-
	660,920,657			2,229,823,644			130,933,545		240,245,714			63,311,922
	-			17,880,899			1,498,585		4,383,747			-
	1,623,500			-			-		-			-
	307,004,239			-			-		-			-
	72,727			-			-		-			-
	-			-			-		-			255,198
	925,830			1,052,190			171,737		708,661			772,733
	-			21,363			10,634		-			-
	-			539,891,173			30,516,945		4,709,702			-
	-			149,853			-		-			-
	-			820,119			309,727		-			-
	27,053			167,701			21,410		16,728			3,541
	129,699			602,626			37,356		88,168			28,800
	45,456			295,209			27,462		35,742			2,604
	22,452			118,181			20,791		19,618			454
	762			1,101			-		331			-
	10,615			-			-		-			-
	40,453			116,680			33,246		39,055			23,731
	309,902,786			561,117,095			32,647,893		10,001,752			1,087,061
$	351,017,871		$	1,668,706,549		$	98,285,652	$	230,243,962		$	62,224,861
$	315,926,239		$	1,608,046,263		$	94,913,146	$	219,007,425		$	64,829,888
	-			9,126,351			778,692		3,576,389			669,402
	(1,927,433	)		-			-		-			-
	1,627,432			(735,210	)		608,258		(1,450,807	)		(2,506,910	)
	35,391,633			52,269,145			1,985,556		9,110,955			(767,519	)
$	351,017,871		$	1,668,706,549		$	98,285,652	$	230,243,962		$	62,224,861
$	422,875,474		$	1,566,751,224		$	92,340,178	$	214,690,166		$	62,084,708
$	198,411,445		$	389,643,404		$	23,279,955	$	7,418,226		$	116,890
$	-		$	-		$	14,399	$	-		$	22,763

149

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

March 31, 2013 (Unaudited)

	MassMutual Premier Money Market Fund		MassMutual Premier Short- Duration Bond Fund
Class Z shares:
Net assets	$	-	$	153,031,694
Shares outstanding (a)		-		14,548,531
Net asset value, offering price and redemption price per share	$	-	$	10.52
Class S shares:
Net assets	$	175,142,885	$	157,431,857
Shares outstanding (a)		175,346,825		14,932,459
Net asset value, offering price and redemption price per share	$	1.00	$	10.54
Class Y shares:
Net assets	$	105,847,561	$	67,525,750
Shares outstanding (a)		105,832,347		6,440,388
Net asset value, offering price and redemption price per share	$	1.00	$	10.48
Class L shares:
Net assets	$	-	$	38,310,058
Shares outstanding (a)		-		3,664,659
Net asset value, offering price and redemption price per share	$	-	$	10.45
Class A shares:
Net assets	$	129,094,721	$	75,693,721
Shares outstanding (a)		129,156,006		7,284,485
Net asset value and redemption price per share	$	1.00	$	10.39
Offering price per share
(100/[100-maximum sales charge] of net asset value)	$	-	$	10.77
Class N shares:
Net assets	$	-	$	1,007,865
Shares outstanding (a)		-		96,640
Net asset value, offering price and redemption price per share	$	-	$	10.43

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

* Net asset value calculations reflect fractional share and dollar amounts.

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

150

MassMutual Premier Inflation- Protected and Income Fund		MassMutual Premier Core Bond Fund		MassMutual Premier Diversified Bond Fund			MassMutual Premier High Yield Fund		MassMutual Premier International Bond Fund
$	135,049,333	$	482,460,222	$	119		$	102,800,779	$	-
	11,491,397		42,142,645		11			10,464,396		-
$	11.75	$	11.45	$	10.76	*	$	9.82	$	-
$	76,943,887	$	736,250,010	$	39,131,256		$	25,739,604	$	60,926,382
	6,547,163		64,211,475		3,885,869			2,611,035		6,261,615
$	11.75	$	11.47	$	10.07		$	9.86	$	9.73
$	90,817,620	$	166,440,466	$	11,851,099		$	57,952,514	$	427,098
	7,748,595		14,588,976		1,164,359			5,880,237		43,896
$	11.72	$	11.41	$	10.18		$	9.86	$	9.73
$	10,836,816	$	87,274,135	$	12,392,052		$	11,382,108	$	162,099
	915,970		7,687,088		1,218,441			1,165,635		16,146
$	11.83	$	11.35	$	10.17		$	9.76	$	10.04
$	36,045,528	$	194,462,459	$	34,911,126		$	31,787,599	$	709,282
	3,116,367		17,281,662		3,446,692			3,266,469		73,238
$	11.57	$	11.25	$	10.13		$	9.73	$	9.68
$	12.15	$	11.81	$	10.64		$	10.32	$	10.16
$	1,324,687	$	1,819,257	$	-		$	581,358	$	-
	114,159		159,210		-			58,862		-
$	11.60	$	11.43	$	-		$	9.88	$	-

151

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

March 31, 2013 (Unaudited)

	MassMutual Premier Balanced Fund			MassMutual Premier Value Fund
Assets:
Investments, at value (Note 2) (a)	$	132,353,178		$	119,021,728
Short-term investments, at value (Note 2) (b)		20,685,600			2,479,652
Total investments (c)		153,038,778			121,501,380
Cash		9,545			-
Receivables from:
Investments sold		976,946			3,750,961
Investments sold on a when-issued basis (Note 2)		5,859,462			-
Investment adviser (Note 3)		2,182			-
Fund shares sold		4,325			2,406
Variation margin on open futures contracts (Note 2)		9,623			-
Interest and dividends		368,409			173,328
Foreign taxes withheld		-			11,537
Total assets		160,269,270			125,439,612
Liabilities:
Payables for:
Investments purchased		300,376			4,708,744
Fund shares repurchased		806,476			12,264
Investments purchased on a when-issued basis (Note 2)		16,326,977			-
Interest and dividends		536			-
Securities on loan (Note 2)		-			801,981
Open swap agreements, at value (Note 2)		20,428			-
Trustees’ fees and expenses (Note 3)		19,919			46,535
Affiliates (Note 3):
Investment management fees		52,300			56,725
Administration fees		17,320			11,741
Service fees		14,675			5,157
Distribution fees		-			47
Accrued expense and other liabilities		35,263			29,562
Total liabilities		17,594,270			5,672,756
Net assets	$	142,675,000		$	119,766,856
Net assets consist of:
Paid-in capital	$	133,389,493		$	174,185,783
Undistributed (accumulated) net investment income (loss)		354,563			505,514
Accumulated net realized gain (loss) on investments and foreign currency transactions		(1,677,071	)		(68,486,979	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		10,608,015			13,562,538
Net assets	$	142,675,000		$	119,766,856
(a)        Cost of investments:	$	121,821,917		$	105,459,190
(b)        Cost of short-term investments:	$	20,685,600		$	2,479,652
(c)        Securities on loan with market value of:	$	-		$	780,971

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

152

MassMutual Premier Disciplined Value Fund			MassMutual Premier Main Street Fund			MassMutual Premier Capital Appreciation Fund			MassMutual Premier Disciplined Growth Fund
$	340,796,707		$	170,106,648		$	294,028,457		$	301,304,155
	1,883,390			2,100,132			493,199			846,822
	342,680,097			172,206,780			294,521,656			302,150,977
	-			-			-			-
	-			271,390			4,008,790			209
	-			-			-			-
	12,440			12,185			20,036			11,424
	694,785			41,307			24,252			960,845
	-			-			-			-
	573,642			149,645			325,016			318,991
	-			-			287,035			-
	343,960,964			172,681,307			299,186,785			303,442,446
	-			-			1,166,983			-
	800,559			81			127,865			856,832
	-			-			-			-
	-			-			-			-
	-			-			-			-
	-			-			-			-
	25,943			15,946			44,952			20,312
	124,403			85,218			147,486			114,241
	14,802			21,159			35,741			15,005
	6,089			7,269			38,065			10,011
	82			56			141			-
	34,528			28,639			37,840			34,511
	1,006,406			158,368			1,599,073			1,050,912
$	342,954,558		$	172,522,939		$	297,587,712		$	302,391,534
$	404,281,474		$	178,345,306		$	250,761,856		$	251,887,878
	1,504,095			355,911			454,303			803,555
	(110,626,471	)		(47,291,478	)		(35,123,828	)		12,128,210
	47,795,460			41,113,200			81,495,381			37,571,891
$	342,954,558		$	172,522,939		$	297,587,712		$	302,391,534
$	293,001,247		$	128,993,448		$	212,551,488		$	263,732,264
$	1,883,390		$	2,100,132		$	493,199		$	846,822
$	-		$	-		$	-		$	-

153

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

March 31, 2013 (Unaudited)

	MassMutual Premier Balanced Fund		MassMutual Premier Value Fund
Class S shares:
Net assets	$	105,231,157	$	95,097,424
Shares outstanding (a)		8,864,264		5,640,507
Net asset value, offering price and redemption price per share	$	11.87	$	16.86
Class Y shares:
Net assets	$	9,281,179	$	98,140
Shares outstanding (a)		755,359		5,798
Net asset value, offering price and redemption price per share	$	12.29	$	16.93
Class L shares:
Net assets	$	2,745,214	$	16,484,137
Shares outstanding (a)		230,231		975,163
Net asset value, offering price and redemption price per share	$	11.92	$	16.90
Class A shares:
Net assets	$	25,417,450	$	8,006,206
Shares outstanding (a)		2,176,303		474,042
Net asset value and redemption price per share	$	11.68	$	16.89
Offering price per share
(100/[100-maximum sales charge] of net asset value)	$	12.39	$	17.92
Class N shares:
Net assets	$	-	$	80,949
Shares outstanding (a)		-		4,809
Net asset value, offering price and redemption price per share	$	-	$	16.83

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

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

154

MassMutual Premier Disciplined Value Fund		MassMutual Premier Main Street Fund		MassMutual Premier Capital Appreciation Fund		MassMutual Premier Disciplined Growth Fund
$	252,671,567	$	124,801,435	$	205,796,841	$	211,385,988
	19,923,436		11,337,136		16,054,280		17,613,426
$	12.68	$	11.01	$	12.82	$	12.00
$	75,397,943	$	4,885,426	$	7,672,993	$	60,538,707
	5,976,778		438,000		599,613		5,033,834
$	12.62	$	11.15	$	12.80	$	12.03
$	3,889,901	$	30,455,198	$	20,005,332	$	13,952,542
	303,391		2,768,492		1,572,131		1,153,186
$	12.82	$	11.00	$	12.72	$	12.10
$	10,851,800	$	12,319,895	$	63,874,735	$	16,514,297
	866,186		1,127,953		5,028,285		1,383,850
$	12.53	$	10.92	$	12.70	$	11.93
$	13.29	$	11.59	$	13.47	$	12.66
$	143,347	$	60,985	$	237,811	$	-
	11,361		5,550		19,215		-
$	12.62	$	10.99	$	12.38	$	-

155

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

March 31, 2013 (Unaudited)

	MassMutual Premier Small Cap Opportunities Fund			MassMutual Premier Global Fund
Assets:
Investments, at value — unaffiliated issuers (Note 2) (a)	$	161,366,407		$	410,624,934
Investments, at value — affiliated issuers (Note 7) (b)		-			6,126,494
Short-term investments, at value (Note 2) (c)		3,812,899			289,127
Total investments (d)		165,179,306			417,040,555
Foreign currency, at value (e)		-			21,103
Receivables from:
Investments sold		5,645,343			462,500
Investment adviser (Note 3)		3,843			36,087
Fund shares sold		11,870			69,808
Interest and dividends		305,315			471,108
Foreign tax receivable		-			-
Foreign taxes withheld		-			277,123
Total assets		171,145,677			418,378,284
Liabilities:
Payables for:
Investments purchased		4,150,117			397,405
Fund shares repurchased		181,934			199,921
Securities on loan (Note 2)		12,812,845			23,434,876
Trustees’ fees and expenses (Note 3)		28,936			35,603
Affiliates (Note 3):
Investment management fees		67,372			242,139
Administration fees		22,821			77,951
Service fees		37,636			26,772
Distribution fees		-			637
Accrued expense and other liabilities		34,813			53,721
Total liabilities		17,336,474			24,469,025
Net assets	$	153,809,203		$	393,909,259
Net assets consist of:
Paid-in capital	$	145,021,859		$	301,529,714
Undistributed (accumulated) net investment income (loss)		184,349			-
Distributions in excess of net investment income		-			(806,168	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(14,623,652	)		(18,966,395	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		23,226,647			112,152,108
Net assets	$	153,809,203		$	393,909,259
(a)        Cost of investments:	$	138,139,760		$	298,486,464
(b)        Cost of investments — affiliated issuers:	$	-		$	6,126,494
(c)        Cost of short-term investments:	$	3,812,899		$	289,127
(d)        Securities on loan with market value of:	$	12,495,485		$	22,400,308
(e)        Cost of foreign currency:	$	-		$	21,176

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

156

MassMutual Premier International Equity Fund			MassMutual Premier Focused International Fund			MassMutual Premier Strategic Emerging Markets Fund
$	532,746,133		$	143,851,572		$	127,090,437
	16,502,385			-			-
	-			1,655,499			6,904,134
	549,248,518			145,507,071			133,994,571
	106,002			68,621			66,297
	-			3,772,417			324,324
	-			10,400			25,982
	287,836			125,347			281,527
	971,472			321,264			250,739
	-			-			63,797
	592,420			74,342			4,573
	551,206,248			149,879,462			135,011,810
	97			3,687,968			1,988,639
	522,755			496,496			434,229
	37,924,458			11,777,673			2,500
	74,772			9,650			10,138
	333,809			93,572			110,084
	64,540			16,546			5,241
	29,332			11,882			200
	-			621			-
	77,348			36,055			48,399
	39,027,111			16,130,463			2,599,430
$	512,179,137		$	133,748,999		$	132,412,380
$	386,162,546		$	145,962,235		$	134,216,747
	-			-			21,279
	(469,068	)		(573,644	)		-
	5,195,769			(19,155,640	)		(6,674,307	)
	121,289,890			7,516,048			4,848,661
$	512,179,137		$	133,748,999		$	132,412,380
$	411,479,068		$	136,335,927		$	122,225,199
$	16,502,385		$	-		$	-
$	-		$	1,655,499		$	6,904,134
$	36,118,395		$	11,207,428		$	2,442
$	106,362		$	68,583		$	66,365

157

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

March 31, 2013 (Unaudited)

	MassMutual Premier Small Cap Opportunities Fund		MassMutual Premier Global Fund
Class Z shares:
Net assets	$	-	$	-
Shares outstanding (a)		-		-
Net asset value, offering price and redemption price per share	$	-	$	-
Class S shares:
Net assets	$	75,585,211	$	217,560,084
Shares outstanding (a)		5,810,114		17,130,156
Net asset value, offering price and redemption price per share	$	13.01	$	12.70
Class Y shares:
Net assets	$	2,425,036	$	8,044,806
Shares outstanding (a)		186,318		637,015
Net asset value, offering price and redemption price per share	$	13.02	$	12.63
Class L shares:
Net assets	$	7,652,052	$	122,536,556
Shares outstanding (a)		590,708		9,653,347
Net asset value, offering price and redemption price per share	$	12.95	$	12.69
Class A shares:
Net assets	$	68,146,904	$	44,691,197
Shares outstanding (a)		5,335,163		3,551,249
Net asset value and redemption price per share	$	12.77	$	12.58
Offering price per share
(100/[100-maximum sales charge] of net asset value)	$	13.55	$	13.35
Class N shares:
Net assets	$	-	$	1,076,616
Shares outstanding (a)		-		85,234
Net asset value, offering price and redemption price per share	$	-	$	12.63

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

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

158

MassMutual Premier International Equity Fund		MassMutual Premier Focused International Fund		MassMutual Premier Strategic Emerging Markets Fund
$	-	$	67,424,409	$	124,780,166
	-		5,743,441		10,403,011
$	-	$	11.74	$	11.99
$	423,122,914	$	33,467,988	$	7,017,553
	29,671,067		2,847,779		578,143
$	14.26	$	11.75	$	12.14
$	21,778,851	$	7,737,775	$	203,007
	1,529,182		659,969		16,934
$	14.24	$	11.72	$	11.99
$	17,552,335	$	6,979,069	$	83,728
	1,237,474		592,270		6,941
$	14.18	$	11.78	$	12.06
$	49,725,037	$	17,164,600	$	327,926
	3,578,114		1,466,561		27,402
$	13.90	$	11.70	$	11.97
$	14.75	$	12.41	$	12.70
$	-	$	975,158	$	-
	-		84,426		-
$	-	$	11.55	$	-

159

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended March 31, 2013 (Unaudited)

	MassMutual Premier Money Market Fund			MassMutual Premier Short- Duration Bond Fund
Investment income (Note 2):
Dividends	$	-		$	-
Interest		371,074			4,860,010
Total investment income		371,074			4,860,010
Expenses (Note 3):
Investment management fees		747,228			961,012
Custody fees		20,915			32,873
Interest expense		-			-
Audit fees		14,845			17,454
Legal fees		2,996			3,375
Proxy fees		544			544
Shareholder reporting fees		8,602			10,198
Trustees’ fees		14,383			16,079
		809,513			1,041,535
Administration fees:
Class Z		-			48,461
Class S		66,357			201,117
Class Y		97,826			114,191
Class L		-			73,801
Class A		233,427			143,588
Class N		-			2,087
Distribution fees:
Class N		-			1,189
Service fees:
Class A		178,679			92,304
Class N		-			1,189
Total expenses		1,385,802			1,719,462
Expenses waived (Note 3):
Class S fees waived by adviser		(249,363	)		-
Class Y fees waived by adviser		(214,544	)		-
Class L fees waived by adviser		-			-
Class A fees waived by adviser		(405,323	)		-
Class A administrative fees waived		(157,238	)		-
Class Z management fees waived		-			(96,979	)
Class S management fees waived		-			(108,728	)
Class Y management fees waived		-			(51,689	)
Class L management fees waived		-			(26,570	)
Class A management fees waived		-			(51,723	)
Class N management fees waived		-			(667	)
Net expenses		359,334			1,383,106
Net investment income (loss)		11,740			3,476,904
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		2,232			299,308
Futures contracts		-			7,193
Swap agreements		-			(916,348	)
Foreign currency transactions		-			-
Net realized gain (loss)		2,232			(609,847	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		-			1,260,755
Futures contracts		-			(190,395	)
Swap agreements		-			510,229
Translation of assets and liabilities in foreign currencies		-			-
Net change in unrealized appreciation (depreciation)		-			1,580,589
Net realized gain (loss) and change in unrealized appreciation (depreciation)		2,232			970,742
Net increase (decrease) in net assets resulting from operations	$	13,972		$	4,447,646

+ Amount rounds to less than $0.50.

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

160

MassMutual Premier Inflation- Protected and Income Fund			MassMutual Premier Core Bond Fund			MassMutual Premier Diversified Bond Fund			MassMutual Premier High Yield Fund			MassMutual Premier International Bond Fund
$	-		$	43,740		$	3,365		$	-		$	-
	3,818,716			22,460,967			1,855,070			9,023,384			858,375
	3,818,716			22,504,707			1,858,435			9,023,384			858,375
	835,202			3,920,056			260,920			576,018			189,197
	30,608			86,415			20,503			31,503			19,287
	416,655			-			-			-			-
	17,489			18,379			17,810			16,904			14,244
	2,448			11,997			852			1,647			420
	544			544			544			544			544
	7,910			32,566			3,473			6,146			2,563
	11,628			56,647			3,752			7,818			1,929
	1,322,484			4,126,604			307,854			640,580			228,184
	32,976			142,392			0	+		20,841			-
	60,848			971,585			63,201			28,519			15,434
	122,067			255,649			40,195			83,657			309
	20,693			170,932			21,694			21,292			225
	56,091			369,386			67,481			79,723			1,154
	2,179			3,864			3			1,316			-
	1,510			2,122			2			666			-
	45,118			239,799			43,704			44,859			962
	1,510			2,122			2			666			-
	1,665,476			6,284,455			544,136			922,119			246,268
	-			-			-			-			(7,298	)
	-			-			-			-			(153	)
	-			-			-			-			(55	)
	-			-			-			-			(281	)
	-			-			-			-			-
	(85,747	)		(426,898	)		-			(52,119	)		-
	(49,206	)		(659,880	)		(31,976	)		(11,685	)		-
	(60,815	)		(146,063	)		(17,704	)		(28,437	)		-
	(6,559	)		(79,892	)		(9,315	)		(4,804	)		-
	(23,457	)		(172,726	)		(29,716	)		(17,892	)		-
	(788	)		(1,529	)		(0	)+		(266	)		-
	1,438,904			4,797,467			455,425			806,916			238,481
	2,379,812			17,707,240			1,403,010			8,216,468			619,894
	4,282,228			6,073,267			1,367,516			6,714,125			228,346
	(44,583	)		44,243			(187,813	)		-			-
	-			(3,349,811	)		(445,591	)		-			-
	-			-			8,492			-			(2,509,803	)
	4,237,645			2,767,699			742,604			6,714,125			(2,281,457	)
	(5,767,531	)		(9,940,684	)		(23,553	)		2,975,619			(3,279,993	)
	(480	)		397,189			46,724			-			-
	-			1,916,425			(67,194	)		-			-
	-			-			(8,367	)		-			352,915
	(5,768,011	)		(7,627,070	)		(52,390	)		2,975,619			(2,927,078	)
	(1,530,366	)		(4,859,371	)		690,214			9,689,744			(5,208,535	)
$	849,446		$	12,847,869		$	2,093,224		$	17,906,212		$	(4,588,641	)

161

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended March 31, 2013 (Unaudited)

	MassMutual Premier Balanced Fund			MassMutual Premier Value Fund
Investment income (Note 2):
Dividends (a)	$	952,832		$	1,762,636
Interest		580,976			176
Securities lending net income		-			3,558
Total investment income		1,533,808			1,766,370
Expenses (Note 3):
Investment management fees		313,742			374,706
Custody fees		26,392			9,041
Audit fees		17,807			16,741
Legal fees		949			1,135
Proxy fees		544			544
Shareholder reporting fees		3,901			4,116
Trustees’ fees		4,375			5,208
		367,710			411,491
Administration fees:
Class S		43,032			40,771
Class Y		8,696			105
Class L		6,384			23,553
Class A		42,276			13,702
Class N		-			141
Distribution fees:
Class N		-			94
Service fees:
Class A		26,635			10,847
Class N		-			94
Total expenses		494,733			500,798
Expenses waived (Note 3):
Class S fees waived by adviser		-			-
Class Y fees waived by adviser		-			-
Class L fees waived by adviser		-			-
Class A fees waived by adviser		-			-
Class N fees waived by adviser		-			-
Class S administrative fees waived		(9,915	)		-
Class Y administrative fees waived		(705	)		-
Class L administrative fees waived		(322	)		-
Class A administrative fees waived		(2,131	)		-
Class S management fees waived		-			-
Class Y management fees waived		-			-
Class L management fees waived		-			-
Class A management fees waived		-			-
Class N management fees waived		-			-
Net expenses		481,660			500,798
Net investment income (loss)		1,052,148			1,265,572
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		3,513,117			18,371,587
Futures contracts		314,460			-
Swap agreements		(79,274	)		-
Foreign currency transactions		-			-
Net realized gain (loss)		3,748,303			18,371,587
Net change in unrealized appreciation (depreciation) on:
Investment transactions		3,722,470			(1,598,906	)
Futures contracts		99,695			-
Swap agreements		43,457			-
Translation of assets and liabilities in foreign currencies		-			-
Net change in unrealized appreciation (depreciation)		3,865,622			(1,598,906	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		7,613,925			16,772,681
Net increase (decrease) in net assets resulting from operations	$	8,666,073		$	18,038,253
(a)        Net of withholding tax of:	$	1,385		$	21,237

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

162

MassMutual Premier Disciplined Value Fund			MassMutual Premier Main Street Fund			MassMutual Premier Capital Appreciation Fund			MassMutual Premier Disciplined Growth Fund
$	4,328,398		$	1,718,261		$	3,014,261		$	3,238,751
	63			104			144			52
	-			9,665			-			-
	4,328,461			1,728,030			3,014,405			3,238,803
	730,282			532,549			929,370			693,837
	16,563			8,727			20,945			16,462
	17,234			16,009			16,964			17,224
	2,123			1,245			2,268			2,143
	544			544			544			544
	6,900			4,483			7,391			6,851
	9,843			5,693			10,133			9,716
	783,489			569,250			987,615			746,777
	30,184			64,470			97,148			23,868
	40,027			3,722			5,322			32,138
	3,977			47,026			30,256			12,879
	12,323			17,919			96,251			19,821
	198			165			401			-
	161			115			287			-
	11,918			14,451			80,209			19,478
	161			115			287			-
	882,438			717,233			1,297,776			854,961
	-			(55,556	)		(78,594	)		-
	-			(2,207	)		(754	)		-
	-			(14,378	)		(2,039	)		-
	-			(5,482	)		(48,235	)		-
	-			(44	)		(93	)		-
	-			-			-			-
	-			-			-			-
	-			-			-			-
	-			-			-			-
	(52,960	)		-			-			(48,901	)
	(16,882	)		-			-			(14,047	)
	(770	)		-			-			(2,538	)
	(2,384	)		-			-			(3,898	)
	(32	)		-			-			-
	809,410			639,566			1,168,061			785,577
	3,519,051			1,088,464			1,846,344			2,453,226
	13,445,470			5,533,223			12,295,259			16,066,805
	-			-			-			-
	-			-			-			-
	-			(1,250	)		43,262			-
	13,445,470			5,531,973			12,338,521			16,066,805
	25,204,375			6,176,828			7,293,333			7,202,825
	-			-			-			-
	-			-			-			-
	-			13			(52,021	)		-
	25,204,375			6,176,841			7,241,312			7,202,825
	38,649,845			11,708,814			19,579,833			23,269,630
$	42,168,896		$	12,797,278		$	21,426,177		$	25,722,856
$	7,968		$	-		$	35,725		$	8,549

163

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended March 31, 2013 (Unaudited)

	MassMutual Premier Small Cap Opportunities Fund			MassMutual Premier Global Fund
Investment income (Note 2):
Dividends — unaffiliated issuers (a)	$	1,561,233		$	3,017,000
Dividends — affiliated issuers (Note 7)		-			3,745
Interest		28,078			222
Securities lending net income		75,836			69,189
Total investment income		1,665,147			3,090,156
Expenses (Note 3):
Investment management fees		391,013			1,462,169
Custody fees		17,493			73,793
Audit fees		16,447			21,380
Legal fees		1,014			2,614
Proxy fees		544			544
Shareholder reporting fees		3,837			8,085
Trustees’ fees		4,613			12,293
		434,961			1,580,878
Administration fees:
Class Z		-			-
Class S		32,441			181,693
Class Y		3,175			7,826
Class L		9,335			204,870
Class A		86,910			74,509
Class N		-			2,045
Distribution fees:
Class N		-			1,247
Service fees:
Class A		73,132			51,742
Class N		-			1,247
Total expenses		639,954			2,106,057
Expenses waived (Note 3):
Class Z fees waived by adviser		-			-
Class S fees waived by adviser		(17,455	)		(156,438	)
Class Y fees waived by adviser		(829	)		(1,644	)
Class L fees waived by adviser		(1,641	)		(48,339	)
Class A fees waived by adviser		(15,327	)		(9,308	)
Class N fees waived by adviser		-			(1,271	)
Class Z management fees waived		-			-
Class S management fees waived		-			-
Class Y management fees waived		-			-
Class L management fees waived		-			-
Class A management fees waived		-			-
Class N management fees waived		-			-
Net expenses		604,702			1,889,057
Net investment income (loss)		1,060,445			1,201,099
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		13,070,368			6,948,728
Foreign currency transactions		2			(37,237	)
Net realized gain (loss)		13,070,370			6,911,491
Net change in unrealized appreciation (depreciation) on:
Investment transactions		10,601,522			43,283,796
Translation of assets and liabilities in foreign currencies		-			1,627
Net change in unrealized appreciation (depreciation)		10,601,522			43,285,423
Net realized gain (loss) and change in unrealized appreciation (depreciation)		23,671,892			50,196,914
Net increase (decrease) in net assets resulting from operations	$	24,732,337		$	51,398,013
(a)        Net of withholding tax of:	$	114		$	155,028

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

164

MassMutual Premier International Equity Fund			MassMutual Premier Focused International Fund			MassMutual Premier Strategic Emerging Markets Fund
$	4,175,615		$	783,350		$	704,856
	10,308			-			-
	324			50			100
	144,797			15,652			4,509
	4,331,044			799,052			709,465
	2,056,449			608,511			712,283
	138,780			36,889			61,616
	20,016			17,169			19,878
	3,496			1,083			1,033
	544			544			544
	10,361			3,959			3,959
	16,363			4,769			4,679
	2,246,009			672,924			803,992
	-			19,993			25,675
	278,306			25,010			6,679
	17,895			9,663			308
	25,514			13,749			164
	75,199			39,274			770
	-			2,735			-
	-			1,243			-
	58,897			24,546			428
	-			1,243			-
	2,701,820			810,380			838,016
	-			-			(54,677	)
	-			-			(2,850	)
	-			-			(88	)
	-			-			(31	)
	-			-			(146	)
	-			-			-
	-			(33,328	)		(96,274	)
	-			(16,677	)		(5,016	)
	-			(3,863	)		(154	)
	-			(3,439	)		(55	)
	-			(9,807	)		(256	)
	-			(498	)		-
	2,701,820			742,768			678,469
	1,629,224			56,284			30,996
	13,720,166			418,545			(3,669,717	)
	(96,406	)		(66,453	)		(78,600	)
	13,623,760			352,092			(3,748,317	)
	45,095,725			2,685,645			4,339,383
	(54,135	)		(19,937	)		(15,162	)
	45,041,590			2,665,708			4,324,221
	58,665,350			3,017,800			575,904
$	60,294,574		$	3,074,084		$	606,900
$	188,492		$	54,894		$	117,983

165

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Money Market Fund
	Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012***			Year Ended October 31, 2011
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	11,740		$	25,703		$	15,550
Net realized gain (loss) on investment transactions		2,232			3,650			13,349
Net change in unrealized appreciation (depreciation) on investments		-			-			-
Net increase (decrease) in net assets resulting from operations		13,972			29,353			28,899
Distributions to shareholders (Note 2):
From net investment income:
Class Z		-			-			-
Class S		(18,796	)		(8,502	)		(5,031	)
Class Y		(11,909	)		(8,189	)		(5,000	)
Class L		-			-			-
Class A		(17,284	)		(8,850	)		(5,716	)
Class N		-			-			-
Total distributions from net investment income		(47,989	)		(25,541	)		(15,747	)
From net realized gains:
Class Z		-			-			-
Class S		-			-			-
Class Y		-			-			-
Class L		-			-			-
Class A		-			-			-
Class N		-			-			-
Total distributions from net realized gains		-			-			-
Net fund share transactions (Note 5):
Class Z		-			-			-
Class S		12,249,997			(26,859,326	)		(31,580,844	)
Class Y		(2,757,592	)		(124,756,718	)		38,905,238
Class L		-			-			-
Class A		(14,708,710	)		(54,881,279	)		(952,594	)
Class N		-			-			-
Increase (decrease) in net assets from fund share transactions		(5,216,305	)		(206,497,323	)		6,371,800
Captial contribution		-			-			750,000
Total increase (decrease) in net assets		(5,250,322	)		(206,493,511	)		7,134,952
Net assets
Beginning of period		415,335,489			621,829,000			614,694,048
End of period	$	410,085,167		$	415,335,489		$	621,829,000
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	-		$	-		$	-
Distributions in excess of net investment income included in net assets at end of period	$	(65,142	)	$	(28,893	)	$	(39,643	)

* Class Z shares commenced operation on December 3, 2010

** Class Z shares commenced operation on March 1, 2011.

*** For the period November 1, 2011 through September 30, 2012.

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

166

MassMutual Premier Short-Duration Bond Fund									MassMutual Premier Inflation-Protected and Income Fund
Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012***			Year Ended October 31, 2011			Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012***			Year Ended October 31, 2011
$	3,476,904		$	7,207,974		$	8,916,111		$	2,379,812		$	5,906,632		$	12,738,189
	(609,847	)		6,221,034			10,492,517			4,237,645			7,757,425			6,153,701
	1,580,589			816,011			(7,945,378	)		(5,768,011	)		8,377,084			7,144,423
	4,447,646			14,245,019			11,463,250			849,446			22,041,141			26,036,313
	(2,972,939	)		(2,778,529	)		(2,263	)*		(4,436,438	)		(5,552,157	)		-	**
	(3,039,953	)		(2,596,888	)		(4,449,365	)		(2,425,789	)		(2,682,692	)		(2,787,672	)
	(1,354,062	)		(1,264,242	)		(1,073,958	)		(2,851,252	)		(3,300,262	)		(2,901,460	)
	(703,233	)		(580,575	)		(2,726,346	)		(301,336	)		(186,582	)		(1,087,830	)
	(1,231,459	)		(977,160	)		(1,478,363	)		(968,498	)		(1,527,238	)		(1,021,318	)
	-			(107,332	)		(124,772	)		(32,628	)		(26,280	)		(10,413	)
	(9,301,646	)		(8,304,726	)		(9,855,067	)		(11,015,941	)		(13,275,211	)		(7,808,693	)
	(1,629,804	)		(2,762,898	)		(605	)*		(1,189,400	)		-			-	**
	(1,820,845	)		(2,981,108	)		(1,244,771	)		(672,137	)		-			-
	(852,974	)		(1,448,835	)		(313,779	)		(817,900	)		-			-
	(458,633	)		(888,417	)		(809,421	)		(89,066	)		-			-
	(896,491	)		(1,423,969	)		(499,908	)		(314,661	)		-			-
	(11,757	)		(181,674	)		(49,223	)		(10,875	)		-			-
	(5,670,504	)		(9,686,901	)		(2,917,707	)		(3,094,039	)		-			-
	21,408,813			(1,485,333	)		136,450,951	*		15,730,468			20,252,314			94,826,894	**
	2,474,992			3,802,325			(33,347,998	)		4,161,204			(15,910,355	)		(8,349,313	)
	(10,932,150	)		5,356,049			15,643,912			(1,139,194	)		12,637,414			(19,620,604	)
	1,842,366			(7,207,594	)		(79,839,801	)		1,756,432			2,871,708			(34,482,400	)
	6,238,094			1,965,255			(28,013,435	)		(1,682,862	)		425,927			(868,049	)
	70,346			(7,718,909	)		870,707			215,030			463,529			244,151
	21,102,461			(5,288,207	)		11,764,336			19,041,078			20,740,537			31,750,679
	-			-			-			-			-			-
	10,577,957			(9,034,815	)		10,454,812			5,780,544			29,506,467			49,978,299
	482,422,988			491,457,803			481,002,991			345,237,327			315,730,860			265,752,561
$	493,000,945		$	482,422,988		$	491,457,803		$	351,017,871		$	345,237,327		$	315,730,860
$	1,800,902		$	7,625,644		$	7,366,206		$	-		$	6,708,696		$	12,787,427
$	-		$	-		$	-		$	(1,927,433	)	$	-		$	-

167

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Core Bond Fund
	Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012***			Year Ended October 31, 2011
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	17,707,240		$	32,684,343		$	33,402,904
Net realized gain (loss) on investment transactions		2,767,699			36,612,873			34,526,417
Net change in unrealized appreciation (depreciation) on investments		(7,627,070	)		32,059,899			(3,265,264	)
Net increase (decrease) in net assets resulting from operations		12,847,869			101,357,115			64,664,057
Distributions to shareholders (Note 2):
From net investment income:
Class Z		(11,760,419	)		(9,881,932	)		(2,942	)*
Class S		(16,715,444	)		(15,089,695	)		(22,218,153	)
Class Y		(3,683,072	)		(3,091,504	)		(4,353,171	)
Class L		(1,973,054	)		(1,681,301	)		(5,788,601	)
Class A		(3,742,227	)		(3,622,276	)		(5,117,959	)
Class N		(34,038	)		(14,873	)		(21,129	)
Total distributions from net investment income		(37,908,254	)		(33,381,581	)		(37,501,955	)
From net realized gains:
Class Z		(9,935,218	)		(9,034,969	)		(3,053	)*
Class S		(15,393,522	)		(15,441,069	)		(23,756,510	)
Class Y		(3,454,333	)		(3,216,420	)		(4,742,690	)
Class L		(1,923,454	)		(2,009,415	)		(6,475,477	)
Class A		(4,106,871	)		(4,416,598	)		(6,242,223	)
Class N		(39,187	)		(21,459	)		(28,760	)
Total distributions from net realized gains		(34,852,585	)		(34,139,930	)		(41,248,713	)
Net fund share transactions (Note 5):
Class Z		(18,606,535	)		192,368,971			308,278,395	*
Class S		34,415,128			(86,327,032	)		20,548,812
Class Y		9,669,319			5,457,771			(3,927,041	)
Class L		(856,413	)		(2,032,555	)		(119,852,869	)
Class A		8,587,407			(12,378,903	)		(1,922,748	)
Class N		332,045			501,686			29,796
Increase (decrease) in net assets from fund share transactions		33,540,951			97,589,938			203,154,345
Total increase (decrease) in net assets		(26,372,019	)		131,425,542			189,067,734
Net assets
Beginning of period		1,695,078,568			1,563,653,026			1,374,585,292
End of period	$	1,668,706,549		$	1,695,078,568		$	1,563,653,026
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	9,126,351		$	29,327,365		$	27,144,732

* Class Z shares commenced operations on December 3, 2010.

** Class Z shares commenced operations on March 1, 2011.

*** For the period November 1, 2011 through September 30, 2012.

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

168

MassMutual Premier Diversified Bond Fund									MassMutual Premier High Yield Fund
Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012***			Year Ended October 31, 2011			Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012***			Year Ended October 31, 2011
$	1,403,010		$	3,125,344		$	6,197,721		$	8,216,468		$	14,716,593		$	11,900,579
	742,604			2,668,086			8,297,477			6,714,125			7,286,454			3,952,575
	(52,390	)		2,790,644			(5,767,858	)		2,975,619			5,264,407			(5,444,900	)
	2,093,224			8,584,074			8,727,340			17,906,212			27,267,454			10,408,254
	(5	)		-			(4,276	)*		(7,686,693	)		(6,322,701	)		-	**
	(1,451,138	)		(1,388,245	)		(1,997,405	)		(1,599,632	)		(806,955	)		(4,926,019	)
	(333,301	)		(1,604,789	)		(1,354,620	)		(4,014,533	)		(3,174,861	)		(4,829,400	)
	(398,553	)		(378,992	)		(4,038,036	)		(664,781	)		(296,498	)		(473,093	)
	(1,262,840	)		(1,546,682	)		(1,749,656	)		(2,491,300	)		(1,798,896	)		(3,391,988	)
	(51	)		-			(3,413	)		(33,142	)		(18,352	)		(52,842	)
	(3,445,888	)		(4,918,708	)		(9,147,406	)		(16,490,081	)		(12,418,263	)		(13,673,342	)
	(3	)		(7	)		(843	)*		-			-			-	**
	(1,042,719	)		(2,133,819	)		(417,603	)		-			-			-
	(312,639	)		(2,455,693	)		(281,667	)		-			-			-
	(289,570	)		(799,099	)		(849,885	)		-			-			-
	(993,942	)		(2,567,850	)		(388,089	)		-			-			-
	(44	)		(105	)		(1,557	)		-			-			-
	(2,638,917	)		(7,956,573	)		(1,939,644	)		-			-			-
	8			7			(702,076	)*		734,590			18,134,696			75,648,142	**
	1,877,244			8,515,356			(21,252,464	)		2,798,211			(16,878,862	)		(18,265,084	)
	(22,682,594	)		495,258			1,567,095			426,883			(1,733,691	)		1,366,939
	2,684,456			(471,535	)		(90,475,152	)		2,419,674			3,486,034			(20,748	)
	(1,319,392	)		1,611,541			(10,888,954	)		(9,918,655	)		7,085,604			(7,081,349	)
	(1,577	)		105			(174,746	)		48,651			151,616			(281,498	)
	(19,441,855	)		10,150,732			(121,926,297	)		(3,490,646	)		10,245,397			51,366,402
	(23,433,436	)		5,859,525			(124,286,007	)		(2,074,515	)		25,094,588			48,101,314
	121,719,088			115,859,563			240,145,570			232,318,477			207,223,889			159,122,575
$	98,285,652		$	121,719,088		$	115,859,563		$	230,243,962		$	232,318,477		$	207,223,889
$	778,692		$	2,821,570		$	4,637,928		$	3,576,389		$	11,850,002		$	9,578,594

169

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier International Bond Fund
	Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012*			Year Ended October 31, 2011
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	619,894		$	952,870		$	957,628
Net realized gain (loss) on investment transactions		(2,281,457	)		218,390			496,544
Net change in unrealized appreciation (depreciation) on investments		(2,927,078	)		(107,398	)		240,411
Net increase (decrease) in net assets resulting from operations		(4,588,641	)		1,063,862			1,694,583
Distributions to shareholders (Note 2):
From net investment income:
Class S		(830,239	)		(1,672,757	)		(1,274,002	)
Class Y		(5,498	)		(3,520	)		(5,416	)
Class L		(1,691	)		-			(5,271	)
Class A		(5,076	)		(32,227	)		(51,360	)
Class N		-			-			-
Total distributions from net investment income		(842,504	)		(1,708,504	)		(1,336,049	)
From net realized gains:
Class S		(45,298	)		-			(14,524	)
Class Y		(306	)		-			(62	)
Class L		(107	)		-			(62	)
Class A		(528	)		-			(635	)
Total distributions from net realized gains		(46,239	)		-			(15,283	)
Net fund share transactions (Note 5):
Class S		12,926,238			1,279,102			26,574,707
Class Y		53,111			290,038			5,478
Class L		26,734			33,615			(383,095	)
Class A		(164,025	)		(205,365	)		115,473
Class N		-			-			-
Increase (decrease) in net assets from fund share transactions		12,842,058			1,397,390			26,312,563
Total increase (decrease) in net assets		7,364,674			752,748			26,655,814
Net assets
Beginning of period		54,860,187			54,107,439			27,451,625
End of period	$	62,224,861		$	54,860,187		$	54,107,439
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	669,402		$	892,012		$	1,515,016

* For the period November 1, 2011 through September 30, 2012.

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

170

MassMutual Premier Balanced Fund									MassMutual Premier Value Fund
Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012*			Year Ended October 31, 2011			Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012*			Year Ended October 31, 2011
$	1,052,148		$	2,076,768		$	2,283,764		$	1,265,572		$	2,853,421		$	2,372,904
	3,748,303			6,917,638			10,929,761			18,371,587			(1,266,103	)		24,852,652
	3,865,622			4,396,071			(5,920,248	)		(1,598,906	)		15,212,452			(19,840,713	)
	8,666,073			13,390,477			7,293,277			18,038,253			16,799,770			7,384,843
	(1,795,172	)		(1,993,202	)		(2,081,718	)		(2,084,066	)		(2,329,663	)		(2,231,112	)
	(117,156	)		(87,987	)		(74,703	)		(1,968	)		(2,246	)		(1,923	)
	(50,821	)		(8,115	)		(58,152	)		(251,497	)		(271,243	)		(279,210	)
	(327,247	)		(212,675	)		(175,277	)		(100,464	)		(95,730	)		(123,289	)
	-			-			-			(684	)		(990	)		(833	)
	(2,290,396	)		(2,301,979	)		(2,389,850	)		(2,438,679	)		(2,699,872	)		(2,636,367	)
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	17,337			(5,852,214	)		(16,817,100	)		(46,154,079	)		(23,988,384	)		(21,821,294	)
	2,632,259			1,164,654			198,947			(42,599	)		(28,648	)		(62,322	)
	(643,708	)		2,228,764			(2,666,462	)		(4,015,882	)		(2,584,442	)		(4,893,887	)
	6,485,368			3,751,478			1,536			(2,517,305	)		(1,017,930	)		(4,065,822	)
	-			-			-			(1,323	)		(49,250	)		(2,371	)
	8,491,256			1,292,682			(19,283,079	)		(52,731,188	)		(27,668,654	)		(30,845,696	)
	14,866,933			12,381,180			(14,379,652	)		(37,131,614	)		(13,568,756	)		(26,097,220	)
	127,808,067			115,426,887			129,806,539			156,898,470			170,467,226			196,564,446
$	142,675,000		$	127,808,067		$	115,426,887		$	119,766,856		$	156,898,470		$	170,467,226
$	354,563		$	1,592,811		$	1,784,736		$	505,514		$	1,678,621		$	1,718,931

171

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Disciplined Value Fund
	Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012*			Year Ended October 31, 2011
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,519,051		$	5,644,438		$	4,870,948
Net realized gain (loss) on investment transactions		13,445,470			13,855,806			31,669,420
Net change in unrealized appreciation (depreciation) on investments		25,204,375			21,397,825			(18,020,365	)
Net increase (decrease) in net assets resulting from operations		42,168,896			40,898,069			18,520,003
Distributions to shareholders (Note 2):
From net investment income:
Class S		(4,771,965	)		(3,902,644	)		(2,603,279	)
Class Y		(1,438,085	)		(960,990	)		(1,017,694	)
Class L		(58,924	)		-			(1,080,621	)
Class A		(173,369	)		(130,901	)		(132,449	)
Class N		(2,011	)		(1,236	)		(1,995	)
Total distributions from net investment income		(6,444,354	)		(4,995,771	)		(4,836,038	)
Net fund share transactions (Note 5):
Class S		14,238,606			(15,179,899	)		56,384,904
Class Y		749,197			5,086,379			(6,620,493	)
Class L		773,047			447,303			(70,213,930	)
Class A		165,773			(867,470	)		(845,603	)
Class N		1,040			(18,060	)		(73,278	)
Increase (decrease) in net assets from fund share transactions		15,927,663			(10,531,747	)		(21,368,400	)
Total increase (decrease) in net assets		51,652,205			25,370,551			(7,684,435	)
Net assets
Beginning of period		291,302,353			265,931,802			273,616,237
End of period	$	342,954,558		$	291,302,353		$	265,931,802
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	1,504,095		$	4,429,398		$	3,801,700

* For the period November 1, 2011 through September 30, 2012.

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

172

MassMutual Premier Main Street Fund									MassMutual Premier Capital Appreciation Fund
Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012*			Year Ended October 31, 2011			Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012*			Year Ended October 31, 2011
$	1,088,464		$	1,355,443		$	1,484,572		$	1,846,344		$	2,070,230		$	2,470,451
	5,531,973			15,053,911			9,728,609			12,338,521			28,902,846			71,465,388
	6,176,841			11,799,258			(3,637,155	)		7,241,312			11,891,908			(36,794,432	)
	12,797,278			28,208,612			7,576,026			21,426,177			42,864,984			37,141,407
	(1,502,544	)		(901,422	)		(1,118,985	)		(2,132,742	)		(1,870,912	)		(1,569,344	)
	(58,713	)		-			(18,824	)		(74,639	)		(7,821	)		(26,161	)
	(323,331	)		(230,920	)		(322,753	)		(166,936	)		(111,929	)		(61,944	)
	(107,123	)		(23,819	)		(43,395	)		(417,475	)		(290,256	)		(7,982	)
	(280	)		(564	)		(445	)		(1,399	)		-			-
	(1,991,991	)		(1,156,725	)		(1,504,402	)		(2,793,191	)		(2,280,918	)		(1,665,431	)
	(4,049,657	)		(9,842,229	)		(17,608,496	)		(9,393,821	)		(72,250,926	)		(212,731,510	)
	(315,346	)		4,711,583			(2,032,933	)		(37,775	)		5,211,948			(7,940,848	)
	(4,079,282	)		(13,560,858	)		(7,703,126	)		(4,599,239	)		(4,845,226	)		(19,242,676	)
	(450,842	)		2,324,059			(1,410,777	)		(12,807,749	)		(35,869,549	)		(53,730,977	)
	(40,100	)		(265,768	)		35,713			(4,759	)		(19,614	)		(172,981	)
	(8,935,227	)		(16,633,213	)		(28,719,619	)		(26,843,343	)		(107,773,367	)		(293,818,992	)
	1,870,060			10,418,674			(22,647,995	)		(8,210,357	)		(67,189,301	)		(258,343,016	)
	170,652,879			160,234,205			182,882,200			305,798,069			372,987,370			631,330,386
$	172,522,939		$	170,652,879		$	160,234,205		$	297,587,712		$	305,798,069		$	372,987,370
$	355,911		$	1,259,438		$	1,208,065		$	454,303		$	1,401,150		$	1,702,373

173

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Disciplined Growth Fund
	Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012*			Year Ended October 31, 2011
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	2,453,226		$	3,419,403		$	2,134,759
Net realized gain (loss) on investment transactions		16,066,805			23,895,398			24,966,840
Net change in unrealized appreciation (depreciation) on investments		7,202,825			13,134,930			(8,983,689	)
Net increase (decrease) in net assets resulting from operations		25,722,856			40,449,731			18,117,910
Distributions to shareholders (Note 2):
From net investment income:
Class S		(3,049,735	)		(1,885,057	)		(846,424	)
Class Y		(814,371	)		(481,683	)		(446,373	)
Class L		(127,057	)		-			(608,941	)
Class A		(190,668	)		(39,504	)		(33,756	)
Class N		-			-			-
Total distributions from net investment income		(4,181,831	)		(2,406,244	)		(1,935,494	)
From net realized gains:
Class S		(582,878	)		-			-
Class Y		(165,016	)		-			-
Class L		(27,034	)		-			-
Class A		(47,338	)		-			-
Total distributions from net realized gains		(822,266	)		-			-
Net fund share transactions (Note 5):
Class S		(14,223,709	)		6,467,954			93,691,180
Class Y		(1,503,055	)		676,103			1,195,831
Class L		4,459,316			7,591,965			(72,439,038	)
Class A		593,923			6,617,219			1,497,949
Class N		-			-			-
Increase (decrease) in net assets from fund share transactions		(10,673,525	)		21,353,241			23,945,922
Total increase (decrease) in net assets		10,045,234			59,396,728			40,128,338
Net assets
Beginning of period		292,346,300			232,949,572			192,821,234
End of period	$	302,391,534		$	292,346,300		$	232,949,572
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	803,555		$	2,532,160		$	1,559,801
Distributes in excess of net investment income	$	-		$	-		$	-

* For the period November 1, 2011 through September 30, 2012.

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

174

MassMutual Premier Small Cap Opportunities Fund									MassMutual Premier Global Fund
Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012*			Year Ended October 31, 2011			Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012*			Year Ended October 31, 2011
$	1,060,445		$	1,002,211		$	1,227,009		$	1,201,099		$	4,205,138		$	4,592,565
	13,070,370			15,016,278			35,434,137			6,911,491			(751,668	)		2,013,364
	10,601,522			643,552			(21,063,989	)		43,285,423			21,602,012			(3,994,478	)
	24,732,337			16,662,041			15,597,157			51,398,013			25,055,482			2,611,451
	(771,082	)		(872,574	)		(987,135	)		(2,614,685	)		(2,838,694	)		(3,378,699	)
	(35,673	)		(6,689	)		(11,538	)		(85,643	)		(85,125	)		(123,930	)
	(66,410	)		(13,546	)		(8,366	)		(1,211,149	)		(1,321,950	)		(1,642,661	)
	(432,796	)		(133,946	)		(213,659	)		(330,289	)		(312,829	)		(456,438	)
	-			-			-			(7,743	)		(6,835	)		(7,240	)
	(1,305,961	)		(1,026,755	)		(1,220,698	)		(4,249,509	)		(4,565,433	)		(5,608,968	)
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	(4,038,279	)		(57,866,649	)		(20,884,874	)		(3,869,628	)		(18,526,765	)		(14,841,025	)
	(1,427,278	)		1,132,074			145,219			(299,753	)		43,390			445,465
	615,406			2,802,979			(2,984,940	)		(1,770,299	)		(15,102,666	)		(13,297,150	)
	(635,754	)		(6,898,393	)		(14,998,768	)		(2,052,626	)		1,460,810			(4,049,799	)
	-			-			-			14,484			54,808			73,367
	(5,485,905	)		(60,829,989	)		(38,723,363	)		(7,977,822	)		(32,070,423	)		(31,669,142	)
	17,940,471			(45,194,703	)		(24,346,904	)		39,170,682			(11,580,374	)		(34,666,659	)
	135,868,732			181,063,435			205,410,339			354,738,577			366,318,951			400,985,610
$	153,809,203		$	135,868,732		$	181,063,435		$	393,909,259		$	354,738,577		$	366,318,951
$	184,349		$	429,865		$	539,067		$	-		$	2,242,242		$	2,136,122
$	-		$	-		$	-		$	(806,168	)	$	-		$	-

175

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier International Equity Fund
	Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012***			Year Ended October 31, 2011
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,629,224		$	6,536,742		$	7,352,096
Net realized gain (loss) on investment transactions		13,623,760			15,332,230			61,159,324
Net change in unrealized appreciation (depreciation) on investments		45,041,590			2,492,455			(59,263,592	)
Net increase (decrease) in net assets resulting from operations		60,294,574			24,361,427			9,247,828
Distributions to shareholders (Note 2):
From net investment income:
Class Z		-			-			-
Class S		(5,786,543	)		(6,144,878	)		(5,860,173	)
Class Y		(321,754	)		(325,047	)		(136,382	)
Class L		(212,882	)		(136,285	)		(412,749	)
Class A		(503,389	)		(597,267	)		(325,765	)
Class N		-			-			-
Total distributions from net investment income		(6,824,568	)		(7,203,477	)		(6,735,069	)
From net realized gains:
Class Z		-			-			-
Class S		(12,314,694	)		(38,481,874	)		-
Class Y		(696,090	)		(1,974,045	)		-
Class L		(499,651	)		(1,277,744	)		-
Class A		(1,496,537	)		(4,863,637	)		-
Total distributions from net realized gains		(15,006,972	)		(46,597,300	)		-
Net fund share transactions (Note 5):
Class Z		-			-			-
Class S		(5,372,135	)		(130,624,584	)		(29,722,973	)
Class Y		(1,728,997	)		2,992,576			3,963,096
Class L		1,121,408			3,073,896			(41,415,227	)
Class A		(362,365	)		807,899			(3,185,875	)
Class N		-			-			-
Increase (decrease) in net assets from fund share transactions		(6,342,089	)		(123,750,213	)		(70,360,979	)
Total increase (decrease) in net assets		32,120,945			(153,189,563	)		(67,848,220	)
Net assets
Beginning of period		480,058,192			633,247,755			701,095,975
End of period	$	512,179,137		$	480,058,192		$	633,247,755
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	-		$	4,726,276		$	4,843,359
Distributions in excess of net investment income included in net assets at end of period	$	(469,068	)	$	-		$	-

* Class Z shares commenced operations on December 3, 2010.

** Class Z shares commenced operations on March 1, 2011.

*** For the period November 1, 2011 through September 30, 2012.

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

176

MassMutual Premier Focused International Fund									MassMutual Premier Strategic Emerging Markets Fund
Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012***			Year Ended October 31, 2011			Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012***			Year Ended October 31, 2011
$	56,284		$	2,422,436		$	1,318,958		$	30,996		$	1,307,216		$	1,938,890
	352,092			3,422,874			6,114,989			(3,748,317	)		(2,545,074	)		16,759,854
	2,665,708			(1,630,167	)		(10,246,953	)		4,324,221			1,583,831			(39,491,211	)
	3,074,084			4,215,143			(2,813,006	)		606,900			345,973			(20,792,467	)
	(1,063,618	)		(206,554	)		(1,884	)*		(1,094,858	)		(1,553,000	)		-	**
	(513,418	)		(205,670	)		(395,980	)		(47,848	)		-			(368,037	)
	(100,077	)		(51,354	)		(140,147	)		(1,277	)		(1,604	)		(412	)
	(89,498	)		(3,363	)		(315,154	)		(441	)		-			(61,460	)
	(191,242	)		(30,244	)		(422,195	)		-			(1,069	)		-
	(7,648	)		-			(10,327	)		-			-			-
	(1,965,501	)		(497,185	)		(1,285,687	)		(1,144,424	)		(1,555,673	)		(429,909	)
	-			-			-			-			(16,945,727	)		-
	-			-			-			-			(658,272	)		(10,551,103	)
	-			-			-			-			(23,263	)		(17,778	)
	-			-			-			-			(61	)		(4,909,924	)
	-			-			-			-			(49,912	)		(55,982	)
	-			-			-			-			(17,677,235	)		(15,534,787	)
	(5,040,019	)		47,518,932			25,466,667	*		(9,508,885	)		55,831,436			105,040,250	**
	(769,403	)		3,622,930			6,901,166			940,723			(40,006,448	)		(38,912,501	)
	(706,459	)		133,740			208,266			418			37,415			28,518
	(116,069	)		912,429			(13,781,341	)		21,410			63,560			(50,195,656	)
	(5,126,698	)		(3,006,797	)		(9,673,629	)		(52,355	)		43,028			(125,408	)
	(5,345	)		5,209			(20,660	)		-			-			-
	(11,763,993	)		49,186,443			9,100,469			(8,598,689	)		15,968,991			15,835,203
	(10,655,410	)		52,904,401			5,001,776			(9,136,213	)		(2,917,944	)		(20,921,960	)
	144,404,409			91,500,008			86,498,232			141,548,593			144,466,537			165,388,497
$	133,748,999		$	144,404,409		$	91,500,008		$	132,412,380		$	141,548,593		$	144,466,537
$	-		$	1,335,573		$	-		$	21,279		$	1,134,707		$	1,488,973
$	(573,644	)	$	-		$	(594,260	)	$	-		$	-		$	-

177

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Cash Flows

For the Six Months Ended March 31, 2013 (Unaudited)

	Premier Inflation-Protected and Income Fund
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	849,446
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments purchased		(124,547,294	)
Investments sold		91,034,436
Adjustments to the principal amount of inflation-indexed bonds		(1,383,423	)
(Purchase) Sale of short-term investments, net		(3,498,761	)
Amortization (accretion) of discount and premium, net		971,514
(Increase) Decrease in receivable from interest and dividends		(59,033	)
(Increase) Decrease in receivable from investment adviser		1,109
Increase (Decrease) in payable for collateral pledged for reverse repurchase agreements		1,868,746
Increase (Decrease) in payable for interest for reverse repurchase agreements		(1,609	)
Increase (Decrease) in payable for Trustees’ fees and expenses		3,949
Increase (Decrease) in payable for investment management fees		(4,196	)
Increase (Decrease) in payable for administration fees		(2,928	)
Increase (Decrease) in payable for service fees		(3,679	)
Increase (Decrease) in payable for distribution fees		70
Increase (Decrease) in variation margin on futures contracts		(1,891	)
Increase (Decrease) in payable for accrued expenses and other liabilities		(10,624	)
Net change in unrealized (appreciation) depreciation on investments		5,767,531
Net realized (gain) loss from investments		(4,282,228	)
Net cash from (used in) operating activities		(33,298,865	)
Cash flows from (used in) financing activities:
Proceeds from shares sold		74,736,425
Payment on shares redeemed		(69,693,783	)
Cash distributions paid		(358	)
Proceeds from reverse repurchase agreements		94,559,076
Repayment of reverse repurchase agreements		(66,302,495	)
Net cash from (used in) financing activities		33,298,865
Net increase (decrease) in cash		-
Cash at beginning of year		-
Cash at end of period	$	-
Supplemental cash flow information:
Non cash financing activities not included herein consist of reinvestment of all distributions in the amount of:	$	14,109,622
Cash paid out for interest on reverse repurchase agreements	$	418,256

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

178

MassMutual Premier 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			Tax return of capital			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 waivers			Net investment income (loss) to average daily net assets
Class S
03/31/13r	$	1.00	$	0.00	d	$	0.00	d	$	0.00	d	$	(0.00	)d	$	-		$	(0.00	)d	$	1.00		0.01%	b	$	175,143		0.46%	a		0.17%	a,j		0.01%	a
09/30/12i		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.00%	b,e		162,906		0.46%	a		0.16%	a,j		0.00%	a,e
10/31/11		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.00%	e		189,764		0.46%			0.20%	j		0.00%	e
10/31/10		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.00%	e		221,083		0.46%			0.25%	j		0.00%	e
10/31/09		1.00		0.00	d		(0.00	)d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.40%			299,832		0.49%			0.45%	j		0.41%
10/31/08		1.00		0.03			(0.00	)d		0.03			(0.03	)		(0.00	)d		(0.03	)		1.00		2.64%			323,136		0.48%			0.48%	k		2.55%
10/31/07		1.00		0.05			-			0.05			(0.05	)		-			(0.05	)		1.00		4.92%			258,751		0.46%			0.45%	j		4.81%
Class Y
03/31/13r	$	1.00	$	0.00	d	$	(0.00	)d	$	0.00	d	$	(0.00	)d	$	-		$	(0.00	)d	$	1.00		0.01%	b	$	105,848		0.56%	a		0.17%	a,j		0.01%	a
09/30/12i		1.00		0.00	d		(0.00	)d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.01%	b		108,613		0.56%	a		0.16%	a,j		0.01%	a
10/31/11		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.00%	e		233,369		0.56%			0.20%	j		0.00%	e
10/31/10		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.00%	e		194,208		0.56%			0.25%	j		0.00%	e
10/31/09		1.00		0.00	d		(0.00	)d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.35%			197,503		0.60%			0.50%	j		0.38%
10/31/08		1.00		0.03			(0.00	)d		0.03			(0.03	)		(0.00	)d		(0.03	)		1.00		2.54%			231,584		0.58%			0.58%	k		2.47%
10/31/07		1.00		0.05			-			0.05			(0.05	)		-			(0.05	)		1.00		4.81%			213,690		0.56%			0.55%	j		4.71%
Class A
03/31/13r	$	1.00	$	0.00	d	$	(0.00	)d	$	0.00	d	$	(0.00	)d	$	-		$	(0.00	)d	$	1.00		0.01%	b	$	129,095		0.96%	a		0.17%	a,j		0.01%	a
09/30/12i		1.00		0.00	d		(0.00	)d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.01%	b		143,816		0.96%	a		0.16%	a,j		0.01%	a
10/31/11		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.00%	e		198,696		0.96%			0.20%	j		0.00%	e
10/31/10		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.00%	e		199,403		0.96%			0.25%	j		0.00%	e
10/31/09		1.00		0.00	d		(0.00	)d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.28%			270,497		0.99%			0.57%	j		0.28%
10/31/08		1.00		0.02			(0.00	)d		0.02			(0.02	)		(0.00	)d		(0.02	)		1.00		2.33%			291,735		0.98%			0.78%	j		2.30%
10/31/07		1.00		0.04			-			0.04			(0.04	)		-			(0.04	)		1.00		4.59%			281,270		0.96%			0.77%	j		4.50%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

e Amount is less than 0.005%.

i For the period November 1, 2011 through September 30, 2012.

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

k Amount waived had no impact on the ratio of expenses to average daily net assets.

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.

179

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,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 waivers			Net investment income (loss) to average daily net assets
Class Z
03/31/13r	$	10.77	$	0.09	$	0.02		$	0.11		$	(0.23	)	$	(0.13	)	$	(0.36	)	$	10.52		1.04%	b	$	153,032		0.50%	a		0.36%	a,j		1.66%	a
09/30/12i		10.87		0.18		0.16			0.34			(0.22	)		(0.22	)		(0.44	)		10.77		3.20%	b		134,803		0.51%	a		0.37%	a,j		1.83%	a
10/31/11g		10.86		0.20		0.13			0.33			(0.25	)		(0.07	)		(0.32	)		10.87		3.05%	b		137,464		0.52%	a		0.37%	a,j		2.07%	a
Class S
03/31/13r	$	10.79	$	0.08	$	0.01		$	0.09		$	(0.21	)	$	(0.13	)	$	(0.34	)	$	10.54		0.95%	b	$	157,432		0.69%	a		0.55%	a,j		1.47%	a
09/30/12i		10.88		0.16		0.16			0.32			(0.19	)		(0.22	)		(0.41	)		10.79		2.91%	b		158,361		0.70%	a		0.56%	a,j		1.64%	a
10/31/11		10.93		0.20		0.05			0.25			(0.23	)		(0.07	)		(0.30	)		10.88		2.38%			155,719		0.67%			0.55%	j		1.86%
10/31/10		10.64		0.29		0.34			0.63			(0.34	)		-			(0.34	)		10.93		6.10%			190,062		0.56%			N/A			2.72%
10/31/09		9.79		0.41		0.94			1.35			(0.50	)		-			(0.50	)		10.64		14.34%			143,114		0.56%			N/A			4.13%
10/31/08		10.49		0.40		(0.53	)		(0.13	)		(0.57	)		-			(0.57	)		9.79		(1.23%	)		153,218		0.55%			0.55%	k		3.97%
10/31/07		10.37		0.49		0.10			0.59			(0.47	)		-			(0.47	)		10.49		5.88%			196,525		0.55%			0.54%	j		4.75%
Class Y
03/31/13r	$	10.72	$	0.07	$	0.02		$	0.09		$	(0.20	)	$	(0.13	)	$	(0.33	)	$	10.48		0.85%	b	$	67,526		0.74%	a		0.60%	a,j		1.42%	a
09/30/12i		10.82		0.15		0.16			0.31			(0.19	)		(0.22	)		(0.41	)		10.72		2.93%	b		79,985		0.75%	a		0.61%	a,j		1.59%	a
10/31/11		10.87		0.19		0.05			0.24			(0.22	)		(0.07	)		(0.29	)		10.82		2.30%			75,045		0.73%			0.60%	j		1.80%
10/31/10		10.58		0.28		0.35			0.63			(0.34	)		-			(0.34	)		10.87		6.11%			59,027		0.61%			N/A			2.69%
10/31/09		9.74		0.39		0.95			1.34			(0.50	)		-			(0.50	)		10.58		14.36%			56,552		0.61%			N/A			3.90%
10/31/08		10.42		0.40		(0.52	)		(0.12	)		(0.56	)		-			(0.56	)		9.74		(1.29%	)		34,550		0.60%			0.60%	k		3.95%
10/31/07		10.30		0.48		0.10			0.58			(0.46	)		-			(0.46	)		10.42		5.86%			55,094		0.60%			0.59%	j		4.77%
Class L
03/31/13r	$	10.69	$	0.07	$	0.02		$	0.09		$	(0.20	)	$	(0.13	)	$	(0.33	)	$	10.45		0.88%	b	$	38,310		0.82%	a		0.68%	a,j		1.34%	a
09/30/12i		10.74		0.15		0.16			0.31			(0.14	)		(0.22	)		(0.36	)		10.69		2.87%	b		37,298		0.83%	a		0.69%	a,j		1.51%	a
10/31/11		10.80		0.18		0.05			0.23			(0.22	)		(0.07	)		(0.29	)		10.74		2.18%			44,760		0.80%			0.68%	j		1.72%
10/31/10		10.52		0.27		0.34			0.61			(0.33	)		-			(0.33	)		10.80		5.95%			125,719		0.76%			0.69%	j		2.60%
10/31/09		9.68		0.39		0.93			1.32			(0.48	)		-			(0.48	)		10.52		14.19%			114,790		0.76%			0.69%	j		4.01%
10/31/08		10.38		0.39		(0.53	)		(0.14	)		(0.56	)		-			(0.56	)		9.68		(1.35%	)		123,378		0.75%			0.68%	j		3.88%
10/31/07		10.26		0.47		0.10			0.57			(0.45	)		-			(0.45	)		10.38		5.74%			173,954		0.75%			0.67%	j		4.60%
Class A
03/31/13r	$	10.62	$	0.06	$	0.02		$	0.08		$	(0.18	)	$	(0.13	)	$	(0.31	)	$	10.39		0.70%	b	$	75,694		1.07%	a		0.93%	a,j		1.09%	a
09/30/12i		10.71		0.12		0.16			0.28			(0.15	)		(0.22	)		(0.37	)		10.62		2.66%	b		71,031		1.08%	a		0.94%	a,j		1.26%	a
10/31/11		10.76		0.16		0.05			0.21			(0.19	)		(0.07	)		(0.26	)		10.71		2.02%			69,635		1.06%			0.93%	j		1.48%
10/31/10		10.48		0.24		0.34			0.58			(0.30	)		-			(0.30	)		10.76		5.70%			98,198		1.01%			0.94%	j		2.32%
10/31/09		9.65		0.36		0.93			1.29			(0.46	)		-			(0.46	)		10.48		13.99%			68,067		1.01%			0.94%	j		3.67%
10/31/08		10.35		0.36		(0.53	)		(0.17	)		(0.53	)		-			(0.53	)		9.65		(1.73%	)		63,490		1.00%			0.93%	j		3.59%
10/31/07		10.23		0.44		0.11			0.55			(0.43	)		-			(0.43	)		10.35		5.55%			64,506		1.00%			0.92%	j		4.37%
Class N
03/31/13r	$	10.49	$	0.04	$	0.03		$	0.07		$	-		$	(0.13	)	$	(0.13	)	$	10.43		0.65%	b	$	1,008		1.37%	a		1.23%	a,j		0.80%	a
09/30/12i		10.60		0.09		0.15			0.24			(0.13	)		(0.22	)		(0.35	)		10.49		2.29%	b		944		1.38%	a		1.24%	a,j		0.93%	a
10/31/11		10.66		0.12		0.06			0.18			(0.17	)		(0.07	)		(0.24	)		10.60		1.67%			8,835		1.36%			1.23%	j		1.18%
10/31/10		10.42		0.21		0.33			0.54			(0.30	)		-			(0.30	)		10.66		5.33%			7,997		1.31%			1.24%	j		2.03%
10/31/09		9.58		0.33		0.93			1.26			(0.42	)		-			(0.42	)		10.42		13.72%			4,408		1.31%			1.24%	j		3.38%
10/31/08		10.31		0.33		(0.52	)		(0.19	)		(0.54	)		-			(0.54	)		9.58		(2.02%	)		3,426		1.30%			1.23%	j		3.28%
10/31/07		10.20		0.39		0.12			0.51			(0.40	)		-			(0.40	)		10.31		5.25%			4,006		1.30%			1.22%	j		3.80%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		78	%		349	%		384	%		332	%		232	%		140	%		332	%

a Annualized.

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

c Per share amount calculated on the average shares method.

g For the period December 3, 2010 (commencement of operations) through October 31, 2011.

i For the period November 1, 2011 through September 30, 2012.

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

k Amount waived had no impact on the ratio of expenses to average daily net assets.

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

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

r Unaudited.

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

180

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 waiverso			Ratio of expenses to average daily net assets after expense waiverso			Interest expense to average daily net assetsp			Ratio of expenses to average daily net assets before expense waiversn			Ratio  of expenses to average daily net assets after expense waiversn			Net investment income (loss) to average daily net assets
Class Z
03/31/13r	$	12.22	$	0.09		$	(0.05	)	$	0.04		$	(0.40	)	$	(0.11	)	$	(0.51	)	$	11.75		0.28%	b	$	135,049		0.57%	a		0.44%	a,j		0.24%	a		0.81%	a		0.68%	a,j		1.51%	a
09/30/12i		11.91		0.23			0.59			0.82			(0.51	)		-			(0.51	)		12.22		7.12%	b		124,528		0.58%	a		0.45%	a,j		0.21%	a		0.79%	a		0.66%	a,j		2.10%	a
10/31/11g		10.67		0.30			0.94			1.24			-			-			-			11.91		11.62%	b		101,708		0.59%	a		0.45%	a,j		0.15%	a		0.74%	a		0.60%	a,j		3.88%	a
Class S
03/31/13r	$	12.22	$	0.08		$	(0.05	)	$	0.03		$	(0.39	)	$	(0.11	)	$	(0.50	)	$	11.75		0.17%	b	$	76,944		0.68%	a		0.55%	a,j		0.24%	a		0.92%	a		0.79%	a,j		1.36%	a
09/30/12i		11.90		0.21			0.60			0.81			(0.49	)		-			(0.49	)		12.22		7.02%	b		75,714		0.69%	a		0.56%	a,j		0.21%	a		0.90%	a		0.77%	a,j		1.96%	a
10/31/11		11.30		0.53			0.43			0.96			(0.36	)		-			(0.36	)		11.90		8.99%			89,413		0.66%			0.56%	j		0.17%			0.83%			0.73%	j		4.79%
10/31/10		10.29		0.36			0.70			1.06			(0.05	)		-			(0.05	)		11.30		10.28%			92,808		0.56%			N/A			0.17%			0.73%			N/A			3.36%
10/31/09		9.51		(0.03	)		1.58			1.55			(0.77	)		-			(0.77	)		10.29		16.82%			92,457		0.56%			N/A			0.07%			0.63%			N/A			(0.29%	)
10/31/08		10.53		0.62			(1.06	)		(0.44	)		(0.58	)		-			(0.58	)		9.51		(4.58%	)		111,763		0.54%			N/A			N/A			N/A			N/A			5.85%
10/31/07		10.33		0.32			0.26			0.58			(0.38	)		-			(0.38	)		10.53		5.86%			196,517		0.54%			N/A			N/A			N/A			N/A			3.18%
Class Y
03/31/13r	$	12.18	$	0.08		$	(0.06	)	$	0.02		$	(0.37	)	$	(0.11	)	$	(0.48	)	$	11.72		0.15%	b	$	90,818		0.78%	a		0.65%	a,j		0.24%	a		1.02%	a		0.89%	a,j		1.33%	a
09/30/12i		11.87		0.21			0.58			0.79			(0.48	)		-			(0.48	)		12.18		6.90%	b		95,417		0.79%	a		0.66%	a,j		0.21%	a		1.00%	a		0.87%	a,j		1.94%	a
10/31/11		11.27		0.48			0.47			0.95			(0.35	)		-			(0.35	)		11.87		8.80%			80,118		0.74%			0.66%	j		0.18%			0.92%			0.84%	j		4.36%
10/31/10		10.27		0.34			0.71			1.05			(0.05	)		-			(0.05	)		11.27		10.22%			95,864		0.66%			N/A			0.17%			0.83%			N/A			3.24%
10/31/09		9.50		(0.02	)		1.55			1.53			(0.76	)		-			(0.76	)		10.27		16.74%			96,117		0.65%			N/A			0.07%			0.72%			N/A			(0.24%	)
10/31/08		10.52		0.61			(1.06	)		(0.45	)		(0.57	)		-			(0.57	)		9.50		(4.77%	)		71,147		0.64%			N/A			N/A			N/A			N/A			5.76%
10/31/07		10.31		0.30			0.28			0.58			(0.37	)		-			(0.37	)		10.52		5.85%			71,072		0.64%			N/A			N/A			N/A			N/A			3.01%
Class L
03/31/13r	$	12.28	$	0.06		$	(0.04	)	$	0.02		$	(0.36	)	$	(0.11	)	$	(0.47	)	$	11.83		0.05%	b	$	10,837		0.93%	a		0.80%	a,j		0.24%	a		1.17%	a		1.04%	a,j		1.09%	a
09/30/12i		11.84		0.19			0.59			0.78			(0.34	)		-			(0.34	)		12.28		6.78%	b		9,466		0.94%	a		0.81%	a,j		0.21%	a		1.15%	a		1.02%	a,j		1.78%	a
10/31/11		11.24		0.56			0.37			0.93			(0.33	)		-			(0.33	)		11.84		8.64%			6,301		0.89%			0.81%	j		0.18%			1.07%			0.99%	j		5.15%
10/31/10		10.25		0.33			0.69			1.02			(0.03	)		-			(0.03	)		11.24		9.97%			40,205		0.81%			N/A			0.17%			0.98%			N/A			3.12%
10/31/09		9.47		(0.05	)		1.56			1.51			(0.73	)		-			(0.73	)		10.25		16.63%			36,760		0.80%			N/A			0.07%			0.87%			N/A			(0.53%	)
10/31/08		10.49		0.59			(1.06	)		(0.47	)		(0.55	)		-			(0.55	)		9.47		(4.92%	)		36,903		0.79%			N/A			N/A			N/A			N/A			5.56%
10/31/07		10.28		0.45			0.11			0.56			(0.35	)		-			(0.35	)		10.49		5.68%			63,394		0.79%			N/A			N/A			N/A			N/A			4.50%
Class A
03/31/13r	$	12.00	$	0.06		$	(0.05	)	$	0.01		$	(0.33	)	$	(0.11	)	$	(0.44	)	$	11.57		0.03%	b	$	36,046		1.08%	a		0.95%	a,j		0.24%	a		1.32%	a		1.19%	a,j		1.04%	a
09/30/12i		11.70		0.17			0.58			0.75			(0.45	)		-			(0.45	)		12.00		6.65%	b		38,957		1.09%	a		0.96%	a,j		0.21%	a		1.30%	a		1.17%	a,j		1.62%	a
10/31/11		11.11		0.45			0.45			0.90			(0.31	)		-			(0.31	)		11.70		8.50%			37,528		1.08%			0.96%	j		0.18%			1.26%			1.14%	j		4.10%
10/31/10		10.13		0.31			0.69			1.00			(0.02	)		-			(0.02	)		11.11		9.84%			36,493		1.06%			0.96%	j		0.17%			1.23%			1.13%	j		2.94%
10/31/09		9.38		(0.04	)		1.52			1.48			(0.73	)		-			(0.73	)		10.13		16.40%			38,645		1.05%			0.95%	j		0.07%			1.12%			1.02%	j		(0.42%	)
10/31/08		10.39		0.57			(1.04	)		(0.47	)		(0.54	)		-			(0.54	)		9.38		(5.00%	)		34,282		1.04%			0.94%	j		N/A			N/A			N/A			5.46%
10/31/07		10.19		0.25			0.28			0.53			(0.33	)		-			(0.33	)		10.39		5.44%			29,868		1.04%			1.00%	j		N/A			N/A			N/A			2.52%
Class N
03/31/13r	$	12.04	$	0.04		$	(0.05	)	$	(0.01	)	$	(0.32	)	$	(0.11	)	$	(0.43	)	$	11.60		(0.12%	)b	$	1,325		1.38%	a		1.25%	a.j		0.24%	a		1.62%	a		1.49%	a,j		0.62%	a
09/30/12i		11.76		0.14			0.58			0.72			(0.44	)		-			(0.44	)		12.04		6.27%	b		1,155		1.39%	a		1.26%	a,j		0.21%	a		1.60%	a		1.47%	a,j		1.27%	a
10/31/11		11.18		0.43			0.45			0.88			(0.30	)		-			(0.30	)		11.76		8.16%			664		1.39%			1.26%	j		0.17%			1.56%			1.43%	j		3.85%
10/31/10		10.20		0.28			0.70			0.98			-			-			-			11.18		9.61%			384		1.35%			1.25%	j		0.17%			1.52%			1.42%	j		2.63%
10/31/09		9.43		(0.03	)		1.49			1.46			(0.69	)		-			(0.69	)		10.20		16.05%			260		1.35%			1.25%	j		0.07%			1.42%			1.32%	j		(0.24%	)
10/31/08		10.44		0.54			(1.05	)		(0.51	)		(0.50	)		-			(0.50	)		9.43		(5.32%	)		185		1.34%			1.24%	j		N/A			N/A			N/A			5.13%
10/31/07		10.25		0.22			0.29			0.51			(0.32	)		-			(0.32	)		10.44		5.17%			234		1.34%			1.30%	j		N/A			N/A			N/A			2.24%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		20	%		29	%		46	%		41	%		35	%		17	%		17	%

a Annualized.

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

c Per share amount calculated on the average shares method.

g For the period March 1, 2011 (commencement of operations) through October 31, 2011.

i For the period November 1, 2011 through September 30, 2012.

j Computed after giving effect to an agreement by MassMutual 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 Includes interest expense.

o Excludes interest expense.

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

r Unaudited.

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

181

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,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 waivers			Net investment income (loss) to average daily net assets
Class Z
03/31/13r	$	11.88	$	0.13	$	(0.03	)	$	0.10		$	(0.29	)	$	(0.24	)	$	(0.53	)	$	11.45		0.89%	b	$	482,460		0.56%	a		0.38%	a,j		2.34%	a
09/30/12i		11.66		0.25		0.49			0.74			(0.27	)		(0.25	)		(0.52	)		11.88		6.63%	b		518,536		0.56%	a		0.38%	a,j		2.39%	a
10/31/11g		11.67		0.28		0.41			0.69			(0.34	)		(0.36	)		(0.70	)		11.66		6.32%	b		316,018		0.58%	a		0.40%	a,j		2.65%	a
Class S
03/31/13r	$	11.89	$	0.12	$	(0.03	)	$	0.09		$	(0.27	)	$	(0.24	)	$	(0.51	)	$	11.47		0.86%	b	$	736,250		0.76%	a		0.58%	a,j		2.14%	a
09/30/12i		11.66		0.23		0.49			0.72			(0.24	)		(0.25	)		(0.49	)		11.89		6.35%	b		728,293		0.77%	a		0.59%	a,j		2.19%	a
10/31/11		11.83		0.28		0.24			0.52			(0.33	)		(0.36	)		(0.69	)		11.66		4.79%			799,669		0.74%			0.59%	j		2.47%
10/31/10		11.26		0.34		0.63			0.97			(0.40	)		-			(0.40	)		11.83		8.89%			789,543		0.60%			N/A			3.00%
10/31/09		10.16		0.45		1.33			1.78			(0.59	)		(0.09	)		(0.68	)		11.26		18.53%			650,768		0.60%			N/A			4.26%
10/31/08		11.14		0.48		(0.84	)		(0.36	)		(0.62	)		-			(0.62	)		10.16		(3.48%	)		628,314		0.59%			0.59%	k		4.43%
10/31/07		11.04		0.52		0.07			0.59			(0.49	)		-			(0.49	)		11.14		5.57%			779,239		0.59%			0.59%	k		4.77%
Class Y
03/31/13r	$	11.83	$	0.12	$	(0.04	)	$	0.08		$	(0.26	)	$	(0.24	)	$	(0.50	)	$	11.41		0.73%	b	$	166,440		0.81%	a		0.63%	a,j		2.09%	a
09/30/12i		11.61		0.23		0.48			0.71			(0.24	)		(0.25	)		(0.49	)		11.83		6.34%	b		162,692		0.82%	a		0.64%	a,j		2.14%	a
10/31/11		11.78		0.27		0.25			0.52			(0.33	)		(0.36	)		(0.69	)		11.61		4.75%			153,857		0.79%			0.64%	j		2.42%
10/31/10		11.21		0.34		0.62			0.96			(0.39	)		-			(0.39	)		11.78		8.88%			160,114		0.65%			N/A			2.96%
10/31/09		10.12		0.44		1.32			1.76			(0.58	)		(0.09	)		(0.67	)		11.21		18.40%			144,757		0.65%			N/A			4.24%
10/31/08		11.08		0.48		(0.83	)		(0.35	)		(0.61	)		-			(0.61	)		10.12		(3.36%	)		160,857		0.64%			0.64%	k		4.41%
10/31/07		10.98		0.51		0.08			0.59			(0.49	)		-			(0.49	)		11.08		5.56%			202,008		0.64%			0.64%	k		4.71%
Class L
03/31/13r	$	11.77	$	0.11	$	(0.04	)	$	0.07		$	(0.25	)	$	(0.24	)	$	(0.49	)	$	11.35		0.65%	b	$	87,274		0.88%	a		0.70%	a,j		2.02%	a
09/30/12i		11.53		0.22		0.48			0.70			(0.21	)		(0.25	)		(0.46	)		11.77		6.28%	b		91,405		0.89%	a		0.71%	a,j		2.07%	a
10/31/11		11.70		0.26		0.25			0.51			(0.32	)		(0.36	)		(0.68	)		11.53		4.70%			91,457		0.86%			0.71%	j		2.35%
10/31/10		11.15		0.33		0.61			0.94			(0.39	)		-			(0.39	)		11.70		8.67%			217,513		0.79%			0.71%	j		2.89%
10/31/09		10.06		0.43		1.33			1.76			(0.58	)		(0.09	)		(0.67	)		11.15		18.41%			211,250		0.80%			0.72%	j		4.19%
10/31/08		11.04		0.47		(0.84	)		(0.37	)		(0.61	)		-			(0.61	)		10.06		(3.63%	)		249,701		0.79%			0.71%	j		4.34%
10/31/07		10.94		0.50		0.08			0.58			(0.48	)		-			(0.48	)		11.04		5.49%			368,954		0.79%			0.71%	j		4.64%
Class A
03/31/13r	$	11.65	$	0.10	$	(0.04	)	$	0.06		$	(0.22	)	$	(0.24	)	$	(0.46	)	$	11.25		0.58%	b	$	194,462		1.13%	a		0.95%	a,j		1.77%	a
09/30/12i		11.44		0.19		0.48			0.67			(0.21	)		(0.25	)		(0.46	)		11.65		6.01%	b		192,598		1.14%	a		0.96%	a,j		1.82%	a
10/31/11		11.62		0.23		0.24			0.47			(0.29	)		(0.36	)		(0.65	)		11.44		4.39%			201,638		1.12%			0.96%	j		2.10%
10/31/10		11.07		0.29		0.62			0.91			(0.36	)		-			(0.36	)		11.62		8.47%			206,416		1.05%			0.97%	j		2.64%
10/31/09		9.99		0.40		1.32			1.72			(0.55	)		(0.09	)		(0.64	)		11.07		18.13%			179,142		1.05%			0.97%	j		3.88%
10/31/08		10.97		0.43		(0.83	)		(0.40	)		(0.58	)		-			(0.58	)		9.99		(3.90%	)		164,141		1.04%			0.96%	j		4.06%
10/31/07		10.87		0.47		0.08			0.55			(0.45	)		-			(0.45	)		10.97		5.23%			183,196		1.04%			0.96%	j		4.39%
Class N
03/31/13r	$	11.83	$	0.08	$	(0.03	)	$	0.05		$	(0.21	)	$	(0.24	)	$	(0.45	)	$	11.43		0.49%	b	$	1,819		1.45%	a		1.27%	a,j		1.46%	a
09/30/12i		11.61		0.16		0.48			0.64			(0.17	)		(0.25	)		(0.42	)		11.83		5.72%	b		1,555		1.46%	a		1.28%	a,j		1.49%	a
10/31/11		11.78		0.20		0.25			0.45			(0.26	)		(0.36	)		(0.62	)		11.61		4.12%			1,014		1.44%			1.28%	j		1.78%
10/31/10		11.23		0.26		0.63			0.89			(0.34	)		-			(0.34	)		11.78		8.10%			1,000		1.37%			1.29%	j		2.31%
10/31/09		9.95		0.36		1.34			1.70			(0.33	)		(0.09	)		(0.42	)		11.23		17.65%			714		1.37%			1.29%	j		3.46%
10/31/08		10.92		0.43		(0.83	)		(0.40	)		(0.57	)		-			(0.57	)		9.95		(3.86%	)		344		1.37%			1.28%	j		4.04%
10/31/07		10.73		0.42		0.09			0.51			(0.32	)		-			(0.32	)		10.92		4.91%			4,244		1.36%			1.28%	j		3.89%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		225	%		447	%		539	%		463	%		333	%		263	%		394	%

a Annualized.

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

c Per share amount calculated on the average shares method.

g For the period December 3, 2010 (commencement of operations) through October 31, 2011.

i For the period November 1, 2011 through September 30, 2012.

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

k Amount waived had no impact on the ratio of expenses to average daily net assets.

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 they reflected these charges.

r Unaudited.

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

182

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 waivers			Net investment income (loss) to average daily net assets
Class Z
03/31/13r	$	11.24	$	0.18	$	0.12		$	0.30		$	(0.48	)	$	(0.30	)	$	(0.78	)	$	10.76		2.79%	b	$	0	f		0.97%	a		0.76%	a,j		2.73%	a
09/30/12i		11.08		0.29		0.63			0.92			-			(0.76	)		(0.76	)		11.24		8.84%	b		0	f		0.67%	a		0.50%	a,j		2.90%	a
10/31/11g		10.96		0.32		0.36			0.68			(0.47	)		(0.09	)		(0.56	)		11.08		6.56%	b		0	f		0.64%	a		0.47%	a,j		3.22%	a
Class S
03/31/13r	$	10.57	$	0.14	$	0.07		$	0.21		$	(0.41	)	$	(0.30	)	$	(0.71	)	$	10.07		2.03%	b	$	39,131			0.93%	a		0.76%	a,j		2.83%	a
09/30/12i		11.07		0.28		0.48			0.76			(0.50	)		(0.76	)		(1.26	)		10.57		7.61%	b		38,986			0.93%	a		0.76%	a,j		3.00%	a
10/31/11		11.10		0.35		0.15			0.50			(0.44	)		(0.09	)		(0.53	)		11.07		4.85%			31,390			0.85%			0.72%	j		3.25%
10/31/10		10.73		0.37		0.58			0.95			(0.58	)		-			(0.58	)		11.10		9.31%			53,298			0.71%			N/A			3.51%
10/31/09		9.69		0.44		1.24			1.68			(0.62	)		(0.02	)		(0.64	)		10.73		18.21%			82,961			0.71%			N/A			4.42%
10/31/08		11.01		0.48		(1.17	)		(0.69	)		(0.59	)		(0.04	)		(0.63	)		9.69		(6.51%	)		146,819			0.71%			0.70%	j		4.56%
10/31/07		10.89		0.51		0.09			0.60			(0.48	)		-			(0.48	)		11.01		5.69%			213,606			0.71%			0.69%	j		4.80%
Class Y
03/31/13r	$	10.58	$	0.14	$	0.07		$	0.21		$	(0.31	)	$	(0.30	)	$	(0.61	)	$	10.18		2.05%	b	$	11,851			0.97%	a		0.80%	a,j		2.66%	a
09/30/12i		11.08		0.28		0.48			0.76			(0.50	)		(0.76	)		(1.26	)		10.58		7.62%	b		34,732			0.98%	a		0.81%	a,j		2.96%	a
10/31/11		11.12		0.35		0.14			0.49			(0.44	)		(0.09	)		(0.53	)		11.08		4.77%			35,701			0.92%			0.77%	j		3.21%
10/31/10		10.75		0.37		0.58			0.95			(0.58	)		-			(0.58	)		11.12		9.27%			34,202			0.76%			N/A			3.47%
10/31/09		9.72		0.43		1.24			1.67			(0.62	)		(0.02	)		(0.64	)		10.75		18.18%			35,473			0.76%			N/A			4.28%
10/31/08		10.97		0.48		(1.10	)		(0.62	)		(0.59	)		(0.04	)		(0.63	)		9.72		(5.97%	)		26,651			0.76%			0.75%	j		4.54%
10/31/07		10.85		0.48		0.11			0.59			(0.47	)		-			(0.47	)		10.97		5.68%			51,537			0.76%			0.74%	j		4.48%
Class L
03/31/13r	$	10.67	$	0.14	$	0.07		$	0.21		$	(0.41	)	$	(0.30	)	$	(0.71	)	$	10.17		1.96%	b	$	12,392			0.99%	a		0.82%	a,j		2.79%	a
09/30/12i		11.03		0.28		0.48			0.76			(0.36	)		(0.76	)		(1.12	)		10.67		7.61%	b		10,174			0.99%	a		0.82%	a,j		2.95%	a
10/31/11		11.07		0.34		0.15			0.49			(0.44	)		(0.09	)		(0.53	)		11.03		4.74%			11,093			0.92%			0.78%	j		3.19%
10/31/10		10.70		0.37		0.58			0.95			(0.58	)		-			(0.58	)		11.07		9.29%			103,653			0.92%			0.77%	j		3.45%
10/31/09		9.67		0.42		1.25			1.67			(0.62	)		(0.02	)		(0.64	)		10.70		18.21%			132,257			0.92%			0.77%	j		4.29%
10/31/08		10.91		0.47		(1.08	)		(0.61	)		(0.59	)		(0.04	)		(0.63	)		9.67		(5.94%	)		130,078			0.92%			0.76%	j		4.53%
10/31/07		10.80		0.50		0.08			0.58			(0.47	)		-			(0.47	)		10.91		5.60%			191,936			0.92%			0.75%	j		4.73%
Class A
03/31/13r	$	10.61	$	0.13	$	0.06		$	0.19		$	(0.37	)	$	(0.30	)	$	(0.67	)	$	10.13		1.86%	b	$	34,911			1.23%	a		1.06%	a,j		2.52%	a
09/30/12i		11.09		0.26		0.48			0.74			(0.46	)		(0.76	)		(1.22	)		10.61		7.39%	b		37,826			1.23%	a		1.06%	a,j		2.71%	a
10/31/11		11.13		0.32		0.15			0.47			(0.42	)		(0.09	)		(0.51	)		11.09		4.49%			37,674			1.18%			1.02%	j		2.96%
10/31/10		10.76		0.34		0.58			0.92			(0.55	)		-			(0.55	)		11.13		9.00%			48,810			1.16%			1.01%	j		3.21%
10/31/09		9.72		0.37		1.28			1.65			(0.59	)		(0.02	)		(0.61	)		10.76		17.93%			44,121			1.16%			1.01%	j		3.75%
10/31/08		10.97		0.45		(1.09	)		(0.64	)		(0.57	)		(0.04	)		(0.61	)		9.72		(6.16%	)		36,268			1.16%			1.00%	j		4.27%
10/31/07		10.85		0.48		0.09			0.57			(0.45	)		-			(0.45	)		10.97		5.40%			44,028			1.16%			0.99%	j		4.52%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		216	%		463	%		566	%		465	%		322	%		282	%		427	%

a Annualized.

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

c Per share amount calculated on the average shares method.

f Amount is less than $500.

g For the period December 3, 2010 (commencement of operations) through October 31, 2011.

i For the period November 1, 2011 through September 30, 2012.

j Computed after giving effect to an agreement by MassMutual 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 they reflected these charges.

r Unaudited.

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

183

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 waivers			Net investment income (loss) to average daily net assets
Class Z
03/31/13r	$	9.78	$	0.34	$	0.41		$	0.75		$	(0.71	)	$	-		$	(0.71	)	$	9.82		8.00%	b	$	102,801		0.60%	a		0.50%	a,j		7.19%	a
09/30/12i		9.19		0.64		0.53			1.17			(0.58	)		-			(0.58	)		9.78		13.58%	b		101,547		0.59%	a		0.49%	a,j		7.59%	a
10/31/11g		9.06		0.45		(0.32	)		0.13			-			-			-			9.19		1.43%	b		77,527		0.61%	a		0.50%	a,j		7.42%	a
Class S
03/31/13r	$	9.80	$	0.34	$	0.41		$	0.75		$	(0.69	)	$	-		$	(0.69	)	$	9.86		7.99%	b	$	25,740		0.80%	a		0.70%	a,j		7.12%	a
09/30/12i		9.17		0.62		0.52			1.14			(0.51	)		-			(0.51	)		9.80		13.22%	b		22,723		0.80%	a		0.70%	a,j		7.37%	a
10/31/11		9.52		0.67		(0.15	)		0.52			(0.87	)		-			(0.87	)		9.17		6.10%			37,865		0.77%			0.71%	j		7.34%
10/31/10		8.75		0.73		0.74			1.47			(0.70	)		-			(0.70	)		9.52		17.75%			57,929		0.70%			N/A			8.33%
10/31/09		7.97		0.67		1.07			1.74			(0.96	)		-			(0.96	)		8.75		25.68%			74,817		0.70%			N/A			8.66%
10/31/08		10.98		0.78		(2.94	)		(2.16	)		(0.82	)		(0.03	)		(0.85	)		7.97		(21.03%	)		45,375		0.69%			N/A			8.14%
10/31/07		10.92		0.85		(0.11	)		0.74			(0.66	)		(0.02	)		(0.68	)		10.98		6.98%			53,406		0.68%			N/A			7.86%
Class Y
03/31/13r	$	9.80	$	0.34	$	0.41		$	0.75		$	(0.69	)	$	-		$	(0.69	)	$	9.86		8.04%	b	$	57,953		0.85%	a		0.75%	a,j		7.07%	a
09/30/12i		9.20		0.62		0.53			1.15			(0.55	)		-			(0.55	)		9.80		13.23%	b		57,111		0.85%	a		0.75%	a,j		7.33%	a
10/31/11		9.55		0.66		(0.14	)		0.52			(0.87	)		-			(0.87	)		9.20		5.95%			55,184		0.82%			0.76%	j		7.29%
10/31/10		8.77		0.73		0.74			1.47			(0.69	)		-			(0.69	)		9.55		17.84%			55,480		0.75%			N/A			8.26%
10/31/09		7.97		0.67		1.07			1.74			(0.94	)		-			(0.94	)		8.77		25.59%			65,222		0.75%			N/A			8.59%
10/31/08		10.99		0.78		(2.96	)		(2.18	)		(0.81	)		(0.03	)		(0.84	)		7.97		(21.10%	)		77,447		0.74%			N/A			8.10%
10/31/07		10.93		0.85		(0.11	)		0.74			(0.66	)		(0.02	)		(0.68	)		10.99		6.85%			105,706		0.73%			N/A			7.80%
Class L
03/31/13r	$	9.72	$	0.33	$	0.40		$	0.73		$	(0.69	)	$	-		$	(0.69	)	$	9.76		7.86%	b	$	11,382		1.00%	a		0.90%	a,j		6.93%	a
09/30/12i		9.13		0.60		0.53			1.13			(0.54	)		-			(0.54	)		9.72		12.98%	b		8,886		1.00%	a		0.90%	a,j		7.17%	a
10/31/11		9.48		0.64		(0.14	)		0.50			(0.85	)		-			(0.85	)		9.13		5.84%			4,980		0.98%			0.91%	j		7.04%
10/31/10		8.72		0.71		0.73			1.44			(0.68	)		-			(0.68	)		9.48		17.62%			5,323		0.90%			N/A			8.13%
10/31/09		7.93		0.65		1.07			1.72			(0.93	)		-			(0.93	)		8.72		25.46%			4,391		0.90%			N/A			8.47%
10/31/08		10.94		0.76		(2.94	)		(2.18	)		(0.80	)		(0.03	)		(0.83	)		7.93		(21.19%	)		2,990		0.89%			N/A			7.93%
10/31/07		10.89		0.83		(0.10	)		0.73			(0.66	)		(0.02	)		(0.68	)		10.94		6.73%			5,135		0.88%			N/A			7.67%
Class A
03/31/13r	$	9.66	$	0.32	$	0.39		$	0.71		$	(0.64	)	$	-		$	(0.64	)	$	9.73		7.76%	b	$	31,788		1.25%	a		1.15%	a,j		6.66%	a
09/30/12i		9.07		0.58		0.52			1.10			(0.51	)		-			(0.51	)		9.66		12.78%	b		41,525		1.25%	a		1.15%	a,j		6.95%	a
10/31/11		9.42		0.62		(0.14	)		0.48			(0.83	)		-			(0.83	)		9.07		5.60%			31,330		1.22%			1.16%	j		6.91%
10/31/10		8.67		0.69		0.72			1.41			(0.66	)		-			(0.66	)		9.42		17.33%			39,750		1.15%			N/A			7.87%
10/31/09		7.89		0.63		1.07			1.70			(0.92	)		-			(0.92	)		8.67		25.11%			35,953		1.15%			N/A			8.22%
10/31/08		10.89		0.73		(2.92	)		(2.19	)		(0.78	)		(0.03	)		(0.81	)		7.89		(21.44%	)		23,752		1.14%			N/A			7.69%
10/31/07		10.85		0.80		(0.11	)		0.69			(0.63	)		(0.02	)		(0.65	)		10.89		6.53%			32,164		1.14%			N/A			7.42%
Class N
03/31/13r	$	9.78	$	0.31	$	0.41		$	0.72		$	(0.62	)	$	-		$	(0.62	)	$	9.88		7.62%	b	$	581		1.55%	a		1.45%	a,j		6.37%	a
09/30/12i		9.17		0.56		0.53			1.09			(0.48	)		-			(0.48	)		9.78		12.55%	b		526		1.55%	a		1.45%	a,j		6.64%	a
10/31/11		9.51		0.61		(0.16	)		0.45			(0.79	)		-			(0.79	)		9.17		5.19%			336		1.51%			1.46%	j		6.68%
10/31/10		8.75		0.67		0.73			1.40			(0.64	)		-			(0.64	)		9.51		16.95%			640		1.45%			N/A			7.58%
10/31/09		7.88		0.61		1.09			1.70			(0.83	)		-			(0.83	)		8.75		24.87%			723		1.45%			N/A			7.93%
10/31/08		10.88		0.73		(2.95	)		(2.22	)		(0.75	)		(0.03	)		(0.78	)		7.88		(21.67%	)		525		1.44%			N/A			7.50%
10/31/07		10.87		0.77		(0.11	)		0.66			(0.63	)		(0.02	)		(0.65	)		10.88		6.08%			1,949		1.43%			N/A			7.11%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		55	%		86	%		72	%		120	%		101	%		87	%		93	%

a Annualized.

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

c Per share amount calculated on the average shares method.

g For the period March 1, 2011 (commencement of operations) through October 31, 2011.

i For the period November 1, 2011 through September 30, 2012.

j Computed after giving effect to an agreement by MassMutual 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.

184

MassMutual Premier International 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			Tax return of capital			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 waivers			Net investment income (loss) to average daily net assets
Class S
03/31/13r	$	10.59	$	0.10	$	(0.82	)	$	(0.72	)	$	(0.13	)	$	(0.01	)	$	-		$	(0.14	)	$	9.73		(6.95%	)b	$	60,926		0.77%	a		0.75%	a,j		1.97%	a
09/30/12i		10.69		0.21		0.04			0.25			(0.35	)		-			-			(0.35	)		10.59		2.60%	b		53,365		0.80%	a		0.75%	a,j		2.19%	a
10/31/11		11.03		0.25		(0.02	)		0.23			(0.56	)		(0.01	)		-			(0.57	)		10.69		2.54%			52,728		0.81%			0.75%	j		2.37%
10/31/10		10.30		0.27		0.47			0.74			(0.01	)		-			-			(0.01	)		11.03		7.16%			26,160		0.77%			0.75%	j		2.69%
10/31/09		9.73		0.31		1.50			1.81			(1.19	)		-			(0.05	)		(1.24	)		10.30		19.49%			27,894		1.12%			0.75%	j		3.20%
10/31/08g		10.00		0.32		(0.59	)		(0.27	)		-			-			-			-			9.73		(2.70%	)b		23,913		0.98%	a		0.75%	a,j		3.49%	a
Class Y
03/31/13r	$	10.59	$	0.09	$	(0.81	)	$	(0.72	)	$	(0.13	)	$	(0.01	)	$	-		$	(0.14	)	$	9.73		(6.97%	)b	$	427		0.87%	a		0.80%	a,j		1.87%	a
09/30/12i		10.69		0.21		0.03			0.24			(0.34	)		-			-			(0.34	)		10.59		2.53%	b		410		0.90%	a		0.80%	a,j		2.19%	a
10/31/11		11.03		0.25		(0.03	)		0.22			(0.55	)		(0.01	)		-			(0.56	)		10.69		2.50%			110		0.91%			0.80%	j		2.38%
10/31/10		10.30		0.27		0.46			0.73			(0.00	)d		-			-			(0.00	)d		11.03		7.10%			108		0.87%			0.80%	j		2.63%
10/31/09		9.73		0.30		1.51			1.81			(1.19	)		-			(0.05	)		(1.24	)		10.30		19.45%			116		1.22%			0.80%	j		3.13%
10/31/08g		10.00		0.31		(0.58	)		(0.27	)		-			-			-			-			9.73		(2.70%	)b		97		1.08%	a		0.80%	a,j		3.44%	a
Class L
03/31/13r	$	10.92	$	0.09	$	(0.84	)	$	(0.75	)	$	(0.12	)	$	(0.01	)	$	-		$	(0.13	)	$	10.04		(6.99%	)b	$	162		1.02%	a		0.95%	a,j		1.74%	a
09/30/12i		10.67		0.19		0.06			0.25			-			-			-			-			10.92		2.34%	b		148		1.05%	a		0.95%	a,j		2.00%	a
10/31/11		11.00		0.22		0.00	d		0.22			(0.54	)		(0.01	)		-			(0.55	)		10.67		2.44%			111		0.94%			0.88%	j		2.10%
10/31/10		10.28		0.25		0.47			0.72			-			-			-			-			11.00		7.00%			108		1.02%			0.95%	j		2.48%
10/31/09		9.72		0.28		1.50			1.78			(1.17	)		-			(0.05	)		(1.22	)		10.28		19.17%			116		1.37%			0.95%	j		2.98%
10/31/08g		10.00		0.30		(0.58	)		(0.28	)		-			-			-			-			9.72		(2.80%	)b		97		1.23%	a		0.95%	a,j		3.29%	a
Class A
03/31/13r	$	10.50	$	0.07	$	(0.81	)	$	(0.74	)	$	(0.07	)	$	(0.01	)	$	-		$	(0.08	)	$	9.68		(7.20%	)b	$	709		1.27%	a		1.20%	a,j		1.50%	a
09/30/12i		10.60		0.16		0.04			0.20			(0.30	)		-			-			(0.30	)		10.50		2.22%	b		937		1.30%	a		1.20%	a,j		1.71%	a
10/31/11		10.94		0.20		(0.01	)		0.19			(0.52	)		(0.01	)		-			(0.53	)		10.60		2.11%			1,158		1.31%			1.20%	j		1.96%
10/31/10		10.25		0.23		0.46			0.69			-			-			-			-			10.94		6.63%			1,076		1.27%			1.20%	j		2.25%
10/31/09		9.70		0.27		1.48			1.75			(1.15	)		-			(0.05	)		(1.20	)		10.25		18.86%			610		1.62%			1.20%	j		2.78%
10/31/08g		10.00		0.27		(0.57	)		(0.30	)		-			-			-			-			9.70		(3.00%	)b		200		1.48%	a		1.20%	a,j		3.01%	a

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008
Portfolio turnover rate for all share classes		31	%		49	%		46	%		42	%		59	%		53	%

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.

g For the period December 20, 2007 (commencement of operations) through October 31, 2008.

i For the period November 1, 2011 through September 30, 2012.

j Computed after giving effect to an agreement by MassMutual 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 they reflected these charges.

r Unaudited.

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

185

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 waivers			Net investment income (loss) to average daily net assets
Class S
03/31/13r	$	11.34	$	0.10	$	0.64		$	0.74		$	(0.21	)	$	-		$	(0.21	)	$	11.87		6.59%	b	$	105,231		0.65%	a		0.63%	a,j		1.72%	a
09/30/12i		10.34		0.20		1.02			1.22			(0.22	)		-			(0.22	)		11.34		12.12%	b		100,521		0.65%	a		0.63%	a,j		1.99%	a
10/31/11		9.95		0.19		0.39			0.58			(0.19	)		-			(0.19	)		10.34		5.88%			97,350		0.67%			0.65%	j		1.85%
10/31/10		8.95		0.19		1.03			1.22			(0.22	)		-			(0.22	)		9.95		13.91%			109,890		0.64%			0.62%	j		1.99%
10/31/09		8.12		0.23		0.89			1.12			(0.29	)		-			(0.29	)		8.95		14.41%			108,844		0.64%			0.62%	j		2.83%
10/31/08		11.26		0.25		(2.91	)		(2.66	)		(0.31	)		(0.17	)		(0.48	)		8.12		(24.61%	)		111,174		0.69%			0.67%	j		2.50%
10/31/07		10.47		0.30		0.77			1.07			(0.28	)		-			(0.28	)		11.26		10.42%			180,719		0.64%			0.60%	j		2.80%
Class Y
03/31/13r	$	11.73	$	0.09	$	0.66		$	0.75		$	(0.19	)	$	-		$	(0.19	)	$	12.29		6.50%	b	$	9,281		0.81%	a		0.79%	a,j		1.57%	a
09/30/12i		10.68		0.19		1.06			1.25			(0.20	)		-			(0.20	)		11.73		12.02%	b		6,294		0.81%	a		0.79%	a,j		1.82%	a
10/31/11		10.28		0.18		0.40			0.58			(0.18	)		-			(0.18	)		10.68		5.65%			4,638		0.83%			0.81%	j		1.69%
10/31/10		9.24		0.18		1.07			1.25			(0.21	)		-			(0.21	)		10.28		13.74%			4,268		0.80%			0.78%	j		1.80%
10/31/09		8.37		0.21		0.93			1.14			(0.27	)		-			(0.27	)		9.24		14.20%			2,061		0.80%			0.78%	j		2.58%
10/31/08		11.59		0.24		(3.00	)		(2.76	)		(0.29	)		(0.17	)		(0.46	)		8.37		(24.71%	)		1,911		0.85%			0.83%	j		2.33%
10/31/07		10.77		0.29		0.79			1.08			(0.26	)		-			(0.26	)		11.59		10.25%			2,597		0.80%			0.76%	j		2.63%
Class L
03/31/13r	$	11.38	$	0.08	$	0.64		$	0.72		$	(0.18	)	$	-		$	(0.18	)	$	11.92		6.32%	b	$	2,745		0.96%	a		0.94%	a,j		1.41%	a
09/30/12i		10.29		0.16		1.03			1.19			(0.10	)		-			(0.10	)		11.38		11.80%	b		3,234		0.96%	a		0.94%	a,j		1.65%	a
10/31/11		9.91		0.16		0.39			0.55			(0.17	)		-			(0.17	)		10.29		5.61%			818		0.96%			0.94%	j		1.56%
10/31/10		8.92		0.15		1.04			1.19			(0.20	)		-			(0.20	)		9.91		13.53%			3,492		0.95%			0.93%	j		1.60%
10/31/09		8.09		0.19		0.90			1.09			(0.26	)		-			(0.26	)		8.92		14.05%			2,078		0.95%			0.93%	j		2.44%
10/31/08		11.22		0.22		(2.91	)		(2.69	)		(0.27	)		(0.17	)		(0.44	)		8.09		(24.84%	)		1,785		1.00%			0.98%	j		2.18%
10/31/07		10.44		0.27		0.76			1.03			(0.25	)		-			(0.25	)		11.22		10.04%			2,418		0.95%			0.91%	j		2.48%
Class A
03/31/13r	$	11.15	$	0.06	$	0.63		$	0.69		$	(0.16	)	$	-		$	(0.16	)	$	11.68		6.31%	b	$	25,417		1.21%	a		1.19%	a,j		1.16%	a
09/30/12i		10.17		0.14		1.01			1.15			(0.17	)		-			(0.17	)		11.15		11.50%	b		17,759		1.21%	a		1.19%	a,j		1.42%	a
10/31/11		9.79		0.13		0.39			0.52			(0.14	)		-			(0.14	)		10.17		5.38%			12,622		1.23%			1.21%	j		1.29%
10/31/10		8.81		0.13		1.02			1.15			(0.17	)		-			(0.17	)		9.79		13.27%			12,157		1.20%			1.18%	j		1.39%
10/31/09		7.98		0.18		0.88			1.06			(0.23	)		-			(0.23	)		8.81		13.82%			7,265		1.20%			1.18%	j		2.29%
10/31/08		11.07		0.19		(2.86	)		(2.67	)		(0.25	)		(0.17	)		(0.42	)		7.98		(25.01%	)		7,972		1.25%			1.23%	j		1.94%
10/31/07		10.31		0.24		0.75			0.99			(0.23	)		-			(0.23	)		11.07		9.76%			11,595		1.20%			1.16%	j		2.23%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		117	%		228	%		272	%		243	%		215	%		184	%		194	%

a Annualized.

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

c Per share amount calculated on the average shares method.

i For the period November 1, 2011 through September 30, 2012.

j Computed after giving effect to an agreement by MassMutual 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.

186

MassMutual Premier 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 S
03/31/13r	$	15.23	$	0.13	$	1.76		$	1.89		$	(0.26	)	$	-		$	(0.26	)	$	16.86		12.49%	b	$	95,097		0.61%	a		1.74%	a
09/30/12i		13.96		0.26		1.24			1.50			(0.23	)		-			(0.23	)		15.23		11.14%	b		128,342		0.62%	a		1.96%	a
10/31/11		13.67		0.19		0.30			0.49			(0.20	)		-			(0.20	)		13.96		3.55%			140,828		0.61%			1.28%
10/31/10		12.43		0.14		1.38			1.52			(0.28	)		-			(0.28	)		13.67		12.37%			158,921		0.61%			1.09%
10/31/09		10.83		0.25		1.60			1.85			(0.25	)		-			(0.25	)		12.43		17.81%			179,373		0.62%			2.41%
10/31/08		20.78		0.25		(7.77	)		(7.52	)		(0.25	)		(2.18	)		(2.43	)		10.83		(40.58%	)		176,805		0.60%			1.57%
10/31/07		18.81		0.24		2.94			3.18			(0.88	)		(0.33	)		(1.21	)		20.78		17.78%			388,559		0.60%			1.22%
Class Y
03/31/13r	$	15.29	$	0.13	$	1.75		$	1.88		$	(0.24	)	$	-		$	(0.24	)	$	16.93		12.45%	b	$	98		0.72%	a		1.64%	a
09/30/12i		14.00		0.24		1.27			1.51			(0.22	)		-			(0.22	)		15.29		11.04%	b		127		0.72%	a		1.86%	a
10/31/11		13.66		0.17		0.30			0.47			(0.13	)		-			(0.13	)		14.00		3.44%			143		0.71%			1.19%
10/31/10		12.43		0.13		1.36			1.49			(0.26	)		-			(0.26	)		13.66		12.18%			196		0.71%			0.99%
10/31/09		10.82		0.24		1.60			1.84			(0.23	)		-			(0.23	)		12.43		17.69%			1,021		0.72%			2.28%
10/31/08		20.76		0.23		(7.76	)		(7.53	)		(0.23	)		(2.18	)		(2.41	)		10.82		(40.63%	)		1,727		0.70%			1.46%
10/31/07		18.80		0.22		2.94			3.16			(0.87	)		(0.33	)		(1.20	)		20.76		17.63%			4,389		0.70%			1.12%
Class L
03/31/13r	$	15.25	$	0.12	$	1.75		$	1.87		$	(0.22	)	$	-		$	(0.22	)	$	16.90		12.35%	b	$	16,484		0.83%	a		1.53%	a
09/30/12i		13.97		0.23		1.25			1.48			(0.20	)		-			(0.20	)		15.25		10.91%	b		18,705		0.83%	a		1.74%	a
10/31/11		13.68		0.16		0.30			0.46			(0.17	)		-			(0.17	)		13.97		3.32%			19,579		0.82%			1.08%
10/31/10		12.44		0.11		1.38			1.49			(0.25	)		-			(0.25	)		13.68		12.14%			23,889		0.82%			0.88%
10/31/09		10.82		0.23		1.60			1.83			(0.21	)		-			(0.21	)		12.44		17.57%			26,776		0.83%			2.16%
10/31/08		20.76		0.22		(7.77	)		(7.55	)		(0.21	)		(2.18	)		(2.39	)		10.82		(40.71%	)		33,000		0.81%			1.37%
10/31/07		18.78		0.20		2.94			3.14			(0.83	)		(0.33	)		(1.16	)		20.76		17.55%			78,980		0.81%			1.01%
Class A
03/31/13r	$	15.22	$	0.10	$	1.75		$	1.85		$	(0.18	)	$	-		$	(0.18	)	$	16.89		12.23%	b	$	8,006		1.12%	a		1.25%	a
09/30/12i		13.91		0.19		1.26			1.45			(0.14	)		-			(0.14	)		15.22		10.59%	b		9,649		1.12%	a		1.45%	a
10/31/11		13.62		0.11		0.31			0.42			(0.13	)		-			(0.13	)		13.91		3.04%			9,800		1.11%			0.78%
10/31/10		12.39		0.08		1.37			1.45			(0.22	)		-			(0.22	)		13.62		11.82%			13,441		1.11%			0.59%
10/31/09		10.76		0.20		1.60			1.80			(0.17	)		-			(0.17	)		12.39		17.27%			15,490		1.12%			1.88%
10/31/08		20.67		0.17		(7.74	)		(7.57	)		(0.16	)		(2.18	)		(2.34	)		10.76		(40.92%	)		13,721		1.10%			1.07%
10/31/07		18.72		0.14		2.94			3.08			(0.80	)		(0.33	)		(1.13	)		20.67		17.21%			27,778		1.10%			0.72%
Class N
03/31/13r	$	15.15	$	0.07	$	1.75		$	1.82		$	(0.14	)	$	-		$	(0.14	)	$	16.83		12.03%	b	$	81		1.42%	a		0.92%	a
09/30/12i		13.87		0.17		1.23			1.40			(0.12	)		-			(0.12	)		15.15		10.28%	b		74		1.43%	a		1.28%	a
10/31/11		13.59		0.07		0.31			0.38			(0.10	)		-			(0.10	)		13.87		2.74%			117		1.42%			0.46%
10/31/10		12.38		0.04		1.36			1.40			(0.19	)		-			(0.19	)		13.59		11.40%			117		1.42%			0.27%
10/31/09		10.74		0.17		1.61			1.78			(0.14	)		-			(0.14	)		12.38		16.95%			131		1.43%			1.57%
10/31/08		20.51		0.12		(7.71	)		(7.59	)		-			(2.18	)		(2.18	)		10.74		(41.07%	)		109		1.41%			0.75%
10/31/07		18.68		0.06		2.91			2.97			(0.81	)		(0.33	)		(1.14	)		20.51		16.64%			132		1.41%			0.31%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		64	%		72	%		93	%		100	%		138	%		156	%		151	%

a Annualized.

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

c Per share amount calculated on the average shares method.

i For the period November 1, 2011 through September 30, 2012.

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.

187

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,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Tax return of capital			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 waivers			Net investment income (loss) to average daily net assets
Class S
03/31/13r	$	11.29	$	0.14	$	1.51		$	1.65		$	(0.26	)	$	-		$	-		$	(0.26	)	$	12.68		14.90%	b	$	252,672		0.56%	a		0.51%	a,j		2.45%	a
09/30/12i		9.94		0.22		1.32			1.54			(0.19	)		-			-			(0.19	)		11.29		15.93%	b		212,647		0.57%	a		0.52%	a,j		2.28%	a
10/31/11		9.50		0.18		0.44			0.62			(0.18	)		-			-			(0.18	)		9.94		6.55%			201,137		0.59%			0.57%	j		1.82%
10/31/10		8.44		0.17		1.07			1.24			(0.18	)		-			-			(0.18	)		9.50		14.89%			139,983		0.61%			N/A			1.83%
10/31/09		8.53		0.19		0.01			0.20			(0.29	)		-			-			(0.29	)		8.44		2.71%			142,884		0.61%			N/A			2.57%
10/31/08		13.29		0.28		(4.98	)		(4.70	)		(0.06	)		-			-			(0.06	)		8.53		(35.50%	)		166,317		0.60%			0.60%	k		2.45%
10/31/07		13.57		0.25		0.87			1.12			(0.27	)		(1.08	)		(0.05	)		(1.40	)		13.29		8.55%			287,201		0.60%			0.59%	j		1.80%
Class Y
03/31/13r	$	11.22	$	0.13	$	1.52		$	1.65		$	(0.25	)	$	-		$	-		$	(0.25	)	$	12.62		14.99%	b	$	75,398		0.65%	a		0.60%	a,j		2.35%	a
09/30/12i		9.88		0.21		1.31			1.52			(0.18	)		-			-			(0.18	)		11.22		15.78%	b		66,311		0.66%	a		0.61%	a,j		2.18%	a
10/31/11		9.45		0.17		0.43			0.60			(0.17	)		-			-			(0.17	)		9.88		6.38%			53,589		0.69%			0.68%	j		1.71%
10/31/10		8.39		0.16		1.07			1.23			(0.17	)		-			-			(0.17	)		9.45		14.87%			56,917		0.71%			N/A			1.73%
10/31/09		8.48		0.18		0.01			0.19			(0.28	)		-			-			(0.28	)		8.39		2.57%			64,686		0.71%			N/A			2.45%
10/31/08		13.22		0.27		(4.95	)		(4.68	)		(0.06	)		-			-			(0.06	)		8.48		(35.56%	)		68,843		0.70%			0.70%	k		2.37%
10/31/07		13.56		0.26		0.78			1.04			(0.25	)		(1.08	)		(0.05	)		(1.38	)		13.22		7.98%			157,740		0.70%			0.69%	j		1.90%
Class L
03/31/13r	$	11.40	$	0.13	$	1.53		$	1.66		$	(0.24	)	$	-		$	-		$	(0.24	)	$	12.82		14.80%	b	$	3,890		0.80%	a		0.75%	a,j		2.20%	a
09/30/12i		9.85		0.20		1.35			1.55			-			-			-			-			11.40		15.74%	b		2,717		0.80%	a		0.75%	a,j		2.04%	a
10/31/11		9.41		0.16		0.44			0.60			(0.16	)		-			-			(0.16	)		9.85		6.36%			1,948		0.84%			0.84%	k		1.53%
10/31/10		8.36		0.14		1.07			1.21			(0.16	)		-			-			(0.16	)		9.41		14.65%			67,006		0.86%			N/A			1.58%
10/31/09		8.45		0.17		0.00	d		0.17			(0.26	)		-			-			(0.26	)		8.36		2.35%			64,811		0.86%			N/A			2.28%
10/31/08		13.18		0.25		(4.93	)		(4.68	)		(0.05	)		-			-			(0.05	)		8.45		(35.62%	)		65,257		0.85%			0.85%	k		2.20%
10/31/07		13.52		0.23		0.79			1.02			(0.23	)		(1.08	)		(0.05	)		(1.36	)		13.18		7.83%			118,847		0.85%			0.84%	j		1.65%
Class A
03/31/13r	$	11.13	$	0.11	$	1.50		$	1.61		$	(0.21	)	$	-		$	-		$	(0.21	)	$	12.53		14.66%	b	$	10,852		1.04%	a		0.99%	a,j		1.97%	a
09/30/12i		9.79		0.17		1.31			1.48			(0.14	)		-			-			(0.14	)		11.13		15.41%	b		9,501		1.05%	a		1.00%	a,j		1.80%	a
10/31/11		9.36		0.13		0.43			0.56			(0.13	)		-			-			(0.13	)		9.79		5.99%			9,129		1.09%			1.07%	j		1.31%
10/31/10		8.31		0.12		1.07			1.19			(0.14	)		-			-			(0.14	)		9.36		14.45%			9,521		1.11%			N/A			1.33%
10/31/09		8.40		0.15		(0.01	)		0.14			(0.23	)		-			-			(0.23	)		8.31		2.15%			11,099		1.11%			N/A			2.06%
10/31/08		13.12		0.22		(4.90	)		(4.68	)		(0.04	)		-			-			(0.04	)		8.40		(35.83%	)		12,315		1.10%			1.10%	k		1.95%
10/31/07		13.45		0.19		0.79			0.98			(0.19	)		(1.08	)		(0.04	)		(1.31	)		13.12		7.62%			18,838		1.10%			1.09%	j		1.42%
Class N
03/31/13r	$	11.19	$	0.09	$	1.52		$	1.61		$	(0.18	)	$	-		$	-		$	(0.18	)	$	12.62		14.57%	b	$	143		1.34%	a		1.29%	a,j		1.67%	a
09/30/12i		9.83		0.14		1.32			1.46			(0.10	)		-			-			(0.10	)		11.19		15.08%	b		126		1.35%	a		1.30%	a,j		1.50%	a
10/31/11		9.40		0.10		0.43			0.53			(0.10	)		-			-			(0.10	)		9.83		5.64%			129		1.40%			1.38%	j		1.01%
10/31/10		8.36		0.09		1.07			1.16			(0.12	)		-			-			(0.12	)		9.40		13.99%			188		1.42%			N/A			1.02%
10/31/09		8.42		0.13		0.00	d		0.13			(0.19	)		-			-			(0.19	)		8.36		1.85%			228		1.42%			N/A			1.72%
10/31/08		13.19		0.19		(4.93	)		(4.74	)		(0.03	)		-			-			(0.03	)		8.42		(36.01%	)		216		1.41%			1.41%	k		1.66%
10/31/07		13.48		0.15		0.79			0.94			(0.12	)		(1.08	)		(0.03	)		(1.23	)		13.19		7.26%			468		1.41%			1.40%	j		1.13%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		52	%		127	%		124	%		107	%		115	%		148	%		139	%

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.

i For the period November 1, 2011 through September 30, 2012.

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

k Amount waived had no impact on the ratio of expenses to average daily net assets.

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

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

r Unaudited.

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

188

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,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 waivers			Net investment income (loss) to average daily net assets
Class S
03/31/13r	$	10.32	$	0.07	$	0.75		$	0.82		$	(0.13	)	$	-		$	(0.13	)	$	11.01		7.96%	b	$	124,801			0.80%	a		0.71%	a,j		1.40%	a
09/30/12i		8.77		0.08		1.54			1.62			(0.07	)		-			(0.07	)		10.32		18.79%	b		121,085			0.81%	a		0.71%	a,j		0.97%	a
10/31/11		8.50		0.08		0.27			0.35			(0.08	)		-			(0.08	)		8.77		4.08%			111,826			0.81%			0.71%	j		0.91%
10/31/10		7.25		0.08		1.27			1.35			(0.10	)		-			(0.10	)		8.50		18.73%			125,255			0.81%			0.71%	j		1.01%
10/31/09		6.53		0.10		0.74			0.84			(0.12	)		-			(0.12	)		7.25		13.28%			125,429			0.84%			0.71%	j		1.54%
10/31/08		12.63		0.11		(4.46	)		(4.35	)		(0.14	)		(1.61	)		(1.75	)		6.53		(39.38%	)		119,111			0.82%			0.71%	j		1.24%
10/31/07		11.69		0.15		1.49			1.64			(0.14	)		(0.56	)		(0.70	)		12.63		14.74%			244,758			0.82%			0.67%	j		1.24%
Class Y
03/31/13r	$	10.46	$	0.07	$	0.75		$	0.82		$	(0.13	)	$	-		$	(0.13	)	$	11.15		7.96%	b	$	4,885			0.85%	a		0.76%	a,j		1.35%	a
09/30/12i		8.81		0.08		1.57			1.65			-			-			-			10.46		18.73%	b		4,905			0.86%	a		0.76%	a,j		0.86%	a
10/31/11		8.55		0.08		0.26			0.34			(0.08	)		-			(0.08	)		8.81		4.00%			0	f		0.86%			0.76%	j		0.90%
10/31/10		7.30		0.04		1.30			1.34			(0.09	)		-			(0.09	)		8.55		18.55%			2,045			0.86%			0.76%	j		0.53%
10/31/09		6.57		0.09		0.76			0.85			(0.12	)		-			(0.12	)		7.30		13.30%			73			0.89%			0.76%	j		1.49%
10/31/08		12.55		0.11		(4.48	)		(4.37	)		-			(1.61	)		(1.61	)		6.57		(39.40%	)		66			0.87%			0.76%	j		1.20%
10/31/07		11.64		0.13		1.48			1.61			(0.14	)		(0.56	)		(0.70	)		12.55		14.43%			126			0.87%			0.76%	j		1.10%
Class L
03/31/13r	$	10.30	$	0.06	$	0.75		$	0.81		$	(0.11	)	$	-		$	(0.11	)	$	11.00		7.93%	b	$	30,455			1.00%	a		0.91%	a,j		1.20%	a
09/30/12i		8.75		0.07		1.53			1.60			(0.05	)		-			(0.05	)		10.30		18.44%	b		32,593			1.01%	a		0.91%	a,j		0.77%	a
10/31/11		8.48		0.06		0.27			0.33			(0.06	)		-			(0.06	)		8.75		3.89%			39,959			1.01%			0.91%	j		0.71%
10/31/10		7.24		0.06		1.26			1.32			(0.08	)		-			(0.08	)		8.48		18.39%			46,075			1.01%			0.91%	j		0.81%
10/31/09		6.51		0.09		0.74			0.83			(0.10	)		-			(0.10	)		7.24		13.13%			44,614			1.04%			0.91%	j		1.36%
10/31/08		12.59		0.10		(4.46	)		(4.36	)		(0.11	)		(1.61	)		(1.72	)		6.51		(39.50%	)		47,796			1.02%			0.91%	j		1.04%
10/31/07		11.64		0.12		1.49			1.61			(0.10	)		(0.56	)		(0.66	)		12.59		14.52%			99,145			1.02%			0.91%	j		1.01%
Class A
03/31/13r	$	10.23	$	0.05	$	0.73		$	0.78		$	(0.09	)	$	-		$	(0.09	)	$	10.92		7.72%	b	$	12,320			1.25%	a		1.16%	a,j		0.95%	a
09/30/12i		8.68		0.04		1.54			1.58			(0.03	)		-			(0.03	)		10.23		18.23%	b		11,976			1.26%	a		1.16%	a,j		0.51%	a
10/31/11		8.41		0.04		0.27			0.31			(0.04	)		-			(0.04	)		8.68		3.66%			8,120			1.26%			1.16%	j		0.46%
10/31/10		7.18		0.04		1.25			1.29			(0.06	)		-			(0.06	)		8.41		18.11%			9,236			1.26%			1.16%	j		0.56%
10/31/09		6.45		0.07		0.74			0.81			(0.08	)		-			(0.08	)		7.18		12.86%			10,082			1.29%			1.16%	j		1.11%
10/31/08		12.50		0.07		(4.42	)		(4.35	)		(0.09	)		(1.61	)		(1.70	)		6.45		(39.67%	)		11,185			1.27%			1.16%	j		0.79%
10/31/07		11.58		0.09		1.48			1.57			(0.09	)		(0.56	)		(0.65	)		12.50		14.20%			20,165			1.27%			1.16%	j		0.73%
Class N
03/31/13r	$	10.24	$	0.03	$	0.75		$	0.78		$	(0.03	)	$	-		$	(0.03	)	$	10.99		7.64%	b	$	61			1.55%	a		1.46%	a,j		0.64%	a
09/30/12i		8.70		0.02		1.54			1.56			(0.02	)		-			(0.02	)		10.24		17.92%	b		94			1.56%	a		1.46%	a,j		0.25%	a
10/31/11		8.44		0.01		0.26			0.27			(0.01	)		-			(0.01	)		8.70		3.25%			329			1.56%			1.46%	j		0.17%
10/31/10		7.20		0.02		1.26			1.28			(0.04	)		-			(0.04	)		8.44		17.76%			270			1.56%			1.46%	j		0.23%
10/31/09		6.47		0.06		0.74			0.80			(0.07	)		-			(0.07	)		7.20		12.52%			109			1.59%			1.46%	j		1.01%
10/31/08		12.52		0.04		(4.44	)		(4.40	)		(0.04	)		(1.61	)		(1.65	)		6.47		(39.88%	)		224			1.57%			1.46%	j		0.48%
10/31/07		11.58		0.05		1.49			1.54			(0.04	)		(0.56	)		(0.60	)		12.52		13.87%			125			1.57%			1.46%	j		0.45%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		18	%		37	%		37	%		51	%		121	%		116	%		105	%

a Annualized.

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

c Per share amount calculated on the average shares method.

f Amount is less than $500.

i For the period November 1, 2011 through September 30, 2012.

j Computed after giving effect to an agreement by MassMutual 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 they reflected these charges.

r Unaudited.

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

189

MassMutual Premier Capital Appreciation 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			Tax return of capital			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 waivers			Net investment income (loss) to average daily net assets
Class S
03/31/13r	$	12.02	$	0.08		$	0.85		$	0.93		$	(0.13	)	$	-		$	-		$	(0.13	)	$	12.82		7.84%	b	$	205,797		0.79%	a		0.71%	a,j		1.40%	a
09/30/12i		10.70		0.08			1.32			1.40			(0.08	)		-			-			(0.08	)		12.02		13.24%	b		202,398		0.79%	a		0.71%	a,j		0.79%	a
10/31/11		10.11		0.07			0.56			0.63			(0.04	)		-			-			(0.04	)		10.70		6.27%			247,838		0.80%			0.71%	j		0.62%
10/31/10		8.87		0.03			1.23			1.26			(0.02	)		-			-			(0.02	)		10.11		14.27%			437,621		0.79%			0.71%	j		0.33%
10/31/09		7.60		0.03			1.25			1.28			(0.01	)		-			-			(0.01	)		8.87		16.86%			455,466		0.79%			0.71%	j		0.39%
10/31/08		13.51		0.02			(5.65	)		(5.63	)		(0.01	)		(0.27	)		(0.00	)d		(0.28	)		7.60		(42.46%	)		414,956		0.78%			0.71%	j		0.19%
10/31/07		11.01		0.02			2.48			2.50			-			-			-			-			13.51		22.71%			715,738		0.78%			0.71%	j		0.17%
Class Y
03/31/13r	$	12.00	$	0.08		$	0.85		$	0.93		$	(0.13	)	$	-		$	-		$	(0.13	)	$	12.80		7.80%	b	$	7,673		0.84%	a		0.82%	a,j		1.30%	a
09/30/12i		10.66		0.06			1.33			1.39			(0.05	)		-			-			(0.05	)		12.00		13.11%	b		7,231		0.84%	a		0.82%	a,j		0.62%	a
10/31/11		10.06		0.05			0.58			0.63			(0.03	)		-			-			(0.03	)		10.66		6.26%			1,722		0.85%			0.82%	j		0.49%
10/31/10		8.83		0.02			1.22			1.24			(0.01	)		-			-			(0.01	)		10.06		14.08%			8,871		0.84%			0.82%	j		0.21%
10/31/09		7.57		0.02			1.24			1.26			-			-			-			-			8.83		16.64%			14,797		0.84%			0.82%	j		0.32%
10/31/08		13.45		0.01			(5.62	)		(5.61	)		-			(0.27	)		-			(0.27	)		7.57		(42.49%	)		21,666		0.83%			0.82%	j		0.10%
10/31/07		10.98		0.01			2.46			2.47			-			-			-			-			13.45		22.50%			57,564		0.83%			0.82%	j		0.06%
Class L
03/31/13r	$	11.91	$	0.07		$	0.83		$	0.90		$	(0.09	)	$	-		$	-		$	(0.09	)	$	12.72		7.74%	b	$	20,005		0.99%	a		0.97%	a,j		1.13%	a
09/30/12i		10.59		0.05			1.32			1.37			(0.05	)		-			-			(0.05	)		11.91		13.00%	b		23,364		0.99%	a		0.97%	a,j		0.54%	a
10/31/11		10.01		0.04			0.56			0.60			(0.02	)		-			-			(0.02	)		10.59		5.96%			25,204		1.00%			0.97%	j		0.37%
10/31/10		8.78		0.00	d		1.23			1.23			(0.00	)d		-			-			(0.00	)d		10.01		14.02%			41,819		0.99%			0.97%	j		0.04%
10/31/09		7.54		0.01			1.23			1.24			-			-			-			-			8.78		16.45%			55,614		0.99%			0.97%	j		0.13%
10/31/08		13.41		(0.01	)		(5.59	)		(5.60	)		-			(0.27	)		-			(0.27	)		7.54		(42.55%	)		53,947		0.98%			0.97%	j		(0.07%	)
10/31/07		10.97		(0.01	)		2.45			2.44			-			-			-			-			13.41		22.24%			75,119		0.98%			0.97%	j		(0.08%	)
Class A
03/31/13r	$	11.88	$	0.06		$	0.84		$	0.90		$	(0.08	)	$	-		$	-		$	(0.08	)	$	12.70		7.59%	b	$	63,875		1.24%	a		1.09%	a,j		1.02%	a
09/30/12i		10.56		0.04			1.31			1.35			(0.03	)		-			-			(0.03	)		11.88		12.86%	b		72,579		1.24%	a		1.09%	a,j		0.42%	a
10/31/11		9.97		0.02			0.57			0.59			(0.00	)d		-			-			(0.00	)d		10.56		5.92%			98,000		1.25%			1.09%	j		0.23%
10/31/10		8.76		(0.00	)d		1.21			1.21			-			-			-			-			9.97		13.81%			142,653		1.24%			1.09%	j		(0.05%	)
10/31/09		7.53		0.00	d		1.23			1.23			-			-			-			-			8.76		16.33%			187,245		1.24%			1.09%	j		0.01%
10/31/08		13.41		(0.02	)		(5.59	)		(5.61	)		-			(0.27	)		-			(0.27	)		7.53		(42.62%	)		182,254		1.23%			1.09%	j		(0.18%	)
10/31/07		10.98		(0.03	)		2.46			2.43			-			-			-			-			13.41		22.13%			363,471		1.23%			1.09%	j		(0.21%	)
Class N
03/31/13r	$	11.58	$	0.04		$	0.82		$	0.86		$	(0.06	)	$	-		$	-		$	(0.06	)	$	12.38		7.48%	b	$	238		1.54%	a		1.46%	a,j		0.70%	a
09/30/12i		10.30		0.00	d		1.28			1.28			-			-			-			-			11.58		12.43%	b		226		1.54%	a		1.46%	a,j		0.04%	a
10/31/11		9.76		(0.01	)		0.55			0.54			-			-			-			-			10.30		5.53%			222		1.55%			1.46%	j		(0.11%	)
10/31/10		8.60		(0.04	)		1.20			1.16			-			-			-			-			9.76		13.49%			366		1.54%			1.46%	j		(0.43%	)
10/31/09		7.42		(0.03	)		1.21			1.18			-			-			-			-			8.60		15.90%			1,136		1.54%			1.46%	j		(0.36%	)
10/31/08		13.27		(0.06	)		(5.52	)		(5.58	)		-			(0.27	)		-			(0.27	)		7.42		(42.85%	)		898		1.53%			1.46%	j		(0.55%	)
10/31/07		10.90		(0.07	)		2.44			2.37			-			-			-			-			13.27		21.74%			1,624		1.53%			1.46%	j		(0.58%	)

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		16	%		25	%		30	%		56	%		51	%		75	%		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.

i For the period November 1, 2011 through September 30, 2012.

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

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

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

r Unaudited.

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

190

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,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 waivers			Net investment income (loss) to average daily net assets
Class S
03/31/13r	$	11.17	$	0.10	$	0.93		$	1.03		$	(0.17	)	$	(0.03	)	$	(0.20	)	$	12.00		9.35%	b	$	211,386		0.56%	a		0.51%	a,j		1.82%	a
09/30/12i		9.67		0.14		1.46			1.60			(0.10	)		-			(0.10	)		11.17		16.92%	b		211,276		0.57%	a		0.52%	a,j		1.50%	a
10/31/11		8.90		0.10		0.77			0.87			(0.10	)		-			(0.10	)		9.67		9.81%			176,486		0.57%			0.55%	j		1.03%
10/31/10		7.53		0.09		1.37			1.46			(0.09	)		-			(0.09	)		8.90		19.53%			75,732		0.57%			N/A			1.10%
10/31/09		6.57		0.09		0.95			1.04			(0.08	)		-			(0.08	)		7.53		16.12%			61,493		0.58%			N/A			1.34%
10/31/08		10.84		0.07		(3.97	)		(3.90	)		(0.05	)		(0.32	)		(0.37	)		6.57		(37.16%	)		67,554		0.58%			0.58%	k		0.79%
10/31/07		9.21		0.06		1.61			1.67			(0.04	)		-			(0.04	)		10.84		18.20%			140,611		0.57%			N/A			0.61%
Class Y
03/31/13r	$	11.19	$	0.10	$	0.93		$	1.03		$	(0.16	)	$	(0.03	)	$	(0.19	)	$	12.03		9.42%	b	$	60,539		0.65%	a		0.60%	a,j		1.73%	a
09/30/12i		9.68		0.13		1.48			1.61			(0.10	)		-			(0.10	)		11.19		16.81%	b		57,792		0.66%	a		0.61%	a,j		1.40%	a
10/31/11		8.91		0.10		0.77			0.87			(0.10	)		-			(0.10	)		9.68		9.62%			49,364		0.63%			0.61%	j		1.01%
10/31/10		7.54		0.09		1.37			1.46			(0.09	)		-			(0.09	)		8.91		19.59%			44,495		0.62%			N/A			1.06%
10/31/09		6.58		0.08		0.95			1.03			(0.07	)		-			(0.07	)		7.54		16.01%			47,680		0.63%			N/A			1.27%
10/31/08		10.85		0.07		(3.98	)		(3.91	)		(0.04	)		(0.32	)		(0.36	)		6.58		(37.16%	)		40,591		0.63%			0.63%	k		0.74%
10/31/07		9.20		0.06		1.63			1.69			(0.04	)		-			(0.04	)		10.85		18.40%			99,772		0.62%			N/A			0.62%
Class L
03/31/13r	$	11.26	$	0.09	$	0.93		$	1.02		$	(0.15	)	$	(0.03	)	$	(0.18	)	$	12.10		9.29%	b	$	13,953		0.79%	a		0.74%	a,j		1.56%	a
09/30/12i		9.65		0.12		1.49			1.61			-			-			-			11.26		16.68%	b		8,593		0.80%	a		0.75%	a,j		1.22%	a
10/31/11		8.88		0.09		0.76			0.85			(0.08	)		-			(0.08	)		9.65		9.50%			512		0.76%			0.76%	k		0.97%
10/31/10		7.51		0.07		1.38			1.45			(0.08	)		-			(0.08	)		8.88		19.34%			67,882		0.77%			N/A			0.91%
10/31/09		6.55		0.07		0.95			1.02			(0.06	)		-			(0.06	)		7.51		15.80%			62,383		0.78%			N/A			1.12%
10/31/08		10.82		0.05		(3.96	)		(3.91	)		(0.04	)		(0.32	)		(0.36	)		6.55		(37.22%	)		54,216		0.78%			0.78%	k		0.58%
10/31/07		9.18		0.04		1.63			1.67			(0.03	)		-			(0.03	)		10.82		18.29%			92,738		0.77%			N/A			0.42%
Class A
03/31/13r	$	11.10	$	0.07	$	0.92		$	0.99		$	(0.13	)	$	(0.03	)	$	(0.16	)	$	11.93		9.11%	b	$	16,514		1.04%	a		0.99%	a,j		1.34%	a
09/30/12i		9.60		0.10		1.46			1.56			(0.06	)		-			(0.06	)		11.10		16.37%	b		14,686		1.05%	a		1.00%	a,j		1.00%	a
10/31/11		8.84		0.06		0.76			0.82			(0.06	)		-			(0.06	)		9.60		9.33%			6,587		1.03%			1.01%	j		0.61%
10/31/10		7.48		0.05		1.37			1.42			(0.06	)		-			(0.06	)		8.84		19.05%			4,712		1.02%			N/A			0.65%
10/31/09		6.52		0.06		0.94			1.00			(0.04	)		-			(0.04	)		7.48		15.53%			4,102		1.03%			N/A			0.86%
10/31/08		10.77		0.03		(3.94	)		(3.91	)		(0.02	)		(0.32	)		(0.34	)		6.52		(37.38%	)		3,096		1.03%			1.02%	j		0.32%
10/31/07		9.14		0.02		1.62			1.64			(0.01	)		-			(0.01	)		10.77		17.91%			4,532		1.02%			N/A			0.20%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		53	%		142	%		134	%		100	%		125	%		155	%		181	%

a Annualized.

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

c Per share amount calculated on the average shares method.

i For the period November 1, 2011 through September 30, 2012.

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

k Amount waived had no impact on the ratio of expenses to average daily net assets.

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 they reflected these charges.

r Unaudited.

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

191

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,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 waivers			Net investment income (loss) to average daily net assets
Class S
03/31/13r	$	11.03	$	0.10	$	2.01		$	2.11		$	(0.13	)	$	-		$	(0.13	)	$	13.01		19.36%	b	$	75,585		0.74%	a		0.69%	a,j		1.77%	a
09/30/12i		9.77		0.09		1.24			1.33			(0.07	)		-			(0.07	)		11.03		13.78%	b		68,091		0.78%	a		0.69%	a,j		1.00%	a
10/31/11		9.15		0.07		0.62			0.69			(0.07	)		-			(0.07	)		9.77		7.53%			118,553		0.76%			0.69%	j		0.74%
10/31/10		7.37		0.06		1.77			1.83			(0.05	)		-			(0.05	)		9.15		24.90%			129,831		0.76%			0.69%	j		0.69%
10/31/09		6.42		0.05		0.93			0.98			(0.03	)		-			(0.03	)		7.37		15.48%			113,312		0.84%			0.69%	j		0.79%
10/31/08		12.84		0.05		(4.19	)		(4.14	)		(0.11	)		(2.17	)		(2.28	)		6.42		(38.17%	)		102,572		0.80%			0.69%	j		0.52%
10/31/07		17.15		0.11		1.28			1.39			-			(5.70	)		(5.70	)		12.84		10.45%			220,767		0.78%			0.69%	j		0.85%
Class Y
03/31/13r	$	11.03	$	0.09	$	2.03		$	2.12		$	(0.13	)	$	-		$	(0.13	)	$	13.02		19.37%	b	$	2,425		0.84%	a		0.79%	a,j		1.59%	a
09/30/12i		9.76		0.09		1.23			1.32			(0.05	)		-			(0.05	)		11.03		13.65%	b		3,299		0.88%	a		0.79%	a,j		0.94%	a
10/31/11		9.14		0.06		0.62			0.68			(0.06	)		-			(0.06	)		9.76		7.45%			1,972		0.86%			0.79%	j		0.63%
10/31/10		7.36		0.05		1.77			1.82			(0.04	)		-			(0.04	)		9.14		24.83%			1,718		0.86%			0.79%	j		0.58%
10/31/09		6.39		0.04		0.94			0.98			(0.01	)		-			(0.01	)		7.36		15.29%			941		0.94%			0.79%	j		0.65%
10/31/08		12.79		0.05		(4.18	)		(4.13	)		(0.10	)		(2.17	)		(2.27	)		6.39		(38.22%	)		622		0.89%			0.79%	j		0.48%
10/31/07		17.11		0.10		1.28			1.38			-			(5.70	)		(5.70	)		12.79		10.33%			6,898		0.88%			0.79%	j		0.76%
Class L
03/31/13r	$	10.98	$	0.09	$	2.00		$	2.09		$	(0.12	)	$	-		$	(0.12	)	$	12.95		19.30%	b	$	7,652		0.94%	a		0.89%	a,j		1.61%	a
09/30/12i		9.72		0.08		1.23			1.31			(0.05	)		-			(0.05	)		10.98		13.60%	b		5,928		0.98%	a		0.89%	a,j		0.83%	a
10/31/11		9.08		0.05		0.62			0.67			(0.03	)		-			(0.03	)		9.72		7.37%			2,534		0.96%			0.89%	j		0.54%
10/31/10		7.31		0.04		1.77			1.81			(0.04	)		-			(0.04	)		9.08		24.77%			5,341		0.96%			0.89%	j		0.48%
10/31/09		6.37		0.04		0.92			0.96			(0.02	)		-			(0.02	)		7.31		15.17%			4,675		1.04%			0.89%	j		0.61%
10/31/08		12.74		0.03		(4.16	)		(4.13	)		(0.07	)		(2.17	)		(2.24	)		6.37		(38.30%	)		4,637		1.00%			0.89%	j		0.33%
10/31/07		17.08		0.08		1.28			1.36			-			(5.70	)		(5.70	)		12.74		10.28%			8,595		0.98%			0.89%	j		0.56%
Class A
03/31/13r	$	10.80	$	0.07	$	1.98		$	2.05		$	(0.08	)	$	-		$	(0.08	)	$	12.77		19.23%	b	$	68,147		1.19%	a		1.14%	a,j		1.34%	a
09/30/12i		9.56		0.05		1.21			1.26			(0.02	)		-			(0.02	)		10.80		13.25%	b		58,551		1.23%	a		1.14%	a,j		0.50%	a
10/31/11		8.95		0.03		0.61			0.64			(0.03	)		-			(0.03	)		9.56		7.13%			58,004		1.21%			1.14%	j		0.30%
10/31/10		7.21		0.02		1.74			1.76			(0.02	)		-			(0.02	)		8.95		24.39%			68,521		1.21%			1.14%	j		0.24%
10/31/09		6.28		0.02		0.91			0.93			-			-			-			7.21		14.81%			63,549		1.29%			1.14%	j		0.36%
10/31/08		12.60		0.01		(4.11	)		(4.10	)		(0.05	)		(2.17	)		(2.22	)		6.28		(38.44%	)		69,067		1.25%			1.14%	j		0.08%
10/31/07		16.99		0.05		1.26			1.31			-			(5.70	)		(5.70	)		12.60		9.94%			163,154		1.23%			1.14%	j		0.40%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30, 2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		62	%		79	%q		96	%		62	%		137	%		109	%		111	%

a Annualized.

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

c Per share amount calculated on the average shares method.

i For the period November 1, 2011 through September 30, 2012.

j Computed after giving effect to an agreement by MassMutual 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.

q Portfolio turnover rate excludes securities sold from redemptions in-kind. Securities sold from redemptions in-kind had no impact on portfolio turnover rate.

r Unaudited.

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

192

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,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 waivers			Net investment income (loss) to average daily net assets
Class S
03/31/13r	$	11.19	$	0.05	$	1.61		$	1.66		$	(0.15	)	$	-		$	(0.15	)	$	12.70		14.97%	b	$	217,560		1.04%	a		0.89%	a,j		0.80%	a
09/30/12i		10.55		0.14		0.65			0.79			(0.15	)		-			(0.15	)		11.19		7.74%	b		195,534		1.05%	a		0.89%	a,j		1.44%	a
10/31/11		10.67		0.14		(0.10	)		0.04			(0.16	)		-			(0.16	)		10.55		0.37%			202,981		1.04%			0.89%	j		1.27%
10/31/10		9.16		0.11		1.51			1.62			(0.11	)		-			(0.11	)		10.67		17.88%			219,639		1.07%			0.89%	j		1.15%
10/31/09		7.58		0.10		1.89			1.99			(0.11	)		(0.30	)		(0.41	)		9.16		28.52%			204,098		1.06%			0.89%	j		1.34%
10/31/08		14.42		0.17		(6.04	)		(5.87	)		(0.16	)		(0.81	)		(0.97	)		7.58		(43.37%	)		183,478		1.05%			0.89%	j		1.48%
10/31/07		12.55		0.12		2.25			2.37			(0.17	)		(0.33	)		(0.50	)		14.42		19.43%			423,870		1.07%			0.89%	j		0.87%
Class Y
03/31/13r	$	11.12	$	0.04	$	1.61		$	1.65		$	(0.14	)	$	-		$	(0.14	)	$	12.63		14.92%	b	$	8,045		1.07%	a		1.03%	a,j		0.66%	a
09/30/12i		10.48		0.12		0.65			0.77			(0.13	)		-			(0.13	)		11.12		7.58%	b		7,389		1.08%	a		1.03%	a,j		1.29%	a
10/31/11		10.61		0.13		(0.10	)		0.03			(0.16	)		-			(0.16	)		10.48		0.21%			7,000		1.07%			1.03%	j		1.13%
10/31/10		9.11		0.10		1.50			1.60			(0.10	)		-			(0.10	)		10.61		17.75%			6,727		1.10%			1.03%	j		1.02%
10/31/09		7.54		0.08		1.88			1.96			(0.09	)		(0.30	)		(0.39	)		9.11		28.26%			3,219		1.09%			1.03%	j		1.04%
10/31/08		14.34		0.14		(5.98	)		(5.84	)		(0.15	)		(0.81	)		(0.96	)		7.54		(43.41%	)		3,651		1.08%			1.03%	j		1.23%
10/31/07		12.50		0.10		2.24			2.34			(0.17	)		(0.33	)		(0.50	)		14.34		19.29%			10,514		1.10%			1.03%	j		0.74%
Class L
03/31/13r	$	11.17	$	0.03	$	1.62		$	1.65		$	(0.13	)	$	-		$	(0.13	)	$	12.69		14.81%	b	$	122,537		1.22%	a		1.14%	a,j		0.55%	a
09/30/12i		10.53		0.11		0.65			0.76			(0.12	)		-			(0.12	)		11.17		7.42%	b		109,534		1.23%	a		1.14%	a,j		1.19%	a
10/31/11		10.64		0.11		(0.08	)		0.03			(0.14	)		-			(0.14	)		10.53		0.11%			118,025		1.22%			1.14%	j		1.03%
10/31/10		9.14		0.09		1.50			1.59			(0.09	)		-			(0.09	)		10.64		17.65%			131,965		1.25%			1.14%	j		0.92%
10/31/09		7.55		0.08		1.89			1.97			(0.08	)		(0.30	)		(0.38	)		9.14		28.27%			147,550		1.24%			1.14%	j		1.09%
10/31/08		14.36		0.14		(6.01	)		(5.87	)		(0.13	)		(0.81	)		(0.94	)		7.55		(43.50%	)		137,391		1.23%			1.14%	j		1.24%
10/31/07		12.51		0.08		2.24			2.32			(0.14	)		(0.33	)		(0.47	)		14.36		19.07%			303,017		1.25%			1.14%	j		0.63%
Class A
03/31/13r	$	11.06	$	0.02	$	1.59		$	1.61		$	(0.09	)	$	-		$	(0.09	)	$	12.58		14.64%	b	$	44,691		1.47%	a		1.43%	a,j		0.26%	a
09/30/12i		10.42		0.09		0.64			0.73			(0.09	)		-			(0.09	)		11.06		7.11%	b		41,351		1.48%	a		1.43%	a,j		0.92%	a
10/31/11		10.54		0.08		(0.09	)		(0.01	)		(0.11	)		-			(0.11	)		10.42		(0.11%	)		37,485		1.47%			1.43%	j		0.73%
10/31/10		9.06		0.06		1.49			1.55			(0.07	)		-			(0.07	)		10.54		17.23%			41,888		1.50%			1.43%	j		0.61%
10/31/09		7.48		0.06		1.87			1.93			(0.05	)		(0.30	)		(0.35	)		9.06		27.89%			34,124		1.49%			1.43%	j		0.78%
10/31/08		14.24		0.11		(5.96	)		(5.85	)		(0.10	)		(0.81	)		(0.91	)		7.48		(43.64%	)		27,145		1.48%			1.43%	j		0.97%
10/31/07		12.43		0.04		2.23			2.27			(0.13	)		(0.33	)		(0.46	)		14.24		18.73%			49,635		1.50%			1.43%	j		0.34%
Class N
03/31/13r	$	11.10	$	0.01	$	1.61		$	1.62		$	(0.09	)	$	-		$	(0.09	)	$	12.63		14.65%	b	$	1,077		1.77%	a		1.52%	a,j		0.18%	a
09/30/12i		10.46		0.08		0.64			0.72			(0.08	)		-			(0.08	)		11.10		7.07%	b		930		1.78%	a		1.52%	a,j		0.83%	a
10/31/11		10.58		0.07		(0.09	)		(0.02	)		(0.10	)		-			(0.10	)		10.46		(0.33%	)		828		1.77%			1.52%	j		0.64%
10/31/10		9.09		0.06		1.49			1.55			(0.06	)		-			(0.06	)		10.58		17.26%			766		1.80%			1.52%	j		0.58%
10/31/09		7.51		0.05		1.88			1.93			(0.05	)		(0.30	)		(0.35	)		9.09		27.77%			816		1.79%			1.52%	j		0.69%
10/31/08		14.31		0.10		(6.00	)		(5.90	)		(0.09	)		(0.81	)		(0.90	)		7.51		(43.75%	)		568		1.78%			1.52%	j		0.89%
10/31/07		12.48		0.03		2.24			2.27			(0.11	)		(0.33	)		(0.44	)		14.31		18.69%			864		1.80%			1.52%	j		0.23%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		13	%		27	%		26	%		29	%		34	%		13	%		16	%

a Annualized.

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

c Per share amount calculated on the average shares method.

i For the period November 1, 2011 through September 30, 2012.

j Computed after giving effect to an agreement by MassMutual 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.

193

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 waivers			Ratio of expenses to average daily net assets after expense waivers			Net investment income (loss) to average daily net assets
Class S
03/31/13r	$	13.20	$	0.05	$	1.64		$	1.69		$	(0.20	)	$	(0.43	)	$	(0.63	)	$	14.26		13.06%	b	$	423,123		1.07%	a		N/A			0.72%	a
09/30/12i		13.95		0.18		0.71			0.89			(0.23	)		(1.41	)		(1.64	)		13.20		8.60%	b		396,711		1.07%	a		N/A			1.52%	a
10/31/11		13.94		0.16		(0.01	)		0.15			(0.14	)		-			(0.14	)		13.95		1.08%			554,169		1.07%			N/A			1.10%
10/31/10		12.27		0.13		1.67			1.80			(0.13	)		-			(0.13	)		13.94		14.81%			584,158		1.10%			N/A			1.00%
10/31/09		10.12		0.12		2.84			2.96			(0.03	)		(0.78	)		(0.81	)		12.27		33.13%			562,176		1.09%			N/A			1.24%
10/31/08		19.63		0.20		(9.33	)		(9.13	)		(0.38	)		-			(0.38	)		10.12		(47.32%	)		459,583		1.08%			1.07%	j		1.29%
10/31/07		14.82		0.25		4.76			5.01			(0.20	)		-			(0.20	)		19.63		34.17%			1,033,709		1.10%			1.09%	j		1.47%
Class Y
03/31/13r	$	13.18	$	0.05	$	1.64		$	1.69		$	(0.20	)	$	(0.43	)	$	(0.63	)	$	14.24		13.05%	b	$	21,779		1.10%	a		N/A			0.69%	a
09/30/12i		13.94		0.19		0.69			0.88			(0.23	)		(1.41	)		(1.64	)		13.18		8.58%	b		21,882		1.10%	a		N/A			1.62%	a
10/31/11		13.92		0.16		(0.02	)		0.14			(0.12	)		-			(0.12	)		13.94		1.00%			19,430		1.10%			N/A			1.10%
10/31/10		12.26		0.12		1.67			1.79			(0.13	)		-			(0.13	)		13.92		14.80%			15,773		1.12%			N/A			0.98%
10/31/09		10.10		0.12		2.85			2.97			(0.03	)		(0.78	)		(0.81	)		12.26		33.08%			30,347		1.12%			N/A			1.21%
10/31/08		19.59		0.19		(9.31	)		(9.12	)		(0.37	)		-			(0.37	)		10.10		(47.32%	)		20,833		1.11%			1.10%	j		1.17%
10/31/07		14.79		0.25		4.74			4.99			(0.19	)		-			(0.19	)		19.59		34.05%			83,333		1.13%			1.12%	j		1.46%
Class L
03/31/13r	$	13.13	$	0.04	$	1.62		$	1.66		$	(0.18	)	$	(0.43	)	$	(0.61	)	$	14.18		12.90%	b	$	17,552		1.25%	a		N/A			0.56%	a
09/30/12i		13.82		0.17		0.70			0.87			(0.15	)		(1.41	)		(1.56	)		13.13		8.46%	b		15,173		1.25%	a		N/A			1.47%	a
10/31/11		13.81		0.14		(0.01	)		0.13			(0.12	)		-			(0.12	)		13.82		0.91%			12,331		1.25%			N/A			0.94%
10/31/10		12.16		0.10		1.66			1.76			(0.11	)		-			(0.11	)		13.81		14.64%			50,937		1.27%			N/A			0.77%
10/31/09		10.02		0.11		2.82			2.93			(0.01	)		(0.78	)		(0.79	)		12.16		32.77%			56,494		1.27%			N/A			1.10%
10/31/08		19.45		0.18		(9.26	)		(9.08	)		(0.35	)		-			(0.35	)		10.02		(47.40%	)		51,881		1.26%			1.25%	j		1.12%
10/31/07		14.66		0.22		4.70			4.92			(0.13	)		-			(0.13	)		19.45		33.87%			113,298		1.28%			1.27%	j		1.28%
Class A
03/31/13r	$	12.85	$	0.02	$	1.60		$	1.62		$	(0.14	)	$	(0.43	)	$	(0.57	)	$	13.90		12.87%	b	$	49,725		1.50%	a		N/A			0.29%	a
09/30/12i		13.62		0.13		0.68			0.81			(0.17	)		(1.41	)		(1.58	)		12.85		8.16%	b		46,292		1.50%	a		N/A			1.20%	a
10/31/11		13.62		0.09		(0.00	)d		0.09			(0.09	)		-			(0.09	)		13.62		0.63%			47,318		1.50%			N/A			0.65%
10/31/10		12.00		0.07		1.64			1.71			(0.09	)		-			(0.09	)		13.62		14.39%			50,227		1.53%			N/A			0.56%
10/31/09		9.92		0.08		2.78			2.86			-			(0.78	)		(0.78	)		12.00		32.49%			47,642		1.52%			N/A			0.81%
10/31/08		19.25		0.13		(9.16	)		(9.03	)		(0.30	)		-			(0.30	)		9.92		(47.54%	)		39,212		1.51%			1.50%	j		0.82%
10/31/07		14.55		0.18		4.66			4.84			(0.14	)		-			(0.14	)		19.25		33.50%			103,369		1.53%			1.52%	j		1.05%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		26	%		36	%		47	%		32	%		42	%		29	%		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.

i For the period November 1, 2011 through September 30, 2012.

j Computed after giving effect to an agreement by MassMutual 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.

194

MassMutual Premier Focused International 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 waivers			Net investment income (loss) to average daily net assets
Class Z
03/31/13r	$	11.64	$	0.01		$	0.28		$	0.29		$	(0.19	)	$	-		$	(0.19	)	$	11.74		2.40%	b	$	67,424		1.06%	a		0.96%	a,j		0.23%	a
09/30/12i		11.23		0.27			0.24			0.51			(0.10	)		-			(0.10	)		11.64		4.75%	b		72,011		1.06%	a		0.96%	a,j		2.68%	a
10/31/11g		11.58		0.07			(0.20	)		(0.13	)		(0.22	)		-			(0.22	)		11.23		(1.19%	)b		23,873		1.08%	a		0.98%	a,j		0.65%	a
Class S
03/31/13r	$	11.65	$	0.01		$	0.27		$	0.28		$	(0.18	)	$	-		$	(0.18	)	$	11.75		2.48%	b	$	33,468		1.15%	a		1.05%	a,j		0.15%	a
09/30/12i		11.22		0.21			0.30			0.51			(0.08	)		-			(0.08	)		11.65		4.66%	b		33,949		1.15%	a		1.05%	a,j		2.02%	a
10/31/11		11.71		0.21			(0.49	)		(0.28	)		(0.21	)		-			(0.21	)		11.22		(2.44%	)		28,631		1.17%			1.07%	j		1.77%
10/31/10		10.90		0.11			1.11			1.22			(0.41	)		-			(0.41	)		11.71		11.61%			22,470		1.10%			N/A			1.04%
10/31/09		8.49		0.20			2.32			2.52			(0.11	)		-			(0.11	)		10.90		29.90%			45,363		1.08%			N/A			2.23%
10/31/08		17.33		0.27			(8.53	)		(8.26	)		(0.16	)		(0.42	)		(0.58	)		8.49		(49.18%	)		22,846		1.12%			N/A			1.96%
10/31/07		12.46		0.15			4.82			4.97			(0.01	)		(0.09	)		(0.10	)		17.33		40.18%			26,159		1.25%			1.15%	j		1.04%
Class Y
03/31/13r	$	11.62	$	0.00	d	$	0.26		$	0.26		$	(0.16	)	$	-		$	(0.16	)	$	11.72		2.35%	b	$	7,738		1.25%	a		1.15%	a,j		0.02%	a
09/30/12i		11.19		0.19			0.31			0.50			(0.07	)		-			(0.07	)		11.62		4.59%	b		8,374		1.25%	a		1.15%	a,j		1.92%	a
10/31/11		11.68		0.16			(0.45	)		(0.29	)		(0.20	)		-			(0.20	)		11.19		(2.52%	)		7,938		1.27%			1.17%	j		1.36%
10/31/10		10.87		0.11			1.10			1.21			(0.40	)		-			(0.40	)		11.68		11.45%			8,082		1.20%			N/A			1.05%
10/31/09		8.48		0.20			2.30			2.50			(0.11	)		-			(0.11	)		10.87		29.85%			7,494		1.18%			1.16%	j		2.18%
10/31/08		17.31		0.18			(8.43	)		(8.25	)		(0.16	)		(0.42	)		(0.58	)		8.48		(49.19%	)		5,474		1.22%			1.18%	j		1.47%
10/31/07		12.45		0.14			4.82			4.96			(0.01	)		(0.09	)		(0.10	)		17.31		40.12%			739		1.35%			1.18%	j		0.95%
Class L
03/31/13r	$	11.67	$	(0.01	)	$	0.27		$	0.26		$	(0.15	)	$	-		$	(0.15	)	$	11.78		2.33%	b	$	6,979		1.40%	a		1.30%	a,j		(0.10%	)a
09/30/12i		11.19		0.18			0.31			0.49			(0.01	)		-			(0.01	)		11.67		4.35%	b		7,025		1.40%	a		1.30%	a,j		1.72%	a
10/31/11		11.68		0.17			(0.47	)		(0.30	)		(0.19	)		-			(0.19	)		11.19		(2.66%	)		5,789		1.42%			1.33%	j		1.47%
10/31/10		10.87		0.09			1.11			1.20			(0.39	)		-			(0.39	)		11.68		11.42%			19,819		1.35%			N/A			0.87%
10/31/09		8.45		0.19			2.30			2.49			(0.07	)		-			(0.07	)		10.87		29.61%			19,065		1.33%			1.31%	j		2.07%
10/31/08		17.27		0.22			(8.48	)		(8.26	)		(0.14	)		(0.42	)		(0.56	)		8.45		(49.32%	)		7,993		1.37%			1.33%	j		1.62%
10/31/07		12.44		0.11			4.82			4.93			(0.01	)		(0.09	)		(0.10	)		17.27		39.91%			17,632		1.50%			1.33%	j		0.78%
Class A
03/31/13r	$	11.57	$	(0.02	)	$	0.26		$	0.24		$	(0.11	)	$	-		$	(0.11	)	$	11.70		2.18%	b	$	17,165		1.65%	a		1.55%	a,j		(0.39%	)a
09/30/12i		11.12		0.15			0.31			0.46			(0.01	)		-			(0.01	)		11.57		4.19%	b		22,076		1.65%	a		1.55%	a,j		1.48%	a
10/31/11		11.61		0.11			(0.45	)		(0.34	)		(0.15	)		-			(0.15	)		11.12		(2.97%	)		24,345		1.67%			1.58%	j		0.90%
10/31/10		10.81		0.07			1.09			1.16			(0.36	)		-			(0.36	)		11.61		11.14%			35,144		1.60%			N/A			0.65%
10/31/09		8.41		0.16			2.30			2.46			(0.06	)		-			(0.06	)		10.81		29.25%			35,136		1.58%			1.56%	j		1.80%
10/31/08		17.20		0.19			(8.43	)		(8.24	)		(0.13	)		(0.42	)		(0.55	)		8.41		(49.39%	)		27,401		1.62%			1.58%	j		1.38%
10/31/07		12.41		0.08			4.80			4.88			(0.00	)d		(0.09	)		(0.09	)		17.20		39.55%			36,718		1.75%			1.58%	j		0.57%
Class N
03/31/13r	$	11.42	$	(0.04	)	$	0.26		$	0.22		$	(0.09	)	$	-		$	(0.09	)	$	11.55		1.90%	b	$	975		2.05%	a		1.95%	a,j		(0.76%	)a
09/30/12i		11.00		0.11			0.31			0.42			-			-			-			11.42		3.82%	b		968		2.05%	a		1.95%	a,j		1.05%	a
10/31/11		11.50		0.06			(0.44	)		(0.38	)		(0.12	)		-			(0.12	)		11.00		(3.35%	)		923		2.07%			1.97%	j		0.53%
10/31/10		10.71		0.03			1.08			1.11			(0.32	)		-			(0.32	)		11.50		10.61%			983		2.00%			N/A			0.25%
10/31/09		8.34		0.13			2.27			2.40			(0.03	)		-			(0.03	)		10.71		28.90%			951		1.98%			1.94%	j		1.40%
10/31/08		17.10		0.14			(8.37	)		(8.23	)		(0.11	)		(0.42	)		(0.53	)		8.34		(49.58%	)		636		2.02%			1.88%	j		1.08%
10/31/07		12.37		0.02			4.80			4.82			-			(0.09	)		(0.09	)		17.10		39.19%			847		2.15%			1.88%	j		0.13%

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30, 2012b			Year ended October 31
							2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		32	%		23	%		59	%		65	%		74	%		106	%		95	%

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.

g For the period December 3, 2010 (commencement of operations) through October 31, 2011.

i For the period November 1, 2011 through September 30, 2012.

j Computed after giving effect to an agreement by MassMutual 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 they reflected these charges.

r Unaudited.

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

195

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 waivers			Net investment income (loss) to average daily net assets
Class Z
03/31/13r	$	12.03	$	0.00	d	$	0.06		$	0.06		$	(0.10	)	$	-		$	(0.10	)	$	11.99		0.49%	b	$	124,780			1.23%	a		0.99%	a,j		0.06%	a
09/30/12i		14.09		0.12			(0.28	)		(0.16	)		(0.16	)		(1.74	)		(1.90	)		12.03		0.51%	b		134,793			1.24%	a		0.99%	a,j		1.11%	a
10/31/11h		15.70		0.20			(1.81	)		(1.61	)		-			-			-			14.09		(10.25%	)b		92,878			1.26%	a		0.99%	a,j		1.98%	a
Class S
03/31/13r	$	12.17	$	(0.01	)	$	0.07		$	0.06		$	(0.09	)	$	-		$	(0.09	)	$	12.14		0.44%	b	$	7,018			1.39%	a		1.15%	a,j		(0.12%	)a
09/30/12i		14.07		0.05			(0.21	)		(0.16	)		-			(1.74	)		(1.74	)		12.17		0.36%	b		6,110			1.40%	a		1.15%	a,j		0.43%	a
10/31/11		17.79		0.16			(2.30	)		(2.14	)		(0.05	)		(1.53	)		(1.58	)		14.07		(13.17%	)		51,005			1.34%			1.15%	j		1.01%
10/31/10		16.49		0.10			3.62			3.72			(0.14	)		(2.28	)		(2.42	)		17.79		25.30%			107,589			1.27%			1.15%	j		0.60%
10/31/09g		10.00		0.15			6.34			6.49			(0.00	)d		-			(0.00	)d		16.49		64.73%	b		61,313			1.33%	a		1.15%	a,j		1.23%	a
Class Y
03/31/13r	$	12.01	$	(0.01	)	$	0.07		$	0.06		$	(0.08	)	$	-		$	(0.08	)	$	11.99		0.43%	b	$	203			1.49%	a		1.25%	a,j		(0.22%	)a
09/30/12i		14.06		0.09			(0.28	)		(0.19	)		(0.12	)		(1.74	)		(1.86	)		12.01		0.23%	b		203			1.50%	a		1.25%	a,j		0.86%	a
10/31/11		17.77		0.18			(2.32	)		(2.14	)		(0.04	)		(1.53	)		(1.57	)		14.06		(13.22%	)		188			1.46%			1.25%	j		1.13%
10/31/10		16.48		0.08			3.62			3.70			(0.13	)		(2.28	)		(2.41	)		17.77		25.14%			206			1.37%			1.25%	j		0.47%
10/31/09g		10.00		0.13			6.35			6.48			(0.00	)d		-			(0.00	)d		16.48		64.60%	b		165			1.43%	a		1.25%	a,j		1.08%	a
Class L
03/31/13r	$	12.09	$	(0.02	)	$	0.06		$	0.04		$	(0.07	)	$	-		$	(0.07	)	$	12.06		0.33%	b	$	84			1.64%	a		1.40%	a,j		(0.36%	)a
09/30/12i		14.02		0.15			(0.34	)		(0.19	)		-			(1.74	)		(1.74	)		12.09		0.12%	b		63			1.65%	a		1.40%	a,j		1.37%	a
10/31/11		17.73		0.12			(2.28	)		(2.16	)		(0.02	)		(1.53	)		(1.55	)		14.02		(13.34%	)		0	f		1.57%			1.39%	j		0.71%
10/31/10		16.45		0.06			3.62			3.68			(0.12	)		(2.28	)		(2.40	)		17.73		25.02%			56,938			1.52%			1.40%	j		0.37%
10/31/09g		10.00		0.13			6.32			6.45			-			-			-			16.45		64.30%	b		27,256			1.58%	a		1.40%	a,j		0.98%	a
Class A
03/31/13r	$	11.94	$	(0.04	)	$	0.07		$	0.03		$	-		$	-		$	-		$	11.97		0.25%	b	$	328			1.89%	a		1.65%	a,j		(0.62%	)a
09/30/12i		13.95		0.05			(0.28	)		(0.23	)		(0.04	)		(1.74	)		(1.78	)		11.94		(0.19%	)b		379			1.90%	a		1.65%	a,j		0.50%	a
10/31/11		17.68		0.10			(2.30	)		(2.20	)		-			(1.53	)		(1.53	)		13.95		(13.60%	)		396			1.85%			1.65%	j		0.64%
10/31/10		16.42		0.01			3.62			3.63			(0.09	)		(2.28	)		(2.37	)		17.68		24.70%			655			1.77%			1.65%	j		0.09%
10/31/09g		10.00		0.09			6.33			6.42			-			-			-			16.42		64.00%	b		238			1.83%	a		1.65%	a,j		0.73%	a

	Six months ended March 31, 2013 (Unaudited)b			Period ended September 30,  2012b			Year ended October 31
							2011			2010			2009
Portfolio turnover rate for all share classes		23	%		76	%		84	%		45	%		75	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

f Amount is less than $500.

g For the period November 3, 2008 (commencement of operations) through October 31, 2009.

h For the period March 1, 2011 (commencement of operations) through October 31, 2011.

i For the period November 1, 2011 through September 30, 2012.

j Computed after giving effect to an agreement by MassMutual 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.

196

Notes to Financial Statements (Unaudited)

1. The Funds

MassMutual Premier Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The following are 18 series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MassMutual Premier Money Market Fund (“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 International Bond Fund (“International Bond Fund”)

MassMutual Premier Balanced Fund (“Balanced Fund”)

MassMutual Premier Value Fund (“Value Fund”)

MassMutual Premier Disciplined Value Fund (“Disciplined Value Fund”)

MassMutual Premier Main Street Fund (“Main Street Fund”)

MassMutual Premier Capital Appreciation Fund (“Capital Appreciation Fund”)

MassMutual Premier Disciplined Growth Fund (“Disciplined Growth Fund”)

MassMutual Premier Small Cap Opportunities Fund (formerly known as MassMutual Premier Small/Mid Cap Opportunities Fund) (“Small Cap Opportunities Fund”)

MassMutual Premier Global Fund (“Global Fund”)

MassMutual Premier International Equity Fund (“International Equity Fund”)

MassMutual Premier Focused International Fund (“Focused International Fund”)

MassMutual Premier Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)

The following table shows the classes available for each Fund, including the date each class commenced operations. Each share class 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.

Class Z

Class S

Class Y

Class L

Class A

Class N

Money Market Fund

None

10/3/1994

1/1/1998

None*

1/1/1998

None**

Short-Duration Bond Fund

12/3/2010

10/3/1994

1/1/1998

5/3/1999

1/1/1998

12/31/2002

Inflation-Protected and Income Fund

3/1/2011

12/31/2003

12/31/2003

12/31/2003

12/31/2003

12/31/2003

Core Bond Fund

12/3/2010

10/3/1994

1/1/1998

5/3/1999

1/1/1998

12/31/2002

Diversified Bond Fund

12/3/2010

5/3/1999

5/3/1999

5/3/1999

5/3/1999

None***

High Yield Fund

3/1/2011

11/1/2004

9/5/2000

11/1/2004

11/1/2004

11/1/2004

International Bond Fund

None

12/20/2007

12/20/2007

12/20/2007

12/20/2007

None**

Balanced Fund

None

10/3/1994

1/1/1998

5/3/1999

1/1/1998

None**

Value Fund

None

11/1/2004

11/1/2004

7/25/1995

11/1/2004

11/1/2004

Disciplined Value Fund

None

11/1/2004

12/19/2000

11/1/2004

11/1/2004

11/1/2004

Main Street Fund

None

12/31/2004

12/31/2004

12/31/2004

12/31/2004

12/31/2004

Capital Appreciation Fund

None

12/31/2004

12/31/2004

12/31/2004

12/31/2004

12/31/2004

Disciplined Growth Fund

None

11/1/2004

12/19/2000

11/1/2004

11/1/2004

None**

Small Cap Opportunities Fund

None

11/1/2004

11/1/2004

11/1/2004

7/20/1998

None**

Global Fund

None

12/31/2004

12/31/2004

12/31/2004

12/31/2004

12/31/2004

International Equity Fund

None

10/3/1994

1/1/1998

5/3/1999

1/1/1998

None**

Focused International Fund

12/3/2010

12/1/2005

12/1/2005

12/1/2005

12/1/2005

12/1/2005

Strategic Emerging Markets Fund

3/1/2011

11/3/2008

11/3/2008

11/3/2008

11/3/2008

None**

197

Notes to Financial Statements (Unaudited) (Continued)

* Class L shares were converted to Class S shares on July 27, 2009 and are no longer available.

** Class N shares were eliminated as of February 22, 2011.

*** Class N shares were eliminated as of February 25, 2013.

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.

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, on each day the New York Stock Exchange is open for trading (a “business day”). The New York Stock Exchange normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days.

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 for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market 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 (other than short-term obligations) 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. For all Funds other than the Money Market Fund, short-term debt securities are valued at either amortized cost or at original cost plus accrued interest, whichever the Funds’ investment adviser determines more closely approximates current market value. The Money Market Fund’s portfolio securities are valued at amortized cost, which approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the Money Market Fund must adhere to certain conditions. It is the intention of the Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

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, establish a benchmark yield, and develop an 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. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. Restricted securities are generally valued at a discount to similar publicly traded securities.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities

198

Notes to Financial Statements (Unaudited) (Continued)

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 Board of Trustees (“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 key inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at their 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 a third-party fair valuation 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.

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.

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

The types of assets and liabilities categorized in Level 1 generally include actively traded domestic and certain foreign equity securities, derivatives actively traded on a national securities exchange (such as some warrants, rights, futures, and options), and shares of open-end mutual funds.

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

The types of assets and liabilities categorized in Level 2 generally include debt securities such as U.S. government and agency securities, mortgage-backed securities, asset-backed securities, municipal obligations, sovereign debt obligations, bank loans, corporate bonds, and those securities valued at amortized cost; OTC derivatives such as swaps, options, swaptions, and forward foreign currency exchange contracts; certain restricted securities; and non-exchange traded equity securities and certain foreign equity securities traded on particular foreign exchanges that close before the Funds determine their net asset values.

¹  The Valuation Committee consists of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO), Secretary, and Assistant Secretaries of the Trust, as well as such alternate members as the Trustees may from time to time designate. The Valuation Committee reviews and makes recommendations concerning the fair valuation of portfolio securities and the Funds’ pricing procedures in general.

199

Notes to Financial Statements (Unaudited) (Continued)

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The types of assets and liabilities categorized in Level 3 generally include securities for which prices, spreads, or any of the other aforementioned key inputs are unobservable. Generally, securities whose trading has been suspended or that have been de-listed from their current primary trading exchange; securities in default or bankruptcy proceedings for which there is no current market quotation; securities and certain derivatives valued by broker quotes which may include brokers’ assumptions; and any illiquid Rule 144A securities or restricted securities issued by non-public entities are categorized in Level 3.

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 Level 1, Level 2, or Level 3.

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 Money Market Fund and Inflation-Protected and Income Fund characterized all investments at Level 2, as of March 31, 2013. The Disciplined Value Fund and Disciplined Growth Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of March 31, 2013. 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, 2013, for the remaining Funds’ investments:

Asset Valuation Inputs

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Short-Duration Bond Fund
Bonds & Notes
Total Corporate Debt	$	-	$	197,342,868	$	-	$	197,342,868
Total Municipal Obligations		-		3,194,396		-		3,194,396
Non-U.S. Government Agency Obligations
Automobile ABS		-		12,879,110		-		12,879,110
Commercial MBS		-		23,830,420		-		23,830,420
Home Equity ABS		-		12,618,095		-		12,618,095
Manufactured Housing ABS		-		247,120		-		247,120
Other ABS		-		16,086,769		1,529,760		17,616,529
Student Loans ABS		-		21,614,439		-		21,614,439
WL Collateral CMO		-		3,457,587		-		3,457,587
WL Collateral PAC		-		520,267		-		520,267
Total Non-U.S. Government Agency Obligations		-		91,253,807		1,529,760		92,783,567

200

Notes to Financial Statements (Unaudited) (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Short-Duration Bond Fund (Continued)
U.S. Government Agency Obligations and Instrumentalities
Pass-Through Securities	$	-	$	27,539,333	$	-	$	27,539,333
Total U.S. Government Agency Obligations and Instrumentalities		-		27,539,333		-		27,539,333
U.S. Treasury Obligations
U.S. Treasury Bonds & Notes		-		359,291		-		359,291
Total U.S. Treasury Obligations		-		359,291		-		359,291
Total Bonds & Notes		-		319,689,695		1,529,760		321,219,455
Total Long-Term Investments		-		319,689,695		1,529,760		321,219,455
Total Short-Term Investments		-		186,760,047		-		186,760,047
Total Investments	$	-	$	506,449,742	$	1,529,760	$	507,979,502
Core Bond Fund
Equities
Preferred Stock
Financial	$	3,403,400	$	-	$	-	$	3,403,400
Total Preferred Stock		3,403,400		-		-		3,403,400
Total Equities		3,403,400		-		-		3,403,400
Bonds & Notes
Total Corporate Debt		-		705,762,287		-		705,762,287
Total Municipal Obligations		-		7,211,968		-		7,211,968
Non-U.S. Government Agency Obligations
Automobile ABS		-		12,411,444		-		12,411,444
Commercial MBS		-		75,788,506		-		75,788,506
Home Equity ABS		-		47,585,434		-		47,585,434
Other ABS		-		38,231,447		4,780,500		43,011,947
Student Loans ABS		-		38,360,275		-		38,360,275
WL Collateral CMO		-		10,512,371		-		10,512,371
WL Collateral PAC		-		1,412,396		-		1,412,396
Total Non-U.S. Government Agency Obligations		-		224,301,873		4,780,500		229,082,373
Total Sovereign Debt Obligations		-		15,997,584		-		15,997,584
U.S. Government Agency Obligations and Instrumentalities
Collateralized Mortgage Obligations		-		1,568,757		-		1,568,757
Pass-Through Securities		-		510,408,271		-		510,408,271
Total U.S. Government Agency Obligations and Instrumentalities		-		511,977,028		-		511,977,028

201

Notes to Financial Statements (Unaudited) (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Core Bond Fund (Continued)
U.S. Treasury Obligations
U.S. Treasury Bonds & Notes	$	-	$	146,408,971	$	-	$	146,408,971
Total U.S. Treasury Obligations		-		146,408,971		-		146,408,971
Total Bonds & Notes		-		1,611,659,711		4,780,500		1,616,440,211
Total Long-Term Investments		3,403,400		1,611,659,711		4,780,500		1,619,843,611
Total Short-Term Investments		-		389,643,404		-		389,643,404
Total Investments	$	3,403,400	$	2,001,303,115	$	4,780,500	$	2,009,487,015
Diversified Bond Fund
Equities
Common Stock
Basic Materials	$	-	$	-	$	51,884	$	51,884
Total Common Stock		-		-		51,884		51,884
Preferred Stock
Financial		261,800		-		-		261,800
Total Preferred Stock		261,800		-		-		261,800
Total Equities		261,800		-		51,884		313,684
Bonds & Notes
Total Corporate Debt		-		46,868,812		-		46,868,812
Total Municipal Obligations		-		438,163		-		438,163
Non-U.S. Government Agency Obligations
Auto Floor Plan ABS		-		233,403		-		233,403
Automobile ABS		-		149,461		-		149,461
Commercial MBS		-		3,538,734		-		3,538,734
Home Equity ABS		-		2,115,818		-		2,115,818
Other ABS		-		1,331,005		1,123,418		2,454,423
Student Loans ABS		-		1,834,008		-		1,834,008
WL Collateral CMO		-		1,535,066		-		1,535,066
WL Collateral PAC		-		62,176		-		62,176
Total Non-U.S. Government Agency Obligations		-		10,799,671		1,123,418		11,923,089
Total Sovereign Debt Obligations		-		788,486		-		788,486
U.S. Government Agency Obligations and Instrumentalities
Collateralized Mortgage Obligations		-		62,412		-		62,412
Pass-Through Securities		-		28,463,196		-		28,463,196
Total U.S. Government Agency Obligations and Instrumentalities		-		28,525,608		-		28,525,608

202

Notes to Financial Statements (Unaudited) (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Diversified Bond Fund (Continued)
U.S. Treasury Obligations
U.S. Treasury Bonds & Notes	$	-	$	6,048,167	$	-	$	6,048,167
Total U.S. Treasury Obligations		-		6,048,167		-		6,048,167
Total Bonds & Notes		-		93,468,907		1,123,418		94,592,325
Total Long-Term Investments		261,800		93,468,907		1,175,302		94,906,009
Total Short-Term Investments		-		23,279,955		-		23,279,955
Total Investments	$	261,800	$	116,748,862	$	1,175,302	$	118,185,964
High Yield Fund
Equities
Common Stock
Basic Materials	$	-	$	-	$	636,345	$	636,345
Total Common Stock		-		-		636,345		636,345
Total Equities		-		-		636,345		636,345
Bonds & Notes
Total Bank Loans		-		11,454,265		-		11,454,265
Total Corporate Debt		-		211,710,511		-		211,710,511
Total Bonds & Notes		-		223,164,776		-		223,164,776
Total Long-Term Investments		-		223,164,776		636,345		223,801,121
Total Short-Term Investments		-		7,418,226		-		7,418,226
Total Investments	$	-	$	230,583,002	$	636,345	$	231,219,347
International Bond Fund
Bonds & Notes
Total Corporate Debt	$	-	$	14,557,608	$	-	$	14,557,608
Total Sovereign Debt Obligations		-		45,056,996		1,485,255		46,542,251
Total Bonds & Notes		-		59,614,604		1,485,255		61,099,859
Total Long-Term Investments		-		59,614,604		1,485,255		61,099,859
Total Short-Term Investments		-		116,890		-		116,890
Total Investments	$	-	$	59,731,494	$	1,485,255	$	61,216,749
Balanced Fund
Equities
Common Stock
Basic Materials	$	2,180,509	$	-	$	-	$	2,180,509
Communications		9,448,691		-		-		9,448,691
Consumer, Cyclical		5,810,391		-		-		5,810,391
Consumer, Non-cyclical		17,199,782		-		-		17,199,782
Diversified		61,333		-		-		61,333
Energy		6,907,942		-		-		6,907,942
Financial		12,293,243		-		-		12,293,243

203

Notes to Financial Statements (Unaudited) (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Balanced Fund (Continued)
Industrial	$	7,495,947	$	-	$	-	$	7,495,947
Technology		9,030,906		-		-		9,030,906
Utilities		2,361,892		-		-		2,361,892
Total Common Stock		72,790,636		-		-		72,790,636
Preferred Stock
Consumer, Cyclical		-		6		-		6
Financial		130,900		-		-		130,900
Total Preferred Stock		130,900		6		-		130,906
Total Equities		72,921,536		6		-		72,921,542
Bonds & Notes
Total Corporate Debt		-		17,722,061		-		17,722,061
Total Municipal Obligations		-		187,697		-		187,697
Non-U.S. Government Agency Obligations
Automobile ABS		-		300,316		-		300,316
Commercial MBS		-		2,116,521		-		2,116,521
Home Equity ABS		-		1,196,905		-		1,196,905
Other ABS		-		687,722		239,025		926,747
Student Loans ABS		-		1,154,159		-		1,154,159
WL Collateral CMO		-		328,591		-		328,591
WL Collateral PAC		-		51,607		-		51,607
Total Non-U.S. Government Agency Obligations		-		5,835,821		239,025		6,074,846
Total Sovereign Debt Obligations		-		400,897		-		400,897
U.S. Government Agency Obligations and Instrumentalities
Collateralized Mortgage Obligations		-		70,108		-		70,108
Pass-Through Securities		-		14,584,802		-		14,584,802
Total U.S. Government Agency Obligations and Instrumentalities		-		14,654,910		-		14,654,910
U.S. Treasury Obligations
U.S. Treasury Bonds & Notes		-		8,649,871		-		8,649,871
Total U.S. Treasury Obligations		-		8,649,871		-		8,649,871
Total Bonds & Notes		-		47,451,257		239,025		47,690,282
Total Mutual Funds		11,741,354		-		-		11,741,354
Total Long-Term Investments		84,662,890		47,451,263		239,025		132,353,178
Total Short-Term Investments		-		20,685,600		-		20,685,600
Total Investments	$	84,662,890	$	68,136,863	$	239,025	$	153,038,778
Value Fund
Equities
Common Stock
Basic Materials	$	3,047,885	$	-	$	-	$	3,047,885
Communications		7,709,480		-		-		7,709,480

204

Notes to Financial Statements (Unaudited) (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Value Fund (Continued)
Consumer, Cyclical	$	13,999,805	$	-	$	-	$	13,999,805
Consumer, Non-cyclical		25,197,681		836,808		-		26,034,489
Energy		14,528,678		-		-		14,528,678
Financial		29,844,338		-		-		29,844,338
Industrial		13,543,578		-		-		13,543,578
Technology		6,255,729		-		-		6,255,729
Utilities		3,255,765		-		-		3,255,765
Total Common Stock		117,382,939		836,808		-		118,219,747
Total Equities		117,382,939		836,808		-		118,219,747
Total Mutual Funds		801,981		-		-		801,981
Total Long-Term Investments		118,184,920		836,808		-		119,021,728
Total Short-Term Investments		-		2,479,652		-		2,479,652
Total Investments	$	118,184,920	$	3,316,460	$	-	$	121,501,380
Main Street Fund
Equities
Common Stock
Basic Materials	$	4,560,109	$	-	$	-	$	4,560,109
Communications		20,686,558		-		-		20,686,558
Consumer, Cyclical		8,149,815		-		-		8,149,815
Consumer, Non-cyclical		50,250,874		1,908,983		-		52,159,857
Energy		15,169,473		-		-		15,169,473
Financial		29,114,673		-		-		29,114,673
Industrial		13,075,713		-		-		13,075,713
Technology		24,716,758		-		-		24,716,758
Total Common Stock		165,723,973		1,908,983		-		167,632,956
Preferred Stock
Consumer, Non-cyclical		-		2,473,692		-		2,473,692
Total Preferred Stock		-		2,473,692		-		2,473,692
Total Equities		165,723,973		4,382,675		-		170,106,648
Total Long-Term Investments		165,723,973		4,382,675		-		170,106,648
Total Short-Term Investments		-		2,100,132		-		2,100,132
Total Investments	$	165,723,973	$	6,482,807	$	-	$	172,206,780
Capital Appreciation Fund
Equities
Common Stock
Basic Materials	$	13,731,090	$	-	$	-	$	13,731,090
Communications		38,830,533		-		-		38,830,533
Consumer, Cyclical		42,703,432		-		-		42,703,432
Consumer, Non-cyclical		52,916,256		19,111,520		-		72,027,776
Energy		24,450,096		-		-		24,450,096
Financial		9,437,092		2,947,056		-		12,384,148

205

Notes to Financial Statements (Unaudited) (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Capital Appreciation Fund (Continued)
Industrial	$	41,067,430	$	-	$	-		$	41,067,430
Technology		48,833,952		-		-			48,833,952
Total Common Stock		271,969,881		22,058,576		-			294,028,457
Total Equities		271,969,881		22,058,576		-			294,028,457
Total Long-Term Investments		271,969,881		22,058,576		-			294,028,457
Total Short-Term Investments		-		493,199		-			493,199
Total Investments	$	271,969,881	$	22,551,775	$	-		$	294,521,656
Small Cap Opportunities Fund
Equities
Common Stock
Basic Materials	$	10,813,810	$	-	$	-		$	10,813,810
Communications		6,433,401		-		-			6,433,401
Consumer, Cyclical		16,803,354		-		-			16,803,354
Consumer, Non-cyclical		31,791,252		-		-			31,791,252
Energy		6,688,988		-		-	+		6,688,988
Financial		35,574,633		-		-			35,574,633
Industrial		24,776,328		-		-			24,776,328
Technology		13,931,519		-		-			13,931,519
Utilities		1,740,277		-		-			1,740,277
Total Common Stock		148,553,562		-		-			148,553,562
Total Equities		148,553,562		-		-			148,553,562
Total Mutual Funds		12,812,845		-		-			12,812,845
Rights
Consumer, Non-cyclical		-		-		-	+		-
Total Rights		-		-		-			-
Total Long-Term Investments		161,366,407		-		-			161,366,407
Total Short-Term Investments		-		3,812,899		-			3,812,899
Total Investments	$	161,366,407	$	3,812,899	$	-		$	165,179,306
Global Fund
Equities
Common Stock
Basic Materials	$	-	$	4,667,761	$	-		$	4,667,761
Communications		40,658,762		21,934,540		-			62,593,302
Consumer, Cyclical		18,037,665		20,831,191		-			38,868,856
Consumer, Non-cyclical		47,335,479		26,207,219		-			73,542,698
Diversified		-		7,780,665		-			7,780,665
Energy		3,788,508		8,933,639		-			12,722,147
Financial		20,605,174		41,985,831		-			62,591,005
Industrial		17,761,947		46,999,627		-			64,761,574
Technology		33,518,697		16,841,898		-			50,360,595
Utilities		-		2,074,199		-			2,074,199
Total Common Stock		181,706,232		198,256,570		-			379,962,802

206

Notes to Financial Statements (Unaudited) (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Global Fund (Continued)
Preferred Stock
Consumer, Cyclical	$	-	$	7,227,256	$	-	$	7,227,256
Total Preferred Stock		-		7,227,256		-		7,227,256
Total Equities		181,706,232		205,483,826		-		387,190,058
Total Mutual Funds		29,561,370		-		-		29,561,370
Total Long-Term Investments		211,267,602		205,483,826		-		416,751,428
Total Short-Term Investments		-		289,127		-		289,127
Total Investments	$	211,267,602	$	205,772,953	$	-	$	417,040,555
International Equity Fund
Equities
Common Stock
Basic Materials	$	-	$	16,127,887	$	-	$	16,127,887
Communications		8,104,568		54,288,598		-		62,393,166
Consumer, Cyclical		14,579,580		50,307,296		-		64,886,876
Consumer, Non-cyclical		256,800		151,742,799		-		151,999,599
Diversified		-		4,397,991		-		4,397,991
Energy		-		15,870,084		-		15,870,084
Financial		4,527,881		19,708,550		-		24,236,431
Industrial		-		99,137,211		-		99,137,211
Technology		-		51,470,890		-		51,470,890
Utilities		-		3,529,884		-		3,529,884
Total Common Stock		27,468,829		466,581,190		-		494,050,019
Total Equities		27,468,829		466,581,190		-		494,050,019
Total Mutual Funds		54,426,843		-		-		54,426,843
Rights
Consumer, Cyclical		654,573		-		-		654,573
Total Rights		654,573		-		-		654,573
Warrants
Consumer, Non-cyclical		-		4,849		112,234		117,083
Total Warrants		-		4,849		112,234		117,083
Total Long-Term Investments		82,550,245		466,586,039		112,234		549,248,518
Total Investments	$	82,550,245	$	466,586,039	$	112,234	$	549,248,518
Focused International Fund
Equities
Common Stock
Basic Materials	$	1,887,666	$	13,186,674	$	-	$	15,074,340
Communications		5,386,615		6,908,490		-		12,295,105
Consumer, Cyclical		-		7,956,275		-		7,956,275
Consumer, Non-cyclical		2,762,561		31,344,840		-		34,107,401
Diversified		-		2,030,323		-		2,030,323

207

Notes to Financial Statements (Unaudited) (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Focused International Fund (Continued)
Energy	$	-	$	8,708,910	$	-	$	8,708,910
Financial		-		32,940,208		-		32,940,208
Industrial		-		12,144,575		-		12,144,575
Technology		-		5,262,423		-		5,262,423
Utilities		-		1,554,339		-		1,554,339
Total Common Stock		10,036,842		122,037,057		-		132,073,899
Total Equities		10,036,842		122,037,057		-		132,073,899
Total Mutual Funds		11,777,673		-		-		11,777,673
Total Long-Term Investments		21,814,515		122,037,057		-		143,851,572
Total Short-Term Investments		-		1,655,499		-		1,655,499
Total Investments	$	21,814,515	$	123,692,556	$	-	$	145,507,071
Strategic Emerging Markets Fund
Equities
Common Stock
Basic Materials	$	-	$	4,755,568	$	-	$	4,755,568
Communications		2,547,037		9,658,349		-		12,205,386
Consumer, Cyclical		-		4,624,619		-		4,624,619
Consumer, Non-cyclical		3,487,488		6,261,652		-		9,749,140
Diversified		-		2,585,959		-		2,585,959
Energy		4,035,503		9,271,959		-		13,307,462
Financial		4,431,336		34,835,642		-		39,266,978
Industrial		1,221,671		14,946,461		-		16,168,132
Technology		4,598,617		9,954,233		-		14,552,850
Total Common Stock		20,321,652		96,894,442		-		117,216,094
Preferred Stock
Basic Materials		1,978,542		1,167,805		-		3,146,347
Consumer, Non-cyclical		-		1,437,700		-		1,437,700
Financial		-		4,198,406		-		4,198,406
Utilities		-		1,089,390		-		1,089,390
Total Preferred Stock		1,978,542		7,893,301		-		9,871,843
Total Equities		22,300,194		104,787,743		-		127,087,937
Total Mutual Funds		2,500		-		-		2,500
Total Long-Term Investments		22,302,694		104,787,743		-		127,090,437
Total Short-Term Investments		-		6,904,134		-		6,904,134
Total Investments	$	22,302,694	$	111,691,877	$	-	$	133,994,571

+ Represents security at $0 value as of March 31, 2013.

208

Notes to Financial Statements (Unaudited) (Continued)

The following is the aggregate value by input level, as of March 31, 2013, for the Funds’ other financial instruments:

Asset Valuation Inputs

	Other Financial Instruments
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Inflation-Protected and Income Fund
Futures Contracts
Interest Rate Risk	$	1,949	$	-	$	-	$	1,949
Core Bond Fund
Futures Contracts
Interest Rate Risk		518,780		-		-		518,780
Diversified Bond Fund
Futures Contracts
Interest Rate Risk		42,067		-		-		42,067
Swap Agreements
Credit Risk		-		20,993		-		20,993
International Bond Fund
Forward Contracts
Foreign Exchange Risk		-		494,520		-		494,520
Balanced Fund
Futures Contracts
Equity Risk		95,719		-		-		95,719
Interest Rate Risk		10,247		-		-		10,247

Liability Valuation Inputs

	Other Financial Instruments
	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
Short-Duration Bond Fund
Futures Contracts
Interest Rate Risk	$	(416,912	)	$	-		$	-	$	(416,912	)
Swap Agreements
Credit Risk		-			(241,186	)		-		(241,186	)
Inflation-Protected and Income Fund
Futures Contracts
Interest Rate Risk		(2,429	)		-			-		(2,429	)
Core Bond Fund
Futures Contracts
Interest Rate Risk		(68,939	)		-			-		(68,939	)
Swap Agreements
Credit Risk		-			(820,119	)		-		(820,119	)
Diversified Bond Fund
Futures Contracts
Interest Rate Risk		(43,493	)		-			-		(43,493	)
Swap Agreements
Credit Risk		-			(309,727	)		-		(309,727	)

209

Notes to Financial Statements (Unaudited) (Continued)

	Other Financial Instruments
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
International Bond Fund
Forward Contracts
Foreign Exchange Risk	$	-	$	(255,198	)	$	-	$	(255,198	)
Balanced Fund
Swap Agreements
Credit Risk		-		(20,428	)		-		(20,428	)

The following table shows Funds with certain assets and liabilities, which approximate fair value and would be categorized at Level 2 as of March 31, 2013.

Statements of Assets and Liabilities location:	Short-Duration Bond Fund	Inflation-Protected and Income Fund	Core Bond Fund	Diversified Bond	High Yield Fund	Balanced Fund
Receivables from:
Investments sold on a when-issued basis	X		X	X	X	X
Collateral held for reverse repurchase agreements		X
Payables for:
Collateral pledged for reverse repurchase agreements		X
Investments purchased on a when-issued basis	X		X	X	X	X

Statements of Assets and Liabilities location:	Value Fund	Small Cap Opportunities Fund	Global Fund	International Equity Fund	Focused International Fund	Strategic Emerging Markets Fund
Payables for:
Securities on loan	X	X	X	X	X	X

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

	Transfers In*				Transfers Out*
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs
Strategic Emerging Markets Fund	$	-	$	3,978,851	$	(3,978,851	)	$	-

* The Fund(s) recognize transfers between the Levels as of the beginning of the year. Transfers occurred between Level 1 and Level 2 as inputs were less observable.

210

Notes to Financial Statements (Unaudited) (Continued)

Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:

Asset Valuation Inputs

	Investments in Securities
	Balance as of 9/30/12		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 3/31/13		Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 3/31/13
Short-Duration Bond Fund
Long-Term Investments
Non-U.S. Government
Agency Obligations
Other ABS†	$	1,325,280	$	-	$	-		$	204,480		$	-	$	-		$	-	$	-		$	1,529,760	$	204,480
Other ABS		931,245		-		(10,650	)		2,552			630,000		(923,147	)		-		(630,000	)**		-		-
	$	2,256,525	$	-	$	(10,650	)	$	207,032		$	630,000	$	(923,147	)	$	-	$	(630,000	)	$	1,529,760	$	204,480
Inflation-Protected and Income Fund
Long-Term Investments
Non-U.S. Government
Agency Obligations
Other ABS	$	1,049,580	$	-	$	(23,441	)	$	14,314		$	1,113,200	$	(1,040,453	)	$	-	$	(1,113,200	)**	$	-	$	-
Core Bond Fund
Long-Term Investments
Non-U.S. Government
Agency Obligations
Other ABS†	$	4,141,500	$	-	$	-		$	639,000		$	1,089,994	$	-		$	-	$	(1,089,994	)**	$	4,780,500	$	639,000
Other ABS		3,112,725		-		(35,210	)		8,142			-		(3,085,657	)		-		-			-		-
Student Loans ABS		795,480		-		113,400			(38,880	)		-		(870,000	)		-		-			-		-
	$	8,049,705	$	-	$	78,190		$	608,262		$	1,089,994	$	(3,955,657	)	$	-	$	(1,089,994	)	$	4,780,500	$	639,000
Diversified Bond Fund
Long-Term Investments
Equities
Common Stock
Basic Materials	$	51,884	$	-	$	-		$	-		$	-	$	-		$	-	$	-		$	51,884	$	-
Non-U.S. Government
Agency Obligations
Other ABS†		973,252		-		-			150,166			-		-			-		-			1,123,418		150,166
Other ABS		231,525		-		(2,755	)		741			-		(229,511	)		-		-			-		-
	$	1,256,661	$	-	$	(2,755	)	$	150,907		$	-	$	(229,511	)	$	-	$	-		$	1,175,302	$	150,166
High Yield Fund
Long-Term Investments
Equities
Common Stock
Basic Materials	$	636,345	$	-	$	-		$	-		$	-	$	-		$	-	$	-		$	636,345	$	-
International Bond Fund
Long-Term Investments
Bonds & Notes
Sovereign Debt Obligations†	$	1,460,845	$	-	$	-		$	24,410		$	-	$	-		$	-	$	-		$	1,485,255	$	24,410

211

Notes to Financial Statements (Unaudited) (Continued)

	Investments in Securities
	Balance as of 9/30/12			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 3/31/13			Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 3/31/13
Balanced Fund
Long-Term Investments
Non-U.S. Government
Agency Obligations
Other ABS†	$	207,075		$	-	$	-		$	31,950		$	-	$	-		$	-	$	-	$	239,025		$	31,950
Other ABS		102,900			-		(370	)		(525	)		-		(102,005	)		-		-		-			-
	$	309,975		$	-	$	(370	)	$	31,425		$	-	$	(102,005	)	$	-	$	-	$	239,025		$	31,950
Small Cap Opportunities Fund
Long-Term Investments
Equities
Common Stock
Energy	$	-	***	$	-	$	-		$	-		$	-	$	-		$	-	$	-	$	-	††	$	-
Rights
Consumer, Non-cyclical		6			-		-			(6	)		-		-			-		-		-	††		(6	)
	$	6		$	-	$	-		$	(6	)	$	-	$	-		$	-	$	-	$	-		$	(6	)
International Equity Fund
Long-Term Investments
Equities
Warrants
Consumer, Non-cyclical	$	-	***	$	-	$	-		$	112,234		$	-	$	-		$	-	$	-	$	112,234		$	112,234
Technology		-	***		-		-			-			-		-			-		-		-			-
	$	-		$	-	$	-		$	112,234		$	-	$	-		$	-	$	-	$	112,234		$	112,234

* The Fund(s) recognize transfers between the Levels as of the beginning of the year.

** Transfers occurred between Level 3 and Level 2 as a result of securities receiving a price directly from a pricing service rather than being fair valued.

*** Represents security at $0 value as of September 30, 2012.

† Represents (i) an illiquid 144A security valued by a broker quote or vendor price or (ii) a restricted security issued by a non-public entity valued by a broker quote or vendor price.

†† Represents security at $0 value as of March 31, 2013.

None of the unobservable inputs, individually or collectively, had a material impact on the Fund(s).

212

Notes to Financial Statements (Unaudited) (Continued)

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives during the period ended March 31, 2013, the following tables show how the Fund used these derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).

Type of Derivative and Objective for Use	Short- Duration Bond Fund	Inflation- Protected and Income Fund	Core Bond Fund	Diversified Bond Fund	International Bond Fund	Balanced Fund
Foreign Currency Exchange Transactions*
Hedging/Risk Management					A
Directional Exposures to Currencies					A
Futures Contracts**
Hedging/Risk Management	A	A	A	A		A
Duration/Credit Quality Management	A	A	A	A		A
Substitution for Direct Investment	A	A	A	A		A
Intention to Create Investment Leverage in Portfolio	M	M	M	M		M
Credit Default Swaps (Protection Buyer)
Hedging/Risk Management	A		A	A		A
Duration/Credit Quality Management	A		A	A		A
Income	A		A	A		A
Substitution for Direct Investment	A		A	A		A
Intention to Create Investment Leverage in Portfolio	M		M	M		M

Type of Derivative and Objective for Use	Main Street Fund	Small Cap Opportunities Fund	Global Fund	International Equity Fund	Focused International Fund
Rights and Warrants
Hedging/Risk Management					M
Duration/Credit Quality Management					M
Directional Investment					M
Intention to Create Investment Leverage in Portfolio					M
Result of a Corporate Action	A	A	A	A	A

* Includes any options purchased or written, futures contracts, forward contracts, and swap agreements, if applicable.

** Includes any options purchased or written on futures contracts, if applicable.

213

Notes to Financial Statements (Unaudited) (Continued)

At March 31, 2013, 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
Liability Derivatives
Futures Contracts^^	$	-		$	-	$	-	$	(416,912	)	$	(416,912	)
Swap Agreements^		(241,186	)		-		-		-			(241,186	)
Total Value	$	(241,186	)	$	-	$	-	$	(416,912	)	$	(658,098	)
Realized Gain (Loss)#
Futures Contracts	$	-		$	-	$	-	$	7,193		$	7,193
Swap Agreements		(916,348	)		-		-		-			(916,348	)
Total Realized Gain (Loss)	$	(916,348	)	$	-	$	-	$	7,193		$	(909,155	)
Change in Appreciation (Depreciation)##
Futures Contracts	$	-		$	-	$	-	$	(190,395	)	$	(190,395	)
Swap Agreements		510,229			-		-		-			510,229
Total Change in Appreciation (Depreciation)	$	510,229		$	-	$	-	$	(190,395	)	$	319,834
Number of Contracts, Notional Amounts or Shares/Units†
Futures Contracts		-			-		-		360			360
Swap Agreements	$	31,194,982		$	-	$	-	$	-		$	31,194,982
Inflation-Protected and Income Fund
Asset Derivatives
Futures Contracts^^	$	-		$	-	$	-	$	1,949		$	1,949
Liability Derivatives
Futures Contracts^^	$	-		$	-	$	-	$	(2,429	)	$	(2,429	)
Realized Gain (Loss)#
Futures Contracts	$	-		$	-	$	-	$	(44,583	)	$	(44,583	)
Change in Appreciation (Depreciation)##
Futures Contracts	$	-		$	-	$	-	$	(480	)	$	(480	)
Number of Contracts, Notional Amounts or Shares/Units†
Futures Contracts		-			-		-		14			14
Core Bond Fund
Asset Derivatives
Futures Contracts^^	$	-		$	-	$	-	$	518,780		$	518,780
Liability Derivatives
Futures Contracts^^	$	-		$	-	$	-	$	(68,939	)	$	(68,939	)
Swap Agreements^		(820,119	)		-		-		-			(820,119	)
Total Value	$	(820,119	)	$	-	$	-	$	(68,939	)	$	(889,058	)
Realized Gain (Loss)#
Futures Contracts	$	-		$	-	$	-	$	44,243		$	44,243
Swap Agreements		(3,349,811	)		-		-		-			(3,349,811	)
Total Realized Gain (Loss)	$	(3,349,811	)	$	-	$	-	$	44,243		$	(3,305,568	)
Change in Appreciation (Depreciation)##
Futures Contracts	$	-		$	-	$	-	$	397,189		$	397,189
Swap Agreements		1,916,425			-		-		-			1,916,425
Total Change in Appreciation (Depreciation)	$	1,916,425		$	-	$	-	$	397,189		$	2,313,614

214

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk			Equity Risk		Foreign Exchange Risk			Interest Rate Risk			Total
Core Bond Fund (Continued)
Number of Contracts, Notional Amounts or Shares/Units†
Futures Contracts		-			-		-			820			820
Swap Agreements	$	108,951,375		$	-	$	-		$	-		$	108,951,375
Diversified Bond Fund
Asset Derivatives
Futures Contracts^^	$	-		$	-	$	-		$	42,067		$	42,067
Swap Agreements*		20,993			-		-			-			20,993
Total Value	$	20,993		$	-	$	-		$	42,067		$	63,060
Liability Derivatives
Futures Contracts^^	$	-		$	-	$	-		$	(43,493	)	$	(43,493	)
Swap Agreements^		(309,727	)		-		-			-			(309,727	)
Total Value	$	(309,727	)	$	-	$	-		$	(43,493	)	$	(353,220	)
Realized Gain (Loss)#
Futures Contracts	$	-		$	-	$	-		$	(187,813	)	$	(187,813	)
Swap Agreements		(445,591	)		-		-			-			(445,591	)
Total Realized Gain (Loss)	$	(445,591	)	$	-	$	-		$	(187,813	)	$	(633,404	)
Change in Appreciation (Depreciation)##
Futures Contracts	$	-		$	-	$	-		$	46,724		$	46,724
Swap Agreements		(67,194	)		-		-			-			(67,194	)
Total Change in Appreciation (Depreciation)	$	(67,194	)	$	-	$	-		$	46,724		$	(20,470	)
Number of Contracts, Notional Amounts or Shares/Units†
Futures Contracts		-			-		-			171			171
Swap Agreements	$	15,898,999		$	-	$	-		$	-		$	15,898,999
International Bond Fund
Asset Derivatives
Forward Contracts*	$	-		$	-	$	494,520		$	-		$	494,520
Liability Derivatives
Forward Contracts^	$	-		$	-	$	(255,198	)	$	-		$	(255,198	)
Realized Gain (Loss)#
Forward Contracts	$	-		$	-	$	(2,501,954	)	$	-		$	(2,501,954	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	-	$	358,037		$	-		$	358,037
Number of Contracts, Notional Amounts or Shares/Units†
Forward Contracts	$	-		$	-	$	40,145,781		$	-		$	40,145,781
Balanced Fund
Asset Derivatives
Futures Contracts^^	$	-		$	95,719	$	-		$	10,247		$	105,966
Liability Derivatives
Swap Agreements^	$	(20,428	)	$	-	$	-		$	-		$	(20,428	)

215

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk			Equity Risk			Foreign Exchange Risk		Interest Rate Risk		Total
Balanced Fund (Continued)
Realized Gain (Loss)#
Futures Contracts	$	-		$	-		$	-	$	314,460	$	314,460
Swap Agreements		(79,274	)		-			-		-		(79,274	)
Total Realized Gain (Loss)	$	(79,274	)	$	-		$	-	$	314,460	$	235,186
Change in Appreciation (Depreciation)##
Futures Contracts	$	-		$	95,719		$	-	$	3,976	$	99,695
Swap Agreements		43,457			-			-		-		43,457
Total Change in Appreciation (Depreciation)	$	43,457		$	95,719		$	-	$	3,976	$	143,152
Number of Contracts, Notional Amounts or Shares/Units†
Futures Contracts		-			47			-		22		69
Swap Agreements	$	2,756,718		$	-		$	-	$	-	$	2,756,718
Main Street Fund Realized Gain (Loss)#
Warrants	$	-		$	8,278		$	-	$	-	$	8,278
Number of Contracts, Notional Amounts or Shares/Units†
Warrants		-			4,576			-		-		4,576
Small Cap Opportunities Fund
Asset Derivatives
Rights*	$	-		$	-	+	$	-	$	-	$	-
Change in Appreciation (Depreciation)##
Rights	$	-		$	(6	)	$	-	$	-	$	(6	)
Number of Contracts, Notional Amounts or Shares/Units†
Rights		-			600			-		-		600
Global Fund
Number of Contracts, Notional Amounts or Shares/Units†
Rights		-			322,815			-		-		322,815
International Equity Fund
Asset Derivatives
Rights*	$	-		$	654,573		$	-	$	-	$	654,573
Warrants*		-			117,083			-		-		117,083
Total Value	$	-		$	771,656		$	-	$	-	$	771,656
Realized Gain (Loss)#
Rights	$	-		$	190,785		$	-	$	-	$	190,785
Change in Appreciation (Depreciation)##
Rights	$	-		$	654,573		$	-	$	-	$	654,573
Warrants		-			112,252			-		-		112,252
Total Change in Appreciation (Depreciation)	$	-		$	766,825		$	-	$	-	$	766,825

216

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk		Equity Risk		Foreign Exchange Risk		Interest Rate Risk		Total
International Equity Fund (Continued)
Number of Contracts, Notional Amounts or Shares/Units†
Rights		-		309,689		-		-		309,689
Warrants		-		4,958,618		-		-		4,958,618
Focused International Fund
Realized Gain (Loss)#
Rights	$	-	$	13	$	-	$	-	$	13
Number of Contracts, Notional Amounts or Shares/Units†
Rights		-		71,369		-		-		71,369

* Statements of Assets and Liabilities location: Investments, at value, Receivables from: open forward foreign currency contracts or open swap agreements, at value, as applicable.

^ Statements of Assets and Liabilities location: Payables for: open forward foreign currency contracts or open swap agreements, at value, as applicable.

^^ Cumulative appreciation (depreciation) on futures contracts is reported in “Futures Contracts” below. 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, futures contracts, swap agreements, or foreign currency transactions, as applicable.

## Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, futures contracts, swap agreements, or translation of assets and liabilities in foreign currencies, as applicable.

† Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and swap agreements, or shares/units outstanding for rights and warrants, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended March 31, 2013.

+ Represents security at $0 value as of March 31, 2013.

The Global Fund had no realized gain (loss) on rights during the period ended March 31, 2013.

Further details regarding the derivatives and other investments held by the Funds during the period ended March 31, 2013, are discussed below.

Foreign Currency Exchange Transactions

A Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts, call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to

217

Notes to Financial Statements (Unaudited) (Continued)

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.

The Fund(s) listed in the following table had open forward foreign currency contracts at March 31, 2013. A Fund’s current exposure to acounterparty is typically the unrealized appreciation on the contract.

	Counterparty	Units of Currency		Contracts to Deliver/Receive	Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
International Bond Fund
BUYS
	Canadian Imperial Bank of Commerce		640,000	British Pound		4/05/13	$	967,907	$	972,437	$	4,530
	Canadian Imperial Bank of Commerce		540,000	Canadian Dollar		4/05/13		530,417		531,529		1,112
	Canadian Imperial Bank of Commerce		110,000	Euro		4/05/13		146,432		141,005		(5,427	)
	Canadian Imperial Bank of Commerce		1,004,700,000	Japanese Yen		5/10/13		10,722,175		10,675,665		(46,510	)
	Canadian Imperial Bank of Commerce		4,399,000	Norwegian Krone		4/05/13		773,855		753,098		(20,757	)
	Canadian Imperial Bank of Commerce		226,000	Singapore Dollar		4/05/13		181,994		182,208		214
	Canadian Imperial Bank of Commerce		6,000,000	Swedish Krona		4/05/13		920,952		920,692		(260	)
								14,243,732		14,176,634		(67,098	)
	Deutsche Bank AG		320,000	Canadian Dollar		4/05/13		320,417		314,980		(5,437	)
	Deutsche Bank AG		1,800,000	Euro		4/05/13		2,403,306		2,307,361		(95,945	)
								2,723,723		2,622,341		(101,382	)
	HSBC Bank PLC		43,000,000	Japanese Yen		5/10/13		465,755		456,906		(8,849	)
	HSBC Bank PLC		1,000,000	Polish Zloty		5/10/13		307,440		306,169		(1,271	)
								773,195		763,075		(10,120	)

218

Notes to Financial Statements (Unaudited) (Continued)

	Counterparty	Units of Currency		Contracts to Deliver/Receive	Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
International Bond Fund (Continued)
BUYS (Continued)
	UBS AG		3,058,000	Australian Dollar		4/05/13	$	3,186,222	$	3,183,362	$	(2,860	)
	UBS AG		1,420,000	British Pound		4/05/13		2,149,085		2,157,595		8,510
	UBS AG		700,000	Euro		6/14/13		896,137		897,758		1,621
	UBS AG		2,000,000	Polish Zloty		5/10/13		628,462		612,337		(16,125	)
								6,859,906		6,851,052		(8,854	)
							$	24,600,556	$	24,413,102	$	(187,454	)
SELLS
	Barclays Bank PLC		500,000	Euro		4/05/13	$	647,315	$	640,934	$	6,381
	Canadian Imperial Bank of Commerce		300,000	Australian Dollar		4/05/13		311,505		312,298		(793	)
	Canadian Imperial Bank of Commerce		728,000	Euro		4/05/13		944,417		933,199		11,218
	Canadian Imperial Bank of Commerce		10,034,000	Mexican Peso		5/10/13		787,740		809,443		(21,703	)
	Canadian Imperial Bank of Commerce		2,400,000	Norwegian Krone		6/14/13		408,580		409,753		(1,173	)
	Canadian Imperial Bank of Commerce		9,921,000	Polish Zloty		5/10/13		3,171,777		3,037,500		134,277
	Canadian Imperial Bank of Commerce		226,000	Singapore Dollar		6/14/13		182,020		182,240		(220	)
	Canadian Imperial Bank of Commerce		18,801,000	South African Rand		5/10/13		2,103,703		2,034,430		69,273
	Canadian Imperial Bank of Commerce		6,000,000	Swedish Krona		6/14/13		919,554		919,331		223
								8,829,296		8,638,194		191,102
	Deutsche Bank AG		250,000	British Pound		4/05/13		389,384		379,858		9,526
	Deutsche Bank AG		75,000,000	Japanese Yen		5/10/13		781,378		796,929		(15,551	)
	Deutsche Bank AG		2,000,000	Swedish Krona		4/05/13		317,795		306,897		10,898
								1,488,557		1,483,684		4,873
	Goldman Sachs & Co.		4,400,000	Norwegian Krone		4/05/13		791,884		753,269		38,615
	Goldman Sachs & Co.		4,000,000	Swedish Krona		4/05/13		614,161		613,795		366
								1,406,045		1,367,064		38,981
	State Street Bank and Trust Co.		2,758,000	Australian Dollar		4/05/13		2,899,485		2,871,064		28,421
	State Street Bank and Trust Co.		1,000,000	British Pound		4/05/13		1,611,570		1,519,433		92,137
	State Street Bank and Trust Co.		860,000	Canadian Dollar		4/05/13		873,602		846,509		27,093
	State Street Bank and Trust Co.		226,000	Singapore Dollar		4/05/13		184,473		182,208		2,265
								5,569,130		5,419,214		149,916

219

Notes to Financial Statements (Unaudited) (Continued)

	Counterparty	Units of Currency		Contracts to Deliver/Receive	Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
International Bond Fund (Continued)
SELLS (Continued)
	UBS AG		695,000	Euro		4/05/13	$	889,259	$	890,898	$	(1,639	)
	UBS AG		810,000	British Pound		4/05/13		1,275,847		1,230,741		45,106
	UBS AG		4,000,000	Mexican Peso		5/10/13		320,514		322,681		(2,167	)
	UBS AG		1,420,000	British Pound		6/14/13		2,148,297		2,156,808		(8,511	)
	UBS AG		3,000,000	Australian Dollar		6/14/13		3,109,350		3,106,616		2,734
								7,743,267		7,707,744		35,523
							$	25,683,610	$	25,256,834	$	426,776

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 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. 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 may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When the 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.

The Fund(s) listed in the following table had open futures contracts at March 31, 2013:

Number of Contracts	Type	Expiration Date		Notional Contract Value			Net Unrealized Appreciation (Depreciation)
Short-Duration Bond Fund
SELLS
248	U.S. Treasury Note 10 Year		6/19/13	$	(32,732,125	)	$	(305,248	)
163	U.S. Treasury Note 5 Year		6/28/13		(20,220,914	)		(111,664	)
							$	(416,912	)

220

Notes to Financial Statements (Unaudited) (Continued)

Number of Contracts	Type	Expiration Date		Notional Contract Value			Net Unrealized Appreciation (Depreciation)
Inflation-Protected and Income Fund
SELLS
7	Ultra Long U.S. Treasury Bond		6/19/13	$	(1,103,156	)	$	1,949
19	U.S. Treasury Note 2 Year		6/28/13		(4,188,610	)		(2,429	)
							$	(480	)
Core Bond Fund
BUYS
127	Ultra Long U.S. Treasury Bond		6/19/13	$	20,014,406		$	(68,939	)
306	U.S. Treasury Note 2 Year		6/28/13		67,458,657			17,565
780	U.S. Treasury Note 5 Year		6/28/13		96,762,657			501,215
							$	449,841
Diversified Bond Fund
BUYS
20	Australia 3 Year Treasury Bond		6/17/13	$	2,268,999		$	9,918
33	U.S. Treasury Note 2 Year		6/28/13		7,274,953			3,954
41	U.S. Treasury Note 5 Year		6/28/13		5,086,242			25,118
							$	38,990
SELLS
1	Japan 10 Year Government Bond		6/11/13	$	(1,549,477	)	$	3,077
27	U.S. Treasury Note 10 Year		6/19/13		(3,563,578	)		(43,493	)
							$	(40,416	)
Balanced Fund
BUYS
3	U.S. Treasury Note 10 Year		6/19/13	$	395,953		$	3,364
37	S&P 500 E Mini Index		6/21/13		2,890,995			95,719
12	U.S. Treasury Note 2 Year		6/28/13		2,645,437			1,658
11	U.S. Treasury Note 5 Year		6/28/13		1,364,602			5,225
							$	105,966

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, 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).

A Fund may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation 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

221

Notes to Financial Statements (Unaudited) (Continued)

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 or 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 such 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 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.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

The Fund(s) listed in the following table had open swap agreements at March 31, 2013. A Fund’s current exposure to a counterparty is typically the fair value of the agreement.

Notional Amount		Currency	Expiration Date		Counterparty	Buy/Sell Protection	Receive (Pay) Fixed Rate			Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid		Value
	Short-Duration Bond Fund
	Credit Default Swaps
$	9,200,000	USD		6/20/17	Barclays Bank PLC	Buy		(1.000	)%	CDX.NA.IG.18†	$	(181,504	)	$	86,909	$	(94,595	)
	10,675,000	USD		6/20/17	Goldman Sachs & Co.	Buy		(1.000	)%	CDX.NA.IG.18†		(124,850	)		15,090		(109,760	)
	4,900,000	USD		12/20/17	JP Morgan Chase Bank	Buy		(1.000	)%	CDX.NA.IG.19†		(57,977	)		21,146		(36,831	)
	Core Bond Fund*
	Credit Default Swaps
	35,620,000	USD		6/20/17	Barclays Bank PLC	Buy		(1.000	)%	CDX.NA.IG.18†		(702,734	)		336,489		(366,245	)
	4,020,000	USD		6/20/16	Credit Suisse Securities LLC	Buy		(0.580	)%	Marriott International, Inc.		(12,490	)		-		(12,490	)
	30,500,000	USD		6/20/17	Goldman Sachs & Co	Buy		(1.000	)%	CDX.NA.IG.18†		(356,713	)		43,111		(313,602	)
	17,000,000	USD		12/20/17	JP Morgan Chase Bank	Buy		(1.000	)%	CDX.NA.IG.19†		(201,146	)		73,364		(127,782	)

222

Notes to Financial Statements (Unaudited) (Continued)

Notional Amount		Currency	Expiration Date		Counterparty	Buy/Sell Protection	Receive (Pay) Fixed Rate			Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid		Value
	Diversified Bond Fund**
	Credit Default Swaps
$	4,750,000	USD		6/20/17	Barclays Bank PLC	Buy		(1.000	)%	CDX.NA.IG.18†	$	(93,711	)	$	44,871	$	(48,840	)
	1,125,000	USD		6/20/16	Credit Suisse Securities LLC	Buy		(0.580	)%	Marriott International, Inc.		(3,495	)		-		(3,495	)
	1,980,000	USD		6/20/17	Goldman Sachs & Co.	Buy		(5.000	)%	CDX.NA.HY.18†		(166,250	)		95,287		(70,963	)
	4,950,000	USD		6/20/17	Goldman Sachs & Co.	Buy		(5.000	)%	CDX.NA.HY.18†		(310,440	)		133,031		(177,409	)
	1,000,000	EUR		6/20/18	Goldman Sachs & Co.	Buy		(1.000	)%	Deutsche Bank		9,479			11,514		20,993
												(467,211	)		239,832		(227,379	)
	1,200,000	USD		12/20/17	JP Morgan Chase Bank	Buy		(1.000	)%	CDX.NA.IG.19†		(14,199	)		5,179		(9,020	)
	Balanced Fund
	Credit Default Swaps
	590,000	USD		6/20/17	Barclays Bank PLC	Buy		(1.000	)%	CDX.NA.IG.18†		(11,640	)		5,574		(6,066	)
	180,000	USD		6/20/16	Credit Suisse Securities LLC	Buy		(0.580	)%	Marriott International, Inc.		(559	)		-		(559	)
	1,050,000	USD		6/20/17	Goldman Sachs & Co.	Buy		(1.000	)%	CDX.NA.IG.18†		(12,280	)		1,484		(10,796	)
	400,000	USD		12/20/17	JP Morgan Chase Bank	Buy		(1.000	)%	CDX.NA.IG.19†		(4,733	)		1,726		(3,007	)

EUR Euro

USD U.S. Dollar

* Collateral for swap agreements received from Barclays Bank PLC and Goldman Sachs & Co. amounted to $416,538 and $358,864 in securities, respectively, at March 31, 2013.

** Collateral for swap agreements received from Goldman Sachs & Co. amounted to $274,959 in securities at March 31, 2013.

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

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.

223

Notes to Financial Statements (Unaudited) (Continued)

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 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 when-issued, delayed-delivery, or forward commitment 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. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, forward commitment, or TBA basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the value of the subject securities will fluctuate. In addition, because the Fund is not required to make payment under these transactions until the delivery date, they may result in a form of leverage.

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 when-issued, delayed-delivery, forward commitment, or TBA 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.

Inflation-Indexed Bonds

The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation, as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”) (for U.S. Treasury inflation-indexed bonds) or, generally, by a comparable inflation index calculated by the foreign government issuing the inflation-indexed bonds.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. Any adjustments to the principal amount of an inflation-indexed bond due to inflation will be reflected as increases or decreases to interest income. Such adjustments may have a significant impact on the Fund’s distributions.

The value of inflation-indexed bonds is generally based on changes in real interest rates, which in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation, or that the rate of inflation in a foreign country will correlate to the rate of inflation in the United States. Additionally, if interest rates rise due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.

Bank Loans

Certain of the Funds 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

224

Notes to Financial Statements (Unaudited) (Continued)

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, 2013, the Funds had no unfunded loan commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Collateral for certain tri-party repurchase agreements is held at the Fund’s custodian or sub-custodian in a segregated account for the benefit of the Fund and the counterparty.

Reverse Repurchase Agreements

Each Fund may enter into reverse repurchase agreements with banks and broker-dealers to enhance return. Reverse repurchase agreements involve sales by a Fund of portfolio securities concurrently with an agreement by the Fund to repurchase the same securities at a later date at a fixed price (typically equal to the original sale price plus interest). During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on the securities and also has the opportunity to earn a return on the purchase price received by it from the counterparty.

Reverse repurchase agreements generally create investment leverage. If the counterparty in such a transaction files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of its securities may be restricted or forfeited, and the counterparty may fail to return/resell the securities in question to the Fund.

The Fund(s) listed in the following table had open reverse repurchase agreement during the period ended March 31, 2013:

Description	Value
Inflation-Protected and Income Fund
Agreement with Banque Paribas, dated 2/01/13, 0.230%, to be repurchased on demand until 5/01/13 at value plus accrued interest.	$	8,894,730
Agreement with Banque Paribas, dated 2/15/13, 0.240%, to be repurchased on demand until 5/15/13 at value plus accrued interest.		4,555,000

225

Notes to Financial Statements (Unaudited) (Continued)

Description	Value
Agreement with Banque Paribas, dated 3/12/13, 0.220%, to be repurchased on demand until 6/13/13 at value plus accrued interest.	$	12,192,000
Agreement with Banque Paribas, dated 3/20/13, 0.220%, to be repurchased on demand until 6/20/13 at value plus accrued interest.		18,853,000
Agreement with Barclays Bank PLC, dated 1/04/13, 0.270%, to be repurchased on demand until 4/04/13 at value plus accrued interest.		9,857,487
Agreement with Barclays Bank PLC, dated 2/14/13, 0.220%, to be repurchased on demand until 5/14/13 at value plus accrued interest.		6,751,350
Agreement with Barclays Bank PLC, dated 3/26/13, 0.240%, to be repurchased on demand until 6/26/13 at value plus accrued interest.		22,067,312
Agreement with Daiwa Securities, dated 2/27/13, 0.230%, to be repurchased on demand until 5/28/13 at value plus accrued interest.		6,742,500
Agreement with Deutsche Bank AG, dated 1/11/13, 0.240%, to be repurchased on demand until 4/10/13 at value plus accrued interest.		12,327,065
Agreement with Deutsche Bank AG, dated 1/24/13, 0.240%, to be repurchased on demand until 4/24/13 at value plus accrued interest.		11,045,848
Agreement with Deutsche Bank AG, dated 2/14/13, 0.230%, to be repurchased on demand until 5/14/13 at value plus accrued interest.		10,364,116
Agreement with Deutsche Bank AG, dated 3/06/13, 0.230%, to be repurchased on demand until 6/06/13 at value plus accrued interest.		2,989,434
Agreement with First Boston Corp., dated 3/26/13, 0.220%, to be repurchased on demand until 6/26/13 at value plus accrued interest.		2,899,397
Agreement with Goldman Sachs & Co., dated 1/24/13, 0.230%, to be repurchased on demand until 4/26/13 at value plus accrued interest.		7,321,699
Agreement with Goldman Sachs & Co., dated 2/14/13, 0.230%, to be repurchased on demand until 5/14/13 at value plus accrued interest.		13,463,677
Agreement with Goldman Sachs & Co., dated 3/08/13, 0.250%, to be repurchased on demand until 4/09/13 at value plus accrued interest.		15,491,163
Agreement with Goldman Sachs & Co., dated 3/12/13, 0.220%, to be repurchased on demand until 4/10/13 at value plus accrued interest.		3,608,634
Agreement with Goldman Sachs & Co., dated 3/19/13, 0.250%, to be repurchased on demand until 6/19/13 at value plus accrued interest.		27,824,052
Agreement with HSBC Finance Corp., dated 1/09/13, 0.240%, to be repurchased on demand until 4/09/13 at value plus accrued interest.		26,767,350
Agreement with HSBC Finance Corp., dated 1/24/13, 0.230%, to be repurchased on demand until 4/25/13 at value plus accrued interest.		3,187,200
Agreement with HSBC Finance Corp., dated 2/01/13, 0.190%, to be repurchased on demand until 5/1/13 at value plus accrued interest.		10,065,500
Agreement with HSBC Finance Corp., dated 2/14/13, 0.190%, to be repurchased on demand until 5/14/13 at value plus accrued interest.		9,465,588
Agreement with HSBC Finance Corp., dated 2/27/13, 0.190%, to be repurchased on demand until 5/28/13 at value plus accrued interest.		21,520,238
Agreement with HSBC Finance Corp., dated 3/07/13, 0.210%, to be repurchased on demand until 6/07/13 at value plus accrued interest.		6,420,000
Agreement with HSBC Finance Corp., dated 3/12/13, 0.200%, to be repurchased on demand until 6/12/13 at value plus accrued interest.		7,555,000
Agreement with Morgan Stanley & Co., dated 1/25/13, 0.210%, to be repurchased on demand until 4/25/13 at value plus accrued interest.		1,254,304
Agreement with Morgan Stanley & Co., dated 2/14/13, 0.230%, to be repurchased on demand until 5/14/13 at value plus accrued interest.		9,568,806

226

Notes to Financial Statements (Unaudited) (Continued)

Description	Value
Agreement with Morgan Stanley & Co., dated 3/06/13, 0.230%, to be repurchased on demand until 6/06/13 at value plus accrued interest.	$	13,951,789
	$	307,004,239
Average balance outstanding	$	147,749,217
Maximum balance outstanding	$	310,106,770
Average interest rate		0.28%
Weighted average maturity		58 days

Average balance outstanding was calculated based on daily balances outstanding during the period that the Fund had entered into reverse repurchase agreements.

Securities Lending

Each Fund may lend its securities to qualified brokers; however, securities lending cannot exceed 33% of the total assets of the Fund taken at current value.

The loans are collateralized at all times with cash or securities with a market value at least equal to 100% of the market value of the securities on loan. 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. As with other extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral should the borrower of the securities fail financially. 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 loan of securities.

The Funds employ an 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 securities lending agent or borrower, respectively. For the period ended March 31, 2013, the Fund(s) earned securities lending net income as follows:

	Securities Lending Gross Income		Securities Lending Fees and Expenses		Securities Lending Net Income
Value Fund	$	4,437	$	879	$	3,558
Main Street Fund		9,751		86		9,665
Small Cap Opportunities Fund		94,704		18,868		75,836
Global Fund		86,234		17,045		69,189
International Equity Fund		180,651		35,854		144,797
Focused International Fund		19,546		3,894		15,652
Strategic Emerging Markets Fund		5,631		1,122		4,509
	$	400,954	$	77,748	$	323,206

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 is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable

227

Notes to Financial Statements (Unaudited) (Continued)

due diligence. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered 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 to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of the Fund not directly attributable to the operations of any class of shares or Fund are prorated among the Funds and classes to which the expense relates based on the relative net assets of each.

Foreign Securities

The Global Fund invests a significant amount of its assets and each of the International Bond Fund, International Equity Fund, Focused International 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 ADRs, 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 the 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.

Credit Risk

The Funds may invest a portion of their assets, directly or indirectly, in securities backed by mortgage loans, credit card receivables, and automotive loans. The values and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on such securities have resulted in increased volatility of market price and periods of decreased market activity that have adversely impacted the valuation and liquidity of such securities.

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 (the “Code”), 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.

228

Notes to Financial Statements (Unaudited) (Continued)

Dividends and Distributions to Shareholders

Dividends from net investment income of each Fund, other than the 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 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. Management Fees and Other Transactions

Investment Management Fees

Under agreements between Massachusetts Mutual Life Insurance Company (“MassMutual”) and the Trust on behalf of each Fund, MassMutual is responsible for providing investment management services for each Fund. In return for these services, MassMutual receives advisory fees, based upon each Fund’s average daily net assets, at the following annual rates:

Money Market Fund	0.35%
Short-Duration Bond Fund	0.40% on the first $500 million; and
	0.35% on any excess over $500 million
Inflation-Protected and Income Fund	0.48% on the first $350 million; and
	0.43% on any excess over $350 million
Core Bond Fund	0.48% on the first $1.5 billion;
	0.43% on the next $500 million; and
	0.38% on any excess over $2 billion
Diversified Bond Fund	0.50% on the first $150 million; and
	0.45% on any excess over $150 million
High Yield Fund	0.50% on the first $250 million; and
	0.475% on any excess over $250 million
International Bond Fund	0.60% on the first $350 million; and
	0.55% on any excess over $350 million
Balanced Fund	0.48% on the first $350 million; and
	0.43% on any excess over $350 million
Value Fund	0.50% on the first $250 million; and
	0.47% on any excess over $250 million
Disciplined Value Fund	0.50% on the first $400 million; and
	0.45% on any excess over $400 million
Main Street Fund	0.65% on the first $300 million; and
	0.60% on any excess over $300 million
Capital Appreciation Fund	0.65% on the first $500 million; and
	0.60% on any excess over $500 million
Disciplined Growth Fund	0.50% on the first $400 million; and
	0.45% on any excess over $400 million
Small Cap Opportunities Fund	0.58% on the first $400 million; and
	0.53% on any excess over $400 million
Global Fund	0.80% on the first $400 million; and
	0.75% on any excess over $400 million
International Equity Fund	0.85% on the first $500 million;
	0.80% on the next $500 million; and
	0.75% on any excess over $1 billion

229

Notes to Financial Statements (Unaudited) (Continued)

Focused International Fund	0.90% on the first $350 million; and
	0.85% on any excess over $350 million
Strategic Emerging Markets Fund	1.05% on the first $350 million; and
	1.00% on any excess over $350 million

MassMutual has entered into investment subadvisory agreements with Babson Capital Management LLC (“Babson Capital”), 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 Babson Capital manage the investment and reinvestment of assets of these Funds. Babson Capital receives a subadvisory fee from MassMutual, based upon each Fund’s average daily net assets, at the following annual rates:

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,
	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,
	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,
	0.14% of any excess over $750 million

* Subadvisory fee based on Aggregate Assets. For purposes of these subadvisory agreements, “Aggregate Assets” means the aggregate of (i) the average daily net assets of the Fund determined at the close of the New York Stock Exchange on each day that the Exchange is open for trading, and (ii) the average daily net assets of certain other funds or accounts of MassMutual or its affiliates, including other funds registered under the 1940 Act, for which Babson Capital provides investment advisory services, as agreed upon from time to time by MassMutual and Babson Capital, determined at the close of the Exchange on each day that the Exchange is open for trading.

In addition, Cornerstone Real Estate Advisers LLC (“Cornerstone”) serves as sub-subadviser for the Short-Duration Bond Fund, Inflation-Protected and Income Fund, Core Bond Fund, Diversified Bond Fund, High Yield Fund, and Balanced Fund and is primarily responsible for managing each Fund’s commercial mortgage backed securities. Cornerstone is a wholly-owned subsidiary of Babson Capital. The appointment of Cornerstone as a sub-subadviser to each Fund does not relieve Babson Capital of any obligation or liability to any of the Funds that it would otherwise have pursuant to investment subadvisory agreements between MassMutual and Babson Capital with respect to each Fund, and any and all acts and omissions of Cornerstone in respect of any Fund shall be considered the acts and omissions of Babson Capital.

MassMutual has entered into investment subadvisory agreements with Baring International Investment Ltd. (“Baring”), an indirect wholly-owned subsidiary of MassMutual Holdings (Bermuda) Ltd., itself and indirect wholly-owned subsidiary of MassMutual

230

Notes to Financial Statements (Unaudited) (Continued)

Holding LLC, on behalf of certain Funds. These agreements provide that Baring manage the investment and reinvestment of the assets of these Funds. Baring receives a subadvisory fee from MassMutual, based upon each Fund’s average daily net assets, at the following annual rates:

International Bond Fund	0.30%
Focused International Fund	0.55%
Strategic Emerging Markets Fund	0.65%

MassMutual has entered into investment subadvisory agreements with OppenheimerFunds, Inc. (“OFI”), a wholly-owned subsidiary of Oppenheimer Acquisition Corp., itself an indirect majority-owned subsidiary of MassMutual Holding LLC, on behalf of certain Funds. These agreements provide that OFI manage the investment and reinvestment of the assets of these Funds. OFI receives a subadvisory fee from MassMutual, based upon each Fund’s average daily net assets, at the following annual rates:

Capital Appreciation Fund	0.42% of the first $700 million,
	0.25% of any excess over $700 million
Global Fund	0.50% of the first $750 million,
	0.28% of the next $50 million,
	0.25% of any excess over $800 million

MassMutual has entered into investment subadvisory agreements with OFI Institutional Asset Management, Inc. (now known as OFI Global Institutional, Inc. (“OFI Global Institutional”)), a wholly-owned subsidiary of OFI, on behalf of certain Funds. These agreements provide that OFI Global Institutional manage the investment and reinvestment of the assets of these Funds. OFI Global Institutional receives a subadvisory fee from MassMutual, based upon each Fund’s average daily net assets, at the following annual rates:

Value Fund	0.23%
Main Street Fund	0.33% of the first $1 billion,
	0.30% of any excess over $1 billion
Small Cap Opportunities Fund	0.40% of the first $1 billion,
	0.30% of any excess over $1 billion
International Equity Fund	0.50% of the first $250 million,
	0.475% of the next $250 million,
	0.425% of the next $500 million,
	0.40% of the next $500 million,
	0.375% of any excess over $1.5 billion

The Funds’ subadvisory fees are paid by MassMutual out of the management fees previously disclosed above.

Administration Fees

Under separate administrative and shareholder services agreements between each Fund and MassMutual, MassMutual provides certain administrative and shareholder services and bears some class specific administrative expenses. In return for these services, MassMutual 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 Z		Class S		Class Y		Class L		Class A		Class N
Money Market Fund		None		0.0766%		0.1766%		None		0.3266%		None
Short-Duration Bond Fund		0.0700%		0.2589%		0.3089%		0.3889%		0.3889%		0.4389%
Inflation-Protected and Income Fund		0.0500%		0.1608%		0.2608%		0.4108%		0.3108%		0.3608%
Core Bond Fund		0.0600%		0.2651%		0.3151%		0.3851%		0.3851%		0.4551%

231

Notes to Financial Statements (Unaudited) (Continued)

	Class Z		Class S		Class Y		Class L		Class A		Class N
Diversified Bond Fund		0.0700%		0.3360%		0.3860%		0.3960%		0.3860%		None
High Yield Fund		0.0400%		0.2443%		0.2943%		0.4443%		0.4443%		0.4943%
International Bond Fund		None		0.0500%		0.1500%		0.3000%		0.3000%		None
Balanced Fund		None		0.0868%		0.2468%		0.3968%		0.3968%		None
Value Fund		None		0.0658%		0.1658%		0.2758%		0.3158%		0.3758%
Disciplined Value Fund		None		0.0285%		0.1185%		0.2585%		0.2585%		0.3085%
Main Street Fund		None		0.1100%		0.1600%		0.3100%		0.3100%		0.3600%
Capital Appreciation Fund		None		0.1000%		0.1500%		0.3000%		0.3000%		0.3500%
Disciplined Growth Fund		None		0.0244%		0.1144%		0.2544%		0.2544%		None
Small Cap Opportunities Fund		None		0.0971%		0.1971%		0.2971%		0.2971%		None
Global Fund		None		0.1800%		0.2100%		0.3600%		0.3600%		0.4100%
International Equity Fund		None		0.1392%		0.1692%		0.3192%		0.3192%		None
Focused International Fund		0.0600%		0.1500%		0.2500%		0.4000%		0.4000%		0.5500%
Strategic Emerging Markets Fund		0.0400%		0.2000%		0.3000%		0.4500%		0.4500%		None

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as distributor to each Fund. Pursuant to separate 12b-1 Plans adopted by the Funds, Class A shares of each Fund pay an annual fee of 0.25% of the average daily net asset value of Class A shares to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Class A shares of the Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Class A shareholders. Pursuant to separate 12b-1 Plans adopted by the Funds, Class N shares of each Fund pay an annual fee of 0.50% of the average daily net asset value of Class N shares as follows: 0.25% of the average daily net asset value of Class N shares to the Distributor for services provided and expenses incurred by it in connection with the distribution of Class N shares of the Fund; and 0.25% of the average daily net asset value of Class N shares to MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Class N shareholders. The Distribution fee may be spent by the Distributor on any activities or expenses primarily intended to result in the sale of Class A or Class N shares of the Fund. The Servicing Fee may be spent by MassMutual on personal services rendered to Class A or Class N shareholders of a Fund and/or maintenance of Class A or Class N shareholder accounts. The Distributor is a majority-owned subsidiary of MassMutual. In addition, OppenheimerFunds Distributor, Inc. (the “Sub-Distributor”) acts as a sub-distributor to each Fund. The Sub-Distributor is an affiliate of the Distributor and an indirect majority-owned subsidiary of MassMutual.

Expense Caps and Waivers

MassMutual 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, for example, organizational expenses and shareholder meeting expenses) based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

	Class Z		Class S		Class Y		Class L		Class A		Class N
International Bond Fund*		None		0.7500%		0.8000%		0.9500%		1.2000%		None
Main Street Fund*		None		0.7100%		0.7600%		0.9100%		1.1600%		1.4600%
Capital Appreciation Fund*		None		0.7100%		0.8200%		0.9700%		1.0900%		1.4600%
Small Cap Opportunities Fund**		None		0.6900%		0.7900%		0.8900%		1.1400%		None
Global Fund*		None		0.8900%		1.0300%		1.1400%		1.4300%		1.5200%
Strategic Emerging Markets Fund*		0.9900%		1.1500%		1.2500%		1.4000%		1.6500%		None

# Acquired Fund fees and expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.

* Expense caps in effect through February 2, 2014.

** Expense caps in effect through May 31, 2013.

232

Notes to Financial Statements (Unaudited) (Continued)

For the Money Market Fund, MassMutual has agreed to voluntarily waive some or all of its fees in an attempt to allow each class of the Fund to avoid a negative yield. There is no guarantee that a class of the Fund will be able to avoid a negative yield. Payments made to intermediaries will be unaffected. MassMutual may amend or discontinue this waiver at any time without advance notice.

MassMutual has agreed to waive, through February 2, 2014, 0.14% of the management fee for each class of the Short-Duration Bond Fund, 0.13% of the management fee for each class of the Inflation-Protection and Income Fund, 0.18% of the management fee for each class of the Core Bond Fund, 0.17% of the management fee for each class of the Diversified Bond Fund, 0.10% of the management fee for each class of the High Yield Fund, 0.10% of the management fee for each class of the Focused International Fund, and 0.15% of the management fee for each class of the Strategic Emerging Markets Fund based upon each class’s average daily net assets. MassMutual has agreed to waive, through May 31, 2013, 0.05% of the management fee for each class of the Disciplined Value Fund, and 0.05% of the management fee for each class of the Disciplined Growth Fund based upon each class’s average daily net assets.

MassMutual has agreed to waive, through February 2, 2014, 0.22% of the administration fees for Class A of the Money Market Fund. MassMutual has agreed to waive, through May 31, 2013, 0.02% of the administration fees for Classes S, Y, L, and A of the Balanced Fund.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Deferred Compensation

Trustees of the Funds who are not employees of MassMutual or its subsidiaries 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 are also employees of MassMutual. The compensation of each 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, 2013:

	Total % of Ownership by Related Party
Money Market Fund		69.9	%
Short-Duration Bond Fund		92.6	%
Inflation-Protected and Income Fund		91.4	%
Core Bond Fund		90.9	%
Diversified Bond Fund		70.7	%
High Yield Fund		88.7	%
International Bond Fund		99.6	%
Balanced Fund		88.8	%
Value Fund		96.4	%
Disciplined Value Fund		88.5	%
Main Street Fund		97.3	%
Capital Appreciation Fund		96.4	%
Disciplined Growth Fund		87.0	%
Small Cap Opportunities Fund		93.7	%
Global Fund		94.0	%
International Equity Fund		94.3	%
Focused International Fund		43.3	%
Strategic Emerging Markets Fund		100.0	%

233

Notes to Financial Statements (Unaudited) (Continued)

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, 2013, 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	$	188,452,881	$	73,164,861	$	186,022,975	$	62,547,235
Inflation-Protected and Income Fund		46,049,404		74,967,839		47,527,063		44,296,986
Core Bond Fund		3,483,067,301		269,807,831		3,600,919,766		166,583,381
Diversified Bond Fund		215,013,618		13,638,752		224,735,478		28,421,253
High Yield Fund		-		124,931,865		-		135,214,168
International Bond Fund		-		31,036,099		-		19,093,780
Balanced Fund		92,341,660		59,088,950		91,532,632		52,216,782
Value Fund		-		93,098,498		-		141,368,131
Disciplined Value Fund		-		166,964,950		-		155,082,871
Main Street Fund		-		30,030,065		-		40,021,874
Capital Appreciation Fund		-		46,376,628		-		78,441,650
Disciplined Growth Fund		-		150,933,741		-		163,651,131
Small Cap Opportunities Fund		-		83,928,811		-		92,405,332
Global Fund		-		49,602,939		-		62,171,888
International Equity Fund		-		127,447,559		-		152,389,048
Focused International Fund		-		43,489,160		-		56,032,783
Strategic Emerging Markets Fund		-		31,339,172		-		45,839,833

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Money Market Fund Class S
Sold		198,496,507		$	198,496,507			378,764,507		$	378,764,507			299,380,590		$	299,380,590
Issued as reinvestment of dividends		18,796			18,796			8,502			8,502			5,031			5,031
Redeemed		(186,265,306	)		(186,265,306	)		(405,632,335	)		(405,632,335	)		(330,966,465	)		(330,966,465	)
Net increase (decrease)		12,249,997		$	12,249,997			(26,859,326	)	$	(26,859,326	)		(31,580,844	)	$	(31,580,844	)
Money Market Fund Class Y
Sold		202,474,588		$	202,474,588			266,368,558		$	266,368,558			305,430,395		$	305,430,395
Issued as reinvestment of dividends		11,909			11,909			8,188			8,188			5,000			5,000
Redeemed		(205,244,089	)		(205,244,089	)		(391,133,464	)		(391,133,464	)		(266,530,157	)		(266,530,157	)
Net increase (decrease)		(2,757,592	)	$	(2,757,592	)		(124,756,718	)	$	(124,756,718	)		38,905,238		$	38,905,238

234

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Money Market Fund Class A
Sold		291,842,726		$	291,842,726			528,367,318		$	528,367,318			450,389,020		$	450,389,020
Issued as reinvestment of dividends		17,279			17,279			8,847			8,847			5,714			5,714
Redeemed		(306,568,715	)		(306,568,715	)		(583,257,444	)		(583,257,444	)		(451,347,328	)		(451,347,328	)
Net increase (decrease)		(14,708,710	)	$	(14,708,710	)		(54,881,279	)	$	(54,881,279	)		(952,594	)	$	(952,594	)
Short-Duration Bond Fund Class Z*
Sold		3,467,852		$	36,767,616			3,400,604		$	36,162,666			15,293,057		$	165,101,559
Issued as reinvestment of dividends		440,033			4,602,743			529,773			5,541,427			0	++		3
Redeemed		(1,874,555	)		(19,961,546	)		(4,059,431	)		(43,189,426	)		(2,648,802	)		(28,650,611	)
Net increase (decrease)		2,033,330		$	21,408,813			(129,054	)	$	(1,485,333	)		12,644,255		$	136,450,951
Short-Duration Bond Fund Class S
Sold		2,250,801		$	23,834,329			3,584,993		$	38,299,086			7,614,010		$	81,913,050
Issued as reinvestment of dividends		463,375			4,860,798			531,744			5,577,996			540,241			5,694,136
Redeemed		(2,464,442	)		(26,220,135	)		(3,752,545	)		(40,074,757	)		(11,224,683	)		(120,955,184	)
Net increase (decrease)		249,734		$	2,474,992			364,192		$	3,802,325			(3,070,432	)	$	(33,347,998	)
Short-Duration Bond Fund Class Y
Sold		1,130,800		$	12,003,730			2,699,198		$	28,521,125			4,505,124		$	47,953,738
Issued as reinvestment of dividends		211,402			2,207,036			260,122			2,713,077			132,418			1,387,737
Redeemed		(2,363,433	)		(25,142,916	)		(2,436,209	)		(25,878,153	)		(3,130,690	)		(33,697,563	)
Net increase (decrease)		(1,021,231	)	$	(10,932,150	)		523,111		$	5,356,049			1,506,852		$	15,643,912
Short-Duration Bond Fund Class L
Sold		418,719		$	4,429,376			890,605		$	9,407,738			3,879,334		$	41,221,923
Issued as reinvestment of dividends		111,611			1,161,866			141,113			1,468,992			339,325			3,535,767
Redeemed		(355,997	)		(3,748,876	)		(1,707,602	)		(18,084,324	)		(11,690,221	)		(124,597,491	)
Net increase (decrease)		174,333		$	1,842,366			(675,884	)	$	(7,207,594	)		(7,471,562	)	$	(79,839,801	)
Short-Duration Bond Fund Class A
Sold		1,170,875		$	12,287,539			2,022,817		$	21,254,984			1,312,431		$	13,860,401
Issued as reinvestment of dividends		205,582			2,127,772			231,759			2,401,025			190,028			1,978,197
Redeemed		(782,427	)		(8,177,217	)		(2,067,742	)		(21,690,754	)		(4,121,514	)		(43,852,033	)
Net increase (decrease)		594,030		$	6,238,094			186,834		$	1,965,255			(2,619,055	)	$	(28,013,435	)

235

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Short-Duration Bond Fund Class N
Sold		10,633		$	111,321			25,677		$	270,572			71,039		$	743,329
Issued as reinvestment of dividends		1,131			11,757			28,141			289,006			16,844			173,995
Redeemed		(5,033	)		(52,732	)		(797,480	)		(8,278,487	)		(4,416	)		(46,617	)
Net increase (decrease)		6,731		$	70,346			(743,662	)	$	(7,718,909	)		83,467		$	870,707
Inflation-Protected and Income Fund Class Z**
Sold		2,775,392		$	33,478,588			5,320,737		$	63,726,842			10,087,639		$	112,767,761
Issued as reinvestment of dividends		477,170			5,625,838			479,461			5,552,157			-			-
Redeemed		(1,949,804	)		(23,373,958	)		(4,148,236	)		(49,026,685	)		(1,550,962	)		(17,940,867	)
Net increase (decrease)		1,302,758		$	15,730,468			1,651,962		$	20,252,314			8,536,677		$	94,826,894
Inflation-Protected and Income Fund Class S
Sold		962,912		$	11,425,276			1,736,949		$	20,565,866			6,190,581		$	68,710,907
Issued as reinvestment of dividends		262,759			3,097,926			231,665			2,682,692			264,235			2,787,672
Redeemed		(876,536	)		(10,361,998	)		(3,285,711	)		(39,158,913	)		(7,156,248	)		(79,847,892	)
Net increase (decrease)		349,135		$	4,161,204			(1,317,097	)	$	(15,910,355	)		(701,432	)	$	(8,349,313	)
Inflation-Protected and Income Fund Class Y
Sold		1,767,196		$	21,321,036			2,550,292		$	30,266,681			1,499,718		$	16,794,836
Issued as reinvestment of dividends		312,003			3,669,152			285,490			3,300,262			275,542			2,901,460
Redeemed		(2,166,686	)		(26,129,382	)		(1,750,840	)		(20,929,529	)		(3,532,241	)		(39,316,900	)
Net increase (decrease)		(87,487	)	$	(1,139,194	)		1,084,942		$	12,637,414			(1,756,981	)	$	(19,620,604	)
Inflation-Protected and Income Fund Class L
Sold		254,341		$	3,052,737			616,239		$	7,425,693			2,514,060		$	27,194,117
Issued as reinvestment of dividends		32,862			390,402			15,989			186,582			103,406			1,087,830
Redeemed		(141,809	)		(1,686,707	)		(393,875	)		(4,740,567	)		(5,660,763	)		(62,764,347	)
Net increase (decrease)		145,394		$	1,756,432			238,353		$	2,871,708			(3,043,297	)	$	(34,482,400	)
Inflation-Protected and Income Fund Class A
Sold		479,057		$	5,623,472			797,681		$	9,349,632			618,554		$	6,820,429
Issued as reinvestment of dividends		110,396			1,282,801			133,843			1,527,145			98,103			1,021,254
Redeemed		(720,200	)		(8,589,135	)		(891,528	)		(10,450,850	)		(793,280	)		(8,709,732	)
Net increase (decrease)		(130,747	)	$	(1,682,862	)		39,996		$	425,927			(76,623	)	$	(868,049	)

236

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Inflation-Protected and Income Fund Class N
Sold		31,577		$	372,689			64,572		$	757,078			30,188		$	334,967
Issued as reinvestment of dividends		3,731			43,503			1,912			21,952			712			7,471
Redeemed		(17,066	)		(201,162	)		(26,999	)		(315,501	)		(8,777	)		(98,287	)
Net increase (decrease)		18,242		$	215,030			39,485		$	463,529			22,123		$	244,151
Core Bond Fund Class Z*
Sold		4,873,407		$	56,353,582			21,650,949		$	251,954,916			30,741,396		$	350,182,504
Issued as reinvestment of dividends		1,904,797			21,695,637			1,681,502			18,916,901			1			6
Redeemed		(8,281,171	)		(96,655,754	)		(6,780,931	)		(78,502,846	)		(3,647,305	)		(41,904,115	)
Net increase (decrease)		(1,502,967	)	$	(18,606,535	)		16,551,520		$	192,368,971			27,094,092		$	308,278,395
Core Bond Fund Class S
Sold		4,683,346		$	55,044,510			7,382,769		$	85,345,334			20,866,361		$	237,808,654
Issued as reinvestment of dividends		2,814,108			32,108,966			2,706,628			30,530,764			4,208,779			45,917,783
Redeemed		(4,557,273	)		(52,738,348	)		(17,398,238	)		(202,203,130	)		(23,250,584	)		(263,177,625	)
Net increase (decrease)		2,940,181		$	34,415,128			(7,308,841	)	$	(86,327,032	)		1,824,556		$	20,548,812
Core Bond Fund Class Y
Sold		1,506,635		$	17,422,249			4,186,812		$	47,906,773			3,829,359		$	43,182,844
Issued as reinvestment of dividends		628,846			7,137,405			561,703			6,307,924			836,786			9,095,861
Redeemed		(1,301,770	)		(14,890,335	)		(4,248,119	)		(48,756,926	)		(5,007,987	)		(56,205,746	)
Net increase (decrease)		833,711		$	9,669,319			500,396		$	5,457,771			(341,842	)	$	(3,927,041	)
Core Bond Fund Class L
Sold		674,958		$	7,832,076			2,039,755		$	23,412,466			8,987,754		$	100,721,220
Issued as reinvestment of dividends		344,824			3,896,508			330,413			3,690,716			1,135,563			12,264,078
Redeemed		(1,100,858	)		(12,584,997	)		(2,536,927	)		(29,135,737	)		(20,771,340	)		(232,838,167	)
Net increase (decrease)		(81,076	)	$	(856,413	)		(166,759	)	$	(2,032,555	)		(10,648,023	)	$	(119,852,869	)
Core Bond Fund Class A
Sold		1,227,326		$	14,105,697			2,164,689		$	24,595,967			2,947,680		$	32,844,058
Issued as reinvestment of dividends		700,102			7,848,149			724,815			8,038,203			1,057,656			11,359,226
Redeemed		(1,174,207	)		(13,366,439	)		(3,986,702	)		(45,013,073	)		(4,150,033	)		(46,126,032	)
Net increase (decrease)		753,221		$	8,587,407			(1,097,198	)	$	(12,378,903	)		(144,697	)	$	(1,922,748	)
Core Bond Fund Class N
Sold		37,204		$	440,505			53,986		$	617,345			30,989		$	350,981
Issued as reinvestment of dividends		6,429			73,225			3,218			36,332			4,564			49,889
Redeemed		(15,783	)		(181,685	)		(13,164	)		(151,991	)		(33,053	)		(371,074	)
Net increase (decrease)		27,850		$	332,045			44,040		$	501,686			2,500		$	29,796

237

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Diversified Bond Fund Class Z*
Sold		-		$	-			-		$	-			6,303,033		$	68,451,860
Issued as reinvestment of dividends		1			8			1			7			1			5
Redeemed		-			-			-			-			(6,303,025	)		(69,153,941	)
Net increase (decrease)		1		$	8			1		$	7			9		$	(702,076	)
Diversified Bond Fund Class S
Sold		351,270		$	3,561,093			1,053,125		$	10,748,259			662,006		$	7,103,329
Issued as reinvestment of dividends		250,639			2,493,857			355,764			3,522,064			232,436			2,415,008
Redeemed		(404,186	)		(4,177,706	)		(557,513	)		(5,754,967	)		(2,860,158	)		(30,770,801	)
Net increase (decrease)		197,723		$	1,877,244			851,376		$	8,515,356			(1,965,716	)	$	(21,252,464	)
Diversified Bond Fund Class Y
Sold		140,619		$	1,443,271			571,857		$	5,820,290			375,541		$	4,081,617
Issued as reinvestment of dividends		64,209			645,940			409,736			4,060,482			157,184			1,636,287
Redeemed		(2,322,841	)		(24,771,805	)		(920,455	)		(9,385,514	)		(386,765	)		(4,150,809	)
Net increase (decrease)		(2,118,013	)	$	(22,682,594	)		61,138		$	495,258			145,960		$	1,567,095
Diversified Bond Fund Class L
Sold		277,417		$	2,840,934			330,150		$	3,468,128			1,167,724		$	12,516,970
Issued as reinvestment of dividends		68,470			688,123			117,927			1,178,091			471,807			4,887,921
Redeemed		(81,191	)		(844,601	)		(500,214	)		(5,117,754	)		(10,000,277	)		(107,880,043	)
Net increase (decrease)		264,696		$	2,684,456			(52,137	)	$	(471,535	)		(8,360,746	)	$	(90,475,152	)
Diversified Bond Fund Class A
Sold		249,693		$	2,561,262			553,991		$	5,760,011			636,914		$	6,908,203
Issued as reinvestment of dividends		225,217			2,256,672			413,085			4,114,329			204,757			2,137,661
Redeemed		(594,071	)		(6,137,326	)		(798,005	)		(8,262,799	)		(1,831,159	)		(19,934,818	)
Net increase (decrease)		(119,161	)	$	(1,319,392	)		169,071		$	1,611,541			(989,488	)	$	(10,888,954	)
Diversified Bond Fund Class N***
Sold		-		$	-			-		$	-			405		$	4,397
Issued as reinvestment of dividends		9			95			10			105			473			4,970
Redeemed		(157	)		(1,672	)		-			-			(17,434	)		(184,113	)
Net increase (decrease)		(148	)	$	(1,577	)		10		$	105			(16,556	)	$	(174,746	)

238

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
High Yield Fund Class Z**
Sold		1,800,155		$	17,683,197			5,953,976		$	55,063,722			9,117,001		$	81,836,139
Issued as reinvestment of dividends		815,997			7,686,693			733,492			6,322,701			-			-
Redeemed		(2,536,045	)		(24,635,300	)		(4,736,355	)		(43,251,727	)		(683,825	)		(6,187,997	)
Net increase (decrease)		80,107		$	734,590			1,951,113		$	18,134,696			8,433,176		$	75,648,142
High Yield Fund Class S
Sold		453,809		$	4,369,533			1,499,216		$	13,359,558			1,799,059		$	16,454,914
Issued as reinvestment of dividends		169,094			1,599,632			93,289			806,955			570,802			4,926,019
Redeemed		(330,097	)		(3,170,954	)		(3,404,456	)		(31,045,375	)		(4,327,811	)		(39,646,017	)
Net increase (decrease)		292,806		$	2,798,211			(1,811,951	)	$	(16,878,862	)		(1,957,950	)	$	(18,265,084	)
High Yield Fund Class Y
Sold		434,262		$	4,266,868			1,110,472		$	10,173,773			1,128,685		$	10,285,710
Issued as reinvestment of dividends		422,942			4,001,029			365,618			3,162,596			550,354			4,771,568
Redeemed		(806,977	)		(7,841,014	)		(1,641,916	)		(15,070,060	)		(1,492,651	)		(13,690,339	)
Net increase (decrease)		50,227		$	426,883			(165,826	)	$	(1,733,691	)		186,388		$	1,366,939
High Yield Fund Class L
Sold		275,901		$	2,681,620			505,536		$	4,710,704			1,483,305		$	13,626,930
Issued as reinvestment of dividends		70,872			664,781			34,517			296,498			54,947			473,093
Redeemed		(95,722	)		(926,727	)		(171,169	)		(1,521,168	)		(1,554,100	)		(14,120,771	)
Net increase (decrease)		251,051		$	2,419,674			368,884		$	3,486,034			(15,848	)	$	(20,748	)
High Yield Fund Class A
Sold		207,209		$	1,989,546			1,577,476		$	13,840,667			690,950		$	6,241,730
Issued as reinvestment of dividends		266,419			2,491,024			210,307			1,798,127			395,798			3,391,988
Redeemed		(1,507,411	)		(14,399,225	)		(941,352	)		(8,553,190	)		(1,851,023	)		(16,715,067	)
Net increase (decrease)		(1,033,783	)	$	(9,918,655	)		846,431		$	7,085,604			(764,275	)	$	(7,081,349	)
High Yield Fund Class N
Sold		7,154		$	69,726			46,557		$	425,680			10,792		$	97,466
Issued as reinvestment of dividends		3,489			33,142			2,114			18,352			6,080			52,842
Redeemed		(5,563	)		(54,217	)		(31,565	)		(292,416	)		(47,509	)		(431,806	)
Net increase (decrease)		5,080		$	48,651			17,106		$	151,616			(30,637	)	$	(281,498	)
International Bond Fund Class S
Sold		2,280,357		$	23,733,298			2,066,556		$	21,324,818			3,632,132		$	38,033,883
Issued as reinvestment of dividends		85,169			875,537			166,775			1,672,757			132,292			1,288,526
Redeemed		(1,142,424	)		(11,682,597	)		(2,125,247	)		(21,718,473	)		(1,205,080	)		(12,747,702	)
Net increase (decrease)		1,223,102		$	12,926,238			108,084		$	1,279,102			2,559,344		$	26,574,707

239

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
International Bond Fund Class Y
Sold		4,592		$	47,307			28,057		$	286,518			-		$	-
Issued as reinvestment of dividends		564			5,804			351			3,520			563			5,478
Redeemed		-			-			-			-			-			-
Net increase (decrease)		5,156		$	53,111			28,408		$	290,038			563		$	5,478
International Bond Fund Class L
Sold		2,410		$	25,005			3,160		$	33,631			2,052,793		$	21,226,514
Issued as reinvestment of dividends		169			1,798			-			-			548			5,333
Redeemed		(7	)		(69	)		(2	)		(16	)		(2,052,701	)		(21,614,942	)
Net increase (decrease)		2,572		$	26,734			3,158		$	33,615			640		$	(383,095	)
International Bond Fund Class A
Sold		12,750		$	128,652			51,358		$	526,182			57,469		$	602,173
Issued as reinvestment of dividends		547			5,604			3,229			32,227			5,366			51,995
Redeemed		(29,268	)		(298,281	)		(74,704	)		(763,774	)		(51,919	)		(538,695	)
Net increase (decrease)		(15,971	)	$	(164,025	)		(20,117	)	$	(205,365	)		10,916		$	115,473
Balanced Fund Class S
Sold		356,909		$	4,107,223			690,747		$	7,390,088			560,807		$	5,743,009
Issued as reinvestment of dividends		159,713			1,795,172			201,741			1,993,202			207,964			2,081,718
Redeemed		(513,786	)		(5,885,058	)		(1,444,296	)		(15,235,504	)		(2,396,920	)		(24,641,827	)
Net increase (decrease)		2,836		$	17,337			(551,808	)	$	(5,852,214	)		(1,628,149	)	$	(16,817,100	)
Balanced Fund Class Y
Sold		308,958		$	3,689,710			127,538		$	1,450,155			58,154		$	616,008
Issued as reinvestment of dividends		10,065			117,156			8,609			87,987			7,218			74,703
Redeemed		(100,286	)		(1,174,607	)		(33,559	)		(373,488	)		(46,472	)		(491,764	)
Net increase (decrease)		218,737		$	2,632,259			102,588		$	1,164,654			18,900		$	198,947
Balanced Fund Class L
Sold		47,002		$	537,364			234,129		$	2,551,800			29,820		$	302,811
Issued as reinvestment of dividends		4,498			50,821			816			8,115			5,827			58,152
Redeemed		(105,335	)		(1,231,893	)		(30,416	)		(331,151	)		(308,308	)		(3,027,425	)
Net increase (decrease)		(53,835	)	$	(643,708	)		204,529		$	2,228,764			(272,661	)	$	(2,666,462	)
Balanced Fund Class A
Sold		730,883		$	8,148,875			594,826		$	6,369,033			237,564		$	2,423,188
Issued as reinvestment of dividends		29,503			326,595			21,757			212,131			17,675			174,809
Redeemed		(176,655	)		(1,990,102	)		(265,622	)		(2,829,686	)		(254,781	)		(2,596,461	)
Net increase (decrease)		583,731		$	6,485,368			350,961		$	3,751,478			458		$	1,536

240

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Value Fund Class S
Sold		81,873		$	1,331,462			262,309		$	3,723,758			695,491		$	10,212,977
Issued as reinvestment of dividends		135,681			2,084,066			179,620			2,329,663			156,022			2,231,112
Redeemed		(3,001,506	)		(49,569,607	)		(2,104,005	)		(30,041,805	)		(2,388,847	)		(34,265,383	)
Net increase (decrease)		(2,783,952	)	$	(46,154,079	)		(1,662,076	)	$	(23,988,384	)		(1,537,334	)	$	(21,821,294	)
Value Fund Class Y
Sold		464		$	7,464			2,631		$	36,616			1,527		$	22,487
Issued as reinvestment of dividends		128			1,968			172			2,246			134			1,923
Redeemed		(3,127	)		(52,031	)		(4,682	)		(67,510	)		(5,816	)		(86,732	)
Net increase (decrease)		(2,535	)	$	(42,599	)		(1,879	)	$	(28,648	)		(4,155	)	$	(62,322	)
Value Fund Class L
Sold		30,573		$	484,343			84,666		$	1,210,773			283,983		$	4,251,549
Issued as reinvestment of dividends		16,320			251,497			20,849			271,243			19,471			279,210
Redeemed		(297,930	)		(4,751,722	)		(280,839	)		(4,066,458	)		(648,642	)		(9,424,646	)
Net increase (decrease)		(251,037	)	$	(4,015,882	)		(175,324	)	$	(2,584,442	)		(345,188	)	$	(4,893,887	)
Value Fund Class A
Sold		26,225		$	421,666			71,383		$	1,020,509			103,430		$	1,461,492
Issued as reinvestment of dividends		6,519			100,464			7,358			95,730			8,572			122,659
Redeemed		(192,823	)		(3,039,435	)		(149,207	)		(2,134,169	)		(394,324	)		(5,649,973	)
Net increase (decrease)		(160,079	)	$	(2,517,305	)		(70,466	)	$	(1,017,930	)		(282,322	)	$	(4,065,822	)
Value Fund Class N
Sold		20		$	314			243		$	3,333			658		$	9,506
Issued as reinvestment of dividends		3			45			35			459			27			395
Redeemed		(100	)		(1,682	)		(3,833	)		(53,042	)		(861	)		(12,272	)
Net increase (decrease)		(77	)	$	(1,323	)		(3,555	)	$	(49,250	)		(176	)	$	(2,371	)
Disciplined Value Fund Class S
Sold		3,038,789		$	36,921,341			1,629,447		$	16,967,675			9,666,741		$	98,717,862
Issued as reinvestment of dividends		423,047			4,771,965			416,949			3,902,644			265,370			2,603,279
Redeemed		(2,380,656	)		(27,454,700	)		(3,445,273	)		(36,050,218	)		(4,426,483	)		(44,936,237	)
Net increase (decrease)		1,081,180		$	14,238,606			(1,398,877	)	$	(15,179,899	)		5,505,628		$	56,384,904
Disciplined Value Fund Class Y
Sold		494,095		$	5,774,448			1,455,872		$	15,096,846			974,935		$	9,674,110
Issued as reinvestment of dividends		128,058			1,438,085			103,221			960,990			104,272			1,017,694
Redeemed		(554,049	)		(6,463,336	)		(1,074,879	)		(10,971,457	)		(1,680,660	)		(17,312,297	)
Net increase (decrease)		68,104		$	749,197			484,214		$	5,086,379			(601,453	)	$	(6,620,493	)

241

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Disciplined Value Fund Class L
Sold		71,474		$	850,221			75,188		$	812,579			1,490,223		$	15,275,665
Issued as reinvestment of dividends		5,164			58,924			-			-			110,947			1,080,621
Redeemed		(11,625	)		(136,098	)		(34,514	)		(365,276	)		(8,525,382	)		(86,570,216	)
Net increase (decrease)		65,013		$	773,047			40,674		$	447,303			(6,924,212	)	$	(70,213,930	)
Disciplined Value Fund Class A
Sold		131,516		$	1,564,139			147,821		$	1,491,208			182,379		$	1,789,999
Issued as reinvestment of dividends		15,535			173,369			14,136			130,901			13,640			132,449
Redeemed		(134,861	)		(1,571,735	)		(240,811	)		(2,489,579	)		(280,903	)		(2,768,051	)
Net increase (decrease)		12,190		$	165,773			(78,854	)	$	(867,470	)		(84,884	)	$	(845,603	)
Disciplined Value Fund Class N
Sold		81		$	992			642		$	7,014			1,163		$	11,541
Issued as reinvestment of dividends		35			394			33			311			112			1,095
Redeemed		(28	)		(346	)		(2,519	)		(25,385	)		(8,202	)		(85,914	)
Net increase (decrease)		88		$	1,040			(1,844	)	$	(18,060	)		(6,927	)	$	(73,278	)
Main Street Fund Class S
Sold		295,907		$	3,100,711			585,083		$	5,568,235			730,747		$	6,354,165
Issued as reinvestment of dividends		147,888			1,502,544			106,551			901,422			127,157			1,118,985
Redeemed		(834,029	)		(8,652,912	)		(1,714,936	)		(16,311,886	)		(2,841,397	)		(25,081,646	)
Net increase (decrease)		(390,234	)	$	(4,049,657	)		(1,023,302	)	$	(9,842,229	)		(1,983,493	)	$	(17,608,496	)
Main Street Fund Class Y
Sold		26,139		$	279,639			477,392		$	4,798,826			51,632		$	473,478
Issued as reinvestment of dividends		5,700			58,713			-			-			2,127			18,824
Redeemed		(62,663	)		(653,698	)		(8,581	)		(87,243	)		(292,946	)		(2,525,235	)
Net increase (decrease)		(30,824	)	$	(315,346	)		468,811		$	4,711,583			(239,187	)	$	(2,032,933	)
Main Street Fund Class L
Sold		93,506		$	979,242			244,276		$	2,320,742			348,628		$	3,093,575
Issued as reinvestment of dividends		31,824			323,331			27,328			230,920			36,677			322,753
Redeemed		(520,034	)		(5,381,855	)		(1,676,291	)		(16,112,520	)		(1,250,346	)		(11,119,454	)
Net increase (decrease)		(394,704	)	$	(4,079,282	)		(1,404,687	)	$	(13,560,858	)		(865,041	)	$	(7,703,126	)
Main Street Fund Class A
Sold		133,668		$	1,374,734			456,107		$	4,377,900			199,426		$	1,719,009
Issued as reinvestment of dividends		10,606			107,123			2,832			23,819			4,959			43,337
Redeemed		(187,133	)		(1,932,699	)		(223,810	)		(2,077,660	)		(366,502	)		(3,173,123	)
Net increase (decrease)		(42,859	)	$	(450,842	)		235,129		$	2,324,059			(162,117	)	$	(1,410,777	)

242

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Main Street Fund Class N
Sold		422		$	4,368			1,425		$	13,124			16,242		$	129,572
Issued as reinvestment of dividends		28			280			48			407			34			301
Redeemed		(4,117	)		(44,748	)		(30,020	)		(279,299	)		(10,534	)		(94,160	)
Net increase (decrease)		(3,667	)	$	(40,100	)		(28,547	)	$	(265,768	)		5,742		$	35,713
Capital Appreciation Fund Class S
Sold		322,531		$	3,936,424			549,203		$	6,245,890			654,600		$	6,994,374
Issued as reinvestment of dividends		180,741			2,132,742			185,422			1,870,912			147,912			1,569,344
Redeemed		(1,291,786	)		(15,462,987	)		(7,057,979	)		(80,367,728	)		(20,938,758	)		(221,295,228	)
Net increase (decrease)		(788,514	)	$	(9,393,821	)		(6,323,354	)	$	(72,250,926	)		(20,136,246	)	$	(212,731,510	)
Capital Appreciation Fund Class Y
Sold		20,505		$	250,107			471,432		$	5,564,059			49,459		$	530,030
Issued as reinvestment of dividends		6,336			74,639			776			7,821			2,475			26,161
Redeemed		(29,962	)		(362,521	)		(31,093	)		(359,932	)		(771,960	)		(8,497,039	)
Net increase (decrease)		(3,121	)	$	(37,775	)		441,115		$	5,211,948			(720,026	)	$	(7,940,848	)
Capital Appreciation Fund Class L
Sold		91,061		$	1,114,436			169,148		$	1,911,430			496,249		$	5,274,959
Issued as reinvestment of dividends		14,244			166,936			11,170			111,929			5,883			61,944
Redeemed		(495,211	)		(5,880,611	)		(597,905	)		(6,868,585	)		(2,301,421	)		(24,579,579	)
Net increase (decrease)		(389,906	)	$	(4,599,239	)		(417,587	)	$	(4,845,226	)		(1,799,289	)	$	(19,242,676	)
Capital Appreciation Fund Class A
Sold		142,128		$	1,692,634			496,986		$	5,539,207			291,897		$	3,084,606
Issued as reinvestment of dividends		35,651			417,475			29,025			290,256			760			7,982
Redeemed		(1,261,321	)		(14,917,858	)		(3,695,716	)		(41,699,012	)		(5,317,553	)		(56,823,565	)
Net increase (decrease)		(1,083,542	)	$	(12,807,749	)		(3,169,705	)	$	(35,869,549	)		(5,024,896	)	$	(53,730,977	)
Capital Appreciation Fund Class N
Sold		6,922		$	79,491			2,994		$	32,829			5,540		$	57,650
Issued as reinvestment of dividends		123			1,399			-			-			-			-
Redeemed		(7,393	)		(85,649	)		(5,038	)		(52,443	)		(21,411	)		(230,631	)
Net increase (decrease)		(348	)	$	(4,759	)		(2,044	)	$	(19,614	)		(15,871	)	$	(172,981	)
Disciplined Growth Fund Class S
Sold		1,545,064		$	17,427,305			3,948,289		$	41,336,729			11,933,147		$	114,686,312
Issued as reinvestment of dividends		332,049			3,632,613			205,568			1,885,057			90,333			846,424
Redeemed		(3,171,989	)		(35,283,627	)		(3,504,514	)		(36,753,832	)		(2,272,241	)		(21,841,556	)
Net increase (decrease)		(1,294,876	)	$	(14,223,709	)		649,343		$	6,467,954			9,751,239		$	93,691,180

243

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Disciplined Growth Fund Class Y
Sold		221,193		$	2,504,881			883,755		$	8,970,417			1,011,517		$	9,777,643
Issued as reinvestment of dividends		89,360			979,387			52,414			481,683			47,537			446,373
Redeemed		(440,421	)		(4,987,323	)		(871,267	)		(8,775,997	)		(951,326	)		(9,028,185	)
Net increase (decrease)		(129,868	)	$	(1,503,055	)		64,902		$	676,103			107,728		$	1,195,831
Disciplined Growth Fund Class L
Sold		458,452		$	5,231,612			734,177		$	7,851,989			2,249,476		$	21,858,127
Issued as reinvestment of dividends		13,970			154,091			-			-			64,988			608,941
Redeemed		(82,470	)		(926,387	)		(23,951	)		(260,024	)		(9,901,986	)		(94,906,106	)
Net increase (decrease)		389,952		$	4,459,316			710,226		$	7,591,965			(7,587,522	)	$	(72,439,038	)
Disciplined Growth Fund Class A
Sold		225,589		$	2,494,644			805,387		$	8,355,450			287,399		$	2,763,660
Issued as reinvestment of dividends		21,855			238,006			4,322			39,504			3,614			33,756
Redeemed		(186,850	)		(2,138,727	)		(172,979	)		(1,777,735	)		(137,513	)		(1,299,467	)
Net increase (decrease)		60,594		$	593,923			636,730		$	6,617,219			153,500		$	1,497,949
Small Cap Opportunities Fund Class S
Sold		376,440		$	4,508,435			6,385,210		$	60,964,921			604,510		$	6,012,611
Issued as reinvestment of dividends		68,419			771,082			94,434			872,574			100,115			987,135
Redemptions in-kind		-			-			(5,362,903	)		(51,430,244	)		-			-
Redeemed		(810,648	)		(9,317,796	)		(7,070,698	)		(68,273,900	)		(2,770,151	)		(27,884,620	)
Net increase (decrease)		(365,789	)	$	(4,038,279	)		(5,953,957	)	$	(57,866,649	)		(2,065,526	)	$	(20,884,874	)
Small Cap Opportunities Fund Class Y
Sold		16,588		$	204,132			195,531		$	2,084,740			33,816		$	339,116
Issued as reinvestment of dividends		3,162			35,673			724			6,689			1,170			11,538
Redeemed		(132,494	)		(1,667,083	)		(99,205	)		(959,355	)		(20,981	)		(205,435	)
Net increase (decrease)		(112,744	)	$	(1,427,278	)		97,050		$	1,132,074			14,005		$	145,219
Small Cap Opportunities Fund Class L
Sold		88,661		$	1,037,835			598,756		$	6,165,786			39,130		$	391,440
Issued as reinvestment of dividends		5,919			66,410			1,471			13,546			851			8,366
Redeemed		(43,949	)		(488,839	)		(320,772	)		(3,376,353	)		(367,823	)		(3,384,746	)
Net increase (decrease)		50,631		$	615,406			279,455		$	2,802,979			(327,842	)	$	(2,984,940	)

244

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Small Cap Opportunities Fund Class A
Sold		418,639		$	4,977,361			1,178,112		$	12,058,988			713,009		$	7,099,523
Issued as reinvestment of dividends		39,059			432,774			14,752			133,946			22,072			213,659
Redeemed		(542,641	)		(6,045,889	)		(1,839,473	)		(19,091,327	)		(2,323,827	)		(22,311,950	)
Net increase (decrease)		(84,943	)	$	(635,754	)		(646,609	)	$	(6,898,393	)		(1,588,746	)	$	(14,998,768	)
Global Fund Class S
Sold		524,621		$	6,420,292			513,894		$	5,481,574			1,153,770		$	12,891,475
Issued as reinvestment of dividends		219,353			2,614,685			298,496			2,838,694			309,972			3,378,699
Redeemed		(1,094,350	)		(12,904,605	)		(2,565,548	)		(26,847,033	)		(2,809,940	)		(31,111,199	)
Net increase (decrease)		(350,376	)	$	(3,869,628	)		(1,753,158	)	$	(18,526,765	)		(1,346,198	)	$	(14,841,025	)
Global Fund Class Y
Sold		91,091		$	1,099,760			176,286		$	1,938,939			437,715		$	4,831,883
Issued as reinvestment of dividends		7,221			85,643			8,998			85,125			11,433			123,930
Redeemed		(125,961	)		(1,485,156	)		(188,406	)		(1,980,674	)		(415,381	)		(4,510,348	)
Net increase (decrease)		(27,649	)	$	(299,753	)		(3,122	)	$	43,390			33,767		$	445,465
Global Fund Class L
Sold		397,775		$	4,775,774			1,278,543		$	13,353,647			1,196,943		$	13,156,000
Issued as reinvestment of dividends		101,607			1,211,149			139,006			1,321,950			150,703			1,642,661
Redeemed		(655,056	)		(7,757,222	)		(2,819,823	)		(29,778,263	)		(2,533,464	)		(28,095,811	)
Net increase (decrease)		(155,674	)	$	(1,770,299	)		(1,402,274	)	$	(15,102,666	)		(1,185,818	)	$	(13,297,150	)
Global Fund Class A
Sold		223,236		$	2,712,050			762,398		$	7,965,071			575,648		$	6,327,533
Issued as reinvestment of dividends		27,915			330,240			33,139			312,829			42,210			456,286
Redeemed		(439,606	)		(5,094,916	)		(654,886	)		(6,817,090	)		(992,661	)		(10,833,618	)
Net increase (decrease)		(188,455	)	$	(2,052,626	)		140,651		$	1,460,810			(374,803	)	$	(4,049,799	)
Global Fund Class N
Sold		7,504		$	89,440			20,303		$	213,754			21,547		$	238,221
Issued as reinvestment of dividends		651			7,743			721			6,835			666			7,240
Redeemed		(6,740	)		(82,699	)		(16,301	)		(165,781	)		(15,490	)		(172,094	)
Net increase (decrease)		1,415		$	14,484			4,723		$	54,808			6,723		$	73,367
International Equity Fund Class S
Sold		1,210,921		$	16,611,213			3,135,232		$	38,949,609			4,625,608		$	68,037,040
Issued as reinvestment of dividends		1,347,821			18,101,237			4,024,053			44,626,752			414,147			5,860,173
Redeemed		(2,944,240	)		(40,084,585	)		(16,831,960	)		(214,200,945	)		(7,218,356	)		(103,620,186	)
Net increase (decrease)		(385,498	)	$	(5,372,135	)		(9,672,675	)	$	(130,624,584	)		(2,178,601	)	$	(29,722,973	)

245

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
International Equity Fund Class Y
Sold		137,906		$	1,880,431			571,676		$	7,256,719			622,783		$	9,215,301
Issued as reinvestment of dividends		75,902			1,017,844			207,499			2,299,092			9,638			136,382
Redeemed		(344,625	)		(4,627,272	)		(512,520	)		(6,563,235	)		(372,255	)		(5,388,587	)
Net increase (decrease)		(130,817	)	$	(1,728,997	)		266,655		$	2,992,576			260,166		$	3,963,096
International Equity Fund Class L
Sold		145,309		$	1,978,210			466,992		$	5,780,066			517,038		$	7,572,679
Issued as reinvestment of dividends		53,333			712,533			128,082			1,414,029			29,377			412,749
Redeemed		(117,160	)		(1,569,335	)		(331,255	)		(4,120,199	)		(3,341,708	)		(49,400,655	)
Net increase (decrease)		81,482		$	1,121,408			263,819		$	3,073,896			(2,795,293	)	$	(41,415,227	)
International Equity Fund Class A
Sold		185,686		$	2,485,746			528,657		$	6,390,187			712,101		$	10,106,735
Issued as reinvestment of dividends		152,651			1,999,729			504,237			5,460,879			23,480			325,667
Redeemed		(362,595	)		(4,847,840	)		(904,842	)		(11,043,167	)		(949,431	)		(13,618,277	)
Net increase (decrease)		(24,258	)	$	(362,365	)		128,052		$	807,899			(213,850	)	$	(3,185,875	)
Focused International Fund Class Z*
Sold		695,222		$	8,159,257			4,988,383		$	57,895,990			2,580,191		$	30,807,436
Issued as reinvestment of dividends		91,770			1,063,618			20,370			206,554			0	++		2
Redeemed		(1,227,474	)		(14,262,894	)		(951,456	)		(10,583,612	)		(453,565	)		(5,340,771	)
Net increase (decrease)		(440,482	)	$	(5,040,019	)		4,057,297		$	47,518,932			2,126,626		$	25,466,667
Focused International Fund Class S
Sold		31,588		$	369,291			662,761		$	7,017,038			2,354,882		$	27,564,874
Issued as reinvestment of dividends		44,260			513,418			20,263			205,670			34,343			395,980
Redeemed		(141,668	)		(1,652,112	)		(320,339	)		(3,599,778	)		(1,756,942	)		(21,059,688	)
Net increase (decrease)		(65,820	)	$	(769,403	)		362,685		$	3,622,930			632,283		$	6,901,166
Focused International Fund Class Y
Sold		102,319		$	1,199,561			106,142		$	1,179,272			118,018		$	1,395,954
Issued as reinvestment of dividends		8,642			100,077			5,070			51,354			12,176			140,147
Redeemed		(171,927	)		(2,006,097	)		(99,575	)		(1,096,886	)		(112,804	)		(1,327,835	)
Net increase (decrease)		(60,966	)	$	(706,459	)		11,637		$	133,740			17,390		$	208,266

246

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Focused International Fund Class L
Sold		28,167		$	328,604			164,156		$	1,802,420			451,603		$	5,356,753
Issued as reinvestment of dividends		7,689			89,498			330			3,363			27,357			315,154
Redeemed		(45,570	)		(534,171	)		(80,070	)		(893,354	)		(1,658,899	)		(19,453,248	)
Net increase (decrease)		(9,714	)	$	(116,069	)		84,416		$	912,429			(1,179,939	)	$	(13,781,341	)
Focused International Fund Class A
Sold		68,069		$	794,344			190,954		$	2,106,138			238,306		$	2,772,640
Issued as reinvestment of dividends		16,529			191,242			2,989			30,244			36,776			422,195
Redeemed		(526,468	)		(6,112,284	)		(474,432	)		(5,143,179	)		(1,113,936	)		(12,868,464	)
Net increase (decrease)		(441,870	)	$	(5,126,698	)		(280,489	)	$	(3,006,797	)		(838,854	)	$	(9,673,629	)
Focused International Fund Class N
Sold		12,321		$	141,571			21,546		$	231,783			16,510		$	190,259
Issued as reinvestment of dividends		669			7,648			-			-			907			10,327
Redeemed		(13,384	)		(154,564	)		(20,645	)		(226,574	)		(19,017	)		(221,246	)
Net increase (decrease)		(394	)	$	(5,345	)		901		$	5,209			(1,600	)	$	(20,660	)
Strategic Emerging Markets Fund Class Z**
Sold		855,366		$	10,649,207			5,234,160		$	65,242,654			7,164,379		$	113,582,138
Issued as reinvestment of dividends		86,687			1,094,858			1,727,239			18,498,727			-			-
Redeemed		(1,744,279	)		(21,252,950	)		(2,345,927	)		(27,909,945	)		(574,614	)		(8,541,888	)
Net increase (decrease)		(802,226	)	$	(9,508,885	)		4,615,472		$	55,831,436			6,589,765		$	105,040,250
Strategic Emerging Markets Fund Class S
Sold		73,871		$	913,151			106,587		$	1,328,500			1,974,957		$	31,807,953
Issued as reinvestment of dividends		3,741			47,848			60,670			658,272			674,021			10,919,140
Redeemed		(1,685	)		(20,276	)		(3,288,987	)		(41,993,220	)		(5,071,683	)		(81,639,594	)
Net increase (decrease)		75,927		$	940,723			(3,121,730	)	$	(40,006,448	)		(2,422,705	)	$	(38,912,501	)
Strategic Emerging Markets Fund Class Y
Sold		230		$	2,862			1,492		$	16,140			644		$	10,379
Issued as reinvestment of dividends		101			1,277			2,320			24,867			1,123			18,190
Redeemed		(289	)		(3,721	)		(287	)		(3,592	)		(3	)		(51	)
Net increase (decrease)		42		$	418			3,525		$	37,415			1,764		$	28,518

247

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012+						Year Ended October 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Strategic Emerging Markets Fund Class L
Sold		1,876		$	23,451			5,247		$	64,197			141,727		$	2,378,410
Issued as reinvestment of dividends		34			441			5			61			307,445			4,971,384
Redeemed		(195	)		(2,482	)		(61	)		(698	)		(3,660,402	)		(57,545,450	)
Net increase (decrease)		1,715		$	21,410			5,191		$	63,560			(3,211,230	)	$	(50,195,656	)
Strategic Emerging Markets Fund Class A
Sold		3,808		$	46,947			33,194		$	396,902			5,041		$	80,803
Issued as reinvestment of dividends		-			-			4,769			50,981			3,471			55,982
Redeemed		(8,155	)		(99,302	)		(34,580	)		(404,855	)		(17,221	)		(262,193	)
Net increase (decrease)		(4,347	)	$	(52,355	)		3,383		$	43,028			(8,709	)	$	(125,408	)

* Class Z shares commenced operations on December 3, 2010.

** Class Z shares commenced operations on March 1, 2011.

*** Class N shares were eliminated as of February 25, 2013.

+ For the period November 1, 2011 through September 30, 2012.

++ Amount rounds to less than 0.5 share.

Class N shares of the Money Market Fund, International Bond Fund, Balanced Fund, Disciplined Growth Fund, Small Company Opportunities Fund, International Equity Fund, and Strategic Emerging Markets Fund were eliminated as of February 22, 2011.

Purchases of Class A shares are subject to a front-end sales charge of up to 5.75% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. For the period ended March 31, 2013, no material amounts have been retained by the Distributor.

Redemptions or exchanges 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. Redemptions or exchanges of Class N shares made within eighteen months of purchase are subject to a contingent deferred sales charge of 1% of the amount redeemed. The Distributor receives all contingent deferred sales charges. There were no contingent deferred sales charges imposed during the period ended March 31, 2013.

6. Federal Income Tax Information

At March 31, 2013, the cost of securities and the unrealized appreciation (depreciation) in the value of investments owned by the Funds, 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)
Short-Duration Bond Fund	$	501,878,296	$	8,204,615	$	(2,103,409	)	$	6,101,206
Inflation-Protected and Income Fund		621,286,919		35,894,252		(502,139	)		35,392,113
Core Bond Fund		1,956,394,628		63,170,712		(10,078,325	)		53,092,387
Diversified Bond Fund		115,620,133		4,638,739		(2,072,908	)		2,565,831
High Yield Fund		222,108,392		12,691,312		(3,580,357	)		9,110,955
International Bond Fund		62,201,598		1,249,720		(2,234,569	)		(984,849	)

248

Notes to Financial Statements (Unaudited) (Continued)

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Balanced Fund	$	142,507,517	$	11,512,176	$	(980,915	)	$	10,531,261
Value Fund		107,938,842		14,718,901		(1,156,363	)		13,562,538
Disciplined Value Fund		294,884,637		48,965,031		(1,169,571	)		47,795,460
Main Street Fund		131,093,580		41,435,114		(321,914	)		41,113,200
Capital Appreciation Fund		213,044,687		82,349,393		(872,424	)		81,476,969
Disciplined Growth Fund		264,579,086		39,471,754		(1,899,863	)		37,571,891
Small Cap Opportunities Fund		141,952,659		24,346,690		(1,120,043	)		23,226,647
Global Fund		304,902,085		119,323,501		(7,185,031	)		112,138,470
International Equity Fund		427,981,453		141,920,279		(20,653,214	)		121,267,065
Focused International Fund		137,991,426		14,786,367		(7,270,722	)		7,515,645
Strategic Emerging Markets Fund		129,129,333		12,167,004		(7,301,766	)		4,865,238

Note: The aggregate cost for investments for the Money Market Fund at March 31, 2013, 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. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.

At September 30, 2012, the following Fund(s) had available, for federal income tax purposes, unused capital losses:

	Expiring 2016		Expiring 2017		Expiring 2018
Money Market Fund	$	833,862	$	-	$	-
High Yield Fund		569,547		7,619,761		-
Balanced Fund		-		4,632,303		-
Value Fund		12,244,509		71,537,201		-
Disciplined Value Fund		26,229,548		87,157,308		-
Main Street Fund		-		52,682,757		-
Capital Appreciation Fund		-		46,146,076		-
Disciplined Growth Fund		-		542,401		-
Small Cap Opportunities Fund		-		27,271,744		-
Global Fund		-		18,889,955		949,075
Focused International Fund		3,427,266		15,014,828		-

At September 30, 2012, the following Fund(s) had post-enactment accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Global Fund	$	1,225,972	$	662,623
Strategic Emerging Markets Fund		2,050,123		-

Net capital loss carryforwards for the Funds shown in the above table are from pre-enactment years and are, therefore, subject to the eight-year carryforward period and possible expiration.

249

Notes to Financial Statements (Unaudited) (Continued)

Accounting principles generally accepted 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 period ended September 30, 2012, was as follows:

	Ordinary Income		Long Term Capital Gain		Return of Capital
Money Market Fund	$	25,541	$	-	$	-
Short-Duration Bond Fund		13,902,272		4,089,355		-
Inflation-Protected and Income Fund		13,275,211		-		-
Core Bond Fund		60,425,969		7,095,542		-
Diversified Bond Fund		9,056,942		3,818,339		-
High Yield Fund		12,418,263		-		-
International Bond Fund		1,708,504		-		-
Balanced Fund		2,301,979		-		-
Value Fund		2,699,872		-		-
Disciplined Value Fund		4,995,771		-		-
Main Street Fund		1,156,725		-		-
Capital Appreciation Fund		2,280,918		-		-
Disciplined Growth Fund		2,406,244		-		-
Small Cap Opportunities Fund		1,026,755		-		-
Global Fund		4,565,433		-		-
International Equity Fund		7,203,477		46,597,300		-
Focused International Fund		497,185		-		-
Strategic Emerging Markets Fund		1,555,673		17,677,235		-

The following Fund(s) have elected to pass through the foreign tax credit for the period ended September 30, 2012:

	Amount
Global Fund	$	631,239
International Equity Fund		761,024
Focused International Fund		312,149
Strategic Emerging Markets Fund		356,970

Capital accounts within 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, 2012, temporary book and tax accounting differences were primarily attributable to investments in forward contracts, futures contracts, options contracts, swap agreements, premium amortization accruals, passive foreign investment companies, the deferral of wash sale losses, and deferred Trustee compensation.

At September 30, 2012, 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)
Money Market Fund	$	31,874	$	(833,862	)	$	(60,767	)	$	-
Short-Duration Bond Fund		8,014,654		4,184,393			(8,377	)		3,881,791
Inflation-Protected and Income Fund		6,784,681		2,857,218			(20,281	)		38,730,548

250

Notes to Financial Statements (Unaudited) (Continued)

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
Core Bond Fund	$	50,652,767	$	10,148,468		$	(17,810	)	$	59,789,831
Diversified Bond Fund		3,398,232		1,692,875			11,359			2,261,621
High Yield Fund		12,149,057		(8,189,308	)		(12,194	)		5,872,851
International Bond Fund		760,449		36,334			(2,471	)		2,078,045
Balanced Fund		1,534,835		(4,632,303	)		(14,694	)		6,021,992
Value Fund		1,722,018		(83,781,710	)		(43,397	)		12,084,588
Disciplined Value Fund		4,449,160		(113,386,856	)		(19,761	)		11,905,999
Main Street Fund		1,267,367		(52,682,757	)		(12,581	)		34,800,317
Capital Appreciation Fund		1,439,910		(46,146,076	)		(38,760	)		72,937,796
Disciplined Growth Fund		2,546,843		(542,401	)		(5,949	)		27,786,404
Small Cap Opportunities Fund		456,034		(27,271,744	)		(26,169	)		12,202,847
Global Fund		3,762,413		(21,727,625	)		(28,331	)		63,224,584
International Equity Fund		6,201,691		15,006,972			(65,176	)		66,410,070
Focused International Fund		1,963,638		(18,442,094	)		(6,919	)		3,163,556
Strategic Emerging Markets Fund		1,144,424		(2,050,123	)		(7,376	)		(353,768	)

The Funds did not have any unrecognized tax benefits at March 31, 2013, 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, 2013, 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. Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended March 31, 2013, was as follows:

	Number of Shares Held as of 9/30/12		Purchases		Sales		Number of Shares Held as of 3/31/13		Value as of 3/31/13		Dividend Income		Net Realized Gain (Loss)
Global Fund
Oppenheimer Institutional Money Market Fund Class E*		5,182,105		25,741,468		24,797,079		6,126,494	$	6,126,494	$	3,745	$	-
International Equity Fund
Oppenheimer Institutional Money Market Fund Class E*		15,511,786		62,852,189		61,861,590		16,502,385	$	16,502,385	$	10,308	$	-

* Fund advised by OFI Global Asset Management, Inc.

8. 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.

251

Notes to Financial Statements (Unaudited) (Continued)

9. New Accounting Pronouncements

On December 16, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”), as clarified with ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” issued in January 2013. ASU 2011-11 amends FASB Accounting Standards Codification Topic 210, specifically requiring an entity to disclose information about offsetting and related arrangements and the effect those arrangements have on the financial position. ASU 2011-11 is effective in annual reporting periods beginning on or after January 1, 2013, and for interim periods within those annual reporting periods. Management is currently evaluating the implications of these changes and their impact on the financial statements.

10. 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 transaction (“LBO”) 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.

The potential amounts sought to be recovered from the Balanced Fund, Disciplined Value Fund, and Small Cap Opportunities Fund, plus interest and the Official Committee’s court costs, are approximately $44,200, $299,880, and $414,800, respectively.

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.

The Funds cannot predict the outcome of 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 Official Committee 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.

11. Subsequent Events

In preparation of these financial statements management has evaluated the events and transactions subsequent to March 31, 2013, through the date when the financial statements were issued, and determined that there are no material events or transactions that would require adjustments to or disclosures in the Funds’ financial statements other than those disclosed below.

Effective April 29, 2013, the Small/Mid Cap Opportunities Fund’s name changed to the Small Cap Opportunities Fund. This name change, together with changes to the Fund’s investment policies, was approved by the Fund’s Trustees. Additional information regarding these changes can be found in the supplement to the Fund’s prospectus dated February 27, 2013.

252

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”) 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 website at http://www.sec.gov.

Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

253

Other Information (Unaudited) (Continued)

Fund Expenses March 31, 2013

Expense Examples:

The following information is in regards to expenses for the six months ended March 31, 2013:

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 management 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, 2013.

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*
Money Market Fund
Class S	$	1,000		0.17	%	$	1,000.10	$	0.83	$	1,023.70	$	0.84
Class Y		1,000		0.17	%		1,000.10		0.83		1,023.70		0.84
Class A		1,000		0.17	%		1,000.10		0.83		1,023.70		0.84
Short-Duration Bond Fund
Class Z		1,000		0.36	%		1,010.40		1.77		1,022.80		1.79
Class S		1,000		0.55	%		1,009.50		2.71		1,021.80		2.73
Class Y		1,000		0.60	%		1,008.50		2.95		1,021.60		2.97
Class L		1,000		0.68	%		1,008.80		3.35		1,021.20		3.37
Class A		1,000		0.93	%		1,007.00		4.58		1,020.00		4.61
Class N		1,000		1.23	%		1,006.50		6.05		1,018.50		6.09

254

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 Z	$	1,000		0.44	%	$	1,002.80	$	2.16	$	1,022.40	$	2.18
Class S		1,000		0.55	%		1,001.70		2.70		1,021.80		2.73
Class Y		1,000		0.65	%		1,001.50		3.19		1,021.30		3.22
Class L		1,000		0.80	%		1,000.50		3.92		1,020.60		3.96
Class A		1,000		0.95	%		1,000.30		4.66		1,019.90		4.71
Class N		1,000		1.25	%		998.80		6.13		1,018.40		6.19
Core Bond Fund
Class Z		1,000		0.38	%		1,008.90		1.87		1,022.70		1.88
Class S		1,000		0.58	%		1,008.60		2.86		1,021.70		2.88
Class Y		1,000		0.63	%		1,007.30		3.10		1,021.40		3.12
Class L		1,000		0.70	%		1,006.50		3.44		1,021.10		3.47
Class A		1,000		0.95	%		1,005.80		4.67		1,019.90		4.71
Class N		1,000		1.27	%		1,004.90		6.24		1,018.30		6.29
Diversified Bond Fund
Class Z		1,000		0.76	%		1,027.90		3.78		1,020.80		3.77
Class S		1,000		0.76	%		1,020.30		3.76		1,020.80		3.77
Class Y		1,000		0.80	%		1,020.50		3.96		1,020.60		3.96
Class L		1,000		0.82	%		1,019.60		4.06		1,020.50		4.06
Class A		1,000		1.06	%		1,018.60		5.25		1,019.30		5.25
High Yield Fund
Class Z		1,000		0.50	%		1,080.00		2.55		1,022.10		2.48
Class S		1,000		0.70	%		1,079.90		3.57		1,021.10		3.47
Class Y		1,000		0.75	%		1,080.40		3.83		1,020.80		3.72
Class L		1,000		0.90	%		1,078.60		4.59		1,020.10		4.46
Class A		1,000		1.15	%		1,077.60		5.86		1,018.90		5.69
Class N		1,000		1.45	%		1,076.20		7.38		1,017.40		7.17
International Bond Fund
Class S		1,000		0.75	%		930.50		3.55		1,020.80		3.72
Class Y		1,000		0.80	%		930.30		3.79		1,020.60		3.96
Class L		1,000		0.95	%		930.10		4.50		1,019.90		4.71
Class A		1,000		1.20	%		928.00		5.67		1,018.60		5.94
Balanced Fund
Class S		1,000		0.63	%		1,065.90		3.19		1,021.40		3.12
Class Y		1,000		0.79	%		1,065.00		4.00		1,020.60		3.91
Class L		1,000		0.94	%		1,063.20		4.76		1,019.90		4.66
Class A		1,000		1.19	%		1,063.10		6.02		1,018.70		5.89
Value Fund
Class S		1,000		0.61	%		1,124.90		3.18		1,021.50		3.02
Class Y		1,000		0.72	%		1,124.50		3.75		1,021.00		3.57
Class L		1,000		0.83	%		1,123.50		4.32		1,020.50		4.11
Class A		1,000		1.12	%		1,122.30		5.83		1,019.00		5.54
Class N		1,000		1.42	%		1,120.30		7.38		1,017.60		7.03
Disciplined Value Fund
Class S		1,000		0.51	%		1,149.00		2.69		1,022.00		2.53
Class Y		1,000		0.60	%		1,149.90		3.16		1,021.60		2.97
Class L		1,000		0.75	%		1,148.00		3.95		1,020.80		3.72
Class A		1,000		0.99	%		1,146.60		5.21		1,019.70		4.90
Class N		1,000		1.29	%		1,145.70		6.79		1,018.20		6.38

255

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 S	$	1,000		0.71	%	$	1,079.60	$	3.62	$	1,021.00	$	3.52
Class Y		1,000		0.76	%		1,079.60		3.88		1,020.80		3.77
Class L		1,000		0.91	%		1,079.30		4.64		1,020.10		4.51
Class A		1,000		1.16	%		1,077.20		5.91		1,018.80		5.74
Class N		1,000		1.46	%		1,076.40		7.43		1,017.40		7.22
Capital Appreciation Fund
Class S		1,000		0.71	%		1,078.40		3.62		1,021.00		3.52
Class Y		1,000		0.82	%		1,078.00		4.18		1,020.50		4.06
Class L		1,000		0.97	%		1,077.40		4.94		1,019.80		4.80
Class A		1,000		1.09	%		1,075.90		5.55		1,019.20		5.40
Class N		1,000		1.46	%		1,074.80		7.43		1,017.40		7.22
Disciplined Growth Fund
Class S		1,000		0.51	%		1,093.50		2.62		1,022.00		2.53
Class Y		1,000		0.60	%		1,094.20		3.08		1,021.60		2.97
Class L		1,000		0.74	%		1,092.90		3.80		1,020.90		3.67
Class A		1,000		0.99	%		1,091.10		5.08		1,019.70		4.90
Small Cap Opportunities Fund
Class S		1,000		0.69	%		1,193.60		3.71		1,021.10		3.42
Class Y		1,000		0.79	%		1,193.70		4.25		1,020.60		3.91
Class L		1,000		0.89	%		1,193.00		4.79		1,020.20		4.41
Class A		1,000		1.14	%		1,192.30		6.13		1,018.90		5.64
Global Fund
Class S		1,000		0.89	%		1,149.70		4.69		1,020.20		4.41
Class Y		1,000		1.03	%		1,149.20		5.43		1,019.50		5.10
Class L		1,000		1.14	%		1,148.10		6.00		1,018.90		5.64
Class A		1,000		1.43	%		1,146.40		7.53		1,017.50		7.07
Class N		1,000		1.52	%		1,146.50		8.00		1,017.10		7.52
International Equity Fund
Class S		1,000		1.07	%		1,130.60		5.59		1,019.30		5.30
Class Y		1,000		1.10	%		1,130.50		5.75		1,019.10		5.45
Class L		1,000		1.25	%		1,129.00		6.53		1,018.40		6.19
Class A		1,000		1.50	%		1,128.70		7.83		1,017.20		7.42
Focused International Fund
Class Z		1,000		0.96	%		1,024.00		4.76		1,019.80		4.75
Class S		1,000		1.05	%		1,024.80		5.21		1,019.40		5.20
Class Y		1,000		1.15	%		1,023.50		5.71		1,018.90		5.69
Class L		1,000		1.30	%		1,023.30		6.45		1,018.10		6.43
Class A		1,000		1.55	%		1,021.80		7.68		1,016.90		7.67
Class N		1,000		1.95	%		1,019.00		9.65		1,015.00		9.63
Strategic Emerging Markets Fund
Class Z		1,000		0.99	%		1,004.90		4.87		1,019.70		4.90
Class S		1,000		1.15	%		1,004.40		5.65		1,018.90		5.69
Class Y		1,000		1.25	%		1,004.30		6.14		1,018.40		6.19
Class L		1,000		1.40	%		1,003.30		6.88		1,017.70		6.93
Class A		1,000		1.65	%		1,002.50		8.10		1,016.40		8.16

* Expenses are calculated using the annualized expense ratio for the six months ended March 31, 2013, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year, unless stated otherwise.

256

Distributor MML Distributors, LLC 1295 State Street Springfield, MA 01111-0001

May 30, 2013

^©2013 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual
Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. L4544    0513 C:31997-00

Table of Contents

President’s Letter to Shareholders (Unaudited)	1
Portfolio Summary (Unaudited)	3
Consolidated Portfolio of Investments (Unaudited)	4
Consolidated Statement of Assets and Liabilities (Unaudited)	6
Consolidated Statement of Operations (Unaudited)	8
Consolidated Statement of Changes in Net Assets (Unaudited)	9
Consolidated Financial Highlights (Unaudited)	10
Notes to Consolidated Financial Statements (Unaudited)	11
Other Information (Unaudited)
Proxy Voting	24
Quarterly Reporting	24
Fund Expenses	25

This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the MassMutual Barings Dynamic Allocation Fund. 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.

MassMutual Barings Dynamic Allocation Fund – President’s Letter to Shareholders (Unaudited)

To Our Shareholders

Eric Wietsma

“Thank you for your ongoing confidence in MassMutual. Our overriding objective is to help you plan for a more financially secure future and give you the information you need to make the choices that are appropriate for you, regardless of market conditions.”

March 31, 2013

Welcome to the MassMutual Barings Dynamic Allocation Fund Semiannual Report covering the six months ended March 31, 2013. Most stock markets throughout the world advanced for the six-month period, as investors continued to show a preference for equities over fixed-income investments, despite continued uncertainty in both the U.S. and, in particular, abroad. The economy in the U.S. continued to show signs of improvement, as unemployment levels continued to decline, the housing market began to show signs of sustained recovery (despite a few steps backward), and corporate earnings turned largely positive early in 2013. Elsewhere in the world, problems such as economic challenges in Italy, Portugal, Spain, and Greece and a banking crisis in Cyprus that nearly caused the country’s financial collapse continued to create concerns for investors. Against this backdrop, the price of oil continued, for the most part, to remain above the $90-per-barrel level, while the price of gold dropped more than $150 an ounce, as investors sold the precious metal typically perceived to be an equity alternative.

Key events that defined the period

Signs of continued economic recovery in the United States gave investors some reason for optimism over the period, despite the challenges brought about by the “fiscal cliff” and sequestration. In October 2012, the Department of Labor reported an unexpected drop in the unemployment rate – from 8.1% to 7.8%. That same month, momentum in the housing market continued, as it was reported that the year-over-year median sales price rose the most since 2005 on strong demand, and housing starts surged by 15% to the highest level in four years. In November, equity investors seemed to appreciate resolution of the question of who would win the U.S. presidential election; however, concerns about the “fiscal cliff” began to generate some investor uncertainty in the immediate aftermath. (Fiscal cliff is the term for a combination of tax hikes and spending cuts that were set to take effect early in 2013 unless an alternate plan could be agreed upon.) Investors were also concerned over the effects that Superstorm Sandy would have on economic activity in the near term and during what would likely be a lengthy rebuilding period. With respect to averting the fiscal cliff, congressional votes to secure passage of a deal were finally confirmed late on January 1, 2013. The agreement prevented broad escalation of income taxes for most Americans except top-bracket individual filers. In February, equity investors focused on the specter of sequestration – the automatic, across-the-board series of spending cuts to government agencies set to go into effect March 1, 2013. Ultimately, however, in March, the U.S. Congress passed a stopgap spending bill to keep the federal government running through September 2013. Also in March, the Department of Labor reported that the U.S. unemployment rate fell to its lowest level since December 2008, and the U.S. Federal Reserve continued its commitment to keep the federal funds rate between 0% and 0.25% and announced it will maintain its $85 billion per month bond-buying program until the labor market sees sustainable improvement. (The federal funds rate is the interest rate that banks and other financial institutions charge each other for borrowing funds overnight.)

In news from around the world, the European Union (“EU”) won the Nobel Peace Prize in October 2012, which signaled the Nobel Committee’s approval of European leaders’ commitment to the EU, as indicated by the EU’s and European Central Bank’s support of Greece, Portugal, and Spain. In November, Greece’s parliament hesitated to vote for another round of austerity, which caused

(Continued)

1

MassMutual Barings Dynamic Allocation Fund – President’s Letter to Shareholders (Unaudited) (Continued)

European equities and the euro currency to sell off. In December, Japan’s announcement of stimulus to expand the country’s asset purchase program by more than 10% contributed to weakness in the Japanese yen. In Europe, Sweden, Turkey, and Hungary all cut key interest rates. After slowing for much of the year, China’s economy stabilized along with other emerging markets in fourth-quarter 2012. In January 2013, the Japanese Cabinet approved a ¥20 trillion (yen) ($224 billion) stimulus package which was expected to create 600,000 jobs and help repair tsunami-ravaged coastland. In February, uncertainty over Italian elections led to a hung parliament, which struck fresh fears into the euro zone. In late March, resolution came to the Cyprus banking crisis – although the deal restricted Cyprus’s financial industry and limited its status as an offshore tax haven. Concerns over the details of this bailout and the precedent it set for depositors and creditors pushed down stocks in countries such as Greece, Spain, and Italy. The Chinese economy sent mixed signals in the first part of 2013, but key data points pointed to improvement in the world’s second-largest economy as March drew to a close.

The major stock indexes in the U.S. advanced for the six months ended March 31, 2013 – outperforming, for the most part, their counterparts in other parts of the world. The Russell 2000^® Index, a benchmark of small-cap stocks, gained 14.48% – while its nearest domestic competitor was the S&P 500^® Index, a measure of large-cap stock performance, with its 10.19% return. The Dow Jones Industrial Average^SM (the “Dow”), an indicator of blue-chip domestic stock performance, was close behind, with its 9.99% advance. The NASDAQ Composite^® Index, which tracks the progress of technology stock performance, returned only 4.85% for the six months. Elsewhere in the world, the MSCI EAFE^® Index, an indicator of foreign developed-market stocks, posted a 12.04% advance; while the MSCI Emerging Markets Index, a measure of the performance of emerging stock markets throughout the world, gained only 3.87%. Fixed-income investments advanced very little during the period, as the Barclays U.S. Aggregate Bond Index returned only 0.09%.*

Keeping it in perspective

Some financial commentators have suggested that the dawn of a new bull market might be imminent or even in progress. In our view, it is important for investors to maintain perspective during both positive and negative market environments. We see the market backdrop at present as ambiguous, and we believe it would be unwise for investors to use it to justify major deviations from their long-term plan. In the end, we believe you may be more successful if you focus on maintaining a solid individual investment plan that reflects your long-term objectives, risk tolerance, and investment time horizon.**

Thank you for your ongoing confidence in MassMutual. Our overriding objective is to help you plan for a more financially secure future and give you the information you need to make the choices that are appropriate for you, regardless of market conditions. If you work with a financial professional and haven’t met with him or her recently, we suggest you schedule some time to review your retirement investment strategy in order to assess whether or not your current investments are compatible with your long-term financial goals.

Sincerely,

Eric Wietsma

President

* Indexes are unmanaged, do not incur fees or expenses and cannot be purchased directly for investment.

** Systematic investing does not ensure a profit or protect against loss in a declining market. Systematic investing involves continuous investment in securities regardless of fluctuating price levels. Investors should consider their ability to continue investing through periods of low price levels.

The information provided is the opinion of MassMutual Retirement Services Investment Services as of 4/1/13 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 Barings Dynamic Allocation Fund – Portfolio Summary (Unaudited)

What is the investment approach of MassMutual Barings Dynamic Allocation Fund, and who is the Fund’s subadviser?

The Fund seeks positive total real return by investing across different asset classes. The Fund invests primarily in individual securities, exchange-traded funds (“ETFs”), and derivatives. The Fund’s subadviser is Baring International Investment Limited (Baring).

MassMutual Barings Dynamic Allocation Fund Asset Allocation (% of Net Assets) on 3/31/13
Mutual Funds*	109.2	%
Bonds & Notes	7.0	%
Total Long-Term Investments	116.2	%
Short-Term Investments and Other Assets and Liabilities	(16.2	)%
Net Assets	100.0	%

*Category includes ETFs.

3

MassMutual Barings Dynamic Allocation Fund – Consolidated Portfolio of Investments

March 31, 2013 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 7.0%
SOVEREIGN DEBT OBLIGATIONS — 4.6%
Hungary Government Bond HUF (a) 6.750% 2/24/17		78,470,000	$	346,669
Poland Government Bond PLN (a) 5.000% 4/25/16		806,000		259,816
United Mexican States MXN (a) 8.000% 12/19/13		1,693,800		140,870
United Mexican States MXN (a) 10.000% 12/05/24		1,050,000		122,242
				869,597
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $851,036)				869,597
U.S. TREASURY OBLIGATIONS — 2.4%
U.S. Treasury Bonds & Notes — 2.4%
U.S. Treasury Note 2.125% 8/15/21	$	442,100		461,999
TOTAL U.S. TREASURY OBLIGATIONS (Cost $467,565)				461,999
TOTAL BONDS & NOTES (Cost $1,318,601)				1,331,596
	Number of Shares
MUTUAL FUNDS — 109.2%
Commodity Fund — 1.3%
PowerShares DB Agriculture Fund (b)		9,148		236,842
Diversified Financial — 107.9%
iShares Barclays Intermediate Credit Bond Fund		11,976		1,331,013
iShares Gold Trust		26,054		404,358
iShares iBoxx $ High Yield Corporate Bond Fund (c)		19,983		1,885,396
iShares MSCI Japan Index Fund (c)		225,529		2,435,713
iShares MSCI United Kingdom Index Fund		133,993		2,448,052
iShares S&P Global Industrials Sector Index Fund		13,638		808,870

	Number of Shares		Value
SPDR Gold Trust (b)		1,694	$	261,638
SPDR S&P 500 ETF Trust		15,587		2,440,145
State Street Navigator Securities Lending Prime Portfolio (d)		4,574,135		4,574,135
Vanguard Consumer Discretionary ETF		9,715		824,415
Vanguard Financials ETF (c)		23,884		909,980
Vanguard Information Technology ETF (c)		10,273		748,902
Vanguard MSCI Emerging Markets ETF		34,549		1,481,806
				20,554,423
TOTAL MUTUAL FUNDS (Cost $20,293,731)				20,791,265
TOTAL LONG-TERM INVESTMENTS (Cost $21,612,332)				22,122,861
	Principal Amount
SHORT-TERM INVESTMENTS — 7.6%
Repurchase Agreement — 3.0%
State Street Bank & Trust Co. Repurchase Agreement, dated 3/28/13, 0.010%, due 4/01/13 (e)	$	577,146		577,146
Time Deposits — 0.0%
Euro Time Deposit 0.010% 4/01/13		7,535		7,535
U.S. Treasury Bills — 4.6%
U.S. Treasury Bill 0.010% 5/30/13		868,900		868,709
TOTAL SHORT-TERM INVESTMENTS (Cost $1,453,390)				1,453,390
TOTAL INVESTMENTS — 123.8% (Cost $23,065,722) (f)				23,576,251
Other Assets/(Liabilities) — (23.8)%				(4,529,208	)
NET ASSETS — 100.0%			$	19,047,043

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

4

MassMutual Barings Dynamic Allocation Fund – Consolidated Portfolio of Investments (Continued)

Notes to Consolidated Portfolio of Investments

ETF Exchange-Traded Fund

HUF Hungarian Forint

MXN Mexican Peso

PLN Polish Zloty

(a) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

(b) Non-income producing security.

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2013, was $4,432,624. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. (Note 2).

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

(e) Maturity value of $577,147. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 2/01/32, and an aggregate market value, including accrued interest, of $591,617.

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

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

5

MassMutual Barings Dynamic Allocation Fund – Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities

March 31, 2013 (Unaudited)

Assets:
Investments, at value (Note 2) (a)	$	22,122,861
Short-term investments, at value (Note 2) (b)		1,453,390
Total investments (c)		23,576,251
Receivables from:
Open forward foreign currency contracts (Note 2)		44,566
Investment adviser (Note 3)		12,242
Interest and dividends		47,098
Total assets		23,680,157
Liabilities:
Payables for:
Open forward foreign currency contracts (Note 2)		18,844
Securities on loan (Note 2)		4,574,135
Trustees’ fees and expenses (Note 3)		504
Affiliates (Note 3):
Investment management fees		12,140
Administration fees		6,666
Service fees		659
Accrued expense and other liabilities		20,166
Total liabilities		4,633,114
Net assets	$	19,047,043
Net assets consist of:
Paid-in capital	$	17,826,585
Undistributed (accumulated) net investment income (loss)		14,162
Accumulated net realized gain (loss) on investments and foreign currency transactions		669,931
Net unrealized appreciation (depreciation) on investments and foreign currency translations		536,365
Net assets	$	19,047,043
(a)        Cost of investments:	$	21,612,332
(b)        Cost of short-term investments:	$	1,453,390
(c)        Securities on loan with market value of:	$	4,432,624

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

6

MassMutual Barings Dynamic Allocation Fund – Consolidated Financial Statements (Continued)

Consolidated Statement of Assets and Liabilities

March 31, 2013 (Unaudited)

Class Z shares:
Net assets	$	8,299,225
Shares outstanding (a)		763,102
Net asset value, offering price and redemption price per share	$	10.88
Class S shares:
Net assets	$	3,886,833
Shares outstanding (a)		357,479
Net asset value, offering price and redemption price per share	$	10.87
Class Y shares:
Net assets	$	4,108,007
Shares outstanding (a)		378,367
Net asset value, offering price and redemption price per share	$	10.86
Class L shares:
Net assets	$	1,649,442
Shares outstanding (a)		151,903
Net asset value, offering price and redemption price per share	$	10.86
Class A shares:
Net assets	$	1,103,536
Shares outstanding (a)		101,641
Net asset value and redemption price per share	$	10.86
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	11.52

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

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

7

MassMutual Barings Dynamic Allocation Fund – Consolidated Financial Statements (Continued)

Consolidated Statement of Operations

For the Six Months Ended March 31, 2013 (Unaudited)

Investment income (Note 2):
Dividends	$	196,161
Interest		29,353
Securities lending net income		7,109
Total investment income		232,623
Expenses (Note 3):
Investment management fees		75,216
Custody fees		3,406
Audit fees		22,069
Legal fees		20,165
Proxy fees		544
Shareholder reporting fees		6,436
Trustees’ fees		531
Subsidiary administration fees		14,697
		143,064
Administration fees:
Class Z		1,163
Class S		2,221
Class Y		3,912
Class L		2,745
Class A		1,890
Service fees:
Class A		1,350
Total expenses		156,345
Expenses waived (Note 3):
Class Z fees waived by adviser		(4,781	)
Class S fees waived by adviser		(2,280	)
Class Y fees waived by adviser		(2,206	)
Class L fees waived by adviser		(966	)
Class A fees waived by adviser		(665	)
Class Z administrative fees waived		(11	)
Class S administrative fees waived		(5	)
Class Y administrative fees waived		(5	)
Class L administrative fees waived		(2	)
Class A administrative fees waived		(2	)
Class Z management fees waived		(2,013	)
Class S management fees waived		(961	)
Class Y management fees waived		(924	)
Class L management fees waived		(408	)
Class A management fees waived		(281	)
Subsidiary expenses waived (Note 3)		(40,150	)
Net expenses		100,685
Net investment income (loss)		131,938
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		921,880
Futures contracts		23,062
Foreign currency transactions		(62,707	)
Net realized gain (loss)		882,235
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(299,827	)
Translation of assets and liabilities in foreign currencies		64,346
Net change in unrealized appreciation (depreciation)		(235,481	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		646,754
Net increase (decrease) in net assets resulting from operations	$	778,692

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

8

MassMutual Barings Dynamic Allocation Fund – Consolidated Financial Statements (Continued)

Consolidated Statements of Changes in Net Assets

	Six Months Ended March 31, 2013 (Unaudited)			Period Ended September 30, 2012*
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	131,938		$	105,678
Net realized gain (loss) on investment transactions		882,235			(177,150	)
Net change in unrealized appreciation (depreciation) on investments		(235,481	)		771,846
Net increase (decrease) in net assets resulting from operations		778,692			700,374
Distributions to shareholders (Note 2):
From net investment income:
Class Z		(93,058	)		(13,411	)
Class S		(38,621	)		(13,115	)
Class Y		(35,546	)		(3,653	)
Class L		(13,658	)		(3,531	)
Class A		(6,501	)		(3,295	)
Total distributions from net investment income		(187,384	)		(37,005	)
From net realized gains:
Class Z		(56,983	)		-
Class S		(25,960	)		-
Class Y		(24,088	)		-
Class L		(11,023	)		-
Class A		(7,750	)		-
Total distributions from net realized gains		(125,804	)		-
Net fund share transactions (Note 5):
Class Z		4,377,861			3,500,100
Class S		64,581			3,513,215
Class Y		619,634			3,293,753
Class L		28,572			1,503,931
Class A		(28,321	)		1,044,844
Increase (decrease) in net assets from fund share transactions		5,062,327			12,855,843
Total increase (decrease) in net assets		5,527,831			13,519,212
Net assets
Beginning of period		13,519,212			-
End of period	$	19,047,043		$	13,519,212
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	14,162		$	69,608

* Fund commenced operations on November 28, 2011.

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

9

MassMutual Barings Dynamic Allocation Fund – Consolidated Financial Statements (Continued)

Consolidated 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 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 period		Total Return1,m			Net assets, end of period (000’s)		Ratio of expenses to average daily  net assets before expense waivers			Ratio of expenses to average daily net assets after expense waivers			Net investment income (loss) to average daily net assets
Class Z
03/31/13r	$	10.62	$	0.08	$	0.37	$	0.45	$	(0.12	)	$	(0.07	)	$	(0.19	)	$	10.88		4.44%	b	$	8,299		1.65%	a		1.02%	a,j		1.60%	a
09/30/12g		10.00		0.11		0.55		0.66		(0.04	)		-			(0.04	)		10.62		6.51%	b		3,716		3.16%	a		1.02%	a,j		1.31%	a
Class S
03/31/13r	$	10.61	$	0.08	$	0.36	$	0.44	$	(0.11	)	$	(0.07	)	$	(0.18	)	$	10.87		4.24%	b	$	3,887		1.74%	a		1.11%	a,j		1.55%	a
09/30/12g		10.00		0.11		0.54		0.65		(0.04	)		-			(0.04	)		10.61		6.50%	b		3,727		3.25%	a		1.11%	a,j		1.22%	a
Class Y
03/31/13r	$	10.60	$	0.07	$	0.37	$	0.44	$	(0.11	)	$	(0.07	)	$	(0.18	)	$	10.86		4.24%	b	$	4,108		1.84%	a		1.21%	a,j		1.41%	a
09/30/12g		10.00		0.09		0.55		0.64		(0.04	)		-			(0.04	)		10.60		6.39%	b		3,395		3.35%	a		1.21%	a,j		1.00%	a
Class L
03/31/13r	$	10.59	$	0.07	$	0.36	$	0.43	$	(0.09	)	$	(0.07	)	$	(0.16	)	$	10.86		4.17%	b	$	1,649		1.97%	a		1.34%	a,j		1.32%	a
09/30/12g		10.00		0.08		0.55		0.63		(0.04	)		-			(0.04	)		10.59		6.28%	b		1,579		3.48%	a		1.34%	a,j		0.96%	a
Class A
03/31/13r	$	10.57	$	0.06	$	0.36	$	0.42	$	(0.06	)	$	(0.07	)	$	(0.13	)	$	10.86		4.07%	b	$	1,104		2.22%	a		1.59%	a,j		1.09%	a
09/30/12g		10.00		0.06		0.54		0.60		(0.03	)		-			(0.03	)		10.57		6.05%	b		1,102		3.73%	a		1.59%	a,j		0.74%	a

	Six Months Ended March 31,  2013b (Unaudited)			Period Ended September 30,  2012b
Portfolio turnover rate for all share classes		81	%		91	%

a Annualized.

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

c Per share amount calculated on the average shares method.

g For the period November 28, 2011 (commencement of operations) through September 30, 2012.

j Computed after giving effect to an agreement by MassMutual 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 consolidated financial statements.

10

Notes to Consolidated Financial Statements (Unaudited)

1. The Fund

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 MassMutual Barings Dynamic Allocation Fund (the “Fund”) is a series of the Trust.

The following table shows the classes available for the Fund, including the date each class commenced operations. Each share class 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 Fund’s Prospectus.

Class Z	Class S	Class Y	Class L	Class A
11/28/2011	11/28/2011	11/28/2011	11/28/2011	11/28/2011

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by the Fund in the preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the consolidated 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 consolidated financial statements. Actual results could differ from those estimates.

Basis of Consolidation

The accompanying consolidated financial statements for the Fund include the accounts of MassMutual Barings Cayman Dynamic Allocation Fund I, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Fund, which primarily invests in commodity-related investments consistent with the Fund’s investment objectives and policies as stated in its Prospectus and Statement of Additional Information. The Subsidiary allows the Fund to hold these commodity-related investments and still satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions have been eliminated. As of March 31, 2013, the Fund’s net assets were $19,047,043, of which $916,286 or 4.8%, represented the Fund’s ownership of the shares of the Subsidiary.

Investment Valuation

The net asset value of the Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange, on each day the New York Stock Exchange is open for trading (a “business day”). The New York Stock Exchange normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days.

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 for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market 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 (other than short-term obligations) 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. Short-term debt securities are valued at either amortized cost or at original cost plus accrued interest, whichever the Fund’s investment adviser determines more closely approximates current market value. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

11

Notes to Consolidated Financial Statements (Unaudited) (Continued)

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, establish a benchmark yield, and develop an 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. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. Restricted securities are generally valued at a discount to similar publicly traded securities.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Fund’s Valuation Committee¹ in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. The Fund’s Valuation Committee employs various methods to determine fair valuations including a regular review of key inputs and assumptions and review of any related market activity. The Fund’s Valuation Committee reports to the Trustees at their regularly scheduled meetings. It is possible that fair value prices will be used by the Fund to a significant extent. The value determined for an investment using the Fund’s 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 Fund may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Fund does not price its shares. As a result, the values of the Fund’s portfolio securities may change on days when the prices of the Fund’s shares are not calculated. The prices of the Fund’s shares will reflect any such changes when the prices of the Fund’s shares are next calculated, which is the next business day. The Fund 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 Fund values its 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 Fund’s investments may be priced based on fair values provided by a third-party fair valuation 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 Fund calculates its 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.

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

¹  The Valuation Committee consists of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO), Secretary, and Assistant Secretaries of the Trust, as well as such alternate members as the Trustees may from time to time designate. The Valuation Committee reviews and makes recommendations concerning the fair valuation of portfolio securities and the Fund’s pricing procedures in general.

12

Notes to Consolidated Financial Statements (Unaudited) (Continued)

the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Fund can access at the measurement date

The types of assets and liabilities categorized in Level 1 generally include actively traded domestic and certain foreign equity securities, derivatives actively traded on a national securities exchange (such as some warrants, rights, futures, and options), and shares of open-end mutual funds.

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

The types of assets and liabilities categorized in Level 2 generally include debt securities such as U.S. government and agency securities, mortgage-backed securities, asset-backed securities, municipal obligations, sovereign debt obligations, bank loans, corporate bonds, and those securities valued at amortized cost; OTC derivatives such as swaps, options, swaptions, and forward foreign currency exchange contracts; certain restricted securities; and non-exchange traded equity securities and certain foreign equity securities traded on particular foreign exchanges that close before the Fund determines its net asset values.

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The types of assets and liabilities categorized in Level 3 generally include securities for which prices, spreads, or any of the other aforementioned key inputs are unobservable. Generally, securities whose trading has been suspended or that have been de-listed from their current primary trading exchange; securities in default or bankruptcy proceedings for which there is no current market quotation; securities and certain derivatives valued by broker quotes which may include brokers’ assumptions; and any illiquid Rule 144A securities or restricted securities issued by non-public entities are categorized in Level 3.

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 Level 1, Level 2, or Level 3.

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.

13

Notes to Consolidated Financial Statements (Unaudited) (Continued)

The following is the aggregate value by input level, as of March 31, 2013, for the Fund’s investments:

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Bonds & Notes
Total Sovereign Debt Obligations	$	-	$	869,597	$	-	$	869,597
U.S. Treasury Obligations
U.S. Treasury Bonds & Notes		-		461,999		-		461,999
Total U.S. Treasury Obligations		-		461,999		-		461,999
Total Bonds & Notes		-		1,331,596		-		1,331,596
Total Mutual Funds		20,791,265		-		-		20,791,265
Total Long-Term Investments		20,791,265		1,331,596		-		22,122,861
Total Short-Term Investments		-		1,453,390		-		1,453,390
Total Investments	$	20,791,265	$	2,784,986	$	-	$	23,576,251

The following is the aggregate value by input level, as of March 31, 2013, for the Fund’s other financial instruments:

Asset Valuation Inputs

	Other Financial Instruments
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Forward Contracts
Foreign Exchange Risk	$	-	$	44,566	$	-	$	44,566

Liability Valuation Inputs

	Other Financial Instruments
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
Forward Contracts
Foreign Exchange Risk	$	-	$	(18,844	)	$	-	$	(18,844	)

The liability shown in the Consolidated Statement of Assets and Liabilities related to securities on loan approximates fair value, which would be categorized at Level 2, as of March 31, 2013.

The Fund had no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the period ended March 31, 2013. The Fund recognizes transfers between the Levels as of the beginning of the year.

None of the unobservable inputs, individually or collectively, had a material impact on the Fund.

14

Notes to Consolidated Financial Statements (Unaudited) (Continued)

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. The Fund may not be able to close out a derivative transaction at a favorable time or price. The Fund held derivatives during the period ended March 31, 2013. The following table shows how the Fund used these derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).

Type of Derivative and Objective for Use
Foreign Currency Exchange Transactions*
Hedging/Risk Management	A
Directional Exposures to Currencies	M
Futures Contracts**
Hedging/Risk Management	M
Duration/Credit Quality Management	M
Substitution for Direct Investment	A

* Includes any options purchased or written, futures contracts, forward contracts, and swap agreements, if applicable.

** Includes any options purchased or written on futures contracts, if applicable.

At March 31, 2013, and during the period then ended, the Fund had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Equity Risk		Foreign Exchange Risk			Total
Asset Derivatives
Forward Contracts*	$	-	$	44,566		$	44,566
Liability Derivatives
Forward Contracts^	$	-	$	(18,844	)	$	(18,844	)
Realized Gain (Loss)#
Forward Contracts	$	-	$	(74,745	)	$	(74,745	)
Futures Contracts		23,062		-			23,062
Total Realized Gain (Loss)	$	23,062	$	(74,745	)	$	(51,683	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	-	$	64,940		$	64,940
Number of Contracts, Notional Amounts or Shares/Units†
Forward Contracts	$	-	$	3,179,920		$	3,179,920
Futures Contracts		16		-			16

* Consolidated Statement of Assets and Liabilities location: Receivables from: open forward foreign currency contracts.

^ Consolidated Statement of Assets and Liabilities location: Payables for: open forward foreign currency contracts.

# Consolidated Statement of Operations location: Amounts are included in net realized gain (loss) on: futures contracts or foreign currency transactions, as applicable.

## Consolidated Statement of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: translation of assets and liabilities in foreign currencies.

† Amount(s) disclosed represent average number of contracts for futures contracts or notional amounts for forward contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended March 31, 2013.

15

Notes to Consolidated Financial Statements (Unaudited) (Continued)

Further details regarding the derivatives and other investments held by the Fund during the period ended March 31, 2013, are discussed below.

Foreign Currency Exchange Transactions

The 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.

The Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and the Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. The 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 the Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever the 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 the 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 the 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 Fund 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 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 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.

The Fund had the following open forward foreign currency contracts at March 31, 2013. The Fund’s current exposure to a counterparty is typically the unrealized appreciation on the contract.

	Counterparty	Units of Currency		Contracts to Deliver/Receive	Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
SELLS
	Barclays Bank PLC		354,000	British Pound		5/01/13	$	533,285	$	537,803	$	(4,518	)
	Deutsche Bank AG		163,000	British Pound		5/01/13		252,869		247,632		5,237
	Deutsche Bank AG		45,942,000	Japanese Yen		5/01/13		493,619		488,136		5,483
								746,488		735,768		10,720
	Northern Trust Company, The		540,000	British Pound		5/01/13		815,692		820,377		(4,685	)
	Northern Trust Company, The		99,325,000	Japanese Yen		5/01/13		1,045,691		1,055,332		(9,641	)
								1,861,383		1,875,709		(14,326	)

16

Notes to Consolidated Financial Statements (Unaudited) (Continued)

	Counterparty	Units of Currency		Contracts to Deliver/Receive	Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
SELLS (continued)
	UBS AG		477,000	British Pound		5/01/13	$	750,159	$	724,666	$	25,493
	UBS AG		73,284,000	Japanese Yen		5/01/13		786,999		778,646		8,353
								1,537,158		1,503,312		33,846
							$	4,678,314	$	4,652,592	$	25,722

Futures Contracts

The 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. The 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. The Fund may use index futures 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. 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 may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Fund 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 the Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When the 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 the 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.

Repurchase Agreements

The Fund may enter into repurchase agreements with certain banks and broker-dealers whereby the 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. The Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to the 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.

Securities Lending

The Fund may lend its securities to qualified brokers; however, securities lending cannot exceed 33% of the total assets of the Fund taken at current value.

17

Notes to Consolidated Financial Statements (Unaudited) (Continued)

The loans are collateralized at all times with cash or securities with a market value at least equal to 100% of the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional collateral is delivered to the Fund the next business day. As with other extensions of credit, the Fund may bear the risk of delay in recovery or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund receives compensation for lending its 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 loan of securities.

The Fund employs an agent to implement its securities lending program and the agent receives a fee from the Fund for its services. In addition, the Fund may be required to pay a rebate to the borrower. Accordingly, the Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the securities lending agent or borrower, respectively. For the period ended March 31, 2013, the Fund earned securities lending net income as follows:

Securities Lending Gross Income	Securities Lending Fees and Expenses	Securities Lending Net Income
$8,869	$1,760	$7,109

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 distributions are recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Foreign Currency Translation

The books and records of the Fund 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 Fund does 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 Fund and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Fund, the income and expense accounts are allocated to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of the Fund not directly attributable to the operations of any one share class of the Fund are prorated among the Fund’s classes based on the relative net assets of each.

18

Notes to Consolidated Financial Statements (Unaudited) (Continued)

Foreign Securities

The Fund may invest in foreign securities. Foreign securities, including ADRs, 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 the 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.

Credit Risk

The Fund may invest a portion of its assets, directly or indirectly, in securities backed by mortgage loans, credit card receivables, and automotive loans. The values and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on such securities have resulted in increased volatility of market price and periods of decreased market activity that have adversely impacted the valuation and liquidity of such securities.

Federal Income Tax

It is the Fund’s intent to continue to comply with the provisions of subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to a regulated investment company. Under such provisions, the Fund would not be subject to federal income taxes on its ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to its shareholders. Therefore, the Fund has not made any provision for federal income tax.

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of the 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. Management Fee and Other Transactions

Investment Management Fee

Under an agreement between Massachusetts Mutual Life Insurance Company (“MassMutual”) and the Trust on behalf of the Fund, MassMutual is responsible for providing investment management services for the Fund. In return for these services, MassMutual receives an advisory fee, based upon the Fund’s average daily net assets, at the annual rate of 0.80%.

MassMutual has also entered into an investment subadvisory agreement with Baring International Investment Ltd. (“Baring”), an indirect wholly-owned subsidiary of MassMutual Holdings (Bermuda) Ltd., itself an indirect wholly-owned subsidiary of MassMutual Holding LLC. This agreement provides that Baring manage the investment and reinvestment of the assets of the Fund. Baring receives a subadvisory fee from MassMutual, based upon the Fund’s average daily net assets, at the annual rate of 0.60%.

The Fund’s subadvisory fee is paid by MassMutual out of the management fee previously disclosed above.

19

Notes to Consolidated Financial Statements (Unaudited) (Continued)

Baring provides investment management services to the Subsidiary pursuant to an investment advisory agreement. The Subsidiary pays an advisory fee to Baring based upon the Subsidiary’s average daily net assets. The rate of this fee is equal to the subadvisory fee rate that MassMutual pays Baring in respect of the Fund. The amount of the fee payable by MassMutual to Baring in respect of the Fund for any period is reduced by the amount of the advisory fee payable by the Subsidiary to Baring for that period. Under the Fund’s investment management agreement, the amount of the advisory fee payable by the Fund to MassMutual in respect of any period is also reduced by the amount of the advisory fee payable by the Subsidiary to Baring in respect of that period. The amount of the reduction to the Fund’s advisory fee is reflected as a reduction of expenses on the Consolidated Statement of Operations.

Administration Fees

Under a separate administrative and shareholder services agreement between the Fund and MassMutual, MassMutual provides certain administrative and shareholder services and bears some class specific administrative expenses. In return for these services, MassMutual receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Fund, at the following annual rates:

Class Z	Class S	Class Y	Class L	Class A
0.0300%	0.1200%	0.2200%	0.3500%	0.3500%

The Subsidiary also pays certain other expenses, including administrative, custodian, and transfer agent fees. In respect of certain (but not all) of these fees, the Fund has entered into offsetting arrangements with its service providers which result in a reduction of certain of the Fund’s expenses with respect to those assets held by the Subsidiary. Certain of these reductions are reflected as a reduction of expenses on the Consolidated Statement of Operations.

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as distributor to the Fund. Pursuant to a 12b-1 Plan adopted by the Fund, Class A shares of the Fund pay an annual fee of 0.25% of the average daily net asset value of Class A shares to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Class A shares of the Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Class A shareholders. The Servicing Fee may be spent by MassMutual on personal services rendered to Class A shareholders of the Fund and/or maintenance of Class A shareholder accounts. The Distributor is a majority-owned subsidiary of MassMutual. In addition, OppenheimerFunds Distributor, Inc. (the “Sub-Distributor”) acts as a sub-distributor to the Fund. The Sub-Distributor is an affiliate of the Distributor and an indirect majority-owned subsidiary of MassMutual.

Expense Caps and Waivers

MassMutual agreed to cap the fees and expenses of the Fund (other than extraordinary litigation and legal expenses, short sale dividend and loan expense, interest expense, Acquired Fund fees and expenses#, or other non-recurring or unusual expenses such as, for example, organizational expenses and shareholder meeting expenses) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

Class Z*	Class S*	Class Y*	Class L*	Class A*
1.02%	1.11%	1.21%	1.34%	1.59%

# Acquired Fund fees and expenses are expenses borne indirectly by the Fund through investments in other pooled investment vehicles.

* Expense caps in effect through February 2, 2014.

20

Notes to Consolidated Financial Statements (Unaudited) (Continued)

Expense caps and waiver amounts are reflected as a reduction of expenses on the Consolidated Statement of Operations.

Deferred Compensation

Trustees of the Fund who are not employees of MassMutual or its subsidiaries 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 Fund’s books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Consolidated Statement of Assets and Liabilities.

Other

Certain officers and trustees of the Fund are also employees of MassMutual. The compensation of each trustee who is not an employee of MassMutual is borne by the Fund.

The beneficial ownership of Fund’s shares by affiliated parties at March 31, 2013 was 76.4%.

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, 2013, 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
$	175,130	$	17,899,517	$	184,977	$	12,680,396

5. Capital Share Transactions

Changes in shares outstanding for the Fund were as follows:

	Six Months Ended March 31, 2013						Period Ended September 30, 2012*
	Shares			Amount			Shares		Amount
Class Z
Sold		422,430		$	4,479,200			350,010	$	3,500,100
Issued as reinvestment of dividends		7,472			78,461			–		–
Redeemed		(16,810	)		(179,800	)		–		–
Net increase (decrease)		413,092		$	4,377,861			350,010	$	3,500,100
Class S
Sold		–		$	–			350,010	$	3,500,100
Issued as reinvestment of dividends		6,151			64,581			1,318		13,115
Redeemed		–			–			–		–
Net increase (decrease)		6,151		$	64,581			351,328	$	3,513,215
Class Y
Sold		52,319		$	560,000			319,991	$	3,290,100
Issued as reinvestment of dividends		5,690			59,634			367		3,653
Redeemed		–			–			–		–
Net increase (decrease)		58,009		$	619,634			320,358	$	3,293,753

21

Notes to Consolidated Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2013						Period Ended September 30, 2012*
	Shares			Amount			Shares		Amount
Class L
Sold		2,038		$	22,000			148,821	$	1,500,400
Issued as reinvestment of dividends		2,353			24,681			355		3,531
Redeemed		(1,664	)		(18,109	)		–		–
Net increase (decrease)		2,727		$	28,572			149,176	$	1,503,931
Class A
Sold		625		$	6,645			103,939	$	1,041,549
Issued as reinvestment of dividends		1,359			14,251			331		3,295
Redeemed		(4,613	)		(49,217	)		–		–
Net increase (decrease)		(2,629	)	$	(28,321	)		104,270	$	1,044,844

* For the period November 28, 2011 (commencement of operations) through September 30, 2012.

Purchases of Class A shares are subject to a front-end sales charge of up to 5.75% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. For the period ended March 31, 2013, no amounts have been retained by the Distributor.

Redemptions or exchanges 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. There were no contingent deferred sales charges imposed during the period ended March 31, 2013.

6. Federal Income Tax Information

At March 31, 2013, the cost of securities and the unrealized appreciation (depreciation) in the value of investments owned by the Fund, 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)
$23,065,722	$617,986	$(107,457)	$510,529

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.

At September 30, 2012, the Fund had post-enactment accumulated capital loss carryforwards:

Short Term Capital Loss Carryforward	Long Term Capital Loss Carryforward
$10,888	$23,639

22

Notes to Consolidated Financial Statements (Unaudited) (Continued)

Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the consolidated 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 period ended September 30, 2012, was as follows:

Ordinary Income	Long Term Capital Gain	Return of Capital
$37,005	$        -	$        -

Capital accounts within consolidated 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, 2012, temporary book and tax accounting differences were primarily attributable to investments in forward contracts, premium amortization accruals, the deferral of wash sale losses, and deferred Trustee compensation.

At September 30, 2012, 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)
$30,605	$(34,527)	$(215)	$759,091

The Fund did not have any unrecognized tax benefits at March 31, 2013, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Consolidated Statement of Operations. During the period ended March 31, 2013, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed to date. Foreign taxes are provided for based on the Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

7. Indemnifications

Under the Fund’s 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 Fund, and shareholders are indemnified against personal liability for obligations of the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

8. New Accounting Pronouncements

On December 16, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”), as clarified with ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” issued in January 2013. ASU 2011-11 amends FASB Accounting Standards Codification Topic 210, specifically requiring an entity to disclose information about offsetting and related arrangements and the effect those arrangements have on the financial position. ASU 2011-11 is effective in annual reporting periods beginning on or after January 1, 2013, and for interim periods within those annual reporting periods. Management is currently evaluating the implications of these changes and their impact on the consolidated financial statements.

9. Subsequent Events

In preparation of these consolidated financial statements management has evaluated the events and transactions subsequent to March 31, 2013, through the date when the consolidated financial statements were issued, and determined that there are no material events or transactions that would require adjustments to or disclosures in the Fund’s consolidated financial statements.

23

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that the Fund’s investment adviser and subadviser 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”) website at http://www.sec.gov.

Information regarding how the Fund 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 website at http://www.sec.gov.

Quarterly Reporting

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

24

Other Information (Unaudited) (Continued)

Fund Expenses March 31, 2013

Expense Examples:

The following information is in regards to expenses for the six months ended March 31, 2013:

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including management 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 Fund 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, 2013.

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*
Class Z		1,000		1.02	%		1,044.40		5.11		1,019.50		5.05
Class S		1,000		1.11	%		1,042.40		5.56		1,019.10		5.50
Class Y		1,000		1.21	%		1,042.40		6.06		1,018.60		5.99
Class L		1,000		1.34	%		1,041.70		6.71		1,017.90		6.63
Class A		1,000		1.59	%		1,040.70		7.96		1,016.70		7.86

* Expenses are calculated using the annualized expense ratio for the six months ended March 31, 2013, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year, unless stated otherwise.

25

Distributor MML Distributors, LLC 1295 State Street Springfield, MA 01111-0001

May 30, 2013

^©2013 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual
Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. L4544    0513 C:31996-00

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.

Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

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 Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. 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.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)     MassMutual Premier Funds

By (Signature and Title)	/s/ Eric Wietsma
	Eric Wietsma, President and Principal Executive Officer

Date 5/24/13                                     

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Eric Wietsma
	Eric Wietsma, President and Principal Executive Officer

Date 5/24/13                                     

By (Signature and Title)	/s/ Nicholas H. Palmerino
	Nicholas H. Palmerino, Treasurer and Principal Financial Officer

Date 5/24/13